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INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2019
Schedule Of Net Investment Income | The components of net investment income for the years ended December 31 were as follows:
(In millions) | 2019 |  | 2018 |  | 2017
Fixed maturity securities |  | $ | 3,141 |  |  |  |  | $ | 3,142 |  |  |  |  | $ | 3,173 |  |
Equity securities |  | 37 |  |  |  |  | 38 |  |  |  |  | 42 |  |
Commercial mortgage and other loans |  | 468 |  |  |  |  | 333 |  |  |  |  | 86 |  |
Other investments |  | 53 |  |  |  |  | 36 |  |  |  |  | 8 |  |
Short-term investments and cash equivalents |  | 56 |  |  |  |  | 41 |  |  |  |  | 25 |  |
Gross investment income |  | 3,755 |  |  |  |  | 3,590 |  |  |  |  | 3,334 |  |
Less investment expenses |  | 177 |  |  |  |  | 148 |  |  |  |  | 114 |  |
Net investment income |  | $ | 3,578 |  |  |  |  | $ | 3,442 |  |  |  |  | $ | 3,220 |  |
Available-for-Sale Debt Securities | The amortized cost for the Company's investments in fixed maturity securities, the cost for equity securities and the fair values of these investments at December 31 are shown in the following tables.
| 2019
(In millions) | Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities available for sale, carried at fair value through other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yen-denominated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japan government and agencies |  | $ | 30,929 |  |  |  |  | $ | 5,169 |  |  |  |  | $ | 0 |  |  |  |  | $ | 36,098 |  |
Municipalities |  | 516 |  |  |  |  | 116 |  |  |  |  | 3 |  |  |  |  | 629 |  |
Mortgage- and asset-backed securities |  | 229 |  |  |  |  | 25 |  |  |  |  | 0 |  |  |  |  | 254 |  |
Public utilities |  | 1,855 |  |  |  |  | 406 |  |  |  |  | 0 |  |  |  |  | 2,261 |  |
Sovereign and supranational |  | 680 |  |  |  |  | 50 |  |  |  |  | 0 |  |  |  |  | 730 |  |
Banks/financial institutions |  | 6,152 |  |  |  |  | 700 |  |  |  |  | 86 |  |  |  |  | 6,766 |  |
Other corporate |  | 5,323 |  |  |  |  | 944 |  |  |  |  | 24 |  |  |  |  | 6,243 |  |
Total yen-denominated |  | 45,684 |  |  |  |  | 7,410 |  |  |  |  | 113 |  |  |  |  | 52,981 |  |
U.S. dollar-denominated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | 293 |  |  |  |  | 9 |  |  |  |  | 0 |  |  |  |  | 302 |  |
Municipalities |  | 1,077 |  |  |  |  | 141 |  |  |  |  | 0 |  |  |  |  | 1,218 |  |
Mortgage- and asset-backed securities |  | 149 |  |  |  |  | 7 |  |  |  |  | 0 |  |  |  |  | 156 |  |
Public utilities |  | 3,804 |  |  |  |  | 725 |  |  |  |  | 10 |  |  |  |  | 4,519 |  |
Sovereign and supranational |  | 239 |  |  |  |  | 73 |  |  |  |  | 0 |  |  |  |  | 312 |  |
Banks/financial institutions |  | 2,879 |  |  |  |  | 646 |  |  |  |  | 4 |  |  |  |  | 3,521 |  |
Other corporate |  | 25,246 |  |  |  |  | 3,255 |  |  |  |  | 248 |  |  |  |  | 28,253 |  |
Total U.S. dollar-denominated |  | 33,687 |  |  |  |  | 4,856 |  |  |  |  | 262 |  |  |  |  | 38,281 |  |
Total securities available for sale |  | $ | 79,371 |  |  |  |  | $ | 12,266 |  |  |  |  | $ | 375 |  |  |  |  | $ | 91,262 |  |
| 2018
(In millions) | Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities available for sale, carried at fair value through other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yen-denominated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japan government and agencies |  | $ | 30,637 |  |  |  |  | $ | 3,700 |  |  |  |  | $ | 140 |  |  |  |  | $ | 34,197 |  |
