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) | |
1011 West Broad Stree t |
||
(Address of principal executive offices) |
(Zip Code) |
Title of Each Class |
Trading Symbol |
Name of each exchange on which registered | ||
☒ |
Accelerated filer |
☐ | ||||
Non-accelerated filer |
☐ |
Smaller reporting company |
||||
Emerging growth company |
TABLE OF CONTENTS
Page | ||||||
PART I—FINANCIAL INFORMATION |
||||||
Item 1. |
Financial Statements | |||||
Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 |
3 | |||||
4 | ||||||
5 | ||||||
6 | ||||||
8 | ||||||
Notes to Condensed Consolidated Financial Statements (Unaudited) |
9 | |||||
9 | ||||||
10 | ||||||
11 | ||||||
12 | ||||||
26 | ||||||
32 | ||||||
54 | ||||||
55 | ||||||
60 | ||||||
63 | ||||||
64 | ||||||
65 | ||||||
66 | ||||||
67 | ||||||
69 | ||||||
69 | ||||||
72 | ||||||
Note 18 — Changes in Accumulated Other Comprehensive Income (Loss) |
77 | |||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
80 | ||||
Item 3. | 130 | |||||
Item 4. | 130 | |||||
PART II—OTHER INFORMATION |
||||||
Item 1. | 131 | |||||
Item 1A. | 131 | |||||
Item 2. | 131 | |||||
Item 5. | 131 | |||||
Item 6. | 132 | |||||
Signatures | 133 |
2
Item 1. |
Financial Statements |
September 30, 2024 |
December 31, 2023 |
|||||||
(Unaudited) |
||||||||
Assets |
||||||||
Investments: |
||||||||
Fixed maturity securities available-for-sale, at fair value (amortized cost of $ |
$ | $ | ||||||
Equity securities, at fair value |
||||||||
Commercial mortgage loans (net of unamortized balance of loan origination fees and costs of $ |
||||||||
Less: Allowance for credit losses |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Commercial mortgage loans, net |
||||||||
Policy loans |
||||||||
Limited partnerships |
||||||||
Other invested assets |
||||||||
|
|
|
|
|||||
Total investments |
||||||||
Cash, cash equivalents and restricted cash |
||||||||
Accrued investment income |
||||||||
Deferred acquisition costs |
||||||||
Intangible assets |
||||||||
Reinsurance recoverable |
||||||||
Less: Allowance for credit losses |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Reinsurance recoverable, net |
||||||||
Other assets |
||||||||
Deferred tax asset |
||||||||
Market risk benefit assets |
||||||||
Separate account assets |
||||||||
|
|
|
|
|||||
Total assets |
$ | $ | ||||||
|
|
|
|
|||||
Liabilities and equity |
||||||||
Liabilities: |
||||||||
Future policy benefits |
$ | $ | ||||||
Policyholder account balances |
||||||||
Market risk benefit liabilities |
||||||||
Liability for policy and contract claims |
||||||||
Unearned premiums |
||||||||
Other liabilities |
||||||||
Long-term borrowings |
||||||||
Separate account liabilities |
||||||||
|
|
|
|
|||||
Total liabilities |
||||||||
|
|
|
|
|||||
Commitments and contingencies (Note 17) |
||||||||
Equity: |
||||||||
Common stock, $ September 30, 2024 and December 31, 2023, respectively |
||||||||
Additional paid-in capital |
||||||||
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 September 30, |
Nine months ended September 30, |
|||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
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 |
||||||||||||||||
Liability remeasurement (gains) losses |
||||||||||||||||
Changes in fair value of market risk benefits and associated hedges |
( |
) | ( |
) | ( |
) | ||||||||||
Interest credited |
||||||||||||||||
Acquisition and operating expenses, net of deferrals |
||||||||||||||||
Amortization of deferred acquisition costs and intangibles |
||||||||||||||||
Interest expense |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total benefits and expenses |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income from continuing operations before income taxes |
||||||||||||||||
Provision for income taxes |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income from continuing operations |
||||||||||||||||
Income (loss) from discontinued operations, net of taxes |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income |
||||||||||||||||
Less: net income attributable to noncontrolling interests |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income available to Genworth Financial, Inc.’s common stockholders |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders per share: |
||||||||||||||||
Basic |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income available to Genworth Financial, Inc.’s common stockholders per share: |
||||||||||||||||
Basic |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted-average common shares outstanding: |
||||||||||||||||
Basic |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted |
||||||||||||||||
|
|
|
|
|
|
|
|
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||||
Net income |
$ | $ | $ | $ | ||||||||||||
Other comprehensive income (loss), net of taxes: |
||||||||||||||||
Net unrealized gains (losses) on securities without an allowance for credit losses |
( |
) | ( |
) | ||||||||||||
Net unrealized gains (losses) on securities with an allowance for credit losses |
||||||||||||||||
Derivatives qualifying as hedges |
( |
) | ( |
) | ( |
) | ||||||||||
Change in discount rate used to measure future policy benefits |
( |
) | ||||||||||||||
Change in instrument-specific credit risk of market risk benefits |
||||||||||||||||
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 September 30, 2024 |
||||||||||||||||||||||||||||||||
Common stock |
Additional paid-in capital |
Accumulated other comprehensive income (loss) |
Retained earnings |
Treasury stock, at cost |
Total Genworth Financial, Inc.’s stockholders’ equity |
Noncontrolling interests |
Total equity |
|||||||||||||||||||||||||
Balances as of June 30, 2024 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | $ | ||||||||||||||||||||
