XML 35 R24.htm IDEA: XBRL DOCUMENT
v3.21.2

INVESTMENTS (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2021
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 are shown in the following tables.
| September 30, 2021
(In millions) | Amortized Cost | Allowance for Credit Losses | 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 | $ | 31,549 |  | $ | 0 |  | $ | 3,574 |  | $ | 62 |  | $ | 35,061 |
Municipalities | 1,224 |  | 0 |  | 323 |  | 5 |  | 1,542 |
Mortgage- and asset-backed securities | 310 |  | 0 |  | 21 |  | 1 |  | 330 |
Public utilities | 4,584 |  | 0 |  | 930 |  | 2 |  | 5,512 |
Sovereign and supranational | 781 |  | 0 |  | 81 |  | 0 |  | 862 |
Banks/financial institutions | 7,149 |  | 0 |  | 834 |  | 66 |  | 7,917 |
Other corporate | 7,377 |  | 0 |  | 1,575 |  | 22 |  | 8,930 |
Total yen-denominated | 52,974 |  | 0 |  | 7,338 |  | 158 |  | 60,154 |
U.S. dollar-denominated: |  |  |  |  |
U.S. government and agencies | 155 |  | 0 |  | 10 |  | 0 |  | 165 |
Municipalities | 1,217 |  | 0 |  | 179 |  | 1 |  | 1,395 |
Mortgage- and asset-backed securities | 932 |  | 0 |  | 30 |  | 0 |  | 962 |
Public utilities | 3,887 |  | 0 |  | 920 |  | 4 |  | 4,803 |
Sovereign and supranational | 225 |  | 0 |  | 59 |  | 4 |  | 280 |
Banks/financial institutions | 3,081 |  | 0 |  | 745 |  | 1 |  | 3,825 |
Other corporate | 24,757 |  | 0 |  | 4,448 |  | 67 |  | 29,138 |
Total U.S. dollar-denominated | 34,254 |  | 0 |  | 6,391 |  | 77 |  | 40,568 |
Total securities available for sale | $ | 87,228 |  | $ | 0 |  | $ | 13,729 |  | $ | 235 |  | $ | 100,722 |
| December 31, 2020
(In millions) | Amortized Cost | Allowance for Credit Losses | 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 | $ | 32,959 |  | $ | 0 |  | $ | 4,182 |  | $ | 52 |  | $ | 37,089 |
Municipalities | 1,324 |  | 0 |  | 374 |  | 5 |  | 1,693 |
Mortgage- and asset-backed securities | 342 |  | 0 |  | 27 |  | 1 |  | 368 |
Public utilities | 4,777 |  | 0 |  | 1,096 |  | 1 |  | 5,872 |
Sovereign and supranational | 981 |  | 0 |  | 108 |  | 0 |  | 1,089 |
Banks/financial institutions | 7,552 |  | 0 |  | 886 |  | 102 |  | 8,336 |
Other corporate | 8,114 |  | 0 |  | 1,747 |  | 37 |  | 9,824 |
Total yen-denominated | 56,049 |  | 0 |  | 8,420 |  | 198 |  | 64,271 |
U.S. dollar-denominated: |  |  |  |  |
U.S. government and agencies | 245 |  | 0 |  | 16 |  | 0 |  | 261 |
Municipalities | 1,154 |  | 0 |  | 173 |  | 2 |  | 1,325 |
Mortgage- and asset-backed securities | 667 |  | 0 |  | 8 |  | 5 |  | 670 |
Public utilities | 4,013 |  | 0 |  | 947 |  | 15 |  | 4,945 |
Sovereign and supranational | 232 |  | 0 |  | 64 |  | 3 |  | 293 |
Banks/financial institutions | 2,973 |  | 0 |  | 758 |  | 7 |  | 3,724 |
Other corporate | 26,297 |  | 38 |  | 4,385 |  | 251 |  | 30,393 |
Total U.S. dollar-denominated | 35,581 |  | 38 |  | 6,351 |  | 283 |  | 41,611 |
Total securities available for sale | $ | 91,630 |  | $ | 38 |  | $ | 14,771 |  | $ | 481 |  | $ | 105,882 |
Held-to-maturity Securities |
| September 30, 2021
(In millions) | Amortized Cost | Allowance for Credit Losses | Net Carrying Amount | 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 | $ | 21,676 |  | $ | 3 |  | $ | 21,673 |  | $ | 4,868 |  | $ | 0 |  | $ | 26,541 |
Municipalities | 346 |  | 0 |  | 346 |  | 107 |  | 0 |  | 453 |
