Policyholders' Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]

The balance of and changes in policyholders' account balances as of and for the periods ended are as follows:


	Nine Months Ended September 30, 2023

	Fixed Annuities			Variable Annuities			Variable Life / Universal Life			Total
	($ in thousands)
Balance, beginning of period	$	3,575,824		$	16,432,032		$	18,736,365		$	38,744,221
Deposits	1,801,985			3,439,562			1,543,230			6,784,777
Interest credited	73,763			194,853			415,843			684,459

Policy charges	(5,683)			(16,564)			(1,357,363)			(1,379,610)
Surrenders and withdrawals	(161,929)			(351,475)			(579,913)			(1,093,317)
Benefit payments	(37,459)			(22,285)			(62,055)			(121,799)
Net transfers (to) from separate account(1)	0			4,467			1,115,178			1,119,645
Change in market value and other adjustments(2)	81,544			1,095,144			76,107			1,252,795

Balance, end of period	5,328,045			20,775,734			19,887,392			45,991,171
Less: Reinsurance and other recoverables(3)	22,276			495,506			12,859,492			13,377,274
Policyholders' account balance net of reinsurance and other recoverables	$	5,305,769		$	20,280,228		$	7,027,900		$	32,613,897
Unearned revenue reserve										3,568,084
Other										102,815
Total Policyholders' account balance										$	49,662,070

Weighted-average crediting rate	2.21		%	1.40		%	2.87		%	2.15		%
Net amount at risk(4)	$	12		$	0		$	318,075,705		$	318,075,717
Cash surrender value(5)	$	4,491,679		$	17,981,713		$	18,517,769		$	40,991,161

(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) 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.


	Nine Months Ended September 30, 2022

	Fixed Annuities			Variable Annuities			Variable Life / Universal Life			Total
	($ in thousands)
Balance, beginning of period	$	3,005,867		$	11,465,411		$	18,762,548		$	33,233,826
Deposits	352,985			3,742,495			1,624,685			5,720,165
Interest credited	38,232			120,516			435,694			594,442

Policy charges	(3,393)			(2,343)			(1,343,735)			(1,349,471)
Surrenders and withdrawals	(44,124)			(182,878)			(597,867)			(824,869)
Benefit payments	(68,319)			(28,907)			(76,017)			(173,243)
Net transfers (to) from separate account	0			201,039			170,926			371,965
Change in market value and other adjustments(1)	(97,166)			559,351			(278,141)			184,044

Balance, end of period	3,184,082			15,874,684			18,698,093			37,756,859
Less: Reinsurance and other recoverables(2)	4,664			328,079			12,970,107			13,302,850
Policyholders' account balance net of reinsurance and other recoverables	$	3,179,418		$	15,546,605		$	5,727,986		$	24,454,009
Unearned revenue reserve										2,896,790
Other										98,896
Total Policyholders' account balance										$	40,752,545

Weighted-average crediting rate	1.65		%	1.18		%	3.10		%	2.23		%
Net amount at risk(3)	$	235		$	0		$	300,033,962		$	300,034,197
Cash surrender value(4)	$	2,617,105		$	12,395,474		$	17,084,598		$	32,097,177

(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) The net amount at risk calculation includes both general and separate account balances.

(4) 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:


	September 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)
Fixed Annuities
Less than 1.00%	$	85	$	188	$	430	$	20,481	$	21,184
1.00% - 1.99%	497,237		74,579		237,130		82,040		890,986
2.00% - 2.99%	280,760		469,123		319,721		12,466		1,082,070
3.00% - 4.00%	31,048		0		0		0		31,048
Greater than 4.00%	0		0		0		0		0
Total	$	809,130	$	543,890	$	557,281	$	114,987	$	2,025,288
Variable Annuities
Less than 1.00%	$	944,205	$	821,295	$	18,262	$	2	$	1,783,764
1.00% - 1.99%	221,831		2,113		1,086		0		225,030
2.00% - 2.99%	26,319		4,332		2,979		0		33,630
3.00% - 4.00%	956,761		3,416		0		0		960,177
Greater than 4.00%	2,027		0		0		0		2,027
Total	$	2,151,143	$	831,156	$	22,327	$	2	$	3,004,628
Variable Life / Universal Life
Less than 1.00%	$	0	$	0	$	0	$	217,003	$	217,003
1.00% - 1.99%	185,341		0		2,528,250		572,113		3,285,704
2.00% - 2.99%	27,536		1,418,150		2,778,586		268,998		4,493,270
3.00% - 4.00%	4,008,791		2,241,159		1,114,429		0		7,364,379
Greater than 4.00%	2,147,756		0		0		0		2,147,756
Total	$	6,369,424	$	3,659,309	$	6,421,265	$	1,058,114	$	17,508,112

(1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.


	September 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)
Fixed Annuities
Less than 1.00%	$	0	$	0	$	0	$	0	$	0
1.00% - 1.99%	520,312		66,011		127,370		48,257		761,950
2.00% - 2.99%	212,983		0		0		0		212,983
3.00% - 4.00%	40,381		0		0		0		40,381
Greater than 4.00%	0		0		0		0		0
Total	$	773,676	$	66,011	$	127,370	$	48,257	$	1,015,314
Variable Annuities
Less than 1.00%	$	1,034,346	$	869,636	$	18,847	$	2	$	1,922,831
1.00% - 1.99%	247,033		2,223		339		0		249,595
2.00% - 2.99%	29,299		63		0		0		29,362
3.00% - 4.00%	1,110,933		0		0		0		1,110,933
Greater than 4.00%	2,167		0		0		0		2,167
Total	$	2,423,778	$	871,922	$	19,186	$	2	$	3,314,888
Variable Life / Universal Life
Less than 1.00%	$	14,603	$	0	$	0	$	0	$	14,603
1.00% - 1.99%	323,385		0		733,182		2,014,152		3,070,719
2.00% - 2.99%	8,479		3,540		2,405,601		2,003,691		4,421,311
3.00% - 4.00%	4,559,965		11,551		2,316,936		139,908		7,028,360
Greater than 4.00%	2,085,177		0		0		0		2,085,177
Total	$	6,991,609	$	15,091	$	5,455,719	$	4,157,751	$	16,620,170

(1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.

Additional Liability, Long-Duration Insurance


	Nine Months Ended September 30,
	2023		2022

	Variable Life / Universal Life
	(in thousands)


Balance, beginning of period	$	3,067,336	$	2,398,788
Unearned revenue	612,196		594,026
Amortization expense	(111,353)		(96,077)
Other adjustments	(95)		53

Balance, end of period	3,568,084		2,896,790
Less: Reinsurance recoverables	1,656,299		1,498,140
Unearned revenue reserve net of reinsurance recoverables	$	1,911,785	$	1,398,650