<SEC-DOCUMENT>0000040729-21-000004.txt : 20210212
<SEC-HEADER>0000040729-21-000004.hdr.sgml : 20210212
<ACCEPTANCE-DATETIME>20210212161257
ACCESSION NUMBER:		0000040729-21-000004
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210212
DATE AS OF CHANGE:		20210212
EFFECTIVENESS DATE:		20210212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ally Financial Inc.
		CENTRAL INDEX KEY:			0000040729
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				380572512
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-14534
		FILM NUMBER:		21627465

	BUSINESS ADDRESS:	
		STREET 1:		ALLY DETROIT CENTER
		STREET 2:		500 WOODWARD AVE. FLOOR 10
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48226
		BUSINESS PHONE:		866-710-4623

	MAIL ADDRESS:	
		STREET 1:		ALLY DETROIT CENTER
		STREET 2:		500 WOODWARD AVE. FLOOR 10
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48226

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GMAC INC.
		DATE OF NAME CHANGE:	20090701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GMAC LLC
		DATE OF NAME CHANGE:	20060720

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GENERAL MOTORS ACCEPTANCE CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
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      <filer>
        <credentials>
          <cik>0000040729</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>12-31-2020</periodOfReport>
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    <coverPage>
      <reportCalendarOrQuarter>12-31-2020</reportCalendarOrQuarter>
      <filingManager>
        <name>Ally Financial Inc.</name>
        <address>
          <com:street1>ALLY DETROIT CENTER</com:street1>
          <com:street2>500 WOODWARD AVE. FLOOR 10</com:street2>
          <com:city>DETROIT</com:city>
          <com:stateOrCountry>MI</com:stateOrCountry>
          <com:zipCode>48226</com:zipCode>
        </address>
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      <form13FFileNumber>028-14534</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Jeffrey A. Belisle</name>
      <title>Corporate Secretary</title>
      <phone>313-656-6132</phone>
      <signature>/S/ Jeffrey A. Belisle</signature>
      <city>Detroit</city>
      <stateOrCountry>MI</stateOrCountry>
      <signatureDate>02-12-2021</signatureDate>
    </signatureBlock>
    <summaryPage>
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      <tableValueTotal>1064840</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
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            <form13FFileNumber>028-14536</form13FFileNumber>
            <name>Ally Insurance Holdings Inc.</name>
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          <sequenceNumber>2</sequenceNumber>
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            <form13FFileNumber>028-14535</form13FFileNumber>
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    <nameOfIssuer>At&amp;t Inc</nameOfIssuer>
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    <cusip>00206R102</cusip>
    <value>15530</value>
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    <nameOfIssuer>Carnival Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>2708</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>125000</Sole>
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  <infoTable>
    <nameOfIssuer>Chevron Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>166764100</cusip>
    <value>13976</value>
    <shrsOrPrnAmt>
      <sshPrnamt>165500</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>165500</Sole>
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  <infoTable>
    <nameOfIssuer>Cisco Systems Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>17275R102</cusip>
    <value>12799</value>
    <shrsOrPrnAmt>
      <sshPrnamt>286000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>286000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Citigroup Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>172967424</cusip>
    <value>14922</value>
    <shrsOrPrnAmt>
      <sshPrnamt>242000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>242000</Sole>
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  <infoTable>
    <nameOfIssuer>Coca-cola Co/the</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>191216100</cusip>
    <value>9103</value>
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      <sshPrnamt>166000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>166000</Sole>
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  <infoTable>
    <nameOfIssuer>Comcast Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>20030N101</cusip>
    <value>6550</value>
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      <sshPrnamt>125000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>125000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Corteva Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>22052L104</cusip>
    <value>903</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23332</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>23332</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Delta Air Lines Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>247361702</cusip>
    <value>1126</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>28000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Devon Energy Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25179M103</cusip>
    <value>711</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>45000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Discover Financial Services</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>254709108</cusip>
    <value>1267</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>14000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Dow Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>260557103</cusip>
    <value>1943</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>35000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Duke Energy Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26441C204</cusip>
    <value>5036</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>55000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>DUPONT DE NEMOURS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26614N102</cusip>
    <value>2844</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>40000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Us Global Jets Etf</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>26922A842</cusip>
    <value>1119</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>50000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Emerson Electric Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>291011104</cusip>
    <value>1206</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>15000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Exxon Mobil Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30231G102</cusip>
    <value>14345</value>
    <shrsOrPrnAmt>
      <sshPrnamt>348000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>348000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Facebook Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30303M102</cusip>
