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Investments (Tables) | 12 Months Ended
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Dec. 31, 2020
Investments [Abstract] |
Portfolio composition |
Portfolio composition
|  | As of December 31,
($ in millions) |  | 2020 |  | 2019
Fixed income securities, at fair value |  | $ | 66,354 |  |  | $ | 59,044 |
Equity securities, at fair value |  | 4,710 |  |  | 8,162 |
Mortgage loans, net |  | 4,075 |  |  | 4,817 |
Limited partnership interests |  | 7,609 |  |  | 8,078 |
Short-term investments, at fair value |  | 7,800 |  |  | 4,256 |
Other, net |  | 3,689 |  |  | 4,005 |
Total |  | $ | 94,237 |  |  | $ | 88,362 |
Schedule of amortized cost, gross unrealized gains (losses) and fair value for fixed income securities |
Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
|  | Amortized cost, net |  | Gross unrealized |  | Fair value
($ in millions) |  |  | Gains |  | Losses |
December 31, 2020 |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | 3,129 |  |  | $ | 94 |  |  | $ | (1) |  |  | $ | 3,222 |
Municipal |  | 8,752 |  |  | 837 |  |  | (2) |  |  | 9,587 |
Corporate |  | 47,226 |  |  | 3,981 |  |  | (65) |  |  | 51,142 |
Foreign government |  | 1,013 |  |  | 42 |  |  | — |  |  | 1,055 |
ABS |  | 1,260 |  |  | 15 |  |  | (5) |  |  | 1,270 |
MBS |  | 71 |  |  | 7 |  |  | — |  |  | 78 |
Total fixed income securities |  | $ | 61,451 |  |  | $ | 4,976 |  |  | $ | (73) |  |  | $ | 66,354 |
December 31, 2019 |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | 4,971 |  |  | $ | 141 |  |  | $ | (26) |  |  | $ | 5,086 |
Municipal |  | 8,080 |  |  | 551 |  |  | (11) |  |  | 8,620 |
Corporate |  | 41,090 |  |  | 2,035 |  |  | (47) |  |  | 43,078 |
Foreign government |  | 968 |  |  | 16 |  |  | (5) |  |  | 979 |
ABS |  | 860 |  |  | 8 |  |  | (6) |  |  | 862 |
MBS |  | 324 |  |  | 96 |  |  | (1) |  |  | 419 |
Total fixed income securities |  | $ | 56,293 |  |  | $ | 2,847 |  |  | $ | (96) |  |  | $ | 59,044 |
Schedule for fixed income securities based on contractual maturities |
Scheduled maturities for fixed income securities
|  | As of December 31, 2020
($ in millions) |  | Amortized cost, net |  | Fair value
Due in one year or less |  | $ | 3,092 |  |  | $ | 3,136 |
Due after one year through five years |  | 24,271 |  |  | 25,587 |
Due after five years through ten years |  | 22,000 |  |  | 24,018 |
Due after ten years |  | 10,757 |  |  | 12,265 |
|  | 60,120 |  |  | 65,006 |
ABS and MBS |  | 1,331 |  |  | 1,348 |
Total |  | $ | 61,451 |  |  | $ | 66,354 |
Realized gain (loss) on investments |
Net investment income
|  | For the years ended December 31,
($ in millions) |  | 2020 |  | 2019 |  | 2018
Fixed income securities |  | $ | 2,136 |  |  | $ | 2,175 |  |  | $ | 2,077 |
Equity securities |  | 98 |  |  | 206 |  |  | 170 |
Mortgage loans |  | 220 |  |  | 220 |  |  | 217 |
Limited partnership interests |  | 338 |  |  | 471 |  |  | 705 |
Short-term investments |  | 23 |  |  | 102 |  |  | 73 |
Other |  | 251 |  |  | 262 |  |  | 272 |
Investment income, before expense |  | 3,066 |  |  | 3,436 |  |  | 3,514 |
Investment expense |  | (213) |  |  | (277) |  |  | (274) |
Net investment income |  | $ | 2,853 |  |  | $ | 3,159 |  |  | $ | 3,240 |
Gross realized gains (losses) on sales of fixed income securities
|  | For the years ended December 31,
($ in millions) |  | 2020 |  | 2019 |  | 2018
Gross realized gains |  | $ | 1,209 |  |  | $ | 607 |  |  | $ | 120 |
Gross realized losses |  | (221) |  |  | (132) |  |  | (347) |
The following table presents the net pre-tax appreciation (decline) recognized in net income of equity securities and limited partnership interests carried at fair value that are still held as of December 31, 2020 and 2019, respectively.
