Long-duration Contracts (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Policyholder Account Balance

The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve.


	Year ended December 31, 2023
(In millions, except percentages)	Traditional deferred annuities			Indexed annuities			Funding agreements			Other investment-type			Total
Balance at December 31, 2022	$	43,518		$	92,660		$	27,439		$	4,722		$	168,339
Deposits	30,175			12,639			6,893			4,597			54,304
Policy charges	(2)			(651)			—			—			(653)
Surrenders and withdrawals	(9,929)			(11,253)			(110)			(40)			(21,332)
Benefit payments	(984)			(1,609)			(3,273)			(275)			(6,141)
Interest credited	1,858			1,279			883			155			4,175
Foreign exchange	52			1			260			(95)			218
Other1	75			81			258			(1,435)			(1,021)
Balance at December 31, 2023	$	64,763		$	93,147		$	32,350		$	7,629		$	197,889


Weighted average crediting rate	4.0		%	2.4		%	3.4		%	2.7		%
Net amount at risk	$	425		$	14,716		$	—		$	103
Cash surrender value	61,345			85,381			—			6,375

1 Other includes $1,371 million reduction of reserves related to the VIAC recapture agreement. See note 19 for further information.


	Year ended December 31, 2022
(In millions, except percentages)	Traditional deferred annuities			Indexed annuities			Funding agreements			Other investment-type			Total
Balance at January 1, 2022	$	35,599		$	89,755		$	23,623		$	2,413		$	151,390
Deposits	13,246			11,544			7,970			2,581			35,341
Policy charges	(3)			(600)			—			—			(603)
Surrenders and withdrawals	(5,419)			(8,057)			(880)			(17)			(14,373)
Benefit payments	(937)			(1,620)			(2,819)			(322)			(5,698)
Interest credited	1,032			1,638			677			95			3,442
Foreign exchange	—			—			(440)			(6)			(446)
Other	—			—			(692)			(22)			(714)
Balance at December 31, 2022	$	43,518		$	92,660		$	27,439		$	4,722		$	168,339


Weighted average crediting rate	3.2		%	2.2		%	2.5		%	3.1		%
Net amount at risk	$	422		$	13,581		$	—		$	47
Cash surrender value	41,273			84,724			—			2,213

Schedule of Interest Sensitive Contract Liabilities

The following is a reconciliation of interest sensitive contract liabilities to the consolidated statements of financial condition:


	December 31,
(In millions)	2023		2022
Traditional deferred annuities	$	64,763	$	43,518
Indexed annuities	93,147		92,660

Funding agreements	32,350		27,439
Other investment-type	7,629		4,722

Reconciling items1	6,781		5,277
Interest sensitive contract liabilities	$	204,670	$	173,616

1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities, and wholly ceded universal life insurance contracts.

Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The following represents policyholder account balances by range of guaranteed minimum crediting rates, as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums:


	December 31, 2023
(In millions)	At guaranteed minimum		1 basis point – 100 basis points above guaranteed minimum		Greater than 100 basis points above guaranteed minimum		Total




































< 2.0%	$	30,339	$	18,954	$	100,609	$	149,902
2.0% – < 4.0%	27,792		2,074		1,389		31,255
4.0% – < 6.0%	11,532		17		1		11,550
6.0% and greater	5,182		—		—		5,182
Total	$	74,845	$	21,045	$	101,999	$	197,889


	December 31, 2022
(In millions)	At guaranteed minimum		1 basis point – 100 basis points above guaranteed minimum		Greater than 100 basis points above guaranteed minimum		Total




































< 2.0%	$	25,031	$	26,020	$	72,776	$	123,827
2.0% – < 4.0%	33,325		1,408		284		35,017
4.0% – < 6.0%	8,277		10		6		8,293
6.0% and greater	1,202		—		—		1,202
Total	$	67,835	$	27,438	$	73,066	$	168,339

Schedule of Expected Value for Future Policy Benefits

The following table summarizes future policy benefits and changes to the liability:


(In millions)	Traditional deferred annuities		Indexed annuities		Payout annuities		Reconciling items1		Total
Balance as of January 1, 2022	$	221	$	5,389	$	32,872	$	8,632	$	47,114
Change in discount rate assumptions	—		—		2,406		—		2,406
Adjustment for removal of balances related to market risk benefits	(221)		(5,389)		—		—		(5,610)
Adjustment for offsetting balance in negative VOBA2	—		—		—		(2,428)		(2,428)
Adjusted balance as of January 1, 2022	$	—	$	—	$	35,278	$	6,204	$	41,482

1 Reconciling items primarily include negative VOBA associated with our liability for future policy benefits, as well as reserves for our immaterial lines of business including term and whole life, accident and health and disability, as well as other insurance benefit reserves for our no-lapse guarantees with universal life contracts, all of which are fully ceded.
2 Uneliminated adjustments were recorded to positive VOBA within deferred acquisition costs, deferred sales inducements and value of business acquired on the consolidated statements of financial condition.

