XML 51 R38.htm IDEA: XBRL DOCUMENT v3.25.1

POLICYHOLDER ACCOUNT BALANCES (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025																								Three Months Ended March 31, 2024
			Protection Solutions						Individual Retirement						Corporate & Other												Protection Solutions						Individual Retirement						Corporate & Other
			Term						Payout						Group Pension						Health						Term						Payout						Group Pension						Health
			(in millions)
Present Value of Expected Net Premiums
Balance, beginning of period			$	1,932					$	—					$	—					$	(25)					$	2,133					$	—					$	—					$	(21)
Beginning balance at original discount rate			1,959						—						—						(26)						2,058						—						—						(22)
Effect of changes in cash flow assumptions			—						—						—						—						(18)						—						—						—
Effect of actual variances from expected experience			(29)						—						—						(2)						(18)						—						—						1
Adjusted beginning of period balance			1,930						—						—						(28)						2,022						—						—						(21)
Issuances			11						—						—						—						11						—						—						—
Interest accrual			24						—						—						—						25						—						—						—
Net premiums collected			(46)						—						—						1						(49)						—						—						1
Ending Balance at original discount rate			1,919						—						—						(27)						2,009						—						—						(20)
Effect of changes in discount rate assumptions			(7)						—						—						1						17						—						—						1
Balance, end of period			$	1,912					$	—					$	—					$	(26)					$	2,026					$	—					$	—					$	(19)
Present Value of Expected Future Policy Benefits
Balance, beginning of period			$	3,216					$	5,050					$	460					$	1,337					$	3,480					$	4,464					$	490					$	1,484
Beginning balance of original discount rate			3,215						5,390						514						1,555						3,330						4,680						536						1,672
Effect of changes in cash flow assumptions (1)			—						(468)						—						—						(20)						—						—						—
Effect of actual variances from expected experience			(39)						(1)						—						(6)						(23)						(3)						1						1
Adjusted beginning of period balance			3,176						4,921						514						1,549						3,287						4,677						537						1,673
Issuances			11						201						—						—						12						279						—						—
Interest accrual			40						51						5						13						41						45						5						14
Benefits payments			(58)						(127)						(16)						(38)						(64)						(113)						(16)						(41)
Ending Balance at original discount rate			3,169						5,046						503						1,524						3,276						4,888						526						1,646
Effect of changes in discount rate assumptions			34						(264)						(49)						(197)						65						(302)						(53)						(215)
Balance, end of period			$	3,203					$	4,782					$	454					$	1,327					$	3,341					$	4,586					$	473					$	1,431
Impact of flooring LFPB at zero			1						—						—						—						1						—						—						—
Net liability for future policy benefits			$	1,292					4,782						454						1,353						1,316						4,586						473						1,450
Less: Reinsurance recoverable			6						(960)						—						(1,060)						24						(1,069)						—						(1,147)
Net liability for future policy benefits, after reinsurance recoverable			$	1,298					$	3,822					$	454					$	293					$	1,340					$	3,517					$	473					$	303
Weighted-average duration of liability for future policyholder benefits (years)			6.8						7.7						6.9						8.3						6.9						8.0						7.0						8.6

______________

(1)For the first quarter 2025, this is the net income impact due to novation as described in Note 1.

The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:

			March 31, 2025						December 31, 2024
			(in millions)
Policyholders’ account balance reconciliation
Protection Solutions
Universal Life			$	5,015					$	5,065
Variable Universal Life			4,990						4,982
Legacy Segment
GMxB Legacy			260						226
Individual Retirement
GMxB Core			(18)						(4)
SCS			64,896						65,267
EQUI-VEST Individual			1,988						2,037
Group Retirement
EQUI-VEST Group			11,121						11,158
Momentum			510						527
Other (1)			9,221						8,658
Balance (exclusive of Funding Agreements)			97,983						97,916
Funding Agreements			14,810						13,013
Balance, end of period			$	112,793					$	110,929

_____________

(1)Primarily reflects products IR Payout, IR Other, Indexed Universal Life, Investment Edge, Group Pension, Closed Block and Corporate and Other.

.

The following table summarizes the balances and changes in policyholder’s account balances:

			Three Months Ended March 31, 2025
			Protection Solutions												Legacy						Individual Retirement																		Group Retirement
			Universal Life						Variable Universal Life						GMxB Legacy						GMxB Core						SCS (1)						EQUI-VEST Individual						EQUI-VEST Group						Momentum
			(Dollars in millions)
Balance, beginning of period			$	5,065					$	4,982					$	226					$	(4)					$	65,267					$	2,037					$	11,158					$	527
Premiums received			154						31						3						50						2						10						144						15
Policy charges			(171)						(69)						14						(5)						(11)						—						(1)						—
Surrenders and withdrawals			(21)						(1)						(18)						(7)						(1,242)						(65)						(349)						(31)
Benefit payments			(66)						(32)						(4)						—						(80)						(15)						(18)						(1)
Net transfers from (to) separate account			—						47						4						(54)						3,450						7						134						(3)
Interest credited (2)			54						32						2						2						(2,490)						14						53						3
Other (4)			—						—						33						—						—						—						—						—
Balance, end of period			$	5,015					$	4,990					$	260					$	(18)					$	64,896					$	1,988					$	11,121					$	510
Weighted-average crediting rate			3.83%						3.69%						2.78%						2.02%						N/A						2.99%						2.72%						2.49%
Net amount at risk (3)			$	32,764					$	117,812					$	16,915					$	3,112					$	46					$	105					$	16					$	—
Cash surrender value			$	3,349					$	3,157					$	463					$	219					$	61,623					$	1,982					$	11,012					$	511

______________

(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.

