Investments (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity Available-for-Sale and Equity Securities

The following table presents the fixed maturity securities AFS by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes agency, prime, alternative and sub-prime mortgage-backed securities. Asset-backed securities (“ABS”) includes securities collateralized by corporate loans and consumer loans. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple commercial mortgage loans. RMBS, ABS and CMBS are collectively, “Structured Products.” In accordance with new guidance adopted January 1, 2020 regarding expected credit loss, securities that incurred a credit loss after December 31, 2019 and were still held as of September 30, 2020, are presented net of ACL. In accordance with previous guidance, both the temporary loss and OTTI loss are presented for securities that were in an unrealized loss position as of December 31, 2019.

	September 30, 2020										December 31, 2019
	Amortized Cost				Gross Unrealized				Estimated Fair Value		Amortized Cost		Gross Unrealized						Estimated Fair Value
			ACL		Gains		Losses						Gains		Temporary Losses		OTTI Losses (1)
	(In millions)
U.S. corporate	$	51,164	$	(28)	$	8,515	$	317	$	59,334	$	52,446	$	6,236	$	223	$	—	$	58,459
U.S. government and agency	28,032		—		6,912		7		34,937		25,568		3,706		26		—		29,248
Foreign corporate	28,127		(9)		3,093		604		30,607		28,421		2,397		517		—		30,301
RMBS	24,543		—		1,782		47		26,278		21,476		1,324		59		(32)		22,773
ABS	12,537		—		135		150		12,522		10,215		47		61		—		10,201
Municipals	6,910		—		2,067		3		8,974		6,419		1,450		13		—		7,856
CMBS	6,516		—		350		78		6,788		5,523		214		17		—		5,720
Foreign government	4,338		—		858		62		5,134		4,329		724		47		—		5,006
Total fixed maturity securities AFS	$	162,167	$	(37)	$	23,712	$	1,268	$	184,574	$	154,397	$	16,098	$	963	$	(32)	$	169,564

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(1)Noncredit OTTI losses included in AOCI in an unrealized gain position are due to increases in estimated fair value subsequent to initial recognition of noncredit loss on such securities. See also “— Net Unrealized Investment Gains (Losses).”

Available-for-sale fixed maturity securities by contractual maturity date

The amortized cost net of ACL, and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at September 30, 2020:

	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 Products		Total Fixed Maturity Securities AFS
	(In millions)
Amortized cost net of ACL	$	8,678	$	25,467	$	26,963	$	57,426	$	43,596	$	162,130
Estimated fair value	$	8,651	$	26,348	$	30,349	$	73,638	$	45,588	$	184,574

Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity Securities Available-for-Sale

The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position by sector and aggregated by length of time that the securities have been in a continuous unrealized loss position. Included in the table below are securities without an ACL as of September 30, 2020, in accordance with new guidance adopted January 1, 2020. Also included in the table below are all securities in an unrealized loss position as of December 31, 2019, in accordance with previous guidance.

	September 30, 2020								December 31, 2019
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
	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	$	4,316	$	256	$	295	$	58	$	2,036	$	77	$	1,304	$	146
U.S. government and agency	3,158		7		—		—		1,552		26		29		—
Foreign corporate	5,596		568		94		36		1,368		93		3,499		424
RMBS	2,901		34		131		13		1,479		15		524		12
ABS	4,460		70		2,453		80		2,428		13		3,778		48
Municipals	127		3		—		—		508		13		1		—
CMBS	1,479		60		249		18		857		5		212		12
Foreign government	387		28		87		34		149		6		215		41
Total fixed maturity securities AFS	$	22,424	$	1,026	$	3,309	$	239	$	10,377	$	248	$	9,562	$	683
Investment grade	$	18,308	$	693	$	3,022	$	185	$	9,288	$	190	$	8,233	$	530
Below investment grade	4,116		333		287		54		1,089		58		1,329		153
Total fixed maturity securities AFS	$	22,424	$	1,026	$	3,309	$	239	$	10,377	$	248	$	9,562	$	683
Total number of securities in an unrealized loss position	1,772				411				1,059				802

