INSURANCE LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2019

GMDB and GMIB Liabilities and Other Policyholder's Liabilities

Change in Liability for Variable Annuity Contracts with GMDB and GMIB Features and No NLG Feature

For the Three Months Ended March 31, 2019 and 2018



	GMDB						GMIB
	Direct			Ceded			Direct			Ceded
	(in millions)
Balance at January 1, 2019	$	4,654		$	(107	)	$	3,741		$	(1,991	)
Paid guarantee benefits	(118		)	4			(56		)	21
Other changes in reserve	129			—			55			(39		)
Balance at March 31, 2019	$	4,665		$	(103	)	$	3,740		$	(2,009	)

Balance at January 1, 2018	$	4,054		$	(2,030	)	$	4,754		$	(10,488	)
Paid guarantee benefits	(101		)	(54		)	(32		)	27
Other changes in reserve	96			62			(139		)	788
Balance at March 31, 2018	$	4,049		$	(2,022	)	$	4,583		$	(9,673	)

Variable Annuity Contracts with GMDB and GMIB Features

Direct Variable Annuity Contracts with GMDB and GMIB Features

At March 31, 2019



	Guarantee Type
	Return of Premium			Ratchet			Roll-Up			Combo			Total
	(in millions, except age and interest rate)
Variable annuity contracts with GMDB features
Account Values invested in:
General Account	$	14,178		$	98		$	60		$	181		$	14,517
Separate Accounts	45,599			9,001			3,134			32,609			90,343
Total Account Values	$	59,777		$	9,099		$	3,194		$	32,790		$	104,860

Net amount at risk, gross	$	143		$	143		$	2,025		$	18,389		$	20,700
Net amount at risk, net of amounts reinsured	$	143		$	138		$	1,414		$	18,389		$	20,084

Average attained age of policyholders (in years)	51.4			67.1			73.8			69.2			55.3
Percentage of policyholders over age 70	10.2		%	43.5		%	66.1		%	50.7		%	19.0		%
Range of contractually specified interest rates	N/A			N/A			3% - 6%			3% - 6.5%			3% - 6.5%

Variable annuity contracts with GMIB features
Account Values invested in:
General Account	$	—		$	—		$	19		$	245		$	264
Separate Accounts	—			—			21,923			35,745			57,668
Total Account Values	$	—		$	—		$	21,942		$	35,990		$	57,932

Net amount at risk, gross	$	—		$	—		$	898		$	8,287		$	9,185
Net amount at risk, net of amounts reinsured	$	—		$	—		$	281		$	7,515		$	7,796

Average attained age of policyholders (in years)	N/A			N/A			69.0			69.0			69.0
Weighted average years remaining until annuitization	N/A			N/A			1.7			0.4			0.5
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 features. The investment performance of the assets impacts the related account values and, consequently, the NAR associated with the GMDB and GMIB benefits and guarantees. Because the Company’s variable annuity contracts offer both GMDB and GMIB features, GMDB and GMIB amounts are not mutually exclusive.

Investment in Variable Insurance Trust Mutual Funds



	As of March 31, 2019				As of December 31, 2018
	GMDB		GMIB		GMDB		GMIB
	(in millions)
Equity	$	39,856	$	17,692	$	35,541	$	15,759
Fixed income	5,206		2,825		5,173		2,812
Balanced	44,433		36,855		41,588		33,974
Other	848		296		852		290
Total	$	90,343	$	57,668	$	83,154	$	52,835

Summary of No-Lapse Guarantee Liabilities and Other Policyholder's Liabilities

The change in the NLG feature reflected in the General Account in Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets is summarized in the table below.



	Direct Liability			Reinsurance Ceded			Net
	(in millions)
Balance at January 1, 2019	$	787		$	(733	)	$	54
Paid guaranteed benefits	(7		)	—			(7		)
Other changes in reserves	21			(11		)	10
Balance at March 31, 2019	$	801		$	(744	)	$	57

Balance at January 1, 2018	$	692		$	(664	)	$	28
Paid guaranteed benefits	(8		)	—			(8		)
Other changes in reserves	18			(11		)	7
Balance at March 31, 2018	$	702		$	(675	)	$	27