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Business and Basis of Presentation (Tables) | 12 Months Ended
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Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Summary of Adoption Of New Guidance On Financial Statements | Consolidated Statements of Financial Position:
| December 31, 2022
IMPACTED LINES ONLY | As Previously Reported |  | Effect of Change |  | As Currently Reported
| (in millions)
Deferred policy acquisition costs | $ | 19,537 |  |  | $ | 1,009 |  |  | $ | 20,546 |
Value of business acquired | 595 |  |  | 26 |  |  | 621 |
Reinsurance recoverables and deposit receivables | 17,460 |  |  | 1,533 |  |  | 18,993 |
Income tax assets | 4,214 |  |  | (4,214) |  |  | 0 |
Market risk benefit assets | 0 |  |  | 800 |  |  | 800 |
Other assets | 12,728 |  |  | (42) |  |  | 12,686 |
TOTAL ASSETS | $ | 689,917 |  |  | $ | (888) |  |  | $ | 689,029 |
Future policy benefits | 284,452 |  |  | (22,679) |  |  | 261,773 |
Policyholders' account balances | 135,602 |  |  | 22 |  |  | 135,624 |
Market risk benefit liabilities | 0 |  |  | 5,864 |  |  | 5,864 |
Reinsurance and funds withheld payables | 4,462 |  |  | 1,271 |  |  | 5,733 |
Income tax liabilities | 0 |  |  | 277 |  |  | 277 |
Other liabilities(1) | 15,703 |  |  | 17 |  |  | 15,720 |
Total liabilities | 672,338 |  |  | (15,228) |  |  | 657,110 |
Accumulated other comprehensive income (loss) | (19,827) |  |  | 16,021 |  |  | (3,806) |
Retained earnings | 33,392 |  |  | (1,678) |  |  | 31,714 |
Total Prudential Financial, Inc. equity | 16,250 |  |  | 14,343 |  |  | 30,593 |
Noncontrolling interests | 958 |  |  | (3) |  |  | 955 |
Total equity | 17,208 |  |  | 14,340 |  |  | 31,548 |
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | $ | 689,917 |  |  | $ | (888) |  |  | $ | 689,029 |
__________ (1) The previously reported amount has been adjusted for certain redeemable noncontrolling interests, which are now presented as Mezzanine equity. Consolidated Statements of Operations:
| Year Ended December 31, 2022
IMPACTED LINES ONLY | As Previously Reported |  | Effect of Change |  | As Currently Reported
| (in millions, except per share amounts)
REVENUES |  |  |  |  |
Premiums | $ | 38,019 |  |  | $ | (1,544) |  |  | $ | 36,475 |
Policy charges and fee income | 5,574 |  |  | (959) |  |  | 4,615 |
Other income (loss) | (273) |  |  | 881 |  |  | 608 |
Realized investment gains (losses), net | (3,369) |  |  | (1,138) |  |  | (4,507) |
Change in value of market risk benefits, net of related hedging gains (losses) | 0 |  |  | (409) |  |  | (409) |
Total revenues | 60,050 |  |  | (3,169) |  |  | 56,881 |
BENEFITS AND EXPENSES |  |  |  |  |
Policyholders' benefits | 43,487 |  |  | (2,671) |  |  | 40,816 |
Change in estimates of liability for future policy benefits | 0 |  |  | 654 |  |  | 654 |
Interest credited to policyholders' account balances | 2,316 |  |  | (123) |  |  | 2,193 |
Amortization of deferred policy acquisition costs | 2,429 |  |  | (996) |  |  | 1,433 |
General and administrative expenses | 12,493 |  |  | 83 |  |  | 12,576 |
Total benefits and expenses | 61,826 |  |  | (3,053) |  |  | 58,773 |
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | (1,776) |  |  | (116) |  |  | (1,892) |
Total income tax expense (benefit) | (370) |  |  | 91 |  |  | (279) |
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | (1,406) |  |  | (207) |  |  | (1,613) |
Equity in earnings of operating joint ventures, net of taxes | (56) |  |  | (6) |  |  | (62) |
NET INCOME (LOSS) | (1,462) |  |  | (213) |  |  | (1,675) |
Less: Income attributable to noncontrolling interests | (24) |  |  | (4) |  |  | (28) |
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. | $ | (1,438) |  |  | $ | (209) |  |  | $ | (1,647) |
EARNINGS PER SHARE |  |  |  |  |
Basic earnings per share-Common Stock: |  |  |  |  |
Net income (loss) attributable to Prudential Financial, Inc. | $ | (3.93) |  |  | $ | (0.56) |  |  | $ | (4.49) |
Diluted earnings per share-Common Stock: |  |  |  |  |
Net income (loss) attributable to Prudential Financial, Inc. | $ | (3.93) |  |  | $ | (0.56) |  |  | $ | (4.49) |
