XML 49 R36.htm IDEA: XBRL DOCUMENT v3.6.0.2
GMDB, GMIB, GIB, GWBL AND OTHER FEATURES AND NO LAPSE GUARANTEE FEATURES (Tables)
 12 Months Ended
Dec. 31, 2016
Insurance [Abstract]  
Variable Annuity Contracts- GMDB GMIB
The following table summarizes the GMDB and GMIB liabilities, before reinsurance ceded, reflected in the Balance Sheet in future policy benefits and other policyholders’ liabilities:
 
GMDB
 
GMIB
 
Total
 
(In Millions)
Balance at January 1, 2014
$
1,626

 
4,203

 
$
5,829

Paid guarantee benefits
(231
)
 
(220
)
 
(451
)
Other changes in reserve
334

 
1,661

 
1,995

Balance at December 31, 2014
1,729

 
5,644

 
7,373

Paid guarantee benefits
(313
)
 
(89
)
 
(402
)
Other changes in reserve
1,570

 
(258
)
 
1,312

Balance at December 31, 2015
2,986

 
5,297

 
8,283

Paid guarantee benefits
(357
)
 
(280
)
 
(637
)
Other changes in reserve
583

 
560

 
1,143

Balance at December 31, 2016
$
3,212

 
$
5,577

 
$
8,789
Guaranteed Minimum Death Benefit Reinsurance Ceded
Related GMDB reinsurance ceded amounts were:
 
GMDB
 
(In Millions)
Balance at January 1, 2014
$
791

Paid guarantee benefits
(114
)
Other changes in reserve
155

Balance at December 31, 2014
832

Paid guarantee benefits
(148
)
Other changes in reserve
746

Balance at December 31, 2015
1,430

Paid guarantee benefits
(174
)
Other changes in reserve
302

Balance at December 31, 2016
$
1,558
Schedule of Net Amount of Risk by Product and Guarantee
The December 31, 2016 values for variable annuity contracts in force on such date with GMDB and GMIB features are presented in the following table. For contracts with the GMDB feature, the net amount at risk in the event of death is the amount by which the GMDB benefits exceed related account values. For contracts with the GMIB feature, the net amount at risk in the event of annuitization is the amount by which the present value of the GMIB benefits exceeds related account values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB guarantees may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive:
 
Return of Premium
 
Ratchet
 
Roll-Up
 
Combo
 
Total
 
(Dollars In Millions)
GMDB:
 
 
 
 
 
 
 
 
 
Account values invested in:
 
 
 
 
 
 
 
 
 
General Account
$
13,642

 
$
121

 
$
72

 
$
220

 
$
14,055

Separate Accounts
$
40,736

 
$
8,905

 
$
3,392

 
$
33,857

 
$
86,890

Net amount at risk, gross
$
237

 
$
154

 
$
2,285

 
$
16,620

 
$
19,296

Net amount at risk, net of amounts reinsured
$
237

 
$
108

 
$
1,556

 
$
7,152

 
$
9,053

Average attained age of contractholders
51.2

 
65.8

 
72.3

 
67.1

 
55.1

Percentage of contractholders over age 70
9.2
%
 
37.1
%
 
60.4
%
 
40.6
%
 
17.1
%
Range of contractually specified interest rates
N/A

 
N/A

 
3%-6%

 
3%-6.5%

 
3%-6.5%

GMIB:
 
 
 
 
 
 
 
 
 
Account values invested in:
 
 
 
 
 
 
 
 
 
General Account
N/A

 
N/A

 
$
33

 
$
321

 
$
354

Separate Accounts
N/A

 
N/A

 
$
18,170

 
$
39,678

 
$
57,848

Net amount at risk, gross
N/A

 
N/A

 
$
1,084

 
$
6,664

 
$
7,748

Net amount at risk, net of amounts reinsured
N/A

 
N/A

 
$
334

 
$
1,675

 
$
2,009

Weighted average years remaining until annuitization
N/A

 
N/A

 
1.6

 
1.3

 
1.3

Range of contractually specified interest rates
N/A

 
N/A

 
3%-6%

 
3%-6.5%

 
3%-6.5%
Schedule of Fair Value of Separate Accounts by Major Category of Investment
The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and GMIB benefits and guarantees. The investment performance of the assets impacts the related account values and, consequently, the net amount of risk associated with the GMDB and GMIB benefits and guarantees. Since variable annuity contracts with GMDB benefits and guarantees may also offer GMIB benefits and guarantees in each contract, the GMDB and GMIB amounts listed are not mutually exclusive:
Investment in Variable Insurance Trust Mutual Funds
 
December 31,
 
2016
 
2015
 
(In Millions)
GMDB:
 
 
 
Equity
$
69,625

 
$
66,230

Fixed income
2,483

 
2,686

Balanced
14,434

 
15,350

Other
348

 
374

Total
$
86,890

 
$
84,640

GMIB:
 
 
 
Equity
$
45,931

 
$
43,874

Fixed income
1,671

 
1,819

Balanced
10,097

 
10,696

Other
149

 
170

Total
$
57,848

 
$
56,559
No Lapse Guarantee Liabilities
The following table summarizes the no lapse guarantee liabilities, reflected in the General Account in Future policy benefits and other policyholders’ liabilities, the related reinsurance reserve ceded, reflected in Amounts due from reinsurers and deferred cost of reinsurance, reflected in Other assets in the Consolidated balance sheets.
 
Direct Liability
 
Reinsurance Ceded
 
Net
 
(In Millions)
Balance at January 1, 2014
$
829

 
$
(441
)
 
$
388

Other changes in reserves
135

 
(114
)
 
21

Balance at December 31, 2014
964

 
(555
)
 
409

Other changes in reserves
120

 
16

 
136

Balance at December 31, 2015
1,084

 
(539
)
 
545

Other changes in reserves
118

 
(84
)
 
34

Balance at December 31, 2016
$
1,202

 
$
(623
)
 
$
579