Guaranteed Benefit Features

9 Months Ended

Sep. 30, 2022

Guaranteed Benefit Features [Abstract]

8. Guaranteed Benefit Features

Information on the guaranteed death benefit (“GDB”) features outstanding (dollars in millions) was as follows:


	As of		As of
	September 30,		December 31,
	2022 ⁽¹⁾			2021 ⁽¹⁾
Return of Net Deposits
Total account value	$	91,411		$	117,503
Net amount at risk ⁽²⁾		2,035			84
Average attained age of contract holders		67 years			67 years

Minimum Return
Total account value	$	69		$	102
Net amount at risk ⁽²⁾		16			11
Average attained age of contract holders		79 years			79 years
Guaranteed minimum return		5%			5%

Anniversary Contract Value
Total account value	$	20,910		$	28,788
Net amount at risk ⁽²⁾		4,701			400
Average attained age of contract holders		73 years			73 years

⁽¹⁾Our variable contracts with guarantees may offer more than one type of guarantee in each contract; therefore, the amounts listed are not mutually exclusive.

⁽²⁾Represents the amount of death benefit in excess of the account balance that is subject to market fluctuations.

The determination of GDB liabilities is based on models that involve a range of scenarios and assumptions, including those regarding expected market rates of return and volatility, contract surrender rates and mortality experience. The following summarizes the balances of and changes in the liabilities for GDBs (in millions), which were recorded in future contract benefits on our Consolidated Balance Sheets:



	For the Nine
	Months Ended
	September 30,
	2022			2021
Balance as of beginning-of-year	$	132		$	121
Changes in reserves		262			31
Benefits paid		(38	)		(16	)
Balance as of end-of-period	$	356		$	136

Variable Annuity Contracts

Account balances of variable annuity contracts, including those with guarantees, (in millions) were invested in separate account investment options as follows:



	As of		As of
	September 30,		December 31,
	2022			2021
Asset Type
Domestic equity	$	56,039		$	77,290
International equity		15,161			21,223
Fixed income		35,512			45,231
Total	$	106,712		$	143,744

Secondary Guarantee Products

Future contract benefits and other contract holder funds include reserves for our secondary guarantee products sold through our Life Insurance segment. Reserves on UL and VUL products with secondary guarantees represented 40% and 39% of total life insurance in-force reserves as of September 30, 2022, and December 31, 2021, respectively.