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Investments (Tables) | 3 Months Ended
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Mar. 31, 2021
Investments [Abstract] |
Fixed Maturities, Available-for-sale Securities | The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:
| March 31, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
| (in millions)
Fixed maturities, available-for-sale: |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 23,400 |  |  | $ | 4,490 |  |  | $ | 262 |  |  | $ | 0 |  |  | $ | 27,628 |
Obligations of U.S. states and their political subdivisions | 10,491 |  |  | 1,625 |  |  | 27 |  |  | 0 |  |  | 12,089 |
Foreign government bonds | 89,084 |  |  | 13,738 |  |  | 338 |  |  | 0 |  |  | 102,484 |
U.S. public corporate securities | 95,495 |  |  | 11,384 |  |  | 891 |  |  | 13 |  |  | 105,975 |
U.S. private corporate securities(1) | 36,904 |  |  | 2,776 |  |  | 286 |  |  | 46 |  |  | 39,348 |
Foreign public corporate securities | 25,892 |  |  | 2,713 |  |  | 140 |  |  | 25 |  |  | 28,440 |
Foreign private corporate securities | 28,772 |  |  | 2,074 |  |  | 329 |  |  | 38 |  |  | 30,479 |
Asset-backed securities(2) | 13,470 |  |  | 179 |  |  | 14 |  |  | 0 |  |  | 13,635 |
Commercial mortgage-backed securities | 14,673 |  |  | 803 |  |  | 42 |  |  | 9 |  |  | 15,425 |
Residential mortgage-backed securities(3) | 2,941 |  |  | 168 |  |  | 16 |  |  | 0 |  |  | 3,093 |
Total fixed maturities, available-for-sale(1) | $ | 341,122 |  |  | $ | 39,950 |  |  | $ | 2,345 |  |  | $ | 131 |  |  | $ | 378,596 |
__________ (1)Excludes notes with amortized cost of $5,766 million (fair value, $5,774 million), which have been offset with the associated debt under a netting agreement. (2)Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans, credit cards and other asset types. (3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (4)Excludes notes with amortized cost of $4,748 million (fair value, $5,186 million), which have been offset with the associated debt under a netting agreement.
| December 31, 2020
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
| (in millions)
Fixed maturities, available-for-sale: |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 30,766 |  |  | $ | 9,699 |  |  | $ | 17 |  |  | $ | 0 |  |  | $ | 40,448 |
Obligations of U.S. states and their political subdivisions | 10,668 |  |  | 2,144 |  |  | 1 |  |  | 0 |  |  | 12,811 |
Foreign government bonds | 94,110 |  |  | 16,373 |  |  | 239 |  |  | 0 |  |  | 110,244 |
U.S. public corporate securities | 95,299 |  |  | 18,516 |  |  | 213 |  |  | 47 |  |  | 113,555 |
U.S. private corporate securities(1) | 36,894 |  |  | 4,196 |  |  | 134 |  |  | 19 |  |  | 40,937 |
Foreign public corporate securities | 25,857 |  |  | 3,768 |  |  | 64 |  |  | 24 |  |  | 29,537 |
Foreign private corporate securities | 28,668 |  |  | 3,183 |  |  | 226 |  |  | 33 |  |  | 31,592 |
Asset-backed securities(2) | 14,489 |  |  | 176 |  |  | 74 |  |  | 0 |  |  | 14,591 |
Commercial mortgage-backed securities | 15,036 |  |  | 1,288 |  |  | 11 |  |  | 10 |  |  | 16,303 |
Residential mortgage-backed securities(3) | 2,683 |  |  | 205 |  |  | 1 |  |  | 0 |  |  | 2,887 |
Total fixed maturities, available-for-sale(1) | $ | 354,470 |  |  | $ | 59,548 |  |  | $ | 980 |  |  | $ | 133 |  |  | $ | 412,905 |
__________ (1)Excludes notes with amortized cost of $5,966 million (fair value, $6,100 million), which have been offset with the associated debt under a netting agreement. (2)Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans, home equity and other asset types. (3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (4)Excludes notes with amortized cost of $4,998 million (fair value, $5,821 million), which have been offset with the associated debt under a netting agreement.
Fixed Maturities, Held-to-maturity Securities |
| March 31, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Allowance for Credit Losses |  | Amortized Cost, Net of Allowance
| (in millions)
Fixed maturities, held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
Foreign government bonds | $ | 872 |  |  | $ | 239 |  |  | $ | 0 |  |  | $ | 1,111 |  |  | $ | 0 |  |  | $ | 872 |
Foreign public corporate securities | 612 |  |  | 60 |  |  | 0 |  |  | 672 |  |  | 7 |  |  | 605 |
Foreign private corporate securities | 82 |  |  | 1 |  |  | 0 |  |  | 83 |  |  | 0 |  |  | 82 |
Residential mortgage-backed securities(3) | 242 |  |  | 17 |  |  | 0 |  |  | 259 |  |  | 0 |  |  | 242 |
Total fixed maturities, held-to-maturity(4) | $ | 1,808 |  |  | $ | 317 |  |  | $ | 0 |  |  | $ | 2,125 |  |  | $ | 7 |  |  | $ | 1,801 |
__________ (1)Excludes notes with amortized cost of $5,766 million (fair value, $5,774 million), which have been offset with the associated debt under a netting agreement. (2)Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans, credit cards and other asset types. (3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (4)Excludes notes with amortized cost of $4,748 million (fair value, $5,186 million), which have been offset with the associated debt under a netting agreement.
