XML 262 R50.htm IDEA: XBRL DOCUMENT v3.25.0.1
Policyholder Account Balances, Future Policy Benefits and Claims (Tables)
12 Months Ended
Dec. 31, 2024
Policyholder Account Balance [Abstract]  
Schedule of components of policyholder account balances, future policy benefits and claims
Policyholder account balances, future policy benefits and claims consisted of the following:
December 31, 2024December 31, 2023
(in millions)
Policyholder account balances
Policyholder account balances$32,542 $27,947 
Future policy benefits
Reserve for future policy benefits
7,418 7,763 
Deferred profit liability118 81 
Additional liabilities for insurance guarantees1,389 1,321 
Other insurance and annuity liabilities192 213 
Total future policy benefits9,117 9,378 
Policy claims and other policyholders’ funds214 220 
Total policyholder account balances, future policy benefits and claims$41,873 $37,545 
Balances of and changes in policyholder account balances
The balances of and changes in policyholder account balances were as follows:
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesNon-Life Contingent Payout Annuities
(in millions, except percentages)
Balance at January 1, 2024
$4,173 $10,742 $5,982 $307 $444 
Contract deposits56 4,005 39 — 101 
Policy charges(14)(3)— — — 
Surrenders and other benefits(628)(383)(856)(16)(110)
Net transfer from (to) separate account liabilities(32)— — — — 
Variable account index-linked adjustments
— 1,968 — — — 
Interest credited125 204 14 12 
Balance at December 31, 2024
$3,680 $16,330 $5,369 $305 $447 
Weighted-average crediting rate3.3 %1.9 %3.7 %2.0 %N/A
Cash surrender value (1)
$3,658 $15,467 $5,365 $279 N/A
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2024
$1,474 $1,569 $2,755 $501 $27,947 
Contract deposits117 333 181 — 4,832 
Policy charges(173)(93)(124)— (407)
Surrenders and other benefits(62)(80)(79)(52)(2,266)
Net transfer from (to) separate account liabilities— (145)— — (177)
Variable account index-linked adjustments
— — — — 1,968 
Interest credited49 63 161 16 645 
Balance at December 31, 2024
$1,405 $1,647 $2,894 $465 $32,542 
Weighted-average crediting rate3.6 %3.9 %2.3 %4.0 %
Net amount at risk$8,312 $57,473 $13,593 $130 
Cash surrender value (1)
$1,280 $1,092 $2,447 $298 
Variable AnnuitiesStructured Variable AnnuitiesFixed AnnuitiesFixed Indexed AnnuitiesNon-Life Contingent Payout Annuities
(in millions, except percentages)
Balance at January 1, 2023
$4,752 $6,410 $6,799 $312 $471 
Contract deposits73 3,084 47 — 91 
Policy charges(10)— — — — 
Surrenders and other benefits(759)(156)(1,086)(10)(127)
Net transfer from (to) separate account liabilities(25)— — — — 
Variable account index-linked adjustments
— 1,403 — — — 
Interest credited142 222 
Balance at December 31, 2023
$4,173 $10,742 $5,982 $307 $444 
Weighted-average crediting rate3.3 %1.8 %3.6 %2.0 %N/A
Cash surrender value (1)
$4,146 $10,129 $5,974 $278 N/A
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2023
$1,544 $1,520 $2,654 $524 $24,986 
Contract deposits123 272 193 3,884 
Policy charges(176)(94)(121)— (401)
Surrenders and other benefits(69)(78)(53)(44)(2,382)
Net transfer from (to) separate account liabilities— (107)— — (132)
Variable account index-linked adjustments
— — — — 1,403 
Interest credited52 56 82 20 589 
Balance at December 31, 2023
$1,474 $1,569 $2,755 $501 $27,947 
Weighted-average crediting rate3.6 %3.9 %2.0 %4.0 %
Net amount at risk$8,740 $57,291 $14,407 $141 
Cash surrender value (1)
$1,330 $1,065 $2,271 $326 
(1) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. For variable annuities and VUL, the cash surrender value shown is the proportion of the total cash surrender value related to their fixed account liabilities.
Account values by guaranteed minimum interest rates
The following tables present the account values of fixed deferred annuities, fixed insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as of December 31, 2024 and 2023 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. Rates are reset at management’s discretion, subject to guaranteed minimums.
