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v3.23.1

Insurance (Tables) | 3 Months Ended
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Mar. 31, 2023
Insurance [Abstract] |
Schedule of Liability for Future Policy Benefits, by Product Segment | Information regarding LFPBs for non-participating traditional and limited-payment contracts was as follows:
|  | Three Months Ended March 31,
|  | 2023 |  | 2022
|  | Term and Whole Life Insurance |  | Income Annuities |  | Structured Settlement and Pension Risk Transfer Annuities |  | Term and Whole Life Insurance |  | Income Annuities |  | Structured Settlement and Pension Risk Transfer Annuities
|  | (Dollars in millions)
Present value of expected net premiums: |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 2,871 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,325 |  |  | $ | — |  |  | $ | — |
Beginning balance at original discount rate |  | 3,212 |  |  | — |  |  | — |  |  | 3,051 |  |  | — |  |  | — |
Effect of model refinements |  | — |  |  | — |  |  | — |  |  | 122 |  |  | — |  |  | — |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | (9) |  |  | — |  |  | — |  |  | 77 |  |  | — |  |  | — |
Adjusted beginning of period balance |  | 3,203 |  |  | — |  |  | — |  |  | 3,249 |  |  | — |  |  | — |
Issuances |  | 24 |  |  | — |  |  | — |  |  | 20 |  |  | — |  |  | — |
Interest accrual |  | 28 |  |  | — |  |  | — |  |  | 28 |  |  | — |  |  | — |
Net premiums collected |  | (90) |  |  | — |  |  | — |  |  | (107) |  |  | — |  |  | — |
Ending balance at original discount rate |  | 3,165 |  |  | — |  |  | — |  |  | 3,190 |  |  | — |  |  | — |
Effect of changes in discount rate assumptions |  | (270) |  |  | — |  |  | — |  |  | 26 |  |  | — |  |  | — |
Balance, end of period |  | $ | 2,895 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,216 |  |  | $ | — |  |  | $ | — |
Present value of expected future policy benefits: |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 5,279 |  |  | $ | 3,512 |  |  | $ | 6,793 |  |  | $ | 6,426 |  |  | $ | 4,333 |  |  | $ | 10,171 |
Beginning balance at original discount rate |  | 5,922 |  |  | 3,897 |  |  | 7,410 |  |  | 5,820 |  |  | 3,865 |  |  | 8,165 |
Effect of model refinements |  | — |  |  | — |  |  | — |  |  | 135 |  |  | — |  |  | — |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | (9) |  |  | (31) |  |  | (31) |  |  | 85 |  |  | (9) |  |  | (22) |
Adjusted beginning of period balance |  | 5,913 |  |  | 3,866 |  |  | 7,379 |  |  | 6,040 |  |  | 3,856 |  |  | 8,143 |
Issuances |  | 24 |  |  | 78 |  |  | — |  |  | 22 |  |  | 43 |  |  | — |
Interest accrual |  | 54 |  |  | 36 |  |  | 80 |  |  | 56 |  |  | 37 |  |  | 87 |
Benefit payments |  | (131) |  |  | (89) |  |  | (146) |  |  | (208) |  |  | (93) |  |  | (161) |
Ending balance at original discount rate |  | 5,860 |  |  | 3,891 |  |  | 7,313 |  |  | 5,910 |  |  | 3,843 |  |  | 8,069 |
Effect of changes in discount rate assumptions |  | (501) |  |  | (287) |  |  | (385) |  |  | 86 |  |  | 110 |  |  | 820 |
Balance, end of period |  | $ | 5,359 |  |  | $ | 3,604 |  |  | $ | 6,928 |  |  | $ | 5,996 |  |  | $ | 3,953 |  |  | $ | 8,889 |
Net liability for future policy benefits, end of period |  | $ | 2,464 |  |  | $ | 3,604 |  |  | $ | 6,928 |  |  | $ | 2,780 |  |  | $ | 3,953 |  |  | $ | 8,889 |
Less: Reinsurance recoverable, end of period |  | 43 |  |  | 26 |  |  | 69 |  |  | 61 |  |  | 25 |  |  | 82 |