Rollforward of Allowance for Credit Loss for FMS AFS by Sector

The rollforward of ACL for fixed maturity securities AFS by sector is as follows:

	U.S. Corporate		Foreign Government		Foreign Corporate		RMBS		Total
	(In millions)
Three Months Ended September 30, 2020
Balance, beginning of period	$	28	$	5	$	9	$	2	$	44
ACL not previously recorded	—		—		—		—		—
Changes for securities with previously recorded ACL	4		—		—		(2)		2
Securities sold or exchanged	(4)		(5)		—		—		(9)
Securities intended/required to be sold prior to recovery of amortized cost basis	—		—		—		—		—
Balance, end of period	$	28	$	—	$	9	$	—	$	37

	U.S. Corporate		Foreign Government		Foreign Corporate		RMBS		Total
	(In millions)
Nine Months Ended September 30, 2020
Balance, beginning of period	$	—	$	—	$	—	$	—	$	—
ACL not previously recorded	51		6		9		2		68
Changes for securities with previously recorded ACL	1		—		—		(2)		(1)
Securities sold or exchanged	(23)		(6)		—		—		(29)
Securities intended/required to be sold prior to recovery of amortized cost basis	(1)		—		—		—		(1)
Balance, end of period	$	28	$	—	$	9	$	—	$	37

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:

	September 30, 2020				December 31, 2019
	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	38,124	57.7	%	$	37,311	56.9	%
Agricultural	15,873		24.0		15,705		23.9
Residential	12,381		18.7		12,575		19.2
Total amortized cost	66,378		100.4		65,591		100.0
Allowance for credit loss	(452)		(0.7)		(289)		(0.4)
Subtotal mortgage loans, net	65,926		99.7		65,302		99.6
Residential — FVO	176		0.3		188		0.3
Total mortgage loans held-for-investment, net	66,102		100.0		65,490		99.9
Mortgage loans held-for-sale	—		—		59		0.1
Total mortgage loans, net	$	66,102	100.0	%	$	65,549	100.0	%

Allowance for Loan and Lease Losses, Provision for Loss, Net

The changes in the ACL, by portfolio segment, were as follows:

	Nine Months Ended September 30,
	2020								2019
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Balance, beginning of period	$	186	$	49	$	54	$	289	$	190	$	44	$	57	$	291
Adoption of new credit loss guidance	(87)		32		154		99		—		—		—		—
Initial credit losses on PCD loans (1)	—		—		16		16		—		—		—		—
Provision (release)	64		3		10		77		(1)		6		6		11
Charge-offs, net of recoveries	—		(2)		(27)		(29)		—		(5)		(7)		(12)
Balance, end of period	$	163	$	82	$	207	$	452	$	189	$	45	$	56	$	290

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(1)Represents the initial credit losses on purchased mortgage loans accounted for as purchased financial assets with credit deterioration (“PCD”).

Schedule of Past Due and Non Accrual Mortgage Loans

The past due and nonaccrual mortgage loans at amortized cost, prior to ACL, by portfolio segment, were as follows:

	Past Due				Greater than 90 Days Past Due and Still Accruing Interest				Nonaccrual
	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019
	(In millions)
Commercial	$	—	$	—	$	—	$	—	$	302	$	167
Agricultural	281		124		88		2		194		137
Residential	541		377		47		—		496		377
Total	$	822	$	501	$	135	$	2	$	992	$	681

Purchased Financial Assets with Credit Deterioration

The following table reconciles the contractual principal to the purchase price of PCD investments:

	Nine Months Ended September 30, 2020
	Contractual Principal		ACL at Acquisition		Non-Credit (Discount) Premium		Purchase Price
			(In millions)
PCD residential mortgage loans	$	512	$	(16)	$	(18)	$	478

