| Investments (excluding Consolidated Investment Entities) | 20% < 20% > 20% < 20% > 20% March 31, 2019 Six months or less below amortized cost $ 2,371 $ 70 $ 58 $ 19 358 14 More than six months and twelve months or less below amortized cost 1,888 — 44 — 264 4 More than twelve months below amortized cost 6,684 137 228 41 1,001 12 Total $ 10,943 $ 207 $ 330 $ 60 1,623 30 December 31, 2018 Six months or less below amortized cost $ 8,131 $ 197 $ 204 $ 50 1,023 30 More than six months and twelve months or less below amortized cost 10,364 117 473 44 1,314 9 More than twelve months below amortized cost 4,154 119 271 42 702 11 Total $ 22,649 $ 433 $ 948 $ 136 3,039 50 Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated: Amortized Cost Unrealized Capital Losses Number of Securities < 20% > 20% < 20% > 20% < 20% > 20% March 31, 2019 U.S. Treasuries $ 90 $ — $ 1 $ — 18 — State, municipalities and political subdivisions 260 — 7 — 66 — U.S. corporate public securities 3,047 60 112 21 404 3 U.S. corporate private securities 1,414 93 39 26 111 2 Foreign corporate public securities and foreign governments 1,296 49 51 12 160 6 Foreign corporate private securities 1,037 — 30 — 67 — Residential mortgage-backed 1,269 3 28 1 346 18 Commercial mortgage-backed 1,194 — 35 — 186 — Other asset-backed 1,336 2 27 — 265 1 Total $ 10,943 $ 207 $ 330 $ 60 1,623 30 December 31, 2018 U.S. Treasuries $ 120 $ — $ 2 $ — 24 — State, municipalities and political subdivisions 786 — 22 — 146 — U.S. corporate public securities 7,807 124 376 39 1,053 10 U.S. corporate private securities 3,312 94 139 31 253 2 Foreign corporate public securities and foreign governments 2,750 110 139 28 376 10 Foreign corporate private securities 2,590 95 117 35 160 6 Residential mortgage-backed 1,551 1 52 1 414 16 Commercial mortgage-backed 2,160 — 55 — 320 1 Other asset-backed 1,573 9 46 2 293 5 Total $ 22,649 $ 433 $ 948 $ 136 3,039 50 The following tables summarize loan-to-value, credit enhancement and fixed floating rate details for Residential Mortgage-Backed Securities ("RMBS") and Other Asset-Backed Securities ("ABS") in a gross unrealized loss position as of the dates indicated: Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses March 31, 2019 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% — — — — Non-agency RMBS 80% - 90% — 1 — — Non-agency RMBS < 80% 677 1 11 — Agency RMBS 599 1 17 1 Other ABS (Non-RMBS) 1,329 2 27 — Total RMBS and Other ABS $ 2,605 $ 5 $ 55 $ 1 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses March 31, 2019 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 241 $ — $ 4 $ — Non-agency RMBS > 5% - 10% 3 — — — Non-agency RMBS > 0% - 5% 385 — 5 — Non-agency RMBS 0% 48 2 2 — Agency RMBS 599 1 17 1 Other ABS (Non-RMBS) 1,329 2 27 — Total RMBS and Other ABS $ 2,605 $ 5 $ 55 $ 1 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses March 31, 2019 < 20% > 20% < 20% > 20% Fixed Rate $ 827 $ 4 $ 22 $ — Floating Rate 1,778 1 33 1 Total $ 2,605 $ 5 $ 55 $ 1 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses December 31, 2018 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% — — — — Non-agency RMBS 80% - 90% — — — — Non-agency RMBS < 80% 759 — 19 — Agency RMBS 806 1 33 1 Other ABS (Non-RMBS) 1,559 9 46 2 Total RMBS and Other ABS $ 3,124 $ 10 $ 98 $ 3 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses December 31, 2018 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 332 $ — $ 8 $ — Non-agency RMBS > 5% - 10% 10 — — — Non-agency RMBS > 0% - 5% 376 — 9 — Non-agency RMBS 0% 41 — 2 — Agency RMBS 806 1 33 1 Other ABS (Non-RMBS) 1,559 9 46 2 Total RMBS and Other ABS $ 3,124 $ 10 $ 98 $ 3 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses December 31, 2018 < 20% > 20% < 20% > 20% Fixed Rate $ 1,179 $ 9 $ 36 $ 3 Floating Rate 1,945 1 62 — Total $ 3,124 $ 10 $ 98 $ 3 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. Investments with fair values less than amortized cost are included in the Company's other-than-temporary impairments analysis. Impairments were recognized as disclosed in the "Evaluating Securities for Other-Than-Temporary Impairments" section below. The Company evaluates non-agency RMBS and ABS for "other-than-temporary impairments" each quarter based on actual and projected cash flows, after considering the quality and updated loan-to-value ratios reflecting current home prices of underlying collateral, forecasted loss severity, the payment priority within the tranche structure of the security and amount of any credit enhancements. The Company's assessment of current levels of cash flows compared to estimated cash flows at the time the securities were acquired (typically pre-2008) indicates the amount and the pace of projected cash flows from the underlying collateral has generally been lower and slower, respectively. However, since cash flows are typically projected at a trust level, the impairment review incorporates the security's position within the trust structure as well as credit enhancement remaining in the trust to determine whether an impairment is warranted. Therefore, while lower and slower cash flows will impact the trust, the effect on the valuation of a