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Investments (Tables) | 3 Months Ended
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Mar. 31, 2021
Investments [Abstract] |
Available For Sale Securities | The following tables provide information relating to investments in fixed maturity securities by type as of March 31, 2021 and December 31, 2020 (dollars in millions):
March 31, 2021: |  | Amortized |  | Allowance for |  | Unrealized |  | Unrealized |  | Estimated Fair |  | % of |  |
|  | Cost |  | Credit Losses |  | Gains |  | Losses |  | Value |  | Total |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 32,916 |  |  | $ | 16 |  |  | $ | 2,683 |  |  | $ | 288 |  |  | $ | 35,295 |  |  | 62.5 | % |  |
Canadian government |  | 3,253 |  |  | — |  |  | 1,423 |  |  | 3 |  |  | 4,673 |  |  | 8.3 |  |  |
RMBS |  | 1,536 |  |  | — |  |  | 62 |  |  | 7 |  |  | 1,591 |  |  | 2.8 |  |  |
ABS |  | 3,156 |  |  | — |  |  | 25 |  |  | 30 |  |  | 3,151 |  |  | 5.6 |  |  |
CMBS |  | 1,774 |  |  | 1 |  |  | 78 |  |  | 11 |  |  | 1,840 |  |  | 3.3 |  |  |
U.S. government |  | 960 |  |  | — |  |  | 23 |  |  | 53 |  |  | 930 |  |  | 1.6 |  |  |
State and political subdivisions |  | 1,240 |  |  | — |  |  | 109 |  |  | 14 |  |  | 1,335 |  |  | 2.4 |  |  |
Other foreign government |  | 7,394 |  |  | 5 |  |  | 306 |  |  | 84 |  |  | 7,611 |  |  | 13.5 |  |  |
Total fixed maturity securities |  | $ | 52,229 |  |  | $ | 22 |  |  | $ | 4,709 |  |  | $ | 490 |  |  | $ | 56,426 |  |  | 100.0 | % |  |
December 31, 2020: |  | Amortized |  | Allowance for |  | Unrealized |  | Unrealized |  | Estimated Fair |  | % of
|  | Cost |  | Credit Losses |  | Gains |  | Losses |  | Value |  | Total
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 31,963 |  |  | 17 |  |  | $ | 4,356 |  |  | $ | 94 |  |  | $ | 36,208 |  |  | 63.9 | %
Canadian government |  | 3,145 |  |  | — |  |  | 1,995 |  |  | — |  |  | 5,140 |  |  | 9.1 |
RMBS |  | 1,735 |  |  | — |  |  | 84 |  |  | 2 |  |  | 1,817 |  |  | 3.2 |
ABS |  | 3,099 |  |  | — |  |  | 35 |  |  | 42 |  |  | 3,092 |  |  | 5.4 |
CMBS |  | 1,790 |  |  | 3 |  |  | 102 |  |  | 21 |  |  | 1,868 |  |  | 3.3 |
U.S. government |  | 1,242 |  |  | — |  |  | 196 |  |  | 1 |  |  | 1,437 |  |  | 2.5 |
State and political subdivisions |  | 1,237 |  |  | — |  |  | 157 |  |  | 4 |  |  | 1,390 |  |  | 2.4 |
Other foreign government |  | 5,337 |  |  | — |  |  | 479 |  |  | 33 |  |  | 5,783 |  |  | 10.2 |
Total fixed maturity securities |  | $ | 49,548 |  |  | $ | 20 |  |  | $ | 7,404 |  |  | $ | 197 |  |  | $ | 56,735 |  |  | 100.0 | %
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties as of March 31, 2021 and December 31, 2020 (dollars in millions):
| March 31, 2021 |  | December 31, 2020
| Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Fixed maturity securities pledged as collateral | $ | 131 |  |  | $ | 139 |  |  | $ | 148 |  |  | $ | 162 |
Fixed maturity securities received as collateral | n/a |  | 1,751 |  |  | n/a |  | 1,784 |
Assets in trust held to satisfy collateral requirements | 27,893 |  |  | 29,954 |  |  | 27,675 |  |  | 31,179 |
Concentration Risk Disclosure [Text Block] | The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s stockholders’ equity included securities of the U.S. government and its agencies, as well as the securities disclosed below, as of December 31, 2020 (dollars in millions).
