▪other investment-type contracts comprising of immediate annuities without significant mortality risk (which includes pension group annuities without life contingencies) and assumed endowments without significant mortality risks.

The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve.


	Three months ended March 31, 2023
(In millions, except percentages)	Traditional deferred annuities			Indexed annuities			Funding agreements			Other investment-type			Total
Balance at December 31, 2022	$	43,518		$	92,660		$	27,439		$	4,722		$	168,339
Deposits	6,700			2,929			1,500			1,033			12,162
Policy charges	(1)			(158)			—			—			(159)
Surrenders and withdrawals	(1,818)			(2,712)			(70)			(3)			(4,603)
Benefit payments	(264)			(422)			(490)			(90)			(1,266)
Interest credited	369			117			206			32			724
Foreign exchange	—			—			54			(16)			38
Other	(54)			—			143			(33)			56
Balance at March 31, 2023	$	48,450		$	92,414		$	28,782		$	5,645		$	175,291

	March 31, 2023
Weighted average crediting rate	3.4		%	2.3		%	2.7		%	2.9		%	2.7		%
Net amount at risk	$	423		$	13,903		$	—		$	66		$	14,392
Cash surrender value	45,994			84,047			—			2,710			132,751


	Three months ended March 31, 2022
(In millions, except percentages)	Traditional deferred annuities			Indexed annuities			Funding agreements			Other investment-type			Total
Balance at January 1, 2022	$	35,599		$	89,755		$	23,623		$	2,413		$	151,390
Deposits	918			2,573			4,946			520			8,957
Policy charges	(1)			(141)			—			—			(142)
Surrenders and withdrawals	(845)			(1,798)			—			(1)			(2,644)
Benefit payments	(256)			(426)			(695)			(83)			(1,460)
Interest credited	235			697			125			17			1,074
Foreign exchange	—			—			(100)			(14)			(114)
Other	—			—			(218)			—			(218)
Balance at March 31, 2022	$	35,650		$	90,660		$	27,681		$	2,852		$	156,843

	March 31, 2022
Weighted average crediting rate	2.7		%	2.0		%	1.8		%	2.2		%	2.1		%
Net amount at risk	$	416		$	10,554		$	—		$	13		$	10,983
Cash surrender value	34,211			84,265			—			710			119,186


	March 31,
(In millions)	2023		2022
Traditional deferred annuities	$	48,450	$	35,650
Indexed annuities	92,414		90,660

Funding agreements	28,782		27,681
Other investment-type	5,645		2,852

Reconciling items1	5,809		7,460
Interest sensitive contract liabilities	$	181,100	$	164,303

1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities, and wholly ceded universal life insurance contracts.

The following represents policyholder account balances by range of guaranteed minimum crediting rates, as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums:


	March 31, 2023
(In millions)	At guaranteed minimum		1 basis point – 100 basis points above guaranteed minimum		Greater than 100 basis points above guaranteed minimum		Total




































< 2.0%	$	25,571	$	23,867	$	80,468	$	129,906
2.0% – < 4.0%	31,793		1,709		778		34,280
4.0% – < 6.0%	9,625		52		206		9,883
6.0% and greater	1,222		—		—		1,222
Total	$	68,211	$	25,628	$	81,452	$	175,291


	March 31, 2022
(In millions)	At guaranteed minimum		1 basis point – 100 basis points above guaranteed minimum		Greater than 100 basis points above guaranteed minimum		Total




































< 2.0%	$	29,040	$	30,195	$	57,412	$	116,647
2.0% – < 4.0%	34,604		925		43		35,572
4.0% – < 6.0%	4,467		11		6		4,484
6.0% and greater	140		—		—		140
Total	$	68,251	$	31,131	$	57,461	$	156,843

Future policy benefits – Future policy benefits consist primarily of payout annuities, including single premium immediate annuities with life contingencies (which include pension group annuities with life contingencies).


	Payout annuities with life contingencies
	Three months ended March 31,
(In millions)	2023		2022
Present value of expected net premiums
Beginning balance	$	—	$	—





Issuances	88		1,994

Net premium collected	(88)		(1,994)



Ending balance	$	—	$	—

Present value of expected future policy benefits
Beginning balance	$	36,422	$	35,278
Effect of changes in discount rate assumptions	8,425		—
Beginning balance at original discount rate	44,847		35,278

Effect of actual experience compared to expected experience	(29)		(47)
Adjusted beginning balance	44,818		35,231
Issuances	88		1,994
Interest accrual	346		229
Benefit payments	(885)		(724)
Foreign exchange	8		(19)
Ending balance at original discount rate	44,375		36,711
Effect of changes in discount rate assumptions	(7,623)		(3,562)
Ending balance	$	36,752	$	33,149


	March 31,
(In millions)	2023		2022
Payout annuities with life contingencies	$	36,752	$	33,149
Reconciling items1	5,738		6,091
Future policy benefits	$	42,490	$	39,240

1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with our liability for future policy benefits. Additionally, it includes reserves for our immaterial lines of business including term and whole life, accident and health and disability, as well as other insurance benefit reserves for our no-lapse guarantees with universal life contracts, all of which are fully ceded.


	Three months ended March 31,
(In millions)	2023		2022
Payout annuities with life contingencies	$	88	$	2,098
Reconciling items1	8		12
Premiums	$	96	$	2,110

1 Reconciling items premiums related to our immaterial lines of business including term and whole life and accident and health and disability.

Gross premiums are recorded within premiums on the condensed consolidated statements of income (loss). Interest expense (accretion) related to future policy benefits was $346 million and $229 million during the three months ended March 31, 2023 and 2022, respectively, and is recorded as a component of policy and other operating expenses on the condensed consolidated statements of income (loss).

Significant assumptions and inputs to the calculation of future policy benefits for payout annuities with life contingencies include policyholder demographic data, assumptions for policyholder longevity and policyholder utilization for contracts with deferred lives, and discount rates. We base certain key assumptions related to policyholder behavior on industry standard data adjusted to align with actual company experience, if necessary. At least annually, we review all significant cash flow assumptions and update as necessary, unless emerging experience indicates a more frequent review is necessary. The discount rate reflects market observable inputs from upper-medium grade fixed income instrument yields and is interpolated, where necessary, to conform to the duration of our liabilities.

During the three months ended March 31, 2023, future policy benefits for payout annuities with life contingencies increased by $330 million, which was primarily driven by an $802 million change in discount rate assumptions related to a decrease in rates and $346 million of interest accrual, partially offset by $885 million of benefit payments.

During the three months ended March 31, 2022, future policy benefits for payout annuities with life contingencies decreased by $2,129 million, which was primarily driven by a $3,562 million change in discount rate assumptions related to an increase in rates and $724 million of benefit payments, partially offset by $1,994 million of pension group annuity issuances and $229 million of interest accrual.

The following represents the undiscounted and discounted expected future benefit payments for the liability for future policy benefits. As these relate to payout annuities for single premium immediate annuities with life contingencies, there are no expected future gross premiums.

Policyholder longevity assumptions represent the main driver of variances from actual experience compared to expected experience. The following is the variance of actual experience compared to expected experience related to policyholder longevity assumptions recorded within future policy benefits:


	Three months ended March 31,
(In millions)	2023		2022
Expected reserve release due to death	$	132	$	114
Actual reserve release due to death	183		163
Decrease in reserve due to actual experience compared to expected experience	$	(51)	$	(49)

Market risk benefits – We issue and reinsure traditional deferred and indexed annuity products that contain GLWB and GMDB riders that meet the criteria to be classified as market risk benefits.


	Three months ended March 31, 2023
(In millions)	Traditional deferred annuities		Indexed annuities		Total
Balance at December 31, 2022	$	170	$	2,319	$	2,489
Effect of changes in instrument-specific credit risk	13		353		366
Balance, beginning of period, before changes in instrument specific credit risk	183		2,672		2,855
Issuances	—		17		17
Interest accrual	2		32		34
Attributed fees collected	1		84		85
Benefit payments	—		(6)		(6)
Effect of changes in interest rates	8		218		226
Effect of changes in equity	—		(18)		(18)
Effect of actual behavior compared to expected behavior	2		23		25


Balance, end of period, before changes in instrument specific credit risk	196		3,022		3,218
Effect of changes in the instrument specific credit risk	(16)		(439)		(455)
Balance at March 31, 2023	$	180	$	2,583	$	2,763



	March 31, 2023
Net amount at risk	$	423	$	13,903	$	14,326
Weighted-average attained age of contract holders (in years)	75		69		69


	Three months ended March 31, 2022
(In millions)	Traditional deferred annuities		Indexed annuities		Total
Balance at January 1, 2022	$	253	$	4,194	$	4,447


Issuances	—		16		16
Interest accrual	—		(2)		(2)
Attributed fees collected	1		81		82
Benefit payments	(1)		(11)		(12)
Effect of changes in interest rates	(26)		(732)		(758)
Effect of changes in equity	—		55		55
Effect of actual behavior compared to expected behavior	1		12		13


Balance, end of period, before changes in instrument specific credit risk	228		3,613		3,841
Effect of changes in the instrument specific credit risk	(13)		(384)		(397)
Balance at March 31, 2022	$	215	$	3,229	$	3,444



	March 31, 2022
Net amount at risk	$	416	$	10,554	$	10,970
Weighted-average attained age of contract holders (in years)	75		69		69

The following is a reconciliation of market risk benefits to the condensed consolidated balance sheets. Market risk benefit assets are included in other assets on the condensed consolidated balance sheets.


	March 31, 2023						March 31, 2022
(In millions)	Asset		Liability		Net liability		Asset		Liability		Net liability
Traditional deferred annuities	$	—	$	180	$	180	$	—	$	215	$	215
Indexed annuities	440		3,023		2,583		413		3,642		3,229





Total	$	440	$	3,203	$	2,763	$	413	$	3,857	$	3,444

During the three months ended March 31, 2023, net market risk benefit liabilities increased by $274 million, which was primarily driven by a $226 million change in interest rates related to a decrease in rates.

During the three months ended March 31, 2022, net market risk benefit liabilities decreased by $1,003 million, which was primarily driven by a $758 million change in interest rates related to an increase in rates and a $397 million change in instrument specific credit risk related to widening of credit spreads, partially offset by $82 million of fees collected from policyholders and $55 million of changes related to equity market performance.

The determination of the fair value of market risk benefits requires the use of inputs related to fees and assessments and assumptions in determining the projected benefits in excess of the projected account balance. Judgment is required for both economic and actuarial assumptions, which can be either observable or unobservable, that impact future policyholder account growth.

Economic assumptions include interest rates and implied volatilities throughout the duration of the liability. For indexed annuities, assumptions also include projected equity returns which impact cash flows attributable to indexed strategies, implied equity volatilities, expected index credits on the next policy anniversary date and future equity option costs. Assumptions related to the level of option budgets used for determining the future equity option costs and the impact on future policyholder account value growth are considered unobservable inputs.

Policyholder behavior assumptions are unobservable inputs and are established using accepted actuarial valuation methods to estimate withdrawals (surrender rate). Assumptions are generally based on industry data and pricing assumptions which are updated for actual experience, if necessary. Actual experience may be limited for recently issued products.

All inputs are used to project excess benefits and fees over a range of risk-neutral, stochastic interest rate scenarios. For indexed annuities, stochastic equity return scenarios are also included within the range. A risk margin is incorporated within the discount rate to reflect uncertainty in the projected cash flows such as variations in policyholder behavior, as well as a credit spread to reflect our nonperformance risk, which is considered an unobservable input.


	March 31, 2023
(In millions, except for percentages)	Fair value		Valuation technique	Unobservable inputs	Minimum		Maximum		Weighted average			Impact of an increase in the input on fair value
Market risk benefits, net	$	2,763	Discounted cash flow	Nonperformance risk	0.3	%	1.7	%	1.6	%	1	Decrease
				Option budget	0.5	%	5.6	%	1.7	%	2	Decrease
				Surrender rate	3.3	%	6.9	%	4.5	%	2	Decrease


	March 31, 2022
(In millions, except for percentages)	Fair value		Valuation technique	Unobservable inputs	Minimum		Maximum		Weighted average			Impact of an increase in the input on fair value
Market risk benefits, net	$	3,444	Discounted cash flow	Nonperformance risk	0.4	%	2.0	%	1.3	%	1	Decrease
				Option budget	0.5	%	3.8	%	1.5	%	2	Decrease
				Surrender rate	3.6	%	6.6	%	4.5	%	2	Decrease


1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve.
2 The option budget and surrender rate weighted averages are calculated based on projected account values.