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Policyholders' Account Balances

12 Months Ended

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.

X

- Definition

Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]

+ References

No definition available.

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X

- 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

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