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v3.22.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2022
Investments [Abstract] |
Debt Securities, Available-for-sale | The following tables provide information relating to investments in fixed maturity securities by type as of March 31, 2022 and December 31, 2021 (dollars in millions):
March 31, 2022: |  | Amortized |  | Allowance for |  | Unrealized |  | Unrealized |  | Estimated Fair |  | % of |  |
|  | Cost |  | Credit Losses |  | Gains |  | Losses |  | Value |  | Total |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 36,813 |  |  | $ | 33 |  |  | $ | 954 |  |  | $ | 1,354 |  |  | $ | 36,380 |  |  | 62.8 | % |  |
Canadian government |  | 3,381 |  |  | — |  |  | 1,038 |  |  | 12 |  |  | 4,407 |  |  | 7.6 |  |  |
RMBS |  | 983 |  |  | — |  |  | 11 |  |  | 28 |  |  | 966 |  |  | 1.7 |  |  |
ABS |  | 3,915 |  |  | 5 |  |  | 5 |  |  | 169 |  |  | 3,746 |  |  | 6.5 |  |  |
CMBS |  | 1,829 |  |  | 1 |  |  | 6 |  |  | 48 |  |  | 1,786 |  |  | 3.1 |  |  |
U.S. government |  | 1,587 |  |  | — |  |  | 7 |  |  | 69 |  |  | 1,525 |  |  | 2.6 |  |  |
State and political subdivisions |  | 1,206 |  |  | — |  |  | 50 |  |  | 47 |  |  | 1,209 |  |  | 2.1 |  |  |
Other foreign government |  | 8,135 |  |  | 3 |  |  | 110 |  |  | 339 |  |  | 7,903 |  |  | 13.6 |  |  |
Total fixed maturity securities |  | $ | 57,849 |  |  | $ | 42 |  |  | $ | 2,181 |  |  | $ | 2,066 |  |  | $ | 57,922 |  |  | 100.0 | % |  |
December 31, 2021: |  | Amortized |  | Allowance for |  | Unrealized |  | Unrealized |  | Estimated Fair |  | % of
|  | Cost |  | Credit Losses |  | Gains |  | Losses |  | Value |  | Total
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 35,239 |  |  | $ | 26 |  |  | $ | 3,084 |  |  | $ | 194 |  |  | $ | 38,103 |  |  | 62.8 | %
Canadian government |  | 3,339 |  |  | — |  |  | 1,606 |  |  | 1 |  |  | 4,944 |  |  | 8.1 |
RMBS |  | 1,020 |  |  | — |  |  | 37 |  |  | 7 |  |  | 1,050 |  |  | 1.7 |
ABS |  | 4,024 |  |  | — |  |  | 22 |  |  | 41 |  |  | 4,005 |  |  | 6.6 |
CMBS |  | 1,790 |  |  | 1 |  |  | 66 |  |  | 6 |  |  | 1,849 |  |  | 3.0 |
U.S. government |  | 2,082 |  |  | — |  |  | 31 |  |  | 8 |  |  | 2,105 |  |  | 3.5 |
State and political subdivisions |  | 1,191 |  |  | — |  |  | 137 |  |  | 5 |  |  | 1,323 |  |  | 2.2 |
Other foreign government |  | 7,188 |  |  | 4 |  |  | 273 |  |  | 87 |  |  | 7,370 |  |  | 12.1 |
Total fixed maturity securities |  | $ | 55,873 |  |  | $ | 31 |  |  | $ | 5,256 |  |  | $ | 349 |  |  | $ | 60,749 |  |  | 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, 2022 and December 31, 2021 (dollars in millions):
| March 31, 2022 |  | December 31, 2021
| Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Fixed maturity securities pledged as collateral | $ | 181 |  |  | $ | 173 |  |  | $ | 100 |  |  | $ | 103 |
Fixed maturity securities received as collateral | n/a |  | 1,743 |  |  | n/a |  | 1,922 |
Assets in trust held to satisfy collateral requirements | 29,136 |  |  | 29,077 |  |  | 28,671 |  |  | 31,173 |
Concentration Risk Disclosure [Text Block] | The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s equity included securities of the U.S. government and its agencies, as well as the securities disclosed below, as of March 31, 2022 and December 31, 2021 (dollars in millions).