| December 31, 2020
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Allowance for Credit Losses |  | Amortized Cost, Net of Allowance
| (in millions)
Fixed maturities, held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
Foreign government bonds | $ | 935 |  |  | $ | 270 |  |  | $ | 0 |  |  | $ | 1,205 |  |  | $ | 0 |  |  | $ | 935 |
Foreign public corporate securities | 651 |  |  | 68 |  |  | 0 |  |  | 719 |  |  | 9 |  |  | 642 |
Foreign private corporate securities | 87 |  |  | 1 |  |  | 0 |  |  | 88 |  |  | 0 |  |  | 87 |
Residential mortgage-backed securities(3) | 266 |  |  | 20 |  |  | 0 |  |  | 286 |  |  | 0 |  |  | 266 |
Total fixed maturities, held-to-maturity(4) | $ | 1,939 |  |  | $ | 359 |  |  | $ | 0 |  |  | $ | 2,298 |  |  | $ | 9 |  |  | $ | 1,930 |
__________ (1)Excludes notes with amortized cost of $5,966 million (fair value, $6,100 million), which have been offset with the associated debt under a netting agreement. (2)Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans, home equity and other asset types. (3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (4)Excludes notes with amortized cost of $4,998 million (fair value, $5,821 million), which have been offset with the associated debt under a netting agreement.
Duration Of Gross Unrealized Losses On Fixed Maturity Securities | The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
|  | March 31, 2021
|  | Less Than Twelve Months |  | Twelve Months or More |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
|  | (in millions)
Fixed maturities, available-for-sale: |  |
U.S. Treasury securities and obligations of U.S. government authorities and agencies |  | $ | 3,972 |  |  | $ | 262 |  |  | $ | 1 |  |  | $ | 0 |  |  | $ | 3,973 |  |  | $ | 262 |
Obligations of U.S. states and their political subdivisions |  | 541 |  |  | 27 |  |  | 0 |  |  | 0 |  |  | 541 |  |  | 27 |
Foreign government bonds |  | 7,459 |  |  | 208 |  |  | 1,560 |  |  | 130 |  |  | 9,019 |  |  | 338 |
U.S. public corporate securities |  | 14,295 |  |  | 805 |  |  | 996 |  |  | 81 |  |  | 15,291 |  |  | 886 |
U.S. private corporate securities |  | 4,970 |  |  | 217 |  |  | 913 |  |  | 68 |  |  | 5,883 |  |  | 285 |
Foreign public corporate securities |  | 2,967 |  |  | 93 |  |  | 822 |  |  | 40 |  |  | 3,789 |  |  | 133 |
Foreign private corporate securities |  | 3,676 |  |  | 118 |  |  | 1,965 |  |  | 210 |  |  | 5,641 |  |  | 328 |
Asset-backed securities |  | 1,536 |  |  | 8 |  |  | 1,451 |  |  | 6 |  |  | 2,987 |  |  | 14 |
Commercial mortgage-backed securities |  | 1,048 |  |  | 34 |  |  | 139 |  |  | 8 |  |  | 1,187 |  |  | 42 |
Residential mortgage-backed securities |  | 607 |  |  | 16 |  |  | 12 |  |  | 0 |  |  | 619 |  |  | 16 |
Total fixed maturities, available-for-sale |  | $ | 41,071 |  |  | $ | 1,788 |  |  | $ | 7,859 |  |  | $ | 543 |  |  | $ | 48,930 |  |  | $ | 2,331 |
|  | December 31, 2020
|  | Less Than Twelve Months |  | Twelve Months or More |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
|  | (in millions)
Fixed maturities, available-for-sale: |  |
U.S. Treasury securities and obligations of U.S. government authorities and agencies |  | $ | 750 |  |  | $ | 17 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 750 |  |  | $ | 17 |
Obligations of U.S. states and their political subdivisions |  | 73 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 73 |  |  | 1 |
Foreign government bonds |  | 6,536 |  |  | 231 |  |  | 39 |  |  | 8 |  |  | 6,575 |  |  | 239 |
U.S. public corporate securities |  | 3,905 |  |  | 87 |  |  | 1,197 |  |  | 106 |  |  | 5,102 |  |  | 193 |
U.S. private corporate securities |  | 1,712 |  |  | 52 |  |  | 843 |  |  | 82 |  |  | 2,555 |  |  | 134 |
Foreign public corporate securities |  | 1,412 |  |  | 30 |  |  | 376 |  |  | 23 |  |  | 1,788 |  |  | 53 |
Foreign private corporate securities |  | 798 |  |  | 34 |  |  | 2,371 |  |  | 192 |  |  | 3,169 |  |  | 226 |
Asset-backed securities |  | 4,132 |  |  | 25 |  |  | 4,685 |  |  | 49 |  |  | 8,817 |  |  | 74 |
Commercial mortgage-backed securities |  | 284 |  |  | 8 |  |  | 93 |  |  | 3 |  |  | 377 |  |  | 11 |
Residential mortgage-backed securities |  | 116 |  |  | 1 |  |  | 1 |  |  | 0 |  |  | 117 |  |  | 1 |
Total fixed maturities, available-for-sale |  | $ | 19,718 |  |  | $ | 486 |  |  | $ | 9,605 |  |  | $ | 463 |  |  | $ | 29,323 |  |  | $ | 949 |
Fixed Maturities Classified by Contractual Maturity Date | The following table sets forth the amortized cost or amortized cost, net of allowance and fair value of fixed maturities by contractual maturities, as of the date indicated:
| March 31, 2021
| Available-for-Sale |  | Held-to-Maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost, Net of Allowance |  | Fair Value
| (in millions)
Fixed maturities: |  |  |  |  |  |  |
Due in one year or less | $ | 16,008 |  |  | $ | 16,547 |  |  | $ | 112 |  |  | $ | 112 |
Due after one year through five years | 52,751 |  |  | 56,779 |  |  | 496 |  |  | 564 |
