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Contractholder Funds (Tables)
 6 Months Ended
Jun. 30, 2023
Insurance [Abstract]  
Summary of Balances and Changes in Contractholder Funds
The following tables summarize balances of and changes in contractholder funds’ account balances:
June 30, 2023
FIAFixed rate annuitiesUniversal LifeFABN (b)FHLB (b)
(Dollars in millions)
Balance, beginning of year$24,766 $9,358 $2,112 $2,613 $1,982 
     Issuances2,415 2,584 99 — 456 
     Premiums received52 1 180 — — 
     Policy charges (a)(87)— (124)— — 
     Surrenders and withdrawals(876)(520)(45)— — 
     Benefit payments(254)(118)(16)(27)(323)
     Interest credited69 179 20 27 25 
     Other23 (1)— — 3 
Balance, end of year$26,108 $11,483 $2,226 $2,613 $2,143 
Embedded derivative adjustment (c)98 — 73 — — 
Gross Liability, end of period$26,206 $11,483 $2,299 $2,613 $2,143 
Less: Reinsurance(17)(5,431)(924)— — 
Net Liability, after Reinsurance$26,189 $6,052 $1,375 $2,613 $2,143 
Weighted-average crediting rate1.10 %7.07 %3.85 %N/AN/A
Net amount at risk (d)N/AN/A53,401 N/AN/A
Cash surrender value24,337 10,707 1,760 N/AN/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
FIAFixed rate annuitiesUniversal LifeFABN (b)FHLB (b)
(Dollars in millions)
Balance, beginning of year21,997 6,367 1,907 1,904 1,543 
     Issuances4,462 3,758 167 700 1,192 
     Premiums received106 3 295 — — 
     Policy charges (a)(166)(1)(209)— — 
     Surrenders and withdrawals(1,322)(797)(74)— — 
     Benefit payments(485)(192)(22)(35)(789)
     Interest credited198 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 rate0.85 %2.84 %2.39 %N/AN/A
Net amount at risk (d)N/AN/A53,348 N/AN/A
Cash surrender value188 5,992 1,698 N/AN/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
FIAFixed rate annuitiesUniversal LifeFABN (b)FHLB (b)
(Dollars in millions)
Balance, beginning of year$18,703 $5,142 $1,696 $— $1,203 
     Issuances4,400 1,743 114 1,899 759 
     Premiums received103 3 233 — — 
     Policy charges (a)(148)(1)(167)— — 
     Surrenders and withdrawals(1,303)(543)(68)— — 
     Benefit payments(440)(145)(19)(7)(447)
     Interest credited686 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 rate3.43 %2.94 %6.77 %N/AN/A
Net amount at risk (d)N/AN/A41,326 N/AN/A
Cash surrender value20,455 5,992 1,572 N/AN/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:
June 30, 2023December 31, 2022December 31, 2021
(In millions)
FIA$26,206 $24,423 $22,600 
Fixed rate annuities11,483 9,358 6,367 
Immediate annuities317 332 352 
Universal life2,299 2,127 1,981 
Traditional life5 5 5 
Funding Agreement-FABN2,613 2,613 1,904 
FHLB2,143 1,982 1,543 
PRT4 3 1 
Total$45,070 $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:
June 30, 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%$23,749 $796 $403 $663 $25,611 
1.51%-2.50%141 — 1 — 142 
Greater than 2.50%353 — 2 — 355 
Total$24,243 $796 $406 $663 $26,108 
Fixed Rate Annuities
0.00%-1.50%$17 $30 $1,838 $8,287 $10,172 
1.51%-2.50%8 13 28 313 362 
Greater than 2.50%934 3 4 8 949 
Total$959 $46 $1,870 $8,608 $11,483 
Universal Life
0.00%-1.50%$1,822 $4 $— $18 $1,844 
1.51%-2.50%— — — — — 
Greater than 2.50%346 35 1 — 382 
Total$2,168 $39 $1 $18 $2,226 
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