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Investments | 9 Months Ended
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Sep. 30, 2020
Investments [Abstract] |
Investments | 4. Investments Fixed Maturity AFS Securities In 2020, we adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which resulted in a new recognition and measurement of credit losses on most financial assets. See Note 2 for additional information. The amortized cost, gross unrealized gains, losses, allowance for credit losses and fair value of fixed maturity AFS securities (in millions) were as follows:
| As of September 30, 2020 |
|  |  |  |  |  |  |  |  |  | Allowance |  |  |  |
| Amortized |  | Gross Unrealized |  | for Credit |  | Fair |
| Cost |  | Gains |  | Losses |  | Losses |  | Value |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 84,658 |  | $ | 14,437 |  | $ | 367 |  | $ | 11 |  | $ | 98,717 |
U.S. government bonds |  | 397 |  |  | 99 |  |  | - |  |  | - |  |  | 496 |
State and municipal bonds |  | 5,257 |  |  | 1,520 |  |  | 3 |  |  | - |  |  | 6,774 |
Foreign government bonds |  | 357 |  |  | 82 |  |  | 3 |  |  | - |  |  | 436 |
RMBS |  | 2,870 |  |  | 334 |  |  | - |  |  | 1 |  |  | 3,203 |
CMBS |  | 1,317 |  |  | 114 |  |  | 1 |  |  | - |  |  | 1,430 |
ABS |  | 6,472 |  |  | 140 |  |  | 22 |  |  | - |  |  | 6,590 |
Hybrid and redeemable preferred securities |  | 557 |  |  | 91 |  |  | 42 |  |  | - |  |  | 606 |
Total fixed maturity AFS securities | $ | 101,885 |  | $ | 16,817 |  | $ | 438 |  | $ | 12 |  | $ | 118,252 |
The amortized cost, gross unrealized gains, losses, OTTI and fair value of fixed maturity AFS securities (in millions) were as follows:
| As of December 31, 2019 |
| Amortized |  | Gross Unrealized |  |  |  |  | Fair |
| Cost |  | Gains |  | Losses |  | OTTI (1) |  | Value |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 79,417 |  | $ | 9,479 |  | $ | 184 |  | $ | (4 | ) | $ | 88,716 |
U.S. government bonds |  | 384 |  |  | 51 |  |  | - |  |  | - |  |  | 435 |
State and municipal bonds |  | 4,778 |  |  | 1,113 |  |  | 7 |  |  | - |  |  | 5,884 |
Foreign government bonds |  | 329 |  |  | 64 |  |  | - |  |  | - |  |  | 393 |
RMBS |  | 3,042 |  |  | 190 |  |  | 10 |  |  | (19 | ) |  | 3,241 |
CMBS |  | 1,038 |  |  | 45 |  |  | 1 |  |  | (1 | ) |  | 1,083 |
ABS |  | 4,810 |  |  | 62 |  |  | 18 |  |  | (35 | ) |  | 4,889 |
Hybrid and redeemable preferred securities |  | 497 |  |  | 82 |  |  | 20 |  |  | - |  |  | 559 |
Total fixed maturity AFS securities | $ | 94,295 |  | $ | 11,086 |  | $ | 240 |  | $ | (59 | ) | $ | 105,200 |
(1)Prior to the adoption of ASU 2016-13, we recognized the OTTI attributed to noncredit factors as a separate component in other comprehensive income (loss) (“OCI”) referred to as unrealized OTTI on fixed maturity AFS securities. This includes unrealized (gains) and losses on credit-impaired securities related to changes in the fair value of such securities subsequent to the impairment measurement date. The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of September 30, 2020, were as follows:
| Amortized |  | Fair |
| Cost |  | Value |
Due in one year or less | $ | 3,450 |  | $ | 3,485 |
Due after one year through five years |  | 14,509 |  |  | 15,370 |
Due after five years through ten years |  | 19,004 |  |  | 21,265 |
Due after ten years |  | 54,263 |  |  | 66,909 |
Subtotal |  | 91,226 |  |  | 107,029 |
Structured securities (RMBS, CMBS, ABS) |  | 10,659 |  |  | 11,223 |
Total fixed maturity AFS securities | $ | 101,885 |  | $ | 118,252 |
Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations. The fair value and gross unrealized losses of fixed maturity AFS securities (dollars in millions) for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:
| As of September 30, 2020 |
| Less Than or Equal |  | Greater Than |  |  |  |  |  |  |  |
| to Twelve Months |  | Twelve Months |  | Total |
|  |  | Gross |  |  | Gross |  |  |  | Gross
| Fair | Unrealized | Fair | Unrealized | Fair |  | Unrealized
| Value |  | Losses |  | Value |  | Losses |  | Value |  |  | Losses (1) |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 5,719 |  | $ | 264 |  | $ | 660 |  | $ | 103 |  | $ | 6,379 |  |  | $ | 367 |
State and municipal bonds |  | 194 |  |  | 3 |  |  | - |  |  | - |  |  | 194 |  |  |  | 3 |
Foreign government bonds |  | 49 |  |  | 3 |  |  | - |  |  | - |  |  | 49 |  |  |  | 3 |
CMBS |  | 59 |  |  | 1 |  |  | 1 |  |  | - |  |  | 60 |  |  |  | 1 |
ABS |  | 3,327 |  |  | 13 |  |  | 372 |  |  | 9 |  |  | 3,699 |  |  |  | 22 |
Hybrid and redeemable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
preferred securities |  | 112 |  |  | 20 |  |  | 92 |  |  | 22 |  |  | 204 |  |  |  | 42 |
Total fixed maturity AFS securities | $ | 9,460 |  | $ | 304 |  | $ | 1,125 |  | $ | 134 |  | $ | 10,585 |  |  | $ | 438 |
Total number of fixed maturity AFS securities in an unrealized loss position |  |  |  | 1,223 |
(1)We recognized $3 million of gross unrealized losses in OCI for fixed maturity AFS securities for which an allowance for credit losses has been recorded. The fair value and gross unrealized losses, including the portion of OTTI recognized in OCI, of fixed maturity AFS securities (dollars in millions), aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:
| As of December 31, 2019 |
| Less Than or Equal |  | Greater Than |  |  |  |  |  |  |  |
| to Twelve Months |  | Twelve Months |  | Total |
|  |  | Gross |  |  |  | Gross |  |  |  |  |  | Gross |
|  | Unrealized |  | Unrealized |  |  |  | Unrealized
| Fair | Losses and | Fair | Losses and | Fair |  | Losses and
| Value |  | OTTI |  | Value |  | OTTI |  | Value |  |  | OTTI |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 2,935 |  | $ | 46 |  | $ | 1,406 |  | $ | 141 |  | $ | 4,341 |  |  | $ | 187 |
State and municipal bonds |  | 333 |  |  | 7 |  |  | 18 |  |  | - |  |  | 351 |  |  |  | 7 |
RMBS |  | 536 |  |  | 10 |  |  | 15 |  |  | - |  |  | 551 |  |  |  | 10 |
CMBS |  | 48 |  |  | 1 |  |  | 4 |  |  | - |  |  | 52 |  |  |  | 1 |
ABS |  | 1,792 |  |  | 8 |  |  | 303 |  |  | 10 |  |  | 2,095 |  |  |  | 18 |
Hybrid and redeemable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