Municipalities |  | 385 |  |  |  |  | 32 |  |  |  |  | 9 |  |  |  |  | 408 |  |
Mortgage- and asset-backed securities |  | 155 |  |  |  |  | 22 |  |  |  |  | 0 |  |  |  |  | 177 |  |
Public utilities |  | 1,732 |  |  |  |  | 280 |  |  |  |  | 4 |  |  |  |  | 2,008 |  |
Sovereign and supranational |  | 826 |  |  |  |  | 123 |  |  |  |  | 0 |  |  |  |  | 949 |  |
Banks/financial institutions |  | 5,440 |  |  |  |  | 502 |  |  |  |  | 238 |  |  |  |  | 5,704 |  |
Other corporate |  | 4,852 |  |  |  |  | 649 |  |  |  |  | 44 |  |  |  |  | 5,457 |  |
Total yen-denominated |  | 44,027 |  |  |  |  | 5,308 |  |  |  |  | 435 |  |  |  |  | 48,900 |  |
U.S dollar-denominated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | 137 |  |  |  |  | 9 |  |  |  |  | 1 |  |  |  |  | 145 |  |
Municipalities |  | 1,343 |  |  |  |  | 120 |  |  |  |  | 8 |  |  |  |  | 1,455 |  |
Mortgage- and asset-backed securities |  | 155 |  |  |  |  | 8 |  |  |  |  | 1 |  |  |  |  | 162 |  |
Public utilities |  | 4,772 |  |  |  |  | 496 |  |  |  |  | 105 |  |  |  |  | 5,163 |  |
Sovereign and supranational |  | 251 |  |  |  |  | 60 |  |  |  |  | 0 |  |  |  |  | 311 |  |
Banks/financial institutions |  | 2,860 |  |  |  |  | 389 |  |  |  |  | 35 |  |  |  |  | 3,214 |  |
Other corporate |  | 23,311 |  |  |  |  | 1,343 |  |  |  |  | 1,109 |  |  |  |  | 23,545 |  |
Total U.S. dollar-denominated |  | 32,829 |  |  |  |  | 2,425 |  |  |  |  | 1,259 |  |  |  |  | 33,995 |  |
Total securities available for sale |  | $ | 76,856 |  |  |  |  | $ | 7,733 |  |  |  |  | $ | 1,694 |  |  |  |  | $ | 82,895 |  |
Held-to-Maturity Securities |
| 2019
(In millions) | Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities held to maturity, carried at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yen-denominated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japan government and agencies |  | $ | 22,241 |  |  |  |  | $ | 6,050 |  |  |  |  | $ | 0 |  |  |  |  | $ | 28,291 |  |
Municipalities |  | 821 |  |  |  |  | 262 |  |  |  |  | 0 |  |  |  |  | 1,083 |  |
Mortgage- and asset-backed securities |  | 16 |  |  |  |  | 1 |  |  |  |  | 0 |  |  |  |  | 17 |  |
Public utilities |  | 2,535 |  |  |  |  | 419 |  |  |  |  | 0 |  |  |  |  | 2,954 |  |
Sovereign and supranational |  | 1,123 |  |  |  |  | 197 |  |  |  |  | 0 |  |  |  |  | 1,320 |  |
Banks/financial institutions |  | 916 |  |  |  |  | 105 |  |  |  |  | 3 |  |  |  |  | 1,018 |  |
Other corporate |  | 2,433 |  |  |  |  | 485 |  |  |  |  | 7 |  |  |  |  | 2,911 |  |
Total yen-denominated |  | 30,085 |  |  |  |  | 7,519 |  |  |  |  | 10 |  |  |  |  | 37,594 |  |
Total securities held to maturity |  | $ | 30,085 |  |  |  |  | $ | 7,519 |  |  |  |  | $ | 10 |  |  |  |  | $ | 37,594 |  |
| 2018
(In millions) | Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Securities held to maturity, carried at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yen-denominated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japan government and agencies |  | $ | 21,712 |  |  |  |  | $ | 5,326 |  |  |  |  | $ | 0 |  |  |  |  | $ | 27,038 |  |
Municipalities |  | 359 |  |  |  |  | 110 |  |  |  |  | 0 |  |  |  |  | 469 |  |