Net liability for future policy benefits, after reinsurance recoverable |  | $ | 2,421 |  |  | $ | 3,578 |  |  | $ | 6,859 |  |  | $ | 2,719 |  |  | $ | 3,928 |  |  | $ | 8,807 |
Weighted-average duration of liability |  | 8.4 years |  | 8.4 years |  | 11.6 years |  | 8.4 years |  | 8.5 years |  | 12.7 years
Weighted-average interest accretion rate |  | 3.96 | % |  | 3.87 | % |  | 4.46 | % |  | 3.98 | % |  | 3.95 | % |  | 4.45 | %
Gross premiums or assessments recognized during period |  | $ | 153 |  |  | $ | 102 |  |  | $ | — |  |  | $ | 171 |  |  | $ | 45 |  |  | $ | — |
Expected future gross premiums, undiscounted |  | $ | 6,618 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,954 |  |  | $ | — |  |  | $ | — |
Expected future gross premiums, discounted |  | $ | 4,905 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,138 |  |  | $ | — |  |  | $ | — |
Expected future benefit payments, undiscounted |  | $ | 8,099 |  |  | $ | 5,375 |  |  | $ | 14,224 |  |  | $ | 8,195 |  |  | $ | 5,479 |  |  | $ | 17,046 |
Expected future benefit payments, discounted |  | $ | 5,860 |  |  | $ | 3,891 |  |  | $ | 7,313 |  |  | $ | 5,910 |  |  | $ | 3,843 |  |  | $ | 8,069 |
Information regarding the additional insurance liabilities for universal life-type contracts with secondary guarantees was as follows:
|  | Three Months Ended March 31,
|  | 2023 |  | 2022
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 6,935 |  |  | $ | 7,168 |
Beginning balance before the effect of unrealized gains and losses |  | 7,175 |  |  | 6,731 |
Effect of changes in cash flow assumptions |  | — |  |  | — |
Effect of actual variances from expected experience |  | 34 |  |  | 66 |
Adjusted beginning of period balance |  | 7,209 |  |  | 6,797 |
Interest accrual |  | 87 |  |  | 81 |
Net assessments collected |  | 101 |  |  | 110 |
Benefit payments |  | (103) |  |  | (159) |
Effect of realized capital gains (losses) |  | — |  |  | 1 |
Ending balance before the effect of unrealized gains and losses |  | 7,294 |  |  | 6,830 |
Effect of unrealized gains and losses |  | (171) |  |  | 156 |
Balance, end of period |  | 7,123 |  |  | 6,986 |
Less: Reinsurance recoverable, end of period |  | 1,397 |  |  | 1,304 |
Net additional liability, after reinsurance recoverable |  | $ | 5,726 |  |  | $ | 5,682 |
Weighted-average duration of liability |  | 6.7 years |  | 6.7 years
Weighted-average interest accretion rate |  | 4.91 | % |  | 4.90 | %
Gross premiums or assessments recognized during period |  | $ | — |  |  | $ | — |
A reconciliation of the net LFPBs for nonparticipating traditional and limited-payment contracts and the additional insurance liabilities for universal life-type contracts with secondary guarantees reported in the preceding rollforward tables to LFPBs on the consolidated balance sheets was as follows at:
|  | March 31,
|  | 2023 |  | 2022
|  | (In millions)
Liabilities reported in the preceding rollforward tables |  | $ | 20,119 |  |  | $ | 22,608 |
Long-term care insurance (1) |  | 5,763 |  |  | 6,708 |
ULSG liability for profits followed by losses |  | 2,654 |  |  | 3,461 |
Participating whole life insurance (2) |  | 2,986 |  |  | 2,788 |
Deferred profit liabilities |  | 373 |  |  | 378 |
Other |  | 391 |  |  | 430 |
Total liability for future policy benefits |  | $ | 32,286 |  |  | $ | 36,373 |