preferred securities |  | 29 |  |  | 1 |  |  | 102 |  |  | 19 |  |  | 131 |  |  |  | 20 |
Total fixed maturity AFS securities | $ | 5,673 |  | $ | 73 |  | $ | 1,848 |  | $ | 170 |  | $ | 7,521 |  |  | $ | 243 |
Total number of fixed maturity AFS securities in an unrealized loss position |  |  |  | 895 |
The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:
|  |  |  | As of September 30, 2020 |
|  |  |  |  |  |  | Gross |  |  | Number |
|  |  |  | Fair |  | Unrealized |  |  | of |
|  |  |  | Value |  | Losses |  | Securities (1)
Less than six months |  |  |  | $ | 174 |  | $ | 63 |  |  |  | 27 |
Six months or greater, but less than nine months |  |  |  |  | 131 |  |  | 55 |  |  |  | 23 |
Twelve months or greater |  |  |  |  | 30 |  |  | 13 |  |  |  | 22 |
Total |  |  |  | $ | 335 |  | $ | 131 |  |  |  | 72 |
(1)We may reflect a security in more than one aging category based on various purchase dates. The fair value, gross unrealized losses, the portion of OTTI recognized in OCI (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:
| As of December 31, 2019 |
|  |  |  |  |  |  |  |  |  |  | Number |
| Fair |  | Gross Unrealized |  |  | of |
| Value |  | Losses |  | OTTI |  | Securities (1)
Less than six months | $ | 15 |  | $ | 5 |  | $ | - |  |  |  | 7 |
Six months or greater, but less than nine months |  | 10 |  |  | 3 |  |  | - |  |  |  | 4 |
Twelve months or greater |  | 132 |  |  | 76 |  |  | - |  |  |  | 31 |
Total | $ | 157 |  | $ | 84 |  | $ | - |  |  |  | 42 |
(1)We may reflect a security in more than one aging category based on various purchase dates. Our gross unrealized losses on fixed maturity AFS securities increased by $195 million for the nine months ended September 30, 2020. As discussed further below, we believe the unrealized loss position as of September 30, 2020, did not require an impairment recognized in earnings as (i) we did not intend to sell these fixed maturity AFS securities; (ii) it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis; and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation as of September 30, 2020, management believes we have the ability to generate adequate amounts of cash from our normal operations (e.g., insurance premiums, fee income and investment income) to meet cash requirements with a prudent margin of safety without requiring the sale of our impaired securities. As of September 30, 2020, the unrealized losses associated with our corporate, state and municipal and foreign government bond securities were attributable primarily to widening credit spreads and rising interest rates since purchase. We performed a detailed analysis of the financial performance of the underlying issuers and determined that we expected to recover the entire amortized cost of each impaired security. As of September 30, 2020, the unrealized losses associated with our mortgage-backed securities (“MBS”) and ABS were attributable primarily to widening credit spreads and rising interest rates since purchase. We assessed for credit impairment using a cash flow model that incorporates key assumptions including default rates, severities and prepayment rates. We estimated losses for a security by forecasting the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. Our forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts and other independent market data. Based upon our assessment of the expected credit losses of the security given the performance of the underlying collateral compared to our subordination or other credit enhancement, we expected to recover the entire amortized cost of each impaired security. As of September 30, 2020, the unrealized losses associated with our hybrid and redeemable preferred securities were attributable primarily to wider credit spreads caused by illiquidity in the market and subordination within the capital structure, as well as credit risk of underlying issuers. For our hybrid and redeemable preferred securities, we evaluated the financial performance of the underlying issuers based upon credit performance and investment ratings and determined that we expected to recover the entire amortized cost of each impaired security. Evaluation for Credit Loss Impairment We regularly review our fixed maturity AFS securities (also referred to as “debt securities”) for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require an allowance for credit losses. For our fixed maturity AFS securities, we generally consider the following to determine whether our debt securities with unrealized losses are credit impaired: The estimated range and average period until recovery; The estimated range and average holding period to maturity; Remaining payment terms of the security; Current delinquencies and nonperforming assets of underlying collateral; Expected future default rates; Collateral value by vintage, geographic region, industry concentration or property type; Subordination levels or other credit enhancements as of the balance sheet date as compared to origination; and Contractual and regulatory cash obligations. For a debt security, if we intend to sell a security, or it is more likely than not we will be required to sell a debt security before recovery of its amortized cost basis and the fair value of the debt security is below amortized cost, we conclude that an impairment has occurred and the amortized cost is written down to current fair value with a corresponding charge to realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). If we do not intend to sell a debt security, or it is not more likely than not we will be required to sell a debt security before recovery of its amortized cost basis but the present value of the cash flows expected to be collected is less than the amortized cost of the debt security (referred to as the credit loss), we conclude that an impairment has occurred, and an allowance for credit losses is recorded, with a corresponding charge to realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). The remainder of the decline to fair value related to factors other than credit loss is recorded in OCI to unrealized losses on fixed maturity AFS securities on our Consolidated Statements of Stockholders’ Equity, as this amount is considered a non-credit impairment. When assessing our intent to sell a debt security, or if it is more likely than not we will be required to sell a debt security before recovery of its cost basis, we evaluate facts and circumstances such as, but not limited to, decisions to reposition our security portfolio, sales of securities to meet cash flow needs and sales of securities to capitalize on favorable pricing. Management considers the following as part of the evaluation: The current economic environment and market conditions; Our business strategy and current business plans; The nature and type of security, including expected maturities and exposure to general credit, liquidity, market and interest rate risk; Our analysis of data from financial models and other internal and industry sources to evaluate the current effectiveness of our hedging and overall risk management strategies; The current and expected timing of contractual maturities of our assets and liabilities, expectations of prepayments on investments and expectations for surrenders and withdrawals of life insurance policies and annuity contracts; The capital risk limits approved by management; and Our current financial condition and liquidity demands. Calculation of Credit Impairment In order to determine the amount of the credit loss for a debt security, we calculate the recovery value by performing a discounted cash flow analysis based on the current cash flows and future cash flows we expect to recover. The discount rate is the effective interest rate implicit in the underlying debt security. The effective interest rate is the original yield, or the coupon if the debt security was previously impaired. See the discussion below for additional information on the methodology and significant inputs, by security type, that we use to determine the amount of a credit loss. To determine the recovery period of a debt security, we consider the facts and circumstances surrounding the underlying issuer including, but not limited to, the following: Historical and implied volatility of the security; The extent to which the fair value has been less than amortized cost; Adverse conditions specifically related to the security or to specific conditions in an industry or geographic area; Failure, if any, of the issuer of the security to make scheduled payments; and Recoveries or additional declines in fair value subsequent to the balance sheet date. In periods subsequent to the recognition of a credit loss impairment through an allowance, we continue to reassess the expected cash flows of the fixed maturity AFS security at each subsequent measurement date as necessary. If the measurement of credit loss changes, we recognize a provision for (or reversal of) credit loss expense through realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss), limited by the amount that amortized cost exceeds fair value. Losses are charged against the allowance when management believes the uncollectibility of a fixed maturity AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest on fixed maturity AFS securities is written off when deemed uncollectible. Determination of Credit Losses on Corporate Bonds To determine the recovery value of a corporate bond, CLO or collateralized debt obligation, we perform additional analysis related to the underlying issuer including, but not limited to, the following: Fundamentals of the issuer to determine what we would recover if they were to file bankruptcy versus the price at which the market is trading; Fundamentals of the industry in which the issuer operates; Earnings multiples for the given industry or sector of an industry that the underlying issuer operates within, divided by the outstanding debt to determine an expected recovery value of the security in the case of a liquidation; Expected cash flows of the issuer (e.g., whether the issuer has cash flows in excess of what is required to fund its operations); Expectations regarding defaults and recovery rates; Changes to the rating of the security by a rating agency; and Additional market information (e.g., if there has been a replacement of the corporate debt security). Credit ratings express opinions about the credit quality of a security. Securities rated investment grade (those rated BBB- or higher by Standard & Poor’s (“S&P”) Rating Services or Baa3 or higher by Moody’s Investors Service (“Moody’s”)) are generally considered by the rating agencies and market participants to be low credit risk. As of September 30, 2020, and December 31, 2019, 96% of the fair value of our corporate bond portfolio was rated investment grade. As of September 30, 2020, and December 31, 2019, the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $4.0 billion and $3.2 billion, respectively, and a fair value of $4.0 billion and $3.3 billion, respectively. Based upon the analysis discussed above, we believe that as of September 30, 2020, and December 31, 2019, we would have recovered the amortized cost of each corporate bond. Determination of Credit Losses on MBS and ABS Each quarter, we review the cash flows for the MBS portfolio, including current credit enhancements and trends in the underlying collateral performance, to determine whether or not they are sufficient to provide for the recovery of our amortized cost. To determine recovery value of a MBS, we perform additional analysis related to the underlying issuer including, but not limited to, the following: Discounted cash flow analysis based on the current cash flows and future cash flows we expect to recover; Level of borrower creditworthiness of the home equity loans or residential mortgages that back an RMBS or commercial mortgages that back a CMBS; Susceptibility to fair value fluctuations for changes in the interest rate environment; Susceptibility to reinvestment risks, in cases where market yields are lower than the securities’ book yield earned; Susceptibility to reinvestment risks, in cases where market yields are higher than the book yields earned on a security; Expectations of sale of such a security where market yields are higher than the book yields earned on a security; and