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Policyholders' Account Balances | 12 Months Ended
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Dec. 31, 2023
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract] |
Liability for Future Policy Benefits | LIABILITY FOR FUTURE POLICY BENEFITS Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below. •Benefit Reserves; •Deferred Profit Liability; and •Additional Insurance Reserves In 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed Benefit Reserves and Deferred Profit Liability, net of the impact of flooring these liabilities at zero for each issue year cohort. This net impact was primarily due to updates to lapse and claim incidence assumptions on Long-Term Care policies. Additionally, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update and other refinements for direct and assumed Additional Insurance Reserves, primarily due to unfavorable model refinements, partially offset by favorable updates to economic assumptions, including expected future rates of returns on investments on universal life policies with secondary guarantees. In 2022, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed Benefit Reserves and Deferred Profit Liability, net of the impact of flooring these liabilities at zero for each issue year cohort. This net impact was primarily due to updates to mortality assumptions on individual term life policies. Additionally, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update and other refinements for direct and assumed Additional Insurance Reserves, primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees. In 2021, the actuarial assumption update for direct and assumed benefit reserves and additional insurance reserves was immaterial. Benefit Reserves The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.
| Year Ended December 31, 2023
| Present Value of Expected Net Premiums
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Corporate and Other |  |
| Institutional |  | Term Life |  | Life Planner |  | Gibraltar Life and Other |  | Long-Term Care |  | Total
| (in millions)
Balance, BOP | $ | 52,620 |  |  | $ | 11,282 |  |  | $ | 30,689 |  |  | $ | 28,951 |  |  | $ | 2,932 |  |  | $ | 126,474 |
Effect of cumulative changes in discount rate assumptions, BOP | 14,349 |  |  | 572 |  |  | 1,354 |  |  | 1,326 |  |  | 103 |  |  | 17,704 |
Balance at original discount rate, BOP | 66,969 |  |  | 11,854 |  |  | 32,043 |  |  | 30,277 |  |  | 3,035 |  |  | 144,178 |
Effect of assumption update | (1,117) |  |  | (1) |  |  | 78 |  |  | (175) |  |  | 266 |  |  | (949) |
Effect of actual variances from expected experience and other activity | 540 |  |  | (223) |  |  | (1,092) |  |  | (845) |  |  | 161 |  |  | (1,459) |
Adjusted balance, BOP | 66,392 |  |  | 11,630 |  |  | 31,029 |  |  | 29,257 |  |  | 3,462 |  |  | 141,770 |
Issuances | 20,914 |  |  | 750 |  |  | 2,292 |  |  | 1,583 |  |  | 0 |  |  | 25,539 |
Net premiums / considerations collected | (10,389) |  |  | (1,413) |  |  | (3,917) |  |  | (3,720) |  |  | (317) |  |  | (19,756) |
Interest accrual | 2,233 |  |  | 538 |  |  | 889 |  |  | 780 |  |  | 157 |  |  | 4,597 |
Foreign currency adjustment | 4,126 |  |  | 0 |  |  | (756) |  |  | (907) |  |  | 0 |  |  | 2,463 |
Other adjustments | 0 |  |  | (3) |  |  | 123 |  |  | (4) |  |  | 0 |  |  | 116 |
Balance at original discount rate, EOP | 83,276 |  |  | 11,502 |  |  | 29,660 |  |  | 26,989 |  |  | 3,302 |  |  | 154,729 |
Effect of cumulative changes in discount rate assumptions, EOP | (11,869) |  |  | (228) |  |  | (596) |  |  | (622) |  |  | (16) |  |  | (13,331) |
Balance, EOP | $ | 71,407 |  |  | $ | 11,274 |  |  | $ | 29,064 |  |  | $ | 26,367 |  |  | $ | 3,286 |  |  | 141,398 |
Other businesses, EOP |  |  |  |  |  |  |  |  |  |  | 86 |
Total balance, EOP |  |  |  |  |  |  |  |  |  |  | $ | 141,484 |
| Year Ended December 31, 2023
| Present Value of Expected Future Policy Benefits
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Corporate and Other |  |
| Institutional |  | Term Life |  | Life Planner |  | Gibraltar Life and Other |  | Long-Term Care |  | Total
| (in millions)
Balance, BOP | $ | 117,754 |  |  | $ | 19,288 |  |  | $ | 78,639 |  |  | $ | 80,331 |  |  | $ | 10,685 |  |  | $ | 306,697 |
Effect of cumulative changes in discount rate assumptions, BOP | 20,170 |  |  | 1,012 |  |  | 3,719 |  |  | 11,266 |  |  | 1,216 |  |  | 37,383 |
Balance at original discount rate, BOP | 137,924 |  |  | 20,300 |  |  | 82,358 |  |  | 91,597 |  |  | 11,901 |  |  | 344,080 |
Effect of assumption update | (1,289) |  |  | (1) |  |  | 145 |  |  | 44 |  |  | 357 |  |  | (744) |
Effect of actual variances from expected experience and other activity | 514 |  |  | (269) |  |  | (1,030) |  |  | (806) |  |  | 160 |  |  | (1,431) |
Adjusted balance, BOP | 137,149 |  |  | 20,030 |  |  | 81,473 |  |  | 90,835 |  |  | 12,418 |  |  | 341,905 |
Issuances | 20,914 |  |  | 750 |  |  | 2,292 |  |  | 1,583 |  |  | 0 |  |  | 25,539 |
Interest accrual | 5,109 |  |  | 944 |  |  | 2,615 |  |  | 2,287 |  |  | 594 |  |  | 11,549 |
Benefit payments | (11,477) |  |  | (1,522) |  |  | (3,965) |  |  | (5,057) |  |  | (270) |  |  | (22,291) |
Foreign currency adjustment | 4,209 |  |  | 0 |  |  | (2,286) |  |  | (3,229) |  |  | 0 |  |  | (1,306) |
Other adjustments | (18) |  |  | (16) |  |  | 256 |  |  | (28) |  |  | 0 |  |  | 194 |
Balance at original discount rate, EOP | 155,886 |  |  | 20,186 |  |  | 80,385 |  |  | 86,391 |  |  | 12,742 |  |  | 355,590 |
Effect of cumulative changes in discount rate assumptions, EOP | (14,751) |  |  | (334) |  |  | (563) |  |  | (7,355) |  |  | (603) |  |  | (23,606) |
Balance, EOP | $ | 141,135 |  |  | $ | 19,852 |  |  | $ | 79,822 |  |  | $ | 79,036 |  |  | $ | 12,139 |  |  | 331,984 |
Other businesses, EOP |  |  |  |  |  |  |  |  |  |  | 1,716 |
Total balance, EOP |  |  |  |  |  |  |  |  |  |  | $ | 333,700 |
| Year Ended December 31, 2023
| Net Liability for Future Policy Benefits - Benefit Reserves
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Corporate and Other |  |
| Institutional |  | Term Life |  | Life Planner |  | Gibraltar Life and Other |  | Long-Term Care |  | Total
| (in millions)
Balance, EOP, pre-flooring | $ | 69,728 |  |  | $ | 8,578 |  |  | $ | 50,757 |  |  | $ | 52,669 |  |  | $ | 8,852 |  |  | $ | 190,584 |
Flooring impact, EOP | 61 |  |  | 0 |  |  | 19 |  |  | 6 |  |  | 0 |  |  | 86 |
Balance, EOP, post-flooring | 69,789 |  |  | 8,578 |  |  | 50,776 |  |  | 52,675 |  |  | 8,852 |  |  | 190,670 |
Less: Reinsurance recoverable | 5,539 |  |  | 744 |  |  | 102 |  |  | 202 |  |  | 0 |  |  | 6,587 |
Balance after reinsurance recoverable, EOP, post-flooring | $ | 64,250 |  |  | $ | 7,834 |  |  | $ | 50,674 |  |  | $ | 52,473 |  |  | $ | 8,852 |  |  | 184,083 |
Other businesses, EOP(1) |  |  |  |  |  |  |  |  |  |  | 1,563 |
Total balance after reinsurance recoverable, EOP |  |  |  |  |  |  |  |  |  |  | $ | 185,646 |
| Year Ended December 31, 2022
| Present Value of Expected Net Premiums
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Corporate and Other |  |
| Institutional |  | Term Life |  | Life Planner |  | Gibraltar Life and Other |  | Long-Term Care |  | Total
| (in millions)
Balance, BOP | $ | 68,791 |  |  | $ | 12,971 |  |  | $ | 39,517 |  |  | $ | 37,815 |  |  | $ | 3,585 |  |  | $ | 162,679 |
Effect of cumulative changes in discount rate assumptions, BOP | (4,414) |  |  | (1,892) |  |  | (3,516) |  |  | (3,239) |  |  | (644) |  |  | (13,705) |
Balance at original discount rate, BOP | 64,377 |  |  | 11,079 |  |  | 36,001 |  |  | 34,576 |  |  | 2,941 |  |  | 148,974 |
Effect of assumption update | 249 |  |  | 1,313 |  |  | (76) |  |  | (176) |  |  | 49 |  |  | 1,359 |
