Policyholder Account Balances

12 Months Ended

Dec. 31, 2022

Policyholder Account Balance [Abstract]

12. Policyholder Account Balances

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


	As of December 31,
	2022		2021
UL and Other	$	37,694	$	38,200
Variable Annuities		22,184		19,148
Fixed Annuities		23,365		22,552
Retirement Plan Services		25,138		23,579
Other ⁽¹⁾		6,054		6,748
Total policyholder account balances	$	114,435	$	110,227

⁽¹⁾Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($5.7 billion and $6.3 billion as of December 31, 2022 and December 31, 2021, 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 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

‎



	As of or For the Year Ended December 31, 2021
										Retirement
	UL and			Variable			Fixed			Plan
	Other			Annuities			Annuities			Services
Balance as of beginning-of-year	$	38,185		$	12,145		$	23,168		$	22,916
Gross deposits		3,942			5,496			1,023			3,121
Withdrawals		(1,210	)		(310	)		(2,381	)		(3,474	)
Policyholder assessments		(4,457	)		(2	)		(84	)		(14	)
Net transfers from (to) separate account		117			(587	)		-			414
Interest credited		1,501			209			508			616
Change in fair value of embedded derivative
instruments		122			2,197			318			-
Balance as of end-of-year	$	38,200		$	19,148		$	22,552		$	23,579

Weighted-average crediting rate		3.9%			1.3%			2.2%			2.7%
Net amount at risk ⁽¹⁾⁽²⁾	$	299,591		$	906		$	122		$	3
Cash surrender value		34,393			18,300			21,744			23,573

⁽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 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	$	1,329	$	3,869
1.01% - 2.00%		544		144		179		492		1,057		2,416
2.01% - 3.00%		1,973		5		1		-		-		1,979
3.01% - 4.00%		1,353		-		-		-		-		1,353
4.01% and above		193		-		-		-		-		193
Other ⁽¹⁾		-		-		-		-		-		13,555
Total	$	4,954	$	646	$	769	$	1,055	$	2,386	$	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



	As of December 31, 2021
									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%	$	331	$	-	$	569	$	30	$	227	$	1,157
1.01% - 2.00%		531		-		-		-		3,362		3,893
2.01% - 3.00%		7,280		157		-		-		-		7,437
3.01% - 4.00%		16,662		-		1		-		-		16,663
4.01% and above		3,832		-		-		-		-		3,832
Other ⁽¹⁾		-		-		-		-		-		5,218
Total	$	28,636	$	157	$	570	$	30	$	3,589	$	38,200

Variable Annuities
Up to 1.00%	$	-	$	-	$	-	$	-	$	-	$	-
1.01% - 2.00%		5		-		-		9		-		14
2.01% - 3.00%		687		-		-		-		-		687
3.01% - 4.00%		1,576		-		-		-		-		1,576
4.01% and above		12		-		-		-		-		12
Other ⁽¹⁾		-		-		-		-		-		16,859
Total	$	2,280	$	-	$	-	$	9	$	-	$	19,148

Fixed Annuities
Up to 1.00%	$	656	$	710	$	869	$	921	$	568	$	3,724
1.01% - 2.00%		594		32		156		469		1,026		2,277
2.01% - 3.00%		2,214		17		12		6		-		2,249
3.01% - 4.00%		1,220		-		-		-		-		1,220
4.01% and above		200		-		-		-		-		200
Other ⁽¹⁾		-		-		-		-		-		12,882
Total	$	4,884	$	759	$	1,037	$	1,396	$	1,594	$	22,552

Retirement Plan Services
Up to 1.00%	$	1,054	$	2,613	$	1,683	$	813	$	1,929	$	8,092
1.01% - 2.00%		2,736		1,031		795		465		-		5,027
2.01% - 3.00%		2,891		1		-		-		-		2,892
3.01% - 4.00%		5,927		1		-		-		-		5,928
4.01% and above		1,640		-		-		-		-		1,640
Total	$	14,248	$	3,646	$	2,478	$	1,278	$	1,929	$	23,579

⁽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.