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Insurance Liabilities (Tables)
 12 Months Ended
Dec. 31, 2022
Insurance [Abstract]  
Changes in GMBD Liability Related to Variable Annuity Contracts
The following table presents the liability for universal life policies with secondary guarantees and similar features (excluding account balances and embedded derivatives):
Years Ended December 31,
(in millions)202220212020
Balance, beginning of year
$4,505 $4,751 $3,794 
Incurred guaranteed benefits*740 603 1,034 
Paid guaranteed benefits(588)(489)(470)
Changes related to unrealized appreciation (depreciation) of investments(1,832)(360)393 
Balance, end of year
$2,825 $4,505 $4,751 
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*Incurred guaranteed benefits include the portion of assessments established as additions to reserves as well as changes in estimates (assumption unlockings) affecting these reserves.
The following table presents details concerning our universal life policies with secondary guarantees and similar features:
December 31,December 31,
(dollars in millions)20222021
Account value$3,514 $3,313 
Net amount at risk$69,335 $65,801 
Average attained age of contract holders53.053
Account balances of variable annuity contracts with guarantees were invested in separate account investment options as follows:
December 31,December 31,
20222021
(in millions)Individual
Retirement		Group
Retirement		Individual
Retirement		Group
Retirement
Equity funds$22,473 $24,491 $28,524 $33,718 
Bond funds3,722 3,966 4,651 4,364 
Balanced funds17,311 5,082 23,018 6,293 
Money market funds702 552 546 459 
Total
$44,208 $34,091 $56,739 $44,834 
The following table presents details concerning our GMDB exposures by benefit type for Individual Retirement:
December 31,2022
(dollars in millions)Return of Account
Value		Return of
Premium
Rollups
Highest Contract
Value Attained
Account values:
General account$443$3,925$421$1,310
Separate accounts3,28827,2511,70311,966
Total account values
$3,731$31,176$2,124$13,276
Net amount at risk - gross$—$755$420$2,313
Net amount at risk - net$—$749$383$2,077
Average attained age of contract holders by product67707572
Percentage of policyholders age 70 and over30.3 %50.3 %68.2 %60.2 %
Range of guaranteed minimum return rates
0.0% - 4.5%
December 31,2021
Account values:
General account$382$4,055$447$1,366
Separate accounts3,54334,8112,45315,932
Total account values
$3,925$38,866$2,900$17,298
Net amount at risk - gross$—$22$363$341
Net amount at risk - net$—$21$327$257
Average attained age of contract holders by product66707571
Percentage of policyholders age 70 and over27.8 %47.0 %66.9 %58.1 %
Range of guaranteed minimum return rates
0.0% - 4.5%
The following table presents details concerning our GMDB exposures by benefit type for Group Retirement:
December 31,2022
(dollars in millions)Return of
Account Value		Return of PremiumRollups*Highest Contract
Value Attained
Account values:
General account$37$5,301$17,980$3
Separate accounts2574,60029,17757
Total Account Values
$294$9,901$47,157$60
Net amount at risk - gross$—$32$349$12
Net amount at risk - net$—$32$349$12
Average attained age of contract holders by product65656368
Percentage of policyholders age 70 and over18.7 %19.4 %15.4 %32.6 %
Range of guaranteed minimum return rates
0.0% - 4.5%
December 31,2021
Account values:
General account$35$5,511$18,863$4
Separate accounts2906,05638,41969
Total Account Values
$325$11,567$57,282$73
Net amount at risk - gross$—$9$152$—
Net amount at risk - net$—$9$152$—
Average attained age of contract holders by product64646368
Percentage of policyholders age 70 and over14.9 %17.9 %14.2 %31.1 %
Range of guaranteed minimum return rates
0.0%-4.5%
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*Group Retirement guaranteed rollup benefits generally revert to the return of premium at age 70. As of December 31, 2022, this includes 202,994 contracts for policyholders age 70 and over, with associated account values of $8.5 billion held in the general account and $6.9 billion held in separate accounts; as of December 31, 2021, this includes 192,606 contracts for policyholders age 70 and over, with associated account values of $8.3 billion held in the general account and $8.5 billion held in separate accounts. These contracts which have reverted to return of premium benefits due to the attained age of the policyholder represent a net amount at risk of $64 million and $19 million at December 31, 2022 and December 31, 2021, respectively.
