| Investments | 5. Investments Fixed Maturity Securities Available-for-Sale Fixed Maturity Securities Available-for-Sale by Sector The following table presents the fixed maturity securities available-for-sale (“AFS”) by sector. U.S. corporate and foreign corporate sectors include redeemable preferred stock. Residential mortgage-backed securities (“RMBS”) includes Agency, prime, alternative and sub-prime mortgage-backed securities. Asset-backed securities (“ABS”) includes securities collateralized by corporate loans and consumer loans. Municipals includes taxable and tax-exempt revenue bonds and, to a much lesser extent, general obligations of states, municipalities and political subdivisions. Commercial mortgage-backed securities (“CMBS”) primarily includes securities collateralized by multiple properties. RMBS, ABS and CMBS are collectively, “Structured Securities.” March 31, 2019 December 31, 2018 Amortized Gross Unrealized Estimated Amortized Gross Unrealized Estimated Temporary OTTI Temporary OTTI (In millions) U.S. corporate $ 75,893 $ 5,040 $ 787 $ — $ 80,146 $ 77,761 $ 3,467 $ 2,280 $ — $ 78,948 Foreign government 57,483 7,749 277 — 64,955 56,353 6,406 471 — 62,288 Foreign corporate 57,640 3,504 1,199 — 59,945 56,290 2,438 2,025 — 56,703 U.S. government and agency 37,819 3,413 224 — 41,008 37,030 2,756 464 — 39,322 RMBS 27,439 1,097 206 (30 ) 28,360 27,409 920 394 (26 ) 27,961 ABS 12,635 77 80 1 12,631 12,552 74 153 1 12,472 Municipals 10,371 1,546 19 — 11,898 10,376 1,228 71 — 11,533 CMBS 9,279 236 48 — 9,467 9,045 115 122 — 9,038 Total fixed maturity securities AFS $ 288,559 $ 22,662 $ 2,840 $ (29 ) $ 308,410 $ 286,816 $ 17,404 $ 5,980 $ (25 ) $ 298,265 __________________ (1) Noncredit OTTI losses included in AOCI in an unrealized gain position are due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).” The Company held non-income producing fixed maturity securities AFS with an estimated fair value of $33 million and $15 million , and unrealized gains (losses) of less than $1 million and ($1) million , at March 31, 2019 and December 31, 2018 , respectively. Maturities of Fixed Maturity Securities AFS The amortized cost and estimated fair value of fixed maturity securities AFS, by contractual maturity date, were as follows at March 31, 2019 : Due in One Due After Due After Five Years Through Ten Years Due After Ten Years Structured Securities Total Fixed Maturity Securities AFS (In millions) Amortized cost $ 14,608 $ 53,506 $ 58,491 $ 112,601 $ 49,353 $ 288,559 Estimated fair value $ 14,625 $ 55,316 $ 61,515 $ 126,496 $ 50,458 $ 308,410 Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities AFS not due at a single maturity date have been presented in the year of final contractual maturity. Structured Securities are shown separately, as they are not due at a single maturity. Continuous Gross Unrealized Losses for Fixed Maturity Securities AFS by Sector The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities AFS in an unrealized loss position, aggregated by sector and by length of time that the securities have been in a continuous unrealized loss position at: March 31, 2019 December 31, 2018 Less than 12 Months Equal to or Greater than 12 Months Less than 12 Months Equal to or Greater than 12 Months Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (Dollars in millions) U.S. corporate $ 8,538 $ 249 $ 10,555 $ 538 $ 32,430 $ 1,663 $ 5,826 $ 617 Foreign government 1,661 108 2,424 169 4,392 243 2,902 228 Foreign corporate 8,306 505 7,914 694 19,564 1,230 5,765 795 U.S. government and agency 2,579 4 7,550 220 6,813 58 8,937 406 RMBS 1,404 26 8,291 150 6,506 120 6,423 248 ABS 6,582 64 817 17 8,230 138 392 16 Municipals 129 3 518 16 1,380 46 349 25 CMBS 1,615 9 1,067 39 3,893 67 707 55 Total fixed maturity securities AFS $ 30,814 $ 968 $ 39,136 $ 1,843 $ 83,208 $ 3,565 $ 31,301 $ 2,390 Total number of securities in an unrealized loss position 3,008 3,153 6,913 2,335 Evaluation of Fixed Maturity Securities AFS for OTTI and Evaluating Temporarily Impaired Fixed Maturity Securities AFS As described more fully in Notes 1 and 8 of the Notes to the Consolidated Financial Statements included in the 2018 Annual Report, the Company performs a regular evaluation of all investment classes for impairment, including fixed maturity securities AFS and perpetual hybrid securities, in accordance with its impairment