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Guaranteed Benefit Features (Tables)
 12 Months Ended
Dec. 31, 2017
Insurance [Abstract]  
Schedule of Assumptions and Methodology Used to Determine Additional Reserves
The following assumptions and methodologies were used to determine the guaranteed reserves for CBVA contracts for continuing operations and businesses held for sale as of December 31, 2017 and 2016:
Area
 
Assumptions/Basis for Assumptions
Data used
 
Based on 1,000 investment performance scenarios.
 
 
 
Mean investment performance
 
GMDB: The overall blended mean is 7.8% based on a single fund group.
GMIB: The overall blended mean is 8.1% based on a single fund group.

 
GMWBL/GMWB/GMAB: Zero rate curve.
 
 
 
Volatility
 
GMDB: 13.0% for 2017 and 14.2% for 2016.
 
 
GMIB: 14.3% for 2017 and 14.2% for 2016.
 
 
GMWBL/GMWB/GMAB: Implied volatilities through the first 5 years and then a blend of implied and historical thereafter.
 
 
 
Mortality
 
Depending on the type of benefit and gender, the Company uses the 2012 Individual Annuity Mortality Basic table with mortality improvement, further adjusted for company experience.
 
 
 
Lapse rates
 
Vary by benefit type, share class, time remaining in the surrender charge period and in-the-moneyness.
 
 
 
Discount rates
 
GMDB/GMIB: 5.5% for 2017 and 2016.
 
 
GMWBL/GMWB/GMAB: Zero rate curve plus adjustment for nonperformance risk.
Schedule of Minimum Guaranteed Benefit Liabilities
The paid and incurred amounts were as follows for the years ended December 31, 2017, 2016 and 2015:
 
Continuing Operations
 
Businesses Held for Sale
 
UL and VUL(1)
 
Stabilizer
and
MCGs(2)
 
Other(3)
 
GMDB(4)
 
GMWBL/GMWB/GMAB
 
GMIB
Separate account liability at December 31, 2017
$
519

 
37,219

 
$
2,308

 
$
28,701

 
$
14,112

 
$
7,247

Separate account liability at December 31, 2016
$
488

 
$
37,577

 
$
2,291

 
$
30,839

 
$
13,845

 
$
9,806

Additional liability balance:
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2015
$
1,095

 
$
103

 
$
54

 
$
374

 
1,508

 
$
1,136

Incurred guaranteed benefits
554

 
58

 
19

 
231

 
342

 
440

Paid guaranteed benefits
(452
)
 
—

 
(3
)
 
(89
)
 
(1
)
 
(162
)
Balance at December 31, 2015
1,197

 
161

 
70

 
516

 
1,849

 
1,414

Incurred guaranteed benefits
614

 
(11
)
 
5

 
128

 
(336
)
 
449

Paid guaranteed benefits
(496
)
 
—

 
(2
)
 
(136
)
 
(1
)
 
(518
)
Balance at December 31, 2016
1,315

 
150

 
73

 
508

 
1,512

 
1,345

Incurred guaranteed benefits
101

 
(53
)
 
(28
)
 
(15
)
 
(354
)
 
(629
)
Paid guaranteed benefits
(235
)
 
—

 
(1
)
 
(107
)
 
—

 
(83
)
Balance at December 31, 2017
$
1,181

 
$
97

 
$
44

 
$
386

 
$
1,158

 
$
633

(1) The additional liability balances as of December 31, 2017, 2016, 2015 and as of January 1, 2015 are presented net of reinsurance of $1,304, $1,006, $935 and $874, respectively.
(2) The Separate account liability at December 31, 2017 and 2016 includes $30.0 billion of externally managed assets, which are not reported on the Company's Consolidated Balance Sheets.
(3) Includes GMDB/GMWBL/GMWB/GMAB/GMIB related to the Retained Business.
Schedule of Net Amount of Risk by Product and Guarantee
The general and separate account values, net amount at risk, net of reinsurance and the weighted average attained age of contract owners by type of minimum guaranteed benefit for UL and VUL contracts within the continuing operations were as follows as of December 31, 2017 and 2016:
 
December 31, 2017
 
December 31, 2016
 
Secondary
Guarantees
 
Paid-up
Guarantees
 
Secondary
Guarantees
 
Paid-up
Guarantees
UL and VUL Contracts:
 
 
 
 
 
 
 
Account value (general and separate account)
$
3,234

 
$
—

 
$
3,262

 
$
—

Net amount at risk, net of reinsurance
$
16,485

 
$
—

 
$
16,372

 
$
—

Weighted average attained age
64

 
—

 
63

 
—


The separate account values, net amount at risk, net of reinsurance and the weighted average attained age of contract owners by type of minimum guaranteed benefit for retail variable annuity contracts classified as continuing operations and businesses held for sale were as follows as of December 31, 2017 and 2016:
 
December 31, 2017
 
In the Event of Death
 
 
At Annuitization, Maturity, or Withdrawal
 
GMDB
 
 
GMAB/GMWB
 
GMIB
 
GMWBL
Annuity Contracts:
 
 
 
 
 
 
 
 
Minimum Return or Contract Value
 
 
 
 
 
 
 
 
Continuing operations:
 
 
 
 
 
 
 
 
Separate account value
$
1,706

 
 
$
26

 
$
290

 
$
286

Net amount at risk, net of reinsurance
$
48

 
 
$
1

 
$
37

 
$
3

Weighted average attained age
68

 
 
71

 
62

 
71

Businesses held for sale:
 
 
 
 
 
 
 
 
Separate account value
$
28,701

 
 
$
525

 
$
7,247

 
$
13,587

Net amount at risk, net of reinsurance
$
3,929

 
 
$
11

 
$
1,656

 
$
1,573

Weighted average attained age
71

 
 
74

 
64

 
69


 
December 31, 2016
 
In the Event of Death
 
 
At Annuitization, Maturity, or Withdrawal
 
GMDB
 
 
GMAB/GMWB
 
GMIB
 
GMWBL
Annuity Contracts:
 
 
 
 
 
 
 
 
Minimum Return or Contract Value
 
 
 
 
 
 
 
 
Continuing operations:
 
 
 
 
 
 
 
 
Separate account value
$
1,674

 
 
$
30

 
$
304

 
$
283

Net amount at risk, net of reinsurance
$
59

 
 
$
1

 
$
60

 
$
9

Weighted average attained age
68

 
 
68

 
62

 
70

Businesses held for sale:
 
 
 
 
 
 
 
 
Separate account value
$
30,839

 
 
$
534

 
$
9,807

 
$
13,311

Net amount at risk, net of reinsurance
$
5,504

 
 
$
14

 
$
2,886

 
$
2,201

Weighted average attained age
71

 
 
73

 
63

 
68
Schedule of Fair Value of Separate Accounts by Major Category of Investment
Account balances of contracts with guarantees invested in variable separate accounts were as follows as of December 31, 2017 and 2016:
 
Continuing Operations
 
Businesses Held for Sale
 
December 31, 2017
 
December 31, 2016
 
December 31, 2017
 
December 31, 2016
Equity securities (including mutual funds):
 
 
 
 
 
 
 
Equity funds
$
2,262

 
$
2,127

 
$
21,124

 
$
22,368

Bond funds
243

 
259

 
3,109

 
3,540

Balanced funds
403

 
400

 
4,045

 
4,385

Money market funds
60

 
70

 
350

 
464

Other
15

 
15

 
73

 
83

Total
$
2,983

 
$
2,871

 
$
28,701

 
$
30,840