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Policyholders' Liabilities (Tables)
12 Months Ended
Dec. 31, 2022
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]  
Policyholder Account Balance
The balance of and changes in policyholders' account balances as of and for the periods ended are as follows:

December 31, 2022
Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$11,465,411 $18,762,548 $30,227,959 
Deposits4,761,547 2,173,035 6,934,582 
Interest credited175,574 583,814 759,388 
Policy charges(5,482)(1,795,879)(1,801,361)
Surrenders and withdrawals(282,497)(873,034)(1,155,531)
Benefit payments(35,042)(103,358)(138,400)
Net transfers (to) from separate account206,269 213,752 420,021 
Change in market value and other adjustments146,252 (224,513)(78,261)
Balance, end of period16,432,032 18,736,365 35,168,397 
Less: Reinsurance and other recoverables(1)323,981 12,896,517 13,220,498 
Policyholders' account balance net of reinsurance and other recoverables$16,108,051 $5,839,848 $21,947,899 
Unearned revenue reserve3,067,336 
Other3,676,803 
Total Policyholders' account balance$41,912,536 
Weighted-average crediting rate1.26 %3.11 %2.32 %
Net amount at risk(2)$$304,864,582 $304,864,582 
Cash surrender value(3)$13,844,151 $17,137,744 $30,981,895 
(1) The amount of recoverables related to reinsurance agreements that reduce the risk of the policyholders’ account balances gross liability.
(2) The net amount at risk calculation includes both general and separate account balances.
(3) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
December 31, 2021
Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$3,634,125 $18,363,958 $21,998,083 
Deposits725,701 2,523,000 3,248,701 
Interest credited94,453 508,391 602,844 
Policy charges(1,941)(1,740,260)(1,742,201)
Surrenders and withdrawals(208,224)(990,423)(1,198,647)
Benefit payments(41,851)(132,586)(174,437)
Net transfers (to) from separate account(3,449)164,405 160,956 
Change in market value and other adjustments(1)7,266,597 66,063 7,332,660 
Balance, end of period11,465,411 18,762,548 30,227,959 
Less: Reinsurance and other recoverables(2)340,527 11,706,343 12,046,870 
Policyholders' account balance net of reinsurance and other recoverables$11,124,884 $7,056,205 $18,181,089 
Unearned revenue reserve2,398,788 
Other3,103,933 
Total Policyholders' account balance$35,730,680 
Weighted-average crediting rate1.25 %2.74 %2.31 %
Net amount at risk(3)$$309,431,313 $309,431,313 
Cash surrender value(4)$11,250,816 $16,915,935 $28,166,751 
(1) Includes $7,203 million related to assuming of policyholders' account balances with PALAC. See Note 1 for additional information.
(2) The amount of recoverables related to reinsurance agreements that reduce the risk of the policyholders’ account balances gross liability.
(3) The net amount at risk calculation includes both general and separate account balances.
(4) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums are as follows:

December 31, 2022
Range of Guaranteed Minimum
Crediting Rate(1)
At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
($ in thousands)
Variable Annuities
Less than 1.00%
$1,008,763 $861,119 $18,744 $$1,888,628 
1.00% - 1.99%
243,223 2,257 1,294 246,774 
2.00% - 2.99%
26,778 973 27,751 
3.00% - 4.00%
1,070,958 2,247 1,073,205 
Greater than 4.00%
2,172 2,172 
Total$2,351,894 $866,596 $20,038 $$3,238,530 
Variable Life / Universal Life
Less than 1.00%
$11,902 $$$$11,902 
1.00% - 1.99%
418,399 773,591 1,928,342 3,120,332 
2.00% - 2.99%
32,651 121,200 2,413,571 1,824,303 4,391,725 
3.00% - 4.00%
4,737,864 3,510 2,093,511 129,398 6,964,283 
Greater than 4.00%
2,145,123 2,145,123 
Total$7,345,939 $124,710 $5,280,673 $3,882,043 $16,633,365 
(1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.
December 31, 2021
Range of Guaranteed Minimum
Crediting Rate(1)
At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
($ in thousands)
Variable Annuities
Less than 1.00%
$1,070,567 $894,487 $19,207 $$1,984,263 
1.00% - 1.99%
267,409 1,627 00269,036 
2.00% - 2.99%
30,738 62 0030,800 
3.00% - 4.00%
1,150,448 0001,150,448 
Greater than 4.00%
2,415 0002,415 
Total$2,521,577 $896,176 $19,207 $$3,436,962 
Variable Life / Universal Life
Less than 1.00%
$18,091 $$$$18,091 
1.00% - 1.99%
380,144 2,537,887 2,918,031 
2.00% - 2.99%
10,227 3,735,376 552,995 4,298,598 
3.00% - 4.00%
4,793,734 2,048,590 343,129 53,673 7,239,126 
Greater than 4.00%
2,092,925 0002,092,925 
Total$7,295,121 $2,048,590 $4,078,505 $3,144,555 $16,566,771 
Additional Liability, Long-Duration Insurance
The balances of and changes in URR as of and for the periods ended are as follows:

December 31, 2022December 31, 2021
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$2,398,788 $1,745,269 
Unearned revenue799,185760,153
Amortization expense(129,525)(106,634)
Other adjustments(1,112)
Balance, end of period3,067,336 2,398,788 
Less: Reinsurance recoverables1,542,900939,798
Unearned revenue reserve net of reinsurance recoverables$1,524,436 $1,458,990