Consolidated Statements of Comprehensive Income:
| Year Ended December 31, 2022
IMPACTED LINES ONLY | As Previously Reported |  | Effect of Change |  | As Currently Reported
| (in millions)
NET INCOME (LOSS) | $ | (1,462) |  |  | $ | (213) |  |  | $ | (1,675) |
Other comprehensive income (loss), before tax: |  |  |  |  |
Foreign currency translation adjustments for the period | (1,185) |  |  | 54 |  |  | (1,131) |
Net unrealized investment gains (losses) | (52,667) |  |  | (3,178) |  |  | (55,845) |
Interest rate remeasurement of future policy benefits | 0 |  |  | 63,643 |  |  | 63,643 |
Gain (loss) from changes in non-performance risk on market risk benefits | 0 |  |  | 938 |  |  | 938 |
Total | (53,216) |  |  | 61,457 |  |  | 8,241 |
Less: Income tax expense (benefit) related to other comprehensive income (loss) | (12,063) |  |  | 14,618 |  |  | 2,555 |
Other comprehensive income (loss), net of taxes | (41,153) |  |  | 46,839 |  |  | 5,686 |
Comprehensive income (loss) | (42,615) |  |  | 46,626 |  |  | 4,011 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (26) |  |  | (3) |  |  | (29) |
Comprehensive income (loss) attributable to Prudential Financial, Inc. | $ | (42,589) |  |  | $ | 46,629 |  |  | $ | 4,040 |
| Year Ended December 31, 2021
IMPACTED LINES ONLY | As Previously Reported |  | Effect of Change |  | As Currently Reported
| (in millions)
NET INCOME (LOSS) | $ | 7,794 |  |  | $ | 1,144 |  |  | $ | 8,938 |
Other comprehensive income (loss), before tax: |  |  |  |  |
Foreign currency translation adjustments for the period | (1,138) |  |  | 37 |  |  | (1,101) |
Net unrealized investment gains (losses) | (11,712) |  |  | (3,241) |  |  | (14,953) |
Interest rate remeasurement of future policy benefits | 0 |  |  | 18,941 |  |  | 18,941 |
Gain (loss) from changes in non-performance risk on market risk benefits | 0 |  |  | (693) |  |  | (693) |
Total | (11,743) |  |  | 15,044 |  |  | 3,301 |
Less: Income tax expense (benefit) related to other comprehensive income (loss) | (2,314) |  |  | 3,465 |  |  | 1,151 |
Other comprehensive income (loss), net of taxes | (9,429) |  |  | 11,579 |  |  | 2,150 |
Comprehensive income (loss) | (1,635) |  |  | 12,723 |  |  | 11,088 |
Comprehensive income (loss) attributable to Prudential Financial, Inc. | $ | (1,690) |  |  | $ | 12,723 |  |  | $ | 11,033 |
Consolidated Statements of Cash Flows:
| Year Ended December 31, 2022
IMPACTED LINES ONLY | As Previously Reported |  | Effect of Change |  | As Currently Reported
| (in millions)
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |
Net income (loss) | $ | (1,462) |  |  | $ | (213) |  |  | $ | (1,675) |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Realized investment (gains) losses, net | 3,369 |  |  | 1,138 |  |  | 4,507 |
Change in value of market risk benefits, net of related hedging (gain) loss | 0 |  |  | 409 |  |  | 409 |
Policy charges and fee income | (2,532) |  |  | 302 |  |  | (2,230) |
Interest credited to policyholders' account balances | 2,316 |  |  | (123) |  |  | 2,193 |
Depreciation and amortization | 124 |  |  | (7) |  |  | 117 |
Change in: |  |  |  |  |
Deferred policy acquisition costs | 232 |  |  | (954) |  |  | (722) |
Future policy benefits and other insurance liabilities | 6,573 |  |  | (441) |  |  | 6,132 |
Income taxes | (1,685) |  |  | 91 |  |  | (1,594) |
Derivatives, net | (2,981) |  |  | 448 |  |  | (2,533) |
Other, net | (827) |  |  | (650) |  |  | (1,477) |
Cash flows from (used in) operating activities | $ | 5,158 |  |  | $ | 0 |  |  | $ | 5,158 |
| Year Ended December 31, 2021
IMPACTED LINES ONLY | As Previously Reported |  | Effect of Change |  | As Currently Reported
| (in millions)
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |
Net income (loss) | $ | 7,794 |  |  | $ | 1,144 |  |  | $ | 8,938 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Realized investment (gains) losses, net | (4,024) |  |  | 1,909 |  |  | (2,115) |
Change in value of market risk benefits, net of related hedging (gain) loss | 0 |  |  | (3,597) |  |  | (3,597) |
Policy charges and fee income | (2,302) |  |  | 168 |  |  | (2,134) |
