Insurance Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Insurance [Abstract]

Rollforward of Activity in Loss Reserves

The following table presents the rollforward of activity in loss reserves:

Three Months Ended March 31,
(in millions)		2023		2022
Liability for unpaid loss and loss adjustment expenses, beginning of year	$	75,167	$	79,026
Reinsurance recoverable		(32,102)		(35,213)
Net Liability for unpaid loss and loss adjustment expenses, beginning of year		43,065		43,813
Losses and loss adjustment expenses incurred:
Current year		3,784		3,882
Prior years, excluding discount and amortization of deferred gain		(27)		(51)
Prior years, discount charge (benefit)		94		4
Prior years, amortization of deferred gain on retroactive reinsurance(a)		(60)		(42)
Total losses and loss adjustment expenses incurred		3,791		3,793
Losses and loss adjustment expenses paid:
Current year		(289)		(323)
Prior years		(3,549)		(3,442)
Total losses and loss adjustment expenses paid		(3,838)		(3,765)
Other changes:
Foreign exchange effect		397		4
Retroactive reinsurance adjustment (net of discount)(b)		12		17
Total other changes		409		21
Liability for unpaid loss and loss adjustment expenses, end of year:
Net liability for unpaid losses and loss adjustment expenses		43,427		43,862
Reinsurance recoverable		32,366		34,321
Total	$	75,793	$	78,183

(a)Includes $7 million and $4 million for the retroactive reinsurance agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc. (Berkshire), covering U.S. asbestos exposures for the three-month periods ended March 31, 2023 and 2022, respectively.

(b)Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $70 million and $39 million for the three-month periods ended March 31, 2023 and 2022, respectively.

Schedule of Components of Loss Reserve Discount

The following table presents the components of the loss reserve discount discussed above:

(in millions)		March 31, 2023		December 31, 2022
U.S. workers' compensation	$	2,468	$	2,532
Retroactive reinsurance		(1,184)		(1,254)
Total reserve discount(a)(b)	$	1,284	$	1,278

(a)Excludes $139 million and $135 million of discount related to certain long-tail liabilities in the UK at March 31, 2023 and December 31, 2022, respectively.

(b)Includes gross discount of $755 million and $763 million, which was 100 percent ceded to Fortitude Re at March 31, 2023 and December 31, 2022, respectively.

Schedule of Loss Reserve Discount

The following table presents the net loss reserve discount benefit (charge):

Three Months Ended March 31,
(in millions)		2023		2022
Current accident year	$	30	$	24
Accretion and other adjustments to prior year discount		(94)		(4)
Net reserve discount benefit (charge)		(64)		20
Change in discount on loss reserves ceded under retroactive reinsurance		70		39
Net change in total reserve discount*	$	6	$	59

*Excludes $4 million and $2 million of discount related to certain long-tail liabilities in the UK for the three-month periods ended March 31, 2023 and 2022, respectively.

Liability for Future Policy Benefit, Activity

The following table presents the transition rollforward of the liability for future policy benefits for nonparticipating contracts(a):

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other(b)		Total
(in millions)
Pre-adoption December 31, 2020 liability for future policy benefits balance	$	1,309	$	282	$	11,129	$	11,029	$	22,206	$	45,955
Adjustments for the reclassification to the deferred profit liability	(65)		(8)		—		(766)		(859)		(1,698)
Change in cash flow assumptions and effect of net premiums exceeding gross premiums	(14)		2		15		4		55		62
Effect of the remeasurement of the liability at a current single A rate	156		63		2,977		1,655		7,611		12,462
Adjustment for the removal of loss recognition balances related to unrealized gain or loss on securities	(64)		(60)		4		(292)		—		(412)
Post adoption January 1, 2021 liability for future policy benefits balance	$	1,322	$	279	$	14,125	$	11,630	$	29,013	$	56,369

(a)Excludes future policy benefits for participating contracts, DPL, additional liabilities, Accident and Health, Group Benefits and Other Operations representing $11.0 billion of liability for future policy benefits. See transition tables below for DPL and additional liabilities.

