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Policyholders' Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]  
Policyholder Account Balance
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
Three Months Ended March 31, 2025
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$11,197,337 $33,217,331 $20,691,139 $65,105,807 
Deposits1,118,299 2,229,851 582,832 3,930,982 
Interest credited70,850 148,597 145,451 364,898 
Policy charges(11,409)(15,546)(459,618)(486,573)
Surrenders and withdrawals(157,652)(250,968)(230,465)(639,085)
Benefit payments(26,429)(4,163)(31,911)(62,503)
Net transfers (to) from separate account0 23,157 90,828 113,985 
Change in market value and other adjustments(1)(49,620)(1,412,076)9,260 (1,452,436)
Balance, end of period12,141,376 33,936,183 20,797,516 66,875,075 
Unearned revenue reserve4,576,066 
Other108,240 
Total Policyholders' account balance$71,559,381 
Weighted-average crediting rate2.43 %1.77 %2.80 %2.21 %
Net amount at risk(2)$1,458 $0 $350,940,996 $350,942,454 
Cash surrender value(3)$10,896,794 $32,338,553 $19,498,691 $62,734,038 
Three Months Ended March 31, 2024
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$6,164,313 $22,810,665 $20,167,713 $49,142,691 
Deposits1,553,852 1,624,956 529,212 3,708,020 
Interest credited(4)43,517 131,944 138,059 313,520 
Policy charges2,208 (3,702)(455,538)(457,032)
Surrenders and withdrawals(103,696)(179,988)(199,907)(483,591)
Benefit payments(12,879)(4,926)(17,856)(35,661)
Net transfers (to) from separate account0 (6,723)84,803 78,080 
Change in market value and other adjustments(1)(4)88,291 1,360,323 37,169 1,485,783 
Balance, end of period7,735,606 25,732,549 20,283,655 53,751,810 
Unearned revenue reserve3,908,497 
Other103,851 
Total Policyholders' account balance$57,764,158 
Weighted-average crediting rate(4)2.50 %2.17 %2.73 %2.44 %
Net amount at risk(2)$18 $0 $327,231,561 $327,231,579 
Cash surrender value(3)$6,674,346 $23,282,269 $18,899,950 $48,856,565 
(1)     Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)     The net amount at risk calculation includes both general and separate account balances.
(3)    Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
(4) Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
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:
March 31, 2025
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%
$435 $2,879 $13,419 $1,061,517 $1,078,250 
1.00% - 1.99%
414,878 58,998 166,957 69,270 710,103 
2.00% - 2.99%
302,047 455,549 553,053 15,154 1,325,803 
3.00% - 4.00%
2,394,146 5,717 11,157 3,377 2,414,397 
Greater than 4.00%
0 0 0 0 0 
Total$3,111,506 $523,143 $744,586 $1,149,318 $5,528,553 
Variable Annuities
Less than 1.00%
$232,418 $337,436 $603,866 $136 $1,173,856 
1.00% - 1.99%
100,050 348,924 2,441 0 451,415 
2.00% - 2.99%
16,625 3,809 4,149 0 24,583 
3.00% - 4.00%
802,908 0 0 0 802,908 
Greater than 4.00%
1,997 0 0 0 1,997 
Total$1,153,998 $690,169 $610,456 $136 $2,454,759 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $194,655 $194,655 
1.00% - 1.99%
310,277 0 1,845,100 1,578,484 3,733,861 
2.00% - 2.99%
36,188 1,547,089 2,693,525 391,867 4,668,669 
3.00% - 4.00%
4,070,246 1,711,741 1,067,395 0 6,849,382 
Greater than 4.00%
2,079,632 0 0 0 2,079,632 
Total$6,496,343 $3,258,830 $5,606,020 $2,165,006 $17,526,199 
March 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%
$285 $1,923 $6,312 $621,391 $629,911 
1.00% - 1.99%
473,330 72,870 217,461 80,120 843,781 
2.00% - 2.99%
300,163 465,693 564,226 15,919 1,346,001 
3.00% - 4.00%
324,553 1,941 2,156 241 328,891 
Greater than 4.00%
0 0 0 0 0 
Total$1,098,331 $542,427 $790,155 $717,671 $3,148,584 
Variable Annuities
Less than 1.00%
$865,767 $727,194 $69,871 $195 $1,663,027 
1.00% - 1.99%
216,457 23,819 924 0 241,200 
2.00% - 2.99%
20,916 4,192 4,174 0 29,282 
3.00% - 4.00%
878,815 6,926 0 0 885,741 
Greater than 4.00%
2,066 0 0 0 2,066 
Total$1,984,021 $762,131 $74,969 $195 $2,821,316 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $184,308 $184,308 
1.00% - 1.99%
226,470 0 1,661,933 1,514,100 3,402,503 
2.00% - 2.99%
29,823 1,462,438 2,854,281 201,794 4,548,336 
3.00% - 4.00%
3,904,574 2,376,925 918,116 0 7,199,615 
Greater than 4.00%
2,127,526 0 0 0 2,127,526 
Total$6,288,393 $3,839,363 $5,434,330 $1,900,202 $17,462,288 
(1)     Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.
Additional Liability, Long-Duration Insurance
The balances of and changes in URR as of and for the periods ended are as follows:

Three Months Ended March 31,
20252024
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$4,415,188 $3,741,426 
Unearned revenue211,830211,542
Amortization expense(50,952)(44,470)
Other adjustments0 (1)
Balance, end of period$4,576,066 $3,908,497