Due after five years through ten years | 64,596 |  |  | 71,466 |  |  | 105 |  |  | 108 |
Due after ten years(1) | 176,683 |  |  | 201,651 |  |  | 846 |  |  | 1,082 |
Asset-backed securities | 13,470 |  |  | 13,635 |  |  | 0 |  |  | 0 |
Commercial mortgage-backed securities | 14,673 |  |  | 15,425 |  |  | 0 |  |  | 0 |
Residential mortgage-backed securities | 2,941 |  |  | 3,093 |  |  | 242 |  |  | 259 |
Total | $ | 341,122 |  |  | $ | 378,596 |  |  | $ | 1,801 |  |  | $ | 2,125 |
__________ (1)Excludes available-for-sale notes with amortized cost of $5,766 million (fair value, $5,774 million) and held-to-maturity notes with amortized cost of $4,748 million (fair value, $5,186 million), which have been offset with the associated debt under a netting agreement.
Sources of Fixed Maturity Proceeds and Related Investment Gains (Losses) as well as Losses on Impairments | The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020
|  |  |  |  | (in millions)
Fixed maturities, available-for-sale: |  |  |  |  |  |  |
Proceeds from sales(1) |  |  |  |  | $ | 14,690 |  |  | $ | 5,153 |
Proceeds from maturities/prepayments |  |  |  |  | 6,894 |  |  | 4,883 |
Gross investment gains from sales and maturities |  |  |  |  | 1,603 |  |  | 468 |
Gross investment losses from sales and maturities |  |  |  |  | (389) |  |  | (61) |
Write-downs recognized in earnings(2) |  |  |  |  | 0 |  |  | (91) |
(Addition to) release of allowance for credit losses |  |  |  |  | 2 |  |  | (158) |
Fixed maturities, held-to-maturity: |  |  |  |  |  |  |
Proceeds from maturities/prepayments(3) |  |  |  |  | $ | 12 |  |  | $ | 41 |
(Addition to) release of allowance for credit losses |  |  |  |  | 2 |  |  | 0
__________ (1)Includes $114 million and $39 million of non-cash related proceeds due to the timing of trade settlements for the three months ended March 31, 2021 and 2020, respectively. (2)Amounts represent write-downs on credit adverse securities, write-downs on securities approaching maturity related to foreign exchange movements and securities actively marketed for sale. (3)Includes less than $1 million of non-cash related proceeds due to the timing of trade settlements for both the three months ended March 31, 2021 and 2020.
Credit Losses Recognized in Earnings on Fixed Maturity Securities Held by the Company for which a Portion of the OTTI Loss was Recognized in OCI | The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated:
| Three Months Ended March 31, 2021
| U.S. Treasury Securities and Obligations of U.S. States |  | Foreign Government Bonds |  | U.S. and Foreign Corporate Securities |  | Asset-Backed Securities |  | Commercial Mortgage-Backed Securities |  | Residential Mortgage-Backed Securities |  | Total
| (in millions)
Fixed maturities, available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 0 |  |  | $ | 0 |  |  | $ | 123 |  |  | $ | 0 |  |  | $ | 10 |  |  | $ | 0 |  |  | $ | 133 |
Additions to allowance for credit losses not previously recorded | 0 |  |  | 0 |  |  | 31 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 31 |
Reductions for securities sold during the period | 0 |  |  | 0 |  |  | (26) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (26) |
Additions (reductions) on securities with previous allowance | 0 |  |  | 0 |  |  | (6) |  |  | 0 |  |  | (1) |  |  | 0 |  |  | (7) |
Balance, end of period | $ | 0 |  |  | $ | 0 |  |  | $ | 122 |  |  | $ | 0 |  |  | $ | 9 |  |  | $ | 0 |  |  | $ | 131 |
| Three Months Ended March 31, 2020
| U.S. Treasury Securities and Obligations of U.S. States |  | Foreign Government Bonds |  | U.S. and Foreign Corporate Securities |  | Asset-Backed Securities |  | Commercial Mortgage-Backed Securities |  | Residential Mortgage-Backed Securities |  | Total
| (in millions)
Fixed maturities, available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Additions to allowance for credit losses not previously recorded | 0 |  |  | 38 |  |  | 119 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 158 |
Balance, end of period | $ | 0 |  |  | $ | 38 |  |  | $ | 119 |  |  | $ | 0 |  |  | $ | 1 |  |  | $ | 0 |  |  | $ | 158 |
| Three Months Ended March 31, 2021
| U.S. Treasury Securities and Obligations of U.S. States |  | Foreign Government Bonds |  | U.S. and Foreign Corporate Securities |  | Asset-Backed Securities |  | Commercial Mortgage-Backed Securities |  | Residential Mortgage-Backed Securities |  | Total
| (in millions)
Fixed maturities, held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 0 |  |  | $ | 0 |  |  | $ | 9 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 9 |
Current period provision for expected losses | 0 |  |  | 0 |  |  | (2) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (2) |
Balance, end of period | $ | 0 |  |  | $ | 0 |  |  | $ | 7 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 7 |
| Three Months Ended March 31, 2020
| U.S. Treasury Securities and Obligations of U.S. States |  | Foreign Government Bonds |  | U.S. and Foreign Corporate Securities |  | Asset-Backed Securities |  | Commercial Mortgage-Backed Securities |  | Residential Mortgage-Backed Securities |  | Total