Net appreciation (decline) recognized in net income
|  | For the years ended December 31,
($ in millions) |  | 2020 |  | 2019
Equity securities |  | $ | 478 |  |  | $ | 1,073 |
Limited partnership interests carried at fair value |  | 250 |  |  | 149 |
Total |  | $ | 728 |  |  | $ | 1,222 |
Schedule of realized capital gains and losses by asset type |
Realized capital gains (losses) by asset type
|  | For the years ended December 31,
($ in millions) |  | 2020 |  | 2019 |  | 2018
Fixed income securities |  | $ | 983 |  |  | $ | 461 |  |  | $ | (237) |
Equity securities |  | 346 |  |  | 1,210 |  |  | (594) |
Mortgage loans |  | (47) |  |  | — |  |  | 2 |
Limited partnership interests |  | 24 |  |  | 200 |  |  | (101) |
Derivatives |  | 53 |  |  | (15) |  |  | 46 |
Other |  | (3) |  |  | 29 |  |  | 7 |
Realized capital gains (losses) |  | $ | 1,356 |  |  | $ | 1,885 |  |  | $ | (877) |
Schedule of realized capital gains and losses by transaction type |
Realized capital gains (losses) by transaction type
|  | For the years ended December 31,
($ in millions) |  | 2020 |  | 2019 |  | 2018
Sales |  | $ | 1,017 |  |  | $ | 575 |  |  | $ | (215) |
Credit losses (1) |  | (80) |  |  | (47) |  |  | (14) |
Valuation of equity investments (2) |  | 366 |  |  | 1,372 |  |  | (691) |
Valuation and settlements of derivative instruments |  | 53 |  |  | (15) |  |  | 43 |
Realized capital gains (losses) |  | $ | 1,356 |  |  | $ | 1,885 |  |  | $ | (877) |
(1)Due to the adoption of the measurement of credit losses on financial instruments accounting standard, prior period other-than-temporary impairment write-downs are now presented as credit losses. (2)Includes valuation of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.
Schedule of other-than-temporary impairment losses by asset type |
Credit losses recognized in net income (1)
| For the years ended December 31,
($ in millions) |  | 2020 |  | 2019 |  | 2018
Assets |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |
Corporate |  | $ | (1) |  |  | $ | (7) |  |  | $ | (2) |
ABS |  | (2) |  |  | (4) |  |  | (3) |
MBS |  | (2) |  |  | (3) |  |  | (5) |
Total fixed income securities |  | (5) |  |  | (14) |  |  | (10) |
Mortgage loans |  | (39) |  |  | — |  |  | — |
Limited partnership interests |  | (10) |  |  | (6) |  |  | (3) |
Other investments |  |  |  |  |  |
Bank loans |  | (28) |  |  | (26) |  |  | — |
Agent loans |  | — |  |  | (1) |  |  | (1) |
Total credit losses by asset type |  | $ | (82) |  |  | $ | (47) |  |  | $ | (14) |
Liabilities |  |  |  |  |  |
Commitments to fund commercial mortgage loans, bank loans and agent loans |  | 2 |  |  | — |  |  | — |
Total |  | $ | (80) |  |  | $ | (47) |  |  | $ | (14) |
(1)Due to the adoption of the measurement of credit losses on financial instruments accounting standard, realized capital losses previously reported as other-than-temporary impairment write-downs are now presented as credit losses.
