Guaranteed Benefit Features (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Minimum Guaranteed Benefit Liabilities

The paid and incurred amounts were as follows for the years ended December 31, 2019, 2018 and 2017:



	Continuing Operations ⁽⁶⁾									Business Held for Sale
	UL and VUL⁽¹⁾			Stabilizer and MCGs⁽³⁾			Other⁽⁴⁾			UL and VUL⁽²⁾			Other⁽⁵⁾
Separate account liability at December 31, 2019	$	295		$	39,235		$	1,486		$	203		$	10
Separate account liability at December 31, 2018	$	261		$	37,155		$	1,854		$	174		$	8
Additional liability balance:
Balance at January 1, 2017	$	467		$	150		73			848			3,365
Incurred guaranteed benefits	(34		)	(53		)	(28		)	135			(998		)
Paid guaranteed benefits	(121		)	—			(1		)	(114		)	(190		)
Balance at December 31, 2017	312			97			44			869			2,177
Incurred guaranteed benefits	193			(92		)	2			259			—
Paid guaranteed benefits	(157		)	—			(2		)	(137		)	—
Adjustment for the close of The 2018 Transaction	—			—			—			—			(2,177		)
Balance at December 31, 2018	348			5			44			991			—
Incurred guaranteed benefits	209			17			(9		)	177			—
Paid guaranteed benefits	(163		)	—			—			(155		)	—
Balance at December 31, 2019	$	394		$	22		$	35		$	1,013		$	—

⁽¹⁾The additional liability balances as of December 31, 2019, 2018, 2017 and as of January 1, 2017 are presented net of reinsurance of $1,005, $899, $906 and 671, respectively.

⁽²⁾The additional liability balances as of December 31, 2019, 2018, 2017 and as of January 1, 2017 are presented net of reinsurance of 569, 552, 603 and 521, respectively.

⁽³⁾The Separate account liability at December 31, 2019 and 2018 includes $31.9 billion and $29.0 billion, respectively, of externally managed assets, which are not reported on the Company's Consolidated Balance Sheets.

⁽⁴⁾ Includes GMDB/GMWBL/GMIB.

⁽⁵⁾ Separate Account liability relates to the Individual Life Transaction. Additional liability balance relates to the 2018 Transaction.

⁽⁶⁾Includes amounts related to businesses to be exited via reinsurance associated with the Individual Life Transaction.

Schedule of Net Amount of Risk by Product and Guarantee

The net amount at risk for the secondary guarantees is equal to the current death benefit in excess of the account values. 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 were as follows as of December 31, 2019 and 2018:



	December 31, 2019				December 31, 2018
Continuing Operations:⁽¹⁾	Secondary Guarantees		Paid-up Guarantees		Secondary Guarantees		Paid-up Guarantees
UL and VUL Contracts:
Account value (general and separate account)	$	1,397	$	—	$	1,432	$	—
Net amount at risk, net of reinsurance	3,978		—		4,144		—
Weighted average attained age	72		—		72		—

⁽¹⁾ Includes amounts related to businesses to be exited via reinsurance associated with the Individual Life Transaction.



	December 31, 2019				December 31, 2018
Business held for sale:	Secondary Guarantees		Paid-up Guarantees		Secondary Guarantees		Paid-up Guarantees
UL and VUL Contracts:
Account value (general and separate account)	$	1,697	$	—	$	1,701	$	—
Net amount at risk, net of reinsurance	11,018		—		11,317		—
Weighted average attained age	63		—		63		—

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, 2019 and 2018:



	Continuing Operations ⁽¹⁾				Business Held for Sale
	December 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018
Equity securities (including mutual funds):
Equity funds	$	1,904	$	1,723	$	150	$	127
Bond funds	184		185		18		16
Balanced funds	329		302		37		31
Money market funds	46		49		5		4
Other	10		9		3		3
Total	$	2,473	$	2,268	$	213	$	181