_______________ (1)Includes liabilities related to fully reinsured individual long-term care insurance. See Note 3. (2)Participating whole life insurance uses an interest assumption based on the non-forfeiture interest rate, ranging from 3.5% to 4.5%, and mortality rates guaranteed in calculating the cash surrender values described in such contracts, and also includes a liability for terminal dividends. Participating whole life insurance represented 3% of the Company’s life insurance in-force at both March 31, 2023 and 2022, and 39% and 34% of gross traditional life insurance premiums for the three months ended March 31, 2023 and 2022, respectively. Information regarding LFPBs for non-participating traditional and limited-payment contracts was as follows:
|  | Years Ended December 31,
|  | 2022 |  | 2021
|  | Term and Whole Life Insurance |  | Income Annuities |  | Structured Settlement and Pension Risk Transfer Annuities |  | Term and Whole Life Insurance |  | Income Annuities |  | Structured Settlement and Pension Risk Transfer Annuities
|  | (Dollars in millions)
Present value of expected net premiums: |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of year |  | $ | 3,325 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,448 |  |  | $ | — |  |  | $ | — |
Beginning balance at original discount rate |  | 3,051 |  |  | — |  |  | — |  |  | 2,994 |  |  | — |  |  | — |
Effect of model refinements |  | 122 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Effect of changes in cash flow assumptions |  | 137 |  |  | — |  |  | — |  |  | 70 |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | 119 |  |  | — |  |  | — |  |  | 153 |  |  | — |  |  | — |
Adjusted beginning of year balance |  | 3,429 |  |  | — |  |  | — |  |  | 3,217 |  |  | — |  |  | — |
Issuances |  | 93 |  |  | — |  |  | — |  |  | 113 |  |  | — |  |  | — |
Interest accrual |  | 116 |  |  | — |  |  | — |  |  | 111 |  |  | — |  |  | — |
Net premiums collected |  | (426) |  |  | — |  |  | — |  |  | (390) |  |  | — |  |  | — |
Ending balance at original discount rate |  | 3,212 |  |  | — |  |  | — |  |  | 3,051 |  |  | — |  |  | — |
Effect of changes in discount rate assumptions |  | (341) |  |  | — |  |  | — |  |  | 274 |  |  | — |  |  | — |
Balance, end of year |  | $ | 2,871 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,325 |  |  | $ | — |  |  | $ | — |
Present value of expected future policy benefits: |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of year |  | $ | 6,426 |  |  | $ | 4,333 |  |  | $ | 10,171 |  |  | $ | 6,852 |  |  | $ | 4,691 |  |  | $ | 11,301 |
Beginning balance at original discount rate |  | 5,820 |  |  | 3,865 |  |  | 8,165 |  |  | 5,862 |  |  | 3,938 |  |  | 8,531 |
Effect of model refinements |  | 135 |  |  | — |  |  | (278) |  |  | — |  |  | — |  |  | — |
Effect of changes in cash flow assumptions |  | 157 |  |  | 56 |  |  | (157) |  |  | 70 |  |  | (41) |  |  | (41) |
Effect of actual variances from expected experience |  | 155 |  |  | (22) |  |  | (23) |  |  | 153 |  |  | (6) |  |  | (16) |
Adjusted beginning of year balance |  | 6,267 |  |  | 3,899 |  |  | 7,707 |  |  | 6,085 |  |  | 3,891 |  |  | 8,474 |
Issuances |  | 101 |  |  | 224 |  |  | — |  |  | 128 |  |  | 198 |  |  | — |
Interest accrual |  | 222 |  |  | 146 |  |  | 327 |  |  | 222 |  |  | 150 |  |  | 359 |
Benefit payments |  | (668) |  |  | (372) |  |  | (624) |  |  | (615) |  |  | (374) |  |  | (668) |
Ending balance at original discount rate |  | 5,922 |  |  | 3,897 |  |  | 7,410 |  |  | 5,820 |  |  | 3,865 |  |  | 8,165 |