Effect of actual variances from expected experience and other activity | 371 |  |  | (139) |  |  | (1,621) |  |  | (989) |  |  | 184 |  |  | (2,194) |
Adjusted balance, BOP | 64,997 |  |  | 12,253 |  |  | 34,304 |  |  | 33,411 |  |  | 3,174 |  |  | 148,139 |
Issuances | 22,064 |  |  | 476 |  |  | 3,031 |  |  | 2,370 |  |  | 0 |  |  | 27,941 |
Net premiums / considerations collected | (14,765) |  |  | (1,404) |  |  | (4,149) |  |  | (4,218) |  |  | (284) |  |  | (24,820) |
Interest accrual | 1,640 |  |  | 542 |  |  | 935 |  |  | 859 |  |  | 145 |  |  | 4,121 |
Foreign currency adjustment | (6,967) |  |  | 0 |  |  | (2,220) |  |  | (2,145) |  |  | 0 |  |  | (11,332) |
Other adjustments | 0 |  |  | (13) |  |  | 142 |  |  | 0 |  |  | 0 |  |  | 129 |
Balance at original discount rate, EOP | 66,969 |  |  | 11,854 |  |  | 32,043 |  |  | 30,277 |  |  | 3,035 |  |  | 144,178 |
Effect of cumulative changes in discount rate assumptions, EOP | (14,349) |  |  | (572) |  |  | (1,354) |  |  | (1,326) |  |  | (103) |  |  | (17,704) |
Balance, EOP | $ | 52,620 |  |  | $ | 11,282 |  |  | $ | 30,689 |  |  | $ | 28,951 |  |  | $ | 2,932 |  |  | 126,474 |
Other businesses, EOP |  |  |  |  |  |  |  |  |  |  | 88 |
Total balance, EOP |  |  |  |  |  |  |  |  |  |  | $ | 126,562 |
| Year Ended December 31, 2022
| Present Value of Expected Future Policy Benefits
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Corporate and Other |  |
| Institutional |  | Term Life |  | Life Planner |  | Gibraltar Life and Other |  | Long-Term Care |  | Total
| (in millions)
Balance, BOP | $ | 142,593 |  |  | $ | 22,768 |  |  | $ | 109,562 |  |  | $ | 114,846 |  |  | $ | 15,810 |  |  | $ | 405,579 |
Effect of cumulative changes in discount rate assumptions, BOP | (13,706) |  |  | (3,876) |  |  | (21,554) |  |  | (13,476) |  |  | (4,482) |  |  | (57,094) |
Balance at original discount rate, BOP | 128,887 |  |  | 18,892 |  |  | 88,008 |  |  | 101,370 |  |  | 11,328 |  |  | 348,485 |
Effect of assumption update | (187) |  |  | 1,777 |  |  | (115) |  |  | (164) |  |  | 49 |  |  | 1,360 |
Effect of actual variances from expected experience and other activity | 273 |  |  | (218) |  |  | (1,730) |  |  | (892) |  |  | 208 |  |  | (2,359) |
Adjusted balance, BOP | 128,973 |  |  | 20,451 |  |  | 86,163 |  |  | 100,314 |  |  | 11,585 |  |  | 347,486 |
Issuances | 22,064 |  |  | 476 |  |  | 3,031 |  |  | 2,370 |  |  | 0 |  |  | 27,941 |
Interest accrual | 4,231 |  |  | 937 |  |  | 2,641 |  |  | 2,399 |  |  | 554 |  |  | 10,762 |
Benefit payments | (9,629) |  |  | (1,547) |  |  | (3,725) |  |  | (5,975) |  |  | (238) |  |  | (21,114) |
Foreign currency adjustment | (7,180) |  |  | 0 |  |  | (6,043) |  |  | (7,489) |  |  | 0 |  |  | (20,712) |
Other adjustments | (535) |  |  | (17) |  |  | 291 |  |  | (22) |  |  | 0 |  |  | (283) |
Balance at original discount rate, EOP | 137,924 |  |  | 20,300 |  |  | 82,358 |  |  | 91,597 |  |  | 11,901 |  |  | 344,080 |
Effect of cumulative changes in discount rate assumptions, EOP | (20,170) |  |  | (1,012) |  |  | (3,719) |  |  | (11,266) |  |  | (1,216) |  |  | (37,383) |
Balance, EOP | $ | 117,754 |  |  | $ | 19,288 |  |  | $ | 78,639 |  |  | $ | 80,331 |  |  | $ | 10,685 |  |  | 306,697 |
Other businesses, EOP |  |  |  |  |  |  |  |  |  |  | 1,921 |
Total balance, EOP |  |  |  |  |  |  |  |  |  |  | $ | 308,618 |
| Year Ended December 31, 2022
| Net Liability for Future Policy Benefits - Benefit Reserves
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Corporate and Other |  |
| Institutional |  | Term Life |  | Life Planner |  | Gibraltar Life and Other |  | Long-Term Care |  | Total
| (in millions)
Balance, EOP, pre-flooring | $ | 65,134 |  |  | $ | 8,006 |  |  | $ | 47,950 |  |  | $ | 51,380 |  |  | $ | 7,753 |  |  | $ | 180,223 |
Flooring impact, EOP | 1 |  |  | 0 |  |  | 106 |  |  | 140 |  |  | 0 |  |  | 247 |
Balance, EOP, post-flooring | 65,135 |  |  | 8,006 |  |  | 48,056 |  |  | 51,520 |  |  | 7,753 |  |  | 180,470 |
Less: Reinsurance recoverable | 0 |  |  | 708 |  |  | 126 |  |  | 203 |  |  | 0 |  |  | 1,037 |
Balance after reinsurance recoverable, EOP, post-flooring | $ | 65,135 |  |  | $ | 7,298 |  |  | $ | 47,930 |  |  | $ | 51,317 |  |  | $ | 7,753 |  |  | 179,433 |
Other businesses, EOP(1) |  |  |  |  |  |  |  |  |  |  | 1,758 |
Total balance after reinsurance recoverable, EOP |  |  |  |  |  |  |  |  |  |  | $ | 181,191 |
| Year Ended December 31, 2021
| Present Value of Expected Net Premiums
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Corporate and Other |  |
| Institutional |  | Term Life |  | Life Planner |  | Gibraltar Life and Other |  | Long-Term Care |  | Total
| (in millions)
Balance, BOP | $ | 69,421 |  |  | $ | 12,851 |  |  | $ | 43,283 |  |  | $ | 41,537 |  |  | $ | 4,503 |  |  | $ | 171,595 |
Effect of cumulative changes in discount rate assumptions, BOP | (8,193) |  |  | (2,475) |  |  | (5,080) |  |  | (4,479) |  |  | (1,004) |  |  | (21,231) |
Balance at original discount rate, BOP | 61,228 |  |  | 10,376 |  |  | 38,203 |  |  | 37,058 |  |  | 3,499 |  |  | 150,364 |
Effect of assumption update | (2,344) |  |  | 41 |  |  | (624) |  |  | 124 |  |  | (490) |  |  | (3,293) |
Effect of actual variances from expected experience and other activity | (710) |  |  | 531 |  |  | (159) |  |  | (252) |  |  | 79 |  |  | (511) |
Adjusted balance, BOP | 58,174 |  |  | 10,948 |  |  | 37,420 |  |  | 36,930 |  |  | 3,088 |  |  | 146,560 |
Issuances | 15,622 |  |  | 788 |  |  | 4,168 |  |  | 3,495 |  |  | 0 |  |  | 24,073 |
Net premiums / considerations collected | (10,577) |  |  | (1,230) |  |  | (4,477) |  |  | (4,745) |  |  | (281) |  |  | (21,310) |
Interest accrual | 1,710 |  |  | 499 |  |  | 983 |  |  | 918 |  |  | 148 |  |  | 4,258 |
Foreign currency adjustment | (624) |  |  | 0 |  |  | (2,283) |  |  | (2,025) |  |  | 0 |  |  | (4,932) |
Other adjustments | 72 |  |  | 74 |  |  | 190 |  |  | 3 |  |  | (14) |  |  | 325 |
Balance at original discount rate, EOP | 64,377 |  |  | 11,079 |  |  | 36,001 |  |  | 34,576 |  |  | 2,941 |  |  | 148,974 |
Effect of cumulative changes in discount rate assumptions, EOP | 4,414 |  |  | 1,892 |  |  | 3,516 |  |  | 3,239 |  |  | 644 |  |  | 13,705 |
Balance, EOP | $ | 68,791 |  |  | $ | 12,971 |  |  | $ | 39,517 |  |  | $ | 37,815 |  |  | $ | 3,585 |  |  | 162,679 |
Other businesses, EOP |  |  |  |  |  |  |  |  |  |  | 120 |
Total balance, EOP |  |  |  |  |  |  |  |  |  |  | $ | 162,799 |
| Year Ended December 31, 2021
| Present Value of Expected Future Policy Benefits
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Corporate and Other |  |
| Institutional |  | Term Life |  | Life Planner |  | Gibraltar Life and Other |  | Long-Term Care |  | Total
| (in millions)
Balance, BOP | $ | 144,315 |  |  | $ | 23,400 |  |  | $ | 117,484 |  |  | $ | 124,342 |  |  | $ | 17,365 |  |  | $ | 426,906 |
Effect of cumulative changes in discount rate assumptions, BOP | (21,509) |  |  | (5,137) |  |  | (27,664) |  |  | (18,263) |  |  | (5,909) |  |  | (78,482) |
Balance at original discount rate, BOP | 122,806 |  |  | 18,263 |  |  | 89,820 |  |  | 106,079 |  |  | 11,456 |  |  | 348,424 |
Effect of assumption update | (2,458) |  |  | 42 |  |  | (619) |  |  | 145 |  |  | (509) |  |  | (3,399) |
Effect of actual variances from expected experience and other activity | (818) |  |  | 539 |  |  | (97) |  |  | (215) |  |  | 63 |  |  | (528) |
Adjusted balance, BOP | 119,530 |  |  | 18,844 |  |  | 89,104 |  |  | 106,009 |  |  | 11,010 |  |  | 344,497 |
Issuances | 15,622 |  |  | 788 |  |  | 4,168 |  |  | 3,495 |  |  | 0 |  |  | 24,073 |
Interest accrual | 4,054 |  |  | 866 |  |  | 2,718 |  |  | 2,516 |  |  | 534 |  |  | 10,688 |