Disclosure Real Estate and Real Estate Joint Ventures

Real estate investments, by income type, as well as income earned, are as follows at and for the periods indicated:

	September 30, 2020		December 31, 2019		Three Months   Ended  September 30,				Nine Months Ended September 30,
					2020		2019		2020		2019
	Carrying Value				Income
	(In millions)
Leased real estate investments	$	1,587	$	1,586	$	47	$	40	$	140	$	121
Other real estate investments	408		419		37		46		86		126
Real estate joint ventures	5,026		4,654		(43)		18		(63)		36
Total real estate and real estate joint ventures	$	7,021	$	6,659	$	41	$	104	$	163	$	283

Components of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss)

The components of net unrealized investment gains (losses), included in AOCI, were as follows:

	September 30, 2020		December 31, 2019
	(In millions)
Fixed maturity securities AFS	$	22,444	$	15,145
Fixed maturity securities AFS with noncredit OTTI losses included in AOCI	—		32
Total fixed maturity securities AFS	22,444		15,177
Derivatives	3,979		2,043
Other	150		210
Subtotal	26,573		17,430
Amounts allocated from:
Future policy benefits	(7,138)		(1,121)
DAC, VOBA and DSI	(1,413)		(1,051)
Policyholder dividend obligation	(2,944)		(2,020)
Subtotal	(11,495)		(4,192)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	—		(7)
Deferred income tax benefit (expense)	(3,143)		(2,735)
Net unrealized investment gains (losses)	$	11,935	$	10,496

The changes in net unrealized investment gains (losses) were as follows:

	Nine Months Ended September 30, 2020
	(In millions)
Balance, beginning of period	$	10,496
Fixed maturity securities AFS on which noncredit OTTI losses have been recognized	(32)
Unrealized investment gains (losses) during the period	9,175
Unrealized investment gains (losses) relating to:
Future policy benefits	(6,017)
DAC, VOBA and DSI	(362)
Policyholder dividend obligation	(924)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	7
Deferred income tax benefit (expense)	(408)
Balance, end of period	$	11,935
Change in net unrealized investment gains (losses)	$	1,439

Securities Lending and Repurchase Agreements

A summary of the outstanding securities lending and repurchase agreements is as follows:

	September 30, 2020						December 31, 2019
	Securities (1)						Securities (1)
	Estimated Fair Value		Cash Collateral Received from Counterparties (2), (3)		Reinvestment Portfolio at Estimated Fair Value		Estimated Fair Value		Cash Collateral Received from Counterparties (2), (3)		Reinvestment Portfolio at Estimated Fair Value
	(In millions)
Securities lending	$	14,344	$	14,715	$	14,853	$	12,455	$	12,791	$	12,847
Repurchase agreements	$	3,253	$	3,210	$	3,240	$	2,333	$	2,310	$	2,320

__________________

(1)Securities on loan in connection with these programs are included within fixed maturity securities AFS and short-term investments.

(2)In connection with securities lending and repurchase agreements, in addition to cash collateral received, the Company received from counterparties security collateral of $14 million and $0 at September 30, 2020 and December 31, 2019, respectively, which is not reflected on the consolidated financial statements.

(3)The liability for cash collateral for these programs is included within payables for collateral under securities loaned, other transactions and other liabilities.

