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Insurance (Tables)
 12 Months Ended
Dec. 31, 2017
Insurance [Abstract]  
Schedule of Net Amount of Risk by Product and Guarantee [Table Text Block]
Information regarding the Company’s guarantee exposure was as follows at:
 
 
December 31,
 
 
 
2017
 
2016
 
 
 
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)
 
$
115,147

 
$
67,110

 
$
111,719

 
$
64,503

 
Separate account value
 
$
109,792

 
$
65,782

 
$
106,759

 
$
63,025

 
Net amount at risk
 
$
5,261

(4)
$
2,642

(5)
$
6,837

(4)
$
3,313

(5)
Average attained age of contract holders
 
68 years

 
68 years

 
67 years

 
67 years

 
 
 
December 31,
 
 
2017
 
2016
 
 
Secondary Guarantees
 
 
(Dollars in millions)
Universal Life Contracts
 
 
 
 
Total account value (3)
 
$
6,244

 
$
6,216

Net amount at risk (6)
 
$
75,304

 
$
76,216

Average attained age of policyholders
 
64 years

 
63 years

 
 
 
 
 
Variable Life Contracts
 
 
 
 
Total account value (3)
 
$
3,379

 
$
3,110

Net amount at risk (6)
 
$
24,546

 
$
26,419

Average attained age of policyholders
 
49 years

 
48 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 presented 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.
Insurance Liabilities
Insurance liabilities, including affiliated insurance liabilities on reinsurance assumed and ceded, are comprised of future policy benefits, policyholder account balances and other policy-related balances. Information regarding insurance liabilities by segment, as well as Corporate & Other, was as follows at:
 
 
December 31,
 
 
2017
 
2016
 
 
(In millions)
Annuities
 
$
34,281

 
$
33,155

Life
 
8,542

 
8,539

Run-off
 
27,027

 
24,819

Corporate & Other
 
7,534

 
7,430

Total
 
$
77,384

 
$
73,943


See Note 5 for discussion of affiliated reinsurance liabilities included in the table above.
Liabilities for Guarantees
Information regarding the liabilities for guarantees (excluding base policy liabilities and embedded derivatives) relating to annuity and universal and variable life contracts was as follows:
 
Annuity Contracts
 
Universal and Variable
Life Contracts
 
 
 
GMDBs
 
GMIBs
 
Secondary
Guarantees
 
Total
 
(In millions)
Direct
 
 
 
 
 
 
 
Balance at January 1, 2015
$
630

 
$
1,649

 
$
2,374

 
$
4,653

Incurred guaranteed benefits (1)
252

 
355

 
413

 
1,020

Paid guaranteed benefits
(37
)
 
—

 
—

 
(37
)
Balance at December 31, 2015
845

 
2,004

 
2,787

 
5,636

Incurred guaranteed benefits
339

 
331

 
753

 
1,423

Paid guaranteed benefits
(60
)
 
—

 
—

 
(60
)
Balance at December 31, 2016
1,124

 
2,335

 
3,540

 
6,999

Incurred guaranteed benefits
373

 
374

 
692

 
1,439

Paid guaranteed benefits
(58
)
 
—

 
—

 
(58
)
Balance at December 31, 2017
$
1,439

 
$
2,709

 
$
4,232

 
$
8,380

Net Ceded/(Assumed)
 
 
 
 
 
 

Balance at January 1, 2015
$
(10
)
 
$
6

 
$
846

 
$
842

Incurred guaranteed benefits (1)
24

 
3

 
161

 
188

Paid guaranteed benefits
(34
)
 
1

 
—

 
(33
)
Balance at December 31, 2015
(20
)
 
10

 
1,007

 
997

Incurred guaranteed benefits
48

 
10

 
98

 
156

Paid guaranteed benefits
(55
)
 
—

 
—

 
(55
)
Balance at December 31, 2016
(27
)
 
20

 
1,105

 
1,098

Incurred guaranteed benefits
101

 
(20
)
 
(160
)
 
(79
)
Paid guaranteed benefits
(56
)
 
—

 
—

 
(56
)
Balance at December 31, 2017
$
18

 
$
—

 
$
945

 
$
963

Net
 
 
 
 
 
 

Balance at January 1, 2015
$
640

 
$
1,643

 
$
1,528

 
$
3,811

Incurred guaranteed benefits (1)
228

 
352

 
252

 
832

Paid guaranteed benefits
(3
)
 
(1
)
 
—

 
(4
)
Balance at December 31, 2015
865

 
1,994

 
1,780

 
4,639

Incurred guaranteed benefits
291

 
321

 
655

 
1,267

Paid guaranteed benefits
(5
)
 
—

 
—

 
(5
)
Balance at December 31, 2016
1,151

 
2,315

 
2,435

 
5,901

Incurred guaranteed benefits
272

 
394

 
852

 
1,518

Paid guaranteed benefits
(2
)
 
—

 
—

 
(2
)
Balance at December 31, 2017
$
1,421

 
$
2,709

 
$
3,287

 
$
7,417


(1) See Note 5.
Fund Groupings
Account balances of contracts with guarantees were invested in separate account asset classes as follows at:
 
 
December 31,
 
 
2017
 
2016
 
 
(In millions)
Fund Groupings:
 
 
 
 
Balanced
 
$
56,979

 
$
54,371

Equity
 
47,571

 
44,750

Bond
 
6,662

 
6,686

Money Market
 
657

 
761

Total
 
$
111,869

 
$
106,568
Schedule of liability recorded and collateral pledged for funding agreements
The liabilities for these funding agreements are included in policyholder account balances. Information related to FHLB funding agreements was as follows at:
 
 
December 31,
 
 
2017
 
2016
 
 
(In millions)
Liabilities
 
$
595

 
$
645

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value at:
 
December 31,
 
2017
 
2016
 
(In millions)
Invested assets on deposit (regulatory deposits) (1)
$
8,263

 
$
7,648

Invested assets held in trust (reinsurance agreements) (2)
2,634

 
9,054

Invested assets pledged as collateral (3)
3,199

 
3,548

Total invested assets on deposit, held in trust and pledged as collateral
$
14,096

 
$
20,250

__________________
(1)
The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policy holder liabilities, of which $34 million of the assets on deposit balance represents restricted cash at both December 31, 2017 and 2016.
(2)
The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions. $42 million and $15 million of the assets held in trust balance represents restricted cash at December 31, 2017 and 2016, respectively.
(3)
The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 3) and derivative transactions (see Note 7).