policy, in order to evaluate whether such investments are other-than-temporarily impaired. Current Period Evaluation Based on the Company’s current evaluation of its securities in an unrealized loss position in accordance with its impairment policy, and the Company’s current intentions and assessments (as applicable to the type of security) about holding, selling and any requirements to sell these securities, the Company concluded that these securities were not other-than-temporarily impaired at March 31, 2019 . Future OTTI will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), and changes in credit ratings, collateral valuation and foreign currency exchange rates. If economic fundamentals deteriorate or if there are adverse changes in the above factors, OTTI may be incurred in upcoming periods. Gross unrealized losses on fixed maturity securities AFS decreased $3.1 billion for the three months ended March 31, 2019 to $2.8 billion . The decrease in gross unrealized losses for the three months ended March 31, 2019 was primarily attributable to decreases in interest rates, narrowing credit spreads and, to a lesser extent, the impact of strengthening foreign currencies on non-functional currency denominated fixed maturity securities AFS. At March 31, 2019 , $113 million of the total $2.8 billion of gross unrealized losses were from 37 fixed maturity securities AFS with an unrealized loss position of 20% or more of amortized cost for six months or greater. Investment Grade Fixed Maturity Securities AFS Of the $113 million of gross unrealized losses on fixed maturity securities AFS with an unrealized loss of 20% or more of amortized cost for six months or greater, $76 million , or 67% , were related to gross unrealized losses on 20 investment grade fixed maturity securities AFS. Unrealized losses on investment grade fixed maturity securities AFS are principally related to widening credit spreads since purchase and, with respect to fixed-rate fixed maturity securities AFS, rising interest rates since purchase. Below Investment Grade Fixed Maturity Securities AFS Of the $113 million of gross unrealized losses on fixed maturity securities AFS with an unrealized loss of 20% or more of amortized cost for six months or greater, $37 million , or 33% , were related to gross unrealized losses on 17 below investment grade fixed maturity securities AFS. Unrealized losses on below investment grade fixed maturity securities AFS are principally related to CMBS and foreign government securities and are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainty. Management evaluates CMBS based on actual and projected cash flows after considering the quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, the payment terms of the underlying assets backing a particular security and the payment priority within the tranche structure of the security and evaluates foreign government securities based on factors such as expected cash flows and the financial condition and near-term and long-term prospects of the issuers. Equity Securities Equity securities are summarized as follows at: March 31, 2019 December 31, 2018 Estimated Fair Value % of Total Estimated Fair Value % of Total (Dollars in millions) Common stock $ 1,016 70.9 % $ 1,037 72.0 % Non-redeemable preferred stock 416 29.1 403 28.0 Total equity securities $ 1,432 100.0 % $ 1,440 100.0 % Contractholder-Directed Equity Securities and Fair Value Option Securities As described more fully in Note 1 of the Notes to the Consolidated Financial Statements included in the 2018 Annual Report, contractholder-directed equity securities and fair value option (“FVO”) securities (“FVO Securities”) (collectively, “Unit-linked and FVO Securities”) include three categories of investments for which the FVO has been elected, or are otherwise required to be carried at estimated fair value. Mortgage Loans Mortgage Loans by Portfolio Segment Mortgage loans are summarized as follows at: March 31, 2019 December 31, 2018 Carrying Value % of Carrying Value % of (Dollars in millions) Mortgage loans: Commercial $ 49,960 63.6 % $ 48,463 64.0 % Agricultural 15,130 19.2 14,905 19.7 Residential 13,585 17.3 12,427 16.4 Total recorded investment 78,675 100.1 75,795 100.1 Valuation allowances (350 ) (0.5 ) (342 ) (0.5 ) Subtotal mortgage loans, net 78,325 99.6 75,453 99.6 Residential — FVO 276 0.4 299 0.4 Total