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Contractholder Funds (Tables)

3 Months Ended

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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Schedule Of Reconciliation Of Policyholder Account Balances To Statement Of Financial Position

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Tabular disclosure of policyholder account balance by range of guaranteed minimum crediting rate and related range of difference between rate being credited to policyholder and respective guaranteed minimum.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 55
-Paragraph 29F
-URI https://asc.fasb.org/extlink&oid=126561865&loc=SL117819544-158441

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-Name Accounting Standards Codification
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Tabular disclosure of information about policyholder account balance, including, but not limited to change in liability and related cash surrender value.

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126561865&loc=SL117819544-158441

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