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INSURANCE LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2019
Insurance [Abstract]  
Variable Annuity Contracts- GMDB GMIB
Change in Liability for Variable Annuity Contracts with GMDB and GMIB Features and
No NLG Feature
Years Ended December 31, 2019, 2018 and 2017
 
GMDB
 
GMIB
 
Direct
 
Ceded
 
Direct
 
Ceded
 
(in millions)
Balance at January 1, 2017
$
3,159

 
$
(1,558
)
 
$
3,808

 
$
(10,314
)
Paid guarantee benefits
(354
)
 
171

 
(151
)
 
115

Other changes in reserve
1,249

 
(643
)
 
1,097

 
(289
)
Balance at December 31, 2017
4,054

 
(2,030
)
 
4,754

 
(10,488
)
Paid guarantee benefits
(394
)
 
70

 
(153
)
 
61

Other changes in reserve
994

 
1,853

 
(860
)
 
8,436

Balance at December 31, 2018
4,654

 
(107
)
 
3,741

 
(1,991
)
Paid guarantee benefits
(438
)
 
14

 
(257
)
 
72

Other changes in reserve
563

 
(5
)
 
1,204

 
(547
)
Balance at December 31, 2019
$
4,779

 
$
(98
)
 
$
4,688

 
$
(2,466
)
Schedule of Net Amount of Risk by Product and Guarantee
Account Values and Net Amount at Risk (“NAR”) for direct variable annuity contracts in force with GMDB and GMIB features as of December 31, 2019 are presented in the following tables by guarantee type. For contracts with the GMDB feature, the NAR in the event of death is the amount by which the GMDB feature exceeds the related Account Values. For contracts with the GMIB feature, the NAR in the event of annuitization is the amount by which the present value of the GMIB benefits exceed the 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 features may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive.
Direct Variable Annuity Contracts with GMDB and GMIB Features
at December 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
$
14,571

 
$
93

 
$
57

 
$
175

 
$
14,896

Separate Accounts
48,920

 
9,258

 
3,190

 
33,120

 
94,488

Total Account Values
$
63,491

 
$
9,351

 
$
3,247

 
$
33,295

 
$
109,384

 
 
 
 
 
 
 
 
 
 
Net Amount at Risk, gross
$
108

 
$
36

 
$
1,833

 
$
17,729

 
$
19,706

Net Amount at Risk, net of amounts reinsured
$
108

 
$
34

 
$
1,280

 
$
17,729

 
$
19,151

 
 
 
 
 
 
 
 
 
 
Average attained age of policyholders (in years)
51.1

 
67.6

 
74.3

 
69.4

 
55.0

Percentage of policyholders over age 70
10.5
%
 
45.6
%
 
68.1
%
 
50.8
%
 
19.3
%
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

 
$
226

 
$
245

Separate Accounts
—

 
—

 
23,572

 
35,776

 
59,348

Total Account Values
$
—

 
$
—

 
$
23,591

 
$
36,002

 
$
59,593

 
 
 
 
 
 
 
 
 
 
Net Amount at Risk, gross
$
—

 
$
—

 
$
857

 
$
9,344

 
$
10,201

Net Amount at Risk, net of amounts reinsured
$
—

 
$
—

 
$
270

 
$
8,482

 
$
8,752

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

 
N/A

 
68.8

 
69.5

 
69.4

Weighted average years remaining until annuitization
N/A

 
N/A

 
1.6

 
0.3

 
0.5

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 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
 
December 31,
 
2019
 
2018
Mutual Fund Type
GMDB
 
GMIB
 
GMDB
 
GMIB
 
(in millions)
Equity
$
42,489

 
$
17,941

 
$
35,541

 
$
15,759

Fixed income
5,263

 
2,699

 
5,173

 
2,812

Balanced
45,871

 
38,445

 
41,588

 
33,974

Other
865

 
263

 
852

 
290

Total
$
94,488

 
$
59,348

 
$
83,154

 
$
52,835
No Lapse Guarantee Liabilities
is summarized in the table below:
 
Direct Liability
 
Reinsurance Ceded
 
Net
 
(in millions)
Balance at January 1, 2017
$
1,182

 
$
(606
)
 
$
576

Paid guarantee benefits
(24
)
 
—

 
(24
)
Other changes in reserves
(466
)
 
(58
)
 
(524
)
Balance at December 31, 2017
692

 
(664
)
 
28

Paid guarantee benefits
(23
)
 
—

 
(23
)
Other changes in reserves
118

 
(69
)
 
49

Balance at December 31, 2018
787

 
(733
)
 
54

Paid guarantee benefits
(20
)
 
—

 
(20
)
Other changes in reserves
126

 
(74
)
 
52

Balance at December 31, 2019
$
893

 
$
(807
)
 
$
86