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Investments (Tables) | 9 Months Ended
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Sep. 30, 2021
Investments [Abstract] |
Portfolio composition |
Portfolio composition
($ in millions) |  | September 30, 2021 |  | December 31, 2020
Fixed income securities, at fair value |  | $ | 39,989 |  |  | $ | 42,565 |
Equity securities, at fair value |  | 3,807 |  |  | 3,168 |
Mortgage loans, net |  | 752 |  |  | 746 |
Limited partnership interests |  | 7,578 |  |  | 4,563 |
Short-term investments, at fair value |  | 6,428 |  |  | 6,807 |
Other, net |  | 3,286 |  |  | 1,691 |
Total |  | $ | 61,840 |  |  | $ | 59,540 |
Schedule for fixed income securities at amortized cost, gross unrealized gains and losses and fair value |
Amortized cost, gross unrealized gains (losses) and fair value for fixed income securities
($ in millions) |  | Amortized cost, net |  | Gross unrealized |  | Fair value
|  | Gains |  | Losses |
September 30, 2021 |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | 3,035 |  |  | $ | 22 |  |  | $ | (15) |  |  | $ | 3,042 |
Municipal |  | 7,117 |  |  | 318 |  |  | (18) |  |  | 7,417 |
Corporate |  | 26,515 |  |  | 963 |  |  | (111) |  |  | 27,367 |
Foreign government |  | 1,054 |  |  | 12 |  |  | (7) |  |  | 1,059 |
ABS |  | 1,057 |  |  | 14 |  |  | (1) |  |  | 1,070 |
MBS |  | 33 |  |  | 1 |  |  | — |  |  | 34 |
Total fixed income securities |  | $ | 38,811 |  |  | $ | 1,330 |  |  | $ | (152) |  |  | $ | 39,989 |
December 31, 2020 |  |  |  |  |  |  |  |
U.S. government and agencies |  | $ | 2,058 |  |  | $ | 50 |  |  | $ | (1) |  |  | $ | 2,107 |
Municipal |  | 7,100 |  |  | 480 |  |  | (2) |  |  | 7,578 |
Corporate |  | 29,057 |  |  | 1,986 |  |  | (26) |  |  | 31,017 |
Foreign government |  | 921 |  |  | 37 |  |  | — |  |  | 958 |
ABS |  | 840 |  |  | 9 |  |  | (3) |  |  | 846 |
MBS |  | 58 |  |  | 1 |  |  | — |  |  | 59 |
Total fixed income securities |  | $ | 40,034 |  |  | $ | 2,563 |  |  | $ | (32) |  |  | $ | 42,565 |
Schedule for fixed income securities based on contractual maturities |
Scheduled maturities for fixed income securities
($ in millions) |  | September 30, 2021
| Amortized cost, net |  | Fair value
Due in one year or less |  | $ | 920 |  |  | $ | 928 |
Due after one year through five years |  | 17,788 |  |  | 18,257 |
Due after five years through ten years |  | 13,763 |  |  | 14,209 |
Due after ten years |  | 5,250 |  |  | 5,491 |
|  | 37,721 |  |  | 38,885 |
ABS and MBS |  | 1,090 |  |  | 1,104 |
Total |  | $ | 38,811 |  |  | $ | 39,989 |
Schedule of net investment income |
Net investment income
($ in millions) |  | Three months ended September 30, |  | Nine months ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Fixed income securities |  | $ | 279 |  |  | $ | 314 |  |  | $ | 870 |  |  | $ | 918 |
Equity securities |  | 24 |  |  | 18 |  |  | 51 |  |  | 49 |
Mortgage loans |  | 9 |  |  | 8 |  |  | 31 |  |  | 25 |
Limited partnership interests |  | 438 |  |  | 123 |  |  | 1,467 |  |  | (71) |
Short-term investments |  | 1 |  |  | 2 |  |  | 3 |  |  | 15 |
Other |  | 50 |  |  | 29 |  |  | 139 |  |  | 91 |
Investment income, before expense |  | 801 |  |  | 494 |  |  | 2,561 |  |  | 1,027 |
Investment expense |  | (37) |  |  | (30) |  |  | (115) |  |  | (97) |
Net investment income |  | $ | 764 |  |  | $ | 464 |  |  | $ | 2,446 |  |  | $ | 930 |
Schedule of realized capital gains and losses by asset type |
Realized capital gains (losses) by asset type