The following is a rollforward by product within future policy benefits:


	Year ended December 31, 2023
(In millions, except percentages and years)	Payout annuities with life contingencies			Whole life			Total
Present value of expected net premiums
Beginning balance	$	—		$	—		$	—






Issuances	—			3,091			3,091
Interest accrual	—			6			6
Net premium collected	—			(2,027)			(2,027)
Foreign exchange	—			65			65
Ending balance at original discount rate	—			1,135			1,135
Effect of changes in discount rate assumptions	—			45			45
Effect of foreign exchange on the change in discount rate assumptions	—			2			2
Ending balance	$	—		$	1,182		$	1,182
Present value of expected future policy benefits
Beginning balance	$	36,422		$	—		$	36,422
Effect of changes in discount rate assumptions	8,425			—			8,425
Effect of foreign exchange on the change in discount rate assumptions	(13)			—			(13)
Beginning balance at original discount rate	44,834			—			44,834
Effect of changes in cash flow assumptions	(297)			—			(297)
Effect of actual experience to expected experience	(67)			—			(67)
Adjusted balance	44,470			—			44,470
Issuances	10,427			3,091			13,518
Interest accrual	1,646			18			1,664
Benefit payments	(3,834)			(18)			(3,852)
Foreign exchange	35			185			220
Other1	(1,509)			—			(1,509)
Ending balance at original discount rate	51,235			3,276			54,511
Effect of changes in discount rate assumptions	(6,233)			89			(6,144)
Effect of foreign exchange on the change in discount rate assumptions	(1)			6			5
Ending balance	$	45,001		$	3,371		$	48,372

Net future policy benefits	$	45,001		$	2,189		$	47,190




Weighted-average liability duration (in years)	9.5			33.5
Weighted-average interest accretion rate	3.6		%	4.8		%
Weighted-average current discount rate	5.1		%	4.1		%
Expected future gross premiums, undiscounted	$	—		$	1,497
Expected future gross premiums, discounted2	—			1,239
Expected future benefit payments, undiscounted	75,261			11,344

1 Other represents a $1,509 million reduction of reserves related to the VIAC recapture agreement. See note 19 for further information.
2 Discounted at the original discount rate.


	Year ended December 31, 2022
(In millions, except percentages and years)	Payout annuities with life contingencies			Whole life			Total
















Present value of expected future policy benefits
Beginning balance	$	35,278		$	—		$	35,278
Effect of changes in discount rate assumptions	—			—			—

Beginning balance at original discount rate	35,278			—			35,278

Effect of actual experience to expected experience	(120)			—			(120)
Adjusted balance	35,158			—			35,158
Issuances	11,528			—			11,528
Interest accrual	1,146			—			1,146
Benefit payments	(2,921)			—			(2,921)
Foreign exchange	(77)			—			(77)

Ending balance at original discount rate	44,834			—			44,834
Effect of changes in discount rate assumptions	(8,425)			—			(8,425)
Effect of foreign exchange on the change in discount rate assumptions	13			—			13
Ending balance	$	36,422		$	—		$	36,422

Net future policy benefits	$	36,422		$	—		$	36,422




Weighted-average liability duration (in years)	10.2			0.0
Weighted-average interest accretion rate	3.2		%	—		%
Weighted-average current discount rate	5.5		%	—		%


Expected future benefit payments, undiscounted	$	64,754		$	—

The following is a reconciliation of future policy benefits to the consolidated statements of financial condition:


	December 31,
(In millions)	2023		2022
Payout annuities with life contingencies	$	45,001	$	36,422
Whole life	2,189		—
Reconciling items1	6,097		5,688
Future policy benefits	$	53,287	$	42,110

1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with the liability for future policy benefits. Additionally, it includes term life reserves, fully ceded whole life reserves, and reserves for immaterial lines of business including accident and health and disability, as well as other insurance benefit reserves for no-lapse guarantees with universal life contracts, all of which are fully ceded.

The following is a reconciliation of premiums and interest expense relating to future policy benefits to the consolidated statements of operations:


	Premiums				Interest expense
	Years ended December 31,				Years ended December 31,
(In millions)	2023		2022		2023		2022
Payout annuities with life contingencies	$	10,504	$	11,606	$	1,646	$	1,146
Whole life	2,214		—		12		—
Reconciling items1	31		32		—		—
Total	$	12,749	$	11,638	$	1,658	$	1,146

1 Reconciling items primarily relate to immaterial lines of business including term life, fully ceded whole life, and accident and health and disability.