Mortgage- and asset-backed securities |  | 14 |  |  |  |  | 1 |  |  |  |  | 0 |  |  |  |  | 15 |  |
Public utilities |  | 2,727 |  |  |  |  | 254 |  |  |  |  | 8 |  |  |  |  | 2,973 |  |
Sovereign and supranational |  | 1,551 |  |  |  |  | 289 |  |  |  |  | 0 |  |  |  |  | 1,840 |  |
Banks/financial institutions |  | 1,445 |  |  |  |  | 158 |  |  |  |  | 20 |  |  |  |  | 1,583 |  |
Other corporate |  | 2,510 |  |  |  |  | 332 |  |  |  |  | 38 |  |  |  |  | 2,804 |  |
Total yen-denominated |  | 30,318 |  |  |  |  | 6,470 |  |  |  |  | 66 |  |  |  |  | 36,722 |  |
Total securities held to maturity |  | $ | 30,318 |  |  |  |  | $ | 6,470 |  |  |  |  | $ | 66 |  |  |  |  | $ | 36,722 |  |
Equity Securities, FV-NI |
| 2019 |  | 2018
(In millions) | Fair Value |  | Fair Value
Equity securities, carried at fair value through net earnings: |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |
Yen-denominated |  | $ | 658 |  |  |  |  | $ | 641 |  |
U.S. dollar-denominated |  | 144 |  |  |  |  | 346 |  |
Total equity securities |  | $ | 802 |  |  |  |  | $ | 987 |  |
Investments Classified by Contractual Maturity Date | The contractual and economic maturities of the Company's investments in fixed maturity securities at December 31, 2019, were as follows:
(In millions) | Amortized Cost |  | Fair Value
Available for sale: |  |  |  |  |  |
Due in one year or less |  | $ | 583 |  |  |  |  | $ | 612 |
Due after one year through five years |  | 7,933 |  |  |  |  | 8,122 |
Due after five years through 10 years |  | 11,347 |  |  |  |  | 12,819 |
Due after 10 years |  | 59,130 |  |  |  |  | 69,299 |
Mortgage- and asset-backed securities |  | 378 |  |  |  |  | 410 |
Total fixed maturity securities available for sale |  | $ | 79,371 |  |  |  |  | $ | 91,262 |
Held to maturity: |  |  |  |  |  |
Due in one year or less |  | $ | 265 |  |  |  |  | $ | 270 |
Due after one year through five years |  | 1,227 |  |  |  |  | 1,330 |
Due after five years through 10 years |  | 532 |  |  |  |  | 599 |
Due after 10 years |  | 28,045 |  |  |  |  | 35,378 |
Mortgage- and asset-backed securities |  | 16 |  |  |  |  | 17 |
Total fixed maturity securities held to maturity |  | $ | 30,085 |  |  |  |  | $ | 37,594 |
Investment Exposures Exceeding 10 Percent Shareholders Equity | Investment exposures that individually exceeded 10% of shareholders' equity as of December 31 were as follows:
| 2019 |  | 2018
(In millions) | Credit Rating |  | Amortized Cost |  | Fair Value |  | Credit Rating |  | Amortized Cost |  | Fair Value
Japan National Government(1) | A+ |  | $51,726 |  | $62,584 |  | A+ |  | $51,207 |  | $59,945
(1)Japan Government Bonds (JGBs) or JGB-backed securities
Gain (Loss) on Investments | Information regarding pretax realized gains and losses from investments for the years ended December 31 follows:
(In millions) | 2019 |  | 2018 |  | 2017 |
Realized investment gains (losses): |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |
Available for sale: |  |  |  |  |  |
Gross gains from sales | $ | 115 |  |  | $ | 101 |  |  | $ | 51 |  |
Gross losses from sales | (68 | ) |  | (156 | ) |  | (68 | ) |
Foreign currency gains (losses) on sales and redemptions | (16 | ) |  | 73 |  |  | (48 | ) |
Other-than-temporary impairment losses | (13 | ) |  | (64 | ) |  | (7 | ) |
Total fixed maturity securities | 18 |  |  | (46 | ) |  | (72 | ) |
