QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
| |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification Number) | |
|
| |
(Address of principal executive offices) |
(Zip Code) |
Title of Each Class |
Trading Symbol |
Name of each exchange on which registered | ||
$.001 per share |
|
|
|
☒ |
Accelerated filer |
☐ | |||
Non-accelerated filer |
☐ |
Smaller reporting company |
| |||
Emerging growth company |
|
Page |
||||||
3 |
||||||
Item 1. |
3 |
|||||
3 |
||||||
4 |
||||||
5 |
||||||
6 |
||||||
8 |
||||||
9 |
||||||
Item 2. |
85 |
|||||
Item 3. |
163 |
|||||
Item 4. |
164 |
|||||
164 |
||||||
Item 1. |
164 |
|||||
Item 1A. |
164 |
|||||
Item 6. |
165 |
|||||
166 |
Item 1. |
Financial Statements |
June 30, |
December 31, |
|||||||
2019 |
2018 |
|||||||
(Unaudited) |
||||||||
Assets |
||||||||
Investments: |
||||||||
Fixed maturity securities available-for-sale, at fair value |
$ |
|
$ |
|
||||
Equity securities, at fair value |
|
|
||||||
Commercial mortgage loans ($ |
|
|
||||||
Policy loans |
|
|
||||||
Other invested assets |
|
|
||||||
Total investments |
|
|
||||||
Cash, cash equivalents and restricted cash |
|
|
||||||
Accrued investment income |
|
|
||||||
Deferred acquisition costs |
|
|
||||||
Intangible assets and goodwill |
|
|
||||||
Reinsurance recoverable |
|
|
||||||
Other assets |
|
|
||||||
Deferred tax asset |
|
|
||||||
Separate account assets |
|
|
||||||
Total assets |
$ |
|
$ |
|
||||
Liabilities and equity |
||||||||
Liabilities: |
||||||||
Future policy benefits |
$ |
|
$ |
|
||||
Policyholder account balances |
|
|
||||||
Liability for policy and contract claims |
|
|
||||||
Unearned premiums |
|
|
||||||
Other liabilities |
|
|
||||||
Non-recourse funding obligations |
|
|
||||||
Long-term borrowings |
|
|
||||||
Deferred tax liability |
|
|
||||||
Separate account liabilities |
|
|
||||||
Total liabilities |
|
|
||||||
Commitments and contingencies |
||||||||
Equity: |
||||||||
Class A common stock, $ |
|
|
||||||
Additional paid-in capital |
|
|
||||||
Accumulated other comprehensive income (loss): |
||||||||
Net unrealized investment gains (losses): |
||||||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired |
|
|
||||||
Net unrealized gains (losses) on other-than-temporarily impaired securities |
|
|
||||||
Net unrealized investment gains (losses) |
|
|
||||||
Derivatives qualifying as hedges |
|
|
||||||
Foreign currency translation and other adjustments |
( |
) |
( |
) | ||||
Total accumulated other comprehensive income (loss) |
|
|
||||||
Retained earnings |
|
|
||||||
Treasury stock, at cost ( |
( |
) |
( |
) | ||||
Total Genworth Financial, Inc.’s stockholders’ equity |
|
|
||||||
Noncontrolling interests |
|
|
||||||
Total equity |
|
|
||||||
Total liabilities and equity |
$ |
|
$ |
|
Three months ended |
Six months ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Revenues: |
||||||||||||||||
Premiums |
$ | |
$ | |
$ | |
$ | |
||||||||
Net investment income |
|
|
|
|
||||||||||||
Net investment gains (losses) |
( |
) | ( |
) | |
( |
) | |||||||||
Policy fees and other income |
|
|
|
|
||||||||||||
Total revenues |
|
|
|
|
||||||||||||
Benefits and expenses: |
||||||||||||||||
Benefits and other changes in policy reserves |
|
|
|
|
||||||||||||
Interest credited |
|
|
|
|
||||||||||||
Acquisition and operating expenses, net of deferrals |
|
|
|
|
||||||||||||
Amortization of deferred acquisition costs and intangibles |
|
|
|
|
||||||||||||
Interest expense |
|
|
|
|
||||||||||||
Total benefits and expenses |
|
|
|
|
||||||||||||
Income before income taxes |
|
|
|
|
||||||||||||
Provision for income taxes |
|
|
|
|
||||||||||||
Net income |
|
|
|
|
||||||||||||
Less: net income attributable to noncontrolling interests |
|
|
|
|
||||||||||||
Net income available to Genworth Financial, Inc.’s common stockholders |
$ | |
$ | |
$ | |
$ | |
||||||||
Net income available to Genworth Financial, Inc.’s common stockholders per share: |
||||||||||||||||
Basic |
$ | |
$ | |
$ | |
$ | |
||||||||
Diluted |
$ | |
$ | |
$ | |
$ | |
||||||||
Weighted-average common shares outstanding: |
||||||||||||||||
Basic |
|
|
|
|
||||||||||||
Diluted |
|
|
|
|
||||||||||||
Supplemental disclosures: |
||||||||||||||||
Total other-than-temporary impairments |
$ | |
$ | |
$ | |
$ | |
||||||||
Portion of other-than-temporary impairments included in other comprehensive income (loss) |
|
|
|
|
||||||||||||
Net other-than-temporary impairments |
|
|
|
|
||||||||||||
Other investments gains (losses) |
( |
) | ( |
) | |
( |
) | |||||||||
Total net investment gains (losses) |
$ | ( |
) | $ | ( |
) | $ | |
$ | ( |
) | |||||
Three months ended |
Six months ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Net income |
$ | |
$ | |
$ | |
$ | |
||||||||
Other comprehensive income (loss), net of taxes: |
||||||||||||||||
Net unrealized gains (losses) on securities not other-than-temporarily impaired |
|
( |
) | |
( |
) | ||||||||||
Net unrealized gains (losses) on other-than-temporarily impaired securities |
— |
( |
) | |
( |
) | ||||||||||
Derivatives qualifying as hedges |
|
( |
