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Certain Long-Duration Contracts With Guarantees (Tables)
 12 Months Ended
Dec. 31, 2017
Long-Duration Contracts, Assumptions Supporting Guarantee Obligations [Abstract]  
Schedule of Net Amount of Risk by Product and Guarantee
As of December 31, 2017 and 2016, the Company had the following guarantees associated with these contracts, by product and guarantee type:
 
December 31, 2017
 
December 31, 2016
 
In the Event of
Death(2)
 
At Annuitization/
Accumulation(1)(2)
 
In the Event of
Death(2)
 
At Annuitization/
Accumulation (1)(2)
 
 
 
 
 
 
 
 
Annuity Contracts
(in thousands)
Return of net deposits
 
 
 
 
 
 
 
Account value
$
119,182,143

 
N/A

 
$
110,194,439

 
N/A

Net amount at risk
$
274,617

 
N/A

 
$
463,423

 
N/A

Average attained age of contractholders
66 years

 
N/A

 
66 years

 
N/A

Minimum return or contract value
 
 
 
 
 
 
 
Account value
$
25,835,100

 
$
129,630,456

 
$
24,725,084

 
$
120,237,955

Net amount at risk
$
2,161,133

 
$
3,225,700

 
$
3,098,018

 
$
5,041,214

Average attained age of contractholders
69 years

 
67 years

 
69 years

 
66 years

Average period remaining until earliest expected annuitization
N/A

 
0 years

 
N/A

 
0 years



(1)
Includes income and withdrawal benefits.
(2)
Includes assumed reinsurance business from Pruco Life.
Schedule of Fair Value of Separate Accounts by Major Category of Investment
Account balances of variable annuity contracts with guarantees were invested in separate account investment options as follows:
 
December 31, 2017(1)
 
December 31, 2016(1)
 
 
 
 
 
(in thousands)
Equity funds
$
83,556,771

 
$
77,133,820

Bond funds
53,027,241

 
44,025,867

Money market funds
3,726,553

 
9,099,337

Total
$
140,310,565

 
$
130,259,024



(1)
Amounts include assumed reinsurance business from Pruco Life.
Schedule of Minimum Guaranteed Benefit Liabilities
The table below summarizes the changes in general account liabilities for guarantees. The liabilities for guaranteed minimum death benefits (“GMDB”) and guaranteed minimum income benefits (“GMIB”) are included in “Future policy benefits” and the related changes in the liabilities are included in “Policyholders’ benefits.” Guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum income and withdrawal benefits (“GMIWB”) are accounted for as embedded derivatives and are recorded at fair value within “Future policy benefits.” Changes in the fair value of these derivatives, including changes in the Company’s own risk of non-performance, along with any fees attributed or payments made relating to the derivative are recorded in “Realized investment gains (losses), net.” See Note 10 for additional information regarding the methodology used in determining the fair value of these embedded derivatives. The Company maintains a portfolio of derivative investments that serve as a partial hedge of the risks associated with these products, for which the changes in fair value are also recorded in “Realized investment gains (losses), net.” This portfolio of derivative investments does not qualify for hedge accounting treatment under U.S. GAAP.
 
GMDB
 
GMAB/GMWB/
GMIWB
 
GMIB
 
Totals
Variable Annuity
(in thousands)
Balance at December 31, 2014
$
255,613

 
$
3,112,411

 
$
19,104

 
$
3,387,128

Incurred guarantee benefits(1)
43,167

 
21,666

 
(4,616
)
 
60,217

Paid guarantee benefits
(29,240
)
 
0

 
(511
)
 
(29,751
)
Change in unrealized investment gains and losses
(3,663
)
 
0

 
(113
)
 
(3,776
)
Balance at December 31, 2015
265,877

 
3,134,077

 
13,864

 
3,413,818

Incurred guarantee benefits(1)(2)
43,185

 
(1,979,215
)
 
(3,683
)
 
(1,939,713
)
Paid guarantee benefits(2)
(55,604
)
 
0

 
(2,209
)
 
(57,813
)
Change in unrealized investment gains and losses(2)
(5,206
)
 
0

 
(209
)
 
(5,415
)
Assumed guarantees upon reinsurance agreement with Pruco Life
389,067

 
6,552,471

 
30,130

 
6,971,668

Balance at December 31, 2016
637,319

 
7,707,333

 
37,893

 
8,382,545

Incurred guarantee benefits(1)(2)
29,605

 
444,569

 
(11,686
)
 
462,488

Paid guarantee benefits(2)
(57,053
)
 
0

 
(3,798
)
 
(60,851
)
Change in unrealized investment gains and losses(2)
12,931

 
0

 
117

 
13,048

Balance at December 31, 2017
$
622,802

 
$
8,151,902

 
$
22,526

 
$
8,797,230


(1)
Incurred guarantee benefits include the portion of assessments established as additions to reserves as well as changes in estimates affecting the reserves. Also includes changes in the fair value of features considered to be derivatives.
(2)
Amounts include assumed reinsurance business from Pruco Life.
Deferred Sales Inducements
Changes in DSI, reported as “Interest credited to policyholders’account balances,” are as follows: 
 
Sales Inducements
 
(in thousands)    
Balance at December 31, 2014
$
665,207

Capitalization
873

Amortization - Impact of assumption and experience unlocking and true-ups
21,125

Amortization - All other
(206,263
)
Change in unrealized investment gains and losses
11,063

Ceded DSI upon reinsurance agreement with Prudential Insurance(1)

(39,253
)
Balance at December 31, 2015
452,752

Capitalization
1,805

Amortization - Impact of assumption and experience unlocking and true-ups
101,424

Amortization - All other
(81,603
)
Change in unrealized investment gains and losses
4,915

Assumed DSI upon reinsurance agreement with Pruco Life(1)

499,530

Balance at December 31, 2016
978,823

Capitalization
1,551

Amortization - Impact of assumption and experience unlocking and true-ups
145,141

Amortization - All other
(94,014
)
Change in unrealized investment gains and losses
(10,715
)
Balance at December 31, 2017
$
1,020,786


(1)
See Note 1 for additional information.