Certain Nontraditional Long-Duration Contracts and Variable Annuity Guarantees (Tables)

3 Months Ended

Mar. 31, 2022

Insurance [Abstract]

Net Amount At Risk

At March 31, 2022 and December 31, 2021, the Company provided variable annuity contracts with guarantees, for which the net amount at risk is defined as the amount of guaranteed benefit in excess of current account value, as follows (dollars in millions):

		Minimum Return	Account  Value		Net Amount at Risk		Weighted Average Attained Age	Average Period until Expected Annuitization
March 31, 2022
Return of net deposits plus a minimum return
	GMDB	0-6%	$	179,752	$	3,147	68.9 years
	GMWB - Premium only	0%	2,671		15
	GMWB	0-5%*	216		9
Highest specified anniversary account value    minus withdrawals post-anniversary
	GMDB		13,574		803		70 years
	GMWB - Highest anniversary only		3,596		173
	GMWB		1,016		61
Combination net deposits plus minimum return,    highest specified anniversary account value    minus withdrawals post-anniversary
	GMDB	0-6%	9,126		1,090		72 years
	GMIB	0-6%	1,510		546			0.5 years
	GMWB	0-8%*	167,956		12,593
							Weighted Average Attained Age	Average Period until Expected Annuitization
		Minimum Return	Account  Value		Net Amount at Risk
December 31, 2021
Return of net deposits plus a minimum return
	GMDB	0-6%	$	194,060	$	2,124	68.7 years
	GMWB - Premium only	0%	2,937		7
	GMWB	0-5%*	245		8
Highest specified anniversary account value    minus withdrawals post-anniversary
	GMDB		14,806		93		69.8 years
	GMWB - Highest anniversary only		3,919		33
	GMWB		643		44
Combination net deposits plus minimum return,    highest specified anniversary account value    minus withdrawals post-anniversary
	GMDB	0-6%	9,896		522		71.9 years
	GMIB	0-6%	1,662		463			0.5 years
	GMWB	0-8%*	181,457		4,295

* Ranges shown based on simple interest. The upper limits of 5% or 8% simple interest are approximately equal to 4.1% and 6.0%, respectively, on a compound interest basis over a typical 10-year bonus period. The combination GMWB category also includes benefits with a defined increase in the withdrawal percentage under pre-defined non-market conditions.

Liabilities for these benefits, as established according to the methodologies described below, are as follows:

	March 31, 2022					December 31, 2021
Benefit Type	Liability (in millions)		Net Amount at Risk (in millions)		Weighted Average Attained Age	Liability (in millions)		Net Amount at Risk (in millions)		Weighted Average Attained Age
Insurance benefits *	$	942	$	18,203	64.4 years	$	943	$	18,506	64.0 years
Account balance adjustments	141		N/A		N/A	141		N/A		N/A

*    Amounts for the universal life benefits are for the total of the plans containing any policies having projected non-zero excess benefits, and thus may include some policies with zero projected excess benefits.

Separate Account Balances

Account balances of contracts with guarantees were invested in variable separate accounts as follows (in millions):

	March 31,		December 31,
	2022		2021
Fund type:
Equity	$	142,087	$	154,368
Bond	18,803		20,207
Balanced	40,466		43,185
Money market	1,886		1,564
Total	$	203,242	$	219,324

GMDB liabilities in the General Account

GMDB liabilities reflected in the general account were as follows (in millions):

	Three Months Ended March 31,
	2022		2021
Balance as of beginning of period	$	1,370	$	1,418
Incurred guaranteed benefits	255		44
Paid guaranteed benefits	(36)		(32)
Balance as of end of period	$	1,589	$	1,430