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INSURANCE LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2020
Insurance [Abstract]  
Variable Annuity Contracts- GMDB GMIB The amounts for the ceded contracts are reflected in the consolidated balance sheets in Amounts due from reinsurers.
Change in Liability for Variable Annuity Contracts with GMDB and GMIB Features and No NLG Feature
For the Three Months Ended March 31, 2020 and 2019
 
GMDB
 
GMIB
 
Direct
 
Assumed
 
Ceded
 
Direct
 
Assumed
 
Ceded
 
(in millions)
Balance at January 1, 2020
4,784

 
76

 
(105
)
 
4,691

 
187

 
(2,139
)
Paid guarantee benefits
(111
)
 
(6
)
 
5

 
(74
)
 
(1
)
 
20

Other changes in reserve
379

 
2

 
(11
)
 
1,682

 
33

 
(704
)
Balance at March 31, 2020
$
5,052

 
$
72

 
$
(111
)
 
$
6,299

 
$
219

 
$
(2,823
)
 
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2019
4,659

 
82

 
(113
)
 
3,743

 
184

 
(1,732
)
Paid guarantee benefits
(118
)
 
(6
)
 
4

 
(56
)
 
(1
)
 
21

Other changes in reserve
129

 
1

 
—

 
55

 
(1
)
 
(29
)
Balance at March 31, 2019
$
4,670

 
$
77

 
$
(109
)
 
$
3,742

 
$
182

 
$
(1,740
)
Schedule of Net Amount of Risk by Product and Guarantee
Direct Variable Annuity Contracts with GMDB and GMIB Features
at March 31, 2020
 
Guarantee Type
 
Return of Premium
 
Ratchet
 
Roll-Up
 
Combo
 
Total
 
(in millions, except age and interest rate)
Variable annuity contracts with GMDB features
 
 
 
 
 
 
 
 
 
Account Values invested in:
 
 
 
 
 
 
 
 
 
General Account
$
14,662

 
$
92

 
$
58

 
$
176

 
$
14,988

Separate Accounts
40,733

 
7,887

 
2,607

 
27,713

 
78,940

Total Account Values
$
55,395

 
$
7,979

 
$
2,665

 
$
27,889

 
$
93,928

 
 
 
 
 
 
 
 
 
 
Net Amount at Risk, gross
$
715

 
$
877

 
$
2,296

 
$
22,881

 
$
26,769

Net Amount at Risk, net of amounts reinsured
$
715

 
$
857

 
$
1,647

 
$
22,881

 
$
26,100

 
 
 
 
 
 
 
 
 
 
Average attained age of policyholders (in years)
51.1

 
67.8

 
74.4

 
69.6

 
55.1

Percentage of policyholders over age 70
10.7
%
 
46.4
%
 
68.7
%
 
51.6
%
 
19.5
%
Range of contractually specified interest rates
N/A
 
N/A
 
3% - 6%

 
3% - 6.5%
 
3% - 6.5%
 
 
 
 
 
 
 
 
 
 

 
Guarantee Type
 
Return of Premium
 
Ratchet
 
Roll-Up
 
Combo
 
Total
 
(in millions, except age and interest rate)
Variable annuity contracts with GMIB features
 
 
 
 
 
 
 
 
 
Account Values invested in:
 
 
 
 
 
 
 
 
 
General Account
$
—

 
$
—

 
$
18

 
$
228

 
$
246

Separate Accounts
—

 
—

 
20,724

 
29,476

 
50,200

Total Account Values
$
—

 
$
—

 
$
20,742

 
$
29,704

 
$
50,446

 
 
 
 
 
 
 
 
 
 
Net Amount at Risk, gross
$
—

 
$
—

 
$
1,360

 
$
17,568

 
$
18,928

Net Amount at Risk, net of amounts reinsured
$
—

 
$
—

 
$
425

 
$
15,774

 
$
16,199

 
 
 
 
 
 
 
 
 
 
Average attained age of policyholders (in years)
N/A
 
N/A
 
68.9

 
69.7

 
69.6

Weighted average years remaining until annuitization
N/A
 
N/A
 
1.6

 
0.3

 
0.4

Range of contractually specified interest rates
N/A
 
N/A
 
3% - 6%

 
3% - 6.5%

 
3% - 6.5%



Assumed Variable Annuity Contracts with GMDB and GMIB Features
at March 31, 2020
 
Guarantee Type
 
Return of Premium
 
Ratchet
 
Roll-Up
 
Combo
 
Total
 
(in millions, except age and interest rates)
Variable annuity contracts with GMDB features
 
 
 
 
 
 
 
 
 
Reinsured Account Values
$
776

 
$
4,352

 
$
225

 
$
946

 
$
6,299

Net Amount at Risk assumed
$
13

 
$
627

 
$
22

 
$
263

 
$
925

 
 
 
 
 
 
 
 
 
 
Average attained age of policyholders (in years)
68

 
73

 
78

 
76

 
73

Percentage of policyholders over age 70
46.3
%
 
65.2
%
 
80.7
%
 
75.8
%
 
65.0
%
Range of contractually specified interest rates (1)
N/A
 
N/A
 
3%-10%

 
5%-10%

 
3%-10%

 
 
 
 
 
 
 
 
 
 
Variable annuity contracts with GMIB features
 
 
 
 
 
 
 
 
 
Reinsured Account Values
$
744

 
$
37

 
$
190

 
$
956

 
$
1,927

Net Amount at Risk assumed
$
2

 
$
3

 
$
46

 
$
445

 
$
496

 
 
 
 
 
 
 
 
 
 
Average attained age of policyholders (in years)
72

 
74

 
72

 
69

 
71

Percentage of policyholders over age 70
65.1
%
 
62.8
%
 
61.5
%
 
53.8
%
 
59.1
%
Range of contractually specified interest rates
   N/A
 
   N/A
 
3.3%-6.5%

 
6%-6%

 
3.3%-6.5%

______________
(1)
In general, for policies with the highest contractual interest rate shown (10%), the rate applied only for the first 10 years after issue, which has now elapsed.
Schedule of Fair Value of Separate Accounts by Major Category of Investment
Investment in Variable Insurance Trust Mutual Funds
 
March 31, 2020
 
December 31, 2019
Mutual Fund Type
GMDB
 
GMIB
 
GMDB
 
GMIB
 
(in millions)
Equity
$
32,913

 
$
13,765

 
$
42,489

 
$
17,941

Fixed income
5,151

 
2,680

 
5,263

 
2,699

Balanced
39,965

 
33,483

 
45,871

 
38,445

Other
911

 
272

 
865

 
263

Total
$
78,940

 
$
50,200

 
$
94,488

 
$
59,348
No Lapse Guarantee Liabilities
The change in the fair value of the NLG feature, reflected in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets, is summarized in the table below.
 
Direct Liability (1)
 
Three Months Ended March 31,
 
2020
 
2019
 
(in millions)
Balance at January 1, (2)
897

 
812

Paid guarantee benefits
(13
)
 
(7
)
Other changes in reserves
41

 
20

Balance at March 31,
$
925

 
$
825


______________
(1)
There were no amounts of reinsurance ceded in any period presented.
(2)
The beginning balance for March 31, 2020 was reduced by $22 million to reflect the balance transferred to Assets held-for-sale at December 31, 2019.