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Policyholder Account Balances (Tables) | 12 Months Ended
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Dec. 31, 2023
Insurance [Abstract] |
Policyholder Account Balance | The following tables provide the balances of and changes in the Company’s liability for its policyholder account balances, reflected in interest-sensitive contract liabilities, for the years ended December 31, 2023 and 2022 (dollars in millions):
Year ended December 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 |  | 21 |  |  | 919 |  |  | 889 |
Policy charges |  | (31) |  |  | (45) |  |  | (10) |
Surrenders and withdrawals |  | (15) |  |  | (2,045) |  |  | (137) |
Benefit payments |  | (113) |  |  | (471) |  |  | (208) |
Interest credited |  | 67 |  |  | 574 |  |  | 106 |
Foreign currency translation |  | — |  |  | — |  |  | (1) |
Balance, end of period |  | 1,612 |  |  | 17,838 |  |  | 3,990 |
Less: reinsurance recoverable |  | — |  |  | (3,065) |  |  | — |
Balance, end of period, after reinsurance |  | $ | 1,612 |  |  | $ | 14,773 |  |  | $ | 3,990 |
Weighted-average crediting rate |  | 4.4 | % |  | 3.4 | % |  | 3.0 | %
Net amount at risk (1) |  | $ | 671 |  |  | $ | 7,049 |  |  | $ | — |
Cash surrender value |  | $ | 1,606 |  |  | $ | 17,707 |  |  | $ | 3,314 |
Year ended December 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 |  | 24 |  |  | 1,289 |  |  | 2,521 |
Policy charges |  | (32) |  |  | (33) |  |  | (134) |
Surrenders and withdrawals |  | (17) |  |  | (1,258) |  |  | (639) |
Benefit payments |  | (76) |  |  | (448) |  |  | (46) |
Interest credited |  | 65 |  |  | 598 |  |  | 51 |
Foreign currency translation |  | — |  |  | — |  |  | (23) |
Balance, end of period |  | 1,683 |  |  | 18,906 |  |  | 3,351 |
Less: reinsurance recoverable |  | — |  |  | (1,543) |  |  | — |
Balance, end of period, after reinsurance |  | $ | 1,683 |  |  | $ | 17,363 |  |  | $ | 3,351 |
Weighted-average crediting rate |  | 4.0 | % |  | 3.3 | % |  | 2.7 | %
Net amount at risk (1) |  | $ | 657 |  |  | $ | 2,490 |  |  | $ | — |
Cash surrender value |  | $ | 1,676 |  |  | $ | 18,852 |  |  | $ | 2,743 |
(1) Net amount at risk is defined as the guaranteed amount less the account value as of the balance sheet date. The balance represents the amount of the claim the Company would incur if death claims were filed on all contracts on the balance sheet date. Information regarding the Company’s policyholder account balances as of December 31, 2023 and 2022, is as follows (dollars in millions):
|  | December 31,
|  | 2023 |  | 2022
Policyholder account balances included in the rollforwards: |  |  |  |
Traditional: |  |  |  |
U.S. and Latin America |  | $ | 1,612 |  |  | $ | 1,683 |
Financial Solutions: |  |  |  |
U.S. and Latin America |  | 17,838 |  |  | 18,906 |
Asia Pacific |  | 3,990 |  |  | 3,351 |
Other policyholder account balances |  |  |  |
U.S. and Latin America – Financial Solutions |  | 50 |  |  | 70 |
Total policyholder account balances |  | $ | 23,490 |  |  | $ | 24,010 |
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 December 31, 2023 and 2022 is as follows (dollars in millions):
|  | December 31, 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 |  | 509 |  |  | 110 |  |  | 993 |  |  | — |  |  | — |  |  | 1,612 |
|  | Total |  | $ | 509 |  |  | $ | 110 |  |  | $ | 993 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,612 |
U.S. and Latin America – Financial Solutions |  | Less than 1.00% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | 1.00 – 1.99% |  | 1,602 |  |  | 10 |  |  | 14 |  |  | 60 |  |  | 30 |  |  | 1,716 |
|  | 2.00 – 2.99% |  | 1,556 |  |  | 14 |  |  | 39 |  |  | 663 |  |  | 84 |  |  | 2,356 |
|  | 3.00 – 3.99% |  | 4,223 |  |  | 252 |  |  | 90 |  |  | — |  |  | — |  |  | 4,565 |
|  | 4.00% and Greater |  | 9,155 |  |  | 46 |  |  | — |  |  | — |  |  | — |  |  | 9,201 |
|  | Total |  | $ | 16,536 |  |  | $ | 322 |  |  | $ | 143 |  |  | $ | 723 |  |  | $ | 114 |  |  | $ | 17,838 |
Asia Pacific – Financial Solutions |  | Less than 1.00% |  | $ | 275 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 275 |
|  | 1.00 – 1.99% |  | 696 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 696 |
|  | 2.00 – 2.99% |  | 718 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 718 |
|  | 3.00 – 3.99% |  | 1,297 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,297 |
|  | 4.00% and Greater |  | 1,004 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,004 |
|  | Total |  | $ | 3,990 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,990 |
|  | December 31, 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 |  | 654 |  |  | 1,029 |  |  | — |  |  | — |  |  | — |  |  | 1,683 |
|  | Total |  | $ | 654 |  |  | $ | 1,029 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,683 |
U.S. and Latin America – Financial Solutions |  | Less than 1.00% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | 1.00 – 1.99% |  | 1,913 |  |  | 13 |  |  | 43 |  |  | 56 |  |  | 41 |  |  | 2,066 |
|  | 2.00 – 2.99% |  | 1,935 |  |  | 8 |  |  | 99 |  |  | 644 |  |  | — |  |  | 2,686 |
|  | 3.00 – 3.99% |  | 4,965 |  |  | 239 |  |  | 64 |  |  | — |  |  | — |  |  | 5,268 |
|  | 4.00% and Greater |  | 8,837 |  |  | 49 |  |  | — |  |  | — |  |  | — |  |  | 8,886 |
|  | Total |  | $ | 17,650 |  |  | $ | 309 |  |  | $ | 206 |  |  | $ | 700 |  |  | $ | 41 |  |  | $ | 18,906 |
Asia Pacific – Financial Solutions |  | Less than 1.00% |  | $ | 292 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 292 |
|  | 1.00 – 1.99% |  | 719 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 719 |
|  | 2.00 – 2.99% |  | 770 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 770 |
|  | 3.00 – 3.99% |  | 1,122 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,122 |
|  | 4.00% and Greater |  | 448 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 448 |
|  | Total |  | $ | 3,351 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,351 |

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