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v3.23.1

LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS | 3 Months Ended
--- | ---
Mar. 31, 2023
Insurance [Abstract] |
LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS | 6) DAC AND OTHER DEFERRED ASSETS/LIABILITIES Changes in the DAC asset for the three months ended March 31, 2023 and 2022 were as follows:
| Protection Solutions |  | Individual Retirement | Legacy |  | Group Retirement |  | Corporate and Other |  | Total
| Term |  | UL |  | VUL |  | IUL |  | GMxB Core |  | EI |  | IE |  | SCS |  | GMxB Legacy |  | EG |  | Momentum |  | CB (1) |
| (in millions)
Balance beginning of the period | $ | 362 |  |  | $ | 179 |  |  | $ | 889 |  |  | $ | 185 |  |  | $ | 1,625 |  |  | $ | 156 |  |  | $ | 148 |  |  | $ | 1,279 |  |  | $ | 593 |  |  | $ | 710 |  |  | $ | 89 |  |  | $ | 127 |  |  | $ | 6,342 |
Capitalization | 4 |  |  | 1 |  |  | 35 |  |  | 3 |  |  | 19 |  |  | 3 |  |  | 11 |  |  | 101 |  |  | 6 |  |  | 16 |  |  | 3 |  |  | — |  |  | 202 |
Amortization | (10) |  |  | (3) |  |  | (14) |  |  | (3) |  |  | (35) |  |  | (3) |  |  | (3) |  |  | (47) |  |  | (16) |  |  | (10) |  |  | (5) |  |  | (3) |  |  | (152) |
Balance, March 31, 2023 | $ | 356 |  |  | $ | 177 |  |  | $ | 910 |  |  | $ | 185 |  |  | $ | 1,609 |  |  | $ | 156 |  |  | $ | 156 |  |  | $ | 1,333 |  |  | $ | 583 |  |  | $ | 716 |  |  | $ | 87 |  |  | $ | 124 |  |  | $ | 6,392 |
______________ (1)“CB” defined as Closed Block
| Protection Solutions |  | Individual Retirement | Legacy |  | Group Retirement |  | Corporate and Other |  | Total
| Term |  | UL |  | VUL |  | IUL |  | GMxB Core |  | EI |  | IE |  | SCS |  | GMxB Legacy |  | EG |  | Momentum |  | CB (1) |
| (in millions)
Balance beginning of the period | $ | 385 |  |  | $ | 180 |  |  | $ | 799 |  |  | $ | 180 |  |  | $ | 1,653 |  |  | $ | 156 |  |  | $ | 121 |  |  | $ | 1,070 |  |  | $ | 631 |  |  | $ | 677 |  |  | $ | 94 |  |  | $ | 138 |  |  | $ | 6,084 |
Capitalization | 4 |  |  | 3 |  |  | 36 |  |  | 4 |  |  | 31 |  |  | 3 |  |  | 10 |  |  | 88 |  |  | 8 |  |  | 18 |  |  | 4 |  |  | — |  |  | 209 |
Amortization (2) | (10) |  |  | (3) |  |  | (12) |  |  | (2) |  |  | (33) |  |  | (3) |  |  | (4) |  |  | (40) |  |  | (16) |  |  | (10) |  |  | (5) |  |  | (3) |  |  | (141) |
Balance, March 31, 2022 | $ | 379 |  |  | $ | 180 |  |  | $ | 823 |  |  | $ | 182 |  |  | $ | 1,651 |  |  | $ | 156 |  |  | $ | 127 |  |  | $ | 1,118 |  |  | $ | 623 |  |  | $ | 685 |  |  | $ | 93 |  |  | $ | 135 |  |  | $ | 6,152 |
______________ (1)“CB” defined as Closed Block. (2)DAC amortization of $2 million related to Other not reflected in table above. Changes in the Individual Retirement Sales Inducement Assets for the three months ended March 31, 2023 and 2022 were as follows:
| Three Months Ended March 31, |  |  |  |
| 2023 |  | 2022 |  |  |  |
| GMxB Core |  | GMxB Legacy |  | GMxB Core |  | GMxB Legacy |  |  |  |
| (in millions)
Balance beginning of the period | $ | 137 |  |  | $ | 200 |  |  | $ | 147 |  |  | $ | 222 |  |  |  |  |
Amortization | (3) |  |  | (5) |  |  | (3) |  |  | (6) |  |  |  |  |
Balance, end of the period | $ | 134 |  |  | $ | 195 |  |  | $ | 144 |  |  | $ | 216 |  |  |  |  |
Changes in the Protection Solution Unearned Revenue Liability for the three months ended March 31, 2023 and 2022 were as follows:
| Three Months Ended March 31, |  |  |  |
| 2023 |  | 2022 |  |  |  |
| UL |  | VUL |  | IUL |  | UL |  | VUL |  | IUL |  |  |  |
| (in millions)
Balance beginning of the period | $ | 95 |  |  | $ | 684 |  |  | $ | 157 |  |  | $ | 80 |  |  | $ | 619 |  |  | $ | 94 |  |  |  |  |
Capitalization | 5 |  |  | 27 |  |  | 17 |  |  | 5 |  |  | 25 |  |  | 18 |  |  |  |  |
Amortization | (2) |  |  | (10) |  |  | (3) |  |  | (1) |  |  | (10) |  |  | (2) |  |  |  |  |
Balance, end of the period | $ | 98 |  |  | $ | 701 |  |  | $ | 171 |  |  | $ | 84 |  |  | $ | 634 |  |  | $ | 110 |  |  |  |  |
The following table presents a reconciliation of DAC to the consolidated balance sheet as of March 31, 2023 and December 31, 2022.
