10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549  

FORM 10-Q

(Mark One)

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2024

OR

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _________ to _________.

Commission File Number: 000-55871

________________________________  

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

(Exact name of registrant as specified in its charter)

________________________________ 

Indiana	35-0472300
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1301 South Harrison Street, Fort Wayne, Indiana	46802
(Address of principal executive offices)	(Zip Code)

(260) 455 - 2000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

    

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	¨	Accelerated Filer	¨
Non-accelerated Filer	x	Smaller Reporting Company	¨
		Emerging Growth Company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

As of May 9, 2024, 10,000,000 shares of common stock of the registrant ($2.50 par value) were outstanding, all of which were directly owned by Lincoln National Corporation.

THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONS H(1)(a) AND (b) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM 10-Q WITH THE REDUCED DISCLOSURE FORMAT.

The Lincoln National Life Insurance Company

Table of Content

		Page
PART I
Item 1.	Financial Statements:
	Consolidated Balance Sheets as of March 31, 2024 (Unaudited)and December 31, 2023	1
	Unaudited Consolidated Statements of Comprehensive Income (Loss) for the three months
	ended March 31, 2024 and 2023	2
	Unaudited Consolidated Statements of Stockholder’s Equity for the three months
	ended March 31, 2024 and 2023	3
	Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023	4
	Notes to Unaudited Consolidated Financial Statements:
	Note 1 – Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies	5
	Note 2 – New Accounting Standards	6
	Note 3 – Investments	7
	Note 4 – Variable Interest Entities	16
	Note 5 – Derivatives	16
	Note 6 – DAC, VOBA, DSI and DFEL	25
	Note 7 – Reinsurance	28
	Note 8 – MRBs	28
	Note 9 – Separate Accounts	29
	Note 10 – Policyholder Account Balances	30
	Note 11 – Future Contract Benefits	34
	Note 12 – Fair Value of Financial Instruments	39
	Note 13 – Contingencies and Commitments	51
	Note 14 – Shares and Stockholder’s Equity	55
	Note 15 – Segment Information	56
	Note 16 – Realized Gain (Loss)	59
	Note 17 – Federal Income Taxes	59
	Note 18 – Subsequent Event	60
Item 2.	Management’s Narrative Analysis of the Results of Operations	61
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	75
Item 4.	Controls and Procedures	76
PART II
Item 1.	Legal Proceedings	77
Item 1A.	Risk Factors	77
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	77
Item 5.	Other Information	77
Item 6.	Exhibits	77
	Exhibit Index for the Report on Form 10-Q	78
	Signatures	79

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

CONSOLIDATED BALANCE SHEETS

(in millions, except share data)

	As of		As of
	March 31,		December 31,
	2024		2023
	(Unaudited)
ASSETS
Investments:
Fixed maturity available-for-sale securities, at fair value
(amortized cost: 2024 - $88,676; 2023 - $88,231; allowance for credit losses: 2024 - $21; 2023 - $19)	$	81,880	$	82,300
Trading securities	2,203		2,321
Equity securities	319		306
Mortgage loans on real estate, net of allowance for credit losses
(portion at fair value: 2024 - $289; 2023 - $288)	19,176		18,873
Policy loans	2,464		2,463
Derivative investments	8,154		6,305
Other investments	4,988		4,757
Total investments	119,184		117,325
Cash and invested cash	3,807		3,193
Deferred acquisition costs, value of business acquired and deferred sales inducements	12,352		12,418
Reinsurance recoverables, net of allowance for credit losses	45,705		45,110
Deposit assets, net of allowance for credit losses	21,084		21,056
Market risk benefit assets	4,878		3,894
Accrued investment income	1,017		982
Goodwill	1,144		1,144
Other assets	10,808		10,597
Separate account assets	166,225		158,257
Total assets	$	386,204	$	373,976
LIABILITIES AND STOCKHOLDER’S EQUITY
Liabilities
Policyholder account balances	$	121,891	$	120,316
Future contract benefits	39,212		40,174
Funds withheld reinsurance liabilities	14,230		13,628
Market risk benefit liabilities	1,266		1,716
Deferred front-end loads	6,121		5,923
Payables for collateral on investments	9,904		7,982
Short-term debt	1,281		840
Long-term debt	2,179		2,195
Other liabilities	12,720		12,438
Separate account liabilities	166,225		158,257
Total liabilities	375,029		363,469
Contingencies and Commitments (See Note 13)
Stockholder’s Equity
Common stock – 10,000,000 shares authorized, issued and outstanding	12,978		12,961
Retained earnings (deficit)	(392)		(869)
Accumulated other comprehensive income (loss)	(1,411)		(1,585)
Total stockholder’s equity	11,175		10,507
Total liabilities and stockholder’s equity	$	386,204	$	373,976

See accompanying Notes to Consolidated Financial Statements

1

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in millions)

	For the Three Months Ended March 31,
	2024		2023
Revenues
Insurance premiums	$	1,531	$	1,516
Fee income	1,110		1,321
Net investment income	1,224		1,409
Realized gain (loss)	(57)		(394)
Amortization of deferred gain (loss) on business sold through reinsurance	30		8
Other revenues	218		157
Total revenues	4,056		4,017
Expenses
Benefits	1,739		2,195
Interest credited	752		781
Market risk benefit (gain) loss	(697)		1,071
Policyholder liability remeasurement (gain) loss	(11)		(118)
Commissions and other expenses	1,402		1,272
Interest and debt expense	48		46
Total expenses	3,233		5,247
Income (loss) before taxes	823		(1,230)
Federal income tax expense (benefit)	166		(302)
Net income (loss)	657		(928)
Other comprehensive income (loss), net of tax:
Unrealized investment gain (loss)	533		1,777
Market risk benefit non-performance risk gain (loss)	(464)		1,026
Policyholder liability discount rate remeasurement gain (loss)	105		(190)
Total other comprehensive income (loss), net of tax	174		2,613
Comprehensive income (loss)	$	831	$	1,685

See accompanying Notes to Consolidated Financial Statements

2

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

CONSOLIDATED STATEMENTS OF STOCKHOLDER’S EQUITY

(Unaudited, in millions)

	For the Three Months Ended March 31,
	2024		2023
Common Stock
Balance as of beginning-of-year	$	12,961	$	12,903
Capital contribution from Lincoln National Corporation	–		5
Stock compensation/issued for benefit plans	17		14
Balance as of end-of-period	12,978		12,922
Retained Earnings (Deficit)
Balance as of beginning-of-year	(869)		1,414
Net income (loss)	657		(928)
Dividends paid to Lincoln National Corporation	(180)		(105)
Balance as of end-of-period	(392)		381
Accumulated Other Comprehensive Income (Loss)
Balance as of beginning-of-year	(1,585)		(5,713)
Other comprehensive income (loss), net of tax	174		2,613
Balance as of end-of-period	(1,411)		(3,100)
Total stockholder’s equity as of end-of-period	$	11,175	$	10,203

See accompanying Notes to Consolidated Financial Statements

3

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in millions)

	For the Three Months Ended March 31,
	2024		2023
Cash Flows from Operating Activities
Net income (loss)	$	657	$	(928)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Realized (gain) loss	57		394
Market risk benefit (gain) loss	(697)		1,071
Sales and maturities (purchases) of trading securities, net	110		286
Amortization of deferred gain (loss) on business sold through reinsurance	(30)		(8)
Change in:
Deferred acquisition costs, value of business acquired, deferred sales inducements
and deferred front-end loads	191		158
Accrued investment income	11		(4)
Insurance liabilities and reinsurance-related balances	(694)		(699)
Accrued expenses	(196)		(143)
Federal income tax accruals	166		(302)
Cash management agreement	(324)		(355)
Other	(717)		54
Net cash provided by (used in) operating activities	(1,466)		(476)
Cash Flows from Investing Activities
Purchases of available-for-sale securities and equity securities	(2,419)		(2,929)
Sales of available-for-sale securities and equity securities	774		1,704
Maturities of available-for-sale securities	1,632		1,358
Purchases of alternative investments	(312)		(166)
Sales and repayments of alternative investments	19		22
Issuance of mortgage loans on real estate	(571)		(269)
Repayment and maturities of mortgage loans on real estate	267		183
Repayment (issuance) of policy loans, net	(2)		(27)
Net change in collateral on investments, certain derivatives and related settlements	2,149		(154)
Other	3		(58)
Net cash provided by (used in) investing activities	1,540		(336)
Cash Flows from Financing Activities
Capital contribution from Lincoln National Corporation	–		5
Issuance (payment) of short-term debt	441		(461)
Payment related to sale-leaseback transactions	(4)		(5)
Payment related to certain financing arrangements	(16)		(10)
Deposits of fixed account balances	3,599		4,188
Withdrawals of fixed account balances	(3,206)		(2,563)
Transfers from (to) separate accounts, net	(90)		21
Common stock issued for benefit plans	(4)		(5)
Dividends paid to Lincoln National Corporation	(180)		(105)
Net cash provided by (used in) financing activities	540		1,065
Net increase (decrease) in cash, invested cash and restricted cash	614		253
Cash, invested cash and restricted cash as of beginning-of-year	3,193		2,499
Cash, invested cash and restricted cash as of end-of-period	$	3,807	$	2,752

See accompanying Notes to Consolidated Financial Statements

4

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Nature of Operations and Basis of Presentation

Nature of Operations

The Lincoln National Life Insurance Company (“LNL” or the “Company,” which also may be referred to as “we,” “our” or “us”), a wholly-owned subsidiary of Lincoln National Corporation (“LNC” or the “Parent Company”), is domiciled in the state of Indiana. We own 100% of the outstanding common stock of one insurance company subsidiary, Lincoln Life & Annuity Company of New York (“LLANY”). We also own several non-insurance companies, including Lincoln Financial Distributors, our wholesale distributor, and Lincoln Financial Advisors Corporation, part of LNC’s retail distributor, Lincoln Financial Network. LNL is licensed and sells its products throughout the U.S. and several U.S. territories. Through our business segments, we sell a wide range of wealth accumulation, wealth protection, group protection and retirement income products and solutions. These products primarily include variable annuities, fixed annuities (including indexed), registered index-linked annuities (“RILA”), universal life insurance (“UL”), variable universal life insurance (“VUL”), linked-benefit UL and VUL, indexed universal life insurance (“IUL”), term life insurance, group life, disability and dental and employer-sponsored retirement plans and services. For more information on our segments and the products and solutions we provide, see Note 15.

Basis of Presentation

The accompanying unaudited consolidated financial statements are prepared in accordance with United States of America generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for the Securities and Exchange Commission (“SEC”) Quarterly Report on Form 10-Q, including Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The information contained in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”), should be read in connection with the reading of these interim unaudited consolidated financial statements.

Certain GAAP policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized in our 2023 Form 10-K.

In the opinion of management, these statements include all normal recurring adjustments necessary for a fair presentation of the Company’s results. Interim results for the three months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024. All material inter-company accounts and transactions have been eliminated in consolidation.

Certain amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the presentation adopted in the current period.

We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the level of aggregation by reportable segment as follows:

Reportable Segment	Level of Aggregation
Annuities	Variable Annuities
	Fixed Annuities
	Payout Annuities
Life Insurance	Traditional Life
	UL and Other
Group Protection	Group Protection
Retirement Plan Services	Retirement Plan Services

The variable annuities level of aggregation includes RILA products, which are indexed variable annuities. The fixed annuities level of aggregation represents deferred fixed annuities. We have excluded amounts reported in Other Operations from our disaggregated disclosures that are attributable to the indemnity reinsurance agreements with Protective Life Insurance Company (“Protective”) and Swiss Re Life & Health America, Inc (“Swiss Re”) as these contracts are fully reinsured, run-off institutional pension business in the form of group annuity and the results of certain disability income business and are not reflected in the results of the reportable segments listed above.

5

Sale of Wealth Management Business

On December 14, 2023, our parent company LNC announced that it had entered into a Stock Purchase Agreement with Osaic Holdings, Inc., a Delaware corporation (“Osaic”), pursuant to which Osaic agreed to acquire all of the ownership interests in the subsidiaries of LNC that comprise its wealth management business, including our subsidiary Lincoln Financial Advisors Corporation. The transaction closed on May 6, 2024, as disclosed in Note 18.

As of March 31, 2024, we had assets of $142 million and liabilities of $75 million classified as held-for-sale and reported within other assets and other liabilities, respectively, on our Consolidated Balance Sheets. As of December 31, 2023, we had assets of $120 million and liabilities of $77 million classified as held-for-sale and reported within other assets and other liabilities, respectively, on our Consolidated Balance Sheets. Assets considered held-for-sale do not include $56 million of cash and invested cash held by our subsidiaries being sold in the wealth management business transaction as of March 31, 2024. The assets are reported primarily within Other Operations in Note 15.

2. New Accounting Standards

Adoption of New Accounting Standards

In the current period, we did not adopt any new Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board that were material in presentation or amount.

Future Adoption of New Accounting Standards

The following table provides a description of future adoptions of new ASUs that may have an impact on our consolidated financial statements when adopted. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount.

Standard	Description	Effective Date	Effect on Financial Statements or Other Significant Matters
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	This ASU aims to enhance reportable segment disclosure requirements. It requires that a public entity disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), disclose and describe other segment items and report additional measures of a segment’s profit or loss if used by the CODM.	January 1, 2024 (Annual Filings) and January 1, 2025 (Quarterly Filings)	We are evaluating the impact of this ASU to our consolidated financial statements.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	This ASU establishes new income tax disclosure requirements, along with adjusting certain existing requirements. It specifically requires expanded and disaggregated disclosures around the tax rate reconciliation.	January 1, 2025	We are evaluating the impact of this ASU to our consolidated financial statements.

6

3. Investments

Fixed Maturity AFS Securities

The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of fixed maturity available-for-sale (“AFS”) securities (in millions) were as follows:

	As of March 31, 2024
	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Fair Value
			Gains		Losses
Fixed maturity AFS securities:
Corporate bonds	$	69,021	$	649	$	6,370	$	10	$	63,290
U.S. government bonds	422		4		35		–		391
State and municipal bonds	2,662		74		243		–		2,493
Foreign government bonds	298		13		51		–		260
RMBS	1,737		22		160		6		1,593
CMBS	1,557		5		159		–		1,403
ABS	12,761		71		606		4		12,222
Hybrid and redeemable preferred securities	218		22		11		1		228
Total fixed maturity AFS securities	$	88,676	$	860	$	7,635	$	21	$	81,880

	As of December 31, 2023
	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Fair Value
			Gains		Losses
Fixed maturity AFS securities:
Corporate bonds	$	68,811	$	820	$	5,757	$	8	$	63,866
U.S. government bonds	414		7		28		–		393
State and municipal bonds	2,675		97		230		–		2,542
Foreign government bonds	309		15		46		–		278
RMBS	1,719		27		138		6		1,602
CMBS	1,520		5		181		–		1,344
ABS	12,556		62		571		4		12,043
Hybrid and redeemable preferred securities	227		21		15		1		232
Total fixed maturity AFS securities	$	88,231	$	1,054	$	6,966	$	19	$	82,300

The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of March 31, 2024, were as follows:

	Amortized Cost		Fair Value
Due in one year or less	$	4,747	$	4,706
Due after one year through five years	17,819		17,165
Due after five years through ten years	14,991		13,902
Due after ten years	35,064		30,889
Subtotal	72,621		66,662
Structured securities (RMBS, CMBS, ABS)	16,055		15,218
Total fixed maturity AFS securities	$	88,676	$	81,880

Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations.

7

The fair value and gross unrealized losses of fixed maturity AFS securities (dollars in millions) for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

	As of March 31, 2024
	Less Than or Equal to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds	$	14,754	$	1,913	$	32,673	$	4,457	$	47,427	$	6,370
U.S. government bonds	102		9		188		26		290		35
State and municipal bonds	396		75		844		168		1,240		243
Foreign government bonds	100		28		66		23		166		51
RMBS	452		27		866		133		1,318		160
CMBS	571		51		621		108		1,192		159
ABS	1,874		76		6,117		530		7,991		606
Hybrid and redeemable preferred securities	12		1		101		10		113		11
Total fixed maturity AFS securities	$	18,261	$	2,180	$	41,476	$	5,455	$	59,737	$	7,635
Total number of fixed maturity AFS securities in an unrealized loss position											7,093

	As of December 31, 2023
	Less Than or Equal to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds	$	13,439	$	1,744	$	33,285	$	4,013	$	46,724	$	5,757
U.S. government bonds	65		6		194		22		259		28
State and municipal bonds	371		72		814		158		1,185		230
Foreign government bonds	108		31		57		15		165		46
RMBS	355		20		840		118		1,195		138
CMBS	583		56		586		125		1,169		181
ABS	1,898		68		7,212		503		9,110		571
Hybrid and redeemable preferred securities	32		2		94		13		126		15
Total fixed maturity AFS securities	$	16,851	$	1,999	$	43,082	$	4,967	$	59,933	$	6,966
Total number of fixed maturity AFS securities in an unrealized loss position											7,167

(1) As of March 31, 2024, and December 31, 2023, we recognized $11 million and $7 million of gross unrealized losses, respectively, in other comprehensive income (“OCI”) for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

8

The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:

	As of March 31, 2024
	Fair Value		Gross Unrealized Losses		Number of Securities (1)
Less than six months	$	3,677	$	1,296	687
Six months or greater, but less than nine months	423		158		131
Nine months or greater, but less than twelve months	254		80		68
Twelve months or greater	3,563		1,454		731
Total	$	7,917	$	2,988	1,617

	As of December 31, 2023
	Fair Value		Gross Unrealized Losses		Number of Securities (1)
Less than six months	$	2,480	$	916	529
Six months or greater, but less than nine months	321		90		79
Nine months or greater, but less than twelve months	321		106		87
Twelve months or greater	3,485		1,336		704
Total	$	6,607	$	2,448	1,399

(1) We may reflect a security in more than one aging category based on various purchase dates.

Our gross unrealized losses on fixed maturity AFS securities increased by $669 million for the three months ended March 31, 2024. As discussed further below, we do not believe the unrealized loss position as of March 31, 2024, required an impairment recognized in earnings as: (i) we did not intend to sell these fixed maturity AFS securities; (ii) it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis; and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation as of March 31, 2024, management believes we have the ability to generate adequate amounts of cash from our normal operations (e.g., insurance premiums, fee income and investment income) to meet cash requirements with a prudent margin of safety without requiring the sale of our impaired securities.

As of March 31, 2024, the unrealized losses associated with our corporate bond, U.S. government bond, state and municipal bond and foreign government bond securities were attributable primarily to rising interest rates and widening credit spreads since purchase. We performed a detailed analysis of the financial performance of the underlying issuers and determined that we expected to recover the entire amortized cost of each impaired security.

Credit ratings express opinions about the credit quality of a security. Securities rated investment grade (those rated BBB- or higher by S&P Global Ratings (“S&P”) or Baa3 or higher by Moody’s Investors Service (“Moody’s”)) are generally considered by the rating agencies and market participants to be low credit risk. As of March 31, 2024, and December 31, 2023, 96% of the fair value of our corporate bond portfolio was rated investment grade. As of March 31, 2024, and December 31, 2023, the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $2.6 billion and $2.7 billion, respectively, and a fair value of $2.5 billion and $2.6 billion, respectively. Based upon the analysis discussed above, we believe that as of March 31, 2024, and December 31, 2023, we would have recovered the amortized cost of each corporate bond.

As of March 31, 2024, the unrealized losses associated with our mortgage-backed securities (“MBS”) and asset-backed securities (“ABS”) were attributable primarily to rising interest rates and widening credit spreads since purchase. We assessed for credit impairment using a cash flow model that incorporates key assumptions including default rates, severities and prepayment rates. We estimated losses for a security by forecasting the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. Our forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts and other independent market data. Based upon our assessment of the expected credit losses of the security given the performance of the underlying collateral compared to our subordination or other credit enhancement, we expected to recover the entire amortized cost of each impaired security.

9

As of March 31, 2024, the unrealized losses associated with our hybrid and redeemable preferred securities were attributable primarily to wider credit spreads caused by illiquidity in the market and subordination within the capital structure, as well as credit risk of underlying issuers. For our hybrid and redeemable preferred securities, we evaluated the financial performance of the underlying issuers based upon credit performance and investment ratings and determined that we expected to recover the entire amortized cost of each impaired security.

Credit Loss Impairment on Fixed Maturity AFS Securities

We regularly review our fixed maturity AFS securities for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require an allowance for credit losses. Changes in the allowance for credit losses on fixed maturity AFS securities (in millions), aggregated by investment category, were as follows:

	For the Three Months Ended March 31, 2024
	Corporate Bonds		RMBS		Other		Total
Balance as of beginning-of-year	$	8	$	6	$	5	$	19
Additions from purchases of PCD debt securities (1)	–		–		–		–
Additions for securities for which credit losses were not
previously recognized	1		–		–		1
Additions (reductions) for securities for which credit losses
were previously recognized	2		–		–		2
Reductions for disposed securities	(1)		–		–		(1)
Balance as of end-of-period (2)	$	10	$	6	$	5	$	21

	For the Three Months Ended March 31, 2023
	Corporate Bonds		RMBS		Other		Total
Balance as of beginning-of-year	$	9	$	7	$	5	$	21
Additions from purchases of PCD debt securities (1)	–		–		–		–
Additions for securities for which credit losses were not
previously recognized	18		–		–		18
Additions (reductions) for securities for which credit losses
were previously recognized	–		(1)		–		(1)
Reductions for disposed securities	(1)		–		–		(1)
Balance as of end-of-period (2)	$	26	$	6	$	5	$	37

(1) Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities.

(2) As of March 31, 2024 and 2023, accrued investment income on fixed maturity AFS securities totaled $847 million and $1.1 billion, respectively, and was excluded from the estimate of credit losses.

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Mortgage Loans on Real Estate

The following provides the current and past due composition of our mortgage loans on real estate (in millions):

	As of March 31, 2024						As of December 31, 2023
	Commercial		Residential		Total		Commercial		Residential		Total
Current	$	17,282	$	1,833	$	19,115	$	17,165	$	1,665	$	18,830
30 to 59 days past due	4		37		41		61		28		89
60 to 89 days past due	2		10		12		–		9		9
90 or more days past due	60		59		119		–		60		60
Allowance for credit losses	(84)		(31)		(115)		(86)		(28)		(114)
Unamortized premium (discount)	(7)		48		41		(7)		43		36
Mark-to-market gains (losses) (1)	(38)		1		(37)		(36)		(1)		(37)
Total carrying value	$	17,219	$	1,957	$	19,176	$	17,097	$	1,776	$	18,873

(1) Represents the mark-to-market on certain mortgage loans on real estate for which we have elected the fair value option. See Note 12 for additional information.

Our commercial mortgage loan portfolio had the largest concentrations in California, which accounted for 26% and 27% of commercial mortgage loans on real estate as of March 31, 2024, and December 31, 2023, respectively, and Texas, which accounted for 10% and 9% of commercial mortgage loans on real estate as of March 31, 2024, and December 31, 2023, respectively.

As of March 31, 2024, and December 31, 2023, our residential mortgage loan portfolio had the largest concentrations in California and New York, which accounted for 14% and 12% of residential mortgage loans on real estate, respectively.

As of March 31, 2024, and December 31, 2023, we had 118 and 116 residential mortgage loans, respectively, that were either delinquent or in foreclosure. As of March 31, 2024, and December 31, 2023, we had 82 residential mortgage loans in foreclosure, with an aggregate carrying value of $35 million and $38 million, respectively.

There were no losses from loan modifications for the three months ended March 31, 2024 and 2023, that were reported in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

The amortized cost of mortgage loans on real estate on nonaccrual status (in millions) was as follows:

	As of March 31, 2024				As of December 31, 2023
	Nonaccrual with no Allowance for Credit Losses		Nonaccrual		Nonaccrual with no Allowance for Credit Losses		Nonaccrual
Commercial mortgage loans on real estate	$	60	$	–	$	–	$	–
Residential mortgage loans on real estate	–		61		–		62
Total	$	60	$	61	$	–	$	62

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We use loan-to-value and debt-service coverage ratios as credit quality indicators for our commercial mortgage loans on real estate. The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows:

	As of March 31, 2024
	Less than 65%		Debt-Service Coverage Ratio	65% to 75%		Debt-Service Coverage Ratio	Greater than 75%		Debt-Service Coverage Ratio	Total
Origination Year
2024	$	332	2.64	$	18	1.31	$	–	–	$	350
2023	1,371		1.90	50		1.35	–		–	1,421
2022	1,735		2.05	104		1.59	5		1.33	1,844
2021	2,317		3.34	53		1.54	–		–	2,370
2020	1,181		3.21	6		1.43	–		–	1,187
2019 and prior	10,019		2.57	142		1.59	8		1.30	10,169
Total	$	16,955		$	373		$	13		$	17,341

	As of December 31, 2023
	Less than 65%		Debt-Service Coverage Ratio	65% to 75%		Debt-Service Coverage Ratio	Greater than 75%		Debt-Service Coverage Ratio	Total
Origination Year
2023	$	1,366	1.90	$	54	1.38	$	–	–	$	1,420
2022	1,709		2.07	140		1.54	–		–	1,849
2021	2,317		3.34	61		1.55	–		–	2,378
2020	1,205		3.23	11		1.38	–		–	1,216
2019	2,404		2.39	80		1.56	10		2.33	2,494
2018 and prior	7,770		2.39	78		1.60	14		0.87	7,862
Total	$	16,771		$	424		$	24		$	17,219

We use loan performance status as the primary credit quality indicator for our residential mortgage loans on real estate. The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:

	As of March 31, 2024
	Performing		Nonperforming		Total
Origination Year
2024	$	54	$	–	$	54
2023	665		5		670
2022	525		23		548
2021	459		16		475
2020	76		2		78
2019 and prior	147		15		162
Total	$	1,926	$	61	$	1,987

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	As of December 31, 2023
	Performing		Nonperforming		Total
Origination Year
2023	$	515	$	2	$	517
2022	533		22		555
2021	465		18		483
2020	78		3		81
2019	99		13		112
2018 and prior	53		4		57
Total	$	1,743	$	62	$	1,805

Credit Losses on Mortgage Loans on Real Estate

In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to commercial mortgage loans, exclusive of certain mortgage loans held at fair value.

Changes in the allowance for credit losses on mortgage loans on real estate (in millions) were as follows:

	For the Three Months Ended March 31, 2024
	Commercial		Residential		Total
Balance as of beginning-of-year	$	86	$	28	$	114
Additions (reductions) from provision for credit loss
expense (1)	(2)		3		1
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Balance as of end-of-period (2)	$	84	$	31	$	115

	For the Three Months Ended March 31, 2023
	Commercial		Residential		Total
Balance as of beginning-of-year	$	83	$	15	$	98
Additions (reductions) from provision for credit loss
expense (1)	–		5		5
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Balance as of end-of-period (2)	$	83	$	20	$	103

(1) We recognized $1 million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the three months ended March 31, 2024 and 2023.

(2) Accrued investment income on mortgage loans on real estate totaled $69 million and $52 million as of March 31, 2024, and 2023, respectively, and was excluded from the estimate of credit losses.

Alternative Investments 

As of March 31, 2024, and December 31, 2023, alternative investments included investments in 338 and 332 different partnerships, respectively, and represented approximately 3% of total investments.

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Impairments on Fixed Maturity AFS Securities

Details underlying credit loss benefit (expense) incurred as a result of impairments that were recognized in net income (loss) and included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows:

	For the Three Months Ended March 31,
	2024		2023
Credit Loss Benefit (Expense)
Fixed maturity AFS securities:
Corporate bonds	$	(2)	$	(17)
RMBS	–		1
Total credit loss benefit (expense)	$	(2)	$	(16)

Payables for Collateral on Investments

The carrying value of the payables for collateral on investments included on the Consolidated Balance Sheets and the fair value of the related investments or collateral (in millions) consisted of the following:

	As of March 31, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Collateral payable for derivative investments (1)	$	6,721	$	6,721	$	5,127	$	5,127
Securities pledged under securities lending agreements (2)	283		274		205		197
Investments pledged for FHLBI (3)	2,900		4,032		2,650		3,603
Total payables for collateral on investments	$	9,904	$	11,027	$	7,982	$	8,927

(1) We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash or fixed maturity AFS securities. This also includes interest payable on collateral. See Note 5 for additional information.

(2) Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.

(3) Our pledged investments for Federal Home Loan Bank (“FHLB”) of Indianapolis (“FHLBI”) are included in fixed maturity AFS securities and mortgage loans on real estate on the Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.

We have repurchase agreements through which we can obtain liquidity by pledging securities. The collateral requirements are generally 80% to 95% of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The cash received in our repurchase program is typically invested in fixed maturity AFS securities. As of March 31, 2024, and December 31, 2023, we were not participating in any open repurchase agreements.

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Increase (decrease) in payables for collateral on investments (in millions) consisted of the following:

	For the Three Months Ended March 31,
	2024		2023
Collateral payable for derivative investments	$	1,594	$	323
Securities pledged under securities lending agreements	78		(2)
Investments pledged for FHLBI	250		(175)
Total increase (decrease) in payables for collateral
on investments	$	1,922	$	146

We have elected not to offset our securities lending transactions in the consolidated financial statements. The remaining contractual maturities of securities lending transactions accounted for as secured borrowings (in millions) were as follows:

	As of March 31, 2024
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	276	$	–	$	–	$	–	$	276
Foreign government bonds	1		–		–		–		1
Equity securities	6		–		–		–		6
Total gross secured borrowings	$	283	$	–	$	–	$	–	$	283

	As of December 31, 2023
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	202	$	–	$	–	$	–	$	202
Equity securities	3		–		–		–		3
Total gross secured borrowings	$	205	$	–	$	–	$	–	$	205

We accept collateral in the form of securities in connection with repurchase agreements. In instances where we are permitted to sell or re-pledge the securities received, we report the fair value of the collateral received and a related obligation to return the collateral in the consolidated financial statements. In addition, we receive securities in connection with securities borrowing agreements that we are permitted to sell or re-pledge. As of March 31, 2024, the fair value of this collateral received that we are permitted to sell or re-pledge was $25 million, and we had not re-pledged any of this collateral to cover our collateral requirements.

We also accept collateral from derivative counterparties in the form of securities that we are permitted to sell or re-pledge. As of March 31, 2024, the fair value of this collateral received that we are permitted to sell or re-pledge was $1.7 billion, and we had re-pledged $527 million of this collateral to cover our collateral requirements.

We have also pledged fixed maturity AFS securities to derivative counterparties with a fair value of $52 million as of March 31, 2024.

Investment Commitments

As of March 31, 2024, our investment commitments were $3.8 billion, which included $2.8 billion of LPs, $748 million of mortgage loans on real estate and $192 million of private placement securities.

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Concentrations of Financial Instruments

As of March 31, 2024, our most significant investments in one issuer were our investments in securities issued by White Chapel V LLC and White Chapel LLC with a fair value of $1.5 billion and $1.1 billion, respectively, or 1% of total investments. As of December 31, 2023, our most significant investments in one issuer were our investments in securities issued by White Chapel V LLC and White Chapel LLC with a fair value of $1.3 billion and $1.0 billion, respectively, or 1% of total investments. These concentrations include fixed maturity AFS, trading and equity securities.

As of March 31, 2024, and December 31, 2023, our most significant investments in one industry were our investments in securities in the financial services industry with a fair value of $16.4 billion and $16.6 billion, respectively, or 14% of total investments, and our investments in securities in the consumer non-cyclical industry with a fair value of $11.2 billion and $11.3 billion, respectively, or 9% and 10%, respectively, of total investments. These concentrations include fixed maturity AFS, trading and equity securities.

4. Variable Interest Entities

Unconsolidated Variable Interest Entities

Structured Securities

Through our investment activities, we make passive investments in structured securities issued by variable interest entities (“VIEs”) for which we are not the manager. These structured securities include our asset backed securities (“ABS”), residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”). We have not provided financial or other support with respect to these VIEs other than our original investment. We have determined that we are not the primary beneficiary of these VIEs due to the relative size of our investment in comparison to the principal amount of the structured securities issued by the VIEs and the level of credit subordination that reduces our obligation to absorb losses or right to receive benefits. Our maximum exposure to loss on these structured securities is limited to the amortized cost for these investments. We recognize our variable interest in these VIEs at fair value on the Consolidated Balance Sheets. For information about these structured securities, see Note 3.

Limited Partnerships and Limited Liability Companies

We invest in certain limited partnerships (“LPs”) and limited liability companies (“LLCs”) that we have concluded are VIEs. Our exposure to loss is limited to the capital we invest in the LPs and LLCs. We do not hold any substantive kick-out or participation rights in the LPs and LLCs, and we do not receive any performance fees or decision maker fees from the LPs and LLCs. Based on our analysis of the LPs and LLCs, we are not the primary beneficiary of the VIEs as we do not have the power to direct the most significant activities of the LPs and LLCs. The carrying amounts of our investments in the LPs and LLCs are recognized in other investments on the Consolidated Balance Sheets and were $4.3 billion and $4.0 billion as of March 31, 2024, and December 31, 2023, respectively.

5. Derivative Instruments

We maintain an overall risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings that are caused by interest rate risk, foreign currency exchange risk, equity market risk, basis risk, commodity risk and credit risk. We assess these risks by continually identifying and monitoring changes in our exposures that may adversely affect expected future cash flows and by evaluating hedging opportunities.

Derivative activities are monitored by various management committees. The committees are responsible for overseeing the implementation of various hedging strategies that are developed through the analysis of financial simulation models and other internal and industry sources. The resulting hedging strategies are incorporated into our overall risk management strategies.

See Note 12 for additional disclosures related to the fair value of our derivative instruments.

Interest Rate Contracts

We use derivative instruments as part of our interest rate risk management strategy. These instruments are economic hedges unless otherwise noted and include:

Forward-Starting Interest Rate Swaps

We use forward-starting interest rate swaps to hedge the interest rate exposure within our annuity and life insurance products.

16

Interest Rate Cap Corridors

We use interest rate cap corridors to provide a level of protection from the effect of rising interest rates for certain annuity contracts and life insurance products. Interest rate cap corridors involve purchasing an interest rate cap at a specific cap rate and selling an interest rate cap with a higher cap rate. For each corridor, the amount of quarterly payments, if any, is determined by the rate at which the underlying index rate resets above the original capped rate. The corridor limits the benefit the purchaser can receive as the related interest rate index rises above the higher capped rate. There is no additional liability to us other than the purchase price associated with the interest rate cap corridor.

Interest Rate Futures

We use interest rate futures contracts to hedge the liability exposure on certain options in variable annuity products. These futures contracts require payment between our counterparty and us on a daily basis for changes in the futures index price.

Interest Rate Swap Agreements

We use interest rate swap agreements to hedge the liability exposure on certain options in variable annuity products.

We also use interest rate swap agreements designated and qualifying as cash flow hedges to hedge the interest rate risk of floating-rate bond coupon payments by replicating a fixed-rate bond.

Finally, we use interest rate swap agreements designated and qualifying as fair value hedges to hedge against changes in the fair value of certain fixed maturity securities due to interest rate risks.

Bond Forwards and Reverse Treasury Locks

We use bond forwards and reverse treasury locks designated and qualifying as cash flow hedges to hedge the interest rate exposure related to the anticipated purchase of fixed-rate securities or the anticipated future cash flows of floating-rate fixed maturity securities due to changes in interest rates. These derivatives are primarily structured to hedge interest rate risk inherent in the assumptions used to price certain liabilities.

Foreign Currency Contracts

We use derivative instruments as part of our foreign currency risk management strategy. These instruments are economic hedges unless otherwise noted and include:

Currency Futures

We use currency futures to hedge foreign exchange risk associated with certain options in variable annuity products. Currency futures exchange one currency for another at a specified date in the future at a specified exchange rate.

Foreign Currency Swaps

We use foreign currency swaps to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies. A foreign currency swap is a contractual agreement to exchange one currency for another at specified dates in the future at a specified exchange rate.

We also use foreign currency swaps designated and qualifying as cash flow hedges to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies.

Foreign Currency Forwards

We use foreign currency forwards to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies. A foreign currency forward is a contractual agreement to exchange one currency for another at specified dates in the future at a specified current exchange rate.

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Equity Market Contracts

We use derivative instruments as part of our equity market risk management strategy that are economic hedges and include:

Call Options Based on the S&P 500® Index and Other Indices

We use call options to hedge the liability exposure on certain options in variable annuity, RILA, fixed indexed annuity, IUL and VUL products.

Our RILA, fixed indexed annuity and IUL contracts permit the holder to elect an interest rate return or an equity market component, where interest credited to the contracts is linked to the performance of the S&P 500 Index or other indices. Policyholders may elect to rebalance index options at renewal dates. At the end of each indexed term, which can be up to six years, we have the opportunity to re-price the indexed component by establishing participation rates, caps, spreads and specified rates, subject to contractual guarantees. We use call options that are highly correlated to the portfolio allocation decisions of our policyholders, such that we are economically hedged with respect to equity returns for the current reset period.

Consumer Price Index Swaps

We use consumer price index swaps to hedge the liability exposure on certain options in fixed annuity products. Consumer price index swaps are contracts entered into at no cost and whose payoff is the difference between the consumer price index inflation rate and the fixed-rate determined as of inception.

Equity Futures

We use equity futures contracts to hedge the liability exposure on certain options in variable annuity products. These futures contracts require payment between our counterparty and us on a daily basis for changes in the futures index price.

Put Options

We use put options to hedge the liability exposure on certain options in variable annuity, RILA and VUL products. Put options are contracts that require the buyers to pay at a specified future date the amount, if any, by which a specified equity index is less than the strike rate stated in the agreement, applied to a notional amount.

Total Return Swaps

We use total return swaps to hedge the liability exposure on certain options in variable annuity, RILA and VUL products.

In addition, we use total return swaps to hedge a portion of the liability related to our deferred compensation plans. We receive the total return on a portfolio of indexes and pay a floating-rate of interest.

Commodity Contracts

We use commodity contracts to economically hedge certain investments that are closely tied to the changes in commodity values. The commodity contract is an over-the-counter contract that combines a purchase put/sold call to lock in a commodity price within a predetermined range in exchange for a net premium.

Credit Contracts

We use derivative instruments as part of our credit risk management strategy that are economic hedges and include:

Credit Default Swaps – Buying Protection

We use credit default swaps (“CDSs”) to hedge the liability exposure on certain options in variable annuity products.

We buy CDSs to hedge against a drop in bond prices due to credit concerns of certain bond issuers. A CDS allows us to put the bond back to the counterparty at par upon a default event by the bond issuer. A default event is defined as bankruptcy, failure to pay, obligation acceleration or restructuring.

CDSs – Selling Protection

We use CDSs to hedge the liability exposure on certain options in variable annuity products.

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We sell CDSs to offer credit protection to policyholders and investors. The CDSs hedge the policyholders and investors against a drop in bond prices due to credit concerns of certain bond issuers. A CDS allows the investor to put the bond back to us at par upon a default event by the bond issuer. A default event is defined as bankruptcy, failure to pay, obligation acceleration or restructuring.

Other Derivatives

Lapse Protection Rider Ceded Derivative

We also have an inter-company agreement through which Lincoln National Reinsurance Company (Barbados) Limited (“LNBAR”), an affiliated reinsurer, assumes the risk under certain UL contracts for lapse protection riders (“LPR”). If the policyholder’s account balance is insufficient to pay the cost of insurance charges required to keep the policy in force, and the policyholder has made the required deposits, we will be reimbursed for those charges.

Embedded Derivatives

We have embedded derivatives that include:

RILA, Fixed Indexed Annuity and IUL Contracts Embedded Derivatives

Our RILA, fixed indexed annuity and IUL contracts permit the holder to elect an interest rate return or an equity market component, where interest credited to the contracts is linked to the performance of the S&P 500® Index or other indices. Policyholders may elect to rebalance index options at renewal dates. At the end of each indexed term, which can be up to six years, we have the opportunity to re-price the indexed component by establishing participation rates, caps, spreads and specified rates, subject to contractual guarantees. We use options that are highly correlated to the portfolio allocation decisions of our policyholders, such that we are economically hedged with respect to equity returns for the current reset period.

Reinsurance-Related Embedded Derivatives

We have certain modified coinsurance and coinsurance with funds withheld reinsurance agreements with embedded derivatives related to the withheld assets of the related funds. These derivatives are considered total return swaps with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.

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Primary Risks Managed by Derivatives

We have derivative instruments with off-balance-sheet risks whose notional or contract amounts exceed the related credit exposure. Outstanding derivative instruments with off-balance-sheet risks (in millions) were as follows:

	As of March 31, 2024						As of December 31, 2023
	Notional Amounts		Fair Value				Notional Amounts		Fair Value
			Asset		Liability				Asset		Liability
Qualifying Hedges
Cash flow hedges:
Interest rate contracts (1)	$	370	$	2	$	28	$	485	$	11	$	47
Foreign currency contracts (1)	4,722		467		60		4,662		423		78
Total cash flow hedges	5,092		469		88		5,147		434		125
Fair value hedges:
Interest rate contracts (1)	445		2		23		450		1		39
Foreign currency contracts (1)	25		–		–		25		–		1
Total fair value hedges	470		2		23		475		1		40
Non-Qualifying Hedges
Interest rate contracts (1)	72,592		771		1,027		90,829		636		979
Foreign currency contracts (1)	370		13		3		306		11		6
Equity market contracts (1)	230,861		13,816		5,952		225,251		10,244		4,227
Credit contracts (1)	39		–		–		91		–		–
LPR ceded derivative (2)	–		201		–		–		206		–
Embedded derivatives:
Reinsurance-related (3)	–		543		–		–		493		–
RILA, fixed indexed annuity and IUL
contracts (4)	–		973		10,896		–		940		9,077
Total derivative instruments	$	309,424	$	16,788	$	17,989	$	322,099	$	12,965	$	14,454

(1)) These asset and liability balances are presented on a gross basis. Amounts are reported in derivative investments and other liabilities on the Consolidated Balance Sheets after the evaluation for right of offset subject to master netting agreements.

(2) Reported in other assets on the Consolidated Balance Sheets.

(3) Reported in funds withheld reinsurance liabilities on the Consolidated Balance Sheets.

(4) Reported in policyholder account balances and deposit assets on the Consolidated Balance Sheets.

The maturity of the notional amounts of derivative instruments (in millions) was as follows:

	Remaining Life as of March 31, 2024
	Less Than 1 Year		1 – 5 Years		6 - 10 Years		11 - 30 Years		Over 30 Years		Total
Interest rate contracts (1)	$	9,795	$	19,247	$	22,649	$	21,716	$	–	$	73,407
Foreign currency contracts (2)	356		1,007		1,725		1,987		42		5,117
Equity market contracts	185,575		34,228		7,262		8		3,788		230,861
Credit contracts	–		39		–		–		–		39
Total derivative instruments with
notional amounts	$	195,726	$	54,521	$	31,636	$	23,711	$	3,830	$	309,424

(1) As of March 31, 2024, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was September 22, 2026.

(2) As of March 31, 2024, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was June 16, 2061.

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The following amounts (in millions) were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges:

	Amortized Cost of the Hedged Assets / (Liabilities)				Cumulative Fair Value Hedging Adjustment Included in the Amortized Cost of the Hedged Assets / (Liabilities)
	As of March 31, 2024		As of December 31, 2023		As of March 31, 2024		As of December 31, 2023
Line Item in the Consolidated Balance Sheets in
which the Hedged Item is Included
Fixed maturity AFS securities, at fair value	$	510	$	534	$	21	$	39

The change in our unrealized gain (loss) on derivative instruments within accumulated other comprehensive income (loss) (“AOCI”) (in millions) was as follows:

	For the Three Months Ended March 31,
	2024		2023
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	249	$	301
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period:
Cash flow hedges:
Interest rate contracts	9		110
Foreign currency contracts	(25)		76
Change in foreign currency exchange rate adjustment	101		(67)
Income tax benefit (expense)	(18)		(25)
Less:
Reclassification adjustment for gains (losses)
included in net income (loss):
Cash flow hedges:
Foreign currency contracts (1)	15		14
Foreign currency contracts (2)	–		2
Income tax benefit (expense)	(3)		(3)
Balance as of end-of-period	$	304	$	382

(1) The OCI offset is reported within net investment income on the Consolidated Statements of Comprehensive Income (Loss).

(2) The OCI offset is reported within realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

21

The effects of qualifying and non-qualifying hedges (in millions) on the Consolidated Statements of Comprehensive Income (Loss) were as follows:

Gain (Loss) Recognized in Income For the Three Months Ended March 31,

2024

2023

Realized Gain (Loss)

Net Investment Income

Benefits

Realized Gain (Loss)

Net Investment Income

Benefits

Total Line Items in which the Effects of

Fair Value or Cash Flow Hedges are

Recorded

$

(57)

$

–

$

1,224

$

–

$

1,739

$

(394)

$

1,409

$

2,204

Qualifying Hedges

Gain or (loss) on fair value hedging

relationships:

Interest rate contracts:

Hedged items

–

(18)

–

–

16

–

Derivatives designated as hedging

–

instruments

–

18

–

–

(16)

–

Foreign currency contracts:

Hedged items

–

(1)

–

–

–

–

Derivatives designated as hedging

–

instruments

–

1

–

–

–

–

Gain or (loss) on cash flow hedging

relationships:

Foreign currency contracts:

–

Amount of gain or (loss) reclassified

from AOCI into income

–

15

–

2

14

–

Non-Qualifying Hedges

Interest rate contracts

(163)

–

–

332

–

–

Foreign currency contracts

–

–

–

(1)

–

–

Equity market contracts

2,135

–

–

(53)

–

–

Commodity contracts

–

–

–

11

–

–

Credit contracts

–

–

–

(1)

–

–

LPR ceded derivative

–

–

5

–

–

13

Embedded derivatives:

Reinsurance-related

49

–

–

(67)

–

–

RILA, fixed indexed annuity and IUL

contracts

(1,642)

–

–

(713)

–

–

As of March 31, 2024, $65 million of the deferred net gains (losses) on derivative instruments in AOCI were expected to be reclassified to earnings during the next 12 months. This reclassification would be due primarily to interest rate variances related to our interest rate swap agreements.

For the three months ended March 31, 2024 and 2023, there were no material reclassifications to earnings due to hedged firm commitments no longer deemed probable or due to hedged forecasted transactions that had not occurred by the end of the originally specified time period.

22

Information related to our CDSs for which we are the seller (dollars in millions) was as follows:

	As of March 31, 2024
Credit Contract Type	Maturity	Reason for Entering	Name of Recourse	Credit Rating of Underlying Obligation (1)	Number of Instruments	Fair Value (2)		Maximum Potential Payout
Basket CDSs	12/20/2028	(3)	(4)	BBB+	1	$	1	$	39

(1)    Represents average credit ratings based on the midpoint of the applicable ratings among Moody’s, S&P and Fitch Ratings, as scaled to the corresponding S&P ratings.

(2)    Third-party valuation specialists are used to determine the market value of our CDSs.

(3)    CDSs were entered into in order to hedge the liability exposure on certain variable annuity products.

(4)    Sellers do not have the right to demand indemnification or compensation from third parties in case of a loss (payment) on the contract.

As of December 31, 2023, we did not have any exposure related to CDSs for which we are the seller.

Details underlying the associated collateral of our CDSs for which we are the seller if credit risk-related contingent features were triggered (in millions) were as follows:

	As of March 31, 2024		As of December 31, 2023
Maximum potential payout	$	39	$	–
Less: Counterparty thresholds	–		–
Maximum collateral potentially required to post	$	39	$	–

Certain of our CDS agreements contain contractual provisions that allow for the netting of collateral with our counterparties related to all of our collateralized financing transactions that we have outstanding. If these netting agreements were not in place, our counterparties would have been required to post $1 million of collateral as of March 31, 2024.

Credit Risk

We are exposed to credit losses in the event of non-performance by our counterparties on various derivative contracts and reflect assumptions regarding the credit or non-performance risk. The non-performance risk is based upon assumptions for each counterparty’s credit spread over the estimated weighted average life of the counterparty exposure, less collateral held. As of March 31, 2024, the non-performance risk adjustment was zero. The credit risk associated with such agreements is minimized by entering into agreements with financial institutions with long-standing, superior performance records. Additionally, we maintain a policy of requiring derivative contracts to be governed by an International Swaps and Derivatives Association (“ISDA”) Master Agreement. We are required to maintain minimum ratings as a matter of routine practice in negotiating ISDA agreements. Under nearly all ISDA agreements, we and LLANY have agreed to maintain certain financial strength ratings. A downgrade below these levels could result in termination of derivative contracts, at which time any amounts payable by us would be dependent on the market value of the underlying derivative contracts. In certain transactions, we and the counterparty have entered into a credit support annex requiring either party to post collateral when net exposures exceed pre-determined thresholds. These thresholds vary by counterparty and credit rating. The amount of such exposure is essentially the net replacement cost or market value less collateral held for such agreements with each counterparty if the net market value is in our favor. We did not have any exposure as of March 31, 2024, or December 31, 2023.

23

The amounts recognized (in millions) by S&P credit rating of counterparty, for which we had the right to reclaim cash collateral or were obligated to return cash collateral, were as follows:

	As of March 31, 2024				As of December 31, 2023
S&P Credit Rating of Counterparty	Collateral Posted by Counter-Party (Held by LNL)		Collateral Posted by LNL (Held by Counter-Party)		Collateral Posted by Counter-Party (Held by LNL)		Collateral Posted by LNL (Held by Counter-Party)
AA-	$	3,311	$	(71)	$	2,330	$	(63)
A+	2,809		(43)		2,422		(125)
A	90		–		82		–
A-	481		–		273		–
	$	6,691	$	(114)	$	5,107	$	(188)

Balance Sheet Offsetting

Information related to the effects of offsetting on the Consolidated Balance Sheets (in millions) was as follows:

	As of March 31, 2024
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	14,984	$	1,516	$	16,500
Gross amounts offset	(6,830)		–		(6,830)
Net amount of assets	8,154		1,516		9,670
Gross amounts not offset:
Cash collateral	(6,691)		–		(6,691)
Non-cash collateral (1)	(1,463)		–		(1,463)
Net amount	$	–	$	1,516	$	1,516
Financial Liabilities
Gross amount of recognized liabilities	263		10,896		11,159
Gross amounts offset	(87)		–		(87)
Net amount of liabilities	176		10,896		11,072
Gross amounts not offset:
Cash collateral	(114)		–		(114)
Non-cash collateral (2)	(62)		–		(62)
Net amount	$	–	$	10,896	$	10,896

(1) Excludes excess non-cash collateral received of $1.4 billion, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

(2) Excludes excess non-cash collateral pledged of $99 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

24

	As of December 31, 2023
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	10,714	$	1,433	$	12,147
Gross amounts offset	(4,409)		–		(4,409)
Net amount of assets	6,305		1,433		7,738
Gross amounts not offset:
Cash collateral	(5,107)		–		(5,107)
Non-cash collateral (1)	(1,198)		–		(1,198)
Net amount	–		1,433		1,433
Financial Liabilities
Gross amount of recognized liabilities	968		9,077		10,045
Gross amounts offset	(612)		–		(612)
Net amount of liabilities	356		9,077		9,433
Gross amounts not offset:
Cash collateral	(188)		–		(188)
Non-cash collateral (2)	(168)		–		(168)
Net amount	$	–	$	9,077	$	9,077

(1) Excludes excess non-cash collateral received of $1.3 billion, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

(2) Excludes excess non-cash collateral pledged of $81 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

6. DAC, VOBA, DSI and DFEL

The following table reconciles deferred acquisition costs (“DAC”), value of business acquired (“VOBA”) and deferred sales inducements (“DSI”) (in millions) to the Consolidated Balance Sheets:

	As of  March 31, 2024		As of December 31, 2023
DAC, VOBA and DSI
Variable Annuities	$	4,019	$	4,025
Fixed Annuities	447		456
Traditional Life	1,368		1,374
UL and Other	6,082		6,139
Group Protection	158		154
Retirement Plan Services	278		270
Total DAC, VOBA and DSI	$	12,352	$	12,418

25

The following table reconciles deferred front-end loads (“DFEL”) (in millions) to the Consolidated Balance Sheets:

	As of  March 31, 2024		As of December 31, 2023
DFEL
Variable Annuities	$	298	$	300
UL and Other (1)	5,778		5,579
Other Operations (2)	45		44
Total DFEL	$	6,121	$	5,923

(1) We reported $2.3 billion of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023, respectively.

(2) Represents DFEL reported in Other Operations attributable to the indemnity reinsurance agreement with Protective that is excluded from the following tables. We reported $45 million and $44 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023.

The following tables summarize the changes in DAC (in millions):

	For the Three Months Ended March 31, 2024
	Variable Annuities		Fixed Annuities		Traditional Life		UL and Other		Group Protection		Retirement Plan Services
Balance as of beginning-of-year	$	3,868	$	421	$	1,332	$	5,709	$	154	$	244
Business acquired (sold) through
reinsurance	–		–		–		(73)		–		–
Deferrals	89		9		32		100		30		5
Amortization	(92)		(16)		(36)		(75)		(26)		(5)
Balance as of end-of-period	$	3,865	$	414	$	1,328	$	5,661	$	158	$	244

	For the Three Months Ended March 31, 2023
	Variable Annuities		Fixed Annuities		Traditional Life		UL and Other		Group Protection		Retirement Plan Services
Balance as of beginning-of-year	$	3,880	$	439	$	1,286	$	5,518	$	141	$	241
Deferrals	85		14		55		119		25		6
Amortization	(93)		(17)		(35)		(72)		(24)		(5)
Balance as of end-of-period	$	3,872	$	436	$	1,306	$	5,565	$	142	$	242

DAC amortization expense of $250 million and $246 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023, respectively.

The following tables summarize the changes in VOBA (in millions):

	For the Three Months Ended   March 31, 2024
	Fixed Annuities		Traditional Life		UL and Other
Balance as of beginning-of-year	$	15	$	42	$	402
Amortization	(1)		(2)		(9)
Balance as of end-of-period	$	14	$	40	$	393

26

	For the Three Months Ended   March 31, 2023
	Fixed Annuities		Traditional Life		UL and Other
Balance as of beginning-of-year	$	17	$	50	$	454
Deferrals	1		–		–
Amortization	(1)		(2)		(11)
Balance as of end-of-period	$	17	$	48	$	443

VOBA amortization expense of $12 million and $13 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023, respectively. No additions or write-offs were recorded for each respective period.

The following tables summarize the changes in DSI (in millions):

	For the Three Months Ended   March 31, 2024
	Variable Annuities		Fixed Annuities		UL and Other		Retirement Plan Services
Balance as of beginning-of-year	$	157	$	20	$	28	$	26
Deferrals	–		–		1		8
Amortization	(3)		(1)		(1)		–
Balance as of end-of-period	$	154	$	19	$	28	$	34

	For the Three Months Ended   March 31, 2023
	Variable Annuities		Fixed Annuities		UL and Other		Retirement Plan Services
Balance as of beginning-of-year	$	167	$	23	$	30	$	17
Deferrals	–		–		–		2
Amortization	(4)		(1)		(1)		–
Balance as of end-of-period	$	163	$	22	$	29	$	19

DSI amortization expense of $5 million and $6 million was recorded in interest credited on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023, respectively.

The following tables summarize the changes in DFEL (in millions):

	For the Three Months Ended March 31, 2024				For the Three Months Ended March 31, 2023
	Variable Annuities		UL and Other		Variable Annuities		UL and Other
Balance as of beginning-of-year	$	300	$	5,579	$	310	$	4,765
Deferrals	5		267		5		262
Amortization	(7)		(68)		(7)		(61)
Balance as of end-of-period	298		5,778		308		4,966
Less: ceded DFEL	–		2,303		–		30
Balance as of end-of-period, net of reinsurance	$	298	$	3,475	$	308	$	4,936

DFEL amortization of $75 million and $68 million was recorded in fee income on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023, respectively.

27

7. Reinsurance

LNBAR

We reinsure blocks of business to LNBAR, an affiliated reinsurer. Effective October 1, 2023 we entered into an agreement with LNBAR that is structured as a coinsurance treaty, with some assets withheld, for certain blocks of in-force MoneyGuard® products. As significant insurance risk was transferred for the MoneyGuard blocks, amounts recoverable from LNBAR were $14.0 billion and $13.2 billion as of March 31, 2024, and December 31, 2023, respectively. We reported a deferred gain on the transaction of $4.2 billion as of March 31, 2024, and December 31, 2023. We amortized $43 million of the deferred gain during the three months ended March 31, 2024. We held other investments and cash and invested cash with a carrying value of $1.0 billion and $871 million as of March 31, 2024, and December 31, 2023, respectively, in support of reserves associated with this agreement.

LNBAR has funded trusts to support reserves ceded by us of which the balance in the trusts changes as a result of ongoing reinsurance activity and totaled $12.6 billion and $13.0 billion as of March 31, 2024, and December 31, 2023, respectively.

Fortitude Re

Effective October 1, 2023, we entered into a reinsurance agreement with Fortitude Reinsurance Company Ltd. (“Fortitude Re”), an authorized Bermuda reinsurer with reciprocal jurisdiction reinsurer status in Indiana, to reinsure certain blocks of in-force UL with secondary guarantees (“ULSG”) and fixed annuity products, including group pension annuities. Fortitude Re represents our largest unaffiliated reinsurance exposure as of March 31, 2024, and December 31, 2023.

The agreement between us and Fortitude Re is structured as a coinsurance treaty for the ULSG and fixed annuities blocks. As significant insurance risk was transferred for ULSG products and life-contingent annuities, amounts recoverable from Fortitude Re were $10.5 billion as of March 31, 2024, and December 31, 2023. We reported a deferred loss on the transaction of $2.7 billion as of March 31, 2024, and December 31, 2023. We amortized $22 million of the deferred loss during the three months ended March 31, 2024. Annuities that are not life-contingent do not contain significant insurance risk; therefore, we reported deposit assets for these contracts of $3.9 billion and $4.2 billion as of March 31, 2024, and December 31, 2023, respectively.

8. MRBs

The following table reconciles market risk benefits (“MRBs”) (in millions) to MRB assets and MRB liabilities on the Consolidated Balance Sheets:

	As of March 31, 2024						As of December 31, 2023
	Assets		Liabilities		Net (Assets) Liabilities		Assets		Liabilities		Net (Assets) Liabilities
Variable Annuities	$	4,743	$	1,139	$	(3,604)	$	3,763	$	1,583	$	(2,180)
Fixed Annuities	96		123		27		96		128		32
Retirement Plan Services	39		4		(35)		35		5		(30)
Total MRBs	$	4,878	$	1,266	$	(3,612)	$	3,894	$	1,716	$	(2,178)

28

The following table summarizes the balances of and changes in net MRB (assets) liabilities (in millions):

	As of or For the Three Months Ended March 31, 2024						As of or For the Three Months Ended March 31, 2023
	Variable Annuities		Fixed Annuities		Retirement Plan Services		Variable Annuities		Fixed Annuities		Retirement Plan Services
Balance as of beginning-of-year	$	(2,180)	$	32	$	(30)	$	(662)	$	(45)	$	(22)
Less: Effect of cumulative changes in
non-performance risk	(1,299)		(58)		(4)		(2,173)		(40)		(2)
Balance as of beginning-of-year, before the effect
of changes in non-performance risk	(881)		90		(26)		1,511		(5)		(20)
Issuances	3		–		–		1		–		–
Attributed fees collected	380		9		2		379		9		2
Benefit payments	(11)		–		–		(19)		–		–
Effect of changes in interest rates	(1,081)		(17)		(6)		1,406		31		5
Effect of changes in equity markets	(1,343)		(11)		(4)		(1,029)		(2)		(6)
Effect of changes in equity index volatility	4		(2)		–		(286)		–		(2)
In-force updates and other changes in MRBs (1)	51		1		1		76		1		–
Balance as of end-of-period, before the effect of
changes in non-performance risk	(2,878)		70		(33)		2,039		34		(21)
Effect of cumulative changes in
non-performance risk	(726)		(43)		(2)		(3,451)		(65)		(5)
Balance as of end-of-period	(3,604)		27		(35)		(1,412)		(31)		(26)
Less: ceded MRB assets (liabilities)	(2,194)		–		(8)		(210)		–		–
Balance as of end-of-period, net of reinsurance	$	(1,410)	$	27	$	(27)	$	(1,202)	$	(31)	$	(26)
Weighted-average age of policyholders (years)	72		69		63		71		68		63
Net amount at risk (2)	$	2,056	$	210	$	3	$	6,268	$	192	$	9

(1) Consists primarily of changes in MRB assets and liabilities related to differences between separate account fund performance and modeled indices and other changes such as actual to expected policyholder behavior.

(2) Net amount at risk (“NAR”) is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For guaranteed living benefits (“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 feature exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation.

See “MRBs” in Note 12 for details related to our fair value judgments, assumptions, inputs and valuation methodology.