Equity securities | 101 |  |  | (131 | ) |  | 71 |  | (1)
Loan receivables: |  |  |  |  |  |
Loan loss reserves | (18 | ) |  | (19 | ) |  | (8 | ) |
Total loan receivables | (18 | ) |  | (19 | ) |  | (8 | ) |
Derivatives and other: |  |  |  |  |  |
Derivative gains (losses) | (174 | ) |  | (224 | ) |  | (109 | ) |
Foreign currency gains (losses) | (62 | ) |  | (10 | ) |  | (33 | ) |
Total derivatives and other | (236 | ) |  | (234 | ) |  | (142 | ) |
Total realized investment gains (losses) | $ | (135 | ) |  | $ | (430 | ) |  | $ | (151 | ) |
(1) Includes impairments of $22 in 2017
Unrealized Gain (Loss) on Investments | Information regarding changes in unrealized gains and losses from investments recorded in AOCI for the years ended December 31 follows:
(In millions) | 2019 |  | 2018 |  | 2017
Changes in unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale |  | $ | 5,852 |  |  |  |  | $ | (3,142 | ) |  |  |  | $ | 1,657 |  |
Equity securities |  | 0 |  |  |  |  | 0 |  |  |  |  | 71 |  |
Total change in unrealized gains (losses) |  | $ | 5,852 |  |  |  |  | $ | (3,142 | ) |  |  |  | $ | 1,728 |  |
Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities | The net effect on shareholders' equity of unrealized gains and losses from fixed maturity securities at December 31 was as follows:
(In millions) | 2019 |  | 2018
Unrealized gains (losses) on securities available for sale |  | $ | 11,891 |  |  |  |  | $ | 6,039 |  |
Deferred income taxes |  | (3,343 | ) |  |  |  | (1,805 | ) |
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities |  | $ | 8,548 |  |  |  |  | $ | 4,234 |  |
Investments Gross Unrealized Loss Aging | The following tables show the fair values and gross unrealized losses of the Company's available-for-sale and held-to-maturity investments that were in an unrealized loss position, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31.
| 2019
| Total |  | Less than 12 months |  | 12 months or longer
(In millions) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipalities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yen-denominated |  | $ | 80 |  |  |  |  | $ | 3 |  |  |  |  | $ | 80 |  |  |  |  | $ | 3 |  |  |  |  | $ | 0 |  |  |  |  | $ | 0 |  |
Public utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 306 |  |  |  |  | 10 |  |  |  |  | 69 |  |  |  |  | 2 |  |  |  |  | 237 |  |  |  |  | 8 |  |
Banks/financial institutions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 79 |  |  |  |  | 4 |  |  |  |  | 18 |  |  |  |  | 0 |  |  |  |  | 61 |  |  |  |  | 4 |  |
Yen-denominated |  | 1,828 |  |  |  |  | 89 |  |  |  |  | 1,828 |  |  |  |  | 89 |  |  |  |  | 0 |  |  |  |  | 0 |  |
Other corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 4,261 |  |  |  |  | 248 |  |  |  |  | 792 |  |  |  |  | 53 |  |  |  |  | 3,469 |  |  |  |  | 195 |  |
Yen-denominated |  | 636 |  |  |  |  | 31 |  |  |  |  | 636 |  |  |  |  | 31 |  |  |  |  | 0 |  |  |  |  | 0 |  |
Total |  | $ | 7,190 |  |  |  |  | $ | 385 |  |  |  |  | $ | 3,423 |  |  |  |  | $ | 178 |  |  |  |  | $ | 3,767 |  |  |  |  | $ | 207 |  |
| 2018
| Total |  | Less than 12 months |  | 12 months or longer
(In millions) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | $ | 67 |  |  |  |  | $ | 1 |  |  |  |  | $ | 67 |  |  |  |  | $ | 1 |  |  |  |  | $ | 0 |  |  |  |  | $ | 0 |  |