| March 31, 2023 |  | December 31, 2022 |  |
| (in millions)
Protection Solutions |  |  |  |  |
Term | $ | 356 |  |  | $ | 362 |  |  |
Universal Life | 177 |  |  | 179 |  |  |
Variable Universal Life | 910 |  |  | 889 |  |  |
Indexed Universal Life | 185 |  |  | 185 |  |  |
Individual Retirement |  |  |  |  |
GMxB Core | 1,609 |  |  | 1,625 |  |  |
EQUI-VEST Individual | 156 |  |  | 156 |  |  |
Investment Edge | 156 |  |  | 148 |  |  |
SCS | 1,333 |  |  | 1,279 |  |  |
Legacy Segment |  |  |  |  |
GMxB Legacy | 583 |  |  | 593 |  |  |
Group Retirement |  |  |  |  |
EQUI-VEST Group | 716 |  |  | 710 |  |  |
Momentum | 87 |  |  | 89 |  |  |
Corporate and Other | 124 |  |  | 127 |  |  |
Other | 27 |  |  | 27 |  |  |
Total | $ | 6,419 |  |  | $ | 6,369 |  |  |
Annually, or as circumstances warrant, we will review the associated decrements assumptions. (i.e. mortality and lapse) based on our multi-year average of companies experience with actuarial judgements to reflect other observable industry trends. In addition to DAC, the Unearned Revenue Liability and Sales Inducement Asset (“SIA”) use similar techniques and quarterly update processes for balance amortization. LIABILITIES FOR FUTURE POLICYHOLDER BENEFITSThe following table summarizes balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts for the three months ended March 31, 2023 and 2022.
| Three Months Ended March 31, 2023 |  | Three Months Ended March 31, 2022 |  |  |
| Protection Solutions |  | Individual Retirement |  | GMxB Legacy | Corporate & Other |  | Protection Solutions |  | Individual Retirement |  | GMxB Legacy | Corporate & Other |  |  |  |  |  |  |
| Term |  | Payout |  | Payout | Group Pension |  | Health |  | Term |  | Payout |  | Payout | Group Pension |  | Health |  |  |  |  |  |  |  |  |
| (in millions) |
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of the period | $ | 2,100 |  |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | (5) |  |  | $ | 2,485 |  |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 22 |  |  |  |  |  |  |  |  |  |
Beginning balance at original discount rate | 2,078 |  |  | — |  |  | — |  | — |  |  | (5) |  |  | 1,864 |  |  | — |  |  | — |  | — |  |  | 19 |  |  |  |  |  |  |  |  |  |
Effect of changes in cash flow assumptions | 8 |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Effect of actual variances from expected experience | 3 |  |  | — |  |  | — |  | — |  |  | (6) |  |  | 56 |  |  | — |  |  | — |  | — |  |  | (18) |  |  |  |  |  |  |  |  |  |
Adjusted beginning of the period balance | 2,089 |  |  | — |  |  | — |  | — |  |  | (11) |  |  | 1,920 |  |  | — |  |  | — |  | — |  |  | 1 |  |  |  |  |  |  |  |  |  |
Issuances | 15 |  |  | — |  |  | — |  | — |  |  | — |  |  | 22 |  |  | — |  |  | — |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Interest accrual | 25 |  |  | — |  |  | — |  | — |  |  | — |  |  | 23 |  |  | — |  |  | — |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Net premiums collected | (51) |  |  | — |  |  | — |  | — |  |  | 1 |  |  | (49) |  |  | — |  |  | — |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Ending Balance at original discount rate | 2,078 |  |  | — |  |  | — |  | — |  |  | (10) |  |  | 1,916 |  |  | — |  |  | — |  | — |  |  | 1 |  |  |  |  |  |  |  |  |  |
Effect of changes in discount rate assumptions | 82 |  |  | — |  |  | — |  | — |  |  | — |  |  | 387 |  |  | — |  |  | — |  | — |  |  | 1 |  |  |  |  |  |  |  |  |  |
Balance, end of the period | $ | 2,160 |  |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | (10) |  |  | $ | 2,303 |  |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 2 |  |  |  |  |  |  |  |  |  |