) | |
( |
) | ||||||||||
Foreign currency translation and other adjustments |
|
( |
) | |
( |
) | ||||||||||
Total other comprehensive income (loss) |
|
( |
) | |
( |
) | ||||||||||
Total comprehensive income (loss) |
|
( |
) | |
( |
) | ||||||||||
Less: comprehensive income attributable to noncontrolling interests |
|
|
|
|
||||||||||||
Total comprehensive income (loss) available to Genworth Financial, Inc.’s common stockholders |
$ | |
$ | ( |
) | $ | |
$ | ( |
) | ||||||
Three months ended June 30, 2019 |
||||||||||||||||||||||||||||||||
Total |
||||||||||||||||||||||||||||||||
Genworth |
||||||||||||||||||||||||||||||||
Accumulated |
Financial, |
|||||||||||||||||||||||||||||||
Additional |
other |
Treasury |
Inc.’s |
|||||||||||||||||||||||||||||
Common |
paid-in |
comprehensive |
Retained |
stock, at |
stockholders’ |
Noncontrolling |
Total |
|||||||||||||||||||||||||
stock |
capital |
income (loss) |
earnings |
cost |
equity |
interests |
equity |
|||||||||||||||||||||||||
Balances as of March 31, 2019 |
$ | |
$ | |
$ | |
$ | |
$ | ( |
) | $ | |
$ | |
$ | |
|||||||||||||||
Repurchase of subsidiary shares |
— |
— |
— |
— |
— |
— |
( |
) | ( |
) | ||||||||||||||||||||||
Comprehensive income: |
||||||||||||||||||||||||||||||||
Net income |
— |
— |
— |
|
— |
|
|
|
||||||||||||||||||||||||
Other comprehensive income, net of taxes |
— |
— |
|
— |
— |
|
|
|
||||||||||||||||||||||||
Total comprehensive income |
— |
|
|
|
|
|
|
|
||||||||||||||||||||||||
Dividends to noncontrolling interests |
— |
— |
— |
— |
— |
— |
( |
) | ( |
) | ||||||||||||||||||||||
Stock-based compensation expense and exercises and other |
— |
( |
) | — |
— |
— |
( |
) | |
( |
) | |||||||||||||||||||||
Balances as of June 30, 2019 |
$ | |
$ | |
$ | |
$ | |
$ | ( |
) | $ | |
$ | |
$ | |
|||||||||||||||
Three months ended June 30, 2018 |
||||||||||||||||||||||||||||||||
Total |
||||||||||||||||||||||||||||||||
Genworth |
||||||||||||||||||||||||||||||||
Accumulated |
Financial, |
|||||||||||||||||||||||||||||||
Additional |
other |
Treasury |
Inc.’s |
|||||||||||||||||||||||||||||
Common |
paid-in |
comprehensive |
Retained |
stock, at |
stockholders’ |
Noncontrolling |
Total |
|||||||||||||||||||||||||
stock |
capital |
income (loss) |
earnings |
cost |
equity |
interests |
equity |
|||||||||||||||||||||||||
Balances as of March 31, 2018 |
$ | |
$ | |
$ | |
$ | |
$ | ( |
) | $ | |
$ | |
$ | |
|||||||||||||||
Repurchase of subsidiary shares |
— |
— |
— |
— |
— |
— |
( |
) | ( |
) | ||||||||||||||||||||||
Comprehensive income (loss): |
||||||||||||||||||||||||||||||||
Net income |
— |
— |
— |
|
— |
|
|
|
||||||||||||||||||||||||
Other comprehensive loss, net of taxes |
— |
— |
( |
) | — |
— |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Total comprehensive income (loss) |
( |
) | |
( |
) | |||||||||||||||||||||||||||
Dividends to noncontrolling interests |
— |
— |
— |
— |
— |
— |
( |
) | ( |
) | ||||||||||||||||||||||
Stock-based compensation expense and exercises and other |
— |
|
— |
— |
— |
|
|
|
||||||||||||||||||||||||
Balances as of June 30, 2018 |
$ | |
$ | |
$ | |
$ | |
$ | ( |
) | $ | |
$ | |
$ | |
|||||||||||||||
Six months ended June 30, 2019 |
||||||||||||||||||||||||||||||||
Total |
||||||||||||||||||||||||||||||||
Genworth |
||||||||||||||||||||||||||||||||
Accumulated |
Financial, |
|||||||||||||||||||||||||||||||
Additional |
other |
Treasury |
Inc.’s |
|||||||||||||||||||||||||||||
Common |
paid-in |
comprehensive |
Retained |
stock, at |
stockholders’ |
Noncontrolling |
Total |
|||||||||||||||||||||||||
stock |
capital |
income (loss) |
earnings |
cost |
equity |
interests |
equity |
|||||||||||||||||||||||||
Balances as of December 31, 2018 |
$ | |
$ | |
$ | |
$ | |
$ | ( |
) | $ | |
$ | |
$ | |
|||||||||||||||
Repurchase of subsidiary shares |
— |
— |
— |
— |
— |
— |
( |
) | ( |
) | ||||||||||||||||||||||
Comprehensive income: |
||||||||||||||||||||||||||||||||
Net income |
— |
— |
— |
|
— |
|
|
|
||||||||||||||||||||||||
Other comprehensive income, net of taxes |
— |
— |
|
— |
— |
|
|
|
||||||||||||||||||||||||
Total comprehensive income |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Dividends to noncontrolling interests |
— |
— |
— |
— |
— |
— |
( |
) | ( |
) | ||||||||||||||||||||||
Stock-based compensation expense and exercises and other |
— |
( |
) | — |
— |
— |
( |
) | |
( |
) | |||||||||||||||||||||
Balances as of June 30, 2019 |
$ | |
$ | |
$ | |
$ | |
$ | ( |
) | $ | |
$ | |
$ | |
|||||||||||||||
Six months ended June 30, 2018 |
||||||||||||||||||||||||||||||||
Total |
||||||||||||||||||||||||||||||||
Genworth |
||||||||||||||||||||||||||||||||
Accumulated |
Financial, |
|||||||||||||||||||||||||||||||
Additional |
other |
Treasury |
Inc.’s |
|||||||||||||||||||||||||||||
Common |
paid-in |
comprehensive |
Retained |
stock, at |
stockholders’ |
Noncontrolling |
Total |
|||||||||||||||||||||||||
stock |
capital |
income (loss) |
earnings |
cost |
equity |
interests |
equity |
|||||||||||||||||||||||||
Balances as of December 31, 2017 |
$ | |
$ | |
$ | |
$ | |
$ | ( |
) | $ | |
$ | |
$ | |