| (in millions)
Fixed maturities, held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Cumulative effect of adoption of ASU 2016-13 | 0 |  |  | 0 |  |  | 9 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 9 |
Balance, end of period | $ | 0 |  |  | $ | 0 |  |  | $ | 9 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 9 |
Assets Supporting Experience-Rated Contractholder Liabilities | The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated:
|  | March 31, 2021 |  | December 31, 2020
|  | Amortized Cost or Cost |  | Fair Value |  | Amortized Cost or Cost |  | Fair Value
|  | (in millions)
Short-term investments and cash equivalents |  | $ | 429 |  |  | $ | 429 |  |  | $ | 658 |  |  | $ | 658 |
Fixed maturities: |  |  |  |  |  |  |  |
Corporate securities |  | 14,470 |  |  | 15,130 |  |  | 14,442 |  |  | 15,472 |
Commercial mortgage-backed securities |  | 1,699 |  |  | 1,773 |  |  | 1,743 |  |  | 1,839 |
Residential mortgage-backed securities(1) |  | 873 |  |  | 915 |  |  | 964 |  |  | 1,018 |
Asset-backed securities(2) |  | 2,039 |  |  | 2,066 |  |  | 1,665 |  |  | 1,697 |
Foreign government bonds |  | 994 |  |  | 996 |  |  | 934 |  |  | 945 |
U.S. government authorities and agencies and obligations of U.S. states |  | 363 |  |  | 422 |  |  | 371 |  |  | 443 |
Total fixed maturities(3) |  | 20,438 |  |  | 21,302 |  |  | 20,119 |  |  | 21,414 |
Equity securities |  | 1,942 |  |  | 2,296 |  |  | 1,661 |  |  | 2,043 |
Total assets supporting experience-rated contractholder liabilities(4) |  | $ | 22,809 |  |  | $ | 24,027 |  |  | $ | 22,438 |  |  | $ | 24,115 |
__________ (1)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (2)Includes collateralized loan obligations, auto loans, education loans, home equity and other asset types. Collateralized loan obligations at fair value were $1,530 million and $1,102 million as of March 31, 2021 and December 31, 2020, respectively, all of which were rated AAA. (3)As a percentage of amortized cost, 94% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of both March 31, 2021 and December 31, 2020. (4)As a percentage of amortized cost, 79% of the portfolio consisted of public securities as of both March 31, 2021 and December 31, 2020.
Securities Concentrations of Credit Risk | As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below:
|  | March 31, 2021 |  | December 31, 2020
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
|  | (in millions)
Investments in Japanese government and government agency securities: |  |  |  |  |  |  |  |
Fixed maturities, available-for-sale |  | $ | 75,142 |  |  | $ | 85,813 |  |  | $ | 80,273 |  |  | $ | 92,764 |
Fixed maturities, held-to-maturity |  | 850 |  |  | 1,082 |  |  | 912 |  |  | 1,173 |
Fixed maturities, trading |  | 23 |  |  | 23 |  |  | 25 |  |  | 25 |
Assets supporting experience-rated contractholder liabilities |  | 830 |  |  | 829 |  |  | 849 |  |  | 855 |
Total |  | $ | 76,845 |  |  | $ | 87,747 |  |  | $ | 82,059 |  |  | $ | 94,817 |
Commercial Mortgage and Other Loans | The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated:
|  | March 31, 2021 |  | December 31, 2020
|  | Amount (in millions) |  | % of Total |  | Amount (in millions) |  | % of Total
Commercial mortgage and agricultural property loans by property type: |  |  |  |  |  |  |  |
Office |  | $ | 12,555 |  |  | 19.6 | % |  | $ | 12,750 |  |  | 19.7 | %
Retail |  | 7,233 |  |  | 11.3 |  |  | 7,326 |  |  | 11.3 |
Apartments/Multi-Family |  | 17,642 |  |  | 27.6 |  |  | 18,330 |  |  | 28.3 |
Industrial |  | 15,228 |  |  | 23.8 |  |  | 14,954 |  |  | 23.1 |
Hospitality |  | 2,365 |  |  | 3.7 |  |  | 2,395 |  |  | 3.7 |
Other |  | 4,877 |  |  | 7.6 |  |  | 4,981 |  |  | 7.7 |
Total commercial mortgage loans |  | 59,900 |  |  | 93.6 |  |  | 60,736 |  |  | 93.8 |
Agricultural property loans |  | 4,094 |  |  | 6.4 |  |  | 4,048 |  |  | 6.2 |
Total commercial mortgage and agricultural property loans |  | 63,994 |  |  | 100.0 | % |  | 64,784 |  |  | 100.0 | %
Allowance for credit losses |  | (217) |  |  |  |  | (227) |  |  |
Total net commercial mortgage and agricultural property loans |  | 63,777 |  |  |  |  | 64,557 |  |  |
Other loans: |  |  |  |  |  |  |  |
Uncollateralized loans |  | 583 |  |  |  |  | 655 |  |  |
Residential property loans |  | 86 |  |  |  |  | 101 |  |  |
Other collateralized loans |  | 115 |  |  |  |  | 120 |  |  |
Total other loans |  | 784 |  |  |  |  | 876 |  |  |
Allowance for credit losses |  | (7) |  |  |  |  | (8) |  |  |
Total net other loans |  | 777 |  |  |  |  | 868 |  |  |
Total net commercial mortgage and other loans(1) |  | $ | 64,554 |  |  |  |  | $ | 65,425 |  |  |
__________ (1)Includes loans held for sale which are carried at fair value and are collateralized primarily by apartment complexes. As of March 31, 2021 and December 31, 2020, the net carrying value of these loans was $500 million and $1,092 million, respectively.