Benefit payments | (9,613) |  |  | (1,658) |  |  | (2,553) |  |  | (3,750) |  |  | (199) |  |  | (17,773) |
Foreign currency adjustment | (611) |  |  | 0 |  |  | (5,833) |  |  | (6,862) |  |  | 0 |  |  | (13,306) |
Other adjustments | (95) |  |  | 52 |  |  | 404 |  |  | (38) |  |  | (17) |  |  | 306 |
Balance at original discount rate, EOP | 128,887 |  |  | 18,892 |  |  | 88,008 |  |  | 101,370 |  |  | 11,328 |  |  | 348,485 |
Effect of cumulative changes in discount rate assumptions, EOP | 13,706 |  |  | 3,876 |  |  | 21,554 |  |  | 13,476 |  |  | 4,482 |  |  | 57,094 |
Balance, EOP | $ | 142,593 |  |  | $ | 22,768 |  |  | $ | 109,562 |  |  | $ | 114,846 |  |  | $ | 15,810 |  |  | 405,579 |
Other businesses, EOP |  |  |  |  |  |  |  |  |  |  | 2,623 |
Reclassified to “Liabilities held-for-sale” |  |  |  |  |  |  |  |  |  |  | (264) |
Total balance, EOP |  |  |  |  |  |  |  |  |  |  | $ | 407,938 |
| Year Ended December 31, 2021
| Net Liability for Future Policy Benefits - Benefit Reserves
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Corporate and Other |  |
| Institutional |  | Term Life |  | Life Planner |  | Gibraltar Life and Other |  | Long-Term Care |  | Total
| (in millions)
Balance, EOP, pre-flooring | $ | 73,802 |  |  | $ | 9,797 |  |  | $ | 70,045 |  |  | $ | 77,031 |  |  | $ | 12,225 |  |  | $ | 242,900 |
Flooring impact, EOP | 327 |  |  | 1 |  |  | 4 |  |  | 1 |  |  | 0 |  |  | 333 |
Balance, EOP, post-flooring | 74,129 |  |  | 9,798 |  |  | 70,049 |  |  | 77,032 |  |  | 12,225 |  |  | 243,233 |
Less: Reinsurance recoverable | 0 |  |  | 532 |  |  | 142 |  |  | 279 |  |  | 0 |  |  | 953 |
Balance after reinsurance recoverable, EOP, post-flooring | $ | 74,129 |  |  | $ | 9,266 |  |  | $ | 69,907 |  |  | $ | 76,753 |  |  | $ | 12,225 |  |  | 242,280 |
Other businesses, EOP(1) |  |  |  |  |  |  |  |  |  |  | 2,500 |
Reclassified to “Liabilities held-for-sale” |  |  |  |  |  |  |  |  |  |  | (264) |
Total balance after reinsurance recoverable, EOP |  |  |  |  |  |  |  |  |  |  | $ | 244,516 |
__________ (1)Reflects balance after reinsurance recoverable of $69 million, $76 million, and $5 million at December 31, 2023, 2022 and 2021, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated:
| Year Ended December 31, 2023
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Corporate and Other |  |
| Institutional |  | Term Life |  | Life Planner |  | Gibraltar Life and Other |  | Long-Term Care |  |
| ($ in millions) |  |
Undiscounted expected future gross premiums | $ | 134,192 |  |  | $ | 23,083 |  |  | $ | 69,238 |  |  | $ | 56,398 |  |  | $ | 6,852 |  |  |
Discounted expected future gross premiums (at original discount rate) | $ | 90,606 |  |  | $ | 15,322 |  |  | $ | 53,640 |  |  | $ | 45,319 |  |  | $ | 4,509 |  |  |
Discounted expected future gross premiums (at current discount rate) | $ | 77,520 |  |  | $ | 15,044 |  |  | $ | 53,102 |  |  | $ | 44,420 |  |  | $ | 4,491 |  |  |
Undiscounted expected future benefits and expenses | $ | 242,617 |  |  | $ | 31,114 |  |  | $ | 139,620 |  |  | $ | 141,171 |  |  | $ | 30,761 |  |  |
Interest accrual | $ | 2,876 |  |  | $ | 406 |  |  | $ | 1,726 |  |  | $ | 1,507 |  |  | $ | 437 |  |  |
Gross premiums | $ | 11,156 |  |  | $ | 1,848 |  |  | $ | 6,199 |  |  | $ | 6,154 |  |  | $ | 448 |  |  |
Weighted-average duration of the liability in years (at original discount rate) | 9 |  | 10 |  | 19 |  | 19 |  | 18 |  |
Weighted-average duration of the liability in years (at current discount rate) | 8 |  | 10 |  | 19 |  | 17 |  | 17 |  |
Weighted-average interest rate (at original discount rate) | 4.62 | % |  | 5.17 | % |  | 3.43 | % |  | 2.57 | % |  | 4.91 | % |  |
Weighted-average interest rate (at current discount rate) | 5.03 | % |  | 4.99 | % |  | 3.06 | % |  | 2.97 | % |  | 5.25 | % |  |
| Year Ended December 31, 2022
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Corporate and Other
| Institutional |  | Term Life |  | Life Planner |  | Gibraltar Life and Other |  | Long-Term Care
| ($ in millions)
Undiscounted expected future gross premiums | $ | 103,284 |  |  | $ | 23,526 |  |  | $ | 74,196 |  |  | $ | 64,059 |  |  | $ | 6,971 |
Discounted expected future gross premiums (at original discount rate) | $ | 72,479 |  |  | $ | 15,628 |  |  | $ | 57,985 |  |  | $ | 50,968 |  |  | $ | 4,539 |
Discounted expected future gross premiums (at current discount rate) | $ | 56,950 |  |  | $ | 14,886 |  |  | $ | 56,068 |  |  | $ | 48,902 |  |  | $ | 4,391 |
Undiscounted expected future benefits and expenses | $ | 209,770 |  |  | $ | 31,412 |  |  | $ | 148,331 |  |  | $ | 155,711 |  |  | $ | 29,613 |
Interest accrual | $ | 2,591 |  |  | $ | 395 |  |  | $ | 1,706 |  |  | $ | 1,540 |  |  | $ | 409 |
Gross premiums | $ | 15,427 |  |  | $ | 1,875 |  |  | $ | 6,731 |  |  | $ | 6,987 |  |  | $ | 441 |
Weighted-average duration of the liability in years (at original discount rate) | 8 |  | 10 |  | 20 |  | 20 |  | 19
Weighted-average duration of the liability in years (at current discount rate) | 8 |  | 10 |  | 19 |  | 18 |  | 18
Weighted-average interest rate (at original discount rate) | 4.37 | % |  | 5.21 | % |  | 3.40 | % |  | 2.50 | % |  | 4.91 | %
Weighted-average interest rate (at current discount rate) | 5.39 | % |  | 5.39 | % |  | 3.12 | % |  | 2.98 | % |  | 5.63 | %
| Year Ended December 31, 2021
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Corporate and Other
| Institutional |  | Term Life |  | Life Planner |  | Gibraltar Life and Other |  | Long-Term Care
| ($ in millions)
Undiscounted expected future gross premiums | $ | 96,352 |  |  | $ | 25,411 |  |  | $ | 80,678 |  |  | $ | 72,701 |  |  | $ | 7,261 |
Discounted expected future gross premiums (at original discount rate) | $ | 69,809 |  |  | $ | 16,565 |  |  | $ | 63,169 |  |  | $ | 58,073 |  |  | $ | 4,646 |
Discounted expected future gross premiums (at current discount rate) | $ | 74,714 |  |  | $ | 19,480 |  |  | $ | 69,781 |  |  | $ | 63,540 |  |  | $ | 5,645 |
Undiscounted expected future benefits and expenses | $ | 193,871 |  |  | $ | 29,247 |  |  | $ | 159,177 |  |  | $ | 168,706 |  |  | $ | 29,382 |
Interest accrual | $ | 2,344 |  |  | $ | 367 |  |  | $ | 1,735 |  |  | $ | 1,598 |  |  | $ | 386 |
Gross premiums | $ | 11,022 |  |  | $ | 1,867 |  |  | $ | 7,376 |  |  | $ | 8,000 |  |  | $ | 433 |
Weighted-average duration of the liability in years (at original discount rate) | 9 |  | 10 |  | 21 |  | 20 |  | 19
Weighted-average duration of the liability in years (at current discount rate) | 10 |  | 11 |  | 23 |  | 21 |  | 21
Weighted-average interest rate (at original discount rate) | 4.17 | % |  | 5.25 | % |  | 3.38 | % |  | 2.42 | % |  | 4.90 | %
Weighted-average interest rate (at current discount rate) | 2.74 | % |  | 2.55 | % |  | 1.66 | % |  | 1.60 | % |  | 3.02 | %
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2. For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter, such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss respectively. In 2023, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts. In 2022, there was a $190 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, partially offset by a $80 million gain reflecting the impact of ceded reinsurance on the affected cohorts. The unfavorable impact in 2022 was primarily due to unfavorable assumption updates related to the term life business in Individual Life. In 2021, there was a $117 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, partially offset by a $10 million gain reflecting the impact of ceded reinsurance on the affected cohorts. The unfavorable impact in 2021 was primarily due to new pension risk transfer business in Institutional Retirement Strategies, for which the present value of expected benefits at the required discount rate exceeds the premium received, with additional charges related to the term life business in Individual Life and International Businesses. Deferred Profit Liability The balances of and changes in Deferred Profit Liability as of and for the period indicated are as follows:
| Year Ended December 31, 2023
| Deferred Profit Liability
| Retirement Strategies |  | International Businesses |  |
| Institutional |  | Life Planner |  | Gibraltar Life and Other |  | Total
| (in millions)
Balance, BOP | $ | 5,532 |  |  | $ | 3,379 |  |  | $ | 5,261 |  |  | $ | 14,172 |
Flooring impact, BOP | 0 |  |  | 0 |  |  | 1 |  |  | 1 |
Balance, BOP, pre-flooring | 5,532 |  |  | 3,379 |  |  | 5,260 |  |  | 14,171 |
Effect of assumption update | 35 |  |  | (67) |  |  | (228) |  |  | (260) |
Effect of actual variances from expected experience and other activity | 21 |  |  | (14) |  |  | (61) |  |  | (54) |
Adjusted balance, BOP | 5,588 |  |  | 3,298 |  |  | 4,971 |  |  | 13,857 |
Profits deferred | 342 |  |  | 1,674 |  |  | 1,331 |  |  | 3,347 |
Interest accrual | 227 |  |  | 148 |  |  | 152 |  |  | 527 |
Amortization | (565) |  |  | (1,158) |  |  | (1,015) |  |  | (2,738) |
Foreign currency adjustment | 15 |  |  | (39) |  |  | (137) |  |  | (161) |
Other adjustments | 8 |  |  | 32 |  |  | 0 |  |  | 40 |
Balance, EOP, pre-flooring | 5,615 |  |  | 3,955 |  |  | 5,302 |  |  | 14,872 |
Flooring impact, EOP | 0 |  |  | 1 |  |  | 1 |  |  | 2 |
Balance, EOP | 5,615 |  |  | 3,956 |  |  | 5,303 |  |  | 14,874 |
Less: Reinsurance recoverable | 386 |  |  | 9 |  |  | 10 |  |  | 405 |
Balance after reinsurance recoverable | $ | 5,229 |  |  | $ | 3,947 |  |  | $ | 5,293 |  |  | 14,469 |
Other businesses |  |  |  |  |  |  | 148 |
Total balance after reinsurance recoverable |  |  |  |  |  |  | $ | 14,617 |
| Year Ended December 31, 2022
| Deferred Profit Liability
| Retirement Strategies |  | International Businesses |  |
| Institutional |  | Life Planner |  | Gibraltar Life and Other |  | Total
| (in millions)
Balance, BOP | $ | 5,183 |  |  | $ | 2,741 |  |  | $ | 5,014 |  |  | $ | 12,938 |
Flooring impact, BOP | 0 |  |  | 0 |  |  | 1 |  |  | 1 |
Balance, BOP, pre-flooring | 5,183 |  |  | 2,741 |  |  | 5,013 |  |  | 12,937 |
Effect of assumption update | 382 |  |  | 28 |  |  | (5) |  |  | 405 |
Effect of actual variances from expected experience and other activity | 102 |  |  | (1) |  |  | (110) |  |  | (9) |
Adjusted balance, BOP | 5,667 |  |  | 2,768 |  |  | 4,898 |  |  | 13,333 |
Profits deferred | 230 |  |  | 1,725 |  |  | 1,555 |  |  | 3,510 |
Interest accrual | 214 |  |  | 123 |  |  | 143 |  |  | 480 |
Amortization | (548) |  |  | (1,131) |  |  | (1,036) |  |  | (2,715) |
Foreign currency adjustment | (30) |  |  | (131) |  |  | (300) |  |  | (461) |
Other adjustments | (1) |  |  | 25 |  |  | 0 |  |  | 24 |
Balance, EOP, pre-flooring | 5,532 |  |  | 3,379 |  |  | 5,260 |  |  | 14,171 |
Flooring impact, EOP | 0 |  |  | 0 |  |  | 1 |  |  | 1 |
Balance, EOP | 5,532 |  |  | 3,379 |  |  | 5,261 |  |  | 14,172 |
Less: Reinsurance recoverable | 0 |  |  | 8 |  |  | 10 |  |  | 18 |
Balance after reinsurance recoverable | $ | 5,532 |  |  | $ | 3,371 |  |  | $ | 5,251 |  |  | 14,154 |
Other businesses |  |  |  |  |  |  | 183 |
Total balance after reinsurance recoverable |  |  |  |  |  |  | $ | 14,337 |
| Year Ended December 31, 2021
| Deferred Profit Liability
| Retirement Strategies |  | International Businesses |  |
| Institutional |  | Life Planner |  | Gibraltar Life and Other |  | Total
| (in millions)
Balance, BOP | $ | 5,116 |  |  | $ | 2,074 |  |  | $ | 4,476 |  |  | $ | 11,666 |
Flooring impact, BOP | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Balance, BOP, pre-flooring | 5,116 |  |  | 2,074 |  |  | 4,476 |  |  | 11,666 |
Effect of assumption update | 112 |  |  | 4 |  |  | (12) |  |  | 104 |
Effect of actual variances from expected experience and other activity | 180 |  |  | 0 |  |  | (3) |  |  | 177 |
Adjusted balance, BOP | 5,408 |  |  | 2,078 |  |  | 4,461 |  |  | 11,947 |
Profits deferred | 104 |  |  | 1,769 |  |  | 1,743 |  |  | 3,616 |
Interest accrual | 202 |  |  | 94 |  |  | 127 |  |  | 423 |
Amortization | (527) |  |  | (1,108) |  |  | (1,054) |  |  | (2,689) |
Foreign currency adjustment | (4) |  |  | (127) |  |  | (268) |  |  | (399) |
Other adjustments | 0 |  |  | 35 |  |  | 4 |  |  | 39 |
Balance, EOP, pre-flooring | 5,183 |  |  | 2,741 |  |  | 5,013 |  |  | 12,937 |
Flooring impact, EOP | 0 |  |  | 0 |  |  | 1 |  |  | 1 |
Balance, EOP | 5,183 |  |  | 2,741 |  |  | 5,014 |  |  | 12,938 |
Less: Reinsurance recoverable | 0 |  |  | 8 |  |  | 16 |  |  | 24 |
Balance after reinsurance recoverable | $ | 5,183 |  |  | $ | 2,733 |  |  | $ | 4,998 |  |  | 12,914 |
Other businesses |  |  |  |  |  |  | 227 |
Reclassified to “Liabilities held-for-sale” |  |  |  |  |  |  | (25) |
Total balance after reinsurance recoverable |  |  |  |  |  |  | $ | 13,116 |
The following tables provide supplemental information related to the balances of and changes in Deferred Profit Liability, included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated:
| Year Ended December 31, 2023
| Retirement Strategies |  | International Businesses
| Institutional |  | Life Planner |  | Gibraltar Life and Other
| (in millions)
Revenue(1) | $ | (68) |  |  | $ | (615) |  |  | $ | (179) |
Interest accrual | $ | 227 |  |  | $ | 148 |  |  | $ | 152 |
| Year Ended December 31, 2022
| Retirement Strategies |  | International Businesses
| Institutional |  | Life Planner |  | Gibraltar Life and Other
| (in millions)
Revenue(1) | $ | (378) |  |  | $ | (773) |  |  | $ | (547) |
Interest accrual | $ | 214 |  |  | $ | 123 |  |  | $ | 143 |
| Year Ended December 31, 2021
| Retirement Strategies |  | International Businesses
| Institutional |  | Life Planner |  | Gibraltar Life and Other
| (in millions)
Revenue(1) | $ | (70) |  |  | $ | (792) |  |  | $ | (805) |
Interest accrual | $ | 202 |  |  | $ | 94 |  |  | $ | 127 |
__________ (1)Represents the gross premiums collected in changes in Deferred Profit Liability excluding impact of foreign currency adjustments. Additional Insurance Reserves AIR represents the additional liability for annuitization, death, or other insurance benefits, including GMDB and GMIB contract features, that are above and beyond the contractholder's account balance. The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Balance, including amounts in AOCI, BOP, post-flooring | $ | 12,684 |  |  | $ | 11,708 |  |  | $ | 10,929 |
Flooring impact and amounts in AOCI | 1,285 |  |  | (909) |  |  | (1,186) |
Balance, excluding amounts in AOCI, BOP, pre-flooring | 13,969 |  |  | 10,799 |  |  | 9,743 |
Effect of assumption update | 23 |  |  | 2,200 |  |  | (1) |
Effect of actual variances from expected experience and other activity | 32 |  |  | (221) |  |  | 55 |
Adjusted balance, BOP | 14,024 |  |  | 12,778 |  |  | 9,797 |
Assessments collected(1) | 938 |  |  | 973 |  |  | 858 |
Interest accrual | 488 |  |  | 435 |  |  | 347 |
Benefits paid | (301) |  |  | (217) |  |  | (203) |
Other adjustments | 2 |  |  | 0 |  |  | 0 |
Balance, excluding amounts in AOCI, EOP, pre-flooring | 15,151 |  |  | 13,969 |  |  | 10,799 |
Flooring impact and amounts in AOCI | (843) |  |  | (1,285) |  |  | 909 |
Balance, including amounts in AOCI, EOP, post-flooring | 14,308 |  |  | 12,684 |  |  | 11,708 |
Less: Reinsurance recoverable | 5,852 |  |  | 5,075 |  |  | 4,623 |
Balance after reinsurance recoverable, including amounts in AOCI, EOP | 8,456 |  |  | 7,609 |  |  | 7,085 |
Other businesses | 131 |  |  | 138 |  |  | 226 |
Total balance after reinsurance recoverable | $ | 8,587 |  |  | $ | 7,747 |  |  | $ | 7,311 |
