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Policyholders' Account Balances (Tables)

12 Months Ended

Dec. 31, 2023

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

Policyholder Account Balance

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.

Policyholder Account Balance, Guaranteed Minimum Crediting Rate

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.

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

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