INSURANCE LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2022

Change in Liability for Variable Annuity Contracts with GMDB and GMIB Features and No NLG Feature

Three Months Ended March 31, 2022 and 2021


	GMDB						GMIB
	Direct		Assumed (1) (2)		Ceded		Direct		Assumed (1) (2)		Ceded
	(in millions)












Balance, January 1, 2022	$	4,951	$	—	$	(2,216)	$	5,892	$	—	$	(3,968)
Paid guarantee benefits	(133)		—		56		(120)		—		15
Other changes in reserve	222		—		(93)		252		—		203

Balance, March 31, 2022	$	5,040	$	—	$	(2,253)	$	6,024	$	—	$	(3,750)

Balance, January 1, 2021	$	5,097	$	72	$	(88)	$	6,026	$	196	$	(2,488)
Paid guarantee benefits	(133)		(6)		3		(92)		(52)		14
Other changes in reserve	122		6		1		32		—		567
Balance, March 31, 2021	$	5,086	$	72	$	(84)	$	5,966	$	144	$	(1,907)

(1)Change in Assumed is driven by the sale of CSLRC to Venerable.

(2)Includes the impact as of June 1, 2021 on the ceded reserves to Venerable. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable Transaction.

Schedule of Net Amount of Risk by Product and Guarantee

Direct Variable Annuity Contracts with GMDB and GMIB Features

as of March 31, 2022


	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	$	16,395		$	86		$	50		$	156		$	16,687
Separate Accounts	55,562			9,058			3,107			31,437			99,164
Total Account Values	$	71,957		$	9,144		$	3,157		$	31,593		$	115,851

NAR, gross	$	175		$	325		$	1,487		$	18,079		$	20,066
NAR, net of amounts reinsured	$	170		$	292		$	1,057		$	9,363		$	10,882

Average attained age of policyholders (in years)	51.5			69.2			75.6			71.3			55.7
Percentage of policyholders over age 70	11.8		%	51.8		%	73.1		%	57.9		%	20.8		%
Range of contractually specified interest rates	N/A			N/A			3% - 6%			3% - 6.5%			3% - 6.5%

Variable annuity contracts with GMIB features
Account Values invested in:
General Account	$	—		$	—		$	15		$	201		$	216
Separate Accounts	—			—			24,565			33,461			58,026
Total Account Values	$	—		$	—		$	24,580		$	33,662		$	58,242

NAR, gross	$	—		$	—		$	586		$	8,673		$	9,259
NAR, net of amounts reinsured	$	—		$	—		$	188		$	3,539		$	3,727

Average attained age of policyholders (in years)	N/A			N/A			65.2			71.0			68.8
Weighted average years remaining until annuitization	N/A			N/A			5.9			0.6			2.6
Range of contractually specified interest rates	N/A			N/A			3% - 6%			3% - 6.5%			3% - 6.5%

Schedule of Fair Value of Separate Accounts by Major Category of Investment

Investment in Variable Insurance Trust Mutual Funds



	March 31, 2022				December 31, 2021
	GMDB		GMIB		GMDB		GMIB
Mutual Fund Type	(in millions)
Equity	$	48,411	$	18,112	$	52,771	$	20,015
Fixed income	5,094		2,331		5,391		2,507
Balanced	44,595		37,322		48,390		40,491
Other	1,064		261		1,025		263
Total	$	99,164	$	58,026	$	107,577	$	63,276

Schedule of No Lapse Guarantee Liabilities

The change in the NLG liabilities, 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,
		2022		2021
		(in millions)
Beginning balance		$	1,096	$	1,022
Paid guarantee benefits		(8)		(15)
Other changes in reserves		24		43

Ending balance		$	1,112	$	1,050

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(1)There were no amounts of reinsurance ceded in any period presented.