(4)Includes the PAB from the policies novated to Venerable, as described in Note 1.

			Three Months Ended March 31, 2024
			Protection Solutions												Legacy						Individual Retirement																		Group Retirement
			Universal Life						Variable Universal Life						GMxB Legacy						GMxB Core						SCS (1)						EQUI-VEST Individual						EQUI-VEST Group						Momentum
			(Dollars in millions)
Balance, beginning of period			$	5,202					$	4,850					$	618					$	36					$	49,002					$	2,322					$	11,563					$	608
Premiums received			166						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						47						6						2						3,220						17						96						3
Other			—						—						—						—						—						—						—						—
Balance, end of period			$	5,163					$	4,869					$	616					$	22					$	54,373					$	2,242					$	11,430					$	590
Weighted-average crediting rate			3.79%						3.73%						2.71%						1.65%						N/A						2.98%						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 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, 2025						December 31, 2024
			(in millions)
Separate Account Reconciliation
Protection Solutions
Variable Universal Life			$	17,464					$	18,176
Legacy Segment
GMxB Legacy			27,408						33,199
Individual Retirement
GMxB Core			29,201						30,411
EQUI-VEST Individual			4,444						4,782
Investment Edge			4,720						4,885
Group Retirement
EQUI-VEST Group			29,229						30,546
Momentum			4,637						4,813
Other (1)			7,466						7,905
Total			$	124,569					$	134,717

______________

(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, 2025
			Protection Solutions						Legacy						Individual Retirement																		Group Retirement
			VUL						GMxB Legacy						GMxB Core						EQUI-VEST Individual						Investment Edge						EQUI-VEST Group						Momentum
			(in millions)
Balance, beginning of period			$	18,176					$	33,199					$	30,411					$	4,782					$	4,885					$	30,546					$	4,813
Premiums and deposits			332						55						506						25						413						615						168
Policy charges			(147)						(139)						(118)						(1)						—						(5)						(6)
Surrenders and withdrawals			(190)						(852)						(999)						(130)						(122)						(675)						(236)
Benefit payments			(27)						(185)						(82)						(18)						(6)						(15)						(4)
Investment performance (1)			(633)						(850)						(571)						(207)						(95)						(1,104)						(101)
Net transfers from (to) General Account			(47)						(4)						54						(7)						(355)						(133)						3
Other charges (2)			—						(3,816)						—						—						—						—						—
Balance, end of period			$	17,464					$	27,408					$	29,201					$	4,444					$	4,720					$	29,229					$	4,637
Cash surrender value			$	17,108					$	27,200					$	28,349					$	4,413					$	4,632					$	28,835					$	4,631

_____________

(1)Investment performance is reflected net of M&E fees.

(2)Other charges include the Separate Account value novated to Venerable, as described in Note 1.

			Three Months Ended March 31, 2024
			Protection Solutions						Legacy						Individual Retirement																		Group Retirement
			VUL						GMxB Legacy						GMxB Core						EQUI-VEST Individual						Investment Edge						EQUI-VEST Group						Momentum
			(in millions)
Balance, beginning of period			$	15,821					$	33,794					$	29,829					$	4,582					$	4,275					$	26,959					$	4,421
Premiums and deposits			305						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			(15)						(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.

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, 2025
Product						Range of Guaranteed Minimum Crediting Rate						At 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%						—						89						281						656						1,026
						Greater than 2.50%						3,302						650						—						—						3,952
						Total						$	3,302					$	739					$	281					$	662					$	4,984
Variable Universal Life						0.00% - 1.50%						$	12					$	10					$	102					$	46					$	170
						1.51% - 2.50%						38						363						227						—						628
						Greater than 2.50%						3,664						4						20						—						3,688
						Total						$	3,714					$	377					$	349					$	46					$	4,486
Legacy Segment