| March 31, 2021 |  | December 31, 2020
| Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Fixed maturity securities guaranteed or issued by: |  |  |  |  |  |  |
Government of Japan | $ | 3,366 |  |  | $ | 3,352 |  |  | $ | 1,493 |  |  | $ | 1,491 |
Canadian province of Quebec | 1,337 |  |  | 2,175 |  |  | 1,303 |  |  | 2,474 |
Canadian province of Ontario | 1,081 |  |  | 1,427 |  |  | 1,054 |  |  | 1,528 |
Investments Classified By Contractual Maturity Date | The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of March 31, 2021, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below, as they are not due at a single maturity date.
|  | Amortized Cost |  | Estimated Fair Value
Available-for-sale: |  |  |  |
Due in one year or less |  | $ | 1,361 |  |  | $ | 1,378 |
Due after one year through five years |  | 8,345 |  |  | 8,829 |
Due after five years through ten years |  | 10,956 |  |  | 11,763 |
Due after ten years |  | 25,101 |  |  | 27,874 |
Structured securities |  | 6,466 |  |  | 6,582 |
Total |  | $ | 52,229 |  |  | $ | 56,426 |
Fixed Maturity Holdings Industry Types Weighted Average Credit Ratings [Table Text Block] | The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of March 31, 2021 and December 31, 2020 (dollars in millions):
March 31, 2021: |  |  |  | Estimated |  |
|  | Amortized Cost |  | Fair Value |  | % of Total
Finance |  | $ | 12,045 |  |  | $ | 12,906 |  |  | 36.6 | %
Industrial |  | 16,819 |  |  | 18,029 |  |  | 51.0 |
Utility |  | 4,052 |  |  | 4,360 |  |  | 12.4 |
Total |  | $ | 32,916 |  |  | $ | 35,295 |  |  | 100.0 | %
December 31, 2020: |  |  |  | Estimated |  |
|  | Amortized Cost |  | Fair Value |  | % of Total
Finance |  | $ | 11,785 |  |  | $ | 13,236 |  |  | 36.6 | %
Industrial |  | 16,274 |  |  | 18,435 |  |  | 50.9 |
Utility |  | 3,904 |  |  | 4,537 |  |  | 12.5 |
Total |  | $ | 31,963 |  |  | $ | 36,208 |  |  | 100.0 | %
Financing Receivable, Allowance for Credit Loss [Table Text Block] | The following table presents the rollforward of the allowance for credit losses in fixed maturity securities by type for the three months ended March 31, 2021 and 2020 (dollars in millions):
| Three months ended March 31, 2021
| Corporate |  | CMBS |  | Other Foreign Government |  |  |  | Total
Balance, beginning of period | $ | 17 |  |  | $ | 3 |  |  | $ | — |  |  |  |  | $ | 20 |
Credit losses recognized on securities for which credit losses were not previously recorded | — |  |  | 1 |  |  | 5 |  |  |  |  | 6 |
Reductions for securities sold during the period | (1) |  |  | (2) |  |  | — |  |  |  |  | (3) |
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period | — |  |  | (1) |  |  | — |  |  |  |  | (1) |
Balance, end of period | $ | 16 |  |  | $ | 1 |  |  | $ | 5 |  |  |  |  | $ | 22 |
Investments In Debt And Equity Securities Gross Unrealized Losses Disclosures | The following table presents the total gross unrealized losses for the 1,650 and 877 fixed maturity securities as of March 31, 2021 and December 31, 2020, where the estimated fair value had declined and remained below amortized cost by the indicated amount (dollars in millions):
|  | March 31, 2021 |  | December 31, 2020
|  | Gross Unrealized Losses |  | % of Total |  | Gross Unrealized Losses |  | % of Total
Less than 20% |  | $ | 427 |  |  | 87.2 | % |  | $ | 133 |  |  | 67.5 | %
20% or more for less than six months |  | 28 |  |  | 5.7 |  |  | 42 |  |  | 21.3 |
20% or more for six months or greater |  | 35 |  |  | 7.1 |  |  | 22 |  |  | 11.2 |
Total |  | $ | 490 |  |  | 100.0 | % |  | $ | 197 |  |  | 100.0 | %
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | The following tables present the estimated fair values and gross unrealized losses for fixed maturity securities that have estimated fair values below amortized cost as of March 31, 2021 and December 31, 2020 (dollars in millions). These investments are presented by class and grade of security, as well as the length of time the related fair value has remained below amortized cost.
