Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity File Number | 001-16707 | |
Entity Registrant Name | Prudential Financial, Inc. | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 22-3703799 | |
Entity Address, Address Line One | 751 Broad Street | |
Entity Address, City or Town | Newark | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07102 | |
City Area Code | 973 | |
Local Phone Number | 802-6000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 361,000,000 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001137774 | |
Common Class A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, Par Value $.01 | |
Trading Symbol | PRU | |
Security Exchange Name | NYSE | |
5.950% Junior Subordinated Notes | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.950% Junior Subordinated Notes | |
Trading Symbol | PRH | |
Security Exchange Name | NYSE | |
5.625% Junior Subordinated Notes | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.625% Junior Subordinated Notes | |
Trading Symbol | PRS | |
Security Exchange Name | NYSE | |
4.125% Junior Subordinated Notes | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 4.125% Junior Subordinated Notes | |
Trading Symbol | PFH | |
Security Exchange Name | NYSE |
Unaudited Interim Consolidated
Unaudited Interim Consolidated Statements of Financial Position - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | ||
ASSETS | ||||
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2023-$239; 2022-$138) (amortized cost: 2023-$332,035; 2022-$335,447) | [1] | $ 295,318 | $ 307,719 | |
Fixed maturities, held-to-maturity, at amortized cost, net of allowance for credit losses (allowance for credit losses: 2023-$0; 2022-$2) (fair value: 2023-$0; 2022-$1,455) | [1] | 0 | 1,296 | |
Fixed maturities, trading, at fair value (amortized cost: 2023-$8,671; 2022-$7,303) | [1] | 7,129 | 5,951 | |
Assets supporting experience-rated contractholder liabilities, at fair value | 2,943 | 2,844 | ||
Equity securities, at fair value (cost: 2023-$4,895; 2022-$5,306) | [1] | 7,039 | 7,150 | |
Commercial mortgage and other loans (net of $332 and $203 allowance for credit losses; includes $387 and $137 of loans measured at fair value under the fair value option at September 30, 2023 and December 31, 2022, respectively) | [1] | 57,908 | 56,745 | |
Policy loans | 9,959 | 10,046 | ||
Other invested assets (net of $1 and $1 allowance for credit losses; includes $5,549 and $5,682 of assets measured at fair value at September 30, 2023 and December 31, 2022, respectively) | [1] | 21,868 | 21,099 | |
Short-term investments (net of allowance for credit losses: 2023-$0; 2022-$6) | 5,072 | 4,591 | ||
Total investments | 407,236 | 417,441 | ||
Cash and cash equivalents | [1] | 16,892 | 17,251 | |
Accrued investment income | [1] | 3,191 | 3,012 | |
Deferred policy acquisition costs | 20,394 | 20,546 | [2] | |
Value of business acquired | 514 | 621 | [2] | |
Income tax assets | 1,108 | 0 | ||
Market risk benefit assets | 2,200 | 800 | [2] | |
Other assets (net of allowance for credit losses: 2023-$25; 2022-$26) | [1] | 39,077 | 31,679 | [2] |
Separate account assets | 190,642 | 197,679 | ||
TOTAL ASSETS | 681,254 | 689,029 | ||
LIABILITIES | ||||
Future policy benefits | 253,551 | 261,773 | [2] | |
Policyholders’ account balances | 140,788 | 135,624 | [2] | |
Market risk benefit liabilities | 4,660 | 5,864 | [2] | |
Policyholders’ dividends | 657 | 694 | ||
Securities sold under agreements to repurchase | 5,547 | 6,589 | ||
Cash collateral for loaned securities | 6,067 | 6,100 | ||
Income tax liabilities | 0 | 277 | [2] | |
Short-term debt | 615 | 775 | ||
Long-term debt | 18,877 | 19,908 | ||
Other liabilities (including allowance for credit losses: 2023-$15; 2022-$18 ) | [1] | 32,112 | 21,824 | [2] |
Notes issued by consolidated variable interest entities | [1] | 791 | 374 | |
Separate account liabilities | 190,642 | 197,679 | ||
Total liabilities | 654,307 | 657,481 | ||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 20) | ||||
EQUITY | ||||
Preferred Stock ($0.01 par value; 10,000,000 shares authorized; none issued) | 0 | 0 | ||
Common Stock ($0.01 par value; 1,500,000,000 shares authorized; 666,305,189 shares issued as of both September 30, 2023 and December 31, 2022) | 6 | 6 | ||
Additional paid-in capital | 25,714 | 25,747 | ||
Common Stock held in treasury, at cost (304,991,645 and 300,342,458 shares at September 30, 2023 and December 31, 2022, respectively) | (23,568) | (23,068) | ||
Accumulated other comprehensive income (loss) | (7,831) | (3,806) | [2] | |
Retained earnings | 31,493 | 31,714 | [2] | |
Total Prudential Financial, Inc. equity | 25,814 | 30,593 | ||
Noncontrolling interests | 1,133 | 955 | ||
Total equity | 26,947 | 31,548 | [3] | |
TOTAL LIABILITIES AND EQUITY | 681,254 | 689,029 | ||
Consolidated VIEs for Which the Company is the Investment Manager | ||||
ASSETS | ||||
TOTAL ASSETS | 6,730 | 5,557 | ||
LIABILITIES | ||||
Total liabilities | 1,377 | 763 | ||
Notes issued by consolidated VIEs | Consolidated VIEs for Which the Company is the Investment Manager | ||||
LIABILITIES | ||||
Total liabilities | $ 791 | $ 374 | ||
[1]See Note 4 for details of balances associated with variable interest entities (“VIEs”).[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[3]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Unaudited Interim Consolidate_2
Unaudited Interim Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | ||
Fixed Maturities, AFS, allowance for credit losses | $ 239 | $ 138 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 332,035 | 335,447 | ||
Fixed Maturities, HTM, allowance for credit losses | 0 | 2 | ||
Fixed Maturities, Held-to maturity, Fair Value | 0 | 1,455 | ||
Fixed maturities, trading, amortized cost | 8,671 | 7,303 | ||
Equity securities, AFS, amortized cost | 4,895 | 5,306 | ||
Commercial mortgage and other loans, allowance for credit losses | 332 | 203 | ||
Commercial mortgage and other loans | [1] | 57,908 | 56,745 | |
Other invested assets, allowance for credit losses | [1] | 21,868 | 21,099 | |
Other invested assets, at fair value | 5,549 | 5,682 | ||
Other liabilities, allowance for credit losses | [1] | 32,112 | 21,824 | [2] |
Notes issued by consolidated variable interest entities | [1] | $ 791 | $ 374 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||
Preferred stock, shares issued | 0 | 0 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 1,500,000,000 | 1,500,000,000 | ||
Common stock, shares, Issued | 666,305,189 | 666,305,189 | ||
Treasury Stock, Shares | 304,991,645 | 300,342,458 | ||
Fair value option | ||||
Commercial mortgage and other loans | $ 387 | $ 137 | ||
Notes issued by consolidated variable interest entities | 392 | 0 | ||
Leveraged lease loans | ||||
Other invested assets, allowance for credit losses | 1 | 1 | ||
ASU 2016-13 | ||||
Short-term investments, allowance for credit losses | 0 | 6 | ||
Other assets, allowance for credit losses | 15 | 26 | ||
Other liabilities, allowance for credit losses | $ 15 | $ 18 | ||
[1]See Note 4 for details of balances associated with variable interest entities (“VIEs”).[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Unaudited Interim Consolidate_3
Unaudited Interim Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
REVENUES | ||||||
Premiums (includes $36 and $34, $311 and $(414) for gain (loss) from changes in estimates on deferred profit liability amortization for the three and nine months ended September 30, 2023 and 2022, respectively) | $ 4,173 | $ 15,845 | [1] | $ 20,445 | $ 30,011 | [1] |
Policy charges and fee income | 1,112 | 1,143 | [1] | 3,319 | 3,417 | [2] |
Net investment income | 4,571 | 3,631 | 13,367 | 11,927 | ||
Asset management and service fees | 952 | 966 | 2,787 | 3,086 | ||
Other income (loss) | 197 | (896) | [1] | 2,260 | (845) | [2] |
Realized investment gains (losses), net | (2,402) | (430) | [1] | (3,123) | (3,110) | [2] |
Change in value of market risk benefits, net of related hedging gain | (251) | (58) | [1] | (160) | (1,038) | [3] |
Total revenues | 8,352 | 20,201 | 38,895 | 43,448 | ||
BENEFITS AND EXPENSES | ||||||
Policyholders’ benefits | 5,163 | 16,152 | [1] | 23,128 | 32,885 | [2] |
Change in estimates of liability for future policy benefits | (49) | (35) | [1] | 231 | 597 | [2] |
Interest credited to policyholders’ account balances | 872 | 691 | [1] | 3,002 | 1,395 | [2] |
Dividends to policyholders | (3) | 90 | 619 | 118 | ||
Amortization of deferred policy acquisition costs | 361 | 363 | [1] | 1,092 | 1,092 | [2] |
General and administrative expenses | 3,066 | 3,066 | [1] | 9,413 | 9,213 | [1] |
Total benefits and expenses | 9,410 | 20,327 | 37,485 | 45,300 | ||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | (1,058) | (126) | 1,410 | (1,852) | ||
Total income tax expense (benefit) | (251) | (11) | [1] | 254 | (274) | [2] |
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | (807) | (115) | 1,156 | (1,578) | ||
Equity in earnings of operating joint ventures, net of taxes | 16 | 7 | 26 | (53) | ||
NET INCOME (LOSS) | (791) | (108) | 1,182 | (1,631) | [3] | |
Less: Income (loss) attributable to noncontrolling interests | 11 | (16) | 11 | (36) | ||
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. | $ (802) | $ (92) | $ 1,171 | $ (1,595) | ||
Basic earnings per share-Common Stock: | ||||||
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) | $ (2.23) | $ (0.26) | $ 3.17 | $ (4.32) | ||
Diluted earnings per share-Common Stock: | ||||||
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) | $ (2.23) | $ (0.26) | $ 3.15 | $ (4.32) | ||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[3]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Unaudited Interim Consolidate_4
Unaudited Interim Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
Statement of Comprehensive Income [Abstract] | ||||||
NET INCOME (LOSS) | $ (791) | $ (108) | $ 1,182 | $ (1,631) | [1] | |
Other comprehensive income (loss), before tax: | ||||||
Foreign currency translation adjustments for the period | (291) | (586) | [2] | (649) | (1,887) | [2] |
Net unrealized investment gains (losses) | (15,044) | (14,147) | [2] | (9,479) | (56,134) | [2] |
Interest rate remeasurement of future policy benefits | 14,430 | 15,469 | [2] | 5,529 | 64,087 | [2] |
Gain (loss) from changes in non-performance risk on market risk benefits | (451) | (8) | [2] | (528) | 1,299 | [2] |
Defined benefit pension and postretirement unrecognized periodic benefit (cost) | 22 | 52 | 67 | 505 | ||
Total | (1,334) | 780 | (5,060) | 7,870 | ||
Less: Income tax expense (benefit) related to other comprehensive income (loss) | (152) | 307 | [2] | (1,035) | 2,608 | [2] |
Other comprehensive income (loss), net of taxes | (1,182) | 473 | (4,025) | 5,262 | ||
Comprehensive income (loss) | (1,973) | 365 | (2,843) | 3,631 | ||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 11 | (16) | 11 | (37) | ||
Comprehensive income (loss) attributable to Prudential Financial, Inc. | $ (1,984) | $ 381 | $ (2,854) | $ 3,668 | ||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Unaudited Interim Consolidate_5
Unaudited Interim Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Common Stock Held in Treasury Common Stock | Accumulated Other Comprehensive Income (Loss) | Total Prudential Financial, Inc. Equity | Noncontrolling Interests | |
Balance at Dec. 31, 2021 | [1] | $ 30,322 | $ 6 | $ 25,732 | $ 35,183 | $ (21,838) | $ (9,493) | $ 29,590 | $ 732 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common Stock acquired | (375) | (375) | (375) | ||||||
Contributions from noncontrolling interests | 3 | 3 | |||||||
Distributions to noncontrolling interests | (21) | (21) | |||||||
Stock-based compensation programs | 89 | (73) | 162 | 89 | |||||
Dividends declared on Common Stock | (462) | (462) | (462) | ||||||
Comprehensive income: | |||||||||
Net income (loss) | (506) | (493) | (493) | (13) | |||||
Other comprehensive income (loss), net of tax | 939 | 940 | 940 | (1) | |||||
Comprehensive income (loss) | 433 | 447 | (14) | ||||||
Balance at Mar. 31, 2022 | [1] | 29,989 | 6 | 25,659 | 34,228 | (22,051) | (8,553) | 29,289 | 700 |
Balance at Dec. 31, 2021 | [1] | 30,322 | 6 | 25,732 | 35,183 | (21,838) | (9,493) | 29,590 | 732 |
Comprehensive income: | |||||||||
Net income (loss) | [2] | (1,631) | |||||||
Other comprehensive income (loss), net of tax | 5,262 | ||||||||
Comprehensive income (loss) | 3,631 | ||||||||
Balance at Sep. 30, 2022 | [3] | 31,631 | 6 | 25,707 | 32,215 | (22,736) | (4,230) | 30,962 | 669 |
Balance at Mar. 31, 2022 | [1] | 29,989 | 6 | 25,659 | 34,228 | (22,051) | (8,553) | 29,289 | 700 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common Stock acquired | (375) | (375) | (375) | ||||||
Contributions from noncontrolling interests | 26 | 26 | |||||||
Distributions to noncontrolling interests | (36) | (36) | |||||||
Stock-based compensation programs | 37 | 2 | 35 | 37 | |||||
Dividends declared on Common Stock | (457) | (457) | (457) | ||||||
Comprehensive income: | |||||||||
Net income (loss) | (1,017) | (1,010) | (1,010) | (7) | |||||
Other comprehensive income (loss), net of tax | 3,850 | 3,850 | 3,850 | 0 | |||||
Comprehensive income (loss) | 2,833 | 2,840 | (7) | ||||||
Balance at Jun. 30, 2022 | 32,017 | 6 | 25,661 | 32,761 | (22,391) | (4,703) | 31,334 | 683 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common Stock acquired | (375) | (375) | (375) | ||||||
Contributions from noncontrolling interests | 14 | 14 | |||||||
Distributions to noncontrolling interests | (12) | (12) | |||||||
Stock-based compensation programs | 76 | 46 | 30 | 76 | |||||
Dividends declared on Common Stock | (454) | (454) | (454) | ||||||
Comprehensive income: | |||||||||
Net income (loss) | (108) | (92) | (92) | (16) | |||||
Other comprehensive income (loss), net of tax | 473 | 473 | 473 | 0 | |||||
Comprehensive income (loss) | 365 | 381 | (16) | ||||||
Balance at Sep. 30, 2022 | [3] | 31,631 | 6 | 25,707 | 32,215 | (22,736) | (4,230) | 30,962 | 669 |
Balance at Dec. 31, 2022 | [3] | 31,548 | 6 | 25,747 | 31,714 | (23,068) | (3,806) | 30,593 | 955 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common Stock acquired | (250) | (250) | (250) | ||||||
Contributions from noncontrolling interests | 93 | 93 | |||||||
Distributions to noncontrolling interests | (2) | (2) | |||||||
Stock-based compensation programs | 67 | (104) | 171 | 67 | |||||
Dividends declared on Common Stock | (468) | (468) | (468) | ||||||
Comprehensive income: | |||||||||
Net income (loss) | 1,477 | 1,462 | 1,462 | 15 | |||||
Other comprehensive income (loss), net of tax | (18) | (19) | (19) | 1 | |||||
Comprehensive income (loss) | 1,459 | 1,443 | 16 | ||||||
Balance at Mar. 31, 2023 | 32,447 | 6 | 25,643 | 32,708 | (23,147) | (3,825) | 31,385 | 1,062 | |
Balance at Dec. 31, 2022 | [3] | 31,548 | 6 | 25,747 | 31,714 | (23,068) | (3,806) | 30,593 | 955 |
Comprehensive income: | |||||||||
Net income (loss) | 1,182 | ||||||||
Other comprehensive income (loss), net of tax | (4,025) | ||||||||
Comprehensive income (loss) | (2,843) | ||||||||
Balance at Sep. 30, 2023 | 26,947 | 6 | 25,714 | 31,493 | (23,568) | (7,831) | 25,814 | 1,133 | |
Balance at Mar. 31, 2023 | 32,447 | 6 | 25,643 | 32,708 | (23,147) | (3,825) | 31,385 | 1,062 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common Stock acquired | (252) | (252) | (252) | ||||||
Contributions from noncontrolling interests | 30 | 30 | |||||||
Distributions to noncontrolling interests | (19) | (19) | |||||||
Noncontrolling Interest, Decrease from Deconsolidation | (36) | (36) | |||||||
Stock-based compensation programs | 77 | 33 | 44 | 77 | |||||
Dividends declared on Common Stock | (463) | (463) | (463) | ||||||
Comprehensive income: | |||||||||
Net income (loss) | 496 | 511 | 511 | (15) | |||||
Other comprehensive income (loss), net of tax | (2,825) | (2,824) | (2,824) | (1) | |||||
Comprehensive income (loss) | (2,329) | (2,313) | (16) | ||||||
Balance at Jun. 30, 2023 | 29,455 | 6 | 25,676 | 32,756 | (23,355) | (6,649) | 28,434 | 1,021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common Stock acquired | (252) | (252) | (252) | ||||||
Contributions from noncontrolling interests | 5 | 5 | |||||||
Distributions to noncontrolling interests | (6) | (6) | |||||||
Noncontrolling Interest, Decrease from Deconsolidation | 102 | 102 | |||||||
Stock-based compensation programs | 77 | 38 | 39 | 77 | |||||
Dividends declared on Common Stock | (461) | (461) | (461) | ||||||
Comprehensive income: | |||||||||
Net income (loss) | (791) | (802) | (802) | 11 | |||||
Other comprehensive income (loss), net of tax | (1,182) | (1,182) | (1,182) | 0 | |||||
Comprehensive income (loss) | (1,973) | (1,984) | 11 | ||||||
Balance at Sep. 30, 2023 | $ 26,947 | $ 6 | $ 25,714 | $ 31,493 | $ (23,568) | $ (7,831) | $ 25,814 | $ 1,133 | |
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[3]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Unaudited Interim Consolidate_6
Unaudited Interim Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income (loss) | $ 1,182 | $ (1,631) | [1] | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
Realized investment (gains) losses, net | 3,123 | 3,110 | [2] | ||
Change in value of market risk benefits, net of related hedging (gains) losses | 160 | 1,038 | [1] | ||
Policy charges and fee income | (1,626) | (1,665) | [1] | ||
Interest credited to policyholders’ account balances | 3,002 | 1,395 | [1] | ||
Depreciation and amortization | 1 | 58 | [1] | ||
(Gains) losses on assets supporting experience-rated contractholder liabilities, net | (426) | 1,100 | |||
Change in: | |||||
Deferred policy acquisition costs | (600) | (521) | [1] | ||
Future policy benefits and other insurance liabilities | 4,729 | 5,997 | [1] | ||
Income taxes | (282) | (1,505) | [1] | ||
Derivatives, net | (737) | (472) | [1] | ||
Other, net | (3,119) | (1,124) | [1] | ||
Cash flows from (used in) operating activities | 5,407 | 5,780 | |||
Proceeds from the sale/maturity/prepayment of: | |||||
Fixed maturities, available-for-sale | 32,743 | 38,851 | |||
Fixed maturities, held-to-maturity | 22 | 24 | |||
Fixed maturities, trading | 862 | 1,421 | |||
Assets supporting experience-rated contractholder liabilities | 1,693 | 11,011 | |||
Equity securities | 3,237 | 3,070 | |||
Commercial mortgage and other loans | 2,722 | 4,294 | |||
Policy loans | 1,319 | 1,278 | |||
Other invested assets | 797 | 1,427 | |||
Short-term investments | 24,197 | 30,119 | |||
Payments for the purchase/origination of: | |||||
Fixed maturities, available-for-sale | (36,969) | (45,004) | |||
Fixed maturities, trading | (1,774) | (385) | |||
Assets supporting experience-rated contractholder liabilities | (1,741) | (11,346) | |||
Equity securities | (2,393) | (2,992) | |||
Commercial mortgage and other loans | (3,938) | (3,832) | |||
Policy loans | (1,151) | (904) | |||
Other invested assets | (1,949) | (2,127) | |||
Short-term investments | (24,512) | (27,823) | |||
Dispositions, net of cash disposed | 0 | 422 | |||
Derivatives, net | (1,909) | (1,701) | |||
Other, net | (280) | (65) | |||
Cash flows from (used in) investing activities | (9,024) | (4,262) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Policyholders’ account deposits | 20,690 | 22,108 | |||
Policyholders’ account withdrawals | (13,646) | (18,212) | |||
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities | (1,075) | (142) | |||
Cash dividends paid on Common Stock | (1,391) | (1,371) | |||
Net change in financing arrangements (maturities 90 days or less) | (77) | (245) | |||
Common Stock acquired | (754) | (1,113) | |||
Common Stock reissued for exercise of stock options | 91 | 128 | |||
Proceeds from the issuance of debt (maturities longer than 90 days) | 662 | 2,538 | |||
Repayments of debt (maturities longer than 90 days) | (1,948) | (1,181) | |||
Proceeds from notes issued by consolidated VIEs | 484 | 0 | |||
Repayments of notes issued by consolidated VIEs | (39) | 0 | |||
Other, net | 470 | 1,565 | |||
Cash flows from (used in) financing activities | 3,467 | 4,075 | |||
Effect of foreign exchange rate changes on cash balances | (220) | (446) | |||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS INCLUDING BALANCES CLASSIFIED AS HELD-FOR-SALE | (370) | 5,147 | |||
NET CHANGE IN CASH BALANCES CLASSIFIED AS HELD-FOR-SALE | 0 | (2,071) | [3] | ||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS | (370) | 7,218 | |||
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR | 17,299 | 12,934 | |||
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD | 16,929 | 20,152 | |||
HELD-FOR-SALE CLASSIFICATION | |||||
Change in assets classified as held-for-sale | 0 | (153,935) | [1],[3] | ||
Change in liabilities classified as held-for-sale | 0 | (151,508) | [1],[3] | ||
Change in net assets classified as held-for-sale | 0 | (2,427) | [1],[3] | ||
NON-CASH TRANSACTIONS DURING THE PERIOD | |||||
Treasury Stock shares issued for stock-based compensation programs | 276 | 232 | |||
Novation of annuity contracts | [4] | 491 | 2,611 | ||
Assets transferred upon surrender of IRA contracts | 2,019 | [5] | 0 | ||
RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||
Cash and cash equivalents | 16,892 | [6] | 20,104 | ||
Restricted cash and restricted cash equivalents (included in “Other assets”) | 37 | 48 | |||
Total cash, cash equivalents, restricted cash and restricted cash equivalents | 16,929 | 20,152 | |||
Pension Risk Transfer | |||||
NON-CASH TRANSACTIONS DURING THE PERIOD | |||||
Assets received, excluding cash and cash equivalents | 2,264 | 8,246 | |||
Liabilities Assumed | 3,257 | 8,764 | |||
Net cash received (paid) | 993 | 518 | |||
Prismic Life Reinsurance, Ltd | |||||
NON-CASH TRANSACTIONS DURING THE PERIOD | |||||
Net cash received (paid) | (142) | [7] | 0 | ||
Net assets transferred, excluding Cash and cash equivalents | 1,351 | [7] | 0 | ||
Payable established under coinsurance with funds withheld | 8,184 | [7] | 0 | ||
Reinsurance recoverables established for Future policy benefits ceded | (5,584) | [7] | 0 | ||
Deposit assets established for Policyholders' account balances ceded | (3,723) | [7] | 0 | ||
Unwind of Deferred policy acquisition costs ceded | 23 | [7] | 0 | ||
Deferred Reinsurance Loss | $ (393) | [7] | $ 0 | ||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[3]See Note 1 for additional information regarding the dispositions.[4]“Cash flows from (used in) operating activities” and “Cash flows from (used in) investing activities” exclude certain non-cash activities related to the novation of certain, previously reinsured, annuity products, from Fortitude Group Holdings, LLC to the Company. See Note 1 for additional information.[5]“Cash flows from (used in) operating activities” exclude certain non-cash activities related to the sale of the Full Service Retirement business as a result of the surrender of certain Stable Value Individual Retirement Account (“IRA”) contracts from the Company to Great-West Life & Annuity Insurance Company. See Note 1 for additional information regarding this sale.[6]See Note 4 for details of balances associated with variable interest entities (“VIEs”).[7]See Note 12 for additional information regarding the reinsurance agreement with Prismic Life Reinsurance, Ltd (“Prismic Re”) |
Unaudited Interim Consolidate_7
Unaudited Interim Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Gain (loss) from changes in estimates on deferred profit liability amortization | $ 36 | $ 34 | $ 311 | $ (414) |
Business and Basis of Presentat
Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | BUSINESS AND BASIS OF PRESENTATION Prudential Financial, Inc. (“Prudential Financial”) and its subsidiaries (collectively, “Prudential” or the “Company”) provide a wide range of insurance, investment management, and other financial products and services to both individual and institutional customers throughout the United States and in many other countries. Principal products and services provided include life insurance, annuities, retirement solutions, mutual funds and investment management. Effective January 1, 2023, the Company made the following segment reporting changes, which do not impact the Company’s consolidated financial statements: • Based on the write-down of Assurance IQ’s (“AIQ”) goodwill asset, and that its financial results and operations are not considered significant, AIQ no longer represents a separately reportable segment and is now included within the Company’s Corporate and Other operations. • Since Prudential Advisors, the Company’s proprietary nationwide distribution business, is no longer managed through the Individual Life segment and its financial results and operations are not considered significant, it is now included within the Company’s Corporate and Other operations. Historical segment results have been updated to conform to the current period presentation. The Company’s principal operations consist of PGIM (the Company’s global investment management business), the U.S. Businesses (consisting of the Retirement Strategies, Group Insurance and Individual Life businesses), the International Businesses, the Closed Block division, and the Company’s Corporate and Other operations. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included within Corporate and Other operations. Divested and Run-off Businesses consist of businesses that have been, or will be, sold or exited, including businesses that have been placed in wind-down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP. The Company’s Corporate and Other operations include corporate items and initiatives that are not allocated to business segments, as well as the Divested and Run-off Businesses described above. In September 2023, the Company, through its Corporate and Other operations, invested approximately $200 million, and acquired a 20% equity interest as a limited partner, in Prismic Life Holding Company, LP (“Prismic HoldCo”), a Bermuda exempted limited partnership that owns all of the outstanding capital stock of Prismic Life Reinsurance, Ltd (“Prismic Re”), a licensed Bermuda-based life and annuity reinsurance company. As this investment is accounted for under the equity method, Prismic Re is considered a related party. Beginning with the fourth quarter of 2023, the operating results of Corporate and Other will reflect the Company’s share of earnings in Prismic HoldCo on a quarter lag. For information regarding the Company’s initial reinsurance transaction with Prismic Re, effective September 2023, see Note 12. Basis of Presentation On January 1, 2023, the Company adopted Accounting Standard Update (“ASU”) 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, which provided new authoritative guidance impacting the accounting and disclosure requirements for long-duration insurance and investment contracts issued by the Company. See “Adoption of ASU 2018-12” below for additional information regarding this adoption, including the impacts to the Company’s 2022 financial statements from implementing the new accounting standard as well as the transition impacts recorded as of January 1, 2021. See Note 2 for additional details regarding the key policy changes effected by this ASU and updated accounting policies resulting from the adoption of this ASU for all periods presented in the Unaudited Interim Consolidated Financial Statements. The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The Unaudited Interim Consolidated Financial Statements include the accounts of Prudential Financial, entities over which the Company exercises control, including majority-owned subsidiaries and minority-owned entities such as limited partnerships in which the Company is the general partner, and variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary. See Note 4 for additional information regarding the Company’s consolidated variable interest entities. Intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Adoption of ASU 2018-12 In August 2018, the FASB issued ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts which provides new authoritative guidance impacting the accounting and disclosure requirements for long-duration insurance and investment contracts issued by the Company. The Company adopted this guidance, effective January 1, 2023, using the modified retrospective transition method, where permitted, for changes to the liability for future policy benefits and deferred policy acquisition costs (“DAC”) and related balances, and using the retrospective transition method, as required, for market risk benefits. The Company applied the guidance as of the transition date of January 1, 2021 and retrospectively adjusted prior period amounts shown in the 2023 financial statements to reflect the new guidance. The following tables present amounts as previously reported in 2022, the effect upon those amounts from the adoption of the new guidance under ASU 2018-12, and the adjusted amounts that are reflected in the Unaudited Interim Consolidated Financial Statements included herein. Unaudited Interim Consolidated Statements of Financial Position: December 31, 2022 IMPACTED LINES ONLY As Previously Reported Effect of Change As Currently Reported (in millions) Deferred policy acquisition costs $ 19,537 $ 1,009 $ 20,546 Value of business acquired 595 26 621 Income tax assets 4,214 (4,214) 0 Market risk benefit assets 0 800 800 Other assets 30,188 1,491 31,679 TOTAL ASSETS 689,917 (888) 689,029 Future policy benefits 284,452 (22,679) 261,773 Policyholders' account balances 135,602 22 135,624 Market risk benefit liabilities 0 5,864 5,864 Income taxes 0 277 277 Other liabilities 20,536 1,288 21,824 Total liabilities 672,709 (15,228) 657,481 Accumulated other comprehensive income (loss) (19,827) 16,021 (3,806) Retained earnings 33,392 (1,678) 31,714 Total Prudential Financial, Inc. equity 16,250 14,343 30,593 Noncontrolling interests 958 (3) 955 Total equity 17,208 14,340 31,548 TOTAL LIABILITIES AND EQUITY $ 689,917 $ (888) $ 689,029 Unaudited Interim Consolidated Statements of Operations: Three Months Ended September 30, 2022 IMPACTED LINES ONLY As Previously Reported Effect of Change As Currently Reported (in millions, except per share amounts) REVENUES Premiums $ 16,247 $ (402) $ 15,845 Policy charges and fee income 1,233 (90) 1,143 Other income (loss) (1,083) 187 (896) Realized investment gains (losses), net (514) 84 (430) Change in value of market risk benefits, net of related hedging gain 0 (58) (58) Total revenues 20,480 (279) 20,201 BENEFITS AND EXPENSES Policyholders' benefits 16,581 (429) 16,152 Change in estimates of liability for future policy benefits 0 (35) (35) Interest credited to policyholders' account balances 703 (12) 691 Amortization of deferred policy acquisition costs 485 (122) 363 General and administrative expenses 3,058 8 3,066 Total benefits and expenses 20,917 (590) 20,327 INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES (437) 311 (126) Total income tax expense (benefit) (148) 137 (11) INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURES (289) 174 (115) Equity in earnings of operating joint ventures, net of taxes (1) 8 7 NET INCOME (LOSS) (290) 182 (108) Less: Income attributable to noncontrolling interests (6) (10) (16) NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. $ (284) $ 192 $ (92) EARNINGS PER SHARE Basic earnings per share-Common Stock: Net income (loss) attributable to Prudential Financial, Inc. $ (0.78) $ 0.52 $ (0.26) Diluted earnings per share-Common Stock: Net income (loss) attributable to Prudential Financial, Inc. $ (0.78) $ 0.52 $ (0.26) Nine Months Ended September 30, 2022 IMPACTED LINES ONLY As Previously Reported Effect of Change As Currently Reported (in millions, except per share amounts) REVENUES Premiums $ 31,311 $ (1,300) $ 30,011 Policy charges and fee income 4,243 (826) 3,417 Other income (loss) (1,874) 1,029 (845) Realized investment gains (losses), net (1,977) (1,133) (3,110) Change in value of market risk benefits, net of related hedging gain 0 (1,038) (1,038) Total revenues 46,716 (3,268) 43,448 BENEFITS AND EXPENSES Policyholders' benefits 35,061 (2,176) 32,885 Change in estimates of liability for future policy benefits 0 597 597 Interest credited to policyholders' account balances 1,537 (142) 1,395 Amortization of deferred policy acquisition costs 1,913 (821) 1,092 General and administrative expenses 9,150 63 9,213 Total benefits and expenses 47,779 (2,479) 45,300 INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES (1,063) (789) (1,852) Total income tax expense (benefit) (206) (68) (274) INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURES (857) (721) (1,578) Equity in earnings of operating joint ventures, net of taxes (49) (4) (53) NET INCOME (LOSS) (906) (725) (1,631) Less: Income attributable to noncontrolling interests (26) (10) (36) NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. $ (880) $ (715) $ (1,595) EARNINGS PER SHARE Basic earnings per share-Common Stock: Net income (loss) attributable to Prudential Financial, Inc. $ (2.41) $ (1.91) $ (4.32) Diluted earnings per share-Common Stock: Net income (loss) attributable to Prudential Financial, Inc. $ (2.41) $ (1.91) $ (4.32) Unaudited Interim Consolidated Statements of Comprehensive Income: Three Months Ended September 30, 2022 IMPACTED LINES ONLY As Previously Reported Effect of Change As Currently Reported (in millions) NET INCOME (LOSS) $ (290) $ 182 $ (108) Other comprehensive income (loss), before tax: Foreign currency translation adjustments for the period (592) 6 (586) Net unrealized investment gains (losses) (13,182) (965) (14,147) Interest rate remeasurement of future policy benefits 0 15,469 15,469 Gain (loss) from changes in non-performance risk on market risk benefits 0 (8) (8) Total (13,722) 14,502 780 Less: Income tax expense (benefit) related to other comprehensive income (loss) (3,025) 3,332 307 Other comprehensive income (loss), net of taxes (10,697) 11,170 473 Comprehensive income (loss) (10,987) 11,352 365 Less: Comprehensive income (loss) attributable to noncontrolling interests (7) (9) (16) Comprehensive income (loss) attributable to Prudential Financial, Inc. $ (10,980) $ 11,361 $ 381 Nine Months Ended September 30, 2022 IMPACTED LINES ONLY As Previously Reported Effect of Change As Currently Reported (in millions) NET INCOME (LOSS) $ (906) $ (725) $ (1,631) Other comprehensive income (loss), before tax: Foreign currency translation adjustments for the period (1,928) 41 (1,887) Net unrealized investment gains (losses) (52,692) (3,442) (56,134) Interest rate remeasurement of future policy benefits 0 64,087 64,087 Gain (loss) from changes in non-performance risk on market risk benefits 0 1,299 1,299 Total (54,115) 61,985 7,870 Less: Income tax expense (benefit) related to other comprehensive income (loss) (11,915) 14,523 2,608 Other comprehensive income (loss), net of taxes (42,200) 47,462 5,262 Comprehensive income (loss) (43,106) 46,737 3,631 Less: Comprehensive income (loss) attributable to noncontrolling interests (28) (9) (37) Comprehensive income (loss) attributable to Prudential Financial, Inc. $ (43,078) $ 46,746 $ 3,668 Unaudited Interim Consolidated Statements of Cash Flows: Nine Months Ended September 30, 2022 IMPACTED LINES ONLY As Previously Reported Effect of Change As Currently Reported (in millions) CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (906) $ (725) $ (1,631) Adjustments to reconcile net income to net cash provided by operating activities: Realized investment (gains) losses, net 1,977 1,133 3,110 Change in value of market risk benefits, net of related hedging (gain) loss 0 1,038 1,038 Policy charges and fee income (1,915) 250 (1,665) Interest credited to policyholders' account balances 1,537 (142) 1,395 Depreciation and amortization 62 (4) 58 Change in: Deferred policy acquisition costs 277 (798) (521) Future policy benefits and other insurance liabilities 6,403 (406) 5,997 Income taxes (1,437) (68) (1,505) Derivatives, net (913) 441 (472) Other, net (405) (719) (1,124) Cash flows from (used in) operating activities $ 5,780 $ 0 $ 5,780 The following tables detail the January 1, 2021 transition adjustments by providing a rollforward of the ending reported balances as of December 31, 2020 to the opening balances as of January 1, 2021 for retained earnings, accumulated other comprehensive income (“AOCI”) and the impacted insurance-related balances. January 1, 2021 Retained Earnings (in millions) Balance after-tax, prior to transition $ 30,749 Reclassification of market risk benefits non-performance risk to AOCI(1) (1,588) Updates to certain universal life contract liabilities(2) (1,025) Change in non-participating traditional and limited-payment contract liabilities(3) (543) Other (271) Total pre-tax adjustments (3,427) Tax impacts 815 Balance after-tax, after transition $ 28,137 __________ (1) Reflects the cumulative impact of changes in the fair value of market risk benefits (“MRB”) non-performance risk (“NPR”) from the date of contract issuance to January 1, 2021. These amounts were previously recorded in retained earnings but are now reflected in AOCI under the new guidance. (2) Reflects the impact on additional insurance reserves (“AIR”) and other related balances primarily related to the no-lapse guarantee features on certain universal life contracts in the Individual Life segment. For additional information, see Note 2. (3) Reflects the impact on in-force contract liabilities where expected benefits exceed expected gross premiums and/or exhausts any deferred profit liabilities at any issue-year cohort level as a result of updating to current best estimate cash flow assumptions as of transition date, as well as the impact of flooring the liability for future policy benefits at zero at the issue-year cohort level as of transition date. At transition, there was a pre-tax charge to retained earnings of $402 million for certain issue-year cohorts related to non-participating traditional and limited-payment products where the expected benefits exceeded the expected gross premiums and/or exhausted any deferred profit liabilities. The charge is primarily driven by the loss of the aggregation benefit as sufficiencies in issue-year cohorts cannot offset issue-year cohorts with deficiencies. For additional information regarding the liability for future policy benefits, see Note 2. January 1, 2021 Accumulated Other Comprehensive Income (in millions) Balance after-tax, prior to transition $ 30,738 Unwinding amounts related to unrealized investment gains and losses(1) 5,534 Reclassification of MRB NPR to AOCI(2) 1,588 Interest rate remeasurement of future policy benefits(3) (62,711) Change in operating joint ventures (12) Total pre-tax adjustments (55,601) Tax impacts 13,205 Balance after-tax, after transition $ (11,658) __________ (1) Primarily reflects i) the removal of amounts related to the impact of unrealized investment gains and losses on premium deficiency reserves for non-participating traditional and limited-payment contracts and ii) amounts related to DAC and other balances as unrealized investment gains or losses no longer impact the amortization pattern of such balances under the new guidance. Also includes the impacts from updates to reserves and other related balances for certain universal life contracts. For additional information, see Note 2. (2) Reflects the cumulative impact of changes in NPR on the fair value of market risk benefits from the date of contract issuance to January 1, 2021. These amounts were previously recorded in retained earnings but are now reflected in AOCI under the new guidance. (3) Reflects the impact of remeasuring in-force non-participating traditional and limited-payment contract liabilities using current upper-medium grade fixed income instrument yields. This adjustment largely reflects the difference between discount rates locked-in at contract inception versus current discount rates as of January 1, 2021. January 1, 2021 Deferred Policy Acquisition Costs Retirement Strategies Individual Life International Businesses Other Businesses Total Individual Variable Term Life Variable/ Life Gibraltar (in millions) Balance prior to transition $ 4,643 $ 2,417 $ 3,779 $ 4,278 $ 3,390 $ 520 $ 19,027 Unwinding amounts related to unrealized investment gains and losses and other activity 273 0 450 337 570 106 1,736 Balance after transition $ 4,916 $ 2,417 $ 4,229 $ 4,615 $ 3,960 $ 626 $ 20,763 January 1, 2021 Deferred Sales Inducements(1) Retirement Strategies Other Businesses Total Individual Variable (in millions) Balance prior to transition $ 781 $ 39 $ 820 Unwinding amounts related to unrealized investment gains and losses 85 2 87 Balance after transition $ 866 $ 41 $ 907 __________ (1) Deferred sales inducements (“DSI”) are included in “Other assets”. January 1, 2021 Value of Business Acquired International Businesses Other Businesses(1) Total Gibraltar Life and Other (in millions) Balance prior to transition $ 852 $ 251 $ 1,103 Unwinding amounts related to unrealized investment gains and losses and other activity 59 1 60 Balance after transition $ 911 $ 252 $ 1,163 __________ (1) Primarily represents value of business acquired (“VOBA”) for the Full Service Retirement business. January 1, 2021 Benefit Reserves(1) Retirement Strategies Individual International Corporate Other Businesses(2) Total Institutional Term Life Gibraltar Long- (in millions) Balance prior to transition $ 65,383 $ 7,887 $ 51,607 $ 69,542 $ 7,975 $ 6,624 $ 209,018 Changes in cash flow assumptions and other activity (3,805) 0 10 (523) (18) 1 (4,335) Balance after transition, at original discount rate 61,578 7,887 51,617 69,019 7,957 6,625 204,683 Cumulative changes in discount rate assumptions and other activity 13,548 2,662 22,590 13,784 4,905 5,381 62,870 Balance after transition, at current discount rate 75,126 10,549 74,207 82,803 12,862 12,006 267,553 Less: Reinsurance recoverable 0 799 160 307 0 13 1,279 Balance after transition, net of reinsurance recoverable $ 75,126 $ 9,750 $ 74,047 $ 82,496 $ 12,862 $ 11,993 $ 266,274 __________ (1) Benefit reserves, excluding amounts for reinsurance recoverable, are included in "Future policy benefits." For additional information regarding the liability for future policy benefits, see Note 9. (2) Primarily represents benefit reserves related to the Prudential of Taiwan business that was sold in the second quarter of 2021. The Company did not choose to apply ASU 2022-05 to this disposal transaction. See Note 2 for additional information. January 1, 2021 Deferred Profit Liability(1) Retirement Strategies International Businesses Other Businesses Total Institutional Life Gibraltar Life (in millions) Balance prior to transition $ 1,315 $ 1,964 $ 3,746 $ 349 $ 7,374 Changes in benefit reserves 3,801 110 730 148 4,789 Balance after transition 5,116 2,074 4,476 497 12,163 Less: Reinsurance recoverable 0 7 15 0 22 Balance after transition, net of reinsurance recoverable $ 5,116 $ 2,067 $ 4,461 $ 497 $ 12,141 __________ (1) Deferred profit liability (“DPL”), excluding amounts for reinsurance recoverable, is included in "Future policy benefits." For additional information regarding the liability for future policy benefits, see Note 9. January 1, 2021 Additional Insurance Reserves(1) Retirement Strategies Individual Other Businesses Total Individual Variable Variable/ (in millions) Balance prior to transition $ 889 $ 9,415 $ 483 $ 10,787 Unwinding amounts related to unrealized investment gains and losses (65) (1,444) (106) (1,615) Balance prior to transition, excluding amounts related to unrealized investment gains and losses 824 7,971 377 9,172 Reclassification of future policy benefits AIR to MRB (824) 0 (92) (916) Reclassification of policyholders’ account balances AIR to MRB 0 0 (48) (48) Updates to certain universal life contract liabilities(2) 0 1,772 7 1,779 Change in discount rate for annuitization benefits 0 0 116 116 Balance after transition, excluding amounts related to unrealized investment gains and losses 0 9,743 360 10,103 Amounts related to unrealized investment gains and losses after transition 0 1,186 0 1,186 Balance after transition 0 10,929 360 11,289 Less: Reinsurance recoverable 0 4,387 0 4,387 Balance after transition, net of reinsurance recoverable $ 0 $ 6,542 $ 360 $ 6,902 __________ (1) Additional insurance reserves (“AIR”), excluding amounts for reinsurance recoverable, are included in “Future policy benefits”. For additional information regarding the liability for future policy benefits, see Note 9. (2) For additional information regarding updates to reserves and other related balances for certain universal life contracts, see Note 2. January 1, 2021 Universal Life Loss Recognition Reserves/Profit Followed by Losses Liability(1) Individual Life Other Businesses Total (in millions) Balance prior to transition $ 1,823 $ 6 $ 1,829 Unwinding amounts related to unrealized investment gains and losses (1,149) 0 (1,149) Balance prior to transition, excluding amounts related to unrealized investment gains and losses 674 6 680 Derecognizing LRR & PFL (674) 0 (674) Balance after transition, excluding amounts related to unrealized investment gains and losses 0 6 6 Amounts related to unrealized investment gains and losses after transition 1,018 0 1,018 Balance after transition $ 1,018 $ 6 $ 1,024 __________ (1) Universal life loss recognition reserves (“LRR”) / profit followed by losses liability (“PFL”) are included in “Future policy benefits”. For additional information regarding the liability for future policy benefits, see Note 9. January 1, 2021 Non-Participating Traditional and Limited-Payment Loss Recognition Reserves/Profit Followed by Losses Liability(1) Retirement Strategies International Businesses Corporate Other Businesses Total Institutional Life Gibraltar Life Long- (in millions) Balance prior to transition $ 1,985 $ 181 $ 670 $ 734 $ 145 $ 3,715 Unwinding amounts related to unrealized investment gains and losses (1,985) (169) (670) (734) (105) (3,663) Balance prior to transition, excluding amounts related to unrealized investment gains and losses 0 12 0 0 40 52 Derecognizing LRR & PFL 0 (12) 0 0 (40) (52) Balance after transition $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 __________ (1) Prior to the adoption of ASU 2018-12, non-participating traditional and limited-payment loss recognition reserves / profit followed by losses liabilities were included in “Future policy benefits”. January 1, 2021 Terminal Dividend Liability(1) Individual Life Closed Block Division Total Variable/ Universal Life Term Life (in millions) Balance prior to transition $ 212 $ 4 $ 375 $ 591 Unwinding amounts related to unrealized investment gains and losses and other activity (11) 0 0 (11) Balance after transition 201 4 375 580 Less: Reinsurance recoverable 0 0 0 0 Balance after transition, net of reinsurance recoverable $ 201 $ 4 $ 375 $ 580 __________ (1) Terminal dividend liability is included in “Future policy benefits”. January 1, 2021 Unearned Revenue Reserves(1) Individual Life International Businesses Variable/Universal Life Life Planner Gibraltar Life and Other Corporate and Other Other Businesses Total (in millions) Balance prior to transition $ 2,204 $ 161 $ 45 $ 152 $ 30 $ 2,592 Unwinding amounts related to unrealized investment gains and losses and other activity 539 2 5 38 0 584 Balance after transition 2,743 163 50 190 30 3,176 Less: Reinsurance recoverable 0 0 0 0 0 0 Balance after transition, net of reinsurance recoverable $ 2,743 $ 163 $ 50 $ 190 $ 30 $ 3,176 __________ (1) Unearned revenue reserves (“URR”) are included in “Policyholders' account balances”. January 1, 2021 Market Risk Benefits(1) Retirement Strategies Other Businesses Total Individual Variable (in millions) Liability for guaranteed benefits recorded at fair value, prior to transition $ 18,731 $ 148 $ 18,879 AIR to be reclassified to MRB, prior to transition, excluding amounts related to unrealized investment gains and losses 824 140 964 Total liability prior to transition 19,555 288 19,843 Change in reserve basis to MRB framework 122 98 220 MRB after transition, at current NPR value 19,677 386 20,063 Less: Reinsured MRB 204 7 211 MRB after transition, net of reinsurance 19,473 379 19,852 MRB after transition, at contract inception NPR value 21,259 392 21,651 Cumulative change in NPR 1,582 6 1,588 MRB after transition, at current NPR value $ 19,677 $ 386 $ 20,063 __________ (1) For additional information regarding market risk benefits, see Note 11. January 1, 2021 Cost of Reinsurance(1) Individual Life Variable/Universal Life (in millions) Balance prior to transition $ 3,058 Unwinding amounts related to unrealized investment gains and losses (659) Balance prior to transition, excluding amounts related to unrealized investment gains and losses 2,399 Impact from updates to certain universal life contract liabilities(2) 860 Balance after transition, excluding amounts related to unrealized investment gains and losses 3,259 Amounts related to unrealized investment gains and losses after transition 580 Balance after transition $ 3,839 _________ (1) Cost of reinsurance is included in “Other liabilities.” (2) For additional information regarding updates to reserves and other related balances for certain universal life contracts, see Note 2. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining future policy benefits; policyholders’ account balances related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; market risk benefits; the measurement of goodwill and any related impairment; the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments (“OTTI”); pension and other postretirement benefits; any provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters. Reclassifications Certain amounts in prior periods have been reclassified for reasons unrelated to the adoption of ASU 2018-12 to conform to the current period presentation. Business Dispositions Prudential Annuities Life Assurance Corporation, Representing a Portion of Individual Annuities’ Traditional Variable Annuity Block of Business On April 1, 2022, the Company completed the sale of Prudential Annuities Life Assurance Corporation (“PALAC”), a wholly owned subsidiary, representing a portion of its in-force traditional variable annuity block of business, to Fortitude Group Holdings, LLC (“Fortitude”). The PALAC block primarily consisted of non-New York traditional variable annuities with guaranteed living benefits that were issued prior to 2011, which constituted approximately $30 billion of Prudential’s total in-force individual annuity account values at the closing of the transaction. The Company, through coinsurance and modified coinsurance agreements, has retained the economics of certain variable annuities, indexed annuities, and fixed annuities with a guaranteed lifetime withdrawal income feature issued by PALAC. The Company recognized a pre-tax gain on sale of $1,448 million within “Other income”, which is included in adjusted operating income within the Retirement Strategies segment. Full Service Retirement Business On April 1, 2022, the Company completed the sale of its Full Service Retirement business to Great-West Life & Annuity Insurance Company (“Great-West”), primarily through a combination of (i) the sale of all of the outstanding equity interests of certain legal entities, including Prudential Retirement Insurance and Annuity Company (“PRIAC”); (ii) the ceding of certain insurance policies through reinsurance; and (iii) the sale, transfer and/or novation of certain in-scope contracts and brokerage accounts. The Company recognized a net pre-tax gain on sale of $650 million, composed of (i) an $850 million gain recorded in “Other income”; (ii) $150 million of realized losses recorded in “Realized investment gains (losses), net”, related to assets transferred as part of the reinsurance of certain retained policies to Great-West; and (iii) $50 million of indirect expenses and charges recorded in “General and administrative expenses” on the Consolidated Statements of Operations. These amounts reflect certain post-closing adjustments in accordance with the terms of the transaction agreement. The net gain was excluded from adjusted operating income and reported within Divested Businesses as part of Corporate and Other operations. In addition, the Company recognized a deferred gain of approximately $400 million, including a post-closing true-up, for the ceding of certain insurance policies through reinsurance to Great-West. This deferred reinsurance gain will be recognized in income over the term of the ceded policies. Excluding the gain on sale, the Full Service Retirement business generated pre-tax income/(loss) of $0 million and $(218) million for the three and nine months ended September 30, 2022, respectively. This amount excludes the impact of overhead costs retained in the Company’s Corporate and Other operations and not transferred to Great-West. |
Significant Accounting Policies
