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v3.23.1

Policyholder Account Balances | 3 Months Ended
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Mar. 31, 2023
Insurance [Abstract] |
Long-Duration Insurance Contracts Disclosure | POLICYHOLDER ACCOUNT BALANCES Policyholder Account Balances The following tables provide the balances of and changes in the Company’s liability for its policyholder account balances for the three months ended March 31, 2023 and 2022 (dollars in millions):
Three months ended March 31, 2023: |  | U.S. and Latin America – Traditional |  | U.S. and Latin America – Financial Solutions |  | Asia Pacific – Financial Solutions
Balance, beginning of year |  | $ | 1,683 |  |  | $ | 18,906 |  |  | $ | 3,351 |
Deposits |  | 3 |  |  | 41 |  |  | 431 |
Policy charges |  | (8) |  |  | (8) |  |  | — |
Surrenders and withdrawals |  | (5) |  |  | (528) |  |  | (19) |
Benefit payments |  | (43) |  |  | (116) |  |  | (22) |
Interest credited |  | 16 |  |  | 142 |  |  | 32 |
Foreign currency translation |  | — |  |  | — |  |  | (15) |
Balance, end of period |  | $ | 1,646 |  |  | $ | 18,437 |  |  | $ | 3,758 |
Less: reinsurance recoverable |  | — |  |  | (1,532) |  |  | — |
Balance, end of period, after reinsurance |  | $ | 1,646 |  |  | $ | 16,905 |  |  | $ | 3,758 |
Weighted-average crediting rate |  | 4.0 | % |  | 3.3 | % |  | 2.9 | %
Net amount at risk |  | $ | 697 |  |  | $ | 2,468 |  |  | $ | — |
Cash surrender value |  | $ | 1,635 |  |  | $ | 18,398 |  |  | $ | 3,340 |
Three months ended March 31, 2022: |  | U.S. and Latin America – Traditional |  | U.S. and Latin America – Financial Solutions |  | Asia Pacific – Financial Solutions
Balance, beginning of year |  | $ | 1,719 |  |  | $ | 18,758 |  |  | $ | 1,621 |
Deposits |  | 3 |  |  | 152 |  |  | 246 |
Policy charges |  | (8) |  |  | (8) |  |  | (1) |
Surrenders and withdrawals |  | (4) |  |  | (296) |  |  | (15) |
Benefit payments |  | (27) |  |  | (115) |  |  | (6) |
Interest credited |  | 16 |  |  | 153 |  |  | 6 |
Foreign currency translation |  | — |  |  | — |  |  | 13 |
Balance, end of period |  | $ | 1,699 |  |  | $ | 18,644 |  |  | $ | 1,864 |
Less: reinsurance recoverable |  | — |  |  | (1,552) |  |  | — |
Balance, end of period, after reinsurance |  | $ | 1,699 |  |  | $ | 17,092 |  |  | $ | 1,864 |
Weighted-average crediting rate |  | 4.0 | % |  | 3.2 | % |  | 1.4 | %
Net amount at risk |  | $ | 728 |  |  | $ | 2,561 |  |  | $ | — |
Cash surrender value |  | $ | 1,688 |  |  | $ | 18,552 |  |  | $ | 1,636 |
Information regarding the Company’s policyholder account balances as of March 31, 2023 and 2022 is as follows (dollars in millions):
|  | March 31,
|  | 2023 |  | 2022
Policyholder account balances included in the rollforwards: |  |  |  |
Traditional: |  |  |  |
U.S. and Latin America |  | $ | 1,646 |  |  | $ | 1,699 |
Financial Solutions: |  |  |  |
U.S. and Latin America |  | 18,437 |  |  | 18,644 |
Asia Pacific |  | 3,758 |  |  | 1,864 |
Other policyholder account balances |  |  |  |
U.S. and Latin America – Financial Solutions |  | 70 |  |  | 49 |
Total policyholder account balances |  | $ | 23,911 |  |  | $ | 22,256 |
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums as of March 31, 2023 and 2022 is as follows (dollars in millions):
|  | March 31, 2023
|  | 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