The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the consolidated statements of operations:


	Years ended December 31,
(In millions)	2023		2022
Reserves	$	364	$	120
Deferred profit liability	(246)		(126)
Negative VOBA	(65)		21
Total remeasurement gains (losses)	$	53	$	15

Schedule of Net Liability Position of Market Risk Benefits

The following table presents the net liability position of market risk benefits:


(In millions)	Traditional deferred annuities		Indexed annuities		Total
Balance as of January 1, 2022	$	—	$	—	$	—
Adjustment for addition of existing balances1	221		5,389		5,610
Adjustment to positive VOBA due to fair value adjustment for market risk benefits2	32		(1,165)		(1,133)
Adjustment to negative VOBA due to fair value adjustment for market risk benefits3	—		(30)		(30)
Adjusted balance as of January 1, 2022	$	253	$	4,194	$	4,447

1 Previously recorded within future policy benefits on the consolidated statements of financial condition.
2 Previously recorded within deferred acquisition costs, deferred sales inducements and value of business acquired on the consolidated statements of financial condition.
3 Previously recorded within interest sensitive contract liabilities on the consolidated statements of financial condition.

The following table represents market risk benefits by asset and liability positions:


(In millions)	Asset1		Liability		Net liability
Traditional deferred annuities	$	—	$	253	$	253
Indexed annuities	366		4,560		4,194
Adjusted balance as of January 1, 2022	$	366	$	4,813	$	4,447

1 Included within other assets on the consolidated statements of financial condition.

The following is a rollfoward of net market risk benefit liabilities by product:


	Year ended December 31, 2023
(In millions)	Traditional deferred annuities		Indexed annuities		Total
Balance at December 31, 2022	$	170	$	2,319	$	2,489
Effect of changes in instrument-specific credit risk	13		353		366
Balance, beginning of period, before changes in instrument-specific credit risk	183		2,672		2,855
Issuances	—		106		106
Interest accrual	10		147		157
Attributed fees collected	2		336		338
Benefit payments	(2)		(32)		(34)
Effect of changes in interest rates	(1)		(90)		(91)
Effect of changes in equity	—		(119)		(119)
Effect of actual policyholder behavior compared to expected behavior	5		67		72
Effect of changes in future expected policyholder behavior	(3)		78		75
Effect of changes in other future expected assumptions	—		6		6
Balance, end of period, before changes in instrument-specific credit risk	194		3,171		3,365
Effect of changes in instrument-specific credit risk	(2)		10		8
Balance at December 31, 2023	$	192	$	3,181	$	3,373




Net amount at risk	$	425	$	14,716
Weighted-average attained age of contract holders (in years)	75		69


	Year ended December 31, 2022
(In millions)	Traditional deferred annuities		Indexed annuities		Total
Balance at January 1, 2022	$	253	$	4,194	$	4,447


Issuances	—		60		60
Interest accrual	4		52		56
Attributed fees collected	3		330		333
Benefit payments	(4)		(49)		(53)
Effect of changes in interest rates	(77)		(2,092)		(2,169)
Effect of changes in equity	—		176		176
Effect of actual policyholder behavior compared to expected behavior	6		42		48

Effect of changes in other future expected assumptions	(2)		(41)		(43)
Balance, end of period, before changes in instrument-specific credit risk	183		2,672		2,855
Effect of changes in instrument-specific credit risk	(13)		(353)		(366)
Balance at December 31, 2022	$	170	$	2,319	$	2,489




Net amount at risk	$	422	$	13,581
Weighted-average attained age of contract holders (in years)	74		68

Schedule of Market Risk Benefits by Fair Value

The following is a reconciliation of market risk benefits to the consolidated statements of financial condition. Market risk benefit assets are included in other assets on the consolidated statements of financial condition.