Significant Accounting Policies and Pronouncements | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Pronouncements | SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of ASUs to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of September 30, 2023, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material. Adoption of ASU 2018-12 Effective January 1, 2023, the Company adopted ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts . Adoption of this ASU impacted, at least to some extent, the accounting and disclosure requirements for all long-duration insurance and investment contracts issued by the Company and had a significant financial impact on the Consolidated Financial Statements and disclosures. See Note 1 for additional information. As of the January 1, 2021 transition date, the adoption of the standard resulted in a decrease to “Retained earnings” of $2.6 billion primarily from reclassifying the cumulative effect of changes in non-performance risk on market risk benefits from “Retained earnings” to “Accumulated other comprehensive income” (“AOCI”) as well as from a net increase in additional insurance reserves and other related balances primarily related to the no-lapse guarantee features on certain universal life contracts. AOCI decreased $42.4 billion as of the January 1, 2021 transition date largely from remeasuring in-force contract liabilities using upper-medium grade fixed income instrument yields as of the transition date. As of the January 1, 2023 adoption date, the impacts amounted to a decrease to “Retained earnings” of $1.7 billion and an increase to AOCI of $16.0 billion. The changes in the impacts from January 1, 2021 to January 1, 2023 primarily reflect the increase in interest rates during 2021 and 2022. Outlined below are: (1) key accounting policy changes effected by the ASU and (2) updated accounting policies for all of the periods presented in the Unaudited Interim Consolidated Financial Statements. (1) Key Accounting Policy Changes Area of Change Description Method of adoption Effect on the financial statements or other significant matters Cash flow assumptions used to measure the liability for future policy benefits for non-participating traditional and limited-payment insurance products Requires an entity to review and, if necessary, update the cash flow assumptions used to measure the liability for future policy benefits, for both changes in future assumptions and actual experience, at least annually using a retrospective update method with a cumulative catch-up adjustment recorded in a separate line item in the Consolidated Statements of Operations. Effective January 1, 2023 using the modified retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021 (the “transition date”). Under this method, the amendments to contracts in force were applied as of January 1, 2021 on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI. The impact upon transition reflects the impact on in-force contract liabilities in instances where expected net premiums exceeded expected gross premiums at an issue-year cohort level as a result of updating to current best estimate cash flow assumptions as of the transition date. As a result of the modified retrospective transition method, the vast majority of the impact of updating cash flow assumptions to best estimates as of the transition date will be reflected in the pattern of earnings in subsequent periods. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 9 for additional information. Discount rate assumption used to measure the liability for future policy benefits for non-participating traditional and limited-payment insurance products Requires discount rate assumptions to be based on upper-medium grade fixed income instrument yields, which will be updated each quarter with the impact recorded through OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the discount rate assumptions. As noted above, the guidance for the liability for future policy benefits was adopted effective January 1, 2023 using the modified retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021. Under this method, for balance sheet remeasurement purposes, the liability for future policy benefits is remeasured using discount rates as of January 1, 2021 with the impact recorded as a cumulative effect adjustment to AOCI. Adoption of the ASU resulted in a significant impact to AOCI as a result of remeasuring in-force contract liabilities using current upper-medium grade fixed income instrument yields. This adjustment largely reflects the difference between discount rates locked-in at contract inception versus current discount rates. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 9 for additional information. Amortization of deferred acquisition costs (“DAC”) and other balances Requires DAC and other balances, such as unearned revenue reserves and DSI, to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability. Effective January 1, 2023 using the modified retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021. Under this method, the amendments to contracts in force were applied as of January 1, 2021 on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI. Adoption of the ASU did not have a significant impact on DAC and other balances upon transition, other than the impact of the removal of any related amounts in AOCI. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 7 for additional information. Market Risk Benefits (“MRB”) Requires an entity to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value, and record MRB assets and liabilities separately on the Consolidated Statements of Financial Position. Changes in the fair value of market risk benefits are recorded in net income, except for the portion attributable to changes in an entity’s NPR, which is recognized in OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the balance of the market risk benefits upon adoption. Effective January 1, 2023 using the retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021. Adoption of the ASU resulted in an adjustment to retained earnings for the difference between the fair value and carrying value of benefits not measured at fair value prior to the adoption of the ASU (e.g., guaranteed minimum death benefits on variable annuities) and a reclass of the cumulative effect of changes in NPR from retained earnings to AOCI. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 11 for additional information. In addition to the significant key accounting changes noted above, ASU 2018-12 also clarified the definition of assessments used to accrue additional insurance reserves and other related balances, primarily for no-lapse guarantee features on certain universal life contracts in the Individual Life segment. Application of the new guidance changed the pattern of reserve recognition for these guarantees and resulted in an increase to the net contract liabilities related to these products at transition. See Note 1 for additional information regarding the effect on the financial statements. ASU 2022-05, Financial Services – Insurance (Topic 944) Transition for Sold Contracts was issued on December 15, 2022, to amend the transition guidance in ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts . The amendment allows an insurance entity to make an accounting policy election to not apply ASU 2018-12 to contracts or legal entities sold or disposed of before the effective date, and in which the insurance entity has no significant continuing involvement with the derecognized contracts. An insurance entity is permitted to apply the policy election on a transaction by transaction basis to each sale or disposal transaction. An insurance entity is required to disclose whether it has chosen to apply this accounting policy election and provide a qualitative description of the sale or disposal transactions to which the accounting policy election is applied. The Company did not choose to apply this accounting policy election to any of its eligible sale or disposal transactions. (2) Updated Accounting Policies This section includes the updated accounting policies resulting from the adoption of ASU 2018-12, which are applicable to all of the periods presented in the Unaudited Interim Consolidated Financial Statements. This section is meant to serve as an update to, and should be read in conjunction with, Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. ASSETS Deferred policy acquisition costs (“DAC”) represents costs directly related to the successful acquisition of new and renewal insurance and annuity business. Such DAC primarily includes commissions, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully acquired contracts. In each reporting period, previously capitalized DAC is amortized and included in “Amortization of deferred policy acquisition costs”. Upon the adoption of ASU 2018-02, the carrying amount of DAC for long-duration contracts is no longer subject to recoverability testing. DAC for most long-duration contracts is amortized on a constant-level basis at a grouped contract level over the expected life of the underlying insurance contracts. Contracts are grouped consistent with the groupings used to estimate the liability for future policy benefits (or other related balances) for the corresponding contracts. Since contracts within a grouping may be of different sizes, contracts within a group are weighted to achieve appropriate amortization and to ensure that DAC is derecognized when a policy is no longer in force. The constant-level basis used to weight contracts within a grouping and amortize DAC is generally defined as follows: • Life insurance contracts – DAC associated with life insurance contracts is generally amortized in proportion to the initial face amount of life insurance in force. This is applicable to traditional and universal life insurance products in the Individual Life and International Insurance segments and Closed Block division, and group corporate- and bank-owned life insurance contracts in the Group Insurance segment. • Payout annuity contracts – DAC associated with payout annuity contracts in the Retirement Strategies segment is amortized in proportion to annual benefit payments. • Deferred annuity contracts – DAC associated with fixed and variable deferred annuity contracts in the Retirement Strategies and International Insurance segments is amortized in proportion to deposits. • Health contracts – DAC associated with health contracts in the International Insurance segment is generally amortized in proportion to maximum lifetime benefits. For funding agreement note contracts, single premium structured settlement contracts without life contingencies, and single premium immediate annuities without life contingencies, acquisition expenses are deferred and amortized over the expected life of the contracts using the interest method. For other group life and disability insurance contracts and guaranteed investment contracts (“GICs”), acquisition costs are expensed as incurred. Current period DAC amortization reflects the impact of changes in actual insurance in force during the period and changes in future assumptions effected as of the end of the quarter, where applicable. The Company typically updates actuarial assumptions annually in the second quarter (see “Annual Assumptions Review” below), unless a material change is observed in an interim period that is indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, the Company expects such changes to be gradual over the long-term. Assumptions used for DAC are consistent with those used in estimating the liability for future policy benefits (or any other related balance) for the corresponding contract. Determining the level of aggregation and actuarial assumptions used in projecting in-force terminations requires judgment. Internal criteria are developed to determine the level of aggregation by considering both qualitative and quantitative materiality thresholds. The assumptions used in projecting in-force terminations are mortality, mortality improvement, and lapse assumptions. These assumptions are generally based on the Company’s experience, industry experience and/or other factors, as applicable. For variable deferred annuity contracts, lapse rates are adjusted at the contract level based on the in-the-moneyness of the living benefits and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If policyholders surrender traditional life insurance policies in exchange for life insurance policies that do not have fixed and guaranteed terms, the Company immediately charges to expense the remaining unamortized DAC on the surrendered policies. For other internal replacement transactions, except those that involve the addition of a non-integrated contract feature that does not change the existing base contract, the unamortized DAC is immediately charged to expense if the terms of the new policies are not substantially similar to those of the former policies. If the new terms are substantially similar to those of the earlier policies, the DAC is retained with respect to the new policies and amortized over the expected life of the new policies. See Note 7 for additional information regarding DAC. Value of business acquired (“VOBA”) represents identifiable intangible assets to which a portion of the purchase price in a business acquisition is attributed under the application of purchase accounting. VOBA represents an adjustment to the stated value of in-force insurance contract liabilities to present them at fair value, determined as of the acquisition date. VOBA balances are subject to recoverability testing in the manner in which they were acquired. The Company has established a VOBA asset primarily for its acquired life insurance products and accident and health products with fixed benefits. As of September 30, 2023, the majority of the VOBA balance relates to the 2011 acquisition of AIG Star Life Insurance Co., Ltd, AIG Edison Life Insurance Company, AIG Financial Assurance Japan K.K. and AIG Edison Service Co., Ltd. (collectively, the “Star and Edison Businesses”). The Company records amortization of VOBA in “General and administrative expenses” and amortizes it over the anticipated life of the acquired contracts using the same methodology, factors, and assumptions used to amortize DAC and deferred sales inducements (“DSI”). See Note 7 for additional information regarding VOBA. Market risk benefits assets represents market risk benefits (“MRBs”) in an asset position and are presented separately from MRBs in a liability position. See “Market risk benefit liabilities” below. MRB assets also reflect ceded MRBs resulting from reinsurance of the Company’s Prudential Defined Income (“PDI”) traditional variable annuity contracts. See Note 12 for additional information regarding the reinsurance of PDI. Other assets consists primarily of prepaid pension benefit costs, certain restricted assets (e.g., cash and cash equivalents), trade receivables, goodwill and other intangible assets, “right-of-use” lease assets (see “Other liabilities” below), DSI, the Company’s investments in operating joint ventures, property and equipment, reinsurance recoverables (see “Reinsurance” below), and receivables resulting from sales of securities that had not yet settled at the balance sheet date. Deferred Sales Inducements are amounts that are credited to a policyholders’ account balance primarily as an inducement to purchase fixed and/or variable deferred annuity contracts. The Company defers sales inducements and amortizes them over the expected life of the policy using the same methodology, factors and assumptions used to amortize DAC. The Company records amortization of DSI in “Interest credited to policyholders’ account balances.” Unlike DAC, DSI are considered contractual cash flows and, as a result, are subject to periodic recoverability testing. See Note 7 for additional information regarding DSI. Separate account assets represents segregated funds that are invested for certain policyholders, pension funds and other customers. The assets consist primarily of equity securities, fixed maturities, real estate-related investments, real estate mortgage loans, short-term investments and derivative instruments and are reported at fair value. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. The investment income and realized investment gains or losses from separate account assets generally accrue to the policyholders and are not included in the Company’s results of operations. Mortality, policy administration and surrender charges assessed against the accounts are included in “Policy charges and fee income.” Asset management fees charged to the accounts are included in “Asset management and service fees.” Seed money that the Company invests in separate accounts is reported in the appropriate general account asset line. Investment income and realized investment gains or losses from seed money invested in separate accounts accrue to the Company and are included in the Company’s results of operations. See Note 8 for additional information regarding separate account arrangements with contractual guarantees. See also “Separate account liabilities” below. LIABILITIES Future policy benefits is primarily comprised of the present value of expected future payments to or on behalf of policyholders, where the timing and amount of such payments depend on policyholder mortality or morbidity, less the present value of expected future net premiums (where net premiums are gross premiums multiplied by the Net-To-Gross (“NTG”) ratio discussed below). The liability for future policy benefits is accrued over time as premium revenue is recognized. See Note 9 for additional information regarding future policy benefits. The reserving methodology used for non-participating traditional and limited-payment contracts include the following: • Cash Flow Assumptions . In measuring the liability for future policy benefits, the net premium valuation methodology is utilized. Under this methodology, a liability for future policy benefits is established using current best estimate insurance assumptions and interest rate assumptions locked-in at contract issuance date. The NTG ratio is calculated as the ratio of the present value of expected policy benefits and non-level claim settlement expenses divided by the present value of expected gross premiums. The NTG ratio is applied to gross premiums, as premium revenue is recognized, to determine net premiums. The liability is then determined as the present value of expected future policy benefits and non-level claim settlement expenses less the present value of expected future net premiums. For purposes of liability measurement, contracts are grouped into cohorts based primarily on issue year, reportable segment and major product line. The NTG ratio is generally updated quarterly for actual experience and annually for future cash flow assumption updates during the Company’s annual assumptions review process in the second quarter of each year unless a material change is observed in an interim period that is indicative of a long-term trend (see “Annual Assumptions Review” below), with the exception of claim settlement expense assumptions which the Company has made an entity-wide election to lock-in as of contract issuance. The NTG ratio is subject to a retrospective unlocking method whereby the Company updates its best estimate of cash flows expected over the life of the cohort using actual historical experience and updated future cash flow assumptions. These updated cash flows are used to calculate the revised NTG ratio, which is used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. The updated liability for future policy benefit amount as of the beginning of the quarter is then compared to the carrying amount of the liability as of that same date, before the updates for actual experience or future cash flow assumptions, to determine the current period change in liability estimate. This current period change in the liability is the liability remeasurement gain or loss that is recorded through current period earnings in “Change in estimates of liability for future policy benefits.” In subsequent periods, the revised NTG ratio is used to measure the liability for future policy benefits, subject to future revisions. If a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for expected future policy benefits and non-level claim settlement expenses, the NTG ratio is capped at 100%. In these instances, all changes in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately. While the liability for future policy benefits cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”), the NTG ratio may be negative. This would be the case whereby conditions have improved such that the present value of future net premiums plus the existing liability for future policy benefits as of the valuation date exceed the present value of expected future policy benefits and non-level claim settlement expenses. In this case, the negative NTG ratio would be applied going forward to gross premiums received, effectively amortizing the gain into income and reducing the liability over time. In addition, for limited-payment contracts, the liability for future policy benefits also includes a Deferred Profit Liability (“DPL”) representing gross premiums received in excess of net premiums and is generally recognized in revenue in a constant relationship with insurance in force for life contracts or with the amount of expected future benefit payments for annuity contracts. The DPL is subject to a retrospective unlocking adjustment consistent with the liability for future policy benefits discussed above. The DPL cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”). For contracts issued prior to January 1, 2021, the modified retrospective transition method was used to transition to ASU 2018-12. Under this method, the transition date of January 1, 2021 serves as the new issue date of the contracts in force for purposes of retrospectively unlocking the NTG ratio and DPL, as described above. • Discount Rate Assumption. The locked-in discount rate is generally based on expected investment returns at contract inception for contracts issued prior to January 1, 2021 and the upper medium grade fixed income corporate instrument yield (i.e., global single A) at contract inception for contracts issued after January 1, 2021. The discount rate in effect at contract inception is locked-in for the calculation of the NTG ratio and accretion of interest cost on the liability through net income. However, for balance sheet remeasurement purposes, the discount rate is updated using the current single A rate at each reporting period, with the effect on the liability resulting from such update recorded in “Interest rate remeasurement of future policy benefits” in OCI. The methodology used in constructing the single A discount rate curve for discounting cash flows used to calculate the liability for future policy benefits is intended to be reflective of the characteristics of the applicable insurance liabilities. The single A discount rate curve is developed by reference to upper medium grade (low credit risk) fixed income instrument yields that reflect the duration characteristics of the applicable insurance liabilities. The single A discount curve for the United States and foreign economies, such as Japan, with observable corporate A spreads, is developed using government bond rates, plus globally equivalent public corporate A spreads in the observable periods. The definition of upper medium grade is based on Moody’s definition which includes the spectrum of A (i.e., A- to A+). The rate used in foreign operations (with the exception of certain emerging markets, as discussed below) is based on the equivalent of a single A rate from a global rating agency for corporate bonds issued in the same currency and country in which the insurance contract is written. Liquidity is considered in defining the observable period and linear extrapolation is performed to the Company’s ultimate long-term economic assumptions. See “Annual Assumptions Review” below for further discussion regarding the Company’s long-term economic assumption setting process. The Company has foreign currency denominated insurance obligations to policyholders in certain emerging markets where there is limited or no observable market data on upper medium grade (low credit risk) fixed income instrument yields. As a proxy for the upper medium grade fixed income instrument yield, the Company estimates an equivalent global single A yield in the currency of the emerging economy by converting a global single A U.S. dollar bond yield curve based on the relationship between market observable U.S. Treasury and foreign sovereign yield curves of similar duration as the insurance liability cash flows. The derived global single A curves in the foreign currency are evaluated against available evidence of observable global single A corporate bond rates in similar emerging economies. The Company uses interpolation and extrapolation techniques to complete the discount rate construction for the duration of the insurance liabilities to calculate the liability for future policy benefits denominated in the local currencies. The Company’s liability for future policy benefits also includes net liabilities for guaranteed benefits related to certain long-duration life contracts, such as no-lapse guarantee contract features (Additional Insurance Reserves or “AIR” liability), for which a liability is established when associated assessments are recognized (which include investment margin on policyholders’ account balances in the general account and all policy charges including charges for administration, mortality, expense, surrender and other charges). This liability is established using current best estimate assumptions and is based on the ratio of the present value of total expected excess payments (i.e., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio). For universal life type contracts and participating contracts, the Company performs premium deficiency tests using best estimate assumptions as of the testing date. If the liabilities determined based on these best estimate assumptions are greater than the net reserves (i.e., GAAP reserves including URR, net of reinsurance, and any DSI or VOBA asset), the existing net reserves are adjusted by first reducing these assets by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency is more than these asset balances for insurance contracts, the net reserves are increased by the excess through a charge to current period earnings included in “policyholders’ benefits”. Since investment yields are used as the discount rate, the premium deficiency test is also performed using a discount rate based on the market yield (i.e., assuming what would be the impact if any unrealized gains (losses) were realized as of the testing date). In the event that by using the market yield a deficiency occurs, an adjustment is established for the deficiency and is included in AOCI. In certain instances, for universal life type contracts and participating contracts, the policyholder liability for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. In these situations, accounting standards require that an additional liability (Profits Followed by Losses or “PFL” liability) be recognized by an amount necessary to sufficiently offset the losses that would be recognized in later years. Historically, PFL liabilities have been predominately associated with certain universal life contracts that measure GAAP reserves using a dynamic approach, and accordingly, are updated each quarter, using current in-force and market data, and as part of the annual assumption update, such that the liability as of each measurement date represents the Company’s current estimate of the present value of the amount necessary to offset anticipated future losses. The Company’s liability for future policy benefits also includes a liability for unpaid claims and claim adjustment expenses. The Company does not establish claim liabilities until a loss has been incurred. However, unpaid claims and claim adjustment expenses include estimates of claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. Policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability is primarily associated with the accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. These policyholders’ account balances also include provision for benefits under non-life contingent payout annuities and certain unearned revenues. The unearned revenue liability represents policy charges for services to be provided in future periods. The charges are deferred as incurred and are generally amortized over the expected life of the contract using the same methodology, factors, and assumption used to amortize DAC. See Note 10 for additional information regarding policyholders’ account balances. Policyholders’ account balances also include amounts representing t |
Investments
Investments | 9 Months Ended |
Sep. 30, 2023 | |
Investments [Abstract] | |
Investments | INVESTMENTS Fixed Maturity Securities The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated: September 30, 2023 Amortized Gross Gross Allowance for Credit Losses Fair (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 25,359 $ 747 $ 6,157 $ 0 $ 19,949 Obligations of U.S. states and their political subdivisions 8,905 154 1,062 0 7,997 Foreign government bonds 68,510 3,387 5,324 64 66,509 U.S. public corporate securities 105,698 942 17,276 93 89,271 U.S. private corporate securities(1) 41,659 637 4,078 27 38,191 Foreign public corporate securities 20,618 297 2,207 47 18,661 Foreign private corporate securities 34,563 177 5,421 6 29,313 Asset-backed securities(2) 13,349 216 201 2 13,362 Commercial mortgage-backed securities 10,932 5 1,027 0 9,910 Residential mortgage-backed securities(3) 2,442 17 304 0 2,155 Total fixed maturities, available-for-sale(1) $ 332,035 $ 6,579 $ 43,057 $ 239 $ 295,318 September 30, 2023 Amortized Gross Gross Fair Allowance for Credit Losses Amortized Cost, (in millions) Fixed maturities, held-to-maturity: Foreign government bonds $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Foreign public corporate securities 0 0 0 0 0 0 Residential mortgage-backed securities 0 0 0 0 0 0 Total fixed maturities, held-to-maturity(4) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 __________ (1) Excludes notes with amortized cost of $12,290 million (fair value, $12,290 million), which have been offset with the associated debt under a netting agreement. (2) Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans, home equity loans and other asset types. (3) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (4) In the third quarter of 2023, the Company changed its intent to hold a portion of its held-to-maturity portfolio, which will be redeemed as part of a recently announced reinsurance transaction. As a result, the entire held-to-maturity portfolio was reclassified to available-for-sale and recorded at fair value. December 31, 2022 Amortized Gross Gross Allowance for Credit Losses Fair (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 29,372 $ 1,110 $ 4,413 $ 0 $ 26,069 Obligations of U.S. states and their political subdivisions 10,179 238 728 0 9,689 Foreign government bonds 74,103 4,503 5,379 1 73,226 U.S. public corporate securities 99,854 1,311 13,563 16 87,586 U.S. private corporate securities(1) 39,867 507 3,438 57 36,879 Foreign public corporate securities 22,235 416 1,945 19 20,687 Foreign private corporate securities 32,755 150 5,201 44 27,660 Asset-backed securities(2) 12,972 166 286 1 12,851 Commercial mortgage-backed securities 11,497 19 861 0 10,655 Residential mortgage-backed securities(3) 2,613 29 225 0 2,417 Total fixed maturities, available-for-sale(1) $ 335,447 $ 8,449 $ 36,039 $ 138 $ 307,719 December 31, 2022 Amortized Gross Gross Fair Allowance for Credit Losses Amortized (in millions) Fixed maturities, held-to-maturity: Foreign government bonds $ 725 $ 128 $ 0 $ 853 $ 0 $ 725 Foreign public corporate securities 430 24 0 454 2 428 Residential mortgage-backed securities(3) 143 5 0 148 0 143 Total fixed maturities, held-to-maturity(4) $ 1,298 $ 157 $ 0 $ 1,455 $ 2 $ 1,296 __________ (1) Excludes notes with amortized cost of $8,040 million (fair value, $8,040 million), which have been offset with the associated debt under a netting agreement. (2) Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans, home equity loans and other asset types. (3) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (4) Excludes notes with amortized cost of $4,250 million (fair value, $4,250 million), which have been offset with the associated debt under a netting agreement. In the third quarter of 2023, the Company changed its intent to hold a portion of its held-to-maturity portfolio, which will be redeemed as part of a recently announced reinsurance transaction. As a result, the entire held-to-maturity portfolio (amortized cost, net of allowance of $1,212 million) was reclassified to fixed maturities available-for-sale and recorded at fair value, while the $136 million net unrealized gain on the portfolio was recorded in “Accumulated other comprehensive income” as of September 30, 2023. The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated: September 30, 2023 Less Than Twelve Months Total Fair Gross Fair Gross Fair Gross (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 6,499 $ 565 $ 11,344 $ 5,592 $ 17,843 $ 6,157 Obligations of U.S. states and their political subdivisions 3,297 215 3,696 847 6,993 1,062 Foreign government bonds 10,240 574 18,507 4,745 28,747 5,319 U.S. public corporate securities 23,484 1,702 57,332 15,566 80,816 17,268 U.S. private corporate securities 7,695 370 25,553 3,708 33,248 4,078 Foreign public corporate securities 4,073 198 10,574 1,987 14,647 2,185 Foreign private corporate securities 6,311 414 20,938 5,005 27,249 5,419 Asset-backed securities 2,114 45 7,564 156 9,678 201 Commercial mortgage-backed securities 1,301 38 8,399 989 9,700 1,027 Residential mortgage-backed securities 350 13 1,500 291 1,850 304 Total fixed maturities, available-for-sale $ 65,364 $ 4,134 $ 165,407 $ 38,886 $ 230,771 $ 43,020 December 31, 2022 Less Than Twelve Months Total Fair Gross Fair Gross Fair Gross (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 18,009 $ 3,143 $ 2,563 $ 1,270 $ 20,572 $ 4,413 Obligations of U.S. states and their political subdivisions 5,510 526 558 202 6,068 728 Foreign government bonds 16,932 2,384 9,877 2,971 26,809 5,355 U.S. public corporate securities 58,816 7,790 15,780 5,726 74,596 13,516 U.S. private corporate securities 24,610 2,065 6,705 1,373 31,315 3,438 Foreign public corporate securities 10,168 932 4,098 993 14,266 1,925 Foreign private corporate securities 16,909 2,521 8,196 2,678 25,105 5,199 Asset-backed securities 5,385 130 5,059 156 10,444 286 Commercial mortgage-backed securities 9,289 655 1,080 206 10,369 861 Residential mortgage-backed securities 1,322 130 402 93 1,724 223 Total fixed maturities, available-for-sale $ 166,950 $ 20,276 $ 54,318 $ 15,668 $ 221,268 $ 35,944 As of September 30, 2023 and December 31, 2022, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $41,394 million and $33,778 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $1,626 million and $2,166 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of September 30, 2023, the $38,886 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities and both U.S. and foreign government securities. As of December 31, 2022, the $15,668 million of gross unrealized losses of twelve months or more were concentrated in consumer non-cyclical, finance and utility sectors within corporate securities and foreign government securities. In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at September 30, 2023. This conclusion was based on detailed analysis of the underlying credit and cash flows for each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening and foreign currency exchange rate movements. As of September 30, 2023, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the amortized cost basis. The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated: September 30, 2023 Available-for-Sale Amortized Cost Fair Value (in millions) Fixed maturities: Due in one year or less $ 10,091 $ 10,169 Due after one year through five years 51,618 49,759 Due after five years through ten years 61,821 58,437 Due after ten years(1) 181,782 151,526 Asset-backed securities 13,349 13,362 Commercial mortgage-backed securities 10,932 9,910 Residential mortgage-backed securities 2,442 2,155 Total $ 332,035 $ 295,318 __________ (1) Excludes available-for-sale notes with amortized cost of $12,290 million (fair value, $12,290 million), which have been offset with the associated debt under a netting agreement. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date. The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in millions) Fixed maturities, available-for-sale: Proceeds from sales(1) $ 6,619 $ 4,978 $ 20,741 $ 24,056 Proceeds from maturities/prepayments 4,051 5,186 12,092 14,792 Gross investment gains from sales and maturities 295 325 724 940 Gross investment losses from sales and maturities (734) (376) (1,436) (1,963) Write-downs recognized in earnings(2) (53) (21) (63) (113) (Addition to) release of allowance for credit losses 37 (42) (101) (37) Fixed maturities, held-to-maturity: Proceeds from maturities/prepayments(3) $ 4 $ 7 $ 21 $ 24 (Addition to) release of allowance for credit losses 2 1 2 3 __________ (1) Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(90) million and $3 million for the nine months ended September 30, 2023 and 2022, respectively. (2) Amounts represent write-downs on credit adverse securities and securities actively marketed for sale. (3) Excludes activity from non-cash related proceeds due to the timing of trade settlements of $1 million and less than $1 million for the nine months ended September 30, 2023 and 2022, respectively . The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated: Three Months Ended September 30, 2023 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 56 $ 219 $ 1 $ 0 $ 0 $ 276 Additions to allowance for credit losses not previously recorded 0 0 9 0 0 0 9 Reductions for securities sold during the period 0 0 (71) 0 0 0 (71) Additions (reductions) on securities with previous allowance 0 8 16 1 0 0 25 Balance, end of period $ 0 $ 64 $ 173 $ 2 $ 0 $ 0 $ 239 Three Months Ended September 30, 2022 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 6 $ 102 $ 1 $ 0 $ 0 $ 109 Additions to allowance for credit losses not previously recorded 0 0 30 4 0 0 34 Reductions for securities sold during the period 0 (3) (2) 0 0 0 (5) Reductions for securities with intent to sell 0 0 0 0 0 0 0 Additions (reductions) on securities with previous allowance 0 (2) 15 0 0 0 13 Balance, end of period $ 0 $ 1 $ 145 $ 5 $ 0 $ 0 $ 151 Nine Months Ended September 30, 2023 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 1 $ 136 $ 1 $ 0 $ 0 $ 138 Additions to allowance for credit losses not previously recorded 0 62 87 0 0 0 149 Reductions for securities sold during the period 0 0 (116) 0 0 0 (116) Additions (reductions) on securities with previous allowance 0 1 66 1 0 0 68 Balance, end of period $ 0 $ 64 $ 173 $ 2 $ 0 $ 0 $ 239 Nine Months Ended September 30, 2022 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 7 $ 107 $ 0 $ 0 $ 0 $ 114 Additions to allowance for credit losses not previously recorded 0 11 103 5 0 0 119 Reductions for securities sold during the period 0 (5) (55) 0 0 0 (60) Reductions for securities with intent to sell 0 (13) (67) 0 0 0 (80) Additions (reductions) on securities with previous allowance 0 1 57 0 0 0 58 Balance, end of period $ 0 $ 1 $ 145 $ 5 $ 0 $ 0 $ 151 Three Months Ended September 30, 2023 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, held-to-maturity: Balance, beginning of period $ 0 $ 0 $ 2 $ 0 $ 0 $ 0 $ 2 Current period provision for expected losses(1) 0 0 (2) 0 0 0 (2) Change in foreign exchange 0 0 0 0 0 0 0 Balance, end of period $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 __________ (1) In the third quarter of 2023, the Company changed its intent to hold a portion of its held-to-maturity portfolio, which will be redeemed as part of a recently announced reinsurance transaction. As a result, the entire held-to-maturity portfolio was reclassified to available-for-sale and recorded at fair value. Three Months Ended September 30, 2022 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, held-to-maturity: Balance, beginning of period $ 0 $ 0 $ 3 $ 0 $ 0 $ 0 $ 3 Current period provision for expected losses 0 0 (1) 0 0 0 (1) Change in foreign exchange 0 0 0 0 0 0 0 Balance, end of period $ 0 $ 0 $ 2 $ 0 $ 0 $ 0 $ 2 Nine Months Ended September 30, 2023 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, held-to-maturity: Balance, beginning of period $ 0 $ 0 $ 2 $ 0 $ 0 $ 0 $ 2 Current period provision for expected losses(1) 0 0 (2) 0 0 0 (2) Change in foreign exchange 0 0 0 0 0 0 0 Balance, end of period $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 __________ (1) In the third quarter of 2023, the Company changed its intent to hold a portion of its held-to-maturity portfolio, which will be redeemed as part of a recently announced reinsurance transaction. As a result, the entire held-to-maturity portfolio was reclassified to available-for-sale and recorded at fair value. Nine Months Ended September 30, 2022 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, held-to-maturity: Balance, beginning of period $ 0 $ 0 $ 5 $ 0 $ 0 $ 0 $ 5 Current period provision for expected losses 0 0 (2) 0 0 0 (2) Change in foreign exchange 0 0 (1) 0 0 0 (1) Balance, end of period $ 0 $ 0 $ 2 $ 0 $ 0 $ 0 $ 2 For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. For the three months ended September 30, 2023, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to a net release in the capital goods and utilities sectors within corporate securities due to investment restructurings. Partially offsetting the release, was a net addition within foreign government securities due to adverse projected cash flows. For the three months ended September 30, 2022, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the consumer non-cyclical, capital goods and utility sectors within corporate securities, partially offset by a net release within the transportation sector. For the nine months ended September 30, 2023, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the communications and technology sectors within corporate securities as well as foreign government securities due to adverse projected cash flows. Partially offsetting the additions was a net release within the capital goods and utility sectors within corporate securities. For the nine months ended September 30, 2022, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the capital goods, consumer non-cyclical and utility sectors within corporate securities, partially offset by net releases in the communications and transportation sectors. The Company did not have any fixed maturity securities purchased with credit deterioration, as of September 30, 2023 or December 31, 2022. Assets Supporting Experience-Rated Contractholder Liabilities The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated: September 30, 2023 December 31, 2022 Amortized Fair Amortized Fair (in millions) Fixed maturities: Corporate securities $ 77 $ 75 $ 91 $ 88 Foreign government bonds 625 609 705 668 U.S. government authorities and agencies and obligations of U.S. states 192 204 188 189 Total fixed maturities(1) 894 888 984 945 Equity securities 1,476 2,055 1,628 1,899 Total assets supporting experience-rated contractholder liabilities(2) $ 2,370 $ 2,943 $ 2,612 $ 2,844 __________ (1) As a percentage of amortized cost, 99% and 98% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of September 30, 2023 and December 31, 2022, respectively. (2) As a percentage of amortized cost, 100% of the portfolio consisted of public securities, as of both September 30, 2023 and December 31, 2022. The net change in unrealized gains (losses) from assets supporting experience-rated contractholder liabilities still held at period end, recorded within “Other income (loss),” was $(27) million and $(52) million during the three months ended September 30, 2023 and 2022, respectively and $341 million and $(743) million during the nine months ended September 30, 2023 and 2022, respectively. Fixed Maturities, Trading The net change in unrealized gains (losses) from fixed maturities, trading still held at period end, recorded within “Other income (loss),” was $(295) million and $(496) million during the three months ended September 30, 2023 and 2022, respectively and $(190) million and $(1,653) million during the nine months ended September 30, 2023 and 2022, respectively. Equity Securities The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $(276) million and $(396) million during the three months ended September 30, 2023 and 2022, respectively and $300 million and $(1,253) million during the nine months ended September 30, 2023 and 2022, respectively. Concentrations of Financial Instruments The Company monitors its concentrations of financial instruments and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any single issuer. As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below: September 30, 2023 December 31, 2022 Amortized Fair Amortized Fair (in millions) Investments in Japanese government and government agency securities: Fixed maturities, available-for-sale $ 59,682 $ 58,439 $ 65,198 $ 64,959 Fixed maturities, held-to-maturity 0 0 706 831 Fixed maturities, trading 18 17 20 19 Assets supporting experience-rated contractholder liabilities 537 521 613 587 Total $ 60,237 $ 58,977 $ 66,537 $ 66,396 September 30, 2023 December 31, 2022 Amortized Fair Amortized Fair (in millions) Investments in Brazil government and government agency securities: Fixed maturities, available-for-sale $ 2,838 $ 2,673 $ 2,264 $ 2,010 Short-term investments 1 1 60 61 Cash equivalents 437 437 210 210 Total $ 3,276 $ 3,111 $ 2,534 $ 2,281 Commercial Mortgage and Other Loans The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated: September 30, 2023 December 31, 2022 Amount % of Amount % of Commercial mortgage and agricultural property loans by property type: Office $ 8,403 14.6 % $ 9,096 16.2 % Retail 5,869 10.2 6,103 10.8 Apartments/Multi-Family 15,985 27.7 15,381 27.3 Industrial 14,430 25.0 13,079 23.2 Hospitality 2,139 3.7 2,027 3.6 Other 3,939 6.8 3,791 6.7 Total commercial mortgage loans 50,765 88.0 49,477 87.8 Agricultural property loans 6,939 12.0 6,857 12.2 Total commercial mortgage and agricultural property loans 57,704 100.0 % 56,334 100.0 % Allowance for credit losses (331) (201) Total net commercial mortgage and agricultural property loans 57,373 56,133 Other loans: Uncollateralized loans 406 463 Residential property loans 30 43 Other collateralized loans 100 108 Total other loans 536 614 Allowance for credit losses (1) (2) Total net other loans 535 612 Total net commercial mortgage and other loans(1) $ 57,908 $ 56,745 __________ (1) Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of September 30, 2023 and December 31, 2022, the net carrying value of these loans were $387 million and $137 million, respectively. As of September 30, 2023, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (31%), Texas (8%) and New York (6%), and included loans secured by properties in Europe (6%), Asia (1%), Mexico (1%) and Australia (1%). The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated: Three Months Ended September 30, 2023 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 224 $ 16 $ 0 $ 0 $ 1 $ 241 Addition to (release of) allowance for expected losses 90 0 0 0 0 90 Reduction for loans sold during the period 0 0 0 0 0 0 Change in foreign exchange 1 0 0 0 0 1 Allowance, end of period $ 315 $ 16 $ 0 $ 0 $ 1 $ 332 Three Months Ended September 30, 2022 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 156 $ 8 $ 0 $ 0 $ 32 $ 196 Addition to (release of) allowance for expected losses 22 2 0 0 0 24 Reclassified (to) from “Assets held-for-sale” (6) 0 0 0 0 (6) Other 4 0 0 0 0 4 Allowance, end of period $ 176 $ 10 $ 0 $ 0 $ 32 $ 218 Nine Months Ended September 30, 2023 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 188 $ 13 $ 0 $ 0 $ 2 $ 203 Addition to (release of) allowance for expected losses 125 3 0 0 0 128 Reduction for loans sold during the period 0 0 0 0 (1) (1) Change in foreign exchange 2 0 0 0 0 2 Allowance, end of period $ 315 $ 16 $ 0 $ 0 $ 1 $ 332 Nine Months Ended September 30, 2022 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 111 $ 4 $ 0 $ 0 $ 4 $ 119 Addition to (release of) allowance for expected losses 62 6 0 0 28 96 Reclassified (to) from “Assets held-for-sale” 0 0 0 0 0 0 Other 3 0 0 0 0 3 Allowance, end of period $ 176 $ 10 $ 0 $ 0 $ 32 $ 218 For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. For the three months ended September 30, 2023, the net addition to the allowance for credit losses on commercial mortgage and other loans was due to an increase in loan-specific reserves and increases to the portfolio reserve to reflect declining market conditions. For the three months ended September 30, 2022, the net addition to the allowance for credit losses on commercial mortgage and other loans was due to increases in loan-specific reserves as well as increases to the portfolio reserve to reflect declining market conditions. For the nine months ended September 30, 2023, the net addition to the allowance for credit losses on commercial mortgage and other loans was due to an increase in loan-specific reserves and increases to the portfolio reserve to reflect declining market conditions. For the nine months ended September 30, 2022, the net addition to the allowance for credit losses on commercial mortgage and other loans was due to increases in loan-specific reserves as well as increases to the portfolio reserve to reflect declining market conditions. The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated: September 30, 2023 Amortized Cost by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Total (in millions) Commercial mortgage loans Loan-to-Value Ratio: 0%-59.99% $ 1,340 $ 946 $ 2,243 $ 1,393 $ 3,454 $ 18,461 $ 0 $ 27,837 60%-69.99% 1,600 1,636 2,846 1,542 2,113 4,089 0 13,826 70%-79.99% 833 966 1,003 46 939 1,824 0 5,611 80% or greater 85 130 148 282 185 2,661 0 3,491 Total $ 3,858 $ 3,678 $ 6,240 $ 3,263 $ 6,691 $ 27,035 $ 0 $ 50,765 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 3,494 $ 3,161 $ 6,078 $ 3,169 $ 6,063 $ 23,697 $ 0 $ 45,662 1.0 - 1.2x 214 365 84 39 307 1,762 0 2,771 Less than 1.0x 150 152 78 55 321 1,576 0 2,332 Total $ 3,858 $ 3,678 $ 6,240 $ 3,263 $ 6,691 $ 27,035 $ 0 $ 50,765 Agricultural property loans Loan-to-Value Ratio: 0%-59.99% $ 194 $ 891 $ 2,020 $ 784 $ 460 $ 1,593 $ 86 $ 6,028 60%-69.99% 98 671 40 56 20 4 0 889 70%-79.99% 7 0 0 0 15 0 0 22 80% or greater 0 0 0 0 0 0 0 0 Total $ 299 $ 1,562 $ 2,060 $ 840 $ 495 $ 1,597 $ 86 $ 6,939 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 294 $ 1,549 $ 2,017 $ 809 $ 494 $ 1,510 $ 86 $ 6,759 1.0 - 1.2x 0 5 43 31 0 74 0 153 Less than 1.0x 5 8 0 0 1 13 0 27 Total $ 299 $ 1,562 $ 2,060 $ 840 $ 495 $ 1,597 $ 86 $ 6,939 December 31, 2022 Amortized Cost by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total (in millions) Commercial mortgage loans Loan-to-Value Ratio: 0%-59.99% $ 971 $ 1,747 $ 1,282 $ 2,831 $ 4,697 $ 15,111 $ 0 $ 26,639 60%-69.99% 1,997 3,502 1,553 2,804 1,732 3,780 0 15,368 70%-79.99% 865 1,127 519 1,025 645 1,445 0 5,626 80% or greater 2 26 7 119 24 1,666 0 1,844 Total $ 3,835 $ 6,402 $ 3,361 $ 6,779 $ 7,098 $ 22,002 $ 0 $ 49,477 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 3,249 $ 6,135 $ 3,013 $ 5,749 $ 6,505 $ 18,318 $ 0 $ 42,969 1.0 - 1.2x 586 252 164 454 383 2,183 0 4,022 Less than 1.0x 0 15 184 576 210 1,501 0 2,486 Total $ 3,835 $ 6,402 $ 3,361 $ 6,779 $ 7,098 $ 22,002 $ 0 $ 49,477 Agricultural property loans Loan-to-Value Ratio: 0%-59.99% $ 931 $ 1,994 $ 853 $ 461 $ 326 $ 1,348 $ 74 $ 5,987 60%-69.99% 675 85 8 47 8 0 0 823 70%-79.99% 0 0 0 0 0 0 0 0 80% or greater 0 0 0 0 13 34 0 47 Total $ 1,606 $ 2,079 $ 861 $ 508 $ 347 $ 1,382 $ 74 $ 6,857 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 1,593 $ 2,035 $ 781 $ 507 $ 323 $ 1,272 $ 74 $ 6,585 1.0 - 1.2x 5 44 80 0 6 68 0 203 Less than 1.0x 8 0 0 1 18 42 0 69 Total $ 1,606 $ 2,079 $ 861 $ 508 $ 347 $ 1,382 $ 74 $ 6,857 For additional information regarding the Company’s commercial mortgage and other loans credit quality monitoring process, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated: September 30, 2023 Current 30-59 Days 60-89 Days 90 Days or More Past Due(1)(2) Total Past Total Non-Accrual (in millions) Commercial mortgage loans $ 50,707 $ 0 $ 0 $ 58 $ 58 $ 50,765 $ 61 Agricultural property loans 6,935 0 4 0 4 6,939 25 Residential property loans 30 0 0 0 0 30 0 Other collateralized loans 100 0 0 0 0 100 0 Uncollateralized loans 406 0 0 0 0 406 25 Total $ 58,178 $ 0 $ 4 $ 58 $ 62 $ 58,240 $ 111 __________ (1) As of September 30, 2023, there were no loans in this category accruing interest. (2) Primarily includes loans for which no credit losses are expected due to U.S. agency guarantees. (3) For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. December 31, 2022 Current 30-59 Days 60-89 Days 90 Days or More Past Due(1) Total Past Total Non-Accrual (in millions) Commercial mortgage loans $ 49,465 $ 0 $ 3 $ 9 $ 12 $ 49,477 $ 11 Agricultural property loans 6,844 0 11 2 13 6,857 17 Residential property loans 43 0 0 0 0 43 0 Other collateralized loans 108 0 0 0 0 108 0 Uncollateralized loans 463 0 0 0 0 463 0 Total $ 56,923 $ 0 $ 14 $ 11 $ 25 $ 56,948 $ 28 __________ (1) As of December 31, 2022, there were no loans in this category accruing interest. (2) For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Loans on non-accrual status recognized interest of less than $1 million for both the three months ended September 30, 2023 and 2022 and $1 million and less than $1 million for the nine months ended September 30, 2023 and 2022. Loans on non-accrual status that did not have a related allowance for credit losses were $108 million and $27 million as of September 30, 2023 and December 31, 2022, respectively. The Company did not have any significant losses on commercial mortgage and other loans purchased with credit deterioration as of both September 30, 2023 and December 31, 2022. Other Invested Assets The following table sets forth the composition of “Other invested assets,” as of the dates indicated: September 30, 2023 December 31, 2022 (in millions) LPs/LLCs: Equity method: Private equity $ 8,556 $ 7,215 Hedge funds 3,145 3,220 Real estate-related 2,592 2,793 Subtotal equity method 14,293 13,228 Fair value: Private equity 1,341 1,476 Hedge funds 2,068 1,908 Real estate-related 276 305 Subtotal fair value |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2023 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES In the normal course of its activities, the Company enters into relationships with various special-purpose entities and other entities that are deemed to be variable interest entities (“VIEs”). For additional information, see Note 4 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Consolidated Variable Interest Entities The table below reflects the carrying amount and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported. The liabilities primarily comprise obligations under debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs. Consolidated VIEs for which the Other Consolidated VIEs(1) September 30, December 31, September 30, December 31, (in millions) Fixed maturities, available-for-sale $ 440 $ 398 $ 782 $ 90 Fixed maturities, held-to-maturity 0 0 0 689 Fixed maturities, trading 547 164 0 0 Equity securities 119 85 0 0 Commercial mortgage and other loans 669 784 0 0 Other invested assets 4,019 3,397 438 68 Cash and cash equivalents 342 375 0 0 Accrued investment income 3 2 2 3 Other assets 591 352 600 706 Total assets of consolidated VIEs $ 6,730 $ 5,557 $ 1,822 $ 1,556 Other liabilities $ 586 $ 389 $ 0 $ 0 Notes issued by consolidated VIEs(2) 791 374 0 0 Total liabilities of consolidated VIEs $ 1,377 $ 763 $ 0 $ 0 __________ (1) Total assets of consolidated VIEs reflect $3,771 million and $3,403 million as of September 30, 2023 and December 31, 2022, respectively, related to VIEs whose beneficial interests are wholly-owned by consolidated subsidiaries. (2) Recourse is limited to the assets of the respective VIE and does not extend to the general credit of the Company. As of September 30, 2023, the maturities of these obligations were between 0 and 12 years. Unconsolidated Variable Interest Entities The Company has determined that it is not the primary beneficiary of certain VIEs for which it is the investment manager. The Company’s maximum exposure to loss resulting from its relationship with unconsolidated VIEs for which it is the investment manager is limited to its investment in the VIEs, which was $844 million and $950 million as of September 30, 2023 and December 31, 2022, respectively. These investments are reflected in “Fixed maturities, available-for-sale,” “Fixed maturities, trading,” “Equity securities” and “Other invested assets.” There are no liabilities associated with these unconsolidated VIEs on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In the normal course of its activities, the Company will invest in limited partnerships and limited liability companies (“LPs/LLCs”), which include hedge funds, private equity funds and real estate-related funds and may or may not be VIEs. The Company’s maximum exposure to loss on these investments, both VIEs and non-VIEs, is limited to the amount of its investment. The Company classifies these investments as “Other invested assets” and its maximum exposure to loss associated with these entities was $17,978 million and $16,917 million as of September 30, 2023 and December 31, 2022, respectively. In addition, in the normal course of its activities, the Company will invest in structured investments including VIEs for which it is not the investment manager. These structured investments typically invest in fixed income investments and are managed by third-parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities. The Company’s maximum exposure to loss on these structured investments, both VIEs and non-VIEs, is limited to the amount of its investment. See Note 3 for details regarding the carrying amounts and classification of these assets. The Company has not provided material financial or other support that was not contractually required to these structures. The Company has determined that it is not the primary beneficiary of these structures due to the fact that it does not control these entities. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 5. DERIVATIVES AND HEDGING Types of Derivative and Hedging Instruments The Company utilizes various derivatives and hedging instruments to manage certain of its risks. Commonly used derivative and non-derivative hedging instruments include, but are not necessarily limited to: • Interest rate contracts: futures, swaps, forwards, options, caps and floors • Equity contracts: futures, options and total return swaps • Foreign exchange contracts: futures, options, forwards, swaps, and foreign currency debt instruments • Credit contracts: single and index reference credit default swaps Other types of financial contracts that the Company accounts for as derivatives are: • To-be-announced (“TBA”) forward contracts, loan commitments, embedded derivatives and synthetic guaranteed investment contracts (“GICs”). For detailed information regarding these contracts and the related strategies, see Note 5 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Primary Risks Managed by Derivatives The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks they are utilized to manage, excluding embedded derivatives. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral. These netting impacts resulted in total derivative assets of $1,005 million and $1,455 million as of September 30, 2023 and December 31, 2022, respectively, and total derivative liabilities of $5,421 million and $3,055 million as of September 30, 2023 and December 31, 2022, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position. Primary Underlying Risk /Instrument Type September 30, 2023 December 31, 2022 Fair Value Fair Value Gross Notional Assets Liabilities Gross Notional Assets Liabilities (in millions) Derivatives Designated as Hedge Accounting Instruments: Interest Rate Interest Rate Swaps $ 3,743 $ 6 $ (437) $ 3,627 $ 66 $ (245) Interest Rate Forwards 50 0 (18) 398 0 (85) Foreign Currency Foreign Currency Forwards 4,707 116 (183) 4,830 155 (262) Currency/Interest Rate Foreign Currency Swaps 27,436 2,896 (390) 25,636 3,469 (333) Total Derivatives Designated as Hedge Accounting Instruments $ 35,936 $ 3,018 $ (1,028) $ 34,491 $ 3,690 $ (925) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate Interest Rate Swaps $ 224,304 $ 13,132 $ (28,286) $ 212,934 $ 9,097 $ (21,154) Interest Rate Futures 13,253 26 (11) 18,080 13 (24) Interest Rate Options 32,398 523 (1,638) 9,778 224 (280) Interest Rate Forwards 3,084 88 (188) 2,354 21 (42) Foreign Currency Foreign Currency Forwards 28,568 1,405 (1,357) 31,317 1,556 (1,924) Foreign Currency Options 0 0 0 0 0 0 Currency/Interest Rate Foreign Currency Swaps 7,916 704 (155) 8,410 813 (170) Credit Credit Default Swaps 6,407 29 (39) 6,351 27 (57) Equity Equity Futures 1,081 0 (5) 1,372 1 (2) Equity Options 48,867 896 (1,462) 38,323 708 (1,590) Total Return Swaps 10,701 361 (135) 11,806 106 (184) Other Other(1) 1,250 0 0 1,250 0 0 Synthetic GICs 80,152 1 (1) 84,338 1 (1) Total Derivatives Not Qualifying as Hedge Accounting Instruments $ 457,981 $ 17,165 $ (33,277) $ 426,313 $ 12,567 $ (25,428) Total Derivatives(2)(3) $ 493,917 $ 20,183 $ (34,305) $ 460,804 $ 16,257 $ (26,353) __________ (1) “Other” primarily includes derivative contracts used to improve the balance of the Company’s tail longevity and mortality risk. Under these contracts, the Company’s gains (losses) are capped at the notional amount. (2) Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $5,051 million and $2,997 million as of September 30, 2023 and December 31, 2022, respectively, primarily included in "Policyholder account balances" and “Other liabilities”. (3) Recorded in “Other invested assets” and “Other liabilities” on the Unaudited Interim Consolidated Statements of Financial Position. As of September 30, 2023, the following amounts were recorded on the Unaudited Interim Consolidated Statements of Financial Position related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges. September 30, 2023 December 31, 2022 Balance Sheet Line Item in which Hedged Item is Recorded Carrying Amount of the Hedged Assets (Liabilities) Cumulative Amount of Carrying Amount of the Hedged Assets (Liabilities) Cumulative Amount of (in millions) Fixed maturities, available-for-sale, at fair value $ 206 $ 10 $ 297 $ 27 Commercial mortgage and other loans $ 0 $ 0 $ 0 $ 0 Policyholders’ account balances $ (742) $ 322 $ (966) $ 217 Future policy benefits $ (2,238) $ 502 $ (2,354) $ 391 __________ (1) There were no material fair value hedging adjustments for hedged assets and liabilities for which hedge accounting has been discontinued. Most of the Company’s derivatives do not qualify for hedge accounting for various reasons. For example: (i) derivatives that economically hedge embedded derivatives do not qualify for hedge accounting because changes in the fair value of the embedded derivatives are already recorded in net income; (ii) derivatives that are utilized as macro hedges of the Company’s exposure to various risks typically do not qualify for hedge accounting because they do not meet the criteria required under portfolio hedge accounting rules; and (iii) synthetic GICs, which are product standalone derivatives, do not qualify as hedging instruments under hedge accounting rules. Offsetting Assets and Liabilities The following tables present recognized derivative instruments (excluding embedded derivatives), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position. September 30, 2023 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 20,084 $ (19,178) $ 906 $ (210) $ 696 Securities purchased under agreement to resell 607 0 607 (467) 140 Total assets $ 20,691 $ (19,178) $ 1,513 $ (677) $ 836 Offsetting of Financial Liabilities: Derivatives $ 34,305 $ (28,884) $ 5,421 $ (5,175) $ 246 Securities sold under agreement to repurchase 5,547 0 5,547 (5,265) 282 Total liabilities $ 39,852 $ (28,884) $ 10,968 $ (10,440) $ 528 December 31, 2022 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 16,178 $ (14,802) $ 1,376 $ (702) $ 674 Securities purchased under agreement to resell 385 0 385 (385) 0 Total assets $ 16,563 $ (14,802) $ 1,761 $ (1,087) $ 674 Offsetting of Financial Liabilities: Derivatives $ 26,352 $ (23,298) $ 3,054 $ (3,054) $ 0 Securities sold under agreement to repurchase 6,589 0 6,589 (6,589) 0 Total liabilities $ 32,941 $ (23,298) $ 9,643 $ (9,643) $ 0 __________ (1) Amounts exclude the excess of collateral received/pledged from/to the counterparty. For information regarding the rights of offset associated with the derivative assets and liabilities in the table above, see “—Counterparty Credit Risk” below. For securities purchased under agreements to resell and securities sold under agreements to repurchase, the Company monitors the value of the securities and maintains collateral, as appropriate, to protect against credit exposure. Where the Company has entered into repurchase and resale agreements with the same counterparty, in the event of default, the Company would generally be permitted to exercise rights of offset. For additional information regarding the Company’s accounting policy for securities repurchase and resale agreements, see Note 2 to the Company’s Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2022. Cash Flow, Fair Value and Net Investment Hedges The primary derivative and non-derivative instruments used by the Company in its fair value, cash flow and net investment hedge accounting relationships are interest rate swaps, currency swaps, currency forwards, and foreign currency denominated debts. These instruments are only designated for hedge accounting in instances where the appropriate criteria are met. The Company does not use futures, options, credit, or equity derivatives in any of its fair value, cash flow or net investment hedge accounting relationships. The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, including the offset of the hedged item in fair value hedge relationships. Three Months Ended September 30, 2023 Realized Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) Net Other Interest Interest Policyholders’ Benefits Change in AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 10 $ 0 $ 0 $ 0 $ 0 $ (110) $ (141) $ 0 Currency 0 0 0 0 0 0 (73) 0 Total gains (losses) on derivatives designated as hedge instruments 10 0 0 0 0 (110) (214) 0 Gains (losses) on the hedged item: Interest Rate (9) 0 3 0 0 104 189 0 Currency 0 0 0 0 0 0 72 0 Total gains (losses) on hedged item (9) 0 3 0 0 104 261 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (2) 131 Total Amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (2) 131 Total gains (losses) on fair value hedges net of hedged item 1 0 3 0 0 (6) 45 131 Cash flow hedges Interest Rate 0 0 (3) 0 0 0 0 (40) Currency 0 0 0 0 0 0 0 0 Currency/Interest Rate 3 0 75 144 0 0 0 (109) Total gains (losses) on cash flow hedges 3 0 72 144 0 0 0 (149) Net investment hedges Currency 0 0 0 0 0 0 0 11 Currency/Interest Rate 0 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges 0 0 0 0 0 0 0 11 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (1,918) (2,314) 0 0 0 0 0 0 Currency 70 0 0 (1) 0 0 0 0 Currency/Interest Rate 34 0 0 1 0 0 0 0 Credit 1 0 0 0 0 0 0 0 Equity (461) 314 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Embedded Derivatives 298 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (1,976) (2,000) 0 0 0 0 0 0 Total $ (1,972) $ (2,000) $ 75 $ 144 $ 0 $ (6) $ 45 $ (7) Nine Months Ended September 30, 2023 Realized Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) Net Other Interest Interest Policyholders’ Benefits Change in AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 11 $ 0 $ 0 $ 0 $ 0 $ (126) $ (155) $ 0 Currency (1) 0 (1) 0 0 0 26 0 Total gains (losses) on derivatives designated as hedge instruments 10 0 (1) 0 0 (126) (129) 0 Gains (losses) on the hedged item: Interest Rate (10) 0 9 0 0 105 185 0 Currency 0 0 0 0 0 0 (25) 0 Total gains (losses) on hedged item (10) 0 9 0 0 105 160 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (6) 36 Total Amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (6) 36 Total gains (losses) on fair value hedges net of hedged item 0 0 8 0 0 (21) 25 36 Cash flow hedges Interest Rate (22) 0 (10) 0 0 0 0 (9) Currency 8 0 0 0 0 0 0 (40) Currency/Interest Rate 51 0 237 (2) 0 0 0 (620) Total gains (losses) on cash flow hedges 37 0 227 (2) 0 0 0 (669) Net investment hedges Currency 0 0 0 0 0 0 0 27 Currency/Interest Rate 0 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges 0 0 0 0 0 0 0 27 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (1,693) (3,069) 0 0 0 0 0 0 Currency (440) 0 0 4 0 0 0 0 Currency/Interest Rate (29) 0 0 (1) 0 0 0 0 Credit 86 0 0 0 0 0 0 0 Equity 689 (363) 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Embedded Derivatives (918) 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (2,305) (3,432) 0 3 0 0 0 0 Total $ (2,268) $ (3,432) $ 235 $ 1 $ 0 $ (21) $ 25 $ (606) Three Months Ended September 30, 2022(2) Realized Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) Net Other Interest Interest Policyholders’ Benefits Change in AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 11 $ 0 $ (1) $ 0 $ 0 $ (106) $ (114) $ 0 Currency 1 0 0 0 0 0 (144) 0 Total gains (losses) on derivatives designated as hedge instruments 12 0 (1) 0 0 (106) (258) 0 Gains (losses) on the hedged item: Interest Rate (11) 0 3 0 0 104 109 0 Currency (1) 0 2 0 0 0 151 0 Total gains (losses) on hedged item (12) 0 5 0 0 104 260 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (1) (74) Total amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (1) (74) Total gains (losses) on fair value hedges net of hedged item 0 0 4 0 0 (2) 1 (74) Cash flow hedges Interest Rate 1 0 1 0 0 0 0 (76) Currency 6 0 0 0 0 0 0 181 Currency/Interest Rate 27 0 77 279 0 0 0 1,548 Total gains (losses) on cash flow hedges 34 0 78 279 0 0 0 1,653 Net investment hedges Currency 0 0 0 0 0 0 0 23 Currency/Interest Rate 0 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges 0 0 0 0 0 0 0 23 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (695) (1,376) 0 0 0 0 0 0 Currency 2 0 0 2 0 0 0 0 Currency/Interest Rate 501 0 0 4 0 0 0 0 Credit (11) 0 0 0 0 0 0 0 Equity (331) 278 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Embedded Derivatives 224 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (310) (1,098) 0 6 0 0 0 0 Total $ (276) $ (1,098) $ 82 $ 285 $ 0 $ (2) $ 1 $ 1,602 Nine Months Ended September 30, 2022(2) Realized Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) Net Other Interest Interest Policyholders’ Benefits Change in AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 39 $ 0 $ (4) $ 0 $ 0 $ (373) $ (432) $ 0 Currency (29) 0 (1) 0 0 0 (351) 0 Total gains (losses) on derivatives designated as hedge instruments 10 0 (5) 0 0 (373) (783) 0 Gains (losses) on the hedged item: Interest Rate (39) 0 10 0 0 389 441 0 Currency 31 0 8 0 0 0 348 0 Total gains (losses) on hedged item (8) 0 18 0 0 389 789 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (3) (11) Total amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (3) (11) Total gains (losses) on fair value hedges net of hedged item 2 0 13 0 0 16 3 (11) Cash flow hedges Interest Rate (5) 0 2 0 0 0 0 (210) Currency 10 0 0 0 0 0 0 325 Currency/Interest Rate 76 0 214 750 0 0 0 2,965 Total gains (losses) on cash flow hedges 81 0 216 750 0 0 0 3,080 Net investment hedges Currency 0 0 0 0 0 0 0 33 Currency/Interest Rate 0 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges 0 0 0 0 0 0 0 33 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (3,081) (6,235) 0 0 0 0 0 0 Currency (369) 0 0 1 0 0 0 0 Currency/Interest Rate 1,287 0 0 8 0 0 0 0 Credit (174) 0 0 0 0 0 0 0 Equity (197) 1,799 0 0 0 0 0 0 Other 2 0 0 0 0 0 0 0 Embedded Derivatives 535 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (1,997) (4,436) 0 9 0 0 0 0 Total $ (1,914) $ (4,436) $ 229 $ 759 $ 0 $ 16 $ 3 $ 3,102 _______ (1) Excluding changes related to net investment hedges using non-derivative instruments of $15 million and $60 million for the three months ended and nine months ended September 30, 2023 , and $2 million and $134 million for three months ended and nine months ended September 30, 2022, respectively (2) Prior period amounts have been updated to conform to current period presentation. Presented below is a rollforward of current period cash flow hedges in AOCI before taxes: (in millions) Balance, December 31, 2022 $ 2,616 Amount recorded in AOCI: Interest Rate (41) Currency (29) Currency/Interest Rate (334) Total amount recorded in AOCI (404) Amount reclassified from AOCI to income: Interest Rate 32 Currency (11) Currency/Interest Rate (286) Total amount reclassified from AOCI to income (265) Balance, September 30, 2023 $ 1,947 The changes in fair value of cash flow hedges are deferred in AOCI and are included in “Net unrealized investment gains (losses)” in the Unaudited Interim Consolidated Statements of Comprehensive Income; these amounts are then reclassified to earnings when the hedged item affects earnings. Using September 30, 2023 values, it is estimated that a pre-tax gain of approximately $315 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending September 30, 2024. The exposures the Company is hedging with these qualifying cash flow hedges include the variability of future cash flows from forecasted transactions denominated in foreign currencies, the purchases of invested assets, and the receipt or payment of variable interest on existing financial instruments. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is 28 years. There were no material amounts reclassified from AOCI into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging. In addition, there were no instances in which the Company discontinued fair value hedge accounting due to a hedged firm commitment no longer qualifying as a fair value hedge. For net investment hedges, in addition to derivatives, the Company uses foreign currency denominated debt to hedge the risk of change in the net investment in a foreign subsidiary due to changes in exchange rates. For effective net investment hedges, the amounts, before applicable taxes, recorded in the cumulative translation adjustment within AOCI were $25 million and $86 million for the three and nine months ended September 30, 2023, respectively, and $26 million and $166 million for the three and nine months ended September 30, 2022, respectively. Credit Derivatives The following tables provide a summary of the notional and fair value of written credit protection, presented as assets (liabilities). The Company’s maximum amount at risk under these credit derivatives, assuming the value of the underlying referenced securities become worthless, is equal to the notional amounts. These credit derivatives have maturities of less than 24 years for index reference. September 30, 2023 NAIC Rating Designation of Underlying Credit Obligation(1) NAIC 1 NAIC 2 NAIC 3 NAIC 4 NAIC 5 NAIC 6 Total Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value (in millions) Single name reference(2) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Index reference(2) 8 0 0 0 4,619 (20) 0 0 0 0 974 15 5,601 (5) Total $ 8 $ 0 $ 0 $ 0 $ 4,619 $ (20) $ 0 $ 0 $ 0 $ 0 $ 974 $ 15 $ 5,601 $ (5) December 31, 2022 NAIC Rating Designation of Underlying Credit Obligation(1) NAIC 1 NAIC 2 NAIC 3 NAIC 4 NAIC 5 NAIC 6 Total Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value (in millions) Single name reference(2) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Index reference(2) 48 0 0 0 5,197 (46) 0 0 0 0 782 15 6,027 (31) Total $ 48 $ 0 $ 0 $ 0 $ 5,197 $ (46) $ 0 $ 0 $ 0 $ 0 $ 782 $ 15 $ 6,027 $ (31) _________ (1) The NAIC rating designations are based on availability and the lowest ratings among Moody's Investors Service, Inc. ("Moody's"), Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings Inc. (“Fitch”). If no rating is available from a rating agency, a NAIC 6 rating is used. (2) Single name credit default swaps may make reference to the credit of corporate debt, sovereign debt, and structured finance. Index references NAIC designations are based on the lowest rated single name reference included in the index. In addition to writing credit protection, the Company has purchased credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio. As of September 30, 2023 and December 31, 2022, the Company had $806 million and $324 million of outstanding notional amounts and reported at fair value as a liability of $6 million and an asset of $1 million, respectively. Counterparty Credit Risk The Company is exposed to losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by: (i) entering into derivative transactions with highly rated major financial institutions and other creditworthy counterparties governed by master netting agreements, as applicable; (ii) trading through central clearing and over-the-counte r (“OTC” ) parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single party credit exposures which are subject to periodic management review. Substantially all of the Company’s derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position. In addition, certain of the Company’s derivative agreements contain credit-risk related contingent features; if the credit rating of one of the parties to the derivative agreement is to fall below a certain level, the party with positive fair value could request termination at the then fair value or demand immediate full collateralization from the party whose credit rating fell and is in a net liability position. As of September 30, 2023, there were no net liability derivative positions with counterparties with credit risk-related contingent features. All derivatives have been appropriately collateralized by the Company or the counterparty in accordance with the terms of the derivative agreements. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | FAIR VALUE OF ASSETS AND LIABILITIES Fair Value Measurement —Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows: Level 1—Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities. Level 2—Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets and liabilities, quoted market prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs. Level 3—Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value. For a discussion of Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 6 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. As a result of the adoption of ASU 2018-12 in the first quarter of 2023, the Company is required to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value. Market risk benefit liabilities (or assets) represent contracts or contract features that provide protection to the contractholder and expose the insurance entity to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits in the Retirement Strategies segment including guaranteed minimum death benefits (“GMDB”), guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum income and withdrawal benefits (“GMIWB”). The benefits are bundled together and accounted for as single compound market risk benefits using a fair value measurement framework. The fair value of these market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefit. The fair value of these benefit features is based on assumptions a market participant would use in valuing market risk benefits. This methodology could result in either a liability or asset balance, given changing capital market conditions and various actuarial assumptions. Since there is no observable active market for the transfer of these obligations, the valuations are calculated using internally-developed models with option pricing techniques. The models are based on a risk neutral valuation framework and incorporate premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows. The determination of these risk premiums requires the use of management’s judgment. The significant inputs to the valuation models for these market risk benefits include capital market assumptions, such as interest rate levels and volatility assumptions, the Company’s market-perceived NPR, as well as actuarially determined assumptions, including contractholder behavior, such as lapse rates, benefit utilization rates, withdrawal rates, and mortality rates. Since many of these assumptions are unobservable and are considered to be significant inputs to the valuations, the assets and liabilities included in market risk benefits have been reflected within Level 3 in the fair value hierarchy. Capital market inputs and actual policyholders’ account values are updated each quarter based on capital market conditions as of the end of the quarter, including interest rates, equity markets and volatility. In the risk neutral valuation, the initial swap curve drives the total return used to grow the policyholders’ account values. The Company’s discount rate assumption is based on the SOFR swap curve adjusted for an additional spread relative to SOFR to reflect the Company’s market-perceived NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with the Company issued funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Assets and Liabilities by Hierarchy Level —The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated. As of September 30, 2023 Level 1 Level 2 Level 3 Netting(1) Total (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 0 $ 19,949 $ 0 $ $ 19,949 Obligations of U.S. states and their political subdivisions 0 7,990 7 7,997 Foreign government bonds 0 66,501 8 66,509 U.S. corporate public securities 0 89,206 65 89,271 U.S. corporate private securities(2) 0 35,346 2,845 38,191 Foreign corporate public securities 0 18,600 61 18,661 Foreign corporate private securities 0 27,627 1,686 29,313 Asset-backed securities(3) 0 12,943 419 13,362 Commercial mortgage-backed securities 0 8,989 921 9,910 Residential mortgage-backed securities 0 2,155 0 2,155 Subtotal 0 289,306 6,012 295,318 Assets supporting experience-rated contractholder liabilities: U.S. Treasury securities and obligations of U.S. government authorities and agencies 0 204 0 204 Obligations of U.S. states and their political subdivisions 0 0 0 0 Foreign government bonds 0 609 0 609 Corporate securities 0 75 0 75 Asset-backed securities(3) 0 0 0 0 Commercial mortgage-backed securities 0 0 0 0 Residential mortgage-backed securities 0 0 0 0 Equity securities 873 1,182 0 2,055 All other(4) 0 0 0 0 Subtotal 873 2,070 0 2,943 Market risk benefit assets 0 0 2,200 2,200 Fixed maturities, trading 0 6,832 297 7,129 Equity securities 4,949 1,349 741 7,039 Commercial mortgage and other loans 0 387 0 387 Other invested assets(5) 33 20,148 861 (19,178) 1,864 Short-term investments 218 3,452 24 3,694 Cash equivalents 1,494 6,480 0 7,974 Other assets 0 378 281 659 Separate account assets(6)(7) 8,229 153,236 1,160 162,625 Total assets $ 15,796 $ 483,638 $ 11,576 $ (19,178) $ 491,832 Market risk benefit liabilities $ 0 $ 0 $ 4,660 $ $ 4,660 Policyholders’ account balances 0 0 6,108 6,108 Other liabilities 18 33,852 1 (28,884) 4,987 Notes issued by consolidated VIEs 0 0 392 392 Total liabilities $ 18 $ 33,852 $ 11,161 $ (28,884) $ 16,147 As of December 31, 2022 Level 1 Level 2 Level 3 Netting(1) Total (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 0 $ 26,069 $ 0 $ $ 26,069 Obligations of U.S. states and their political subdivisions 0 9,682 7 9,689 Foreign government bonds 0 73,218 8 73,226 U.S. corporate public securities 0 87,521 65 87,586 U.S. corporate private securities(2) 0 34,487 2,392 36,879 Foreign corporate public securities 0 20,621 66 20,687 Foreign corporate private securities 0 26,325 1,335 27,660 Asset-backed securities(3) 0 12,582 269 12,851 Commercial mortgage-backed securities 0 9,644 1,011 10,655 Residential mortgage-backed securities 0 2,408 9 2,417 Subtotal 0 302,557 5,162 307,719 Assets supporting experience-rated contractholder liabilities: U.S. Treasury securities and obligations of U.S. government authorities and agencies 0 189 0 189 Obligations of U.S. states and their political subdivisions 0 0 0 0 Foreign government bonds 0 668 0 668 Corporate securities 0 88 0 88 Asset-backed securities(3) 0 0 0 0 Commercial mortgage-backed securities 0 0 0 0 Residential mortgage-backed securities 0 0 0 0 Equity securities 780 1,119 0 1,899 All other(4) 0 0 0 0 Subtotal 780 2,064 0 2,844 Market risk benefit assets 0 0 800 800 Fixed maturities, trading 0 5,647 304 5,951 Equity securities 4,338 2,185 627 7,150 Commercial mortgage and other loans 0 137 0 137 Other invested assets(5) 15 16,241 539 (14,802) 1,993 Short-term investments 341 3,428 18 3,787 Cash equivalents 544 6,930 0 7,474 Other assets 0 0 152 152 Separate account assets(6)(7) 8,310 162,414 1,081 171,805 Total assets $ 14,328 $ 501,603 $ 8,683 $ (14,802) $ 509,812 Market risk benefit liabilities $ 0 $ 0 $ 5,864 $ $ 5,864 Policyholders’ account balances 0 0 3,492 3,492 Other liabilities 26 25,953 1 (23,298) 2,682 Notes issued by consolidated VIEs 0 0 0 0 Total liabilities $ 26 $ 25,953 $ 9,357 $ (23,298) $ 12,038 __________ (1) “Netting” amounts represent cash collateral of $(9,706) million and $(8,496) million as of September 30, 2023 and December 31, 2022, respectively. (2) Excludes notes with fair value of $12,290 million (carrying amount of $12,290 million) and $8,040 million (carrying amount of $8,040 million) as of September 30, 2023 and December 31, 2022, respectively, which have been offset with the associated debt under a netting agreement. (3) Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types. (4) All other represents cash equivalents and short-term investments. (5) Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of September 30, 2023 and December 31, 2022, the fair values of such investments were $3,685 million and $3,689 million, respectively. (6) Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and other invested assets. As of September 30, 2023 and December 31, 2022, the fair value of such investments were $28,017 million and $25,874 million, respectively. (7) Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position. Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities —The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities. As of September 30, 2023 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Impact of (in millions) Assets: Corporate securities(2)(3) $ 3,793 Discounted Discount rate 0.62% 21% 11.59% Decrease Market comparables EBITDA multiples(4) 5.5X 8.8X 7.4X Increase Liquidation Liquidation value 9.59% 63.62% 53.43% Increase Commercial mortgage-backed securities $ 921 Discounted Liquidity premium 0.60% 0.75% 0.70% Decrease Market risk benefit assets(7) $ 2,200 Discounted cash flow Lapse rate(9) 1% 20% Increase Spread over SOFR(10) 0.48% 2.09% Increase Utilization rate(11) 38% 95% Decrease Withdrawal rate See table footnote (12) below. Mortality rate(13) 0% 15% Increase Equity volatility curve 15% 25% Decrease Equity securities $ 230 Discounted Discount rate 0.16% 20% Decrease Market comparables EBITDA multiples(4) 1.0X 7.5X 6.7X Increase Net Asset Value Share price $3 $1,714 $708 Increase Liabilities: Market risk benefit liabilities(7) $ 4,660 Discounted Lapse rate(9) 1% 20% Decrease Spread over SOFR(10) 0.48% 2.09% Decrease Utilization rate(11) 38% 95% Increase Withdrawal rate See table footnote (12) below. Mortality rate(13) 0% 15% Decrease Equity volatility curve 15% 25% Increase Policyholders’ account balances(8) $ 6,108 Discounted Lapse rate(9) 1% 80% Decrease Spread over SOFR(10) 0.48% 2.15% Decrease Mortality rate(13) 0% 23% Decrease Equity volatility curve 6% 28% Increase Option Budget(14) (1)% 6% Increase As of December 31, 2022 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Impact of (in millions) Assets: Corporate securities(2)(3) $ 3,128 Discounted Discount rate 0.61% 20% 8.09% Decrease Market comparables EBITDA multiples(4) 2.2X 23.5X 8.3X Increase Liquidation Liquidation value 8.16% 8.25% 8.21% Increase Market risk benefit assets(7) $ 800 Discounted cash flow Lapse rate(9) 1% 20% Increase Spread over SOFR(10) 0.50% 2.20% Increase Utilization rate(11) 38% 95% Decrease Withdrawal rate See table footnote (12) below. Mortality rate(13) 0% 15% Increase Equity volatility curve 18% 26% Decrease Equity securities $ 290 Discounted Discount rate 0.16% 20% Decrease Market comparables EBITDA multiples(4) 1.0X 7.5X 4.0X Increase Net Asset Value Share price $6 $1,708 $22 Increase Separate account assets-commercial mortgage loans(6) $ 74 Discounted Spread 1.25% 2.10% 1.44% Decrease Liabilities: Market risk benefit liabilities(7) $ 5,864 Discounted Lapse rate(9) 1% 20% Decrease Spread over SOFR(10) 0.50% 2.20% Decrease Utilization rate(11) 38% 95% Increase Withdrawal rate See table footnote (12) below. Mortality rate(13) 0% 15% Decrease Equity volatility curve 18% 26% Increase Policyholders’ account balances(8) $ 3,492 Discounted Lapse rate(9) 1% 80% Decrease Spread over SOFR(10) 0.17% 1.93% Decrease Mortality rate(13) 0% 23% Decrease Equity volatility curve 6% 30% Increase Option Budget(14) (2)% 6% Increase ___________ (1) Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table. (2) Includes assets classified as fixed maturities available-for-sale, assets supporting experience-rated contractholder liabilities and fixed maturities trading. (3) Excludes notes which have been offset with the associated debt under a netting agreement. (4) Represents multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments. (5) For these investments, a range of discount rates is typically used (10% to 20%) and is therefore a more meaningful representation of the unobservable inputs used in the valuation rather than weighted average. (6) Changes in the fair value of separate account assets are borne by customers and thus are offset by changes in separate account liabilities on the Company’s Unaudited Interim Consolidated Statements of Financial Position. As a result, changes in value associated with these investments are not reflected in the Company’s Unaudited Interim Consolidated Statements of Operations. (7) Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (8) Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (9) Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these embedded derivatives. (10) The spread over the Secured Overnight Financing Rate (“SOFR”) swap curve and the London Inter-Bank Offered Rate (“LIBOR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR or LIBOR, as applicable) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of September 30, 2023 and December 31, 2022, respectively. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company (“Ohio National”), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of Prudential Defined Income (“PDI”) traditional variable annuity contracts with guaranteed living benefits. See Note 12 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for Ohio National, which may differ from that of the Company’s; however, the NPR spreads for Ohio National were developed using a methodology similar to that of the Company. (11) The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits. (12) The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of September 30, 2023 and December 31, 2022, the minimum withdrawal rate assumption is 81% and 77% respectively. As of September 30, 2023 and December 31, 2022, the maximum withdrawal rate assumption may be greater than 100%.The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%. (13) The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age, and duration. A mortality improvement assumption is also incorporated into the overall mortality table. (14) Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budgets determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives. Interrelationships Between Unobservable Inputs — In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another or multiple inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows: Corporate Securities— The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term, and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increases, credit spreads widen, which results in a decrease in fair value. Commercial Mortgage-backed Securities— Interrelationships may exist between the prepayment rate, the default rate and/or loss severity, depending on specific market conditions. In stronger economic cycles, prepayment rates are generally driven by underlying property appreciation and subsequent cash-out refinances, while default rates and loss severity may be lower. During weaker economic cycles, prepayment rates may decline, while default rates and loss severity increase. Generally, a change in the assumption used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. The impact of these factors on average life and economics varies with the deal structure and tranche subordination. Market Risk Benefits —The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is generally highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other contractholder behavior assumptions. To the extent more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money. Changes in Level 3 Assets and Liabilities —The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 11). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate. Three Months Ended September 30, 2023(7)(8) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 7 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 7 $ 0 Foreign government 8 0 0 0 0 0 0 0 0 8 0 Corporate securities(3) 4,461 (81) 393 (23) 0 (247) 14 289 (149) 4,657 (86) Structured securities(4) 1,264 (45) 166 (1) 0 (5) (1) 76 (114) 1,340 (45) Other assets: Fixed maturities, trading 302 (4) 32 (39) 0 (5) 9 0 2 297 (5) Equity securities 773 11 19 (1) 0 (28) 0 2 (35) 741 12 Other invested assets 865 (7) 5 (2) 0 0 0 0 0 861 (7) Short-term investments 25 1 12 0 0 (14) 0 0 0 24 0 Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Other assets 229 26 33 0 0 (7) 0 0 0 281 19 Separate account assets(5) 1,175 0 87 (82) 0 (2) 0 42 (60) 1,160 (12) Liabilities: Policyholders’ account balances(6) (5,629) (97) 0 0 (410) 0 28 0 0 (6,108) (263) Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 (392) 0 0 (392) 0 Three Months Ended September 30, 2023(7) Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (losses) (in millions) Fixed maturities, available-for-sale $ (4) $ 0 $ 0 $ (130) $ 8 $ (1) $ 0 $ 0 $ (130) Other assets: Fixed maturities, trading 0 (4) 0 0 0 0 (5) 0 0 Equity securities 0 11 0 0 0 0 12 0 0 Other invested assets (5) (2) 0 0 0 (5) (2) 0 0 Short-term investments 1 0 0 0 0 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets 26 0 0 0 0 19 0 0 0 Separate account assets(5) 0 0 0 0 0 0 0 (12) 0 Liabilities: Policyholders’ account balances (97) 0 0 0 0 (263) 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2023(7)(8) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 7 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 7 $ 0 Foreign government 8 0 0 0 0 0 0 0 0 8 0 Corporate securities(3) 3,858 (46) 1,657 (198) 0 (747) (6) 307 (168) 4,657 (47) Structured securities(4) 1,289 (74) 405 (6) 0 (30) (1) 113 (356) 1,340 (81) Other assets: Fixed maturities, trading 304 (1) 98 (39) 0 (18) 10 0 (57) 297 (5) Equity securities 627 5 28 (68) 0 (34) 216 3 (36) 741 (5) Other invested assets 539 (26) 359 (11) 0 0 0 0 0 861 (26) Short-term investments 18 4 43 0 0 (41) 0 0 0 24 0 Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Other assets 152 34 107 0 0 (12) 0 0 0 281 22 Separate account assets(5) 1,081 88 396 (279) 0 (68) 0 45 (103) 1,160 75 Liabilities: Policyholders’ account balances(6) (3,492) (1,368) 0 0 (1,249) 0 1 0 0 (6,108) (525) Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 (392) 0 0 (392) 0 Nine Months Ended September 30, 2023(7) Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (losses) (in millions) Fixed maturities, available-for-sale $ (20) $ 0 $ 0 $ (111) $ 11 $ (3) $ 0 $ 0 $ (125) Other assets: Fixed maturities, trading 0 (2) 0 0 1 0 (5) 0 0 Equity securities (1) 6 0 0 0 0 (5) 0 0 Other invested assets (6) (20) 0 0 0 (6) (20) 0 0 Short-term investments 3 0 0 0 1 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets 34 0 0 0 0 22 0 0 0 Separate account assets(5) 0 0 88 0 0 0 0 75 0 Liabilities: Policyholders’ account balances (1,368) 0 0 0 0 (525) 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 Three Months Ended September 30, 2022(7)(8) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 7 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 7 $ 0 Foreign government 9 0 0 (1) 0 0 0 0 0 8 0 Corporate securities(3) 3,539 (122) 288 (57) 0 (256) 92 90 (75) 3,499 (136) Structured securities(4) 1,482 (40) 424 0 0 (128) (3) 0 (79) 1,656 (40) Other assets: Fixed maturities, trading 347 2 8 (3) 0 (29) (3) 0 0 322 3 Equity securities 766 (23) 10 (94) 0 0 (4) 0 (2) 653 (28) Other invested assets 499 (13) 20 (1) 0 (2) (1) 0 0 502 (7) Short-term investments 204 (5) 5 0 0 (205) 6 0 (1) 4 (5) Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Other assets 202 51 (16) 0 0 (7) (119) 0 0 111 50 Separate account assets(5) 1,040 (45) 137 (95) 0 (36) 1 93 (4) 1,091 (28) Liabilities: Policyholders’ account balances(6) (3,544) 222 0 0 (424) 0 1 0 0 (3,745) 845 Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 0 0 Three Months Ended September 30, 2022(7) Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (losses) (in millions) Fixed maturities, available-for-sale $ (10) $ 0 $ 0 $ (159) $ 7 $ (15) $ 0 $ 0 $ (162) Other assets: Fixed maturities, trading 0 4 0 0 (2) 0 3 0 0 Equity securities 0 (23) 0 0 0 0 (28) 0 0 Other invested assets (14) 1 0 0 0 (8) 1 0 0 Short-term investments (5) 0 0 0 0 (5) 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets 51 0 0 0 0 50 0 0 0 Separate account assets(5) 0 0 (45) 0 0 0 0 (28) 0 Liabilities: Policyholders’ account balances 222 0 0 0 0 845 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2022(7)(8) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 8 $ (1) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 7 $ (1) Foreign government 10 (1) 0 (1) 0 0 0 0 0 8 (1) Corporate securities(3) 5,316 (588) 1,088 (140) 9 (721) 65 106 (1,636) 3,499 (602) Structured securities(4) 1,986 (318) 625 (22) 0 (349) (12) 6 (260) 1,656 (319) Oth |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired | 9 Months Ended |
Sep. 30, 2023 | |
Deferred Charges, Insurers [Abstract] | |
Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired | DEFERRED POLICY ACQUISITION COSTS, DEFERRED SALES INDUCEMENTS AND VALUE OF BUSINESS ACQUIRED Deferred Policy Acquisition Costs The following tables show a rollforward for the lines of business that contain material DAC balances, along with a reconciliation to the Company’s total DAC balance: Nine Months Ended September 30, 2023 Retirement Strategies Individual Life International Businesses Total Individual Variable Term Life Variable/ Life Planner Gibraltar Life (in millions) Balance, BOP $ 4,171 $ 2,288 $ 5,000 $ 4,710 $ 4,231 $ 20,400 Capitalization 195 115 436 443 444 1,633 Amortization expense (275) (160) (183) (244) (236) (1,098) Other adjustments(1) (393) 2 0 14 0 (377) Foreign currency adjustment 0 0 0 (199) (158) (357) Balance, EOP $ 3,698 $ 2,245 $ 5,253 $ 4,724 $ 4,281 20,201 Other businesses 193 Total DAC balance $ 20,394 _________ (1) Includes the impact of the reinsurance transaction with Ohio National in Individual Retirement Strategies. See Note 12 for additional information. Nine Months Ended September 30, 2022 Retirement Strategies Individual Life International Businesses Total Individual Variable Term Life Variable/ Life Planner Gibraltar Life (in millions) Balance, BOP $ 4,872 $ 2,372 $ 4,679 $ 4,685 $ 4,135 $ 20,743 Capitalization 219 97 413 442 441 1,612 Amortization expense (305) (158) (176) (240) (227) (1,106) Other adjustments(1) (584) 0 0 12 0 (572) Foreign currency adjustment 0 0 0 (439) (325) (764) Balance, EOP $ 4,202 $ 2,311 $ 4,916 $ 4,460 $ 4,024 19,913 Other businesses 125 Total DAC balance $ 20,038 _________ (1) Includes $584 million in Individual Retirement Strategies related to the sale of PALAC. See Note 1 for additional information. . Deferred Sales Inducements The following table shows a rollforward of DSI balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material DSI balance, along with a reconciliation to the Company’s total DSI balance: Nine Months Ended September 30, 2023 2022 (in millions) Balance, BOP $ 446 $ 799 Capitalization 2 1 Amortization expense (28) (37) Other adjustments(1) 0 (308) Balance, EOP 420 455 Other businesses 33 36 Total DSI balance $ 453 $ 491 _________ (1) The 2022 amount relates to the sale of PALAC. See Note 1 for additional information. Value of Business Acquired The following table shows a rollforward of VOBA balances for Gibraltar Life and Other, which is the only line of business that contains a material VOBA balance, along with a reconciliation to the Company’s total VOBA balance: Nine Months Ended September 30, 2023 2022 (in millions) Balance, BOP $ 597 $ 746 Amortization expense (37) (45) Foreign currency adjustment (64) (143) Balance, EOP 496 558 Other businesses 18 2 Total VOBA balance $ 514 $ 560 The following table provides VOBA balances for the applicable businesses for the period ended September 30: 2023 (in millions) Gibraltar Life $ 496 Aoba Life 18 Total $ 514 The following table provides estimated future amortization for the periods indicated: 2023 (October-December) 2024 2025 2026 2027 Thereafter Total (in millions) Estimated future VOBA amortization $ 12 $ 45 $ 41 $ 37 $ 34 $ 345 $ 514 |
Separate Accounts
Separate Accounts | 9 Months Ended |
Sep. 30, 2023 | |
Insurance [Abstract] | |
Separate Account | SEPARATE ACCOUNTS The Company issues variable annuity and variable life insurance contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. Most variable annuity and variable life insurance contracts are offered with both separate and general account options. See Note 10 for additional information. The assets supporting the variable portion of variable annuity and variable life insurance contracts are carried at fair value and reported as “Separate account assets” with an equivalent amount reported as “Separate account liabilities.” The liabilities related to the net amount at risk are reflected within future policy benefits or market risk benefits. Amounts assessed against the contractholders for mortality, administration, and other services are included within revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Realized investment gains (losses), net.” Separate Account Assets The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows: September 30, December 31, (in millions) Asset Type: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 4,409 $ 5,208 Obligations of U.S. states and their political subdivisions 1,956 2,006 Foreign government bonds 97 120 U.S. corporate securities 12,411 13,135 Foreign corporate securities 3,086 3,261 Asset-backed securities 1,335 1,131 Mortgage-backed securities 14,697 14,653 Mutual funds: Equity 79,215 82,781 Fixed Income 38,484 38,109 Other 5,187 3,797 Equity securities 4,986 5,177 Commercial mortgage and other loans 66 74 Other invested assets 21,968 24,590 Short-term investments 1,021 1,306 Cash and cash equivalents 1,724 2,331 Total $ 190,642 $ 197,679 For the periods ended September 30, 2023 and December 31, 2022, there were no transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded. Separate Account Liabilities The balances of and changes in separate account liabilities as of and for the periods ended are as follows: Nine Months Ended September 30, 2023 Retirement Strategies PGIM Institutional Individual Group Insurance Individual Life Total (in millions) Balance, BOP $ 40,056 $ 11,428 $ 93,395 $ 23,513 $ 32,930 $ 201,322 Deposits 4,301 209 332 44 2,183 7,069 Investment performance (965) 79 4,278 3 3,228 6,623 Policy charges (62) (10) (1,755) (238) (800) (2,865) Surrenders and withdrawals (4,064) (338) (7,142) (29) (569) (12,142) Benefit payments (2,604) (415) (75) (219) (244) (3,557) Net transfers (to) from general account (459) (60) (6) (2) (1,244) (1,771) Other (949) (29) 9 (208) 73 (1,104) Balance, EOP $ 35,254 $ 10,864 $ 89,036 $ 22,864 $ 35,557 193,575 Other businesses(1) (2,933) Total separate account liabilities $ 190,642 Cash surrender value(2) $ 35,254 $ 10,864 $ 87,767 $ 22,750 $ 32,388 $ 189,023 __________ (1) Includes activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges. (2) “Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments. Nine Months Ended September 30, 2022 Retirement Strategies PGIM Institutional Individual Group Insurance Individual Life Total (in millions) Balance, BOP $ 42,020 $ 14,064 $ 158,546 $ 27,097 $ 39,789 $ 281,516 Deposits 5,903 559 603 95 1,889 9,049 Investment performance 1,186 (2,505) (28,724) (4,632) (8,608) (43,283) Policy charges (66) (14) (2,094) (237) (756) (3,167) Surrenders and withdrawals (5,093) (3,084) (7,376) (13) (562) (16,128) Benefit payments (2,474) (395) (77) (202) (350) (3,498) Net transfers (to) from general account (405) 2,798 (276) 21 (313) 1,825 Other(1) 466 (78) (29,419) 660 67 (28,304) Balance, EOP $ 41,537 $ 11,345 $ 91,183 $ 22,789 $ 31,156 198,010 Other businesses(2) (3,485) Total separate account liabilities $ 194,525 Cash surrender value(3) $ 41,537 $ 11,345 $ 89,512 $ 22,664 $ 28,355 $ 193,413 __________ (1) Activity for Individual Retirement Strategies primarily represents the sale of PALAC. See Note 1 for additional information. (2) Includes activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges. (3) “Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments. |
Liability For Future Policy Ben
Liability For Future Policy Benefits | 9 Months Ended |
Sep. 30, 2023 | |
Insurance [Abstract] | |
Liabilities for Future Policy Benefits | LIABILITY FOR FUTURE POLICY BENEFITS Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below: • Benefit Reserves; • Deferred Profit Liability; and • Additional Insurance Reserves In 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed Benefit Reserves and Deferred Profit Liability, net of the impact of flooring these liabilities at zero for each issue year cohort. This net impact was primarily due to updates to lapse and claim incidence assumptions on Long-Term Care policies. Additionally, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update and other refinements for direct and assumed Additional Insurance Reserves, primarily due to unfavorable model refinements, partially offset by favorable updates to economic assumptions, including expected future rates of returns on investments on universal life policies with secondary guarantees. In 2022, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed Benefit Reserves and Deferred Profit Liability, net of the impact of flooring these liabilities at zero for each issue year cohort. This net impact was primarily due to updates to mortality assumptions on individual term life policies. Additionally, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update and other refinements for direct and assumed Additional Insurance Reserves, primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees. Benefit Reserves The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits. Nine Months Ended September 30, 2023 Present Value of Expected Net Premiums Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 52,620 $ 11,282 $ 30,689 $ 28,951 $ 2,932 $ 126,474 Effect of cumulative changes in discount rate assumptions, BOP 14,349 572 1,354 1,326 103 17,704 Balance at original discount rate, BOP 66,969 11,854 32,043 30,277 3,035 144,178 Effect of assumption update (1,117) (1) 78 (175) 266 (949) Effect of actual variances from expected experience and other activity 384 (159) (814) (516) 145 (960) Adjusted balance, BOP 66,236 11,694 31,307 29,586 3,446 142,269 Issuances 8,453 539 1,793 1,258 0 12,043 Net premiums / considerations collected (8,682) (1,060) (3,055) (2,873) (242) (15,912) Interest accrual 1,588 404 680 594 117 3,383 Foreign currency adjustment 950 0 (1,583) (1,608) 0 (2,241) Other adjustments 0 (2) 104 0 0 102 Balance at original discount rate, EOP 68,545 11,575 29,246 26,957 3,321 139,644 Effect of cumulative changes in discount rate assumptions, EOP (16,742) (965) (1,571) (1,495) (249) (21,022) Balance, EOP $ 51,803 $ 10,610 $ 27,675 $ 25,462 $ 3,072 $ 118,622 Other businesses, EOP 83 Total balance, EOP $ 118,705 Nine Months Ended September 30, 2023 Present Value of Expected Future Policy Benefits Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 117,754 $ 19,288 $ 78,639 $ 80,331 $ 10,685 $ 306,697 Effect of cumulative changes in discount rate assumptions, BOP 20,170 1,012 3,719 11,266 1,216 37,383 Balance at original discount rate, BOP 137,924 20,300 82,358 91,597 11,901 344,080 Effect of assumption update (1,289) (1) 145 44 357 (744) Effect of actual variances from expected experience and other activity 377 (194) (845) (503) 171 (994) Adjusted balance, BOP 137,012 20,105 81,658 91,138 12,429 342,342 Issuances 8,453 539 1,793 1,258 0 12,043 Interest accrual 3,720 707 1,977 1,729 443 8,576 Benefit payments (8,550) (1,121) (2,729) (3,496) (196) (16,092) Foreign currency adjustment 981 0 (4,630) (5,780) 0 (9,429) Other adjustments (138) (14) 206 (18) 0 36 Balance at original discount rate, EOP 141,478 20,216 78,275 84,831 12,676 337,476 Effect of cumulative changes in discount rate assumptions, EOP (24,887) (1,856) (5,296) (11,846) (2,305) (46,190) Balance, EOP $ 116,591 $ 18,360 $ 72,979 $ 72,985 $ 10,371 $ 291,286 Other businesses, EOP 1,635 Total balance, EOP $ 292,921 Nine Months Ended September 30, 2023 Net Liability for Future Policy Benefits - Benefit Reserves Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, EOP, pre-flooring $ 64,789 $ 7,750 $ 45,304 $ 47,523 $ 7,299 $ 172,665 Flooring impact, EOP 0 2 27 31 0 60 Balance, EOP, post-flooring 64,789 7,752 45,331 47,554 7,299 172,725 Less: Reinsurance recoverable 4,810 696 96 189 0 5,791 Balance after reinsurance recoverable, EOP, post-flooring $ 59,979 $ 7,056 $ 45,235 $ 47,365 $ 7,299 $ 166,934 Other businesses, EOP(1) 1,482 Total balance after reinsurance recoverable, EOP $ 168,416 Nine Months Ended September 30, 2022 Present Value of Expected Net Premiums Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 68,791 $ 12,971 $ 39,517 $ 37,815 $ 3,585 $ 162,679 Effect of cumulative changes in discount rate assumptions, BOP (4,414) (1,892) (3,516) (3,239) (644) (13,705) Balance at original discount rate, BOP 64,377 11,079 36,001 34,576 2,941 148,974 Effect of assumption update 249 1,313 (76) (176) 49 1,359 Effect of actual variances from expected experience and other activity 347 31 (1,181) (575) 163 (1,215) Adjusted balance, BOP 64,973 12,423 34,744 33,825 3,153 149,118 Issuances 12,912 344 2,456 1,933 0 17,645 Net premiums / considerations collected (13,540) (1,049) (3,259) (3,284) (218) (21,350) Interest accrual 1,174 406 717 656 109 3,062 Foreign currency adjustment (11,386) 0 (3,622) (3,402) 0 (18,410) Other adjustments 0 (10) 156 24 0 170 Balance at original discount rate, EOP 54,133 12,114 31,192 29,752 3,044 130,235 Effect of cumulative changes in discount rate assumptions, EOP (15,179) (777) (1,151) (1,157) (164) (18,428) Balance, EOP $ 38,954 $ 11,337 $ 30,041 $ 28,595 $ 2,880 $ 111,807 Other businesses, EOP 104 Total balance, EOP $ 111,911 Nine Months Ended September 30, 2022 Present Value of Expected Future Policy Benefits Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 142,593 $ 22,768 $ 109,562 $ 114,846 $ 15,810 $ 405,579 Effect of cumulative changes in discount rate assumptions, BOP (13,706) (3,876) (21,554) (13,476) (4,482) (57,094) Balance at original discount rate, BOP 128,887 18,892 88,008 101,370 11,328 348,485 Effect of assumption update (187) 1,777 (115) (164) 49 1,360 Effect of actual variances from expected experience and other activity 256 45 (1,290) (495) 188 (1,296) Adjusted balance, BOP 128,956 20,714 86,603 100,711 11,565 348,549 Issuances 12,912 344 2,456 1,933 0 17,645 Interest accrual 3,066 701 2,006 1,823 413 8,009 Benefit payments (7,253) (1,150) (2,609) (4,090) (179) (15,281) Foreign currency adjustment (11,711) 0 (9,915) (11,950) 0 (33,576) Other adjustments (528) (14) 247 (12) 0 (307) Balance at original discount rate, EOP 125,442 20,595 78,788 88,415 11,799 325,039 Effect of cumulative changes in discount rate assumptions, EOP (22,629) (1,450) (2,790) (10,296) (1,755) (38,920) Balance, EOP $ 102,813 $ 19,145 $ 75,998 $ 78,119 $ 10,044 $ 286,119 Other businesses, EOP 1,905 Total balance, EOP $ 288,024 Nine Months Ended September 30, 2022 Net Liability for Future Policy Benefits - Benefit Reserves Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, EOP, pre-flooring $ 63,859 $ 7,808 $ 45,957 $ 49,524 $ 7,163 $ 174,311 Flooring impact, EOP 1 0 236 370 0 607 Balance, EOP, post-flooring 63,860 7,808 46,193 49,894 7,163 174,918 Less: Reinsurance recoverable 0 772 116 200 0 1,088 Balance after reinsurance recoverable, EOP, post-flooring $ 63,860 $ 7,036 $ 46,077 $ 49,694 $ 7,163 $ 173,830 Other businesses, EOP(1) 1,723 Total balance after reinsurance recoverable, EOP $ 175,553 __________ (1) Reflects balance after reinsurance recoverable of $69 million and $80 million at September 30, 2023 and 2022, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Nine Months Ended September 30, 2023 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 108,863 $ 23,147 $ 68,665 $ 56,169 $ 6,854 Discounted expected future gross premiums (at original discount rate) $ 75,372 $ 15,381 $ 53,078 $ 45,102 $ 4,496 Discounted expected future gross premiums (at current discount rate) $ 56,962 $ 14,120 $ 50,753 $ 42,804 $ 4,167 Undiscounted expected future benefits and expenses $ 217,931 $ 31,164 $ 137,378 $ 139,536 $ 30,897 Interest accrual $ 2,132 $ 303 $ 1,297 $ 1,135 $ 326 Gross premiums $ 9,310 $ 1,384 $ 4,849 $ 4,741 $ 342 Weighted-average duration of the liability in years (at original discount rate) 9 10 20 19 18 Weighted-average duration of the liability in years (at current discount rate) 8 9 19 17 17 Weighted-average interest rate (at original discount rate) 4.57 % 5.17 % 3.46 % 2.59 % 4.91 % Weighted-average interest rate (at current discount rate) 6.02 % 6.01 % 3.37 % 3.26 % 6.30 % Nine Months Ended September 30, 2022 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 81,807 $ 23,879 $ 72,431 $ 62,850 $ 7,035 Discounted expected future gross premiums (at original discount rate) $ 59,074 $ 15,863 $ 56,206 $ 49,935 $ 4,561 Discounted expected future gross premiums (at current discount rate) $ 42,578 $ 14,853 $ 54,613 $ 48,237 $ 4,325 Undiscounted expected future benefits and expenses $ 189,976 $ 31,873 $ 143,840 $ 151,940 $ 29,625 Interest accrual $ 1,892 $ 295 $ 1,289 $ 1,167 $ 304 Gross premiums $ 14,102 $ 1,412 $ 5,274 $ 5,414 $ 336 Weighted-average duration of the liability in years (at original discount rate) 8 10 21 20 19 Weighted-average duration of the liability in years (at current discount rate) 7 10 19 18 18 Weighted-average interest rate (at original discount rate) 4.29 % 5.23 % 3.45 % 2.55 % 4.91 % Weighted-average interest rate (at current discount rate) 5.68 % 5.66 % 2.96 % 2.80 % 5.98 % For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2. For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter, such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss respectively. In the first nine months of 2023, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts. In the first nine months of 2022, there was a $209 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, partially offset by an $89 million gain reflecting the impact of ceded reinsurance on the affected cohorts. The unfavorable impact in the first nine months of 2022 is primarily due to unfavorable assumption updates related to the term life business in Individual Life. Deferred Profit Liability The balances of and changes in Deferred Profit Liability as of and for the period indicated are as follows: Nine Months Ended September 30, 2023 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 5,532 $ 3,379 $ 5,261 $ 14,172 Flooring impact, BOP 0 0 1 1 Balance, BOP, pre-flooring 5,532 3,379 5,260 14,171 Effect of assumption update 35 (67) (228) (260) Effect of actual variances from expected experience and other activity 4 (4) (32) (32) Adjusted balance, BOP 5,571 3,308 5,000 13,879 Profits deferred 294 1,271 1,017 2,582 Interest accrual 170 109 114 393 Amortization (424) (869) (765) (2,058) Foreign currency adjustment 2 (128) (251) (377) Other adjustments 0 24 0 24 Balance, EOP, pre-flooring 5,613 3,715 5,115 14,443 Flooring impact, EOP 0 0 1 1 Balance, EOP 5,613 3,715 5,116 14,444 Less: Reinsurance recoverable 383 8 10 401 Balance after reinsurance recoverable $ 5,230 $ 3,707 $ 5,106 14,043 Other businesses(1) 145 Total balance after reinsurance recoverable $ 14,188 Nine Months Ended September 30, 2022 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 5,183 $ 2,741 $ 5,014 $ 12,938 Flooring impact, BOP 0 0 1 1 Balance, BOP, pre-flooring 5,183 2,741 5,013 12,937 Effect of assumption update 382 28 (5) 405 Effect of actual variances from expected experience and other activity 101 3 (82) 22 Adjusted balance, BOP 5,666 2,772 4,926 13,364 Profits deferred 212 1,308 1,184 2,704 Interest accrual 160 91 107 358 Amortization (410) (852) (782) (2,044) Foreign currency adjustment (48) (246) (487) (781) Other adjustments (1) 19 (1) 17 Balance, EOP, pre-flooring 5,579 3,092 4,947 13,618 Flooring impact, EOP 0 0 1 1 Balance, EOP 5,579 3,092 4,948 13,619 Less: Reinsurance recoverable 0 7 10 17 Balance after reinsurance recoverable $ 5,579 $ 3,085 $ 4,938 13,602 Other businesses(1) 182 Total balance after reinsurance recoverable $ 13,784 __________ (1) Reflects balance after reinsurance recoverable of $0 million and $1 million at September 30, 2023 and 2022, respectively. The following tables provide supplemental information related to the balances of and changes in Deferred Profit Liability, included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Nine Months Ended September 30, 2023 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ (79) $ (464) $ (105) Interest accrual $ 170 $ 109 $ 114 Nine Months Ended September 30, 2022 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ (443) $ (600) $ (420) Interest accrual $ 160 $ 91 $ 107 __________ (1) Represents the gross premiums collected in changes in Deferred Profit Liability excluding impact of foreign currency adjustments. Additional Insurance Reserves AIR represents the additional liability for annuitization, death, or other insurance benefits, including GMDB and GMIB contract features, that are above and beyond the contractholder's account balance. The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance: Nine Months Ended September 30, 2023 2022 (in millions) Balance, including amounts in AOCI, BOP, post-flooring $ 12,684 $ 11,708 Flooring impact and amounts in AOCI 1,285 (909) Balance, excluding amounts in AOCI, BOP, pre-flooring 13,969 10,799 Effect of assumption update 23 2,200 Effect of actual variances from expected experience and other activity (13) (215) Adjusted balance, BOP 13,979 12,784 Assessments collected(1) 836 750 Interest accrual 362 319 Benefits paid (223) (148) Balance, excluding amounts in AOCI, EOP, pre-flooring 14,954 13,705 Flooring impact and amounts in AOCI (1,737) (1,595) Balance, including amounts in AOCI, EOP, post-flooring 13,217 12,110 Less: Reinsurance recoverable 5,286 4,790 Balance after reinsurance recoverable, including amounts in AOCI, EOP 7,931 7,320 Other businesses 123 144 Total balance after reinsurance recoverable $ 8,054 $ 7,464 __________ (1) Represents the portion of gross assessments required to fund the future policy benefits. Nine Months Ended September 30, 2023 2022 ($ in millions) Interest accrual $ 362 $ 319 Gross assessments $ 2,357 $ 1,995 Weighted-average duration of the liability in years (at original discount rate) 22 23 Weighted-average interest rate (at original discount rate) 3.36 % 3.38 % Future Policy Benefits Reconciliation The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, Additional Insurance Reserves, and Deferred Profit Liability including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company's Consolidated Statement of Financial Position as of the periods indicated: Nine Months Ended September 30, 2023 2022 (in millions) Benefit reserves, EOP, post-flooring $ 174,276 $ 176,720 Deferred Profit Liability EOP, post-flooring 14,589 13,802 Additional insurance reserves, including amounts in AOCI, EOP, post-flooring 13,340 12,254 Subtotal of amounts disclosed above 202,205 202,776 Other Future Policy Benefits reserves(1) 51,346 52,359 Total Future Policy Benefits $ 253,551 $ 255,135 __________ (1) Represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities. Revenue and Interest Expense The following tables present revenue and interest expense related to Benefit Reserves, Additional Insurance Reserves, and Deferred Profit Liability, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations as of the periods indicated: Nine Months Ended September 30, 2023 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 9,310 $ 1,384 $ 0 $ 4,849 $ 4,741 $ 415 $ 20,699 Deferred profit liability (79) 0 0 (464) (105) 37 (611) Additional insurance reserves 0 0 2,357 0 0 0 2,357 Total $ 9,231 $ 1,384 $ 2,357 $ 4,385 $ 4,636 $ 452 $ 22,445 Nine Months Ended September 30, 2022 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 14,102 $ 1,412 $ 0 $ 5,274 $ 5,414 $ 398 $ 26,600 Deferred profit liability (443) 0 0 (600) (420) 41 (1,422) Additional insurance reserves 0 0 1,995 0 0 1 1,996 Total $ 13,659 $ 1,412 $ 1,995 $ 4,674 $ 4,994 $ 440 $ 27,174 Nine Months Ended September 30, 2023 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 2,132 $ 303 $ 0 $ 1,297 $ 1,135 $ 366 $ 5,233 Deferred profit liability 170 0 0 109 114 3 396 Additional insurance reserves 0 0 362 1 0 0 363 Total $ 2,302 $ 303 $ 362 $ 1,407 $ 1,249 $ 369 $ 5,992 Nine Months Ended September 30, 2022 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 1,892 $ 295 $ 0 $ 1,289 $ 1,167 $ 346 $ 4,989 Deferred profit liability 160 0 0 91 107 3 361 Additional insurance reserves 0 0 319 2 1 0 322 Total $ 2,052 $ 295 $ 319 $ 1,382 $ 1,275 $ 349 $ 5,672 __________ (1) Represents "Gross Premiums" for benefit reserves, "Revenue" for deferred profit liability and "Gross Assessments" for additional insurance reserves. (2) Includes remaining balances disclosed above and balances for which disaggregated rollforward disclosures may not be presented above. The balances of and changes in policyholders' account balances as of and for the periods ended are as follows: Nine Months Ended September 30, 2023 Group Insurance Retirement Strategies Individual Life International Businesses Total Life/Disability Institutional Individual Variable Individual Fixed Variable/Universal Life Life Planner Gibraltar Life and Other ($ in millions) Balance, beginning of period $ 5,839 $ 17,376 $ 17,524 $ 4,643 $ 26,502 $ 11,168 $ 35,325 $ 118,377 Deposits 811 4,407 3,444 1,839 1,773 1,640 4,274 18,188 Interest credited 124 509 219 96 583 577 531 2,639 Acquisitions and dispositions 0 0 0 0 0 0 0 0 Policy charges (247) (16) (17) (6) (1,536) (222) (146) (2,190) Surrenders and withdrawals (1,217) (4,332) (492) (298) (1,267) (153) (1,015) (8,774) Benefit payments 0 0 (58) (58) (119) (203) (1,462) (1,900) Net transfers (to) from separate account 2 0 22 0 1,282 0 0 1,306 Change in market value and other adjustments(1) 0 0 1,192 82 75 21 (7) 1,363 Foreign currency adjustment 0 0 0 0 0 (1,071) (1,291) (2,362) Balance, end of period 5,312 17,944 21,834 6,298 27,293 11,757 36,209 126,647 Less: Reinsurance and other recoverable(2) 0 0 0 0 0 1 19 20 Policyholders' account balance net of reinsurance and other recoverable $ 5,312 $ 17,944 $ 21,834 $ 6,298 $ 27,293 $ 11,756 $ 36,190 $ 126,627 Closed Block Division 4,528 Unearned revenue reserve, unearned expense credit, and additional interest reserve 5,109 Other(3) 4,504 Total Policyholders' account balance $ 140,788 Weighted-average crediting rate 2.97 % 3.85 % 1.48 % 2.33 % 2.89 % 6.72 % 1.98 % 2.87 % Net amount at risk(4) $ 73,260 $ 0 $ 0 $ 0 $ 378,191 $ 17,400 $ 6,274 $ 475,125 Cash surrender value(5) $ 3,966 $ 17,944 $ 19,184 $ 5,038 $ 23,101 $ 10,063 $ 31,144 $ 110,440 Nine Months Ended September 30, 2022 Group Insurance Retirement Strategies Individual Life International Businesses Total Life/Disability Institutional Individual Variable Individual Fixed Variable/Universal Life Life Planner Gibraltar Life and Other ($ in millions) Balance, beginning of period $ 6,273 $ 16,391 $ 14,125 $ 4,652 $ 26,859 $ 11,555 $ 37,615 $ 117,470 Deposits 950 4,691 3,757 341 1,912 985 2,423 15,059 Interest credited 112 401 153 62 610 19 363 1,720 Dispositions(6) 0 0 (1,405) (440) 0 0 0 (1,845) Policy charges (243) (17) (3) (3) (1,528) (149) (89) (2,032) Surrenders and withdrawals (1,098) (3,866) (237) (110) (1,188) (143) (2,194) (8,836) Benefit payments 0 (439) (79) (132) (152) (192) (1,566) (2,560) Net transfers (to) from separate account (21) 0 238 0 352 0 0 569 Change in market value and other adjustments(1) 0 0 217 (88) (336) 23 (8) (192) Foreign currency adjustment 0 0 0 0 0 (2,051) (2,929) (4,980) Balance, end of period 5,973 17,161 16,766 4,282 26,529 10,047 33,615 114,373 Less: Reinsurance and other recoverable(2) 0 0 0 0 12 1 21 34 Policyholders' account balance net of reinsurance and other recoverable $ 5,973 $ 17,161 $ 16,766 $ 4,282 $ 26,517 $ 10,046 $ 33,594 $ 114,339 Closed Block Division 4,634 Unearned revenue reserve, unearned expense credit, and additional interest reserve 4,374 Other(3) 8,152 Total Policyholders' account balance $ 131,533 Weighted-average crediting rate 2.43 % 3.18 % 1.32 % 1.85 % 3.05 % 0.23 % 1.36 % 1.98 % Net amount at risk(4) $ 70,905 $ 0 $ 0 $ 0 $ 364,060 $ 14,586 $ 6,852 $ 456,403 Cash surrender value(5) $ 4,177 $ 17,161 $ 13,780 $ 3,250 $ 21,717 $ 8,511 $ 29,892 $ 98,488 ____________ (1) Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products. (2) The amount of recoverable related to reinsurance agreements that reduce the risk of the policyholders' account balance gross liability. (3) Includes $5,621 million and $8,220 million of Full Service account balances reinsured to Great-West as of September 30, 2023 and 2022, respectively. See Note 1 for additional information. (4) The net amount at risk calculation includes both general account and separate account balances. (5) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment. (6) Represents the sale of PALAC in Individual Retirement Strategies. The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid. The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns. The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 11 for additional information, including the net amount at risk associated with these guarantees. 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 are as follows: September 30, 2023 Range of Guaranteed Minimum Crediting Rate (1) At guaranteed minimum 1 - 50 bps above guaranteed minimum 51 - 150 bps above guaranteed minimum Greater than 150 bps above guaranteed minimum Total ($ in millions) Group Insurance Less than 1.00% $ 0 $ 0 $ 0 $ 1,221 $ 1,221 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 29 0 0 0 29 3.00% - 4.00% 1,565 0 0 0 1,565 Greater than 4.00% 73 0 0 0 73 Total $ 1,667 $ 0 $ 0 $ 1,221 $ 2,888 Institutional Less than 1.00% $ 400 $ 0 $ 0 $ 0 $ 400 1.00% - 1.99% 1,551 0 0 0 1,551 2.00% - 2.99% 551 0 0 0 551 3.00% - 4.00% 5,312 0 0 0 5,312 Greater than 4.00% 2,150 0 0 0 2,150 Total $ 9,964 $ 0 $ 0 $ 0 $ 9,964 Individual Variable Less than 1.00% $ 944 $ 821 $ 18 $ 0 $ 1,783 1.00% - 1.99% 224 2 1 0 227 2.00% - 2.99% 32 5 3 0 40 3.00% - 4.00% 2,046 8 10 0 2,064 Greater than 4.00% 97 0 0 0 97 Total $ 3,343 $ 836 $ 32 $ 0 $ 4,211 Individual Fixed Less than 1.00% $ 0 $ 0 $ 0 $ 20 $ 20 1.00% - 1.99% 544 129 246 82 1,001 2.00% - 2.99% 535 469 320 12 1,336 3.00% - 4.00% 343 9 0 0 352 Greater than 4.00% 97 0 0 0 97 Total $ 1,519 $ 607 $ 566 $ 114 $ 2,806 Variable & Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 408 $ 408 1.00% - 1.99% 185 0 2,528 884 3,597 2.00% - 2.99% 29 1,418 2,940 349 4,736 3.00% - 4.00% 4,478 4,189 1,315 14 9,996 Greater than 4.00% 5,533 0 0 0 5,533 Total $ 10,225 $ 5,607 $ 6,783 $ 1,655 $ 24,270 Life Planner Less than 1.00% $ 320 $ 42 $ 90 $ 1,440 $ 1,892 1.00% - 1.99% 2,815 25 0 0 2,840 2.00% - 2.99% 2,013 0 0 0 2,013 3.00% - 4.00% 335 0 0 0 335 Greater than 4.00% 380 0 0 0 380 Total $ 5,863 $ 67 $ 90 $ 1,440 $ 7,460 Gibraltar Less than 1.00% $ 15,671 $ 0 $ 0 $ 0 $ 15,671 1.00% - 1.99% 8,864 0 0 0 8,864 2.00% - 2.99% 3,153 310 38 0 3,501 3.00% - 4.00% 4,145 0 0 0 4,145 Greater than 4.00% 3,873 0 0 0 3,873 Total $ 35,706 $ 310 $ 38 $ 0 $ 36,054 September 30, 2022 Range of Guaranteed Minimum Crediting Rate (1) At guaranteed minimum 1 - 50 bps above guaranteed minimum 51 - 150 bps above guaranteed minimum Greater than 150 bps above guaranteed minimum Total ($ in millions) Group Insurance Less than 1.00% $ 0 $ 0 $ 0 $ 1,668 $ 1,668 1.00% - 1.99% 7 0 0 0 7 2.00% - 2.99% 54 0 0 0 54 3.00% - 4.00% 1,677 0 0 0 1,677 Greater than 4.00% 3 0 0 0 3 Total $ 1,741 $ 0 $ 0 $ 1,668 $ 3,409 Institutional Less than 1.00% $ 400 $ 0 $ 0 $ 0 $ 400 1.00% - 1.99% 1,572 0 0 0 1,572 2.00% - 2.99% 720 0 0 0 720 3.00% - 4.00% 5,980 0 0 0 5,980 Greater than 4.00% 734 0 0 0 734 Total $ 9,406 $ 0 $ 0 $ 0 $ 9,406 Individual Variable Less than 1.00% $ 1,034 $ 870 $ 19 $ 0 $ 1,923 1.00% - 1.99% 250 2 0 0 252 2.00% - 2.99% 36 0 1 0 37 3.00% - 4.00% 2,365 6 10 0 2,381 Greater than 4.00% 113 0 0 0 113 Total $ 3,798 $ 878 $ 30 $ 0 $ 4,706 Individual Fixed Less than 1.00% $ 0 $ 0 $ 0 $ 0 $ 0 1.00% - 1.99% 629 97 128 48 902 2.00% - 2.99% 485 0 0 0 485 3.00% - 4.00% 403 1 0 0 404 Greater than 4.00% 107 0 0 0 107 Total $ 1,624 $ 98 $ 128 $ 48 $ 1,898 Variable & Universal Life Less than 1.00% $ 15 $ 0 $ 0 $ 0 $ 15 1.00% - 1.99% 325 0 733 2,014 3,072 2.00% - 2.99% 389 4 2,406 2,023 4,822 3.00% - 4.00% 7,661 43 2,498 158 10,360 Greater than 4.00% 5,536 0 0 0 5,536 Total $ 13,926 $ 47 $ 5,637 $ 4,195 $ 23,805 Life Planner Less than 1.00% $ 348 $ 27 $ 95 $ 78 $ 548 1.00% - 1.99% 2,900 20 0 0 2,920 2.00% - 2.99% 2,088 0 0 0 2,088 3.00% - 4.00% 309 0 0 0 309 Greater than 4.00% 376 0 0 0 376 Total $ 6,021 $ 47 $ 95 $ 78 $ 6,241 Gibraltar Less than 1.00% $ 17,761 $ 0 $ 0 $ 0 $ 17,761 1.00% - 1.99% 9,627 0 0 0 9,627 2.00% - 2.99% 3,333 302 46 0 3,681 3.00% - 4.00% 2,074 0 0 0 2,074 Greater than 4.00% 226 0 0 0 226 Total $ 33,021 $ 302 $ 46 $ 0 $ 33,369 ____________ (1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products. The following table shows a rollforward of MRB balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates: Nine Months Ended September 30, 2023 2022 (in millions) Balance, BOP $ 4,987 $ 13,392 Effect of cumulative changes in NPR 1,828 898 Balance, BOP, before effect of changes in NPR 6,815 14,290 Attributed fees collected 899 1,040 Claims paid (83) (62) Interest accrual 255 79 Actual in force different from expected 54 96 Effect of changes in interest rates (2,986) (7,956) Effect of changes in equity markets (995) 4,437 Effect of assumption update 342 (152) Issuances 15 0 Other adjustments(1) (24) (3,993) Balance, EOP, before effect of changes in NPR 4,292 7,779 Effect of cumulative changes in NPR (1,301) (2,188) Balance, EOP 2,991 5,591 Less: Reinsured MRB 610 29 Balance, EOP, net of reinsurance 2,381 5,562 Other businesses 79 120 Total net MRB balance $ 2,460 $ 5,682 _________ (1) 2022 includes $(4,061) million related to the sale of PALAC. See Note 1 for additional information. . In 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions on certain variable annuities. In 2022, the Company recognized a favorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to mortality and policyholder behavior assumptions on certain variable annuities. The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefi |
Policyholders' Account Balances
Policyholders' Account Balances | 9 Months Ended |
Sep. 30, 2023 | |
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract] | |
Liabilities for Future Policy Benefits | LIABILITY FOR FUTURE POLICY BENEFITS Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below: • Benefit Reserves; • Deferred Profit Liability; and • Additional Insurance Reserves In 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed Benefit Reserves and Deferred Profit Liability, net of the impact of flooring these liabilities at zero for each issue year cohort. This net impact was primarily due to updates to lapse and claim incidence assumptions on Long-Term Care policies. Additionally, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update and other refinements for direct and assumed Additional Insurance Reserves, primarily due to unfavorable model refinements, partially offset by favorable updates to economic assumptions, including expected future rates of returns on investments on universal life policies with secondary guarantees. In 2022, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed Benefit Reserves and Deferred Profit Liability, net of the impact of flooring these liabilities at zero for each issue year cohort. This net impact was primarily due to updates to mortality assumptions on individual term life policies. Additionally, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update and other refinements for direct and assumed Additional Insurance Reserves, primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees. Benefit Reserves The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits. Nine Months Ended September 30, 2023 Present Value of Expected Net Premiums Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 52,620 $ 11,282 $ 30,689 $ 28,951 $ 2,932 $ 126,474 Effect of cumulative changes in discount rate assumptions, BOP 14,349 572 1,354 1,326 103 17,704 Balance at original discount rate, BOP 66,969 11,854 32,043 30,277 3,035 144,178 Effect of assumption update (1,117) (1) 78 (175) 266 (949) Effect of actual variances from expected experience and other activity 384 (159) (814) (516) 145 (960) Adjusted balance, BOP 66,236 11,694 31,307 29,586 3,446 142,269 Issuances 8,453 539 1,793 1,258 0 12,043 Net premiums / considerations collected (8,682) (1,060) (3,055) (2,873) (242) (15,912) Interest accrual 1,588 404 680 594 117 3,383 Foreign currency adjustment 950 0 (1,583) (1,608) 0 (2,241) Other adjustments 0 (2) 104 0 0 102 Balance at original discount rate, EOP 68,545 11,575 29,246 26,957 3,321 139,644 Effect of cumulative changes in discount rate assumptions, EOP (16,742) (965) (1,571) (1,495) (249) (21,022) Balance, EOP $ 51,803 $ 10,610 $ 27,675 $ 25,462 $ 3,072 $ 118,622 Other businesses, EOP 83 Total balance, EOP $ 118,705 Nine Months Ended September 30, 2023 Present Value of Expected Future Policy Benefits Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 117,754 $ 19,288 $ 78,639 $ 80,331 $ 10,685 $ 306,697 Effect of cumulative changes in discount rate assumptions, BOP 20,170 1,012 3,719 11,266 1,216 37,383 Balance at original discount rate, BOP 137,924 20,300 82,358 91,597 11,901 344,080 Effect of assumption update (1,289) (1) 145 44 357 (744) Effect of actual variances from expected experience and other activity 377 (194) (845) (503) 171 (994) Adjusted balance, BOP 137,012 20,105 81,658 91,138 12,429 342,342 Issuances 8,453 539 1,793 1,258 0 12,043 Interest accrual 3,720 707 1,977 1,729 443 8,576 Benefit payments (8,550) (1,121) (2,729) (3,496) (196) (16,092) Foreign currency adjustment 981 0 (4,630) (5,780) 0 (9,429) Other adjustments (138) (14) 206 (18) 0 36 Balance at original discount rate, EOP 141,478 20,216 78,275 84,831 12,676 337,476 Effect of cumulative changes in discount rate assumptions, EOP (24,887) (1,856) (5,296) (11,846) (2,305) (46,190) Balance, EOP $ 116,591 $ 18,360 $ 72,979 $ 72,985 $ 10,371 $ 291,286 Other businesses, EOP 1,635 Total balance, EOP $ 292,921 Nine Months Ended September 30, 2023 Net Liability for Future Policy Benefits - Benefit Reserves Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, EOP, pre-flooring $ 64,789 $ 7,750 $ 45,304 $ 47,523 $ 7,299 $ 172,665 Flooring impact, EOP 0 2 27 31 0 60 Balance, EOP, post-flooring 64,789 7,752 45,331 47,554 7,299 172,725 Less: Reinsurance recoverable 4,810 696 96 189 0 5,791 Balance after reinsurance recoverable, EOP, post-flooring $ 59,979 $ 7,056 $ 45,235 $ 47,365 $ 7,299 $ 166,934 Other businesses, EOP(1) 1,482 Total balance after reinsurance recoverable, EOP $ 168,416 Nine Months Ended September 30, 2022 Present Value of Expected Net Premiums Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 68,791 $ 12,971 $ 39,517 $ 37,815 $ 3,585 $ 162,679 Effect of cumulative changes in discount rate assumptions, BOP (4,414) (1,892) (3,516) (3,239) (644) (13,705) Balance at original discount rate, BOP 64,377 11,079 36,001 34,576 2,941 148,974 Effect of assumption update 249 1,313 (76) (176) 49 1,359 Effect of actual variances from expected experience and other activity 347 31 (1,181) (575) 163 (1,215) Adjusted balance, BOP 64,973 12,423 34,744 33,825 3,153 149,118 Issuances 12,912 344 2,456 1,933 0 17,645 Net premiums / considerations collected (13,540) (1,049) (3,259) (3,284) (218) (21,350) Interest accrual 1,174 406 717 656 109 3,062 Foreign currency adjustment (11,386) 0 (3,622) (3,402) 0 (18,410) Other adjustments 0 (10) 156 24 0 170 Balance at original discount rate, EOP 54,133 12,114 31,192 29,752 3,044 130,235 Effect of cumulative changes in discount rate assumptions, EOP (15,179) (777) (1,151) (1,157) (164) (18,428) Balance, EOP $ 38,954 $ 11,337 $ 30,041 $ 28,595 $ 2,880 $ 111,807 Other businesses, EOP 104 Total balance, EOP $ 111,911 Nine Months Ended September 30, 2022 Present Value of Expected Future Policy Benefits Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 142,593 $ 22,768 $ 109,562 $ 114,846 $ 15,810 $ 405,579 Effect of cumulative changes in discount rate assumptions, BOP (13,706) (3,876) (21,554) (13,476) (4,482) (57,094) Balance at original discount rate, BOP 128,887 18,892 88,008 101,370 11,328 348,485 Effect of assumption update (187) 1,777 (115) (164) 49 1,360 Effect of actual variances from expected experience and other activity 256 45 (1,290) (495) 188 (1,296) Adjusted balance, BOP 128,956 20,714 86,603 100,711 11,565 348,549 Issuances 12,912 344 2,456 1,933 0 17,645 Interest accrual 3,066 701 2,006 1,823 413 8,009 Benefit payments (7,253) (1,150) (2,609) (4,090) (179) (15,281) Foreign currency adjustment (11,711) 0 (9,915) (11,950) 0 (33,576) Other adjustments (528) (14) 247 (12) 0 (307) Balance at original discount rate, EOP 125,442 20,595 78,788 88,415 11,799 325,039 Effect of cumulative changes in discount rate assumptions, EOP (22,629) (1,450) (2,790) (10,296) (1,755) (38,920) Balance, EOP $ 102,813 $ 19,145 $ 75,998 $ 78,119 $ 10,044 $ 286,119 Other businesses, EOP 1,905 Total balance, EOP $ 288,024 Nine Months Ended September 30, 2022 Net Liability for Future Policy Benefits - Benefit Reserves Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, EOP, pre-flooring $ 63,859 $ 7,808 $ 45,957 $ 49,524 $ 7,163 $ 174,311 Flooring impact, EOP 1 0 236 370 0 607 Balance, EOP, post-flooring 63,860 7,808 46,193 49,894 7,163 174,918 Less: Reinsurance recoverable 0 772 116 200 0 1,088 Balance after reinsurance recoverable, EOP, post-flooring $ 63,860 $ 7,036 $ 46,077 $ 49,694 $ 7,163 $ 173,830 Other businesses, EOP(1) 1,723 Total balance after reinsurance recoverable, EOP $ 175,553 __________ (1) Reflects balance after reinsurance recoverable of $69 million and $80 million at September 30, 2023 and 2022, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Nine Months Ended September 30, 2023 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 108,863 $ 23,147 $ 68,665 $ 56,169 $ 6,854 Discounted expected future gross premiums (at original discount rate) $ 75,372 $ 15,381 $ 53,078 $ 45,102 $ 4,496 Discounted expected future gross premiums (at current discount rate) $ 56,962 $ 14,120 $ 50,753 $ 42,804 $ 4,167 Undiscounted expected future benefits and expenses $ 217,931 $ 31,164 $ 137,378 $ 139,536 $ 30,897 Interest accrual $ 2,132 $ 303 $ 1,297 $ 1,135 $ 326 Gross premiums $ 9,310 $ 1,384 $ 4,849 $ 4,741 $ 342 Weighted-average duration of the liability in years (at original discount rate) 9 10 20 19 18 Weighted-average duration of the liability in years (at current discount rate) 8 9 19 17 17 Weighted-average interest rate (at original discount rate) 4.57 % 5.17 % 3.46 % 2.59 % 4.91 % Weighted-average interest rate (at current discount rate) 6.02 % 6.01 % 3.37 % 3.26 % 6.30 % Nine Months Ended September 30, 2022 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 81,807 $ 23,879 $ 72,431 $ 62,850 $ 7,035 Discounted expected future gross premiums (at original discount rate) $ 59,074 $ 15,863 $ 56,206 $ 49,935 $ 4,561 Discounted expected future gross premiums (at current discount rate) $ 42,578 $ 14,853 $ 54,613 $ 48,237 $ 4,325 Undiscounted expected future benefits and expenses $ 189,976 $ 31,873 $ 143,840 $ 151,940 $ 29,625 Interest accrual $ 1,892 $ 295 $ 1,289 $ 1,167 $ 304 Gross premiums $ 14,102 $ 1,412 $ 5,274 $ 5,414 $ 336 Weighted-average duration of the liability in years (at original discount rate) 8 10 21 20 19 Weighted-average duration of the liability in years (at current discount rate) 7 10 19 18 18 Weighted-average interest rate (at original discount rate) 4.29 % 5.23 % 3.45 % 2.55 % 4.91 % Weighted-average interest rate (at current discount rate) 5.68 % 5.66 % 2.96 % 2.80 % 5.98 % For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2. For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter, such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss respectively. In the first nine months of 2023, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts. In the first nine months of 2022, there was a $209 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, partially offset by an $89 million gain reflecting the impact of ceded reinsurance on the affected cohorts. The unfavorable impact in the first nine months of 2022 is primarily due to unfavorable assumption updates related to the term life business in Individual Life. Deferred Profit Liability The balances of and changes in Deferred Profit Liability as of and for the period indicated are as follows: Nine Months Ended September 30, 2023 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 5,532 $ 3,379 $ 5,261 $ 14,172 Flooring impact, BOP 0 0 1 1 Balance, BOP, pre-flooring 5,532 3,379 5,260 14,171 Effect of assumption update 35 (67) (228) (260) Effect of actual variances from expected experience and other activity 4 (4) (32) (32) Adjusted balance, BOP 5,571 3,308 5,000 13,879 Profits deferred 294 1,271 1,017 2,582 Interest accrual 170 109 114 393 Amortization (424) (869) (765) (2,058) Foreign currency adjustment 2 (128) (251) (377) Other adjustments 0 24 0 24 Balance, EOP, pre-flooring 5,613 3,715 5,115 14,443 Flooring impact, EOP 0 0 1 1 Balance, EOP 5,613 3,715 5,116 14,444 Less: Reinsurance recoverable 383 8 10 401 Balance after reinsurance recoverable $ 5,230 $ 3,707 $ 5,106 14,043 Other businesses(1) 145 Total balance after reinsurance recoverable $ 14,188 Nine Months Ended September 30, 2022 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 5,183 $ 2,741 $ 5,014 $ 12,938 Flooring impact, BOP 0 0 1 1 Balance, BOP, pre-flooring 5,183 2,741 5,013 12,937 Effect of assumption update 382 28 (5) 405 Effect of actual variances from expected experience and other activity 101 3 (82) 22 Adjusted balance, BOP 5,666 2,772 4,926 13,364 Profits deferred 212 1,308 1,184 2,704 Interest accrual 160 91 107 358 Amortization (410) (852) (782) (2,044) Foreign currency adjustment (48) (246) (487) (781) Other adjustments (1) 19 (1) 17 Balance, EOP, pre-flooring 5,579 3,092 4,947 13,618 Flooring impact, EOP 0 0 1 1 Balance, EOP 5,579 3,092 4,948 13,619 Less: Reinsurance recoverable 0 7 10 17 Balance after reinsurance recoverable $ 5,579 $ 3,085 $ 4,938 13,602 Other businesses(1) 182 Total balance after reinsurance recoverable $ 13,784 __________ (1) Reflects balance after reinsurance recoverable of $0 million and $1 million at September 30, 2023 and 2022, respectively. The following tables provide supplemental information related to the balances of and changes in Deferred Profit Liability, included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Nine Months Ended September 30, 2023 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ (79) $ (464) $ (105) Interest accrual $ 170 $ 109 $ 114 Nine Months Ended September 30, 2022 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ (443) $ (600) $ (420) Interest accrual $ 160 $ 91 $ 107 __________ (1) Represents the gross premiums collected in changes in Deferred Profit Liability excluding impact of foreign currency adjustments. Additional Insurance Reserves AIR represents the additional liability for annuitization, death, or other insurance benefits, including GMDB and GMIB contract features, that are above and beyond the contractholder's account balance. The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance: Nine Months Ended September 30, 2023 2022 (in millions) Balance, including amounts in AOCI, BOP, post-flooring $ 12,684 $ 11,708 Flooring impact and amounts in AOCI 1,285 (909) Balance, excluding amounts in AOCI, BOP, pre-flooring 13,969 10,799 Effect of assumption update 23 2,200 Effect of actual variances from expected experience and other activity (13) (215) Adjusted balance, BOP 13,979 12,784 Assessments collected(1) 836 750 Interest accrual 362 319 Benefits paid (223) (148) Balance, excluding amounts in AOCI, EOP, pre-flooring 14,954 13,705 Flooring impact and amounts in AOCI (1,737) (1,595) Balance, including amounts in AOCI, EOP, post-flooring 13,217 12,110 Less: Reinsurance recoverable 5,286 4,790 Balance after reinsurance recoverable, including amounts in AOCI, EOP 7,931 7,320 Other businesses 123 144 Total balance after reinsurance recoverable $ 8,054 $ 7,464 __________ (1) Represents the portion of gross assessments required to fund the future policy benefits. Nine Months Ended September 30, 2023 2022 ($ in millions) Interest accrual $ 362 $ 319 Gross assessments $ 2,357 $ 1,995 Weighted-average duration of the liability in years (at original discount rate) 22 23 Weighted-average interest rate (at original discount rate) 3.36 % 3.38 % Future Policy Benefits Reconciliation The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, Additional Insurance Reserves, and Deferred Profit Liability including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company's Consolidated Statement of Financial Position as of the periods indicated: Nine Months Ended September 30, 2023 2022 (in millions) Benefit reserves, EOP, post-flooring $ 174,276 $ 176,720 Deferred Profit Liability EOP, post-flooring 14,589 13,802 Additional insurance reserves, including amounts in AOCI, EOP, post-flooring 13,340 12,254 Subtotal of amounts disclosed above 202,205 202,776 Other Future Policy Benefits reserves(1) 51,346 52,359 Total Future Policy Benefits $ 253,551 $ 255,135 __________ (1) Represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities. Revenue and Interest Expense The following tables present revenue and interest expense related to Benefit Reserves, Additional Insurance Reserves, and Deferred Profit Liability, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations as of the periods indicated: Nine Months Ended September 30, 2023 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 9,310 $ 1,384 $ 0 $ 4,849 $ 4,741 $ 415 $ 20,699 Deferred profit liability (79) 0 0 (464) (105) 37 (611) Additional insurance reserves 0 0 2,357 0 0 0 2,357 Total $ 9,231 $ 1,384 $ 2,357 $ 4,385 $ 4,636 $ 452 $ 22,445 Nine Months Ended September 30, 2022 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 14,102 $ 1,412 $ 0 $ 5,274 $ 5,414 $ 398 $ 26,600 Deferred profit liability (443) 0 0 (600) (420) 41 (1,422) Additional insurance reserves 0 0 1,995 0 0 1 1,996 Total $ 13,659 $ 1,412 $ 1,995 $ 4,674 $ 4,994 $ 440 $ 27,174 Nine Months Ended September 30, 2023 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 2,132 $ 303 $ 0 $ 1,297 $ 1,135 $ 366 $ 5,233 Deferred profit liability 170 0 0 109 114 3 396 Additional insurance reserves 0 0 362 1 0 0 363 Total $ 2,302 $ 303 $ 362 $ 1,407 $ 1,249 $ 369 $ 5,992 Nine Months Ended September 30, 2022 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 1,892 $ 295 $ 0 $ 1,289 $ 1,167 $ 346 $ 4,989 Deferred profit liability 160 0 0 91 107 3 361 Additional insurance reserves 0 0 319 2 1 0 322 Total $ 2,052 $ 295 $ 319 $ 1,382 $ 1,275 $ 349 $ 5,672 __________ (1) Represents "Gross Premiums" for benefit reserves, "Revenue" for deferred profit liability and "Gross Assessments" for additional insurance reserves. (2) Includes remaining balances disclosed above and balances for which disaggregated rollforward disclosures may not be presented above. The balances of and changes in policyholders' account balances as of and for the periods ended are as follows: Nine Months Ended September 30, 2023 Group Insurance Retirement Strategies Individual Life International Businesses Total Life/Disability Institutional Individual Variable Individual Fixed Variable/Universal Life Life Planner Gibraltar Life and Other ($ in millions) Balance, beginning of period $ 5,839 $ 17,376 $ 17,524 $ 4,643 $ 26,502 $ 11,168 $ 35,325 $ 118,377 Deposits 811 4,407 3,444 1,839 1,773 1,640 4,274 18,188 Interest credited 124 509 219 96 583 577 531 2,639 Acquisitions and dispositions 0 0 0 0 0 0 0 0 Policy charges (247) (16) (17) (6) (1,536) (222) (146) (2,190) Surrenders and withdrawals (1,217) (4,332) (492) (298) (1,267) (153) (1,015) (8,774) Benefit payments 0 0 (58) (58) (119) (203) (1,462) (1,900) Net transfers (to) from separate account 2 0 22 0 1,282 0 0 1,306 Change in market value and other adjustments(1) 0 0 1,192 82 75 21 (7) 1,363 Foreign currency adjustment 0 0 0 0 0 (1,071) (1,291) (2,362) Balance, end of period 5,312 17,944 21,834 6,298 27,293 11,757 36,209 126,647 Less: Reinsurance and other recoverable(2) 0 0 0 0 0 1 19 20 Policyholders' account balance net of reinsurance and other recoverable $ 5,312 $ 17,944 $ 21,834 $ 6,298 $ 27,293 $ 11,756 $ 36,190 $ 126,627 Closed Block Division 4,528 Unearned revenue reserve, unearned expense credit, and additional interest reserve 5,109 Other(3) 4,504 Total Policyholders' account balance $ 140,788 Weighted-average crediting rate 2.97 % 3.85 % 1.48 % 2.33 % 2.89 % 6.72 % 1.98 % 2.87 % Net amount at risk(4) $ 73,260 $ 0 $ 0 $ 0 $ 378,191 $ 17,400 $ 6,274 $ 475,125 Cash surrender value(5) $ 3,966 $ 17,944 $ 19,184 $ 5,038 $ 23,101 $ 10,063 $ 31,144 $ 110,440 Nine Months Ended September 30, 2022 Group Insurance Retirement Strategies Individual Life International Businesses Total Life/Disability Institutional Individual Variable Individual Fixed Variable/Universal Life Life Planner Gibraltar Life and Other ($ in millions) Balance, beginning of period $ 6,273 $ 16,391 $ 14,125 $ 4,652 $ 26,859 $ 11,555 $ 37,615 $ 117,470 Deposits 950 4,691 3,757 341 1,912 985 2,423 15,059 Interest credited 112 401 153 62 610 19 363 1,720 Dispositions(6) 0 0 (1,405) (440) 0 0 0 (1,845) Policy charges (243) (17) (3) (3) (1,528) (149) (89) (2,032) Surrenders and withdrawals (1,098) (3,866) (237) (110) (1,188) (143) (2,194) (8,836) Benefit payments 0 (439) (79) (132) (152) (192) (1,566) (2,560) Net transfers (to) from separate account (21) 0 238 0 352 0 0 569 Change in market value and other adjustments(1) 0 0 217 (88) (336) 23 (8) (192) Foreign currency adjustment 0 0 0 0 0 (2,051) (2,929) (4,980) Balance, end of period 5,973 17,161 16,766 4,282 26,529 10,047 33,615 114,373 Less: Reinsurance and other recoverable(2) 0 0 0 0 12 1 21 34 Policyholders' account balance net of reinsurance and other recoverable $ 5,973 $ 17,161 $ 16,766 $ 4,282 $ 26,517 $ 10,046 $ 33,594 $ 114,339 Closed Block Division 4,634 Unearned revenue reserve, unearned expense credit, and additional interest reserve 4,374 Other(3) 8,152 Total Policyholders' account balance $ 131,533 Weighted-average crediting rate 2.43 % 3.18 % 1.32 % 1.85 % 3.05 % 0.23 % 1.36 % 1.98 % Net amount at risk(4) $ 70,905 $ 0 $ 0 $ 0 $ 364,060 $ 14,586 $ 6,852 $ 456,403 Cash surrender value(5) $ 4,177 $ 17,161 $ 13,780 $ 3,250 $ 21,717 $ 8,511 $ 29,892 $ 98,488 ____________ (1) Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products. (2) The amount of recoverable related to reinsurance agreements that reduce the risk of the policyholders' account balance gross liability. (3) Includes $5,621 million and $8,220 million of Full Service account balances reinsured to Great-West as of September 30, 2023 and 2022, respectively. See Note 1 for additional information. (4) The net amount at risk calculation includes both general account and separate account balances. (5) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment. (6) Represents the sale of PALAC in Individual Retirement Strategies. The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid. The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns. The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 11 for additional information, including the net amount at risk associated with these guarantees. 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 are as follows: September 30, 2023 Range of Guaranteed Minimum Crediting Rate (1) At guaranteed minimum 1 - 50 bps above guaranteed minimum 51 - 150 bps above guaranteed minimum Greater than 150 bps above guaranteed minimum Total ($ in millions) Group Insurance Less than 1.00% $ 0 $ 0 $ 0 $ 1,221 $ 1,221 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 29 0 0 0 29 3.00% - 4.00% 1,565 0 0 0 1,565 Greater than 4.00% 73 0 0 0 73 Total $ 1,667 $ 0 $ 0 $ 1,221 $ 2,888 Institutional Less than 1.00% $ 400 $ 0 $ 0 $ 0 $ 400 1.00% - 1.99% 1,551 0 0 0 1,551 2.00% - 2.99% 551 0 0 0 551 3.00% - 4.00% 5,312 0 0 0 5,312 Greater than 4.00% 2,150 0 0 0 2,150 Total $ 9,964 $ 0 $ 0 $ 0 $ 9,964 Individual Variable Less than 1.00% $ 944 $ 821 $ 18 $ 0 $ 1,783 1.00% - 1.99% 224 2 1 0 227 2.00% - 2.99% 32 5 3 0 40 3.00% - 4.00% 2,046 8 10 0 2,064 Greater than 4.00% 97 0 0 0 97 Total $ 3,343 $ 836 $ 32 $ 0 $ 4,211 Individual Fixed Less than 1.00% $ 0 $ 0 $ 0 $ 20 $ 20 1.00% - 1.99% 544 129 246 82 1,001 2.00% - 2.99% 535 469 320 12 1,336 3.00% - 4.00% 343 9 0 0 352 Greater than 4.00% 97 0 0 0 97 Total $ 1,519 $ 607 $ 566 $ 114 $ 2,806 Variable & Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 408 $ 408 1.00% - 1.99% 185 0 2,528 884 3,597 2.00% - 2.99% 29 1,418 2,940 349 4,736 3.00% - 4.00% 4,478 4,189 1,315 14 9,996 Greater than 4.00% 5,533 0 0 0 5,533 Total $ 10,225 $ 5,607 $ 6,783 $ 1,655 $ 24,270 Life Planner Less than 1.00% $ 320 $ 42 $ 90 $ 1,440 $ 1,892 1.00% - 1.99% 2,815 25 0 0 2,840 2.00% - 2.99% 2,013 0 0 0 2,013 3.00% - 4.00% 335 0 0 0 335 Greater than 4.00% 380 0 0 0 380 Total $ 5,863 $ 67 $ 90 $ 1,440 $ 7,460 Gibraltar Less than 1.00% $ 15,671 $ 0 $ 0 $ 0 $ 15,671 1.00% - 1.99% 8,864 0 0 0 8,864 2.00% - 2.99% 3,153 310 38 0 3,501 3.00% - 4.00% 4,145 0 0 0 4,145 Greater than 4.00% 3,873 0 0 0 3,873 Total $ 35,706 $ 310 $ 38 $ 0 $ 36,054 September 30, 2022 Range of Guaranteed Minimum Crediting Rate (1) At guaranteed minimum 1 - 50 bps above guaranteed minimum 51 - 150 bps above guaranteed minimum Greater than 150 bps above guaranteed minimum Total ($ in millions) Group Insurance Less than 1.00% $ 0 $ 0 $ 0 $ 1,668 $ 1,668 1.00% - 1.99% 7 0 0 0 7 2.00% - 2.99% 54 0 0 0 54 3.00% - 4.00% 1,677 0 0 0 1,677 Greater than 4.00% 3 0 0 0 3 Total $ 1,741 $ 0 $ 0 $ 1,668 $ 3,409 Institutional Less than 1.00% $ 400 $ 0 $ 0 $ 0 $ 400 1.00% - 1.99% 1,572 0 0 0 1,572 2.00% - 2.99% 720 0 0 0 720 3.00% - 4.00% 5,980 0 0 0 5,980 Greater than 4.00% 734 0 0 0 734 Total $ 9,406 $ 0 $ 0 $ 0 $ 9,406 Individual Variable Less than 1.00% $ 1,034 $ 870 $ 19 $ 0 $ 1,923 1.00% - 1.99% 250 2 0 0 252 2.00% - 2.99% 36 0 1 0 37 3.00% - 4.00% 2,365 6 10 0 2,381 Greater than 4.00% 113 0 0 0 113 Total $ 3,798 $ 878 $ 30 $ 0 $ 4,706 Individual Fixed Less than 1.00% $ 0 $ 0 $ 0 $ 0 $ 0 1.00% - 1.99% 629 97 128 48 902 2.00% - 2.99% 485 0 0 0 485 3.00% - 4.00% 403 1 0 0 404 Greater than 4.00% 107 0 0 0 107 Total $ 1,624 $ 98 $ 128 $ 48 $ 1,898 Variable & Universal Life Less than 1.00% $ 15 $ 0 $ 0 $ 0 $ 15 1.00% - 1.99% 325 0 733 2,014 3,072 2.00% - 2.99% 389 4 2,406 2,023 4,822 3.00% - 4.00% 7,661 43 2,498 158 10,360 Greater than 4.00% 5,536 0 0 0 5,536 Total $ 13,926 $ 47 $ 5,637 $ 4,195 $ 23,805 Life Planner Less than 1.00% $ 348 $ 27 $ 95 $ 78 $ 548 1.00% - 1.99% 2,900 20 0 0 2,920 2.00% - 2.99% 2,088 0 0 0 2,088 3.00% - 4.00% 309 0 0 0 309 Greater than 4.00% 376 0 0 0 376 Total $ 6,021 $ 47 $ 95 $ 78 $ 6,241 Gibraltar Less than 1.00% $ 17,761 $ 0 $ 0 $ 0 $ 17,761 1.00% - 1.99% 9,627 0 0 0 9,627 2.00% - 2.99% 3,333 302 46 0 3,681 3.00% - 4.00% 2,074 0 0 0 2,074 Greater than 4.00% 226 0 0 0 226 Total $ 33,021 $ 302 $ 46 $ 0 $ 33,369 ____________ (1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products. The following table shows a rollforward of MRB balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates: Nine Months Ended September 30, 2023 2022 (in millions) Balance, BOP $ 4,987 $ 13,392 Effect of cumulative changes in NPR 1,828 898 Balance, BOP, before effect of changes in NPR 6,815 14,290 Attributed fees collected 899 1,040 Claims paid (83) (62) Interest accrual 255 79 Actual in force different from expected 54 96 Effect of changes in interest rates (2,986) (7,956) Effect of changes in equity markets (995) 4,437 Effect of assumption update 342 (152) Issuances 15 0 Other adjustments(1) (24) (3,993) Balance, EOP, before effect of changes in NPR 4,292 7,779 Effect of cumulative changes in NPR (1,301) (2,188) Balance, EOP 2,991 5,591 Less: Reinsured MRB 610 29 Balance, EOP, net of reinsurance 2,381 5,562 Other businesses 79 120 Total net MRB balance $ 2,460 $ 5,682 _________ (1) 2022 includes $(4,061) million related to the sale of PALAC. See Note 1 for additional information. . In 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions on certain variable annuities. In 2022, the Company recognized a favorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to mortality and policyholder behavior assumptions on certain variable annuities. The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefi |
Market Risk Benefits
Market Risk Benefits | 9 Months Ended |
Sep. 30, 2023 | |
Insurance [Abstract] | |
Market Risk Benefits | LIABILITY FOR FUTURE POLICY BENEFITS Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below: • Benefit Reserves; • Deferred Profit Liability; and • Additional Insurance Reserves In 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed Benefit Reserves and Deferred Profit Liability, net of the impact of flooring these liabilities at zero for each issue year cohort. This net impact was primarily due to updates to lapse and claim incidence assumptions on Long-Term Care policies. Additionally, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update and other refinements for direct and assumed Additional Insurance Reserves, primarily due to unfavorable model refinements, partially offset by favorable updates to economic assumptions, including expected future rates of returns on investments on universal life policies with secondary guarantees. In 2022, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed Benefit Reserves and Deferred Profit Liability, net of the impact of flooring these liabilities at zero for each issue year cohort. This net impact was primarily due to updates to mortality assumptions on individual term life policies. Additionally, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update and other refinements for direct and assumed Additional Insurance Reserves, primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees. Benefit Reserves The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits. Nine Months Ended September 30, 2023 Present Value of Expected Net Premiums Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 52,620 $ 11,282 $ 30,689 $ 28,951 $ 2,932 $ 126,474 Effect of cumulative changes in discount rate assumptions, BOP 14,349 572 1,354 1,326 103 17,704 Balance at original discount rate, BOP 66,969 11,854 32,043 30,277 3,035 144,178 Effect of assumption update (1,117) (1) 78 (175) 266 (949) Effect of actual variances from expected experience and other activity 384 (159) (814) (516) 145 (960) Adjusted balance, BOP 66,236 11,694 31,307 29,586 3,446 142,269 Issuances 8,453 539 1,793 1,258 0 12,043 Net premiums / considerations collected (8,682) (1,060) (3,055) (2,873) (242) (15,912) Interest accrual 1,588 404 680 594 117 3,383 Foreign currency adjustment 950 0 (1,583) (1,608) 0 (2,241) Other adjustments 0 (2) 104 0 0 102 Balance at original discount rate, EOP 68,545 11,575 29,246 26,957 3,321 139,644 Effect of cumulative changes in discount rate assumptions, EOP (16,742) (965) (1,571) (1,495) (249) (21,022) Balance, EOP $ 51,803 $ 10,610 $ 27,675 $ 25,462 $ 3,072 $ 118,622 Other businesses, EOP 83 Total balance, EOP $ 118,705 Nine Months Ended September 30, 2023 Present Value of Expected Future Policy Benefits Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 117,754 $ 19,288 $ 78,639 $ 80,331 $ 10,685 $ 306,697 Effect of cumulative changes in discount rate assumptions, BOP 20,170 1,012 3,719 11,266 1,216 37,383 Balance at original discount rate, BOP 137,924 20,300 82,358 91,597 11,901 344,080 Effect of assumption update (1,289) (1) 145 44 357 (744) Effect of actual variances from expected experience and other activity 377 (194) (845) (503) 171 (994) Adjusted balance, BOP 137,012 20,105 81,658 91,138 12,429 342,342 Issuances 8,453 539 1,793 1,258 0 12,043 Interest accrual 3,720 707 1,977 1,729 443 8,576 Benefit payments (8,550) (1,121) (2,729) (3,496) (196) (16,092) Foreign currency adjustment 981 0 (4,630) (5,780) 0 (9,429) Other adjustments (138) (14) 206 (18) 0 36 Balance at original discount rate, EOP 141,478 20,216 78,275 84,831 12,676 337,476 Effect of cumulative changes in discount rate assumptions, EOP (24,887) (1,856) (5,296) (11,846) (2,305) (46,190) Balance, EOP $ 116,591 $ 18,360 $ 72,979 $ 72,985 $ 10,371 $ 291,286 Other businesses, EOP 1,635 Total balance, EOP $ 292,921 Nine Months Ended September 30, 2023 Net Liability for Future Policy Benefits - Benefit Reserves Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, EOP, pre-flooring $ 64,789 $ 7,750 $ 45,304 $ 47,523 $ 7,299 $ 172,665 Flooring impact, EOP 0 2 27 31 0 60 Balance, EOP, post-flooring 64,789 7,752 45,331 47,554 7,299 172,725 Less: Reinsurance recoverable 4,810 696 96 189 0 5,791 Balance after reinsurance recoverable, EOP, post-flooring $ 59,979 $ 7,056 $ 45,235 $ 47,365 $ 7,299 $ 166,934 Other businesses, EOP(1) 1,482 Total balance after reinsurance recoverable, EOP $ 168,416 Nine Months Ended September 30, 2022 Present Value of Expected Net Premiums Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 68,791 $ 12,971 $ 39,517 $ 37,815 $ 3,585 $ 162,679 Effect of cumulative changes in discount rate assumptions, BOP (4,414) (1,892) (3,516) (3,239) (644) (13,705) Balance at original discount rate, BOP 64,377 11,079 36,001 34,576 2,941 148,974 Effect of assumption update 249 1,313 (76) (176) 49 1,359 Effect of actual variances from expected experience and other activity 347 31 (1,181) (575) 163 (1,215) Adjusted balance, BOP 64,973 12,423 34,744 33,825 3,153 149,118 Issuances 12,912 344 2,456 1,933 0 17,645 Net premiums / considerations collected (13,540) (1,049) (3,259) (3,284) (218) (21,350) Interest accrual 1,174 406 717 656 109 3,062 Foreign currency adjustment (11,386) 0 (3,622) (3,402) 0 (18,410) Other adjustments 0 (10) 156 24 0 170 Balance at original discount rate, EOP 54,133 12,114 31,192 29,752 3,044 130,235 Effect of cumulative changes in discount rate assumptions, EOP (15,179) (777) (1,151) (1,157) (164) (18,428) Balance, EOP $ 38,954 $ 11,337 $ 30,041 $ 28,595 $ 2,880 $ 111,807 Other businesses, EOP 104 Total balance, EOP $ 111,911 Nine Months Ended September 30, 2022 Present Value of Expected Future Policy Benefits Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 142,593 $ 22,768 $ 109,562 $ 114,846 $ 15,810 $ 405,579 Effect of cumulative changes in discount rate assumptions, BOP (13,706) (3,876) (21,554) (13,476) (4,482) (57,094) Balance at original discount rate, BOP 128,887 18,892 88,008 101,370 11,328 348,485 Effect of assumption update (187) 1,777 (115) (164) 49 1,360 Effect of actual variances from expected experience and other activity 256 45 (1,290) (495) 188 (1,296) Adjusted balance, BOP 128,956 20,714 86,603 100,711 11,565 348,549 Issuances 12,912 344 2,456 1,933 0 17,645 Interest accrual 3,066 701 2,006 1,823 413 8,009 Benefit payments (7,253) (1,150) (2,609) (4,090) (179) (15,281) Foreign currency adjustment (11,711) 0 (9,915) (11,950) 0 (33,576) Other adjustments (528) (14) 247 (12) 0 (307) Balance at original discount rate, EOP 125,442 20,595 78,788 88,415 11,799 325,039 Effect of cumulative changes in discount rate assumptions, EOP (22,629) (1,450) (2,790) (10,296) (1,755) (38,920) Balance, EOP $ 102,813 $ 19,145 $ 75,998 $ 78,119 $ 10,044 $ 286,119 Other businesses, EOP 1,905 Total balance, EOP $ 288,024 Nine Months Ended September 30, 2022 Net Liability for Future Policy Benefits - Benefit Reserves Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, EOP, pre-flooring $ 63,859 $ 7,808 $ 45,957 $ 49,524 $ 7,163 $ 174,311 Flooring impact, EOP 1 0 236 370 0 607 Balance, EOP, post-flooring 63,860 7,808 46,193 49,894 7,163 174,918 Less: Reinsurance recoverable 0 772 116 200 0 1,088 Balance after reinsurance recoverable, EOP, post-flooring $ 63,860 $ 7,036 $ 46,077 $ 49,694 $ 7,163 $ 173,830 Other businesses, EOP(1) 1,723 Total balance after reinsurance recoverable, EOP $ 175,553 __________ (1) Reflects balance after reinsurance recoverable of $69 million and $80 million at September 30, 2023 and 2022, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Nine Months Ended September 30, 2023 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 108,863 $ 23,147 $ 68,665 $ 56,169 $ 6,854 Discounted expected future gross premiums (at original discount rate) $ 75,372 $ 15,381 $ 53,078 $ 45,102 $ 4,496 Discounted expected future gross premiums (at current discount rate) $ 56,962 $ 14,120 $ 50,753 $ 42,804 $ 4,167 Undiscounted expected future benefits and expenses $ 217,931 $ 31,164 $ 137,378 $ 139,536 $ 30,897 Interest accrual $ 2,132 $ 303 $ 1,297 $ 1,135 $ 326 Gross premiums $ 9,310 $ 1,384 $ 4,849 $ 4,741 $ 342 Weighted-average duration of the liability in years (at original discount rate) 9 10 20 19 18 Weighted-average duration of the liability in years (at current discount rate) 8 9 19 17 17 Weighted-average interest rate (at original discount rate) 4.57 % 5.17 % 3.46 % 2.59 % 4.91 % Weighted-average interest rate (at current discount rate) 6.02 % 6.01 % 3.37 % 3.26 % 6.30 % Nine Months Ended September 30, 2022 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 81,807 $ 23,879 $ 72,431 $ 62,850 $ 7,035 Discounted expected future gross premiums (at original discount rate) $ 59,074 $ 15,863 $ 56,206 $ 49,935 $ 4,561 Discounted expected future gross premiums (at current discount rate) $ 42,578 $ 14,853 $ 54,613 $ 48,237 $ 4,325 Undiscounted expected future benefits and expenses $ 189,976 $ 31,873 $ 143,840 $ 151,940 $ 29,625 Interest accrual $ 1,892 $ 295 $ 1,289 $ 1,167 $ 304 Gross premiums $ 14,102 $ 1,412 $ 5,274 $ 5,414 $ 336 Weighted-average duration of the liability in years (at original discount rate) 8 10 21 20 19 Weighted-average duration of the liability in years (at current discount rate) 7 10 19 18 18 Weighted-average interest rate (at original discount rate) 4.29 % 5.23 % 3.45 % 2.55 % 4.91 % Weighted-average interest rate (at current discount rate) 5.68 % 5.66 % 2.96 % 2.80 % 5.98 % For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2. For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter, such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss respectively. In the first nine months of 2023, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts. In the first nine months of 2022, there was a $209 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, partially offset by an $89 million gain reflecting the impact of ceded reinsurance on the affected cohorts. The unfavorable impact in the first nine months of 2022 is primarily due to unfavorable assumption updates related to the term life business in Individual Life. Deferred Profit Liability The balances of and changes in Deferred Profit Liability as of and for the period indicated are as follows: Nine Months Ended September 30, 2023 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 5,532 $ 3,379 $ 5,261 $ 14,172 Flooring impact, BOP 0 0 1 1 Balance, BOP, pre-flooring 5,532 3,379 5,260 14,171 Effect of assumption update 35 (67) (228) (260) Effect of actual variances from expected experience and other activity 4 (4) (32) (32) Adjusted balance, BOP 5,571 3,308 5,000 13,879 Profits deferred 294 1,271 1,017 2,582 Interest accrual 170 109 114 393 Amortization (424) (869) (765) (2,058) Foreign currency adjustment 2 (128) (251) (377) Other adjustments 0 24 0 24 Balance, EOP, pre-flooring 5,613 3,715 5,115 14,443 Flooring impact, EOP 0 0 1 1 Balance, EOP 5,613 3,715 5,116 14,444 Less: Reinsurance recoverable 383 8 10 401 Balance after reinsurance recoverable $ 5,230 $ 3,707 $ 5,106 14,043 Other businesses(1) 145 Total balance after reinsurance recoverable $ 14,188 Nine Months Ended September 30, 2022 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 5,183 $ 2,741 $ 5,014 $ 12,938 Flooring impact, BOP 0 0 1 1 Balance, BOP, pre-flooring 5,183 2,741 5,013 12,937 Effect of assumption update 382 28 (5) 405 Effect of actual variances from expected experience and other activity 101 3 (82) 22 Adjusted balance, BOP 5,666 2,772 4,926 13,364 Profits deferred 212 1,308 1,184 2,704 Interest accrual 160 91 107 358 Amortization (410) (852) (782) (2,044) Foreign currency adjustment (48) (246) (487) (781) Other adjustments (1) 19 (1) 17 Balance, EOP, pre-flooring 5,579 3,092 4,947 13,618 Flooring impact, EOP 0 0 1 1 Balance, EOP 5,579 3,092 4,948 13,619 Less: Reinsurance recoverable 0 7 10 17 Balance after reinsurance recoverable $ 5,579 $ 3,085 $ 4,938 13,602 Other businesses(1) 182 Total balance after reinsurance recoverable $ 13,784 __________ (1) Reflects balance after reinsurance recoverable of $0 million and $1 million at September 30, 2023 and 2022, respectively. The following tables provide supplemental information related to the balances of and changes in Deferred Profit Liability, included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Nine Months Ended September 30, 2023 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ (79) $ (464) $ (105) Interest accrual $ 170 $ 109 $ 114 Nine Months Ended September 30, 2022 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ (443) $ (600) $ (420) Interest accrual $ 160 $ 91 $ 107 __________ (1) Represents the gross premiums collected in changes in Deferred Profit Liability excluding impact of foreign currency adjustments. Additional Insurance Reserves AIR represents the additional liability for annuitization, death, or other insurance benefits, including GMDB and GMIB contract features, that are above and beyond the contractholder's account balance. The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance: Nine Months Ended September 30, 2023 2022 (in millions) Balance, including amounts in AOCI, BOP, post-flooring $ 12,684 $ 11,708 Flooring impact and amounts in AOCI 1,285 (909) Balance, excluding amounts in AOCI, BOP, pre-flooring 13,969 10,799 Effect of assumption update 23 2,200 Effect of actual variances from expected experience and other activity (13) (215) Adjusted balance, BOP 13,979 12,784 Assessments collected(1) 836 750 Interest accrual 362 319 Benefits paid (223) (148) Balance, excluding amounts in AOCI, EOP, pre-flooring 14,954 13,705 Flooring impact and amounts in AOCI (1,737) (1,595) Balance, including amounts in AOCI, EOP, post-flooring 13,217 12,110 Less: Reinsurance recoverable 5,286 4,790 Balance after reinsurance recoverable, including amounts in AOCI, EOP 7,931 7,320 Other businesses 123 144 Total balance after reinsurance recoverable $ 8,054 $ 7,464 __________ (1) Represents the portion of gross assessments required to fund the future policy benefits. Nine Months Ended September 30, 2023 2022 ($ in millions) Interest accrual $ 362 $ 319 Gross assessments $ 2,357 $ 1,995 Weighted-average duration of the liability in years (at original discount rate) 22 23 Weighted-average interest rate (at original discount rate) 3.36 % 3.38 % Future Policy Benefits Reconciliation The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, Additional Insurance Reserves, and Deferred Profit Liability including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company's Consolidated Statement of Financial Position as of the periods indicated: Nine Months Ended September 30, 2023 2022 (in millions) Benefit reserves, EOP, post-flooring $ 174,276 $ 176,720 Deferred Profit Liability EOP, post-flooring 14,589 13,802 Additional insurance reserves, including amounts in AOCI, EOP, post-flooring 13,340 12,254 Subtotal of amounts disclosed above 202,205 202,776 Other Future Policy Benefits reserves(1) 51,346 52,359 Total Future Policy Benefits $ 253,551 $ 255,135 __________ (1) Represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities. Revenue and Interest Expense The following tables present revenue and interest expense related to Benefit Reserves, Additional Insurance Reserves, and Deferred Profit Liability, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations as of the periods indicated: Nine Months Ended September 30, 2023 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 9,310 $ 1,384 $ 0 $ 4,849 $ 4,741 $ 415 $ 20,699 Deferred profit liability (79) 0 0 (464) (105) 37 (611) Additional insurance reserves 0 0 2,357 0 0 0 2,357 Total $ 9,231 $ 1,384 $ 2,357 $ 4,385 $ 4,636 $ 452 $ 22,445 Nine Months Ended September 30, 2022 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 14,102 $ 1,412 $ 0 $ 5,274 $ 5,414 $ 398 $ 26,600 Deferred profit liability (443) 0 0 (600) (420) 41 (1,422) Additional insurance reserves 0 0 1,995 0 0 1 1,996 Total $ 13,659 $ 1,412 $ 1,995 $ 4,674 $ 4,994 $ 440 $ 27,174 Nine Months Ended September 30, 2023 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 2,132 $ 303 $ 0 $ 1,297 $ 1,135 $ 366 $ 5,233 Deferred profit liability 170 0 0 109 114 3 396 Additional insurance reserves 0 0 362 1 0 0 363 Total $ 2,302 $ 303 $ 362 $ 1,407 $ 1,249 $ 369 $ 5,992 Nine Months Ended September 30, 2022 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 1,892 $ 295 $ 0 $ 1,289 $ 1,167 $ 346 $ 4,989 Deferred profit liability 160 0 0 91 107 3 361 Additional insurance reserves 0 0 319 2 1 0 322 Total $ 2,052 $ 295 $ 319 $ 1,382 $ 1,275 $ 349 $ 5,672 __________ (1) Represents "Gross Premiums" for benefit reserves, "Revenue" for deferred profit liability and "Gross Assessments" for additional insurance reserves. (2) Includes remaining balances disclosed above and balances for which disaggregated rollforward disclosures may not be presented above. The balances of and changes in policyholders' account balances as of and for the periods ended are as follows: Nine Months Ended September 30, 2023 Group Insurance Retirement Strategies Individual Life International Businesses Total Life/Disability Institutional Individual Variable Individual Fixed Variable/Universal Life Life Planner Gibraltar Life and Other ($ in millions) Balance, beginning of period $ 5,839 $ 17,376 $ 17,524 $ 4,643 $ 26,502 $ 11,168 $ 35,325 $ 118,377 Deposits 811 4,407 3,444 1,839 1,773 1,640 4,274 18,188 Interest credited 124 509 219 96 583 577 531 2,639 Acquisitions and dispositions 0 0 0 0 0 0 0 0 Policy charges (247) (16) (17) (6) (1,536) (222) (146) (2,190) Surrenders and withdrawals (1,217) (4,332) (492) (298) (1,267) (153) (1,015) (8,774) Benefit payments 0 0 (58) (58) (119) (203) (1,462) (1,900) Net transfers (to) from separate account 2 0 22 0 1,282 0 0 1,306 Change in market value and other adjustments(1) 0 0 1,192 82 75 21 (7) 1,363 Foreign currency adjustment 0 0 0 0 0 (1,071) (1,291) (2,362) Balance, end of period 5,312 17,944 21,834 6,298 27,293 11,757 36,209 126,647 Less: Reinsurance and other recoverable(2) 0 0 0 0 0 1 19 20 Policyholders' account balance net of reinsurance and other recoverable $ 5,312 $ 17,944 $ 21,834 $ 6,298 $ 27,293 $ 11,756 $ 36,190 $ 126,627 Closed Block Division 4,528 Unearned revenue reserve, unearned expense credit, and additional interest reserve 5,109 Other(3) 4,504 Total Policyholders' account balance $ 140,788 Weighted-average crediting rate 2.97 % 3.85 % 1.48 % 2.33 % 2.89 % 6.72 % 1.98 % 2.87 % Net amount at risk(4) $ 73,260 $ 0 $ 0 $ 0 $ 378,191 $ 17,400 $ 6,274 $ 475,125 Cash surrender value(5) $ 3,966 $ 17,944 $ 19,184 $ 5,038 $ 23,101 $ 10,063 $ 31,144 $ 110,440 Nine Months Ended September 30, 2022 Group Insurance Retirement Strategies Individual Life International Businesses Total Life/Disability Institutional Individual Variable Individual Fixed Variable/Universal Life Life Planner Gibraltar Life and Other ($ in millions) Balance, beginning of period $ 6,273 $ 16,391 $ 14,125 $ 4,652 $ 26,859 $ 11,555 $ 37,615 $ 117,470 Deposits 950 4,691 3,757 341 1,912 985 2,423 15,059 Interest credited 112 401 153 62 610 19 363 1,720 Dispositions(6) 0 0 (1,405) (440) 0 0 0 (1,845) Policy charges (243) (17) (3) (3) (1,528) (149) (89) (2,032) Surrenders and withdrawals (1,098) (3,866) (237) (110) (1,188) (143) (2,194) (8,836) Benefit payments 0 (439) (79) (132) (152) (192) (1,566) (2,560) Net transfers (to) from separate account (21) 0 238 0 352 0 0 569 Change in market value and other adjustments(1) 0 0 217 (88) (336) 23 (8) (192) Foreign currency adjustment 0 0 0 0 0 (2,051) (2,929) (4,980) Balance, end of period 5,973 17,161 16,766 4,282 26,529 10,047 33,615 114,373 Less: Reinsurance and other recoverable(2) 0 0 0 0 12 1 21 34 Policyholders' account balance net of reinsurance and other recoverable $ 5,973 $ 17,161 $ 16,766 $ 4,282 $ 26,517 $ 10,046 $ 33,594 $ 114,339 Closed Block Division 4,634 Unearned revenue reserve, unearned expense credit, and additional interest reserve 4,374 Other(3) 8,152 Total Policyholders' account balance $ 131,533 Weighted-average crediting rate 2.43 % 3.18 % 1.32 % 1.85 % 3.05 % 0.23 % 1.36 % 1.98 % Net amount at risk(4) $ 70,905 $ 0 $ 0 $ 0 $ 364,060 $ 14,586 $ 6,852 $ 456,403 Cash surrender value(5) $ 4,177 $ 17,161 $ 13,780 $ 3,250 $ 21,717 $ 8,511 $ 29,892 $ 98,488 ____________ (1) Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products. (2) The amount of recoverable related to reinsurance agreements that reduce the risk of the policyholders' account balance gross liability. (3) Includes $5,621 million and $8,220 million of Full Service account balances reinsured to Great-West as of September 30, 2023 and 2022, respectively. See Note 1 for additional information. (4) The net amount at risk calculation includes both general account and separate account balances. (5) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment. (6) Represents the sale of PALAC in Individual Retirement Strategies. The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid. The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns. The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 11 for additional information, including the net amount at risk associated with these guarantees. 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 are as follows: September 30, 2023 Range of Guaranteed Minimum Crediting Rate (1) At guaranteed minimum 1 - 50 bps above guaranteed minimum 51 - 150 bps above guaranteed minimum Greater than 150 bps above guaranteed minimum Total ($ in millions) Group Insurance Less than 1.00% $ 0 $ 0 $ 0 $ 1,221 $ 1,221 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 29 0 0 0 29 3.00% - 4.00% 1,565 0 0 0 1,565 Greater than 4.00% 73 0 0 0 73 Total $ 1,667 $ 0 $ 0 $ 1,221 $ 2,888 Institutional Less than 1.00% $ 400 $ 0 $ 0 $ 0 $ 400 1.00% - 1.99% 1,551 0 0 0 1,551 2.00% - 2.99% 551 0 0 0 551 3.00% - 4.00% 5,312 0 0 0 5,312 Greater than 4.00% 2,150 0 0 0 2,150 Total $ 9,964 $ 0 $ 0 $ 0 $ 9,964 Individual Variable Less than 1.00% $ 944 $ 821 $ 18 $ 0 $ 1,783 1.00% - 1.99% 224 2 1 0 227 2.00% - 2.99% 32 5 3 0 40 3.00% - 4.00% 2,046 8 10 0 2,064 Greater than 4.00% 97 0 0 0 97 Total $ 3,343 $ 836 $ 32 $ 0 $ 4,211 Individual Fixed Less than 1.00% $ 0 $ 0 $ 0 $ 20 $ 20 1.00% - 1.99% 544 129 246 82 1,001 2.00% - 2.99% 535 469 320 12 1,336 3.00% - 4.00% 343 9 0 0 352 Greater than 4.00% 97 0 0 0 97 Total $ 1,519 $ 607 $ 566 $ 114 $ 2,806 Variable & Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 408 $ 408 1.00% - 1.99% 185 0 2,528 884 3,597 2.00% - 2.99% 29 1,418 2,940 349 4,736 3.00% - 4.00% 4,478 4,189 1,315 14 9,996 Greater than 4.00% 5,533 0 0 0 5,533 Total $ 10,225 $ 5,607 $ 6,783 $ 1,655 $ 24,270 Life Planner Less than 1.00% $ 320 $ 42 $ 90 $ 1,440 $ 1,892 1.00% - 1.99% 2,815 25 0 0 2,840 2.00% - 2.99% 2,013 0 0 0 2,013 3.00% - 4.00% 335 0 0 0 335 Greater than 4.00% 380 0 0 0 380 Total $ 5,863 $ 67 $ 90 $ 1,440 $ 7,460 Gibraltar Less than 1.00% $ 15,671 $ 0 $ 0 $ 0 $ 15,671 1.00% - 1.99% 8,864 0 0 0 8,864 2.00% - 2.99% 3,153 310 38 0 3,501 3.00% - 4.00% 4,145 0 0 0 4,145 Greater than 4.00% 3,873 0 0 0 3,873 Total $ 35,706 $ 310 $ 38 $ 0 $ 36,054 September 30, 2022 Range of Guaranteed Minimum Crediting Rate (1) At guaranteed minimum 1 - 50 bps above guaranteed minimum 51 - 150 bps above guaranteed minimum Greater than 150 bps above guaranteed minimum Total ($ in millions) Group Insurance Less than 1.00% $ 0 $ 0 $ 0 $ 1,668 $ 1,668 1.00% - 1.99% 7 0 0 0 7 2.00% - 2.99% 54 0 0 0 54 3.00% - 4.00% 1,677 0 0 0 1,677 Greater than 4.00% 3 0 0 0 3 Total $ 1,741 $ 0 $ 0 $ 1,668 $ 3,409 Institutional Less than 1.00% $ 400 $ 0 $ 0 $ 0 $ 400 1.00% - 1.99% 1,572 0 0 0 1,572 2.00% - 2.99% 720 0 0 0 720 3.00% - 4.00% 5,980 0 0 0 5,980 Greater than 4.00% 734 0 0 0 734 Total $ 9,406 $ 0 $ 0 $ 0 $ 9,406 Individual Variable Less than 1.00% $ 1,034 $ 870 $ 19 $ 0 $ 1,923 1.00% - 1.99% 250 2 0 0 252 2.00% - 2.99% 36 0 1 0 37 3.00% - 4.00% 2,365 6 10 0 2,381 Greater than 4.00% 113 0 0 0 113 Total $ 3,798 $ 878 $ 30 $ 0 $ 4,706 Individual Fixed Less than 1.00% $ 0 $ 0 $ 0 $ 0 $ 0 1.00% - 1.99% 629 97 128 48 902 2.00% - 2.99% 485 0 0 0 485 3.00% - 4.00% 403 1 0 0 404 Greater than 4.00% 107 0 0 0 107 Total $ 1,624 $ 98 $ 128 $ 48 $ 1,898 Variable & Universal Life Less than 1.00% $ 15 $ 0 $ 0 $ 0 $ 15 1.00% - 1.99% 325 0 733 2,014 3,072 2.00% - 2.99% 389 4 2,406 2,023 4,822 3.00% - 4.00% 7,661 43 2,498 158 10,360 Greater than 4.00% 5,536 0 0 0 5,536 Total $ 13,926 $ 47 $ 5,637 $ 4,195 $ 23,805 Life Planner Less than 1.00% $ 348 $ 27 $ 95 $ 78 $ 548 1.00% - 1.99% 2,900 20 0 0 2,920 2.00% - 2.99% 2,088 0 0 0 2,088 3.00% - 4.00% 309 0 0 0 309 Greater than 4.00% 376 0 0 0 376 Total $ 6,021 $ 47 $ 95 $ 78 $ 6,241 Gibraltar Less than 1.00% $ 17,761 $ 0 $ 0 $ 0 $ 17,761 1.00% - 1.99% 9,627 0 0 0 9,627 2.00% - 2.99% 3,333 302 46 0 3,681 3.00% - 4.00% 2,074 0 0 0 2,074 Greater than 4.00% 226 0 0 0 226 Total $ 33,021 $ 302 $ 46 $ 0 $ 33,369 ____________ (1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products. The following table shows a rollforward of MRB balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates: Nine Months Ended September 30, 2023 2022 (in millions) Balance, BOP $ 4,987 $ 13,392 Effect of cumulative changes in NPR 1,828 898 Balance, BOP, before effect of changes in NPR 6,815 14,290 Attributed fees collected 899 1,040 Claims paid (83) (62) Interest accrual 255 79 Actual in force different from expected 54 96 Effect of changes in interest rates (2,986) (7,956) Effect of changes in equity markets (995) 4,437 Effect of assumption update 342 (152) Issuances 15 0 Other adjustments(1) (24) (3,993) Balance, EOP, before effect of changes in NPR 4,292 7,779 Effect of cumulative changes in NPR (1,301) (2,188) Balance, EOP 2,991 5,591 Less: Reinsured MRB 610 29 Balance, EOP, net of reinsurance 2,381 5,562 Other businesses 79 120 Total net MRB balance $ 2,460 $ 5,682 _________ (1) 2022 includes $(4,061) million related to the sale of PALAC. See Note 1 for additional information. . In 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions on certain variable annuities. In 2022, the Company recognized a favorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to mortality and policyholder behavior assumptions on certain variable annuities. The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefi |
Reinsurance
Reinsurance | Sep. 01, 2023 |
Insurance [Abstract] | |
Reinsurance | REINSURANCE The Company participates in reinsurance with third parties primarily to provide additional capacity for future growth, limit the maximum net loss potential arising from large risks and acquire or dispose of businesses. Effective September 2023, the Company entered into an agreement with Prismic Life Reinsurance, Ltd (“Prismic Re”), to reinsure approximately $9 billion of reserves, representing approximately 70% of the in-force structured settlement annuities business previously issued by PICA, 90% of which is on a coinsurance with funds withheld basis and 10% of which is on a coinsurance basis. As a result of the transaction, the Company recognized a $393 million deferred reinsurance loss that will be amortized into income over the estimated remaining life of the reinsured contracts. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of Prudential Defined Income (“PDI”) traditional variable annuity contracts with guaranteed living benefits issued by Pruco Life Insurance Company (“Pruco Life”), a wholly-owned subsidiary of Prudential Financial. This block represents approximately 10% of the Company’s remaining legacy in-force traditional variable annuity block by account value. The Company ceded 100% of separate account liabilities under modified coinsurance and 100% of general account liabilities under coinsurance of its Pruco Life issued PDI traditional variable annuity contracts. The general account liabilities associated with PDI’s guaranteed living and death benefits and the corresponding reinsurance of those liabilities are accounted for as market risk benefits. As a result of the transaction, the Company recognized a $309 million deferred reinsurance gain that will be amortized into income over the estimated remaining life of the reinsured policies. Effective April 2022, in connection with the sale of the Full Service Retirement business, the Company entered into separate agreements with external counterparties, Empower Annuity Insurance Company of America & Empower Life & Annuity Insurance Company of New York, to reinsure a portion of its Full Service Retirement business. The Company ceded 100% of separate account liabilities under modified coinsurance and 100% of general account liabilities under coinsurance of its Full Service Retirement business. The Company’s Full Service Retirement business consists of market value and stable value separate accounts as well as general account products, including stable value accumulation funds and a stable value wrap product known as a synthetic guaranteed investment contract. The majority of these products are considered investment contracts as they do not contain significant insurance risk; therefore, the reinsurance of such products are accounted for under deposit accounting. The reinsurance agreement offers the policyholders the opportunity to novate their contracts from the Company to Empower and any such novated contracts shall cease to be reinsured under this agreement. Effective April 2022, in connection with the sale of the PALAC legal entity, now known as Fortitude Life Insurance and Annuity Company (“FLIAC”), the Company entered into a reinsurance agreement with FLIAC under which the Company assumed all of FLIAC’s indexed variable annuities under modified coinsurance. The reinsurance of the indexed variable annuities transfers all significant risks, including mortality risk, embedded in the reinsured contracts. As a result of the agreement, reinsurance recoverables includes the assumed modified coinsurance receivable, which reflects the value of the invested assets retained by FLIAC and the associated asset returns. The Company also assumed via coinsurance all of FLIAC’s fixed indexed annuities with a guaranteed lifetime withdrawal income feature, which are accounted for under deposit accounting. The reinsurance agreement offers the policyholders the opportunity to novate their contracts from FLIAC to the Company and any such novated contracts shall cease to be reinsured under this agreement. Effective April 2015, the Company entered into an agreement with Union Hamilton Reinsurance, Ltd. (“Union Hamilton”) an external counterparty, to reinsure approximately 50% of the Prudential Premier® Retirement Variable Annuity with Highest Daily Lifetime Income (“HDI”) v.3.0 business, a guaranteed benefit feature. This reinsurance agreement covered most new HDI v.3.0 variable annuity business issued between April 1, 2015 and December 31, 2016 on a quota share basis, with Union Hamilton’s cumulative quota share amounting to $2.9 billion of new rider premiums as of December 31, 2016. Reinsurance on business subject to this agreement remains in force for the duration of the underlying annuity contracts. New sales subsequent to December 31, 2016 are not covered by this external reinsurance agreement. This reinsurance agreement is accounted for as an embedded derivative. In January 2013, the Company acquired the Hartford Life Business through reinsurance transactions with three subsidiaries of Hartford Financial Services Group, Inc. (“Hartford Financial”). Under the related agreements, the Company provided reinsurance for approximately 700,000 life insurance policies with net retained face amount in force of approximately $141 billion. The Company acquired the general account business through a coinsurance arrangement and, for certain types of general account policies, a modified coinsurance arrangement. The Company acquired the separate account business through a modified coinsurance arrangement. In May 2018, Hartford Financial sold a group of operating subsidiaries, which included two of the Company’s counterparties to these reinsurance arrangements, to Talcott Resolution Life Insurance Company (“Talcott Resolution”). Talcott Resolution was acquired by Sixth Street in July 2021. There was no impact to the terms, rights or obligations of the Company, or operation of these reinsurance arrangements, as a result of these changes in control of such counterparties. Since 2011, the Company has entered into a number of reinsurance agreements to assume pension liabilities in the United Kingdom. Under these arrangements, the Company assumes the longevity risk, and in some arrangements, also the investment risk associated with the pension benefits of certain specified beneficiaries. In 2006, the Company acquired the variable annuity business of The Allstate Corporation (“Allstate”) through a reinsurance transaction. The reinsurance arrangements with Allstate include a coinsurance arrangement associated with the general account liabilities assumed and a modified coinsurance arrangement associated with the separate account liabilities assumed. The reinsurance payable, which represents the Company’s obligation under the modified coinsurance arrangement, is netted with the reinsurance receivable in the Consolidated Statements of Financial Position. During the fourth quarter of 2021, Allstate sold the two counterparties to the aforementioned variable annuity reinsurance transaction to third parties. There was no impact to the terms, rights or obligations of the Company, or operation of these reinsurance arrangements, as a result of this change in control of such counterparties. For the domestic business, life and disability reinsurance is accomplished through various plans of reinsurance, primarily yearly renewable term, per person excess, excess of loss, and coinsurance. On policies sold since 2000, the Company has reinsured a significant portion of the individual life mortality risk. Placement of reinsurance is accomplished primarily on an automatic basis with some specific risks reinsured on a facultative basis. The Company is authorized and has historically retained up to $30 million per life, but reduced its operating retention limit to $20 million per life in 2013 and then down to $10 million per life for new business starting in 2020. Retention in excess of the operating limit is on an exception basis. The international business primarily uses reinsurance to obtain experience with respect to certain new product offerings and to a lesser extent, to mitigate mortality risk for certain protection products and for capital management purposes. Reinsurance amounts included in the Consolidated Statements of Operations for premiums, policy charges and fee income, change in value of market risk benefits, net of related hedging gains (losses), policyholders’ benefits and change in estimates of liability for future policy benefits, are as follows: Nine Months Ended September 30, 2023 2022 (in millions) Direct premiums $ 23,424 $ 28,705 Reinsurance assumed 3,567 3,072 Reinsurance ceded (6,546) (1,766) Premiums $ 20,445 $ 30,011 Direct policy charges and fee income $ 2,862 $ 2,903 Reinsurance assumed 923 919 Reinsurance ceded (466) (405) Policy charges and fee income $ 3,319 $ 3,417 Direct change in value of market risk benefits, net of related hedging gains (losses) $ (157) $ (903) Reinsurance assumed 148 (27) Reinsurance ceded (151) (108) Change in value of market risk benefits, net of related hedging gains (losses) $ (160) $ (1,038) Direct policyholders’ benefits $ 25,161 $ 31,298 Reinsurance assumed 5,383 4,719 Reinsurance ceded (7,416) (3,132) Policyholders’ benefits $ 23,128 $ 32,885 Direct change in estimates of liability for future policy benefits $ 326 $ 1,435 Reinsurance assumed (147) 464 Reinsurance ceded 52 (1,302) Change in estimates of liability for future policy benefits $ 231 $ 597 Reinsurance recoverables, are as follows: September 30, 2023 December 31, 2022 (in millions) Individual and group annuities(1) $ 6,750 $ 2,078 Life insurance(2) 8,044 7,981 Other reinsurance 393 358 Total reinsurance recoverables(3) $ 15,187 $ 10,417 __________ (1) Primarily represents $5,194 million of reinsurance recoverables as of September 30, 2023 established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $7,750 million as of September 30, 2023. Also includes reinsurance recoverables established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $1,504 million and $1,986 million as of September 30, 2023 and December 31, 2022, respectively. (2) Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $2,010 million and $2,041 million as of September 30, 2023 and December 31, 2022, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,337 million and $1,327 million as of September 30, 2023 and December 31, 2022, respectively. (3) Net of $(11) million and $(15) million of loss allowance as of September 30, 2023 and December 31, 2022, respectively. Excluding the reinsurance recoverables associated with the acquisition of the Hartford Life Business, four major reinsurance companies account for approximately 69% of the Company’s reinsurance recoverables as of September 30, 2023. The Company periodically reviews the financial condition of its reinsurers, amounts recoverable therefrom, and unearned reinsurance premium, in order to reduce its exposure to loss from reinsurer insolvencies. Any expected credit losses are reflected in the CECL allowance, after considering any collateral the Company obtained in the form of a trust, letter of credit, or funds withheld arrangement. See Note 2 for additional details regarding CECL. Under the Company’s international longevity reinsurance transactions, the Company obtains collateral from its counterparties to mitigate counterparty default risk. |