Repurchase of subsidiary shares |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Comprehensive income (loss): |
||||||||||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total comprehensive income (loss) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Treasury stock acquired in connection with share repurchases |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Dividends to noncontrolling interests |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Stock-based compensation expense and exercises and other |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balances as of September 30, 2024 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | $ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Three months ended September 30, 2023 |
||||||||||||||||||||||||||||||||
Common stock |
Additional paid-in capital |
Accumulated other comprehensive income (loss) |
Retained earnings |
Treasury stock, at cost |
Total Genworth Financial, Inc.’s stockholders’ equity |
Noncontrolling interests |
Total equity |
|||||||||||||||||||||||||
Balances as of June 30, 2023 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | $ | ||||||||||||||||||||
Repurchase of subsidiary shares |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Comprehensive income (loss): |
||||||||||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes |
( |
) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total comprehensive income |
||||||||||||||||||||||||||||||||
Treasury stock acquired in connection with share repurchases |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Dividends to noncontrolling interests |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Stock-based compensation expense and exercises and other |
( |
) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balances as of September 30, 2023 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | $ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2024 |
||||||||||||||||||||||||||||||||
Common stock |
Additional paid-in capital |
Accumulated other comprehensive income (loss) |
Retained earnings |
Treasury stock, at cost |
Total Genworth Financial, Inc.’s stockholders’ equity |
Noncontrolling interests |
Total equity |
|||||||||||||||||||||||||
Balances as of December 31, 2023 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | $ | ||||||||||||||||||||
Repurchase of subsidiary shares |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Comprehensive income: |
||||||||||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total comprehensive income |
||||||||||||||||||||||||||||||||
Treasury stock acquired in connection with share repurchases |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Dividends to noncontrolling interests |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Stock-based compensation expense and exercises and other |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balances as of September 30, 2024 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | $ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Nine months ended September 30, 2023 |
||||||||||||||||||||||||||||||||
Common stock |
Additional paid-in capital |
Accumulated other comprehensive income (loss) |
Retained earnings |
Treasury stock, at cost |
Total Genworth Financial, Inc.’s stockholders’ equity |
Noncontrolling interests |
Total equity |
|||||||||||||||||||||||||
Balances as of December 31, 2022 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | $ | ||||||||||||||||||||
Repurchase of subsidiary shares |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Comprehensive income (loss): |
||||||||||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes |
( |
) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total comprehensive income |
||||||||||||||||||||||||||||||||
Treasury stock acquired in connection with share repurchases |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Dividends to noncontrolling interests |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Stock-based compensation expense and exercises and other |
( |
) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balances as of September 30, 2023 |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | $ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, |
||||||||
2024 |
2023 |
|||||||
Cash flows from (used by) operating activities: |
||||||||
Net income |
$ | $ | ||||||
Less (income) loss from discontinued operations, net of taxes |
( |
) | ||||||
Adjustments to reconcile net income to net cash from operating activities: |
||||||||
Amortization of fixed maturity securities discounts and premiums |
( |
) | ( |
) | ||||
Net investment (gains) losses |
( |
) | ||||||
Changes in fair value of market risk benefits and associated hedges |
( |
) | ( |
) | ||||
Charges assessed to policyholders |
( |
) | ( |
) | ||||
Amortization of deferred acquisition costs and intangibles |
||||||||
Deferred income taxes |
( |
) | ||||||
Derivative instruments, limited partnerships and other |
( |
) | ( |
) | ||||
Long-term incentive 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 |
( |
) | ( |
) | ||||
Cash used by operating activities—discontinued operations |
( |
) | ||||||
|
|
|
|
|||||
Net cash from operating activities |
||||||||
|
|
|
|
|||||
Cash flows from (used by) investing activities: |
||||||||
Proceeds from maturities and repayments of investments: |
||||||||
Fixed maturity securities |
||||||||
Commercial mortgage loans |
||||||||
Limited partnerships and other invested assets |
||||||||
Proceeds from sales of investments: |
||||||||
Fixed maturity and equity securities |
||||||||
Purchases and originations of investments: |
||||||||
Fixed maturity and equity securities |
( |
) | ( |
) | ||||
Commercial mortgage loans |
( |
) | ( |
) | ||||
