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Investments (Tables)
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities by Sector
Fixed maturity securities by sector were as follows at:
March 31, 2022December 31, 2021
Amortized
Cost		Allowance
for Credit Losses		Gross UnrealizedEstimated
Fair
Value		Amortized
Cost		Allowance
for Credit Losses		Gross UnrealizedEstimated
Fair
Value
GainsLossesGainsLosses
(In millions)
U.S. corporate$35,220 $2 $1,434 $1,201 $35,451 $34,773 $2 $3,890 $187 $38,474 
Foreign corporate11,172 7 276 494 10,947 10,813 7 902 103 11,605 
RMBS8,782 — 185 275 8,692 8,838 — 433 51 9,220 
U.S. government and agency8,344 — 1,342 223 9,463 7,188 — 2,040 60 9,168 
CMBS7,023 2 46 173 6,894 6,890 2 329 24 7,193 
State and political subdivision3,885 — 456 101 4,240 3,937 — 829 6 4,760 
ABS4,594 — 8 98 4,504 4,255 — 34 14 4,275 
Foreign government1,227 — 116 32 1,311 1,593 — 244 5 1,832 
Total fixed maturity securities$80,247 $11 $3,863 $2,597 $81,502 $78,287 $11 $8,701 $450 $86,527 
Maturities of Fixed Maturity Securities
The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at March 31, 2022:
Due in One
Year or Less		Due After One
Year Through
Five Years		Due After
Five Years
Through Ten Years		Due After Ten
Years		Structured
Securities (1)		Total Fixed
Maturity
Securities
(In millions)
Amortized cost$916 $11,564 $16,844 $30,524 $20,399 $80,247 
Estimated fair value$921 $11,478 $16,493 $32,520 $20,090 $81,502 
_______________
(1)Structured securities include residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”) (collectively, “Structured Securities”).
Continuous Gross Unrealized Losses for Fixed Maturity Securities by Sector
The estimated fair value and gross unrealized losses of fixed maturity securities in an unrealized loss position, by sector and by length of time that the securities have been in a continuous unrealized loss position, were as follows at:
March 31, 2022December 31, 2021
Less than 12 Months12 Months or GreaterLess than 12 Months12 Months or Greater
Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses
(Dollars in millions)
U.S. corporate$14,235 $884 $1,971 $317 $5,051 $111 $887 $76 
Foreign corporate5,532 387 555 107 2,016 60 305 43 
RMBS4,934 236 410 39 3,481 50 32 1 
U.S. government and agency2,845 98 574 125 1,712 40 222 20 
CMBS4,077 129 391 44 1,390 21 95 3 
State and political subdivision997 97 24 4 347 6 6 — 
ABS3,732 94 148 4 2,454 13 93 1 
Foreign government452 32 — — 278 4 18 1 
Total fixed maturity securities$36,804 $1,957 $4,073 $640 $16,729 $305 $1,658 $145 
Total number of securities in an unrealized loss position
5,202 710 2,423 368 
Mortgage Loans by Portfolio Segment
Mortgage loans are summarized as follows at:
March 31, 2022December 31, 2021
Carrying
Value		% of
Total		Carrying
Value		% of
Total
(Dollars in millions)
Commercial$13,092 61.5 %$12,159 61.4 %
Agricultural4,104 19.3 4,128 20.9 
Residential4,226 19.8 3,623 18.3 
Total mortgage loans (1)21,422 100.6 19,910 100.6 
Allowance for credit losses(127)(0.6)(123)(0.6)
Total mortgage loans, net$21,295 100.0 %$19,787 100.0 %
_______________
(1)Purchases of mortgage loans from third parties were $840 million and $178 million for the three months ended March 31, 2022 and 2021, respectively, and were primarily comprised of residential mortgage loans.