Closed Block
Closed Block | 9 Months Ended |
Sep. 30, 2023 | |
Closed Block Disclosure [Abstract] | |
Closed Block | CLOSED BLOCK On December 18, 2001, the date of demutualization, The Prudential Insurance Company of America (“PICA”) established a closed block for certain in-force participating insurance policies and annuity products, along with corresponding assets used for the payment of benefits and policyholders’ dividends on these products, (collectively the “Closed Block”), and ceased offering these participating products. The recorded assets and liabilities were allocated to the Closed Block at their historical carrying amounts. The Closed Block forms the principal component of the Closed Block division. For additional information regarding the Closed Block, see Note 15 to the Company’s Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2022. As of September 30, 2023 and December 31, 2022, the Company recognized a policyholder dividend obligation of $2,811 million and $3,207 million, respectively, to Closed Block policyholders for the excess of actual cumulative earnings over expected cumulative earnings; however, due to accumulated net unrealized investment losses in excess of these amounts, the policyholder dividend obligation balances as of September 30, 2023 and December 31, 2022 were both reduced to zero. As of September 30, 2023, the Closed Block has sufficient funds to make guaranteed policy benefit payments and there is no expectation that assets outside of the Closed Block will be needed to fund future payments. The excess of Closed Block liabilities over Closed Block assets as of the end of the reporting period shown in the table below is a reasonable measure of the margin in the reported liabilities compared to best estimate liabilities assuming the current dividend scale. Closed Block liabilities and assets designated to the Closed Block, as well as maximum future earnings to be recognized from these liabilities and assets, are as follows: September 30, December 31, (in millions) Closed Block liabilities Future policy benefits $ 43,731 $ 44,414 Policyholders’ dividends payable 632 617 Policyholders’ dividend obligation 0 0 Policyholders’ account balances 4,528 4,607 Other Closed Block liabilities 3,092 3,499 Total Closed Block liabilities 51,983 53,137 Closed Block assets Fixed maturities, available-for-sale, at fair value 28,583 29,898 Fixed maturities, trading, at fair value 816 900 Equity securities, at fair value 1,778 1,733 Commercial mortgage and other loans 7,836 7,926 Policy loans 3,520 3,637 Other invested assets 4,679 4,254 Short-term investments 303 337 Total investments 47,515 48,685 Cash and cash equivalents 307 1,307 Accrued investment income 438 402 Other Closed Block assets 105 162 Total Closed Block assets 48,365 50,556 Excess of reported Closed Block liabilities over Closed Block assets 3,618 2,581 Portion of above representing accumulated other comprehensive income (loss): Net unrealized investment gains (losses) (4,153) (3,458) Allocated to policyholder dividend obligation 2,811 3,207 Future earnings to be recognized from Closed Block assets and Closed Block liabilities $ 2,276 $ 2,330 Information regarding the policyholder dividend obligation is as follows: Nine Months Ended (in millions) Balance, December 31, 2022 $ 0 Impact from earnings allocable to policyholder dividend obligation (396) Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation 396 Balance, September 30, 2023 $ 0 Closed Block revenues and benefits and expenses are as follows for the periods indicated: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in millions) Revenues Premiums $ 392 $ 397 $ 1,228 $ 1,247 Net investment income 508 435 1,485 1,514 Realized investment gains (losses), net (231) 29 (361) 69 Other income (loss) (58) (150) 182 (621) Total Closed Block revenues 611 711 2,534 2,209 Benefits and Expenses Policyholders’ benefits 534 549 1,716 1,810 Interest credited to policyholders’ account balances 30 31 89 91 Dividends to policyholders (20) 72 574 55 General and administrative expenses 68 76 212 224 Total Closed Block benefits and expenses 612 728 2,591 2,180 Closed Block revenues, net of Closed Block benefits and expenses, before income taxes (1) (17) (57) 29 Income tax expense (benefit) (23) (40) (109) (49) Closed Block revenues, net of Closed Block benefits and expenses and income taxes $ 22 $ 23 $ 52 $ 78 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company uses a full year projected effective tax rate approach to calculate year-to-date taxes. In determining the full year projected tax rate, the Company considers the realizability of deferred tax assets, including those associated with unrealized investment losses, and has determined based upon the weight of available evidence that no valuation allowance is necessary related to unrealized investment losses. In addition, certain items impacting total income tax expense are recorded in the periods in which they occur. The projected effective tax rate is the ratio of projected “Total income tax expense” divided by projected “Income before income taxes and equity in earnings of operating joint ventures.” Taxes attributable to operating joint ventures are recorded within “Equity in earnings of operating joint ventures, net of taxes.” The interim period tax expense (or benefit) is the difference between the year-to-date income tax provision and the amounts reported for the previous interim periods of the fiscal year. The Company’s income tax provision, on a consolidated basis, amounted to an income tax expense of $254 million, or 18.0% of income (loss) before income taxes and equity in earnings of operating joint ventures, in the first nine months of 2023, compared to an income tax benefit of $(274) million, or 14.8%, in the first nine months of 2022. The Company’s current and prior effective tax rates differ from the U.S. statutory rate of 21% primarily due to non-taxable investment income, tax credits, foreign earnings taxed at higher rates than the U.S. statutory rate, and the items discussed below. Foreign Tax Credit Regulations. The Treasury Department and the IRS published Final Regulations in the Federal Register on January 4, 2022, which affect the creditability of certain foreign taxes for U.S. federal income tax purposes. The Final Regulations created uncertainty as to whether a U.S. foreign tax credit could be claimed for taxes paid to Brazil. The ability to claim a foreign tax credit for taxes paid to Brazil impacted the benefit of the election made pursuant to Internal Revenue Code Section 952 to subject earnings from the Company’s insurance operations in Brazil to tax in the U.S. in the tax year earned, net of related foreign tax credits. As a result, a $20 million tax expense was reflected as part of the Company’s results for the first nine months of 2022. On July 21, 2023, the IRS issued Notice 2023-55 which provides temporary relief to taxpayers in determining whether a foreign tax is eligible for a U.S. foreign tax credit for tax years 2022 and 2023, specifically delaying until 2024 the provisions of the Final Regulations that impacted the ability to claim a U.S. foreign tax credit for taxes paid to Brazil. As a result of this new guidance, the Company was able to claim a U.S. foreign tax credit for taxes paid to Brazil for its 2022 tax year, which resulted in a $7 million tax benefit, and will be able to claim a U.S. foreign tax credit for taxes paid to Brazil in 2023. GILTI High Tax Exclusion. On July 20, 2020, the U.S. Treasury and the Internal Revenue Service issued Final Regulations which allows an annual election to exclude from the U.S. tax return certain GILTI amounts when the taxes paid by a foreign affiliate exceed 18.9% (90% of U.S. statutory rate of 21%) of the GILTI amount for that foreign affiliate (the “high-tax exception”). These regulations are effective for the 2021 taxable year with an election to apply to any taxable year beginning after 2017. In many of the countries in which the Company operates, including Japan and Brazil, there are differences between local tax rules used to determine the tax base and the U.S. tax principles used to determine GILTI. Also, the Company’s Japan affiliates have a different tax year than the U.S. calendar tax year used to determine GILTI; therefore, while many of the countries, including Japan, have a statutory tax rate above the 18.9% threshold, separate affiliates may not meet the 18.9% threshold each year and, as such, may not qualify for this annual exclusion. The Company made the high-tax exception election for the 2022 tax year and recorded a lower GILTI cost included in “Total income tax expense” for 2022 as a result of such election. The Company anticipates making the high-tax exception election for the 2023 tax year and reflected the impact of the election in its full year projected effective tax rate used to calculate year-to-date taxes for the first nine months of 2023. Inflation Reduction Act. On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the “Inflation Reduction Act”). One of the most significant provisions of the Inflation Reduction Act is a 15% alternative minimum tax based on the Company’s GAAP income, with certain adjustments. This provision, which is applicable only to companies with average applicable financial statement income over $1 billion for any three-year period ending in 2022 or later, is effective in taxable years beginning after December 31, 2022. The impact of the book-income alternative minimum tax, if any, will vary from year to year based on the relationship of the Company’s GAAP income to the Company’s taxable income. Any tax paid pursuant to this provision is available as a tax credit in future years when the Company’s tax rate exceeds the 15% minimum tax threshold. |
Short-Term and Long-Term Debt
Short-Term and Long-Term Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Short-Term and Long-Term Debt | SHORT-TERM AND LONG-TERM DEBT Short-term Debt The table below presents the Company’s short-term debt as of the dates indicated: September 30, 2023 December 31, 2022 ($ in millions) Commercial paper: Prudential Financial $ 25 $ 25 Prudential Funding, LLC 508 413 Subtotal commercial paper 533 438 Current portion of long-term debt: Senior Notes 0 173 Mortgage debt 82 155 Surplus notes subject to set-off arrangements(1) 500 500 Subtotal current portion of long-term debt 582 828 Other(2) 0 9 Subtotal 1,115 1,275 Less: assets under set-off arrangements(1) 500 500 Total short-term debt(3) $ 615 $ 775 Supplemental short-term debt information: Portion of commercial paper borrowings due overnight $ 100 $ 130 Daily average commercial paper outstanding for the quarter ended $ 1,378 $ 1,312 Weighted average maturity of outstanding commercial paper, in days 80 98 Weighted average interest rate on outstanding commercial paper 5.51 % 4.69 % _________ (1) The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in short-term debt. (2) Includes $0 million and $9 million drawn on a revolving line of credit held by a subsidiary at September 30, 2023 and December 31, 2022, respectively. (3) Includes Prudential Financial debt of $25 million at both September 30, 2023 and December 31, 2022. Prudential Financial and certain subsidiaries have access to external sources of liquidity, including membership in the Federal Home Loan Bank of New York (“FHLBNY”), commercial paper programs and contingent financing facilities in the f orm of a put option agreement and facility agreement. The Company also maintains syndicated, unsecured committed credit facilities as an alternative source of l iquidity. Beginning in September 2023, as an additional source of liquidity, the Company has entered into an agreement with the Federal Agricultural Mortgage Corporation (“Farmer Mac”), under which the Company can borrow up to $750 million by issuing funding agreements to a subsidiary of Farmer Mac, with borrowings secured by a pledge of certain eligible agricultural mortgage loans. At September 30, 2023, no amounts were drawn on these syndicated, unsecured committed credit facilities. For additional information regarding these sources of liquidity, see Note 17 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Long-term Debt The table below presents the Company’s long-term debt as of the dates indicated: September 30, 2023 December 31, 2022 (in millions) Fixed-rate obligations: Surplus notes $ 346 $ 345 Surplus notes subject to set-off arrangements(1) 9,460 9,460 Senior notes 10,113 10,115 Mortgage debt 25 25 Floating-rate obligations: Line of credit 230 300 Surplus notes subject to set-off arrangements(1) 2,330 2,330 Mortgage debt(2) 73 29 Junior subordinated notes(3) 8,090 9,094 Subtotal 30,667 31,698 Less: assets under set-off arrangements(1) 11,790 11,790 Total long-term debt(4) $ 18,877 $ 19,908 __________ (1) The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in long-term debt. (2) Includes $26 million and $29 million of debt denominated in foreign currency at September 30, 2023 and December 31, 2022, respectively. (3) Includes Prudential Financial debt of $8,048 million and $9,047 million at September 30, 2023 and December 31, 2022, respectively. Also includes subsidiary debt of $42 million and $47 million denominated in foreign currency at September 30, 2023 and December 31, 2022, respectively. (4) Includes Prudential Financial debt of $18,161 million and $19,162 million at September 30, 2023 and December 31, 2022, respectively. At September 30, 2023 and December 31, 2022, the Company was in compliance with all debt covenants related to the borrowings in the table above. Facility Agreements for Senior Debt Issuances In March 2023, Prudential Financial entered into ten-year and thirty-year facility agreements with two Delaware trusts upon the completion of the sale of $1.5 billion of trust securities by the trusts in a Rule 144A private placement. The trusts invested the proceeds from the sale of the trust securities in portfolios of principal and/or interest strips of U.S. Treasury securities. The facility agreements provide Prudential Financial the right to issue and sell to the trusts from time to time up to $800 million of 5.791% senior notes due February 15, 2033, and $700 million of 5.997% senior notes due February 15, 2053, and receive in exchange a corresponding amount of the U.S. Treasury securities held by the trusts. In return, the Company agreed to pay semi-annual facility fees to the trusts at rates of 1.815% and 2.066% per annum for the ten-year and thirty-year facility, respectively, applied to the maximum amount of senior notes that the Company could issue and sell to the trusts. The right to issue senior notes described above will be exercised automatically in full upon the Company’s failure to make certain payments to the trusts, such as paying the facility fee or reimbursing the trusts for their expenses, if the Company’s failure to pay is not cured within 30 days, and upon an event involving its bankruptcy. The Company is also required to exercise this issuance right if its consolidated stockholders’ equity, calculated in accordance with U.S. GAAP but excluding AOCI, falls below $9.0 billion, subject to adjustment in certain cases. Prior to any involuntary exercise of the issuance right, the Company has the right to repurchase any of its senior notes then held by the trusts in exchange for U.S. Treasury securities. Finally, Prudential Financial may redeem any outstanding senior notes, in whole or in part, prior to February 15, 2033 and February 15, 2053 for the ten-year and thirty-year facility, respectively, at a redemption price equal to the greater of par or a make-whole price, or thereafter, redeem the senior notes, in whole or in part, at par. Junior Subordinated Notes In February 2023, the Company issued $500 million in aggregate principal amount of 6.750% fixed-to-fixed reset rate junior subordinated notes due in March 2053. In June 2023, the Company redeemed $1.5 billion in aggregate principal amount of 5.625% fixed to floating rate junior subordinated notes due in 2043. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Pension and Other Postretirement Plans The Company has funded and non-funded non-contributory defined benefit pension plans (“Pension Benefits”), which cover substantially all of its employees. For some employees, benefits are based on final average earnings and length of service (the “traditional formula”), while benefits for other employees are based on an account balance that takes into consideration age, length of service and earnings during their career (the “cash balance formula”). The Company provides certain health care and life insurance benefits for its retired employees, their beneficiaries and covered dependents (“Other Postretirement Benefits”). The health care plan is contributory; the life insurance plan is non-contributory. Substantially all of the Company’s U.S. employees may become eligible to receive certain other postretirement benefits if they retire after age 55 with at least 10 years of service or under certain circumstances after age 50 with at least 20 years of continuous service. Net periodic (benefit) cost included in “General and administrative expenses” includes the following components: Three Months Ended September 30, Pension Benefits Other Postretirement Benefits 2023 2022 2023 2022 (in millions) Components of net periodic (benefit) cost: Service cost $ 51 $ 65 $ 2 $ 3 Interest cost 138 111 17 14 Expected return on plan assets (231) (218) (21) (25) Amortization of prior service cost (1) (1) (2) (2) Amortization of actuarial (gain) loss, net 17 37 3 2 Settlements 1 2 0 0 Curtailments(1) 0 0 0 0 Special termination benefits(2) 0 0 0 0 Net periodic (benefit) cost $ (25) $ (4) $ (1) $ (8) Nine Months Ended September 30, Pension Benefits Other Postretirement Benefits 2023 2022 2023 2022 (in millions) Components of net periodic (benefit) cost: Service cost $ 154 $ 211 $ 7 $ 10 Interest cost 414 320 53 41 Expected return on plan assets (694) (649) (64) (77) Amortization of prior service cost (1) (1) (6) (6) Amortization of actuarial (gain) loss, net 51 124 8 5 Settlements 2 3 0 0 Curtailments(1) 0 0 0 (8) Special termination benefits(2) 0 4 0 4 Net periodic (benefit) cost $ (74) $ 12 $ (2) $ (31) __________ (1) For 2022, curtailments were recognized for other postretirement benefit plans as a result of the sale of the Full Service Retirement business. (2) For 2022, certain employees were provided special termination benefits under non-qualified plans in the form of unreduced early retirement benefits as a result of their involuntary termination while others were provided enhanced benefits due to the sale of the Full Service Retirement business. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Equity | EQUITY The changes in the number of shares of Common Stock issued, held in treasury and outstanding, are as follows for the periods indicated: Common Stock Issued Held In Outstanding (in millions) Balance, December 31, 2022 666.3 300.3 366.0 Common Stock issued 0.0 0.0 0.0 Common Stock acquired 0.0 8.3 (8.3) Stock-based compensation programs(1) 0.0 (3.6) 3.6 Balance, September 30, 2023 666.3 305.0 361.3 __________ (1) Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs. In February 2023, Prudential Financial’s Board of Directors (the “Board”) authorized the Company to repurchase at management’s discretion up to $1.0 billion of its outstanding Common Stock during the period from January 1, 2023 through December 31, 2023. As of September 30, 2023, 8.3 million shares of the Company’s Common Stock were repurchased under this authorization at a total cost of $750 million. The timing and amount of share repurchases are determined by management based upon market conditions and other considerations, and repurchases may be executed in the open market, through derivative, accelerated repurchase and other negotiated transactions and through prearranged trading plans complying with Rule 10b5-1(c) under the Securities Exchange Act of 1934 (the “Exchange Act”). Numerous factors could affect the timing and amount of any future repurchases under the share repurchase authorization, including, but not limited to: compliance with laws, increased capital needs of the Company due to changes in regulatory capital requirements, opportunities for growth and acquisitions, and the effect of adverse market conditions. Dividends declared per share of Common Stock are as follows for the periods indicated: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Dividends declared per share of Common Stock $ 1.25 $ 1.20 $ 3.75 $ 3.60 Accumulated Other Comprehensive Income (Loss) AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Unaudited Interim Consolidated Statements of Comprehensive Income. The balance of and changes in each component of AOCI as of and for the nine months ended September 30, 2023 and 2022, are as follows: Accumulated Other Comprehensive Income (Loss) Attributable to Foreign Net Unrealized Interest rate remeasurement of Liability for Future Policy Benefits Gains (losses) from Changes in Non-performance Risk on Market Risk Benefits Pension and Total (in millions) Balance, December 31, 2022 $ (2,274) $ (16,195) $ 15,242 $ 1,448 $ (2,027) $ (3,806) Change in OCI before reclassifications (650) (10,094) 5,529 (528) 15 (5,728) Amounts reclassified from AOCI 1 615 0 0 52 668 Income tax benefit (expense) (93) 2,213 (1,177) 111 (19) 1,035 Balance, September 30, 2023 $ (3,016) $ (23,461) $ 19,594 $ 1,031 $ (1,979) $ (7,831) Accumulated Other Comprehensive Income (Loss) Attributable to Foreign Net Unrealized Interest rate remeasurement of Liability for Future Policy Benefits Gains (losses) from Changes in Non-performance Risk on Market Risk Benefits Pension and Total (in millions) Balance, December 31, 2021 $ (1,107) $ 26,640 $ (33,220) $ 707 $ (2,513) $ (9,493) Change in OCI before reclassifications (1,907) (56,260) 64,087 1,299 383 7,602 Amounts reclassified from AOCI 21 126 0 0 122 269 Income tax benefit (expense) (43) 12,906 (15,082) (273) (116) (2,608) Balance, September 30, 2022 $ (3,036) $ (16,588) $ 15,785 $ 1,733 $ (2,124) $ (4,230) __________ (1) Includes cash flow hedges of $1,947 million and $2,616 million as of September 30, 2023 and December 31, 2022, respectively, and $4,099 million and $1,019 million as of September 30, 2022 and December 31, 2021, respectively, and fair value hedges of $(18) million and $(54) million as of September 30, 2023 and December 31, 2022, respectively, and $(47) million and $(35) million as of September 30, 2022 and December 31, 2021, respectively. Reclassifications out of Accumulated Other Comprehensive Income (Loss) Three Months Ended Nine Months Ended Affected line item in Consolidated Statements of Operations 2023 2022 2023 2022 (in millions) Amounts reclassified from AOCI(1)(2): Foreign currency translation adjustment: Foreign currency translation adjustments $ 0 $ (12) $ (1) $ (21) Realized investment gains (losses), net Net unrealized investment gains (losses): Cash flow hedges—Interest rate (3) 2 (32) (3) (3) Cash flow hedges—Currency 3 6 11 10 (3) Cash flow hedges—Currency/Interest rate 221 383 286 1,040 (3) Fair value hedges—Currency (2) (1) (6) (3) (3) Net unrealized investment gains (losses) on available-for-sale securities (453) (113) (874) (1,170) Realized investment gains (losses), net Total net unrealized investment gains (losses) (234) 277 (615) (126) (4) Amortization of defined benefit items: Prior service cost 3 3 7 7 (5) Actuarial gain (loss) (20) (39) (59) (129) (5) Total amortization of defined benefit items (17) (36) (52) (122) Total reclassifications for the period $ (251) $ 229 $ (668) $ (269) __________ (1) All amounts are shown before tax. (2) Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI. (3) See Note 5 for additional information regarding cash flow and fair value hedges. (4) See table below for additional information regarding unrealized investment gains (losses), including the impact on deferred policy acquisition and other costs, future policy benefits and policyholders’ dividends. (5) See Note 16 for additional information regarding employee benefit plans. Net Unrealized Investment Gains (Losses) Net unrealized investment gains (losses) on available-for-sale fixed maturity securities and certain other invested assets and other assets are included in the Company’s Unaudited Interim Consolidated Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from “Other comprehensive income (loss)” those items that are included as part of “Net income (loss)” for a period that had been part of “Other comprehensive income (loss)” in earlier periods. The amounts for the periods indicated below, split between amounts related to available-for-sale fixed maturity securities on which an allowance for credit losses has been recorded, and all other net unrealized investment gains (losses), are as follows: Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been Recorded Net Unrealized Reinsurance Recoverables Future Policy Policyholders’ Income Tax Benefit (Expense) Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses) (in millions) Balance, December 31, 2022 $ (45) $ (24,959) $ (703) $ 1,946 $ 3,194 $ 4,372 $ (16,195) Net investment gains (losses) on investments arising during the period 11 (10,154) 2,368 (7,775) Reclassification adjustment for (gains) losses included in net income (10) 625 (144) 471 Reclassification due to allowance for credit losses recorded during the period (51) 51 0 0 Impact of net unrealized investment (gains) losses (270) 703 (384) (11) 38 Balance, September 30, 2023 $ (95) $ (34,437) $ (973) $ 2,649 $ 2,810 $ 6,585 $ (23,461) __________ (1) Includes cash flow and fair value hedges. See Note 5 for additional information. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE A reconciliation of the numerators and denominators of the basic and diluted per share computations of Common Stock based on the consolidated earnings of Prudential Financial for the periods indicated is as follows: Three Months Ended September 30, 2023 2022 Income Weighted Per Share Income Weighted Per Share (in millions, except per share amounts) Basic earnings per share Net income (loss) $ (791) $ (108) Less: Income (loss) attributable to noncontrolling interests 11 (16) Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 5 6 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ (807) 362.6 $ (2.23) $ (98) 371.0 $ (0.26) Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 5 $ 6 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 5 6 Stock options 0.0 0.0 Deferred and long-term compensation programs 0.0 0.0 Diluted earnings per share(1) Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ (807) 362.6 $ (2.23) $ (98) 371.0 $ (0.26) __________ (1) For the three months ended September 30, 2023 and 2022, weighted average shares for basic earnings per share is also used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the three months ended September 30, 2023 and 2022, all potential stock options and compensation programs were considered antidilutive. Nine Months Ended September 30, 2023 2022 Income Weighted Per Share Income Weighted Per Share (in millions, except per share amounts) Basic earnings per share Net income (loss) $ 1,182 $ (1,631) Less: Income (loss) attributable to noncontrolling interests 11 (36) Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 17 19 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 1,154 364.6 $ 3.17 $ (1,614) 373.8 $ (4.32) Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 17 $ 19 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 17 19 Stock options 0.2 0.0 Deferred and long-term compensation programs 1.0 0.0 Diluted earnings per share(1) Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 1,154 365.8 $ 3.15 $ (1,614) 373.8 $ (4.32) __________ (1) For the nine months ended September 30, 2022, weighted average shares for basic earnings per share is also used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the nine months ended September 30, 2022, all potential stock options and compensation programs were considered antidilutive. Unvested share-based payment awards that contain nonforfeitable rights to dividends are participating securities and included in the computation of earnings per share pursuant to the two-class method. Under this method, earnings attributable to Prudential Financial are allocated between Common Stock and the participating awards, as if the awards were a second class of stock. During periods of net income available to holders of Common Stock, the calculation of earnings per share excludes the income attributable to participating securities in the numerator and the dilutive impact of these securities from the denominator. In the event of a net loss available to holders of Common Stock, undistributed earnings are not allocated to participating securities and the denominator excludes the dilutive impact of these securities as they do not share in the losses of the Company. Undistributed earnings allocated to participating unvested share-based payment awards for the three months ended September 30, 2023 and 2022, as applicable, were based on 4.1 million and 4.9 million of such awards, respectively, and for the nine months ended September 30, 2023 and 2022, as applicable, were based on 4.1 million and 5.0 million of such awards, respectively, weighted for the period they were outstanding. Stock options and shares related to deferred and long-term compensation programs that are considered antidilutive are excluded from the computation of diluted earnings per share. Stock options are considered antidilutive based on application of the treasury stock method or in the event of a net loss available to holders of Common Stock. Shares related to deferred and long-term compensation programs are considered antidilutive in the event of a net loss available to holders of Common Stock. For the periods indicated, the number of stock options and shares related to deferred and long-term compensation programs that were considered antidilutive and were excluded from the computation of diluted earnings per share, weighted for the portion of the period they were outstanding, are as follows: Three Months Ended September 30, 2023 2022 Shares Exercise Price Shares Exercise Price (in millions, except per share amounts, based on weighted average) Antidilutive stock options based on application of the treasury stock method 1.1 $ 103.19 $ 0.7 $ 107.30 Antidilutive stock options due to net loss available to holders of Common Stock 0.1 0.3 Antidilutive shares based on application of the treasury stock method 0.0 0.0 Antidilutive shares due to net loss available to holders of Common Stock 1.1 1.8 Total antidilutive stock options and shares 2.3 2.8 Nine Months Ended September 30, 2023 2022 Shares Exercise Price Shares Exercise Price (in millions, except per share amounts, based on weighted average) Antidilutive stock options based on application of the treasury stock method 1.3 $ 101.72 $ 0.5 $ 107.95 Antidilutive stock options due to net loss available to holders of Common Stock 0.0 0.5 Antidilutive shares based on application of the treasury stock method 0.1 0.1 Antidilutive shares due to net loss available to holders of Common Stock 0.0 2.1 Total antidilutive stock options and shares 1.4 3.2 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION Segments The Company’s principal operations consist of PGIM (the Company’s global investment management business), the U.S. Businesses (consisting of the Retirement Strategies, Group Insurance and Individual Life businesses), the International Businesses, the Closed Block division, and the Company’s Corporate and Other operations. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included in Corporate and Other operations. Divested and Run-off Businesses consist of businesses that have been, or will be, sold or exited, including businesses that have been placed in wind-down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP. As discussed in Note 1, effective January 1, 2023, AIQ is now included within Corporate and Other operations. Also effective January 1, 2023, Prudential Advisors, which was previously part of the Individual Life segment, is now included within Corporate and Other operations. There are no impacts to the Company's consolidated financial statements from these reporting changes and historical segment results have been updated to conform to the current period presentation. Adjusted Operating Income The Company analyzes the operating performance of each segment using “adjusted operating income.” Adjusted operating income does not equate to “Income (loss) before income taxes and equity in earnings of operating joint ventures” or “Net income (loss)” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Company’s chief operating decision maker to evaluate segment performance and allocate resources, and consistent with authoritative guidance, is the measure of segment performance presented below. Adjusted operating income is calculated by adjusting each segment’s “Income (loss) before income taxes and equity in earnings of operating joint ventures” for the following items: • Realized investment gains (losses), net, and related adjustments; • Charges related to realized investment gains (losses), net; • Change in value of market risk benefits, net of related hedging gains (losses); • Market experience updates; • Divested and Run-off Businesses; • Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests; and • Other adjustments. These items are important to an understanding of overall results of operations. Adjusted operating income is not a substitute for income determined in accordance with U.S. GAAP, and the Company’s definition of adjusted operating income may differ from that used by other companies. The Company, however, believes that the presentation of adjusted operating income as measured for management purposes enhances the understanding of results of operations by highlighting the results from ongoing operations and the underlying profitability factors of its businesses. For additional information regarding these reconciling items, see Note 22 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. As a result of the adoption of ASU 2018-12 in the first quarter of 2023, the Company is required to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value. In order to enhance the understanding of our underlying performance trends, the Company excludes from adjusted operating income “Change in value of market risk benefits, net of related hedging gains (losses)”, which reflects the impact from changes in current market conditions. In addition, “Charges related to realized investment gains (losses)”, no longer includes the current period impact of net realized investment gains (losses) on the amortization of DAC and related balances, and “Market experience updates” no longer includes the immediate impact on DAC and related balances from changes in current market conditions on estimates of profitability. In both cases, the amortization of DAC and related balances is independent of these factors under ASU 2018-12. See Note 2 regarding additional information about the adoption of ASU 2018-12, including market risk benefits and the amortization of DAC and other balances. Reconciliation of adjusted operating income to net income (loss) The table below reconciles “Adjusted operating income before income taxes” to “Income (loss) before income taxes and equity in earnings of operating joint ventures”: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in millions) Adjusted operating income before income taxes by segment: PGIM $ 211 $ 219 $ 541 $ 613 U.S. Businesses: Institutional Retirement Strategies 439 268 1,263 1,215 Individual Retirement Strategies 502 387 1,391 2,567 Retirement Strategies(1) 941 655 2,654 3,782 Group Insurance 89 30 253 (31) Individual Life(1) 58 (70) (103) (1,750) Total U.S. Businesses 1,088 615 2,804 2,001 International Businesses 811 748 2,435 2,391 Corporate and Other (504) (415) (1,516) (1,152) Total segment adjusted operating income before income taxes 1,606 1,167 4,264 3,853 Reconciling items: Realized investment gains (losses), net, and related adjustments (2,430) (1,128) (2,965) (4,981) Charges related to realized investment gains (losses), net (61) (115) 78 (421) Change in value of market risk benefits, net of related hedging gains (losses) (251) (58) (160) (1,072) Market experience updates 143 125 188 617 Divested and Run-off Businesses: Closed Block division 2 (21) (50) 22 Other Divested and Run-off Businesses (46) (53) 125 175 Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (11) (33) (42) (18) Other adjustments(2) (10) (10) (28) (27) Income (loss) before income taxes and equity in earnings of operating joint ventures per Unaudited Interim Consolidated Financial Statements $ (1,058) $ (126) $ 1,410 $ (1,852) ________ (1) The Retirement Strategies and Individual Life segments’ results reflect DAC as if the business is a stand-alone operation. The elimination of intersegment costs capitalized in accordance with this policy is included in consolidating adjustments within Corporate and Other operations. (2) Includes components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service period. Reconciliation of select financial information The tables below present certain financial information for the Company’s segments and its Corporate and Other operations, including assets by segment and revenues by segment on an adjusted operating income basis, and the reconciliation of the segment totals to amounts reported in the Unaudited Interim Consolidated Financial Statements. September 30, December 31, (in millions) Assets by segment: PGIM $ 44,250 $ 48,364 U.S. Businesses: Institutional Retirement Strategies 107,935 108,565 Individual Retirement Strategies 131,231 130,173 Retirement Strategies 239,166 238,738 Group Insurance 36,451 38,201 Individual Life 108,077 102,445 Total U.S. Businesses 383,694 379,384 International Businesses 177,597 186,791 Corporate and Other 26,985 23,556 Closed Block division 48,728 50,934 Total assets per Unaudited Interim Consolidated Financial Statements $ 681,254 $ 689,029 Three Months Ended September 30, 2023 Revenues, and benefits and expenses on an adjusted operating income basis by segment Total Revenues Net Total Benefits and Expenses Policyholders’ Interest Dividends to Interest Amortization (in millions) PGIM $ 976 $ 42 $ 765 $ 0 $ 0 $ 0 $ 28 $ 0 U.S. Businesses: Institutional Retirement Strategies 221 1,098 (218) (438) 146 0 (6) 3 Individual Retirement Strategies 1,153 393 651 21 124 0 20 86 Retirement Strategies 1,374 1,491 433 (417) 270 0 14 89 Group Insurance 1,576 130 1,487 1,179 39 0 1 1 Individual Life 1,589 734 1,531 831 231 8 211 114 Total U.S. Businesses 4,539 2,355 3,451 1,593 540 8 226 204 International Businesses 4,566 1,316 3,755 2,742 239 9 3 156 Corporate and Other(1) 45 180 549 (4) 25 0 165 (9) Total revenues, and benefits and expenses on an adjusted operating income basis 10,126 3,893 8,520 4,331 804 17 422 351 Reconciling items: Realized investment gains (losses), net, and related adjustments (2,408) (5) 22 19 3 0 0 0 Charges related to realized investment gains (losses), net 12 0 73 72 (8) 0 0 7 Change in value of market risk benefits, net of related hedging gains (losses) (251) 0 0 0 0 0 0 0 Market experience updates 39 0 (104) 4 0 0 0 0 Divested and Run-off Businesses: Closed Block division 615 511 613 535 30 (20) (1) 3 Other Divested and Run-off Businesses 241 172 287 202 43 0 0 0 Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (22) 0 (11) 0 0 0 0 0 Other adjustments 0 0 10 0 0 0 0 0 Total revenue, and benefits and expenses per Consolidated Statements of Operations $ 8,352 $ 4,571 $ 9,410 $ 5,163 $ 872 $ (3) $ 421 $ 361 Three Months Ended September 30, 2022 Revenues, and benefits and expenses on an adjusted operating income basis by segment Total Revenues Net Total Benefits and Expenses Policyholders’ Interest Dividends to Interest Amortization (in millions) PGIM $ 907 $ 56 $ 688 $ 0 $ 0 $ 0 $ 14 $ 1 U.S. Businesses: Institutional Retirement Strategies 11,468 824 11,200 11,028 100 0 6 2 Individual Retirement Strategies 971 204 584 14 43 0 (16) 98 Retirement Strategies 12,439 1,028 11,784 11,042 143 0 (10) 100 Group Insurance 1,525 121 1,495 1,196 37 0 1 2 Individual Life 1,457 580 1,527 774 233 8 206 111 Total U.S. Businesses 15,421 1,729 14,806 13,012 413 8 197 213 International Businesses 4,618 1,112 3,870 2,896 180 9 11 150 Corporate and Other(1) 134 150 549 0 35 0 185 (9) Total revenues, and benefits and expenses on an adjusted operating income basis 21,080 3,047 19,913 15,908 628 17 407 355 Reconciling items: Realized investment gains (losses), net, and related adjustments (1,136) (4) (8) 15 (23) 0 0 0 Charges related to realized investment gains (losses), net 33 0 148 139 3 0 0 6 Change in value of market risk benefits, net of related hedging gains (losses) (58) 0 0 0 0 0 0 0 Market experience updates 26 0 (99) (2) 0 0 0 0 Divested and Run-off Businesses: Closed Block division 710 434 731 549 30 72 4 3 Other Divested and Run-off Businesses (427) 154 (374) (457) 53 1 (1) (1) Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (27) 0 6 0 0 0 0 0 Other adjustments 0 0 10 0 0 0 0 0 Total revenue, and benefits and expenses per Consolidated Statements of Operations $ 20,201 $ 3,631 $ 20,327 $ 16,152 $ 691 $ 90 $ 410 $ 363 Nine Months Ended September 30, 2023 Revenues, and benefits and expenses on an adjusted operating income basis by segment Total Revenues Net Total Benefits and Expenses Policyholders’ Interest Dividends to Interest Amortization (in millions) PGIM $ 2,723 $ 189 $ 2,182 $ 0 $ 0 $ 0 $ 84 $ 1 U.S. Businesses: Institutional Retirement Strategies 7,847 3,174 6,584 6,175 415 0 0 13 Individual Retirement Strategies 3,367 1,055 1,976 103 350 0 53 262 Retirement Strategies 11,214 4,229 8,560 6,278 765 0 53 275 Group Insurance 4,738 384 4,485 3,537 124 0 7 4 Individual Life 4,680 2,112 4,783 2,478 681 26 666 342 Total U.S. Businesses 20,632 6,725 17,828 12,293 1,570 26 726 621 International Businesses 14,304 3,922 11,869 8,539 680 18 18 466 Corporate and Other(1) 215 542 1,731 (9) 90 0 496 (27) Total revenues, and benefits and expenses on an adjusted operating income basis 37,874 11,378 33,610 20,823 2,340 44 1,324 1,061 Reconciling items: Realized investment gains (losses), net, and related adjustments (2,482) (14) 483 65 418 0 0 0 Charges related to realized investment gains (losses), net 95 0 17 (48) 10 0 0 21 Change in value of market risk benefits, net of related hedging gains (losses) (160) 0 0 0 0 0 0 0 Market experience updates 58 0 (130) 7 0 0 0 0 Divested and Run-off Businesses: Closed Block division 2,541 1,491 2,591 1,716 89 574 0 10 Other Divested and Run-off Businesses 1,020 512 895 565 145 1 (3) 0 Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (51) 0 (9) 0 0 0 0 0 Other adjustments 0 0 28 0 0 0 0 0 Total revenue, and benefits and expenses per Consolidated Statements of Operations $ 38,895 $ 13,367 $ 37,485 $ 23,128 $ 3,002 $ 619 $ 1,321 $ 1,092 Nine Months Ended September 30, 2022 Revenues, and benefits and expenses on an adjusted operating income basis by segment Total Revenues Net Total Benefits and Expenses Policyholders’ Interest Dividends to Interest Amortization (in millions) PGIM $ 2,662 $ 38 $ 2,049 $ 0 $ 0 $ 0 $ 30 $ 3 U.S. Businesses: Institutional Retirement Strategies 16,637 2,684 15,422 15,516 255 0 8 8 Individual Retirement Strategies 4,493 644 1,926 105 221 0 5 284 Retirement Strategies 21,130 3,328 17,348 15,621 476 0 13 292 Group Insurance 4,560 362 4,591 3,693 112 0 3 1 Individual Life 4,301 1,838 6,051 2,503 691 25 593 333 Total U.S. Businesses 29,991 5,528 27,990 21,817 1,279 25 609 626 International Businesses 14,551 3,695 12,160 9,148 545 37 19 455 Corporate and Other(1) 135 440 1,287 (4) 103 0 514 (31) Total revenues, and benefits and expenses on an adjusted operating income basis 47,339 9,701 43,486 30,961 1,927 62 1,172 1,053 Reconciling items: Realized investment gains (losses), net, and related adjustments (5,077) (18) (96) 74 (170) 0 0 0 Charges related to realized investment gains (losses), net 43 0 464 261 34 0 0 28 Change in value of market risk benefits, net of related hedging gains (losses) (1,072) 0 0 0 0 0 0 0 Market experience updates 139 0 (478) (11) 0 0 0 1 Divested and Run-off Businesses: Closed Block division 2,204 1,508 2,182 1,810 91 55 4 10 Other Divested and Run-off Businesses (149) 736 (324) (210) (487) 1 0 0 Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests 21 0 39 0 0 0 0 0 Other adjustments 0 0 27 0 0 0 0 0 Total revenue, and benefits and expenses per Consolidated Statements of Operations $ 43,448 $ 11,927 $ 45,300 $ 32,885 $ 1,395 $ 118 $ 1,176 $ 1,092 ________ (1) Corporate and Other operations, through AIQ and Prudential Advisors, generates fee revenues from the sale and distribution of certain insurance, annuity and investment products offered by Prudential and third-parties. Intersegment revenues Management has determined the intersegment revenues with reference to market rates. Intersegment revenues are eliminated in consolidation in Corporate and Other operations. The PGIM segment revenues include intersegment revenues, primarily consisting of asset-based management and administration fees, as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in millions) PGIM segment intersegment revenues $ 201 $ 199 $ 604 $ 631 Segments may also enter into internal derivative contracts with other segments. For adjusted operating income, each segment accounts for the internal derivative results consistent with the manner in which that segment accounts for other similar external derivatives. Asset management and service fees The table below presents asset management and service fees, predominantly related to investment management activities, for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Asset-based management fees $ 799 $ 820 $ 2,377 $ 2,642 Performance-based incentive fees 26 15 33 25 Other fees 127 131 377 419 Total asset management and service fees $ 952 $ 966 $ 2,787 $ 3,086 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES Commitments and Guarantees Commercial Mortgage Loan Commitments September 30, December 31, (in millions) Total outstanding mortgage loan commitments $ 2,570 $ 1,995 Portion of commitment where prearrangement to sell to investor exists $ 297 $ 582 In connection with the Company’s commercial mortgage operations, it originates commercial mortgage loans. Commitments for loans that will be held for sale are recognized as derivatives and recorded at fair value. In certain of these transactions, the Company prearranges that it will sell the loan to an investor, including to government sponsored entities as discussed below, after the Company funds the loan. The above amount includes unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was an allowance for credit losses of $1 million as of both September 30, 2023 and December 31, 2022. The change in allowance is $0 million for both the three months and nine months ended September 30, 2023 and 2022. Commitments to Purchase Investments (excluding Commercial Mortgage Loans) September 30, December 31, (in millions) Expected to be funded from the general account and other operations outside the separate accounts $ 13,507 $ 8,376 Expected to be funded from separate accounts $ 36 $ 183 The Company has other commitments to purchase or fund investments, some of which are contingent upon events or circumstances not under the Company’s control, including those at the discretion of the Company’s counterparties. The Company anticipates a portion of these commitments will ultimately be funded from its separate accounts. The above amount includes unfunded commitments that are not unconditionally cancellable. There were no related charges for credit losses for either the three months or nine months end ed September 30, 2023 or 2022. Indemnification of Securities Lending and Securities Repurchase Transactions September 30, December 31, (in millions) Indemnification provided to certain clients for securities lending and securities repurchase transactions(1) $ 5,734 $ 5,834 Fair value of related collateral associated with above indemnifications(1) $ 5,858 $ 5,985 Accrued liability associated with guarantee $ 0 $ 0 __________ (1) There were no securities repurchase transactions as of September 30, 2023 and December 31, 2022. In the normal course of business, the Company may facilitate securities lending or securities repurchase transactions on behalf of certain client accounts (collectively, “the accounts”). In certain of these arrangements, the Company has provided an indemnification to the accounts to hold them harmless against losses caused by counterparty (i.e., borrower) defaults associated with such transactions facilitated by the Company. In securities lending transactions, collateral is provided by the counterparty to the accounts at the inception of the transaction in an amount at least equal to 102% of the fair value of the loaned securities and the collateral is maintained daily to equal at least 102% of the fair value of the loaned securities. In securities repurchase transactions, collateral is provided by the counterparty to the accounts at the inception of the transaction in an amount at least equal to 95% of the fair value of the securities subject to repurchase and the collateral is maintained daily to equal at least 95% of the fair value of the securities subject to repurchase. The Company is only at risk if the counterparty to the transaction defaults and the value of the collateral held is less than the value of the securities loaned to, or subject to repurchase from, such counterparty. The Company believes the possibility of any payments under these indemnities is remote. Credit Derivatives Written As discussed further in Note 5, the Company writes credit derivatives under which the Company is obligated to pay the counterparty the referenced amount of the contract and receive in return the defaulted security or similar security. Guarantees of Asset Values September 30, December 31, (in millions) Guaranteed value of third-parties’ assets $ 80,152 $ 84,338 Fair value of collateral supporting these assets $ 73,603 $ 77,693 Asset (liability) associated with guarantee, carried at fair value $ 0 $ 1 Certain contracts underwritten by the Retirement Strategies segment include guarantees related to financial assets owned by the guaranteed party. These contracts are accounted for as derivatives and carried at fair value. The collateral supporting these guarantees is not reflected on the Unaudited Interim Consolidated Statements of Financial Position. Indemnification of Serviced Mortgage Loans September 30, December 31, (in millions) Maximum exposure under indemnification agreements for mortgage loans serviced by the Company $ 3,041 $ 2,972 First-loss exposure portion of above $ 880 $ 862 Accrued liability associated with guarantees(1) $ 29 $ 33 __________ (1) The accrued liability associated with guarantees includes an allowance for credit losses of $14 million and $17 million as of September 30, 2023 and December 31, 2022, respectively. The change in allowance is a reduction of $1 million for both three months ended September 30, 2023, and 2022, respectively, and a reduction for both nine months ended September 30, 2023, and 2022 of $2 million and $4 million , respectively. As part of the commercial mortgage activities of the Company’s PGIM segment, the Company provides commercial mortgage origination, underwriting and servicing for certain government sponsored entities, such as Fannie Mae and Freddie Mac. The Company has agreed to indemnify the government sponsored entities for a portion of the credit risk associated with certain of the mortgages it services through a delegated authority arrangement. Under these arrangements, the Company originates multi-family mortgages for sale to the government sponsored entities based on underwriting standards they specify, and makes payments to them for a specified percentage share of losses they incur on certain loans serviced by the Company. The Company’s percentage share of losses incurred generally varies from 4% to 20% of the loan balance, and is typically based on a first-loss exposure for a stated percentage of the loan balance, plus a shared exposure with the government sponsored entity for any losses in excess of the stated first-loss percentage, subject to a contractually specified maximum percentage. The Company determines the liability related to this exposure using historical loss experience, and the size and remaining life of the asset. The Company serviced $24,502 million and $23,937 million of mortgages subject to these loss-sharing arrangements as of September 30, 2023 and December 31, 2022, respectively, all of which are collateralized by first priority liens on the underlying multi-family residential properties. As of September 30, 2023, these mortgages had a weighted-average debt service coverage ratio of 1.99 times and a weighted-average loan-to-value ratio of 60%. As of December 31, 2022, these mortgages had a weighted-average debt service coverage ratio of 1.92 times and a weighted-average loan-to-value ratio of 61%. The Company had no losses related to indemnifications that were settled for either the nine months ended September 30, 2023 or 2022. Other Guarantees September 30, December 31, (in millions) Other guarantees where amount can be determined $ 36 $ 57 Accrued liability for other guarantees and indemnifications $ 32 $ 33 The Company is also subject to other financial guarantees and indemnity arrangements. The Company has provided indemnities and guarantees related to acquisitions, dispositions, investments and other transactions that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. These obligations are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, it is not possible to determine the maximum potential amount due under these guarantees. The accrued liability identified above relates to the sale of The Prudential Life Insurance Company of Taiwan Inc. (“POT”) and represents a financial guarantee of certain insurance obligations of POT. Contingent Liabilities On an ongoing basis, the Company and its regulators review its operations including, but not limited to, sales and other customer interface procedures and practices, and procedures for meeting obligations to its customers and other parties. These reviews may result in the modification or enhancement of processes or the imposition of other action plans, including concerning management oversight, sales and other customer interface procedures and practices, and the timing or computation of payments to customers and other parties. In certain cases, if appropriate, the Company may offer customers or other parties remediation and may incur charges, including the cost of such remediation, administrative costs and regulatory fines. The Company is subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment of unclaimed or abandoned funds, and is subject to audit and examination for compliance with these requirements. It is possible that the results of operations or the cash flow of the Company in a particular quarterly or annual period could be materially affected as a result of payments in connection with the matters discussed above or other matters depending, in part, upon the results of operations or cash flow for such period. Management believes, however, that ultimate payments in connection with these matters, after consideration of applicable reserves and rights to indemnification, should not have a material adverse effect on the Company’s financial position. Litigation and Regulatory Matters The Company is subject to leg al and regulatory actions in the ordinary course of its businesses. Pending legal and regulatory actions include proceedings relating to aspects of the Company’s businesses and operations that are specific to it and proceedings that are typical of the businesses in which it operates, including in both cases businesses that have been either divested or placed in wind-down status. Some of these proceedings have been brought on behalf of various alleged classes of complainants. In certain of these matters, the plaintiffs are seeking large and/or indeterminate amounts, including punitive or exemplary damages. The outcome of litigation or a regulatory matter, and the amount or range of potential loss at any particular time, is often inherently uncertain. The Company establishes accruals for litigation and regulatory matters when it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated. For litigation and regulatory matters where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimable, no accrual is established but the matter, if potentially material, is disclosed, including matters discussed below. The Company estimates that as of September 30, 2023, the aggregate range of reasonably possible losses in excess of accruals established for those litigation and regulatory matters for which such an estimate currently can be made is less than $250 million. Any estimate is not an indication of expected loss, if any, or the Company’s maximum possible loss exposure on such matters. The Company reviews relevant information with respect to its litigation and regulatory matters on a quarterly and annual basis and updates its accruals, disclosures and estimates of reasonably possible loss based on such reviews. The following discussion of litigation and regulatory matters provides an update of those matters discussed in Note 23 to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and should be read in conjunction with the complete descriptions provided in the Form 10-K. Individual Annuities, Individual Life and Group Insurance Moreland, Socorro v. PICA, et al. In September 2023, the court issued an Order denying plaintiff’s class certification motion. Escheatment Litigation Total Asset Recovery Services, LLC v. MetLife, Inc., et al., Prudential Financial, Inc., The Prudential Insurance Company of America, and Prudential Insurance Agency, LLC In March 2023, defendants filed a motion to dismiss the Fourth Amended Complaint. Securities Litigation City of Warren v. PFI, et al. In June 2023, the Court of Appeals for the Third Circuit affirmed in part and reversed in part the trial court’s December 2020 decision dismissing the amended complaint with prejudice and remanded the case to the District Court to consider alternative grounds for dismissal not reached by the District Court’s 2020 decision. Assurance IQ, LLC William James Griffin, et al. v. Benefytt Technologies, Inc., et al. and Assurance IQ, LLC In February 2023, the Company filed its answer to the third amended complaint. Other Matters Cho v. PICA, et al. In May 2023, plaintiff filed a motion for class certification. In August 2023, the court issued an Order granting plaintiff’s class certification motion. Summary The Company’s litigation and regulatory matters are subject to many uncertainties, and given their complexity and scope, their outcome cannot be predicted. It is possible that the Company’s results of operations or cash flow in a particular quarterly or annual period could be materially affected by an ultimate unfavorable resolution of pending litigation and regulatory matters depending, in part, upon the results of operations or cash flow for such period. In light of the unpredictability of the Company’s litigation and regulatory matters, it is also possible that in certain cases an ultimate unfavorable resolution of one or more pending litigation or regulatory matters could have a material adverse effect on the Company’s financial statements. Management believes, however, that, based on information currently known to it, the ultimate outcome of all pending litigation and regulatory matters, after consideration of applicable reserves and rights to indemnification, is not likely to have a material adverse effect on the Company’s financial statements. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. | $ (802) | $ (92) | $ 1,171 | $ (1,595) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Significant Accounting Polici_2