Public utilities | 45 |  | 1 |  | 44 |  | 13 |  | 0 |  | 57 |
Sovereign and supranational | 533 |  | 5 |  | 528 |  | 139 |  | 0 |  | 667 |
Other corporate | 22 |  | 0 |  | 22 |  | 8 |  | 0 |  | 30 |
Total yen-denominated | 22,622 |  | 9 |  | 22,613 |  | 5,135 |  | 0 |  | 27,748 |
Total securities held to maturity | $ | 22,622 |  | $ | 9 |  | $ | 22,613 |  | $ | 5,135 |  | $ | 0 |  | $ | 27,748 |
| December 31, 2020
(In millions) | Amortized Cost | Allowance for Credit Losses | Net Carrying Amount | 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 | $ | 23,448 |  | $ | 3 |  | $ | 23,445 |  | $ | 5,625 |  | $ | 0 |  | $ | 29,070 |
Municipalities | 377 |  | 0 |  | 377 |  | 122 |  | 0 |  | 499 |
Public utilities | 48 |  | 1 |  | 47 |  | 14 |  | 0 |  | 61 |
Sovereign and supranational | 577 |  | 6 |  | 571 |  | 165 |  | 0 |  | 736 |
Other corporate | 24 |  | 0 |  | 24 |  | 9 |  | 0 |  | 33 |
Total yen-denominated | 24,474 |  | 10 |  | 24,464 |  | 5,935 |  | 0 |  | 30,399 |
Total securities held to maturity | $ | 24,474 |  | $ | 10 |  | $ | 24,464 |  | $ | 5,935 |  | $ | 0 |  | $ | 30,399 |
Equity securities, FV-NI |
(In millions) | September 30, 2021 |  | December 31, 2020
Equity securities, carried at fair value through net earnings: | Fair Value |  | Fair Value
Equity securities: |  |  |  |  |  |  |
Yen-denominated |  | $ | 753 |  |  |  |  | $ | 680 |  |
U.S. dollar-denominated |  | 667 |  |  |  |  | 603 |  |
Other currencies |  | 41 |  |  |  |  | 0 |  |
Total equity securities |  | $ | 1,461 |  |  |  |  | $ | 1,283 |  |
Investments Classified by Contractual Maturity Date | The contractual and economic maturities of the Company's investments in fixed maturity securities at September 30, 2021, were as follows:
(In millions) | Amortized Cost (1) |  | Fair Value |
Available for sale: |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 914 |  |  |  |  | $ | 930 |  |  |
Due after one year through five years |  | 8,302 |  |  |  |  | 8,909 |  |  |
Due after five years through 10 years |  | 13,291 |  |  |  |  | 15,565 |  |  |
Due after 10 years |  | 63,479 |  |  |  |  | 74,026 |  |  |
Mortgage- and asset-backed securities |  | 1,242 |  |  |  |  | 1,292 |  |  |
Total fixed maturity securities available for sale |  | $ | 87,228 |  |  |  |  | $ | 100,722 |  |  |
Held to maturity: |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 0 |  |  |  |  | $ | 0 |  |  |
Due after one year through five years |  | 45 |  |  |  |  | 49 |  |  |
Due after five years through 10 years |  | 8,753 |  |  |  |  | 10,207 |  |  |
Due after 10 years |  | 13,815 |  |  |  |  | 17,492 |  |  |
Mortgage- and asset-backed securities |  | 0 |  |  |  |  | 0 |  |  |
Total fixed maturity securities held to maturity |  | $ | 22,613 |  |  |  |  | $ | 27,748 |  |  |
(1) Net of allowance for credit losses
Investment Exposures Exceeding Ten Percent Shareholders Equity | Investment exposures that individually exceeded 10% of shareholders' equity were as follows:
| September 30, 2021 |  | December 31, 2020
(In millions) | Credit Rating |  | Amortized Cost |  | Fair Value |  | Credit Rating |  | Amortized Cost |  | Fair Value
Japan National Government(1) | A+ |  | $51,953 |  | $60,106 |  | A+ |  | $55,153 |  | $64,657
(1)Japan Government Bonds (JGBs) or JGB-backed securities