A summary of the remaining contractual maturities of securities lending and repurchase agreements is as follows:

	September 30, 2020										December 31, 2019
	Remaining Maturities										Remaining Maturities
	Open (1)		1 Month or Less		Over 1 to 6 Months		Over 6 Months to 1 Year		Total		Open (1)		1 Month or Less		Over 1 to 6 Months		Over 6 Months to 1 Year		Total
	(In millions)
Cash collateral liability by loaned security type:
Securities lending:
U.S. government and agency	$	3,191	$	7,189	$	4,335	$	—	$	14,715	$	2,260	$	5,040	$	5,491	$	—	$	12,791
Repurchase agreements:
U.S. government and agency	$	—	$	3,210	$	—	$	—	$	3,210	$	—	$	2,310	$	—	$	—	$	2,310

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(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 and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value at:

	September 30, 2020		December 31, 2019
	(In millions)
Invested assets on deposit (regulatory deposits)	$	118	$	62
Invested assets pledged as collateral (1)	22,807		20,659
Total invested assets on deposit and pledged as collateral	$	22,925	$	20,721

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(1)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4 of the Notes to the Consolidated Financial Statements included in the 2019 Annual Report) and derivative transactions (see Note 6).

Components of Net Investment Income

The components of net investment income were as follows:

	Three Months   Ended   September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In millions)
Investment income:
Fixed maturity securities AFS	$	1,635	$	1,724	$	4,929	$	5,272
Equity securities	5		8		19		27
Mortgage loans	711		772		2,134		2,322
Policy loans	77		77		230		230
Real estate and real estate joint ventures	41		104		163		283
Other limited partnership interests	370		171		194		429
Cash, cash equivalents and short-term investments	11		57		72		144
FVO Securities (1)	19		25		21		58
Operating joint ventures	20		10		67		55
Other	38		59		134		150
Subtotal	2,927		3,007		7,963		8,970
Less: Investment expenses	153		258		540		782
Net investment income	$	2,774	$	2,749	$	7,423	$	8,188

__________________

(1)Changes in estimated fair value subsequent to purchase for investments still held as of the end of the respective periods and included in net investment income were principally from equity-linked notes included within securities for which the FVO has been elected (“FVO Securities”) and were $18 million and $20 million for the three months and nine months ended September 30, 2020, respectively, and $25 million and $58 million for the three months and nine months ended September 30, 2019, respectively.

Components of Net Investment Gains (Losses)

The components of net investment gains (losses) were as follows:

		Three Months   Ended   September 30,				Nine Months Ended September 30,
		2020		2019		2020		2019
	(In millions)
Total gains (losses) on fixed maturity securities AFS:
Net credit loss (provision) release (1)		$	2	$	(7)	$	(86)	$	(15)
Net gains (losses) on sales and disposals		15		9		18		58
Total gains (losses) on fixed maturity securities AFS		17		2		(68)		43
Total gains (losses) on equity securities:
Net gains (losses) on sales and disposals		3		3		9		14
Change in estimated fair value (2)		(20)		(15)		(123)		30
Total gains (losses) on equity securities		(17)		(12)		(114)		44
Mortgage loans		6		(13)		(131)		(9)
Real estate and real estate joint ventures		1		98		4		100
Other limited partnership interests		(5)		3		(5)		3
Other (3), (4)		52		(12)		233		(71)
Subtotal		54		66		(81)		110
Change in estimated fair value of other limited partnership interests and real estate joint ventures		2		(2)		(10)		(14)
Non-investment portfolio gains (losses)		(26)		24		(5)		4
Subtotal		(24)		22		(15)		(10)
Total net investment gains (losses)		$	30	$	88	$	(96)	$	100

__________________

(1)    Net credit loss provision by sector for industrial corporate securities and RMBS for the three months ended September 30, 2019, were $7 million and $0, respectively. Net credit loss provision by sector for industrial corporate securities and RMBS for the nine months ended September 30, 2019, were $13 million and $2 million, respectively. See “— Rollforward of Allowance for Credit Loss for Fixed Maturity Securities AFS By Sector.” Due to the adoption of new guidance on January 1, 2020, prior period OTTI loss is presented as credit loss.

(2)    Changes in estimated fair value subsequent to purchase for equity securities still held as of the end of the period included in net investment gains (losses) were ($21) million and ($109) million for the three months and nine months ended September 30, 2020, respectively, and ($9) million and $25 million for the three months and nine months ended September 30, 2019, respectively.

