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Insurance (Tables)
 12 Months Ended
Dec. 31, 2019
Insurance [Abstract]  
Insurance Liabilities Information regarding insurance liabilities by segment, as well as Corporate & Other, was as follows at:
 
December 31,
 
2019
 
2018
 
(In millions)
Annuities
$
43,731

 
$
37,266

Life
7,507

 
7,336

Run-off
28,064

 
25,447

Corporate & Other
7,701

 
7,597

Total
$
87,003

 
$
77,646
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, 2017
$
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

Incurred guaranteed benefits
142

 
168

 
874

 
1,184

Paid guaranteed benefits
(89
)
 
—

 
—

 
(89
)
Balance at December 31, 2019
$
1,596

 
$
3,076

 
$
5,589

 
$
10,261

Net Ceded/(Assumed)
 
 
 
 
 
 
 
Balance at January 1, 2017
$
(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

Incurred guaranteed benefits
84

 
(1
)
 
119

 
202

Paid guaranteed benefits
(87
)
 
—

 
—

 
(87
)
Balance at December 31, 2019
$
(15
)
 
$
(51
)
 
$
1,083

 
$
1,017

Net
 
 
 
 
 
 
 
Balance at January 1, 2017
$
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

Incurred guaranteed benefits
58

 
169

 
755

 
982

Paid guaranteed benefits
(2
)
 
—

 
—

 
(2
)
Balance at December 31, 2019
$
1,611

 
$
3,127

 
$
4,506

 
$
9,244
Fund Groupings
Account balances of contracts with guarantees were invested in separate account asset classes as follows at: 
 
December 31,
 
2019
 
2018
 
(In millions)
Fund Groupings:
 
 
 
Balanced
$
62,266

 
$
58,258

Equity
25,580

 
22,292

Bond
7,729

 
7,592

Money Market
16

 
17

Total
$
95,591

 
$
88,159
Guarantees related to Annuity, Universal and Variable Life Contracts
Information regarding the Company’s guarantee exposure was as follows at:
 
December 31,
 
2019
 
2018
 
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)
$
100,034

 
 
$
57,069

 
 
$
92,794

 
 
$
53,330

 
Separate account value
$
95,430

 
 
$
56,027

 
 
$
88,065

 
 
$
52,225

 
Net amount at risk
$
6,617

(4)
 
$
4,495

(5)
 
$
10,945

(4)
 
$
3,903

(5)
Average attained age of contract holders
69 years

 
 
69 years

 
 
69 years

 
 
68 years

 
 
December 31,
 
2019
 
2018
 
Secondary Guarantees
 
(Dollars in millions)
Universal Life Contracts
 
 
 
Total account value (3)
$
5,957

 
$
6,099

Net amount at risk (6)
$
71,124

 
$
73,131

Average attained age of policyholders
66 years

 
65 years

 
 
 
 
Variable Life Contracts
 
 
 
Total account value (3)
$
1,133

 
$
954

Net amount at risk (6)
$
12,082

 
$
13,040

Average attained age of policyholders
45 years

 
45 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.