|||||||||||||||
Cumulative effect of change in accounting, net of taxes |
— |
— |
|
( |
) | — |
|
— |
|
|||||||||||||||||||||||
Repurchase of subsidiary shares |
— |
— |
— |
— |
— |
— |
( |
) | ( |
) | ||||||||||||||||||||||
Comprehensive income (loss): |
||||||||||||||||||||||||||||||||
Net income |
— |
— |
— |
|
— |
|
|
|
||||||||||||||||||||||||
Other comprehensive loss, net of taxes |
— |
— |
( |
) | — |
— |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Total comprehensive income (loss) |
( |
) | |
( |
) | |||||||||||||||||||||||||||
Dividends to noncontrolling interests |
— |
— |
— |
— |
— |
— |
( |
) | ( |
) | ||||||||||||||||||||||
Stock-based compensation expense and exercises and other |
— |
|
— |
— |
— |
|
|
|
||||||||||||||||||||||||
Balances as of June 30, 2018 |
$ | |
$ | |
$ | |
$ | |
$ | ( |
) | $ | |
$ | |
$ | |
|||||||||||||||
Six months ended |
||||||||
June 30, |
||||||||
2019 |
2018 |
|||||||
Cash flows from operating activities: |
||||||||
Net income |
$ | |
$ | |
||||
Adjustments to reconcile net income to net cash from operating activities: |
||||||||
Amortization of fixed maturity securities discounts and premiums |
( |
) | ( |
) | ||||
Net investment (gains) losses |
( |
) | |
|||||
Charges assessed to policyholders |
( |
) | ( |
) | ||||
Acquisition costs deferred |
( |
) | ( |
) | ||||
Amortization of deferred acquisition costs and intangibles |
|
|
||||||
Deferred income taxes |
|
|
||||||
Derivative instruments and limited partnerships |
|
( |
) | |||||
Stock-based compensation expense |
|
|
||||||
Change in certain assets and liabilities: |
||||||||
Accrued investment income and other assets |
( |
) | ( |
) | ||||
Insurance reserves |
|
|
||||||
Current tax liabilities |
|
( |
) | |||||
Other liabilities, policy and contract claims and other policy-related balances |
|
( |
) | |||||
Net cash from operating activities |
|
|
||||||
Cash flows used by investing activities: |
||||||||
Proceeds from maturities and repayments of investments: |
||||||||
Fixed maturity securities |
|
|
||||||
Commercial mortgage loans |
|
|
||||||
Restricted commercial mortgage loans related to a securitization entity |
|
|
||||||
Proceeds from sales of investments: |
||||||||
Fixed maturity and equity securities |
|
|
||||||
Purchases and originations of investments: |
||||||||
Fixed maturity and equity securities |
( |
) | ( |
) | ||||
Commercial mortgage loans |
( |
) | ( |
) | ||||
Other invested assets, net |
( |
) | |
|||||
Policy loans, net |
|
|
||||||
Net cash used by investing activities |
( |
) | ( |
) | ||||
Cash flows used by financing activities: |
||||||||
Deposits to universal life and investment contracts |
|
|
||||||
Withdrawals from universal life and investment contracts |
( |
) | ( |
) | ||||
Proceeds from issuance of long-term debt |
|
|
||||||
Repayment and repurchase of long-term debt |
( |
) | ( |
) | ||||
Repayment of borrowings related to a securitization entity |
— |
( |
) | |||||
Repurchase of subsidiary shares |
( |
) | ( |
) | ||||
Dividends paid to noncontrolling interests |
( |
) | ( |
) | ||||
Other, net |
|
( |
) | |||||
Net cash used by financing activities |
( |
) | ( |
) | ||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
( |
) | |||||
Net change in cash, cash equivalents and restricted cash |
( |
) | ( |
) | ||||
Cash, cash equivalents and restricted cash at beginning of period |
|
|
||||||
Cash, cash equivalents and restricted cash at end of period |
$ | |
$ | |
||||
• | U.S. Mortgage Insurance. |
• | Canada Mortgage Insurance. |
• | Australia Mortgage Insurance. |
• | U.S. Life Insurance. |
• | Runoff. non-strategic products which are no longer actively sold but we continue to service our existing blocks of business. Our non-strategic products primarily include our variable annuity, variable life insurance, institutional, corporate-owned life insurance and other accident and health insurance products. Institutional products consist of funding agreements and funding agreements backing notes. |
• | assumptions will no longer be locked-in at contract inception and all cash flow assumptions used to estimate the liability for future policy benefits will be reviewed at least annually in the same period each year or more frequently if actual experience indicates a change is required; |
• | changes in cash flow assumptions (except the discount rate) will be recorded in net income (loss) using a retrospective approach with a cumulative catch-up adjustment by recalculating the net premium ratio (which will be capped at 100%) using actual historical and updated future cash flow assumptions; |
• | the discount rate used to determine the liability for future policy benefits will be a current upper-medium grade (low credit risk) fixed-income instrument yield, which is generally interpreted to mean a single-A rated bond rate for the same duration, and is required to be reviewed quarterly, with changes in the discount rate recorded in other comprehensive income (loss); |
• | the provision for adverse deviation and the premium deficiency test will be eliminated; |
