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Contractholder Funds (Tables)
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Schedule of Balances and Changes in Contractholder Funds
The following tables summarize balances of and changes in contractholder funds’ account balances:
March 31, 2025
Indexed annuitiesFixed rate annuitiesUniversal lifeFABN (b)FHLB (b)
(Dollars in millions)
Balance, beginning of year$30,235 $17,442 $2,817 $2,463 $2,852 
Issuances1,463 564 54 350 1,025 
Premiums received617 — 141 — — 
Policy charges (a)(660)— (90)— — 
Surrenders and withdrawals(251)(59)(8)— — 
Benefit payments(726)(256)(24)(12)(1,003)
Interest credited200 195 45 25 27 
Other1 (1)— — — 
Balance, end of period30,879 17,885 2,935 2,826 2,901 
Reconciling items (c)46 — 47 10 — 
Gross liability, end of period30,925 17,885 2,982 2,836 2,901 
Less: Reinsurance1,233 12,006 873 — — 
Net liability, after reinsurance$29,692 $5,879 $2,109 $2,836 $2,901 
Weighted-average crediting rate2.65 %4.52 %6.45 %N/AN/A
Net amount at risk (d)N/AN/A$75,933 N/AN/A
Cash surrender value (e)$28,462 $16,712 $2,265 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 reconciling items reconcile the account balance to the gross GAAP liability. For indexed annuities and universal life, the reconciling items represent embedded derivatives and include the combination of the host contracts and the fair value of the embedded derivatives. For FABN, the reconciling items represent basis adjustments due to the impact of fair value hedge accounting.
(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.
(e) These amounts are gross of reinsurance.
December 31, 2024
Indexed annuitiesFixed rate annuitiesUniversal lifeFABN (b)FHLB (b)
(Dollars in millions)
Balance, beginning of year$27,164 $13,443 $2,391 $2,613 $2,539 
Issuances6,649 5,125 208 600 1,804 
Premiums received120 1 495 — — 
Policy charges (a)(195)— (315)— — 
Surrenders and withdrawals(3,832)(1,479)(101)— — 
Benefit payments(495)(315)(18)(820)(1,606)
Interest credited821 667 157 71 117 
Other3 — — (1)(2)
Balance, end of period30,235 17,442 2,817 2,463 2,852 
Embedded derivative adjustment (c)219 — 79 — — 
Gross liability, end of period30,454 17,442 2,896 2,463 2,852 
Less: Reinsurance861 11,009 877 — — 
Net liability, after reinsurance$29,593 $6,433 $2,019 $2,463 $2,852 
Weighted-average crediting rate2.90 %4.42 %6.20 %N/AN/A
Net amount at risk (d)N/AN/A$74,279 N/AN/A
Cash surrender value (e)$27,865 $16,266 $2,177 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.
(e) These amounts are gross of reinsurance.
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, 2025December 31, 2024
(In millions)
Indexed annuities$30,925 $30,454 
Fixed rate annuities17,885 17,442 
Immediate annuities283 286 
Universal life2,982 2,896 
Traditional life5 5 
Funding Agreement-FABN2,836 2,463 
FHLB2,901 2,852 
PRT6 6 
Total$57,823 $56,404 
Schedule of 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, 2025
Range of guaranteed minimum crediting rateAt Guaranteed Minimum
1 Basis Point-50 Basis Points Above
51 Basis Points-150 Basis Points Above
 Greater Than 150 Basis Points Above
 Total
Indexed annuities(In millions)
0.00%-1.50%$23,872 $1,196 $485 $1,867 $27,420 
1.51%-2.50%997 1 828 1,321 3,147 
Greater than 2.50%287 2 — 23 312 
Total$25,156 $1,199 $1,313 $3,211 $30,879 
Fixed rate annuities
0.00%-1.50%$72 $19 $737 $14,798 $15,626 
1.51%-2.50%4 7 19 463 493 
Greater than 2.50%788 2 5 971 1,766 
Total$864 $28 $761 $16,232 $17,885 
Universal life
0.00%-1.50%$2,539 $7 $— $26 $2,572 
1.51%-2.50%— — — — — 
Greater than 2.50%362 — 1 — 363 
Total$2,901 $7 $1 $26 $2,935 

December 31, 2024
Range of guaranteed minimum crediting rateAt Guaranteed Minimum
 1 Basis Point-50 Basis Points Above
51 Basis Points-150 Basis Points Above
 Greater Than 150 Basis Points Above
 Total
Indexed annuities(In millions)
0.00%-1.50%$23,540 $1,236 $492 $1,846 $27,114 
1.51%-2.50%875 1 684 1,242 2,802 
Greater than 2.50%303 2 — 14 319 
Total$24,718 $1,239 $1,176 $3,102 $30,235 
Fixed rate annuities
0.00%-1.50%$57 $20 $773 $14,407 $15,257 
1.51%-2.50%4 7 20 462 493 
Greater than 2.50%804 2 5 881 1,692 
Total$865 $29 $798 $15,750 $17,442 
Universal life
0.00%-1.50%$2,421 $7 $— $24 $2,452 
1.51%-2.50%— — — — — 
Greater than 2.50%364 — 1 — 365 
Total$2,785 $7 $1 $24 $2,817