9. Separate Accounts

The following table presents the fair value of separate account assets (in millions) reported on the Consolidated Balance Sheets by major investment category:

	As of  March 31,		As of  December 31,
	2024		2023
Mutual funds and collective investment trusts	$	165,556	$	157,578
Exchange-traded funds	352		350
Fixed maturity AFS securities	162		167
Cash and invested cash	8		25
Other investments	147		137
Total separate account assets	$	166,225	$	158,257

29

The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:

	As of  March 31,		As of  December 31,
	2024		2023
Variable Annuities	$	118,176	$	113,356
UL and Other	27,007		25,150
Retirement Plan Services	20,986		19,699
Other Operations (1)	56		52
Total separate account liabilities	$	166,225	$	158,257

(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($48 million and $46 million as of March 31, 2024, and December 31, 2023, respectively) that are excluded from the following tables.

The following table summarizes the balances of and changes in separate account liabilities (in millions):

	As of or For the Three Months Ended March 31, 2024						As of or For the Three Months Ended March 31, 2023
	Variable Annuities		UL and Other		Retirement Plan Services		Variable Annuities		UL and Other		Retirement Plan Services
Balance as of beginning-of-year	$	113,356	$	25,150	$	19,699	$	105,573	$	20,920	$	16,996
Gross deposits	904		358		570		624		394		554
Withdrawals	(3,208)		(103)		(732)		(2,436)		(75)		(586)
Policyholder assessments	(648)		(246)		(44)		(624)		(238)		(40)
Change in market performance	7,503		1,885		1,475		5,054		1,193		978
Net transfers from (to) general account	269		(37)		18		143		(32)		(26)
Balance as of end-of-period	$	118,176	$	27,007	$	20,986	$	108,334	$	22,162	$	17,876
Cash surrender value	$	116,771	$	24,606	$	20,971	$	106,796	$	19,863	$	17,862

10. Policyholder Account Balances

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

	As of March 31,		As of December 31,
	2024		2023
Variable Annuities	$	31,408	$	29,141
Fixed Annuities	25,137		25,330
UL and Other	36,622		36,784
Retirement Plan Services	23,586		23,784
Other (1)	5,138		5,277
Total policyholder account balances	$	121,891	$	120,316

(1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($4.7 billion and $4.9 billion as of March 31, 2024, and December 31, 2023, respectively) that are excluded from the following tables.

30

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

	As of or For the Three Months Ended March 31, 2024
	Variable Annuities			Fixed Annuities			UL and Other			Retirement Plan Services
Balance as of beginning-of-year	$	29,141		$	25,330		$	36,784		$	23,784
Gross deposits	973			972			847			790
Withdrawals	(224)			(1,409)			(356)			(1,203)
Policyholder assessments	–			(17)			(1,112)			(3)
Net transfers from (to) separate account	(178)			–			38			50
Interest credited	158			183			360			168
Change in fair value of embedded
derivative instruments	1,538			78			61			–
Balance as of end-of-period	$	31,408		$	25,137		$	36,622		$	23,586
Weighted-average crediting rate	2.1		%	2.9		%	3.9		%	2.8		%
Net amount at risk (1)(2)	$	2,056		$	210		$	299,063		$	3
Cash surrender value	30,228			24,114			32,282			23,560

	As of or For the Three Months Ended March 31, 2023
	Variable Annuities			Fixed Annuities			UL and Other			Retirement Plan Services
Balance as of beginning-of-year	$	22,184		$	23,338		$	37,258		$	25,138
Gross deposits	1,222			1,317			922			701
Withdrawals	(170)			(889)			(387)			(1,113)
Policyholder assessments	–			(15)			(1,117)			(3)
Net transfers from (to) separate account	(114)			–			32			103
Interest credited	109			154			369			168
Change in fair value of embedded
derivative instruments	540			88			29			–
Balance as of end-of-period	$	23,771		$	23,993		$	37,106		$	24,994
Weighted-average crediting rate	1.9		%	2.6		%	4.0		%	2.7		%
Net amount at risk (1)(2)	$	6,268		$	192		$	301,582		$	9
Cash surrender value	22,698			23,099			32,960			24,989

(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.

31

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 March 31, 2024
	At Guaranteed Minimum		1-50 Basis Points Above		51-100 Basis Points Above		101-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Range of Guaranteed
Minimum Crediting Rate
Variable Annuities
Up to 1.00%	$	–	$	–	$	–	$	–	$	–	$	–
1.01% - 2.00%	5		–		–		–		6		11
2.01% - 3.00%	560		–		–		–		–		560
3.01% - 4.00%	1,319		–		–		–		–		1,319
4.01% and above	9		–		–		–		–		9
Other (1)	–		–		–		–		–		29,509
Total	$	1,893	$	–	$	–	$	–	$	6	$	31,408
Fixed Annuities
Up to 1.00%	$	679	$	605	$	560	$	493	$	2,466	$	4,803
1.01% - 2.00%	360		99		285		500		3,231		4,475
2.01% - 3.00%	1,749		39		5		1		25		1,819
3.01% - 4.00%	891		–		–		–		–		891
4.01% and above	177		–		–		–		–		177
Other (1)	–		–		–		–		–		12,972
Total	$	3,856	$	743	$	850	$	994	$	5,722	$	25,137
UL and Other
Up to 1.00%	$	264	$	–	$	219	$	119	$	30	$	632
1.01% - 2.00%	548		–		–		–		3,208		3,756
2.01% - 3.00%	6,848		10		149		–		–		7,007
3.01% - 4.00%	15,223		–		1		–		–		15,224
4.01% and above	3,722		–		–		–		–		3,722
Other (1)	–		–		–		–		–		6,281
Total	$	26,605	$	10	$	369	$	119	$	3,238	$	36,622
Retirement Plan Services
Up to 1.00%	$	437	$	500	$	740	$	3,706	$	4,320	$	9,703
1.01% - 2.00%	527		1,660		1,413		1,345		14		4,959
2.01% - 3.00%	2,342		21		63		17		1		2,444
3.01% - 4.00%	4,842		31		3		3		–		4,879
4.01% and above	1,458		143		–		–		–		1,601
Total	$	9,606	$	2,355	$	2,219	$	5,071	$	4,335	$	23,586

32

	As of March 31, 2023
	At Guaranteed Minimum		1-50 Basis Points Above		51-100 Basis Points Above		101-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Range of Guaranteed
Minimum Crediting Rate
Variable Annuities
Up to 1.00%	$	–	$	–	$	–	$	–	$	–	$	–
1.01% - 2.00%	4		–		–		–		8		12
2.01% - 3.00%	634		–		–		–		–		634
3.01% - 4.00%	1,503		–		–		–		–		1,503
4.01% and above	10		–		–		–		–		10
Other (1)	–		–		–		–		–		21,612
Total	$	2,151	$	–	$	–	$	–	$	8	$	23,771
Fixed Annuities
Up to 1.00%	$	831	$	447	$	578	$	448	$	1,773	$	4,077
1.01% - 2.00%	559		141		184		493		1,083		2,460
2.01% - 3.00%	1,886		6		2		–		–		1,894
3.01% - 4.00%	1,446		–		–		–		–		1,446
4.01% and above	193		–		–		–		–		193
Other (1)	–		–		–		–		–		13,923
Total	$	4,915	$	594	$	764	$	941	$	2,856	$	23,993
UL and Other
Up to 1.00%	$	312	$	–	$	202	$	26	$	348	$	888
1.01% - 2.00%	555		–		–		–		3,229		3,784
2.01% - 3.00%	7,130		158		–		–		–		7,288
3.01% - 4.00%	15,693		–		1		–		–		15,694
4.01% and above	3,767		–		–		–		–		3,767
Other (1)	–		–		–		–		–		5,685
Total	$	27,457	$	158	$	203	$	26	$	3,577	$	37,106
Retirement Plan Services
Up to 1.00%	$	595	$	751	$	3,062	$	2,911	$	2,213	$	9,532
1.01% - 2.00%	977		2,629		1,196		527		–		5,329
2.01% - 3.00%	3,093		–		–		–		–		3,093
3.01% - 4.00%	5,442		–		–		–		–		5,442
4.01% and above	1,598		–		–		–		–		1,598
Total	$	11,705	$	3,380	$	4,258	$	3,438	$	2,213	$	24,994

(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.

33

11. Future Contract Benefits

The following table reconciles future contract benefits (in millions) to the Consolidated Balance Sheets:

	As of March 31,		As of  December 31,
	2024		2023
Payout Annuities (1)	$	2,034	2,084
Traditional Life (1)	3,518		3,553
Group Protection (2)	5,640		5,689
UL and Other (3)	15,234		15,752
Other Operations (4)	9,496		9,753
Other (5)	3,290		3,343
Total future contract benefits	$	39,212	$	40,174

(1) See liability for future policy benefits (“LFPB”) below for further information.

(2) See “Liability for Future Claims” below for further information.

(3) See “Additional Liabilities for Other Insurance Benefits” below for further information.

(4) Represents future contract benefits reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($5.5 billion and $5.6 billion as of March 31, 2024, and December 31, 2023, respectively) and Swiss Re ($2.0 billion and $2.1 billion as of March 31, 2024, and December 31, 2023, respectively) that are excluded from the following tables.

(5) Represents other miscellaneous reserves that are not representative of long-duration contracts and are excluded from the following tables.

34

LFPB

The following table summarizes the balances of and changes in the present values of expected net premiums and LFPB (in millions, except years):

	As of or For the Three Months Ended March 31, 2024				As of or For the Three Months Ended March 31, 2023
	Payout Annuities		Traditional Life		Payout Annuities		Traditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year	$	–	$	6,084	$	–	$	5,896
Less: Effect of cumulative changes in discount
rate assumptions	–		(152)		–		(584)
Beginning balance at original discount rate	–		6,236		–		6,480
Effect of actual variances from expected experience	–		23		–		(234)
Adjusted balance as of beginning-of-year	–		6,259		–		6,246
Issuances	–		109		–		177
Interest accrual	–		61		–		57
Net premiums collected	–		(199)		–		(195)
Flooring impact of LFPB	–		1		–		1
Ending balance at original discount rate	–		6,231		–		6,286
Effect of cumulative changes in discount
rate assumptions	–		(257)		–		(235)
Balance as of end-of-period	$	–	$	5,974	$	–	$	6,051
Present Value of Expected LFPB
Balance as of beginning-of-year	$	2,084	$	9,637	$	2,003	$	9,086
Less: Effect of cumulative changes in discount
rate assumptions	(187)		(202)		(263)		(793)
Beginning balance at original discount rate (1)	2,271		9,839		2,266		9,879
Effect of actual variances from expected experience	1		27		(1)		(243)
Adjusted balance as of beginning-of-year	2,272		9,866		2,265		9,636
Issuances	15		109		27		177
Interest accrual	22		94		21		89
Benefit payments	(49)		(191)		(46)		(169)
Ending balance at original discount rate (1)	2,260		9,878		2,267		9,733
Effect of cumulative changes in discount
rate assumptions	(226)		(386)		(200)		(316)
Balance as of end-of-period	$	2,034	$	9,492	$	2,067	$	9,417
Net balance as of end-of-period	$	2,034	$	3,518	$	2,067	$	3,366
Less: reinsurance recoverables	1,572		244		10		270
Net balance as of end-of-period, net of reinsurance	$	462	$	3,274	$	2,057	$	3,096
Weighted-average duration of future policyholder
benefit liability (years)	9		10		9		11

(1) Includes deferred profit liability within Payout Annuities of $60 million and $43 million as of March 31, 2024 and 2023, respectively.

For the three months ended March 31, 2024 and 2023, Traditional Life and Payout Annuities did not have any significantly different actual experience compared to expected.

35

The following table summarizes the discounted and undiscounted expected future gross premiums and expected future benefit payments (in millions):

	As of March 31, 2024				As of March 31, 2023
	Undiscounted		Discounted		Undiscounted		Discounted
Payout Annuities
Expected future gross premiums	$	–	$	–	$	–	$	–
Expected future benefit payments	3,437		2,034		3,460		2,067
Traditional Life
Expected future gross premiums	13,360		9,156		13,257		9,172
Expected future benefit payments	14,148		9,492		13,919		9,417

The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

	For the Three Months Ended March 31,
	2024		2023
Payout Annuities
Gross premiums	$	21	$	28
Interest accretion	22		21
Traditional Life
Gross premiums	298		295
Interest accretion	33		32

The following table summarizes the weighted-average interest rates:

	For the Three Months Ended March 31,
	2024		2023
Payout Annuities
Interest accretion rate	3.9	%	3.9	%
Current discount rate	5.2	%	4.9	%
Traditional Life
Interest accretion rate	5.0	%	5.1	%
Current discount rate	5.0	%	4.8	%

36

Liability for Future Claims

The following table summarizes the balances of and changes in liability for future claims (in millions, except years):

	Group Protection
	As of or For the Three Months Ended March 31,
	2024		2023
Balance as of beginning-of-year	$	5,689	$	5,462
Less: Effect of cumulative changes in discount
rate assumptions	(490)		(597)
Beginning balance at original discount rate	6,179		6,059
Effect of actual variances from expected experience	(67)		(100)
Adjusted beginning-of-year balance	6,112		5,959
New incidence	408		437
Interest	48		42
Benefit payments	(382)		(377)
Ending balance at original discount rate	6,186		6,061
Effect of cumulative changes in discount
rate assumptions	(546)		(569)
Balance as of end-of-period	5,640		5,492
Less: reinsurance recoverables	123		126
Balance as of end-of-period, net of reinsurance	$	5,517	$	5,366
Weighted-average duration of liability for future
claims (years)	5		4

For the three months ended March 31, 2024 and 2023, we experienced more favorable claim terminations than assumed.

The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

	As of March 31, 2024				As of March 31, 2023
	Undiscounted		Discounted		Undiscounted		Discounted
Group Protection
Expected future benefit payments	$	7,296	$	5,640	$	7,086	$	5,492

The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

	For the Three Months Ended March 31,
	2024		2023
Group Protection
Gross premiums	$	896	$	885
Interest accretion	48		42

The following table summarizes the weighted-average interest rates:

	For the Three Months Ended March 31,
	2024		2023
Group Protection
Interest accretion rate	3.2	%	2.9	%
Current discount rate	5.0	%	4.8	%

37

Additional Liabilities for Other Insurance Benefits

The following table summarizes the balances of and changes in additional liabilities for other insurance benefits (in millions, except years):

	UL and Other
	As of or For the Three Months Ended March 31,
	2024		2023
Balance as of beginning-of-year	$	15,752	$	14,777
Less: Effect of cumulative changes in shadow
balance in AOCI	(853)		(905)
Balance as of beginning-of-year, excluding
shadow balance in AOCI	16,605		15,682
Effect of actual variances from expected experience	106		(9)
Adjusted beginning-of-year balance	16,711		15,673
Interest accrual	203		186
Net assessments collected	324		337
Benefit payments	(313)		(183)
Balance as of end-of-period, excluding shadow
balance in AOCI	16,925		16,013
Effect of cumulative changes in shadow
balance in AOCI	(1,691)		(669)
Balance as of end-of-period	15,234		15,344
Less: reinsurance recoverables (1)	9,734		2,007
Balance as of end-of-period, net of reinsurance	$	5,500	$	13,337
Weighted-average duration of additional liabilities
for other insurance benefits (years)	17		17

(1) Increase in reinsurance recoverables driven by the reinsurance agreement with Fortitude Re effective October 1, 2023 for certain blocks of in-force ULSG. See Note 7 for more information on the transaction.

For the three months ended March 31, 2024, we had unfavorable actual mortality experience compared to expected. For the three months ended March 31, 2023, we did not have any significantly different actual experience compared to expected.

The following table summarizes the gross assessments and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

	For the Three Months Ended March 31,
	2024		2023
UL and Other
Gross assessments	$	766	$	915
Interest accretion	203		186

The following table summarizes the weighted-average interest rates:

	For the Three Months Ended March 31,
	2024		2023
UL and Other
Interest accretion rate	5.3	%	5.0	%

38

12. Fair Value of Financial Instruments

The carrying values and estimated fair values of our financial instruments (in millions) were as follows:

	As of March 31, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets
Fixed maturity AFS securities	$	81,880	$	81,880	$	82,300	$	82,300
Trading securities	2,203		2,203		2,321		2,321
Equity securities	319		319		306		306
Mortgage loans on real estate	19,176		17,582		18,873		17,330
Derivative investments	8,154		8,154		6,305		6,305
Other investments	4,988		4,988		4,757		4,757
Cash and invested cash	3,807		3,807		3,193		3,193
MRB assets	4,878		4,878		3,894		3,894
Other assets:
Ceded MRBs	59		59		274		274
Indexed annuity ceded embedded derivatives	973		973		940		940
LPR ceded derivative	201		201		206		206
Separate account assets	166,225		166,225		158,257		158,257
Liabilities
Policyholder account balances:
Account balances of certain investment contracts	(44,361)		(33,730)		(44,615)		(34,020)
RILA, fixed annuity and IUL contracts	(10,896)		(10,896)		(9,077)		(9,077)
Funds withheld reinsurance liabilities – reinsurance-related
embedded derivatives	543		543		493		493
MRB liabilities	(1,266)		(1,266)		(1,716)		(1,716)
Short-term debt	(1,281)		(1,282)		(840)		(841)
Long-term debt	(2,179)		(2,101)		(2,195)		(2,125)
Other liabilities:
Ceded MRBs	(2,261)		(2,261)		(1,149)		(1,149)
Derivative liabilities	(176)		(176)		(356)		(356)
Remaining guaranteed interest and similar contracts	(397)		(397)		(411)		(411)

Valuation Methodologies and Associated Inputs for Financial Instruments Not Carried at Fair Value

The following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value on the Consolidated Balance Sheets. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments.

Mortgage Loans on Real Estate

The fair value of mortgage loans on real estate, excluding mortgage loans accounted for using the fair value option, is established using a discounted cash flow method based on credit rating, maturity and future income. The ratings for mortgages in good standing are based on property type, location, market conditions, occupancy, debt-service coverage, loan-to-value, quality of tenancy, borrower and payment record. The fair value for impaired mortgage loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price or the fair value of the collateral if the loan is collateral dependent. The inputs used to measure the fair value of our mortgage loans on real estate, excluding mortgage loans accounted for using the fair value option, are classified as Level 2 within the fair value hierarchy.

39

Other Investments

The carrying value of our assets classified as other investments, excluding short-term investments, approximates fair value. Other investments includes primarily LPs and other privately held investments that are accounted for using the equity method of accounting and the carrying value is based on our proportional share of the net assets of the LPs. Other investments also includes FHLB stock carried at cost and periodically evaluated for impairment based on ultimate recovery of par value. The inputs used to measure the fair value of our LPs, other privately held investments and FHLB stock are classified as Level 3 within the fair value hierarchy. The remaining assets in other investments include cash collateral receivables and securities that are not LPs or other privately held investments. The inputs used to measure the fair value of these assets are classified as Level 2 within the fair value hierarchy.

Separate Account Assets

Separate account assets are primarily carried at fair value. A portion of our separate account assets includes LPs, which are accounted for using the equity method of accounting. The carrying value is based on our proportional share of the net assets of the LPs and approximates fair value. The inputs used to measure the fair value of the separate account asset LPs are classified as Level 3 within the fair value hierarchy.

Policyholder Account Balances

Policyholder account balances include account balances of certain investment contracts. The fair value of the account balances of certain investment contracts is based on their approximate surrender value as of the balance sheet date. The inputs used to measure the fair value of these policyholder account balances are classified as Level 3 within the fair value hierarchy.

Other Liabilities

Other liabilities include remaining guaranteed interest and similar contracts. The fair value for the remaining guaranteed interest and similar contracts is estimated using discounted cash flow calculations as of the balance sheet date. These calculations are based on interest rates currently offered on similar contracts with maturities that are consistent with those remaining for the contracts being valued. As of March 31, 2024, and December 31, 2023, the remaining guaranteed interest and similar contracts carrying value approximated fair value. The inputs used to measure the fair value of these other liabilities are classified as Level 3 within the fair value hierarchy.

Short-Term and Long-Term Debt

The fair value of short-term and long-term debt is based on quoted market prices. The inputs used to measure the fair value of our short-term and long-term debt are classified as Level 2 within the fair value hierarchy.

Fair Value Option

Mortgage loans on real estate, net of allowance for credit losses, as reported on the Consolidated Balance Sheets, includes mortgage loans on real estate for which the fair value option was elected. The fair value option allows us to elect fair value as an alternative measurement for mortgage loans not otherwise reported at fair value. We have made these elections for certain mortgage loans associated with modified coinsurance agreements to help mitigate the inconsistency in earnings that would otherwise result from the use of embedded derivatives included with these loans. Changes in fair value are reflected in realized gain (loss) on the Consolidated Statement of Comprehensive Income (Loss). Changes in fair value due to instrument-specific credit risk are estimated using changes in credit spreads and quality ratings for the period reported. Mortgage loans on real estate for which the fair value option was elected are valued using third-party pricing services. We have procedures in place to review the valuations each quarter to ensure they are reasonable, including utilizing a separate third party to reperform the valuation for a selection of mortgage loans on an annual basis. Due to lack of observable inputs, mortgage loans electing the fair value option are classified as Level 3 within the fair value hierarchy.

The fair value and aggregate contractual principal for mortgage loans on real estate where the fair value option was elected (in millions) were as follows:

	As of March 31,		As of December 31,
	2024		2023
Fair value	$	289	$	288
Aggregate contractual principal	326		326

As of March 31, 2024, and December 31, 2023, no loans for which the fair value option was elected were in non-accrual status, and none were more than 90 days past due and still accruing interest.

40

Financial Instruments Carried at Fair Value

We did not have any assets or liabilities measured at fair value on a nonrecurring basis as of March 31, 2024, or December 31, 2023.

The following summarizes our financial instruments carried at fair value (in millions) on a recurring basis by the fair value hierarchy levels:

	As of March 31, 2024
	Quoted
	Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair
	(Level 1)		(Level 2)		(Level 3)		Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	–	$	56,543	$	6,747	$	63,290
U.S. government bonds	371		20		–		391
State and municipal bonds	–		2,493		–		2,493
Foreign government bonds	–		260		–		260
RMBS	–		1,581		12		1,593
CMBS	–		1,395		8		1,403
ABS	–		10,530		1,692		12,222
Hybrid and redeemable preferred securities	48		129		51		228
Trading securities	–		1,932		271		2,203
Equity securities	11		269		39		319
Mortgage loans on real estate	–		–		289		289
Derivative investments (1)	–		14,345		727		15,072
Other investments – short-term investments	–		217		–		217
Cash and invested cash	–		3,807		–		3,807
MRB assets	–		–		4,878		4,878
Other assets:
Ceded MRBs	–		–		59		59
Indexed annuity ceded embedded derivatives	–		–		973		973
LPR ceded derivative	–		–		201		201
Separate account assets	406		165,819		–		166,225
Total assets	$	836	$	259,340	$	15,947	$	276,123
Liabilities
Policyholder account balances – RILA,
fixed annuity and IUL contracts	$	–	$	–	$	(10,896)	$	(10,896)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives	–		568		(25)		543
MRB liabilities	–		–		(1,266)		(1,266)
Other liabilities:
Ceded MRBs	–		–		(2,261)		(2,261)
Derivative liabilities (1)	–		(6,368)		(726)		(7,094)
Total liabilities	$	–	$	(5,800)	$	(15,174)	$	(20,974)

41

	As of December 31, 2023
	Quoted
	Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair
	(Level 1)		(Level 2)		(Level 3)		Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	–	$	57,397	$	6,469	$	63,866
U.S. government bonds	373		20		–		393
State and municipal bonds	–		2,537		5		2,542
Foreign government bonds	–		278		–		278
RMBS	–		1,589		13		1,602
CMBS	–		1,336		8		1,344
ABS	–		10,559		1,484		12,043
Hybrid and redeemable preferred securities	46		138		48		232
Trading securities	–		2,037		284		2,321
Equity securities	1		263		42		306
Mortgage loans on real estate	–		–		288		288
Derivative investments (1)	–		10,705		622		11,327
Other investments – short-term investments	–		233		–		233
Cash and invested cash	–		3,193		–		3,193
MRB assets	–		–		3,894		3,894
Other assets:
Ceded MRBs	–		–		274		274
Indexed annuity ceded embedded derivatives	–		–		940		940
LPR ceded derivative	–		–		206		206
Separate account assets	402		157,855		–		158,257
Total assets	$	822	$	248,140	$	14,577	$	263,539
Liabilities
Policyholder account balances – RILA,
fixed annuity and IUL contracts	$	–	$	–	$	(9,077)	$	(9,077)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives	–		493		–		493
MRB liabilities	–		–		(1,716)		(1,716)
Other liabilities:
Ceded MRBs	–		–		(1,149)		(1,149)
Derivative liabilities (1)	–		(4,792)		(586)		(5,378)
Total liabilities	$	–	$	(4,299)	$	(12,528)	$	(16,827)

(1) Derivative investment assets and liabilities are presented within the fair value hierarchy on a gross basis by derivative type and not on a master netting basis by counterparty.
 

42

The following summarizes changes to our financial instruments carried at fair value (in millions) and classified within Level 3 of the fair value hierarchy. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. The summary schedule excludes changes to MRB assets and MRB liabilities as these balances are rolled forward in Note 8.

	For the Three Months Ended March 31, 2024
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other (1)		Net		Net		Value
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	6,469	$	1	$	(8)	$	310	$	(25)	$	6,747
State and municipal bonds	5		–		–		–		(5)		–
RMBS	13		–		(1)		–		–		12
CMBS	8		–		–		–		–		8
ABS	1,484		1		(2)		201		8		1,692
Hybrid and redeemable preferred
securities	48		–		3		–		–		51
Trading securities	284		–		–		(13)		–		271
Equity securities	42		(3)		–		–		–		39
Mortgage loans on real estate	288		–		1		–		–		289
Derivative investments	36		12		–		4		(51)		1
Other assets:
Ceded MRBs (3)	274		(215)		–		–		–		59
Indexed annuity ceded embedded
derivatives (4)	940		33		–		–		–		973
LPR ceded derivative (5)	206		(5)		–		–		–		201
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)	(9,077)		(1,677)		–		(142)		–		(10,896)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (4)	–		(25)		–		–		–		(25)
Other liabilities – ceded MRBs (3)	(1,149)		(1,112)		–		–		–		(2,261)
Total, net	$	(129)	$	(2,990)	$	(7)	$	360	$	(73)	$	(2,839)

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	For the Three Months Ended March 31, 2023
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other (1)		Net		Net		Value
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	5,186	$	–	$	12	$	1,006	$	15	$	6,219
State and municipal bonds	35		–		1		–		–		36
RMBS	1		–		–		–		–		1
ABS	1,117		–		8		168		(193)		1,100
Hybrid and redeemable preferred
securities	49		–		–		(2)		12		59
Trading securities	581		4		–		(127)		–		458
Equity securities	153		(16)		–		–		–		137
Mortgage loans on real estate	487		2		3		(2)		–		490
Derivative investments	2		(1)		–		–		–		1
Other assets:
Ceded MRBs (3)	539		160		–		–		–		699
Indexed annuity ceded embedded
derivatives (4)	525		6		–		(226)		–		305
LPR ceded derivative (5)	212		(13)		–		–		–		199
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)	(4,783)		(719)		–		(294)		–		(5,796)
Other liabilities – ceded MRBs (3)	(246)		(663)		–		–		–		(909)
Total, net	$	3,858	$	(1,240)	$	24	$	523	$	(166)	$	2,999

(1) The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 5).

(2) Amortization and accretion of premiums and discounts are included in net investment income on the Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and credit loss expense are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(3) Gains (losses) from the changes in fair value are included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(4) Gains (losses) from the changes in fair value are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(5) Gains (losses) from the changes in fair value are included in benefits on the Consolidated Statements of Comprehensive Income (Loss).

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The following provides the components of the items included in issuances, sales, maturities, settlements and calls, net, (in millions) as reported above:

	For the Three Months Ended March 31, 2024
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	536	$	(127)	$	(2)	$	(96)	$	(1)	$	310
ABS	264		–		–		(63)		–		201
Trading securities	–		(2)		–		(11)		–		(13)
Mortgage loans on real estate	1		(1)		–		–		–		–
Derivative investments	7		–		(3)		–		–		4
Policyholder account balances –
RILA, fixed annuity and
IUL contracts	(249)		–		–		107		–		(142)
Total, net	$	559	$	(130)	$	(5)	$	(63)	$	(1)	$	360

	For the Three Months Ended March 31, 2023
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	1,137	$	(55)	$	(8)	$	(68)	$	–	$	1,006
ABS	241		(2)		–		(71)		–		168
Hybrid and redeemable preferred
securities	–		–		–		–		(2)		(2)
Trading securities	–		(53)		–		(74)		–		(127)
Mortgage loans on real estate	1		–		–		(3)		–		(2)
Other assets – indexed annuity ceded
embedded derivatives	50		–		–		(276)		–		(226)
Policyholder account balances –
RILA, fixed annuity and
IUL contracts	(300)		–		–		6		–		(294)
Total, net	$	1,129	$	(110)	$	(8)	$	(486)	$	(2)	$	523

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The following summarizes changes in unrealized gains (losses) included in net income related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

	For the Three Months Ended March 31,
	2024		2023
Trading securities (1)	$	–	$	6
Equity securities (1)	(3)		(16)
Mortgage loans on real estate (1)	–		2
Derivative investments (1)	16		(2)
MRBs (2)	686		(1,090)
Other assets – LPR ceded derivative (3)	(5)		(13)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (1)	(25)		–
Embedded derivatives – indexed annuity
and IUL contracts (1)	241		(153)
Total, net	$	910	$	(1,266)

(1) Included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(2) Included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(3) Included in benefits on the Consolidated Statements of Comprehensive Income (Loss).

The following summarizes changes in unrealized gains (losses) included in OCI, net of tax, related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

	For the Three Months Ended March 31,
	2024		2023
Fixed maturity AFS securities:
Corporate bonds	$	(10)	$	12
ABS	(1)		8
Hybrid and redeemable preferred
securities	2		–
Mortgage loans on real estate	1		2
Total, net	$	(8)	$	22

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The following provides the components of the transfers into and out of Level 3 (in millions) as reported above:

	For the Three Months Ended March 31, 2024						For the Three Months Ended March 31, 2023
	Transfers		Transfers				Transfers		Transfers
	Into		Out of				Into		Out of
	Level 3		Level 3		Total		Level 3		Level 3		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	19	$	(44)	$	(25)	$	58	$	(43)	$	15
State and municipal bonds	–		(5)		(5)		–		–		–
ABS	31		(23)		8		–		(193)		(193)
Hybrid and redeemable preferred
securities	–		–		–		12		–		12
Derivative investments	–		(51)		(51)		–		–		–
Total, net	$	50	$	(123)	$	(73)	$	70	$	(236)	$	(166)

Transfers into and out of Level 3 are generally the result of observable market information on financial instruments no longer being available or becoming available to our pricing vendors. For the three months ended March 31, 2024 and 2023, transfers in and out of Level 3 were attributable primarily to the financial instruments’ observable market information no longer being available or becoming available.

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The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of March 31, 2024:

										Weighted
	Fair		Valuation	Significant	Assumption or					Average Input
	Value		Technique	Unobservable Inputs	Input Ranges					Range (1)
Assets
Investments:
Fixed maturity AFS and
trading securities:
Corporate bonds	$	199	Discounted cash flow	Liquidity/duration adjustment (2)	(0.1)	%	–	3.8	%	2.0	%
CMBS	8		Discounted cash flow	Liquidity/duration adjustment (2)	2.0	%	–	2.0	%	2.0	%
ABS	11		Discounted cash flow	Liquidity/duration adjustment (2)	1.6	%	–	1.6	%	1.6	%
Hybrid and redeemable
preferred securities	7		Discounted cash flow	Liquidity/duration adjustment (2)	1.3	%	–	1.5	%	1.4	%
Equity securities	5		Discounted cash flow	Liquidity/duration adjustment (2)	4.5	%	–	4.5	%	4.5	%
MRB assets	4,878
Other assets:
Ceded MRBs	59		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.31	%	–	2.03	%	1.62	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	14.14	%
Indexed annuity
ceded embedded
derivatives	973		Discounted cash flow	Lapse (3)	0%		–	9	%	(10)
				Mortality (7)				(9)		(10)
LPR ceded
derivative	201		Discounted cash flow	Lapse (3)	0.1	%		2.00	%	(10)
				Non-performance risk (6)	0.31	%		2.03	%	1.41	%
				Mortality (7)				(9)		(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives	$	(10,803)	Discounted cash flow	Lapse (3)	0%		–	9	%	(10)
				Mortality (7)				(9)		(10)
MRB liabilities	(1,266)
Other liabilities – ceded
MRBs	(2,261)		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.31	%	–	2.03	%	1.62	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	14.14	%

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The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2023:

										Weighted
	Fair		Valuation	Significant	Assumption or					Average Input
	Value		Technique	Unobservable Inputs	Input Ranges					Range (1)
Assets
Investments:
Fixed maturity AFS and
trading securities:
Corporate bonds	$	183	Discounted cash flow	Liquidity/duration adjustment (2)	(0.2)	%	–	3.7	%	2.1	%
State and municipal
bonds	5		Discounted cash flow	Liquidity/duration adjustment (2)	0.9	%	–	2.2	%	2.1	%
CMBS	8		Discounted cash flow	Liquidity/duration adjustment (2)	2.3	%	–	2.3	%	2.3	%
ABS	12		Discounted cash flow	Liquidity/duration adjustment (2)	1.8	%	–	1.8	%	1.8	%
Hybrid and redeemable
preferred securities	7		Discounted cash flow	Liquidity/duration adjustment (2)	1.4	%	–	1.5	%	1.5	%
Equity securities	5		Discounted cash flow	Liquidity/duration adjustment (2)	4.5	%	–	4.5	%	4.5	%
MRB assets	3,894
Other assets:
Ceded MRBs	274		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.51	%	–	2.13	%	1.78	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	13.92	%
Indexed annuity
ceded embedded
derivatives	940		Discounted cash flow	Lapse (3)	0%		–	9	%	(10)
				Mortality (7)				(9)		(10)
LPR ceded
derivative	206		Discounted cash flow	Lapse (3)	0.1	%		2.00	%	(10)
				Non-performance risk (6)	1	%		2.13	%	1.58	%
				Mortality (7)				(9)		(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives	$	(9,013)	Discounted cash flow	Lapse (3)	0%		–	9	%	(10)
				Mortality (7)				(9)		(10)
MRB liabilities	(1,716)
Other liabilities – ceded
MRBs	(1,149)		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.51	%	–	2.13	%	1.78	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	13.92	%

(1) Unobservable inputs were weighted by the relative fair value of the instruments, unless otherwise noted.

(2) The liquidity/duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment.

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(3) The lapse input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits. The range for indexed annuity contracts represents the lapses during the surrender charge period.

(4) The utilization of GLB withdrawals input represents the estimated percentage of policyholders that utilize the GLB withdrawal riders.

(5) The utilization factors are applied to the present value of claims or premiums, as appropriate, in the MRB calculation to estimate the impact of inefficient GLB withdrawal behavior, including taking less than or more than the maximum GLB withdrawal.

(6) The non-performance risk input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract. The non-performance risk input was weighted by the absolute value of the sensitivity of the reserve to the non-performance risk assumption. The non-performance risk input for LPR ceded derivative was weighted using a simple average.

(7) The mortality input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die.

(8) The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Volatility assumptions vary by fund due to the benchmarking of different indices. The volatility input was weighted by the relative account balance assigned to each index.

(9) The mortality is based on a combination of company and industry experience, adjusted for improvement factors.

(10) A weighted average input range is not a meaningful measurement for lapse, utilization factors or mortality.

From the table above, we have excluded Level 3 fair value measurements obtained from independent, third-party pricing sources. We do not develop the significant inputs used to measure the fair value of these assets and liabilities, and the information regarding the significant inputs is not readily available to us. Independent broker-quoted fair values are non-binding quotes developed by market makers or broker-dealers obtained from third-party sources recognized as market participants. The fair value of a broker-quoted asset or liability is based solely on the receipt of an updated quote from a single market maker or a broker-dealer recognized as a market participant as we do not adjust broker quotes when used as the fair value measurement for an asset or liability. Significant increases or decreases in any of the quotes received from a third-party broker-dealer may result in a significantly higher or lower fair value measurement.

The embedded derivative liability associated with Fortitude Re was excluded from the above table. As discussed in Note 7, this embedded derivative liability was created through a coinsurance with funds withheld reinsurance agreement where the investments supporting the reinsurance agreement were withheld by and continue to be reported on our Consolidated Balance Sheet. This reinsurance-related embedded derivative is valued as a total return swap with reference to the fair value of the investments held by us. Accordingly, the unobservable inputs utilized in the valuation of the reinsurance-related embedded derivative are a component of the investments supporting the reinsurance agreement that are reported on our Consolidated Balance Sheet.

Changes in any of the significant inputs presented in the table above would have resulted in a significant change in the fair value measurement of the asset or liability as follows:

•Investments – An increase in the liquidity/duration adjustment input would have resulted in a decrease in the fair value measurement.

•Indexed annuity contracts embedded derivatives – For direct embedded derivatives, an increase in the lapse or mortality inputs would have resulted in a decrease in the fair value measurement

•LPR ceded derivative – Assuming our LPR ceded derivative is in an asset position: an increase in our lapse, non-performance risk or mortality inputs would have resulted in an increase in the fair value measurement.

•MRBs – Assuming our MRBs are in a liability position: an increase in our lapse, non-performance risk or mortality inputs would have resulted in a decrease in the fair value measurement, except for policies with guaranteed death benefit (“GDB”) riders only, in which case an increase in mortality inputs would have resulted in an increase in the fair value measurement.

For each category discussed above, the unobservable inputs are not inter-related; therefore, a directional change in one input would not have affected the other inputs.

As part of our ongoing valuation process, we assess the reasonableness of our valuation techniques or models and make adjustments as necessary.

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13. Contingencies and Commitments

Contingencies

Reinsurance Disputes

Certain reinsurers have sought rate increases on certain yearly renewable term agreements. We are disputing the requested rate increases under these agreements. We may initiate legal proceedings, as necessary, under these agreements in order to protect our contractual rights. Additionally, reinsurers have initiated, and may in the future initiate, legal proceedings against us. While this may impact the Life Insurance segment, we believe it is unlikely the outcome of these disputes would have a material impact on the consolidated financial statements.

Regulatory and Litigation Matters

Regulatory bodies, such as state insurance departments, the SEC, the Financial Industry Regulatory Authority and other regulatory bodies regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws, laws governing the activities of broker-dealers, registered investment advisers and unclaimed property laws.

LNL and its affiliates are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. In some of the matters, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding verdicts obtained in the jurisdiction for similar matters. This variability in pleadings, together with the actual experiences of LNL in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value.

Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law.

We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be estimated as of March 31, 2024.

For some matters, the Company is able to estimate a reasonably possible range of loss. For such matters in which a loss is probable, an accrual has been made. For such matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. Accordingly, the estimate contained in this paragraph reflects two types of matters. For some matters included within this estimate, an accrual has been made, but there is a reasonable possibility that an exposure exists in excess of the amount accrued. In these cases, the estimate reflects the reasonably possible range of loss in excess of the accrued amount. For other matters included within this estimation, no accrual has been made because a loss, while potentially estimable, is believed to be reasonably possible but not probable. In these cases, the estimate reflects the reasonably possible loss or range of loss.

As of March 31, 2024, we estimate the aggregate range of reasonably possible losses, including amounts in excess of amounts accrued for these matters as of such date, to be up to approximately $150 million, after-tax. Any estimate is not an indication of expected loss, if any, or of the Company’s maximum possible loss exposure on such matters.

For other matters, we are not currently able to estimate the reasonably possible loss or range of loss. We are often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts and the progress of settlement negotiations. On a quarterly and annual basis, we review relevant information with respect to litigation contingencies and update our accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.

Among other matters, we are presently engaged in litigation, including relating to cost of insurance rates (“Cost of Insurance and Other Litigation”), as described below. No accrual has been made for some of these matters. Although a loss is believed to be reasonably possible for these matters, for some of these matters, we are not able to estimate a reasonably possible amount or range of potential

51

liability. An adverse outcome in one or more of these matters may have a material impact on the consolidated financial statements, but, based on information currently known, management does not believe those cases are likely to have such an impact.

Cost of Insurance and Other Litigation

Cost of Insurance Litigation

Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company, filed in the U.S. District Court for the District of Connecticut, No. 3:16-cv-00827, is a putative class action that was served on LNL on June 8, 2016. Plaintiff is the owner of a universal life insurance policy who alleges that LNL charged more for non-guaranteed cost of insurance than permitted by the policy. Plaintiff seeks to represent all universal life and variable universal life policyholders who owned policies containing non-guaranteed cost of insurance provisions that are similar to those of plaintiff’s policy and seeks damages on behalf of all such policyholders. On January 11, 2019, the court dismissed plaintiff’s complaint in its entirety. In response, plaintiff filed a motion for leave to amend the complaint, which, on September 25, 2023, the court granted in part and denied in part. Plaintiff filed an amended complaint on October 10, 2023. On March 7, 2024, the parties entered into a settlement agreement, which is subject to court approval. The provisional settlement encompasses policies that are at issue in the Glover case, which also includes all policies in the lawsuits captioned TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company and Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York, both of which are described below, and one additional case to which an affiliate of LNL is a party, Iwanski v. First Penn-Pacific Life Insurance Company, which has been previously disclosed by our parent company, LNC. The Glover plaintiffs’ motion for preliminary approval of the provisional settlement was filed on March 8, 2024. The provisional settlement, which is subject to both preliminary and final approval of the court, consists of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in TVPX ARS INC., Vida and Iwanski).

EFG Bank AG, Cayman Branch, et al. v. The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:17-cv-02592, is a civil action filed on February 1, 2017. Plaintiffs own universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs allege that LNL breached the terms of policyholders’ contracts when it increased non-guaranteed cost of insurance rates beginning in 2016. We are vigorously defending this matter.

In re: Lincoln National COI Litigation, pending in the U.S. District Court for the Eastern District of Pennsylvania, Case No. 2:16-cv-06605-GJP, is a consolidated litigation matter related to multiple putative class action cases that were consolidated by an order dated March 20, 2017. Plaintiffs purport to own certain universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs allege that LNL and LNC breached the terms of policyholders’ contracts by increasing non-guaranteed cost of insurance rates beginning in 2016. Plaintiffs sought to represent classes of policyowners and sought damages on their behalf. On August 9, 2022, the court denied plaintiffs’ motion for class certification. The parties participated in a mediation on December 13, 2022, and subsequently reached a settlement. On January 26, 2023, the parties informed the presiding judge of a class settlement in this action, subject to final documentation and court approval. On March 24, 2023, plaintiffs filed a motion for preliminary approval of the class settlement, which was granted by the court on June 14, 2023. The provisional settlement, which was subject to both preliminary and final approval of the court, consisted of $117.75 million in pre-tax cash (in the aggregate for both this litigation and the In re: Lincoln National 2017 COI Rate Litigation matter discussed immediately below) and a five-year cost of insurance rate freeze, among other terms. After certain policyholders timely opted out or otherwise excluded themselves from the settlement class with respect to certain policies, the pre-tax cash settlement fund was reduced to $109.96 million. The court granted final approval of the settlement on October 5, 2023. On December 27, 2023, the court ordered that supplemental notice of the class settlement be mailed to a small percentage of settlement class members who had not been sent the initial class notice. Those policyholders own policies representing less than 0.14% of the total of all Policy Claim Amounts (as defined in the parties’ settlement agreement). No additional opt-outs were received following the supplemental notice period. Settlement distribution payments to all class members were completed on April 8, 2024. Certain of the policyholders who did not participate in the settlement are plaintiffs in Brighton Trustees, LLC, et al. v. The Lincoln National Life Insurance Company and Ryan K. Crayne, on behalf of and as trustee for Carlton Peak Trust v. The Lincoln National Life Insurance Company discussed further below. The remaining policyholders who are not participants in the settlement may bring individual actions in the future to the extent they have not already done so.

In re: Lincoln National 2017 COI Rate Litigation, pending in the U.S. District Court for the Eastern District of Pennsylvania, Case No. 2:17-cv-04150, is a consolidated litigation matter related to multiple putative class action cases that were consolidated by an order dated March 28, 2018. Plaintiffs purport to own certain universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs allege that LNL and LNC breached the terms of policyholders’ contracts by increasing non-guaranteed cost of insurance rates beginning in 2017. Plaintiffs sought to represent classes of policyholders and sought damages on their behalf. On August 9, 2022, the court denied plaintiffs’ motion for class certification. The parties participated in a mediation on December 13, 2022, and subsequently reached a settlement. On January 26, 2023, the parties informed the presiding judge of a class settlement in this action, subject to final documentation and court approval. On March 24, 2023, plaintiffs filed a motion for preliminary approval of the class settlement, which was granted by the court on June 14, 2023. The provisional settlement, which was subject to both preliminary and final approval of the court, consists of $117.75 million in pre-tax cash (in the aggregate for both this litigation and the In re: Lincoln National COI Litigation matter discussed immediately above) and a five-year cost of insurance rate freeze, among other terms. After certain policyholders timely

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opted out or otherwise excluded themselves from the settlement class with respect to certain policies, the pre-tax cash settlement fund was reduced to $109.96 million. The court granted final approval of the settlement on October 5, 2023. On December 27, 2023, the court ordered that supplemental notice of the class settlement be mailed to a small percentage of settlement class members who had not been sent the initial class notice. Those policyholders own policies representing less than 0.14% of the total of all Policy Claim Amounts (as defined in the parties’ settlement agreement). No additional opt-outs were received following the supplemental notice period. Settlement distribution payments to all class members were completed on April 8, 2024. Certain of the policyholders who did not participate in the settlement are plaintiffs in Brighton Trustees, LLC, et al. v. The Lincoln National Life Insurance Company and Ryan K. Crayne, on behalf of and as trustee for Carlton Peak Trust v. The Lincoln National Life Insurance Company discussed further below. The remaining policyholders who are not participants in the settlement may bring individual actions in the future to the extent they have not already done so.

TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company, filed in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:18-cv-02989, is a putative class action that was filed on July 17, 2018. Plaintiff alleges that LNL charged more for non-guaranteed cost of insurance than permitted by the policy. Plaintiff seeks to represent all universal life and variable universal life policyholders who own policies issued by LNL or its predecessors containing non-guaranteed cost of insurance provisions that are similar to those of Plaintiff’s policy and seeks damages on behalf of all such policyholders. On March 7, 2024, the parties in Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company (discussed above) entered into a settlement agreement, which is subject to court approval. The provisional settlement encompasses policies that are at issue in this case, as the Glover case is inclusive of all policies in this case, as well as in the lawsuit captioned Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York (discussed below), and one additional case to which an affiliate of LNL is a party, Iwanski v. First Penn-Pacific Life Insurance Company, which has been previously disclosed by our parent company, LNC. The Glover plaintiffs’ motion for preliminary approval of the provisional settlement was filed on March 8, 2024. The provisional settlement, which is subject to both preliminary and final approval of the court, consists of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in TVPX ARS INC., Vida and Iwanski). A motion has been filed to stay the proceedings in this matter (as well as the Iwanski matter) pending the completion of the settlement approval process in Glover.

LSH Co. and Wells Fargo Bank, National Association, as securities intermediary for LSH Co. v. Lincoln National Corporation and The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:18-cv-05529, is a civil action filed on December 21, 2018. Plaintiffs own universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs allege that LNL and LNC breached the terms of policyholders’ contracts when LNL increased non-guaranteed cost of insurance rates in 2016 and 2017. We are vigorously defending this matter.

Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York, pending in the U.S. District Court for the Southern District of New York, No. 1:19-cv-06004, is a putative class action that was filed on June 27, 2019. Plaintiff alleges that LLANY charged more for non-guaranteed cost of insurance than was permitted by the policies. On March 31, 2022, the court issued an order granting plaintiff’s motion for class certification and certified a class of all current or former owners of six universal life insurance products issued by LLANY that were assessed a cost of insurance charge any time on or after June 27, 2013. Plaintiff seeks damages on behalf of the class. On April 19, 2023, LLANY filed a motion for summary judgment. On March 7, 2024, the parties in Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company (discussed above) entered into a settlement agreement, which is subject to court approval. The provisional settlement encompasses policies that are at issue in this case, as the Glover case is inclusive of all policies in this case, as well as in the lawsuit captioned TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company (discussed above), and one additional case to which an affiliate of LNL is a party, Iwanski v. First Penn-Pacific Life Insurance Company, which has been previously disclosed by our parent company, LNC. The Glover plaintiffs’ motion for preliminary approval of the provisional settlement was filed on March 8, 2024. The provisional settlement, which is subject to both preliminary and final approval of the court, consists of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in TVPX ARS INC., Vida and Iwanski). On March 29, 2024, the court issued its summary judgment decision, granting LLANY’s motion in part and denying it in part, and entering summary judgment against twenty-two policyholders that the court determined were not economically harmed. On April 12, 2024, LLANY filed a motion to stay proceedings in this matter pending the completion of the settlement approval process in Glover; oral argument has been scheduled for May 9, 2024.

Angus v. The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:22-cv-01878, is a putative class action filed on May 13, 2022. Plaintiff alleges that defendant LNL breached the terms of her life insurance policy by deducting non-guaranteed cost of insurance charges in excess of what is permitted by the policies. Plaintiff seeks to represent all owners of universal life insurance policies issued or insured by LNL or its predecessors containing non-guaranteed cost of insurance provisions that are similar to those of plaintiff’s policy and seeks damages on their behalf. Breach of contract is the only cause of action asserted. On August 26, 2022, LNL filed a motion to dismiss. We are vigorously defending this matter.

Brighton Trustees, LLC, et al. v. The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, Case No. 2:23-cv-02251, is a civil action filed on April 20, 2023. On June 12, 2023, the U.S. District Court for the Northern District of Indiana granted a motion filed by LNL to transfer the case to the U.S. District Court for the Eastern District of Pennsylvania. Plaintiffs purport to own universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs

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allege that LNL breached the terms of policyholders’ contracts and converted property when it increased non-guaranteed cost of insurance rates beginning in 2016. We are vigorously defending this matter.

Ryan K. Crayne, on behalf of and as trustee for Carlton Peak Trust v. The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, Case No. 2:24-cv-00053-GJP, is a civil action filed on November 17, 2023. On January 4, 2024, upon the parties’ stipulation, the U.S. District Court for the Northern District of Indiana transferred the case to the U.S. District Court for the Eastern District of Pennsylvania. Plaintiff purports to own claims regarding universal life policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiff alleges that LNL breached the terms of policyholders’ contracts and converted property when it increased non-guaranteed cost of insurance rates beginning in 2016. We are vigorously defending this matter.

Other Litigation

Andrew Nitkewicz v. Lincoln Life & Annuity Company of New York, pending in the U.S. District Court for the Southern District of New York, No. 1:20-cv-06805, is a putative class action that was filed on August 24, 2020. Plaintiff Andrew Nitkewicz, as trustee of the Joan C. Lupe Trust, seeks to represent all current and former owners of universal life (including variable universal life) policies who own or owned policies issued by LLANY and its predecessors in interest that were in force at any time on or after June 27, 2013, and for which planned annual, semi-annual, or quarterly premiums were paid for any period beyond the end of the policy month of the insured’s death. Plaintiff alleges LLANY failed to refund unearned premium in violation of New York Insurance Law Section 3203(a)(2) in connection with the payment of death benefit claims for certain insurance policies. Plaintiff seeks compensatory damages and pre-judgment interest on behalf of the various classes and sub-class. On July 2, 2021, the court granted, with prejudice, LLANY’s November 2020 motion to dismiss this matter. Plaintiff filed a notice of appeal on July 28, 2021, and on September 26, 2022, the U.S. Court of Appeals for the Second Circuit reserved its decision and certified a question to the New York Court of Appeals. On October 20, 2022, the New York Court of Appeals accepted the question. On October 19, 2023, the New York Court of Appeals answered the question in LLANY’s favor and transmitted the decision to the U.S. Court of Appeals for the Second Circuit. Plaintiff sought, and was granted, supplemental briefing before the U.S. Court of Appeals for the Second Circuit with respect to certain aspects of the New York Court of Appeals’ decision. The supplemental briefing was completed January 23, 2024. We are vigorously defending this matter.

Henry Morgan et al. v. Lincoln National Corporation d/b/a Lincoln Financial Group, et al, filed in the District Court of the 14th Judicial District of Dallas County, Texas, No. DC-23-02492, is a putative class action that was filed on February 22, 2023. Plaintiffs Henry Morgan, Susan Smith, Charles Smith, Laura Seale, Terri Cogburn, Laura Baesel, Kathleen Walton, Terry Warner, and Toni Hale (“Plaintiffs”) allege on behalf of a putative class that Lincoln National Corporation d/b/a Lincoln Financial Group, LNL and LLANY (together, “Lincoln”), FMR, LLC, and Fidelity Product Services, LLC (“Fidelity”) created and marketed misleading and deceptive insurance products with attributes of investment products. The putative class comprises all individuals and entities who purchased Lincoln OptiBlend products that allocated account monies to the 1-Year Fidelity AIM Dividend Participation Account, between January 1, 2020, to December 31, 2022. Plaintiffs assert the following claims individually and on behalf of the class, (1) violations of the Texas Deceptive Trade Practices Act against Lincoln; (2) common-law fraud against Lincoln; (3) negligent misrepresentation against Lincoln and Fidelity; and (4) aiding and abetting fraud against Fidelity. Plaintiffs allege they suffered damages from “a missed investment return of approximately 5-6%” and mitigation damages. They seek actual, consequential and punitive damages, as well as pre-judgment and post-judgment interest, attorney’s fees, and litigation costs. On March 31, 2023, the Lincoln defendants filed a notice of removal removing the action from the 14th Judicial District of Dallas County, Texas, to the United States District Court for the Northern District of Texas, Dallas Division. On May 8, 2023, the Lincoln defendants and the Fidelity defendants filed motions to dismiss, which remain pending. We are vigorously defending this matter.

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14. Shares and Stockholder’s Equity

All authorized and issued shares of LNL are owned by LNC.

AOCI

The following summarizes the components and changes in AOCI (in millions):

	For the Three Months Ended March 31,
	2024		2023
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain
Other Investments
Balance as of beginning-of-year	$	(3,532)	$	(8,526)
Unrealized holding gains (losses) arising during the period	(914)		2,307
Change in foreign currency exchange rate adjustment	(102)		75
Change in future contract benefits and policyholder account balances,
net of reinsurance	1,574		(260)
Income tax benefit (expense)	(120)		(455)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	(51)		(37)
Income tax benefit (expense)	11		8
Balance as of end-of-period	$	(3,054)	$	(6,830)
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	249	$	301
Unrealized holding gains (losses) arising during the period	(16)		186
Change in foreign currency exchange rate adjustment	101		(67)
Income tax benefit (expense)	(18)		(25)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	15		16
Income tax benefit (expense)	(3)		(3)
Balance as of end-of-period	$	304	$	382
Market Risk Benefit Non-Performance Risk Gain (Loss)
Balance as of beginning-of-year	$	1,069	$	1,739
Adjustment arising during the period	(590)		1,306
Income tax benefit (expense)	126		(280)
Balance as of end-of-period	$	605	$	2,765
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Balance as of beginning-of-year	$	645	$	790
Adjustment arising during the period	133		(243)
Income tax benefit (expense)	(28)		53
Balance as of end-of-period	$	750	$	600
Funded Status of Employee Benefit Plans
Balance as of beginning-of-year	$	(16)	$	(17)
Balance as of end-of-period	$	(16)	$	(17)

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The following summarizes the reclassifications out of AOCI (in millions) and the associated line item in the Consolidated Statements of Comprehensive Income (Loss):

	For the Three Months Ended March 31,
	2024		2023
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification	$	(50)	$	(37)	Realized gain (loss)
Associated change in future contract benefits	(1)		–		Benefits
Reclassification before income tax benefit (expense)	(51)		(37)		Income (loss) before taxes
Income tax benefit (expense)	11		8		Federal income tax expense (benefit)
Reclassification, net of income tax	$	(40)	$	(29)	Net income (loss)
Unrealized Gain (Loss) on Derivative Instruments
Foreign currency contracts	15		14		Net investment income
Foreign currency contracts	–		2		Realized gain (loss)
Reclassifications before income tax benefit (expense)	15		16		Income (loss) before taxes
Income tax benefit (expense)	(3)		(3)		Federal income tax expense (benefit)
Reclassifications, net of income tax	$	12	$	13	Net income (loss)

15. Segment Information

We provide products and services and report results through our Annuities, Life Insurance, Group Protection and Retirement Plan Services segments. We also have Other Operations, which includes the financial data for operations that are not directly related to the business segments. Our reporting segments reflect the manner by which our CODMs view and manage the business. A discussion of these segments and Other Operations is found in Note 20 to the Consolidated Financial Statements in our 2023 Form 10-K.

Segment operating revenues and income (loss) from operations are internal measures used by our management and Board of Directors to evaluate and assess the results of our segments. Income (loss) from operations is GAAP net income excluding the after-tax effects of the following items, as applicable:

•Items related to annuity product features, which include changes in MRBs, including gains and losses and benefit payments, changes in the fair value of the derivative instruments we hold to hedge GLB and GDB riders, net of fee income allocated to support the cost of hedging them, and changes in the fair value of the embedded derivative liabilities of our indexed annuity contracts and the associated index options we hold to hedge them, including collateral expense associated with the hedge program (collectively, “net annuity product features”);

•Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of VUL hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our IUL contracts and the associated index options we hold to hedge them (collectively, “net life insurance product features”);

•Credit loss-related adjustments on fixed maturity AFS securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”);

•Changes in the fair value of equity securities, certain derivatives, certain other investments and realized gains (losses) on sales, disposals and impairments of financial assets (collectively, “investment gains (losses)”);

•Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option (“changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans”);

•GLB rider fees ceded to LNBAR;

•Income (loss) from the initial adoption of new accounting standards, regulations and policy changes;

•Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;

•Transaction and integration costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business;

•Gains (losses) on modification or early extinguishment of debt;

•Losses from the impairment of intangible assets and gains (losses) on other non-financial assets; and

•Income (loss) from discontinued operations.

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Operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable:

•Changes in the fair value of the derivative instruments we hold to hedge GLB and GDB riders, net of fee income allocated to support the cost of hedging them, and changes in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts and the associated index options we hold to hedge them (collectively, “revenue adjustments from annuity and life insurance product features”);

•Credit loss-related adjustments;

•Investment gains (losses);

•Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans;

•GLB rider fees ceded to LNBAR;

•Revenue adjustments from the initial adoption of new accounting standards; and

•Amortization of deferred gains arising from reserve changes on business sold through reinsurance.

We use our prevailing corporate federal income tax rate of 21%, where applicable, net of the impacts related to dividends received deduction and foreign tax credits and any other permanent differences for events recognized differently in our financial statements and federal income tax returns.

The tables below reconcile our segment measures of performance to the GAAP measures presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):

	For the Three Months Ended March 31,
	2024		2023
Revenues
Operating revenues:
Annuities	$	1,178	$	1,043
Life Insurance	1,181		1,638
Group Protection	1,424		1,388
Retirement Plan Services	317		322
Other Operations	26		38
Revenue adjustments from annuity and life insurance product features	169		(91)
Credit loss-related adjustments	(1)		(21)
Investment gains (losses)	(56)		(55)
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans	48		(11)
GLB rider fees ceded to LNBAR	(230)		(234)
Total revenues	$	4,056	$	4,017

 

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	For the Three Months Ended March 31,
	2024		2023
Net Income (Loss)
Income (loss) from operations:
Annuities	$	223	$	217
Life Insurance	(51)		(32)
Group Protection	79		71
Retirement Plan Services	32		38
Other Operations	(107)		(52)
Net annuity product features, after-tax	783		(821)
Net life insurance product features, after-tax	(104)		(95)
Credit loss-related adjustments, after-tax	(1)		(17)
Investment gains (losses), after-tax	(45)		(43)
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans, after-tax	38		(9)
GLB rider fees ceded to LNBAR, after-tax	(182)		(185)
Transaction and integration costs related to mergers,
acquisitions and divestitures, after-tax (1)	(8)		–
Net income (loss)	$	657	$	(928)

(1)    Includes costs pertaining to the sale of our wealth management business and the fourth quarter 2023 reinsurance transaction. For more information, see Note 1 and 7, respectively.