Susceptibility to variability of prepayments. When evaluating MBS and mortgage-related ABS, we consider a number of pool-specific factors as well as market level factors when determining whether or not the impairment on the security requires an allowance for credit losses. The most important factor is the performance of the underlying collateral in the security and the trends of that performance in the prior periods. We use this information about the collateral to forecast the timing and rate of mortgage loan defaults, including making projections for loans that are already delinquent and for those loans that are currently performing but may become delinquent in the future. Other factors used in this analysis include the credit characteristics of borrowers, geographic distribution of underlying loans and timing of liquidations by state. Once default rates and timing assumptions are determined, we then make assumptions regarding the severity of a default if it were to occur. Factors that impact the severity assumption include expectations for future home price appreciation or depreciation, loan size, first lien versus second lien, existence of loan level private mortgage insurance, type of occupancy and geographic distribution of loans. Second lien loans are assigned 100% severity, if defaulted. For first lien loans, we assume a minimum of 30% severity, with higher severity assumed for investor properties and further adjusted by housing price assumptions. Once default and severity assumptions are determined for the security in question, cash flows for the underlying collateral are projected including expected defaults and prepayments. These cash flows on the collateral are then translated to cash flows on our tranche based on the cash flow waterfall of the entire capital security structure. If this analysis indicates the entire principal on a particular security will not be returned, the security is reviewed for a credit loss by comparing the expected cash flows to amortized cost. To the extent that the security has already been impaired through a recognized credit loss allowance or was purchased at a discount, such that the amortized cost of the security is less than or equal to the present value of cash flows expected to be collected, no allowance is required. Otherwise, if the amortized cost of the security is greater than the present value of the cash flows expected to be collected, and the security was not purchased at a discount greater than the expected principal loss, then an impairment through a credit loss allowance is recognized. We further monitor the cash flows of all of our fixed maturity AFS securities backed by mortgages on an ongoing basis. We also perform detailed analysis on all of our subprime, Alt-A, non-agency residential MBS and on a significant percentage of our fixed maturity AFS securities backed by pools of commercial mortgages. The detailed analysis includes revising projected cash flows by updating the cash flows for actual cash received and applying assumptions with respect to expected defaults, foreclosures and recoveries in the future. These revised projected cash flows are then compared to the amount of credit enhancement (subordination) in the structure to determine whether the amortized cost of the security is recoverable. If it is not recoverable, we record an impairment through a credit loss allowance for the security. Changes in the allowance for credit losses on fixed maturity AFS securities (in millions), aggregated by investment category, were as follows:
| For the Three |
| Months Ended |
| September 30, 2020 |
| Corporate |  |  |  |  |  |  |  |  |  |
| Bonds |  | RMBS |  | ABS |  | Total |
Balance as of beginning-of-period | $ | 20 |  | $ | 1 |  | $ | 1 |  | $ | 22 |
Additions for securities for which credit losses were not |  |  |  |  |  |  |  |  |  |  |  |
previously recognized |  | 5 |  |  | - |  |  | - |  |  | 5 |
Additions from purchases of PCD debt securities (1) |  | - |  |  | - |  |  | - |  |  | - |
Additions (reductions) for securities for which credit losses |  |  |  |  |  |  |  |  |  |  |  |
were previously recognized |  | (3 | ) |  | - |  |  | (1 | ) |  | (4 | )
Reductions for securities charged-off |  | (11 | ) |  | - |  |  | - |  |  | (11 | )
Balance as of end-of-period (2) | $ | 11 |  | $ | 1 |  | $ | - |  | $ | 12 |
| For the Nine |
| Months Ended |
| September 30, 2020 |
| Corporate |  |  |  |  |  |  |  |  |  |
| Bonds |  | RMBS |  | ABS |  | Total |
Balance as of beginning-of-period | $ | - |  | $ | - |  | $ | - |  | $ | - |
Additions for securities for which credit losses were not |  |  |  |  |  |  |  |  |  |  |  |
previously recognized |  | 42 |  |  | 1 |  |  | 1 |  |  | 44 |
Additions from purchases of PCD debt securities (1) |  | - |  |  | - |  |  | - |  |  | - |
Additions (reductions) for securities for which credit losses |  |  |  |  |  |  |  |  |  |  |  |
were previously recognized |  | (3 | ) |  | - |  |  | (1 | ) |  | (4 | )
Reductions for securities disposed |  | (17 | ) |  | - |  |  | - |  |  | (17 | )
Reductions for securities charged-off |  | (11 | ) |  | - |  |  | - |  |  | (11 | )
Balance as of end-of-period (2) | $ | 11 |  | $ | 1 |  | $ | - |  | $ | 12 |
(1)Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities. (2)Accrued interest receivable on fixed maturity AFS securities totaled $1.1 billion as of September 30, 2020, and was excluded from the estimate of credit losses. Changes in the amount of credit loss of OTTI recognized in net income (loss) where the portion related to other factors was recognized in OCI (in millions) on fixed maturity AFS securities were as follows:
|  | For the |  |  | For the |  |
|  | Three |  |  | Nine |  |
|  | Months |  |  | Months |  |
|  | Ended |  |  | Ended |  |
| September 30, | September 30, |
|  | 2019 |  |  | 2019 |  |
Balance as of beginning-of-period |  | $ | 253 |  |  | $ | 355 |  |
Increases attributable to: |  |  |  |  |  |  |  |  |
Credit losses on securities for which an |  |  |  |  |  |  |  |  |
OTTI was not previously recognized |  |  | 1 |  |  |  | 12 |  |
Credit losses on securities for which an |  |  |  |  |  |  |  |  |
OTTI was previously recognized |  |  | 1 |  |  |  | 3 |  |