__________ (1)Represents the portion of gross assessments required to fund the future policy benefits.
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| ($ in millions)
Interest accrual | $ | 488 |  |  | $ | 435 |  |  | $ | 347 |
Gross assessments | $ | 2,947 |  |  | $ | 2,678 |  |  | $ | 3,018 |
Weighted-average duration of the liability in years (at original discount rate) | 22 |  | 23 |  | 19
Weighted-average interest rate (at original discount rate) | 3.40 | % |  | 3.38 | % |  | 3.38 | %
Future Policy Benefits Reconciliation The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, Additional Insurance Reserves, and Deferred Profit Liability including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company's Consolidated Statement of Financial Position as of the periods indicated:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Benefit reserves, EOP, post-flooring | $ | 192,302 |  |  | $ | 182,304 |  |  | $ | 245,474 |
Deferred profit liability, EOP, post-flooring | 15,022 |  |  | 14,356 |  |  | 13,140 |
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring | 14,439 |  |  | 12,822 |  |  | 11,934 |
Subtotal of amounts disclosed above | 221,763 |  |  | 209,482 |  |  | 270,548 |
Other Future Policy Benefits reserves(1) | 51,518 |  |  | 52,291 |  |  | 54,394 |
Total Future Policy Benefits | $ | 273,281 |  |  | $ | 261,773 |  |  | $ | 324,942 |
__________ (1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities. Revenue and Interest Expense The following tables present revenue and interest expense related to Benefit Reserves, Additional Insurance Reserves, and Deferred Profit Liability, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations as of the periods indicated:
| Year Ended December 31, 2023
| Revenues(1)
| Retirement Strategies |  | Individual Life |  | International Businesses |  |  |  |
| Institutional |  | Term Life |  | Variable/Universal Life |  | Life Planner |  | Gibraltar Life and Other |  | Other Businesses(2) |  | Total
| (in millions)
Benefit reserves | $ | 11,156 |  |  | $ | 1,848 |  |  | $ | 0 |  |  | $ | 6,199 |  |  | $ | 6,154 |  |  | $ | 540 |  |  | $ | 25,897 |
Deferred profit liability | (68) |  |  | 0 |  |  | 0 |  |  | (615) |  |  | (179) |  |  | 34 |  |  | (828) |
Additional insurance reserves | 0 |  |  | 0 |  |  | 2,947 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 2,947 |
Total | $ | 11,088 |  |  | $ | 1,848 |  |  | $ | 2,947 |  |  | $ | 5,584 |  |  | $ | 5,975 |  |  | $ | 574 |  |  | $ | 28,016 |
| Year Ended December 31, 2022
| Revenues(1)
| Retirement Strategies |  | Individual Life |  | International Businesses |  |  |  |
| Institutional |  | Term Life |  | Variable/Universal Life |  | Life Planner |  | Gibraltar Life and Other |  | Other Businesses(2) |  | Total
| (in millions)
Benefit reserves | $ | 15,427 |  |  | $ | 1,875 |  |  | $ | 0 |  |  | $ | 6,731 |  |  | $ | 6,987 |  |  | $ | 522 |  |  | $ | 31,542 |
Deferred profit liability | (378) |  |  | 0 |  |  | 0 |  |  | (773) |  |  | (547) |  |  | 42 |  |  | (1,656) |
Additional insurance reserves | 0 |  |  | 0 |  |  | 2,678 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 2,679 |
Total | $ | 15,049 |  |  | $ | 1,875 |  |  | $ | 2,678 |  |  | $ | 5,959 |  |  | $ | 6,440 |  |  | $ | 564 |  |  | $ | 32,565 |
| Year Ended December 31, 2021
| Revenues(1)
| Retirement Strategies |  | Individual Life |  | International Businesses |  |  |  |
| Institutional |  | Term Life |  | Variable/Universal Life |  | Life Planner |  | Gibraltar Life and Other |  | Other Businesses(2) |  | Total
| (in millions)
Benefit reserves | $ | 11,022 |  |  | $ | 1,867 |  |  | $ | 0 |  |  | $ | 7,376 |  |  | $ | 8,000 |  |  | $ | 538 |  |  | $ | 28,803 |
Deferred profit liability | (70) |  |  | 0 |  |  | 0 |  |  | (792) |  |  | (805) |  |  | 270 |  |  | (1,397) |
Additional insurance reserves | 0 |  |  | 0 |  |  | 3,018 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 3,018 |
Total | $ | 10,952 |  |  | $ | 1,867 |  |  | $ | 3,018 |  |  | $ | 6,584 |  |  | $ | 7,195 |  |  | $ | 808 |  |  | $ | 30,424 |
| Year Ended December 31, 2023
| Interest Expense
| Retirement Strategies |  | Individual Life |  | International Businesses |  |  |  |
| Institutional |  | Term Life |  | Variable/Universal Life |  | Life Planner |  | Gibraltar Life and Other |  | Other Businesses(2) |  | Total
| (in millions)
Benefit reserves | $ | 2,876 |  |  | $ | 406 |  |  | $ | 0 |  |  | $ | 1,726 |  |  | $ | 1,507 |  |  | $ | 490 |  |  | $ | 7,005 |
Deferred profit liability | 227 |  |  | 0 |  |  | 0 |  |  | 148 |  |  | 152 |  |  | 4 |  |  | 531 |
Additional insurance reserves | 0 |  |  | 0 |  |  | 488 |  |  | 2 |  |  | 0 |  |  | 0 |  |  | 490 |
Total | $ | 3,103 |  |  | $ | 406 |  |  | $ | 488 |  |  | $ | 1,876 |  |  | $ | 1,659 |  |  | $ | 494 |  |  | $ | 8,026 |
| Year Ended December 31, 2022
| Interest Expense
| Retirement Strategies |  | Individual Life |  | International Businesses |  |  |  |
| Institutional |  | Term Life |  | Variable/Universal Life |  | Life Planner |  | Gibraltar Life and Other |  | Other Businesses(2) |  | Total
| (in millions)
Benefit reserves | $ | 2,591 |  |  | $ | 395 |  |  | $ | 0 |  |  | $ | 1,706 |  |  | $ | 1,540 |  |  | $ | 464 |  |  | $ | 6,696 |
Deferred profit liability | 214 |  |  | 0 |  |  | 0 |  |  | 123 |  |  | 143 |  |  | 6 |  |  | 486 |
Additional insurance reserves | 0 |  |  | 0 |  |  | 435 |  |  | 3 |  |  | 0 |  |  | 0 |  |  | 438 |
Total | $ | 2,805 |  |  | $ | 395 |  |  | $ | 435 |  |  | $ | 1,832 |  |  | $ | 1,683 |  |  | $ | 470 |  |  | $ | 7,620 |
| Year Ended December 31, 2021
| Interest Expense
| Retirement Strategies |  | Individual Life |  | International Businesses |  |  |  |
| Institutional |  | Term Life |  | Variable/Universal Life |  | Life Planner |  | Gibraltar Life and Other |  | Other Businesses(2) |  | Total
| (in millions)
Benefit reserves | $ | 2,344 |  |  | $ | 367 |  |  | $ | 0 |  |  | $ | 1,735 |  |  | $ | 1,598 |  |  | $ | 445 |  |  | $ | 6,489 |
Deferred profit liability | 202 |  |  | 0 |  |  | 0 |  |  | 94 |  |  | 127 |  |  | 6 |  |  | 429 |
Additional insurance reserves | 0 |  |  | 0 |  |  | 347 |  |  | 4 |  |  | 1 |  |  | 0 |  |  | 352 |
Total | $ | 2,546 |  |  | $ | 367 |  |  | $ | 347 |  |  | $ | 1,833 |  |  | $ | 1,726 |  |  | $ | 451 |  |  | $ | 7,270 |
__________ (1)Represents “Gross premiums” for benefit reserves, “Revenue” for deferred profit liability and “Gross assessments” for additional insurance reserves. (2)Includes remaining balances disclosed above and balances for which disaggregated rollforward disclosures may not be presented above. POLICYHOLDERS’ ACCOUNT BALANCES The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
| Year Ended December 31, 2023
|  | Retirement Strategies |  | Group Insurance |  | Individual Life |  | International Businesses |  | Total
|  | Institutional |  | Individual Variable |  | Individual Fixed |  | Life/Disability |  | Variable/Universal Life |  | Life Planner |  | Gibraltar Life and Other |
|  | ($ in millions)
Balance, beginning of period |  | $ | 17,376 |  |  | $ | 17,524 |  |  | $ | 4,643 |  |  | $ | 5,839 |  |  | $ | 26,502 |  |  | $ | 11,168 |  |  | $ | 35,325 |  |  | $ | 118,377 |
Deposits |  | 5,657 |  |  | 4,638 |  |  | 2,659 |  |  | 1,212 |  |  | 2,447 |  |  | 2,417 |  |  | 6,611 |  |  | 25,641 |
Interest credited |  | 677 |  |  | 305 |  |  | 129 |  |  | 165 |  |  | 773 |  |  | 709 |  |  | 736 |  |  | 3,494 |
Dispositions |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Policy charges |  | (23) |  |  | (24) |  |  | (9) |  |  | (323) |  |  | (2,047) |  |  | (312) |  |  | (217) |  |  | (2,955) |
Surrenders and withdrawals |  | (5,290) |  |  | (704) |  |  | (414) |  |  | (1,552) |  |  | (1,820) |  |  | (218) |  |  | (1,487) |  |  | (11,485) |
Benefit payments |  | (659) |  |  | (76) |  |  | (76) |  |  | 0 |  |  | (154) |  |  | (266) |  |  | (1,919) |  |  | (3,150) |
Net transfers (to) from separate account |  | 0 |  |  | 34 |  |  | 0 |  |  | (48) |  |  | 1,393 |  |  | 0 |  |  | 0 |  |  | 1,379 |
Change in market value and other adjustments(1) |  | 0 |  |  | 2,068 |  |  | 163 |  |  | 0 |  |  | 345 |  |  | 31 |  |  | (9) |  |  | 2,598 |
Foreign currency adjustment |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (580) |  |  | (590) |  |  | (1,170) |
Balance, end of period |  | 17,738 |  |  | 23,765 |  |  | 7,095 |  |  | 5,293 |  |  | 27,439 |  |  | 12,949 |  |  | 38,450 |  |  | 132,729 |
Less: Reinsurance recoverable(2) |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1 |  |  | 20 |  |  | 21 |
Policyholders' account balance net of reinsurance recoverable |  | $ | 17,738 |  |  | $ | 23,765 |  |  | $ | 7,095 |  |  | $ | 5,293 |  |  | $ | 27,439 |  |  | $ | 12,948 |  |  | $ | 38,430 |  |  | 132,708 |
Closed Block Division |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,500 |
Unearned revenue reserve, unearned expense credit, and additional interest reserve |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,326 |
Other(3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,463 |
Total Policyholders' account balance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 147,018 |
Weighted-average crediting rate |  | 3.85 | % |  | 1.48 | % |  | 2.21 | % |  | 2.96 | % |  | 2.87 | % |  | 5.88 | % |  | 1.99 | % |  | 2.78 | %
Net amount at risk(4) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 72,858 |  |  | $ | 382,399 |  |  | $ | 19,276 |  |  | $ | 6,453 |  |  | $ | 480,986 |
Cash surrender value(5) |  | $ | 17,738 |  |  | $ | 21,640 |  |  | $ | 5,827 |  |  | $ | 4,021 |  |  | $ | 23,234 |  |  | $ | 11,268 |  |  | $ | 33,833 |  |  | $ | 117,561 |
| Year Ended December 31, 2022
|  | Retirement Strategies |  | Group Insurance |  | Individual Life |  | International Businesses |  | Total
|  | Institutional |  | Individual Variable |  | Individual Fixed |  | Life/Disability |  | Variable/Universal Life |  | Life Planner |  | Gibraltar Life and Other |
|  | ($ in millions)
