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Insurance (Tables)
 6 Months Ended
Jun. 30, 2023
Insurance [Abstract]  
Schedule of Liability for Future Policy Benefits, by Product Segment
Information regarding LFPBs for non-participating traditional and limited-payment contracts was as follows:
Six Months Ended June 30,
20232022
Term and Whole Life InsuranceIncome AnnuitiesStructured Settlement and Pension Risk Transfer AnnuitiesTerm and Whole Life InsuranceIncome AnnuitiesStructured Settlement and Pension Risk Transfer Annuities
(Dollars in millions)
Present value of expected net premiums:
Balance, beginning of period$2,871 $— $— $3,325 $— $— 
Beginning balance at original discount rate3,212 — — 3,051 — — 
Effect of model refinements— — — 122 — — 
Effect of changes in cash flow assumptions— — — (1)— — 
Effect of actual variances from expected experience(8)— — 107 — — 
Adjusted beginning of period balance3,204 — — 3,279 — — 
Issuances49 — — 37 — — 
Interest accrual55 — — 57 — — 
Net premiums collected(184)— — (231)— — 
Ending balance at original discount rate3,124 — — 3,142 — — 
Effect of changes in discount rate assumptions(315)— — (187)— — 
Balance, end of period$2,809 $— $— $2,955 $— $— 
Present value of expected future policy benefits:
Balance, beginning of period$5,279 $3,512 $6,793 $6,426 $4,333 $10,171 
Beginning balance at original discount rate5,922 3,897 7,410 5,820 3,865 8,165 
Effect of model refinements— — — 135 — — 
Effect of changes in cash flow assumptions— — — — — — 
Effect of actual variances from expected experience(10)(4)(37)123 (10)(37)
Adjusted beginning of period balance5,912 3,893 7,373 6,078 3,855 8,128 
Issuances50 182 — 41 102 — 
Interest accrual107 72 158 110 73 174 
Benefit payments(251)(192)(301)(373)(185)(315)
Ending balance at original discount rate5,818 3,955 7,230 5,856 3,845 7,987 
Effect of changes in discount rate assumptions(597)(355)(519)(347)(190)(212)
Balance, end of period$5,221 $3,600 $6,711 $5,509 $3,655 $7,775 
Net liability for future policy benefits, end of period$2,412 $3,600 $6,711 $2,554 $3,655 $7,775 
Less: Reinsurance recoverable, end of period41 25 66 55 24 75 
Net liability for future policy benefits, after reinsurance recoverable$2,371 $3,575 $6,645 $2,499 $3,631 $7,700 
Weighted-average duration of liability8.3 years8.4 years11.6 years8.3 years8.4 years12.7 years
Weighted-average interest accretion rate3.95 %3.92 %4.46 %3.98 %3.92 %4.44 %
Gross premiums or assessments recognized during period$307 $224 $— $333 $116 $— 
Expected future gross premiums, undiscounted$6,531 $— $— $6,812 $— $— 
Expected future gross premiums, discounted$4,837 $— $— $5,041 $— $— 
Expected future benefit payments, undiscounted$8,044 $5,608 $14,062 $8,099 $5,462 $16,886 
Expected future benefit payments, discounted$5,818 $3,955 $7,230 $5,856 $3,845 $7,987 
Information regarding the additional insurance liabilities for universal life-type contracts with secondary guarantees was as follows:
Six Months Ended June 30,
20232022
(Dollars in millions)
Balance, beginning of period$6,935 $7,168 
Beginning balance before the effect of unrealized gains and losses7,175 6,731 
Effect of changes in cash flow assumptions— — 
Effect of actual variances from expected experience60 108 
Adjusted beginning of period balance7,235 6,839 
Interest accrual175 164 
Net assessments collected206 231 
Benefit payments(195)(268)
Effect of realized capital gains (losses)— — 
Ending balance before the effect of unrealized gains and losses7,421 6,966 
Effect of unrealized gains and losses(211)(98)
Balance, end of period7,210 6,868 
Less: Reinsurance recoverable, end of period1,414 1,354 
Net additional liability, after reinsurance recoverable$5,796 $5,514 
Weighted-average duration of liability6.7 years6.7 years
Weighted-average interest accretion rate4.91 %4.91 %
Gross premiums or assessments recognized during period$— $— 
A reconciliation of the net LFPBs for nonparticipating traditional and limited-payment contracts and the additional insurance liabilities for universal life-type contracts with secondary guarantees reported in the preceding rollforward tables to LFPBs on the consolidated balance sheets was as follows at:
June 30,
20232022
(In millions)
Liabilities reported in the preceding rollforward tables$19,933 $20,852 
Long-term care insurance (1)5,606 6,093 
ULSG liability for profits followed by losses2,565 2,911 
Participating whole life insurance (2)3,031 2,851 
Deferred profit liabilities 373 375 
Other391 410 
Total liability for future policy benefits$31,899 $33,492 
_______________
(1)Includes liabilities related to fully reinsured individual long-term care insurance. See Note 3.