Other segment information (in millions) was as follows:

	As of  March 31,		As of  December 31,
	2024		2023
Assets
Annuities	$	195,456	$	186,716
Life Insurance	111,492		107,529
Group Protection	9,759		9,741
Retirement Plan Services	47,838		46,969
Other Operations	21,659		23,021
Total assets	$	386,204	$	373,976

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16. Realized Gain (Loss)

Realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss) includes realized gains and losses from the sale of investments, write-downs for impairments of investments and changes in the allowance for credit losses for financial assets, changes in fair value for mortgage loans on real estate accounted for under the fair value option, changes in fair value of equity securities, VUL derivative and embedded derivative gains and losses, gains and losses on the sale of subsidiaries and businesses and net gains and losses on reinsurance-related embedded derivatives and trading securities. Realized gains and losses on the sale of investments are determined using the specific identification method. Realized gain (loss) is also net of allocations of investment gains and losses to certain policyholders, certain funds withheld on reinsurance arrangements and certain modified coinsurance arrangements for which we have a contractual obligation. Details underlying realized gain (loss) (in millions) were as follows:

	For the Three Months Ended March 31,
	2024		2023
Fixed maturity AFS securities:
Gross gains	$	7	$	25
Gross losses	(57)		(62)
Credit loss benefit (expense) (1)	(2)		(16)
Realized gain (loss) on equity securities (2)	11		(14)
Credit loss benefit (expense) on mortgage loans on real estate	–		(4)
Credit loss benefit (expense) on reinsurance-related assets	1		(1)
Realized gain (loss) on the mark-to-market on certain
instruments (3)(4)	(133)		(128)
Indexed product derivative results (5)	145		(153)
GLB rider fees ceded to LNBAR and attributed fees	(30)		(29)
Other realized gain (loss)	1		(12)
Total realized gain (loss)	$	(57)	$	(394)

(1) Includes changes in the allowance for credit losses as well as direct write-downs to amortized cost as a result of negative credit events.

(2) Includes mark-to-market adjustments on equity securities still held of $11 million and $(14) million for the three months ended March 31, 2024 and 2023, respectively.

(3) Represents changes in the fair values of derivatives we hold as part of VUL hedging, reinsurance-related embedded derivatives and trading securities.

(4) Includes gains and losses from fair value changes on mortgage loans on real estate accounted for under the fair value option of less than $1 million and $2 million for the three months ended March 31, 2024 and 2023, respectively.

(5) Represents the change in fair value of the index options that we hold and the change in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts, and the associated index options to hedge policyholder index allocations applicable to future reset periods for our indexed annuity products.

17. Federal Income Taxes

The effective tax rate is the ratio of tax expense (benefit) over pre-tax income (loss). The effective tax rate was 20% and 25% for the three months ended March 31, 2024 and 2023, respectively. The effective tax rate on pre-tax income is typically lower than the prevailing corporate federal income tax rate of 21% due to benefits from preferential tax items including the separate account dividends-received deduction and tax credits.

For the three months ended March 31, 2024, the effective tax rate differed from the prevailing corporate federal income tax rate due primarily to the effects of preferential tax items.

For the three months ended March 31, 2023, the effective tax rate differed from the prevailing corporate federal income tax rate due primarily to a tax benefit at 21% from pre-tax losses in addition to the effects of preferential tax items.

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18. Subsequent Event

On May 6, 2024, LNC closed its previously announced sale of all of its ownership interests in the subsidiaries of LNC that comprise its wealth management business to Osaic, pursuant to the Stock Purchase Agreement entered into between LNC and Osaic on December 14, 2023 (the “Agreement”). Pursuant to the Agreement, LNC sold its ownership interests in the following subsidiaries of LNC: Lincoln Financial Advisors Corporation, Lincoln Financial Securities Corporation, California Fringe Benefit and Insurance Marketing Corporation, LFA, Limited Liability Company and LFA Management Corporation (collectively, the “Wealth Management Business”). The total consideration received by LNC for the Wealth Management Business at closing was $725 million.

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Item 2. Management’s Narrative Analysis of the Results of Operations

	Page
Forward-Looking Statements – Cautionary Language	62
Critical Accounting Policies and Estimates	63
Results of Consolidated Operations	67
Results of Annuities	68
Results of Life Insurance	70
Results of Group Protection	71
Results of Retirement Plan Services	72
Results of Other Operations	73
Liquidity and Capital Resources	73

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The following Management’s Narrative Analysis of the Results of Operations (“MNA”) is intended to help the reader understand the financial condition as of March 31, 2024, compared with December 31, 2023, and the results of operations for the three months ended March 31, 2024, compared with the corresponding period in 2023 of The Lincoln National Life Insurance Company (“LNL”) and its consolidated subsidiaries. Unless otherwise stated or the context otherwise requires, “LNL,” “Company,” “we,” “our” or “us” refers to The Lincoln National Life Insurance Company and its consolidated subsidiaries. LNL is a wholly-owned subsidiary of Lincoln National Corporation (“LNC”). The MNA is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying notes to the consolidated financial statements (“Notes”) presented in “Part I – Item 1. Financial Statements”; our Annual Report on Form 10-K for the year ended December 31, 2023; and other reports filed with the Securities and Exchange Commission (“SEC”).

MNA is presented pursuant to General Instructions H(2)(a) of Form 10-Q in lieu of Management’s Discussion and Analysis of Financial Condition and Results of Operations.

See “Part I – Item 1. Business” in our 2023 Form 10-K and Note 1 herein for a description of the business.

In this report, in addition to providing consolidated revenues and net income (loss), we also provide segment operating revenues and income (loss) from operations because we believe they are meaningful measures of revenues and the profitability of our operating segments. Operating revenues and income (loss) from operations are the financial performance measures we use to evaluate and assess the results of our segments. Accordingly, we define and report operating revenues and income (loss) from operations by segment in Note 15. Our management believes that operating revenues and income (loss) from operations explain the results of our ongoing businesses in a manner that allows for a better understanding of the underlying trends in our current businesses. Certain items are excluded from operating revenue and income (loss) from operations because they are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in many instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. In addition, we believe that our definitions of operating revenues and income (loss) from operations will provide readers with a more valuable measure of our performance because it better reveals trends in our business.

FORWARD-LOOKING STATEMENTS – CAUTIONARY LANGUAGE

Certain statements made in this report and in other written or oral statements made by us or on our behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: “anticipate,” “believe,” “estimate,” “expect,” “project,” “shall,” “will” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in our businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. We claim the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA.

Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including:

•Weak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience;

•Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition;

•Legislative, regulatory or tax changes that affect: the cost of, or demand for, our products; the required amount of reserves and/or surplus; our ability to conduct business as well as restrictions on the payment of revenue sharing and 12b-1 distribution fees;

•The impact of U.S. federal tax reform legislation on our business, earnings and capital;

•The impact of regulations adopted by the SEC, the Department of Labor or other federal or state regulators or self-regulatory organizations that could adversely affect our distribution model and sales of our products and result in additional disclosure and other requirements related to the sale and delivery of our products;

•The impact of new and emerging rules, laws and regulations relating to privacy, cybersecurity and artificial intelligence that may lead to increased compliance costs, reputation risk and/or changes in business practices;

•Increasing scrutiny and evolving expectations and regulations regarding environmental, social and governance (“ESG”) matters that may adversely affect our reputation and our investment portfolio;

•Actions taken by reinsurers to raise rates on in-force business;

•Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products;

•Rapidly increasing or sustained high interest rates that may negatively affect our profitability, value of our investment portfolio and capital position and may cause policyholders to surrender annuity and life insurance policies, thereby causing realized investment losses;

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•The impact of the implementation of the provisions of the European Market Infrastructure Regulation relating to the regulation of derivatives transactions;

•The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings;

•A decline or continued volatility in the equity markets causing a reduction in the sales of our products; a reduction of asset-based fees that we charge on various investment and insurance products; and an increase in liabilities related to guaranteed benefit riders, which are accounted for as market risk benefits (“MRBs”), of our variable annuity products;

•Ineffectiveness of our risk management policies and procedures;

•A deviation in actual experience regarding future policyholder behavior, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our products and in establishing related insurance reserves, which may reduce future earnings;

•Changes in accounting principles that may affect our consolidated financial statements;

•Lowering of one or more of our financial strength ratings;

•Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk, requiring that we realize losses on financial assets;

•Interruption in telecommunication, information technology or other operational systems or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches of our data security systems;

•The effect of acquisitions and divestitures, including the inability to realize the anticipated benefits of acquisitions and dispositions of businesses and potential operating difficulties and unforeseen liabilities relating thereto, as well as the effect of restructurings, product withdrawals and other unusual items;

•The inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives;

•The adequacy and collectability of reinsurance that we have obtained;

•Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for policyholder claims, affect our businesses and increase the cost and availability of reinsurance;

•Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that we can charge for our products;

•The unknown effect on our businesses resulting from evolving market preferences and the changing demographics of our client base; and

•The unanticipated loss of key management, financial planners or wholesalers.

The risks and uncertainties included here are not exhaustive. Our 2023 Form 10-K as well as other reports that we file with the SEC include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.

We do not intend, and are under no obligation, to update any particular forward-looking statement included in this document. See “Part I – Item 1A. Risk Factors” in our 2023 Form 10-K for a discussion of certain risks relating to our business segments and products.

SUMMARY OF CRITICAL ACCOUNTING ESTIMATES

The MNA included in our 2023 Form 10-K contains a detailed discussion of our critical accounting estimates. The following information updates the “Summary of Critical Accounting Estimates” provided in our 2023 Form 10-K, and therefore, should be read in conjunction with that disclosure.

Investments

Investment Valuation

For more information about the valuation of our financial instruments carried at fair value, see “Part II – Item 7. Management’s Narrative Analysis of the Results of Operations – Summary of Critical Accounting Estimates – Investments – Investment Valuation” in our 2023 Form 10-K and Note 12 herein.

Derivatives

Derivatives are primarily used for hedging purposes. We hedge certain portions of our exposure to interest rate risk, foreign currency exchange risk, equity market risk, basis risk, commodity risk and credit risk by entering into derivative transactions. We also purchase and issue financial instruments that contain embedded derivative instruments. See “Policyholder Account Balances” below for information on

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embedded derivatives. Assessing the effectiveness of hedging and evaluating the carrying values of the related derivatives often involve a variety of assumptions and estimates

We carry our derivative instruments at fair value, which we determine through valuation techniques or models that use market data inputs or independent broker quotations. The fair values fluctuate from period to period due to the volatility of the valuation inputs, including but not limited to swap interest rates, interest and equity volatility and equity index levels, foreign currency forward and spot rates, credit spreads and correlations, some of which are significantly affected by economic conditions. The effect to revenue is reported in realized gain (loss) and such amount along with the associated federal income taxes is excluded from income (loss) from operations of our segments.

For more information on derivatives, see Note 1 in our 2023 Form 10-K and 5 herein. For more information on market exposures associated with our derivatives, including sensitivities, see “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our 2023 Form 10-K.

Future Contract Benefits

Future contract benefits represent liability reserves that we have established and carry based on estimates of how much we will need to pay for future benefits and claims.

Liability for Future Policy Benefits

Liability for future policy benefits (“LFPB”) represents the reserve amounts associated with non-participating traditional life insurance contracts and limited payment life-contingent annuity contracts that are calculated to meet the various policy and contract obligations as they mature. Establishing adequate reserves for our obligations to policyholders requires assumptions to be made that are intended to represent an estimation of experience for the period that policy benefits are payable. If actual experience is better than or equal to the assumptions, then reserves should be adequate to provide for future benefits and expenses. If experience is worse than the assumptions, additional reserves may be required. Significant assumptions include mortality rates, morbidity and policyholder behavior (e.g., persistency) and withdrawals. During the third quarter of each year, we conduct our comprehensive review of the actuarial assumptions to best estimate future premium and benefit cash flows (“cash flow assumptions”) and projection models used in estimating these liabilities and update these assumptions as needed (excluding the claims settlement expense assumption that is locked-in at inception) in the calculation of the net premium ratio. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update. In measuring our LFPB, we establish cohorts, which are groupings of long-duration contracts. On a quarterly basis, we retrospectively update the net premium ratio at the cohort level for actual experience. For all contract cohorts issued after January 1, 2021, interest is accrued on LFPB at the single-A interest rate on the contract cohort inception date. For contract cohorts issued prior to January 1, 2021, interest remains accruing at the original discount rate in effect on the contract cohort inception date due to the modified retrospective transition method. We also remeasure the LFPB using the single-A interest rate as of the end of each reporting period.

Liability for Future Claims

Future contract benefits include reserves for long-term life and disability claims associated with our Group Protection segment. These reserves use actuarial assumptions primarily based on claim termination rates, offsets for other insurance including social security and long-term disability incidence and severity assumptions. Such cash flow assumptions are subject to the comprehensive review process discussed above. We remeasure the liability for future claims using a single-A interest rate as of the end of each reporting period.

Universal Life Insurance Products with Secondary Guarantees

We issue UL-type contracts where we provide a secondary guarantee to the policyholder. The policy can remain in force, even if the base policy account balance is zero, as long as contractual secondary guarantee requirements have been met. These guaranteed benefits require an additional liability that is calculated based on the application of a benefit ratio (calculated as the present value of total expected benefit payments over the life of the contract from inception divided by the present value of total expected assessments over the life of the contract). These secondary guarantees are reported within future contract benefits on the Consolidated Balance Sheets. The level and direction of the change in reserves will vary over time based on the emergence of the benefit ratio and the level of assessments associated with the contracts. Cash flow assumptions incorporated in a benefit ratio in measuring these additional liabilities for other insurance benefits include mortality rates, morbidity, policyholder behavior (e.g., persistency) and withdrawals based principally on generally accepted actuarial methods and assumptions. During the third quarter of each year, we conduct our comprehensive review of the cash flow assumptions and projection models used in estimating these liabilities and update these assumptions in the calculation of the benefit ratio. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update.

For additional information on future contract benefits, see Note 11.

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Market Risk Benefits

MRBs are contracts or contract features that provide protection to the policyholder from other-than-nominal capital market risk and expose us to other-than-nominal capital market risk upon the occurrence of a specific event or circumstance, such as death, annuitization or periodic withdrawal. An MRB can be in either an asset or a liability position. Our MRB assets and MRB liabilities are reported at fair value separately on the Consolidated Balance Sheet.

We issue variable and fixed annuity contracts that may include various types of guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) riders that we have accounted for as MRBs. For contracts that contain multiple riders that qualify as MRBs, the MRBs are valued on a combined basis using an integrated model. We have entered into reinsurance agreements to cede certain GLB and GDB riders where the reinsurance agreements themselves are accounted for as MRBs or contain MRBs. We therefore record ceded MRB assets and ceded MRB liabilities associated with these reinsurance agreements. We report ceded MRBs associated with these reinsurance agreements in other assets or other liabilities on the Consolidated Balance Sheets.

Change in the fair value of MRB assets and liabilities is reported in market risk benefit gain (loss) in the Consolidated Statements of Comprehensive Income (Loss), except for the portion attributable to the change in non-performance risk, which is recognized in other comprehensive income (loss) (“OCI”). Change in the fair value of ceded MRB assets and liabilities, including the changes in our counterparties’ non-performance risks, is reported in market risk benefit gain (loss) in the Consolidated Statements of Comprehensive Income (Loss).

MRBs are valued based on a stochastic projection of risk-neutral scenarios that incorporate a spread reflecting our non-performance risk. Ceded MRBs are valued based on a stochastic projection of risk-neutral scenarios that incorporate a spread reflecting our counterparties’ non-performance risk. The scenario assumptions, at each valuation date, are those we view to be appropriate for a hypothetical market participant and include assumptions for capital markets, lapse, benefit utilization, mortality, risk margin and administrative expenses. These assumptions are based on a combination of historical data and actuarial judgments. The assumption for our own non-performance risk and our counterparties’ non-performance risk for MRBs and ceded MRBs, respectively, are determined at each valuation date and reflect our risk and our counterparties’ risks of not fulfilling the obligations of the underlying liability. The spread for the non-performance risk is added to the discount rates used in determining the fair value from the net cash flows. We believe these assumptions are consistent with those that would be used by a market participant; however, as the related markets develop, we will continue to reassess our assumptions. During the third quarter of each year, we conduct our comprehensive review of the assumptions used in calculating the fair value of these MRBs and update these assumptions on a prospective basis as needed. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update. For information on fair value inputs, see Note 12.

We cede a portion of these GLB and GDB features to Lincoln National Reinsurance Company (Barbados) Limited (“LNBAR”) on a modified coinsurance basis. The modified coinsurance arrangement includes a hedging strategy designed to mitigate selected risk to LNBAR. The hedge program focuses on generating sufficient income to fund future claims with a goal of maximizing distributable earnings and explicitly protecting capital. This hedging strategy utilizes options and total return swaps on U.S.-based equity indices, and futures on U.S.-based and international equity indices, as well as interest rate futures, interest rate swaps and currency futures.

As part of the hedge program, equity market and interest rate conditions are monitored on a daily basis. The hedge positions are rebalanced based upon changes in these factors as needed. While the hedge positions are actively managed, these positions may not completely offset changes in the fair value of the GLB and GDB riders caused by movements in these factors due to, among other things, differences in timing between when a market exposure changes and corresponding changes to the hedge positions, extreme swings in the equity markets, interest rates and market-implied volatilities, realized market volatility, policyholder behavior, divergence between the performance of the underlying funds and the hedging indices, divergence between the actual and expected performance of the hedge instruments or ability to purchase hedging instruments at prices consistent with the desired risk and return trade-off.

The hedging results do not impact LNL due to the modified coinsurance arrangement with LNBAR, as LNL cedes these derivative results to LNBAR. For additional information on MRBs, see Note 8.

Policyholder Account Balances

Policyholder account balances include the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability includes universal life insurance (“UL”) and variable universal life insurance (“VUL”) and investment-type annuity products where account balances are equal to deposits plus interest credited less withdrawals, surrender charges, asset-based fees and policyholder administration charges (collectively known as “policyholder assessments”), as well as amounts representing the fair value of embedded derivative instruments associated with our indexed universal life insurance (“IUL”) and indexed annuity products. During the third quarter of each year, we conduct our comprehensive review of the assumptions and projection models underlying our reserves and embedded derivatives and update assumptions as needed. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update.

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Our indexed annuity and IUL contracts permit the holder to elect a fixed interest rate return or a return where interest credited to the contracts is linked to the performance of the S&P 500® Index or other indices. The value of the variable portion of the policyholder’s account balance varies with the performance of the underlying variable funds chosen by the policyholder. Policyholders may elect to rebalance among the various accounts within the product at renewal dates. At the end of each indexed term, which can be up to six years, we have the opportunity to re-price the indexed component by establishing different participation rates, caps, spreads or specified rates, subject to contractual guarantees. We purchase and sell index options that are highly correlated to the portfolio allocation decisions of our policyholders, such that we are economically hedged with respect to equity returns for the current reset period. The mark-to-market of the options held generally offsets the change in value of the embedded derivative within the contract, both of which are recorded as a component of realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). The Derivatives and Hedging and the Fair Value Measurements and Disclosures Topics of the Financial Accounting Standards Board Accounting Standards CodificationTM require that we calculate fair values of index options we may purchase or sell in the future to hedge policyholder index allocations in future reset periods. These fair values represent an estimate of the cost of the options we will purchase or sell in the future, discounted back to the date of the balance sheet, using current market indicators of volatility and interest rates. Changes in the fair values of these liabilities are included as a component of realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). For more information on indexed product net derivative results, see Note 16.

For additional information on the liability for policyholder account balances, see Note 10.

Reinsurance Recoverables

Reinsurance recoverables are generally measured and recognized consistent with the assumptions and methodologies used to project the future performance of the underlying direct business as discussed in the “Future Contract Benefits” and “Policyholder Account Balances” sections above. During the third quarter of each year, we conduct our comprehensive review of the assumptions and projection models and update assumptions as needed. In addition, we consider the potential impact of counterparty credit risks related to the reinsurance recoverable by estimating an allowance for credit losses using a probability of loss model approach to estimate expected credit losses for reinsurance recoverables. For additional information on our allowance for credit losses on reinsurance-related assets, see Note 8 in our 2023 Form 10-K.

Income Taxes

Management uses certain assumptions and estimates in determining the income taxes payable or refundable for the current year, the deferred income tax assets and liabilities for items recognized differently in its financial statements from amounts shown on its income tax returns and the federal income tax expense. Determining these amounts requires analysis and interpretation of current tax laws and regulations. Management exercises judgment in evaluating the amount and timing of recognition of the resulting income tax assets and liabilities. These judgments and estimates are re-evaluated on a continual basis as regulatory and business factors change. Legislative changes to the Internal Revenue Code of 1986, as amended, modifications or new regulations, administrative rulings, or court decisions could increase or decrease our effective tax rate.

The application of GAAP requires us to evaluate the recoverability of our deferred tax assets and establish a valuation allowance, if necessary, to reduce our deferred tax asset to an amount that is more likely than not to be realizable. Judgment and the use of estimates are required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, we consider many factors, including: the nature and character of the deferred tax assets and liabilities; taxable income in prior carryback years; future reversals of existing temporary differences; the length of time carryovers can be utilized; and any future prudent and feasible tax planning strategies.

As of March 31, 2024, we had an approximate $2.9 billion deferred tax asset related to net unrealized losses on fixed maturity available-for-sale (“AFS”) securities. In the assessment of the future realizability of this deferred tax asset, management concluded that its tax planning strategy to hold these securities to recovery was prudent and feasible as these unrealized losses were caused by factors other than credit loss, and we have the intent and ability to hold these securities to recovery and collect all of the contractual cash flows.

Although realization is not assured, management believes it is more likely than not that the deferred tax assets, will be realized.

For risks related to establishing a valuation allowance against our deferred tax assets, see “Part I – Item 1A. Risk Factors – Assumptions and Estimates – We may be required to recognize an impairment of our goodwill or to establish a valuation allowance against our deferred tax assets” in our 2023 Form 10-K.

For additional information on income taxes, see “Part II – Item 7. Management’s Narrative Analysis of the Results of Operations – Introduction – Summary of Critical Accounting Estimates – Income Taxes” in our 2023 Form 10-K and Note 17 herein.

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RESULTS OF CONSOLIDATED OPERATIONS

Details underlying the consolidated results (in millions) were as follows:

	For the Three Months Ended March 31,
	2024		2023
Net Income (Loss)
Income (loss) from operations:
Annuities	$	223	$	217
Life Insurance	(51)		(32)
Group Protection	79		71
Retirement Plan Services	32		38
Other Operations	(107)		(52)
Net annuity product features, after-tax	783		(821)
Net life insurance product features, after-tax	(104)		(95)
Credit loss-related adjustments, after-tax	(1)		(17)
Investment gains (losses), after-tax	(45)		(43)
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and
certain mortgage loans, after-tax (1)	38		(9)
GLB rider fees ceded to LNBAR, after-tax	(182)		(185)
Transaction and integration costs related to mergers,
acquisitions and divestitures, after-tax	(8)		–
Net income (loss)	$	657	$	(928)

(1) The coinsurance with funds withheld investment portfolio includes fixed maturity securities classified as AFS with changes in fair value recorded in OCI. Since the corresponding and offsetting changes in fair value of the embedded derivative related to the coinsurance with funds withheld investment portfolio are recorded in realized gain (loss), volatility can occur within net income (loss). See Note 7 for more information.

Comparison of the Three Months Ended March 31, 2024 to 2023

Net income increased due primarily to the following:

•Gain in net annuity product features in 2024 compared to loss in 2023 driven by MRB-related impacts due to the effect of capital markets.

•Favorable changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans in 2024 driven by the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transactions.

The increase in net income was partially offset by higher compensation-related expenses and other costs pertaining to business operations.

We provide information about our segments’ and Other Operations’ operating revenue and expense line items, key drivers of changes and historical details underlying the line items below. For factors that could cause actual results to differ materially from those set forth, see “Forward-Looking Statements – Cautionary Language” above and “Part I – Item 1A. Risk Factors” in our 2023 Form 10-K.

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RESULTS OF ANNUITIES

Details underlying the results for Annuities (in millions) were as follows:

	For the Three Months Ended March 31,
	2024		2023
Operating Revenues
Insurance premiums (1)	$	26	$	38
Fee income	533		495
Net investment income	457		424
Amortization of deferred gain (loss) on business sold
through reinsurance	5		5
Other revenues (2)	157		81
Total operating revenues	1,178		1,043
Operating Expenses
Benefits (1)	27		63
Interest credited	353		279
Policyholder liability remeasurement (gain) loss	–		(1)
Commissions and other expenses	520		474
Total operating expenses	900		815
Income (loss) from operations before taxes	278		228
Federal income tax expense (benefit)	55		11
Income (loss) from operations	$	223	$	217

(1) Insurance premiums include primarily our income annuities that have a corresponding offset in benefits. Benefits include primarily changes in income annuity reserves driven by insurance premiums.

(2) Consists primarily of revenues attributable to broker-dealer services, which are subject to market volatility, and the net settlement related to certain reinsurance transactions, which has a corresponding offset in net investment income and interest credited.

Comparison of the Three Months Ended March 31, 2024 to 2023

Income from operations for this segment increased due primarily to higher fee income driven by higher average daily variable account balances.

The increase in income from operations was partially offset by the following:

•Higher commissions and other expenses driven by higher costs pertaining to business operations.

•Lower net investment income, net of interest credited, which more than offset impacts from higher average fixed account balances and improving portfolio yields from the current interest rate environment. The lower net investment income, net of interest credited, was experienced in certain reinsured portfolios that have a corresponding increase in other revenues and decrease in benefits.

•Higher federal income tax expense due to the separate account dividends-received deduction.

Additional Information

On December 14, 2023, our parent company LNC announced that it had entered into a Stock Purchase Agreement with Osaic, pursuant to which Osaic agreed to acquire all of the ownership interests in the subsidiaries of LNC that comprise its wealth management business operated through LFN, which includes our subsidiary LFA and certain of our non-insurance company subsidiaries. The transaction closed on May 6, 2024, as disclosed in Note 18.

New deposits are an important component of net flows and key to our efforts to grow our business. Although deposits do not significantly affect current period income from operations, they can significantly impact future income from operations.

The other component of net flows relates to the retention of new business and account balances. An important measure of retention is the reduction in account balances caused by full surrenders, deaths and other contract benefits. These outflows as a percentage of average gross account balances were 11% and 9% for the three months ended March 31, 2024 and 2023, respectively.

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Our fixed annuities and registered index-linked annuities have discretionary fixed and indexed crediting rates that reset on an annual or periodic basis and may be subject to surrender charges. Our ability to retain these annuities will be subject to current competitive conditions at the time crediting rates for these products reset. We expect to manage the effects of spreads on near-term income from operations through portfolio management and, to a lesser extent, crediting rate actions, which assumes no significant changes in net flows or other changes that may cause interest rate spreads to differ from our expectations. For information on interest rate spreads and interest rate risk, see “Part I – Item 1A. Risk Factors – Market Conditions – Changes in interest rates and sustained low interest rates may cause interest rate spreads to decrease, impacting our profitability, and make it more challenging to meet certain statutory requirements,” “Part I – Item 1A. Risk Factors – Market Conditions – Increases in interest rates may negatively affect our profitability, capital position and the value of our investment portfolio and may also result in increased contract withdrawals” and “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk – Interest Rate Risk” in our 2023 Form 10-K.

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RESULTS OF LIFE INSURANCE

Details underlying the results for Life Insurance (in millions) were as follows:

	For the Three Months Ended March 31,
	2024		2023
Operating Revenues
Insurance premiums (1)	$	220	$	224
Fee income	508		764
Net investment income	426		639
Amortization of deferred gain (loss) on
business sold through reinsurance	23		3
Other revenues	4		8
Total operating revenues	1,181		1,638
Operating Expenses
Benefits	679		1,074
Interest credited	222		324
Policyholder liability remeasurement (gain) loss	60		(13)
Commissions and other expenses	290		300
Total operating expenses	1,251		1,685
Income (loss) from operations before taxes	(70)		(47)
Federal income tax expense (benefit)	(19)		(15)
Income (loss) from operations	$	(51)	$	(32)

(1) Includes term insurance premiums, which have a corresponding partial offset in benefits for changes in reserves.

Comparison of the Three Months Ended March 31, 2024 to 2023

Loss from operations for this segment increased due primarily to the following:

•Lower fee income driven by the run-rate impact of the fourth quarter 2023 reinsurance transaction.

•Lower net investment income, net of interest credited, driven by the run-rate impact of the fourth quarter 2023 reinsurance transaction, partially offset by higher investment income on alternative investments.

The increase in loss from operations was partially offset by the following:

•Lower benefits and policyholder liability remeasurement (gain) loss driven by the run-rate impact of the fourth quarter 2023 reinsurance transaction.

•Higher amortization of deferred gain on business sold through reinsurance driven by the fourth quarter 2023 reinsurance transaction.

•Lower commissions and other expenses driven by expense management.

For more information on the fourth quarter 2023 reinsurance transaction, see “Additional Information” below.

Additional Information

Effective October 1, 2023, we entered into reinsurance agreements with Fortitude Reinsurance Company Ltd. and LNBAR to reinsure liabilities under certain blocks of in-force UL with secondary guarantees (“ULSG”) and MoneyGuard®. We expect an ongoing unfavorable impact to operating results in future quarters of approximately $20 million to $25 million per quarter as a result of this reinsurance transaction. See Note 7 for more information on the transaction, which improved our capital position and is expected to be accretive to ongoing free cash flow.

Generally, we experience higher mortality in the first quarter of the year due to the seasonality of claims.

Generally, we have higher sales during the second half of the year with the fourth quarter being our strongest.

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For information on interest rate spreads and interest rate risk, see “Part I – Item 1A. Risk Factors – Market Conditions – Changes in interest rates and sustained low interest rates may cause interest rate spreads to decrease, impacting our profitability, and make it more challenging to meet certain statutory requirements;” “Part I – Item 1A. Risk Factors – Market Conditions – Increases in interest rates may negatively affect our profitability, capital position and the value of our investment portfolio and may also result in increased contract withdrawals;” and “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk – Interest Rate Risk” in our 2023 Form 10-K.

RESULTS OF GROUP PROTECTION

Details underlying the results for Group Protection (in millions) were as follows:

	For the Three Months Ended March 31,
	2024		2023
Operating Revenues
Insurance premiums	$	1,285	$	1,251
Net investment income	84		85
Other revenues (1)	55		52
Total operating revenues	1,424		1,388
Operating Expenses
Benefits	1,030		1,037
Interest credited	1		1
Policyholder liability remeasurement (gain) loss	(67)		(100)
Commissions and other expenses	360		361
Total operating expenses	1,324		1,299
Income (loss) from operations before taxes	100		89
Federal income tax expense (benefit)	21		18
Income (loss) from operations	$	79	$	71

(1) Consists of revenue from third parties for administrative services performed, which has a corresponding partial offset in commissions and other expenses.

Comparison of the Three Months Ended March 31, 2024 to 2023

Income from operations for this segment increased due primarily to higher insurance premiums due to growth in business in force.

The increase in income from operations was partially offset by higher total benefits and policyholder liability remeasurement (gain) loss driven by higher claim experience in our disability business.

Additional Information

Our total loss ratio for the three months ended March 31, 2024 and 2023, was 75.0%.

For information about the effect of the loss ratio sensitivity on our income (loss) from operations, see “Part II – Item 7. Management’s Narrative Analysis of the Results of Operations – Results of Group Protection – Additional Information” in our 2023 Form 10-K.

Generally, we experience higher mortality in the first quarter of the year and higher disability claims in the fourth quarter of the year due to the seasonality of claims.

For information on the effects of current interest rates on our long-term disability claim reserves, see “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk – Interest Rate Risk – Effect of Interest Rate Sensitivity” in our 2023 Form 10-K.

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RESULTS OF RETIREMENT PLAN SERVICES

Details underlying the results for Retirement Plan Services (in millions) were as follows:

	For the Three Months Ended March 31,
	2024		2023
Operating Revenues
Fee income	$	68	$	62
Net investment income	241		251
Other revenues (1)	8		9
Total operating revenues	317		322
Operating Expenses
Interest credited	166		167
Commissions and other expenses	115		110
Total operating expenses	281		277
Income (loss) from operations before taxes	36		45
Federal income tax expense (benefit)	4		7
Income (loss) from operations	$	32	$	38

(1) Consists primarily of mutual fund account program revenues from mid to large employers.

Comparison of the Three Months Ended March 31, 2024 to 2023

Income from operations for this segment decreased due primarily to the following:

•Lower net investment income driven by lower average fixed account balances.

•Higher commissions and other expenses driven by higher variable account balances and growth in business.

The decrease in income from operations was partially offset by higher fee income driven by higher variable account balances and growth in business.

Additional Information

Net flows in this business fluctuate based on the timing of larger plans being implemented and terminating over the course of the year.

New deposits are an important component of net flows and key to our efforts to grow our business. Although deposits do not significantly affect current period income from operations, they can significantly impact future income from operations. The other component of net flows relates to the retention of the business. An important measure of retention is the reduction in account balances caused by plan sponsor terminations and participant withdrawals. These outflows as a percentage of average account balances were 13% and 12% for the three months ended March 31, 2024 and 2023, respectively.

Our net flows are negatively affected by the continued net outflows from our oldest blocks of annuities business, which are among our higher margin product lines in this segment, due to the fact that they are mature blocks with low distribution and servicing costs. The proportion of these products to our total account balances was 14% and 16% as of March 31, 2024 and 2023, respectively. Due to this overall shift in business mix toward products with lower returns, new deposit production continues to be necessary to maintain earnings at current levels.

Our fixed annuity business includes products with discretionary and index-based crediting rates that are reset on either a quarterly or semi-annual basis. Our ability to retain quarterly or semi-annual reset annuities will be subject to current competitive conditions at the time crediting rates for these products reset. We expect to manage the effects of spreads on near-term income from operations through portfolio management and, to a lesser extent, crediting rate actions, which assumes no significant changes in net flows into or out of our fixed accounts or other changes that may cause interest rate spreads to differ from our expectations. For information on interest rate spreads and interest rate risk, see “Part I – Item 1A. Risk Factors – Market Conditions – Changes in interest rates and sustained low interest rates may cause interest rate spreads to decrease, impacting our profitability, and make it more challenging to meet certain statutory requirements,” “Part I – Item 1A. Risk Factors – Market Conditions – Increases in interest rates may negatively affect our profitability, capital position and the value of our investment portfolio and may also result in increased contract withdrawals” and “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk – Interest Rate Risk” in our 2023 Form 10-K.

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RESULTS OF OTHER OPERATIONS

Details underlying the results for Other Operations (in millions) were as follows:

	For the Three Months Ended March 31,
	2024		2023
Operating Revenues
Insurance premiums (1)	$	–	$	3
Net investment income (2)	15		28
Amortization of deferred gain on
business sold through reinsurance	2		–
Other revenues	9		7
Total operating revenues	26		38
Operating Expenses
Benefits	2		20
Interest credited	9		10
Policyholder liability remeasurement (gain) loss	(1)		–
Other expenses	98		26
Interest and debt expense	48		46
Total operating expenses	156		102
Income (loss) from operations before taxes	(130)		(64)
Federal income tax expense (benefit)	(23)		(12)
Income (loss) from operations	$	(107)	$	(52)

(1) Includes our disability income business, which has a corresponding offset in benefits for changes in reserves.

(2) Includes our institutional pension business, which has a corresponding offset in premiums and benefits for changes in reserves.

Comparison of the Three Months Ended March 31, 2024 to 2023

Loss from operations for Other Operations increased due primarily to higher other expenses driven by severance expense associated with workforce reduction in the first quarter of 2024 and the effect of changes in LNC’s stock price on our deferred compensation plans, as LNC’s stock price increased during the first quarter of 2024, compared to a decrease during the first quarter of 2023.

LIQUIDITY AND CAPITAL RESOURCES

Overview

Liquidity refers to our ability to generate adequate amounts of cash from our normal operations to meet cash requirements with a prudent margin of safety. Capital refers to our long-term financial resources to support the operations of our businesses, to fund long-term growth strategies and to support our operations during adverse conditions. Our ability to generate and maintain sufficient liquidity and capital depends on the profitability of our businesses, general economic conditions and access to the capital markets and other sources of liquidity and capital as described below. When considering our liquidity, it is important to distinguish between our needs, the needs of Lincoln Life & Annuity Company of New York (“LLANY”) and the needs of the holding company, LNC. As a holding company with no operations of its own, LNC derives its cash primarily from its operating subsidiaries. Disruptions, uncertainty or volatility in the capital and credit markets may materially affect our business operations and results of operations and may adversely affect our or LLANY’s statutory surplus and risk-based capital (“RBC”) ratio.

Reductions to our or LLANY’s statutory surplus and/or RBC ratio may cause us to retain more capital, which may pressure our ability to receive dividends from LLANY or pay dividends to LNC, which may lead us to take steps to preserve or raise additional capital. We believe we and LLANY have appropriate capital to operate our business in accordance with our strategy.

Sources and Uses of Liquidity and Capital

Our primary sources of liquidity and capital are insurance premiums and fees, investment income, maturities and sales of investments, issuance of debt or other types of securities and policyholder deposits. We also have access to alternative sources of liquidity as discussed below. Our primary uses are to pay policy claims and benefits, to fund commissions and other general operating expenses, to purchase

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investments, to fund policy surrenders and withdrawals, to pay dividends to LNC and to repay debt. Our operating activities provided (used) cash of $(1,466) million and $(476) million for the three months ended March 31, 2024 and 2023, respectively. In addition, we received capital contributions from LNC of zero and $5 million during the three months ended March 31, 2024 and 2023, respectively. We paid dividends to LNC of $180 million and $105 million during the three months ended March 31, 2024 and 2023, respectively. We also received dividends from our subsidiaries of $177 million and $133 million during the three months ended March 31, 2024 and 2023, respectively.

Statutory Capital and Surplus

We must maintain certain regulatory capital levels. We utilize the RBC ratio as a primary measure of our capital adequacy. The RBC ratio is an important factor in the determination of our financial strength ratings, and a reduction in our or LLANY’s surplus will affect our RBC ratios and dividend-paying capacity. For additional information on RBC ratios, see “Part I – Item 1. Business – Regulatory – Insurance Regulation – Risk-Based Capital” in our 2023 Form 10-K.

Our regulatory capital levels are affected by statutory accounting rules, which are subject to change by each applicable insurance regulator. For instance, our term products and UL products containing secondary guarantees require reserves calculated pursuant to the Valuation of Life Insurance Policies Model Regulation (“XXX”) and Actuarial Guideline XXXVIII (“AG38”), respectively. We employ strategies to reduce the strain caused by XXX and AG38 by reinsuring the business to reinsurance captives or reinsurance subsidiaries. Our captive reinsurance subsidiaries and LNBAR provide a mechanism for financing a portion of the excess reserve amounts in a more efficient manner and free up capital we can use for any number of purposes, including paying dividends to LNC. We use long-dated letters of credit (“LOCs”) and debt financing as well as other financing strategies to finance those reserves. For information on the LOCs, see the credit facilities table in Note 14 in our 2023 Form 10-K. Our captive reinsurance subsidiaries and LNBAR have also issued long-term notes to finance a portion of the excess reserves. For information on long-term notes issued by our captive reinsurance subsidiaries, see Note 5 in our 2023 Form 10-K. We have also used the proceeds from certain senior notes issued by LNC to execute long-term structured solutions primarily supporting reinsurance of UL products containing secondary guarantees.

Statutory reserves established for variable annuity guaranteed benefit riders are sensitive to changes in the equity markets and interest rates and are affected by the level of account balances relative to the level of any guarantees, product design and reinsurance arrangements. As a result, the relationship between reserve changes and equity market performance is non-linear during any given reporting period. We cede a portion of the guaranteed benefit riders to LNBAR through a modified coinsurance agreement. The variable annuity hedge program mitigates the risk to LNBAR from guaranteed benefit riders and continues to focus on generating sufficient income to fund future claims with a goal of maximizing distributable earnings and explicitly protecting capital. Market conditions greatly influence the ultimate capital required due to its effect on the valuation of reserves and supporting derivatives.

Changes in equity markets may also affect our capital position. We may decide to reallocate available capital among us and our insurance and captive reinsurance subsidiaries, which would result in different RBC ratios for us. In addition, changes in the equity markets can affect the value of our variable annuity and VUL separate accounts. When the market value of our separate account assets increases, the statutory surplus within us and LLANY also increases. Contrarily, when the market value of our separate account assets decreases, the statutory surplus within us and LLANY may also decrease, which will affect RBC ratios, and in the case of our separate account assets becoming less than the related product liabilities, we must allocate additional capital to fund the difference.

We continue to analyze the use of our existing captive reinsurance structures, as well as additional third-party reinsurance arrangements, and our hedging strategies relative to managing the effects of equity markets and interest rates on the statutory reserves, statutory capital and the dividend capacity of LNL and LLANY.

Debt

For information about our short-term and long-term debt and our credit facilities, see Note 14 in our 2023 Form 10-K.

Alternative Sources of Liquidity

Inter-Company Cash Management Program

To promote effective short-term cash management strategies, we participate in an inter-company cash management program between LNC and its participating subsidiaries under which each entity can lend to or borrow from the holding company to meet short-term borrowing needs. As of March 31, 2024, we had a net payable balance of $50 million due to certain affiliates in the inter-company cash management program. Loans under the cash management program are permitted under applicable insurance laws subject to certain restrictions. LNL, domiciled in Indiana, is subject to a borrowing and lending limit of, currently, 3% of the insurance company’s admitted assets as of its most recent year end. For our New York-domiciled insurance subsidiary, it may borrow from LNC less than 2% of its admitted assets as of its most recent year end but may not lend any amounts to LNC.

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Federal Home Loan Bank

LNL is a member of the Federal Home Loan Bank (“FHLB”) of Indianapolis (“FHLBI”). Membership allows LNL access to the FHLBI’s financial services, including the ability to obtain loans and to issue funding agreements as an alternative source of liquidity that are collateralized by qualifying mortgage-related assets, agency securities or U.S. Treasury securities. Borrowings under this facility are subject to the FHLBI’s discretion and require the availability of qualifying assets at LNL. As of March 31, 2024, LNL had an estimated maximum borrowing capacity of $7.0 billion under the FHLBI facility and maximum available borrowing based on qualifying assets of $5.1 billion. As of March 31, 2024, LNL had outstanding borrowings of $2.9 billion under this facility reported within payables for collateral on investments on the Consolidated Balance Sheets. LLANY is a member of the Federal Home Loan Bank of New York (“FHLBNY”) with an estimated maximum borrowing capacity of $750 million. Borrowings under this facility are subject to the FHLBNY’s discretion and require the availability of qualifying assets at LLANY. As of March 31, 2024, LLANY had no outstanding borrowings under this facility. For additional information, see “Payables for Collateral on Investments” in Note 3.

Securities Lending Programs and Repurchase Agreements

LNL and LLANY, by virtue of their general account fixed-income investment holdings, can access liquidity through securities lending programs and repurchase agreements. As of March 31, 2024, we had securities pledged under securities lending agreements with a carrying value of $283 million. In addition, LNL, LLANY and LNBAR had access to $2.25 billion through committed repurchase agreements, of which $25 million was utilized as of March 31, 2024. The cash received in our securities lending programs and repurchase agreements is typically invested in cash and invested cash or fixed maturity AFS securities. For additional information, see “Payables for Collateral on Investments” in Note 3.

Collateral on Derivative Contracts

Our cash flows associated with collateral received from counterparties (when we are in a net collateral payable position) and posted with counterparties (when we are in a net collateral receivable position) change as the market value of the underlying derivative contract changes. The net collateral position depends on changes in interest rates and equity markets related to the amount of the exposures hedged. As of March 31, 2024, we were in a net collateral payable position of $6.6 billion compared to $4.9 billion as of December 31, 2023. In the event of adverse changes in fair value of our derivative instruments, we may need to post collateral with a counterparty. If we do not have sufficient high-quality securities or cash and invested cash to provide as collateral, we have committed liquidity sources through facilities that can provide up to $1.25 billion of additional liquidity to help meet collateral needs. Access to such facilities is contingent upon interest rates having achieved certain threshold levels. In addition to these facilities, we have the FHLB facilities and the repurchase agreements discussed above as well as the five-year revolving credit facility discussed in Note 14 in our 2023 Form 10-K to leverage that would be eligible for collateral posting. For additional information, see “Credit Risk” in Note 5.

Ratings

Financial Strength Ratings

See “Part I – Item 1. Business – Financial Strength Ratings” in our 2023 Form 10-K for information on our financial strength ratings.

If our current financial strength ratings were downgraded in the future, terms in our derivative agreements may be triggered, which could negatively affect overall liquidity. For the majority of our derivative counterparties, there is a termination event if our financial strength ratings drop below BBB-/Baa3 (S&P/Moody’s Investors Service). In addition, contractual selling agreements with intermediaries could be negatively affected, which could have an adverse effect on overall sales of annuities, life insurance and investment products.

See “Part I – Item 1A. Risk Factors – Covenants and Ratings – A downgrade in our financial strength ratings could limit our ability to market products, increase the number or value of policies being surrendered and/or hurt our relationships with creditors” in our 2023 Form 10-K for more information.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We analyze and manage the risks arising from market exposures of financial instruments, as well as other risks, in an integrated asset-liability management process that considers diversification. We have exposures to several market risks including interest rate risk, equity market risk, credit risk and, to a lesser extent, foreign currency exchange risk. For information on these market risks, see “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our 2023 Form 10-K.

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Item 4. Controls and Procedures

Conclusions Regarding Disclosure Controls and Procedures

We maintain disclosure controls and procedures, which are designed to ensure that information required to be disclosed in the reports we file or submit under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including our President (the principal executive officer) and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. As of the end of the period required by this report, we, under the supervision and with the participation of our President and Chief Financial Officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act).

Based on that evaluation, our President and Chief Financial Officer have concluded that our disclosure controls and procedures are effective in timely alerting them to material information relating to us and our consolidated subsidiaries required to be disclosed in our periodic reports under the Exchange Act.

Changes in Internal Control Over Financial Reporting

There was no change in the Company’s internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) during the quarter ended March 31, 2024, that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

A control system, no matter how well designed and operated, can provide only reasonable assurance that the control system’s objectives will be met. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

Reference is made to the lawsuit captioned Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York, previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). On March 29, 2024, the court issued its summary judgment decision, granting in part and denying in part the motion filed by Lincoln Life & Annuity Company of New York (“LLANY”), and entering summary judgment against twenty-two policyholders that the court determined were not economically harmed. In addition, on April 12, 2024, LLANY filed a motion to stay proceedings in Vida pending the completion of the settlement approval process in Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company; oral argument has been scheduled for May 9, 2024.

Reference is made to In re: Lincoln National COI Litigation and In re: Lincoln National 2017 COI Rate Litigation, both previously disclosed in the 2023 Form 10-K. No additional opt-outs were received following the supplemental notice period, and settlement distribution payments to all class members were completed on April 8, 2024.

See Note 13 in “Part I – Item 1. Financial Statements” for further discussion regarding these matters and other contingencies.

Item 1A. Risk Factors

In addition to the factors set forth in “Part I – Item 2. Management’s Narrative Analysis of the Results of Operations – Forward-Looking Statements – Cautionary Language,” you should carefully consider the risks described under “Part I – Item 1A. Risk Factors” in our 2023 Form 10-K. Such risks and uncertainties are not the only ones facing our Company. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. If any of these risks actually occur, our business, financial condition and results of operations could be materially affected. In that case, the value of our securities could decline substantially.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 5. Other Information

Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements

All of the Company’s common stock is held by Lincoln National Corporation. As such, during the three months ended March 31, 2024, none of our directors or officers (as defined in Exchange Act Rule 16a-1(f)) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

Item 6. Exhibits

The Exhibits included in this report are listed in the Exhibit Index beginning on page 78, which is incorporated herein by reference.

77

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

Exhibit Index for the Report on Form 10-Q

For the Quarter Ended March 31, 2024

31.1	Certification of the President pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of the President pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

78

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
Dated: May 9, 2024	By:	/s/ Adam Cohen
		Adam Cohen Senior Vice President, Chief Accounting Officer and Treasurer (Authorized Signatory and Principal Accounting Officer)

79

EX-31.1

Exhibit 31.1

Certification Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Ellen G. Cooper, President, certify that:

1.I have reviewed this quarterly report on Form 10-Q of The Lincoln National Life Insurance Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: May 9, 2024	/s/ Ellen G. Cooper
	Name: Ellen G. Cooper
	Title: President

EX-31.2

Exhibit 31.2

Certification Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Christopher Neczypor, Executive Vice President and Chief Financial Officer, certify that:

1.I have reviewed this quarterly report on Form 10-Q of The Lincoln National Life Insurance Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: May 9, 2024	/s/ Christopher Neczypor
	Name: Christopher Neczypor
	Title: Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, the undersigned officer of The Lincoln National Life Insurance Company (the “Company”), hereby certifies that the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 9, 2024	/s/ Ellen G. Cooper
	Name: Ellen G. Cooper
	Title: President

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required under Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, the undersigned officer of The Lincoln National Life Insurance Company (the “Company”), hereby certifies that the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 9, 2024	/s/ Christopher Neczypor
	Name: Christopher Neczypor
	Title: Executive Vice President and Chief Financial Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required under Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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Entity Registrant Name	THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
Entity Incorporation, State or Country Code	IN
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Entity Address, Address Line One	1301 South Harrison Street
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Entity Address, State or Province	IN
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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Investments:
Fixed maturity available-for-sale securities, at fair value	$ 81,880	$ 82,300
Trading securities	2,203	2,321
Equity securities	319	306
Mortgage loans on real estate, net of allowance for credit losses	19,176	18,873
Policy loans	2,464	2,463
Derivative investments	8,154	6,305
Other investments	4,988	4,757
Total investments	119,184	117,325
Cash and invested cash	3,807	3,193
Deferred acquisition costs, value of business acquired and deferred sales inducements	12,352	12,418
Reinsurance recoverables, net of allowance for credit losses	45,705	45,110
Deposit assets, net of allowance for credit losses	21,084	21,056
Market risk benefit assets	4,878	3,894
Accrued investment income	1,017	982
Goodwill	1,144	1,144
Other assets	10,808	10,597
Separate account assets	166,225	158,257
Total assets	386,204	373,976
Liabilities
Policyholder account balances	121,891	120,316
Future contract benefits	39,212	40,174
Funds withheld reinsurance liabilities	14,230	13,628
Market risk benefit liabilities	1,266	1,716
Deferred front-end loads	6,121	5,923
Payables for collateral on investments	9,904	7,982
Short-term debt	1,281	840
Long-term debt	2,179	2,195
Other liabilities	12,720	12,438
Separate account liabilities	166,225	158,257
Total liabilities	375,029	363,469
Contingencies and Commitments (See Note 13)
Stockholder’s Equity
Common stock – $10,000,000 shares authorized, issued and outstanding	12,978	12,961
Retained earnings (deficit)	(392)	(869)
Accumulated other comprehensive income (loss)	(1,411)	(1,585)
Total stockholder’s equity	11,175	10,507
Total liabilities and stockholder’s equity	$ 386,204	$ 373,976

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fixed maturity available-for-sale securities, at fair value
Amortized cost	$ 88,676	$ 88,231
Allowance for credit losses	21	19
Mortgage loans on real estate, net of allowance for credit losses
Fair value	$ 289	$ 288
Stockholder’s Equity
Common stock - authorized (in shares)	10,000,000	10,000,000
Common stock - issued (in shares)	10,000,000	10,000,000
Common stock - outstanding (in shares)	10,000,000	10,000,000

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Insurance premiums	$ 1,531	$ 1,516
Fee income	1,110	1,321
Net investment income	1,224	1,409
Realized gain (loss)	(57)	(394)
Amortization of deferred gain (loss) on business sold through reinsurance	30	8
Other revenues	218	157
Total revenues	4,056	4,017
Expenses
Benefits	1,739	2,195
Interest credited	752	781
Market risk benefit (gain) loss	(697)	1,071
Policyholder liability remeasurement (gain) loss	(11)	(118)
Commissions and other expenses	1,402	1,272
Interest and debt expense	48	46
Total expenses	3,233	5,247
Income (loss) before taxes	823	(1,230)
Federal income tax expense (benefit)	166	(302)
Net income (loss)	657	(928)
Other comprehensive income (loss), net of tax:
Unrealized investment gain (loss)	533	1,777
Market risk benefit non-performance risk gain (loss)	(464)	1,026
Policyholder liability discount rate remeasurement gain (loss)	105	(190)
Total other comprehensive income (loss), net of tax	174	2,613
Comprehensive income (loss)	$ 831	$ 1,685

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CONSOLIDATED STATEMENTS OF STOCKHOLDER’S EQUITY - USD ($) $ in Millions	Total	Common Stock	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)
Balance as of beginning-of-year at Dec. 31, 2022		$ 12,903	$ 1,414	$ (5,713)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contribution from Lincoln National Corporation		5
Stock compensation/issued for benefit plans		14
Net income (loss)	$ (928)		(928)
Dividends paid to Lincoln National Corporation			(105)
Other comprehensive income (loss), net of tax	2,613			2,613
Balance as of end-of-period at Mar. 31, 2023	10,203	12,922	381	(3,100)
Balance as of beginning-of-year at Dec. 31, 2023	10,507	12,961	(869)	(1,585)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation/issued for benefit plans		17
Net income (loss)	657		657
Dividends paid to Lincoln National Corporation			(180)
Other comprehensive income (loss), net of tax	174			174
Balance as of end-of-period at Mar. 31, 2024	$ 11,175	$ 12,978	$ (392)	$ (1,411)

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities
Net income (loss)	$ 657	$ (928)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Realized (gain) loss	57	394
Market risk benefit (gain) loss	(697)	1,071
Sales and maturities (purchases) of trading securities, net	110	286
Amortization of deferred gain (loss) on business sold through reinsurance	(30)	(8)
Change in:
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals	191	158
Accrued investment income	11	(4)
Insurance liabilities and reinsurance-related balances	(694)	(699)
Accrued expenses	(196)	(143)
Federal income tax accruals	166	(302)
Cash management agreement	(324)	(355)
Other	(717)	54
Net cash provided by (used in) operating activities	(1,466)	(476)
Cash Flows from Investing Activities
Purchases of available-for-sale securities and equity securities	(2,419)	(2,929)
Sales of available-for-sale securities and equity securities	774	1,704
Maturities of available-for-sale securities	1,632	1,358
Purchases of alternative investments	(312)	(166)
Sales and repayments of alternative investments	19	22
Issuance of mortgage loans on real estate	(571)	(269)
Repayment and maturities of mortgage loans on real estate	267	183
Repayment (issuance) of policy loans, net	(2)	(27)
Net change in collateral on investments, certain derivatives and related settlements	2,149	(154)
Other	3	(58)
Net cash provided by (used in) investing activities	1,540	(336)
Cash Flows from Financing Activities
Capital contribution from Lincoln National Corporation	0	5
Issuance (payment) of short-term debt	441	(461)
Payment related to sale-leaseback transactions	(4)	(5)
Payment related to certain financing arrangements	(16)	(10)
Deposits of fixed account balances	3,599	4,188
Withdrawals of fixed account balances	(3,206)	(2,563)
Transfers from (to) separate accounts, net	(90)	21
Common stock issued for benefit plans	(4)	(5)
Dividends paid to Lincoln National Corporation	(180)	(105)
Net cash provided by (used in) financing activities	540	1,065
Net increase (decrease) in cash, invested cash and restricted cash	614	253
Cash, invested cash and restricted cash as of beginning-of-year	3,193	2,499
Cash, invested cash and restricted cash as of end-of-period	$ 3,807	$ 2,752

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Nature of Operations and Basis of Presentation

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations and Basis of Presentation

Nature of Operations and Basis of Presentation

Nature of Operations

The Lincoln National Life Insurance Company (“LNL” or the “Company,” which also may be referred to as “we,” “our” or “us”), a wholly-owned subsidiary of Lincoln National Corporation (“LNC” or the “Parent Company”), is domiciled in the state of Indiana. We own 100% of the outstanding common stock of one insurance company subsidiary, Lincoln Life & Annuity Company of New York (“LLANY”). We also own several non-insurance companies, including Lincoln Financial Distributors, our wholesale distributor, and Lincoln Financial Advisors Corporation, part of LNC’s retail distributor, Lincoln Financial Network. LNL is licensed and sells its products throughout the U.S. and several U.S. territories. Through our business segments, we sell a wide range of wealth accumulation, wealth protection, group protection and retirement income products and solutions. These products primarily include variable annuities, fixed annuities (including indexed), registered index-linked annuities (“RILA”), universal life insurance (“UL”), variable universal life insurance (“VUL”), linked-benefit UL and VUL, indexed universal life insurance (“IUL”), term life insurance, group life, disability and dental and employer-sponsored retirement plans and services. For more information on our segments and the products and solutions we provide, see Note 15.

Basis of Presentation

The accompanying unaudited consolidated financial statements are prepared in accordance with United States of America generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for the Securities and Exchange Commission (“SEC”) Quarterly Report on Form 10-Q, including Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The information contained in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”), should be read in connection with the reading of these interim unaudited consolidated financial statements.

Certain GAAP policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized in our 2023 Form 10-K.

In the opinion of management, these statements include all normal recurring adjustments necessary for a fair presentation of the Company’s results. Interim results for the three months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024. All material inter-company accounts and transactions have been eliminated in consolidation.

Certain amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the presentation adopted in the current period.

We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the level of aggregation by reportable segment as follows:

Reportable Segment	Level of Aggregation
Annuities	Variable Annuities
	Fixed Annuities
	Payout Annuities
Life Insurance	Traditional Life
	UL and Other
Group Protection	Group Protection
Retirement Plan Services	Retirement Plan Services

The variable annuities level of aggregation includes RILA products, which are indexed variable annuities. The fixed annuities level of aggregation represents deferred fixed annuities. We have excluded amounts reported in Other Operations from our disaggregated disclosures that are attributable to the indemnity reinsurance agreements with Protective Life Insurance Company (“Protective”) and Swiss Re Life & Health America, Inc (“Swiss Re”) as these contracts are fully reinsured, run-off institutional pension business in the form of group annuity and the results of certain disability income business and are not reflected in the results of the reportable segments listed above.

Sale of Wealth Management Business

On December 14, 2023, our parent company LNC announced that it had entered into a Stock Purchase Agreement with Osaic Holdings, Inc., a Delaware corporation (“Osaic”), pursuant to which Osaic agreed to acquire all of the ownership interests in the subsidiaries of LNC that comprise its wealth management business, including our subsidiary Lincoln Financial Advisors Corporation. The transaction closed on May 6, 2024, as disclosed in Note 18.

As of March 31, 2024, we had assets of $142 million and liabilities of $75 million classified as held-for-sale and reported within other assets and other liabilities, respectively, on our Consolidated Balance Sheets. As of December 31, 2023, we had assets of $120 million and liabilities of $77 million classified as held-for-sale and reported within other assets and other liabilities, respectively, on our Consolidated Balance Sheets. Assets considered held-for-sale do not include $56 million of cash and invested cash held by our subsidiaries being sold in the wealth management business transaction as of March 31, 2024. The assets are reported primarily within Other Operations in Note 15.

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New Accounting Standards

3 Months Ended

Mar. 31, 2024

Accounting Standards Update and Change in Accounting Principle [Abstract]

New Accounting Standards

New Accounting Standards

Adoption of New Accounting Standards

In the current period, we did not adopt any new Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board that were material in presentation or amount.

Future Adoption of New Accounting Standards

The following table provides a description of future adoptions of new ASUs that may have an impact on our consolidated financial statements when adopted. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount.

Standard	Description	Effective Date	Effect on Financial Statements or Other Significant Matters
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	This ASU aims to enhance reportable segment disclosure requirements. It requires that a public entity disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), disclose and describe other segment items and report additional measures of a segment’s profit or loss if used by the CODM.	January 1, 2024 (Annual Filings) and January 1, 2025 (Quarterly Filings)	We are evaluating the impact of this ASU to our consolidated financial statements.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	This ASU establishes new income tax disclosure requirements, along with adjusting certain existing requirements. It specifically requires expanded and disaggregated disclosures around the tax rate reconciliation.	January 1, 2025	We are evaluating the impact of this ASU to our consolidated financial statements.

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Investments

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Investments

Investments

Fixed Maturity AFS Securities

The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of fixed maturity available-for-sale (“AFS”) securities (in millions) were as follows:

	As of March 31, 2024
	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Fair Value
			Gains		Losses
Fixed maturity AFS securities:
Corporate bonds	$	69,021	$	649	$	6,370	$	10	$	63,290
U.S. government bonds	422		4		35		–		391
State and municipal bonds	2,662		74		243		–		2,493
Foreign government bonds	298		13		51		–		260
RMBS	1,737		22		160		6		1,593
CMBS	1,557		5		159		–		1,403
ABS	12,761		71		606		4		12,222
Hybrid and redeemable preferred securities	218		22		11		1		228
Total fixed maturity AFS securities	$	88,676	$	860	$	7,635	$	21	$	81,880

	As of December 31, 2023
	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Fair Value
			Gains		Losses
Fixed maturity AFS securities:
Corporate bonds	$	68,811	$	820	$	5,757	$	8	$	63,866
U.S. government bonds	414		7		28		–		393
State and municipal bonds	2,675		97		230		–		2,542
Foreign government bonds	309		15		46		–		278
RMBS	1,719		27		138		6		1,602
CMBS	1,520		5		181		–		1,344
ABS	12,556		62		571		4		12,043
Hybrid and redeemable preferred securities	227		21		15		1		232
Total fixed maturity AFS securities	$	88,231	$	1,054	$	6,966	$	19	$	82,300

The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of March 31, 2024, were as follows:

	Amortized Cost		Fair Value
Due in one year or less	$	4,747	$	4,706
Due after one year through five years	17,819		17,165
Due after five years through ten years	14,991		13,902
Due after ten years	35,064		30,889
Subtotal	72,621		66,662
Structured securities (RMBS, CMBS, ABS)	16,055		15,218
Total fixed maturity AFS securities	$	88,676	$	81,880

Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations.

