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Policyholder Account Balances (Tables) | 3 Months Ended
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Mar. 31, 2024
Policyholder Account Balance [Abstract] |
Schedule of Policyholder Account Balances | The following table reconciles policyholder account balances (in millions) to the Consolidated Balance Sheets:
| As of March 31, |  | As of December 31,
| 2024 |  | 2023
Variable Annuities | $ | 31,408 |  | $ | 29,141
Fixed Annuities | 25,162 |  | 25,355
UL and Other | 37,006 |  | 37,180
Retirement Plan Services | 23,586 |  | 23,784
Other (1) | 5,138 |  | 5,277
Total policyholder account balances | $ | 122,300 |  | $ | 120,737
(1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($4.7 billion and $4.9 billion as of March 31, 2024, and December 31, 2023, respectively) that are excluded from the following tables.
Summary of Balances and Changes in Policyholder Account Balances | The following table summarizes the balances and changes in policyholder account balances (in millions):
| As of or For the Three Months Ended March 31, 2024
| Variable Annuities |  | Fixed Annuities |  | UL and Other |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 29,141 |  |  | $ | 25,355 |  |  | $ | 37,180 |  |  | $ | 23,784 |
Gross deposits | 973 |  |  | 973 |  |  | 850 |  |  | 790 |
Withdrawals | (224) |  |  | (1,410) |  |  | (364) |  |  | (1,203) |
Policyholder assessments | – |  |  | (17) |  |  | (1,124) |  |  | (3) |
Net transfers from (to) separate account | (178) |  |  | – |  |  | 38 |  |  | 50 |
Interest credited | 158 |  |  | 183 |  |  | 365 |  |  | 168 |
Change in fair value of embedded derivative |  |  |  |  |  |  |
instruments | 1,538 |  |  | 78 |  |  | 61 |  |  | – |
Balance as of end-of-period | $ | 31,408 |  |  | $ | 25,162 |  |  | $ | 37,006 |  |  | $ | 23,586 |
Weighted-average crediting rate | 2.1% |  | 2.9% |  | 3.9% |  | 2.8%
Net amount at risk (1)(2) | $ | 2,056 |  | $ | 210 |  | $ | 300,740 |  | $ | 3
Cash surrender value | 30,228 |  | 24,139 |  | 33,314 |  | 23,560
| As of or For the Three Months Ended March 31, 2023
| Variable Annuities |  | Fixed Annuities |  | UL and Other |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 22,184 |  | $ | 23,365 |  | $ | 37,694 |  | $ | 25,138
Gross deposits | 1,222 |  | 1,317 |  | 926 |  | 701
Withdrawals | (170) |  | (889) |  | (393) |  | (1,113)
Policyholder assessments | – |  | (15) |  | (1,128) |  | (3)
Net transfers from (to) separate account | (114) |  | – |  | 32 |  | 103
Interest credited | 109 |  | 154 |  | 373 |  | 168
Change in fair value of embedded derivative |  |  |  |  |  |  |
instruments | 540 |  | 87 |  | 29 |  | –
Balance as of end-of-period | $ | 23,771 |  | $ | 24,019 |  | $ | 37,533 |  | $ | 24,994
Weighted-average crediting rate | 1.9 | % |  | 2.6 | % |  | 4.0 | % |  | 2.7 | %
Net amount at risk (1)(2) | $ | 6,268 |  | $ | 192 |  | $ | 303,412 |  | $ | 9
Cash surrender value | 22,698 |  | 23,125 |  | 34,033 |  | 24,989
(1) NAR is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For GLBs, the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit rider exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation. (2) Calculation is based on total account balances and includes both policyholder account balances and separate account balances.
Summary of Policyholder Account Balances by Range | The following table presents policyholder account balances (in millions) by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between the interest being credited to policyholders and the respective guaranteed contract minimums:
| As of March 31, 2024
| At Guaranteed Minimum |  | 1-50 Basis Basis Points Above |  | 51-100 Basis Points Above |  | 101-150 Basis Points Above |  | Greater Than 150 Basis Points Above |  | Total
Range of Guaranteed |  |  |  |  |
Minimum Crediting Rate |  |  |  |  |
Variable Annuities |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | – |  | $ | – |  | $ | – |  | $ | – |  | $ | – |  | $ | –
1.01% - 2.00% | 5 |  | – |  | – |  | – |  | 6 |  | 11
2.01% - 3.00% | 560 |  | – |  | – |  | – |  | – |  | 560
3.01% - 4.00% | 1,319 |  | – |  | – |  | – |  | – |  | 1,319
4.01% and above | 9 |  | – |  | – |  | – |  | – |  | 9
Other (1) | – |  | – |  | – |  | – |  | – |  | 29,509
