Policyholder Account Balances

6 Months Ended

Jun. 30, 2024

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 contract liabilities, for the six months ended June 30, 2024 and 2023 (dollars in millions):


For the six months ended June 30, 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	5			59			585
Policy charges	(15)			(40)			(74)
Surrenders and withdrawals	(4)			(1,137)			(510)
Benefit payments	(51)			(252)			(292)
Interest credited	34			289			52
Foreign currency translation	—			—			(17)
Balance, end of period	$	1,581		$	16,757		$	3,734
Less: reinsurance recoverable	—			(2,913)			—
Balance, end of period, after reinsurance	$	1,581		$	13,844		$	3,734

Weighted average crediting rate	4.4		%	3.4		%	3.2		%
Net amount at risk (1)	$	621		$	6,849		$	7
Cash surrender value	$	1,575		$	16,644		$	3,269


For the six months ended June 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	6			66			605
Policy charges	(15)			(17)			(1)
Surrenders and withdrawals	(8)			(1,046)			(50)
Benefit payments	(60)			(238)			(43)
Interest credited	33			283			53
Foreign currency translation	—			—			(17)
Balance, end of period	$	1,639		$	17,954		$	3,898
Less: reinsurance recoverable	—			(1,519)			—
Balance, end of period, after reinsurance	$	1,639		$	16,435		$	3,898

Weighted average crediting rate	4.0		%	3.3		%	2.9		%
Net amount at risk (1)	$	686		$	2,439		$	—
Cash surrender value	$	1,624		$	17,907		$	3,695

(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 June 30, 2024 and 2023 is as follows (dollars in millions):


	June 30,
	2024		2023
Policyholder account balances included in the rollforwards:
Traditional:
U.S. and Latin America	$	1,581	$	1,639
Financial Solutions:
U.S. and Latin America	16,757		17,954
Asia Pacific	3,734		3,898
Other policyholder account balances
U.S. and Latin America – Financial Solutions	46		52
Total policyholder account balances	$	22,118	$	23,543

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 June 30, 2024 and 2023 is as follows (dollars in millions):


	June 30, 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	496		103		982		—		—		1,581
	Total	$	496	$	103	$	982	$	—	$	—	$	1,581

U.S. and Latin America – Financial Solutions	Less than 1.00%	$	—	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	1,414		14		11		37		30		1,506
	2.00 – 2.99%	1,367		15		35		560		164		2,141
	3.00 – 3.99%	3,835		225		113		2		—		4,175
	4.00% and Greater	8,902		33		—		—		—		8,935
	Total	$	15,518	$	287	$	159	$	599	$	194	$	16,757

Asia Pacific – Financial Solutions	Less than 1.00%	$	218	$	—	$	—	$	—	$	—	$	218
	1.00 – 1.99%	564		—		—		—		—		564
	2.00 – 2.99%	602		—		—		—		—		602
	3.00 – 3.99%	1,144		—		—		—		—		1,144
	4.00% and Greater	1,206		—		—		—		—		1,206
	Total	$	3,734	$	—	$	—	$	—	$	—	$	3,734


	June 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	521		1,118		—		—		—		1,639
	Total	$	521	$	1,118	$	—	$	—	$	—	$	1,639

U.S. and Latin America – Financial Solutions	Less than 1.00%	$	—	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	1,759		14		16		70		40		1,899
	2.00 – 2.99%	1,724		13		57		637		31		2,462
	3.00 – 3.99%	4,515		249		70		—		—		4,834
	4.00% and Greater	8,717		42		—		—		—		8,759
	Total	$	16,715	$	318	$	143	$	707	$	71	$	17,954

Asia Pacific – Financial Solutions	Less than 1.00%	$	314	$	—	$	—	$	—	$	—	$	314
	1.00 – 1.99%	757		—		—		—		—		757
	2.00 – 2.99%	694		—		—		—		—		694
	3.00 – 3.99%	1,160		—		—		—		—		1,160
	4.00% and Greater	973		—		—		—		—		973
	Total	$	3,898	$	—	$	—	$	—	$	—	$	3,898