Allowance for Credit Losses | The following table sets forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated:
|  | Three Months Ended March 31, 2021
|  | Commercial Mortgage Loans |  | Agricultural Property Loans |  | Residential Property Loans |  | Other Collateralized Loans |  | Uncollateralized Loans |  | Total
|  | (in millions)
Allowance, beginning of period |  | $ | 218 |  |  | $ | 9 |  |  | $ | 0 |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | 235 |
Addition to (release of) allowance for expected losses |  | (9) |  |  | (1) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (10) |
Other |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | (1) |
Allowance, end of period |  | $ | 209 |  |  | $ | 8 |  |  | $ | 0 |  |  | $ | 2 |  |  | $ | 5 |  |  | $ | 224 |
|  | Three Months Ended March 31, 2020
|  | Commercial Mortgage Loans |  | Agricultural Property Loans |  | Residential Property Loans |  | Other Collateralized Loans |  | Uncollateralized Loans |  | Total
|  | (in millions)
Allowance, beginning of period |  | $ | 114 |  |  | $ | 3 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 4 |  |  | $ | 121 |
Cumulative effect of adoption of ASU 2016-13 |  | 110 |  |  | 5 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 115 |
Addition to (release of) allowance for expected losses |  | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1 |
Other |  | 0 |  |  | 0 |  |  | 0 |  |  | 3 |  |  | 0 |  |  | 3 |
Allowance, end of period |  | $ | 225 |  |  | $ | 8 |  |  | $ | 0 |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | 240 |
Financing Receivable Credit Quality Indicators | The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:
| March 31, 2021
| Amortized Cost by Origination Year
| 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  |  |  | Total
| (in millions)
Commercial Mortgage Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan-to-Value Ratio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0%-59.99% | $ | 446 |  |  | $ | 504 |  |  | $ | 2,614 |  |  | $ | 3,248 |  |  | $ | 3,714 |  |  | $ | 17,917 |  |  |  |  | $ | 28,443 |
60%-69.99% | 644 |  |  | 2,177 |  |  | 4,885 |  |  | 4,189 |  |  | 2,480 |  |  | 6,459 |  |  |  |  | 20,834 |
70%-79.99% | 697 |  |  | 2,219 |  |  | 2,534 |  |  | 1,509 |  |  | 911 |  |  | 2,156 |  |  |  |  | 10,026 |
80% or greater | 6 |  |  | 0 |  |  | 3 |  |  | 61 |  |  | 69 |  |  | 458 |  |  |  |  | 597 |
Total | $ | 1,793 |  |  | $ | 4,900 |  |  | $ | 10,036 |  |  | $ | 9,007 |  |  | $ | 7,174 |  |  | $ | 26,990 |  |  |  |  | $ | 59,900 |
Debt Service Coverage Ratio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Greater or Equal to 1.2x | $ | 1,682 |  |  | $ | 4,780 |  |  | $ | 9,246 |  |  | $ | 8,539 |  |  | $ | 6,911 |  |  | $ | 24,234 |  |  |  |  | $ | 55,392 |
1.0 - 1.2x | 111 |  |  | 113 |  |  | 666 |  |  | 380 |  |  | 261 |  |  | 2,054 |  |  |  |  | 3,585 |
Less than 1.0x | 0 |  |  | 7 |  |  | 124 |  |  | 88 |  |  | 2 |  |  | 702 |  |  |  |  | 923 |
Total | $ | 1,793 |  |  | $ | 4,900 |  |  | $ | 10,036 |  |  | $ | 9,007 |  |  | $ | 7,174 |  |  | $ | 26,990 |  |  |  |  | $ | 59,900 |
Agricultural Property Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan-to-Value Ratio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0%-59.99% | $ | 394 |  |  | $ | 951 |  |  | $ | 490 |  |  | $ | 345 |  |  | $ | 392 |  |  | $ | 1,414 |  |  |  |  | $ | 3,986 |
60%-69.99% | 5 |  |  | 10 |  |  | 51 |  |  | 39 |  |  | 3 |  |  | 0 |  |  |  |  | 108 |
70%-79.99% | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  |  | 0 |
80% or greater | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  |  | 0 |
Total | $ | 399 |  |  | $ | 961 |  |  | $ | 541 |  |  | $ | 384 |  |  | $ | 395 |  |  | $ | 1,414 |  |  |  |  | $ | 4,094 |
Debt Service Coverage Ratio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Greater or Equal to 1.2x | $ | 397 |  |  | $ | 939 |  |  | $ | 540 |  |  | $ | 376 |  |  | $ | 336 |  |  | $ | 1,301 |  |  |  |  | $ | 3,889 |
1.0 - 1.2x | 2 |  |  | 22 |  |  | 0 |  |  | 2 |  |  | 59 |  |  | 44 |  |  |  |  | 129 |
Less than 1.0x | 0 |  |  | 0 |  |  | 1 |  |  | 6 |  |  | 0 |  |  | 69 |  |  |  |  | 76 |
Total | $ | 399 |  |  | $ | 961 |  |  | $ | 541 |  |  | $ | 384 |  |  | $ | 395 |  |  | $ | 1,414 |  |  |  |  | $ | 4,094 |