Decreases attributable to: |  |  |  |  |  |  |  |  |
Securities sold, paid down or matured |  |  | (39 | ) |  |  | (154 | ) |
Balance as of end-of-period |  | $ | 216 |  |  | $ | 216 |  |
Mortgage Loans on Real Estate Mortgage loans on real estate consist of commercial and residential mortgage loans and are generally carried at unpaid principal balances adjusted for amortization of premiums and accretion of discounts and are net of allowances for credit losses. We carry certain commercial mortgage loans at fair value where the fair value option has been elected. Interest income is accrued on the principal balance of the loan based on the loan’s contractual interest rate. Premiums and discounts are amortized using the effective yield method over the life of the loan. Interest income and amortization of premiums and discounts are reported in net investment income on our Consolidated Statements of Comprehensive Income (Loss) along with mortgage loan fees, which are recorded as they are incurred. Our policy for commercial mortgage loans is to report loans that are 60 or more days past due, which equates to two or more payments missed, as delinquent. Our policy for residential mortgage loans is to report loans that are 90 or more days past due, which equates to three or more payments missed, as delinquent. We do not accrue interest on loans 90 days past due, and any interest received on these loans is either applied to the principal or recorded in net investment income on our Consolidated Statements of Comprehensive Income (Loss) when received, depending on the assessment of the collectability of the loan. We resume accruing interest once a loan complies with all of its original terms or restructured terms. Mortgage loans deemed uncollectible are charged against the allowance for credit losses, and subsequent recoveries, if any, are likewise credited to the allowance for credit losses. Accrued interest on mortgage loans is written off when deemed uncollectible. The following provides the current and past due composition of our mortgage loans on real estate (in millions):
| As of September 30, 2020 |  | As of December 31, 2019 |
| Commercial |  | Residential |  | Total |  | Commercial |  | Residential |  | Total |
Current | $ | 16,001 |  | $ | 589 |  | $ | 16,590 |  | $ | 15,620 |  | $ | 659 |  | $ | 16,279 |
30 to 59 days past due |  | - |  |  | 26 |  |  | 26 |  |  | 3 |  |  | 27 |  |  | 30 |
60 to 89 days past due |  | - |  |  | 13 |  |  | 13 |  |  | - |  |  | 10 |  |  | 10 |
90 or more days past due |  | - |  |  | 79 |  |  | 79 |  |  | - |  |  | 16 |  |  | 16 |
Allowance for credit losses |  | (172 | ) |  | (30 | ) |  | (202 | ) |  | - |  |  | (2 | ) |  | (2 | )
Unamortized premium (discount) |  | (15 | ) |  | 23 |  |  | 8 |  |  | (17 | ) |  | 23 |  |  | 6 |
Mark-to-market gains (losses) (1) |  | 27 |  |  | - |  |  | 27 |  |  | - |  |  | - |  |  | - |
Total carrying value | $ | 15,841 |  | $ | 700 |  | $ | 16,541 |  | $ | 15,606 |  | $ | 733 |  | $ | 16,339 |
(1)Represents the mark-to-market on certain commercial mortgage loans on real estate for which we have elected the fair value option. See Note 14 for additional information. Our commercial mortgage loan portfolio has the largest concentrations in California, which accounted for 24% of commercial mortgage loans on real estate as of September 30, 2020, and December 31, 2019, and Texas, which accounted for 11% of commercial mortgage loans on real estate as of September 30, 2020, and December 31, 2019. Our residential mortgage loan portfolio has the largest concentrations in California, which accounted for 33% and 34% of residential mortgage loans on real estate as of September 30, 2020, and December 31, 2019, respectively, and Florida, which accounted for 19% and 20% of residential mortgage loans on real estate as of September 30, 2020, and December 31, 2019, respectively. As of September 30, 2020, and December 31, 2019, we had 160 and 38 residential mortgage loans, respectively, that were either delinquent or in foreclosure. Evaluation for Credit Losses on Mortgage Loans on Real Estate In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to commercial mortgage loans, exclusive of certain mortgage loans held at fair value. Our model estimates expected credit losses over the contractual terms of the loans, which are the periods over which we are exposed to credit risk, adjusted for expected prepayments. Credit loss estimates are segmented by commercial mortgage loans, residential mortgage loans, and unfunded commitments related to commercial mortgage loans. The allowance for credit losses for pooled loans of similar risk (i.e., commercial and residential mortgage loans) is estimated using relevant historical credit loss information adjusted for current conditions and reasonable and supportable forecasts of future conditions. Historical credit loss experience provides the basis for the estimation of expected credit losses with adjustments for differences in current loan-specific risk characteristics, such as differences in underwriting standards, portfolio mix, delinquency level, or term lengths as well as adjustments for changes in environmental conditions, such as unemployment rates, property values, or other factors that management deems relevant. We apply probability weights to the positive, base and adverse scenarios we use. For periods beyond our reasonable and supportable forecast, we use implicit mean reversion over the remaining life of the recoverable, meaning our model will inherently revert to the baseline scenario as the baseline is representative of the historical average over a longer period of time. Allowances for credit losses are maintained at a level we believe is adequate to absorb current expected lifetime credit losses. Our periodic evaluation of the adequacy of the allowances for credit losses is based on historical loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay (including the timing of future payments), the estimated value of the underlying collateral, composition of the loan portfolio, current economic conditions, reasonable and supportable forecasts about the future and other relevant