QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
Title of Each Class | Trading Symbols(s) | Name of Each Exchange on Which Registered | ||||||
x | Accelerated Filer | ☐ | |||||||||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | |||||||||||||||
Emerging Growth Company |
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
March 31, 2024 | December 31, 2023 | |||||||||||||
ASSETS | ||||||||||||||
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024-$ | $ | $ | ||||||||||||
Fixed maturities, trading, at fair value (amortized cost: 2024-$ | ||||||||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | ||||||||||||||
Equity securities, at fair value (cost: 2024-$ | ||||||||||||||
Commercial mortgage and other loans (net of $ | ||||||||||||||
Policy loans | ||||||||||||||
Other invested assets (net of $ | ||||||||||||||
Short-term investments (net of allowance for credit losses: 2024-$ | ||||||||||||||
Total investments | ||||||||||||||
Cash and cash equivalents(1) | ||||||||||||||
Accrued investment income(1) | ||||||||||||||
Deferred policy acquisition costs | ||||||||||||||
Value of business acquired | ||||||||||||||
Market risk benefit assets | ||||||||||||||
Reinsurance recoverables and deposit receivables (net of $ | ||||||||||||||
Income tax assets | ||||||||||||||
Other assets (net of $ | ||||||||||||||
Separate account assets | ||||||||||||||
TOTAL ASSETS | $ | $ | ||||||||||||
LIABILITIES, MEZZANINE EQUITY AND EQUITY | ||||||||||||||
LIABILITIES | ||||||||||||||
Future policy benefits | $ | $ | ||||||||||||
Policyholders’ account balances | ||||||||||||||
Market risk benefit liabilities | ||||||||||||||
Policyholders’ dividends | ||||||||||||||
Securities sold under agreements to repurchase | ||||||||||||||
Cash collateral for loaned securities | ||||||||||||||
Reinsurance and funds withheld payables (includes $ | ||||||||||||||
Short-term debt | ||||||||||||||
Long-term debt | ||||||||||||||
Other liabilities (includes $ | ||||||||||||||
Notes issued by consolidated variable interest entities (includes $ | ||||||||||||||
Separate account liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 21) | ||||||||||||||
MEZZANINE EQUITY | ||||||||||||||
Redeemable noncontrolling interests | ||||||||||||||
Total mezzanine equity | ||||||||||||||
EQUITY | ||||||||||||||
Preferred Stock $ | ||||||||||||||
Common Stock ($ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Common Stock held in treasury, at cost ( | ( | ( | ||||||||||||
Accumulated other comprehensive income (loss)(2) | ( | ( | ||||||||||||
Retained earnings | ||||||||||||||
Total Prudential Financial, Inc. equity | ||||||||||||||
Noncontrolling interests | ||||||||||||||
Total equity | ||||||||||||||
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
REVENUES | |||||||||||
Premiums (includes $ | $ | $ | |||||||||
Policy charges and fee income | |||||||||||
Net investment income | |||||||||||
Asset management and service fees(1) | |||||||||||
Other income (loss) | |||||||||||
Realized investment gains (losses), net(1) | ( | ||||||||||
Change in value of market risk benefits, net of related hedging gains (losses) | |||||||||||
Total revenues | |||||||||||
BENEFITS AND EXPENSES | |||||||||||
Policyholders’ benefits(1) | |||||||||||
Change in estimates of liability for future policy benefits(1) | ( | ||||||||||
Interest credited to policyholders’ account balances | |||||||||||
Dividends to policyholders | |||||||||||
Amortization of deferred policy acquisition costs | |||||||||||
General and administrative expenses(1) | |||||||||||
Total benefits and expenses | |||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES | |||||||||||
Total income tax expense (benefit) | |||||||||||
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES | |||||||||||
Equity in earnings of joint ventures and other operating entities, net of taxes | |||||||||||
NET INCOME (LOSS) | |||||||||||
Less: Income (loss) attributable to noncontrolling interests | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. | $ | $ | |||||||||
EARNINGS PER SHARE | |||||||||||
Basic earnings per share-Common Stock: | |||||||||||
Net income (loss) attributable to Prudential Financial, Inc. | $ | $ | |||||||||
Diluted earnings per share-Common Stock: | |||||||||||
Net income (loss) attributable to Prudential Financial, Inc. | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
NET INCOME (LOSS) | $ | $ | |||||||||
Other comprehensive income (loss), before tax: | |||||||||||
Foreign currency translation adjustments for the period | ( | ||||||||||
Net unrealized investment gains (losses) | ( | ||||||||||
Interest rate remeasurement of future policy benefits(1) | ( | ||||||||||
Gain (loss) from changes in non-performance risk on market risk benefits | ( | ||||||||||
Defined benefit pension and postretirement unrecognized periodic benefit (cost) | |||||||||||
Total | ( | ( | |||||||||
Less: Income tax expense (benefit) related to other comprehensive income (loss) | ( | ( | |||||||||
Other comprehensive income (loss), net of taxes | ( | ( | |||||||||
Comprehensive income (loss) | ( | ||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | |||||||||||
Comprehensive income (loss) attributable to Prudential Financial, Inc. | $ | ( | $ |
Prudential Financial, Inc. Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Common Stock Held In Treasury | Accumulated Other Comprehensive Income (Loss) | Total Prudential Financial, Inc. Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Common Stock acquired | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Consolidations (deconsolidations) of noncontrolling interests | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation programs | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on Common Stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2024 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Prudential Financial, Inc. Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Common Stock Held In Treasury | Accumulated Other Comprehensive Income (Loss) | Total Prudential Financial, Inc. Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||
December 31, 2022(1) | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Common Stock acquired | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation programs | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on Common Stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income (loss) | $ | $ | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Realized investment (gains) losses, net(1) | ( | ||||||||||
Change in value of market risk benefits, net of related hedging (gains) losses | ( | ( | |||||||||
Policy charges and fee income | ( | ( | |||||||||
Interest credited to policyholders’ account balances | |||||||||||
Depreciation and amortization | |||||||||||
(Gains) losses on assets supporting experience-rated contractholder liabilities, net | ( | ( | |||||||||
Change in: | |||||||||||
Deferred policy acquisition costs | ( | ( | |||||||||
Future policy benefits and other insurance liabilities | |||||||||||
Income taxes | |||||||||||
Derivatives, net | ( | ||||||||||
Other, net(1) | ( | ( | |||||||||
Cash flows from (used in) operating activities | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Proceeds from the sale/maturity/prepayment of: | |||||||||||
Fixed maturities, available-for-sale | |||||||||||
Fixed maturities, held-to-maturity | |||||||||||
Fixed maturities, trading | |||||||||||
Assets supporting experience-rated contractholder liabilities | |||||||||||
Equity securities | |||||||||||
Commercial mortgage and other loans | |||||||||||
Policy loans | |||||||||||
Other invested assets | |||||||||||
Short-term investments | |||||||||||
Payments for the purchase/origination of: | |||||||||||
Fixed maturities, available-for-sale | ( | ( | |||||||||
Fixed maturities, trading | ( | ( | |||||||||
Assets supporting experience-rated contractholder liabilities | ( | ( | |||||||||
Equity securities | ( | ( | |||||||||
Commercial mortgage and other loans | ( | ( | |||||||||
Policy loans | ( | ( | |||||||||
Other invested assets | ( | ( | |||||||||
Short-term investments | ( | ( | |||||||||
Derivatives, net | ( | ( | |||||||||
Other, net | ( | ( | |||||||||
Cash flows from (used in) investing activities | ( | ( | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Policyholders’ account deposits | |||||||||||
Policyholders’ account withdrawals | ( | ( | |||||||||
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities | ( | ||||||||||
Cash dividends paid on Common Stock | ( | ( | |||||||||
Net change in financing arrangements (maturities 90 days or less) | ( | ||||||||||
Common Stock acquired | ( | ( | |||||||||
Common Stock reissued for exercise of stock options | |||||||||||
Proceeds from the issuance of debt (maturities longer than 90 days) | |||||||||||
Repayments of debt (maturities longer than 90 days) | ( | ( | |||||||||
Proceeds from notes issued by consolidated VIEs | |||||||||||
Repayments of notes issued by consolidated VIEs | ( | ( | |||||||||
Other, net(1) | |||||||||||
Cash flows from (used in) financing activities | |||||||||||
Effect of foreign exchange rate changes on cash balances | ( | ||||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS | ( | ||||||||||
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR | |||||||||||
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
NON-CASH TRANSACTIONS DURING THE PERIOD | |||||||||||
Treasury Stock shares issued for stock-based compensation programs | $ | $ | |||||||||
Novation of annuity contracts(2) | $ | $ | ( | ||||||||
Significant pension risk transfer transactions: | |||||||||||
Assets received, excluding Cash and cash equivalents | $ | $ | |||||||||
Liabilities assumed | |||||||||||
Net cash received | $ | $ | |||||||||
Somerset Re reinsurance transaction(3): | |||||||||||
Reinsurance recoverables under modified coinsurance, net | $ | ( | $ | ||||||||
Unwind of Deferred policy acquisition costs ceded | |||||||||||
Deferred reinsurance gain | |||||||||||
Net cash received | $ | $ | |||||||||
RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash and restricted cash equivalents (included in “Other assets”) | |||||||||||
Total cash, cash equivalents, restricted cash and restricted cash equivalents | $ | $ |
Standard | Description | Effective date and method of adoption | Effect on the financial statements or other significant matters | |||||||||||||||||
ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures | This ASU requires entities to provide additional information primarily related to the effective tax rate reconciliation and income taxes paid. | Effective for fiscal years beginning after December 15, 2024 with early adoption permitted, and is required to be applied prospectively with the option of retrospective application. | The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements. | |||||||||||||||||
ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures | This ASU requires entities to provide more detailed information about significant segment expenses that are regularly provided to the chief operating decision maker. | Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, using the retrospective method. | The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements. |
March 31, 2024 | |||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Obligations of U.S. states and their political subdivisions | |||||||||||||||||||||||||||||
Foreign government bonds | |||||||||||||||||||||||||||||
U.S. public corporate securities | |||||||||||||||||||||||||||||
U.S. private corporate securities(1) | |||||||||||||||||||||||||||||
Foreign public corporate securities | |||||||||||||||||||||||||||||
Foreign private corporate securities | |||||||||||||||||||||||||||||
Asset-backed securities(2) | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||
Residential mortgage-backed securities(3) | |||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale(1) | $ | $ | $ | $ | $ |
December 31, 2023 | |||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Obligations of U.S. states and their political subdivisions | |||||||||||||||||||||||||||||
Foreign government bonds | |||||||||||||||||||||||||||||
U.S. public corporate securities | |||||||||||||||||||||||||||||
U.S. private corporate securities(1) | |||||||||||||||||||||||||||||
Foreign public corporate securities | |||||||||||||||||||||||||||||
Foreign private corporate securities | |||||||||||||||||||||||||||||
Asset-backed securities(2) | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||
Residential mortgage-backed securities(3) | |||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale(1) | $ | $ | $ | $ | $ |
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | Total | ||||||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Obligations of U.S. states and their political subdivisions | ||||||||||||||||||||||||||||||||||||||
Foreign government bonds | ||||||||||||||||||||||||||||||||||||||
U.S. public corporate securities | ||||||||||||||||||||||||||||||||||||||
U.S. private corporate securities | ||||||||||||||||||||||||||||||||||||||
Foreign public corporate securities | ||||||||||||||||||||||||||||||||||||||
Foreign private corporate securities | ||||||||||||||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | ||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | ||||||||||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | $ | $ | $ | $ | $ | $ |
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or More | Total | ||||||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Obligations of U.S. states and their political subdivisions | ||||||||||||||||||||||||||||||||||||||
Foreign government bonds | ||||||||||||||||||||||||||||||||||||||
U.S. public corporate securities | ||||||||||||||||||||||||||||||||||||||
U.S. private corporate securities | ||||||||||||||||||||||||||||||||||||||
Foreign public corporate securities | ||||||||||||||||||||||||||||||||||||||
Foreign private corporate securities | ||||||||||||||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | ||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | ||||||||||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | $ | $ | $ | $ | $ | $ |
March 31, 2024 | |||||||||||
Available-for-Sale | |||||||||||
Amortized Cost | Fair Value | ||||||||||
(in millions) | |||||||||||
Fixed maturities: | |||||||||||
Due in one year or less | $ | $ | |||||||||
Due after one year through five years | |||||||||||
Due after five years through ten years(1) | |||||||||||
Due after ten years(1) | |||||||||||
Asset-backed securities | |||||||||||
Commercial mortgage-backed securities | |||||||||||
Residential mortgage-backed securities | |||||||||||
Total | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Fixed maturities, available-for-sale: | |||||||||||
Proceeds from sales(1) | $ | $ | |||||||||
Proceeds from maturities/prepayments | |||||||||||
Gross investment gains from sales and maturities | |||||||||||
Gross investment losses from sales and maturities | ( | ( | |||||||||
Write-downs recognized in earnings(2) | ( | ( | |||||||||
(Addition to) release of allowance for credit losses | ( | ( | |||||||||
Fixed maturities, held-to-maturity: | |||||||||||
Proceeds from maturities/prepayments(3) | $ | $ | |||||||||
(Addition to) release of allowance for credit losses |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury Securities and Obligations of U.S. States | Foreign Government Bonds | U.S. and Foreign Corporate Securities | Asset-Backed Securities | Commercial Mortgage-Backed Securities | Residential Mortgage-Backed Securities | Total | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Additions to allowance for credit losses not previously recorded | |||||||||||||||||||||||||||||||||||||||||
Reductions for securities sold during the period | ( | ( | |||||||||||||||||||||||||||||||||||||||
Additions (reductions) on securities with previous allowance | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury Securities and Obligations of U.S. States | Foreign Government Bonds | U.S. and Foreign Corporate Securities | Asset-Backed Securities | Commercial Mortgage-Backed Securities | Residential Mortgage-Backed Securities | Total | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Additions to allowance for credit losses not previously recorded | |||||||||||||||||||||||||||||||||||||||||
Reductions for securities sold during the period | ( | ( | |||||||||||||||||||||||||||||||||||||||
Additions (reductions) on securities with previous allowance | ( | ||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury Securities and Obligations of U.S. States | Foreign Government Bonds | U.S. and Foreign Corporate Securities | Asset-Backed Securities | Commercial Mortgage-Backed Securities | Residential Mortgage-Backed Securities | Total | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturities, held-to-maturity: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Current period provision for expected losses | |||||||||||||||||||||||||||||||||||||||||
Change in foreign exchange | |||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
U.S. Treasury Securities and Obligations of U.S. States | Foreign Government Bonds | U.S. and Foreign Corporate Securities | Asset-Backed Securities | Commercial Mortgage-Backed Securities | Residential Mortgage-Backed Securities | Total | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturities, held-to-maturity: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Current period provision for expected losses | |||||||||||||||||||||||||||||||||||||||||
Change in foreign exchange | |||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Amortized Cost or Cost | Fair Value | Amortized Cost or Cost | Fair Value | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||
Corporate securities | $ | $ | $ | $ | ||||||||||||||||||||||
Foreign government bonds | ||||||||||||||||||||||||||
Obligations of U.S. government authorities and agencies and obligations of U.S. states | ||||||||||||||||||||||||||
Total fixed maturities(1) | ||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
Total assets supporting experience-rated contractholder liabilities(2) | $ | $ | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Investments in Japanese government and government agency securities: | ||||||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | $ | $ | $ | ||||||||||||||||||||||
Fixed maturities, trading | ||||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Investments in Brazil government and government agency securities: | ||||||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | $ | $ | $ | ||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||
Cash equivalents | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Amount (in millions) | % of Total | Amount (in millions) | % of Total | |||||||||||||||||||||||
Commercial mortgage and agricultural property loans by property type: | ||||||||||||||||||||||||||
Office | $ | % | $ | % | ||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||
Apartments/Multi-Family | ||||||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||
Hospitality | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total commercial mortgage loans | ||||||||||||||||||||||||||
Agricultural property loans | ||||||||||||||||||||||||||
Total commercial mortgage and agricultural property loans | % | % | ||||||||||||||||||||||||
Allowance for credit losses | ( | ( | ||||||||||||||||||||||||
Total net commercial mortgage and agricultural property loans | ||||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||
Uncollateralized loans | ||||||||||||||||||||||||||
Residential property loans | ||||||||||||||||||||||||||
Other collateralized loans | ||||||||||||||||||||||||||
Total other loans | ||||||||||||||||||||||||||
Allowance for credit losses | ( | ( | ||||||||||||||||||||||||
Total net other loans | ||||||||||||||||||||||||||
Total net commercial mortgage and other loans(1) | $ | $ |
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgage Loans | Agricultural Property Loans | Residential Property Loans | Other Collateralized Loans | Uncollateralized Loans | Total | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Allowance, beginning of period | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Addition to (release of) allowance for expected losses | ||||||||||||||||||||||||||||||||||||||
Change in foreign exchange | ||||||||||||||||||||||||||||||||||||||
Allowance, end of period | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgage Loans | Agricultural Property Loans | Residential Property Loans | Other Collateralized Loans | Uncollateralized Loans | Total | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Allowance, beginning of period | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Addition to (release of) allowance for expected losses | ||||||||||||||||||||||||||||||||||||||
Reduction for loans sold during the period | ( | ( | ||||||||||||||||||||||||||||||||||||
Allowance, end of period | $ | $ | $ | $ | $ | $ |
March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | |||||||||||||||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
0%-59.99% | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
60%-69.99% | |||||||||||||||||||||||||||||||||||||||||||||||
70%-79.99% | |||||||||||||||||||||||||||||||||||||||||||||||
80% or greater | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Debt Service Coverage Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 1.2x | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
1.0 - 1.2x | |||||||||||||||||||||||||||||||||||||||||||||||
Less than 1.0x | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Agricultural property loans | |||||||||||||||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
0%-59.99% | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
60%-69.99% | |||||||||||||||||||||||||||||||||||||||||||||||
70%-79.99% | |||||||||||||||||||||||||||||||||||||||||||||||
80% or greater | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Debt Service Coverage Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 1.2x | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
1.0 - 1.2x | |||||||||||||||||||||||||||||||||||||||||||||||
Less than 1.0x | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | |||||||||||||||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
0%-59.99% | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
60%-69.99% | |||||||||||||||||||||||||||||||||||||||||||||||
70%-79.99% | |||||||||||||||||||||||||||||||||||||||||||||||
80% or greater | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Debt Service Coverage Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 1.2x | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
1.0 - 1.2x | |||||||||||||||||||||||||||||||||||||||||||||||
Less than 1.0x | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Agricultural property loans | |||||||||||||||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
0%-59.99% | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
60%-69.99% | |||||||||||||||||||||||||||||||||||||||||||||||
70%-79.99% | |||||||||||||||||||||||||||||||||||||||||||||||
80% or greater | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Debt Service Coverage Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
Greater than 1.2x | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
1.0 - 1.2x | |||||||||||||||||||||||||||||||||||||||||||||||
Less than 1.0x | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due(1)(2) | Total Past Due | Total Loans | Non-Accrual Status(3) | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Agricultural property loans | ||||||||||||||||||||||||||||||||||||||||||||
Residential property loans | ||||||||||||||||||||||||||||||||||||||||||||
Other collateralized loans | ||||||||||||||||||||||||||||||||||||||||||||
Uncollateralized loans | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due(1)(2) | Total Past Due | Total Loans | Non-Accrual Status(3) | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Agricultural property loans | ||||||||||||||||||||||||||||||||||||||||||||
Residential property loans | ||||||||||||||||||||||||||||||||||||||||||||
Other collateralized loans | ||||||||||||||||||||||||||||||||||||||||||||
Uncollateralized loans | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||
(in millions) | ||||||||||||||
LPs/LLCs: | ||||||||||||||
Equity method: | ||||||||||||||
Private equity | $ | $ | ||||||||||||
Hedge funds | ||||||||||||||
Real estate-related | ||||||||||||||
Subtotal equity method | ||||||||||||||
Fair value: | ||||||||||||||
Private equity | ||||||||||||||
Hedge funds | ||||||||||||||
Real estate-related | ||||||||||||||
Subtotal fair value | ||||||||||||||
Total LPs/LLCs | ||||||||||||||
Real estate held through direct ownership(1) | ||||||||||||||
Derivative instruments | ||||||||||||||
Other(2) | ||||||||||||||
Total other invested assets | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(in millions) | |||||||||||
Fixed maturities | $ | $ | |||||||||
Equity securities | |||||||||||
Commercial mortgage and other loans | |||||||||||
Policy loans | |||||||||||
Other invested assets | |||||||||||
Short-term investments and cash equivalents | |||||||||||
Total accrued investment income | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(in millions) | ||||||||||||||
Fixed maturities, available-for-sale(1) | $ | $ | ||||||||||||
Fixed maturities, held-to-maturity(1) | ||||||||||||||
Fixed maturities, trading | ||||||||||||||
Assets supporting experience-rated contractholder liabilities | ||||||||||||||
Equity securities | ||||||||||||||
Commercial mortgage and other loans | ||||||||||||||
Policy loans | ||||||||||||||
Other invested assets | ||||||||||||||
Short-term investments and cash equivalents | ||||||||||||||
Gross investment income | ||||||||||||||
Less: investment expenses | ( | ( | ||||||||||||
Net investment income | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(in millions) | ||||||||||||||
Fixed maturities(1) | $ | $ | ( | |||||||||||
Commercial mortgage and other loans | ( | ( | ||||||||||||
Investment real estate | ||||||||||||||
LPs/LLCs | ( | |||||||||||||
Derivatives | ( | |||||||||||||
Other | ( | |||||||||||||
Realized investment gains (losses), net | $ | ( | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(in millions) | |||||||||||
Fixed maturity securities, available-for-sale with an allowance | $ | ( | $ | ( | |||||||
Fixed maturity securities, available-for-sale without an allowance | ( | ( | |||||||||
Derivatives designated as cash flow hedges(1) | |||||||||||
Derivatives designated as fair value hedges(1) | ( | ( | |||||||||
Other investments(2) | |||||||||||
Net unrealized gains (losses) on investments | $ | ( | $ | ( |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Remaining Contractual Maturities of the Agreements | Remaining Contractual Maturities of the Agreements | ||||||||||||||||||||||||||||||||||||||||||||||
Overnight & Continuous | Up to 30 Days | 30 to 90 Days | Total | Overnight & Continuous | Up to 30 Days | 30 to 90 Days | Total | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
U.S. public corporate securities | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||||||||||||||||
Total securities sold under agreements to repurchase | $ | $ | $ | $ | $ | $ | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
Remaining Contractual Maturities of the Agreements | Remaining Contractual Maturities of the Agreements | ||||||||||||||||||||||||||||||||||
Overnight & Continuous | Up to 30 Days | Total | Overnight & Continuous | Up to 30 Days | Total | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Obligations of U.S. states and their political subdivisions | |||||||||||||||||||||||||||||||||||
Foreign government bonds | |||||||||||||||||||||||||||||||||||
U.S. public corporate securities | |||||||||||||||||||||||||||||||||||
Foreign public corporate securities | |||||||||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||||
Total cash collateral for loaned securities(1) | $ | $ | $ | $ | $ | $ |
Consolidated VIEs for which the Company is the Investment Manager(1) | Other Consolidated VIEs(1) | ||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2024 | December 31, 2023 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | $ | $ | $ | |||||||||||||||||||
Fixed maturities, trading | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Commercial mortgage and other loans | |||||||||||||||||||||||
Other invested assets | |||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||
Accrued investment income | |||||||||||||||||||||||
Other assets | |||||||||||||||||||||||
Total assets of consolidated VIEs | $ | $ | $ | $ | |||||||||||||||||||
Other liabilities | $ | $ | $ | $ | |||||||||||||||||||
Notes issued by consolidated VIEs(2) | |||||||||||||||||||||||
Total liabilities of consolidated VIEs | $ | $ | $ | $ |
Primary Underlying Risk /Instrument Type | March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||
Gross Notional | Assets | Liabilities | Gross Notional | Assets | Liabilities | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedge Accounting Instruments: | |||||||||||||||||||||||||||||||||||
Interest Rate | |||||||||||||||||||||||||||||||||||
Interest Rate Swaps | $ | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||||
Interest Rate Forwards | |||||||||||||||||||||||||||||||||||
Foreign Currency | |||||||||||||||||||||||||||||||||||
Foreign Currency Forwards | ( | ( | |||||||||||||||||||||||||||||||||
Currency/Interest Rate | |||||||||||||||||||||||||||||||||||
Foreign Currency Swaps | ( | ( | |||||||||||||||||||||||||||||||||
Total Derivatives Designated as Hedge Accounting Instruments | $ | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||||
Derivatives Not Qualifying as Hedge Accounting Instruments: | |||||||||||||||||||||||||||||||||||
Interest Rate | |||||||||||||||||||||||||||||||||||
Interest Rate Swaps | $ | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||||
Interest Rate Futures | ( | ( | |||||||||||||||||||||||||||||||||
Interest Rate Options | ( | ( | |||||||||||||||||||||||||||||||||
Interest Rate Forwards | ( | ( | |||||||||||||||||||||||||||||||||
Foreign Currency | |||||||||||||||||||||||||||||||||||
Foreign Currency Forwards | ( | ( | |||||||||||||||||||||||||||||||||
Foreign Currency Options | |||||||||||||||||||||||||||||||||||
Currency/Interest Rate | |||||||||||||||||||||||||||||||||||
Foreign Currency Swaps | ( | ( | |||||||||||||||||||||||||||||||||
Credit | |||||||||||||||||||||||||||||||||||
Credit Default Swaps | ( | ||||||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||||||
Equity Futures | ( | ||||||||||||||||||||||||||||||||||
Equity Options | ( | ( | |||||||||||||||||||||||||||||||||
Total Return Swaps | ( | ( | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Other(1) | |||||||||||||||||||||||||||||||||||
Synthetic GICs | ( | ( | |||||||||||||||||||||||||||||||||
Total Derivatives Not Qualifying as Hedge Accounting Instruments | $ | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||||
Total Derivatives(2)(3) | $ | $ | $ | ( | $ | $ | $ | ( |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Balance Sheet Line Item in which Hedged Item is Recorded | Carrying Amount of the Hedged Assets (Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (Liabilities)(1) | Carrying Amount of the Hedged Assets (Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (Liabilities)(1) | |||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Fixed maturities, available-for-sale, at fair value | $ | $ | $ | $ | |||||||||||||||||||
Policyholders’ account balances | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Future policy benefits | $ | ( | $ | $ | ( | $ |
March 31, 2024 | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Financial Instruments | Gross Amounts Offset in the Statements of Financial Position | Net Amounts Presented in the Statements of Financial Position | Financial Instruments/ Collateral(1) | Net Amount | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Offsetting of Financial Assets: | |||||||||||||||||||||||||||||
Derivatives | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||
Securities purchased under agreement to resell | ( | ||||||||||||||||||||||||||||
Total assets | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||
Offsetting of Financial Liabilities: | |||||||||||||||||||||||||||||
Derivatives | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||
Securities sold under agreement to repurchase | ( | ||||||||||||||||||||||||||||
Total liabilities | $ | $ | ( | $ | $ | ( | $ |
December 31, 2023 | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Financial Instruments | Gross Amounts Offset in the Statements of Financial Position | Net Amounts Presented in the Statements of Financial Position | Financial Instruments/ Collateral(1) | Net Amount | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Offsetting of Financial Assets: | |||||||||||||||||||||||||||||
Derivatives | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||
Securities purchased under agreement to resell | ( | ||||||||||||||||||||||||||||
Total assets | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||
Offsetting of Financial Liabilities: | |||||||||||||||||||||||||||||
Derivatives | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||
Securities sold under agreement to repurchase | ( | ||||||||||||||||||||||||||||
Total liabilities | $ | $ | ( | $ | $ | ( | $ |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
Realized Investment Gains (Losses) | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Net Investment Income | Other Income (Loss) | Interest Expense | Interest Credited to Policyholders’ Account Balances | Policyholders’ Benefits | Change in AOCI(1) | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedge Accounting Instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) on derivatives designated as hedge instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Currency | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) on derivatives designated as hedge instruments | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) on the hedged item: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Currency | |||||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) on hedged item | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization for gains (losses) excluded from assessment of the effectiveness | |||||||||||||||||||||||||||||||||||||||||||||||
Currency | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Total amortization for gain (loss) excluded from assessment of the effectiveness | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) on fair value hedges net of hedged item | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Currency | |||||||||||||||||||||||||||||||||||||||||||||||
Currency/Interest Rate | |||||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) on cash flow hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Net investment hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Currency | |||||||||||||||||||||||||||||||||||||||||||||||
Currency/Interest Rate | |||||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) on net investment hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives Not Qualifying as Hedge Accounting Instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Currency | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Currency/Interest Rate | |||||||||||||||||||||||||||||||||||||||||||||||
Credit | |||||||||||||||||||||||||||||||||||||||||||||||
Equity | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||
Embedded Derivatives(2) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) on derivatives not qualifying as hedge accounting instruments | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | ( | $ | ( | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Realized Investment Gains (Losses) | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Net Investment Income | Other Income (Loss) | Interest Expense | Interest Credited to Policyholders’ Account Balances | Policyholders’ Benefits | Change in AOCI(1) | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedge Accounting Instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) on derivatives designated as hedge instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | $ | ( | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Currency | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) on derivatives designated as hedge instruments | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Gains (losses) on the hedged item: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Currency | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) on hedged item | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Amortization for gains (losses) excluded from assessment of the effectiveness | |||||||||||||||||||||||||||||||||||||||||||||||
Currency | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total amortization for gain (loss) excluded from assessment of the effectiveness | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) on fair value hedges net of hedged item | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Currency | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Currency/Interest Rate | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) on cash flow hedges | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Net investment hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Currency | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Currency/Interest Rate | |||||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) on net investment hedges | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Derivatives Not Qualifying as Hedge Accounting Instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | |||||||||||||||||||||||||||||||||||||||||||||||
Currency | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Currency/Interest Rate | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Credit | |||||||||||||||||||||||||||||||||||||||||||||||
Equity | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||
Embedded Derivatives | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) on derivatives not qualifying as hedge accounting instruments | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | $ | $ | ( | $ | ( |
(in millions) | |||||
Balance, December 31, 2023 | $ | ||||
Amount recorded in AOCI: | |||||
Interest Rate | ( | ||||
Currency | |||||
Currency/Interest Rate | |||||
Total amount recorded in AOCI | |||||
Amount reclassified from AOCI to income: | |||||
Interest Rate | |||||
Currency | ( | ||||
Currency/Interest Rate | ( | ||||
Total amount reclassified from AOCI to income | ( | ||||
Balance, March 31, 2024 | $ |
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
NAIC Rating Designation of Underlying Credit Obligation(1) | ||||||||||||||||||||||||||||||||||||||||||||
NAIC 1 | NAIC 2 | NAIC 3 | NAIC 4 | NAIC 5 | NAIC 6(2) | Total | ||||||||||||||||||||||||||||||||||||||
Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Single name reference(3) | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Index reference(3) | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
NAIC Rating Designation of Underlying Credit Obligation(1) | ||||||||||||||||||||||||||||||||||||||||||||
NAIC 1 | NAIC 2 | NAIC 3 | NAIC 4 | NAIC 5 | NAIC 6(2) | Total | ||||||||||||||||||||||||||||||||||||||
Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | Gross Notional | Fair Value | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Single name reference(3) | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Index reference(3) | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
March 31, 2024 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(1) | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Obligations of U.S. states and their political subdivisions | |||||||||||||||||||||||||||||
Foreign government bonds | |||||||||||||||||||||||||||||
U.S. corporate public securities | |||||||||||||||||||||||||||||
U.S. corporate private securities(2) | |||||||||||||||||||||||||||||
Foreign corporate public securities | |||||||||||||||||||||||||||||
Foreign corporate private securities | |||||||||||||||||||||||||||||
Asset-backed securities(3) | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities: | |||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | |||||||||||||||||||||||||||||
Foreign government bonds | |||||||||||||||||||||||||||||
Corporate securities | |||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||
Market risk benefit assets | |||||||||||||||||||||||||||||
Fixed maturities, trading | |||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
Commercial mortgage and other loans | |||||||||||||||||||||||||||||
Other invested assets(5) | ( | ||||||||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||||
Reinsurance recoverables and deposit receivables | ( | ||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||
Separate account assets(6)(7) | |||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Market risk benefit liabilities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Policyholders’ account balances | |||||||||||||||||||||||||||||
Reinsurance and funds withheld payables | |||||||||||||||||||||||||||||
Other liabilities | ( | ||||||||||||||||||||||||||||
Notes issued by consolidated VIEs | |||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | ( | $ |
December 31, 2023 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(1) | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Obligations of U.S. states and their political subdivisions | |||||||||||||||||||||||||||||
Foreign government bonds | |||||||||||||||||||||||||||||
U.S. corporate public securities | |||||||||||||||||||||||||||||
U.S. corporate private securities(2) | |||||||||||||||||||||||||||||
Foreign corporate public securities | |||||||||||||||||||||||||||||
Foreign corporate private securities | |||||||||||||||||||||||||||||
Asset-backed securities(3) | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities: | |||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | |||||||||||||||||||||||||||||
Foreign government bonds | |||||||||||||||||||||||||||||
Corporate securities | |||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||
Market risk benefit assets | |||||||||||||||||||||||||||||
Fixed maturities, trading | |||||||||||||||||||||||||||||
Equity securities(4) | |||||||||||||||||||||||||||||
Commercial mortgage and other loans | |||||||||||||||||||||||||||||
Other invested assets(5) | ( | ||||||||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||||
Reinsurance recoverables and deposit receivables | ( | ||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||
Separate account assets(6)(7) | |||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Market risk benefit liabilities | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Policyholders’ account balances | |||||||||||||||||||||||||||||
Reinsurance and funds withheld payables | |||||||||||||||||||||||||||||
Other liabilities | ( | ||||||||||||||||||||||||||||
Notes issued by consolidated VIEs | |||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | ( | $ |
As of March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable Inputs | Minimum | Maximum | Weighted Average | Impact of Increase in Input on Fair Value(1) | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Corporate securities(2)(3) | $ | Discounted cash flow | Discount rate | Decrease | |||||||||||||||||||||||||||||||||||||
Market comparables | EBITDA multiples(4) | Increase | |||||||||||||||||||||||||||||||||||||||
Liquidation | Liquidation value | Increase | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | $ | Discounted cash flow | Liquidity premium | Decrease | |||||||||||||||||||||||||||||||||||||
Market risk benefit assets(7) | $ | Discounted cash flow | Lapse rate(9) | Increase | |||||||||||||||||||||||||||||||||||||
Spread over SOFR(10) | Increase | ||||||||||||||||||||||||||||||||||||||||
Utilization rate(11) | Decrease | ||||||||||||||||||||||||||||||||||||||||
Withdrawal rate | See table footnote (12) below. | ||||||||||||||||||||||||||||||||||||||||
Mortality rate(13) | Increase | ||||||||||||||||||||||||||||||||||||||||
Equity volatility curve | Decrease | ||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | Discounted cash flow(5) | Discount rate | Decrease | |||||||||||||||||||||||||||||||||||||
Market comparables | EBITDA multiples(4) | Increase | |||||||||||||||||||||||||||||||||||||||
Net Asset Value | Share price | $ | $ | $ | Increase | ||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Market risk benefit liabilities(7) | $ | Discounted cash flow | Lapse rate(9) | Decrease | |||||||||||||||||||||||||||||||||||||
Spread over SOFR(10) | Decrease | ||||||||||||||||||||||||||||||||||||||||
Utilization rate(11) | Increase | ||||||||||||||||||||||||||||||||||||||||
Withdrawal rate | See table footnote (12) below. | ||||||||||||||||||||||||||||||||||||||||
Mortality rate(13) | Decrease | ||||||||||||||||||||||||||||||||||||||||
Equity volatility curve | Increase | ||||||||||||||||||||||||||||||||||||||||
Policyholders’ account balances(8) | $ | Discounted cash flow | Lapse rate(9) | Decrease | |||||||||||||||||||||||||||||||||||||
Spread over SOFR(10) | Decrease | ||||||||||||||||||||||||||||||||||||||||
Mortality rate(13) | Decrease | ||||||||||||||||||||||||||||||||||||||||
Option Budget(14) | ( | Increase |
As of December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable Inputs | Minimum | Maximum | Weighted Average | Impact of Increase in Input on Fair Value(1) | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Corporate securities(2)(3) | $ | Discounted cash flow | Discount rate | Decrease | |||||||||||||||||||||||||||||||||||||
Market comparables | EBITDA multiples(4) | Increase | |||||||||||||||||||||||||||||||||||||||
Liquidation | Liquidation value | Increase | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | $ | Discounted cash flow | Liquidity premium | Decrease | |||||||||||||||||||||||||||||||||||||
Market risk benefit assets(7) | $ | Discounted cash flow | Lapse rate(9) | Increase | |||||||||||||||||||||||||||||||||||||
Spread over SOFR(10) | Increase | ||||||||||||||||||||||||||||||||||||||||
Utilization rate(11) | Decrease | ||||||||||||||||||||||||||||||||||||||||
Withdrawal rate | See table footnote (12) below. | ||||||||||||||||||||||||||||||||||||||||
Mortality rate(13) | Increase | ||||||||||||||||||||||||||||||||||||||||
Equity volatility curve | Decrease | ||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | Discounted cash flow(5) | Discount rate | Decrease | |||||||||||||||||||||||||||||||||||||
Market comparables | EBITDA multiples(4) | Increase | |||||||||||||||||||||||||||||||||||||||
Net Asset Value | Share price | $ | $ | $ | Increase | ||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Market risk benefit liabilities(7) | $ | Discounted cash flow | Lapse rate(9) | Decrease | |||||||||||||||||||||||||||||||||||||
Spread over SOFR(10) | Decrease | ||||||||||||||||||||||||||||||||||||||||
Utilization rate(11) | Increase | ||||||||||||||||||||||||||||||||||||||||
Withdrawal rate | See table footnote (12) below. | ||||||||||||||||||||||||||||||||||||||||
Mortality rate(13) | Decrease | ||||||||||||||||||||||||||||||||||||||||
Equity volatility curve | Increase | ||||||||||||||||||||||||||||||||||||||||
Policyholders’ account balances(8) | $ | Discounted cash flow | Lapse rate(9) | Decrease | |||||||||||||||||||||||||||||||||||||
Spread over SOFR(10) | Decrease | ||||||||||||||||||||||||||||||||||||||||
Mortality rate(13) | Decrease | ||||||||||||||||||||||||||||||||||||||||
Option Budget(14) | ( | Increase |
Three Months Ended March 31, 2024(7) | |||||||||||||||||||||||||||||||||||
Fair Value, beginning of period | Total realized and unrealized gains (losses) | Purchases | Sales | Issuances | Settlements | Other(1) | Transfers into Level 3 | Transfers out of Level 3 | Fair Value, end of period | Unrealized gains (losses) for assets still held(2) | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||||||||
U.S. states | $ | $ | ( | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | ||||||||||||||||||||||
Foreign government | ( | ||||||||||||||||||||||||||||||||||
Corporate securities(3) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Structured securities(4) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||
Fixed maturities, trading | ( | ( | ( | ||||||||||||||||||||||||||||||||
Equity securities | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Other invested assets | ( | ( | ( | ||||||||||||||||||||||||||||||||
Short-term investments | ( | ( | |||||||||||||||||||||||||||||||||
Cash equivalents | ( | ||||||||||||||||||||||||||||||||||
Reinsurance recoverables and deposit receivables | ( | ||||||||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||||||||
Separate account assets(5) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Policyholders’ account balances(6) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Other liabilities | ( | ( | |||||||||||||||||||||||||||||||||
Notes issued by consolidated VIEs | ( | ( | ( | ( | ( |
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||
Total realized and unrealized gains (losses) | Unrealized gains (losses) for assets still held(2) | |||||||||||||||||||||||||||||||
Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses) | Net investment income | Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses) | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | ( | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
Fixed maturities, trading | ||||||||||||||||||||||||||||||||
Equity securities | ( | ( | ||||||||||||||||||||||||||||||
Other invested assets | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Short-term investments | ( | ( | ||||||||||||||||||||||||||||||
Cash equivalents | ||||||||||||||||||||||||||||||||
Reinsurance recoverables and deposit receivables | ||||||||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||||||||
Separate account assets(5) | ( | ( | ||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Policyholders’ account balances | ( | ( | ||||||||||||||||||||||||||||||
Other liabilities | ||||||||||||||||||||||||||||||||
Notes issued by consolidated VIEs | ( | ( |
Three Months Ended March 31, 2023(7) | |||||||||||||||||||||||||||||||||||
Fair Value, beginning of period | Total realized and unrealized gains (losses) | Purchases | Sales | Issuances | Settlements | Other(1) | Transfers into Level 3 | Transfers out of Level 3 | Fair Value, end of period | Unrealized gains (losses) for assets still held(2) | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||||||||||||||
U.S. states | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Foreign government | |||||||||||||||||||||||||||||||||||
Corporate securities(3) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Structured securities(4) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||
Fixed maturities, trading | ( | ||||||||||||||||||||||||||||||||||
Equity securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Other invested assets | ( | ||||||||||||||||||||||||||||||||||
Short-term investments | ( | ||||||||||||||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||||||||||
Reinsurance recoverables and deposit receivables | ( | ( | ( | ||||||||||||||||||||||||||||||||
Other assets(8) | |||||||||||||||||||||||||||||||||||
Separate account assets(5) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Policyholders’ account balances(6) | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Other liabilities | ( | ( | |||||||||||||||||||||||||||||||||
Notes issued by consolidated VIEs |
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||
Total realized and unrealized gains (losses) | Unrealized gains (losses) for assets still held(2) | |||||||||||||||||||||||||||||||
Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses) | Net investment income | Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses) | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | ( | $ | $ | $ | ( | $ | $ | $ | $ | $ | ( | ||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
Fixed maturities, trading | ||||||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||
Other invested assets | ||||||||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||||||
Cash equivalents | ||||||||||||||||||||||||||||||||
Reinsurance recoverables and deposit receivables | ( | ( | ||||||||||||||||||||||||||||||
Other assets(8) | ||||||||||||||||||||||||||||||||
Separate account assets(5) | ||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Policyholders’ account balances | ( | ( | ||||||||||||||||||||||||||||||
Other liabilities | ||||||||||||||||||||||||||||||||
Notes issued by consolidated VIEs |
As of March 31, 2024 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(1) | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Derivative Assets: | |||||||||||||||||||||||||||||
Interest Rate | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Currency | |||||||||||||||||||||||||||||
Credit | |||||||||||||||||||||||||||||
Currency/Interest Rate | |||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Netting(1) | ( | ( | |||||||||||||||||||||||||||
Total derivative assets | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Derivative Liabilities: | |||||||||||||||||||||||||||||
Interest Rate | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Currency | |||||||||||||||||||||||||||||
Credit | |||||||||||||||||||||||||||||
Currency/Interest Rate | |||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Netting(1) | ( | ( | |||||||||||||||||||||||||||
Total derivative liabilities | $ | $ | $ | $ | ( | $ |
As of December 31, 2023 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(1) | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Derivative Assets: | |||||||||||||||||||||||||||||
Interest Rate | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Currency | |||||||||||||||||||||||||||||
Credit | |||||||||||||||||||||||||||||
Currency/Interest Rate | |||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Netting(1) | ( | ( | |||||||||||||||||||||||||||
Total derivative assets | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Derivative Liabilities: | |||||||||||||||||||||||||||||
Interest Rate | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Currency | |||||||||||||||||||||||||||||
Credit | |||||||||||||||||||||||||||||
Currency/Interest Rate | |||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Netting(1) | ( | ( | |||||||||||||||||||||||||||
Total derivative liabilities | $ | $ | $ | $ | ( | $ |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||
Fair Value, beginning of period | Total realized and unrealized gains (losses)(1) | Purchases | Sales | Issuances | Settlements | Other | Transfers into Level 3(2) | Transfers out of Level 3(2) | Fair Value, end of period | Unrealized gains (losses) for assets still held(1) | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Net Derivative - Equity | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Net Derivative - Interest Rate |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
Fair Value, beginning of period | Total realized and unrealized gains (losses)(1) | Purchases | Sales | Issuances | Settlements | Other | Transfers into Level 3(2) | Transfers out of Level 3(2) | Fair Value, end of period | Unrealized gains (losses) for assets still held(1) | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Net Derivative - Equity | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Net Derivative - Interest Rate |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Gains (Losses): | |||||||||||
Commercial mortgage loans(1) | $ | $ | |||||||||
Investment real estate | $ | $ | |||||||||
Investment in JV/LP and Other | $ | ( | $ | ( | |||||||
March 31, 2024 | December 31, 2023 | ||||||||||
(in millions) | |||||||||||
Carrying value after measurement as of period end: | |||||||||||
Commercial mortgage loans(1) | $ | $ | |||||||||
Investment real estate(2) | $ | $ | |||||||||
Investment in JV/LP and Other(2) | $ | $ | |||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Liabilities: | |||||||||||
Notes issued by consolidated VIEs: | |||||||||||
Changes in fair value | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Commercial mortgage and other loans: | |||||||||||
Interest income | $ | $ | |||||||||
Notes issued by consolidated VIEs: | |||||||||||
Interest expense | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(in millions) | |||||||||||
Commercial mortgage and other loans(1): | |||||||||||
Fair value as of period end | $ | $ | |||||||||
Aggregate contractual principal as of period end | $ | $ | |||||||||
Other assets: | |||||||||||
Fair value as of period end | $ | $ | |||||||||
Notes issued by consolidated VIEs: | |||||||||||
Fair value as of period end | $ | $ | |||||||||
Aggregate contractual principal as of period end | $ | $ |
March 31, 2024 | |||||||||||||||||||||||||||||
Fair Value | Carrying Amount(1) | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Commercial mortgage and other loans | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Policy loans | |||||||||||||||||||||||||||||
Other invested assets | |||||||||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||||||
Accrued investment income | |||||||||||||||||||||||||||||
Reinsurance recoverables and deposit receivables | |||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Policyholders’ account balances—investment contracts | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Securities sold under agreements to repurchase | |||||||||||||||||||||||||||||
Cash collateral for loaned securities | |||||||||||||||||||||||||||||
Reinsurance and funds withheld payables(2) | ( | ||||||||||||||||||||||||||||
Short-term debt(3) | |||||||||||||||||||||||||||||
Long-term debt(4) | |||||||||||||||||||||||||||||
Notes issued by consolidated VIEs | |||||||||||||||||||||||||||||
Other liabilities | |||||||||||||||||||||||||||||
Separate account liabilities—investment contracts | |||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ |
December 31, 2023 | |||||||||||||||||||||||||||||
Fair Value | Carrying Amount(1) | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Commercial mortgage and other loans | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Policy loans | |||||||||||||||||||||||||||||
Other invested assets | |||||||||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||||||
Accrued investment income | |||||||||||||||||||||||||||||
Reinsurance recoverables and deposit receivables | |||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Policyholders’ account balances—investment contracts | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Securities sold under agreements to repurchase | |||||||||||||||||||||||||||||
Cash collateral for loaned securities | |||||||||||||||||||||||||||||
Reinsurance and funds withheld payables(2) | ( | ||||||||||||||||||||||||||||
Short-term debt(3) | |||||||||||||||||||||||||||||
Long-term debt(4) | |||||||||||||||||||||||||||||
Notes issued by consolidated VIEs | |||||||||||||||||||||||||||||
Other liabilities | |||||||||||||||||||||||||||||
Separate account liabilities—investment contracts | |||||||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||
Retirement Strategies | Individual Life | International Businesses | Total | ||||||||||||||||||||||||||||||||
Individual Variable | Term Life | Variable/ Universal Life | Life Planner | Gibraltar Life and Other | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Balance, BOP | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Capitalization | |||||||||||||||||||||||||||||||||||
Amortization expense | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Other adjustments(1) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Foreign currency adjustment | ( | ( | ( | ||||||||||||||||||||||||||||||||
Balance, EOP | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Other businesses | |||||||||||||||||||||||||||||||||||
Total DAC balance | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
Retirement Strategies | Individual Life | International Businesses | Total | ||||||||||||||||||||||||||||||||
Individual Variable | Term Life | Variable/ Universal Life | Life Planner | Gibraltar Life and Other | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Balance, BOP | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Capitalization | |||||||||||||||||||||||||||||||||||
Amortization expense | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Other adjustments | |||||||||||||||||||||||||||||||||||
Foreign currency adjustment | ( | ( | |||||||||||||||||||||||||||||||||
Balance, EOP | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Other businesses | |||||||||||||||||||||||||||||||||||
Total DAC balance | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Balance, BOP | $ | $ | |||||||||
Capitalization | |||||||||||
Amortization expense | ( | ( | |||||||||
Balance, EOP | |||||||||||
Other businesses | |||||||||||
Total DSI balance | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Balance, BOP | $ | $ | |||||||||
Amortization expense | ( | ( | |||||||||
Foreign currency adjustment | ( | ( | |||||||||
Balance, EOP | |||||||||||
Other businesses | |||||||||||
Total VOBA balance | $ | $ |
2024 | |||||
(in millions) | |||||
Gibraltar Life | $ | ||||
Aoba Life | |||||
Total | $ |
2024 (April-December) | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Estimated future VOBA amortization | $ | $ | $ | $ | $ | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(in millions) | |||||||||||
Asset Type: | |||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | $ | |||||||||
Obligations of U.S. states and their political subdivisions | |||||||||||
Foreign government bonds | |||||||||||
U.S. corporate securities | |||||||||||
Foreign corporate securities | |||||||||||
Asset-backed securities | |||||||||||
Mortgage-backed securities | |||||||||||
Mutual funds: | |||||||||||
Equity | |||||||||||
Fixed Income | |||||||||||
Other | |||||||||||
Equity securities | |||||||||||
Commercial mortgage and other loans | |||||||||||
Other invested assets | |||||||||||
Short-term investments | |||||||||||
Cash and cash equivalents | |||||||||||
Total | $ | $ | |||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||
Retirement Strategies | |||||||||||||||||||||||||||||||||||
PGIM | Institutional | Individual | Group Insurance | Individual Life | Total | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Balance, BOP | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||||||||
Investment performance | ( | ( | |||||||||||||||||||||||||||||||||
Policy charges | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Surrenders and withdrawals | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Benefit payments | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Net transfers (to) from general account | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Other | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Balance, EOP | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Other businesses(1) | ( | ||||||||||||||||||||||||||||||||||
Total separate account liabilities | $ | ||||||||||||||||||||||||||||||||||
Cash surrender value(2) | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
Retirement Strategies | |||||||||||||||||||||||||||||||||||
PGIM | Institutional | Individual | Group Insurance | Individual Life | Total | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Balance, BOP | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||||||||
Investment performance | |||||||||||||||||||||||||||||||||||
Policy charges | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Surrenders and withdrawals | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Benefit payments | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Net transfers (to) from general account | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||||||||||||||
Balance, EOP | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Other businesses(1) | ( | ||||||||||||||||||||||||||||||||||
Total separate account liabilities | $ | ||||||||||||||||||||||||||||||||||
Cash surrender value(2) | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||
Present Value of Expected Net Premiums | |||||||||||||||||||||||||||||||||||
Retirement Strategies | Individual Life | International Businesses | Corporate and Other | ||||||||||||||||||||||||||||||||
Institutional | Term Life | Life Planner | Gibraltar Life and Other | Long-Term Care | Total | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Balance, BOP | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Effect of cumulative changes in discount rate assumptions, BOP | |||||||||||||||||||||||||||||||||||
Balance at original discount rate, BOP | |||||||||||||||||||||||||||||||||||
Effect of actual variances from expected experience and other activity | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Adjusted balance, BOP | |||||||||||||||||||||||||||||||||||
Issuances | |||||||||||||||||||||||||||||||||||
Net premiums / considerations collected | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Interest accrual | |||||||||||||||||||||||||||||||||||
Foreign currency adjustment | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Other adjustments | ( | ( | |||||||||||||||||||||||||||||||||
Balance at original discount rate, EOP | |||||||||||||||||||||||||||||||||||
Effect of cumulative changes in discount rate assumptions, EOP | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Balance, EOP | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Other businesses, EOP | |||||||||||||||||||||||||||||||||||
Total balance, EOP | $ |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||
