Additional Insurance Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Discloure of Additional Insurance Liabilities [Abstract]

Summary of Balances of and Changes in Additional Insurance Liabilities

The following table presents the balances of and changes in additional liabilities related to death or other insurance benefits that are included within policyholder account balances related to universal and term universal life insurance products as of and for the periods indicated:

(Dollar amounts in millions)	March 31, 2023			December 31, 2022			December 31, 2021
Beginning balance	$	2,566		$	2,656		$	2,524
Beginning balance before shadow accounting adjustments		2,634			2,523			2,341
Effect of changes in cash flow assumptions		—			(37	)		85
Effect of actual variances from expected experience		7			33			(4	)
Adjusted beginning balance		2,641			2,519			2,422
Issuances		—			—			—
Interest accrual		22			85			84
Assessments collected		61			245			274
Benefit payments		(60	)		(215	)		(300	)
Derecognition (lapses and withdrawals)		—			—			—
Other (flooring adjustment)		1			—			43
Ending balance before shadow accounting adjustments		2,665			2,634			2,523
Effect of shadow accounting adjustments		(49	)		(68	)		133
Ending balance		2,616			2,566			2,656
Less: reinsurance recoverable		374			377			407
Additional insurance liabilities, net of reinsurance recoverable	$	2,242		$	2,189		$	2,249
Weighted-average liability duration (years)		20.6			20.8			22.6

Summary of Weighted-Average Interest rates for the Liability for Additional Insurance Liabilities

The following table provides the weighted-average interest rates for our additional insurance liabilities as of the dates indicated:

	March 31, 2023			December 31, 2022			December 31, 2021
Interest accretion rate (1)		3.3	%		3.3	%		3.2	%
Projected crediting rate (2)		3.8	%		3.8	%		3.6	%

(1)  The interest accretion rate is determined by using the weighted-average policyholder crediting rates for the underlying policies over the period in-force, and based on the adjusted beginning balance, is used to measure the amount of interest accrual. 

(2) The projected crediting rate is determined by using a future crediting rate curve that utilizes a portfolio approach reflecting anticipated reinvestment activity and runoff of existing assets over the projection period. The projected crediting rate is used to discount future assessments and excess benefits.

Summary of Additional Liability Long Duration Insurance Revenue and Interest Expense Recognized

The following table sets forth the amount of revenue and interest expense recognized in our condensed consolidated statements of income related to additional insurance liabilities for the periods indicated:

	Three months ended March 31,
(Amounts in millions)	2023		2022
Gross assessments	$	136	$	147
Interest expense (1)	$	22	$	20

(1)  Amounts for interest accretion, labeled “interest expense” in the table above, are included in benefits and other changes in policy reserves in the condensed consolidated statements of income.