| December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
| Amortized Cost by Origination Year |  |  |  |  |  |  |  |  |  |  |  |
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  |  |  | Total |  |  |  |  |  |  |  |  |  |  |  |
| (in millions) |  |  |  |  |  |  |  |  |  |  |  |
Commercial Mortgage Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan-to-Value Ratio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0%-59.99% | $ | 828 |  |  | $ | 2,693 |  |  | $ | 3,217 |  |  | $ | 3,854 |  |  | $ | 3,223 |  |  | $ | 15,360 |  |  |  |  | $ | 29,175 |  |  |  |  |  |  |  |  |  |  |  |  |
60%-69.99% | 2,678 |  |  | 4,981 |  |  | 4,291 |  |  | 2,239 |  |  | 2,667 |  |  | 4,058 |  |  |  |  | 20,914 |  |  |  |  |  |  |  |  |  |  |  |  |
70%-79.99% | 2,492 |  |  | 2,587 |  |  | 1,500 |  |  | 1,057 |  |  | 918 |  |  | 1,409 |  |  |  |  | 9,963 |  |  |  |  |  |  |  |  |  |  |  |  |
80% or greater | 23 |  |  | 3 |  |  | 61 |  |  | 69 |  |  | 23 |  |  | 505 |  |  |  |  | 684 |  |  |  |  |  |  |  |  |  |  |  |  |
Total | $ | 6,021 |  |  | $ | 10,264 |  |  | $ | 9,069 |  |  | $ | 7,219 |  |  | $ | 6,831 |  |  | $ | 21,332 |  |  |  |  | $ | 60,736 |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Service Coverage Ratio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Greater or Equal to 1.2x | $ | 5,901 |  |  | $ | 9,429 |  |  | $ | 8,587 |  |  | $ | 6,954 |  |  | $ | 6,382 |  |  | $ | 18,904 |  |  |  |  | $ | 56,157 |  |  |  |  |  |  |  |  |  |  |  |  |
1.0 - 1.2x | 118 |  |  | 711 |  |  | 383 |  |  | 263 |  |  | 384 |  |  | 1,719 |  |  |  |  | 3,578 |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 1.0x | 2 |  |  | 124 |  |  | 99 |  |  | 2 |  |  | 65 |  |  | 709 |  |  |  |  | 1,001 |  |  |  |  |  |  |  |  |  |  |  |  |
Total | $ | 6,021 |  |  | $ | 10,264 |  |  | $ | 9,069 |  |  | $ | 7,219 |  |  | $ | 6,831 |  |  | $ | 21,332 |  |  |  |  | $ | 60,736 |  |  |  |  |  |  |  |  |  |  |  |  |
Agricultural Property Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan-to-Value Ratio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0%-59.99% | $ | 956 |  |  | $ | 494 |  |  | $ | 349 |  |  | $ | 527 |  |  | $ | 367 |  |  | $ | 1,254 |  |  |  |  | $ | 3,947 |  |  |  |  |  |  |  |  |  |  |  |  |
60%-69.99% | 8 |  |  | 51 |  |  | 39 |  |  | 3 |  |  | 0 |  |  | 0 |  |  |  |  | 101 |  |  |  |  |  |  |  |  |  |  |  |  |
70%-79.99% | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |
80% or greater | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  |
Total | $ | 964 |  |  | $ | 545 |  |  | $ | 388 |  |  | $ | 530 |  |  | $ | 367 |  |  | $ | 1,254 |  |  |  |  | $ | 4,048 |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Service Coverage Ratio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Greater or Equal to 1.2x | $ | 941 |  |  | $ | 544 |  |  | $ | 381 |  |  | $ | 468 |  |  | $ | 308 |  |  | $ | 1,202 |  |  |  |  | $ | 3,844 |  |  |  |  |  |  |  |  |  |  |  |  |
1.0 - 1.2x | 23 |  |  | 0 |  |  | 1 |  |  | 59 |  |  | 1 |  |  | 40 |  |  |  |  | 124 |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 1.0x | 0 |  |  | 1 |  |  | 6 |  |  | 3 |  |  | 58 |  |  | 12 |  |  |  |  | 80 |  |  |  |  |  |  |  |  |  |  |  |  |
Total | $ | 964 |  |  | $ | 545 |  |  | $ | 388 |  |  | $ | 530 |  |  | $ | 367 |  |  | $ | 1,254 |  |  |  |  | $ | 4,048 |  |  |  |  |  |  |  |  |  |  |  |  |
Aging of Past Due Commercial Mortgage and Other Loans and Nonaccrual Status | The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
|  | March 31, 2021
|  | Current |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 Days or More Past Due(1) |  | Total Past Due |  | Total Loans |  | Non-Accrual Status(2)
|  | (in millions)
Commercial mortgage loans |  | $ | 59,898 |  |  | $ | 2 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 2 |  |  | $ | 59,900 |  |  | $ | 5 |
Agricultural property loans |  | 4,073 |  |  | 7 |  |  | 0 |  |  | 14 |  |  | 21 |  |  | 4,094 |  |  | 14 |
Residential property loans |  | 84 |  |  | 1 |  |  | 0 |  |  | 1 |  |  | 2 |  |  | 86 |  |  | 1 |
Other collateralized loans |  | 115 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 115 |  |  | 0 |
Uncollateralized loans |  | 583 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 583 |  |  | 0 |
Total |  | $ | 64,753 |  |  | $ | 10 |  |  | $ | 0 |  |  | $ | 15 |  |  | $ | 25 |  |  | $ | 64,778 |  |  | $ | 20 |
