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Contractholder Funds (Tables) | 3 Months Ended
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Mar. 31, 2023
Accounting Standards Update 2018-12 [Abstract] |
Summary of Balances and Changes in Contractholder Funds | The following tables summarize balances of and changes in contractholder funds’ account balances:
| March 31, 2023
| FIA |  | Fixed rate annuities |  | Universal Life |  | FABN (b) |  | FHLB (b)
| (Dollars in millions)
Balance, beginning of year | $ | 24,766 |  |  | $ | 9,358 |  |  | $ | 2,112 |  |  | $ | 2,613 |  |  | $ | 1,982 |
Issuances | 1,186 |  |  | 1,522 |  |  | 49 |  |  | — |  |  | 256 |
Premiums received | 25 |  |  | 1 |  |  | 87 |  |  | — |  |  | — |
Policy charges (a) | (42) |  |  | — |  |  | (60) |  |  | — |  |  | — |
Surrenders and withdrawals | (403) |  |  | (257) |  |  | (21) |  |  | — |  |  | — |
Benefit payments | (121) |  |  | (59) |  |  | (10) |  |  | (15) |  |  | (110) |
Interest credited | 21 |  |  | 81 |  |  | 5 |  |  | 13 |  |  | 11 |
Other | 23 |  |  | (1) |  |  | — |  |  | — |  |  | — |
Balance, end of year | $ | 25,455 |  |  | $ | 10,645 |  |  | $ | 2,162 |  |  | $ | 2,611 |  |  | $ | 2,139 |
Embedded derivative adjustment (c) | (12) |  |  | — |  |  | 45 |  |  | — |  |  | — |
Gross Liability, end of period | $ | 25,443 |  |  | $ | 10,645 |  |  | $ | 2,207 |  |  | $ | 2,611 |  |  | $ | 2,139 |
Less: Reinsurance | (17) |  |  | (4,691) |  |  | (933) |  |  | — |  |  | — |
Net Liability, after Reinsurance | $ | 25,426 |  |  | $ | 5,954 |  |  | $ | 1,274 |  |  | $ | 2,611 |  |  | $ | 2,139 |
Weighted-average crediting rate | 0.33 | % |  | — | % |  | 1.00 | % |  | N/A |  | N/A
Net amount at risk (d) | N/A |  | N/A |  | 49,426 |  |  | N/A |  | N/A
Cash surrender value | 23,726 |  |  | 9,929 |  |  | 1,724 |  |  | N/A |  | N/A
(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance. (b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials. (c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives. (d) For those 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.
| December 31, 2022
| FIA |  | Fixed rate annuities |  | Universal Life |  | FABN (b) |  | FHLB (b)
| (Dollars in millions)
Balance, beginning of year | 21,997 |  |  | 6,367 |  |  | 1,907 |  |  | 1,904 |  |  | 1,543 |
Issuances | 4,462 |  |  | 3,758 |  |  | 167 |  |  | 700 |  |  | 1,192 |
Premiums received | 106 |  |  | 3 |  |  | 295 |  |  | — |  |  | — |
Policy charges (a) | (166) |  |  | (1) |  |  | (209) |  |  | — |  |  | — |
Surrenders and withdrawals | (1,322) |  |  | (797) |  |  | (74) |  |  | — |  |  | — |
Benefit payments | (485) |  |  | (192) |  |  | (22) |  |  | (35) |  |  | (789) |
Interest credited | 198 |  |  | 220 |  |  | 48 |  |  | 45 |  |  | 36 |
Other | (24) |  |  | — |  |  | — |  |  | (1) |  |  | — |
Balance, end of year | $ | 24,766 |  |  | $ | 9,358 |  |  | $ | 2,112 |  |  | $ | 2,613 |  |  | $ | 1,982 |
Embedded derivative adjustment (c) | (343) |  |  | — |  |  | 15 |  |  | — |  |  | — |
Gross Liability, end of period | $ | 24,423 |  |  | $ | 9,358 |  |  | $ | 2,127 |  |  | $ | 2,613 |  |  | $ | 1,982 |
Less: Reinsurance | (17) |  |  | (3,723) |  |  | (947) |  |  | — |  |  | — |
Net Liability, after Reinsurance | $ | 24,406 |  |  | $ | 5,635 |  |  | $ | 1,180 |  |  | $ | 2,613 |  |  | $ | 1,982 |
Weighted-average crediting rate | 0.85 | % |  | — |  |  | 2.39 | % |  | N/A |  | N/A
Net amount at risk (d) | N/A |  | N/A |  | 53,348 |  |  | N/A |  | N/A
Cash surrender value | 188 |  |  | 5,992 |  |  | 1,698 |  |  | N/A |  | N/A
(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance. (b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials. (c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives. (d) For those 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.