| Three Months Ended March 31, 2023 |  | Three Months Ended March 31, 2022 |  |  |
| Protection Solutions |  | Individual Retirement |  | GMxB Legacy |  | Corporate & Other |  | Protection Solutions |  | Individual Retirement |  | GMxB Legacy |  | Corporate & Other |  |  |  |  |  |  |
| Term |  | Payout |  | Payout |  | Group Pension |  | Health |  | Term |  | Payout |  | Payout |  | Group Pension |  | Health |  |  |  |  |  |  |  |  |
| (Dollars in millions) |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of the period | $ | 3,465 |  |  | $ | 828 |  |  | $ | 2,689 |  |  | $ | 523 |  |  | $ | 1,553 |  |  | $ | 4,294 |  |  | $ | 1,114 |  |  | $ | 2,547 |  |  | $ | 683 |  |  | $ | 2,092 |  |  |  |  |  |  |  |  |  |
Beginning balance of original discount rate | 3,391 |  |  | 845 |  |  | 3,024 |  |  | 583 |  |  | 1,795 |  |  | 3,241 |  |  | 883 |  |  | 2,400 |  |  | 632 |  |  | 1,915 |  |  |  |  |  |  |  |  |  |
Effect of changes in cash flow assumptions | 9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Effect of actual variances from expected experience | 4 |  |  | 1 |  |  | — |  |  | (1) |  |  | (7) |  |  | 60 |  |  | — |  |  | (4) |  |  | — |  |  | (20) |  |  |  |  |  |  |  |  |  |
Adjusted beginning of the period balance | 3,404 |  |  | 846 |  |  | 3,024 |  |  | 582 |  |  | 1,788 |  |  | 3,301 |  |  | 883 |  |  | 2,396 |  |  | 632 |  |  | 1,895 |  |  |  |  |  |  |  |  |  |
Issuances | 16 |  |  | 15 |  |  | 222 |  |  | — |  |  | — |  |  | 23 |  |  | 9 |  |  | 152 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Interest accrual | 42 |  |  | 10 |  |  | 21 |  |  | 5 |  |  | 15 |  |  | 42 |  |  | 10 |  |  | 16 |  |  | 5 |  |  | 15 |  |  |  |  |  |  |  |  |  |
Benefits payments | (95) |  |  | (23) |  |  | (65) |  |  | (17) |  |  | (33) |  |  | (137) |  |  | (24) |  |  | (47) |  |  | (18) |  |  | (41) |  |  |  |  |  |  |  |  |  |
Ending Balance at original discount rate | 3,367 |  |  | 848 |  |  | 3,202 |  |  | 570 |  |  | 1,770 |  |  | 3,229 |  |  | 878 |  |  | 2,517 |  |  | 619 |  |  | 1,869 |  |  |  |  |  |  |  |  |  |
Effect of changes in discount rate assumptions | 164 |  |  | 6 |  |  | (258) |  |  | (48) |  |  | (197) |  |  | 650 |  |  | 126 |  |  | (58) |  |  | 2 |  |  | (5) |  |  |  |  |  |  |  |  |  |
Balance, end of the period | $ | 3,531 |  |  | $ | 854 |  |  | $ | 2,944 |  |  | $ | 522 |  |  | $ | 1,573 |  |  | $ | 3,879 |  |  | $ | 1,004 |  |  | $ | 2,459 |  |  | $ | 621 |  |  | $ | 1,864 |  |  |  |  |  |  |  |  |  |
Net liability for future policy benefits | $ | 1,371 |  |  | $ | 854 |  |  | $ | 2,944 |  |  | $ | 522 |  |  | $ | 1,583 |  |  | $ | 1,576 |  |  | $ | 1,004 |  |  | $ | 2,459 |  |  | $ | 621 |  |  | $ | 1,862 |  |  |  |  |  |  |  |  |  |
Less: Reinsurance recoverable | 27 |  |  | — |  |  | (589) |  |  | — |  |  | (1,258) |  |  | 16 |  |  | — |  |  | (203) |  |  | — |  |  | (1,479) |  |  |  |  |  |  |  |  |  |
Net liability for future policy benefits, after reinsurance recoverable | $ | 1,398 |  |  | $ | 854 |  |  | $ | 2,355 |  |  | $ | 522 |  |  | $ | 325 |  |  | $ | 1,592 |  |  | $ | 1,004 |  |  | $ | 2,256 |  |  | $ | 621 |  |  | $ | 383 |  |  |  |  |  |  |  |  |  |
Weighted-average duration of liability for future policyholder benefits (years) | 7.0 |  | 9.4 |  | 7.9 |  | 7.1 |  | 8.7 |  | 7.5 |  | 9.6 |  | 8.4 |  | 7.2 |  | 8.9 |  |  |  |  |  |  |  |  |
The following table reconciles the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the consolidated balance sheet as of March 31, 2023 and December 31, 2022.