Interest credited to policyholders' account balances | 3,482 |  |  | (51) |  |  | 3,431 |
Depreciation and amortization | 204 |  |  | 2 |  |  | 206 |
Change in: |  |  |  |  |
Deferred policy acquisition costs | (451) |  |  | (592) |  |  | (1,043) |
Future policy benefits and other insurance liabilities | 7,762 |  |  | 979 |  |  | 8,741 |
Income taxes | (62) |  |  | 321 |  |  | 259 |
Derivatives, net | (2,426) |  |  | 96 |  |  | (2,330) |
Other, net | (1,524) |  |  | (379) |  |  | (1,903) |
Cash flows from (used in) operating activities | $ | 9,812 |  |  | $ | 0 |  |  | $ | 9,812 |
The following tables detail the January 1, 2021 transition adjustments by providing a rollforward of the ending reported balances as of December 31, 2020 to the opening balances as of January 1, 2021 for retained earnings, accumulated other comprehensive income (loss) (“AOCI”) and the impacted insurance-related balances.
| January 1, 2021
| Retained Earnings
| (in millions)
Balance after-tax, prior to transition | $ | 30,749 |
Reclassification of market risk benefits non-performance risk to AOCI(1) | (1,588) |
Updates to certain universal life contract liabilities(2) | (1,025) |
Change in non-participating traditional and limited-payment contract liabilities(3) | (543) |
Other | (271) |
Total pre-tax adjustments | (3,427) |
Tax impacts | 815 |
Balance after-tax, after transition | $ | 28,137 |
__________ (1)Reflects the cumulative impact of changes in the fair value of market risk benefits (“MRBs”) non-performance risk (“NPR”) from the date of contract issuance to January 1, 2021. These amounts were previously recorded in retained earnings but are now reflected in AOCI under the new guidance. (2)Reflects the impact on additional insurance reserves (“AIR”) and other related balances primarily related to the no-lapse guarantee features on certain universal life contracts in the Individual Life segment. For additional information, see Note 2. (3)Reflects the impact on in-force contract liabilities where expected benefits exceed expected gross premiums and/or exhausts any deferred profit liabilities at any issue-year cohort level as a result of updating to current best estimate cash flow assumptions as of transition date, as well as the impact of flooring the liability for future policy benefits at zero at the issue-year cohort level as of transition date. For additional information regarding the liability for future policy benefits, see Note 2.
| January 1, 2021
| Accumulated Other Comprehensive Income (Loss)
| (in millions)
Balance after-tax, prior to transition | $ | 30,738 |
Unwinding amounts related to unrealized investment gains and losses(1) | 5,534 |
Reclassification of MRB NPR to AOCI(2) | 1,588 |
Interest rate remeasurement of future policy benefits(3) | (62,711) |
Change in operating joint ventures | (12) |
Total pre-tax adjustments | (55,601) |
Tax impacts | 13,205 |
Balance after-tax, after transition | $ | (11,658) |
__________ (1)Primarily reflects i) the removal of amounts related to the impact of unrealized investment gains and losses on premium deficiency reserves for non-participating traditional and limited-payment contracts and ii) amounts related to DAC and other balances as unrealized investment gains or losses no longer impact the amortization pattern of such balances under the new guidance. Also includes the impacts from updates to reserves and other related balances for certain universal life contracts. For additional information, see Note 2. (2)Reflects the cumulative impact of changes in NPR on the fair value of market risk benefits from the date of contract issuance to January 1, 2021. These amounts were previously recorded in retained earnings but are now reflected in AOCI under the new guidance. (3)Reflects the impact of remeasuring in-force non-participating traditional and limited-payment contract liabilities using current upper-medium grade fixed- income instrument yields. This adjustment largely reflects the difference between discount rates locked-in at contract inception versus current discount rates as of January 1, 2021.