The fair value and gross unrealized losses of fixed maturity AFS securities (dollars in millions) for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

	As of March 31, 2024
	Less Than or Equal to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds	$	14,754	$	1,913	$	32,673	$	4,457	$	47,427	$	6,370
U.S. government bonds	102		9		188		26		290		35
State and municipal bonds	396		75		844		168		1,240		243
Foreign government bonds	100		28		66		23		166		51
RMBS	452		27		866		133		1,318		160
CMBS	571		51		621		108		1,192		159
ABS	1,874		76		6,117		530		7,991		606
Hybrid and redeemable preferred securities	12		1		101		10		113		11
Total fixed maturity AFS securities	$	18,261	$	2,180	$	41,476	$	5,455	$	59,737	$	7,635
Total number of fixed maturity AFS securities in an unrealized loss position											7,093

	As of December 31, 2023
	Less Than or Equal to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds	$	13,439	$	1,744	$	33,285	$	4,013	$	46,724	$	5,757
U.S. government bonds	65		6		194		22		259		28
State and municipal bonds	371		72		814		158		1,185		230
Foreign government bonds	108		31		57		15		165		46
RMBS	355		20		840		118		1,195		138
CMBS	583		56		586		125		1,169		181
ABS	1,898		68		7,212		503		9,110		571
Hybrid and redeemable preferred securities	32		2		94		13		126		15
Total fixed maturity AFS securities	$	16,851	$	1,999	$	43,082	$	4,967	$	59,933	$	6,966
Total number of fixed maturity AFS securities in an unrealized loss position											7,167

(1) As of March 31, 2024, and December 31, 2023, we recognized $11 million and $7 million of gross unrealized losses, respectively, in other comprehensive income (“OCI”) for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:

	As of March 31, 2024
	Fair Value		Gross Unrealized Losses		Number of Securities (1)
Less than six months	$	3,677	$	1,296	687
Six months or greater, but less than nine months	423		158		131
Nine months or greater, but less than twelve months	254		80		68
Twelve months or greater	3,563		1,454		731
Total	$	7,917	$	2,988	1,617

	As of December 31, 2023
	Fair Value		Gross Unrealized Losses		Number of Securities (1)
Less than six months	$	2,480	$	916	529
Six months or greater, but less than nine months	321		90		79
Nine months or greater, but less than twelve months	321		106		87
Twelve months or greater	3,485		1,336		704
Total	$	6,607	$	2,448	1,399

(1) We may reflect a security in more than one aging category based on various purchase dates.

Our gross unrealized losses on fixed maturity AFS securities increased by $669 million for the three months ended March 31, 2024. As discussed further below, we do not believe the unrealized loss position as of March 31, 2024, required an impairment recognized in earnings as: (i) we did not intend to sell these fixed maturity AFS securities; (ii) it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis; and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation as of March 31, 2024, management believes we have the ability to generate adequate amounts of cash from our normal operations (e.g., insurance premiums, fee income and investment income) to meet cash requirements with a prudent margin of safety without requiring the sale of our impaired securities.

As of March 31, 2024, the unrealized losses associated with our corporate bond, U.S. government bond, state and municipal bond and foreign government bond securities were attributable primarily to rising interest rates and widening credit spreads since purchase. We performed a detailed analysis of the financial performance of the underlying issuers and determined that we expected to recover the entire amortized cost of each impaired security.

Credit ratings express opinions about the credit quality of a security. Securities rated investment grade (those rated BBB- or higher by S&P Global Ratings (“S&P”) or Baa3 or higher by Moody’s Investors Service (“Moody’s”)) are generally considered by the rating agencies and market participants to be low credit risk. As of March 31, 2024, and December 31, 2023, 96% of the fair value of our corporate bond portfolio was rated investment grade. As of March 31, 2024, and December 31, 2023, the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $2.6 billion and $2.7 billion, respectively, and a fair value of $2.5 billion and $2.6 billion, respectively. Based upon the analysis discussed above, we believe that as of March 31, 2024, and December 31, 2023, we would have recovered the amortized cost of each corporate bond.

As of March 31, 2024, the unrealized losses associated with our mortgage-backed securities (“MBS”) and asset-backed securities (“ABS”) were attributable primarily to rising interest rates and widening credit spreads since purchase. We assessed for credit impairment using a cash flow model that incorporates key assumptions including default rates, severities and prepayment rates. We estimated losses for a security by forecasting the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. Our forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts and other independent market data. Based upon our assessment of the expected credit losses of the security given the performance of the underlying collateral compared to our subordination or other credit enhancement, we expected to recover the entire amortized cost of each impaired security.

As of March 31, 2024, the unrealized losses associated with our hybrid and redeemable preferred securities were attributable primarily to wider credit spreads caused by illiquidity in the market and subordination within the capital structure, as well as credit risk of underlying issuers. For our hybrid and redeemable preferred securities, we evaluated the financial performance of the underlying issuers based upon credit performance and investment ratings and determined that we expected to recover the entire amortized cost of each impaired security.

Credit Loss Impairment on Fixed Maturity AFS Securities

We regularly review our fixed maturity AFS securities for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require an allowance for credit losses. Changes in the allowance for credit losses on fixed maturity AFS securities (in millions), aggregated by investment category, were as follows:

	For the Three Months Ended March 31, 2024
	Corporate Bonds		RMBS		Other		Total
Balance as of beginning-of-year	$	8	$	6	$	5	$	19
Additions from purchases of PCD debt securities (1)	–		–		–		–
Additions for securities for which credit losses were not
previously recognized	1		–		–		1
Additions (reductions) for securities for which credit losses
were previously recognized	2		–		–		2
Reductions for disposed securities	(1)		–		–		(1)
Balance as of end-of-period (2)	$	10	$	6	$	5	$	21

	For the Three Months Ended March 31, 2023
	Corporate Bonds		RMBS		Other		Total
Balance as of beginning-of-year	$	9	$	7	$	5	$	21
Additions from purchases of PCD debt securities (1)	–		–		–		–
Additions for securities for which credit losses were not
previously recognized	18		–		–		18
Additions (reductions) for securities for which credit losses
were previously recognized	–		(1)		–		(1)
Reductions for disposed securities	(1)		–		–		(1)
Balance as of end-of-period (2)	$	26	$	6	$	5	$	37

(1) Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities.

(2) As of March 31, 2024 and 2023, accrued investment income on fixed maturity AFS securities totaled $847 million and $1.1 billion, respectively, and was excluded from the estimate of credit losses.

Mortgage Loans on Real Estate

The following provides the current and past due composition of our mortgage loans on real estate (in millions):

	As of March 31, 2024						As of December 31, 2023
	Commercial		Residential		Total		Commercial		Residential		Total
Current	$	17,282	$	1,833	$	19,115	$	17,165	$	1,665	$	18,830
30 to 59 days past due	4		37		41		61		28		89
60 to 89 days past due	2		10		12		–		9		9
90 or more days past due	60		59		119		–		60		60
Allowance for credit losses	(84)		(31)		(115)		(86)		(28)		(114)
Unamortized premium (discount)	(7)		48		41		(7)		43		36
Mark-to-market gains (losses) (1)	(38)		1		(37)		(36)		(1)		(37)
Total carrying value	$	17,219	$	1,957	$	19,176	$	17,097	$	1,776	$	18,873

(1) Represents the mark-to-market on certain mortgage loans on real estate for which we have elected the fair value option. See Note 12 for additional information.

Our commercial mortgage loan portfolio had the largest concentrations in California, which accounted for 26% and 27% of commercial mortgage loans on real estate as of March 31, 2024, and December 31, 2023, respectively, and Texas, which accounted for 10% and 9% of commercial mortgage loans on real estate as of March 31, 2024, and December 31, 2023, respectively.

As of March 31, 2024, and December 31, 2023, our residential mortgage loan portfolio had the largest concentrations in California and New York, which accounted for 14% and 12% of residential mortgage loans on real estate, respectively.

As of March 31, 2024, and December 31, 2023, we had 118 and 116 residential mortgage loans, respectively, that were either delinquent or in foreclosure. As of March 31, 2024, and December 31, 2023, we had 82 residential mortgage loans in foreclosure, with an aggregate carrying value of $35 million and $38 million, respectively.

There were no losses from loan modifications for the three months ended March 31, 2024 and 2023, that were reported in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

The amortized cost of mortgage loans on real estate on nonaccrual status (in millions) was as follows:

	As of March 31, 2024				As of December 31, 2023
	Nonaccrual with no Allowance for Credit Losses		Nonaccrual		Nonaccrual with no Allowance for Credit Losses		Nonaccrual
Commercial mortgage loans on real estate	$	60	$	–	$	–	$	–
Residential mortgage loans on real estate	–		61		–		62
Total	$	60	$	61	$	–	$	62

We use loan-to-value and debt-service coverage ratios as credit quality indicators for our commercial mortgage loans on real estate. The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows:

	As of March 31, 2024
	Less than 65%		Debt-Service Coverage Ratio	65% to 75%		Debt-Service Coverage Ratio	Greater than 75%		Debt-Service Coverage Ratio	Total
Origination Year
2024	$	332	2.64	$	18	1.31	$	–	–	$	350
2023	1,371		1.90	50		1.35	–		–	1,421
2022	1,735		2.05	104		1.59	5		1.33	1,844
2021	2,317		3.34	53		1.54	–		–	2,370
2020	1,181		3.21	6		1.43	–		–	1,187
2019 and prior	10,019		2.57	142		1.59	8		1.30	10,169
Total	$	16,955		$	373		$	13		$	17,341

	As of December 31, 2023
	Less than 65%		Debt-Service Coverage Ratio	65% to 75%		Debt-Service Coverage Ratio	Greater than 75%		Debt-Service Coverage Ratio	Total
Origination Year
2023	$	1,366	1.90	$	54	1.38	$	–	–	$	1,420
2022	1,709		2.07	140		1.54	–		–	1,849
2021	2,317		3.34	61		1.55	–		–	2,378
2020	1,205		3.23	11		1.38	–		–	1,216
2019	2,404		2.39	80		1.56	10		2.33	2,494
2018 and prior	7,770		2.39	78		1.60	14		0.87	7,862
Total	$	16,771		$	424		$	24		$	17,219

We use loan performance status as the primary credit quality indicator for our residential mortgage loans on real estate. The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:

	As of March 31, 2024
	Performing		Nonperforming		Total
Origination Year
2024	$	54	$	–	$	54
2023	665		5		670
2022	525		23		548
2021	459		16		475
2020	76		2		78
2019 and prior	147		15		162
Total	$	1,926	$	61	$	1,987

	As of December 31, 2023
	Performing		Nonperforming		Total
Origination Year
2023	$	515	$	2	$	517
2022	533		22		555
2021	465		18		483
2020	78		3		81
2019	99		13		112
2018 and prior	53		4		57
Total	$	1,743	$	62	$	1,805

Credit Losses on Mortgage Loans on Real Estate

In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to commercial mortgage loans, exclusive of certain mortgage loans held at fair value.

Changes in the allowance for credit losses on mortgage loans on real estate (in millions) were as follows:

	For the Three Months Ended March 31, 2024
	Commercial		Residential		Total
Balance as of beginning-of-year	$	86	$	28	$	114
Additions (reductions) from provision for credit loss
expense (1)	(2)		3		1
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Balance as of end-of-period (2)	$	84	$	31	$	115

	For the Three Months Ended March 31, 2023
	Commercial		Residential		Total
Balance as of beginning-of-year	$	83	$	15	$	98
Additions (reductions) from provision for credit loss
expense (1)	–		5		5
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Balance as of end-of-period (2)	$	83	$	20	$	103

(1) We recognized $1 million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the three months ended March 31, 2024 and 2023.

(2) Accrued investment income on mortgage loans on real estate totaled $69 million and $52 million as of March 31, 2024, and 2023, respectively, and was excluded from the estimate of credit losses.

Alternative Investments 

As of March 31, 2024, and December 31, 2023, alternative investments included investments in 338 and 332 different partnerships, respectively, and represented approximately 3% of total investments.

Impairments on Fixed Maturity AFS Securities

Details underlying credit loss benefit (expense) incurred as a result of impairments that were recognized in net income (loss) and included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows:

	For the Three Months Ended March 31,
	2024		2023
Credit Loss Benefit (Expense)
Fixed maturity AFS securities:
Corporate bonds	$	(2)	$	(17)
RMBS	–		1
Total credit loss benefit (expense)	$	(2)	$	(16)

Payables for Collateral on Investments

The carrying value of the payables for collateral on investments included on the Consolidated Balance Sheets and the fair value of the related investments or collateral (in millions) consisted of the following:

	As of March 31, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Collateral payable for derivative investments (1)	$	6,721	$	6,721	$	5,127	$	5,127
Securities pledged under securities lending agreements (2)	283		274		205		197
Investments pledged for FHLBI (3)	2,900		4,032		2,650		3,603
Total payables for collateral on investments	$	9,904	$	11,027	$	7,982	$	8,927

(1) We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash or fixed maturity AFS securities. This also includes interest payable on collateral. See Note 5 for additional information.

(2) Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.

(3) Our pledged investments for Federal Home Loan Bank (“FHLB”) of Indianapolis (“FHLBI”) are included in fixed maturity AFS securities and mortgage loans on real estate on the Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.

We have repurchase agreements through which we can obtain liquidity by pledging securities. The collateral requirements are generally 80% to 95% of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The cash received in our repurchase program is typically invested in fixed maturity AFS securities. As of March 31, 2024, and December 31, 2023, we were not participating in any open repurchase agreements.

Increase (decrease) in payables for collateral on investments (in millions) consisted of the following:

	For the Three Months Ended March 31,
	2024		2023
Collateral payable for derivative investments	$	1,594	$	323
Securities pledged under securities lending agreements	78		(2)
Investments pledged for FHLBI	250		(175)
Total increase (decrease) in payables for collateral
on investments	$	1,922	$	146

We have elected not to offset our securities lending transactions in the consolidated financial statements. The remaining contractual maturities of securities lending transactions accounted for as secured borrowings (in millions) were as follows:

	As of March 31, 2024
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	276	$	–	$	–	$	–	$	276
Foreign government bonds	1		–		–		–		1
Equity securities	6		–		–		–		6
Total gross secured borrowings	$	283	$	–	$	–	$	–	$	283

	As of December 31, 2023
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	202	$	–	$	–	$	–	$	202
Equity securities	3		–		–		–		3
Total gross secured borrowings	$	205	$	–	$	–	$	–	$	205

We accept collateral in the form of securities in connection with repurchase agreements. In instances where we are permitted to sell or re-pledge the securities received, we report the fair value of the collateral received and a related obligation to return the collateral in the consolidated financial statements. In addition, we receive securities in connection with securities borrowing agreements that we are permitted to sell or re-pledge. As of March 31, 2024, the fair value of this collateral received that we are permitted to sell or re-pledge was $25 million, and we had not re-pledged any of this collateral to cover our collateral requirements.

We also accept collateral from derivative counterparties in the form of securities that we are permitted to sell or re-pledge. As of March 31, 2024, the fair value of this collateral received that we are permitted to sell or re-pledge was $1.7 billion, and we had re-pledged $527 million of this collateral to cover our collateral requirements.

We have also pledged fixed maturity AFS securities to derivative counterparties with a fair value of $52 million as of March 31, 2024.

Investment Commitments

As of March 31, 2024, our investment commitments were $3.8 billion, which included $2.8 billion of LPs, $748 million of mortgage loans on real estate and $192 million of private placement securities.

Concentrations of Financial Instruments

As of March 31, 2024, our most significant investments in one issuer were our investments in securities issued by White Chapel V LLC and White Chapel LLC with a fair value of $1.5 billion and $1.1 billion, respectively, or 1% of total investments. As of December 31, 2023, our most significant investments in one issuer were our investments in securities issued by White Chapel V LLC and White Chapel LLC with a fair value of $1.3 billion and $1.0 billion, respectively, or 1% of total investments. These concentrations include fixed maturity AFS, trading and equity securities.

As of March 31, 2024, and December 31, 2023, our most significant investments in one industry were our investments in securities in the financial services industry with a fair value of $16.4 billion and $16.6 billion, respectively, or 14% of total investments, and our investments in securities in the consumer non-cyclical industry with a fair value of $11.2 billion and $11.3 billion, respectively, or 9% and 10%, respectively, of total investments. These concentrations include fixed maturity AFS, trading and equity securities.

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Variable Interest Entities

3 Months Ended

Mar. 31, 2024

Variable Interest Entities [Abstract]

Variable Interest Entities

Variable Interest Entities

Unconsolidated Variable Interest Entities

Structured Securities

Through our investment activities, we make passive investments in structured securities issued by variable interest entities (“VIEs”) for which we are not the manager. These structured securities include our asset backed securities (“ABS”), residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”). We have not provided financial or other support with respect to these VIEs other than our original investment. We have determined that we are not the primary beneficiary of these VIEs due to the relative size of our investment in comparison to the principal amount of the structured securities issued by the VIEs and the level of credit subordination that reduces our obligation to absorb losses or right to receive benefits. Our maximum exposure to loss on these structured securities is limited to the amortized cost for these investments. We recognize our variable interest in these VIEs at fair value on the Consolidated Balance Sheets. For information about these structured securities, see Note 3.

Limited Partnerships and Limited Liability Companies

We invest in certain limited partnerships (“LPs”) and limited liability companies (“LLCs”) that we have concluded are VIEs. Our exposure to loss is limited to the capital we invest in the LPs and LLCs. We do not hold any substantive kick-out or participation rights in the LPs and LLCs, and we do not receive any performance fees or decision maker fees from the LPs and LLCs. Based on our analysis of the LPs and LLCs, we are not the primary beneficiary of the VIEs as we do not have the power to direct the most significant activities of the LPs and LLCs. The carrying amounts of our investments in the LPs and LLCs are recognized in other investments on the Consolidated Balance Sheets and were $4.3 billion and $4.0 billion as of March 31, 2024, and December 31, 2023, respectively.

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Derivative Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

We maintain an overall risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings that are caused by interest rate risk, foreign currency exchange risk, equity market risk, basis risk, commodity risk and credit risk. We assess these risks by continually identifying and monitoring changes in our exposures that may adversely affect expected future cash flows and by evaluating hedging opportunities.

Derivative activities are monitored by various management committees. The committees are responsible for overseeing the implementation of various hedging strategies that are developed through the analysis of financial simulation models and other internal and industry sources. The resulting hedging strategies are incorporated into our overall risk management strategies.

See Note 12 for additional disclosures related to the fair value of our derivative instruments.

Interest Rate Contracts

We use derivative instruments as part of our interest rate risk management strategy. These instruments are economic hedges unless otherwise noted and include:

Forward-Starting Interest Rate Swaps

We use forward-starting interest rate swaps to hedge the interest rate exposure within our annuity and life insurance products.

Interest Rate Cap Corridors

We use interest rate cap corridors to provide a level of protection from the effect of rising interest rates for certain annuity contracts and life insurance products. Interest rate cap corridors involve purchasing an interest rate cap at a specific cap rate and selling an interest rate cap with a higher cap rate. For each corridor, the amount of quarterly payments, if any, is determined by the rate at which the underlying index rate resets above the original capped rate. The corridor limits the benefit the purchaser can receive as the related interest rate index rises above the higher capped rate. There is no additional liability to us other than the purchase price associated with the interest rate cap corridor.

Interest Rate Futures

We use interest rate futures contracts to hedge the liability exposure on certain options in variable annuity products. These futures contracts require payment between our counterparty and us on a daily basis for changes in the futures index price.

Interest Rate Swap Agreements

We use interest rate swap agreements to hedge the liability exposure on certain options in variable annuity products.

We also use interest rate swap agreements designated and qualifying as cash flow hedges to hedge the interest rate risk of floating-rate bond coupon payments by replicating a fixed-rate bond.

Finally, we use interest rate swap agreements designated and qualifying as fair value hedges to hedge against changes in the fair value of certain fixed maturity securities due to interest rate risks.

Bond Forwards and Reverse Treasury Locks

We use bond forwards and reverse treasury locks designated and qualifying as cash flow hedges to hedge the interest rate exposure related to the anticipated purchase of fixed-rate securities or the anticipated future cash flows of floating-rate fixed maturity securities due to changes in interest rates. These derivatives are primarily structured to hedge interest rate risk inherent in the assumptions used to price certain liabilities.

Foreign Currency Contracts

We use derivative instruments as part of our foreign currency risk management strategy. These instruments are economic hedges unless otherwise noted and include:

Currency Futures

We use currency futures to hedge foreign exchange risk associated with certain options in variable annuity products. Currency futures exchange one currency for another at a specified date in the future at a specified exchange rate.

Foreign Currency Swaps

We use foreign currency swaps to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies. A foreign currency swap is a contractual agreement to exchange one currency for another at specified dates in the future at a specified exchange rate.

We also use foreign currency swaps designated and qualifying as cash flow hedges to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies.

Foreign Currency Forwards

We use foreign currency forwards to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies. A foreign currency forward is a contractual agreement to exchange one currency for another at specified dates in the future at a specified current exchange rate.

Equity Market Contracts

We use derivative instruments as part of our equity market risk management strategy that are economic hedges and include:

Call Options Based on the S&P 500® Index and Other Indices

We use call options to hedge the liability exposure on certain options in variable annuity, RILA, fixed indexed annuity, IUL and VUL products.

Our RILA, fixed indexed annuity and IUL contracts permit the holder to elect an interest rate return or an equity market component, where interest credited to the contracts is linked to the performance of the S&P 500 Index or other indices. Policyholders may elect to rebalance index options at renewal dates. At the end of each indexed term, which can be up to six years, we have the opportunity to re-price the indexed component by establishing participation rates, caps, spreads and specified rates, subject to contractual guarantees. We use call options that are highly correlated to the portfolio allocation decisions of our policyholders, such that we are economically hedged with respect to equity returns for the current reset period.

Consumer Price Index Swaps

We use consumer price index swaps to hedge the liability exposure on certain options in fixed annuity products. Consumer price index swaps are contracts entered into at no cost and whose payoff is the difference between the consumer price index inflation rate and the fixed-rate determined as of inception.

Equity Futures

We use equity futures contracts to hedge the liability exposure on certain options in variable annuity products. These futures contracts require payment between our counterparty and us on a daily basis for changes in the futures index price.

Put Options

We use put options to hedge the liability exposure on certain options in variable annuity, RILA and VUL products. Put options are contracts that require the buyers to pay at a specified future date the amount, if any, by which a specified equity index is less than the strike rate stated in the agreement, applied to a notional amount.

Total Return Swaps

We use total return swaps to hedge the liability exposure on certain options in variable annuity, RILA and VUL products.

In addition, we use total return swaps to hedge a portion of the liability related to our deferred compensation plans. We receive the total return on a portfolio of indexes and pay a floating-rate of interest.

Commodity Contracts

We use commodity contracts to economically hedge certain investments that are closely tied to the changes in commodity values. The commodity contract is an over-the-counter contract that combines a purchase put/sold call to lock in a commodity price within a predetermined range in exchange for a net premium.

Credit Contracts

We use derivative instruments as part of our credit risk management strategy that are economic hedges and include:

Credit Default Swaps – Buying Protection

We use credit default swaps (“CDSs”) to hedge the liability exposure on certain options in variable annuity products.

We buy CDSs to hedge against a drop in bond prices due to credit concerns of certain bond issuers. A CDS allows us to put the bond back to the counterparty at par upon a default event by the bond issuer. A default event is defined as bankruptcy, failure to pay, obligation acceleration or restructuring.

CDSs – Selling Protection

We use CDSs to hedge the liability exposure on certain options in variable annuity products.

We sell CDSs to offer credit protection to policyholders and investors. The CDSs hedge the policyholders and investors against a drop in bond prices due to credit concerns of certain bond issuers. A CDS allows the investor to put the bond back to us at par upon a default event by the bond issuer. A default event is defined as bankruptcy, failure to pay, obligation acceleration or restructuring.

Other Derivatives

Lapse Protection Rider Ceded Derivative

We also have an inter-company agreement through which Lincoln National Reinsurance Company (Barbados) Limited (“LNBAR”), an affiliated reinsurer, assumes the risk under certain UL contracts for lapse protection riders (“LPR”). If the policyholder’s account balance is insufficient to pay the cost of insurance charges required to keep the policy in force, and the policyholder has made the required deposits, we will be reimbursed for those charges.

Embedded Derivatives

We have embedded derivatives that include:

RILA, Fixed Indexed Annuity and IUL Contracts Embedded Derivatives

Our RILA, fixed indexed annuity and IUL contracts permit the holder to elect an interest rate return or an equity market component, where interest credited to the contracts is linked to the performance of the S&P 500® Index or other indices. Policyholders may elect to rebalance index options at renewal dates. At the end of each indexed term, which can be up to six years, we have the opportunity to re-price the indexed component by establishing participation rates, caps, spreads and specified rates, subject to contractual guarantees. We use options that are highly correlated to the portfolio allocation decisions of our policyholders, such that we are economically hedged with respect to equity returns for the current reset period.

Reinsurance-Related Embedded Derivatives

We have certain modified coinsurance and coinsurance with funds withheld reinsurance agreements with embedded derivatives related to the withheld assets of the related funds. These derivatives are considered total return swaps with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.

Primary Risks Managed by Derivatives

We have derivative instruments with off-balance-sheet risks whose notional or contract amounts exceed the related credit exposure. Outstanding derivative instruments with off-balance-sheet risks (in millions) were as follows:

	As of March 31, 2024						As of December 31, 2023
	Notional Amounts		Fair Value				Notional Amounts		Fair Value
			Asset		Liability				Asset		Liability
Qualifying Hedges
Cash flow hedges:
Interest rate contracts (1)	$	370	$	2	$	28	$	485	$	11	$	47
Foreign currency contracts (1)	4,722		467		60		4,662		423		78
Total cash flow hedges	5,092		469		88		5,147		434		125
Fair value hedges:
Interest rate contracts (1)	445		2		23		450		1		39
Foreign currency contracts (1)	25		–		–		25		–		1
Total fair value hedges	470		2		23		475		1		40
Non-Qualifying Hedges
Interest rate contracts (1)	72,592		771		1,027		90,829		636		979
Foreign currency contracts (1)	370		13		3		306		11		6
Equity market contracts (1)	230,861		13,816		5,952		225,251		10,244		4,227
Credit contracts (1)	39		–		–		91		–		–
LPR ceded derivative (2)	–		201		–		–		206		–
Embedded derivatives:
Reinsurance-related (3)	–		543		–		–		493		–
RILA, fixed indexed annuity and IUL
contracts (4)	–		973		10,896		–		940		9,077
Total derivative instruments	$	309,424	$	16,788	$	17,989	$	322,099	$	12,965	$	14,454

(1)) These asset and liability balances are presented on a gross basis. Amounts are reported in derivative investments and other liabilities on the Consolidated Balance Sheets after the evaluation for right of offset subject to master netting agreements.

(2) Reported in other assets on the Consolidated Balance Sheets.

(3) Reported in funds withheld reinsurance liabilities on the Consolidated Balance Sheets.

(4) Reported in policyholder account balances and deposit assets on the Consolidated Balance Sheets.

The maturity of the notional amounts of derivative instruments (in millions) was as follows:

	Remaining Life as of March 31, 2024
	Less Than 1 Year		1 – 5 Years		6 - 10 Years		11 - 30 Years		Over 30 Years		Total
Interest rate contracts (1)	$	9,795	$	19,247	$	22,649	$	21,716	$	–	$	73,407
Foreign currency contracts (2)	356		1,007		1,725		1,987		42		5,117
Equity market contracts	185,575		34,228		7,262		8		3,788		230,861
Credit contracts	–		39		–		–		–		39
Total derivative instruments with
notional amounts	$	195,726	$	54,521	$	31,636	$	23,711	$	3,830	$	309,424

(1) As of March 31, 2024, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was September 22, 2026.

(2) As of March 31, 2024, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was June 16, 2061.

The following amounts (in millions) were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges:

	Amortized Cost of the Hedged Assets / (Liabilities)				Cumulative Fair Value Hedging Adjustment Included in the Amortized Cost of the Hedged Assets / (Liabilities)
	As of March 31, 2024		As of December 31, 2023		As of March 31, 2024		As of December 31, 2023
Line Item in the Consolidated Balance Sheets in
which the Hedged Item is Included
Fixed maturity AFS securities, at fair value	$	510	$	534	$	21	$	39

The change in our unrealized gain (loss) on derivative instruments within accumulated other comprehensive income (loss) (“AOCI”) (in millions) was as follows:

	For the Three Months Ended March 31,
	2024		2023
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	249	$	301
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period:
Cash flow hedges:
Interest rate contracts	9		110
Foreign currency contracts	(25)		76
Change in foreign currency exchange rate adjustment	101		(67)
Income tax benefit (expense)	(18)		(25)
Less:
Reclassification adjustment for gains (losses)
included in net income (loss):
Cash flow hedges:
Foreign currency contracts (1)	15		14
Foreign currency contracts (2)	–		2
Income tax benefit (expense)	(3)		(3)
Balance as of end-of-period	$	304	$	382

(1) The OCI offset is reported within net investment income on the Consolidated Statements of Comprehensive Income (Loss).

(2) The OCI offset is reported within realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

The effects of qualifying and non-qualifying hedges (in millions) on the Consolidated Statements of Comprehensive Income (Loss) were as follows:

Gain (Loss) Recognized in Income For the Three Months Ended March 31,

2024

2023

Realized Gain (Loss)

Net Investment Income

Benefits

Realized Gain (Loss)

Net Investment Income

Benefits

Total Line Items in which the Effects of

Fair Value or Cash Flow Hedges are

Recorded

$

(57)

$

–

$

1,224

$

–

$

1,739

$

(394)

$

1,409

$

2,204

Qualifying Hedges

Gain or (loss) on fair value hedging

relationships:

Interest rate contracts:

Hedged items

–

(18)

–

–

16

–

Derivatives designated as hedging

–

instruments

–

18

–

–

(16)

–

Foreign currency contracts:

Hedged items

–

(1)

–

–

–

–

Derivatives designated as hedging

–

instruments

–

1

–

–

–

–

Gain or (loss) on cash flow hedging

relationships:

Foreign currency contracts:

–

Amount of gain or (loss) reclassified

from AOCI into income

–

15

–

2

14

–

Non-Qualifying Hedges

Interest rate contracts

(163)

–

–

332

–

–

Foreign currency contracts

–

–

–

(1)

–

–

Equity market contracts

2,135

–

–

(53)

–

–

Commodity contracts

–

–

–

11

–

–

Credit contracts

–

–

–

(1)

–

–

LPR ceded derivative

–

–

5

–

–

13

Embedded derivatives:

Reinsurance-related

49

–

–

(67)

–

–

RILA, fixed indexed annuity and IUL

contracts

(1,642)

–

–

(713)

–

–

As of March 31, 2024, $65 million of the deferred net gains (losses) on derivative instruments in AOCI were expected to be reclassified to earnings during the next 12 months. This reclassification would be due primarily to interest rate variances related to our interest rate swap agreements.

For the three months ended March 31, 2024 and 2023, there were no material reclassifications to earnings due to hedged firm commitments no longer deemed probable or due to hedged forecasted transactions that had not occurred by the end of the originally specified time period.

Information related to our CDSs for which we are the seller (dollars in millions) was as follows:

	As of March 31, 2024
Credit Contract Type	Maturity	Reason for Entering	Name of Recourse	Credit Rating of Underlying Obligation (1)	Number of Instruments	Fair Value (2)		Maximum Potential Payout
Basket CDSs	12/20/2028	(3)	(4)	BBB+	1	$	1	$	39

(1)    Represents average credit ratings based on the midpoint of the applicable ratings among Moody’s, S&P and Fitch Ratings, as scaled to the corresponding S&P ratings.

(2)    Third-party valuation specialists are used to determine the market value of our CDSs.

(3)    CDSs were entered into in order to hedge the liability exposure on certain variable annuity products.

(4)    Sellers do not have the right to demand indemnification or compensation from third parties in case of a loss (payment) on the contract.

As of December 31, 2023, we did not have any exposure related to CDSs for which we are the seller.

Details underlying the associated collateral of our CDSs for which we are the seller if credit risk-related contingent features were triggered (in millions) were as follows:

	As of March 31, 2024		As of December 31, 2023
Maximum potential payout	$	39	$	–
Less: Counterparty thresholds	–		–
Maximum collateral potentially required to post	$	39	$	–

Certain of our CDS agreements contain contractual provisions that allow for the netting of collateral with our counterparties related to all of our collateralized financing transactions that we have outstanding. If these netting agreements were not in place, our counterparties would have been required to post $1 million of collateral as of March 31, 2024.

Credit Risk

We are exposed to credit losses in the event of non-performance by our counterparties on various derivative contracts and reflect assumptions regarding the credit or non-performance risk. The non-performance risk is based upon assumptions for each counterparty’s credit spread over the estimated weighted average life of the counterparty exposure, less collateral held. As of March 31, 2024, the non-performance risk adjustment was zero. The credit risk associated with such agreements is minimized by entering into agreements with financial institutions with long-standing, superior performance records. Additionally, we maintain a policy of requiring derivative contracts to be governed by an International Swaps and Derivatives Association (“ISDA”) Master Agreement. We are required to maintain minimum ratings as a matter of routine practice in negotiating ISDA agreements. Under nearly all ISDA agreements, we and LLANY have agreed to maintain certain financial strength ratings. A downgrade below these levels could result in termination of derivative contracts, at which time any amounts payable by us would be dependent on the market value of the underlying derivative contracts. In certain transactions, we and the counterparty have entered into a credit support annex requiring either party to post collateral when net exposures exceed pre-determined thresholds. These thresholds vary by counterparty and credit rating. The amount of such exposure is essentially the net replacement cost or market value less collateral held for such agreements with each counterparty if the net market value is in our favor. We did not have any exposure as of March 31, 2024, or December 31, 2023.

The amounts recognized (in millions) by S&P credit rating of counterparty, for which we had the right to reclaim cash collateral or were obligated to return cash collateral, were as follows:

	As of March 31, 2024				As of December 31, 2023
S&P Credit Rating of Counterparty	Collateral Posted by Counter-Party (Held by LNL)		Collateral Posted by LNL (Held by Counter-Party)		Collateral Posted by Counter-Party (Held by LNL)		Collateral Posted by LNL (Held by Counter-Party)
AA-	$	3,311	$	(71)	$	2,330	$	(63)
A+	2,809		(43)		2,422		(125)
A	90		–		82		–
A-	481		–		273		–
	$	6,691	$	(114)	$	5,107	$	(188)

Balance Sheet Offsetting

Information related to the effects of offsetting on the Consolidated Balance Sheets (in millions) was as follows:

	As of March 31, 2024
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	14,984	$	1,516	$	16,500
Gross amounts offset	(6,830)		–		(6,830)
Net amount of assets	8,154		1,516		9,670
Gross amounts not offset:
Cash collateral	(6,691)		–		(6,691)
Non-cash collateral (1)	(1,463)		–		(1,463)
Net amount	$	–	$	1,516	$	1,516
Financial Liabilities
Gross amount of recognized liabilities	263		10,896		11,159
Gross amounts offset	(87)		–		(87)
Net amount of liabilities	176		10,896		11,072
Gross amounts not offset:
Cash collateral	(114)		–		(114)
Non-cash collateral (2)	(62)		–		(62)
Net amount	$	–	$	10,896	$	10,896

(1) Excludes excess non-cash collateral received of $1.4 billion, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

(2) Excludes excess non-cash collateral pledged of $99 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

	As of December 31, 2023
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	10,714	$	1,433	$	12,147
Gross amounts offset	(4,409)		–		(4,409)
Net amount of assets	6,305		1,433		7,738
Gross amounts not offset:
Cash collateral	(5,107)		–		(5,107)
Non-cash collateral (1)	(1,198)		–		(1,198)
Net amount	–		1,433		1,433
Financial Liabilities
Gross amount of recognized liabilities	968		9,077		10,045
Gross amounts offset	(612)		–		(612)
Net amount of liabilities	356		9,077		9,433
Gross amounts not offset:
Cash collateral	(188)		–		(188)
Non-cash collateral (2)	(168)		–		(168)
Net amount	$	–	$	9,077	$	9,077

(1) Excludes excess non-cash collateral received of $1.3 billion, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

(2) Excludes excess non-cash collateral pledged of $81 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

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DAC, VOBA, DSI and DFEL

3 Months Ended

Mar. 31, 2024

Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]

DAC, VOBA, DSI and DFEL

DAC, VOBA, DSI and DFEL

The following table reconciles deferred acquisition costs (“DAC”), value of business acquired (“VOBA”) and deferred sales inducements (“DSI”) (in millions) to the Consolidated Balance Sheets:

	As of  March 31, 2024		As of December 31, 2023
DAC, VOBA and DSI
Variable Annuities	$	4,019	$	4,025
Fixed Annuities	447		456
Traditional Life	1,368		1,374
UL and Other	6,082		6,139
Group Protection	158		154
Retirement Plan Services	278		270
Total DAC, VOBA and DSI	$	12,352	$	12,418

The following table reconciles deferred front-end loads (“DFEL”) (in millions) to the Consolidated Balance Sheets:

	As of  March 31, 2024		As of December 31, 2023
DFEL
Variable Annuities	$	298	$	300
UL and Other (1)	5,778		5,579
Other Operations (2)	45		44
Total DFEL	$	6,121	$	5,923

(1) We reported $2.3 billion of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023, respectively.

(2) Represents DFEL reported in Other Operations attributable to the indemnity reinsurance agreement with Protective that is excluded from the following tables. We reported $45 million and $44 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023.

The following tables summarize the changes in DAC (in millions):

	For the Three Months Ended March 31, 2024
	Variable Annuities		Fixed Annuities		Traditional Life		UL and Other		Group Protection		Retirement Plan Services
Balance as of beginning-of-year	$	3,868	$	421	$	1,332	$	5,709	$	154	$	244
Business acquired (sold) through
reinsurance	–		–		–		(73)		–		–
Deferrals	89		9		32		100		30		5
Amortization	(92)		(16)		(36)		(75)		(26)		(5)
Balance as of end-of-period	$	3,865	$	414	$	1,328	$	5,661	$	158	$	244

	For the Three Months Ended March 31, 2023
	Variable Annuities		Fixed Annuities		Traditional Life		UL and Other		Group Protection		Retirement Plan Services
Balance as of beginning-of-year	$	3,880	$	439	$	1,286	$	5,518	$	141	$	241
Deferrals	85		14		55		119		25		6
Amortization	(93)		(17)		(35)		(72)		(24)		(5)
Balance as of end-of-period	$	3,872	$	436	$	1,306	$	5,565	$	142	$	242

DAC amortization expense of $250 million and $246 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023, respectively.

The following tables summarize the changes in VOBA (in millions):

	For the Three Months Ended   March 31, 2024
	Fixed Annuities		Traditional Life		UL and Other
Balance as of beginning-of-year	$	15	$	42	$	402
Amortization	(1)		(2)		(9)
Balance as of end-of-period	$	14	$	40	$	393

	For the Three Months Ended   March 31, 2023
	Fixed Annuities		Traditional Life		UL and Other
Balance as of beginning-of-year	$	17	$	50	$	454
Deferrals	1		–		–
Amortization	(1)		(2)		(11)
Balance as of end-of-period	$	17	$	48	$	443

VOBA amortization expense of $12 million and $13 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023, respectively. No additions or write-offs were recorded for each respective period.

The following tables summarize the changes in DSI (in millions):

	For the Three Months Ended   March 31, 2024
	Variable Annuities		Fixed Annuities		UL and Other		Retirement Plan Services
Balance as of beginning-of-year	$	157	$	20	$	28	$	26
Deferrals	–		–		1		8
Amortization	(3)		(1)		(1)		–
Balance as of end-of-period	$	154	$	19	$	28	$	34

	For the Three Months Ended   March 31, 2023
	Variable Annuities		Fixed Annuities		UL and Other		Retirement Plan Services
Balance as of beginning-of-year	$	167	$	23	$	30	$	17
Deferrals	–		–		–		2
Amortization	(4)		(1)		(1)		–
Balance as of end-of-period	$	163	$	22	$	29	$	19

DSI amortization expense of $5 million and $6 million was recorded in interest credited on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023, respectively.

The following tables summarize the changes in DFEL (in millions):

	For the Three Months Ended March 31, 2024				For the Three Months Ended March 31, 2023
	Variable Annuities		UL and Other		Variable Annuities		UL and Other
Balance as of beginning-of-year	$	300	$	5,579	$	310	$	4,765
Deferrals	5		267		5		262
Amortization	(7)		(68)		(7)		(61)
Balance as of end-of-period	298		5,778		308		4,966
Less: ceded DFEL	–		2,303		–		30
Balance as of end-of-period, net of reinsurance	$	298	$	3,475	$	308	$	4,936

DFEL amortization of $75 million and $68 million was recorded in fee income on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023, respectively.

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Reinsurance

3 Months Ended

Mar. 31, 2024

Reinsurance Disclosures [Abstract]

Reinsurance

Reinsurance

LNBAR

We reinsure blocks of business to LNBAR, an affiliated reinsurer. Effective October 1, 2023 we entered into an agreement with LNBAR that is structured as a coinsurance treaty, with some assets withheld, for certain blocks of in-force MoneyGuard® products. As significant insurance risk was transferred for the MoneyGuard blocks, amounts recoverable from LNBAR were $14.0 billion and $13.2 billion as of March 31, 2024, and December 31, 2023, respectively. We reported a deferred gain on the transaction of $4.2 billion as of March 31, 2024, and December 31, 2023. We amortized $43 million of the deferred gain during the three months ended March 31, 2024. We held other investments and cash and invested cash with a carrying value of $1.0 billion and $871 million as of March 31, 2024, and December 31, 2023, respectively, in support of reserves associated with this agreement.

LNBAR has funded trusts to support reserves ceded by us of which the balance in the trusts changes as a result of ongoing reinsurance activity and totaled $12.6 billion and $13.0 billion as of March 31, 2024, and December 31, 2023, respectively.

Fortitude Re

Effective October 1, 2023, we entered into a reinsurance agreement with Fortitude Reinsurance Company Ltd. (“Fortitude Re”), an authorized Bermuda reinsurer with reciprocal jurisdiction reinsurer status in Indiana, to reinsure certain blocks of in-force UL with secondary guarantees (“ULSG”) and fixed annuity products, including group pension annuities. Fortitude Re represents our largest unaffiliated reinsurance exposure as of March 31, 2024, and December 31, 2023.

The agreement between us and Fortitude Re is structured as a coinsurance treaty for the ULSG and fixed annuities blocks. As significant insurance risk was transferred for ULSG products and life-contingent annuities, amounts recoverable from Fortitude Re were $10.5 billion as of March 31, 2024, and December 31, 2023. We reported a deferred loss on the transaction of $2.7 billion as of March 31, 2024, and December 31, 2023. We amortized $22 million of the deferred loss during the three months ended March 31, 2024. Annuities that are not life-contingent do not contain significant insurance risk; therefore, we reported deposit assets for these contracts of $3.9 billion and $4.2 billion as of March 31, 2024, and December 31, 2023, respectively.

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MRBs

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

MRBs

MRBs

The following table reconciles market risk benefits (“MRBs”) (in millions) to MRB assets and MRB liabilities on the Consolidated Balance Sheets:

	As of March 31, 2024						As of December 31, 2023
	Assets		Liabilities		Net (Assets) Liabilities		Assets		Liabilities		Net (Assets) Liabilities
Variable Annuities	$	4,743	$	1,139	$	(3,604)	$	3,763	$	1,583	$	(2,180)
Fixed Annuities	96		123		27		96		128		32
Retirement Plan Services	39		4		(35)		35		5		(30)
Total MRBs	$	4,878	$	1,266	$	(3,612)	$	3,894	$	1,716	$	(2,178)

The following table summarizes the balances of and changes in net MRB (assets) liabilities (in millions):

	As of or For the Three Months Ended March 31, 2024						As of or For the Three Months Ended March 31, 2023
	Variable Annuities		Fixed Annuities		Retirement Plan Services		Variable Annuities		Fixed Annuities		Retirement Plan Services
Balance as of beginning-of-year	$	(2,180)	$	32	$	(30)	$	(662)	$	(45)	$	(22)
Less: Effect of cumulative changes in
non-performance risk	(1,299)		(58)		(4)		(2,173)		(40)		(2)
Balance as of beginning-of-year, before the effect
of changes in non-performance risk	(881)		90		(26)		1,511		(5)		(20)
Issuances	3		–		–		1		–		–
Attributed fees collected	380		9		2		379		9		2
Benefit payments	(11)		–		–		(19)		–		–
Effect of changes in interest rates	(1,081)		(17)		(6)		1,406		31		5
Effect of changes in equity markets	(1,343)		(11)		(4)		(1,029)		(2)		(6)
Effect of changes in equity index volatility	4		(2)		–		(286)		–		(2)
In-force updates and other changes in MRBs (1)	51		1		1		76		1		–
Balance as of end-of-period, before the effect of
changes in non-performance risk	(2,878)		70		(33)		2,039		34		(21)
Effect of cumulative changes in
non-performance risk	(726)		(43)		(2)		(3,451)		(65)		(5)
Balance as of end-of-period	(3,604)		27		(35)		(1,412)		(31)		(26)
Less: ceded MRB assets (liabilities)	(2,194)		–		(8)		(210)		–		–
Balance as of end-of-period, net of reinsurance	$	(1,410)	$	27	$	(27)	$	(1,202)	$	(31)	$	(26)
Weighted-average age of policyholders (years)	72		69		63		71		68		63
Net amount at risk (2)	$	2,056	$	210	$	3	$	6,268	$	192	$	9

(1) Consists primarily of changes in MRB assets and liabilities related to differences between separate account fund performance and modeled indices and other changes such as actual to expected policyholder behavior.

(2) Net amount at risk (“NAR”) is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For guaranteed living benefits (“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 feature exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation.

See “MRBs” in Note 12 for details related to our fair value judgments, assumptions, inputs and valuation methodology.

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Separate Accounts

3 Months Ended

Mar. 31, 2024

Separate Accounts Disclosure [Abstract]

Separate Accounts

Separate Accounts

The following table presents the fair value of separate account assets (in millions) reported on the Consolidated Balance Sheets by major investment category:

	As of  March 31,		As of  December 31,
	2024		2023
Mutual funds and collective investment trusts	$	165,556	$	157,578
Exchange-traded funds	352		350
Fixed maturity AFS securities	162		167
Cash and invested cash	8		25
Other investments	147		137
Total separate account assets	$	166,225	$	158,257

The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:

	As of  March 31,		As of  December 31,
	2024		2023
Variable Annuities	$	118,176	$	113,356
UL and Other	27,007		25,150
Retirement Plan Services	20,986		19,699
Other Operations (1)	56		52
Total separate account liabilities	$	166,225	$	158,257

(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($48 million and $46 million as of March 31, 2024, and December 31, 2023, respectively) that are excluded from the following tables.

The following table summarizes the balances of and changes in separate account liabilities (in millions):

	As of or For the Three Months Ended March 31, 2024						As of or For the Three Months Ended March 31, 2023
	Variable Annuities		UL and Other		Retirement Plan Services		Variable Annuities		UL and Other		Retirement Plan Services
Balance as of beginning-of-year	$	113,356	$	25,150	$	19,699	$	105,573	$	20,920	$	16,996
Gross deposits	904		358		570		624		394		554
Withdrawals	(3,208)		(103)		(732)		(2,436)		(75)		(586)
Policyholder assessments	(648)		(246)		(44)		(624)		(238)		(40)
Change in market performance	7,503		1,885		1,475		5,054		1,193		978
Net transfers from (to) general account	269		(37)		18		143		(32)		(26)
Balance as of end-of-period	$	118,176	$	27,007	$	20,986	$	108,334	$	22,162	$	17,876
Cash surrender value	$	116,771	$	24,606	$	20,971	$	106,796	$	19,863	$	17,862

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Policyholder Account Balances

3 Months Ended

Mar. 31, 2024

Policyholder Account Balance [Abstract]

Policyholder Account Balances

Policyholder Account Balances

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

	As of March 31,		As of December 31,
	2024		2023
Variable Annuities	$	31,408	$	29,141
Fixed Annuities	25,137		25,330
UL and Other	36,622		36,784
Retirement Plan Services	23,586		23,784
Other (1)	5,138		5,277
Total policyholder account balances	$	121,891	$	120,316

(1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($4.7 billion and $4.9 billion as of March 31, 2024, and December 31, 2023, 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 Three Months Ended March 31, 2024
	Variable Annuities			Fixed Annuities			UL and Other			Retirement Plan Services
Balance as of beginning-of-year	$	29,141		$	25,330		$	36,784		$	23,784
Gross deposits	973			972			847			790
Withdrawals	(224)			(1,409)			(356)			(1,203)
Policyholder assessments	–			(17)			(1,112)			(3)
Net transfers from (to) separate account	(178)			–			38			50
Interest credited	158			183			360			168
Change in fair value of embedded
derivative instruments	1,538			78			61			–
Balance as of end-of-period	$	31,408		$	25,137		$	36,622		$	23,586
Weighted-average crediting rate	2.1		%	2.9		%	3.9		%	2.8		%
Net amount at risk (1)(2)	$	2,056		$	210		$	299,063		$	3
Cash surrender value	30,228			24,114			32,282			23,560

	As of or For the Three Months Ended March 31, 2023
	Variable Annuities			Fixed Annuities			UL and Other			Retirement Plan Services
Balance as of beginning-of-year	$	22,184		$	23,338		$	37,258		$	25,138
Gross deposits	1,222			1,317			922			701
Withdrawals	(170)			(889)			(387)			(1,113)
Policyholder assessments	–			(15)			(1,117)			(3)
Net transfers from (to) separate account	(114)			–			32			103
Interest credited	109			154			369			168
Change in fair value of embedded
derivative instruments	540			88			29			–
Balance as of end-of-period	$	23,771		$	23,993		$	37,106		$	24,994
Weighted-average crediting rate	1.9		%	2.6		%	4.0		%	2.7		%
Net amount at risk (1)(2)	$	6,268		$	192		$	301,582		$	9
Cash surrender value	22,698			23,099			32,960			24,989

(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 March 31, 2024
	At Guaranteed Minimum		1-50 Basis Points Above		51-100 Basis Points Above		101-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Range of Guaranteed
Minimum Crediting Rate
Variable Annuities
Up to 1.00%	$	–	$	–	$	–	$	–	$	–	$	–
1.01% - 2.00%	5		–		–		–		6		11
2.01% - 3.00%	560		–		–		–		–		560
3.01% - 4.00%	1,319		–		–		–		–		1,319
4.01% and above	9		–		–		–		–		9
Other (1)	–		–		–		–		–		29,509
Total	$	1,893	$	–	$	–	$	–	$	6	$	31,408
Fixed Annuities
Up to 1.00%	$	679	$	605	$	560	$	493	$	2,466	$	4,803
1.01% - 2.00%	360		99		285		500		3,231		4,475
2.01% - 3.00%	1,749		39		5		1		25		1,819
3.01% - 4.00%	891		–		–		–		–		891
4.01% and above	177		–		–		–		–		177
Other (1)	–		–		–		–		–		12,972
Total	$	3,856	$	743	$	850	$	994	$	5,722	$	25,137
UL and Other
Up to 1.00%	$	264	$	–	$	219	$	119	$	30	$	632
1.01% - 2.00%	548		–		–		–		3,208		3,756
2.01% - 3.00%	6,848		10		149		–		–		7,007
3.01% - 4.00%	15,223		–		1		–		–		15,224
4.01% and above	3,722		–		–		–		–		3,722
Other (1)	–		–		–		–		–		6,281
Total	$	26,605	$	10	$	369	$	119	$	3,238	$	36,622
Retirement Plan Services
Up to 1.00%	$	437	$	500	$	740	$	3,706	$	4,320	$	9,703
1.01% - 2.00%	527		1,660		1,413		1,345		14		4,959
2.01% - 3.00%	2,342		21		63		17		1		2,444
3.01% - 4.00%	4,842		31		3		3		–		4,879
4.01% and above	1,458		143		–		–		–		1,601
Total	$	9,606	$	2,355	$	2,219	$	5,071	$	4,335	$	23,586

	As of March 31, 2023
	At Guaranteed Minimum		1-50 Basis Points Above		51-100 Basis Points Above		101-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Range of Guaranteed
Minimum Crediting Rate
Variable Annuities
Up to 1.00%	$	–	$	–	$	–	$	–	$	–	$	–
1.01% - 2.00%	4		–		–		–		8		12
2.01% - 3.00%	634		–		–		–		–		634
3.01% - 4.00%	1,503		–		–		–		–		1,503
4.01% and above	10		–		–		–		–		10
Other (1)	–		–		–		–		–		21,612
Total	$	2,151	$	–	$	–	$	–	$	8	$	23,771
Fixed Annuities
Up to 1.00%	$	831	$	447	$	578	$	448	$	1,773	$	4,077
1.01% - 2.00%	559		141		184		493		1,083		2,460
2.01% - 3.00%	1,886		6		2		–		–		1,894
3.01% - 4.00%	1,446		–		–		–		–		1,446
4.01% and above	193		–		–		–		–		193
Other (1)	–		–		–		–		–		13,923
Total	$	4,915	$	594	$	764	$	941	$	2,856	$	23,993
UL and Other
Up to 1.00%	$	312	$	–	$	202	$	26	$	348	$	888
1.01% - 2.00%	555		–		–		–		3,229		3,784
2.01% - 3.00%	7,130		158		–		–		–		7,288
3.01% - 4.00%	15,693		–		1		–		–		15,694
4.01% and above	3,767		–		–		–		–		3,767
Other (1)	–		–		–		–		–		5,685
Total	$	27,457	$	158	$	203	$	26	$	3,577	$	37,106
Retirement Plan Services
Up to 1.00%	$	595	$	751	$	3,062	$	2,911	$	2,213	$	9,532
1.01% - 2.00%	977		2,629		1,196		527		–		5,329
2.01% - 3.00%	3,093		–		–		–		–		3,093
3.01% - 4.00%	5,442		–		–		–		–		5,442
4.01% and above	1,598		–		–		–		–		1,598
Total	$	11,705	$	3,380	$	4,258	$	3,438	$	2,213	$	24,994

(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.

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Future Contract Benefits

3 Months Ended

Mar. 31, 2024

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Future Contract Benefits

Future Contract Benefits

The following table reconciles future contract benefits (in millions) to the Consolidated Balance Sheets:

	As of March 31,		As of  December 31,
	2024		2023
Payout Annuities (1)	$	2,034	2,084
Traditional Life (1)	3,518		3,553
Group Protection (2)	5,640		5,689
UL and Other (3)	15,234		15,752
Other Operations (4)	9,496		9,753
Other (5)	3,290		3,343
Total future contract benefits	$	39,212	$	40,174

(1) See liability for future policy benefits (“LFPB”) below for further information.

(2) See “Liability for Future Claims” below for further information.

(3) See “Additional Liabilities for Other Insurance Benefits” below for further information.

(4) Represents future contract benefits reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($5.5 billion and $5.6 billion as of March 31, 2024, and December 31, 2023, respectively) and Swiss Re ($2.0 billion and $2.1 billion as of March 31, 2024, and December 31, 2023, respectively) that are excluded from the following tables.

(5) Represents other miscellaneous reserves that are not representative of long-duration contracts and are excluded from the following tables.

LFPB

The following table summarizes the balances of and changes in the present values of expected net premiums and LFPB (in millions, except years):

	As of or For the Three Months Ended March 31, 2024				As of or For the Three Months Ended March 31, 2023
	Payout Annuities		Traditional Life		Payout Annuities		Traditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year	$	–	$	6,084	$	–	$	5,896
Less: Effect of cumulative changes in discount
rate assumptions	–		(152)		–		(584)
Beginning balance at original discount rate	–		6,236		–		6,480
Effect of actual variances from expected experience	–		23		–		(234)
Adjusted balance as of beginning-of-year	–		6,259		–		6,246
Issuances	–		109		–		177
Interest accrual	–		61		–		57
Net premiums collected	–		(199)		–		(195)
Flooring impact of LFPB	–		1		–		1
Ending balance at original discount rate	–		6,231		–		6,286
Effect of cumulative changes in discount
rate assumptions	–		(257)		–		(235)
Balance as of end-of-period	$	–	$	5,974	$	–	$	6,051
Present Value of Expected LFPB
Balance as of beginning-of-year	$	2,084	$	9,637	$	2,003	$	9,086
Less: Effect of cumulative changes in discount
rate assumptions	(187)		(202)		(263)		(793)
Beginning balance at original discount rate (1)	2,271		9,839		2,266		9,879
Effect of actual variances from expected experience	1		27		(1)		(243)
Adjusted balance as of beginning-of-year	2,272		9,866		2,265		9,636
Issuances	15		109		27		177
Interest accrual	22		94		21		89
Benefit payments	(49)		(191)		(46)		(169)
Ending balance at original discount rate (1)	2,260		9,878		2,267		9,733
Effect of cumulative changes in discount
rate assumptions	(226)		(386)		(200)		(316)
Balance as of end-of-period	$	2,034	$	9,492	$	2,067	$	9,417
Net balance as of end-of-period	$	2,034	$	3,518	$	2,067	$	3,366
Less: reinsurance recoverables	1,572		244		10		270
Net balance as of end-of-period, net of reinsurance	$	462	$	3,274	$	2,057	$	3,096
Weighted-average duration of future policyholder
benefit liability (years)	9		10		9		11

(1) Includes deferred profit liability within Payout Annuities of $60 million and $43 million as of March 31, 2024 and 2023, respectively.

For the three months ended March 31, 2024 and 2023, Traditional Life and Payout Annuities did not have any significantly different actual experience compared to expected.

The following table summarizes the discounted and undiscounted expected future gross premiums and expected future benefit payments (in millions):

	As of March 31, 2024				As of March 31, 2023
	Undiscounted		Discounted		Undiscounted		Discounted
Payout Annuities
Expected future gross premiums	$	–	$	–	$	–	$	–
Expected future benefit payments	3,437		2,034		3,460		2,067
Traditional Life
Expected future gross premiums	13,360		9,156		13,257		9,172
Expected future benefit payments	14,148		9,492		13,919		9,417

The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

	For the Three Months Ended March 31,
	2024		2023
Payout Annuities
Gross premiums	$	21	$	28
Interest accretion	22		21
Traditional Life
Gross premiums	298		295
Interest accretion	33		32

The following table summarizes the weighted-average interest rates:

	For the Three Months Ended March 31,
	2024		2023
Payout Annuities
Interest accretion rate	3.9	%	3.9	%
Current discount rate	5.2	%	4.9	%
Traditional Life
Interest accretion rate	5.0	%	5.1	%
Current discount rate	5.0	%	4.8	%

Liability for Future Claims

The following table summarizes the balances of and changes in liability for future claims (in millions, except years):

	Group Protection
	As of or For the Three Months Ended March 31,
	2024		2023
Balance as of beginning-of-year	$	5,689	$	5,462
Less: Effect of cumulative changes in discount
rate assumptions	(490)		(597)
Beginning balance at original discount rate	6,179		6,059
Effect of actual variances from expected experience	(67)		(100)
Adjusted beginning-of-year balance	6,112		5,959
New incidence	408		437
Interest	48		42
Benefit payments	(382)		(377)
Ending balance at original discount rate	6,186		6,061
Effect of cumulative changes in discount
rate assumptions	(546)		(569)
Balance as of end-of-period	5,640		5,492
Less: reinsurance recoverables	123		126
Balance as of end-of-period, net of reinsurance	$	5,517	$	5,366
Weighted-average duration of liability for future
claims (years)	5		4

For the three months ended March 31, 2024 and 2023, we experienced more favorable claim terminations than assumed.

