Insurance Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Rollforward of Activity in Loss Reserves

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

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		2023		2022		2023		2022
Liability for unpaid loss and loss adjustment expenses, beginning of period	$	70,284	$	76,739	$	75,167	$	79,026
Reinsurance recoverable		(30,226)		(33,583)		(32,102)		(35,213)
Net Liability for unpaid loss and loss adjustment expenses, beginning of period		40,058		43,156		43,065		43,813
Losses and loss adjustment expenses incurred:
Current year		3,922		4,373		11,651		12,020
Prior years, excluding discount and amortization of deferred gain		(246)		(112)		(380)		(537)
Prior years, discount charge (benefit)		52		36		200		78
Prior years, amortization of deferred gain on retroactive reinsurance(a)		27		(23)		(58)		(37)
Total losses and loss adjustment expenses incurred		3,755		4,274		11,413		11,524
Losses and loss adjustment expenses paid:
Current year		(1,190)		(1,132)		(2,360)		(2,289)
Prior years		(2,561)		(2,673)		(9,104)		(8,844)
Total losses and loss adjustment expenses paid		(3,751)		(3,805)		(11,464)		(11,133)
Other changes:
Foreign exchange effect		(583)		(1,031)		(211)		(1,827)
Losses and loss adjustment expenses recognized within gain on divestitures		316		—		316		—
Retroactive reinsurance adjustment (net of discount)(b)		121		101		180		318
Reclassified to held for sale, net of reinsurance recoverables		(159)		—		(3,542)		—
Total other changes		(305)		(930)		(3,257)		(1,509)
Liability for unpaid loss and loss adjustment expenses, end of period:
Net liability for unpaid losses and loss adjustment expenses		39,757		42,695		39,757		42,695
Reinsurance recoverable(c)		30,066		32,824		30,066		32,824
Total	$	69,823	$	75,519	$	69,823	$	75,519

(a)Includes $9 million and $5 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 September 30, 2023 and 2022, respectively, and $22 million and $15 million for the nine months ended September 30, 2023 and 2022, respectively.

(b)Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $24 million and $17 million for the three months ended September 30, 2023 and 2022 respectively, and $120 million and $74 million for the nine months ended September 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 September 30, 2023.

Schedule of Components of Loss Reserve Discount

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

(in millions)		September 30, 2023		December 31, 2022
U.S. workers' compensation	$	2,447	$	2,532
Retroactive reinsurance		(1,134)		(1,254)
Total reserve discount(a)(b)	$	1,313	$	1,278

(a)Excludes $150 million and $135 million of discount related to certain long-tail liabilities in the UK at September 30, 2023 and December 31, 2022, respectively.

(b)Includes gross discount of $740 million and $763 million, which was 100 percent ceded to Fortitude Re at September 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 September 30,				Nine Months Ended September 30,
(in millions)		2023		2022		2023		2022
Current accident year	$	47	$	26	$	115	$	74
Accretion and other adjustments to prior year discount		(52)		(36)		(200)		(78)
Net reserve discount benefit (charge)		(5)		(10)		(85)		(4)
Change in discount on loss reserves ceded under retroactive reinsurance		24		17		120		74
Net change in total reserve discount*	$	19	$	7	$	35	$	70

*Excludes $7 million and $20 million discount related to certain long-tail liabilities in the UK for the three months ended September 30, 2023 and 2022, respectively, and excludes $15 million and $15 million discount related to certain long-tail liabilities in the UK for the nine months ended September 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:

Nine Months Ended September 30, 2023	General Insurance		Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other(f)		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	—		—		—		34		—		21		55
Effect of actual variances from expected experience	(44)		—		—		36		—		16		8
Adjusted beginning of year balance	2,147		—		—		13,596		—		1,094		16,837
Issuances	100		—		—		986		—		—		1,086
Interest accrual	22		—		—		325		—		34		381
Net premium collected	(160)		—		—		(1,093)		—		(90)		(1,343)
Foreign exchange impact	(62)		—		—		44		—		—		(18)
Other	(63)		—		—		11		—		(3)		(55)
Ending balance at original discount rate	1,984		—		—		13,869		—		1,035		16,888
Effect of changes in discount rate assumptions (AOCI)	(354)		—		—		(2,199)		—		(95)		(2,648)
Reclassified to Liabilities held for sale	—		—		—		(3,784)		—		—		(3,784)
Balance, end of period	$	1,630	$	—	$	—	$	7,886	$	—	$	940	$	10,456
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)	—		—		—		62		—		76		138
Effect of actual variances from expected experience(a)	(43)		(1)		(1)		85		21		(10)		51
Adjusted beginning of year balance	2,699		1,389		212		24,750		15,119		21,578		65,747
Issuances	104		141		16		978		3,503		4		4,746
Interest accrual	27		38		8		679		478		770		2,000
Benefit payments	(153)		(95)		(20)		(1,461)		(810)		(1,121)		(3,660)
Foreign exchange impact	(93)		—		—		54		48		—		9
Other	(74)		—		—		8		—		(18)		(84)
Ending balance at original discount rate	2,510		1,473		216		25,008		18,338		21,213		68,758
Effect of changes in discount rate assumptions (AOCI)	(461)		(217)		(9)		(4,397)		(3,512)		(2,214)		(10,810)
Reclassified to Liabilities held for sale	—		—		—		(4,352)		—		—		(4,352)
Balance, end of period	$	2,049	$	1,256	$	207	$	16,259	$	14,826	$	18,999	$	53,596
Net liability for future policy benefits, end of period	$	419	$	1,256	$	207	$	8,373	$	14,826	$	18,059	$	43,140
Liability for future policy benefits for certain participating contracts													1,321
Liability for universal life policies with secondary guarantees and similar features(b)													3,278
Deferred profit liability													2,401
Other reconciling items(c)													1,526
Future policy benefits for life and accident and health insurance contracts													51,666
Less: Reinsurance recoverable													(21,833)
Net liability for future policy benefits after reinsurance recoverable													$	29,833
Weighted average liability duration of the liability for future policy benefits(d)(e)	9.5		7.4		6.6		11.9		10.9		10.8

Nine Months Ended September 30, 2022	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other(f)		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	—		—		123		—		—		123
Effect of actual variances from expected experience	—		—		(19)		—		5		(14)
Adjusted beginning of year balance	—		—		13,767		—		1,129		14,896
Issuances	—		—		1,050		—		—		1,050
Interest accrual	—		—		297		—		37		334
Net premium collected	—		—		(1,060)		—		(93)		(1,153)
Foreign exchange impact	—		—		(854)		—		—		(854)
Other	—		—		(1)		—		—		(1)
Ending balance at original discount rate	—		—		13,199		—		1,073		14,272
Effect of changes in discount rate assumptions (AOCI)	—		—		(2,111)		—		(80)		(2,191)
Balance, end of period	$	—	$	—	$	11,088	$	—	$	993	$	12,081
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)	—		—		140		(6)		—		134
Effect of actual variances from expected experience(a)	(16)		(2)		(24)		(11)		(24)		(77)
Adjusted beginning of year balance	1,262		216		24,841		13,003		21,977		61,299
Issuances	156		9		1,055		1,507		8		2,735
Interest accrual	31		7		657		333		787		1,815
Benefit payments	(86)		(18)		(1,317)		(602)		(1,118)		(3,141)
Foreign exchange impact	—		—		(1,093)		(555)		—		(1,648)
Other	—		—		(2)		—		(11)		(13)
Ending balance at original discount rate	1,363		214		24,141		13,686		21,643		61,047
Effect of changes in discount rate assumptions (AOCI)	(188)		(4)		(3,844)		(2,786)		(1,546)		(8,368)
Balance, end of period	$	1,175	$	210	$	20,297	$	10,900	$	20,097	$	52,679
Net liability for future policy benefits, end of period	$	1,175	$	210	$	9,209	$	10,900	$	19,104	$	40,598
Liability for future policy benefits for certain participating contracts											1,363
Liability for universal life policies with secondary guarantees and similar features(b)											3,232
Deferred profit liability											2,164
Other reconciling items(c)											1,980
Future policy benefits for life and accident and health insurance contracts											49,337
Less: Reinsurance recoverable											(24,307)
Net liability for future policy benefits after reinsurance recoverable											$	25,030
Weighted average liability duration of the liability for future policy benefits(d)	7.4		6.8		11.9		10.1		11.2