|  | Less than 12 months |  | 12 months or greater |  | Total
|  |  |  | Gross |  |  |  | Gross |  |  |  | Gross
March 31, 2021: |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized
|  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 4,794 |  |  | $ | 211 |  |  | $ | 219 |  |  | $ | 10 |  |  | $ | 5,013 |  |  | $ | 221 |
Canadian government |  | 29 |  |  | 3 |  |  | — |  |  | — |  |  | 29 |  |  | 3 |
RMBS |  | 323 |  |  | 7 |  |  | — |  |  | — |  |  | 323 |  |  | 7 |
ABS |  | 793 |  |  | 6 |  |  | 933 |  |  | 12 |  |  | 1,726 |  |  | 18 |
CMBS |  | 103 |  |  | 2 |  |  | 68 |  |  | 2 |  |  | 171 |  |  | 4 |
U.S. government |  | 431 |  |  | 53 |  |  | — |  |  | — |  |  | 431 |  |  | 53 |
State and political subdivisions |  | 271 |  |  | 9 |  |  | 29 |  |  | 5 |  |  | 300 |  |  | 14 |
Other foreign government |  | 2,469 |  |  | 50 |  |  | 498 |  |  | 25 |  |  | 2,967 |  |  | 75 |
Total investment grade securities |  | 9,213 |  |  | 341 |  |  | 1,747 |  |  | 54 |  |  | 10,960 |  |  | 395 |
Below investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | 258 |  |  | 45 |  |  | 226 |  |  | 22 |  |  | $ | 484 |  |  | $ | 67 |
ABS |  | — |  |  | — |  |  | 15 |  |  | 12 |  |  | 15 |  |  | 12 |
CMBS |  | 42 |  |  | 1 |  |  | 44 |  |  | 6 |  |  | 86 |  |  | 7 |
Other foreign government |  | 86 |  |  | 4 |  |  | 26 |  |  | 5 |  |  | 112 |  |  | 9 |
Total below investment grade securities |  | 386 |  |  | 50 |  |  | 311 |  |  | 45 |  |  | 697 |  |  | 95 |
Total fixed maturity securities |  | $ | 9,599 |  |  | $ | 391 |  |  | $ | 2,058 |  |  | $ | 99 |  |  | $ | 11,657 |  |  | $ | 490 |
|  | Less than 12 months |  | 12 months or greater |  | Total
|  |  |  | Gross |  |  |  | Gross |  |  |  | Gross
December 31, 2020: |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized
|  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 930 |  |  | $ | 29 |  |  | $ | 70 |  |  | $ | 5 |  |  | $ | 1,000 |  |  | $ | 34 |
Canadian government |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
RMBS |  | 294 |  |  | 2 |  |  | — |  |  | — |  |  | 294 |  |  | 2 |
ABS |  | 1,096 |  |  | 17 |  |  | 570 |  |  | 11 |  |  | 1,666 |  |  | 28 |
CMBS |  | 160 |  |  | 6 |  |  | — |  |  | — |  |  | 160 |  |  | 6 |
U.S. government |  | 27 |  |  | 1 |  |  | — |  |  | — |  |  | 27 |  |  | 1 |
State and political subdivisions |  | 66 |  |  | 1 |  |  | 16 |  |  | 3 |  |  | 82 |  |  | 4 |
Other foreign government |  | 973 |  |  | 27 |  |  | — |  |  | — |  |  | 973 |  |  | 27 |
Total investment grade securities |  | 3,546 |  |  | 83 |  |  | 656 |  |  | 19 |  |  | 4,202 |  |  | 102 |
Below investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | 375 |  |  | 49 |  |  | 81 |  |  | 11 |  |  | 456 |  |  | 60 |
ABS |  | 20 |  |  | 13 |  |  | 4 |  |  | 1 |  |  | 24 |  |  | 14 |
CMBS |  | 91 |  |  | 15 |  |  | — |  |  | — |  |  | 91 |  |  | 15 |
Other foreign government |  | 36 |  |  | 3 |  |  | 28 |  |  | 3 |  |  | 64 |  |  | 6 |
Total below investment grade securities |  | 522 |  |  | 80 |  |  | 113 |  |  | 15 |  |  | 635 |  |  | 95 |
