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Investments | 9 Months Ended
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Sep. 30, 2021
Investments [Abstract] |
Investments | 4. Investments Fixed Maturity AFS Securities The amortized cost, gross unrealized gains, losses, allowance for credit losses and fair value of fixed maturity available-for-sale (“AFS”) securities (in millions) were as follows: As of September 30, 2021 Allowance Amortized Gross Unrealized for Credit Fair Cost Gains Losses Losses Value Fixed maturity AFS securities: Corporate bonds$ 88,238 $ 12,964 $ 324 $ 16 $ 100,862 U.S. government bonds 385 60 2 - 443 State and municipal bonds 5,543 1,369 11 - 6,901 Foreign government bonds 455 64 7 - 512 RMBS 2,687 252 3 1 2,935 CMBS 1,528 76 10 - 1,594 ABS 8,186 148 31 - 8,303 Hybrid and redeemable preferred securities 437 110 12 - 535 Total fixed maturity AFS securities $ 107,459 $ 15,043 $ 400 $ 17 $ 122,085 As of December 31, 2020 Allowance Amortized Gross Unrealized for Credit Fair Cost Gains Losses Losses Value Fixed maturity AFS securities: Corporate bonds$ 86,289 $ 16,662 $ 150 $ 12 $ 102,789 U.S. government bonds 397 88 1 - 484 State and municipal bonds 5,360 1,561 - - 6,921 Foreign government bonds 384 87 1 - 470 RMBS 2,765 313 1 1 3,076 CMBS 1,390 115 - - 1,505 ABS 7,041 158 15 - 7,184 Hybrid and redeemable preferred securities 548 97 30 - 615 Total fixed maturity AFS securities $ 104,174 $ 19,081 $ 198 $ 13 $ 123,044 The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of September 30, 2021, were as follows: Amortized Fair Cost Value Due in one year or less$ 3,126 $ 3,154 Due after one year through five years 15,454 16,362 Due after five years through ten years 19,277 21,021 Due after ten years 57,201 68,716 Subtotal 95,058 109,253 Structured securities (RMBS, CMBS, ABS) 12,401 12,832 Total fixed maturity AFS securities $ 107,459 $ 122,085 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, 2021 Less Than or Equal Greater Than to Twelve Months Twelve Months Total Gross Gross Gross FairUnrealizedFairUnrealizedFair Unrealized Value Losses Value Losses Value Losses (1) Fixed maturity AFS securities: Corporate bonds$ 8,685 $ 218 $ 1,289 $ 106 $ 9,974 $ 324 U.S. government bonds 29 1 3 1 32 2 State and municipal bonds 485 10 17 1 502 11 Foreign government bonds 152 6 28 1 180 7 RMBS 206 2 19 1 225 3 CMBS 365 9 16 1 381 10 ABS 3,662 29 106 2 3,768 31 Hybrid and redeemable preferred securities 33 1 115 11 148 12 Total fixed maturity AFS securities$ 13,617 $ 276 $ 1,593 $ 124 $ 15,210 $ 400 Total number of fixed maturity AFS securities in an unrealized loss position 1,753 As of December 31, 2020 Less Than or Equal Greater Than to Twelve Months Twelve Months Total Gross Gross Gross FairUnrealizedFairUnrealizedFair Unrealized Value Losses Value Losses Value Losses (1) Fixed maturity AFS securities: Corporate bonds$ 3,039 $ 92 $ 607 $ 58 $ 3,646 $ 150 U.S. government bonds 28 1 - - 28 1 Foreign government bonds 57 1 - - 57 1 RMBS 45 1 7 - 52 1 ABS 1,527 9 358 6 1,885 15 Hybrid and redeemable preferred securities 112 13 96 17 208 30 Total fixed maturity AFS securities$ 4,808 $ 117 $ 1,068 $ 81 $ 5,876 $ 198 Total number of fixed maturity AFS securities in an unrealized loss position 802 (1)As of September 30, 2021, and December 31, 2020, we recognized $8 million and $1 million of gross unrealized losses, respectively, in other comprehensive income (loss) (“OCI”) for fixed maturity AFS securities for which an allowance for credit losses has been recorded. ‎ The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows: As of September 30, 2021 Gross Number Fair Unrealized of Value Losses Securities (1)Less than six months$ 9 $ 2 4 Six months or greater, but less than nine months 17 5 1 Twelve months or greater 60 9 25 Total$ 86 $ 16 30 As of December 31, 2020 Gross Number Fair Unrealized of Value Losses Securities (1)Less than six months$ 63 $ 23 14 Six months or greater, but less than nine months 2 1 4 Nine months or greater, but less than twelve months 23 7 14 Twelve months or greater 30 11 20 Total$ 118 $ 42 52 (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 $202 million for the nine months ended September 30, 2021. As discussed further below, we believe the unrealized loss position as of September 30, 2021, 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, 2021, 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, 2021, the