($ in millions) |  | Three months ended September 30, |  | Nine months ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Fixed income securities |  | $ | 86 |  |  | $ | 216 |  |  | $ | 355 |  |  | $ | 758 |
Equity securities |  | 6 |  |  | 114 |  |  | 322 |  |  | (148) |
Mortgage loans |  | — |  |  | 1 |  |  | 19 |  |  | (2) |
Limited partnership interests |  | (15) |  |  | 15 |  |  | 1 |  |  | (56) |
Derivatives |  | 46 |  |  | (30) |  |  | 54 |  |  | 62 |
Other |  | (18) |  |  | 3 |  |  | 67 |  |  | (17) |
Realized capital gains (losses) |  | $ | 105 |  |  | $ | 319 |  |  | $ | 818 |  |  | $ | 597 |
Schedule of realized capital gains and losses by transaction type |
Realized capital gains (losses) by transaction type
($ in millions) |  | Three months ended September 30, |  | Nine months ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Sales |  | $ | 80 |  |  | $ | 214 |  |  | $ | 441 |  |  | $ | 762 |
Credit losses |  | (12) |  |  | 7 |  |  | 2 |  |  | (29) |
Valuation of equity investments (1) |  | (9) |  |  | 128 |  |  | 321 |  |  | (198) |
Valuation and settlements of derivative instruments |  | 46 |  |  | (30) |  |  | 54 |  |  | 62 |
Realized capital gains (losses) |  | $ | 105 |  |  | $ | 319 |  |  | $ | 818 |  |  | $ | 597 |
(1)Includes valuation of equity securities and certain limited partnership interests where the underlying assets are predominately public equity securities.
Gross realized gains (losses) on sales of fixed income securities |
Gross realized gains (losses) on sales of fixed income securities
($ in millions) |  | Three months ended September 30, |  | Nine months ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Gross realized gains |  | $ | 104 |  |  | $ | 228 |  |  | $ | 460 |  |  | $ | 926 |
Gross realized losses |  | (18) |  |  | (11) |  |  | (106) |  |  | (164) |
Valuation changes included in net income for investments |
Net appreciation (decline) recognized in net income
($ in millions) |  | Three months ended September 30, |  | Nine months ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Equity securities |  | $ | (20) |  |  | $ | 105 |  |  | $ | 170 |  |  | $ | (5) |
Limited partnership interests carried at fair value |  | 137 |  |  | 73 |  |  | 415 |  |  | 20 |
Total |  | $ | 117 |  |  | $ | 178 |  |  | $ | 585 |  |  | $ | 15 |
Schedule of credit losses on fixed income securities recognized in earnings |
Credit losses recognized in net income
($ in millions) |  | Three months ended September 30, |  | Nine months ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Assets |  |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |  |
Corporate |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | (2) |
ABS |  | — |  |  | — |  |  | 1 |  |  | (2) |
Total fixed income securities |  | — |  |  | (1) |  |  | 1 |  |  | (4) |
Mortgage loans |  | — |  |  | 1 |  |  | 17 |  |  | (2) |
Limited partnership interests |  | — |  |  | — |  |  | — |  |  | (6) |
Other investments |  |  |  |  |  |  |  |
Bank loans |  | (13) |  |  | 6 |  |  | (16) |  |  | (18) |
Agent loans |  | 1 |  |  | — |  |  | — |  |  | — |
Total credit losses by asset type |  | $ | (12) |  |  | $ | 6 |  |  | $ | 2 |  |  | $ | (30) |
Liabilities |  |  |  |  |  |  |  |
Commitments to fund commercial mortgage loans, bank loans and agent loans |  | — |  |  | 1 |  |  | — |  |  | 1 |
Total |  | $ | (12) |  |  | $ | 7 |  |  | $ | 2 |  |  | $ | (29) |
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)
September 30, 2021 |  |  | Gains |  | Losses |
Fixed income securities |  | $ | 39,989 |  |  | $ | 1,330 |  |  | $ | (152) |  |  | $ | 1,178 |