| March 31, 2023 |  | December 31, 2022
| (in millions)
Reconciliation |  |  |
Term | $ | 1,371 |  |  | $ | 1,365 |
Individual Retirement - Payout | 853 |  |  | 828 |
Legacy - Payout | 2,944 |  |  | 2,689 |
Group Pension - Benefit Reserve & DPL | 523 |  |  | 523 |
Health | 1,583 |  |  | 1,558 |
Universal Life - additional liability for death benefits | 1,133 |  |  | 1,109 |
Subtotal | 8,407 |  |  | 8,072 |
W hole Life Closed Block and Open Block products | 5,597 |  |  | 5,664 |
Other (1) | 904 |  |  | 908 |
Future policyholder benefits total | 14,908 |  |  | 14,644 |
Other policyholder funds and dividends payable | 1,830 |  |  | 1,959 |
Total | $ | 16,738 |  |  | $ | 16,603 |
_____________ (1)Primarily consists of Future policy benefits related to Protective Life and Annuity, Assumed Life and DI, GRP Life Run off, VISL rider and Employee Benefits. The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses related to nonparticipating traditional and limited payment contracts as of March 31, 2023 and December 31, 2022:
| March 31, 2023 |  | December 31, 2022 |  |
| (in millions) |  |
Term |  |  |  |  |
Expected future benefit payments and expenses (undiscounted) | $ | 5,972 |  |  | $ | 6,022 |  |  |
Expected future gross premiums (undiscounted) | 7,188 |  |  | 7,273 |  |  |
Expected future benefit payments and expenses (discounted; AOCI basis) | 3,531 |  |  | 3,465 |  |  |
Expected future gross premiums (discounted; AOCI basis) | 3,981 |  |  | 3,904 |  |  |
Payout - Legacy |  |  |  |  |
Expected future benefit payments and expenses (undiscounted) | 4,227 |  |  | 3,947 |  |  |
Expected future gross premiums (undiscounted) | — |  |  | — |  |  |
Expected future benefit payments and expenses (discounted; AOCI basis) | 2,861 |  |  | 2,607 |  |  |
Expected future gross premiums (discounted; AOCI basis) | — |  |  | — |  |  |
Payout |  |  |  |  |
Expected future benefit payments and expenses (undiscounted) | 1,456 |  |  | 1,460 |  |  |
Expected future gross premiums (undiscounted) | — |  |  | — |  |  |
Expected future benefit payments and expenses (discounted; AOCI basis) | 825 |  |  | 801 |  |  |
Expected future gross premiums (discounted; AOCI basis) | — |  |  | — |  |  |
| March 31, 2023 |  | December 31, 2022 |  |
| (in millions) |  |
Group Pension |  |  |  |  |
Expected future benefit payments and expenses (undiscounted) | 713 |  |  | 730 |  |  |
Expected future gross premiums (undiscounted) | — |  |  | — |  |  |
Expected future benefit payments and expenses (discounted; AOCI basis) | 550 |  |  | 563 |  |  |
Expected future gross premiums (discounted; AOCI basis) | — |  |  | — |  |  |
Health |  |  |  |  |
Expected future benefit payments and expenses (undiscounted) | 2,469 |  |  | 2,510 |  |  |
Expected future gross premiums (undiscounted) | 94 |  |  | 99 |  |  |
Expected future benefit payments and expenses (discounted; AOCI basis) | 1,553 |  |  | 1,533 |  |  |
Expected future gross premiums (discounted; AOCI basis) | $ | 75 |  |  | $ | 78 |  |  |
The tables below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts for the three months ended March 31, 2023 and 2022:
|  |  | March 31, 2023 |  | March 31, 2022 |  |  |  | March 31, 2023 |  | March 31, 2022
|  |  | Gross Premium |  | Interest Accretion
|  |  | (in millions)
Revenue and Interest Accretion |  |  |  |  |  |  |  |  |  |  |
Term |  |  | $ | 70 |  |  | $ | 71 |  |  |  |  | $ | 17 |  |  | $ | 18 |
Payout - Legacy |  |  | 27 |  |  | 21 |  |  |  |  | 21 |  |  | 16 |
Payout |  |  | 15 |  |  | 9 |  |  |  |  | 10 |  |  | 11 |
