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v3.22.1

Variable Annuity and Insurance Guarantees (Tables) | 3 Months Ended
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Mar. 31, 2022
Insurance [Abstract] |
Schedule of variable annuity guarantees with additional liabilities | The following table provides information related to variable annuity guarantees for which the Company has established additional liabilities:
Variable Annuity Guarantees by Benefit Type (1) | March 31, 2022 |  | December 31, 2021
Total Contract Value |  | Contract Value in Separate Accounts |  | Net Amount at Risk |  | Weighted Average Attained Age | Total Contract Value |  | Contract Value in Separate Accounts |  | Net Amount at Risk |  | Weighted Average Attained Age
| (in millions, except age)
GMDB: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Return of premium | $ | 64,309 |  |  | $ | 62,458 |  |  | $ | 122 |  |  | 69 |  | $ | 70,020 |  |  | $ | 68,145 |  |  | $ | 6 |  |  | 69
Five/six-year reset | 7,814 |  |  | 5,125 |  |  | 40 |  |  | 69 |  | 8,309 |  |  | 5,612 |  |  | 6 |  |  | 68
One-year ratchet | 5,689 |  |  | 5,375 |  |  | 222 |  |  | 72 |  | 6,177 |  |  | 5,858 |  |  | 13 |  |  | 71
Five-year ratchet | 1,318 |  |  | 1,266 |  |  | 13 |  |  | 68 |  | 1,438 |  |  | 1,386 |  |  | 1 |  |  | 68
Other | 1,190 |  |  | 1,175 |  |  | 99 |  |  | 74 |  | 1,302 |  |  | 1,286 |  |  | 38 |  |  | 74
Total — GMDB | $ | 80,320 |  |  | $ | 75,399 |  |  | $ | 496 |  |  | 69 |  | $ | 87,246 |  |  | $ | 82,287 |  |  | $ | 64 |  |  | 69
GGU death benefit | $ | 1,173 |  |  | $ | 1,112 |  |  | $ | 164 |  |  | 72 |  | $ | 1,260 |  |  | $ | 1,198 |  |  | $ | 184 |  |  | 72
GMIB | $ | 166 |  |  | $ | 153 |  |  | $ | 5 |  |  | 72 |  | $ | 184 |  |  | $ | 170 |  |  | $ | 4 |  |  | 71
GMWB: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GMWB | $ | 1,724 |  |  | $ | 1,719 |  |  | $ | 2 |  |  | 75 |  | $ | 1,900 |  |  | $ | 1,895 |  |  | $ | 1 |  |  | 75
GMWB for life | 47,847 |  |  | 47,815 |  |  | 575 |  |  | 69 |  | 52,387 |  |  | 52,334 |  |  | 187 |  |  | 69
Total — GMWB | $ | 49,571 |  |  | $ | 49,534 |  |  | $ | 577 |  |  | 69 |  | $ | 54,287 |  |  | $ | 54,229 |  |  | $ | 188 |  |  | 69
GMAB | $ | 1,771 |  |  | $ | 1,771 |  |  | $ | 3 |  |  | 62 |  | $ | 2,005 |  |  | $ | 2,005 |  |  | $ | — |  |  | 62
(1) Individual variable annuity contracts may have more than one guarantee and therefore may be included in more than one benefit type. Variable annuity contracts for which the death benefit equals the account value are not shown in this table.
Schedule insurance guarantees with additional liabilities | The following table provides information related to insurance guarantees for which the Company has established additional liabilities:
| March 31, 2022 |  | December 31, 2021
Net Amount at Risk |  | Weighted Average Attained Age | Net Amount at Risk |  | Weighted Average Attained Age
(in millions, except age)
UL secondary guarantees | $ | 6,563 |  |  | 68 |  | $ | 6,564 |  |  | 68
Schedule of changes in additional liabilities (contra liabilities) for variable annuity and insurance guarantees | Changes in additional liabilities (contra liabilities) for variable annuity and insurance guarantees were as follows:
| GMDB & GGU |  | GMIB |  | GMWB (1) |  | GMAB (1) |  | UL
(in millions)
Balance at January 1, 2022 | $ | 36 |  |  | $ | 5 |  |  | $ | 2,336 |  |  | $ | (23) |  |  | $ | 1,020 |
Incurred claims | — |  |  | — |  |  | (586) |  |  | 6 |  |  | 31 |
Paid claims | (3) |  |  | — |  |  | — |  |  | — |  |  | (9) |
Balance at March 31, 2022 | $ | 33 |  |  | $ | 5 |  |  | $ | 1,750 |  |  | $ | (17) |  |  | $ | 1,042 |
Balance at January 1, 2021 | $ | 24 |  |  | $ | 6 |  |  | $ | 3,049 |  |  | $ | 1 |  |  | $ | 916 |
Incurred claims | 3 |  |  | — |  |  | (1,570) |  |  | (23) |  |  | 32 |
Paid claims | (1) |  |  | — |  |  | — |  |  | — |  |  | (8) |
Balance at March 31, 2021 | $ | 26 |  |  | $ | 6 |  |  | $ | 1,479 |  |  | $ | (22) |  |  | $ | 940 |
(1) The incurred claims for GMWB and GMAB include the change in the fair value of the liabilities (contra liabilities) less paid claims.
Summary of distribution of separate account balances by asset type | The following table summarizes the distribution of separate account balances by asset type for variable annuity contracts providing guaranteed benefits:
| March 31, 2022 |  | December 31, 2021
(in millions)
Mutual funds: |  |  |
Equity | $ | 46,511 |  |  | $ | 49,183 |
Bond | 21,640 |  |  | 24,998 |
Other | 7,438 |  |  | 8,316 |
Total mutual funds | $ | 75,589 |  |  | $ | 82,497 |

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- Definition Tabular disclosure of fair value of asset supporting separate account. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 80 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://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 http://asc.fasb.org/extlink&oid=124504833&loc=d3e7104-158389 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 80 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=124505678&loc=SL117422397-158474 + 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=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 http://asc.fasb.org/extlink&oid=124504833&loc=d3e7104-158389 + 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 http://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 http://asc.fasb.org/extlink&oid=124504833&loc=d3e7104-158389 + Details
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