• | market risk benefits associated with deposit-type contracts will be measured at fair value with changes recorded in net income (loss); |
• | the amortization method for DAC will generally be on a straight-line basis over the expected contract term; and |
• | disclosures will be greatly expanded to include significant assumptions and product liability rollforwards. |
Three months ended |
Six months ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
(Amounts in millions, except per share amounts) |
2019 |
2018 |
2019 |
2018 |
||||||||||||
Weighted-average shares used in basic earnings per share calculations |
|
|
|
|
||||||||||||
Potentially dilutive securities: |
||||||||||||||||
Stock options, restricted stock units and stock appreciation rights |
|
|
|
|
||||||||||||
Weighted-average shares used in diluted earnings per share calculations |
|
|
|
|
||||||||||||
Net income: |
||||||||||||||||
Net income |
$ | |
$ | |
$ | |
$ | |
||||||||
Less: net income attributable to noncontrolling interests |
|
|
|
|
||||||||||||
|
||||||||||||||||
Net income available to Genworth Financial, Inc.’s common stockholders |
$ | |
$ | |
$ | |
$ | |
||||||||
Basic earnings per share: |
||||||||||||||||
Net income |
$ | |
$ | |
$ | |
$ | |
||||||||
Less: net income attributable to noncontrolling interests |
|
|
|
|
||||||||||||
|
||||||||||||||||
Net income available to Genworth Financial, Inc.’s common stockholders (1) |
$ | 0.33 |
$ | |
$ | 0.68 |
$ | |
||||||||
Diluted earnings per share: |
||||||||||||||||
Net income |
$ | |
$ | |
$ | |
$ | |
||||||||
Less: net income attributable to noncontrolling interests |
|
|
|
|
||||||||||||
|
||||||||||||||||
Net income available to Genworth Financial, Inc.’s common stockholders |
$ | |
$ | |
$ | 0.67 |
$ | |
||||||||
(1) |
May not total due to whole number calculation. |
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
(Amounts in millions) |
2019 |
2018 |
2019 |
2018 |
||||||||||||
Fixed maturity securities—taxable |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Fixed maturity securities—non-taxable |
|
|
|
|
||||||||||||
Equity securities |
|
|
|
|
||||||||||||
Commercial mortgage loans |
|
|
|
|
||||||||||||
Restricted commercial mortgage loans related to a securitization entity |
|
|
|
|
||||||||||||
Policy loans |
|
|
|
|
||||||||||||
Other invested assets |
|
|
|
|
||||||||||||
Cash, cash equivalents, restricted cash and short-term investments |
|
|
|
|
||||||||||||
Gross investment income before expenses and fees |
|
|
|
|
||||||||||||
Expenses and fees |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net investment income |
$ | |
$ | |
$ | |
$ | |
||||||||
Three months ended June 30, |
Six months ended June 30, |
|||||||||||||||
(Amounts in millions) |
2019 |
2018 |
2019 |
2018 |
||||||||||||
Available-for-sale fixed maturity securities: |
||||||||||||||||
Realized gains |
$ | |
$ | |
$ | |
$ | |
||||||||
Realized losses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net realized gains (losses) on available-for-sale fixed maturity securities |
( |
) | ( |
) | |
( |
) | |||||||||
Impairments: |
||||||||||||||||
Total other-than-temporary impairments |
|
|
|
|
||||||||||||
Portion of other-than-temporary impairments included inother comprehensive income (loss) |
|
|
|
|
||||||||||||
Net other-than-temporary impairments |
— |
— |
— |
— |
||||||||||||
Net realized gains (losses) on equity securities sold |
|
|
|
|
||||||||||||
Net unrealized gains (losses) on equity securities still held |
( |
) | |
( |
) | ( |
) | |||||||||
Limited partnerships |
( |
) | ( |
) | |
|
||||||||||
Commercial mortgage loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative instruments (1) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net investment gains (losses) |
$ | ( |
) | $ | ( |
) | $ | |
$ | ( |
) | |||||
(1) |
See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses). |
As of or for the three months ended June 30, |
As of or for the six months ended June 30, |
|||||||||||||||
(Amounts in millions) |
2019 |
2018 |
2019 |
2018 |
||||||||||||
Beginning balance |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Reductions: |
||||||||||||||||
Securities sold, paid down or disposed |
|
( |
) |
( |
) |
( |
) | |||||||||
Ending balance |
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
(Amounts in millions) |
June 30, 2019 |
December 31, 2018 |
||||||
Net unrealized gains (losses) on fixed maturity securities (1) |
$ |
|
$ |
|
||||
Adjustments to deferred acquisition costs, present value of future profits, salesinducements and benefit reserves |
( |
) | ( |
) | ||||
Income taxes, net |
( |
) | ( |
) | ||||
Net unrealized investment gains (losses) |
|
|
||||||
Less: net unrealized investment gains (losses) attributable to noncontrolling interests |
|
|
||||||
Net unrealized investment gains (losses) attributable to Genworth Financial, Inc. |
$ |
|
$ |
|
||||
(1) |
Excludes foreign exchange. |
As of or for the three months ended June 30, |
||||||||
(Amounts in millions) |
2019 |
2018 |
||||||
Beginning balance |
$ |
|
$ |
|
||||