The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

	As of March 31, 2024				As of March 31, 2023
	Undiscounted		Discounted		Undiscounted		Discounted
Group Protection
Expected future benefit payments	$	7,296	$	5,640	$	7,086	$	5,492

The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

	For the Three Months Ended March 31,
	2024		2023
Group Protection
Gross premiums	$	896	$	885
Interest accretion	48		42

The following table summarizes the weighted-average interest rates:

	For the Three Months Ended March 31,
	2024		2023
Group Protection
Interest accretion rate	3.2	%	2.9	%
Current discount rate	5.0	%	4.8	%

Additional Liabilities for Other Insurance Benefits

The following table summarizes the balances of and changes in additional liabilities for other insurance benefits (in millions, except years):

	UL and Other
	As of or For the Three Months Ended March 31,
	2024		2023
Balance as of beginning-of-year	$	15,752	$	14,777
Less: Effect of cumulative changes in shadow
balance in AOCI	(853)		(905)
Balance as of beginning-of-year, excluding
shadow balance in AOCI	16,605		15,682
Effect of actual variances from expected experience	106		(9)
Adjusted beginning-of-year balance	16,711		15,673
Interest accrual	203		186
Net assessments collected	324		337
Benefit payments	(313)		(183)
Balance as of end-of-period, excluding shadow
balance in AOCI	16,925		16,013
Effect of cumulative changes in shadow
balance in AOCI	(1,691)		(669)
Balance as of end-of-period	15,234		15,344
Less: reinsurance recoverables (1)	9,734		2,007
Balance as of end-of-period, net of reinsurance	$	5,500	$	13,337
Weighted-average duration of additional liabilities
for other insurance benefits (years)	17		17

(1) Increase in reinsurance recoverables driven by the reinsurance agreement with Fortitude Re effective October 1, 2023 for certain blocks of in-force ULSG. See Note 7 for more information on the transaction.

For the three months ended March 31, 2024, we had unfavorable actual mortality experience compared to expected. For the three months ended March 31, 2023, we did not have any significantly different actual experience compared to expected.

The following table summarizes the gross assessments and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

	For the Three Months Ended March 31,
	2024		2023
UL and Other
Gross assessments	$	766	$	915
Interest accretion	203		186

The following table summarizes the weighted-average interest rates:

	For the Three Months Ended March 31,
	2024		2023
UL and Other
Interest accretion rate	5.3	%	5.0	%

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Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The carrying values and estimated fair values of our financial instruments (in millions) were as follows:

	As of March 31, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets
Fixed maturity AFS securities	$	81,880	$	81,880	$	82,300	$	82,300
Trading securities	2,203		2,203		2,321		2,321
Equity securities	319		319		306		306
Mortgage loans on real estate	19,176		17,582		18,873		17,330
Derivative investments	8,154		8,154		6,305		6,305
Other investments	4,988		4,988		4,757		4,757
Cash and invested cash	3,807		3,807		3,193		3,193
MRB assets	4,878		4,878		3,894		3,894
Other assets:
Ceded MRBs	59		59		274		274
Indexed annuity ceded embedded derivatives	973		973		940		940
LPR ceded derivative	201		201		206		206
Separate account assets	166,225		166,225		158,257		158,257
Liabilities
Policyholder account balances:
Account balances of certain investment contracts	(44,361)		(33,730)		(44,615)		(34,020)
RILA, fixed annuity and IUL contracts	(10,896)		(10,896)		(9,077)		(9,077)
Funds withheld reinsurance liabilities – reinsurance-related
embedded derivatives	543		543		493		493
MRB liabilities	(1,266)		(1,266)		(1,716)		(1,716)
Short-term debt	(1,281)		(1,282)		(840)		(841)
Long-term debt	(2,179)		(2,101)		(2,195)		(2,125)
Other liabilities:
Ceded MRBs	(2,261)		(2,261)		(1,149)		(1,149)
Derivative liabilities	(176)		(176)		(356)		(356)
Remaining guaranteed interest and similar contracts	(397)		(397)		(411)		(411)

Valuation Methodologies and Associated Inputs for Financial Instruments Not Carried at Fair Value

The following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value on the Consolidated Balance Sheets. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments.

Mortgage Loans on Real Estate

The fair value of mortgage loans on real estate, excluding mortgage loans accounted for using the fair value option, is established using a discounted cash flow method based on credit rating, maturity and future income. The ratings for mortgages in good standing are based on property type, location, market conditions, occupancy, debt-service coverage, loan-to-value, quality of tenancy, borrower and payment record. The fair value for impaired mortgage loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price or the fair value of the collateral if the loan is collateral dependent. The inputs used to measure the fair value of our mortgage loans on real estate, excluding mortgage loans accounted for using the fair value option, are classified as Level 2 within the fair value hierarchy.

Other Investments

The carrying value of our assets classified as other investments, excluding short-term investments, approximates fair value. Other investments includes primarily LPs and other privately held investments that are accounted for using the equity method of accounting and the carrying value is based on our proportional share of the net assets of the LPs. Other investments also includes FHLB stock carried at cost and periodically evaluated for impairment based on ultimate recovery of par value. The inputs used to measure the fair value of our LPs, other privately held investments and FHLB stock are classified as Level 3 within the fair value hierarchy. The remaining assets in other investments include cash collateral receivables and securities that are not LPs or other privately held investments. The inputs used to measure the fair value of these assets are classified as Level 2 within the fair value hierarchy.

Separate Account Assets

Separate account assets are primarily carried at fair value. A portion of our separate account assets includes LPs, which are accounted for using the equity method of accounting. The carrying value is based on our proportional share of the net assets of the LPs and approximates fair value. The inputs used to measure the fair value of the separate account asset LPs are classified as Level 3 within the fair value hierarchy.

Policyholder Account Balances

Policyholder account balances include account balances of certain investment contracts. The fair value of the account balances of certain investment contracts is based on their approximate surrender value as of the balance sheet date. The inputs used to measure the fair value of these policyholder account balances are classified as Level 3 within the fair value hierarchy.

Other Liabilities

Other liabilities include remaining guaranteed interest and similar contracts. The fair value for the remaining guaranteed interest and similar contracts is estimated using discounted cash flow calculations as of the balance sheet date. These calculations are based on interest rates currently offered on similar contracts with maturities that are consistent with those remaining for the contracts being valued. As of March 31, 2024, and December 31, 2023, the remaining guaranteed interest and similar contracts carrying value approximated fair value. The inputs used to measure the fair value of these other liabilities are classified as Level 3 within the fair value hierarchy.

Short-Term and Long-Term Debt

The fair value of short-term and long-term debt is based on quoted market prices. The inputs used to measure the fair value of our short-term and long-term debt are classified as Level 2 within the fair value hierarchy.

Fair Value Option

Mortgage loans on real estate, net of allowance for credit losses, as reported on the Consolidated Balance Sheets, includes mortgage loans on real estate for which the fair value option was elected. The fair value option allows us to elect fair value as an alternative measurement for mortgage loans not otherwise reported at fair value. We have made these elections for certain mortgage loans associated with modified coinsurance agreements to help mitigate the inconsistency in earnings that would otherwise result from the use of embedded derivatives included with these loans. Changes in fair value are reflected in realized gain (loss) on the Consolidated Statement of Comprehensive Income (Loss). Changes in fair value due to instrument-specific credit risk are estimated using changes in credit spreads and quality ratings for the period reported. Mortgage loans on real estate for which the fair value option was elected are valued using third-party pricing services. We have procedures in place to review the valuations each quarter to ensure they are reasonable, including utilizing a separate third party to reperform the valuation for a selection of mortgage loans on an annual basis. Due to lack of observable inputs, mortgage loans electing the fair value option are classified as Level 3 within the fair value hierarchy.

The fair value and aggregate contractual principal for mortgage loans on real estate where the fair value option was elected (in millions) were as follows:

	As of March 31,		As of December 31,
	2024		2023
Fair value	$	289	$	288
Aggregate contractual principal	326		326

As of March 31, 2024, and December 31, 2023, no loans for which the fair value option was elected were in non-accrual status, and none were more than 90 days past due and still accruing interest.

Financial Instruments Carried at Fair Value

We did not have any assets or liabilities measured at fair value on a nonrecurring basis as of March 31, 2024, or December 31, 2023.

The following summarizes our financial instruments carried at fair value (in millions) on a recurring basis by the fair value hierarchy levels:

	As of March 31, 2024
	Quoted
	Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair
	(Level 1)		(Level 2)		(Level 3)		Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	–	$	56,543	$	6,747	$	63,290
U.S. government bonds	371		20		–		391
State and municipal bonds	–		2,493		–		2,493
Foreign government bonds	–		260		–		260
RMBS	–		1,581		12		1,593
CMBS	–		1,395		8		1,403
ABS	–		10,530		1,692		12,222
Hybrid and redeemable preferred securities	48		129		51		228
Trading securities	–		1,932		271		2,203
Equity securities	11		269		39		319
Mortgage loans on real estate	–		–		289		289
Derivative investments (1)	–		14,345		727		15,072
Other investments – short-term investments	–		217		–		217
Cash and invested cash	–		3,807		–		3,807
MRB assets	–		–		4,878		4,878
Other assets:
Ceded MRBs	–		–		59		59
Indexed annuity ceded embedded derivatives	–		–		973		973
LPR ceded derivative	–		–		201		201
Separate account assets	406		165,819		–		166,225
Total assets	$	836	$	259,340	$	15,947	$	276,123
Liabilities
Policyholder account balances – RILA,
fixed annuity and IUL contracts	$	–	$	–	$	(10,896)	$	(10,896)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives	–		568		(25)		543
MRB liabilities	–		–		(1,266)		(1,266)
Other liabilities:
Ceded MRBs	–		–		(2,261)		(2,261)
Derivative liabilities (1)	–		(6,368)		(726)		(7,094)
Total liabilities	$	–	$	(5,800)	$	(15,174)	$	(20,974)

	As of December 31, 2023
	Quoted
	Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair
	(Level 1)		(Level 2)		(Level 3)		Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	–	$	57,397	$	6,469	$	63,866
U.S. government bonds	373		20		–		393
State and municipal bonds	–		2,537		5		2,542
Foreign government bonds	–		278		–		278
RMBS	–		1,589		13		1,602
CMBS	–		1,336		8		1,344
ABS	–		10,559		1,484		12,043
Hybrid and redeemable preferred securities	46		138		48		232
Trading securities	–		2,037		284		2,321
Equity securities	1		263		42		306
Mortgage loans on real estate	–		–		288		288
Derivative investments (1)	–		10,705		622		11,327
Other investments – short-term investments	–		233		–		233
Cash and invested cash	–		3,193		–		3,193
MRB assets	–		–		3,894		3,894
Other assets:
Ceded MRBs	–		–		274		274
Indexed annuity ceded embedded derivatives	–		–		940		940
LPR ceded derivative	–		–		206		206
Separate account assets	402		157,855		–		158,257
Total assets	$	822	$	248,140	$	14,577	$	263,539
Liabilities
Policyholder account balances – RILA,
fixed annuity and IUL contracts	$	–	$	–	$	(9,077)	$	(9,077)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives	–		493		–		493
MRB liabilities	–		–		(1,716)		(1,716)
Other liabilities:
Ceded MRBs	–		–		(1,149)		(1,149)
Derivative liabilities (1)	–		(4,792)		(586)		(5,378)
Total liabilities	$	–	$	(4,299)	$	(12,528)	$	(16,827)

(1) Derivative investment assets and liabilities are presented within the fair value hierarchy on a gross basis by derivative type and not on a master netting basis by counterparty.
 

The following summarizes changes to our financial instruments carried at fair value (in millions) and classified within Level 3 of the fair value hierarchy. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. The summary schedule excludes changes to MRB assets and MRB liabilities as these balances are rolled forward in Note 8.

	For the Three Months Ended March 31, 2024
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other (1)		Net		Net		Value
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	6,469	$	1	$	(8)	$	310	$	(25)	$	6,747
State and municipal bonds	5		–		–		–		(5)		–
RMBS	13		–		(1)		–		–		12
CMBS	8		–		–		–		–		8
ABS	1,484		1		(2)		201		8		1,692
Hybrid and redeemable preferred
securities	48		–		3		–		–		51
Trading securities	284		–		–		(13)		–		271
Equity securities	42		(3)		–		–		–		39
Mortgage loans on real estate	288		–		1		–		–		289
Derivative investments	36		12		–		4		(51)		1
Other assets:
Ceded MRBs (3)	274		(215)		–		–		–		59
Indexed annuity ceded embedded
derivatives (4)	940		33		–		–		–		973
LPR ceded derivative (5)	206		(5)		–		–		–		201
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)	(9,077)		(1,677)		–		(142)		–		(10,896)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (4)	–		(25)		–		–		–		(25)
Other liabilities – ceded MRBs (3)	(1,149)		(1,112)		–		–		–		(2,261)
Total, net	$	(129)	$	(2,990)	$	(7)	$	360	$	(73)	$	(2,839)

	For the Three Months Ended March 31, 2023
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other (1)		Net		Net		Value
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	5,186	$	–	$	12	$	1,006	$	15	$	6,219
State and municipal bonds	35		–		1		–		–		36
RMBS	1		–		–		–		–		1
ABS	1,117		–		8		168		(193)		1,100
Hybrid and redeemable preferred
securities	49		–		–		(2)		12		59
Trading securities	581		4		–		(127)		–		458
Equity securities	153		(16)		–		–		–		137
Mortgage loans on real estate	487		2		3		(2)		–		490
Derivative investments	2		(1)		–		–		–		1
Other assets:
Ceded MRBs (3)	539		160		–		–		–		699
Indexed annuity ceded embedded
derivatives (4)	525		6		–		(226)		–		305
LPR ceded derivative (5)	212		(13)		–		–		–		199
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)	(4,783)		(719)		–		(294)		–		(5,796)
Other liabilities – ceded MRBs (3)	(246)		(663)		–		–		–		(909)
Total, net	$	3,858	$	(1,240)	$	24	$	523	$	(166)	$	2,999

(1) The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 5).

(2) Amortization and accretion of premiums and discounts are included in net investment income on the Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and credit loss expense are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(3) Gains (losses) from the changes in fair value are included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(4) Gains (losses) from the changes in fair value are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(5) Gains (losses) from the changes in fair value are included in benefits on the Consolidated Statements of Comprehensive Income (Loss).

The following provides the components of the items included in issuances, sales, maturities, settlements and calls, net, (in millions) as reported above:

	For the Three Months Ended March 31, 2024
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	536	$	(127)	$	(2)	$	(96)	$	(1)	$	310
ABS	264		–		–		(63)		–		201
Trading securities	–		(2)		–		(11)		–		(13)
Mortgage loans on real estate	1		(1)		–		–		–		–
Derivative investments	7		–		(3)		–		–		4
Policyholder account balances –
RILA, fixed annuity and
IUL contracts	(249)		–		–		107		–		(142)
Total, net	$	559	$	(130)	$	(5)	$	(63)	$	(1)	$	360

	For the Three Months Ended March 31, 2023
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	1,137	$	(55)	$	(8)	$	(68)	$	–	$	1,006
ABS	241		(2)		–		(71)		–		168
Hybrid and redeemable preferred
securities	–		–		–		–		(2)		(2)
Trading securities	–		(53)		–		(74)		–		(127)
Mortgage loans on real estate	1		–		–		(3)		–		(2)
Other assets – indexed annuity ceded
embedded derivatives	50		–		–		(276)		–		(226)
Policyholder account balances –
RILA, fixed annuity and
IUL contracts	(300)		–		–		6		–		(294)
Total, net	$	1,129	$	(110)	$	(8)	$	(486)	$	(2)	$	523

The following summarizes changes in unrealized gains (losses) included in net income related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

	For the Three Months Ended March 31,
	2024		2023
Trading securities (1)	$	–	$	6
Equity securities (1)	(3)		(16)
Mortgage loans on real estate (1)	–		2
Derivative investments (1)	16		(2)
MRBs (2)	686		(1,090)
Other assets – LPR ceded derivative (3)	(5)		(13)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (1)	(25)		–
Embedded derivatives – indexed annuity
and IUL contracts (1)	241		(153)
Total, net	$	910	$	(1,266)

(1) Included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(2) Included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(3) Included in benefits on the Consolidated Statements of Comprehensive Income (Loss).

The following summarizes changes in unrealized gains (losses) included in OCI, net of tax, related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

	For the Three Months Ended March 31,
	2024		2023
Fixed maturity AFS securities:
Corporate bonds	$	(10)	$	12
ABS	(1)		8
Hybrid and redeemable preferred
securities	2		–
Mortgage loans on real estate	1		2
Total, net	$	(8)	$	22

The following provides the components of the transfers into and out of Level 3 (in millions) as reported above:

	For the Three Months Ended March 31, 2024						For the Three Months Ended March 31, 2023
	Transfers		Transfers				Transfers		Transfers
	Into		Out of				Into		Out of
	Level 3		Level 3		Total		Level 3		Level 3		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	19	$	(44)	$	(25)	$	58	$	(43)	$	15
State and municipal bonds	–		(5)		(5)		–		–		–
ABS	31		(23)		8		–		(193)		(193)
Hybrid and redeemable preferred
securities	–		–		–		12		–		12
Derivative investments	–		(51)		(51)		–		–		–
Total, net	$	50	$	(123)	$	(73)	$	70	$	(236)	$	(166)

Transfers into and out of Level 3 are generally the result of observable market information on financial instruments no longer being available or becoming available to our pricing vendors. For the three months ended March 31, 2024 and 2023, transfers in and out of Level 3 were attributable primarily to the financial instruments’ observable market information no longer being available or becoming available.

The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of March 31, 2024:

										Weighted
	Fair		Valuation	Significant	Assumption or					Average Input
	Value		Technique	Unobservable Inputs	Input Ranges					Range (1)
Assets
Investments:
Fixed maturity AFS and
trading securities:
Corporate bonds	$	199	Discounted cash flow	Liquidity/duration adjustment (2)	(0.1)	%	–	3.8	%	2.0	%
CMBS	8		Discounted cash flow	Liquidity/duration adjustment (2)	2.0	%	–	2.0	%	2.0	%
ABS	11		Discounted cash flow	Liquidity/duration adjustment (2)	1.6	%	–	1.6	%	1.6	%
Hybrid and redeemable
preferred securities	7		Discounted cash flow	Liquidity/duration adjustment (2)	1.3	%	–	1.5	%	1.4	%
Equity securities	5		Discounted cash flow	Liquidity/duration adjustment (2)	4.5	%	–	4.5	%	4.5	%
MRB assets	4,878
Other assets:
Ceded MRBs	59		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.31	%	–	2.03	%	1.62	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	14.14	%
Indexed annuity
ceded embedded
derivatives	973		Discounted cash flow	Lapse (3)	0%		–	9	%	(10)
				Mortality (7)				(9)		(10)
LPR ceded
derivative	201		Discounted cash flow	Lapse (3)	0.1	%		2.00	%	(10)
				Non-performance risk (6)	0.31	%		2.03	%	1.41	%
				Mortality (7)				(9)		(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives	$	(10,803)	Discounted cash flow	Lapse (3)	0%		–	9	%	(10)
				Mortality (7)				(9)		(10)
MRB liabilities	(1,266)
Other liabilities – ceded
MRBs	(2,261)		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.31	%	–	2.03	%	1.62	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	14.14	%

The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2023:

										Weighted
	Fair		Valuation	Significant	Assumption or					Average Input
	Value		Technique	Unobservable Inputs	Input Ranges					Range (1)
Assets
Investments:
Fixed maturity AFS and
trading securities:
Corporate bonds	$	183	Discounted cash flow	Liquidity/duration adjustment (2)	(0.2)	%	–	3.7	%	2.1	%
State and municipal
bonds	5		Discounted cash flow	Liquidity/duration adjustment (2)	0.9	%	–	2.2	%	2.1	%
CMBS	8		Discounted cash flow	Liquidity/duration adjustment (2)	2.3	%	–	2.3	%	2.3	%
ABS	12		Discounted cash flow	Liquidity/duration adjustment (2)	1.8	%	–	1.8	%	1.8	%
Hybrid and redeemable
preferred securities	7		Discounted cash flow	Liquidity/duration adjustment (2)	1.4	%	–	1.5	%	1.5	%
Equity securities	5		Discounted cash flow	Liquidity/duration adjustment (2)	4.5	%	–	4.5	%	4.5	%
MRB assets	3,894
Other assets:
Ceded MRBs	274		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.51	%	–	2.13	%	1.78	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	13.92	%
Indexed annuity
ceded embedded
derivatives	940		Discounted cash flow	Lapse (3)	0%		–	9	%	(10)
				Mortality (7)				(9)		(10)
LPR ceded
derivative	206		Discounted cash flow	Lapse (3)	0.1	%		2.00	%	(10)
				Non-performance risk (6)	1	%		2.13	%	1.58	%
				Mortality (7)				(9)		(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives	$	(9,013)	Discounted cash flow	Lapse (3)	0%		–	9	%	(10)
				Mortality (7)				(9)		(10)
MRB liabilities	(1,716)
Other liabilities – ceded
MRBs	(1,149)		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.51	%	–	2.13	%	1.78	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	13.92	%

(1) Unobservable inputs were weighted by the relative fair value of the instruments, unless otherwise noted.

(2) The liquidity/duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment.

(3) The lapse input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits. The range for indexed annuity contracts represents the lapses during the surrender charge period.

(4) The utilization of GLB withdrawals input represents the estimated percentage of policyholders that utilize the GLB withdrawal riders.

(5) The utilization factors are applied to the present value of claims or premiums, as appropriate, in the MRB calculation to estimate the impact of inefficient GLB withdrawal behavior, including taking less than or more than the maximum GLB withdrawal.

(6) The non-performance risk input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract. The non-performance risk input was weighted by the absolute value of the sensitivity of the reserve to the non-performance risk assumption. The non-performance risk input for LPR ceded derivative was weighted using a simple average.

(7) The mortality input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die.

(8) The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Volatility assumptions vary by fund due to the benchmarking of different indices. The volatility input was weighted by the relative account balance assigned to each index.

(9) The mortality is based on a combination of company and industry experience, adjusted for improvement factors.

(10) A weighted average input range is not a meaningful measurement for lapse, utilization factors or mortality.

From the table above, we have excluded Level 3 fair value measurements obtained from independent, third-party pricing sources. We do not develop the significant inputs used to measure the fair value of these assets and liabilities, and the information regarding the significant inputs is not readily available to us. Independent broker-quoted fair values are non-binding quotes developed by market makers or broker-dealers obtained from third-party sources recognized as market participants. The fair value of a broker-quoted asset or liability is based solely on the receipt of an updated quote from a single market maker or a broker-dealer recognized as a market participant as we do not adjust broker quotes when used as the fair value measurement for an asset or liability. Significant increases or decreases in any of the quotes received from a third-party broker-dealer may result in a significantly higher or lower fair value measurement.

The embedded derivative liability associated with Fortitude Re was excluded from the above table. As discussed in Note 7, this embedded derivative liability was created through a coinsurance with funds withheld reinsurance agreement where the investments supporting the reinsurance agreement were withheld by and continue to be reported on our Consolidated Balance Sheet. This reinsurance-related embedded derivative is valued as a total return swap with reference to the fair value of the investments held by us. Accordingly, the unobservable inputs utilized in the valuation of the reinsurance-related embedded derivative are a component of the investments supporting the reinsurance agreement that are reported on our Consolidated Balance Sheet.

Changes in any of the significant inputs presented in the table above would have resulted in a significant change in the fair value measurement of the asset or liability as follows:

•Investments – An increase in the liquidity/duration adjustment input would have resulted in a decrease in the fair value measurement.

•Indexed annuity contracts embedded derivatives – For direct embedded derivatives, an increase in the lapse or mortality inputs would have resulted in a decrease in the fair value measurement

•LPR ceded derivative – Assuming our LPR ceded derivative is in an asset position: an increase in our lapse, non-performance risk or mortality inputs would have resulted in an increase in the fair value measurement.

•MRBs – Assuming our MRBs are in a liability position: an increase in our lapse, non-performance risk or mortality inputs would have resulted in a decrease in the fair value measurement, except for policies with guaranteed death benefit (“GDB”) riders only, in which case an increase in mortality inputs would have resulted in an increase in the fair value measurement.

For each category discussed above, the unobservable inputs are not inter-related; therefore, a directional change in one input would not have affected the other inputs.

As part of our ongoing valuation process, we assess the reasonableness of our valuation techniques or models and make adjustments as necessary.

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Contingencies and Commitments

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Contingencies and Commitments

Contingencies and Commitments

Contingencies

Reinsurance Disputes

Certain reinsurers have sought rate increases on certain yearly renewable term agreements. We are disputing the requested rate increases under these agreements. We may initiate legal proceedings, as necessary, under these agreements in order to protect our contractual rights. Additionally, reinsurers have initiated, and may in the future initiate, legal proceedings against us. While this may impact the Life Insurance segment, we believe it is unlikely the outcome of these disputes would have a material impact on the consolidated financial statements.

Regulatory and Litigation Matters

Regulatory bodies, such as state insurance departments, the SEC, the Financial Industry Regulatory Authority and other regulatory bodies regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws, laws governing the activities of broker-dealers, registered investment advisers and unclaimed property laws.

LNL and its affiliates are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. In some of the matters, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding verdicts obtained in the jurisdiction for similar matters. This variability in pleadings, together with the actual experiences of LNL in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value.

Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law.

We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be estimated as of March 31, 2024.

For some matters, the Company is able to estimate a reasonably possible range of loss. For such matters in which a loss is probable, an accrual has been made. For such matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. Accordingly, the estimate contained in this paragraph reflects two types of matters. For some matters included within this estimate, an accrual has been made, but there is a reasonable possibility that an exposure exists in excess of the amount accrued. In these cases, the estimate reflects the reasonably possible range of loss in excess of the accrued amount. For other matters included within this estimation, no accrual has been made because a loss, while potentially estimable, is believed to be reasonably possible but not probable. In these cases, the estimate reflects the reasonably possible loss or range of loss.

As of March 31, 2024, we estimate the aggregate range of reasonably possible losses, including amounts in excess of amounts accrued for these matters as of such date, to be up to approximately $150 million, after-tax. Any estimate is not an indication of expected loss, if any, or of the Company’s maximum possible loss exposure on such matters.

For other matters, we are not currently able to estimate the reasonably possible loss or range of loss. We are often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts and the progress of settlement negotiations. On a quarterly and annual basis, we review relevant information with respect to litigation contingencies and update our accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.

Among other matters, we are presently engaged in litigation, including relating to cost of insurance rates (“Cost of Insurance and Other Litigation”), as described below. No accrual has been made for some of these matters. Although a loss is believed to be reasonably possible for these matters, for some of these matters, we are not able to estimate a reasonably possible amount or range of potential

liability. An adverse outcome in one or more of these matters may have a material impact on the consolidated financial statements, but, based on information currently known, management does not believe those cases are likely to have such an impact.

Cost of Insurance and Other Litigation

Cost of Insurance Litigation

Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company, filed in the U.S. District Court for the District of Connecticut, No. 3:16-cv-00827, is a putative class action that was served on LNL on June 8, 2016. Plaintiff is the owner of a universal life insurance policy who alleges that LNL charged more for non-guaranteed cost of insurance than permitted by the policy. Plaintiff seeks to represent all universal life and variable universal life policyholders who owned policies containing non-guaranteed cost of insurance provisions that are similar to those of plaintiff’s policy and seeks damages on behalf of all such policyholders. On January 11, 2019, the court dismissed plaintiff’s complaint in its entirety. In response, plaintiff filed a motion for leave to amend the complaint, which, on September 25, 2023, the court granted in part and denied in part. Plaintiff filed an amended complaint on October 10, 2023. On March 7, 2024, the parties entered into a settlement agreement, which is subject to court approval. The provisional settlement encompasses policies that are at issue in the Glover case, which also includes all policies in the lawsuits captioned TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company and Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York, both of which are described below, and one additional case to which an affiliate of LNL is a party, Iwanski v. First Penn-Pacific Life Insurance Company, which has been previously disclosed by our parent company, LNC. The Glover plaintiffs’ motion for preliminary approval of the provisional settlement was filed on March 8, 2024. The provisional settlement, which is subject to both preliminary and final approval of the court, consists of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in TVPX ARS INC., Vida and Iwanski).

EFG Bank AG, Cayman Branch, et al. v. The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:17-cv-02592, is a civil action filed on February 1, 2017. Plaintiffs own universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs allege that LNL breached the terms of policyholders’ contracts when it increased non-guaranteed cost of insurance rates beginning in 2016. We are vigorously defending this matter.

In re: Lincoln National COI Litigation, pending in the U.S. District Court for the Eastern District of Pennsylvania, Case No. 2:16-cv-06605-GJP, is a consolidated litigation matter related to multiple putative class action cases that were consolidated by an order dated March 20, 2017. Plaintiffs purport to own certain universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs allege that LNL and LNC breached the terms of policyholders’ contracts by increasing non-guaranteed cost of insurance rates beginning in 2016. Plaintiffs sought to represent classes of policyowners and sought damages on their behalf. On August 9, 2022, the court denied plaintiffs’ motion for class certification. The parties participated in a mediation on December 13, 2022, and subsequently reached a settlement. On January 26, 2023, the parties informed the presiding judge of a class settlement in this action, subject to final documentation and court approval. On March 24, 2023, plaintiffs filed a motion for preliminary approval of the class settlement, which was granted by the court on June 14, 2023. The provisional settlement, which was subject to both preliminary and final approval of the court, consisted of $117.75 million in pre-tax cash (in the aggregate for both this litigation and the In re: Lincoln National 2017 COI Rate Litigation matter discussed immediately below) and a five-year cost of insurance rate freeze, among other terms. After certain policyholders timely opted out or otherwise excluded themselves from the settlement class with respect to certain policies, the pre-tax cash settlement fund was reduced to $109.96 million. The court granted final approval of the settlement on October 5, 2023. On December 27, 2023, the court ordered that supplemental notice of the class settlement be mailed to a small percentage of settlement class members who had not been sent the initial class notice. Those policyholders own policies representing less than 0.14% of the total of all Policy Claim Amounts (as defined in the parties’ settlement agreement). No additional opt-outs were received following the supplemental notice period. Settlement distribution payments to all class members were completed on April 8, 2024. Certain of the policyholders who did not participate in the settlement are plaintiffs in Brighton Trustees, LLC, et al. v. The Lincoln National Life Insurance Company and Ryan K. Crayne, on behalf of and as trustee for Carlton Peak Trust v. The Lincoln National Life Insurance Company discussed further below. The remaining policyholders who are not participants in the settlement may bring individual actions in the future to the extent they have not already done so.

In re: Lincoln National 2017 COI Rate Litigation, pending in the U.S. District Court for the Eastern District of Pennsylvania, Case No. 2:17-cv-04150, is a consolidated litigation matter related to multiple putative class action cases that were consolidated by an order dated March 28, 2018. Plaintiffs purport to own certain universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs allege that LNL and LNC breached the terms of policyholders’ contracts by increasing non-guaranteed cost of insurance rates beginning in 2017. Plaintiffs sought to represent classes of policyholders and sought damages on their behalf. On August 9, 2022, the court denied plaintiffs’ motion for class certification. The parties participated in a mediation on December 13, 2022, and subsequently reached a settlement. On January 26, 2023, the parties informed the presiding judge of a class settlement in this action, subject to final documentation and court approval. On March 24, 2023, plaintiffs filed a motion for preliminary approval of the class settlement, which was granted by the court on June 14, 2023. The provisional settlement, which was subject to both preliminary and final approval of the court, consists of $117.75 million in pre-tax cash (in the aggregate for both this litigation and the In re: Lincoln National COI Litigation matter discussed immediately above) and a five-year cost of insurance rate freeze, among other terms. After certain policyholders timely

opted out or otherwise excluded themselves from the settlement class with respect to certain policies, the pre-tax cash settlement fund was reduced to $109.96 million. The court granted final approval of the settlement on October 5, 2023. On December 27, 2023, the court ordered that supplemental notice of the class settlement be mailed to a small percentage of settlement class members who had not been sent the initial class notice. Those policyholders own policies representing less than 0.14% of the total of all Policy Claim Amounts (as defined in the parties’ settlement agreement). No additional opt-outs were received following the supplemental notice period. Settlement distribution payments to all class members were completed on April 8, 2024. Certain of the policyholders who did not participate in the settlement are plaintiffs in Brighton Trustees, LLC, et al. v. The Lincoln National Life Insurance Company and Ryan K. Crayne, on behalf of and as trustee for Carlton Peak Trust v. The Lincoln National Life Insurance Company discussed further below. The remaining policyholders who are not participants in the settlement may bring individual actions in the future to the extent they have not already done so.

TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company, filed in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:18-cv-02989, is a putative class action that was filed on July 17, 2018. Plaintiff alleges that LNL charged more for non-guaranteed cost of insurance than permitted by the policy. Plaintiff seeks to represent all universal life and variable universal life policyholders who own policies issued by LNL or its predecessors containing non-guaranteed cost of insurance provisions that are similar to those of Plaintiff’s policy and seeks damages on behalf of all such policyholders. On March 7, 2024, the parties in Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company (discussed above) entered into a settlement agreement, which is subject to court approval. The provisional settlement encompasses policies that are at issue in this case, as the Glover case is inclusive of all policies in this case, as well as in the lawsuit captioned Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York (discussed below), and one additional case to which an affiliate of LNL is a party, Iwanski v. First Penn-Pacific Life Insurance Company, which has been previously disclosed by our parent company, LNC. The Glover plaintiffs’ motion for preliminary approval of the provisional settlement was filed on March 8, 2024. The provisional settlement, which is subject to both preliminary and final approval of the court, consists of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in TVPX ARS INC., Vida and Iwanski). A motion has been filed to stay the proceedings in this matter (as well as the Iwanski matter) pending the completion of the settlement approval process in Glover.

LSH Co. and Wells Fargo Bank, National Association, as securities intermediary for LSH Co. v. Lincoln National Corporation and The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:18-cv-05529, is a civil action filed on December 21, 2018. Plaintiffs own universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs allege that LNL and LNC breached the terms of policyholders’ contracts when LNL increased non-guaranteed cost of insurance rates in 2016 and 2017. We are vigorously defending this matter.

Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York, pending in the U.S. District Court for the Southern District of New York, No. 1:19-cv-06004, is a putative class action that was filed on June 27, 2019. Plaintiff alleges that LLANY charged more for non-guaranteed cost of insurance than was permitted by the policies. On March 31, 2022, the court issued an order granting plaintiff’s motion for class certification and certified a class of all current or former owners of six universal life insurance products issued by LLANY that were assessed a cost of insurance charge any time on or after June 27, 2013. Plaintiff seeks damages on behalf of the class. On April 19, 2023, LLANY filed a motion for summary judgment. On March 7, 2024, the parties in Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company (discussed above) entered into a settlement agreement, which is subject to court approval. The provisional settlement encompasses policies that are at issue in this case, as the Glover case is inclusive of all policies in this case, as well as in the lawsuit captioned TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company (discussed above), and one additional case to which an affiliate of LNL is a party, Iwanski v. First Penn-Pacific Life Insurance Company, which has been previously disclosed by our parent company, LNC. The Glover plaintiffs’ motion for preliminary approval of the provisional settlement was filed on March 8, 2024. The provisional settlement, which is subject to both preliminary and final approval of the court, consists of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in TVPX ARS INC., Vida and Iwanski). On March 29, 2024, the court issued its summary judgment decision, granting LLANY’s motion in part and denying it in part, and entering summary judgment against twenty-two policyholders that the court determined were not economically harmed. On April 12, 2024, LLANY filed a motion to stay proceedings in this matter pending the completion of the settlement approval process in Glover; oral argument has been scheduled for May 9, 2024.

Angus v. The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:22-cv-01878, is a putative class action filed on May 13, 2022. Plaintiff alleges that defendant LNL breached the terms of her life insurance policy by deducting non-guaranteed cost of insurance charges in excess of what is permitted by the policies. Plaintiff seeks to represent all owners of universal life insurance policies issued or insured by LNL or its predecessors containing non-guaranteed cost of insurance provisions that are similar to those of plaintiff’s policy and seeks damages on their behalf. Breach of contract is the only cause of action asserted. On August 26, 2022, LNL filed a motion to dismiss. We are vigorously defending this matter.

Brighton Trustees, LLC, et al. v. The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, Case No. 2:23-cv-02251, is a civil action filed on April 20, 2023. On June 12, 2023, the U.S. District Court for the Northern District of Indiana granted a motion filed by LNL to transfer the case to the U.S. District Court for the Eastern District of Pennsylvania. Plaintiffs purport to own universal life insurance policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs

allege that LNL breached the terms of policyholders’ contracts and converted property when it increased non-guaranteed cost of insurance rates beginning in 2016. We are vigorously defending this matter.

Ryan K. Crayne, on behalf of and as trustee for Carlton Peak Trust v. The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, Case No. 2:24-cv-00053-GJP, is a civil action filed on November 17, 2023. On January 4, 2024, upon the parties’ stipulation, the U.S. District Court for the Northern District of Indiana transferred the case to the U.S. District Court for the Eastern District of Pennsylvania. Plaintiff purports to own claims regarding universal life policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiff alleges that LNL breached the terms of policyholders’ contracts and converted property when it increased non-guaranteed cost of insurance rates beginning in 2016. We are vigorously defending this matter.

Other Litigation

Andrew Nitkewicz v. Lincoln Life & Annuity Company of New York, pending in the U.S. District Court for the Southern District of New York, No. 1:20-cv-06805, is a putative class action that was filed on August 24, 2020. Plaintiff Andrew Nitkewicz, as trustee of the Joan C. Lupe Trust, seeks to represent all current and former owners of universal life (including variable universal life) policies who own or owned policies issued by LLANY and its predecessors in interest that were in force at any time on or after June 27, 2013, and for which planned annual, semi-annual, or quarterly premiums were paid for any period beyond the end of the policy month of the insured’s death. Plaintiff alleges LLANY failed to refund unearned premium in violation of New York Insurance Law Section 3203(a)(2) in connection with the payment of death benefit claims for certain insurance policies. Plaintiff seeks compensatory damages and pre-judgment interest on behalf of the various classes and sub-class. On July 2, 2021, the court granted, with prejudice, LLANY’s November 2020 motion to dismiss this matter. Plaintiff filed a notice of appeal on July 28, 2021, and on September 26, 2022, the U.S. Court of Appeals for the Second Circuit reserved its decision and certified a question to the New York Court of Appeals. On October 20, 2022, the New York Court of Appeals accepted the question. On October 19, 2023, the New York Court of Appeals answered the question in LLANY’s favor and transmitted the decision to the U.S. Court of Appeals for the Second Circuit. Plaintiff sought, and was granted, supplemental briefing before the U.S. Court of Appeals for the Second Circuit with respect to certain aspects of the New York Court of Appeals’ decision. The supplemental briefing was completed January 23, 2024. We are vigorously defending this matter.

Henry Morgan et al. v. Lincoln National Corporation d/b/a Lincoln Financial Group, et al, filed in the District Court of the 14th Judicial District of Dallas County, Texas, No. DC-23-02492, is a putative class action that was filed on February 22, 2023. Plaintiffs Henry Morgan, Susan Smith, Charles Smith, Laura Seale, Terri Cogburn, Laura Baesel, Kathleen Walton, Terry Warner, and Toni Hale (“Plaintiffs”) allege on behalf of a putative class that Lincoln National Corporation d/b/a Lincoln Financial Group, LNL and LLANY (together, “Lincoln”), FMR, LLC, and Fidelity Product Services, LLC (“Fidelity”) created and marketed misleading and deceptive insurance products with attributes of investment products. The putative class comprises all individuals and entities who purchased Lincoln OptiBlend products that allocated account monies to the 1-Year Fidelity AIM Dividend Participation Account, between January 1, 2020, to December 31, 2022. Plaintiffs assert the following claims individually and on behalf of the class, (1) violations of the Texas Deceptive Trade Practices Act against Lincoln; (2) common-law fraud against Lincoln; (3) negligent misrepresentation against Lincoln and Fidelity; and (4) aiding and abetting fraud against Fidelity. Plaintiffs allege they suffered damages from “a missed investment return of approximately 5-6%” and mitigation damages. They seek actual, consequential and punitive damages, as well as pre-judgment and post-judgment interest, attorney’s fees, and litigation costs. On March 31, 2023, the Lincoln defendants filed a notice of removal removing the action from the 14th Judicial District of Dallas County, Texas, to the United States District Court for the Northern District of Texas, Dallas Division. On May 8, 2023, the Lincoln defendants and the Fidelity defendants filed motions to dismiss, which remain pending. We are vigorously defending this matter.

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Shares and Stockholder's Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Shares and Stockholder's Equity

Shares and Stockholder’s Equity

All authorized and issued shares of LNL are owned by LNC.

AOCI

The following summarizes the components and changes in AOCI (in millions):

	For the Three Months Ended March 31,
	2024		2023
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain
Other Investments
Balance as of beginning-of-year	$	(3,532)	$	(8,526)
Unrealized holding gains (losses) arising during the period	(914)		2,307
Change in foreign currency exchange rate adjustment	(102)		75
Change in future contract benefits and policyholder account balances,
net of reinsurance	1,574		(260)
Income tax benefit (expense)	(120)		(455)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	(51)		(37)
Income tax benefit (expense)	11		8
Balance as of end-of-period	$	(3,054)	$	(6,830)
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	249	$	301
Unrealized holding gains (losses) arising during the period	(16)		186
Change in foreign currency exchange rate adjustment	101		(67)
Income tax benefit (expense)	(18)		(25)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	15		16
Income tax benefit (expense)	(3)		(3)
Balance as of end-of-period	$	304	$	382
Market Risk Benefit Non-Performance Risk Gain (Loss)
Balance as of beginning-of-year	$	1,069	$	1,739
Adjustment arising during the period	(590)		1,306
Income tax benefit (expense)	126		(280)
Balance as of end-of-period	$	605	$	2,765
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Balance as of beginning-of-year	$	645	$	790
Adjustment arising during the period	133		(243)
Income tax benefit (expense)	(28)		53
Balance as of end-of-period	$	750	$	600
Funded Status of Employee Benefit Plans
Balance as of beginning-of-year	$	(16)	$	(17)
Balance as of end-of-period	$	(16)	$	(17)

The following summarizes the reclassifications out of AOCI (in millions) and the associated line item in the Consolidated Statements of Comprehensive Income (Loss):

	For the Three Months Ended March 31,
	2024		2023
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification	$	(50)	$	(37)	Realized gain (loss)
Associated change in future contract benefits	(1)		–		Benefits
Reclassification before income tax benefit (expense)	(51)		(37)		Income (loss) before taxes
Income tax benefit (expense)	11		8		Federal income tax expense (benefit)
Reclassification, net of income tax	$	(40)	$	(29)	Net income (loss)
Unrealized Gain (Loss) on Derivative Instruments
Foreign currency contracts	15		14		Net investment income
Foreign currency contracts	–		2		Realized gain (loss)
Reclassifications before income tax benefit (expense)	15		16		Income (loss) before taxes
Income tax benefit (expense)	(3)		(3)		Federal income tax expense (benefit)
Reclassifications, net of income tax	$	12	$	13	Net income (loss)

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Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

We provide products and services and report results through our Annuities, Life Insurance, Group Protection and Retirement Plan Services segments. We also have Other Operations, which includes the financial data for operations that are not directly related to the business segments. Our reporting segments reflect the manner by which our CODMs view and manage the business. A discussion of these segments and Other Operations is found in Note 20 to the Consolidated Financial Statements in our 2023 Form 10-K.

Segment operating revenues and income (loss) from operations are internal measures used by our management and Board of Directors to evaluate and assess the results of our segments. Income (loss) from operations is GAAP net income excluding the after-tax effects of the following items, as applicable:

•Items related to annuity product features, which include changes in MRBs, including gains and losses and benefit payments, changes in the fair value of the derivative instruments we hold to hedge GLB and GDB riders, net of fee income allocated to support the cost of hedging them, and changes in the fair value of the embedded derivative liabilities of our indexed annuity contracts and the associated index options we hold to hedge them, including collateral expense associated with the hedge program (collectively, “net annuity product features”);

•Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of VUL hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our IUL contracts and the associated index options we hold to hedge them (collectively, “net life insurance product features”);

•Credit loss-related adjustments on fixed maturity AFS securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”);

•Changes in the fair value of equity securities, certain derivatives, certain other investments and realized gains (losses) on sales, disposals and impairments of financial assets (collectively, “investment gains (losses)”);

•Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option (“changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans”);

•GLB rider fees ceded to LNBAR;

•Income (loss) from the initial adoption of new accounting standards, regulations and policy changes;

•Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;

•Transaction and integration costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business;

•Gains (losses) on modification or early extinguishment of debt;

•Losses from the impairment of intangible assets and gains (losses) on other non-financial assets; and

•Income (loss) from discontinued operations.

Operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable:

•Changes in the fair value of the derivative instruments we hold to hedge GLB and GDB riders, net of fee income allocated to support the cost of hedging them, and changes in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts and the associated index options we hold to hedge them (collectively, “revenue adjustments from annuity and life insurance product features”);

•Credit loss-related adjustments;

•Investment gains (losses);

•Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans;

•GLB rider fees ceded to LNBAR;

•Revenue adjustments from the initial adoption of new accounting standards; and

•Amortization of deferred gains arising from reserve changes on business sold through reinsurance.

We use our prevailing corporate federal income tax rate of 21%, where applicable, net of the impacts related to dividends received deduction and foreign tax credits and any other permanent differences for events recognized differently in our financial statements and federal income tax returns.

The tables below reconcile our segment measures of performance to the GAAP measures presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):

	For the Three Months Ended March 31,
	2024		2023
Revenues
Operating revenues:
Annuities	$	1,178	$	1,043
Life Insurance	1,181		1,638
Group Protection	1,424		1,388
Retirement Plan Services	317		322
Other Operations	26		38
Revenue adjustments from annuity and life insurance product features	169		(91)
Credit loss-related adjustments	(1)		(21)
Investment gains (losses)	(56)		(55)
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans	48		(11)
GLB rider fees ceded to LNBAR	(230)		(234)
Total revenues	$	4,056	$	4,017

 

	For the Three Months Ended March 31,
	2024		2023
Net Income (Loss)
Income (loss) from operations:
Annuities	$	223	$	217
Life Insurance	(51)		(32)
Group Protection	79		71
Retirement Plan Services	32		38
Other Operations	(107)		(52)
Net annuity product features, after-tax	783		(821)
Net life insurance product features, after-tax	(104)		(95)
Credit loss-related adjustments, after-tax	(1)		(17)
Investment gains (losses), after-tax	(45)		(43)
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans, after-tax	38		(9)
GLB rider fees ceded to LNBAR, after-tax	(182)		(185)
Transaction and integration costs related to mergers,
acquisitions and divestitures, after-tax (1)	(8)		–
Net income (loss)	$	657	$	(928)

(1)    Includes costs pertaining to the sale of our wealth management business and the fourth quarter 2023 reinsurance transaction. For more information, see Note 1 and 7, respectively.

Other segment information (in millions) was as follows:

	As of  March 31,		As of  December 31,
	2024		2023
Assets
Annuities	$	195,456	$	186,716
Life Insurance	111,492		107,529
Group Protection	9,759		9,741
Retirement Plan Services	47,838		46,969
Other Operations	21,659		23,021
Total assets	$	386,204	$	373,976

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Realized Gain (Loss)

3 Months Ended

Mar. 31, 2024

Realized Gain (Loss) [Abstract]

Realized Gain (Loss)

Realized Gain (Loss)

Realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss) includes realized gains and losses from the sale of investments, write-downs for impairments of investments and changes in the allowance for credit losses for financial assets, changes in fair value for mortgage loans on real estate accounted for under the fair value option, changes in fair value of equity securities, VUL derivative and embedded derivative gains and losses, gains and losses on the sale of subsidiaries and businesses and net gains and losses on reinsurance-related embedded derivatives and trading securities. Realized gains and losses on the sale of investments are determined using the specific identification method. Realized gain (loss) is also net of allocations of investment gains and losses to certain policyholders, certain funds withheld on reinsurance arrangements and certain modified coinsurance arrangements for which we have a contractual obligation. Details underlying realized gain (loss) (in millions) were as follows:

	For the Three Months Ended March 31,
	2024		2023
Fixed maturity AFS securities:
Gross gains	$	7	$	25
Gross losses	(57)		(62)
Credit loss benefit (expense) (1)	(2)		(16)
Realized gain (loss) on equity securities (2)	11		(14)
Credit loss benefit (expense) on mortgage loans on real estate	–		(4)
Credit loss benefit (expense) on reinsurance-related assets	1		(1)
Realized gain (loss) on the mark-to-market on certain
instruments (3)(4)	(133)		(128)
Indexed product derivative results (5)	145		(153)
GLB rider fees ceded to LNBAR and attributed fees	(30)		(29)
Other realized gain (loss)	1		(12)
Total realized gain (loss)	$	(57)	$	(394)

(1) Includes changes in the allowance for credit losses as well as direct write-downs to amortized cost as a result of negative credit events.

(2) Includes mark-to-market adjustments on equity securities still held of $11 million and $(14) million for the three months ended March 31, 2024 and 2023, respectively.

(3) Represents changes in the fair values of derivatives we hold as part of VUL hedging, reinsurance-related embedded derivatives and trading securities.

(4) Includes gains and losses from fair value changes on mortgage loans on real estate accounted for under the fair value option of less than $1 million and $2 million for the three months ended March 31, 2024 and 2023, respectively.

(5) Represents the change in fair value of the index options that we hold and the change in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts, and the associated index options to hedge policyholder index allocations applicable to future reset periods for our indexed annuity products.

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Federal Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Federal Income Taxes

Federal Income Taxes

The effective tax rate is the ratio of tax expense (benefit) over pre-tax income (loss). The effective tax rate was 20% and 25% for the three months ended March 31, 2024 and 2023, respectively. The effective tax rate on pre-tax income is typically lower than the prevailing corporate federal income tax rate of 21% due to benefits from preferential tax items including the separate account dividends-received deduction and tax credits.

For the three months ended March 31, 2024, the effective tax rate differed from the prevailing corporate federal income tax rate due primarily to the effects of preferential tax items.

For the three months ended March 31, 2023, the effective tax rate differed from the prevailing corporate federal income tax rate due primarily to a tax benefit at 21% from pre-tax losses in addition to the effects of preferential tax items.

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Subsequent Event

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On May 6, 2024, LNC closed its previously announced sale of all of its ownership interests in the subsidiaries of LNC that comprise its wealth management business to Osaic, pursuant to the Stock Purchase Agreement entered into between LNC and Osaic on December 14, 2023 (the “Agreement”). Pursuant to the Agreement, LNC sold its ownership interests in the following subsidiaries of LNC: Lincoln Financial Advisors Corporation, Lincoln Financial Securities Corporation, California Fringe Benefit and Insurance Marketing Corporation, LFA, Limited Liability Company and LFA Management Corporation (collectively, the “Wealth Management Business”). The total consideration received by LNC for the Wealth Management Business at closing was $725 million.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 657	$ (928)

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Nature of Operations and Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited consolidated financial statements are prepared in accordance with United States of America generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for the Securities and Exchange Commission (“SEC”) Quarterly Report on Form 10-Q, including Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The information contained in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”), should be read in connection with the reading of these interim unaudited consolidated financial statements.

Segment Reporting

We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the level of aggregation by reportable segment as follows:

Reportable Segment	Level of Aggregation
Annuities	Variable Annuities
	Fixed Annuities
	Payout Annuities
Life Insurance	Traditional Life
	UL and Other
Group Protection	Group Protection
Retirement Plan Services	Retirement Plan Services

The variable annuities level of aggregation includes RILA products, which are indexed variable annuities. The fixed annuities level of aggregation represents deferred fixed annuities. We have excluded amounts reported in Other Operations from our disaggregated disclosures that are attributable to the indemnity reinsurance agreements with Protective Life Insurance Company (“Protective”) and Swiss Re Life & Health America, Inc (“Swiss Re”) as these contracts are fully reinsured, run-off institutional pension business in the form of group annuity and the results of certain disability income business and are not reflected in the results of the reportable segments listed above.

New Accounting Standards

Adoption of New Accounting Standards

In the current period, we did not adopt any new Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board that were material in presentation or amount.

Future Adoption of New Accounting Standards

The following table provides a description of future adoptions of new ASUs that may have an impact on our consolidated financial statements when adopted. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount.

Standard	Description	Effective Date	Effect on Financial Statements or Other Significant Matters
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	This ASU aims to enhance reportable segment disclosure requirements. It requires that a public entity disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), disclose and describe other segment items and report additional measures of a segment’s profit or loss if used by the CODM.	January 1, 2024 (Annual Filings) and January 1, 2025 (Quarterly Filings)	We are evaluating the impact of this ASU to our consolidated financial statements.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	This ASU establishes new income tax disclosure requirements, along with adjusting certain existing requirements. It specifically requires expanded and disaggregated disclosures around the tax rate reconciliation.	January 1, 2025	We are evaluating the impact of this ASU to our consolidated financial statements.

Derivative Instruments

We maintain an overall risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings that are caused by interest rate risk, foreign currency exchange risk, equity market risk, basis risk, commodity risk and credit risk. We assess these risks by continually identifying and monitoring changes in our exposures that may adversely affect expected future cash flows and by evaluating hedging opportunities.

Derivative activities are monitored by various management committees. The committees are responsible for overseeing the implementation of various hedging strategies that are developed through the analysis of financial simulation models and other internal and industry sources. The resulting hedging strategies are incorporated into our overall risk management strategies.

See Note 12 for additional disclosures related to the fair value of our derivative instruments.

Interest Rate Contracts

We use derivative instruments as part of our interest rate risk management strategy. These instruments are economic hedges unless otherwise noted and include:

Forward-Starting Interest Rate Swaps

We use forward-starting interest rate swaps to hedge the interest rate exposure within our annuity and life insurance products.

Interest Rate Cap Corridors

We use interest rate cap corridors to provide a level of protection from the effect of rising interest rates for certain annuity contracts and life insurance products. Interest rate cap corridors involve purchasing an interest rate cap at a specific cap rate and selling an interest rate cap with a higher cap rate. For each corridor, the amount of quarterly payments, if any, is determined by the rate at which the underlying index rate resets above the original capped rate. The corridor limits the benefit the purchaser can receive as the related interest rate index rises above the higher capped rate. There is no additional liability to us other than the purchase price associated with the interest rate cap corridor.

Interest Rate Futures

We use interest rate futures contracts to hedge the liability exposure on certain options in variable annuity products. These futures contracts require payment between our counterparty and us on a daily basis for changes in the futures index price.

Interest Rate Swap Agreements

We use interest rate swap agreements to hedge the liability exposure on certain options in variable annuity products.

We also use interest rate swap agreements designated and qualifying as cash flow hedges to hedge the interest rate risk of floating-rate bond coupon payments by replicating a fixed-rate bond.

Finally, we use interest rate swap agreements designated and qualifying as fair value hedges to hedge against changes in the fair value of certain fixed maturity securities due to interest rate risks.

Bond Forwards and Reverse Treasury Locks

We use bond forwards and reverse treasury locks designated and qualifying as cash flow hedges to hedge the interest rate exposure related to the anticipated purchase of fixed-rate securities or the anticipated future cash flows of floating-rate fixed maturity securities due to changes in interest rates. These derivatives are primarily structured to hedge interest rate risk inherent in the assumptions used to price certain liabilities.

Foreign Currency Contracts

We use derivative instruments as part of our foreign currency risk management strategy. These instruments are economic hedges unless otherwise noted and include:

Currency Futures

We use currency futures to hedge foreign exchange risk associated with certain options in variable annuity products. Currency futures exchange one currency for another at a specified date in the future at a specified exchange rate.

Foreign Currency Swaps

We use foreign currency swaps to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies. A foreign currency swap is a contractual agreement to exchange one currency for another at specified dates in the future at a specified exchange rate.

We also use foreign currency swaps designated and qualifying as cash flow hedges to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies.

Foreign Currency Forwards

We use foreign currency forwards to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies. A foreign currency forward is a contractual agreement to exchange one currency for another at specified dates in the future at a specified current exchange rate.

Equity Market Contracts

We use derivative instruments as part of our equity market risk management strategy that are economic hedges and include:

Call Options Based on the S&P 500® Index and Other Indices

We use call options to hedge the liability exposure on certain options in variable annuity, RILA, fixed indexed annuity, IUL and VUL products.

Our RILA, fixed indexed annuity and IUL contracts permit the holder to elect an interest rate return or an equity market component, where interest credited to the contracts is linked to the performance of the S&P 500 Index or other indices. Policyholders may elect to rebalance index options at renewal dates. At the end of each indexed term, which can be up to six years, we have the opportunity to re-price the indexed component by establishing participation rates, caps, spreads and specified rates, subject to contractual guarantees. We use call options that are highly correlated to the portfolio allocation decisions of our policyholders, such that we are economically hedged with respect to equity returns for the current reset period.

Consumer Price Index Swaps

We use consumer price index swaps to hedge the liability exposure on certain options in fixed annuity products. Consumer price index swaps are contracts entered into at no cost and whose payoff is the difference between the consumer price index inflation rate and the fixed-rate determined as of inception.

Equity Futures

We use equity futures contracts to hedge the liability exposure on certain options in variable annuity products. These futures contracts require payment between our counterparty and us on a daily basis for changes in the futures index price.

Put Options

We use put options to hedge the liability exposure on certain options in variable annuity, RILA and VUL products. Put options are contracts that require the buyers to pay at a specified future date the amount, if any, by which a specified equity index is less than the strike rate stated in the agreement, applied to a notional amount.

Total Return Swaps

We use total return swaps to hedge the liability exposure on certain options in variable annuity, RILA and VUL products.

In addition, we use total return swaps to hedge a portion of the liability related to our deferred compensation plans. We receive the total return on a portfolio of indexes and pay a floating-rate of interest.

Commodity Contracts

We use commodity contracts to economically hedge certain investments that are closely tied to the changes in commodity values. The commodity contract is an over-the-counter contract that combines a purchase put/sold call to lock in a commodity price within a predetermined range in exchange for a net premium.

Credit Contracts

We use derivative instruments as part of our credit risk management strategy that are economic hedges and include:

Credit Default Swaps – Buying Protection

We use credit default swaps (“CDSs”) to hedge the liability exposure on certain options in variable annuity products.

We buy CDSs to hedge against a drop in bond prices due to credit concerns of certain bond issuers. A CDS allows us to put the bond back to the counterparty at par upon a default event by the bond issuer. A default event is defined as bankruptcy, failure to pay, obligation acceleration or restructuring.

CDSs – Selling Protection

We use CDSs to hedge the liability exposure on certain options in variable annuity products.

We sell CDSs to offer credit protection to policyholders and investors. The CDSs hedge the policyholders and investors against a drop in bond prices due to credit concerns of certain bond issuers. A CDS allows the investor to put the bond back to us at par upon a default event by the bond issuer. A default event is defined as bankruptcy, failure to pay, obligation acceleration or restructuring.

Other Derivatives

Lapse Protection Rider Ceded Derivative

We also have an inter-company agreement through which Lincoln National Reinsurance Company (Barbados) Limited (“LNBAR”), an affiliated reinsurer, assumes the risk under certain UL contracts for lapse protection riders (“LPR”). If the policyholder’s account balance is insufficient to pay the cost of insurance charges required to keep the policy in force, and the policyholder has made the required deposits, we will be reimbursed for those charges.

Embedded Derivatives

We have embedded derivatives that include:

RILA, Fixed Indexed Annuity and IUL Contracts Embedded Derivatives

Our RILA, fixed indexed annuity and IUL contracts permit the holder to elect an interest rate return or an equity market component, where interest credited to the contracts is linked to the performance of the S&P 500® Index or other indices. Policyholders may elect to rebalance index options at renewal dates. At the end of each indexed term, which can be up to six years, we have the opportunity to re-price the indexed component by establishing participation rates, caps, spreads and specified rates, subject to contractual guarantees. We use options that are highly correlated to the portfolio allocation decisions of our policyholders, such that we are economically hedged with respect to equity returns for the current reset period.

Reinsurance-Related Embedded Derivatives

We have certain modified coinsurance and coinsurance with funds withheld reinsurance agreements with embedded derivatives related to the withheld assets of the related funds. These derivatives are considered total return swaps with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.

Primary Risks Managed by Derivatives

Fair Value Measurement

Valuation Methodologies and Associated Inputs for Financial Instruments Not Carried at Fair Value

The following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value on the Consolidated Balance Sheets. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments.

Mortgage Loans on Real Estate

The fair value of mortgage loans on real estate, excluding mortgage loans accounted for using the fair value option, is established using a discounted cash flow method based on credit rating, maturity and future income. The ratings for mortgages in good standing are based on property type, location, market conditions, occupancy, debt-service coverage, loan-to-value, quality of tenancy, borrower and payment record. The fair value for impaired mortgage loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price or the fair value of the collateral if the loan is collateral dependent. The inputs used to measure the fair value of our mortgage loans on real estate, excluding mortgage loans accounted for using the fair value option, are classified as Level 2 within the fair value hierarchy.

Other Investments

The carrying value of our assets classified as other investments, excluding short-term investments, approximates fair value. Other investments includes primarily LPs and other privately held investments that are accounted for using the equity method of accounting and the carrying value is based on our proportional share of the net assets of the LPs. Other investments also includes FHLB stock carried at cost and periodically evaluated for impairment based on ultimate recovery of par value. The inputs used to measure the fair value of our LPs, other privately held investments and FHLB stock are classified as Level 3 within the fair value hierarchy. The remaining assets in other investments include cash collateral receivables and securities that are not LPs or other privately held investments. The inputs used to measure the fair value of these assets are classified as Level 2 within the fair value hierarchy.