Total fixed maturity securities |  | $ | 4,068 |  |  | $ | 163 |  |  | $ | 769 |  |  | $ | 34 |  |  | $ | 4,837 |  |  | $ | 197 |
Investment Income | Major categories of investment income, net of related expenses, consist of the following (dollars in millions):
|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2021 |  | 2020
Fixed maturity securities available-for-sale |  |  |  |  |  | $ | 495 |  |  | $ | 480 |
Equity securities |  |  |  |  |  | 2 |  |  | 2 |
Mortgage loans on real estate |  |  |  |  |  | 66 |  |  | 67 |
Policy loans |  |  |  |  |  | 14 |  |  | 15 |
Funds withheld at interest |  |  |  |  |  | 84 |  |  | 53 |
Short-term investments and cash and cash equivalents |  |  |  |  |  | 1 |  |  | 4 |
Other invested assets |  |  |  |  |  | 174 |  |  | (5) |
Investment income |  |  |  |  |  | 836 |  |  | 616 |
Investment expense |  |  |  |  |  | (24) |  |  | (22) |
Investment income, net of related expenses |  |  |  |  |  | 812 |  |  | $ | 594 |
Gain Loss On Investments | Investment related gains (losses), net, consist of the following (dollars in millions):
|  |  | Three months ended March 31,
|  |  |  |  | 2021 |  | 2020
Fixed maturity securities available-for-sale: |  |  |  |  |  |  |
Impairments and change in allowance for credit losses |  |  |  |  | $ | (2) |  |  | $ | (34) |
Gain on investment activity |  |  |  |  | 167 |  |  | 27 |
Loss on investment activity |  |  |  |  | (13) |  |  | (8) |
Net gains (losses) on equity securities |  |  |  |  | 3 |  |  | (23) |
Other impairment losses and change in mortgage loan provision |  |  |  |  | 18 |  |  | (13) |
Change in fair value of certain limited partnership investments and other, net |  |  |  |  | 111 |  |  | 9 |
Net gains (losses) on derivatives |  |  |  |  | 18 |  |  | (243) |
Total investment related gains (losses), net |  |  |  |  | $ | 302 |  |  | $ | (285) |
Schedule of Repurchase Agreements [Table Text Block] | The following table includes the amount of borrowed securities, loaned securities, and securities received as collateral as part of the securities lending program and repurchased/reverse repurchased securities pledged and received as of March 31, 2021 and December 31, 2020 (dollars in millions).
| March 31, 2021 |  | December 31, 2020
| Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Borrowed securities | $ | 233 |  |  | $ | 257 |  |  | $ | 118 |  |  | $ | 161 |
Securities lending: |  |  |  |  |  |  |
Securities loaned | 94 |  |  | 102 |  |  | 94 |  |  | 105 |
Securities received | n/a |  | 104 |  |  | n/a |  | 102 |
Repurchase program/reverse repurchase program: |  |  |  |  |  |  |
Securities pledged | 647 |  |  | 685 |  |  | 653 |  |  | 711 |
Securities received | n/a |  | 657 |  |  | n/a |  | 669 |
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block] | The following tables present information on the Company’s securities lending and repurchase/reverse repurchase transactions as of March 31, 2021 and December 31, 2020 (dollars in millions). Collateral associated with certain borrowed securities is not included within the tables, as the collateral pledged to each counterparty is the right to reinsurance treaty cash flows.