Effect of changes in discount rate assumptions |  | (643) |  |  | (385) |  |  | (617) |  |  | 606 |  |  | 468 |  |  | 2,006 |
Balance, end of year |  | $ | 5,279 |  |  | $ | 3,512 |  |  | $ | 6,793 |  |  | $ | 6,426 |  |  | $ | 4,333 |  |  | $ | 10,171 |
Net liability for future policy benefits, end of year |  | $ | 2,408 |  |  | $ | 3,512 |  |  | $ | 6,793 |  |  | $ | 3,101 |  |  | $ | 4,333 |  |  | $ | 10,171 |
Less: Reinsurance recoverable, end of year |  | 45 |  |  | 24 |  |  | 68 |  |  | 64 |  |  | 27 |  |  | 93 |
Net liability for future policy benefits, after reinsurance recoverable |  | $ | 2,363 |  |  | $ | 3,488 |  |  | $ | 6,725 |  |  | $ | 3,037 |  |  | $ | 4,306 |  |  | $ | 10,078 |
Policyholder Account Balance | Information regarding policyholder account balances was as follows:
|  | Universal Life Insurance |  | Variable Annuities (1) |  | Index-linked Annuities |  | Fixed Rate Annuities |  | ULSG |  | Company-Owned Life Insurance (1)
|  | (Dollars in millions)
Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 2,658 |  |  | $ | 4,908 |  |  | $ | 33,896 |  |  | $ | 14,274 |  |  | $ | 5,307 |  |  | $ | 641 |
Premiums and deposits |  | 55 |  |  | 27 |  |  | 1,677 |  |  | 912 |  |  | 171 |  |  | — |
Surrenders and withdrawals |  | (70) |  |  | (177) |  |  | (785) |  |  | (506) |  |  | (6) |  |  | — |
Benefit payments |  | (25) |  |  | (36) |  |  | (50) |  |  | (102) |  |  | (38) |  |  | (2) |
Net transfers from (to) separate account |  | 12 |  |  | 11 |  |  | — |  |  | — |  |  | — |  |  | — |
Interest credited |  | 22 |  |  | 41 |  |  | 96 |  |  | 106 |  |  | 43 |  |  | 7 |
Policy charges |  | (57) |  |  | (7) |  |  | (2) |  |  | — |  |  | (258) |  |  | (2) |
Changes related to embedded derivatives |  | — |  |  | — |  |  | 1,090 |  |  | — |  |  | — |  |  | — |
Balance, end of period |  | $ | 2,595 |  |  | $ | 4,767 |  |  | $ | 35,922 |  |  | $ | 14,684 |  |  | $ | 5,219 |  |  | $ | 644 |
Weighted-average crediting rate (2) |  | 0.84 | % |  | 0.85 | % |  | 0.32 | % |  | 0.73 | % |  | 0.82 | % |  | 1.09 | %
Three Months Ended March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 2,694 |  |  | $ | 4,743 |  |  | $ | 32,000 |  |  | $ | 11,849 |  |  | $ | 5,569 |  |  | $ | 646 |
Premiums and deposits |  | 55 |  |  | 49 |  |  | 1,594 |  |  | 44 |  |  | 176 |  |  | — |
Surrenders and withdrawals |  | (21) |  |  | (131) |  |  | (473) |  |  | (155) |  |  | (10) |  |  | — |
Benefit payments |  | (20) |  |  | (34) |  |  | (36) |  |  | (83) |  |  | (23) |  |  | (3) |
Net transfers from (to) separate account |  | 15 |  |  | 85 |  |  | — |  |  | — |  |  | — |  |  | 2 |
Interest credited |  | 4 |  |  | 44 |  |  | 71 |  |  | 72 |  |  | 63 |  |  | 7 |
Policy charges |  | (56) |  |  | (7) |  |  | (2) |  |  | — |  |  | (263) |  |  | (2) |
Changes related to embedded derivatives |  | — |  |  | — |  |  | (756) |  |  | — |  |  | — |  |  | — |
Balance, end of period |  | $ | 2,671 |  |  | $ | 4,749 |  |  | $ | 32,398 |  |  | $ | 11,727 |  |  | $ | 5,512 |  |  | $ | 650 |
Weighted-average crediting rate (2) |  | 0.15 | % |  | 0.93 | % |  | 0.27 | % |  | 0.61 | % |  | 1.14 | % |  | 0.93 | %
_______________ (1)Includes liabilities related to separate account products where the contract holder elected a general account investment option. (2)Excludes the effects of embedded derivatives related to index-linked crediting rates. A reconciliation of policyholder account balances reported in the preceding rollforward table to the liability for policyholder account balances on the consolidated balance sheets was as follows at:
|  | March 31,
