Insurance (Tables)

12 Months Ended

Dec. 31, 2018

Insurance liabilities, including affiliated insurance liabilities on reinsurance assumed and ceded, are comprised of future policy benefits, policyholder account balances and other policy-related balances. Information regarding insurance liabilities by segment, as well as Corporate & Other, was as follows at:



	December 31,
	2018		2017
	(In millions)
Annuities	$	37,266	$	34,143
Life	7,336		7,057
Run-off	25,447		26,770
Corporate & Other	7,597		7,534
Total	$	77,646	$	75,504

See Note 6 for discussion of affiliated reinsurance liabilities included in the table above.

Liabilities for Guarantees

Information regarding the liabilities for guarantees (excluding policyholder account balances and embedded derivatives) relating to variable annuity contracts and universal and variable life insurance contracts was as follows:



	Variable Annuity Contracts						Universal and Variable Life Contracts
	GMDBs			GMIBs			Secondary Guarantees			Total
	(In millions)
Direct
Balance at January 1, 2016	$	831		$	1,872		$	2,787		$	5,490
Incurred guaranteed benefits	335			334			753			1,422
Paid guaranteed benefits	(60		)	—			—			(60		)
Balance at December 31, 2016	1,106			2,206			3,540			6,852
Incurred guaranteed benefits	367			344			692			1,403
Paid guaranteed benefits	(57		)	—			—			(57		)
Balance at December 31, 2017	1,416			2,550			4,232			8,198
Incurred guaranteed benefits	183			358			483			1,024
Paid guaranteed benefits	(56		)	—			—			(56		)
Balance at December 31, 2018	$	1,543		$	2,908		$	4,715		$	9,166
Net Ceded/(Assumed)
Balance at January 1, 2016	$	(34	)	$	(28	)	$	1,007		$	945
Incurred guaranteed benefits	44			9			98			151
Paid guaranteed benefits	(55		)	—			—			(55		)
Balance at December 31, 2016	(45		)	(19		)	1,105			1,041
Incurred guaranteed benefits	94			(28		)	(159		)	(93		)
Paid guaranteed benefits	(55		)	—			—			(55		)
Balance at December 31, 2017	(6		)	(47		)	946			893
Incurred guaranteed benefits	48			(3		)	18			63
Paid guaranteed benefits	(54		)	—			—			(54		)
Balance at December 31, 2018	$	(12	)	$	(50	)	$	964		$	902
Net
Balance at January 1, 2016	$	865		$	1,900		$	1,780		$	4,545
Incurred guaranteed benefits	291			325			655			1,271
Paid guaranteed benefits	(5		)	—			—			(5		)
Balance at December 31, 2016	1,151			2,225			2,435			5,811
Incurred guaranteed benefits	273			372			851			1,496
Paid guaranteed benefits	(2		)	—			—			(2		)
Balance at December 31, 2017	1,422			2,597			3,286			7,305
Incurred guaranteed benefits	135			361			465			961
Paid guaranteed benefits	(2		)	—			—			(2		)
Balance at December 31, 2018	$	1,555		$	2,958		$	3,751		$	8,264

Fund Groupings

Account balances of contracts with guarantees were invested in separate account asset classes as follows at:



	December 31,
	2018		2017
	(In millions)
Fund Groupings:
Balanced	$	58,258	$	54,729
Equity	22,292		43,685
Bond	7,592		6,082
Money Market	17		605
Total	$	88,159	$	105,101

Information regarding the Company’s guarantee exposure was as follows at:



	December 31,
	2018						2017
	In the Event of Death			At Annuitization			In the Event of Death			At Annuitization
	(Dollars in millions)
Annuity Contracts (1), (2)
Variable Annuity Guarantees
Total account value (3)	$	92,794		$	53,330		$	105,061		$	59,691
Separate account value	$	88,065		$	52,225		$	100,043		$	58,511
Net amount at risk	$	10,945	(4)	$	3,903	(5)	$	5,200	(4)	$	2,330	(5)
Average attained age of contract holders	69 years			68 years			68 years			68 years



	December 31,
	2018		2017
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	6,099	$	6,244
Net amount at risk (6)	$	73,131	$	75,304
Average attained age of policyholders	65 years		64 years

Variable Life Contracts
Total account value (3)	$	954	$	1,021
Net amount at risk (6)	$	13,040	$	13,848
Average attained age of policyholders	45 years		44 years

______________


(1)	The Company’s annuity contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.


(2)	Includes direct business, but excludes offsets from hedging or reinsurance, if any. Therefore, the net amount at risk presented reflects the economic exposures of living and death benefit guarantees associated with variable annuities, but not necessarily their impact on the Company. See Note 6 for a discussion of guaranteed minimum benefits which have been reinsured.


(3)	Includes the contract holder’s investments in the general account and separate account, if applicable.


(4)	Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death.

(5)

Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contract holders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contract holders have achieved.


(6)	Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.