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INSURANCE LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2018
Insurance [Abstract]  
GMDB and GMIB Liabilities and Other Policyholder's Liabilities
The following table summarizes the direct GMDB and GMIB with no no-lapse guarantee rider ("NLG") features liabilities, before reinsurance ceded, reflected in the consolidated balance sheets in Future policy benefits and other policyholders’ liabilities:
 
GMDB    
 
GMIB    
 
Total    
 
(in millions)
Balance at January 1, 2018
$
4,080

 
$
4,802

 
$
8,882

Paid guarantee benefits
(101
)
 
(32
)
 
(133
)
Other changes in reserve
96

 
(139
)
 
(43
)
Balance at March 31, 2018
$
4,075

 
$
4,631

 
$
8,706

Balance at January 1, 2017
$
3,165

 
$
3,870

 
$
7,035

Paid guarantee benefits
(89
)
 
(34
)
 
(123
)
Other changes in reserve
187

 
1,917

 
2,104

Balance at March 31, 2017
$
3,263

 
$
5,753

 
$
9,016
GMDB Reinsurance Ceded
The following table summarizes the ceded GMDB liabilities, reflected in the consolidated balance sheets in Amounts due from reinsurers:
 
Three Months Ended March 31,
 
2018
 
2017
 
(in millions)
Balance, beginning of year
$
2,030

 
$
1,558

Paid guarantee benefits
(54
)
 
(43
)
Other changes in reserve
62

 
69

Balance, End of Period
$
2,038

 
$
1,584
Derivative Instruments in Hedges, Liabilities, at Fair Value
The liability for the GMxB derivative features liability, the liability for SCS, SIO, MSO and IUL indexed features and the GMIB reinsurance contracts are considered embedded or freestanding insurance derivatives and are reported at fair value. Summarized in the table below is a summary of the fair value of these liabilities at March 31, 2018 and December 31, 2017:
 
March 31,
2018
 
December 31,
2017
 
(in millions)
 
 
 
 
GMIBNLG(1)
$
3,715

 
$
4,056

SCS, MSO, IUL features(2)
1,609

 
1,698

GWBL/GMWB(1)
121

 
130

GIB(1)
(36
)
 
(27
)
GMAB(1)
4

 
5

Total Embedded derivatives liability(1)
$
5,413

 
$
5,862

 
 
 
 
GMIB reinsurance contract asset(3)
$
9,673

 
$
10,488

(1)
Reported in future policyholders' benefits and other policyholders' liabilities in the consolidated balance sheets.
(2)
Reported in Policyholders' account balances in the consolidated balance sheets.
(3)
Reported in GMIB reinsurance contract asset, at fair value in the consolidated balance sheets.
Variable Annuity Contracts with GMDB and GMIB Features
The March 31, 2018 values for direct 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 exceed related account values. For contracts with the GMIB feature, the net amount at risk in the event of utilization 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
$
13,848

 
$
107

 
$
64

 
$
195

 
$
14,214

Separate Accounts
$
45,136

 
$
9,319

 
$
3,381

 
$
34,668

 
$
92,504

Net amount at risk, gross
$
186

 
$
117

 
$
2,016

 
$
16,388

 
$
18,707

Net amount at risk, net of amounts reinsured
$
186

 
$
87

 
$
1,378

 
$
6,911

 
$
8,562

Average attained age of contract holders
52

 
67

 
73

 
68

 
55.2

Percentage of contract holders over age 70
9.7
%
 
40.9
%
 
63.7
%
 
47.4
%
 
18.3
%
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

 
$
24

 
$
285

 
$
309

Separate Accounts
N/A

 
N/A

 
$
20,855

 
$
39,604

 
$
60,459

Net amount at risk, gross
N/A

 
N/A

 
$
883

 
$
6,322

 
$
7,205

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

 
N/A

 
$
268

 
$
1,560

 
$
1,828

Weighted average years remaining until annuitization
N/A

 
N/A

 
1.7

 
0.7

 
0.8

Range of contractually specified interest rates
N/A

 
N/A

 
3%-6%

 
3%-6.5%

 
3%-6.5%
Investment in Variable Insurance Trust Mutual Funds
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 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. Because variable annuity contracts offer both GMDB and GMIB features, GMDB and GMIB amounts are not mutually exclusive:
Investment in Variable Insurance Trust Mutual Funds
 
March 31,
2018
 
December 31,
2017
 
(in millions)
GMDB:
 
 
 
Equity
$
76,532

 
$
78,069

Fixed income
2,165

 
2,234

Balanced
13,525

 
14,084

Other
282

 
285

Total
$
92,504

 
$
94,672

GMIB:
 
 
 
Equity
$
49,042

 
$
50,429

Fixed income
1,528

 
1,568

Balanced
9,762

 
10,165

Other
127

 
124

Total
$
60,459

 
$
62,286
Summary of No-Lapse Guarantee Liabilities and Other Policyholder's Liabilities
The following table summarizes the NLG 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, 2018
$
686

 
$
(664
)
 
$
22

Paid Guaranteed Benefits
(8
)
 
—

 
(8
)
Other changes in reserves
18

 
(11
)
 
7

Balance at March 31, 2018
$
696

 
$
(675
)
 
$
21

Balance at January 1, 2017
$
1,197

 
$
(609
)
 
$
588

Other changes in reserves
93

 
—

 
93

Balance at March 31, 2017
$
1,290

 
$
(609
)
 
$
681