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Contractholder Funds (Tables)
 3 Months Ended
Mar. 31, 2024
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):
March 31, 2024
Indexed annuitiesFixed rate annuitiesUniversal LifeFABN (b)FHLB (b)
Balance, beginning of year$27,164 $13,443 $2,391 $2,613 $2,539 
     Issuances1,381 1,341 51 — 305 
     Premiums received28 — 114 — — 
     Policy charges (a)(46)— (74)— — 
     Surrenders and withdrawals(690)(364)(22)— — 
     Benefit payments(119)(76)(5)(16)(329)
     Interest credited139 142 33 14 24 
     Other5 — — — — 
Balance, end of year27,862 14,486 2,488 2,611 2,539 
Embedded derivative adjustment (c)468 — 107 — — 
Gross Liability, end of period28,330 14,486 2,595 2,611 2,539 
Less: Reinsurance(13)(8,612)(894)— — 
Net Liability, after Reinsurance$28,317 $5,874 $1,701 $2,611 $2,539 
Weighted-average crediting rate2.04 %4.15 %5.54 %N/AN/A
Net amount at risk (d)N/AN/A$63,968 N/AN/A
Cash surrender value (e)$25,724 $13,502 $1,938 N/AN/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, 2023
Indexed annuitiesFixed rate annuitiesUniversal LifeFABN (b)FHLB (b)
Balance, beginning of year$24,766 $9,358 $2,112 $2,613 $1,982 
     Issuances4,722 5,061 199 — 1,256 
     Premiums received103 1 382 — — 
     Policy charges (a)(182)— (261)— — 
     Surrenders and withdrawals(2,005)(1,142)(90)— — 
     Benefit payments(526)(240)(27)(53)(763)
     Interest credited270 405 76 54 64 
     Other16 — — (1)— 
Balance, end of year27,164 13,443 2,391 2,613 2,539 
Embedded derivative adjustment (c)243 — 84 — — 
Gross Liability, end of period27,407 13,443 2,475 2,613 2,539 
Less: Reinsurance(17)(7,520)(894)— — 
Net Liability, after Reinsurance$27,390 $5,923 $1,581 $2,613 $2,539 
Weighted-average crediting rate1.40 %4.85 %3.44 %N/AN/A
Net amount at risk (d)N/AN/A$60,389 N/AN/A
Cash surrender value (e)$25,099 $12,505 $1,872 N/AN/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 unaudited Condensed Consolidated Balance Sheets (in millions):
March 31, 2024December 31, 2023
Indexed annuities$28,330 $27,407 
Fixed rate annuities14,486 13,443 
Immediate annuities304 311 
Universal life2,595 2,475 
Traditional life5 5 
Funding Agreement-FABN2,611 2,613 
FHLB2,539 2,539 
PRT5 5 
Total$50,875 $48,798 
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):
March 31, 2024
Range of guaranteed minimum crediting rateAt Guaranteed Minimum
 1 Basis Point-50 Basis Points Above
51 Basis Points-150 Basis Points Above
 Greater Than 150 Basis Points Above
 Total
Indexed Annuities
0.00%-1.50%$22,671 $1,391 $522 $1,931 $26,515 
1.51%-2.50%331 1 93 568 993 
Greater than 2.50%353 1 — — 354 
Total$23,355 $1,393 $615 $2,499 $27,862 
Fixed Rate Annuities
0.00%-1.50%$36 $24 $1,340 $11,259 $12,659 
1.51%-2.50%4 7 21 456 488 
Greater than 2.50%870 2 4 463 1,339 
Total$910 $33 $1,365 $12,178 $14,486 
Universal Life
0.00%-1.50%$2,085 $6 $— $22 $2,113 
1.51%-2.50%— — — — — 
Greater than 2.50%369 5 1 — 375 
Total$2,454 $11 $1 $22 $2,488 
December 31, 2023
Range of guaranteed minimum crediting rateAt Guaranteed Minimum
 1 Basis Point-50 Basis Points Above
51 Basis Points-150 Basis Points Above
 Greater Than 150 Basis Points Above
 Total
Indexed Annuities
0.00%-1.50%$22,392 $1,444 $526 $1,953 $26,315 
1.51%-2.50%196 1 24 250 471 
Greater than 2.50%377 1 — — 378 
Total$22,965 $1,446 $550 $2,203 $27,164 
Fixed Rate Annuities
0.00%-1.50%$23 $25 $1,532 $10,271 $11,851 
1.51%-2.50%5 8 23 453 489 
Greater than 2.50%893 2 4 204 1,103 
Total$921 $35 $1,559 $10,928 $13,443 
Universal Life
0.00%-1.50%$1,987 $5 $— $21 $2,013 
1.51%-2.50%— — — — — 
Greater than 2.50%361 16 1 — 378 
Total$2,348 $21 $1 $21 $2,391