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Policyholder Account Balances, Future Policy Benefits and Claims (Tables)
 3 Months Ended
Mar. 31, 2024
Policyholder Account Balance [Abstract]  
Policyholder account balances, future policy benefits and claims
Policyholder account balances, future policy benefits and claims consisted of the following:
March 31, 2024December 31, 2023
(in millions)
Policyholder account balances
Policyholder account balances$29,229 $27,947 
Future policy benefits
Reserve for future policy benefits7,619 7,763 
Deferred profit liability87 81 
Additional liabilities for insurance guarantees1,336 1,321 
Other insurance and annuity liabilities191 213 
Total future policy benefits9,233 9,378 
Policy claims and other policyholders’ funds205 220 
Total policyholder account balances, future policy benefits and claims$38,667 $37,545 
Balances of and changes in policyholder account balances
The balances of and changes in policyholder account balances were as follows:
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesNon-Life Contingent Payout Annuities
(in millions, except percentages)
Balance at January 1, 2024
$4,173 $10,742 $5,982 $307 $444 
Contract deposits10 955 11 — 30 
Policy charges(3)— — — — 
Surrenders and other benefits(181)(74)(244)(4)(28)
Net transfer from (to) separate account liabilities(7)— — — — 
Variable account index-linked adjustments
— 704 — — — 
Interest credited32 — 52 4 3 
Balance at March 31, 2024
$4,024 $12,327 $5,801 $307 $449 
Weighted-average crediting rate3.3 %1.8 %3.6 %2.0 %N/A
Cash surrender value (1)
$3,999 $11,656 $5,794 $278 N/A
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2024
$1,474 $1,569 $2,755 $501 $27,947 
Contract deposits29 62 46 — 1,143 
Policy charges(44)(23)(32)— (102)
Surrenders and other benefits(13)(21)(17)(14)(596)
Net transfer from (to) separate account liabilities— (19)— — (26)
Variable account index-linked adjustments
— — — — 704 
Interest credited12 15 37 4 159 
Balance at March 31, 2024
$1,458 $1,583 $2,789 $491 $29,229 
Weighted-average crediting rate3.6 %3.9 %2.0 %4.0 %
Net amount at risk$8,626 $56,939 $14,215 $139 
Cash surrender value (1)
$1,318 $1,072 $2,315 $319 
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesNon-Life Contingent Payout Annuities
(in millions, except percentages)
Balance at January 1, 2023
$4,752 $6,410 $6,799 $312 $471 
Contract deposits73 3,084 47 — 91 
Policy charges(10)— — — — 
Surrenders and other benefits(759)(156)(1,086)(10)(127)
Net transfer from (to) separate account liabilities(25)— — — — 
Variable account index-linked adjustments
— 1,403 — — — 
Interest credited142 1 222 5 9 
Balance at December 31, 2023
$4,173 $10,742 $5,982 $307 $444 
Weighted-average crediting rate3.3 %1.8 %3.6 %2.0 %N/A
Cash surrender value (1)
$4,146 $10,129 $5,974 $278 N/A
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2023
$1,544 $1,520 $2,654 $524 $24,986 
Contract deposits123 272 193 1 3,884 
Policy charges(176)(94)(121)— (401)
Surrenders and other benefits(69)(78)(53)(44)(2,382)
Net transfer from (to) separate account liabilities— (107)— — (132)
Variable account index-linked adjustments
— — — — 1,403 
Interest credited52 56 82 20 589 
Balance at December 31, 2023
$1,474 $1,569 $2,755 $501 $27,947 
Weighted-average crediting rate3.6 %3.9 %2.0 %4.0 %
Net amount at risk$8,740 $57,291 $14,407 $141 
Cash surrender value (1)
$1,330 $1,065 $2,271 $326 
(1) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. For variable annuities and VUL, the cash surrender value shown is the proportion of the total cash surrender value related to their fixed account liabilities.
Account values by guaranteed minimum interest rates
The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of March 31, 2024 and December 31, 2023 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. Rates are reset at management’s discretion, subject to guaranteed minimums.
March 31, 2024
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of variable annuities1 %–1.99%$36 $120 $57 $16 $2 $231 
2 %–2.99%132 — — — — 132 
3 %–3.99%2,121 3 — 1 — 2,125 
4 %–5.00%1,480 — — — — 1,480 
Total$3,769 $123 $57 $17 $2 $3,968 
Fixed accounts of structured variable annuities1 %–1.99%$1 $22 $4 $2 $— $29 
2 %–2.99%11 — — — — 11 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$12 $22 $4 $2 $— $40 
Fixed annuities1 %–1.99%$103 $343 $179 $86 $— $711 
2 %–2.99%31 16 — — — 47 
3 %–3.99%2,697 — — — — 2,697 
4 %–5.00%2,331 — — — — 2,331 
Total$5,162 $359 $179 $86 $— $5,786 
Non-indexed accounts of fixed indexed annuities1 %–1.99%$— $2 $7 $14 $— $23 
2 %–2.99%— — — — — — 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $2 $7 $14 $— $23 
Universal life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%50 3 11 — 1 65 
3 %–3.99%846 1 3 4 — 854 
4 %–5.00%507 2 — — — 509 
Total$1,403 $6 $14 $4 $1 $1,428 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of variable universal life insurance1 %–1.99%$— $1 $4 $— $26 $31 
2 %–2.99%12 12 — 1 8 33 
3 %–3.99%119 2 3 7 — 131 
4 %–5.00%597 8 — — — 605 
Total$728 $23 $7 $8 $34 $800 
Non-indexed accounts of indexed universal life insurance1 %–1.99%$— $— $2 $— $— $2 
2 %–2.99%127 — — — — 127 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$127 $— $2 $— $— $129 
Other life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%— — — — — — 
3 %–3.99%30 — — — — 30 
4 %–5.00%288 — — — — 288 
Total$318 $— $— $— $— $318 
Total1 %–1.99%$140 $488 $253 $118 $28 $1,027 
2 %–2.99%363 31 11 1 9 415 
3 %–3.99%5,813 6 6 12 — 5,837 
4 %–5.00%5,203 10 — — — 5,213 
Total$11,519 $535 $270 $131 $37 $12,492 
Percentage of total account values that reset in:
Next 12 months100.0 %100.0 %99.5 %100.0 %100.0 %100.0 %
> 12 months to 24 months— — 0.4 — — — 
> 24 months— — 0.1 — — — 
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
December 31, 2023
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of variable annuities1 %–1.99%$43 $131 $52 $15 $2 $243 
2 %–2.99%137 1 — — — 138 
3 %–3.99%2,214 — — 1 — 2,215 
4 %–5.00%1,514 — — — — 1,514 
Total$3,908 $132 $52 $16 $2 $4,110 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of structured variable annuities1 %–1.99%$1 $18 $7 $2 $— $28 
2 %–2.99%11 — — — — 11 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$12 $18 $7 $2 $— $39 
Fixed annuities1 %–1.99%$107 $377 $183 $93 $— $760 
2 %–2.99%36 14 1 — — 51 
3 %–3.99%2,816 1 — — — 2,817 
4 %–5.00%2,339 — — — — 2,339 
Total$5,298 $392 $184 $93 $— $5,967 
Non-indexed accounts of fixed indexed annuities1 %–1.99%$— $2 $7 $13 $— $22 
2 %–2.99%— — — — — — 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$— $2 $7 $13 $— $22 
Universal life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%51 3 9 — — 63 
3 %–3.99%854 1 4 4 — 863 
4 %–5.00%518 1 — — — 519 
Total$1,423 $5 $13 $4 $— $1,445 
Fixed accounts of variable universal life insurance1 %–1.99%$— $2 $4 $— $24 $30 
2 %–2.99%13 12 — 1 8 34 
3 %–3.99%122 2 3 6 — 133 
4 %–5.00%607 6 — — — 613 
Total$742 $22 $7 $7 $32 $810 
Non-indexed accounts of indexed universal life insurance1 %–1.99%$— $— $2 $— $— $2 
2 %–2.99%128 — — — — 128 
3 %–3.99%— — — — — — 
4 %–5.00%— — — — — — 
Total$128 $— $2 $— $— $130 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Other life insurance1 %–1.99%$— $— $— $— $— $— 
2 %–2.99%— — — — — — 
3 %–3.99%30 — — — — 30 
4 %–5.00%295 — — — — 295 
Total$325 $— $— $— $— $325 
Total1 %–1.99%$151 $530 $255 $123 $26 $1,085 
2 %–2.99%376 30 10 1 8 425 
3 %–3.99%6,036 4 7 11 — 6,058 