Balance, beginning of period |  | $ | 16,391 |  |  | $ | 14,125 |  |  | $ | 4,652 |  |  | $ | 6,273 |  |  | $ | 26,859 |  |  | $ | 11,555 |  |  | $ | 37,615 |  |  | $ | 117,470 |
Deposits |  | 6,083 |  |  | 4,777 |  |  | 753 |  |  | 1,233 |  |  | 2,551 |  |  | 1,499 |  |  | 3,978 |  |  | 20,874 |
Interest credited |  | 561 |  |  | 211 |  |  | 87 |  |  | 153 |  |  | 816 |  |  | 38 |  |  | 518 |  |  | 2,384 |
Dispositions(6) |  | 0 |  |  | (1,405) |  |  | (440) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1,845) |
Policy charges |  | (22) |  |  | (6) |  |  | (5) |  |  | (322) |  |  | (2,040) |  |  | (216) |  |  | (174) |  |  | (2,785) |
Surrenders and withdrawals |  | (5,075) |  |  | (372) |  |  | (163) |  |  | (1,457) |  |  | (1,657) |  |  | (210) |  |  | (2,816) |  |  | (11,750) |
Benefit payments |  | (562) |  |  | (92) |  |  | (176) |  |  | 0 |  |  | (197) |  |  | (253) |  |  | (1,966) |  |  | (3,246) |
Net transfers (to) from separate account |  | 0 |  |  | 246 |  |  | 0 |  |  | (41) |  |  | 449 |  |  | 0 |  |  | 0 |  |  | 654 |
Change in market value and other adjustments(1) |  | 0 |  |  | 40 |  |  | (65) |  |  | 0 |  |  | (279) |  |  | 28 |  |  | (10) |  |  | (286) |
Foreign currency adjustment |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1,273) |  |  | (1,820) |  |  | (3,093) |
Balance, end of period |  | 17,376 |  |  | 17,524 |  |  | 4,643 |  |  | 5,839 |  |  | 26,502 |  |  | 11,168 |  |  | 35,325 |  |  | 118,377 |
Less: Reinsurance recoverable(2) |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 12 |  |  | 1 |  |  | 22 |  |  | 35 |
Policyholders' account balance net of reinsurance recoverable |  | $ | 17,376 |  |  | $ | 17,524 |  |  | $ | 4,643 |  |  | $ | 5,839 |  |  | $ | 26,490 |  |  | $ | 11,167 |  |  | $ | 35,303 |  |  | 118,342 |
Closed Block Division |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,607 |
Unearned revenue reserve, unearned expense credit, and additional interest reserve |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,581 |
Other(3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,059 |
Total Policyholders' account balance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 135,624 |
Weighted-average crediting rate |  | 3.33 | % |  | 1.34 | % |  | 1.88 | % |  | 2.53 | % |  | 3.06 | % |  | 3.41 | % |  | 1.42 | % |  | 2.32 | %
Net amount at risk(4) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 70,574 |  |  | $ | 367,698 |  |  | $ | 17,205 |  |  | $ | 7,138 |  |  | $ | 462,615 |
Cash surrender value(5) |  | $ | 17,376 |  |  | $ | 15,297 |  |  | $ | 3,581 |  |  | $ | 4,147 |  |  | $ | 21,766 |  |  | $ | 9,612 |  |  | $ | 31,270 |  |  | $ | 103,049 |
|  | Year Ended December 31, 2021
|  | Retirement Strategies |  | Group Insurance |  | Individual Life |  | International Businesses |  | Corporate and Other |  | Total
|  | Institutional |  | Individual Variable |  | Individual Fixed |  | Life/Disability |  | Variable/Universal Life |  | Life Planner |  | Gibraltar Life and Other |  | Full Service |
|  | ($ in millions)
Balance, beginning of period |  | $ | 18,456 |  |  | $ | 8,169 |  |  | $ | 4,215 |  |  | $ | 7,440 |  |  | $ | 26,597 |  |  | $ | 11,383 |  |  | $ | 39,716 |  |  | $ | 36,561 |  |  | $ | 152,537 |
Deposits |  | 4,188 |  |  | 4,326 |  |  | 841 |  |  | 1,039 |  |  | 3,091 |  |  | 1,446 |  |  | 2,746 |  |  | 5,918 |  |  | 23,595 |
Interest credited |  | 549 |  |  | 244 |  |  | 15 |  |  | 171 |  |  | 746 |  |  | 511 |  |  | 649 |  |  | 900 |  |  | 3,785 |
Dispositions |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Policy charges |  | (23) |  |  | (3) |  |  | (5) |  |  | (321) |  |  | (1,993) |  |  | (196) |  |  | (101) |  |  | (231) |  |  | (2,873) |
Surrenders and withdrawals |  | (6,238) |  |  | (346) |  |  | (301) |  |  | (2,058) |  |  | (1,852) |  |  | (222) |  |  | (1,374) |  |  | (6,503) |  |  | (18,894) |
Benefit payments |  | (541) |  |  | (190) |  |  | (113) |  |  | 0 |  |  | (221) |  |  | (261) |  |  | (2,257) |  |  | 0 |  |  | (3,583) |
Net transfers (to) from separate account |  | 0 |  |  | 837 |  |  | 0 |  |  | 2 |  |  | 406 |  |  | 0 |  |  | 0 |  |  | 433 |  |  | 1,678 |
Change in market value and other adjustments(1) |  | 0 |  |  | 1,088 |  |  | 0 |  |  | 0 |  |  | 85 |  |  | 21 |  |  | (19) |  |  | (573) |  |  | 602 |
Foreign currency adjustment |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1,127) |  |  | (1,745) |  |  | 0 |  |  | (2,872) |
Balance, end of period |  | 16,391 |  |  | 14,125 |  |  | 4,652 |  |  | 6,273 |  |  | 26,859 |  |  | 11,555 |  |  | 37,615 |  |  | 36,505 |  |  | 153,975 |
Less: Reinsurance recoverable(2) |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 13 |  |  | 1 |  |  | 27 |  |  | 0 |  |  | 41 |
Policyholders' account balance net of reinsurance recoverable |  | $ | 16,391 |  |  | $ | 14,125 |  |  | $ | 4,652 |  |  | $ | 6,273 |  |  | $ | 26,846 |  |  | $ | 11,554 |  |  | $ | 37,588 |  |  | $ | 36,505 |  |  | 153,934 |
Closed Block Division |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,737 |
Unearned revenue reserve, unearned expense credit, and additional interest reserve |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,905 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 339 |
Reclassified to “Liabilities held-for-sale”(7) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (39,914) |
Total Policyholders' account balance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 123,042 |
Weighted-average crediting rate |  | 3.15 | % |  | 2.19 | % |  | 0.34 | % |  | 2.50 | % |  | 2.79 | % |  | 4.46 | % |  | 1.68 | % |  | 2.46 | % |  | 2.47 | %
Net amount at risk(4) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 16 |  |  | $ | 67,471 |  |  | $ | 352,407 |  |  | $ | 15,362 |  |  | $ | 8,461 |  |  | $ | 0 |  |  | $ | 443,717 |
Cash surrender value(5) |  | $ | 16,391 |  |  | $ | 13,903 |  |  | $ | 3,157 |  |  | $ | 3,736 |  |  | $ | 21,594 |  |  | $ | 10,441 |  |  | $ | 36,273 |  |  | $ | 36,505 |  |  | $ | 142,000 |
__________ (1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products. (2)The amount of recoverable related to reinsurance agreements that reduce the risk of the policyholders' account balance gross liability. (3)Includes $5,479 million and $8,133 million of Full Service account balances reinsured to Great-West for December 31, 2023 and December 31, 2022, respectively. See Note 1 for further information. (4)The net amount at risk calculation includes both general account and separate account balances. (5)Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment. (6)Represents the net impact from the sale of PALAC in Individual Retirement Strategies. (7)Represents “Liabilities held-for-sale” of $(11,750) million and $(28,164) million related to the sale of PALAC and Full Service Retirement Business, respectively. Policyholders’ account balances for Institutional Retirement Strategies and Life Planner includes the Company’s Funding Agreement Notes Issuance Program (“FANIP”) at December 31, 2023, 2022 and 2021 are $5,597 million, $5,064 million and $4,959 million, respectively. Under this program, which has a maximum authorized amount of $15 billion of medium-term notes and $6 billion of commercial paper, Delaware statutory trusts issue short-term commercial paper and/or medium-term notes to investors that are secured by funding agreements issued to the trusts by PICA. The outstanding commercial paper and notes have fixed or floating interest rates that range from 0.0% to 5.6% and original maturities ranging from three months to five years. Included in the amounts at December 31, 2023, 2022 and 2021 are funding agreements which secure the medium-term note liability, which are carried at amortized cost, of $3,474 million, $2,968 million and $3,117 million, respectively, and short-term note liability of $2,156 million, $2,130 million and $1,847 million, respectively. Also included in Policyholders’ account balances for Institutional Retirement Strategies are collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) at December 31, 2023, 2022 and 2021 totaling $2,628 million, $2,628 million, and $1,050 million, respectively. These obligations, which are carried at amortized cost, have fixed interest rates that range from 1.925% to 4.510% and original maturities ranging from nine months to seven years. For additional details on the FHLBNY program, see Note 18. The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid. The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns. The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 14 for additional information, including the net amount at risk associated with these guarantees. The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points (“bps”), between rates being credited to policyholders and the respective guaranteed minimums are as follows:
|  | December 31, 2023
Range of Guaranteed Minimum Crediting Rate (1) |  | At guaranteed minimum |  | 1 - 50 bps above guaranteed minimum |  | 51 - 150 bps above guaranteed minimum |  | Greater than 150 bps above guaranteed minimum |  | Total
|  | (in millions)
Retirement Strategies - Institutional |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 589 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 589 |
1.00% - 1.99% |  | 1,552 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,552 |
2.00% - 2.99% |  | 596 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 596 |
3.00% - 4.00% |  | 5,041 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 5,041 |
Greater than 4.00% |  | 1,906 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,906 |
Total |  | $ | 9,684 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 9,684 |
Retirement Strategies - Individual Variable |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 908 |  |  | $ | 807 |  |  | $ | 18 |  |  | $ | 0 |  |  | $ | 1,733 |
1.00% - 1.99% |  | 218 |  |  | 2 |  |  | 1 |  |  | 0 |  |  | 221 |
2.00% - 2.99% |  | 29 |  |  | 4 |  |  | 4 |  |  | 0 |  |  | 37 |