Significant Accounting Policies and Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation On January 1, 2023, the Company adopted Accounting Standard Update (“ASU”) 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, which provided new authoritative guidance impacting the accounting and disclosure requirements for long-duration insurance and investment contracts issued by the Company. See “Adoption of ASU 2018-12” below for additional information regarding this adoption, including the impacts to the Company’s 2022 financial statements from implementing the new accounting standard as well as the transition impacts recorded as of January 1, 2021. See Note 2 for additional details regarding the key policy changes effected by this ASU and updated accounting policies resulting from the adoption of this ASU for all periods presented in the Unaudited Interim Consolidated Financial Statements. The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The Unaudited Interim Consolidated Financial Statements include the accounts of Prudential Financial, entities over which the Company exercises control, including majority-owned subsidiaries and minority-owned entities such as limited partnerships in which the Company is the general partner, and variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary. See Note 4 for additional information regarding the Company’s consolidated variable interest entities. Intercompany balances and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining future policy benefits; policyholders’ account balances related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; market risk benefits; the measurement of goodwill and any related impairment; the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments (“OTTI”); pension and other postretirement benefits; any provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters. |
Reclassifications | Reclassifications Certain amounts in prior periods have been reclassified for reasons unrelated to the adoption of ASU 2018-12 to conform to the current period presentation. |
Adoption of ASU 2018-12 | Adoption of ASU 2018-12 Effective January 1, 2023, the Company adopted ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts . Adoption of this ASU impacted, at least to some extent, the accounting and disclosure requirements for all long-duration insurance and investment contracts issued by the Company and had a significant financial impact on the Consolidated Financial Statements and disclosures. See Note 1 for additional information. As of the January 1, 2021 transition date, the adoption of the standard resulted in a decrease to “Retained earnings” of $2.6 billion primarily from reclassifying the cumulative effect of changes in non-performance risk on market risk benefits from “Retained earnings” to “Accumulated other comprehensive income” (“AOCI”) as well as from a net increase in additional insurance reserves and other related balances primarily related to the no-lapse guarantee features on certain universal life contracts. AOCI decreased $42.4 billion as of the January 1, 2021 transition date largely from remeasuring in-force contract liabilities using upper-medium grade fixed income instrument yields as of the transition date. As of the January 1, 2023 adoption date, the impacts amounted to a decrease to “Retained earnings” of $1.7 billion and an increase to AOCI of $16.0 billion. The changes in the impacts from January 1, 2021 to January 1, 2023 primarily reflect the increase in interest rates during 2021 and 2022. Outlined below are: (1) key accounting policy changes effected by the ASU and (2) updated accounting policies for all of the periods presented in the Unaudited Interim Consolidated Financial Statements. (1) Key Accounting Policy Changes Area of Change Description Method of adoption Effect on the financial statements or other significant matters Cash flow assumptions used to measure the liability for future policy benefits for non-participating traditional and limited-payment insurance products Requires an entity to review and, if necessary, update the cash flow assumptions used to measure the liability for future policy benefits, for both changes in future assumptions and actual experience, at least annually using a retrospective update method with a cumulative catch-up adjustment recorded in a separate line item in the Consolidated Statements of Operations. Effective January 1, 2023 using the modified retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021 (the “transition date”). Under this method, the amendments to contracts in force were applied as of January 1, 2021 on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI. The impact upon transition reflects the impact on in-force contract liabilities in instances where expected net premiums exceeded expected gross premiums at an issue-year cohort level as a result of updating to current best estimate cash flow assumptions as of the transition date. As a result of the modified retrospective transition method, the vast majority of the impact of updating cash flow assumptions to best estimates as of the transition date will be reflected in the pattern of earnings in subsequent periods. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 9 for additional information. Discount rate assumption used to measure the liability for future policy benefits for non-participating traditional and limited-payment insurance products Requires discount rate assumptions to be based on upper-medium grade fixed income instrument yields, which will be updated each quarter with the impact recorded through OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the discount rate assumptions. As noted above, the guidance for the liability for future policy benefits was adopted effective January 1, 2023 using the modified retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021. Under this method, for balance sheet remeasurement purposes, the liability for future policy benefits is remeasured using discount rates as of January 1, 2021 with the impact recorded as a cumulative effect adjustment to AOCI. Adoption of the ASU resulted in a significant impact to AOCI as a result of remeasuring in-force contract liabilities using current upper-medium grade fixed income instrument yields. This adjustment largely reflects the difference between discount rates locked-in at contract inception versus current discount rates. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 9 for additional information. Amortization of deferred acquisition costs (“DAC”) and other balances Requires DAC and other balances, such as unearned revenue reserves and DSI, to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability. Effective January 1, 2023 using the modified retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021. Under this method, the amendments to contracts in force were applied as of January 1, 2021 on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI. Adoption of the ASU did not have a significant impact on DAC and other balances upon transition, other than the impact of the removal of any related amounts in AOCI. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 7 for additional information. Market Risk Benefits (“MRB”) Requires an entity to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value, and record MRB assets and liabilities separately on the Consolidated Statements of Financial Position. Changes in the fair value of market risk benefits are recorded in net income, except for the portion attributable to changes in an entity’s NPR, which is recognized in OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the balance of the market risk benefits upon adoption. Effective January 1, 2023 using the retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021. Adoption of the ASU resulted in an adjustment to retained earnings for the difference between the fair value and carrying value of benefits not measured at fair value prior to the adoption of the ASU (e.g., guaranteed minimum death benefits on variable annuities) and a reclass of the cumulative effect of changes in NPR from retained earnings to AOCI. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 11 for additional information. In addition to the significant key accounting changes noted above, ASU 2018-12 also clarified the definition of assessments used to accrue additional insurance reserves and other related balances, primarily for no-lapse guarantee features on certain universal life contracts in the Individual Life segment. Application of the new guidance changed the pattern of reserve recognition for these guarantees and resulted in an increase to the net contract liabilities related to these products at transition. See Note 1 for additional information regarding the effect on the financial statements. ASU 2022-05, Financial Services – Insurance (Topic 944) Transition for Sold Contracts was issued on December 15, 2022, to amend the transition guidance in ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts . The amendment allows an insurance entity to make an accounting policy election to not apply ASU 2018-12 to contracts or legal entities sold or disposed of before the effective date, and in which the insurance entity has no significant continuing involvement with the derecognized contracts. An insurance entity is permitted to apply the policy election on a transaction by transaction basis to each sale or disposal transaction. An insurance entity is required to disclose whether it has chosen to apply this accounting policy election and provide a qualitative description of the sale or disposal transactions to which the accounting policy election is applied. The Company did not choose to apply this accounting policy election to any of its eligible sale or disposal transactions. Other ASUs adopted during the nine months ended September 30, 2023 The Company adopted ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure, effective January 1, 2023, on a prospective basis. This ASU eliminates the accounting guidance for Troubled Debt Restructurings (“TDR”) for creditors and adds enhanced disclosure requirements. Following adoption of the ASU, all loan refinancings and restructurings are subject to the modification guidance in ASC 310-20. Specific to the accounting policy for commercial mortgage and other loans, adoption of the ASU resulted in the elimination of TDRs such that, on a prospective basis, all modifications are evaluated under the existing modification guidance in ASC 310-20 to determine whether a modification results in a new financial instrument or a continuation of the existing financial instrument. Furthermore, for modifications of loans that have a CECL allowance and result in a continuation of the existing loan, the CECL allowance of the loan is remeasured using the modified terms and the post-modification effective yield. Prior to the adoption of the ASU, if a loan modification was a TDR, the CECL allowance of the loan was remeasured using the modified terms and the loan’s original effective yield. Adoption of the ASU did not have a significant impact on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements. |
Deferred policy acquisition costs (“DAC”) | ASSETS Deferred policy acquisition costs (“DAC”) represents costs directly related to the successful acquisition of new and renewal insurance and annuity business. Such DAC primarily includes commissions, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully acquired contracts. In each reporting period, previously capitalized DAC is amortized and included in “Amortization of deferred policy acquisition costs”. Upon the adoption of ASU 2018-02, the carrying amount of DAC for long-duration contracts is no longer subject to recoverability testing. DAC for most long-duration contracts is amortized on a constant-level basis at a grouped contract level over the expected life of the underlying insurance contracts. Contracts are grouped consistent with the groupings used to estimate the liability for future policy benefits (or other related balances) for the corresponding contracts. Since contracts within a grouping may be of different sizes, contracts within a group are weighted to achieve appropriate amortization and to ensure that DAC is derecognized when a policy is no longer in force. The constant-level basis used to weight contracts within a grouping and amortize DAC is generally defined as follows: • Life insurance contracts – DAC associated with life insurance contracts is generally amortized in proportion to the initial face amount of life insurance in force. This is applicable to traditional and universal life insurance products in the Individual Life and International Insurance segments and Closed Block division, and group corporate- and bank-owned life insurance contracts in the Group Insurance segment. • Payout annuity contracts – DAC associated with payout annuity contracts in the Retirement Strategies segment is amortized in proportion to annual benefit payments. • Deferred annuity contracts – DAC associated with fixed and variable deferred annuity contracts in the Retirement Strategies and International Insurance segments is amortized in proportion to deposits. • Health contracts – DAC associated with health contracts in the International Insurance segment is generally amortized in proportion to maximum lifetime benefits. For funding agreement note contracts, single premium structured settlement contracts without life contingencies, and single premium immediate annuities without life contingencies, acquisition expenses are deferred and amortized over the expected life of the contracts using the interest method. For other group life and disability insurance contracts and guaranteed investment contracts (“GICs”), acquisition costs are expensed as incurred. Current period DAC amortization reflects the impact of changes in actual insurance in force during the period and changes in future assumptions effected as of the end of the quarter, where applicable. The Company typically updates actuarial assumptions annually in the second quarter (see “Annual Assumptions Review” below), unless a material change is observed in an interim period that is indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, the Company expects such changes to be gradual over the long-term. Assumptions used for DAC are consistent with those used in estimating the liability for future policy benefits (or any other related balance) for the corresponding contract. Determining the level of aggregation and actuarial assumptions used in projecting in-force terminations requires judgment. Internal criteria are developed to determine the level of aggregation by considering both qualitative and quantitative materiality thresholds. The assumptions used in projecting in-force terminations are mortality, mortality improvement, and lapse assumptions. These assumptions are generally based on the Company’s experience, industry experience and/or other factors, as applicable. For variable deferred annuity contracts, lapse rates are adjusted at the contract level based on the in-the-moneyness of the living benefits and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If policyholders surrender traditional life insurance policies in exchange for life insurance policies that do not have fixed and guaranteed terms, the Company immediately charges to expense the remaining unamortized DAC on the surrendered policies. For other internal replacement transactions, except those that involve the addition of a non-integrated contract feature that does not change the existing base contract, the unamortized DAC is immediately charged to expense if the terms of the new policies are not substantially similar to those of the former policies. If the new terms are substantially similar to those of the earlier policies, the DAC is retained with respect to the new policies and amortized over the expected life of the new policies. See Note 7 for additional information regarding DAC. |
Value of business acquired (“VOBA”) | Value of business acquired (“VOBA”) represents identifiable intangible assets to which a portion of the purchase price in a business acquisition is attributed under the application of purchase accounting. VOBA represents an adjustment to the stated value of in-force insurance contract liabilities to present them at fair value, determined as of the acquisition date. VOBA balances are subject to recoverability testing in the manner in which they were acquired. The Company has established a VOBA asset primarily for its acquired life insurance products and accident and health products with fixed benefits. As of September 30, 2023, the majority of the VOBA balance relates to the 2011 acquisition of AIG Star Life Insurance Co., Ltd, AIG Edison Life Insurance Company, AIG Financial Assurance Japan K.K. and AIG Edison Service Co., Ltd. (collectively, the “Star and Edison Businesses”). The Company records amortization of VOBA in “General and administrative expenses” and amortizes it over the anticipated life of the acquired contracts using the same methodology, factors, and assumptions used to amortize DAC and deferred sales inducements (“DSI”). See Note 7 for additional information regarding VOBA. |
Market Risk Benefits | Market risk benefits assets represents market risk benefits (“MRBs”) in an asset position and are presented separately from MRBs in a liability position. See “Market risk benefit liabilities” below. MRB assets also reflect ceded MRBs resulting from reinsurance of the Company’s Prudential Defined Income (“PDI”) traditional variable annuity contracts. See Note 12 for additional information regarding the reinsurance of PDI. Market risk benefit liabilities represents contracts or contract features that provide protection to the contractholder and exposes the Company to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits in the Retirement Strategies segment including guaranteed minimum death benefits (“GMDB”), guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum income and withdrawal benefits (“GMIWB”). The benefits are accounted for using a fair value measurement framework. If a contract contains multiple market risk benefits, the benefits are bundled together and accounted for as a single compound market risk benefit. Market risk benefits in an asset position are presented separately from those in a liability position as there is no legal right of offset between contracts. The fair value of market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefit. The fair value of market risk benefits is based on assumptions a market participant would use in valuing market risk benefits. For additional information regarding the valuation of market risk benefits, see Note 6. On a quarterly basis, changes in the fair value of market risk benefits are recorded in net income, net of related hedges, in “Change in value of market risk benefits, net of related hedging gains (losses)”, except for the portion of the change attributable to changes in the Company’s NPR which is recorded in OCI. See Note 11 for additional information regarding market risk benefits. See “Reinsurance” below for information regarding the reinsurance of MRBs. |
Other Assets | Other assets consists primarily of prepaid pension benefit costs, certain restricted assets (e.g., cash and cash equivalents), trade receivables, goodwill and other intangible assets, “right-of-use” lease assets (see “Other liabilities” below), DSI, the Company’s investments in operating joint ventures, property and equipment, reinsurance recoverables (see “Reinsurance” below), and receivables resulting from sales of securities that had not yet settled at the balance sheet date. Deferred Sales Inducements are amounts that are credited to a policyholders’ account balance primarily as an inducement to purchase fixed and/or variable deferred annuity contracts. The Company defers sales inducements and amortizes them over the expected life of the policy using the same methodology, factors and assumptions used to amortize DAC. The Company records amortization of DSI in “Interest credited to policyholders’ account balances.” Unlike DAC, DSI are considered contractual cash flows and, as a result, are subject to periodic recoverability testing. See Note 7 for additional information regarding DSI. |
Separate account assets and liabilities and Policyholders’ account balances | Separate account assets represents segregated funds that are invested for certain policyholders, pension funds and other customers. The assets consist primarily of equity securities, fixed maturities, real estate-related investments, real estate mortgage loans, short-term investments and derivative instruments and are reported at fair value. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. Investment risks associated Policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability is primarily associated with the accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. These policyholders’ account balances also include provision for benefits under non-life contingent payout annuities and certain unearned revenues. The unearned revenue liability represents policy charges for services to be provided in future periods. The charges are deferred as incurred and are generally amortized over the expected life of the contract using the same methodology, factors, and assumption used to amortize DAC. See Note 10 for additional information regarding policyholders’ account balances. Policyholders’ account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products. For additional information regarding the valuation of these embedded derivatives, see Note 6. Separate account liabilities primarily represents the contractholders’ account balances in separate account assets and to a lesser extent borrowings of the separate account, and will be equal and offsetting to total separate account assets. See also “Separate account assets” above. |
Future policy benefits | Future policy benefits is primarily comprised of the present value of expected future payments to or on behalf of policyholders, where the timing and amount of such payments depend on policyholder mortality or morbidity, less the present value of expected future net premiums (where net premiums are gross premiums multiplied by the Net-To-Gross (“NTG”) ratio discussed below). The liability for future policy benefits is accrued over time as premium revenue is recognized. See Note 9 for additional information regarding future policy benefits. The reserving methodology used for non-participating traditional and limited-payment contracts include the following: • Cash Flow Assumptions . In measuring the liability for future policy benefits, the net premium valuation methodology is utilized. Under this methodology, a liability for future policy benefits is established using current best estimate insurance assumptions and interest rate assumptions locked-in at contract issuance date. The NTG ratio is calculated as the ratio of the present value of expected policy benefits and non-level claim settlement expenses divided by the present value of expected gross premiums. The NTG ratio is applied to gross premiums, as premium revenue is recognized, to determine net premiums. The liability is then determined as the present value of expected future policy benefits and non-level claim settlement expenses less the present value of expected future net premiums. For purposes of liability measurement, contracts are grouped into cohorts based primarily on issue year, reportable segment and major product line. The NTG ratio is generally updated quarterly for actual experience and annually for future cash flow assumption updates during the Company’s annual assumptions review process in the second quarter of each year unless a material change is observed in an interim period that is indicative of a long-term trend (see “Annual Assumptions Review” below), with the exception of claim settlement expense assumptions which the Company has made an entity-wide election to lock-in as of contract issuance. The NTG ratio is subject to a retrospective unlocking method whereby the Company updates its best estimate of cash flows expected over the life of the cohort using actual historical experience and updated future cash flow assumptions. These updated cash flows are used to calculate the revised NTG ratio, which is used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. The updated liability for future policy benefit amount as of the beginning of the quarter is then compared to the carrying amount of the liability as of that same date, before the updates for actual experience or future cash flow assumptions, to determine the current period change in liability estimate. This current period change in the liability is the liability remeasurement gain or loss that is recorded through current period earnings in “Change in estimates of liability for future policy benefits.” In subsequent periods, the revised NTG ratio is used to measure the liability for future policy benefits, subject to future revisions. If a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for expected future policy benefits and non-level claim settlement expenses, the NTG ratio is capped at 100%. In these instances, all changes in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately. While the liability for future policy benefits cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”), the NTG ratio may be negative. This would be the case whereby conditions have improved such that the present value of future net premiums plus the existing liability for future policy benefits as of the valuation date exceed the present value of expected future policy benefits and non-level claim settlement expenses. In this case, the negative NTG ratio would be applied going forward to gross premiums received, effectively amortizing the gain into income and reducing the liability over time. In addition, for limited-payment contracts, the liability for future policy benefits also includes a Deferred Profit Liability (“DPL”) representing gross premiums received in excess of net premiums and is generally recognized in revenue in a constant relationship with insurance in force for life contracts or with the amount of expected future benefit payments for annuity contracts. The DPL is subject to a retrospective unlocking adjustment consistent with the liability for future policy benefits discussed above. The DPL cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”). For contracts issued prior to January 1, 2021, the modified retrospective transition method was used to transition to ASU 2018-12. Under this method, the transition date of January 1, 2021 serves as the new issue date of the contracts in force for purposes of retrospectively unlocking the NTG ratio and DPL, as described above. • Discount Rate Assumption. The locked-in discount rate is generally based on expected investment returns at contract inception for contracts issued prior to January 1, 2021 and the upper medium grade fixed income corporate instrument yield (i.e., global single A) at contract inception for contracts issued after January 1, 2021. The discount rate in effect at contract inception is locked-in for the calculation of the NTG ratio and accretion of interest cost on the liability through net income. However, for balance sheet remeasurement purposes, the discount rate is updated using the current single A rate at each reporting period, with the effect on the liability resulting from such update recorded in “Interest rate remeasurement of future policy benefits” in OCI. The methodology used in constructing the single A discount rate curve for discounting cash flows used to calculate the liability for future policy benefits is intended to be reflective of the characteristics of the applicable insurance liabilities. The single A discount rate curve is developed by reference to upper medium grade (low credit risk) fixed income instrument yields that reflect the duration characteristics of the applicable insurance liabilities. The single A discount curve for the United States and foreign economies, such as Japan, with observable corporate A spreads, is developed using government bond rates, plus globally equivalent public corporate A spreads in the observable periods. The definition of upper medium grade is based on Moody’s definition which includes the spectrum of A (i.e., A- to A+). The rate used in foreign operations (with the exception of certain emerging markets, as discussed below) is based on the equivalent of a single A rate from a global rating agency for corporate bonds issued in the same currency and country in which the insurance contract is written. Liquidity is considered in defining the observable period and linear extrapolation is performed to the Company’s ultimate long-term economic assumptions. See “Annual Assumptions Review” below for further discussion regarding the Company’s long-term economic assumption setting process. The Company has foreign currency denominated insurance obligations to policyholders in certain emerging markets where there is limited or no observable market data on upper medium grade (low credit risk) fixed income instrument yields. As a proxy for the upper medium grade fixed income instrument yield, the Company estimates an equivalent global single A yield in the currency of the emerging economy by converting a global single A U.S. dollar bond yield curve based on the relationship between market observable U.S. Treasury and foreign sovereign yield curves of similar duration as the insurance liability cash flows. The derived global single A curves in the foreign currency are evaluated against available evidence of observable global single A corporate bond rates in similar emerging economies. The Company uses interpolation and extrapolation techniques to complete the discount rate construction for the duration of the insurance liabilities to calculate the liability for future policy benefits denominated in the local currencies. The Company’s liability for future policy benefits also includes net liabilities for guaranteed benefits related to certain long-duration life contracts, such as no-lapse guarantee contract features (Additional Insurance Reserves or “AIR” liability), for which a liability is established when associated assessments are recognized (which include investment margin on policyholders’ account balances in the general account and all policy charges including charges for administration, mortality, expense, surrender and other charges). This liability is established using current best estimate assumptions and is based on the ratio of the present value of total expected excess payments (i.e., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio). For universal life type contracts and participating contracts, the Company performs premium deficiency tests using best estimate assumptions as of the testing date. If the liabilities determined based on these best estimate assumptions are greater than the net reserves (i.e., GAAP reserves including URR, net of reinsurance, and any DSI or VOBA asset), the existing net reserves are adjusted by first reducing these assets by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency is more than these asset balances for insurance contracts, the net reserves are increased by the excess through a charge to current period earnings included in “policyholders’ benefits”. Since investment yields are used as the discount rate, the premium deficiency test is also performed using a discount rate based on the market yield (i.e., assuming what would be the impact if any unrealized gains (losses) were realized as of the testing date). In the event that by using the market yield a deficiency occurs, an adjustment is established for the deficiency and is included in AOCI. In certain instances, for universal life type contracts and participating contracts, the policyholder liability for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. In these situations, accounting standards require that an additional liability (Profits Followed by Losses or “PFL” liability) be recognized by an amount necessary to sufficiently offset the losses that would be recognized in later years. Historically, PFL liabilities have been predominately associated with certain universal life contracts that measure GAAP reserves using a dynamic approach, and accordingly, are updated each quarter, using current in-force and market data, and as part of the annual assumption update, such that the liability as of each measurement date represents the Company’s current estimate of the present value of the amount necessary to offset anticipated future losses. The Company’s liability for future policy benefits also includes a liability for unpaid claims and claim adjustment expenses. The Company does not establish claim liabilities until a loss has been incurred. However, unpaid claims and claim adjustment expenses include estimates of claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. |
Policyholders’ dividends | Policyholders’ dividends includes dividends payable to policyholders and the policyholder dividend obligation associated with the participating policies included in the Closed Block. The dividends payable for participating policies included in the Closed Block are determined at the end of each year for the following year by the Board of Directors of The Prudential Insurance Company of America (“PICA”) based on its statutory results, capital position, ratings, and the emerging experience of the Closed Block. The policyholder dividend obligation represents amounts expected to be paid to Closed Block policyholders as an additional policyholder dividend unless otherwise offset by future Closed Block performance. Any adjustments to the policyholder dividend obligation related to net unrealized gains (losses) on securities classified as available-for-sale are included in AOCI. For additional information regarding the policyholder dividend obligation, see Note 13. The dividends payable for policies other than the participating policies included in the Closed Block include dividends payable in accordance with certain group and individual insurance policies. |
REVENUES, BENEFITS AND EXPENSES | REVENUES, BENEFITS AND EXPENSES Insurance Revenue and Expense Recognition Premiums from individual life products, other than universal and variable life contracts, and health insurance and long-term care products are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for all expected future policy benefits and non-level claim settlement expenses) is generally deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized as described in “Future policy benefits” above. Premiums from non-participating group annuities with life contingencies, single premium structured settlements with life contingencies and single premium immediate annuities with life contingencies are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium is generally deferred and recognized into revenue based on expected future benefit payments. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized as described in “Future policy benefits” above. Certain individual annuity contracts provide the contractholder a guarantee that the benefit received upon death or annuitization will be no less than a minimum prescribed amount. These benefits are generally accounted for as market risk benefits (see “Market risk benefits” above). Amounts received from policyholders as payment for universal or variable group and individual life contracts, deferred fixed or variable annuities, structured settlements and other contracts without life contingencies, and participating group annuities are reported as deposits to “Policyholders’ account balances” and/or “Separate account liabilities.” Revenues from these contracts are reflected in “Policy charges and fee income” consisting primarily of fees assessed during the period against the policyholders’ account balances for mortality and other benefit charges, policy administration charges and surrender charges. In addition to fees, the Company earns investment income from the investment of deposits in the Company’s general account portfolio. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are generally deferred and amortized into revenue over the life of the related contracts using the same methodology, factors, and assumption used to amortize DAC as described above. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration, interest credited to policyholders’ account balances and amortization of DAC, DSI and VOBA. Policyholders’ account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products where changes in the value of the embedded derivatives are recorded through “Realized investment gains (losses), net”. For additional information regarding the valuation of these embedded derivatives, see Note 6. For group life, other than universal and variable group life contracts, and disability insurance, premiums are generally recognized over the period to which the premiums relate in proportion to the amount of insurance protection provided. Claim and claim adjustment expenses are recognized when incurred. |
Reinsurance And Annual Assumptions Review | OTHER ACCOUNTING POLICIES Reinsurance For each of its reinsurance contracts, the Company determines if the contract provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. The Company reviews all contractual features, particularly those that may limit the amount of insurance risk to which the reinsurer is subject, or features that delay the timely reimbursement of claims. The Company participates in reinsurance arrangements in various capacities as either the ceding entity or as the reinsurer (i.e., assuming entity). See Note 12 for additional information regarding the Company’s reinsurance arrangements. Reinsurance assumed business is generally accounted for consistent with direct business. Amounts currently recoverable under reinsurance agreements are included in “Other assets” and amounts payable are included in “Other liabilities.” “Other assets” also includes recoverables from assumed modified coinsurance arrangements which generally reflect the fair value of the invested assets retained by the cedant and contain an embedded derivative that is bifurcated and accounted for at fair value separately from the host contract. Under coinsurance with funds withheld ceded arrangements, invested assets are retained by the Company. “Other liabilities” includes amounts payable to the reinsurer, which generally reflect the fair value of the invested assets retained by the Company and contain an embedded derivative that is bifurcated and accounted for at fair value separately from the host contract. Revenues and benefits and expenses include amounts assumed under reinsurance agreements and are reflected net of reinsurance ceded. Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements. Reinsurance recoverables are reported net of the CECL allowance. The CECL allowance considers the credit quality of the reinsurance counterparty and is generally determined based on the probability of default and loss given default assumptions, after considering any applicable collateral arrangements. Additions to or releases of the allowance are reported in “Policyholders’ benefits”. Reinsurance premiums, commissions, expense reimbursements, benefits and reserves related to reinsured long-duration contracts under coinsurance arrangements are accounted for over the life of the underlying reinsured contracts using assumptions consistent with those used to account for the underlying contracts. For reinsurance of in- force blocks of non-participating traditional and limited-payment contracts, the current value of the direct liability as of inception of the reinsurance agreement is used to calculate the reinsurance recoverable and cost of reinsurance such that there is no immediate other comprehensive income or loss from recognition of the reinsurance recoverable at inception. Consistent with the direct liability, the reinsurance recoverable for non-participating traditional and limited-payment contracts is remeasured each period using current single A rates with the effect on the liability resulting from such updates recorded in “Interest rate remeasurement of future policy benefits” in OCI. For reinsurance of limited-payment contracts, the Company establishes a cost of reinsurance asset relating to the direct DPL and amortizes this balance through “Premiums” using the same methodology and assumptions used to amortize the direct DPL. Consistent with direct contracts, reinsurance arrangements may also include features that meet the definition of an MRB and, if so, are accounted for at fair value. The fair value of direct or assumed MRBs reflects the Company’s NPR, while the fair value of ceded MRBs reflects the counterparty credit risk of the reinsurer. Changes in the fair value of ceded MRBs, including the impact of changes in counterparty credit risk, are recorded in net income in “Change in value of market risk benefits, net of related hedging gains (losses)”. Coinsurance arrangements contrast with the Company’s yearly renewable term arrangements, where only mortality risk is transferred to the reinsurer and premiums are paid to the reinsurer to reinsure that risk. The mortality risk that is reinsured under yearly renewable term arrangements represents the difference between the stated death benefits in the underlying reinsured contracts and the corresponding reserves or account value carried by the Company on those same contracts. The premiums paid to the reinsurer are based upon negotiated amounts, not on the actual premiums paid by the underlying contractholders to the Company. As yearly renewable term arrangements are usually entered into by the Company with the expectation that the contracts will be in force for the lives of the underlying policies, they are considered to be long-duration reinsurance contracts. The cost of reinsurance for universal life products is generally recognized based on the gross assessments of the underlying direct policies. The cost of reinsurance for term insurance products is generally recognized in proportion to direct premiums over the life of the underlying policies. The cost of reinsurance related to short-duration reinsurance contracts is accounted for over the reinsurance contract period. If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in “Other liabilities” and deposits made are included in “Other assets”. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as “Net investment income” or “General and administrative expenses,” as appropriate. Annual Assumptions Review Annually, the Company performs a comprehensive review of the assumptions set for purposes of estimating future premiums, benefits, and other cash flows. Assumptions include those that are economic and those that are insurance related. Insurance related assumptions are based on the Company’s best estimates of future rates of mortality, morbidity, lapse, surrender, annuitization, expenses and other items. The Company generally looks to relevant Company experience as the primary basis for these assumptions. If relevant Company experience is not available or does not have sufficient credibility, the Company may look to experience of similar blocks of business, either in the Company or the industry. Mortality rate assumptions are generally based on Company experience, sometimes blending Company experience with an industry table where the Company experience alone is not sufficiently credible. The Company sets mortality and morbidity assumptions that vary by major type of business. Within type of business, rates vary by age and gender. The Company applies an adjustment for future mortality improvement, consistent with observed long-term trends of population mortality over time. Lapse and surrender assumptions are based on Company and industry experience, where available. The Company sets rates that vary by product type, taking into account features specific to the product. As part of this review, the Company may update these assumptions and make refinements to its models based upon emerging experience, future expectations and other data, including any observable market data it feels is indicative of a long-term trend. These assumptions are generally updated annually, unless a material change is observed in an interim period that the Company feels is also indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, it expects such changes to be gradual over the long-term. The Company also performs a comprehensive review of the economic assumptions, including long-term interest rate assumptions and equity return assumptions, that impact reserve calculations. The Company generally utilizes relevant economic outlook information and industry surveys as the primary basis for these assumptions. |
Future Adoption Of New Accounting Pronouncements |
Business and Basis of Present_2
Business and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Adoption Of New Guidance On Financial Statements | Unaudited Interim Consolidated Statements of Financial Position: December 31, 2022 IMPACTED LINES ONLY As Previously Reported Effect of Change As Currently Reported (in millions) Deferred policy acquisition costs $ 19,537 $ 1,009 $ 20,546 Value of business acquired 595 26 621 Income tax assets 4,214 (4,214) 0 Market risk benefit assets 0 800 800 Other assets 30,188 1,491 31,679 TOTAL ASSETS 689,917 (888) 689,029 Future policy benefits 284,452 (22,679) 261,773 Policyholders' account balances 135,602 22 135,624 Market risk benefit liabilities 0 5,864 5,864 Income taxes 0 277 277 Other liabilities 20,536 1,288 21,824 Total liabilities 672,709 (15,228) 657,481 Accumulated other comprehensive income (loss) (19,827) 16,021 (3,806) Retained earnings 33,392 (1,678) 31,714 Total Prudential Financial, Inc. equity 16,250 14,343 30,593 Noncontrolling interests 958 (3) 955 Total equity 17,208 14,340 31,548 TOTAL LIABILITIES AND EQUITY $ 689,917 $ (888) $ 689,029 Unaudited Interim Consolidated Statements of Operations: Three Months Ended September 30, 2022 IMPACTED LINES ONLY As Previously Reported Effect of Change As Currently Reported (in millions, except per share amounts) REVENUES Premiums $ 16,247 $ (402) $ 15,845 Policy charges and fee income 1,233 (90) 1,143 Other income (loss) (1,083) 187 (896) Realized investment gains (losses), net (514) 84 (430) Change in value of market risk benefits, net of related hedging gain 0 (58) (58) Total revenues 20,480 (279) 20,201 BENEFITS AND EXPENSES Policyholders' benefits 16,581 (429) 16,152 Change in estimates of liability for future policy benefits 0 (35) (35) Interest credited to policyholders' account balances 703 (12) 691 Amortization of deferred policy acquisition costs 485 (122) 363 General and administrative expenses 3,058 8 3,066 Total benefits and expenses 20,917 (590) 20,327 INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES (437) 311 (126) Total income tax expense (benefit) (148) 137 (11) INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURES (289) 174 (115) Equity in earnings of operating joint ventures, net of taxes (1) 8 7 NET INCOME (LOSS) (290) 182 (108) Less: Income attributable to noncontrolling interests (6) (10) (16) NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. $ (284) $ 192 $ (92) EARNINGS PER SHARE Basic earnings per share-Common Stock: Net income (loss) attributable to Prudential Financial, Inc. $ (0.78) $ 0.52 $ (0.26) Diluted earnings per share-Common Stock: Net income (loss) attributable to Prudential Financial, Inc. $ (0.78) $ 0.52 $ (0.26) Unaudited Interim Consolidated Statements of Comprehensive Income: Three Months Ended September 30, 2022 IMPACTED LINES ONLY As Previously Reported Effect of Change As Currently Reported (in millions) NET INCOME (LOSS) $ (290) $ 182 $ (108) Other comprehensive income (loss), before tax: Foreign currency translation adjustments for the period (592) 6 (586) Net unrealized investment gains (losses) (13,182) (965) (14,147) Interest rate remeasurement of future policy benefits 0 15,469 15,469 Gain (loss) from changes in non-performance risk on market risk benefits 0 (8) (8) Total (13,722) 14,502 780 Less: Income tax expense (benefit) related to other comprehensive income (loss) (3,025) 3,332 307 Other comprehensive income (loss), net of taxes (10,697) 11,170 473 Comprehensive income (loss) (10,987) 11,352 365 Less: Comprehensive income (loss) attributable to noncontrolling interests (7) (9) (16) Comprehensive income (loss) attributable to Prudential Financial, Inc. $ (10,980) $ 11,361 $ 381 Nine Months Ended September 30, 2022 IMPACTED LINES ONLY As Previously Reported Effect of Change As Currently Reported (in millions) NET INCOME (LOSS) $ (906) $ (725) $ (1,631) Other comprehensive income (loss), before tax: Foreign currency translation adjustments for the period (1,928) 41 (1,887) Net unrealized investment gains (losses) (52,692) (3,442) (56,134) Interest rate remeasurement of future policy benefits 0 64,087 64,087 Gain (loss) from changes in non-performance risk on market risk benefits 0 1,299 1,299 Total (54,115) 61,985 7,870 Less: Income tax expense (benefit) related to other comprehensive income (loss) (11,915) 14,523 2,608 Other comprehensive income (loss), net of taxes (42,200) 47,462 5,262 Comprehensive income (loss) (43,106) 46,737 3,631 Less: Comprehensive income (loss) attributable to noncontrolling interests (28) (9) (37) Comprehensive income (loss) attributable to Prudential Financial, Inc. $ (43,078) $ 46,746 $ 3,668 Unaudited Interim Consolidated Statements of Cash Flows: Nine Months Ended September 30, 2022 IMPACTED LINES ONLY As Previously Reported Effect of Change As Currently Reported (in millions) CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (906) $ (725) $ (1,631) Adjustments to reconcile net income to net cash provided by operating activities: Realized investment (gains) losses, net 1,977 1,133 3,110 Change in value of market risk benefits, net of related hedging (gain) loss 0 1,038 1,038 Policy charges and fee income (1,915) 250 (1,665) Interest credited to policyholders' account balances 1,537 (142) 1,395 Depreciation and amortization 62 (4) 58 Change in: Deferred policy acquisition costs 277 (798) (521) Future policy benefits and other insurance liabilities 6,403 (406) 5,997 Income taxes (1,437) (68) (1,505) Derivatives, net (913) 441 (472) Other, net (405) (719) (1,124) Cash flows from (used in) operating activities $ 5,780 $ 0 $ 5,780 The following tables detail the January 1, 2021 transition adjustments by providing a rollforward of the ending reported balances as of December 31, 2020 to the opening balances as of January 1, 2021 for retained earnings, accumulated other comprehensive income (“AOCI”) and the impacted insurance-related balances. January 1, 2021 Retained Earnings (in millions) Balance after-tax, prior to transition $ 30,749 Reclassification of market risk benefits non-performance risk to AOCI(1) (1,588) Updates to certain universal life contract liabilities(2) (1,025) Change in non-participating traditional and limited-payment contract liabilities(3) (543) Other (271) Total pre-tax adjustments (3,427) Tax impacts 815 Balance after-tax, after transition $ 28,137 __________ (1) Reflects the cumulative impact of changes in the fair value of market risk benefits (“MRB”) non-performance risk (“NPR”) from the date of contract issuance to January 1, 2021. These amounts were previously recorded in retained earnings but are now reflected in AOCI under the new guidance. (2) Reflects the impact on additional insurance reserves (“AIR”) and other related balances primarily related to the no-lapse guarantee features on certain universal life contracts in the Individual Life segment. For additional information, see Note 2. (3) Reflects the impact on in-force contract liabilities where expected benefits exceed expected gross premiums and/or exhausts any deferred profit liabilities at any issue-year cohort level as a result of updating to current best estimate cash flow assumptions as of transition date, as well as the impact of flooring the liability for future policy benefits at zero at the issue-year cohort level as of transition date. January 1, 2021 Accumulated Other Comprehensive Income (in millions) Balance after-tax, prior to transition $ 30,738 Unwinding amounts related to unrealized investment gains and losses(1) 5,534 Reclassification of MRB NPR to AOCI(2) 1,588 Interest rate remeasurement of future policy benefits(3) (62,711) Change in operating joint ventures (12) Total pre-tax adjustments (55,601) Tax impacts 13,205 Balance after-tax, after transition $ (11,658) __________ (1) Primarily reflects i) the removal of amounts related to the impact of unrealized investment gains and losses on premium deficiency reserves for non-participating traditional and limited-payment contracts and ii) amounts related to DAC and other balances as unrealized investment gains or losses no longer impact the amortization pattern of such balances under the new guidance. Also includes the impacts from updates to reserves and other related balances for certain universal life contracts. For additional information, see Note 2. (2) Reflects the cumulative impact of changes in NPR on the fair value of market risk benefits from the date of contract issuance to January 1, 2021. These amounts were previously recorded in retained earnings but are now reflected in AOCI under the new guidance. (3) Reflects the impact of remeasuring in-force non-participating traditional and limited-payment contract liabilities using current upper-medium grade fixed income instrument yields. This adjustment largely reflects the difference between discount rates locked-in at contract inception versus current discount rates as of January 1, 2021. |
Schedule of Deferred Policy Acquisition Costs | January 1, 2021 Deferred Policy Acquisition Costs Retirement Strategies Individual Life International Businesses Other Businesses Total Individual Variable Term Life Variable/ Life Gibraltar (in millions) Balance prior to transition $ 4,643 $ 2,417 $ 3,779 $ 4,278 $ 3,390 $ 520 $ 19,027 Unwinding amounts related to unrealized investment gains and losses and other activity 273 0 450 337 570 106 1,736 Balance after transition $ 4,916 $ 2,417 $ 4,229 $ 4,615 $ 3,960 $ 626 $ 20,763 The following tables show a rollforward for the lines of business that contain material DAC balances, along with a reconciliation to the Company’s total DAC balance: Nine Months Ended September 30, 2023 Retirement Strategies Individual Life International Businesses Total Individual Variable Term Life Variable/ Life Planner Gibraltar Life (in millions) Balance, BOP $ 4,171 $ 2,288 $ 5,000 $ 4,710 $ 4,231 $ 20,400 Capitalization 195 115 436 443 444 1,633 Amortization expense (275) (160) (183) (244) (236) (1,098) Other adjustments(1) (393) 2 0 14 0 (377) Foreign currency adjustment 0 0 0 (199) (158) (357) Balance, EOP $ 3,698 $ 2,245 $ 5,253 $ 4,724 $ 4,281 20,201 Other businesses 193 Total DAC balance $ 20,394 _________ (1) Includes the impact of the reinsurance transaction with Ohio National in Individual Retirement Strategies. See Note 12 for additional information. Nine Months Ended September 30, 2022 Retirement Strategies Individual Life International Businesses Total Individual Variable Term Life Variable/ Life Planner Gibraltar Life (in millions) Balance, BOP $ 4,872 $ 2,372 $ 4,679 $ 4,685 $ 4,135 $ 20,743 Capitalization 219 97 413 442 441 1,612 Amortization expense (305) (158) (176) (240) (227) (1,106) Other adjustments(1) (584) 0 0 12 0 (572) Foreign currency adjustment 0 0 0 (439) (325) (764) Balance, EOP $ 4,202 $ 2,311 $ 4,916 $ 4,460 $ 4,024 19,913 Other businesses 125 Total DAC balance $ 20,038 _________ (1) Includes $584 million in Individual Retirement Strategies related to the sale of PALAC. See Note 1 for additional information. . |
Deferred Sales Inducements | January 1, 2021 Deferred Sales Inducements(1) Retirement Strategies Other Businesses Total Individual Variable (in millions) Balance prior to transition $ 781 $ 39 $ 820 Unwinding amounts related to unrealized investment gains and losses 85 2 87 Balance after transition $ 866 $ 41 $ 907 __________ (1) Deferred sales inducements (“DSI”) are included in “Other assets”. The following table shows a rollforward of DSI balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material DSI balance, along with a reconciliation to the Company’s total DSI balance: Nine Months Ended September 30, 2023 2022 (in millions) Balance, BOP $ 446 $ 799 Capitalization 2 1 Amortization expense (28) (37) Other adjustments(1) 0 (308) Balance, EOP 420 455 Other businesses 33 36 Total DSI balance $ 453 $ 491 _________ (1) The 2022 amount relates to the sale of PALAC. See Note 1 for additional information. |
Schedule of Value of Business Acquired | January 1, 2021 Value of Business Acquired International Businesses Other Businesses(1) Total Gibraltar Life and Other (in millions) Balance prior to transition $ 852 $ 251 $ 1,103 Unwinding amounts related to unrealized investment gains and losses and other activity 59 1 60 Balance after transition $ 911 $ 252 $ 1,163 __________ (1) Primarily represents value of business acquired (“VOBA”) for the Full Service Retirement business. The following table shows a rollforward of VOBA balances for Gibraltar Life and Other, which is the only line of business that contains a material VOBA balance, along with a reconciliation to the Company’s total VOBA balance: Nine Months Ended September 30, 2023 2022 (in millions) Balance, BOP $ 597 $ 746 Amortization expense (37) (45) Foreign currency adjustment (64) (143) Balance, EOP 496 558 Other businesses 18 2 Total VOBA balance $ 514 $ 560 The following table provides VOBA balances for the applicable businesses for the period ended September 30: 2023 (in millions) Gibraltar Life $ 496 Aoba Life 18 Total $ 514 |
