XML 50 R38.htm IDEA: XBRL DOCUMENT v3.24.1.u1
LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)
 3 Months Ended
Mar. 31, 2024
Insurance [Abstract]  
Schedule of Policyholder Account Balance and Liability for Unpaid Claims and Claims Adjustment Expense
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 sheets:
March 31, 2024December 31, 2023
(in millions)
Reconciliation
Term$1,316 $1,348 
Individual Retirement - Payout820 844 
Legacy - Payout3,767 3,620 
Group Pension - Benefit Reserve & DPL473 490 
Health1,450 1,505 
UL1,194 1,193 
Subtotal9,020 9,000 
  Whole Life Closed Block and Open Block products5,384 5,444 
Other (1)948 970 
Future policyholder benefits total15,352 15,414 
  Other policyholder funds and dividends payable1,972 1,949 
Total$17,324 $17,363 
_____________
(1)Primarily consists of future policy benefits related to Protective Life and Annuity, Assumed Life and Disability, Group Life Run off, Variable Interest Sensitive Life rider and Employee Benefits.
Schedule of Policyholder Account Balance
The following table summarizes balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts:
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
Protection SolutionsIndividual RetirementLegacy Corporate & OtherProtection SolutionsIndividual RetirementLegacy Corporate & Other
TermPayoutPayoutGroup PensionHealthTermPayoutPayoutGroup PensionHealth
(in millions)
Present Value of Expected Net Premiums
Balance, beginning of period$2,133 $— $— $— $(21)$2,100 $— $— $— $(5)
Beginning balance at original discount rate2,058 — — — (22)2,078 — — — (5)
Effect of changes in cash flow assumptions(18)— — — — 8 — — — — 
Effect of actual variances from expected experience(18)— — — 1 3 — — — (6)
Adjusted beginning of period balance2,022 — — — (21)2,089 — — — (11)
Issuances11 — — — — 15 — — — — 
Interest accrual25 — — — — 25 — — — — 
Net premiums collected(49)— — — 1 (51)— — — 1 
Ending Balance at original discount rate2,009 — — — (20)2,078 — — — (10)
Effect of changes in discount rate assumptions17 — — — 1 82 — — — — 
Balance, end of period$2,026 $— $— $— $(19)$2,160 $— $— $— $(10)
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
Protection SolutionsIndividual RetirementLegacy Corporate & OtherProtection SolutionsIndividual RetirementLegacy Corporate & Other
TermPayoutPayoutGroup PensionHealthTermPayoutPayoutGroup PensionHealth
(in millions)
Present Value of Expected Future Policy Benefits
Balance, beginning of period$3,480 $844 $3,620 $490 $1,484 $3,465 $828 $2,689 $523 $1,553 
Beginning balance of original discount rate3,330 840 3,840 536 1,672 3,391 845 3,024 583 1,795 
Effect of changes in cash flow assumptions(20)(1)— — — 9 — — — — 
Effect of actual variances from expected experience(23)(1)(2)1 1 4 1 — (1)(7)
Adjusted beginning of period balance3,287 838 3,838 537 1,673 3,404 846 3,024 582 1,788 
Issuances12 11 269 — — 16 15 222 — — 
Interest accrual41 10 35 5 14 42 10 21 5 15 
Benefits payments(64)(23)(89)(16)(41)(95)(23)(65)(17)(33)
Ending Balance at original discount rate3,276 836 4,053 526 1,646 3,367 848 3,202 570 1,770 
Effect of changes in discount rate assumptions65 (16)(286)(53)(215)164 6 (258)(48)(197)
Balance, end of period$3,341 $820 $3,767 $473 $1,431 $3,531 $854 $2,944 $522 $1,573 
Impact of flooring LFPB at zero1 — — — — — — — — — 
Net liability for future policy benefits$1,316 820 3,767 473 1,450 1,371 854 2,944 522 1,583 
Less: Reinsurance recoverable24 (1)(1,068)— (1,147)27 — (589)— (1,258)
Net liability for future policy benefits, after reinsurance recoverable$1,340 $819 $2,699 $473 $303 $1,398 $854 $2,355 $522 $325 
Weighted-average duration of liability for future policyholder benefits (years)6.99.37.67.08.67.09.47.97.18.7
The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:

March 31, 2024December 31, 2023
(in millions)
Policyholders’ account balance reconciliation
Protection Solutions
Universal Life$5,163 $5,202 
Variable Universal Life4,886 4,862 
Legacy Segment
GMxB Legacy616 618 
Individual Retirement
GMxB Core22 36 
SCS54,373 49,002 
EQUI-VEST Individual2,242 2,322 
Group Retirement
EQUI-VEST Group11,430 11,563 
Momentum590 608 
Other (1) (2)
6,787 6,570 
Balance (exclusive of Funding Agreements)86,109 80,783 
Funding Agreements (2)
14,137 14,890 
Balance, end of period$100,246 $95,673 
_____________
(1)Primarily reflects products IR Payout, IR Other, Indexed Universal Life, Investment Edge, Group Pension, Closed Block and Corporate and Other.