mortgage loans, net $ 78,601 100.0 % $ 75,752 100.0 % Information on commercial, agricultural and residential mortgage loans is presented in the tables below. Information on residential mortgage loans — FVO is presented in Note 7 . The Company elects the FVO for certain residential mortgage loans that are managed on a total return basis. The amount of net discounts, included within total recorded investment, primarily attributable to residential mortgage loans, was $1.0 billion and $944 million at March 31, 2019 and December 31, 2018 , respectively. Purchases of mortgage loans, primarily residential, were $1.4 billion and $307 million for the three months ended March 31, 2019 and 2018 , respectively. Mortgage Loans, Valuation Allowance and Impaired Loans by Portfolio Segment Mortgage loans by portfolio segment, by method of evaluation of credit loss, impaired mortgage loans including those modified in a troubled debt restructuring, and the related valuation allowances, were as follows at: Evaluated Individually for Credit Losses Evaluated Collectively for Credit Losses Impaired Loans Impaired Loans with a Valuation Allowance Impaired Loans without a Valuation Allowance Unpaid Principal Balance Recorded Investment Valuation Unpaid Principal Balance Recorded Recorded Valuation Carrying (In millions) March 31, 2019 Commercial $ — $ — $ — $ — $ — $ 49,960 $ 245 $ — Agricultural 31 31 3 93 92 15,007 44 120 Residential — — — 447 400 13,185 58 400 Total $ 31 $ 31 $ 3 $ 540 $ 492 $ 78,152 $ 347 $ 520 December 31, 2018 Commercial $ — $ — $ — $ — $ — $ 48,463 $ 238 $ — Agricultural 31 31 3 169 169 14,705 43 197 Residential — — — 431 386 12,041 58 386 Total $ 31 $ 31 $ 3 $ 600 $ 555 $ 75,209 $ 339 $ 583 The average recorded investment for impaired commercial, agricultural and residential mortgage loans was $0 , $161 million and $393 million , respectively, for the three months ended March 31, 2019 ; and $0 , $84 million and $331 million , respectively, for the three months ended March 31, 2018 . Valuation Allowance Rollforward by Portfolio Segment The changes in the valuation allowance, by portfolio segment, were as follows: Three Months 2019 2018 Commercial Agricultural Residential Total Commercial Agricultural Residential Total (In millions) Balance, beginning of period $ 238 $ 46 $ 58 $ 342 $ 214 $ 41 $ 59 $ 314 Provision (release) 7 1 2 10 14 — — 14 Charge-offs, net of recoveries — — (2 ) (2 ) — — (1 ) (1 ) Balance, end of period $ 245 $ 47 $ 58 $ 350 $ 228 $ 41 $ 58 $ 327 Credit Quality of Commercial Mortgage Loans The credit quality of commercial mortgage loans was as follows at: Recorded Investment Estimated % of Total Debt Service Coverage Ratios % of Total > 1.20x 1.00x - 1.20x < 1.00x Total (Dollars in millions) March 31, 2019 Loan-to-value ratios: Less than 65% $ 41,921 $ 800 $ 132 $ 42,853 85.8 % $ 43,759 86.0 % 65% to 75% 5,682 26 1 5,709 11.4 5,758 11.3 76% to 80% 397 268 55 720 1.4 698 1.4 Greater than 80% 502 176 — 678 1.4 646 1.3 Total $ 48,502 $ 1,270 $ 188 $ 49,960 100.0 % $ 50,861 100.0 % December 31, 2018 Loan-to-value ratios: Less than 65% $ 40,360 $ 827 $ 101 $ 41,288 85.2 % $ 41,599 85.3 % 65% to 75% 5,790 — 25 5,815 12.0 5,849 12.0 76% to 80% 423 209 56 688 1.4 664 1.4 Greater than 80% 496 176 — 672 1.4 635 1.3 Total $ 47,069 $ 1,212 $ 182 $ 48,463 100.0 % $ 48,747 100.0 % Credit Quality of Agricultural Mortgage Loans The credit quality of agricultural mortgage loans was as follows at: March 31, 2019 December 31, 2018 Recorded % of Recorded % of (Dollars in millions) Loan-to-value ratios: Less than 65% $ 14,091 93.1 % $ 13,704 92.0 % 65% to 75% 1,018 6.7 1,145 7.7 76% to 80% — — 33 0.2 Greater than 80% 21 0.2 23 0.1 Total $ 15,130 100.0 % $ 14,905 100.0 % The estimated fair value of agricultural mortgage loans was $15.2 billion and $14.9 billion at March 31, 2019 and December 31, 2018 , respectively. Credit Quality of Residential Mortgage Loans The credit quality of residential mortgage loans was as follows at: March 31, 2019 December 31, 2018 Recorded % of Recorded % of (Dollars in millions) Performance indicators: Performing $ 13,102 96.4 % $ 11,956 96.2 % Nonperforming (1) 483 3.6 471 3.8 Total $ 13,585 100.0 % $ 12,427 100.0 % __________________ (1) Includes residential mortgage loans in process of foreclosure of $140 million at both March 31, 2019 and December 31, 2018 . The estimated fair value of