Liability for Future Policy Benefit, Activity | January 1, 2021 Benefit Reserves(1) Retirement Strategies Individual International Corporate Other Businesses(2) Total Institutional Term Life Gibraltar Long- (in millions) Balance prior to transition $ 65,383 $ 7,887 $ 51,607 $ 69,542 $ 7,975 $ 6,624 $ 209,018 Changes in cash flow assumptions and other activity (3,805) 0 10 (523) (18) 1 (4,335) Balance after transition, at original discount rate 61,578 7,887 51,617 69,019 7,957 6,625 204,683 Cumulative changes in discount rate assumptions and other activity 13,548 2,662 22,590 13,784 4,905 5,381 62,870 Balance after transition, at current discount rate 75,126 10,549 74,207 82,803 12,862 12,006 267,553 Less: Reinsurance recoverable 0 799 160 307 0 13 1,279 Balance after transition, net of reinsurance recoverable $ 75,126 $ 9,750 $ 74,047 $ 82,496 $ 12,862 $ 11,993 $ 266,274 __________ (1) Benefit reserves, excluding amounts for reinsurance recoverable, are included in "Future policy benefits." For additional information regarding the liability for future policy benefits, see Note 9. (2) Primarily represents benefit reserves related to the Prudential of Taiwan business that was sold in the second quarter of 2021. The Company did not choose to apply ASU 2022-05 to this disposal transaction. See Note 2 for additional information. January 1, 2021 Deferred Profit Liability(1) Retirement Strategies International Businesses Other Businesses Total Institutional Life Gibraltar Life (in millions) Balance prior to transition $ 1,315 $ 1,964 $ 3,746 $ 349 $ 7,374 Changes in benefit reserves 3,801 110 730 148 4,789 Balance after transition 5,116 2,074 4,476 497 12,163 Less: Reinsurance recoverable 0 7 15 0 22 Balance after transition, net of reinsurance recoverable $ 5,116 $ 2,067 $ 4,461 $ 497 $ 12,141 __________ (1) Deferred profit liability (“DPL”), excluding amounts for reinsurance recoverable, is included in "Future policy benefits." For additional information regarding the liability for future policy benefits, see Note 9. January 1, 2021 Additional Insurance Reserves(1) Retirement Strategies Individual Other Businesses Total Individual Variable Variable/ (in millions) Balance prior to transition $ 889 $ 9,415 $ 483 $ 10,787 Unwinding amounts related to unrealized investment gains and losses (65) (1,444) (106) (1,615) Balance prior to transition, excluding amounts related to unrealized investment gains and losses 824 7,971 377 9,172 Reclassification of future policy benefits AIR to MRB (824) 0 (92) (916) Reclassification of policyholders’ account balances AIR to MRB 0 0 (48) (48) Updates to certain universal life contract liabilities(2) 0 1,772 7 1,779 Change in discount rate for annuitization benefits 0 0 116 116 Balance after transition, excluding amounts related to unrealized investment gains and losses 0 9,743 360 10,103 Amounts related to unrealized investment gains and losses after transition 0 1,186 0 1,186 Balance after transition 0 10,929 360 11,289 Less: Reinsurance recoverable 0 4,387 0 4,387 Balance after transition, net of reinsurance recoverable $ 0 $ 6,542 $ 360 $ 6,902 __________ (1) Additional insurance reserves (“AIR”), excluding amounts for reinsurance recoverable, are included in “Future policy benefits”. For additional information regarding the liability for future policy benefits, see Note 9. (2) For additional information regarding updates to reserves and other related balances for certain universal life contracts, see Note 2. January 1, 2021 Universal Life Loss Recognition Reserves/Profit Followed by Losses Liability(1) Individual Life Other Businesses Total (in millions) Balance prior to transition $ 1,823 $ 6 $ 1,829 Unwinding amounts related to unrealized investment gains and losses (1,149) 0 (1,149) Balance prior to transition, excluding amounts related to unrealized investment gains and losses 674 6 680 Derecognizing LRR & PFL (674) 0 (674) Balance after transition, excluding amounts related to unrealized investment gains and losses 0 6 6 Amounts related to unrealized investment gains and losses after transition 1,018 0 1,018 Balance after transition $ 1,018 $ 6 $ 1,024 __________ (1) Universal life loss recognition reserves (“LRR”) / profit followed by losses liability (“PFL”) are included in “Future policy benefits”. For additional information regarding the liability for future policy benefits, see Note 9. January 1, 2021 Non-Participating Traditional and Limited-Payment Loss Recognition Reserves/Profit Followed by Losses Liability(1) Retirement Strategies International Businesses Corporate Other Businesses Total Institutional Life Gibraltar Life Long- (in millions) Balance prior to transition $ 1,985 $ 181 $ 670 $ 734 $ 145 $ 3,715 Unwinding amounts related to unrealized investment gains and losses (1,985) (169) (670) (734) (105) (3,663) Balance prior to transition, excluding amounts related to unrealized investment gains and losses 0 12 0 0 40 52 Derecognizing LRR & PFL 0 (12) 0 0 (40) (52) Balance after transition $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 __________ (1) Prior to the adoption of ASU 2018-12, non-participating traditional and limited-payment loss recognition reserves / profit followed by losses liabilities were included in “Future policy benefits”. January 1, 2021 Terminal Dividend Liability(1) Individual Life Closed Block Division Total Variable/ Universal Life Term Life (in millions) Balance prior to transition $ 212 $ 4 $ 375 $ 591 Unwinding amounts related to unrealized investment gains and losses and other activity (11) 0 0 (11) Balance after transition 201 4 375 580 Less: Reinsurance recoverable 0 0 0 0 Balance after transition, net of reinsurance recoverable $ 201 $ 4 $ 375 $ 580 __________ (1) Terminal dividend liability is included in “Future policy benefits”. The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits. Nine Months Ended September 30, 2023 Present Value of Expected Net Premiums Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 52,620 $ 11,282 $ 30,689 $ 28,951 $ 2,932 $ 126,474 Effect of cumulative changes in discount rate assumptions, BOP 14,349 572 1,354 1,326 103 17,704 Balance at original discount rate, BOP 66,969 11,854 32,043 30,277 3,035 144,178 Effect of assumption update (1,117) (1) 78 (175) 266 (949) Effect of actual variances from expected experience and other activity 384 (159) (814) (516) 145 (960) Adjusted balance, BOP 66,236 11,694 31,307 29,586 3,446 142,269 Issuances 8,453 539 1,793 1,258 0 12,043 Net premiums / considerations collected (8,682) (1,060) (3,055) (2,873) (242) (15,912) Interest accrual 1,588 404 680 594 117 3,383 Foreign currency adjustment 950 0 (1,583) (1,608) 0 (2,241) Other adjustments 0 (2) 104 0 0 102 Balance at original discount rate, EOP 68,545 11,575 29,246 26,957 3,321 139,644 Effect of cumulative changes in discount rate assumptions, EOP (16,742) (965) (1,571) (1,495) (249) (21,022) Balance, EOP $ 51,803 $ 10,610 $ 27,675 $ 25,462 $ 3,072 $ 118,622 Other businesses, EOP 83 Total balance, EOP $ 118,705 Nine Months Ended September 30, 2023 Present Value of Expected Future Policy Benefits Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 117,754 $ 19,288 $ 78,639 $ 80,331 $ 10,685 $ 306,697 Effect of cumulative changes in discount rate assumptions, BOP 20,170 1,012 3,719 11,266 1,216 37,383 Balance at original discount rate, BOP 137,924 20,300 82,358 91,597 11,901 344,080 Effect of assumption update (1,289) (1) 145 44 357 (744) Effect of actual variances from expected experience and other activity 377 (194) (845) (503) 171 (994) Adjusted balance, BOP 137,012 20,105 81,658 91,138 12,429 342,342 Issuances 8,453 539 1,793 1,258 0 12,043 Interest accrual 3,720 707 1,977 1,729 443 8,576 Benefit payments (8,550) (1,121) (2,729) (3,496) (196) (16,092) Foreign currency adjustment 981 0 (4,630) (5,780) 0 (9,429) Other adjustments (138) (14) 206 (18) 0 36 Balance at original discount rate, EOP 141,478 20,216 78,275 84,831 12,676 337,476 Effect of cumulative changes in discount rate assumptions, EOP (24,887) (1,856) (5,296) (11,846) (2,305) (46,190) Balance, EOP $ 116,591 $ 18,360 $ 72,979 $ 72,985 $ 10,371 $ 291,286 Other businesses, EOP 1,635 Total balance, EOP $ 292,921 Nine Months Ended September 30, 2023 Net Liability for Future Policy Benefits - Benefit Reserves Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, EOP, pre-flooring $ 64,789 $ 7,750 $ 45,304 $ 47,523 $ 7,299 $ 172,665 Flooring impact, EOP 0 2 27 31 0 60 Balance, EOP, post-flooring 64,789 7,752 45,331 47,554 7,299 172,725 Less: Reinsurance recoverable 4,810 696 96 189 0 5,791 Balance after reinsurance recoverable, EOP, post-flooring $ 59,979 $ 7,056 $ 45,235 $ 47,365 $ 7,299 $ 166,934 Other businesses, EOP(1) 1,482 Total balance after reinsurance recoverable, EOP $ 168,416 Nine Months Ended September 30, 2022 Present Value of Expected Net Premiums Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 68,791 $ 12,971 $ 39,517 $ 37,815 $ 3,585 $ 162,679 Effect of cumulative changes in discount rate assumptions, BOP (4,414) (1,892) (3,516) (3,239) (644) (13,705) Balance at original discount rate, BOP 64,377 11,079 36,001 34,576 2,941 148,974 Effect of assumption update 249 1,313 (76) (176) 49 1,359 Effect of actual variances from expected experience and other activity 347 31 (1,181) (575) 163 (1,215) Adjusted balance, BOP 64,973 12,423 34,744 33,825 3,153 149,118 Issuances 12,912 344 2,456 1,933 0 17,645 Net premiums / considerations collected (13,540) (1,049) (3,259) (3,284) (218) (21,350) Interest accrual 1,174 406 717 656 109 3,062 Foreign currency adjustment (11,386) 0 (3,622) (3,402) 0 (18,410) Other adjustments 0 (10) 156 24 0 170 Balance at original discount rate, EOP 54,133 12,114 31,192 29,752 3,044 130,235 Effect of cumulative changes in discount rate assumptions, EOP (15,179) (777) (1,151) (1,157) (164) (18,428) Balance, EOP $ 38,954 $ 11,337 $ 30,041 $ 28,595 $ 2,880 $ 111,807 Other businesses, EOP 104 Total balance, EOP $ 111,911 Nine Months Ended September 30, 2022 Present Value of Expected Future Policy Benefits Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 142,593 $ 22,768 $ 109,562 $ 114,846 $ 15,810 $ 405,579 Effect of cumulative changes in discount rate assumptions, BOP (13,706) (3,876) (21,554) (13,476) (4,482) (57,094) Balance at original discount rate, BOP 128,887 18,892 88,008 101,370 11,328 348,485 Effect of assumption update (187) 1,777 (115) (164) 49 1,360 Effect of actual variances from expected experience and other activity 256 45 (1,290) (495) 188 (1,296) Adjusted balance, BOP 128,956 20,714 86,603 100,711 11,565 348,549 Issuances 12,912 344 2,456 1,933 0 17,645 Interest accrual 3,066 701 2,006 1,823 413 8,009 Benefit payments (7,253) (1,150) (2,609) (4,090) (179) (15,281) Foreign currency adjustment (11,711) 0 (9,915) (11,950) 0 (33,576) Other adjustments (528) (14) 247 (12) 0 (307) Balance at original discount rate, EOP 125,442 20,595 78,788 88,415 11,799 325,039 Effect of cumulative changes in discount rate assumptions, EOP (22,629) (1,450) (2,790) (10,296) (1,755) (38,920) Balance, EOP $ 102,813 $ 19,145 $ 75,998 $ 78,119 $ 10,044 $ 286,119 Other businesses, EOP 1,905 Total balance, EOP $ 288,024 Nine Months Ended September 30, 2022 Net Liability for Future Policy Benefits - Benefit Reserves Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, EOP, pre-flooring $ 63,859 $ 7,808 $ 45,957 $ 49,524 $ 7,163 $ 174,311 Flooring impact, EOP 1 0 236 370 0 607 Balance, EOP, post-flooring 63,860 7,808 46,193 49,894 7,163 174,918 Less: Reinsurance recoverable 0 772 116 200 0 1,088 Balance after reinsurance recoverable, EOP, post-flooring $ 63,860 $ 7,036 $ 46,077 $ 49,694 $ 7,163 $ 173,830 Other businesses, EOP(1) 1,723 Total balance after reinsurance recoverable, EOP $ 175,553 __________ (1) Reflects balance after reinsurance recoverable of $69 million and $80 million at September 30, 2023 and 2022, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Nine Months Ended September 30, 2023 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 108,863 $ 23,147 $ 68,665 $ 56,169 $ 6,854 Discounted expected future gross premiums (at original discount rate) $ 75,372 $ 15,381 $ 53,078 $ 45,102 $ 4,496 Discounted expected future gross premiums (at current discount rate) $ 56,962 $ 14,120 $ 50,753 $ 42,804 $ 4,167 Undiscounted expected future benefits and expenses $ 217,931 $ 31,164 $ 137,378 $ 139,536 $ 30,897 Interest accrual $ 2,132 $ 303 $ 1,297 $ 1,135 $ 326 Gross premiums $ 9,310 $ 1,384 $ 4,849 $ 4,741 $ 342 Weighted-average duration of the liability in years (at original discount rate) 9 10 20 19 18 Weighted-average duration of the liability in years (at current discount rate) 8 9 19 17 17 Weighted-average interest rate (at original discount rate) 4.57 % 5.17 % 3.46 % 2.59 % 4.91 % Weighted-average interest rate (at current discount rate) 6.02 % 6.01 % 3.37 % 3.26 % 6.30 % Nine Months Ended September 30, 2022 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 81,807 $ 23,879 $ 72,431 $ 62,850 $ 7,035 Discounted expected future gross premiums (at original discount rate) $ 59,074 $ 15,863 $ 56,206 $ 49,935 $ 4,561 Discounted expected future gross premiums (at current discount rate) $ 42,578 $ 14,853 $ 54,613 $ 48,237 $ 4,325 Undiscounted expected future benefits and expenses $ 189,976 $ 31,873 $ 143,840 $ 151,940 $ 29,625 Interest accrual $ 1,892 $ 295 $ 1,289 $ 1,167 $ 304 Gross premiums $ 14,102 $ 1,412 $ 5,274 $ 5,414 $ 336 Weighted-average duration of the liability in years (at original discount rate) 8 10 21 20 19 Weighted-average duration of the liability in years (at current discount rate) 7 10 19 18 18 Weighted-average interest rate (at original discount rate) 4.29 % 5.23 % 3.45 % 2.55 % 4.91 % Weighted-average interest rate (at current discount rate) 5.68 % 5.66 % 2.96 % 2.80 % 5.98 % The balances of and changes in Deferred Profit Liability as of and for the period indicated are as follows: Nine Months Ended September 30, 2023 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 5,532 $ 3,379 $ 5,261 $ 14,172 Flooring impact, BOP 0 0 1 1 Balance, BOP, pre-flooring 5,532 3,379 5,260 14,171 Effect of assumption update 35 (67) (228) (260) Effect of actual variances from expected experience and other activity 4 (4) (32) (32) Adjusted balance, BOP 5,571 3,308 5,000 13,879 Profits deferred 294 1,271 1,017 2,582 Interest accrual 170 109 114 393 Amortization (424) (869) (765) (2,058) Foreign currency adjustment 2 (128) (251) (377) Other adjustments 0 24 0 24 Balance, EOP, pre-flooring 5,613 3,715 5,115 14,443 Flooring impact, EOP 0 0 1 1 Balance, EOP 5,613 3,715 5,116 14,444 Less: Reinsurance recoverable 383 8 10 401 Balance after reinsurance recoverable $ 5,230 $ 3,707 $ 5,106 14,043 Other businesses(1) 145 Total balance after reinsurance recoverable $ 14,188 Nine Months Ended September 30, 2022 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 5,183 $ 2,741 $ 5,014 $ 12,938 Flooring impact, BOP 0 0 1 1 Balance, BOP, pre-flooring 5,183 2,741 5,013 12,937 Effect of assumption update 382 28 (5) 405 Effect of actual variances from expected experience and other activity 101 3 (82) 22 Adjusted balance, BOP 5,666 2,772 4,926 13,364 Profits deferred 212 1,308 1,184 2,704 Interest accrual 160 91 107 358 Amortization (410) (852) (782) (2,044) Foreign currency adjustment (48) (246) (487) (781) Other adjustments (1) 19 (1) 17 Balance, EOP, pre-flooring 5,579 3,092 4,947 13,618 Flooring impact, EOP 0 0 1 1 Balance, EOP 5,579 3,092 4,948 13,619 Less: Reinsurance recoverable 0 7 10 17 Balance after reinsurance recoverable $ 5,579 $ 3,085 $ 4,938 13,602 Other businesses(1) 182 Total balance after reinsurance recoverable $ 13,784 __________ (1) Reflects balance after reinsurance recoverable of $0 million and $1 million at September 30, 2023 and 2022, respectively. The following tables provide supplemental information related to the balances of and changes in Deferred Profit Liability, included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Nine Months Ended September 30, 2023 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ (79) $ (464) $ (105) Interest accrual $ 170 $ 109 $ 114 Nine Months Ended September 30, 2022 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ (443) $ (600) $ (420) Interest accrual $ 160 $ 91 $ 107 __________ (1) Represents the gross premiums collected in changes in Deferred Profit Liability excluding impact of foreign currency adjustments. The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance: Nine Months Ended September 30, 2023 2022 (in millions) Balance, including amounts in AOCI, BOP, post-flooring $ 12,684 $ 11,708 Flooring impact and amounts in AOCI 1,285 (909) Balance, excluding amounts in AOCI, BOP, pre-flooring 13,969 10,799 Effect of assumption update 23 2,200 Effect of actual variances from expected experience and other activity (13) (215) Adjusted balance, BOP 13,979 12,784 Assessments collected(1) 836 750 Interest accrual 362 319 Benefits paid (223) (148) Balance, excluding amounts in AOCI, EOP, pre-flooring 14,954 13,705 Flooring impact and amounts in AOCI (1,737) (1,595) Balance, including amounts in AOCI, EOP, post-flooring 13,217 12,110 Less: Reinsurance recoverable 5,286 4,790 Balance after reinsurance recoverable, including amounts in AOCI, EOP 7,931 7,320 Other businesses 123 144 Total balance after reinsurance recoverable $ 8,054 $ 7,464 __________ (1) Represents the portion of gross assessments required to fund the future policy benefits. Nine Months Ended September 30, 2023 2022 ($ in millions) Interest accrual $ 362 $ 319 Gross assessments $ 2,357 $ 1,995 Weighted-average duration of the liability in years (at original discount rate) 22 23 Weighted-average interest rate (at original discount rate) 3.36 % 3.38 % The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, Additional Insurance Reserves, and Deferred Profit Liability including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company's Consolidated Statement of Financial Position as of the periods indicated: Nine Months Ended September 30, 2023 2022 (in millions) Benefit reserves, EOP, post-flooring $ 174,276 $ 176,720 Deferred Profit Liability EOP, post-flooring 14,589 13,802 Additional insurance reserves, including amounts in AOCI, EOP, post-flooring 13,340 12,254 Subtotal of amounts disclosed above 202,205 202,776 Other Future Policy Benefits reserves(1) 51,346 52,359 Total Future Policy Benefits $ 253,551 $ 255,135 __________ The following tables present revenue and interest expense related to Benefit Reserves, Additional Insurance Reserves, and Deferred Profit Liability, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations as of the periods indicated: Nine Months Ended September 30, 2023 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 9,310 $ 1,384 $ 0 $ 4,849 $ 4,741 $ 415 $ 20,699 Deferred profit liability (79) 0 0 (464) (105) 37 (611) Additional insurance reserves 0 0 2,357 0 0 0 2,357 Total $ 9,231 $ 1,384 $ 2,357 $ 4,385 $ 4,636 $ 452 $ 22,445 Nine Months Ended September 30, 2022 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 14,102 $ 1,412 $ 0 $ 5,274 $ 5,414 $ 398 $ 26,600 Deferred profit liability (443) 0 0 (600) (420) 41 (1,422) Additional insurance reserves 0 0 1,995 0 0 1 1,996 Total $ 13,659 $ 1,412 $ 1,995 $ 4,674 $ 4,994 $ 440 $ 27,174 Nine Months Ended September 30, 2023 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 2,132 $ 303 $ 0 $ 1,297 $ 1,135 $ 366 $ 5,233 Deferred profit liability 170 0 0 109 114 3 396 Additional insurance reserves 0 0 362 1 0 0 363 Total $ 2,302 $ 303 $ 362 $ 1,407 $ 1,249 $ 369 $ 5,992 Nine Months Ended September 30, 2022 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 1,892 $ 295 $ 0 $ 1,289 $ 1,167 $ 346 $ 4,989 Deferred profit liability 160 0 0 91 107 3 361 Additional insurance reserves 0 0 319 2 1 0 322 Total $ 2,052 $ 295 $ 319 $ 1,382 $ 1,275 $ 349 $ 5,672 __________ (1) Represents "Gross Premiums" for benefit reserves, "Revenue" for deferred profit liability and "Gross Assessments" for additional insurance reserves. (2) Includes remaining balances disclosed above and balances for which disaggregated rollforward disclosures may not be presented above. |
Additional Liability, Long-Duration Insurance | January 1, 2021 Unearned Revenue Reserves(1) Individual Life International Businesses Variable/Universal Life Life Planner Gibraltar Life and Other Corporate and Other Other Businesses Total (in millions) Balance prior to transition $ 2,204 $ 161 $ 45 $ 152 $ 30 $ 2,592 Unwinding amounts related to unrealized investment gains and losses and other activity 539 2 5 38 0 584 Balance after transition 2,743 163 50 190 30 3,176 Less: Reinsurance recoverable 0 0 0 0 0 0 Balance after transition, net of reinsurance recoverable $ 2,743 $ 163 $ 50 $ 190 $ 30 $ 3,176 __________ (1) Unearned revenue reserves (“URR”) are included in “Policyholders' account balances”. January 1, 2021 Cost of Reinsurance(1) Individual Life Variable/Universal Life (in millions) Balance prior to transition $ 3,058 Unwinding amounts related to unrealized investment gains and losses (659) Balance prior to transition, excluding amounts related to unrealized investment gains and losses 2,399 Impact from updates to certain universal life contract liabilities(2) 860 Balance after transition, excluding amounts related to unrealized investment gains and losses 3,259 Amounts related to unrealized investment gains and losses after transition 580 Balance after transition $ 3,839 _________ (1) Cost of reinsurance is included in “Other liabilities.” |
Market Risk Benefit, Activity | January 1, 2021 Market Risk Benefits(1) Retirement Strategies Other Businesses Total Individual Variable (in millions) Liability for guaranteed benefits recorded at fair value, prior to transition $ 18,731 $ 148 $ 18,879 AIR to be reclassified to MRB, prior to transition, excluding amounts related to unrealized investment gains and losses 824 140 964 Total liability prior to transition 19,555 288 19,843 Change in reserve basis to MRB framework 122 98 220 MRB after transition, at current NPR value 19,677 386 20,063 Less: Reinsured MRB 204 7 211 MRB after transition, net of reinsurance 19,473 379 19,852 MRB after transition, at contract inception NPR value 21,259 392 21,651 Cumulative change in NPR 1,582 6 1,588 MRB after transition, at current NPR value $ 19,677 $ 386 $ 20,063 __________ (1) For additional information regarding market risk benefits, see Note 11. The following table shows a rollforward of MRB balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates: Nine Months Ended September 30, 2023 2022 (in millions) Balance, BOP $ 4,987 $ 13,392 Effect of cumulative changes in NPR 1,828 898 Balance, BOP, before effect of changes in NPR 6,815 14,290 Attributed fees collected 899 1,040 Claims paid (83) (62) Interest accrual 255 79 Actual in force different from expected 54 96 Effect of changes in interest rates (2,986) (7,956) Effect of changes in equity markets (995) 4,437 Effect of assumption update 342 (152) Issuances 15 0 Other adjustments(1) (24) (3,993) Balance, EOP, before effect of changes in NPR 4,292 7,779 Effect of cumulative changes in NPR (1,301) (2,188) Balance, EOP 2,991 5,591 Less: Reinsured MRB 610 29 Balance, EOP, net of reinsurance 2,381 5,562 Other businesses 79 120 Total net MRB balance $ 2,460 $ 5,682 _________ (1) 2022 includes $(4,061) million related to the sale of PALAC. See Note 1 for additional information. . The following table presents accompanying information to the rollforward table above. September 30, 2023 September 30, 2022 ($ in millions) Net amount at risk(1) $ 13,417 $ 15,299 Weighted-average attained age of contractholders 70 69 ___________ (1) For contracts with multiple benefit features, the highest net amount at risk for each contract is included. The tables below reconcile MRB asset and liability positions as of the following dates: September 30, 2023 Retirement Strategies Individual Variable Other Businesses Total (in millions) MRB Assets $ 2,187 $ 13 $ 2,200 MRB Liabilities 4,568 92 4,660 Net Liability $ 2,381 $ 79 $ 2,460 September 30, 2022 Retirement Strategies Individual Variable Other Businesses Total (in millions) MRB Assets $ 794 $ 12 $ 806 MRB Liabilities 6,356 132 6,488 Net Liability $ 5,562 $ 120 $ 5,682 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments [Abstract] | |
Fixed Maturities, Available-for-sale, Debt Securities | The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated: September 30, 2023 Amortized Gross Gross Allowance for Credit Losses Fair (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 25,359 $ 747 $ 6,157 $ 0 $ 19,949 Obligations of U.S. states and their political subdivisions 8,905 154 1,062 0 7,997 Foreign government bonds 68,510 3,387 5,324 64 66,509 U.S. public corporate securities 105,698 942 17,276 93 89,271 U.S. private corporate securities(1) 41,659 637 4,078 27 38,191 Foreign public corporate securities 20,618 297 2,207 47 18,661 Foreign private corporate securities 34,563 177 5,421 6 29,313 Asset-backed securities(2) 13,349 216 201 2 13,362 Commercial mortgage-backed securities 10,932 5 1,027 0 9,910 Residential mortgage-backed securities(3) 2,442 17 304 0 2,155 Total fixed maturities, available-for-sale(1) $ 332,035 $ 6,579 $ 43,057 $ 239 $ 295,318 __________ (1) Excludes notes with amortized cost of $12,290 million (fair value, $12,290 million), which have been offset with the associated debt under a netting agreement. (2) Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans, home equity loans and other asset types. (3) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (4) In the third quarter of 2023, the Company changed its intent to hold a portion of its held-to-maturity portfolio, which will be redeemed as part of a recently announced reinsurance transaction. As a result, the entire held-to-maturity portfolio was reclassified to available-for-sale and recorded at fair value. December 31, 2022 Amortized Gross Gross Allowance for Credit Losses Fair (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 29,372 $ 1,110 $ 4,413 $ 0 $ 26,069 Obligations of U.S. states and their political subdivisions 10,179 238 728 0 9,689 Foreign government bonds 74,103 4,503 5,379 1 73,226 U.S. public corporate securities 99,854 1,311 13,563 16 87,586 U.S. private corporate securities(1) 39,867 507 3,438 57 36,879 Foreign public corporate securities 22,235 416 1,945 19 20,687 Foreign private corporate securities 32,755 150 5,201 44 27,660 Asset-backed securities(2) 12,972 166 286 1 12,851 Commercial mortgage-backed securities 11,497 19 861 0 10,655 Residential mortgage-backed securities(3) 2,613 29 225 0 2,417 Total fixed maturities, available-for-sale(1) $ 335,447 $ 8,449 $ 36,039 $ 138 $ 307,719 __________ (1) Excludes notes with amortized cost of $8,040 million (fair value, $8,040 million), which have been offset with the associated debt under a netting agreement. (2) Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans, home equity loans and other asset types. (3) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. |
Fixed Maturities, Held-to-maturity Securities | September 30, 2023 Amortized Gross Gross Fair Allowance for Credit Losses Amortized Cost, (in millions) Fixed maturities, held-to-maturity: Foreign government bonds $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Foreign public corporate securities 0 0 0 0 0 0 Residential mortgage-backed securities 0 0 0 0 0 0 Total fixed maturities, held-to-maturity(4) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 __________ (1) Excludes notes with amortized cost of $12,290 million (fair value, $12,290 million), which have been offset with the associated debt under a netting agreement. (2) Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans, home equity loans and other asset types. (3) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. (4) In the third quarter of 2023, the Company changed its intent to hold a portion of its held-to-maturity portfolio, which will be redeemed as part of a recently announced reinsurance transaction. As a result, the entire held-to-maturity portfolio was reclassified to available-for-sale and recorded at fair value. December 31, 2022 Amortized Gross Gross Fair Allowance for Credit Losses Amortized (in millions) Fixed maturities, held-to-maturity: Foreign government bonds $ 725 $ 128 $ 0 $ 853 $ 0 $ 725 Foreign public corporate securities 430 24 0 454 2 428 Residential mortgage-backed securities(3) 143 5 0 148 0 143 Total fixed maturities, held-to-maturity(4) $ 1,298 $ 157 $ 0 $ 1,455 $ 2 $ 1,296 __________ (1) Excludes notes with amortized cost of $8,040 million (fair value, $8,040 million), which have been offset with the associated debt under a netting agreement. (2) Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans, home equity loans and other asset types. (3) Includes publicly-traded agency pass-through securities and collateralized mortgage obligations. |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following tables set forth the fair value and gross unrealized losses on available-for-sale fixed maturity securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated: September 30, 2023 Less Than Twelve Months Total Fair Gross Fair Gross Fair Gross (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 6,499 $ 565 $ 11,344 $ 5,592 $ 17,843 $ 6,157 Obligations of U.S. states and their political subdivisions 3,297 215 3,696 847 6,993 1,062 Foreign government bonds 10,240 574 18,507 4,745 28,747 5,319 U.S. public corporate securities 23,484 1,702 57,332 15,566 80,816 17,268 U.S. private corporate securities 7,695 370 25,553 3,708 33,248 4,078 Foreign public corporate securities 4,073 198 10,574 1,987 14,647 2,185 Foreign private corporate securities 6,311 414 20,938 5,005 27,249 5,419 Asset-backed securities 2,114 45 7,564 156 9,678 201 Commercial mortgage-backed securities 1,301 38 8,399 989 9,700 1,027 Residential mortgage-backed securities 350 13 1,500 291 1,850 304 Total fixed maturities, available-for-sale $ 65,364 $ 4,134 $ 165,407 $ 38,886 $ 230,771 $ 43,020 December 31, 2022 Less Than Twelve Months Total Fair Gross Fair Gross Fair Gross (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 18,009 $ 3,143 $ 2,563 $ 1,270 $ 20,572 $ 4,413 Obligations of U.S. states and their political subdivisions 5,510 526 558 202 6,068 728 Foreign government bonds 16,932 2,384 9,877 2,971 26,809 5,355 U.S. public corporate securities 58,816 7,790 15,780 5,726 74,596 13,516 U.S. private corporate securities 24,610 2,065 6,705 1,373 31,315 3,438 Foreign public corporate securities 10,168 932 4,098 993 14,266 1,925 Foreign private corporate securities 16,909 2,521 8,196 2,678 25,105 5,199 Asset-backed securities 5,385 130 5,059 156 10,444 286 Commercial mortgage-backed securities 9,289 655 1,080 206 10,369 861 Residential mortgage-backed securities 1,322 130 402 93 1,724 223 Total fixed maturities, available-for-sale $ 166,950 $ 20,276 $ 54,318 $ 15,668 $ 221,268 $ 35,944 |
Fixed Maturities Classified by Contractual Maturity Date | The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated: September 30, 2023 Available-for-Sale Amortized Cost Fair Value (in millions) Fixed maturities: Due in one year or less $ 10,091 $ 10,169 Due after one year through five years 51,618 49,759 Due after five years through ten years 61,821 58,437 Due after ten years(1) 181,782 151,526 Asset-backed securities 13,349 13,362 Commercial mortgage-backed securities 10,932 9,910 Residential mortgage-backed securities 2,442 2,155 Total $ 332,035 $ 295,318 __________ (1) Excludes available-for-sale notes with amortized cost of $12,290 million (fair value, $12,290 million), which have been offset with the associated debt under a netting agreement. |
Sources of Fixed Maturity Proceeds and Related Investment Gains (Losses) as well as Losses on Impairments | The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in millions) Fixed maturities, available-for-sale: Proceeds from sales(1) $ 6,619 $ 4,978 $ 20,741 $ 24,056 Proceeds from maturities/prepayments 4,051 5,186 12,092 14,792 Gross investment gains from sales and maturities 295 325 724 940 Gross investment losses from sales and maturities (734) (376) (1,436) (1,963) Write-downs recognized in earnings(2) (53) (21) (63) (113) (Addition to) release of allowance for credit losses 37 (42) (101) (37) Fixed maturities, held-to-maturity: Proceeds from maturities/prepayments(3) $ 4 $ 7 $ 21 $ 24 (Addition to) release of allowance for credit losses 2 1 2 3 __________ (1) Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(90) million and $3 million for the nine months ended September 30, 2023 and 2022, respectively. (2) Amounts represent write-downs on credit adverse securities and securities actively marketed for sale. (3) Excludes activity from non-cash related proceeds due to the timing of trade settlements of $1 million and less than $1 million for the nine months ended September 30, 2023 and 2022, respectively . |
Credit Losses Recognized in Earnings on Fixed Maturity Securities Held by the Company for which a Portion of the OTTI Loss was Recognized in OCI | The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated: Three Months Ended September 30, 2023 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 56 $ 219 $ 1 $ 0 $ 0 $ 276 Additions to allowance for credit losses not previously recorded 0 0 9 0 0 0 9 Reductions for securities sold during the period 0 0 (71) 0 0 0 (71) Additions (reductions) on securities with previous allowance 0 8 16 1 0 0 25 Balance, end of period $ 0 $ 64 $ 173 $ 2 $ 0 $ 0 $ 239 Three Months Ended September 30, 2022 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 6 $ 102 $ 1 $ 0 $ 0 $ 109 Additions to allowance for credit losses not previously recorded 0 0 30 4 0 0 34 Reductions for securities sold during the period 0 (3) (2) 0 0 0 (5) Reductions for securities with intent to sell 0 0 0 0 0 0 0 Additions (reductions) on securities with previous allowance 0 (2) 15 0 0 0 13 Balance, end of period $ 0 $ 1 $ 145 $ 5 $ 0 $ 0 $ 151 Nine Months Ended September 30, 2023 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 1 $ 136 $ 1 $ 0 $ 0 $ 138 Additions to allowance for credit losses not previously recorded 0 62 87 0 0 0 149 Reductions for securities sold during the period 0 0 (116) 0 0 0 (116) Additions (reductions) on securities with previous allowance 0 1 66 1 0 0 68 Balance, end of period $ 0 $ 64 $ 173 $ 2 $ 0 $ 0 $ 239 Nine Months Ended September 30, 2022 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 7 $ 107 $ 0 $ 0 $ 0 $ 114 Additions to allowance for credit losses not previously recorded 0 11 103 5 0 0 119 Reductions for securities sold during the period 0 (5) (55) 0 0 0 (60) Reductions for securities with intent to sell 0 (13) (67) 0 0 0 (80) Additions (reductions) on securities with previous allowance 0 1 57 0 0 0 58 Balance, end of period $ 0 $ 1 $ 145 $ 5 $ 0 $ 0 $ 151 Three Months Ended September 30, 2023 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, held-to-maturity: Balance, beginning of period $ 0 $ 0 $ 2 $ 0 $ 0 $ 0 $ 2 Current period provision for expected losses(1) 0 0 (2) 0 0 0 (2) Change in foreign exchange 0 0 0 0 0 0 0 Balance, end of period $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 __________ (1) In the third quarter of 2023, the Company changed its intent to hold a portion of its held-to-maturity portfolio, which will be redeemed as part of a recently announced reinsurance transaction. As a result, the entire held-to-maturity portfolio was reclassified to available-for-sale and recorded at fair value. Three Months Ended September 30, 2022 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, held-to-maturity: Balance, beginning of period $ 0 $ 0 $ 3 $ 0 $ 0 $ 0 $ 3 Current period provision for expected losses 0 0 (1) 0 0 0 (1) Change in foreign exchange 0 0 0 0 0 0 0 Balance, end of period $ 0 $ 0 $ 2 $ 0 $ 0 $ 0 $ 2 Nine Months Ended September 30, 2023 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, held-to-maturity: Balance, beginning of period $ 0 $ 0 $ 2 $ 0 $ 0 $ 0 $ 2 Current period provision for expected losses(1) 0 0 (2) 0 0 0 (2) Change in foreign exchange 0 0 0 0 0 0 0 Balance, end of period $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 __________ (1) In the third quarter of 2023, the Company changed its intent to hold a portion of its held-to-maturity portfolio, which will be redeemed as part of a recently announced reinsurance transaction. As a result, the entire held-to-maturity portfolio was reclassified to available-for-sale and recorded at fair value. Nine Months Ended September 30, 2022 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, held-to-maturity: Balance, beginning of period $ 0 $ 0 $ 5 $ 0 $ 0 $ 0 $ 5 Current period provision for expected losses 0 0 (2) 0 0 0 (2) Change in foreign exchange 0 0 (1) 0 0 0 (1) Balance, end of period $ 0 $ 0 $ 2 $ 0 $ 0 $ 0 $ 2 |
Assets Supporting Experience-Rated Contractholder Liabilities | The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated: September 30, 2023 December 31, 2022 Amortized Fair Amortized Fair (in millions) Fixed maturities: Corporate securities $ 77 $ 75 $ 91 $ 88 Foreign government bonds 625 609 705 668 U.S. government authorities and agencies and obligations of U.S. states 192 204 188 189 Total fixed maturities(1) 894 888 984 945 Equity securities 1,476 2,055 1,628 1,899 Total assets supporting experience-rated contractholder liabilities(2) $ 2,370 $ 2,943 $ 2,612 $ 2,844 __________ (1) As a percentage of amortized cost, 99% and 98% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of September 30, 2023 and December 31, 2022, respectively. (2) As a percentage of amortized cost, 100% of the portfolio consisted of public securities, as of both September 30, 2023 and December 31, 2022. |
Securities Concentrations of Credit Risk | As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below: September 30, 2023 December 31, 2022 Amortized Fair Amortized Fair (in millions) Investments in Japanese government and government agency securities: Fixed maturities, available-for-sale $ 59,682 $ 58,439 $ 65,198 $ 64,959 Fixed maturities, held-to-maturity 0 0 706 831 Fixed maturities, trading 18 17 20 19 Assets supporting experience-rated contractholder liabilities 537 521 613 587 Total $ 60,237 $ 58,977 $ 66,537 $ 66,396 September 30, 2023 December 31, 2022 Amortized Fair Amortized Fair (in millions) Investments in Brazil government and government agency securities: Fixed maturities, available-for-sale $ 2,838 $ 2,673 $ 2,264 $ 2,010 Short-term investments 1 1 60 61 Cash equivalents 437 437 210 210 Total $ 3,276 $ 3,111 $ 2,534 $ 2,281 |
Commercial Mortgage and Other Loans | The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated: September 30, 2023 December 31, 2022 Amount % of Amount % of Commercial mortgage and agricultural property loans by property type: Office $ 8,403 14.6 % $ 9,096 16.2 % Retail 5,869 10.2 6,103 10.8 Apartments/Multi-Family 15,985 27.7 15,381 27.3 Industrial 14,430 25.0 13,079 23.2 Hospitality 2,139 3.7 2,027 3.6 Other 3,939 6.8 3,791 6.7 Total commercial mortgage loans 50,765 88.0 49,477 87.8 Agricultural property loans 6,939 12.0 6,857 12.2 Total commercial mortgage and agricultural property loans 57,704 100.0 % 56,334 100.0 % Allowance for credit losses (331) (201) Total net commercial mortgage and agricultural property loans 57,373 56,133 Other loans: Uncollateralized loans 406 463 Residential property loans 30 43 Other collateralized loans 100 108 Total other loans 536 614 Allowance for credit losses (1) (2) Total net other loans 535 612 Total net commercial mortgage and other loans(1) $ 57,908 $ 56,745 __________ (1) Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of September 30, 2023 and December 31, 2022, the net carrying value of these loans were $387 million and $137 million, respectively. Commercial Mortgage Loan Commitments September 30, December 31, (in millions) Total outstanding mortgage loan commitments $ 2,570 $ 1,995 Portion of commitment where prearrangement to sell to investor exists $ 297 $ 582 Indemnification of Serviced Mortgage Loans September 30, December 31, (in millions) Maximum exposure under indemnification agreements for mortgage loans serviced by the Company $ 3,041 $ 2,972 First-loss exposure portion of above $ 880 $ 862 Accrued liability associated with guarantees(1) $ 29 $ 33 __________ (1) The accrued liability associated with guarantees includes an allowance for credit losses of $14 million and $17 million as of September 30, 2023 and December 31, 2022, respectively. The change in allowance is a reduction of $1 million for both three months ended September 30, 2023, and 2022, respectively, and a reduction for both nine months ended September 30, 2023, and 2022 of $2 million and $4 million , respectively. |
Allowance for Credit Losses | The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated: Three Months Ended September 30, 2023 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 224 $ 16 $ 0 $ 0 $ 1 $ 241 Addition to (release of) allowance for expected losses 90 0 0 0 0 90 Reduction for loans sold during the period 0 0 0 0 0 0 Change in foreign exchange 1 0 0 0 0 1 Allowance, end of period $ 315 $ 16 $ 0 $ 0 $ 1 $ 332 Three Months Ended September 30, 2022 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 156 $ 8 $ 0 $ 0 $ 32 $ 196 Addition to (release of) allowance for expected losses 22 2 0 0 0 24 Reclassified (to) from “Assets held-for-sale” (6) 0 0 0 0 (6) Other 4 0 0 0 0 4 Allowance, end of period $ 176 $ 10 $ 0 $ 0 $ 32 $ 218 Nine Months Ended September 30, 2023 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 188 $ 13 $ 0 $ 0 $ 2 $ 203 Addition to (release of) allowance for expected losses 125 3 0 0 0 128 Reduction for loans sold during the period 0 0 0 0 (1) (1) Change in foreign exchange 2 0 0 0 0 2 Allowance, end of period $ 315 $ 16 $ 0 $ 0 $ 1 $ 332 Nine Months Ended September 30, 2022 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 111 $ 4 $ 0 $ 0 $ 4 $ 119 Addition to (release of) allowance for expected losses 62 6 0 0 28 96 Reclassified (to) from “Assets held-for-sale” 0 0 0 0 0 0 Other 3 0 0 0 0 3 Allowance, end of period $ 176 $ 10 $ 0 $ 0 $ 32 $ 218 |
Financing Receivable Credit Quality Indicators | The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated: September 30, 2023 Amortized Cost by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Total (in millions) Commercial mortgage loans Loan-to-Value Ratio: 0%-59.99% $ 1,340 $ 946 $ 2,243 $ 1,393 $ 3,454 $ 18,461 $ 0 $ 27,837 60%-69.99% 1,600 1,636 2,846 1,542 2,113 4,089 0 13,826 70%-79.99% 833 966 1,003 46 939 1,824 0 5,611 80% or greater 85 130 148 282 185 2,661 0 3,491 Total $ 3,858 $ 3,678 $ 6,240 $ 3,263 $ 6,691 $ 27,035 $ 0 $ 50,765 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 3,494 $ 3,161 $ 6,078 $ 3,169 $ 6,063 $ 23,697 $ 0 $ 45,662 1.0 - 1.2x 214 365 84 39 307 1,762 0 2,771 Less than 1.0x 150 152 78 55 321 1,576 0 2,332 Total $ 3,858 $ 3,678 $ 6,240 $ 3,263 $ 6,691 $ 27,035 $ 0 $ 50,765 Agricultural property loans Loan-to-Value Ratio: 0%-59.99% $ 194 $ 891 $ 2,020 $ 784 $ 460 $ 1,593 $ 86 $ 6,028 60%-69.99% 98 671 40 56 20 4 0 889 70%-79.99% 7 0 0 0 15 0 0 22 80% or greater 0 0 0 0 0 0 0 0 Total $ 299 $ 1,562 $ 2,060 $ 840 $ 495 $ 1,597 $ 86 $ 6,939 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 294 $ 1,549 $ 2,017 $ 809 $ 494 $ 1,510 $ 86 $ 6,759 1.0 - 1.2x 0 5 43 31 0 74 0 153 Less than 1.0x 5 8 0 0 1 13 0 27 Total $ 299 $ 1,562 $ 2,060 $ 840 $ 495 $ 1,597 $ 86 $ 6,939 December 31, 2022 Amortized Cost by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Total (in millions) Commercial mortgage loans Loan-to-Value Ratio: 0%-59.99% $ 971 $ 1,747 $ 1,282 $ 2,831 $ 4,697 $ 15,111 $ 0 $ 26,639 60%-69.99% 1,997 3,502 1,553 2,804 1,732 3,780 0 15,368 70%-79.99% 865 1,127 519 1,025 645 1,445 0 5,626 80% or greater 2 26 7 119 24 1,666 0 1,844 Total $ 3,835 $ 6,402 $ 3,361 $ 6,779 $ 7,098 $ 22,002 $ 0 $ 49,477 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 3,249 $ 6,135 $ 3,013 $ 5,749 $ 6,505 $ 18,318 $ 0 $ 42,969 1.0 - 1.2x 586 252 164 454 383 2,183 0 4,022 Less than 1.0x 0 15 184 576 210 1,501 0 2,486 Total $ 3,835 $ 6,402 $ 3,361 $ 6,779 $ 7,098 $ 22,002 $ 0 $ 49,477 Agricultural property loans Loan-to-Value Ratio: 0%-59.99% $ 931 $ 1,994 $ 853 $ 461 $ 326 $ 1,348 $ 74 $ 5,987 60%-69.99% 675 85 8 47 8 0 0 823 70%-79.99% 0 0 0 0 0 0 0 0 80% or greater 0 0 0 0 13 34 0 47 Total $ 1,606 $ 2,079 $ 861 $ 508 $ 347 $ 1,382 $ 74 $ 6,857 Debt Service Coverage Ratio: Greater or Equal to 1.2x $ 1,593 $ 2,035 $ 781 $ 507 $ 323 $ 1,272 $ 74 $ 6,585 1.0 - 1.2x 5 44 80 0 6 68 0 203 Less than 1.0x 8 0 0 1 18 42 0 69 Total $ 1,606 $ 2,079 $ 861 $ 508 $ 347 $ 1,382 $ 74 $ 6,857 |
Aging of Past Due Commercial Mortgage and Other Loans and Nonaccrual Status | The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated: September 30, 2023 Current 30-59 Days 60-89 Days 90 Days or More Past Due(1)(2) Total Past Total Non-Accrual (in millions) Commercial mortgage loans $ 50,707 $ 0 $ 0 $ 58 $ 58 $ 50,765 $ 61 Agricultural property loans 6,935 0 4 0 4 6,939 25 Residential property loans 30 0 0 0 0 30 0 Other collateralized loans 100 0 0 0 0 100 0 Uncollateralized loans 406 0 0 0 0 406 25 Total $ 58,178 $ 0 $ 4 $ 58 $ 62 $ 58,240 $ 111 __________ (1) As of September 30, 2023, there were no loans in this category accruing interest. (2) Primarily includes loans for which no credit losses are expected due to U.S. agency guarantees. (3) For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. December 31, 2022 Current 30-59 Days 60-89 Days 90 Days or More Past Due(1) Total Past Total Non-Accrual (in millions) Commercial mortgage loans $ 49,465 $ 0 $ 3 $ 9 $ 12 $ 49,477 $ 11 Agricultural property loans 6,844 0 11 2 13 6,857 17 Residential property loans 43 0 0 0 0 43 0 Other collateralized loans 108 0 0 0 0 108 0 Uncollateralized loans 463 0 0 0 0 463 0 Total $ 56,923 $ 0 $ 14 $ 11 $ 25 $ 56,948 $ 28 __________ (1) As of December 31, 2022, there were no loans in this category accruing interest. |
Other Invested Assets | The following table sets forth the composition of “Other invested assets,” as of the dates indicated: September 30, 2023 December 31, 2022 (in millions) LPs/LLCs: Equity method: Private equity $ 8,556 $ 7,215 Hedge funds 3,145 3,220 Real estate-related 2,592 2,793 Subtotal equity method 14,293 13,228 Fair value: Private equity 1,341 1,476 Hedge funds 2,068 1,908 Real estate-related 276 305 Subtotal fair value 3,685 3,689 Total LPs/LLCs 17,978 16,917 Real estate held through direct ownership(1) 1,821 1,617 Derivative instruments 1,001 1,457 Other(2) 1,068 1,108 Total other invested assets $ 21,868 $ 21,099 _________ (1) As of September 30, 2023 and December 31, 2022, real estate held through direct ownership had mortgage debt of $181 million and $208 million, respectively. (2) Primarily includes equity investments accounted for under the measurement alternative, strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Bank of New York. For additional information regarding the Company’s holdings in the Federal Home Loan Bank of New York, see Note 17 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. |
Accrued Investment Income | The following table sets forth the composition of “Accrued investment income,” as of the dates indicated: September 30, 2023 December 31, 2022 (in millions) Fixed maturities $ 2,662 $ 2,517 Equity securities 9 6 Commercial mortgage and other loans 203 190 Policy loans 253 253 Other invested assets 16 18 Short-term investments and cash equivalents 48 28 Total accrued investment income $ 3,191 $ 3,012 |
Net Investment Income | The following table sets forth “Net investment income” by investment type, for the periods indicated: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in millions) Fixed maturities, available-for-sale(1) $ 3,390 $ 2,836 $ 9,921 $ 8,666 Fixed maturities, held-to-maturity(1) 48 52 148 160 Fixed maturities, trading 65 56 177 171 Assets supporting experience-rated contractholder liabilities 9 11 34 155 Equity securities 38 27 142 103 Commercial mortgage and other loans 578 533 1,681 1,646 Policy loans 124 125 372 376 Other invested assets(2) 352 70 1,046 1,002 Short-term investments and cash equivalents 260 143 720 218 Gross investment income 4,864 3,853 14,241 12,497 Less: investment expenses(2) (293) (222) (874) (570) Net investment income $ 4,571 $ 3,631 $ 13,367 $ 11,927 __________ (1) Includes income on credit-linked notes which are reported on the same financial statement line items as related surplus notes, as conditions are met for right to offset. (2) Prior period amounts reclassified to conform to current period presentation. |
Realized Investment Gains (Losses), Net | The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in millions) Fixed maturities(1) $ (453) $ (113) $ (874) $ (1,170) Commercial mortgage and other loans (83) (9) (109) (75) Investment real estate 22 (7) 49 83 LPs/LLCs (4) (13) (21) (19) Derivatives (1,972) (285) (2,277) (1,928) Other 88 (3) 109 (1) Realized investment gains (losses), net $ (2,402) $ (430) $ (3,123) $ (3,110) __________ (1) Includes fixed maturity securities classified as available-for-sale and held-to-maturity and excludes fixed maturity securities classified as trading. |
Net Unrealized Gains (Losses) on Investment | The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated: September 30, 2023 December 31, 2022 (in millions) Fixed maturity securities, available-for-sale with an allowance $ (95) $ (45) Fixed maturity securities, available-for-sale without an allowance(1) (36,383) (27,545) Derivatives designated as cash flow hedges(2) 1,947 2,616 Derivatives designated as fair value hedges(2) (18) (54) Other investments(3) 17 2 Net unrealized gains (losses) on investments $ (34,532) $ (25,026) __________ (1) Includes $136 million of net unrealized gains related to the transfer of held-to-maturity securities to available-for-sale securities. (2) For additional information regarding cash flow and fair value hedges, see Note 5. (3) Includes net unrealized gains on certain joint ventures that are strategic in nature and are included in “Other assets.” |
Repurchase Agreements and Securities Lending | The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated: September 30, 2023 December 31, 2022 Remaining Contractual Maturities of the Agreements Remaining Contractual Maturities of the Agreements Overnight & Continuous Up to 30 Days 30 to 90 Days Total Overnight & Continuous Up to 30 Days 30 to 90 Days Total (in millions) U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 5,149 $ 0 $ 0 $ 5,149 $ 6,179 $ 200 $ 200 $ 6,579 'U.S. public corporate securities 0 94 0 94 0 0 0 0 Foreign public corporate securities 0 22 0 22 0 0 0 0 Commercial mortgage-backed securities 282 0 0 282 0 0 0 0 Residential mortgage-backed securities 0 0 0 0 10 0 0 10 Total securities sold under agreements to repurchase $ 5,431 $ 116 $ 0 $ 5,547 $ 6,189 $ 200 $ 200 $ 6,589 The following table sets forth the composition of “Cash collateral for loaned securities” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated: September 30, 2023 December 31, 2022 Remaining Contractual Maturities of the Agreements Remaining Contractual Maturities of the Agreements Overnight & Continuous Up to 30 Days Total Overnight & Continuous Up to 30 Days Total (in millions) U.S. Treasury securities and obligations of U.S. $ 1 $ 0 $ 1 $ 1 $ 0 $ 1 Obligations of U.S. states and their political 48 0 48 61 0 61 Foreign government bonds 236 1 237 285 14 299 U.S. public corporate securities 3,823 499 4,322 4,109 395 4,504 Foreign public corporate securities 589 93 682 806 69 875 Equity securities 777 0 777 360 0 360 Total cash collateral for loaned securities(1) $ 5,474 $ 593 $ 6,067 $ 5,622 $ 478 $ 6,100 __________ (1) The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Schedule of Consolidated Variable Interest Entities | The table below reflects the carrying amount and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported. The liabilities primarily comprise obligations under debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs. Consolidated VIEs for which the Other Consolidated VIEs(1) September 30, December 31, September 30, December 31, (in millions) Fixed maturities, available-for-sale $ 440 $ 398 $ 782 $ 90 Fixed maturities, held-to-maturity 0 0 0 689 Fixed maturities, trading 547 164 0 0 Equity securities 119 85 0 0 Commercial mortgage and other loans 669 784 0 0 Other invested assets 4,019 3,397 438 68 Cash and cash equivalents 342 375 0 0 Accrued investment income 3 2 2 3 Other assets 591 352 600 706 Total assets of consolidated VIEs $ 6,730 $ 5,557 $ 1,822 $ 1,556 Other liabilities $ 586 $ 389 $ 0 $ 0 Notes issued by consolidated VIEs(2) 791 374 0 0 Total liabilities of consolidated VIEs $ 1,377 $ 763 $ 0 $ 0 __________ (1) Total assets of consolidated VIEs reflect $3,771 million and $3,403 million as of September 30, 2023 and December 31, 2022, respectively, related to VIEs whose beneficial interests are wholly-owned by consolidated subsidiaries. (2) Recourse is limited to the assets of the respective VIE and does not extend to the general credit of the Company. As of September 30, 2023, the maturities of these obligations were between 0 and 12 years. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks they are utilized to manage, excluding embedded derivatives. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral. These netting impacts resulted in total derivative assets of $1,005 million and $1,455 million as of September 30, 2023 and December 31, 2022, respectively, and total derivative liabilities of $5,421 million and $3,055 million as of September 30, 2023 and December 31, 2022, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position. Primary Underlying Risk /Instrument Type September 30, 2023 December 31, 2022 Fair Value Fair Value Gross Notional Assets Liabilities Gross Notional Assets Liabilities (in millions) Derivatives Designated as Hedge Accounting Instruments: Interest Rate Interest Rate Swaps $ 3,743 $ 6 $ (437) $ 3,627 $ 66 $ (245) Interest Rate Forwards 50 0 (18) 398 0 (85) Foreign Currency Foreign Currency Forwards 4,707 116 (183) 4,830 155 (262) Currency/Interest Rate Foreign Currency Swaps 27,436 2,896 (390) 25,636 3,469 (333) Total Derivatives Designated as Hedge Accounting Instruments $ 35,936 $ 3,018 $ (1,028) $ 34,491 $ 3,690 $ (925) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate Interest Rate Swaps $ 224,304 $ 13,132 $ (28,286) $ 212,934 $ 9,097 $ (21,154) Interest Rate Futures 13,253 26 (11) 18,080 13 (24) Interest Rate Options 32,398 523 (1,638) 9,778 224 (280) Interest Rate Forwards 3,084 88 (188) 2,354 21 (42) Foreign Currency Foreign Currency Forwards 28,568 1,405 (1,357) 31,317 1,556 (1,924) Foreign Currency Options 0 0 0 0 0 0 Currency/Interest Rate Foreign Currency Swaps 7,916 704 (155) 8,410 813 (170) Credit Credit Default Swaps 6,407 29 (39) 6,351 27 (57) Equity Equity Futures 1,081 0 (5) 1,372 1 (2) Equity Options 48,867 896 (1,462) 38,323 708 (1,590) Total Return Swaps 10,701 361 (135) 11,806 106 (184) Other Other(1) 1,250 0 0 1,250 0 0 Synthetic GICs 80,152 1 (1) 84,338 1 (1) Total Derivatives Not Qualifying as Hedge Accounting Instruments $ 457,981 $ 17,165 $ (33,277) $ 426,313 $ 12,567 $ (25,428) Total Derivatives(2)(3) $ 493,917 $ 20,183 $ (34,305) $ 460,804 $ 16,257 $ (26,353) __________ (1) “Other” primarily includes derivative contracts used to improve the balance of the Company’s tail longevity and mortality risk. Under these contracts, the Company’s gains (losses) are capped at the notional amount. (2) Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $5,051 million and $2,997 million as of September 30, 2023 and December 31, 2022, respectively, primarily included in "Policyholder account balances" and “Other liabilities”. (3) Recorded in “Other invested assets” and “Other liabilities” on the Unaudited Interim Consolidated Statements of Financial Position. |
Schedule of Derivative instruments (hedged item in fair value hedge accounting relationship) | As of September 30, 2023, the following amounts were recorded on the Unaudited Interim Consolidated Statements of Financial Position related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges. September 30, 2023 December 31, 2022 Balance Sheet Line Item in which Hedged Item is Recorded Carrying Amount of the Hedged Assets (Liabilities) Cumulative Amount of Carrying Amount of the Hedged Assets (Liabilities) Cumulative Amount of (in millions) Fixed maturities, available-for-sale, at fair value $ 206 $ 10 $ 297 $ 27 Commercial mortgage and other loans $ 0 $ 0 $ 0 $ 0 Policyholders’ account balances $ (742) $ 322 $ (966) $ 217 Future policy benefits $ (2,238) $ 502 $ (2,354) $ 391 __________ (1) There were no material fair value hedging adjustments for hedged assets and liabilities for which hedge accounting has been discontinued. |
Offsetting of Financial Assets | The following tables present recognized derivative instruments (excluding embedded derivatives), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position. September 30, 2023 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 20,084 $ (19,178) $ 906 $ (210) $ 696 Securities purchased under agreement to resell 607 0 607 (467) 140 Total assets $ 20,691 $ (19,178) $ 1,513 $ (677) $ 836 Offsetting of Financial Liabilities: Derivatives $ 34,305 $ (28,884) $ 5,421 $ (5,175) $ 246 Securities sold under agreement to repurchase 5,547 0 5,547 (5,265) 282 Total liabilities $ 39,852 $ (28,884) $ 10,968 $ (10,440) $ 528 December 31, 2022 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 16,178 $ (14,802) $ 1,376 $ (702) $ 674 Securities purchased under agreement to resell 385 0 385 (385) 0 Total assets $ 16,563 $ (14,802) $ 1,761 $ (1,087) $ 674 Offsetting of Financial Liabilities: Derivatives $ 26,352 $ (23,298) $ 3,054 $ (3,054) $ 0 Securities sold under agreement to repurchase 6,589 0 6,589 (6,589) 0 Total liabilities $ 32,941 $ (23,298) $ 9,643 $ (9,643) $ 0 __________ (1) Amounts exclude the excess of collateral received/pledged from/to the counterparty. |
Offsetting of Financial Liabilities | The following tables present recognized derivative instruments (excluding embedded derivatives), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position. September 30, 2023 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 20,084 $ (19,178) $ 906 $ (210) $ 696 Securities purchased under agreement to resell 607 0 607 (467) 140 Total assets $ 20,691 $ (19,178) $ 1,513 $ (677) $ 836 Offsetting of Financial Liabilities: Derivatives $ 34,305 $ (28,884) $ 5,421 $ (5,175) $ 246 Securities sold under agreement to repurchase 5,547 0 5,547 (5,265) 282 Total liabilities $ 39,852 $ (28,884) $ 10,968 $ (10,440) $ 528 December 31, 2022 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 16,178 $ (14,802) $ 1,376 $ (702) $ 674 Securities purchased under agreement to resell 385 0 385 (385) 0 Total assets $ 16,563 $ (14,802) $ 1,761 $ (1,087) $ 674 Offsetting of Financial Liabilities: Derivatives $ 26,352 $ (23,298) $ 3,054 $ (3,054) $ 0 Securities sold under agreement to repurchase 6,589 0 6,589 (6,589) 0 Total liabilities $ 32,941 $ (23,298) $ 9,643 $ (9,643) $ 0 __________ (1) Amounts exclude the excess of collateral received/pledged from/to the counterparty. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, including the offset of the hedged item in fair value hedge relationships. Three Months Ended September 30, 2023 Realized Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) Net Other Interest Interest Policyholders’ Benefits Change in AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 10 $ 0 $ 0 $ 0 $ 0 $ (110) $ (141) $ 0 Currency 0 0 0 0 0 0 (73) 0 Total gains (losses) on derivatives designated as hedge instruments 10 0 0 0 0 (110) (214) 0 Gains (losses) on the hedged item: Interest Rate (9) 0 3 0 0 104 189 0 Currency 0 0 0 0 0 0 72 0 Total gains (losses) on hedged item (9) 0 3 0 0 104 261 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (2) 131 Total Amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (2) 131 Total gains (losses) on fair value hedges net of hedged item 1 0 3 0 0 (6) 45 131 Cash flow hedges Interest Rate 0 0 (3) 0 0 0 0 (40) Currency 0 0 0 0 0 0 0 0 Currency/Interest Rate 3 0 75 144 0 0 0 (109) Total gains (losses) on cash flow hedges 3 0 72 144 0 0 0 (149) Net investment hedges Currency 0 0 0 0 0 0 0 11 Currency/Interest Rate 0 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges 0 0 0 0 0 0 0 11 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (1,918) (2,314) 0 0 0 0 0 0 Currency 70 0 0 (1) 0 0 0 0 Currency/Interest Rate 34 0 0 1 0 0 0 0 Credit 1 0 0 0 0 0 0 0 Equity (461) 314 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Embedded Derivatives 298 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (1,976) (2,000) 0 0 0 0 0 0 Total $ (1,972) $ (2,000) $ 75 $ 144 $ 0 $ (6) $ 45 $ (7) Nine Months Ended September 30, 2023 Realized Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) Net Other Interest Interest Policyholders’ Benefits Change in AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 11 $ 0 $ 0 $ 0 $ 0 $ (126) $ (155) $ 0 Currency (1) 0 (1) 0 0 0 26 0 Total gains (losses) on derivatives designated as hedge instruments 10 0 (1) 0 0 (126) (129) 0 Gains (losses) on the hedged item: Interest Rate (10) 0 9 0 0 105 185 0 Currency 0 0 0 0 0 0 (25) 0 Total gains (losses) on hedged item (10) 0 9 0 0 105 160 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (6) 36 Total Amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (6) 36 Total gains (losses) on fair value hedges net of hedged item 0 0 8 0 0 (21) 25 36 Cash flow hedges Interest Rate (22) 0 (10) 0 0 0 0 (9) Currency 8 0 0 0 0 0 0 (40) Currency/Interest Rate 51 0 237 (2) 0 0 0 (620) Total gains (losses) on cash flow hedges 37 0 227 (2) 0 0 0 (669) Net investment hedges Currency 0 0 0 0 0 0 0 27 Currency/Interest Rate 0 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges 0 0 0 0 0 0 0 27 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (1,693) (3,069) 0 0 0 0 0 0 Currency (440) 0 0 4 0 0 0 0 Currency/Interest Rate (29) 0 0 (1) 0 0 0 0 Credit 86 0 0 0 0 0 0 0 Equity 689 (363) 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Embedded Derivatives (918) 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (2,305) (3,432) 0 3 0 0 0 0 Total $ (2,268) $ (3,432) $ 235 $ 1 $ 0 $ (21) $ 25 $ (606) Three Months Ended September 30, 2022(2) Realized Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) Net Other Interest Interest Policyholders’ Benefits Change in AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 11 $ 0 $ (1) $ 0 $ 0 $ (106) $ (114) $ 0 Currency 1 0 0 0 0 0 (144) 0 Total gains (losses) on derivatives designated as hedge instruments 12 0 (1) 0 0 (106) (258) 0 Gains (losses) on the hedged item: Interest Rate (11) 0 3 0 0 104 109 0 Currency (1) 0 2 0 0 0 151 0 Total gains (losses) on hedged item (12) 0 5 0 0 104 260 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (1) (74) Total amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (1) (74) Total gains (losses) on fair value hedges net of hedged item 0 0 4 0 0 (2) 1 (74) Cash flow hedges Interest Rate 1 0 1 0 0 0 0 (76) Currency 6 0 0 0 0 0 0 181 Currency/Interest Rate 27 0 77 279 0 0 0 1,548 Total gains (losses) on cash flow hedges 34 0 78 279 0 0 0 1,653 Net investment hedges Currency 0 0 0 0 0 0 0 23 Currency/Interest Rate 0 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges 0 0 0 0 0 0 0 23 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (695) (1,376) 0 0 0 0 0 0 Currency 2 0 0 2 0 0 0 0 Currency/Interest Rate 501 0 0 4 0 0 0 0 Credit (11) 0 0 0 0 0 0 0 Equity (331) 278 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Embedded Derivatives 224 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (310) (1,098) 0 6 0 0 0 0 Total $ (276) $ (1,098) $ 82 $ 285 $ 0 $ (2) $ 1 $ 1,602 Nine Months Ended September 30, 2022(2) Realized Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) Net Other Interest Interest Policyholders’ Benefits Change in AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 39 $ 0 $ (4) $ 0 $ 0 $ (373) $ (432) $ 0 Currency (29) 0 (1) 0 0 0 (351) 0 Total gains (losses) on derivatives designated as hedge instruments 10 0 (5) 0 0 (373) (783) 0 Gains (losses) on the hedged item: Interest Rate (39) 0 10 0 0 389 441 0 Currency 31 0 8 0 0 0 348 0 Total gains (losses) on hedged item (8) 0 18 0 0 389 789 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (3) (11) Total amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (3) (11) Total gains (losses) on fair value hedges net of hedged item 2 0 13 0 0 16 3 (11) Cash flow hedges Interest Rate (5) 0 2 0 0 0 0 (210) Currency 10 0 0 0 0 0 0 325 Currency/Interest Rate 76 0 214 750 0 0 0 2,965 Total gains (losses) on cash flow hedges 81 0 216 750 0 0 0 3,080 Net investment hedges Currency 0 0 0 0 0 0 0 33 Currency/Interest Rate 0 0 0 0 0 0 0 0 Total gains (losses) on net investment hedges 0 0 0 0 0 0 0 33 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (3,081) (6,235) 0 0 0 0 0 0 Currency (369) 0 0 1 0 0 0 0 Currency/Interest Rate 1,287 0 0 8 0 0 0 0 Credit (174) 0 0 0 0 0 0 0 Equity (197) 1,799 0 0 0 0 0 0 Other 2 0 0 0 0 0 0 0 Embedded Derivatives 535 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (1,997) (4,436) 0 9 0 0 0 0 Total $ (1,914) $ (4,436) $ 229 $ 759 $ 0 $ 16 $ 3 $ 3,102 _______ (1) Excluding changes related to net investment hedges using non-derivative instruments of $15 million and $60 million for the three months ended and nine months ended September 30, 2023 , and $2 million and $134 million for three months ended and nine months ended September 30, 2022, respectively (2) Prior period amounts have been updated to conform to current period presentation. |