| December 31, 2021
| FIA |  | Fixed rate annuities |  | Universal Life |  | FABN (b) |  | FHLB (b)
| (In millions)
Balance, beginning of year | $ | 18,703 |  |  | $ | 5,142 |  |  | $ | 1,696 |  |  | $ | — |  |  | $ | 1,203 |
Issuances | 4,400 |  |  | 1,743 |  |  | 114 |  |  | 1,899 |  |  | 759 |
Premiums received | 103 |  |  | 3 |  |  | 233 |  |  | — |  |  | — |
Policy charges (a) | (148) |  |  | (1) |  |  | (167) |  |  | — |  |  | — |
Surrenders and withdrawals | (1,303) |  |  | (543) |  |  | (68) |  |  | — |  |  | — |
Benefit payments | (440) |  |  | (145) |  |  | (19) |  |  | (7) |  |  | (447) |
Interest credited | 686 |  |  | 167 |  |  | 118 |  |  | 12 |  |  | 30 |
Other | (4) |  |  | 1 |  |  | — |  |  | — |  |  | (2) |
Balance, end of year | $ | 21,997 |  |  | $ | 6,367 |  |  | $ | 1,907 |  |  | $ | 1,904 |  |  | $ | 1,543 |
Embedded derivative adjustment (c) | 603 |  |  | — |  |  | 74 |  |  | — |  |  | — |
Gross Liability, end of period | $ | 22,600 |  |  | $ | 6,367 |  |  | $ | 1,981 |  |  | $ | 1,904 |  |  | $ | 1,543 |
Less: Reinsurance | (17) |  |  | (1,692) |  |  | (984) |  |  | — |  |  | — |
Net Liability, after Reinsurance | $ | 22,583 |  |  | $ | 4,675 |  |  | $ | 997 |  |  | $ | 1,904 |  |  | $ | 1,543 |
Weighted-average crediting rate | 3.43 | % |  | — |  |  | 6.77 | % |  | N/A |  | N/A
Net amount at risk (d) | N/A |  | N/A |  | 41,326 |  |  | N/A |  | N/A
Cash surrender value | 20,455 |  |  | 5,992 |  |  | 1,572 |  |  | N/A |  | N/A
(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance. (b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials. (c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives. (d) For those 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.
Schedule Of Reconciliation Of Policyholder Account Balances To Statement Of Financial Position | The following table reconciles contractholder funds’ account balances to the contractholder funds liability in the accompanying unaudited Condensed Consolidated Balance Sheets:
| March 31, 2023 |  | December 31, 2022 |  | December 31, 2021
| (In millions)
FIA | $ | 25,443 |  |  | $ | 24,423 |  |  | $ | 22,600 |
Fixed rate annuities | 10,645 |  |  | 9,358 |  |  | 6,367 |
Immediate annuities | 326 |  |  | 332 |  |  | 352 |
Universal life | 2,207 |  |  | 2,127 |  |  | 1,981 |
Traditional life | 5 |  |  | 5 |  |  | 5 |
Funding Agreement-FABN | 2,611 |  |  | 2,613 |  |  | 1,904 |
FHLB | 2,139 |  |  | 1,982 |  |  | 1,543 |
PRT | 3 |  |  | 3 |  |  | 1 |
Total | $ | 43,379 |  |  | $ | 40,843 |  |  | $ | 34,753 |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate | The following tables present the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:
| March 31, 2023
| At Guaranteed Minimum |  | 1 Basis Point-50 Basis Points Above |  | 51 Basis Points-150 Basis Points Above |  | Greater Than 150 Basis Points Above |  | Total
FIA | (In millions)
0.00%-1.50% | $ | 23,348 |  |  | $ | 806 |  |  | $ | 406 |  |  | $ | 370 |  |  | $ | 24,930 |
1.51%-2.50% | 149 |  |  | — |  |  | 1 |  |  | — |  |  | 150 |
Greater than 2.50% | 373 |  |  | — |  |  | 2 |  |  | — |  |  | 375 |
Total | $ | 23,870 |  |  | $ | 806 |  |  | $ | 409 |  |  | $ | 370 |  |  | $ | 25,455 |