Short-term investments |  | 6,428 |  |  | — |  |  | — |  |  | — |
Derivative instruments |  | — |  |  | — |  |  | (3) |  |  | (3) |
Equity method of accounting (“EMA”) limited partnerships (1) |  |  |  |  |  |  |  | — |
Investments classified as held for sale |  |  |  |  |  |  |  | 1,796 |
Unrealized net capital gains and losses, pre-tax |  |  |  |  |  |  |  | 2,971 |
Amounts recognized for: |  |  |  |  |  |  |  |
Insurance reserves (2) |  |  |  |  |  |  |  | (383) |
DAC and DSI (3) |  |  |  |  |  |  |  | (271) |
Reclassification of noncontrolling interest |  |  |  |  |  |  |  | 2 |
Amounts recognized |  |  |  |  |  |  |  | (652) |
Deferred income taxes |  |  |  |  |  |  |  | (491) |
Unrealized net capital gains and losses, after-tax |  |  |  |  |  |  |  | $ | 1,828 |
December 31, 2020 |  |  |  |  |  |  |  |
Fixed income securities |  | $ | 42,565 |  |  | $ | 2,563 |  |  | $ | (32) |  |  | $ | 2,531 |
Short-term investments |  | 6,807 |  |  | — |  |  | — |  |  | — |
Derivative instruments |  | — |  |  | — |  |  | (3) |  |  | (3) |
EMA limited partnerships |  |  |  |  |  |  |  | (1) |
Investments classified as held for sale |  |  |  |  |  |  |  | 2,369 |
Unrealized net capital gains and losses, pre-tax |  |  |  |  |  |  |  | 4,896 |
Amounts recognized for: |  |  |  |  |  |  |  |
Insurance reserves |  |  |  |  |  |  |  | (496) |
DAC and DSI |  |  |  |  |  |  |  | (364) |
Amounts recognized |  |  |  |  |  |  |  | (860) |
Deferred income taxes |  |  |  |  |  |  |  | (856) |
Unrealized net capital gains and losses, after-tax |  |  |  |  |  |  |  | $ | 3,180 |
(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), which are now classified as held for sale. (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. This adjustment relates to life insurance products, which are now primarily classified as held for sale.
Schedule of change in unrealized net capital gains and losses |
Change in unrealized net capital gains (losses)
($ in millions) |  | Nine months ended September 30, 2021
Fixed income securities |  | $ | (1,353) |
Short-term investments |  | — |
Derivative instruments |  | — |
EMA limited partnerships |  | 1 |
Investments classified as held for sale |  | (573) |
Total |  | (1,925) |
Amounts recognized for: |  |
Insurance reserves |  | 113 |
DAC and DSI |  | 93 |
Reclassification of noncontrolling interest |  | 2 |
Amounts recognized |  | 208 |
Deferred income taxes |  | 365 |
Decrease in unrealized net capital gains and losses, after-tax |  | $ | (1,352) |
Carrying value for limited partnership interests |
Carrying value for limited partnership interests
($ in millions) |  | September 30, 2021 |  | December 31, 2020
| EMA |  | Fair Value |  | Total |  | EMA |  | Fair Value |  | Total
Private equity |  | $ | 4,679 |  |  | $ | 1,496 |  |  | $ | 6,175 |  |  | $ | 2,667 |  |  | $ | 988 |  |  | $ | 3,655 |
Real estate |  | 903 |  |  | 59 |  |  | 962 |  |  | 623 |  |  | 74 |  |  | 697 |
Other (1) |  | 441 |  |  | — |  |  | 441 |  |  | 211 |  |  | — |  |  | 211 |
Total (2) |  | $ | 6,023 |  |  | $ | 1,555 |  |  | $ | 7,578 |  |  | $ | 3,501 |  |  | $ | 1,062 |  |  | $ | 4,563 |
(1)Other consists of certain limited partnership interests where the underlying assets are predominately public equity and debt securities. (2)Carrying value for limited partnership interests as of September 30, 2021 includes certain investments which were classified as assets held for sale as of December 31, 2020 and March 31, 2021, and transferred to continuing operations in the first and second quarter of 2021, respectively.