(2)Balances as of December 31, 2023 were revised from previously filed financial statements.
The following table summarizes the balances and changes in policyholder’s account balances:
Three Months Ended March 31, 2024
Protection SolutionsLegacyIndividual RetirementGroup Retirement

Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(Dollars in millions)
Balance, beginning of period$5,202 $4,862 $618 $36 $49,002 $2,322 $11,563 $608 
Premiums received166 27 19 58 5 7 151 18 
Policy charges(182)(64)18 (6)(4)— (1)— 
Surrenders and withdrawals(20)(20)(22)(8)(953)(91)(443)(30)
Benefit payments(58)(19)(24)(1)(72)(15)(17)(1)
Net transfers from (to) separate account— 48 1 (59)3,175 2 81 (8)
Interest credited (2)55 52 6 2 3,220 17 96 3 
Other— — — — — — — — 
Balance, end of period$5,163 $4,886 $616 $22 $54,373 $2,242 $11,430 $590 
Weighted-average crediting rate3.79%3.73%2.71%1.65%N/A2.98%2.65%2.33%
Net amount at risk (3)$34,991 $115,499 $19,673 $2,764 $— $104 $6 $— 
Cash surrender value$3,405 $3,186 $550 $258 $50,667 $2,235 $11,368 $591 
______________
(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.
(2)SCS and EQUI-VEST Group includes amounts related to the change in embedded derivative.
(3)For life insurance products the net amount at risk is death benefit less account value for the policyholder. For variable annuity products the net amount at risk is the maximum GMxB NAR for the policyholder.
Three Months Ended March 31, 2023
Protection SolutionsLegacyIndividual RetirementGroup Retirement

Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(Dollars in millions)
Balance, beginning of period$5,340$4,909$688$69$35,702$2,652$12,045$702
Premiums received184382046—1114819
Policy charges(194)(65)19(4)(1)—(1)—
Surrenders and withdrawals(18)(1)(25)(8)(607)(94)(405)(30)
Benefit payments(76)(40)(24)(1)(59)(20)(17)(2)
Net transfers from (to) separate account—(45)—(49)1,982369(9)
Interest credited (2)5555721,620191023
Other—————311—
Balance, end of period$5,291$4,851$685$55$38,637$2,574$11,952$683
Weighted-average crediting rate3.64%3.81%1.78%1.05%1.12%3.09%2.99%2.03%
Net amount at risk (3)$37,031$114,419$21,472$3,287$43$128$58$—
Cash surrender value$3,475$3,293$957$284$35,286$2,567$11,871$684
______________
(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.
(2)SCS and EQUI-VEST includes amounts related to the change in embedded derivative.
(3)For life insurance products, the net amount at risk is the death benefit less account value for the policyholder. For variable annuity products, the net amount at risk is the maximum GMxB NAR for the policyholder.
The following table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:
March 31, 2024December 31, 2023
(in millions)
Separate Account Reconciliation
Protection Solutions
Variable Universal Life$17,007 $15,821 
Legacy Segment
GMxB Legacy34,860 33,794 
Individual Retirement
GMxB Core30,820 29,829 
EQUI-VEST Individual4,826 4,582 
Investment Edge4,524 4,275 
Group Retirement
EQUI-VEST Group29,018 26,959 
Momentum4,706 4,421 
Other (1)7,974 7,570 
Total$133,735 $127,251 
______________
(1)Primarily reflects Corporate and Other products and Group Retirement products including Association and Group Retirement Other.
The following table presents the balances of and changes in Separate Account liabilities:
Three Months Ended March 31, 2024
Protection SolutionsLegacyIndividual RetirementGroup Retirement    
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of period$15,821 $33,794 $29,829 $4,582 $4,275 $26,959 $4,421 
Premiums and deposits306 54 504 18 310 565 181 
Policy charges (143)(168)(115)(1)— (4)(6)
Surrenders and withdrawals(142)(812)(820)(129)(135)(542)(208)
Benefit payments(16)(196)(78)(15)(5)(17)(4)
Investment performance (1)1,229 2,189 1,442 373 258 2,138 314 
Net transfers from (to) General Account
(48)(1)58 (2)(179)(81)8 
Other charges
— — — — — — — 
Balance, end of period$17,007 $34,860 $30,820 $4,826 $4,524 $29,018 $4,706 
Cash surrender value$16,648 $34,595 $29,979 $4,792 $4,437 $28,733 $4,699 
_____________
(1)Investment performance is reflected net of M&E fees.
