INSURANCE LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

GMDB and GMIB Liabilities and Other Policyholder's Liabilities

Change in Liability for Variable Annuity Contracts with GMDB and GMIB Features and No NLG Feature

Year Ended December 31, 2021, 2020 and 2019


	GMDB				GMIB
	Direct		Ceded		Direct		Ceded
	(in millions)
Balance, January 1, 2019	$	5	$	(5)	$	2	$	(2)
Paid guarantee benefits	—		—		—		—
Other changes in reserve	—		—		—		—
Balance, December 31, 2019	5		(5)		2		(2)
Paid guarantee benefits	—		—		—		—
Other changes in reserve	(1)		1		(1)		1
Balance, December 31, 2020	4		(4)		1		(1)
Paid guarantee benefits	—		—		—		—
Other changes in reserve	1		(1)		—		—
Balance, December 31, 2021	$	5	$	(5)	$	1	$	(1)

Variable Annuity Contracts with GMDB and GMIB Features

Account Values and NAR for direct variable annuity contracts in force with GMDB and GMIB features as of December 31, 2021 are presented in the following tables by guarantee type. For contracts with the GMDB feature, the NAR in the event of death is the amount by which the GMDB feature exceeds the related Account Values. For contracts with the GMIB feature, the NAR in the event of annuitization is the amount by which the present value of the GMIB benefits exceed the related Account Values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB features may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive.

Direct Variable Annuity Contracts with GMDB and GMIB Features

as of December 31, 2021


	Guarantee Type
	Return of Premium			Ratchet			Roll-Up			Combo		Total
	(in millions, except age and interest rate)
Variable annuity contracts with GMDB features
Account Values invested in:
General Account	$	—		$	—		$	—		$	—	$	—
Separate Accounts	216			56			—			—		272
Total Account Values	$	216		$	56		$	—		$	—	$	272

NAR, gross (1)	$	—		$	—		$	—		$	—	$	—
NAR, net of amounts reinsured (1)	$	—		$	—		$	—		$	—	$	—

Average attained age of policyholders (in years)	59.4			61.4			N/A			N/A		59.8
Percentage of policyholders over age 70	10.7		%	13.3		%	N/A			N/A		11.3		%
Range of contractually specified interest rates	N/A			N/A			N/A			N/A		N/A

Variable annuity contracts with GMIB features
Account Values invested in:
General Account	$	—		$	—		$	—		$	—	$	—
Separate Accounts	—			—			270			—		270
Total Account Values	$	—		$	—		$	270		$	—	$	270

NAR, gross (1)	$	—		$	—		$	—		$	—	$	—
NAR, net of amounts reinsured (1)	$	—		$	—		$	—		$	—	$	—

Average attained age of policyholders (in years)	N/A			N/A			64.1			N/A		64.1
Weighted average years remaining until annuitization	N/A			N/A			10.0			N/A		10.0
Range of contractually specified interest rates	N/A			N/A			—		%	N/A		—		%

____________

(1) Amounts reported for NAR are $0 as the values are less than $1 million at December 31, 2021.

Investment in Variable Insurance Trust Mutual Funds

The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and

GMIB features. The investment performance of the assets impacts the related Account Values and, consequently, the NAR associated with the GMDB and GMIB benefits and guarantees. Because the Company’s variable annuity contracts offer both GMDB and GMIB features, GMDB and GMIB amounts are not mutually exclusive.

Investment in Variable Insurance Trust Mutual Funds


	December 31,
	2021				2020 (1)
Mutual Fund Type	GMDB		GMIB		GMDB		GMIB
	(in millions)
Equity	$	27	$	5	$	—	$	—
Fixed income	6		2		—		—
Balanced	238		263		—		—
Other	1		—		—		—
Total	$	272	$	270	$	—	$	—

(1) No investment in variable insurance trust mutual funds at December 31, 2020 due to the initial offering of Retirement Cornerstone in February 2021.

No Lapse Guarantee Liabilities

The change in the NLG liabilities, reflected in future policy benefits and other policyholders’ liabilities in the balance sheets, is summarized in the table below.


	2020
			Direct Liability		Reinsurance Ceded		Net
		(in millions)
Balance, January 1, 2019			$	4	$	(2)	$	2
Paid guarantee benefits			—		—		—
Other changes in reserves			—		—		—
Balance, December 31, 2019			4		(2)		2
Paid guarantee benefits			—		—		—
Other changes in reserves			2		(1)		1
Balance, December 31, 2020			6		(3)		3
Paid guarantee benefits			—		—		—
Other changes in reserves			—		—		—
Balance, December 31, 2021			$	6	$	(3)	$	3