    <value>7102</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>26000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Ford Motor Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>345370860</cusip>
    <value>4395</value>
    <shrsOrPrnAmt>
      <sshPrnamt>500000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>500000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Franklin Resources Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>354613101</cusip>
    <value>3499</value>
    <shrsOrPrnAmt>
      <sshPrnamt>140000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
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      <Sole>140000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>General Dynamics Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>369550108</cusip>
    <value>5690</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38237</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>38237</Sole>
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  <infoTable>
    <nameOfIssuer>General Electric Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>369604103</cusip>
    <value>7614</value>
    <shrsOrPrnAmt>
      <sshPrnamt>705000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>705000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>General Motors Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37045V100</cusip>
    <value>1666</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>40000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Gilead Sciences Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>375558103</cusip>
    <value>4078</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>70000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Goldman Sachs Group Inc/the</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>38141G104</cusip>
    <value>2110</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>8000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Home Depot Inc/the</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>437076102</cusip>
    <value>2391</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>9000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Intel Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>458140100</cusip>
    <value>16241</value>
    <shrsOrPrnAmt>
      <sshPrnamt>326000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>326000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>International Business Machines Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>459200101</cusip>
    <value>5790</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>46000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Ishares Select Dividend Etf</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>464287168</cusip>
    <value>50591</value>
    <shrsOrPrnAmt>
      <sshPrnamt>526000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>526000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Ishares Russell 2000 Etf</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>464287655</cusip>
    <value>11764</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>60000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Ishares Core S&amp;p Small-cap Etf</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>464287804</cusip>
    <value>17921</value>
    <shrsOrPrnAmt>
      <sshPrnamt>195000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>195000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Jpmorgan Chase &amp; Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46625H100</cusip>
    <value>15248</value>
    <shrsOrPrnAmt>
      <sshPrnamt>120000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>120000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Johnson &amp; Johnson</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>478160104</cusip>
    <value>16525</value>
    <shrsOrPrnAmt>
      <sshPrnamt>105000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>105000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Kimberly-clark Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>494368103</cusip>
    <value>2494</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>18500</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Kraft Heinz Co/the</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>500754106</cusip>
    <value>4540</value>
    <shrsOrPrnAmt>
      <sshPrnamt>131000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>131000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Lockheed Martin Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>539830109</cusip>
    <value>4970</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
    <votingAuthority>
      <Sole>14000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Lyft Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55087P104</cusip>
    <value>3537</value>
    <shrsOrPrnAmt>
      <sshPrnamt>72000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
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      <Sole>72000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Marriott International Inc/md</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>571903202</cusip>
    <value>3298</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
    <votingAuthority>
      <Sole>25000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Mastercard Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>57636Q104</cusip>
    <value>8567</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1,2</otherManager>
    <votingAuthority>
      <Sole>24000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Mcdonald's Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>9000</sshPrnamt>
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    <nameOfIssuer>Mckesson Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>58155Q103</cusip>
    <value>5218</value>
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      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole>30000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Merck &amp; Co Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>58933Y105</cusip>
    <value>12434</value>
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      <sshPrnamt>152000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>152000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>Microsoft Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>594918104</cusip>
    <value>13345</value>
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      <sshPrnamt>60000</sshPrnamt>
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    <nameOfIssuer>Mondelez International Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>609207105</cusip>
    <value>3216</value>
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      <sshPrnamt>55000</sshPrnamt>
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      <Sole>55000</Sole>
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      <None>0</None>
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    <nameOfIssuer>National Oilwell Varco Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>637071101</cusip>
    <value>343</value>
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      <sshPrnamt>25000</sshPrnamt>
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    <otherManager>1</otherManager>
