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Certain Long-Duration Contracts With Guarantees (Tables)
 12 Months Ended
Dec. 31, 2017
Long-Duration Contracts, Assumptions Supporting Guarantee Obligations [Abstract]  
Schedule of Net Amount of Risk by Product and Guarantee
As of December 31, 2017 and 2016, the Company had the following guarantees associated with these contracts, by product and guarantee type: 
 
 
December 31, 2017
 
December 31, 2016
 
 
In the Event of
Death
 
At Annuitization/
Accumulation(1)
 
In the Event of
Death(2)
 
At Annuitization/
Accumulation(1)(2)
 
 
(in thousands)
Annuity Contracts
 
 
 
 
 
 
 
 
Return of net deposits
 
 
 
 
 
 
 
 
Account value
 
$
94,605,484

 
N/A

 
$
85,056,405

 
N/A

Net amount at risk
 
$
23,143

 
N/A

 
$
178,806

 
N/A

Average attained age of contractholders
 
65 years

 
N/A

 
64 years

 
N/A

Minimum return or contract value
 
 
 
 
 
 
 
 
Account value
 
$
21,331,358

 
$
105,887,964

 
$
20,091,528

 
$
95,908,923

Net amount at risk
 
$
1,309,080

 
$
1,729,783

 
$
2,039,249

 
$
2,875,524

Average attained age of contractholders
 
69 years

 
66 years

 
68 years

 
65 years

Average period remaining until earliest expected annuitization
 
N/A

 
0 years

 
N/A

 
0 years

(1)
Includes income and withdrawal benefits.
(2)
Excludes ceded reinsurance business to PALAC and Prudential Insurance related to the Variable Annuities Recapture transaction, as described in Note 1. See Note 12 for amounts recoverable from reinsurers.
 
 
December 31, 2017
 
December 31, 2016(2)
 
 
 
 
 
 
 
In the Event of Death(1)
 
 
(in thousands)
Variable Life, Variable Universal Life and Universal Life Contracts
 
 
 
 
No-lapse guarantees
 
 
 
 
Separate account value
 
$
3,496,913

 
$
3,125,804

General account value
 
$
7,209,522

 
$
6,234,678

Net amount at risk
 
$
135,077,843

 
$
119,838,053

Average attained age of contractholders
 
55 years

 
55 years

(1)
Excludes assumed reinsurance of GUL business from Prudential Insurance in connection with the acquisition of The Hartford Life Business that is retroceded 100% to PAR U.
(2)
Excludes ceded reinsurance business to PALAC and Prudential Insurance related to the Variable Annuities Recapture transaction, as described in Note 1. See Note 12 for amounts recoverable from reinsurers.
Schedule of Fair Value of Separate Accounts by Major Category of Investment
Account balances of variable annuity contracts with guarantees were invested in separate account investment options as follows: 
 
 
December 31, 2017
 
December 31, 2016(1)
 
 
(in thousands)
Equity funds
 
$
65,755,874

 
$
59,482,605

Bond funds
 
44,672,897

 
36,221,736

Money market funds
 
2,415,670

 
6,557,987

Total
 
$
112,844,441

 
$
102,262,328


(1)
Excludes ceded reinsurance business to PALAC and Prudential Insurance related to the Variable Annuities Recapture transaction, as described in Note 1. See Note 12 for amounts recoverable from reinsurers.
Schedule of Minimum Guaranteed Benefit Liabilities
The table below summarizes the changes in general account liabilities for guarantees. The liabilities for guaranteed minimum death benefits (“GMDB”) and guaranteed minimum income benefits (“GMIB”) are included in “Future policy benefits” and the related changes in the liabilities are included in “Policyholders' benefits”. Guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”), and guaranteed minimum income and withdrawal benefits (“GMIWB”) are accounted for as embedded derivatives and are recorded at fair value within “Future policy benefits”. Changes in the fair value of these derivatives, including changes in the Company’s own risk of non-performance, along with any fees attributed or payments made relating to the derivative, are recorded in “Realized investment gains (losses), net.” See Note 9 for additional information regarding the methodology used in determining the fair value of these embedded derivatives. The Company maintains a portfolio of derivative investments that serve as a partial hedge of the risks associated with these products, for which the changes in fair value are also recorded in "Realized investment gains (losses), net." This portfolio of derivative investments does not qualify for hedge accounting treatment under U.S. GAAP. Additionally, the Company externally reinsures the guaranteed benefit features associated with certain contracts. See Note 12 for further information regarding the external reinsurance arrangement.
 
 
GMDB
 
GMIB
 
GMWB/GMIWB/
GMAB
 
Total
 
 
Variable Annuity
 
Variable Life, Variable Universal Life & Universal Life
 
Variable Annuity
 
 
 
(in thousands)
Balance as of December 31, 2014
 
$
321,217

 
$
2,921,933

 
$
39,681

 
$
4,993,610

 
$
8,276,441

Incurred guarantee benefits(1)
 
95,747

 
538,906

 
(6,900
)
 
211,825

 
839,578

Paid guarantee benefits
 
(34,021
)
 
(21,811
)
 
(1,938
)
 
0

 
(57,770
)
Changes in unrealized investment gains and losses
 
(6,049
)
 
(193,207
)
 
(225
)
 
0

 
(199,481
)
Balance as of December 31, 2015
 
376,894

 
3,245,821

 
30,618

 
5,205,435

 
8,858,768

Incurred guarantee benefits(1)
 
48,832

 
746,130

 
(1,693
)
 
(164,427
)
 
628,842

Paid guarantee benefits
 
(38,661
)
 
(35,894
)
 
(1,892
)
 
0

 
(76,447
)
Changes in unrealized investment gains and losses
 
928

 
102,124

 
5

 
0

 
103,057

Balance as of December 31, 2016
 
387,993

 
4,058,181

 
27,038

 
5,041,008

 
9,514,220

Incurred guarantee benefits(1)
 
16,999

 
808,834

 
(8,653
)
 
411,575

 
1,228,755

Paid guarantee benefits
 
(25,942
)
 
(14,642
)
 
(1,377
)
 
0

 
(41,961
)
Changes in unrealized investment gains and losses
 
11,288

 
144,937

 
123

 
0

 
156,348

Balance as of December 31, 2017
 
$
390,338

 
$
4,997,310

 
$
17,131

 
$
5,452,583

 
$
10,857,362

(1)
Incurred guarantee benefits include the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves. Also includes changes in the fair value of features considered to be derivatives.
Deferred Sales Inducements
Changes in DSI, reported as “Interest credited to policyholders’ account balances,” are as follows: 
 
Sales Inducements
 
(in thousands)
Balance as of December 31, 2014
$
836,791

Capitalization
6,462

Amortization-Impact of assumption and experience unlocking and true-ups
21,829

Amortization-All other
(183,843
)
Change in unrealized investment gains (losses)
3,605

Balance as of December 31, 2015
684,844

Capitalization
932

Amortization-Impact of assumption and experience unlocking and true-ups
11,817

Amortization-All other
(144,670
)
Change in unrealized investment gains (losses)
(2,802
)
Other(1)
(550,121
)
Balance as of December 31, 2016
0

Capitalization
0

Amortization-Impact of assumption and experience unlocking and true-ups
0

Amortization-All other
0

Change in unrealized investment gains (losses)
0

Other
0

Balance as of December 31, 2017
$
0


(1)
Represents ceded DSI upon reinsurance agreements with PALAC and Prudential Insurance in 2016. See Note 1 and Note 12 for additional information.