The following summarizes the Individual Retirement GMDB liability related to variable annuity contracts:
Years Ended December 31,
(in millions)202220212020
Balance, beginning of year
$445 $382 $371 
Reserve increase (decrease)109 103 36 
Benefits paid(67)(33)(41)
Changes related to unrealized appreciation (depreciation) of investments(53)(7)16 
Balance, end of year
$434 $445 $382 
The following summarizes the Group Retirement GMDB liability related to variable annuity contracts, excluding assumed reinsurance*:
Years Ended December 31,
(in millions)202220212020
Balance, beginning of year
$35 $40 $21 
Reserve increase (decrease)12 3 2 
Benefits paid(2)(2)(2)
Changes related to unrealized appreciation (depreciation) of investments(29)(6)19 
Balance, end of year
$16 $35 $40 
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*The assumed reinsurance reserves for GMDB liability related to variable annuity contract is $14 million, $16 million and $16.7 million as of December 31, 2022, 2021 and 2020, respectively.
The following table presents the Individual Retirement details concerning our fixed annuities and fixed index annuities GMWB and GMDB exposures that are not accounted for as derivatives, by benefit type:
December 31,2022
(dollars in millions)Fixed AnnuitiesFixed Index AnnuitiesTotal
Account value*:
Fixed accounts$3,990 $508 $4,498 
Indexed accounts— 6,653 6,653 
Total account values
$3,990 $7,161 $11,151 
GMWB and GMDB reserve:
Base reserve$389 $610 $999 
Reserves related to unrealized appreciation of investments(298)(308)(606)
Total GMWB and GMDB reserve
$91 $302 $393 
Average attained age of contract holders by product
6868— 
December 31,2021
Account values*:
Fixed accounts$3,541 $487 $4,028 
Indexed accounts— 6,361 6,361 
Total account values
$3,541 $6,848 $10,389 
GMWB and GMDB reserve:
Base reserve$270 $467 $737 
Reserves related to unrealized appreciation of investments187 161 348 
Total GMWB and GMDB reserve
$457 $628 $1,085 
Average attained age of contract holders by product
6867— 
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*Fixed annuities and fixed index annuities that offer GMWB and GMDB exposures are offered through the general account.
The following table presents the Group Retirement details concerning our fixed annuities and fixed index annuities GMWB exposures that are not accounted for as derivatives, by benefit type:
December 31,2022
(dollars in millions)Fixed AnnuitiesFixed Index AnnuitiesTotal
Account values*:
Fixed account$647 $134 $781 
Indexed accounts— 1,365 1,365 
Total account values
$647 $1,499 $2,146 
GMWB reserves:
Base reserve$61 $133 $194 
Reserves related to unrealized appreciation of investments(11)(82)(93)
Total GMWB reserves
$50 $51 $101 
Average attained age of contract holders by product
7069— 
December 31,2021
Fixed AnnuitiesFixed Index AnnuitiesTotal
Account values*:
Fixed account$603 $129 $732 
Indexed accounts— 1,409 1,409 
Total account values
$603 $1,538 $2,141 
GMWB reserves:
Base reserve$42 $101 $143 
Reserves related to unrealized appreciation of investments5 46 51 
Total GMWB reserves
$47 $147 $194 
Average attained age of contract holders by product
6968— 
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*Fixed annuities and fixed index annuities that offer GMWB exposures are offered through the general account.