Schedule Of Deferred Policy Acquisition Costs |
| January 1, 2021
| Deferred Policy Acquisition Costs
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Other Businesses |  | Total
| Individual Variable |  | Term Life |  | Variable/ Universal Life |  | Life Planner |  | Gibraltar Life and Other |  |
| (in millions)
Balance prior to transition | $ | 4,643 |  |  | $ | 2,417 |  |  | $ | 3,779 |  |  | $ | 4,278 |  |  | $ | 3,390 |  |  | $ | 520 |  |  | $ | 19,027 |
Unwinding amounts related to unrealized investment gains and losses and other activity | 273 |  |  | 0 |  |  | 450 |  |  | 337 |  |  | 570 |  |  | 106 |  |  | 1,736 |
Balance after transition | $ | 4,916 |  |  | $ | 2,417 |  |  | $ | 4,229 |  |  | $ | 4,615 |  |  | $ | 3,960 |  |  | $ | 626 |  |  | $ | 20,763 |
The following tables show a rollforward for the lines of business that contain material DAC balances, along with a reconciliation to the Company’s total DAC balance:
| Year Ended December 31, 2023
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Total
| Individual Variable |  | Term Life |  | Variable/ Universal Life |  | Life Planner |  | Gibraltar Life and Other |
| (in millions)
Balance, BOP | $ | 4,171 |  |  | $ | 2,288 |  |  | $ | 5,000 |  |  | $ | 4,710 |  |  | $ | 4,231 |  |  | $ | 20,400 |
Capitalization | 261 |  |  | 160 |  |  | 608 |  |  | 586 |  |  | 610 |  |  | 2,225 |
Amortization expense | (366) |  |  | (212) |  |  | (244) |  |  | (326) |  |  | (315) |  |  | (1,463) |
Other adjustments(1) | (390) |  |  | 1 |  |  | 0 |  |  | 20 |  |  | 0 |  |  | (369) |
Foreign currency adjustment | 0 |  |  | 0 |  |  | 0 |  |  | (81) |  |  | (84) |  |  | (165) |
Balance, EOP | $ | 3,676 |  |  | $ | 2,237 |  |  | $ | 5,364 |  |  | $ | 4,909 |  |  | $ | 4,442 |  |  | 20,628 |
Other businesses |  |  |  |  |  |  |  |  |  |  | 228 |
Total DAC balance |  |  |  |  |  |  |  |  |  |  | $ | 20,856 |
__________ (1)Includes the impact of the reinsurance transaction with AuguStar in Individual Retirement Strategies. See Note 15 for additional information.
| Year Ended December 31, 2022
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Total
| Individual Variable |  | Term Life |  | Variable/ Universal Life |  | Life Planner |  | Gibraltar Life and Other |
| (in millions)
Balance, BOP | $ | 4,872 |  |  | $ | 2,372 |  |  | $ | 4,679 |  |  | $ | 4,685 |  |  | $ | 4,135 |  |  | $ | 20,743 |
Capitalization | 277 |  |  | 127 |  |  | 556 |  |  | 579 |  |  | 600 |  |  | 2,139 |
Amortization expense | (401) |  |  | (211) |  |  | (235) |  |  | (318) |  |  | (300) |  |  | (1,465) |
Other adjustments(1) | (577) |  |  | 0 |  |  | 0 |  |  | 22 |  |  | 0 |  |  | (555) |
Foreign currency adjustment | 0 |  |  | 0 |  |  | 0 |  |  | (258) |  |  | (204) |  |  | (462) |
Balance, EOP | $ | 4,171 |  |  | $ | 2,288 |  |  | $ | 5,000 |  |  | $ | 4,710 |  |  | $ | 4,231 |  |  | 20,400 |
Other businesses |  |  |  |  |  |  |  |  |  |  | 146 |
Total DAC balance |  |  |  |  |  |  |  |  |  |  | $ | 20,546 |
__________ (1)Includes $(584) million in Individual Retirement Strategies related to the sale of PALAC. See Note 1 for additional information.