Present Value of Expected Future Policy Benefits | |||||||||||||||||||||||||||||||||||
Retirement Strategies | Individual Life | International Businesses | Corporate and Other | ||||||||||||||||||||||||||||||||
Institutional | Term Life | Life Planner | Gibraltar Life and Other | Long-Term Care | Total | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Balance, BOP | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Effect of cumulative changes in discount rate assumptions, BOP | |||||||||||||||||||||||||||||||||||
Balance at original discount rate, BOP | |||||||||||||||||||||||||||||||||||
Effect of actual variances from expected experience and other activity | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Adjusted balance, BOP | |||||||||||||||||||||||||||||||||||
Issuances | |||||||||||||||||||||||||||||||||||
Interest accrual | |||||||||||||||||||||||||||||||||||
Benefit payments | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Foreign currency adjustment | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Other adjustments | ( | ( | ( | ||||||||||||||||||||||||||||||||
Balance at original discount rate, EOP | |||||||||||||||||||||||||||||||||||
Effect of cumulative changes in discount rate assumptions, EOP | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Balance, EOP | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Other businesses, EOP | |||||||||||||||||||||||||||||||||||
Total balance, EOP | $ |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||
Net Liability for Future Policy Benefits - Benefit Reserves | |||||||||||||||||||||||||||||||||||
Retirement Strategies | Individual Life | International Businesses | Corporate and Other | ||||||||||||||||||||||||||||||||
Institutional | Term Life | Life Planner | Gibraltar Life and Other | Long-Term Care | Total | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Balance, EOP, pre-flooring | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Flooring impact, EOP | |||||||||||||||||||||||||||||||||||
Balance, EOP, post-flooring | |||||||||||||||||||||||||||||||||||
Less: Reinsurance recoverables | |||||||||||||||||||||||||||||||||||
Balance after reinsurance recoverables, EOP, post-flooring | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Other businesses, EOP(1) | |||||||||||||||||||||||||||||||||||
Total balance after reinsurance recoverables, EOP | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
Present Value of Expected Net Premiums | |||||||||||||||||||||||||||||||||||
Retirement Strategies | Individual Life | International Businesses | Corporate and Other | ||||||||||||||||||||||||||||||||
Institutional | Term Life | Life Planner | Gibraltar Life and Other | Long-Term Care | Total | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Balance, BOP | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Effect of cumulative changes in discount rate assumptions, BOP | |||||||||||||||||||||||||||||||||||
Balance at original discount rate, BOP | |||||||||||||||||||||||||||||||||||
Effect of actual variances from expected experience and other activity | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Adjusted balance, BOP | |||||||||||||||||||||||||||||||||||
Issuances | |||||||||||||||||||||||||||||||||||
Net premiums / considerations collected | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Interest accrual | |||||||||||||||||||||||||||||||||||
Foreign currency adjustment | ( | ( | |||||||||||||||||||||||||||||||||
Other adjustments | ( | ||||||||||||||||||||||||||||||||||
Balance at original discount rate, EOP | |||||||||||||||||||||||||||||||||||
Effect of cumulative changes in discount rate assumptions, EOP | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Balance, EOP | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Other businesses, EOP | |||||||||||||||||||||||||||||||||||
Total balance, EOP | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
Present Value of Expected Future Policy Benefits | |||||||||||||||||||||||||||||||||||
Retirement Strategies | Individual Life | International Businesses | Corporate and Other | ||||||||||||||||||||||||||||||||
Institutional | Term Life | Life Planner | Gibraltar Life and Other | Long-Term Care | Total | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Balance, BOP | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Effect of cumulative changes in discount rate assumptions, BOP | |||||||||||||||||||||||||||||||||||
Balance at original discount rate, BOP | |||||||||||||||||||||||||||||||||||
Effect of actual variances from expected experience and other activity | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Adjusted balance, BOP | |||||||||||||||||||||||||||||||||||
Issuances | |||||||||||||||||||||||||||||||||||
Interest accrual | |||||||||||||||||||||||||||||||||||
Benefit payments | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Foreign currency adjustment | ( | ( | |||||||||||||||||||||||||||||||||
Other adjustments | ( | ( | |||||||||||||||||||||||||||||||||
Balance at original discount rate, EOP | |||||||||||||||||||||||||||||||||||
Effect of cumulative changes in discount rate assumptions, EOP | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Balance, EOP | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Other businesses, EOP | |||||||||||||||||||||||||||||||||||
Total balance, EOP | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
Net Liability for Future Policy Benefits - Benefit Reserves | |||||||||||||||||||||||||||||||||||
Retirement Strategies | Individual Life | International Businesses | Corporate and Other | ||||||||||||||||||||||||||||||||
Institutional | Term Life | Life Planner | Gibraltar Life and Other | Long-Term Care | Total | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Balance, EOP, pre-flooring | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Flooring impact, EOP | |||||||||||||||||||||||||||||||||||
Balance, EOP, post-flooring | |||||||||||||||||||||||||||||||||||
Less: Reinsurance recoverables | |||||||||||||||||||||||||||||||||||
Balance after reinsurance recoverables, EOP, post-flooring | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Other businesses, EOP(1) | |||||||||||||||||||||||||||||||||||
Total balance after reinsurance recoverables, EOP | $ |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||
Retirement Strategies | Individual Life | International Businesses | Corporate and Other | ||||||||||||||||||||||||||
Institutional | Term Life | Life Planner | Gibraltar Life and Other | Long-Term Care | |||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||
Undiscounted expected future gross premiums | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Discounted expected future gross premiums (at original discount rate) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Discounted expected future gross premiums (at current discount rate) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Undiscounted expected future benefits and expenses | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Interest accrual | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Gross premiums | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Weighted-average duration of the liability in years (at original discount rate) | |||||||||||||||||||||||||||||
Weighted-average duration of the liability in years (at current discount rate) | |||||||||||||||||||||||||||||
Weighted-average interest rate (at original discount rate) | % | % | % | % | % | ||||||||||||||||||||||||
Weighted-average interest rate (at current discount rate) | % | % | % | % | % | ||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||
Retirement Strategies | Individual Life | International Businesses | Corporate and Other | ||||||||||||||||||||||||||
Institutional | Term Life | Life Planner | Gibraltar Life and Other | Long-Term Care | |||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||
Undiscounted expected future gross premiums | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Discounted expected future gross premiums (at original discount rate) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Discounted expected future gross premiums (at current discount rate) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Undiscounted expected future benefits and expenses | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Interest accrual | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Gross premiums | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Weighted-average duration of the liability in years (at original discount rate) | |||||||||||||||||||||||||||||
Weighted-average duration of the liability in years (at current discount rate) | |||||||||||||||||||||||||||||
Weighted-average interest rate (at original discount rate) | % | % | % | % | % | ||||||||||||||||||||||||
Weighted-average interest rate (at current discount rate) | % | % | % | % | % | ||||||||||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||
Deferred Profit Liability | |||||||||||||||||||||||
Retirement Strategies | International Businesses | ||||||||||||||||||||||
Institutional | Life Planner | Gibraltar Life and Other | Total | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance, BOP, post-flooring | $ | $ | $ | $ | |||||||||||||||||||
Less: Flooring impact, BOP | |||||||||||||||||||||||
Balance, BOP, pre-flooring | |||||||||||||||||||||||
Effect of actual variances from expected experience and other activity | ( | ( | |||||||||||||||||||||
Adjusted balance, BOP | |||||||||||||||||||||||
Profits deferred | |||||||||||||||||||||||
Interest accrual | |||||||||||||||||||||||
Amortization | ( | ( | ( | ( | |||||||||||||||||||
Foreign currency adjustment | ( | ( | ( | ( | |||||||||||||||||||
Other adjustments | |||||||||||||||||||||||
Balance, EOP, pre-flooring | |||||||||||||||||||||||
Flooring impact, EOP | |||||||||||||||||||||||
Balance, EOP, post-flooring | |||||||||||||||||||||||
Less: Reinsurance recoverables | |||||||||||||||||||||||
Balance after reinsurance recoverables, EOP, post-flooring | $ | $ | $ | ||||||||||||||||||||
Other businesses(1) | |||||||||||||||||||||||
Total balance after reinsurance recoverables, EOP | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
Deferred Profit Liability | |||||||||||||||||||||||
Retirement Strategies | International Businesses | ||||||||||||||||||||||
Institutional | Life Planner | Gibraltar Life and Other | Total | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance, BOP, post-flooring | $ | $ | $ | $ | |||||||||||||||||||
Less: Flooring impact, BOP | |||||||||||||||||||||||
Balance, BOP, pre-flooring | |||||||||||||||||||||||
Effect of actual variances from expected experience and other activity | ( | ( | |||||||||||||||||||||
Adjusted balance, BOP | |||||||||||||||||||||||
Profits deferred | |||||||||||||||||||||||
Interest accrual | |||||||||||||||||||||||
Amortization | ( | ( | ( | ( | |||||||||||||||||||
Foreign currency adjustment | ( | ( | |||||||||||||||||||||
Other adjustments | |||||||||||||||||||||||
Balance, EOP, pre-flooring | |||||||||||||||||||||||
Flooring impact, EOP | |||||||||||||||||||||||
Balance, EOP, post-flooring | |||||||||||||||||||||||
Less: Reinsurance recoverables | |||||||||||||||||||||||
Balance after reinsurance recoverables, EOP, post-flooring | $ | $ | $ | ||||||||||||||||||||
Other businesses(1) | |||||||||||||||||||||||
Total balance after reinsurance recoverables, EOP | $ |
Three Months Ended March 31, 2024 | |||||||||||||||||
Retirement Strategies | International Businesses | ||||||||||||||||
Institutional | Life Planner | Gibraltar Life and Other | |||||||||||||||
(in millions) | |||||||||||||||||
Revenue(1) | $ | $ | ( | $ | ( | ||||||||||||
Interest accrual | $ | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||
Retirement Strategies | International Businesses | ||||||||||||||||
Institutional | Life Planner | Gibraltar Life and Other | |||||||||||||||
(in millions) | |||||||||||||||||
Revenue(1) | $ | ( | $ | ( | $ | ( | |||||||||||
Interest accrual | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Balance, including amounts in AOCI, BOP, post-flooring | $ | $ | |||||||||
Flooring impact and amounts in AOCI | |||||||||||
Balance, excluding amounts in AOCI, BOP, pre-flooring | |||||||||||
Effect of actual variances from expected experience and other activity | ( | ||||||||||
Adjusted balance, BOP | |||||||||||
Assessments collected(1) | |||||||||||
Interest accrual | |||||||||||
Benefits paid | ( | ( | |||||||||
Balance, excluding amounts in AOCI, EOP, pre-flooring | |||||||||||
Flooring impact and amounts in AOCI | ( | ( | |||||||||
Balance, including amounts in AOCI, EOP, post-flooring | |||||||||||
Less: Reinsurance recoverables | |||||||||||
Balance after reinsurance recoverables, including amounts in AOCI, EOP | |||||||||||
Other businesses | |||||||||||
Total balance after reinsurance recoverables | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
($ in millions) | |||||||||||
Interest accrual | $ | $ | |||||||||
Gross assessments | $ | $ | |||||||||
Weighted-average duration of the liability in years (at original discount rate) | |||||||||||
Weighted-average interest rate (at original discount rate) | % | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Benefit reserves, EOP, post-flooring | $ | $ | |||||||||
Deferred Profit Liability EOP, post-flooring | |||||||||||
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring | |||||||||||
Subtotal of amounts disclosed above | |||||||||||
Other Future Policy Benefits reserves(1) | |||||||||||
Total Future Policy Benefits | $ | $ | |||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
Revenues(1) | |||||||||||||||||||||||||||||||||||||||||
Retirement Strategies | Individual Life | International Businesses | |||||||||||||||||||||||||||||||||||||||
Institutional | Term Life | Variable/Universal Life | Life Planner | Gibraltar Life and Other | Other Businesses(2) | Total | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Benefit reserves | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Deferred profit liability | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Additional insurance reserves | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Revenues(1) | |||||||||||||||||||||||||||||||||||||||||
Retirement Strategies | Individual Life | International Businesses | |||||||||||||||||||||||||||||||||||||||
Institutional | Term Life | Variable/Universal Life | Life Planner | Gibraltar Life and Other | Other Businesses(2) | Total | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Benefit reserves | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Deferred profit liability | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
Additional insurance reserves | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||||||||||||||||||||
Retirement Strategies | Individual Life | International Businesses | |||||||||||||||||||||||||||||||||||||||
Institutional | Term Life | Variable/Universal Life | Life Planner | Gibraltar Life and Other | Other Businesses(2) | Total | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Benefit reserves | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Deferred profit liability | |||||||||||||||||||||||||||||||||||||||||
Additional insurance reserves | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||||||||||||||||||||
Retirement Strategies | Individual Life | International Businesses | |||||||||||||||||||||||||||||||||||||||
Institutional | Term Life | Variable/Universal Life | Life Planner | Gibraltar Life and Other | Other Businesses(2) | Total | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Benefit reserves | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Deferred profit liability | |||||||||||||||||||||||||||||||||||||||||
Additional insurance reserves | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Strategies | Group Insurance | Individual Life | International Businesses | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Institutional | Individual Variable | Individual Fixed | Life/Disability | Variable/Universal Life | Life Planner | Gibraltar Life and Other | ||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, BOP | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest credited | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and dispositions | ||||||||||||||||||||||||||||||||||||||||||||||||||
Policy charges | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Surrenders and withdrawals | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Benefit payments | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Net transfers (to) from separate account | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in market value and other adjustments(1) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency adjustment | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, EOP | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Closed Block Division | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned revenue reserve, unearned expense credit, and additional interest reserve | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Policyholders' account balance | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average crediting rate | % | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||||||||||
Net amount at risk(3) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Cash surrender value(4) | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Strategies | Group Insurance | Individual Life | International Businesses | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Institutional | Individual Variable | Individual Fixed | Life/Disability | Variable/Universal Life | Life Planner | Gibraltar Life and Other | ||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, BOP | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest credited | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Dispositions | ||||||||||||||||||||||||||||||||||||||||||||||||||
Policy charges | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Surrenders and withdrawals | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Benefit payments | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Net transfers (to) from separate account | ||||||||||||||||||||||||||||||||||||||||||||||||||
Change in market value and other adjustments(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency adjustment | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, EOP | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Closed Block Division | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned revenue reserve, unearned expense credit, and additional interest reserve | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Policyholders' account balance | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average crediting rate | % | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||||||||||
Net amount at risk(3) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Cash surrender value(4) | $ | $ | $ | $ | $ | $ | $ | $ |
March 31, 2024 | ||||||||||||||||||||||||||||||||
Range of Guaranteed Minimum Crediting Rate (1) | At guaranteed minimum | Greater than | Total | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Retirement Strategies - Institutional | ||||||||||||||||||||||||||||||||
Less than | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Greater than | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Retirement Strategies - Individual Variable | ||||||||||||||||||||||||||||||||
Less than | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Greater than | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Retirement Strategies - Individual Fixed | ||||||||||||||||||||||||||||||||
Less than | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Greater than | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Group Insurance - Life / Disability | ||||||||||||||||||||||||||||||||
Less than | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Greater than | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Individual Life - Variable / Universal Life | ||||||||||||||||||||||||||||||||
Less than | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Greater than | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
International Businesses - Life Planner | ||||||||||||||||||||||||||||||||
Less than | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Greater than | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
International Businesses - Gibraltar Life and Other | ||||||||||||||||||||||||||||||||
Less than | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Greater than | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
March 31, 2023 | ||||||||||||||||||||||||||||||||
Range of Guaranteed Minimum Crediting Rate (1) | At guaranteed minimum | Greater than | Total | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Retirement Strategies - Institutional | ||||||||||||||||||||||||||||||||
Less than | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Greater than | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Retirement Strategies - Individual Variable | ||||||||||||||||||||||||||||||||
Less than | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Greater than | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Retirement Strategies - Individual Fixed | ||||||||||||||||||||||||||||||||
Less than | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Greater than | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Group Insurance - Life / Disability | ||||||||||||||||||||||||||||||||
Less than | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Greater than | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Individual Life - Variable / Universal Life | ||||||||||||||||||||||||||||||||
Less than | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Greater than | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
International Businesses - Life Planner | ||||||||||||||||||||||||||||||||
Less than | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Greater than | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
International Businesses - Gibraltar Life and Other | ||||||||||||||||||||||||||||||||
Less than | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Greater than | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||
Individual Life | International Businesses | ||||||||||||||||||||||
Variable/ Universal Life | Life Planner | Gibraltar Life and Other | Total | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance, BOP | $ | $ | $ | $ | |||||||||||||||||||
Unearned revenue | |||||||||||||||||||||||
Amortization expense | ( | ( | ( | ( | |||||||||||||||||||
Other adjustments | |||||||||||||||||||||||
FX adjustment | ( | ( | ( | ||||||||||||||||||||
Balance, EOP | |||||||||||||||||||||||
Less: Reinsurance recoverables | |||||||||||||||||||||||
Balance after reinsurance recoverables, EOP | $ | $ | $ | $ | |||||||||||||||||||
Other businesses | |||||||||||||||||||||||
Total balance after reinsurance recoverables, EOP | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
Individual Life | International Businesses | ||||||||||||||||||||||
Variable/ Universal Life | Life Planner | Gibraltar Life and Other | Total | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance, BOP | $ | $ | $ | $ | |||||||||||||||||||
Unearned revenue | |||||||||||||||||||||||
Amortization expense | ( | ( | ( | ( | |||||||||||||||||||
Other adjustments | |||||||||||||||||||||||
FX adjustment | ( | ( | |||||||||||||||||||||
Balance, EOP | |||||||||||||||||||||||
Less: Reinsurance recoverables | |||||||||||||||||||||||
Balance after reinsurance recoverables, EOP | $ | $ | $ | $ | |||||||||||||||||||
Other businesses | |||||||||||||||||||||||
Total balance after reinsurance recoverables, EOP | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Balance, BOP | $ | $ | |||||||||
Effect of cumulative changes in NPR | |||||||||||
Balance, BOP, before effect of changes in NPR | |||||||||||
Attributed fees collected | |||||||||||
Claims paid | ( | ( | |||||||||
Interest accrual | |||||||||||
Actual in force different from expected | |||||||||||
Effect of changes in interest rates | ( | ||||||||||
Effect of changes in equity markets | ( | ( | |||||||||
Issuances | |||||||||||
Other adjustments | |||||||||||
Balance, EOP, before effect of changes in NPR | |||||||||||
Effect of cumulative changes in NPR | ( | ( | |||||||||
Balance, EOP | |||||||||||
Less: Reinsured MRBs | |||||||||||
Balance, EOP, net of reinsurance | |||||||||||
Other businesses | |||||||||||
Total net MRB balance | $ | $ |
March 31, 2024 | March 31, 2023 | ||||||||||
($ in millions) | |||||||||||
Net amount at risk(1) | $ | $ | |||||||||
Weighted-average attained age of contractholders |
March 31, 2024 | |||||||||||||||||
Retirement Strategies | |||||||||||||||||
Individual Variable | Other Businesses | Total | |||||||||||||||
(in millions) | |||||||||||||||||
Direct and assumed | $ | $ | $ | ||||||||||||||
Ceded | |||||||||||||||||
Total MRB assets | $ | $ | $ | ||||||||||||||
Direct and assumed | $ | $ | $ | ||||||||||||||
Ceded | |||||||||||||||||
Total MRB liabilities | $ | $ | $ | ||||||||||||||
Net liability | $ | $ | $ |
March 31, 2023 | |||||||||||||||||
Retirement Strategies | |||||||||||||||||
Individual Variable | Other Businesses | Total | |||||||||||||||
(in millions) | |||||||||||||||||
Direct and assumed | $ | $ | $ | ||||||||||||||
Ceded | |||||||||||||||||
Total MRB assets | $ | $ | $ | ||||||||||||||
Direct and assumed | $ | $ | $ | ||||||||||||||
Ceded | |||||||||||||||||
Total MRB liabilities | $ | $ | $ | ||||||||||||||
Net liability | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Direct premiums | $ | $ | |||||||||
Reinsurance assumed | |||||||||||
Reinsurance ceded | ( | ( | |||||||||
Premiums | $ | $ | |||||||||
Direct policy charges and fee income | $ | $ | |||||||||
Reinsurance assumed | |||||||||||
Reinsurance ceded | ( | ( | |||||||||
Policy charges and fee income | $ | $ | |||||||||
Direct change in value of market risk benefits, net of related hedging gains (losses) | $ | $ | |||||||||
Reinsurance assumed | |||||||||||
Reinsurance ceded | ( | ( | |||||||||
Change in value of market risk benefits, net of related hedging gains (losses) | $ | $ | |||||||||
Direct policyholders’ benefits | $ | $ | |||||||||
Reinsurance assumed | |||||||||||
Reinsurance ceded | ( | ( | |||||||||
Policyholders’ benefits | $ | $ | |||||||||
Direct change in estimates of liability for future policy benefits | $ | $ | ( | ||||||||
Reinsurance assumed | ( | ||||||||||
Reinsurance ceded | ( | ||||||||||
Change in estimates of liability for future policy benefits | $ | ( | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(in millions) | |||||||||||
Individual and group annuities(1) | $ | $ | |||||||||
Life insurance(2) | |||||||||||
Other reinsurance | |||||||||||
Total reinsurance recoverables(3)(4) | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||
(in millions) | ||||||||||||||
Closed Block liabilities | ||||||||||||||
Future policy benefits | $ | $ | ||||||||||||
Policyholders’ dividends payable | ||||||||||||||
Policyholders’ dividend obligation | ||||||||||||||
Policyholders’ account balances | ||||||||||||||
Other Closed Block liabilities | ||||||||||||||
Total Closed Block liabilities | ||||||||||||||
Closed Block assets | ||||||||||||||
Fixed maturities, available-for-sale, at fair value | ||||||||||||||
Fixed maturities, trading, at fair value | ||||||||||||||
Equity securities, at fair value | ||||||||||||||
Commercial mortgage and other loans | ||||||||||||||
Policy loans | ||||||||||||||
Other invested assets | ||||||||||||||
Short-term investments | ||||||||||||||
Total investments | ||||||||||||||
Cash and cash equivalents | ||||||||||||||
Accrued investment income | ||||||||||||||
Other Closed Block assets | ||||||||||||||
Total Closed Block assets | ||||||||||||||
Excess of reported Closed Block liabilities over Closed Block assets | ||||||||||||||
Portion of above representing accumulated other comprehensive income (loss): | ||||||||||||||
Net unrealized investment gains (losses) | ( | ( | ||||||||||||
Allocated to policyholder dividend obligation | ||||||||||||||
Future earnings to be recognized from Closed Block assets and Closed Block liabilities | $ | $ |
Three Months Ended March 31, 2024 | ||||||||
(in millions) | ||||||||
Balance, December 31, 2023 | $ | |||||||
Impact from earnings allocable to policyholder dividend obligation | ( | |||||||
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation | ( | |||||||
Balance, March 31, 2024 | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Revenues | |||||||||||
Premiums | $ | $ | |||||||||
Net investment income | |||||||||||
Realized investment gains (losses), net | ( | ( | |||||||||
Other income (loss) | |||||||||||
Total Closed Block revenues | |||||||||||
Benefits and Expenses | |||||||||||
Policyholders’ benefits | |||||||||||
Interest credited to policyholders’ account balances | |||||||||||
Dividends to policyholders | |||||||||||
General and administrative expenses | |||||||||||
Total Closed Block benefits and expenses | |||||||||||
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes | ( | ||||||||||
Income tax expense (benefit) | ( | ( | |||||||||
Closed Block revenues, net of Closed Block benefits and expenses and income taxes | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
($ in millions) | |||||||||||
Commercial paper: | |||||||||||
Prudential Financial | $ | $ | |||||||||
Prudential Funding, LLC | |||||||||||
Subtotal commercial paper | |||||||||||
Current portion of long-term debt: | |||||||||||
Mortgage debt | |||||||||||
Surplus notes subject to set-off arrangements(1) | |||||||||||
Subtotal current portion of long-term debt | |||||||||||
Subtotal | |||||||||||
Less: assets under set-off arrangements(1) | |||||||||||
Total short-term debt(2) | $ | $ | |||||||||
Supplemental short-term debt information: | |||||||||||
Portion of commercial paper borrowings due overnight | $ | $ | |||||||||
Daily average commercial paper outstanding for the quarter ended | $ | $ | |||||||||
Weighted average maturity of outstanding commercial paper, in days | |||||||||||
Weighted average interest rate on outstanding commercial paper | % | % |
March 31, 2024 | December 31, 2023 | ||||||||||
(in millions) | |||||||||||
Fixed-rate obligations: | |||||||||||
Surplus notes | $ | $ | |||||||||
Surplus notes subject to set-off arrangements(1)(2) | |||||||||||
Senior notes | |||||||||||
Floating-rate obligations: | |||||||||||
Line of credit | |||||||||||
Surplus notes subject to set-off arrangements(1) | |||||||||||
Mortgage debt(3) | |||||||||||
Junior subordinated notes(4) | |||||||||||
Subtotal | |||||||||||
Less: assets under set-off arrangements(1) | |||||||||||
Total long-term debt(5) | $ | $ |
Three Months Ended March 31, | |||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Components of net periodic (benefit) cost: | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of prior service cost | ( | ( | |||||||||||||||||||||
Amortization of actuarial (gain) loss, net | |||||||||||||||||||||||
Net periodic (benefit) cost | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||
Common Stock | |||||||||||||||||
Issued | Held In Treasury | Outstanding | |||||||||||||||
(in millions) | |||||||||||||||||
Balance, December 31, 2023 | |||||||||||||||||
Common Stock issued | |||||||||||||||||
Common Stock acquired | ( | ||||||||||||||||
Stock-based compensation programs(1) | ( | ||||||||||||||||
Balance, March 31, 2024 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Dividends declared per share of Common Stock | $ | $ |
Accumulated Other Comprehensive Income (Loss) Attributable to Prudential Financial, Inc. | |||||||||||||||||||||||||||||||||||
Foreign Currency Translation Adjustment | Net Unrealized Investment Gains (Losses)(1) | Interest rate remeasurement of Liability for Future Policy Benefits | Gains (Losses) from Changes in Non-performance Risk on Market Risk Benefits | Pension and Postretirement Unrecognized Net Periodic Benefit (Cost) | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2023 | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||
Change in OCI before reclassifications | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | ( | ( | ( | ||||||||||||||||||||||||||||||||
Income tax benefit (expense) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Balance, March 31, 2024 | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( |
Accumulated Other Comprehensive Income (Loss) Attributable to Prudential Financial, Inc. | |||||||||||||||||||||||||||||||||||
Foreign Currency Translation Adjustment | Net Unrealized Investment Gains (Losses)(1) | Interest rate remeasurement of Liability for Future Policy Benefits | Gains (Losses) from Changes in Non-performance Risk on Market Risk Benefits | Pension and Postretirement Unrecognized Net Periodic Benefit (Cost) | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||
Change in OCI before reclassifications | ( | ( | |||||||||||||||||||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( |
Three Months Ended March 31, | Affected line item in Unaudited Interim Consolidated Statements of Operations | ||||||||||||||||
2024 | 2023 | ||||||||||||||||
(in millions) | |||||||||||||||||
Amounts reclassified from AOCI(1)(2): | |||||||||||||||||
Foreign currency translation adjustment: | |||||||||||||||||
Foreign currency translation adjustments | $ | $ | Realized investment gains (losses), net | ||||||||||||||
Net unrealized investment gains (losses): | |||||||||||||||||
Cash flow hedges—Interest rate | ( | ( | (3) | ||||||||||||||
Cash flow hedges—Currency | (3) | ||||||||||||||||
Cash flow hedges—Currency/Interest rate | (3) | ||||||||||||||||
Fair value hedges—Currency | ( | ( | (3) | ||||||||||||||
Net unrealized investment gains (losses) on available-for-sale securities | ( | Realized investment gains (losses), net | |||||||||||||||
Total net unrealized investment gains (losses) | ( | (4) | |||||||||||||||
Amortization of defined benefit items: | |||||||||||||||||
Prior service cost | (5) | ||||||||||||||||
Actuarial gain (loss) | ( | ( | (5) | ||||||||||||||
Total amortization of defined benefit items | ( | ( | |||||||||||||||
Total reclassifications for the period | $ | $ | ( |
Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been Recorded | Net Unrealized Gains (Losses) on All Other Investments(1) | Reinsurance Recoverables | Future Policy Benefits, Policyholders’ Account Balances and Reinsurance Payables | Policyholders’ Dividends | Income Tax Benefit (Expense) | Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses) | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2023 | $ | ( | $ | ( | $ | ( | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||||
Net investment gains (losses) on investments arising during the period | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for (gains) losses included in net income | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Reclassification due to allowance for credit losses recorded during the period | ( | ||||||||||||||||||||||||||||||||||||||||
Impact of net unrealized investment (gains) losses | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2024 | $ | ( | $ | ( | $ | ( | $ | $ | $ | $ | ( |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
Income | Weighted Average Shares | Per Share Amount | Income | Weighted Average Shares | Per Share Amount | ||||||||||||||||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||||||||||||||||
Basic earnings per share | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | $ | |||||||||||||||||||||||||||||||||
Less: Income (loss) attributable to noncontrolling interests | |||||||||||||||||||||||||||||||||||
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Effect of dilutive securities and compensation programs | |||||||||||||||||||||||||||||||||||
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic | $ | $ | |||||||||||||||||||||||||||||||||
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted | |||||||||||||||||||||||||||||||||||
Stock options | |||||||||||||||||||||||||||||||||||
Deferred and long-term compensation programs | |||||||||||||||||||||||||||||||||||
Diluted earnings per share | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Shares | Exercise Price Per Share | Shares | Exercise Price Per Share | ||||||||||||||||||||
(in millions, except per share amounts, based on weighted average) | |||||||||||||||||||||||
Antidilutive stock options based on application of the treasury stock method | $ | $ | |||||||||||||||||||||
Antidilutive stock options due to net loss available to holders of Common Stock | |||||||||||||||||||||||
Antidilutive shares based on application of the treasury stock method | |||||||||||||||||||||||
Antidilutive shares due to net loss available to holders of Common Stock | |||||||||||||||||||||||
Total antidilutive stock options and shares |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Adjusted operating income before income taxes by segment: | |||||||||||
PGIM | $ | $ | |||||||||
U.S. Businesses: | |||||||||||
Institutional Retirement Strategies | |||||||||||
Individual Retirement Strategies | |||||||||||
Retirement Strategies(1) | |||||||||||
Group Insurance | |||||||||||
Individual Life(1) | ( | ( | |||||||||
Total U.S. Businesses | |||||||||||
International Businesses: | |||||||||||
Life Planner | |||||||||||
Gibraltar Life and Other | |||||||||||
Total International Businesses | |||||||||||
Corporate and Other(2) | ( | ( | |||||||||
Total segment adjusted operating income before income taxes | |||||||||||
Reconciling items: | |||||||||||
Realized investment gains (losses), net, and related charges and adjustments(2) | ( | ||||||||||
Change in value of market risk benefits, net of related hedging gains (losses) | |||||||||||
Market experience updates | ( | ||||||||||
Divested and Run-off Businesses: | |||||||||||
Closed Block division | ( | ( | |||||||||
Other Divested and Run-off Businesses(2) | ( | ||||||||||
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests | ( | ( | |||||||||
Other adjustments(3) | ( | ( | |||||||||
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities per Unaudited Interim Consolidated Financial Statements | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(in millions) | |||||||||||
Assets by segment: | |||||||||||
PGIM | $ | $ | |||||||||
U.S. Businesses: | |||||||||||
Institutional Retirement Strategies | |||||||||||
Individual Retirement Strategies | |||||||||||
Retirement Strategies | |||||||||||
Group Insurance | |||||||||||
Individual Life | |||||||||||
Total U.S. Businesses | |||||||||||
International Businesses: | |||||||||||
Life Planner | |||||||||||
Gibraltar Life and Other | |||||||||||
Total International Businesses | |||||||||||
Corporate and Other | |||||||||||
Closed Block division | |||||||||||
Total assets per Unaudited Interim Consolidated Financial Statements | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Revenues by segment: | |||||||||||
PGIM | $ | $ | |||||||||
U.S. Businesses: | |||||||||||
Institutional Retirement Strategies | |||||||||||
Individual Retirement Strategies | |||||||||||
Retirement Strategies | |||||||||||
Group Insurance | |||||||||||
Individual Life | |||||||||||
Total U.S. Businesses | |||||||||||
International Businesses: | |||||||||||
Life Planner | |||||||||||
Gibraltar Life and Other | |||||||||||
Total International Businesses: | |||||||||||
Corporate and Other(1) | ( | ||||||||||
Total revenues on an adjusted operating income basis | |||||||||||
Reconciling items: | |||||||||||
Realized investment gains (losses), net, and related charges and adjustments(1) | |||||||||||
Change in value of market risk benefits, net of related hedging gains (losses) | |||||||||||
Market experience updates | ( | ||||||||||
Divested and Run-off Businesses: | |||||||||||
Closed Block division | |||||||||||
Other Divested and Run-off Businesses(1) | |||||||||||
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests | ( | ( | |||||||||
Total revenues per Unaudited Interim Consolidated Financial Statements | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
PGIM segment intersegment revenues | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Asset-based management fees | $ | $ | |||||||||
Performance-based incentive fees | |||||||||||
Other fees | |||||||||||
Total asset management and service fees | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(in millions) | |||||||||||
Reinsurance recoverables and deposit receivables | $ | $ | |||||||||
Other assets | $ | $ | |||||||||
Reinsurance and funds withheld payables (includes $ | $ | $ | |||||||||
Accumulated other comprehensive income (loss) | $ | $ |
Three Months Ended March 31, 2024 | |||||
(in millions) | |||||
Premiums | $ | ( | |||
Asset management and service fees | |||||
Other income | |||||
Realized investment gains(losses), net | |||||
Policyholders’ benefits | ( | ||||
Change in estimates of liability for future policy benefits | ( | ||||
General and administrative expenses | |||||
Income (loss) from related parties, before income taxes | |||||
Other comprehensive income (loss), before tax | |||||
Total comprehensive income (loss), before tax | $ |
Three Months Ended March 31, 2024 | |||||
(in millions) | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
Realized investment (gains) losses, net | $ | ( | |||
Change in: | |||||
Other, net | $ | ( | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Other, net | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(in millions) | |||||||||||
Total outstanding mortgage loan commitments | $ | $ | |||||||||
Portion of commitment where prearrangement to sell to investor exists | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(in millions) | |||||||||||
Expected to be funded from the general account and other operations outside the separate accounts | $ | $ | |||||||||
Expected to be funded from separate accounts | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(in millions) | |||||||||||
Indemnification provided to certain clients for securities lending and securities repurchase transactions(1) | $ | $ | |||||||||
Fair value of related collateral associated with above indemnifications(2) | $ | $ | |||||||||
Accrued liability associated with guarantee | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(in millions) | |||||||||||
Guaranteed value of third-parties’ assets | $ | $ | |||||||||
Fair value of collateral supporting these assets | $ | $ | |||||||||
Asset (liability) associated with guarantee, carried at fair value | $ | ( | $ | ( |
March 31, 2024 | December 31, 2023 | ||||||||||
(in millions) | |||||||||||
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company | $ | $ | |||||||||
First-loss exposure portion of above | $ | $ | |||||||||
Accrued liability associated with guarantees(1) | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(in millions) | |||||||||||
Other guarantees where amount can be determined | $ | $ | |||||||||
Accrued liability for other guarantees and indemnifications | $ | $ |
Page | |||||
As of March 31, 2024 | |||||
(in billions) | |||||
Long-duration insurance products with fixed and guaranteed terms | $ | 177 | |||
Contracts with adjustable crediting rates subject to guaranteed minimums | 37 | ||||
Participating contracts where investment income risk ultimately accrues to contractholders | 1 | ||||
Total | $ | 215 |
As of March 31, 2024 | |||||
(in billions) | |||||
Insurance products with fixed and guaranteed terms | $ | 115 | |||
Contracts with a market value adjustment if canceled before maturity | 32 | ||||
Contracts with adjustable crediting rates subject to guaranteed minimums | 9 | ||||
Total | $ | 156 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Revenues | $ | 23,509 | $ | 17,045 | |||||||
Benefits and expenses | 22,119 | 15,198 | |||||||||
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | 1,390 | 1,847 | |||||||||
Income tax expense (benefit) | 289 | 382 | |||||||||
Income (loss) before equity in earnings of joint ventures and other operating entities | 1,101 | 1,465 | |||||||||
Equity in earnings of joint ventures and other operating entities, net of taxes | 50 | 12 | |||||||||
Net income (loss) | 1,151 | 1,477 | |||||||||
Less: Income attributable to noncontrolling interests | 13 | 15 | |||||||||
Net income (loss) attributable to Prudential Financial, Inc. | $ | 1,138 | $ | 1,462 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Adjusted operating income before income taxes by segment: | |||||||||||
PGIM | $ | 169 | $ | 151 | |||||||
U.S. Businesses: | |||||||||||
Retirement Strategies | 915 | 837 | |||||||||
Group Insurance | 45 | 25 | |||||||||
Individual Life | (121) | (102) | |||||||||
Total U.S. Businesses | 839 | 760 | |||||||||
International Businesses | 896 | 840 | |||||||||
Corporate and Other(1) | (435) | (471) | |||||||||
Total segment adjusted operating income before income taxes | 1,469 | 1,280 | |||||||||
Reconciling items: | |||||||||||
Realized investment gains (losses), net, and related charges and adjustments(1)(2) | (97) | 369 | |||||||||
Change in value of market risk benefits, net of related hedging gains (losses) | 123 | 75 | |||||||||
Market experience updates | (32) | 48 | |||||||||
Divested and Run-off Businesses(3): | |||||||||||
Closed Block division | (3) | (4) | |||||||||
Other Divested and Run-off Businesses(1) | (35) | 92 | |||||||||
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests(4) | (27) | (5) | |||||||||
Other adjustments(5) | (8) | (8) | |||||||||
Consolidated income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | $ | 1,390 | $ | 1,847 |
March 31, 2024 | December 31, 2023 | ||||||||||
(in billions) | |||||||||||
Foreign currency hedging instruments: | |||||||||||
USD-denominated assets associated with yen-based entities(1) | $ | 6.4 | $ | 7.2 | |||||||
Dual currency and synthetic dual currency investments(2) | 0.3 | 0.3 | |||||||||
Total foreign currency hedges | $ | 6.7 | $ | 7.5 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Segment impacts of intercompany arrangements: | |||||||||||
International Businesses | $ | 3 | $ | 3 | |||||||
PGIM | 0 | 0 | |||||||||
Impact of intercompany arrangements(1) | 3 | 3 | |||||||||
Corporate and Other: | |||||||||||
Impact of intercompany arrangements(1) | (3) | (3) | |||||||||
Settlement gains (losses) on forward currency contracts(2) | (3) | 3 | |||||||||
Net benefit (detriment) to Corporate and Other | (6) | 0 | |||||||||
Net impact on consolidated revenues and adjusted operating income | $ | (3) | $ | 3 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Operating results(1): | |||||||||||
Revenues | $ | 990 | $ | 898 | |||||||
Expenses | 821 | 747 | |||||||||
Adjusted operating income | 169 | 151 | |||||||||
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests | 11 | 13 | |||||||||
Other adjustments(2) | (8) | (8) | |||||||||
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | $ | 172 | $ | 156 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Revenues by type: | |||||||||||
Asset management fees by source: | |||||||||||
Institutional customers | $ | 378 | $ | 362 | |||||||
Retail customers(1) | 276 | 243 | |||||||||
General account | 120 | 115 | |||||||||
Total asset management fees | 774 | 720 | |||||||||
Other related revenues by source: | |||||||||||
Incentive fees | 41 | 3 | |||||||||
Transaction fees | 4 | 4 | |||||||||
Seed and co-investments | 41 | 33 | |||||||||
Commercial mortgage(2) | 7 | 12 | |||||||||
Total other related revenues | 93 | 52 | |||||||||
Service, distribution and other revenues | 123 | 126 | |||||||||
Total revenues | $ | 990 | $ | 898 |
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||
(in billions) | |||||||||||||||||
Assets Under Management(1) (at fair value): | |||||||||||||||||
Public equity | $ | 201.9 | $ | 183.6 | $ | 163.2 | |||||||||||
Public fixed income | 824.5 | 799.8 | 797.7 | ||||||||||||||
Real estate | 127.3 | 129.2 | 129.7 | ||||||||||||||
Private credit and other alternatives | 114.0 | 112.1 | 105.3 | ||||||||||||||
Multi-asset | 73.7 | 73.4 | 73.9 | ||||||||||||||
Total PGIM assets under management | $ | 1,341.4 | $ | 1,298.1 | $ | 1,269.8 | |||||||||||
Assets under management within other reporting segments(2) | 154.9 | 151.5 | 147.2 | ||||||||||||||
Total PFI assets under management | $ | 1,496.3 | $ | 1,449.6 | $ | 1,417.0 |
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||
(in billions) | |||||||||||||||||
Assets Under Management(1) (at fair value): | |||||||||||||||||
Institutional customers | $ | 616.6 | $ | 582.6 | $ | 561.2 | |||||||||||
Retail customers | 345.4 | 330.3 | 314.4 | ||||||||||||||
General account | 379.4 | 385.2 | 394.2 | ||||||||||||||
Total PGIM assets under management | $ | 1,341.4 | $ | 1,298.1 | $ | 1,269.8 | |||||||||||
Assets under management within other reporting segments(2) | 154.9 | 151.5 | 147.2 | ||||||||||||||
Total PFI assets under management | $ | 1,496.3 | $ | 1,449.6 | $ | 1,417.0 |
Three Months Ended March 31, | Twelve Months Ended March 31, | ||||||||||||||||
2024 | 2023 | 2024 | |||||||||||||||
(in billions) | |||||||||||||||||
Beginning assets under management | $ | 1,298.1 | $ | 1,228.4 | $ | 1,269.8 | |||||||||||
Institutional third-party flows | 26.1 | (10.2) | 13.0 | ||||||||||||||
Retail third-party flows | 0.5 | (3.8) | (10.8) | ||||||||||||||
Total third-party flows | 26.6 | (14.0) | 2.2 | ||||||||||||||
Affiliated flows(1) | 7.1 | 2.1 | (0.6) | ||||||||||||||
Market appreciation (depreciation)(2) | 18.9 | 50.2 | 87.0 | ||||||||||||||
Foreign exchange rate impact | (5.9) | (0.1) | (10.1) | ||||||||||||||
Net money market activity and other increases (decreases) | (3.4) | 3.2 | (6.9) | ||||||||||||||
Ending assets under management | $ | 1,341.4 | $ | 1,269.8 | $ | 1,341.4 | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in billions) | |||||||||||
Private capital deployed: | |||||||||||
Real estate debt and equity | $ | 2.0 | $ | 3.7 | |||||||
Private credit and equity | 3.3 | 2.7 | |||||||||
Total private capital deployed | $ | 5.3 | $ | 6.4 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Adjusted operating income before income taxes: | |||||||||||
U.S. Businesses: | |||||||||||
Retirement Strategies | $ | 915 | $ | 837 | |||||||
Group Insurance | 45 | 25 | |||||||||
Individual Life | (121) | (102) | |||||||||
Total U.S. Businesses | 839 | 760 | |||||||||
Reconciling items: | |||||||||||
Realized investment gains (losses), net, and related charges and adjustments(1) | (392) | (15) | |||||||||
Change in value of market risk benefits, net of related hedging gains (losses) | 120 | 79 | |||||||||
Market experience updates | (55) | 98 | |||||||||
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests | 1 | 0 | |||||||||
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | $ | 513 | $ | 922 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Operating results: | |||||||||||
Revenues: | |||||||||||
Institutional Retirement Strategies | $ | 11,538 | $ | 4,889 | |||||||
Individual Retirement Strategies | 1,214 | 1,095 | |||||||||
Total revenues | 12,752 | 5,984 | |||||||||
Benefits and expenses: | |||||||||||
Institutional Retirement Strategies | 11,097 | 4,493 | |||||||||
Individual Retirement Strategies | 740 | 654 | |||||||||
Total benefits and expenses | 11,837 | 5,147 | |||||||||
Adjusted operating income: | |||||||||||
Institutional Retirement Strategies | 441 | 396 | |||||||||
Individual Retirement Strategies | 474 | 441 | |||||||||
Total adjusted operating income | 915 | 837 | |||||||||
Realized investment gains (losses), net, and related charges and adjustments(1) | (303) | (44) | |||||||||
Change in value of market risk benefits, net of related hedging gains (losses) | 120 | 79 | |||||||||
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests | 1 | 1 | |||||||||
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | $ | 733 | $ | 873 |
Three Months Ended March 31, | Twelve Months Ended March 31, | ||||||||||||||||
2024 | 2023 | 2024 | |||||||||||||||
(in millions) | |||||||||||||||||
Total Institutional Retirement Strategies: | |||||||||||||||||
Beginning total account value, gross(1) | $ | 267,654 | $ | 251,818 | $ | 252,952 | |||||||||||
Additions(2) | 10,990 | 3,828 | 35,660 | ||||||||||||||
Withdrawals and benefits | (6,417) | (5,474) | (26,226) | ||||||||||||||
Change in market value, interest credited and interest income | 2,655 | 1,823 | 8,554 | ||||||||||||||
Other(3) | (252) | 957 | 3,690 | ||||||||||||||
Ending total account value, gross | 274,630 | 252,952 | 274,630 | ||||||||||||||
Reinsurance ceded | (9,179) | 0 | (9,179) | ||||||||||||||
Ending total account value, net | $ | 265,451 | $ | 252,952 | $ | 265,451 |
Three Months Ended March 31, | Twelve Months Ended March 31, | ||||||||||||||||
2024 | 2023 | 2024 | |||||||||||||||
(in millions) | |||||||||||||||||
Total Individual Retirement Strategies: | |||||||||||||||||
Beginning total account value, gross(1) | $ | 129,708 | $ | 120,022 | $ | 123,804 | |||||||||||
Sales | 3,314 | 1,675 | 9,274 | ||||||||||||||
Full surrenders and death benefits | (2,565) | (1,488) | (7,843) | ||||||||||||||
Sales, net of full surrenders and death benefits | 749 | 187 | 1,431 | ||||||||||||||
Partial withdrawals and other benefit payments | (1,290) | (1,120) | (4,701) | ||||||||||||||
Net flows | (541) | (933) | (3,270) | ||||||||||||||
Change in market value, interest credited and other activity | 6,081 | 5,330 | 16,375 | ||||||||||||||
Policy charges | (548) | (615) | (2,209) | ||||||||||||||
Ending total account value, gross | 134,700 | 123,804 | 134,700 | ||||||||||||||
Reinsurance ceded | (11,688) | (1,079) | (11,688) | ||||||||||||||
Ending total account value, net(2) | $ | 123,012 | $ | 122,725 | $ | 123,012 |
March 31, 2024 | December 31, 2023 | March 31, 2023 | ||||||||||||||||||||||||||||||||||||
Account Value | % of Total | Account Value | % of Total | Account Value | % of Total | |||||||||||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||||||||||||||
Living benefit/GMDB features(1): | ||||||||||||||||||||||||||||||||||||||
Both ALM strategy and automatic rebalancing(2)(3) | $ | 70,599 | 56 | % | $ | 70,013 | 58 | % | $ | 70,618 | 60 | % | ||||||||||||||||||||||||||
ALM strategy only(3) | 1,955 | 2 | % | 1,933 | 2 | % | 1,983 | 2 | % | |||||||||||||||||||||||||||||
Automatic rebalancing only | 80 | 0 | % | 80 | 0 | % | 82 | 0 | % | |||||||||||||||||||||||||||||
External reinsurance(4) | 11,956 | 10 | % | 12,418 | 10 | % | 2,493 | 2 | % | |||||||||||||||||||||||||||||
PDI | 1,477 | 1 | % | 1,536 | 1 | % | 12,200 | 10 | % | |||||||||||||||||||||||||||||
Other products | 1,631 | 1 | % | 1,585 | 1 | % | 1,585 | 1 | % | |||||||||||||||||||||||||||||
Total living benefit/GMDB features | 87,698 | 87,565 | 88,961 | |||||||||||||||||||||||||||||||||||
GMDB features and other(5) | 37,267 | 30 | % | 33,873 | 28 | % | 28,376 | 25 | % | |||||||||||||||||||||||||||||
Total variable annuity account value | $ | 124,965 | $ | 121,438 | $ | 117,337 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions)(1) | |||||||||||
Results excluded from adjusted operating income: | |||||||||||
Change in MRBs, excluding changes in the NPR adjustment(2) | $ | 1,568 | $ | 52 | |||||||
Change in the value of the non-MRB liabilities, excluding changes in the NPR adjustment(3) | 41 | 278 | |||||||||
Change in the NPR adjustment, excluding changes recognized in OCI | (51) | 10 | |||||||||
Change in the fair value of hedge assets(4)(5) | (1,454) | (196) | |||||||||
Other(6) | (60) | (100) | |||||||||
Total Individual Retirement Strategies results excluded from adjusted operating income | 44 | 44 | |||||||||
Total Institutional Retirement Strategies results excluded from adjusted operating income | (226) | (8) | |||||||||
Total results excluded from adjusted operating income | $ | (182) | $ | 36 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
($ in millions) | |||||||||||
Operating results: | |||||||||||
Revenues | $ | 1,634 | $ | 1,564 | |||||||
Benefits and expenses | 1,589 | 1,539 | |||||||||
Adjusted operating income | 45 | 25 | |||||||||
Realized investment gains (losses), net, and related charges and adjustments | (8) | (9) | |||||||||
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | $ | 37 | $ | 16 | |||||||
Benefits ratios(1)(3): | |||||||||||
Group life | 90.1 | % | 92.9 | % | |||||||
Group disability | 71.3 | % | 65.8 | % | |||||||
Total Group Insurance | 84.7 | % | 85.9 | % | |||||||
Administrative operating expense ratios(2)(3): | |||||||||||
Group life | 12.1 | % | 11.8 | % | |||||||
Group disability | 25.9 | % | 25.2 | % | |||||||
Total Group Insurance | 16.0 | % | 15.2 | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Annualized new business premiums(1): | |||||||||||
Group life | $ | 189 | $ | 162 | |||||||
Group disability | 189 | 157 | |||||||||
Total | $ | 378 | $ | 319 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Operating results: | |||||||||||
Revenues | $ | 1,580 | $ | 1,527 | |||||||
Benefits and expenses | 1,701 | 1,629 | |||||||||
Adjusted operating income | (121) | (102) | |||||||||
Realized investment gains (losses), net, and related charges and adjustments(1) | (81) | 38 | |||||||||
Market experience updates | (55) | 98 | |||||||||
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | $ | (257) | $ | 34 |
Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||
Prudential Advisors | Third- Party | Total | Prudential Advisors | Third- Party | Total | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Variable Life | $ | 30 | $ | 86 | $ | 116 | $ | 27 | $ | 82 | $ | 109 | |||||||||||||||||||||||
Term Life | 4 | 27 | 31 | 5 | 18 | 23 | |||||||||||||||||||||||||||||
Universal Life | 1 | 19 | 20 | 1 | 16 | 17 | |||||||||||||||||||||||||||||
Total | $ | 35 | $ | 132 | $ | 167 | $ | 33 | $ | 116 | $ | 149 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Operating results: | |||||||||||
Revenues: | |||||||||||
Life Planner | $ | 2,550 | $ | 2,624 | |||||||
Gibraltar Life and Other | 2,163 | 2,391 | |||||||||
Total revenues | 4,713 | 5,015 | |||||||||
Benefits and expenses: | |||||||||||
Life Planner | 2,005 | 2,102 | |||||||||
Gibraltar Life and Other | 1,812 | 2,073 | |||||||||
Total benefits and expenses | 3,817 | 4,175 | |||||||||
Adjusted operating income: | |||||||||||
Life Planner | 545 | 522 | |||||||||
Gibraltar Life and Other | 351 | 318 | |||||||||
Total adjusted operating income | 896 | 840 | |||||||||
Realized investment gains (losses), net, and related charges and adjustments(1) | 218 | 435 | |||||||||
Change in value of market risk benefits, net of related hedging gains (losses) | 3 | (4) | |||||||||
Market experience updates | 23 | (47) | |||||||||
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests | (36) | (16) | |||||||||
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | $ | 1,104 | $ | 1,208 |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(in millions) | ||||||||||||||
Annualized new business premiums: | ||||||||||||||
On an actual exchange rate basis(1): | ||||||||||||||
Life Planner | $ | 293 | $ | 277 | ||||||||||
Gibraltar Life and Other | 224 | 231 | ||||||||||||
Total | $ | 517 | $ | 508 | ||||||||||
On a constant exchange rate basis: | ||||||||||||||
Life Planner | $ | 291 | $ | 265 | ||||||||||
Gibraltar Life and Other | 229 | 232 | ||||||||||||
Total | $ | 520 | $ | 497 |
Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life | Accident & Health | Retirement (1) | Investment Contracts (2) | Total | Life | Accident & Health | Retirement (1) | Investment Contracts (2) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life Planner | $ | 139 | $ | 20 | $ | 81 | $ | 51 | $ | 291 | $ | 127 | $ | 19 | $ | 75 | $ | 44 | $ | 265 | |||||||||||||||||||||||||||||||||||||||
Gibraltar Life and Other: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life Consultants | 29 | 5 | 9 | 65 | 108 | 35 | 5 | 7 | 81 | 128 | |||||||||||||||||||||||||||||||||||||||||||||||||
Banks | 5 | 0 | 0 | 54 | 59 | 11 | 0 | 1 | 43 | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||
Independent Agency | 10 | 2 | 17 | 33 | 62 | 16 | 12 | 20 | 1 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 44 | 7 | 26 | 152 | 229 | 62 | 17 | 28 | 125 | 232 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 183 | $ | 27 | $ | 107 | $ | 203 | $ | 520 | $ | 189 | $ | 36 | $ | 103 | $ | 169 | $ | 497 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Operating results: | |||||||||||
Investment income | $ | 55 | $ | 61 | |||||||
Interest expense on debt | (205) | (212) | |||||||||
Pension and employee benefits | 94 | 91 | |||||||||
Other corporate activities(1) | (379) | (411) | |||||||||
Adjusted operating income(1) | (435) | (471) | |||||||||
Realized investment gains (losses), net, and related charges and adjustments | 77 | (51) | |||||||||
Market experience updates | 0 | (3) | |||||||||
Divested and Run-off Businesses(1) | (35) | 92 | |||||||||
Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests | (3) | (3) | |||||||||
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | $ | (396) | $ | (436) |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
Long-Term Care | $ | 134 | $ | 95 | |||||||
Other(1) | (169) | (3) | |||||||||
Total Divested and Run-off Businesses income (loss) excluded from adjusted operating income | $ | (35) | $ | 92 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
U.S. GAAP results: | |||||||||||
Revenues | $ | 962 | $ | 971 | |||||||
Benefits and expenses | 965 | 975 | |||||||||
Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities | $ | (3) | $ | (4) |
March 31, 2024 | ||||||||||||||||||||||||||||||||
PFI Excluding Closed Block Division and Funds Withheld | Closed Block Division | Funds Withheld | Total | |||||||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||||||||
Public, available-for-sale, at fair value | $ | 214,618 | 58.3 | % | $ | 20,184 | $ | 7,922 | $ | 242,724 | ||||||||||||||||||||||
Private, available-for-sale, at fair value | 62,584 | 17.0 | 9,891 | 2,608 | 75,083 | |||||||||||||||||||||||||||
Fixed maturities, trading, at fair value | 4,380 | 1.2 | 849 | 4,577 | 9,806 | |||||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | 3,359 | 0.9 | 0 | 0 | 3,359 | |||||||||||||||||||||||||||
Equity securities, at fair value | 4,838 | 1.3 | 1,818 | 5 | 6,661 | |||||||||||||||||||||||||||
Commercial mortgage and other loans, at book value, net of allowance | 50,870 | 13.8 | 7,681 | 73 | 58,624 | |||||||||||||||||||||||||||
Policy loans, at outstanding balance | 6,466 | 1.8 | 3,441 | 0 | 9,907 | |||||||||||||||||||||||||||
Other invested assets, net of allowance(1) | 16,168 | 4.3 | 4,432 | 1,093 | 21,693 | |||||||||||||||||||||||||||
Short-term investments, net of allowance | 5,092 | 1.4 | 743 | 106 | 5,941 | |||||||||||||||||||||||||||
Total general account investments | 368,375 | 100.0 | % | 49,039 | 16,384 | 433,798 | ||||||||||||||||||||||||||
Invested assets of other entities and operations(2) | 4,451 | 0 | 0 | 4,451 | ||||||||||||||||||||||||||||
Total investments | $ | 372,826 | $ | 49,039 | $ | 16,384 | $ | 438,249 |
December 31, 2023 | ||||||||||||||||||||||||||||||||
PFI Excluding Closed Block Division and Funds Withheld(3) | Closed Block Division | Funds Withheld(3) | Total | |||||||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||||||||
Public, available-for-sale, at fair value | $ | 217,469 | 58.9 | % | $ | 20,483 | $ | 3,270 | $ | 241,222 | ||||||||||||||||||||||
Private, available-for-sale, at fair value | 61,861 | 16.7 | 10,003 | 2,678 | 74,542 | |||||||||||||||||||||||||||
Fixed maturities, trading, at fair value | 4,954 | 1.3 | 887 | 2,944 | 8,785 | |||||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | 3,168 | 0.9 | 0 | 0 | 3,168 | |||||||||||||||||||||||||||
Equity securities, at fair value | 5,664 | 1.5 | 1,970 | 0 | 7,634 | |||||||||||||||||||||||||||
Commercial mortgage and other loans, at book value, net of allowance | 50,994 | 13.8 | 7,769 | 23 | 58,786 | |||||||||||||||||||||||||||
Policy loans, at outstanding balance | 6,568 | 1.8 | 3,479 | 0 | 10,047 | |||||||||||||||||||||||||||
Other invested assets, net of allowance(1) | 13,934 | 3.8 | 4,513 | 1,007 | 19,454 | |||||||||||||||||||||||||||
Short-term investments, net of allowance | 4,709 | 1.3 | 232 | 51 | 4,992 | |||||||||||||||||||||||||||
Total general account investments | 369,321 | 100.0 | % | 49,336 | 9,973 | 428,630 | ||||||||||||||||||||||||||
Invested assets of other entities and operations(2) | 6,103 | 0 | 0 | 6,103 | ||||||||||||||||||||||||||||
Total investments | $ | 375,424 | $ | 49,336 | $ | 9,973 | $ | 434,733 |
March 31, 2024 | December 31, 2023 | |||||||||||||
Japanese Insurance Operations | ||||||||||||||
(in millions) | ||||||||||||||
Fixed maturities: | ||||||||||||||
Public, available-for-sale, at fair value | $ | 108,625 | $ | 113,737 | ||||||||||
Private, available-for-sale, at fair value | 20,959 | 20,891 | ||||||||||||
Fixed maturities, trading, at fair value | 586 | 669 | ||||||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | 3,359 | 3,168 | ||||||||||||
Equity securities, at fair value | 1,618 | 1,614 | ||||||||||||
Commercial mortgage and other loans, at book value, net of allowance | 17,102 | 17,980 | ||||||||||||
Policy loans, at outstanding balance | 2,644 | 2,670 | ||||||||||||
Other invested assets(1) | 5,861 | 5,617 | ||||||||||||
Short-term investments, net of allowance | 286 | 421 | ||||||||||||
Total Japanese general account investments | $ | 161,040 | $ | 166,767 |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PFI Excluding Closed Block Division, Funds Withheld and Japanese Insurance Operations | Japanese Insurance Operations | PFI Excluding Closed Block Division and Funds Withheld | Closed Block Division | Funds Withheld | Total(5) | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield(1) | Amount | Yield(1) | Amount | Yield(1) | Amount | Amount | Amount | Amount | |||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities(2) | 5.13 | % | $ | 2,017 | 3.01 | % | $ | 1,051 | 4.12 | % | $ | 3,068 | $ | 370 | $ | 217 | $ | 3,655 | |||||||||||||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities | 0.00 | 0 | 1.24 | 10 | 1.24 | 10 | 0 | 0 | 10 | ||||||||||||||||||||||||||||||||||||||||||||
