Guaranteed Benefit Features

3 Months Ended

Mar. 31, 2021

Guaranteed Benefit Features [Abstract]

8. Guaranteed Benefit Features

Information on the guaranteed death benefit (“GDB”) features outstanding (dollars in millions) was as follows:



	As of		As of
	March 31,		December 31,
	2021 ⁽¹⁾			2020 ⁽¹⁾
Return of Net Deposits
Total account value	$	111,818		$	109,856
Net amount at risk ⁽²⁾		77			72
Average attained age of contract holders		66 years			66 years

Minimum Return
Total account value	$	99		$	100
Net amount at risk ⁽²⁾		12			12
Average attained age of contract holders		78 years			78 years
Guaranteed minimum return		5%			5%

Anniversary Contract Value
Total account value	$	27,903		$	27,650
Net amount at risk ⁽²⁾		410			390
Average attained age of contract holders		72 years			72 years

⁽¹⁾Our variable contracts with guarantees may offer more than one type of guarantee in each contract; therefore, the amounts listed are not mutually exclusive.

⁽²⁾Represents the amount of death benefit in excess of the account balance that is subject to market fluctuations.

The determination of GDB liabilities is based on models that involve a range of scenarios and assumptions, including those regarding expected market rates of return and volatility, contract surrender rates and mortality experience. The following summarizes the balances of and changes in the liabilities for GDBs (in millions), which were recorded in future contract benefits on our Consolidated Balance Sheets:



	For the Three
	Months Ended
	March 31,
	2021			2020
Balance as of beginning-of-year	$	121		$	117
Changes in reserves		8			106
Benefits paid		(5	)		(8	)
Balance as of end-of-period	$	124		$	215

Variable Annuity Contracts

Account balances of variable annuity contracts, including those with guarantees, (in millions) were invested in separate account investment options as follows:



	As of			As of
	March 31,		December 31,
	2021			2020
Asset Type
Domestic equity	$	71,993		$	70,362
International equity		20,813			20,855
Fixed income		43,920			43,521
Total	$	136,726		$	134,738

Percent of total variable annuity separate account values		98%			98%

Secondary Guarantee Products

Future contract benefits and other contract holder funds include reserves for our secondary guarantee products sold through our Life Insurance segment. Reserves on UL and VUL products with secondary guarantees represented 39% and 38% of total life insurance in-force reserves as of March 31, 2021, and December 31, 2020, respectively. UL and VUL products with secondary guarantees represented 14% and 29% of total life insurance sales for the three months ended March 31, 2021 and 2020, respectively.