| March 31, 2022 |  | December 31, 2021
| Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Fixed maturity securities guaranteed or issued by: |  |  |  |  |  |  |
Government of Japan | $ | 3,887 |  |  | $ | 3,742 |  |  | $ | 3,080 |  |  | $ | 3,063 |
Canadian province of Quebec | 1,409 |  |  | 2,062 |  |  | 1,377 |  |  | 2,347 |
Canadian province of Ontario | 1,063 |  |  | 1,288 |  |  | 1,092 |  |  | 1,451 |
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, 2022, 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 |  | $ | 1,511 |  |  | $ | 1,517 |
Due after one year through five years |  | 10,009 |  |  | 10,112 |
Due after five years through ten years |  | 11,862 |  |  | 11,776 |
Due after ten years |  | 27,740 |  |  | 28,019 |
Structured securities |  | 6,727 |  |  | 6,498 |
Total |  | $ | 57,849 |  |  | $ | 57,922 |
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, 2022 and December 31, 2021 (dollars in millions):
March 31, 2022: |  |  |  | Estimated |  |
|  | Amortized Cost |  | Fair Value |  | % of Total
Finance |  | $ | 13,839 |  |  | $ | 13,599 |  |  | 37.4 | %
Industrial |  | 18,496 |  |  | 18,382 |  |  | 50.5 |
Utility |  | 4,478 |  |  | 4,399 |  |  | 12.1 |
Total |  | $ | 36,813 |  |  | $ | 36,380 |  |  | 100.0 | %
December 31, 2021: |  |  |  | Estimated |  |
|  | Amortized Cost |  | Fair Value |  | % of Total
Finance |  | $ | 13,101 |  |  | $ | 14,045 |  |  | 36.9 | %
Industrial |  | 17,857 |  |  | 19,375 |  |  | 50.8 |
Utility |  | 4,281 |  |  | 4,683 |  |  | 12.3 |
Total |  | $ | 35,239 |  |  | $ | 38,103 |  |  | 100.0 | %
Financing Receivable, Allowance for Credit Loss [Table Text Block] | The following tables present the rollforward of the allowance for credit losses in fixed maturity securities by type for the three months ended March 31, 2022 and 2021 (dollars in millions):
For the three months ended March 31, 2022: |
| Corporate |  | ABS |  | CMBS |  | Other Foreign Government |  |  |  | Total
Balance, beginning of period | $ | 26 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 4 |  |  |  |  | $ | 31 |
Credit losses recognized on securities for which credit losses were not previously recorded | 6 |  |  | 5 |  |  | — |  |  | — |  |  |  |  | 11 |
Reductions for securities sold during the period | (1) |  |  | — |  |  | — |  |  | (1) |  |  |  |  | (2) |
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period | 2 |  |  | — |  |  | — |  |  | — |  |  |  |  | 2 |
Balance, end of period | $ | 33 |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | 3 |  |  |  |  | $ | 42 |
For the three months ended March 31, 2021: |
| Corporate |  | ABS |  | 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 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value |
|  | Less than 12 months |  | 12 months or greater |  | Total
|  |  |  | Gross |  |  |  | Gross |  |  |  | Gross
March 31, 2022: |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized
|  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 15,156 |  |  | $ | 1,082 |  |  | $ | 1,161 |  |  | $ | 186 |  |  | $ | 16,317 |  |  | $ | 1,268 |
Canadian government |  | 127 |  |  | 8 |  |  | 15 |  |  | 4 |  |  | 142 |  |  | 12 |
RMBS |  | 400 |  |  | 15 |  |  | 137 |  |  | 13 |  |  | 537 |  |  | 28 |
ABS |  | 2,632 |  |  | 139 |  |  | 604 |  |  | 18 |  |  | 3,236 |  |  | 157 |
CMBS |  | 1,178 |  |  | 40 |  |  | 34 |  |  | 3 |  |  | 1,212 |  |  | 43 |
U.S. government |  | 1,148 |  |  | 64 |  |  | 27 |  |  | 5 |  |  | 1,175 |  |  | 69 |
