Policyholder Account Balances (Tables)

9 Months Ended

Sep. 30, 2024

Policyholder Account Balances

The following tables provide the balances of and changes in the Company’s liability for its policyholder account balances, reflected in interest-sensitive contract liabilities, for the nine months ended September 30, 2024 and 2023 (dollars in millions):


For the nine months ended September 30, 2024:	U.S. and Latin America – Traditional			U.S. and Latin America – Financial Solutions			Asia Pacific – Financial Solutions
Balance, beginning of year	$	1,612		$	17,838		$	3,990
Deposits	1,779			101			1,262
Policy charges	(103)			(61)			(137)
Surrenders and withdrawals	(11)			(1,598)			(903)
Benefit payments	(91)			(346)			(331)
Interest credited	132			432			84
Foreign currency translation	—			—			4
Balance, end of period	$	3,318		$	16,366		$	3,969
Less: reinsurance recoverable	—			(2,844)			—
Balance, end of period, after reinsurance	$	3,318		$	13,522		$	3,969

Weighted average crediting rate	3.1		%	3.5		%	3.7		%
Net amount at risk (1)	$	34,671		$	6,614		$	13
Cash surrender value	$	3,313		$	16,262		$	3,618


For the nine months ended September 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	20			84			765
Policy charges	(23)			(26)			(5)
Surrenders and withdrawals	(11)			(1,517)			(93)
Benefit payments	(96)			(357)			(79)
Interest credited	49			425			82
Foreign currency translation	—			—			(43)
Balance, end of period	$	1,622		$	17,515		$	3,978
Less: reinsurance recoverable	—			(1,501)			—
Balance, end of period, after reinsurance	$	1,622		$	16,014		$	3,978

Weighted average crediting rate	4.4		%	3.3		%	3.0		%
Net amount at risk (1)	$	664		$	2,410		$	—
Cash surrender value	$	1,608		$	17,479		$	3,760

(1) Net amount at risk is defined as the guaranteed amount less the account value as of the balance sheet date. The balance represents the amount of the claim the Company would incur if death claims were filed on all contracts on the balance sheet date.

Information regarding the Company’s policyholder account balances as of September 30, 2024 and 2023 is as follows (dollars in millions):


	September 30,
	2024		2023
Policyholder account balances included in the rollforwards:
Traditional:
U.S. and Latin America	$	3,318	$	1,622
Financial Solutions:
U.S. and Latin America	16,366		17,515
Asia Pacific	3,969		3,978
Other policyholder account balances
U.S. and Latin America – Financial Solutions	76		51
Total policyholder account balances	$	23,729	$	23,166

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 September 30, 2024 and 2023 is as follows (dollars in millions):


	September 30, 2024
	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%	$	702	$	—	$	—	$	—	$	—	$	702
	1.00 – 1.99%	56		2		8		—		—		66
	2.00 – 2.99%	108		—		—		1		—		109
	3.00 – 3.99%	495		7		117		—		—		619
	4.00% and Greater	739		103		980		—		—		1,822
	Total	$	2,100	$	112	$	1,105	$	1	$	—	$	3,318

U.S. and Latin America – Financial Solutions	Less than 1.00%	$	—	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	1,342		12		10		35		29		1,428
	2.00 – 2.99%	1,301		15		35		530		170		2,051
	3.00 – 3.99%	3,693		213		116		4		2		4,028
	4.00% and Greater	8,827		32		—		—		—		8,859
	Total	$	15,163	$	272	$	161	$	569	$	201	$	16,366

Asia Pacific – Financial Solutions	Less than 1.00%	$	193	$	—	$	—	$	—	$	—	$	193
	1.00 – 1.99%	477		—		—		—		—		477
	2.00 – 2.99%	492		—		—		—		—		492
	3.00 – 3.99%	993		—		—		—		—		993
	4.00% and Greater	1,814		—		—		—		—		1,814
	Total	$	3,969	$	—	$	—	$	—	$	—	$	3,969


	September 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	514		108		1,000		—		—		1,622
	Total	$	514	$	108	$	1,000	$	—	$	—	$	1,622

U.S. and Latin America – Financial Solutions	Less than 1.00%	$	—	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	1,681		10		15		63		35		1,804
	2.00 – 2.99%	1,625		14		42		608		62		2,351
	3.00 – 3.99%	4,335		234		81		2		—		4,652
	4.00% and Greater	8,665		43		—		—		—		8,708
	Total	$	16,306	$	301	$	138	$	673	$	97	$	17,515

Asia Pacific – Financial Solutions	Less than 1.00%	$	281	$	—	$	—	$	—	$	—	$	281
	1.00 – 1.99%	699		—		—		—		—		699
	2.00 – 2.99%	827		—		—		—		—		827
	3.00 – 3.99%	1,289		—		—		—		—		1,289
	4.00% and Greater	882		—		—		—		—		882
	Total	$	3,978	$	—	$	—	$	—	$	—	$	3,978