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Investments (Tables)

3 Months Ended

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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