Ameriprise 2015 Annual Report Download - page 152

The following table provides information related to variable annuity guarantees for which the Company has established
additional liabilities:
December 31, 2015 December 31, 2014
Contract Weighted Contract Weighted
Variable Annuity Total Value in Net Average Total Value in Net Average
Guarantees by Contract Separate Amount Attained Contract Separate Amount Attained
Benefit Type(1) Value Accounts at Risk Age Value Accounts at Risk Age
(in millions, except age)
GMDB:
Return of premium $ 54,716 $ 52,871 $ 297 65 $ 55,378 $ 53,565 $ 24 64
Five/six-year reset 9,307 6,731 78 65 10,360 7,821 28 64
One-year ratchet 6,747 6,379 266 67 7,392 7,006 39 66
Five-year ratchet 1,613 1,556 20 63 1,773 1,717 2 63
Other 887 869 82 71 959 941 38 70
Total — GMDB $ 73,270 $ 68,406 $ 743 65 $ 75,862 $ 71,050 $ 131 64
GGU death benefit $ 1,056 $ 1,004 $ 113 67 $ 1,072 $ 1,019 $ 123 67
GMIB $ 270 $ 251 $ 17 68 $ 343 $ 321 $ 9 67
GMWB:
GMWB $ 3,118 $ 3,109 $ 2 69 $ 3,671 $ 3,659 $ 1 68
GMWB for life 37,301 37,179 330 66 36,843 36,735 95 65
Total — GMWB $ 40,419 $ 40,288 $ 332 66 $ 40,514 $ 40,394 $ 96 65
GMAB $ 4,018 $ 4,006 $ 31 58 $ 4,247 $ 4,234 $ 2 58
(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 guarantees is defined as the current guaranteed benefit amount in
excess of the current contract value. The net amount at risk for GMIB and GMWB guarantees is defined as the greater of
the present value of the minimum guaranteed withdrawal payments less the current contract value or zero. The present
value is calculated using a discount rate that is consistent with assumptions embedded in the Company’s annuity pricing
models.
The following table provides information related to insurance guarantees for which the Company has established additional
liabilities:
December 31, 2015 December 31, 2014
Weighted Weighted
Net Average Net Average
Amount Attained Amount Attained
at Risk Age at Risk Age
(in millions, except age)
UL secondary guarantees $ 6,601 63 $ 6,076 62
The net amount at risk for UL secondary guarantees is defined as the current guaranteed death benefit amount in excess
of the current policyholder value.
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, 2013 $ 4 $ 9 $ 799 $ 103 $ 155
Incurred claims 4 (2) (1,182) (165) 67
Paid claims (4) (1) — — (16)
Balance at December 31, 2013 4 6 (383) (62) 206
Incurred claims 9 1 1,076 21 75
Paid claims (4) — — — (18)
Balance at December 31, 2014 9 7 693 (41) 263
Incurred claims 10 1 364 41 92
Paid claims (5) — — — (23)
Balance at December 31, 2015 $ 14 $ 8 $ 1,057 $ — $ 332
(1) The incurred claims for GMWB and GMAB represent the total change in the liabilities (contra liabilities).
The liabilities for guaranteed benefits are supported by general account assets.
130