__________ (1)As of March 31, 2021, there were no loans in this category accruing interest. (2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
|  | December 31, 2020
|  | Current |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 Days or More Past Due(1) |  | Total Past Due |  | Total Loans |  | Non-Accrual Status(2)
|  | (in millions)
Commercial mortgage loans |  | $ | 60,614 |  |  | $ | 3 |  |  | $ | 119 |  |  | $ | 0 |  |  | $ | 122 |  |  | $ | 60,736 |  |  | $ | 5 |
Agricultural property loans |  | 3,996 |  |  | 37 |  |  | 0 |  |  | 15 |  |  | 52 |  |  | 4,048 |  |  | 15 |
Residential property loans |  | 99 |  |  | 1 |  |  | 0 |  |  | 1 |  |  | 2 |  |  | 101 |  |  | 1 |
Other collateralized loans |  | 120 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 120 |  |  | 0 |
Uncollateralized loans |  | 655 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 655 |  |  | 0 |
Total |  | $ | 65,484 |  |  | $ | 41 |  |  | $ | 119 |  |  | $ | 16 |  |  | $ | 176 |  |  | $ | 65,660 |  |  | $ | 21 |
__________ (1)As of December 31, 2020, there were no loans in this category accruing interest. (2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Other Invested Assets | The following table sets forth the composition of “Other invested assets,” as of the dates indicated:
|  | March 31, 2021 |  | December 31, 2020
|  | (in millions)
LPs/LLCs: |  |  |  |
Equity method: |  |  |  |
Private equity(1) |  | $ | 4,735 |  |  | $ | 4,311 |
Hedge funds |  | 2,732 |  |  | 2,451 |
Real estate-related(1) |  | 2,008 |  |  | 1,985 |
Subtotal equity method |  | 9,475 |  |  | 8,747 |
Fair value: |  |  |  |
Private equity |  | 1,861 |  |  | 1,786 |
Hedge funds |  | 2,199 |  |  | 2,036 |
Real estate-related |  | 319 |  |  | 314 |
Subtotal fair value |  | 4,379 |  |  | 4,136 |
Total LPs/LLCs |  | 13,854 |  |  | 12,883 |
Real estate held through direct ownership(2) |  | 1,877 |  |  | 2,027 |
Derivative instruments |  | 1,869 |  |  | 1,915 |
Other(3) |  | 1,263 |  |  | 1,300 |
Total other invested assets |  | $ | 18,863 |  |  | $ | 18,125 |
_________ (1)Prior period amounts have been updated to conform to current period presentation. (2)As of March 31, 2021 and December 31, 2020, real estate held through direct ownership had mortgage debt of $354 million and $409 million, respectively. (3)Primarily includes strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Banks of New York and Boston. For additional information regarding the Company’s holdings in the Federal Home Loan Banks of New York and Boston, see Note 17 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Accrued Investment Income | The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:
| March 31, 2021 |  | December 31, 2020
| (in millions)
Fixed maturities | $ | 2,558 |  |  | $ | 2,676 |
Equity securities | 8 |  |  | 7 |
Commercial mortgage and other loans | 196 |  |  | 205 |
Policy loans | 277 |  |  | 274 |
Other invested assets | 21 |  |  | 27 |
Short-term investments and cash equivalents | 3 |  |  | 4 |
Total accrued investment income | $ | 3,063 |  |  | $ | 3,193 |
Net Investment Income | The following table sets forth “Net investment income” by investment type, for the periods indicated:
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2021 |  | 2020
|  |  |  |  |  | (in millions)
Fixed maturities, available-for-sale(1) |  |  |  |  |  | $ | 2,999 |  |  | $ | 3,112 |
Fixed maturities, held-to-maturity(1) |  |  |  |  |  | 58 |  |  | 59 |
Fixed maturities, trading |  |  |  |  |  | 24 |  |  | 34 |
Assets supporting experience-rated contractholder liabilities |  |  |  |  |  | 159 |  |  | 184 |
Equity securities |  |  |  |  |  | 23 |  |  | 28 |
Commercial mortgage and other loans |  |  |  |  |  | 617 |  |  | 640 |
Policy loans |  |  |  |  |  | 145 |  |  | 153 |
Other invested assets |  |  |  |  |  | 516 |  |  | 131 |
Short-term investments and cash equivalents |  |  |  |  |  | 10 |  |  | 87 |
Gross investment income |  |  |  |  |  | 4,551 |  |  | 4,428 |
Less: investment expenses |  |  |  |  |  | (169) |  |  | (226) |
Net investment income |  |  |  |  |  | $ | 4,382 |  |  | $ | 4,202 |
__________ (1)Includes income on credit-linked notes which are reported on the same financial statement line items as related surplus notes, as conditions are met for right to offset.