| March 31, 2021
| Remaining Contractual Maturity of the Agreements
| Overnight and Continuous |  | Up to 30 Days |  | 30 – 90 Days |  | Greater than 90 Days |  | Total
Securities lending transactions: |  |  |  |  |  |  |  |  |
Corporate | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 102 |  |  | $ | 102 |
Total | — |  |  | — |  |  | — |  |  | 102 |  |  | 102 |
Repurchase/reverse repurchase transactions: |  |  |  |  |  |  |  |  |
Corporate | — |  |  | — |  |  | — |  |  | 407 |  |  | 407 |
Other foreign government | — |  |  | — |  |  | — |  |  | 278 |  |  | 278 |
Total | — |  |  | — |  |  | — |  |  | 685 |  |  | 685 |
Total transactions | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 787 |  |  | $ | 787 |
Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table |  | $ | 766 |
Amounts related to agreements not included in offsetting disclosure |  | $ | 21 |
| December 31, 2020
| Remaining Contractual Maturity of the Agreements
| Overnight and Continuous |  | Up to 30 Days |  | 30 – 90 Days |  | Greater than 90 Days |  | Total
Securities lending transactions: |  |  |  |  |  |  |  |  |
Corporate | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 105 |  |  | $ | 105 |
Total | — |  |  | — |  |  | — |  |  | 105 |  |  | 105 |
Repurchase/reverse repurchase transactions: |  |  |  |  |  |  |  |  |
Corporate | — |  |  | — |  |  | — |  |  | 417 |  |  | 417 |
Other foreign government | — |  |  | — |  |  | — |  |  | 294 |  |  | 294 |
Total | — |  |  | — |  |  | — |  |  | 711 |  |  | 711 |
Total transactions | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 816 |  |  | $ | 816 |
Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table |  | $ | 771 |
Amounts related to agreements not included in offsetting disclosure |  | $ | 45 |
Disclosure Of Real Estate Holdings By Property Type [Table Text Block] | The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of March 31, 2021 and December 31, 2020 (dollars in millions):
|  | March 31, 2021 |  | December 31, 2020
Property type: |  | Carrying Value |  | % of Total |  | Carrying Value |  | % of Total
Office |  | $ | 1,724 |  |  | 28.5 | % |  | $ | 1,702 |  |  | 29.0 | %
Retail |  | 1,753 |  |  | 28.9 |  |  | 1,711 |  |  | 29.3 |
Industrial |  | 1,297 |  |  | 21.4 |  |  | 1,210 |  |  | 20.6 |
Apartment |  | 856 |  |  | 14.1 |  |  | 808 |  |  | 13.8 |
Other commercial |  | 428 |  |  | 7.1 |  |  | 430 |  |  | 7.3 |
Recorded investment |  | $ | 6,058 |  |  | 100.0 | % |  | 5,861 |  |  | 100.0 | %
Unamortized balance of loan origination fees and expenses |  | (10) |  |  |  |  | (10) |  |  |
Valuation allowances |  | (47) |  |  |  |  | (64) |  |  |
Total mortgage loans on real estate |  | $ | 6,001 |  |  |  |  | $ | 5,787 |  |  |
Mortgage Loans Classified By Contractual Maturity Date [Table Text Block] | The following table presents the maturities of the Company’s recorded investment in mortgage loans as of March 31, 2021 and December 31, 2020 (dollars in millions):
|  | March 31, 2021 |  | December 31, 2020
|  | Recorded Investment |  | % of Total |  | Recorded Investment |  | % of Total
Due within five years |  | $ | 2,478 |  |  | 40.9 | % |  | $ | 2,276 |  |  | 38.8 | %
Due after five years through ten years |  | 2,674 |  |  | 44.1 |  |  | 2,768 |  |  | 47.3 |
Due after ten years |  | 906 |  |  | 15.0 |  |  | 817 |  |  | 13.9 |
Total |  | $ | 6,058 |  |  | 100.0 | % |  | $ | 5,861 |  |  | 100.0 | %