Limited partnerships and other invested assets |
( |
) | ( |
) | ||||
Short-term investments, net |
( |
) | ||||||
Policy loans, net |
||||||||
Other |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash from investing activities |
||||||||
|
|
|
|
|||||
Cash flows from (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 |
||||||||
Debt issuance costs |
( |
) | ||||||
Repayment and repurchase of long-term debt |
( |
) | ( |
) | ||||
Repurchase of subsidiary shares |
( |
) | ( |
) | ||||
Treasury stock acquired in connection with share repurchases |
( |
) | ( |
) | ||||
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 |
$ | $ | ||||||
|
|
|
|
• | Enact |
• | Long-Term Care Insurance. |
• | Life and Annuities. |
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
(Amounts in millions, except per share amounts) |
2024 |
2023 |
2024 |
2023 |
||||||||||||
Weighted-average common shares used in basic earnings (loss) per share calculations |
||||||||||||||||
Potentially dilutive securities: |
||||||||||||||||
Performance stock units, restricted stock units and other equity-based awards |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted-average common shares used in diluted earnings (loss) per share calculations |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income from continuing operations: |
||||||||||||||||
Income from continuing operations |
$ | $ | $ | $ | ||||||||||||
Less: net income from continuing operations attributable to noncontrolling interests |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income from continuing operations available to Genworth Financial, Inc.’s common stockholders |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic per share |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted per share |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income (loss) from discontinued operations: |
||||||||||||||||
Income (loss) from discontinued operations, net of taxes |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic per share |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted per share |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income: |
||||||||||||||||
Income from continuing operations |
$ | $ | $ | $ | ||||||||||||
Income (loss) from discontinued operations, net of taxes |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income |
||||||||||||||||
Less: net income attributable to noncontrolling interests |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income available to Genworth Financial, Inc.’s common stockholders |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic per share (1) |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted per share (1) |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
(1) |
May not total due to whole number calculation. |
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
(Amounts in millions) |
2024 |
2023 |
2024 |
2023 |
||||||||||||
Fixed maturity securities—taxable |
$ |
$ |
$ |
$ |
||||||||||||
Fixed maturity securities—non-taxable |
||||||||||||||||
Equity securities |
||||||||||||||||
Commercial mortgage loans |
||||||||||||||||
Policy loans |
||||||||||||||||
Limited partnerships |
||||||||||||||||
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 September 30, |
Nine months ended September 30, |
|||||||||||||||
(Amounts in millions) |
2024 |
2023 |
2024 |
2023 |
||||||||||||
Realized investment gains (losses): |
||||||||||||||||
Available-for-sale fixed maturity securities: |
||||||||||||||||
Realized gains |
$ | $ | $ | $ | ||||||||||||
Realized losses |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized gains (losses) on available-for-sale fixed maturity securities |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net realized gains (losses) on equity securities sold |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total net realized investment gains (losses) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in allowance for credit losses on available-for-sale fixed maturity securities |
( |
) | ( |
) | ||||||||||||
Write-down of available-for-sale fixed maturity securities (1) |
( |
) | ||||||||||||||
Net unrealized gains (losses) on equity securities still held |
( |
) | ||||||||||||||
Net unrealized gains (losses) on limited partnerships |
||||||||||||||||
Commercial mortgage loans |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Derivative instruments (2) |
( |
) | ( |
) | ||||||||||||
Other |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment gains (losses) |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
|
|
|
|
|
|
|
|
(1) |
Represents write-down of securities deemed uncollectible or that we intend to sell or will be required to sell prior to recovery of the amortized cost basis. |
(2) |
See note 5 for additional information on the impact of derivative instruments included in net investment gains (losses). |
(Amounts in millions) |
Beginning balance |
Increase from securities without allowance in previous periods |
Increase (decrease) from securities with allowance in previous periods |
Securities sold |
Decrease due to change in intent or requirement to sell |
Write-offs |
Recoveries |
Ending balance |
||||||||||||||||||||||||
Fixed maturity securities: |
|
|||||||||||||||||||||||||||||||
Commercial mortgage-backed |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total available-for-sale fixed maturity securities |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in millions) |
Beginning balance |
Increase from securities without allowance in previous periods |
Increase (decrease) from securities with allowance in previous periods |
Securities sold |
Decrease due to change in intent or requirement to sell |
Write-offs |
Recoveries |
Ending balance |
||||||||||||||||||||||||
Fixed maturity securities: |
|
