Insurance Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Rollforward of Activity in Loss Reserves

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

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)		2023		2022		2023		2022
Liability for unpaid loss and loss adjustment expenses, beginning of period	$	75,793	$	78,183	$	75,167	$	79,026
Reinsurance recoverable		(32,366)		(34,321)		(32,102)		(35,213)
Net Liability for unpaid loss and loss adjustment expenses, beginning of period		43,427		43,862		43,065		43,813
Losses and loss adjustment expenses incurred:
Current year		3,945		3,765		7,729		7,647
Prior years, excluding discount and amortization of deferred gain		(107)		(374)		(134)		(425)
Prior years, discount charge (benefit)		54		38		148		42
Prior years, amortization of deferred gain on retroactive reinsurance(a)		(25)		28		(85)		(14)
Total losses and loss adjustment expenses incurred		3,867		3,457		7,658		7,250
Losses and loss adjustment expenses paid:
Current year		(881)		(834)		(1,170)		(1,157)
Prior years		(2,994)		(2,729)		(6,543)		(6,171)
Total losses and loss adjustment expenses paid		(3,875)		(3,563)		(7,713)		(7,328)
Other changes:
Foreign exchange effect		(25)		(800)		372		(796)
Retroactive reinsurance adjustment (net of discount)(b)		47		200		59		217
Reclassified to held for sale, net of reinsurance recoverables		(3,383)		—		(3,383)		—
Total other changes		(3,361)		(600)		(2,952)		(579)
Liability for unpaid loss and loss adjustment expenses, end of period:
Net liability for unpaid losses and loss adjustment expenses		40,058		43,156		40,058		43,156
Reinsurance recoverable(c)		30,226		33,583		30,226		33,583
Total	$	70,284	$	76,739	$	70,284	$	76,739

(a)Includes $6 million and $6 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 months ended June 30, 2023 and 2022, respectively, and $13 million and $10 million for the six months ended June 30, 2023 and 2022, respectively.

(b)Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $26 million and $18 million for the three months ended June 30, 2023 and 2022 respectively, and $96 million and $57 million for the six months ended June 30, 2023 and 2022, respectively.(c)Excludes $1.5 billion of Reinsurance recoverable reclassified to Assets held for sale on the Condensed Consolidated Balance Sheets at June 30, 2023.

Schedule of Components of Loss Reserve Discount

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

(in millions)		June 30, 2023		December 31, 2022
U.S. workers' compensation	$	2,452	$	2,532
Retroactive reinsurance		(1,158)		(1,254)
Total reserve discount(a)(b)	$	1,294	$	1,278

(a)Excludes $143 million and $135 million of discount related to certain long-tail liabilities in the UK at June 30, 2023 and December 31, 2022, respectively.

(b)Includes gross discount of $748 million and $763 million, which was 100 percent ceded to Fortitude Re at June 30, 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 June 30,				Six Months Ended June 30,
(in millions)		2023		2022		2023		2022
Current accident year	$	38	$	24	$	68	$	48
Accretion and other adjustments to prior year discount		(54)		(38)		(148)		(42)
Net reserve discount benefit (charge)		(16)		(14)		(80)		6
Change in discount on loss reserves ceded under retroactive reinsurance		26		18		96		57
Net change in total reserve discount*	$	10	$	4	$	16	$	63

*Excludes $4 million and $(7) million discount related to certain long-tail liabilities in the UK for the three months ended June 30, 2023 and 2022, respectively, and excludes $8 million and $(5) million discount related to certain long-tail liabilities in the UK for the six months ended June 30, 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 tables present 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:

Six Months Ended June 30, 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	(26)		—		—		10		—		6		(10)
Adjusted beginning of year balance	2,165		—		—		13,536		—		1,063		16,764
Issuances	67		—		—		666		—		—		733
Interest accrual	21		—		—		214		—		23		258
Net premium collected	(117)		—		—		(719)		—		(59)		(895)
Foreign exchange impact	(88)		—		—		206		—		—		118
Other	—		—		—		10		—		—		10
Ending balance at original discount rate	2,048		—		—		13,913		—		1,027		16,988
Effect of changes in discount rate assumptions (AOCI)	(330)		—		—		(1,904)		—		(61)		(2,295)
Balance, end of period	$	1,718	$	—	$	—	$	12,009	$	—	$	966	$	14,693
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)	(16)		(1)		—		36		17		(8)		28
Adjusted beginning of year balance	2,726		1,389		213		24,639		15,115		21,504		65,586
Issuances	70		120		6		656		3,301		3		4,156
Interest accrual	26		25		5		450		301		513		1,320
Benefit payments	(122)		(65)		(13)		(943)		(521)		(739)		(2,403)
Foreign exchange impact	(121)		—		—		236		308		—		423
Other	—		—		—		5		—		(6)		(1)
Ending balance at original discount rate	2,579		1,469		211		25,043		18,504		21,275		69,081
Effect of changes in discount rate assumptions (AOCI)	(423)		(158)		(1)		(3,386)		(2,752)		(822)		(7,542)
Balance, end of period	$	2,156	$	1,311	$	210	$	21,657	$	15,752	$	20,453	$	61,539
Net liability for future policy benefits, end of period	$	438	$	1,311	$	210	$	9,648	$	15,752	$	19,487	$	46,846
Liability for future policy benefits for certain participating contracts													1,329
Liability for universal life policies with secondary guarantees and similar features(b)													3,458
Deferred profit liability													2,451
Other reconciling items(c)													1,606
Future policy benefits for life and accident and health insurance contracts													55,690
Less: Reinsurance recoverable													(23,765)
Net liability for future policy benefits after reinsurance recoverable													$	31,925
Weighted average liability duration of the liability for future policy benefits(d)	9.9		7.8		6.9		12.5		11.6		11.5

Six Months Ended June 30, 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	—		—		(8)		—		4		(4)
Adjusted beginning of year balance	—		—		13,655		—		1,128		14,783
Issuances	—		—		728		—		—		728
Interest accrual	—		—		199		—		25		224
Net premium collected	—		—		(710)		—		(62)		(772)
Foreign exchange impact	—		—		(479)		—		—		(479)
Other	—		—		—		—		—		—
Ending balance at original discount rate	—		—		13,393		—		1,091		14,484
Effect of changes in discount rate assumptions (AOCI)	—		—		(1,174)		—		(16)		(1,190)
Balance, end of period	$	—	$	—	$	12,219	$	—	$	1,075	$	13,294
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)	(7)		(1)		(6)		(5)		(18)		(37)
Adjusted beginning of year balance	1,271		217		24,719		13,015		21,983		61,205
Issuances	102		7		726		708		5		1,548
Interest accrual	20		4		439		215		615		1,293
Benefit payments	(56)		(13)		(905)		(390)		(746)		(2,110)
Foreign exchange impact	—		—		(610)		(318)		—		(928)
Other	—		—		(1)		—		(98)		(99)
Ending balance at original discount rate	1,337		215		24,368		13,230		21,759		60,909
Effect of changes in discount rate assumptions (AOCI)	(109)		10		(1,868)		(1,712)		451		(3,228)
Balance, end of period	$	1,228	$	225	$	22,500	$	11,518	$	22,210	$	57,681
Net liability for future policy benefits, end of period	$	1,228	$	225	$	10,281	$	11,518	$	21,135	$	44,387
Liability for future policy benefits for certain participating contracts											1,373
Liability for universal life policies with secondary guarantees and similar features(b)											3,663
Deferred profit liability											2,199
Other reconciling items(c)											2,222
Future policy benefits for life and accident and health insurance contracts											53,844
Less: Reinsurance recoverable											(26,677)
Net liability for future policy benefits after reinsurance recoverable											$	27,167
Weighted average liability duration of the liability for future policy benefits(d)	7.7		7.2		12.7		11.1		12.0

(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 six months ended June 30, 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 $13 million and $8 million, respectively, with a charge to net income. The discount rate was updated based on market observable information. Relative to the prior period, the increase in upper-medium-grade fixed income yields resulted in a decrease in the liability for future policy benefits.

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

Six Months Ended June 30,
(in millions)		2023		2022
General Insurance	Undiscounted expected future benefits and expense	$	3,165	$	3,421
	Undiscounted expected future gross premiums	4,383		4,494
	Discounted expected future gross premiums (at current discount rate)	3,109		3,533
Individual Retirement	Undiscounted expected future benefits and expense	$	2,115	$	1,835
	Undiscounted expected future gross premiums	—		—
	Discounted expected future gross premiums (at current discount rate)	—		—
Group Retirement	Undiscounted expected future benefits and expense	$	316	$	328
	Undiscounted expected future gross premiums	—		—
	Discounted expected future gross premiums (at current discount rate)	—		—
Life Insurance	Undiscounted expected future benefits and expense	$	39,848	$	38,406
	Undiscounted expected future gross premiums	29,792		28,810
	Discounted expected future gross premiums (at current discount rate)	19,207		19,704
Institutional Markets	Undiscounted expected future benefits and expense	$	33,474	$	21,092
	Undiscounted expected future gross premiums	—		—
	Discounted expected future gross premiums (at current discount rate)	—		—
Other*	Undiscounted expected future benefits and expense	$	43,791	$	45,258
	Undiscounted expected future gross premiums	2,179		2,346
	Discounted expected future gross premiums (at current discount rate)	1,435		1,602

*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				Interest Accretion				Gross Premiums				Interest Accretion
	Three Months Ended June 30,				Three Months Ended June 30,				Six Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022		2023		2022		2023		2022
General Insurance	$	137	$	155	$	3	$	3	$	232	$	252	$	4	$	4
Individual Retirement	61		57		13		10		136		108		25		20
Group Retirement	4		5		2		1		10		13		5		4
Life Insurance	600		586		118		119		1,175		1,168		236		240
Institutional Markets	1,919		503		162		110		3,500		747		301		215
Other*	53		57		245		341		107		113		490		590
Total	$	2,774	$	1,363	$	543	$	584	$	5,160	$	2,401	$	1,061	$	1,073

*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:

Six Months Ended June 30, 2023	General Insurance		Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other*
Weighted-average interest rate, original discount rate	1.81	%	3.73	%	5.14	%	4.09	%	3.95	%	4.88	%
Weighted-average interest rate, current discount rate	3.59	%	5.27	%	5.26	%	5.27	%	5.34	%	5.25	%
Six Months Ended June 30, 2022
Weighted-average interest rate, original discount rate	1.67	%	3.37	%	5.20	%	4.15	%	3.30	%	4.84	%
Weighted-average interest rate, current discount rate	2.68	%	4.61	%	4.58	%	4.62	%	4.52	%	4.72	%

*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 14.

(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:

Six Months Ended June 30,	2023						2022
(in millions, except duration of liability)	Life Insurance		Other(b)		Total		Life Insurance		Other(b)		Total
Balance, beginning of year	$	3,300	$	55	$	3,355	$	4,952	$	55	$	5,007
Effect of changes in experience	149		(1)		148		194		(2)		192
Adjusted beginning balance	3,449		54		3,503		5,146		53		5,199
Assessments	341		1		342		344		1		345
Excess benefits paid	(457)		—		(457)		(496)		—		(496)
Interest accrual	61		1		62		65		1		66
Other	(3)		—		(3)		(5)		—		(5)
Changes related to unrealized appreciation (depreciation) of investments	11		—		11		(1,446)		—		(1,446)
Balance, end of period	3,402		56		3,458		3,608		55		3,663
Less: Reinsurance recoverable	(172)		—		(172)		(209)		—		(209)
Balance, end of period net of Reinsurance recoverable	$	3,230	$	56	$	3,286	$	3,399	$	55	$	3,454
Weighted average duration of liability(a)	26.2		9.2				27.1		9.7

(a)The weighted average duration of liabilities is 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.

(b)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				Interest Accretion				Gross Assessments				Interest Accretion
	Three Months Ended June 30,				Three Months Ended June 30,				Six Months Ended June 30,				Six Months Ended June 30,
(in millions)	2023		2022		2023		2022		2023		2022		2023		2022
Life Insurance	$	274	$	284	$	33	$	31	$	573	$	576	$	61	$	65
Other*	10		9		—		—		20		19		1		1
Total	$	284	$	293	$	33	$	31	$	593	$	595	$	62	$	66

*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:

Six Months Ended June 30,	2023				2022
	Life Insurance		Other*		Life Insurance		Other*
Weighted-average interest rate	3.77	%	4.20	%	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:

Six Months Ended June 30, 2023	Life Insurance		Institutional Markets		Other*		Total
(in millions)
Balance, beginning of year	$	1,727	$	2	$	105	$	1,834
Revenue deferred	76		—		—		76
Amortization	(55)		(1)		(5)		(61)
Balance, end of period	$	1,748	$	1	$	100	$	1,849

Six Months Ended June 30, 2022	Life Insurance		Institutional Markets		Other*		Total
(in millions)
Balance, beginning of year	$	1,693	$	2	$	116	$	1,811
Revenue deferred	70		—		—		70
Amortization	(54)		—		(6)		(60)
Balance, end of period	$	1,709	$	2	$	110	$	1,821

*Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. At June 30, 2023 and 2022, Other policyholder funds, excluding URR, totaled $1.6 billion and $1.7 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:

Six Months Ended June 30,
(dollars in millions)		2023		2022
Account value	$	3,604	$	3,406
Net amount at risk	$	70,850	$	66,889
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):

