Separate Accounts, Death Benefits and Other Insurance Benefit Features Level 3 (Tables)

12 Months Ended

Dec. 31, 2016

Changes in Reserves for future policy benefits are as follows:



	Universal Life-Type Contracts
	GMDB/GMWB [1]			Life Secondary Guarantees		Traditional Annuity and Other Contracts [2]			Total
Liability balance as of January 1, 2016	$	863		$	2,313	$	10,674		$	13,850
Less Shadow Reserve	—			—		(211		)	(211		)
Liability balance as of January 1, 2016, excluding shadow reserve	863			2,313		10,463			13,639
Incurred [3]	37			314		671			1,022
Paid	(114		)	—		(785		)	(899		)
Liability balance as of December 31, 2016, excluding shadow reserve	786			2,627		10,349			13,762
Add Shadow Reserve	—			—		238			238
Liability balance as of December 31, 2016	$	786		$	2,627	$	10,587		$	14,000
Reinsurance recoverable asset, as of January 1, 2016	$	523		$	2,313	$	1,823		$	4,659
Incurred [3]	—			314		(56		)	258
Paid	(91		)	—		(70		)	(161		)
Reinsurance recoverable asset, as of December 31, 2016	$	432		$	2,627	$	1,697		$	4,756



	Universal Life-Type Contracts
	GMDB/GMWB [1]			Life Secondary Guarantees		Traditional Annuity and Other Contracts [2]			Total Future Policy Benefits
Liability balance as of January 1, 2015	$	812		$	2,041	$	10,771		$	13,624
Less Shadow Reserve	—			—		(265		)	(265		)
Liability balance as of January 1, 2015, excluding shadow reserve	812			2,041		10,506			13,359
Incurred [3]	163			272		741			1,176
Paid	(112		)	—		(784		)	(896		)
Liability balance as of December 31, 2015, excluding shadow reserve	863			2,313		10,463			13,639
Add Shadow Reserve	—			—		211			211
Liability balance as of December 31, 2015	$	863		$	2,313	$	10,674		$	13,850
Reinsurance recoverable asset, as of January 1, 2015	$	480		$	2,041	$	1,795		$	4,316
Incurred [3]	132			272		107			511
Paid	(89		)	—		(79		)	(168		)
Reinsurance recoverable asset, as of December 31, 2015	$	523		$	2,313	$	1,823		$	4,659


[1]	These liability balances include all GMDB benefits, plus the life-contingent portion of GMWB benefits in excess of the return of the GRB. GMWB benefits that make up a shortfall between the account value and the GRB are embedded derivatives held at fair value and are excluded from these balances.


[2]	Represents life-contingent reserves for which the company is subject to insurance and investment risk.


[3]	Includes the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves.

The account balances of contracts with guarantees were invested in variable separate accounts as follows:



Asset type	December 31, 2016		December 31, 2015
Equity securities (including mutual funds)	$	33,880	$	36,970
Cash and cash equivalents	3,045		3,453
Total	$	36,925	$	40,423

The following table provides details concerning GMDB/GMWB exposure as of December 31, 2016:



Account Value by GMDB/GMWB Type
Maximum anniversary value (“MAV”) [1]	Account Value (“AV”) [8]		Net amount at Risk (“NAR”) [9]		Retained Net Amount at Risk (“RNAR”) [9]		Weighted Average Attained Age of Annuitant
MAV only	$	13,565	$	2,285	$	350	71
With 5% rollup [2]	1,156		187		60		71
With Earnings Protection Benefit Rider (“EPB”) [3]	3,436		464		75		70
With 5% rollup & EPB	467		102		22		73
Total MAV	18,624		3,038		507
Asset Protection Benefit ("APB") [4]	10,438		172		114		69
Lifetime Income Benefit ("LIB") – Death Benefit [5]	464		6		6		70
Reset [6] (5-7 years)	2,406		13		12		70
Return of Premium ("ROP") [7] /Other	8,766		69		65		69
Subtotal Variable Annuity with GMDB/GMWB [10]	$	40,698	$	3,298	$	704	70
Less: General Account Value with GMDB/GMWB	3,773
Subtotal Separate Account Liabilities with GMDB	36,925
Separate Account Liabilities without GMDB	78,740
Total Separate Account Liabilities	$	115,665


[1]	MAV GMDB is the greatest of current AV, net premiums paid and the highest AV on any anniversary before age 80 years (adjusted for withdrawals).


[2]	Rollup GMDB is the greatest of the MAV, current AV, net premium paid and premiums (adjusted for withdrawals) accumulated at generally 5% simple interest up to the earlier of age 80 years or 100% of adjusted premiums.


[3]	EPB GMDB is the greatest of the MAV, current AV, or contract value plus a percentage of the contract’s growth. The contract’s growth is AV less premiums net of withdrawals, subject to a cap of 200% of premiums net withdrawals.


[4]	APB GMDB is the greater of current AV or MAV, not to exceed current AV plus 25% times the greater of net premiums and MAV (each adjusted for premiums in the past 12 months).


[5]	LIB GMDB is the greatest of current AV; net premiums paid; or for certain contracts, a benefit amount generally based on market performance that ratchets over time.


[6]	Reset GMDB is the greatest of current AV, net premiums paid and the most recent five to seven year anniversary AV before age 80 years (adjusted for withdrawals).


[7]	ROP GMDB is the greater of current AV and net premiums paid.


[8]	AV includes the contract holder’s investment in the separate account and the general account.


[9]	NAR is defined as the guaranteed benefit in excess of the current AV. RNAR represents NAR reduced for reinsurance. NAR and RNAR are highly sensitive to equity market movements and increase when equity markets decline.


[10]	Some variable annuity contracts with GMDB also have a life-contingent GMWB that may provide for benefits in excess of the return of the GRB. Such contracts included in this amount have $6.4 billion of total account value and weighted average attained age of 72 years. There is no NAR or retained NAR related to these contracts.