Unrealized gains (losses) arising during the period: |
||||||||
Unrealized gains (losses) on fixed maturity securities |
|
( |
) | |||||
Adjustment to deferred acquisition costs |
( |
) | |
|||||
Adjustment to present value of future profits |
( |
) | |
|||||
Adjustment to sales inducements |
( |
) | |
|||||
Adjustment to benefit reserves |
( |
) | |
|||||
Provision for income taxes |
( |
) | |
|||||
Change in unrealized gains (losses) on investment securities |
|
( |
) | |||||
Reclassification adjustments to net investment (gains) losses, net of taxes of $( |
|
|
||||||
Change in net unrealized investment gains (losses) |
|
( |
) | |||||
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests |
|
( |
) | |||||
Ending balance |
$ |
|
$ |
|
||||
As of or for the six months ended June 30, |
||||||||
(Amounts in millions) |
2019 |
2018 |
||||||
Beginning balance |
$ |
|
$ |
|
||||
Cumulative effect of changes in accounting: |
||||||||
Stranded tax effects |
|
|
||||||
Recognition and measurement of financial assets and liabilities, net of taxes of $ |
|
( |
) | |||||
Total cumulative effect of changes in accounting |
|
|
||||||
Unrealized gains (losses) arising during the period: |
||||||||
Unrealized gains (losses) on fixed maturity securities |
|
( |
) | |||||
Adjustment to deferred acquisition costs |
( |
) | |
|||||
Adjustment to present value of future profits |
( |
) | |
|||||
Adjustment to sales inducements |
( |
) | |
|||||
Adjustment to benefit reserves |
( |
) | |
|||||
Provision for income taxes |
( |
) | |
|||||
Change in unrealized gains (losses) on investment securities |
|
( |
) | |||||
Reclassification adjustments to net investment (gains) losses, net of taxes of $ |
( |
) | |
|||||
Change in net unrealized investment gains (losses) |
|
( |
) | |||||
Less: change in net unrealized investment gains (losses) attributable to noncontrolling interests |
|
( |
) | |||||
Ending balance |
$ |
|
$ |
|
||||
Gross unrealized gains |
Gross unrealized losses |
||||||||||||||||||||||||
(Amounts in millions) |
Amortized cost or cost |
Not other-than- temporarily impaired |
Other-than- temporarily impaired |
Not other-than- temporarily impaired |
Other-than- temporarily impaired |
Fair value |
|||||||||||||||||||
Fixed maturity securities: |
|||||||||||||||||||||||||
U.S. government, agencies and government- sponsored enterprises |
$ | |
$ | |
$ | — |
$ | ( |
) | $ | — |
$ | |
||||||||||||
State and political subdivisions |
|
|
— |
— |
— |
|
|||||||||||||||||||
Non-U.S. government |
|
|
— |
( |
) | — |
|
||||||||||||||||||
U.S. corporate: |
|||||||||||||||||||||||||
Utilities |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Energy |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Finance and insurance |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Consumer—non-cyclical |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Technology and communications |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Industrial |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Capital goods |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Consumer—cyclical |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Transportation |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Other |
|
|
— |
— |
— |
|
|||||||||||||||||||
Total U.S. corporate |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Non-U.S. corporate: |
|||||||||||||||||||||||||
Utilities |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Energy |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Finance and insurance |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Consumer—non-cyclical |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Technology and communications |
|
|
— |
— |
— |
|
|||||||||||||||||||
Industrial |
|
|
— |
— |
— |
|
|||||||||||||||||||
Capital goods |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Consumer—cyclical |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Transportation |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Other |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Total non-U.S. corporate |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Residential mortgage-backed |
|
|
|
( |
) | — |
|
||||||||||||||||||
Commercial mortgage-backed |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Other asset-backed |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Total available-for-sale fixedmaturity securities |
$ | |
$ | |
$ | |
$ | ( |
) | $ | — |
$ | |
||||||||||||
Gross unrealized gains |
Gross unrealized losses |
||||||||||||||||||||||||
(Amounts in millions) |
Amortized cost or cost |
Not other-than- temporarily impaired |
Other-than- temporarily impaired |
Not other-than- temporarily impaired |
Other-than- temporarily impaired |
Fair value |
|||||||||||||||||||
Fixed maturity securities: |
|||||||||||||||||||||||||
U.S. government, agencies and government-sponsored enterprises |
$ | |
$ | |
$ | — |
$ | ( |
) | $ | — |
$ | |
||||||||||||
State and political subdivisions |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Non-U.S. government |
|
|
— |
( |
) | — |