December 31, 2024
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of variable annuities%1.99%$24 $95 $65 $17 $— $201 
%2.99%112 — — — — 112 
%3.99%1,894 — — 1,902 
%5.00%1,412 — — — — 1,412 
Total$3,442 $102 $65 $18 $— $3,627 
Fixed accounts of structured variable annuities%1.99%$$20 $$— $— $31 
%2.99%13 — — — — 13 
%3.99%— — — — 
%5.00%— — — — — — 
Total$16 $20 $$— $— $45 
Fixed annuities%1.99%$85 $237 $152 $89 $14 $577 
%2.99%22 14 — — 38 
%3.99%2,410 — — — — 2,410 
%5.00%2,331 — — — — 2,331 
Total$4,848 $251 $154 $89 $14 $5,356 
Non-indexed accounts of fixed indexed annuities%1.99%$— $$$14 $— $21 
%2.99%— — — — — — 
%3.99%— — — — — — 
%5.00%— — — — — — 
Total$— $$$14 $— $21 
Universal life insurance%1.99%$— $— $— $— $— $— 
%2.99%50 15 — — 69 
%3.99%821 — — 831 
%5.00%473 — — — 477 
Total$1,344 $$19 $$— $1,377 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of variable universal life insurance%1.99%$— $— $$$41 $46 
%2.99%14 — 12 34 
%3.99%108 12 — 123 
%5.00%564 21 — — — 585 
Total$679 $36 $$14 $53 $788 
Non-indexed accounts of indexed universal life insurance%1.99%$— $— $$$— $
%2.99%— 125 — — — 125 
%3.99%— — — — — — 
%5.00%— — — — — — 
Total$— $125 $$$— $131 
Other life insurance%1.99%$— $— $— $— $— $— 
%2.99%— — — — — — 
%3.99%28 — — — — 28 
%5.00%268 — — — — 268 
Total$296 $— $— $— $— $296 
Total%1.99%$111 $354 $239 $123 $55 $882 
%2.99%204 157 17 12 391 
%3.99%5,262 19 — 5,295 
%5.00%5,048 25 — — — 5,073 
Total$10,625 $544 $262 $143 $67 $11,641 
Percentage of total account values that reset in:
Next 12 months100.0 %100.0 %99.9 %100.0 %99.8 %100.0 %
> 12 months to 24 months— — — — — — 
> 24 months— — 0.1 — 0.2 — 
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
December 31, 2023
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of variable annuities%1.99%$43 $131 $52 $15 $$243 
%2.99%137 — — — 138 
%3.99%2,214 — — — 2,215 
%5.00%1,514 — — — — 1,514 
Total$3,908 $132 $52 $16 $$4,110 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Fixed accounts of structured variable annuities%1.99%$$18 $$$— $28 
%2.99%11 — — — — 11 
%3.99%— — — — — — 
%5.00%— — — — — — 
Total$12 $18 $$$— $39 
Fixed annuities%1.99%$107 $377 $183 $93 $— $760 
%2.99%36 14 — — 51 
%3.99%2,816 — — — 2,817 
%5.00%2,339 — — — — 2,339 
Total$5,298 $392 $184 $93 $— $5,967 
Non-indexed accounts of fixed indexed annuities%1.99%$— $$$13 $— $22 
%2.99%— — — — — — 
%3.99%— — — — — — 
%5.00%— — — — — — 
Total$— $$$13 $— $22 
Universal life insurance%1.99%$— $— $— $— $— $— 
%2.99%51 — — 63 
%3.99%854 — 863 
%5.00%518 — — — 519 
Total$1,423 $$13 $$— $1,445 
Fixed accounts of variable universal life insurance%1.99%$— $$$— $24 $30 
%2.99%13 12 — 34 
%3.99%122 — 133 
%5.00%607 — — — 613 
Total$742 $22 $$$32 $810 
Non-indexed accounts of indexed universal life insurance%1.99%$— $— $$— $— $
%2.99%128 — — — — 128 
%3.99%— — — — — — 
%5.00%— — — — — — 
Total$128 $— $$— $— $130 
Account Values with Crediting Rates
Range of Guaranteed Minimum Crediting RatesAt Guaranteed Minimum
1-49 bps above Guaranteed Minimum
50-99 bps above Guaranteed Minimum
100-150 bps above Guaranteed Minimum
Greater than 150 bps above Guaranteed Minimum
Total
(in millions, except percentages)
Other life insurance%1.99%$— $— $— $— $— $— 
%2.99%— — — — — — 
%3.99%30 — — — — 30 
%5.00%295 — — — — 295 
Total$325 $— $— $— $— $325 
Total%1.99%$151 $530 $255 $123 $26 $1,085 
%2.99%376 30 10 425 
%3.99%6,036 11 — 6,058 
%5.00%5,273 — — — 5,280 
Total$11,836 $571 $272 $135 $34 $12,848 
