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Variable Annuity and Insurance Guarantees
 3 Months Ended
Mar. 31, 2020
Insurance [Abstract]  
Variable Annuity and Insurance Guarantees [Text Block]
The majority of the variable annuity contracts offered by the Company contain guaranteed minimum death benefit (“GMDB”) provisions. The Company also offers variable annuities with death benefit provisions that gross up the amount payable by a certain percentage of contract earnings, which are referred to as gain gross-up (“GGU”) benefits. In addition, the Company offers contracts with GMWB and GMAB provisions. The Company previously offered contracts containing guaranteed minimum income benefit (“GMIB”) provisions.
Certain UL policies offered by the Company provide secondary guarantee benefits. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges.
The following table provides information related to variable annuity guarantees for which the Company has established additional liabilities:
Variable Annuity 
Guarantees
by Benefit Type (1)
March 31, 2020
 
December 31, 2019
Total Contract Value
 
Contract Value in Separate Accounts
 
Net Amount
at Risk
 
Weighted Average
Attained Age
Total Contract Value
 
Contract Value in Separate Accounts
 
Net Amount
at Risk
 
Weighted Average
Attained Age
 
(in millions, except age)
GMDB:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Return of premium
$
55,082

 
$
53,129

 
$
611

 
68
 
$
62,909

 
$
60,967

 
$
5

 
67
Five/six-year reset
6,920

 
4,189

 
205

 
68
 
7,983

 
5,263

 
7

 
67
One-year ratchet
5,080

 
4,740

 
518

 
70
 
5,935

 
5,600

 
7

 
70
Five-year ratchet
1,195

 
1,139

 
46

 
67
 
1,396

 
1,340

 
—

 
66
Other
1,040

 
1,022

 
185

 
73
 
1,192

 
1,174

 
65

 
73
Total — GMDB
$
69,317

 
$
64,219

 
$
1,565

 
68
 
$
79,415

 
$
74,344

 
$
84

 
67
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GGU death benefit
$
955

 
$
899

 
$
107

 
71
 
$
1,115

 
$
1,063

 
$
133

 
71
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GMIB
$
150

 
$
136

 
$
18

 
70
 
$
186

 
$
172

 
$
6

 
70
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GMWB:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GMWB
$
1,691

 
$
1,685

 
$
6

 
73
 
$
1,999

 
$
1,993

 
$
1

 
73
GMWB for life
41,357

 
41,254

 
1,230

 
68
 
46,799

 
46,691

 
272

 
68
Total — GMWB
$
43,048

 
$
42,939

 
$
1,236

 
68
 
$
48,798

 
$
48,684

 
$
273

 
68
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GMAB
$
2,184

 
$
2,181

 
$
35

 
60
 
$
2,528

 
$
2,524

 
$
—

 
60
(1) 
Individual variable annuity contracts may have more than one guarantee and therefore may be included in more than one benefit type. Variable annuity contracts for which the death benefit equals the account value are not shown in this table.
The net amount at risk for GMDB, GGU and GMAB is defined as the current guaranteed benefit amount in excess of the current contract value. The net amount at risk for GMIB is defined as the greater of the present value of the minimum guaranteed annuity payments less the current contract value or zero. The net amount at risk for GMWB is defined as the greater of the present value of the minimum guaranteed withdrawal payments less the current contract value or zero.
The following table provides information related to insurance guarantees for which the Company has established additional liabilities:
 
March 31, 2020
 
December 31, 2019
Net Amount at Risk
 
Weighted Average Attained Age
Net Amount at Risk
 
Weighted Average Attained Age
(in millions, except age)
UL secondary guarantees
$
6,550

 
67
 
$
6,550

 
67

The net amount at risk for UL secondary guarantees is defined as the current guaranteed death benefit amount in excess of the current policyholder account balance.
Changes in additional liabilities (contra liabilities) for variable annuity and insurance guarantees were as follows:
 
GMDB & GGU
 
GMIB
 
GMWB (1)
 
GMAB (1)
 
UL
(in millions)
Balance at January 1, 2019
$
19

 
$
8

 
$
875

 
$
(19
)
 
$
659

Incurred claims
—

 
(1
)
 
(104
)
 
(26
)
 
34

Paid claims
(2
)
 
—

 
—

 
—

 
(17
)
Balance at March 31, 2019
$
17

 
$
7

 
$
771

 
$
(45
)
 
$
676

 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2020
$
16

 
$
7

 
$
1,462

 
$
(39
)
 
$
758

Incurred claims
5

 
2

 
2,437

 
127

 
32

Paid claims
(2
)
 
—

 
—

 
—

 
(12
)
Balance at March 31, 2020
$
19

 
$
9

 
$
3,899

 
$
88

 
$
778


(1) The incurred claims for GMWB and GMAB include the change in the fair value of the liabilities (contra liabilities) less paid claims.
The liabilities for guaranteed benefits are supported by general account assets.
The following table summarizes the distribution of separate account balances by asset type for variable annuity contracts providing guaranteed benefits:
 
March 31,
2020
 
December 31,
2019
(in millions)
Mutual funds:
 
 
 
Equity
$
37,834

 
$
44,739

Bond
20,701

 
23,374

Other
5,888

 
6,471

Total mutual funds
$
64,423

 
$
74,584