Investments | INVESTMENTS Fixed Maturities and Equity Securities The following tables set forth information relating to fixed maturities and equity securities (excluding investments classified as trading), as of the dates indicated: March 31, 2017 Amortized Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCI(4) (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 21,477 $ 3,336 $ 898 $ 23,915 $ 0 Obligations of U.S. states and their political subdivisions 9,244 736 71 9,909 0 Foreign government bonds 83,906 15,848 506 99,248 0 U.S. corporate public securities 77,905 6,325 1,130 83,100 (11 ) U.S. corporate private securities(1) 30,899 2,167 246 32,820 (22 ) Foreign corporate public securities 26,264 2,730 247 28,747 (5 ) Foreign corporate private securities 22,282 678 909 22,051 0 Asset-backed securities(2) 11,901 231 52 12,080 (281 ) Commercial mortgage-backed securities 12,603 222 125 12,700 0 Residential mortgage-backed securities(3) 3,956 206 15 4,147 (3 ) Total fixed maturities, available-for-sale(1) $ 300,437 $ 32,479 $ 4,199 $ 328,717 $ (322 ) Equity securities, available-for-sale $ 7,461 $ 2,718 $ 36 $ 10,143 March 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in millions) Fixed maturities, held-to-maturity: Foreign government bonds $ 876 $ 263 $ 0 $ 1,139 Foreign corporate public securities 661 79 0 740 Foreign corporate private securities(5) 85 4 0 89 Commercial mortgage-backed securities 0 0 0 0 Residential mortgage-backed securities(3) 544 40 0 584 Total fixed maturities, held-to-maturity(5) $ 2,166 $ 386 $ 0 $ 2,552 __________ (1) Excludes notes with amortized cost of $1,556 million (fair value, $1,556 million ), which have been offset with the associated payables under a netting agreement. (2) Includes credit-tranched securities collateralized by sub-prime mortgages, auto loans, credit cards, education loans and other asset types. (3) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (4) Represents the amount of OTTI losses in “Accumulated other comprehensive income (loss)” (“AOCI”), which were not included in earnings. Amount excludes $651 million of net unrealized gains on impaired available-for-sale securities and $2 million of net unrealized gains on impaired held-to-maturity securities relating to changes in the value of such securities subsequent to the impairment measurement date. (5) Excludes notes with amortized cost of $4,403 million (fair value, $4,412 million ), which have been offset with the associated payables under a netting agreement. December 31, 2016 Amortized Cost or Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value OTTI in AOCI(4) (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 21,505 $ 3,280 $ 1,001 $ 23,784 $ 0 Obligations of U.S. states and their political subdivisions 9,060 716 84 9,692 0 Foreign government bonds 79,862 16,748 354 96,256 0 U.S. corporate public securities 76,383 6,460 1,232 81,611 (17 ) U.S. corporate private securities(1) 29,974 2,122 308 31,788 (22 ) Foreign corporate public securities 25,758 2,784 305 28,237 (6 ) Foreign corporate private securities 21,383 646 1,149 20,880 0 Asset-backed securities(2) 11,759 229 53 11,935 (288 ) Commercial mortgage-backed securities 12,589 240 125 12,704 (1 ) Residential mortgage-backed securities(3) 4,308 238 14 4,532 (3 ) Total fixed maturities, available-for-sale(1) $ 292,581 $ 33,463 $ 4,625 $ 321,419 $ (337 ) Equity securities, available-for-sale $ 7,149 $ 2,641 $ 42 $ 9,748 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in millions) Fixed maturities, held-to-maturity: Foreign government bonds $ 839 $ 262 $ 0 $ 1,101 Foreign corporate public securities 651 71 0 722 Foreign corporate private securities(5) 81 4 0 85 Commercial mortgage-backed securities 0 0 0 0 Residential mortgage-backed securities(3) 573 43 0 616 Total fixed maturities, held-to-maturity(5) $ 2,144 $ 380 $ 0 $ 2,524 __________ (1) Excludes notes with amortized cost of $1,456 million (fair value, $1,456 million ), which have been offset with the associated payables under a netting agreement. (2) Includes credit-tranched securities collateralized by sub-prime mortgages, auto loans, credit cards, education loans and other asset types. (3) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (4) Represents