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Policyholders' Account Balances (Tables) | 6 Months Ended
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Jun. 30, 2024
Insurance [Abstract] |
Schedule of Changes in Policyholders' Account Balances | The balances and changes in policyholders’ account balances follow.
| Six Months Ended June 30, 2024 |  | Year Ended December 31, 2023
| Annuity |  | Life |  | Annuity |  | Life
| (Dollars in millions)
Balance, beginning of period | $ | 14,694 |  |  | $ | 1,975 |  |  | $ | 12,012 |  |  | $ | 1,899 |
Issuances | 4,064 |  |  | 36 |  |  | 4,382 |  |  | 84 |
Acquisition from business combination | 61,296 |  |  | — |  |  | — |  |  | — |
Premiums received | 23 |  |  | 213 |  |  | 34 |  |  | 399 |
Policy charges | (122) |  |  | (187) |  |  | (39) |  |  | (362) |
Surrenders and withdrawals | (3,060) |  |  | (43) |  |  | (2,132) |  |  | (110) |
Interest credited | 707 |  |  | 48 |  |  | 437 |  |  | 65 |
Benefit payments | (152) |  |  | — |  |  | — |  |  | — |
Other | 3 |  |  | — |  |  | — |  |  | — |
Balance, end of period | $ | 77,453 |  |  | $ | 2,042 |  |  | $ | 14,694 |  |  | $ | 1,975 |
Reconciling items: |  |  |  |  |  |  |
Supplemental contracts | $ | 489 |  |  | $ | — |  |  | $ | 291 |  |  | $ | — |
Variable universal life | — |  |  | 39 |  |  | — |  |  | 36 |
Variable deferred annuity | 8 |  |  | — |  |  | 8 |  |  | — |
Other | 408 |  |  | 50 |  |  | 135 |  |  | 38 |
Total PAB balance, end of period | $ | 78,358 |  |  | $ | 2,131 |  |  | $ | 15,128 |  |  | $ | 2,049 |
Weighted-average crediting rate | 2.88 | % |  | 4.78 | % |  | 3.27 | % |  | 3.34 | %
Net amount at risk (a) | $ | 12,466 |  |  | $ | 38,365 |  |  | $ | 417 |  |  | $ | 38,365 |
Cash surrender value | $ | 71,450 |  |  | $ | 1,796 |  |  | $ | 15,000 |  |  | $ | 1,796 |
(a)Net amount at risk is defined as the current guarantee amount in excess of the current account balance.
Schedule of Account Values by Range of Guaranteed Minimum Crediting Rates | 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 follow.
| June 30, 2024
| Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  | 1 - 50 Basis Points Above |  | 51 - 150 Basis Points Above |  | > 150 Basis Points Above |  | Other |  | Total
|  |  | (Dollars in millions)
Annuity | 0% - 1% |  | $ | 4,296 |  |  | $ | 2,670 |  |  | $ | 3,931 |  |  | $ | 4,679 |  |  | $ | — |  |  | $ | 15,576 |
| 1% - 2% |  | 1,446 |  |  | 393 |  |  | 1,740 |  |  | 1,844 |  |  | — |  |  | 5,423 |
| 2% - 3% |  | 1,942 |  |  | 429 |  |  | 111 |  |  | 6,637 |  |  | — |  |  | 9,119 |
| Greater than 3% |  | 306 |  |  | 7 |  |  | 1 |  |  | 5 |  |  | — |  |  | 319 |
Products with either a fixed rate or no guaranteed minimum crediting rate |  | — |  |  | — |  |  | — |  |  | — |  |  | 47,016 |  |  | 47,016 |
| Total |  | $ | 7,990 |  |  | $ | 3,499 |  |  | $ | 5,783 |  |  | $ | 13,165 |  |  | $ | 47,016 |  |  | $ | 77,453 |
Life | 0% - 1% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| 1% - 2% |  | 34 |  |  | 2 |  |  | 54 |  |  | 667 |  |  | — |  |  | 757 |
| 2% to 3% |  | 421 |  |  | — |  |  | 222 |  |  | — |  |  | — |  |  | 643 |
| Greater than 3% |  | 642 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 642 |
Products with either a fixed rate or no guaranteed minimum crediting rate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Total |  | $ | 1,097 |  |  | $ | 2 |  |  | $ | 276 |  |  | $ | 667 |  |  | $ | — |  |  | $ | 2,042 |
| December 31, 2023
| Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  | 1 - 50 Basis Points Above |  | 51 - 150 Basis Points Above |  | > 150 Basis Points Above |  | Other |  | Total
|  |  | (Dollars in millions)
Annuity | 0% - 1% |  | $ | 2,485 |  |  | $ | 29 |  |  | $ | 483 |  |  | $ | 722 |  |  | $ | — |  |  | $ | 3,719 |
| 1% - 2% |  | 668 |  |  | 430 |  |  | 1,943 |  |  | 2,137 |  |  | — |  |  | 5,178 |
| 2% - 3% |  | 827 |  |  | 409 |  |  | 56 |  |  | 4,224 |  |  | — |  |  | 5,516 |
| Greater than 3% |  | 264 |  |  | 7 |  |  | 1 |  |  | 1 |  |  | — |  |  | 273 |
Products with either a fixed rate or no guaranteed minimum crediting rate |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 8 |
| Total |  | $ | 4,244 |  |  | $ | 875 |  |  | $ | 2,483 |  |  | $ | 7,084 |  |  | $ | 8 |  |  | $ | 14,694 |
Life | 0% - 1% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| 1% - 2% |  | 168 |  |  | 2 |  |  | 140 |  |  | 371 |  |  | — |  |  | 681 |
| 2% to 3% |  | 415 |  |  | — |  |  | 219 |  |  | — |  |  | — |  |  | 634 |
| Greater than 3% |  | 659 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 659 |
Products with either a fixed rate or no guaranteed minimum crediting rate |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
| Total |  | $ | 1,242 |  |  | $ | 2 |  |  | $ | 359 |  |  | $ | 371 |  |  | $ | 1 |  |  | $ | 1,975 |

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