Contractholder funds include policyholder account balances related to contracts with significant insurance risk and investment contracts.

The following tables summarize disaggregated policyholder account balance amounts and reconcile the totals to contractholder funds reported in the consolidated statements of financial position.

(1)	Includes GICs, funding agreements, individual fixed income annuities and guaranteed pension contracts. These contracts are not included within the disaggregated rollforward or guaranteed minimum interest rate (“GMIR”) disclosures below.

(2)	Refer to Note 16, Fair Value Measurements, for details on the changes in Level 3 fair value measurements of embedded derivatives.

(3)	Includes insignificant balances for long-duration contracts and amounts that are not accrued to the benefit of the contractholder and, therefore, are not included within the disaggregated rollforward or GMIR disclosures below.

Retirement and Income Solutions

The changes in policyholder account balances were as follows:


	For the three months ended March 31, 2023									For the year ended December 31, 2022
	Workplace									Workplace
	savings and			Individual			Individual			savings and			Individual			Individual
	retirement			variable			fixed deferred			retirement			variable			fixed deferred
	solutions			annuities			annuities (1)			solutions			annuities			annuities

	($ in millions)
Balance at beginning of period	$	12,154.7		$	381.4		$	7,228.3		$	10,996.2		$	380.9		$	9,646.3
Premiums and deposits		1,337.6			110.2			7.5			3,719.5			426.5			35.9
Policy charges		(7.5)			—			—			(28.5)			—			—
Surrenders, withdrawals and benefit payments		(1,960.2)			(243.1)			(492.8)			(2,866.7)			(843.2)			(2,655.6)
Net transfers from (to) separate account (2)		896.8			115.1			—			164.6			406.6			—
Interest credited		63.3			2.5			42.7			194.3			10.6			201.7
Other		(8.1)			—			—			(24.7)			—			—
Balance at end of period	$	12,476.6		$	366.1		$	6,785.7		$	12,154.7		$	381.4		$	7,228.3

Weighted-average crediting rate (3)		2.16	%		2.81	%		2.67	%		1.94	%		2.79	%		2.63	%
Cash surrender value (4)	$	10,797.2		$	363.3		$	6,648.8		$	10,341.7		$	378.6		$	7,081.4

(1)	We use the deposit method of accounting for the reinsurance of this exited business.

(2)

Within the separate account liabilities rollforwards in Note 6, Separate Account Balances, these transfers for Individual variable annuities and Workplace savings and retirement solutions included in Group retirement contracts are reflected in premiums and deposits; surrenders, withdrawals and benefit payments; and net transfers (to) from general account.

(3)	The weighted-average crediting rate is calculated on a year-to-date basis based on account value.

(4)	Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges.

The net amount at risk for policyholder account balances for Individual variable annuities is equal to the MRB net amount at risk, as reported in Note 9, Market Risk Benefits. Workplace savings and retirement solutions and Individual fixed deferred annuities do not have guarantees that provide for benefits in excess of the current policyholder account balances.

Benefits and Protection

The changes in policyholder account balances for Life Insurance – Universal life were as follows:


	For the three months ended			For the year ended
	March 31, 2023			December 31, 2022

	($ in millions)
Balance at beginning of period	$	6,947.9		$	6,962.5
Premiums and deposits		312.4			1,267.2
Policy charges		(213.5)			(837.8)
Surrenders, withdrawals and benefit payments		(170.4)			(390.0)
Net transfers from (to) separate account (1)		(13.1)			(301.5)
Interest credited		52.4			247.5
Other		(0.3)			—
Balance at end of period		6,915.4			6,947.9
Reinsurance impact		(3,496.8)			(3,528.9)
Balance at end of period after reinsurance	$	3,418.6		$	3,419.0

Weighted-average crediting rate (2)		3.33	%		3.35	%
Net amount at risk (3)	$	86,335.6		$	86,547.9
Cash surrender value (4)	$	5,883.5		$	5,911.5

(1)	Within the separate account liabilities rollforwards in Note 6, Separate Account Balances, these transfers are reflected in premiums and deposits; surrenders, withdrawals and benefit payments; and net transfers (to) from general account.

(2)	The weighted-average crediting rate is calculated on a year-to-date basis based on account value, including indexed credits.

(3)	For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the death benefit in excess of the current account balance or the fixed death benefit at the consolidated statement of financial position date.

(4)	Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges.

Guaranteed Minimum Interest Rate

The account values, for contracts with significant insurance risk and investment contracts with significant fee revenue by range of GMIR and the related range of difference, in basis points, between rates credited to policyholders and the respective GMIR were as follows. The amounts are before reinsurance impacts of our exited U.S. retail fixed annuity and ULSG businesses.


