Policyholder Account Balances (Tables)

6 Months Ended

Jun. 30, 2025

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, 2025 and 2024 (dollars in millions):


For the six months ended June 30, 2025:	U.S. and Latin America – Traditional			U.S. and Latin America – Financial Solutions			Asia Pacific – Financial Solutions
Balance, beginning of year	$	3,273		$	16,432		$	4,285
Deposits	226			1,303			756
Policy charges	(170)			(40)			(7)
Surrenders and withdrawals	(52)			(831)			(107)
Benefit payments	(72)			(249)			(129)
Interest credited	80			293			92
Foreign currency translation	—			—			36
Balance, end of period	$	3,285		$	16,908		$	4,926
Less: reinsurance recoverable	—			(2,692)			—
Balance, end of period, after reinsurance	$	3,285		$	14,216		$	4,926

Weighted average crediting rate	3.1		%	3.7		%	4.0		%
Net amount at risk (1)	$	25,691		$	6,330		$	—
Cash surrender value	$	3,268		$	16,670		$	4,512


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

(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, 2025 and 2024 is as follows (dollars in millions):


	June 30,
	2025		2024
Policyholder account balances included in the rollforwards:
Traditional:
U.S. and Latin America	$	3,285	$	1,581
Financial Solutions:
U.S. and Latin America	16,908		16,757
Asia Pacific	4,926		3,734
Other policyholder account balances:
U.S. and Latin America – Financial Solutions	48		46
Total policyholder account balances	$	25,167	$	22,118

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 June 30, 2025 and 2024 is as follows (dollars in millions):


	June 30, 2025
	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%	$	730	$	—	$	—	$	—	$	—	$	730
	1.00 – 1.99%	57		2		8		—		—		67
	2.00 – 2.99%	112		—		—		1		—		113
	3.00 – 3.99%	498		7		116		—		—		621
	4.00% and Greater	714		48		940		52		—		1,754
	Total	$	2,111	$	57	$	1,064	$	53	$	—	$	3,285

U.S. and Latin America – Financial Solutions	Less than 1.00%	$	—	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	1,116		11		8		27		24		1,186
	2.00 – 2.99%	1,127		8		31		550		111		1,827
	3.00 – 3.99%	3,293		223		151		6		2		3,675
	4.00% and Greater	10,191		29		—		—		—		10,220
	Total	$	15,727	$	271	$	190	$	583	$	137	$	16,908

Asia Pacific – Financial Solutions	Less than 1.00%	$	293	$	—	$	—	$	—	$	—	$	293
	1.00 – 1.99%	442		—		—		—		—		442
	2.00 – 2.99%	519		—		—		—		—		519
	3.00 – 3.99%	998		—		—		—		—		998
	4.00% and Greater	2,674		—		—		—		—		2,674
	Total	$	4,926	$	—	$	—	$	—	$	—	$	4,926


	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