|||||||||||||||||||||||||||||||
Commercial mortgage-backed |
$ | $ | $ | $ | ( |
) | $ | $ | $ | $ | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total available-for-sale fixed maturity securities |
$ | $ | $ | $ | ( |
) | $ | $ | $ | $ | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in millions) |
Beginning balance |
Increase from securities without allowance in previous periods |
Increase (decrease) from securities with allowance in previous periods |
Securities sold |
Decrease due to change in intent or requirement to sell |
Write-offs |
Recoveries |
Ending balance |
||||||||||||||||||||||||
Fixed maturity securities: |
||||||||||||||||||||||||||||||||
U.S. corporate |
$ | $ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ||||||||||||||||||||
Commercial mortgage-backed |
( |
) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total available-for-sale fixed maturity securities |
$ | $ | $ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in millions) |
September 30, 2024 |
December 31, 2023 |
||||||
Net unrealized gains (losses) on fixed maturity securities without an allowance for credit losses (1) |
$ | ( |
) | $ | ( |
) | ||
Net unrealized gains (losses) on fixed maturity securities with an allowance for credit losses |
||||||||
Adjustments to policyholder contract balances |
||||||||
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. |
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
(Amounts in millions) |
2024 |
2023 |
2024 |
2023 |
||||||||||||
Beginning balance |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Unrealized gains (losses) arising during the period: |
||||||||||||||||
Unrealized gains (losses) on fixed maturity securities |
( |
) | ( |
) | ||||||||||||
Adjustments to policyholder contract balances |
( |
) | ( |
) | ||||||||||||
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 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
|
|
|
|
|
|
|
|
(Amounts in millions) |
Amortized cost |
Gross unrealized gains |
Gross unrealized losses |
Allowance for credit losses |
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 |
$ | $ | $ | ( |
) | $ | $ | |||||||||||||
|
|
|
|
|
|
|
|
|
|
(Amounts in millions) |
Amortized cost |
Gross unrealized gains |
Gross unrealized losses |
Allowance for credit losses |
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, agencies and government-sponsored enterprises |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||||||||||||||||||||
State and political subdivisions |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Non-U.S. |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
U.S. corporate |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Non-U.S. |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Residential mortgage-backed |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Commercial mortgage-backed |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Other asset-backed |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Total for fixed maturity securities in an unrealized loss position |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||||||||||||||||||
% Below cost: |
||||||||||||||||||||||||||||||||||||
<20% Below cost |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||||||||||||||||||
20%-50% |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Total for fixed maturity securities in an unrealized loss position |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||||||||||||||||||
Investment grade |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||||||||||||||||||
Below investment grade |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Total for fixed maturity securities in an unrealized loss position |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||||||||||||||||||
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 and communications |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Industrial |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Capital goods |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Consumer—cyclical |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Transportation |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Other |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Subtotal, U.S. corporate securities |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Non-U.S. |
||||||||||||||||||||||||||||||||||||
Utilities |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Energy |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Finance and insurance |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Consumer—non-cyclical |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Technology and communications |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Industrial |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Capital goods |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Consumer—cyclical |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Transportation |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Other |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Subtotal, non-U.S. |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Total for corporate securities in an unrealized loss position |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||||||||||||||||||
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, agencies and government-sponsored enterprises |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||||||||||||
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 an unrealized loss position |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||||||||||||
% Below cost: |
||||||||||||||||||||||||||||||||||||
<20% Below cost |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||||||||||||