4 %–5.00%5,273 7 — — — 5,280 
Total$11,836 $571 $272 $135 $34 $12,848 
Percentage of total account values that reset in:
Next 12 months99.9 %99.5 %99.3 %100.0 %100.0 %99.9 %
> 12 months to 24 months0.1 0.5 0.6 — — 0.1 
> 24 months— — 0.1 — — — 
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
Balances of and changes in liability for future policy benefits, and Revenue and interest recognized
The following tables summarize the balances of and changes in the liability for future policy benefits:
Life Contingent Payout AnnuitiesTerm and Whole Life Insurance
Disability Income Insurance
Long Term Care InsuranceTotal,
All Products
(in millions, except percentages)
Present Value of Expected Net Premiums:
Balance at January 1, 2024
$— $703 $104 $1,146 $1,953 
Beginning balance at original discount rate— 708 105 1,137 1,950 
Effect of changes in cash flow assumptions— — — — — 
Effect of actual variances from expected experience— (2)(4)(3)(9)
Adjusted beginning of year balance$— $706 $101 $1,134 $1,941 
Issuances60 16 2 — 78 
Interest accrual— 9 1 14 24 
Net premiums collected(60)(18)(2)(37)(117)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$— $713 $102 $1,111 $1,926 
Effect of changes in discount rate assumptions— (18)(3)(6)(27)
Balance at March 31, 2024
$— $695 $99 $1,105 $1,899 
Present Value of Future Policy Benefits:
Balance at January 1, 2024
$1,164 $1,325 $661 $6,561 $9,711 
Beginning balance at original discount rate1,222 1,291 621 6,507 9,641 
Effect of changes in cash flow assumptions— — — — — 
Effect of actual variances from expected experience(2)(2)(6)(6)(16)
Adjusted beginning of year balance$1,220 $1,289 $615 $6,501 $9,625 
Issuances60 16 2 — 78 
Interest accrual14 18 9 81 122 
Benefit payments(39)(34)(10)(104)(187)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$1,255 $1,289 $616 $6,478 $9,638 
Effect of changes in discount rate assumptions(75)6 26 (83)(126)
Balance at March 31, 2024
$1,180 $1,295 $642 $6,395 $9,512 
Adjustment due to reserve flooring$— $6 $— $— $6 
Net liability for future policy benefits$1,180 $606 $543 $5,290 $7,619 
Less: reinsurance recoverable845 428 21 2,675 3,969 
Net liability for future policy benefits, after reinsurance recoverable$335 $178 $522 $2,615 $3,650 
Discounted expected future gross premiums$— $1,713 $879 $1,279 $3,871 
Expected future gross premiums$— $2,909 $1,250 $1,740 $5,899 
Expected future benefit payments$1,786 $2,163 $1,054 $10,741 $15,744 
Weighted average interest accretion rate4.4 %6.3 %6.3 %5.1 %
Weighted average discount rate5.2 %5.3 %5.4 %5.4 %
Weighted average duration of liability (in years)7788
Life Contingent Payout AnnuitiesTerm and Whole Life Insurance
Disability Income Insurance
Long Term Care InsuranceTotal,
All Products
(in millions, except percentages)
Present Value of Expected Net Premiums:
Balance at January 1, 2023
$— $686 $134 $1,207 $2,027 
Beginning balance at original discount rate— 708 137 1,220 2,065 
Effect of changes in cash flow assumptions— (19)(19)19 (19)
Effect of actual variances from expected experience— (2)(18)(3)(23)
Adjusted beginning of year balance$— $687 $100 $1,236 $2,023 
Issuances177 55 12 — 244 
Interest accrual1 36 5 59 101 
Net premiums collected(178)(70)(12)(158)(418)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$— $708 $105 $1,137 $1,950 
Effect of changes in discount rate assumptions— (5)(1)9 3 
Balance at December 31, 2023
$— $703 $104 $1,146 $1,953 
Present Value of Future Policy Benefits:
Balance at January 1, 2023
$1,065 $1,319 $696 $6,439 $9,519 