Equity securities | 2.85 | 25 | 1.14 | 5 | 2.32 | 30 | 7 | 0 | 37 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage and other loans | 4.36 | 363 | 3.76 | 164 | 4.16 | 527 | 81 | 2 | 610 | ||||||||||||||||||||||||||||||||||||||||||||
Policy loans | 4.93 | 47 | 3.79 | 25 | 4.47 | 72 | 50 | 0 | 122 | ||||||||||||||||||||||||||||||||||||||||||||
Short-term investments and cash equivalents | 7.08 | 224 | 6.14 | 25 | 7.00 | 249 | 23 | 4 | 276 | ||||||||||||||||||||||||||||||||||||||||||||
Gross investment income | 5.06 | 2,676 | 3.10 | 1,280 | 4.20 | 3,956 | 531 | 223 | 4,710 | ||||||||||||||||||||||||||||||||||||||||||||
Investment expenses | (0.19) | (182) | (0.12) | (80) | (0.16) | (262) | (76) | (1) | (339) | ||||||||||||||||||||||||||||||||||||||||||||
Investment income after investment expenses | 4.87 | % | 2,494 | 2.98 | % | 1,200 | 4.04 | % | 3,694 | 455 | 222 | 4,371 | |||||||||||||||||||||||||||||||||||||||||
Other invested assets(3) | 167 | 134 | 301 | 59 | 64 | 424 | |||||||||||||||||||||||||||||||||||||||||||||||
Investment results of other entities and operations(4) | (31) | 0 | (31) | 0 | 0 | (31) | |||||||||||||||||||||||||||||||||||||||||||||||
Total net investment income | $ | 2,630 | $ | 1,334 | $ | 3,964 | $ | 514 | $ | 286 | $ | 4,764 |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PFI Excluding Closed Block Division, Funds Withheld and Japanese Insurance Operations(6) | Japanese Insurance Operations | PFI Excluding Closed Block Division and Funds Withheld(6) | Closed Block Division | Funds Withheld(6) | Total(5) | ||||||||||||||||||||||||||||||||||||||||||||||||
Yield(1) | Amount | Yield(1) | Amount | Yield(1) | Amount | Amount | Amount | Amount | |||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities(2) | 4.92 | % | $ | 2,009 | 2.79 | % | $ | 983 | 3.93 | % | $ | 2,992 | $ | 360 | $ | 0 | $ | 3,352 | |||||||||||||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities | 0.00 | 0 | 1.33 | 10 | 1.33 | 10 | 0 | 0 | 10 | ||||||||||||||||||||||||||||||||||||||||||||
Equity securities | 2.59 | 20 | 1.31 | 6 | 2.12 | 26 | 14 | 0 | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage and other loans | 3.95 | 302 | 3.60 | 161 | 3.82 | 463 | 78 | 0 | 541 | ||||||||||||||||||||||||||||||||||||||||||||
Policy loans | 4.95 | 47 | 3.86 | 25 | 4.50 | 72 | 52 | 0 | 124 | ||||||||||||||||||||||||||||||||||||||||||||
Short-term investments and cash equivalents | 6.13 | 194 | 3.61 | 18 | 5.90 | 212 | 15 | 0 | 227 | ||||||||||||||||||||||||||||||||||||||||||||
Gross investment income | 4.81 | 2,572 | 2.86 | 1,203 | 3.95 | 3,775 | 519 | 0 | 4,294 | ||||||||||||||||||||||||||||||||||||||||||||
Investment expenses | (0.12) | (126) | (0.13) | (83) | (0.13) | (209) | (61) | 0 | (270) | ||||||||||||||||||||||||||||||||||||||||||||
Investment income after investment expenses | 4.69 | % | 2,446 | 2.73 | % | 1,120 | 3.82 | % | 3,566 | 458 | 0 | 4,024 | |||||||||||||||||||||||||||||||||||||||||
Other invested assets(3) | 134 | 55 | 189 | 23 | 9 | 221 | |||||||||||||||||||||||||||||||||||||||||||||||
Investment results of other entities and operations(4) | 75 | 0 | 75 | 0 | 0 | 75 | |||||||||||||||||||||||||||||||||||||||||||||||
Total net investment income | $ | 2,655 | $ | 1,175 | $ | 3,830 | $ | 481 | $ | 9 | $ | 4,320 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in millions) | |||||||||||
PFI excluding Closed Block Division and Funds Withheld(4): | |||||||||||
Realized investment gains (losses), net: | |||||||||||
(Addition to) release of allowance for credit losses on fixed maturities | $ | 2 | $ | (149) | |||||||
Write-downs on fixed maturities(1) | (5) | (3) | |||||||||
Net gains (losses) on sales and maturities | 182 | 107 | |||||||||
Fixed maturity securities(2) | 179 | (45) | |||||||||
(Addition to) release of allowance for credit losses on loans | (42) | (16) | |||||||||
Write-offs on mortgage loans | 0 | 0 | |||||||||
Net gains (losses) on sales and maturities | 0 | 1 | |||||||||
Commercial mortgage and other loans | (42) | (15) | |||||||||
Derivatives | (413) | 284 | |||||||||
OTTI losses on other invested assets recognized in earnings | (3) | (17) | |||||||||
(Addition to) release of allowance for credit losses on other invested assets | (2) | (1) | |||||||||
Other net gains (losses) | 40 | 41 | |||||||||
Other | 35 | 23 | |||||||||
Subtotal | (241) | 247 | |||||||||
Investment results of other entities and operations(3) | (7) | (13) | |||||||||
Total — PFI excluding Closed Block Division and Funds Withheld(4) | (248) | 234 | |||||||||
Related charges and adjustments | 162 | 135 | |||||||||
Realized investment gains (losses), net, and related charges and adjustments(4) | $ | (86) | $ | 369 | |||||||
Closed Block Division: | |||||||||||
Realized investment gains (losses), net: | |||||||||||
(Addition to) release of allowance for credit losses on fixed maturities | $ | (14) | $ | 18 | |||||||
Write-downs on fixed maturities(1) | 0 | (6) | |||||||||
Net gains (losses) on sales and maturities | (88) | (122) | |||||||||
Fixed maturity securities(2) | (102) | (110) | |||||||||
(Addition to) release of allowance for credit losses on loans | (11) | (2) | |||||||||
Net gains (losses) on sales and maturities | 0 | 0 | |||||||||
Commercial mortgage and other loans | (11) | (2) | |||||||||
Derivatives | (12) | 94 | |||||||||
(Addition to) release of allowance for credit losses on other invested assets | 0 | 0 | |||||||||
Other net gains (losses) | 0 | 1 | |||||||||
Other | 0 | 1 | |||||||||
Subtotal — Closed Block Division | $ | (125) | $ | (17) | |||||||
Funds Withheld(4): | |||||||||||
Realized investment gains (losses), net: | |||||||||||
(Addition to) release of allowance for credit losses on fixed maturities | $ | 0 | $ | 0 | |||||||
Write-downs on fixed maturities(1) | 0 | 0 | |||||||||
Net gains (losses) on sales and maturities | (58) | 0 |
Fixed maturity securities(2) | (58) | 0 | |||||||||
(Addition to) release of allowance for credit losses on loans | 0 | 0 | |||||||||
Write-offs on mortgage loans | 0 | 0 | |||||||||
Net gains (losses) on sales and maturities | 0 | 0 | |||||||||
Commercial mortgage and other loans | 0 | 0 | |||||||||
Derivatives | 203 | 0 | |||||||||
(Addition to) release of allowance for credit losses on other invested assets | 0 | 0 | |||||||||
Other net gains (losses) | (80) | 0 | |||||||||
Other | (80) | 0 | |||||||||
Subtotal — Funds Withheld | 65 | 0 | |||||||||
Related charges and adjustments | (76) | 0 | |||||||||
Realized investment gains (losses), net, and related charges and adjustments(4) | $ | (11) | $ | 0 | |||||||
Consolidated PFI realized investment gains (losses), net | $ | (308) | $ | 217 |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry(1) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | ACL | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | ACL | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance | $ | 39,946 | $ | 438 | $ | 3,455 | $ | 9 | $ | 36,920 | $ | 39,542 | $ | 485 | $ | 3,255 | $ | 10 | $ | 36,762 | |||||||||||||||||||||||||||||||||||||||
Consumer non-cyclical | 32,608 | 568 | 3,311 | 11 | 29,854 | 32,392 | 697 | 2,998 | 11 | 30,080 | |||||||||||||||||||||||||||||||||||||||||||||||||
Utility | 27,440 | 514 | 2,772 | 4 | 25,178 | 27,548 | 635 | 2,610 | 3 | 25,570 | |||||||||||||||||||||||||||||||||||||||||||||||||
Capital goods | 18,098 | 323 | 1,499 | 1 | 16,921 | 17,357 | 412 | 1,284 | 0 | 16,485 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer cyclical | 11,079 | 244 | 673 | 17 | 10,633 | 10,739 | 287 | 574 | 5 | 10,447 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign agencies | 2,409 | 61 | 203 | 0 | 2,267 | 2,795 | 80 | 210 | 0 | 2,665 | |||||||||||||||||||||||||||||||||||||||||||||||||
Energy | 11,737 | 249 | 816 | 3 | 11,167 | 11,157 | 270 | 730 | 0 | 10,697 | |||||||||||||||||||||||||||||||||||||||||||||||||
Communications | 6,897 | 232 | 569 | 68 | 6,492 | 6,648 | 272 | 541 | 60 | 6,319 | |||||||||||||||||||||||||||||||||||||||||||||||||
Basic industry | 6,840 | 148 | 567 | 1 | 6,420 | 6,678 | 174 | 498 | 3 | 6,351 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | 10,893 | 237 | 913 | 0 | 10,217 | 10,858 | 326 | 785 | 0 | 10,399 | |||||||||||||||||||||||||||||||||||||||||||||||||
Technology | 5,167 | 79 | 405 | 0 | 4,841 | 4,935 | 101 | 333 | 0 | 4,703 | |||||||||||||||||||||||||||||||||||||||||||||||||
Industrial other | 4,762 | 36 | 759 | 5 | 4,034 | 5,018 | 49 | 726 | 6 | 4,335 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total corporate securities | 177,876 | 3,129 | 15,942 | 119 | 164,944 | 175,667 | 3,788 | 14,544 | 98 | 164,813 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government(2) | 66,143 | 3,222 | 5,549 | 30 | 63,786 | 71,130 | 3,878 | 5,169 | 54 | 69,785 | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed(3) | 2,458 | 17 | 210 | 0 | 2,265 | 2,305 | 22 | 190 | 0 | 2,137 | |||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 12,415 | 217 | 56 | 0 | 12,576 | 9,799 | 190 | 79 | 0 | 9,910 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 6,076 | 22 | 410 | 0 | 5,688 | 6,159 | 23 | 434 | 0 | 5,748 | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government | 23,905 | 723 | 3,986 | 0 | 20,642 | 21,434 | 1,072 | 3,402 | 0 | 19,104 | |||||||||||||||||||||||||||||||||||||||||||||||||
State & Municipal | 7,593 | 204 | 496 | 0 | 7,301 | 8,018 | 244 | 429 | 0 | 7,833 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | $ | 296,466 | $ | 7,534 | $ | 26,649 | $ | 149 | $ | 277,202 | $ | 294,512 | $ | 9,217 | $ | 24,247 | $ | 152 | $ | 279,330 |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC Designation(1) (2) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses(3) | ACL | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses(3) | ACL | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | $ | 197,587 | $ | 5,564 | $ | 18,707 | $ | 0 | $ | 184,444 | $ | 199,226 | $ | 6,923 | $ | 17,232 | $ | 1 | $ | 188,916 | |||||||||||||||||||||||||||||||||||||||
2 | 80,972 | 1,623 | 6,990 | 0 | 75,605 | 77,919 | 1,900 | 6,190 | 0 | 73,629 | |||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal High or Highest Quality Securities(4) | 278,559 | 7,187 | 25,697 | 0 | 260,049 | 277,145 | 8,823 | 23,422 | 1 | 262,545 | |||||||||||||||||||||||||||||||||||||||||||||||||
3 | 10,821 | 215 | 605 | 5 | 10,426 | 10,346 | 261 | 484 | 5 | 10,118 | |||||||||||||||||||||||||||||||||||||||||||||||||
4 | 4,759 | 77 | 186 | 31 | 4,619 | 4,877 | 78 | 188 | 55 | 4,712 | |||||||||||||||||||||||||||||||||||||||||||||||||
5 | 2,041 | 38 | 138 | 36 | 1,905 | 1,762 | 34 | 132 | 10 | 1,654 | |||||||||||||||||||||||||||||||||||||||||||||||||
6 | 286 | 17 | 23 | 77 | 203 | 382 | 21 | 21 | 81 | 301 | |||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal Other Securities(5) (6) | 17,907 | 347 | 952 | 149 | 17,153 | 17,367 | 394 | 825 | 151 | 16,785 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | $ | 296,466 | $ | 7,534 | $ | 26,649 | $ | 149 | $ | 277,202 | $ | 294,512 | $ | 9,217 | $ | 24,247 | $ | 152 | $ | 279,330 |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Asset-Backed Securities(2) | Commercial Mortgage-Backed Securities(3) | Asset-Backed Securities(2) | Commercial Mortgage-Backed Securities(3) | ||||||||||||||||||||||||||||||||||||||||||||
Low Issue Composite Rating(1) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
AAA | $ | 6,502 | $ | 6,604 | $ | 4,630 | $ | 4,404 | $ | 5,449 | $ | 5,523 | $ | 4,683 | $ | 4,432 | |||||||||||||||||||||||||||||||
AA | 4,502 | 4,510 | 1,445 | 1,283 | 3,327 | 3,314 | 1,475 | 1,315 | |||||||||||||||||||||||||||||||||||||||
A | 1,154 | 1,156 | 1 | 1 | 814 | 816 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||
BBB | 130 | 133 | 0 | 0 | 68 | 70 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
BB and below | 127 | 173 | 0 | 0 | 141 | 187 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total(4) | $ | 12,415 | $ | 12,576 | $ | 6,076 | $ | 5,688 | $ | 9,799 | $ | 9,910 | $ | 6,159 | $ | 5,748 |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Collateralized Loan Obligations | |||||||||||||||||||||||
Low Issue Composite Rating(1) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
(in millions) | |||||||||||||||||||||||
AAA | $ | 5,277 | $ | 5,387 | $ | 4,744 | $ | 4,828 | |||||||||||||||
AA | 3,790 | 3,803 | 2,968 | 2,967 | |||||||||||||||||||
A | 14 | 13 | 14 | 13 | |||||||||||||||||||
BBB | 15 | 15 | 15 | 14 | |||||||||||||||||||
BB and below | 11 | 11 | 11 | 11 | |||||||||||||||||||
Total(2)(3) | $ | 9,107 | $ | 9,229 | $ | 7,752 | $ | 7,833 |
March 31, 2024 | December 31, 2023 | |||||||||||||
(in millions) | ||||||||||||||
Commercial mortgage and agricultural property loans | $ | 50,739 | $ | 50,786 | ||||||||||
Uncollateralized loans | 394 | 425 | ||||||||||||
Residential property loans | 26 | 30 | ||||||||||||
Other collateralized loans | 125 | 125 | ||||||||||||
Total recorded investment gross of allowance(1) | 51,284 | 51,366 | ||||||||||||
Allowance for credit losses | (414) | (372) | ||||||||||||
Total commercial mortgage and other loans, net | $ | 50,870 | $ | 50,994 |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Gross Carrying Value | % of Total | Gross Carrying Value | % of Total | |||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Commercial mortgage and agricultural property loans by region: | ||||||||||||||||||||||||||
U.S. Regions(1): | ||||||||||||||||||||||||||
Pacific | $ | 18,373 | 36.3 | % | $ | 18,515 | 36.5 | % | ||||||||||||||||||
South Atlantic | 7,512 | 14.8 | 7,340 | 14.4 | ||||||||||||||||||||||
Middle Atlantic | 5,545 | 10.9 | 5,681 | 11.2 | ||||||||||||||||||||||
East North Central | 2,691 | 5.3 | 2,668 | 5.3 | ||||||||||||||||||||||
West South Central | 5,443 | 10.8 | 5,762 | 11.2 | ||||||||||||||||||||||
Mountain | 2,605 | 5.1 | 2,516 | 5.0 | ||||||||||||||||||||||
New England | 1,240 | 2.4 | 1,248 | 2.5 | ||||||||||||||||||||||
West North Central | 507 | 1.0 | 503 | 1.0 | ||||||||||||||||||||||
East South Central | 1,222 | 2.4 | 1,229 | 2.4 | ||||||||||||||||||||||
Subtotal-U.S. | 45,138 | 89.0 | 45,462 | 89.5 | ||||||||||||||||||||||
Europe | 3,397 | 6.7 | 3,498 | 6.9 | ||||||||||||||||||||||
Asia | 720 | 1.4 | 773 | 1.5 | ||||||||||||||||||||||
Other | 1,484 | 2.9 | 1,053 | 2.1 | ||||||||||||||||||||||
Total commercial mortgage and agricultural property loans | $ | 50,739 | 100.0 | % | $ | 50,786 | 100.0 | % |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Gross Carrying Value | % of Total | Gross Carrying Value | % of Total | |||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Commercial mortgage and agricultural property loans by property type: | ||||||||||||||||||||||||||
Industrial | $ | 13,686 | 27.0 | % | $ | 13,731 | 27.1 | % | ||||||||||||||||||
Retail | 4,307 | 8.5 | 4,323 | 8.5 | ||||||||||||||||||||||
Office | 6,931 | 13.7 | 7,059 | 13.9 | ||||||||||||||||||||||
Apartments/Multi-Family | 14,151 | 27.9 | 14,296 | 28.1 | ||||||||||||||||||||||
Agricultural properties | 6,153 | 12.1 | 6,051 | 11.9 | ||||||||||||||||||||||
Hospitality | 1,792 | 3.5 | 1,805 | 3.6 | ||||||||||||||||||||||
Other | 3,719 | 7.3 | 3,521 | 6.9 | ||||||||||||||||||||||
Total commercial mortgage and agricultural property loans | $ | 50,739 | 100.0 | % | $ | 50,786 | 100.0 | % |
March 31, 2024 | ||||||||||||||||||||||||||
Debt Service Coverage Ratio | ||||||||||||||||||||||||||
> 1.2x | 1.0x to < 1.2x | < 1.0x | Total Commercial Mortgage and Agricultural Property Loans | |||||||||||||||||||||||
Loan-to-Value Ratio | (in millions) | |||||||||||||||||||||||||
0%-59.99% | $ | 25,831 | $ | 559 | $ | 131 | $ | 26,521 | ||||||||||||||||||
60%-69.99% | 14,324 | 442 | 82 | 14,848 | ||||||||||||||||||||||
70%-79.99% | 4,654 | 433 | 807 | 5,894 | ||||||||||||||||||||||
80% or greater | 2,020 | 984 | 472 | 3,476 | ||||||||||||||||||||||
Total commercial mortgage and agricultural property loans | $ | 46,829 | $ | 2,418 | $ | 1,492 | $ | 50,739 |
March 31, 2024 | ||||||||||||||
Gross Carrying Value | % of Total | |||||||||||||
Year of Origination | ($ in millions) | |||||||||||||
2024 | $ | 1,222 | 2.4 | % | ||||||||||
2023 | 5,567 | 11.1 | ||||||||||||
2022 | 4,590 | 9.0 | ||||||||||||
2021 | 7,280 | 14.3 | ||||||||||||
2020 | 3,538 | 7.0 | ||||||||||||
2019 | 6,247 | 12.3 | ||||||||||||
2018 | 5,740 | 11.3 | ||||||||||||
2017 & Prior | 16,489 | 32.5 | ||||||||||||
Revolving Loans | 66 | 0.1 | ||||||||||||
Total commercial mortgage and agricultural property loans | $ | 50,739 | 100.0 | % |
March 31, 2024 | December 31, 2023 | |||||||||||||
(in millions) | ||||||||||||||
Allowance, beginning of year | $ | 372 | $ | 172 | ||||||||||
Addition to (release of) allowance for credit losses | 42 | 227 | ||||||||||||
Write-downs charged against the allowance | 0 | (29) | ||||||||||||
Other | 0 | 2 | ||||||||||||
Allowance, end of period | $ | 414 | $ | 372 |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | $ | 998 | $ | 826 | $ | 9 | $ | 1,815 | $ | 932 | $ | 697 | $ | 11 | $ | 1,618 | ||||||||||||||||||||||||||||||||||
Other Common Stocks | 2,002 | 1,015 | 63 | 2,954 | 3,056 | 971 | 43 | 3,984 | ||||||||||||||||||||||||||||||||||||||||||
Non-redeemable Preferred Stocks | 47 | 42 | 20 | 69 | 39 | 42 | 19 | 62 | ||||||||||||||||||||||||||||||||||||||||||
Total equity securities, at fair value | $ | 3,047 | $ | 1,883 | $ | 92 | $ | 4,838 | $ | 4,027 | $ | 1,710 | $ | 73 | $ | 5,664 |
March 31, 2024 | December 31, 2023 | |||||||||||||
(in millions) | ||||||||||||||
LPs/LLCs: | ||||||||||||||
Equity method: | ||||||||||||||
Private equity | $ | 6,923 | $ | 6,821 | ||||||||||
Hedge funds | 2,453 | 2,440 | ||||||||||||
Real estate-related | 1,764 | 1,621 | ||||||||||||
Subtotal equity method | 11,140 | 10,882 | ||||||||||||
Fair value: | ||||||||||||||
Private equity | 1,200 | 785 | ||||||||||||
Hedge funds | 1,311 | 1,050 | ||||||||||||
Real estate-related | 399 | 147 | ||||||||||||
Subtotal fair value | 2,910 | 1,982 | ||||||||||||
Total LPs/LLCs | 14,050 | 12,864 | ||||||||||||
Real estate held through direct ownership(1)(2) | 1,443 | 591 | ||||||||||||
Derivative instruments | (83) | (260) | ||||||||||||
Other(3) | 758 | 739 | ||||||||||||
Total other invested assets | $ | 16,168 | $ | 13,934 |
March 31, 2024 | December 31, 2023 | |||||||||||||
(in millions) | ||||||||||||||
Fixed maturities: | ||||||||||||||
Public, available-for-sale, at fair value(1) | $ | 527 | $ | 557 | ||||||||||
Private, available-for-sale, at fair value | 176 | 0 | ||||||||||||
Fixed maturities, trading, at fair value(1) | 482 | 1,005 | ||||||||||||
Equity securities, at fair value | 563 | 608 | ||||||||||||
Commercial mortgage and other loans, at book value(2) | 157 | 519 | ||||||||||||
Other invested assets(3) | 2,534 | 3,401 | ||||||||||||
Short-term investments | 12 | 13 | ||||||||||||
Total investments | $ | 4,451 | $ | 6,103 |
As of March 31, 2024 | |||||||||||||||||||||||||||||||||||
PFI excluding Closed Block Division and Funds Withheld | Closed Block Division | Funds Withheld | |||||||||||||||||||||||||||||||||
Total at Fair Value | Total Level 3(1) | Total at Fair Value | Total Level 3(1) | Total at Fair Value | Total Level 3(1) | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | 277,906 | $ | 6,608 | $ | 30,075 | $ | 953 | $ | 10,529 | $ | 29 | |||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities: | |||||||||||||||||||||||||||||||||||
Fixed maturities | 870 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Equity securities | 2,489 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
All other(2) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Subtotal | 3,359 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Market risk benefit assets | 2,225 | 2,225 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Fixed maturities, trading | 4,862 | 601 | 849 | 18 | 4,577 | 711 | |||||||||||||||||||||||||||||
Equity securities | 5,401 | 440 | 1,818 | 61 | 5 | 5 | |||||||||||||||||||||||||||||
Commercial mortgage and other loans | 157 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Other invested assets(3) | 2,217 | 865 | 0 | 0 | 28 | 0 | |||||||||||||||||||||||||||||
Short-term investments | 4,045 | 22 | 476 | 10 | 106 | 0 | |||||||||||||||||||||||||||||
Cash equivalents | 7,566 | 0 | 785 | 0 | 344 | 0 | |||||||||||||||||||||||||||||
Reinsurance recoverables and deposit receivables | (79) | 0 | 0 | 0 | 303 | 303 | |||||||||||||||||||||||||||||
Other assets | 19 | 19 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Separate account assets | 173,511 | 338 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total assets | $ | 481,189 | $ | 11,118 | $ | 34,003 | $ | 1,042 | $ | 15,892 | $ | 1,048 | |||||||||||||||||||||||
Market risk benefit liabilities | $ | 4,624 | $ | 4,624 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||
Policyholders’ account balances | 9,864 | 9,864 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Reinsurance and funds withheld payables | (24) | 0 | 0 | 0 | 97 | 0 | |||||||||||||||||||||||||||||
Other liabilities(3) | 4,485 | 1 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Notes issued by consolidated variable interest entities (“VIEs”) | 405 | 405 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total liabilities | $ | 19,354 | $ | 14,894 | $ | 0 | $ | 0 | $ | 97 | $ | 0 |
As of December 31, 2023 | |||||||||||||||||||||||||||||||||||
PFI excluding Closed Block Division and Funds Withheld | Closed Block Division | Funds Withheld | |||||||||||||||||||||||||||||||||
Total at Fair Value | Total Level 3(1) | Total at Fair Value | Total Level 3(1) | Total at Fair Value | Total Level 3(1) | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | 279,887 | $ | 5,241 | $ | 30,486 | $ | 868 | $ | 5,948 | $ | 9 | |||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities: | |||||||||||||||||||||||||||||||||||
Fixed maturities | 889 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Equity securities | 2,279 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
All other(2) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Subtotal | 3,168 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Market risk benefit assets | 1,981 | 1,981 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Fixed maturities, trading | 5,959 | 409 | 887 | 20 | 2,944 | 0 | |||||||||||||||||||||||||||||
Equity securities | 6,112 | 451 | 1,891 | 61 | 0 | 0 | |||||||||||||||||||||||||||||
Commercial mortgage and other loans | 519 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Other invested assets(3) | 1,949 | 846 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Short-term investments | 3,714 | 19 | 135 | 10 | 51 | 0 | |||||||||||||||||||||||||||||
Cash equivalents | 8,930 | 4 | 966 | 0 | 406 | 0 | |||||||||||||||||||||||||||||
Reinsurance recoverables and deposit receivables | (75) | 0 | 0 | 0 | 224 | 224 | |||||||||||||||||||||||||||||
Other assets | 11 | 11 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Separate account assets | 171,812 | 1,094 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total assets | $ | 483,967 | $ | 10,056 | $ | 34,365 | $ | 959 | $ | 9,573 | $ | 233 | |||||||||||||||||||||||
Market risk benefit liabilities | $ | 5,467 | $ | 5,467 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||
Policyholders’ account balances | 7,752 | 7,752 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Reinsurance and funds withheld payables | (24) | 0 | 0 | 0 | 514 | 0 | |||||||||||||||||||||||||||||
Other liabilities(3) | 4,174 | 1 | 1 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Notes issued by consolidated variable interest entities (“VIEs”) | 778 | 778 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total liabilities | $ | 18,147 | $ | 13,998 | $ | 1 | $ | 0 | $ | 514 | $ | 0 |
March 31, 2024 | December 31, 2023 | ||||||||||
(in millions) | |||||||||||
Equity(1) | $ | 34,870 | $ | 34,324 | |||||||
Junior subordinated debt (including hybrid securities) | 8,582 | 8,094 | |||||||||
Other capital debt | 4,867 | 4,869 | |||||||||
Total capital | $ | 48,319 | $ | 47,287 |
Ratio | |||||
Prudential of Japan consolidated(1) | 787 | % | |||
Gibraltar Life consolidated(2) | 948 | % |
Dividend Amount | Shares Repurchased | ||||||||||||||||||||||
Three months ended: | Per Share | Aggregate | Shares | Total Cost | |||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||
March 31, 2024 | $ | 1.30 | $ | 476 | 2.3 | $ | 250 | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(in millions) | ||||||||||||||
Highly Liquid Assets, beginning of period | $ | 4,095 | $ | 4,535 | ||||||||||
Dividends and/or returns of capital from subsidiaries(1) | 326 | 21 | ||||||||||||
Affiliated (borrowings)/loans - (capital activities)(2) | 702 | 399 | ||||||||||||
Capital contributions to subsidiaries(3) | (46) | (142) | ||||||||||||
Total Business Capital Activity | 982 | 278 | ||||||||||||
Share repurchases(4) | (242) | (251) | ||||||||||||
Common Stock dividends(5) | (483) | (473) | ||||||||||||
Business dispositions | 0 | 0 | ||||||||||||
Total Share Repurchases, Dividends and Business Disposition Activity | (725) | (724) | ||||||||||||
Proceeds from the issuance of debt | 990 | 495 | ||||||||||||
Repayments of debt | (504) | (4) | ||||||||||||
Total Debt Activity | 486 | 491 | ||||||||||||
Net interest expense | (278) | (269) | ||||||||||||
Affiliated (borrowings)/loans - (operating activities)(6) | (354) | 73 | ||||||||||||
Other, net(7) | 42 | 170 | ||||||||||||
Total Other Activity | (590) | (26) | ||||||||||||
Net increase/(decrease) in highly liquid assets | 153 | 19 | ||||||||||||
Highly Liquid Assets, end of period | $ | 4,248 | $ | 4,554 |
March 31, 2024 | |||||||||||||||||||||||||||||
Prudential Insurance(1) | PLIC | Pruco Life | Total | December 31, 2023 | |||||||||||||||||||||||||
(in billions) | |||||||||||||||||||||||||||||
Cash and short-term investments | $ | 5.9 | $ | 1.7 | $ | 3.0 | $ | 10.6 | $ | 10.8 | |||||||||||||||||||
Fixed maturity investments(2): | |||||||||||||||||||||||||||||
High or highest quality | 116.0 | 27.3 | 28.6 | 171.9 | 163.6 | ||||||||||||||||||||||||
Other than high or highest quality | 7.7 | 2.6 | 2.6 | 12.9 | 12.6 | ||||||||||||||||||||||||
Subtotal | 123.7 | 29.9 | 31.2 | 184.8 | 176.2 | ||||||||||||||||||||||||
Public equity securities, at fair value | 0.7 | 1.8 | 0.6 | 3.1 | 4.1 | ||||||||||||||||||||||||
Total | $ | 130.3 | $ | 33.4 | $ | 34.8 | $ | 198.5 | $ | 191.1 |
March 31, 2024 | |||||||||||||||||||||||||||||
Prudential of Japan | Gibraltar Life(1) | All Other(2) | Total | December 31, 2023 | |||||||||||||||||||||||||
(in billions) | |||||||||||||||||||||||||||||
Cash and short-term investments | $ | 0.7 | $ | 3.5 | $ | 2.1 | $ | 6.3 | $ | 6.7 | |||||||||||||||||||
Fixed maturity investments(3): | |||||||||||||||||||||||||||||
High or highest quality(4) | 29.3 | 55.6 | 22.0 | 106.9 | 111.8 | ||||||||||||||||||||||||
Other than high or highest quality | 0.3 | 0.6 | 3.3 | 4.2 | 4.2 | ||||||||||||||||||||||||
Subtotal | 29.6 | 56.2 | 25.3 | 111.1 | 116.0 | ||||||||||||||||||||||||
Public equity securities | 2.9 | 1.2 | 0.1 | 4.2 | 3.9 | ||||||||||||||||||||||||
Total | $ | 33.2 | $ | 60.9 | $ | 27.5 | $ | 121.6 | $ | 126.6 |
Three Months Ended March 31, | |||||||||||
Cash Settlements Received (Paid): | 2024 | 2023 | |||||||||
(in millions) | |||||||||||
Internal Hedges(1) | $ | 137 | $ | 193 | |||||||
External Hedges(2)(5) | (86) | (108) | |||||||||
Total Cash Settlements | $ | 51 | $ | 85 | |||||||
Assets (Liabilities): | March 31, 2024 | December 31, 2023 | |||||||||
(in millions) | |||||||||||
Internal Hedges(1) | $ | 1,221 | $ | 875 | |||||||
External Hedges(3) | 160 | 134 | |||||||||
Total Assets (Liabilities)(4) | $ | 1,381 | $ | 1,009 |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
PFI Excluding Closed Block Division | Closed Block Division | Consolidated | PFI Excluding Closed Block Division | Closed Block Division | Consolidated | ||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 4,596 | $ | 1,967 | $ | 6,563 | $ | 3,803 | $ | 2,253 | $ | 6,056 | |||||||||||||||||||||||
Cash collateral for loaned securities | 5,211 | 1,767 | 6,978 | 5,173 | 1,304 | 6,477 | |||||||||||||||||||||||||||||
Securities sold but not yet purchased | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total(1)(2) | $ | 9,807 | $ | 3,734 | $ | 13,541 | $ | 8,976 | $ | 3,557 | $ | 12,533 | |||||||||||||||||||||||
Portion of above securities that may be returned to the Company overnight requiring immediate return of the cash collateral | $ | 9,276 | $ | 3,682 | $ | 12,958 | $ | 8,217 | $ | 3,457 | $ | 11,674 | |||||||||||||||||||||||
Weighted average maturity, in days(3) | 5 | 2 | 8 | 4 |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
Borrowings: | Prudential Financial | Subsidiaries | Consolidated | Prudential Financial | Subsidiaries | Consolidated | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
General obligation short-term debt: | |||||||||||||||||||||||||||||||||||
Commercial paper | $ | 25 | $ | 480 | $ | 505 | $ | 25 | $ | 510 | $ | 535 | |||||||||||||||||||||||
Current portion of long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Other short-term debt | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Subtotal | 25 | 480 | 505 | 25 | 510 | 535 | |||||||||||||||||||||||||||||
General obligation long-term debt: | |||||||||||||||||||||||||||||||||||
Senior debt | 10,111 | 0 | 10,111 | 10,112 | 0 | 10,112 | |||||||||||||||||||||||||||||
Junior subordinated debt | 8,541 | 41 | 8,582 | 8,050 | 44 | 8,094 | |||||||||||||||||||||||||||||
Surplus notes(1) | 0 | 347 | 347 | 0 | 346 | 346 | |||||||||||||||||||||||||||||
Subtotal | 18,652 | 388 | 19,040 | 18,162 | 390 | 18,552 | |||||||||||||||||||||||||||||
Total general obligations | 18,677 | 868 | 19,545 | 18,187 | 900 | 19,087 | |||||||||||||||||||||||||||||
Limited and non-recourse borrowings(2): | |||||||||||||||||||||||||||||||||||
Short-term debt | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Current portion of long-term debt | 0 | 80 | 80 | 0 | 83 | 83 | |||||||||||||||||||||||||||||
Long-term debt | 0 | 328 | 328 | 0 | 330 | 330 | |||||||||||||||||||||||||||||
Total limited and non-recourse borrowings | 0 | 408 | 408 | 0 | 413 | 413 | |||||||||||||||||||||||||||||
Total borrowings | $ | 18,677 | $ | 1,276 | $ | 19,953 | $ | 18,187 | $ | 1,313 | $ | 19,500 |
Surplus Notes | Outstanding as of March 31, 2024 | |||||||||||||||||||||||||
Credit-Linked Note Structures(1): | Original Issue Dates | Maturity Dates | Facility Size | |||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
XXX | 2014-2021 | 2024-2036 | $ | 1,600 | (2) | $ | 1,750 | |||||||||||||||||||
XXX | 2014-2016 | 2025-2034 | 1,750 | (3) | 1,750 | |||||||||||||||||||||
XXX | 2014-2017 | 2024-2037 | 2,330 | 2,400 | ||||||||||||||||||||||
XXX | 2018 | 2038 | 1,000 | 1,600 | ||||||||||||||||||||||
AXXX | 2020 | 2049 | 2,100 | 3,750 | ||||||||||||||||||||||
Total Credit-Linked Note Structures | $ | 8,780 | $ | 11,250 |
Period | Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program(2) | Approximate Dollar Value of Shares that May Yet Be Purchased under the Program(2) | ||||||||||||||||||||||
January 1, 2024 through January 31, 2024 | 809,820 | $ | 103.96 | 801,625 | ||||||||||||||||||||||
February 1, 2024 through February 29, 2024 | 1,754,200 | $ | 107.27 | 781,434 | ||||||||||||||||||||||
March 1, 2024 through March 31, 2024 | 749,187 | $ | 112.62 | 740,139 | ||||||||||||||||||||||
Total | 3,313,207 | 2,323,198 | $ | 750,000,000 |
101.INS - XBRL | Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH - XBRL | Taxonomy Extension Schema Document. | ||||
101.CAL - XBRL | Taxonomy Extension Calculation Linkbase Document. | ||||
101.LAB - XBRL | Taxonomy Extension Label Linkbase Document. | ||||
101.PRE - XBRL | Taxonomy Extension Presentation Linkbase Document. | ||||
101.DEF - XBRL | Taxonomy Extension Definition Linkbase Document. | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Prudential Entities | ||||||||||||||
AIQ | Assurance IQ | POA | Prudential of Argentina | |||||||||||
Company | Prudential Financial, Inc. and its subsidiaries | Pruco Life | Pruco Life Insurance Company | |||||||||||
PFI | Prudential Financial, Inc. and its subsidiaries | Prudential | Prudential Financial, Inc. and its subsidiaries | |||||||||||
PGFL | Prudential Gibraltar Financial Life Insurance Co., Ltd. | Prudential Financial | Prudential Financial, Inc. | |||||||||||
PGIM | The global investment management business of Prudential Financial, Inc. | Prudential Funding | Prudential Funding, LLC | |||||||||||
PIIH | Prudential International Insurance Holdings, Ltd. | Prudential Insurance/PICA | The Prudential Insurance Company of America | |||||||||||
PLIC | Prudential Legacy Insurance Company of New Jersey | Prudential of Japan | The Prudential Life Insurance Company, Ltd. | |||||||||||
PLNJ | Pruco Life Insurance Company of New Jersey | Registrant | Prudential Financial, Inc. |
Defined Terms | ||||||||||||||
Allstate | The Allstate Corporation | Inflation Reduction Act | The Inflation Reduction Act of 2022 | |||||||||||
AuguStar | AuguStar Life Insurance Company, formerly known as The Ohio National Life Insurance Company | Moody's | Moody's Investors Service, Inc. | |||||||||||
Board | Prudential Financial's Board of Directors | Morningstar | Morningstar, Inc. | |||||||||||
Closed Block | Certain in-force participating insurance policies and annuity products, along with corresponding assets used for the payment of benefits and policyholders' dividends on these products | Other Postretirement Benefits | Certain health care and life insurance benefits provided by the Company for its retired employees, their beneficiaries and covered dependents | |||||||||||
Credit-Linked Note Structures | Agreements with external counterparties providing for the issuance of surplus notes by our captive reinsurers in return for the receipt of credit-linked notes | Pension Benefits | Funded and non-funded non-contributory defined benefit pension plans which cover substantially all of the Company’s employees | |||||||||||
Deerpath | Deerpath Capital Management, LP | Prismic | Prismic Life Holding Company LP | |||||||||||
Exchange Act | The Securities Exchange Act of 1934 | Prismic Re | Prismic Life Reinsurance, Ltd | |||||||||||
Farmer Mac | Federal Agricultural Mortgage Corporation | Regulation XXX | Valuation of Life Insurance Policies Model Regulation | |||||||||||
Fitch | Fitch Ratings Inc. | S&P | Standard & Poor's Rating Services | |||||||||||
Fortitude | Fortitude Group Holdings, LLC | Somerset Re | Somerset Reinsurance Ltd. | |||||||||||
Funds Withheld | Assets the Company retains the legal ownership of under certain reinsurance arrangements | Talcott Resolution | Talcott Resolution Life Insurance Company | |||||||||||
Great-West | Great-West Life & Annuity Insurance Company | U.S. GAAP | Generally accepted accounting principles in the United States of America | |||||||||||
Guideline AXXX | The Application of the Valuation of Life Insurance Policies Model Regulation | Union Hamilton | Union Hamilton Reinsurance, Ltd. | |||||||||||
Hartford Financial | Hartford Financial Services Group, Inc. |
Acronyms | ||||||||||||||
ACL | Allowance for Credit Losses | MD&A | Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||||||
AIR | Additional Insurance Reserves | MRBs | Market Risk Benefits | |||||||||||
ALM | Asset Liability Management | NAIC | National Association of Insurance Commissioners | |||||||||||
AOCI | Accumulated Other Comprehensive Income (Loss) | NAV | Net Asset Value | |||||||||||
ASC | Accounting Standards Codification | NJDOBI | New Jersey Department of Banking and Insurance | |||||||||||
ASU | Accounting Standards Update | NPR | Non-Performance Risk | |||||||||||
AUD | Australian Dollar | OCI | Other Comprehensive Income (Loss) | |||||||||||
bps | Basis Points | OTC | Over-The-Counter | |||||||||||
CAMT | Corporate Alternative Minimum Tax | OTTI | Other-Than-Temporary Impairments | |||||||||||
CECL | Current Expected Credit Loss | PALAC | Prudential Annuities Life Assurance Corporation | |||||||||||
CLO | Collateralized Loan Obligations | PDI | Prudential Defined Income | |||||||||||
DAC | Deferred Policy Acquisition Costs | POT | The Prudential Life Insurance Company of Taiwan Inc. | |||||||||||
DPL | Deferred Profit Liability | PRIAC | Prudential Retirement Insurance and Annuity Company | |||||||||||
DSI | Deferred Sales Inducements | RAF | Risk Appetite Framework | |||||||||||
EBITDA | Earnings Before Interest, Taxes, Depreciation and Amortization | RBC | Risk-Based Capital | |||||||||||
FANIP | Funding Agreement Notes Issuance Program | SEC | Securities and Exchange Commission | |||||||||||
FASB | Financial Accounting Standards Board | SOFR | Secured Overnight Financing Rate | |||||||||||
FHLBNY | Federal Home Loan Bank of New York | SVO | Securities Valuation Office | |||||||||||
FLIAC | Fortitude Life Insurance and Annuity Company | TBA | To-Be-Announced | |||||||||||
FSA | Financial Services Agency (an agency of the Japanese government) | TDR | Troubled Debt Restructuring | |||||||||||
GICs | Guaranteed Investment Contracts | U.S. | The United States of America | |||||||||||
GILTI | Global Intangible Low-Taxed Income | URR | Unearned Revenue Reserve | |||||||||||
GMDB | Guaranteed Minimum Death Benefits | USD | U.S. Dollar | |||||||||||
GMIB | Guaranteed Minimum Income Benefits | VIEs | Variable Interest Entities | |||||||||||
HDI | Highest Daily Lifetime Income | VOBA | Value of Business Acquired | |||||||||||
LPs/LLCs | Limited Partnerships and Limited Liability Companies |
Prudential Financial, Inc. | |||||||||||
By: | /S/ YANELA C. FRIAS | ||||||||||
Yanela C. Frias Executive Vice President and Chief Financial Officer (Authorized signatory and principal financial officer) |
Date: May 2, 2024 | /s/ Charles F. Lowrey | ||||
Charles F. Lowrey Chief Executive Officer (Principal Executive Officer) |
Date: May 2, 2024 | /s/ Yanela C. Frias | ||||
Yanela C. Frias Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
Date: May 2, 2024 | /s/ Charles F. Lowrey | ||||
Name: Charles F. Lowrey Title: Chief Executive Officer (Principal Executive Officer) |
Date: May 2, 2024 | /s/ Yanela C. Frias | ||||
Name: Yanela C. Frias Title: Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
Unaudited Interim Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
||
---|---|---|---|---|
Fixed Maturities, AFS, allowance for credit losses | $ 171 | $ 160 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 342,228 | 334,598 | ||
Fixed maturities, trading, amortized cost | 11,307 | 10,624 | ||
Equity securities, AFS, amortized cost | 4,609 | 5,786 | ||
Commercial mortgage and other loans, allowance for credit losses | 514 | 460 | ||
Commercial mortgage and other loans | [1] | 58,781 | 59,305 | |
Other invested assets, allowance for credit losses | [1] | 24,227 | 22,855 | |
Other invested assets, at fair value | 6,763 | 6,074 | ||
Reinsurance recoverables and deposit receivables, allowance for credit losses | 11 | 12 | ||
Reinsurance recoverable and deposit receivables, embedded derivatives at fair value | 224 | 149 | ||
Other assets, assets at fair value | 19 | 11 | ||
Reinsurance and funds withheld payables, embedded derivatives at fair value | 73 | 490 | ||
Other Liabilities, derivatives at fair value | 4,485 | 4,175 | ||
Notes issued by consolidated variable interest entities (includes $405 and $778 measured at fair value under the fair value option at March 31, 2024 and December 31, 2023, respectively) | [1] | $ 1,132 | $ 1,374 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||
Preferred stock, shares issued | 0 | 0 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 1,500,000,000 | 1,500,000,000 | ||
Common stock, shares, Issued | 666,305,189 | 666,305,189 | ||
Treasury Stock, Common, Shares | 307,229,481 | 307,089,216 | ||
Fair value option | ||||
Commercial mortgage and other loans | $ 157 | $ 519 | ||
Notes issued by consolidated variable interest entities (includes $405 and $778 measured at fair value under the fair value option at March 31, 2024 and December 31, 2023, respectively) | 405 | 778 | ||
Leveraged lease loans | ||||
Other invested assets, allowance for credit losses | 1 | 1 | ||
ASU 2016-13 | ||||
Short-term investments, allowance for credit losses | 2 | 0 | ||
Other assets, allowance for credit losses | 3 | 3 | ||
Other liabilities, allowance for credit losses | $ 14 | $ 15 | ||
|
Unaudited Interim Consolidated Statements of Operations - USD ($) $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
||||||
REVENUES | |||||||
Premiums (includes $5 and $(16) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended March 31, 2024 and 2023, respectively) | $ 15,537 | [1] | $ 9,363 | ||||
Policy charges and fee income | 1,056 | 1,134 | |||||
Net investment income | 4,764 | 4,320 | |||||
Asset management and service fees | 999 | [1] | 917 | ||||
Other income(loss) | 1,338 | 1,019 | |||||
Realized investment gains (losses), net | (308) | [1],[2] | 217 | ||||
Change in value of market risk benefits, net of related hedging gains (losses) | 123 | 75 | |||||
Total revenues | 23,509 | 17,045 | |||||
BENEFITS AND EXPENSES | |||||||
Policyholders’ benefits | 16,594 | [1] | 10,304 | ||||
Change in estimates of liability for future policy benefits | (17) | [1] | 25 | ||||
Interest credited to policyholders’ account balances | 1,283 | 981 | |||||
Dividends to policyholders | 290 | 319 | |||||
Amortization of deferred policy acquisition costs | 375 | 365 | |||||
General and administrative expenses | 3,594 | [1] | 3,204 | ||||
Total benefits and expenses | 22,119 | 15,198 | |||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES | 1,390 | 1,847 | |||||
Total income tax expense (benefit) | 289 | 382 | |||||
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES | 1,101 | 1,465 | |||||
Equity in earnings of joint ventures and other operating entities, net of taxes | 50 | 12 | |||||
NET INCOME (LOSS) | 1,151 | 1,477 | |||||
Less: Income (loss) attributable to noncontrolling interests | 13 | 15 | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. | $ 1,138 | $ 1,462 | |||||
Basic earnings per share-Common Stock: | |||||||
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) | $ 3.13 | $ 3.94 | |||||
Diluted earnings per share-Common Stock: | |||||||
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) | $ 3.12 | $ 3.93 | |||||
|
Unaudited Interim Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
||||
Statement of Comprehensive Income [Abstract] | |||||
NET INCOME (LOSS) | $ 1,151 | $ 1,477 | |||
Other comprehensive income (loss), before tax: | |||||
Foreign currency translation adjustments for the period | (494) | 13 | |||
Net unrealized investment gains (losses) | (4,774) | 8,379 | |||
Interest rate remeasurement of future policy benefits | 4,213 | [1] | (8,705) | ||
Gain (loss) from changes in non-performance risk on market risk benefits | (252) | 186 | |||
Defined benefit pension and postretirement unrecognized periodic benefit (cost) | 13 | 19 | |||
Total | (1,294) | (108) | |||
Less: Income tax expense (benefit) related to other comprehensive income (loss) | (137) | (90) | |||
Other comprehensive income (loss), net of taxes | (1,157) | (18) | |||
Comprehensive income (loss) | (6) | 1,459 | |||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 13 | 16 | |||
Comprehensive income (loss) attributable to Prudential Financial, Inc. | $ (19) | $ 1,443 | |||
|
Unaudited Interim Consolidated Statements of Equity - USD ($) $ in Millions |
Total |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Common Stock Held in Treasury
Common Stock
|
Accumulated Other Comprehensive Income (Loss) |
Total Prudential Financial, Inc. Equity |
Noncontrolling Interests |
||
---|---|---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2022 | [1] | $ 31,548 | $ 6 | $ 25,747 | $ 31,714 | $ (23,068) | $ (3,806) | $ 30,593 | $ 955 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Common Stock acquired | (250) | (250) | (250) | |||||||
Contributions from noncontrolling interests | 93 | 93 | ||||||||
Distributions to noncontrolling interests | (2) | (2) | ||||||||
Stock-based compensation programs | 67 | (104) | 171 | 67 | ||||||
Dividends declared on Common Stock | (468) | (468) | (468) | |||||||
Comprehensive income: | ||||||||||
Net income (loss) | 1,477 | 1,462 | 1,462 | 15 | ||||||
Other comprehensive income (loss), net of tax | (18) | (19) | (19) | 1 | ||||||
Total comprehensive income (loss) | 1,459 | 1,462 | (19) | 1,443 | 16 | |||||
Balance at Mar. 31, 2023 | 32,447 | 6 | 25,643 | 32,708 | (23,147) | (3,825) | 31,385 | 1,062 | ||
Balance at Dec. 31, 2023 | 29,263 | 6 | 25,746 | 32,352 | (23,780) | (6,504) | 27,820 | 1,443 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Common Stock acquired | (250) | (250) | (250) | |||||||
Contributions from noncontrolling interests | 83 | 83 | ||||||||
Distributions to noncontrolling interests | (3) | (3) | ||||||||
Consolidations/(deconsolidations) of noncontrolling interests | 125 | 125 | ||||||||
Stock-based compensation programs | 134 | (5) | 139 | 134 | ||||||
Dividends declared on Common Stock | (476) | (476) | (476) | |||||||
Comprehensive income: | ||||||||||
Net income (loss) | 1,151 | 1,138 | 1,138 | 13 | ||||||
Other comprehensive income (loss), net of tax | (1,157) | (1,157) | (1,157) | 0 | ||||||
Total comprehensive income (loss) | (6) | 1,138 | (1,157) | (19) | 13 | |||||
Balance at Mar. 31, 2024 | $ 28,870 | $ 6 | $ 25,741 | $ 33,014 | $ (23,891) | $ (7,661) | $ 27,209 | $ 1,661 | ||
|
Unaudited Interim Consolidated Statements of Cash Flows - USD ($) $ in Millions |
3 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||
Net income (loss) | $ 1,151 | $ 1,477 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||
Realized investment (gains) losses, net | 308 | [1],[2] | (217) | ||||||||||
Change in value of market risk benefits, net of related hedging (gains) losses | (123) | (75) | |||||||||||
Policy charges and fee income | (571) | (540) | |||||||||||
Interest credited to policyholders’ account balances | 1,283 | 981 | |||||||||||
Depreciation and amortization | 397 | 41 | |||||||||||
(Gains) losses on assets supporting experience-rated contractholder liabilities, net | (356) | (134) | |||||||||||
Change in: | |||||||||||||
Deferred policy acquisition costs | (273) | (205) | |||||||||||
Future policy benefits and other insurance liabilities | 4,175 | 1,888 | |||||||||||
Income taxes | 203 | 357 | |||||||||||
Derivatives, net | 267 | (354) | |||||||||||
Other, net | (1,240) | [2] | (1,876) | ||||||||||
Cash flows from (used in) operating activities | 5,221 | 1,343 | |||||||||||
Proceeds from the sale/maturity/prepayment of: | |||||||||||||
Fixed maturities, available-for-sale | 10,794 | 11,178 | |||||||||||
Fixed maturities, held-to-maturity | 0 | 7 | |||||||||||
Fixed maturities, trading | 570 | 226 | |||||||||||
Assets supporting experience-rated contractholder liabilities | 361 | 765 | |||||||||||
Equity securities | 2,266 | 550 | |||||||||||
Commercial mortgage and other loans | 1,339 | 855 | |||||||||||
Policy loans | 438 | 460 | |||||||||||
Other invested assets | 511 | 249 | |||||||||||
Short-term investments | 7,937 | 6,381 | |||||||||||
Payments for the purchase/origination of: | |||||||||||||
Fixed maturities, available-for-sale | (19,280) | (13,677) | |||||||||||
Fixed maturities, trading | (1,534) | (290) | |||||||||||
Assets supporting experience-rated contractholder liabilities | (421) | (770) | |||||||||||
Equity securities | (1,061) | (550) | |||||||||||
Commercial mortgage and other loans | (1,457) | (737) | |||||||||||
Policy loans | (432) | (371) | |||||||||||
Other invested assets | (820) | (570) | |||||||||||
Short-term investments | (8,947) | (6,837) | |||||||||||
Derivatives, net | (448) | (104) | |||||||||||
Other, net | (60) | (68) | |||||||||||
Cash flows from (used in) investing activities | (10,244) | (3,303) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||
Policyholders’ account deposits | 8,569 | 6,747 | |||||||||||
Policyholders’ account withdrawals | (4,664) | (4,592) | |||||||||||
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities | 1,008 | (97) | |||||||||||
Cash dividends paid on Common Stock | (483) | (473) | |||||||||||
Net change in financing arrangements (maturities 90 days or less) | (511) | 38 | |||||||||||
Common Stock acquired | (242) | (251) | |||||||||||
Common Stock reissued for exercise of stock options | 47 | 28 | |||||||||||
Proceeds from the issuance of debt (maturities longer than 90 days) | 1,019 | 495 | |||||||||||
Repayments of debt (maturities longer than 90 days) | (539) | (29) | |||||||||||
Proceeds from notes issued by consolidated VIEs | 159 | 59 | |||||||||||
Repayments of notes issued by consolidated VIEs | (1) | (16) | |||||||||||
Other, net | 181 | [2] | 220 | ||||||||||
Cash flows from (used in) financing activities | 4,543 | 2,129 | |||||||||||
Effect of foreign exchange rate changes on cash balances | (227) | 5 | |||||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS | (707) | 174 | |||||||||||
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR | 19,463 | 17,299 | |||||||||||
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD | 18,756 | 17,473 | |||||||||||
NON-CASH TRANSACTIONS DURING THE PERIOD | |||||||||||||
Treasury Stock shares issued for stock-based compensation programs | 207 | 264 | |||||||||||
Novation of annuity contracts | [3] | 0 | (8) | ||||||||||
RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||||||||||
Cash and cash equivalents | 18,735 | [4] | 17,425 | ||||||||||
Restricted cash and restricted cash equivalents (included in “Other assets”) | 21 | 48 | |||||||||||
Total cash, cash equivalents, restricted cash and restricted cash equivalents | 18,756 | 17,473 | |||||||||||
Pension Risk Transfer | |||||||||||||
NON-CASH TRANSACTIONS DURING THE PERIOD | |||||||||||||
Assets received, excluding cash and cash equivalents | 4,587 | 1,506 | |||||||||||
Liabilities assumed | 8,714 | 2,409 | |||||||||||
Net cash received | 4,127 | 903 | |||||||||||
Somerset Re | |||||||||||||
NON-CASH TRANSACTIONS DURING THE PERIOD | |||||||||||||
Reinsurance recoverables under modified coinsurance, net | (548) | [5] | 0 | ||||||||||
Unwind of Deferred policy acquisition costs ceded | 284 | [5] | 0 | ||||||||||
Deferred reinsurance gain | 411 | [5] | 0 | ||||||||||
Net cash received | $ 147 | [5] | $ 0 | ||||||||||
|
Unaudited Interim Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Statement [Abstract] | ||
Gain (loss) from changes in estimates on deferred profit liability amortization | $ 5 | $ (16) |
Business and Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | BUSINESS AND BASIS OF PRESENTATION Prudential Financial, Inc. (“Prudential Financial”) and its subsidiaries (collectively, “Prudential” or the “Company”) provide a wide range of insurance, investment management, and other financial products and services to both individual and institutional customers throughout the United States and in many other countries. Principal products and services provided include life insurance, annuities, retirement solutions, mutual funds and investment management. The Company’s principal operations consist of PGIM (the Company’s global investment management business), the U.S. Businesses (consisting of the Retirement Strategies, Group Insurance and Individual Life businesses), the International Businesses (consisting of the Life Planner and Gibraltar Life and Other businesses), the Closed Block division, and the Company’s Corporate and Other operations. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included within Corporate and Other operations. Divested and Run-off Businesses consist of businesses that have been, or will be, sold or exited, including businesses that have been placed in wind-down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP. The Company’s Corporate and Other operations include corporate items and initiatives that are not allocated to business segments, as well as the Divested and Run-off Businesses described above. In September 2023, the Company, through its Corporate and Other operations, invested approximately $200 million, and acquired a 20% equity interest as a limited partner, in Prismic Life Holding Company LP (“Prismic”), a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Life Reinsurance, Ltd. (“Prismic Re”), a licensed Bermuda-based life and annuity reinsurance company. As this investment is accounted for under the equity method, both Prismic and Prismic Re are considered related parties. Beginning with the fourth quarter of 2023, the operating results of Corporate and Other reflect the Company’s share of earnings in Prismic on a quarter lag. For information regarding the Company’s initial reinsurance transaction with Prismic Re, effective September 2023, see Note 12. As part of its continuous improvement process, the Company is working to become a leaner and more agile company by simplifying its management structure, empowering its employees with faster decision-making processes and investing in technology and data platforms. As part of this, the Company is implementing changes to its organizational structure and recorded a restructuring charge of $200 million to “General and administrative expenses” in the fourth quarter of 2023 within its Corporate and Other operations. The Company expects these actions will create operating efficiencies, and provide reinvestment capacity to build capabilities, realize additional efficiencies, strengthen its competitiveness and fuel future growth. Basis of Presentation The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The Unaudited Interim Consolidated Financial Statements include the accounts of Prudential Financial, entities over which the Company exercises control, including majority-owned subsidiaries and minority-owned entities such as limited partnerships in which the Company is the general partner, and variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary. See Note 4 for additional information regarding the Company’s consolidated variable interest entities. Intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining future policy benefits; policyholders’ account balances related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; market risk benefits; the measurement of goodwill and any related impairment; the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments (“OTTI”); pension and other postretirement benefits; any provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters. Reclassifications Certain amounts in prior periods have been reclassified to conform to the current period presentation.
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Significant Accounting Policies and Pronouncements |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies and Pronouncements | SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of ASUs to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of March 31, 2024, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material. ASUs issued but not yet adopted as of March 31, 2024
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Investments |
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Investments | INVESTMENTS Fixed Maturity Securities The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:
__________ (1)Excludes notes with amortized cost of $13,582 million (fair value, $13,592 million), which have been offset with the associated debt under a netting agreement. (2)Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans, home equity loans and other asset types. (3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
__________ (1)Excludes notes with amortized cost of $12,370 million (fair value, $12,370 million), which have been offset with the associated debt under a netting agreement. (2)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans, home equity loans and other asset types. (3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
As of March 31, 2024 and December 31, 2023, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $30,334 million and $26,879 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $1,104 million and $991 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of March 31, 2024, the $29,855 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities. As of December 31, 2023, the $26,855 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities and foreign government securities. In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at March 31, 2024. This conclusion was based on detailed analysis of the underlying credit and cash flows for each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening and foreign currency exchange rate movements. As of March 31, 2024, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the amortized cost basis. The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:
__________ (1)Excludes notes with amortized cost of $13,582 million (fair value, $13,592 million), which have been offset with the associated debt under a netting agreement. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date. The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:
__________ (1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $111 million and $(160) million for the three months ended March 31, 2024 and 2023, respectively. (2)Amounts represent write-downs on credit adverse securities and securities actively marketed for sale. (3)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $0 million and less than $1 million for the three months ended March 31, 2024 and 2023, respectively. The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated:
For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. For the three months ended March 31, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the consumer cyclical and communications sectors within corporate securities due to adverse projected cash flows. Partially offsetting these additions, was a net release within foreign government securities. For the three months ended March 31, 2023, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the communications and finance sectors within corporate securities, as well as foreign government securities due to adverse projected cash flows. Partially offsetting the additions was a net release within the utility and capital goods sectors within corporate securities. The Company did not have any fixed maturity securities purchased with credit deterioration, as of March 31, 2024 or December 31, 2023. Assets Supporting Experience-Rated Contractholder Liabilities The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated:
__________ (1)As a percentage of amortized cost, 99% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of both March 31, 2024 and December 31, 2023. (2)As a percentage of amortized cost, 100% of the portfolio consisted of public securities, as of both March 31, 2024 and December 31, 2023. The net change in unrealized gains (losses) from assets supporting experience-rated contractholder liabilities still held at period end, recorded within “Other income (loss),” was $299 million and $134 million during the three months ended March 31, 2024 and 2023, respectively. Fixed Maturities, Trading The net change in unrealized gains (losses) from fixed maturities, trading still held at period end, recorded within “Other income (loss),” was $(181) million and $194 million during the three months ended March 31, 2024 and 2023, respectively. Equity Securities The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $431 million and $297 million during the three months ended March 31, 2024 and 2023, respectively. Concentrations of Financial Instruments The Company monitors its concentrations of financial instruments and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any single issuer. As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below:
Commercial Mortgage and Other Loans The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated:
__________ (1)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of March 31, 2024 and December 31, 2023, the net carrying value of these loans was $157 million and $519 million, respectively. As of March 31, 2024, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (30%), Texas (7%) and New York (6%), and included loans secured by properties in Europe (6%), Mexico (2%), Asia (1%) and Australia (1%). The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, for the periods indicated:
For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. For the three months ended March 31, 2024, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to an increase in loan-specific reserves within the office sector. For the three months ended March 31, 2023, the net addition to the allowance for credit losses on commercial mortgage and other loans was due to increases to reserves to reflect declining market conditions and an increase in loan-specific reserves. The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:
For additional information regarding the Company’s commercial mortgage and other loans credit quality monitoring process, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The Company may grant loan modifications in its commercial mortgage and other loan portfolios to borrowers experiencing financial difficulties. These loan modifications may be in the form of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or some combination thereof. During the three months ended March 31, 2024, a commercial mortgage loan with an amortized cost of $162 million was granted a term extension with a borrower experiencing financial difficulties. The modified loan represents less than 1 percent of the portfolio. This modification added less than one year to the weighted average life of loans in this portfolio. For the three months ended March 31, 2024, the Company did not have any commercial mortgage loans that were modified to borrowers experiencing financial difficulty that are not considered current. The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulty on modified loans as of March 31, 2024. The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
(1)As of March 31, 2024, there were no loans in this category accruing interest. (2)Primarily includes loans for which no credit losses are expected due to U.S. agency guarantees. (3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
__________ (1)As of December 31, 2023, there were no loans in this category accruing interest. (2)Primarily includes loans for which no credit losses are expected due to U.S. agency guarantees. (3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Loans on non-accrual status recognized interest of less than $1 million for both the three months ended March 31, 2024 and 2023. Loans on non-accrual status that did not have a related allowance for credit losses were $122 million and $126 million as of March 31, 2024 and December 31, 2023, respectively. The Company did not have any losses on commercial mortgage and other loans purchased with credit deterioration as of March 31, 2024 or December 31, 2023. Other Invested Assets The following table sets forth the composition of “Other invested assets,” as of the dates indicated:
_________ (1)As of March 31, 2024 and December 31, 2023, real estate held through direct ownership had mortgage debt of $153 million and $158 million, respectively. (2)Primarily includes equity investments accounted for under the measurement alternative, strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Bank of New York. For additional information regarding the Company’s holdings in the Federal Home Loan Bank of New York, see Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Accrued Investment Income The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:
Write-downs on accrued investment income were less than $1 million for both the three months ended March 31, 2024 and 2023. Net Investment Income The following table sets forth “Net investment income” by investment type, for the periods indicated:
__________ (1)Includes income on credit-linked notes which are reported on the same financial statement line items as related surplus notes, as conditions are met for right to offset. Realized Investment Gains (Losses), Net The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
__________ (1)Excludes fixed maturity securities classified as trading. Net Unrealized Gains (Losses) on Investments within AOCI The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:
__________ (1)For additional information regarding cash flow and fair value hedges, see Note 5. (2)Includes net unrealized gains on certain joint ventures that are strategic in nature and are included in “Other assets.” Repurchase Agreements and Securities Lending In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated:
The following table sets forth the composition of “Cash collateral for loaned securities” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:
__________ (1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.
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Variable Interest Entities | VARIABLE INTEREST ENTITIES In the normal course of its activities, the Company enters into relationships with various special-purpose entities and other entities that are deemed to be variable interest entities (“VIEs”). For additional information, see Note 4 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Consolidated Variable Interest Entities The table below reflects the carrying amount and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported. The liabilities primarily comprise obligations under debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs.