20%-50% Below cost |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Total for fixed maturity securities in an unrealized loss position |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||||||||||||
Investment grade |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||||||||||||
Below investment grade |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Total for fixed maturity securities in an unrealized loss position |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||||||||||||
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 and communications |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Industrial |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Capital goods |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Consumer—cyclical |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Transportation |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Other |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Subtotal, U.S. corporate securities |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Non-U.S. corporate: |
||||||||||||||||||||||||||||||||||||
Utilities |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Energy |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Finance and insurance |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Consumer—non-cyclical |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Technology and communications |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Industrial |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Capital goods |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Consumer—cyclical |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Transportation |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Other |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Subtotal, non-U.S. corporate securities |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Total for corporate securities in an unrealized loss position |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||||||||||||
(Amounts in millions) |
Amortized cost |
Fair 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 |
$ | $ | ||||||
|
|
|
|
September 30, 2024 |
December 31, 2023 |
|||||||||||||||
(Amounts in millions) |
Carrying value |
% of total |
Carrying value |
% of total |
||||||||||||
Property type: |
||||||||||||||||
Retail |
$ |
% |
$ |
% | ||||||||||||
Office |
||||||||||||||||
Industrial |
||||||||||||||||
Apartments |
||||||||||||||||
Mixed use |
||||||||||||||||
Other |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Subtotal |
% |
% | ||||||||||||||
|
|
|
|
|||||||||||||
Allowance for credit losses |
( |
) |
( |
) |
||||||||||||
|
|
|
|
|||||||||||||
Total |
$ |
$ |
||||||||||||||
|
|
|
|
September 30, 2024 |
December 31, 2023 |
|||||||||||||||
(Amounts in millions) |
Carrying value |
% of total |
Carrying value |
% of total |
||||||||||||
Geographic region: |
||||||||||||||||
South Atlantic |
$ |
% |
$ |
% | ||||||||||||
Pacific |
||||||||||||||||
Mountain |
||||||||||||||||
Middle Atlantic |
||||||||||||||||
West South Central |
||||||||||||||||
East North Central |
||||||||||||||||
West North Central |
||||||||||||||||
East South Central |
||||||||||||||||
New England |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Subtotal |
% |
% | ||||||||||||||
|
|
|
|
|||||||||||||
Allowance for credit losses |
( |
) |
( |
) |
||||||||||||
|
|
|
|
|||||||||||||
Total |
$ |
$ |
||||||||||||||
|
|
|
|
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
(Amounts in millions) |
2024 |
2023 |
2024 |
2023 |
||||||||||||
Allowance for credit losses: |
||||||||||||||||
Beginning balance |
$ | $ | $ | $ | ||||||||||||
Provision |
||||||||||||||||
Write-offs |
||||||||||||||||
Recoveries |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Ending balance |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
(Amounts in millions) |
2024 |
2023 |
2022 |
2021 |
2020 |
2019 and prior |
Total |
|||||||||||||||||||||
Debt-to-value: |
||||||||||||||||||||||||||||
0% - 50% |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||
51% - 60% |
||||||||||||||||||||||||||||
61% - 75% |
||||||||||||||||||||||||||||
76% - 100% |
||||||||||||||||||||||||||||
Greater than 100% |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total amortized cost |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Debt service coverage ratio: |
||||||||||||||||||||||||||||
Less than 1.00 |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||
1.00 - 1.25 |
||||||||||||||||||||||||||||
1.26 - 1.50 |
||||||||||||||||||||||||||||
1.51 - 2.00 |
||||||||||||||||||||||||||||
Greater than 2.00 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total amortized cost |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
||||||||||||||||||||||||
(Amounts in millions) |
0% - 50% |
51% - 60% |
61% - 75% |
76% - 100% |
Greater than 100% |
Total |
||||||||||||||||||
Property type: |
||||||||||||||||||||||||
Retail |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Office |
||||||||||||||||||||||||
Industrial |
||||||||||||||||||||||||
Apartments |
||||||||||||||||||||||||
Mixed use |
||||||||||||||||||||||||
Other |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total amortized cost |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
% of total |
% | % | % | % | % | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Weighted-average debt service coverage ratio |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
||||||||||||||||||||||||
(Amounts in millions) |
0% - 50% |
51% - 60% |
61% - 75% |
76% - 100% |
Greater than 100% |
Total |
||||||||||||||||||
Property type: |
||||||||||||||||||||||||
Retail |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Office |
||||||||||||||||||||||||
Industrial |
||||||||||||||||||||||||
Apartments |
||||||||||||||||||||||||
Mixed use |
||||||||||||||||||||||||