Rollforward of the Allowance for Credit Losses for Mortgage Loans by Portfolio Segment
The changes in the allowance for credit losses by portfolio segment were as follows:
CommercialAgriculturalResidentialTotal
(In millions)
Three Months Ended March 31, 2022
Balance, beginning of period$67 $12 $44 $123 
Current period provision2 3 (1)4 
Balance, end of period$69 $15 $43 $127 
Three Months Ended March 31, 2021
Balance, beginning of period$44 $15 $35 $94 
Current period provision1 (2)(3)(4)
Balance, end of period$45 $13 $32 $90 
Credit Quality of Mortgage Loans by Portfolio Segment
The amortized cost of mortgage loans by year of origination and credit quality indicator was as follows at:
20222021202020192018PriorTotal
(In millions)
March 31, 2022
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%$637 $2,772 $436 $1,538 $986 $3,835 $10,204 
65% to 75%346 631 92 383 406 579 2,437 
76% to 80%— — — 55 29 68 152 
Greater than 80%— — — — 29 270 299 
Total commercial mortgage loans983 3,403 528 1,976 1,450 4,752 13,092 
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%90 1,149 426 503 669 904 3,741 
65% to 75%49 114 77 61 20 42 363 
Total agricultural mortgage loans139 1,263 503 564 689 946 4,104 
Residential mortgage loans
Performing132 1,773 187 243 202 1,626 4,163 
Nonperforming— 3 — 2 2 56 63 
Total residential mortgage loans132 1,776 187 245 204 1,682 4,226 
Total$1,254 $6,442 $1,218 $2,785 $2,343 $7,380 $21,422 
20212020201920182017PriorTotal
(In millions)
December 31, 2021
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%$2,771 $437 $1,539 $986 $553 $3,300 $9,586 
65% to 75%633 92 383 406 127 458 2,099 
76% to 80%— — 55 29 59 31 174 
Greater than 80%— — — 30 — 270 300 
Total commercial mortgage loans3,404 529 1,977 1,451 739 4,059 12,159 
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%1,150 539 510 674 284 608 3,765 
65% to 75%114 77 61 26 33 52 363 
Total agricultural mortgage loans1,264 616 571 700 317 660 4,128 
Residential mortgage loans
Performing1,124 202 270 230 132 1,606 3,564 
Nonperforming1 — 3 3 1 51 59 
Total residential mortgage loans1,125 202 273 233 133 1,657 3,623 
Total$5,793 $1,347 $2,821 $2,384 $1,189 $6,376 $19,910 
The amortized cost of commercial mortgage loans by debt-service coverage ratio was as follows at:
March 31, 2022December 31, 2021
Amortized Cost% of
Total		Amortized Cost% of
Total
(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x$10,986 83.9 %$10,263 84.4 %
1.00x - 1.20x569 4.4 595 4.9 
Less than 1.00x1,537 11.7 1,301 10.7 
Total$13,092 100.0 %$12,159 100.0 %
Past Due Mortgage Loans by Portfolio Segment
The aging of the amortized cost of past due mortgage loans by portfolio segment was as follows at:
March 31, 2022December 31, 2021
CommercialAgriculturalResidentialTotalCommercialAgriculturalResidentialTotal
(In millions)
Current$13,092 $4,035 $4,147 $21,274 $12,159 $4,128 $3,550 $19,837 
30-59 days past due— 51 16 67 — — 14 14 
60-89 days past due— 16 17 33 — — 14 14 
90-179 days past due— 2 31 33 — — 29 29 
180+ days past due— — 15 15 — — 16 16 
Total$13,092 $4,104 $4,226 $21,422 $12,159 $4,128 $3,623 $19,910 
Mortgage Loans in Nonaccrual Status by Portfolio Segment
The amortized cost of mortgage loans in a nonaccrual status by portfolio segment were as follows at:
CommercialAgriculturalResidential (1)Total
(In millions)
March 31, 2022
$— $— $63 $63 
December 31, 2021
$— $— $59 $59 
_______________
(1)All residential mortgage loans in nonaccrual status had an allowance for credit losses at both March 31, 2022 and December 31, 2021.
Net Unrealized Investment Gains (Losses)
The components of net unrealized investment gains (losses), included in AOCI, were as follows at:
March 31, 2022December 31, 2021
(In millions)
Fixed maturity securities$1,266 $8,251 
Derivatives338 320 
Other(10)(27)
Subtotal1,594 8,544 
Amounts allocated from:
Future policy benefits(1,102)(3,210)
DAC, VOBA and DSI(81)(387)
Subtotal(1,183)(3,597)
Deferred income tax benefit (expense)(86)(1,039)
Net unrealized investment gains (losses)$325 $3,908 
The changes in net unrealized investment gains (losses) were as follows:
Three Months Ended March 31, 2022
(In millions)
Balance at December 31, 2021$3,908 
Unrealized investment gains (losses) during the period(6,950)
Unrealized investment gains (losses) relating to:
Future policy benefits2,108 
DAC, VOBA and DSI306 
Deferred income tax benefit (expense)953 
Balance at March 31, 2022$325 
Change in net unrealized investment gains (losses)$(3,583)
Securities Lending
Elements of the securities lending program are presented below at:
March 31, 2022December 31, 2021
(In millions)
Securities on loan: (1)
Amortized cost$4,491 $3,573 
Estimated fair value$5,073 $4,539 
Cash collateral received from counterparties (2)$5,168 $4,611 
Securities collateral received from counterparties (3)$— $2 
Reinvestment portfolio — estimated fair value$5,202 $4,730 
_______________
(1)Included within fixed maturity securities.