Mortgage Loan Internal Credit Risk Grade [Table Text Block] | The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of March 31, 2021 and December 31, 2020 (dollars in millions):
| Recorded Investment
| Debt Service Ratios |  | Construction loans |  |  |  |
| >1.20x |  | 1.00x – 1.20x |  | <1.00x |  |  | Total |  | % of Total
March 31, 2021: |  |  |  |  |  |  |  |  |  |  |
Loan-to-Value Ratio |  |  |  |  |  |  |  |  |  |  |
0% – 59.99% | $ | 2,877 |  |  | $ | 131 |  |  | $ | 83 |  |  | $ | 26 |  |  | $ | 3,117 |  |  | 51.4 | %
60% – 69.99% | 2,020 |  |  | 64 |  |  | 3 |  |  | — |  |  | 2,087 |  |  | 34.5 |
70% – 79.99% | 494 |  |  | 71 |  |  | 43 |  |  | — |  |  | 608 |  |  | 10.0 |
80% or greater | 208 |  |  | 21 |  |  | 17 |  |  | — |  |  | 246 |  |  | 4.1 |
Total | $ | 5,599 |  |  | $ | 287 |  |  | $ | 146 |  |  | $ | 26 |  |  | $ | 6,058 |  |  | 100.0 | %
| Recorded Investment
| Debt Service Ratios |  | Construction loans |  |  |  |
| >1.20x |  | 1.00x – 1.20x |  | <1.00x |  |  | Total |  | % of Total
December 31, 2020: |  |  |  |  |  |  |  |  |  |  |
Loan-to-Value Ratio |  |  |  |  |  |  |  |  |  |  |
0% – 59.99% | $ | 2,774 |  |  | $ | 106 |  |  | $ | 17 |  |  | $ | 12 |  |  | $ | 2,909 |  |  | 49.6 | %
60% – 69.99% | 2,013 |  |  | 62 |  |  | 33 |  |  | — |  |  | 2,108 |  |  | 36.0 |
70% – 79.99% | 555 |  |  | 49 |  |  | 13 |  |  | — |  |  | 617 |  |  | 10.5 |
80% or greater | 189 |  |  | 21 |  |  | 17 |  |  | — |  |  | 227 |  |  | 3.9 |
Total | $ | 5,531 |  |  | $ | 238 |  |  | $ | 80 |  |  | $ | 12 |  |  | $ | 5,861 |  |  | 100.0 | %
The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of March 31, 2021 and December 31, 2020 (dollars in millions):
| Recorded Investment
| Year of Origination |  |
| 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Total
March 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |
Internal credit quality grade: |  |  |  |  |  |  |  |  |  |  |  |  |
High investment grade | $ | 230 |  |  | $ | 411 |  |  | $ | 575 |  |  | $ | 451 |  |  | $ | 315 |  |  | $ | 1,494 |  |  | $ | 3,476 |
Investment grade | 116 |  |  | 360 |  |  | 498 |  |  | 388 |  |  | 397 |  |  | 637 |  |  | 2,396 |
Average | — |  |  | — |  |  | — |  |  | 39 |  |  | 19 |  |  | 88 |  |  | 146 |
Watch list | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 4 |
In or near default | — |  |  | - |  | — |  |  | — |  |  | — |  |  | 36 |  |  | 36 |
Total | $ | 346 |  |  | $ | 771 |  |  | $ | 1,073 |  |  | $ | 878 |  |  | $ | 731 |  |  | $ | 2,259 |  |  | $ | 6,058 |
| Recorded Investment
| Year of Origination |  |
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Total
December 31, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |
Internal credit quality grade: |  |  |  |  |  |  |  |  |  |  |  |  |
High investment grade | $ | 411 |  |  | $ | 616 |  |  | $ | 493 |  |  | $ | 336 |  |  | $ | 574 |  |  | $ | 1,008 |  |  | $ | 3,438 |
Investment grade | 352 |  |  | 496 |  |  | 399 |  |  | 407 |  |  | 249 |  |  | 368 |  |  | 2,271 |
Average | — |  |  | — |  |  | — |  |  | 19 |  |  | 37 |  |  | 55 |  |  | 111 |
Watch list | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 4 |
In or near default | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 37 |  |  | 37 |
Total | $ | 763 |  |  | $ | 1,112 |  |  | $ | 892 |  |  | $ | 762 |  |  | $ | 860 |  |  | $ | 1,472 |  |  | $ | 5,861 |
Financing Receivable, Past Due [Table Text Block] | The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of March 31, 2021 and December 31, 2020.
