v3.24.1.u1
Policyholder Contract Deposits and Other Policyholder Funds
 3 Months Ended
Mar. 31, 2024
Insurance [Abstract]  
Policyholder Contract Deposits and Other Policyholder Funds
14. Policyholder Contract Deposits and Other Policyholder Funds
POLICYHOLDER CONTRACT DEPOSITS
The liability for Policyholder contract deposits is primarily recorded at accumulated value (deposits received and net transfers from separate accounts, plus accrued interest credited, less withdrawals and assessed fees). Deposits collected on investment-oriented products are not reflected as revenues. They are recorded directly to Policyholder contract deposits upon receipt. Amounts assessed against the contract holders for mortality, administrative, and other services are included as Policy fees in revenues.
In addition to liabilities for universal life, fixed annuities, fixed options within variable annuities, annuities without life contingencies, funding agreements and GICs, policyholder contract deposits also include our liability for (i) index features accounted for as embedded derivatives at fair value, (ii) annuities issued in a structured settlement arrangement with no life contingency and (iii) certain contracts we have elected to account for at fair value. Changes in the fair value of the embedded derivatives related to policy index features and the fair value of derivatives hedging these liabilities are recognized in realized gains and losses.
For additional information on index credits accounted for as embedded derivatives, see Note 5.
Under a funding agreement-backed notes issuance program, an unaffiliated, non-consolidated statutory trust issues medium-term notes to investors, which are secured by funding agreements issued to the trust by one of our subsidiaries through our Institutional Markets business.
The following table presents the balances and changes in Policyholder contract deposits account balances(a):
Individual
Retirement		Group
Retirement		Life
Insurance		Institutional
Markets
Corporate and other
Total
(in millions, except for average crediting rate)
Three Months Ended March 31, 2024
Policyholder contract deposits account balance, beginning of year$94,896 $41,299 $10,231 $13,649 $3,333 $163,408 
Deposits4,878 1,349 407 798 11 7,443 
Policy charges(186)(122)(377)(17)(15)(717)
Surrenders and withdrawals(4,600)(2,466)(73)(31)(21)(7,191)
Benefit payments(761)(494)(79)(181)(79)(1,594)
Net transfers from (to) separate account1,248 1,024 5 (27)— 2,250 
Interest credited816 303 121 157 40 1,437 
Other(3)2 6 (11)3 (3)
Policyholder contract deposits account balance, end of period96,288 40,895 10,241 14,337 3,272 165,033 
Other reconciling items(b)
(1,225)(192)134 33 — (1,250)
Policyholder contract deposits$95,063 $40,703 $10,375 $14,370 $3,272 $163,783 
Weighted average crediting rate2.86 %3.05 %4.39 %4.59 %4.98 %
Cash surrender value(c)
$89,795 $39,746 $9,042 $2,585 $1,696 $142,864 
Three Months Ended March 31, 2023
Policyholder contract deposits account balance, beginning of year$89,554 $43,395 $10,224 $11,734 $3,587 $158,494 
Deposits4,864 1,326 414 595 11 7,210 
Policy charges(244)(110)(384)(17)(16)(771)
Surrenders and withdrawals(3,171)(2,016)(56)(403)(20)(5,666)
Benefit payments(1,036)(557)(49)(167)(88)(1,897)
Net transfers from (to) separate account728 592 (1)443 — 1,762 
Interest credited377 270 88 105 43 883 
Other(2)3 (16)4 (1)(12)
Policyholder contract deposits account balance, end of period
91,070 42,903 10,220 12,294 3,516 160,003 
Other reconciling items(b)
(1,889)(279)116 74 — (1,978)
Policyholder contract deposits$89,181 $42,624 $10,336 $12,368 $3,516 $158,025 
Weighted average crediting rate2.52 %2.78 %4.24 %3.55 %4.95 %
Cash surrender value(c)
$84,906 $41,361 $8,874 $2,545 $1,781 $139,467 
(a)     Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited into the general account and then simultaneously transferred to the separate account), and thus, did not impact the ending balance of policyholder contract deposits.
(b)    Reconciling items principally relate to MRBs that are bifurcated and reported separately, net of embedded derivatives that are recorded in policyholder contract deposits.
(c)     Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs do not have a cash surrender value).
For information related to net amount at risk, refer to the table that presents the balances of and changes in MRBs in Note 15.