__________ (1)Total assets of consolidated VIEs reflect $4,176 million and $4,003 million as of March 31, 2024 and December 31, 2023, respectively, related to VIEs whose beneficial interests are wholly-owned by consolidated subsidiaries. (2)Recourse is limited to the assets of the respective VIE and does not extend to the general credit of the Company. As of March 31, 2024, the maturities of these obligations were between 0 and 13 years. Unconsolidated Variable Interest Entities The Company has determined that it is not the primary beneficiary of certain VIEs for which it may or may not be the investment manager. The Company’s maximum exposure to loss resulting from its relationship with unconsolidated VIEs is limited to its investment in the VIEs, which was $1,207 million and $1,165 million as of March 31, 2024 and December 31, 2023, respectively. These investments are reflected in “Fixed maturities, available-for-sale,” “Fixed maturities, trading,” “Equity securities” and “Other invested assets.” There are no liabilities associated with these unconsolidated VIEs on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In addition, in the normal course of its activities, the Company will invest in structured investments including VIEs for which it is not the investment manager. These structured investments typically invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities. The Company’s maximum exposure to loss on these structured investments, both VIEs and non-VIEs, is limited to the amount of its investment. See Note 3 for details regarding the carrying amounts and classification of these assets. The Company has not provided material financial or other support that was not contractually required to these structures. The Company has determined that it is not the primary beneficiary of these structures due to the fact that it does not control these entities. Limited Partnerships and Limited Liability Companies In the normal course of its activities, the Company will invest in limited partnerships and limited liability companies (“LPs/LLCs”), which include hedge funds, private equity funds and real estate-related funds and may or may not be VIEs. The Company classifies these investments as “Other invested assets” and its maximum exposure to loss associated with these VIE and non-VIE entities is limited to the amount of its investment, which was $19,899 million and $18,796 million as of March 31, 2024 and December 31, 2023, respectively.
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Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | 5. DERIVATIVES AND HEDGING Types of Derivative and Hedging Instruments The Company utilizes various derivatives and hedging instruments to manage certain of its risks. Commonly used derivative and non-derivative hedging instruments include, but are not necessarily limited to: •Interest rate contracts: futures, swaps, forwards, options, caps and floors •Equity contracts: futures, options and total return swaps •Foreign exchange contracts: futures, options, forwards, swaps, and foreign currency debt instruments •Credit contracts: single and index reference credit default swaps Other types of financial contracts that the Company accounts for as derivatives are: •To-be-announced (“TBA”) forward contracts, loan commitments, embedded derivatives and synthetic guaranteed investment contracts (“GICs”). For detailed information regarding these contracts and the related strategies, see Note 5 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Primary Risks Managed by Derivatives The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks they are utilized to manage, excluding embedded derivatives. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral. These netting impacts resulted in total derivative assets of $1,380 million and $1,103 million as of March 31, 2024 and December 31, 2023, respectively, and total derivative liabilities of $4,485 million and $4,181 million as of March 31, 2024 and December 31, 2023, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position.
__________ (1)“Other” primarily includes derivative contracts used to improve the balance of the Company’s tail longevity and mortality risk. Under these contracts, the Company’s gains (losses) are capped at the notional amount. (2)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $9,717 million (including the Prismic funds withheld related embedded derivative net liability of $224 million) and $8,096 million (including the Prismic funds withheld related embedded derivative net liability of $508 million) as of March 31, 2024 and December 31, 2023, respectively, primarily included in “Policyholder account balances” and “Reinsurance and funds withheld payables.” (3)Recorded in “Other invested assets” and “Other liabilities” on the Unaudited Interim Consolidated Statements of Financial Position. As of March 31, 2024, the following amounts were recorded on the Unaudited Interim Consolidated Statements of Financial Position related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges.
__________ (1)There were no material fair value hedging adjustments for hedged assets and liabilities for which hedge accounting has been discontinued. Most of the Company’s derivatives do not qualify for hedge accounting for various reasons. For example: (i) derivatives that economically hedge embedded derivatives do not qualify for hedge accounting because changes in the fair value of the embedded derivatives are already recorded in net income; (ii) derivatives that are utilized as macro hedges of the Company’s exposure to various risks typically do not qualify for hedge accounting because they do not meet the criteria required under portfolio hedge accounting rules; and (iii) synthetic GICs, which are product standalone derivatives, do not qualify as hedging instruments under hedge accounting rules. Offsetting Assets and Liabilities The following tables present recognized derivative instruments (excluding embedded derivatives), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.
__________ (1)Amounts exclude the excess of collateral received/pledged from/to the counterparty. For information regarding the rights of offset associated with the derivative assets and liabilities in the table above, see “—Counterparty Credit Risk” below. For securities purchased under agreements to resell and securities sold under agreements to repurchase, the Company monitors the value of the securities and maintains collateral, as appropriate, to protect against credit exposure. Where the Company has entered into repurchase and resale agreements with the same counterparty, in the event of default, the Company would generally be permitted to exercise rights of offset. For additional information regarding the Company’s accounting policy for securities repurchase and resale agreements, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Cash Flow, Fair Value and Net Investment Hedges The primary derivative and non-derivative instruments used by the Company in its fair value, cash flow and net investment hedge accounting relationships are interest rate swaps, currency swaps, currency forwards, and foreign currency denominated debts. These instruments are only designated for hedge accounting in instances where the appropriate criteria are met. The Company does not use futures, options, credit, or equity derivatives in any of its fair value, cash flow or net investment hedge accounting relationships. The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, including the offset of the hedged item in fair value hedge relationships.
__________ (1)Excluding changes related to net investment hedges using non-derivative instruments of $39 million and $(1) million for the three months ended March 31, 2024 and 2023, respectively. (2)Includes the Prismic funds withheld related embedded derivative realized gain (loss) of $283 million for the three months ended March 31, 2024. Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:
The changes in fair value of cash flow hedges are deferred in AOCI and are included in “Net unrealized investment gains (losses)” in the Unaudited Interim Consolidated Statements of Comprehensive Income; these amounts are then reclassified to earnings when the hedged item affects earnings. Using March 31, 2024 values, it is estimated that a pre-tax gain of approximately $315 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending March 31, 2025. The exposures the Company is hedging with these qualifying cash flow hedges include the variability of future cash flows from forecasted transactions denominated in foreign currencies, the purchases of invested assets, and the receipt or payment of variable interest on existing financial instruments. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is 27 years. There were no material amounts reclassified from AOCI into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging. In addition, there were no instances in which the Company discontinued fair value hedge accounting due to a hedged firm commitment no longer qualifying as a fair value hedge. For net investment hedges, in addition to derivatives, the Company uses foreign currency denominated debt to hedge the risk of change in the net investment in a foreign subsidiary due to changes in exchange rates. For effective net investment hedges, the amounts, before applicable taxes, recorded in the cumulative translation adjustment within AOCI were $49 million for the three months ended March 31, 2024 and $(2) million for the three months ended March 31, 2023, respectively. Credit Derivatives The following tables provide a summary of the notional and fair value of written credit protection, presented as assets (liabilities). The Company’s maximum amount at risk under these credit derivatives, assuming the value of the underlying referenced securities become worthless, is equal to the notional amounts. These credit derivatives have maturities of less than 11 years for index reference.
_________ (1)The NAIC rating designations are based on availability and the lowest ratings among Moody's Investors Service, Inc. (“Moody's”), Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings Inc. (“Fitch”). If no rating is available from a rating agency, a NAIC 6 rating is used. (2)The NAIC rating designation is due to approximately 5% and 3% as of March 31, 2024 and December 31, 2023, respectively, of the index reference name rated as NAIC 6. (3)Single name credit default swaps may make reference to the credit of corporate debt, sovereign debt, and structured finance. Index reference NAIC designations are based on the lowest rated single name reference included in the index. In addition to writing credit protection, the Company has purchased credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio. As of March 31, 2024 and December 31, 2023, the Company had $772 million and $0 million of outstanding notional amounts and reported at fair value as a liability of $17 million and an asset of $0 million, respectively. Counterparty Credit Risk The Company is exposed to losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by: (i) entering into derivative transactions with highly rated major financial institutions and other creditworthy counterparties governed by master netting agreements, as applicable; (ii) trading through central clearing and over-the-counter (“OTC”) parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single party credit exposures which are subject to periodic management review. Substantially all of the Company’s derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position. In addition, certain of the Company’s derivative agreements contain credit-risk related contingent features; if the credit rating of one of the parties to the derivative agreement is to fall below a certain level, the party with positive fair value could request termination at the then fair value or demand immediate full collateralization from the party whose credit rating fell and is in a net liability position. As of March 31, 2024, there were no net liability derivative positions with counterparties with credit risk-related contingent features. All derivatives have been appropriately collateralized by the Company or the counterparty in accordance with the terms of the derivative agreements.
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Fair Value of Assets and Liabilities |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Assets and Liabilities | 6. FAIR VALUE OF ASSETS AND LIABILITIES Fair Value Measurement—Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows: Level 1—Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities. Level 2—Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs. Level 3—Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value. For a discussion of Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 6 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Assets and Liabilities by Hierarchy Level—The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.
__________ (1)“Netting” amounts represent cash collateral of $(8,769) million and $(9,815) million as of March 31, 2024 and December 31, 2023, respectively. (2)Excludes notes with fair value of $13,592 million (carrying amount of $13,582 million) and $12,370 million (carrying amount of $12,370 million) as of March 31, 2024 and December 31, 2023, respectively, which have been offset with the associated debt under a netting agreement. (3)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types. (4)Equity securities excluded from the fair value hierarchy include a fund for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of December 31, 2023, the fair value of this investment was $239 million. (5)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at NAV per share (or its equivalent) as a practical expedient. As of March 31, 2024 and December 31, 2023, the fair value of such investments was $4,518 million and $4,125 million, respectively. (6)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and other invested assets. As of March 31, 2024 and December 31, 2023, the fair value of such investments was $26,553 million and $27,076 million, respectively. (7)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position. Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities—The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.
___________ (1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table. (2)Includes assets classified as fixed maturities available-for-sale, assets supporting experience-rated contractholder liabilities and fixed maturities, trading. (3)Excludes notes which have been offset with the associated debt under a netting agreement. (4)Represents multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments. (5)For these investments, a range of discount rates is typically used (10% to 20%) and is therefore a more meaningful representation of the unobservable inputs used in the valuation rather than weighted average. (6)Changes in the fair value of separate account assets are borne by customers and thus are offset by changes in separate account liabilities on the Company’s Unaudited Interim Consolidated Statements of Financial Position. As a result, changes in value associated with these investments are not reflected in the Company’s Unaudited Interim Consolidated Statements of Operations. (7)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (8)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (9)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these balances. (10)The spread over the secured overnight financing rate (“SOFR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of March 31, 2024 and December 31, 2023, respectively. This spread includes an estimate of non-performance risk (“NPR”), which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company (“AuguStar”), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. See Note 12 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for AuguStar, which may differ from the Company’s; however, the NPR spreads for AuguStar were developed using a methodology similar to that of the Company. (11)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration, and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits. (12)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of March 31, 2024 and December 31, 2023, the minimum withdrawal rate assumption is 81% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%. (13)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age and duration. A mortality improvement assumption is also incorporated into the overall mortality table. (14)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives. Interrelationships Between Unobservable Inputs—In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another or multiple inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows: Corporate Securities—The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increase, credit spreads widen, which results in a decrease in fair value. Commercial Mortgage-backed Securities—Interrelationships may exist between the prepayment rate, the default rate and/or loss severity, depending on specific market conditions. In stronger economic cycles, prepayment rates are generally driven by underlying property appreciation and subsequent cash-out refinances, while default rates and loss severity may be lower. During weaker economic cycles, prepayment rates may decline, while default rates and loss severity increase. Generally, a change in the assumption used for the probability of default would be accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. The impact of these factors on average life and economics varies with the deal structure and tranche subordination. Market Risk Benefits—The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is generally highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other contractholder behavior assumptions. To the extent more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money. Changes in Level 3 Assets and Liabilities—The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 11). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
__________ (1)“Other” includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities. (2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts. (3)Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities. (4)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities. (5)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position. (6)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward. (7)Excludes MRB assets of $2,225 million and $976 million and MRB liabilities of $4,624 million and $6,096 million for periods ending March 31, 2024 and 2023, respectively. See Note 11 for additional information. (8)Prior period amounts have been reclassified to conform to current period presentation. Derivative Fair Value Information The following tables present the balances of certain derivative assets and liabilities measured at fair value on a recurring basis, as of the dates indicated, by the primary underlying risks they are used to manage. These tables include NPR and exclude embedded derivatives. The derivative assets and liabilities shown below are included in “Other invested assets” or “Other liabilities” in the tables contained within the sections “—Assets and Liabilities by Hierarchy Level” and “—Changes in Level 3 Assets and Liabilities,” above.
__________ (1)“Netting” amounts represent cash collateral and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements. Changes in Level 3 Derivative Assets and Liabilities—The following tables provide a summary of the changes in fair value of Level 3 derivative assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income, attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods.
__________ (1)Total realized and unrealized gains (losses) as well as unrealized gains (losses) for assets still held at the end of the period are recorded in “Realized investment gains (losses), net.” (2)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter. Nonrecurring Fair Value Measurements—The following tables represent information for assets measured at fair value on a nonrecurring basis. The fair value measurement is nonrecurring as these assets are measured at fair value only when there is a triggering event (e.g., an evidence of impairment). Assets included in the table are those that were impaired during the respective reporting periods and that are still held as of the reporting date. The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3).
__________ (1)Commercial mortgage loans are valued based on discounted cash flows utilizing market rates or the fair value of the underlying real estate collateral. (2)Reported carrying values for 2024 include values as of the measurement periods of March 31, 2024 for “Investment in JV/LP and Other”. Reported carrying values for 2023 include values as of the measurement periods of June 30, 2023 for “Investment real estate” and June 30, 2023 and December 31, 2023 for “Investment in JV/LP and Other.” Fair Value Option The fair value option allows the Company to elect fair value as an alternative measurement for selected financial assets and financial liabilities not otherwise reported at fair value. Such elections have been made by the Company to help mitigate volatility in earnings that result from different measurement attributes. Electing the fair value option also allows the Company to achieve consistent accounting for certain assets and liabilities. Changes in fair value are reflected in “Realized investment gains (losses), net” for commercial mortgage and other loans and “Other income (loss)” for other assets and notes issued by consolidated VIEs. Changes in fair value due to instrument-specific credit risk are estimated using changes in credit spreads and quality ratings for the period reported. Interest income on commercial mortgage and other loans is included in “Net investment income.” Interest income on these loans is recorded based on the effective interest rate as determined at the closing of the loan. The following tables present information regarding assets and liabilities where the fair value option has been elected.
__________ (1)As of March 31, 2024, for loans for which the fair value option has been elected, none of the loans were 90 days or more past due. Fair Value of Financial Instruments The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.
__________ (1)Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments. (2)Includes contracts reinsured through coinsurance with funds withheld agreement with Prismic Re with a fair value of $7,963 million (carrying value of $7,963 million) and $8,036 million (carrying amount of $8,036 million), a portion of which relates to insurance contracts as of March 31, 2024 and December 31, 2023. See Note 12 for additional information regarding the reinsurance arrangement with Prismic Re. (3)Excludes debt with fair value of $2,010 million (carrying amount of $2,000 million) and $2,000 million (carrying amount of $2,000 million) as of March 31, 2024 and December 31, 2023 respectively, which have been offset with the associated notes under a netting agreement. (4)Excludes debt with fair value of $11,582 million (carrying amount of $11,582 million) and $10,370 million (carrying amount of $10,370 million) as of March 31, 2024 and December 31, 2023 respectively, which have been offset with the associated notes under a netting agreement.
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Charges, Insurers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired | DEFERRED POLICY ACQUISITION COSTS, DEFERRED SALES INDUCEMENTS AND VALUE OF BUSINESS ACQUIRED Deferred Policy Acquisition Costs (“DAC”) The following tables show a rollforward for the lines of business that contain material DAC balances, along with a reconciliation to the Company’s total DAC balance:
__________ (1)Includes the impact of the reinsurance transaction with Somerset Reinsurance Ltd. in Individual Life (Universal Life). See Note 12 for additional information.
. Deferred Sales Inducements (“DSI”) The following table shows a rollforward of DSI balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material DSI balance, along with a reconciliation to the Company’s total DSI balance:
Value of Business Acquired (“VOBA”) The following table shows a rollforward of VOBA balances for Gibraltar Life and Other, which is the only line of business that contains a material VOBA balance, along with a reconciliation to the Company’s total VOBA balance:
The following table provides VOBA balances for the applicable businesses for the period ended March 31:
The following table provides estimated future amortization for the periods indicated:
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Separate Accounts |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Separate Account | SEPARATE ACCOUNTS The Company issues variable annuity and variable life insurance contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. Most variable annuity and variable life insurance contracts are offered with both separate and general account options. See Note 10 for additional information. The assets supporting the variable portion of variable annuity and variable life insurance contracts are carried at fair value and reported as “Separate account assets” with an equivalent amount reported as “Separate account liabilities.” The liabilities related to the net amount at risk are reflected within future policy benefits or market risk benefits. Amounts assessed against the contractholders for mortality, administration, and other services are included within revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Realized investment gains (losses), net.” Separate Account Assets The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:
For the periods ended March 31, 2024 and December 31, 2023, there were no transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded. Separate Account Liabilities The balances of and changes in separate account liabilities as of and for the periods ended are as follows:
__________ (1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges. (2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.
__________ (1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges. (2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.
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Liability For Future Policy Benefits |
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities for Future Policy Benefits | LIABILITY FOR FUTURE POLICY BENEFITS Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below: •Benefit Reserves; •Deferred Profit Liability (“DPL”); and •Additional Insurance Reserves (“AIR”) Benefit Reserves The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.
__________ (1)Reflects balance after reinsurance recoverables of $65 million and $74 million at March 31, 2024 and 2023, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated:
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter, such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss respectively. For both the first three months of 2024 and 2023, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts. Deferred Profit Liability The balances of and changes in DPL as of and for the period indicated are as follows:
The following tables provide supplemental information related to the balances of and changes in DPL, included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated:
__________ (1)Represents the gross premiums collected in changes in DPL excluding impact of foreign currency adjustments. Additional Insurance Reserves AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits (“GMDB”) and guaranteed minimum income benefits (“GMIB”) contract features, that are above and beyond the contractholder's account balance. The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance:
__________ (1)Represents the portion of gross assessments required to fund the future policy benefits.
Future Policy Benefits Reconciliation The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company's Consolidated Statement of Financial Position as of the periods indicated:
__________ (1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities. Revenue and Interest Expense The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations as of the periods indicated:
__________ (1)Represents “Gross Premiums” for benefit reserves, “Revenue” for DPL and “Gross Assessments” for AIR. (2)Includes remaining balances disclosed above and balances for which disaggregated rollforward disclosures may not be presented above. POLICYHOLDERS’ ACCOUNT BALANCESThe balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products. (2)Includes $5,621 million and $7,973 million of Full Service account balances reinsured to Great-West as of March 31, 2024 and 2023, respectively. (3)The net amount at risk calculation includes both general account and separate account balances. (4)Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment. “Policyholders’ account balances” for Institutional Retirement Strategies and Life Planner includes the Company’s Funding Agreement Notes Issuance Program (“FANIP”), which totaled $5,722 million and $5,261 million at March 31, 2024 and 2023, respectively. Under this program, which has a maximum authorized amount of $15 billion of medium-term notes and $6 billion of commercial paper, Delaware statutory trusts issue short-term commercial paper and/or medium-term notes to investors that are secured by funding agreements issued to the trusts by PICA. The outstanding commercial paper and notes have fixed or floating interest rates that range from 0.0% to 5.6% and original maturities ranging from three months to five years. Included in the amounts at March 31, 2024 and 2023 are funding agreements that secure the medium-term note liability, which are carried at amortized cost, of $3,465 million and $2,955 million, respectively, and short-term note liability of $2,297 million and $2,355 million, respectively. “Policyholders’ account balances” for Institutional Retirement Strategies also includes collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) totaling $2,628 million as of both March 31, 2024 and 2023. These obligations, which are carried at amortized cost, have fixed interest rates that range from 1.925% to 4.510% and original maturities of seven years. The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid. The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns. The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 11 for additional information, including the net amount at risk associated with these guarantees. The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points (“bps”), between rates being credited to policyholders and the respective guaranteed minimums are as follows:
____________ (1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products. Unearned Revenue Reserve (“URR”) The balance of and changes in URR as of and for the periods ended are as follows:
The following table shows a rollforward of MRB balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods. The Company also issues indexed variable annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed variable annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods. For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality. For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality. For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior. The following table presents accompanying information to the rollforward table above.
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included. The tables below reconcile MRB asset and liability positions as of the following dates:
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Policyholders' Account Balances |
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Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities for Future Policy Benefits | LIABILITY FOR FUTURE POLICY BENEFITS Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below: •Benefit Reserves; •Deferred Profit Liability (“DPL”); and •Additional Insurance Reserves (“AIR”) Benefit Reserves The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.
__________ (1)Reflects balance after reinsurance recoverables of $65 million and $74 million at March 31, 2024 and 2023, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated:
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter, such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss respectively. For both the first three months of 2024 and 2023, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts. Deferred Profit Liability The balances of and changes in DPL as of and for the period indicated are as follows:
The following tables provide supplemental information related to the balances of and changes in DPL, included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated:
__________ (1)Represents the gross premiums collected in changes in DPL excluding impact of foreign currency adjustments. Additional Insurance Reserves AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits (“GMDB”) and guaranteed minimum income benefits (“GMIB”) contract features, that are above and beyond the contractholder's account balance. The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance:
__________ (1)Represents the portion of gross assessments required to fund the future policy benefits.
Future Policy Benefits Reconciliation The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company's Consolidated Statement of Financial Position as of the periods indicated:
__________ (1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities. Revenue and Interest Expense The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations as of the periods indicated:
__________ (1)Represents “Gross Premiums” for benefit reserves, “Revenue” for DPL and “Gross Assessments” for AIR. (2)Includes remaining balances disclosed above and balances for which disaggregated rollforward disclosures may not be presented above. POLICYHOLDERS’ ACCOUNT BALANCESThe balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products. (2)Includes $5,621 million and $7,973 million of Full Service account balances reinsured to Great-West as of March 31, 2024 and 2023, respectively. (3)The net amount at risk calculation includes both general account and separate account balances. (4)Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment. “Policyholders’ account balances” for Institutional Retirement Strategies and Life Planner includes the Company’s Funding Agreement Notes Issuance Program (“FANIP”), which totaled $5,722 million and $5,261 million at March 31, 2024 and 2023, respectively. Under this program, which has a maximum authorized amount of $15 billion of medium-term notes and $6 billion of commercial paper, Delaware statutory trusts issue short-term commercial paper and/or medium-term notes to investors that are secured by funding agreements issued to the trusts by PICA. The outstanding commercial paper and notes have fixed or floating interest rates that range from 0.0% to 5.6% and original maturities ranging from three months to five years. Included in the amounts at March 31, 2024 and 2023 are funding agreements that secure the medium-term note liability, which are carried at amortized cost, of $3,465 million and $2,955 million, respectively, and short-term note liability of $2,297 million and $2,355 million, respectively. “Policyholders’ account balances” for Institutional Retirement Strategies also includes collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) totaling $2,628 million as of both March 31, 2024 and 2023. These obligations, which are carried at amortized cost, have fixed interest rates that range from 1.925% to 4.510% and original maturities of seven years. The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid. The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns. The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 11 for additional information, including the net amount at risk associated with these guarantees. The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points (“bps”), between rates being credited to policyholders and the respective guaranteed minimums are as follows:
____________ (1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products. Unearned Revenue Reserve (“URR”) The balance of and changes in URR as of and for the periods ended are as follows:
The following table shows a rollforward of MRB balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods. The Company also issues indexed variable annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed variable annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods. For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality. For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality. For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior. The following table presents accompanying information to the rollforward table above.
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included. The tables below reconcile MRB asset and liability positions as of the following dates:
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Risk Benefits | LIABILITY FOR FUTURE POLICY BENEFITS Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below: •Benefit Reserves; •Deferred Profit Liability (“DPL”); and •Additional Insurance Reserves (“AIR”) Benefit Reserves The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.
__________ (1)Reflects balance after reinsurance recoverables of $65 million and $74 million at March 31, 2024 and 2023, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated:
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter, such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss respectively. For both the first three months of 2024 and 2023, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts. Deferred Profit Liability The balances of and changes in DPL as of and for the period indicated are as follows:
The following tables provide supplemental information related to the balances of and changes in DPL, included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated:
__________ (1)Represents the gross premiums collected in changes in DPL excluding impact of foreign currency adjustments. Additional Insurance Reserves AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits (“GMDB”) and guaranteed minimum income benefits (“GMIB”) contract features, that are above and beyond the contractholder's account balance. The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance:
__________ (1)Represents the portion of gross assessments required to fund the future policy benefits.
Future Policy Benefits Reconciliation The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company's Consolidated Statement of Financial Position as of the periods indicated:
__________ (1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities. Revenue and Interest Expense The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations as of the periods indicated:
__________ (1)Represents “Gross Premiums” for benefit reserves, “Revenue” for DPL and “Gross Assessments” for AIR. (2)Includes remaining balances disclosed above and balances for which disaggregated rollforward disclosures may not be presented above. POLICYHOLDERS’ ACCOUNT BALANCESThe balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products. (2)Includes $5,621 million and $7,973 million of Full Service account balances reinsured to Great-West as of March 31, 2024 and 2023, respectively. (3)The net amount at risk calculation includes both general account and separate account balances. (4)Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment. “Policyholders’ account balances” for Institutional Retirement Strategies and Life Planner includes the Company’s Funding Agreement Notes Issuance Program (“FANIP”), which totaled $5,722 million and $5,261 million at March 31, 2024 and 2023, respectively. Under this program, which has a maximum authorized amount of $15 billion of medium-term notes and $6 billion of commercial paper, Delaware statutory trusts issue short-term commercial paper and/or medium-term notes to investors that are secured by funding agreements issued to the trusts by PICA. The outstanding commercial paper and notes have fixed or floating interest rates that range from 0.0% to 5.6% and original maturities ranging from three months to five years. Included in the amounts at March 31, 2024 and 2023 are funding agreements that secure the medium-term note liability, which are carried at amortized cost, of $3,465 million and $2,955 million, respectively, and short-term note liability of $2,297 million and $2,355 million, respectively. “Policyholders’ account balances” for Institutional Retirement Strategies also includes collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) totaling $2,628 million as of both March 31, 2024 and 2023. These obligations, which are carried at amortized cost, have fixed interest rates that range from 1.925% to 4.510% and original maturities of seven years. The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid. The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns. The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 11 for additional information, including the net amount at risk associated with these guarantees. The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points (“bps”), between rates being credited to policyholders and the respective guaranteed minimums are as follows:
____________ (1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products. Unearned Revenue Reserve (“URR”) The balance of and changes in URR as of and for the periods ended are as follows:
The following table shows a rollforward of MRB balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods. The Company also issues indexed variable annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed variable annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods. For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality. For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality. For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior. The following table presents accompanying information to the rollforward table above.
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included. The tables below reconcile MRB asset and liability positions as of the following dates:
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Reinsurance |
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Reinsurance | REINSURANCE The Company participates in reinsurance with third parties primarily to provide additional capacity for future growth, limit the maximum net loss potential arising from large risks and acquire or dispose of businesses. Effective January 2024, the Company entered into an agreement with Somerset Reinsurance Ltd. (“Somerset Re”) to reinsure certain guaranteed universal life policies issued by Pruco Life Insurance Company (“Pruco Life”) and Pruco Life Insurance Company of New Jersey (“PLNJ”), both of which are wholly-owned subsidiaries of Prudential Financial. These policies represent approximately 30% of the Company’s reserves on its in-force guaranteed universal life block of business as of December 31, 2023. This transaction is structured on a modified coinsurance basis and follows reinsurance accounting. As a result of the transaction, the Company recognized a $411 million deferred reinsurance gain that will be amortized into income over the estimated remaining life of the reinsured policies. The reinsurance payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Unaudited Interim Consolidated Statements of Financial Position. Separately, effective September 2019, Prudential Annuities Life Assurance Corporation (“PALAC”), a previously wholly-owned subsidiary of Prudential Financial, entered into an agreement with Somerset Re, to coinsure business, on a quota share funds withheld basis, related to fixed index annuities. This agreement was subsequently novated from PALAC to Pruco Life effective October 2021, in connection with the sale of PALAC effective April 2022. Under this reinsurance agreement, which is accounted for under deposit method of accounting, the Company cedes to Somerset Re its quota share of the insurance liabilities with respect to the reinsured contracts. The deposit receivables were $1,929 million and $1,619 million as of March 31, 2024 and December 31, 2023, respectively, and the funds withheld liabilities were $1,790 million and $1,518 million as of March 31, 2024 and December 31, 2023, respectively. Effective September 2023, the Company entered into an agreement with Prismic Re, to reinsure approximately $9 billion of reserves, representing approximately 70% of the in-force structured settlement annuities business previously issued by PICA, 90% of which is on a coinsurance with funds withheld basis and 10% of which is on a coinsurance basis. The reinsurance of the structured settlement annuities that provide periodic payments for the lifetime of the annuitant follows reinsurance accounting. The reinsurance of structured settlement annuities that provide payments for a guaranteed period of time and do not include life contingency risk follows deposit accounting. As a result of the transaction, the Company recognized a $240 million deferred reinsurance loss that will be amortized into income over the estimated remaining life of the reinsured contracts. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar, an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits issued by Pruco Life, a wholly-owned subsidiary of Prudential Financial. This block represents approximately 10% of the Company’s remaining legacy in-force traditional variable annuity block by account value. The Company ceded 100% of separate account liabilities under modified coinsurance and 100% of general account liabilities under coinsurance of its Pruco Life issued PDI traditional variable annuity contracts. The general account liabilities associated with PDI’s guaranteed living and death benefits and the corresponding reinsurance of those liabilities are accounted for as market risk benefits. As a result of the transaction, the Company recognized a $309 million deferred reinsurance gain that will be amortized into income over the estimated remaining life of the reinsured policies. Effective April 2022, in connection with the sale of the Full Service Retirement business, the Company entered into separate agreements with external counterparties, Great-West and Great-West Life & Annuity Insurance Company of New York, now known as Empower Annuity Insurance Company of America & Empower Life & Annuity Insurance Company of New York, respectively, to reinsure a portion of its Full Service Retirement business. The Company ceded 100% of separate account liabilities under modified coinsurance and 100% of general account liabilities under coinsurance of its Full Service Retirement business. The Company’s Full Service Retirement business consists of market value and stable value separate accounts as well as general account products, including stable value accumulation funds and a stable value wrap product known as a synthetic guaranteed investment contract. The majority of these products are considered investment contracts as they do not contain significant insurance risk; therefore, the reinsurance of such products are accounted for under deposit accounting. The reinsurance agreement offers the policyholders the opportunity to novate their contracts from the Company to Empower and any such novated contracts shall cease to be reinsured under this agreement. Effective April 2022, in connection with the sale of the PALAC legal entity, now known as Fortitude Life Insurance and Annuity Company (“FLIAC”), the Company entered into a reinsurance agreement with FLIAC under which the Company assumed all of FLIAC’s indexed variable annuities under modified coinsurance. The reinsurance of the indexed variable annuities transfers all significant risks, including mortality risk, embedded in the reinsured contracts. As a result of the agreement, reinsurance recoverables includes the assumed modified coinsurance receivable, which reflects the value of the invested assets retained by FLIAC and the associated asset returns. The Company also assumed via coinsurance all of FLIAC’s fixed indexed annuities with a guaranteed lifetime withdrawal income feature, which are accounted for under deposit accounting. The reinsurance agreement offers the policyholders the opportunity to novate their contracts from FLIAC to the Company and any such novated contracts shall cease to be reinsured under this agreement. Effective April 2015, the Company entered into an agreement with Union Hamilton Reinsurance, Ltd. (“Union Hamilton”) an external counterparty, to reinsure approximately 50% of the Prudential Premier® Retirement Variable Annuity with Highest Daily Lifetime Income (“HDI”) v.3.0 business, a guaranteed benefit feature. This reinsurance agreement covered most new HDI v.3.0 variable annuity business issued between April 1, 2015 and December 31, 2016 on a quota share basis, with Union Hamilton’s cumulative quota share amounting to $2.9 billion of new rider premiums as of December 31, 2016. Reinsurance on business subject to this agreement remains in force for the duration of the underlying annuity contracts. New sales subsequent to December 31, 2016 are not covered by this external reinsurance agreement. This reinsurance agreement is accounted for as market risk benefits. In January 2013, the Company acquired the Hartford Life Business through reinsurance transactions with three subsidiaries of Hartford Financial Services Group, Inc. (“Hartford Financial”). Under the related agreements, the Company provided reinsurance for approximately 700,000 life insurance policies with net retained face amount in force of approximately $141 billion. The Company acquired the general account business through a coinsurance arrangement and, for certain types of general account policies, a modified coinsurance arrangement. The Company acquired the separate account business through a modified coinsurance arrangement. In May 2018, Hartford Financial sold a group of operating subsidiaries, which included two of the Company’s counterparties to these reinsurance arrangements, to Talcott Resolution Life Insurance Company (“Talcott Resolution”). Talcott Resolution was acquired by Sixth Street in July 2021. There was no impact to the terms, rights or obligations of the Company, or operation of these reinsurance arrangements, as a result of these changes in control of such counterparties. Since 2011, the Company has entered into a number of reinsurance agreements to assume pension liabilities in the United Kingdom. Under these arrangements, the Company assumes the longevity risk, and in some arrangements, also the investment risk associated with the pension benefits of certain specified beneficiaries. In 2006, the Company acquired the variable annuity business of The Allstate Corporation (“Allstate”) through a reinsurance transaction. The reinsurance arrangements with Allstate include a coinsurance arrangement associated with the general account liabilities assumed and a modified coinsurance arrangement associated with the separate account liabilities assumed. The reinsurance payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Unaudited Interim Consolidated Statements of Financial Position. During the fourth quarter of 2021, Allstate sold the two counterparties to the aforementioned variable annuity reinsurance transaction to third parties. There was no impact to the terms, rights or obligations of the Company, or operation of these reinsurance arrangements, as a result of this change in control of such counterparties. For the domestic business, life and disability reinsurance is accomplished through various plans of reinsurance, primarily yearly renewable term, per person excess, excess of loss, and coinsurance. On policies sold since 2000, the Company has reinsured a significant portion of the individual life mortality risk. Placement of reinsurance is accomplished primarily on an automatic basis with some specific risks reinsured on a facultative basis. The Company is authorized and has historically retained up to $30 million per life, but reduced its operating retention limit to $20 million per life in 2013 and then down to $10 million per life for new business starting in 2020. Retention in excess of the operating limit is on an exception basis. The international business primarily uses reinsurance to obtain experience with respect to certain new product offerings and to a lesser extent, to mitigate mortality risk for certain protection products and for capital management purposes. Reinsurance amounts included in the Unaudited Interim Consolidated Statements of Operations for “Premiums,” “Policy charges and fee income,” “Change in value of market risk benefits, net of related hedging gains (losses),” “Policyholders’ benefits” and “Change in estimates of liability for future policy benefits,” are as follows:
Reinsurance recoverables, are as follows:
__________ (1)Primarily represents $5,722 million and $5,981 million of reinsurance recoverables as of March 31, 2024 and December 31, 2023, respectively, established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $8,186 million and $8,543 million as of March 31, 2024 and December 31, 2023, respectively. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $1,457 million and $1,485 million as of March 31, 2024 and December 31, 2023, respectively. (2)Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $2,067 million and $2,090 million as of March 31, 2024 and December 31, 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,387 million and $1,396 million as of March 31, 2024 and December 31, 2023, respectively. Also includes net reinsurance recoverables of $545 million as of March 31, 2024 for the modified coinsurance receivable established under the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. (3)Net of $(11) million and $(12) million of allowance for credit losses as of March 31, 2024 and December 31, 2023, respectively. (4)Excludes deposit receivables of arrangements that are accounted for under the deposit method of accounting of $10,707 million and $10,574 million as of March 31, 2024 and December 31, 2023, respectively. Deposit receivables related to the reinsurance agreement with Prismic Re were $3,715 million and $3,771 million as of March 31, 2024 and December 31, 2023, respectively. Excluding the reinsurance recoverables associated with the acquisition of the Hartford Life Business, four major reinsurance companies account for approximately 65% of the Company’s reinsurance recoverables as of March 31, 2024. The Company periodically reviews the financial condition of its reinsurers, amounts recoverable therefrom, and unearned reinsurance premium, in order to reduce its exposure to loss from reinsurer insolvencies. Any expected credit losses are reflected in the current expected credit loss (“CECL”) allowance, after considering any collateral the Company obtained in the form of a trust, letter of credit, or funds withheld arrangement. See Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional details regarding CECL. Under the Company’s international longevity reinsurance transactions, the Company obtains collateral from its counterparties to mitigate counterparty default risk.
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Closed Block |
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Closed Block Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Closed Block | CLOSED BLOCK On December 18, 2001, the date of demutualization, The Prudential Insurance Company of America (“PICA”) established a closed block for certain in-force participating insurance policies and annuity products, along with corresponding assets used for the payment of benefits and policyholders’ dividends on these products, (collectively the “Closed Block”), and ceased offering these participating products. The recorded assets and liabilities were allocated to the Closed Block at their historical carrying amounts. The Closed Block forms the principal component of the Closed Block division. For additional information regarding the Closed Block, see Note 16 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. As of March 31, 2024 and December 31, 2023, the Company recognized a policyholder dividend obligation of $2,807 million and $2,873 million, respectively, to Closed Block policyholders for the excess of actual cumulative earnings over expected cumulative earnings. Additionally, accumulated net unrealized investment gains (losses) were reflected as a policyholder dividend obligation of $(2,399) million and $(2,081) million at March 31, 2024 and December 31, 2023, respectively, with a corresponding amount reported in AOCI. As of March 31, 2024, the Closed Block has sufficient funds to make guaranteed policy benefit payments and there is no expectation that assets outside of the Closed Block will be needed to fund future payments. The excess of Closed Block liabilities over Closed Block assets as of the end of the reporting period shown in the table below is a reasonable measure of the margin in the reported liabilities compared to best estimate liabilities assuming the current dividend scale. Closed Block liabilities and assets designated to the Closed Block, as well as maximum future earnings to be recognized from these liabilities and assets, are as follows:
Information regarding the policyholder dividend obligation is as follows:
Closed Block revenues and benefits and expenses are as follows for the periods indicated:
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Income Taxes |
3 Months Ended |
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Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company uses a full-year projected effective tax rate approach to calculate year-to-date taxes. In determining the full year projected tax rate, the Company considers the realizability of deferred tax assets, including those associated with unrealized investment losses, and has determined based upon the weight of available evidence that no valuation allowance is necessary related to unrealized investment losses. In addition, certain items impacting total income tax expense are recorded in the periods in which they occur. The projected effective tax rate is the ratio of projected “Total income tax expense” divided by projected “Income before income taxes and equity in earnings of joint ventures and other operating entities.” Taxes attributable to joint ventures and other operating entities are recorded within “Equity in earnings of joint ventures and other operating entities, net of taxes.” The interim period tax expense (or benefit) is the difference between the year-to-date income tax provision and the amounts reported for the previous interim periods of the fiscal year. The Company’s income tax provision, on a consolidated basis, amounted to an income tax expense of $289 million, or 20.8% of income (loss) before income taxes and equity in earnings of joint ventures and other operating entities, in the first three months of 2024, compared to an income tax expense of $382 million, or 20.7%, in the first three months of 2023. The Company’s current and prior effective tax rates differ from the U.S. statutory rate of 21% primarily due to non-taxable investment income, tax credits, foreign earnings taxed at higher rates than the U.S. statutory rate, and the items discussed below. Foreign Tax Credit Regulations. The Treasury Department and the IRS published Final Regulations in the Federal Register (Treasury Decision 9959) on January 4, 2022, which affect the creditability of certain foreign taxes for U.S. federal income tax purposes. The Final Regulations created uncertainty as to whether a U.S. foreign tax credit could be claimed for taxes paid to Brazil. The ability to claim a foreign tax credit for taxes paid to Brazil impacted the benefit of the election made pursuant to Internal Revenue Code Section 952 to subject earnings from the Company’s insurance operations in Brazil to tax in the U.S. in the tax year earned, net of related foreign tax credits. On July 21, 2023, the IRS issued Notice 2023-55 which provides temporary relief to taxpayers in determining whether a foreign tax is eligible for a U.S. foreign tax credit for tax years 2022 and 2023, specifically delaying until 2024 the provisions of the Final Regulations that impacted the ability to claim a U.S. foreign tax credit for taxes paid to Brazil. As a result of this new guidance, the Company will be able to claim a U.S. foreign tax credit for taxes paid to Brazil for its 2023 and 2024 tax years. GILTI High Tax Exclusion. On July 20, 2020, the U.S. Treasury and the Internal Revenue Service issued Final Regulations (Treasury Decision 9902) pursuant to Internal Revenue Code Section 951A which allows an annual election to exclude from the U.S. tax return certain Global Intangible Low-Taxed Income (“GILTI”) amounts when the taxes paid by a foreign affiliate exceed 18.9% (90% of U.S. statutory rate of 21%) of the GILTI amount for that foreign affiliate (the “high-tax exception”). These regulations are effective for the 2021 taxable year with an election to apply to any taxable year beginning after 2017. In many of the countries in which the Company operates, including Japan and Brazil, there are differences between local tax rules used to determine the tax base and the U.S. tax principles used to determine GILTI. Also, the Company’s Japan affiliates have a different tax year than the U.S. calendar tax year used to determine GILTI; therefore, while many of the countries, including Japan, have a statutory tax rate above the 18.9% threshold, separate affiliates may not meet the 18.9% threshold each year and, as such, may not qualify for this annual exclusion. The Company anticipates making the high-tax exception election for the 2023 and 2024 tax years and reflected the impact of the election in its full year projected effective tax rate used to calculate year-to-date taxes for the first three months of 2023 and 2024, respectively. Inflation Reduction Act. On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the “Inflation Reduction Act”), (House of Representatives, 5376). One of the most significant provisions of the Inflation Reduction Act is a 15% corporate alternative minimum tax (“CAMT”) based on the Company’s GAAP income, with certain adjustments. This provision, which is applicable only to companies with average applicable financial statement income in excess of $1 billion for any three-year period ending in 2022 or later, is effective in taxable years beginning after December 31, 2022. The impact of the book-income alternative minimum tax, if any, will vary from year to year based on the relationship of the Company’s GAAP income to the Company’s taxable income. Any tax paid pursuant to this provision is available as a tax credit in future years when the Company’s tax rate exceeds the 15% minimum tax threshold. The Company is subject to CAMT for 2024 which may or may not result in a CAMT cash tax liability and will have no impact to the full year effective tax rate. Tax Audit and Unrecognized Tax Benefits. It is possible the Company will make a payment within the next 12 months of approximately $75 million related to unrecognized tax benefits for prior audit cycles, including an amount attributable to the Section 952 election for tax years 2017 and 2018, as the Company pursues resolution of the Section 952 matter. The payment will have no impact on the effective tax rate. The Company cannot predict with reasonable accuracy whether there will be any significant changes within the next twelve months to its total unrecognized tax benefits related to tax years for which the statute of limitations has not expired.
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Short-Term and Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term and Long-Term Debt | SHORT-TERM AND LONG-TERM DEBT Short-term Debt The table below presents the Company’s short-term debt as of the dates indicated:
_________ (1)The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in short-term debt. (2)Includes Prudential Financial debt of $25 million at both March 31, 2024 and December 31, 2023. Prudential Financial and certain subsidiaries have access to external sources of liquidity, including membership in the FHLBNY, a funding agreement facility with the Federal Agricultural Mortgage Company (“Farmer Mac”), commercial paper programs and contingent financing facilities in the form of facility agreements. The Company also maintains syndicated, unsecured committed credit facilities as an alternative source of liquidity. At March 31, 2024, no amounts were drawn on these syndicated, unsecured committed credit facilities. For additional information regarding these sources of liquidity, see Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Long-term Debt The table below presents the Company’s long-term debt as of the dates indicated:
__________ (1)The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in long-term debt. (2)Amount includes $6.2 billion of surplus notes used to finance Guideline AXXX reserves for business reinsured to Somerset Re in March 2024. See Note 12 for additional information. (3)Includes $25 million and $27 million of debt denominated in foreign currency at March 31, 2024 and December 31, 2023, respectively. (4)Includes Prudential Financial debt of $8,541 million and $8,050 million at March 31, 2024, and December 31, 2023, respectively. Also includes subsidiary debt of $41 million and $44 million denominated in foreign currency at March 31, 2024, and December 31, 2023, respectively. (5)Includes Prudential Financial debt of $18,652 million and $18,162 million at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024 and December 31, 2023, the Company was in compliance with all debt covenants related to the borrowings in the table above. Junior Subordinated Notes In March 2024, the Company issued $1.0 billion in aggregate principal amount of 6.50% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due in March 2054, and also redeemed, in full, $0.5 billion in aggregate principal amount of 5.20% Fixed-to-Floating Rate Junior Subordinated Notes due in 2044.
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Employee Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Pension and Other Postretirement Plans The Company has funded and non-funded non-contributory defined benefit pension plans (“Pension Benefits”), which cover substantially all of its employees. For some employees, benefits are based on final average earnings and length of service (the “traditional formula”), while benefits for other employees are based on an account balance that takes into consideration age, length of service and earnings during their career (the “cash balance formula”). The Company provides certain health care and life insurance benefits for its retired employees, their beneficiaries and covered dependents (“Other Postretirement Benefits”). The health care plan is contributory; the life insurance plan is non-contributory. Substantially all of the Company’s U.S. employees may become eligible to receive certain other postretirement benefits if they retire after age 55 with at least 10 years of service or under certain circumstances after age 50 with at least 20 years of continuous service. Net periodic (benefit) cost included in “General and administrative expenses” includes the following components:
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Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | EQUITY The changes in the number of shares of Common Stock issued, held in treasury and outstanding, are as follows for the periods indicated:
__________ (1)Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs. In December 2023, Prudential Financial’s Board of Directors (the “Board”) authorized the Company to repurchase at management’s discretion up to $1.0 billion of its outstanding Common Stock during the period from January 1, 2024 through December 31, 2024. As of March 31, 2024, 2.3 million shares of the Company’s Common Stock were repurchased under this authorization at a total cost of $250 million. The timing and amount of share repurchases are determined by management based upon market conditions and other considerations, and repurchases may be executed in the open market, through derivative, accelerated repurchase and other negotiated transactions and through prearranged trading plans complying with Rule 10b5-1(c) under the Securities Exchange Act of 1934 (the “Exchange Act”). Numerous factors could affect the timing and amount of any future repurchases under the share repurchase authorization, including, but not limited to: compliance with laws, increased capital needs of the Company due to changes in regulatory capital requirements, opportunities for growth and acquisitions, and the effect of adverse market conditions. Dividends declared per share of Common Stock are as follows for the periods indicated:
Accumulated Other Comprehensive Income (Loss) AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Unaudited Interim Consolidated Statements of Comprehensive Income. The balance of and changes in each component of AOCI as of and for the three months ended March 31, 2024 and 2023, are as follows:
__________ (1)Includes cash flow hedges of $1,199 million and $869 million as of March 31, 2024 and December 31, 2023, respectively, and $2,344 million and $2,616 million as of March 31, 2023 and December 31, 2022, respectively, and fair value hedges of $(51) million and $(60) million as of March 31, 2024 and December 31, 2023, respectively, and $(74) million and $(54) million as of March 31, 2023 and December 31, 2022, respectively. Reclassifications out of Accumulated Other Comprehensive Income (Loss)
__________ (1)All amounts are shown before tax. (2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI. (3)See Note 5 for additional information regarding cash flow and fair value hedges. (4)See table below for additional information regarding unrealized investment gains (losses), including the impact on deferred policy acquisition and other costs, future policy benefits and policyholders’ dividends. (5)See Note 16 for additional information regarding employee benefit plans. Net Unrealized Investment Gains (Losses) Net unrealized investment gains (losses) on available-for-sale fixed maturity securities and certain other invested assets and other assets are included in the Company’s Unaudited Interim Consolidated Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from “Other comprehensive income (loss)” those items that are included as part of “Net income (loss)” for a period that had been part of “Other comprehensive income (loss)” in earlier periods. The amounts for the periods indicated below, split between amounts related to available-for-sale fixed maturity securities on which an allowance for credit losses has been recorded, and all other net unrealized investment gains (losses), are as follows:
__________ (1)Includes cash flow and fair value hedges. See Note 5 for additional information.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | EARNINGS PER SHARE A reconciliation of the numerators and denominators of the basic and diluted per share computations of Common Stock based on the consolidated earnings of Prudential Financial for the periods indicated is as follows:
Unvested share-based payment awards that contain nonforfeitable rights to dividends are participating securities and included in the computation of earnings per share pursuant to the two-class method. Under this method, earnings attributable to Prudential Financial are allocated between Common Stock and the participating awards, as if the awards were a second class of stock. During periods of net income available to holders of Common Stock, the calculation of earnings per share excludes the income attributable to participating securities in the numerator and the dilutive impact of these securities from the denominator. In the event of a net loss available to holders of Common Stock, undistributed earnings are not allocated to participating securities and the denominator excludes the dilutive impact of these securities as they do not share in the losses of the Company. Undistributed earnings allocated to participating unvested share-based payment awards for the three months ended March 31, 2024 and 2023, as applicable, were based on 4.1 million and 4.2 million of such awards, respectively, weighted for the period they were outstanding. Stock options and shares related to deferred and long-term compensation programs that are considered antidilutive are excluded from the computation of diluted earnings per share. Stock options are considered antidilutive based on application of the treasury stock method or in the event of a net loss available to holders of Common Stock. Shares related to deferred and long-term compensation programs are considered antidilutive in the event of a net loss available to holders of Common Stock. For the periods indicated, the number of stock options and shares related to deferred and long-term compensation programs that were considered antidilutive and were excluded from the computation of diluted earnings per share, weighted for the portion of the period they were outstanding, are as follows:
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | SEGMENT INFORMATION Segments The Company’s principal operations consist of PGIM (the Company’s global investment management business), the U.S. Businesses (consisting of the Retirement Strategies, Group Insurance and Individual Life businesses), the International Businesses (consisting of the Life Planner and Gibraltar Life and Other businesses), the Closed Block division, and the Company’s Corporate and Other operations. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included in Corporate and Other operations. Divested and Run-off Businesses consist of businesses that have been, or will be, sold or exited, including businesses that have been placed in wind-down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP. Adjusted Operating Income The Company analyzes the operating performance of each segment using “adjusted operating income.” Adjusted operating income does not equate to “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” or “Net income (loss)” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Company’s chief operating decision maker to evaluate segment performance and allocate resources, and consistent with authoritative guidance, is the measure of segment performance presented below. Adjusted operating income is calculated by adjusting each segment’s “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” for the following items: •Realized investment gains (losses), net, and related charges and adjustments; •Change in value of market risk benefits, net of related hedging gains (losses); •Market experience updates; •Divested and Run-off Businesses; •Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests; and •Other adjustments. These items are important to an understanding of overall results of operations. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and the Company’s definition of adjusted operating income may differ from that used by other companies. The Company, however, believes that the presentation of adjusted operating income as measured for management purposes enhances the understanding of results of operations by highlighting the results from ongoing operations and the underlying profitability factors of its businesses. For additional information regarding these reconciling items, see Note 23 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Reconciliation of adjusted operating income to net income (loss) The table below reconciles “Adjusted operating income before income taxes” to “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities”:
__________ (1)The Retirement Strategies and Individual Life segments’ results reflect DAC as if the business is a stand-alone operation. The elimination of intersegment costs capitalized in accordance with this policy is included in consolidating adjustments within Corporate and Other operations. (2)Prior period amounts have been updated to conform to current period presentation. (3)Includes components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service period. Reconciliation of select financial information The tables below present certain financial information for the Company’s segments and its Corporate and Other operations, including assets by segment and revenues by segment on an adjusted operating income basis, and the reconciliation of the segment totals to amounts reported in the Unaudited Interim Consolidated Financial Statements.
__________ (1)Prior period amounts have been updated to conform to current period presentation. Intersegment revenues Management has determined the intersegment revenues with reference to market rates. Intersegment revenues are eliminated in consolidation in Corporate and Other operations. The PGIM segment revenues include intersegment revenues, primarily consisting of asset-based management and administration fees, as follows:
Segments may also enter into internal derivative contracts with other segments. For adjusted operating income, each segment accounts for the internal derivative results consistent with the manner in which that segment accounts for other similar external derivatives. Asset management and service fees The table below presents asset management and service fees, predominantly related to investment management activities, for the periods indicated:
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Related Party Disclosures |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions Disclosure | RELATED PARTY TRANSACTIONS In September 2023, the Company invested approximately $200 million, and acquired a 20% equity interest as a limited partner, in Prismic, a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Re, a licensed Bermuda-based life and annuity reinsurance company. As this investment is accounted for under the equity method, both Prismic and Prismic Re are considered related parties. Also in September 2023, the Company entered into an agreement with Prismic Re, to reinsure approximately $9 billion of reserves for certain structured settlement annuity contracts issued by PICA, a wholly-owned subsidiary of the Company. These contracts represent approximately 70% of the Company’s in-force structured settlement annuities business. Separately, the Company, through PGIM, entered into an investment management agreement with Prismic to manage a large portion of Prismic Re's assets. The following tables summarize the impacts to the Company’s financial statements related to the agreements that the Company entered with Prismic and Prismic Re. The related party balances with Prismic and Prismic Re impacted the Company’s balance sheet as of the periods indicated as follows:
The Company has agreed to guarantee Prismic Re's reimbursement obligations on letters of credit that may be obtained by Prismic Re from third-party financial institutions to support Prismic Re’s obligations under the reinsurance agreement with the Company for a total amount up to $2.0 billion as of both March 31, 2024 and December 31, 2023. See Note 21 for additional information on the Company’s guarantees and commitments. The related party activity with Prismic and Prismic Re impacted the Company’s results of operations and cash flows for the period indicated as follows:
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Commitments and Contingent Liabilities |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES Commitments and Guarantees Commercial Mortgage Loan Commitments
In connection with the Company’s commercial mortgage operations, it originates commercial mortgage loans. Commitments for loans that will be held for sale are recognized as derivatives and recorded at fair value. In certain of these transactions, the Company prearranges that it will sell the loan to an investor, including to government sponsored entities as discussed below, after the Company funds the loan. The above amount includes unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was an allowance for credit losses of $1 million as of both March 31, 2024 and December 31, 2023. The change in allowance is $0 million for both the three months ended March 31, 2024 and 2023. Commitments to Purchase Investments (excluding Commercial Mortgage Loans)
The Company has other commitments to purchase or fund investments, some of which are contingent upon events or circumstances not under the Company’s control, including those at the discretion of the Company’s counterparties. The Company anticipates a portion of these commitments will ultimately be funded from its separate accounts. The above amount includes unfunded commitments that are not unconditionally cancellable. There were no related charges for credit losses for either the three months ended March 31, 2024 or 2023. Indemnification of Securities Lending and Securities Repurchase Transactions
__________ (1)Includes $229 million and $0 million related to securities repurchase transactions as of March 31, 2024 and December 31, 2023, respectively. (2)Includes $230 million and $0 million related to securities repurchase transactions as of March 31, 2024 and December 31, 2023, respectively. In the normal course of business, the Company may facilitate securities lending or securities repurchase transactions on behalf of certain client accounts (collectively, “the accounts”). In certain of these arrangements, the Company has provided an indemnification to the accounts to hold them harmless against losses caused by counterparty (i.e., borrower) defaults associated with such transactions facilitated by the Company. In securities lending transactions, collateral is provided by the counterparty to the accounts at the inception of the transaction in an amount at least equal to 102% of the fair value of the loaned securities and the collateral is maintained daily to equal at least 102% of the fair value of the loaned securities. In securities repurchase transactions, collateral is provided by the counterparty to the accounts at the inception of the transaction in an amount at least equal to 95% of the fair value of the securities subject to repurchase and the collateral is maintained daily to equal at least 95% of the fair value of the securities subject to repurchase. The Company is only at risk if the counterparty to the transaction defaults and the value of the collateral held is less than the value of the securities loaned to, or subject to repurchase from, such counterparty. The Company believes the possibility of any payments under these indemnities is remote. Credit Derivatives Written As discussed further in Note 5, the Company writes credit derivatives under which the Company is obligated to pay the counterparty the referenced amount of the contract and receive in return the defaulted security or similar security. Guarantees of Asset Values
Certain contracts underwritten by the Retirement Strategies segment include guarantees related to financial assets owned by the guaranteed party. These contracts are accounted for as derivatives and carried at fair value. The collateral supporting these guarantees is not reflected on the Unaudited Interim Consolidated Statements of Financial Position. Indemnification of Serviced Mortgage Loans
__________ (1)The accrued liability associated with guarantees includes an allowance for credit losses of $13 million and $14 million as of March 31, 2024 and December 31, 2023, respectively. The change in allowance is a reduction of $1 million for both the three months ended March 31, 2024, and 2023. As part of the commercial mortgage activities of the Company’s PGIM segment, the Company provides commercial mortgage origination, underwriting and servicing for certain government sponsored entities, such as Fannie Mae and Freddie Mac. The Company has agreed to indemnify the government sponsored entities for a portion of the credit risk associated with certain of the mortgages it services through a delegated authority arrangement. Under these arrangements, the Company originates multi-family mortgages for sale to the government sponsored entities based on underwriting standards they specify, and makes payments to them for a specified percentage share of losses they incur on certain loans serviced by the Company. The Company’s percentage share of losses incurred generally varies from 4% to 20% of the loan balance, and is typically based on a first-loss exposure for a stated percentage of the loan balance, plus a shared exposure with the government sponsored entity for any losses in excess of the stated first-loss percentage, subject to a contractually specified maximum percentage. The Company determines the liability related to this exposure using historical loss experience, and the size and remaining life of the asset. The Company serviced $24,823 million and $24,875 million of mortgages subject to these loss-sharing arrangements as of March 31, 2024 and December 31, 2023, respectively, all of which are collateralized by first priority liens on the underlying multi-family residential properties. As of March 31, 2024, these mortgages had a weighted-average debt service coverage ratio of 1.94 times and a weighted-average loan-to-value ratio of 60%. As of December 31, 2023, these mortgages had a weighted-average debt service coverage ratio of 1.97 times and a weighted-average loan-to-value ratio of 60%. The Company had no losses related to indemnifications that were settled for either the three months ended March 31, 2024 or 2023. Other Guarantees
The Company is also subject to other financial guarantees and indemnity arrangements. The Company has provided indemnities and guarantees related to acquisitions, dispositions, investments and other transactions that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. These obligations are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or applicable. This includes guarantees issued on $1.5 billion of standby committed letters of credit and $0.5 billion of standby uncommitted letters of credit that may be obtained by Prismic Re from third-party financial institutions, for the benefit of PICA as beneficiary, to support U.S. statutory reserve credit related to a reinsurance agreement with PICA. As of March 31, 2024, no letters of credit have been issued to PICA under the facility, and the likelihood of PICA drawing upon them is remote. The guarantees are renewable on an annual basis. The current value of the guarantees is estimated to be immaterial. See Note 20 for additional information on the related party relationship between the Company and Prismic Re and Note 12 for additional information on the Company’s reinsurance transactions. Since certain of these obligations are not subject to limitations, it is not possible to determine the maximum potential amount due under these guarantees. The accrued liability identified above relates to the sale of The Prudential Life Insurance Company of Taiwan Inc. (“POT”) and represents a financial guarantee of certain insurance obligations of POT. Contingent Liabilities On an ongoing basis, the Company and its regulators review its operations including, but not limited to, sales and other customer interface procedures and practices, and procedures for meeting obligations to its customers and other parties. These reviews may result in the modification or enhancement of processes or the imposition of other action plans, including concerning management oversight, sales and other customer interface procedures and practices, and the timing or computation of payments to customers and other parties. In certain cases, if appropriate, the Company may offer customers or other parties remediation and may incur charges, including the cost of such remediation, administrative costs and regulatory fines. The Company is subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment of unclaimed or abandoned funds, and is subject to audit and examination for compliance with these requirements. It is possible that the results of operations or the cash flow of the Company in a particular quarterly or annual period could be materially affected as a result of payments in connection with the matters discussed above or other matters depending, in part, upon the results of operations or cash flow for such period. Management believes, however, that ultimate payments in connection with these matters, after consideration of applicable reserves and rights to indemnification, should not have a material adverse effect on the Company’s financial position. Litigation and Regulatory Matters The Company is subject to legal and regulatory actions in the ordinary course of its businesses. Pending legal and regulatory actions include proceedings relating to aspects of the Company’s businesses and operations that are specific to it and proceedings that are typical of the businesses in which it operates, including in both cases businesses that have been either divested or placed in wind-down status. Some of these proceedings have been brought on behalf of various alleged classes of complainants. In certain of these matters, the plaintiffs are seeking large and/or indeterminate amounts, including punitive or exemplary damages. The outcome of litigation or a regulatory matter, and the amount or range of potential loss at any particular time, is often inherently uncertain. The Company establishes accruals for litigation and regulatory matters when it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated. For litigation and regulatory matters where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimable, no accrual is established but the matter, if potentially material, is disclosed, including matters discussed below. The Company estimates that as of March 31, 2024, the aggregate range of reasonably possible losses in excess of accruals established for those litigation and regulatory matters for which such an estimate currently can be made is less than $250 million. Any estimate is not an indication of expected loss, if any, or the Company’s maximum possible loss exposure on such matters. The Company reviews relevant information with respect to its litigation and regulatory matters on a quarterly and annual basis and updates its accruals, disclosures and estimates of reasonably possible loss based on such reviews. The following discussion of litigation and regulatory matters provides an update of those matters discussed in Note 25 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and should be read in conjunction with the complete descriptions provided in the Form 10-K. Individual Annuities, Individual Life and Group Insurance California Advocates for Nursing Home Reform v. The Prudential Insurance Company of America and Pruco Life Insurance Company, et al. In February 2024, defendants removed the action from California state court to the United States District Court for the Northern District of California. Securities Litigation City of Warren v. PFI, et al. In March 2024, the court issued an order granting the motion for preliminary approval of the Settlement. Summary The Company’s litigation and regulatory matters are subject to many uncertainties, and given their complexity and scope, their outcome cannot be predicted. It is possible that the Company’s results of operations or cash flow in a particular quarterly or annual period could be materially affected by an ultimate unfavorable resolution of pending litigation and regulatory matters depending, in part, upon the results of operations or cash flow for such period. In light of the unpredictability of the Company’s litigation and regulatory matters, it is also possible that in certain cases an ultimate unfavorable resolution of one or more pending litigation or regulatory matters could have a material adverse effect on the Company’s financial statements. Management believes, however, that, based on information currently known to it, the ultimate outcome of all pending litigation and regulatory matters, after consideration of applicable reserves and rights to indemnification, is not likely to have a material adverse effect on the Company’s financial statements.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 1,138 | $ 1,462 |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Significant Accounting Policies and Pronouncements (Policies) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The Unaudited Interim Consolidated Financial Statements include the accounts of Prudential Financial, entities over which the Company exercises control, including majority-owned subsidiaries and minority-owned entities such as limited partnerships in which the Company is the general partner, and variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary. See Note 4 for additional information regarding the Company’s consolidated variable interest entities. Intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining future policy benefits; policyholders’ account balances related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; market risk benefits; the measurement of goodwill and any related impairment; the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments (“OTTI”); pension and other postretirement benefits; any provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters.
