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Financial Services, Insurance, ASU 2018-12 Transition
3 Months Ended
Mar. 31, 2023
Reserves for Future Policy Benefits and Contract Owner Balances [Abstract]  
Liability for Future Policy Benefits and Unpaid Claims Disclosure Reserves for Future Policy Benefits and Contract Owner Account Balances
The balances and changes in the liability for future policy benefits for Health Solutions Group, Health Solutions Voluntary and Businesses Exited are presented in the tables below for the periods indicated:

Health Solutions GroupHealth Solutions VoluntaryBusinesses Exited
March 31, 2023December 31, 2022March 31, 2023December 31, 2022March 31, 2023December 31, 2022
Present Value of Expected Net Premiums:
Balance at January 1$77 $93 $97 $105 $4,244 $5,634 
Beginning balance at original discount rate84 85 100 92 4,128 4,226 
Effect of change in cash flow assumptions— (7)— — — (69)
Effect of actual variances from expected experience23 20 (10)86 
Adjusted balance at January 190 101 105 112 4,118 4,243 
Interest accrual57 230 
Net premiums collected(1)
(6)(19)(4)(16)(82)(345)
Ending balance at original discount rate85 84 102 100 4,093 4,128 
Effects of changes in discount rate assumptions(5)(7)(1)(3)244 116 
Balance at end of period$80 $77 $101 $97 $4,337 $4,244 

Present Value of Expected Future Policy Benefits:
Balance at January 1$881 $1,048 $285 $359 $8,639 $11,444 
Beginning balance at original discount rate913 952 294 290 8,644 9,079 
Effect of change in cash flow assumptions(43)— (2)— (77)
Effect of actual variances from expected experience(27)11 (9)(52)
Adjusted balance at January 1915 882 299 299 8,635 8,950 
Issuances35 139 — — 13 
Interest accrual25 14 110 458 
Benefit payments(32)(133)(7)(19)(209)(777)
Ending balance at original discount rate924 913 296 294 8,540 8,644 
Effects of changes in discount rate assumptions(23)(32)(9)227 (5)
Balance at end of period$901 $881 $297 $285 $8,767 $8,639 
Net liability for future policy benefits$821 $804 $196 $188 $4,430 $4,395 
Less: Reinsurance recoverable295 283 — — 4,447 4,411 
Net liability for future policy benefits, after reinsurance recoverable$526 $521 $196 $188 $(17)$(16)
(1) Net Premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

The reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets is presented below:
March 31, 2023December 31, 2022
Health Solutions Group$821 $804 
Health Solutions Voluntary196 188 
Businesses Exited - Future policy benefits4,430 4,395 
Businesses Exited – Additional liability 2,096 2,107 
Other 2,241 2,225 
Total$9,784 $9,719 

The amount of undiscounted expected gross premiums and future benefit payments is presented in the table below:

March 31, 2023December 31, 2022
UndiscountedDiscountedUndiscountedDiscounted
Health Solutions Group
Expected future benefit payments$1,152 $924 $1,141 $913 
Expected future gross premiums287 231 286 231 
Health Solutions Voluntary
Expected future benefit payments591 296 588 294 
Expected future gross premiums312 206 307 205 
    

The following table presents a rollforward of the additional reserve liability for Businesses exited for the periods indicated:

Businesses exited
March 31, 2023December 31, 2022
Balance at beginning of period$2,107 $1,715 
Effect of change in cash flow assumptions— 540 
Effect of actual variances from expected experience(50)15 
Adjusted balance at January 12,057 2,270 
Interest accrual21 80 
Excess Benefits(108)(427)
Assessments126 184 
Balance at end of period2,096 2,107 
Less: Reinsurance recoverable2,044 2,054 
Net additional liability, after reinsurance recoverable$52 $53 
The following table presents the weighted average duration of the liability for future policy benefits and the weighted average interest rates for the periods indicated:
Health Solutions GroupHealth Solutions VoluntaryBusinesses Exited
March 31, 2023December 31, 2022March 31, 2023December 31, 2022March 31, 2023December 31, 2022
Weighted average duration (in years)(1)
77141488
Interest accretion rate4.0 %4.1 %5.3 %5.3 %5.0 %5.0 %
Current discount rate4.9 %5.2 %5.0 %5.4 %5.1 %5.7 %
(1) Weighted average duration (in years) for Businesses Exited includes additional liability.

