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Variable Annuity and Insurance Guarantees (Tables)
3 Months Ended
Mar. 31, 2012
Variable Annuity and Insurance Guarantees  
Schedule of variable annuity guarantees

 

 

 

 

March 31, 2012

 

December 31, 2011

 

Variable Annuity 
Guarantees by 
Benefit Type
(1)

 

Total
Contract
Value

 

Contract
Value in
Separate
Accounts

 

Net
Amount
at Risk
(2)

 

Weighted
Average
Attained
Age

 

Total
Contract
Value

 

Contract
Value in
Separate
Accounts

 

Net
Amount
at Risk
(2)

 

Weighted
Average
Attained
Age

 

 

 

(in millions, except age)

 

GMDB:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return of premium

 

$

43,586

 

$

41,831

 

$

86

 

63

 

$

40,011

 

$

38,275

 

$

382

 

63

 

Five/six-year reset

 

12,046

 

9,541

 

161

 

63

 

11,631

 

9,118

 

350

 

63

 

One-year ratchet

 

7,628

 

7,179

 

148

 

64

 

7,233

 

6,777

 

479

 

64

 

Five-year ratchet

 

1,581

 

1,529

 

5

 

61

 

1,472

 

1,418

 

25

 

61

 

Other

 

833

 

807

 

58

 

68

 

759

 

732

 

93

 

68

 

Total — GMDB

 

$

65,674

 

$

60,887

 

$

458

 

63

 

$

61,106

 

$

56,320

 

$

1,329

 

63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GGU death benefit

 

$

977

 

$

925

 

$

87

 

63

 

$

920

 

$

868

 

$

78

 

63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GMIB

 

$

479

 

$

450

 

$

71

 

65

 

$

463

 

$

433

 

$

106

 

65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GMWB:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GMWB

 

$

4,097

 

$

4,078

 

$

45

 

65

 

$

3,887

 

$

3,868

 

$

236

 

65

 

GMWB for life

 

26,344

 

26,200

 

143

 

64

 

23,756

 

23,625

 

863

 

64

 

Total — GMWB

 

$

30,441

 

$

30,278

 

$

188

 

64

 

$

27,643

 

$

27,493

 

$

1,099

 

64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GMAB

 

$

3,784

 

$

3,774

 

$

7

 

57

 

$

3,516

 

$

3,509

 

$

63

 

56

 

 

 

(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.

(2)    Represents the current guaranteed benefit amount in excess of the current contract value. GMIB, GMWB and GMAB benefits are subject to waiting periods and payment periods specified in the contract.

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

 

 

 

 

GMDB & GGU

 

GMIB

 

GMWB

 

GMAB

 

UL

 

 

 

(in millions)

 

Balance at January 1, 2011

 

$

5

 

$

8

 

$

337

 

$

104

 

$

68

 

Incurred claims

 

2

 

 

(173

)

(55

)

12

 

Paid claims

 

(2

)

(1

)

 

 

(2

)

Balance at March 31, 2011

 

$

5

 

$

7

 

$

164

 

$

49

 

$

78

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2012

 

$

5

 

$

9

 

$

1,377

 

$

237

 

$

111

 

Incurred claims

 

 

(2

)

(624

)

(119

)

17

 

Paid claims

 

(2

)

 

 

 

(4

)

Balance at March 31, 2012

 

$

3

 

$

7

 

$

753

 

$

118

 

$

124

 

 

Schedule of separate account balances by asset type

 

 

 

 

March 31, 2012

 

December 31, 2011

 

 

 

(in millions)

 

Mutual funds:

 

 

 

 

 

Equity

 

$

33,537

 

$

30,738

 

Bond

 

25,591

 

23,862

 

Other

 

1,996

 

1,969

 

Total mutual funds

 

$

61,124

 

$

56,569