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Reclassifications | Reclassifications Certain amounts in prior periods have been reclassified to conform to the current period presentation.
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New Accounting Pronouncements | ASUs issued but not yet adopted as of March 31, 2024
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Future Adoption Of New Accounting Pronouncements |
Business and Basis of Presentation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deferred Policy Acquisition Costs | The following tables show a rollforward for the lines of business that contain material DAC balances, along with a reconciliation to the Company’s total DAC balance:
__________ (1)Includes the impact of the reinsurance transaction with Somerset Reinsurance Ltd. in Individual Life (Universal Life). See Note 12 for additional information.
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Deferred Sales Inducements | The following table shows a rollforward of DSI balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material DSI balance, along with a reconciliation to the Company’s total DSI balance:
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Schedule of Value of Business Acquired | The following table shows a rollforward of VOBA balances for Gibraltar Life and Other, which is the only line of business that contains a material VOBA balance, along with a reconciliation to the Company’s total VOBA balance:
The following table provides VOBA balances for the applicable businesses for the period ended March 31:
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Liability for Future Policy Benefit, Activity | The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.
__________ (1)Reflects balance after reinsurance recoverables of $65 million and $74 million at March 31, 2024 and 2023, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated:
The balances of and changes in DPL as of and for the period indicated are as follows:
The following tables provide supplemental information related to the balances of and changes in DPL, included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated:
__________ (1)Represents the gross premiums collected in changes in DPL excluding impact of foreign currency adjustments. The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance:
__________ (1)Represents the portion of gross assessments required to fund the future policy benefits.
The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company's Consolidated Statement of Financial Position as of the periods indicated:
__________ (1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations as of the periods indicated:
__________ (1)Represents “Gross Premiums” for benefit reserves, “Revenue” for DPL and “Gross Assessments” for AIR. (2)Includes remaining balances disclosed above and balances for which disaggregated rollforward disclosures may not be presented above.
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Additional Liability, Long-Duration Insurance | The balance of and changes in URR as of and for the periods ended are as follows:
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Market Risk Benefit, Activity | The following table shows a rollforward of MRB balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
The following table presents accompanying information to the rollforward table above.
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included. The tables below reconcile MRB asset and liability positions as of the following dates:
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Investments (Tables) |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturities, Available-for-sale, Debt Securities | The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:
__________ (1)Excludes notes with amortized cost of $13,582 million (fair value, $13,592 million), which have been offset with the associated debt under a netting agreement. (2)Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans, home equity loans and other asset types. (3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
__________ (1)Excludes notes with amortized cost of $12,370 million (fair value, $12,370 million), which have been offset with the associated debt under a netting agreement. (2)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans, home equity loans and other asset types. (3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
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Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
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Fixed Maturities Classified by Contractual Maturity Date | The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:
__________ (1)Excludes notes with amortized cost of $13,582 million (fair value, $13,592 million), which have been offset with the associated debt under a netting agreement.
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Sources of Fixed Maturity Proceeds and Related Investment Gains (Losses) as well as Losses on Impairments | The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:
__________ (1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $111 million and $(160) million for the three months ended March 31, 2024 and 2023, respectively. (2)Amounts represent write-downs on credit adverse securities and securities actively marketed for sale. (3)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $0 million and less than $1 million for the three months ended March 31, 2024 and 2023, respectively.
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Credit Losses Recognized in Earnings on Fixed Maturity Securities Held by the Company for which a Portion of the OTTI Loss was Recognized in OCI | The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated:
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Assets Supporting Experience-Rated Contractholder Liabilities | The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated:
__________ (1)As a percentage of amortized cost, 99% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of both March 31, 2024 and December 31, 2023. (2)As a percentage of amortized cost, 100% of the portfolio consisted of public securities, as of both March 31, 2024 and December 31, 2023.
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Securities Concentrations of Credit Risk | As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below:
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Commercial Mortgage and Other Loans | The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated:
__________ (1)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of March 31, 2024 and December 31, 2023, the net carrying value of these loans was $157 million and $519 million, respectively. Commercial Mortgage Loan Commitments
Indemnification of Serviced Mortgage Loans
__________ (1)The accrued liability associated with guarantees includes an allowance for credit losses of $13 million and $14 million as of March 31, 2024 and December 31, 2023, respectively. The change in allowance is a reduction of $1 million for both the three months ended March 31, 2024, and 2023.
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Allowance for Credit Losses | The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, for the periods indicated:
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Financing Receivable Credit Quality Indicators | The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:
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Aging of Past Due Commercial Mortgage and Other Loans and Nonaccrual Status | The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
(1)As of March 31, 2024, there were no loans in this category accruing interest. (2)Primarily includes loans for which no credit losses are expected due to U.S. agency guarantees. (3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
__________ (1)As of December 31, 2023, there were no loans in this category accruing interest. (2)Primarily includes loans for which no credit losses are expected due to U.S. agency guarantees. (3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
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Other Invested Assets | The following table sets forth the composition of “Other invested assets,” as of the dates indicated:
_________ (1)As of March 31, 2024 and December 31, 2023, real estate held through direct ownership had mortgage debt of $153 million and $158 million, respectively. (2)Primarily includes equity investments accounted for under the measurement alternative, strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Bank of New York. For additional information regarding the Company’s holdings in the Federal Home Loan Bank of New York, see Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
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Accrued Investment Income | The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:
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Net Investment Income | The following table sets forth “Net investment income” by investment type, for the periods indicated:
__________ (1)Includes income on credit-linked notes which are reported on the same financial statement line items as related surplus notes, as conditions are met for right to offset.
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Realized Investment Gains (Losses), Net | The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
__________ (1)Excludes fixed maturity securities classified as trading.
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Net Unrealized Gains (Losses) on Investment | The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:
__________ (1)For additional information regarding cash flow and fair value hedges, see Note 5. (2)Includes net unrealized gains on certain joint ventures that are strategic in nature and are included in “Other assets.”
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Repurchase Agreements and Securities Lending | The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated:
The following table sets forth the composition of “Cash collateral for loaned securities” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:
__________ (1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.
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Variable Interest Entities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Variable Interest Entity, Measure of Activity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Consolidated Variable Interest Entities | The table below reflects the carrying amount and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported. The liabilities primarily comprise obligations under debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs.
__________ (1)Total assets of consolidated VIEs reflect $4,176 million and $4,003 million as of March 31, 2024 and December 31, 2023, respectively, related to VIEs whose beneficial interests are wholly-owned by consolidated subsidiaries. (2)Recourse is limited to the assets of the respective VIE and does not extend to the general credit of the Company. As of March 31, 2024, the maturities of these obligations were between 0 and 13 years.
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Derivative Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks they are utilized to manage, excluding embedded derivatives. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral. These netting impacts resulted in total derivative assets of $1,380 million and $1,103 million as of March 31, 2024 and December 31, 2023, respectively, and total derivative liabilities of $4,485 million and $4,181 million as of March 31, 2024 and December 31, 2023, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position.
__________ (1)“Other” primarily includes derivative contracts used to improve the balance of the Company’s tail longevity and mortality risk. Under these contracts, the Company’s gains (losses) are capped at the notional amount. (2)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $9,717 million (including the Prismic funds withheld related embedded derivative net liability of $224 million) and $8,096 million (including the Prismic funds withheld related embedded derivative net liability of $508 million) as of March 31, 2024 and December 31, 2023, respectively, primarily included in “Policyholder account balances” and “Reinsurance and funds withheld payables.” (3)Recorded in “Other invested assets” and “Other liabilities” on the Unaudited Interim Consolidated Statements of Financial Position.
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Schedule of Derivative instruments (hedged item in fair value hedge accounting relationship) | As of March 31, 2024, the following amounts were recorded on the Unaudited Interim Consolidated Statements of Financial Position related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges.
__________ (1)There were no material fair value hedging adjustments for hedged assets and liabilities for which hedge accounting has been discontinued.
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Offsetting of Financial Assets | The following tables present recognized derivative instruments (excluding embedded derivatives), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.
__________ (1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
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Offsetting of Financial Liabilities | The following tables present recognized derivative instruments (excluding embedded derivatives), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.
__________ (1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, including the offset of the hedged item in fair value hedge relationships.
__________ (1)Excluding changes related to net investment hedges using non-derivative instruments of $39 million and $(1) million for the three months ended March 31, 2024 and 2023, respectively. (2)Includes the Prismic funds withheld related embedded derivative realized gain (loss) of $283 million for the three months ended March 31, 2024.
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Schedule of Derivative Instruments Recognized in Accumulated Other Comprehensive Income (Loss) Before Taxes | Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:
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Credit Derivatives | The following tables provide a summary of the notional and fair value of written credit protection, presented as assets (liabilities). The Company’s maximum amount at risk under these credit derivatives, assuming the value of the underlying referenced securities become worthless, is equal to the notional amounts. These credit derivatives have maturities of less than 11 years for index reference.
_________ (1)The NAIC rating designations are based on availability and the lowest ratings among Moody's Investors Service, Inc. (“Moody's”), Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings Inc. (“Fitch”). If no rating is available from a rating agency, a NAIC 6 rating is used. (2)The NAIC rating designation is due to approximately 5% and 3% as of March 31, 2024 and December 31, 2023, respectively, of the index reference name rated as NAIC 6. (3)Single name credit default swaps may make reference to the credit of corporate debt, sovereign debt, and structured finance. Index reference NAIC designations are based on the lowest rated single name reference included in the index.
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Fair Value of Assets and Liabilities (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.
__________ (1)“Netting” amounts represent cash collateral of $(8,769) million and $(9,815) million as of March 31, 2024 and December 31, 2023, respectively. (2)Excludes notes with fair value of $13,592 million (carrying amount of $13,582 million) and $12,370 million (carrying amount of $12,370 million) as of March 31, 2024 and December 31, 2023, respectively, which have been offset with the associated debt under a netting agreement. (3)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types. (4)Equity securities excluded from the fair value hierarchy include a fund for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of December 31, 2023, the fair value of this investment was $239 million. (5)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at NAV per share (or its equivalent) as a practical expedient. As of March 31, 2024 and December 31, 2023, the fair value of such investments was $4,518 million and $4,125 million, respectively. (6)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and other invested assets. As of March 31, 2024 and December 31, 2023, the fair value of such investments was $26,553 million and $27,076 million, respectively. (7)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position.
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Fair Value Inputs, Assets and Liabilities, Quantitative Information | The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.
___________ (1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table. (2)Includes assets classified as fixed maturities available-for-sale, assets supporting experience-rated contractholder liabilities and fixed maturities, trading. (3)Excludes notes which have been offset with the associated debt under a netting agreement. (4)Represents multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments. (5)For these investments, a range of discount rates is typically used (10% to 20%) and is therefore a more meaningful representation of the unobservable inputs used in the valuation rather than weighted average. (6)Changes in the fair value of separate account assets are borne by customers and thus are offset by changes in separate account liabilities on the Company’s Unaudited Interim Consolidated Statements of Financial Position. As a result, changes in value associated with these investments are not reflected in the Company’s Unaudited Interim Consolidated Statements of Operations. (7)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (8)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (9)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these balances. (10)The spread over the secured overnight financing rate (“SOFR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of March 31, 2024 and December 31, 2023, respectively. This spread includes an estimate of non-performance risk (“NPR”), which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company (“AuguStar”), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. See Note 12 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for AuguStar, which may differ from the Company’s; however, the NPR spreads for AuguStar were developed using a methodology similar to that of the Company. (11)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration, and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits. (12)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of March 31, 2024 and December 31, 2023, the minimum withdrawal rate assumption is 81% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%. (13)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age and duration. A mortality improvement assumption is also incorporated into the overall mortality table. (14)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Changes in Level 3 Assets and Liabilities—The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 11). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
__________ (1)“Other” includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities. (2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts. (3)Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities. (4)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities. (5)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position. (6)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward. (7)Excludes MRB assets of $2,225 million and $976 million and MRB liabilities of $4,624 million and $6,096 million for periods ending March 31, 2024 and 2023, respectively. See Note 11 for additional information. (8)Prior period amounts have been reclassified to conform to current period presentation.
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | Changes in Level 3 Assets and Liabilities—The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 11). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
__________ (1)“Other” includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities. (2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts. (3)Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities. (4)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities. (5)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position. (6)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward. (7)Excludes MRB assets of $2,225 million and $976 million and MRB liabilities of $4,624 million and $6,096 million for periods ending March 31, 2024 and 2023, respectively. See Note 11 for additional information. (8)Prior period amounts have been reclassified to conform to current period presentation.
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Fair Value Assets and Liabilities Measured on Recurring Basis, Derivatives | Derivative Fair Value Information The following tables present the balances of certain derivative assets and liabilities measured at fair value on a recurring basis, as of the dates indicated, by the primary underlying risks they are used to manage. These tables include NPR and exclude embedded derivatives. The derivative assets and liabilities shown below are included in “Other invested assets” or “Other liabilities” in the tables contained within the sections “—Assets and Liabilities by Hierarchy Level” and “—Changes in Level 3 Assets and Liabilities,” above.
__________ (1)“Netting” amounts represent cash collateral and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
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Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation, Derivatives | Changes in Level 3 Derivative Assets and Liabilities—The following tables provide a summary of the changes in fair value of Level 3 derivative assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income, attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods.
__________ (1)Total realized and unrealized gains (losses) as well as unrealized gains (losses) for assets still held at the end of the period are recorded in “Realized investment gains (losses), net.” (2)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.
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Fair Value Measurements, Nonrecurring | The following tables represent information for assets measured at fair value on a nonrecurring basis. The fair value measurement is nonrecurring as these assets are measured at fair value only when there is a triggering event (e.g., an evidence of impairment). Assets included in the table are those that were impaired during the respective reporting periods and that are still held as of the reporting date. The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3).
__________ (1)Commercial mortgage loans are valued based on discounted cash flows utilizing market rates or the fair value of the underlying real estate collateral. (2)Reported carrying values for 2024 include values as of the measurement periods of March 31, 2024 for “Investment in JV/LP and Other”. Reported carrying values for 2023 include values as of the measurement periods of June 30, 2023 for “Investment real estate” and June 30, 2023 and December 31, 2023 for “Investment in JV/LP and Other.”
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Fair Value, Option | The following tables present information regarding assets and liabilities where the fair value option has been elected.
__________ (1)As of March 31, 2024, for loans for which the fair value option has been elected, none of the loans were 90 days or more past due.
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Fair Value Disclosure Financial Instruments Not Carried at Fair Value | The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.
__________ (1)Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments. (2)Includes contracts reinsured through coinsurance with funds withheld agreement with Prismic Re with a fair value of $7,963 million (carrying value of $7,963 million) and $8,036 million (carrying amount of $8,036 million), a portion of which relates to insurance contracts as of March 31, 2024 and December 31, 2023. See Note 12 for additional information regarding the reinsurance arrangement with Prismic Re. (3)Excludes debt with fair value of $2,010 million (carrying amount of $2,000 million) and $2,000 million (carrying amount of $2,000 million) as of March 31, 2024 and December 31, 2023 respectively, which have been offset with the associated notes under a netting agreement. (4)Excludes debt with fair value of $11,582 million (carrying amount of $11,582 million) and $10,370 million (carrying amount of $10,370 million) as of March 31, 2024 and December 31, 2023 respectively, which have been offset with the associated notes under a netting agreement.
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Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Charges, Insurers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deferred Policy Acquisition Costs | The following tables show a rollforward for the lines of business that contain material DAC balances, along with a reconciliation to the Company’s total DAC balance:
__________ (1)Includes the impact of the reinsurance transaction with Somerset Reinsurance Ltd. in Individual Life (Universal Life). See Note 12 for additional information.
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Deferred Sales Inducements | The following table shows a rollforward of DSI balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material DSI balance, along with a reconciliation to the Company’s total DSI balance:
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Schedule of Value of Business Acquired | The following table shows a rollforward of VOBA balances for Gibraltar Life and Other, which is the only line of business that contains a material VOBA balance, along with a reconciliation to the Company’s total VOBA balance:
The following table provides VOBA balances for the applicable businesses for the period ended March 31:
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Estimated Future VOBA Amortization, Net of Interest | The following table provides estimated future amortization for the periods indicated:
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Separate Accounts (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Separate Account Assets | The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:
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Separate Account Liability | The balances of and changes in separate account liabilities as of and for the periods ended are as follows:
__________ (1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges. (2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.
__________ (1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges. (2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.
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Liability For Future Policy Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability for Future Policy Benefit, Activity | The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.
__________ (1)Reflects balance after reinsurance recoverables of $65 million and $74 million at March 31, 2024 and 2023, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated:
The balances of and changes in DPL as of and for the period indicated are as follows:
The following tables provide supplemental information related to the balances of and changes in DPL, included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated:
__________ (1)Represents the gross premiums collected in changes in DPL excluding impact of foreign currency adjustments. The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance:
__________ (1)Represents the portion of gross assessments required to fund the future policy benefits.
The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company's Consolidated Statement of Financial Position as of the periods indicated:
__________ (1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations as of the periods indicated:
__________ (1)Represents “Gross Premiums” for benefit reserves, “Revenue” for DPL and “Gross Assessments” for AIR. (2)Includes remaining balances disclosed above and balances for which disaggregated rollforward disclosures may not be presented above.
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Policyholders' Account Balances (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policyholder Account Balance | The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products. (2)Includes $5,621 million and $7,973 million of Full Service account balances reinsured to Great-West as of March 31, 2024 and 2023, respectively. (3)The net amount at risk calculation includes both general account and separate account balances. (4)Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment.
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Policyholder Account Balance, Guaranteed Minimum Crediting Rate | The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points (“bps”), between rates being credited to policyholders and the respective guaranteed minimums are as follows:
____________ (1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products.
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Additional Liability, Long-Duration Insurance | The balance of and changes in URR as of and for the periods ended are as follows:
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Market Risk Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Risk Benefits In Asset and Liability Positions | The following table shows a rollforward of MRB balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
The following table presents accompanying information to the rollforward table above.
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included. The tables below reconcile MRB asset and liability positions as of the following dates:
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Reinsurance (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance amounts included in the Consolidated Statement of Operations | Reinsurance amounts included in the Unaudited Interim Consolidated Statements of Operations for “Premiums,” “Policy charges and fee income,” “Change in value of market risk benefits, net of related hedging gains (losses),” “Policyholders’ benefits” and “Change in estimates of liability for future policy benefits,” are as follows:
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Reinsurance recoverables | Reinsurance recoverables, are as follows:
__________ (1)Primarily represents $5,722 million and $5,981 million of reinsurance recoverables as of March 31, 2024 and December 31, 2023, respectively, established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $8,186 million and $8,543 million as of March 31, 2024 and December 31, 2023, respectively. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $1,457 million and $1,485 million as of March 31, 2024 and December 31, 2023, respectively. (2)Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $2,067 million and $2,090 million as of March 31, 2024 and December 31, 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,387 million and $1,396 million as of March 31, 2024 and December 31, 2023, respectively. Also includes net reinsurance recoverables of $545 million as of March 31, 2024 for the modified coinsurance receivable established under the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. (3)Net of $(11) million and $(12) million of allowance for credit losses as of March 31, 2024 and December 31, 2023, respectively. (4)Excludes deposit receivables of arrangements that are accounted for under the deposit method of accounting of $10,707 million and $10,574 million as of March 31, 2024 and December 31, 2023, respectively. Deposit receivables related to the reinsurance agreement with Prismic Re were $3,715 million and $3,771 million as of March 31, 2024 and December 31, 2023, respectively.
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Closed Block (Tables) |
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Closed Block Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Closed Block Liabilities and Assets | Closed Block liabilities and assets designated to the Closed Block, as well as maximum future earnings to be recognized from these liabilities and assets, are as follows:
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Schedule of Closed Block Dividend Obligation | Information regarding the policyholder dividend obligation is as follows:
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Schedule of Closed Block Revenues Benefits Expenses | Closed Block revenues and benefits and expenses are as follows for the periods indicated:
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Short-Term and Long-Term Debt (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Debt | The table below presents the Company’s short-term debt as of the dates indicated:
_________ (1)The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in short-term debt. (2)Includes Prudential Financial debt of $25 million at both March 31, 2024 and December 31, 2023.
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Schedule of Long-term Debt | The table below presents the Company’s long-term debt as of the dates indicated:
__________ (1)The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in long-term debt. (2)Amount includes $6.2 billion of surplus notes used to finance Guideline AXXX reserves for business reinsured to Somerset Re in March 2024. See Note 12 for additional information. (3)Includes $25 million and $27 million of debt denominated in foreign currency at March 31, 2024 and December 31, 2023, respectively. (4)Includes Prudential Financial debt of $8,541 million and $8,050 million at March 31, 2024, and December 31, 2023, respectively. Also includes subsidiary debt of $41 million and $44 million denominated in foreign currency at March 31, 2024, and December 31, 2023, respectively. (5)Includes Prudential Financial debt of $18,652 million and $18,162 million at March 31, 2024 and December 31, 2023, respectively.
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Employee Benefit Plans (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | Net periodic (benefit) cost included in “General and administrative expenses” includes the following components:
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Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Disclosure | The changes in the number of shares of Common Stock issued, held in treasury and outstanding, are as follows for the periods indicated:
__________ (1)Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs.
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Dividends Declared | Dividends declared per share of Common Stock are as follows for the periods indicated:
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Components of Accumulated Other Comprehensive Income (Loss) | The balance of and changes in each component of AOCI as of and for the three months ended March 31, 2024 and 2023, are as follows:
__________ (1)Includes cash flow hedges of $1,199 million and $869 million as of March 31, 2024 and December 31, 2023, respectively, and $2,344 million and $2,616 million as of March 31, 2023 and December 31, 2022, respectively, and fair value hedges of $(51) million and $(60) million as of March 31, 2024 and December 31, 2023, respectively, and $(74) million and $(54) million as of March 31, 2023 and December 31, 2022, respectively.
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Reclassification Out Of Accumulated Other Comprehensive Income (Loss) | Reclassifications out of Accumulated Other Comprehensive Income (Loss)
__________ (1)All amounts are shown before tax. (2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI. (3)See Note 5 for additional information regarding cash flow and fair value hedges. (4)See table below for additional information regarding unrealized investment gains (losses), including the impact on deferred policy acquisition and other costs, future policy benefits and policyholders’ dividends. (5)See Note 16 for additional information regarding employee benefit plans.
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Net Unrealized Investment Gains (Losses) on AFS Fixed Maturity Securities with Allowance for Credit losses and All Other Investments AOCI Rollforward | The amounts for the periods indicated below, split between amounts related to available-for-sale fixed maturity securities on which an allowance for credit losses has been recorded, and all other net unrealized investment gains (losses), are as follows:
__________ (1)Includes cash flow and fair value hedges. See Note 5 for additional information.
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Earnings Per Share | A reconciliation of the numerators and denominators of the basic and diluted per share computations of Common Stock based on the consolidated earnings of Prudential Financial for the periods indicated is as follows:
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Earnings Per Share Computation | For the periods indicated, the number of stock options and shares related to deferred and long-term compensation programs that were considered antidilutive and were excluded from the computation of diluted earnings per share, weighted for the portion of the period they were outstanding, are as follows:
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Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The table below reconciles “Adjusted operating income before income taxes” to “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities”:
__________ (1)The Retirement Strategies and Individual Life segments’ results reflect DAC as if the business is a stand-alone operation. The elimination of intersegment costs capitalized in accordance with this policy is included in consolidating adjustments within Corporate and Other operations. (2)Prior period amounts have been updated to conform to current period presentation. (3)Includes components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service period.
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Reconciliation of Certain Financial Information from Segments to Consolidated | The tables below present certain financial information for the Company’s segments and its Corporate and Other operations, including assets by segment and revenues by segment on an adjusted operating income basis, and the reconciliation of the segment totals to amounts reported in the Unaudited Interim Consolidated Financial Statements.
__________ (1)Prior period amounts have been updated to conform to current period presentation.
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Schedule of Intersegment Revenues | The PGIM segment revenues include intersegment revenues, primarily consisting of asset-based management and administration fees, as follows:
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Schedule of Asset Management and Service Fees | The table below presents asset management and service fees, predominantly related to investment management activities, for the periods indicated:
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Related Party Disclosures (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | The related party balances with Prismic and Prismic Re impacted the Company’s balance sheet as of the periods indicated as follows:
The related party activity with Prismic and Prismic Re impacted the Company’s results of operations and cash flows for the period indicated as follows:
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Commitments and Contingent Liabilities (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans | The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated:
__________ (1)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of March 31, 2024 and December 31, 2023, the net carrying value of these loans was $157 million and $519 million, respectively. Commercial Mortgage Loan Commitments
Indemnification of Serviced Mortgage Loans
__________ (1)The accrued liability associated with guarantees includes an allowance for credit losses of $13 million and $14 million as of March 31, 2024 and December 31, 2023, respectively. The change in allowance is a reduction of $1 million for both the three months ended March 31, 2024, and 2023.
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Commitments to Purchase Investments (excluding Commercial Mortgage Loans) | Commitments to Purchase Investments (excluding Commercial Mortgage Loans)
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Indemnification of Securities Lending and Securities Repurchase Transactions | Indemnification of Securities Lending and Securities Repurchase Transactions
__________ (1)Includes $229 million and $0 million related to securities repurchase transactions as of March 31, 2024 and December 31, 2023, respectively. (2)Includes $230 million and $0 million related to securities repurchase transactions as of March 31, 2024 and December 31, 2023, respectively.
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Guarantees | Guarantees of Asset Values
Other Guarantees
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Business and Basic Presentation (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
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Dec. 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2023 |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Restructuring Charges | $ 200 | |||
Prismic HoldCo | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Carrying value | $ 200 | |||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% |
Significant Accounting Policies and Pronouncements (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
[1] | ||
---|---|---|---|---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Equity, Including Portion Attributable to Noncontrolling Interest | $ 28,870 | $ 29,263 | $ 32,447 | $ 31,548 | |||
Liability for Future Policy Benefit, after Reinsurance | 185,390 | 192,293 | |||||
Deferred profit liability | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Liability for Future Policy Benefit, after Reinsurance | 14,585 | 14,795 | |||||
Change in AOCI | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Equity, Including Portion Attributable to Noncontrolling Interest | (7,661) | (6,504) | (3,825) | (3,806) | |||
Retained Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Equity, Including Portion Attributable to Noncontrolling Interest | $ 33,014 | $ 32,352 | $ 32,708 | $ 31,714 | |||
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Investments (Fixed Maturities Securities Excluding Investments Classified as Trading) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
||
---|---|---|---|---|
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | ||||
Fixed Maturities, available-for-sale, Amortized Cost | $ 342,228 | $ 334,598 | ||
Gross Unrealized Gains | 7,932 | 9,777 | ||
Gross Unrealized Losses | 31,479 | 27,894 | ||
Fixed Maturities, AFS, allowance for credit losses | 171 | 160 | ||
Fixed maturities, available-for-sale, at fair value | [1] | 318,510 | 316,321 | |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | ||||
Fixed Maturities, available-for-sale, Amortized Cost | 27,113 | 24,874 | ||
Gross Unrealized Gains | 729 | 1,091 | ||
Gross Unrealized Losses | 4,811 | 4,169 | ||
Fixed Maturities, AFS, allowance for credit losses | 0 | 0 | ||
Fixed maturities, available-for-sale, at fair value | 23,031 | 21,796 | ||
Obligations of U.S. states and their political subdivisions | ||||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | ||||
Fixed Maturities, available-for-sale, Amortized Cost | 8,619 | 8,650 | ||
Gross Unrealized Gains | 217 | 267 | ||
Gross Unrealized Losses | 558 | 459 | ||
Fixed Maturities, AFS, allowance for credit losses | 0 | 0 | ||
Fixed maturities, available-for-sale, at fair value | 8,278 | 8,458 | ||
Foreign government bonds | ||||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | ||||
Fixed Maturities, available-for-sale, Amortized Cost | 67,025 | 71,556 | ||
Gross Unrealized Gains | 3,235 | 3,895 | ||
Gross Unrealized Losses | 5,661 | 5,208 | ||
Fixed Maturities, AFS, allowance for credit losses | 31 | 53 | ||
Fixed maturities, available-for-sale, at fair value | 64,568 | 70,190 | ||
U.S. public corporate securities | ||||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | ||||
Fixed Maturities, available-for-sale, Amortized Cost | 110,786 | 105,593 | ||
Gross Unrealized Gains | 1,765 | 2,357 | ||
Gross Unrealized Losses | 11,139 | 9,711 | ||
Fixed Maturities, AFS, allowance for credit losses | 76 | 67 | ||
Fixed maturities, available-for-sale, at fair value | 101,336 | 98,172 | ||
U.S. private corporate securities | ||||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | ||||
Fixed Maturities, available-for-sale, Amortized Cost | 43,096 | 42,801 | ||
Gross Unrealized Gains | 874 | 807 | ||
Gross Unrealized Losses | 2,936 | 2,574 | ||
Fixed Maturities, AFS, allowance for credit losses | 12 | 14 | ||
Fixed maturities, available-for-sale, at fair value | 41,022 | 41,020 | ||
Foreign public corporate securities | ||||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | ||||
Fixed Maturities, available-for-sale, Amortized Cost | 21,715 | 20,473 | ||
Gross Unrealized Gains | 387 | 487 | ||
Gross Unrealized Losses | 1,420 | 1,298 | ||
Fixed Maturities, AFS, allowance for credit losses | 19 | 19 | ||
Fixed maturities, available-for-sale, at fair value | 20,663 | 19,643 | ||
Foreign private corporate securities | ||||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | ||||
Fixed Maturities, available-for-sale, Amortized Cost | 35,870 | 35,128 | ||
Gross Unrealized Gains | 447 | 613 | ||
Gross Unrealized Losses | 3,976 | 3,446 | ||
Fixed Maturities, AFS, allowance for credit losses | 32 | 5 | ||
Fixed maturities, available-for-sale, at fair value | 32,309 | 32,290 | ||
Asset-backed securities | ||||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | ||||
Fixed Maturities, available-for-sale, Amortized Cost | 15,090 | 12,514 | ||
Gross Unrealized Gains | 229 | 202 | ||
Gross Unrealized Losses | 88 | 119 | ||
Fixed Maturities, AFS, allowance for credit losses | 1 | 2 | ||
Fixed maturities, available-for-sale, at fair value | 15,230 | 12,595 | ||
Commercial mortgage-backed securities | ||||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | ||||
Fixed Maturities, available-for-sale, Amortized Cost | 10,288 | 10,571 | ||
Gross Unrealized Gains | 31 | 34 | ||
Gross Unrealized Losses | 671 | 713 | ||
Fixed Maturities, AFS, allowance for credit losses | 0 | 0 | ||
Fixed maturities, available-for-sale, at fair value | 9,648 | 9,892 | ||
Residential mortgage-backed securities | ||||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | ||||
Fixed Maturities, available-for-sale, Amortized Cost | 2,626 | 2,438 | ||
Gross Unrealized Gains | 18 | 24 | ||
Gross Unrealized Losses | 219 | 197 | ||
Fixed Maturities, AFS, allowance for credit losses | 0 | 0 | ||
Fixed maturities, available-for-sale, at fair value | 2,425 | 2,265 | ||
Prudential Netting Agreement | U.S. private corporate securities | ||||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | ||||
Fixed Maturities, available-for-sale, Amortized Cost | 13,582 | 12,370 | ||
Fixed maturities, available-for-sale, at fair value | $ 13,592 | $ 12,370 | ||
|
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | $ 43,870 | $ 25,154 |
Less than Twelve Months, Unrealized Losses | 1,583 | 1,015 |
Twelve Months or More, Fair Value | 164,304 | 173,006 |
Twelve Months or More, Unrealized Losses | 29,855 | 26,855 |
Fair Value | 208,174 | 198,160 |
Gross Unrealized Losses | 31,438 | 27,870 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 5,597 | 2,718 |
Less than Twelve Months, Unrealized Losses | 236 | 95 |
Twelve Months or More, Fair Value | 11,354 | 12,642 |
Twelve Months or More, Unrealized Losses | 4,575 | 4,074 |
Fair Value | 16,951 | 15,360 |
Gross Unrealized Losses | 4,811 | 4,169 |
Obligations of U.S. states and their political subdivisions | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 1,491 | 862 |
Less than Twelve Months, Unrealized Losses | 28 | 14 |
Twelve Months or More, Fair Value | 3,940 | 3,816 |
Twelve Months or More, Unrealized Losses | 530 | 445 |
Fair Value | 5,431 | 4,678 |
Gross Unrealized Losses | 558 | 459 |
Foreign government bonds | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 9,857 | 9,098 |
Less than Twelve Months, Unrealized Losses | 755 | 542 |
Twelve Months or More, Fair Value | 17,951 | 19,589 |
Twelve Months or More, Unrealized Losses | 4,905 | 4,664 |
Fair Value | 27,808 | 28,687 |
Gross Unrealized Losses | 5,660 | 5,206 |
U.S. public corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 12,399 | 4,881 |
Less than Twelve Months, Unrealized Losses | 287 | 103 |
Twelve Months or More, Fair Value | 60,497 | 61,204 |
Twelve Months or More, Unrealized Losses | 10,837 | 9,604 |
Fair Value | 72,896 | 66,085 |
Gross Unrealized Losses | 11,124 | 9,707 |
U.S. private corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 5,258 | 3,026 |
Less than Twelve Months, Unrealized Losses | 126 | 69 |
Twelve Months or More, Fair Value | 26,589 | 27,062 |
Twelve Months or More, Unrealized Losses | 2,810 | 2,504 |
Fair Value | 31,847 | 30,088 |
Gross Unrealized Losses | 2,936 | 2,573 |
Foreign public corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 2,489 | 1,766 |
Less than Twelve Months, Unrealized Losses | 42 | 37 |
Twelve Months or More, Fair Value | 10,256 | 10,812 |
Twelve Months or More, Unrealized Losses | 1,355 | 1,246 |
Fair Value | 12,745 | 12,578 |
Gross Unrealized Losses | 1,397 | 1,283 |
Foreign private corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 3,246 | 1,578 |
Less than Twelve Months, Unrealized Losses | 79 | 120 |
Twelve Months or More, Fair Value | 21,666 | 22,145 |
Twelve Months or More, Unrealized Losses | 3,895 | 3,324 |
Fair Value | 24,912 | 23,723 |
Gross Unrealized Losses | 3,974 | 3,444 |
Asset-backed securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 2,841 | 846 |
Less than Twelve Months, Unrealized Losses | 25 | 30 |
Twelve Months or More, Fair Value | 2,545 | 5,886 |
Twelve Months or More, Unrealized Losses | 63 | 89 |
Fair Value | 5,386 | 6,732 |
Gross Unrealized Losses | 88 | 119 |
Commercial mortgage-backed securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 398 | 287 |
Less than Twelve Months, Unrealized Losses | 3 | 3 |
Twelve Months or More, Fair Value | 7,971 | 8,251 |
Twelve Months or More, Unrealized Losses | 668 | 710 |
Fair Value | 8,369 | 8,538 |
Gross Unrealized Losses | 671 | 713 |
Residential mortgage-backed securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 294 | 92 |
Less than Twelve Months, Unrealized Losses | 2 | 2 |
Twelve Months or More, Fair Value | 1,535 | 1,599 |
Twelve Months or More, Unrealized Losses | 217 | 195 |
Fair Value | 1,829 | 1,691 |
Gross Unrealized Losses | $ 219 | $ 197 |
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
||
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Available-for-sale, Amortized Cost | ||||
Due in one year or less | $ 14,917 | |||
Due after one year through five years | 55,756 | |||
Due after five years through ten years(1) | 58,432 | |||
Due after ten years | 185,119 | |||
Fixed Maturities, available-for-sale, Amortized Cost | 342,228 | $ 334,598 | ||
Available-for-sale, Fair Value | ||||
Due in one year or less | 14,826 | |||
Due after one year through five years | 54,747 | |||
Due after five years through ten years(1) | 57,487 | |||
Due after ten years | 164,147 | |||
Fixed maturities, available-for-sale, at fair value | [1] | 318,510 | 316,321 | |
U.S. private corporate securities | ||||
Available-for-sale, Amortized Cost | ||||
Fixed Maturities, available-for-sale, Amortized Cost | 43,096 | 42,801 | ||
Available-for-sale, Fair Value | ||||
Fixed maturities, available-for-sale, at fair value | 41,022 | 41,020 | ||
Asset-backed securities | ||||
Available-for-sale, Amortized Cost | ||||
Debt Maturities, without single maturity date | 15,090 | |||
Fixed Maturities, available-for-sale, Amortized Cost | 15,090 | 12,514 | ||
Available-for-sale, Fair Value | ||||
Debt Maturities, without single maturity date | 15,230 | |||
Fixed maturities, available-for-sale, at fair value | 15,230 | 12,595 | ||
Commercial mortgage-backed securities | ||||
Available-for-sale, Amortized Cost | ||||
Debt Maturities, without single maturity date | 10,288 | |||
Fixed Maturities, available-for-sale, Amortized Cost | 10,288 | 10,571 | ||
Available-for-sale, Fair Value | ||||
Debt Maturities, without single maturity date | 9,648 | |||
Fixed maturities, available-for-sale, at fair value | 9,648 | 9,892 | ||
Residential mortgage-backed securities | ||||
Available-for-sale, Amortized Cost | ||||
Debt Maturities, without single maturity date | 2,626 | |||
Fixed Maturities, available-for-sale, Amortized Cost | 2,626 | 2,438 | ||
Available-for-sale, Fair Value | ||||
Debt Maturities, without single maturity date | 2,425 | |||
Fixed maturities, available-for-sale, at fair value | 2,425 | 2,265 | ||
Prudential Netting Agreement | U.S. private corporate securities | ||||
Available-for-sale, Amortized Cost | ||||
Fixed Maturities, available-for-sale, Amortized Cost | 13,582 | 12,370 | ||
Available-for-sale, Fair Value | ||||
Fixed maturities, available-for-sale, at fair value | 13,592 | 12,370 | ||
Fixed maturities | Prudential Netting Agreement | U.S. private corporate securities | ||||
Available-for-sale, Amortized Cost | ||||
Fixed Maturities, available-for-sale, Amortized Cost | 13,582 | 12,370 | ||
Available-for-sale, Fair Value | ||||
Fixed maturities, available-for-sale, at fair value | $ 13,592 | $ 12,370 | ||
|
Investments (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Schedule of Investments [Line Items] | |||
Total Unrealized Losses | $ 31,438 | $ 27,870 | |
Twelve Months or More, Unrealized Losses | 29,855 | 26,855 | |
Fixed maturity securities purchased with credit deterioration | 0 | 0 | |
Write-down on accrued investment income receivable | 1 | $ 1 | |
Loans on non-accrual status, do not have allowance for credit losses | 122 | 126 | |
Commercial mortgage and other loans purchased with credit deterioration | 0 | 0 | |
Loans on non-accrual status recognized in interest income | 1 | 1 | |
Commercial Mortgage Loans | Extended Maturity | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loan, modified in period | $ 162 | ||
Modified in period, to total financing receivables, percentage | 1.00% | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 1 year | ||
Corporate securities | |||
Schedule of Investments [Line Items] | |||
Twelve Months or More, Unrealized Losses | $ 29,855 | 26,855 | |
Other income (loss) | Fixed maturities | Trading | |||
Schedule of Investments [Line Items] | |||
Unrealized gains (losses) on investments | (181) | 194 | |
Other income (loss) | Equity securities | |||
Schedule of Investments [Line Items] | |||
Unrealized gains (losses) on investments | 431 | 297 | |
Other income (loss) | Assets supporting experience-rated contractholder liabilities | |||
Schedule of Investments [Line Items] | |||
Unrealized gains (losses) on investments | $ 299 | $ 134 | |
California | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loan, concentration percentage | 30.00% | ||
Texas | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loan, concentration percentage | 7.00% | ||
New York | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loan, concentration percentage | 6.00% | ||
Europe | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loan, concentration percentage | 6.00% | ||
Mexico | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loan, concentration percentage | 2.00% | ||
Asia | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loan, concentration percentage | 1.00% | ||
Australia | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loan, concentration percentage | 1.00% | ||
NAIC High or Highest Quality Rating | Fixed maturities | |||
Schedule of Investments [Line Items] | |||
Total Unrealized Losses | $ 30,334 | 26,879 | |
NAIC Other Than High or Highest Quality Rating | Fixed maturities | |||
Schedule of Investments [Line Items] | |||
Total Unrealized Losses | $ 1,104 | $ 991 |
Investments (Fixed Maturity Proceeds) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Debt Securities [Line Items] | ||
Proceeds from maturities/prepayments | $ 10,794 | $ 11,178 |
Proceeds from maturities/prepayments - HTM | 0 | 7 |
Held-to-Maturity Securities Netting | ||
Debt Securities [Line Items] | ||
Non cash Or Part Non cash Divestitures Amount Of Consideration Received | 0 | 1 |
Available for sale Securities Netting | ||
Debt Securities [Line Items] | ||
Non cash Or Part Non cash Divestitures Amount Of Consideration Received | 111 | (160) |
Fixed maturities | Available-for-sale | ||
Debt Securities [Line Items] | ||
Proceeds from sales | 5,751 | 7,350 |
Proceeds from maturities/prepayments | 4,932 | 3,988 |
Gross investment gains from sales and maturities | 394 | 290 |
Gross investment losses from sales and maturities | (360) | (305) |
Write-downs recognized in earnings | (5) | (9) |
(Addition to) release of allowance for credit losses | (11) | (131) |
Fixed maturities | Held-to-Maturity Securities [Member] | ||
Debt Securities [Line Items] | ||
Proceeds from maturities/prepayments - HTM | 0 | 7 |
(Addition to) release of allowance for credit losses | $ 0 | $ 0 |
Investments (Credit Losses Recognized In Earnings on Fixed Maturity Securities Held by the Company) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Change in foreign exchange | $ 2 | |
Available-for-sale | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Balance, beginning of period | 160 | $ 138 |
Additions to allowance for credit losses not previously recorded | 46 | 137 |
Reductions for securities sold during the period | (12) | (40) |
Additions (reductions) on securities with previous allowance | (23) | 34 |
Balance, ending of period | 171 | 269 |
Available-for-sale | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Balance, beginning of period | 0 | 0 |
Additions to allowance for credit losses not previously recorded | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Additions (reductions) on securities with previous allowance | 0 | 0 |
Balance, ending of period | 0 | 0 |
Available-for-sale | Foreign government bonds | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Balance, beginning of period | 53 | 1 |
Additions to allowance for credit losses not previously recorded | 0 | 62 |
Reductions for securities sold during the period | 0 | 0 |
Additions (reductions) on securities with previous allowance | (22) | (1) |
Balance, ending of period | 31 | 62 |
Available-for-sale | U.S. and Foreign Corporate Securities | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Balance, beginning of period | 105 | 136 |
Additions to allowance for credit losses not previously recorded | 46 | 75 |
Reductions for securities sold during the period | (12) | (40) |
Additions (reductions) on securities with previous allowance | 0 | 35 |
Balance, ending of period | 139 | 206 |
Available-for-sale | Asset-backed securities | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Balance, beginning of period | 2 | 1 |
Additions to allowance for credit losses not previously recorded | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Additions (reductions) on securities with previous allowance | (1) | 0 |
Balance, ending of period | 1 | 1 |
Available-for-sale | Commercial mortgage-backed securities | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Balance, beginning of period | 0 | 0 |
Additions to allowance for credit losses not previously recorded | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Additions (reductions) on securities with previous allowance | 0 | 0 |
Balance, ending of period | 0 | 0 |
Available-for-sale | Residential mortgage-backed securities | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Balance, beginning of period | 0 | 0 |
Additions to allowance for credit losses not previously recorded | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Additions (reductions) on securities with previous allowance | 0 | 0 |
Balance, ending of period | 0 | 0 |
Fixed maturities, held-to-maturity | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Balance, beginning of period | 0 | 2 |
Current period provision for expected losses | 0 | 0 |
Change in foreign exchange | 0 | 0 |
Balance, ending of period | 0 | 2 |
Fixed maturities, held-to-maturity | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Balance, beginning of period | 0 | 0 |
Current period provision for expected losses | 0 | 0 |
Change in foreign exchange | 0 | 0 |
Balance, ending of period | 0 | 0 |
Fixed maturities, held-to-maturity | Foreign government bonds | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Balance, beginning of period | 0 | 0 |
Current period provision for expected losses | 0 | 0 |
Change in foreign exchange | 0 | 0 |
Balance, ending of period | 0 | 0 |
Fixed maturities, held-to-maturity | U.S. and Foreign Corporate Securities | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Balance, beginning of period | 0 | 2 |
Current period provision for expected losses | 0 | 0 |
Change in foreign exchange | 0 | 0 |
Balance, ending of period | 0 | 2 |
Fixed maturities, held-to-maturity | Asset-backed securities | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Balance, beginning of period | 0 | 0 |
Current period provision for expected losses | 0 | 0 |
Change in foreign exchange | 0 | 0 |
Balance, ending of period | 0 | 0 |
Fixed maturities, held-to-maturity | Commercial mortgage-backed securities | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Balance, beginning of period | 0 | 0 |
Current period provision for expected losses | 0 | 0 |
Change in foreign exchange | 0 | 0 |
Balance, ending of period | 0 | 0 |
Fixed maturities, held-to-maturity | Residential mortgage-backed securities | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Balance, beginning of period | 0 | 0 |
Current period provision for expected losses | 0 | 0 |
Change in foreign exchange | 0 | 0 |
Balance, ending of period | $ 0 | $ 0 |
Investments (Assets Supporting Experience-Rated Contractholder Liabilities) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | $ 2,408 | $ 2,496 |
Assets supporting experience-rated contractholder liabilities, at fair value | 3,359 | 3,168 |
Fixed maturities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 860 | 889 |
Assets supporting experience-rated contractholder liabilities, at fair value | 870 | 889 |
Equity securities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 1,548 | 1,607 |
Assets supporting experience-rated contractholder liabilities, at fair value | 2,489 | 2,279 |
Corporate securities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 77 | 81 |
Assets supporting experience-rated contractholder liabilities, at fair value | 75 | 79 |
Foreign government bonds | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 587 | 606 |
Assets supporting experience-rated contractholder liabilities, at fair value | 587 | 604 |
Obligations of U.S. government authorities and agencies and obligations of U.S. states | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 196 | 202 |
Assets supporting experience-rated contractholder liabilities, at fair value | $ 208 | $ 206 |
Public Securities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost percentage | 100.00% | 100.00% |
NAIC High or Highest Quality Rating | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost percentage | 99.00% | 99.00% |
Investments (Concentrations of Credit Risk) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Investments in Japanese government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | $ 58,679 | $ 63,132 |
Concentrations of credit risk at fair value | 56,713 | 62,017 |
Investments in Brazil government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 3,368 | 3,455 |
Concentrations of credit risk at fair value | 3,199 | 3,419 |
Assets supporting experience-rated contractholder liabilities | Investments in Japanese government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 509 | 522 |
Concentrations of credit risk at fair value | 501 | 514 |
Short-term investments | Investments in Brazil government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 26 | 0 |
Concentrations of credit risk at fair value | 26 | 0 |
Cash equivalents | Investments in Brazil government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 286 | 427 |
Concentrations of credit risk at fair value | 286 | 427 |
Fixed maturities, available-for-sale | Fixed maturities | Investments in Japanese government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 58,152 | 62,591 |
Concentrations of credit risk at fair value | 56,194 | 61,484 |
Fixed maturities, available-for-sale | Fixed maturities | Investments in Brazil government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 3,056 | 3,028 |
Concentrations of credit risk at fair value | 2,887 | 2,992 |
Fixed maturities, trading | Fixed maturities | Investments in Japanese government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 18 | 19 |
Concentrations of credit risk at fair value | $ 18 | $ 19 |
Investments (Commercial Mortgage and Other Loans) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 58,750 | $ 59,185 |
Other loans | 545 | 580 |
Total commercial mortgage and other loans | $ 58,781 | $ 59,305 |
% of Total | 100.00% | 100.00% |
Net carrying value of commercial loans held for sale | $ 157 | $ 519 |
Commercial Mortgage Loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 51,246 | $ 51,759 |
% of Total | 87.20% | 87.50% |
Commercial mortgage and agricultural property loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Allowance for credit losses | $ (513) | $ (459) |
Total net loans | 58,237 | 58,726 |
Uncollateralized loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Other loans | 394 | 425 |
Residential property loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Other loans | 26 | 30 |
Other collateralized loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Other loans | 125 | 125 |
Other loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Total net loans | 544 | 579 |
Allowance for credit losses | (1) | (1) |
Office | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 8,265 | $ 8,402 |
% of Total | 14.10% | 14.20% |
Retail | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 5,332 | $ 5,384 |
% of Total | 9.10% | 9.10% |
Apartments/Multi-Family | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 16,123 | $ 16,555 |
% of Total | 27.40% | 28.00% |
Industrial | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 15,184 | $ 15,263 |
% of Total | 25.80% | 25.80% |
Hospitality | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 2,070 | $ 2,086 |
% of Total | 3.50% | 3.50% |
Other | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 4,272 | $ 4,069 |
% of Total | 7.30% | 6.90% |
Agricultural property loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 7,504 | $ 7,426 |
% of Total | 12.80% | 12.50% |
Investments (Allowance for Credit Losses) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance, beginning of period | $ 460 | $ 203 |
Addition to (release of) allowance for expected losses | 52 | 19 |
Reduction for loans sold during the period | (1) | |
Change in foreign exchange | 2 | |
Allowance, end of period | 514 | 221 |
Commercial Mortgage Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance, beginning of period | 443 | 188 |
Addition to (release of) allowance for expected losses | 47 | 17 |
Reduction for loans sold during the period | 0 | |
Change in foreign exchange | 2 | |
Allowance, end of period | 492 | 205 |
Agricultural Property Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance, beginning of period | 16 | 13 |
Addition to (release of) allowance for expected losses | 5 | 2 |
Reduction for loans sold during the period | 0 | |
Change in foreign exchange | 0 | |
Allowance, end of period | 21 | 15 |
Residential Property Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance, beginning of period | 0 | 0 |
Addition to (release of) allowance for expected losses | 0 | 0 |
Reduction for loans sold during the period | 0 | |
Change in foreign exchange | 0 | |
Allowance, end of period | 0 | 0 |
Other collateralized loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance, beginning of period | 0 | 0 |
Addition to (release of) allowance for expected losses | 0 | 0 |
Reduction for loans sold during the period | 0 | |
Change in foreign exchange | 0 | |
Allowance, end of period | 0 | 0 |
Uncollateralized Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance, beginning of period | 1 | 2 |
Addition to (release of) allowance for expected losses | 0 | 0 |
Reduction for loans sold during the period | (1) | |
Change in foreign exchange | 0 | |
Allowance, end of period | $ 1 | $ 1 |
Investments (Credit Quality Indicators) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Recording investment gross of allowance for credit losses | $ 59,295 | $ 59,765 |
Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,375 | 5,733 |
One Years Prior | 5,259 | 3,712 |
Two Years Prior | 3,702 | 6,286 |
Three Years Prior | 6,199 | 3,275 |
Four Years Prior | 3,254 | 6,573 |
Prior | 31,457 | 26,180 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 51,246 | 51,759 |
Commercial Mortgage Loans | ≥ 1.2X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,222 | 5,237 |
One Years Prior | 4,777 | 3,194 |
Two Years Prior | 3,187 | 6,122 |
Three Years Prior | 6,066 | 3,182 |
Four Years Prior | 3,162 | 5,988 |
Prior | 27,975 | 23,196 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 46,389 | 46,919 |
Commercial Mortgage Loans | 1.0 - 1.2x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 153 | 346 |
One Years Prior | 332 | 366 |
Two Years Prior | 363 | 82 |
Three Years Prior | 53 | 38 |
Four Years Prior | 38 | 265 |
Prior | 2,141 | 1,713 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 3,080 | 2,810 |
Commercial Mortgage Loans | Less than 1.0x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 150 |
One Years Prior | 150 | 152 |
Two Years Prior | 152 | 82 |
Three Years Prior | 80 | 55 |
Four Years Prior | 54 | 320 |
Prior | 1,341 | 1,271 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 1,777 | 2,030 |
Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 97 | 953 |
One Years Prior | 935 | 1,548 |
Two Years Prior | 1,525 | 2,052 |
Three Years Prior | 2,041 | 824 |
Four Years Prior | 813 | 490 |
Prior | 1,931 | 1,485 |
Revolving Loans | 162 | 74 |
Recording investment gross of allowance for credit losses | 7,504 | 7,426 |
Agricultural property loans | ≥ 1.2X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 93 | 948 |
One Years Prior | 930 | 1,535 |
Two Years Prior | 1,512 | 2,040 |
Three Years Prior | 2,029 | 750 |
Four Years Prior | 741 | 489 |
Prior | 1,734 | 1,290 |