|
||||||||||||||||||
U.S. corporate: |
|||||||||||||||||||||||||
Utilities |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Energy |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Finance and insurance |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Consumer—non-cyclical |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Technology and communications |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Industrial |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Capital goods |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Consumer—cyclical |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Transportation |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Other |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Total U.S. corporate |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Non-U.S. corporate: |
|||||||||||||||||||||||||
Utilities |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Energy |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Finance and insurance |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Consumer—non-cyclical |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Technology and communications |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Industrial |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Capital goods |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Consumer—cyclical |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Transportation |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Other |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Total non-U.S. corporate |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Residential mortgage-backed |
|
|
|
( |
) | — |
|
||||||||||||||||||
Commercial mortgage-backed |
|
|
— |
( |
) | — |
|
||||||||||||||||||
Other asset-backed |
|
|
|
( |
) | — |
|
||||||||||||||||||
Total available-for-sale fixed maturity securities |
$ | |
$ | |
$ | |
$ | ( |
) | $ | — |
$ | |
||||||||||||
Less than 12 months |
12 months or more |
Total |
||||||||||||||||||||||||||||||||||
(Dollar amounts in millions) |
Fair value |
Gross unrealized losses |
Number of securities |
Fair value |
Gross unrealized losses |
Number of securities |
Fair value |
Gross unrealized losses |
Number of securities |
|||||||||||||||||||||||||||
Description of Securities |
||||||||||||||||||||||||||||||||||||
Fixed maturity securities: |
||||||||||||||||||||||||||||||||||||
U.S. government, agenciesand government-sponsored enterprises |
$ | — |
$ | — |
— |
$ | |
$ | ( |
) | |
$ | |
$ | ( |
) | |
|||||||||||||||||||
Non-U.S. government |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
( |
) | |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
| |
U.S. corporate |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Non-U.S. corporate |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Residential mortgage-backed |
— |
— |
— |
|
( |
) | |
|
( |
) | |
|||||||||||||||||||||||||
Commercial mortgage-backed |
— |
— |
— |
|
( |
) | |
|
( |
) | |
|||||||||||||||||||||||||
Other asset-backed |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Total for fixed maturity securities inan unrealized loss position |
$ | |
$ | ( |
) | |
$ | |
$ | ( |
) | |
$ | |
$ | ( |
) | |
||||||||||||||||||
% Below cost: |
||||||||||||||||||||||||||||||||||||
<20% Below cost |
$ | |
$ | ( |
) | |
$ | |
$ | ( |
) | |
$ | |
$ | ( |
) | |
||||||||||||||||||
20%-50% Below cost |
— |
— |
— |
|
( |
) | |
|
( |
) | |
|||||||||||||||||||||||||
>50% Below cost |
— |
— |
— |
|
( |
) | |
|
( |
) | |
|||||||||||||||||||||||||
Total for fixed maturity securities inan unrealized loss position |
$ | |
$ | ( |
) | |
$ | |
$ | ( |
) | |
$ | |
$ | ( |
) | |
||||||||||||||||||
Investment grade |
$ | |
$ | ( |
) | |
$ | |
$ | ( |
) | |
$ | |
$ | ( |
) | |
||||||||||||||||||
Below investment grade |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Total for fixed maturity securities inan unrealized loss position |
$ | 1,238 |
$ | (22 |
) | 198 |
$ | 3,672 |
$ | (98 |
) | 554 |
$ | 4,910 |
$ | (120 |
) | 752 |
||||||||||||||||||
Less than 12 months |
12 months or more |
Total |
||||||||||||||||||||||||||||||||||
(Dollar amounts in millions) |
Fair value |
Gross unrealized losses |
Number of securities |
Fair value |
Gross unrealized losses |
Number of securities |
Fair value |
Gross unrealized losses |
Number of securities |
|||||||||||||||||||||||||||
Description of Securities |
||||||||||||||||||||||||||||||||||||
U.S. corporate: |
||||||||||||||||||||||||||||||||||||
Utilities |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||||||||||||
Energy |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Finance and insurance |
— |
— |
— |
( |
) | ( |
) | |||||||||||||||||||||||||||||
Consumer—non-cyclical |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Technology andcommunications |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Industrial |
— |
— |
— |
( |
) | ( |
) | |||||||||||||||||||||||||||||
Capital goods |
— |
— |
— |
( |
) | ( |
) | |||||||||||||||||||||||||||||
Consumer—cyclical |
— |
— |
— |
( |
) | ( |