residential mortgage loans was $13.9 billion and $12.7 billion at March 31, 2019 and December 31, 2018 , respectively. Past Due and Nonaccrual Mortgage Loans The Company has a high quality, well performing mortgage loan portfolio, with 99% of all mortgage loans classified as performing at both March 31, 2019 and December 31, 2018 . The Company defines delinquency consistent with industry practice, when mortgage loans are past due as follows: commercial and residential mortgage loans — 60 days and agricultural mortgage loans — 90 days. The past due and nonaccrual mortgage loans at recorded investment, prior to valuation allowances, by portfolio segment, were as follows at: Past Due Greater than 90 Days Past Due and Still Accruing Interest Nonaccrual March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 (In millions) Commercial $ 1 $ 9 $ 1 $ 9 $ 176 $ 176 Agricultural 134 204 39 109 105 105 Residential 483 471 40 35 443 436 Total $ 618 $ 684 $ 80 $ 153 $ 724 $ 717 Real Estate and Real Estate Joint Ventures The Company’s real estate investment portfolio is diversified by property type, geography and income stream, including income from operating leases, operating income and equity method income from real estate joint ventures. Real estate investments, by income type, as well as income earned, are as follows at and for the periods indicated: March 31, 2019 December 31, 2018 Three Months 2019 2018 Carrying Value Income (In millions) Leased real estate investments $ 4,372 $ 4,132 $ 92 $ 104 Other real estate investments 476 461 34 33 Real estate joint ventures 5,174 5,105 4 31 Total real estate and real estate joint ventures $ 10,022 $ 9,698 $ 130 $ 168 The carrying value of real estate investments acquired through foreclosure was $44 million and $45 million at March 31, 2019 and December 31, 2018 , respectively. Depreciation expense on real estate investments was $23 million and $26 million for the three months ended March 31, 2019 and 2018 , respectively. Real estate investments were net of accumulated depreciation of $963 million and $931 million at March 31, 2019 and December 31, 2018 , respectively. Leases Leased Real Estate Investments - Operating Leases The Company, as lessor, leases investment real estate, principally commercial real estate for office and retail use, through a variety of operating lease arrangements, which typically include tenant reimbursement for property operating costs and options to renew or extend the lease. In some circumstances, leases may include an option for the lessee to purchase the property. In addition, certain leases of retail space may stipulate that a portion of the income earned is contingent upon the level of the tenants’ revenues. The Company has elected a practical expedient of not separating non-lease components related to reimbursement of property operating costs from associated lease components. These property operating costs have the same timing and pattern of transfer as the related lease component, because they are incurred over the same period of time as the operating lease. Therefore, the combined component is accounted for as an operating lease. Risk is managed through lessee credit analysis, property type diversification, and geographic diversification, primarily across the United States. Leased real estate investments and income earned, by property type, are as follows at and for the periods indicated: March 31, 2019 December 31, 2018 Three Months 2019 2018 Carrying Value Income (In millions) Leased real estate investments: Office $ 2,124 $ 1,999 $ 44 $ 45 Retail 1,090 1,006 24 26 Apartment 250 253 5 18 Industrial 275 223 11 9 Land 473 489 5 5 Hotel 93 94 2 — Other 67 68 1 1 Total leased real estate investments $ 4,372 $ 4,132 $ 92 $ 104 Future contractual receipts under operating leases at March 31, 2019 are $228 million for the remainder of 2019, $243 million in 2020, $191 million in 2021, $162 million in 2022, $140 million in 2023, $974 million thereafter, and in total are $1.9 billion . Leveraged and Direct Financing Leases The Company has diversified leveraged lease and direct financing lease portfolios. Its leveraged leases principally include renewable energy generation facilities, rail cars, commercial real estate and commercial aircraft, and its direct financing leases principally include commercial real estate. These assets are leased through a variety