Revolving Loans | 162 | 74 |
Recording investment gross of allowance for credit losses | 7,201 | 7,126 |
Agricultural property loans | 1.0 - 1.2x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 4 | 0 |
One Years Prior | 0 | 5 |
Two Years Prior | 5 | 4 |
Three Years Prior | 4 | 58 |
Four Years Prior | 56 | 0 |
Prior | 146 | 151 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 215 | 218 |
Agricultural property loans | Less than 1.0x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 5 |
One Years Prior | 5 | 8 |
Two Years Prior | 8 | 8 |
Three Years Prior | 8 | 16 |
Four Years Prior | 16 | 1 |
Prior | 51 | 44 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 88 | 82 |
0%-59.99% | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 57 | 1,822 |
One Years Prior | 1,476 | 911 |
Two Years Prior | 906 | 2,264 |
Three Years Prior | 2,195 | 1,437 |
Four Years Prior | 1,426 | 3,205 |
Prior | 18,767 | 16,569 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 24,827 | 26,208 |
0%-59.99% | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 39 | 360 |
One Years Prior | 361 | 880 |
Two Years Prior | 900 | 2,027 |
Three Years Prior | 2,031 | 774 |
Four Years Prior | 760 | 455 |
Prior | 1,880 | 1,481 |
Revolving Loans | 112 | 74 |
Recording investment gross of allowance for credit losses | 6,083 | 6,051 |
60%-69.99% | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,201 | 2,765 |
One Years Prior | 2,690 | 1,440 |
Two Years Prior | 1,449 | 2,541 |
Three Years Prior | 2,568 | 1,107 |
Four Years Prior | 1,094 | 2,146 |
Prior | 6,261 | 4,530 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 15,263 | 14,529 |
60%-69.99% | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 58 | 586 |
One Years Prior | 574 | 668 |
Two Years Prior | 625 | 25 |
Three Years Prior | 10 | 50 |
Four Years Prior | 53 | 20 |
Prior | 29 | 4 |
Revolving Loans | 50 | 0 |
Recording investment gross of allowance for credit losses | 1,399 | 1,353 |
70%-79.99% | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 114 | 1,001 |
One Years Prior | 959 | 1,004 |
Two Years Prior | 1,027 | 1,278 |
Three Years Prior | 1,250 | 401 |
Four Years Prior | 421 | 1,013 |
Prior | 3,165 | 2,277 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 6,936 | 6,974 |
70%-79.99% | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 7 |
One Years Prior | 0 | 0 |
Two Years Prior | 0 | 0 |
Three Years Prior | 0 | 0 |
Four Years Prior | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 0 | 7 |
80% or greater | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 3 | 145 |
One Years Prior | 134 | 357 |
Two Years Prior | 320 | 203 |
Three Years Prior | 186 | 330 |
Four Years Prior | 313 | 209 |
Prior | 3,264 | 2,804 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 4,220 | 4,048 |
80% or greater | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 0 |
One Years Prior | 0 | 0 |
Two Years Prior | 0 | 0 |
Three Years Prior | 0 | 0 |
Four Years Prior | 0 | 15 |
Prior | 22 | 0 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | $ 22 | $ 15 |
Investments (Analysis of Past Due Commercial Mortgage and Other Loans) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Total | $ 59,295 | $ 59,765 |
Non-accrual status | 326 | 157 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 58,931 | 59,637 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 78 | 49 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 15 |
90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 286 | 64 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 364 | 128 |
Commercial Mortgage Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 51,246 | 51,759 |
Non-accrual status | 239 | 94 |
Commercial Mortgage Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 51,007 | 51,665 |
Commercial Mortgage Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 34 |
Commercial Mortgage Loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial Mortgage Loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 239 | 60 |
Commercial Mortgage Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 239 | 94 |
Agricultural property loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,504 | 7,426 |
Non-accrual status | 62 | 38 |
Agricultural property loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,379 | 7,392 |
Agricultural property loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 78 | 15 |
Agricultural property loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 15 |
Agricultural property loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 47 | 4 |
Agricultural property loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 125 | 34 |
Residential property loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 26 | 30 |
Non-accrual status | 0 | 0 |
Residential property loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 26 | 30 |
Residential property loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Residential property loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Residential property loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Residential property loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Other collateralized loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 125 | 125 |
Non-accrual status | 0 | 0 |
Other collateralized loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 125 | 125 |
Other collateralized loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Other collateralized loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Other collateralized loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Other collateralized loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Uncollateralized loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 394 | 425 |
Non-accrual status | 25 | 25 |
Uncollateralized loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 394 | 425 |
Uncollateralized loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Uncollateralized loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Uncollateralized loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Uncollateralized loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Accruing interest | $ 0 | $ 0 |
Investments (Other Invested Assets) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
||
---|---|---|---|---|
Other Invested Assets [Line Items] | ||||
Other invested assets | [1] | $ 24,227 | $ 22,855 | |
LPs/LLCs | ||||
Other Invested Assets [Line Items] | ||||
Other invested assets | 19,899 | 18,796 | ||
Real estate held through direct ownership | ||||
Other Invested Assets [Line Items] | ||||
Other invested assets | 1,773 | 1,794 | ||
Derivative instruments | ||||
Other Invested Assets [Line Items] | ||||
Other invested assets | 1,377 | 1,100 | ||
Other | ||||
Other Invested Assets [Line Items] | ||||
Other invested assets | 1,178 | 1,165 | ||
Mortgage Debt | Real estate-related | ||||
Other Invested Assets [Line Items] | ||||
Other invested assets | 153 | 158 | ||
Equity method | LPs/LLCs | ||||
Other Invested Assets [Line Items] | ||||
Other invested assets | 15,381 | 14,671 | ||
Equity method | Private equity | LPs/LLCs | ||||
Other Invested Assets [Line Items] | ||||
Other invested assets | 9,307 | 8,929 | ||
Equity method | Hedge funds | LPs/LLCs | ||||
Other Invested Assets [Line Items] | ||||
Other invested assets | 3,215 | 3,164 | ||
Equity method | Real estate-related | LPs/LLCs | ||||
Other Invested Assets [Line Items] | ||||
Other invested assets | 2,859 | 2,578 | ||
Fair Value | ||||
Other Invested Assets [Line Items] | ||||
Other invested assets | 132 | 97 | ||
Fair Value | LPs/LLCs | ||||
Other Invested Assets [Line Items] | ||||
Other invested assets | 4,518 | 4,125 | ||
Fair Value | Private equity | LPs/LLCs | ||||
Other Invested Assets [Line Items] | ||||
Other invested assets | 1,642 | 1,247 | ||
Fair Value | Hedge funds | LPs/LLCs | ||||
Other Invested Assets [Line Items] | ||||
Other invested assets | 2,081 | 2,078 | ||
Fair Value | Real estate-related | LPs/LLCs | ||||
Other Invested Assets [Line Items] | ||||
Other invested assets | $ 795 | $ 800 | ||
|
Investments (Accrued Investment Income) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
||
---|---|---|---|---|
Net Investment Income [Line Items] | ||||
Accrued investment income | [1] | $ 3,361 | $ 3,287 | |
Fixed maturities | ||||
Net Investment Income [Line Items] | ||||
Accrued investment income | 2,803 | 2,727 | ||
Equity securities | ||||
Net Investment Income [Line Items] | ||||
Accrued investment income | 8 | 6 | ||
Commercial mortgage and other loans | ||||
Net Investment Income [Line Items] | ||||
Accrued investment income | 216 | 224 | ||
Policy loans | ||||
Net Investment Income [Line Items] | ||||
Accrued investment income | 237 | 259 | ||
Other invested assets | ||||
Net Investment Income [Line Items] | ||||
Accrued investment income | 35 | 23 | ||
Short-term investments and cash equivalents | ||||
Net Investment Income [Line Items] | ||||
Accrued investment income | $ 62 | $ 48 | ||
|
Investments (Net Investment Income) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | $ 5,112 | $ 4,608 |
Less: investment expense | (348) | (288) |
Net investment income | 4,764 | 4,320 |
Assets supporting experience-rated contractholder liabilities | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | 14 | 13 |
Equity securities | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | 38 | 40 |
Commercial mortgage and other loans | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | 611 | 543 |
Policy loans | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | 122 | 124 |
Other invested assets | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | 321 | 310 |
Short-term investments and cash equivalents | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | 298 | 238 |
Available-for-sale | Fixed maturities | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | 3,592 | 3,235 |
Fixed maturities, held-to-maturity | Fixed maturities | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | 0 | 50 |
Trading | Fixed maturities | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | $ 116 | $ 55 |
Investments (Realized Investment Gains Losses, Net) (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
||||||
Gain (Loss) on Securities [Line Items] | |||||||
Realized investment (gains) losses, net | $ (308) | [1],[2] | $ 217 | ||||
Fixed maturities | |||||||
Gain (Loss) on Securities [Line Items] | |||||||
Realized investment (gains) losses, net | 18 | (155) | |||||
Commercial mortgage and other loans | |||||||
Gain (Loss) on Securities [Line Items] | |||||||
Realized investment (gains) losses, net | (51) | (12) | |||||
Investment real estate | |||||||
Gain (Loss) on Securities [Line Items] | |||||||
Realized investment (gains) losses, net | 2 | 32 | |||||
LPs/LLCs | |||||||
Gain (Loss) on Securities [Line Items] | |||||||
Realized investment (gains) losses, net | 19 | (16) | |||||
Derivatives | |||||||
Gain (Loss) on Securities [Line Items] | |||||||
Realized investment (gains) losses, net | (233) | 358 | |||||
Other | |||||||
Gain (Loss) on Securities [Line Items] | |||||||
Realized investment (gains) losses, net | $ (63) | $ 10 | |||||
|
Investments (Net Unrealized Gains Losses on Investments) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | $ (22,345) | $ (17,251) |
Fixed maturities | Available-for-sale | With an allowance | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | (73) | (72) |
Fixed maturities | Available-for-sale | Without an allowance | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | (23,474) | (18,045) |
Derivatives designated as cash flow hedges | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | 1,199 | 869 |
Derivatives designated as fair value hedges | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | (51) | (60) |
Other investments | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | $ 54 | $ 57 |
Investments (Repurchase Agreements and Securities Lending Transactions) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | $ 6,563 | $ 6,056 |
Total cash collateral for loaned securities | 6,978 | 6,477 |
Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 6,402 | 5,938 |
Total cash collateral for loaned securities | 6,556 | 5,981 |
Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 161 | 118 |
Total cash collateral for loaned securities | 422 | 496 |
30 to 90 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Total cash collateral for loaned securities | 0 | 0 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 6,402 | 5,693 |
Total cash collateral for loaned securities | 1 | 1 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 6,402 | 5,693 |
Total cash collateral for loaned securities | 1 | 1 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Total cash collateral for loaned securities | 0 | 0 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | 30 to 90 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Obligations of U.S. states and their political subdivisions | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 43 | 67 |
Obligations of U.S. states and their political subdivisions | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 43 | 67 |
Obligations of U.S. states and their political subdivisions | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 0 | 0 |
Foreign government bonds | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 177 | 242 |
Foreign government bonds | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 173 | 242 |
Foreign government bonds | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 4 | 0 |
U.S. public corporate securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 161 | 118 |
Total cash collateral for loaned securities | 5,519 | 4,819 |
U.S. public corporate securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Total cash collateral for loaned securities | 5,185 | 4,399 |
U.S. public corporate securities | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 161 | 118 |
Total cash collateral for loaned securities | 334 | 420 |
U.S. public corporate securities | 30 to 90 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Foreign public corporate securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 959 | 725 |
Foreign public corporate securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 876 | 649 |
Foreign public corporate securities | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 83 | 76 |
Commercial mortgage-backed securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 245 |
Commercial mortgage-backed securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 245 |
Commercial mortgage-backed securities | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Commercial mortgage-backed securities | 30 to 90 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Equity securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 279 | 623 |
Equity securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 278 | 623 |
Equity securities | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | $ 1 | $ 0 |
Variable Interest Entities (Assets and Liabilities of Consolidated VIEs) (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
|||||||
Variable Interest Entity [Line Items] | |||||||||
Fixed maturities, available-for-sale | [1] | $ 318,510 | $ 316,321 | ||||||
Fixed maturities, trading | [1] | 10,288 | 9,790 | ||||||
Equity securities | [1] | 7,224 | 8,242 | ||||||
Commercial mortgage and other loans | [1] | 58,781 | 59,305 | ||||||
Other invested assets | [1] | 24,227 | 22,855 | ||||||
Cash and cash equivalents | 18,735 | [1] | 19,419 | [1] | $ 17,425 | ||||
Accrued investment income | [1] | 3,361 | 3,287 | ||||||
Other assets | [1],[2] | 13,205 | 13,179 | ||||||
Total assets | 725,823 | 721,123 | |||||||
Other Liabilities | [1] | 15,638 | 16,071 | ||||||
Notes Issued by Consolidated Variable Interest Entities | [1] | 1,132 | 1,374 | ||||||
Total liabilities | 696,409 | 691,336 | |||||||
Consolidated VIEs for Which the Company is the Investment Manager | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Fixed maturities, available-for-sale | 717 | 539 | |||||||
Fixed maturities, trading | 560 | 943 | |||||||
Equity securities | 86 | 106 | |||||||
Commercial mortgage and other loans | 712 | 764 | |||||||
Other invested assets | 5,151 | 4,319 | |||||||
Cash and cash equivalents | 304 | 302 | |||||||
Accrued investment income | 7 | 7 | |||||||
Other assets | 712 | 1,023 | |||||||
Total assets | 8,249 | 8,003 | |||||||
Other Liabilities | 164 | 588 | |||||||
Notes Issued by Consolidated Variable Interest Entities | 1,097 | 1,374 | |||||||
Total liabilities | 1,261 | 1,962 | |||||||
Consolidated VIEs for Which the Company is the Investment Manager | Wholly-owned beneficial interests | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Total assets | 4,176 | 4,003 | |||||||
Other Consolidated VIEs | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Fixed maturities, available-for-sale | 1,413 | 836 | |||||||
Fixed maturities, trading | 0 | 0 | |||||||
Equity securities | 0 | 0 | |||||||
Commercial mortgage and other loans | 0 | 0 | |||||||
Other invested assets | 534 | 485 | |||||||
Cash and cash equivalents | 1 | 0 | |||||||
Accrued investment income | 2 | 3 | |||||||
Other assets | 603 | 636 | |||||||
Total assets | 2,553 | 1,960 | |||||||
Other Liabilities | 0 | 0 | |||||||
Notes Issued by Consolidated Variable Interest Entities | 35 | 0 | |||||||
Total liabilities | $ 35 | $ 0 | |||||||
Minimum | Consolidated VIEs for Which the Company is the Investment Manager | |||||||||
Variable Interest Entity [Line Items] | |||||||||
VIE notes maturities | 0 years | ||||||||
Maximum | Consolidated VIEs for Which the Company is the Investment Manager | |||||||||
Variable Interest Entity [Line Items] | |||||||||
VIE notes maturities | 13 years | ||||||||
|
Variable Interest Entities (Narrative) (Details) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Total liabilities | $ 696,409,000,000 | $ 691,336,000,000 |
Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total liabilities | 0 | |
Unconsolidated VIEs | Fixed maturities, available-for-sale, Fixed maturities, trading, Equity securities and Other invested assets | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss on these investments | 1,207,000,000 | 1,165,000,000 |
Unconsolidated VIEs | Other invested assets | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss on these investments | $ 19,899,000,000 | $ 18,796,000,000 |
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Credit Derivatives [Line Items] | |||
Total derivative assets | $ 1,380 | $ 1,103 | |
Total derivative liabilities | 4,485 | 4,181 | |
Anticipated pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to earnings | $ 315 | ||
Maximum length of time hedged in cash flow hedge (future cash flows) | 27 years | ||
Net investment hedges income (loss) before taxes | $ 49 | $ (2) | |
Credit derivative protection purchased notional amount | 772 | 0 | |
Credit Risk Derivative Liabilities, at Fair Value | 130 | 64 | |
Credit Default Swap, Buying Protection | |||
Credit Derivatives [Line Items] | |||
Credit Risk Derivative Liabilities, at Fair Value | $ 17 | ||
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | $ 0 |
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivative [Line Items] | ||
Gross Notional | $ 498,944 | $ 487,415 |
Assets | 18,162 | 14,261 |
Liabilities | (30,036) | (27,154) |
Embedded derivative, fair value OF embedded derivative, net | (9,717) | (8,096) |
PRISMIC Embedded Derivative, Fair Value of Embedded Derivative | (224) | (508) |
Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative [Line Items] | ||
Gross Notional | 36,667 | 36,263 |
Assets | 2,301 | 2,050 |
Liabilities | (1,029) | (1,123) |
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 3,396 | 3,582 |
Assets | 27 | 55 |
Liabilities | (314) | (252) |
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Forwards | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Gross Notional | 4,776 | 4,748 |
Assets | 52 | 43 |
Liabilities | (177) | (195) |
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 28,495 | 27,933 |
Assets | 2,222 | 1,952 |
Liabilities | (538) | (676) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative [Line Items] | ||
Gross Notional | 462,277 | 451,152 |
Assets | 15,861 | 12,211 |
Liabilities | (29,007) | (26,031) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 223,711 | 224,445 |
Assets | 10,079 | 8,604 |
Liabilities | (23,743) | (21,599) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Forwards | ||
Derivative [Line Items] | ||
Gross Notional | 3,269 | 3,678 |
Assets | 53 | 39 |
Liabilities | (48) | (14) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Gross Notional | 28,615 | 27,686 |
Assets | 1,442 | 965 |
Liabilities | (1,316) | (954) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Options | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 7,632 | 7,771 |
Assets | 569 | 502 |
Liabilities | (144) | (164) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Futures | ||
Derivative [Line Items] | ||
Gross Notional | 9,140 | 10,448 |
Assets | 8 | 7 |
Liabilities | (1) | (26) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Options | ||
Derivative [Line Items] | ||
Gross Notional | 32,346 | 32,718 |
Assets | 309 | 292 |
Liabilities | (1,258) | (1,095) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Default Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 6,859 | 3,446 |
Assets | 130 | 64 |
Liabilities | (17) | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Futures | ||
Derivative [Line Items] | ||
Gross Notional | 615 | 672 |
Assets | 0 | 1 |
Liabilities | 0 | (2) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options | ||
Derivative [Line Items] | ||
Gross Notional | 61,236 | 51,792 |
Assets | 3,191 | 1,688 |
Liabilities | (2,140) | (1,662) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Total Return Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 9,921 | 9,237 |
Assets | 79 | 48 |
Liabilities | (339) | (514) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Other | ||
Derivative [Line Items] | ||
Gross Notional | 1,250 | 1,250 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Synthetic GICs | ||
Derivative [Line Items] | ||
Gross Notional | 77,683 | 78,009 |
Assets | 1 | 1 |
Liabilities | $ (1) | $ (1) |
Derivative Instruments (Hedged Item Offset By Derivatives Achieving Fair Value Hedge Accounting) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
||
---|---|---|---|---|---|
Derivative [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | [1] | $ 318,510 | $ 316,321 | ||
Commercial mortgage and other loans | [1] | 58,781 | 59,305 | ||
Policyholders’ account balances | (151,810) | (147,018) | |||
Future policy benefits | (272,790) | (273,281) | $ (273,586) | ||
Carrying Amount of the Hedged Assets (Liabilities) | |||||
Derivative [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 219 | 224 | |||
Policyholders’ account balances | (759) | (810) | |||
Future policy benefits | (2,368) | (2,441) | |||
Cumulative Adjustment Included in Carrying Amount | |||||
Derivative [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 14 | 19 | |||
Policyholders’ account balances | 281 | 219 | |||
Future policy benefits | $ 362 | $ 298 | |||
|
Derivative Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivative Assets | ||
Gross Amounts of Recognized Financial Instruments | $ 18,054 | $ 14,169 |
Gross Amounts Offset in the Statements of Financial Position | (16,782) | (13,158) |
Net Amounts Presented in the Statements of Financial Position | 1,272 | 1,011 |
Financial Instruments/Collateral | (489) | (240) |
Net Amount | 783 | 771 |
Securities purchased under agreement to resell | ||
Gross Amounts of Recognized Financial Instruments | 162 | 388 |
Gross Amounts Offset in the Statements of Financial Position | 0 | 0 |
Net Amounts Presented in the Statements of Financial Position | 162 | 388 |
Financial Instruments/Collateral | (162) | (363) |
Net Amount | 0 | 25 |
Total assets | ||
Gross Amounts of Recognized Financial Instruments | 18,216 | 14,557 |
Gross Amounts Offset in the Statements of Financial Position | (16,782) | (13,158) |
Net Amounts Presented in the Statements of Financial Position | 1,434 | 1,399 |
Financial Instruments/Collateral | (651) | (603) |
Net Amount | 783 | 796 |
Derivative Liabilities | ||
Gross Amounts of Recognized Financial Instruments | 30,035 | 27,154 |
Gross Amounts Offset in the Statements of Financial Position | (25,551) | (22,973) |
Net Amounts Presented in the Statements of Financial Position | 4,484 | 4,181 |
Financial Instruments/Collateral | (4,317) | (3,775) |
Net Amount | 167 | 406 |
Securities sold under agreement to repurchase | ||
Gross Amounts of Recognized Financial Instruments | 6,563 | 6,056 |
Gross Amounts Offset in the Statements of Financial Position | 0 | 0 |
Net Amounts Presented in the Statements of Financial Position | 6,563 | 6,056 |
Financial Instruments/Collateral | (6,563) | (5,811) |
Net Amount | 0 | 245 |
Total liabilities | ||
Gross Amounts of Recognized Financial Instruments | 36,598 | 33,210 |
Gross Amounts Offset in the Statements of Financial Position | (25,551) | (22,973) |
Net Amounts Presented in the Statements of Financial Position | 11,047 | 10,237 |
Financial Instruments/Collateral | (10,880) | (9,586) |
Net Amount | $ 167 | $ 651 |
Derivative Instruments (Financial Statement Classification and Impact of Derivatives Used in Qualifying and Non-qualifying Hedge Relationships) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Non-derivative Net Investment Hedges income (loss) before taxes | $ 39 | $ (1) |
PRISMIC Embedded Derivative, Gain (Loss) on Derivative, Net | 283 | |
Gain (Loss) on Investments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (148) | 367 |
Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (151) | 347 |
Market Risk Benefit, Increase (Decrease) from Equity Market Change) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (1,454) | 29 |
Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (1,454) | 29 |
Investment Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 76 | 85 |
Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Other Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 81 | (81) |
Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 3 | (1) |
Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Credited To Policyholder Account Balances | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 12 | 0 |
Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Policyholder Benefits | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (15) | (5) |
Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Change in AOCI | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 351 | (293) |
Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Fair value hedges—Currency | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 4 | (3) |
Fair value hedges—Currency | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Fair value hedges—Currency | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | (1) |
Fair value hedges—Currency | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Fair value hedges—Currency | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Fair value hedges—Currency | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (50) | 37 |
Fair value hedges—Currency | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (75) | 92 |
Fair value hedges—Currency | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Fair Value Hedged Item | Gain (Loss) on Investments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (4) | 4 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 0 | 1 |
Fair Value Hedged Item | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 0 | 0 |
Fair Value Hedged Item | Investment Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 3 | 4 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 3 | 3 |
Fair Value Hedged Item | Other Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 0 | 0 |
Fair Value Hedged Item | Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 0 | 0 |
Fair Value Hedged Item | Interest Credited To Policyholder Account Balances | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 62 | (37) |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 12 | 0 |
Fair Value Hedged Item | Policyholder Benefits | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 62 | (95) |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | (15) | (5) |
Fair Value Hedged Item | Change in AOCI | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 10 | (20) |
Cash Flow Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 3 | 19 |
Cash Flow Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Cash Flow Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 73 | 82 |
Cash Flow Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 78 | (80) |
Cash Flow Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Cash Flow Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Cash Flow Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Cash Flow Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 330 | (272) |
Net Investment Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Net Investment Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Net Investment Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Net Investment Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Net Investment Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Net Investment Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Net Investment Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Net Investment Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 11 | (1) |
Interest Rate | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (662) | 546 |
Interest Rate | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (961) | 267 |
Interest Rate | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Fair value hedges—Currency | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 4 | (3) |
Interest Rate | Fair value hedges—Currency | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Fair value hedges—Currency | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Fair value hedges—Currency | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Fair value hedges—Currency | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Fair value hedges—Currency | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (50) | 37 |
Interest Rate | Fair value hedges—Currency | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (59) | 43 |
Interest Rate | Fair value hedges—Currency | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Fair Value Hedged Item | Gain (Loss) on Investments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (4) | 4 |
Interest Rate | Fair Value Hedged Item | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Interest Rate | Fair Value Hedged Item | Investment Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 3 | 3 |
Interest Rate | Fair Value Hedged Item | Other Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Interest Rate | Fair Value Hedged Item | Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Interest Rate | Fair Value Hedged Item | Interest Credited To Policyholder Account Balances | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 62 | (37) |
Interest Rate | Fair Value Hedged Item | Policyholder Benefits | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 48 | (48) |
Interest Rate | Fair Value Hedged Item | Change in AOCI | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Interest Rate | Cash Flow Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | (22) |
Interest Rate | Cash Flow Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Cash Flow Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (3) | (1) |
Interest Rate | Cash Flow Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Cash Flow Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Cash Flow Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Cash Flow Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Cash Flow Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (10) | 43 |
Currency | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (26) | (161) |
Currency | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 2 | 1 |
Currency | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Fair value hedges—Currency | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Fair value hedges—Currency | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Fair value hedges—Currency | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | (1) |
Currency | Fair value hedges—Currency | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Fair value hedges—Currency | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Fair value hedges—Currency | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Fair value hedges—Currency | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (16) | 49 |
Currency | Fair value hedges—Currency | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Fair Value Hedged Item | Gain (Loss) on Investments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Currency | Fair Value Hedged Item | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Currency | Fair Value Hedged Item | Investment Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 1 |
Currency | Fair Value Hedged Item | Other Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Currency | Fair Value Hedged Item | Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Currency | Fair Value Hedged Item | Interest Credited To Policyholder Account Balances | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Currency | Fair Value Hedged Item | Policyholder Benefits | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 14 | (47) |
Currency | Fair Value Hedged Item | Change in AOCI | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Gain (Loss) on Investments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Investment Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Other Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Interest Credited To Policyholder Account Balances | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Policyholder Benefits | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (2) | (2) |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Change in AOCI | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 10 | (20) |
Currency | Cash Flow Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 5 |
Currency | Cash Flow Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Cash Flow Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Cash Flow Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Cash Flow Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Cash Flow Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Cash Flow Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Cash Flow Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 15 | (38) |
Currency | Net Investment Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Net Investment Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Net Investment Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Net Investment Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Net Investment Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Net Investment Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Net Investment Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Net Investment Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 11 | (1) |
Currency/Interest Rate | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 106 | (28) |
Currency/Interest Rate | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 1 | (2) |
Currency/Interest Rate | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Cash Flow Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 3 | 36 |
Currency/Interest Rate | Cash Flow Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Cash Flow Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 76 | 83 |
Currency/Interest Rate | Cash Flow Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 78 | (80) |
Currency/Interest Rate | Cash Flow Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Cash Flow Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Cash Flow Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Cash Flow Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 325 | (277) |
Currency/Interest Rate | Net Investment Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Net Investment Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Net Investment Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Net Investment Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Net Investment Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Net Investment Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Net Investment Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Net Investment Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Credit Risk Contract | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 52 | 46 |
Credit Risk Contract | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Credit Risk Contract | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Credit Risk Contract | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Credit Risk Contract | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Credit Risk Contract | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Credit Risk Contract | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Credit Risk Contract | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Equity | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 1,449 | 189 |
Equity | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (493) | (238) |
Equity | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Equity | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Equity | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Equity | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Equity | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Equity | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Other Contract | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Other Contract | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Other Contract | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Other Contract | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Other Contract | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Other Contract | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Other Contract | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Other Contract | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Embedded Derivative Financial Instruments | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (1,070) | (245) |
Embedded Derivative Financial Instruments | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Embedded Derivative Financial Instruments | Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Embedded Derivative Financial Instruments | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Embedded Derivative Financial Instruments | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Embedded Derivative Financial Instruments | Interest Credited To Policyholder Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Embedded Derivative Financial Instruments | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Embedded Derivative Financial Instruments | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | $ 0 | $ 0 |
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) - Cash flow hedges in AOCI $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Balance, beginning | $ 869 |
Total amount recorded in AOCI | 486 |
Amount reclassified from AOCI to income | (156) |
Balance, ending | 1,199 |
Interest Rate | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Total amount recorded in AOCI | (12) |
Amount reclassified from AOCI to income | 3 |
Currency | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Total amount recorded in AOCI | 17 |
Amount reclassified from AOCI to income | (2) |
Currency/Interest Rate | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Total amount recorded in AOCI | 481 |
Amount reclassified from AOCI to income | $ (157) |
Derivative Instruments Derivative Instruments (Credit Derivatives) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivative [Line Items] | ||
Gross Notional | $ 6,087 | $ 3,446 |
Credit Risk Derivative Liabilities, at Fair Value | 130 | 64 |
Single Name | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
Credit Default Index | ||
Derivative [Line Items] | ||
Gross Notional | 6,087 | 3,446 |
Credit Risk Derivative Liabilities, at Fair Value | $ 130 | 64 |
Credit Default Swaps Referencing Indices | ||
Derivative [Line Items] | ||
Credit derivatives written max length of maturities (in years) | 11 years | |
NAIC 1 | ||
Derivative [Line Items] | ||
Gross Notional | $ 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 1 | Single Name | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 1 | Credit Default Index | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 2 | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 2 | Single Name | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 2 | Credit Default Index | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 3 | ||
Derivative [Line Items] | ||
Gross Notional | 5,286 | 2,723 |
Credit Risk Derivative Liabilities, at Fair Value | 73 | 19 |
NAIC 3 | Single Name | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 3 | Credit Default Index | ||
Derivative [Line Items] | ||
Gross Notional | 5,286 | 2,723 |
Credit Risk Derivative Liabilities, at Fair Value | 73 | 19 |
NAIC 4 | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 4 | Single Name | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 4 | Credit Default Index | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 5 | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 89 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 5 |
NAIC 5 | Single Name | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 5 | Credit Default Index | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 89 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 5 |
NAIC 6(2) | ||
Derivative [Line Items] | ||
Gross Notional | 801 | 634 |
Credit Risk Derivative Liabilities, at Fair Value | $ 57 | $ 40 |
Credit Derivative, Maximum Exposure, Undiscounted Pecentage | 5.00% | 3.00% |
NAIC 6(2) | Single Name | ||
Derivative [Line Items] | ||
Gross Notional | $ 0 | $ 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 6(2) | Credit Default Index | ||
Derivative [Line Items] | ||
Gross Notional | 801 | 634 |
Credit Risk Derivative Liabilities, at Fair Value | $ 57 | $ 40 |
Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
|||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | [1] | $ 318,510 | $ 316,321 | ||||
Assets supporting experience-rated contractholder liabilities | 3,359 | 3,168 | |||||
Market risk benefit assets | 2,225 | 1,981 | $ 976 | ||||
Fixed maturities, trading | [1] | 10,288 | 9,790 | ||||
Equity securities | [1] | 7,224 | 8,242 | ||||
Commercial mortgage and other loans | [1] | 58,781 | 59,305 | ||||
Other invested assets | [1] | 24,227 | 22,855 | ||||
Reinsurance recoverables and deposit receivables | [2] | 27,929 | 27,311 | ||||
Other assets | [1],[2] | 13,205 | 13,179 | ||||
Separate account assets | 200,064 | 198,888 | |||||
TOTAL ASSETS | 725,823 | 721,123 | |||||
Market risk benefit liabilities | 4,624 | 5,467 | $ 6,096 | ||||
Reinsurance and funds withheld payables | [2] | 15,746 | 15,729 | ||||
Other Liabilities | [1] | 15,638 | 16,071 | ||||
Total liabilities | 696,409 | 691,336 | |||||
Netting | (16,782) | (13,158) | |||||
Fixed Maturities, available-for-sale, Amortized Cost | $ 342,228 | $ 334,598 | |||||
Commercial paper | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
VIE notes maturities | 28 days | 49 days | |||||
Fixed maturities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets supporting experience-rated contractholder liabilities | $ 870 | $ 889 | |||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 23,031 | 21,796 | |||||
Fixed Maturities, available-for-sale, Amortized Cost | 27,113 | 24,874 | |||||
Obligations of U.S. states and their political subdivisions | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 8,278 | 8,458 | |||||
Fixed Maturities, available-for-sale, Amortized Cost | 8,619 | 8,650 | |||||
Foreign government bonds | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 64,568 | 70,190 | |||||
Assets supporting experience-rated contractholder liabilities | 587 | 604 | |||||
Fixed Maturities, available-for-sale, Amortized Cost | 67,025 | 71,556 | |||||
U.S. public corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 101,336 | 98,172 | |||||
Fixed Maturities, available-for-sale, Amortized Cost | 110,786 | 105,593 | |||||
U.S. private corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 41,022 | 41,020 | |||||
Fixed Maturities, available-for-sale, Amortized Cost | 43,096 | 42,801 | |||||
Foreign public corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 20,663 | 19,643 | |||||
Fixed Maturities, available-for-sale, Amortized Cost | 21,715 | 20,473 | |||||
Foreign private corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 32,309 | 32,290 | |||||
Fixed Maturities, available-for-sale, Amortized Cost | 35,870 | 35,128 | |||||
Corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets supporting experience-rated contractholder liabilities | 75 | 79 | |||||
Asset-backed securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 15,230 | 12,595 | |||||
Fixed Maturities, available-for-sale, Amortized Cost | 15,090 | 12,514 | |||||
Commercial mortgage-backed securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 9,648 | 9,892 | |||||
Fixed Maturities, available-for-sale, Amortized Cost | 10,288 | 10,571 | |||||
Residential mortgage-backed securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 2,425 | 2,265 | |||||
Fixed Maturities, available-for-sale, Amortized Cost | 2,626 | 2,438 | |||||
Equity securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair value investment measured at NAV per share | 239 | ||||||
Fair Value, Measurements, Recurring | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 318,510 | 316,321 | |||||
Assets supporting experience-rated contractholder liabilities | 3,359 | 3,168 | |||||
Market risk benefit assets | 2,225 | 1,981 | |||||
Fixed maturities, trading | 10,288 | 9,790 | |||||
Equity securities | 7,224 | 8,003 | |||||
Commercial mortgage and other loans | 157 | 519 | |||||
Other invested assets | 2,245 | 1,949 | |||||
Short-term investments | 4,627 | 3,900 | |||||
Cash equivalents | 8,695 | 10,302 | |||||
Reinsurance recoverables and deposit receivables | 224 | 149 | |||||
Other assets | 19 | 11 | |||||
Separate account assets | 173,511 | 171,812 | |||||
TOTAL ASSETS | 531,084 | 527,905 | |||||
Market risk benefit liabilities | 4,624 | 5,467 | |||||
Policyholders' account balances | 9,864 | 7,752 | |||||
Reinsurance and funds withheld payables | 73 | 490 | |||||
Other Liabilities | 4,485 | 4,175 | |||||
Notes issued by consolidated VIEs | 405 | 778 | |||||
Total liabilities | 19,451 | 18,662 | |||||
Assets Netting | (16,782) | (13,158) | |||||
Liabilities Netting | (25,551) | (22,973) | |||||
Netting | (8,769) | (9,815) | |||||
Fair Value, Measurements, Recurring | Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets Netting | (16,782) | (13,158) | |||||
Fair Value, Measurements, Recurring | Other liabilities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Liabilities Netting | (25,551) | (22,973) | |||||
Fair Value, Measurements, Recurring | U.S. Treasury securities and obligations of U.S. government authorities and agencies | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 23,031 | 21,796 | |||||
Assets supporting experience-rated contractholder liabilities | 208 | 206 | |||||
Fair Value, Measurements, Recurring | Obligations of U.S. states and their political subdivisions | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 8,278 | 8,458 | |||||
Fair Value, Measurements, Recurring | Foreign government bonds | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 64,568 | 70,190 | |||||
Assets supporting experience-rated contractholder liabilities | 587 | 604 | |||||
Fair Value, Measurements, Recurring | U.S. public corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 101,336 | 98,172 | |||||
Fair Value, Measurements, Recurring | U.S. private corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 41,022 | 41,020 | |||||
Fair Value, Measurements, Recurring | Foreign public corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 20,663 | 19,643 | |||||
Fair Value, Measurements, Recurring | Foreign private corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 32,309 | 32,290 | |||||
Fair Value, Measurements, Recurring | Corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets supporting experience-rated contractholder liabilities | 75 | 79 | |||||
Fair Value, Measurements, Recurring | Asset-backed securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 15,230 | 12,595 | |||||
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 9,648 | 9,892 | |||||
Fair Value, Measurements, Recurring | Residential mortgage-backed securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 2,425 | 2,265 | |||||
Fair Value, Measurements, Recurring | Equity securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets supporting experience-rated contractholder liabilities | 2,489 | 2,279 | |||||
Fair Value, Measurements, Recurring | Level 1 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||||
Assets supporting experience-rated contractholder liabilities | 1,121 | 1,004 | |||||
Market risk benefit assets | 0 | 0 | |||||
Fixed maturities, trading | 0 | 0 | |||||
Equity securities | 4,985 | 5,953 | |||||
Commercial mortgage and other loans | 0 | 0 | |||||
Other invested assets | 37 | 27 | |||||
Short-term investments | 301 | 125 | |||||
Cash equivalents | 1,252 | 2,240 | |||||
Reinsurance recoverables and deposit receivables | 0 | 0 | |||||
Other assets | 0 | 0 | |||||
Separate account assets | 8,799 | 8,925 | |||||
TOTAL ASSETS | 16,495 | 18,274 | |||||
Market risk benefit liabilities | 0 | 0 | |||||
Policyholders' account balances | 0 | 0 | |||||
Reinsurance and funds withheld payables | 0 | 0 | |||||
Other Liabilities | 9 | 35 | |||||
Notes issued by consolidated VIEs | 0 | 0 | |||||
Total liabilities | 9 | 35 | |||||
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Level 1 | Obligations of U.S. states and their political subdivisions | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Level 1 | Foreign government bonds | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Level 1 | U.S. public corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Level 1 | U.S. private corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Level 1 | Foreign public corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Level 1 | Foreign private corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Level 1 | Corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Level 1 | Commercial mortgage-backed securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Level 1 | Residential mortgage-backed securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Level 1 | Equity securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets supporting experience-rated contractholder liabilities | 1,121 | 1,004 | |||||
Fair Value, Measurements, Recurring | Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 310,920 | 310,203 | |||||
Assets supporting experience-rated contractholder liabilities | 2,238 | 2,164 | |||||
Market risk benefit assets | 0 | 0 | |||||
Fixed maturities, trading | 8,958 | 9,361 | |||||
Equity securities | 1,733 | 1,538 | |||||
Commercial mortgage and other loans | 157 | 519 | |||||
Other invested assets | 18,125 | 14,234 | |||||
Short-term investments | 4,294 | 3,746 | |||||
Cash equivalents | 7,443 | 8,058 | |||||
Reinsurance recoverables and deposit receivables | (79) | (75) | |||||
Other assets | 0 | 0 | |||||
Separate account assets | 164,374 | 161,793 | |||||
TOTAL ASSETS | 518,163 | 511,541 | |||||
Market risk benefit liabilities | 0 | 0 | |||||
Policyholders' account balances | 0 | 0 | |||||
Reinsurance and funds withheld payables | 73 | 490 | |||||
Other Liabilities | 30,026 | 27,112 | |||||
Notes issued by consolidated VIEs | 0 | 0 | |||||
Total liabilities | 30,099 | 27,602 | |||||
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 23,031 | 21,796 | |||||
Assets supporting experience-rated contractholder liabilities | 208 | 206 | |||||
Fair Value, Measurements, Recurring | Level 2 | Obligations of U.S. states and their political subdivisions | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 8,272 | 8,451 | |||||
Fair Value, Measurements, Recurring | Level 2 | Foreign government bonds | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 64,561 | 70,182 | |||||
Assets supporting experience-rated contractholder liabilities | 587 | 604 | |||||
Fair Value, Measurements, Recurring | Level 2 | U.S. public corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 101,268 | 98,097 | |||||
Fair Value, Measurements, Recurring | Level 2 | U.S. private corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 37,907 | 38,199 | |||||
Fair Value, Measurements, Recurring | Level 2 | Foreign public corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 20,584 | 19,576 | |||||
Fair Value, Measurements, Recurring | Level 2 | Foreign private corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 30,606 | 30,447 | |||||
Fair Value, Measurements, Recurring | Level 2 | Corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets supporting experience-rated contractholder liabilities | 75 | 79 | |||||
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 13,578 | 12,236 | |||||
Fair Value, Measurements, Recurring | Level 2 | Commercial mortgage-backed securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 8,713 | 8,954 | |||||
Fair Value, Measurements, Recurring | Level 2 | Residential mortgage-backed securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 2,400 | 2,265 | |||||
Fair Value, Measurements, Recurring | Level 2 | Equity securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets supporting experience-rated contractholder liabilities | 1,368 | 1,275 | |||||
Fair Value, Measurements, Recurring | Level 3 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 7,590 | 6,118 | |||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||||
Market risk benefit assets | 2,225 | 1,981 | |||||
Fixed maturities, trading | 1,330 | 429 | |||||
Equity securities | 506 | 512 | |||||
Commercial mortgage and other loans | 0 | 0 | |||||
Other invested assets | 865 | 846 | |||||
Short-term investments | 32 | 29 | |||||
Cash equivalents | 0 | 4 | |||||
Reinsurance recoverables and deposit receivables | 303 | 224 | |||||
Other assets | 19 | 11 | |||||
Separate account assets | 338 | 1,094 | |||||
TOTAL ASSETS | 13,208 | 11,248 | |||||
Market risk benefit liabilities | 4,624 | 5,467 | |||||
Policyholders' account balances | 9,864 | 7,752 | |||||
Reinsurance and funds withheld payables | 0 | 0 | |||||
Other Liabilities | 1 | 1 | |||||
Notes issued by consolidated VIEs | 405 | 778 | |||||
Total liabilities | 14,894 | 13,998 | |||||
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Level 3 | Obligations of U.S. states and their political subdivisions | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 6 | 7 | |||||
Fair Value, Measurements, Recurring | Level 3 | Foreign government bonds | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 7 | 8 | |||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Level 3 | U.S. public corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 68 | 75 | |||||
Fair Value, Measurements, Recurring | Level 3 | U.S. private corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 3,115 | 2,821 | |||||
Fair Value, Measurements, Recurring | Level 3 | Foreign public corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 79 | 67 | |||||
Fair Value, Measurements, Recurring | Level 3 | Foreign private corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 1,703 | 1,843 | |||||
Fair Value, Measurements, Recurring | Level 3 | Corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||||
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 1,652 | 359 | |||||
Fair Value, Measurements, Recurring | Level 3 | Commercial mortgage-backed securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 935 | 938 | |||||
Fair Value, Measurements, Recurring | Level 3 | Residential mortgage-backed securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 25 | 0 | |||||
Fair Value, Measurements, Recurring | Level 3 | Equity securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||||
Prudential Netting Agreement | U.S. private corporate securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 13,592 | 12,370 | |||||
Fixed Maturities, available-for-sale, Amortized Cost | 13,582 | 12,370 | |||||
Prudential Netting Agreement | U.S. private corporate securities | Fixed maturities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fixed maturities, available-for-sale, at fair value | 13,592 | 12,370 | |||||
Fixed Maturities, available-for-sale, Amortized Cost | 13,582 | 12,370 | |||||
Other invested assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair value investment measured at NAV per share | 4,518 | 4,125 | |||||
Separate account assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair value investment measured at NAV per share | $ 26,553 | $ 27,076 | |||||
|
Fair Value of Assets and Liabilities (Quantitative Info for Level 3 Inputs) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
|
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Market risk benefit assets | $ 2,225 | $ 1,981 | $ 976 |
Market risk benefit liabilities | 4,624 | 5,467 | $ 6,096 |
Fair Value, Measurements, Recurring | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Market risk benefit assets | 2,225 | 1,981 | |
Market risk benefit liabilities | 4,624 | 5,467 | |
Policyholders' account balances | 9,864 | 7,752 | |
Level 3 | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Funds held under reinsurance agreements | $ 10,000 | ||
Level 3 | Minimum | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Fair value inputs, policyholder age | 50 years | ||
Level 3 | Minimum | Market risk benefit liabilities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Mortality rate | 0.00% | ||
Level 3 | Maximum | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Fair value inputs, policyholder age | 90 years | ||
Level 3 | Fair Value, Measurements, Recurring | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Market risk benefit assets | $ 2,225 | 1,981 | |
Market risk benefit liabilities | 4,624 | 5,467 | |
Policyholders' account balances | $ 9,864 | $ 7,752 | |
Level 3 | Internal | Minimum | Discounted cash flow | Market risk benefit liabilities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Lapse rate | 1.00% | 1.00% | |
Spread over SOFR | 0.33% | 0.41% | |
Utilization rate | 38.00% | 38.00% | |
Withdrawal rate (greater than maximum range) | 81.00% | 81.00% | |
Mortality rate | 0.00% | 0.00% | |
Equity volatility curve | 15.00% | 15.00% | |
Level 3 | Internal | Minimum | Discounted cash flow | Policyholders’ account balances | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Lapse rate | 1.00% | 1.00% | |
Spread over SOFR | 0.33% | 0.41% | |
Mortality rate | 0.00% | 0.00% | |
Option budget | (1.00%) | (1.00%) | |
Level 3 | Internal | Minimum | Discounted cash flow | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Discount rate | 0.68% | 0.57% | |
Level 3 | Internal | Minimum | Discounted cash flow | Commercial mortgage-backed securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Liquidity premium | 0.60% | 0.60% | |
Level 3 | Internal | Minimum | Discounted cash flow | Market risk benefit assets | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Lapse rate | 1.00% | 1.00% | |
Spread over SOFR | 0.33% | 0.41% | |
Utilization rate | 38.00% | 38.00% | |
Withdrawal rate (greater than maximum range) | 81.00% | 81.00% | |
Mortality rate | 0.00% | 0.00% | |
Equity volatility curve | 15.00% | 15.00% | |
Level 3 | Internal | Minimum | Discounted cash flow | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Discount rate | 0.16% | 0.16% | |
Level 3 | Internal | Minimum | Market comparables | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
EBITDA multiples | 5.4 | 5.5 | |
Level 3 | Internal | Minimum | Market comparables | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
EBITDA multiples | 1.0 | 1.0 | |
Level 3 | Internal | Minimum | Liquidation | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Liquidation value | 42.00% | 3.55% | |
Level 3 | Internal | Minimum | Net asset value | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Share price | 3 | 3 | |
Level 3 | Internal | Maximum | Discounted cash flow | Market risk benefit liabilities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Lapse rate | 20.00% | 20.00% | |
Spread over SOFR | 1.78% | 1.82% | |
Utilization rate | 95.00% | 95.00% | |
Withdrawal rate (greater than maximum range) | 100.00% | 100.00% | |
Mortality rate | 15.00% | 15.00% | |
Equity volatility curve | 25.00% | 25.00% | |
Level 3 | Internal | Maximum | Discounted cash flow | Policyholders’ account balances | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Lapse rate | 80.00% | 80.00% | |
Spread over SOFR | 1.80% | 1.85% | |
Mortality rate | 23.00% | 23.00% | |
Option budget | 7.00% | 7.00% | |
Level 3 | Internal | Maximum | Discounted cash flow | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Discount rate | 20.72% | 20.00% | |
Level 3 | Internal | Maximum | Discounted cash flow | Commercial mortgage-backed securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Liquidity premium | 0.75% | 0.75% | |
Level 3 | Internal | Maximum | Discounted cash flow | Market risk benefit assets | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Lapse rate | 20.00% | 20.00% | |
Spread over SOFR | 1.78% | 1.82% | |
Utilization rate | 95.00% | 95.00% | |
Withdrawal rate (greater than maximum range) | 100.00% | 100.00% | |
Mortality rate | 15.00% | 15.00% | |
Equity volatility curve | 25.00% | 25.00% | |
Level 3 | Internal | Maximum | Discounted cash flow | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Discount rate | 12.00% | 20.00% | |
Level 3 | Internal | Maximum | Market comparables | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
EBITDA multiples | 8.8 | 8.8 | |
Level 3 | Internal | Maximum | Market comparables | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
EBITDA multiples | 12.2 | 10.0 | |
Level 3 | Internal | Maximum | Liquidation | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Liquidation value | 42.00% | 68.00% | |
Level 3 | Internal | Maximum | Net asset value | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Share price | 1,714 | 1,714 | |
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Discount rate | 11.16% | 8.65% | |
Level 3 | Internal | Weighted Average | Discounted cash flow | Commercial mortgage-backed securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Liquidity premium | 0.68% | 0.70% | |
Level 3 | Internal | Weighted Average | Market comparables | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
EBITDA multiples | 6.9 | 7.4 | |
Level 3 | Internal | Weighted Average | Market comparables | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
EBITDA multiples | 5.1 | 6.3 | |
Level 3 | Internal | Weighted Average | Liquidation | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Liquidation value | 42.00% | 57.63% | |
Level 3 | Internal | Weighted Average | Net asset value | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Share price | 776 | 733 | |
Level 3 | Internal | Fair Value, Measurements, Recurring | Market risk benefit liabilities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Market risk benefit liabilities | $ 4,624 | $ 5,467 | |
Level 3 | Internal | Fair Value, Measurements, Recurring | Policyholders’ account balances | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Policyholders' account balances | 9,864 | 7,752 | |
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Corporate securities | 4,083 | 1,311 | |
Level 3 | Internal | Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Commercial mortgage-backed securities | 935 | 938 | |
Level 3 | Internal | Fair Value, Measurements, Recurring | Market risk benefit assets | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Market risk benefit assets | 2,225 | 1,981 | |
Level 3 | Internal | Fair Value, Measurements, Recurring | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Equity securities | $ 228 | $ 246 | |
Level 3 | Internal | Fair Value, Measurements, Recurring | Minimum | Discounted cash flow | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Discount rate, equity securities | 10.00% | ||
Level 3 | Internal | Fair Value, Measurements, Recurring | Maximum | Discounted cash flow | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Discount rate, equity securities | 20.00% |
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Unrealized gains (losses) for assets/liabilities still held: | |||
Market risk benefit assets | $ 2,225 | $ 976 | $ 1,981 |
Market risk benefit liabilities | 4,624 | 6,096 | 5,467 |
Fair Value, Measurements, Recurring | |||
Unrealized gains (losses) for assets/liabilities still held: | |||
Market risk benefit assets | 2,225 | 1,981 | |
Market risk benefit liabilities | 4,624 | $ 5,467 | |
Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, beginning of period | 512 | 627 | |
Purchases | 21 | 7 | |
Sales | (4) | (59) | |
Issuances | 0 | 0 | |
Settlements | (4) | (6) | |
Other | 9 | 215 | |
Transfers into Level 3 | 0 | 1 | |
Transfers out of Level 3 | (9) | (1) | |
Fair Value, end of period | 506 | 801 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (19) | 17 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (22) | 0 | |
Equity securities | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Equity securities | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (19) | 17 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (22) | 0 | |
Equity securities | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Equity securities | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Equity securities | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Other invested assets | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, beginning of period | 846 | 539 | |
Purchases | 29 | 270 | |
Sales | (2) | (7) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Other | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | 865 | 803 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (8) | 1 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (8) | 1 | |
Other invested assets | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (1) | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (1) | 0 | |
Other invested assets | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (7) | 1 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (7) | 1 | |
Other invested assets | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other invested assets | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other invested assets | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Short-term investments | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, beginning of period | 29 | 18 | |
Purchases | 5 | 3 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | (7) | |
Other | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | 32 | 16 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (2) | 2 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (2) | 0 | |
Short-term investments | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (3) | 2 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (2) | 0 | |
Short-term investments | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Short-term investments | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Short-term investments | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Short-term investments | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 1 | 0 | |
Cash equivalents | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, beginning of period | 4 | 0 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Other | (4) | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | 0 | 0 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Cash equivalents | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Cash equivalents | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Cash equivalents | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Cash equivalents | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Cash equivalents | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Reinsurance recoverables and deposit receivables | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, beginning of period | 224 | 141 | |
Purchases | 55 | 35 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | (13) | (2) | |
Other | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | 303 | 156 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 37 | (18) | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 24 | (17) | |
Reinsurance recoverables and deposit receivables | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 37 | (18) | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 24 | (17) | |
Reinsurance recoverables and deposit receivables | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Reinsurance recoverables and deposit receivables | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Reinsurance recoverables and deposit receivables | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Reinsurance recoverables and deposit receivables | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, beginning of period | 11 | 11 | |
Purchases | 8 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Other | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | 19 | 11 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other assets | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other assets | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other assets | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other assets | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other assets | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Separate accounts assets | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, beginning of period | 1,094 | 1,081 | |
Purchases | 56 | 143 | |
Sales | (763) | (67) | |
Issuances | 0 | 0 | |
Settlements | (2) | (26) | |
Other | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | (1) | (1) | |
Fair Value, end of period | 338 | 1,169 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (46) | 39 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (7) | 37 | |
Separate accounts assets | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Separate accounts assets | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Separate accounts assets | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (46) | 39 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (7) | 37 | |
Separate accounts assets | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Separate accounts assets | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Policyholders’ account balances | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, beginning of period | (7,752) | (3,492) | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | (618) | (401) | |