|  | March 31, 2021 |  | December 31, 2020
Current |  | $ | 6,043 |  |  | $ | 5,846 |
31 – 60 days past due |  | 15 |  |  | 15 |
Total |  | $ | 6,058 |  |  | $ | 5,861 |
Recorded Investment And Allowance For Credit Losses | The following table presents the recorded investment in mortgage loans, by method of measuring impairment, and the related valuation allowances as of March 31, 2021 and December 31, 2020 (dollars in millions):
|  | March 31, 2021 |  | December 31, 2020
Mortgage loans: |  |  |  |
Individually measured for impairment |  | $ | 36 |  |  | $ | 37 |
Collectively measured for impairment |  | 6,022 |  |  | 5,824 |
Recorded investment |  | $ | 6,058 |  |  | $ | 5,861 |
Valuation allowances: |  |  |  |
Individually measured for impairment |  | $ | — |  |  | $ | — |
Collectively measured for impairment |  | 47 |  |  | 64 |
Total valuation allowances |  | $ | 47 |  |  | $ | 64 |
Allowance For Mortgage Loan And Lease Losses Provision For Loss Net | nformation regarding the Company’s loan valuation allowances for mortgage loans for the three months ended March 31, 2021 and 2020 (dollars in millions):
|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2021 |  | 2020
Balance, beginning of period |  |  |  |  |  | $ | 64 |  |  | $ | 12 |
Adoption of new accounting standard, see Note 13 |  |  |  |  |  | — |  |  | 14 |
Provision (release) |  |  |  |  |  | (17) |  |  | 13 |
Balance, end of period |  |  |  |  |  | $ | 47 |  |  | $ | 39 |
Impaired Financing Receivables Table | The following table presents information regarding the portion of the Company’s mortgage loans that were impaired as of March 31, 2021 and December 31, 2020 (dollars in millions):
|  | Unpaid Principal Balance |  | Recorded Investment |  | Related Allowance |  | Carrying Value
March 31, 2021: |  |  |  |  |  |  |  |
Impaired mortgage loans with no valuation allowance recorded |  | $ | 36 |  |  | $ | 36 |  |  | $ | — |  |  | $ | 36 |
Impaired mortgage loans with valuation allowance recorded |  | — |  |  | — |  |  | — |  |  | — |
Total impaired mortgage loans |  | $ | 36 |  |  | $ | 36 |  |  | $ | — |  |  | $ | 36 |
December 31, 2020: |  |  |  |  |  |  |  |
Impaired mortgage loans with no valuation allowance recorded |  | $ | 37 |  |  | $ | 37 |  |  | $ | — |  |  | $ | 37 |
Impaired mortgage loans with valuation allowance recorded |  | — |  |  | — |  |  | — |  |  | — |
Total impaired mortgage loans |  | $ | 37 |  |  | $ | 37 |  |  | $ | — |  |  | $ | 37 |
The following table presents the Company’s average investment balance of impaired mortgage loans and the related interest income for the periods indicated (dollars in millions):
|  | Three months ended March 31,
|  | 2021 |  | 2020
|  | Average Recorded Investment(1) |  | Interest Income |  | Average Recorded Investment(1) |  | Interest Income
Impaired mortgage loans with no valuation allowance recorded |  | $ | 36 |  |  | $ | — |  |  | $ | 17 |  |  | $ | — |
Impaired mortgage loans with valuation allowance recorded |  | — |  |  | — |  |  | — |  |  | — |
Total impaired mortgage loans |  | $ | 36 |  |  | $ | — |  |  | $ | 17 |  |  | $ | — |
(1) Average recorded investment represents the average loan balances as of the beginning of period and all subsequent quarterly end of period balances.
Schedule Of Other Invested Assets [Table Text Block] | Carrying values of these assets as of March 31, 2021 and December 31, 2020 are as follows (dollars in millions):
|  | March 31, 2021 |  | December 31, 2020
Limited partnership interests and real estate joint ventures |  | $ | 1,529 |  |  | $ | 1,367 |
Lifetime mortgages |  | 958 |  |  | 935 |
Derivatives |  | 125 |  |  | 140 |
FVO contractholder-directed unit-linked investments |  | 276 |  |  | 289 |
Other |  | 95 |  |  | 98 |
Total other invested assets |  | $ | 2,983 |  |  | $ | 2,829 |

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