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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
 
At Annuitization /
Accumulation(1)
 
($ in millions)
Annuity Contracts
 
 
 
 
 
 
 
Return of net deposits
 
 
 
 
 
 
 
Account value
$
129,231

 
$
100

 
$
119,433

 
$
152

Net amount at risk
$
288

 
$
0

 
$
493

 
$
0

Average attained age of contractholders
66 years

 
66 years

 
65 years

 
66 years

Minimum return or contract value
 
 
 
 
 
 
 
Account value
$
35,431

 
$
146,319

 
$
33,843

 
$
135,462

Net amount at risk
$
2,611

 
$
3,762

 
$
3,714

 
$
5,788

Average attained age of contractholders
68 years

 
66 years

 
67 years

 
65 years

Average period remaining until earliest expected annuitization
N/A

 
0.24 years

 
N/A

 
0.27 years

__________
(1)
Includes income and withdrawal benefits.
 
December 31,
 
2017
 
2016
 
In the Event of Death
 
($ in millions)
Variable Life, Variable Universal Life and Universal Life Contracts
 
 
 
No-lapse guarantees
 
 
 
Separate account value
$
9,365

 
$
8,144

General account value
$
15,969

 
$
14,513

Net amount at risk
$
241,598

 
$
225,084

Average attained age of contractholders
55 years

 
56 years
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
 
2016
 
(in millions)
Equity funds
$
93,798

 
$
86,751

Bond funds
58,939

 
48,789

Balanced funds
1,382

 
914

Money market funds
4,391

 
10,124

Total
$
158,510

 
$
146,578
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 20 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 13 for further information regarding the external reinsurance arrangement.
 
 
GMDB
 
GMIB
 
GMAB/GMWB/GMIWB
 
Variable Life,
Variable Universal Life
and Universal Life
 
Annuity
 
Annuity
 
Annuity
 
(in millions)
Balance at December 31, 2014
$
2,850

 
$
642

 
$
467

 
$
8,182

Incurred guarantee benefits(1)(3)
517

 
167

 
(40
)
 
252

Paid guarantee benefits and other
(22
)
 
(85
)
 
(16
)
 
0

Change in unrealized investment gains and losses(3)
(193
)
 
(10
)
 
41

 
0

Other(2)(3)
(2
)
 
0

 
(12
)
 
(1
)
Balance at December 31, 2015
3,150

 
714

 
440

 
8,433

Incurred guarantee benefits(1)(3)
927

 
98

 
(18
)
 
(194
)
Paid guarantee benefits
(36
)
 
(91
)
 
(15
)
 
0

Change in unrealized investment gains and losses(3)
102

 
0

 
49

 
0

Other(2)(3)
0

 
0

 
18

 
(1
)
Balance at December 31, 2016
4,143

 
721

 
474

 
8,238

Incurred guarantee benefits(1)
685

 
37

 
(20
)
 
479

Paid guarantee benefits
(15
)
 
(74
)
 
(15
)
 
0

Change in unrealized investment gains and losses
290

 
13

 
(30
)
 
0

Other(2)
7

 
0

 
10

 
4

Balance at December 31, 2017
$
5,110

 
$
697

 
$
419

 
$
8,721

__________
(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.
(2)
Other primarily represents foreign currency translation.
(3)
Prior period amounts are presented on a basis consistent with the current period presentation.
Deferred Sales Inducements
Changes in DSI, reported as “Interest credited to policyholders’ account balances,” are as follows:

 
Sales Inducements
 
(in millions)
Balance at December 31, 2014
$
1,514

Capitalization
8

Amortization—Impact of assumption and experience unlocking and true-ups
43

Amortization—All other
(392
)
Change in unrealized investment gains and losses
16

Balance at December 31, 2015
1,189

Capitalization
47

Amortization—Impact of assumption and experience unlocking and true-ups
118

Amortization—All other
(231
)
Change in unrealized investment gains and losses
4

Balance at December 31, 2016
1,127

Capitalization
2

Amortization—Impact of assumption and experience unlocking and true-ups
157

Amortization—All other
(105
)
Change in unrealized investment gains and losses
(13
)
Balance at December 31, 2017
$
1,168