(b)Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

The following table presents the balances and changes in the liability for future policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets:

Three Months Ended March 31, 2023	General Insurance		Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other(e)		Total
(in millions, except for liability durations)
Present value of expected net premiums
Balance, beginning of year	$	1,929	$	—	$	—	$	11,654	$	—	$	991	$	14,574
Effect of changes in discount rate assumptions (AOCI)	262		—		—		1,872		—		66		2,200
Beginning balance at original discount rate	2,191		—		—		13,526		—		1,057		16,774
Effect of changes in cash flow assumptions	—		—		—		—		—		—		—
Effect of actual variances from expected experience	(10)		1		—		12		—		3		6
Adjusted beginning of year balance	2,181		1		—		13,538		—		1,060		16,780
Issuances	36		6		—		322		—		—		364
Interest accrual	11		—		—		106		—		12		129
Net premium collected	(57)		(7)		—		(352)		—		(30)		(446)
Foreign exchange impact	(8)		—		—		96		—		—		88
Other	—		—		—		3		—		—		3
Ending balance at original discount rate	2,163		—		—		13,713		—		1,042		16,918
Effect of changes in discount rate assumptions (AOCI)	(353)		—		—		(1,648)		—		(48)		(2,049)
Balance, end of period	$	1,810	$	—	$	—	$	12,065	$	—	$	994	$	14,869
Present value of expected future policy benefits
Balance, beginning of year	$	2,380	$	1,223	$	211	$	21,179	$	12,464	$	20,429	$	57,886
Effect of changes in discount rate assumptions (AOCI)	362		167		2		3,424		2,634		1,083		7,672
Beginning balance at original discount rate	2,742		1,390		213		24,603		15,098		21,512		65,558
Effect of changes in cash flow assumptions(a)	—		—		—		—		—		—		—
Effect of actual variances from expected experience(a)	(2)		(3)		(1)		26		(5)		—		15
Adjusted beginning of year balance	2,740		1,387		212		24,629		15,093		21,512		65,573
Issuances	36		70		2		318		1,450		3		1,879
Interest accrual	13		12		3		224		139		257		648
Benefit payments	(60)		(32)		(7)		(476)		(228)		(379)		(1,182)
Foreign exchange impact	(10)		—		—		277		125		—		392
Other	—		—		—		1		—		(3)		(2)
Ending balance at original discount rate	2,719		1,437		210		24,973		16,579		21,390		67,308
Effect of changes in discount rate assumptions (AOCI)	(457)		(141)		3		(3,081)		(2,302)		(492)		(6,470)
Balance, end of period	$	2,262	$	1,296	$	213	$	21,892	$	14,277	$	20,898	$	60,838
Net liability for future policy benefits, end of period	$	452	$	1,296	$	213	$	9,827	$	14,277	$	19,904	$	45,969
Liability for future policy benefits for certain participating contracts													1,340
Liability for universal life policies with secondary guarantees and similar features(b)													3,512
Deferred profit liability													2,396
Other reconciling items(c)													1,629
Future policy benefits for life and accident and health insurance contracts													54,846
Less: Reinsurance recoverable													(24,266)
Net liability for future policy benefits after reinsurance recoverable													$	30,580
Weighted average liability duration of the liability for future policy benefits(d)	10.0		7.7		7.1		12.4		11.5		11.6

