INSURANCE LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2020

Insurance [Abstract]

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 and Nine Months Ended September 30, 2020 and 2019

	GMDB				GMIB
	Direct		Ceded		Direct		Ceded
	(in millions)
Balance at July 1, 2020	$	4,998	$	(99)	$	6,121	$	(3,433)
Paid guarantee benefits	(121)		3		(110)		21
Other changes in reserve	235		9		113		165
Balance at September 30, 2020	$	5,112	$	(87)	$	6,124	$	(3,247)
Balance at July 1, 2019	$	4,709	$	(100)	$	3,757	$	(2,197)
Paid guarantee benefits	(102)		3		(70)		20
Other changes in reserve	155		(4)		979		(676)
Balance at September 30, 2019	$	4,762	$	(101)	$	4,666	$	(2,853)

	GMDB				GMIB
	Direct		Ceded		Direct		Ceded
	(in millions)
Balance at January 1, 2020	$	4,775	$	(99)	$	4,671	$	(2,466)
Paid guarantee benefits	(372)		12		(287)		58
Other changes in reserve	709		—		1,740		(839)
Balance at September 30, 2020	$	5,112	$	(87)	$	6,124	$	(3,247)
Balance at January 1, 2019	$	4,657	$	(107)	$	3,744	$	(1,993)
Paid guarantee benefits	(328)		11		(182)		55
Other changes in reserve	433		(5)		1,104		(915)
Balance at September 30, 2019	$	4,762	$	(101)	$	4,666	$	(2,853)

Variable Annuity Contracts with GMDB and GMIB Features

Account Values and Net Amount at Risk (“NAR”) for direct variable annuity contracts in force with GMDB and GMIB features as of September 30, 2020 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 September 30, 2020

	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	$	15,155		$	89		$	57		$	171		$	15,472
Separate Accounts	48,407			8,812			3,021			31,083			91,323
Total Account Values	$	63,562		$	8,901		$	3,078		$	31,254		$	106,795
Net Amount at Risk, gross	$	125		$	94		$	1,864		$	19,561		$	21,644
Net Amount at Risk, net of amounts reinsured	$	125		$	91		$	1,319		$	19,561		$	21,096
Average attained age of policyholders (in years)	51.3			68.1			74.7			70.0			55.3
Percentage of policyholders over age 70	11.0		%	47.7		%	69.8		%	53.3		%	20.0		%
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	$	—		$	—		$	17		$	220		$	237
Separate Accounts	—			—			23,124			33,217			56,341
Total Account Values	$	—		$	—		$	23,141		$	33,437		$	56,578
Net Amount at Risk, gross	$	—		$	—		$	1,100		$	14,461		$	15,561
Net Amount at Risk, net of amounts reinsured	$	—		$	—		$	349		$	13,066		$	13,415
Average attained age of policyholders (in years)	N/A			N/A			64.0			70.0			67.8
Weighted average years remaining until annuitization	N/A			N/A			5.7			0.7			2.5
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

	September 30, 2020				December 31, 2019
Mutual Fund Type	GMDB		GMIB		GMDB		GMIB
	(in millions)
Equity	$	41,259	$	16,739	$	42,489	$	17,941
Fixed income	5,371		2,679		5,263		2,699
Balanced	43,685		36,656		45,872		38,445
Other	1,008		267		865		263
Total	$	91,323	$	56,341	$	94,489	$	59,348

No Lapse Guarantee Liabilities

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

2020			2019
Direct Liability	Reinsurance Ceded	Net	Direct Liability	Reinsurance Ceded	Net
(in millions)

	2020						2019
	Direct Liability		Reinsurance Ceded		Net		Direct Liability		Reinsurance Ceded		Net
Balance at July 1,	$	941	$	(841)	$	100	$	821	$	(756)	$	65
Paid guarantee benefits	(6)		—		(6)		(7)		—		(7)
Other changes in reserves	61		(31)		30		54		(31)		23
Balance at September 30,	$	996	$	(872)	$	124	$	868	$	(787)	$	81
Balance at January 1,	$	894	$	(808)	$	86	$	788	$	(734)	$	54
Paid guarantee benefits	(32)		—		(32)		(16)		—		(16)
Other changes in reserves	134		(64)		70		96		(53)		43
Balance at September 30,	$	996	$	(872)	$	124	$	868	$	(787)	$	81