INSURANCE LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of 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

Three and Nine Months Ended September 30, 2022 and 2021


	GMDB				GMIB
	Direct		Ceded		Direct		Ceded
	(in millions)
Balance, July 1, 2022	$	5,153	$	(2,295)	$	6,217	$	(3,838)
Paid guarantee benefits	(152)		63		(171)		46
Other changes in reserve	377		(146)		(325)		377

Balance, September 30, 2022	$	5,378	$	(2,378)	$	5,721	$	(3,415)

Balance, July 1, 2021	$	5,140	$	(2,281)	$	5,945	$	(4,444)
Paid guarantee benefits	(104)		42		(87)		15
Other changes in reserve	7		(3)		152		126
Impact of the Venerable Transaction (1)	—		—		—		—
Balance, September 30, 2021	$	5,043	$	(2,242)	$	6,010	$	(4,303)


	GMDB				GMIB
	Direct		Ceded		Direct		Ceded
	(in millions)












Balance, January 1, 2022	$	5,011	$	(2,237)	$	5,952	$	(4,207)
Paid guarantee benefits	(433)		180		(437)		53
Other changes in reserve	800		(321)		206		739

Balance, September 30, 2022	$	5,378	$	(2,378)	$	5,721	$	(3,415)

Balance, January 1, 2021	$	5,093	$	(84)	$	6,025	$	(2,859)
Paid guarantee benefits	(351)		65		(271)		41
Other changes in reserve	301		(47)		256		656
Impact of the Venerable Transaction (1)	—		(2,176)		—		(2,141)
Balance, September 30, 2021	$	5,043	$	(2,242)	$	6,010	$	(4,303)

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(1)Includes the impact as of June 1, 2021 on the ceded reserves to Venerable. See Note 1- Organization, for details on the Venerable Transaction.

Schedule of Variable Annuity Contracts with GMDB and GMIB Features

Account Values and NAR for direct variable annuity contracts in force with GMDB and GMIB features as of September 30, 2022 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

as of September 30, 2022


	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	$	16,657	$	94	$	48	$	148	$	16,947
Separate Accounts	44,481		7,106		2,384		24,547		78,518
Total Account Values	$	61,138	$	7,200	$	2,432	$	24,695	$	95,465

NAR, gross	$	1,108	$	1,784	$	1,975	$	24,164	$	29,031
NAR, net of amounts reinsured	$	1,096	$	1,612	$	1,439	$	13,074	$	17,221

Average attained age of policyholders (in years)	51.6		69.7		76.0		71.6		55.4
Percentage of policyholders over age 70	12.1%		52.5%		74.2%		60.0%		21.2%
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	$	—	$	—	$	14	$	193	$	207
Separate Accounts	—		—		19,738		25,771		45,509
Total Account Values	$	—	$	—	$	19,752	$	25,964	$	45,716

NAR, gross	$	—	$	—	$	546	$	8,237	$	8,783
NAR, net of amounts reinsured	$	—	$	—	$	176	$	3,377	$	3,553

Average attained age of policyholders (in years)	N/A		N/A		65.6		71.3		69.1
Weighted average years remaining until annuitization	N/A		N/A		5.5		0.5		2.4
Range of contractually specified interest rates	N/A		N/A		3% - 6%		3% - 6.5%		3% - 6.5%

Schedule of 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, 2022				December 31, 2021
Mutual Fund Type	GMDB		GMIB		GMDB		GMIB
	(in millions)
Equity	$	37,248	$	13,453	$	52,744	$	20,009
Fixed income	4,464		2,026		5,384		2,505
Balanced	35,678		29,776		48,152		40,228
Other	1,128		254		1,025		264
Total	$	78,518	$	45,509	$	107,305	$	63,006

Schedule of 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.


	2022						2021
	Direct Liability		Reinsurance Ceded		Net		Direct Liability		Reinsurance Ceded		Net
	(in millions)





















Balance, July 1,	1,127		(940)		187		1,064		(909)		155
Paid guarantee benefits	(45)		—		(45)		(24)		—		(24)
Other changes in reserves	74		(16)		58		38		(11)		27
Balance, September 30,	$	1,156	$	(956)	$	200	$	1,078	$	(920)	$	158

Balance, January 1,	1,090		(928)		162		1,016		(883)		133
Paid guarantee benefits	(61)		—		(61)		(52)		—		(52)
Other changes in reserves	127		(28)		99		114		(37)		77
Balance, September 30,	$	1,156	$	(956)	$	200	$	1,078	$	(920)	$	158