Insurance (Tables)

12 Months Ended

Dec. 31, 2020

Information regarding insurance liabilities by segment, as well as Corporate & Other, was as follows at:


	December 31,
	2020		2019
	(In millions)
Annuities	$	54,185	$	43,731
Life	8,335		7,507
Run-off	31,197		28,064
Corporate & Other	7,609		7,701
Total	$	101,326	$	87,003

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, 2018	$	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
Incurred guaranteed benefits	128		1,089		1,244		2,461
Paid guaranteed benefits	(103)		—		(169)		(272)
Balance at December 31, 2020	$	1,621	$	4,165	$	6,664	$	12,450
Net Ceded/(Assumed)
Balance at January 1, 2018	$	(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
Incurred guaranteed benefits	95		(21)		102		176
Paid guaranteed benefits	(101)		—		(39)		(140)
Balance at December 31, 2020	$	(21)	$	(72)	$	1,146	$	1,053
Net
Balance at January 1, 2018	$	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
Incurred guaranteed benefits	33		1,110		1,142		2,285
Paid guaranteed benefits	(2)		—		(130)		(132)
Balance at December 31, 2020	$	1,642	$	4,237	$	5,518	$	11,397

Fund Groupings

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


	December 31,
	2020		2019
	(In millions)
Fund Groupings:
Balanced	$	62,800	$	62,266
Equity	28,385		25,580
Bond	8,265		7,729
Money Market	16		16
Total	$	99,466	$	95,591

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


	December 31,
	2020						2019
	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)	$	104,075		$	57,790		$	100,034		$	57,069
Separate account value	$	99,257		$	56,668		$	95,430		$	56,027
Net amount at risk	$	6,392	(4)	$	6,341	(5)	$	6,617	(4)	$	4,495	(5)
Average attained age of contract holders	70 years			70 years			69 years			69 years


	December 31,
	2020		2019
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	5,772	$	5,957
Net amount at risk (6)	$	69,083	$	71,124
Average attained age of policyholders	67 years		66 years

Variable Life Contracts
Total account value (3)	$	1,306	$	1,133
Net amount at risk (6)	$	11,234	$	12,082
Average attained age of policyholders	46 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 5 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.