U.S. and Latin America – Traditional |  | Less than 1.00% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | 1.00 – 1.99% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 2.00 – 2.99% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 3.00 – 3.99% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 4.00% and Greater |  | 1,646 |  |  | — |  |  | — |  |  | — |  |  | 1,646 |
|  | Total |  | $ | 1,646 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,646 |
U.S. and Latin America – Financial Solutions |  | Less than 1.00% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | 1.00 – 1.99% |  | 1,844 |  |  | 14 |  |  | 97 |  |  | 40 |  |  | 1,995 |
|  | 2.00 – 2.99% |  | 1,831 |  |  | 9 |  |  | 727 |  |  | 14 |  |  | 2,581 |
|  | 3.00 – 3.99% |  | 4,718 |  |  | 240 |  |  | 79 |  |  | 1 |  |  | 5,038 |
|  | 4.00% and Greater |  | 8,773 |  |  | 50 |  |  | — |  |  | — |  |  | 8,823 |
|  | Total |  | $ | 17,166 |  |  | $ | 313 |  |  | $ | 903 |  |  | $ | 55 |  |  | $ | 18,437 |
Asia Pacific – Financial Solutions |  | Less than 1.00% |  | $ | 291 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 291 |
|  | 1.00 – 1.99% |  | 717 |  |  | — |  |  | — |  |  | — |  |  | 717 |
|  | 2.00 – 2.99% |  | 804 |  |  | — |  |  | — |  |  | — |  |  | 804 |
|  | 3.00 – 3.99% |  | 1,225 |  |  | — |  |  | — |  |  | — |  |  | 1,225 |
|  | 4.00% and Greater |  | 721 |  |  | — |  |  | — |  |  | — |  |  | 721 |
|  | Total |  | $ | 3,758 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,758 |
|  | March 31, 2022
|  | 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
U.S. and Latin America – Traditional |  | Less than 1.00% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | 1.00 – 1.99% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 2.00 – 2.99% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 3.00 – 3.99% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 4.00% and Greater |  | 1,699 |  |  | — |  |  | — |  |  | — |  |  | 1,699 |
|  | Total |  | $ | 1,699 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,699 |
U.S. and Latin America – Financial Solutions |  | Less than 1.00% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | 1.00 – 1.99% |  | 1,995 |  |  | 16 |  |  | 85 |  |  | 57 |  |  | 2,153 |
|  | 2.00 – 2.99% |  | 2,140 |  |  | 6 |  |  | 788 |  |  | — |  |  | 2,934 |
|  | 3.00 – 3.99% |  | 4,782 |  |  | 258 |  |  | 60 |  |  | — |  |  | 5,100 |
|  | 4.00% and Greater |  | 8,403 |  |  | 54 |  |  | — |  |  | — |  |  | 8,457 |
|  | Total |  | $ | 17,320 |  |  | $ | 334 |  |  | $ | 933 |  |  | $ | 57 |  |  | $ | 18,644 |
Asia Pacific – Financial Solutions |  | Less than 1.00% |  | $ | 651 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 651 |
|  | 1.00 – 1.99% |  | 954 |  |  | — |  |  | — |  |  | — |  |  | 954 |
|  | 2.00 – 2.99% |  | 10 |  |  | — |  |  | — |  |  | — |  |  | 10 |
|  | 3.00 – 3.99% |  | 240 |  |  | — |  |  | — |  |  | — |  |  | 240 |
|  | 4.00% and Greater |  | 9 |  |  | — |  |  | — |  |  | — |  |  | 9 |
|  | Total |  | $ | 1,864 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,864 |

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- Definition The entire disclosure for long duration contracts. This may include the information pertinent to an understanding of the types of traditional and nontraditional insurance and investment contracts sold and serviced, including the nature and amount of estimated guaranteed obligations pertaining to such contracts and the assumptions underlying such estimated amounts, hedging strategies, and sales inducements offered. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (u) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//944/tableOfContent + Details
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