unrealized losses associated with our corporate bond, U.S. government bond, state and municipal bond 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. Credit ratings express opinions about the credit quality of a security. Securities rated investment grade (those rated BBB- or higher by S&P Global Ratings (“S&P”) 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, 2021, and December 31, 2020, 96% of the fair value of our corporate bond portfolio was rated investment grade. As of September 30, 2021, and December 31, 2020, the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $3.9 billion and $4.1 billion, respectively, and a fair value of $4.1 billion and $4.2 billion, respectively. Based upon the analysis discussed above, we believe that as of September 30, 2021, and December 31, 2020, we would have recovered the amortized cost of each corporate bond. As of September 30, 2021, the unrealized losses associated with our mortgage-backed securities 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, 2021, 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.‎ Credit Loss Impairment on Fixed Maturity AFS Securities We regularly review our fixed maturity AFS 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. 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, 2021 Corporate Bonds RMBS ABS Total Balance as of beginning-of-period$ 8 $ 1 $ - $ 9 Additions for securities for which credit losses were not previously recognized 8 - - 8 Additions from purchases of PCD debt securities (1) - - - - Balance as of end-of-period (2)$ 16 $ 1 $ - $ 17 For the Nine Months Ended September 30, 2021 Corporate Bonds RMBS ABS Total Balance as of beginning-of-period$ 12 $ 1 $ - $ 13 Additions for securities for which credit losses were not previously recognized 8 - - 8 Additions from purchases of PCD debt securities (1) - - - - Additions (reductions) for securities for which credit losses were previously recognized 2 - - 2 Reductions for securities charged-off (6) - - (6)Balance as of end-of-period (2)$ 16 $ 1 $ - $ 17 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 $1.1 billion as of September 30, 2021 and 2020, and was excluded from the estimate of credit losses. Mortgage Loans on Real Estate The following provides the current and past due composition of our mortgage loans on real estate (in millions): As of September 30, 2021 As of December 31, 2020 Commercial Residential Total Commercial Residential Total Current$ 17,111 $ 691 $ 17,802 $ 16,245 $ 610 $ 16,855 30 to 59 days past due - 15 15 4 28 32 60 to 89 days past due - 3 3 - 8 8 90 or more days past due - 33 33 - 69 69 Allowance for credit losses (115) (16) (131) (187) (17) (204)Unamortized premium (discount) (12) 23 11 (14) 22 8 Mark-to-market gains (losses) (1) (3) - (3) (5) - (5)Total carrying value$ 16,981 $ 749 $ 17,730 $ 16,043 $ 720 $ 16,763 (1)Represents the mark-to-market on certain 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 26% and 24% of commercial mortgage loans on real estate as of September 30, 2021, and December 31, 2020, respectively, and Texas, which accounted for 9% and 10% of commercial mortgage loans on real estate as of September 30, 2021, and December 31, 2020, respectively. Our residential mortgage loan portfolio has the largest concentrations in California, which accounted for 23% and 32% of residential mortgage loans on real estate as of September 30, 2021, and December 31, 2020, respectively, and Florida, which accounted for 16% and 18% of residential mortgage loans on real estate as of September 30, 2021, and December 31, 2020, respectively. As of September 30, 2021, and December 31, 2020, we had 65 and 147 residential mortgage loans, respectively, that were either delinquent or in foreclosure. For our commercial mortgage loans, there were six specifically identified impaired loans with an aggregate carrying value of $1 million as of September 30, 2021. There were four specifically identified impaired loans with an aggregate carrying value of $1 million as of December 31, 2020. For our residential mortgage loans, there were 54 specifically identified impaired loans with an aggregate carrying value of $25 million as of September 30, 2021. There were 76 specifically identified impaired loans with an aggregate carrying value of $34 million as of December 31, 2020. Additional information related to impaired mortgage loans on real estate (in millions) was as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Average aggregate carrying value for impaired mortgage loans on real estate$ 31 $ 31 $ 33 $ 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, 2021 As of December 31, 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 - 34 - 71 Total$ - $ 34 $ - $ 71 We use loan-to-value and debt-service coverage ratios as credit quality indicators for our commercial mortgage loans on real estate. The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows: As of September 30, 2021 Debt- Debt- Debt- Service Service Service Less Coverage 65% Coverage Greater Coverage than 65% Ratio to 74% Ratio than 75% Ratio Total Origination Year 2021$ 1,676 3.07 $ 127 1.76 $ - - $ 1,803 2020 1,365 3.03 144 1.67 - - 1,509 2019 3,009 2.19 293 1.62 - - 3,302 2018 2,298 2.15 177 1.58 15 1.02 2,490 2017 1,717 2.32 150 1.74 27 0.96 1,894 2016 and prior 5,869 2.40 195 1.77 37 0.78 6,101 Total$ 15,934 $ 1,086 $ 79 $ 17,099 As of December 31, 2020 Debt- Debt- Debt- Service Service Service Less Coverage 65% Coverage Greater Coverage than 65% Ratio to 74% Ratio than 75% Ratio Total Origination Year 2020$ 1,504 2.86 $ 32 1.52 $ - - $ 1,536 2019 3,141 2.25 258 1.78 2 1.74 3,401 2018 2,382 2.16 186 1.49 15 0.71 2,583 2017 1,786 2.34 169 1.73 - - 1,955 2016 1,713 2.37 174 1.56 22 1.58 1,909 2015 and prior 4,710 2.38 133 1.95 8 1.02 4,851 Total$ 15,236 $ 952 $ 47 $ 16,235 We use loan performance status as the primary credit quality indicator for our residential mortgage loans on real estate. 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, 2021 Performing Nonperforming Total Origination Year 2021$ 241 $ 1 $ 242 2020 149 3 152 2019 220 26 246 2018 121 4 125 2017 - - - 2016 and prior - - - Total$ 731 $ 34 $ 765 As of December 31, 2020 Performing Nonperforming Total Origination Year 2020$ 176 $ 8 $ 184 2019 315 51 366 2018 175 12 187 2017 - - - 2016 - - - 2015 and prior - - - Total$ 666 $ 71 $ 737 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. Changes in the allowance for credit losses on mortgage loans on real estate (in millions) were as follows: For the Three Months Ended September 30, 2021 Commercial Residential Total Balance as of beginning-of-period$ 156 $ 14 $ 170 Additions (reductions) from provision for credit loss expense (1) (41) 2 (39)Additions from purchases of PCD mortgage loans on real estate - - - Balance as of end-of-period (2)$ 115 $ 16 $ 131 For the Nine Months Ended September 30, 2021 Commercial Residential Total Balance as of beginning-of-period$ 187 $ 17 $ 204 Additions (reductions) from provision for credit loss expense (1) (72) (1) (73)Additions from purchases of PCD mortgage loans on real estate - - - Balance as of end-of-period (2)$ 115 $ 16 $ 131 For the Three Months Ended September 30, 2020 Commercial Residential Total Balance as of beginning-of-period$ 236 $ 37 $ 273 Additions (reductions) from provision for credit loss expense (3) (64) (7) (71)Additions from purchases of PCD mortgage loans on real estate - - - Balance as of end-of-period (2)$ 172 $ 30 $ 202 For the Nine Months Ended September 30, 2020 Commercial Residential Total Balance as of beginning-of-period$ - $ 2 $ 2 Impact of new accounting standard 62 26 88 Additions (reductions) from provision for credit loss expense (3) 110 2 112 Additions from purchases of PCD mortgage loans on real estate - - - Balance as of end-of-period (2)$ 172 $ 30 $ 202 (1)Due to improving economic projections, the provision for credit loss expense decreased by $39 million and $73 million for the three and nine months ended September 30, 2021, respectively. We recognized $1 million and $4 million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the three and nine months ended September 30, 2021, respectively.(2)Accrued interest receivable on mortgage loans on real estate totaled $50 million as of September 30, 2021 and 2020, and was excluded from the estimate of credit losses.(3)Due to changes in economic projections driven by the impact of the COVID-19 pandemic, the provision for credit loss expense decreased by $71 million for the three months ended September 30, 2020, and 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 benefit (expense) related to unfunded commitments for mortgage loans on real estate. For the nine months ended September 30, 2020, we recognized $1 million of credit loss beneﬁt (expense) related to unfunded commitments for mortgage loans on real estate. Alternative Investments As of September 30, 2021, and December 31, 2020, alternative investments included investments in 300 and 271 different partnerships, respectively, and represented approximately 2% and 1%, respectively, of total investments. Impairments on Fixed Maturity AFS Securities Details underlying credit loss benefit (expense) incurred as a result of impairments that were recognized in net income (loss) and included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Credit Loss Benefit (Expense) Fixed maturity AFS securities: Corporate bonds$ (8)$ (2)$ (9)$ (22)RMBS - - - (1)ABS - 1 - - Gross credit loss benefit (expense) (8) (1) (9) (23)Associated amortization of DAC, VOBA, DSI and DFEL (1) - - - 1 Net credit loss benefit (expense)$ (8)$ (1)$ (9)$ (22) (1)Deferred acquisition costs (“DAC”), value of business acquired (“VOBA”), deferred sales inducements (“DSI”) and deferred front-end loads (“DFEL”). 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, 2021 As of December 31, 2020 Carrying Fair Carrying Fair Value Value Value Value Collateral payable for derivative investments (1)$ 4,949 $ 4,949 $ 2,976 $ 2,976 Securities pledged under securities lending agreements (2) 300 290 116 112 Investments pledged for Federal Home Loan Bank of Indianapolis (“FHLBI”) (3) 3,130 4,911 3,130 5,049 Total payables for collateral on investments$ 8,379 $ 10,150 $ 6,222 $ 8,137 (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. We have repurchase agreements through which we can obtain liquidity by pledging securities. The collateral requirements are generally 80% to 95% of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The cash received in our repurchase program is typically invested in fixed maturity AFS securities. As of September 30, 2021, and December 31, 2020, we were not participating in any open repurchase agreements. Increase (decrease) in payables for collateral on investments (in millions) consisted of the following: For the Nine Months Ended September 30, 2021 2020 Collateral payable for derivative investments$ 1,973 $ 1,786 Securities pledged under securities lending agreements 184 17 Investments pledged for FHLBI - (450)Total increase (decrease) in payables for collateral on investments$ 2,157 $ 1,353 We have elected not to offset our securities lending transactions in our consolidated financial statements. The remaining contractual maturities of securities lending transactions accounted for as secured borrowings (in millions) were as follows: As of September 30, 2021 Overnight and Continuous Up to 30 Days 30 - 90‎Days Greater Than 90 Days Total Securities Lending Corporate bonds$ 299 $ - $ - $ - $ 299 Foreign government bonds 1 - - - 1 Total gross secured borrowings$ 300 $ - $ - $ - $ 300 As of December 31, 2020 Overnight and Continuous Up to 30 Days 30 - 90‎Days Greater Than 90 Days Total Securities Lending Corporate bonds$ 114 $ - $ - $ - $ 114 Foreign government bonds 2 - - - 2 Total gross secured borrowings$ 116 $ - $ - $ - $ 116 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 consolidated 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, 2021, the fair value of all collateral received that we are permitted to sell or re-pledge was $23 million, and we had not re-pledged any of this collateral to cover initial margin and over-the-counter collateral requirements on certain derivative investments as of September 30, 2021. Investment Commitments As of September 30, 2021, our investment commitments were $2.7 billion, which included $1.7 billion of LPs, $667 million of private placement securities and $346 million of mortgage loans on real estate. Concentrations of Financial Instruments As of September 30, 2021, and December 31, 2020, 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 $1.1 billion and $1.2 billion, respectively, 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, 2021, and December 31, 2020, our most significant investments in one industry were our investments in securities in the consumer non-cyclical industry with a fair value of $20.1 billion and $20.3 billion, respectively, or 13% of total investments, and our investments in securities in the financial services industry with a fair value of $19.4 billion and $19.6 billion, respectively, or 12% and 13%, respectively, of total investments. These concentrations include fixed maturity AFS, trading and equity securities.

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