Policyholder Account Balances (Tables)

12 Months Ended

Dec. 31, 2023

The following tables provide the balances of and changes in the Company’s liability for its policyholder account balances, reflected in interest-sensitive contract liabilities, for the years ended December 31, 2023 and 2022 (dollars in millions):


Year ended December 31, 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	21			919			889
Policy charges	(31)			(45)			(10)
Surrenders and withdrawals	(15)			(2,045)			(137)
Benefit payments	(113)			(471)			(208)
Interest credited	67			574			106
Foreign currency translation	—			—			(1)
Balance, end of period	1,612			17,838			3,990
Less: reinsurance recoverable	—			(3,065)			—
Balance, end of period, after reinsurance	$	1,612		$	14,773		$	3,990

Weighted-average crediting rate	4.4		%	3.4		%	3.0		%
Net amount at risk (1)	$	671		$	7,049		$	—
Cash surrender value	$	1,606		$	17,707		$	3,314


Year ended December 31, 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	24			1,289			2,521
Policy charges	(32)			(33)			(134)
Surrenders and withdrawals	(17)			(1,258)			(639)
Benefit payments	(76)			(448)			(46)
Interest credited	65			598			51
Foreign currency translation	—			—			(23)
Balance, end of period	1,683			18,906			3,351
Less: reinsurance recoverable	—			(1,543)			—
Balance, end of period, after reinsurance	$	1,683		$	17,363		$	3,351

Weighted-average crediting rate	4.0		%	3.3		%	2.7		%
Net amount at risk (1)	$	657		$	2,490		$	—
Cash surrender value	$	1,676		$	18,852		$	2,743

(1) Net amount at risk is defined as the guaranteed amount less the account value as of the balance sheet date. The balance represents the amount of the claim 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 December 31, 2023 and 2022, is as follows (dollars in millions):


	December 31,
	2023		2022
Policyholder account balances included in the rollforwards:
Traditional:
U.S. and Latin America	$	1,612	$	1,683
Financial Solutions:
U.S. and Latin America	17,838		18,906
Asia Pacific	3,990		3,351
Other policyholder account balances
U.S. and Latin America – Financial Solutions	50		70
Total policyholder account balances	$	23,490	$	24,010

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 as of December 31, 2023 and 2022 is as follows (dollars in millions):


	December 31, 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	509		110		993		—		—		1,612
	Total	$	509	$	110	$	993	$	—	$	—	$	1,612

U.S. and Latin America – Financial Solutions	Less than 1.00%	$	—	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	1,602		10		14		60		30		1,716
	2.00 – 2.99%	1,556		14		39		663		84		2,356
	3.00 – 3.99%	4,223		252		90		—		—		4,565
	4.00% and Greater	9,155		46		—		—		—		9,201
	Total	$	16,536	$	322	$	143	$	723	$	114	$	17,838

Asia Pacific – Financial Solutions	Less than 1.00%	$	275	$	—	$	—	$	—	$	—	$	275
	1.00 – 1.99%	696		—		—		—		—		696
	2.00 – 2.99%	718		—		—		—		—		718
	3.00 – 3.99%	1,297		—		—		—		—		1,297
	4.00% and Greater	1,004		—		—		—		—		1,004
	Total	$	3,990	$	—	$	—	$	—	$	—	$	3,990


	December 31, 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	654		1,029		—		—		—		1,683
	Total	$	654	$	1,029	$	—	$	—	$	—	$	1,683

U.S. and Latin America – Financial Solutions	Less than 1.00%	$	—	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	1,913		13		43		56		41		2,066
	2.00 – 2.99%	1,935		8		99		644		—		2,686
	3.00 – 3.99%	4,965		239		64		—		—		5,268
	4.00% and Greater	8,837		49		—		—		—		8,886
	Total	$	17,650	$	309	$	206	$	700	$	41	$	18,906

Asia Pacific – Financial Solutions	Less than 1.00%	$	292	$	—	$	—	$	—	$	—	$	292
	1.00 – 1.99%	719		—		—		—		—		719
	2.00 – 2.99%	770		—		—		—		—		770
	3.00 – 3.99%	1,122		—		—		—		—		1,122
	4.00% and Greater	448		—		—		—		—		448
	Total	$	3,351	$	—	$	—	$	—	$	—	$	3,351