|  | 2023 |  | 2022
|  | (In millions)
Policyholder account balances reported in the preceding rollforward table |  | $ | 63,831 |  |  | $ | 57,707 |
Funding agreements classified as investment contracts |  | 11,151 |  |  | 7,705 |
Other investment contract liabilities |  | 1,138 |  |  | 1,299 |
Total policyholder account balances |  | $ | 76,120 |  |  | $ | 66,711 |
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 was as follows at:
Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  | 1 to 50 Basis Points Above |  | 51 to 150 Basis Points Above |  | Greater than 150 Basis Points Above |  | Total
|  | (In millions)
March 31, 2023 |  |  |  |  |  |  |  |  |  |
Annuities (1) (3): |  |  |  |  |  |  |  |  |  |
Less than 2.00% |  | $ | 791 |  |  | $ | 289 |  |  | $ | 442 |  |  | $ | 6,688 |  |  | $ | 8,210 |
2.00% to 3.99% |  | 5,574 |  |  | 4,745 |  |  | 737 |  |  | 12 |  |  | 11,068 |
Greater than 3.99% |  | 512 |  |  | — |  |  | — |  |  | — |  |  | 512 |
Total |  | $ | 6,877 |  |  | $ | 5,034 |  |  | $ | 1,179 |  |  | $ | 6,700 |  |  | $ | 19,790 |
Life insurance (2) (3): |  |  |  |  |  |  |  |  |  |
Less than 2.00% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 183 |  |  | $ | 183 |
2.00% to 3.99% |  | — |  |  | 502 |  |  | 50 |  |  | 150 |  |  | 702 |
Greater than 3.99% |  | 1,630 |  |  | — |  |  | — |  |  | — |  |  | 1,630 |
Total |  | $ | 1,630 |  |  | $ | 502 |  |  | $ | 50 |  |  | $ | 333 |  |  | $ | 2,515 |
ULSG (3): |  |  |  |  |  |  |  |  |  |
Less than 2.00% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2.00% to 3.99% |  | 1,200 |  |  | 1,552 |  |  | 1,706 |  |  | 264 |  |  | 4,722 |
Greater than 3.99% |  | 521 |  |  | — |  |  | — |  |  | — |  |  | 521 |
Total |  | $ | 1,721 |  |  | $ | 1,552 |  |  | $ | 1,706 |  |  | $ | 264 |  |  | $ | 5,243 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Annuities (1) (3): |  |  |  |  |  |  |  |  |  |
Less than 2.00% |  | $ | 861 |  |  | $ | 317 |  |  | $ | 369 |  |  | $ | 5,821 |  |  | $ | 7,368 |
2.00% to 3.99% |  | 6,119 |  |  | 4,872 |  |  | 596 |  |  | 10 |  |  | 11,597 |
Greater than 3.99% |  | 525 |  |  | — |  |  | — |  |  | — |  |  | 525 |
Total |  | $ | 7,505 |  |  | $ | 5,189 |  |  | $ | 965 |  |  | $ | 5,831 |  |  | $ | 19,490 |
Life insurance (2) (3): |  |  |  |  |  |  |  |  |  |
Less than 2.00% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 172 |  |  | $ | 172 |
2.00% to 3.99% |  | — |  |  | 510 |  |  | 87 |  |  | 154 |  |  | 751 |
Greater than 3.99% |  | 1,657 |  |  | — |  |  | — |  |  | — |  |  | 1,657 |
Total |  | $ | 1,657 |  |  | $ | 510 |  |  | $ | 87 |  |  | $ | 326 |  |  | $ | 2,580 |
ULSG (3): |  |  |  |  |  |  |  |  |  |
Less than 2.00% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2.00% to 3.99% |  | 1,225 |  |  | 1,581 |  |  | 1,729 |  |  | 266 |  |  | 4,801 |
Greater than 3.99% |  | 527 |  |  | — |  |  | — |  |  | — |  |  | 527 |
Total |  | $ | 1,752 |  |  | $ | 1,581 |  |  | $ | 1,729 |  |  | $ | 266 |  |  | $ | 5,328 |
_______________ (1)Includes policyholder account balances for fixed rate annuities and the fixed account portion of variable annuities. (2)Includes policyholder account balances for retained asset accounts, universal life policies and the fixed account portion of universal variable life insurance policies. (3)Amounts are gross of policy loans and net of excess interest reserves.