Separate Account Assets

Separate account assets are primarily carried at fair value. A portion of our separate account assets includes LPs, which are accounted for using the equity method of accounting. The carrying value is based on our proportional share of the net assets of the LPs and approximates fair value. The inputs used to measure the fair value of the separate account asset LPs are classified as Level 3 within the fair value hierarchy.

Policyholder Account Balances

Policyholder account balances include account balances of certain investment contracts. The fair value of the account balances of certain investment contracts is based on their approximate surrender value as of the balance sheet date. The inputs used to measure the fair value of these policyholder account balances are classified as Level 3 within the fair value hierarchy.

Other Liabilities

Other liabilities include remaining guaranteed interest and similar contracts. The fair value for the remaining guaranteed interest and similar contracts is estimated using discounted cash flow calculations as of the balance sheet date. These calculations are based on interest rates currently offered on similar contracts with maturities that are consistent with those remaining for the contracts being valued. As of March 31, 2024, and December 31, 2023, the remaining guaranteed interest and similar contracts carrying value approximated fair value. The inputs used to measure the fair value of these other liabilities are classified as Level 3 within the fair value hierarchy.

Short-Term and Long-Term Debt

The fair value of short-term and long-term debt is based on quoted market prices. The inputs used to measure the fair value of our short-term and long-term debt are classified as Level 2 within the fair value hierarchy.

Fair Value Option

Mortgage loans on real estate, net of allowance for credit losses, as reported on the Consolidated Balance Sheets, includes mortgage loans on real estate for which the fair value option was elected. The fair value option allows us to elect fair value as an alternative measurement for mortgage loans not otherwise reported at fair value. We have made these elections for certain mortgage loans associated with modified coinsurance agreements to help mitigate the inconsistency in earnings that would otherwise result from the use of embedded derivatives included with these loans. Changes in fair value are reflected in realized gain (loss) on the Consolidated Statement of Comprehensive Income (Loss). Changes in fair value due to instrument-specific credit risk are estimated using changes in credit spreads and quality ratings for the period reported. Mortgage loans on real estate for which the fair value option was elected are valued using third-party pricing services. We have procedures in place to review the valuations each quarter to ensure they are reasonable, including utilizing a separate third party to reperform the valuation for a selection of mortgage loans on an annual basis. Due to lack of observable inputs, mortgage loans electing the fair value option are classified as Level 3 within the fair value hierarchy.

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Nature of Operations and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Segment Reporting Information, by Segment

We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the level of aggregation by reportable segment as follows:

Reportable Segment	Level of Aggregation
Annuities	Variable Annuities
	Fixed Annuities
	Payout Annuities
Life Insurance	Traditional Life
	UL and Other
Group Protection	Group Protection
Retirement Plan Services	Retirement Plan Services

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New Accounting Standards (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Standards Update and Change in Accounting Principle [Abstract]

New Accounting Standards

The following table provides a description of future adoptions of new ASUs that may have an impact on our consolidated financial statements when adopted. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount.

Standard	Description	Effective Date	Effect on Financial Statements or Other Significant Matters
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	This ASU aims to enhance reportable segment disclosure requirements. It requires that a public entity disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), disclose and describe other segment items and report additional measures of a segment’s profit or loss if used by the CODM.	January 1, 2024 (Annual Filings) and January 1, 2025 (Quarterly Filings)	We are evaluating the impact of this ASU to our consolidated financial statements.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	This ASU establishes new income tax disclosure requirements, along with adjusting certain existing requirements. It specifically requires expanded and disaggregated disclosures around the tax rate reconciliation.	January 1, 2025	We are evaluating the impact of this ASU to our consolidated financial statements.

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Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Schedule of Available-for-Sale Securities Reconciliation

The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of fixed maturity available-for-sale (“AFS”) securities (in millions) were as follows:

	As of March 31, 2024
	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Fair Value
			Gains		Losses
Fixed maturity AFS securities:
Corporate bonds	$	69,021	$	649	$	6,370	$	10	$	63,290
U.S. government bonds	422		4		35		–		391
State and municipal bonds	2,662		74		243		–		2,493
Foreign government bonds	298		13		51		–		260
RMBS	1,737		22		160		6		1,593
CMBS	1,557		5		159		–		1,403
ABS	12,761		71		606		4		12,222
Hybrid and redeemable preferred securities	218		22		11		1		228
Total fixed maturity AFS securities	$	88,676	$	860	$	7,635	$	21	$	81,880

	As of December 31, 2023
	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Fair Value
			Gains		Losses
Fixed maturity AFS securities:
Corporate bonds	$	68,811	$	820	$	5,757	$	8	$	63,866
U.S. government bonds	414		7		28		–		393
State and municipal bonds	2,675		97		230		–		2,542
Foreign government bonds	309		15		46		–		278
RMBS	1,719		27		138		6		1,602
CMBS	1,520		5		181		–		1,344
ABS	12,556		62		571		4		12,043
Hybrid and redeemable preferred securities	227		21		15		1		232
Total fixed maturity AFS securities	$	88,231	$	1,054	$	6,966	$	19	$	82,300

Investments Classified by Contractual Maturity Date

The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of March 31, 2024, were as follows:

	Amortized Cost		Fair Value
Due in one year or less	$	4,747	$	4,706
Due after one year through five years	17,819		17,165
Due after five years through ten years	14,991		13,902
Due after ten years	35,064		30,889
Subtotal	72,621		66,662
Structured securities (RMBS, CMBS, ABS)	16,055		15,218
Total fixed maturity AFS securities	$	88,676	$	81,880

Fair Value and Gross Unrealized Losses in a Continuous Unrealized Loss Position

The fair value and gross unrealized losses of fixed maturity AFS securities (dollars in millions) for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

	As of March 31, 2024
	Less Than or Equal to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds	$	14,754	$	1,913	$	32,673	$	4,457	$	47,427	$	6,370
U.S. government bonds	102		9		188		26		290		35
State and municipal bonds	396		75		844		168		1,240		243
Foreign government bonds	100		28		66		23		166		51
RMBS	452		27		866		133		1,318		160
CMBS	571		51		621		108		1,192		159
ABS	1,874		76		6,117		530		7,991		606
Hybrid and redeemable preferred securities	12		1		101		10		113		11
Total fixed maturity AFS securities	$	18,261	$	2,180	$	41,476	$	5,455	$	59,737	$	7,635
Total number of fixed maturity AFS securities in an unrealized loss position											7,093

	As of December 31, 2023
	Less Than or Equal to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds	$	13,439	$	1,744	$	33,285	$	4,013	$	46,724	$	5,757
U.S. government bonds	65		6		194		22		259		28
State and municipal bonds	371		72		814		158		1,185		230
Foreign government bonds	108		31		57		15		165		46
RMBS	355		20		840		118		1,195		138
CMBS	583		56		586		125		1,169		181
ABS	1,898		68		7,212		503		9,110		571
Hybrid and redeemable preferred securities	32		2		94		13		126		15
Total fixed maturity AFS securities	$	16,851	$	1,999	$	43,082	$	4,967	$	59,933	$	6,966
Total number of fixed maturity AFS securities in an unrealized loss position											7,167

(1) As of March 31, 2024, and December 31, 2023, we recognized $11 million and $7 million of gross unrealized losses, respectively, in other comprehensive income (“OCI”) for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:

	As of March 31, 2024
	Fair Value		Gross Unrealized Losses		Number of Securities (1)
Less than six months	$	3,677	$	1,296	687
Six months or greater, but less than nine months	423		158		131
Nine months or greater, but less than twelve months	254		80		68
Twelve months or greater	3,563		1,454		731
Total	$	7,917	$	2,988	1,617

	As of December 31, 2023
	Fair Value		Gross Unrealized Losses		Number of Securities (1)
Less than six months	$	2,480	$	916	529
Six months or greater, but less than nine months	321		90		79
Nine months or greater, but less than twelve months	321		106		87
Twelve months or greater	3,485		1,336		704
Total	$	6,607	$	2,448	1,399

(1) We may reflect a security in more than one aging category based on various purchase dates.

Debt Securities, Available-for-Sale

Changes in the allowance for credit losses on fixed maturity AFS securities (in millions), aggregated by investment category, were as follows:

	For the Three Months Ended March 31, 2024
	Corporate Bonds		RMBS		Other		Total
Balance as of beginning-of-year	$	8	$	6	$	5	$	19
Additions from purchases of PCD debt securities (1)	–		–		–		–
Additions for securities for which credit losses were not
previously recognized	1		–		–		1
Additions (reductions) for securities for which credit losses
were previously recognized	2		–		–		2
Reductions for disposed securities	(1)		–		–		(1)
Balance as of end-of-period (2)	$	10	$	6	$	5	$	21

	For the Three Months Ended March 31, 2023
	Corporate Bonds		RMBS		Other		Total
Balance as of beginning-of-year	$	9	$	7	$	5	$	21
Additions from purchases of PCD debt securities (1)	–		–		–		–
Additions for securities for which credit losses were not
previously recognized	18		–		–		18
Additions (reductions) for securities for which credit losses
were previously recognized	–		(1)		–		(1)
Reductions for disposed securities	(1)		–		–		(1)
Balance as of end-of-period (2)	$	26	$	6	$	5	$	37

(1) Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities.

(2) As of March 31, 2024 and 2023, accrued investment income on fixed maturity AFS securities totaled $847 million and $1.1 billion, respectively, and was excluded from the estimate of credit losses.

Composition of Current and Past Due Mortgage Loans on Real Estate

The following provides the current and past due composition of our mortgage loans on real estate (in millions):

	As of March 31, 2024						As of December 31, 2023
	Commercial		Residential		Total		Commercial		Residential		Total
Current	$	17,282	$	1,833	$	19,115	$	17,165	$	1,665	$	18,830
30 to 59 days past due	4		37		41		61		28		89
60 to 89 days past due	2		10		12		–		9		9
90 or more days past due	60		59		119		–		60		60
Allowance for credit losses	(84)		(31)		(115)		(86)		(28)		(114)
Unamortized premium (discount)	(7)		48		41		(7)		43		36
Mark-to-market gains (losses) (1)	(38)		1		(37)		(36)		(1)		(37)
Total carrying value	$	17,219	$	1,957	$	19,176	$	17,097	$	1,776	$	18,873

(1) Represents the mark-to-market on certain mortgage loans on real estate for which we have elected the fair value option. See Note 12 for additional information.

Amortized Cost of Mortgage Loans on Real Estate on Nonaccrual Status

The amortized cost of mortgage loans on real estate on nonaccrual status (in millions) was as follows:

	As of March 31, 2024				As of December 31, 2023
	Nonaccrual with no Allowance for Credit Losses		Nonaccrual		Nonaccrual with no Allowance for Credit Losses		Nonaccrual
Commercial mortgage loans on real estate	$	60	$	–	$	–	$	–
Residential mortgage loans on real estate	–		61		–		62
Total	$	60	$	61	$	–	$	62

Financing Receivable Credit Quality Indicators

The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows:

	As of March 31, 2024
	Less than 65%		Debt-Service Coverage Ratio	65% to 75%		Debt-Service Coverage Ratio	Greater than 75%		Debt-Service Coverage Ratio	Total
Origination Year
2024	$	332	2.64	$	18	1.31	$	–	–	$	350
2023	1,371		1.90	50		1.35	–		–	1,421
2022	1,735		2.05	104		1.59	5		1.33	1,844
2021	2,317		3.34	53		1.54	–		–	2,370
2020	1,181		3.21	6		1.43	–		–	1,187
2019 and prior	10,019		2.57	142		1.59	8		1.30	10,169
Total	$	16,955		$	373		$	13		$	17,341

	As of December 31, 2023
	Less than 65%		Debt-Service Coverage Ratio	65% to 75%		Debt-Service Coverage Ratio	Greater than 75%		Debt-Service Coverage Ratio	Total
Origination Year
2023	$	1,366	1.90	$	54	1.38	$	–	–	$	1,420
2022	1,709		2.07	140		1.54	–		–	1,849
2021	2,317		3.34	61		1.55	–		–	2,378
2020	1,205		3.23	11		1.38	–		–	1,216
2019	2,404		2.39	80		1.56	10		2.33	2,494
2018 and prior	7,770		2.39	78		1.60	14		0.87	7,862
Total	$	16,771		$	424		$	24		$	17,219

The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:

	As of March 31, 2024
	Performing		Nonperforming		Total
Origination Year
2024	$	54	$	–	$	54
2023	665		5		670
2022	525		23		548
2021	459		16		475
2020	76		2		78
2019 and prior	147		15		162
Total	$	1,926	$	61	$	1,987

	As of December 31, 2023
	Performing		Nonperforming		Total
Origination Year
2023	$	515	$	2	$	517
2022	533		22		555
2021	465		18		483
2020	78		3		81
2019	99		13		112
2018 and prior	53		4		57
Total	$	1,743	$	62	$	1,805

Changes in Allowance for Credit Losses on Mortgage Loans on Real Estate

Changes in the allowance for credit losses on mortgage loans on real estate (in millions) were as follows:

	For the Three Months Ended March 31, 2024
	Commercial		Residential		Total
Balance as of beginning-of-year	$	86	$	28	$	114
Additions (reductions) from provision for credit loss
expense (1)	(2)		3		1
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Balance as of end-of-period (2)	$	84	$	31	$	115

	For the Three Months Ended March 31, 2023
	Commercial		Residential		Total
Balance as of beginning-of-year	$	83	$	15	$	98
Additions (reductions) from provision for credit loss
expense (1)	–		5		5
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Balance as of end-of-period (2)	$	83	$	20	$	103

(1) We recognized $1 million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the three months ended March 31, 2024 and 2023.

(2) Accrued investment income on mortgage loans on real estate totaled $69 million and $52 million as of March 31, 2024, and 2023, respectively, and was excluded from the estimate of credit losses.

Credit Loss Expense Incurred

Details underlying credit loss benefit (expense) incurred as a result of impairments that were recognized in net income (loss) and included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows:

	For the Three Months Ended March 31,
	2024		2023
Credit Loss Benefit (Expense)
Fixed maturity AFS securities:
Corporate bonds	$	(2)	$	(17)
RMBS	–		1
Total credit loss benefit (expense)	$	(2)	$	(16)

Payables for Collateral on Investments

The carrying value of the payables for collateral on investments included on the Consolidated Balance Sheets and the fair value of the related investments or collateral (in millions) consisted of the following:

	As of March 31, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Collateral payable for derivative investments (1)	$	6,721	$	6,721	$	5,127	$	5,127
Securities pledged under securities lending agreements (2)	283		274		205		197
Investments pledged for FHLBI (3)	2,900		4,032		2,650		3,603
Total payables for collateral on investments	$	9,904	$	11,027	$	7,982	$	8,927

(1) We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash or fixed maturity AFS securities. This also includes interest payable on collateral. See Note 5 for additional information.

(2) Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.

(3) Our pledged investments for Federal Home Loan Bank (“FHLB”) of Indianapolis (“FHLBI”) are included in fixed maturity AFS securities and mortgage loans on real estate on the Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.

Schedule of Increase (Decrease) in Payables for Collateral on Investments

Increase (decrease) in payables for collateral on investments (in millions) consisted of the following:

	For the Three Months Ended March 31,
	2024		2023
Collateral payable for derivative investments	$	1,594	$	323
Securities pledged under securities lending agreements	78		(2)
Investments pledged for FHLBI	250		(175)
Total increase (decrease) in payables for collateral
on investments	$	1,922	$	146

Schedule of Securities Pledged by Contractual Maturity

The remaining contractual maturities of securities lending transactions accounted for as secured borrowings (in millions) were as follows:

	As of March 31, 2024
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	276	$	–	$	–	$	–	$	276
Foreign government bonds	1		–		–		–		1
Equity securities	6		–		–		–		6
Total gross secured borrowings	$	283	$	–	$	–	$	–	$	283

	As of December 31, 2023
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	202	$	–	$	–	$	–	$	202
Equity securities	3		–		–		–		3
Total gross secured borrowings	$	205	$	–	$	–	$	–	$	205

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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

We have derivative instruments with off-balance-sheet risks whose notional or contract amounts exceed the related credit exposure. Outstanding derivative instruments with off-balance-sheet risks (in millions) were as follows:

	As of March 31, 2024						As of December 31, 2023
	Notional Amounts		Fair Value				Notional Amounts		Fair Value
			Asset		Liability				Asset		Liability
Qualifying Hedges
Cash flow hedges:
Interest rate contracts (1)	$	370	$	2	$	28	$	485	$	11	$	47
Foreign currency contracts (1)	4,722		467		60		4,662		423		78
Total cash flow hedges	5,092		469		88		5,147		434		125
Fair value hedges:
Interest rate contracts (1)	445		2		23		450		1		39
Foreign currency contracts (1)	25		–		–		25		–		1
Total fair value hedges	470		2		23		475		1		40
Non-Qualifying Hedges
Interest rate contracts (1)	72,592		771		1,027		90,829		636		979
Foreign currency contracts (1)	370		13		3		306		11		6
Equity market contracts (1)	230,861		13,816		5,952		225,251		10,244		4,227
Credit contracts (1)	39		–		–		91		–		–
LPR ceded derivative (2)	–		201		–		–		206		–
Embedded derivatives:
Reinsurance-related (3)	–		543		–		–		493		–
RILA, fixed indexed annuity and IUL
contracts (4)	–		973		10,896		–		940		9,077
Total derivative instruments	$	309,424	$	16,788	$	17,989	$	322,099	$	12,965	$	14,454

(1)) These asset and liability balances are presented on a gross basis. Amounts are reported in derivative investments and other liabilities on the Consolidated Balance Sheets after the evaluation for right of offset subject to master netting agreements.

(2) Reported in other assets on the Consolidated Balance Sheets.

(3) Reported in funds withheld reinsurance liabilities on the Consolidated Balance Sheets.

(4) Reported in policyholder account balances and deposit assets on the Consolidated Balance Sheets.

Schedule of Derivative Instruments

The maturity of the notional amounts of derivative instruments (in millions) was as follows:

	Remaining Life as of March 31, 2024
	Less Than 1 Year		1 – 5 Years		6 - 10 Years		11 - 30 Years		Over 30 Years		Total
Interest rate contracts (1)	$	9,795	$	19,247	$	22,649	$	21,716	$	–	$	73,407
Foreign currency contracts (2)	356		1,007		1,725		1,987		42		5,117
Equity market contracts	185,575		34,228		7,262		8		3,788		230,861
Credit contracts	–		39		–		–		–		39
Total derivative instruments with
notional amounts	$	195,726	$	54,521	$	31,636	$	23,711	$	3,830	$	309,424

(1) As of March 31, 2024, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was September 22, 2026.

(2) As of March 31, 2024, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was June 16, 2061.

Cumulative Basis Adjustments for Fair Value Hedges

The following amounts (in millions) were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges:

	Amortized Cost of the Hedged Assets / (Liabilities)				Cumulative Fair Value Hedging Adjustment Included in the Amortized Cost of the Hedged Assets / (Liabilities)
	As of March 31, 2024		As of December 31, 2023		As of March 31, 2024		As of December 31, 2023
Line Item in the Consolidated Balance Sheets in
which the Hedged Item is Included
Fixed maturity AFS securities, at fair value	$	510	$	534	$	21	$	39

Change in Our Unrealized Gain on Derivative Instruments in AOCI

The change in our unrealized gain (loss) on derivative instruments within accumulated other comprehensive income (loss) (“AOCI”) (in millions) was as follows:

	For the Three Months Ended March 31,
	2024		2023
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	249	$	301
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period:
Cash flow hedges:
Interest rate contracts	9		110
Foreign currency contracts	(25)		76
Change in foreign currency exchange rate adjustment	101		(67)
Income tax benefit (expense)	(18)		(25)
Less:
Reclassification adjustment for gains (losses)
included in net income (loss):
Cash flow hedges:
Foreign currency contracts (1)	15		14
Foreign currency contracts (2)	–		2
Income tax benefit (expense)	(3)		(3)
Balance as of end-of-period	$	304	$	382

(1) The OCI offset is reported within net investment income on the Consolidated Statements of Comprehensive Income (Loss).

(2) The OCI offset is reported within realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

Effects of Qualifying and Non-Qualifying Hedges

The effects of qualifying and non-qualifying hedges (in millions) on the Consolidated Statements of Comprehensive Income (Loss) were as follows:

Gain (Loss) Recognized in Income For the Three Months Ended March 31,

2024

2023

Realized Gain (Loss)

Net Investment Income

Benefits

Realized Gain (Loss)

Net Investment Income

Benefits

Total Line Items in which the Effects of

Fair Value or Cash Flow Hedges are

Recorded

$

(57)

$

–

$

1,224

$

–

$

1,739

$

(394)

$

1,409

$

2,204

Qualifying Hedges

Gain or (loss) on fair value hedging

relationships:

Interest rate contracts:

Hedged items

–

(18)

–

–

16

–

Derivatives designated as hedging

–

instruments

–

18

–

–

(16)

–

Foreign currency contracts:

Hedged items

–

(1)

–

–

–

–

Derivatives designated as hedging

–

instruments

–

1

–

–

–

–

Gain or (loss) on cash flow hedging

relationships:

Foreign currency contracts:

–

Amount of gain or (loss) reclassified

from AOCI into income

–

15

–

2

14

–

Non-Qualifying Hedges

Interest rate contracts

(163)

–

–

332

–

–

Foreign currency contracts

–

–

–

(1)

–

–

Equity market contracts

2,135

–

–

(53)

–

–

Commodity contracts

–

–

–

11

–

–

Credit contracts

–

–

–

(1)

–

–

LPR ceded derivative

–

–

5

–

–

13

Embedded derivatives:

Reinsurance-related

49

–

–

(67)

–

–

RILA, fixed indexed annuity and IUL

contracts

(1,642)

–

–

(713)

–

–

Disclosure of Credit Derivatives

Information related to our CDSs for which we are the seller (dollars in millions) was as follows:

	As of March 31, 2024
Credit Contract Type	Maturity	Reason for Entering	Name of Recourse	Credit Rating of Underlying Obligation (1)	Number of Instruments	Fair Value (2)		Maximum Potential Payout
Basket CDSs	12/20/2028	(3)	(4)	BBB+	1	$	1	$	39

(1)    Represents average credit ratings based on the midpoint of the applicable ratings among Moody’s, S&P and Fitch Ratings, as scaled to the corresponding S&P ratings.

(2)    Third-party valuation specialists are used to determine the market value of our CDSs.

(3)    CDSs were entered into in order to hedge the liability exposure on certain variable annuity products.

(4)    Sellers do not have the right to demand indemnification or compensation from third parties in case of a loss (payment) on the contract.

Details underlying the associated collateral of our CDSs for which we are the seller if credit risk-related contingent features were triggered (in millions) were as follows:

	As of March 31, 2024		As of December 31, 2023
Maximum potential payout	$	39	$	–
Less: Counterparty thresholds	–		–
Maximum collateral potentially required to post	$	39	$	–

Schedule of Collateral Amounts With Rights to Reclaim or Obligation to Return Cash

The amounts recognized (in millions) by S&P credit rating of counterparty, for which we had the right to reclaim cash collateral or were obligated to return cash collateral, were as follows:

	As of March 31, 2024				As of December 31, 2023
S&P Credit Rating of Counterparty	Collateral Posted by Counter-Party (Held by LNL)		Collateral Posted by LNL (Held by Counter-Party)		Collateral Posted by Counter-Party (Held by LNL)		Collateral Posted by LNL (Held by Counter-Party)
AA-	$	3,311	$	(71)	$	2,330	$	(63)
A+	2,809		(43)		2,422		(125)
A	90		–		82		–
A-	481		–		273		–
	$	6,691	$	(114)	$	5,107	$	(188)

Schedule of Offsetting Assets

Information related to the effects of offsetting on the Consolidated Balance Sheets (in millions) was as follows:

	As of March 31, 2024
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	14,984	$	1,516	$	16,500
Gross amounts offset	(6,830)		–		(6,830)
Net amount of assets	8,154		1,516		9,670
Gross amounts not offset:
Cash collateral	(6,691)		–		(6,691)
Non-cash collateral (1)	(1,463)		–		(1,463)
Net amount	$	–	$	1,516	$	1,516
Financial Liabilities
Gross amount of recognized liabilities	263		10,896		11,159
Gross amounts offset	(87)		–		(87)
Net amount of liabilities	176		10,896		11,072
Gross amounts not offset:
Cash collateral	(114)		–		(114)
Non-cash collateral (2)	(62)		–		(62)
Net amount	$	–	$	10,896	$	10,896

(1) Excludes excess non-cash collateral received of $1.4 billion, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

(2) Excludes excess non-cash collateral pledged of $99 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

	As of December 31, 2023
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	10,714	$	1,433	$	12,147
Gross amounts offset	(4,409)		–		(4,409)
Net amount of assets	6,305		1,433		7,738
Gross amounts not offset:
Cash collateral	(5,107)		–		(5,107)
Non-cash collateral (1)	(1,198)		–		(1,198)
Net amount	–		1,433		1,433
Financial Liabilities
Gross amount of recognized liabilities	968		9,077		10,045
Gross amounts offset	(612)		–		(612)
Net amount of liabilities	356		9,077		9,433
Gross amounts not offset:
Cash collateral	(188)		–		(188)
Non-cash collateral (2)	(168)		–		(168)
Net amount	$	–	$	9,077	$	9,077

(1) Excludes excess non-cash collateral received of $1.3 billion, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

(2) Excludes excess non-cash collateral pledged of $81 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

Schedule of Offsetting Liabilities

Information related to the effects of offsetting on the Consolidated Balance Sheets (in millions) was as follows:

	As of March 31, 2024
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	14,984	$	1,516	$	16,500
Gross amounts offset	(6,830)		–		(6,830)
Net amount of assets	8,154		1,516		9,670
Gross amounts not offset:
Cash collateral	(6,691)		–		(6,691)
Non-cash collateral (1)	(1,463)		–		(1,463)
Net amount	$	–	$	1,516	$	1,516
Financial Liabilities
Gross amount of recognized liabilities	263		10,896		11,159
Gross amounts offset	(87)		–		(87)
Net amount of liabilities	176		10,896		11,072
Gross amounts not offset:
Cash collateral	(114)		–		(114)
Non-cash collateral (2)	(62)		–		(62)
Net amount	$	–	$	10,896	$	10,896

(1) Excludes excess non-cash collateral received of $1.4 billion, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

(2) Excludes excess non-cash collateral pledged of $99 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

	As of December 31, 2023
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	10,714	$	1,433	$	12,147
Gross amounts offset	(4,409)		–		(4,409)
Net amount of assets	6,305		1,433		7,738
Gross amounts not offset:
Cash collateral	(5,107)		–		(5,107)
Non-cash collateral (1)	(1,198)		–		(1,198)
Net amount	–		1,433		1,433
Financial Liabilities
Gross amount of recognized liabilities	968		9,077		10,045
Gross amounts offset	(612)		–		(612)
Net amount of liabilities	356		9,077		9,433
Gross amounts not offset:
Cash collateral	(188)		–		(188)
Non-cash collateral (2)	(168)		–		(168)
Net amount	$	–	$	9,077	$	9,077

(1) Excludes excess non-cash collateral received of $1.3 billion, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

(2) Excludes excess non-cash collateral pledged of $81 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

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DAC, VOBA, DSI and DFEL (Tables)

3 Months Ended

Mar. 31, 2024

Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]

Reconciliation of DAC, VOBA and DSI

The following table reconciles deferred acquisition costs (“DAC”), value of business acquired (“VOBA”) and deferred sales inducements (“DSI”) (in millions) to the Consolidated Balance Sheets:

	As of  March 31, 2024		As of December 31, 2023
DAC, VOBA and DSI
Variable Annuities	$	4,019	$	4,025
Fixed Annuities	447		456
Traditional Life	1,368		1,374
UL and Other	6,082		6,139
Group Protection	158		154
Retirement Plan Services	278		270
Total DAC, VOBA and DSI	$	12,352	$	12,418

Reconciliation of DFEL

The following table reconciles deferred front-end loads (“DFEL”) (in millions) to the Consolidated Balance Sheets:

	As of  March 31, 2024		As of December 31, 2023
DFEL
Variable Annuities	$	298	$	300
UL and Other (1)	5,778		5,579
Other Operations (2)	45		44
Total DFEL	$	6,121	$	5,923

(1) We reported $2.3 billion of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023, respectively.

(2) Represents DFEL reported in Other Operations attributable to the indemnity reinsurance agreement with Protective that is excluded from the following tables. We reported $45 million and $44 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023.

DAC

The following tables summarize the changes in DAC (in millions):

	For the Three Months Ended March 31, 2024
	Variable Annuities		Fixed Annuities		Traditional Life		UL and Other		Group Protection		Retirement Plan Services
Balance as of beginning-of-year	$	3,868	$	421	$	1,332	$	5,709	$	154	$	244
Business acquired (sold) through
reinsurance	–		–		–		(73)		–		–
Deferrals	89		9		32		100		30		5
Amortization	(92)		(16)		(36)		(75)		(26)		(5)
Balance as of end-of-period	$	3,865	$	414	$	1,328	$	5,661	$	158	$	244

	For the Three Months Ended March 31, 2023
	Variable Annuities		Fixed Annuities		Traditional Life		UL and Other		Group Protection		Retirement Plan Services
Balance as of beginning-of-year	$	3,880	$	439	$	1,286	$	5,518	$	141	$	241
Deferrals	85		14		55		119		25		6
Amortization	(93)		(17)		(35)		(72)		(24)		(5)
Balance as of end-of-period	$	3,872	$	436	$	1,306	$	5,565	$	142	$	242

VOBA

The following tables summarize the changes in VOBA (in millions):

	For the Three Months Ended   March 31, 2024
	Fixed Annuities		Traditional Life		UL and Other
Balance as of beginning-of-year	$	15	$	42	$	402
Amortization	(1)		(2)		(9)
Balance as of end-of-period	$	14	$	40	$	393

	For the Three Months Ended   March 31, 2023
	Fixed Annuities		Traditional Life		UL and Other
Balance as of beginning-of-year	$	17	$	50	$	454
Deferrals	1		–		–
Amortization	(1)		(2)		(11)
Balance as of end-of-period	$	17	$	48	$	443

DSI

The following tables summarize the changes in DSI (in millions):

	For the Three Months Ended   March 31, 2024
	Variable Annuities		Fixed Annuities		UL and Other		Retirement Plan Services
Balance as of beginning-of-year	$	157	$	20	$	28	$	26
Deferrals	–		–		1		8
Amortization	(3)		(1)		(1)		–
Balance as of end-of-period	$	154	$	19	$	28	$	34

	For the Three Months Ended   March 31, 2023
	Variable Annuities		Fixed Annuities		UL and Other		Retirement Plan Services
Balance as of beginning-of-year	$	167	$	23	$	30	$	17
Deferrals	–		–		–		2
Amortization	(4)		(1)		(1)		–
Balance as of end-of-period	$	163	$	22	$	29	$	19

DFEL

The following tables summarize the changes in DFEL (in millions):

	For the Three Months Ended March 31, 2024				For the Three Months Ended March 31, 2023
	Variable Annuities		UL and Other		Variable Annuities		UL and Other
Balance as of beginning-of-year	$	300	$	5,579	$	310	$	4,765
Deferrals	5		267		5		262
Amortization	(7)		(68)		(7)		(61)
Balance as of end-of-period	298		5,778		308		4,966
Less: ceded DFEL	–		2,303		–		30
Balance as of end-of-period, net of reinsurance	$	298	$	3,475	$	308	$	4,936

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MRBs (Tables)

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Reconciles of MRBs Assets and Liabilities

The following table reconciles market risk benefits (“MRBs”) (in millions) to MRB assets and MRB liabilities on the Consolidated Balance Sheets:

	As of March 31, 2024						As of December 31, 2023
	Assets		Liabilities		Net (Assets) Liabilities		Assets		Liabilities		Net (Assets) Liabilities
Variable Annuities	$	4,743	$	1,139	$	(3,604)	$	3,763	$	1,583	$	(2,180)
Fixed Annuities	96		123		27		96		128		32
Retirement Plan Services	39		4		(35)		35		5		(30)
Total MRBs	$	4,878	$	1,266	$	(3,612)	$	3,894	$	1,716	$	(2,178)

Summary of Balances of Changes in Net MRB (Assets) Liabilities

The following table summarizes the balances of and changes in net MRB (assets) liabilities (in millions):

	As of or For the Three Months Ended March 31, 2024						As of or For the Three Months Ended March 31, 2023
	Variable Annuities		Fixed Annuities		Retirement Plan Services		Variable Annuities		Fixed Annuities		Retirement Plan Services
Balance as of beginning-of-year	$	(2,180)	$	32	$	(30)	$	(662)	$	(45)	$	(22)
Less: Effect of cumulative changes in
non-performance risk	(1,299)		(58)		(4)		(2,173)		(40)		(2)
Balance as of beginning-of-year, before the effect
of changes in non-performance risk	(881)		90		(26)		1,511		(5)		(20)
Issuances	3		–		–		1		–		–
Attributed fees collected	380		9		2		379		9		2
Benefit payments	(11)		–		–		(19)		–		–
Effect of changes in interest rates	(1,081)		(17)		(6)		1,406		31		5
Effect of changes in equity markets	(1,343)		(11)		(4)		(1,029)		(2)		(6)
Effect of changes in equity index volatility	4		(2)		–		(286)		–		(2)
In-force updates and other changes in MRBs (1)	51		1		1		76		1		–
Balance as of end-of-period, before the effect of
changes in non-performance risk	(2,878)		70		(33)		2,039		34		(21)
Effect of cumulative changes in
non-performance risk	(726)		(43)		(2)		(3,451)		(65)		(5)
Balance as of end-of-period	(3,604)		27		(35)		(1,412)		(31)		(26)
Less: ceded MRB assets (liabilities)	(2,194)		–		(8)		(210)		–		–
Balance as of end-of-period, net of reinsurance	$	(1,410)	$	27	$	(27)	$	(1,202)	$	(31)	$	(26)
Weighted-average age of policyholders (years)	72		69		63		71		68		63
Net amount at risk (2)	$	2,056	$	210	$	3	$	6,268	$	192	$	9

(1) Consists primarily of changes in MRB assets and liabilities related to differences between separate account fund performance and modeled indices and other changes such as actual to expected policyholder behavior.

(2) Net amount at risk (“NAR”) is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For guaranteed living benefits (“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 feature exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation.

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Separate Accounts (Tables)

3 Months Ended

Mar. 31, 2024

Separate Accounts Disclosure [Abstract]

Schedule of Fair Value of Separate Account Assets

The following table presents the fair value of separate account assets (in millions) reported on the Consolidated Balance Sheets by major investment category:

	As of  March 31,		As of  December 31,
	2024		2023
Mutual funds and collective investment trusts	$	165,556	$	157,578
Exchange-traded funds	352		350
Fixed maturity AFS securities	162		167
Cash and invested cash	8		25
Other investments	147		137
Total separate account assets	$	166,225	$	158,257

Schedule of Reconciliation of Separate Account Liabilities

The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:

	As of  March 31,		As of  December 31,
	2024		2023
Variable Annuities	$	118,176	$	113,356
UL and Other	27,007		25,150
Retirement Plan Services	20,986		19,699
Other Operations (1)	56		52
Total separate account liabilities	$	166,225	$	158,257

(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($48 million and $46 million as of March 31, 2024, and December 31, 2023, respectively) that are excluded from the following tables.

Summary of Balances and changes in Separate Account Liabilities

The following table summarizes the balances of and changes in separate account liabilities (in millions):

	As of or For the Three Months Ended March 31, 2024						As of or For the Three Months Ended March 31, 2023
	Variable Annuities		UL and Other		Retirement Plan Services		Variable Annuities		UL and Other		Retirement Plan Services
Balance as of beginning-of-year	$	113,356	$	25,150	$	19,699	$	105,573	$	20,920	$	16,996
Gross deposits	904		358		570		624		394		554
Withdrawals	(3,208)		(103)		(732)		(2,436)		(75)		(586)
Policyholder assessments	(648)		(246)		(44)		(624)		(238)		(40)
Change in market performance	7,503		1,885		1,475		5,054		1,193		978
Net transfers from (to) general account	269		(37)		18		143		(32)		(26)
Balance as of end-of-period	$	118,176	$	27,007	$	20,986	$	108,334	$	22,162	$	17,876
Cash surrender value	$	116,771	$	24,606	$	20,971	$	106,796	$	19,863	$	17,862

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Policyholder Account Balances (Tables)

3 Months Ended

Mar. 31, 2024

Policyholder Account Balance [Abstract]

Schedule of Policyholder Account Balances

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

	As of March 31,		As of December 31,
	2024		2023
Variable Annuities	$	31,408	$	29,141
Fixed Annuities	25,137		25,330
UL and Other	36,622		36,784
Retirement Plan Services	23,586		23,784
Other (1)	5,138		5,277
Total policyholder account balances	$	121,891	$	120,316

(1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($4.7 billion and $4.9 billion as of March 31, 2024, and December 31, 2023, respectively) that are excluded from the following tables.

Summary of Balances and Changes in Policyholder Account Balances

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

	As of or For the Three Months Ended March 31, 2024
	Variable Annuities			Fixed Annuities			UL and Other			Retirement Plan Services
Balance as of beginning-of-year	$	29,141		$	25,330		$	36,784		$	23,784
Gross deposits	973			972			847			790
Withdrawals	(224)			(1,409)			(356)			(1,203)
Policyholder assessments	–			(17)			(1,112)			(3)
Net transfers from (to) separate account	(178)			–			38			50
Interest credited	158			183			360			168
Change in fair value of embedded
derivative instruments	1,538			78			61			–
Balance as of end-of-period	$	31,408		$	25,137		$	36,622		$	23,586
Weighted-average crediting rate	2.1		%	2.9		%	3.9		%	2.8		%
Net amount at risk (1)(2)	$	2,056		$	210		$	299,063		$	3
Cash surrender value	30,228			24,114			32,282			23,560

	As of or For the Three Months Ended March 31, 2023
	Variable Annuities			Fixed Annuities			UL and Other			Retirement Plan Services
Balance as of beginning-of-year	$	22,184		$	23,338		$	37,258		$	25,138
Gross deposits	1,222			1,317			922			701
Withdrawals	(170)			(889)			(387)			(1,113)
Policyholder assessments	–			(15)			(1,117)			(3)
Net transfers from (to) separate account	(114)			–			32			103
Interest credited	109			154			369			168
Change in fair value of embedded
derivative instruments	540			88			29			–
Balance as of end-of-period	$	23,771		$	23,993		$	37,106		$	24,994
Weighted-average crediting rate	1.9		%	2.6		%	4.0		%	2.7		%
Net amount at risk (1)(2)	$	6,268		$	192		$	301,582		$	9
Cash surrender value	22,698			23,099			32,960			24,989

(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

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 March 31, 2024
	At Guaranteed Minimum		1-50 Basis Points Above		51-100 Basis Points Above		101-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Range of Guaranteed
Minimum Crediting Rate
Variable Annuities
Up to 1.00%	$	–	$	–	$	–	$	–	$	–	$	–
1.01% - 2.00%	5		–		–		–		6		11
2.01% - 3.00%	560		–		–		–		–		560
3.01% - 4.00%	1,319		–		–		–		–		1,319
4.01% and above	9		–		–		–		–		9
Other (1)	–		–		–		–		–		29,509
Total	$	1,893	$	–	$	–	$	–	$	6	$	31,408
Fixed Annuities
Up to 1.00%	$	679	$	605	$	560	$	493	$	2,466	$	4,803
1.01% - 2.00%	360		99		285		500		3,231		4,475
2.01% - 3.00%	1,749		39		5		1		25		1,819
3.01% - 4.00%	891		–		–		–		–		891
4.01% and above	177		–		–		–		–		177
Other (1)	–		–		–		–		–		12,972
Total	$	3,856	$	743	$	850	$	994	$	5,722	$	25,137
UL and Other
Up to 1.00%	$	264	$	–	$	219	$	119	$	30	$	632
1.01% - 2.00%	548		–		–		–		3,208		3,756
2.01% - 3.00%	6,848		10		149		–		–		7,007
3.01% - 4.00%	15,223		–		1		–		–		15,224
4.01% and above	3,722		–		–		–		–		3,722
Other (1)	–		–		–		–		–		6,281
Total	$	26,605	$	10	$	369	$	119	$	3,238	$	36,622
Retirement Plan Services
Up to 1.00%	$	437	$	500	$	740	$	3,706	$	4,320	$	9,703
1.01% - 2.00%	527		1,660		1,413		1,345		14		4,959
2.01% - 3.00%	2,342		21		63		17		1		2,444
3.01% - 4.00%	4,842		31		3		3		–		4,879
4.01% and above	1,458		143		–		–		–		1,601
Total	$	9,606	$	2,355	$	2,219	$	5,071	$	4,335	$	23,586

	As of March 31, 2023
	At Guaranteed Minimum		1-50 Basis Points Above		51-100 Basis Points Above		101-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Range of Guaranteed
Minimum Crediting Rate
Variable Annuities
Up to 1.00%	$	–	$	–	$	–	$	–	$	–	$	–
1.01% - 2.00%	4		–		–		–		8		12
2.01% - 3.00%	634		–		–		–		–		634
3.01% - 4.00%	1,503		–		–		–		–		1,503
4.01% and above	10		–		–		–		–		10
Other (1)	–		–		–		–		–		21,612
Total	$	2,151	$	–	$	–	$	–	$	8	$	23,771
Fixed Annuities
Up to 1.00%	$	831	$	447	$	578	$	448	$	1,773	$	4,077
1.01% - 2.00%	559		141		184		493		1,083		2,460
2.01% - 3.00%	1,886		6		2		–		–		1,894
3.01% - 4.00%	1,446		–		–		–		–		1,446
4.01% and above	193		–		–		–		–		193
Other (1)	–		–		–		–		–		13,923
Total	$	4,915	$	594	$	764	$	941	$	2,856	$	23,993
UL and Other
Up to 1.00%	$	312	$	–	$	202	$	26	$	348	$	888
1.01% - 2.00%	555		–		–		–		3,229		3,784
2.01% - 3.00%	7,130		158		–		–		–		7,288
3.01% - 4.00%	15,693		–		1		–		–		15,694
4.01% and above	3,767		–		–		–		–		3,767
Other (1)	–		–		–		–		–		5,685
Total	$	27,457	$	158	$	203	$	26	$	3,577	$	37,106
Retirement Plan Services
Up to 1.00%	$	595	$	751	$	3,062	$	2,911	$	2,213	$	9,532
1.01% - 2.00%	977		2,629		1,196		527		–		5,329
2.01% - 3.00%	3,093		–		–		–		–		3,093
3.01% - 4.00%	5,442		–		–		–		–		5,442
4.01% and above	1,598		–		–		–		–		1,598
Total	$	11,705	$	3,380	$	4,258	$	3,438	$	2,213	$	24,994

(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.

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Future Contract Benefits (Tables)

3 Months Ended

Mar. 31, 2024

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Summary of Reconciliation of Future Contract Benefits

The following table reconciles future contract benefits (in millions) to the Consolidated Balance Sheets:

	As of March 31,		As of  December 31,
	2024		2023
Payout Annuities (1)	$	2,034	2,084
Traditional Life (1)	3,518		3,553
Group Protection (2)	5,640		5,689
UL and Other (3)	15,234		15,752
Other Operations (4)	9,496		9,753
Other (5)	3,290		3,343
Total future contract benefits	$	39,212	$	40,174

(1) See liability for future policy benefits (“LFPB”) below for further information.

(2) See “Liability for Future Claims” below for further information.

(3) See “Additional Liabilities for Other Insurance Benefits” below for further information.

(4) Represents future contract benefits reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($5.5 billion and $5.6 billion as of March 31, 2024, and December 31, 2023, respectively) and Swiss Re ($2.0 billion and $2.1 billion as of March 31, 2024, and December 31, 2023, respectively) that are excluded from the following tables.

(5) Represents other miscellaneous reserves that are not representative of long-duration contracts and are excluded from the following tables.

Summary of Changes in Present values of Expected Net Premiums and LFPB

The following table summarizes the balances of and changes in the present values of expected net premiums and LFPB (in millions, except years):

	As of or For the Three Months Ended March 31, 2024				As of or For the Three Months Ended March 31, 2023
	Payout Annuities		Traditional Life		Payout Annuities		Traditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year	$	–	$	6,084	$	–	$	5,896
Less: Effect of cumulative changes in discount
rate assumptions	–		(152)		–		(584)
Beginning balance at original discount rate	–		6,236		–		6,480
Effect of actual variances from expected experience	–		23		–		(234)
Adjusted balance as of beginning-of-year	–		6,259		–		6,246
Issuances	–		109		–		177
Interest accrual	–		61		–		57
Net premiums collected	–		(199)		–		(195)
Flooring impact of LFPB	–		1		–		1
Ending balance at original discount rate	–		6,231		–		6,286
Effect of cumulative changes in discount
rate assumptions	–		(257)		–		(235)
Balance as of end-of-period	$	–	$	5,974	$	–	$	6,051
Present Value of Expected LFPB
Balance as of beginning-of-year	$	2,084	$	9,637	$	2,003	$	9,086
Less: Effect of cumulative changes in discount
rate assumptions	(187)		(202)		(263)		(793)
Beginning balance at original discount rate (1)	2,271		9,839		2,266		9,879
Effect of actual variances from expected experience	1		27		(1)		(243)
Adjusted balance as of beginning-of-year	2,272		9,866		2,265		9,636
Issuances	15		109		27		177
Interest accrual	22		94		21		89
Benefit payments	(49)		(191)		(46)		(169)
Ending balance at original discount rate (1)	2,260		9,878		2,267		9,733
Effect of cumulative changes in discount
rate assumptions	(226)		(386)		(200)		(316)
Balance as of end-of-period	$	2,034	$	9,492	$	2,067	$	9,417
Net balance as of end-of-period	$	2,034	$	3,518	$	2,067	$	3,366
Less: reinsurance recoverables	1,572		244		10		270
Net balance as of end-of-period, net of reinsurance	$	462	$	3,274	$	2,057	$	3,096
Weighted-average duration of future policyholder
benefit liability (years)	9		10		9		11

(1) Includes deferred profit liability within Payout Annuities of $60 million and $43 million as of March 31, 2024 and 2023, respectively.

The following table summarizes the balances of and changes in liability for future claims (in millions, except years):

	Group Protection
	As of or For the Three Months Ended March 31,
	2024		2023
Balance as of beginning-of-year	$	5,689	$	5,462
Less: Effect of cumulative changes in discount
rate assumptions	(490)		(597)
Beginning balance at original discount rate	6,179		6,059
Effect of actual variances from expected experience	(67)		(100)
Adjusted beginning-of-year balance	6,112		5,959
New incidence	408		437
Interest	48		42
Benefit payments	(382)		(377)
Ending balance at original discount rate	6,186		6,061
Effect of cumulative changes in discount
rate assumptions	(546)		(569)
Balance as of end-of-period	5,640		5,492
Less: reinsurance recoverables	123		126
Balance as of end-of-period, net of reinsurance	$	5,517	$	5,366
Weighted-average duration of liability for future
claims (years)	5		4

The following table summarizes the balances of and changes in additional liabilities for other insurance benefits (in millions, except years):

	UL and Other
	As of or For the Three Months Ended March 31,
	2024		2023
Balance as of beginning-of-year	$	15,752	$	14,777
Less: Effect of cumulative changes in shadow
balance in AOCI	(853)		(905)
Balance as of beginning-of-year, excluding
shadow balance in AOCI	16,605		15,682
Effect of actual variances from expected experience	106		(9)
Adjusted beginning-of-year balance	16,711		15,673
Interest accrual	203		186
Net assessments collected	324		337
Benefit payments	(313)		(183)
Balance as of end-of-period, excluding shadow
balance in AOCI	16,925		16,013
Effect of cumulative changes in shadow
balance in AOCI	(1,691)		(669)
Balance as of end-of-period	15,234		15,344
Less: reinsurance recoverables (1)	9,734		2,007
Balance as of end-of-period, net of reinsurance	$	5,500	$	13,337
Weighted-average duration of additional liabilities
for other insurance benefits (years)	17		17

(1) Increase in reinsurance recoverables driven by the reinsurance agreement with Fortitude Re effective October 1, 2023 for certain blocks of in-force ULSG. See Note 7 for more information on the transaction.

Summary of Discounted and Undiscounted Expected Future Gross premiums and Expected Future Benefit Payments

The following table summarizes the discounted and undiscounted expected future gross premiums and expected future benefit payments (in millions):

	As of March 31, 2024				As of March 31, 2023
	Undiscounted		Discounted		Undiscounted		Discounted
Payout Annuities
Expected future gross premiums	$	–	$	–	$	–	$	–
Expected future benefit payments	3,437		2,034		3,460		2,067
Traditional Life
Expected future gross premiums	13,360		9,156		13,257		9,172
Expected future benefit payments	14,148		9,492		13,919		9,417

The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

	As of March 31, 2024				As of March 31, 2023
	Undiscounted		Discounted		Undiscounted		Discounted
Group Protection
Expected future benefit payments	$	7,296	$	5,640	$	7,086	$	5,492

Summary of Gross Premiums and Interest Accretion

The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

	For the Three Months Ended March 31,
	2024		2023
Payout Annuities
Gross premiums	$	21	$	28
Interest accretion	22		21
Traditional Life
Gross premiums	298		295
Interest accretion	33		32

The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

	For the Three Months Ended March 31,
	2024		2023
Group Protection
Gross premiums	$	896	$	885
Interest accretion	48		42

The following table summarizes the gross assessments and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

	For the Three Months Ended March 31,
	2024		2023
UL and Other
Gross assessments	$	766	$	915
Interest accretion	203		186

Summary of Weighted-Average Interest Rates

The following table summarizes the weighted-average interest rates:

	For the Three Months Ended March 31,
	2024		2023
Payout Annuities
Interest accretion rate	3.9	%	3.9	%
Current discount rate	5.2	%	4.9	%
Traditional Life
Interest accretion rate	5.0	%	5.1	%
Current discount rate	5.0	%	4.8	%

The following table summarizes the weighted-average interest rates:

	For the Three Months Ended March 31,
	2024		2023
Group Protection
Interest accretion rate	3.2	%	2.9	%
Current discount rate	5.0	%	4.8	%

The following table summarizes the weighted-average interest rates:

	For the Three Months Ended March 31,
	2024		2023
UL and Other
Interest accretion rate	5.3	%	5.0	%

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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The carrying values and estimated fair values of our financial instruments (in millions) were as follows:

	As of March 31, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets
Fixed maturity AFS securities	$	81,880	$	81,880	$	82,300	$	82,300
Trading securities	2,203		2,203		2,321		2,321
Equity securities	319		319		306		306
Mortgage loans on real estate	19,176		17,582		18,873		17,330
Derivative investments	8,154		8,154		6,305		6,305
Other investments	4,988		4,988		4,757		4,757
Cash and invested cash	3,807		3,807		3,193		3,193
MRB assets	4,878		4,878		3,894		3,894
Other assets:
Ceded MRBs	59		59		274		274
Indexed annuity ceded embedded derivatives	973		973		940		940
LPR ceded derivative	201		201		206		206
Separate account assets	166,225		166,225		158,257		158,257
Liabilities
Policyholder account balances:
Account balances of certain investment contracts	(44,361)		(33,730)		(44,615)		(34,020)
RILA, fixed annuity and IUL contracts	(10,896)		(10,896)		(9,077)		(9,077)
Funds withheld reinsurance liabilities – reinsurance-related
embedded derivatives	543		543		493		493
MRB liabilities	(1,266)		(1,266)		(1,716)		(1,716)
Short-term debt	(1,281)		(1,282)		(840)		(841)
Long-term debt	(2,179)		(2,101)		(2,195)		(2,125)
Other liabilities:
Ceded MRBs	(2,261)		(2,261)		(1,149)		(1,149)
Derivative liabilities	(176)		(176)		(356)		(356)
Remaining guaranteed interest and similar contracts	(397)		(397)		(411)		(411)

Fair Value Option, Disclosures

The fair value and aggregate contractual principal for mortgage loans on real estate where the fair value option was elected (in millions) were as follows:

	As of March 31,		As of December 31,
	2024		2023
Fair value	$	289	$	288
Aggregate contractual principal	326		326

Fair Value of Assets and Liabilities on a Recurring Basis

The following summarizes our financial instruments carried at fair value (in millions) on a recurring basis by the fair value hierarchy levels:

	As of March 31, 2024
	Quoted
	Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair
	(Level 1)		(Level 2)		(Level 3)		Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	–	$	56,543	$	6,747	$	63,290
U.S. government bonds	371		20		–		391
State and municipal bonds	–		2,493		–		2,493
Foreign government bonds	–		260		–		260
RMBS	–		1,581		12		1,593
CMBS	–		1,395		8		1,403
ABS	–		10,530		1,692		12,222
Hybrid and redeemable preferred securities	48		129		51		228
Trading securities	–		1,932		271		2,203
Equity securities	11		269		39		319
Mortgage loans on real estate	–		–		289		289
Derivative investments (1)	–		14,345		727		15,072
Other investments – short-term investments	–		217		–		217
Cash and invested cash	–		3,807		–		3,807
MRB assets	–		–		4,878		4,878
Other assets:
Ceded MRBs	–		–		59		59
Indexed annuity ceded embedded derivatives	–		–		973		973
LPR ceded derivative	–		–		201		201
Separate account assets	406		165,819		–		166,225
Total assets	$	836	$	259,340	$	15,947	$	276,123
Liabilities
Policyholder account balances – RILA,
fixed annuity and IUL contracts	$	–	$	–	$	(10,896)	$	(10,896)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives	–		568		(25)		543
MRB liabilities	–		–		(1,266)		(1,266)
Other liabilities:
Ceded MRBs	–		–		(2,261)		(2,261)
Derivative liabilities (1)	–		(6,368)		(726)		(7,094)
Total liabilities	$	–	$	(5,800)	$	(15,174)	$	(20,974)

	As of December 31, 2023
	Quoted
	Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair
	(Level 1)		(Level 2)		(Level 3)		Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	–	$	57,397	$	6,469	$	63,866
U.S. government bonds	373		20		–		393
State and municipal bonds	–		2,537		5		2,542
Foreign government bonds	–		278		–		278
RMBS	–		1,589		13		1,602
CMBS	–		1,336		8		1,344
ABS	–		10,559		1,484		12,043
Hybrid and redeemable preferred securities	46		138		48		232
Trading securities	–		2,037		284		2,321
Equity securities	1		263		42		306
Mortgage loans on real estate	–		–		288		288
Derivative investments (1)	–		10,705		622		11,327
Other investments – short-term investments	–		233		–		233
Cash and invested cash	–		3,193		–		3,193
MRB assets	–		–		3,894		3,894
Other assets:
Ceded MRBs	–		–		274		274
Indexed annuity ceded embedded derivatives	–		–		940		940
LPR ceded derivative	–		–		206		206
Separate account assets	402		157,855		–		158,257
Total assets	$	822	$	248,140	$	14,577	$	263,539
Liabilities
Policyholder account balances – RILA,
fixed annuity and IUL contracts	$	–	$	–	$	(9,077)	$	(9,077)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives	–		493		–		493
MRB liabilities	–		–		(1,716)		(1,716)
Other liabilities:
Ceded MRBs	–		–		(1,149)		(1,149)
Derivative liabilities (1)	–		(4,792)		(586)		(5,378)
Total liabilities	$	–	$	(4,299)	$	(12,528)	$	(16,827)

(1) Derivative investment assets and liabilities are presented within the fair value hierarchy on a gross basis by derivative type and not on a master netting basis by counterparty.

Fair Value Measured on a Recurring Basis Reconciliation

The following summarizes changes to our financial instruments carried at fair value (in millions) and classified within Level 3 of the fair value hierarchy. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. The summary schedule excludes changes to MRB assets and MRB liabilities as these balances are rolled forward in Note 8.

	For the Three Months Ended March 31, 2024
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other (1)		Net		Net		Value
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	6,469	$	1	$	(8)	$	310	$	(25)	$	6,747
State and municipal bonds	5		–		–		–		(5)		–
RMBS	13		–		(1)		–		–		12
CMBS	8		–		–		–		–		8
ABS	1,484		1		(2)		201		8		1,692
Hybrid and redeemable preferred
securities	48		–		3		–		–		51
Trading securities	284		–		–		(13)		–		271
Equity securities	42		(3)		–		–		–		39
Mortgage loans on real estate	288		–		1		–		–		289
Derivative investments	36		12		–		4		(51)		1
Other assets:
Ceded MRBs (3)	274		(215)		–		–		–		59
Indexed annuity ceded embedded
derivatives (4)	940		33		–		–		–		973
LPR ceded derivative (5)	206		(5)		–		–		–		201
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)	(9,077)		(1,677)		–		(142)		–		(10,896)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (4)	–		(25)		–		–		–		(25)
Other liabilities – ceded MRBs (3)	(1,149)		(1,112)		–		–		–		(2,261)
Total, net	$	(129)	$	(2,990)	$	(7)	$	360	$	(73)	$	(2,839)

	For the Three Months Ended March 31, 2023
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other (1)		Net		Net		Value
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	5,186	$	–	$	12	$	1,006	$	15	$	6,219
State and municipal bonds	35		–		1		–		–		36
RMBS	1		–		–		–		–		1
ABS	1,117		–		8		168		(193)		1,100
Hybrid and redeemable preferred
securities	49		–		–		(2)		12		59
Trading securities	581		4		–		(127)		–		458
Equity securities	153		(16)		–		–		–		137
Mortgage loans on real estate	487		2		3		(2)		–		490
Derivative investments	2		(1)		–		–		–		1
Other assets:
Ceded MRBs (3)	539		160		–		–		–		699
Indexed annuity ceded embedded
derivatives (4)	525		6		–		(226)		–		305
LPR ceded derivative (5)	212		(13)		–		–		–		199
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)	(4,783)		(719)		–		(294)		–		(5,796)
Other liabilities – ceded MRBs (3)	(246)		(663)		–		–		–		(909)
Total, net	$	3,858	$	(1,240)	$	24	$	523	$	(166)	$	2,999

(1) The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 5).

(2) Amortization and accretion of premiums and discounts are included in net investment income on the Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and credit loss expense are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(3) Gains (losses) from the changes in fair value are included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(4) Gains (losses) from the changes in fair value are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(5) Gains (losses) from the changes in fair value are included in benefits on the Consolidated Statements of Comprehensive Income (Loss).

Schedule of Investment Holdings Movements

The following provides the components of the items included in issuances, sales, maturities, settlements and calls, net, (in millions) as reported above:

	For the Three Months Ended March 31, 2024
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	536	$	(127)	$	(2)	$	(96)	$	(1)	$	310
ABS	264		–		–		(63)		–		201
Trading securities	–		(2)		–		(11)		–		(13)
Mortgage loans on real estate	1		(1)		–		–		–		–
Derivative investments	7		–		(3)		–		–		4
Policyholder account balances –
RILA, fixed annuity and
IUL contracts	(249)		–		–		107		–		(142)
Total, net	$	559	$	(130)	$	(5)	$	(63)	$	(1)	$	360

	For the Three Months Ended March 31, 2023
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	1,137	$	(55)	$	(8)	$	(68)	$	–	$	1,006
ABS	241		(2)		–		(71)		–		168
Hybrid and redeemable preferred
securities	–		–		–		–		(2)		(2)
Trading securities	–		(53)		–		(74)		–		(127)
Mortgage loans on real estate	1		–		–		(3)		–		(2)
Other assets – indexed annuity ceded
embedded derivatives	50		–		–		(276)		–		(226)
Policyholder account balances –
RILA, fixed annuity and
IUL contracts	(300)		–		–		6		–		(294)
Total, net	$	1,129	$	(110)	$	(8)	$	(486)	$	(2)	$	523

Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings

The following summarizes changes in unrealized gains (losses) included in net income related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

	For the Three Months Ended March 31,
	2024		2023
Trading securities (1)	$	–	$	6
Equity securities (1)	(3)		(16)
Mortgage loans on real estate (1)	–		2
Derivative investments (1)	16		(2)
MRBs (2)	686		(1,090)
Other assets – LPR ceded derivative (3)	(5)		(13)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (1)	(25)		–
Embedded derivatives – indexed annuity
and IUL contracts (1)	241		(153)
Total, net	$	910	$	(1,266)

(1) Included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(2) Included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(3) Included in benefits on the Consolidated Statements of Comprehensive Income (Loss).

