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POLICYHOLDER ACCOUNT BALANCES (Tables)
 3 Months Ended
Mar. 31, 2024
Policyholder Account Balance [Abstract]  
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 Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The following table presents the account values by range of guaranteed minimum crediting rates and the related range of the difference in basis points, between rates being credited policyholders and the respective guaranteed minimums:
March 31, 2024
Product
(1)		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
( in millions)
Protection Solutions
Universal Life
0.00% - 1.50%
$— $— $— $6 $6 
1.51% - 2.50%
38 89 415 485 1,026 
 Greater than2.50%
3,484 617 — — 4,101 
Total
$3,521 $707 $415 $491 $5,133 
Variable Universal Life
0.00% - 1.50%
$13 $23 $69 $16 $121 
1.51% - 2.50%
29 457 74 — 561 
Greater than 2.50%
3,703 — 14 5 3,723 
Total
$3,746 $480 $157 $21 $4,404 
Legacy Segment
March 31, 2024
Product
(1)		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
( in millions)
GMxB Legacy
0.00% - 1.50%
$72 $16 $— $— $87 
1.51% - 2.50%
20 — — — 20 
Greater than 2.50%
444 — — — 444 
Total
$536 $16 $— $— $551 
Individual Retirement
GMxB Core
0.00% - 1.50%
$12 $184 $— $— $196 
1.51% - 2.50%
12 — — — 12 
Greater than 2.50%
57 — — — 57 
Total
$81 $184 $— $— $265 
EQUI-VEST Individual
0.00% - 1.50%
$47 $213 $— $— $259 
1.51% - 2.50%
41 — — — 41 
Greater than 2.50%
1,940 — — — 1,940 
Total
$2,027 $213 $— $— $2,240 
Group Retirement
EQUI-VEST
Group
0.00% - 1.50%
$756 $2,356 $36 $289 $3,436 
1.51% - 2.50%
347 — — — 347 
Greater than 2.50%
6,448 — — — 6,449 
Total
$7,551 $2,356 $36 $289 $10,232 
Momentum
0.00% - 1.50%
$— $13 $318 $53 $384 
1.51% - 2.50%
132 1 — — 133 
Greater than 2.50%
68 — 5 — 72 
Total
$199 $14 $322 $53 $589 

December 31, 2023
Product
(1)		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
( in millions)
Protection Solutions
Universal Life
0.00% - 1.50%
$— $— $— $6 $6 
1.51% - 2.50%
61 69 462 430 1,022 
Greater than 2.50%
3,515 627 — — 4,142 
Total$3,576 $696 $462 $436 $5,170 
Variable Universal Life
0.00% - 1.50%
$16 $33 $53 $9 $111 
1.51% - 2.50%
35 495 28 — 558 
Greater than 2.50%
3,712 — 13 5 3,730 
Total$3,763 $528 $94 $14 $4,399 
Legacy Segment
December 31, 2023
Product
(1)		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
( in millions)
GMxB Legacy
0.00% - 1.50%
$75 $16 $— $— $91 
1.51% - 2.50%
21 — — — 21 
Greater than 2.50%
461 — — — 461 
Total$557 $16 $— $— $573 
Individual Retirement
GMxB Core
0.00% - 1.50%
$13 $192 $— $— $205 
1.51% - 2.50%
13 — — — 13 
Greater than 2.50%
55 — — — 55 
Total$81 $192 $— $— $273 
EQUI-VEST Individual
0.00% - 1.50%
$49 $218 $— $— $267 
1.51% - 2.50%
43 — — — 43 
Greater than 2.50%
2,011 — — — 2,011 
Total$2,103 $218 $— $— $2,321 
SCS
Products with either a fixed rate or no guaranteed minimum
N/AN/AN/AN/AN/A
Group Retirement
EQUI-VEST Group
0.00% - 1.50%
$772 $2,338 $36 $315 $3,461 
1.51% - 2.50%
345 — — — 345 
Greater than 2.50%
6,610 — — — 6,610 
Total$7,727 $2,338 $36 $315 $10,416 
Momentum
0.00% - 1.50%
$— $12 $330 $53 $395 
1.51% - 2.50%
138 1 — — 139 
Greater than 2.50%
68 — 5 — 73 
Total$206 $13 $335 $53 $607 
Schedule of Aggregate Fair Value of Separate Account Assets
The following table presents the aggregate fair value of Separate Account assets by major asset category:
March 31, 2024
Protection SolutionsIndividual RetirementGroup Retirement    Corp & OtherLegacy SegmentTotal
(in millions)
Asset Type
Debt securities$46 $1 $20 $6 $— $73 
Common Stock64 35 450 1,713 — 2,262 
Mutual Funds17,419 41,755 35,235 688 34,951 130,048 
Bonds and Notes91 3 1 1,257 — 1,352 
Total$17,620 $41,794 $35,706 $3,664 $34,951 $133,735 

December 31, 2023
Protection SolutionsIndividual RetirementGroup Retirement    Corp & OtherLegacy SegmentTotal
(in millions)
Asset Type
Debt securities$48 $1 $21 $6 $— $76 
Common Stock65 34 447 1,667 — 2,213 
Mutual Funds16,199 40,113 32,780 689 33,802 123,583 
Bonds and Notes91 4 1 1,283 — 1,379 
Total$16,403 $40,152 $33,249 $3,645 $33,802 $127,251