) | |||||||||||||||||||||||||||||
Transportation |
— |
— |
— |
( |
) | ( |
) | |||||||||||||||||||||||||||||
Subtotal, U.S. corporate |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Non-U.S. corporate: |
||||||||||||||||||||||||||||||||||||
Utilities |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Energy |
( |
) | — |
— |
— |
( |
) | |||||||||||||||||||||||||||||
Finance and insurance |
— |
— |
— |
( |
) | ( |
) | |||||||||||||||||||||||||||||
Consumer—non-cyclical |
— |
— |
— |
( |
) | ( |
) | |||||||||||||||||||||||||||||
Capital goods |
— |
— |
— |
( |
) | ( |
) | |||||||||||||||||||||||||||||
Consumer—cyclical |
— |
— |
— |
( |
) | ( |
) | |||||||||||||||||||||||||||||
Transportation |
— |
— |
— |
( |
) | ( |
) | |||||||||||||||||||||||||||||
Other |
— |
— |
— |
( |
) | ( |
) | |||||||||||||||||||||||||||||
Subtotal, non-U.S. corporate |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Total for corporate securities in anunrealized loss position |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||||||||||||
Less than 12 months |
12 months or more |
Total |
||||||||||||||||||||||||||||||||||
Gross |
Number |
Gross |
Number |
Gross |
Number |
|||||||||||||||||||||||||||||||
Fair |
unrealized |
of |
Fair |
unrealized |
of |
Fair |
unrealized |
of |
||||||||||||||||||||||||||||
(Dollar amounts in millions) |
value |
losses |
securities |
value |
losses |
securities |
value |
losses |
securities |
|||||||||||||||||||||||||||
Description of Securities |
||||||||||||||||||||||||||||||||||||
Fixed maturity securities: |
||||||||||||||||||||||||||||||||||||
U.S. government, agenciesand government-sponsored |
$ | $ | ( |
) | $ | $ | ( |
) |
$ | $ | ( |
) |
||||||||||||||||||||||||
State and political subdivisions |
( |
) | ( |
) |
( |
) |
||||||||||||||||||||||||||||||
Non-U.S. government |
( |
) | ( |
) |
( |
) |
||||||||||||||||||||||||||||||
U.S. corporate |
( |
) | ( |
) |
( |
) |
||||||||||||||||||||||||||||||
Non-U.S. corporate |
( |
) | ( |
) |
( |
) |
||||||||||||||||||||||||||||||
Residential mortgage-backed |
( |
) | ( |
) |
( |
) |
||||||||||||||||||||||||||||||
Commercial mortgage-backed |
( |
) | ( |
) |
( |
) |
||||||||||||||||||||||||||||||
Other asset-backed |
( |
) | ( |
) |
( |
) |
||||||||||||||||||||||||||||||
Total for fixed maturity securities in |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||||||||||||
% Below cost: |
||||||||||||||||||||||||||||||||||||
<20% Below cost |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||||||||||||
20%-50% Below cost |
( |
) | ( |
) |
( |
) |
||||||||||||||||||||||||||||||
Total for fixed maturity securities in |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||||||||||||
Investment grade |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) |
||||||||||||||||||||||||
Below investment grade |
( |
) | ( |
) |
( |
) |
||||||||||||||||||||||||||||||
Total for fixed maturity securities in |
$ | 18,042 |
$ | (695 |
) | 2,585 |
$ | 6,678 |
$ | (401 |
) | 1,055 |
$ | 24,720 |
$ | (1,096 |
) | 3,640 |
||||||||||||||||||
Less than 12 months |
12 months or more |
Total |
||||||||||||||||||||||||||||||||||
Gross |
Number |
Gross |
Number |
Gross |
Number |
|||||||||||||||||||||||||||||||
Fair |
unrealized |
of |
Fair |
unrealized |
of |
Fair |
unrealized |
of |
||||||||||||||||||||||||||||
(Dollar amounts in millions) |
value |
losses |
securities |
value |
losses |
securities |
value |
losses |
securities |
|||||||||||||||||||||||||||
Description of Securities |
||||||||||||||||||||||||||||||||||||
U.S. corporate: |
||||||||||||||||||||||||||||||||||||
Utilities |
$ | |
$ | ( |
) | |
$ | |
$ | ( |
) | |
$ | |
$ | ( |
) | |
||||||||||||||||||
Energy |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Finance and insurance |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Consumer—non-cyclical |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Technology andcommunications |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Industrial |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Capital goods |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Consumer—cyclical |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Transportation |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Other |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Subtotal, U.S. corporate |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Non-U.S. corporate: |
||||||||||||||||||||||||||||||||||||
Utilities |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Energy |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Finance and insurance |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Consumer—non-cyclical |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Technology andcommunications |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Industrial |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Capital goods |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Consumer—cyclical |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Transportation |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Other |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Subtotal, non-U.S. corporate |