(2)Included within payables for collateral under securities loaned and other transactions.
(3)Securities collateral received from counterparties may not be sold or re-pledged, unless the counterparty is in default, and is not reported on the interim condensed consolidated financial statements.
The cash collateral liability by loaned security type and remaining tenor of the agreements were as follows at:
March 31, 2022December 31, 2021
Open (1)1 Month or Less1 to 6 MonthsTotalOpen (1)1 Month or Less1 to 6 MonthsTotal
(In millions)
U.S. government and agency$1,159 $1,635 $1,751 $4,545 $1,094 $2,125 $1,391 $4,610 
U.S. corporate1 479 — 480 1 — — 1 
Foreign corporate— 143 — 143 — — — — 
Total$1,160 $2,257 $1,751 $5,168 $1,095 $2,125 $1,391 $4,611 
_______________
(1)The related loaned security could be returned to the Company on the next business day which would require the Company to immediately return the cash collateral.
Invested Assets on Deposit, Held in Trust and Pledged as Collateral
Invested assets on deposit, held in trust and pledged as collateral at estimated fair value were as follows at:
March 31, 2022December 31, 2021
(In millions)
Invested assets on deposit (regulatory deposits) (1)$9,113 $9,996 
Invested assets held in trust (reinsurance agreements) (2)5,693 6,023 
Invested assets pledged as collateral (3)6,030 5,116 
Total invested assets on deposit, held in trust and pledged as collateral$20,836 $21,135 
_______________
(1)The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $41 million and $25 million of the assets on deposit represents restricted cash and cash equivalents at March 31, 2022 and December 31, 2021, respectively.
(2)The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions, of which $101 million and $118 million of the assets held in trust balance represents restricted cash and cash equivalents at March 31, 2022 and December 31, 2021, respectively.
(3)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 3 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report) and derivative transactions (see Note 5).
Variable Interest Entities
The carrying amount and maximum exposure to loss related to the VIEs for which the Company has concluded that it holds a variable interest, but is not the primary beneficiary, were as follows at:
March 31, 2022December 31, 2021
Carrying
Amount		Maximum
Exposure
to Loss		Carrying
Amount		Maximum
Exposure
to Loss
(In millions)
Fixed maturity securities$15,748 $15,912 $16,326 $15,659 
Limited partnerships and LLCs3,875 5,241 3,666 5,101 
Total$19,623 $21,153 $19,992 $20,760 
Components of Net Investment Income
The components of net investment income were as follows:
Three Months Ended
March 31,
20222021
(In millions)
Investment income:
Fixed maturity securities$709 $680 
Equity securities— 1 
Mortgage loans202 163 
Policy loans9 10 
Limited partnerships and LLCs (1)241 338 
Cash, cash equivalents and short-term investments1 1 
Other14 10 
Total investment income1,176 1,203 
Less: Investment expenses41 34 
Net investment income$1,135 $1,169 
_______________
(1)Includes net investment income pertaining to other limited partnership interests of $212 million and $331 million for the three months ended March 31, 2022 and 2021, respectively.
Components of Net Investment Gains (Losses)
The components of net investment gains (losses) were as follows:
Three Months Ended
March 31,
20222021
(In millions)
Fixed maturity securities $(41)$8 
Equity securities(6)— 
Mortgage loans(4)4 
Limited partnerships and LLCs(16)— 
Total net investment gains (losses)$(67)$12 
Sales or Disposals of Fixed Maturity Securities Proceeds from sales or disposals of fixed maturity securities and the components of fixed maturity securities net investment gains (losses) were as follows:
Three Months Ended
March 31,
20222021
(In millions)
Proceeds$2,540 $1,218 
Gross investment gains$47 $31 
Gross investment losses(86)(17)
Net investment gains (losses)$(39)$14