Guaranteed Benefit Features

12 Months Ended

Dec. 31, 2022

Guaranteed Benefit Features [Abstract]

10. Guaranteed Benefit Features

The GDB features include those where we contractually guarantee to the contract holder either: return of no less than total deposits made to the contract less any partial withdrawals (“return of net deposits”); total deposits made to the contract less any partial withdrawals plus a minimum return (“minimum return”); or the highest contract value on any contract anniversary date through age 80. The highest contract value is increased by purchase payments and is decreased by withdrawals subsequent to that anniversary date.

Information on the GDB features outstanding (dollars in millions) was as follows:



	As of December 31,
	2022 ⁽¹⁾		2021 ⁽¹⁾
Return of Net Deposits
Total account value	$	94,297	$	117,503
Net amount at risk ⁽²⁾		1,376		84
Average attained age of contract holders		67 years		67 years

Minimum Return
Total account value	$	71	$	102
Net amount at risk ⁽²⁾		14		11
Average attained age of contract holders		79 years		79 years
Guaranteed minimum return		5%		5%

Anniversary Contract Value
Total account value	$	21,730	$	28,788
Net amount at risk ⁽²⁾		3,699		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 value 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 the Consolidated Balance Sheets:



	For the Years Ended December 31,
	2022			2021			2020
Balance as of beginning-of-year	$	132		$	121		$	117
Changes in reserves		210			31			30
Benefits paid		(58	)		(20	)		(26	)
Balance as of end-of-year	$	284		$	132		$	121

Variable Annuity Contracts

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



	As of December 31,
	2022		2021
Asset Type
Domestic equity	$	58,640	$	77,290
International equity		15,959		21,223
Fixed income		35,982		45,231
Total	$	110,581	$	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 December 31, 2022 and 2021, respectively.