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Policyholder Account Balances | 9 Months Ended
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Sep. 30, 2024
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, reflected in interest-sensitive contract liabilities, for the nine months ended September 30, 2024 and 2023 (dollars in millions):
For the nine months ended September 30, 2024: |  | U.S. and Latin America – Traditional |  | U.S. and Latin America – Financial Solutions |  | Asia Pacific – Financial Solutions
Balance, beginning of year |  | $ | 1,612 |  |  | $ | 17,838 |  |  | $ | 3,990 |
Deposits |  | 1,779 |  |  | 101 |  |  | 1,262 |
Policy charges |  | (103) |  |  | (61) |  |  | (137) |
Surrenders and withdrawals |  | (11) |  |  | (1,598) |  |  | (903) |
Benefit payments |  | (91) |  |  | (346) |  |  | (331) |
Interest credited |  | 132 |  |  | 432 |  |  | 84 |
Foreign currency translation |  | — |  |  | — |  |  | 4 |
Balance, end of period |  | $ | 3,318 |  |  | $ | 16,366 |  |  | $ | 3,969 |
Less: reinsurance recoverable |  | — |  |  | (2,844) |  |  | — |
Balance, end of period, after reinsurance |  | $ | 3,318 |  |  | $ | 13,522 |  |  | $ | 3,969 |
Weighted average crediting rate |  | 3.1 | % |  | 3.5 | % |  | 3.7 | %
Net amount at risk (1) |  | $ | 34,671 |  |  | $ | 6,614 |  |  | $ | 13 |
Cash surrender value |  | $ | 3,313 |  |  | $ | 16,262 |  |  | $ | 3,618 |
For the nine months ended September 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 |  | 20 |  |  | 84 |  |  | 765 |
Policy charges |  | (23) |  |  | (26) |  |  | (5) |
Surrenders and withdrawals |  | (11) |  |  | (1,517) |  |  | (93) |
Benefit payments |  | (96) |  |  | (357) |  |  | (79) |
Interest credited |  | 49 |  |  | 425 |  |  | 82 |
Foreign currency translation |  | — |  |  | — |  |  | (43) |
Balance, end of period |  | $ | 1,622 |  |  | $ | 17,515 |  |  | $ | 3,978 |
Less: reinsurance recoverable |  | — |  |  | (1,501) |  |  | — |
Balance, end of period, after reinsurance |  | $ | 1,622 |  |  | $ | 16,014 |  |  | $ | 3,978 |
Weighted average crediting rate |  | 4.4 | % |  | 3.3 | % |  | 3.0 | %
Net amount at risk (1) |  | $ | 664 |  |  | $ | 2,410 |  |  | $ | — |
Cash surrender value |  | $ | 1,608 |  |  | $ | 17,479 |  |  | $ | 3,760 |
(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 September 30, 2024 and 2023 is as follows (dollars in millions):
|  | September 30,
|  | 2024 |  | 2023
Policyholder account balances included in the rollforwards: |  |  |  |
Traditional: |  |  |  |
U.S. and Latin America |  | $ | 3,318 |  |  | $ | 1,622 |
Financial Solutions: |  |  |  |
U.S. and Latin America |  | 16,366 |  |  | 17,515 |
Asia Pacific |  | 3,969 |  |  | 3,978 |
Other policyholder account balances |  |  |  |
U.S. and Latin America – Financial Solutions |  | 76 |  |  | 51 |
Total policyholder account balances |  | $ | 23,729 |  |  | $ | 23,166 |
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 September 30, 2024 and 2023 is as follows (dollars in millions):
|  | September 30, 2024
|  | 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% |  | $ | 702 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 702 |
|  | 1.00 – 1.99% |  | 56 |  |  | 2 |  |  | 8 |  |  | — |  |  | — |  |  | 66 |
|  | 2.00 – 2.99% |  | 108 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 109 |
|  | 3.00 – 3.99% |  | 495 |  |  | 7 |  |  | 117 |  |  | — |  |  | — |  |  | 619 |
|  | 4.00% and Greater |  | 739 |  |  | 103 |  |  | 980 |  |  | — |  |  | — |  |  | 1,822 |
|  | Total |  | $ | 2,100 |  |  | $ | 112 |  |  | $ | 1,105 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 3,318 |
U.S. and Latin America – Financial Solutions |  | Less than 1.00% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | 1.00 – 1.99% |  | 1,342 |  |  | 12 |  |  | 10 |  |  | 35 |  |  | 29 |  |  | 1,428 |
|  | 2.00 – 2.99% |  | 1,301 |  |  | 15 |  |  | 35 |  |  | 530 |  |  | 170 |  |  | 2,051 |
|  | 3.00 – 3.99% |  | 3,693 |  |  | 213 |  |  | 116 |  |  | 4 |  |  | 2 |  |  | 4,028 |
|  | 4.00% and Greater |  | 8,827 |  |  | 32 |  |  | — |  |  | — |  |  | — |  |  | 8,859 |
|  | Total |  | $ | 15,163 |  |  | $ | 272 |  |  | $ | 161 |  |  | $ | 569 |  |  | $ | 201 |  |  | $ | 16,366 |
Asia Pacific – Financial Solutions |  | Less than 1.00% |  | $ | 193 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 193 |
|  | 1.00 – 1.99% |  | 477 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 477 |
|  | 2.00 – 2.99% |  | 492 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 492 |
|  | 3.00 – 3.99% |  | 993 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 993 |
|  | 4.00% and Greater |  | 1,814 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,814 |
|  | Total |  | $ | 3,969 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,969 |
|  | September 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 |  | 514 |  |  | 108 |  |  | 1,000 |  |  | — |  |  | — |  |  | 1,622 |
|  | Total |  | $ | 514 |  |  | $ | 108 |  |  | $ | 1,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,622 |
U.S. and Latin America – Financial Solutions |  | Less than 1.00% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | 1.00 – 1.99% |  | 1,681 |  |  | 10 |  |  | 15 |  |  | 63 |  |  | 35 |  |  | 1,804 |
|  | 2.00 – 2.99% |  | 1,625 |  |  | 14 |  |  | 42 |  |  | 608 |  |  | 62 |  |  | 2,351 |
|  | 3.00 – 3.99% |  | 4,335 |  |  | 234 |  |  | 81 |  |  | 2 |  |  | — |  |  | 4,652 |
|  | 4.00% and Greater |  | 8,665 |  |  | 43 |  |  | — |  |  | — |  |  | — |  |  | 8,708 |
|  | Total |  | $ | 16,306 |  |  | $ | 301 |  |  | $ | 138 |  |  | $ | 673 |  |  | $ | 97 |  |  | $ | 17,515 |
Asia Pacific – Financial Solutions |  | Less than 1.00% |  | $ | 281 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 281 |
|  | 1.00 – 1.99% |  | 699 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 699 |
|  | 2.00 – 2.99% |  | 827 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 827 |
|  | 3.00 – 3.99% |  | 1,289 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,289 |
|  | 4.00% and Greater |  | 882 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 882 |
|  | Total |  | $ | 3,978 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,978 |

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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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