the amount of OTTI losses in AOCI, which were not included in earnings. Amount excludes $649 million of net unrealized gains on impaired available-for-sale securities and $1 million of net unrealized gains on impaired held-to-maturity securities relating to changes in the value of such securities subsequent to the impairment measurement date. (5) Excludes notes with amortized cost of $4,403 million (fair value, $4,403 million ), which have been offset with the associated payables under a netting agreement. The following tables set forth the fair value and gross unrealized losses aggregated by investment category and length of time that individual fixed maturity and equity securities had been in a continuous unrealized loss position, as of the dates indicated: March 31, 2017 Less Than Twelve Months Total Fair Gross Fair Gross Fair Gross (in millions) Fixed maturities(1): U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 8,870 $ 898 $ 7 $ 0 $ 8,877 $ 898 Obligations of U.S. states and their political subdivisions 2,447 66 19 5 2,466 71 Foreign government bonds 7,372 488 194 18 7,566 506 U.S. corporate public securities 22,410 812 3,162 318 25,572 1,130 U.S. corporate private securities 6,138 155 1,307 91 7,445 246 Foreign corporate public securities 4,572 119 1,035 128 5,607 247 Foreign corporate private securities 6,100 229 5,090 680 11,190 909 Asset-backed securities 2,092 7 1,249 45 3,341 52 Commercial mortgage-backed securities 4,747 124 27 1 4,774 125 Residential mortgage-backed securities 930 13 77 2 1,007 15 Total $ 65,678 $ 2,911 $ 12,167 $ 1,288 $ 77,845 $ 4,199 Equity securities, available-for-sale $ 500 $ 36 $ 1 $ 0 $ 501 $ 36 __________ (1) Includes $13 million of fair value and less than $1 million of gross unrealized losses, which are not reflected in AOCI, on securities classified as held-to-maturity, as of March 31, 2017 . December 31, 2016 Less Than Twelve Months Total Fair Gross Fair Gross Fair Gross (in millions) Fixed maturities(1): U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 9,345 $ 1,001 $ 0 $ 0 $ 9,345 $ 1,001 Obligations of U.S. states and their political subdivisions 2,677 79 19 5 2,696 84 Foreign government bonds 6,076 325 310 29 6,386 354 U.S. corporate public securities 22,803 905 2,943 327 25,746 1,232 U.S. corporate private securities 7,797 228 1,296 80 9,093 308 Foreign corporate public securities 5,196 162 1,047 143 6,243 305 Foreign corporate private securities 6,557 350 4,916 799 11,473 1,149 Asset-backed securities 2,357 20 1,581 33 3,938 53 Commercial mortgage-backed securities 4,879 123 60 2 4,939 125 Residential mortgage-backed securities 926 12 78 2 1,004 14 Total $ 68,613 $ 3,205 $ 12,250 $ 1,420 $ 80,863 $ 4,625 Equity securities, available-for-sale $ 637 $ 41 $ 12 $ 1 $ 649 $ 42 __________ (1) Includes $12 million of fair value and less than $1 million of gross unrealized losses, which are not reflected in AOCI, on securities classified as held-to-maturity, as of December 31, 2016 . As of March 31, 2017 and December 31, 2016 , the gross unrealized losses on fixed maturity securities were composed of $3,853 million and $4,233 million , respectively, related to high or highest quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $346 million and $392 million , respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of March 31, 2017 , the $1,288 million of gross unrealized losses of twelve months or more were concentrated in the energy, consumer non-cyclical and utility sectors of the Company’s corporate securities. As of December 31, 2016 , the $1,420 million of gross unrealized losses of twelve months or more were concentrated in the energy, utility and capital goods sectors of the Company’s corporate securities. In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 , the Company concluded that an adjustment to earnings for OTTI for these fixed maturity securities was not warranted at either March 31, 2017 or December 31, 2016 . These conclusions were based on a detailed analysis of the underlying credit and cash flows on each security. Gross unrealized losses are primarily attributable to general credit spread widening, increases in interest rates and foreign currency exchange rate movements. As of March 31, 2017 , the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of March 31, 2017 , $12 million of the gross unrealized losses on equity securities represented declines in value of 20% or more, approximately all of which had been in a gross unrealized loss position for less than six months. As of December 31, 2016 , $9 million of the gross unrealized losses on equity securities represented declines in value of 20% or more, $8 million of which had been in a gross unrealized loss position for less than six months. In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 , the Company concluded that an adjustment to earnings for OTTI for these equity securities was not warranted at either March 31, 2017 or December 31, 2016 . The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated: March 31, 2017 Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value (in millions) Fixed maturities: Due in one year or less $ 14,222 $ 14,828 $ 4 $ 5 Due after one year through five years 46,232 50,089 177 185 Due after five years through ten years 60,658 65,344 568 642 Due after ten years(1) 150,865 169,529 873 1,136 Asset-backed securities 11,901 12,080 0 0 Commercial mortgage-backed securities 12,603 12,700 0 0 Residential mortgage-backed securities 3,956 4,147 544 584 Total $ 300,437 $ 328,717 $ 2,166 $ 2,552 __________ (1) Excludes available-for-sale notes with amortized cost of $1,556 million (fair value, $1,556 million ) and held-to-maturity notes with amortized cost of $4,403 million (fair value, $4,412 million ), which have been offset with the associated payables under a netting agreement. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date. The following table sets forth the sources of fixed maturity and equity security proceeds and related investment gains (losses), as well as losses on impairments of both fixed maturities and equity securities, for the periods indicated: Three Months Ended March 31, 2017 2016 (in millions) Fixed maturities, available-for-sale: Proceeds from sales(1) $ 7,730 $ 5,122 Proceeds from maturities/prepayments 5,874 4,037 Gross investment gains from sales and maturities 391 295 Gross investment losses from sales and maturities (163 ) (242 ) OTTI recognized in earnings(2) (54 ) (126 ) Fixed maturities, held-to-maturity: Proceeds from maturities/prepayments(3) $ 50 $ 50 Equity securities, available-for-sale: Proceeds from sales(4) $ 913 $ 941 Gross investment gains from sales 275 110 Gross investment losses from sales (13 ) (71 ) OTTI recognized in earnings (6 ) (11 ) __________ (1) Includes $215 million and $(260) million of non-cash related proceeds for the three months ended March 31, 2017 and 2016 , respectively. (2) Excludes the portion of OTTI recorded in “Other comprehensive income (loss)” (“OCI”), representing any difference between the fair value of the impaired debt security and the net present value of its projected future cash flows at the time of impairment. (3) Includes $1 million of non-cash related proceeds for both the three months ended March 31, 2017 and 2016 . (4) Includes $83 million and $(74) million of non-cash related proceeds for the three months ended March 31, 2017 and 2016 , respectively. The following table sets forth the amount of pre-tax credit loss impairments on fixed maturity securities held by the Company for which a portion of the OTTI loss was recognized in OCI and the corresponding changes in such amounts, for the periods indicated: Three Months Ended March 31, 2017 2016 (in millions) Credit loss impairments: Balance, beginning of period $ 359 $ 532 New credit loss impairments 0 20 Additional credit loss impairments on securities previously impaired 1 0 Increases due to the passage of time on previously recorded credit losses 3 5 Reductions for securities which matured, paid down, prepaid or were sold during the period (9 ) (10 ) Reductions for securities impaired to fair value during the period(1) (3 ) (2 ) Accretion of credit loss impairments previously recognized due to an increase in cash flows expected to be collected (1 ) (2 ) Balance, end of period $ 350 $ 543 __________ (1) Represents circumstances where the Company determined in the current period that it intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost. Trading Account Assets Supporting Insurance