Gain (Loss) on Investments | Information regarding pretax net gains and losses from investments is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30, |
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020 |
Net investment gains (losses): |  |  |  |  |  |  |  |
Sales and redemptions: |  |  |  |  |  |  |  |
Fixed maturity securities available for sale: |  |  |  |  |  |  |  |
Gross gains from sales | $ | 24 |  |  | $ | 7 |  |  | $ | 40 |  |  | $ | 28 |  |
Gross losses from sales | (36) |  |  | 0 |  |  | (39) |  |  | (46) |  |
Foreign currency gains (losses) on sales and redemptions | (2) |  |  | (5) |  |  | (21) |  |  | (39) |  |
Total sales and redemptions | (14) |  |  | 2 |  |  | (20) |  |  | (57) |  |
Equity securities | (119) |  |  | 12 |  |  | (17) |  |  | (106) |  |
Credit losses: |  |  |  |  |  |  |  |
Fixed maturity securities available for sale | 27 |  |  | 0 |  |  | 38 |  |  | (75) |  |
Fixed maturity securities held to maturity | 0 |  |  | 0 |  |  | 1 |  |  | 1 |  |
Commercial mortgage and other loans | (29) |  |  | 78 |  |  | 15 |  |  | (86) |  |
Impairment losses | 0 |  |  | 0 |  |  | (20) |  |  | 0 |  |
Loan commitments | 3 |  |  | 64 |  |  | 3 |  |  | (17) |  |
Reinsurance recoverables and other | 0 |  |  | 0 |  |  | (2) |  |  | (2) |  |
Total credit losses | 1 |  |  | 142 |  |  | 35 |  |  | (179) |  |
Derivatives and other: |  |  |  |  |  |  |  |
Derivative gains (losses) | (174) |  |  | 138 |  |  | (557) |  |  | 173 |  |
Foreign currency gains (losses) | 135 |  |  | (186) |  |  | 783 |  |  | (356) |  |
Total derivatives and other | (39) |  |  | (48) |  |  | 226 |  |  | (183) |  |
Total net investment gains (losses) | $ | (171) |  |  | $ | 108 |  |  | $ | 224 |  |  | $ | (525) |  |
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 was as follows:
(In millions) | September 30, 2021 |  | December 31, 2020
Unrealized gains (losses) on securities available for sale |  | $ | 13,494 |  |  |  |  | $ | 14,290 |  |
Deferred income taxes |  | (3,763) |  |  |  |  | (3,929) |  |
Shareholders’ equity, unrealized gains (losses) on fixed maturity securities |  | $ | 9,731 |  |  |  |  | $ | 10,361 |  |
Investments Gross Unrealized Loss Aging | The following tables show the fair values and gross unrealized losses of the Company's available-for-sale investments for the periods ended September 30, 2021 and December 31, 2020, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
| September 30, 2021
| 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 available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japan government and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yen-denominated |  | $ | 2,980 |  |  |  |  | $ | 62 |  |  |  |  | $ | 342 |  |  |  |  | $ | 2 |  |  |  |  | $ | 2,638 |  |  |  |  | $ | 60 |  |
Municipalities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 56 |  |  |  |  | 1 |  |  |  |  | 56 |  |  |  |  | 1 |  |  |  |  | 0 |  |  |  |  | 0 |  |
Yen-denominated |  | 168 |  |  |  |  | 5 |  |  |  |  | 30 |  |  |  |  | 0 |  |  |  |  | 138 |  |  |  |  | 5 |  |
Mortgage- and asset- backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yen-denominated |  | 34 |  |  |  |  | 1 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 34 |  |  |  |  | 1 |  |
Public utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 195 |  |  |  |  | 4 |  |  |  |  | 108 |  |  |  |  | 2 |  |  |  |  | 87 |  |  |  |  | 2 |  |