Other |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total amortized cost |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
% of total |
% | % | % | % | % | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Weighted-average debt service coverage ratio |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
||||||||||||||||||||||||
(Amounts in millions) |
Less than 1.00 |
1.00 - 1.25 |
1.26 - 1.50 |
1.51 - 2.00 |
Greater than 2.00 |
Total |
||||||||||||||||||
Property type: |
||||||||||||||||||||||||
Retail |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Office |
||||||||||||||||||||||||
Industrial |
||||||||||||||||||||||||
Apartments |
||||||||||||||||||||||||
Mixed use |
||||||||||||||||||||||||
Other |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total amortized cost |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
% of total |
% |
% |
% |
% |
% |
% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Weighted-average debt-to-value |
% |
% |
% |
% |
% |
% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
||||||||||||||||||||||||
(Amounts in millions) |
Less than 1.00 |
1.00 - 1.25 |
1.26 - 1.50 |
1.51 - 2.00 |
Greater than 2.00 |
Total |
||||||||||||||||||
Property type: |
||||||||||||||||||||||||
Retail |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Office |
||||||||||||||||||||||||
Industrial |
||||||||||||||||||||||||
Apartments |
||||||||||||||||||||||||
Mixed use |
||||||||||||||||||||||||
Other |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total amortized cost |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
% of total |
% |
% |
% |
% |
% |
% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Weighted-average debt-to-value |
% |
% |
% |
% |
% |
% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Derivative assets |
Derivative liabilities |
|||||||||||||||||||
Fair value |
Fair value |
|||||||||||||||||||
(Amounts in millions) |
Balance sheet classification |
September 30, 2024 |
December 31, 2023 |
Balance sheet classification |
September 30, 2024 |
December 31, 2023 |
||||||||||||||
Derivatives designated as hedges |
||||||||||||||||||||
Cash flow hedges: |
||||||||||||||||||||
Interest rate swaps |
Other invested assets | $ | $ | Other liabilities | $ | $ | ||||||||||||||
Foreign currency swaps |
Other invested assets | Other liabilities | ||||||||||||||||||
Forward bond purchase commitments |
Other invested assets | Other liabilities | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total cash flow hedges |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total derivatives designated as hedges |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Derivatives not designated as hedges |
||||||||||||||||||||
Equity index options |
Other invested assets | Other liabilities | ||||||||||||||||||
Financial futures (1) |
Other invested assets | Other liabilities | ||||||||||||||||||
Forward bond purchase commitments |
Other invested assets | Other liabilities | ||||||||||||||||||
Fixed indexed annuity embedded derivatives |
Other assets | Policyholder account balances (2) |
||||||||||||||||||
Indexed universal life embedded derivatives |
Reinsurance recoverable | Policyholder account balances (3) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total derivatives not designated as hedges |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total derivatives |
$ | $ | $ | $ | ||||||||||||||||
|
|
|
|
|
|
|
|
(1) |
The period end valuations of financial futures were zero as a result of settling the margins on these contracts on a daily basis. |
(2) |
Represents the embedded derivatives associated with our fixed indexed annuity liabilities. |
(3) |
Represents the embedded derivatives associated with our indexed universal life liabilities. |
December 31, |
Maturities/ |
September 30, |
||||||||||||||||
(Notional in millions) |
Measurement |
2023 |
Additions |
terminations |
2024 |
|||||||||||||
Derivatives designated as hedges |
||||||||||||||||||
Cash flow hedges: |
||||||||||||||||||
Interest rate swaps |
Notional |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||
Foreign currency swaps |
Notional |
|||||||||||||||||
Forward bond purchase commitments |
Notional |
|||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Total cash flow hedges |
( |
) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Total derivatives designated as hedges |
( |
) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Derivatives not designated as hedges |
||||||||||||||||||
Equity index options |
Notional |
( |
) |
|||||||||||||||
Financial futures |
Notional |
( |
) |
|||||||||||||||
Forward bond purchase commitments |
Notional |
|||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Total derivatives not designated as hedges |
( |
) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Total derivatives |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
December 31, |
Maturities/ |
September 30, |
||||||||||||||||
(Number of policies) |
Measurement |
2023 |
Additions |
terminations |
2024 |
|||||||||||||
Derivatives not designated as hedges |
||||||||||||||||||
Fixed indexed annuity embedded derivatives |
Policies |
( |
) |
|||||||||||||||
Indexed universal life embedded derivatives |
Policies |
( |
) |
(Amounts in millions) |
Gain (loss) recognized in OCI |
Gain (loss) reclassified into net income from OCI |
Classification of gain (loss) reclassified into net income |
Gain (loss) recognized in net income |
Classification of gain (loss) recognized in net income | |||||||||||
Interest rate swaps hedging assets |
$ | $ | Net investment income | $ | Net investment gains (losses) | |||||||||||
Interest rate swaps hedging assets |
Net investment gains (losses) | Net investment gains (losses) | ||||||||||||||
Foreign currency swaps |
( |
) | Net investment income | Net investment gains (losses) | ||||||||||||
Forward bond purchase commitments |
Net investment gains (losses) | Net investment gains (losses) | ||||||||||||||
|
|
|
|
|
|
|||||||||||
Total |
$ | $ | $ | |||||||||||||
|
|
|
|
|
|
(Amounts in millions) |
Gain (loss) recognized in OCI |
Gain (loss) reclassified into net income from OCI |
Classification of gain (loss) reclassified into net income |
Gain (loss) recognized in net income |
Classification of gain (loss) recognized in net income | |||||||||||
Interest rate swaps hedging assets |
$ | ( |
) | $ | Net investment income | $ | Net investment gains (losses) | |||||||||
Interest rate swaps hedging liabilities |
( |
) | Interest expense | Net investment gains (losses) | ||||||||||||
Foreign currency swaps |
( |
) | Net investment income | Net investment gains (losses) | ||||||||||||
Forward bond purchase commitments |
( |
) | Net investment gains (losses) | Net investment gains (losses) | ||||||||||||
|
|
|
|
|
|
|||||||||||
Total |
$ | ( |
) | $ | $ | |||||||||||
|
|
|
|
|
|
(Amounts in millions) |
Gain (loss) recognized in OCI |
Gain (loss) reclassified into net income from OCI |
Classification of gain (loss) reclassified into net income |
Gain (loss) recognized in net income |
Classification of gain (loss) recognized in net income | |||||||||||
Interest rate swaps hedging assets |
$ | ( |
) | $ | Net investment income | $ | Net investment gains (losses) | |||||||||
Interest rate swaps hedging assets |
Net investment gains (losses) | Net investment gains (losses) | ||||||||||||||
Interest rate swaps hedging liabilities |
( |
) | Interest expense | Net investment gains (losses) | ||||||||||||
Foreign currency swaps |
( |
) | Net investment income | Net investment gains (losses) | ||||||||||||
Forward bond purchase commitments |
Net investment gains (losses) | Net investment gains (losses) | ||||||||||||||
|
|
|
|
|
|
|||||||||||
Total |
$ | ( |
) | $ | $ | |||||||||||
|
|
|
|
|
|
(Amounts in millions) |
Gain (loss) recognized in OCI |
Gain (loss) reclassified into net income from OCI |
Classification of gain (loss) reclassified into net income |
Gain (loss) recognized in net income |
Classification of gain (loss) recognized in net income | |||||||||||
Interest rate swaps hedging assets |
$ | ( |
) | $ | Net investment income | $ | Net investment gains (losses) | |||||||||
Interest rate swaps hedging assets |
Net investment gains (losses) | Net investment gains (losses) | ||||||||||||||
Interest rate swaps hedging liabilities |
( |
) | Interest expense | Net investment gains (losses) | ||||||||||||
Interest rate swaps hedging liabilities |
Net investment gains (losses) | Net investment gains (losses) | ||||||||||||||
Foreign currency swaps |
( |
) | Net investment income | Net investment gains (losses) | ||||||||||||
Foreign currency swaps |
Net investment gains (losses) | Net investment gains (losses) | ||||||||||||||
Forward bond purchase commitments |
( |
) | Net investment gains (losses) | Net investment gains (losses) | ||||||||||||
Total |
$ | ( |
) | $ | $ | |||||||||||
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
(Amounts in millions) |
2024 |
2023 |
2024 |
2023 |
||||||||||||
Beginning balance |
$ | $ | $ | $ | ||||||||||||
Current period increases (decreases) in fair value, net of deferred taxes of $( |
( |
) | ( |
) | ( |
) | ||||||||||
Reclassification to net (income), net of deferred taxes of $ |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Ending balance |
$ | $ | $ | $ | ||||||||||||
Three months ended September 30, |
Nine months ended September 30, |
Classification of gain (loss) recognized in net income | ||||||||||||||||
(Amounts in millions) |
2024 |
2023 |
2024 |
2023 |
||||||||||||||
Equity index options |
$ |
$ |
( |
) |
$ |
$ |
Net investment gains (losses) | |||||||||||
Financial futures |
( |
) |
( |
) |
( |
) |
Changes in fair value of market risk benefits and associated hedges | |||||||||||
Forward bond purchase commitments |
( |
) |
( |
) |
( |
) |
Net investment gains (losses) | |||||||||||
Fixed indexed annuity embedded derivatives |
( |
) |
( |
) |
( |
) |
( |
) |
Net investment gains (losses) | |||||||||
Indexed universal life embedded derivatives |
( |
) |
Net investment gains (losses) | |||||||||||||||
Total derivatives not designated as hedges |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||||||
September 30, 2024 |
December 31, 2023 |
|||||||||||||||||||||||
(Amounts in millions) |
Derivative assets (1) |
Derivative liabilities (1) |
Net derivatives |
Derivative assets (1) |
Derivative liabilities (1) |
Net derivatives |
||||||||||||||||||
Amounts presented in the balance sheet: |
||||||||||||||||||||||||
Gross amounts recognized |
$ | $ | $ | ( |
) | $ | $ | $ | ( |
) | ||||||||||||||
Gross amounts offset in the balance sheet |
||||||||||||||||||||||||
Net amounts presented in the balance sheet |
( |
) | ( |
) | ||||||||||||||||||||
Gross amounts not offset in the balance sheet: |
||||||||||||||||||||||||
Financial instruments (2) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Collateral received |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Collateral pledged |
( |
) | ( |
) | ||||||||||||||||||||
Over collateralization |
( |
) | ( |
) | ||||||||||||||||||||
Net amount |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
(1) |
Does not include amounts related to embedded derivatives as of September 30, 2024 and December 31, 2023. |
(2) |
Amounts represent derivative assets and/or liabilities that are presented gross within the balance sheet but are held with the same counterparty where we have a master netting arrangement. This adjustment results in presenting the net asset and net liability position for each counterparty. |
