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Insurance (Tables) | 6 Months Ended
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Jun. 30, 2022
Insurance [Abstract] |
Guarantees related to Annuity, Universal and Variable Life Contracts | Information regarding the Company’s guarantee exposure, which includes direct and assumed business, but excludes offsets from hedging or ceded reinsurance, if any, was as follows at:
|  | June 30, 2022 |  | December 31, 2021
|  | In the Event of Death |  | At Annuitization |  | In the Event of Death |  | At Annuitization
|  | (Dollars in millions) |
Annuity Contracts: |  |  |  |  |  |  |  |  |  |  |  |
Variable Annuity Guarantees: |  |  |  |  |  |  |  |  |  |  |  |
Total account value (1), (2), (3) |  | $ | 49,087 |  |  |  | $ | 17,946 |  |  |  | $ | 62,281 |  |  |  | $ | 23,121 |  |
Separate account value (1) |  | $ | 31,724 |  |  |  | $ | 16,516 |  |  |  | $ | 42,043 |  |  |  | $ | 21,508 |  |
Net amount at risk (2) |  | $ | 4,878 |  | (4) |  |  | $ | 616 |  | (5) |  |  | $ | 1,490 |  | (4) |  |  | $ | 500 |  | (5) |
Average attained age of contractholders |  | 69 years |  |  | 68 years |  |  | 68 years |  |  | 66 years |
Other Annuity Guarantees: |  |  |  |  |  |  |  |  |  |  |  |
Total account value (1), (3) |  | N/A |  |  | $ | 4,150 |  |  |  | N/A |  |  | $ | 5,002 |  |
Net amount at risk |  | N/A |  |  | $ | 188 |  | (6) |  |  | N/A |  |  | $ | 196 |  | (6) |
Average attained age of contractholders |  | N/A |  |  | 57 years |  |  | N/A |  |  | 56 years |
|  | June 30, 2022 |  | December 31, 2021
|  | Secondary Guarantees |  | Paid-Up Guarantees |  | Secondary Guarantees |  | Paid-Up Guarantees
|  | (Dollars in millions)
Universal and Variable Life Contracts: |  |  |  |  |  |  |  |
Total account value (1), (3) |  | $ | 11,889 |  |  | $ | 2,633 |  |  | $ | 13,678 |  |  | $ | 2,694 |
Net amount at risk (7) |  | $ | 76,788 |  |  | $ | 12,211 |  |  | $ | 78,762 |  |  | $ | 12,657 |
Average attained age of policyholders |  | 55 years |  | 66 years |  | 55 years |  | 66 years
__________________ (1)The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive. (2)Includes amounts, which are not reported on the interim condensed consolidated balance sheets, from assumed variable annuity guarantees from the Company’s former operating joint venture in Japan. (3)Includes the contractholders’ investments in the general account and separate account, if applicable. (4)Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death. (5)Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contractholders have achieved. (6)Defined as either the excess of the upper tier, adjusted for a profit margin, less the lower tier, as of the balance sheet date or the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. These amounts represent the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date. (7)Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.
Liabilities for Unpaid Claims and Claim Expenses | Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:
|  | Six Months Ended June 30,
|  | 2022 |  | 2021
|  | (In millions)
Balance, beginning of period |  | $ | 20,013 |  |  | $ | 18,591 |
Less: Reinsurance recoverables |  | 3,121 |  |  | 2,417 |
Net balance, beginning of period |  | 16,892 |  |  | 16,174 |
Incurred related to: |  |  |  |
Current period |  | 13,265 |  |  | 13,640 |
Prior periods (1) |  | 683 |  |  | 802 |
Total incurred |  | 13,948 |  |  | 14,442 |
Paid related to: |  |  |  |
Current period |  | (8,347) |  |  | (8,806) |
Prior periods |  | (5,241) |  |  | (5,408) |
Total paid |  | (13,588) |  |  | (14,214) |
Reclassified to liabilities held-for-sale (2) |  | — |  |  | (59) |
Dispositions |  | — |  |  | (53) |
Net balance, end of period |  | 17,252 |  |  | 16,290 |
Add: Reinsurance recoverables |  | 3,012 |  |  | 2,883 |
Balance, end of period (included in future policy benefits and other policy-related balances) |  | $ | 20,264 |  |  | $ | 19,173 |
__________________ (1)The six months ended June 30, 2022 and 2021 include incurred claim activity and claim adjustment expenses associated with prior periods but reported in the respective current period, which contain impacts related to the COVID-19 pandemic, partially offset by additional premiums recorded for experience-rated contracts that are not reflected in the table above. (2)See Note 3 for information on the Company’s business dispositions.

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- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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- Definition Tabular disclosure of the guaranteed benefits in excess of the current account balance, quantifies such excesses (the net amounts at risk) and includes other relevant, pertinent information as of the most recent balance sheet date by product type. + 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 https://asc.fasb.org/extlink&oid=124508989&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 https://asc.fasb.org/extlink&oid=124504833&loc=d3e7104-158389 + Details
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