(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)Includes balances that were reclassified to Liabilities held for sale in the Condensed Consolidated Balance sheets. For additional information, see Note 4.

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

For the nine months ended September 30, 2023 and 2022 in the traditional and term life insurance block, capping of net premium ratios at 100 percent caused a (credit)/charge to net income of $(1) million and $11 million, respectively. 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:

Nine Months Ended September 30,
(in millions)		2023		2022
General Insurance	Undiscounted expected future benefits and expense	$	3,099	$	3,141
	Undiscounted expected future gross premiums	4,275		4,112
	Discounted expected future gross premiums (at current discount rate)	2,963		3,188
Individual Retirement	Undiscounted expected future benefits and expense	$	2,119	$	1,889
	Undiscounted expected future gross premiums	—		—
	Discounted expected future gross premiums (at current discount rate)	—		—
Group Retirement	Undiscounted expected future benefits and expense	$	315	$	324
	Undiscounted expected future gross premiums	—		—
	Discounted expected future gross premiums (at current discount rate)	—		—
Life Insurance(a)	Undiscounted expected future benefits and expense	$	39,763	$	38,238
	Undiscounted expected future gross premiums	29,789		28,584
	Discounted expected future gross premiums (at current discount rate)	18,596		17,965
Institutional Markets	Undiscounted expected future benefits and expense	$	33,025	$	21,866
	Undiscounted expected future gross premiums	—		—
	Discounted expected future gross premiums (at current discount rate)	—		—
Other(b)	Undiscounted expected future benefits and expense	$	43,250	$	44,919
	Undiscounted expected future gross premiums	2,141		2,305
	Discounted expected future gross premiums (at current discount rate)	1,372		1,481

(a)Includes balances reclassified to Liabilities held for sale at September 30, 2023.

(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 future policy benefits for nonparticipating contracts:

Nine Months Ended September 30,	Gross Premiums				Interest Accretion
(in millions)	2023		2022		2023		2022
General Insurance	$	338	$	345	$	5	$	4
Individual Retirement	164		160		38		31
Group Retirement	16		16		8		7
Life Insurance	1,781		1,751		354		360
Institutional Markets	3,709		1,558		478		333
Other*	161		168		736		750
Total	$	6,169	$	3,998	$	1,619	$	1,485

*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:

Nine Months Ended September 30, 2023	General Insurance		Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other(b)
Weighted-average interest rate, original discount rate(a)	1.84	%	3.75	%	5.15	%	4.14	%	3.97	%	4.87	%
Weighted-average interest rate, current discount rate(a)	3.92	%	5.92	%	5.90	%	5.92	%	5.87	%	5.94	%
Nine Months Ended September 30, 2022
Weighted-average interest rate, original discount rate	1.70	%	3.42	%	5.20	%	4.13	%	3.41	%	4.89	%
Weighted-average interest rate, current discount rate	2.85	%	5.52	%	5.50	%	5.56	%	5.56	%	5.57	%

(a)Weighted-average interest rates for Life Insurance include balances that have been reclassified to Liabilities held-for-sale at September 30, 2023.

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

The following table presents the transition rollforward for deferred profit liability for long-duration contracts*:

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Other*		Total
(in millions)
Pre-adoption December 31, 2020 deferred profit liability balance	$	2	$	—	$	5	$	64	$	—	$	71
Adjustments for the reclassification from/(to) the liability for the future policy benefits	65		8		—		766		859		1,698
Post-adoption January 1, 2021 deferred profit liability balance	$	67	$	8	$	5	$	830	$	859	$	1,769

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:

Nine Months Ended September 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 assumptions	(41)		—		(41)		(24)		—		(24)
Effect of changes in experience	174		(3)		171		245		(3)		242
Adjusted beginning balance	3,433		52		3,485		5,173		52		5,225
Assessments	518		1		519		528		1		529
Excess benefits paid	(681)		—		(681)		(697)		—		(697)
Interest accrual	95		2		97		94		2		96
Other	20		—		20		(14)		—		(14)
Changes related to unrealized appreciation (depreciation) of investments	(162)		—		(162)		(1,907)		—		(1,907)
Balance, end of period	3,223		55		3,278		3,177		55		3,232
Less: Reinsurance recoverable	(162)		—		(162)		(214)		—		(214)
Balance, end of period net of Reinsurance recoverable	$	3,061	$	55	$	3,116	$	2,963	$	55	$	3,018
Weighted average duration of liability(a)	25.4		9.3				26.8		9.6

(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:

Nine Months Ended September 30,	Gross Assessments				Interest Accretion
(in millions)	2023		2022		2023		2022
Life Insurance	$	855	$	922	$	95	$	94
Other*	31		29		2		2
Total	$	886	$	951	$	97	$	96

*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:

Nine Months Ended September 30,	2023				2022
	Life Insurance		Other*		Life Insurance		Other*
Weighted-average interest rate	3.94	%	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:

Nine Months Ended September 30, 2023	Life Insurance		Institutional Markets		Other*		Total
(in millions)
Balance, beginning of year	$	1,727	$	2	$	105	$	1,834
Revenue deferred	114		—		—		114
Amortization	(83)		(1)		(8)		(92)
Balance, end of period	$	1,758	$	1	$	97	$	1,856

Nine Months Ended September 30, 2022	Life Insurance		Institutional Markets		Other*		Total
(in millions)
Balance, beginning of year	$	1,693	$	2	$	116	$	1,811
Revenue deferred	106		—		—		106
Amortization	(82)		—		(8)		(90)
Balance, end of period	$	1,717	$	2	$	108	$	1,827

*Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. At September 30, 2023 and 2022, Other policyholder funds, excluding URR, totaled $1.5 billion and $1.6 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:

Nine Months Ended September 30,
(dollars in millions)		2023		2022
Account value	$	3,654	$	3,462
Net amount at risk	$	71,497	$	68,350
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):

Nine Months Ended September 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	12,885			3,943			1,211			3,707			34			21,780
Policy charges	(661)			(359)			(1,143)			(50)			(47)			(2,260)
Surrenders and withdrawals	(10,310)			(6,010)			(194)			(502)			(65)			(17,081)
Benefit payments	(2,984)			(1,801)			(222)			(1,355)			(233)			(6,595)
Net transfers from (to) separate account	2,577			1,896			1			565			—			5,039
Interest credited	1,482			843			297			353			127			3,102
Other	(7)			6			16			(9)			(11)			(5)
Policyholder contract deposits account balance, end of period	92,536			41,913			10,190			14,443			3,392			162,474
Other reconciling items(b)	(2,280)			(327)			11			(20)			(121)			(2,737)
Policyholder contract deposits	$	90,256		$	41,586		$	10,201		$	14,423		$	3,271		$	159,737
Weighted average crediting rate	2.65		%	2.88		%	4.37		%	3.66		%	4.99		%
Cash surrender value(c)	$	85,644		$	40,928		$	9,008		$	2,577		$	1,732		$	139,889