Schedule of other investments by type |
Other investments by asset type
($ in millions) |  | September 30, 2021 |  | December 31, 2020
Bank loans, net |  | $ | 1,592 |  |  | $ | 772 |
Real estate |  | 849 |  |  | 659 |
Agent loans, net |  | 567 |  |  | — |
Policy loans |  | 144 |  |  | 181 |
Derivatives |  | 20 |  |  | 20 |
Other |  | 114 |  |  | 59 |
Total (1) |  | $ | 3,286 |  |  | $ | 1,691 |
(1)Other investments as of September 30, 2021 i ncludes certain real estate, agent loans and other investments which were classified as assets held for sale as of December 31, 2020 and transferred to continuing operations in the first quarter of 2021.
Allowance for credit loss |
Rollforward of credit loss allowance for fixed income securities
|  | Three months ended September 30, |  | Nine months ended September 30,
($ in millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Beginning balance |  | $ | (2) |  |  | $ | (7) |  |  | $ | (3) |  |  | $ | — |
Credit losses on securities for which credit losses not previously reported |  | — |  |  | (1) |  |  | — |  |  | (10) |
Net (increases) decreases related to credit losses previously reported |  | — |  |  | (1) |  |  | 1 |  |  | — |
Reduction of allowance related to sales |  | — |  |  | 1 |  |  | — |  |  | 2 |
Write-offs |  | — |  |  | — |  |  | — |  |  | — |
Ending balance (1) (2) |  | $ | (2) |  |  | $ | (8) |  |  | $ | (2) |  |  | $ | (8) |
(1)Allowance for fixed income securities as of September 30, 2021 comprised $1 million and $1 million of corporate bonds and ABS, respectively. Allowance for fixed income securities as of September 30, 2020 comprised $3 million, $2 million, $2 million and $1 million of municipal bonds, corporate bonds, ABS and MBS, respectively. (2)Includes $1 million and $4 million of credit loss allowance for fixed income securities that are classified as held for sale as of September 30, 2021 and 2020, respectively.
Rollforward of credit loss allowance for mortgage loans
|  | Three months ended September 30, |  | Nine months ended September 30,
($ in millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Beginning balance |  | $ | (30) |  |  | $ | (86) |  |  | $ | (67) |  |  | $ | (3) |
Cumulative effect of change in accounting principle |  | — |  |  | — |  |  | — |  |  | (42) |
Net decreases (increases) related to credit losses |  | 2 |  |  | 1 |  |  | 39 |  |  | (40) |
Write-offs |  | — |  |  | — |  |  | — |  |  | — |
Ending balance (1) |  | $ | (28) |  |  | $ | (85) |  |  | $ | (28) |  |  | $ | (85) |
(1)Includes $21 million and $74 million of credit loss allowance for mortgage loans that are classified as held for sale as of September 30, 2021 and 2020, respectively.
Rollforward of credit loss allowance for bank loans |  |  |  |  |  |
($ in millions) |  | Three months ended September 30, |  | Nine months ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Beginning balance |  | $ | (52) |  |  | $ | (76) |  |  | $ | (67) |  |  | $ | — |
Cumulative effect of change in accounting principle |  | — |  |  | — |  |  | — |  |  | (53) |
Net (increases) decreases related to credit losses |  | (14) |  |  | 10 |  |  | (10) |  |  | (20) |
Reduction of allowance related to sales |  | 2 |  |  | 5 |  |  | 13 |  |  | 7 |
Write-offs |  | — |  |  | — |  |  | — |  |  | 5 |
Ending balance (1) |  | $ | (64) |  |  | $ | (61) |  |  | $ | (64) |  |  | $ | (61) |
(1)Includes $7 million and $15 million of credit loss allowance for bank loans that are classified as held for sale as of September 30, 2021 and 2020, respectively.
Schedule of gross unrealized losses and fair value of available for sale securities by length of time |
Gross unrealized losses and fair value by type and length of time held in a continuous unrealized loss position
($ in millions) |  | Less than 12 months |  | 12 months or more |  | Total unrealized losses
| Number of issues |  | Fair value |  | Unrealized losses |  | Number of issues |  | Fair value |  | Unrealized losses |
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | 112 |  |  | $ | 2,271 |  |  | $ | (14) |  |  | 5 |  |  | $ | 6 |  |  | $ | (1) |  |  | $ | (15) |
Municipal |  | 804 |  |  | 1,205 |  |  | (17) |  |  | 2 |  |  | 14 |  |  | (1) |  |  | (18) |
Corporate |  | 939 |  |  | 6,816 |  |  | (96) |  |  | 22 |  |  | 122 |  |  | (15) |  |  | (111) |
Foreign government |  | 66 |  |  | 373 |  |  | (7) |  |  | 3 |  |  | 2 |  |  | — |  |  | (7) |
ABS |  | 26 |  |  | 92 |  |  | (1) |  |  | 5 |  |  | 8 |  |  | — |  |  | (1) |
MBS |  | 18 |  |  | 2 |  |  | — |  |  | 47 |  |  | — |  |  | — |  |  | — |
Total fixed income securities |  | 1,965 |  |  | $ | 10,759 |  |  | $ | (135) |  |  | 84 |  |  | $ | 152 |  |  | $ | (17) |  |  | $ | (152) |
Investment grade fixed income securities |  | 1,813 |  |  | $ | 9,593 |  |  | $ | (115) |  |  | 69 |  |  | $ | 99 |  |  | $ | (5) |  |  | $ | (120) |
Below investment grade fixed income securities |  | 152 |  |  | 1,166 |  |  | (20) |  |  | 15 |  |  | 53 |  |  | (12) |  |  | (32) |
Total fixed income securities |  | 1,965 |  |  | $ | 10,759 |  |  | $ | (135) |  |  | 84 |  |  | $ | 152 |  |  | $ | (17) |  |  | $ | (152) |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies |  | 26 |  |  | $ | 215 |  |  | $ | (1) |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |
Municipal |  | 43 |  |  | 116 |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | (2) |
Corporate |  | 107 |  |  | 730 |  |  | (21) |  |  | 14 |  |  | 46 |  |  | (5) |  |  | (26) |
Foreign government |  | 7 |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
ABS |  | 21 |  |  | 157 |  |  | (2) |  |  | 12 |  |  | 43 |  |  | (1) |  |  | (3) |
MBS |  | 11 |  |  | — |  |  | — |  |  | 57 |  |  | — |  |  | — |  |  | — |
Total fixed income securities |  | 215 |  |  | $ | 1,225 |  |  | $ | (26) |  |  | 83 |  |  | $ | 89 |  |  | $ | (6) |  |  | $ | (32) |
Investment grade fixed income securities |  | 146 |  |  | $ | 855 |  |  | $ | (8) |  |  | 66 |  |  | $ | 45 |  |  | $ | — |  |  | $ | (8) |
Below investment grade fixed income securities |  | 69 |  |  | 370 |  |  | (18) |  |  | 17 |  |  | 44 |  |  | (6) |  |  | (24) |