particular security within the trust will also be dependent upon the trust structure. Where the assessment continues to project full recovery of principal and interest on schedule, the Company has not recorded an impairment. Based on this analysis, the Company determined that the remaining investments in an unrealized loss position were not other-than-temporarily impaired and therefore no further other-than-temporary impairment was necessary. Troubled Debt Restructuring The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt restructuring when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. A valuation allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. As of March 31, 2019 , the Company did not have any new commercial mortgage loan troubled debt restructuring and had one new private placement troubled debt restructuring with a pre-modification cost basis of $124 and post-modification carrying value of $95 . As of December 31, 2018 the Company did not have any new commercial mortgage loan or private placement troubled debt restructuring. As of March 31, 2019 and December 31, 2018 , the Company did no t have any commercial mortgage loans or private placements modified in a troubled debt restructuring with a subsequent payment default. Mortgage Loans on Real Estate The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific credit quality, property characteristics and market trends. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk. The following table summarizes the Company's investment in mortgage loans as of the dates indicated: March 31, 2019 December 31, 2018 Impaired Non Impaired Total Impaired Non Impaired Total Commercial mortgage loans $ 9 $ 8,508 $ 8,517 $ 4 $ 8,674 $ 8,678 Collective valuation allowance for losses N/A (1 ) (1 ) N/A (2 ) (2 ) Total net commercial mortgage loans $ 9 $ 8,507 $ 8,516 $ 4 $ 8,672 $ 8,676 N/A - Not Applicable There was one impairment of $2 on the mortgage loan portfolio for the three months ended March 31, 2019 . There were no impairments on the mortgage loan portfolio for the three months ended March 31, 2018 . The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: March 31, 2019 December 31, 2018 Collective valuation allowance for losses, balance at January 1 $ 2 $ 3 Addition to (reduction of) allowance for losses (1 ) (1 ) Collective valuation allowance for losses, end of period $ 1 $ 2 The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated: March 31, 2019 December 31, 2018 Impaired loans without allowances for losses $ 9 $ 4 Less: Allowances for losses on impaired loans — — Impaired loans, net $ 9 $ 4 Unpaid principal balance of impaired loans $ 13 $ 5 As of March 31, 2019 and December 31, 2018 , the Company did not have any impaired loans with allowances for losses. As of March 31, 2019 , the Company had one loan greater than 60 days in arrears, which is also in non-accrual status and in process of foreclosure, with an amortized cost of $5 . There were no loans greater than 60 days in arrears and no mortgage loans in the Company's portfolio in process of foreclosure as of December 31, 2018 . The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated: Three Months Ended March 31, 2019 2018 Impaired loans, average investment during the period (amortized cost) (1) $ 7 $ 4 Interest income recognized on impaired loans, on an accrual basis (1) — — Interest income recognized on impaired loans, on a cash basis (1) — — Interest income recognized on troubled debt restructured loans, on an accrual basis — — (1) Includes amounts for Troubled debt restructured loans. Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.0 indicates that a property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above. The following table presents the LTV and DSC ratios as of the dates indicated: Recorded Investment Debt Service Coverage Ratios > 1.5x >1.25x - 1.5x >1.0x - 1.25x < 1.0x Commercial mortgage loans secured by land or construction loans Total % of Total March 31, 2019 (1) Loan-to-Value Ratios: 0% - 50% $ 729 $ 46 $ 25 $ 2 $ — $ 802 9.4 % > 50% - 60% 1,846 38 55 19 — 1,958 23.0 % > 60% - 70% 3,543 553 611 205 40 4,952 58.1 % > 70% - 80% 322 236 81 79 9 727 8.5 % > 80% and above 8 27 11 8 24 78 1.0 % Total $ 6,448 $ 900 $ 783 $ 313 $ 73 $ 8,517 100.0 % Recorded Investment Debt Service Coverage Ratios > 1.5x >1.25x - 1.5x >1.0x - 1.25x < 1.0x Commercial mortgage loans secured by land or construction loans Total % of Total December 31, 2018 (1) Loan-to-Value Ratios: 0% - 50% $ 724 $ 53 $ 25 $ 2 $ — $ 804 9.3 % > 50% - 60% 1,889 61 51 6 — 2,007 23.1 % > 60% - 70% 3,767 520 716 63 39 5,105 58.8 % > 70% - 80% 402 160 102 24 6 694 8.0 % > 80% and above 18 7 11 8 24 68 0.8 % Total $ 6,800 $ 801 $ 905 $ 103 $ 69 $ 8,678 100.0 % (1) Balances do not include collection valuation allowance for losses. Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated: March 31, 2019 December 31, 2018 Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by U.S. Region: Pacific $ 2,091 24.5 % $ 2,078 23.8 % South Atlantic 1,674 19.6 % 1,771 20.4 % Middle Atlantic 1,522 17.9 % 1,525 17.6 % West South Central 941 11.1 % 952 11.0 % Mountain 893 10.5 % 892 10.3 % East North Central 787 9.2 % 833 9.6 % New England 170 2.0 % 154 1.8 % West North Central 355 4.2 % 390 4.5 % East South Central 84 1.0 % 83 1.0 % Total Commercial mortgage loans $ 8,517 100.0 % $ 8,678 100.0 % March 31, 2019 December 31, 2018 Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by Property Type: Retail $ 2,442 28.6 % $ 2,482 28.6 % Industrial 2,035 23.9 % 2,074 23.9 % Apartments 2,079 24.4 % 2,110 24.3 % Office 1,248 14.7 % 1,316 15.2 % Hotel/Motel 231 2.7 % 210 2.4 % Other 407 4.8 % 411 4.7 % Mixed Use 75 0.9 % 75 0.9 % Total Commercial mortgage loans $ 8,517 100.0 % $ 8,678 100.0 % The following table presents mortgages by year of origination as of the dates indicated: March 31, 2019 (1) December 31, 2018 (1) Year of Origination: 2019 $ 163 $ — 2018 743 741 2017 1,447 1,517 2016 1,386 1,446 2015 1,059 1,077 2014 1,186 1,215 2013 and prior 2,533 2,682 Total Commercial mortgage loans $ 8,517 $ 8,678 (1) Balances do not include collective valuation allowance for losses. Evaluating Securities for Other-Than-Temporary Impairments The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities in accordance with its impairment policy in order to evaluate whether such investments are other-than-temporarily impaired. The following table identifies the Company's credit-related and intent-related impairments included in the Condensed Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated: Three Months Ended March 31, 2019 2018 Impairment No. of Securities Impairment No. of Securities State, municipalities and political subdivisions $ — — $ — — U.S. corporate public securities — — — — Foreign corporate public securities and foreign governments (1) — — — — Foreign corporate private securities (1) 30 3 14 1 Residential mortgage-backed — * 19 — * 12 Commercial mortgage-backed — — — — Other asset-backed 1 2 — — Total $ 31 24 $ 14 13 (1) Primarily U.S. dollar denominated. *Less than $1 The above tables include $31 and $14 of write-downs related to credit impairments for the three months ended March 31, 2019 and March 31, 2018 , respectively, in other-than-temporary impairments, which are recognized in the Condensed Consolidated Statements of Operations. The remaining immaterial write-downs for the three months ended March 31, 2019 and 2018 are related to intent impairments. The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. In certain situations, new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses. The following table presents the amount of credit impairments on fixed maturities for which a portion of the OTTI loss was recognized in Other comprehensive income (loss) and the corresponding changes in such amounts for the periods indicated: Three Months Ended March 31, 2019 2018 Balance at January 1 $ 22 $ 40 Additional credit impairments: On securities previously impaired — — Reductions: Increase in cash flows 1 — Securities sold, matured, prepaid or paid down 2 16 Balance at March 31 $ 19 $ 24 Net Investment Income The following table summarizes Net investment income for the periods indicated: Three Months Ended March 31, 2019 2018 Fixed maturities $ 685 $ 663 Equity securities 4 3 Mortgage loans on real estate 96 97 Policy loans 23 25 Short-term investments and cash equivalents 4 4 Other 24 49 Gross investment income 836 841 Less: investment expenses 21 18 Net investment income $ 815 $ 823 As of March 31, 2019 and December 31, 2018 , the Company had $1 and $5 , respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults. Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Such interest income is recorded in Net investment income in the Condensed Consolidated Statements of Operations. Net Realized Capital Gains (Losses) Net realized capital gains (losses) comprise the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related other-than-temporary impairment of investments. Realized investment gains and losses are also primarily generated from changes in fair value of embedded derivatives within products and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. Net realized capital gains (losses) also include changes in fair value of equity securities. The cost of the investments on disposal is generally determined based on first-in-first-out ("FIFO") methodology. Net realized capital gains (losses) were as follows for the periods indicated: Three Months Ended March 31, 2019 2018 Fixed maturities, available-for-sale, including securities pledged $ (17 ) $ (40 ) Fixed maturities, at fair value option 85 (190 ) Equity securities 7 (3 ) Derivatives 1 17 Embedded deri" id="sjs-B4">Investments (excluding Consolidated Investment Entities) Fixed Maturities and Equity Securities Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of March 31, 2019 : Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value OTTI (3)(4) Fixed maturities: U.S. Treasuries $ 1,789 $ 413 $ 1 $ — $ 2,201 $ — U.S. Government agencies and authorities 204 44 — — 248 — State, municipalities and political subdivisions 1,659 63 7 — 1,715 — U.S. corporate public securities 18,671 1,649 133 — 20,187 — U.S. corporate private securities 6,364 321 65 — 6,620 — Foreign corporate public securities and foreign governments (1) 5,436 341 63 — 5,714 — Foreign corporate private securities (1) 5,132 171 30 — 5,273 — Residential mortgage-backed securities: Agency 3,013 155 18 13 3,163 — Non-Agency 1,867 81 11 13 1,950 11 Total Residential mortgage-backed securities 4,880 236 29 26 5,113 11 Commercial mortgage-backed securities 3,785 77 35 — 3,827 — Other asset-backed securities 2,261 34 27 — 2,268 2 Total fixed maturities, including securities pledged 50,181 3,349 390 26 53,166 13 Less: Securities pledged 1,940 167 23 — 2,084 — Total fixed maturities $ 48,241 $ 3,182 $ 367 $ 26 $ 51,082 $ 13 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. (3) Represents Other-than-Temporary-Impairments ("OTTI") reported as a component of Other comprehensive income (loss). (4) Amount excludes $349 of net unrealized gains on impaired available-for-sale securities. Available-for-sale and FVO fixed maturities were as follows as of December 31, 2018 : Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value OTTI (3)(4) Fixed maturities: U.S. Treasuries $ 1,937 $ 360 $ 2 $ — $ 2,295 $ — U.S. Government agencies and authorities 204 38 — — 242 — State, municipalities and political subdivisions 1,652 29 22 — 1,659 — U.S. corporate public securities 19,210 1,053 415 — 19,848 — U.S. corporate private securities 6,264 138 170 — 6,232 — Foreign corporate public securities and foreign governments (1) 5,429 193 167 — 5,455 — Foreign corporate private securities (1) 5,176 70 152 — 5,094 — Residential mortgage-backed securities: Agency 2,916 138 34 14 3,034 — Non-Agency 1,700 76 19 12 1,769 11 Total Residential mortgage-backed securities 4,616 214 53 26 4,803 11 Commercial mortgage-backed securities 3,438 33 55 — 3,416 — Other asset-backed securities 2,095 30 48 — 2,077 2 Total fixed maturities, including securities pledged 50,021 2,158 1,084 26 51,121 13 Less: Securities pledged 1,824 107 64 — 1,867 — Total fixed maturities $ 48,197 $ 2,051 $ 1,020 $ 26 $ 49,254 $ 13 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. (3) Represents OTTI reported as a component of Other comprehensive income (loss). (4) Amount excludes $300 of net unrealized gains on impaired available-for-sale securities. The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2019 , are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date. Amortized Cost Fair Value Due to mature: One year or less $ 1,294 $ 1,306 After one year through five years 6,772 6,961 After five years through ten years 9,447 9,746 After ten years 21,742 23,945 Mortgage-backed securities 8,665 8,940 Other asset-backed securities 2,261 2,268 Fixed maturities, including securities pledged $ 50,181 $ 53,166 The investment portfolio is monitored to maintain a diversified portfolio on an ongoing basis. Credit risk is mitigated by monitoring concentrations by issuer, sector and geographic stratification and limiting exposure to any one issuer. As of March 31, 2019 and December 31, 2018 , the Company did no t have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company’s Total shareholders' equity. The following tables present the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Fair Value March 31, 2019 Communications $ 2,447 $ 265 $ 9 $ 2,703 Financial 5,295 449 23 5,721 Industrial and other companies 15,315 869 121 16,063 Energy 3,912 347 69 4,190 Utilities 6,381 421 48 6,754 Transportation 1,408 91 11 1,488 Total $ 34,758 $ 2,442 $ 281 $ 36,919 December 31, 2018 Communications $ 2,554 $ 162 $ 35 $ 2,681 Financial 5,200 293 90 5,403 Industrial and other companies 15,591 487 422 15,656 Energy 4,034 194 143 4,085 Utilities 6,560 253 158 6,655 Transportation 1,281 47 32 1,296 Total $ 35,220 $ 1,436 $ 880 $ 35,776 Fixed Maturities The Company has elected the FVO for certain of its fixed maturities to better match the measurement of assets and liabilities in the Condensed Consolidated Statements of Operations. Certain collateralized mortgage obligations ("CMOs"), primarily interest-only and principal-only strips, are accounted for as hybrid instruments and reported at fair value with changes in the fair value recorded in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. The Company invests in various categories of CMOs, including CMOs that are not agency-backed, that are subject to different degrees of risk from changes in interest rates and defaults. The principal risks inherent in holding CMOs are prepayment and extension risks related to significant decreases and increases in interest rates resulting in the prepayment of principal from the underlying mortgages, either earlier or later than originally anticipated. As of March 31, 2019 and December 31, 2018 , approximately 41.0% and 41.6% , respectively, of the Company's CMO holdings, were invested in the above mentioned types of CMOs such as interest-only or principal-only strips, that are subject to more prepayment and extension risk than traditional CMOs. Public corporate fixed maturity securities are distinguished from private corporate fixed maturity securities based upon the manner in which they are transacted. Public corporate fixed maturity securities are issued initially through market intermediaries on a registered basis or pursuant