Limited partnerships investment commitments

  
As of June 30, 2022, the Company had $1.6 billion in outstanding commitments to fund alternative investments in limited partnerships.  
Variable Interest Entities (VIEs)  
As a condition of its involvement or investment in a VIE, the Company enters into certain protective rights and covenants that preclude changes in the structure of the VIE that would alter the creditworthiness of the Company's investment or its beneficial interest in the VIE.  
For those VIEs other than certain unit trust structures, the Company's involvement is passive in nature. The Company is not, nor has it been, required to purchase any securities issued in the future by these VIEs.  
The Company's ownership interest in VIEs is limited to holding the obligations issued by them. The Company has no direct or contingent obligations to fund the limited activities of these VIEs, nor does it have any direct or indirect financial guarantees related to the limited activities of these VIEs. The Company has not provided any assistance or any other type of financing support to any of the VIEs it invests in, nor does it have any intention to do so in the future. For those VIEs in which the Company holds debt obligations, the weighted-average lives of the Company's notes are very similar to the underlying collateral held by these VIEs where applicable.   
The Company's risk of loss related to its interests in any of its VIEs is limited to the carrying value of the related investments held in the VIE.  
VIEs - Consolidated  
The following table presents the cost or amortized cost, fair value and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported.  
Investments in Consolidated Variable Interest Entities

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
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|  | June 30, 2022 |  | December 31, 2021 |
| (In millions) | AmortizedCost (1) |  | FairValue |  | AmortizedCost (1) |  | FairValue |
| Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Fixed maturity securities, available for sale |  | $ | 2,995  |  |  |  |  | $ | 3,820  |  |  |  |  | $ | 3,264  |  |  |  |  | $ | 4,490  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Commercial mortgage and other loans |  | 10,630  |  |  |  |  | 10,575  |  |  |  |  | 9,740  |  |  |  |  | 9,910  |  |  |
| Other investments (2) |  | 1,823  |  |  |  |  | 1,823  |  |  |  |  | 1,535  |  |  |  |  | 1,535  |  |  |
| Other assets (3) |  | 65  |  |  |  |  | 65  |  |  |  |  | 78  |  |  |  |  | 78  |  |  |
| Total assets of consolidated VIEs |  | $ | 15,513  |  |  |  |  | $ | 16,283  |  |  |  |  | $ | 14,617  |  |  |  |  | $ | 16,013  |  |  |
| Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other liabilities (3) |  | $ | 457  |  |  |  |  | $ | 457  |  |  |  |  | $ | 414  |  |  |  |  | $ | 414  |  |  |
| Total liabilities of consolidated VIEs |  | $ | 457  |  |  |  |  | $ | 457  |  |  |  |  | $ | 414  |  |  |  |  | $ | 414  |  |  |

(1) Net of allowance for credit losses(2) Consists entirely of alternative investments in limited partnerships(3) Consists entirely of derivatives  
The Company is substantively the only investor in the consolidated VIEs listed in the table above. As the sole investor in these VIEs, the Company has the power to direct the activities of a variable interest entity that most significantly impact the entity's economic performance and is therefore considered to be the primary beneficiary of the VIEs that it consolidates. The Company also participates in substantially all of the variability created by these VIEs. The activities of these VIEs are limited to holding invested assets and foreign currency swaps, as appropriate, and utilizing the cash flows from these securities to service its investment. Neither the Company nor any of its creditors are able to obtain the underlying collateral of the VIEs unless there is an event of default or other specified event. For those VIEs that contain a swap, the Company is not a direct counterparty to the swap contracts and has no control over them. The Company's loss exposure to these VIEs is limited to its original investment. The Company's consolidated VIEs do not rely on outside or ongoing sources of funding to support their activities beyond the underlying collateral and swap contracts, if applicable. With the exception of its investment in unit trust structures, the underlying collateral assets and funding of the Company's consolidated VIEs are generally static in nature.25
