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POLICYHOLDER ACCOUNT BALANCES
 12 Months Ended
Dec. 31, 2022
Policyholder Account Balance [Abstract]  
POLICYHOLDER ACCOUNT BALANCES POLICYHOLDER ACCOUNT BALANCES
The following table summarizes the balances and changes in policyholders’ account balances for the years ended and as of December 31, 2022 and 2021:

Indexed Universal LifeVariable Universal LifeGMxB CoreInvestment EdgeSCS (2)Reinsured (1)
December 31, 2022(Dollars in millions)
Balance, beginning of the year$1,973$614$13$—$—$866
Issuances——————
Premiums received2461717——52
Policy charges(177)(35)(3)——(31)
Surrenders and withdrawals(49)—(1)——(132)
Benefit payments(7)(8)———(21)
Net transfers from (to) separate account—49—724547
Interest credited (3)(24)181—(3)36
Other ————2
Balance, end of the year $1,962$655$27$7$242$819
Weighted-average crediting rate2.20%3.52%1.00%1.00%1.00 %4.39%
Net amount at risk (4)$18,092$30,067$13$—$1 $4,120
Cash surrender value$1,494$528$29$6$224 $818
______________
(1)Reinsured primarily reflects Protective Life reinsured business.
(2)SCS sales are recorded as a Separate Account liability 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 LifeVariable Universal LifeGMxB CoreReinsured (1)
December 31, 2021(Dollars in millions)
Balance, beginning of year$1,780 $593 $— $886 
Issuances— — — — 
Premiums received271 16 40 67 
Policy charges(176)(29)(1)(34)
Surrenders and withdrawals(30)— — (137)
Benefit payments(6)(10)— (21)
Net transfers from (to) separate account— 22 (26)67 
Interest credited (3)134 22 — 36 
Other— — — 2 
Balance, December 31, 2021$1,973 $614 $13 $866 
Weighted-average crediting rate2.16 %3.54 %1.00 %4.22 %
Net amount at risk (4)$18,356$27,214$—$4,340
Cash surrender value$1,407$503$13$866
______________
(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.
The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the balance sheet as of December 31, 2022 and 2021.

December 31, 2022December 31, 2021
(in millions)
Policyholders’ account balance reconciliation
IUL$1,962 $1,973 
VUL655 614 
Investment Edge7 — 
GMxB Core27 13 
SCS242 — 
Reinsured819 867 
Other39 36 
Total$3,751 $3,503 

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 December 31, 2022 and 2021.
December 31, 2022
Product
(1)		Range of Guaranteed Minimum Crediting RateAt 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 2.50%
— — — — — 
Total
$32 $— $— $— $32 


December 31, 2021
Product
Range of Guaranteed Minimum Crediting RateAt 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%
$32 $— $— $— $32 
1.51% - 2.50%
1,148 696 — — 1,844 
Greater than 2.50%
— — — — — 
Total
$1,180 $696 $— $— $1,876 
Variable Universal Life
0.00% - 1.50%
$13 $24 $— $— $37 
1.51% - 2.50%
81 — — — 81 
Greater than 2.50%
442 — — — 442 
Total
$536 $24 $— $— $560 
GMxB Core
0.00% - 1.50%
$15 $— $— $— $15 
1.51% - 2.50%
— — — — — 
Greater than 2.50%
— — — — — 
Total
$15 $— $— $— $15 


Separate Account - Summary

The following table presents the balances of and changes in separate account liabilities for the years ended and as of December 31, 2022 and 2021.
December 31, 2022VULGMxB CoreInvestment EdgeReinsured (1)
(in millions)
Balance, beginning of year$1,832 $315 $— $1,244 
Premiums and deposits358 536 — — 
Policy charges (116)(4)33 (35)
Surrenders and withdrawals(28)(12)— — 
Benefit payments(9)(2)— — 
Investment performance (2)(335)(77)— (247)
Net transfers from (to) general account(49)— (7)(49)
Balance, end of year$1,653 $756 $26 $913 
Cash surrender value$1,338 $693 $25 N/A
______________
(1)    Reinsured primarily reflects Protective Life reinsured ceded business.
(2)    Investment performance is reflected net of M&E fees.

December 31, 2021VULGMxB CoreReinsured (1)
(in millions)
Balance, beginning of year$1,437 $— $1,161 
Premiums and deposits328 282 
Policy charges (102)— (38)
Surrenders and withdrawals(30)(1)
Benefit payments(5)— 
Net transfers from (to) general account237 26 (73)
Investment Performance (2)(33)8 194 
Balance, end of year$1,832 $315 $1,244 
Cash surrender value$1,520 $292 
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 December 31, 2022, and 2021.

December 31, 2022December 31, 2021
(in millions)
Separate Account Reconciliation
VUL$1,653 $1,832 
GMxB Core756 315 
Investment Edge26 — 
Reinsured913 1,244 
Other26 3 
Total $3,374 $3,394 



The following table presents the aggregate fair value of separate account assets by major asset category as of December 31, 2022 and December 31, 2021
December 31, 2022
Life Insurance & Employee Benefits ProductsIndividual Variable Annuity ProductsEmployer - Sponsored ProductsOtherTotal
(in millions)
Asset Type
Mutual Funds$2,096 $1,265 $— $13 $3,374 
Total$2,096 $1,265 $— $13 $3,374 

December 31, 2021
Life Insurance & Employee Benefits ProductsIndividual Variable Annuity ProductsEmployer - Sponsored ProductsOtherTotal
(in millions)
Asset Type
Mutual Funds$2,434 $947 $— $13 $3,394 
Total$2,434 $947 $— $13 $3,394