Percentage of total account values that reset in:
Next 12 months99.9 %99.5 %99.3 %100.0 %100.0 %99.9 %
> 12 months to 24 months0.1 0.5 0.6 — — 0.1 
> 24 months— — 0.1 — — — 
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
Balances of and changes in liability for future policy benefits, and Revenue and interest recognized
The following tables summarize the balances of and changes in the liability for future policy benefits:
Life Contingent Payout AnnuitiesTerm and Whole Life Insurance
Disability Income Insurance
Long Term Care InsuranceTotal,
All Products
(in millions, except percentages)
Present Value of Expected Net Premiums:
Balance at January 1, 2024
$— $703 $104 $1,146 $1,953 
Beginning balance at original discount rate— 708 105 1,137 1,950 
Effect of changes in cash flow assumptions— 57 (39)55 73 
Effect of actual variances from expected experience— (16)(13)(26)(55)
Adjusted beginning of year balance$— $749 $53 $1,166 $1,968 
Issuances201 63 — 273 
Interest accrual38 55 97 
Net premiums collected(202)(76)(6)(149)(433)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$— $774 $59 $1,072 $1,905 
Effect of changes in discount rate assumptions— (37)(6)(15)(58)
Balance at December 31, 2024
$— $737 $53 $1,057 $1,847 
Present Value of Future Policy Benefits:
Balance at January 1, 2024
$1,164 $1,325 $661 $6,561 $9,711 
Beginning balance at original discount rate1,222 1,291 621 6,507 9,641 
Effect of changes in cash flow assumptions(24)67 (61)58 40 
Effect of actual variances from expected experience(8)(16)(25)(48)(97)
Adjusted beginning of year balance$1,190 $1,342 $535 $6,517 $9,584 
Issuances201 63 — 273 
Interest accrual56 73 34 323 486 
Benefit payments(158)(125)(43)(432)(758)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$1,289 $1,353 $535 $6,408 $9,585 
Effect of changes in discount rate assumptions(85)(31)10 (221)(327)
Balance at December 31, 2024
$1,204 $1,322 $545 $6,187 $9,258 
Adjustment due to reserve flooring$— $$— $— $
Net liability for future policy benefits$1,204 $592 $492 $5,130 $7,418 
Less: reinsurance recoverable759 424 20 2,591 3,794 
Net liability for future policy benefits, after reinsurance recoverable$445 $168 $472 $2,539 $3,624 
Discounted expected future gross premiums$— $1,672 $836 $1,247 $3,755 
Expected future gross premiums$— $2,921 $1,196 $1,713 $5,830 
Expected future benefit payments$1,846 $2,286 $899 $10,522 $15,553 
Weighted average interest accretion rate4.5 %6.0 %6.3 %5.0 %
Weighted average discount rate5.4 %5.6 %5.6 %5.7 %
Weighted average duration of liability (in years)6778
Life Contingent Payout AnnuitiesTerm and Whole Life Insurance
Disability Income Insurance
Long Term Care InsuranceTotal,
All Products
(in millions, except percentages)
Present Value of Expected Net Premiums:
Balance at January 1, 2023
$— $686 $134 $1,207 $2,027 
Beginning balance at original discount rate— 708 137 1,220 2,065 
Effect of changes in cash flow assumptions— (19)(19)19 (19)
Effect of actual variances from expected experience— (2)(18)(3)(23)
Adjusted beginning of year balance$— $687 $100 $1,236 $2,023 
Issuances177 55 12 — 244 
Interest accrual36 59 101 
Net premiums collected(178)(70)(12)(158)(418)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$— $708 $105 $1,137 $1,950 
Effect of changes in discount rate assumptions— (5)(1)
Balance at December 31, 2023
$— $703 $104 $1,146 $1,953 
Present Value of Future Policy Benefits:
Balance at January 1, 2023
$1,065 $1,319 $696 $6,439 $9,519 