The following table presents Policyholder contract deposits account balance 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:
March 31, 2024At Guaranteed Minimum1 Basis Point - 50 Basis Points AboveMore than 50 Basis Points Above Minimum GuaranteeTotal
(in millions, except percentage of total)
Individual RetirementRange of Guaranteed Minimum Credited Rate
<=1%
$6,251 $1,917 $28,202 $36,370 
> 1% - 2%
3,556 21 1,490 5,067 
> 2% - 3%
7,653 11 1,407 9,071 
> 3% - 4%
6,342 36 5 6,383 
> 4% - 5%
424 — 4 428 
> 5%
32 — 3 35 
Total$24,258 $1,985 $31,111 $57,354 
Group RetirementRange of Guaranteed Minimum Credited Rate
<=1%
$2,133 $1,895 $7,672 $11,700 
> 1% - 2%
3,597 1,126 670 5,393 
> 2% - 3%
11,686 215 110 12,011 
> 3% - 4%
603 — — 603 
> 4% - 5%
6,579 — — 6,579 
> 5%
141 — — 141 
Total$24,739 $3,236 $8,452 $36,427 
Life InsuranceRange of Guaranteed Minimum Credited Rate
<=1%
$— $— $— $— 
> 1% - 2%
— 110 365 475 
> 2% - 3%
9 1,072 856 1,937 
> 3% - 4%
1,190 482 7 1,679 
> 4% - 5%
2,820 — — 2,820 
> 5%
214 — — 214 
Total$4,233 $1,664 $1,228 $7,125 
Total*$53,230 $6,885 $40,791 $100,906 
Percentage of total53%7%40%100%
March 31, 2023At Guaranteed Minimum
1 Basis Point - 50 Basis Points Above
More than 50 Basis Points Above Minimum Guarantee
Total
(in millions, except percentage of total)
Individual RetirementRange of Guaranteed Minimum Credited Rate
<=1%
$7,776 $2,562 $23,263 $33,601 
> 1% - 2%
3,994 24 2,163 6,181 
> 2% - 3%
9,155 1 390 9,546 
> 3% - 4%
7,359 40 6 7,405 
> 4% - 5%
452 — 4 456 
> 5%
32 — 4 36 
Total$28,768 $2,627 $25,830 $57,225 
Group RetirementRange of Guaranteed Minimum Credited Rate
<=1%
$2,063 $2,713 $6,049 $10,825 
> 1% - 2%
5,005 908 353 6,266 
> 2% - 3%
13,561 40 — 13,601 
> 3% - 4%
658 — — 658 
> 4% - 5%
6,821 — — 6,821 
> 5%
153 — — 153 
Total$28,261 $3,661 $6,402 $38,324 
Life InsuranceRange of Guaranteed Minimum Credited Rate
<=1%
$— $— $— $— 
> 1% - 2%
— 131 349 480 
> 2% - 3%
28 862 1,079 1,969 
> 3% - 4%
1,417 118 198 1,733 
> 4% - 5%
2,946 — — 2,946 
> 5%
222 — — 222 
Total$4,613 $1,111 $1,626 $7,350 
Total*$61,642 $7,399 $33,858 $102,899 
Percentage of total60%7%33%100%
*    Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates.
OTHER POLICYHOLDER FUNDS
Other policyholder funds include unearned revenue reserve (“URR”), consisting of front-end loads on investment-oriented contracts, representing those policy loads that are non-level and typically higher in initial policy years than in later policy years. Amortization of URR is recorded in Policy fees.
URR for investment-oriented contracts are generally deferred and amortized into income using the same assumptions and factors used to amortize DAC (i.e., on a constant level basis).
The following table presents a rollforward of the unearned revenue reserve for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31, 2024Life
Insurance		Institutional
Markets		Corporate and OtherTotal
(in millions)
Balance, beginning of year$1,770 $1 $94 $1,865 
Revenue deferred40 — — 40 
Amortization(28)— (2)(30)
Balance, end of period$1,782 $1 $92 $1,875 
Other reconciling items*989 
Other policyholder funds$2,864 
Three Months Ended March 31, 2023
Balance, beginning of year$1,727 $2 $105 $1,834 
Revenue deferred38 — — 38 
Amortization(27)(1)(2)(30)
Balance, end of period$1,738 $1 $103 $1,842 
Other reconciling items*1,055 
Other policyholder funds$2,897 
*    Other reconciling items include policyholders' dividend accumulations, provisions for future dividends to participating policyholders, dividends to policyholders and any similar items.