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Collateral Finance and Securitization Notes | 12 Months Ended
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Dec. 31, 2022
Collateralized Financings [Abstract] |
Collateral Finance and Securitization Notes | COLLATERAL FINANCE AND SECURITIZATION NOTES Collateral Finance Notes In 2006, RGA’s subsidiary, Timberlake Financial L.L.C. (“Timberlake Financial”), issued $850 million of Series A Floating Rate Insured Notes, due June 2036, in a private placement. The notes were issued to fund the collateral requirements for statutory reserves required by Regulation XXX on specified term life insurance policies reinsured by RGA Reinsurance and retroceded to Timberlake Re. Proceeds from the notes, along with a $113 million direct investment by RGA, were deposited into a series of accounts that collateralize the notes and are not available to satisfy the general obligations of the Company. As of December 31, 2022 and 2021, respectively, the Company held assets in trust and in custody of $0 million and $465 million, of which $0 million and $39 million were held in a Debt Service Coverage account to cover interest payments on the notes. Interest on the notes accrued at an annual rate of 1-month LIBOR plus a base rate margin, payable monthly, and totaled $2 million, $1 million and $3 million in 2022, 2021 and 2020, respectively. The notes were called and fully redeemed on August 29, 2022. Securitization Notes The Company’s collateral finance and securitization notes consist of the following as of December 31, 2022 and 2021 (dollars in millions):
| 2022 |  | 2021
Timberlake Financial | $ | — |  |  | $ | 181 |
Unamortized issuance costs | — |  |  | (1) |
Total | $ | — |  |  | $ | 180 |

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