Policyholder Account Balances (Tables)

3 Months Ended

Mar. 31, 2023

Policyholder Account Balances

The following tables provide the balances of and changes in the Company’s liability for its policyholder account balances for the three months ended March 31, 2023 and 2022 (dollars in millions):


Three months ended March 31, 2023:	U.S. and Latin America – Traditional			U.S. and Latin America – Financial Solutions			Asia Pacific – Financial Solutions
Balance, beginning of year	$	1,683		$	18,906		$	3,351
Deposits	3			41			431
Policy charges	(8)			(8)			—
Surrenders and withdrawals	(5)			(528)			(19)
Benefit payments	(43)			(116)			(22)
Interest credited	16			142			32
Foreign currency translation	—			—			(15)
Balance, end of period	$	1,646		$	18,437		$	3,758
Less: reinsurance recoverable	—			(1,532)			—
Balance, end of period, after reinsurance	$	1,646		$	16,905		$	3,758

Weighted-average crediting rate	4.0		%	3.3		%	2.9		%
Net amount at risk	$	697		$	2,468		$	—
Cash surrender value	$	1,635		$	18,398		$	3,340


Three months ended March 31, 2022:	U.S. and Latin America – Traditional			U.S. and Latin America – Financial Solutions			Asia Pacific – Financial Solutions
Balance, beginning of year	$	1,719		$	18,758		$	1,621
Deposits	3			152			246
Policy charges	(8)			(8)			(1)
Surrenders and withdrawals	(4)			(296)			(15)
Benefit payments	(27)			(115)			(6)
Interest credited	16			153			6
Foreign currency translation	—			—			13
Balance, end of period	$	1,699		$	18,644		$	1,864
Less: reinsurance recoverable	—			(1,552)			—
Balance, end of period, after reinsurance	$	1,699		$	17,092		$	1,864

Weighted-average crediting rate	4.0		%	3.2		%	1.4		%
Net amount at risk	$	728		$	2,561		$	—
Cash surrender value	$	1,688		$	18,552		$	1,636

Information regarding the Company’s policyholder account balances as of March 31, 2023 and 2022 is as follows (dollars in millions):


	March 31,
	2023		2022
Policyholder account balances included in the rollforwards:
Traditional:
U.S. and Latin America	$	1,646	$	1,699
Financial Solutions:
U.S. and Latin America	18,437		18,644
Asia Pacific	3,758		1,864
Other policyholder account balances
U.S. and Latin America – Financial Solutions	70		49
Total policyholder account balances	$	23,911	$	22,256

Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums as of March 31, 2023 and 2022 is as follows (dollars in millions):


	March 31, 2023
	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

U.S. and Latin America – Traditional	Less than 1.00%	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	—		—		—		—		—
	2.00 – 2.99%	—		—		—		—		—
	3.00 – 3.99%	—		—		—		—		—
	4.00% and Greater	1,646		—		—		—		1,646
	Total	$	1,646	$	—	$	—	$	—	$	1,646

U.S. and Latin America – Financial Solutions	Less than 1.00%	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	1,844		14		97		40		1,995
	2.00 – 2.99%	1,831		9		727		14		2,581
	3.00 – 3.99%	4,718		240		79		1		5,038
	4.00% and Greater	8,773		50		—		—		8,823
	Total	$	17,166	$	313	$	903	$	55	$	18,437

Asia Pacific – Financial Solutions	Less than 1.00%	$	291	$	—	$	—	$	—	$	291
	1.00 – 1.99%	717		—		—		—		717
	2.00 – 2.99%	804		—		—		—		804
	3.00 – 3.99%	1,225		—		—		—		1,225
	4.00% and Greater	721		—		—		—		721
	Total	$	3,758	$	—	$	—	$	—	$	3,758


	March 31, 2022
	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

U.S. and Latin America – Traditional	Less than 1.00%	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	—		—		—		—		—
	2.00 – 2.99%	—		—		—		—		—
	3.00 – 3.99%	—		—		—		—		—
	4.00% and Greater	1,699		—		—		—		1,699
	Total	$	1,699	$	—	$	—	$	—	$	1,699

U.S. and Latin America – Financial Solutions	Less than 1.00%	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	1,995		16		85		57		2,153
	2.00 – 2.99%	2,140		6		788		—		2,934
	3.00 – 3.99%	4,782		258		60		—		5,100
	4.00% and Greater	8,403		54		—		—		8,457
	Total	$	17,320	$	334	$	933	$	57	$	18,644

Asia Pacific – Financial Solutions	Less than 1.00%	$	651	$	—	$	—	$	—	$	651
	1.00 – 1.99%	954		—		—		—		954
	2.00 – 2.99%	10		—		—		—		10
	3.00 – 3.99%	240		—		—		—		240
	4.00% and Greater	9		—		—		—		9
	Total	$	1,864	$	—	$	—	$	—	$	1,864