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Commitments and Contingent Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Commitments and Contingent Liabilities [Line Items]

Mortgage 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.

Commitments | Commercial Mortgage Loans

Commitments and Contingent Liabilities [Line Items]

Mortgage Loans

Commercial Mortgage Loan Commitments

			March 31, 2021						December 31, 2020
			(in millions)
Total outstanding mortgage loan commitments			$	2,121					$	2,357
Portion of commitment where prearrangement to sell to investor exists			$	1,017					$	882

Commitments | Investments

Commitments and Contingent Liabilities [Line Items]

Commitments to Purchase Investments (excluding Commercial Mortgage Loans)

Commitments to Purchase Investments (excluding Commercial Mortgage Loans)

			March 31, 2021						December 31, 2020
			(in millions)
Expected to be funded from the general account and other operations outside the separate accounts			$	9,003					$	9,567
Expected to be funded from separate accounts			$	255					$	336

Indemnification

Commitments and Contingent Liabilities [Line Items]

Indemnification of Securities Lending and Securities Repurchase Transactions

Indemnification of Securities Lending and Securities Repurchase Transactions

			March 31, 2021						December 31, 2020
			(in millions)
Indemnification provided to certain clients for securities lending and securities repurchase transactions(1)			$	7,516					$	7,108
Fair value of related collateral associated with above indemnifications(1)			$	7,673					$	7,254
Accrued liability associated with guarantee			$	0					$	0

__________ 

(1)Includes $65 million and $34 million related to securities repurchase transactions as of March 31, 2021 and December 31, 2020, respectively.

Indemnification | Serviced Mortgage Loans

Commitments and Contingent Liabilities [Line Items]

Mortgage Loans

Indemnification of Serviced Mortgage Loans

			March 31, 2021						December 31, 2020
			(in millions)
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company			$	2,784					$	2,684
First-loss exposure portion of above			$	812					$	784
Accrued liability associated with guarantees(1)			$	40					$	41

__________

(1)The accrued liability associated with guarantees includes an allowance for credit losses of $19 million and $20 million as of March 31, 2021 and December 31, 2020, respectively. The change in allowance is a reduction of $1 million for both the three months ended March 31, 2021 and 2020.

Guarantees of Asset Values

Commitments and Contingent Liabilities [Line Items]

Guarantees

Guarantees of Asset Values

			March 31, 2021						December 31, 2020
			(in millions)
Guaranteed value of third-parties’ assets			$	85,273					$	86,264
Fair value of collateral supporting these assets			$	88,249					$	90,612
Asset (liability) associated with guarantee, carried at fair value			$	0					$	0

Other Guarantees

Commitments and Contingent Liabilities [Line Items]

Guarantees

Other Guarantees

			March 31, 2021						December 31, 2020
			(in millions)
Other guarantees where amount can be determined			$	85					$	52
Accrued liability for other guarantees and indemnifications			$	0					$	0

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