factors. Loans are considered impaired when it is probable that, based upon current information and events, we will be unable to collect all amounts due under the contractual terms of the loan agreement. When we determine that a loan is impaired, a specific allowance for credit losses is established for the excess carrying value of the loan over its estimated value. The loan’s estimated value is based on: the present value of expected future cash flows discounted at the loan’s effective interest rate; the loan’s observable market price; or the fair value of the loan’s collateral. Mortgage loans on real estate are presented net of the allowance for credit losses on our Consolidated Balance Sheets. Changes in the allowance are reported in realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss). Mortgage loans on real estate deemed uncollectible are charged against the allowance, and subsequent recoveries, if any, are credited to the allowance, limited to the aggregate of amounts previously charged-off and expected to be charged-off. Determination of Credit Losses on Commercial Mortgage Loans on Real Estate Our commercial loan portfolio is primarily comprised of long-term loans secured by existing commercial real estate. We believe all of the commercial loans in our portfolio share three primary risks: borrower credit worthiness; sustainability of the cash flow of the property; and market risk; therefore, our methods of monitoring and assessing credit risk are consistent for our entire portfolio. For our commercial mortgage loan portfolio, trends in market vacancy and rental rates are incorporated into the analysis that we perform for monitored loans and may contribute to the establishment of (or an increase or decrease in) an allowance for credit losses. In addition, we review each loan individually in our commercial mortgage loan portfolio on an annual basis to identify emerging risks. We focus on properties that experienced a reduction in debt-service coverage or that have significant exposure to tenants with deteriorating credit profiles. Where warranted, we establish or increase an allowance for credit losses for a specific loan based upon this analysis. We measure and assess the credit quality of our commercial mortgage loans by using loan-to-value and debt-service coverage ratios. The loan-to-value ratio compares the principal amount of the loan to the fair value at origination of the underlying property collateralizing the loan and is commonly expressed as a percentage. Loan-to-value ratios greater than 100% indicate that the principal amount is greater than the collateral value. Therefore, all else being equal, a lower loan-to-value ratio generally indicates a higher quality loan. The debt-service coverage ratio compares a property’s net operating income to its debt-service payments. Debt-service coverage ratios of less than 1.0 indicate that property operations do not generate enough income to cover its current debt payments. Therefore, all else being equal, a higher debt-service coverage ratio generally indicates a higher quality loan. These credit quality metrics are monitored and reviewed at least annually. For our commercial mortgage loans, there was one specifically identified impaired loan with a carrying value of less than $1 million as of September 30, 2020, and December 31, 2019. Most of our off-balance sheet commitments relate to commercial mortgage loans. As such, the estimate is developed based on the commercial mortgage loan process outlined above, along with an internally developed conversion factor. Determination of Credit Losses on Residential Mortgage Loans on Real Estate Our residential loan portfolio is primarily comprised of first lien mortgages secured by existing residential real estate. Residential mortgage loans are primarily smaller-balance homogenous loans that share similar risk characteristics. Therefore, these pools of loans are collectively evaluated for inherent credit losses. Such evaluations consider numerous factors, including, but not limited to borrower credit scores, collateral values, loss forecasts, geographic location, delinquency rates and economic trends. These evaluations and assessments are revised as conditions change and new information becomes available, including updated forecasts, which can cause the allowances for credit losses to increase or decrease over time as such evaluations are revised. Generally, residential mortgage loan pools exclude loans that are nonperforming as those loans are evaluated individually using the evaluation framework for specific allowances for credit losses described above. For residential mortgage loans, our primary credit quality indicator is whether the loan is performing or nonperforming. We generally define nonperforming residential mortgage loans as those that are 90 or more days past due and/or in nonaccrual status. There is generally a higher risk of experiencing credit losses when a residential mortgage loan is nonperforming. We monitor and update aging schedules and nonaccrual status on a monthly basis. For our residential mortgage loans, there were 74 specifically identified impaired loans with an aggregate carrying value of $35 million as of September 30, 2020. There were four specifically identified impaired loans with an aggregate carrying value of $1 million as of December 31, 2019. Additional information related to impaired mortgage loans on real estate (in millions) was as follows:
| For the Three |  | For the Nine |
| Months Ended |  | Months Ended |
| September 30, |  | September 30, |
| 2020 |  | 2019 |  | 2020 |  | 2019 |
Average carrying value for impaired mortgage loans on real estate | $ | 31 |  | $ | - |  | $ | 17 |  | $ | - |
Interest income recognized on impaired mortgage loans on real estate |  | - |  |  | - |  |  | - |  |  | - |
Interest income collected on impaired mortgage loans on real estate |  | - |  |  | - |  |  | - |  |  | - |
The amortized cost of mortgage loans on real estate on nonaccrual status (in millions) was as follows:
| As of September 30, 2020 |  | As of January 1, 2020 |
| Nonaccrual |  |  |  |  | Nonaccrual |  |  |  |
| with no |  |  |  |  | with no |  |  |  |
