Policyholder Account Balances (Tables)

6 Months Ended

Jun. 30, 2024

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)	June 30, 2024		December 31, 2023
Life insurance	$	7,341	$	7,460
Fixed annuities		4,113		4,479
Variable annuities		492		529
Fixed indexed annuity embedded derivatives (1)		160		165
Indexed universal life embedded derivatives (1)		16		15
Additional insurance liabilities (2)		2,914		2,887
Other		11		5
Total policyholder account balances	$	15,047	$	15,540

(1) See note 5 for additional information.

(2) 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 10 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:

	June 30, 2024
(Dollar amounts in millions)	Life insurance			Fixed annuities			Variable annuities
Beginning balance as of January 1	$	7,460		$	4,479		$	529
Issuances		—			—			—
Premiums received		239			12			7
Policy charges		(302	)		(3	)		(2	)
Surrenders and withdrawals		(125	)		(296	)		(32	)
Benefit payments		(126	)		(173	)		(27	)
Net transfers to separate accounts		—			—			(2	)
Interest credited		197			73			2
Other		(2	)		21			17
Ending balance as of June 30	$	7,341		$	4,113		$	492
Weighted-average crediting rate		3.9	%		2.9	%		3.3	%
Net amount at risk (1)	$	42,187		$	21		$	401
Cash surrender value	$	4,189		$	3,185		$	492

(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, 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		500			20			14
Policy charges		(614	)		(6	)		(6	)
Surrenders and withdrawals		(272	)		(842	)		(66	)
Benefit payments		(215	)		(387	)		(80	)
Net transfers from separate accounts		—			—			1
Interest credited		388			160			4
Other		(21	)		57			52
Ending balance as of December 31	$	7,460		$	4,479		$	529
Weighted-average crediting rate		3.9	%		2.8	%		3.3	%
Net amount at risk (1)	$	42,754		$	33		$	479
Cash surrender value	$	4,336		$	3,519		$	529

(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 present 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:

	June 30, 2024
(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%	$	103	$	69	$	53	$	—	$	225
2.00%–2.99%		807		102		—		—		909
3.00%–3.99%		1,887		666		1,134		48		3,735
4.00% and greater		2,390		17		16		—		2,423
Total	$	5,187	$	854	$	1,203	$	48	$	7,292

(1) Excludes universal life insurance and investment contracts of approximately $4,654 million that have a market component to their crediting strategy.

	December 31, 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%	$	121	$	97	$	39	$	—	$	257
2.00%–2.99%		1,201		81		—		—		1,282
3.00%–3.99%		1,732		699		1,155		31		3,617
4.00% and greater		2,479		16		10		—		2,505
Total	$	5,533	$	893	$	1,204	$	31	$	7,661

(1) Excludes universal life insurance and investment contracts of approximately $4,807 million that have a market component to their crediting strategy.