Schedule of unrealized net capital gains and losses |
Unrealized net capital gains and losses included in AOCI
($ in millions) |  | Fair value |  | Gross unrealized |  | Unrealized net gains (losses)
December 31, 2020 |  |  | Gains |  | Losses |
Fixed income securities |  | $ | 66,354 |  |  | $ | 4,976 |  |  | $ | (73) |  |  | $ | 4,903 |
Short-term investments |  | 7,800 |  |  | — |  |  | — |  |  | — |
Derivative instruments |  | — |  |  | — |  |  | (3) |  |  | (3) |
EMA limited partnerships (1) |  |  |  |  |  |  |  | (4) |
Unrealized net capital gains and losses, pre-tax |  |  |  |  |  |  |  | 4,896 |
Amounts recognized for: |  |  |  |  |  |  |  |
Insurance reserves (2) |  |  |  |  |  |  |  | (496) |
DAC and DSI (3) |  |  |  |  |  |  |  | (364) |
Amounts recognized |  |  |  |  |  |  |  | (860) |
Deferred income taxes |  |  |  |  |  |  |  | (856) |
Unrealized net capital gains and losses, after-tax |  |  |  |  |  |  |  | $ | 3,180 |
December 31, 2019 |  |  |  |  |  |  |  |
Fixed income securities |  | $ | 59,044 |  |  | $ | 2,847 |  |  | $ | (96) |  |  | $ | 2,751 |
Short-term investments |  | 4,256 |  |  | — |  |  | — |  |  | — |
Derivative instruments |  | — |  |  | — |  |  | (3) |  |  | (3) |
EMA limited partnerships |  |  |  |  |  |  |  | (4) |
Unrealized net capital gains and losses, pre-tax |  |  |  |  |  |  |  | 2,744 |
Amounts recognized for: |  |  |  |  |  |  |  |
Insurance reserves |  |  |  |  |  |  |  | (126) |
DAC and DSI |  |  |  |  |  |  |  | (224) |
Amounts recognized |  |  |  |  |  |  |  | (350) |
Deferred income taxes |  |  |  |  |  |  |  | (507) |
Unrealized net capital gains and losses, after-tax |  |  |  |  |  |  |  | $ | 1,887 |
(1)Unrealized net capital gains and losses for limited partnership interests represent the Company’s share of EMA limited partnerships’ OCI. Fair value and gross unrealized gains and losses are not applicable. (2)The insurance reserves adjustment represents the amount by which the reserve balance would increase if the net unrealized gains in the applicable product portfolios were realized and reinvested at lower interest rates, resulting in a premium deficiency. This adjustment primarily relates to structured settlement annuities with life contingencies (a type of immediate fixed annuity). (3)The DAC and DSI adjustment balance represents the amount by which the amortization of DAC and DSI would increase or decrease if the unrealized gains or losses in the respective product portfolios were realized.
Schedule of change in unrealized net capital gains and losses |
Change in unrealized net capital gains (losses)
|  | For the years ended December 31,
($ in millions) |  | 2020 |  | 2019 |  | 2018
Fixed income securities |  | $ | 2,152 |  |  | $ | 2,715 |  |  | $ | (1,431) |
Short-term investments |  | — |  |  | — |  |  | — |
Derivative instruments |  | — |  |  | — |  |  | (2) |
EMA limited partnerships |  | — |  |  | (4) |  |  | (1) |
Total |  | 2,152 |  |  | 2,711 |  |  | (1,434) |
Amounts recognized for: |  |  |  |  |  |
Insurance reserves |  | (370) |  |  | (126) |  |  | 315 |
DAC and DSI |  | (140) |  |  | (191) |  |  | 163 |
Amounts recognized |  | (510) |  |  | (317) |  |  | 478 |
Deferred income taxes |  | (349) |  |  | (505) |  |  | 202 |
Increase (decrease) in unrealized net capital gains and losses, after-tax |  | $ | 1,293 |  |  | $ | 1,889 |  |  | $ | (754) |
Mortgage loans The Company’s mortgage loans are commercial mortgage loans collateralized by a variety of commercial real estate property types located across the United States and totaled $4.08 billion and $4.82 billion, net of credit loss allowance, as of December 31, 2020 and 2019, respectively. Substantially all of the commercial mortgage loans are non-recourse to the borrower.