Japan government and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yen-denominated |  | 3,604 |  |  |  |  | 140 |  |  |  |  | 3,604 |  |  |  |  | 140 |  |  |  |  | 0 |  |  |  |  | 0 |  |
Municipalities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 515 |  |  |  |  | 8 |  |  |  |  | 515 |  |  |  |  | 8 |  |  |  |  | 0 |  |  |  |  | 0 |  |
Yen-denominated |  | 148 |  |  |  |  | 9 |  |  |  |  | 148 |  |  |  |  | 9 |  |  |  |  | 0 |  |  |  |  | 0 |  |
Mortgage- and asset- backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 74 |  |  |  |  | 1 |  |  |  |  | 74 |  |  |  |  | 1 |  |  |  |  | 0 |  |  |  |  | 0 |  |
Public utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 1,585 |  |  |  |  | 105 |  |  |  |  | 892 |  |  |  |  | 48 |  |  |  |  | 693 |  |  |  |  | 57 |  |
Yen-denominated |  | 604 |  |  |  |  | 12 |  |  |  |  | 604 |  |  |  |  | 12 |  |  |  |  | 0 |  |  |  |  | 0 |  |
Banks/financial institutions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 625 |  |  |  |  | 35 |  |  |  |  | 340 |  |  |  |  | 19 |  |  |  |  | 285 |  |  |  |  | 16 |  |
Yen-denominated |  | 3,057 |  |  |  |  | 258 |  |  |  |  | 3,057 |  |  |  |  | 258 |  |  |  |  | 0 |  |  |  |  | 0 |  |
Other corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 12,899 |  |  |  |  | 1,109 |  |  |  |  | 5,782 |  |  |  |  | 407 |  |  |  |  | 7,117 |  |  |  |  | 702 |  |
Yen-denominated |  | 1,306 |  |  |  |  | 82 |  |  |  |  | 1,306 |  |  |  |  | 82 |  |  |  |  | 0 |  |  |  |  | 0 |  |
Total |  | $ | 24,484 |  |  |  |  | $ | 1,760 |  |  |  |  | $ | 16,389 |  |  |  |  | $ | 985 |  |  |  |  | $ | 8,095 |  |  |  |  | $ | 775 |  |
Commercial Mortgage and Other Loans by Property Type | The table below reflects the composition of the carrying value for commercial mortgage and other loans by property type as of December 31.
(In millions) | 2019 |  | 2018
| Amortized Cost |  | % of Total |  | Amortized Cost |  | % of Total
Commercial Mortgage and other loans |  |  |  |  |  |  |
Transitional real estate loans: |  |  |  |  |  |  |
Office | $ | 1,800 |  |  | 18.7 | % |  | $ | 1,621 |  |  | 23.3 | %
Retail | 131 |  |  | 1.4 |  |  | 147 |  |  | 2.1 |
Apartments/Multi-Family | 2,085 |  |  | 21.7 |  |  | 1,706 |  |  | 24.6 |
Industrial | 256 |  |  | 2.7 |  |  | 250 |  |  | 3.6 |
Hospitality | 1,036 |  |  | 10.8 |  |  | 531 |  |  | 7.6 |
Other | 164 |  |  | 1.7 |  |  | 139 |  |  | 2.0 |
Total transitional real estate loans | 5,472 |  |  | 57.0 |  |  | 4,394 |  |  | 63.2 |
Commercial mortgage loans: |  |  |  |  |  |  |
Office | 410 |  |  | 4.3 |  |  | 281 |  |  | 4.1 |
Retail | 348 |  |  | 3.5 |  |  | 316 |  |  | 4.6 |
Apartments/Multi-Family | 569 |  |  | 5.9 |  |  | 369 |  |  | 5.3 |
Industrial | 383 |  |  | 4.0 |  |  | 99 |  |  | 1.4 |
Total commercial mortgage loans | 1,710 |  |  | 17.7 |  |  | 1,065 |  |  | 15.4 |
Middle market loans | 2,432 |  |  | 25.3 |  |  | 1,487 |  |  | 21.4 |
Total commercial mortgage and other loans | $ | 9,614 |  |  | 100.0 | % |  | $ | 6,946 |  |  | 100.0 | %
Allowance for Loan Losses | (45 | ) |  |  |  | (27 | ) |  |
Total net commercial mortgage and other loans | $ | 9,569 |  |  |  |  | $ | 6,919 |  |  |
Allowance for Loan Losses by Portfolio Segment | The following table presents the rollforward of the Company's allowance for loan losses by portfolio segment during the year ended December 31.