Yen-denominated |  | 242 |  |  |  |  | 2 |  |  |  |  | 182 |  |  |  |  | 1 |  |  |  |  | 60 |  |  |  |  | 1 |  |
Sovereign and supranational: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 6 |  |  |  |  | 4 |  |  |  |  | 6 |  |  |  |  | 1 |  |  |  |  | 0 |  |  |  |  | 3 |  |
Banks/financial institutions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 152 |  |  |  |  | 1 |  |  |  |  | 146 |  |  |  |  | 1 |  |  |  |  | 6 |  |  |  |  | 0 |  |
Yen-denominated |  | 1,824 |  |  |  |  | 66 |  |  |  |  | 735 |  |  |  |  | 5 |  |  |  |  | 1,089 |  |  |  |  | 61 |  |
Other corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 1,731 |  |  |  |  | 67 |  |  |  |  | 898 |  |  |  |  | 17 |  |  |  |  | 833 |  |  |  |  | 50 |  |
Yen-denominated |  | 558 |  |  |  |  | 22 |  |  |  |  | 106 |  |  |  |  | 1 |  |  |  |  | 452 |  |  |  |  | 21 |  |
Total |  | $ | 7,946 |  |  |  |  | $ | 235 |  |  |  |  | $ | 2,609 |  |  |  |  | $ | 31 |  |  |  |  | $ | 5,337 |  |  |  |  | $ | 204 |  |
| December 31, 2020
| 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 available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Japan government and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yen-denominated |  | $ | 2,604 |  |  |  |  | $ | 52 |  |  |  |  | $ | 2,604 |  |  |  |  | $ | 52 |  |  |  |  | $ | 0 |  |  |  |  | $ | 0 |  |
Municipalities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 94 |  |  |  |  | 2 |  |  |  |  | 94 |  |  |  |  | 2 |  |  |  |  | 0 |  |  |  |  | 0 |  |
Yen-denominated |  | 183 |  |  |  |  | 5 |  |  |  |  | 169 |  |  |  |  | 4 |  |  |  |  | 14 |  |  |  |  | 1 |  |
Mortgage- and asset- backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 360 |  |  |  |  | 5 |  |  |  |  | 360 |  |  |  |  | 5 |  |  |  |  | 0 |  |  |  |  | 0 |  |
Yen-denominated |  | 37 |  |  |  |  | 1 |  |  |  |  | 37 |  |  |  |  | 1 |  |  |  |  | 0 |  |  |  |  | 0 |  |
Public utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 326 |  |  |  |  | 15 |  |  |  |  | 208 |  |  |  |  | 7 |  |  |  |  | 118 |  |  |  |  | 8 |  |
Yen-denominated |  | 135 |  |  |  |  | 1 |  |  |  |  | 135 |  |  |  |  | 1 |  |  |  |  | 0 |  |  |  |  | 0 |  |
Sovereign and supranational: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 39 |  |  |  |  | 3 |  |  |  |  | 39 |  |  |  |  | 3 |  |  |  |  | 0 |  |  |  |  | 0 |  |
Banks/financial institutions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 82 |  |  |  |  | 7 |  |  |  |  | 44 |  |  |  |  | 1 |  |  |  |  | 38 |  |  |  |  | 6 |  |
Yen-denominated |  | 1,809 |  |  |  |  | 102 |  |  |  |  | 765 |  |  |  |  | 36 |  |  |  |  | 1,044 |  |  |  |  | 66 |  |
Other corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated |  | 4,499 |  |  |  |  | 251 |  |  |  |  | 2,157 |  |  |  |  | 59 |  |  |  |  | 2,342 |  |  |  |  | 192 |  |
Yen-denominated |  | 613 |  |  |  |  | 37 |  |  |  |  | 290 |  |  |  |  | 13 |  |  |  |  | 323 |  |  |  |  | 24 |  |
Total |  | $ | 10,781 |  |  |  |  | $ | 481 |  |  |  |  | $ | 6,902 |  |  |  |  | $ | 184 |  |  |  |  | $ | 3,879 |  |  |  |  | $ | 297 |  |
Composition of the Carrying Value for Commercial Mortgage and Other Loans by Property Type | The following table reflects the composition of the carrying value for commercial mortgage and other loans by property type as of the periods presented.