to Rule 144A under the Securities Act of 1933 (the "Securities Act") and are traded on the secondary market through brokers acting as principal. Private corporate fixed maturity securities are originally issued by borrowers directly to investors pursuant to Section 4(a)(2) of the Securities Act, and are traded in the secondary market directly with counterparties, either without the participation of a broker or in agency transactions. Repurchase Agreements As of March 31, 2019 and December 31, 2018 , the Company did not have any securities pledged in dollar rolls or reverse repurchase agreements. As of March 31, 2019 , the carrying value of securities pledged and obligation to repay loans related to repurchase agreement transaction was $49 and $46 , respectively, and included in Securities pledged and Payables under securities loan and repurchase agreements, including collateral held, respectively, on the Condensed Consolidated Balance Sheets. As of December 31, 2018 , the carrying value of securities pledged and obligation to repay loans related to repurchase agreement transaction was $45 and $46 , respectively. Securities pledged related to repurchase agreements are comprised of other asset-backed securities. Securities Lending As of March 31, 2019 and December 31, 2018 , the fair value of loaned securities was $1,842 and $1,635 , respectively, and is included in Securities pledged on the Condensed Consolidated Balance Sheets. If cash is received as collateral, the lending agent retains the cash collateral and invests it in short-term liquid assets on behalf of the Company. As of March 31, 2019 and December 31, 2018 , cash collateral retained by the lending agent and invested in short-term liquid assets on the Company's behalf was $1,681 and $1,581 , respectively, and is recorded in Short-term investments under securities loan agreements, including collateral delivered on the Condensed Consolidated Balance Sheets. As of March 31, 2019 and December 31, 2018 , liabilities to return collateral of $1,681 and $1,581 , respectively, are included in Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets. The Company accepts non-cash collateral in the form of securities. The securities retained as collateral by the lending agent may not be sold or re-pledged, except in the event of default, and are not reflected on the Company’s Condensed Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools. As of March 31, 2019 and December 31, 2018 , the fair value of securities retained as collateral by the lending agent on the Company’s behalf was $225 and $111 , respectively. The following table presents borrowings under securities lending transactions by asset class pledged as of the dates indicated: March 31, 2019 (1)(2) December 31, 2018 (1)(2) U.S. Treasuries $ 444 $ 337 U.S. Government agencies and authorities 16 7 U.S. corporate public securities 1,077 992 Equity Securities — 1 Foreign corporate public securities and foreign governments 369 355 Payables under securities loan agreements $ 1,906 $ 1,692 (1) As of March 31, 2019 and December 31, 2018 , borrowings under securities lending transactions include cash collateral of $1,681 and $1,581 , respectively. (2) As of March 31, 2019 and December 31, 2018 , borrowings under securities lending transactions include non-cash collateral of $225 and $111 , respectively. The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program. Unrealized Capital Losses Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of March 31, 2019 : Six Months or Less Below Amortized Cost More Than Six Months and Twelve Months or Less Below Amortized Cost More Than Twelve Months Below Amortized Cost Total Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses U.S. Treasuries $ — $ — $ — $ — $ 89 $ 1 $ 89 $ 1 State, municipalities and political subdivisions 6 — * 2 — * 245 7 253 7 U.S. corporate public securities 248 5 711 18 2,015 110 2,974 133 U.S. corporate private securities 215 4 27 — * 1,200 61 1,442 65 Foreign corporate public securities and foreign governments 110 1 185 6 987 56 1,282 63 Foreign corporate private securities 40 — * 226 5 741 25 1,007 30 Residential mortgage-backed 449 6 64 1 730 22 1,243 29 Commercial mortgage-backed 369 3 136 4 654 28 1,159 35 Other asset-backed 643 8 496 13 172 6 1,311 27 Total $ 2,080 $ 27 $ 1,847 $ 47 $ 6,833 $ 316 $ 10,760 $ 390 *Less than $1. Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2018 : Six Months or Less Below Amortized Cost More Than Six Months and Twelve Months or Less Below Amortized Cost More Than Twelve Months Below Amortized Cost Total Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses U.S. Treasuries $ — $ — $ 24 $ — * $ 94 $ 2 $ 118 $ 2 State, municipalities and political subdivisions 140 1 383 9 241 12 764 22 U.S. corporate public securities 2,701 81 3,843 224 972 110 7,516 415 U.S. corporate private securities 951 21 1,397 47 888 102 3,236 170 Foreign corporate public securities and foreign governments 992 28 1,387 91 314 48 2,693 167 Foreign corporate private securities 859 14 1,271 99 403 39 2,533 152 Residential mortgage-backed 500 9 397 9 602 35 1,499 53 Commercial mortgage-backed 854 13 701 20 550 22 2,105 55 Other asset-backed 834 21 602 25 98 2 1,534 48 Total $ 7,831 $ 188 $ 10,005 $ 524 $ 4,162 $ 372 $ 21,998 $ 1,084 *Less than $1. Of the unrealized capital losses aged more than twelve months, the average market value of the related fixed maturities was 95.6% and 91.8% of the average book value as of March 31, 2019 and December 31, 2018 , respectively. Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, for instances in which fair value declined below amortized cost by greater than or less than 20% for consecutive months as indicated in the tables below, were as follows as of the dates indicated: Amortized Cost Unrealized Capital Losses Number of Securities < 20% > 20% < 20% > 20% < 20% > 20% March 31, 2019 Six months or less below amortized cost $ 2,371 $ 70 $ 58 $ 19 358 14 More than six months and twelve months or less below amortized cost 1,888 — 44 — 264 4 More than twelve months below amortized cost 6,684 137 228 41 1,001 12 Total $ 10,943 $ 207 $ 330 $ 60 1,623 30 December 31, 2018 Six months or less below amortized cost $ 8,131 $ 197 $ 204 $ 50 1,023 30 More than six months and twelve months or less below amortized cost 10,364 117 473 44 1,314 9 More than twelve months below amortized cost 4,154 119 271 42 702 11 Total $ 22,649 $ 433 $ 948 $ 136 3,039 50 Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated: Amortized Cost Unrealized Capital Losses Number of Securities < 20% > 20% < 20% > 20% < 20% > 20% March 31, 2019 U.S. Treasuries $ 90 $ — $ 1 $ — 18 — State, municipalities and political subdivisions 260 — 7 — 66 — U.S. corporate public securities 3,047 60 112 21 404 3 U.S. corporate private securities 1,414 93 39 26 111 2 Foreign corporate public securities and foreign governments 1,296 49 51 12 160 6 Foreign corporate private securities 1,037 — 30 — 67 — Residential mortgage-backed 1,269 3 28 1 346 18 Commercial mortgage-backed 1,194 — 35 — 186 — Other asset-backed 1,336 2 27 — 265 1 Total $ 10,943 $ 207 $ 330 $ 60 1,623 30 December 31, 2018 U.S. Treasuries $ 120 $ — $ 2 $ — 24 — State, municipalities and political subdivisions 786 — 22 — 146 — U.S. corporate public securities 7,807 124 376 39 1,053 10 U.S. corporate private securities 3,312 94 139 31 253 2 Foreign corporate public securities and foreign governments 2,750 110 139 28 376 10 Foreign corporate private securities 2,590 95 117 35 160 6 Residential mortgage-backed 1,551 1 52 1 414 16 Commercial mortgage-backed 2,160 — 55 — 320 1 Other asset-backed 1,573 9 46 2 293 5 Total $ 22,649 $ 433 $ 948 $ 136 3,039 50 The following tables summarize loan-to-value, credit enhancement and fixed floating rate details for Residential Mortgage-Backed Securities ("RMBS") and Other Asset-Backed Securities ("ABS") in a gross unrealized loss position as of the dates indicated: Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses March 31, 2019 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% — — — — Non-agency RMBS 80% - 90% — 1 — — Non-agency RMBS < 80% 677 1 11 — Agency RMBS 599 1 17 1 Other ABS (Non-RMBS) 1,329 2 27 — Total RMBS and Other ABS $ 2,605 $ 5 $ 55 $ 1 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses March 31, 2019 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 241 $ — $ 4 $ — Non-agency RMBS > 5% - 10% 3 — — — Non-agency RMBS > 0% - 5% 385 — 5 — Non-agency RMBS 0% 48 2 2 — Agency RMBS 599 1 17 1 Other ABS (Non-RMBS) 1,329 2 27 — Total RMBS and Other ABS $ 2,605 $ 5 $ 55 $ 1 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses March 31, 2019 < 20% > 20% < 20% > 20% Fixed Rate $ 827 $ 4 $ 22 $ — Floating Rate 1,778 1 33 1 Total $ 2,605 $ 5 $ 55 $ 1 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses December 31, 2018 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% — — — — Non-agency RMBS 80% - 90% — — — — Non-agency RMBS < 80% 759 — 19 — Agency RMBS 806 1 33 1 Other ABS (Non-RMBS) 1,559 9 46 2 Total RMBS and Other ABS $ 3,124 $ 10 $ 98 $ 3 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses December 31, 2018 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 332 $ — $ 8 $ — Non-agency RMBS > 5% - 10% 10 — — — Non-agency RMBS > 0% - 5% 376 — 9 — Non-agency RMBS 0% 41 — 2 — Agency RMBS 806 1 33 1 Other ABS (Non-RMBS) 1,559 9 46 2 Total RMBS and Other ABS $ 3,124 $ 10 $ 98 $ 3 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses December 31, 2018 < 20% > 20% < 20% > 20% Fixed Rate $ 1,179 $ 9 $ 36 $ 3 Floating Rate 1,945 1 62 — Total $ 3,124 $ 10 $ 98 $ 3 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. Investments with fair values less than amortized cost are included in the Company's other-than-temporary impairments analysis. Impairments were recognized as disclosed in the "Evaluating Securities for Other-Than-Temporary Impairments" section below. The Company evaluates non-agency RMBS and ABS for "other-than-temporary impairments" each quarter based on actual and projected cash flows, after considering the quality and updated loan-to-value ratios reflecting current home prices of underlying collateral, forecasted loss severity, the payment priority within the tranche structure of the security and amount of any credit enhancements. The Company's assessment