State and political subdivisions |  | 460 |  |  | 42 |  |  | 30 |  |  | 5 |  |  | 490 |  |  | 47 |
Other foreign government |  | 4,287 |  |  | 218 |  |  | 727 |  |  | 83 |  |  | 5,014 |  |  | 301 |
Total investment grade securities |  | 25,388 |  |  | 1,608 |  |  | 2,735 |  |  | 317 |  |  | 28,123 |  |  | 1,925 |
Below investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | 878 |  |  | 50 |  |  | 108 |  |  | 33 |  |  | 986 |  |  | $ | 83 |
ABS |  | 22 |  |  | 2 |  |  | 9 |  |  | 2 |  |  | 31 |  |  | 4 |
CMBS |  | 28 |  |  | 2 |  |  | 9 |  |  | 1 |  |  | 37 |  |  | 3 |
Other foreign government |  | 172 |  |  | 15 |  |  | 102 |  |  | 23 |  |  | 274 |  |  | 38 |
Total below investment grade securities |  | 1,100 |  |  | 69 |  |  | 228 |  |  | 59 |  |  | 1,328 |  |  | 128 |
Total fixed maturity securities |  | $ | 26,488 |  |  | $ | 1,677 |  |  | $ | 2,963 |  |  | $ | 376 |  |  | $ | 29,451 |  |  | $ | 2,053 |
|  | Less than 12 months |  | 12 months or greater |  | Total
|  |  |  | Gross |  |  |  | Gross |  |  |  | Gross
December 31, 2021: |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized
|  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 4,135 |  |  | $ | 86 |  |  | $ | 946 |  |  | $ | 51 |  |  | $ | 5,081 |  |  | $ | 137 |
Canadian government |  | 20 |  |  | 1 |  |  | — |  |  | — |  |  | 20 |  |  | 1 |
RMBS |  | 132 |  |  | 3 |  |  | 102 |  |  | 4 |  |  | 234 |  |  | 7 |
ABS |  | 1,747 |  |  | 22 |  |  | 589 |  |  | 6 |  |  | 2,336 |  |  | 28 |
CMBS |  | 152 |  |  | 2 |  |  | 35 |  |  | 2 |  |  | 187 |  |  | 4 |
U.S. government |  | 1,513 |  |  | 6 |  |  | 31 |  |  | 2 |  |  | 1,544 |  |  | 8 |
State and political subdivisions |  | 109 |  |  | 3 |  |  | 28 |  |  | 2 |  |  | 137 |  |  | 5 |
Other foreign government |  | 2,237 |  |  | 33 |  |  | 724 |  |  | 37 |  |  | 2,961 |  |  | 70 |
Total investment grade securities |  | 10,045 |  |  | 156 |  |  | 2,455 |  |  | 104 |  |  | 12,500 |  |  | 260 |
Below investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | 463 |  |  | 13 |  |  | 97 |  |  | 44 |  |  | 560 |  |  | 57 |
ABS |  | — |  |  | — |  |  | 13 |  |  | 13 |  |  | 13 |  |  | 13 |
CMBS |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other foreign government |  | 136 |  |  | 7 |  |  | 75 |  |  | 10 |  |  | 211 |  |  | 17 |
Total below investment grade securities |  | 599 |  |  | 20 |  |  | 185 |  |  | 67 |  |  | 784 |  |  | 87 |
Total fixed maturity securities |  | $ | 10,644 |  |  | $ | 176 |  |  | $ | 2,640 |  |  | $ | 171 |  |  | $ | 13,284 |  |  | $ | 347 |
Investment Income | Major categories of net investment income consist of the following (dollars in millions):
|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2022 |  | 2021
Fixed maturity securities available-for-sale |  |  |  |  |  | $ | 533 |  |  | $ | 495 |
Equity securities |  |  |  |  |  | 2 |  |  | 2 |
Mortgage loans on real estate |  |  |  |  |  | 73 |  |  | 66 |
Policy loans |  |  |  |  |  | 13 |  |  | 14 |
Funds withheld at interest |  |  |  |  |  | 51 |  |  | 84 |
Short-term investments and cash and cash equivalents |  |  |  |  |  | 2 |  |  | 1 |
Other invested assets – limited partnerships and real estate joint ventures |  |  |  |  |  | 161 |  |  | 161 |
Other invested assets – all other |  |  |  |  |  | 2 |  |  | 13 |
Investment income |  |  |  |  |  | 837 |  |  | 836 |
Investment expense |  |  |  |  |  | (27) |  |  | (24) |
Net investment income |  |  |  |  |  | $ | 810 |  |  | $ | 812 |
