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v3.23.2

Policyholder Account Balances (Tables) | 6 Months Ended
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Jun. 30, 2023
Insurance [Abstract] |
Policyholder Account Balance | Policyholder Account Balances The following tables provide the balances of and changes in the Company’s liability for its policyholder account balances for the six months ended June 30, 2023 and 2022 (dollars in millions):
Six months ended June 30, 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 |  | 6 |  |  | 66 |  |  | 605 |
Policy charges |  | (15) |  |  | (17) |  |  | (1) |
Surrenders and withdrawals |  | (8) |  |  | (1,046) |  |  | (50) |
Benefit payments |  | (60) |  |  | (238) |  |  | (43) |
Interest credited |  | 33 |  |  | 283 |  |  | 53 |
Foreign currency translation |  | — |  |  | — |  |  | (17) |
Balance, end of period |  | $ | 1,639 |  |  | $ | 17,954 |  |  | $ | 3,898 |
Less: reinsurance recoverable |  | — |  |  | (1,519) |  |  | — |
Balance, end of period, after reinsurance |  | $ | 1,639 |  |  | $ | 16,435 |  |  | $ | 3,898 |
Weighted-average crediting rate |  | 4.0 | % |  | 3.3 | % |  | 2.9 | %
Net amount at risk |  | $ | 686 |  |  | $ | 2,439 |  |  | $ | — |
Cash surrender value |  | $ | 1,624 |  |  | $ | 17,907 |  |  | $ | 3,695 |
Six months ended June 30, 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 |  | 7 |  |  | 738 |  |  | 954 |
Policy charges |  | (16) |  |  | (16) |  |  | (22) |
Surrenders and withdrawals |  | (10) |  |  | (576) |  |  | (170) |
Benefit payments |  | (40) |  |  | (228) |  |  | (16) |
Interest credited |  | 33 |  |  | 304 |  |  | 15 |
Foreign currency translation |  | — |  |  | — |  |  | (23) |
Balance, end of period |  | $ | 1,693 |  |  | $ | 18,980 |  |  | $ | 2,359 |
Less: reinsurance recoverable |  | — |  |  | (1,545) |  |  | — |
Balance, end of period, after reinsurance |  | $ | 1,693 |  |  | $ | 17,435 |  |  | $ | 2,359 |
Weighted-average crediting rate |  | 4.0 | % |  | 3.2 | % |  | 1.8 | %
Net amount at risk |  | $ | 710 |  |  | $ | 2,547 |  |  | $ | — |
Cash surrender value |  | $ | 1,678 |  |  | $ | 18,925 |  |  | $ | 2,277 |
Information regarding the Company’s policyholder account balances as of June 30, 2023 and 2022 is as follows (dollars in millions):
|  | June 30,
|  | 2023 |  | 2022
Policyholder account balances included in the rollforwards: |  |  |  |
Traditional: |  |  |  |
U.S. and Latin America |  | $ | 1,639 |  |  | $ | 1,693 |
Financial Solutions: |  |  |  |
U.S. and Latin America |  | 17,954 |  |  | 18,980 |
Asia Pacific |  | 3,898 |  |  | 2,359 |
Other policyholder account balances |  |  |  |
U.S. and Latin America – Financial Solutions |  | 52 |  |  | 71 |
Total policyholder account balances |  | $ | 23,543 |  |  | $ | 23,103 |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate | 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 June 30 , 2023 and 2022 is as follows (dollars in millions):
|  | June 30, 2023
|  | Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  | 1 Basis Point – 50 Basis Points Above |  | 51 Basis Points – 100 Basis Points Above |  | 101 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 |  | 521 |  |  | 1,118 |  |  | — |  |  | — |  |  | — |  |  | 1,639 |
|  | Total |  | $ | 521 |  |  | $ | 1,118 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,639 |
U.S. and Latin America – Financial Solutions |  | Less than 1.00% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | 1.00 – 1.99% |  | 1,759 |  |  | 14 |  |  | 16 |  |  | 70 |  |  | 40 |  |  | 1,899 |
|  | 2.00 – 2.99% |  | 1,724 |  |  | 13 |  |  | 57 |  |  | 637 |  |  | 31 |  |  | 2,462 |
|  | 3.00 – 3.99% |  | 4,515 |  |  | 249 |  |  | 70 |  |  | — |  |  | — |  |  | 4,834 |
|  | 4.00% and Greater |  | 8,717 |  |  | 42 |  |  | — |  |  | — |  |  | — |  |  | 8,759 |
|  | Total |  | $ | 16,715 |  |  | $ | 318 |  |  | $ | 143 |  |  | $ | 707 |  |  | $ | 71 |  |  | $ | 17,954 |
Asia Pacific – Financial Solutions |  | Less than 1.00% |  | $ | 314 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 314 |
|  | 1.00 – 1.99% |  | 757 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 757 |
|  | 2.00 – 2.99% |  | 694 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 694 |
|  | 3.00 – 3.99% |  | 1,160 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,160 |
|  | 4.00% and Greater |  | 973 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 973 |
|  | Total |  | $ | 3,898 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,898 |
|  | June 30, 2022
|  | Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  | 1 Basis Point – 50 Basis Points Above |  | 51 Basis Points – 100 Basis Points Above |  | 101 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 |  | 1,693 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,693 |
|  | Total |  | $ | 1,693 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,693 |
U.S. and Latin America – Financial Solutions |  | Less than 1.00% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | 1.00 – 1.99% |  | 1,978 |  |  | 15 |  |  | 16 |  |  | 58 |  |  | 45 |  |  | 2,112 |
|  | 2.00 – 2.99% |  | 2,074 |  |  | 6 |  |  | 129 |  |  | 632 |  |  | — |  |  | 2,841 |
|  | 3.00 – 3.99% |  | 4,888 |  |  | 243 |  |  | 62 |  |  | 12 |  |  | 1 |  |  | 5,206 |
|  | 4.00% and Greater |  | 8,771 |  |  | 49 |  |  | — |  |  | — |  |  | 1 |  |  | 8,821 |
|  | Total |  | $ | 17,711 |  |  | $ | 313 |  |  | $ | 207 |  |  | $ | 702 |  |  | $ | 47 |  |  | $ | 18,980 |
Asia Pacific – Financial Solutions |  | Less than 1.00% |  | $ | 573 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 573 |
|  | 1.00 – 1.99% |  | 952 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 952 |
|  | 2.00 – 2.99% |  | 476 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 476 |
|  | 3.00 – 3.99% |  | 350 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 350 |
|  | 4.00% and Greater |  | 8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |
|  | Total |  | $ | 2,359 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,359 |

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