Liabilities The following table sets forth the composition of “Trading account assets supporting insurance liabilities,” as of the dates indicated: March 31, 2017 December 31, 2016 Amortized Fair Value Amortized Fair Value (in millions) Short-term investments and cash equivalents $ 360 $ 360 $ 655 $ 655 Fixed maturities: Corporate securities 13,816 13,978 13,903 13,997 Commercial mortgage-backed securities 2,020 2,041 2,032 2,052 Residential mortgage-backed securities(1) 1,093 1,099 1,142 1,150 Asset-backed securities(2) 1,576 1,598 1,333 1,349 Foreign government bonds 963 969 915 926 U.S. government authorities and agencies and obligations of U.S. states 337 379 330 376 Total fixed maturities 19,805 20,064 19,655 19,850 Equity securities 1,176 1,396 1,097 1,335 Total trading account assets supporting insurance liabilities $ 21,341 $ 21,820 $ 21,407 $ 21,840 __________ (1) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (2) Includes credit-tranched securities collateralized by sub-prime mortgages, auto loans, credit cards, education loans and other asset types. The net change in unrealized gains (losses) from trading account assets supporting insurance liabilities still held at period end, recorded within “Other income,” was $46 million and $239 million during the three months ended March 31, 2017 and 2016 , respectively. Other Trading Account Assets The following table sets forth the composition of “Other trading account assets,” as of the dates indicated: March 31, 2017 December 31, 2016 Amortized Fair Value Amortized Fair Value (in millions) Short-term investments and cash equivalents $ 26 $ 26 $ 26 $ 26 Fixed maturities 3,882 3,731 3,634 3,453 Equity securities 951 1,070 985 1,056 Other 5 5 4 5 Subtotal $ 4,864 4,832 $ 4,649 4,540 Derivative instruments 1,031 1,224 Total other trading account assets $ 5,863 $ 5,764 The net change in unrealized gains (losses) from other trading account assets, excluding derivative instruments, still held at period end, recorded within “Other income,” was $77 million and $24 million during the three months ended March 31, 2017 and 2016 , respectively. Concentrations of Financial Instruments The Company monitors its concentrations of financial instruments and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any one issuer. As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s stockholders’ equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below: March 31, 2017 December 31, 2016 Amortized Fair Value Amortized Fair Value (in millions) Investments in Japanese government and government agency securities: Fixed maturities, available-for-sale $ 62,917 $ 74,686 $ 60,240 $ 73,051 Fixed maturities, held-to-maturity 855 1,113 818 1,075 Trading account assets supporting insurance liabilities 580 592 537 550 Other trading account assets 16 16 16 16 Total $ 64,368 $ 76,407 $ 61,611 $ 74,692 March 31, 2017 December 31, 2016 Amortized Fair Value Amortized Fair Value (in millions) Investments in South Korean government and government agency securities: Fixed maturities, available-for-sale $ 8,341 $ 10,139 $ 7,581 $ 9,435 Fixed maturities, held-to-maturity 0 0 0 0 Trading account assets supporting insurance liabilities 44 44 44 44 Other trading account assets 0 0 0 0 Total $ 8,385 $ 10,183 $ 7,625 $ 9,479 Commercial Mortgage and Other Loans The following table sets forth the composition of commercial mortgage and other loans, as of the dates indicated: March 31, 2017 December 31, 2016 Amount (in millions) % of Total Amount (in millions) % of Total Commercial mortgage and agricultural property loans by property type: Office $ 12,607 23.8 % $ 12,424 23.9 % Retail 8,521 16.1 8,555 16.5 Apartments/Multi-Family 13,985 26.4 13,733 26.4 Industrial 8,548 16.2 8,075 15.5 Hospitality 2,248 4.3 2,274 4.4 Other 3,962 7.5 3,966 7.6 Total commercial mortgage loans 49,871 94.3 49,027 94.3 Agricultural property loans 3,013 5.7 2,958 5.7 Total commercial mortgage and agricultural property loans by property type 52,884 100.0 % 51,985 100.0 % Valuation allowance (98 ) (98 ) Total net commercial mortgage and agricultural property loans by property type 52,786 51,887 Other loans: Uncollateralized loans 628 638 Residential property loans 244 252 Other collateralized loans 9 10 Total