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Policyholders' Liabilities
 12 Months Ended
Dec. 31, 2024
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]  
Policyholders' Liabilities POLICYHOLDERS' ACCOUNT BALANCES
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:

Year Ended December 31, 2024
Fixed
Annuities		Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period(5)$6,164,313 $22,810,665 $20,167,713 $49,142,691 
Deposits5,215,817 8,315,212 2,157,575 15,688,604 
Interest credited222,516 516,018 570,988 1,309,522 
Policy charges(5,290)(32,987)(1,831,168)(1,869,445)
Surrenders and withdrawals(554,653)(782,216)(778,928)(2,115,797)
Benefit payments(55,956)(30,427)(70,363)(156,746)
Net transfers (to) from separate account0 100,193 380,869 481,062 
Change in market value and other adjustments(1)210,590 2,320,873 94,453 2,625,916 
Balance, end of period$11,197,337 $33,217,331 $20,691,139 $65,105,807 
Unearned revenue reserve4,415,187 
Other107,324 
Total Policyholders' account balance$69,628,318 
Weighted-average crediting rate2.56 %1.72 %2.79 %2.23 %
Net amount at risk(3)$11 $0 $345,969,571 $345,969,582 
Cash surrender value(4)$9,863,990 $31,516,776 $19,391,617 $60,772,383 


Year Ended December 31, 2023
Fixed
Annuities		Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$3,575,823 $16,432,032 $18,736,365 $38,744,220 
Deposits2,612,775 4,633,727 2,117,153 9,363,655 
Interest credited(5)101,192 243,908 556,057 901,157 
Policy charges(8,438)(23,368)(1,810,644)(1,842,450)
Surrenders and withdrawals(229,843)(516,039)(845,436)(1,591,318)
Benefit payments(50,522)(30,461)(83,409)(164,392)
Net transfers (to) from separate account(2)0 15,121 1,175,575 1,190,696 
Change in market value and other adjustments(1)(5)163,326 2,055,745 322,052 2,541,123 
Balance, end of period(5)$6,164,313 $22,810,665 $20,167,713 $49,142,691 
Unearned revenue reserve3,741,426 
Other102,583 
Total Policyholders' account balance(5)$52,986,700 
Weighted-average crediting rate2.08 %1.40 %2.86 %2.12 %
Net amount at risk(3)$15 $0 $323,508,432 $323,508,447 
Cash surrender value(4)$5,307,537 $20,490,433 $18,676,852 $44,474,822 
Year Ended December 31, 2022
Fixed
Annuities		Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period(5)$3,005,867 $11,723,977 $18,762,548 $33,492,392 
Deposits(5)754,397 4,550,660 2,173,035 7,478,092 
Interest credited53,884 175,574 583,814 813,272 
Policy charges(5,118)(5,482)(1,795,879)(1,806,479)
Surrenders and withdrawals(68,343)(282,497)(873,034)(1,223,874)
Benefit payments(90,640)(35,042)(103,358)(229,040)
Net transfers (to) from separate account0 206,269 213,752 420,021 
Change in market value and other adjustments(1)(5)(74,224)98,573 (224,513)(200,164)
Balance, end of period$3,575,823 $16,432,032 $18,736,365 $38,744,220 
Unearned revenue reserve3,067,336 
Other100,980 
Total Policyholders' account balance$41,912,536 
Weighted-average crediting rate1.64 %1.26 %3.11 %2.26 %
Net amount at risk(3)$3 $0 $304,864,582 $304,864,585 
Cash surrender value(4)$2,968,033 $13,844,151 $17,137,744 $33,949,928 
(1)    Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)    Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 15 for additional information.
(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.
(5) Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.

The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid.

The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns.

