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MARKET RISK BENEFITS | 6 Months Ended
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Jun. 30, 2024
Insurance [Abstract] |
MARKET RISK BENEFITS | POLICYHOLDERS’ ACCOUNT BALANCES Policyholders’ account balances relate to investment-type contracts and universal life-type policies. Investment-type contracts principally include traditional individual fixed annuities and fixed index annuities in the accumulation phase and non-variable group annuity contracts. 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. 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 MARKET RISK BENEFITS The net balance of market risk benefit assets and liabilities of, and changes in guaranteed minimum withdrawal benefits associated with, annuity contracts follows.
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30 US$ MILLIONS |  | 2024 |  | 2023
Balance, beginning of period |  | $ | 55 |  |  | $ | 114 |
Balance, beginning of period, before effect of changes in the instrument-specific credit risk |  | 39 |  |  | 112 |
Acquisition from business combination |  | 2,376 |  |  | — |
Derecognition 1 |  | (129) |  |  | — |
Issuance |  | 3 |  |  | 35 |
Interest accrual |  | 24 |  |  | 3 |
Attributed fees collected |  | 52 |  |  | 21 |
Benefits payments |  | — |  |  | — |
Effect of changes in interest rates |  | 138 |  |  | (14) |
Effect of changes in equity markets |  | (24) |  |  | 6 |
Effect of changes in equity index volatility |  | (24) |  |  | (31) |
Effect of changes in future expected policyholder behavior |  | (8) |  |  | (7) |
Effect of changes in other future expected assumptions |  | 67 |  |  | (21) |
Balance, end of period, before the effect of changes in the instrument-specific credit risk |  | 2,514 |  |  | 104 |
Effect of changes in the ending instrument-specific credit risk |  | 58 |  |  | 14 |
Balance, end of period |  | 2,572 |  |  | 118 |
Less: Reinsured MRB, end of period |  | (618) |  |  | — |
Balance, end of period, net of reinsurance |  | $ | 1,954 |  |  | $ | 118 |
Net amount at risk 2 |  | $ | 12,051 |  |  | $ | 806 |
Weighted average attained age of contract holders (years) |  | 71 |  | 65
1.See Note 16 for the details of effective settlement of a reinsurance arrangement, resulting in the derecognition of certain market risk benefit balances. 2.Net amount at risk is defined as the current guarantee amount in excess of the current account balance. The reconciliation of market risk benefits by amounts in an asset position and in a liability position to the “Market risk benefits” amount in the statements of financial position follows.
AS OF US$ MILLIONS |  | June 30, 2024 |  | December 31, 2023
| Asset |  | Liability |  | Net |  | Asset |  | Liability |  | Net
Annuity |  | $ | 704 |  |  | $ | (3,276) |  |  | $ | (2,572) |  |  | $ | 34 |  |  | $ | (89) |  |  | $ | (55) |

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