(2)Participating whole life insurance uses an interest assumption based on the non-forfeiture interest rate, ranging from 3.5% to 4.5%, and mortality rates guaranteed in calculating the cash surrender values described in such contracts, and also includes a liability for terminal dividends. Participating whole life insurance represented 3% of the Company’s life insurance in-force at both June 30, 2023 and 2022, and 41% of gross traditional life insurance premiums for both the six months ended June 30, 2023 and 2022.
Information regarding LFPBs for non-participating traditional and limited-payment contracts was as follows:
Years Ended December 31,
20222021
Term and Whole Life InsuranceIncome AnnuitiesStructured Settlement and Pension Risk Transfer AnnuitiesTerm and Whole Life InsuranceIncome AnnuitiesStructured Settlement and Pension Risk Transfer Annuities
(Dollars in millions)
Present value of expected net premiums:
Balance, beginning of year$3,325 $— $— $3,448 $— $— 
Beginning balance at original discount rate3,051 — — 2,994 — — 
Effect of model refinements122 — — — — — 
Effect of changes in cash flow assumptions137 — — 70 — — 
Effect of actual variances from expected experience119 — — 153 — — 
Adjusted beginning of year balance3,429 — — 3,217 — — 
Issuances93 — — 113 — — 
Interest accrual116 — — 111 — — 
Net premiums collected(426)— — (390)— — 
Ending balance at original discount rate3,212 — — 3,051 — — 
Effect of changes in discount rate assumptions(341)— — 274 — — 
Balance, end of year$2,871 $— $— $3,325 $— $— 
Present value of expected future policy benefits:
Balance, beginning of year$6,426 $4,333 $10,171 $6,852 $4,691 $11,301 
Beginning balance at original discount rate5,820 3,865 8,165 5,862 3,938 8,531 
Effect of model refinements135 — (278)— — — 
Effect of changes in cash flow assumptions157 56 (157)70 (41)(41)
Effect of actual variances from expected experience155 (22)(23)153 (6)(16)
Adjusted beginning of year balance6,267 3,899 7,707 6,085 3,891 8,474 
Issuances101 224 — 128 198 — 
Interest accrual222 146 327 222 150 359 
Benefit payments(668)(372)(624)(615)(374)(668)
Ending balance at original discount rate5,922 3,897 7,410 5,820 3,865 8,165 
Effect of changes in discount rate assumptions(643)(385)(617)606 468 2,006 
Balance, end of year$5,279 $3,512 $6,793 $6,426 $4,333 $10,171 
Net liability for future policy benefits, end of year$2,408 $3,512 $6,793 $3,101 $4,333 $10,171 
Less: Reinsurance recoverable, end of year45 24 68 64 27 93 
Net liability for future policy benefits, after reinsurance recoverable$2,363 $3,488 $6,725 $3,037 $4,306 $10,078 
Policyholder Account Balance
Information regarding policyholder account balances was as follows:
Universal Life InsuranceVariable Annuities (1)Index-linked AnnuitiesFixed Rate AnnuitiesULSGCompany-Owned Life Insurance (1)
(Dollars in millions)
Six Months Ended June 30, 2023
Balance, beginning of period$2,658 $4,908 $33,897 $14,274 $5,307 $641 
Premiums and deposits113 43 3,390 1,479 339 — 
Surrenders and withdrawals(90)(326)(1,613)(874)(12)— 
Benefit payments(42)(61)(117)(203)(55)(4)
Net transfers from (to) separate account22 11 — — — — 
Interest credited8 78 203 229 122 15 
Policy charges(110)(14)(4)— (513)(6)
Changes related to embedded derivatives— — 2,793 — — — 
Balance, end of period$2,559 $4,639 $38,549 $14,905 $5,188 $646 
Weighted-average crediting rate (2)0.31 %1.63 %0.66 %1.57 %2.33 %2.33 %
Six Months Ended June 30, 2022
Balance, beginning of period$2,694 $4,743 $32,000 $11,849 $5,569 $646 
Premiums and deposits110 87 3,431 340 356 — 
Surrenders and withdrawals(41)(233)(999)(276)(15)— 
Benefit payments(35)(60)(77)(166)(37)(4)
Net transfers from (to) separate account31 151 — — — 2 
Interest credited30 83 149 151 107 11 
Policy charges(111)(14)(3)— (526)(3)
Changes related to embedded derivatives— — (3,575)— — — 
Balance, end of period$2,678 $4,757 $30,926 $11,898 $5,454 $652 
Weighted-average crediting rate (2)1.12 %1.75 %0.56 %1.28 %1.94 %1.69 %
_______________
(1)Includes liabilities related to separate account products where the contract holder elected a general account investment option.