| Year Ended December 31, 2021
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Total
| Individual Variable |  | Term Life |  | Variable/ Universal Life |  | Life Planner |  | Gibraltar Life and Other |
| (in millions)
Balance, BOP | $ | 4,916 |  |  | $ | 2,417 |  |  | $ | 4,229 |  |  | $ | 4,615 |  |  | $ | 3,960 |  |  | $ | 20,137 |
Capitalization | 360 |  |  | 169 |  |  | 682 |  |  | 654 |  |  | 672 |  |  | 2,537 |
Amortization expense | (422) |  |  | (214) |  |  | (232) |  |  | (329) |  |  | (309) |  |  | (1,506) |
Other adjustments | 18 |  |  | 0 |  |  | 0 |  |  | 23 |  |  | 0 |  |  | 41 |
Foreign currency adjustment | 0 |  |  | 0 |  |  | 0 |  |  | (278) |  |  | (188) |  |  | (466) |
Balance, EOP | $ | 4,872 |  |  | $ | 2,372 |  |  | $ | 4,679 |  |  | $ | 4,685 |  |  | $ | 4,135 |  |  | 20,743 |
Other businesses |  |  |  |  |  |  |  |  |  |  | 230 |
Reclassified to “Assets held-for-sale”(1) |  |  |  |  |  |  |  |  |  |  | (1,210) |
Total DAC balance |  |  |  |  |  |  |  |  |  |  | $ | 19,763 |
__________ (1)Represents “Assets held-for-sale” of $(1,112) million and $(98) million related to the sales of PALAC in Individual Retirement Strategies and the Full Service Retirement business in Other businesses, respectively.
Deferred Sales Inducements |
| January 1, 2021
| Deferred Sales Inducements(1)
| Retirement Strategies |  | Other Businesses |  | Total
| Individual Variable |  |
| (in millions)
Balance prior to transition | $ | 781 |  |  | $ | 39 |  |  | $ | 820 |
Unwinding amounts related to unrealized investment gains and losses | 85 |  |  | 2 |  |  | 87 |
Balance after transition | $ | 866 |  |  | $ | 41 |  |  | $ | 907 |
__________ (1)Deferred sales inducements (“DSI”) are included in “Other assets.” The following table shows a rollforward of DSI balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material DSI balance, along with a reconciliation to the Company’s total DSI balance:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Balance, BOP | $ | 446 |  |  | $ | 799 |  |  | $ | 866 |
Capitalization | 2 |  |  | 1 |  |  | 1 |
Amortization expense | (38) |  |  | (46) |  |  | (73) |
Other adjustments(1) | 0 |  |  | (308) |  |  | 5 |
Balance, EOP | 410 |  |  | 446 |  |  | 799 |
Other businesses | 33 |  |  | 34 |  |  | 37 |
Reclassified to “Assets held-for-sale”(2) | 0 |  |  | 0 |  |  | (342) |
Total DSI balance | $ | 443 |  |  | $ | 480 |  |  | $ | 494 |
__________ (1)The 2022 amount relates to the sale of PALAC. See Note 1 for additional information. (2)Represents “Assets held-for-sale” in Individual Retirement Strategies.
