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

12 Months Ended

Dec. 31, 2018

Schedule of Liability for Future Policy Benefits, by Product Segment [Table Text Block]



Changes in Reserves for Future Policy Benefits
Successor Company
	Universal Life-Type Contracts
	GMDB/GMWB [1]			Life Secondary Guarantees			Traditional Annuity and Other Contracts [2]			Total
Liability balance as of June 1, 2018 [4]	$	471		$	3,057		$	14,529		$	18,057
Incurred [3]	48			250			566			864
Paid	(57		)	(31		)	(510		)	(598		)
Liability balance as of December 31, 2018	$	462		$	3,276		$	14,585		$	18,323
Reinsurance recoverable asset, as of June 1, 2018 [4]	$	294		$	3,057		$	1,964		$	5,315
Incurred [3]	36			250			3,192			3,478
Paid	(46		)	(31		)	(184		)	(261		)
Reinsurance recoverable asset, as of December 31, 2018	$	284		$	3,276		$	4,972		$	8,532



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]			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]	185			313		777			1,275
Paid	(98		)	—		(787		)	(885		)
Change in unrealized investment gains and losses	—			—		92			92
Liability balance as of December 31, 2017	$	873		$	2,940	$	10,669		$	14,482
Reinsurance recoverable asset, as of January 1, 2017	$	432		$	2,627	$	1,697		$	4,756
Incurred [3]	113			313		108			534
Paid	(81		)	—		(63		)	(144		)
Reinsurance recoverable asset, as of December 31, 2017	$	464		$	2,940	$	1,742		$	5,146


[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 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.

[4] For additional information regarding the June 1, 2018 valuations, please see Note 1, Basis of Presentation and Significant Accounting Policies of Notes to Consolidated Financial Statements for further discussion of pushdown accounting.



Account Value by GMDB/GMWB Type as of December 31, 2018 (Successor Company)
	Account Value (“AV”) [9]		Net amount at Risk (“NAR”) [10]		Retained Net Amount at Risk (“RNAR”) [10]		Weighted Average Attained Age of Annuitant
MAV [1]
MAV only	$	11,460	$	2,543	$	516	72
With 5% rollup [2]	942		177		68		72
With Earnings Protection Benefit Rider (“EPB”) [3]	2,899		452		76		72
With 5% rollup & EPB	400		92		20		74
Total MAV	15,701		3,264		680
Asset Protection Benefit ("APB") [4]	7,958		676		447		70
Lifetime Income Benefit ("LIB") – Death Benefit [5]	362		8		8		72
Reset [6] (5-7 years)	2,105		10		9		71
Return of Premium ("ROP") [7] /Other	5,654		76		73		72
Variable Annuity without GMDB [8]	1,846		—		—		68
Subtotal Variable Annuity [11]	$	33,626	$	4,034	$	1,217	71
Less: General Account Value	3,387
Subtotal Variable Annuity Separate Account Liabilities	30,239
Separate Account Liabilities - Other	68,575
Total Separate Account Liabilities	$	98,814

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



Account Value by GMDB/GMWB Type as of December 31, 2018 (Successor Company)
	Account Value (“AV”) [9]		Net amount at Risk (“NAR”) [10]		Retained Net Amount at Risk (“RNAR”) [10]		Weighted Average Attained Age of Annuitant
MAV [1]
MAV only	$	11,460	$	2,543	$	516	72
With 5% rollup [2]	942		177		68		72
With Earnings Protection Benefit Rider (“EPB”) [3]	2,899		452		76		72
With 5% rollup & EPB	400		92		20		74
Total MAV	15,701		3,264		680
Asset Protection Benefit ("APB") [4]	7,958		676		447		70
Lifetime Income Benefit ("LIB") – Death Benefit [5]	362		8		8		72
Reset [6] (5-7 years)	2,105		10		9		71
Return of Premium ("ROP") [7] /Other	5,654		76		73		72
Variable Annuity without GMDB [8]	1,846		—		—		68
Subtotal Variable Annuity [11]	$	33,626	$	4,034	$	1,217	71
Less: General Account Value	3,387
Subtotal Variable Annuity Separate Account Liabilities	30,239
Separate Account Liabilities - Other	68,575
Total Separate Account Liabilities	$	98,814


[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]	Includes 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.


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


[10]	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 market movements and increase when equity markets decline.


[11]	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 $5.0 billion of total account value and weighted average attained age of 74 years. There is no NAR or retained NAR related to these contracts.

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



Account Balance Breakdown of Variable Separate Account Investments
	Successor Company		Predecessor Company
Asset type	December 31, 2018		December 31, 2017
Equity securities (including mutual funds)	$	28,953	$	34,496
Cash and cash equivalents [1]	1,286		2,712
Total [2]	$	30,239	$	37,208