Variable Annuity and Insurance Guarantees (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of variable annuity guarantees with additional liabilities

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)	December 31, 2022							December 31, 2021
	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	$	53,608	$	51,993	$	886	69	$	70,020	$	68,145	$	6	69
Five/six-year reset	6,776		4,165		178		69	8,309		5,612		6		68
One-year ratchet	4,782		4,486		784		72	6,177		5,858		13		71
Five-year ratchet	1,096		1,048		70		68	1,438		1,386		1		68
Other	996		982		244		75	1,302		1,286		38		74
Total — GMDB	$	67,258	$	62,674	$	2,162	69	$	87,246	$	82,287	$	64	69

GGU death benefit	$	1,016	$	961	$	140	72	$	1,260	$	1,198	$	184	72

GMIB	$	134	$	121	$	13	72	$	184	$	170	$	4	71

GMWB:
GMWB	$	1,386	$	1,382	$	25	75	$	1,900	$	1,895	$	1	75
GMWB for life	39,720		39,717		3,099		69	52,387		52,334		187		69
Total — GMWB	$	41,106	$	41,099	$	3,124	69	$	54,287	$	54,229	$	188	69

GMAB	$	1,388	$	1,388	$	126	62	$	2,005	$	2,005	$	—	62

(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

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


	December 31, 2022			December 31, 2021
	Net Amount at Risk		Weighted Average Attained Age	Net Amount at Risk		Weighted Average Attained Age
	(in millions, except age)
UL secondary guarantees	$	6,456	69	$	6,564	68
Structured variable annuity GMDB	$	446	64	$	3	63

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

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	15		—		1,587		40		209
Paid claims	(7)		(1)		—		—		(51)
Balance at December 31, 2020	24		6		3,049		1		916
Incurred claims	17		—		(713)		(24)		140
Paid claims	(5)		(1)		—		—		(36)
Balance at December 31, 2021	36		5		2,336		(23)		1,020
Incurred claims	36		1		(483)		58		127
Paid claims	(22)		—		—		—		(51)
Balance at December 31, 2022	$	50	$	6	$	1,853	$	35	$	1,096

(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

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


	December 31,
	2022		2021
	(in millions)
Mutual funds:
Equity	$	36,800	$	49,183
Bond	19,946		24,998
Other	5,947		8,316
Total mutual funds	$	62,693	$	82,497