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Reserve for Life-Contingent Contract Benefits and Contractholder Funds (Tables) | 12 Months Ended
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Dec. 31, 2020
Reserve for Life-Contingent Contract Benefits and Contractholder Funds |
Reserve for life-contingent contract benefits |
Reserve for life-contingent contract benefits
|  | As of December 31,
($ in millions) |  | 2020 |  | 2019
Immediate fixed annuities: |  |  |  |
Structured settlement annuities |  | $ | 7,407 |  |  | $ | 6,840 |
Other immediate fixed annuities |  | 1,511 |  |  | 1,612 |
Traditional life insurance |  | 2,942 |  |  | 2,897 |
Accident and health insurance |  | 841 |  |  | 873 |
Other |  | 67 |  |  | 78 |
Total reserve for life-contingent contract benefits |  | $ | 12,768 |  |  | $ | 12,300 |
Key assumptions generally used in calculating the reserve for life-contingent contract benefits |
Key assumptions generally used in calculating the reserve for life-contingent contract benefits
Product |  | Mortality |  | Interest rate |  | Estimation method
Structured settlement annuities |  | Actual company experience with projected calendar year improvements |  | 4.7% |  | Present value of contractually specified future benefits and expenses
Other immediate fixed annuities |  | Actual company experience with projected calendar year improvements |  | 4.7% |  | Present value of expected future benefits and expenses
Traditional life insurance |  | Actual company experience plus loading |  | Interest rate assumptions range from 2.5% to 11.3% |  | Net level premium reserve method using the Company’s withdrawal experience rates; includes reserves for unpaid claims
Accident and health insurance |  | Actual company experience plus loading |  | Interest rate assumptions range from 3.0% to 7.0% |  | Unearned premium; additional contract reserves for mortality risk and unpaid claims
Other: Variable annuity guaranteed minimum death benefits (1) |  | Annuity 2012 mortality table with internal modifications |  | Interest rate assumptions range from 1.4% to 5.8% |  | Projected benefit ratio applied to cumulative assessments
(1)In 2006, the Company disposed of substantially all of its variable annuity business through reinsurance agreements with The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc. (collectively “Prudential”).
Contractholder funds |
Contractholder funds
|  | As of December 31,
($ in millions) |  | 2020 |  | 2019
Interest-sensitive life insurance |  | $ | 8,493 |  |  | $ | 8,384 |
Investment contracts: |  |  |  |
Fixed annuities |  | 8,196 |  |  | 8,845 |
Other investment contracts |  | 524 |  |  | 463 |
Total contractholder funds |  | $ | 17,213 |  |  | $ | 17,692 |
Key contract provisions relating to contractholder funds |
Key contract provisions of contractholder funds
Product |  | Interest rate |  | Withdrawal/surrender charges
Interest-sensitive life insurance |  | Interest rates credited range from 0.0% to 9.0% for equity-indexed life (whose returns are indexed to the S&P 500) and 1.0% to 6.0% for all other products |  | Either a percentage of account balance or dollar amount grading off generally over 20 years
Fixed annuities |  | Interest rates credited range from 0.5% to 7.5% for immediate annuities; (8.0)% to 9.0% for equity-indexed annuities (whose returns are indexed to the S&P 500); and 0.1% to 5.0% for all other products |  | Either a declining or a level percentage charge generally over ten years or less. Additionally, approximately 11.0% of fixed annuities are subject to market value adjustment for discretionary withdrawals
Other investment contracts: Guaranteed minimum income, accumulation and withdrawal benefits on variable (1) and fixed annuities and secondary guarantees on interest-sensitive life insurance and fixed annuities |  | Interest rates used in establishing reserves range from 1.7% to 10.3% |  | Withdrawal and surrender charges are based on the terms of the related interest-sensitive life insurance or fixed annuity contract
(1)In 2006, the Company disposed of substantially all of its variable annuity business through reinsurance agreements with Prudential.