(In millions) | September 30, 2021 |  | December 31, 2020
| Amortized Cost |  | % of Total |  | Amortized Cost |  | % of Total
Commercial Mortgage and other loans: |  |  |  |  |  |  |
Transitional real estate loans: |  |  |  |  |  |  |
Office | $ | 1,944 |  |  | 16.8 | % |  | $ | 2,115 |  |  | 19.7 | %
Retail | 140 |  |  | 1.2 |  |  | 125 |  |  | 1.2 |
Apartments/Multi-Family | 1,666 |  |  | 14.4 |  |  | 1,782 |  |  | 16.6 |
Industrial | 46 |  |  | 0.4 |  |  | 85 |  |  | .8 |
Hospitality | 1,075 |  |  | 9.3 |  |  | 1,106 |  |  | 10.3 |
Other | 340 |  |  | 3.0 |  |  | 81 |  |  | .7 |
Total transitional real estate loans | 5,211 |  |  | 45.1 |  |  | 5,294 |  |  | 49.3 |
Commercial mortgage loans: |  |  |  |  |  |  |
Office | 395 |  |  | 3.4 |  |  | 401 |  |  | 3.7 |
Retail | 334 |  |  | 3.0 |  |  | 340 |  |  | 3.2 |
Apartments/Multi-Family | 640 |  |  | 5.5 |  |  | 588 |  |  | 5.5 |
Industrial | 478 |  |  | 4.1 |  |  | 391 |  |  | 3.6 |
Other | 14 |  |  | 0.1 |  |  | 0 |  |  | 0.0 |
Total commercial mortgage loans | 1,861 |  |  | 16.1 |  |  | 1,720 |  |  | 16.0 |
Middle market loans | 4,481 |  |  | 38.8 |  |  | 3,720 |  |  | 34.7 |
Total commercial mortgage and other loans | $ | 11,553 |  |  | 100.0 | % |  | $ | 10,734 |  |  | 100.0 | %
Allowance for credit losses | (165) |  |  |  |  | (180) |  |  |
Total net commercial mortgage and other loans | $ | 11,388 |  |  |  |  | $ | 10,554 |  |  |
Allowance for Loan Losses by Portfolio Segment | The following table presents the roll forward of the allowance for credit losses by portfolio segment.