Six Months Ended June 30, 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
Deposits	8,898			2,597			809			1,608			22			13,934
Policy charges	(462)			(238)			(764)			(34)			(31)			(1,529)
Surrenders and withdrawals	(6,585)			(3,979)			(122)			(421)			(42)			(11,149)
Benefit payments	(2,012)			(1,080)			(100)			(283)			(171)			(3,646)
Net transfers from (to) separate account	1,637			1,221			—			473			—			3,331
Interest credited	863			554			188			218			85			1,908
Other	(3)			4			(32)			(1)			8			(24)
Policyholder contract deposits account balance, end of period	91,890			42,474			10,203			13,294			3,458			161,319
Other reconciling items(b)	(1,598)			(254)			135			42			(72)			(1,747)
Policyholder contract deposits	$	90,292		$	42,220		$	10,338		$	13,336		$	3,386		$	159,572
Weighted average crediting rate	2.59		%	2.84		%	4.30		%	3.54		%	4.95		%
Cash surrender value(c)	$	85,417		$	41,550		$	8,976		$	2,555		$	1,762		$	140,260

Six Months Ended June 30, 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
Deposits	7,547			2,341			835			162			24			10,909
Policy charges	(395)			(259)			(782)			(34)			(33)			(1,503)
Surrenders and withdrawals	(4,008)			(2,726)			(103)			(27)			(32)			(6,896)
Benefit payments	(1,996)			(1,072)			(119)			(160)			(178)			(3,525)
Net transfers from (to) separate account	1,074			1,155			(2)			14			—			2,241
Interest credited	882			550			193			128			90			1,843
Other	6			1			(10)			(29)			7			(25)
Policyholder contract deposits account balance, end of period	87,207			43,892			10,195			10,858			3,701			155,853
Other reconciling items(b)	(2,245)			(353)			(60)			43			(77)			(2,692)
Policyholder contract deposits	$	84,962		$	43,539		$	10,135		$	10,901		$	3,624		$	153,161
Weighted average crediting rate	2.38		%	2.72		%	4.25		%	2.40		%	4.90		%
Cash surrender value(c)	$	81,207		$	43,094		$	8,935		$	2,524		$	1,839		$	137,599

(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 $(72) million and $(77) million at June 30, 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 13.

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:

June 30, 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%	$	7,044		$	2,390		$	23,797		$	33,231
	> 1% - 2%	4,151			23			2,067			6,241
	> 2% - 3%	8,831			11			732			9,574
	> 3% - 4%	7,122			39			6			7,167
	> 4% - 5%	446			—			4			450
	> 5%	32			—			4			36
	Total	$	27,626		$	2,463		$	26,610		$	56,699
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	2,018		$	2,574		$	6,382		$	10,974
	> 1% - 2%	4,050			1,624			391			6,065
	> 2% - 3%	13,123			89			62			13,274
	> 3% - 4%	651			—			—			651
	> 4% - 5%	6,799			—			—			6,799
	> 5%	151			—			—			151
	Total	$	26,792		$	4,287		$	6,835		$	37,914
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—		$	—		$	—		$	—
	> 1% - 2%	—			131			350			481
	> 2% - 3%	10			872			1,083			1,965
	> 3% - 4%	1,190			322			201			1,713
	> 4% - 5%	2,909			—			—			2,909
	> 5%	221			—			—			221
	Total	$	4,330		$	1,325		$	1,634		$	7,289
Total*		$	58,748		$	8,075		$	35,079		$	101,902
Percentage of total		58		%	8		%	34		%	100		%

June 30, 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%	$	10,300		$	1,775		$	19,868		$	31,943
	> 1% - 2%	4,300			25			1,666			5,991
	> 2% - 3%	9,995			1			18			10,014
	> 3% - 4%	7,934			40			6			7,980
	> 4% - 5%	471			—			5			476
	> 5%	34			—			4			38
	Total	$	33,034		$	1,841		$	21,567		$	56,442
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	3,817		$	1,717		$	4,674		$	10,208
	> 1% - 2%	6,310			410			7			6,727
	> 2% - 3%	14,556			—			—			14,556
	> 3% - 4%	696			—			—			696
	> 4% - 5%	6,953			—			—			6,953
	> 5%	159			—			—			159
	Total	$	32,491		$	2,127		$	4,681		$	39,299
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—		$	—		$	—		$	—
	> 1% - 2%	105			24			350			479
	> 2% - 3%	240			638			1,108			1,986
	> 3% - 4%	1,395			186			189			1,770
	> 4% - 5%	3,024			—			—			3,024
	> 5%	226			—			—			226
	Total	$	4,990		$	848		$	1,647		$	7,485
Total*		$	70,515		$	4,816		$	27,895		$	103,226
Percentage of total		68		%	5		%	27		%	100		%

*Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates.