XML 36 R26.htm IDEA: XBRL DOCUMENT v3.24.2.u1
POLICYHOLDERS' ACCOUNT BALANCES
 6 Months Ended
Jun. 30, 2024
Insurance [Abstract]  
POLICYHOLDERS' ACCOUNT BALANCES 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, 2024December 31, 2023
Policyholders’ account balances:
Annuity$77,453 $22,456 
Life2,042 1,975 
Embedded derivative adjustments and other1
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		AnnuityLifeTotal
Balance, beginning of period$22,456 $1,975 $24,431 
Acquisition from business combination61,296 — 61,296 
Issuances4,064 36 4,100 
Derecognition1
(7,402)— (7,402)
Premiums received69 213 282 
Policy charges(143)(187)(330)
Surrenders and withdrawals(3,323)(43)(3,366)
Interest credited808 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 risk2
$12,466 $38,365 
Cash surrender value
$71,450 $1,796 
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2023
US$ MILLIONS		AnnuityLifeTotal
Balance, beginning of period$17,845 $1,899 $19,744 
Issuances2,731 45 2,776 
Premiums received1,118 198 1,316 
Policy charges(34)(187)(221)
Surrenders and withdrawals(1,297)(68)(1,365)
Interest credited173 89 262 
Benefit payments(19)— (19)
Other104 — 104 
Balance, end of period$20,621 $1,976 $22,597 
Weighted average crediting rate
2 %9 %
Net amount at risk2
$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 RateAt Guaranteed Minimum
 1 - 50 Basis Points Above
51 - 150 Basis Points Above
> 150 Basis Points Above
Other1
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 
Other1
— — — — 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 RateAt Guaranteed Minimum
1 - 50 Basis Points Above
51 - 150 Basis Points Above
> 150 Basis Points Above
Other1
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 
Other1
— — — — 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		20242023
Balance, beginning of period
$55 $114 
Balance, beginning of period, before effect of changes in the instrument-specific credit risk39 112 
Acquisition from business combination2,376 — 
Derecognition1
(129)— 
Issuance3 35 
Interest accrual24 3 
Attributed fees collected52 21 
Benefits payments— — 
Effect of changes in interest rates138 (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 assumptions67 (21)
Balance, end of period, before the effect of changes in the instrument-specific credit risk2,514 104 
Effect of changes in the ending instrument-specific credit risk58 14 
Balance, end of period2,572 118 
Less: Reinsured MRB, end of period(618)— 
Balance, end of period, net of reinsurance$1,954 $118 
Net amount at risk2
$12,051 $806 
Weighted average attained age of contract holders (years)
7165
1.See Note 16 for the details of effective settlement of a reinsurance arrangement, resulting in the derecognition of certain market risk benefit balances.
2.Net amount at risk is defined as the current guarantee amount in excess of the current account balance.
The reconciliation of market risk benefits by amounts in an asset position and in a liability position to the “Market risk benefits” amount in the statements of financial position follows.
AS OF
US$ MILLIONS		June 30, 2024December 31, 2023
AssetLiabilityNetAssetLiabilityNet
Annuity$704 $(3,276)$(2,572)$34 $(89)$(55)