(in millions) | Transitional Real Estate Loans | Commercial Mortgage Loans | Middle Market Loans | Held to Maturity Securities | Available for Sale Securities | Reinsurance Recoverables
Three Months Ended September 30, 2021: |  |  |  |  |  |
Balance at June 30, 2021 | $ | (41) |  | $ | (22) |  | $ | (76) |  | $ | (8) |  | $ | (26) |  | $ | (13) |
(Addition to) release of allowance for credit losses | (18) |  | 5 |  | (13) |  | (1) |  | 0 |  | 0 |
Write-offs, net of recoveries | 0 |  | 0 |  | 0 |  | 0 |  | 26 |  | 0 |
Balance at September 30, 2021 | $ | (59) |  | $ | (17) |  | $ | (89) |  | $ | (9) |  | $ | 0 |  | $ | (13) |
Three Months Ended September 30, 2020: |  |  |  |  |  |
Balance at June 30, 2020 | $ | (66) |  | $ | (42) |  | $ | (134) |  | $ | (9) |  | $ | (38) |  | $ | (11) |
(Addition to) release of allowance for credit losses | 13 |  | 14 |  | 59 |  | 0 |  | (1) |  | 0 |
Write-offs, net of recoveries | 0 |  | 0 |  | (9) |  | 0 |  | 1 |  | 0 |
Balance at September 30, 2020 | $ | (53) |  | $ | (28) |  | $ | (84) |  | $ | (9) |  | $ | (38) |  | $ | (11) |
Nine Months Ended September 30, 2021: |  |  |  |  |  |
Balance at December 31, 2020 | $ | (63) |  | $ | (32) |  | $ | (85) |  | $ | (10) |  | $ | (38) |  | $ | (12) |
(Addition to) release of allowance for credit losses | 4 |  | 15 |  | (4) |  | 1 |  | 26 |  | (1) |
Write-offs, net of recoveries | 0 |  | 0 |  | 0 |  | 0 |  | 12 |  | 0 |
Balance at September 30, 2021 | $ | (59) |  | $ | (17) |  | $ | (89) |  | $ | (9) |  | $ | 0 |  | $ | (13) |
Nine Months Ended September 30, 2020: |  |  |  |  |  |
Balance at December 31, 2019 (1) | $ | (22) |  | $ | (3) |  | $ | (20) |  | $ | 0 |  | $ | 0 |  | $ | 0 |
Transition impact to retained earnings | (2) |  | (8) |  | (33) |  | (10) |  | 0 |  | (11) |
(Addition to) release of allowance for credit losses | (29) |  | (17) |  | (31) |  | 1 |  | (75) |  | 0 |
Write-offs, net of recoveries | 0 |  | 0 |  | 0 |  | 0 |  | 37 |  | 0 |
Balance at September 30, 2020 | $ | (53) |  | $ | (28) |  | $ | (84) |  | $ | (9) |  | $ | (38) |  | $ | (11) |
Other Investments | The table below reflects the composition of the carrying value for other investments as of the periods presented.
(In millions) | September 30, 2021 |  | December 31, 2020
Other investments: |  |  |  |  |  |  |
Policy loans |  | $ | 241 |  |  |  |  | $ | 260 |  |
Short-term investments (1) |  | 1,833 |  |  |  |  | 1,139 |  |
Limited partnerships |  | 1,519 |  |  |  |  | 1,004 |  |
Other |  | 19 |  |  |  |  | 26 |  |
Total other investments |  | $ | 3,612 |  |  |  |  | $ | 2,429 |  |
(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 were as follows:
Securities Lending Transactions Accounted for as Secured Borrowings
Remaining Contractual Maturity of the Agreements
| September 30, 2021 |  | December 31, 2020
(In millions) | Overnight and Continuous(1) |  | Up to 30 days |  |  |  | Total |  | Overnight and Continuous(1) |  | Up to 30 days |  | Total
Securities lending transactions: |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Japan government and agencies | $ | 0 |  |  | $ | 1,587 |  |  |  |  | $ | 1,587 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Public utilities | 27 |  |  | 0 |  |  |  |  | 27 |  |  | 57 |  |  | 0 |  |  | 57 |
Sovereign and supranational | 2 |  |  | 0 |  |  |  |  | 2 |  |  | 3 |  |  | 0 |  |  | 3 |
Banks/financial institutions | 81 |  |  | 0 |  |  |  |  | 81 |  |  | 63 |  |  | 0 |  |  | 63 |
Other corporate | 1,152 |  |  | 0 |  |  |  |  | 1,152 |  |  | 841 |  |  | 0 |  |  | 841 |
Total borrowings | $ | 1,262 |  |  | $ | 1,587 |  |  |  |  | $ | 2,849 |  |  | $ | 964 |  |  | $ | 0 |  |  | $ | 964 |
Gross amount of recognized liabilities for securities lending transactions |  |  | $ | 2,849 |  |  |  |  |  |  | $ | 964 |
