Insurance (Tables)

12 Months Ended

Dec. 31, 2019

Information regarding insurance liabilities by segment, as well as Corporate & Other, was as follows at:



	December 31,
	2019		2018
	(In millions)
Annuities	$	43,843	$	37,433
Life	8,960		8,785
Run-off	28,064		25,448
Corporate & Other	7,701		7,597
Total	$	88,568	$	79,263

Liabilities for Guarantees

Information regarding the liabilities for guarantees (excluding policyholder account balances and embedded derivatives) relating to variable annuity contracts and universal and variable life insurance contracts was as follows:



	Variable Annuity Contracts						Universal and Variable Life Contracts
	GMDBs			GMIBs			Secondary Guarantees			Total
	(In millions)
Direct
Balance at January 1, 2017	$	1,124		$	2,335		$	3,540		$	6,999
Incurred guaranteed benefits	373			374			692			1,439
Paid guaranteed benefits	(58		)	—			—			(58		)
Balance at December 31, 2017	1,439			2,709			4,232			8,380
Incurred guaranteed benefits	186			365			484			1,035
Paid guaranteed benefits	(58		)	—			—			(58		)
Balance at December 31, 2018	1,567			3,074			4,716			9,357
Incurred guaranteed benefits	143			163			874			1,180
Paid guaranteed benefits	(90		)	—			—			(90		)
Balance at December 31, 2019	$	1,620		$	3,237		$	5,590		$	10,447
Net Ceded/(Assumed)
Balance at January 1, 2017	$	(27	)	$	20		$	1,105		$	1,098
Incurred guaranteed benefits	101			(20		)	(160		)	(79		)
Paid guaranteed benefits	(56		)	—			—			(56		)
Balance at December 31, 2017	18			—			945			963
Incurred guaranteed benefits	49			—			18			67
Paid guaranteed benefits	(56		)	—			—			(56		)
Balance at December 31, 2018	11			—			963			974
Incurred guaranteed benefits	86			—			120			206
Paid guaranteed benefits	(88		)	—			—			(88		)
Balance at December 31, 2019	$	9		$	—		$	1,083		$	1,092
Net
Balance at January 1, 2017	$	1,151		$	2,315		$	2,435		$	5,901
Incurred guaranteed benefits	272			394			852			1,518
Paid guaranteed benefits	(2		)	—			—			(2		)
Balance at December 31, 2017	1,421			2,709			3,287			7,417
Incurred guaranteed benefits	137			365			466			968
Paid guaranteed benefits	(2		)	—			—			(2		)
Balance at December 31, 2018	1,556			3,074			3,753			8,383
Incurred guaranteed benefits	57			163			754			974
Paid guaranteed benefits	(2		)	—			—			(2		)
Balance at December 31, 2019	$	1,611		$	3,237		$	4,507		$	9,355

Fund Groupings

Account balances of contracts with guarantees were invested in separate account asset classes as follows at:



	December 31,
	2019		2018
	(In millions)
Fund Groupings:
Balanced	$	64,134	$	60,040
Equity	29,036		25,344
Bond	8,467		8,339
Money Market	16		18
Total	$	101,653	$	93,741

Information regarding the Company’s guarantee exposure was as follows at:



	December 31,
	2019						2018
	In the Event of Death			At Annuitization			In the Event of Death			At Annuitization
	(Dollars in millions)
Annuity Contracts (1), (2)
Variable Annuity Guarantees
Total account value (3)	$	104,271		$	59,859		$	96,865		$	55,967
Separate account value	$	99,385		$	58,694		$	91,837		$	54,731
Net amount at risk	$	6,671	(4)	$	4,750	(5)	$	11,073	(4)	$	4,128	(5)
Average attained age of contract holders	68 years			68 years			68 years			68 years



	December 31,
	2019		2018
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	5,957	$	6,099
Net amount at risk (6)	$	71,124	$	73,131
Average attained age of policyholders	66 years		65 years

Variable Life Contracts
Total account value (3)	$	3,526	$	3,230
Net amount at risk (6)	$	21,325	$	23,004
Average attained age of policyholders	50 years		50 years

_______________


(1)	The Company’s annuity contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.


(2)	Includes direct business, but excludes offsets from hedging or reinsurance, if any. Therefore, the net amount at risk presented reflects the economic exposures of living and death benefit guarantees associated with variable annuities, but not necessarily their impact on the Company. See Note 5 for a discussion of guaranteed minimum benefits which have been reinsured.


(3)	Includes the contract holder’s investments in the general account and separate account, if applicable.


(4)	Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death.

(5)

Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contract holders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contract holders have achieved.

(6)

Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.