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Business and Basis of Presentation (Tables)

12 Months Ended

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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Tabular disclosure of present value of future profits of insurance contract acquired in business combination.

+ References

No definition available.

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- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

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