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v3.21.1

Investments | 3 Months Ended
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Mar. 31, 2021
Investments [Abstract] |
Investments | 3. INVESTMENTS Fixed Maturity 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 |
| 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 |  | 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 |
| 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. 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 |
As of March 31, 2021 and December 31, 2020, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance were composed of $1,997 million and $636 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $334 million and $313 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of March 31, 2021, the $543 million of gross unrealized losses of twelve months or more were concentrated in corporate securities within the energy, finance and consumer non-cyclical sectors. As of December 31, 2020, the $463 million of gross unrealized losses of twelve months or more were concentrated in corporate securities within the energy, utility and finance sectors. In accordance with its policy described in 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, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at March 31, 2021. This conclusion was based on a detailed analysis of the underlying credit and cash flows on each security. Gross unrealized losses are primarily attributable to general credit spread widening, increases in interest rates, foreign currency exchange rate movements and the financial condition or near-term prospects of the issuer. As of March 31, 2021, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. 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. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date. 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. 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 |
For additional information about the Company’s methodology for developing our allowance and expected losses, 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. For the three months ended March 31, 2021, the decrease in the allowance for credit losses on available-for-sale securities was primarily related to public corporate securities within the energy sector, partially offset by an addition to the allowance for private corporate securities within the energy, utility and consumer cyclical sectors. For the three months ended March 31, 2020, the increase in the allowance for credit losses was primarily related to adverse projected cash flows on public and private corporate securities within the energy, utility and communications sectors. The Company did not have any fixed maturity securities purchased with credit deterioration, as of March 31, 2021 or December 31, 2020. 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. The net change in unrealized gains (losses) from assets supporting experience-rated contractholder liabilities still held at period end, recorded within “Other income (loss),” was $(459) million and $(842) million during the three months ended March 31, 2021 and 2020, respectively. Equity Securities The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $352 million and $(1,481) million during the three months ended March 31, 2021 and 2020, respectively. Concentrations of Financial Instruments The Company monitors its concentrations of financial instruments and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any single issuer. 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. As of March 31, 2021, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States (with the largest concentrations in California (28%), Texas (8%) and New York (7%)) and included loans secured by properties in Europe (8%), Australia (2%) and Asia (1%). 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 |
For additional information about the Company’s methodology for developing our allowance and expected losses, 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. As of March 31, 2021, the decrease in the allowance for credit losses on commercial mortgage and other loans was primarily related to the improving credit environment. As of March 31, 2020, the increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to the cumulative effect of adoption of ASU 2016-13. 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 |  |  |  |  |  |  |  |  |  |  |  |  |
For additional information about the Company’s commercial mortgage and other loans credit quality monitoring process, 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. 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. Less than $1 million of interest income was recognized on loans on non-accrual status for both the three months ended March 31, 2021 and 2020. Loans on non-accrual status that did not have a related allowance for credit losses were $15 million as of both March 31, 2021 and December 31, 2020. The Company did not have any significant losses on commercial mortgage and other loans purchased with credit deterioration as of both March 31, 2021 and 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 |
There were no significant write-downs on accrued investment income for both the three months ended March 31, 2021 and 2020, respectively. 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 Investments within AOCI 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 In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. 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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