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Certain Long-Duration Contracts With Guarantees (Tables)
 12 Months Ended
Dec. 31, 2019
Long-Duration Contracts, Assumptions Supporting Guarantee Obligations [Abstract]  
Schedule of Net Amount of Risk by Product and Guarantee As of December 31, 2019 and 2018, the Company had the following guarantees associated with these contracts, by product and guarantee type: 
 
 
December 31, 2019
 
December 31, 2018
 
 
In the Event of
Death(1)
 
At Annuitization/
Accumulation(1)(2)
 
In the Event of
Death(1)
 
At Annuitization/
Accumulation(1)(2)
 
 
(in thousands)
Annuity Contracts
 
 
 
 
 
 
 
 
Return of net deposits
 
 
 
 
 
 
 
 
Account value
 
$
101,413,706

 
N/A

 
$
87,412,536

 
N/A

Net amount at risk
 
$
23,061

 
N/A

 
$
656,027

 
N/A

Average attained age of contractholders
 
67 years

 
N/A

 
66 years

 
N/A

Minimum return or contract value
 
 
 
 
 
 
 
 
Account value
 
$
20,008,013

 
$
111,734,329

 
$
18,574,416

 
$
97,055,710

Net amount at risk
 
$
1,423,229

 
$
2,214,835

 
$
3,186,237

 
$
4,510,250

Average attained age of contractholders
 
70 years

 
68 years

 
70 years

 
67 years

Average period remaining until earliest expected annuitization
 
N/A

 
0 years

 
N/A

 
0 years

(1)
Balances are gross of reinsurance.
(2)
Includes income and withdrawal benefits.
 
 
December 31, 2019
 
December 31, 2018
 
 
 
 
 
 
 
In the Event of Death(1)(2)
 
 
(in thousands)
Variable Life, Variable Universal Life and Universal Life Contracts
 
 
 
 
Separate account value
 
$
3,781,929

 
$
3,301,084

General account value
 
$
9,169,757

 
$
8,224,464

Net amount at risk
 
$
147,370,237

 
$
144,225,578

Average attained age of contractholders
 
55 years

 
55 years

(1)
Balances are gross of reinsurance.
(2)
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.
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, 2019(1)
 
December 31, 2018(1)
 
 
(in thousands)
Equity funds
 
$
67,526,437

 
$
56,191,438

Bond funds
 
48,484,071

 
44,794,947

Money market funds
 
1,877,377

 
1,610,279

Total
 
$
117,887,885

 
$
102,596,664


(1)
Balances are gross of reinsurance.
Schedule of Minimum Guaranteed Benefit Liabilities
The table below summarizes the changes in general account liabilities for guarantees. The liabilities for GMDB and GMIB are included in “Future policy benefits” and the related changes in the liabilities are included in “Policyholders' benefits”. GMAB, GMWB and 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 5 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 9 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 at 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
)
Change in unrealized investment gains and losses
 
11,288

 
144,937

 
123

 
0

 
156,348

Balance at December 31, 2017
 
390,338

 
4,997,310

 
17,131

 
5,452,583

 
10,857,362

Incurred guarantee benefits(1)
 
71,467

 
717,444

 
1,889

 
136,256

 
927,056

Paid guarantee benefits
 
(35,800
)
 
(76,944
)
 
(2,032
)
 
0

 
(114,776
)
Change in unrealized investment gains and losses
 
(14,437
)
 
(405,956
)
 
(178
)
 
0

 
(420,571
)
Balance at December 31, 2018
 
411,568

 
5,231,854

 
16,810

 
5,588,839

 
11,249,071

Incurred guarantee benefits(1)
 
52,717

 
1,473,762

 
2,266

 
2,940,727

 
4,469,472

Paid guarantee benefits
 
(25,992
)
 
(110,642
)
 
(2,209
)
 
0

 
(138,843
)
Change in unrealized investment gains and losses
 
22,208

 
805,259

 
240

 
0

 
827,707

Balance at December 31, 2019
 
$
460,501

 
$
7,400,233

 
$
17,107

 
$
8,529,566

 
$
16,407,407

(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.