Changes in Unrealized Gains (Losses) Included in OCI

The following summarizes changes in unrealized gains (losses) included in OCI, net of tax, related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

	For the Three Months Ended March 31,
	2024		2023
Fixed maturity AFS securities:
Corporate bonds	$	(10)	$	12
ABS	(1)		8
Hybrid and redeemable preferred
securities	2		–
Mortgage loans on real estate	1		2
Total, net	$	(8)	$	22

Components of the Transfers In and Out of Level 3

The following provides the components of the transfers into and out of Level 3 (in millions) as reported above:

	For the Three Months Ended March 31, 2024						For the Three Months Ended March 31, 2023
	Transfers		Transfers				Transfers		Transfers
	Into		Out of				Into		Out of
	Level 3		Level 3		Total		Level 3		Level 3		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	19	$	(44)	$	(25)	$	58	$	(43)	$	15
State and municipal bonds	–		(5)		(5)		–		–		–
ABS	31		(23)		8		–		(193)		(193)
Hybrid and redeemable preferred
securities	–		–		–		12		–		12
Derivative investments	–		(51)		(51)		–		–		–
Total, net	$	50	$	(123)	$	(73)	$	70	$	(236)	$	(166)

Fair Value Inputs Quantitative Information

The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of March 31, 2024:

										Weighted
	Fair		Valuation	Significant	Assumption or					Average Input
	Value		Technique	Unobservable Inputs	Input Ranges					Range (1)
Assets
Investments:
Fixed maturity AFS and
trading securities:
Corporate bonds	$	199	Discounted cash flow	Liquidity/duration adjustment (2)	(0.1)	%	–	3.8	%	2.0	%
CMBS	8		Discounted cash flow	Liquidity/duration adjustment (2)	2.0	%	–	2.0	%	2.0	%
ABS	11		Discounted cash flow	Liquidity/duration adjustment (2)	1.6	%	–	1.6	%	1.6	%
Hybrid and redeemable
preferred securities	7		Discounted cash flow	Liquidity/duration adjustment (2)	1.3	%	–	1.5	%	1.4	%
Equity securities	5		Discounted cash flow	Liquidity/duration adjustment (2)	4.5	%	–	4.5	%	4.5	%
MRB assets	4,878
Other assets:
Ceded MRBs	59		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.31	%	–	2.03	%	1.62	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	14.14	%
Indexed annuity
ceded embedded
derivatives	973		Discounted cash flow	Lapse (3)	0%		–	9	%	(10)
				Mortality (7)				(9)		(10)
LPR ceded
derivative	201		Discounted cash flow	Lapse (3)	0.1	%		2.00	%	(10)
				Non-performance risk (6)	0.31	%		2.03	%	1.41	%
				Mortality (7)				(9)		(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives	$	(10,803)	Discounted cash flow	Lapse (3)	0%		–	9	%	(10)
				Mortality (7)				(9)		(10)
MRB liabilities	(1,266)
Other liabilities – ceded
MRBs	(2,261)		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.31	%	–	2.03	%	1.62	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	14.14	%

The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2023:

										Weighted
	Fair		Valuation	Significant	Assumption or					Average Input
	Value		Technique	Unobservable Inputs	Input Ranges					Range (1)
Assets
Investments:
Fixed maturity AFS and
trading securities:
Corporate bonds	$	183	Discounted cash flow	Liquidity/duration adjustment (2)	(0.2)	%	–	3.7	%	2.1	%
State and municipal
bonds	5		Discounted cash flow	Liquidity/duration adjustment (2)	0.9	%	–	2.2	%	2.1	%
CMBS	8		Discounted cash flow	Liquidity/duration adjustment (2)	2.3	%	–	2.3	%	2.3	%
ABS	12		Discounted cash flow	Liquidity/duration adjustment (2)	1.8	%	–	1.8	%	1.8	%
Hybrid and redeemable
preferred securities	7		Discounted cash flow	Liquidity/duration adjustment (2)	1.4	%	–	1.5	%	1.5	%
Equity securities	5		Discounted cash flow	Liquidity/duration adjustment (2)	4.5	%	–	4.5	%	4.5	%
MRB assets	3,894
Other assets:
Ceded MRBs	274		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.51	%	–	2.13	%	1.78	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	13.92	%
Indexed annuity
ceded embedded
derivatives	940		Discounted cash flow	Lapse (3)	0%		–	9	%	(10)
				Mortality (7)				(9)		(10)
LPR ceded
derivative	206		Discounted cash flow	Lapse (3)	0.1	%		2.00	%	(10)
				Non-performance risk (6)	1	%		2.13	%	1.58	%
				Mortality (7)				(9)		(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives	$	(9,013)	Discounted cash flow	Lapse (3)	0%		–	9	%	(10)
				Mortality (7)				(9)		(10)
MRB liabilities	(1,716)
Other liabilities – ceded
MRBs	(1,149)		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.51	%	–	2.13	%	1.78	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	13.92	%

(1) Unobservable inputs were weighted by the relative fair value of the instruments, unless otherwise noted.

(2) The liquidity/duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment.

(3) The lapse input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits. The range for indexed annuity contracts represents the lapses during the surrender charge period.

(4) The utilization of GLB withdrawals input represents the estimated percentage of policyholders that utilize the GLB withdrawal riders.

(5) The utilization factors are applied to the present value of claims or premiums, as appropriate, in the MRB calculation to estimate the impact of inefficient GLB withdrawal behavior, including taking less than or more than the maximum GLB withdrawal.

(6) The non-performance risk input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract. The non-performance risk input was weighted by the absolute value of the sensitivity of the reserve to the non-performance risk assumption. The non-performance risk input for LPR ceded derivative was weighted using a simple average.

(7) The mortality input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die.

(8) The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Volatility assumptions vary by fund due to the benchmarking of different indices. The volatility input was weighted by the relative account balance assigned to each index.

(9) The mortality is based on a combination of company and industry experience, adjusted for improvement factors.

(10) A weighted average input range is not a meaningful measurement for lapse, utilization factors or mortality.

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Shares and Stockholder's Equity (Tables)

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Components and Changes In AOCI

The following summarizes the components and changes in AOCI (in millions):

	For the Three Months Ended March 31,
	2024		2023
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain
Other Investments
Balance as of beginning-of-year	$	(3,532)	$	(8,526)
Unrealized holding gains (losses) arising during the period	(914)		2,307
Change in foreign currency exchange rate adjustment	(102)		75
Change in future contract benefits and policyholder account balances,
net of reinsurance	1,574		(260)
Income tax benefit (expense)	(120)		(455)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	(51)		(37)
Income tax benefit (expense)	11		8
Balance as of end-of-period	$	(3,054)	$	(6,830)
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	249	$	301
Unrealized holding gains (losses) arising during the period	(16)		186
Change in foreign currency exchange rate adjustment	101		(67)
Income tax benefit (expense)	(18)		(25)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	15		16
Income tax benefit (expense)	(3)		(3)
Balance as of end-of-period	$	304	$	382
Market Risk Benefit Non-Performance Risk Gain (Loss)
Balance as of beginning-of-year	$	1,069	$	1,739
Adjustment arising during the period	(590)		1,306
Income tax benefit (expense)	126		(280)
Balance as of end-of-period	$	605	$	2,765
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Balance as of beginning-of-year	$	645	$	790
Adjustment arising during the period	133		(243)
Income tax benefit (expense)	(28)		53
Balance as of end-of-period	$	750	$	600
Funded Status of Employee Benefit Plans
Balance as of beginning-of-year	$	(16)	$	(17)
Balance as of end-of-period	$	(16)	$	(17)

Schedule of Reclassifications Out of AOCI

The following summarizes the reclassifications out of AOCI (in millions) and the associated line item in the Consolidated Statements of Comprehensive Income (Loss):

	For the Three Months Ended March 31,
	2024		2023
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification	$	(50)	$	(37)	Realized gain (loss)
Associated change in future contract benefits	(1)		–		Benefits
Reclassification before income tax benefit (expense)	(51)		(37)		Income (loss) before taxes
Income tax benefit (expense)	11		8		Federal income tax expense (benefit)
Reclassification, net of income tax	$	(40)	$	(29)	Net income (loss)
Unrealized Gain (Loss) on Derivative Instruments
Foreign currency contracts	15		14		Net investment income
Foreign currency contracts	–		2		Realized gain (loss)
Reclassifications before income tax benefit (expense)	15		16		Income (loss) before taxes
Income tax benefit (expense)	(3)		(3)		Federal income tax expense (benefit)
Reclassifications, net of income tax	$	12	$	13	Net income (loss)

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated

The tables below reconcile our segment measures of performance to the GAAP measures presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):

	For the Three Months Ended March 31,
	2024		2023
Revenues
Operating revenues:
Annuities	$	1,178	$	1,043
Life Insurance	1,181		1,638
Group Protection	1,424		1,388
Retirement Plan Services	317		322
Other Operations	26		38
Revenue adjustments from annuity and life insurance product features	169		(91)
Credit loss-related adjustments	(1)		(21)
Investment gains (losses)	(56)		(55)
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans	48		(11)
GLB rider fees ceded to LNBAR	(230)		(234)
Total revenues	$	4,056	$	4,017

Reconciliation Of Income (Loss) From Operations By Segment To Consolidated Net Income (Loss)

	For the Three Months Ended March 31,
	2024		2023
Net Income (Loss)
Income (loss) from operations:
Annuities	$	223	$	217
Life Insurance	(51)		(32)
Group Protection	79		71
Retirement Plan Services	32		38
Other Operations	(107)		(52)
Net annuity product features, after-tax	783		(821)
Net life insurance product features, after-tax	(104)		(95)
Credit loss-related adjustments, after-tax	(1)		(17)
Investment gains (losses), after-tax	(45)		(43)
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans, after-tax	38		(9)
GLB rider fees ceded to LNBAR, after-tax	(182)		(185)
Transaction and integration costs related to mergers,
acquisitions and divestitures, after-tax (1)	(8)		–
Net income (loss)	$	657	$	(928)

(1)    Includes costs pertaining to the sale of our wealth management business and the fourth quarter 2023 reinsurance transaction. For more information, see Note 1 and 7, respectively.

Reconciliation of Assets from Segment to Consolidated

Other segment information (in millions) was as follows:

	As of  March 31,		As of  December 31,
	2024		2023
Assets
Annuities	$	195,456	$	186,716
Life Insurance	111,492		107,529
Group Protection	9,759		9,741
Retirement Plan Services	47,838		46,969
Other Operations	21,659		23,021
Total assets	$	386,204	$	373,976

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Realized Gain (Loss) (Tables)

3 Months Ended

Mar. 31, 2024

Realized Gain (Loss) [Abstract]

Schedule of Realized Gain (Loss)

Details underlying realized gain (loss) (in millions) were as follows:

	For the Three Months Ended March 31,
	2024		2023
Fixed maturity AFS securities:
Gross gains	$	7	$	25
Gross losses	(57)		(62)
Credit loss benefit (expense) (1)	(2)		(16)
Realized gain (loss) on equity securities (2)	11		(14)
Credit loss benefit (expense) on mortgage loans on real estate	–		(4)
Credit loss benefit (expense) on reinsurance-related assets	1		(1)
Realized gain (loss) on the mark-to-market on certain
instruments (3)(4)	(133)		(128)
Indexed product derivative results (5)	145		(153)
GLB rider fees ceded to LNBAR and attributed fees	(30)		(29)
Other realized gain (loss)	1		(12)
Total realized gain (loss)	$	(57)	$	(394)

(1) Includes changes in the allowance for credit losses as well as direct write-downs to amortized cost as a result of negative credit events.

(2) Includes mark-to-market adjustments on equity securities still held of $11 million and $(14) million for the three months ended March 31, 2024 and 2023, respectively.

(3) Represents changes in the fair values of derivatives we hold as part of VUL hedging, reinsurance-related embedded derivatives and trading securities.

(4) Includes gains and losses from fair value changes on mortgage loans on real estate accounted for under the fair value option of less than $1 million and $2 million for the three months ended March 31, 2024 and 2023, respectively.

(5) Represents the change in fair value of the index options that we hold and the change in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts, and the associated index options to hedge policyholder index allocations applicable to future reset periods for our indexed annuity products.

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Nature of Operations and Basis of Presentation (Details) - Wealth Management Business - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets classified as held for sale	$ 142	$ 120
Liabilities classified as held for sale	75	$ 77
Subsidiaries
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets classified as held for sale, cash and invested cash	$ 56

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Investments - Reconciliation of Available-for-Sale Securities from Cost Basis to Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 88,676	$ 88,231
Gross Unrealized Gains	860	1,054
Gross Unrealized Losses	7,635	6,966
Allowance for Credit Losses	21	19	$ 37	$ 21
Fair Value	81,880	82,300
Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	69,021	68,811
Gross Unrealized Gains	649	820
Gross Unrealized Losses	6,370	5,757
Allowance for Credit Losses	10	8	26	9
Fair Value	63,290	63,866
U.S. government bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	422	414
Gross Unrealized Gains	4	7
Gross Unrealized Losses	35	28
Allowance for Credit Losses	0	0
Fair Value	391	393
State and municipal bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	2,662	2,675
Gross Unrealized Gains	74	97
Gross Unrealized Losses	243	230
Allowance for Credit Losses	0	0
Fair Value	2,493	2,542
Foreign government bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	298	309
Gross Unrealized Gains	13	15
Gross Unrealized Losses	51	46
Allowance for Credit Losses	0	0
Fair Value	260	278
RMBS
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	1,737	1,719
Gross Unrealized Gains	22	27
Gross Unrealized Losses	160	138
Allowance for Credit Losses	6	6	$ 6	$ 7
Fair Value	1,593	1,602
CMBS
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	1,557	1,520
Gross Unrealized Gains	5	5
Gross Unrealized Losses	159	181
Allowance for Credit Losses	0	0
Fair Value	1,403	1,344
ABS
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	12,761	12,556
Gross Unrealized Gains	71	62
Gross Unrealized Losses	606	571
Allowance for Credit Losses	4	4
Fair Value	12,222	12,043
Hybrid and redeemable preferred securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	218	227
Gross Unrealized Gains	22	21
Gross Unrealized Losses	11	15
Allowance for Credit Losses	1	1
Fair Value	$ 228	$ 232

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Investments - Available-for-Sale Securities by Contractual Maturities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost
Total fixed maturity AFS securities	$ 88,676	$ 88,231
Fair Value
Total fixed maturity AFS securities	81,880	$ 82,300
Fixed maturity AFS securities other than structured securities
Amortized Cost
Due in one year or less	4,747
Due after one year through five years	17,819
Due after five years through ten years	14,991
Due after ten years	35,064
Total fixed maturity AFS securities	72,621
Fair Value
Due in one year or less	4,706
Due after one year through five years	17,165
Due after five years through ten years	13,902
Due after ten years	30,889
Total fixed maturity AFS securities	66,662
Structured securities (RMBS, CMBS, ABS)
Amortized Cost
Total fixed maturity AFS securities	16,055
Fair Value
Total fixed maturity AFS securities	$ 15,218

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Investments - Fair Value and Gross Unrealized Losses in a Continuous Unrealized Loss Position (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Fair Value
Less Than or Equal to Twelve Months	$ 18,261	$ 16,851
Greater Than Twelve Months	41,476	43,082
Total	59,737	59,933
Gross Unrealized Losses
Less Than or Equal to Twelve Months	2,180	1,999
Greater Than Twelve Months	5,455	4,967
Total	$ 7,635	$ 6,966
Total number of fixed maturity AFS securities in an unrealized loss position | security	7,093	7,167
Unrealized holding losses arising during the period	$ 11	$ 7
Corporate bonds
Fair Value
Less Than or Equal to Twelve Months	14,754	13,439
Greater Than Twelve Months	32,673	33,285
Total	47,427	46,724
Gross Unrealized Losses
Less Than or Equal to Twelve Months	1,913	1,744
Greater Than Twelve Months	4,457	4,013
Total	6,370	5,757
U.S. government bonds
Fair Value
Less Than or Equal to Twelve Months	102	65
Greater Than Twelve Months	188	194
Total	290	259
Gross Unrealized Losses
Less Than or Equal to Twelve Months	9	6
Greater Than Twelve Months	26	22
Total	35	28
State and municipal bonds
Fair Value
Less Than or Equal to Twelve Months	396	371
Greater Than Twelve Months	844	814
Total	1,240	1,185
Gross Unrealized Losses
Less Than or Equal to Twelve Months	75	72
Greater Than Twelve Months	168	158
Total	243	230
Foreign government bonds
Fair Value
Less Than or Equal to Twelve Months	100	108
Greater Than Twelve Months	66	57
Total	166	165
Gross Unrealized Losses
Less Than or Equal to Twelve Months	28	31
Greater Than Twelve Months	23	15
Total	51	46
RMBS
Fair Value
Less Than or Equal to Twelve Months	452	355
Greater Than Twelve Months	866	840
Total	1,318	1,195
Gross Unrealized Losses
Less Than or Equal to Twelve Months	27	20
Greater Than Twelve Months	133	118
Total	160	138
CMBS
Fair Value
Less Than or Equal to Twelve Months	571	583
Greater Than Twelve Months	621	586
Total	1,192	1,169
Gross Unrealized Losses
Less Than or Equal to Twelve Months	51	56
Greater Than Twelve Months	108	125
Total	159	181
ABS
Fair Value
Less Than or Equal to Twelve Months	1,874	1,898
Greater Than Twelve Months	6,117	7,212
Total	7,991	9,110
Gross Unrealized Losses
Less Than or Equal to Twelve Months	76	68
Greater Than Twelve Months	530	503
Total	606	571
Hybrid and redeemable preferred securities
Fair Value
Less Than or Equal to Twelve Months	12	32
Greater Than Twelve Months	101	94
Total	113	126
Gross Unrealized Losses
Less Than or Equal to Twelve Months	1	2
Greater Than Twelve Months	10	13
Total	$ 11	$ 15

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Investments - Schedule of Available-for-Sale Securities Whose Value is Below Amortized Cost (Details) $ in Millions	Mar. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Fair Value
Nine months or greater, but less than twelve months	$ 18,261	$ 16,851
Twelve months or greater	41,476	43,082
Total	59,737	59,933
Gross Unrealized Losses
Nine months or greater, but less than twelve months	2,180	1,999
Twelve months or greater	5,455	4,967
Total	$ 7,635	$ 6,966
Number of Securities
Total | security	7,093	7,167
Fair Value Decline, Greater Than 20%
Fair Value
Less than six months	$ 3,677	$ 2,480
Six months or greater, but less than nine months	423	321
Nine months or greater, but less than twelve months	254	321
Twelve months or greater	3,563	3,485
Total	7,917	6,607
Gross Unrealized Losses
Less than six months	1,296	916
Six months or greater, but less than nine months	158	90
Nine months or greater, but less than twelve months	80	106
Twelve months or greater	1,454	1,336
Total	$ 2,988	$ 2,448
Number of Securities
Less than six months | security	687	529
Six months or greater, but less than nine months | security	131	79
Nine months or greater, but less than twelve months | security	68	87
Twelve months or greater | security	731	704
Total | security	1,617	1,399

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Investments - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) loan investment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) investment loan
Investments [Line Items]
Decrease in gross AFS securities unrealized gains (losses)	$ (669,000,000)
Losses from loan modifications	$ 0	$ 0
Number of partnerships in alternative investment portfolio | investment	338		332
Alternative investments as a percentage of overall invested assets	3.00%		3.00%
Fair value of collateral received that we are permitted to sell or re-pledge	$ 25,000,000
Fixed maturity available-for-sale securities, at fair value	81,880,000,000		$ 82,300,000,000
Investment commitments	3,800,000,000
Investment commitments for limited partnerships	2,800,000,000
Investment commitments for mortgage loans on real estate	748,000,000
Investment commitments for private placements	192,000,000
Asset Pledged as Collateral
Investments [Line Items]
Fixed maturity available-for-sale securities, at fair value	52,000,000
Derivative Counterparties
Investments [Line Items]
Fair value of collateral received that we are permitted to sell or re-pledge	1,700,000,000
Fair value of securities received as collateral that have been resold or repledged	$ 527,000,000
Minimum
Investments [Line Items]
Percentage of the fair value of securities obtained as collateral under reverse repurchase agreements.	80.00%
Maximum
Investments [Line Items]
Percentage of the fair value of securities obtained as collateral under reverse repurchase agreements.	95.00%
Residential
Investments [Line Items]
Number of loans past due | loan	118		116
Number of loans in foreclosure | loan	82		82
Mortgage loans in process of foreclosure, amount	$ 35,000,000		$ 38,000,000
California | Mortgages | Geographic Concentration Risk | Commercial
Investments [Line Items]
Concentration risk	26.00%		27.00%
California | Mortgages | Geographic Concentration Risk | Residential
Investments [Line Items]
Concentration risk	14.00%		14.00%
Texas | Mortgages | Geographic Concentration Risk | Commercial
Investments [Line Items]
Concentration risk	10.00%		9.00%
New York | Mortgages | Geographic Concentration Risk | Residential
Investments [Line Items]
Concentration risk	12.00%		12.00%
Corporate bonds
Investments [Line Items]
Amortized cost of portfolio rated below investment grade	$ 2,600,000,000		$ 2,700,000,000
Fair value of portfolio rated below investment grade	$ 2,500,000,000		$ 2,600,000,000
Corporate bonds | Credit Assessment | Reinsurer Concentration Risk
Investments [Line Items]
Percentage of fair value rated as investment grade	96.00%		96.00%
White Chapel V LLC | MBS
Investments [Line Items]
Fair value, concentration of risk	$ 1,500,000,000		$ 1,300,000,000
White Chapel V LLC | Investments | Lender Concentration Risk | MBS
Investments [Line Items]
Concentration risk	1.00%		1.00%
White Chapel LLC | MBS
Investments [Line Items]
Fair value, concentration of risk	$ 1,100,000,000		$ 1,000,000,000
White Chapel LLC | Investments | Lender Concentration Risk | MBS
Investments [Line Items]
Concentration risk	1.00%		1.00%
Financial Service | Securities Investment
Investments [Line Items]
Fair value, concentration of risk	$ 16,400,000,000		$ 16,600,000,000
Financial Service | Investments | Lender Concentration Risk | Securities Investment
Investments [Line Items]
Concentration risk	14.00%		14.00%
Consumer Non-Cyclical Industry | Securities Investment
Investments [Line Items]
Fair value, concentration of risk	$ 11,200,000,000		$ 11,300,000,000
Consumer Non-Cyclical Industry | Investments | Lender Concentration Risk | Securities Investment
Investments [Line Items]
Concentration risk	9.00%		10.00%

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Investments - Changes in Allowance for Credit Losses on AFS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Balance as of beginning-of-year	$ 19	$ 21
Additions from purchases of PCD debt securities	0	0
Additions for securities for which credit losses were not previously recognized	1	18
Additions (reductions) for securities for which credit losses were previously recognized	2	(1)
Reductions for disposed securities	(1)	(1)
Balance as of end-of-period	21	37
Accrued investment income on fixed maturity AFS securities	847	1,100
Corporate bonds
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Balance as of beginning-of-year	8	9
Additions from purchases of PCD debt securities	0	0
Additions for securities for which credit losses were not previously recognized	1	18
Additions (reductions) for securities for which credit losses were previously recognized	2	0
Reductions for disposed securities	(1)	(1)
Balance as of end-of-period	10	26
RMBS
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Balance as of beginning-of-year	6	7
Additions from purchases of PCD debt securities	0	0
Additions for securities for which credit losses were not previously recognized	0	0
Additions (reductions) for securities for which credit losses were previously recognized	0	(1)
Reductions for disposed securities	0	0
Balance as of end-of-period	6	6
Other
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Balance as of beginning-of-year	5	5
Additions from purchases of PCD debt securities	0	0
Additions for securities for which credit losses were not previously recognized	0	0
Additions (reductions) for securities for which credit losses were previously recognized	0	0
Reductions for disposed securities	0	0
Balance as of end-of-period	$ 5	$ 5

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Investments - Composition of Current and Past Due Mortgage Loans on Real Estate (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses	$ (115)	$ (114)
Unamortized premium (discount)	41	36
Mark-to-market gains (losses)	(37)	(37)
Total carrying value	19,176	18,873
Current
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans on real estate, gross	19,115	18,830
30 to 59 days past due
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans on real estate, gross	41	89
60 to 89 days past due
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans on real estate, gross	12	9
90 or more days past due
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans on real estate, gross	119	60
Commercial
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses	(84)	(86)
Unamortized premium (discount)	(7)	(7)
Mark-to-market gains (losses)	(38)	(36)
Total carrying value	17,219	17,097
Commercial | Current
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans on real estate, gross	17,282	17,165
Commercial | 30 to 59 days past due
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans on real estate, gross	4	61
Commercial | 60 to 89 days past due
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans on real estate, gross	2	0
Commercial | 90 or more days past due
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans on real estate, gross	60	0
Residential
Loans and Leases Receivable Disclosure [Line Items]
Allowance for credit losses	(31)	(28)
Unamortized premium (discount)	48	43
Mark-to-market gains (losses)	1	(1)
Total carrying value	1,957	1,776
Residential | Current
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans on real estate, gross	1,833	1,665
Residential | 30 to 59 days past due
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans on real estate, gross	37	28
Residential | 60 to 89 days past due
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans on real estate, gross	10	9
Residential | 90 or more days past due
Loans and Leases Receivable Disclosure [Line Items]
Mortgage loans on real estate, gross	$ 59	$ 60

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Investments - Amortized Cost of Mortgage Loans on Real Estate on Nonaccrual Status (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with no Allowance for Credit Losses	$ 60	$ 0
Nonaccrual	61	62
Commercial
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with no Allowance for Credit Losses	60	0
Nonaccrual	0	0
Residential
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual with no Allowance for Credit Losses	0	0
Nonaccrual	$ 61	$ 62

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Investments - Commercial Mortgage Loans by Year of Origination (Details) - Commercial $ in Millions	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Origination Year
Year one	$ 350	$ 1,420
Year two	1,421	1,849
Year three	1,844	2,378
Year four	2,370	1,216
Year five	1,187	2,494
Year six and prior	10,169	7,862
Total	17,341	17,219
Less than 65%
Origination Year
Year one	332	1,366
Year two	1,371	1,709
Year three	1,735	2,317
Year four	2,317	1,205
Year five	1,181	2,404
Year six and prior	10,019	7,770
Total	$ 16,955	$ 16,771
Debt-Service Coverage Ratio
Year one	2.64	1.90
Year two	1.90	2.07
Year three	2.05	3.34
Year four	3.34	3.23
Year five	3.21	2.39
Year six and prior	2.57	2.39
65% to 75%
Origination Year
Year one	$ 18	$ 54
Year two	50	140
Year three	104	61
Year four	53	11
Year five	6	80
Year six and prior	142	78
Total	$ 373	$ 424
Debt-Service Coverage Ratio
Year one	1.31	1.38
Year two	1.35	1.54
Year three	1.59	1.55
Year four	1.54	1.38
Year five	1.43	1.56
Year six and prior	1.59	1.60
Greater than 75%
Origination Year
Year one	$ 0	$ 0
Year two	0	0
Year three	5	0
Year four	0	0
Year five	0	10
Year six and prior	8	14
Total	$ 13	$ 24
Debt-Service Coverage Ratio
Year one	0	0
Year two	0	0
Year three	1.33	0
Year four	0	0
Year five	0	2.33
Year six and prior	1.30	0.87

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Investments - Residential Mortgage Loans by Year of Origination (Details) - Residential - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 54	$ 517
Year two	670	555
Year three	548	483
Year four	475	81
Year five	78	112
Year six and prior	162	57
Total	1,987	1,805
Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	54	515
Year two	665	533
Year three	525	465
Year four	459	78
Year five	76	99
Year six and prior	147	53
Total	1,926	1,743
Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	0	2
Year two	5	22
Year three	23	18
Year four	16	3
Year five	2	13
Year six and prior	15	4
Total	$ 61	$ 62

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Investments - Changes in Allowance for Credit Losses on Mortgage Loans on Real Estate (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of beginning-of-year	$ 114
Balance as of end-of-period	115
Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of beginning-of-year	86
Balance as of end-of-period	84
Residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of beginning-of-year	28
Balance as of end-of-period	31
Mortgage loans on real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of beginning-of-year	114	$ 98
Additions (reductions) from provision for credit loss expense	1	5
Additions from purchases of PCD mortgage loans on real estate	0	0
Balance as of end-of-period	115	103
Credit loss expense (reversal)	1	1
Accrued investment income excluded from credit losses	69	52
Mortgage loans on real estate | Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of beginning-of-year	86	83
Additions (reductions) from provision for credit loss expense	(2)	0
Additions from purchases of PCD mortgage loans on real estate	0	0
Balance as of end-of-period	84	83
Mortgage loans on real estate | Residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of beginning-of-year	28	15
Additions (reductions) from provision for credit loss expense	3	5
Additions from purchases of PCD mortgage loans on real estate	0	0
Balance as of end-of-period	$ 31	$ 20

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Investments - Credit Loss Expense Incurred (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items]
Total credit loss benefit (expense)	$ (1)	$ (18)
Realized Gain (Loss)
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items]
Total credit loss benefit (expense)	(2)	(16)
Corporate bonds
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items]
Total credit loss benefit (expense)	(1)	(18)
Corporate bonds | Realized Gain (Loss)
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items]
Total credit loss benefit (expense)	(2)	(17)
RMBS
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items]
Total credit loss benefit (expense)	0	0
RMBS | Realized Gain (Loss)
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items]
Total credit loss benefit (expense)	$ 0	$ 1

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Investments - Payables for Collateral on Investments (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Collateral payable for derivative investments	$ 6,721	$ 5,127
Securities pledged under securities lending agreements	283	205
Investments pledged for FHLBI	2,900	2,650
Total payables for collateral on investments	9,904	7,982
Fair Value
Collateral payable for derivative investments	6,721	5,127
Securities pledged under securities lending agreements	274	197
Investments pledged for FHLBI	4,032	3,603
Total payables for collateral on investments	$ 11,027	$ 8,927
Percentage of the fair value of domestic securities obtained as collateral under securities lending agreements.	102.00%	105.00%
Minimum
Fair Value
Percentage of the fair value of FHLBI securities obtained as collateral under securities pledged for FHLBI for AFS Securities	105.00%	115.00%
Percentage of the fair value of FHLBI securities obtained as collateral under securities pledged for FHLBI for mortgage loan	155.00%	175.00%

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Investments - Schedule of Increase (Decrease) in Payables for Collateral on Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments [Abstract]
Collateral payable for derivative investments	$ 1,594	$ 323
Securities pledged under securities lending agreements	78	(2)
Investments pledged for FHLBI	250	(175)
Total increase (decrease) in payables for collateral on investments	$ 1,922	$ 146

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Investments - Schedule of Securities Pledged by Contractual Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities pledged under securities lending agreements	$ 283	$ 205
Total gross secured borrowings	283	205
Corporate bonds
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities pledged under securities lending agreements	276	202
Foreign government bonds
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities pledged under securities lending agreements	1
Equity securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities pledged under securities lending agreements	6	3
Overnight and Continuous
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Total gross secured borrowings	283	205
Overnight and Continuous | Corporate bonds
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities pledged under securities lending agreements	276	202
Overnight and Continuous | Foreign government bonds
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities pledged under securities lending agreements	1
Overnight and Continuous | Equity securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities pledged under securities lending agreements	6	3
Up to 30 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Total gross secured borrowings	0	0
Up to 30 Days | Corporate bonds
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities pledged under securities lending agreements	0	0
Up to 30 Days | Foreign government bonds
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities pledged under securities lending agreements	0
Up to 30 Days | Equity securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities pledged under securities lending agreements	0	0
30-90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Total gross secured borrowings	0	0
30-90 Days | Corporate bonds
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities pledged under securities lending agreements	0	0
30-90 Days | Foreign government bonds
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities pledged under securities lending agreements	0
30-90 Days | Equity securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities pledged under securities lending agreements	0	0
Greater Than 90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Total gross secured borrowings	0	0
Greater Than 90 Days | Corporate bonds
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities pledged under securities lending agreements	0	0
Greater Than 90 Days | Foreign government bonds
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities pledged under securities lending agreements	0
Greater Than 90 Days | Equity securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities pledged under securities lending agreements	$ 0	$ 0

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Variable Interest Entities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Other investments	$ 4,988	$ 4,757
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Other investments	$ 4,300	$ 4,000

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Derivative Instruments - Outstanding Derivative Instruments With Off-Balance-Sheet Risks (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Outstanding derivative instruments with off-balance-sheet risks
Notional Amounts	$ 309,424	$ 322,099
Fair Value, Asset	16,788	12,965
Fair Value, Liability	17,989	14,454
Change in foreign currency exchange rate adjustment | Qualifying Hedges
Outstanding derivative instruments with off-balance-sheet risks
Notional Amounts	5,092	5,147
Fair Value, Asset	469	434
Fair Value, Liability	88	125
Fair value hedges: | Qualifying Hedges
Outstanding derivative instruments with off-balance-sheet risks
Notional Amounts	470	475
Fair Value, Asset	2	1
Fair Value, Liability	23	40
Interest rate contracts
Outstanding derivative instruments with off-balance-sheet risks
Notional Amounts	73,407
Interest rate contracts | Non-Qualifying Hedges
Outstanding derivative instruments with off-balance-sheet risks
Notional Amounts	72,592	90,829
Fair Value, Asset	771	636
Fair Value, Liability	1,027	979
Interest rate contracts | Change in foreign currency exchange rate adjustment | Qualifying Hedges
Outstanding derivative instruments with off-balance-sheet risks
Notional Amounts	370	485
Fair Value, Asset	2	11
Fair Value, Liability	28	47
Interest rate contracts | Fair value hedges: | Qualifying Hedges
Outstanding derivative instruments with off-balance-sheet risks
Notional Amounts	445	450
Fair Value, Asset	2	1
Fair Value, Liability	23	39
Foreign currency contracts
Outstanding derivative instruments with off-balance-sheet risks
Notional Amounts	5,117
Foreign currency contracts | Non-Qualifying Hedges
Outstanding derivative instruments with off-balance-sheet risks
Notional Amounts	370	306
Fair Value, Asset	13	11
Fair Value, Liability	3	6
Foreign currency contracts | Change in foreign currency exchange rate adjustment | Qualifying Hedges
Outstanding derivative instruments with off-balance-sheet risks
Notional Amounts	4,722	4,662
Fair Value, Asset	467	423
Fair Value, Liability	60	78
Foreign currency contracts | Fair value hedges: | Qualifying Hedges
Outstanding derivative instruments with off-balance-sheet risks
Notional Amounts	25	25
Fair Value, Asset	0	0
Fair Value, Liability	0	1
Equity market contracts
Outstanding derivative instruments with off-balance-sheet risks
Notional Amounts	230,861
Equity market contracts | Non-Qualifying Hedges
Outstanding derivative instruments with off-balance-sheet risks
Notional Amounts	230,861	225,251
Fair Value, Asset	13,816	10,244
Fair Value, Liability	5,952	4,227
Credit contracts
Outstanding derivative instruments with off-balance-sheet risks
Notional Amounts	39
Credit contracts | Non-Qualifying Hedges
Outstanding derivative instruments with off-balance-sheet risks
Notional Amounts	39	91
Fair Value, Asset	0	0
Fair Value, Liability	0	0
LPR ceded derivative | Non-Qualifying Hedges
Outstanding derivative instruments with off-balance-sheet risks
Notional Amounts	0	0
Fair Value, Asset	201	206
Fair Value, Liability	0	0
Reinsurance-related | Non-Qualifying Hedges
Outstanding derivative instruments with off-balance-sheet risks
Notional Amounts	0	0
Fair Value, Asset	543	493
Fair Value, Liability	0	0
Indexed annuity ceded embedded derivatives | Non-Qualifying Hedges
Outstanding derivative instruments with off-balance-sheet risks
Notional Amounts	0	0
Fair Value, Asset	973	940
Fair Value, Liability	$ 10,896	$ 9,077

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Derivative Instruments - Maturity of the Notional Amounts of Derivative Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Less Than 1 Year	$ 195,726
1 – 5 Years	54,521
6 - 10 Years	31,636
11 - 30 Years	23,711
Over 30 Years	3,830
Total	309,424	$ 322,099
Interest rate contracts
Derivative [Line Items]
Less Than 1 Year	9,795
1 – 5 Years	19,247
6 - 10 Years	22,649
11 - 30 Years	21,716
Over 30 Years	0
Total	73,407
Foreign currency contracts
Derivative [Line Items]
Less Than 1 Year	356
1 – 5 Years	1,007
6 - 10 Years	1,725
11 - 30 Years	1,987
Over 30 Years	42
Total	5,117
Equity market contracts
Derivative [Line Items]
Less Than 1 Year	185,575
1 – 5 Years	34,228
6 - 10 Years	7,262
11 - 30 Years	8
Over 30 Years	3,788
Total	230,861
Credit contracts
Derivative [Line Items]
Less Than 1 Year	0
1 – 5 Years	39
6 - 10 Years	0
11 - 30 Years	0
Over 30 Years	0
Total	$ 39

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Derivative Instruments - Cumulative Basis Adjustments for Fair Value Hedges (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amortized Cost of the Hedged Assets / (Liabilities)	$ 510	$ 534
Cumulative Fair Value Hedging Adjustment Included in the Amortized Cost of the Hedged Assets / (Liabilities)	$ 21	$ 39

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Derivative Instruments - Change in Our Unrealized Gain on Derivative Instruments in AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Change in our unrealized gain on derivative instruments in accumulated OCI
Balance as of beginning-of-year	$ 10,507
Balance as of end-of-period	11,175	$ 10,203
Unrealized Gain (Loss) on Derivative Instruments
Change in our unrealized gain on derivative instruments in accumulated OCI
Balance as of beginning-of-year	249	301
Income tax benefit (expense)	(18)	(25)
Reclassification adjustment for gains (losses) included in net income (loss)	15	16
Income tax benefit (expense)	(3)	(3)
Balance as of end-of-period	304	382
Unrealized Gain (Loss) on Derivative Instruments | Foreign currency contracts | Net Investment Income
Change in our unrealized gain on derivative instruments in accumulated OCI
Reclassification adjustment for gains (losses) included in net income (loss)	15	14
Unrealized Gain (Loss) on Derivative Instruments | Foreign currency contracts | Realized Gain (Loss)
Change in our unrealized gain on derivative instruments in accumulated OCI
Reclassification adjustment for gains (losses) included in net income (loss)	0	2
Unrealized holding gains (losses) arising during the period
Change in our unrealized gain on derivative instruments in accumulated OCI
Change in foreign currency exchange rate adjustment	(16)	186
Unrealized holding gains (losses) arising during the period | Interest rate contracts
Change in our unrealized gain on derivative instruments in accumulated OCI
Change in foreign currency exchange rate adjustment	9	110
Unrealized holding gains (losses) arising during the period | Foreign currency contracts
Change in our unrealized gain on derivative instruments in accumulated OCI
Change in foreign currency exchange rate adjustment	(25)	76
Change in foreign currency exchange rate adjustment
Change in our unrealized gain on derivative instruments in accumulated OCI
Change in foreign currency exchange rate adjustment	$ 101	$ (67)

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Derivative Instruments - Effects of Qualifying and Non-Qualifying Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	$ (57)	$ (394)
Net investment income	1,224	1,409
Interest and debt expense	48	46
Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	(57)	(394)
Net investment income	1,224	1,409
Interest and debt expense	1,739	2,204
Realized Gain (Loss) | Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency contracts, amount of gain or (loss) reclassified from AOCI into income	0	2
Realized Gain (Loss) | Interest rate contracts | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	(163)	332
Realized Gain (Loss) | Foreign currency contracts | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	0	(1)
Realized Gain (Loss) | Equity market contracts | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	2,135	(53)
Realized Gain (Loss) | Commodity contracts | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	0	11
Realized Gain (Loss) | Credit contracts | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	0	(1)
Realized Gain (Loss) | LPR ceded derivative | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	0	0
Realized Gain (Loss) | Reinsurance-related | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	49	(67)
Realized Gain (Loss) | RILA, fixed indexed annuity and IUL contracts | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	(1,642)	(713)
Net Investment Income | Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency contracts, amount of gain or (loss) reclassified from AOCI into income	15	14
Net Investment Income | Interest rate contracts | Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Hedged items	(18)	16
Derivatives designated as hedging instruments	18	(16)
Net Investment Income | Interest rate contracts | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	0	0
Net Investment Income | Foreign currency contracts | Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Hedged items	(1)	0
Derivatives designated as hedging instruments	1	0
Net Investment Income | Foreign currency contracts | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	0	0
Net Investment Income | Equity market contracts | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	0	0
Net Investment Income | Commodity contracts | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	0	0
Net Investment Income | Credit contracts | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	0	0
Net Investment Income | LPR ceded derivative | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	0	0
Net Investment Income | Reinsurance-related | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	0	0
Net Investment Income | RILA, fixed indexed annuity and IUL contracts | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	0	0
Benefits | Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency contracts, amount of gain or (loss) reclassified from AOCI into income	0	0
Benefits | Interest rate contracts | Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Hedged items	0	0
Derivatives designated as hedging instruments	0	0
Benefits | Interest rate contracts | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	0	0
Benefits | Foreign currency contracts | Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Hedged items	0	0
Derivatives designated as hedging instruments	0	0
Benefits | Foreign currency contracts | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	0	0
Benefits | Equity market contracts | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	0	0
Benefits | Commodity contracts | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	0	0
Benefits | Credit contracts | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	0	0
Benefits | LPR ceded derivative | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	5	13
Benefits | Reinsurance-related | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	0	0
Benefits | RILA, fixed indexed annuity and IUL contracts | Non-Qualifying Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Non-Qualifying Hedges	$ 0	$ 0

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Derivative Instruments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash flow hedge gain (loss) to be reclassified within 12 months	$ 65
CDs, counterparty collateral	$ 1

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Derivative Instruments - Schedule of Credit Derivatives (Details) $ in Millions	Mar. 31, 2024 USD ($) instrument	Dec. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of Instruments | instrument	1
Fair Value	$ 1
Maximum Potential Payout	$ 39	$ 0

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Derivative Instruments - Schedule of Credit Derivatives Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Maximum potential payout	$ 39	$ 0
Less: Counterparty thresholds	0	0
Maximum collateral potentially required to post	$ 39	$ 0

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Derivative Instruments - Schedule of Collateral Amounts With Rights to Reclaim or Obligation to Return Cash (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Credit Derivatives [Line Items]
Collateral Posted by Counter-Party (Held by LNL)	$ 6,691	$ 5,107
Collateral Posted by LNL (Held by Counter-Party)	(114)	(188)
AA-
Credit Derivatives [Line Items]
Collateral Posted by Counter-Party (Held by LNL)	3,311	2,330
Collateral Posted by LNL (Held by Counter-Party)	(71)	(63)
A+
Credit Derivatives [Line Items]
Collateral Posted by Counter-Party (Held by LNL)	2,809	2,422
Collateral Posted by LNL (Held by Counter-Party)	(43)	(125)
A
Credit Derivatives [Line Items]
Collateral Posted by Counter-Party (Held by LNL)	90	82
Collateral Posted by LNL (Held by Counter-Party)	0	0
A-
Credit Derivatives [Line Items]
Collateral Posted by Counter-Party (Held by LNL)	481	273
Collateral Posted by LNL (Held by Counter-Party)	$ 0	$ 0

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Derivative Instruments - Schedule of Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Financial Assets
Gross amount of recognized assets	$ 16,500	$ 12,147
Gross amounts offset	(6,830)	(4,409)
Net amount of assets	9,670	7,738
Cash collateral	(6,691)	(5,107)
Non-cash collateral	(1,463)	(1,198)
Net amount	1,516	1,433
Financial Liabilities
Gross amount of recognized liabilities	11,159	10,045
Gross amounts offset	(87)	(612)
Net amount of liabilities	11,072	9,433
Cash collateral	(114)	(188)
Non-cash collateral	(62)	(168)
Net amount	10,896	9,077
Excess non-cash collateral received	1,400	1,300
Excess non-cash collateral pledged	99	81
Derivative Instruments
Financial Assets
Gross amount of recognized assets	14,984	10,714
Gross amounts offset	(6,830)	(4,409)
Net amount of assets	8,154	6,305
Cash collateral	(6,691)	(5,107)
Non-cash collateral	(1,463)	(1,198)
Net amount	0	0
Financial Liabilities
Gross amount of recognized liabilities	263	968
Gross amounts offset	(87)	(612)
Net amount of liabilities	176	356
Cash collateral	(114)	(188)
Non-cash collateral	(62)	(168)
Net amount	0	0
Embedded Derivative Instruments
Financial Assets
Gross amount of recognized assets	1,516	1,433
Gross amounts offset	0	0
Net amount of assets	1,516	1,433
Cash collateral	0	0
Non-cash collateral	0	0
Net amount	1,516	1,433
Financial Liabilities
Gross amount of recognized liabilities	10,896	9,077
Gross amounts offset	0	0
Net amount of liabilities	10,896	9,077
Cash collateral	0	0
Non-cash collateral	0	0
Net amount	$ 10,896	$ 9,077

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DAC, VOBA, DSI, and DFEL - Reconciliation of DAC, VOBA and DSI (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC, VOBA and DSI	$ 12,352	$ 12,418
Traditional Life
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC, VOBA and DSI	1,368	1,374
UL and Other
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC, VOBA and DSI	6,082	6,139
Group Protection
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC, VOBA and DSI	158	154
Retirement Plan Services
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC, VOBA and DSI	278	270
Variable Annuities
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC, VOBA and DSI	4,019	4,025
Fixed Annuities
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
DAC, VOBA and DSI	$ 447	$ 456

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DAC, VOBA, DSI, and DFEL - Reconciliation of DFEL (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Deferred Policy Acquisition Cost [Line Items]
DFEL	$ 6,121	$ 5,923
Other Operations
Deferred Policy Acquisition Cost [Line Items]
DFEL	45	44
Less: ceded DFEL	45	44
UL and Other
Deferred Policy Acquisition Cost [Line Items]
DFEL	5,778	5,579	$ 4,966	$ 4,765
Less: ceded DFEL	2,303	2,300	30
Variable Annuities
Deferred Policy Acquisition Cost [Line Items]
DFEL	298	$ 300	308	$ 310
Less: ceded DFEL	$ 0		$ 0

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DAC, VOBA, DSI, and DFEL - DAC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Amortization	$ (250)	$ (246)
Traditional Life
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance as of beginning-of-year	1,332	1,286
Business acquired (sold) through reinsurance	0
Deferrals	32	55
Amortization	(36)	(35)
Balance as of end-of-period	1,328	1,306
UL and Other
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance as of beginning-of-year	5,709	5,518
Business acquired (sold) through reinsurance	(73)
Deferrals	100	119
Amortization	(75)	(72)
Balance as of end-of-period	5,661	5,565
Group Protection
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance as of beginning-of-year	154	141
Business acquired (sold) through reinsurance	0
Deferrals	30	25
Amortization	(26)	(24)
Balance as of end-of-period	158	142
Retirement Plan Services
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance as of beginning-of-year	244	241
Business acquired (sold) through reinsurance	0
Deferrals	5	6
Amortization	(5)	(5)
Balance as of end-of-period	244	242
Variable Annuities
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance as of beginning-of-year	3,868	3,880
Business acquired (sold) through reinsurance	0
Deferrals	89	85
Amortization	(92)	(93)
Balance as of end-of-period	3,865	3,872
Fixed Annuities
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance as of beginning-of-year	421	439
Business acquired (sold) through reinsurance	0
Deferrals	9	14
Amortization	(16)	(17)
Balance as of end-of-period	$ 414	$ 436

XML

DAC, VOBA, DSI and DFEL - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
DAC amortization	$ 250	$ 246
VOBA amortization	12	13
DSI amortization	5	6
DFEL amortization	$ 75	$ 68

XML

DAC, VOBA, DSI, and DFEL - VOBA (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Movement in Present Value of Future Insurance Profits [Roll Forward]
Amortization	$ (12)	$ (13)
Traditional Life
Movement in Present Value of Future Insurance Profits [Roll Forward]
Balance as of beginning-of-year	42	50
Deferrals		0
Amortization	(2)	(2)
Balance as of end-of-period	40	48
UL and Other
Movement in Present Value of Future Insurance Profits [Roll Forward]
Balance as of beginning-of-year	402	454
Deferrals		0
Amortization	(9)	(11)
Balance as of end-of-period	393	443
Fixed Annuities
Movement in Present Value of Future Insurance Profits [Roll Forward]
Balance as of beginning-of-year	15	17
Deferrals		1
Amortization	(1)	(1)
Balance as of end-of-period	$ 14	$ 17

XML

DAC, VOBA, DSI, and DFEL - DSI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Movement in Deferred Sales Inducements [Roll Forward]
Amortization	$ (5)	$ (6)
UL and Other
Movement in Deferred Sales Inducements [Roll Forward]
Balance as of beginning-of-year	28	30
Deferrals	1	0
Amortization	(1)	(1)
Balance as of end-of-period	28	29
Retirement Plan Services
Movement in Deferred Sales Inducements [Roll Forward]
Balance as of beginning-of-year	26	17
Deferrals	8	2
Amortization	0	0
Balance as of end-of-period	34	19
Variable Annuities
Movement in Deferred Sales Inducements [Roll Forward]
Balance as of beginning-of-year	157	167
Deferrals	0	0
Amortization	(3)	(4)
Balance as of end-of-period	154	163
Fixed Annuities
Movement in Deferred Sales Inducements [Roll Forward]
Balance as of beginning-of-year	20	23
Deferrals	0	0
Amortization	(1)	(1)
Balance as of end-of-period	$ 19	$ 22

XML

DAC, VOBA, DSI, and DFEL - DFEL (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Changes in DFEL [Roll Forward]
Balance as of beginning-of-year	$ 5,923
Amortization	(75)	$ (68)
Balance as of end-of-period	6,121
Variable Annuities
Changes in DFEL [Roll Forward]
Balance as of beginning-of-year	300	310
Deferrals	5	5
Amortization	(7)	(7)
Balance as of end-of-period	298	308
Less: ceded DFEL	0	0
Balance as of end-of-period, net of reinsurance	298	308
UL and Other
Changes in DFEL [Roll Forward]
Balance as of beginning-of-year	5,579	4,765
Deferrals	267	262
Amortization	(68)	(61)
Balance as of end-of-period	5,778	4,966
Less: ceded DFEL	2,303	30	$ 2,300
Balance as of end-of-period, net of reinsurance	$ 3,475	$ 4,936

XML

Reinsurance - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Ceded Credit Risk [Line Items]
Other investments	$ 4,988	$ 4,757
Deposit assets, net of allowance for credit losses	21,084	21,056
LNBAR
Ceded Credit Risk [Line Items]
Reinsurance recoverables	14,000	13,200
Reinsurance recoverables on unpaid losses	4,200	4,200
Reinsurance recoverable for unpaid claims and claims adjustments	43
Other investments	1,000	871
Trust funded to support reinsurance receivable	12,600	13,000
Fortitude Re | Fixed Annuities
Ceded Credit Risk [Line Items]
Reinsurance recoverables	10,500	10,500
Reinsurance recoverables on unpaid losses	2,700	2,700
Reinsurance recoverable for unpaid claims and claims adjustments	22
Deposit assets, net of allowance for credit losses	$ 3,900	$ 4,200

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MRBs - Reconciles of MRBs Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Market Risk Benefit [Line Items]
Assets	$ 4,878	$ 3,894
Liabilities	1,266	1,716
Net (Assets) Liabilities	(3,612)	(2,178)
Variable Annuities
Market Risk Benefit [Line Items]
Assets	4,743	3,763
Liabilities	1,139	1,583
Net (Assets) Liabilities	(3,604)	(2,180)	$ (1,412)	$ (662)
Fixed Annuities
Market Risk Benefit [Line Items]
Assets	96	96
Liabilities	123	128
Net (Assets) Liabilities	27	32	(31)	(45)
Retirement Plan Services
Market Risk Benefit [Line Items]
Assets	39	35
Liabilities	4	5
Net (Assets) Liabilities	$ (35)	$ (30)	$ (26)	$ (22)

XML

MRBs - Summary of Balances of Changes in Net MRB (Assets) Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Market Risk Benefit [Roll Forward]
Balance as of beginning-of-year	$ (2,178)
Balance as of end-of-period	(3,612)
Variable Annuities
Market Risk Benefit [Roll Forward]
Balance as of beginning-of-year	(2,180)	$ (662)
Balance as of beginning-of-year, before the effect of changes in non-performance risk	(881)	1,511
Issuances	3	1
Attributed fees collected	380	379
Benefit payments	(11)	(19)
Effect of changes in interest rates	(1,081)	1,406
Effect of changes in equity markets	(1,343)	(1,029)
Effect of changes in equity index volatility	4	(286)
In-force updates and other changes in MRBs	51	76
Balance as of end-of-period, before the effect of changes in non-performance risk	(2,878)	2,039
Effect of cumulative changes in non-performance risk	(726)	(3,451)
Balance as of end-of-period	(3,604)	(1,412)
Less: ceded MRB assets (liabilities)	(2,194)	(210)
Balance as of end-of-period, net of reinsurance	$ (1,410)	$ (1,202)
Weighted-average age of policyholders (years)	72 years	71 years
Net amount at risk	$ 2,056	$ 6,268
Variable Annuities | Cumulative effect from adoption of new accounting standards
Market Risk Benefit [Roll Forward]
Balance as of beginning-of-year	(1,299)	(2,173)
Fixed Annuities
Market Risk Benefit [Roll Forward]
Balance as of beginning-of-year	32	(45)
Balance as of beginning-of-year, before the effect of changes in non-performance risk	90	(5)
Issuances	0	0
Attributed fees collected	9	9
Benefit payments	0	0
Effect of changes in interest rates	(17)	31
Effect of changes in equity markets	(11)	(2)
Effect of changes in equity index volatility	(2)	0
In-force updates and other changes in MRBs	1	1
Balance as of end-of-period, before the effect of changes in non-performance risk	70	34
Effect of cumulative changes in non-performance risk	(43)	(65)
Balance as of end-of-period	27	(31)
Less: ceded MRB assets (liabilities)	0	0
Balance as of end-of-period, net of reinsurance	$ 27	$ (31)
Weighted-average age of policyholders (years)	69 years	68 years
Net amount at risk	$ 210	$ 192
Fixed Annuities | Cumulative effect from adoption of new accounting standards
Market Risk Benefit [Roll Forward]
Balance as of beginning-of-year	(58)	(40)
Retirement Plan Services
Market Risk Benefit [Roll Forward]
Balance as of beginning-of-year	(30)	(22)
Balance as of beginning-of-year, before the effect of changes in non-performance risk	(26)	(20)
Issuances	0	0
Attributed fees collected	2	2
Benefit payments	0	0
Effect of changes in interest rates	(6)	5
Effect of changes in equity markets	(4)	(6)
Effect of changes in equity index volatility	0	(2)
In-force updates and other changes in MRBs	1	0
Balance as of end-of-period, before the effect of changes in non-performance risk	(33)	(21)
Effect of cumulative changes in non-performance risk	(2)	(5)
Balance as of end-of-period	(35)	(26)
Less: ceded MRB assets (liabilities)	(8)	0
Balance as of end-of-period, net of reinsurance	$ (27)	$ (26)
Weighted-average age of policyholders (years)	63 years	63 years
Net amount at risk	$ 3	$ 9
Retirement Plan Services | Cumulative effect from adoption of new accounting standards
Market Risk Benefit [Roll Forward]
Balance as of beginning-of-year	$ (4)	$ (2)

XML

Separate Accounts - Schedule of Fair Value of Separate Account Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Separate Account Investment [Line Items]
Separate account assets	$ 166,225	$ 158,257
Mutual funds and collective investment trusts
Fair Value, Separate Account Investment [Line Items]
Separate account assets	165,556	157,578
Exchange-traded funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	352	350
Fixed maturity AFS securities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	162	167
Cash and invested cash
Fair Value, Separate Account Investment [Line Items]
Separate account assets	8	25
Other investments
Fair Value, Separate Account Investment [Line Items]
Separate account assets	$ 147	$ 137

XML

Separate Accounts - Summary of Balances and Changes in Separate Account Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Separate Account Investment [Line Items]
Separate account liabilities	$ 166,225	$ 158,257
Protective | Reinsurance Agreement
Fair Value, Separate Account Investment [Line Items]
Separate account liabilities	48	46
Variable Annuities
Fair Value, Separate Account Investment [Line Items]
Separate account liabilities	118,176	113,356	$ 108,334	$ 105,573
UL and Other
Fair Value, Separate Account Investment [Line Items]
Separate account liabilities	27,007	25,150	22,162	20,920
Retirement Plan Services
Fair Value, Separate Account Investment [Line Items]
Separate account liabilities	20,986	19,699	$ 17,876	$ 16,996
Other
Fair Value, Separate Account Investment [Line Items]
Separate account liabilities	$ 56	$ 52

XML

Separate Accounts - Schedule of Reconciliation of Separate Account Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Separate Account, Liability [Roll Forward]
Balance as of beginning-of-year	$ 158,257
Balance as of end-of-period	166,225
Variable Annuities
Separate Account, Liability [Roll Forward]
Balance as of beginning-of-year	113,356	$ 105,573
Gross deposits	904	624
Withdrawals	(3,208)	(2,436)
Policyholder assessments	(648)	(624)
Change in market performance	7,503	5,054
Net transfers from (to) general account	269	143
Balance as of end-of-period	118,176	108,334
Cash surrender value	116,771	106,796
UL and Other
Separate Account, Liability [Roll Forward]
Balance as of beginning-of-year	25,150	20,920
Gross deposits	358	394
Withdrawals	(103)	(75)
Policyholder assessments	(246)	(238)
Change in market performance	1,885	1,193
Net transfers from (to) general account	(37)	(32)
Balance as of end-of-period	27,007	22,162
Cash surrender value	24,606	19,863
Retirement Plan Services
Separate Account, Liability [Roll Forward]
Balance as of beginning-of-year	19,699	16,996
Gross deposits	570	554
Withdrawals	(732)	(586)
Policyholder assessments	(44)	(40)
Change in market performance	1,475	978
Net transfers from (to) general account	18	(26)
Balance as of end-of-period	20,986	17,876
Cash surrender value	$ 20,971	$ 17,862

XML

Policyholder Account Balances - Schedule of Policyholder Account Balances (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Policyholder Account Balance [Line Items]
Policyholder account balances	$ 121,891	$ 120,316
Variable Annuities
Policyholder Account Balance [Line Items]
Policyholder account balances	31,408	29,141	$ 23,771	$ 22,184
Fixed Annuities
Policyholder Account Balance [Line Items]
Policyholder account balances	25,137	25,330	23,993	23,338
UL and Other
Policyholder Account Balance [Line Items]
Policyholder account balances	36,622	36,784	37,106	37,258
Retirement Plan Services
Policyholder Account Balance [Line Items]
Policyholder account balances	23,586	23,784	$ 24,994	$ 25,138
Other
Policyholder Account Balance [Line Items]
Policyholder account balances	5,138	5,277
Other | Reinsurance Agreement
Policyholder Account Balance [Line Items]
Policyholder account balances	$ 4,700	$ 4,900

XML

Policyholder Account Balances - Summary of Balances and Changes in Policyholder Account Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Policyholder Account Balance [Roll Forward]
Balance as of beginning-of-year	$ 120,316
Interest credited	752	$ 781
Balance as of end-of-period	121,891
Variable Annuities
Policyholder Account Balance [Roll Forward]
Balance as of beginning-of-year	29,141	22,184
Gross deposits	973	1,222
Withdrawals	(224)	(170)
Policyholder assessments	0	0
Net transfers from (to) separate account	(178)	(114)
Interest credited	158	109
derivative instruments	1,538	540
Balance as of end-of-period	$ 31,408	$ 23,771
Weighted-average crediting rate	2.10%	1.90%
Net amount at risk	$ 2,056	$ 6,268
Cash surrender value	30,228	22,698
Fixed Annuities
Policyholder Account Balance [Roll Forward]
Balance as of beginning-of-year	25,330	23,338
Gross deposits	972	1,317
Withdrawals	(1,409)	(889)
Policyholder assessments	(17)	(15)
Net transfers from (to) separate account	0	0
Interest credited	183	154
derivative instruments	78	88
Balance as of end-of-period	$ 25,137	$ 23,993
Weighted-average crediting rate	2.90%	2.60%
Net amount at risk	$ 210	$ 192
Cash surrender value	24,114	23,099
UL and Other
Policyholder Account Balance [Roll Forward]
Balance as of beginning-of-year	36,784	37,258
Gross deposits	847	922
Withdrawals	(356)	(387)
Policyholder assessments	(1,112)	(1,117)
Net transfers from (to) separate account	38	32
Interest credited	360	369
derivative instruments	61	29
Balance as of end-of-period	$ 36,622	$ 37,106
Weighted-average crediting rate	3.90%	4.00%
Net amount at risk	$ 299,063	$ 301,582
Cash surrender value	32,282	32,960
Retirement Plan Services
Policyholder Account Balance [Roll Forward]
Balance as of beginning-of-year	23,784	25,138
Gross deposits	790	701
Withdrawals	(1,203)	(1,113)
Policyholder assessments	(3)	(3)
Net transfers from (to) separate account	50	103
Interest credited	168	168
derivative instruments	0	0
Balance as of end-of-period	$ 23,586	$ 24,994
Weighted-average crediting rate	2.80%	2.70%
Net amount at risk	$ 3	$ 9
Cash surrender value	$ 23,560	$ 24,989