Total | $ | 1,893 |  | $ | – |  | $ | – |  | $ | – |  | $ | 6 |  | $ | 31,408
Fixed Annuities |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | 679 |  | $ | 605 |  | $ | 560 |  | $ | 493 |  | $ | 2,466 |  | $ | 4,803
1.01% - 2.00% | 360 |  | 99 |  | 285 |  | 500 |  | 3,231 |  | 4,475
2.01% - 3.00% | 1,749 |  | 39 |  | 5 |  | 1 |  | 25 |  | 1,819
3.01% - 4.00% | 916 |  | – |  | – |  | – |  | – |  | 916
4.01% and above | 177 |  | – |  | – |  | – |  | – |  | 177
Other (1) | – |  | – |  | – |  | – |  | – |  | 12,972
Total | $ | 3,881 |  | $ | 743 |  | $ | 850 |  | $ | 994 |  | $ | 5,722 |  | $ | 25,162
UL and Other |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | 264 |  | $ | – |  | $ | 219 |  | $ | 119 |  | $ | 30 |  | $ | 632
1.01% - 2.00% | 548 |  | – |  | – |  | – |  | 3,208 |  | 3,756
2.01% - 3.00% | 6,848 |  | 10 |  | 149 |  | – |  | – |  | 7,007
3.01% - 4.00% | 15,596 |  | – |  | 1 |  | – |  | – |  | 15,597
4.01% and above | 3,722 |  | – |  | – |  | – |  | – |  | 3,722
Other (1) | – |  | – |  | – |  | – |  | – |  | 6,292
Total | $ | 26,978 |  | $ | 10 |  | $ | 369 |  | $ | 119 |  | $ | 3,238 |  | $ | 37,006
Retirement Plan Services |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | 437 |  | $ | 500 |  | $ | 740 |  | $ | 3,706 |  | $ | 4,320 |  | $ | 9,703
1.01% - 2.00% | 527 |  | 1,660 |  | 1,413 |  | 1,345 |  | 14 |  | 4,959
2.01% - 3.00% | 2,342 |  | 21 |  | 63 |  | 17 |  | 1 |  | 2,444
3.01% - 4.00% | 4,842 |  | 31 |  | 3 |  | 3 |  | – |  | 4,879
4.01% and above | 1,458 |  | 143 |  | – |  | – |  | – |  | 1,601
Total | $ | 9,606 |  | $ | 2,355 |  | $ | 2,219 |  | $ | 5,071 |  | $ | 4,335 |  | $ | 23,586
| As of March 31, 2023
| At Guaranteed Minimum |  | 1-50 Basis Basis Points Above |  | 51-100 Basis Points Above |  | 101-150 Basis Points Above |  | Greater Than 150 Basis Points Above |  | Total
Range of Guaranteed |  |  |  |  |
Minimum Crediting Rate |  |  |  |  |
Variable Annuities |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | – |  | $ | – |  | $ | – |  | $ | – |  | $ | – |  | $ | –
1.01% - 2.00% | 4 |  | – |  | – |  | – |  | 8 |  | 12
2.01% - 3.00% | 634 |  | – |  | – |  | – |  | – |  | 634
3.01% - 4.00% | 1,503 |  | – |  | – |  | – |  | – |  | 1,503
4.01% and above | 10 |  | – |  | – |  | – |  | – |  | 10
Other (1) | – |  | – |  | – |  | – |  | – |  | 21,612
Total | $ | 2,151 |  | $ | – |  | $ | – |  | $ | – |  | $ | 8 |  | $ | 23,771
Fixed Annuities |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | 831 |  | $ | 447 |  | $ | 578 |  | $ | 448 |  | $ | 1,773 |  | $ | 4,077
1.01% - 2.00% | 559 |  | 141 |  | 184 |  | 493 |  | 1,083 |  | 2,460
2.01% - 3.00% | 1,885 |  | 6 |  | 2 |  | – |  | – |  | 1,893
3.01% - 4.00% | 1,473 |  | – |  | – |  | – |  | – |  | 1,473
4.01% and above | 193 |  | – |  | – |  | – |  | – |  | 193
Other (1) | – |  | – |  | – |  | – |  | – |  | 13,923
Total | $ | 4,941 |  | $ | 594 |  | $ | 764 |  | $ | 941 |  | $ | 2,856 |  | $ | 24,019
UL and Other |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | 312 |  | $ | – |  | $ | 202 |  | $ | 26 |  | $ | 348 |  | $ | 888
1.01% - 2.00% | 556 |  | – |  | – |  | – |  | 3,229 |  | 3,785
2.01% - 3.00% | 7,130 |  | 158 |  | – |  | – |  | – |  | 7,288
3.01% - 4.00% | 16,107 |  | – |  | 1 |  | – |  | – |  | 16,108
4.01% and above | 3,767 |  | – |  | – |  | – |  | – |  | 3,767
Other (1) | – |  | – |  | – |  | – |  | – |  | 5,697
Total | $ | 27,872 |  | $ | 158 |  | $ | 203 |  | $ | 26 |  | $ | 3,577 |  | $ | 37,533
Retirement Plan Services |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | 595 |  | $ | 751 |  | $ | 3,062 |  | $ | 2,911 |  | $ | 2,213 |  | $ | 9,532
1.01% - 2.00% | 977 |  | 2,629 |  | 1,196 |  | 527 |  | – |  | 5,329
2.01% - 3.00% | 3,093 |  | – |  | – |  | – |  | – |  | 3,093
3.01% - 4.00% | 5,442 |  | – |  | – |  | – |  | – |  | 5,442
4.01% and above | 1,598 |  | – |  | – |  | – |  | – |  | 1,598
Total | $ | 11,705 |  | $ | 3,380 |  | $ | 4,258 |  | $ | 3,438 |  | $ | 2,213 |  | $ | 24,994
(1) Consists of indexed account balances that include the fair value of embedded derivative instruments, payout annuity account balances, short-term dollar cost averaging annuities business and policy loans.

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