Policyholder Account Balances (Tables)

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Policyholder Account Balance

Policyholder Account Balances

The following tables provide the balances of and changes in the Company’s liability for its policyholder account balances for the six months ended June 30, 2023 and 2022 (dollars in millions):

Six months ended June 30, 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	6			66			605
Policy charges	(15)			(17)			(1)
Surrenders and withdrawals	(8)			(1,046)			(50)
Benefit payments	(60)			(238)			(43)
Interest credited	33			283			53
Foreign currency translation	—			—			(17)
Balance, end of period	$	1,639		$	17,954		$	3,898
Less: reinsurance recoverable	—			(1,519)			—
Balance, end of period, after reinsurance	$	1,639		$	16,435		$	3,898
Weighted-average crediting rate	4.0		%	3.3		%	2.9		%
Net amount at risk	$	686		$	2,439		$	—
Cash surrender value	$	1,624		$	17,907		$	3,695

Six months ended June 30, 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	7			738			954
Policy charges	(16)			(16)			(22)
Surrenders and withdrawals	(10)			(576)			(170)
Benefit payments	(40)			(228)			(16)
Interest credited	33			304			15
Foreign currency translation	—			—			(23)
Balance, end of period	$	1,693		$	18,980		$	2,359
Less: reinsurance recoverable	—			(1,545)			—
Balance, end of period, after reinsurance	$	1,693		$	17,435		$	2,359
Weighted-average crediting rate	4.0		%	3.2		%	1.8		%
Net amount at risk	$	710		$	2,547		$	—
Cash surrender value	$	1,678		$	18,925		$	2,277

Information regarding the Company’s policyholder account balances as of June 30, 2023 and 2022 is as follows (dollars in millions):

	June 30,
	2023		2022
Policyholder account balances included in the rollforwards:
Traditional:
U.S. and Latin America	$	1,639	$	1,693
Financial Solutions:
U.S. and Latin America	17,954		18,980
Asia Pacific	3,898		2,359
Other policyholder account balances
U.S. and Latin America – Financial Solutions	52		71
Total policyholder account balances	$	23,543	$	23,103

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 June 30    , 2023 and 2022 is as follows (dollars in millions):

	June 30, 2023
	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point – 50 Basis Points Above		51 Basis Points – 100 Basis Points Above		101 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	521		1,118		—		—		—		1,639
	Total	$	521	$	1,118	$	—	$	—	$	—	$	1,639
U.S. and Latin America – Financial Solutions	Less than 1.00%	$	—	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	1,759		14		16		70		40		1,899
	2.00 – 2.99%	1,724		13		57		637		31		2,462
	3.00 – 3.99%	4,515		249		70		—		—		4,834
	4.00% and Greater	8,717		42		—		—		—		8,759
	Total	$	16,715	$	318	$	143	$	707	$	71	$	17,954
Asia Pacific – Financial Solutions	Less than 1.00%	$	314	$	—	$	—	$	—	$	—	$	314
	1.00 – 1.99%	757		—		—		—		—		757
	2.00 – 2.99%	694		—		—		—		—		694
	3.00 – 3.99%	1,160		—		—		—		—		1,160
	4.00% and Greater	973		—		—		—		—		973
	Total	$	3,898	$	—	$	—	$	—	$	—	$	3,898

	June 30, 2022
	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point – 50 Basis Points Above		51 Basis Points – 100 Basis Points Above		101 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	1,693		—		—		—		—		1,693
	Total	$	1,693	$	—	$	—	$	—	$	—	$	1,693
U.S. and Latin America – Financial Solutions	Less than 1.00%	$	—	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	1,978		15		16		58		45		2,112
	2.00 – 2.99%	2,074		6		129		632		—		2,841
	3.00 – 3.99%	4,888		243		62		12		1		5,206
	4.00% and Greater	8,771		49		—		—		1		8,821
	Total	$	17,711	$	313	$	207	$	702	$	47	$	18,980
Asia Pacific – Financial Solutions	Less than 1.00%	$	573	$	—	$	—	$	—	$	—	$	573
	1.00 – 1.99%	952		—		—		—		—		952
	2.00 – 2.99%	476		—		—		—		—		476
	3.00 – 3.99%	350		—		—		—		—		350
	4.00% and Greater	8		—		—		—		—		8
	Total	$	2,359	$	—	$	—	$	—	$	—	$	2,359