Settlements | 0 | 0 | |
Other | 1 | (100) | |
Transfers Into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | (9,864) | (4,244) | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (1,495) | (251) | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (216) | (442) | |
Policyholders’ account balances | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (1,495) | (251) | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (216) | (442) | |
Policyholders’ account balances | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Policyholders’ account balances | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Policyholders’ account balances | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Policyholders’ account balances | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Other liabilities | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, beginning of period | (1) | (1) | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Other | 0 | 0 | |
Transfers Into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | (1) | (1) | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other liabilities | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other liabilities | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other liabilities | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other liabilities | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other liabilities | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Notes issued by consolidated VIEs | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, beginning of period | (778) | 0 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 10 | 0 | |
Settlements | 0 | 0 | |
Other | 391 | 0 | |
Transfers Into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | (405) | 0 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (8) | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (8) | 0 | |
Notes issued by consolidated VIEs | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Notes issued by consolidated VIEs | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (8) | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (8) | 0 | |
Notes issued by consolidated VIEs | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Notes issued by consolidated VIEs | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Notes issued by consolidated VIEs | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Fixed maturities, available-for-sale | Fixed maturities | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (33) | (3) | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (28) | 7 | |
Fixed maturities, available-for-sale | Fixed maturities | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Fixed maturities, available-for-sale | Fixed maturities | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Fixed maturities, available-for-sale | Fixed maturities | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (16) | (24) | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (24) | (22) | |
Fixed maturities, available-for-sale | Fixed maturities | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 5 | 1 | |
Fixed maturities, available-for-sale | Fixed maturities | U.S. states | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, beginning of period | 7 | 7 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Other | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | 6 | 7 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (1) | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (1) | 0 | |
Fixed maturities, available-for-sale | Fixed maturities | Foreign government bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, beginning of period | 8 | 8 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | (1) | 1 | |
Other | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | 7 | 9 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Fixed maturities, available-for-sale | Fixed maturities | Corporate securities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, beginning of period | 4,806 | 3,858 | |
Purchases | 402 | 527 | |
Sales | (5) | (128) | |
Issuances | 0 | 0 | |
Settlements | (287) | (323) | |
Other | (13) | (2) | |
Transfers into Level 3 | 108 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | 4,965 | 3,941 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (46) | 9 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (50) | 21 | |
Fixed maturities, available-for-sale | Fixed maturities | Structured securities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, beginning of period | 1,297 | 1,289 | |
Purchases | 1,265 | 240 | |
Sales | 0 | (1) | |
Issuances | 0 | 0 | |
Settlements | (12) | (12) | |
Other | (1) | 0 | |
Transfers into Level 3 | 60 | 37 | |
Transfers out of Level 3 | 0 | (80) | |
Fair Value, end of period | 2,612 | 1,438 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 3 | (35) | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (1) | (36) | |
Fixed maturities, trading | Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, beginning of period | 429 | 304 | |
Purchases | 564 | 33 | |
Sales | (22) | 0 | |
Issuances | 0 | 0 | |
Settlements | (46) | (4) | |
Other | (1) | 1 | |
Transfers into Level 3 | 404 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | 1,330 | 339 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 2 | 5 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 7 | 3 | |
Fixed maturities, trading | Fixed maturities | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Fixed maturities, trading | Fixed maturities | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 1 | 4 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 7 | 3 | |
Fixed maturities, trading | Fixed maturities | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Fixed maturities, trading | Fixed maturities | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Fixed maturities, trading | Fixed maturities | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | $ 1 | $ 1 |
Fair Value of Assets and Liabilities (Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | $ 1,380 | $ 1,103 |
Netting | (16,782) | (13,158) |
Total derivative liabilities | 4,485 | 4,181 |
Netting | (25,551) | (22,973) |
Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 10,477 | 8,998 |
Total derivative liabilities | 25,365 | 22,987 |
Currency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1,494 | 1,008 |
Total derivative liabilities | 1,493 | 1,149 |
Credit Risk Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 130 | 64 |
Total derivative liabilities | 17 | 0 |
Currency/Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 2,791 | 2,454 |
Total derivative liabilities | 682 | 840 |
Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 3,270 | 1,737 |
Total derivative liabilities | 2,479 | 2,178 |
Other Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 37 | 26 |
Total derivative liabilities | 10 | 36 |
Level 1 | Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 8 | 7 |
Total derivative liabilities | 2 | 26 |
Level 1 | Currency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 1 | Credit Risk Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 1 | Currency/Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 1 | Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 29 | 19 |
Total derivative liabilities | 8 | 10 |
Level 1 | Other Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 18,124 | 14,234 |
Total derivative liabilities | 30,025 | 27,117 |
Level 2 | Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 10,468 | 8,990 |
Total derivative liabilities | 25,362 | 22,960 |
Level 2 | Currency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1,494 | 1,008 |
Total derivative liabilities | 1,493 | 1,149 |
Level 2 | Credit Risk Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 130 | 64 |
Total derivative liabilities | 17 | 0 |
Level 2 | Currency/Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 2,791 | 2,454 |
Total derivative liabilities | 682 | 840 |
Level 2 | Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 3,241 | 1,718 |
Total derivative liabilities | 2,471 | 2,168 |
Level 2 | Other Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1 | 1 |
Total derivative liabilities | 1 | 1 |
Level 3 | Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1 | 1 |
Total derivative liabilities | 1 | 1 |
Level 3 | Currency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 3 | Credit Risk Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 3 | Currency/Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 3 | Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 3 | Other Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | $ 0 | $ 0 |
Fair Value of Assets and Liabilities (Changes in Level 3 Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Equity | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair Value, beginning of period | $ 0 | $ 0 |
Total gains (losses) (realized/unrealized): | ||
Included in earnings | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Other | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, end of period | 0 | 0 |
Unrealized Gain (Loss) for assets still held | ||
Included in earnings | 0 | 0 |
Interest Rate | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair Value, beginning of period | 0 | 0 |
Total gains (losses) (realized/unrealized): | ||
Included in earnings | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Other | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, end of period | 0 | 0 |
Unrealized Gain (Loss) for assets still held | ||
Included in earnings | $ 0 | $ 0 |
Fair Value of Assets and Liabilities (Nonrecurring Fair Value Measurements) (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Commercial mortgage loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Realized investment gains (losses) net | $ 0 | $ 0 | |
Carrying value after measurement as of period end | 0 | $ 34 | |
Investment real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Realized investment gains (losses) net | 0 | 0 | |
Carrying value after measurement as of period end | 0 | 113 | |
Investment in JV/LP and Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Realized investment gains (losses) net | (7) | $ (17) | |
Carrying value after measurement as of period end | $ 128 | $ 186 |
Fair Value of Assets and Liabilities (Changes in Fair Values Recorded in Earnings for FVO Assets-Liabilities) (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||||
Commercial mortgage and other loans | [1] | $ 58,781 | $ 59,305 | ||||
Other assets | [1],[2] | 13,205 | 13,179 | ||||
Commercial mortgage and other loans | |||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||||
Interest income | 2 | $ 1 | |||||
Fair value option loans in more than 90 days past due and still accruing | 0 | ||||||
Notes issued by consolidated VIEs | |||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||||
Changes in fair value | 8 | 0 | |||||
Interest expense | 7 | $ 0 | |||||
Fair value option | |||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||||
Commercial mortgage and other loans | 157 | 519 | |||||
Other assets | 19 | 11 | |||||
Notes issued by consolidated VIEs | 405 | 778 | |||||
Fair value option, aggregate contractual principal | |||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||||
Commercial mortgage and other loans | 156 | 512 | |||||
Notes issued by consolidated VIEs | $ 405 | $ 787 | |||||
|
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
||||||
---|---|---|---|---|---|---|---|---|---|
Assets: | |||||||||
Commercial mortgage and other loans | [1] | $ 58,781 | $ 59,305 | ||||||
Policy loans | 9,907 | 10,047 | |||||||
Other invested assets | [1] | 24,227 | 22,855 | ||||||
Cash and cash equivalents | 18,735 | [1] | 19,419 | [1] | $ 17,425 | ||||
Accrued investment income | [1] | 3,361 | 3,287 | ||||||
Reinsurance recoverables and deposit receivables | [2] | 27,929 | 27,311 | ||||||
Other assets, assets at fair value | 19 | 11 | |||||||
Liabilities: | |||||||||
Securities sold under agreements to repurchase | 6,563 | 6,056 | |||||||
Cash collateral for loaned securities | 6,978 | 6,477 | |||||||
Reinsurance and funds withheld payables | [2] | 15,746 | 15,729 | ||||||
Short-term debt | 585 | 618 | |||||||
Long-term debt | 19,368 | 18,882 | |||||||
Other Liabilities, derivatives at fair value | 4,485 | 4,175 | |||||||
Fair Value | |||||||||
Assets: | |||||||||
Commercial mortgage and other loans | 55,164 | 55,652 | |||||||
Policy loans | 9,907 | 10,047 | |||||||
Other invested assets | 132 | 97 | |||||||
Short-term investments | 1,326 | 1,105 | |||||||
Cash and cash equivalents | 10,040 | 9,117 | |||||||
Accrued investment income | 3,361 | 3,287 | |||||||
Reinsurance recoverables and deposit receivables | 5,365 | 5,176 | |||||||
Other assets, assets at fair value | 3,192 | 3,102 | |||||||
Total assets | 88,487 | 87,583 | |||||||
Liabilities: | |||||||||
Policyholders’ account balances—investment contracts | 69,255 | 68,883 | |||||||
Securities sold under agreements to repurchase | 6,563 | 6,056 | |||||||
Cash collateral for loaned securities | 6,978 | 6,477 | |||||||
Reinsurance and funds withheld payables | 9,721 | 9,530 | |||||||
Short-term debt | 585 | 618 | |||||||
Long-term debt | 18,579 | 18,268 | |||||||
Notes issued by consolidated VIEs | 727 | 596 | |||||||
Other Liabilities, derivatives at fair value | 6,339 | 6,982 | |||||||
Separate account liabilities—investment contracts | 42,795 | 45,365 | |||||||
Total liabilities | 161,542 | 162,775 | |||||||
Carrying Amount | |||||||||
Assets: | |||||||||
Commercial mortgage and other loans | 58,624 | 58,786 | |||||||
Policy loans | 9,907 | 10,047 | |||||||
Other invested assets | 132 | 97 | |||||||
Short-term investments | 1,326 | 1,105 | |||||||
Cash and cash equivalents | 10,040 | 9,117 | |||||||
Accrued investment income | 3,361 | 3,287 | |||||||
Reinsurance recoverables and deposit receivables | 5,365 | 5,176 | |||||||
Other assets, assets at fair value | 3,192 | 3,102 | |||||||
Total assets | 91,947 | 90,717 | |||||||
Liabilities: | |||||||||
Policyholders’ account balances—investment contracts | 74,253 | 72,604 | |||||||
Securities sold under agreements to repurchase | 6,563 | 6,056 | |||||||
Cash collateral for loaned securities | 6,978 | 6,477 | |||||||
Reinsurance and funds withheld payables | 9,721 | 9,530 | |||||||
Short-term debt | 585 | 618 | |||||||
Long-term debt | 19,368 | 18,882 | |||||||
Notes issued by consolidated VIEs | 727 | 596 | |||||||
Other Liabilities, derivatives at fair value | 6,339 | 6,982 | |||||||
Separate account liabilities—investment contracts | 42,795 | 45,365 | |||||||
Total liabilities | 167,329 | 167,110 | |||||||
Level 1 | Fair Value | |||||||||
Assets: | |||||||||
Commercial mortgage and other loans | 0 | 0 | |||||||
Policy loans | 8 | 8 | |||||||
Other invested assets | 0 | 0 | |||||||
Short-term investments | 1,287 | 1,092 | |||||||
Cash and cash equivalents | 9,860 | 8,709 | |||||||
Accrued investment income | 0 | 0 | |||||||
Reinsurance recoverables and deposit receivables | 0 | 0 | |||||||
Other assets, assets at fair value | 22 | 43 | |||||||
Total assets | 11,177 | 9,852 | |||||||
Liabilities: | |||||||||
Policyholders’ account balances—investment contracts | 0 | 0 | |||||||
Securities sold under agreements to repurchase | 0 | 0 | |||||||
Cash collateral for loaned securities | 0 | 0 | |||||||
Reinsurance and funds withheld payables | 0 | 0 | |||||||
Short-term debt | 0 | 0 | |||||||
Long-term debt | 567 | 564 | |||||||
Notes issued by consolidated VIEs | 0 | 0 | |||||||
Other Liabilities, derivatives at fair value | 0 | 0 | |||||||
Separate account liabilities—investment contracts | 0 | 0 | |||||||
Total liabilities | 567 | 564 | |||||||
Level 2 | Fair Value | |||||||||
Assets: | |||||||||
Commercial mortgage and other loans | 37 | 41 | |||||||
Policy loans | 0 | 0 | |||||||
Other invested assets | 97 | 97 | |||||||
Short-term investments | 39 | 13 | |||||||
Cash and cash equivalents | 180 | 408 | |||||||
Accrued investment income | 3,361 | 3,287 | |||||||
Reinsurance recoverables and deposit receivables | 7 | 5 | |||||||
Other assets, assets at fair value | 3,168 | 3,059 | |||||||
Total assets | 6,889 | 6,910 | |||||||
Liabilities: | |||||||||
Policyholders’ account balances—investment contracts | 30,525 | 31,089 | |||||||
Securities sold under agreements to repurchase | 6,563 | 6,056 | |||||||
Cash collateral for loaned securities | 6,978 | 6,477 | |||||||
Reinsurance and funds withheld payables | 9,745 | 9,553 | |||||||
Short-term debt | 505 | 535 | |||||||
Long-term debt | 17,256 | 16,938 | |||||||
Notes issued by consolidated VIEs | 0 | 0 | |||||||
Other Liabilities, derivatives at fair value | 6,307 | 6,950 | |||||||
Separate account liabilities—investment contracts | 23,193 | 24,050 | |||||||
Total liabilities | 101,072 | 101,648 | |||||||
Level 3 | Fair Value | |||||||||
Assets: | |||||||||
Commercial mortgage and other loans | 55,127 | 55,611 | |||||||
Policy loans | 9,899 | 10,039 | |||||||
Other invested assets | 35 | 0 | |||||||
Short-term investments | 0 | 0 | |||||||
Cash and cash equivalents | 0 | 0 | |||||||
Accrued investment income | 0 | 0 | |||||||
Reinsurance recoverables and deposit receivables | 5,358 | 5,171 | |||||||
Other assets, assets at fair value | 2 | 0 | |||||||
Total assets | 70,421 | 70,821 | |||||||
Liabilities: | |||||||||
Policyholders’ account balances—investment contracts | 38,730 | 37,794 | |||||||
Securities sold under agreements to repurchase | 0 | 0 | |||||||
Cash collateral for loaned securities | 0 | 0 | |||||||
Reinsurance and funds withheld payables | (24) | (23) | |||||||
Short-term debt | 80 | 83 | |||||||
Long-term debt | 756 | 766 | |||||||
Notes issued by consolidated VIEs | 727 | 596 | |||||||
Other Liabilities, derivatives at fair value | 32 | 32 | |||||||
Separate account liabilities—investment contracts | 19,602 | 21,315 | |||||||
Total liabilities | 59,903 | 60,563 | |||||||
Prudential Netting Agreement | Fair Value | |||||||||
Liabilities: | |||||||||
Short-term debt | 2,010 | 2,000 | |||||||
Long-term debt | 11,582 | 10,370 | |||||||
Prudential Netting Agreement | Carrying Amount | |||||||||
Liabilities: | |||||||||
Short-term debt | 2,000 | 2,000 | |||||||
Long-term debt | 11,582 | 10,370 | |||||||
Prismic Life Reinsurance, Ltd | Fair Value | |||||||||
Liabilities: | |||||||||
Reinsurance and funds withheld payables | 7,963 | 8,036 | |||||||
Prismic Life Reinsurance, Ltd | Carrying Amount | |||||||||
Liabilities: | |||||||||
Reinsurance and funds withheld payables | $ 7,963 | $ 8,036 | |||||||
|
Deferred Policy Acquisition Costs (Balance of and Changes in DAC) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, BOP | $ 20,856 | |
Amortization expense | (375) | $ (365) |
Balance, EOP | 20,613 | 20,741 |
Total | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, BOP | 20,628 | 20,400 |
Capitalization | 573 | 548 |
Amortization expense | (371) | (367) |
Other adjustments | (282) | 5 |
Foreign currency adjustment | (232) | (11) |
Balance, EOP | 20,316 | 20,575 |
Other businesses | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, EOP | 297 | 166 |
Individual Variable | Retirement Strategies | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, BOP | 3,676 | 4,171 |
Capitalization | 85 | 59 |
Amortization expense | (94) | (98) |
Other adjustments | 0 | 0 |
Foreign currency adjustment | 0 | 0 |
Balance, EOP | 3,667 | 4,132 |
Term Life Insurance | Individual Life | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, BOP | 2,237 | 2,288 |
Capitalization | 44 | 33 |
Amortization expense | (52) | (53) |
Other adjustments | (2) | 0 |
Foreign currency adjustment | 0 | 0 |
Balance, EOP | 2,227 | 2,268 |
Variable Universal Life | Individual Life | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, BOP | 5,364 | 5,000 |
Capitalization | 151 | 142 |
Amortization expense | (61) | (60) |
Other adjustments | (285) | 0 |
Foreign currency adjustment | 0 | 0 |
Balance, EOP | 5,169 | 5,082 |
Life Planner | International Businesses | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, BOP | 4,909 | 4,710 |
Capitalization | 155 | 159 |
Amortization expense | (83) | (81) |
Other adjustments | 5 | 5 |
Foreign currency adjustment | (138) | 2 |
Balance, EOP | 4,848 | 4,795 |
Gibraltar Life and Other | International Businesses | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, BOP | 4,442 | 4,231 |
Capitalization | 138 | 155 |
Amortization expense | (81) | (75) |
Other adjustments | 0 | 0 |
Foreign currency adjustment | (94) | (13) |
Balance, EOP | $ 4,405 | $ 4,298 |
Deferred Policy Acquisition Costs (Balance of and Changes in DSI) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Movement in Deferred Sales Inducements [Roll Forward] | ||
Balance, EOP | $ 434 | $ 472 |
Individual Retirement Strategies | ||
Movement in Deferred Sales Inducements [Roll Forward] | ||
Balance, EOP | 403 | 438 |
Individual Retirement Strategies | Individual Variable | ||
Movement in Deferred Sales Inducements [Roll Forward] | ||
Balance, BOP | 410 | 446 |
Capitalization | 2 | 2 |
Amortization expense | (9) | (10) |
Other businesses | ||
Movement in Deferred Sales Inducements [Roll Forward] | ||
Balance, EOP | $ 31 | $ 34 |
Deferred Policy Acquisition Costs (Balance of and Changes in VOBA) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, BOP | $ 530 | |
Balance, EOP | 484 | |
Gibraltar Life and Other | ||
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, EOP | 467 | |
Aoba Life | ||
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, EOP | 17 | |
Gibraltar Life and Other | ||
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, BOP | 511 | $ 597 |
Amortization expense | (11) | (14) |
Foreign currency adjustment | (33) | (5) |
Balance, EOP | 467 | 578 |
Other businesses | ||
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, EOP | 17 | 23 |
Gibraltar Life and Other And Other Businesses | ||
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, EOP | $ 484 | $ 601 |
Deferred Policy Acquisition Costs (Estimated Future VOBA Amortization, Net of Interest) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Deferred Charges, Insurers [Abstract] | ||
Estimated future VOBA amortization - 2024 (April-December) | $ 33 | |
Estimated future VOBA amortization - 2025 | 40 | |
Estimated future VOBA amortization - 2026 | 37 | |
Estimated future VOBA amortization - 2027 | 33 | |
Estimated future VOBA amortization - 2028 | 30 | |
Estimated future VOBA amortization - Thereafter | 311 | |
Present Value of Future Insurance Profits, Net | $ 484 | $ 530 |
Separate Accounts (Separate Account Assets) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | $ 200,064 | $ 198,888 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 4,169 | 4,411 |
Obligations of U.S. states and their political subdivisions | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,152 | 2,116 |
Foreign government bonds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 108 | 101 |
U.S. corporate securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 12,566 | 12,782 |
Foreign corporate securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 3,201 | 3,288 |
Asset-backed securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,256 | 1,211 |
Mortgage-backed securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 14,156 | 14,253 |
Equity | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 92,751 | 88,397 |
Fixed Income | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 35,762 | 37,065 |
Other | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 5,919 | 5,587 |
Equity securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 4,651 | 5,410 |
Commercial mortgage and other loans | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 64 | 67 |
Other invested assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 19,679 | 20,739 |
Short-term investments | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,443 | 1,202 |
Cash and cash equivalents | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | $ 2,187 | $ 2,259 |
Separate Accounts (Separate Account Liabilities) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | $ 200,064 | $ 202,294 | $ 198,888 | |
Cash surrender value | 198,600 | 201,238 | ||
Total | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 203,251 | 205,941 | 202,033 | $ 201,322 |
Deposits | 9,525 | 2,097 | ||
Investment performance | 7,131 | 7,895 | ||
Policy charges | (894) | (922) | ||
Surrenders and withdrawals | (12,588) | (3,522) | ||
Benefit payments | (1,187) | (1,191) | ||
Net transfers (to) from general account | (176) | (260) | ||
Other | (593) | 522 | ||
Other businesses | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | (3,187) | (3,647) | ||
PGIM | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 30,885 | 39,261 | 32,648 | 40,056 |
Deposits | 8,411 | 1,279 | ||
Investment performance | (537) | 174 | ||
Policy charges | (18) | (21) | ||
Surrenders and withdrawals | (8,270) | (1,012) | ||
Benefit payments | (858) | (857) | ||
Net transfers (to) from general account | (35) | (168) | ||
Other | (456) | (190) | ||
Cash surrender value | 30,885 | 39,261 | ||
Institutional Retirement Strategies | Retirement Strategies | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 10,074 | 11,862 | 11,011 | 11,428 |
Deposits | 51 | 51 | ||
Investment performance | (60) | 454 | ||
Policy charges | (2) | (3) | ||
Surrenders and withdrawals | (716) | (45) | ||
Benefit payments | (137) | (137) | ||
Net transfers (to) from general account | (24) | (14) | ||
Other | (49) | 128 | ||
Cash surrender value | 10,074 | 11,862 | ||
Individual Retirement Strategies | Retirement Strategies | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 94,659 | 95,206 | 94,130 | 93,395 |
Deposits | 151 | 94 | ||
Investment performance | 4,308 | 4,627 | ||
Policy charges | (563) | (594) | ||
Surrenders and withdrawals | (3,354) | (2,285) | ||
Benefit payments | (20) | (23) | ||
Net transfers (to) from general account | 6 | (11) | ||
Other | 1 | 3 | ||
Cash surrender value | 93,526 | 93,618 | ||
Group Insurance | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 25,214 | 24,661 | 25,021 | 23,513 |
Deposits | 160 | 6 | ||
Investment performance | 265 | 702 | ||
Policy charges | (31) | (42) | ||
Surrenders and withdrawals | (8) | (2) | ||
Benefit payments | (56) | (77) | ||
Net transfers (to) from general account | 0 | 0 | ||
Other | (137) | 561 | ||
Cash surrender value | 25,157 | 24,542 | ||
Individual Life | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 42,419 | 34,951 | $ 39,223 | $ 32,930 |
Deposits | 752 | 667 | ||
Investment performance | 3,155 | 1,938 | ||
Policy charges | (280) | (262) | ||
Surrenders and withdrawals | (240) | (178) | ||
Benefit payments | (116) | (97) | ||
Net transfers (to) from general account | (123) | (67) | ||
Other | 48 | 20 | ||
Cash surrender value | $ 38,958 | $ 31,955 |
Liability For Future Policy Benefits (Benefit Reserves) (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||||
Total balance, EOP | $ 134,704 | $ 129,760 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Other adjustments | 17 | [1] | (25) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 326,490 | 323,148 | |||||
Total balance after reinsurance recoverable | 185,390 | 192,293 | |||||
Other Segments | |||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||||
Total balance, EOP | 88 | 92 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 1,701 | 1,952 | |||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 65 | 74 | |||||
Total balance after reinsurance recoverable | 1,547 | 1,786 | |||||
Total | |||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||||
Balance, BOP | 141,398 | 126,474 | |||||
Effect of cumulative changes in discount rate assumptions | 13,331 | 17,704 | |||||
Balance at original discount rate | 154,729 | 144,178 | |||||
Effect of actual variances from expected experience and other activity | $ (375) | $ (183) | |||||
Adjusted balance, BOP | 154,354 | 143,995 | |||||
Issuances | 9,954 | 4,165 | |||||
Net premiums / considerations collected | (12,584) | (6,324) | |||||
Interest accrual | 1,282 | 1,124 | |||||
Foreign currency adjustment | (2,719) | 1,716 | |||||
Other adjustments | 38 | 37 | |||||
Balance at original discount rate | 150,325 | 144,713 | |||||
Effect of cumulative changes in discount rate assumptions | (15,709) | (15,045) | |||||
Total balance, EOP | 134,616 | 129,668 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Balance, BOP | 331,984 | 306,697 | |||||
Effect of cumulative changes in discount rate assumptions | 23,606 | 37,383 | |||||
Balance at original discount rate, BOP | 355,590 | 344,080 | |||||
Effect of actual variances from expected experience and other activity | (400) | (194) | |||||
Adjusted balance, BOP | 355,190 | 343,886 | |||||
Issuances | 9,954 | 4,165 | |||||
Interest accrual | 3,083 | 2,836 | |||||
Benefit payments | (6,172) | (5,360) | |||||
Foreign currency adjustment | (6,863) | 1,313 | |||||
Other adjustments | 39 | 132 | |||||
Balance at original discount rate, EOP | 355,231 | 346,972 | |||||
Effect of cumulative changes in discount rate assumptions | (30,442) | (25,776) | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 324,789 | 321,196 | |||||
Balance, EOP, pre-flooring | 190,174 | 191,528 | |||||
Flooring impact, EOP | 82 | 41 | |||||
Balance, EOP, post-flooring | 190,256 | 191,569 | |||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 6,413 | 1,062 | |||||
Total balance after reinsurance recoverable | 183,843 | 190,507 | |||||
Interest accrual | 3,083 | 2,836 | |||||
Institutional | Retirement Strategies | |||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||||
Balance, BOP | 71,407 | 52,620 | |||||
Effect of cumulative changes in discount rate assumptions | 11,869 | 14,349 | |||||
Balance at original discount rate | 83,276 | 66,969 | |||||
Effect of actual variances from expected experience and other activity | 176 | 141 | |||||
Adjusted balance, BOP | 83,452 | 67,110 | |||||
Issuances | 8,799 | 2,932 | |||||
Net premiums / considerations collected | (10,124) | (3,637) | |||||
Interest accrual | 708 | 517 | |||||
Foreign currency adjustment | (875) | 1,867 | |||||
Other adjustments | 0 | 0 | |||||
Balance at original discount rate | 81,960 | 68,789 | |||||
Effect of cumulative changes in discount rate assumptions | (13,442) | (13,465) | |||||
Total balance, EOP | 68,518 | 55,324 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Balance, BOP | 141,135 | 117,754 | |||||
Effect of cumulative changes in discount rate assumptions | 14,751 | 20,170 | |||||
Balance at original discount rate, BOP | 155,886 | 137,924 | |||||
Effect of actual variances from expected experience and other activity | 162 | 98 | |||||
Adjusted balance, BOP | 156,048 | 138,022 | |||||
Issuances | 8,799 | 2,932 | |||||
Interest accrual | 1,493 | 1,208 | |||||
Benefit payments | (3,114) | (2,795) | |||||
Foreign currency adjustment | (886) | 1,908 | |||||
Other adjustments | (48) | 48 | |||||
Balance at original discount rate, EOP | 162,292 | 141,323 | |||||
Effect of cumulative changes in discount rate assumptions | (17,715) | (17,578) | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 144,577 | 123,745 | |||||
Balance, EOP, pre-flooring | 76,060 | 68,421 | |||||
Flooring impact, EOP | 56 | 4 | |||||
Balance, EOP, post-flooring | 76,116 | 68,425 | |||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 5,340 | 0 | |||||
Total balance after reinsurance recoverable | 70,776 | 68,425 | |||||
Interest accrual | 1,493 | 1,208 | |||||
Institutional | Retirement Strategies | Gross Basis | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Interest accrual | 785 | 691 | |||||
Undiscounted expected future gross premiums | 131,869 | 106,074 | |||||
Discounted expected future gross premiums (at original discount rate) | 89,183 | 74,439 | |||||
Discounted expected future gross premiums (at current discount rate) | 72,848 | 59,863 | |||||
Undiscounted expected future benefits and expenses | 253,981 | 215,874 | |||||
Interest accrual | 785 | 691 | |||||
Gross Premiums | $ 10,277 | $ 3,892 | |||||
Weighted-average duration of the liability in years (at original discount rate) | 9 years | 8 years | |||||
Weighted-average duration of the liability in years (at current discount rate) | 8 years | 8 years | |||||
Weighted-average interest rate (at original discount rate) | 4.70% | 4.36% | |||||
Weighted-average interest rate (at current discount rate) | 5.31% | 5.09% | |||||
Term Life | Individual Life | |||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||||
Balance, BOP | $ 11,274 | $ 11,282 | |||||
Effect of cumulative changes in discount rate assumptions | 228 | 572 | |||||
Balance at original discount rate | 11,502 | 11,854 | |||||
Effect of actual variances from expected experience and other activity | (57) | (17) | |||||
Adjusted balance, BOP | 11,445 | 11,837 | |||||
Issuances | 199 | 143 | |||||
Net premiums / considerations collected | (345) | (353) | |||||
Interest accrual | 134 | 136 | |||||
Foreign currency adjustment | 0 | 0 | |||||
Other adjustments | (1) | (4) | |||||
Balance at original discount rate | 11,432 | 11,759 | |||||
Effect of cumulative changes in discount rate assumptions | (443) | (321) | |||||
Total balance, EOP | 10,989 | 11,438 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Balance, BOP | 19,852 | 19,288 | |||||
Effect of cumulative changes in discount rate assumptions | 334 | 1,012 | |||||
Balance at original discount rate, BOP | 20,186 | 20,300 | |||||
Effect of actual variances from expected experience and other activity | (65) | (24) | |||||
Adjusted balance, BOP | 20,121 | 20,276 | |||||
Issuances | 199 | 143 | |||||
Interest accrual | 237 | 237 | |||||
Benefit payments | (404) | (406) | |||||
Foreign currency adjustment | 0 | 0 | |||||
Other adjustments | (4) | (7) | |||||
Balance at original discount rate, EOP | 20,149 | 20,243 | |||||
Effect of cumulative changes in discount rate assumptions | (769) | (490) | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 19,380 | 19,753 | |||||
Balance, EOP, pre-flooring | 8,391 | 8,315 | |||||
Flooring impact, EOP | 0 | 0 | |||||
Balance, EOP, post-flooring | 8,391 | 8,315 | |||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 690 | 728 | |||||
Total balance after reinsurance recoverable | 7,701 | 7,587 | |||||
Interest accrual | 237 | 237 | |||||
Term Life | Individual Life | Gross Basis | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Interest accrual | 103 | 101 | |||||
Undiscounted expected future gross premiums | 23,001 | 23,352 | |||||
Discounted expected future gross premiums (at original discount rate) | 15,258 | 15,526 | |||||
Discounted expected future gross premiums (at current discount rate) | 14,693 | 15,119 | |||||
Undiscounted expected future benefits and expenses | 31,039 | 31,258 | |||||
Interest accrual | 103 | 101 | |||||
Gross Premiums | $ 458 | $ 461 | |||||
Weighted-average duration of the liability in years (at original discount rate) | 10 years | 10 years | |||||
Weighted-average duration of the liability in years (at current discount rate) | 9 years | 10 years | |||||
Weighted-average interest rate (at original discount rate) | 5.16% | 5.20% | |||||
Weighted-average interest rate (at current discount rate) | 5.29% | 5.05% | |||||
Life Planner | International Businesses | |||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||||
Balance, BOP | $ 29,064 | $ 30,689 | |||||
Effect of cumulative changes in discount rate assumptions | 596 | 1,354 | |||||
Balance at original discount rate | 29,660 | 32,043 | |||||
Effect of actual variances from expected experience and other activity | (352) | (193) | |||||
Adjusted balance, BOP | 29,308 | 31,850 | |||||
Issuances | 671 | 647 | |||||
Net premiums / considerations collected | (1,091) | (1,178) | |||||
Interest accrual | 218 | 230 | |||||
Foreign currency adjustment | (981) | (31) | |||||
Other adjustments | 40 | 40 | |||||
Balance at original discount rate | 28,165 | 31,558 | |||||
Effect of cumulative changes in discount rate assumptions | (881) | (618) | |||||
Total balance, EOP | 27,284 | 30,940 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Balance, BOP | 79,822 | 78,639 | |||||
Effect of cumulative changes in discount rate assumptions | 563 | 3,719 | |||||
Balance at original discount rate, BOP | 80,385 | 82,358 | |||||
Effect of actual variances from expected experience and other activity | (359) | (167) | |||||
Adjusted balance, BOP | 80,026 | 82,191 | |||||
Issuances | 671 | 647 | |||||
Interest accrual | 648 | 663 | |||||
Benefit payments | (1,228) | (947) | |||||
Foreign currency adjustment | (2,825) | (163) | |||||
Other adjustments | 94 | 93 | |||||
Balance at original discount rate, EOP | 77,386 | 82,484 | |||||
Effect of cumulative changes in discount rate assumptions | (2,347) | 244 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 75,039 | 82,728 | |||||
Balance, EOP, pre-flooring | 47,755 | 51,789 | |||||
Flooring impact, EOP | 19 | 26 | |||||
Balance, EOP, post-flooring | 47,774 | 51,815 | |||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 98 | 112 | |||||
Total balance after reinsurance recoverable | 47,676 | 51,703 | |||||
Interest accrual | 648 | 663 | |||||
Life Planner | International Businesses | Gross Basis | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Interest accrual | 430 | 433 | |||||
Undiscounted expected future gross premiums | 66,266 | 73,474 | |||||
Discounted expected future gross premiums (at original discount rate) | 51,131 | 56,950 | |||||
Discounted expected future gross premiums (at current discount rate) | 50,018 | 56,318 | |||||
Undiscounted expected future benefits and expenses | 134,541 | 147,802 | |||||
Interest accrual | 430 | 433 | |||||
Gross Premiums | $ 1,671 | $ 1,867 | |||||
Weighted-average duration of the liability in years (at original discount rate) | 19 years | 20 years | |||||
Weighted-average duration of the liability in years (at current discount rate) | 18 years | 20 years | |||||
Weighted-average interest rate (at original discount rate) | 3.46% | 3.41% | |||||
Weighted-average interest rate (at current discount rate) | 3.24% | 2.82% | |||||
Gibraltar Life and Other | International Businesses | |||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||||
Balance, BOP | $ 26,367 | $ 28,951 | |||||
Effect of cumulative changes in discount rate assumptions | 622 | 1,326 | |||||
Balance at original discount rate | 26,989 | 30,277 | |||||
Effect of actual variances from expected experience and other activity | (191) | (159) | |||||
Adjusted balance, BOP | 26,798 | 30,118 | |||||
Issuances | 285 | 443 | |||||
Net premiums / considerations collected | (938) | (1,079) | |||||
Interest accrual | 182 | 204 | |||||
Foreign currency adjustment | (863) | (120) | |||||
Other adjustments | (1) | 1 | |||||
Balance at original discount rate | 25,463 | 29,567 | |||||
Effect of cumulative changes in discount rate assumptions | (856) | (611) | |||||
Total balance, EOP | 24,607 | 28,956 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Balance, BOP | 79,036 | 80,331 | |||||
Effect of cumulative changes in discount rate assumptions | 7,355 | 11,266 | |||||
Balance at original discount rate, BOP | 86,391 | 91,597 | |||||
Effect of actual variances from expected experience and other activity | (180) | (154) | |||||
Adjusted balance, BOP | 86,211 | 91,443 | |||||
Issuances | 285 | 443 | |||||
Interest accrual | 552 | 585 | |||||
Benefit payments | (1,349) | (1,152) | |||||
Foreign currency adjustment | (3,152) | (432) | |||||
Other adjustments | (3) | (2) | |||||
Balance at original discount rate, EOP | 82,544 | 90,885 | |||||
Effect of cumulative changes in discount rate assumptions | (8,578) | (7,214) | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 73,966 | 83,671 | |||||
Balance, EOP, pre-flooring | 49,360 | 54,715 | |||||
Flooring impact, EOP | 7 | 11 | |||||
Balance, EOP, post-flooring | 49,367 | 54,726 | |||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 285 | 222 | |||||
Total balance after reinsurance recoverable | 49,082 | 54,504 | |||||
Interest accrual | 552 | 585 | |||||
Gibraltar Life and Other | International Businesses | Gross Basis | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Interest accrual | 370 | 381 | |||||
Undiscounted expected future gross premiums | 53,342 | 62,903 | |||||
Discounted expected future gross premiums (at original discount rate) | 42,749 | 49,872 | |||||
Discounted expected future gross premiums (at current discount rate) | 41,467 | 49,016 | |||||
Undiscounted expected future benefits and expenses | 135,676 | 154,197 | |||||
Interest accrual | 370 | 381 | |||||
Gross Premiums | $ 1,529 | $ 1,767 | |||||
Weighted-average duration of the liability in years (at original discount rate) | 19 years | 20 years | |||||
Weighted-average duration of the liability in years (at current discount rate) | 17 years | 18 years | |||||
Weighted-average interest rate (at original discount rate) | 2.60% | 2.52% | |||||
Weighted-average interest rate (at current discount rate) | 3.14% | 2.69% | |||||
Long- Term Care | Corporate and Other | |||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||||
Balance, BOP | $ 3,286 | $ 2,932 | |||||
Effect of cumulative changes in discount rate assumptions | 16 | 103 | |||||
Balance at original discount rate | 3,302 | 3,035 | |||||
Effect of actual variances from expected experience and other activity | 49 | 45 | |||||
Adjusted balance, BOP | 3,351 | 3,080 | |||||
Issuances | 0 | 0 | |||||
Net premiums / considerations collected | (86) | (77) | |||||
Interest accrual | 40 | 37 | |||||
Foreign currency adjustment | 0 | 0 | |||||
Other adjustments | 0 | 0 | |||||
Balance at original discount rate | 3,305 | 3,040 | |||||
Effect of cumulative changes in discount rate assumptions | (87) | (30) | |||||
Total balance, EOP | 3,218 | 3,010 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Balance, BOP | 12,139 | 10,685 | |||||
Effect of cumulative changes in discount rate assumptions | 603 | 1,216 | |||||
Balance at original discount rate, BOP | 12,742 | 11,901 | |||||
Effect of actual variances from expected experience and other activity | 42 | 53 | |||||
Adjusted balance, BOP | $ 12,784 | $ 11,954 | |||||
Issuances | 0 | 0 | |||||
Interest accrual | 153 | 143 | |||||
Benefit payments | (77) | (60) | |||||
Foreign currency adjustment | 0 | 0 | |||||
Other adjustments | 0 | 0 | |||||
Balance at original discount rate, EOP | 12,860 | 12,037 | |||||
Effect of cumulative changes in discount rate assumptions | (1,033) | (738) | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 11,827 | 11,299 | |||||
Balance, EOP, pre-flooring | 8,608 | 8,288 | |||||
Flooring impact, EOP | 0 | 0 | |||||
Balance, EOP, post-flooring | 8,608 | 8,288 | |||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | |||||
Total balance after reinsurance recoverable | 8,608 | 8,288 | |||||
Interest accrual | 153 | 143 | |||||
Long- Term Care | Corporate and Other | Gross Basis | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Interest accrual | 113 | 106 | |||||
Undiscounted expected future gross premiums | 6,858 | 6,901 | |||||
Discounted expected future gross premiums (at original discount rate) | 4,525 | 4,507 | |||||
Discounted expected future gross premiums (at current discount rate) | 4,410 | 4,467 | |||||
Undiscounted expected future benefits and expenses | 30,755 | 29,713 | |||||
Interest accrual | 113 | 106 | |||||
Gross Premiums | $ 118 | $ 114 | |||||
Weighted-average duration of the liability in years (at original discount rate) | 18 years | 18 years | |||||
Weighted-average duration of the liability in years (at current discount rate) | 17 years | 18 years | |||||
Weighted-average interest rate (at original discount rate) | 4.91% | 4.91% | |||||
Weighted-average interest rate (at current discount rate) | 5.50% | 5.34% | |||||
|
Liability For Future Policy Benefits (Deferred Profit Liability) (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Other adjustments | $ 17 | [1] | $ (25) | ||||
Total balance after reinsurance recoverable | 185,390 | 192,293 | |||||
Deferred profit liability | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Total balance after reinsurance recoverable | 14,585 | 14,795 | |||||
Retirement Strategies | Institutional | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Effect of actual variances from expected experience and other activity | $ 162 | $ 98 | |||||
Adjusted balance, BOP | 156,048 | 138,022 | |||||
Interest accrual | 1,493 | 1,208 | |||||
Foreign currency adjustment | (886) | 1,908 | |||||
Other adjustments | (48) | 48 | |||||
Balance, EOP, pre-flooring | 76,060 | 68,421 | |||||
Flooring impact, EOP | 56 | 4 | |||||
Balance, EOP, post-flooring | 76,116 | 68,425 | |||||
Less: Reinsurance recoverables | 5,340 | 0 | |||||
Total balance after reinsurance recoverable | 70,776 | 68,425 | |||||
Retirement Strategies | Institutional | Gross Basis | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Interest accrual | 785 | 691 | |||||
Revenue | 10,277 | 3,892 | |||||
Retirement Strategies | Institutional | Deferred profit liability | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Balance, BOP, post-flooring | 5,615 | 5,532 | |||||
Flooring impact, BOP | 0 | 0 | |||||
Balance, BOP, pre-flooring | 5,615 | 5,532 | |||||
Effect of actual variances from expected experience and other activity | 26 | 31 | |||||
Adjusted balance, BOP | 5,641 | 5,563 | |||||
Profits deferred | 38 | 164 | |||||
Interest accrual | 57 | 57 | |||||
Amortization | (142) | (141) | |||||
Foreign currency adjustment | (3) | 7 | |||||
Other adjustments | 0 | 0 | |||||
Balance, EOP, pre-flooring | 5,591 | 5,650 | |||||
Flooring impact, EOP | 0 | 0 | |||||
Balance, EOP, post-flooring | 5,591 | 5,650 | |||||
Less: Reinsurance recoverables | 382 | 0 | |||||
Total balance after reinsurance recoverable | 5,209 | 5,650 | |||||
Revenue | 20 | (111) | |||||
Retirement Strategies | Institutional | Deferred profit liability | Gross Basis | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Interest accrual | 57 | 57 | |||||
Revenue | 20 | (111) | |||||
International Businesses | Life Planner | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Effect of actual variances from expected experience and other activity | (359) | (167) | |||||
Adjusted balance, BOP | 80,026 | 82,191 | |||||
Interest accrual | 648 | 663 | |||||
Foreign currency adjustment | (2,825) | (163) | |||||
Other adjustments | 94 | 93 | |||||
Balance, EOP, pre-flooring | 47,755 | 51,789 | |||||
Flooring impact, EOP | 19 | 26 | |||||
Balance, EOP, post-flooring | 47,774 | 51,815 | |||||
Less: Reinsurance recoverables | 98 | 112 | |||||
Total balance after reinsurance recoverable | 47,676 | 51,703 | |||||
International Businesses | Life Planner | Gross Basis | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Interest accrual | 430 | 433 | |||||
Revenue | 1,671 | 1,867 | |||||
International Businesses | Life Planner | Deferred profit liability | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Balance, BOP, post-flooring | 3,956 | 3,379 | |||||
Flooring impact, BOP | 1 | 0 | |||||
Balance, BOP, pre-flooring | 3,955 | 3,379 | |||||
Effect of actual variances from expected experience and other activity | (8) | (3) | |||||
Adjusted balance, BOP | 3,947 | 3,376 | |||||
Profits deferred | 420 | 451 | |||||
Interest accrual | 41 | 35 | |||||
Amortization | (289) | (288) | |||||
Foreign currency adjustment | (107) | 8 | |||||
Other adjustments | 11 | 10 | |||||
Balance, EOP, pre-flooring | 4,023 | 3,592 | |||||
Flooring impact, EOP | 1 | 0 | |||||
Balance, EOP, post-flooring | 4,024 | 3,592 | |||||
Less: Reinsurance recoverables | 9 | 9 | |||||
Total balance after reinsurance recoverable | 4,015 | 3,583 | |||||
Revenue | (175) | (205) | |||||
International Businesses | Life Planner | Deferred profit liability | Gross Basis | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Interest accrual | 41 | 35 | |||||
Revenue | (175) | (205) | |||||
International Businesses | Gibraltar Life and Other | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Effect of actual variances from expected experience and other activity | (180) | (154) | |||||
Adjusted balance, BOP | 86,211 | 91,443 | |||||
Interest accrual | 552 | 585 | |||||
Foreign currency adjustment | (3,152) | (432) | |||||
Other adjustments | (3) | (2) | |||||
Balance, EOP, pre-flooring | 49,360 | 54,715 | |||||
Flooring impact, EOP | 7 | 11 | |||||
Balance, EOP, post-flooring | 49,367 | 54,726 | |||||
Less: Reinsurance recoverables | 285 | 222 | |||||
Total balance after reinsurance recoverable | 49,082 | 54,504 | |||||
International Businesses | Gibraltar Life and Other | Gross Basis | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Interest accrual | 370 | 381 | |||||
Revenue | 1,529 | 1,767 | |||||
International Businesses | Gibraltar Life and Other | Deferred profit liability | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Balance, BOP, post-flooring | 5,303 | 5,261 | |||||
Flooring impact, BOP | 1 | 1 | |||||
Balance, BOP, pre-flooring | 5,302 | 5,260 | |||||
Effect of actual variances from expected experience and other activity | (15) | (10) | |||||
Adjusted balance, BOP | 5,287 | 5,250 | |||||
Profits deferred | 312 | 373 | |||||
Interest accrual | 39 | 39 | |||||
Amortization | (248) | (257) | |||||
Foreign currency adjustment | (141) | (18) | |||||
Other adjustments | 0 | 0 | |||||
Balance, EOP, pre-flooring | 5,249 | 5,387 | |||||
Flooring impact, EOP | 1 | 1 | |||||
Balance, EOP, post-flooring | 5,250 | 5,388 | |||||
Less: Reinsurance recoverables | 31 | 11 | |||||
Total balance after reinsurance recoverable | 5,219 | 5,377 | |||||
Revenue | (88) | (145) | |||||
International Businesses | Gibraltar Life and Other | Deferred profit liability | Gross Basis | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Interest accrual | 39 | 39 | |||||
Revenue | (88) | (145) | |||||
Total | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Effect of actual variances from expected experience and other activity | (400) | (194) | |||||
Adjusted balance, BOP | 355,190 | 343,886 | |||||
Interest accrual | 3,083 | 2,836 | |||||
Foreign currency adjustment | (6,863) | 1,313 | |||||
Other adjustments | 39 | 132 | |||||
Balance, EOP, pre-flooring | 190,174 | 191,528 | |||||
Flooring impact, EOP | 82 | 41 | |||||
Balance, EOP, post-flooring | 190,256 | 191,569 | |||||
Less: Reinsurance recoverables | 6,413 | 1,062 | |||||
Total balance after reinsurance recoverable | 183,843 | 190,507 | |||||
Total | Deferred profit liability | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Balance, BOP, post-flooring | 14,874 | 14,172 | |||||
Flooring impact, BOP | 2 | 1 | |||||
Balance, BOP, pre-flooring | 14,872 | 14,171 | |||||
Effect of actual variances from expected experience and other activity | 3 | 18 | |||||
Adjusted balance, BOP | $ 14,875 | $ 14,189 | |||||
Profits deferred | 770 | 988 | |||||
Interest accrual | 137 | 131 | |||||
Amortization | (679) | (686) | |||||
Foreign currency adjustment | (251) | (3) | |||||
Other adjustments | 11 | 10 | |||||
Balance, EOP, pre-flooring | 14,863 | 14,629 | |||||
Flooring impact, EOP | 2 | 1 | |||||
Balance, EOP, post-flooring | 14,865 | 14,630 | |||||
Less: Reinsurance recoverables | 422 | 20 | |||||
Total balance after reinsurance recoverable | 14,443 | 14,610 | |||||
Other Segments | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Less: Reinsurance recoverables | 65 | 74 | |||||
Total balance after reinsurance recoverable | 1,547 | 1,786 | |||||
Other Segments | Deferred profit liability | |||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||||
Total balance after reinsurance recoverable | 142 | 185 | |||||
Revenue | $ 7 | $ (2) | |||||
|
Liability For Future Policy Benefits (Additional Insurance Reserves) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Additional Liability, Long-Duration Insurance [Line Items] | ||||
Interest accrual | $ 129 | $ 118 | ||
Balance, including amounts in AOCI, EOP, post-flooring | 14,732 | 13,385 | ||
Gross assessments | $ 788 | $ 827 | ||
Weighted-average duration of the liability in years (at original discount rate) | 22 years | 22 years | ||
Weighted-average interest rate (at original discount rate) | 3.39% | 3.38% | ||
Individual Life | ||||
Additional Liability, Long-Duration Insurance [Line Items] | ||||
Total balance after reinsurance recoverables | $ 7,534 | $ 8,047 | ||
Other Segments | Individual Life | ||||
Additional Liability, Long-Duration Insurance [Line Items] | ||||
Total balance after reinsurance recoverables | 117 | 151 | ||
Total | Individual Life | ||||
Additional Liability, Long-Duration Insurance [Line Items] | ||||
Balance, including amounts in AOCI, BOP, post-flooring | 14,308 | 12,684 | ||
Flooring impact and amounts in AOCI | 843 | 1,285 | ||
Balance, excluding amounts in AOCI, BOP, pre-flooring | 15,151 | 13,969 | ||
Effect of actual variances from expected experience and other activity | $ 144 | $ (33) | ||
Adjusted balance, BOP | $ 15,295 | $ 13,936 | ||
Assessment Collected | 292 | 270 | ||
Interest accrual | 129 | 118 | ||
Benefits paid | (72) | (74) | ||
Balance, excluding amounts in AOCI, EOP, pre-flooring | 15,644 | 14,250 | ||
Flooring impact and amounts in AOCI | (1,029) | (1,016) | ||
Balance, including amounts in AOCI, EOP, post-flooring | 14,615 | 13,234 | ||
Less: Reinsurance recoverables | 7,198 | 5,338 | ||
Total balance after reinsurance recoverables | $ 7,417 | $ 7,896 |
Liability For Future Policy Benefits (Future Policy Benefits) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
---|---|---|---|
Insurance [Abstract] | |||
Benefit reserves, EOP, post-flooring | $ 191,868 | $ 193,429 | |
Deferred Profit Liability EOP, post-flooring | 15,007 | 14,814 | |
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring | 14,732 | 13,385 | |
Subtotal of amounts disclosed above | 221,607 | 221,628 | |
Other Future Policy Benefits reserves | 51,183 | 51,958 | |
Total Future Policy Benefits | $ 272,790 | $ 273,281 | $ 273,586 |
Liability For Future Policy Benefits (Revenue and Interest Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Benefit reserves | Retirement Strategies | Institutional | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | $ 10,277 | $ 3,892 |
Interest expense | 786 | 691 |
Benefit reserves | Individual Life | Term Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 458 | 461 |
Interest expense | 103 | 101 |
Benefit reserves | Individual Life | Variable Universal Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 0 |
Interest expense | 0 | 0 |
Benefit reserves | International Businesses | Life Planner | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 1,671 | 1,867 |
Interest expense | 430 | 433 |
Benefit reserves | International Businesses | Gibraltar Life and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 1,529 | 1,767 |
Interest expense | 370 | 381 |
Benefit reserves | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 140 | 142 |
Interest expense | 127 | 120 |
Benefit reserves | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 14,075 | 8,129 |
Interest expense | 1,816 | 1,726 |
Deferred profit liability | Retirement Strategies | Institutional | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 20 | (111) |
Interest expense | 57 | 57 |
Deferred profit liability | Individual Life | Term Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 0 |
Interest expense | 0 | 0 |
Deferred profit liability | Individual Life | Variable Universal Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 0 |
Interest expense | 0 | 0 |
Deferred profit liability | International Businesses | Life Planner | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | (175) | (205) |
Interest expense | 41 | 35 |
Deferred profit liability | International Businesses | Gibraltar Life and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | (88) | (145) |
Interest expense | 39 | 39 |
Deferred profit liability | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 7 | (2) |
Interest expense | 1 | 1 |
Deferred profit liability | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | (236) | (463) |
Interest expense | 138 | 132 |
Additional insurance reserves | Retirement Strategies | Institutional | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 0 |
Interest expense | 0 | 0 |
Additional insurance reserves | Individual Life | Term Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 0 |
Interest expense | 0 | 0 |
Additional insurance reserves | Individual Life | Variable Universal Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 788 | 827 |
Interest expense | 129 | 118 |
Additional insurance reserves | International Businesses | Life Planner | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 0 |
Interest expense | 0 | 0 |
Additional insurance reserves | International Businesses | Gibraltar Life and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 0 |
Interest expense | 0 | 0 |
Additional insurance reserves | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 0 |
Interest expense | 0 | 0 |
Additional insurance reserves | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 788 | 827 |
Interest expense | 129 | 118 |
Revenues | Retirement Strategies | Institutional | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 10,297 | 3,781 |
Revenues | Individual Life | Term Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 458 | 461 |
Revenues | Individual Life | Variable Universal Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 788 | 827 |
Revenues | International Businesses | Life Planner | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 1,496 | 1,662 |
Revenues | International Businesses | Gibraltar Life and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 1,441 | 1,622 |
Revenues | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 147 | 140 |
Revenues | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 14,627 | 8,493 |
Interest Expense | Retirement Strategies | Institutional | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 843 | 748 |
Interest Expense | Individual Life | Term Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 103 | 101 |
Interest Expense | Individual Life | Variable Universal Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 129 | 118 |
Interest Expense | International Businesses | Life Planner | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 471 | 468 |
Interest Expense | International Businesses | Gibraltar Life and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 409 | 420 |
Interest Expense | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 128 | 121 |
Interest Expense | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | $ 2,083 | $ 1,976 |
Policyholders' Account Balances (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Interest credited to policyholders’ account balances | $ 1,283,000,000 | $ 981,000,000 | |
Total Policyholders' account balance | 151,810,000,000 | 138,139,000,000 | |
Closed Block Division | 4,464,000,000 | 4,572,000,000 | $ 4,500,000,000 |
Unearned revenue reserve, unearned expense credit, and additional interest reserve | 5,501,000,000 | 4,772,000,000 | |
Other | $ 4,259,000,000 | $ 7,940,000,000 | |
Weighted-average crediting rate | 3.55% | 2.87% | |
Net amount at risk | $ 483,800,000,000 | $ 468,063,000,000 | |
Cash Surrender Value | 122,654,000,000 | 105,244,000,000 | |
Institutional Retirement Strategies | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Policyholder Account Balance, Surrender | 0 | ||
Total | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Balance, BOP | 132,729,000,000 | 118,377,000,000 | |
Deposits | 7,917,000,000 | 5,754,000,000 | |
Interest credited to policyholders’ account balances | 1,199,000,000 | 859,000,000 | |
Acquisitions and Dispositions | 0 | 0 | |
Policy charges | (756,000,000) | (726,000,000) | |
Surrenders and withdrawals | (2,981,000,000) | (2,825,000,000) | |
Benefit payments | (749,000,000) | (760,000,000) | |
Net transfers (to) from separate account | 136,000,000 | 96,000,000 | |
Change in market value and other adjustments | 1,477,000,000 | 299,000,000 | |
Foreign currency adjustment | (1,386,000,000) | (219,000,000) | |
Balance, EOP | 137,586,000,000 | 120,855,000,000 | |
Institutional | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Total Policyholders' account balance | 9,569,000,000 | 9,681,000,000 | |
Institutional | Retirement Strategies | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Balance, BOP | 17,738,000,000 | 17,376,000,000 | |
Deposits | 1,919,000,000 | 1,376,000,000 | |
Interest credited to policyholders’ account balances | 175,000,000 | 160,000,000 | |
Acquisitions and Dispositions | 0 | 0 | |
Policy charges | (3,000,000) | (6,000,000) | |
Surrenders and withdrawals | (1,231,000,000) | (1,371,000,000) | |
Benefit payments | (149,000,000) | (139,000,000) | |
Net transfers (to) from separate account | 0 | 0 | |
Change in market value and other adjustments | 1,000,000 | 0 | |
Foreign currency adjustment | 0 | 0 | |
Balance, EOP | $ 18,450,000,000 | $ 17,396,000,000 | |
Weighted-average crediting rate | 3.87% | 3.69% | |
Net amount at risk | $ 0 | $ 0 | |
Cash Surrender Value | 18,450,000,000 | 17,396,000,000 | |
Individual Variable | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Total Policyholders' account balance | 3,918,000,000 | 4,480,000,000 | |
Individual Variable | Retirement Strategies | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Balance, BOP | 23,765,000,000 | 17,524,000,000 | |
Deposits | 1,626,000,000 | 1,043,000,000 | |
Interest credited to policyholders’ account balances | 108,000,000 | 87,000,000 | |
Acquisitions and Dispositions | 0 | 0 | |
Policy charges | (4,000,000) | (6,000,000) | |
Surrenders and withdrawals | (231,000,000) | (148,000,000) | |
Benefit payments | (18,000,000) | (28,000,000) | |
Net transfers (to) from separate account | (3,000,000) | 19,000,000 | |
Change in market value and other adjustments | 1,360,000,000 | 191,000,000 | |
Foreign currency adjustment | 0 | 0 | |
Balance, EOP | $ 26,603,000,000 | $ 18,682,000,000 | |
Weighted-average crediting rate | 1.71% | 1.92% | |
Net amount at risk | $ 0 | $ 0 | |
Cash Surrender Value | 24,376,000,000 | 16,640,000,000 | |
Individual Fixed | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Total Policyholders' account balance | 3,878,000,000 | 2,273,000,000 | |
Individual Fixed | Retirement Strategies | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Balance, BOP | 7,095,000,000 | 4,643,000,000 | |
Deposits | 1,570,000,000 | 582,000,000 | |
Interest credited to policyholders’ account balances | 50,000,000 | 20,000,000 | |
Acquisitions and Dispositions | 0 | 0 | |
Policy charges | 0 | 0 | |
Surrenders and withdrawals | (150,000,000) | (88,000,000) | |
Benefit payments | (19,000,000) | (32,000,000) | |
Net transfers (to) from separate account | 0 | 0 | |
Change in market value and other adjustments | 88,000,000 | 9,000,000 | |
Foreign currency adjustment | 0 | 0 | |
Balance, EOP | $ 8,634,000,000 | $ 5,134,000,000 | |
Weighted-average crediting rate | 2.54% | 1.63% | |
Net amount at risk | $ 0 | $ 0 | |
Cash Surrender Value | 7,174,000,000 | 4,045,000,000 | |
Life/Disability | Group Insurance | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Balance, BOP | 5,293,000,000 | 5,839,000,000 | |
Deposits | 138,000,000 | 204,000,000 | |
Interest credited to policyholders’ account balances | 40,000,000 | 44,000,000 | |
Acquisitions and Dispositions | 0 | 0 | |
Policy charges | (80,000,000) | (83,000,000) | |
Surrenders and withdrawals | (434,000,000) | (453,000,000) | |
Benefit payments | 0 | 0 | |
Net transfers (to) from separate account | 0 | 0 | |
Change in market value and other adjustments | 0 | 0 | |
Foreign currency adjustment | 0 | 0 | |
Balance, EOP | $ 4,957,000,000 | $ 5,551,000,000 | |
Weighted-average crediting rate | 3.08% | 3.09% | |
Net amount at risk | $ 74,075,000,000 | $ 72,259,000,000 | |
Cash Surrender Value | 3,812,000,000 | 3,984,000,000 | |
Variable Universal Life | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Total Policyholders' account balance | 23,972,000,000 | 23,579,000,000 | |
Variable Universal Life | Individual Life | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Balance, BOP | 27,439,000,000 | 26,502,000,000 | |
Deposits | 612,000,000 | 617,000,000 | |
Interest credited to policyholders’ account balances | 189,000,000 | 199,000,000 | |
Acquisitions and Dispositions | 0 | 0 | |
Policy charges | (513,000,000) | (514,000,000) | |
Surrenders and withdrawals | (420,000,000) | (439,000,000) | |
Benefit payments | (37,000,000) | (46,000,000) | |
Net transfers (to) from separate account | 139,000,000 | 77,000,000 | |
Change in market value and other adjustments | 37,000,000 | 91,000,000 | |
Foreign currency adjustment | 0 | 0 | |
Balance, EOP | $ 27,446,000,000 | $ 26,487,000,000 | |
Weighted-average crediting rate | 2.76% | 3.00% | |
Net amount at risk | $ 384,991,000,000 | $ 370,778,000,000 | |
Cash Surrender Value | 23,439,000,000 | 21,846,000,000 | |
Life Planner | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Total Policyholders' account balance | 8,271,000,000 | 7,492,000,000 | |
Life Planner | International Businesses | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Balance, BOP | 12,949,000,000 | 11,168,000,000 | |
Deposits | 560,000,000 | 645,000,000 | |
Interest credited to policyholders’ account balances | 418,000,000 | 177,000,000 | |
Acquisitions and Dispositions | 0 | 0 | |
Policy charges | (81,000,000) | (77,000,000) | |
Surrenders and withdrawals | (76,000,000) | (51,000,000) | |
Benefit payments | (68,000,000) | (75,000,000) | |
Net transfers (to) from separate account | 0 | 0 | |
Change in market value and other adjustments | (2,000,000) | 6,000,000 | |
Foreign currency adjustment | (624,000,000) | (76,000,000) | |
Balance, EOP | $ 13,076,000,000 | $ 11,717,000,000 | |
Weighted-average crediting rate | 12.86% | 6.19% | |
Net amount at risk | $ 18,637,000,000 | $ 18,055,000,000 | |
Cash Surrender Value | 11,391,000,000 | 10,100,000,000 | |
Gibraltar Life and Other | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Total Policyholders' account balance | 38,316,000,000 | 35,626,000,000 | |
Gibraltar Life and Other | International Businesses | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Balance, BOP | 38,450,000,000 | 35,325,000,000 | |
Deposits | 1,492,000,000 | 1,287,000,000 | |
Interest credited to policyholders’ account balances | 219,000,000 | 172,000,000 | |
Acquisitions and Dispositions | 0 | 0 | |
Policy charges | (75,000,000) | (40,000,000) | |
Surrenders and withdrawals | (439,000,000) | (275,000,000) | |
Benefit payments | (458,000,000) | (440,000,000) | |
Net transfers (to) from separate account | 0 | 0 | |
Change in market value and other adjustments | (7,000,000) | 2,000,000 | |
Foreign currency adjustment | (762,000,000) | (143,000,000) | |
Balance, EOP | $ 38,420,000,000 | $ 35,888,000,000 | |
Weighted-average crediting rate | 2.28% | 1.93% | |
Net amount at risk | $ 6,097,000,000 | $ 6,971,000,000 | |
Cash Surrender Value | 34,012,000,000 | 31,233,000,000 | |
Full Service | Corporate and Other | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Reinsurance and other recoverable | $ 5,621,000,000 | $ 7,973,000,000 |
Policyholders' Account Balances - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Mar. 31, 2023 |
---|---|---|
Policyholder Account Balance [Line Items] | ||
Policyholders’ account balances | $ 151,810 | $ 138,139 |
FANIP | Medium-term Notes | ||
Policyholder Account Balance [Line Items] | ||
Capacity | 15,000 | |
Debt Instrument, Face Amount | $ 3,465 | 2,955 |
FANIP | Medium-term Notes | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Interest rate | 0.00% | |
Maturities | 3 months | |
FANIP | Medium-term Notes | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Interest rate | 5.60% | |
Maturities | 5 years | |
FANIP | Commercial paper | ||
Policyholder Account Balance [Line Items] | ||
Capacity | $ 6,000 | |
Debt Instrument, Face Amount | $ 2,297 | 2,355 |
FANIP | Commercial paper | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Interest rate | 0.00% | |
Maturities | 3 months | |
FANIP | Commercial paper | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Interest rate | 5.60% | |
Maturities | 5 years | |
FHLBNY | Secured Debt | ||
Policyholder Account Balance [Line Items] | ||
Maturities | 7 years | |
Debt Instrument, Face Amount | $ 2,628 | 2,628 |
FHLBNY | Secured Debt | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Interest rate | 1.925% | |
FHLBNY | Secured Debt | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Interest rate | 4.51% | |
Institutional Retirement Strategies And Life Planner | ||
Policyholder Account Balance [Line Items] | ||
Policyholders’ account balances | $ 5,722 | $ 5,261 |
Policyholders' Account Balances (Guaranteed Minimum Crediting Rate) (Details) $ in Millions |
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
---|---|---|
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 151,810 | $ 138,139 |
1 - 50 bps above guaranteed minimum | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Policyholder account balance above guaranteed minimum crediting rate | 1 | 1 |
1 - 50 bps above guaranteed minimum | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Policyholder account balance above guaranteed minimum crediting rate | 50 | 50 |
51 - 150 bps above guaranteed minimum | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Policyholder account balance above guaranteed minimum crediting rate | 51 | 51 |
51 - 150 bps above guaranteed minimum | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Policyholder account balance above guaranteed minimum crediting rate | 150 | 150 |
Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Policyholder account balance above guaranteed minimum crediting rate | 150 | 150 |
Institutional | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 9,569 | $ 9,681 |
Institutional | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 9,569 | 9,681 |
Institutional | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Institutional | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Institutional | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Individual Variable | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 3,918 | 4,480 |
Individual Variable | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 3,069 | 3,589 |
Individual Variable | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 765 | 861 |
Individual Variable | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 84 | 30 |
Individual Variable | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Individual Fixed | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 3,878 | 2,273 |
Individual Fixed | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 1,723 | 1,553 |
Individual Fixed | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 622 | 345 |
Individual Fixed | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 816 | 280 |
Individual Fixed | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 717 | 95 |
Group Insurance | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2,653 | 3,134 |
Group Insurance | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 1,571 | 1,693 |
Group Insurance | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Group Insurance | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Group Insurance | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 1,082 | 1,441 |
