Policyholder Account Balances

3 Months Ended

Mar. 31, 2023

Policyholder Account Balance [Abstract]

10. Policyholder Account Balances

The following table reconciles policyholder account balances (in millions) to the Consolidated Balance Sheets:


	As of		As of
	March 31,		December 31,
	2023		2022
UL and Other	$	37,533	$	37,694
Variable Annuities		23,771		22,184
Fixed Annuities		24,019		23,365
Retirement Plan Services		24,994		25,138
Other ⁽¹⁾		5,850		6,054
Total policyholder account balances	$	116,167	$	114,435

⁽¹⁾Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($5.4 billion and $5.7 billion as of March 31, 2023, and December 31, 2022, respectively) that are excluded from the following tables.

The following table summarizes the balances and changes in policyholder account balances (in millions):



	As of or For the Three Months Ended March 31, 2023
										Retirement
	UL and			Variable			Fixed			Plan
	Other			Annuities			Annuities			Services
Balance as of beginning-of-year	$	37,694		$	22,184		$	23,365		$	25,138
Gross deposits		926			1,222			1,317			701
Withdrawals		(393	)		(170	)		(889	)		(1,113	)
Policyholder assessments		(1,128	)		-			(15	)		(3	)
Net transfers from (to) separate account		32			(114	)		-			103
Interest credited		373			109			154			168
Change in fair value of embedded derivative
instruments		29			540			87			-
Balance as of end-of-period	$	37,533		$	23,771		$	24,019		$	24,994

Weighted-average crediting rate		4.0%			1.9%			2.6%			2.7%
Net amount at risk ⁽¹⁾⁽²⁾	$	303,412		$	6,268		$	192		$	9
Cash surrender value		34,033			22,698			23,125			24,989



	As of or For the Year Ended December 31, 2022
										Retirement
	UL and			Variable			Fixed			Plan
	Other			Annuities			Annuities			Services
Balance as of beginning-of-year	$	38,200		$	19,148		$	22,552		$	23,579
Gross deposits		3,921			5,178			3,284			4,012
Withdrawals		(1,244	)		(417	)		(2,514	)		(3,579	)
Policyholder assessments		(4,496	)		(2	)		(51	)		(13	)
Net transfers from (to) separate account		2			(492	)		-			510
Interest credited		1,494			287			532			629
Change in fair value of embedded derivative
instruments		(183	)		(1,518	)		(438	)		-
Balance as of end-of-year	$	37,694		$	22,184		$	23,365		$	25,138

Weighted-average crediting rate		3.9%			1.4%			2.4%			2.6%
Net amount at risk ⁽¹⁾⁽²⁾	$	304,348		$	7,974		$	171		$	15
Cash surrender value		34,210			21,147			22,529			25,133

⁽¹⁾NAR is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For GLBs, the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit rider exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation.

⁽²⁾Calculation is based on total account balances and includes both policyholder account balances and separate account balances.

‎

The following table presents policyholder account balances (in millions) by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between the interest being credited to policyholders and the respective guaranteed contract minimums:



	As of March 31, 2023
									Greater
			1-50 Basis		51-100		101-150		Than 150
	At		Basis		Basis		Basis		Basis
Range of Guaranteed	Guaranteed		Points		Points		Points		Points
Minimum Crediting Rate	Minimum		Above		Above		Above		Above		Total
UL and Other
Up to 1.00%	$	312	$	-	$	202	$	26	$	348	$	888
1.01% - 2.00%		556		-		-		-		3,229		3,785
2.01% - 3.00%		7,130		158		-		-		-		7,288
3.01% - 4.00%		16,107		-		1		-		-		16,108
4.01% and above		3,767		-		-		-		-		3,767
Other ⁽¹⁾		-		-		-		-		-		5,697
Total	$	27,872	$	158	$	203	$	26	$	3,577	$	37,533