other loans 881 900 Valuation allowance (7 ) (8 ) Total net other loans 874 892 Total commercial mortgage and other loans(1) $ 53,660 $ 52,779 __________ (1) Includes loans held for sale which are carried at fair value and are collateralized primarily by apartment complexes. As of March 31, 2017 and December 31, 2016 , the net carrying value of these loans was $191 million and $519 million , respectively. As of March 31, 2017 , the commercial mortgage and agricultural property loans were geographically dispersed throughout the United States (with the largest concentrations in California (27%) , Texas (9%) and New York (8%) ) and included loans secured by properties in Europe (5%) and Asia (1%) . The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated: March 31, 2017 Commercial Mortgage Loans Agricultural Property Loans Residential Property Loans Other Collateralized Loans Uncollateralized Loans Total (in millions) Allowance for credit losses: Balance, beginning of year $ 96 $ 2 $ 2 $ 0 $ 6 $ 106 Addition to (release of) allowance for losses 0 0 0 0 (1 ) (1 ) Charge-offs, net of recoveries 0 0 0 0 0 0 Change in foreign exchange 0 0 0 0 0 0 Total ending balance $ 96 $ 2 $ 2 $ 0 $ 5 $ 105 December 31, 2016 Commercial Mortgage Loans Agricultural Property Loans Residential Property Loans Other Collateralized Loans Uncollateralized Loans Total (in millions) Allowance for credit losses: Balance, beginning of year $ 97 $ 2 $ 3 $ 0 $ 10 $ 112 Addition to (release of) allowance for losses 0 0 (1 ) 0 (5 ) (6 ) Charge-offs, net of recoveries (1 ) 0 0 0 0 (1 ) Change in foreign exchange 0 0 0 0 1 1 Total ending balance $ 96 $ 2 $ 2 $ 0 $ 6 $ 106 The following tables set forth the allowance for credit losses and the recorded investment in commercial mortgage and other loans, as of the dates indicated: March 31, 2017 Commercial Mortgage Loans Agricultural Property Loans Residential Property Loans Other Collateralized Loans Uncollateralized Loans Total (in millions) Allowance for credit losses: Individually evaluated for impairment $ 6 $ 0 $ 0 $ 0 $ 0 $ 6 Collectively evaluated for impairment 90 2 2 0 5 99 Total ending balance(1) $ 96 $ 2 $ 2 $ 0 $ 5 $ 105 Recorded investment(2): Individually evaluated for impairment $ 183 $ 29 $ 0 $ 0 $ 2 $ 214 Collectively evaluated for impairment 49,688 2,984 244 9 626 53,551 Total ending balance(1) $ 49,871 $ 3,013 $ 244 $ 9 $ 628 $ 53,765 __________ (1) As of March 31, 2017 , there were no loans acquired with deteriorated credit quality. (2) Recorded investment reflects the carrying value gross of related allowance. December 31, 2016 Commercial Mortgage Loans Agricultural Property Loans Residential Property Loans Other Collateralized Loans Uncollateralized Loans Total (in millions) Allowance for credit losses: Individually evaluated for impairment $ 6 $ 0 $ 0 $ 0 $ 0 $ 6 Collectively evaluated for impairment 90 2 2 0 6 100 Total ending balance(1) $ 96 $ 2 $ 2 $ 0 $ 6 $ 106 Recorded investment(2): Individually evaluated for impairment $ 116 $ 30 $ 0 $ 0 $ 2 $ 148 Collectively evaluated for impairment 48,911 2,928 252 10 636 52,737 Total ending balance(1) $ 49,027 $ 2,958 $ 252 $ 10 $ 638 $ 52,885 __________ (1) As of December 31, 2016 , there were no loans acquired with deteriorated credit quality. (2) Recorded investment reflects the carrying value gross of related allowance. The following tables set forth certain key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the date indicated: Commercial mortgage loans March 31, 2017 Debt Service Coverage Ratio > 1.2X 1.0X to <1.2X < 1.0X Total (in millions) Loan-to-Value Ratio: 0%-59.99% $ 28,146 $ 459 $ 598 $ 29,203 60%-69.99% 13,402 362 204 13,968 70%-79.99% 5,591 643 58 6,292 80% or greater 212 128 68 408 Total commercial mortgage loans $ 47,351 $ 1,592 $ 928 $ 49,871 Agricultural property loans March 31, 2017 Debt Service Coverage Ratio > 1.2X 1.0X to <1.2X < 1.0X Total (in millions) Loan-to-Value Ratio: 0%-59.99% $ 2,863 $ 113 $ 17 $ 2,993 60%-69.99% 20 0 0 20 70%-79.99% 0 0 0 0 80% or greater 0 0 0 0 Total agricultural property loans $ 2,883 $ 113 $ 17 $ 3,013 Total commercial mortgage and agricultural property loans March 31, 2017 Debt Service Coverage Ratio > 1.2X 1.0X to <1.2X < 1.0X Total (in millions) Loan-to-Value Ratio: 0%-59.99% $ 31,009 $ 572 $ 615 $ 32,196 60%-69.99% 13,422 362 204 13,988 70%-79.99% 5,591 643 58 6,292 80% or greater 212 128 68 408 Total commercial mortgage and agricultural property loans $ 50,234 $ 1,705 $ 945 $ 52,884 The following tables set forth certain key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the date indicated: Commercial mortgage loans December 31, 2016 Debt Service Coverage Ratio > 1.2X 1.0X to <1.2X < 1.0X Total (in millions) Loan-to-Value Ratio: 0%-59.99% $ 28,131 $ 446 $ 626 $ 29,203 60%-69.99% 12,608 401 115 13,124 70%-79.99% 5,383 694 56 6,133 80% or greater 373 62 132 567 Total commercial mortgage loans $ 46,495 $ 1,603 $ 929 $ 49,027 Agricultural property loans December 31, 2016 Debt Service Coverage Ratio > 1.2X 1.0X to <1.2X < 1.0X Total (in millions) Loan-to-Value Ratio: 0%-59.99% $ 2,803 $ 114 $ 17 $ 2,934 60%-69.99% 24 0 0 24 70%-79.99% 0 0 0 0 80% or greater 0 0 0 0 Total agricultural property loans $ 2,827 $ 114 $ 17 $ 2,958 Total commercial mortgage and agricultural property loans December 31, 2016 Debt Service Coverage Ratio > 1.2X 1.0X to <1.2X < 1.0X Total (in millions) Loan-to-Value Ratio: 0%-59.99% $ 30,934 $ 560 $ 643 $ 32,137 60%-69.99% 12,632 401 115 13,148 70%-79.99% 5,383 694 56 6,133 80% or greater 373 62 132 567 Total commercial mortgage and agricultural property loans $ 49,322 $ 1,717 $ 946 $ 51,985 The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated: March 31, 2017 Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due(1) Total Past Due Total Non-Accrual (in millions) Commercial mortgage loans $ 49,871 $ 0 $ 0 $ 0 $ 0 $ 49,871 $ 47 Agricultural property loans 3,003 9 0 1 10 3,013 2 Residential property loans 234 5 1 4 10 244 4 Other collateralized loans 9 0 0 0 0 9 0 Uncollateralized loans 628 0 0 0 0 628 0 Total $ 53,745 $ 14 $ 1 $ 5 $ 20 $ 53,765 $ 53 __________ (1) As of March 31, 2017 , there were no loans in this category accruing interest. (2) For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . December 31, 2016 Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due(1) Total Past Due Total Non-Accrual (in millions) Commercial mortgage loans $ 49,006 $ 21 $ 0 $ 0 $ 21 $ 49,027 $ 49 Agricultural property loans 2,956 0 0 2 2 2,958 2 Residential property loans 241 7 1 3 11 252 3 Other collateralized loans 10 0 0 0 0 10 0 Uncollateralized loans 638 0 0 0 0 638 0 Total $ 52,851 $ 28 $ 1 $ 5 $ 34 $ 52,885 $ 54 __________ (1) As of December 31, 2016 , there were no loans in this category accruing interest. (2) For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . For the three months ended March 31, 2017 and 2016 there were no commercial mortgage and other loans acquired, other than those through direct origination. For the three months ended March 31, 2017 and 2016 , there were no commercial mortgage and other loans sold, other than those classified as held-for-sale. The Company’s commercial mortgage and other loans may occasionally be involved in a troubled debt restructuring. During the three months ended March 31, 2017 and 2016 , there were no new troubled debt restructurings related to commercial mortgage and other loans and no payment defaults on loans that were modified as a troubled debt restructuring within the twelve months preceding. As of March 31, 2017 and December 31, 2016 , the Company had no significant commitments to provide additional funds to borrowers that had been involved in a troubled debt restructuring. For additional information relating to the accounting for troubled debt restructurings, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . As of March 31, 2017 , there were no private debt commitments to provide additional funds to borrowers that had been involved in a troubled debt restructuring. Other Long-Term Investments The following table sets forth the composition of “Other long-term investments,” as of the dates indicated: March 31, 2017 December 31, 2016 (in millions) Joint ventures and limited partnerships: Private equity $ 4,070 $ 4,059 Hedge funds 2,852 2,660 Real estate-related 1,216 1,291 Total joint ventures and limited partnerships 8,138 8,010 Real estate held through direct ownership(1) 2,216 2,195 Other(2) 1,096 1,078 Total other long-term investments $ 11,450 $ 11,283 __________ (1) As of both March 31, 2017 and December 31, 2016 , real estate held through direct ownership had mortgage debt of $659 million . (2) Primarily includes derivatives and member and activity stock held in the Federal Home Loan Banks of New York and Boston. For additional information regarding the Company’s holdings in the Federal Home Loan Banks of New York and Boston, see Note 14 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . Net Investment Income The following table sets forth net investment income by investment type, for the periods indicated: Three Months Ended March 31, 2017 2016 (in millions) Fixed maturities, available-for-sale(1) $ 2,795 $ 2,623 Fixed maturities, held-to-maturity(1) 54 51 Equity securities, available-for-sale 85 79 Trading account assets 242 254 Commercial mortgage and other loans 537 555 Policy loans 152 154 Short-term investments and cash equivalents 44 33 Other long-term investments 332 99 Gross investment income 4,241 3,848 Less: investment expenses (180 ) (178 ) Net investment income $ 4,061 $ 3,670 __________ (1) Includes income on credit-linked notes which are reported on the same financial statement line item as related surplus notes, as conditions are met for right to offset. Realized Investment Gains (Losses), Net The following table sets forth realized investment gains (losses), net, by investment type, for the periods indicated: Three Months Ended March 31, 2017 2016 (in millions) Fixed maturities $ 174 $ (73 ) Equity securities 256 28 Commercial mortgage and other loans 14 27 Investment real estate 6 0 Joint ventures and limited partnerships (11 ) (41 ) Derivatives(1) (11 ) 1,944 Other (1 ) (4 ) Realized investment gains (losses), net $ 427 $ 1,881 __________ (1) Includes the hedged item offset in qualifying fair value hedge accounting relationships. Net Unrealized Gains (Losses) on Investments The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated: March 31, December 31, (in millions) Fixed maturity securities, available-for-sale—with OTTI $ 329 $ 312 Fixed maturity securities, available-for-sale—all other 27,951 28,526 Equity securities, available-for-sale 2,682 2,599 Derivatives designated as cash flow hedges(1) 1,118 1,316 Other investments(2) (19 ) (21 ) Net unrealized gains (losses) on investments $ 32,061 $ 32,732 __________ (1) See Note 14 for more information on cash flow hedges. (2) As of March 31, 2017 , there were no net unrealized losses on held-to-maturity securities that were previously transferred from available-for-sale. Includes net unrealized gains on certain joint ventures that are strategic in nature and are included in “Other assets.” Repurchase Agreements and Securities Lending In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. The following tables set forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated: March 31, 2017 Remaining Contractual Maturities of the Agreements Overnight & Continuous Up to 30 Days 30 to 90 Days Greater than 90 Days Total (in millions) U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 990 $ 7,319 $ 0 $ 0 $ 8,309 Obligations of U.S. states and their political subdivisions 0 0 0 0 0 Foreign government bonds 0 0 0 0 0 U.S. corporate public securities 1 0 0 0 1 U.S. corporate private securities 0 0 0 0 0 Foreign corporate public securities 2 0 0 0 2 Foreign corporate private securities 0 0 0 0 0 Asset-backed securities 0 0 0 0 0 Commercial mortgage-backed securities 0 0 0 0 0 Residential mortgage-backed securities 0 223 0 0 223 Equity securities 0 0 0 0 0 Total securities sold under agreements to repurchase $ 993 $ 7,542 $ 0 $ 0 $ 8,535 December 31, 2016 Remaining Contractual Maturities of the Agreements Overnight & Continuous Up to 30 Days 30 to 90 Days Greater than 90 Days Total (in millions) U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 950 $ 6,417 $ 0 $ 0 $ 7,367 Obligations of U.S. states and their political subdivisions 0 0 0 0 0 Foreign government bonds 0 0 0 0 0 U.S. corporate public securities 0 0 0 0 0 U.S. corporate private securities 0 0 0 0 0 Foreign corporate public securities 6 0 0 0 6 Foreign corporate private securities 0 0 0 0 0 Asset-backed securities 0 0 0 0 0 Commercial mortgage-backed securities 0 0 0 0 0 Residential mortgage-backed securiti |