Nine Months Ended September 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	11,359			3,599			1,252			1,296			36			17,542
Policy charges	(631)			(356)			(1,175)			(52)			(49)			(2,263)
Surrenders and withdrawals	(6,232)			(4,146)			(162)			(44)			(48)			(10,632)
Benefit payments	(2,872)			(1,634)			(164)			(593)			(273)			(5,536)
Net transfers from (to) separate account	1,606			1,659			(1)			26			—			3,290
Interest credited	1,242			825			286			207			134			2,694
Other	3			1			(10)			(48)			8			(46)
Policyholder contract deposits account balance, end of period	88,572			43,850			10,209			11,596			3,631			157,858
Other reconciling items(b)	(2,372)			(356)			(125)			(33)			(120)			(3,006)
Policyholder contract deposits	$	86,200		$	43,494		$	10,084		$	11,563		$	3,511		$	154,852
Weighted average crediting rate	2.40		%	2.74		%	4.28		%	2.49		%	4.91		%
Cash surrender value(c)	$	82,151		$	42,970		$	8,948		$	2,532		$	1,824		$	138,425

(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 $(121) million and $(122) million at September 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:

September 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%	$	6,741		$	2,234		$	24,455		$	33,430
	> 1% - 2%	3,940			22			1,909			5,871
	> 2% - 3%	8,401			11			822			9,234
	> 3% - 4%	6,864			37			6			6,907
	> 4% - 5%	439			—			4			443
	> 5%	32			—			3			35
	Total	$	26,417		$	2,304		$	27,199		$	55,920
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	2,197		$	2,467		$	6,304		$	10,968
	> 1% - 2%	3,874			1,347			667			5,888
	> 2% - 3%	12,700			159			93			12,952
	> 3% - 4%	641			—			—			641
	> 4% - 5%	6,773			—			—			6,773
	> 5%	150			—			—			150
	Total	$	26,335		$	3,973		$	7,064		$	37,372
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—		$	—		$	—		$	—
	> 1% - 2%	—			131			347			478
	> 2% - 3%	9			866			1,078			1,953
	> 3% - 4%	1,178			499			26			1,703
	> 4% - 5%	2,879			—			—			2,879
	> 5%	218			—			—			218
	Total	$	4,284		$	1,496		$	1,451		$	7,231
Total*		$	57,036		$	7,773		$	35,714		$	100,523
Percentage of total		56		%	8		%	36		%	100		%

September 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%	$	9,822		$	1,656		$	20,778		$	32,256
	> 1% - 2%	4,261			24			1,960			6,245
	> 2% - 3%	9,790			—			17			9,807
	> 3% - 4%	7,805			40			6			7,851
	> 4% - 5%	464			—			5			469
	> 5%	33			—			4			37
	Total	$	32,175		$	1,720		$	22,770		$	56,665
Group Retirement	Range of Guaranteed Minimum Credited Rate
	<=1%	$	3,726		$	1,614		$	5,178		$	10,518
	> 1% - 2%	6,024			437			23			6,484
	> 2% - 3%	14,448			—			—			14,448
	> 3% - 4%	690			—			—			690
	> 4% - 5%	6,943			—			—			6,943
	> 5%	159			—			—			159
	Total	$	31,990		$	2,051		$	5,201		$	39,242
Life Insurance	Range of Guaranteed Minimum Credited Rate
	<=1%	$	—		$	—		$	—		$	—
	> 1% - 2%	106			24			353			483
	> 2% - 3%	235			635			1,112			1,982
	> 3% - 4%	1,374			183			192			1,749
	> 4% - 5%	2,998			—			—			2,998
	> 5%	224			—			—			224
	Total	$	4,937		$	842		$	1,657		$	7,436
Total*		$	69,102		$	4,613		$	29,628		$	103,343
Percentage of total		67		%	4		%	29		%	100		%

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