The weighted average interest rates for the additional liability related to businesses exited were 4.1% and 4.3% for the periods ended March 31, 2023 and December 31,2022, respectively.

The following table presents a rollforward of Contract owner account balances for the periods indicated:

Wealth Solutions Deferred Group and Individual Annuity Businesses Exited

March 31, 2023December 31, 2022March 31, 2023December 31, 2022
Balance at January 1$33,622 $33,044 $5,146 $5,532 
Deposits615 2,962 76 310 
Fee income(2)(8)(94)(384)
Surrenders and withdrawals(1,506)(4,280)(120)(281)
Benefit payments(43)(157)(39)(144)
Net transfers from (to) separate accounts93 1,174 — — 
Interest credited219 874 36 150 
Other13 — (37)
Ending Balance$33,000 $33,622 $5,005 $5,146 

Weighted-average crediting rate2.7 %2.6 %2.5 %2.5 %
Net amount at risk (1)
$159 $199 $847 $900 
Cash surrender value$32,513 $33,125 $1,730 $1,824 
(1)    For those 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 and is calculated at a contract level. When a contract has both a living benefit and a death benefit, the Company calculates NAR at a contract level and aggregates the higher of the two values together.

The following table shows a reconciliation of the Contract owner account balances to the Condensed Consolidated Balance Sheets for the periods indicated:

March 31, 2023December 31, 2022
Wealth Solutions Deferred group and individual annuity$33,000 $33,622 
Businesses exited5,005 5,146 
Other3,704 3,687 
Total$41,709 $42,455 
The following table summarizes detail on the differences between the interest rate being credited to contract holders as of March 31, 2023, and the respective guaranteed minimum interest rates ("GMIRs"):

Account Value(1)
Excess of crediting rate over GMIR
At GMIRUp to .50% Above GMIR0.51% - 1.00%
Above GMIR
1.01% - 1.50% Above GMIR1.51% - 2.00% Above GMIRMore than 2.00% Above GMIRTotal
Guaranteed minimum interest rate
Up to 1.00%$234$7,296$2,899$1,146$1,487$38$13,100
1.01% - 2.00%61914142237814
2.01% - 3.00%12,2697850110312,510
3.01% - 4.00%9,4591539,612
4.01% and Above1,626861,712
Renewable beyond 12 months (MYGA)(2)
4123415
Total discretionary rate setting products$24,619$7,754$2,991$1,258$1,493$48$38,163
(1)    Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based.
(2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after March 31, 2023 on which we are required to credit interest above the contractual GMIR for at least the next twelve months.

The following table summarizes detail on the differences between the interest rate being credited to contract holders as of December 31, 2022 and the respective GMIRs:

Account Value(1)
Excess of crediting rate over GMIR
At GMIRUp to .50% Above GMIR0.51% - 1.00%
Above GMIR
1.01% - 1.50% Above GMIR1.51% - 2.00% Above GMIRMore than 2.00% Above GMIRTotal
Guaranteed minimum interest rate
Up to 1.00%$5,848$2,967$1,907$1,112$1,462$102$13,398
1.01% - 2.00%7075235227805
2.01% - 3.00%12,6775646110312,892
3.01% - 4.00%9,4481539,601
4.01% and Above1,643871,730
Renewable beyond 12 months (MYGA)(2)
4023405
Total discretionary rate setting products$30,725$3,315$1,988$1,224$1,467$112$38,831
(1)    Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based.
(2) Represents MYGA contracts with renewal dates after December 31, 2022 on which we are required to credit interest above the contractual GMIR for at least the next twelve months.