3.00% - 4.00% |  | 1,942 |  |  | 13 |  |  | 10 |  |  | 0 |  |  | 1,965 |
Greater than 4.00% |  | 95 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 95 |
Total |  | $ | 3,192 |  |  | $ | 826 |  |  | $ | 33 |  |  | $ | 0 |  |  | $ | 4,051 |
Retirement Strategies - Individual Fixed |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1 |  |  | $ | 117 |  |  | $ | 118 |
1.00% - 1.99% |  | 526 |  |  | 122 |  |  | 250 |  |  | 80 |  |  | 978 |
2.00% - 2.99% |  | 550 |  |  | 469 |  |  | 562 |  |  | 17 |  |  | 1,598 |
3.00% - 4.00% |  | 321 |  |  | 11 |  |  | 0 |  |  | 0 |  |  | 332 |
Greater than 4.00% |  | 95 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 95 |
Total |  | $ | 1,492 |  |  | $ | 602 |  |  | $ | 813 |  |  | $ | 214 |  |  | $ | 3,121 |
Group Insurance - Life / Disability |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,147 |  |  | $ | 1,147 |
1.00% - 1.99% |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
2.00% - 2.99% |  | 29 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 29 |
3.00% - 4.00% |  | 1,543 |  |  | 0 |  |  | 0 |  |  | 50 |  |  | 1,593 |
Greater than 4.00% |  | 73 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 73 |
Total |  | $ | 1,645 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,197 |  |  | $ | 2,842 |
Individual Life - Variable / Universal Life |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 368 |  |  | $ | 368 |
1.00% - 1.99% |  | 201 |  |  | 0 |  |  | 2,588 |  |  | 813 |  |  | 3,602 |
2.00% - 2.99% |  | 30 |  |  | 1,445 |  |  | 2,944 |  |  | 340 |  |  | 4,759 |
3.00% - 4.00% |  | 4,422 |  |  | 4,092 |  |  | 1,311 |  |  | 19 |  |  | 9,844 |
Greater than 4.00% |  | 5,491 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 5,491 |
Total |  | $ | 10,144 |  |  | $ | 5,537 |  |  | $ | 6,843 |  |  | $ | 1,540 |  |  | $ | 24,064 |
International Businesses - Life Planner |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 331 |  |  | $ | 43 |  |  | $ | 89 |  |  | $ | 1,996 |  |  | $ | 2,459 |
1.00% - 1.99% |  | 2,969 |  |  | 28 |  |  | 0 |  |  | 0 |  |  | 2,997 |
2.00% - 2.99% |  | 2,124 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 2,124 |
3.00% - 4.00% |  | 354 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 354 |
Greater than 4.00% |  | 400 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 400 |
Total |  | $ | 6,178 |  |  | $ | 71 |  |  | $ | 89 |  |  | $ | 1,996 |  |  | $ | 8,334 |
International Businesses - Gibraltar Life and Other |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 15,975 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 15,975 |
1.00% - 1.99% |  | 9,016 |  |  | 63 |  |  | 0 |  |  | 0 |  |  | 9,079 |
2.00% - 2.99% |  | 3,114 |  |  | 310 |  |  | 36 |  |  | 0 |  |  | 3,460 |
3.00% - 4.00% |  | 4,378 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 4,378 |
Greater than 4.00% |  | 5,419 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 5,419 |
Total |  | $ | 37,902 |  |  | $ | 373 |  |  | $ | 36 |  |  | $ | 0 |  |  | $ | 38,311 |
|  | December 31, 2022
Range of Guaranteed Minimum Crediting Rate (1) |  | At guaranteed minimum |  | 1 - 50 bps above guaranteed minimum |  | 51 - 150 bps above guaranteed minimum |  | Greater than 150 bps above guaranteed minimum |  | Total
|  | (in millions)
Retirement Strategies - Institutional |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 401 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 401 |
1.00% - 1.99% |  | 1,575 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,575 |
2.00% - 2.99% |  | 672 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 672 |
3.00% - 4.00% |  | 5,697 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 5,697 |
Greater than 4.00% |  | 1,510 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,510 |
Total |  | $ | 9,855 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 9,855 |
Retirement Strategies - Individual Variable |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 1,009 |  |  | $ | 861 |  |  | $ | 19 |  |  | $ | 0 |  |  | $ | 1,889 |
1.00% - 1.99% |  | 246 |  |  | 2 |  |  | 1 |  |  | 0 |  |  | 249 |
2.00% - 2.99% |  | 33 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 34 |
3.00% - 4.00% |  | 2,289 |  |  | 10 |  |  | 10 |  |  | 0 |  |  | 2,309 |
Greater than 4.00% |  | 111 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 111 |
Total |  | $ | 3,688 |  |  | $ | 874 |  |  | $ | 30 |  |  | $ | 0 |  |  | $ | 4,592 |
Retirement Strategies - Individual Fixed |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
1.00% - 1.99% |  | 614 |  |  | 113 |  |  | 250 |  |  | 83 |  |  | 1,060 |
2.00% - 2.99% |  | 474 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 474 |
3.00% - 4.00% |  | 389 |  |  | 4 |  |  | 0 |  |  | 0 |  |  | 393 |
Greater than 4.00% |  | 105 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 105 |
Total |  | $ | 1,582 |  |  | $ | 117 |  |  | $ | 250 |  |  | $ | 83 |  |  | $ | 2,032 |
Group Insurance - Life / Disability |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,564 |  |  | $ | 1,564 |
1.00% - 1.99% |  | 7 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 7 |
2.00% - 2.99% |  | 53 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 53 |
3.00% - 4.00% |  | 1,658 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,658 |
Greater than 4.00% |  | 3 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 3 |
Total |  | $ | 1,721 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,564 |  |  | $ | 3,285 |
Individual Life - Variable / Universal Life |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 12 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 12 |
1.00% - 1.99% |  | 420 |  |  | 0 |  |  | 774 |  |  | 1,928 |  |  | 3,122 |
2.00% - 2.99% |  | 402 |  |  | 121 |  |  | 2,414 |  |  | 1,844 |  |  | 4,781 |
3.00% - 4.00% |  | 7,787 |  |  | 32 |  |  | 2,280 |  |  | 145 |  |  | 10,244 |
Greater than 4.00% |  | 5,594 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 5,594 |
Total |  | $ | 14,215 |  |  | $ | 153 |  |  | $ | 5,468 |  |  | $ | 3,917 |  |  | $ | 23,753 |
International Businesses - Life Planner |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 356 |  |  | $ | 27 |  |  | $ | 93 |  |  | $ | 404 |  |  | $ | 880 |
1.00% - 1.99% |  | 3,175 |  |  | 24 |  |  | 0 |  |  | 0 |  |  | 3,199 |
2.00% - 2.99% |  | 2,285 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 2,285 |
3.00% - 4.00% |  | 330 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 330 |
Greater than 4.00% |  | 405 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 405 |
Total |  | $ | 6,551 |  |  | $ | 51 |  |  | $ | 93 |  |  | $ | 404 |  |  | $ | 7,099 |
International Businesses - Gibraltar Life and Other |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 17,485 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 17,485 |
1.00% - 1.99% |  | 10,064 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 10,064 |
2.00% - 2.99% |  | 3,277 |  |  | 345 |  |  | 43 |  |  | 0 |  |  | 3,665 |
3.00% - 4.00% |  | 2,555 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 2,555 |
Greater than 4.00% |  | 1,303 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,303 |
Total |  | $ | 34,684 |  |  | $ | 345 |  |  | $ | 43 |  |  | $ | 0 |  |  | $ | 35,072 |
|  | December 31, 2021
Range of Guaranteed Minimum Crediting Rate (1) |  | At guaranteed minimum |  | 1 - 50 bps above guaranteed minimum |  | 51 - 150 bps above guaranteed minimum |  | Greater than 150 bps above guaranteed minimum |  | Total
|  | (in millions)
Retirement Strategies - Institutional |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
1.00% - 1.99% |  | 1,470 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,470 |
2.00% - 2.99% |  | 832 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 832 |
3.00% - 4.00% |  | 5,119 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 5,119 |
Greater than 4.00% |  | 1,535 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,535 |
Total |  | $ | 8,956 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 8,956 |
Retirement Strategies - Individual Variable |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 1,394 |  |  | $ | 894 |  |  | $ | 19 |  |  | $ | 0 |  |  | $ | 2,307 |
1.00% - 1.99% |  | 271 |  |  | 2 |  |  | 1 |  |  | 0 |  |  | 274 |
2.00% - 2.99% |  | 115 |  |  | 0 |  |  | 1 |  |  | 0 |  |  | 116 |
3.00% - 4.00% |  | 3,167 |  |  | 5 |  |  | 10 |  |  | 0 |  |  | 3,182 |
Greater than 4.00% |  | 116 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 116 |
Total |  | $ | 5,063 |  |  | $ | 901 |  |  | $ | 31 |  |  | $ | 0 |  |  | $ | 5,995 |
Retirement Strategies - Individual Fixed |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
1.00% - 1.99% |  | 626 |  |  | 67 |  |  | 100 |  |  | 5 |  |  | 798 |
2.00% - 2.99% |  | 585 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 585 |
3.00% - 4.00% |  | 423 |  |  | 2 |  |  | 0 |  |  | 0 |  |  | 425 |
Greater than 4.00% |  | 116 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 116 |
Total |  | $ | 1,750 |  |  | $ | 69 |  |  | $ | 100 |  |  | $ | 5 |  |  | $ | 1,924 |
Group Insurance - Life / Disability |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 2,026 |  |  | $ | 2,026 |
1.00% - 1.99% |  | 7 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 7 |
2.00% - 2.99% |  | 55 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 55 |
3.00% - 4.00% |  | 1,689 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,689 |
Greater than 4.00% |  | 4 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 4 |
Total |  | $ | 1,755 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 2,026 |  |  | $ | 3,781 |
Individual Life - Variable / Universal Life |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 18 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 18 |
1.00% - 1.99% |  | 382 |  |  | 0 |  |  | 0 |  |  | 2,538 |  |  | 2,920 |
2.00% - 2.99% |  | 413 |  |  | 0 |  |  | 3,735 |  |  | 747 |  |  | 4,895 |
3.00% - 4.00% |  | 8,066 |  |  | 2,050 |  |  | 675 |  |  | 61 |  |  | 10,852 |