The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 10 for additional information, including the net amount at risk associated with these guarantees.
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, 2024
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%
$249 $3,103 $11,939 $1,021,834 $1,037,125 
1.00% - 1.99%
430,47762,519172,87768,973734,846
2.00% - 2.99%
302,520459,748557,34915,7941,335,411
3.00% - 4.00%
1,894,6466,11410,8963,2191,914,875
Greater than 4.00%
00000
Total$2,627,892 $531,484 $753,061 $1,109,820 $5,022,257 
Variable Annuities
Less than 1.00%
$128,748 $502,988 $647,480 $182 $1,279,398 
1.00% - 1.99%
121,336294,6352,4940418,465
2.00% - 2.99%
17,0393,8294,162025,030
3.00% - 4.00%
819,3161,86000821,176
Greater than 4.00%
1,9780001,978
Total$1,088,417 $803,312 $654,136 $182 $2,546,047 
Variable Life / Universal Life
Less than 1.00%
$3,167 $0 $0 $177,213 $180,380 
1.00% - 1.99%
289,67701,849,8541,513,2733,652,804
2.00% - 2.99%
30,5001,535,7622,695,823390,1174,652,202
3.00% - 4.00%
4,149,6381,716,3741,082,02606,948,038
Greater than 4.00%
2,095,2350002,095,235
Total$6,568,217 $3,252,136 $5,627,703 $2,080,603 $17,528,659 
December 31, 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%
$105 $337 $994 $117,377 $118,813 
1.00% - 1.99%
487,191 73,393 234,487 79,713 874,784 
2.00% - 2.99%
301,132 469,276 562,347 16,881 1,349,636 
3.00% - 4.00%
29,131 00029,131 
Greater than 4.00%
0 0000
Total$817,559 $543,006 $797,828 $213,971 $2,372,364 
Variable Annuities
Less than 1.00%
$908,097 $807,460 $18,083 $2 $1,733,642 
1.00% - 1.99%
214,377 2,061 1,060 0217,498 
2.00% - 2.99%
23,323 4,071 4135031,529 
3.00% - 4.00%
903,953 9245330913,231 
Greater than 4.00%
2,046 0002,046 
Total$2,051,796 $822,837 $23,311 $2 $2,897,946 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $196,692 $196,692 
1.00% - 1.99%
201,121 0 2,588,458 528,155 3,317,734 
2.00% - 2.99%
28,061 1,445,439 2,789,520 260,651 4,523,671 
3.00% - 4.00%
3,956,631 2,217,133 1,107,726 0 7,281,490 
Greater than 4.00%
2,136,137 0002,136,137 
Total$6,321,950 $3,662,572 $6,485,704 $985,498 $17,455,724 
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)
Fixed Annuities
Less than 1.00%
$0 $0 $0 $0 $0 
1.00% - 1.99%
521,189 73,554 248,881 83,415 927,039 
2.00% - 2.99%
208,420 0 0 0 208,420 
3.00% - 4.00%
38,195 0 0 0 38,195 
Greater than 4.00%
0 0 0 0 0 
Total$767,804 $73,554 $248,881 $83,415 $1,173,654 
Variable Annuities
Less than 1.00%
$1,008,763 $861,119 $18,744 $2 $1,888,628 
1.00% - 1.99%
243,223 2,257 12940246,774 
2.00% - 2.99%
26,778 973 0027,751 
3.00% - 4.00%
1,070,958 2,247 001,073,205 
Greater than 4.00%
2,172 0002,172 
Total$2,351,894 $866,596 $20,038 $2 $3,238,530 
Variable Life / Universal Life
Less than 1.00%
$11,902 $0 $0 $0 $11,902 
1.00% - 1.99%
418,399 0 773,591 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 0002,145,123 
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.

Unearned Revenue Reserve

The balances of and changes in URR as of and for the periods ended are as follows:

Years Ended December 31,
202420232022
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$3,741,426 $3,067,336 $2,398,788 
Unearned revenue859,231827,960 799,185
Amortization expense(185,468)(153,779)(129,525)
Other adjustments(2)(91)(1,112)
Balance, end of period$4,415,187 $3,741,426 $3,067,336