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Variable Annuity and Insurance Guarantees | 3 Months Ended
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Mar. 31, 2022
Insurance [Abstract] |
Variable Annuity and Insurance Guarantees | Variable Annuity and Insurance Guarantees Most of the variable annuity contracts issued by the Company contain one or more guaranteed minimum death benefit (“GMDB”) provisions or death benefit provisions that gross up the amount payable by a certain percentage of contract earnings, which are referred to as gain gross-up (“GGU”) benefits. The Company discontinued new sales of substantially all GMWB and GMAB at the end of 2021. The Company also previously offered contracts containing guaranteed minimum income benefit (“GMIB”) provisions. Certain UL policies provide secondary guarantee benefits. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges. 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. The net amount at risk for GMDB, GGU and GMAB is defined as the current guaranteed benefit amount in excess of the current contract value. The net amount at risk for GMIB is defined as the greater of the present value of the minimum guaranteed annuity payments less the current contract value or zero. The net amount at risk for GMWB is defined as the greater of the present value of the minimum guaranteed withdrawal payments less the current contract value or zero. 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
The net amount at risk for UL secondary guarantees is defined as the current guaranteed death benefit amount in excess of the current policyholder account balance. 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. The liabilities for guaranteed benefits are supported by general account assets. 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 The entire disclosure for long duration contracts. This may include the information pertinent to an understanding of the types of traditional and nontraditional insurance and investment contracts sold and serviced, including the nature and amount of estimated guaranteed obligations pertaining to such contracts and the assumptions underlying such estimated amounts, hedging strategies, and sales inducements offered. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -URI http://asc.fasb.org/topic&trid=2303980 + Details
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