Gain Loss On Investments | Investment related gains (losses), net consist of the following (dollars in millions):
|  |  | Three months ended March 31,
|  |  |  |  | 2022 |  | 2021
Fixed maturity securities available-for-sale: |  |  |  |  |  |  |
Change in allowance for credit losses and impairments |  |  |  |  | $ | (12) |  |  | $ | (2) |
Realized gains on investment activity |  |  |  |  | 11 |  |  | 167 |
Realized losses on investment activity |  |  |  |  | (36) |  |  | (13) |
Net gains (losses) on equity securities |  |  |  |  | (8) |  |  | 3 |
Other impairment losses and change in mortgage loan allowance for credit losses |  |  |  |  | (2) |  |  | 18 |
Change in fair value of certain limited partnership investments and other, net |  |  |  |  | 26 |  |  | 111 |
Net gains (losses) on derivatives |  |  |  |  | (105) |  |  | 18 |
Total investment related gains (losses), net |  |  |  |  | $ | (126) |  |  | $ | 302 |
Schedule of Repurchase Agreements [Table Text Block] | The following table provides information relating to securities borrowing, lending and repurchase/reverse repurchase agreements as of March 31, 2022 and December 31, 2021 (dollars in millions):
| March 31, 2022 |  | December 31, 2021
| Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Securities borrowing agreements: |  |  |  |  |  |  |
Securities borrowed (1) | n/a |  | $ | 561 |  |  | n/a |  | $ | 420 |
Securities pledged as collateral (2) | 460 |  |  | 437 |  |  | 279 |  |  | 290 |
Securities lending agreements: |  |  |  |  |  |  |
Securities loaned (2) | 82 |  |  | 84 |  |  | 94 |  |  | 102 |
Securities received as collateral (3) | n/a |  | 94 |  |  | n/a |  | 102 |
Repurchase/reverse repurchase agreements: |  |  |  |  |  |  |
Securities pledged (2) | 730 |  |  | 715 |  |  | 704 |  |  | 736 |
Cash (4) | — |  |  | — |  |  | 10 |  |  | 10 |
Securities received (3) | n/a |  | 690 |  |  | n/a |  | 728 |
Cash received (5) | 42 |  |  | 42 |  |  | — |  |  | — |
(1)Securities borrowed are not reflected on the condensed consolidated balance sheets. Collateral associated with certain borrowed securities is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows. (2)Securities loaned and pledged to counterparties are included within fixed maturity securities. (3)Securities received as collateral from counterparties are not reflected on the condensed consolidated financial statements. (4)A receivable for the cash held by counterparties is included within other assets. (5)A payable for the cash received by the Company is included within other liabilities.
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 remaining contractual maturity of the Company’s securities lending and repurchase agreements as of March 31, 2022 and December 31, 2021 (dollars in millions):
| March 31, 2022
| Remaining Contractual Maturity of the Agreements
| Overnight and Continuous |  | Up to 30 Days |  | 30 – 90 Days |  | Greater than 90 Days |  | Total
Securities lending agreements: |  |  |  |  |  |  |  |  |
Corporate | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 71 |  |  | $ | 71 |
State and political subdivisions | — |  |  | — |  |  | — |  |  | 3 |  |  | 3 |
Other foreign government | — |  |  | — |  |  | — |  |  | 10 |  |  | 10 |
Total | — |  |  | — |  |  | — |  |  | 84 |  |  | 84 |
Repurchase agreements: |  |  |  |  |  |  |  |  |
Corporate | — |  |  | — |  |  | — |  |  | 361 |  |  | 361 |
Other foreign government | — |  |  | 106 |  |  | — |  |  | 248 |  |  | 354 |