of lease arrangements, which may include options to renew or extend the lease and options for the lessee to purchase the property. Residual values are estimated using available third-party data at inception of the lease. Risk is managed through lessee credit analysis, asset allocation, geographic diversification, and ongoing reviews of estimated residual values, using available third-party data and, in certain leases, linking the amount of future rental receipts to changes in inflation rates. Generally, estimated residual values are not guaranteed by the lessee or a third party. Investment in leveraged and direct financing leases consisted of the following at: March 31, 2019 December 31, 2018 Leveraged Leases Direct Financing Leases Leveraged Leases Direct Financing Leases (In millions) Lease receivables, net (1) $ 711 $ 1,951 $ 715 $ 1,855 Estimated residual values 807 42 807 42 Subtotal 1,518 1,993 1,522 1,897 Unearned income (403 ) (716 ) (414 ) (705 ) Investment in leases $ 1,115 $ 1,277 $ 1,108 $ 1,192 __________________ (1) Future contractual receipts under direct financing leases at March 31, 2019 are $84 million for the remainder of 2019, $106 million in 2020, $105 million in 2021, $109 million in 2022, $102 million in 2023, $1.4 billion thereafter, and in total $2.0 billion . Lease receivables are generally due in periodic installments. The payment periods for leveraged leases generally range from one to 15 years but in certain circumstances can be over 25 years, while the payment periods for direct financing leases generally range from one to 25 years but in certain circumstances can be over 25 years . For lease receivables, the primary credit quality indicator is whether the lease receivable is performing or nonperforming, which is assessed monthly. The Company generally defines nonperforming lease receivables as those that are 90 days or more past due. At both March 31, 2019 and December 31, 2018 , all leveraged lease receivables were performing and over 99% of direct financing lease receivables were performing. The Company’s deferred income tax liability related to leveraged leases was $515 million and $519 million at March 31, 2019 and December 31, 2018 , respectively. The components of income from investment in leveraged and direct financing leases, excluding net investment gains (losses), were as follows: Three Months 2019 2018 Leveraged Leases Direct Financing Leases Leveraged Leases Direct Financing Leases (In millions) Lease investment income $ 12 $ 19 $ 11 $ 20 Less: Income tax expense 4 4 4 4 Lease investment income, net of income tax $ 8 $ 15 $ 7 $ 16 Cash Equivalents The carrying value of cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $8.0 billion and $9.0 billion at March 31, 2019 and December 31, 2018 , respectively. Net Unrealized Investment Gains (Losses) Unrealized investment gains (losses) on fixed maturity securities AFS and derivatives and the effect on DAC, VOBA, deferred sales inducements (“DSI”), future policy benefits and the policyholder dividend obligation that would result from the realization of the unrealized gains (losses), are included in net unrealized investment gains (losses) in AOCI. The components of net unrealized investment gains (losses), included in AOCI, were as follows: March 31, 2019 December 31, 2018 (In millions) Fixed maturity securities AFS $ 19,723 $ 11,356 Fixed maturity securities AFS with noncredit OTTI losses included in AOCI 29 25 Total fixed maturity securities AFS 19,752 11,381 Derivatives 2,114 2,127 Other 266 290 Subtotal 22,132 13,798 Amounts allocated from: Future policy benefits (222 ) 31 DAC, VOBA and DSI (1,912 ) (1,231 ) Policyholder dividend obligation (1,116 ) (428 ) Subtotal (3,250 ) (1,628 ) Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI (4 ) (3 ) Deferred income tax benefit (expense) (5,004 ) (3,502 ) Net unrealized investment gains (losses) 13,874 8,665 Net unrealized investment gains (losses) attributable to noncontrolling interests (12 ) (10 ) Net unrealized investment gains (losses) attributable to MetLife, Inc. $ 13,862 $ 8,655 The changes in net unrealized investment gains (losses) were as follows: Three Months (In millions) Balance, beginning of period $ 8,655 Cumulative effects of changes in accounting principles, net of income tax (Note 1) 21 Fixed maturity securities AFS on which noncredit OTTI losses have been