(2)Excludes the effects of embedded derivatives related to index-linked crediting rates.
A reconciliation of policyholder account balances reported in the preceding rollforward table to the liability for policyholder account balances on the consolidated balance sheets was as follows at:
June 30,
20232022
(In millions)
Policyholder account balances reported in the preceding rollforward table$66,486 $56,365 
Funding agreements classified as investment contracts11,041 9,104 
Other investment contract liabilities1,116 1,248 
Total policyholder account balances$78,643 $66,717 
Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums was as follows at:
Range of Guaranteed Minimum Crediting RateAt Guaranteed Minimum1 to 50 Basis Points Above51 to 150 Basis Points AboveGreater than 150 Basis Points AboveTotal
(In millions)
June 30, 2023
Annuities (1) (3):
Less than 2.00%$771 $275 $437 $7,163 $8,646 
2.00% to 3.99%5,252 4,789 710 11 10,762 
Greater than 3.99%499 — — — 499 
Total
$6,522 $5,064 $1,147 $7,174 $19,907 
Life insurance (2) (3):
Less than 2.00%$— $— $— $199 $199 
2.00% to 3.99%— 502 49 149 700 
Greater than 3.99%1,619 — — — 1,619 
Total
$1,619 $502 $49 $348 $2,518 
ULSG (3):
Less than 2.00%$— $— $— $— $— 
2.00% to 3.99%1,179 1,526 1,692 262 4,659 
Greater than 3.99%517 — — — 517 
Total
$1,696 $1,526 $1,692 $262 $5,176 
December 31, 2022
Annuities (1) (3):
Less than 2.00%$861 $317 $369 $5,821 $7,368 
2.00% to 3.99%6,119 4,872 596 10 11,597 
Greater than 3.99%525 — — — 525 
Total
$7,505 $5,189 $965 $5,831 $19,490 
Life insurance (2) (3):
Less than 2.00%$— $— $— $172 $172 
2.00% to 3.99%— 510 87 154 751 
Greater than 3.99%1,657 — — — 1,657 
Total
$1,657 $510 $87 $326 $2,580 
ULSG (3):
Less than 2.00%$— $— $— $— $— 
2.00% to 3.99%1,225 1,581 1,729 266 4,801 
Greater than 3.99%527 — — — 527 
Total
$1,752 $1,581 $1,729 $266 $5,328 
_______________
(1)Includes policyholder account balances for fixed rate annuities and the fixed account portion of variable annuities.
(2)Includes policyholder account balances for retained asset accounts, universal life policies and the fixed account portion of universal variable life insurance policies.
(3)Amounts are gross of policy loans and net of excess interest reserves.