March 31, 2025
Product						Range of Guaranteed Minimum Crediting Rate						At 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%						$	—					$	63					$	2					$	—					$	65
						1.51% - 2.50%						17						—						—						—						17
						Greater than 2.50%						382						—						—						—						382
						Total						$	399					$	63					$	2					$	—					$	464
Individual Retirement
GMxB Core						0.00% - 1.50%						$	—					$	10					$	155					$	—					$	165
						1.51% - 2.50%						12						—						—						—						12
						Greater than 2.50%						48						—						—						—						48
						Total						$	60					$	10					$	155					$	—					$	225
EQUI-VEST Individual						0.00% - 1.50%						$	42					$	195					$	—					$	—					$	237
						1.51% - 2.50%						38						—						—						—						38
						Greater than 2.50%						1,713						—						—						—						1,713
						Total						$	1,793					$	195					$	—					$	—					$	1,988
Group Retirement
EQUI-VEST Group						0.00% - 1.50%						$	712					$	2,410					$	32					$	249					$	3,403
						1.51% - 2.50%						349						—						—						—						349
						Greater than 2.50%						6,027						—						—						—						6,027
						Total						$	7,088					$	2,410					$	32					$	249					$	9,779
Momentum						0.00% - 1.50%						$	—					$	—					$	257					$	85					$	342
						1.51% - 2.50%						78						28						—						—						106
						Greater than 2.50%						57						—						4						—						61
						Total						$	135					$	28					$	261					$	85					$	509

December 31, 2024
Product						Range of Guaranteed Minimum Crediting Rate						At 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%						—						90						284						655						1,029
						Greater than 2.50%						3,402						598						—						—						4,000
						Total						$	3,402					$	688					$	284					$	661					$	5,035
Variable Universal Life						0.00% - 1.50%						$	24					$	13					$	94					$	40					$	171
						1.51% - 2.50%						37						357						223						—						617
						Greater than 2.50%						3,667						2						20						—						3,689
						Total						$	3,728					$	372					$	337					$	40					$	4,477
Legacy Segment

December 31, 2024
Product						Range of Guaranteed Minimum Crediting Rate						At 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%						$	67					$	3					$	—					$	—					$	70
						1.51% - 2.50%						19						—						—						—						19
						Greater than 2.50%						401						—						—						—						401
						Total						$	487					$	3					$	—					$	—					$	490
Individual Retirement
GMxB Core						0.00% - 1.50%						$	11					$	160					$	—					$	—					$	171
						1.51% - 2.50%						12						—						—						—						12
						Greater than 2.50%						52						—						—						—						52
						Total						$	75					$	160					$	—					$	—					$	235
EQUI-VEST Individual						0.00% - 1.50%						$	42					$	198					$	—					$	—					$	240
						1.51% - 2.50%						38						—						—						—						38
						Greater than 2.50%						1,758						—						—						—						1,758
						Total						$	1,838					$	198					$	—					$	—					$	2,036
Group Retirement
EQUI-VEST Group						0.00% - 1.50%						$	720					$	2,391					$	33					$	258					$	3,402
						1.51% - 2.50%						349						—						—						—						349
						Greater than 2.50%						6,076						—						—						—						6,076
						Total						$	7,145					$	2,391					$	33					$	258					$	9,827
Momentum						0.00% - 1.50%						$	—					$	—					$	269					$	88					$	357
						1.51% - 2.50%						79						29						—						—						108
						Greater than 2.50%						56						—						5						—						61
						Total						$	135					$	29					$	274					$	88					$	526

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, 2025
			Protection Solutions						Individual Retirement						Group Retirement						Corp & Other						Legacy Segment						Total
			(in millions)
Asset Type
Debt securities			$	49					$	1					$	15					$	12					$	—					$	77
Common Stock			62						35						472						1,631						—						2,200
Mutual Funds			17,859						40,071						35,172						628						27,429						121,159
Bonds and Notes			102						4						4						1,023						—						1,133
Total			$	18,072					$	40,111					$	35,663					$	3,294					$	27,429					$	124,569

			December 31, 2024
			Protection Solutions						Individual Retirement						Group Retirement						Corp & Other						Legacy Segment						Total
			(in millions)
Asset Type
Debt securities			$	51					$	1					$	14					$	13					$	—					$	79
Common Stock			68						36						472						1,631						—						2,207
Mutual Funds			18,611						42,029						36,779						659						33,214						131,292
Bonds and Notes			98						4						1						1,036						—						1,139
Total			$	18,828					$	42,070					$	37,266					$	3,339					$	33,214					$	134,717

X

- Definition

Tabular disclosure of policyholder account balance by range of guaranteed minimum crediting rate and related range of difference between rate being credited to policyholder and respective guaranteed minimum.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 29F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480046/944-40-55-29F

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-7A

+ Details

Name:	us-gaap_PolicyholderAccountBalanceGuaranteedMinimumCreditingRateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information about policyholder account balance, including, but not limited to change in liability and related cash surrender value.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-7A

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 29F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480046/944-40-55-29F

+ Details

Name:	us-gaap_PolicyholderAccountBalanceTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_PolicyholderFundsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of fair value of asset supporting separate account.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480078/944-80-55-17

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480109/944-80-50-1

Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 944
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479808/944-20-55-15

+ Details

Name:	us-gaap_ScheduleOfFairValueOfSeparateAccountsByMajorCategoryOfInvestmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration