Policyholder Account Balances (Tables)

6 Months Ended

Jun. 30, 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  June 30,		As of December 31,
	2024		2023
Variable Annuities	$	32,853	$	29,141
Fixed Annuities	25,837		25,355
UL and Other	36,848		37,180
Retirement Plan Services	23,598		23,784
Other (1)	4,977		5,277
Total policyholder account balances	$	124,113	$	120,737

(1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($4.6 billion and $4.9 billion as of June 30, 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 Six Months Ended June 30, 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	2,102		2,646		1,743		1,636
Withdrawals	(413)		(2,602)		(753)		(2,275)
Policyholder assessments	(1)		(31)		(2,254)		(7)
Net transfers from (to) separate account	(146)		–		113		120
Interest credited	328		382		733		340
Change in fair value of embedded derivative
instruments	1,842		87		86		–
Balance as of end-of-period	$	32,853	$	25,837	$	36,848	$	23,598
Weighted-average crediting rate	2.1%		3.0%		4.0%		2.9%
Net amount at risk (1)(2)	$	2,135	$	221	$	299,869	$	3
Cash surrender value	31,650		24,762		33,114		23,570

	As of or For the Six Months Ended June 30, 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	2,437			1,919			1,834			1,317
Withdrawals	(328)			(1,920)			(717)			(2,094)
Policyholder assessments	(1)			(28)			(2,248)			(7)
Net transfers from (to) separate account	(198)			–			75			(259)
Interest credited	240			312			744			335
Change in fair value of embedded derivative
instruments	1,923			165			76			–
Balance as of end-of-period	$	26,257		$	23,813		$	37,458		$	24,430
Weighted-average crediting rate	2.0		%	2.6		%	4.0		%	2.7		%
Net amount at risk (1)(2)	$	4,783		$	213		$	302,804		$	6
Cash surrender value	25,146			22,915			33,886			24,425

(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 June 30, 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%	4		–		–		–		6		10
2.01% - 3.00%	539		–		–		–		–		539
3.01% - 4.00%	1,289		–		–		–		–		1,289
4.01% and above	9		–		–		–		–		9
Other (1)	–		–		–		–		–		31,006
Total	$	1,841	$	–	$	–	$	–	$	6	$	32,853
Fixed Annuities
Up to 1.00%	$	615	$	609	$	594	$	463	$	2,464	$	4,745
1.01% - 2.00%	304		133		279		329		4,301		5,346
2.01% - 3.00%	1,694		40		5		1		31		1,771
3.01% - 4.00%	1,059		–		–		–		–		1,059
4.01% and above	173		–		–		–		–		173
Other (1)	–		–		–		–		–		12,743
Total	$	3,845	$	782	$	878	$	793	$	6,796	$	25,837
UL and Other
Up to 1.00%	$	264	$	–	$	218	$	119	$	42	$	643
1.01% - 2.00%	544		–		–		–		3,186		3,730
2.01% - 3.00%	6,797		10		150		–		–		6,957
3.01% - 4.00%	15,432		–		1		–		–		15,433
4.01% and above	3,679		–		–		–		–		3,679
Other (1)	–		–		–		–		–		6,406
Total	$	26,716	$	10	$	369	$	119	$	3,228	$	36,848
Retirement Plan Services
Up to 1.00%	$	489	$	502	$	727	$	3,684	$	4,511	$	9,913
1.01% - 2.00%	509		1,648		1,382		1,154		220		4,913
2.01% - 3.00%	2,394		25		1		–		–		2,420
3.01% - 4.00%	4,667		57		5		5		–		4,734
4.01% and above	1,618		–		–		–		–		1,618
Total	$	9,677	$	2,232	$	2,115	$	4,843	$	4,731	$	23,598

	As of June 30, 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%	619		–		–		–		–		619
3.01% - 4.00%	1,470		–		–		–		–		1,470
4.01% and above	10		–		–		–		–		10
Other (1)	–		–		–		–		–		24,146
Total	$	2,103	$	–	$	–	$	–	$	8	$	26,257
Fixed Annuities
Up to 1.00%	$	756	$	414	$	515	$	467	$	2,296	$	4,448
1.01% - 2.00%	577		133		194		498		1,083		2,485
2.01% - 3.00%	1,746		3		6		–		–		1,755
3.01% - 4.00%	1,072		–		–		–		–		1,072
4.01% and above	184		–		–		–		–		184
Other (1)	–		–		–		–		–		13,869
Total	$	4,335	$	550	$	715	$	965	$	3,379	$	23,813
UL and Other
Up to 1.00%	$	302	$	–	$	206	$	46	$	505	$	1,059
1.01% - 2.00%	557		–		6		–		3,142		3,705
2.01% - 3.00%	7,217		10		139		–		–		7,366
3.01% - 4.00%	15,673		–		1		–		–		15,674
4.01% and above	3,807		–		–		–		–		3,807
Other (1)	–		–		–		–		–		5,847
Total	$	27,556	$	10	$	352	$	46	$	3,647	$	37,458
Retirement Plan Services
Up to 1.00%	$	601	$	746	$	3,092	$	2,693	$	2,422	$	9,554
1.01% - 2.00%	637		2,880		1,184		531		–		5,232
2.01% - 3.00%	2,647		1		–		–		–		2,648
3.01% - 4.00%	5,349		1		–		–		–		5,350
4.01% and above	1,646		–		–		–		–		1,646
Total	$	10,880	$	3,628	$	4,276	$	3,224	$	2,422	$	24,430

(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.