Variable Annuities
Up to 1.00%	$	-	$	-	$	-	$	-	$	-	$	-
1.01% - 2.00%		4		-		-		-		8		12
2.01% - 3.00%		634		-		-		-		-		634
3.01% - 4.00%		1,503		-		-		-		-		1,503
4.01% and above		10		-		-		-		-		10
Other ⁽¹⁾		-		-		-		-		-		21,612
Total	$	2,151	$	-	$	-	$	-	$	8	$	23,771

Fixed Annuities
Up to 1.00%	$	831	$	447	$	578	$	448	$	1,773	$	4,077
1.01% - 2.00%		559		141		184		493		1,083		2,460
2.01% - 3.00%		1,885		6		2		-		-		1,893
3.01% - 4.00%		1,473		-		-		-		-		1,473
4.01% and above		193		-		-		-		-		193
Other ⁽¹⁾		-		-		-		-		-		13,923
Total	$	4,941	$	594	$	764	$	941	$	2,856	$	24,019

Retirement Plan Services
Up to 1.00%	$	595	$	751	$	3,062	$	2,911	$	2,213	$	9,532
1.01% - 2.00%		977		2,629		1,196		527		-		5,329
2.01% - 3.00%		3,093		-		-		-		-		3,093
3.01% - 4.00%		5,442		-		-		-		-		5,442
4.01% and above		1,598		-		-		-		-		1,598
Total	$	11,705	$	3,380	$	4,258	$	3,438	$	2,213	$	24,994



	As of December 31, 2022
									Greater
			1-50 Basis		51-100		101-150		Than 150
	At		Basis		Basis		Basis		Basis
Range of Guaranteed	Guaranteed		Points		Points		Points		Points
Minimum Crediting Rate	Minimum		Above		Above		Above		Above		Total
UL and Other
Up to 1.00%	$	318	$	-	$	194	$	29	$	292	$	833
1.01% - 2.00%		558		-		-		-		3,282		3,840
2.01% - 3.00%		7,218		156		-		-		-		7,374
3.01% - 4.00%		16,282		-		1		-		-		16,283
4.01% and above		3,824		-		-		-		-		3,824
Other ⁽¹⁾		-		-		-		-		-		5,540
Total	$	28,200	$	156	$	195	$	29	$	3,574	$	37,694

Variable Annuities
Up to 1.00%	$	-	$	-	$	-	$	-	$	-	$	-
1.01% - 2.00%		4		-		-		8		-		12
2.01% - 3.00%		658		-		-		-		-		658
3.01% - 4.00%		1,545		-		-		-		-		1,545
4.01% and above		11		-		-		-		-		11
Other ⁽¹⁾		-		-		-		-		-		19,958
Total	$	2,218	$	-	$	-	$	8	$	-	$	22,184

Fixed Annuities
Up to 1.00%	$	891	$	497	$	589	$	563	$	1,330	$	3,870
1.01% - 2.00%		546		145		181		492		1,058		2,422
2.01% - 3.00%		1,996		7		2		-		-		2,005
3.01% - 4.00%		1,320		-		-		-		-		1,320
4.01% and above		193		-		-		-		-		193
Other ⁽¹⁾		-		-		-		-		-		13,555
Total	$	4,946	$	649	$	772	$	1,055	$	2,388	$	23,365

Retirement Plan Services
Up to 1.00%	$	961	$	1,001	$	4,304	$	1,703	$	1,908	$	9,877
1.01% - 2.00%		1,774		2,197		982		462		-		5,415
2.01% - 3.00%		2,711		1		-		-		-		2,712
3.01% - 4.00%		5,622		1		-		-		-		5,623
4.01% and above		1,511		-		-		-		-		1,511
Total	$	12,579	$	3,200	$	5,286	$	2,165	$	1,908	$	25,138

⁽¹⁾Consists of indexed account balances that include the fair value of embedded derivative instruments, payout annuity account balances, short-term dollar cost averaging annuities business and policy loans.