XML

Policyholder Account Balances - Summary of Policyholder Account Balances by Ranges (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Policyholder Account Balance [Line Items]
Policyholder account balances	$ 121,891	$ 120,316
Variable Annuities
Policyholder Account Balance [Line Items]
Policyholder account balances	31,408	29,141	$ 23,771	$ 22,184
Variable Annuities | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	1,893		2,151
Variable Annuities | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	$ 6		$ 8
Variable Annuities | Up to 1.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	1.00%		1.00%
Policyholder account balances	$ 0		$ 0
Variable Annuities | Up to 1.00% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | Up to 1.00% | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | Up to 1.00% | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | Up to 1.00% | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | Up to 1.00% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | 1.01% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balances	11		12
Variable Annuities | 1.01% - 2.00% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	5		4
Variable Annuities | 1.01% - 2.00% | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | 1.01% - 2.00% | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | 1.01% - 2.00% | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | 1.01% - 2.00% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	6		8
Variable Annuities | 2.01% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balances	560		634
Variable Annuities | 2.01% - 3.00% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	560		634
Variable Annuities | 2.01% - 3.00% | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | 2.01% - 3.00% | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | 2.01% - 3.00% | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | 2.01% - 3.00% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | 3.01% - 4.00%
Policyholder Account Balance [Line Items]
Policyholder account balances	1,319		1,503
Variable Annuities | 3.01% - 4.00% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	1,319		1,503
Variable Annuities | 3.01% - 4.00% | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | 3.01% - 4.00% | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | 3.01% - 4.00% | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | 3.01% - 4.00% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	$ 0		$ 0
Variable Annuities | 4.01% and above
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	4.01%		4.01%
Policyholder account balances	$ 9		$ 10
Variable Annuities | 4.01% and above | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	9		10
Variable Annuities | 4.01% and above | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | 4.01% and above | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | 4.01% and above | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | 4.01% and above | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | Other
Policyholder Account Balance [Line Items]
Policyholder account balances	29,509		21,612
Variable Annuities | Other | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | Other | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | Other | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | Other | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Variable Annuities | Other | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	$ 0		$ 0
Variable Annuities | Minimum | 1.01% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	1.01%		1.01%
Variable Annuities | Minimum | 2.01% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	2.01%		2.01%
Variable Annuities | Minimum | 3.01% - 4.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	3.01%		3.01%
Variable Annuities | Maximum | 1.01% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	2.00%		2.00%
Variable Annuities | Maximum | 2.01% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	3.00%		3.00%
Variable Annuities | Maximum | 3.01% - 4.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	4.00%		4.00%
Fixed Annuities
Policyholder Account Balance [Line Items]
Policyholder account balances	$ 25,137	25,330	$ 23,993	23,338
Fixed Annuities | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	3,856		4,915
Fixed Annuities | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	743		594
Fixed Annuities | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	850		764
Fixed Annuities | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	994		941
Fixed Annuities | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	$ 5,722		$ 2,856
Fixed Annuities | Up to 1.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	1.00%		1.00%
Policyholder account balances	$ 4,803		$ 4,077
Fixed Annuities | Up to 1.00% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	679		831
Fixed Annuities | Up to 1.00% | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	605		447
Fixed Annuities | Up to 1.00% | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	560		578
Fixed Annuities | Up to 1.00% | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	493		448
Fixed Annuities | Up to 1.00% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	2,466		1,773
Fixed Annuities | 1.01% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balances	4,475		2,460
Fixed Annuities | 1.01% - 2.00% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	360		559
Fixed Annuities | 1.01% - 2.00% | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	99		141
Fixed Annuities | 1.01% - 2.00% | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	285		184
Fixed Annuities | 1.01% - 2.00% | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	500		493
Fixed Annuities | 1.01% - 2.00% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	3,231		1,083
Fixed Annuities | 2.01% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balances	1,819		1,894
Fixed Annuities | 2.01% - 3.00% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	1,749		1,886
Fixed Annuities | 2.01% - 3.00% | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	39		6
Fixed Annuities | 2.01% - 3.00% | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	5		2
Fixed Annuities | 2.01% - 3.00% | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	1		0
Fixed Annuities | 2.01% - 3.00% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	25		0
Fixed Annuities | 3.01% - 4.00%
Policyholder Account Balance [Line Items]
Policyholder account balances	891		1,446
Fixed Annuities | 3.01% - 4.00% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	891		1,446
Fixed Annuities | 3.01% - 4.00% | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Fixed Annuities | 3.01% - 4.00% | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Fixed Annuities | 3.01% - 4.00% | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Fixed Annuities | 3.01% - 4.00% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	$ 0		$ 0
Fixed Annuities | 4.01% and above
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	4.01%		4.01%
Policyholder account balances	$ 177		$ 193
Fixed Annuities | 4.01% and above | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	177		193
Fixed Annuities | 4.01% and above | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Fixed Annuities | 4.01% and above | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Fixed Annuities | 4.01% and above | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Fixed Annuities | 4.01% and above | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Fixed Annuities | Other
Policyholder Account Balance [Line Items]
Policyholder account balances	12,972		13,923
Fixed Annuities | Other | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Fixed Annuities | Other | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Fixed Annuities | Other | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Fixed Annuities | Other | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Fixed Annuities | Other | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	$ 0		$ 0
Fixed Annuities | Minimum | 1.01% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	1.01%		1.01%
Fixed Annuities | Minimum | 2.01% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	2.01%		2.01%
Fixed Annuities | Minimum | 3.01% - 4.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	3.01%		3.01%
Fixed Annuities | Maximum | 1.01% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	2.00%		2.00%
Fixed Annuities | Maximum | 2.01% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	3.00%		3.00%
Fixed Annuities | Maximum | 3.01% - 4.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	4.00%		4.00%
UL and Other
Policyholder Account Balance [Line Items]
Policyholder account balances	$ 36,622	36,784	$ 37,106	37,258
UL and Other | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	26,605		27,457
UL and Other | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	10		158
UL and Other | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	369		203
UL and Other | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	119		26
UL and Other | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	$ 3,238		$ 3,577
UL and Other | Up to 1.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	1.00%		1.00%
Policyholder account balances	$ 632		$ 888
UL and Other | Up to 1.00% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	264		312
UL and Other | Up to 1.00% | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
UL and Other | Up to 1.00% | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	219		202
UL and Other | Up to 1.00% | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	119		26
UL and Other | Up to 1.00% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	30		348
UL and Other | 1.01% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balances	3,756		3,784
UL and Other | 1.01% - 2.00% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	548		555
UL and Other | 1.01% - 2.00% | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
UL and Other | 1.01% - 2.00% | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
UL and Other | 1.01% - 2.00% | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
UL and Other | 1.01% - 2.00% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	3,208		3,229
UL and Other | 2.01% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balances	7,007		7,288
UL and Other | 2.01% - 3.00% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	6,848		7,130
UL and Other | 2.01% - 3.00% | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	10		158
UL and Other | 2.01% - 3.00% | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	149		0
UL and Other | 2.01% - 3.00% | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
UL and Other | 2.01% - 3.00% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
UL and Other | 3.01% - 4.00%
Policyholder Account Balance [Line Items]
Policyholder account balances	15,224		15,694
UL and Other | 3.01% - 4.00% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	15,223		15,693
UL and Other | 3.01% - 4.00% | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
UL and Other | 3.01% - 4.00% | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	1		1
UL and Other | 3.01% - 4.00% | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
UL and Other | 3.01% - 4.00% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	$ 0		$ 0
UL and Other | 4.01% and above
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	4.01%		4.01%
Policyholder account balances	$ 3,722		$ 3,767
UL and Other | 4.01% and above | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	3,722		3,767
UL and Other | 4.01% and above | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
UL and Other | 4.01% and above | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
UL and Other | 4.01% and above | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
UL and Other | 4.01% and above | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
UL and Other | Other
Policyholder Account Balance [Line Items]
Policyholder account balances	6,281		5,685
UL and Other | Other | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
UL and Other | Other | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
UL and Other | Other | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
UL and Other | Other | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
UL and Other | Other | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	$ 0		$ 0
UL and Other | Minimum | 1.01% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	1.01%		1.01%
UL and Other | Minimum | 2.01% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	2.01%		2.01%
UL and Other | Minimum | 3.01% - 4.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	3.01%		3.01%
UL and Other | Maximum | 1.01% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	2.00%		2.00%
UL and Other | Maximum | 2.01% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	3.00%		3.00%
UL and Other | Maximum | 3.01% - 4.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	4.00%		4.00%
Retirement Plan Services
Policyholder Account Balance [Line Items]
Policyholder account balances	$ 23,586	$ 23,784	$ 24,994	$ 25,138
Retirement Plan Services | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	9,606		11,705
Retirement Plan Services | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	2,355		3,380
Retirement Plan Services | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	2,219		4,258
Retirement Plan Services | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	5,071		3,438
Retirement Plan Services | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	$ 4,335		$ 2,213
Retirement Plan Services | Up to 1.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	1.00%		1.00%
Policyholder account balances	$ 9,703		$ 9,532
Retirement Plan Services | Up to 1.00% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	437		595
Retirement Plan Services | Up to 1.00% | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	500		751
Retirement Plan Services | Up to 1.00% | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	740		3,062
Retirement Plan Services | Up to 1.00% | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	3,706		2,911
Retirement Plan Services | Up to 1.00% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	4,320		2,213
Retirement Plan Services | 1.01% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balances	4,959		5,329
Retirement Plan Services | 1.01% - 2.00% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	527		977
Retirement Plan Services | 1.01% - 2.00% | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	1,660		2,629
Retirement Plan Services | 1.01% - 2.00% | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	1,413		1,196
Retirement Plan Services | 1.01% - 2.00% | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	1,345		527
Retirement Plan Services | 1.01% - 2.00% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	14		0
Retirement Plan Services | 2.01% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balances	2,444		3,093
Retirement Plan Services | 2.01% - 3.00% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	2,342		3,093
Retirement Plan Services | 2.01% - 3.00% | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	21		0
Retirement Plan Services | 2.01% - 3.00% | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	63		0
Retirement Plan Services | 2.01% - 3.00% | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	17		0
Retirement Plan Services | 2.01% - 3.00% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	1		0
Retirement Plan Services | 3.01% - 4.00%
Policyholder Account Balance [Line Items]
Policyholder account balances	4,879		5,442
Retirement Plan Services | 3.01% - 4.00% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	4,842		5,442
Retirement Plan Services | 3.01% - 4.00% | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	31		0
Retirement Plan Services | 3.01% - 4.00% | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	3		0
Retirement Plan Services | 3.01% - 4.00% | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	3		0
Retirement Plan Services | 3.01% - 4.00% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	$ 0		$ 0
Retirement Plan Services | 4.01% and above
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	4.01%		4.01%
Policyholder account balances	$ 1,601		$ 1,598
Retirement Plan Services | 4.01% and above | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Policyholder account balances	1,458		1,598
Retirement Plan Services | 4.01% and above | 1-50 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	143		0
Retirement Plan Services | 4.01% and above | 51-100 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Retirement Plan Services | 4.01% and above | 101-150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	0		0
Retirement Plan Services | 4.01% and above | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Policyholder account balances	$ 0		$ 0
Retirement Plan Services | Minimum | 1.01% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	1.01%		1.01%
Retirement Plan Services | Minimum | 2.01% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	2.01%		2.01%
Retirement Plan Services | Minimum | 3.01% - 4.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	3.01%		3.01%
Retirement Plan Services | Maximum | 1.01% - 2.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	2.00%		2.00%
Retirement Plan Services | Maximum | 2.01% - 3.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	3.00%		3.00%
Retirement Plan Services | Maximum | 3.01% - 4.00%
Policyholder Account Balance [Line Items]
Policyholder account balance, guaranteed minimum credit rating	4.00%		4.00%

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Future Contract Benefits - Summary of Reconciliation of Future Contract Benefits (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]
Future contract benefits	$ 39,212	$ 40,174
Other
Liability for Future Policy Benefit, Activity [Line Items]
Future contract benefits	3,290	3,343
Payout Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Future contract benefits	2,034	2,084	$ 2,067
Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Future contract benefits	3,518	3,553	$ 3,366
Group Protection
Liability for Future Policy Benefit, Activity [Line Items]
Future contract benefits	5,640	5,689
UL and Other
Liability for Future Policy Benefit, Activity [Line Items]
Future contract benefits	15,234	15,752
Other Operations
Liability for Future Policy Benefit, Activity [Line Items]
Future contract benefits	9,496	9,753
Other Operations | Protective
Liability for Future Policy Benefit, Activity [Line Items]
Future contract benefits	5,500	5,600
Other Operations | Swiss Re
Liability for Future Policy Benefit, Activity [Line Items]
Future contract benefits	$ 2,000	$ 2,100

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Future Contract Benefits - Summary of Changes in Present Values of Expected Net Premiums and LFPB (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Present Value of Expected LFPB
Net balance as of end-of-period	$ 39,212		$ 40,174
Payout Annuities
Present Value of Expected Net Premiums
Balance as of beginning-of-year	0	$ 0
Beginning balance at original discount rate	0	0
Effect of actual variances from expected experience			0	$ 0
Adjusted balance as of beginning-of-year			0	0
Issuances	0	0
Interest accrual	0	0
Net premiums collected	0	0
Flooring impact of LFPB	0	0
Ending balance at original discount rate	0	0
Balance as of end-of-period	0	0
Present Value of Expected LFPB
Balance as of beginning-of-year	2,084	2,003
Effect of cumulative changes in discount rate assumptions	0	0
Beginning balance of original discount rate	2,271	2,266
Effect of actual variances from expected experience			1	(1)
Adjusted balance as of beginning-of-year	2,272	2,265
Issuances	15	27
Interest accrual	22	21
Benefit payments	(49)	(46)
Ending balance at original discount rate	2,260	2,267
Effect of cumulative changes in discount rate assumptions	(226)	(200)
Balance as of end-of-period	2,034	2,067
Net balance as of end-of-period	2,034	2,067	2,084
Less: reinsurance recoverables	1,572	10
Net balance as of end-of-period, net of reinsurance	$ 462	$ 2,057
Weighted-average duration of future policyholder benefit liability (years)	9 years	9 years
Deferred profit liability	$ 60	$ 43
Payout Annuities | Cumulative effect from adoption of new accounting standards
Present Value of Expected Net Premiums
Balance as of beginning-of-year	0	0
Present Value of Expected LFPB
Balance as of beginning-of-year	(187)	(263)
Traditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year	6,084	5,896
Beginning balance at original discount rate	6,236	6,480
Effect of actual variances from expected experience			23	(234)
Adjusted balance as of beginning-of-year			6,259	6,246
Issuances	109	177
Interest accrual	61	57
Net premiums collected	(199)	(195)
Flooring impact of LFPB	1	1
Ending balance at original discount rate	6,231	6,286
Balance as of end-of-period	5,974	6,051
Present Value of Expected LFPB
Balance as of beginning-of-year	9,637	9,086
Effect of cumulative changes in discount rate assumptions	(257)	(235)
Beginning balance of original discount rate	9,839	9,879
Effect of actual variances from expected experience			27	(243)
Adjusted balance as of beginning-of-year	9,866	9,636
Issuances	109	177
Interest accrual	94	89
Benefit payments	(191)	(169)
Ending balance at original discount rate	9,878	9,733
Effect of cumulative changes in discount rate assumptions	(386)	(316)
Balance as of end-of-period	9,492	9,417
Net balance as of end-of-period	3,518	3,366	3,553
Less: reinsurance recoverables	244	270
Net balance as of end-of-period, net of reinsurance	$ 3,274	$ 3,096
Weighted-average duration of future policyholder benefit liability (years)	10 years	11 years
Traditional Life | Cumulative effect from adoption of new accounting standards
Present Value of Expected Net Premiums
Balance as of beginning-of-year	$ (152)	$ (584)
Present Value of Expected LFPB
Balance as of beginning-of-year	(202)	(793)
Group Protection
Present Value of Expected LFPB
Balance as of beginning-of-year	5,689	5,462
Effect of cumulative changes in discount rate assumptions			(490)	(597)
Beginning balance of original discount rate	6,179	6,059
Effect of actual variances from expected experience			(67)	(100)
Adjusted balance as of beginning-of-year	6,112	5,959
Issuances	408	437
Interest accrual	48	42
Benefit payments	(382)	(377)
Ending balance at original discount rate	6,186	6,061
Effect of cumulative changes in discount rate assumptions	(546)	(569)
Balance as of end-of-period	5,640	5,492
Net balance as of end-of-period	5,640		5,689
Less: reinsurance recoverables	123	126
Net balance as of end-of-period, net of reinsurance	$ 5,517	$ 5,366
Weighted-average duration of future policyholder benefit liability (years)	5 years	4 years
UL and Other
Present Value of Expected LFPB
Balance as of beginning-of-year	$ 15,752	$ 14,777
Effect of cumulative changes in discount rate assumptions	(1,691)	(669)	(853)	(905)
Balance as of beginning-of-period, excluding shadow balance in AOCI	16,605	15,682
Effect of actual variances from expected experience			106	$ (9)
Adjusted balance as of beginning-of-year	16,711	15,673
Interest accrual	203	186
Net assessments collected	324	337
Benefit payments	(313)	(183)
Balance as of end-of-period, excluding shadow balance in AOCI	16,925	16,013
Balance as of end-of-period	15,234	15,344
Net balance as of end-of-period	15,234		$ 15,752
Less: reinsurance recoverables	9,734	2,007
Net balance as of end-of-period, net of reinsurance	$ 5,500	$ 13,337
Weighted-average duration of future policyholder benefit liability (years)	17 years	17 years

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Future Contract Benefits - Summary of Discounted and Undiscounted Expected Future Gross premiums and Expected Future Benefit Payments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Payout Annuities
Undiscounted
Expected future gross premiums	$ 0	$ 0
Expected future benefit payments	3,437	3,460
Discounted
Expected future gross premiums	0	0
Expected future benefit payments	2,034	2,067
Traditional Life
Undiscounted
Expected future gross premiums	13,360	13,257
Expected future benefit payments	14,148	13,919
Discounted
Expected future gross premiums	9,156	9,172
Expected future benefit payments	9,492	9,417
Group Protection
Undiscounted
Expected future benefit payments	7,296	7,086
Discounted
Expected future benefit payments	$ 5,640	$ 5,492

XML

Future Contract Benefits - Summary of Gross Premiums and Interest Accretion (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Payout Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Gross assessments	$ 21	$ 28
Interest accretion	22	21
Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Gross assessments	298	295
Interest accretion	33	32
Group Protection
Liability for Future Policy Benefit, Activity [Line Items]
Gross assessments	896	885
Interest accretion	48	42
UL and Other
Liability for Future Policy Benefit, Activity [Line Items]
Gross assessments	766	915
Interest accretion	$ 203	$ 186

XML

Future Contract Benefits - Summary of Weighted-Average Interest Rates (Details)	Mar. 31, 2024	Mar. 31, 2023
Payout Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	3.90%	3.90%
Current discount rate	5.20%	4.90%
Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	5.00%	5.10%
Current discount rate	5.00%	4.80%
Group Protection
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	3.20%	2.90%
Current discount rate	5.00%	4.80%
UL and Other
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	5.30%	5.00%

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Fair Value of Financial Instruments - Carrying and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Fixed maturity AFS securities	$ 81,880	$ 82,300
Trading securities	2,203	2,321
Equity securities	319	306
Mortgage loans on real estate	19,176	18,873
Derivative investments	8,154	6,305
Other investments	4,988	4,757
Market risk benefit assets	4,878	3,894
Policyholder account balances:
MRB liabilities	$ (1,266)	$ (1,716)
Other liabilities:
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Carrying Value
ASSETS
Trading securities	$ 2,203	$ 2,321
Equity securities	319	306
Mortgage loans on real estate	19,176	18,873
Derivative investments	8,154	6,305
Other investments	4,988	4,757
Cash and invested cash	3,807	3,193
Market risk benefit assets	4,878	3,894
Other assets:
LPR ceded derivative	201	206
Separate account assets	166,225	158,257
Policyholder account balances:
Funds withheld reinsurance liabilities – reinsurance-related embedded derivatives	543	493
MRB liabilities	(1,266)	(1,716)
Short-term debt	(1,281)	(840)
Long-term debt	(2,179)	(2,195)
Fair Value
ASSETS
Trading securities	2,203	2,321
Equity securities	319	306
Mortgage loans on real estate	17,582	17,330
Derivative investments	8,154	6,305
Other investments	4,988	4,757
Cash and invested cash	3,807	3,193
Market risk benefit assets	4,878	3,894
Other assets:
LPR ceded derivative	201	206
Separate account assets	166,225	158,257
Policyholder account balances:
Funds withheld reinsurance liabilities – reinsurance-related embedded derivatives	543	493
MRB liabilities	(1,266)	(1,716)
Short-term debt	(1,282)	(841)
Long-term debt	(2,101)	(2,125)
Other assets | Carrying Value
Other assets:
Ceded MRBs	59	274
Indexed annuity ceded embedded derivatives	973	940
Other assets | Fair Value
Other assets:
Ceded MRBs	59	274
Indexed annuity ceded embedded derivatives	973	940
Policyholder account balances | Carrying Value
Policyholder account balances:
Account balances of certain investment contracts	(44,361)	(44,615)
RILA, fixed annuity and IUL contracts	(10,896)	(9,077)
Policyholder account balances | Fair Value
Policyholder account balances:
Account balances of certain investment contracts	(33,730)	(34,020)
RILA, fixed annuity and IUL contracts	(10,896)	(9,077)
Other liabilities | Carrying Value
Other liabilities:
Ceded MRBs	(2,261)	(1,149)
Derivative liabilities	(176)	(356)
Remaining guaranteed interest and similar contracts	(397)	(411)
Other liabilities | Fair Value
Other liabilities:
Ceded MRBs	(2,261)	(1,149)
Derivative liabilities	(176)	(356)
Remaining guaranteed interest and similar contracts	(397)	(411)
Fixed maturity AFS securities | Carrying Value
ASSETS
Fixed maturity AFS securities	81,880	82,300
Fixed maturity AFS securities | Fair Value
ASSETS
Fixed maturity AFS securities	$ 81,880	$ 82,300

XML

Fair Value of Financial Instruments - Schedule of Mortgage Loans With Election of Fair Value Option (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value	$ 289	$ 288
Commercial
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value	289	288
Aggregate contractual principal	$ 326	$ 326

XML

Fair Value of Financial Instruments - Narrative (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 276,123,000,000	$ 263,539,000,000
Liabilities	20,974,000,000	16,827,000,000
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Liabilities	0	0
Commercial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans with fair value option in non-accrual	0	0
Loans with fair value option, 90 days past due and still accruing	$ 0	$ 0

XML

Fair Value of Financial Instruments - Fair Value of Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	$ 276,123	$ 263,539
Liabilities	(20,974)	(16,827)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	836	822
Liabilities	0	0
Significant Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	259,340	248,140
Liabilities	(5,800)	(4,299)
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	15,947	14,577
Liabilities	(15,174)	(12,528)
Corporate bonds | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	63,290	63,866
Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
Corporate bonds | Significant Observable Inputs (Level 2) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	56,543	57,397
Corporate bonds | Significant Unobservable Inputs (Level 3) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	6,747	6,469
U.S. government bonds | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	391	393
U.S. government bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	371	373
U.S. government bonds | Significant Observable Inputs (Level 2) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	20	20
U.S. government bonds | Significant Unobservable Inputs (Level 3) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
State and municipal bonds | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	2,493	2,542
State and municipal bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
State and municipal bonds | Significant Observable Inputs (Level 2) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	2,493	2,537
State and municipal bonds | Significant Unobservable Inputs (Level 3) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	5
Foreign government bonds | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	260	278
Foreign government bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
Foreign government bonds | Significant Observable Inputs (Level 2) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	260	278
Foreign government bonds | Significant Unobservable Inputs (Level 3) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
RMBS | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	1,593	1,602
RMBS | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
RMBS | Significant Observable Inputs (Level 2) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	1,581	1,589
RMBS | Significant Unobservable Inputs (Level 3) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	12	13
CMBS | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	1,403	1,344
CMBS | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
CMBS | Significant Observable Inputs (Level 2) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	1,395	1,336
CMBS | Significant Unobservable Inputs (Level 3) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	8	8
ABS | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	12,222	12,043
ABS | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
ABS | Significant Observable Inputs (Level 2) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	10,530	10,559
ABS | Significant Unobservable Inputs (Level 3) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	1,692	1,484
Hybrid and redeemable preferred securities | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	228	232
Hybrid and redeemable preferred securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	48	46
Hybrid and redeemable preferred securities | Significant Observable Inputs (Level 2) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	129	138
Hybrid and redeemable preferred securities | Significant Unobservable Inputs (Level 3) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	51	48
Trading securities | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	2,203	2,321
Trading securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
Trading securities | Significant Observable Inputs (Level 2) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	1,932	2,037
Trading securities | Significant Unobservable Inputs (Level 3) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	271	284
Equity securities | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	319	306
Equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	11	1
Equity securities | Significant Observable Inputs (Level 2) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	269	263
Equity securities | Significant Unobservable Inputs (Level 3) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	39	42
Mortgage loans on real estate | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	289	288
Mortgage loans on real estate | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
Mortgage loans on real estate | Significant Observable Inputs (Level 2) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
Mortgage loans on real estate | Significant Unobservable Inputs (Level 3) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	289	288
Derivative investments | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	15,072	11,327
Derivative investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
Derivative investments | Significant Observable Inputs (Level 2) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	14,345	10,705
Derivative investments | Significant Unobservable Inputs (Level 3) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	727	622
Other investments – short-term investments | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	217	233
Other investments – short-term investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
Other investments – short-term investments | Significant Observable Inputs (Level 2) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	217	233
Other investments – short-term investments | Significant Unobservable Inputs (Level 3) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
Cash and invested cash | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	3,807	3,193
Cash and invested cash | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
Cash and invested cash | Significant Observable Inputs (Level 2) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	3,807	3,193
Cash and invested cash | Significant Unobservable Inputs (Level 3) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
MRB assets | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	4,878	3,894
MRB assets | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
MRB assets | Significant Observable Inputs (Level 2) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
MRB assets | Significant Unobservable Inputs (Level 3) | Fixed maturity AFS securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	4,878	3,894
Ceded MRBs | Other assets
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	59	274
Ceded MRBs | Other liabilities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	(2,261)	(1,149)
Ceded MRBs | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other assets
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
Ceded MRBs | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other liabilities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	0	0
Ceded MRBs | Significant Observable Inputs (Level 2) | Other assets
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
Ceded MRBs | Significant Observable Inputs (Level 2) | Other liabilities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	0	0
Ceded MRBs | Significant Unobservable Inputs (Level 3) | Other assets
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	59	274
Ceded MRBs | Significant Unobservable Inputs (Level 3) | Other liabilities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	(2,261)	(1,149)
Indexed annuity ceded embedded derivatives | Other assets
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	973	940
Indexed annuity ceded embedded derivatives | Policyholder account balances
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	(10,896)	(9,077)
Indexed annuity ceded embedded derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other assets
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
Indexed annuity ceded embedded derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1) | Policyholder account balances
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	0	0
Indexed annuity ceded embedded derivatives | Significant Observable Inputs (Level 2) | Other assets
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
Indexed annuity ceded embedded derivatives | Significant Observable Inputs (Level 2) | Policyholder account balances
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	0	0
Indexed annuity ceded embedded derivatives | Significant Unobservable Inputs (Level 3) | Other assets
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	973	940
Indexed annuity ceded embedded derivatives | Significant Unobservable Inputs (Level 3) | Policyholder account balances
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	(10,896)	(9,077)
LPR ceded derivative | Other assets
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	201	206
LPR ceded derivative | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other assets
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
LPR ceded derivative | Significant Observable Inputs (Level 2) | Other assets
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
LPR ceded derivative | Significant Unobservable Inputs (Level 3) | Other assets
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	201	206
Separate account assets | Other assets
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	166,225	158,257
Separate account assets | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other assets
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	406	402
Separate account assets | Significant Observable Inputs (Level 2) | Other assets
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	165,819	157,855
Separate account assets | Significant Unobservable Inputs (Level 3) | Other assets
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Assets	0	0
Reinsurance-related embedded derivatives
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	543	493
Reinsurance-related embedded derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	0	0
Reinsurance-related embedded derivatives | Significant Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	568	493
Reinsurance-related embedded derivatives | Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	(25)	0
MRB liabilities | Policyholder account balances
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	(1,266)	(1,716)
MRB liabilities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Policyholder account balances
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	0	0
MRB liabilities | Significant Observable Inputs (Level 2) | Policyholder account balances
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	0	0
MRB liabilities | Significant Unobservable Inputs (Level 3) | Policyholder account balances
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	(1,266)	(1,716)
Derivative liabilities | Other liabilities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	(7,094)	(5,378)
Derivative liabilities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other liabilities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	0	0
Derivative liabilities | Significant Observable Inputs (Level 2) | Other liabilities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	(6,368)	(4,792)
Derivative liabilities | Significant Unobservable Inputs (Level 3) | Other liabilities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Liabilities	$ (726)	$ (586)

XML

Fair Value of Financial Instruments - Fair Value Measured on a Recurring Basis Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Fair Value	$ (129)	$ 3,858	$ 3,858
Items Included in Net Income	(2,990)	(1,240)
Gains (Losses) in OCI and Other	(7)	24
Issuances, Sales, Maturities, Settlements, Calls, Net	360	523
Transfers Into or Out of Level 3, Net	(73)	(166)
Ending Fair Value	$ (2,839)	$ 2,999	$ (129)	$ 3,858
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net income (loss)		Net income (loss)	Net income (loss)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Derivative investments	Derivative investments
Corporate bonds | Fixed maturity AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Fair Value	$ 6,469	$ 5,186	$ 5,186
Items Included in Net Income	1	0
Gains (Losses) in OCI and Other	(8)	12
Issuances, Sales, Maturities, Settlements, Calls, Net	310	1,006
Transfers Into or Out of Level 3, Net	(25)	15
Ending Fair Value	6,747	6,219	6,469	$ 5,186
State and municipal bonds | Fixed maturity AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Fair Value	5	35	35
Items Included in Net Income	0	0
Gains (Losses) in OCI and Other	0	1
Issuances, Sales, Maturities, Settlements, Calls, Net	0	0
Transfers Into or Out of Level 3, Net	(5)	0
Ending Fair Value	0	36	5	35
RMBS | Fixed maturity AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Fair Value	13	1	1
Items Included in Net Income	0	0
Gains (Losses) in OCI and Other	(1)	0
Issuances, Sales, Maturities, Settlements, Calls, Net	0	0
Transfers Into or Out of Level 3, Net	0	0
Ending Fair Value	12	1	13	1
CMBS | Fixed maturity AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Fair Value	8
Items Included in Net Income	0
Gains (Losses) in OCI and Other	0
Issuances, Sales, Maturities, Settlements, Calls, Net	0
Transfers Into or Out of Level 3, Net	0
Ending Fair Value	8		8
ABS | Fixed maturity AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Fair Value	1,484	1,117	1,117
Items Included in Net Income	1	0
Gains (Losses) in OCI and Other	(2)	8
Issuances, Sales, Maturities, Settlements, Calls, Net	201	168
Transfers Into or Out of Level 3, Net	8	(193)
Ending Fair Value	1,692	1,100	1,484	1,117
Hybrid and redeemable preferred securities | Fixed maturity AFS securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Fair Value	48	49	49
Items Included in Net Income	0	0
Gains (Losses) in OCI and Other	3	0
Issuances, Sales, Maturities, Settlements, Calls, Net	0	(2)
Transfers Into or Out of Level 3, Net	0	12
Ending Fair Value	51	59	48	49
Trading securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Fair Value	284	581	581
Items Included in Net Income	0	4
Gains (Losses) in OCI and Other	0	0
Issuances, Sales, Maturities, Settlements, Calls, Net	(13)	(127)
Transfers Into or Out of Level 3, Net	0	0
Ending Fair Value	271	458	284	581
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Fair Value	42	153	153
Items Included in Net Income	(3)	(16)
Gains (Losses) in OCI and Other	0	0
Issuances, Sales, Maturities, Settlements, Calls, Net	0	0
Transfers Into or Out of Level 3, Net	0	0
Ending Fair Value	39	137	42	153
Mortgage loans on real estate
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Fair Value	288	487	487
Items Included in Net Income	0	2
Gains (Losses) in OCI and Other	1	3
Issuances, Sales, Maturities, Settlements, Calls, Net	0	(2)
Transfers Into or Out of Level 3, Net	0	0
Ending Fair Value	289	490	288	487
Derivative investments
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Fair Value	36	2	2
Items Included in Net Income	12	(1)
Gains (Losses) in OCI and Other	0	0
Issuances, Sales, Maturities, Settlements, Calls, Net	4	0
Transfers Into or Out of Level 3, Net	(51)	0
Ending Fair Value	1	1	36	2
Ceded MRBs | Other assets
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Fair Value	274	539	539
Items Included in Net Income	(215)	160
Gains (Losses) in OCI and Other	0	0
Issuances, Sales, Maturities, Settlements, Calls, Net	0	0
Transfers Into or Out of Level 3, Net	0	0
Ending Fair Value	59	699	274	539
Ceded MRBs | Other liabilities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Fair Value	(1,149)	(246)	(246)
Items Included in Net Income	(1,112)	(663)
Gains (Losses) in OCI and Other	0	0
Issuances, Sales, Maturities, Settlements, Calls, Net	0	0
Transfers Into or Out of Level 3, Net	0	0
Ending Fair Value	(2,261)	(909)	(1,149)	(246)
Indexed annuity ceded embedded derivatives | Other assets
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Fair Value	940	525	525
Items Included in Net Income	33	6
Gains (Losses) in OCI and Other	0	0
Issuances, Sales, Maturities, Settlements, Calls, Net	0	(226)
Transfers Into or Out of Level 3, Net	0	0
Ending Fair Value	973	305	940	525
Indexed annuity ceded embedded derivatives | Policyholder account balances
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Fair Value	(9,077)	(4,783)	(4,783)
Items Included in Net Income	(1,677)	(719)
Gains (Losses) in OCI and Other	0	0
Issuances, Sales, Maturities, Settlements, Calls, Net	(142)	(294)
Transfers Into or Out of Level 3, Net	0	0
Ending Fair Value	(10,896)	(5,796)	(9,077)	(4,783)
LPR ceded derivative | Other assets
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Fair Value	206	212	212
Items Included in Net Income	(5)	(13)
Gains (Losses) in OCI and Other	0	0
Issuances, Sales, Maturities, Settlements, Calls, Net	0	0
Transfers Into or Out of Level 3, Net	0	0
Ending Fair Value	201	$ 199	206	$ 212
Reinsurance-related embedded derivatives
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Beginning Fair Value	0
Items Included in Net Income	(25)
Gains (Losses) in OCI and Other	0
Issuances, Sales, Maturities, Settlements, Calls, Net	0
Transfers Into or Out of Level 3, Net	0
Ending Fair Value	$ (25)		$ 0

XML

Fair Value of Financial Instruments - Schedule of Investment Holdings Movements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract]
Issuances	$ 559	$ 1,129
Sales	(130)	(110)
Maturities	(5)	(8)
Settlements	(63)	(486)
Calls	(1)	(2)
Total	360	523
Corporate bonds | Fixed maturity AFS securities
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract]
Issuances	536	1,137
Sales	(127)	(55)
Maturities	(2)	(8)
Settlements	(96)	(68)
Calls	(1)	0
Total	310	1,006
ABS | Fixed maturity AFS securities
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract]
Issuances	264	241
Sales	0	(2)
Maturities	0	0
Settlements	(63)	(71)
Calls	0	0
Total	201	168
Hybrid and redeemable preferred securities | Fixed maturity AFS securities
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract]
Issuances		0
Sales		0
Maturities		0
Settlements		0
Calls		(2)
Total	0	(2)
Trading securities
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract]
Issuances	0	0
Sales	(2)	(53)
Maturities	0	0
Settlements	(11)	(74)
Calls	0	0
Total	(13)	(127)
Mortgage loans on real estate
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract]
Issuances	1	1
Sales	(1)	0
Maturities	0	0
Settlements	0	(3)
Calls	0	0
Total	0	(2)
Derivative investments
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract]
Issuances	7
Sales	0
Maturities	(3)
Settlements	0
Calls	0
Total	4	0
Indexed annuity ceded embedded derivatives | Other assets
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract]
Issuances		50
Sales		0
Maturities		0
Settlements		(276)
Calls		0
Total	0	(226)
Indexed annuity ceded embedded derivatives | Policyholder account balances
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract]
Total	(142)	(294)
Indexed annuity ceded embedded derivatives | Policyholder account balances
Fair Value Investments Entities That Calculate Net Asset Value Per Share Unobservable Input Investment Holdings Movements [Abstract]
Issuances	(249)	(300)
Sales	0	0
Maturities	0	0
Settlements	107	6
Calls	0	0
Total	$ (142)	$ (294)

XML

Fair Value of Financial Instruments - Changes in Unrealized Gains (Losses) Within Level 3 Financial Instruments Carried at Fair Value and Still Held (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets and Liabilities Measured on Recurring Basis Level 3 Activity [Line Items]
Changes in unrealized gains (losses) included in net income	$ 910	$ (1,266)
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Realized gain (loss)		Realized gain (loss)	Realized gain (loss)
Trading securities
Fair Value Assets and Liabilities Measured on Recurring Basis Level 3 Activity [Line Items]
Changes in unrealized gains (losses) included in net income	$ 0	6
Equity securities
Fair Value Assets and Liabilities Measured on Recurring Basis Level 3 Activity [Line Items]
Changes in unrealized gains (losses) included in net income	(3)	(16)
Mortgage loans on real estate
Fair Value Assets and Liabilities Measured on Recurring Basis Level 3 Activity [Line Items]
Changes in unrealized gains (losses) included in net income	0	2
Derivative investments
Fair Value Assets and Liabilities Measured on Recurring Basis Level 3 Activity [Line Items]
Changes in unrealized gains (losses) included in net income	16	(2)
MRBs
Fair Value Assets and Liabilities Measured on Recurring Basis Level 3 Activity [Line Items]
Changes in unrealized gains (losses) included in net income	686	(1,090)
Other assets – LPR ceded derivative
Fair Value Assets and Liabilities Measured on Recurring Basis Level 3 Activity [Line Items]
Changes in unrealized gains (losses) included in net income	(5)	(13)
Reinsurance-related embedded derivatives
Fair Value Assets and Liabilities Measured on Recurring Basis Level 3 Activity [Line Items]
Changes in unrealized gains (losses) included in net income	(25)	0
Indexed annuity ceded embedded derivatives
Fair Value Assets and Liabilities Measured on Recurring Basis Level 3 Activity [Line Items]
Changes in unrealized gains (losses) included in net income	$ 241	$ (153)

XML

Fair Value of Financial Instruments - Changes in Unrealized Gains (Losses) Included in OCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value Assets and Liabilities Measured on Recurring Basis Level 3 Activity [Line Items]
Unrealized gains (losses) included in OCI, net	$ (8)	$ 22
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Unrealized investment gain (loss)	Unrealized investment gain (loss)
Corporate bonds
Fair Value Assets and Liabilities Measured on Recurring Basis Level 3 Activity [Line Items]
Unrealized gains (losses) included in OCI, net	$ (10)	$ 12
ABS
Fair Value Assets and Liabilities Measured on Recurring Basis Level 3 Activity [Line Items]
Unrealized gains (losses) included in OCI, net	(1)	8
Hybrid and redeemable preferred securities
Fair Value Assets and Liabilities Measured on Recurring Basis Level 3 Activity [Line Items]
Unrealized gains (losses) included in OCI, net	2	0
Mortgage loans on real estate
Fair Value Assets and Liabilities Measured on Recurring Basis Level 3 Activity [Line Items]
Unrealized gains (losses) included in OCI, net	$ 1	$ 2

XML

Fair Value of Financial Instruments - Components of the Transfers In and Out of Level 3 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers Into Level 3	$ 50	$ 70
Transfers Out of Level 3	(123)	(236)
Total	(73)	(166)
Corporate bonds
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers Into Level 3	19	58
Transfers Out of Level 3	(44)	(43)
Total	(25)	15
State and municipal bonds
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers Into Level 3	0	0
Transfers Out of Level 3	(5)	0
Total	(5)	0
ABS
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers Into Level 3	31	0
Transfers Out of Level 3	(23)	(193)
Total	8	(193)
Hybrid and redeemable preferred securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers Into Level 3	0	12
Transfers Out of Level 3	0	0
Total	0	12
Derivative investments
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract]
Transfers Into Level 3	0	0
Transfers Out of Level 3	(51)	0
Total	$ (51)	$ 0

XML

Fair Value of Financial Instruments - Fair Value Inputs Quantitative Information (Details) $ in Millions	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Assets
Fixed maturity available-for-sale securities, at fair value	$ 81,880	$ 82,300
Market risk benefit assets	4,878	3,894
Liabilities
Market risk benefit liabilities	(1,266)	(1,716)
Corporate bonds
Assets
Fixed maturity available-for-sale securities, at fair value	63,290	63,866
State and municipal bonds
Assets
Fixed maturity available-for-sale securities, at fair value	2,493	2,542
CMBS
Assets
Fixed maturity available-for-sale securities, at fair value	1,403	1,344
ABS
Assets
Fixed maturity available-for-sale securities, at fair value	12,222	12,043
Hybrid and redeemable preferred securities
Assets
Fixed maturity available-for-sale securities, at fair value	228	232
Significant Unobservable Inputs (Level 3)
Assets
Equity securities	5	5
Market risk benefit assets	4,878	3,894
Liabilities
Embedded derivative liability	(10,803)	(9,013)
Market risk benefit liabilities	$ (1,266)	$ (1,716)
Significant Unobservable Inputs (Level 3) | Minimum | Liquidity/Duration Adjustment
Assets
Equity securities, measurement input	0.045	0.045
Significant Unobservable Inputs (Level 3) | Minimum | Lapse
Liabilities
Embedded derivative liability, measurement input	0	0
Significant Unobservable Inputs (Level 3) | Maximum | Liquidity/Duration Adjustment
Assets
Equity securities, measurement input	0.045	0.045
Significant Unobservable Inputs (Level 3) | Maximum | Lapse
Liabilities
Embedded derivative liability, measurement input	0.09	0.09
Significant Unobservable Inputs (Level 3) | Weighted Average Range | Liquidity/Duration Adjustment
Assets
Equity securities, measurement input	0.045	0.045
Significant Unobservable Inputs (Level 3) | Corporate bonds
Assets
Fixed maturity available-for-sale securities, at fair value	$ 199	$ 183
Significant Unobservable Inputs (Level 3) | Corporate bonds | Minimum | Liquidity/Duration Adjustment
Assets
Fixed maturity AFS and trading securities, measurement input	(0.001)	(0.002)
Significant Unobservable Inputs (Level 3) | Corporate bonds | Maximum | Liquidity/Duration Adjustment
Assets
Fixed maturity AFS and trading securities, measurement input	0.038	0.037
Significant Unobservable Inputs (Level 3) | Corporate bonds | Weighted Average Range | Liquidity/Duration Adjustment
Assets
Fixed maturity AFS and trading securities, measurement input	0.020	0.021
Significant Unobservable Inputs (Level 3) | State and municipal bonds
Assets
Fixed maturity available-for-sale securities, at fair value		$ 5
Significant Unobservable Inputs (Level 3) | State and municipal bonds | Minimum | Liquidity/Duration Adjustment
Assets
Fixed maturity AFS and trading securities, measurement input		0.009
Significant Unobservable Inputs (Level 3) | State and municipal bonds | Maximum | Liquidity/Duration Adjustment
Assets
Fixed maturity AFS and trading securities, measurement input		0.022
Significant Unobservable Inputs (Level 3) | State and municipal bonds | Weighted Average Range | Liquidity/Duration Adjustment
Assets
Fixed maturity AFS and trading securities, measurement input		0.021
Significant Unobservable Inputs (Level 3) | CMBS
Assets
Fixed maturity available-for-sale securities, at fair value	$ 8	$ 8
Significant Unobservable Inputs (Level 3) | CMBS | Minimum | Liquidity/Duration Adjustment
Assets
Fixed maturity AFS and trading securities, measurement input	0.020	0.023
Significant Unobservable Inputs (Level 3) | CMBS | Maximum | Liquidity/Duration Adjustment
Assets
Fixed maturity AFS and trading securities, measurement input	0.020	0.023
Significant Unobservable Inputs (Level 3) | CMBS | Weighted Average Range | Liquidity/Duration Adjustment
Assets
Fixed maturity AFS and trading securities, measurement input	0.020	0.023
Significant Unobservable Inputs (Level 3) | ABS
Assets
Fixed maturity available-for-sale securities, at fair value	$ 11	$ 12
Significant Unobservable Inputs (Level 3) | ABS | Minimum | Liquidity/Duration Adjustment
Assets
Fixed maturity AFS and trading securities, measurement input	0.016	0.018
Significant Unobservable Inputs (Level 3) | ABS | Maximum | Liquidity/Duration Adjustment
Assets
Fixed maturity AFS and trading securities, measurement input	0.016	0.018
Significant Unobservable Inputs (Level 3) | ABS | Weighted Average Range | Liquidity/Duration Adjustment
Assets
Fixed maturity AFS and trading securities, measurement input	0.016	0.018
Significant Unobservable Inputs (Level 3) | Hybrid and redeemable preferred securities
Assets
Fixed maturity available-for-sale securities, at fair value	$ 7	$ 7
Significant Unobservable Inputs (Level 3) | Hybrid and redeemable preferred securities | Minimum | Liquidity/Duration Adjustment
Assets
Fixed maturity AFS and trading securities, measurement input	0.013	0.014
Significant Unobservable Inputs (Level 3) | Hybrid and redeemable preferred securities | Maximum | Liquidity/Duration Adjustment
Assets
Fixed maturity AFS and trading securities, measurement input	0.015	0.015
Significant Unobservable Inputs (Level 3) | Hybrid and redeemable preferred securities | Weighted Average Range | Liquidity/Duration Adjustment
Assets
Fixed maturity AFS and trading securities, measurement input	0.014	0.015
Significant Unobservable Inputs (Level 3) | Other assets – ceded MRBs
Assets
Market risk benefit assets	$ 59	$ 274
Significant Unobservable Inputs (Level 3) | Other assets – ceded MRBs | Minimum | Lapse
Assets
Market risk benefit, measurement input	0.01	0.01
Significant Unobservable Inputs (Level 3) | Other assets – ceded MRBs | Minimum | Utilization of GLB Withdrawls
Assets
Market risk benefit, measurement input	0.85	0.85
Significant Unobservable Inputs (Level 3) | Other assets – ceded MRBs | Minimum | Claims Utilization Factor
Assets
Market risk benefit, measurement input	0.60	0.60
Significant Unobservable Inputs (Level 3) | Other assets – ceded MRBs | Minimum | Premiums Utilization Factor
Assets
Market risk benefit, measurement input	0.80	0.80
Significant Unobservable Inputs (Level 3) | Other assets – ceded MRBs | Minimum | Non-Performance Risk
Assets
Market risk benefit, measurement input	0.0031	0.0051
Significant Unobservable Inputs (Level 3) | Other assets – ceded MRBs | Minimum | Volatility
Assets
Market risk benefit, measurement input	0.01	0.01
Significant Unobservable Inputs (Level 3) | Other assets – ceded MRBs | Maximum | Lapse
Assets
Market risk benefit, measurement input	0.30	0.30
Significant Unobservable Inputs (Level 3) | Other assets – ceded MRBs | Maximum | Utilization of GLB Withdrawls
Assets
Market risk benefit, measurement input	1	1
Significant Unobservable Inputs (Level 3) | Other assets – ceded MRBs | Maximum | Claims Utilization Factor
Assets
Market risk benefit, measurement input	1	1
Significant Unobservable Inputs (Level 3) | Other assets – ceded MRBs | Maximum | Premiums Utilization Factor
Assets
Market risk benefit, measurement input	1.15	1.15
Significant Unobservable Inputs (Level 3) | Other assets – ceded MRBs | Maximum | Non-Performance Risk
Assets
Market risk benefit, measurement input	0.0203	0.0213
Significant Unobservable Inputs (Level 3) | Other assets – ceded MRBs | Maximum | Volatility
Assets
Market risk benefit, measurement input	0.29	0.29
Significant Unobservable Inputs (Level 3) | Other assets – ceded MRBs | Weighted Average Range | Utilization of GLB Withdrawls
Assets
Market risk benefit, measurement input	0.94	0.94
Significant Unobservable Inputs (Level 3) | Other assets – ceded MRBs | Weighted Average Range | Non-Performance Risk
Assets
Market risk benefit, measurement input	0.0162	0.0178
Significant Unobservable Inputs (Level 3) | Other assets – ceded MRBs | Weighted Average Range | Volatility
Assets
Market risk benefit, measurement input	0.1414	0.1392
Significant Unobservable Inputs (Level 3) | Other assets - indexed annuity ceded embedded derivatives
Assets
Embedded derivative asset	$ 973	$ 940
Significant Unobservable Inputs (Level 3) | Other assets - indexed annuity ceded embedded derivatives | Minimum | Lapse
Assets
Embedded derivative asset, measurement input	0	0
Significant Unobservable Inputs (Level 3) | Other assets - indexed annuity ceded embedded derivatives | Maximum | Lapse
Assets
Embedded derivative asset, measurement input	0.09	0.09
Significant Unobservable Inputs (Level 3) | Other assets - LPR ceded derivative
Assets
Embedded derivative asset	$ 201	$ 206
Significant Unobservable Inputs (Level 3) | Other assets - LPR ceded derivative | Minimum | Lapse
Assets
Embedded derivative asset, measurement input	0.001	0.001
Significant Unobservable Inputs (Level 3) | Other assets - LPR ceded derivative | Minimum | Non-Performance Risk
Assets
Embedded derivative asset, measurement input	0.0031	0.01
Significant Unobservable Inputs (Level 3) | Other assets - LPR ceded derivative | Maximum | Lapse
Assets
Embedded derivative asset, measurement input	0.0200	0.0200
Significant Unobservable Inputs (Level 3) | Other assets - LPR ceded derivative | Maximum | Non-Performance Risk
Assets
Embedded derivative asset, measurement input	0.0203	0.0213
Significant Unobservable Inputs (Level 3) | Other assets - LPR ceded derivative | Weighted Average Range | Non-Performance Risk
Assets
Embedded derivative asset, measurement input	0.0141	0.0158
Significant Unobservable Inputs (Level 3) | Other liabilities – ceded MRBs
Liabilities
Market risk benefit liabilities	$ (2,261)	$ (1,149)
Significant Unobservable Inputs (Level 3) | Other liabilities – ceded MRBs | Minimum | Lapse
Assets
Market risk benefit, measurement input	0.01	0.01
Significant Unobservable Inputs (Level 3) | Other liabilities – ceded MRBs | Minimum | Utilization of GLB Withdrawls
Assets
Market risk benefit, measurement input	0.85	0.85
Significant Unobservable Inputs (Level 3) | Other liabilities – ceded MRBs | Minimum | Claims Utilization Factor
Assets
Market risk benefit, measurement input	0.60	0.60
Significant Unobservable Inputs (Level 3) | Other liabilities – ceded MRBs | Minimum | Premiums Utilization Factor
Assets
Market risk benefit, measurement input	0.80	0.80
Significant Unobservable Inputs (Level 3) | Other liabilities – ceded MRBs | Minimum | Non-Performance Risk
Assets
Market risk benefit, measurement input	0.0031	0.0051
Significant Unobservable Inputs (Level 3) | Other liabilities – ceded MRBs | Minimum | Volatility
Assets
Market risk benefit, measurement input	0.01	0.01
Significant Unobservable Inputs (Level 3) | Other liabilities – ceded MRBs | Maximum | Lapse
Assets
Market risk benefit, measurement input	0.30	0.30
Significant Unobservable Inputs (Level 3) | Other liabilities – ceded MRBs | Maximum | Utilization of GLB Withdrawls
Assets
Market risk benefit, measurement input	1	1
Significant Unobservable Inputs (Level 3) | Other liabilities – ceded MRBs | Maximum | Claims Utilization Factor
Assets
Market risk benefit, measurement input	1	1
Significant Unobservable Inputs (Level 3) | Other liabilities – ceded MRBs | Maximum | Premiums Utilization Factor
Assets
Market risk benefit, measurement input	1.15	1.15
Significant Unobservable Inputs (Level 3) | Other liabilities – ceded MRBs | Maximum | Non-Performance Risk
Assets
Market risk benefit, measurement input	0.0203	0.0213
Significant Unobservable Inputs (Level 3) | Other liabilities – ceded MRBs | Maximum | Volatility
Assets
Market risk benefit, measurement input	0.29	0.29
Significant Unobservable Inputs (Level 3) | Other liabilities – ceded MRBs | Weighted Average Range | Utilization of GLB Withdrawls
Assets
Market risk benefit, measurement input	0.94	0.94
Significant Unobservable Inputs (Level 3) | Other liabilities – ceded MRBs | Weighted Average Range | Non-Performance Risk
Assets
Market risk benefit, measurement input	0.0162	0.0178
Significant Unobservable Inputs (Level 3) | Other liabilities – ceded MRBs | Weighted Average Range | Volatility
Assets
Market risk benefit, measurement input	0.1414	0.1392

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Contingencies and Commitments (Details) - USD ($) $ in Thousands	Oct. 05, 2023	Mar. 31, 2024	Mar. 08, 2024	Jun. 14, 2023
Commitments and Contingencies Disclosure [Abstract]
Loss contingency, estimate	$ 109,960	$ 150,000		$ 117,750
Loss contingency accrual			$ 147,500
Loss contingency, insurance rate freeze, term	5 years
Loss contingency, percentage of policyholder claim amounts	0.14%

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Shares and Stockholders' Equity - Components and Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Change in our unrealized gain on derivative instruments in accumulated OCI
Balance as of beginning-of-year	$ 10,507
Balance as of end-of-period	11,175	$ 10,203
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain Other Investments
Change in our unrealized gain on derivative instruments in accumulated OCI
Balance as of beginning-of-year	(3,532)	(8,526)
Income tax benefit (expense)	(120)	(455)
Reclassification adjustment for gains (losses) included in net income (loss)	(51)	(37)
Income tax benefit (expense)	(11)	(8)
Balance as of end-of-period	(3,054)	(6,830)
Unrealized holding gains (losses) arising during the period
Change in our unrealized gain on derivative instruments in accumulated OCI
Change in foreign currency exchange rate adjustment	(914)	2,307
Change in foreign currency exchange rate adjustment
Change in our unrealized gain on derivative instruments in accumulated OCI
Change in foreign currency exchange rate adjustment	(102)	75
Change in future contract benefits and policyholder account balances, net of reinsurance
Change in our unrealized gain on derivative instruments in accumulated OCI
Change in foreign currency exchange rate adjustment	1,574	(260)
Unrealized Gain (Loss) on Derivative Instruments
Change in our unrealized gain on derivative instruments in accumulated OCI
Balance as of beginning-of-year	249	301
Income tax benefit (expense)	(18)	(25)
Reclassification adjustment for gains (losses) included in net income (loss)	15	16
Income tax benefit (expense)	(3)	(3)
Income tax benefit (expense)	(3)	(3)
Balance as of end-of-period	304	382
Unrealized holding gains (losses) arising during the period
Change in our unrealized gain on derivative instruments in accumulated OCI
Change in foreign currency exchange rate adjustment	(16)	186
Change in foreign currency exchange rate adjustment
Change in our unrealized gain on derivative instruments in accumulated OCI
Change in foreign currency exchange rate adjustment	101	(67)
Market Risk Benefit Non-Performance Risk Gain (Loss)
Change in our unrealized gain on derivative instruments in accumulated OCI
Balance as of beginning-of-year	1,069	1,739
Adjustment arising during the year	(590)	1,306
Income tax benefit (expense)	126	(280)
Balance as of end-of-period	605	2,765
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Change in our unrealized gain on derivative instruments in accumulated OCI
Balance as of beginning-of-year	645	790
Adjustment arising during the year	133	(243)
Income tax benefit (expense)	(28)	53
Balance as of end-of-period	750	600
Funded Status of Employee Benefit Plans
Change in our unrealized gain on derivative instruments in accumulated OCI
Balance as of beginning-of-year	(16)	(17)
Balance as of end-of-period	$ (16)	$ (17)

XML

Shares and Stockholders' Equity - Schedule of Reclassifications Out of AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment income	$ 1,224	$ 1,409
Realized gain (loss)	(57)	(394)
Benefits	1,739	2,195
Income (loss) before taxes	823	(1,230)
Income tax benefit (expense)	(166)	302
Net income (loss)	657	(928)
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain Other Investments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Realized gain (loss)	(50)	(37)
Benefits	(1)
Income (loss) before taxes	(51)	(37)
Income tax benefit (expense)	11	8
Net income (loss)	(40)	(29)
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gain (Loss) on Derivative Instruments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net investment income	15	14
Realized gain (loss)		2
Income (loss) before taxes	15	16
Income tax benefit (expense)	(3)	(3)
Net income (loss)	$ 12	$ 13

XML

Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 4,056	$ 4,017
Other Operations
Segment Reporting Information [Line Items]
Revenues	26	38
Revenue adjustments from annuity and life insurance product features
Segment Reporting Information [Line Items]
Revenues	169	(91)
Credit loss-related adjustments, after-tax
Segment Reporting Information [Line Items]
Revenues	(1)	(21)
Investment gains (losses), after-tax
Segment Reporting Information [Line Items]
Revenues	(56)	(55)
Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans
Segment Reporting Information [Line Items]
Revenues	48	(11)
GLB rider fees ceded to LNBAR
Segment Reporting Information [Line Items]
Revenues	(230)	(234)
Annuities | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,178	1,043
Life Insurance | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,181	1,638
Group Protection | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,424	1,388
Retirement Plan Services | Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 317	$ 322

XML

Segment Information - Reconciliation of Income (Loss) from Operations by Segment to Consolidated Net Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net income (loss)	$ 657	$ (928)
Other Operations
Segment Reporting Information [Line Items]
Net income (loss)	(107)	(52)
Net annuity product features, after-tax
Segment Reporting Information [Line Items]
Net income (loss)	783	(821)
Net life insurance product features, after-tax
Segment Reporting Information [Line Items]
Net income (loss)	(104)	(95)
Credit loss-related adjustments, after-tax
Segment Reporting Information [Line Items]
Net income (loss)	(1)	(17)
Investment gains (losses), after-tax
Segment Reporting Information [Line Items]
Net income (loss)	(45)	(43)
Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans
Segment Reporting Information [Line Items]
Net income (loss)	38	(9)
GLB rider fees ceded to LNBAR, after-tax
Segment Reporting Information [Line Items]
Net income (loss)	(182)	(185)
Transaction and integration costs related to mergers, acquisitions and divestitures, after-tax
Segment Reporting Information [Line Items]
Net income (loss)	(8)	0
Annuities | Operating Segments
Segment Reporting Information [Line Items]
Net income (loss)	223	217
Life Insurance | Operating Segments
Segment Reporting Information [Line Items]
Net income (loss)	(51)	(32)
Group Protection | Operating Segments
Segment Reporting Information [Line Items]
Net income (loss)	79	71
Retirement Plan Services | Operating Segments
Segment Reporting Information [Line Items]
Net income (loss)	$ 32	$ 38

XML

Segment Information - Reconciliation of Assets From Segments to Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 386,204	$ 373,976
Operating Segments | Life Insurance
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	111,492	107,529
Operating Segments | Annuities
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	195,456	186,716
Operating Segments | Group Protection
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	9,759	9,741
Operating Segments | Retirement Plan Services
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	47,838	46,969
Other Operations
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 21,659	$ 23,021

XML

Realized Gain (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fixed maturity AFS securities:
Gross gains	$ 7	$ 25
Gross losses	(57)	(62)
Credit loss benefit (expense)	(2)	(16)
Realized gain (loss) on equity securities	11	(14)
Realized gain (loss) on the mark-to-market on certain instruments	(133)	(128)
Indexed product derivative results	145	(153)
GLB rider fees ceded to LNBAR and attributed fees	(30)	(29)
Other realized gain (loss)	1	(12)
Total realized gain (loss)	(57)	(394)
Mortgages
Fixed maturity AFS securities:
Credit loss benefit (expense) on mortgage loans on real estate	0	(4)
Realized gain (loss) on the mark-to-market on certain instruments	1	2
Reinsurance Related Assets
Fixed maturity AFS securities:
Credit loss benefit (expense) on reinsurance-related assets	1	(1)
Equity securities
Fixed maturity AFS securities:
Realized gain (loss) on equity securities	$ 11	$ (14)

XML

Federal Income Taxes (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	20.00%	25.00%

XML

Subsequent Event (Details) $ in Millions	May 06, 2024 USD ($)
Subsequent Event | Wealth Management Business
Subsequent Event [Line Items]
Consideration for sale of business	$ 725