Contractholder funds activity |
Contractholder funds activity
|  | For the years ended December 31,
($ in millions) |  | 2020 |  | 2019 |  | 2018
Balance, beginning of year |  | $ | 17,692 |  |  | $ | 18,371 |  |  | $ | 19,434 |
Deposits |  | 1,062 |  |  | 1,091 |  |  | 1,109 |
Interest credited |  | 633 |  |  | 636 |  |  | 650 |
Benefits |  | (775) |  |  | (791) |  |  | (844) |
Surrenders and partial withdrawals |  | (728) |  |  | (884) |  |  | (1,135) |
Contract charges |  | (836) |  |  | (825) |  |  | (824) |
Net transfers from separate accounts |  | 5 |  |  | 10 |  |  | 6 |
Other adjustments |  | 160 |  |  | 84 |  |  | (25) |
Balance, end of year |  | $ | 17,213 |  |  | $ | 17,692 |  |  | $ | 18,371 |
Variable annuity contracts with guarantees | The table below presents information regarding the Company’s variable annuity contracts with guarantees. The Company’s variable annuity contracts may offer more than one type of guarantee in each contract; therefore, the sum of amounts listed exceeds the total account balances of variable annuity contracts’ separate accounts with guarantees.
($ in millions) |  | As of December 31,
|  | 2020 |  | 2019
In the event of death |  |  |  |
Separate account value |  | $ | 3,197 |  |  | $ | 2,928 |
Net amount at risk (1) |  | $ | 308 |  |  | $ | 373 |
Average attained age of contractholders |  | 72 years |  | 71 years
At annuitization (includes income benefit guarantees) |  |  |  |
Separate account value |  | $ | 925 |  |  | $ | 848 |
Net amount at risk (2) |  | $ | 140 |  |  | $ | 173 |
Weighted average waiting period until annuitization options available |  | None |  | None
For cumulative periodic withdrawals |  |  |  |
Separate account value |  | $ | 178 |  |  | $ | 190 |
Net amount at risk (3) |  | $ | 12 |  |  | $ | 13 |
Accumulation at specified dates |  |  |  |
Separate account value |  | $ | 93 |  |  | $ | 123 |
Net amount at risk (4) |  | $ | 11 |  |  | $ | 15 |
Weighted average waiting period until guarantee date |  | 3 years |  | 4 years
(1)Defined as the estimated current guaranteed minimum death benefit in excess of the current account balance as of the balance sheet date. (2)Defined as the estimated present value of the guaranteed minimum annuity payments in excess of the current account balance. (3)Defined as the estimated current guaranteed minimum withdrawal balance (initial deposit) in excess of the current account balance as of the balance sheet date. (4)Defined as the estimated present value of the guaranteed minimum accumulation balance in excess of the current account balance.
Liabilities for guarantees |
Summary of liabilities for guarantees
($ in millions) |  | Liability for guarantees related to death benefits and interest-sensitive life products |  | Liability for guarantees related to income benefits |  | Liability for guarantees related to accumulation and withdrawal benefits |  | Total
Balance, December 31, 2019 |  | $ | 293 |  |  | $ | 24 |  |  | $ | 102 |  |  | $ | 419 |
Less reinsurance recoverables |  | 81 |  |  | 20 |  |  | 32 |  |  | 133 |
Net balance as of December 31, 2019 |  | 212 |  |  | 4 |  |  | 70 |  |  | 286 |
Incurred guarantee benefits |  | 50 |  |  | — |  |  | 18 |  |  | 68 |
Paid guarantee benefits |  | (2) |  |  | — |  |  | — |  |  | (2) |
Net change |  | 48 |  |  | — |  |  | 18 |  |  | 66 |
Net balance as of December 31, 2020 |  | 260 |  |  | 4 |  |  | 88 |  |  | 352 |
Plus reinsurance recoverables |  | 69 |  |  | 23 |  |  | 33 |  |  | 125 |
Balance, December 31, 2020 |  | $ | 329 |  |  | $ | 27 |  |  | $ | 121 |  |  | $ | 477 |
Balance, December 31, 2018 |  | $ | 308 |  |  | $ | 39 |  |  | $ | 97 |  |  | $ | 444 |
Less reinsurance recoverables |  | 111 |  |  | 35 |  |  | 39 |  |  | 185 |
Net balance as of December 31, 2018 |  | 197 |  |  | 4 |  |  | 58 |  |  | 259 |
Incurred guarantee benefits |  | 18 |  |  | — |  |  | 12 |  |  | 30 |
Paid guarantee benefits |  | (3) |  |  | — |  |  | — |  |  | (3) |
Net change |  | 15 |  |  | — |  |  | 12 |  |  | 27 |
Net balance as of December 31, 2019 |  | 212 |  |  | 4 |  |  | 70 |  |  | 286 |
Plus reinsurance recoverables |  | 81 |  |  | 20 |  |  | 32 |  |  | 133 |