(1) The related loaned security, under the Company's 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 | VIEs - Consolidated 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. Investments in Consolidated Variable Interest Entities
| September 30, 2021 |  | December 31, 2020
(In millions) | Amortized Cost (1) |  | Fair Value |  | Amortized Cost (1) |  | Fair Value
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale |  | $ | 3,228 |  |  |  |  | $ | 4,437 |  |  |  |  | $ | 3,487 |  |  |  |  | $ | 4,596 |  |
Commercial mortgage and other loans |  | 9,543 |  |  |  |  | 9,723 |  |  |  |  | 8,964 |  |  |  |  | 9,040 |  |
Other investments (2) |  | 1,272 |  |  |  |  | 1,272 |  |  |  |  | 826 |  |  |  |  | 826 |  |
Other assets (3) |  | 99 |  |  |  |  | 99 |  |  |  |  | 133 |  |  |  |  | 133 |  |
Total assets of consolidated VIEs |  | $ | 14,142 |  |  |  |  | $ | 15,531 |  |  |  |  | $ | 13,410 |  |  |  |  | $ | 14,595 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities (3) |  | $ | 356 |  |  |  |  | $ | 356 |  |  |  |  | $ | 231 |  |  |  |  | $ | 231 |  |
Total liabilities of consolidated VIEs |  | $ | 356 |  |  |  |  | $ | 356 |  |  |  |  | $ | 231 |  |  |  |  | $ | 231 |  |
(1) Net of allowance for credit losses (2) Consists entirely of alternative investments in limited partnerships (3) Consists entirely of derivatives
Variable Interest Entity, Not Consolidated |
Investments in Variable Interest Entities | VIEs - Not Consolidated 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. Investments in Variable Interest Entities Not Consolidated
| September 30, 2021 |  | December 31, 2020
(In millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale |  | $ | 4,990 |  |  |  |  | $ | 6,119 |  |  |  |  | $ | 5,477 |  |  |  |  | $ | 6,767 |  |
Other investments (1) |  | 247 |  |  |  |  | 247 |  |  |  |  | 178 |  |  |  |  | 178 |  |
Total investments in VIEs not consolidated |  | $ | 5,237 |  |  |  |  | $ | 6,366 |  |  |  |  | $ | 5,655 |  |  |  |  | $ | 6,945 |  |
(1) Consists entirely of alternative investments in limited partnerships
Transitional real estate loans |
Financing Receivable Credit Quality Indicators |
Transitional Real Estate Loans
(In millions) | 2021 | 2020 | 2019 | 2018 | 2017 |  | Total
Loan-to-Value Ratio: |  |  |  |  |  |  |
0%-59.99% | $ | 449 |  | $ | 55 |  | $ | 439 |  | $ | 353 |  | $ | 77 |  |  | $ | 1,373 |
60%-69.99% | 417 |  | 136 |  | 831 |  | 543 |  | 182 |  |  | 2,109 |
70%-79.99% | 569 |  | 184 |  | 443 |  | 323 |  | 182 |  |  | 1,701 |
80% or greater | 0 |  | 28 |  | 0 |  | 0 |  | 0 |  |  | 28 |
Total | $ | 1,435 |  | $ | 403 |  | $ | 1,713 |  | $ | 1,219 |  | $ | 441 |  |  | $ | 5,211 |
Commercial mortgage loans |
Financing Receivable Credit Quality Indicators |
Commercial Mortgage Loans
(In millions) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | Weighted-Average DSCR
Loan-to-Value Ratio: |  |  |  |  |  |  |  |
0%-59.99% | $ | 174 |  | $ | 47 |  | $ | 559 |  | $ | 168 |  | $ | 68 |  | $ | 561 |  | $ | 1,577 |  | 2.51
60%-69.99% | 34 |  | 0 |  | 87 |  | 0 |  | 0 |  | 138 |  | 259 |  | 1.97
70%-79.99% | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 25 |  | 25 |  | 1.67
Total | 208 |  | 47 |  | 646 |  | 168 |  | 68 |  | 724 |  | 1,861 |  | 2.42
Weighted Average DSCR | 2.49 | 1.94 | 2.55 | 2.32 | 2.78 | 2.30 |  |
Middle market loans |
Financing Receivable Credit Quality Indicators |
Middle Market Loans
(In millions) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Total
Credit Ratings: |  |  |  |  |  |  |  |
BBB | $ | 54 |  | $ | 78 |  | $ | 51 |  | $ | 39 |  | $ | 10 |  | $ | 3 |  | $ | 68 |  | $ | 303 |
BB | 346 |  | 347 |  | 283 |  | 163 |  | 106 |  | 27 |  | 221 |  | 1,493 |
B | 357 |  | 493 |  | 635 |  | 323 |  | 154 |  | 121 |  | 170 |  | 2,253 |
CCC | 0 |  | 19 |  | 64 |  | 81 |  | 79 |  | 49 |  | 87 |  | 379 |
CC | 0 |  | 0 |  | 0 |  | 14 |  | 26 |  | 0 |  | 5 |  | 45 |
C and lower | 0 |  | 8 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 8 |
Total | $ | 757 |  | $ | 945 |  | $ | 1,033 |  | $ | 620 |  | $ | 375 |  | $ | 200 |  | $ | 551 |  | $ | 4,481 |

X
- Definition Allowance for Loan Losses by Portfolio Segment [Table Text Block] + References No definition available. + Details
Name: | afl_AllowanceforLoanLossesbyPortfolioSegmentTableTextBlock
Namespace Prefix: | afl_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Investment Exposures that Exceeded Ten Percent of Shareholders' Equity + References No definition available. + Details
Name: | afl_InvestmentExposuresExceeding10PercentShareholdersEquityTableTextBlock
Namespace Prefix: | afl_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Net Effect on Shareholders' Equity of Unrealized Gains and Losses from Investment Securities [Table Text Block] + References No definition available. + Details
Name: | afl_NetEffectOnShareholdersEquityOfUnrealizedGainsAndLossesFromInvestmentSecuritiesTableTextBlock
Namespace Prefix: | afl_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524 + Details
Name: | us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized and unrealized gain (loss) on investment in security. + References No definition available. + Details
Name: | us-gaap_GainLossOnInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=123581744&loc=SL120269825-111563 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=123581744&loc=SL120269820-111563 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27232-111563 + Details
Name: | us-gaap_HeldToMaturitySecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -URI http://asc.fasb.org/topic&trid=2197064 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 321 -URI http://asc.fasb.org/topic&trid=75115024 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
Name: | us-gaap_InvestmentTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the terms and amounts of participation in loan arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377297&loc=d3e10013-112621 + Details
Name: | us-gaap_ScheduleOfParticipatingMortgageLoansTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=123419778&loc=SL6759159-111685 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123419778&loc=d3e5747-111685 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123419778&loc=SL6228884-111685 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123419778&loc=d3e5728-111685 + Details
Name: | us-gaap_ScheduleOfVariableInterestEntitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). + References No definition available. + Details
Name: | us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the nature and risks of short-term collateralized financing obtained through repurchase agreements, securities lending transactions and repurchase-to-maturity transactions, accounted for as secured borrowings. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 7 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=109249958&loc=SL34722452-111729 + Details
Name: | us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | srt_ConsolidatedEntitiesAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_ConsolidatedEntitiesAxis=us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_InvestmentTypeAxis=afl_TransitionalrealestateloansMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_InvestmentTypeAxis=afl_CommercialmortgageloansMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_InvestmentTypeAxis=afl_MiddlemarketloansMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |