Variable Annuity and Insurance Guarantees (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of variable annuity guarantees with additional liabilities


Variable Annuity Guarantees by Benefit Type (1)	September 30, 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	$	68,486	$	66,600	$	18	69	$	66,874	$	64,932	$	5	68
Five/six-year reset	8,181		5,467		13		68	8,116		5,386		6		68
One-year ratchet	6,105		5,786		40		71	6,094		5,763		8		71
Five-year ratchet	1,425		1,371		2		67	1,436		1,381		—		67
Other	1,281		1,264		46		74	1,261		1,243		45		73
Total — GMDB	$	85,478	$	80,488	$	119	69	$	83,781	$	78,705	$	64	68

GGU death benefit	$	1,221	$	1,166	$	176	72	$	1,183	$	1,126	$	162	71

GMIB	$	186	$	172	$	5	71	$	187	$	173	$	6	71
GMWB:
GMWB	$	1,903	$	1,897	$	1	75	$	1,972	$	1,967	$	1	74
GMWB for life	51,275		51,226		215		69	50,142		50,057		185		69
Total — GMWB	$	53,178	$	53,123	$	216	69	$	52,114	$	52,024	$	186	69

GMAB	$	2,037	$	2,037	$	—	62	$	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 insurance guarantees with additional liabilities


	September 30, 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	$	6,563	68	$	6,587	67

Schedule of changes in additional liabilities (contra liabilities) for variable annuity and insurance guarantees


	GMDB & GGU		GMIB		GMWB (1)		GMAB (1)		UL
	(in millions)
Balance at January 1, 2020	$	16	$	7	$	1,462	$	(39)	$	758
Incurred claims	10		1		2,219		63		172
Paid claims	(6)		(1)		—		—		(34)
Balance at September 30, 2020	$	20	$	7	$	3,681	$	24	$	896

Balance at January 1, 2021	$	24	$	6	$	3,049	$	1	$	916
Incurred claims	12		1		(793)		(15)		106
Paid claims	(3)		(1)		—		—		(27)
Balance at September 30, 2021	$	33	$	6	$	2,256	$	(14)	$	995

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

Summary of distribution of separate account balances by asset type


	September 30, 2021		December 31, 2020
	(in millions)
Mutual funds:
Equity	$	47,854	$	45,947
Bond	24,779		26,073
Other	8,067		6,911
Total mutual funds	$	80,700	$	78,931