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INSURANCE LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2019
Insurance [Abstract]  
GMDB and GMIB Liabilities and Other Policyholder's Liabilities
Change in Liability for Variable Annuity Contracts with GMDB Features and No NLG Feature
Three and Six months ended June 30, 2019 and 2018
 
Three Months Ended June 30,
 
2019
 
2018
 
Direct
 
Ceded
 
Direct
 
Ceded
 
(in millions)
Beginning Balance
$
4,665

 
$
(103
)
 
$
4,049

 
$
(2,022
)
Paid guarantee benefits
(108
)
 
5

 
(99
)
 
118

Other changes in reserve
153

 
(2
)
 
174

 
1,807

Ending Balance
$
4,710

 
$
(100
)
 
$
4,124

 
$
(97
)
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
2019
 
2018
 
Direct
 
Ceded
 
Direct
 
Ceded
 
(in millions)
Beginning Balance
$
4,654

 
$
(107
)
 
$
4,054

 
$
(2,030
)
Paid guarantee benefits
(226
)
 
9

 
(200
)
 
64

Other changes in reserve
282

 
(2
)
 
270

 
1,869

Ending Balance
$
4,710

 
$
(100
)
 
$
4,124

 
$
(97
)
Change in Liability for Variable Annuity Contracts with GMIB Features and No NLG Feature
Three and Six months ended June 30, 2019 and 2018
 
Three Months Ended June 30,
 
2019
 
2018
 
Direct
 
Ceded
 
Direct
 
Ceded
 
(in millions)
Beginning Balance
$
3,740

 
$
(2,009
)
 
$
4,583

 
$
(9,673
)
Paid guarantee benefits
(56
)
 
14

 
(33
)
 
21

Other changes in reserve
75

 
(201
)
 
151

 
7,827

Ending Balance
$
3,759

 
$
(2,196
)
 
$
4,701

 
$
(1,825
)
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
2019
 
2018
 
Direct
 
Ceded
 
Direct
 
Ceded
 
(in millions)
Beginning Balance
$
3,741

 
$
(1,991
)
 
$
4,754

 
$
(10,488
)
Paid guarantee benefits
(112
)
 
35

 
(65
)
 
48

Other changes in reserve
130

 
(240
)
 
12

 
8,615

Ending Balance
$
3,759

 
$
(2,196
)
 
$
4,701

 
$
(1,825
)
Variable Annuity Contracts with GMDB and GMIB Features
Direct Variable Annuity Contracts with GMDB and GMIB Features
At June 30, 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
$
14,359

 
$
98

 
$
60

 
$
181

 
$
14,698

Separate Accounts
46,724

 
9,102

 
3,147

 
32,812

 
91,785

Total Account Values
$
61,083

 
$
9,200

 
$
3,207

 
$
32,993

 
$
106,483

 
 
 
 
 
 
 
 
 
 
Net amount at risk, gross
$
119

 
$
61

 
$
1,959

 
$
18,185

 
$
20,324

Net amount at risk, net of amounts reinsured
$
119

 
$
58

 
$
1,367

 
$
18,185

 
$
19,729

 
 
 
 
 
 
 
 
 
 
Average attained age of policyholders (in years)
51.4
 
67.3
 
73.9
 
69.4
 
55.3
Percentage of policyholders over age 70
10.3
%
 
44.3
%
 
66.8
%
 
51.6
%
 
19.1
%
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
$
—

 
$
—

 
$
21

 
$
240

 
$
261

Separate Accounts
—

 
—

 
22,504

 
35,730

 
58,234

Total Account Values
$
—

 
$
—

 
$
22,525

 
$
35,970

 
$
58,495

 
 
 
 
 
 
 
 
 
 
Net amount at risk, gross
$
—

 
$
—

 
$
908

 
$
9,154

 
$
10,062

Net amount at risk, net of amounts reinsured
$
—

 
$
—

 
$
286

 
$
8,297

 
$
8,583

 
 
 
 
 
 
 
 
 
 
Average attained age of policyholders (in years)
N/A
 
N/A
 
68.5

 
69.1

 
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
 
June 30, 2019
 
December 31, 2018
Mutual Fund Type
GMDB
 
GMIB
 
GMDB
 
GMIB
 
(in millions)
Equity
$
40,627

 
$
17,529

 
$
35,541

 
$
15,759

Fixed income
5,278

 
2,788

 
5,173

 
2,812

Balanced
45,023

 
37,646

 
41,588

 
33,974

Other
858

 
271

 
852

 
290

Total
$
91,786

 
$
58,234

 
$
83,154

 
$
52,835
Summary of No-Lapse Guarantee Liabilities and Other Policyholder's Liabilities
The change in the fair value of 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.
 
Three Months Ended June 30,
 
2019
 
2018
 
Direct
Liability
 
Reinsurance
Ceded
 
Net
 
Direct
Liability
 
Reinsurance
Ceded
 
Net
 
(in millions)
Beginning Balance
$
801

 
$
(744
)
 
$
57

 
$
702

 
$
(675
)
 
$
27

Paid guaranteed benefits
(3
)
 
—

 
(3
)
 
(1
)
 
—

 
(1
)
Other changes in reserves
21

 
(11
)
 
10

 
15

 
(14
)
 
1

Ending Balance
$
819

 
$
(755
)
 
$
64

 
$
716

 
$
(689
)
 
$
27

 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
2019
 
2018
 
Direct
Liability
 
Reinsurance
Ceded
 
Net
 
Direct
Liability
 
Reinsurance
Ceded
 
Net
 
(in millions)
Beginning Balance
$
787

 
$
(733
)
 
$
54

 
$
692

 
$
(664
)
 
$
28

Paid guaranteed benefits
(10
)
 
—

 
(10
)
 
(9
)
 
—

 
(9
)
Other changes in reserves
42

 
(22
)
 
20

 
33

 
(25
)
 
8

Ending Balance
$
819

 
$
(755
)
 
$
64

 
$
716

 
$
(689
)
 
$
27