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POLICYHOLDER ACCOUNT BALANCES (Tables)

3 Months Ended

Mar. 31, 2023

Policyholder Account Balance [Abstract]

Schedule of Policyholder Account Balance

The following table summarizes the balances and changes in policyholders’ account balances three months ended and as of March 31, 2023 and 2022:


	Indexed Universal Life		Variable Universal Life		GMxB Core		Investment Edge		SCS (2)		Reinsured (1)
March 31, 2023	(Dollars in millions)
Balance, beginning of the period	$	1,962	$	655	$	27	$	7	242		$	819
Issuances	—		—		—		—		—		—
Premiums received	58		5		29		—		—		6
Policy charges	(44)		(9)		(2)		—		—		(9)
Surrenders and withdrawals	(7)		—		—		—		(1)		(23)
Benefit payments	(3)		(2)		—		—		—		(2)
Net transfers from (to) separate account	—		11		(26)		77		1,031		—
Interest credited (3)	30		9		—		1		24		8
Other	—		—		—		—		—		1
Balance, end of the period	$	1,996	$	669	$	28	$	85	$	1,296	$	800

Weighted-average crediting rate	2.23%		3.52%		1.00%		1.00%		1.00%		4.12%
Net amount at risk (4)	$	18,004	$	30,589	$	9	$	—	$	—	$	4,011
Cash surrender value	$	1,505	$	535	$	32	$	81	$	1,208	$	799

______________

(1)Reinsured primarily reflects Protective Life reinsured business.

(2)SCS sales are recorded in a Separate Account holding account until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.

(3)SCS includes amounts related to the change in embedded derivative.

(4)For life insurance products the net amount at risk is death benefit less account value for the policyholder. For variable annuity products the net amount risk is the maximum GMxB NAR for the policyholder.


	Indexed Universal Life			Variable Universal Life			GMxB Core			Investment Edge			SCS (2)			Reinsured (1)
March 31, 2022	(Dollars in millions)
Balance, beginning of period	$	1,973		$	614		$	13		$	—		$	—		$	867
Issuances	—			—			—			—			—			—
Premiums received	66			4			4			—			—			8
Policy charges	(44)			(2)			(1)			—			—			(8)
Surrenders and withdrawals	(6)			—			—			—			—			(22)
Benefit payments	(3)			(1)			—			—			—			(1)
Net transfers from (to) separate account	—			9			—			—			—			2
Interest credited (3)	2			5			—			—			—			9
Other	—			—			—			—			—			—
Balance, end of the period	$	1,988		$	629		$	16		$	—					$	855

Weighted-average crediting rate	2.19		%	3.53		%	1.00		%	—		%	—		%	4.31		%
Net amount at risk (4)	$	18,296		$	27,994		$	2		$	—		$	—		$	4,279
Cash surrender value	$	1,452		$	511		$	18		$	—		$	—		$	855

______________

(1)Reinsured primarily reflects Protective Life reinsured business.

(2)SCS sales are recorded in a Separate Account holding account until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.

(3)SCS includes amounts related to the change in embedded derivative.

The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the balance sheet as of March 31, 2023 and December 31, 2022.


	March 31, 2023		December 31, 2022
	(in millions)
Policyholders’ account balance reconciliation

IUL	$	1,996	$	1,962
VUL	669		655
GMxB Core	28		27
Investment Edge	85		7
SCS	1,296		242
Reinsured	800		819
Other	36		39
Total	$	4,910	$	3,751

The following table presents the balances of and changes in separate account liabilities three months ended and as of March 31, 2023 and 2022.



	VUL		GMxB Core		Investment Edge		Reinsured (1)
March 31, 2023	(in millions)
Balance, beginning of the period	$	1,653	$	756	$	26	$	913
Premiums and deposits	96		139		138		5
Policy charges	(32)		(2)		—		(8)
Surrenders and withdrawals	(10)		(5)		—		(14)
Benefit payments	(2)		(2)		—		(4)
Investment performance (2)	98		38		1		74
Net transfers from (to) general account	(11)		26		(77)		—

Balance, end of the period	$	1,792	$	950	$	88	$	966

Cash surrender value	$	1,468	$	874	$	84	N/A

_______________

(1) Reinsured primarily reflects Protective Life reinsured ceded business.

(2) Investment performance is reflected net of M&E fees.



