Company Quick10K Filing
Brighthouse Life Insurance NY
10-Q 2020-09-30 Filed 2020-11-10
10-Q 2020-06-30 Filed 2020-08-11
10-Q 2020-03-31 Filed 2020-05-13
10-K 2019-12-31 Filed 2020-03-05
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-06
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-11
10-K 2017-12-31 Filed 2018-03-23
10-Q 2017-09-30 Filed 2017-11-14
10-Q 2017-06-30 Filed 2017-08-11
10-Q 2017-03-31 Filed 2017-05-12
10-K 2016-12-31 Filed 2017-03-27
8-K 2019-02-05

BHNY 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 bhny-20200930xex311nex.htm
EX-31.2 bhny-20200930xex312nex.htm
EX-32.1 bhny-20200930xex321nex.htm
EX-32.2 bhny-20200930xex322nex.htm

Brighthouse Life Insurance NY Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02017201820192020
Assets, Equity
0.10.10.0-0.0-0.1-0.12017201820192020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22017201820192020
Ops, Inv, Fin

bhny-20200930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission File Number: 000-55705
bhny-20200930_g1.jpg
Brighthouse Life Insurance Company of NY
(Exact name of registrant as specified in its charter)
New York 13-3690700
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
285 Madison Avenue, 14th Floor, New York, New York
 10017
(Address of principal executive offices) (Zip Code)
(980) 365-7100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: None
Title of each classTrading symbol(s)Name of each exchange on which registered
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes þ    No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes þ    No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer¨Accelerated filer¨
Non-accelerated filerþSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No þ
As of November 10, 2020, 200,000 shares of the registrant’s common stock were outstanding, all of which were owned indirectly by Brighthouse Financial, Inc.
REDUCED DISCLOSURE FORMAT
The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is, therefore, filing this Form 10-Q with the reduced disclosure format.
 


Table of Contents
Table of Contents
Page
Item 1.
Financial Statements (at September 30, 2020 (Unaudited) and December 31, 2019 and for the Three Months and Nine Months Ended September 30, 2020 and 2019 (Unaudited)):
Item 2.
Item 4.
Item 1.
Item 1A.
Item 6.


Table of Contents
Part I — Financial Information
Item 1. Financial Statements
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Interim Condensed Balance Sheets
September 30, 2020 (Unaudited) and December 31, 2019
(In millions, except share and per share data)
September 30, 2020December 31, 2019
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,276 and $2,897, respectively; allowance for credit losses of $0 and $0, respectively)
$3,607 $3,067 
Mortgage loans (net of allowance for credit losses of $2 and $3, respectively)
637 625 
Short-term investments, principally at estimated fair value11 52 
Other invested assets, principally at estimated fair value129 108 
Total investments
4,384 3,852 
Cash and cash equivalents303 148 
Accrued investment income29 25 
Premiums, reinsurance and other receivables1,311 1,048 
Deferred policy acquisition costs128 175 
Other assets23 33 
Separate account assets4,559 4,676 
Total assets
$10,737 $9,957 
Liabilities and Stockholder’s Equity
Liabilities
Future policy benefits$826 $743 
Policyholder account balances2,810 2,339 
Other policy-related balances16 9 
Payables for collateral under derivative transactions74 85 
Current income tax payable28 30 
Deferred income tax liability174 114 
Other liabilities970 912 
Separate account liabilities4,559 4,676 
Total liabilities9,457 8,908 
Contingencies, Commitments and Guarantees (Note 10)
Stockholder’s Equity
Common stock, par value $10 per share; 200,000 shares authorized, issued and outstanding
22
Additional paid-in capital491 491 
Retained earnings (deficit)555 434 
Accumulated other comprehensive income (loss)232 122 
Total stockholder’s equity
1,280 1,049 
Total liabilities and stockholder’s equity
$10,737 $9,957 
See accompanying notes to the interim condensed financial statements.
2

Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Interim Condensed Statements of Operations and Comprehensive Income (Loss)
For the Three Months and Nine Months Ended September 30, 2020 and 2019 (Unaudited)
(In millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Revenues
Premiums
$(3)$5 $16 $21 
Universal life and investment-type product policy fees
24 25 70 72 
Net investment income
34 32 100 88 
Other revenues
(22)(21)(62)(63)
Net investment gains (losses)
8 (1)13 4 
Net derivative gains (losses)
23 51 178 75 
Total revenues
64 91 315 197 
Expenses
Policyholder benefits and claims
6 14 20 38 
Interest credited to policyholder account balances
10 10 29 27 
Amortization of deferred policy acquisition costs
25 15 58 21 
Other expenses
17 19 57 58 
Total expenses
58 58 164 144 
Income (loss) before provision for income tax
6 33 151 53 
Provision for income tax expense (benefit)
1 5 30 8 
Net income (loss)
$5 $28 $121 $45 
Comprehensive income (loss)
$23 $69 $231 $193 
See accompanying notes to the interim condensed financial statements.
3

Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Interim Condensed Statements of Stockholder’s Equity
For the Three Months and Nine Months Ended September 30, 2020 and 2019 (Unaudited)
(In millions)
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
(Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholder’s
Equity
Balance at December 31, 2019$2 $491 $434 $122 $1,049 
Net income (loss)116 116 
Other comprehensive income (loss), net of income tax92 92 
Balance at June 30, 20202 491 550 214 1,257 
Net income (loss)5 5 
Other comprehensive income (loss), net of income tax18 18 
Balance at September 30, 2020$2 $491 $555 $232 $1,280 

Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
(Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholder’s
Equity
Balance at December 31, 2018$2 $416 $434 $(15)$837 
Capital contribution75 75 
Net income (loss)17 17 
Other comprehensive income (loss), net of income tax107 107 
Balance at June 30, 20192 491 451 92 1,036 
Net income (loss)28 28 
Other comprehensive income (loss), net of income tax41 41 
Balance at September 30, 2019$2 $491 $479 $133 $1,105 
See accompanying notes to the interim condensed financial statements.
4

Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Interim Condensed Statements of Cash Flows
For the Nine Months Ended September 30, 2020 and 2019 (Unaudited)
(In millions)
Nine Months Ended
September 30,
20202019
Net cash provided by (used in) operating activities$62 $(6)
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities436 538 
Mortgage loans48 20 
Purchases of:
Fixed maturity securities(780)(878)
Mortgage loans(62)(135)
Cash received in connection with freestanding derivatives222 73 
Cash paid in connection with freestanding derivatives(187)(10)
Net change in short-term investments41  
Net change in other invested assets1 6 
Net cash provided by (used in) investing activities(281)(386)
Cash flows from financing activities
Policyholder account balances:
Deposits460 475 
Withdrawals(75)(116)
Net change in payables for collateral under derivative transactions(11)4 
Short-term debt issued100  
Short-term debt repaid(100) 
Capital contribution 75 
Net cash provided by (used in) financing activities374 438 
Change in cash, cash equivalents and restricted cash155 46 
Cash, cash equivalents and restricted cash, beginning of period148 120 
Cash, cash equivalents and restricted cash, end of period$303 $166 
Supplemental disclosure of cash flow information
Net cash paid (received) for:
Interest$1 $ 
See accompanying notes to the interim condensed financial statements.
5

Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited)
1. Business, Basis of Presentation and Summary of Significant Accounting Policies
Business
“BHNY” and the “Company” refer to Brighthouse Life Insurance Company of NY, a New York domiciled life insurance company. Brighthouse Life Insurance Company of NY is a wholly-owned subsidiary of Brighthouse Life Insurance Company, which is an indirect wholly-owned subsidiary of Brighthouse Financial, Inc. (“BHF” together with its subsidiaries and affiliates, “Brighthouse Financial”). The Company is licensed to transact business in the state of New York.
BHNY markets and/or administers traditional life, universal life, variable annuity and fixed annuity products to individuals. The Company is organized into two segments: Annuities and Life. In addition, the Company reports certain of its results of operations in Corporate & Other.
Basis of Presentation
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.
Reclassifications
Certain amounts in the prior year periods’ interim condensed financial statements and related footnotes thereto have been reclassified to conform with the current period presentation as may be discussed when applicable in the Notes to the Interim Condensed Financial Statements.
Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity.
The accompanying interim condensed financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2019 balance sheet data was derived from audited financial statements included in Brighthouse Life Insurance Company of NY’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed financial statements should be read in conjunction with the financial statements of the Company included in the 2019 Annual Report.
Adoption of New Accounting Pronouncements
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s financial statements. ASUs adopted as of September 30, 2020 are summarized as follows:
StandardDescriptionEffective DateImpact on Financial Statements
ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial InstrumentsThe amendments to Topic 326 replace the incurred loss impairment methodology for certain financial instruments with one that reflects expected credit losses based on historical loss information, current conditions, and reasonable and supportable forecasts. The new guidance also requires that an other-than-temporary impairment on a debt security will be recognized as an allowance going forward, such that improvements in expected future cash flows after an impairment will no longer be reflected as a prospective yield adjustment through net investment income, but rather a reversal of the previous impairment and recognized through realized investment gains and losses.January 1, 2020 using the modified retrospective method
The Company recorded an after tax net increase to retained earnings of less than $1 million for the cumulative effect of adoption. The adjustment included establishing or updating the allowance for credit losses on fixed maturity securities, mortgage loans, and other invested assets.
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Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)
1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)
ASUs issued but not yet adopted as of September 30, 2020 are summarized as follows:
StandardDescriptionEffective DateImpact on Financial Statements
ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration ContractsThe amendments to Topic 944 will result in significant changes to the accounting for long-duration insurance contracts. These changes (1) require all guarantees that qualify as market risk benefits to be measured at fair value, (2) require more frequent updating of assumptions and modify existing discount rate requirements for certain insurance liabilities, (3) modify the methods of amortization for deferred policy acquisition costs (“DAC”), and (4) require new qualitative and quantitative disclosures around insurance contract asset and liability balances and the judgments, assumptions and methods used to measure those balances. The market risk benefit guidance is required to be applied on a retrospective basis, while the changes to guidance for insurance liabilities and DAC may be applied to existing carrying amounts on the effective date or on a retrospective basis. January 1, 2023The Company continues to evaluate the new guidance and therefore is unable to estimate the impact to its financial statements. The most significant impact is expected to be the measurement of liabilities for variable annuity guarantees.
CARES Act
In response to the worldwide pandemic sparked by the novel coronavirus (the “COVID-19 pandemic”), on March 27, 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act contains numerous provisions intended to provide swift aid, including through tax relief, to businesses and individuals affected by the COVID-19 pandemic. The Company does not believe that the CARES Act will have a material impact to its financial statements at this time. The Company will continue to closely monitor developments related to the COVID-19 pandemic and the CARES Act.
2. Segment Information
The Company is organized into two segments: Annuities and Life. In addition, the Company reports certain of its results of operations in Corporate & Other.
Annuities
The Annuities segment consists of a variety of variable, fixed, index-linked and income annuities designed to address contract holders’ needs for protected wealth accumulation on a tax-deferred basis, wealth transfer and income security.
Life
The Life segment consists of insurance products and services, including term, whole and universal life products designed to address policyholders’ needs for financial security and protected wealth transfer, which may be provided on a tax-advantaged basis.
Corporate & Other
Corporate & Other contains the excess capital not allocated to the segments and expenses associated with certain legal proceedings and income tax audit issues. Corporate & Other also includes term life insurance sold direct to consumers, which is no longer being offered for new sales.
Financial Measures and Segment Accounting Policies
Adjusted earnings is a financial measure used by management to evaluate performance, allocate resources and facilitate comparisons to industry results. Consistent with GAAP guidance for segment reporting, adjusted earnings is also used to measure segment performance. The Company believes the presentation of adjusted earnings, as the Company measures it for management purposes, enhances the understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business. Adjusted earnings should not be viewed as a substitute for net income (loss).
Adjusted earnings, which may be positive or negative, focuses on the Company’s primary businesses principally by excluding the impact of market volatility, which could distort trends.
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Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)
2. Segment Information (continued)
The following are significant items excluded from total revenues, net of income tax, in calculating adjusted earnings:
Net investment gains (losses);
Net derivative gains (losses) except earned income and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment; and
Certain variable annuity guaranteed minimum income benefits (“GMIBs”) fees (“GMIB Fees”).
The following are significant items excluded from total expenses, net of income tax, in calculating adjusted earnings:
Amounts associated with benefits related to GMIBs (“GMIB Costs”);
Amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and market value adjustments associated with surrenders or terminations of contracts (“Market Value Adjustments”); and
Amortization of DAC related to: (i) net investment gains (losses), (ii) net derivative gains (losses), (iii) GMIB Fees and GMIB Costs and (iv) Market Value Adjustments.
The tax impact of the adjustments mentioned above is calculated net of the statutory tax rate, which could differ from the Company’s effective tax rate.
The segment accounting policies are the same as those used to prepare the Company’s interim condensed financial statements, except for the adjustments to calculate adjusted earnings described above. In addition, segment accounting policies include the methods of capital allocation described below.
Segment investment and capitalization targets are based on statutory oriented risk principles and metrics. Segment invested assets backing liabilities are based on net statutory liabilities plus excess capital. For the variable annuity business, the excess capital held is based on the target statutory total asset requirement consistent with the Company’s variable annuity risk management strategy. For insurance businesses other than variable annuities, excess capital held is based on a percentage of required statutory risk-based capital. Assets in excess of those allocated to the segments, if any, are held in Corporate & Other. Segment net investment income reflects the performance of each segment’s respective invested assets.
Operating results by segment, as well as Corporate & Other, were as follows:
Three Months Ended September 30, 2020
AnnuitiesLifeCorporate
& Other
Total
(In millions)
Pre-tax adjusted earnings$(7)$19 $ $12 
Provision for income tax expense (benefit)(2)4  2 
Adjusted earnings$(5)$15 $ 10 
Adjustments for:
Net investment gains (losses)8 
Net derivative gains (losses)23 
Other adjustments to net income (loss)(37)
Provision for income tax (expense) benefit1 
Net income (loss)$5 
Interest revenue$24 $9 $1 
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Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)
2. Segment Information (continued)
Three Months Ended September 30, 2019
AnnuitiesLifeCorporate
& Other
Total
(In millions)
Pre-tax adjusted earnings$(13)$(4)$ $(17)
Provision for income tax expense (benefit)(3)(1)(2)(6)
Adjusted earnings$(10)$(3)$2 (11)
Adjustments for:
Net investment gains (losses)(1)
Net derivative gains (losses)51 
Other adjustments to net income (loss) 