(In millions) | Commercial Mortgage Loans |  | Transitional Real Estate Loans |  | Middle Market Loans |  | Total
Allowance for loan losses at December 31, 2018 |  | $ | (1 | ) |  |  |  | $ | (17 | ) |  |  |  | $ | (9 | ) |  |  |  | $ | (27 | ) |
Addition to (release of) allowance for credit losses |  | (2 | ) |  |  |  | (5 | ) |  |  |  | (11 | ) |  |  |  | (18 | ) |
Allowance for loan losses at December 31, 2019 |  | $ | (3 | ) |  |  |  | $ | (22 | ) |  |  |  | $ | (20 | ) |  |  |  | $ | (45 | ) |
Key Credit Quality Indicators for Commercial Mortgage Loans and Transitional Real Estate Loans | The table below summarizes key credit quality information by carrying value for CMLs and TREs as of December 31.
| 2019
(In millions) | Transitional Real Estate Loans | Commercial Mortgage Loans | Total
Loan-to-Value Ratio: |  |  |
0%-59.99% | $ | 1,424 |  | $ | 1,390 |  | $ | 2,814 |
60%-69.99% | 1,927 | 297 | 2,224
70%-79.99% | 2,085 | 23 | 2,108
80% or greater | 36 | 0 | 36
Total | $ | 5,472 |  | $ | 1,710 |  | $ | 7,182 |
Weighted Average Debt-Service Coverage Ratio |  | 2.38 |
| 2018
(In millions) | Transitional Real Estate Loans | Commercial Mortgage Loans | Total
Loan-to-Value Ratio: |  |  |
0%-59.99% | $ | 819 |  | $ | 877 |  | $ | 1,696 |
60%-69.99% | 1,681 | 165 | 1,846
70%-79.99% | 1,558 | 23 | 1,581
80% or greater | 336 | 0 | 336
Total | $ | 4,394 |  | $ | 1,065 |  | $ | 5,459 |
Weighted Average Debt-Service Coverage Ratio |  | 2.45 |
Other Investments | The table below reflects the composition of the carrying value for other investments as of December 31.
(In millions) | 2019 |  | 2018
Other investments: |  |  |  |  |  |  |
Policy loans |  | $ | 250 |  |  |  |  | $ | 232 |  |
Short-term investments (1) |  | 628 |  |  |  |  | 152 |  |
Limited partnerships |  | 569 |  |  |  |  | 377 |  |
Other |  | 30 |  |  |  |  | 26 |  |
Total other investments |  | $ | 1,477 |  |  |  |  | $ | 787 |  |
(1) Includes securities lending collateral
Securities Lending Transactions Accounted for as Secured Borrowings | Details of collateral by loaned security type and remaining maturity of the agreements as of December 31 were as follows:
Securities Lending Transactions Accounted for as Secured Borrowings
2019
Remaining Contractual Maturity of the Agreements
(In millions) | Overnight and Continuous(1) |  | Up to 30 days |  | Greater than 90 days |  | Total
Securities lending transactions: |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |
Japan government and agencies | $ | 0 |  |  | $ | 1,013 |  |  | $ | 4,759 |  |  | $ | 5,772 |
Public utilities | 35 |  |  | 0 |  |  | 0 |  |  | 35 |
Sovereign and supranational | 2 |  |  | 0 |  |  | 0 |  |  | 2 |
Banks/financial institutions | 48 |  |  | 0 |  |  | 0 |  |  | 48 |
Other corporate | 778 |  |  | 0 |  |  | 0 |  |  | 778 |
Equity securities | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Total borrowings | $ | 863 |  |  | $ | 1,013 |  |  | $ | 4,759 |  |  | $ | 6,635 |
Gross amount of recognized liabilities for securities lending transactions |  |  | $ | 1,876 |
Amounts related to agreements not included in offsetting disclosure in Note 4 |  |  | $ | 4,759 |
(1) The related loaned security, under the Company's Aflac U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous.
Securities Lending Transactions Accounted for as Secured Borrowings
2018
Remaining Contractual Maturity of the Agreements
(In millions) | Overnight and Continuous(1) |  | Up to 30 days |  | Greater than 90 days |  | Total
Securities lending transactions: |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |
Japan government and agencies | $ | 0 |  |  | $ | 387 |  |  | 1,190 |  |  | $ | 1,577 |
Municipalities | 5 |  |  | 0 |  |  | 0 |  |  | 5 |
Public utilities | 27 |  |  | 0 |  |  | 0 |  |  | 27 |
Banks/financial institutions | 74 |  |  | 0 |  |  | 0 |  |  | 74 |
Other corporate | 549 |  |  | 0 |  |  | 0 |  |  | 549 |
Equity securities | 10 |  |  | 0 |  |  | 0 |  |  | 10 |
Total borrowings | $ | 665 |  |  | $ | 387 |  |  | $ | 1,190 |  |  | $ | 2,242 |
Gross amount of recognized liabilities for securities lending transactions |  |  | $ | 1,052 |
Amounts related to agreements not included in offsetting disclosure in Note 4 |  |  | $ | 1,190 |
(1) The related loaned security, under the Company's Aflac U.S. securities lending program, can be returned to the Company at the transferee's discretion; therefore, they are classified as Overnight and Continuous
Variable Interest Entity, Consolidated |
Investments in Variable Interest Entities | The following table presents the cost or amortized cost, fair value and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported as of December 31. Investments in Consolidated Variable Interest Entities
| 2019 |  | 2018
(In millions) | Cost or Amortized Cost |  | Fair Value |  | Cost or Amortized Cost |  | Fair Value
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale |  | $ | 3,308 |  |  |  |  | $ | 4,312 |  |  |  |  | $ | 3,849 |  |  |  |  | $ | 4,466 |  |
Equity securities |  | 0 |  |  |  |  | 0 |  |  |  |  | 160 |  |  |  |  | 160 |  |
Commercial mortgage and other loans |  | 7,956 |  |  |  |  | 8,015 |  |  |  |  | 5,528 |  |  |  |  | 5,506 |  |
Other investments (1) |  | 494 |  |  |  |  | 494 |  |  |  |  | 328 |  |  |  |  | 328 |  |
Other assets (2) |  | 169 |  |  |  |  | 169 |  |  |  |  | 182 |  |  |  |  | 182 |  |
Total assets of consolidated VIEs |  | $ | 11,927 |  |  |  |  | $ | 12,990 |  |  |  |  | $ | 10,047 |  |  |  |  | $ | 10,642 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities (2) |  | $ | 126 |  |  |  |  | $ | 126 |  |  |  |  | $ | 102 |  |  |  |  | $ | 102 |  |
Total liabilities of consolidated VIEs |  | $ | 126 |  |  |  |  | $ | 126 |  |  |  |  | $ | 102 |  |  |  |  | $ | 102 |  |
(1) Consists entirely of alternative investments in limited partnerships (2) Consists entirely of derivatives
Variable Interest Entity, Not Consolidated |
Investments in Variable Interest Entities | The table below reflects the amortized cost, fair value and balance sheet caption in which the Company's investment in VIEs not consolidated are reported as of December 31. Investments in Variable Interest Entities Not Consolidated
| 2019 |  | 2018
(In millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale |  | $ | 4,129 |  |  |  |  | $ | 4,884 |  |  |  |  | $ | 4,575 |  |  |  |  | $ | 4,982 |  |
Fixed maturity securities, held to maturity |  | 1,848 |  |  |  |  | 2,236 |  |  |  |  | 2,007 |  |  |  |  | 2,254 |  |
Other investments (1) |  | 75 |  |  |  |  | 74 |  |  |  |  | 49 |  |  |  |  | 49 |  |
Total investments in VIEs not consolidated |  | $ | 6,052 |  |  |  |  | $ | 7,194 |  |  |  |  | $ | 6,631 |  |  |  |  | $ | 7,285 |  |
(1) Consists entirely of alternative investments in limited partnerships

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