Principal geographic distribution of commercial real estate exceeding 5% of the mortgage loans portfolio
|  | As of December 31,
(% of mortgage loan portfolio carrying value) |  | 2020 |  | 2019
Texas |  | 20.6 | % |  | 16.9 | %
California |  | 14.6 |  |  | 15.1 |
Florida |  | 6.8 |  |  | 6.4 |
Illinois |  | 6.1 |  |  | 7.1 |
North Carolina |  | 5.1 |  |  | 4.5 |
New Jersey |  | 3.5 |  |  | 5.6 |
Types of properties collateralizing the mortgage loan portfolio
|  | As of December 31,
(% of mortgage loan portfolio carrying value) |  | 2020 |  | 2019
Apartment complex |  | 37.8 | % |  | 36.8 | %
Office buildings |  | 23.2 |  |  | 22.6 |
Warehouse |  | 14.6 |  |  | 16.8 |
Retail |  | 13.9 |  |  | 13.4 |
Other |  | 10.5 |  |  | 10.4 |
Total |  | 100.0 | % |  | 100.0 | %
Contractual maturities of the mortgage loan portfolio
|  | As of December 31, 2020
($ in millions) |  | Number of loans |  | Amortized cost, net |  | Percent
2021 |  | 28 |  |  | $ | 277 |  |  | 6.8 | %
2022 |  | 25 |  |  | 388 |  |  | 9.5 |
2023 |  | 42 |  |  | 556 |  |  | 13.7 |
2024 |  | 27 |  |  | 637 |  |  | 15.6 |
Thereafter |  | 124 |  |  | 2,217 |  |  | 54.4 |
Total |  | 246 |  |  | $ | 4,075 |  |  | 100.0 | %
Carrying value for limited partnership interests |
Carrying value for limited partnership interests
|  | As of December 31, 2020 |  | As of December 31, 2019
($ in millions) |  | EMA |  | Fair Value |  | Total |  | EMA |  | Fair Value |  | Total
Private equity |  | $ | 4,417 |  |  | $ | 1,708 |  |  | $ | 6,125 |  |  | $ | 4,463 |  |  | $ | 1,668 |  |  | $ | 6,131 |
Real estate |  | 958 |  |  | 116 |  |  | 1,074 |  |  | 899 |  |  | 142 |  |  | 1,041 |
Other (1) |  | 410 |  |  | — |  |  | 410 |  |  | 902 |  |  | 4 |  |  | 906 |
Total |  | $ | 5,785 |  |  | $ | 1,824 |  |  | $ | 7,609 |  |  | $ | 6,264 |  |  | $ | 1,814 |  |  | $ | 8,078 |
(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities.
Principal geographic distribution of municipal bond |
Principal geographic distribution of municipal bond issuers exceeding 5% of the portfolio
|  | As of December 31,
(% of municipal bond portfolio carrying value) |  | 2020 |  | 2019
California |  | 12.8 | % |  | 8.6 | %
Texas |  | 11.0 |  |  | 12.7 |
New York |  | 5.3 |  |  | 3.7 |
Colorado |  | 4.8 |  |  | 5.8 |
Washington |  | 4.0 |  |  | 5.5 |
Schedule of other investments, by type |
Other investments by asset type
|  | As of December 31,
($ in millions) |  | 2020 |  | 2019
Bank loans, net |  | $ | 1,018 |  |  | $ | 1,204 |
Real estate |  | 974 |  |  | 1,005 |
Policy loans |  | 754 |  |  | 894 |
Agent loans, net |  | 631 |  |  | 666 |
Derivatives and other |  | 312 |  |  | 236 |
Total |  | $ | 3,689 |  |  | $ | 4,005 |
Allowance for credit loss |
Rollforward of credit loss allowance for premium installment receivables
($ in millions) |  | For the year ended December 31, 2020
Beginning balance |  | $ | (91) |
Increase in the provision for credit losses |  | (223) |
Write-off of uncollectible premium installment receivable amounts |  | 161 |
Ending balance |  | $ | (153) |
Allowance for credit losses
($ in millions) |  | December 31, 2020 |  | January 1, 2020
Fixed income securities |  | $ | 3 |  |  | $ | — |
Mortgage loans |  | 67 |  |  | 45 |
Other investments |  |  |  |
Bank loans |  | 67 |  |  | 53 |
Agent loans |  | 5 |  |  | 5 |
Investments |  | 142 |  |  | 103 |
Premium installment receivables |  | 153 |  |  | 91 |
Reinsurance recoverables |  | 74 |  |  | 74 |
Other assets |  | 23 |  |  | 18 |
Assets |  | 392 |  |  | 286 |
Commitments to fund mortgage loans, bank loans and agent loans |  | 1 |  |  | 3 |
Liabilities |  | 1 |  |  | 3 |
Total |  | $ | 393 |  |  | $ | 289 |
Rollforward of credit loss allowance for fixed income securities
|  | For the year ended
($ in millions) |  | December 31, 2020 |  |  |  |
Beginning balance |  | $ | — |  |  |  |  |
Credit losses on securities for which credit losses not previously reported |  | (5) |  |  |  |  |
Reduction of allowance related to sales |  | 2 |  |  |  |  |
Write-offs |  | — |  |  |  |  |
Ending balance (1) |  | $ | (3) |  |  |  |  |
(1)Allowance for fixed income securities as of December 31, 2020 comprised $1 million and $2 million of corporate bonds and ABS, respectively.
Rollforward of credit loss allowance for mortgage loans
($ in millions) |  | For the year ended December 31, 2020
Beginning balance |  | $ | (3) |
Cumulative effect of change in accounting principle |  | (42) |
Net increases related to credit losses |  | (39) |
Reduction of allowance related to sales |  | 17 |
Write-offs |  | — |
Ending balance |  | $ | (67) |
Rollforward of credit loss allowance for bank loans
|  | For the year ended December 31, 2020
($ in millions) |
Beginning balance |  | $ | — |
Cumulative effect of change in accounting principle |  | (53) |
Net increases related to credit losses |  | (28) |
Reduction of allowance related to sales |  | 9 |
Write-offs |  | 5 |
Ending balance |  | $ | (67) |
Schedule of gross unrealized losses and fair value of available for sale securities by length of time |
Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position
|  | Less than 12 months |  | 12 months or more |  |
($ in millions) |  | Number of issues |  | Fair value |  | Unrealized losses |  | Number of issues |  | Fair value |  | Unrealized losses |  | Total unrealized losses
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | 23 |  |  | $ | 185 |  |  | $ | (1) |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |
Municipal |  | 47 |  |  | 148 |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | (2) |
Corporate |  | 127 |  |  | 1,229 |  |  | (39) |  |  | 27 |  |  | 187 |  |  | (26) |  |  | (65) |
Foreign government |  | 7 |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
ABS |  | 22 |  |  | 160 |  |  | (2) |  |  | 13 |  |  | 49 |  |  | (3) |  |  | (5) |
MBS |  | 14 |  |  | — |  |  | — |  |  | 67 |  |  | — |  |  | — |  |  | — |
Total fixed income securities |  | 240 |  |  | $ | 1,729 |  |  | $ | (44) |  |  | 107 |  |  | $ | 236 |  |  | $ | (29) |  |  | $ | (73) |
Investment grade fixed income securities |  | 163 |  |  | $ | 1,193 |  |  | $ | (13) |  |  | 84 |  |  | $ | 117 |  |  | $ | (17) |  |  | $ | (30) |
Below investment grade fixed income securities |  | 77 |  |  | 536 |  |  | (31) |  |  | 23 |  |  | 119 |  |  | (12) |  |  | (43) |
Total fixed income securities |  | 240 |  |  | $ | 1,729 |  |  | $ | (44) |  |  | 107 |  |  | $ | 236 |  |  | $ | (29) |  |  | $ | (73) |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | 31 |  |  | $ | 1,713 |  |  | $ | (26) |  |  | 10 |  |  | $ | 26 |  |  | $ | — |  |  | $ | (26) |
Municipal |  | 307 |  |  | 576 |  |  | (9) |  |  | 1 |  |  | 14 |  |  | (2) |  |  | (11) |
Corporate |  | 186 |  |  | 1,392 |  |  | (20) |  |  | 65 |  |  | 485 |  |  | (27) |  |  | (47) |
Foreign government |  | 55 |  |  | 412 |  |  | (4) |  |  | 6 |  |  | 102 |  |  | (1) |  |  | (5) |
ABS |  | 36 |  |  | 193 |  |  | (2) |  |  | 23 |  |  | 160 |  |  | (4) |  |  | (6) |
MBS |  | 27 |  |  | 15 |  |  | — |  |  | 123 |  |  | 14 |  |  | (1) |  |  | (1) |
Total fixed income securities |  | 642 |  |  | $ | 4,301 |  |  | $ | (61) |  |  | 228 |  |  | $ | 801 |  |  | $ | (35) |  |  | $ | (96) |
Investment grade fixed income securities |  | 581 |  |  | $ | 3,878 |  |  | $ | (41) |  |  | 185 |  |  | $ | 594 |  |  | $ | (20) |  |  | $ | (61) |
Below investment grade fixed income securities |  | 61 |  |  | 423 |  |  | (20) |  |  | 43 |  |  | 207 |  |  | (15) |  |  | (35) |
Total fixed income securities |  | 642 |  |  | $ | 4,301 |  |  | $ | (61) |  |  | 228 |  |  | $ | 801 |  |  | $ | (35) |  |  | $ | (96) |
Carrying value of non-impaired fixed and variable rate mortgage loans by debt service coverage ratio distribution |
Gross unrealized losses by unrealized loss position and credit quality as of December 31, 2020
($ in millions) |  | Investment grade |  | Below investment grade |  | Total
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2) |  | $ | (15) |  |  | $ | (24) |  |  | $ | (39) |
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4) |  | (15) |  |  | (19) |  |  | (34) |
Total unrealized losses |  | $ | (30) |  |  | $ | (43) |  |  | $ | (73) |
(1)Below investment grade fixed income securities include $17 million that have been in an unrealized loss position for less than twelve months. (2)Related to securities with an unrealized loss position less than 20% of amortized cost, net, the degree of which suggests that these securities do not pose a high risk of having credit losses. (3)No below investment grade fixed income securities have been in an unrealized loss position for a period of twelve or more consecutive months. (4)Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations
Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
|  | December 31, 2020 |  | December 31, 2019
($ in millions) |  | 2015 and prior |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | Current |  | Total |  | Total
Below 1.0 |  | $ | 15 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15 |  |  | $ | 56 |
1.0 - 1.25 |  | 133 |  |  | 27 |  |  | 36 |  |  | 70 |  |  | 48 |  |  | 24 |  |  | 338 |  |  | 225 |
1.26 - 1.50 |  | 378 |  |  | 41 |  |  | 144 |  |  | 187 |  |  | 333 |  |  | 6 |  |  | 1,089 |  |  | 1,237 |
Above 1.50 |  | 1,037 |  |  | 396 |  |  | 283 |  |  | 373 |  |  | 499 |  |  | 112 |  |  | 2,700 |  |  | 3,302 |
Amortized cost before allowance |  | $ | 1,563 |  |  | $ | 464 |  |  | $ | 463 |  |  | $ | 630 |  |  | $ | 880 |  |  | $ | 142 |  |  | $ | 4,142 |  |  | $ | 4,820 |
Allowance (1) |  |  |  |  |  |  |  |  |  |  |  |  |  | (67) |  |  | (3) |
Amortized cost, net |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,075 |  |  | $ | 4,817 |
(1)Due to the adoption of the measurement of credit losses on financial instruments accounting standard, prior valuation allowance is now presented as an allowance for expected credit losses.
Bank loans amortized cost by credit quality and year of origination |
Bank loans amortized cost by credit rating and year of origination
($ in millions) |  | As of December 31, 2020
|  | 2015 and prior |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | Current |  | Total
BBB |  | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | 7 |  |  | $ | 14 |  |  | $ | 13 |  |  | $ | 43 |
BB |  | 20 |  |  | 2 |  |  | 25 |  |  | 58 |  |  | 53 |  |  | 54 |  |  | 212 |
B |  | 11 |  |  | 23 |  |  | 115 |  |  | 141 |  |  | 122 |  |  | 195 |  |  | 607 |
CCC and below |  | 7 |  |  | 16 |  |  | 44 |  |  | 50 |  |  | 74 |  |  | 32 |  |  | 223 |
Amortized cost before allowance |  | $ | 38 |  |  | $ | 41 |  |  | $ | 193 |  |  | $ | 256 |  |  | $ | 263 |  |  | $ | 294 |  |  | $ | 1,085 |
Allowance |  |  |  |  |  |  |  |  |  |  |  |  |  | (67) |
Amortized cost, net |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,018 |

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