	December 31, 2023						December 31, 2022
(In millions)	Asset		Liability		Net liability		Asset		Liability		Net liability
Traditional deferred annuities	$	—	$	192	$	192	$	—	$	170	$	170
Indexed annuities	378		3,559		3,181		481		2,800		2,319





Total	$	378	$	3,751	$	3,373	$	481	$	2,970	$	2,489

Schedule of Unobservable Inputs for Market Risk Benefits

The following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3:

December 31, 2023

Fair Value

(In millions)

Valuation Technique

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

857

Discounted cash flow

Discount rate

10.5% – 52.8%

17.2%

112

Direct capitalization

Capitalization rate

6.9%

219

Adjusted transaction value

N/A

Due from related parties

Discounted cash flow

Discount rate

14.0%

Derivative assets

Option model

Volatility rate

62.5%

Investments of consolidated VIEs

Bank loans

605

Discounted cash flow

Discount rate

7.7% – 11.0%

9.4%

Adjusted transaction value

N/A

Equity securities

494

Dividend discount model

Discount rate

13.5%

131

Adjusted transaction value

N/A

Bonds

Discounted cash flow

Discount rate

6.1% -13.0%

10.7%

163

Adjusted transaction value

N/A

Retirement Services

AFS, trading and equity securities

14,247

Discounted cash flow

Discount rate

2.3% – 18.1%

7.0%

Mortgage loans2

47,569

Discounted cash flow

Discount rate

2.5% – 20.6%

6.8%

Investment funds2

1,574

Discounted cash flow

Discount rate

6.3% – 13.5%

11.2%

483

Net tangible asset values

Implied multiple

1.14x

Financial Liabilities

Asset Management

Contingent consideration obligations

Discounted cash flow

Discount rate

20.0% – 25.0%

23.3%

Option model

Volatility rate

31.4% – 33.4%

32.4%

Retirement Services

Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives

9,059

Discounted cash flow

Nonperformance risk

0.4% – 1.4%

0.9%

Option budget

0.5% – 6.0%

2.3%

Surrender rate

6.0% – 13.4%

8.7%

1 Unobservable inputs were weighted based on the fair value of the investments included in the range.

2 Includes those of consolidated VIEs.

3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.

4 The option budget and surrender rate weighted averages are calculated based on projected account values.

December 31, 2022

Fair Value

(In millions)

Valuation Techniques

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

526

Embedded value

N/A

128

Discounted cash flow

Discount rate

8.9% – 52.8%

28.7%

429

Adjusted transaction value

N/A

Due from related parties

Discounted cash flow

Discount rate

15.0%

Derivative assets

Option model

Volatility rate

60.0%

Investments of consolidated VIEs

Equity securities

458

Dividend discount model

Discount rate

12.1%

Bank loans

215

Discounted cash flow

Discount rate

6.4% – 32.7%

8.0%

Adjusted transaction value

N/A

Bonds

Discounted cash flow

Discount rate

7.9%

Retirement Services

AFS, trading and equity securities

10,671

Discounted cash flow

Discount rate

2.2% – 18.8%

6.8%

Mortgage loans2

30,811

Discounted cash flow

Discount rate

1.5% – 22.1%

6.3%

Investment funds2

506

Discounted cash flow

Discount rate

6.4%

873

Discounted cash flow /
Guideline public equity

Discount rate /
P/E

16.5% / 9x

529

Net tangible asset values

Implied multiple

1.26x

563

Reported net asset value

N/A

959

Embedded value

N/A

Financial Liabilities

Contingent consideration obligations

Discounted cash flow

Discount rate

20.0% – 25.0%

22.7%

Option model

Volatility rate

29.8% – 39.6%

34.7%

Retirement Services

Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives

5,841

Discounted cash flow

Nonperformance risk

0.1% – 1.7%

1.0%

Option budget

0.5% – 5.3%

1.9%

Surrender rate

5.1% – 11.5%

8.1%

1 Unobservable inputs were weighted based on the fair value of the investments included in the range.

2 Includes those of consolidated VIEs.

3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.

4 The option budget and surrender rate weighted averages are calculated based on projected account values.

The following summarizes the unobservable inputs for market risk benefits:


	December 31, 2023
(In millions, except for percentages)	Fair value		Valuation technique	Unobservable inputs	Minimum		Maximum		Weighted average			Impact of an increase in the input on fair value
Market risk benefits, net	$	3,373	Discounted cash flow	Nonperformance risk	0.4	%	1.4	%	1.2	%	1	Decrease
				Option budget	0.5	%	6.0	%	1.9	%	2	Decrease
				Surrender rate	3.2	%	6.4	%	4.5	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	83.6	%	3	Increase

	December 31, 2022
(In millions, except for percentages)	Fair value		Valuation technique	Unobservable inputs	Minimum		Maximum		Weighted average			Impact of an increase in the input on fair value
Market risk benefits, net	$	2,489	Discounted cash flow	Nonperformance risk	0.2	%	1.6	%	1.4	%	1	Decrease
				Option budget	0.5	%	5.3	%	1.7	%	2	Decrease
				Surrender rate	3.3	%	6.7	%	4.4	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	82.3	%	3	Increase
1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve.
2 The option budget and surrender rate weighted averages are calculated based on projected account values.
3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values.