Policyholder Account Balances

12 Months Ended

Dec. 31, 2024

Long-Duration Insurance Contracts Disclosure

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 years ended December 31, 2024 and 2023 (dollars in millions):


Year ended December 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	1,883			544			1,693
Policy charges	(191)			(81)			(142)
Surrenders and withdrawals	(25)			(1,988)			(967)
Benefit payments	(124)			(456)			(354)
Interest credited	118			575			124
Foreign currency translation	—			—			(59)
Balance, end of period	3,273			16,432			4,285
Less: reinsurance recoverable	—			(2,797)			—
Balance, end of period, after reinsurance	$	3,273		$	13,635		$	4,285

Weighted-average crediting rate	3.1		%	3.5		%	3.9		%
Net amount at risk (1)	$	34,133		$	6,509		$	—
Cash surrender value	$	3,268		$	16,284		$	3,879


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

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


	December 31,
	2024		2023
Policyholder account balances included in the rollforwards:
Traditional:
U.S. and Latin America	$	3,273	$	1,612
Financial Solutions:
U.S. and Latin America	16,432		17,838
Asia Pacific	4,285		3,990
Other policyholder account balances
U.S. and Latin America – Financial Solutions	36		50
Total policyholder account balances	$	24,026	$	23,490

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


	December 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%	$	686	$	—	$	—	$	—	$	—	$	686
	1.00 – 1.99%	54		2		8		—		—		64
	2.00 – 2.99%	106		—		—		1		—		107
	3.00 – 3.99%	488		7		116		—		—		611
	4.00% and Greater	728		104		973		—		—		1,805
	Total	$	2,062	$	113	$	1,097	$	1	$	—	$	3,273

U.S. and Latin America – Financial Solutions	Less than 1.00%	$	—	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	1,278		13		8		33		28		1,360
	2.00 – 2.99%	1,208		9		32		522		170		1,941
	3.00 – 3.99%	3,609		213		117		6		2		3,947
	4.00% and Greater	9,154		30		—		—		—		9,184
	Total	$	15,249	$	265	$	157	$	561	$	200	$	16,432

Asia Pacific – Financial Solutions	Less than 1.00%	$	223	$	—	$	—	$	—	$	—	$	223
	1.00 – 1.99%	448		—		—		—		—		448
	2.00 – 2.99%	486		—		—		—		—		486
	3.00 – 3.99%	989		—		—		—		—		989
	4.00% and Greater	2,139		—		—		—		—		2,139
	Total	$	4,285	$	—	$	—	$	—	$	—	$	4,285


	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