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Certain Long-Duration Contracts with Guarantees (Tables)
 12 Months Ended
Dec. 31, 2019
Long-Duration Contracts, Assumptions Supporting Guarantee Obligations [Abstract]  
Schedule of Net Amount of Risk by Product and Guarantee As of December 31, 2019 and 2018, the Company had the following guarantees associated with these contracts, by product and guarantee type:
 
 
December 31, 2019
 
December 31, 2018
 
In the Event
of Death
 
At Annuitization /
Accumulation(1)
 
In the Event
of Death
 
At Annuitization /
Accumulation(1)
 
($ in millions)
Annuity Contracts
 
 
 
 
 
 
 
Return of net deposits
 
 
 
 
 
 
 
Account value
$
130,893

 
$
16

 
$
115,988

 
$
21

Net amount at risk
$
244

 
$
0

 
$
922

 
$
0

Average attained age of contractholders
67 years

 
75 years

 
66 years

 
72 years

Minimum return or contract value
 
 
 
 
 
 
 
Account value
$
32,609

 
$
147,511

 
$
30,631

 
$
131,261

Net amount at risk
$
2,626

 
$
4,578

 
$
5,066

 
$
8,235

Average attained age of contractholders
69 years

 
68 years

 
68 years

 
67 years

Average period remaining until earliest expected annuitization
N/A

 
2 months, 2 days

 
N/A

 
1 month, 6 days

__________
(1)
Includes income and withdrawal benefits.
 
December 31,
 
2019
 
2018
 
In the Event of Death
 
($ in millions)
Variable Life, Variable Universal Life and Universal Life Contracts
 
 
 
Separate account value
$
9,983

 
$
8,752

General account value
$
18,225

 
$
16,903

Net amount at risk
$
245,929

 
$
246,644

Average attained age of contractholders
55 years

 
55 years
Schedule of Fair Value of Separate Accounts by Major Category of Investment
Account balances of variable annuity contracts with guarantees were invested in separate account investment options as follows:
 
 
December 31,
 
2019
 
2018
 
(in millions)
Equity funds
$
93,010

 
$
78,626

Bond funds
60,074

 
57,477

Balanced funds
1,592

 
1,370

Money market funds
3,530

 
3,122

Total
$
158,206

 
$
140,595
Schedule of Minimum Guaranteed Benefit Liabilities
The table below summarizes the changes in general account liabilities for guarantees. The liabilities for GMDB and GMIB are included in “Future policy benefits” and the related changes in the liabilities are included in “Policyholders’ benefits.” GMAB, GMWB and GMIWB are accounted for as embedded derivatives and are recorded at fair value within “Future policy benefits.” Changes in the fair value of these derivatives, including changes in the Company’s own risk of non-performance, along with any fees attributed or payments made relating to the derivative, are recorded in “Realized investment gains (losses), net.” See Note 6 for additional information regarding the methodology used in determining the fair value of these embedded derivatives. The Company maintains a portfolio of derivative investments that serve as a partial hedge of the risks associated with these products, for which the changes in fair value are also recorded in “Realized investment gains (losses), net.” This portfolio of derivative investments does not qualify for hedge accounting treatment under U.S. GAAP. Additionally, the Company externally reinsures the guaranteed benefit features associated with certain contracts. See Note 14 for further information regarding the external reinsurance arrangement.
 
 
GMDB
 
GMIB
 
GMAB/GMWB/GMIWB
 
Variable Life,
Variable Universal Life
and Universal Life
 
Annuity
 
Annuity
 
Annuity
 
(in millions)
Balance at December 31, 2016
$
4,143

 
$
721

 
$
474

 
$
8,238

Incurred guarantee benefits(1)
685

 
37

 
(20
)
 
479

Paid guarantee benefits
(15
)
 
(74
)
 
(15
)
 
0

Change in unrealized investment gains and losses
290

 
13

 
(30
)
 
0

Other(2)
7

 
0

 
10

 
4

Balance at December 31, 2017
5,110

 
697

 
419

 
8,721

Incurred guarantee benefits(1)
791

 
125

 
(14
)
 
206

Paid guarantee benefits
(77
)
 
(88
)
 
(5
)
 
0

Change in unrealized investment gains and losses
(406
)
 
(20
)
 
(20
)
 
0

Other(2)
0

 
(1
)
 
(2
)
 
0

Balance at December 31, 2018
5,418

 
713

 
378

 
8,927

Incurred guarantee benefits(1)
1,492

 
82

 
(8
)
 
3,905

Paid guarantee benefits
(111
)
 
(69
)
 
(4
)
 
0

Change in unrealized investment gains and losses
805

 
27

 
(15
)
 
0

Other(2)
(2
)
 
0

 
4

 
(1
)
Balance at December 31, 2019
$
7,602

 
$
753

 
$
355

 
$
12,831

__________
(1)
Incurred guarantee benefits include the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves. Also includes changes in the fair value of features considered to be derivatives.
(2)
Other primarily represents foreign currency translation.
Deferred Sales Inducements Changes in DSI, reported as “Interest credited to policyholders’ account balances,” are as follows:

 
Sales Inducements
 
(in millions)
Balance at December 31, 2016
$
1,127

Capitalization
2

Amortization—Impact of assumption and experience unlocking and true-ups
157

Amortization—All other
(105
)
Change in unrealized investment gains and losses
(13
)
Balance at December 31, 2017
1,168

Capitalization
3

Amortization—Impact of assumption and experience unlocking and true-ups
(6
)
Amortization—All other
(166
)
Change in unrealized investment gains and losses
25

Balance at December 31, 2018
1,024

Capitalization
1

Amortization—Impact of assumption and experience unlocking and true-ups
108

Amortization—All other
(163
)
Change in unrealized investment gains and losses
(35
)
Balance at December 31, 2019
$
935