Total | — |  |  | 106 |  |  | — |  |  | 609 |  |  | 715 |
Total agreements | $ | — |  |  | $ | 106 |  |  | $ | — |  |  | $ | 693 |  |  | $ | 799 |
| December 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 agreements: |  |  |  |  |  |  |  |  |
Corporate | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 94 |  |  | $ | 94 |
State and political subdivisions | — |  |  | — |  |  | — |  |  | 3 |  |  | 3 |
Other foreign government | — |  |  | — |  |  | — |  |  | 5 |  |  | 5 |
Total | — |  |  | — |  |  | — |  |  | 102 |  |  | 102 |
Repurchase agreements: |  |  |  |  |  |  |  |  |
Corporate | — |  |  | — |  |  | — |  |  | 366 |  |  | 366 |
Other foreign government | — |  |  | — |  |  | — |  |  | 370 |  |  | 370 |
Total | — |  |  | — |  |  | — |  |  | 736 |  |  | 736 |
Total agreements | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 838 |  |  | $ | 838 |
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, 2022 and December 31, 2021 (dollars in millions):
|  | March 31, 2022 |  | December 31, 2021
Property type: |  | Carrying Value |  | % of Total |  | Carrying Value |  | % of Total
Office |  | $ | 1,699 |  |  | 25.9 | % |  | $ | 1,683 |  |  | 26.6 | %
Retail |  | 2,227 |  |  | 33.8 |  |  | 2,090 |  |  | 33.0 |
Industrial |  | 1,451 |  |  | 22.0 |  |  | 1,249 |  |  | 19.7 |
Apartment |  | 859 |  |  | 13.0 |  |  | 801 |  |  | 12.7 |
Other commercial |  | 347 |  |  | 5.3 |  |  | 506 |  |  | 8.0 |
Recorded investment |  | $ | 6,583 |  |  | 100.0 | % |  | 6,329 |  |  | 100.0 | %
Unamortized balance of loan origination fees and expenses |  | (11) |  |  |  |  | (11) |  |  |
Allowance for credit losses |  | (37) |  |  |  |  | (35) |  |  |
Total mortgage loans on real estate |  | $ | 6,535 |  |  |  |  | $ | 6,283 |  |  |
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, 2022 and December 31, 2021 (dollars in millions):
|  | March 31, 2022 |  | December 31, 2021
|  | Recorded Investment |  | % of Total |  | Recorded Investment |  | % of Total
Due within five years |  | $ | 2,724 |  |  | 41.4 | % |  | $ | 2,660 |  |  | 42.0 | %
Due after five years through ten years |  | 2,738 |  |  | 41.6 |  |  | 2,593 |  |  | 41.0 |
Due after ten years |  | 1,121 |  |  | 17.0 |  |  | 1,076 |  |  | 17.0 |
Total |  | $ | 6,583 |  |  | 100.0 | % |  | $ | 6,329 |  |  | 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, 2022 and December 31, 2021 (dollars in millions):
| Recorded Investment
| Debt Service Ratios |  | Construction loans |  |  |  |
| >1.20x |  | 1.00x – 1.20x |  | <1.00x |  |  | Total |  | % of Total
March 31, 2022: |  |  |  |  |  |  |  |  |  |  |
Loan-to-Value Ratio |  |  |  |  |  |  |  |  |  |  |
0% – 59.99% | $ | 3,257 |  |  | $ | 240 |  |  | $ | 33 |  |  | $ | 9 |  |  | $ | 3,539 |  |  | 53.8 | %
60% – 69.99% | 1,995 |  |  | 199 |  |  | 53 |  |  | — |  |  | 2,247 |  |  | 34.1 |
70% – 79.99% | 482 |  |  | 40 |  |  | 53 |  |  | — |  |  | 575 |  |  | 8.7 |
80% or greater | 99 |  |  | 4 |  |  | 119 |  |  | — |  |  | 222 |  |  | 3.4 |
Total | $ | 5,833 |  |  | $ | 483 |  |  | $ | 258 |  |  | $ | 9 |  |  | $ | 6,583 |  |  | 100.0 | %
| Recorded Investment
| Debt Service Ratios |  | Construction loans |  |  |  |
| >1.20x |  | 1.00x – 1.20x |  | <1.00x |  |  | Total |  | % of Total
December 31, 2021: |  |  |  |  |  |  |  |  |  |  |
Loan-to-Value Ratio |  |  |  |  |  |  |  |  |  |  |
0% – 59.99% | $ | 3,111 |  |  | $ | 238 |  |  | $ | 51 |  |  | $ | 6 |  |  | $ | 3,406 |  |  | 53.8 | %