Greater than 4.00% |  | 5,602 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 5,602 |
Total |  | $ | 14,481 |  |  | $ | 2,050 |  |  | $ | 4,410 |  |  | $ | 3,346 |  |  | $ | 24,287 |
International Businesses - Life Planner |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 398 |  |  | $ | 28 |  |  | $ | 92 |  |  | $ | 0 |  |  | $ | 518 |
1.00% - 1.99% |  | 3,589 |  |  | 23 |  |  | 0 |  |  | 0 |  |  | 3,612 |
2.00% - 2.99% |  | 2,631 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 2,631 |
3.00% - 4.00% |  | 307 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 307 |
Greater than 4.00% |  | 439 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 439 |
Total |  | $ | 7,364 |  |  | $ | 51 |  |  | $ | 92 |  |  | $ | 0 |  |  | $ | 7,507 |
International Businesses - Gibraltar Life and Other |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 21,177 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 21,177 |
1.00% - 1.99% |  | 11,525 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 11,525 |
2.00% - 2.99% |  | 3,373 |  |  | 355 |  |  | 0 |  |  | 0 |  |  | 3,728 |
3.00% - 4.00% |  | 459 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 459 |
Greater than 4.00% |  | 326 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 326 |
Total |  | $ | 36,860 |  |  | $ | 355 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 37,215 |
Corporate and Other - Full Services |  |  |  |  |  |  |  |  |  |
Less than 1.00% |  | $ | 448 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 448 |
1.00% - 1.99% |  | 13,224 |  |  | 14,162 |  |  | 1,980 |  |  | 0 |  |  | 29,366 |
2.00% - 2.99% |  | 0 |  |  | 6 |  |  | 0 |  |  | 0 |  |  | 6 |
3.00% - 4.00% |  | 6,610 |  |  | 59 |  |  | 0 |  |  | 0 |  |  | 6,669 |
Greater than 4.00% |  | 16 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 16 |
Total |  | $ | 20,298 |  |  | $ | 14,227 |  |  | $ | 1,980 |  |  | $ | 0 |  |  | $ | 36,505 |
__________ (1)Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products. Unearned Revenue Reserve The balance of and changes in URR as of and for the periods ended are as follows:
| Year Ended December 31, 2023
| Individual Life |  | International Businesses |  |
| Variable/ Universal Life |  | Life Planner |  | Gibraltar Life and Other |  | Total
| (in millions)
Balance, beginning of period | $ | 3,983 |  |  | $ | 231 |  |  | $ | 81 |  |  | $ | 4,295 |
Unearned revenue | 841 |  |  | 147 |  |  | 22 |  |  | 1,010 |
Amortization expense | (211) |  |  | (10) |  |  | (5) |  |  | (226) |
Other adjustments | 0 |  |  | 3 |  |  | 0 |  |  | 3 |
FX adjustment | 0 |  |  | (12) |  |  | (3) |  |  | (15) |
Balance, end of period | 4,613 |  |  | 359 |  |  | 95 |  |  | 5,067 |
Less: Reinsurance recoverables | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Unearned revenue reserve net of reinsurance recoverables | $ | 4,613 |  |  | $ | 359 |  |  | $ | 95 |  |  | 5,067 |
Other |  |  |  |  |  |  | 49 |
Total unearned revenue reserve balance |  |  |  |  |  |  | $ | 5,116 |
| Year Ended December 31, 2022
| Individual Life |  | International Businesses |  |
| Variable/ Universal Life |  | Life Planner |  | Gibraltar Life and Other |  | Total
| (in millions)
Balance, beginning of period | $ | 3,357 |  |  | $ | 181 |  |  | $ | 68 |  |  | $ | 3,606 |
Unearned revenue | 815 |  |  | 67 |  |  | 24 |  |  | 906 |
Amortization expense | (189) |  |  | (5) |  |  | (6) |  |  | (200) |
Other adjustments | 0 |  |  | 5 |  |  | 1 |  |  | 6 |
FX adjustment | 0 |  |  | (17) |  |  | (6) |  |  | (23) |
Balance, end of period | 3,983 |  |  | 231 |  |  | 81 |  |  | 4,295 |
Less: Reinsurance recoverables | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Unearned revenue reserve net of reinsurance recoverables | $ | 3,983 |  |  | $ | 231 |  |  | $ | 81 |  |  | 4,295 |
Other |  |  |  |  |  |  | 51 |
Total unearned revenue reserve balance |  |  |  |  |  |  | $ | 4,346 |
| Year Ended December 31, 2021
| Individual Life |  | International Businesses |  |
| Variable/Universal Life |  | Life Planner |  | Gibraltar Life and Other |  | Total
| (in millions)
Balance, beginning of period | $ | 2,743 |  |  | $ | 163 |  |  | $ | 50 |  |  | $ | 2,956 |
Unearned revenue | 781 |  |  | 35 |  |  | 30 |  |  | 846 |
Amortization expense | (167) |  |  | (5) |  |  | (9) |  |  | (181) |
Other adjustments | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
FX adjustment | 0 |  |  | (12) |  |  | (3) |  |  | (15) |
Balance, end of period | 3,357 |  |  | 181 |  |  | 68 |  |  | 3,606 |
Less: Reinsurance recoverables | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Unearned revenue reserve net of reinsurance recoverables | $ | 3,357 |  |  | $ | 181 |  |  | $ | 68 |  |  | 3,606 |
Other |  |  |  |  |  |  | 38 |
Total unearned revenue reserve balance |  |  |  |  |  |  | $ | 3,644 |
MARKET RISK BENEFITS The following table shows a rollforward of MRB balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Balance, BOP | $ | 4,987 |  |  | $ | 13,392 |  |  | $ | 19,677 |
Effect of cumulative changes in NPR | 1,828 |  |  | 898 |  |  | 1,582 |
Balance, BOP, before effect of changes in NPR | 6,815 |  |  | 14,290 |  |  | 21,259 |
Attributed fees collected | 1,186 |  |  | 1,339 |  |  | 1,637 |
Claims paid | (114) |  |  | (99) |  |  | (78) |
Interest accrual | 317 |  |  | 157 |  |  | 35 |
Actual in force different from expected | 80 |  |  | 126 |  |  | 22 |
Effect of changes in interest rates | (1,480) |  |  | (8,374) |  |  | (4,439) |
Effect of changes in equity markets | (1,952) |  |  | 3,522 |  |  | (3,816) |
Effect of assumption update | 342 |  |  | (152) |  |  | (330) |
Issuances | 23 |  |  | 0 |  |  | 0 |
Other adjustments(1) | (42) |  |  | (3,994) |  |  | 0 |
Balance, EOP, before effect of changes in NPR | 5,175 |  |  | 6,815 |  |  | 14,290 |
Effect of cumulative changes in NPR | (1,137) |  |  | (1,828) |  |  | (898) |
Balance, EOP | 4,038 |  |  | 4,987 |  |  | 13,392 |
Less: Reinsured MRBs | 616 |  |  | 24 |  |  | 109 |
Balance, EOP, net of reinsurance | 3,422 |  |  | 4,963 |  |  | 13,283 |
Other businesses | 64 |  |  | 101 |  |  | 288 |
Reclassified to “Assets and Liabilities held-for-sale”(2) | 0 |  |  | 0 |  |  | (4,340) |
Total net MRB balance | $ | 3,486 |  |  | $ | 5,064 |  |  | $ | 9,231 |
__________ (1)2022 includes $(4,061) million related to the sale of PALAC. See Note 1 for additional information. (2)2021 includes “Assets held-for-sale” of $(102) million and “Liabilities held-for-sale” of $(4,324) million related to the sale of PALAC and “Liabilities held-for-sale” of $(118) million related to the sale of Full Service (in Other businesses). In 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions on certain variable annuities. In 2022, the Company recognized a favorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to mortality and policyholder behavior assumptions on certain variable annuities. In 2021, the Company recognized a favorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to long-term asset mix assumptions supporting claims on certain variable annuities. The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods. The Company also issues indexed variable annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed variable annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods. For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality. For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality. For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior. The following table presents accompanying information to the rollforward table above.
| December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
| ($ in millions)
Net amount at risk(1) | $ | 9,753 |  |  | $ | 13,180 |  |  | $ | 5,160 |
Weighted-average attained age of contractholders | 70 |  | 69 |  | 67
___________ (1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included. The tables below reconcile MRB asset and liability positions as of the following dates:
| December 31, 2023 |  |
| Retirement Strategies |  |  |  |  |  |  |  |  |  |
| Individual Variable |  | Other Businesses |  | Total |  |  |  |  |  |
| (in millions)
MRB Assets | $ | 1,967 |  |  | $ | 14 |  |  | $ | 1,981 |  |  |  |  |  |  |
MRB Liabilities | 5,389 |  |  | 78 |  |  | 5,467 |  |  |  |  |  |  |
Net Liability | $ | 3,422 |  |  | $ | 64 |  |  | $ | 3,486 |  |  |  |  |  |  |
| December 31, 2022 |  |
| Retirement Strategies |  |  |  |  |  |  |  |  |  |
| Individual Variable |  | Other Businesses |  | Total |  |  |  |  |  |
| (in millions)
MRB Assets | $ | 787 |  |  | $ | 13 |  |  | $ | 800 |  |  |  |  |  |  |
MRB Liabilities | 5,750 |  |  | 114 |  |  | 5,864 |  |  |  |  |  |  |
Net Liability | $ | 4,963 |  |  | $ | 101 |  |  | $ | 5,064 |  |  |  |  |  |  |
| December 31, 2021 |  |
| Retirement Strategies |  |  |  |  |  |  |  |  |  |
| Individual Variable |  | Other Businesses |  | Total |  |  |  |  |  |
| (in millions)
MRB Assets(1) | $ | 927 |  |  | $ | 17 |  |  | $ | 944 |  |  |  |  |  |  |
MRB Liabilities(2) | 9,988 |  |  | 187 |  |  | 10,175 |  |  |  |  |  |  |
Net Liability | $ | 9,061 |  |  | $ | 170 |  |  | $ | 9,231 |  |  |  |  |  |  |
__________ (1)Excludes “Assets held-for-sale” of $(102) million, as described above. (2)Excludes “Liabilities held-for-sale” of $(4,442) million, as described above.

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- Definition The entire disclosure for long duration contracts. This may include the information pertinent to an understanding of the types of traditional and nontraditional insurance and investment contracts sold and serviced, including the nature and amount of estimated guaranteed obligations pertaining to such contracts and the assumptions underlying such estimated amounts, hedging strategies, and sales inducements offered. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (u) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//944/tableOfContent + Details
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