Policyholder Account Balances (Tables)

3 Months Ended

Mar. 31, 2024

Policyholder Account Balance [Abstract]

Schedule of Policyholder Account Balances

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

	As of March 31,		As of December 31,
	2024		2023
Variable Annuities	$	31,408	$	29,141
Fixed Annuities	25,162		25,355
UL and Other	37,006		37,180
Retirement Plan Services	23,586		23,784
Other (1)	5,138		5,277
Total policyholder account balances	$	122,300	$	120,737

(1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($4.7 billion and $4.9 billion as of March 31, 2024, and December 31, 2023, respectively) that are excluded from the following tables.

Summary of Balances and Changes in Policyholder Account Balances

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

	As of or For the Three Months Ended March 31, 2024
	Variable Annuities		Fixed Annuities		UL and Other		Retirement Plan Services
Balance as of beginning-of-year	$	29,141	$	25,355	$	37,180	$	23,784
Gross deposits	973		973		850		790
Withdrawals	(224)		(1,410)		(364)		(1,203)
Policyholder assessments	–		(17)		(1,124)		(3)
Net transfers from (to) separate account	(178)		–		38		50
Interest credited	158		183		365		168
Change in fair value of embedded derivative
instruments	1,538		78		61		–
Balance as of end-of-period	$	31,408	$	25,162	$	37,006	$	23,586
Weighted-average crediting rate	2.1%		2.9%		3.9%		2.8%
Net amount at risk (1)(2)	$	2,056	$	210	$	300,740	$	3
Cash surrender value	30,228		24,139		33,314		23,560

	As of or For the Three Months Ended March 31, 2023
	Variable Annuities			Fixed Annuities			UL and Other			Retirement Plan Services
Balance as of beginning-of-year	$	22,184		$	23,365		$	37,694		$	25,138
Gross deposits	1,222			1,317			926			701
Withdrawals	(170)			(889)			(393)			(1,113)
Policyholder assessments	–			(15)			(1,128)			(3)
Net transfers from (to) separate account	(114)			–			32			103
Interest credited	109			154			373			168
Change in fair value of embedded derivative
instruments	540			87			29			–
Balance as of end-of-period	$	23,771		$	24,019		$	37,533		$	24,994
Weighted-average crediting rate	1.9		%	2.6		%	4.0		%	2.7		%
Net amount at risk (1)(2)	$	6,268		$	192		$	303,412		$	9
Cash surrender value	22,698			23,125			34,033			24,989

(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.

Summary of Policyholder Account Balances by Range

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, 2024
	At Guaranteed Minimum		1-50 Basis Basis Points Above		51-100 Basis Points Above		101-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Range of Guaranteed
Minimum Crediting Rate
Variable Annuities
Up to 1.00%	$	–	$	–	$	–	$	–	$	–	$	–
1.01% - 2.00%	5		–		–		–		6		11
2.01% - 3.00%	560		–		–		–		–		560
3.01% - 4.00%	1,319		–		–		–		–		1,319
4.01% and above	9		–		–		–		–		9
Other (1)	–		–		–		–		–		29,509
Total	$	1,893	$	–	$	–	$	–	$	6	$	31,408
Fixed Annuities
Up to 1.00%	$	679	$	605	$	560	$	493	$	2,466	$	4,803
1.01% - 2.00%	360		99		285		500		3,231		4,475
2.01% - 3.00%	1,749		39		5		1		25		1,819
3.01% - 4.00%	916		–		–		–		–		916
4.01% and above	177		–		–		–		–		177
Other (1)	–		–		–		–		–		12,972
Total	$	3,881	$	743	$	850	$	994	$	5,722	$	25,162
UL and Other
Up to 1.00%	$	264	$	–	$	219	$	119	$	30	$	632
1.01% - 2.00%	548		–		–		–		3,208		3,756
2.01% - 3.00%	6,848		10		149		–		–		7,007
3.01% - 4.00%	15,596		–		1		–		–		15,597
4.01% and above	3,722		–		–		–		–		3,722
Other (1)	–		–		–		–		–		6,292
Total	$	26,978	$	10	$	369	$	119	$	3,238	$	37,006
Retirement Plan Services
Up to 1.00%	$	437	$	500	$	740	$	3,706	$	4,320	$	9,703
1.01% - 2.00%	527		1,660		1,413		1,345		14		4,959
2.01% - 3.00%	2,342		21		63		17		1		2,444
3.01% - 4.00%	4,842		31		3		3		–		4,879
4.01% and above	1,458		143		–		–		–		1,601
Total	$	9,606	$	2,355	$	2,219	$	5,071	$	4,335	$	23,586

	As of March 31, 2023
	At Guaranteed Minimum		1-50 Basis Basis Points Above		51-100 Basis Points Above		101-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Range of Guaranteed
Minimum Crediting Rate
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
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
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

(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.