Fixed Rate Annuities |  |  |  |  |  |  |  |  |
0.00%-1.50% | $ | 12 |  |  | $ | 31 |  |  | $ | 1,867 |  |  | $ | 7,522 |  |  | $ | 9,432 |
1.51%-2.50% | 8 |  |  | 13 |  |  | 28 |  |  | 187 |  |  | 236 |
Greater than 2.50% | 962 |  |  | 3 |  |  | 4 |  |  | 8 |  |  | 977 |
Total | $ | 982 |  |  | $ | 47 |  |  | $ | 1,899 |  |  | $ | 7,717 |  |  | $ | 10,645 |
Universal Life |  |  |  |  |  |  |  |  |
0.00%-1.50% | $ | 1,752 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 18 |  |  | $ | 1,774 |
1.51%-2.50% | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 2.50% | 344 |  |  | 43 |  |  | 1 |  |  | — |  |  | 388 |
Total | $ | 2,096 |  |  | $ | 47 |  |  | $ | 1 |  |  | $ | 18 |  |  | $ | 2,162 |
| December 31, 2022
| At Guaranteed Minimum |  | 1 Basis Point-50 Basis Points Above |  | 51 Basis Points-150 Basis Points Above |  | Greater Than 150 Basis Points Above |  | Total
FIA | (In millions)
0.00%-1.50% | $ | 22,848 |  |  | $ | 801 |  |  | $ | 410 |  |  | $ | 151 |  |  | $ | 24,210 |
1.51%-2.50% | 162 |  |  | — |  |  | 1 |  |  | — |  |  | 163 |
Greater than 2.50% | 390 |  |  | — |  |  | 3 |  |  | — |  |  | 393 |
Total | $ | 23,400 |  |  | $ | 801 |  |  | $ | 414 |  |  | $ | 151 |  |  | $ | 24,766 |
Fixed Rate Annuities |  |  |  |  |  |  |  |  |
0.00%-1.50% | $ | 10 |  |  | $ | 32 |  |  | $ | 1,871 |  |  | $ | 6,379 |  |  | $ | 8,292 |
1.51%-2.50% | 9 |  |  | 14 |  |  | 30 |  |  | 1 |  |  | 54 |
Greater than 2.50% | 997 |  |  | 4 |  |  | 4 |  |  | 7 |  |  | 1,012 |
Total | $ | 1,016 |  |  | $ | 50 |  |  | $ | 1,905 |  |  | $ | 6,387 |  |  | $ | 9,358 |
Universal Life |  |  |  |  |  |  |  |  |
0.00%-1.50% | $ | 1,701 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 17 |  |  | $ | 1,721 |
1.51%-2.50% | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 2.50% | 346 |  |  | 44 |  |  | 1 |  |  | — |  |  | 391 |
Total | $ | 2,047 |  |  | $ | 47 |  |  | $ | 1 |  |  | $ | 17 |  |  | $ | 2,112 |
| December 31, 2021
| At Guaranteed Minimum |  | 1 Basis Point-50 Basis Points Above |  | 51 Basis Points-150 Basis Points Above |  | Greater Than 150 Basis Points Above |  | Total
FIA | (In millions)
0.00%-1.50% | $ | 20,162 |  |  | $ | 803 |  |  | $ | 388 |  |  | $ | — |  |  | $ | 21,353 |
1.51%-2.50% | 171 |  |  | 11 |  |  | 25 |  |  | — |  |  | 207 |
Greater than 2.50% | 431 |  |  | 3 |  |  | 3 |  |  | — |  |  | 437 |
Total | $ | 20,764 |  |  | $ | 817 |  |  | $ | 416 |  |  | $ | — |  |  | $ | 21,997 |
Fixed Rate Annuities |  |  |  |  |  |  |  |  |
0.00%-1.50% | $ | 2 |  |  | $ | 28 |  |  | $ | 1,928 |  |  | $ | 3,219 |  |  | $ | 5,177 |
1.51%-2.50% | 9 |  |  | 15 |  |  | 37 |  |  | 1 |  |  | 62 |
Greater than 2.50% | 954 |  |  | 142 |  |  | 25 |  |  | 7 |  |  | 1,128 |
Total | $ | 965 |  |  | $ | 185 |  |  | $ | 1,990 |  |  | $ | 3,227 |  |  | $ | 6,367 |
Universal Life |  |  |  |  |  |  |  |  |
0.00%-1.50% | $ | 1,486 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 13 |  |  | $ | 1,501 |
1.51%-2.50% | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 2.50% | 359 |  |  | 46 |  |  | 1 |  |  | — |  |  | 406 |
Total | $ | 1,845 |  |  | $ | 48 |  |  | $ | 1 |  |  | $ | 13 |  |  | $ | 1,907 |

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