Policyholders' Account Balances (Tables)

6 Months Ended

Jun. 30, 2024

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