	March 31, 2023
	Excess of crediting rates over GMIR
			Up to 0.50%		0.51% to 1.00%		1.01% to 2.00%		2.01% or more
	At GMIR		above GMIR		above GMIR		above GMIR		above GMIR		Total

		(in millions)
Retirement and Income Solutions
Workplace savings and retirement solutions
Up to 1.00%	$	0.2	$	4.0	$	128.5	$	1,119.4	$	685.5	$	1,937.6
1.01% - 2.00%		—		524.8		5,995.9		1,653.0		279.2		8,452.9
2.01% - 3.00%		7.7		0.1		0.7		0.5		—		9.0
3.01% - 4.00%		7.7		—		—		—		—		7.7
4.01% and above		18.5		—		—		—		—		18.5
Subtotal		34.1		528.9		6,125.1		2,772.9		964.7		10,425.7
No GMIR												2,050.9
Total											$	12,476.6

Individual variable annuities
Up to 1.00%	$	28.9	$	—	$	—	$	—	$	—	$	28.9
1.01% - 2.00%		3.6		—		—		—		—		3.6
2.01% - 3.00%		319.3		—		—		—		—		319.3
3.01% - 4.00%		—		—		—		—		—		—
4.01% and above		—		—		—		—		—		—
Subtotal		351.8		—		—		—		—		351.8
No GMIR												14.3
Total											$	366.1

Individual fixed deferred annuities
Up to 1.00%	$	402.1	$	156.5	$	210.2	$	747.5	$	1,024.8	$	2,541.1
1.01% - 2.00%		121.4		1.3		39.2		234.4		0.8		397.1
2.01% - 3.00%		3,386.6		—		—		—		—		3,386.6
3.01% - 4.00%		166.2		—		—		—		—		166.2
4.01% and above		—		—		—		—		—		—
Subtotal		4,076.3		157.8		249.4		981.9		1,025.6		6,491.0
No GMIR												294.7
Total											$	6,785.7

Benefits and Protection - Life Insurance
Universal life
Up to 1.00%	$	—	$	1.7	$	16.2	$	—	$	1.2	$	19.1
1.01% - 2.00%		312.4		—		412.4		707.8		132.8		1,565.4
2.01% - 3.00%		846.9		881.9		945.0		61.0		0.4		2,735.2
3.01% - 4.00%		1,695.1		30.2		29.7		29.2		3.2		1,787.4
4.01% and above		39.7		10.9		3.4		1.5		—		55.5
Subtotal		2,894.1		924.7		1,406.7		799.5		137.6		6,162.6
No GMIR												752.8
Total											$	6,915.4


	December 31, 2022
	Excess of crediting rates over GMIR
			Up to 0.50%		0.51% to 1.00%		1.01% to 2.00%		2.01% or more
	At GMIR		above GMIR		above GMIR		above GMIR		above GMIR		Total

	(in millions)
Retirement and Income Solutions
Workplace savings and retirement solutions
Up to 1.00%	$	3.9	$	24.8	$	1,188.9	$	307.8	$	364.9	$	1,890.3
1.01% - 2.00%		—		549.9		6,090.2		1,477.0		9.4		8,126.5
2.01% - 3.00%		15.1		0.1		—		0.1		—		15.3
3.01% - 4.00%		7.8		—		—		—		—		7.8
4.01% and above		18.8		—		—		—		—		18.8
Subtotal		45.6		574.8		7,279.1		1,784.9		374.3		10,058.7
No GMIR												2,096.0
Total											$	12,154.7

Individual variable annuities
Up to 1.00%	$	33.0	$	—	$	—	$	—	$	—	$	33.0
1.01% - 2.00%		3.6		—		—		—		—		3.6
2.01% - 3.00%		331.8		—		—		—		—		331.8
3.01% - 4.00%		—		—		—		—		—		—
4.01% and above		—		—		—		—		—		—
Subtotal		368.4		—		—		—		—		368.4
No GMIR												13.0
Total											$	381.4

Individual fixed deferred annuities
Up to 1.00%	$	426.4	$	161.7	$	236.2	$	879.2	$	993.0	$	2,696.5
1.01% - 2.00%		139.8		1.4		39.9		250.5		0.6		432.2
2.01% - 3.00%		3,617.1		—		—		—		—		3,617.1
3.01% - 4.00%		169.7		—		—		—		—		169.7
4.01% and above		—		—		—		—		—		—
Subtotal		4,353.0		163.1		276.1		1,129.7		993.6		6,915.5
No GMIR												312.8
Total											$	7,228.3

Benefits and Protection - Life Insurance
Universal life
Up to 1.00%	$	—	$	8.4	$	10.1	$	—	$	0.7	$	19.2
1.01% - 2.00%		315.7		—		407.0		695.5		155.0		1,573.2
2.01% - 3.00%		865.9		951.2		903.5		59.9		0.4		2,780.9
3.01% - 4.00%		1,698.9		35.8		21.9		25.3		3.2		1,785.1
4.01% and above		40.6		10.1		3.4		1.6		—		55.7
Subtotal		2,921.1		1,005.5		1,345.9		782.3		159.3		6,214.1
No GMIR												733.8
Total											$	6,947.9