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POLICYHOLDERS' ACCOUNT BALANCES (Tables) | 6 Months Ended
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Jun. 30, 2024
Insurance [Abstract] |
Schedule of Changes in Policyholders' Account Balances | The reconciliation of the balances described in the table below to the “Policyholders’ account balances” in the statements of financial position is as follows.
AS OF US$ MILLIONS |  | June 30, 2024 |  | December 31, 2023
Policyholders’ account balances: |  |  |  |
Annuity |  | $ | 77,453 |  |  | $ | 22,456 |
Life |  | 2,042 |  |  | 1,975 |
Embedded derivative adjustments and other 1 |  | 994 |  |  | 508 |
Total policyholders’ account balances |  | $ | 80,489 |  |  | $ | 24,939 |
1.“Embedded derivative adjustments and other” line reconciles the account balances as presented in the rollforward within this note to the gross liability as presented in the statements of financial position and includes the fair value of the embedded derivatives. The balances and changes in policyholders’ account balances follow.
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2024 US$ MILLIONS |  | Annuity |  | Life |  |  |  | Total
Balance, beginning of period |  | $ | 22,456 |  |  | $ | 1,975 |  |  |  |  | $ | 24,431 |
Acquisition from business combination |  | 61,296 |  |  | — |  |  |  |  | 61,296 |
Issuances |  | 4,064 |  |  | 36 |  |  |  |  | 4,100 |
Derecognition 1 |  | (7,402) |  |  | — |  |  |  |  | (7,402) |
Premiums received |  | 69 |  |  | 213 |  |  |  |  | 282 |
Policy charges |  | (143) |  |  | (187) |  |  |  |  | (330) |
Surrenders and withdrawals |  | (3,323) |  |  | (43) |  |  |  |  | (3,366) |
Interest credited |  | 808 |  |  | 48 |  |  |  |  | 856 |
Benefit payments |  | (177) |  |  | — |  |  |  |  | (177) |
Other |  | (195) |  |  | — |  |  |  |  | (195) |
Balance, end of period |  | $ | 77,453 |  |  | $ | 2,042 |  |  |  |  | $ | 79,495 |
Weighted average crediting rate |  | 3 | % |  | 5 | %
Net amount at risk 2 |  | $ | 12,466 |  |  | $ | 38,365 |
Cash surrender value |  | $ | 71,450 |  |  | $ | 1,796 |
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2023 US$ MILLIONS |  | Annuity |  | Life |  |  |  | Total
Balance, beginning of period |  | $ | 17,845 |  |  | $ | 1,899 |  |  |  |  | $ | 19,744 |
Issuances |  | 2,731 |  |  | 45 |  |  |  |  | 2,776 |
Premiums received |  | 1,118 |  |  | 198 |  |  |  |  | 1,316 |
Policy charges |  | (34) |  |  | (187) |  |  |  |  | (221) |
Surrenders and withdrawals |  | (1,297) |  |  | (68) |  |  |  |  | (1,365) |
Interest credited |  | 173 |  |  | 89 |  |  |  |  | 262 |
Benefit payments |  | (19) |  |  | — |  |  |  |  | (19) |
Other |  | 104 |  |  | — |  |  |  |  | 104 |
Balance, end of period |  | $ | 20,621 |  |  | $ | 1,976 |  |  |  |  | $ | 22,597 |
Weighted average crediting rate |  | 2 | % |  | 9 | %
Net amount at risk 2 |  | $ | 1,161 |  |  | $ | 37,023 |
Cash surrender value |  | $ | 18,648 |  |  | $ | 1,724 |
1.See Note 16 for the details of effective settlement of a reinsurance arrangement, resulting in the derecognition of certain policyholder’s account balances. 2.Net amount at risk is defined as the current guarantee amount in excess of the current account balance.
Schedule of Account Values by Range of Guaranteed Minimum Crediting Rates | 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 follow.
AS OF JUN. 30, 2024 US$ MILLIONS |  | Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  | 1 - 50 Basis Points Above |  | 51 - 150 Basis Points Above |  | > 150 Basis Points Above |  | Other 1 |  | Total
Annuity |  | 0% - 1% |  | $ | 4,296 |  |  | $ | 2,669 |  |  | $ | 3,931 |  |  | $ | 4,679 |  |  | $ | — |  |  | $ | 15,575 |
|  | 1% - 2% |  | 1,446 |  |  | 393 |  |  | 1,740 |  |  | 1,844 |  |  | — |  |  | 5,423 |
|  | 2% - 3% |  | 1,942 |  |  | 429 |  |  | 111 |  |  | 6,637 |  |  | — |  |  | 9,119 |
|  | Greater than 3% |  | 306 |  |  | 7 |  |  | 1 |  |  | 5 |  |  | — |  |  | 319 |
|  | Other 1 |  | — |  |  | — |  |  | — |  |  | — |  |  | 47,017 |  |  | 47,017 |
|  | Total |  | $ | 7,990 |  |  | $ | 3,498 |  |  | $ | 5,783 |  |  | $ | 13,165 |  |  | $ | 47,017 |  |  | $ | 77,453 |
Life |  | 1% - 2% |  | $ | 34 |  |  | $ | 2 |  |  | $ | 54 |  |  | $ | 667 |  |  | $ | — |  |  | $ | 757 |
|  | 2% to 3% |  | 421 |  |  | — |  |  | 222 |  |  | — |  |  | — |  |  | 643 |
|  | Greater than 3% |  | 642 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 642 |
|  | Total |  | $ | 1,097 |  |  | $ | 2 |  |  | $ | 276 |  |  | $ | 667 |  |  | $ | — |  |  | $ | 2,042 |
AS OF JUN. 30, 2023 US$ MILLIONS |  | Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  | 1 - 50 Basis Points Above |  | 51 - 150 Basis Points Above |  | > 150 Basis Points Above |  | Other 1 |  | Total
Annuity |  | 0% - 1% |  | $ | 3,283 |  |  | $ | 526 |  |  | $ | 788 |  |  | $ | 99 |  |  | $ | — |  |  | $ | 4,696 |
|  | 1% - 2% |  | 342 |  |  | 458 |  |  | 1,954 |  |  | 2,153 |  |  | — |  |  | 4,907 |
|  | 2% - 3% |  | 1,202 |  |  | 513 |  |  | 128 |  |  | 2,528 |  |  | — |  |  | 4,371 |
|  | Greater than 3% |  | 353 |  |  | 12 |  |  | 21 |  |  | 42 |  |  | — |  |  | 428 |
|  | Other 1 |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,219 |  |  | 6,219 |
|  | Total |  | $ | 5,180 |  |  | $ | 1,509 |  |  | $ | 2,891 |  |  | $ | 4,822 |  |  | $ | 6,219 |  |  | $ | 20,621 |
Life |  | 1% - 2% |  | $ | 431 |  |  | $ | 2 |  |  | $ | 136 |  |  | $ | 46 |  |  | $ | — |  |  | $ | 615 |
|  | 2% to 3% |  | 409 |  |  | — |  |  | 217 |  |  | — |  |  | — |  |  | 626 |
|  | Greater than 3% |  | 735 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 735 |
|  | Total |  | $ | 1,575 |  |  | $ | 2 |  |  | $ | 353 |  |  | $ | 46 |  |  | $ | — |  |  | $ | 1,976 |
1.Other includes products with either a fixed rate or no guaranteed minimum crediting rate or allocated to index strategies

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