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      <Sole>25000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Netflix Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64110L106</cusip>
    <value>5407</value>
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      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>10000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Norfolk Southern Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>655844108</cusip>
    <value>1188</value>
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      <sshPrnamt>5000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>5000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Northrop Grumman Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>666807102</cusip>
    <value>1524</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole>5000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Oracle Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68389X105</cusip>
    <value>5822</value>
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      <sshPrnamt>90000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>90000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Otis Worldwide Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68902V107</cusip>
    <value>1013</value>
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      <sshPrnamt>15000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <None>0</None>
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    <nameOfIssuer>Pepsico Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>5191</value>
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      <sshPrnamt>35000</sshPrnamt>
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      <Sole>35000</Sole>
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    <nameOfIssuer>Pfizer Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
    <value>12699</value>
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      <sshPrnamt>345000</sshPrnamt>
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    <nameOfIssuer>Philip Morris International Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>718172109</cusip>
    <value>10763</value>
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      <sshPrnamt>130000</sshPrnamt>
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    <nameOfIssuer>Procter &amp; Gamble Co/the</nameOfIssuer>
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    <cusip>742718109</cusip>
    <value>2783</value>
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      <Sole>20000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Prudential Financial Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>744320102</cusip>
    <value>8666</value>
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      <sshPrnamt>111000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>0</None>
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    <nameOfIssuer>Qualcomm Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>747525103</cusip>
    <value>4570</value>
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      <sshPrnamt>30000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <nameOfIssuer>Raytheon Technologies Corp</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75513E101</cusip>
    <value>6078</value>
    <shrsOrPrnAmt>
      <sshPrnamt>85000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <nameOfIssuer>Salesforce.com Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>79466L302</cusip>
    <value>3115</value>
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      <sshPrnamt>14000</sshPrnamt>
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    <nameOfIssuer>Schlumberger Nv</nameOfIssuer>
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    <value>1310</value>
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      <sshPrnamt>60000</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>Utilities Select Sector Spdr Fund</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>81369Y886</cusip>
    <value>21318</value>
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    <nameOfIssuer>Snap-on Inc</nameOfIssuer>
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    <value>1711</value>
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    <nameOfIssuer>Southwest Airlines Co</nameOfIssuer>
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    <value>1072</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <nameOfIssuer>Southwestern Energy Co</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>845467109</cusip>
    <value>1386</value>
    <shrsOrPrnAmt>
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    <nameOfIssuer>Starbucks Corp</nameOfIssuer>
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    <value>7489</value>
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    <value>5095</value>
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      <sshPrnamt>70000</sshPrnamt>
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    <value>1931</value>
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    <nameOfIssuer>Tjx Cos Inc/the</nameOfIssuer>
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    <nameOfIssuer>Thermo Fisher Scientific Inc</nameOfIssuer>
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    <cusip>883556102</cusip>
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    <nameOfIssuer>3m Co</nameOfIssuer>
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    <cusip>88579Y101</cusip>
    <value>10487</value>
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    <nameOfIssuer>Us Bancorp</nameOfIssuer>
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    <value>3028</value>
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    <nameOfIssuer>Uber Technologies Inc</nameOfIssuer>
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    <cusip>90353T100</cusip>
    <value>3978</value>
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    <nameOfIssuer>Under Armour Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>904311107</cusip>
    <value>1717</value>
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    <cusip>907818108</cusip>
    <value>3123</value>
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  <infoTable>
    <nameOfIssuer>Vanguard Total International Stock Etf</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>921909768</cusip>
    <value>80013</value>
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  <infoTable>
    <nameOfIssuer>Vanguard Ftse Developed Markets Etf</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>921943858</cusip>
    <value>86629</value>
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  <infoTable>
    <nameOfIssuer>Vanguard High Dividend Yield Etf</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>921946406</cusip>
    <value>137722</value>
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  <infoTable>
    <nameOfIssuer>Vanguard Ftse Emerging Markets Etf</nameOfIssuer>
    <titleOfClass>ETF</titleOfClass>
    <cusip>922042858</cusip>
    <value>23301</value>
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      <Sole>465000</Sole>
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  <infoTable>
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