Schedule of Value of Business Acquired |
| January 1, 2021
| Value of Business Acquired
| International Businesses |  | Other Businesses(1) |  | Total
| Gibraltar Life and Other |  |
| (in millions)
Balance prior to transition | $ | 852 |  |  | $ | 251 |  |  | $ | 1,103 |
Unwinding amounts related to unrealized investment gains and losses and other activity | 59 |  |  | 1 |  |  | 60 |
Balance after transition | $ | 911 |  |  | $ | 252 |  |  | $ | 1,163 |
__________ (1)Primarily represents value of business acquired (“VOBA”) for the Full Service Retirement business. The following table shows a rollforward of VOBA balances for Gibraltar Life and Other, which is the only line of business that contains a material VOBA balance, along with a reconciliation to the Company’s total VOBA balance:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Balance, BOP | $ | 597 |  |  | $ | 746 |  |  | $ | 911 |
Amortization expense | (49) |  |  | (58) |  |  | (75) |
Other adjustments | 0 |  |  | 0 |  |  | (1) |
Foreign currency adjustment | (37) |  |  | (91) |  |  | (89) |
Balance, EOP | 511 |  |  | 597 |  |  | 746 |
Other businesses | 19 |  |  | 24 |  |  | 237 |
Reclassified to “Assets held-for-sale”(1) | 0 |  |  | 0 |  |  | (205) |
Total VOBA balance | $ | 530 |  |  | $ | 621 |  |  | $ | 778 |
__________ (1)Represents “Assets held-for-sale” of $(27) million and $(178) million related to the sales of PALAC in Individual Retirement Strategies and the Full Services Retirement business in Other businesses, respectively. The following table provides VOBA balances for the applicable businesses for the period ended December 31:
| 2023
| (in millions)
Gibraltar Life | $ | 511 |
Aoba Life | 19
Total | $ | 530 |
Market Risk Benefit, Activity |
| January 1, 2021
| Market Risk Benefits(1)
| Retirement Strategies |  | Other Businesses |  | Total
| Individual Variable |  |
| (in millions)
Liability for guaranteed benefits recorded at fair value, prior to transition | $ | 18,731 |  |  | $ | 148 |  |  | $ | 18,879 |
AIR to be reclassified to MRBs, prior to transition, excluding amounts related to unrealized investment gains and losses | 824 |  |  | 140 |  |  | 964 |
Total liability prior to transition | 19,555 |  |  | 288 |  |  | 19,843 |
Change in reserve basis to MRB framework | 122 |  |  | 98 |  |  | 220 |
MRBs after transition, at current NPR value | 19,677 |  |  | 386 |  |  | 20,063 |
Less: Reinsured MRBs | 204 |  |  | 7 |  |  | 211 |
MRBs after transition, net of reinsurance | 19,473 |  |  | 379 |  |  | 19,852 |
MRBs after transition, at contract inception NPR value | 21,259 |  |  | 392 |  |  | 21,651 |
Cumulative change in NPR | 1,582 |  |  | 6 |  |  | 1,588 |
MRBs after transition, at current NPR value | $ | 19,677 |  |  | $ | 386 |  |  | $ | 20,063 |
__________ (1)For additional information regarding market risk benefits, see Note 14. 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 $(118) million related to the sale of Full Service (in Other businesses). The following table presents accompanying information to the rollforward table above.
| December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
| ($ 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.
Additional Liability, Long-Duration Insurance |
| January 1, 2021
| Unearned Revenue Reserves(1)
|  | Individual Life |  | International Businesses |  |  |  |  |  |
|  | Variable/Universal Life |  | Life Planner |  | Gibraltar Life and Other |  | Corporate and Other |  | Other Businesses |  | Total
| (in millions)
Balance prior to transition |  | $ | 2,204 |  |  | $ | 161 |  |  | $ | 45 |  |  | $ | 152 |  |  | $ | 30 |  |  | $ | 2,592 |
Unwinding amounts related to unrealized investment gains and losses and other activity |  | 539 |  |  | 2 |  |  | 5 |  |  | 38 |  |  | 0 |  |  | 584 |
Balance after transition |  | 2,743 |  |  | 163 |  |  | 50 |  |  | 190 |  |  | 30 |  |  | 3,176 |
Less: Reinsurance recoverable |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Balance after transition, net of reinsurance recoverable |  | $ | 2,743 |  |  | $ | 163 |  |  | $ | 50 |  |  | $ | 190 |  |  | $ | 30 |  |  | $ | 3,176 |