60% – 69.99% | 1,906 |  |  | 190 |  |  | 46 |  |  | — |  |  | 2,142 |  |  | 33.8 |
70% – 79.99% | 520 |  |  | 41 |  |  | 12 |  |  | — |  |  | 573 |  |  | 9.1 |
80% or greater | 148 |  |  | — |  |  | 60 |  |  | — |  |  | 208 |  |  | 3.3 |
Total | $ | 5,685 |  |  | $ | 469 |  |  | $ | 169 |  |  | $ | 6 |  |  | $ | 6,329 |  |  | 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, 2022 and December 31, 2021 (dollars in millions):
| Recorded Investment
| Year of Origination |  |
| 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Total
March 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |
Internal credit quality grade: |  |  |  |  |  |  |  |  |  |  |  |  |
High investment grade | $ | 196 |  |  | $ | 725 |  |  | $ | 375 |  |  | $ | 629 |  |  | $ | 435 |  |  | $ | 1,779 |  |  | $ | 4,139 |
Investment grade | 236 |  |  | 366 |  |  | 298 |  |  | 333 |  |  | 300 |  |  | 723 |  |  | 2,256 |
Average | — |  |  | 6 |  |  | — |  |  | 27 |  |  | 49 |  |  | 66 |  |  | 148 |
Watch list | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 4 |
In or near default | — |  |  | $ | — |  |  | — |  |  | — |  |  | — |  |  | 36 |  |  | 36 |
Total | $ | 432 |  |  | $ | 1,097 |  |  | $ | 673 |  |  | $ | 989 |  |  | $ | 784 |  |  | $ | 2,608 |  |  | $ | 6,583 |
| Recorded Investment
| Year of Origination |  |
| 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Total
December 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |
Internal credit quality grade: |  |  |  |  |  |  |  |  |  |  |  |  |
High investment grade | $ | 725 |  |  | $ | 402 |  |  | $ | 645 |  |  | $ | 461 |  |  | $ | 344 |  |  | $ | 1,534 |  |  | $ | 4,111 |
Investment grade | 367 |  |  | 272 |  |  | 331 |  |  | 301 |  |  | 296 |  |  | 502 |  |  | 2,069 |
Average | 6 |  |  | — |  |  | 27 |  |  | 39 |  |  | 5 |  |  | 32 |  |  | 109 |
Watch list | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 4 |
In or near default | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 36 |  |  | 36 |
Total | $ | 1,098 |  |  | $ | 674 |  |  | $ | 1,003 |  |  | $ | 801 |  |  | $ | 645 |  |  | $ | 2,108 |  |  | $ | 6,329 |
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, 2022 and December 31, 2021.
|  | March 31, 2022 |  | December 31, 2021
Current |  | $ | 6,564 |  |  | $ | 6,329 |
31 – 60 days past due |  | — |  |  | — |
61 – 90 days past due |  | 19 |  |  | — |
Total |  | $ | 6,583 |  |  | $ | 6,329 |
Allowance For Mortgage Loan And Lease Losses Provision For Loss Net | The following table presents information regarding the Company’s allowance for credit losses for mortgage loans for the three months ended March 31, 2022 and 2021 (dollars in millions):
|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2022 |  | 2021
Balance, beginning of period |  |  |  |  |  | $ | 35 |  |  | $ | 64 |
Change in allowance for credit losses |  |  |  |  |  | 2 |  |  | (17) |
Balance, end of period |  |  |  |  |  | $ | 37 |  |  | $ | 47 |
Schedule Of Other Invested Assets [Table Text Block] | The carrying values of other invested assets as of March 31, 2022 and December 31, 2021 are as follows (dollars in millions):
|  | March 31, 2022 |  | December 31, 2021
Limited partnership interests and real estate joint ventures |  | $ | 1,943 |  |  | $ | 1,996 |
Lifetime mortgages |  | 823 |  |  | 758 |
Derivatives |  | 134 |  |  | 175 |
Other |  | 133 |  |  | 141 |
Total other invested assets |  | $ | 3,033 |  |  | $ | 3,070 |

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