Policyholder Account Balances

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Long-Duration Insurance Contracts Disclosure

POLICYHOLDER ACCOUNT BALANCES

Policyholder Account Balances

The following tables provide the balances of and changes in the Company’s liability for its policyholder account balances, reflected in interest sensitive liabilities, for the nine months ended September 30, 2023 and 2022 (dollars in millions):

Nine months ended September 30, 2023:	U.S. and Latin America – Traditional			U.S. and Latin America – Financial Solutions			Asia Pacific – Financial Solutions
Balance, beginning of year	$	1,683		$	18,906		$	3,351
Deposits	20			84			765
Policy charges	(23)			(26)			(5)
Surrenders and withdrawals	(11)			(1,517)			(93)
Benefit payments	(96)			(357)			(79)
Interest credited	49			425			82
Foreign currency translation	—			—			(43)
Balance, end of period	$	1,622		$	17,515		$	3,978
Less: reinsurance recoverable	—			(1,501)			—
Balance, end of period, after reinsurance	$	1,622		$	16,014		$	3,978
Weighted-average crediting rate	4.4		%	3.3		%	3.0		%
Net amount at risk1	$	664		$	2,410		$	—
Cash surrender value	$	1,608		$	17,479		$	3,760

Nine months ended September 30, 2022:	U.S. and Latin America – Traditional			U.S. and Latin America – Financial Solutions			Asia Pacific – Financial Solutions
Balance, beginning of year	$	1,719		$	18,758		$	1,621
Deposits	22			1,249			1,750
Policy charges	(24)			(25)			(126)
Surrenders and withdrawals	(13)			(870)			(585)
Benefit payments	(63)			(337)			(30)
Interest credited	49			452			29
Foreign currency translation	—			—			(66)
Balance, end of period	$	1,690		$	19,227		$	2,593
Less: reinsurance recoverable	—			(1,545)			—
Balance, end of period, after reinsurance	$	1,690		$	17,682		$	2,593
Weighted-average crediting rate	4.0		%	3.2		%	2.2		%
Net amount at risk1	$	681		$	2,532		$	—
Cash surrender value	$	1,675		$	19,166		$	2,468

(1)    The Net amount at risk is defined as the guarantee amount less the account value as of the balance sheet date. The balance represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.

Information regarding the Company’s policyholder account balances as of September 30, 2023 and 2022 is as follows (dollars in millions):

	September 30,
	2023		2022
Policyholder account balances included in the rollforwards:
Traditional:
U.S. and Latin America	$	1,622	$	1,690
Financial Solutions:
U.S. and Latin America	17,515		19,227
Asia Pacific	3,978		2,593
Other policyholder account balances
U.S. and Latin America – Financial Solutions	51		71
Total policyholder account balances	$	23,166	$	23,581

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 as of September 30, 2023 and 2022 is as follows (dollars in millions):

	September 30, 2023
	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point – 50 Basis Points Above		51 Basis Points – 100 Basis Points Above		101 Basis Points – 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
U.S. and Latin America – Traditional	Less than 1.00%	$	—	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	—		—		—		—		—		—
	2.00 – 2.99%	—		—		—		—		—		—
	3.00 – 3.99%	—		—		—		—		—		—
	4.00% and Greater	514		108		1,000		—		—		1,622
	Total	$	514	$	108	$	1,000	$	—	$	—	$	1,622
U.S. and Latin America – Financial Solutions	Less than 1.00%	$	—	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	1,681		10		15		63		35		1,804
	2.00 – 2.99%	1,625		14		42		608		62		2,351
	3.00 – 3.99%	4,335		234		81		2		—		4,652
	4.00% and Greater	8,665		43		—		—		—		8,708
	Total	$	16,306	$	301	$	138	$	673	$	97	$	17,515
Asia Pacific – Financial Solutions	Less than 1.00%	$	281	$	—	$	—	$	—	$	—	$	281
	1.00 – 1.99%	699		—		—		—		—		699
	2.00 – 2.99%	827		—		—		—		—		827
	3.00 – 3.99%	1,289		—		—		—		—		1,289
	4.00% and Greater	882		—		—		—		—		882
	Total	$	3,978	$	—	$	—	$	—	$	—	$	3,978

	September 30, 2022
	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point – 50 Basis Points Above		51 Basis Points – 100 Basis Points Above		101 Basis Points – 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
U.S. and Latin America – Traditional	Less than 1.00%	$	—	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	—		—		—		—		—		—
	2.00 – 2.99%	—		—		—		—		—		—
	3.00 – 3.99%	—		—		—		—		—		—
	4.00% and Greater	550		1,140		—		—		—		1,690
	Total	$	550	$	1,140	$	—	$	—	$	—	$	1,690
U.S. and Latin America – Financial Solutions	Less than 1.00%	$	—	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	1,963		14		44		58		41		2,120
	2.00 – 2.99%	2,023		7		145		636		—		2,811
	3.00 – 3.99%	5,092		242		60		—		—		5,394
	4.00% and Greater	8,853		49		—		—		—		8,902
	Total	$	17,931	$	312	$	249	$	694	$	41	$	19,227
Asia Pacific – Financial Solutions	Less than 1.00%	$	426	$	—	$	—	$	—	$	—	$	426
	1.00 – 1.99%	782		—		—		—		—		782
	2.00 – 2.99%	609		—		—		—		—		609
	3.00 – 3.99%	769		—		—		—		—		769
	4.00% and Greater	7		—		—		—		—		7
	Total	$	2,593	$	—	$	—	$	—	$	—	$	2,593