of current levels of cash flows compared to estimated cash flows at the time the securities were acquired (typically pre-2008) indicates the amount and the pace of projected cash flows from the underlying collateral has generally been lower and slower, respectively. However, since cash flows are typically projected at a trust level, the impairment review incorporates the security's position within the trust structure as well as credit enhancement remaining in the trust to determine whether an impairment is warranted. Therefore, while lower and slower cash flows will impact the trust, the effect on the valuation of a particular security within the trust will also be dependent upon the trust structure. Where the assessment continues to project full recovery of principal and interest on schedule, the Company has not recorded an impairment. Based on this analysis, the Company determined that the remaining investments in an unrealized loss position were not other-than-temporarily impaired and therefore no further other-than-temporary impairment was necessary. Troubled Debt Restructuring The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt restructuring when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. A valuation allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. As of March 31, 2019 , the Company did not have any new commercial mortgage loan troubled debt restructuring and had one new private placement troubled debt restructuring with a pre-modification cost basis of $124 and post-modification carrying value of $95 . As of December 31, 2018 the Company did not have any new commercial mortgage loan or private placement troubled debt restructuring. As of March 31, 2019 and December 31, 2018 , the Company did no t have any commercial mortgage loans or private placements modified in a troubled debt restructuring with a subsequent payment default. Mortgage Loans on Real Estate The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific credit quality, property characteristics and market trends. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk. The following table summarizes the Company's investment in mortgage loans as of the dates indicated: March 31, 2019 December 31, 2018 Impaired Non Impaired Total Impaired Non Impaired Total Commercial mortgage loans $ 9 $ 8,508 $ 8,517 $ 4 $ 8,674 $ 8,678 Collective valuation allowance for losses N/A (1 ) (1 ) N/A (2 ) (2 ) Total net commercial mortgage loans $ 9 $ 8,507 $ 8,516 $ 4 $ 8,672 $ 8,676 N/A - Not Applicable There was one impairment of $2 on the mortgage loan portfolio for the three months ended March 31, 2019 . There were no impairments on the mortgage loan portfolio for the three months ended March 31, 2018 . The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: March 31, 2019 December 31, 2018 Collective valuation allowance for losses, balance at January 1 $ 2 $ 3 Addition to (reduction of) allowance for losses (1 ) (1 ) Collective valuation allowance for losses, end of period $ 1 $ 2 The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated: March 31, 2019 December 31, 2018 Impaired loans without allowances for losses $ 9 $ 4 Less: Allowances for losses on impaired loans — — Impaired loans, net $ 9 $ 4 Unpaid principal balance of impaired loans $ 13 $ 5 As of March 31, 2019 and December 31, 2018 , the Company did not have any impaired loans with allowances for losses. As of March 31, 2019 , the Company had one loan greater than 60 days in arrears, which is also in non-accrual status and in process of foreclosure, with an amortized cost of $5 . There were no loans greater than 60 days in arrears and no mortgage loans in the Company's portfolio in process of foreclosure as of December 31, 2018 . The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated: Three Months Ended March 31, 2019 2018 Impaired loans, average investment during the period (amortized cost) (1) $ 7 $ 4 Interest income recognized on impaired loans, on an accrual basis (1) — — Interest income recognized on impaired loans, on a cash basis (1) — — Interest income recognized on troubled debt restructured loans, on an accrual basis — — (1) Includes amounts for Troubled debt restructured loans. Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.0 indicates that a property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above. The following table presents the LTV and DSC ratios as of the dates indicated: Recorded Investment Debt Service Coverage Ratios > 1.5x >1.25x - 1.5x >1.0x - 1.25x < 1.0x Commercial mortgage loans secured by land or construction loans Total % of Total March 31, 2019 (1) Loan-to-Value Ratios: 0% - 50% $ 729 $ 46 $ 25 $ 2 $ — $ 802 9.4 % > 50% - 60% 1,846 38 55 19 — 1,958 23.0 % > 60% - 70% 3,543 553 611 205 40 4,952 58.1 % > 70% - 80% 322 236 81 79 9 727 8.5 % > 80% and above 8 27 11 8 24 78 1.0 % Total $ 6,448 $ 900 $ 783 $ 313 $ 73 $ 8,517 100.0 % Recorded Investment Debt Service Coverage Ratios > 1.5x >1.25x - 1.5x >1.0x - 1.25x < 1.0x Commercial mortgage loans secured by land or construction loans Total % of Total December 31, 2018 (1) Loan-to-Value Ratios: 0% - 50% $ 724 $ 53 $ 25 $ 2 $ — $ 804 9.3 % > 50% - 60% 1,889 61 51 6 — 2,007 23.1 % > 60% - 70% 3,767 520 716 63 39 5,105 58.8 % > 70% - 80% 402 160 102 24 6 694 8.0 % > 80% and above 18 7 11 8 24 68 0.8 % Total $ 6,800 $ 801 $ 905 $ 103 $ 69 $ 8,678 100.0 % (1) Balances do not include collection valuation allowance for losses. Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated: March 31, 2019 December 31, 2018 Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by U.S. Region: Pacific $ 2,091 24.5 % $ 2,078 23.8 % South Atlantic 1,674 19.6 % 1,771 20.4 % Middle Atlantic 1,522 17.9 % 1,525 17.6 % West South Central 941 11.1 % 952 11.0 % Mountain 893 10.5 % 892 10.3 % East North Central 787 9.2 % 833 9.6 % New England 170 2.0 % 154 1.8 % West North Central 355 4.2 % 390 4.5 % East South Central 84 1.0 % 83 1.0 % Total Commercial mortgage loans $ 8,517 100.0 % $ 8,678 100.0 % March 31, 2019 December 31, 2018 Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by Property Type: Retail $ 2,442 28.6 % $ 2,482 28.6 % Industrial 2,035 23.9 % 2,074 23.9 % Apartments 2,079 24.4 % 2,110 24.3 % Office 1,248 14.7 % 1,316 15.2 % Hotel/Motel 231 2.7 % 210 2.4 % Other 407 4.8 % 411 4.7 % Mixed Use 75 0.9 % 75 0.9 % Total Commercial mortgage loans $ 8,517 100.0 % $ 8,678 100.0 % The following table presents mortgages by year of origination as of the dates indicated: March 31, 2019 (1) December 31, 2018 (1) Year of Origination: 2019 $ 163 $ — 2018 743 741 2017 1,447 1,517 2016 1,386 1,446 2015 1,059 1,077 2014 1,186 1,215 2013 and prior 2,533 2,682 Total Commercial mortgage loans $ 8,517 $ 8,678 (1) Balances do not include collective valuation allowance for losses. Evaluating Securities for Other-Than-Temporary Impairments The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities in accordance with its impairment policy in order to evaluate whether such investments are other-than-temporarily impaired. The following table identifies the Company's credit-related and intent-related impairments included in the Condensed Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated: Three Months Ended March 31, 2019 2018 Impairment No. of Securities Impairment No. of Securities State, municipalities and political subdivisions $ — — $ — — U.S. corporate public securities — — — — Foreign corporate public securities and foreign governments (1) — — — — Foreign corporate private securities (1) 30 3 14 1 Residential mortgage-backed — * 19 — * 12 Commercial mortgage-backed — — — — Other asset-backed 1 2 — — Total $ 31 24 $ 14 13 (1) Primarily U.S. dollar denominated. *Less than $1 The above tables include $31 and $14 of write-downs related to credit impairments for the three months ended March 31, 2019 and March 31, 2018 , respectively, in other-than-temporary impairments, which are recognized in the Condensed Consolidated Statements of Operations. The remaining immaterial write-downs for the three months ended March 31, 2019 and 2018 are related to intent impairments. The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. In certain situations, new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses. The following table presents the amount of credit impairments on fixed maturities for which a portion of the OTTI loss was recognized in Other comprehensive income (loss) and the corresponding changes in such amounts for the periods indicated: Three Months Ended March 31, 2019 2018 Balance at January 1 $ 22 $ 40 Additional credit impairments: On securities previously impaired — — Reductions: Increase in cash flows 1 — Securities sold, matured, prepaid or paid down 2 16 Balance at March 31 $ 19 $ 24 Net Investment Income The following table summarizes Net investment income for the periods indicated: Three Months Ended March 31, 2019 2018 Fixed maturities $ 685 $ 663 Equity securities 4 3 Mortgage loans on real estate 96 97 Policy loans 23 25 Short-term investments and cash equivalents 4 4 Other 24 49 Gross investment income 836 841 Less: investment expenses 21 18 Net investment income $ 815 $ 823 As of March 31, 2019 and December 31, 2018 , the Company had $1 and $5 , respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults. Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Such interest income is recorded in Net investment income in the Condensed Consolidated Statements of Operations. Net Realized Capital Gains (Losses) Net realized capital gains (losses) comprise the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related other-than-temporary impairment of investments. Realized investment gains and losses are also primarily generated from changes in fair value of embedded derivatives within products and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. Net realized capital gains (losses) also include changes in fair value of equity securities. The cost of the investments on disposal is generally determined based on first-in-first-out ("FIFO") methodology. Net realized capital gains (losses) were as follows for the periods indicated: Three Months Ended March 31, 2019 2018 Fixed maturities, available-for-sale, including securities pledged $ (17 ) $ (40 ) Fixed maturities, at fair value option 85 (190 ) Equity securities 7 (3 ) Derivatives 1 17 Embedded deri |
