Insurance (Tables)

12 Months Ended

Dec. 31, 2021

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, 2019	$	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
Incurred guaranteed benefits	294		(8)		686		972
Paid guaranteed benefits	(77)		—		(275)		(352)
Balance at December 31, 2021	$	1,838	$	4,157	$	7,075	$	13,070
Net Ceded/(Assumed)
Balance at January 1, 2019	$	(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
Incurred guaranteed benefits	70		7		100		177
Paid guaranteed benefits	(75)		—		(39)		(114)
Balance at December 31, 2021	$	(26)	$	(65)	$	1,207	$	1,116
Net
Balance at January 1, 2019	$	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
Incurred guaranteed benefits	224		(15)		586		795
Paid guaranteed benefits	(2)		—		(236)		(238)
Balance at December 31, 2021	$	1,864	$	4,222	$	5,868	$	11,954

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


	December 31,
	2021						2020
	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)	$	105,784		$	56,966		$	104,075		$	57,790
Separate account value	$	101,108		$	55,910		$	99,257		$	56,668
Net amount at risk	$	6,315	(4)	$	4,992	(5)	$	6,392	(4)	$	6,341	(5)
Average attained age of contract holders	71 years			71 years			70 years			70 years


	December 31,
	2021		2020
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	5,518	$	5,772
Net amount at risk (6)	$	67,248	$	69,083
Average attained age of policyholders	68 years		67 years

Variable Life Contracts
Total account value (3)	$	1,448	$	1,306
Net amount at risk (6)	$	10,508	$	11,234
Average attained age of policyholders	47 years		46 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.

Fund Groupings

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


	December 31,
	2021		2020
	(In millions)
Fund Groupings:
Balanced	$	62,553	$	62,800
Equity	30,185		28,385
Bond	8,510		8,265
Money Market	15		16
Total	$	101,263	$	99,466