The following summarizes the Individual Retirement GMWB liability related to Fixed Annuities:
Years Ended December 31,Years Ended December 31,
(in millions)202220212020
Balance, beginning of year
$457 $353 $38 
Reserve increase (decrease)119 132 100 
Benefits paid— — — 
Changes related to unrealized appreciation (depreciation) of investments(485)(28)215 
Balance, end of year
$91 $457 $353 
The following summarizes the Individual Retirement GMWB and GMDB liability related to Fixed Index Annuities:
Years Ended December 31,Years Ended December 31,
(in millions)202220212020
Balance, beginning of year
$628 $637 $439 
Reserve increase (decrease)143 94 74 
Benefits paid— — — 
Changes related to unrealized appreciation (depreciation) of investments(469)(103)124 
Balance, end of year
$302 $628 $637 
The following summarizes the Group Retirement GMWB and GMDB liability related to Fixed Annuities:
Years Ended December 31,Years Ended December 31,
(in millions)202220212020
Balance, beginning of year
$47 $32 $5 
Reserve increase (decrease)19 18 19 
Benefits paid— — — 
Changes related to unrealized appreciation (depreciation) of investments(16)(3)8 
Balance, end of year
$50 $47 $32 
The following summarizes the Group Retirement GMWB and GMDB liability related to Fixed Index Annuities:
Years Ended December 31,Years Ended December 31,
(in millions)202220212020
Balance, beginning of year$147 $133 $103 
Reserve increase (decrease)32 30 12 
Benefits paid— — — 
Changes related to unrealized appreciation (depreciation) of investments(128)(16)18 
Balance, end of year
$51 $147 $133 
Liability for Future Policy Benefit, Activity
The following table presents Future policy benefits by contract type*:
December 31,20222021
(in millions)Traditional
Benefits		Interest-Sensitive
Benefits		TotalTraditional
Benefits		Interest-Sensitive
Benefits		Total
Future policy benefits:
Individual Retirement$1,493 $828 $2,321 $1,374 $1,530 $2,904 
Group Retirement221 130 351 226 245 471 
Life Insurance12,338 3,177 15,515 12,037 4,928 16,965 
Institutional Markets16,307 — 16,307 14,194 — 14,194 
Fortitude Re22,716 56 22,772 23,217 — 23,217 
Total Future policy benefits
$53,075 $4,191 $57,266 $51,048 $6,703 $57,751 
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*Traditional benefits represent future policy benefits for traditional long-duration insurance contracts such as life contingent payout annuities, participating life, traditional life and accident and health insurance. Interest-sensitive benefits represent future policy benefits for investment-oriented contracts such as universal life, variable and fixed annuities, and fixed index annuities.
Policyholder Account Balance
The following table presents Policyholder contract deposits by segment:
December 31,
(in millions)20222021
Policyholder contract deposits(a)(b):
Individual Retirement$90,069 $87,664 
Group Retirement43,332 44,087 
Life Insurance10,258 10,299 
Institutional Markets11,718 10,970 
Fortitude Re (c)
3,589 3,826 
Total Policyholder contract deposits
$158,966 $156,846 
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(a)As of December 31, 2022, reserves related to Embedded Derivatives as part of Policyholder contract deposit include $5.8 billion in Individual Retirement, $653 million in Group Retirement, $710 million in Life Insurance and $41 million in Institutional Markets. As of December 31, 2021, reserves related to Embedded Derivatives as part of Policyholder contract deposit include $8.0 billion in Individual Retirement, $891 million in Group Retirement, $765 million in Life Insurance and $54 million in Institutional Markets.
(b)As of December 31, 2022, FHLB funding agreements included in Policyholder contract deposits include $1.1 billion in Individual Retirement, $209 million in Group Retirement and $3.2 billion in Institutional Markets. As of December 31, 2021, FHLB funding agreements included in Policyholder contract deposits include $1.1 billion in Individual Retirement, $209 million in Group Retirement and $2.2 billion in Institutional Markets.
(c)Balances related to Fortitude Re are a component of Corporate and Other.
Insurance Activity, Funding Arrangements
The following table presents details concerning our funding agreements as of December 31, 2022:
December 31, 2022Payments due by period
(in millions)Gross Amounts20232024-20252026-2027ThereafterStated Interest rates
FHLB Facility
FHLB of Dallas$3,357 $— $52 $378 $2,927 
DNU Auction* + 22 to 30 bps
FHLB of Dallas1,000 — — 1,000 — 3.53 %
FHLB of New York241 — 241 — — 
1.52% to 2.70%
$4,598 $— $293 $1,378 $2,927 
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*Discount Note Advance (“DNA”) Auction is based on either a 4-Week or 3-Month tenor, depending on contractual terms of each borrowing.