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Certain Long-Duration Contracts With Guarantees (Tables)
 12 Months Ended
Dec. 31, 2019
Long-Duration Contracts, Assumptions Supporting Guarantee Obligations [Abstract]  
Schedule of Net Amount of Risk by Product and Guarantee As of December 31, 2019 and 2018, the Company had the following guarantees associated with these contracts, by product and guarantee type:
 
December 31, 2019
 
December 31, 2018
 
In the Event of
Death(1)
 
At Annuitization/
Accumulation(1)(2)
 
In the Event of
Death(1)
 
At Annuitization/
Accumulation (1)(2)
 
 
 
 
 
 
 
 
Annuity Contracts
(in thousands)
Return of net deposits
 
 
 
 
 
 
 
Account value
$
120,240,930

 
N/A

 
$
106,779,202

 
N/A

Net amount at risk
$
229,080

 
N/A

 
$
843,419

 
N/A

Average attained age of contractholders
68 years

 
N/A

 
67 years

 
N/A

Minimum return or contract value
 
 
 
 
 
 
 
Account value
$
23,563,604

 
$
129,812,105

 
$
22,184,537

 
$
115,822,894

Net amount at risk
$
2,254,621

 
$
3,989,437

 
$
4,322,406

 
$
7,252,486

Average attained age of contractholders
70 years

 
69 years

 
70 years

 
68 years

Average period remaining until earliest expected annuitization
N/A

 
0 years

 
N/A

 
0 years



(1)
Amounts include assumed reinsurance business.
(2)
Includes income and withdrawal benefits.
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, 2019(1)
 
December 31, 2018(1)
 
 
 
 
 
(in thousands)
Equity funds
$
82,506,787

 
$
69,686,791

Bond funds
53,763,563

 
51,855,361

Money market funds
2,877,135

 
2,542,219

Total
$
139,147,485

 
$
124,084,371


(1)
Amounts include assumed reinsurance business.
Schedule of Minimum Guaranteed Benefit Liabilities
The table below summarizes the changes in general account liabilities for guarantees. The liabilities for GMDB and GMIB are included in “Future policy benefits” and the related changes in the liabilities are included in “Policyholders’ benefits.” GMAB, GMWB and 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 5 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, 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

Incurred guarantee benefits(1)(2)
103,596

 
180,572

 
2,679

 
286,847

Paid guarantee benefits(2)
(67,887
)
 
0

 
(2,915
)
 
(70,802
)
Change in unrealized investment gains and losses(2)
(20,108
)
 
0

 
(230
)
 
(20,338
)
Balance at December 31, 2018
638,403

 
8,332,474

 
22,060

 
8,992,937

Incurred guarantee benefits(1)(2)
68,142

 
3,490,524

 
3,539

 
3,562,205

Paid guarantee benefits(2)
(51,418
)
 
0

 
(3,477
)
 
(54,895
)
Change in unrealized investment gains and losses(2)
26,377

 
0

 
274

 
26,651

Balance at December 31, 2019
$
681,504

 
$
11,822,998

 
$
22,396

 
$
12,526,898


(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.
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, 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

Capitalization
2,888

Amortization - Impact of assumption and experience unlocking and true-ups
(5,713
)
Amortization - All other
(149,236
)
Change in unrealized investment gains and losses
20,873

Balance at December 31, 2018
889,598

Capitalization
797

Amortization - Impact of assumption and experience unlocking and true-ups
100,222

Amortization - All other
(146,620
)
Change in unrealized investment gains and losses
(31,273
)
Balance at December 31, 2019
$
812,724