Three Months Ended March 31, 2022	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other(e)		Total
(in millions, except for liability durations)
Present value of expected net premiums
Balance, beginning of year	$	—	$	—	$	14,369	$	—	$	1,274	$	15,643
Effect of changes in discount rate assumptions (AOCI)	—		—		(706)		—		(150)		(856)
Beginning balance at original discount rate	—		—		13,663		—		1,124		14,787
Effect of changes in cash flow assumptions	—		—		—		—		—		—
Effect of actual variances from expected experience	—		—		29		—		2		31
Adjusted beginning of year balance	—		—		13,692		—		1,126		14,818
Issuances	4		—		375		—		—		379
Interest accrual	—		—		100		—		13		113
Net premium collected	(4)		—		(355)		—		(30)		(389)
Foreign exchange impact	—		—		(140)		—		—		(140)
Other	—		—		—		—		—		—
Ending balance at original discount rate	—		—		13,672		—		1,109		14,781
Effect of changes in discount rate assumptions (AOCI)	—		—		(339)		—		55		(284)
Balance, end of period	$	—	$	—	$	13,333	$	—	$	1,164	$	14,497
Present value of expected future policy benefits
Balance, beginning of year	$	1,373	$	264	$	27,442	$	13,890	$	27,674	$	70,643
Effect of changes in discount rate assumptions (AOCI)	(95)		(46)		(2,717)		(870)		(5,673)		(9,401)
Beginning balance at original discount rate	1,278		218		24,725		13,020		22,001		61,242
Effect of changes in cash flow assumptions(a)	—		—		—		—		—		—
Effect of actual variances from expected experience(a)	1		(2)		38		(5)		(10)		22
Adjusted beginning of year balance	1,279		216		24,763		13,015		21,991		61,264
Issuances	50		5		374		223		3		655
Interest accrual	10		3		221		105		262		601
Benefit payments	(28)		(8)		(523)		(198)		(382)		(1,139)
Foreign exchange impact	—		—		(178)		(93)		—		(271)
Other	—		—		(1)		1		—		—
Ending balance at original discount rate	1,311		216		24,656		13,053		21,874		61,110
Effect of changes in discount rate assumptions (AOCI)	(24)		25		170		(551)		2,705		2,325
Balance, end of period	$	1,287	$	241	$	24,826	$	12,502	$	24,579	$	63,435
Net liability for future policy benefits, end of period	$	1,287	$	241	$	11,493	$	12,502	$	23,415	$	48,938
Liability for future policy benefits for certain participating contracts											1,386
Liability for universal life policies with secondary guarantees and similar features(b)											4,223
Deferred profit liability											2,232
Other reconciling items(c)											2,528
Future policy benefits for life and accident and health insurance contracts											59,307
Less: Reinsurance recoverable											(29,342)
Net liability for future policy benefits after reinsurance recoverable											$	29,965
Weighted average liability duration of the liability for future policy benefits(d)	8.1		7.4		13.6		12.1		12.8

(a)Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in the deferred profit liability.

(b)Additional details can be found in the table that presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features.

(c)Other reconciling items primarily include the Accident and Health as well as Group Benefits (short-duration) contracts.

(d)The weighted average liability durations are calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below.

(e)Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

For the three-month periods ended March 31, 2023 and 2022 in the traditional term life insurance block, capping of net premium ratios at 100 percent causes our reserves to be higher by $7 million and $8 million, respectively.

The following table presents the amount of undiscounted expected future benefit payments and expected gross premiums for future policy benefits for nonparticipating contracts:

Three Months Ended March 31,
(in millions)		2023		2022
General Insurance	Expected future benefits and expense	$	3,350	$	3,318
	Expected future gross premiums	$	4,616	$	4,590
Individual Retirement	Expected future benefits and expense	$	2,048	$	1,757
	Expected future gross premiums	$	—	$	—
Group Retirement	Expected future benefits and expense	$	317	$	317
	Expected future gross premiums	$	—	$	—
Life Insurance	Expected future benefits and expense	$	39,028	$	38,739
	Expected future gross premiums	$	28,964	$	29,125
Institutional Markets	Expected future benefits and expense	$	29,029	$	20,824
	Expected future gross premiums	$	—	$	—
Other*	Expected future benefits and expense	$	44,148	$	45,468
	Expected future gross premiums	$	2,225	$	2,389

*Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for future policy benefits for nonparticipating contracts:

	Gross Premiums Three Months Ended March 31,				Interest Accretion Three Months Ended March 31,
(in millions)	2023		2022		2023		2022
General Insurance	$	95	$	97	$	1	$	1
Individual Retirement	$	75	$	51	$	12	$	10
Group Retirement	6		8		3		3
Life Insurance	575		582		118		121
Institutional Markets	1,581		244		139		105
Other*	54		56		245		249
Total	$	2,386	$	1,038	$	518	$	489

*Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:

Three Months Ended March 31, 2023	General Insurance		Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other*
Weighted-average interest rate, original discount rate	1.78	%	3.65	%	5.19	%	4.11	%	3.76	%	4.88	%
Weighted-average interest rate, current discount rate	3.64	%	5.33	%	4.91	%	5.08	%	5.04	%	5.10	%
Three Months Ended March 31, 2022
Weighted-average interest rate, original discount rate	1.79	%	3.04	%	4.70	%	4.12	%	3.23	%	4.80	%
Weighted-average interest rate, current discount rate	2.67	%	3.72	%	3.68	%	3.72	%	3.59	%	3.92	%

*Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

The following table presents the transition rollforward of the additional liabilities:

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other(c)		Total
(in millions)
Pre-adoption December 31, 2020 additional liabilities	$	1,423	$	221	$	5,117	$	—	$	55	$	6,816
Adjustment for the reclassification of additional liabilities from Future policy benefits to Market risk benefits(a)	(907)		(132)		—		—		—		(1,039)
Adjustment for removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses)(b)	(516)		(89)		—		—		—		(605)
Post-adoption January 1, 2021 additional liabilities	$	—	$	—	$	5,117	$	—	$	55	$	5,172

(a)Adjustments for the reclassification of additional liabilities from Future policy benefits to MRBs represent contract guarantees (e.g., GMDBs) that were previously classified as insurance liabilities within Future policy benefits, but have been reclassified as MRBs as of January 1, 2021. For additional information on the transition impacts associated with LDTI, see Note 13.

(b)Adjustments for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) relate to the additional liabilities reclassified from Future policy benefits in the line above.

(c)Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

The following table presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features:

	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
(in millions, except duration of liability)	Life Insurance		Other(c)		Total		Life Insurance		Other(c)		Total
Balance, beginning of year(a)	$	3,300	$	55	$	3,355	$	4,952	$	55	$	5,007
Effect of changes in experience	74		(1)		73		108		(1)		107
Adjusted beginning balance	3,374		54		3,428		5,060		54		5,114
Assessments	179		—		179		168		—		168
Excess benefits paid	(238)		—		(238)		(290)		—		(290)
Interest accrual	28		1		29		34		1		35
Other	(5)		—		(5)		(7)		—		(7)
Changes related to unrealized appreciation (depreciation) of investments	119		—		119		(797)		—		(797)
Balance, end of period	3,457		55		3,512		4,168		55		4,223
Less: Reinsurance recoverable	(192)		—		(192)		(198)		—		(198)
Balance, end of period net of Reinsurance recoverable	$	3,265	$	55	$	3,320	$	3,970	$	55	$	4,025
Weighted average duration of liability(b)	26.4		9.4				27.1		9.8

(a)Adjustments for the reclassifications between the liability for universal life policies with secondary guarantees and similar features and MRBs can be found in the MRBs transition table. For further detail of reclassifications, see Note 12.

(b)The weighted average liability durations are calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates, which can be found in the table below.

(c)Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for the liability for universal life policies with secondary guarantees and similar features:

	Gross Assessments Three Months Ended March 31,				Interest Accretion Three Months Ended March 31,
(in millions)	2023		2022		2023		2022
Life Insurance	$	299	$	292	$	28	$	34
Other*	10		10		1		1
Total	$	309	$	302	$	29	$	35

*Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

The following table presents the calculation of weighted average interest rate for the liability for universal life policies with secondary guarantees and similar features:

Three Months Ended March 31,	2023				2022
	Life Insurance		Other*		Life Insurance		Other*
Weighted-average interest rate	3.76	%	4.24	%	3.75	%	4.20	%

*Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

The following table presents the transition rollforward of URR:

	Life Insurance		Institutional Markets		Other*		Total
(in millions)
Pre-adoption December 31, 2020 URR balance	$	1,413	$	2	$	132	$	1,547
Adjustment for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses)	248		—		—		248
Post adoption January 1, 2021 URR balance	$	1,661	$	2	$	132	$	1,795

*Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. Other policyholder funds, excluding URR, totaled $2.0 billion.

The following table presents a rollforward of URR:

Three Months Ended March 31, 2023	Life Insurance		Institutional Markets		Other*		Total
(in millions)
Balance, beginning of year	$	1,727	$	2	$	105	$	1,834
Revenue deferred	38		—		—		38
Amortization	(27)		(1)		(2)		(30)
Balance, end of period	$	1,738	$	1	$	103	$	1,842

Three Months Ended March 31, 2022	Life Insurance		Institutional Markets		Other*		Total
(in millions)
Balance, beginning of year	$	1,693	$	2	$	116	$	1,811
Revenue deferred	35		—		—		35
Amortization	(27)		—		(3)		(30)
Balance, end of period	$	1,701	$	2	$	113	$	1,816

*Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. At March 31, 2023 and March 31, 2022, Other policyholder funds, excluding URR, totaled $1.6 billion and $1.8 billion, respectively.

Schedule of Details Concerning Universal life Policies with Secondary Guarantees

The following table presents details concerning our universal life policies with secondary guarantees and similar features:

Three Months Ended March 31,
(dollars in millions)		2023		2022
Account value	$	3,556	$	3,361
Net amount at risk	$	70,014	$	66,220
Average attained age of contract holders		53		53

Policyholder Account Balance

The following table presents the transition rollforward of Policyholder contract deposits account balances(a ):

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other(b)		Total
(in millions)
Pre-adoption December 31, 2020 Policyholder contract deposits	$	84,874	$	43,805	$	10,286	$	11,559	$	4,145	$	154,669
Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s)	(5,671)		(576)		—		—		—		(6,247)
Post-adoption January 1, 2021 Policyholder contract deposits	$	79,203	$	43,229	$	10,286	$	11,559	$	4,145	$	148,422

(a)Excludes Other Operations of $(199) million.

(b)Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

The following table presents the balances and changes in Policyholder contract deposits account balances(a):

Three Months Ended March 31, 2023	Individual Retirement			Group Retirement			Life Insurance			Institutional Markets			Other(d)			Total
(in millions, except for average crediting rate)
Policyholder contract deposits account balance, beginning of year	$	89,554		$	43,395		$	10,224		$	11,734		$	3,587		$	158,494
Issuances	4,863			1,320			49			586			3			6,821
Deposits received	1			6			365			9			8			389
Policy charges	(244)			(110)			(384)			(17)			(16)			(771)
Surrenders and withdrawals	(3,171)			(2,016)			(56)			(403)			(20)			(5,666)
Benefit payments	(1,036)			(557)			(49)			(167)			(88)			(1,897)
Net transfers from (to) separate account	728			592			(1)			443			—			1,762
Interest credited	377			270			88			105			43			883
Other	(2)			3			(16)			4			(1)			(12)
Policyholder contract deposits account balance, end of period	91,070			42,903			10,220			12,294			3,516			160,003
Other reconciling items(b)	(1,889)			(279)			116			74			(129)			(2,107)
Policyholder contract deposits	$	89,181		$	42,624		$	10,336		$	12,368		$	3,387		$	157,896
Weighted average crediting rate	2.52		%	2.78		%	4.24		%	3.55		%	4.95		%
Cash surrender value(c)	$	84,906		$	41,361		$	8,874		$	2,545		$	1,781		$	139,467

Three Months Ended March 31, 2022	Individual Retirement			Group Retirement			Life Insurance			Institutional Markets			Other(d)			Total
(in millions, except for average crediting rate)
Policyholder contract deposits account balance, beginning of year	$	84,097		$	43,902		$	10,183		$	10,804		$	3,823		$	152,809
Issuances	3,896			1,152			73			82			3			5,206
Deposits received	3			8			369			13			9			402
Policy charges	(185)			(127)			(389)			(17)			(17)			(735)
Surrenders and withdrawals	(1,994)			(1,396)			(45)			(22)			(14)			(3,471)
Benefit payments	(1,017)			(544)			(69)			(72)			(89)			(1,791)
Net transfers from (to) separate account	529			616			—			3			(3)			1,145
Interest credited	500			277			101			61			45			984
Other	2			(1)			(31)			(7)			6			(31)
Policyholder contract deposits account balance, end of period	85,831			43,887			10,192			10,845			3,763			154,518
Other reconciling items(b)	(1,859)			(330)			24			94			(132)			(2,203)
Policyholder contract deposits	$	83,972		$	43,557		$	10,216		$	10,939		$	3,631		$	152,315
Weighted average crediting rate	2.36		%	2.71		%	4.23		%	2.30		%	4.88		%
Cash surrender value(c)	$	80,438		$	43,193		$	8,830		$	2,529		$	1,861		$	136,851

