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Policyholders' Account Balances (Tables)
 6 Months Ended
Jun. 30, 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:
Six Months Ended June 30, 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 
Deposits2,514,434 3,867,628 1,155,404 7,537,466 
Interest credited169,848 335,882 101,835 607,565 
Policy charges(24,429)(34,048)(918,417)(976,894)
Surrenders and withdrawals(377,791)(497,665)(484,746)(1,360,202)
Benefit payments(57,822)(10,231)(69,380)(137,433)
Net transfers (to) from separate account0 28,288 201,728 230,016 
Change in market value and other adjustments(1)60,051 919,561 481,590 1,461,202 
Balance, end of period13,481,628 37,826,746 21,159,153 72,467,527 
Unearned revenue reserve4,740,567 
Other108,469 
Total Policyholders' account balance$77,316,563 
Weighted-average crediting rate2.75 %1.89 %0.97 %1.77 %
Net amount at risk(2)$2 $0 $355,254,268 $355,254,270 
Cash surrender value(3)$12,125,340 $36,315,560 $19,601,824 $68,042,724 
Six Months Ended June 30, 2024
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$6,164,313 $22,810,665 $20,167,713 $49,142,691 
Deposits2,787,898 3,752,999 1,062,220 7,603,117 
Interest credited(4)90,612 240,976 279,382 610,970 
Policy charges(87)(12,007)(910,191)(922,285)
Surrenders and withdrawals(251,521)(370,351)(376,600)(998,472)
Benefit payments(24,948)(12,688)(33,912)(71,548)
Net transfers (to) from separate account0 41,403 169,366 210,769 
Change in market value and other adjustments(1)(4)124,805 1,085,201 65,431 1,275,437 
Balance, end of period8,891,072 27,536,198 20,423,409 56,850,679 
Unearned revenue reserve4,082,015 
Other104,172 
Total Policyholders' account balance$61,036,866 
Weighted-average crediting rate(4)2.41 %1.91 %2.75 %2.31 %
Net amount at risk(2)$20 $0 $332,247,799 $332,247,819 
Cash surrender value(3)$7,711,710 $25,912,600 $19,133,660 $52,757,970 
(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 17 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:
June 30, 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%
$493 $3,886 $18,167 $1,117,680 $1,140,226 
1.00% - 1.99%
400,576 54,532 178,476 51,859 685,443 
2.00% - 2.99%
306,000 448,764 550,373 15,170 1,320,307 
3.00% - 4.00%
2,898,487 5,565 11,255 2,633 2,917,940 
Greater than 4.00%
0 0 0 0 0 
Total$3,605,556 $512,747 $758,271 $1,187,342 $6,063,916 
Variable Annuities
Less than 1.00%
$448,257 $204,014 $407,303 $2 $1,059,576 
1.00% - 1.99%
101,464 377,071 966 0 479,501 
2.00% - 2.99%
16,150 3,419 4,163 0 23,732 
3.00% - 4.00%
777,235 0 0 0 777,235 
Greater than 4.00%
1,950 0 0 0 1,950 
Total$1,345,056 $584,504 $412,432 $2 $2,341,994 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $195,908 $195,908 
1.00% - 1.99%
340,558 0 1,849,032 1,601,914 3,791,504 
2.00% - 2.99%
36,662 1,562,504 2,684,870 403,268 4,687,304 
3.00% - 4.00%
3,990,637 1,704,926 1,062,626 0 6,758,189 
Greater than 4.00%
2,057,038 0 0 0 2,057,038 
Total$6,424,895 $3,267,430 $5,596,528 $2,201,090 $17,489,943 
June 30, 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%
$412 $3,827 $9,924 $707,366 $721,529 
1.00% - 1.99%
448,198 69,557 200,379 78,195 796,329 
2.00% - 2.99%
303,024 461,269 562,666 16,064 1,343,023 
3.00% - 4.00%
825,027 5,007 7,862 2,261 840,157 
Greater than 4.00%
0 0 0 0 0 
Total$1,576,661 $539,660 $780,831 $803,886 $3,701,038 
Variable Annuities
Less than 1.00%
$618,306 $651,182 $253,768 $178 $1,523,434 
1.00% - 1.99%
184,745 118,146 2,380 0 305,271 
2.00% - 2.99%
19,218 4,138 4,185 0 27,541 
3.00% - 4.00%
856,020 5,501 2 0 861,523 
Greater than 4.00%
2,059 0 0 0 2,059 
Total$1,680,348 $778,967 $260,335 $178 $2,719,828 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $171,754 $171,754 
1.00% - 1.99%
246,886 0 1,678,254 1,580,722 3,505,862 
2.00% - 2.99%
28,501 1,479,940 2,693,293 371,908 4,573,642 
3.00% - 4.00%
3,841,175 2,170,158 1,107,301 0 7,118,634 
Greater than 4.00%
2,114,438 0 0 0 2,114,438 
Total$6,231,000 $3,650,098 $5,478,848 $2,124,384 $17,484,330 
(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:

Six Months Ended June 30,
20252024
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$4,415,188 $3,741,426 
Unearned revenue425,385430,230
Amortization expense(100,005)(89,640)
Other adjustments(1)(1)
Balance, end of period$4,740,567 $4,082,015