• | Third-party pricing services: understanding the methodologies, techniques and inputs used by the third-party pricing providers. |
(Amounts in millions) |
Fair value |
Primary methodologies |
Significant inputs | |||||
U.S. government, agencies and government-sponsored enterprises |
$ | |||||||
State and political subdivisions |
$ | |||||||
Non-U.S. government |
$ | bid-offer spread, market research publications, third-party pricing sources | ||||||
U.S. corporate |
$ | |||||||
Non-U.S. corporate |
$ | bid-offer spread, market research publications, third-party pricing sources | ||||||
Residential mortgage-backed |
$ | OAS-based models, single factor binomial models, internally priced |
||||||
Commercial mortgage-backed |
$ | |||||||
Other asset-backed |
$ |
• | Internal models: non-U.S. corporate securities are valued using internal models. The fair value of these fixed maturity securities was $related industry sector of the issuer. Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed maturity securities. Price caps and liquidity premiums are established using inputs from market participants. |
• | Broker quotes: non-U.S. government, U.S. corporate, non-U.S. corporate, residential mortgage-backed, commercial mortgage-backed and other asset-backed securities are valued using broker quotes. Broker quotes are obtained from third-party providers that have current market knowledge to provide a reasonable price for securities not routinely priced by pricing services. Brokers utilized for valuation of assets are reviewed annually. The fair value of our Level 3 fixed maturity securities priced by broker quotes was $ |
• | Internal models: non-U.S. corporate, residential mortgage-backed and other asset-backed securities are valued using internal models. The primary inputs to the valuation of the bond population include quoted prices for identical assets, or similar assets in markets that are not active, contractual cash flows, duration, call provisions, issuer rating, benchmark yields and credit spreads. Certain private fixed maturity securities are valued using an internal model using market observable inputs such as the interest rate yield curve, as well as published credit spreads for similar securities, which includes significant unobservable inputs. Additionally, we may apply certain price caps and liquidity premiums in the valuation of private fixed maturity securities. Price caps are established using inputs from market participants. For structured securities, the primary inputs to the valuation include quoted prices for identical assets, or similar assets in markets that are not active, contractual cash flows, weighted-average coupon, weighted-average maturity, issuer rating, structure of the security, expected prepayment speeds and volumes, collateral type, current and forecasted loss severity, average delinquency rates, vintage of the loans, geographic region, debt service coverage ratios, payment priority with the tranche, benchmark yields and credit spreads. The fair value of our Level 3 fixed maturity securities priced using internal models was $ |
September 30, 2024 |
||||||||||||||||||||
(Amounts in millions) |
Total |
Level 1 |
Level 2 |
Level 3 |
NAV (1) |
|||||||||||||||
Assets |
||||||||||||||||||||
Investments: |
||||||||||||||||||||
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 fixed maturity securities |
||||||||||||||||||||
Equity securities |
||||||||||||||||||||
Limited partnerships |
||||||||||||||||||||
Other invested assets: |
||||||||||||||||||||
Derivative assets: |
||||||||||||||||||||
Interest rate swaps |
||||||||||||||||||||
Foreign currency swaps |
||||||||||||||||||||
Equity index options |
||||||||||||||||||||
Forward bond purchase commitments |
||||||||||||||||||||
Total derivative assets |
||||||||||||||||||||
Short-term investments |
||||||||||||||||||||
Total other invested assets |
||||||||||||||||||||
Separate account assets |
||||||||||||||||||||
Total assets |
$ | $ | $ | $ | $ | |||||||||||||||
(1) |
Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy . |
December 31, 2023 |
||||||||||||||||||||
(Amounts in millions) |
Total |
Level 1 |
Level 2 |
Level 3 |
NAV (1) |
|||||||||||||||
Assets |
||||||||||||||||||||
Investments: |
||||||||||||||||||||
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 fixed maturity securities |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Equity securities |
||||||||||||||||||||
Limited partnerships |
||||||||||||||||||||
Other invested assets: |
||||||||||||||||||||
Derivative assets: |
||||||||||||||||||||
Interest rate swaps |
||||||||||||||||||||
Foreign currency swaps |
||||||||||||||||||||
Equity index options |
||||||||||||||||||||
Forward bond purchase commitments |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total derivative assets |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Short-term investments |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total other invested assets |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Separate account assets |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets |
$ | $ | $ | $ | $ | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) |
Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy . |
Beginning balance as of July 1, 2024 |
Total realized and unrealized gains (losses) |
Purchases |
Sales |
Issuances |
Settlements |
Transfer into Level 3 (1) |
Transfer out of Level 3 (1) |
Ending balance as of September 30, 2024 |
Total gains (losses) attributable to assets still held |
|||||||||||||||||||||||||||||||||||||||
(Amounts in millions) |
net income |
in OCI |
net income |
Included in OCI |
||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: |
||||||||||||||||||||||||||||||||||||||||||||||||
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 |