Market Risk Benefit, Activity
Information regarding MRB assets and liabilities associated with variable annuities was as follows:
Six Months Ended
June 30,		Years Ended
December 31,
2023202220222021
(Dollars in millions)
Balance, beginning of period$9,974 $15,698 $15,698 $18,388 
Balance, beginning of period, before effect of changes in nonperformance risk8,230 11,611 11,611 14,934 
Decrements(54)39 16 (68)
Effect of changes in future expected assumptions— — 210 41 
Effect of actual different from expected experience170 (333)(48)(86)
Effect of changes in interest rates(147)(5,937)(8,394)(1,829)
Effect of changes in fund returns(1,529)4,413 3,807 (2,578)
Issuances(5)(16)(47)(96)
Effect of changes in risk margin(18)(92)(152)(128)
Aging of the block and other713 620 1,227 1,421 
Balance, end of period, before effect of changes in nonperformance risk7,360 10,305 8,230 11,611 
Effect of changes in nonperformance risk1,868 1,709 1,744 4,087 
Balance, end of period9,228 12,014 9,974 15,698 
Less: Reinsurance recoverable, end of period50 88 71 118 
Balance, end of period, net of reinsurance (1)$9,178 $11,926 $9,903 $15,580 
Weighted-average attained age of contract holder72.5 years71.4 years71.8 years71.1 years
_______________
(1)Amounts represent the sum of MRB assets and MRB liabilities presented on the consolidated balance sheets at June 30, 2023 and 2022, with the exception of $3 million and $3 million, respectively, of index-linked annuities not included in this table, and at December 31, 2022 and 2021, with the exception of $3 million and $5 million, respectively, of index-linked annuities not included in this table.
Separate Account, Liability
Information regarding separate account liabilities was as follows:
Six Months Ended June 30,
20232022
Variable AnnuitiesUniversal Life InsuranceCompany-Owned Life InsuranceVariable AnnuitiesUniversal Life InsuranceCompany-Owned Life Insurance
(In millions)
Balance, beginning of period$77,653 $5,218 $1,932 $105,023 $6,862 $2,384 
Premiums and deposits408 83 — 795 87 — 
Surrenders and withdrawals(3,010)(91)(7)(3,232)(89)(11)
Benefit payments(740)(33)(16)(711)(30)(17)
Investment performance7,211 654 212 (19,105)(1,443)(385)
Policy charges(1,076)(104)(24)(1,170)(105)(34)
Net transfers from (to) general account(11)(22)— (151)(31)(2)
Other(12)— (4)38 4 5 
Balance, end of period$80,423 $5,705 $2,093 $81,487 $5,255 $1,940 
A reconciliation of separate account liabilities reported in the preceding rollforward table to the separate account liabilities balance on the consolidated balance sheets was as follows at:
June 30,
20232022
(In millions)
Separate account liabilities reported in the preceding rollforward table$88,221 $88,682 
Variable income annuities152 145 
Pension risk transfer annuities19 16 
Total separate account liabilities$88,392 $88,843 
Fair Value, Separate Account Investment
The aggregate estimated fair value of assets, by major investment asset category, supporting separate accounts was as follows at:
June 30, 2023December 31, 2022
(In millions)
Equity securities
$88,127 $84,667 
Fixed maturity securities
256 278 
Cash and cash equivalents1 9 
Other assets8 11 
Total aggregate estimated fair value of assets$88,392 $84,965 
Guarantees related to Annuity, Universal and Variable Life Contracts
Information regarding the net amount at risk and cash surrender value for insurance products was as follows at:
Universal Life InsuranceVariable AnnuitiesIndex-linked AnnuitiesFixed Rate AnnuitiesULSGCompany-Owned Life Insurance
(In millions)
June 30, 2023
Account balances reported in the preceding rollforward tables:
Policyholder account balances$2,559 $4,639 $38,549 $14,905 $5,188 $646 
Separate account liabilities5,705 80,423 — — — 2,093 
Total account balances$8,264 $85,062 $38,549 $14,905 $5,188 $2,739 
Net amount at risk$36,753 $13,672 N/AN/A$69,602 $2,647 
Cash surrender value$7,676 $84,644 $35,860 $14,281 $6,160 $2,539 
June 30, 2022
Account balances reported in the preceding rollforward tables:
Policyholder account balances$2,678 $4,757 $30,926 $11,898 $5,454 $652 
Separate account liabilities5,255 81,487 — — — 1,940 
Total account balances$7,933 $86,244 $30,926 $11,898 $5,454 $2,592 
Net amount at risk$38,948 $15,537 N/AN/A$71,683 $3,305 
Cash surrender value$7,293 $86,099 $27,083 $11,158 $6,363 $2,363