Group Pension |  |  | — |  |  | — |  |  |  |  | 5 |  |  | 5 |
Health |  |  | 2 |  |  | 2 |  |  |  |  | 15 |  |  | 15 |
Total |  |  | $ | 114 |  |  | $ | 103 |  |  |  |  | $ | 68 |  |  | $ | 65 |
The following table provides the weighted average interest rates for the liability for future policy benefits as of March 31, 2023 and December 31, 2022:
|  |  | March 31, 2023 |  | December 31, 2022
Weighted Average Interest Rate |  |  |  |  |
Term Life |  |  |  |  |
Interest accretion rate |  |  | 5.6 | % |  | 5.7 | %
Current discount rate |  |  | 4.7 | % |  | 5.1 | %
Payout - Legacy |  |  |  |  |
Interest accretion rate |  |  | 3.6 | % |  | 3.4 | %
Current discount rate |  |  | 4.8 | % |  | 5.0 | %
Payout |  |  |  |  |
Interest accretion rate |  |  | 4.9 | % |  | 4.9 | %
Current discount rate |  |  | 4.9 | % |  | 5.2 | %
Group Pension |  |  |  |  |
Interest accretion rate |  |  | 3.4 | % |  | 3.4 | %
Current discount rate |  |  | 4.7 | % |  | 5.1 | %
Health |  |  |  |  |
Interest accretion rate |  |  | 3.3 | % |  | 3.3 | %
Current discount rate |  |  | 4.9 | % |  | 5.2 | %
The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities for the three months ended March 31, 2023 and 2022:
| March 31, 2023 |  | March 31, 2022 |  |
| Protection Solutions
| Universal Life |  | Universal Life |  |
| (Dollars in millions)
Balance, beginning of the period | $ | 1,109 |  |  | $ | 1,087 |  |  |
Beginning balance before AOCI adjustments | 1,135 |  |  | 1,076 |  |  |
Effect of changes in interest rate & cash flow assumptions and model changes | — |  |  | 5 |  |  |
Effect of actual variances from expected experience | 6 |  |  | 5 |  |  |
Adjusted beginning of the period balance | 1,141 |  |  | 1,086 |  |  |
Interest accrual | 13 |  |  | 12 |  |  |
Net assessments collected | 18 |  |  | 21 |  |  |
Benefit payments | (18) |  |  | (29) |  |  |
Ending balance before shadow reserve adjustments | 1,154 |  |  | 1,090 |  |  |
Effect of reserve adjustment recorded in AOCI | (21) |  |  | (2) |  |  |
Balance, end of the period | $ | 1,133 |  |  | $ | 1,088 |  |  |
Net liability for additional liability | $ | 1,133 |  |  | $ | 1,088 |  |  |
Less: Reinsurance recoverable | — |  |  | — |  |  |
Net liability for additional liability, after reinsurance recoverable | $ | 1,133 |  |  | $ | 1,088 |  |  |
Weighted-average duration of additional liability - death benefit (years) | 21.6 |  | 22.9 |  |
The following tables provides the revenue, interest and weighted average interest rates, related to the additional insurance liabilities for the three months ended and as of March 31, 2023 and 2022.
|  |  | Three Months Ended March 31,
|  |  | 2023 |  | 2022 |  |  |  | 2023 |  | 2022
|  |  | Assessments |  | Interest Accretion
|  | (in millions)
Revenue and Interest Accretion |  |  |  |  |  |  |  |  |  |  |
Universal Life |  |  | $ | 172 |  |  | $ | 180 |  |  |  |  | $ | 13 |  |  | $ | 12 |
Total |  |  | $ | 172 |  |  | $ | 180 |  |  |  |  | $ | 13 |  |  | $ | 12 |
|  |  | March 31,
|  |  | 2023 |  | 2022
Weighted Average Interest Rate |  |  |  |  |
Universal Life |  |  | 4.5 | % |  | 4.5 | %
Interest accretion rate |  |  | 4.5 | % |  | 4.5 | %
The discount rate used for additional insurance liabilities reserve is based on the crediting rate at issue.

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- Definition The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -URI https://asc.fasb.org/topic&trid=2303980 + Details
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