Balance, December 31, 2019 |  | $ | 293 |  |  | $ | 24 |  |  | $ | 102 |  |  | $ | 419 |
Reserves included in total liability balance for guarantees |
Reserves included in total liability balance for guarantees, as of December 31, by type of benefit
($ in millions) |  | 2020 |  | 2019 |  | 2018
Variable annuity |  |  |  |  |  |
Death benefits |  | $ | 67 |  |  | $ | 78 |  |  | $ | 109 |
Income benefits |  | 24 |  |  | 21 |  |  | 36 |
Accumulation benefits |  | 18 |  |  | 18 |  |  | 25 |
Withdrawal benefits |  | 15 |  |  | 14 |  |  | 14 |
Other guarantees |  | 353 |  |  | 288 |  |  | 260 |
Total |  | $ | 477 |  |  | $ | 419 |  |  | $ | 444 |

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- Definition Disclosure of the activity in the liability for estimated reserve for cumulative deposits plus credited interest and fund performance, less withdrawals, expenses and cost of insurance charges, as applicable. + References No definition available. + Details
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- Definition Reflects the carrying amount of and other relevant, pertinent information about the liability as of the balance sheet date for policyholder contract deposits by major product line segment. + References No definition available. + Details
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- Definition Disclosure of assumptions associated with the accrued obligation to policyholders that relates to insured events, and can be viewed as either (a) the present value of future benefits to be paid to or on behalf of policyholders and expenses less the present value of future net premiums payable under the insurance contracts or (b) the accumulated amount of net premiums already collected less the accumulated amount of benefits and expenses already paid to or on behalf of policyholders. + References No definition available. + Details
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- Definition Disclosure of assumptions associated with the liability for estimated reserve for cumulative deposits plus credited interest and fund performance, less withdrawals, expenses and cost of insurance charges, as applicable. + References No definition available. + Details
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- Definition The entire disclosure for the present values of future benefits to be paid to or on behalf of policyholders and related expenses less the present value of future net premiums using assumptions such as estimates of expected investment yields, mortality, morbidity, terminations and expenses, applicable at the time the insurance contracts are made and unpaid claim costs relating to insurance contracts including estimates of costs relating to incurred but not reported claims based on the estimated ultimate cost of settling the claims (including effects of inflation and other societal and economic factors), using past experience adjusted for current trends and any other factors that would modify past experience by element such as business segment, country and interest rate range. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(13)) -URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910 + Details
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- Definition Tabular disclosure of minimum guaranteed benefits to policyholders and contract holders, such as guaranteed minimum death benefit, guaranteed minimum income benefit, and guaranteed annuitization benefits, discloses the amount of liability reported for additional insurance benefits, annuitization benefits and other minimum guarantees, by type of benefit, for the most recent balance sheet date and the incurred and paid amounts for periods presented for traditional and nontraditional products. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 80 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121641442&loc=d3e19393-158473 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 20 -Section 55 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121639652&loc=d3e7104-158389 + Details
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