Policyholder Account Balances (Tables)

6 Months Ended

Jun. 30, 2023

Policyholder Account Balances [Abstract]

Schedule of Policyholder Account Balances

	As of		As of
	June 30,		December 31,
	2023		2022
UL and Other	$	37,458	$	37,694
Variable Annuities		26,257		22,184
Fixed Annuities		23,813		23,365
Retirement Plan Services		24,430		25,138
Other (1)		5,640		6,054
Total policyholder account balances	$	117,598	$	114,435

⁽¹⁾Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($5.2 billion and $5.7 billion as of June 30, 2023, and December 31, 2022, respectively) that are excluded from the following tables.

Summary of Balances and Changes in Policyholder Account Balances

	As of or For the Six Months Ended June 30, 2023
										Retirement
	UL and			Variable			Fixed			Plan
	Other			Annuities			Annuities			Services
Balance as of beginning-of-year	$	37,694		$	22,184		$	23,365		$	25,138
Gross deposits		1,834			2,437			1,919			1,317
Withdrawals		(717	)		(328	)		(1,920	)		(2,094	)
Policyholder assessments		(2,248	)		(1	)		(28	)		(7	)
Net transfers from (to) separate account		75			(198	)		-			(259	)
Interest credited		744			240			312			335
Change in fair value of embedded derivative
instruments		76			1,923			165			-
Balance as of end-of-period	$	37,458		$	26,257		$	23,813		$	24,430
Weighted-average crediting rate		4.0%			2.0%			2.6%			2.7%
Net amount at risk (1)(2)	$	302,804		$	4,783		$	213		$	6
Cash surrender value		33,886			25,146			22,915			24,425

	As of or For the Year Ended December 31, 2022
										Retirement
	UL and			Variable			Fixed			Plan
	Other			Annuities			Annuities			Services
Balance as of beginning-of-year	$	38,200		$	19,148		$	22,552		$	23,579
Gross deposits		3,921			5,178			3,284			4,012
Withdrawals		(1,244	)		(417	)		(2,514	)		(3,579	)
Policyholder assessments		(4,496	)		(2	)		(51	)		(13	)
Net transfers from (to) separate account		2			(492	)		-			510
Interest credited		1,494			287			532			629
Change in fair value of embedded derivative
instruments		(183	)		(1,518	)		(438	)		-
Balance as of end-of-year	$	37,694		$	22,184		$	23,365		$	25,138
Weighted-average crediting rate		3.9%			1.4%			2.4%			2.6%
Net amount at risk (1)(2)	$	304,348		$	7,974		$	171		$	15
Cash surrender value		34,210			21,147			22,529			25,133

⁽¹⁾NAR is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For GLBs, the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit rider exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation.

⁽²⁾Calculation is based on total account balances and includes both policyholder account balances and separate account balances.

 

Summary of Policyholder Account Balances by Range

	As of June 30, 2023
									Greater
			1-50		51-100		101-150		Than 150
	At		Basis		Basis		Basis		Basis
Range of Guaranteed	Guaranteed		Points		Points		Points		Points
Minimum Crediting Rate	Minimum		Above		Above		Above		Above		Total
UL and Other
Up to 1.00%	$	302	$	-	$	206	$	46	$	505	$	1,059
1.01% - 2.00%		557		-		6		-		3,142		3,705
2.01% - 3.00%		7,217		10		139		-		-		7,366
3.01% - 4.00%		15,673		-		1		-		-		15,674
4.01% and above		3,807		-		-		-		-		3,807
Other (1)		-		-		-		-		-		5,847
Total	$	27,556	$	10	$	352	$	46	$	3,647	$	37,458
Variable Annuities
Up to 1.00%	$	-	$	-	$	-	$	-	$	-	$	-
1.01% - 2.00%		4		-		-		-		8		12
2.01% - 3.00%		619		-		-		-		-		619
3.01% - 4.00%		1,470		-		-		-		-		1,470
4.01% and above		10		-		-		-		-		10
Other (1)		-		-		-		-		-		24,146
Total	$	2,103	$	-	$	-	$	-	$	8	$	26,257
Fixed Annuities
Up to 1.00%	$	756	$	414	$	515	$	467	$	2,296	$	4,448
1.01% - 2.00%		577		133		194		498		1,083		2,485
2.01% - 3.00%		1,746		3		6		-		-		1,755
3.01% - 4.00%		1,072		-		-		-		-		1,072
4.01% and above		184		-		-		-		-		184
Other (1)		-		-		-		-		-		13,869
Total	$	4,335	$	550	$	715	$	965	$	3,379	$	23,813
Retirement Plan Services
Up to 1.00%	$	601	$	746	$	3,092	$	2,693	$	2,422	$	9,554
1.01% - 2.00%		637		2,880		1,184		531		-		5,232
2.01% - 3.00%		2,647		1		-		-		-		2,648
3.01% - 4.00%		5,349		1		-		-		-		5,350
4.01% and above		1,646		-		-		-		-		1,646
Total	$	10,880	$	3,628	$	4,276	$	3,224	$	2,422	$	24,430

	As of December 31, 2022
									Greater
			1-50		51-100		101-150		Than 150
	At		Basis		Basis		Basis		Basis
Range of Guaranteed	Guaranteed		Points		Points		Points		Points
Minimum Crediting Rate	Minimum		Above		Above		Above		Above		Total
UL and Other
Up to 1.00%	$	318	$	-	$	194	$	29	$	292	$	833
1.01% - 2.00%		558		-		-		-		3,282		3,840
2.01% - 3.00%		7,218		156		-		-		-		7,374
3.01% - 4.00%		16,282		-		1		-		-		16,283
4.01% and above		3,824		-		-		-		-		3,824
Other (1)		-		-		-		-		-		5,540
Total	$	28,200	$	156	$	195	$	29	$	3,574	$	37,694
Variable Annuities
Up to 1.00%	$	-	$	-	$	-	$	-	$	-	$	-
1.01% - 2.00%		4		-		-		8		-		12
2.01% - 3.00%		658		-		-		-		-		658
3.01% - 4.00%		1,545		-		-		-		-		1,545
4.01% and above		11		-		-		-		-		11
Other (1)		-		-		-		-		-		19,958
Total	$	2,218	$	-	$	-	$	8	$	-	$	22,184
Fixed Annuities
Up to 1.00%	$	891	$	497	$	589	$	563	$	1,329	$	3,869
1.01% - 2.00%		544		144		179		492		1,057		2,416
2.01% - 3.00%		1,973		5		1		-		-		1,979
3.01% - 4.00%		1,353		-		-		-		-		1,353
4.01% and above		193		-		-		-		-		193
Other (1)		-		-		-		-		-		13,555
Total	$	4,954	$	646	$	769	$	1,055	$	2,386	$	23,365
Retirement Plan Services
Up to 1.00%	$	961	$	1,001	$	4,304	$	1,703	$	1,908	$	9,877
1.01% - 2.00%		1,774		2,197		982		462		-		5,415
2.01% - 3.00%		2,711		1		-		-		-		2,712
3.01% - 4.00%		5,622		1		-		-		-		5,623
4.01% and above		1,511		-		-		-		-		1,511
Total	$	12,579	$	3,200	$	5,286	$	2,165	$	1,908	$	25,138

⁽¹⁾Consists of indexed account balances that include the fair value of embedded derivative instruments, payout annuity account balances, short-term dollar cost averaging annuities business and policy loans.