Variable Life and Annuity Contracts (Tables)

12 Months Ended

Dec. 31, 2022

Insurance [Abstract]

Schedule of Minimum Guaranteed Benefit Liabilities

Account balances of variable annuity contracts with guarantees were invested in separate account investment options as follows:

At December 31,
(in millions)		2022		2021
Equity funds	$	46,965	$	62,241
Bond funds		7,688		9,016
Balanced funds		22,393		29,311
Money market funds		1,253		1,005
Total	$	78,299	$	101,573

The following table presents details concerning our GMDB exposures, by benefit type:

At December 31,	2022				2021
(dollars in millions)		Net Deposits Plus a Minimum Return		Highest Contract Value Attained		Net Deposits Plus a Minimum Return		Highest Contract Value Attained
Account value	$	94,446	$	13,276	$	114,936	$	17,298
Net amount at risk	$	1,517	$	2,076	$	509	$	258
Average attained age of contract holders by product		66		73		66		72
Range of guaranteed minimum return rates		0.0% – 4.5%				0.0% – 4.5%

The following summarizes GMDB liability related to variable annuity contracts:

Years Ended December 31,
(in millions)		2022		2021		2020
Balance, beginning of year	$	445	$	421	$	407
Reserve increase (decrease)		156		72		41
Benefits paid		(69)		(35)		(43)
Changes in reserves related to unrealized appreciation (depreciation) of investments		(82)		(13)		16
Balance, end of year	$	450	$	445	$	421