Policyholder Account Balances (Tables)

9 Months Ended

Sep. 30, 2023

Policyholder Account Balance [Abstract]

Summary of Liabilities for Policyholder Account

The following table sets forth our liabilities for policyholder account balances as of the dates indicated:

(Amounts in millions)	September 30, 2023		December 31, 2022
Life insurance	$	7,502	$	7,694
Fixed annuities		4,700		5,477
Variable annuities		549		610
Fixed indexed annuity embedded derivatives (1)		174		202
Indexed universal life embedded derivatives (1)		14		15
Additional insurance liabilities (2)		2,646		2,566
Other		5		—
Total policyholder account balances	$	15,590	$	16,564

(1) See note 6 for additional information.

(2) Amount represents additional liabilities related to death or other insurance benefits that are recorded within policyholder account balances and are considered long-duration insurance contracts. See note 12 for additional information.

Summary of Changes in Policyholder Account Balance

The following tables present the balances of and changes in policyholder account balances as of and for the periods indicated:

	September 30, 2023
(Dollar amounts in millions)	Life insurance			Fixed annuities			Variable annuities
Beginning balance as of January 1	$	7,694		$	5,477		$	610
Issuances		—			—			—
Premiums received		384			17			11
Policy charges		(464	)		(4	)		(4	)
Surrenders and withdrawals		(234	)		(663	)		(55	)
Benefit payments		(171	)		(292	)		(54	)
Net transfers from (to) separate accounts		—			—			1
Interest credited		291			121			3
Other		2			44			37
Ending balance as of September 30	$	7,502		$	4,700		$	549
Weighted-average crediting rate		3.9	%		2.8	%		3.3	%
Net amount at risk (1)	$	43,456		$	11		$	535
Cash surrender value	$	4,308		$	3,714		$	549

(1) The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs.

	December 31, 2022
(Dollar amounts in millions)	Life insurance			Fixed annuities			Variable annuities
Beginning balance as of January 1	$	7,835		$	6,595		$	652
Issuances		—			—			—
Premiums received		518			23			21
Policy charges		(632	)		(6	)		(8	)
Surrenders and withdrawals		(177	)		(908	)		(48	)
Benefit payments		(210	)		(475	)		(69	)
Net transfers from (to) separate accounts		—			—			11
Interest credited		381			173			4
Other		(21	)		75			47
Ending balance as of December 31	$	7,694		$	5,477		$	610
Weighted-average crediting rate		3.9	%		2.4	%		3.3	%
Net amount at risk (1)	$	44,113		$	21		$	661
Cash surrender value	$	4,415		$	4,449		$	610

(1) The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs.

	December 31, 2021
(Dollar amounts in millions)	Life insurance			Fixed annuities			Variable annuities
Beginning balance as of January 1	$	8,105		$	7,892		$	689
Issuances		—			—			—
Premiums received		558			36			24
Policy charges		(644	)		(7	)		(8	)
Surrenders and withdrawals		(298	)		(1,153	)		(43	)
Benefit payments		(233	)		(508	)		(58	)
Net transfers from (to) separate accounts		—			—			5
Interest credited		365			199			5
Other		(18	)		136			38
Ending balance as of December 31	$	7,835		$	6,595		$	652
Weighted-average crediting rate		3.9	%		2.3	%		3.2	%
Net amount at risk (1)	$	46,613		$	98		$	648
Cash surrender value	$	4,411		$	5,471		$	652

(1) The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs.

Summary of Range Guaranteed Minimum Crediting Rate

The following tables represent policyholder account balances by range of guaranteed minimum crediting rate and the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums as of the dates indicated:

	September 30, 2023
(Amounts in millions)	At guaranteed minimum		1–50 basis points above		51–150 basis points above		Greater than 150 basis points above		Total (1)
Less than 2.00%	$	336	$	106	$	9	$	—	$	451
2.00%–2.99%		1,186		2		—		—		1,188
3.00%–3.99%		1,780		717		1,167		19		3,683
4.00% and greater		2,509		16		8		—		2,533
Total	$	5,811	$	841	$	1,184	$	19	$	7,855

(1) Excludes universal life insurance and investment contracts of approximately $4,896 million that have a market component to their crediting strategy.

	December 31, 2022
(Amounts in millions)	At guaranteed minimum		1–50 basis points above		51–150 basis points above		Greater than 150 basis points above		Total (1)
Less than 2.00%	$	1,065	$	42	$	2	$	—	$	1,109
2.00%–2.99%		947		2		—		—		949
3.00%–3.99%		1,928		774		1,156		1		3,859
4.00% and greater		2,649		12		1		—		2,662
Total	$	6,589	$	830	$	1,159	$	1	$	8,579

(1) Excludes universal life insurance and investment contracts of approximately $5,202 million that have a market component to their crediting strategy.