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Policyholder Account Balances (Tables) | 6 Months Ended
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Jun. 30, 2024
Policyholder Account Balance [Abstract] |
Summary of Liabilities for Policyholder Account | The following table sets forth our liabilities for policyholder account balances as of the dates indicated:
(Amounts in millions) |  | June 30, 2024 |  |  | December 31, 2023 |
Life insurance |  | $ | 7,341 |  |  | $ | 7,460 |
Fixed annuities |  |  | 4,113 |  |  |  | 4,479 |
Variable annuities |  |  | 492 |  |  |  | 529 |
Fixed indexed annuity embedded derivatives (1) |  |  | 160 |  |  |  | 165 |
Indexed universal life embedded derivatives (1) |  |  | 16 |  |  |  | 15 |
Additional insurance liabilities (2) |  |  | 2,914 |  |  |  | 2,887 |
Other |  |  | 11 |  |  |  | 5 |
Total policyholder account balances |  | $ | 15,047 |  |  | $ | 15,540 |
(1) | See note 5 for additional information.
(2) | Represents additional liabilities related to death or other insurance benefits that are recorded within policyholder account balances and are considered long-duration insurance contracts. See note 10 for additional information.
Summary of Changes in Policyholder Account Balance | The following tables present the balances of and changes in policyholder account balances as of and for the periods indicated:
|  | June 30, 2024 |
(Dollar amounts in millions) |  | Life insurance |  |  | Fixed annuities |  |  | Variable annuities |
Beginning balance as of January 1 |  | $ | 7,460 |  |  | $ | 4,479 |  |  | $ | 529 |
Issuances |  |  | — |  |  |  | — |  |  |  | — |
Premiums received |  |  | 239 |  |  |  | 12 |  |  |  | 7 |
Policy charges |  |  | (302 | ) |  |  | (3 | ) |  |  | (2 | )
Surrenders and withdrawals |  |  | (125 | ) |  |  | (296 | ) |  |  | (32 | )
Benefit payments |  |  | (126 | ) |  |  | (173 | ) |  |  | (27 | )
Net transfers to separate accounts |  |  | — |  |  |  | — |  |  |  | (2 | )
Interest credited |  |  | 197 |  |  |  | 73 |  |  |  | 2 |
Other |  |  | (2 | ) |  |  | 21 |  |  |  | 17 |
Ending balance as of June 30 |  | $ | 7,341 |  |  | $ | 4,113 |  |  | $ | 492 |
Weighted-average crediting rate |  |  | 3.9 | % |  |  | 2.9 | % |  |  | 3.3 | %
Net amount at risk (1) |  | $ | 42,187 |  |  | $ | 21 |  |  | $ | 401 |
Cash surrender value |  | $ | 4,189 |  |  | $ | 3,185 |  |  | $ | 492 |
(1) | The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs.
|  | December 31, 2023 |
(Dollar amounts in millions) |  | Life insurance |  |  | Fixed annuities |  |  | Variable annuities |
Beginning balance as of January 1 |  | $ | 7,694 |  |  | $ | 5,477 |  |  | $ | 610 |
Issuances |  |  | — |  |  |  | — |  |  |  | — |
Premiums received |  |  | 500 |  |  |  | 20 |  |  |  | 14 |
Policy charges |  |  | (614 | ) |  |  | (6 | ) |  |  | (6 | )
Surrenders and withdrawals |  |  | (272 | ) |  |  | (842 | ) |  |  | (66 | )
Benefit payments |  |  | (215 | ) |  |  | (387 | ) |  |  | (80 | )
Net transfers from separate accounts |  |  | — |  |  |  | — |  |  |  | 1 |
Interest credited |  |  | 388 |  |  |  | 160 |  |  |  | 4 |
Other |  |  | (21 | ) |  |  | 57 |  |  |  | 52 |
Ending balance as of December 31 |  | $ | 7,460 |  |  | $ | 4,479 |  |  | $ | 529 |
Weighted-average crediting rate |  |  | 3.9 | % |  |  | 2.8 | % |  |  | 3.3 | %
Net amount at risk (1) |  | $ | 42,754 |  |  | $ | 33 |  |  | $ | 479 |
Cash surrender value |  | $ | 4,336 |  |  | $ | 3,519 |  |  | $ | 529 |
(1) | The net amount at risk presented for fixed and variable annuity products contains both general and separate accounts, including amounts related to annuitization and other insurance benefits classified as MRBs.
Summary of Range Guaranteed Minimum Crediting Rate | The following tables present policyholder account balances by range of guaranteed minimum crediting rate and the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums as of the dates indicated:
|  | June 30, 2024 |
(Amounts in millions) |  | At guaranteed minimum |  |  | 1–50 basis points above |  |  | 51–150 basis points above |  |  | Greater than 150 basis points above |  |  | Total (1) |
Less than 2.00% |  | $ | 103 |  |  | $ | 69 |  |  | $ | 53 |  |  | $ | — |  |  | $ | 225 |
2.00%–2.99% |  |  | 807 |  |  |  | 102 |  |  |  | — |  |  |  | — |  |  |  | 909 |
3.00%–3.99% |  |  | 1,887 |  |  |  | 666 |  |  |  | 1,134 |  |  |  | 48 |  |  |  | 3,735 |
4.00% and greater |  |  | 2,390 |  |  |  | 17 |  |  |  | 16 |  |  |  | — |  |  |  | 2,423 |
Total |  | $ | 5,187 |  |  | $ | 854 |  |  | $ | 1,203 |  |  | $ | 48 |  |  | $ | 7,292 |
(1) | Excludes universal life insurance and investment contracts of approximately $ 4,654 million that have a market component to their crediting strategy.
|  | December 31, 2023 |
(Amounts in millions) |  | At guaranteed minimum |  |  | 1–50 basis points above |  |  | 51–150 basis points above |  |  | Greater than 150 basis points above |  |  | Total (1) |
Less than 2.00% |  | $ | 121 |  |  | $ | 97 |  |  | $ | 39 |  |  | $ | — |  |  | $ | 257 |
2.00%–2.99% |  |  | 1,201 |  |  |  | 81 |  |  |  | — |  |  |  | — |  |  |  | 1,282 |
3.00%–3.99% |  |  | 1,732 |  |  |  | 699 |  |  |  | 1,155 |  |  |  | 31 |  |  |  | 3,617 |
4.00% and greater |  |  | 2,479 |  |  |  | 16 |  |  |  | 10 |  |  |  | — |  |  |  | 2,505 |
Total |  | $ | 5,533 |  |  | $ | 893 |  |  | $ | 1,204 |  |  | $ | 31 |  |  | $ | 7,661 |
(1) | Excludes universal life insurance and investment contracts of approximately $4,807 million that have a market component to their crediting strategy.

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