Market Risk Benefit, Activity | Information regarding MRB assets and liabilities associated with variable annuities was as follows:
|  | Three Months Ended March 31, |  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2022 |  | 2021
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 9,974 |  |  | $ | 15,698 |  |  | $ | 15,698 |  |  | $ | 18,388 |
Balance, beginning of period, before effect of changes in nonperformance risk |  | 8,230 |  |  | 11,611 |  |  | 11,611 |  |  | 14,934 |
Decrements |  | (28) |  |  | 34 |  |  | 16 |  |  | (68) |
Effect of changes in future expected assumptions |  | — |  |  | — |  |  | 210 |  |  | 41 |
Effect of actual different from expected experience |  | 122 |  |  | — |  |  | (48) |  |  | (86) |
Effect of changes in interest rates |  | 880 |  |  | (2,860) |  |  | (8,394) |  |  | (1,829) |
Effect of changes in fund returns |  | (1,002) |  |  | 1,183 |  |  | 3,807 |  |  | (2,578) |
Issuances |  | (3) |  |  | (11) |  |  | (47) |  |  | (96) |
Effect of changes in risk margin |  | 9 |  |  | (50) |  |  | (152) |  |  | (128) |
Aging of the block and other |  | 326 |  |  | 276 |  |  | 1,227 |  |  | 1,421 |
Balance, end of period, before effect of changes in nonperformance risk |  | 8,534 |  |  | 10,183 |  |  | 8,230 |  |  | 11,611 |
Effect of changes in nonperformance risk |  | 1,752 |  |  | 3,159 |  |  | 1,744 |  |  | 4,087 |
Balance, end of period |  | 10,286 |  |  | 13,342 |  |  | 9,974 |  |  | 15,698 |
Less: Reinsurance recoverable, end of period |  | 71 |  |  | 93 |  |  | 71 |  |  | 118 |
Balance, end of period, net of reinsurance (1) |  | $ | 10,215 |  |  | $ | 13,249 |  |  | $ | 9,903 |  |  | $ | 15,580 |
Weighted-average attained age of contract holder |  | 72.1 years |  | 71.5 years |  | 71.8 years |  | 71.1 years
_______________ (1)Amounts represent the sum of MRB assets and MRB liabilities presented on the consolidated balance sheets at March 31, 2023 and 2022, with the exception of $4 million and $4 million, respectively, of index-linked annuities not included in this table, and at December 31, 2022 and 2021, with the exception of $3 million and $5 million, respectively, of index-linked annuities not included in this table.
