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Variable Interest Entities | 3 Months Ended
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Mar. 31, 2021
Variable Interest Entity, Measure of Activity [Abstract] |
Variable Interest Entities | VARIABLE INTEREST ENTITIES In the normal course of its activities, the Company enters into relationships with various special-purpose entities and other entities that are deemed to be variable interest entities (“VIEs”). For additional information, see Note 4 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Consolidated Variable Interest Entities The table below reflects the carrying amount and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported. The liabilities primarily comprise obligations under debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs.
| Consolidated VIEs for which the Company is the Investment Manager(1) |  | Other Consolidated VIEs(1)
| March 31, 2021 |  | December 31, 2020 |  | March 31, 2021 |  | December 31, 2020
| (in millions)
Fixed maturities, available-for-sale | $ | 102 |  |  | $ | 110 |  |  | $ | 275 |  |  | $ | 296 |
Fixed maturities, held-to-maturity | 81 |  |  | 87 |  |  | 824 |  |  | 882 |
Fixed maturities, trading | 154 |  |  | 160 |  |  | 0 |  |  | 0 |
Equity securities | 57 |  |  | 42 |  |  | 0 |  |  | 0 |
Commercial mortgage and other loans | 911 |  |  | 975 |  |  | 0 |  |  | 0 |
Other invested assets | 2,533 |  |  | 2,221 |  |  | 133 |  |  | 127 |
Cash and cash equivalents | 99 |  |  | 101 |  |  | 0 |  |  | 0 |
Accrued investment income | 1 |  |  | 2 |  |  | 3 |  |  | 4 |
Other assets | 511 |  |  | 594 |  |  | 873 |  |  | 768 |
Total assets of consolidated VIEs | $ | 4,449 |  |  | $ | 4,292 |  |  | $ | 2,108 |  |  | $ | 2,077 |
Other liabilities | $ | 516 |  |  | $ | 256 |  |  | $ | 0 |  |  | $ | 2 |
Notes issued by consolidated VIEs(2) | 285 |  |  | 305 |  |  | 0 |  |  | 0 |
Total liabilities of consolidated VIEs | $ | 801 |  |  | $ | 561 |  |  | $ | 0 |  |  | $ | 2 |
__________ (1)Total assets of consolidated VIEs reflect $2,495 million and $2,538 million as of March 31, 2021 and December 31, 2020, respectively, related to VIEs whose beneficial interests are wholly-owned by consolidated subsidiaries. (2)Recourse is limited to the assets of the respective VIE and does not extend to the general credit of the Company. As of March 31, 2021, the maturity of this obligation was within 4 years. Unconsolidated Variable Interest Entities The Company has determined that it is not the primary beneficiary of certain VIEs for which it is the investment manager. The Company’s maximum exposure to loss resulting from its relationship with unconsolidated VIEs for which it is the investment manager is limited to its investment in the VIEs, which was $948 million and $935 million at March 31, 2021 and December 31, 2020, respectively. These investments are reflected in “Fixed maturities, available-for-sale,” “Fixed maturities, trading,” “Equity securities” and “Other invested assets.” There are no liabilities associated with these unconsolidated VIEs on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In the normal course of its activities, the Company will invest in limited partnerships and limited liability companies (“LPs/LLCs”), which include hedge funds, private equity funds and real estate-related funds and may or may not be VIEs. The Company’s maximum exposure to loss on these investments, both VIEs and non-VIEs, is limited to the amount of its investment. The Company classifies these investments as “Other invested assets” and its maximum exposure to loss associated with these entities was $13,854 million and $12,883 million as of March 31, 2021 and December 31, 2020, respectively. In addition, in the normal course of its activities, the Company will invest in structured investments including VIEs for which it is not the investment manager. These structured investments typically invest in fixed income investments and are managed by third-parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities. The Company’s maximum exposure to loss on these structured investments, both VIEs and non-VIEs, is limited to the amount of its investment. See Note 3 for details regarding the carrying amounts and classification of these assets. The Company has not provided material financial or other support that was not contractually required to these structures. The Company has determined that it is not the primary beneficiary of these structures due to the fact that it does not control these entities.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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