__________ (1)Unearned revenue reserves (“URR”) are included in “Policyholders' account balances.”
| January 1, 2021
| Cost of Reinsurance(1)
| Individual Life
| Variable/Universal Life
| (in millions)
Balance prior to transition | $ | 3,058 |
Unwinding amounts related to unrealized investment gains and losses | (659) |
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | 2,399 |
Impact from updates to certain universal life contract liabilities(2) | 860 |
Balance after transition, excluding amounts related to unrealized investment gains and losses | 3,259 |
Amounts related to unrealized investment gains and losses after transition | 580 |
Balance after transition | $ | 3,839 |
_________ (1)Cost of reinsurance is included in “Reinsurance and funds withheld payables.” (2)For additional information regarding updates to reserves and other related balances for certain universal life contracts, see Note 2. 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 |
Liability for Future Policy Benefit |
| January 1, 2021
| Benefit Reserves(1)
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Corporate and Other |  | Other Businesses(2) |  | Total
| Institutional |  | Term Life |  | Life Planner |  | Gibraltar Life and Other |  | Long- Term Care |  |
| (in millions)
Balance prior to transition | $ | 65,383 |  |  | $ | 7,887 |  |  | $ | 51,607 |  |  | $ | 69,542 |  |  | $ | 7,975 |  |  | $ | 6,624 |  |  | $ | 209,018 |
Changes in cash flow assumptions and other activity | (3,805) |  |  | 0 |  |  | 10 |  |  | (523) |  |  | (18) |  |  | 1 |  |  | (4,335) |
Balance after transition, at original discount rate | 61,578 |  |  | 7,887 |  |  | 51,617 |  |  | 69,019 |  |  | 7,957 |  |  | 6,625 |  |  | 204,683 |
Cumulative changes in discount rate assumptions and other activity | 13,548 |  |  | 2,662 |  |  | 22,590 |  |  | 13,784 |  |  | 4,905 |  |  | 5,381 |  |  | 62,870 |
Balance after transition, at current discount rate | 75,126 |  |  | 10,549 |  |  | 74,207 |  |  | 82,803 |  |  | 12,862 |  |  | 12,006 |  |  | 267,553 |
Less: Reinsurance recoverable | 0 |  |  | 799 |  |  | 160 |  |  | 307 |  |  | 0 |  |  | 13 |  |  | 1,279 |
Balance after transition, net of reinsurance recoverable | $ | 75,126 |  |  | $ | 9,750 |  |  | $ | 74,047 |  |  | $ | 82,496 |  |  | $ | 12,862 |  |  | $ | 11,993 |  |  | $ | 266,274 |
__________ (1)Benefit reserves, excluding amounts for reinsurance recoverable, are included in “Future policy benefits.” For additional information regarding the liability for future policy benefits, see Note 12. (2)Primarily represents benefit reserves related to the Prudential of Taiwan business that was sold in the second quarter of 2021. The Company did not choose to apply ASU 2022-05 to this disposal transaction. See Note 2 for additional information.
| January 1, 2021
| Deferred Profit Liability(1)
| Retirement Strategies |  | International Businesses |  | Other Businesses |  | Total
| Institutional |  | Life Planner |  | Gibraltar Life and Other |  |
| (in millions)
Balance prior to transition | $ | 1,315 |  |  | $ | 1,964 |  |  | $ | 3,746 |  |  | $ | 349 |  |  | $ | 7,374 |
Changes in benefit reserves | 3,801 |  |  | 110 |  |  | 730 |  |  | 148 |  |  | 4,789 |
Balance after transition | 5,116 |  |  | 2,074 |  |  | 4,476 |  |  | 497 |  |  | 12,163 |
Less: Reinsurance recoverable | 0 |  |  | 7 |  |  | 15 |  |  | 0 |  |  | 22 |
Balance after transition, net of reinsurance recoverable | $ | 5,116 |  |  | $ | 2,067 |  |  | $ | 4,461 |  |  | $ | 497 |  |  | $ | 12,141 |
__________ (1)Deferred profit liability (“DPL”), excluding amounts for reinsurance recoverable, is included in “Future policy benefits.” For additional information regarding the liability for future policy benefits, see Note 12.
