Contractholder Funds (Tables)

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Summary of Balances and Changes in Contractholder Funds

The following tables summarize balances of and changes in contractholder funds’ account balances (in millions):

	September 30, 2023
	FIA			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
Balance, beginning of year	$	24,766		$	9,358		$	2,112		$	2,613	$	1,982
Issuances	3,546			3,322			148			—		871
Premiums received	75			1			279			—		—
Policy charges (a)	(130)			—			(191)			—		—
Surrenders and withdrawals	(1,378)			(799)			(68)			—		—
Benefit payments	(389)			(176)			(21)			(41)		(538)
Interest credited	157			286			43			40		43
Other	20			(2)			—			(1)		—
Balance, end of year	$	26,667		$	11,990		$	2,302		$	2,611	$	2,358
Embedded derivative adjustment (c)	(286)			—			47			—		—
Gross Liability, end of period	$	26,381		$	11,990		$	2,349		$	2,611	$	2,358
Less: Reinsurance	(17)			(5,963)			(910)			—		—
Net Liability, after Reinsurance	$	26,364		$	6,027		$	1,439		$	2,611	$	2,358
Weighted-average crediting rate	0.81		%	3.62		%	2.65		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			56,869			N/A		N/A
Cash surrender value (e)	24,337			11,480			1,810			N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

(d) 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.

(e) These amounts are gross of reinsurance.

	December 31, 2022
	FIA			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
Balance, beginning of year	$	21,997		$	6,367		$	1,907		$	1,904	$	1,543
Issuances	4,462			3,758			167			700		1,192
Premiums received	106			3			295			—		—
Policy charges (a)	(166)			(1)			(209)			—		—
Surrenders and withdrawals	(1,322)			(797)			(74)			—		—
Benefit payments	(485)			(192)			(22)			(35)		(789)
Interest credited	198			220			48			45		36
Other	(24)			—			—			(1)		—
Balance, end of year	$	24,766		$	9,358		$	2,112		$	2,613	$	1,982
Embedded derivative adjustment (c)	(343)			—			15			—		—
Gross Liability, end of period	$	24,423		$	9,358		$	2,127		$	2,613	$	1,982
Less: Reinsurance	(17)			(3,723)			(947)			—		—
Net Liability, after Reinsurance	$	24,406		$	5,635		$	1,180		$	2,613	$	1,982
Weighted-average crediting rate	0.85		%	2.84		%	2.39		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			53,348			N/A		N/A
Cash surrender value (e)	188			5,992			1,698			N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

(d) 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.

(e) These amounts are gross of reinsurance.

	December 31, 2021
	FIA			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
Balance, beginning of year	$	18,703		$	5,142		$	1,696		$	—	$	1,203
Issuances	4,400			1,743			114			1,899		759
Premiums received	103			3			233			—		—
Policy charges (a)	(148)			(1)			(167)			—		—
Surrenders and withdrawals	(1,303)			(543)			(68)			—		—
Benefit payments	(440)			(145)			(19)			(7)		(447)
Interest credited	686			167			118			12		30
Other	(4)			1			—			—		(2)
Balance, end of year	$	21,997		$	6,367		$	1,907		$	1,904	$	1,543
Embedded derivative adjustment (c)	603			—			74			—		—
Gross Liability, end of period	$	22,600		$	6,367		$	1,981		$	1,904	$	1,543
Less: Reinsurance	(17)			(1,692)			(984)			—		—
Net Liability, after Reinsurance	$	22,583		$	4,675		$	997		$	1,904	$	1,543
Weighted-average crediting rate	3.43		%	2.94		%	6.77		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			41,326			N/A		N/A
Cash surrender value (e)	20,455			5,992			1,572			N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

(d) 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.

(e) These amounts are gross of reinsurance.

Schedule of Reconciliation of Policyholder Account Balances to Statement of Financial Position

The following table reconciles contractholder funds’ account balances to the contractholder funds liability in the Condensed Consolidated Balance Sheets (in millions):

	September 30, 2023		December 31, 2022		December 31, 2021
FIA	$	26,381	$	24,423	$	22,600
Fixed rate annuities	11,990		9,358		6,367
Immediate annuities	313		332		352
Universal life	2,349		2,127		1,981
Traditional life	5		5		5
Funding Agreement-FABN	2,611		2,613		1,904
FHLB	2,358		1,982		1,543
PRT	4		3		1
Total	$	46,011	$	40,843	$	34,753

Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The following tables present the 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 (in millions):

	September 30, 2023
Range of guaranteed minimum crediting rate	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
FIA
0.00%-1.50%	$	24,130	$	773	$	400	$	893	$	26,196
1.51%-2.50%	133		—		1		—		134
Greater than 2.50%	335		—		2		—		337
Total	$	24,598	$	773	$	403	$	893	$	26,667
Fixed Rate Annuities
0.00%-1.50%	$	23	$	28	$	1,714	$	8,863	$	10,628
1.51%-2.50%	7		13		26		385		431
Greater than 2.50%	917		2		4		8		931
Total	$	947	$	43	$	1,744	$	9,256	$	11,990
Universal Life
0.00%-1.50%	$	1,897	$	4	$	—	$	20	$	1,921
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	356		23		2		—		381
Total	$	2,253	$	27	$	2	$	20	$	2,302

	December 31, 2022
Range of guaranteed minimum crediting rate	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
FIA
0.00%-1.50%	$	22,848	$	801	$	410	$	151	$	24,210
1.51%-2.50%	162		—		1		—		163
Greater than 2.50%	390		—		3		—		393
Total	$	23,400	$	801	$	414	$	151	$	24,766
Fixed Rate Annuities
0.00%-1.50%	$	10	$	32	$	1,871	$	6,379	$	8,292
1.51%-2.50%	9		14		30		1		54
Greater than 2.50%	997		4		4		7		1,012
Total	$	1,016	$	50	$	1,905	$	6,387	$	9,358
Universal Life
0.00%-1.50%	$	1,701	$	3	$	—	$	17	$	1,721
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	346		44		1		—		391
Total	$	2,047	$	47	$	1	$	17	$	2,112

	December 31, 2021
Range of guaranteed minimum crediting rate	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
FIA
0.00%-1.50%	$	20,162	$	803	$	388	$	—	$	21,353
1.51%-2.50%	171		11		25		—		207
Greater than 2.50%	431		3		3		—		437
Total	$	20,764	$	817	$	416	$	—	$	21,997
Fixed Rate Annuities
0.00%-1.50%	$	2	$	28	$	1,928	$	3,219	$	5,177
1.51%-2.50%	9		15		37		1		62
Greater than 2.50%	954		142		25		7		1,128
Total	$	965	$	185	$	1,990	$	3,227	$	6,367
Universal Life
0.00%-1.50%	$	1,486	$	2	$	—	$	13	$	1,501
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	359		46		1		—		406
Total	$	1,845	$	48	$	1	$	13	$	1,907