Insurance (Tables)

12 Months Ended

Dec. 31, 2022

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, 2020	$	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
Incurred guaranteed benefits	525		647		263		1,435
Paid guaranteed benefits	(60)		—		(434)		(494)
Balance at December 31, 2022	$	2,303	$	4,804	$	6,904	$	14,011
Net Ceded/(Assumed)
Balance at January 1, 2020	$	(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
Incurred guaranteed benefits	31		(6)		181		206
Paid guaranteed benefits	(37)		—		(76)		(113)
Balance at December 31, 2022	$	(32)	$	(71)	$	1,312	$	1,209
Net
Balance at January 1, 2020	$	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
Incurred guaranteed benefits	494		653		82		1,229
Paid guaranteed benefits	(23)		—		(358)		(381)
Balance at December 31, 2022	$	2,335	$	4,875	$	5,592	$	12,802

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


	December 31,
	2022						2021
	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)	$	79,359		$	41,855		$	105,784		$	56,966
Separate account value	$	74,845		$	40,861		$	101,108		$	55,910
Net amount at risk	$	16,334	(4)	$	4,777	(5)	$	6,315	(4)	$	4,992	(5)
Average attained age of contract holders	72 years			71 years			71 years			71 years


	December 31,
	2022		2021
	Secondary Guarantees
	(Dollars in millions)
Universal Life Contracts
Total account value (3)	$	5,242	$	5,518
Net amount at risk (6)	$	65,473	$	67,248
Average attained age of policyholders	69 years		68 years

Variable Life Contracts
Total account value (3)	$	1,169	$	1,448
Net amount at risk (6)	$	10,149	$	10,508
Average attained age of policyholders	48 years		47 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 reported 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,
	2022		2021
	(In millions)
Fund Groupings:
Balanced	$	45,702	$	62,553
Equity	21,979		30,185
Bond	6,749		8,510
Money Market	15		15
Total	$	74,445	$	101,263