| January 1, 2021
| Additional Insurance Reserves(1)
| Retirement Strategies |  | Individual Life |  | Other Businesses |  | Total
| Individual Variable |  | Variable/ Universal Life |  |
| (in millions)
Balance prior to transition | $ | 889 |  |  | $ | 9,415 |  |  | $ | 483 |  |  | $ | 10,787 |
Unwinding amounts related to unrealized investment gains and losses | (65) |  |  | (1,444) |  |  | (106) |  |  | (1,615) |
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | 824 |  |  | 7,971 |  |  | 377 |  |  | 9,172 |
Reclassification of future policy benefits AIR to MRBs | (824) |  |  | 0 |  |  | (92) |  |  | (916) |
Reclassification of policyholders’ account balances AIR to MRBs | 0 |  |  | 0 |  |  | (48) |  |  | (48) |
Updates to certain universal life contract liabilities(2) | 0 |  |  | 1,772 |  |  | 7 |  |  | 1,779 |
Change in discount rate for annuitization benefits | 0 |  |  | 0 |  |  | 116 |  |  | 116 |
Balance after transition, excluding amounts related to unrealized investment gains and losses | 0 |  |  | 9,743 |  |  | 360 |  |  | 10,103 |
Amounts related to unrealized investment gains and losses after transition | 0 |  |  | 1,186 |  |  | 0 |  |  | 1,186 |
Balance after transition | 0 |  |  | 10,929 |  |  | 360 |  |  | 11,289 |
Less: Reinsurance recoverable | 0 |  |  | 4,387 |  |  | 0 |  |  | 4,387 |
Balance after transition, net of reinsurance recoverable | $ | 0 |  |  | $ | 6,542 |  |  | $ | 360 |  |  | $ | 6,902 |
__________ (1)Additional insurance reserves (“AIR”), excluding amounts for reinsurance recoverable, are included in “Future policy benefits.” For additional information regarding the liability for future policy benefits, see Note 12. (2)For additional information regarding updates to reserves and other related balances for certain universal life contracts, see Note 2.
| January 1, 2021
| Universal Life Loss Recognition Reserves/Profit Followed by Losses Liability(1)
| Individual Life |  | Other Businesses |  |
|  |  | Total
| (in millions)
Balance prior to transition | $ | 1,823 |  |  | $ | 6 |  |  | $ | 1,829 |
Unwinding amounts related to unrealized investment gains and losses | (1,149) |  |  | 0 |  |  | (1,149) |
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | 674 |  |  | 6 |  |  | 680 |
Derecognizing LRR & PFL | (674) |  |  | 0 |  |  | (674) |
Balance after transition, excluding amounts related to unrealized investment gains and losses | 0 |  |  | 6 |  |  | 6 |
Amounts related to unrealized investment gains and losses after transition | 1,018 |  |  | 0 |  |  | 1,018 |
Balance after transition | $ | 1,018 |  |  | $ | 6 |  |  | $ | 1,024 |
__________ (1)Universal life loss recognition reserves (“LRR”) / profit followed by losses (“PFL”) liability are included in “Future policy benefits.” For additional information regarding the liability for future policy benefits, see Note 12.
| January 1, 2021
| Non-Participating Traditional and Limited-Payment Loss Recognition Reserves/Profit Followed by Losses Liability(1)
| Retirement Strategies |  | International Businesses |  | Corporate and Other |  | Other Businesses |  | Total
| Institutional |  | Life Planner |  | Gibraltar Life and Other |  | Long- Term Care |  |
| (in millions)
Balance prior to transition | $ | 1,985 |  |  | $ | 181 |  |  | $ | 670 |  |  | $ | 734 |  |  | $ | 145 |  |  | $ | 3,715 |
Unwinding amounts related to unrealized investment gains and losses | (1,985) |  |  | (169) |  |  | (670) |  |  | (734) |  |  | (105) |  |  | (3,663) |
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | 0 |  |  | 12 |  |  | 0 |  |  | 0 |  |  | 40 |  |  | 52 |
Derecognizing LRR & PFL | 0 |  |  | (12) |  |  | 0 |  |  | 0 |  |  | (40) |  |  | (52) |
Balance after transition | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
__________ (1)Prior to the adoption of ASU 2018-12, non-participating traditional and limited-payment loss recognition reserves / profit followed by losses liabilities were included in “Future policy benefits.”
| January 1, 2021
| Terminal Dividend Liability(1)
| Individual Life |  | Closed Block Division |  | Total
| Variable/ Universal Life |  | Term Life |  |
| (in millions)
Balance prior to transition | $ | 212 |  |  | $ | 4 |  |  | $ | 375 |  |  | $ | 591 |
Unwinding amounts related to unrealized investment gains and losses and other activity | (11) |  |  | 0 |  |  | 0 |  |  | (11) |
Balance after transition | 201 |  |  | 4 |  |  | 375 |  |  | 580 |
Less: Reinsurance recoverable | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Balance after transition, net of reinsurance recoverable | $ | 201 |  |  | $ | 4 |  |  | $ | 375 |  |  | $ | 580 |
__________ (1)Terminal dividend liability is included in “Future policy benefits.” 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 | %
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. 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 | %
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. 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.

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