Reserve for Future Policy Benefits and SA Liabilities Level 3 (Tables)

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Separate Accounts Disclosure [Abstract]

Schedule of Minimum Guaranteed Benefit Liabilities [Table Text Block]

Changes in Reserves for Future Policy Benefits
Successor Company
	Universal Life-Type Contracts
	GMDB/GMWB [1]			Universal Life Secondary Guarantees		Traditional Annuity and Other Contracts [2]			Total Future Policy Benefits
Liability balance as of June 1, 2018	$	471		$	3,057	$	14,529		$	18,057
Incurred [3]	29			139		389			557
Paid	(34		)	—		(288		)	(322		)
Liability balance as of September 30, 2018	$	466		$	3,196	$	14,630		$	18,292
Reinsurance recoverable asset, as of June 1, 2018	$	294		$	3,057	$	1,964		$	5,315
Incurred [3]	20			139		3,044			3,203
Paid	(28		)	—		(19		)	(47		)
Reinsurance recoverable asset, as of September 30, 2018	$	286		$	3,196	$	4,989		$	8,471

Predecessor Company
	Universal Life-Type Contracts
	GMDB/GMWB [1]			Universal Life Secondary Guarantees		Traditional Annuity and Other Contracts [2]			Total Future Policy Benefits
Liability balance as of January 1, 2018	$	873		$	2,940	$	10,669		$	14,482
Incurred [3]	56			117		229			402
Paid	(45		)	—		(326		)	(371		)
Change in unrealized investment gains and losses	—			—		(205		)	(205		)
Liability balance as of May 31, 2018	$	884		$	3,057	$	10,367		$	14,308
Reinsurance recoverable asset, as of January 1, 2018	$	464		$	2,940	$	1,742		$	5,146
Incurred [3]	36			117		(25		)	128
Paid	(37		)	—		(24		)	(61		)
Reinsurance recoverable asset, as of May 31, 2018	$	463		$	3,057	$	1,693		$	5,213

Predecessor Company
	Universal Life-Type Contracts
	GMDB/GMWB [1]			Universal Life Secondary Guarantees		Traditional Annuity and Other Contracts [2]			Total Future Policy Benefits
Liability balance as of January 1, 2017	$	786		$	2,627	$	10,587		$	14,000
Incurred [3]	57			231		523			811
Paid	(76		)	—		(590		)	(666		)
Change in unrealized investment gains and losses	—			—		135			135
Liability balance as of September 30, 2017	$	767		$	2,858	$	10,655		$	14,280
Reinsurance recoverable asset, as of January 1, 2017	$	432		$	2,627	$	1,697		$	4,756
Incurred [3]	37			231		33			301
Paid	(63		)	—		(45		)	(108		)
Reinsurance recoverable asset, as of September 30, 2017	$	406		$	2,858	$	1,685		$	4,949

[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 up to the return of 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.

Account Value by GMDB/GMWB Type as of September 30, 2018 (Successor Company)
	Account Value (“AV”) [8]		Net Amount at Risk (“NAR”) [9]		Retained Net Amount at Risk (“RNAR”) [9]		Weighted Average Attained Age of Annuitant
Maximum anniversary value (“MAV”) [1]
MAV only	$	13,228	$	1,863	$	281	72
With 5% rollup [2]	1,095		115		37		72
With Earnings Protection Benefit Rider (“EPB”) [3]	3,357		535		81		72
With 5% rollup & EPB	464		106		23		74
Total MAV	18,144		2,619		422
Asset Protection Benefit (APB) [4]	9,352		85		56		70
Lifetime Income Benefit (LIB) – Death Benefit [5]	415		4		4		71
Reset [6] (5-7 years)	2,412		5		5		71
Return of Premium [7] /Other	8,512		51		49		72
Subtotal Variable Annuity with GMDB/GMWB [10]	$	38,835	$	2,764	$	536	71
Less: General Account Value with GMDB/GMWB	3,464
Subtotal Separate Account Liabilities with GMDB	35,371
Separate Account Liabilities without GMDB	71,458
Total Separate Account Liabilities	$	106,829

Schedule of Net Amount of Risk by Product and Guarantee [Table Text Block]

Account Value by GMDB/GMWB Type as of September 30, 2018 (Successor Company)
	Account Value (“AV”) [8]		Net Amount at Risk (“NAR”) [9]		Retained Net Amount at Risk (“RNAR”) [9]		Weighted Average Attained Age of Annuitant
Maximum anniversary value (“MAV”) [1]
MAV only	$	13,228	$	1,863	$	281	72
With 5% rollup [2]	1,095		115		37		72
With Earnings Protection Benefit Rider (“EPB”) [3]	3,357		535		81		72
With 5% rollup & EPB	464		106		23		74
Total MAV	18,144		2,619		422
Asset Protection Benefit (APB) [4]	9,352		85		56		70
Lifetime Income Benefit (LIB) – Death Benefit [5]	415		4		4		71
Reset [6] (5-7 years)	2,412		5		5		71
Return of Premium [7] /Other	8,512		51		49		72
Subtotal Variable Annuity with GMDB/GMWB [10]	$	38,835	$	2,764	$	536	71
Less: General Account Value with GMDB/GMWB	3,464
Subtotal Separate Account Liabilities with GMDB	35,371
Separate Account Liabilities without GMDB	71,458
Total Separate Account Liabilities	$	106,829

[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 of 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 or 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 minimum death benefit in excess of the current AV. RNAR represents NAR reduced for reinsurance. NAR and RNAR are highly sensitive to equity markets 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 $5.7 billion of total account value and weighted average attained age of 73 years. There is no NAR or retained NAR related to these contracts. Includes $2.0 billion of account value for contracts that had a GMDB at issue but no longer have a GMDB due to certain elections made by policyholders or their beneficiaries.

Schedule of Fair Value of Separate Accounts by Major Category of Investment [Table Text Block]

Account Balance Breakdown of Variable Separate Account Investments for Contracts with Guarantees
	Successor Company		Predecessor Company
Asset type	As of September 30, 2018		As of December 31, 2017
Equity securities (including mutual funds)	$	32,575	$	34,496
Cash and cash equivalents	2,796		2,712
Total [1]	$	35,371	$	37,208

[1] Includes $2.0 billion and $1.9 billion of account value as of September 30, 2018 (Successor Company) and December 31, 2017 (Predecessor Company) for contracts that had a GMDB at issue but no longer have a GMDB due to certain elections made by policyholders or their beneficiaries.

As of September 30, 2018 (Successor Company) and December 31, 2017 (Predecessor Company), approximately 14% and 15%, respectively, of the equity securities (including mutual funds) in the preceding table were funds invested in fixed income securities and approximately 86% and 85%, respectively, were funds invested in equity securities.