Three Months Ended March 31, 2023
Protection SolutionsLegacyIndividual RetirementGroup Retirement
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of period$13,187 $32,616 $27,772 $4,161 $3,798 $22,393 $3,885 
Premiums and deposits287 65 256 26 253 531 178 
Policy charges (137)(178)(115)(1)— (4)(5)
Surrenders and withdrawals(117)(660)(559)(100)(95)(359)(157)
Benefit payments(24)(192)(56)(14)(12)(15)(3)
Investment performance (1)843 1,808 1,202 269 175 1,438 235 
Net transfers from (to) General Account
45 — 49 (3)(140)(69)9 
Other charges — — — 4 — 25 — 
Balance, end of period$14,084 $33,459 $28,549 $4,342 $3,979 $23,940 $4,142 
Cash surrender value$13,755 $33,181 $27,680 $4,310 $3,885 $23,702 $4,136 
______________
(1)    Investment performance is reflected net of M&E fees.
Schedule of Liability for Future Policy Benefits, Undiscounted and Discounted Expected Gross Premiums and Expected Future Benefits and Expenses
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:
March 31, 2024December 31, 2023
(in millions)
Term
Expected future benefit payments and expenses (undiscounted)$5,768 $5,878 
Expected future gross premiums (undiscounted)
6,900 6,979 
Expected future benefit payments and expenses (discounted; AOCI basis)3,341 3,480 
Expected future gross premiums (discounted; AOCI basis)3,738 3,879 
March 31, 2024December 31, 2023
(in millions)
Payout - Legacy
Expected future benefit payments and expenses (undiscounted)5,530 5,204 
Expected future gross premiums (undiscounted)
— — 
Expected future benefit payments and expenses (discounted; AOCI basis)3,682 3,538 
Expected future gross premiums (discounted; AOCI basis)— — 
Payout
Expected future benefit payments and expenses (undiscounted)1,414 1,426 
Expected future gross premiums (undiscounted)
— — 
Expected future benefit payments and expenses (discounted; AOCI basis)786 812 
Expected future gross premiums (discounted; AOCI basis)— — 
Group Pension
Expected future benefit payments and expenses (undiscounted)654 668 
Expected future gross premiums (undiscounted)
— — 
Expected future benefit payments and expenses (discounted; AOCI basis)454 471 
Expected future gross premiums (discounted; AOCI basis)— — 
Health
Expected future benefit payments and expenses (undiscounted)2,278 2,318 
Expected future gross premiums (undiscounted)
82 85 
Expected future benefit payments and expenses (discounted; AOCI basis)1,415 1,468 
Expected future gross premiums (discounted; AOCI basis)$64 $68 
Schedule of Liability for Future Policy Benefits, Revenue and Interest Accretion
The table below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts:
Three Months Ended March 31,
2024202320242023
Gross PremiumInterest Accretion
(in millions)
Revenue and Interest Accretion
Term$88 $70 $16 $17 
Payout - Legacy59 27 39 21 
Payout9 15 10 10 
Group Pension— — 5 5 
Health3 2 14 15 
Total$159 $114 $84 $68 
Schedule of Liability for Future Policy Benefits, Weighted Average Interest Rates
The following table provides the weighted average interest rates for the liability for future policy benefits:
March 31, 2024December 31, 2023
Weighted Average Interest Rate
Term
Interest accretion rate5.6 %5.6 %
Current discount rate5.1 %4.8 %
Payout - Legacy
Interest accretion rate4.1 %4.0 %
Current discount rate5.1 %4.9 %
Payout
Interest accretion rate5.0 %5.0 %
Current discount rate5.2 %4.9 %
Group Pension
Interest accretion rate3.3 %3.3 %
Current discount rate5.1 %4.8 %
Health
Interest accretion rate3.4 %3.4 %
Current discount rate5.2 %4.9 %
Schedule of Balances of and Changes in Additional Liabilities Related to Insurance Guarantees
The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities:
Three Months Ended March 31,
20242023
Protection Solutions
UL
(Dollars in millions)
Balance, beginning of period$1,193 $1,109 
Beginning balance before AOCI adjustments1,230 1,135 
Effect of changes in interest rate & cash flow assumptions and model changes— — 
Effect of actual variances from expected experience1 6 
Adjusted beginning of period balance1,231 1,141 
Interest accrual14 13 
Net assessments collected18 18 
Benefit payments(21)(18)
Ending balance before shadow reserve adjustments1,242 1,154 
Effect of reserve adjustment recorded in AOCI(48)(21)
Balance, end of period$1,194 $1,133 
Net liability for additional liability $1,194 $1,133 
Less: Reinsurance recoverable— — 
Net liability for additional liability, after reinsurance recoverable$1,194 $1,133 
Weighted-average duration of additional liability - death benefit (years)19.721.6
The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:
Three Months Ended March 31,
2024202320242023
AssessmentsInterest Accretion
(in millions)
Revenue and Interest Accretion
UL$164 $172 $14 $13 
Total$164 $172 $14 $13 

Three Months Ended March 31,
20242023
Weighted Average Interest Rate
UL4.5 %4.5 %
Interest accretion rate4.5 %4.5 %