Beginning balance at original discount rate1,155 1,313 669 6,569 9,706 
Effect of changes in cash flow assumptions— (18)(25)(34)
Effect of actual variances from expected experience(10)(1)(29)(35)
Adjusted beginning of year balance$1,145 $1,294 $615 $6,583 $9,637 
Issuances177 56 11 — 244 
Interest accrual50 73 37 329 489 
Benefit payments(150)(132)(42)(405)(729)
Derecognition (lapses)— — — — — 
Ending balance at original discount rate$1,222 $1,291 $621 $6,507 $9,641 
Effect of changes in discount rate assumptions(58)34 40 54 70 
Balance at December 31, 2023
$1,164 $1,325 $661 $6,561 $9,711 
Adjustment due to reserve flooring$— $$— $— $
Net liability for future policy benefits$1,164 $627 $557 $5,415 $7,763 
Less: reinsurance recoverable880 440 22 2,738 4,080 
Net liability for future policy benefits, after reinsurance recoverable$284 $187 $535 $2,677 $3,683 
Discounted expected future gross premiums$— $1,764 $904 $1,325 $3,993 
Expected future gross premiums$— $2,938 $1,269 $1,786 $5,993 
Expected future benefit payments$1,726 $2,166 $1,068 $10,850 $15,810 
Weighted average interest accretion rate4.2 %6.2 %6.1 %5.0 %
Weighted average discount rate4.9 %5.1 %5.1 %5.1 %
Weighted average duration of liability (in years)7788
The amount of revenue and interest recognized in the Statement of Operations was as follows:
Years Ended December 31,
20242023
Gross PremiumsInterest ExpenseGross PremiumsInterest Expense
(in millions)
Life contingent payout annuities$226 $55 $196 $49 
Term and whole life insurance172 35 169 37 
Disability income insurance
119 31 124 32 
Long term care insurance179 268 185 270 
Total$696 $389 $674 $388 
Balances of and changes in additional liabilities related to insurance guarantees
The balances of and changes in additional liabilities related to insurance guarantees were as follows:
Universal Life InsuranceVariable Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2024
$1,225 $81 $15 $1,321 
Interest accrual37 44 
Benefit accrual133 144 
Benefit payments(69)(13)(5)(87)
Effect of actual variances from expected experience(2)(1)(1)(4)
Impact of change in net unrealized (gains) losses on securities(23)(1)(5)(29)
Balance at December 31, 2024
$1,301 $80 $$1,389 
Weighted average interest accretion rate3.0 %7.0 %3.9 %
Weighted average discount rate3.2 %7.1 %4.0 %
Weighted average duration of reserves (in years)1086
Universal Life InsuranceVariable Universal Life InsuranceOther Life InsuranceTotal,
All Products
(in millions, except percentages)
Balance at January 1, 2023
$1,100 $74 $12 $1,186 
Interest accrual35 41 
Benefit accrual128 138 
Benefit payments(50)(18)(4)(72)
Effect of actual variances from expected experience(13)11 (2)(4)
Impact of change in net unrealized (gains) losses on securities25 32 
Balance at December 31, 2023
$1,225 $81 $15 $1,321 
Weighted average interest accretion rate3.0 %6.9 %4.0 %
Weighted average discount rate3.2 %7.1 %4.0 %
Weighted average duration of reserves (in years)1086
Changes in unearned revenue
The following tables summarize the balances of and changes in unearned revenue:
Universal Life InsuranceVariable Universal Life InsuranceIndexed Universal Life InsuranceTotal,
All Products
(in millions)
Balance at January 1, 2024
$27 $196 $266 $489 
Deferral of revenue— 70 51 121 
Amortization(1)(17)(22)(40)
Balance at December 31, 2024
$26 $249 $295 $570 
Balance at January 1, 2023
$27 $150 $233 $410 
Deferral of revenue59 52 112 
Amortization(1)(13)(19)(33)
Balance at December 31, 2023
$27 $196 $266 $489