(3)    Other gains (losses) included a leveraged lease gain of $0 and $81 million for the three months and nine months ended September 30, 2020, respectively, and a de-designated cash flow hedge gain of $10 million and $65 million for the three months and nine months ended September 30, 2020, respectively.

(4)     Other gains (losses) for the nine months ended September 30, 2019 included tax credit partnership impairment losses of $92 million and a renewable energy partnership disposal gain of $46 million.

Proceeds from sales or disposals of fixed maturity securities and the components of fixed maturity securities net investment gains and losses

Proceeds from sales or disposals and the components of net investment gains (losses) were as shown in the table below:

	Three Months   Ended   September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In millions)
Proceeds	$	3,519	$	6,134	$	14,516	$	26,993
Gross investment gains	$	96	$	42	$	342	$	346
Gross investment losses	(81)		(33)		(324)		(288)
Net credit loss (provision) release	2		(7)		(86)		(15)
Net investment gains (losses)	$	17	$	2	$	(68)	$	43

Schedule of Related Party Transactions

Invested assets transferred were as follows:

	Three Months   Ended   September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In millions)
Estimated fair value of invested assets transferred from affiliates	$	—	$	46	$	—	$	46

Recurring related party investments and related net investment income were as follows at and for the periods ended:

		September 30, 2020		December 31, 2019		Three Months   Ended   September 30,				Nine Months Ended September 30,
						2020		2019		2020		2019
Investment Type/ Balance Sheet Category	Related Party	Carrying Value				Net Investment Income
		(In millions)
Affiliated investments (1), (2)	MetLife, Inc.	$	1,609	$	1,810	$	9	$	9	$	27	$	26
Affiliated investments (3)	American Life Insurance Company	100		100		—		—		2		2
Affiliated investments (4)	Metropolitan Property and Casualty Insurance Company	315		315		1		3		5		8
Other invested assets		$	2,024	$	2,225	$	10	$	12	$	34	$	36
Money market pool	Metropolitan Money Market Pool	$	—	$	—	$	—	$	—	$	—	$	1
Short-term investments		$	—	$	—	$	—	$	—	$	—	$	1

________________

(1)Represents an investment in affiliated senior notes. The affiliated senior notes have maturity dates from July 2021 to October 2029 and bear interest, payable semi-annually, at a rate per annum ranging from 1.60% to 3.14%. See Note 7 of the Notes to the Consolidated Financial Statements included in the 2019 Annual Report for further information.

(2)In September 2020, MetLife, Inc. repaid in cash at maturity a ¥26.5 billion 0.82% senior note issued to MLIC.

(3)Represents an affiliated surplus note. In June 2020, the affiliated surplus note, which bore interest at a fixed rate of 3.17%, matured and was refinanced with a $100 million affiliated surplus note, which bears interest at a fixed rate of 1.88%, payable semiannually, and is due June 2025.

(4)Represents an investment in affiliated preferred stock. Dividends are payable quarterly at a variable rate.

Commercial Mortgage Loans

Accounts, Notes, Loans and Financing Receivable [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The amortized cost of commercial mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2020:

	2020		2019		2018		2017		2016		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	2,210	$	3,512	$	4,418	$	3,033	$	3,975	$	9,196	$	2,468	$	28,812	75.6	%
65% to 75%	689		1,939		1,410		1,112		632		1,314		—		7,096		18.6
76% to 80%	—		124		—		264		190		185		—		763		2.0
Greater than 80%	—		—		185		451		102		715		—		1,453		3.8
Total	$	2,899	$	5,575	$	6,013	$	4,860	$	4,899	$	11,410	$	2,468	$	38,124	100.0	%
Debt service coverage ratios:
> 1.20x	$	2,575	$	5,160	$	5,826	$	4,348	$	4,707	$	10,554	$	2,468	$	35,638	93.5	%
1.00x - 1.20x	213		—		18		68		192		735		—		1,226		3.2
<1.00x	111		415		169		444		—		121		—		1,260		3.3
Total	$	2,899	$	5,575	$	6,013	$	4,860	$	4,899	$	11,410	$	2,468	$	38,124	100.0	%

Residential Mortgage Loans

Accounts, Notes, Loans and Financing Receivable [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The amortized cost of residential mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2020:

	2020		2019		2018		2017		2016		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	374	$	1,883	$	1,012	$	306	$	142	$	8,123	$	—	$	11,840	95.6	%
Nonperforming (1)	21		76		16		6		3		419		—		541		4.4
Total	$	395	$	1,959	$	1,028	$	312	$	145	$	8,542	$	—	$	12,381	100.0	%

__________________

(1)Includes residential mortgage loans in process of foreclosure of $112 million and $117 million at September 30, 2020 and December 31, 2019, respectively.

Loan-to-value ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. At September 30, 2020, the amortized cost of commercial and agricultural mortgage loans with a loan-to-value ratio in excess of 100% was $542 million, or 1% of total commercial and agricultural mortgage loans, however after considering the reduction in carrying value from the related ACL, no loans have a ratio greater than 100%.

Agricultural Mortgage Loans

Accounts, Notes, Loans and Financing Receivable [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The amortized cost of agricultural mortgage loans by credit quality indicator and vintage year was as follows at September 30, 2020:

	2020		2019		2018		2017		2016		Prior		Revolving Loans		Total		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	1,360	$	2,078	$	2,685	$	1,007	$	2,479	$	4,052	$	925	$	14,586	91.9	%
65% to 75%	257		158		39		66		179		534		—		1,233		7.8
76% to 80%	—		—		—		—		—		12		—		12		0.1
Greater than 80%	—		—		—		—		—		42		—		42		0.2
Total	$	1,617	$	2,236	$	2,724	$	1,073	$	2,658	$	4,640	$	925	$	15,873	100.0	%

Variable Interest Entity, Primary Beneficiary

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Variable Interest Entities

The following table presents the total assets and total liabilities relating to investment-related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at:

	September 30, 2020				December 31, 2019
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Real estate joint ventures (1)	$	1,404	$	—	$	1,378	$	—
Investment fund (primarily mortgage loans) (2)	212		—		211		—
Renewable energy partnership (3)	93		—		94		—
Other investments (3)	10		5		10		5
Total	$	1,719	$	5	$	1,693	$	5

__________________

(1)    The Company’s investment in these affiliated real estate joint ventures was $1.3 billion and $1.2 billion at September 30, 2020 and December 31, 2019, respectively. Other affiliates’ investments in these affiliated real estate joint ventures were $131 million and $129 million at September 30, 2020 and December 31, 2019, respectively.

(2)The Company’s investment in this affiliated investment fund was $173 million and $172 million at September 30, 2020 and December 31, 2019, respectively. An affiliate had an investment in this affiliated investment fund of $39 million at both September 30, 2020 and December 31, 2019.

(3)Assets of the renewable energy partnership and other investments primarily consisted of other invested assets.

Variable Interest Entity, Not Primary Beneficiary

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Variable Interest Entities

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:

	September 30, 2020				December 31, 2019
	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS:
Structured Products (2)	$	43,678	$	43,678	$	37,119	$	37,119
U.S. and foreign corporate	1,591		1,591		1,098		1,098
Other limited partnership interests	4,832		8,241		4,461		7,423
Other invested assets	1,433		1,528		1,554		1,677
Real estate joint ventures	11		14		25		28
Total	$	51,545	$	55,052	$	44,257	$	47,345

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(1)The maximum exposure to loss relating to fixed maturity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests and real estate joint ventures is equal to the carrying amounts plus any unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties of $8 million and $6 million at September 30, 2020 and December 31, 2019, respectively. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.

(2)For these variable interests, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.