Separate Account, Liability | Information regarding separate account liabilities was as follows:
|  | Three Months Ended March 31,
|  | 2023 |  | 2022
|  | Variable Annuities |  | Universal Life Insurance |  | Company-Owned Life Insurance |  | Variable Annuities |  | Universal Life Insurance |  | Company-Owned Life Insurance
|  | (In millions)
Balance, beginning of period |  | $ | 77,653 |  |  | $ | 5,218 |  |  | $ | 1,932 |  |  | $ | 105,023 |  |  | $ | 6,862 |  |  | $ | 2,384 |
Premiums and deposits |  | 216 |  |  | 43 |  |  | — |  |  | 432 |  |  | 45 |  |  | — |
Surrenders and withdrawals |  | (1,496) |  |  | (41) |  |  | (3) |  |  | (1,744) |  |  | (51) |  |  | (7) |
Benefit payments |  | (383) |  |  | (14) |  |  | (10) |  |  | (371) |  |  | (16) |  |  | (10) |
Investment performance |  | 4,310 |  |  | 341 |  |  | 111 |  |  | (6,906) |  |  | (514) |  |  | (138) |
Policy charges |  | (519) |  |  | (52) |  |  | (11) |  |  | (580) |  |  | (49) |  |  | (11) |
Net transfers from (to) general account |  | (11) |  |  | (12) |  |  | — |  |  | (85) |  |  | (15) |  |  | (2) |
Other |  | — |  |  | — |  |  | — |  |  | 14 |  |  | — |  |  | (1) |
Balance, end of period |  | $ | 79,770 |  |  | $ | 5,483 |  |  | $ | 2,019 |  |  | $ | 95,783 |  |  | $ | 6,262 |  |  | $ | 2,215 |
A reconciliation of separate account liabilities reported in the preceding rollforward table to the separate account liabilities balance on the consolidated balance sheets was as follows at:
|  | March 31,
|  | 2023 |  | 2022
|  | (In millions)
Separate account liabilities reported in the preceding rollforward table |  | $ | 87,272 |  |  | $ | 104,260 |
Variable income annuities |  | 150 |  |  | 161 |
Pension risk transfer annuities |  | 18 |  |  | 20 |
Total separate account liabilities |  | $ | 87,440 |  |  | $ | 104,441 |
Fair Value, Separate Account Investment | The aggregate estimated fair value of assets, by major investment asset category, supporting separate accounts was as follows at:
|  | March 31, 2023 |  | December 31, 2022
|  | (In millions)
Equity securities |  | $ | 87,164 |  |  | $ | 84,667 |
Fixed maturity securities |  | 260 |  |  | 278 |
Cash and cash equivalents |  | 9 |  |  | 9 |
Other assets |  | 7 |  |  | 11 |
Total aggregate estimated fair value of assets |  | $ | 87,440 |  |  | $ | 84,965 |
Guarantees related to Annuity, Universal and Variable Life Contracts | Information regarding the net amount at risk (“NAR”) and cash surrender value (“CSV”) for insurance products was as follows at:
|  | Universal Life Insurance |  | Variable Annuities |  | Index-linked Annuities |  | Fixed Rate Annuities |  | ULSG |  | Company-Owned Life Insurance
|  | (In millions)
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Account balances reported in the preceding rollforward tables: |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account balances |  | $ | 2,595 |  |  | $ | 4,767 |  |  | $ | 35,922 |  |  | $ | 14,684 |  |  | $ | 5,219 |  |  | $ | 644 |
Separate account liabilities |  | 5,483 |  |  | 79,770 |  |  | — |  |  | — |  |  | — |  |  | 2,019 |
Total account balances |  | $ | 8,078 |  |  | $ | 84,537 |  |  | $ | 35,922 |  |  | $ | 14,684 |  |  | $ | 5,219 |  |  | $ | 2,663 |
Net amount at risk |  | $ | 37,420 |  |  | $ | 14,894 |  |  | N/A |  | N/A |  | $ | 70,062 |  |  | $ | 3,422 |
Cash surrender value |  | $ | 7,449 |  |  | $ | 84,090 |  |  | $ | 33,567 |  |  | $ | 14,106 |  |  | $ | 6,203 |  |  | $ | 2,443 |
March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Account balances reported in the preceding rollforward tables: |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account balances |  | $ | 2,671 |  |  | $ | 4,749 |  |  | $ | 32,398 |  |  | $ | 11,727 |  |  | $ | 5,512 |  |  | $ | 650 |
Separate account liabilities |  | 6,262 |  |  | 95,783 |  |  | — |  |  | — |  |  | — |  |  | 2,215 |
Total account balances |  | $ | 8,933 |  |  | $ | 100,532 |  |  | $ | 32,398 |  |  | $ | 11,727 |  |  | $ | 5,512 |  |  | $ | 2,865 |
Net amount at risk |  | $ | 39,142 |  |  | $ | 9,266 |  |  | N/A |  | N/A |  | $ | 72,059 |  |  | $ | 3,508 |
Cash surrender value |  | $ | 8,283 |  |  | $ | 100,351 |  |  | $ | 29,442 |  |  | $ | 10,993 |  |  | $ | 6,400 |  |  | $ | 2,636 |

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