CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS (Tables)

12 Months Ended

Dec. 31, 2021

CERTAIN NONTRADITIONAL LONG-DURATION CONTRACTS

Schedule of activity relating to GMDB reserves (excluding those 100% reinsured under the Modco agreement)

Activity relating to GMDB reserves (excluding those 100% ceded under the Modco agreement) is as follows:

	For The Year Ended December 31,
	2021		2020		2019
			(Recast)		(Recast)
	(Dollars In Millions)
Beginning balance	$	43	$	46	$	44
Great West beginning balance		—		—		7
Incurred guarantee benefits		—		2		(1)
Less: Paid guarantee benefits		5		5		4
Ending balance	$	38	$	43	$	46

Schedule of account balances of variable annuities with guarantees invested in variable annuity separate accounts

Account balances of variable annuities with guarantees invested in VA separate accounts are as follows:

	As of December 31,
	2021		2020
	(Dollars In Millions)
Equity funds	$	9,732	$	10,425
Fixed income funds		5,236		4,631
Total	$	14,968	$	15,056

Schedule of activity in the Company's deferred sales inducement asset

Activity in the Company’s deferred sales inducement asset, recorded on the balance sheet in other assets was as follows:

	For The Year Ended December 31,
	2021		2020		2019
	(Dollars In Millions)
Deferred asset, beginning of period	$	41	$	43	$	40
Amounts deferred		3		2		6
Amortization		(7)		(4)		(3)
Deferred asset, end of period	$	37	$	41	$	43