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Policyholders' Liabilities (Tables)
 6 Months Ended
Jun. 30, 2023
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:
Six Months Ended June 30, 2023
Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$16,432,032 $18,736,365 $35,168,397 
Deposits2,225,558 1,030,843 3,256,401 
Interest credited131,119 278,886 410,005 
Policy charges(10,684)(903,228)(913,912)
Surrenders and withdrawals(233,470)(400,194)(633,664)
Benefit payments(15,067)(42,131)(57,198)
Net transfers (to) from separate account(1)4,995 1,035,554 1,040,549 
Change in market value and other adjustments(2)954,563 139,608 1,094,171 
Balance, end of period19,489,046 19,875,703 39,364,749 
Less: Reinsurance and other recoverables(3)418,986 12,872,063 13,291,049 
Policyholders' account balance net of reinsurance and other recoverables$19,070,060 $7,003,640 $26,073,700 
Unearned revenue reserve3,401,994 
Other(4)4,841,412 
Total Policyholders' account balance$47,608,155 
Weighted-average crediting rate1.46 %2.89 %2.20 %
Net amount at risk(5)$0 $313,218,977 $313,218,977 
Cash surrender value(6)$17,391,104 $18,341,323 $35,732,427 
(1) Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 14 for additional information.
(2) Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(3) The amount of recoverables related to reinsurance agreements that reduce the risk of the policyholders’ account balances gross liability.
(4) Includes $4,740 million of fixed annuities account balances.
(5) The net amount at risk calculation includes both general and separate account balances.
(6) Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
Six Months Ended June 30, 2022
Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$11,465,411 $18,762,548 $30,227,959 
Deposits2,709,044 1,085,659 3,794,703 
Interest credited31,825 290,089 321,914 
Policy charges(1,003)(896,223)(897,226)
Surrenders and withdrawals(113,369)(433,915)(547,284)
Benefit payments(20,563)(54,384)(74,947)
Net transfers (to) from separate account157,771 126,364 284,135 
Change in market value and other adjustments(1)517,047 (232,805)284,242 
Balance, end of period14,746,163 18,647,333 33,393,496 
Less: Reinsurance and other recoverables(2)334,311 12,954,996 13,289,307 
Policyholders' account balance net of reinsurance and other recoverables$14,411,852 $5,692,337 $20,104,189 
Unearned revenue reserve2,729,057 
Other(3)3,081,856 
Total Policyholders' account balance$39,204,409 
Weighted-average crediting rate0.49 %3.10 %2.02 %
Net amount at risk(4)$0 $295,739,871 $295,739,871 
Cash surrender value(5)$11,912,977 $17,028,535 $28,941,512 
(1) Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2) The amount of recoverables related to reinsurance agreements that reduce the risk of the policyholders’ account balances gross liability.
(3) Includes $2,983 million of fixed annuities account balances.
(4) The net amount at risk calculation includes both general and separate account balances.
(5) 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:
June 30, 2023
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%
$972,976 $833,696 $18,454 $2 $1,825,128 
1.00% - 1.99%
229,049 2,126 1,094 0 232,269 
2.00% - 2.99%
24,531 4,090 0 0 28,621 
3.00% - 4.00%
990,408 2,859 0 0 993,267 
Greater than 4.00%
2,091 0 0 0 2,091 
Total$2,219,055 $842,771 $19,548 $2 $3,081,376 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $9,078 $9,078 
1.00% - 1.99%
163,616 0 2,706,552 363,119 3,233,287 
2.00% - 2.99%
21,001 1,399,691 2,765,577 267,001 4,453,270 
3.00% - 4.00%
4,555,992 1,985,262 1,110,457 0 7,651,711 
Greater than 4.00%
2,159,217 0 0 0 2,159,217 
Total$6,899,826 $3,384,953 $6,582,586 $639,198 $17,506,563 
(1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.
June 30, 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%
$1,050,808 $877,536 $18,943 $2 $1,947,289 
1.00% - 1.99%
251,989 1,682 0 0 253,671 
2.00% - 2.99%
30,850 63 0 0 30,913 
3.00% - 4.00%
1,127,302 0 0 0 1,127,302 
Greater than 4.00%
2,146 0 0 0 2,146 
Total$2,463,095 $879,281 $18,943 $2 $3,361,321 
Variable Life / Universal Life
Less than 1.00%
$16,033 $0 $0 $0 $16,033 
1.00% - 1.99%
340,859 0 694,771 1,978,385 3,014,015 
2.00% - 2.99%
8,519 0 2,259,847 2,099,855 4,368,221 
3.00% - 4.00%
4,625,968 11,776 2,308,532 138,389 7,084,665 
Greater than 4.00%
2,094,298 0 0 0 2,094,298 
Total$7,085,677 $11,776 $5,263,150 $4,216,629 $16,577,232 
(1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.
Additional Liability, Long-Duration Insurance :
Six Months Ended June 30,
20232022
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$3,067,336 $2,398,788 
Unearned revenue405,732393,675
Amortization expense(70,981)(63,472)
Other adjustments(93)66 
Balance, end of period3,401,994 2,729,057 
Less: Reinsurance recoverables1,621,2291,450,592
Unearned revenue reserve net of reinsurance recoverables$1,780,765 $1,278,465