recognized 4 Unrealized investment gains (losses) during the period 8,304 Unrealized investment gains (losses) relating to: Future policy benefits (253 ) DAC, VOBA and DSI (681 ) Policyholder dividend obligation (688 ) Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI (1 ) Deferred income tax benefit (expense) (1,497 ) Net unrealized investment gains (losses) 13,864 Net unrealized investment gains (losses) attributable to noncontrolling interests (2 ) Balance, end of period $ 13,862 Change in net unrealized investment gains (losses) $ 5,209 Change in net unrealized investment gains (losses) attributable to noncontrolling interests (2 ) Change in net unrealized investment gains (losses) attributable to MetLife, Inc. $ 5,207 Concentrations of Credit Risk Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at estimated fair value at March 31, 2019 and December 31, 2018 , were in fixed income securities of the Japanese government and its agencies of $31.7 billion and $30.2 billion , respectively, and in fixed income securities of the South Korean government and its agencies of $7.2 billion and $7.1 billion , respectively. Securities Lending and Repurchase Agreements Securities, Collateral and Reinvestment Portfolio A summary of the securities lending and repurchase agreements transactions is as follows: March 31, 2019 December 31, 2018 Securities on Loan (1) Securities on Loan (1) Amortized Cost Estimated Fair Value Cash Collateral Received from Counterparties (2), (3) Reinvestment Portfolio at Estimated Fair Value Amortized Cost Estimated Fair Value Cash Collateral Received from Counterparties (2), (3) Reinvestment Portfolio at Estimated Fair Value (In millions) Securities lending $ 16,716 $ 17,923 $ 18,283 $ 18,319 $ 16,969 $ 17,724 $ 18,005 $ 18,074 Repurchase agreements $ 1,838 $ 1,965 $ 1,930 $ 1,945 $ 1,033 $ 1,093 $ 1,067 $ 1,069 __________________ (1) Securities on loan in connection with securities lending are included within fixed maturities securities AFS and short-term investments and securities on loan in connection with repurchase agreements are included within fixed maturities securities AFS and short-term investments. (2) In connection with securities lending, in addition to cash collateral received, the Company received from counterparties security collateral of $71 million and $78 million at March 31, 2019 and December 31, 2018 , respectively , which may not be sold or re-pledged, unless the counterparty is in default, and is not reflected on the consolidated financial statements. (3) The securities lending liability for cash collateral is included within payables for collateral under securities loaned and other transactions, and the repurchase agreements liability for cash collateral is included within payables for collateral under securities loaned and other transactions and other liabilities. Contractual Maturities A summary of the remaining contractual maturities of securities lending agreements and repurchase agreements is as follows: March 31, 2019 December 31, 2018 Remaining Maturities Remaining Maturities Open (1) 1 Month or Less Over 1 to 6 Months Total Open (1) 1 Month or Less Over 1 to 6 Months Total (In millions) Cash collateral liability by loaned security type: Securities lending: U.S. government and agency $ 3,532 $ 5,000 $ 8,650 $ 17,182 $ 2,736 $ 8,995 $ 5,220 $ 16,951 Foreign government — 204 818 1,022 — 214 761 975 Agency RMBS — 79 — 79 — 79 — 79 Total $ 3,532 $ 5,283 $ 9,468 $ 18,283 $ 2,736 $ 9,288 $ 5,981 $ 18,005 Repurchase agreements: U.S. government and agency $ — $ 1,860 $ — $ 1,860 $ — $ 1,000 $ — $ 1,000 All other corporate and government — — 70 70 — — 67 67 Total $ — $ 1,860 $ 70 $ 1,930 $ — $ 1,000 $ 67 $ 1,067 __________________ (1) The related loaned security could be returned to the Company on the next business day, which would require the Company to immediately return the cash collateral. The estimated fair value of the securities on loan related to this cash collateral at March 31, 2019 was $3.5 billion , all of which were U.S. government and agency securities which, if put back to the Company, could be immediately sold to satisfy the cash requirement. If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell securities to meet the return obligation, it may have difficulty selling such collateral that is invested in securities in a timely manner, be forced to