Provision for income tax (expense) benefit(11)
Net income (loss)$28 
Interest revenue$22 $9 $1 
Nine Months Ended September 30, 2020
AnnuitiesLifeCorporate
& Other
Total
(In millions)
Pre-tax adjusted earnings$(7)$39 $(3)$29 
Provision for income tax expense (benefit)(3)8 (1)4 
Adjusted earnings$(4)$31 $(2)25 
Adjustments for:
Net investment gains (losses)13 
Net derivative gains (losses)178 
Other adjustments to net income (loss)(69)
Provision for income tax (expense) benefit(26)
Net income (loss)$121 
Interest revenue$71 $27 $2 
Nine Months Ended September 30, 2019
AnnuitiesLifeCorporate
& Other
Total
(In millions)
Pre-tax adjusted earnings$(25)$(14)$(2)$(41)
Provision for income tax expense (benefit)(6)(3)(3)(12)
Adjusted earnings$(19)$(11)$1 (29)
Adjustments for:
Net investment gains (losses)4 
Net derivative gains (losses)75 
Other adjustments to net income (loss)15 
Provision for income tax (expense) benefit(20)
Net income (loss)$45 
Interest revenue$59 $27 $2 
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Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)
2. Segment Information (continued)
Total revenues by segment, as well as Corporate & Other, were as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
(In millions)
Annuities$26 $22 $76 $66 
Life3 14 36 40 
Corporate & Other1 1 2 2 
Adjustments34 54 201 89 
Total$64 $91 $315 $197 
Total assets by segment, as well as Corporate & Other, were as follows at:
September 30, 2020December 31, 2019
(In millions)
Annuities$8,698 $7,888 
Life1,874 1,933 
Corporate & Other165 136 
Total$10,737 $9,957 
3. Insurance
Guarantees
As discussed in Notes 1 and 3 of the Notes to the Financial Statements included in the 2019 Annual Report, the Company issues variable annuity contracts with guaranteed minimum benefits. Guaranteed minimum accumulation benefits (“GMABs”), the non-life-contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”) and the portion of certain GMIBs that do not require annuitization are accounted for as embedded derivatives in policyholder account balances and are further discussed in Note 5.
Information regarding the Company’s guarantee exposure was as follows at:
September 30, 2020December 31, 2019
In the
Event of Death
At
Annuitization
In the
Event of Death
At
Annuitization
(Dollars in millions)
Annuity Contracts (1), (2)
Variable Annuity Guarantees
Total account value (3)$4,565 $3,545 $4,683 $3,742 
Separate account value$4,557 $3,545 $4,675 $3,741 
Net amount at risk$15 (4)$520 (5)$4 (4)$310 (5)
Average attained age of contract holders68 years68 years68 years68 years
_______________
(1)The Company’s annuity contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.
(2)Includes direct business, but excludes offsets from hedging or reinsurance, if any. Therefore, the net amount at risk presented reflects the economic exposures of living and death benefit guarantees associated with variable annuities, but not necessarily their impact on the Company. See Note 5 of the Notes to the Financial Statements included in the 2019 Annual Report for a discussion of guaranteed minimum benefits which have been reinsured.
(3)Includes the contract holder’s investments in the general account and separate account, if applicable.
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Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)
3. Insurance (continued)
(4)Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death.
(5)Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contract holders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contract holders have achieved.
4. Investments
See Note 1 of the Notes to the Financial Statements included in the 2019 Annual Report for a description of the Company’s accounting policies for investments and Note 6 for information about the fair value hierarchy for investments and the related valuation methodologies. In connection with the adoption of new guidance related to the credit losses (see Note 1), effective January 1, 2020, the Company updated its accounting policies on certain investments. Any accounting policy updates required by the new guidance are described in this footnote.
Fixed Maturity Securities Available-for-sale
Fixed Maturity Securities by Sector
Fixed maturity securities by sector were as follows at:
September 30, 2020December 31, 2019
Amortized
Cost
Allowance for Credit Losses (1)Gross UnrealizedEstimated
Fair
Value
Amortized
Cost
Allowance for Credit LossesGross UnrealizedEstimated
Fair
Value
GainsLossesGainsLosses
(In millions)
U.S. corporate$1,595 $ $168 $4 $1,759 $1,361 $ $87 $2 $1,446 
Foreign corporate490  41 4 527 396  23 3 416 
CMBS281  30  311 319  16 1 334 
U.S. government and agency254  64  318 290  27  317 
RMBS201  16  217 277  12 1 288 
ABS328  6 2 332 142  1 1 142 
State and political subdivision110  14  124 92  10  102 
Foreign government17  2  19 20  2  22 
Total fixed maturity securities$3,276 $ $341 $10 $3,607 $2,897 $ $178 $8 $3,067 
_______________
(1)The allowance for credit losses on total fixed maturity securities was less than $