|
( |
) | |
|
( |
) | |
|
( |
) | |
||||||||||||||||||||||||
Total for corporate securities in anunrealized loss position |
$ | |
$ | ( |
) | |
$ | |
$ | ( |
) | |
$ | |
$ | ( |
) | |
||||||||||||||||||
Amortized |
||||||||
cost or |
Fair |
|||||||
(Amounts in millions) |
cost |
value |
||||||
Due one year or less |
$ | |
$ | |
||||
Due after one year through five years |
|
|
||||||
Due after five years through ten years |
|
|
||||||
Due after ten years |
|
|
||||||
Subtotal |
|
|
||||||
Residential mortgage-backed |
|
|
||||||
Commercial mortgage-backed |
|
|
||||||
Other asset-backed |
|
|
||||||
Total |
|
$ |
58,194 |
|
|
$ |
63,774 |
|
June 30, 2019 |
December 31, 2018 |
|||||||||||||||
Carrying |
% of |
Carrying |
% of |
|||||||||||||
(Amounts in millions) |
value |
total |
value |
total |
||||||||||||
Property type: |
||||||||||||||||
Retail |
$ | |
|
% | $ | |
|
% | ||||||||
Industrial |
|
|
|
|
||||||||||||
Office |
|
|
|
|
||||||||||||
Apartments |
|
|
|
|
||||||||||||
Mixed use |
|
|
|
|
||||||||||||
Other |
|
|
|
|
||||||||||||
Subtotal |
|
|
% | |
|
% | ||||||||||
Unamortized balance of loan origination fees and costs |
( |
) | ( |
) | ||||||||||||
Allowance for credit losses |
( |
) | ( |
) | ||||||||||||
Total |
$ | |
$ | |
||||||||||||
June 30, 2019 |
December 31, 2018 |
|||||||||||||||
Carrying |
% of |
Carrying |
% of |
|||||||||||||
(Amounts in millions) |
value |
total |
value |
total |
||||||||||||
Geographic region: |
||||||||||||||||
South Atlantic |
$ | |
|
% | $ | |
|
% | ||||||||
Pacific |
|
|
|
|
||||||||||||
Middle Atlantic |
|
|
|
|
||||||||||||
Mountain |
|
|
|
|
||||||||||||
West North Central |
|
|
|
|
||||||||||||
East North Central |
|
|
|
|
||||||||||||
West South Central |
|
|
|
|
||||||||||||
New England |
|
|
|
|
||||||||||||
East South Central |
|
|
|
|
||||||||||||
Subtotal |
|
100 |
% | |
100 |
% | ||||||||||
Unamortized balance of loan origination fees and costs |
( |
) | ( |
) | ||||||||||||
Allowance for credit losses |
( |
) | ( |
) | ||||||||||||
Total |
$ | 6,963 |
$ | 6,687 |
||||||||||||
June 30, 2019 |
||||||||||||||||||||||||
Greater than |
||||||||||||||||||||||||
31 - 60 days |
61 - 90 days |
90 days past |
Total |
|||||||||||||||||||||
(Amounts in millions) |
past due |
past due |
due |
past due |
Current |
Total |
||||||||||||||||||
Property type: |
||||||||||||||||||||||||
Retail |
$ | — |
$ | — |
$ | — |
$ | — |
$ | |
$ | |
||||||||||||
Industrial |
— |
— |
— |
— |
|
|
||||||||||||||||||
Office |
— |
— |
— |
— |
|
|
||||||||||||||||||
Apartments |
— |
— |
— |
— |
|
|
||||||||||||||||||
Mixed use |
— |
— |
— |
— |
|
|
||||||||||||||||||
Other |
— |
— |
— |
— |
|
|
||||||||||||||||||
Total recorded investment |
$ | — |
$ | — |
$ | — |
$ | — |
$ | |
$ | |
||||||||||||
% of total commercial mortgage loans |
— |
% | — |
% | — |
% | — |
% | |
% | |
% | ||||||||||||
December 31, 2018 |
||||||||||||||||||||||||
Greater than |
||||||||||||||||||||||||
31 - 60 days |
61 - 90 days |
90 days past |
Total |
|||||||||||||||||||||
(Amounts in millions) |
past due |
past due |
due |
past due |
Current |
Total |
||||||||||||||||||
Property type: |
||||||||||||||||||||||||
Retail |
$ | |
$ | — |
$ | — |
$ | |
$ | |
$ | |
||||||||||||
Industrial |
— |
— |
— |
— |
|
|
||||||||||||||||||
Office |
— |
— |
|
|
|
|
||||||||||||||||||
Apartments |
— |
— |
— |
— |
|
|
||||||||||||||||||
Mixed use |
— |
— |
— |
— |
|
|
||||||||||||||||||
Other |
— |
— |
— |
— |
|
|
||||||||||||||||||
Total recorded investment |
$ | |
$ | — |
$ | |
$ | |
$ | |
$ | |
||||||||||||
% of total commercial mortgage loans |
— |
% | — |
% | — |
% | — |
% | |
% | |
% | ||||||||||||
Three months ended |
Six months ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
(Amounts in millions) |
2019 |
2018 |
2019 |
2018 |
||||||||||||
Allowance for credit losses: |
||||||||||||||||
Beginning balance |
$ | |
$ | |
$ | |
$ | |
||||||||
Charge-offs |
— |
— |
— |
— |
||||||||||||
Recoveries |
— |
— |
— |
— |
||||||||||||
Provision |
|
|
|
|
||||||||||||
Ending balance |
$ | |
$ | |
$ | |
$ | |
||||||||
Ending allowance for individually impaired loans |
$ | — |
$ | — |
$ | — |
$ | — |
||||||||
Ending allowance for loans not individually impaired that were evaluated collectively for impairment |
$ | |
$ | |
$ | 11 |
$ | 9 |
||||||||
Recorded investment: |
||||||||||||||||
Ending balance |
$ | |
$ | |
$ | 6,978 |
$ | 6,492 |
||||||||
Ending balance of individually impaired loans |
$ | — |
$ | |
$ | — |
$ | 6 |
||||||||
Ending balance of loans not individually impaired that were evaluated collectively for impairment |
$ | |
$ | |
$ | 6,978 |
$ | 6,486 |
||||||||
June 30, 2019 |
||||||||||||||||||||||||
(Amounts in millions) |
0% - 50% |
51% - 60% |
61% - 75% |
76% - 100% |
Greater than 100% (1) |
Total |
||||||||||||||||||
Property type: |
||||||||||||||||||||||||
Retail |
$ | |
$ | |
$ | |
$ | |
$ | — |
$ | |
||||||||||||
Industrial |
|
|
|
|
|
|
||||||||||||||||||
Office |
|
|
|
— |
— |
|
||||||||||||||||||
Apartments |
|
|