INSURANCE LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

GMDB and GMIB Liabilities and Other Policyholder's Liabilities

Change in Liability for Variable Annuity Contracts with GMDB and GMIB Features and No NLG Feature

Year Ended December 31, 2021, 2020 and 2019


	GMDB				GMIB
	Direct		Ceded		Direct		Ceded
	(in millions)
Balance, January 1, 2019	$	4,657	$	(107)	$	3,744	$	(1,993)
Paid guarantee benefits	(438)		14		(256)		72
Other changes in reserve	556		(6)		1,183		(545)
Balance, December 31, 2019	4,775		(99)		4,671		(2,466)
Paid guarantee benefits	(495)		15		(293)		79
Other changes in reserve	813		—		1,647		(472)
Balance, December 31, 2020	5,093		(84)		6,025		(2,859)
Paid guarantee benefits	(461)		113		(377)		58
Other changes in reserve	379		(90)		304		735
Impact of the Venerable transaction (1)	—		(2,176)		—		(2,141)
Balance, December 31, 2021	$	5,011	$	(2,237)	$	5,952	$	(4,207)

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(1)Includes the impact as of June 1, 2021 on the ceded reserves to Venerable. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable transaction.

Variable Annuity Contracts with GMDB and GMIB Features

Account Values and NAR for direct variable annuity contracts in force with GMDB and GMIB features as of December 31, 2021 are presented in the following tables by guarantee type. For contracts with the GMDB feature, the NAR in the event of death is the amount by which the GMDB feature exceeds the related Account Values. For contracts with the GMIB feature, the NAR in the event of annuitization is the amount by which the present value of the GMIB benefits exceed the related Account Values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB features may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive.

Direct Variable Annuity Contracts with GMDB and GMIB Features

as of December 31, 2021


	Guarantee Type
	Return of Premium		Ratchet		Roll-Up		Combo		Total
	(in millions, except age and interest rate)
Variable annuity contracts with GMDB features
Account Values invested in:
General Account	$	16,188	$	84	$	51	$	156	$	16,479
Separate Accounts	59,603		9,804		3,412		34,486		107,305
Total Account Values	$	75,791	$	9,888	$	3,463	$	34,642	$	123,784

NAR, gross	$	90	$	29	$	1,333	$	15,732	$	17,184
NAR, net of amounts reinsured	$	86	$	26	$	937	$	7,948	$	8,997

Average attained age of policyholders (in years)	51.5		69.1		75.5		71.1		55.6
Percentage of policyholders over age 70	11.7%		51.3%		72.6%		57.5%		20.7%
Range of contractually specified interest rates	N/A		N/A		3% - 6%		3% - 6.5%		3% - 6.5%

Variable annuity contracts with GMIB features
Account Values invested in:
General Account	$	—	$	—	$	16	$	202	$	218
Separate Accounts	—		—		26,173		36,833		63,006
Total Account Values	$	—	$	—	$	26,189	$	37,035	$	63,224

NAR, gross	$	—	$	—	$	632	$	9,093	$	9,725
NAR, net of amounts reinsured	$	—	$	—	$	202	$	3,708	$	3,910

Average attained age of policyholders (in years)	N/A		N/A		65.0		70.8		68.7
Weighted average years remaining until annuitization	N/A		N/A		6.0		0.6		2.6
Range of contractually specified interest rates	N/A		N/A		3% - 6%		3% - 6.5%		3% - 6.5%

Investment in Variable Insurance Trust Mutual Funds

The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and GMIB features. The investment performance of the assets impacts the related Account Values and, consequently, the NAR associated with the GMDB and GMIB benefits and guarantees. Because the Company’s variable annuity contracts offer both GMDB and GMIB features, GMDB and GMIB amounts are not mutually exclusive.

Investment in Variable Insurance Trust Mutual Funds


	December 31,
	2021				2020
Mutual Fund Type	GMDB		GMIB		GMDB		GMIB
	(in millions)
Equity	$	52,744	$	20,009	$	46,850	$	18,771
Fixed income	5,384		2,505		5,506		2,701
Balanced	48,152		40,228		47,053		39,439
Other	1,025		264		1,111		275
Total	$	107,305	$	63,006	$	100,520	$	61,186

No Lapse Guarantee Liabilities

The change in the NLG liabilities, reflected in future policy benefits and other policyholders’ liabilities in the consolidated balance sheets, is summarized in the table below.



	Direct Liability		Reinsurance Ceded		Net
	(in millions)
Balance, January 1, 2019	$	788	$	(734)	$	54
Paid guarantee benefits	(20)		—		(20)
Other changes in reserves	126		(74)		52
Balance, December 31, 2019	894		(808)		86
Paid guarantee benefits	(40)		—		(40)
Other changes in reserves	162		(75)		87
Balance, December 31, 2020	1,016		(883)		133
Paid guarantee benefits	(84)		—		(84)
Other changes in reserves	158		(45)		113
Balance at December 31, 2021	$	1,090	$	(928)	$	162