Variable Universal Life | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 23,972 | 23,579 |
Variable Universal Life | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 10,084 | 13,638 |
Variable Universal Life | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 5,639 | 2,041 |
Variable Universal Life | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 5,810 | 5,653 |
Variable Universal Life | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2,439 | 2,247 |
Life Planner | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 8,271 | 7,492 |
Life Planner | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 5,805 | 6,518 |
Life Planner | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 69 | 52 |
Life Planner | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 86 | 91 |
Life Planner | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2,311 | 831 |
Gibraltar Life and Other | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 38,316 | 35,626 |
Gibraltar Life and Other | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 37,931 | 35,251 |
Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 350 | 335 |
Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 35 | 40 |
Gibraltar Life and Other | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 0 | $ 0 |
Less than 1.00% | Institutional | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.00% | 1.00% |
Account Values with Crediting Rates | $ 400 | $ 400 |
Less than 1.00% | Institutional | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 400 | 400 |
Less than 1.00% | Institutional | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Less than 1.00% | Institutional | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Less than 1.00% | Institutional | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 0 | $ 0 |
Less than 1.00% | Individual Variable | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.00% | 1.00% |
Account Values with Crediting Rates | $ 1,663 | $ 1,872 |
Less than 1.00% | Individual Variable | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 866 | 1,005 |
Less than 1.00% | Individual Variable | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 727 | 848 |
Less than 1.00% | Individual Variable | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 70 | 19 |
Less than 1.00% | Individual Variable | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 0 | $ 0 |
Less than 1.00% | Individual Fixed | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.00% | 1.00% |
Account Values with Crediting Rates | $ 629 | $ 0 |
Less than 1.00% | Individual Fixed | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Less than 1.00% | Individual Fixed | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2 | 0 |
Less than 1.00% | Individual Fixed | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 6 | 0 |
Less than 1.00% | Individual Fixed | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 621 | $ 0 |
Less than 1.00% | Group Insurance | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.00% | 1.00% |
Account Values with Crediting Rates | $ 1,021 | $ 1,441 |
Less than 1.00% | Group Insurance | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Less than 1.00% | Group Insurance | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Less than 1.00% | Group Insurance | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Less than 1.00% | Group Insurance | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 1,021 | $ 1,441 |
Less than 1.00% | Variable Universal Life | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.00% | 1.00% |
Account Values with Crediting Rates | $ 346 | $ 11 |
Less than 1.00% | Variable Universal Life | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Less than 1.00% | Variable Universal Life | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Less than 1.00% | Variable Universal Life | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Less than 1.00% | Variable Universal Life | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 346 | $ 11 |
Less than 1.00% | Life Planner | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.00% | 1.00% |
Account Values with Crediting Rates | $ 2,764 | $ 1,306 |
Less than 1.00% | Life Planner | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 324 | 357 |
Less than 1.00% | Life Planner | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 43 | 27 |
Less than 1.00% | Life Planner | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 86 | 91 |
Less than 1.00% | Life Planner | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 2,311 | $ 831 |
Less than 1.00% | Gibraltar Life and Other | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.00% | 1.00% |
Account Values with Crediting Rates | $ 15,637 | $ 17,023 |
Less than 1.00% | Gibraltar Life and Other | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 15,637 | 17,023 |
Less than 1.00% | Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Less than 1.00% | Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Less than 1.00% | Gibraltar Life and Other | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
1.00% - 1.99% | Institutional | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 1,551 | $ 1,551 |
1.00% - 1.99% | Institutional | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.00% | 1.00% |
1.00% - 1.99% | Institutional | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.99% | 1.99% |
1.00% - 1.99% | Institutional | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 1,551 | $ 1,551 |
1.00% - 1.99% | Institutional | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
1.00% - 1.99% | Institutional | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
1.00% - 1.99% | Institutional | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
1.00% - 1.99% | Individual Variable | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 244 | $ 242 |
1.00% - 1.99% | Individual Variable | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.00% | 1.00% |
1.00% - 1.99% | Individual Variable | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.99% | 1.99% |
1.00% - 1.99% | Individual Variable | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 219 | $ 239 |
1.00% - 1.99% | Individual Variable | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 24 | 2 |
1.00% - 1.99% | Individual Variable | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 1 | 1 |
1.00% - 1.99% | Individual Variable | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
1.00% - 1.99% | Individual Fixed | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 942 | $ 1,050 |
1.00% - 1.99% | Individual Fixed | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.00% | 1.00% |
1.00% - 1.99% | Individual Fixed | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.99% | 1.99% |
1.00% - 1.99% | Individual Fixed | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 510 | $ 585 |
1.00% - 1.99% | Individual Fixed | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 108 | 128 |
1.00% - 1.99% | Individual Fixed | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 244 | 253 |
1.00% - 1.99% | Individual Fixed | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 80 | 84 |
1.00% - 1.99% | Group Insurance | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 0 | $ 0 |
1.00% - 1.99% | Group Insurance | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.00% | 1.00% |
1.00% - 1.99% | Group Insurance | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.99% | 1.99% |
1.00% - 1.99% | Group Insurance | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 0 | $ 0 |
1.00% - 1.99% | Group Insurance | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
1.00% - 1.99% | Group Insurance | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
1.00% - 1.99% | Group Insurance | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
1.00% - 1.99% | Variable Universal Life | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 3,677 | $ 3,172 |
1.00% - 1.99% | Variable Universal Life | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.00% | 1.00% |
1.00% - 1.99% | Variable Universal Life | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.99% | 1.99% |
1.00% - 1.99% | Variable Universal Life | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 226 | $ 150 |
1.00% - 1.99% | Variable Universal Life | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
1.00% - 1.99% | Variable Universal Life | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 1,662 | 1,073 |
1.00% - 1.99% | Variable Universal Life | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 1,789 | 1,949 |
1.00% - 1.99% | Life Planner | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 2,792 | $ 3,181 |
1.00% - 1.99% | Life Planner | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.00% | 1.00% |
1.00% - 1.99% | Life Planner | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.99% | 1.99% |
1.00% - 1.99% | Life Planner | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 2,766 | $ 3,156 |
1.00% - 1.99% | Life Planner | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 26 | 25 |
1.00% - 1.99% | Life Planner | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
1.00% - 1.99% | Life Planner | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
1.00% - 1.99% | Gibraltar Life and Other | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 8,406 | $ 9,870 |
1.00% - 1.99% | Gibraltar Life and Other | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.00% | 1.00% |
1.00% - 1.99% | Gibraltar Life and Other | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1.99% | 1.99% |
1.00% - 1.99% | Gibraltar Life and Other | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 8,346 | $ 9,870 |
1.00% - 1.99% | Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 60 | 0 |
1.00% - 1.99% | Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
1.00% - 1.99% | Gibraltar Life and Other | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
2.00% - 2.99% | Institutional | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 593 | $ 583 |
2.00% - 2.99% | Institutional | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 2.00% | 2.00% |
2.00% - 2.99% | Institutional | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 2.99% | 2.99% |
2.00% - 2.99% | Institutional | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 593 | $ 583 |
2.00% - 2.99% | Institutional | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
2.00% - 2.99% | Institutional | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
2.00% - 2.99% | Institutional | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
2.00% - 2.99% | Individual Variable | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 35 | $ 34 |
2.00% - 2.99% | Individual Variable | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 2.00% | 2.00% |
2.00% - 2.99% | Individual Variable | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 2.99% | 2.99% |
2.00% - 2.99% | Individual Variable | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 26 | $ 32 |
2.00% - 2.99% | Individual Variable | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 5 | 2 |
2.00% - 2.99% | Individual Variable | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 4 | 0 |
2.00% - 2.99% | Individual Variable | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
2.00% - 2.99% | Individual Fixed | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 1,594 | $ 745 |
2.00% - 2.99% | Individual Fixed | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 2.00% | 2.00% |
2.00% - 2.99% | Individual Fixed | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 2.99% | 2.99% |
2.00% - 2.99% | Individual Fixed | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 548 | $ 496 |
2.00% - 2.99% | Individual Fixed | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 466 | 211 |
2.00% - 2.99% | Individual Fixed | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 564 | 27 |
2.00% - 2.99% | Individual Fixed | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 16 | 11 |
2.00% - 2.99% | Group Insurance | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 28 | $ 56 |
2.00% - 2.99% | Group Insurance | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 2.00% | 2.00% |
2.00% - 2.99% | Group Insurance | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 2.99% | 2.99% |
2.00% - 2.99% | Group Insurance | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 28 | $ 56 |
2.00% - 2.99% | Group Insurance | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
2.00% - 2.99% | Group Insurance | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
2.00% - 2.99% | Group Insurance | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
2.00% - 2.99% | Variable Universal Life | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 4,778 | $ 4,796 |
2.00% - 2.99% | Variable Universal Life | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 2.00% | 2.00% |
2.00% - 2.99% | Variable Universal Life | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 2.99% | 2.99% |
2.00% - 2.99% | Variable Universal Life | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 32 | $ 374 |
2.00% - 2.99% | Variable Universal Life | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 1,462 | 123 |
2.00% - 2.99% | Variable Universal Life | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 3,004 | 4,019 |
2.00% - 2.99% | Variable Universal Life | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 280 | 280 |
2.00% - 2.99% | Life Planner | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 1,975 | $ 2,259 |
2.00% - 2.99% | Life Planner | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 2.00% | 2.00% |
2.00% - 2.99% | Life Planner | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 2.99% | 2.99% |
2.00% - 2.99% | Life Planner | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 1,975 | $ 2,259 |
2.00% - 2.99% | Life Planner | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
2.00% - 2.99% | Life Planner | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
2.00% - 2.99% | Life Planner | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
2.00% - 2.99% | Gibraltar Life and Other | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 3,325 | $ 3,628 |
2.00% - 2.99% | Gibraltar Life and Other | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 2.00% | 2.00% |
2.00% - 2.99% | Gibraltar Life and Other | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 2.99% | 2.99% |
2.00% - 2.99% | Gibraltar Life and Other | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 3,000 | $ 3,253 |
2.00% - 2.99% | Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 290 | 335 |
2.00% - 2.99% | Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 35 | 40 |
2.00% - 2.99% | Gibraltar Life and Other | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
3.00% - 4.00% | Institutional | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 4,926 | $ 5,628 |
3.00% - 4.00% | Institutional | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 3.00% | 3.00% |
3.00% - 4.00% | Institutional | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 4.00% | 4.00% |
3.00% - 4.00% | Institutional | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 4,926 | $ 5,628 |
3.00% - 4.00% | Institutional | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
3.00% - 4.00% | Institutional | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
3.00% - 4.00% | Institutional | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
3.00% - 4.00% | Individual Variable | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 1,885 | $ 2,228 |
3.00% - 4.00% | Individual Variable | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 3.00% | 3.00% |
3.00% - 4.00% | Individual Variable | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 4.00% | 4.00% |
3.00% - 4.00% | Individual Variable | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 1,867 | $ 2,209 |
3.00% - 4.00% | Individual Variable | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 9 | 9 |
3.00% - 4.00% | Individual Variable | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 9 | 10 |
3.00% - 4.00% | Individual Variable | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
3.00% - 4.00% | Individual Fixed | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 621 | $ 377 |
3.00% - 4.00% | Individual Fixed | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 3.00% | 3.00% |
3.00% - 4.00% | Individual Fixed | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 4.00% | 4.00% |
3.00% - 4.00% | Individual Fixed | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 573 | $ 371 |
3.00% - 4.00% | Individual Fixed | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 46 | 6 |
3.00% - 4.00% | Individual Fixed | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2 | 0 |
3.00% - 4.00% | Individual Fixed | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
3.00% - 4.00% | Group Insurance | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 1,532 | $ 1,634 |
3.00% - 4.00% | Group Insurance | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 3.00% | 3.00% |
3.00% - 4.00% | Group Insurance | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 4.00% | 4.00% |
3.00% - 4.00% | Group Insurance | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 1,471 | $ 1,634 |
3.00% - 4.00% | Group Insurance | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
3.00% - 4.00% | Group Insurance | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
3.00% - 4.00% | Group Insurance | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 61 | 0 |
3.00% - 4.00% | Variable Universal Life | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 9,711 | $ 10,051 |
3.00% - 4.00% | Variable Universal Life | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 3.00% | 3.00% |
3.00% - 4.00% | Variable Universal Life | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 4.00% | 4.00% |
3.00% - 4.00% | Variable Universal Life | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 4,366 | $ 7,565 |
3.00% - 4.00% | Variable Universal Life | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 4,177 | 1,918 |
3.00% - 4.00% | Variable Universal Life | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 1,144 | 561 |
3.00% - 4.00% | Variable Universal Life | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 24 | 7 |
3.00% - 4.00% | Life Planner | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 356 | $ 339 |
3.00% - 4.00% | Life Planner | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 3.00% | 3.00% |
3.00% - 4.00% | Life Planner | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 4.00% | 4.00% |
3.00% - 4.00% | Life Planner | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 356 | $ 339 |
3.00% - 4.00% | Life Planner | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
3.00% - 4.00% | Life Planner | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
3.00% - 4.00% | Life Planner | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
3.00% - 4.00% | Gibraltar Life and Other | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 5,287 | $ 3,201 |
3.00% - 4.00% | Gibraltar Life and Other | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 3.00% | 3.00% |
3.00% - 4.00% | Gibraltar Life and Other | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 4.00% | 4.00% |
3.00% - 4.00% | Gibraltar Life and Other | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 5,287 | $ 3,201 |
3.00% - 4.00% | Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
3.00% - 4.00% | Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
3.00% - 4.00% | Gibraltar Life and Other | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 0 | $ 0 |
Greater than 4.00% | Institutional | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 4.00% | 4.00% |
Account Values with Crediting Rates | $ 2,099 | $ 1,519 |
Greater than 4.00% | Institutional | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2,099 | 1,519 |
Greater than 4.00% | Institutional | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Greater than 4.00% | Institutional | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Greater than 4.00% | Institutional | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 0 | $ 0 |
Greater than 4.00% | Individual Variable | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 4.00% | 4.00% |
Account Values with Crediting Rates | $ 91 | $ 104 |
Greater than 4.00% | Individual Variable | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 91 | 104 |
Greater than 4.00% | Individual Variable | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Greater than 4.00% | Individual Variable | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Greater than 4.00% | Individual Variable | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 0 | $ 0 |
Greater than 4.00% | Individual Fixed | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 4.00% | 4.00% |
Account Values with Crediting Rates | $ 92 | $ 101 |
Greater than 4.00% | Individual Fixed | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 92 | 101 |
Greater than 4.00% | Individual Fixed | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Greater than 4.00% | Individual Fixed | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Greater than 4.00% | Individual Fixed | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 0 | $ 0 |
Greater than 4.00% | Group Insurance | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 4.00% | 4.00% |
Account Values with Crediting Rates | $ 72 | $ 3 |
Greater than 4.00% | Group Insurance | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 72 | 3 |
Greater than 4.00% | Group Insurance | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Greater than 4.00% | Group Insurance | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Greater than 4.00% | Group Insurance | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 0 | $ 0 |
Greater than 4.00% | Variable Universal Life | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 4.00% | 4.00% |
Account Values with Crediting Rates | $ 5,460 | $ 5,549 |
Greater than 4.00% | Variable Universal Life | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 5,460 | 5,549 |
Greater than 4.00% | Variable Universal Life | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Greater than 4.00% | Variable Universal Life | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Greater than 4.00% | Variable Universal Life | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 0 | $ 0 |
Greater than 4.00% | Life Planner | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 4.00% | 4.00% |
Account Values with Crediting Rates | $ 384 | $ 407 |
Greater than 4.00% | Life Planner | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 384 | 407 |
Greater than 4.00% | Life Planner | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Greater than 4.00% | Life Planner | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Greater than 4.00% | Life Planner | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 0 | $ 0 |
Greater than 4.00% | Gibraltar Life and Other | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 4.00% | 4.00% |
Account Values with Crediting Rates | $ 5,661 | $ 1,904 |
Greater than 4.00% | Gibraltar Life and Other | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 5,661 | 1,904 |
Greater than 4.00% | Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Greater than 4.00% | Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
Greater than 4.00% | Gibraltar Life and Other | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 0 | $ 0 |
Policyholders' Liabilities (Additional Insurance Reserves) (Details) - Policyholder Contract Deposit - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Total | ||
Policyholder Account Balance [Line Items] | ||
Balance, beginning of period | $ 5,067 | $ 4,295 |
Unearned revenue | 257 | 247 |
Amortization expense | (63) | (50) |
Other adjustments | 0 | 1 |
FX adjustment | (18) | (2) |
Balance, end of period | 5,243 | 4,491 |
Less: Reinsurance recoverables | 398 | 0 |
Unearned revenue reserve net of reinsurance recoverables | 4,845 | 4,491 |
Other Businesses | ||
Policyholder Account Balance [Line Items] | ||
Unearned revenue reserve net of reinsurance recoverables | 51 | 53 |
Total, including Other Businesses | ||
Policyholder Account Balance [Line Items] | ||
Unearned revenue reserve net of reinsurance recoverables | 4,896 | 4,544 |
Variable Universal Life | Individual Life | ||
Policyholder Account Balance [Line Items] | ||
Balance, beginning of period | 4,613 | 3,983 |
Unearned revenue | 215 | 204 |
Amortization expense | (58) | (47) |
Other adjustments | 0 | 0 |
FX adjustment | 0 | 0 |
Balance, end of period | 4,770 | 4,140 |
Less: Reinsurance recoverables | 398 | 0 |
Unearned revenue reserve net of reinsurance recoverables | 4,372 | 4,140 |
Life Planner | International Businesses | ||
Policyholder Account Balance [Line Items] | ||
Balance, beginning of period | 359 | 231 |
Unearned revenue | 37 | 37 |
Amortization expense | (4) | (2) |
Other adjustments | 0 | 1 |
FX adjustment | (14) | (2) |
Balance, end of period | 378 | 265 |
Less: Reinsurance recoverables | 0 | 0 |
Unearned revenue reserve net of reinsurance recoverables | 378 | 265 |
Gibraltar Life and Other | International Businesses | ||
Policyholder Account Balance [Line Items] | ||
Balance, beginning of period | 95 | 81 |
Unearned revenue | 5 | 6 |
Amortization expense | (1) | (1) |
Other adjustments | 0 | 0 |
FX adjustment | (4) | 0 |
Balance, end of period | 95 | 86 |
Less: Reinsurance recoverables | 0 | 0 |
Unearned revenue reserve net of reinsurance recoverables | $ 95 | $ 86 |
Market Risk Benefits - Rollforward of Balances for Variable Annuity Products (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Market Risk Benefit [Roll Forward] | ||
Market risk benefit, ending balance | $ 2,399 | $ 5,120 |
Net amount at risk | $ 8,970 | $ 11,332 |
Weighted-average attained age of contractholders (in years) | 70 years | 69 years |
Individual Retirement Strategies | ||
Market Risk Benefit [Roll Forward] | ||
Market risk benefit, beginning balance | $ 4,038 | $ 4,987 |
Effect of cumulative changes in NPR | 1,137 | 1,828 |
Balance, BOP, before effect of changes in NPR | 5,175 | 6,815 |
Attributed fees collected | 288 | 300 |
Claims paid | (22) | (32) |
Interest accrual | 74 | 85 |
Actual in force different from expected | 2 | 19 |
Effect of changes in interest rates | (868) | 463 |
Effect of changes in equity markets | (888) | (671) |
Issuance | 13 | 0 |
Other adjustments | 14 | 78 |
Balance, EOP, before effect of changes in NPR | 3,788 | 7,057 |
Effect of cumulative changes in NPR | (886) | (2,014) |
Less: Reinsured MRBs | 560 | 28 |
Balance, EOP, net of reinsurance | 2,342 | 5,015 |
Market risk benefit, ending balance | 2,902 | 5,043 |
Other Segments | ||
Market Risk Benefit [Roll Forward] | ||
Balance, EOP, net of reinsurance | $ 57 | $ 105 |
Market Risk Benefits - Market Risk Benefits In Asset and Liability Positions (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
---|---|---|---|
Liability for Future Policy Benefit, Activity [Line Items] | |||
Direct and assumed | $ 1,507 | $ 905 | |
Ceded | 718 | 71 | |
Total MRB assets | 2,225 | $ 1,981 | 976 |
Direct and assumed | 4,469 | 6,056 | |
Ceded | 155 | 40 | |
Total MRB liabilities | 4,624 | $ 5,467 | 6,096 |
Net Liability | 2,399 | 5,120 | |
Individual Variable | Retirement Strategies | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Direct and assumed | 1,497 | 895 | |
Ceded | 715 | 67 | |
Total MRB assets | 2,212 | 962 | |
Direct and assumed | 4,399 | 5,938 | |
Ceded | 155 | 40 | |
Total MRB liabilities | 4,554 | 5,978 | |
Net Liability | 2,342 | 5,016 | |
Other Businesses | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Direct and assumed | 10 | 10 | |
Ceded | 3 | 4 | |
Total MRB assets | 13 | 14 | |
Direct and assumed | 70 | 118 | |
Ceded | 0 | 0 | |
Total MRB liabilities | 70 | 118 | |
Net Liability | $ 57 | $ 104 |
Reinsurance Narrative (Details) $ in Millions |
3 Months Ended | 12 Months Ended | 21 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 01, 2024
USD ($)
|
Sep. 01, 2023
USD ($)
|
Apr. 01, 2023
USD ($)
|
Apr. 01, 2022 |
Apr. 01, 2015 |
Jan. 02, 2013
USD ($)
policy
|
Mar. 31, 2024
USD ($)
company
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2012
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2021
counterparty
|
May 31, 2018
counterparty
|
|
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 65.00% | |||||||||||||
Deposit assets | $ 10,707 | $ 10,574 | ||||||||||||
Number of Reinsurance Companies | company | 4 | |||||||||||||
Geographic Distribution, Domestic | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance, retention policy, amount retained per life | $ 10 | $ 20 | $ 30 | |||||||||||
Hartford | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, amount retained per event | $ 141,000 | |||||||||||||
Business acquisition number of life insurance policies acquired reinsurance | policy | 700,000 | |||||||||||||
Number of counterparties | counterparty | 2 | |||||||||||||
Somerset Re | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Deposit assets | $ 1,929 | 1,619 | ||||||||||||
Reinsurance payable | 1,790 | 1,518 | ||||||||||||
Deferred reinsurance gain | $ 411 | |||||||||||||
Somerset Re | Universal life products | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 30.00% | |||||||||||||
Prismic Re | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Deposit assets | $ 3,715 | $ 3,771 | ||||||||||||
Reinsured amount | $ 9,000 | |||||||||||||
Deferred reinsurance loss | $ (240) | |||||||||||||
Prismic Re | Structured Settlement Annuity | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 70.00% | |||||||||||||
Prismic Re | Coinsurance with funds witheld | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 90.00% | |||||||||||||
Prismic Re | Coinsurance | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 10.00% | |||||||||||||
AuguStar | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsured amount | $ 10,000 | |||||||||||||
Deferred reinsurance gain | $ 309 | |||||||||||||
AuguStar | Separate account liabilities under MODCO | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 100.00% | |||||||||||||
AuguStar | General account liabilities under MODCO | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 100.00% | |||||||||||||
AuguStar | Variable Annuities | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 10.00% | |||||||||||||
Empower | Separate account liabilities under MODCO | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 100.00% | |||||||||||||
Empower | General account liabilities under MODCO | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 100.00% | |||||||||||||
Union Hamilton | Quote Share Reinsurance for HDI v.3.0 VA Business | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 50.00% | |||||||||||||
Reinsurance retention policy, amount retained per event | $ 2,900 | |||||||||||||
Allstate | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Number of counterparties | counterparty | 2 |
Reinsurance Reinsurance Amounts Included in Statement of Operations (Details) - USD ($) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
||||
Insurance [Abstract] | |||||
Direct premiums | $ 14,822 | $ 8,750 | |||
Reinsurance assumed | 1,451 | 1,178 | |||
Reinsurance ceded | (736) | (565) | |||
Premiums | 15,537 | [1] | 9,363 | ||
Direct policy charges and fee income | 864 | 966 | |||
Reinsurance assumed | 300 | 308 | |||
Reinsurance ceded | (108) | (140) | |||
Policy charges and fee income | 1,056 | 1,134 | |||
Direct change in value of market risk benefits, net of related hedging gains (losses) | 150 | 80 | |||
Reinsurance assumed | 71 | 0 | |||
Reinsurance ceded | (98) | (5) | |||
Change in value of market risk benefits, net of related hedging gains (losses) | 123 | 75 | |||
Direct policyholders’ benefits | 15,865 | 9,594 | |||
Reinsurance assumed | 1,843 | 1,565 | |||
Reinsurance ceded | (1,114) | (855) | |||
Policyholders’ benefits | 16,594 | [1] | 10,304 | ||
Direct change in estimates of liability for future policy benefits | 146 | (24) | |||
Reinsurance assumed | (5) | 4 | |||
Reinsurance ceded | (158) | 45 | |||
Change in estimates of liability for future policy benefits | $ 17 | [1] | $ (25) | ||
|
Reinsurance Reinsurance Recoverable (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | $ 17,222 | $ 16,737 |
Reinsurance recoverables net of loss allowance | 11 | 12 |
Deposit assets | 10,707 | 10,574 |
Somerset Re | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance payable | 1,790 | 1,518 |
Deposit assets | 1,929 | 1,619 |
Prismic Re | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Deposit assets | 3,715 | 3,771 |
Individual and group annuities | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 7,221 | 7,516 |
Life insurance | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 9,594 | 8,806 |
Life insurance | Somerset Re | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance recoverables net of loss allowance | 545 | |
Other reinsurance | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 407 | 415 |
Hartford Life Business | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance payable | 1,387 | 1,396 |
Hartford Life Business | Life insurance | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 2,067 | 2,090 |
Prismic Re | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance payable | 8,186 | 8,543 |
Prismic Re | Individual and group annuities | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 5,722 | 5,981 |
FLIAC | Individual and group annuities | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | $ 1,457 | $ 1,485 |
Closed Block (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Closed Block Dividend Obligation | $ 408 | $ 792 |
Accumulated Net Unrealized Investment Gain (Loss) Pre Tax | ||
Closed Block Dividend Obligation | 2,399 | 2,081 |
Accumulated Distributions in Excess of Net Income | ||
Closed Block Dividend Obligation | $ 2,807 | $ 2,873 |
Closed Block (Closed Block Liabilities and Assets Designated to Closed Block; Maximum Future Earnings to be Recognized) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
---|---|---|---|
Closed Block liabilities | |||
Future policy benefits | $ 43,244 | $ 43,587 | |
Policyholders’ dividends payable | 663 | 648 | |
Policyholders’ dividend obligation | 408 | 792 | |
Policyholders’ account balances | 4,464 | 4,500 | $ 4,572 |
Other Closed Block liabilities | 3,902 | 3,605 | |
Total Closed Block liabilities | 52,681 | 53,132 | |
Closed Block assets | |||
Fixed maturities, available-for-sale, at fair value | 29,909 | 30,314 | |
Fixed maturities, trading, at fair value | 849 | 887 | |
Equity securities, at fair value | 1,818 | 1,970 | |
Commercial mortgage and other loans | 7,681 | 7,769 | |
Policy loans | 3,441 | 3,479 | |
Other invested assets | 4,432 | 4,513 | |
Short-term investments | 743 | 232 | |
Total investments | 48,873 | 49,164 | |
Cash and cash equivalents | 801 | 993 | |
Accrued investment income | 435 | 421 | |
Other Closed Block assets | 172 | 138 | |
Total Closed Block assets | 50,281 | 50,716 | |
Excess of reported Closed Block liabilities over Closed Block assets | 2,400 | 2,416 | |
Portion of above representing accumulated other comprehensive income (loss): | |||
Net unrealized investment gains (losses) | (2,562) | (2,241) | |
Allocated to policyholder dividend obligation | 2,399 | 2,081 | |
Future earnings to be recognized from Closed Block assets and Closed Block liabilities | $ 2,237 | $ 2,256 |
Closed Block (Information Regarding Policyholder Dividend Obligation) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Movement in Closed Block Dividend Obligation [Roll Forward] | |
Balance, beginning | $ 792 |
Impact from earnings allocable to policyholder dividend obligation | (66) |
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation | (318) |
Balance, ending | $ 408 |
Closed Block (Closed Block Revenues and Benefits and Expenses) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Revenues | ||
Premiums | $ 409 | $ 406 |
Net investment income | 513 | 479 |
Realized investment gains (losses), net | (125) | (17) |
Other income (loss) | 164 | 100 |
Total Closed Block revenues | 961 | 968 |
Benefits and Expenses | ||
Policyholders’ benefits | 584 | 572 |
Interest credited to policyholders’ account balances | 30 | 30 |
Dividends to policyholders | 275 | 302 |
General and administrative expenses | 67 | 73 |
Total Closed Block benefits and expenses | 956 | 977 |
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes | 5 | (9) |
Income tax expense (benefit) | (15) | (32) |
Closed Block revenues, net of Closed Block benefits and expenses and income taxes | $ 20 | $ 23 |
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Total income tax expense (benefit) | $ 289 | $ 382 |
Effective Income Tax Rate, Percent | 20.80% | 20.70% |
Federal Statutory Income Tax Rate, Percent | 21.00% | |
High Tax Exception Percentage | 18.90% | |
Percentage of the Effective Income Tax Rate Rec at Federal Statutory Income | 90.00% | |
Book-income Alternative Minimum Tax Rate | 15.00% | |
Tax Adjustments, Settlements, and Unusual Provisions | $ 75 |
Short-Term and Long-Term Debt (Short-Term Debt) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Short-term Debt [Line Items] | ||
Short-term debt | $ 585 | $ 618 |
Less: assets under set-off arrangements | $ 11,582 | $ 10,370 |
Weighted average interest rate on outstanding short-term debt | 5.51% | 5.50% |
Commercial paper | ||
Short-term Debt [Line Items] | ||
Debt maturity | 28 days | 49 days |
Short-Term Debt | $ 505 | $ 535 |
Current portion of Long-term debt | ||
Short-term Debt [Line Items] | ||
Short-Term Debt | 2,080 | 2,083 |
Short-term Debt | ||
Short-term Debt [Line Items] | ||
Less: assets under set-off arrangements | 2,000 | 2,000 |
Short-Term Debt | 2,585 | 2,618 |
Borrowings due overnight | Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | 125 | 110 |
Daily average outstanding | Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | 1,461 | 1,334 |
Prudential Financial | ||
Short-term Debt [Line Items] | ||
Short-term debt | 25 | 25 |
Prudential Financial | Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-Term Debt | 25 | 25 |
Prudential Funding, LLC | Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-Term Debt | 480 | 510 |
Mortgage debt | ||
Short-term Debt [Line Items] | ||
Short-Term Debt | 80 | 83 |
Surplus notes subject to set-off arrangements | ||
Short-term Debt [Line Items] | ||
Short-Term Debt | $ 2,000 | $ 2,000 |
Short-Term and Long-Term Debt (Narrative) (Details) - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Debt Instrument [Line Items] | ||
Amounts drawn on credit facilities | $ 0 | |
Long-term Debt, Excluding Current Maturities | 19,368,000,000 | $ 18,882,000,000 |
Assets Under Set Off Arrangements | 11,582,000,000 | 10,370,000,000 |
Subsidiaries | Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 41,000,000 | 44,000,000 |
Prudential Financial | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 18,652,000,000 | 18,162,000,000 |
Prudential Financial | Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 8,541,000,000 | 8,050,000,000 |
Current portion of Long-term debt | ||
Debt Instrument [Line Items] | ||
Short-Term Debt | 2,080,000,000 | 2,083,000,000 |
Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 1,000,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |
Junior Subordinated Debt | 5.20% Junior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 500,000,000 | |
5.20% Junior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | |
Short-term Debt | ||
Debt Instrument [Line Items] | ||
Assets Under Set Off Arrangements | $ 2,000,000,000 | 2,000,000,000 |
Short-Term Debt | $ 2,585,000,000 | $ 2,618,000,000 |
Commercial paper | ||
Debt Instrument [Line Items] | ||
Debt maturity | 28 days | 49 days |
Short-Term Debt | $ 505,000,000 | $ 535,000,000 |
Commercial paper | Prudential Financial | ||
Debt Instrument [Line Items] | ||
Short-Term Debt | 25,000,000 | 25,000,000 |
Floating-rate notes | Foreign public corporate securities | Mortgage debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | $ 25,000,000 | $ 27,000,000 |
Short-Term and Long-Term Debt (Long-Term Debt) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term Debt | $ 30,950 | $ 29,252 |
Less: assets under set-off arrangements | 11,582 | 10,370 |
Long-term debt | 19,368 | 18,882 |
Surplus notes | Fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 347 | 346 |
Surplus notes subject to set-off arrangements | Fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 11,002 | 9,790 |
Surplus notes subject to set-off arrangements | Floating-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 580 | 580 |
Somerset Re surplus notes subject to set off arrangements | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 6,200 | |
Senior notes | Fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 10,111 | 10,112 |
Mortgage debt | Floating-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 73 | 75 |
Line of credit | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 255 | 255 |
Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 8,582 | 8,094 |
Debt denominated in foreign currency | Mortgage debt | Floating-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 25 | 27 |
Prudential Financial | ||
Debt Instrument [Line Items] | ||
Long-term debt | 18,652 | 18,162 |
Prudential Financial | Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 8,541 | 8,050 |
Subsidiaries | Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 41 | $ 44 |
Employee Benefit Plans (Narrative) (Details) - Other Postretirement Benefits |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Deferred Compensation Arrangement with Individual, Requisite Age | 50 years | |
Deferred Compensation Arrangement with Individual, Requisite Service Period | 10 years | |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Deferred Compensation Arrangement with Individual, Requisite Age | 55 years | |
Deferred Compensation Arrangement with Individual, Requisite Service Period | 20 years |
Employee Benefit Plans (Components of Net Periodic Benefit Cost Included in General and Administrative Expenses) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 52 | $ 51 |
Interest cost | 135 | 138 |
Expected return on plan assets | (238) | (231) |
Amortization of prior service cost | 0 | 0 |
Amortization of actuarial (gain) loss, net | 22 | 17 |
Net periodic (benefit) cost | (29) | (25) |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 2 | 2 |
Interest cost | 13 | 18 |
Expected return on plan assets | (19) | (21) |
Amortization of prior service cost | (17) | (2) |
Amortization of actuarial (gain) loss, net | 2 | 3 |
Net periodic (benefit) cost | $ (19) | $ 0 |
Equity (Common Stock Changes in Number of Shares Issued, Held in Treasury and Outstanding) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
shares
| |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, beginning (in shares) | 666,305,189 |
Balance, ending (in shares) | 666,305,189 |
Issued | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, beginning (in shares) | 666,300,000 |
Common Stock issued (in shares) | 0.0 |
Common Stock acquired | (0.0) |
Stock-based compensation programs (in shares) | 0.0 |
Balance, ending (in shares) | 666,300,000 |
Common Stock Held in Treasury | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, beginning (in shares) | 307,100,000 |
Common Stock issued (in shares) | 0.0 |
Common Stock acquired | 2,300,000 |
Stock-based compensation programs (in shares) | (2,200,000) |
Balance, ending (in shares) | 307,200,000 |
Outstanding | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, beginning (in shares) | 359,200,000 |
Common Stock issued (in shares) | 0.0 |
Common Stock acquired | 2,300,000 |
Stock-based compensation programs (in shares) | 2,200,000 |
Balance, ending (in shares) | 359,100,000 |
Equity (Narrative) (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Feb. 28, 2023 |
|
Class of Stock [Line Items] | |||
Cost of Treasury Stock Acquired | $ 242 | $ 251 | |
Under November 2021 Board Of Directors Authorization | |||
Class of Stock [Line Items] | |||
Amount of Stock Repurchases Authorized by the Board of Directors | $ 1,000 | ||
Under November 2021 Board Of Directors Authorization | Common Stock | |||
Class of Stock [Line Items] | |||
Number of Treasury Stock Shares Acquired | 2.3 | ||
Cost of Treasury Stock Acquired | $ 250 |
Equity (Dividends Declared) (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Equity [Abstract] | ||
Dividends declared per share of Common Stock (in USD per share) | $ 1.30 | $ 1.25 |
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | [1] | $ (6,504) | ||
Income tax benefit (expense) | 137 | $ 90 | ||
Ending balance | [1] | (7,661) | ||
Foreign Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (2,686) | (2,274) | ||
Change in OCI before reclassifications | (481) | 12 | ||
Amounts reclassified from AOCI | (13) | 0 | ||
Income tax benefit (expense) | (36) | (38) | ||
Ending balance | (3,216) | (2,300) | ||
Total net unrealized investment gains (losses) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (11,213) | (16,194) | ||
Change in OCI before reclassifications | (4,602) | 8,243 | ||
Amounts reclassified from AOCI | (172) | 136 | ||
Income tax benefit (expense) | 1,131 | (1,988) | ||
Ending balance | (14,856) | (9,803) | ||
Interest rate remeasurement of Liability for Future Policy Benefits | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 8,547 | 15,242 | ||
Change in OCI before reclassifications | 4,213 | (8,705) | ||
Amounts reclassified from AOCI | 0 | 0 | ||
Income tax benefit (expense) | (1,006) | 2,160 | ||
Ending balance | 11,754 | 8,697 | ||
Gains (Losses) from Changes in Non-performance Risk on Market Risk Benefits | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 900 | 1,448 | ||
Change in OCI before reclassifications | (252) | 186 | ||
Amounts reclassified from AOCI | 0 | 0 | ||
Income tax benefit (expense) | 53 | (39) | ||
Ending balance | 701 | 1,595 | ||
Pension and Postretirement Unrecognized Net Periodic Benefit (Cost) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (2,052) | (2,028) | ||
Change in OCI before reclassifications | 6 | 1 | ||
Amounts reclassified from AOCI | 7 | 18 | ||
Income tax benefit (expense) | (5) | (5) | ||
Ending balance | (2,044) | (2,014) | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (6,504) | (3,806) | ||
Change in OCI before reclassifications | (1,116) | (263) | ||
Amounts reclassified from AOCI | (178) | 154 | ||
Income tax benefit (expense) | 137 | 90 | ||
Ending balance | (7,661) | (3,825) | ||
Cash Flow Hedging | Total net unrealized investment gains (losses) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 869 | 2,616 | ||
Ending balance | 1,199 | 2,344 | ||
Fair value hedges—Currency | Total net unrealized investment gains (losses) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (60) | (54) | ||
Ending balance | $ (51) | $ (74) | ||
|
Equity (Reclassifications out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||
Realized investment gains (losses), net | $ (308) | [1],[2] | $ 217 | ||||
Amortization of defined benefit items: | |||||||
Other Income | 1,338 | 1,019 | |||||
Total foreign currency translation adjustment | |||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||
Amounts reclassified from AOCI | (13) | 0 | |||||
Total net unrealized investment gains (losses) | |||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||
Amounts reclassified from AOCI | (172) | 136 | |||||
Total amortization of defined benefit items | |||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||
Amounts reclassified from AOCI | 7 | 18 | |||||
Accumulated Other Comprehensive Income (Loss) | |||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||
Amounts reclassified from AOCI | (178) | 154 | |||||
Amounts reclassified from AOCI | |||||||
Amortization of defined benefit items: | |||||||
Prior service cost | 17 | 2 | |||||
Actuarial gain (loss) | (24) | (20) | |||||
Amounts reclassified from AOCI | Total foreign currency translation adjustment | |||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||
Realized investment gains (losses), net | 13 | 0 | |||||
Amounts reclassified from AOCI | Total net unrealized investment gains (losses) | |||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||
Amounts reclassified from AOCI | 172 | (136) | |||||
Amounts reclassified from AOCI | Total amortization of defined benefit items | |||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||
Amounts reclassified from AOCI | (7) | (18) | |||||
Amounts reclassified from AOCI | Accumulated Other Comprehensive Income (Loss) | |||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||
Amounts reclassified from AOCI | 178 | (154) | |||||
Amounts reclassified from AOCI | Net unrealized investment gains (losses) on available-for-sale securities | |||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||
Net unrealized investment gains (losses) | 18 | (155) | |||||
Amounts reclassified from AOCI | Interest Rate | Cash Flow Hedging | |||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||
Net unrealized investment gains (losses) | (3) | (23) | |||||
Amounts reclassified from AOCI | Currency | Cash Flow Hedging | |||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||
Net unrealized investment gains (losses) | 2 | 5 | |||||
Amounts reclassified from AOCI | Currency | Fair value hedges—Currency | |||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||
Net unrealized investment gains (losses) | (2) | (2) | |||||
Amounts reclassified from AOCI | Currency/Interest rate | Cash Flow Hedging | |||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||
Net unrealized investment gains (losses) | $ 157 | $ 39 | |||||
|
Equity (Net Unrealized Investment Gains (Losses) in AOCI on AFS Fixed Maturity Securities with Allowance for Credit Losses and All Other Investments) (Details) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
USD ($)
| ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | $ (6,504) | [1] | ||
Ending balance | (7,661) | [1] | ||
Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been Recorded | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (72) | |||
Net investment gains (losses) on investments arising during the period | (23) | |||
Reclassification adjustment for (gains) losses included in net income | (1) | |||
Reclassification due to allowance for credit losses recorded during the period | 23 | |||
Ending balance | (73) | |||
Net Unrealized Investment Gains (Losses) on All Other Investments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (17,179) | |||
Net investment gains (losses) on investments arising during the period | (4,899) | |||
Reclassification adjustment for (gains) losses included in net income | (171) | |||
Reclassification due to allowance for credit losses recorded during the period | (23) | |||
Ending balance | (22,272) | |||
Reinsurance Recoverables | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (484) | |||
Impact of net unrealized investment (gains) losses | (172) | |||
Ending balance | (656) | |||
Future Policy Benefits, Policyholders’ Account Balances and Reinsurance Payables | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 1,306 | |||
Impact of net unrealized investment (gains) losses | 174 | |||
Ending balance | 1,480 | |||
Policyholders’ Dividends | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 2,081 | |||
Impact of net unrealized investment (gains) losses | 318 | |||
Ending balance | 2,399 | |||
Income Tax Benefit (Expense) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 3,135 | |||
Net investment gains (losses) on investments arising during the period | 1,158 | |||
Reclassification adjustment for (gains) losses included in net income | 40 | |||
Reclassification due to allowance for credit losses recorded during the period | 0 | |||
Impact of net unrealized investment (gains) losses | (67) | |||
Ending balance | 4,266 | |||
Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (11,213) | |||
Net investment gains (losses) on investments arising during the period | (3,764) | |||
Reclassification adjustment for (gains) losses included in net income | (132) | |||
Reclassification due to allowance for credit losses recorded during the period | 0 | |||
Impact of net unrealized investment (gains) losses | 253 | |||
Ending balance | $ (14,856) | |||
|
Earnings Per Share (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Basic earnings per share | ||
Net income (loss) | $ 1,151 | $ 1,477 |
Less: Income (loss) attributable to noncontrolling interests | 13 | 15 |
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards | 15 | 18 |
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Income | $ 1,123 | $ 1,444 |
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Weighted Average Shares | 359.0 | 366.5 |
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Per Share Amount | $ 3.13 | $ 3.94 |
Effect of dilutive securities and compensation programs | ||
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic | $ 15 | $ 18 |
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted | $ 15 | $ 18 |
Stock options, Weighted Average Shares | 0.3 | 0.2 |
Deferred and long-term compensation programs, Weighted Average Shares | 1.2 | 1.0 |
Diluted earnings per share | ||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Income | $ 1,123 | $ 1,444 |
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Weighted Average Shares | 360.5 | 367.7 |
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Per Share Amount | $ 3.12 | $ 3.93 |
Earnings Per Share (Narrative) (Details) - shares shares in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Earnings Per Share [Abstract] | ||
Undistributed earnings allocated to participating unvested share-based payment awards, weighted outstanding shares | 4.1 | 4.2 |
Earnings Per Share (Antidilutive Securities Excluded From the Computation of Diluted Earnings Per Share) (Details) - $ / shares shares in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings, Shares | 0.3 | 1.3 |
Antidilutive stock options based on application of the treasury stock method | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings, Shares | 0.3 | 1.2 |
Antidilutive securities excluded from computation of earnings, Exercise Price Per Share | $ 110.42 | $ 103.16 |
Antidilutive stock options due to net loss available to holders of Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings, Shares | 0.0 | 0.0 |
Antidilutive shares based on application of the treasury stock method | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings, Shares | 0.0 | 0.1 |
Antidilutive shares due to net loss available to holders of Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings, Shares | 0.0 | 0.0 |
Segment Information (Reconciliation of Adjusted Operating Income and Net Income (Loss)) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ 1,390 | $ 1,847 | |
Total assets | 725,823 | $ 721,123 | |
Operating Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 1,469 | 1,280 | |
Operating Segments | PGIM Division [Member] | PGIM | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 169 | 151 | |
Total assets | 37,922 | 42,064 | |
Operating Segments | Total International Businesses | International Businesses | Life Planner | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total assets | 79,319 | 81,164 | |
Operating Segments | Total International Businesses | International Businesses | Gibraltar Life and Other | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total assets | 105,317 | 110,060 | |
Operating Segments | Total Corporate and Other [Member] | Corporate and Other | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (435) | (471) | |
Operating Segments | U.S. Businesses Division | Retirement Strategies | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 915 | 837 | |
Total assets | 263,582 | 251,242 | |
Operating Segments | U.S. Businesses Division | Retirement Strategies | Institutional Retirement Strategies | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 441 | 396 | |
Total assets | 119,148 | 111,308 | |
Operating Segments | U.S. Businesses Division | Retirement Strategies | Individual Retirement Strategies | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 474 | 441 | |
Total assets | 144,434 | 139,934 | |
Operating Segments | U.S. Businesses Division | Group Insurance | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 45 | 25 | |
Total assets | 39,321 | 39,214 | |
Operating Segments | U.S. Businesses Division | Individual Life | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (121) | (102) | |
Total assets | 116,134 | 116,449 | |
Segment Reconciling Items | Change in value of market risk benefits, net of related hedging gains (losses) | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 123 | 75 | |
Segment Reconciling Items | Market experience updates | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (32) | 48 | |
Segment Reconciling Items | Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (27) | (5) | |
Segment Reconciling Items | Other adjustments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (8) | (8) | |
Segment Reconciling Items | Realized investment gains (losses), net, and related charges and adjustments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (97) | 369 | |
Segment Reconciling Items | Other Divested Businesses [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (35) | 92 | |
Segment Reconciling Items | Total Corporate and Other [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total assets | 33,588 | 29,842 | |
Segment Reconciling Items | Total Closed Block division | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (3) | (4) | |
Total assets | 50,640 | 51,088 | |
Total U.S. Businesses | Operating Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 839 | 760 | |
Total assets | 419,037 | 406,905 | |
International Businesses | Operating Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 896 | 840 | |
International Businesses | Operating Segments | Total International Businesses | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total assets | 184,636 | $ 191,224 | |
International Businesses | Operating Segments | Total International Businesses | Life Planner | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 545 | 522 | |
International Businesses | Operating Segments | Total International Businesses | Gibraltar Life and Other | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ 351 | $ 318 |
Segment Information (Reconciliation of Select Financial Information) (Details) - USD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
||||
Segment Reporting Information [Line Items] | ||||||
Total Assets | $ 725,823 | $ 721,123 | ||||
Revenues | 23,509 | $ 17,045 | ||||
Net investment income | 4,764 | 4,320 | ||||
Total benefits and expenses | 22,119 | 15,198 | ||||
Policyholders’ benefits | 16,594 | [1] | 10,304 | |||
Interest credited to policyholders’ account balances | 1,283 | 981 | ||||
Dividends to policyholders | 290 | 319 | ||||
Amortization of deferred policy acquisition costs | 375 | 365 | ||||
Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 21,699 | 14,982 | ||||
Operating Segments | PGIM Division [Member] | PGIM | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Assets | 37,922 | 42,064 | ||||
Revenues | 990 | 898 | ||||
Operating Segments | Total Corporate and Other [Member] | Corporate and Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 30 | (6) | ||||
Operating Segments | U.S. Businesses Division | Group Insurance | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Assets | 39,321 | 39,214 | ||||
Revenues | 1,634 | 1,564 | ||||
Operating Segments | U.S. Businesses Division | Individual Life | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Assets | 116,134 | 116,449 | ||||
Revenues | 1,580 | 1,527 | ||||
Operating Segments | U.S. Businesses Division | Retirement Strategies | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Assets | 263,582 | 251,242 | ||||
Revenues | 12,752 | 5,984 | ||||
Operating Segments | U.S. Businesses Division | Retirement Strategies | Institutional Retirement Strategies | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Assets | 119,148 | 111,308 | ||||
Revenues | 11,538 | 4,889 | ||||
Operating Segments | U.S. Businesses Division | Retirement Strategies | Individual Retirement Strategies | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Assets | 144,434 | 139,934 | ||||
Revenues | 1,214 | 1,095 | ||||
Segment Reconciling Items | Realized investment gains (losses), net, and related charges and adjustments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 308 | 512 | ||||
Segment Reconciling Items | Market experience updates | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | (58) | 24 | ||||
Segment Reconciling Items | Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | (39) | (19) | ||||
Segment Reconciling Items | Change in value of market risk benefits, net of related hedging gains (losses) | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 123 | 75 | ||||
Segment Reconciling Items | Other Divested Businesses [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 514 | 500 | ||||
Segment Reconciling Items | Total Closed Block division | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Assets | 50,640 | 51,088 | ||||
Revenues | 962 | 971 | ||||
Intersegment Eliminations | PGIM Division [Member] | PGIM | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 207 | 205 | ||||
Total U.S. Businesses | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Assets | 419,037 | 406,905 | ||||
Revenues | 15,966 | 9,075 | ||||
International Businesses | Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 4,713 | 5,015 | ||||
International Businesses | Operating Segments | Total International Businesses | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Assets | 184,636 | $ 191,224 | ||||
International Businesses | Operating Segments | Total International Businesses | Life Planner | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 2,550 | 2,624 | ||||
International Businesses | Operating Segments | Total International Businesses | Gibraltar Life and Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | $ 2,163 | $ 2,391 | ||||
|
Segment Information Segment Information (Asset Management and Service Fees) (Details) - USD ($) $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
||||
Asset management and service fees | $ 999 | [1] | $ 917 | ||
Asset-based management fees | |||||
Asset management and service fees | 833 | 789 | |||
Performance-based incentive fees | |||||
Asset management and service fees | 41 | 3 | |||
Other fees | |||||
Asset management and service fees | $ 125 | $ 125 | |||
|
Related Party Disclosures Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Mar. 31, 2023 |
---|---|---|---|---|---|---|
Related Party Transaction [Line Items] | ||||||
Future policy benefits | $ 272,790 | $ 273,281 | $ 273,586 | |||
Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Future policy benefits | $ 9,000 | |||||
Portion of in-force structured settlement annuities business | 70.00% | |||||
Guarantee on letters of credit | $ 2,000 | $ 2,000 | ||||
Prismic HoldCo | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Carrying value | $ 200 | |||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% |
Related Party Transactions - The Company’s Related Party Balances with Prismic (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
||||
---|---|---|---|---|---|---|
Related Party Transaction [Line Items] | ||||||
Other assets | [1],[2] | $ 13,205 | $ 13,179 | |||
Accumulated other comprehensive income (loss) | [1] | (7,661) | (6,504) | |||
Reinsurance and funds withheld payables, embedded derivatives at fair value | 73 | 490 | ||||
Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Reinsurance recoverables and deposit receivables | 9,437 | 9,752 | ||||
Other assets | 132 | 132 | ||||
Reinsurance and funds withheld payables (includes $224 and $508 of embedded derivatives at fair value at March 31, 2024 and December 31, 2023, respectively) | 8,136 | 8,544 | ||||
Accumulated other comprehensive income (loss) | 132 | 335 | ||||
Reinsurance and funds withheld payables, embedded derivatives at fair value | $ 224 | $ 508 | ||||
|
Related Party Transactions - The Initial and Ongoing Reinsurance Activity with Prismic Re of Operations (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
||||||
Related Party Transaction [Line Items] | |||||||
Premiums | $ 15,537 | [1] | $ 9,363 | ||||
Asset management and service fees | 999 | [1] | 917 | ||||
Other Income | 1,338 | 1,019 | |||||
Realized investment gains (losses), net | (308) | [1],[2] | 217 | ||||
Policyholders’ benefits | (16,594) | [1] | (10,304) | ||||
Change in estimates of liability for future policy benefits | 17 | [1] | (25) | ||||
General and administrative expenses | 3,594 | [1] | 3,204 | ||||
Income (loss) from related parties, before income taxes | 1,390 | 1,847 | |||||
Other comprehensive income (loss), before tax | (1,157) | $ (18) | |||||
Related Party | |||||||
Related Party Transaction [Line Items] | |||||||
Premiums | (4) | ||||||
Asset management and service fees | 9 | ||||||
Other Income | 39 | ||||||
Realized investment gains (losses), net | 204 | ||||||
Policyholders’ benefits | (71) | ||||||
Change in estimates of liability for future policy benefits | (4) | ||||||
General and administrative expenses | 11 | ||||||
Income (loss) from related parties, before income taxes | 312 | ||||||
Other comprehensive income (loss), before tax | 132 | ||||||
Total comprehensive income (loss), before tax | $ 444 | ||||||
|
Related Party Transactions - The Initial and Ongoing Reinsurance Activity with Prismic Re of Cash Flows (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Realized investment (gains) losses, net | $ 308 | [1],[2] | $ (217) | ||||
Other, net | (1,240) | [2] | (1,876) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Other, net | (181) | [2] | $ (220) | ||||
Related Party | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Realized investment (gains) losses, net | (204) | ||||||
Other, net | (183) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Other, net | $ 92 | ||||||
|
Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Commitments and Contingent Liabilities [Line Items] | |||
Fair value of collateral supporting these assets | $ 489 | $ 240 | |
Standby Letters of Credit | |||
Commitments and Contingent Liabilities [Line Items] | |||
Guarantee on letters of credit | 1,500 | ||
Standby Uncommitted Letters Of Credit | |||
Commitments and Contingent Liabilities [Line Items] | |||
Guarantee on letters of credit | 500 | ||
Commitments | Commercial Mortgage Loans | |||
Commitments and Contingent Liabilities [Line Items] | |||
Total outstanding mortgage loan commitments | 1,208 | 1,798 | |
Portion of commitment where prearrangement to sell to investor exists | 294 | 366 | |
Allowance for credit losses | 1 | 1 | |
Change in allowance for credit losses | 0 | $ 0 | |
Expected to be funded from the GA and other operations outside the SA | |||
Commitments and Contingent Liabilities [Line Items] | |||
Commitments to purchase investment (excluding commercial mortgage loans) | 10,922 | 10,675 | |
Expected to be funded from separate accounts | |||
Commitments and Contingent Liabilities [Line Items] | |||
Commitments to purchase investment (excluding commercial mortgage loans) | 1 | 39 | |
Indemnification | Securities Lending and Securities Repurchase Transactions | |||
Commitments and Contingent Liabilities [Line Items] | |||
Indemnification provided to certain clients for securities lending and securities repurchase transactions | 5,801 | 5,409 | |
Fair value of related collateral associated with above indemnifications | 5,926 | 5,528 | |
Accrued liability associated with guarantee | 0 | 0 | |
Indemnification | Securities Repurchase Transactions | |||
Commitments and Contingent Liabilities [Line Items] | |||
Indemnification provided to certain clients for securities lending and securities repurchase transactions | 229 | 0 | |
Fair value of related collateral associated with above indemnifications | 230 | 0 | |
Indemnification | Serviced Mortgage Loans | |||
Commitments and Contingent Liabilities [Line Items] | |||
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company | 3,103 | 3,102 | |
First-loss exposure portion of above | 897 | 898 | |
Accrued liability associated with guarantee | 26 | 28 | |
Allowance for credit losses | 13 | 14 | |
Change in allowance for credit losses | (1) | (1) | |
Guarantees of Asset Values | |||
Commitments and Contingent Liabilities [Line Items] | |||
Guaranteed value of third-parties’ assets | 77,683 | 78,009 | |
Fair value of collateral supporting these assets | 71,951 | 73,186 | |
Asset (liability) associated with guarantee, carried at fair value | (2) | (2) | |
Other Guarantees | |||
Commitments and Contingent Liabilities [Line Items] | |||
Other guarantees where amount can be determined | 42 | 36 | |
Accrued liability associated with guarantee | 32 | $ 32 | |
Purchase Investments | |||
Commitments and Contingent Liabilities [Line Items] | |||
Change in allowance for credit losses | $ 0 | $ 0 |
Commitments and Contingent Liabilities (Narrative Excluding Litigation) (Details) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
Commitments | Commercial Mortgage Loans | |||
Commitments and Contingent Liabilities [Line Items] | |||
Allowance for credit losses | $ 1 | $ 1 | |
Change in allowance for credit losses | 0 | $ 0 | |
Purchase Investments | |||
Commitments and Contingent Liabilities [Line Items] | |||
Change in allowance for credit losses | $ 0 | 0 | |
Indemnification | Securities Lending and Securities Repurchase Transactions | |||
Commitments and Contingent Liabilities [Line Items] | |||
Guarantor obligations, liquidation proceeds, percentage | 102.00% | ||
Indemnification | Securities Repurchase Transactions | |||
Commitments and Contingent Liabilities [Line Items] | |||
Guarantor obligations, liquidation proceeds, percentage | 95.00% | ||
Indemnification | Serviced Mortgage Loans | |||
Commitments and Contingent Liabilities [Line Items] | |||
Allowance for credit losses | $ 13 | 14 | |
Change in allowance for credit losses | (1) | (1) | |
Mortgages subject to loss-sharing arrangements | $ 24,823 | $ 24,875 | |
Weighted-average debt service coverage ratio of mortgages subject to loss-sharing arrangements | 1.94 | 1.97 | |
Weighted-average loan-to-value ratio of mortgages subject to loss-sharing arrangements | 60.00% | 60.00% | |
Losses related to indemnifications that were settled | $ 0 | $ 0 | |
Indemnification | Minimum | Serviced Mortgage Loans | |||
Commitments and Contingent Liabilities [Line Items] | |||
Percentage share of losses incurred on certain loans serviced | 4.00% | ||
Indemnification | Maximum | Serviced Mortgage Loans | |||
Commitments and Contingent Liabilities [Line Items] | |||
Percentage share of losses incurred on certain loans serviced | 20.00% |
Commitments and Contingent Liabilities (Litigation Narrative) (Details) $ in Millions |
Mar. 31, 2024
USD ($)
|
---|---|
Maximum | |
Loss Contingencies [Line Items] | |
Estimate of possible losses in excess of accruals (less than) for litigation and regulatory matters | $ 250 |
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