Policyholder Account Balances (Tables)

9 Months Ended

Sep. 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  September 30,		As of December 31,
	2024		2023
Variable Annuities	$	34,344	$	29,141
Fixed Annuities	26,359		25,355
UL and Other	36,692		37,180
Retirement Plan Services	23,727		23,784
Other (1)	4,846		5,277
Total policyholder account balances	$	125,968	$	120,737

(1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($4.5 billion and $4.9 billion as of September 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 Nine Months Ended September 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	3,391		3,663		2,641		2,580
Withdrawals	(726)		(3,724)		(1,122)		(3,370)
Policyholder assessments	(1)		(45)		(3,383)		(10)
Net transfers from (to) separate account	(241)		–		143		230
Interest credited	506		593		1,109		513
Change in fair value of embedded derivative
instruments and other	2,274		517		124		–
Balance as of end-of-period	$	34,344	$	26,359	$	36,692	$	23,727
Weighted-average crediting rate	2.1%		3.1%		4.0%		2.9%
Net amount at risk (1)(2)	$	1,544	$	231	$	298,334	$	3
Cash surrender value	33,107		25,236		32,982		23,697

	As of or For the Nine Months Ended September 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	3,626			2,698			2,749			2,026
Withdrawals	(508)			(2,863)			(1,095)			(3,262)
Policyholder assessments	(1)			(41)			(3,373)			(10)
Net transfers from (to) separate account	(311)			–			90			(297)
Interest credited	391			470			1,114			504
Change in fair value of embedded derivative
instruments and other	1,391			52			38			–
Balance as of end-of-period	$	26,772		$	23,681		$	37,217		$	24,099
Weighted-average crediting rate	2.1		%	2.6		%	4.0		%	2.7		%
Net amount at risk (1)(2)	$	6,235		$	188		$	303,628		$	9
Cash surrender value	25,629			22,779			33,741			24,094

(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 September 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%	3		–		–		–		7		10
2.01% - 3.00%	523		–		–		–		–		523
3.01% - 4.00%	1,257		–		–		–		–		1,257
4.01% and above	8		–		–		–		–		8
Other (1)	–		–		–		–		–		32,546
Total	$	1,791	$	–	$	–	$	–	$	7	$	34,344
Fixed Annuities
Up to 1.00%	$	436	$	730	$	620	$	373	$	2,381	$	4,540
1.01% - 2.00%	253		145		200		239		4,685		5,522
2.01% - 3.00%	1,649		38		6		2		33		1,728
3.01% - 4.00%	1,312		–		–		–		–		1,312
4.01% and above	170		–		–		–		–		170
Other (1)	–		–		–		–		–		13,087
Total	$	3,820	$	913	$	826	$	614	$	7,099	$	26,359
UL and Other
Up to 1.00%	$	261	$	–	$	222	$	121	$	52	$	656
1.01% - 2.00%	553		–		–		–		3,161		3,714
2.01% - 3.00%	6,651		10		151		–		–		6,812
3.01% - 4.00%	15,426		–		1		–		–		15,427
4.01% and above	3,582		–		–		–		–		3,582
Other (1)	–		–		–		–		–		6,501
Total	$	26,473	$	10	$	374	$	121	$	3,213	$	36,692
Retirement Plan Services
Up to 1.00%	$	515	$	287	$	731	$	3,417	$	5,277	$	10,227
1.01% - 2.00%	470		1,028		1,947		990		503		4,938
2.01% - 3.00%	2,253		112		1		1		–		2,367
3.01% - 4.00%	4,493		85		6		8		–		4,592
4.01% and above	1,603		–		–		–		–		1,603
Total	$	9,334	$	1,512	$	2,685	$	4,416	$	5,780	$	23,727

	As of September 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%	5		–		–		–		8		13
2.01% - 3.00%	602		–		–		–		–		602
3.01% - 4.00%	1,429		–		–		–		–		1,429
4.01% and above	10		–		–		–		–		10
Other (1)	–		–		–		–		–		24,718
Total	$	2,046	$	–	$	–	$	–	$	8	$	26,772
Fixed Annuities
Up to 1.00%	$	744	$	427	$	515	$	518	$	2,427	$	4,631
1.01% - 2.00%	481		106		212		456		1,264		2,519
2.01% - 3.00%	1,881		32		6		–		3		1,922
3.01% - 4.00%	955		–		–		–		–		955
4.01% and above	182		–		–		–		–		182
Other (1)	–		–		–		–		–		13,472
Total	$	4,243	$	565	$	733	$	974	$	3,694	$	23,681
UL and Other
Up to 1.00%	$	284	$	–	$	192	$	34	$	362	$	872
1.01% - 2.00%	553		–		–		–		3,181		3,734
2.01% - 3.00%	6,998		11		147		–		–		7,156
3.01% - 4.00%	15,780		–		1		–		–		15,781
4.01% and above	3,783		–		–		–		–		3,783
Other (1)	–		–		–		–		–		5,891
Total	$	27,398	$	11	$	340	$	34	$	3,543	$	37,217
Retirement Plan Services
Up to 1.00%	$	407	$	596	$	762	$	4,882	$	2,837	$	9,484
1.01% - 2.00%	610		2,405		1,474		668		–		5,157
2.01% - 3.00%	2,594		–		–		–		–		2,594
3.01% - 4.00%	5,223		–		–		–		–		5,223
4.01% and above	1,641		–		–		–		–		1,641
Total	$	10,475	$	3,001	$	2,236	$	5,550	$	2,837	$	24,099

(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.