Total fixed income securities |  | 215 |  |  | $ | 1,225 |  |  | $ | (26) |  |  | 83 |  |  | $ | 89 |  |  | $ | (6) |  |  | $ | (32) |
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 September 30, 2021
($ in millions) |  | Investment grade |  | Below investment grade |  | Total
Fixed income securities with unrealized loss position less than 20% of amortized cost, net (1) (2) |  | $ | (120) |  |  | $ | (20) |  |  | $ | (140) |
Fixed income securities with unrealized loss position greater than or equal to 20% of amortized cost, net (3) (4) |  | — |  |  | (12) |  |  | (12) |
Total unrealized losses |  | $ | (120) |  |  | $ | (32) |  |  | $ | (152) |
(1)Below investment grade fixed income securities include $18 million that have been in an unrealized loss position for less than twelve months. (2)Related to securities with an unrealized loss position less than 20% of amortized cost, net, the degree of which suggests that these securities do not pose a high risk of having credit losses. (3)No below investment grade fixed income securities have been in an unrealized loss position for a period of twelve or more consecutive months. (4)Evaluated based on factors such as discounted cash flows and the financial condition and near-term and long-term prospects of the issue or issuer and were determined to have adequate resources to fulfill contractual obligations.
Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination |
Mortgage loans amortized cost by debt service coverage ratio distribution and year of origination
|  | September 30, 2021 |  | December 31, 2020
($ in millions) |  | 2016 and prior |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | Current |  | Total |  | Total
Below 1.0 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
1.0 - 1.25 |  | 11 |  |  | — |  |  | — |  |  | 25 |  |  | 10 |  |  | — |  |  | 46 |  |  | 46 |
1.26 - 1.50 |  | 43 |  |  | 5 |  |  | — |  |  | 105 |  |  | — |  |  | — |  |  | 153 |  |  | 201 |
Above 1.50 |  | 66 |  |  | 40 |  |  | 146 |  |  | 149 |  |  | 67 |  |  | 92 |  |  | 560 |  |  | 507 |
Amortized cost before allowance |  | $ | 120 |  |  | $ | 45 |  |  | $ | 146 |  |  | $ | 279 |  |  | $ | 77 |  |  | $ | 92 |  |  | $ | 759 |  |  | $ | 754 |
Allowance |  |  |  |  |  |  |  |  |  |  |  |  |  | (7) |  |  | (8) |
Amortized cost, net |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 752 |  |  | $ | 746 |
Bank loans amortized cost by credit quality and year of origination |
Bank loans amortized cost by credit rating and year of origination
|  | September 30, 2021 |  | December 31, 2020
($ in millions) |  | 2016 and prior |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | Current |  | Total |  | Total
BBB |  | $ | — |  |  | $ | — |  |  | $ | 6 |  |  | $ | 14 |  |  | $ | 7 |  |  | $ | 68 |  |  | $ | 95 |  |  | $ | 38 |
BB |  | 9 |  |  | 17 |  |  | 20 |  |  | 23 |  |  | 35 |  |  | 548 |  |  | 652 |  |  | 168 |
B |  | — |  |  | 29 |  |  | 58 |  |  | 42 |  |  | 71 |  |  | 581 |  |  | 781 |  |  | 456 |
CCC and below |  | 3 |  |  | 21 |  |  | 18 |  |  | 47 |  |  | 9 |  |  | 23 |  |  | 121 |  |  | 161 |
Amortized cost before allowance |  | $ | 12 |  |  | $ | 67 |  |  | $ | 102 |  |  | $ | 126 |  |  | $ | 122 |  |  | $ | 1,220 |  |  | $ | 1,649 |  |  | $ | 823 |
Allowance |  |  |  |  |  |  |  |  |  |  |  |  |  | (57) |  |  | (51) |
Amortized cost, net |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,592 |  |  | $ | 772 |

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