(a)Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited into the general account and then simultaneously transferred to the separate account), thus, did not impact the ending balance of policyholder contract deposits.

(b)Includes MRBs that are bifurcated and reported separately, net of embedded derivatives recorded in Policyholder contract deposits. Other also includes amounts related to Other Operations of $(129) million and $(132) million at March 31, 2023 and 2022, respectively.

(c)Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs, do not have a cash surrender value).

(d)Primarily represents Life and Retirement legacy insurance lines ceded to Fortitude Re.

For information related to net amount at risk, refer to the table that presents the balances of and changes in MRBs in Note 12.

The following table presents Policyholder contract deposits account balance 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:

March 31, 2023		At Guaranteed Minimum			1 Basis Point - 50 Basis Points Above			More than 50 Basis Points Above Minimum Guarantee			Total
(in millions, except percentage of total)
Individual Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	7,776		$	2,562		$	23,263		$	33,601
	> 1% - 2%	3,994			24			2,163			6,181
	> 2% - 3%	9,155			1			390			9,546
	> 3% - 4%	7,359			40			6			7,405
	> 4% - 5%	452			—			4			456
	> 5%	32			—			4			36
	Total	$	28,768		$	2,627		$	25,830		$	57,225
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	2,063		$	2,713		$	6,049		$	10,825
	> 1% - 2%	5,005			908			353			6,266
	> 2% - 3%	13,561			40			—			13,601
	> 3% - 4%	658			—			—			658
	> 4% - 5%	6,821			—			—			6,821
	> 5%	153			—			—			153
	Total	$	28,261		$	3,661		$	6,402		$	38,324
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—		$	—		$	—		$	—
	> 1% - 2%	—			131			349			480
	> 2% - 3%	28			862			1,079			1,969
	> 3% - 4%	1,417			118			198			1,733
	> 4% - 5%	2,946			—			—			2,946
	> 5%	222			—			—			222
	Total	$	4,613		$	1,111		$	1,626		$	7,350
Total*		$	61,642		$	7,399		$	33,858		$	102,899
Percentage of total		60		%	7		%	33		%	100		%

March 31, 2022		At Guaranteed Minimum			1 Basis Point - 50 Basis Points Above			More than 50 Basis Points Above Minimum Guarantee			Total
(in millions, except percentage of total)
Individual Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	10,456		$	1,851		$	18,812		$	31,119
	> 1% - 2%	4,428			28			1,678			6,134
	> 2% - 3%	10,184			—			18			10,202
	> 3% - 4%	8,045			40			6			8,091
	> 4% - 5%	473			—			5			478
	> 5%	34			—			4			38
	Total	$	33,620		$	1,919		$	20,523		$	56,062
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	3,850		$	1,684		$	4,591		$	10,125
	> 1% - 2%	6,316			411			7			6,734
	> 2% - 3%	14,648			—			—			14,648
	> 3% - 4%	702			—			—			702
	> 4% - 5%	6,955			—			—			6,955
	> 5%	159			—			—			159
	Total	$	32,630		$	2,095		$	4,598		$	39,323
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—		$	—		$	—		$	—
	> 1% - 2%	104			24			355			483
	> 2% - 3%	246			540			1,210			1,996
	> 3% - 4%	1,388			207			186			1,781
	> 4% - 5%	3,052			2			—			3,054
	> 5%	228			—			—			228
	Total	$	5,018		$	773		$	1,751		$	7,542
Total*		$	71,268		$	4,787		$	26,872		$	102,927
Percentage of total		69		%	5		%	26		%	100		%