

Changes in Reserves for Future Policy Benefits
	Universal Life - Type Contracts
	GMDB/GMWB [1]			Universal Life Secondary Guarantees		Traditional Annuity and Other Contracts [2]			Total Future Policy Benefits
Liability balance as of January 1, 2017	$	786		$	2,627	$	10,516		$	13,929
Incurred [3]	24			79		225			328
Paid	(27		)	—		(197		)	(224		)
Change in unrealized investment gains and losses	—			—		18			18
Liability balance as of March 31, 2017	$	783		$	2,706	$	10,562		$	14,051
Reinsurance recoverable asset, as of January 1, 2017	$	432		$	2,627	$	1,392		$	4,451
Incurred [3]	17			79		46			142
Paid	(23		)	—		(11		)	(34		)
Reinsurance recoverable asset, as of March 31, 2017	$	426		$	2,706	$	1,427		$	4,559



	Universal Life - Type Contracts
	GMDB/GMWB [1]			Universal Life Secondary Guarantees		Traditional Annuity and Other Contracts [2]			Total Future Policy Benefits
Liability balance as of January 1, 2016	$	863		$	2,313	$	10,683		$	13,859
Incurred [3]	28			69		227			324
Paid	(38		)	—		(196		)	(234		)
Change in unrealized investment gains and losses	—			—		224			224
Liability balance as of March 31, 2016	$	853		$	2,382	$	10,938		$	14,173
Reinsurance recoverable asset, as of January 1, 2016	$	523		$	2,313	$	1,478		$	4,314
Incurred [3]	25			69		37			131
Paid	(29		)	—		(15		)	(44		)
Reinsurance recoverable asset, as of March 31, 2016	$	519		$	2,382	$	1,500		$	4,401


[1]	These liability balances include all GMDB benefits, plus the life-contingent portion of GMWB benefits in excess of the return of the GRB. GMWB benefits that make up a shortfall between the account value and the GRB are embedded derivatives held at fair value and are excluded from these balances.


[2]	Represents life-contingent reserves for which the company is subject to insurance and investment risk.


[3]	Includes the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves.



Account Value by GMDB/GMWB Type as of March 31, 2017
Maximum anniversary value (“MAV”) [1]	Account Value (“AV”) [8]		Net Amount at Risk (“NAR”) [9]		Retained Net Amount at Risk (“RNAR”) [9]		Weighted Average Attained Age of Annuitant
MAV only	$	13,713	$	2,166	$	326	71
With 5% rollup [2]	1,166		166		53		71
With Earnings Protection Benefit Rider (“EPB”) [3]	3,484		493		77		71
With 5% rollup & EPB	475		104		23		73
Total MAV	18,838		2,929		479
Asset Protection Benefit (“APB”) [4]	10,416		127		83		69
Lifetime Income Benefit (“LIB”) — Death Benefit [5]	463		5		5		70
Reset [6] (5-7 years)	2,436		7		7		70
Return of Premium (“ROP”) [7]/Other	8,795		63		60		69
Subtotal Variable Annuity with GMDB/GMWB [10]	40,948		$	3,131	$	634	70
Less: General Account Value with GMDB/GMWB	3,727
Subtotal Separate Account Liabilities with GMDB	37,221
Separate Account Liabilities without GMDB	79,361
Total Separate Account Liabilities	$	116,582


[1]	MAV GMDB is the greatest of current AV, net premiums paid and the highest AV on any anniversary before age 80 years (adjusted for withdrawals).


[2]	Rollup GMDB is the greatest of the MAV, current AV, net premium paid and premiums (adjusted for withdrawals) accumulated at generally 5% simple interest up to the earlier of age 80 years or 100% of adjusted premiums.


[3]	EPB GMDB is the greatest of the MAV, current AV, or contract value plus a percentage of the contract’s growth. The contract’s growth is AV less premiums net of withdrawals, subject to a cap of 200% of premiums net of withdrawals.


[4]	APB GMDB is the greater of current AV or MAV, not to exceed current AV plus 25% times the greater of net premiums and MAV (each adjusted for premiums in the past 12 months).


[5]	LIB GMDB is the greatest of current AV; net premiums paid; or, for certain contracts, a benefit amount generally based on market performance that ratchets over time.


[6]	Reset GMDB is the greatest of current AV, net premiums paid and the most recent five to seven year anniversary AV before age 80 years (adjusted for withdrawals).


[7]	ROP GMDB is the greater of current AV or net premiums paid.


[8]	AV includes the contract holder’s investment in the separate account and the general account.


[9]	NAR is defined as the guaranteed benefit in excess of the current AV. RNAR represents NAR reduced for reinsurance. NAR and RNAR are highly sensitive to equity markets movements and increase when equity markets decline.

[10] Some variable annuity contracts with GMDB also have a life-contingent GMWB that may provide for benefits in excess of the return of the GRB. Such contracts included in this amount have $6.4 billion of total account value and weighted average attained age of 72 years. There is no NAR or retained NAR related to these contracts. Includes $1.5 billion of contracts that had a GMDB at issue but no longer have a GMDB due to certain elections made by policyholders or their beneficiaries.



Account Balance Breakdown of Variable Separate Account Investments for Contracts with Guarantees
Asset type	As of March 31, 2017		As of December 31, 2016
Equity securities (including mutual funds)	$	34,244	$	33,880
Cash and cash equivalents	2,977		3,045
Total	$	37,221	$	36,925

As of March 31, 2017 and December 31, 2016, approximately 15% and 16%, respectively, of the equity securities (including mutual funds), in the preceding table were funds invested in fixed income securities and approximately 85% and 84%, respectively, were funds invested in equity securities.

For further information on guaranteed living benefits that are accounted for at fair value, such as GMWB, see Note 5 - Fair Value Measurements of Notes to Condensed Consolidated Financial Statements.