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

12 Months Ended

Dec. 31, 2020

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]		Universal Life Secondary Guarantees		Traditional Annuity and Other Contracts [2]		Total Future Policy Benefits
Liability balance as of January 1, 2020	$	450	$	3,691	$	14,324	$	18,465
Incurred [3]	101		526		467		1,094
Paid	(91)		(22)		(821)		(934)

Liability balance as of December 31, 2020	$	460	$	4,195	$	13,970	$	18,625
Reinsurance recoverable asset as of January 1, 2020	$	269	$	3,691	$	4,843	$	8,803
Incurred [3]	57		526		122		705
Paid	(72)		(22)		(275)		(369)
Reinsurance recoverable asset as of December 31, 2020	$	254	$	4,195	$	4,690	$	9,139


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 January 1, 2019	$	462	$	3,276	$	14,585	$	18,323
Incurred [3]	78		419		566		1,063
Paid	(90)		(4)		(827)		(921)

Liability balance as of December 31, 2019	$	450	$	3,691	$	14,324	$	18,465
Reinsurance recoverable asset as of January 1, 2019	$	284	$	3,276	$	4,972	$	8,532
Incurred [3]	57		419		163		639
Paid	(72)		(4)		(292)		(368)
Reinsurance recoverable asset as of December 31, 2019	$	269	$	3,691	$	4,843	$	8,803

[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

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


Account Value by GMDB/GMWB Type as of December 31, 2020
	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	$	12,649	$	1,500	$	225	74
With 5% rollup [2]	928		72		23		75
With earnings protection benefit rider (“EPB”) [3]	3,221		594		83		74
With 5% rollup & EPB	446		101		22		76
Total MAV	17,244		2,267		353
Asset protection benefit ("APB") [4]	8,332		46		32		72
Lifetime income benefit ("LIB") – death benefit [5]	369		2		2		74
Reset [6] (5-7 years)	2,420		7		5		72
Return of premium ("ROP") /other [7]	5,642		46		45		75
Variable annuity without GMDB [8]	2,570		—		—		72
Subtotal variable annuity [11]	$	36,577	$	2,368	$	437	74
Less: general account value	2,801
Subtotal variable annuity separate account liabilities	33,776
Separate account liabilities - other	75,849
Total separate account liabilities	$	109,625

[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 76 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 for Contracts with Guarantees
	Successor Company
Asset Type	December 31, 2020		December 31, 2019
Equity securities (including mutual funds)	$	32,011	$	31,114
Cash and cash equivalents [1]	1,765		1,319
Total [2]	$	33,776	$	32,433