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Other Policyholder Funds and Benefits Payable (Tables)
 12 Months Ended
Dec. 31, 2023
Insurance [Abstract]  
Policyholder Account Balance
Other policyholder funds and benefits payable consists of the following:
As of December 31,
20232022
Policyholder account balances [1]
$28,107 $30,364 
Unearned revenue reserves [2]
1,077 1,195 
Negative VOBA [2]
796 966 
Other reserves [3]
(478)(698)
Other policyholder funds and benefits payable$29,502 $31,827 
[1]Refer to the subsequent tables for a rollforward of PABs.
[2]Refer to Note 7 - Value of Business Acquired, Deferred Acquisition Costs, Unearned Revenue Reserves, and Other Balances for a rollforward of URR and negative VOBA.
[3]Includes the following items which are excluded from the subsequent tables:
•the FIA embedded derivative and unaccreted host contract adjustments;
•adjustments associated with FIA MRBs; and
•the embedded derivative associated with the index-linked features of certain fully reinsured UL products.
Refer to Note 5 - Fair Value Measurements for rollforwards of the embedded derivatives and Note 7 - Value of Business Acquired, Deferred Acquisition Costs, Unearned Revenue Reserves, and Other Balances for a rollforward of adjustments associated with FIA MRBs.
The following presents a rollforward of the policyholder account value, by product:
Variable Annuities
Fixed Deferred Annuities
Fixed Indexed Annuities
Non-Life Contingent Payout Annuities
Universal Life and Other
Total
Balance as of January 1, 2022
$2,649 $3,069 $7,241 $2,367 $1,957 $17,283 
Deposits447 1 188 233 — 869 
Policy charges(1)— (12)— (22)(35)
Surrenders and other benefits
(291)(420)(661)(332)(125)(1,829)
Transfers from (to) separate accounts33 — — 9 55 97 
Interest credited82 82 71 32 93 360 
Other1 — 21 — 1 23 
Balance as of December 31, 2022
2,920 2,732 6,848 2,309 1,959 16,768 
Other business [1]
— 812 — — 12,784 13,596 
Adjusted balance$2,920 $3,544 $6,848 $2,309 $14,743 $30,364 
Less: reinsurance recoverables
(1,169)(3,054)(4,946)(1,723)(12,940)(23,832)
Adjusted balance, net of reinsurance$1,751 $490 $1,902 $586 $1,803 $6,532 
Variable Annuities
Fixed Deferred Annuities
Fixed Indexed Annuities
Non-Life Contingent Payout Annuities
Universal Life and Other
Total
Balance as of January 1, 2023
$2,920 $2,732 $6,848 $2,309 $1,959 $16,768 
Deposits2 — 469 243 2 716 
Policy charges(1)— (11)— (23)(35)
Surrenders and other benefits
(535)(549)(830)(320)(84)(2,318)
Transfers from (to) separate accounts— — — 7 42 49 
Interest credited84 72 105 25 95 381 
Other— 1 5 (3)(2)1 
Balance as of December 31, 2023
2,470 2,256 6,586 2,261 1,989 15,562 
Other business [1]
— 790 — — 11,755 12,545 
Adjusted balance$2,470 $3,046 $6,586 $2,261 $13,744 $28,107 
Less: reinsurance recoverables
(993)(2,640)(4,764)(1,574)(11,925)(21,896)
Adjusted balance, net of reinsurance$1,477 $406 $1,822 $687 $1,819 $6,211 
[1]Represents the account value of fully reinsured blocks whose activity is not included in the table above. These blocks were reinsured prior to 2022.
The following table presents the weighted-average crediting rate, NAR, and CSV for PABs, by product:
Variable Annuities
Fixed Annuities
Fixed Indexed Annuities
Non-Life Contingent Payout Annuities
Universal Life and Other
Total
As of December 31, 2023
Weighted-average crediting rate
3.5 %2.9 %1.6 %1.1 %4.8 %2.4 %
Net amount at risk [1]
$— $— $— $— $915 $915 
Cash surrender value [2]
$2,456 $2,198 $6,437 $— $521 $11,612 
As of December 31, 2022
Weighted-average crediting rate
3.1 %2.8 %1.0 %1.4 %4.8 %2.2 %
Net amount at risk [1]
$— $— $— $— $947 $947 
Cash surrender value [2]
$2,910 $2,649 $6,696 $— $532 $12,787 
[1]NAR is generally defined as the current guarantee amount in excess of the current account balance at the balance sheet date. The NAR associated with MRBs are presented within Note 12 - Market Risk Benefits. NAR for Variable Annuities is based on total account balances and includes both policyholder account balances and separate account balances.
[2]CSV represents the amount of the contractholder’s account balance distributable at the consolidated balance sheet date, less certain surrender charges.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The following presents the balance of account values by range of guaranteed minimum crediting rates (“GMCR”) and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums.
Range of Guaranteed Minimum Crediting RateAt Guaranteed Minimum1 Basis Point to 50 Basis Points Above51 Basis Points to 150 Basis Points AboveGreater than 150 Basis Points AboveTotal
As of December 31, 2023
Variable AnnuitiesLess than 2.0%$60 $96 $— $— $156 
2.0% - 4.0%2,122 143 49 — 2,314 
Greater than 4.0%— — — — — 
Total2,182 239 49 — 2,470 
Fixed Deferred AnnuitiesLess than 2.0%7 2 2 3 14 
2.0% - 4.0%1,928 73 225 10 2,236 
Greater than 4.0%6 — — — 6 
Total1,941 75 227 13 2,256 
Fixed Indexed AnnuitiesLess than 2.0%136 — 119 416 671 
2.0% - 4.0%560 3 11 — 574 
Greater than 4.0%— — — — — 
Total696 3 130 416 1,245 
Universal Life and OtherLess than 2.0%— — — — — 
2.0% - 4.0%757 — — — 757 
Greater than 4.0%1,232 — — — 1,232 
Total$1,989 $— $— $— $1,989 
As of December 31, 2022
Variable AnnuitiesLess than 2.0%$175 $20 $— $— $195 
2.0% - 4.0%2,544 178 3 — 2,725 
Greater than 4.0%— — — — — 
Total2,719 198 3 — 2,920 
Fixed Deferred AnnuitiesLess than 2.0%13 3 2 — 18 
2.0% - 4.0%2,634 35 38 — 2,707 
Greater than 4.0%7 — — — 7 
Total2,654 38 40 — 2,732 
Fixed Indexed AnnuitiesLess than 2.0%160 1 88 136 385 
2.0% - 4.0%857 6 12 — 875 
Greater than 4.0%— — — — — 
Total1,017 7 100 136 1,260 
Universal Life and OtherLess than 2.0%— — — — — 
2.0% - 4.0%749 — — — 749 
Greater than 4.0%1,210 — — — 1,210 
Total$1,959 $— $— $— $1,959