v3.8.0.1

Certain Long-Duration Contracts with Guarantees (Tables) | 12 Months Ended
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Dec. 31, 2017
Long-Duration Contracts, Assumptions Supporting Guarantee Obligations [Abstract] |
Schedule of Net Amount of Risk by Product and Guarantee | As of December 31, 2017 and 2016, the Company had the following guarantees associated with these contracts, by product and guarantee type:
| December 31, 2017 |  | December 31, 2016
| In the Event of Death |  | At Annuitization / Accumulation(1) |  | In the Event of Death |  | At Annuitization / Accumulation(1)
| ($ in millions)
Annuity Contracts |  |  |  |  |  |  |
Return of net deposits |  |  |  |  |  |  |
Account value | $ | 129,231 |  |  | $ | 100 |  |  | $ | 119,433 |  |  | $ | 152 |
Net amount at risk | $ | 288 |  |  | $ | 0 |  |  | $ | 493 |  |  | $ | 0 |
Average attained age of contractholders | 66 years |  |  | 66 years |  |  | 65 years |  |  | 66 years |
Minimum return or contract value |  |  |  |  |  |  |
Account value | $ | 35,431 |  |  | $ | 146,319 |  |  | $ | 33,843 |  |  | $ | 135,462 |
Net amount at risk | $ | 2,611 |  |  | $ | 3,762 |  |  | $ | 3,714 |  |  | $ | 5,788 |
Average attained age of contractholders | 68 years |  |  | 66 years |  |  | 67 years |  |  | 65 years |
Average period remaining until earliest expected annuitization | N/A |  |  | 0.24 years |  |  | N/A |  |  | 0.27 years |
__________
(1) | Includes income and withdrawal benefits.
| December 31,
| 2017 |  | 2016
| In the Event of Death
| ($ in millions)
Variable Life, Variable Universal Life and Universal Life Contracts |  |  |
No-lapse guarantees |  |  |
Separate account value | $ | 9,365 |  |  | $ | 8,144 |
General account value | $ | 15,969 |  |  | $ | 14,513 |
Net amount at risk | $ | 241,598 |  |  | $ | 225,084 |
Average attained age of contractholders | 55 years |  |  | 56 years |
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,
| 2017 |  | 2016
| (in millions)
Equity funds | $ | 93,798 |  |  | $ | 86,751 |
Bond funds | 58,939 |  |  | 48,789 |
Balanced funds | 1,382 |  |  | 914 |
Money market funds | 4,391 |  |  | 10,124 |
Total | $ | 158,510 |  |  | $ | 146,578 |
Schedule of Minimum Guaranteed Benefit Liabilities | The table below summarizes the changes in general account liabilities for guarantees. The liabilities for guaranteed minimum death benefits (“GMDB”), and guaranteed minimum income benefits (“GMIB”) are included in “Future policy benefits” and the related changes in the liabilities are included in “Policyholders’ benefits.” Guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”), and guaranteed minimum income and withdrawal benefits (“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 20 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. Additionally, the Company externally reinsures the guaranteed benefit features associated with certain contracts. See Note 13 for further information regarding the external reinsurance arrangement.
| GMDB |  | GMIB |  | GMAB/GMWB/GMIWB
| Variable Life, Variable Universal Life and Universal Life |  | Annuity |  | Annuity |  | Annuity
| (in millions)
Balance at December 31, 2014 | $ | 2,850 |  |  | $ | 642 |  |  | $ | 467 |  |  | $ | 8,182 |
Incurred guarantee benefits(1)(3) | 517 |  |  | 167 |  |  | (40 | ) |  | 252 |
Paid guarantee benefits and other | (22 | ) |  | (85 | ) |  | (16 | ) |  | 0 |
Change in unrealized investment gains and losses(3) | (193 | ) |  | (10 | ) |  | 41 |  |  | 0 |
Other(2)(3) | (2 | ) |  | 0 |  |  | (12 | ) |  | (1 | )
Balance at December 31, 2015 | 3,150 |  |  | 714 |  |  | 440 |  |  | 8,433 |
Incurred guarantee benefits(1)(3) | 927 |  |  | 98 |  |  | (18 | ) |  | (194 | )
Paid guarantee benefits | (36 | ) |  | (91 | ) |  | (15 | ) |  | 0 |
Change in unrealized investment gains and losses(3) | 102 |  |  | 0 |  |  | 49 |  |  | 0 |
Other(2)(3) | 0 |  |  | 0 |  |  | 18 |  |  | (1 | )
Balance at December 31, 2016 | 4,143 |  |  | 721 |  |  | 474 |  |  | 8,238 |
Incurred guarantee benefits(1) | 685 |  |  | 37 |  |  | (20 | ) |  | 479 |
Paid guarantee benefits | (15 | ) |  | (74 | ) |  | (15 | ) |  | 0 |
Change in unrealized investment gains and losses | 290 |  |  | 13 |  |  | (30 | ) |  | 0 |
Other(2) | 7 |  |  | 0 |  |  | 10 |  |  | 4 |
Balance at December 31, 2017 | $ | 5,110 |  |  | $ | 697 |  |  | $ | 419 |  |  | $ | 8,721 |
__________
(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) | Other primarily represents foreign currency translation.
(3) | Prior period amounts are presented on a basis consistent with the current period presentation.
Deferred Sales Inducements | Changes in DSI, reported as “Interest credited to policyholders’ account balances,” are as follows:
| Sales Inducements
| (in millions)
Balance at December 31, 2014 | $ | 1,514 |
Capitalization | 8 |
Amortization—Impact of assumption and experience unlocking and true-ups | 43 |
Amortization—All other | (392 | )
Change in unrealized investment gains and losses | 16 |
Balance at December 31, 2015 | 1,189 |
Capitalization | 47 |
Amortization—Impact of assumption and experience unlocking and true-ups | 118 |
Amortization—All other | (231 | )
Change in unrealized investment gains and losses | 4 |
Balance at December 31, 2016 | 1,127 |
Capitalization | 2 |
Amortization—Impact of assumption and experience unlocking and true-ups | 157 |
Amortization—All other | (105 | )
Change in unrealized investment gains and losses | (13 | )
Balance at December 31, 2017 | $ | 1,168 |

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- Definition Tabular disclosure of the fair value of assets, by major investment asset category, supporting separate accounts with additional insurance benefits and minimum investment return guarantees as of each date for which a statement of financial position is presented. The taxonomy for investment disclosures is utilized to tag elements that represent more detailed breakdowns of the major investment categories specified in reporting regulations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 80 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6484115&loc=d3e19393-158473 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 20 -Section 55 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6588021&loc=d3e7104-158389 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 80 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=6484115&loc=d3e19393-158473 + 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 80 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6484115&loc=d3e19393-158473 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 20 -Section 55 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6588021&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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 20 -Section 55 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6588021&loc=d3e7104-158389 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 80 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6484115&loc=d3e19393-158473 + Details
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