Policyholder Account Balances (Tables)

3 Months Ended

Mar. 31, 2024

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 contract liabilities, for the three months ended March 31, 2024 and 2023 (dollars in millions):


For the three months ended March 31, 2024:	U.S. and Latin America – Traditional			U.S. and Latin America – Financial Solutions			Asia Pacific – Financial Solutions
Balance, beginning of year	$	1,612		$	17,838		$	3,990
Deposits	3			29			211
Policy charges	(8)			(20)			(28)
Surrenders and withdrawals	(2)			(609)			(221)
Benefit payments	(26)			(129)			(254)
Interest credited	16			142			27
Foreign currency translation	—			—			(33)
Balance, end of period	$	1,595		$	17,251		$	3,692
Less: reinsurance recoverable	—			(2,975)			—
Balance, end of period, after reinsurance	$	1,595		$	14,276		$	3,692

Weighted average crediting rate	4.4		%	3.4		%	3.0		%
Net amount at risk (1)	$	656		$	6,999		$	—
Cash surrender value	$	1,589		$	17,130		$	3,256


For the three months ended March 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	3			41			431
Policy charges	(8)			(8)			—
Surrenders and withdrawals	(5)			(528)			(19)
Benefit payments	(43)			(116)			(22)
Interest credited	16			142			32
Foreign currency translation	—			—			(15)
Balance, end of period	$	1,646		$	18,437		$	3,758
Less: reinsurance recoverable	—			(1,532)			—
Balance, end of period, after reinsurance	$	1,646		$	16,905		$	3,758

Weighted average crediting rate	4.0		%	3.3		%	2.9		%
Net amount at risk (1)	$	697		$	2,468		$	—
Cash surrender value	$	1,635		$	18,398		$	3,340

(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 March 31, 2024 and 2023 is as follows (dollars in millions):


	March 31,
	2024		2023
Policyholder account balances included in the rollforwards:
Traditional:
U.S. and Latin America	$	1,595	$	1,646
Financial Solutions:
U.S. and Latin America	17,251		18,437
Asia Pacific	3,692		3,758
Other policyholder account balances
U.S. and Latin America – Financial Solutions	48		70
Total policyholder account balances	$	22,586	$	23,911

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 March 31, 2024 and 2023 is as follows (dollars in millions):


	March 31, 2024
	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	502		109		984		—		—		1,595
	Total	$	502	$	109	$	984	$	—	$	—	$	1,595

U.S. and Latin America – Financial Solutions	Less than 1.00%	$	—	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	1,501		9		13		52		22		1,597
	2.00 – 2.99%	1,462		16		37		632		103		2,250
	3.00 – 3.99%	4,019		241		105		2		—		4,367
	4.00% and Greater	8,993		44		—		—		—		9,037
	Total	$	15,975	$	310	$	155	$	686	$	125	$	17,251

Asia Pacific – Financial Solutions	Less than 1.00%	$	255	$	—	$	—	$	—	$	—	$	255
	1.00 – 1.99%	624		—		—		—		—		624
	2.00 – 2.99%	675		—		—		—		—		675
	3.00 – 3.99%	1,244		—		—		—		—		1,244
	4.00% and Greater	894		—		—		—		—		894
	Total	$	3,692	$	—	$	—	$	—	$	—	$	3,692


	March 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	1,646		—		—		—		—		1,646
	Total	$	1,646	$	—	$	—	$	—	$	—	$	1,646

U.S. and Latin America – Financial Solutions	Less than 1.00%	$	—	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	1,844		14		32		65		40		1,995
	2.00 – 2.99%	1,831		9		82		645		14		2,581
	3.00 – 3.99%	4,718		240		67		12		1		5,038
	4.00% and Greater	8,773		50		—		—		—		8,823
	Total	$	17,166	$	313	$	181	$	722	$	55	$	18,437

Asia Pacific – Financial Solutions	Less than 1.00%	$	291	$	—	$	—	$	—	$	—	$	291
	1.00 – 1.99%	717		—		—		—		—		717
	2.00 – 2.99%	804		—		—		—		—		804
	3.00 – 3.99%	1,225		—		—		—		—		1,225
	4.00% and Greater	721		—		—		—		—		721
	Total	$	3,758	$	—	$	—	$	—	$	—	$	3,758