Policyholder Account Balances

9 Months Ended

Sep. 30, 2023

Policyholder Account Balances [Abstract]

12. Policyholder Account Balances

The following table reconciles policyholder account balances (in millions) to the Consolidated Balance Sheets:


	As of		As of
	September 30,		December 31,
	2023		2022
Variable Annuities	$	26,772	$	22,184
Fixed Annuities		23,681		23,365
UL and Other		37,217		37,694
Retirement Plan Services		24,099		25,138
Other ⁽¹⁾		5,441		6,054
Total policyholder account balances	$	117,210	$	114,435

⁽¹⁾Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($5.1 billion and $5.7 billion as of September 30, 2023, and December 31, 2022, respectively) that are excluded from the following tables.

The following table summarizes the balances and changes in policyholder account balances (in millions):



	As of or For the Nine Months Ended September 30, 2023
										Retirement
	Variable			Fixed			UL and			Plan
	Annuities			Annuities			Other			Services
Balance as of beginning-of-year	$	22,184		$	23,365		$	37,694		$	25,138
Gross deposits		3,626			2,698			2,749			2,026
Withdrawals		(508	)		(2,863	)		(1,095	)		(3,262	)
Policyholder assessments		(1	)		(41	)		(3,373	)		(10	)
Net transfers from (to) separate account		(311	)		-			90			(297	)
Interest credited		391			470			1,114			504
Change in fair value of embedded derivative instruments		1,391			52			38			-
Balance as of end-of-period	$	26,772		$	23,681		$	37,217		$	24,099

Weighted-average crediting rate		2.1%			2.6%			4.0%			2.7%
Net amount at risk ⁽¹⁾⁽²⁾	$	6,235		$	188		$	303,628		$	9
Cash surrender value		25,629			22,779			33,741			24,094



	As of or For the Year Ended December 31, 2022
										Retirement
	Variable			Fixed			UL and			Plan
	Annuities			Annuities			Other			Services
Balance as of beginning-of-year	$	19,148		$	22,552		$	38,200		$	23,579
Gross deposits		5,178			3,284			3,921			4,012
Withdrawals		(417	)		(2,514	)		(1,244	)		(3,579	)
Policyholder assessments		(2	)		(51	)		(4,496	)		(13	)
Net transfers from (to) separate account		(492	)		-			2			510
Interest credited		287			532			1,494			629
Change in fair value of embedded derivative instruments		(1,518	)		(438	)		(183	)		-
Balance as of end-of-year	$	22,184		$	23,365		$	37,694		$	25,138

Weighted-average crediting rate		1.4%			2.4%			3.9%			2.6%
Net amount at risk ⁽¹⁾⁽²⁾	$	7,974		$	171		$	304,348		$	15
Cash surrender value		21,147			22,529			34,210			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.

‎

The following table presents policyholder account balances (in millions) by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between the interest being credited to policyholders and the respective guaranteed contract minimums:



	As of September 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
Variable Annuities
Up to 1.00%	$	-	$	-	$	-	$	-	$	-	$	-
1.01% - 2.00%		5		-		-		-		8		13
2.01% - 3.00%		602		-		-		-		-		602
3.01% - 4.00%		1,429		-		-		-		-		1,429
4.01% and above		10		-		-		-		-		10
Other ⁽¹⁾		-		-		-		-		-		24,718
Total	$	2,046	$	-	$	-	$	-	$	8	$	26,772

Fixed Annuities
Up to 1.00%	$	744	$	427	$	515	$	518	$	2,427	$	4,631
1.01% - 2.00%		481		106		212		456		1,264		2,519
2.01% - 3.00%		1,881		32		6		-		3		1,922
3.01% - 4.00%		955		-		-		-		-		955
4.01% and above		182		-		-		-		-		182
Other ⁽¹⁾		-		-		-		-		-		13,472
Total	$	4,243	$	565	$	733	$	974	$	3,694	$	23,681

UL and Other
Up to 1.00%	$	284	$	-	$	192	$	34	$	362	$	872
1.01% - 2.00%		553		-		-		-		3,181		3,734
2.01% - 3.00%		6,998		11		147		-		-		7,156
3.01% - 4.00%		15,780		-		1		-		-		15,781
4.01% and above		3,783		-		-		-		-		3,783
Other ⁽¹⁾		-		-		-		-		-		5,891
Total	$	27,398	$	11	$	340	$	34	$	3,543	$	37,217

Retirement Plan Services
Up to 1.00%	$	407	$	596	$	762	$	4,882	$	2,837	$	9,484
1.01% - 2.00%		610		2,405		1,474		668		-		5,157
2.01% - 3.00%		2,594		-		-		-		-		2,594
3.01% - 4.00%		5,223		-		-		-		-		5,223
4.01% and above		1,641		-		-		-		-		1,641
Total	$	10,475	$	3,001	$	2,236	$	5,550	$	2,837	$	24,099



	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
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

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

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.