Variable Annuity and Insurance Guarantees (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Variable Annuity Guarantees [Table Text Block]

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, 2021							December 31, 2020
	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	$	67,317	$	65,396	$	7	68	$	66,874	$	64,932	$	5	68
Five/six-year reset	8,211		5,486		7		68	8,116		5,386		6		68
One-year ratchet	6,093		5,765		13		71	6,094		5,763		8		71
Five-year ratchet	1,437		1,383		1		67	1,436		1,381		—		67
Other	1,267		1,249		45		74	1,261		1,243		45		73
Total — GMDB	$	84,325	$	79,279	$	73	68	$	83,781	$	78,705	$	64	68

GGU death benefit	$	1,196	$	1,139	$	168	72	$	1,183	$	1,126	$	162	71
GMIB	$	187	$	174	$	5	71	$	187	$	173	$	6	71
GMWB:
GMWB	$	1,949	$	1,944	$	1	74	$	1,972	$	1,967	$	1	74
GMWB for life	50,389		50,316		209		69	50,142		50,057		185		69
Total — GMWB	$	52,338	$	52,260	$	210	69	$	52,114	$	52,024	$	186	69

GMAB	$	2,187	$	2,186	$	—	61	$	2,291	$	2,291	$	—	61

(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.

Schedule of Net Amount of Risk UL Secondary Guarantees [Table Text Block]

The following table provides information related to insurance guarantees for which the Company has established additional liabilities:


	March 31, 2021			December 31, 2020
	Net Amount at Risk		Weighted Average Attained Age	Net Amount at Risk		Weighted Average Attained Age
	(in millions, except age)
UL secondary guarantees	$	6,573	67	$	6,587	67

Schedule of Changes in Additional Liabilities for Variable Annuity and Insurance Guarantees [Table Text Block]

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, 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

Balance at January 1, 2021	$	24	$	6	$	3,049	$	1	$	916
Incurred claims	3		—		(1,570)		(23)		32
Paid claims	(1)		—		—		—		(8)
Balance at March 31, 2021	$	26	$	6	$	1,479	$	(22)	$	940

(1) The incurred claims for GMWB and GMAB include the change in the fair value of the liabilities (contra liabilities) less paid claims.

Schedule of Separate Account Balances by Asset Type [Table Text Block]

The following table summarizes the distribution of separate account balances by asset type for variable annuity contracts providing guaranteed benefits:


	March 31, 2021		December 31, 2020
	(in millions)
Mutual funds:
Equity	$	46,823	$	45,947
Bond	25,614		26,073
Other	7,060		6,911
Total mutual funds	$	79,497	$	78,931