| Allowance |  |  |  |  | Allowance |  |  |  |
| for Credit |  |  |  |  | for Credit |  |  |  |
| Losses |  | Nonaccrual |  | Losses |  | Nonaccrual |
Commercial mortgage loans on real estate | $ | - |  | $ | - |  | $ | - |  | $ | - |
Residential mortgage loans on real estate |  | - |  |  | 82 |  |  | - |  |  | 17 |
Total | $ | - |  | $ | 82 |  | $ | - |  | $ | 17 |
We use loan-to-value and debt-service coverage ratios as credit quality indicators for our commercial mortgage loans on real estate (dollars in millions) as follows:
| As of September 30, 2020 |  | As of December 31, 2019 |
|  |  |  |  |  | Debt- |  |  |  |  |  |  | Debt- |
|  |  |  |  |  | Service |  |  |  |  |  |  | Service |
| Amortized |  | % of |  | Coverage |  | Amortized |  | % of |  | Coverage |
Loan-to-Value Ratio | Cost |  | Total |  | Ratio |  | Cost |  | Total |  | Ratio |
Less than 65% | $ | 14,679 |  | 91.8% |  | 2.43 |  | $ | 14,206 |  | 91.0% |  | 2.35 |
65% to 74% |  | 1,271 |  | 8.0% |  | 1.82 |  |  | 1,399 |  | 9.0% |  | 1.87 |
75% to 100% |  | 36 |  | 0.2% |  | 1.24 |  |  | 1 |  | 0.0% |  | 1.09 |
Total | $ | 15,986 |  | 100.0% |  |  |  | $ | 15,606 |  | 100.0% |  |  |
The amortized cost of commercial mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:
| As of September 30, 2020 |
|  |  |  | Debt- |  |  |  |  | Debt- |  |  |  |  | Debt- |  |  |  |
|  |  |  | Service |  |  |  |  | Service |  |  |  |  | Service |  |  |  |
| Less |  | Coverage |  | 65% |  | Coverage |  | 75% |  | Coverage |  |  |
| than 65% |  | Ratio |  | to 74% |  | Ratio |  | to 100% |  | Ratio |  | Total |
Origination Year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2020 | $ | 960 |  | 3.30 |  | $ | 85 |  | 1.67 |  | $ | - |  | - |  | $ | 1,045 |
2019 |  | 2,976 |  | 2.31 |  |  | 448 |  | 1.74 |  |  | - |  | - |  |  | 3,424 |
2018 |  | 2,371 |  | 2.22 |  |  | 224 |  | 1.53 |  |  | - |  | - |  |  | 2,595 |
2017 |  | 1,804 |  | 2.34 |  |  | 170 |  | 2.62 |  |  | - |  | - |  |  | 1,974 |
2016 |  | 1,691 |  | 2.44 |  |  | 204 |  | 1.62 |  |  | 28 |  | 1.30 |  |  | 1,923 |
2015 and prior |  | 4,877 |  | 2.47 |  |  | 140 |  | 1.89 |  |  | 8 |  | 1.03 |  |  | 5,025 |
Total | $ | 14,679 |  |  |  | $ | 1,271 |  |  |  | $ | 36 |  |  |  | $ | 15,986 |
We use loan performance status as the primary credit quality indicator for our residential mortgage loans on real estate (dollars in millions) as follows:
| As of September 30, 2020 |  | As of December 31, 2019 |
| Amortized |  | % of |  | Amortized |  | % of |
Performance Indicator | Cost |  | Total |  | Cost (1) |  | Total |
Performing | $ | 648 |  | 88.8% |  | $ | 718 |  | 97.7% |
Nonperforming |  | 82 |  | 11.2% |  |  | 17 |  | 2.3% |
Total | $ | 730 |  | 100.0% |  | $ | 735 |  | 100.0% |
(1)A valuation allowance of $2 million was established on residential mortgage loans on real estate as of December 31, 2019. The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:
| As of September 30, 2020 |
| Performing |  | Nonperforming |  | Total |
Origination Year |  |  |  |  |  |  |  |  |  |  |
2020 | $ | 125 |  |  | $ | 8 |  |  | $ | 133 |
2019 |  | 338 |  |  |  | 58 |  |  |  | 396 |
2018 |  | 185 |  |  |  | 16 |  |  |  | 201 |
2017 |  | - |  |  |  | - |  |  |  | - |
2016 |  | - |  |  |  | - |  |  |  | - |
2015 and prior |  | - |  |  |  | - |  |  |  | - |
Total | $ | 648 |  |  | $ | 82 |  |  | $ | 730 |
Changes in the allowance for credit losses on mortgage loans on real estate (in millions) were as follows:
| For the Three |  | For the Nine |
| Months Ended |  | Months Ended |
| September 30, 2020 |  | September 30, 2020 |
| Commercial |  | Residential |  | Total |  | Commercial |  | Residential |  | Total |
Balance as of beginning-of-period | $ | 236 |  | $ | 37 |  | $ | 273 |  | $ | - |  | $ | 2 |  | $ | 2 |
Impact of adopting ASU 2016-13 |  | - |  |  | - |  |  | - |  |  | 62 |  |  | 26 |  |  | 88 |
Additions from provision for credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
loss expense (1) |  | - |  |  | - |  |  | - |  |  | 174 |  |  | 9 |  |  | 183 |
Additions from purchases of PCD |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
mortgage loans on real estate |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Additions (reductions) for mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
loans on real estate for which credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
losses were previously recognized (1) |  | (64 | ) |  | (7 | ) |  | (71 | ) |  | (64 | ) |  | (7 | ) |  | (71 | )
Balance as of end-of-period (2) | $ | 172 |  | $ | 30 |  | $ | 202 |  | $ | 172 |  | $ | 30 |  | $ | 202 |
(1)Due to recent improving economic projections, the provision for credit loss expense decreased by $71 million for the three months ended September 30, 2020. Due to changes in economic projections driven by the impact of the COVID-19 pandemic, the provision for credit loss expense increased by $112 million for the nine months ended September 30, 2020. For the three months ended September 30, 2020, we recognized no credit loss expense related to unfunded commitments for mortgage loans on real estate, and we had no realized losses for disposals of mortgage loans on real estate. For the nine months ended September 30, 2020, we recognized $1 million of credit loss benefit related to unfunded commitments for mortgage loans on real estate, and we had $1 million of realized losses for disposals of mortgage loans on real estate. (2)Accrued interest receivable on mortgage loans on real estate totaled $50 million as of September 30, 2020, and was excluded from the estimate of credit losses. There were no changes in the allowance for credit losses associated with impaired commercial mortgage loans on real estate for the three and nine months ended September 30, 2019. Alternative Investments As of September 30, 2020, and December 31, 2019, alternative investments included investments in 271 and 258 different partnerships, respectively, and represented approximately 1% of our total investments. Impairments on Fixed Maturity AFS Securities Details underlying credit loss expense incurred as a result of impairments that were recognized in net income (loss) and included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows:
| For the Three |  | For the Nine |
| Months Ended |  | Months Ended |
| September 30, |  | September 30, |
| 2020 |  | 2019 |  | 2020 |  | 2019 |
Credit Loss Expense Recognized in Net Income (Loss) (1) |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | (2 | ) | $ | (2 | ) | $ | (22 | ) | $ | (13 | )
RMBS |  | - |  |  | - |  |  | (1 | ) |  | (1 | )
ABS |  | 1 |  |  | - |  |  | - |  |  | (1 | )
Gross credit loss expense recognized in net income (loss) |  | (1 | ) |  | (2 | ) |  | (23 | ) |  | (15 | )
Associated amortization of DAC, VOBA, DSI and DFEL |  | - |  |  | - |  |  | 1 |  |  | 1 |
Net credit loss expense recognized in net income (loss) | $ | (1 | ) | $ | (2 | ) | $ | (22 | ) | $ | (14 | )
(1)For the three and nine months ended September 30, 2020, we recognized credit loss expense incurred and write-downs taken as a result of impairments through net income (loss), pursuant to ASU 2016-13. For the three and nine months ended September 30, 2019, prior to the adoption of ASU 2016-13, we recognized write-downs taken as a result of OTTI through net income (loss). During the three months ended September 30, 2019, we recorded no OTTI recognized in OCI. During the nine months ended September 30, 2019, we recorded $15 million of OTTI recognized in OCI. Payables for Collateral on Investments The carrying value of the payables for collateral on investments included on our Consolidated Balance Sheets and the fair value of the related investments or collateral (in millions) consisted of the following:
| As of September 30, 2020 |  | As of December 31, 2019 |
| Carrying |  | Fair |  | Carrying |  | Fair |
| Value |  | Value |  | Value |  | Value |
Collateral payable for derivative investments (1) | $ | 3,174 |  | $ | 3,174 |  | $ | 1,388 |  | $ | 1,388 |
Securities pledged under securities lending agreements (2) |  | 131 |  |  | 127 |  |  | 114 |  |  | 110 |
Investments pledged for Federal Home Loan Bank of |  |  |  |  |  |  |  |  |  |  |  |
Indianapolis (“FHLBI”) (3) |  | 3,130 |  |  | 5,029 |  |  | 3,580 |  |  | 5,480 |
Total payables for collateral on investments | $ | 6,435 |  | $ | 8,330 |  | $ | 5,082 |  | $ | 6,978 |
(1)We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash. See Note 5 for additional information. (2)Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on our Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities. (3)Our pledged investments for FHLBI are included in fixed maturity AFS securities and mortgage loans on real estate on our Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities. Increase (decrease) in payables for collateral on investments (in millions) consisted of the following:
| For the Nine |
| Months Ended |
| September 30, |
| 2020 |  | 2019 |
Collateral payable for derivative investments | $ | 1,786 |  | $ | 1,051 |
Securities pledged under securities lending agreements |  | 17 |  |  | 19 |
Securities pledged under repurchase agreements |  | - |  |  | 3 |
Investments pledged for FHLBI |  | (450 | ) |  | (350 | )
Total increase (decrease) in payables for collateral on investments | $ | 1,353 |  | $ | 723 |
We have elected not to offset our securities lending transactions in our financial statements. The remaining contractual maturities of securities lending transactions accounted for as secured borrowings (in millions) were as follows:
| As of September 30, 2020 |
| Overnight and Continuous |  | Up to 30 Days |  | 30 - 90 ‎Days |  | Greater Than 90 Days |  | Total |
Securities Lending |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 127 |  | $ | - |  | $ | - |  | $ | - |  | $ | 127 |
Foreign government bonds |  | 4 |  |  | - |  |  | - |  |  | - |  |  | 4 |
Total gross secured borrowings | $ | 131 |  | $ | - |  | $ | - |  | $ | - |  | $ | 131 |
| As of December 31, 2019 |
| Overnight and Continuous |  | Up to 30 Days |  | 30 - 90 ‎Days |  | Greater Than 90 Days |  | Total |
Securities Lending |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 114 |  | $ | - |  | $ | - |  | $ | - |  | $ | 114 |
Total gross secured borrowings | $ | 114 |  | $ | - |  | $ | - |  | $ | - |  | $ | 114 |
We accept collateral in the form of securities in connection with repurchase agreements. In instances where we are permitted to sell or re-pledge the securities received, we report the fair value of the collateral received and a related obligation to return the collateral in the financial statements. In addition, we receive securities in connection with securities borrowing agreements that we are permitted to sell or re-pledge. As of September 30, 2020, the fair value of all collateral received that we are permitted to sell or re-pledge was $26 million. As of September 30, 2020, we have re-pledged none of this collateral to cover initial margin and over-the-counter collateral requirements on certain derivative investments. Investment Commitments As of September 30, 2020, our investment commitments were $1.6 billion, which included $1.1 billion of LPs, $351 million of private placement securities and $159 million of mortgage loans on real estate. Concentrations of Financial Instruments As of September 30, 2020, and December 31, 2019, our most significant investments in one issuer were our investments in securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $1.3 billion, or 1% of total investments, and our investments in securities issued by the Federal National Mortgage Association with a fair value of $1.0 billion, or 1% of total investments. These concentrations include fixed maturity AFS, trading and equity securities. As of September 30, 2020, and December 31, 2019, our most significant investments in one industry were our investments in securities in the consumer non-cyclical industry with a fair value of $19.2 billion and $16.3 billion, respectively, or 13% and 12%, respectively, of total investments, and our investments in securities in the financial services industry with a fair value of $18.6 billion and $16.4 billion, respectively, or 12% of total investments. These concentrations include fixed maturity AFS, trading and equity securities.

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