	VUL		GMxB Core		Investment Edge		Reinsured (1)
March 31, 2022	(in millions)
Balance, beginning of the period	$	1,832	$	315	$	—	$	1,244
Premiums and deposits	92		109		—		6
Policy charges	(34)		—		—		(9)
Surrenders and withdrawals	(8)		(2)		—		(14)
Benefit payments	(1)		—		—		(5)
Net transfers from (to) general account	(109)		—		—		(2)
Investment Performance (2)	(12)		(21)		—		(92)

Balance, end of the period	$	1,760	$	401	$	—	$	1,128

Cash surrender value	$	1,452	$	370	$	—	N/A

______________

(1) Reinsured primarily reflects Protective Life reinsured ceded business.

(2) Investment performance is reflected net of M&E fees.

The following table reconciles the separate account liabilities to the separate account liability balance in the balance sheet as of March 31, 2023 and December 31, 2022.


	March 31, 2023		December 31, 2022
	(in millions)
Separate Account Reconciliation
VUL	$	1,792	$	1,653
GMxB Core	950		756
Investment Edge	88		26
Reinsured	966		913
Other	71		26
Total	$	3,867	$	3,374

Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The following table presents the account values by range of guaranteed minimum crediting rates and the related range of the difference in basis points, between rates being credited policyholders and the respective guaranteed minimums as of March 31, 2023 and December 31, 2022.


March 31, 2023
Product (1)	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
		(in millions)
Indexed Universal Life	0.00% - 1.50%	$	—	$	—	$	—	$	—	$	—
	1.51% - 2.50%	1,166		611		172		—		1,949
	Greater than 2.50%	—		—		—		—		—
	Total	$	1,166	$	611	$	172	$	—	$	1,949

Variable Universal Life	0.00% - 1.50%	$	15	$	36	$	5	$	—	$	56
	1.51% - 2.50%	59		27		—		—		86
	Greater than 2.50%	462		—		2		—		464
	Total	$	536	$	63	$	7	$	—	$	606

Investment Edge	0.00% - 1.50%	$	84	$	—	$	—	$	—	$	84
	1.51% - 2.50%									—
	Greater than 2.50%									—
	Total	$	84	$	—	$	—	$	—	$	84

GMxB Core	0.00% - 1.50%	$	35	$	—	$	—	$	—	$	35
	1.51% - 2.50%	—		—		—		—		—
	Greater than 2.50%	—		—		—		—		—
	Total	$	35	$	—	$	—	$	—	$	35


December 31, 2022
Product	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
		(in millions)
Indexed Universal Life	0.00% - 1.50%	$	—	$	—	$	—	$	—	$	—
	1.51% - 2.50%	1,202		666		73		—		1,941
	Greater than 2.50%	—		—		—		—		—
	Total	$	1,202	$	666	$	73	$	—	$	1,941

Variable Universal Life	0.00% - 1.50%	$	18	$	30	$	2	$	—	$	50
	1.51% - 2.50%	73		12		—		—		85
	Greater than 2.50%	460		—		2		—		462
	Total	$	551	$	42	$	4	$	—	$	597

Investment Edge	0.00% - 1.50%	$	7	$	—	$	—	$	—	$	7
	1.51% - 2.50%	—		—		—		—		—
	Greater than 2.50%	—		—		—		—		—
	Total	$	7	$	—	$	—	$	—	$	7

GMxB Core	0.00% - 1.50%	$	32	$	—	$	—	$	—	$	32
	1.51% - 2.50%	—		—		—		—		—
	Greater than 0.025	—		—		—		—		—
	Total	$	32	$	—	$	—	$	—	$	32

Schedule of Investment in Variable Insurance Trust Mutual Funds

The following table presents the aggregate fair value of separate account assets by major asset category as of March 31, 2023 and December 31, 2022.


	March 31, 2023
	Life Insurance & Employee Benefits Products		Individual Variable Annuity Products		Employer - Sponsored Products		Other		Total
	(in millions)
Asset Type


Mutual Funds	$	2,268	$	1,586	$	—	$	13	$	3,867

Total	$	2,268	$	1,586	$	—	$	13	$	3,867


	December 31, 2022
	Life Insurance & Employee Benefits Products		Individual Variable Annuity Products		Employer - Sponsored Products		Other		Total
	(in millions)
Asset Type


Mutual Funds	$	2,096	$	1,265	$	—	$	13	$	3,374

Total	$	2,096	$	1,265	$	—	$	13	$	3,374