Beginning balance at original discount rate1,155 1,313 669 6,569 9,706 
Effect of changes in cash flow assumptions— (18)(25)9 (34)
Effect of actual variances from expected experience(10)(1)(29)5 (35)
Adjusted beginning of year balance$1,145 $1,294 $615 $6,583 $9,637 
Issuances177 56 11 — 244 
Interest accrual50 73 37 329 489 
Benefit payments(150)(132)(42)(405)(729)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$1,222 $1,291 $621 $6,507 $9,641 
Effect of changes in discount rate assumptions(58)34 40 54 70 
Balance at December 31, 2023
$1,164 $1,325 $661 $6,561 $9,711 
Adjustment due to reserve flooring$— $5 $— $— $5 
Net liability for future policy benefits$1,164 $627 $557 $5,415 $7,763 
Less: reinsurance recoverable880 440 22 2,738 4,080 
Net liability for future policy benefits, after reinsurance recoverable$284 $187 $535 $2,677 $3,683 
Discounted expected future gross premiums$— $1,764 $904 $1,325 $3,993 
Expected future gross premiums$— $2,938 $1,269 $1,786 $5,993 
Expected future benefit payments$1,726 $2,166 $1,068 $10,850 $15,810 
Weighted average interest accretion rate4.2 %6.2 %6.1 %5.0 %
Weighted average discount rate4.9 %5.1 %5.1 %5.1 %
Weighted average duration of liability (in years)7788
The amount of revenue and interest recognized in the Statements of Operations was as follows:
Three Months Ended March 31,
2024
Gross PremiumsInterest Expense
(in millions)
Life contingent payout annuities$66 $14 
Term and whole life insurance42 9 
Disability income insurance
30 8 
Long term care insurance44 67 
Total$182 $98 
Year Ended December 31,
2023
Gross PremiumsInterest Expense
(in millions)
Life contingent payout annuities$196 $49 
Term and whole life insurance169 37 
Disability income insurance
124 32 
Long term care insurance185 270 
Total$674 $388 
Balances of and changes in additional liabilities related to insurance guarantees
The balances of and changes in additional liabilities related to insurance guarantees were as follows:
Universal Life InsuranceVariable Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2024
$1,225 $81 $15 $1,321 
Interest accrual9 1 — 10 
Benefit accrual33 2 1 36 
Benefit payments(13)(3)(1)(17)
Effect of actual variances from expected experience(3)— — (3)
Impact of change in net unrealized (gains) losses on securities(9)— (2)(11)
Balance at March 31, 2024
$1,242 $81 $13 $1,336 
Weighted average interest accretion rate3.0 %7.1 %3.9 %
Weighted average discount rate3.2 %7.1 %4.0 %
Weighted average duration of reserves (in years)1086
Universal Life InsuranceVariable Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2023
$1,100 $74 $12 $1,186 
Interest accrual35 5 1 41 
Benefit accrual128 8 2 138 
Benefit payments(50)(18)(4)(72)
Effect of actual variances from expected experience(13)11 (2)(4)
Impact of change in net unrealized (gains) losses on securities25 1 6 32 
Balance at December 31, 2023
$1,225 $81 $15 $1,321 
Weighted average interest accretion rate3.0 %6.9 %4.0 %
Weighted average discount rate3.2 %7.1 %4.0 %
Weighted average duration of reserves (in years)1086
Changes in unearned revenue
The following tables summarize the balances of and changes in unearned revenue:
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceTotal,
All Products
(in millions)
Balance at January 1, 2024
$27 $196 $266 $489 
Deferral of revenue— 16 13 29 
Amortization— (4)(5)(9)
Balance at March 31, 2024
$27 $208 $274 $509 
Balance at January 1, 2023
$27 $150 $233 $410 
Deferral of revenue1 59 52 112 
Amortization(1)(13)(19)(33)
Balance at December 31, 2023
$27 $196 $266 $489