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INSURANCE LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 2018
Insurance [Abstract]  
GMDB and GMIB Liabilities and Other Policyholder's Liabilities
The following table summarizes the direct GMDB and GMIB without a no-lapse guarantee rider (“NLG”) feature 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
$
4,054

 
$
4,754

 
$
8,808

Paid guarantee benefits
(291
)
 
(108
)
 
(399
)
Other changes in reserve
755

 
(1,041
)
 
(286
)
Balance at September 30, 2018
$
4,518

 
$
3,605

 
$
8,123

 
 
 
 
 
 
Balance at January 1, 2017
$
3,159

 
$
3,808

 
$
6,967

Paid guarantee benefits
(272
)
 
(102
)
 
(374
)
Other changes in reserve
1,058

 
749

 
1,807

Balance at September 30, 2017
$
3,945

 
$
4,455

 
$
8,400
GMDB Reinsurance Ceded
The following table summarizes the ceded GMDB liabilities, reflected in the consolidated balance sheets in Amounts due from reinsurers:
 
Nine Months Ended September 30,
 
2018
 
2017
 
(in millions)
Balance, beginning of year
$
2,030

 
$
1,558

Paid guarantee benefits
(67
)
 
(132
)
Other changes in reserve
(1,860
)
 
555
Balance, end of period
$
103

 
$
1,981
Variable Annuity Contracts with GMDB and GMIB Features
The September 30, 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 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:

Direct Variable Annuity Contract Values
 
September 30, 2018
 
Return of
Premium
 
Ratchet
 
Roll-Up
 
Combo
 
Total
 
(Dollars in millions)
GMDB:
 
 
 
 
 
 
 
 
 
Account values invested in:
 
 
 
 
 
 
 
 
 
General Account
$
14,046

 
$
102

 
$
62

 
$
188

 
$
14,398

Separate Accounts
$
47,293

 
$
9,522

 
$
3,418

 
$
35,066

 
$
95,299

Net amount at risk, gross
$
162

 
$
53

 
$
1,892

 
$
16,098

 
$
18,205

Net amount at risk, net of amounts reinsured
$
162

 
$
50

 
$
1,305

 
$
16,098

 
$
17,615

Average attained age of policyholders
51.6
 
66.8
 
73.4
 
68.8
 
55.5
Percentage of policyholders over age 70
9.9
%
 
42.2
%
 
64.9
%
 
49.1
%
 
18.7
%
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

 
$
21

 
$
274

 
$
295

Separate Accounts
N/A

 
N/A

 
$
21,549

 
$
39,729

 
$
61,278

Net amount at risk, gross
N/A

 
N/A

 
$
753

 
$
5,793

 
$
6,546

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

 
N/A

 
$
236

 
$
5,272

 
$
5,508

Average attained age of policyholders
N/A

 
N/A

 
70.5
 
69.1
 
69.2
Weighted average years remaining until annuitization
N/A

 
N/A

 
1.6
 
0.5
 
0.6
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 Separate Account Investment Options
 
September 30,
2018
 
December 31, 2017 (1)
 
(in millions)
GMDB:
 
 
 
Equity
$
42,675

 
$
41,658

Fixed income
5,274
 
5,469
Balanced
46,504
 
46,577
Other
846
 
968
Total
$
95,299

 
$
94,672

 
September 30,
2018
 
December 31, 2017 (1)
 
(in millions)
GMIB:
 
 
 
Equity
$
19,512

 
$
19,928

Fixed income
2,924

 
3,150
Balanced
38,540

 
38,890
Other
302

 
318
Total
$
61,278

 
$
62,286


_______________
(1)
Amounts previously reported were as follows in millions: (a) GMDB: Equity $78,069, Fixed Income $2,234, Balanced $14,084, and Other $283; (b) GMIB: Equity $50,429, Fixed Income $1,568, Balanced $10,165, and Other $124.
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
$
692

 
$
(664
)
 
$
28

Paid Guaranteed Benefits
(13
)
 
—

 
(13
)
Other changes in reserves
76

 
(53
)
 
23

Balance at September 30, 2018
$
755

 
$
(717
)
 
$
38

 
Direct
Liability
 
Reinsurance
Ceded
 
Net
 
(in millions)
Balance at January 1, 2017
$
1,182

 
$
(606
)
 
$
576

Other changes in reserves
218

 
(68
)
 
150

Balance at September 30, 2017
$
1,400

 
$
(674
)
 
$
726