Realized Investment Gains (Losses), Net | The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2021 |  | 2020
|  |  |  |  |  | (in millions)
Fixed maturities(1) |  |  |  |  |  | $ | 1,216 |  |  | $ | 158 |
Commercial mortgage and other loans |  |  |  |  |  | 30 |  |  | 22 |
Investment real estate |  |  |  |  |  | 52 |  |  | (1) |
LPs/LLCs |  |  |  |  |  | 0 |  |  | (3) |
Derivatives |  |  |  |  |  | 775 |  |  | 1,492 |
Other |  |  |  |  |  | 6 |  |  | (1) |
Realized investment gains (losses), net |  |  |  |  |  | $ | 2,079 |  |  | $ | 1,667 |
__________ (1)Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading.
Net Unrealized Gains (Losses) on Investment | The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:
| March 31, 2021 |  | December 31, 2020
| (in millions)
Fixed maturity securities, available-for-sale with an allowance | $ | (5) |  |  | $ | (25) |
Fixed maturity securities, available-for-sale without an allowance | 37,610 |  |  | 58,593 |
Derivatives designated as cash flow hedges(1) | (159) |  |  | (168) |
Derivatives designated as fair value hedges(1) | 12 |  |  | 10 |
Other investments(2) | (9) |  |  | 7 |
Net unrealized gains (losses) on investments | $ | 37,449 |  |  | $ | 58,417 |
__________ (1)For additional information on cash flow and fair value hedges, see Note 5. (2)As of March 31, 2021, there were no net unrealized losses on held-to-maturity securities that were previously transferred from available-for-sale. Includes net unrealized gains on certain joint ventures that are strategic in nature and are included in “Other assets.”
Repurchase Agreements and Securities Lending | The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated:
| March 31, 2021 |  | December 31, 2020
| Remaining Contractual Maturities of the Agreements |  |  |  |  |  | Remaining Contractual Maturities of the Agreements |  |  |  |
| Overnight & Continuous |  | Up to 30 Days |  |  |  | Total |  | Overnight & Continuous |  | Up to 30 Days |  |  |  | Total
| (in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 8,451 |  |  | $ | 485 |  |  |  |  | $ | 8,936 |  |  | $ | 9,548 |  |  | $ | 546 |  |  |  |  | $ | 10,094 |
Commercial mortgage-backed securities | 131 |  |  | 0 |  |  |  |  | 131 |  |  | 463 |  |  | 0 |  |  |  |  | 463 |
Residential mortgage-backed securities | 317 |  |  | 0 |  |  |  |  | 317 |  |  | 337 |  |  | 0 |  |  |  |  | 337 |
Total securities sold under agreements to repurchase(1) | $ | 8,899 |  |  | $ | 485 |  |  |  |  | $ | 9,384 |  |  | $ | 10,348 |  |  | $ | 546 |  |  |  |  | $ | 10,894 |
__________ (1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated. The following table sets forth the composition of “Cash collateral for loaned securities” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:
| March 31, 2021 |  | December 31, 2020
| Remaining Contractual Maturities of the Agreements |  |  |  | Remaining Contractual Maturities of the Agreements |  |
| Overnight & Continuous |  | Up to 30 Days |  | Total |  | Overnight & Continuous |  | Up to 30 Days |  | Total
| (in millions)
Obligations of U.S. states and their political subdivisions | $ | 87 |  |  | $ | 0 |  |  | $ | 87 |  |  | $ | 108 |  |  | $ | 0 |  |  | $ | 108 |
Foreign government bonds | 240 |  |  | 0 |  |  | 240 |  |  | 426 |  |  | 0 |  |  | 426 |
U.S. public corporate securities | 3,294 |  |  | 0 |  |  | 3,294 |  |  | 2,360 |  |  | 0 |  |  | 2,360 |
Foreign public corporate securities | 801 |  |  | 0 |  |  | 801 |  |  | 567 |  |  | 0 |  |  | 567 |
Equity securities | 251 |  |  | 0 |  |  | 251 |  |  | 38 |  |  | 0 |  |  | 38 |
Total cash collateral for loaned securities(1) | $ | 4,673 |  |  | $ | 0 |  |  | $ | 4,673 |  |  | $ | 3,499 |  |  | $ | 0 |  |  | $ | 3,499 |
__________ (1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.

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