sell securities in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both. The securities lending and repurchase agreements reinvestment portfolios acquired with the cash collateral consisted principally of high quality, liquid, publicly-traded fixed maturity securities AFS, short-term investments, cash equivalents or held in cash. If the securities on loan or the reinvestment portfolio become less liquid, the Company has the liquidity resources of most of its general account available to meet any potential cash demands when securities on loan are put back to the Company. Federal Home Loan Bank of Boston Advance Agreements At both March 31, 2019 and December 31, 2018 , a subsidiary of the Company had pledged municipals with an estimated fair value of $1.2 billion , as collateral and received $800 million , in cash advances under short-term advance agreements with the Federal Home Loan Bank (“FHLB”) of Boston. The liability to return the cash advances is included within payables for collateral under securities loaned and other transactions. The estimated fair value of the reinvestment portfolio acquired with the cash advances was $812 million and $799 million at March 31, 2019 and December 31, 2018 , respectively, and consisted primarily of Structured Securities, U.S. and foreign c orporate securities and U.S. government and agency securities. At both March 31, 2019 and December 31, 2018 , the reinvestment portfolio also included a $33 million , at redemption value, required investment in FHLB of Boston common stock. The subsidiary is permitted to withdraw any portion of the pledged collateral over the minimum collateral requirement at any time, other than in the event of a default by the subsidiary. The cash advance liability by loaned security type and remaining contractual maturities of the agreements was as follows at: March 31, 2019 December 31, 2018 Remaining Maturities Remaining Maturities 1 Month or Less Over 1 to 6 Months 6 Months to 1 Year Total 1 Month or Less Over 1 to 6 Months 6 Months to 1 Year Total (In millions) Cash advance liability by loaned security type: Municipals $ 275 $ 525 $ — $ 800 $ 150 $ 650 $ — $ 800 Invested Assets on Deposit, Held in Trust and Pledged as Collateral Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value, at: March 31, 2019 December 31, 2018 (In millions) Invested assets on deposit (regulatory deposits) $ 1,898 $ 1,788 Invested assets held in trust (collateral financing arrangement and reinsurance agreements) 3,262 2,971 Invested assets pledged as collateral (1) 24,471 24,168 Total invested assets on deposit, held in trust and pledged as collateral $ 29,631 $ 28,927 __________________ (1) The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements, secured debt, a collateral financing arrangement (see Notes 4, 12 and 13 of the Notes to the Consolidated Financial Statements included in the 2018 Annual Report) and derivative transactions (see Note 6 ). See “— Securities Lending and Repurchase Agreements” for information regarding securities supporting securities lending and repurchase agreement transactions and Note 4 for information regarding investments designated to the closed block. In addition, the restricted investment in FHLB common stock was $793 million , at redemption value, at both March 31, 2019 and December 31, 2018 . Variable Interest Entities The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity, an estimate of the entity’s expected losses and expected residual returns and the allocation of such estimates to each party involved in the entity. Consolidated VIEs Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment. The following table presents the total assets and total liabilities relating to investment-related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at: March 31, 2019 December 31, 2018 Total Total Total Total (In millions) Renewable energy partnership (1) $ 103 $ — $ 102 $ — Investment funds (2) 117 1 79 1 Other investments (1) 20 5 21 5 Total $ 240 $ 6 $ 202 $ 6 __________________ (1) Assets of the renewable energy partnership and other investments primarily consisted of other invested assets. (2) Assets of the investment funds primarily consisted of other invested assets at March 31, 2019 and cash and cash equivalents at December 31, 2018 . Unconsolidated VIEs The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been cons |