Schedule of Derivative Instruments Recognized in Accumulated Other Comprehensive Income (Loss) Before Taxes | Presented below is a rollforward of current period cash flow hedges in AOCI before taxes: (in millions) Balance, December 31, 2022 $ 2,616 Amount recorded in AOCI: Interest Rate (41) Currency (29) Currency/Interest Rate (334) Total amount recorded in AOCI (404) Amount reclassified from AOCI to income: Interest Rate 32 Currency (11) Currency/Interest Rate (286) Total amount reclassified from AOCI to income (265) Balance, September 30, 2023 $ 1,947 |
Credit Derivatives | The following tables provide a summary of the notional and fair value of written credit protection, presented as assets (liabilities). The Company’s maximum amount at risk under these credit derivatives, assuming the value of the underlying referenced securities become worthless, is equal to the notional amounts. These credit derivatives have maturities of less than 24 years for index reference. September 30, 2023 NAIC Rating Designation of Underlying Credit Obligation(1) NAIC 1 NAIC 2 NAIC 3 NAIC 4 NAIC 5 NAIC 6 Total Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value (in millions) Single name reference(2) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Index reference(2) 8 0 0 0 4,619 (20) 0 0 0 0 974 15 5,601 (5) Total $ 8 $ 0 $ 0 $ 0 $ 4,619 $ (20) $ 0 $ 0 $ 0 $ 0 $ 974 $ 15 $ 5,601 $ (5) December 31, 2022 NAIC Rating Designation of Underlying Credit Obligation(1) NAIC 1 NAIC 2 NAIC 3 NAIC 4 NAIC 5 NAIC 6 Total Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value Gross Notional Fair Value (in millions) Single name reference(2) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Index reference(2) 48 0 0 0 5,197 (46) 0 0 0 0 782 15 6,027 (31) Total $ 48 $ 0 $ 0 $ 0 $ 5,197 $ (46) $ 0 $ 0 $ 0 $ 0 $ 782 $ 15 $ 6,027 $ (31) _________ (1) The NAIC rating designations are based on availability and the lowest ratings among Moody's Investors Service, Inc. ("Moody's"), Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings Inc. (“Fitch”). If no rating is available from a rating agency, a NAIC 6 rating is used. (2) Single name credit default swaps may make reference to the credit of corporate debt, sovereign debt, and structured finance. Index references NAIC designations are based on the lowest rated single name reference included in the index. |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated. As of September 30, 2023 Level 1 Level 2 Level 3 Netting(1) Total (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 0 $ 19,949 $ 0 $ $ 19,949 Obligations of U.S. states and their political subdivisions 0 7,990 7 7,997 Foreign government bonds 0 66,501 8 66,509 U.S. corporate public securities 0 89,206 65 89,271 U.S. corporate private securities(2) 0 35,346 2,845 38,191 Foreign corporate public securities 0 18,600 61 18,661 Foreign corporate private securities 0 27,627 1,686 29,313 Asset-backed securities(3) 0 12,943 419 13,362 Commercial mortgage-backed securities 0 8,989 921 9,910 Residential mortgage-backed securities 0 2,155 0 2,155 Subtotal 0 289,306 6,012 295,318 Assets supporting experience-rated contractholder liabilities: U.S. Treasury securities and obligations of U.S. government authorities and agencies 0 204 0 204 Obligations of U.S. states and their political subdivisions 0 0 0 0 Foreign government bonds 0 609 0 609 Corporate securities 0 75 0 75 Asset-backed securities(3) 0 0 0 0 Commercial mortgage-backed securities 0 0 0 0 Residential mortgage-backed securities 0 0 0 0 Equity securities 873 1,182 0 2,055 All other(4) 0 0 0 0 Subtotal 873 2,070 0 2,943 Market risk benefit assets 0 0 2,200 2,200 Fixed maturities, trading 0 6,832 297 7,129 Equity securities 4,949 1,349 741 7,039 Commercial mortgage and other loans 0 387 0 387 Other invested assets(5) 33 20,148 861 (19,178) 1,864 Short-term investments 218 3,452 24 3,694 Cash equivalents 1,494 6,480 0 7,974 Other assets 0 378 281 659 Separate account assets(6)(7) 8,229 153,236 1,160 162,625 Total assets $ 15,796 $ 483,638 $ 11,576 $ (19,178) $ 491,832 Market risk benefit liabilities $ 0 $ 0 $ 4,660 $ $ 4,660 Policyholders’ account balances 0 0 6,108 6,108 Other liabilities 18 33,852 1 (28,884) 4,987 Notes issued by consolidated VIEs 0 0 392 392 Total liabilities $ 18 $ 33,852 $ 11,161 $ (28,884) $ 16,147 As of December 31, 2022 Level 1 Level 2 Level 3 Netting(1) Total (in millions) Fixed maturities, available-for-sale: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 0 $ 26,069 $ 0 $ $ 26,069 Obligations of U.S. states and their political subdivisions 0 9,682 7 9,689 Foreign government bonds 0 73,218 8 73,226 U.S. corporate public securities 0 87,521 65 87,586 U.S. corporate private securities(2) 0 34,487 2,392 36,879 Foreign corporate public securities 0 20,621 66 20,687 Foreign corporate private securities 0 26,325 1,335 27,660 Asset-backed securities(3) 0 12,582 269 12,851 Commercial mortgage-backed securities 0 9,644 1,011 10,655 Residential mortgage-backed securities 0 2,408 9 2,417 Subtotal 0 302,557 5,162 307,719 Assets supporting experience-rated contractholder liabilities: U.S. Treasury securities and obligations of U.S. government authorities and agencies 0 189 0 189 Obligations of U.S. states and their political subdivisions 0 0 0 0 Foreign government bonds 0 668 0 668 Corporate securities 0 88 0 88 Asset-backed securities(3) 0 0 0 0 Commercial mortgage-backed securities 0 0 0 0 Residential mortgage-backed securities 0 0 0 0 Equity securities 780 1,119 0 1,899 All other(4) 0 0 0 0 Subtotal 780 2,064 0 2,844 Market risk benefit assets 0 0 800 800 Fixed maturities, trading 0 5,647 304 5,951 Equity securities 4,338 2,185 627 7,150 Commercial mortgage and other loans 0 137 0 137 Other invested assets(5) 15 16,241 539 (14,802) 1,993 Short-term investments 341 3,428 18 3,787 Cash equivalents 544 6,930 0 7,474 Other assets 0 0 152 152 Separate account assets(6)(7) 8,310 162,414 1,081 171,805 Total assets $ 14,328 $ 501,603 $ 8,683 $ (14,802) $ 509,812 Market risk benefit liabilities $ 0 $ 0 $ 5,864 $ $ 5,864 Policyholders’ account balances 0 0 3,492 3,492 Other liabilities 26 25,953 1 (23,298) 2,682 Notes issued by consolidated VIEs 0 0 0 0 Total liabilities $ 26 $ 25,953 $ 9,357 $ (23,298) $ 12,038 __________ (1) “Netting” amounts represent cash collateral of $(9,706) million and $(8,496) million as of September 30, 2023 and December 31, 2022, respectively. (2) Excludes notes with fair value of $12,290 million (carrying amount of $12,290 million) and $8,040 million (carrying amount of $8,040 million) as of September 30, 2023 and December 31, 2022, respectively, which have been offset with the associated debt under a netting agreement. (3) Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types. (4) All other represents cash equivalents and short-term investments. (5) Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of September 30, 2023 and December 31, 2022, the fair values of such investments were $3,685 million and $3,689 million, respectively. (6) Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and other invested assets. As of September 30, 2023 and December 31, 2022, the fair value of such investments were $28,017 million and $25,874 million, respectively. (7) Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position. |
Fair Value Inputs, Assets and Liabilities, Quantitative Information | The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities. As of September 30, 2023 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Impact of (in millions) Assets: Corporate securities(2)(3) $ 3,793 Discounted Discount rate 0.62% 21% 11.59% Decrease Market comparables EBITDA multiples(4) 5.5X 8.8X 7.4X Increase Liquidation Liquidation value 9.59% 63.62% 53.43% Increase Commercial mortgage-backed securities $ 921 Discounted Liquidity premium 0.60% 0.75% 0.70% Decrease Market risk benefit assets(7) $ 2,200 Discounted cash flow Lapse rate(9) 1% 20% Increase Spread over SOFR(10) 0.48% 2.09% Increase Utilization rate(11) 38% 95% Decrease Withdrawal rate See table footnote (12) below. Mortality rate(13) 0% 15% Increase Equity volatility curve 15% 25% Decrease Equity securities $ 230 Discounted Discount rate 0.16% 20% Decrease Market comparables EBITDA multiples(4) 1.0X 7.5X 6.7X Increase Net Asset Value Share price $3 $1,714 $708 Increase Liabilities: Market risk benefit liabilities(7) $ 4,660 Discounted Lapse rate(9) 1% 20% Decrease Spread over SOFR(10) 0.48% 2.09% Decrease Utilization rate(11) 38% 95% Increase Withdrawal rate See table footnote (12) below. Mortality rate(13) 0% 15% Decrease Equity volatility curve 15% 25% Increase Policyholders’ account balances(8) $ 6,108 Discounted Lapse rate(9) 1% 80% Decrease Spread over SOFR(10) 0.48% 2.15% Decrease Mortality rate(13) 0% 23% Decrease Equity volatility curve 6% 28% Increase Option Budget(14) (1)% 6% Increase As of December 31, 2022 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Impact of (in millions) Assets: Corporate securities(2)(3) $ 3,128 Discounted Discount rate 0.61% 20% 8.09% Decrease Market comparables EBITDA multiples(4) 2.2X 23.5X 8.3X Increase Liquidation Liquidation value 8.16% 8.25% 8.21% Increase Market risk benefit assets(7) $ 800 Discounted cash flow Lapse rate(9) 1% 20% Increase Spread over SOFR(10) 0.50% 2.20% Increase Utilization rate(11) 38% 95% Decrease Withdrawal rate See table footnote (12) below. Mortality rate(13) 0% 15% Increase Equity volatility curve 18% 26% Decrease Equity securities $ 290 Discounted Discount rate 0.16% 20% Decrease Market comparables EBITDA multiples(4) 1.0X 7.5X 4.0X Increase Net Asset Value Share price $6 $1,708 $22 Increase Separate account assets-commercial mortgage loans(6) $ 74 Discounted Spread 1.25% 2.10% 1.44% Decrease Liabilities: Market risk benefit liabilities(7) $ 5,864 Discounted Lapse rate(9) 1% 20% Decrease Spread over SOFR(10) 0.50% 2.20% Decrease Utilization rate(11) 38% 95% Increase Withdrawal rate See table footnote (12) below. Mortality rate(13) 0% 15% Decrease Equity volatility curve 18% 26% Increase Policyholders’ account balances(8) $ 3,492 Discounted Lapse rate(9) 1% 80% Decrease Spread over SOFR(10) 0.17% 1.93% Decrease Mortality rate(13) 0% 23% Decrease Equity volatility curve 6% 30% Increase Option Budget(14) (2)% 6% Increase ___________ (1) Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table. (2) Includes assets classified as fixed maturities available-for-sale, assets supporting experience-rated contractholder liabilities and fixed maturities trading. (3) Excludes notes which have been offset with the associated debt under a netting agreement. (4) Represents multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments. (5) For these investments, a range of discount rates is typically used (10% to 20%) and is therefore a more meaningful representation of the unobservable inputs used in the valuation rather than weighted average. (6) Changes in the fair value of separate account assets are borne by customers and thus are offset by changes in separate account liabilities on the Company’s Unaudited Interim Consolidated Statements of Financial Position. As a result, changes in value associated with these investments are not reflected in the Company’s Unaudited Interim Consolidated Statements of Operations. (7) Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (8) Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (9) Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these embedded derivatives. (10) The spread over the Secured Overnight Financing Rate (“SOFR”) swap curve and the London Inter-Bank Offered Rate (“LIBOR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR or LIBOR, as applicable) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of September 30, 2023 and December 31, 2022, respectively. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company (“Ohio National”), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of Prudential Defined Income (“PDI”) traditional variable annuity contracts with guaranteed living benefits. See Note 12 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for Ohio National, which may differ from that of the Company’s; however, the NPR spreads for Ohio National were developed using a methodology similar to that of the Company. (11) The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits. (12) The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of September 30, 2023 and December 31, 2022, the minimum withdrawal rate assumption is 81% and 77% respectively. As of September 30, 2023 and December 31, 2022, the maximum withdrawal rate assumption may be greater than 100%.The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%. (13) The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age, and duration. A mortality improvement assumption is also incorporated into the overall mortality table. (14) Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budgets determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 11). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate. Three Months Ended September 30, 2023(7)(8) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 7 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 7 $ 0 Foreign government 8 0 0 0 0 0 0 0 0 8 0 Corporate securities(3) 4,461 (81) 393 (23) 0 (247) 14 289 (149) 4,657 (86) Structured securities(4) 1,264 (45) 166 (1) 0 (5) (1) 76 (114) 1,340 (45) Other assets: Fixed maturities, trading 302 (4) 32 (39) 0 (5) 9 0 2 297 (5) Equity securities 773 11 19 (1) 0 (28) 0 2 (35) 741 12 Other invested assets 865 (7) 5 (2) 0 0 0 0 0 861 (7) Short-term investments 25 1 12 0 0 (14) 0 0 0 24 0 Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Other assets 229 26 33 0 0 (7) 0 0 0 281 19 Separate account assets(5) 1,175 0 87 (82) 0 (2) 0 42 (60) 1,160 (12) Liabilities: Policyholders’ account balances(6) (5,629) (97) 0 0 (410) 0 28 0 0 (6,108) (263) Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 (392) 0 0 (392) 0 Three Months Ended September 30, 2023(7) Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (losses) (in millions) Fixed maturities, available-for-sale $ (4) $ 0 $ 0 $ (130) $ 8 $ (1) $ 0 $ 0 $ (130) Other assets: Fixed maturities, trading 0 (4) 0 0 0 0 (5) 0 0 Equity securities 0 11 0 0 0 0 12 0 0 Other invested assets (5) (2) 0 0 0 (5) (2) 0 0 Short-term investments 1 0 0 0 0 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets 26 0 0 0 0 19 0 0 0 Separate account assets(5) 0 0 0 0 0 0 0 (12) 0 Liabilities: Policyholders’ account balances (97) 0 0 0 0 (263) 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2023(7)(8) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 7 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 7 $ 0 Foreign government 8 0 0 0 0 0 0 0 0 8 0 Corporate securities(3) 3,858 (46) 1,657 (198) 0 (747) (6) 307 (168) 4,657 (47) Structured securities(4) 1,289 (74) 405 (6) 0 (30) (1) 113 (356) 1,340 (81) Other assets: Fixed maturities, trading 304 (1) 98 (39) 0 (18) 10 0 (57) 297 (5) Equity securities 627 5 28 (68) 0 (34) 216 3 (36) 741 (5) Other invested assets 539 (26) 359 (11) 0 0 0 0 0 861 (26) Short-term investments 18 4 43 0 0 (41) 0 0 0 24 0 Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Other assets 152 34 107 0 0 (12) 0 0 0 281 22 Separate account assets(5) 1,081 88 396 (279) 0 (68) 0 45 (103) 1,160 75 Liabilities: Policyholders’ account balances(6) (3,492) (1,368) 0 0 (1,249) 0 1 0 0 (6,108) (525) Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 (392) 0 0 (392) 0 Nine Months Ended September 30, 2023(7) Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (losses) (in millions) Fixed maturities, available-for-sale $ (20) $ 0 $ 0 $ (111) $ 11 $ (3) $ 0 $ 0 $ (125) Other assets: Fixed maturities, trading 0 (2) 0 0 1 0 (5) 0 0 Equity securities (1) 6 0 0 0 0 (5) 0 0 Other invested assets (6) (20) 0 0 0 (6) (20) 0 0 Short-term investments 3 0 0 0 1 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets 34 0 0 0 0 22 0 0 0 Separate account assets(5) 0 0 88 0 0 0 0 75 0 Liabilities: Policyholders’ account balances (1,368) 0 0 0 0 (525) 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 Three Months Ended September 30, 2022(7)(8) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 7 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 7 $ 0 Foreign government 9 0 0 (1) 0 0 0 0 0 8 0 Corporate securities(3) 3,539 (122) 288 (57) 0 (256) 92 90 (75) 3,499 (136) Structured securities(4) 1,482 (40) 424 0 0 (128) (3) 0 (79) 1,656 (40) Other assets: Fixed maturities, trading 347 2 8 (3) 0 (29) (3) 0 0 322 3 Equity securities 766 (23) 10 (94) 0 0 (4) 0 (2) 653 (28) Other invested assets 499 (13) 20 (1) 0 (2) (1) 0 0 502 (7) Short-term investments 204 (5) 5 0 0 (205) 6 0 (1) 4 (5) Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Other assets 202 51 (16) 0 0 (7) (119) 0 0 111 50 Separate account assets(5) 1,040 (45) 137 (95) 0 (36) 1 93 (4) 1,091 (28) Liabilities: Policyholders’ account balances(6) (3,544) 222 0 0 (424) 0 1 0 0 (3,745) 845 Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 0 0 Three Months Ended September 30, 2022(7) Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (losses) (in millions) Fixed maturities, available-for-sale $ (10) $ 0 $ 0 $ (159) $ 7 $ (15) $ 0 $ 0 $ (162) Other assets: Fixed maturities, trading 0 4 0 0 (2) 0 3 0 0 Equity securities 0 (23) 0 0 0 0 (28) 0 0 Other invested assets (14) 1 0 0 0 (8) 1 0 0 Short-term investments (5) 0 0 0 0 (5) 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets 51 0 0 0 0 50 0 0 0 Separate account assets(5) 0 0 (45) 0 0 0 0 (28) 0 Liabilities: Policyholders’ account balances 222 0 0 0 0 845 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2022(7)(8) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 8 $ (1) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 7 $ (1) Foreign government 10 (1) 0 (1) 0 0 0 0 0 8 (1) Corporate securities(3) 5,316 (588) 1,088 (140) 9 (721) 65 106 (1,636) 3,499 (602) Structured securities(4) 1,986 (318) 625 (22) 0 (349) (12) 6 (260) 1,656 (319) Other assets: Fixed maturities, trading 421 (26) 41 (33) 0 (69) 3 0 (15) 322 (25) Equity securities 799 5 41 (239) 0 (4) (20) 73 (2) 653 (18) Other invested assets 493 (3) 57 (39) 0 (4) (2) 0 0 502 (3) Short-term investments 330 (5) 9 0 0 (335) 6 0 (1) 4 (5) Cash equivalents 70 (1) 7 0 0 (73) (3) 0 0 0 (2) Other assets 54 125 (16) 0 0 (10) (42) 0 0 111 61 Separate account assets(5) 1,283 (237) 181 (111) 0 (43) 0 93 (75) 1,091 (234) Liabilities: Policyholders’ account balances(6) (1,436) 502 0 0 (808) 0 (2,003) 0 0 (3,745) 1,601 Other liabilities 0 0 0 0 0 0 0 (1) 0 (1) 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2022(7) Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (losses) (in millions) Fixed maturities, available-for-sale $ (78) $ 0 $ 0 $ (837) $ 7 $ (97) $ 0 $ 0 $ (826) Other assets: Fixed maturities, trading 0 (26) 0 0 0 0 (25) 0 0 Equity securities 0 5 0 0 0 0 (18) 0 0 Other invested assets (19) 16 0 0 0 (19) 16 0 0 Short-term investments (5) 0 0 0 0 (5) 0 0 0 Cash equivalents (1) 0 0 0 0 (2) 0 0 0 Other assets 58 0 0 67 0 61 0 0 0 Separate account assets(5) 0 0 (237) 0 0 0 0 (234) 0 Liabilities: Policyholders’ account balances 502 0 0 0 0 1,601 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 ___________ (1) “Other” includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities. (2) Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts. (3) Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities. (4) Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities. (5) Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position. (6) Issuances and settlements for Policyholders’ account balances are presented net in the rollforward. (7) Effective January 1, 2021, Future policy benefits and Reinsurance recoverables previously included in “Changes in Level 3 Assets and Liabilities” are now reported as Market Risk Benefits. See Note 11 for additional information. (8) Excludes MRB assets of $2,200 million and $806 million and MRB liabilities of $4,660 million and $6,488 million for periods ending September 30, 2023 and 2022, respectively. See Note 11 for additional information. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 11). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate. Three Months Ended September 30, 2023(7)(8) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 7 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 7 $ 0 Foreign government 8 0 0 0 0 0 0 0 0 8 0 Corporate securities(3) 4,461 (81) 393 (23) 0 (247) 14 289 (149) 4,657 (86) Structured securities(4) 1,264 (45) 166 (1) 0 (5) (1) 76 (114) 1,340 (45) Other assets: Fixed maturities, trading 302 (4) 32 (39) 0 (5) 9 0 2 297 (5) Equity securities 773 11 19 (1) 0 (28) 0 2 (35) 741 12 Other invested assets 865 (7) 5 (2) 0 0 0 0 0 861 (7) Short-term investments 25 1 12 0 0 (14) 0 0 0 24 0 Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Other assets 229 26 33 0 0 (7) 0 0 0 281 19 Separate account assets(5) 1,175 0 87 (82) 0 (2) 0 42 (60) 1,160 (12) Liabilities: Policyholders’ account balances(6) (5,629) (97) 0 0 (410) 0 28 0 0 (6,108) (263) Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 (392) 0 0 (392) 0 Three Months Ended September 30, 2023(7) Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (losses) (in millions) Fixed maturities, available-for-sale $ (4) $ 0 $ 0 $ (130) $ 8 $ (1) $ 0 $ 0 $ (130) Other assets: Fixed maturities, trading 0 (4) 0 0 0 0 (5) 0 0 Equity securities 0 11 0 0 0 0 12 0 0 Other invested assets (5) (2) 0 0 0 (5) (2) 0 0 Short-term investments 1 0 0 0 0 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets 26 0 0 0 0 19 0 0 0 Separate account assets(5) 0 0 0 0 0 0 0 (12) 0 Liabilities: Policyholders’ account balances (97) 0 0 0 0 (263) 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2023(7)(8) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 7 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 7 $ 0 Foreign government 8 0 0 0 0 0 0 0 0 8 0 Corporate securities(3) 3,858 (46) 1,657 (198) 0 (747) (6) 307 (168) 4,657 (47) Structured securities(4) 1,289 (74) 405 (6) 0 (30) (1) 113 (356) 1,340 (81) Other assets: Fixed maturities, trading 304 (1) 98 (39) 0 (18) 10 0 (57) 297 (5) Equity securities 627 5 28 (68) 0 (34) 216 3 (36) 741 (5) Other invested assets 539 (26) 359 (11) 0 0 0 0 0 861 (26) Short-term investments 18 4 43 0 0 (41) 0 0 0 24 0 Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Other assets 152 34 107 0 0 (12) 0 0 0 281 22 Separate account assets(5) 1,081 88 396 (279) 0 (68) 0 45 (103) 1,160 75 Liabilities: Policyholders’ account balances(6) (3,492) (1,368) 0 0 (1,249) 0 1 0 0 (6,108) (525) Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 (392) 0 0 (392) 0 Nine Months Ended September 30, 2023(7) Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (losses) (in millions) Fixed maturities, available-for-sale $ (20) $ 0 $ 0 $ (111) $ 11 $ (3) $ 0 $ 0 $ (125) Other assets: Fixed maturities, trading 0 (2) 0 0 1 0 (5) 0 0 Equity securities (1) 6 0 0 0 0 (5) 0 0 Other invested assets (6) (20) 0 0 0 (6) (20) 0 0 Short-term investments 3 0 0 0 1 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets 34 0 0 0 0 22 0 0 0 Separate account assets(5) 0 0 88 0 0 0 0 75 0 Liabilities: Policyholders’ account balances (1,368) 0 0 0 0 (525) 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 Three Months Ended September 30, 2022(7)(8) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 7 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 7 $ 0 Foreign government 9 0 0 (1) 0 0 0 0 0 8 0 Corporate securities(3) 3,539 (122) 288 (57) 0 (256) 92 90 (75) 3,499 (136) Structured securities(4) 1,482 (40) 424 0 0 (128) (3) 0 (79) 1,656 (40) Other assets: Fixed maturities, trading 347 2 8 (3) 0 (29) (3) 0 0 322 3 Equity securities 766 (23) 10 (94) 0 0 (4) 0 (2) 653 (28) Other invested assets 499 (13) 20 (1) 0 (2) (1) 0 0 502 (7) Short-term investments 204 (5) 5 0 0 (205) 6 0 (1) 4 (5) Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Other assets 202 51 (16) 0 0 (7) (119) 0 0 111 50 Separate account assets(5) 1,040 (45) 137 (95) 0 (36) 1 93 (4) 1,091 (28) Liabilities: Policyholders’ account balances(6) (3,544) 222 0 0 (424) 0 1 0 0 (3,745) 845 Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 0 0 Three Months Ended September 30, 2022(7) Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (losses) (in millions) Fixed maturities, available-for-sale $ (10) $ 0 $ 0 $ (159) $ 7 $ (15) $ 0 $ 0 $ (162) Other assets: Fixed maturities, trading 0 4 0 0 (2) 0 3 0 0 Equity securities 0 (23) 0 0 0 0 (28) 0 0 Other invested assets (14) 1 0 0 0 (8) 1 0 0 Short-term investments (5) 0 0 0 0 (5) 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Other assets 51 0 0 0 0 50 0 0 0 Separate account assets(5) 0 0 (45) 0 0 0 0 (28) 0 Liabilities: Policyholders’ account balances 222 0 0 0 0 845 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2022(7)(8) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Transfers out of Level 3 Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 8 $ (1) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 7 $ (1) Foreign government 10 (1) 0 (1) 0 0 0 0 0 8 (1) Corporate securities(3) 5,316 (588) 1,088 (140) 9 (721) 65 106 (1,636) 3,499 (602) Structured securities(4) 1,986 (318) 625 (22) 0 (349) (12) 6 (260) 1,656 (319) Other assets: Fixed maturities, trading 421 (26) 41 (33) 0 (69) 3 0 (15) 322 (25) Equity securities 799 5 41 (239) 0 (4) (20) 73 (2) 653 (18) Other invested assets 493 (3) 57 (39) 0 (4) (2) 0 0 502 (3) Short-term investments 330 (5) 9 0 0 (335) 6 0 (1) 4 (5) Cash equivalents 70 (1) 7 0 0 (73) (3) 0 0 0 (2) Other assets 54 125 (16) 0 0 (10) (42) 0 0 111 61 Separate account assets(5) 1,283 (237) 181 (111) 0 (43) 0 93 (75) 1,091 (234) Liabilities: Policyholders’ account balances(6) (1,436) 502 0 0 (808) 0 (2,003) 0 0 (3,745) 1,601 Other liabilities 0 0 0 0 0 0 0 (1) 0 (1) 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2022(7) Total realized and unrealized gains (losses) Unrealized gains (losses) for assets still held(2) Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (loss) Net investment income Realized investment gains (losses), net Other income (loss) Interest credited to policyholders’ account balances Included in other comprehensive income (losses) (in millions) Fixed maturities, available-for-sale $ (78) $ 0 $ 0 $ (837) $ 7 $ (97) $ 0 $ 0 $ (826) Other assets: Fixed maturities, trading 0 (26) 0 0 0 0 (25) 0 0 Equity securities 0 5 0 0 0 0 (18) 0 0 Other invested assets (19) 16 0 0 0 (19) 16 0 0 Short-term investments (5) 0 0 0 0 (5) 0 0 0 Cash equivalents (1) 0 0 0 0 (2) 0 0 0 Other assets 58 0 0 67 0 61 0 0 0 Separate account assets(5) 0 0 (237) 0 0 0 0 (234) 0 Liabilities: Policyholders’ account balances 502 0 0 0 0 1,601 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 0 0 0 0 0 0 0 0 ___________ (1) “Other” includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities. (2) Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts. (3) Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities. (4) Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities. (5) Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position. (6) Issuances and settlements for Policyholders’ account balances are presented net in the rollforward. (7) Effective January 1, 2021, Future policy benefits and Reinsurance recoverables previously included in “Changes in Level 3 Assets and Liabilities” are now reported as Market Risk Benefits. See Note 11 for additional information. (8) Excludes MRB assets of $2,200 million and $806 million and MRB liabilities of $4,660 million and $6,488 million for periods ending September 30, 2023 and 2022, respectively. See Note 11 for additional information. |
Fair Value Assets and Liabilities Measured on Recurring Basis, Derivatives | The following tables present the balances of certain derivative assets and liabilities measured at fair value on a recurring basis, as of the date indicated, by the primary underlying risks they are used to manage. These tables include NPR and exclude embedded derivatives and associated reinsurance recoverables. The derivative assets and liabilities shown below are included in “Other invested assets” or “Other liabilities” in the tables contained within the sections “—Assets and Liabilities by Hierarchy Level” and “—Changes in Level 3 Assets and Liabilities,” above. As of September 30, 2023 Level 1 Level 2 Level 3 Netting(1) Total (in millions) Derivative Assets: Interest Rate $ 26 $ 13,749 $ 1 $ $ 13,776 Currency 0 1,521 0 1,521 Credit 0 29 0 29 Currency/Interest Rate 0 3,600 0 3,600 Equity 7 1,250 0 1,257 Other 0 0 0 0 Netting(1) (19,178) (19,178) Total derivative assets $ 33 $ 20,149 $ 1 $ (19,178) $ 1,005 Derivative Liabilities: Interest Rate $ 11 $ 30,567 $ 1 $ $ 30,579 Currency 0 1,540 0 1,540 Credit 0 39 0 39 Currency/Interest Rate 0 545 0 545 Equity 6 1,596 0 1,602 Other 0 0 0 0 Netting(1) (28,884) (28,884) Total derivative liabilities $ 17 $ 34,287 $ 1 $ (28,884) $ 5,421 As of December 31, 2022 Level 1 Level 2 Level 3 Netting(1) Total (in millions) Derivative Assets: Interest Rate $ 13 $ 9,408 $ 1 $ $ 9,422 Currency 0 1,711 0 1,711 Credit 0 27 0 27 Currency/Interest Rate 0 4,282 0 4,282 Equity 1 814 0 815 Other 0 0 0 0 Netting(1) (14,802) (14,802) Total derivative assets $ 14 $ 16,242 $ 1 $ (14,802) $ 1,455 Derivative Liabilities: Interest Rate $ 24 $ 21,806 $ 1 $ $ 21,831 Currency 0 2,186 0 2,186 Credit 0 57 0 57 Currency/Interest Rate 0 503 0 503 Equity 2 1,774 0 1,776 Other 0 0 0 0 Netting(1) (23,298) (23,298) Total derivative liabilities $ 26 $ 26,326 $ 1 $ (23,298) $ 3,055 __________ (1) “Netting” amounts represent cash collateral and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreement. |
Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation, Derivatives | The following tables provide a summary of the changes in fair value of Level 3 derivative assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income, attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. Three Months Ended September 30, 2023 Fair Value, beginning of period Total realized and unrealized gains (losses)(1) Purchases Sales Issuances Settlements Other Transfers into Transfers out of Level 3(2) Fair Value, end of period Unrealized gains (losses) for assets still held(1) (in millions) Net Derivative - Equity $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Net Derivative - Interest Rate 0 0 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2023 Fair Value, beginning of period Total realized and unrealized gains (losses)(1) Purchases Sales Issuances Settlements Other Transfers into Transfers out of Level 3(2) Fair Value, end of period Unrealized gains (losses) for assets still held(1) (in millions) Net Derivative - Equity $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Net Derivative - Interest Rate 0 0 0 0 0 0 0 0 0 0 0 Three Months Ended September 30, 2022 Fair Value, beginning of period Total realized and unrealized gains (losses)(1) Purchases Sales Issuances Settlements Other Transfers into Transfers out of Level 3(2) Fair Value, end of period Unrealized gains (losses) for assets still held(1) (in millions) Net Derivative - Equity $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Net Derivative - Interest Rate 0 0 0 0 0 0 0 0 0 0 0 Nine Months Ended September 30, 2022 Fair Value, beginning of period Total realized and unrealized gains (losses)(1) Purchases Sales Issuances Settlements Other Transfers into Transfers out of Level 3(2) Fair Value, end of period Unrealized gains (losses) for assets still held(1) (in millions) Net Derivative - Equity $ 1 $ 1 $ 0 $ (2) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 1 Net Derivative - Interest Rate 1 0 0 0 0 0 0 (1) 0 0 0 ________ (1) Total realized and unrealized gains (losses) as well as unrealized gains (losses) for assets still held at the end of the period are recorded in “Realized investment gains (losses), net.” (2) Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter. |
Fair Value Measurements, Nonrecurring | The following tables represent information for assets measured at fair value on a nonrecurring basis. The fair value measurement is nonrecurring as these assets are measured at fair value only when there is a triggering event (e.g., an evidence of impairment). Assets included in the table are those that were impaired during the respective reporting periods and that are still held as of the reporting date. The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3). Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Gains (Losses): Mortgage servicing rights(1) $ 0 $ (1) $ 0 $ 1 Investment real estate $ 0 $ (6) $ (17) $ (12) Investment in JV/LP $ (10) $ 0 $ (65) $ (75) September 30, 2023 December 31, 2022 (in millions) Carrying value after measurement as of period end: Mortgage servicing rights(1) $ 0 $ 77 Investment real estate(2) $ 114 $ 112 Investment in JV/LP(2) $ 60 $ 64 Goodwill(3) $ 0 $ 177 __________ (1) Mortgage servicing rights are valued using a discounted cash flow model. The model incorporates assumptions for servicing revenues, which are adjusted for expected prepayments, delinquency rates, escrow deposit income and estimated loan servicing expenses. The discount rates incorporated into the model are determined based on the estimated returns a market participant would require for this business including a liquidity and risk premium. This estimate includes available relevant data from any active market sales of mortgage servicing rights. (2) Reported carrying values for 2023 include values as of the measurement periods of June 30, 2023 for “Investment real estate” and June 30, 2023 and September 30, 2023 for “Investment in JV/LP”. Reported carrying values for 2022 include values as of the measurement periods of June 30, 2022 and September 30, 2022 for “Investment real estate” and June 30, 2022 for “Investment in JV/LP”. (3) The Company recognized a goodwill impairment charge for Assurance IQ in 2022. The fair value was determined using weighting of an income approach based on discounted cash flow valuation techniques and a market approach based on forward sales multiples of comparable publicly traded companies. The valuation as of December 31, 2022 included unobservable inputs such as forecasted cash flows, discount rate applied, expected synergies and business growth rate assumptions under the income approach and forward market multiples of comparable peer companies and an implied control premium under the market approach. The inputs and assumptions applied are consistent with how a market participant would value Assurance IQ and the related goodwill. See Note 10 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 for additional information. |
Fair Value, Option | The following tables present information regarding assets and liabilities where the fair value option has been elected. Three Months Ended September 30, Nine Months Ended 2023 2022 2023 2022 (in millions) Commercial mortgage and other loans: Interest income $ 2 $ 5 $ 7 $ 11 September 30, 2023 December 31, 2022 (in millions) Commercial mortgage and other loans(1): Fair value as of period end $ 387 $ 137 Aggregate contractual principal as of period end $ 383 $ 136 Other assets: Fair value as of period end $ 11 $ 11 Notes issued by consolidated VIEs: Fair value as of period end $ 392 $ 0 Aggregate contractual principal as of period end $ 392 $ 0 __________ (1) As of September 30, 2023, for loans for which the fair value option has been elected, there were no loans in non-accrual status and none of the loans were more than 90 days past due and still accruing. |
Fair Value Disclosure Financial Instruments Not Carried at Fair Value | The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value. September 30, 2023 Fair Value Carrying Level 1 Level 2 Level 3 Total Total (in millions) Assets: Fixed maturities, held-to-maturity $ 0 $ 0 $ 0 $ 0 $ 0 Assets supporting experience-rated contractholder liabilities 0 0 0 0 0 Commercial mortgage and other loans 0 38 52,452 52,490 57,521 Policy loans 7 0 9,952 9,959 9,959 Other invested assets 0 97 0 97 97 Short-term investments 1,362 16 0 1,378 1,378 Cash and cash equivalents 8,301 617 0 8,918 8,918 Accrued investment income 0 3,191 0 3,191 3,191 Other assets 38 2,881 5,104 8,023 8,023 Total assets $ 9,708 $ 6,840 $ 67,508 $ 84,056 $ 89,087 Liabilities: Policyholders’ account balances—investment contracts $ 0 $ 30,997 $ 33,975 $ 64,972 $ 70,113 Securities sold under agreements to repurchase 0 5,547 0 5,547 5,547 Cash collateral for loaned securities 0 6,067 0 6,067 6,067 Short-term debt(3) 0 533 82 615 615 Long-term debt(4) 547 15,642 746 16,935 18,877 Notes issued by consolidated VIEs 0 0 399 399 399 Other liabilities 0 8,377 17 8,394 8,394 Separate account liabilities—investment contracts 0 25,252 22,446 47,698 47,698 Total liabilities $ 547 $ 92,415 $ 57,665 $ 150,627 $ 157,710 December 31, 2022 Fair Value Carrying Level 1 Level 2 Level 3 Total Total (in millions) Assets: Fixed maturities, held-to-maturity(2) $ 0 $ 1,455 $ 0 $ 1,455 $ 1,296 Assets supporting experience-rated contractholder liabilities 0 0 0 0 0 Commercial mortgage and other loans 0 46 52,296 52,342 56,608 Policy loans 5 0 10,041 10,046 10,046 Other invested assets 0 102 0 102 102 Short-term investments 715 89 0 804 804 Cash and cash equivalents 9,388 389 0 9,777 9,777 Accrued investment income 0 3,012 0 3,012 3,012 Other assets 48 2,929 754 3,731 3,731 Total assets $ 10,156 $ 8,022 $ 63,091 $ 81,269 $ 85,376 Liabilities: Policyholders’ account balances—investment contracts $ 0 $ 31,665 $ 34,937 $ 66,602 $ 70,722 Securities sold under agreements to repurchase 0 6,589 0 6,589 6,589 Cash collateral for loaned securities 0 6,100 0 6,100 6,100 Short-term debt(3) 0 613 164 777 775 Long-term debt(4) 550 17,324 790 18,664 19,908 Notes issued by consolidated VIEs 0 0 374 374 374 Other liabilities 0 7,970 11 7,981 7,981 Separate account liabilities—investment contracts 0 27,735 25,270 53,005 53,005 Total liabilities $ 550 $ 97,996 $ 61,546 $ 160,092 $ 165,454 __________ (1) Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments. (2) Excludes notes with fair value of $4,250 million (carrying amount of $4,250 million) as of December 31, 2022, which have been offset with the associated debt under a netting agreement. (3) Excludes debt with fair value of $500 million (carrying amount of $500 million) as of both September 30, 2023 and December 31, 2022, which have been offset with the associated notes under a netting agreement. (4) Excludes debt with fair value of $11,790 million (carrying amount of $11,790 million) as of both September 30, 2023 and December 31, 2022, which have been offset with the associated notes under a netting agreement. |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Deferred Charges, Insurers [Abstract] | |
Schedule of Deferred Policy Acquisition Costs | January 1, 2021 Deferred Policy Acquisition Costs Retirement Strategies Individual Life International Businesses Other Businesses Total Individual Variable Term Life Variable/ Life Gibraltar (in millions) Balance prior to transition $ 4,643 $ 2,417 $ 3,779 $ 4,278 $ 3,390 $ 520 $ 19,027 Unwinding amounts related to unrealized investment gains and losses and other activity 273 0 450 337 570 106 1,736 Balance after transition $ 4,916 $ 2,417 $ 4,229 $ 4,615 $ 3,960 $ 626 $ 20,763 The following tables show a rollforward for the lines of business that contain material DAC balances, along with a reconciliation to the Company’s total DAC balance: Nine Months Ended September 30, 2023 Retirement Strategies Individual Life International Businesses Total Individual Variable Term Life Variable/ Life Planner Gibraltar Life (in millions) Balance, BOP $ 4,171 $ 2,288 $ 5,000 $ 4,710 $ 4,231 $ 20,400 Capitalization 195 115 436 443 444 1,633 Amortization expense (275) (160) (183) (244) (236) (1,098) Other adjustments(1) (393) 2 0 14 0 (377) Foreign currency adjustment 0 0 0 (199) (158) (357) Balance, EOP $ 3,698 $ 2,245 $ 5,253 $ 4,724 $ 4,281 20,201 Other businesses 193 Total DAC balance $ 20,394 _________ (1) Includes the impact of the reinsurance transaction with Ohio National in Individual Retirement Strategies. See Note 12 for additional information. Nine Months Ended September 30, 2022 Retirement Strategies Individual Life International Businesses Total Individual Variable Term Life Variable/ Life Planner Gibraltar Life (in millions) Balance, BOP $ 4,872 $ 2,372 $ 4,679 $ 4,685 $ 4,135 $ 20,743 Capitalization 219 97 413 442 441 1,612 Amortization expense (305) (158) (176) (240) (227) (1,106) Other adjustments(1) (584) 0 0 12 0 (572) Foreign currency adjustment 0 0 0 (439) (325) (764) Balance, EOP $ 4,202 $ 2,311 $ 4,916 $ 4,460 $ 4,024 19,913 Other businesses 125 Total DAC balance $ 20,038 _________ (1) Includes $584 million in Individual Retirement Strategies related to the sale of PALAC. See Note 1 for additional information. . |
Deferred Sales Inducements | January 1, 2021 Deferred Sales Inducements(1) Retirement Strategies Other Businesses Total Individual Variable (in millions) Balance prior to transition $ 781 $ 39 $ 820 Unwinding amounts related to unrealized investment gains and losses 85 2 87 Balance after transition $ 866 $ 41 $ 907 __________ (1) Deferred sales inducements (“DSI”) are included in “Other assets”. The following table shows a rollforward of DSI balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material DSI balance, along with a reconciliation to the Company’s total DSI balance: Nine Months Ended September 30, 2023 2022 (in millions) Balance, BOP $ 446 $ 799 Capitalization 2 1 Amortization expense (28) (37) Other adjustments(1) 0 (308) Balance, EOP 420 455 Other businesses 33 36 Total DSI balance $ 453 $ 491 _________ (1) The 2022 amount relates to the sale of PALAC. See Note 1 for additional information. |
Schedule of Value of Business Acquired | January 1, 2021 Value of Business Acquired International Businesses Other Businesses(1) Total Gibraltar Life and Other (in millions) Balance prior to transition $ 852 $ 251 $ 1,103 Unwinding amounts related to unrealized investment gains and losses and other activity 59 1 60 Balance after transition $ 911 $ 252 $ 1,163 __________ (1) Primarily represents value of business acquired (“VOBA”) for the Full Service Retirement business. The following table shows a rollforward of VOBA balances for Gibraltar Life and Other, which is the only line of business that contains a material VOBA balance, along with a reconciliation to the Company’s total VOBA balance: Nine Months Ended September 30, 2023 2022 (in millions) Balance, BOP $ 597 $ 746 Amortization expense (37) (45) Foreign currency adjustment (64) (143) Balance, EOP 496 558 Other businesses 18 2 Total VOBA balance $ 514 $ 560 The following table provides VOBA balances for the applicable businesses for the period ended September 30: 2023 (in millions) Gibraltar Life $ 496 Aoba Life 18 Total $ 514 |
Estimated Future VOBA Amortization, Net of Interest | The following table provides estimated future amortization for the periods indicated: 2023 (October-December) 2024 2025 2026 2027 Thereafter Total (in millions) Estimated future VOBA amortization $ 12 $ 45 $ 41 $ 37 $ 34 $ 345 $ 514 |
Separate Accounts (Tables)
Separate Accounts (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Insurance [Abstract] | |
Separate Account Assets | The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows: September 30, December 31, (in millions) Asset Type: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 4,409 $ 5,208 Obligations of U.S. states and their political subdivisions 1,956 2,006 Foreign government bonds 97 120 U.S. corporate securities 12,411 13,135 Foreign corporate securities 3,086 3,261 Asset-backed securities 1,335 1,131 Mortgage-backed securities 14,697 14,653 Mutual funds: Equity 79,215 82,781 Fixed Income 38,484 38,109 Other 5,187 3,797 Equity securities 4,986 5,177 Commercial mortgage and other loans 66 74 Other invested assets 21,968 24,590 Short-term investments 1,021 1,306 Cash and cash equivalents 1,724 2,331 Total $ 190,642 $ 197,679 |
Separate Account Liability | The balances of and changes in separate account liabilities as of and for the periods ended are as follows: Nine Months Ended September 30, 2023 Retirement Strategies PGIM Institutional Individual Group Insurance Individual Life Total (in millions) Balance, BOP $ 40,056 $ 11,428 $ 93,395 $ 23,513 $ 32,930 $ 201,322 Deposits 4,301 209 332 44 2,183 7,069 Investment performance (965) 79 4,278 3 3,228 6,623 Policy charges (62) (10) (1,755) (238) (800) (2,865) Surrenders and withdrawals (4,064) (338) (7,142) (29) (569) (12,142) Benefit payments (2,604) (415) (75) (219) (244) (3,557) Net transfers (to) from general account (459) (60) (6) (2) (1,244) (1,771) Other (949) (29) 9 (208) 73 (1,104) Balance, EOP $ 35,254 $ 10,864 $ 89,036 $ 22,864 $ 35,557 193,575 Other businesses(1) (2,933) Total separate account liabilities $ 190,642 Cash surrender value(2) $ 35,254 $ 10,864 $ 87,767 $ 22,750 $ 32,388 $ 189,023 __________ (1) Includes activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges. (2) “Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments. Nine Months Ended September 30, 2022 Retirement Strategies PGIM Institutional Individual Group Insurance Individual Life Total (in millions) Balance, BOP $ 42,020 $ 14,064 $ 158,546 $ 27,097 $ 39,789 $ 281,516 Deposits 5,903 559 603 95 1,889 9,049 Investment performance 1,186 (2,505) (28,724) (4,632) (8,608) (43,283) Policy charges (66) (14) (2,094) (237) (756) (3,167) Surrenders and withdrawals (5,093) (3,084) (7,376) (13) (562) (16,128) Benefit payments (2,474) (395) (77) (202) (350) (3,498) Net transfers (to) from general account (405) 2,798 (276) 21 (313) 1,825 Other(1) 466 (78) (29,419) 660 67 (28,304) Balance, EOP $ 41,537 $ 11,345 $ 91,183 $ 22,789 $ 31,156 198,010 Other businesses(2) (3,485) Total separate account liabilities $ 194,525 Cash surrender value(3) $ 41,537 $ 11,345 $ 89,512 $ 22,664 $ 28,355 $ 193,413 __________ (1) Activity for Individual Retirement Strategies primarily represents the sale of PALAC. See Note 1 for additional information. (2) Includes activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges. (3) “Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments. |
Liability For Future Policy B_2
Liability For Future Policy Benefits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Insurance [Abstract] | |
Liability for Future Policy Benefit, Activity | January 1, 2021 Benefit Reserves(1) Retirement Strategies Individual International Corporate Other Businesses(2) Total Institutional Term Life Gibraltar Long- (in millions) Balance prior to transition $ 65,383 $ 7,887 $ 51,607 $ 69,542 $ 7,975 $ 6,624 $ 209,018 Changes in cash flow assumptions and other activity (3,805) 0 10 (523) (18) 1 (4,335) Balance after transition, at original discount rate 61,578 7,887 51,617 69,019 7,957 6,625 204,683 Cumulative changes in discount rate assumptions and other activity 13,548 2,662 22,590 13,784 4,905 5,381 62,870 Balance after transition, at current discount rate 75,126 10,549 74,207 82,803 12,862 12,006 267,553 Less: Reinsurance recoverable 0 799 160 307 0 13 1,279 Balance after transition, net of reinsurance recoverable $ 75,126 $ 9,750 $ 74,047 $ 82,496 $ 12,862 $ 11,993 $ 266,274 __________ (1) Benefit reserves, excluding amounts for reinsurance recoverable, are included in "Future policy benefits." For additional information regarding the liability for future policy benefits, see Note 9. (2) Primarily represents benefit reserves related to the Prudential of Taiwan business that was sold in the second quarter of 2021. The Company did not choose to apply ASU 2022-05 to this disposal transaction. See Note 2 for additional information. January 1, 2021 Deferred Profit Liability(1) Retirement Strategies International Businesses Other Businesses Total Institutional Life Gibraltar Life (in millions) Balance prior to transition $ 1,315 $ 1,964 $ 3,746 $ 349 $ 7,374 Changes in benefit reserves 3,801 110 730 148 4,789 Balance after transition 5,116 2,074 4,476 497 12,163 Less: Reinsurance recoverable 0 7 15 0 22 Balance after transition, net of reinsurance recoverable $ 5,116 $ 2,067 $ 4,461 $ 497 $ 12,141 __________ (1) Deferred profit liability (“DPL”), excluding amounts for reinsurance recoverable, is included in "Future policy benefits." For additional information regarding the liability for future policy benefits, see Note 9. January 1, 2021 Additional Insurance Reserves(1) Retirement Strategies Individual Other Businesses Total Individual Variable Variable/ (in millions) Balance prior to transition $ 889 $ 9,415 $ 483 $ 10,787 Unwinding amounts related to unrealized investment gains and losses (65) (1,444) (106) (1,615) Balance prior to transition, excluding amounts related to unrealized investment gains and losses 824 7,971 377 9,172 Reclassification of future policy benefits AIR to MRB (824) 0 (92) (916) Reclassification of policyholders’ account balances AIR to MRB 0 0 (48) (48) Updates to certain universal life contract liabilities(2) 0 1,772 7 1,779 Change in discount rate for annuitization benefits 0 0 116 116 Balance after transition, excluding amounts related to unrealized investment gains and losses 0 9,743 360 10,103 Amounts related to unrealized investment gains and losses after transition 0 1,186 0 1,186 Balance after transition 0 10,929 360 11,289 Less: Reinsurance recoverable 0 4,387 0 4,387 Balance after transition, net of reinsurance recoverable $ 0 $ 6,542 $ 360 $ 6,902 __________ (1) Additional insurance reserves (“AIR”), excluding amounts for reinsurance recoverable, are included in “Future policy benefits”. For additional information regarding the liability for future policy benefits, see Note 9. (2) For additional information regarding updates to reserves and other related balances for certain universal life contracts, see Note 2. January 1, 2021 Universal Life Loss Recognition Reserves/Profit Followed by Losses Liability(1) Individual Life Other Businesses Total (in millions) Balance prior to transition $ 1,823 $ 6 $ 1,829 Unwinding amounts related to unrealized investment gains and losses (1,149) 0 (1,149) Balance prior to transition, excluding amounts related to unrealized investment gains and losses 674 6 680 Derecognizing LRR & PFL (674) 0 (674) Balance after transition, excluding amounts related to unrealized investment gains and losses 0 6 6 Amounts related to unrealized investment gains and losses after transition 1,018 0 1,018 Balance after transition $ 1,018 $ 6 $ 1,024 __________ (1) Universal life loss recognition reserves (“LRR”) / profit followed by losses liability (“PFL”) are included in “Future policy benefits”. For additional information regarding the liability for future policy benefits, see Note 9. January 1, 2021 Non-Participating Traditional and Limited-Payment Loss Recognition Reserves/Profit Followed by Losses Liability(1) Retirement Strategies International Businesses Corporate Other Businesses Total Institutional Life Gibraltar Life Long- (in millions) Balance prior to transition $ 1,985 $ 181 $ 670 $ 734 $ 145 $ 3,715 Unwinding amounts related to unrealized investment gains and losses (1,985) (169) (670) (734) (105) (3,663) Balance prior to transition, excluding amounts related to unrealized investment gains and losses 0 12 0 0 40 52 Derecognizing LRR & PFL 0 (12) 0 0 (40) (52) Balance after transition $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 __________ (1) Prior to the adoption of ASU 2018-12, non-participating traditional and limited-payment loss recognition reserves / profit followed by losses liabilities were included in “Future policy benefits”. January 1, 2021 Terminal Dividend Liability(1) Individual Life Closed Block Division Total Variable/ Universal Life Term Life (in millions) Balance prior to transition $ 212 $ 4 $ 375 $ 591 Unwinding amounts related to unrealized investment gains and losses and other activity (11) 0 0 (11) Balance after transition 201 4 375 580 Less: Reinsurance recoverable 0 0 0 0 Balance after transition, net of reinsurance recoverable $ 201 $ 4 $ 375 $ 580 __________ (1) Terminal dividend liability is included in “Future policy benefits”. The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits. Nine Months Ended September 30, 2023 Present Value of Expected Net Premiums Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 52,620 $ 11,282 $ 30,689 $ 28,951 $ 2,932 $ 126,474 Effect of cumulative changes in discount rate assumptions, BOP 14,349 572 1,354 1,326 103 17,704 Balance at original discount rate, BOP 66,969 11,854 32,043 30,277 3,035 144,178 Effect of assumption update (1,117) (1) 78 (175) 266 (949) Effect of actual variances from expected experience and other activity 384 (159) (814) (516) 145 (960) Adjusted balance, BOP 66,236 11,694 31,307 29,586 3,446 142,269 Issuances 8,453 539 1,793 1,258 0 12,043 Net premiums / considerations collected (8,682) (1,060) (3,055) (2,873) (242) (15,912) Interest accrual 1,588 404 680 594 117 3,383 Foreign currency adjustment 950 0 (1,583) (1,608) 0 (2,241) Other adjustments 0 (2) 104 0 0 102 Balance at original discount rate, EOP 68,545 11,575 29,246 26,957 3,321 139,644 Effect of cumulative changes in discount rate assumptions, EOP (16,742) (965) (1,571) (1,495) (249) (21,022) Balance, EOP $ 51,803 $ 10,610 $ 27,675 $ 25,462 $ 3,072 $ 118,622 Other businesses, EOP 83 Total balance, EOP $ 118,705 Nine Months Ended September 30, 2023 Present Value of Expected Future Policy Benefits Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 117,754 $ 19,288 $ 78,639 $ 80,331 $ 10,685 $ 306,697 Effect of cumulative changes in discount rate assumptions, BOP 20,170 1,012 3,719 11,266 1,216 37,383 Balance at original discount rate, BOP 137,924 20,300 82,358 91,597 11,901 344,080 Effect of assumption update (1,289) (1) 145 44 357 (744) Effect of actual variances from expected experience and other activity 377 (194) (845) (503) 171 (994) Adjusted balance, BOP 137,012 20,105 81,658 91,138 12,429 342,342 Issuances 8,453 539 1,793 1,258 0 12,043 Interest accrual 3,720 707 1,977 1,729 443 8,576 Benefit payments (8,550) (1,121) (2,729) (3,496) (196) (16,092) Foreign currency adjustment 981 0 (4,630) (5,780) 0 (9,429) Other adjustments (138) (14) 206 (18) 0 36 Balance at original discount rate, EOP 141,478 20,216 78,275 84,831 12,676 337,476 Effect of cumulative changes in discount rate assumptions, EOP (24,887) (1,856) (5,296) (11,846) (2,305) (46,190) Balance, EOP $ 116,591 $ 18,360 $ 72,979 $ 72,985 $ 10,371 $ 291,286 Other businesses, EOP 1,635 Total balance, EOP $ 292,921 Nine Months Ended September 30, 2023 Net Liability for Future Policy Benefits - Benefit Reserves Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, EOP, pre-flooring $ 64,789 $ 7,750 $ 45,304 $ 47,523 $ 7,299 $ 172,665 Flooring impact, EOP 0 2 27 31 0 60 Balance, EOP, post-flooring 64,789 7,752 45,331 47,554 7,299 172,725 Less: Reinsurance recoverable 4,810 696 96 189 0 5,791 Balance after reinsurance recoverable, EOP, post-flooring $ 59,979 $ 7,056 $ 45,235 $ 47,365 $ 7,299 $ 166,934 Other businesses, EOP(1) 1,482 Total balance after reinsurance recoverable, EOP $ 168,416 Nine Months Ended September 30, 2022 Present Value of Expected Net Premiums Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 68,791 $ 12,971 $ 39,517 $ 37,815 $ 3,585 $ 162,679 Effect of cumulative changes in discount rate assumptions, BOP (4,414) (1,892) (3,516) (3,239) (644) (13,705) Balance at original discount rate, BOP 64,377 11,079 36,001 34,576 2,941 148,974 Effect of assumption update 249 1,313 (76) (176) 49 1,359 Effect of actual variances from expected experience and other activity 347 31 (1,181) (575) 163 (1,215) Adjusted balance, BOP 64,973 12,423 34,744 33,825 3,153 149,118 Issuances 12,912 344 2,456 1,933 0 17,645 Net premiums / considerations collected (13,540) (1,049) (3,259) (3,284) (218) (21,350) Interest accrual 1,174 406 717 656 109 3,062 Foreign currency adjustment (11,386) 0 (3,622) (3,402) 0 (18,410) Other adjustments 0 (10) 156 24 0 170 Balance at original discount rate, EOP 54,133 12,114 31,192 29,752 3,044 130,235 Effect of cumulative changes in discount rate assumptions, EOP (15,179) (777) (1,151) (1,157) (164) (18,428) Balance, EOP $ 38,954 $ 11,337 $ 30,041 $ 28,595 $ 2,880 $ 111,807 Other businesses, EOP 104 Total balance, EOP $ 111,911 Nine Months Ended September 30, 2022 Present Value of Expected Future Policy Benefits Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 142,593 $ 22,768 $ 109,562 $ 114,846 $ 15,810 $ 405,579 Effect of cumulative changes in discount rate assumptions, BOP (13,706) (3,876) (21,554) (13,476) (4,482) (57,094) Balance at original discount rate, BOP 128,887 18,892 88,008 101,370 11,328 348,485 Effect of assumption update (187) 1,777 (115) (164) 49 1,360 Effect of actual variances from expected experience and other activity 256 45 (1,290) (495) 188 (1,296) Adjusted balance, BOP 128,956 20,714 86,603 100,711 11,565 348,549 Issuances 12,912 344 2,456 1,933 0 17,645 Interest accrual 3,066 701 2,006 1,823 413 8,009 Benefit payments (7,253) (1,150) (2,609) (4,090) (179) (15,281) Foreign currency adjustment (11,711) 0 (9,915) (11,950) 0 (33,576) Other adjustments (528) (14) 247 (12) 0 (307) Balance at original discount rate, EOP 125,442 20,595 78,788 88,415 11,799 325,039 Effect of cumulative changes in discount rate assumptions, EOP (22,629) (1,450) (2,790) (10,296) (1,755) (38,920) Balance, EOP $ 102,813 $ 19,145 $ 75,998 $ 78,119 $ 10,044 $ 286,119 Other businesses, EOP 1,905 Total balance, EOP $ 288,024 Nine Months Ended September 30, 2022 Net Liability for Future Policy Benefits - Benefit Reserves Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, EOP, pre-flooring $ 63,859 $ 7,808 $ 45,957 $ 49,524 $ 7,163 $ 174,311 Flooring impact, EOP 1 0 236 370 0 607 Balance, EOP, post-flooring 63,860 7,808 46,193 49,894 7,163 174,918 Less: Reinsurance recoverable 0 772 116 200 0 1,088 Balance after reinsurance recoverable, EOP, post-flooring $ 63,860 $ 7,036 $ 46,077 $ 49,694 $ 7,163 $ 173,830 Other businesses, EOP(1) 1,723 Total balance after reinsurance recoverable, EOP $ 175,553 __________ (1) Reflects balance after reinsurance recoverable of $69 million and $80 million at September 30, 2023 and 2022, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Nine Months Ended September 30, 2023 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 108,863 $ 23,147 $ 68,665 $ 56,169 $ 6,854 Discounted expected future gross premiums (at original discount rate) $ 75,372 $ 15,381 $ 53,078 $ 45,102 $ 4,496 Discounted expected future gross premiums (at current discount rate) $ 56,962 $ 14,120 $ 50,753 $ 42,804 $ 4,167 Undiscounted expected future benefits and expenses $ 217,931 $ 31,164 $ 137,378 $ 139,536 $ 30,897 Interest accrual $ 2,132 $ 303 $ 1,297 $ 1,135 $ 326 Gross premiums $ 9,310 $ 1,384 $ 4,849 $ 4,741 $ 342 Weighted-average duration of the liability in years (at original discount rate) 9 10 20 19 18 Weighted-average duration of the liability in years (at current discount rate) 8 9 19 17 17 Weighted-average interest rate (at original discount rate) 4.57 % 5.17 % 3.46 % 2.59 % 4.91 % Weighted-average interest rate (at current discount rate) 6.02 % 6.01 % 3.37 % 3.26 % 6.30 % Nine Months Ended September 30, 2022 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 81,807 $ 23,879 $ 72,431 $ 62,850 $ 7,035 Discounted expected future gross premiums (at original discount rate) $ 59,074 $ 15,863 $ 56,206 $ 49,935 $ 4,561 Discounted expected future gross premiums (at current discount rate) $ 42,578 $ 14,853 $ 54,613 $ 48,237 $ 4,325 Undiscounted expected future benefits and expenses $ 189,976 $ 31,873 $ 143,840 $ 151,940 $ 29,625 Interest accrual $ 1,892 $ 295 $ 1,289 $ 1,167 $ 304 Gross premiums $ 14,102 $ 1,412 $ 5,274 $ 5,414 $ 336 Weighted-average duration of the liability in years (at original discount rate) 8 10 21 20 19 Weighted-average duration of the liability in years (at current discount rate) 7 10 19 18 18 Weighted-average interest rate (at original discount rate) 4.29 % 5.23 % 3.45 % 2.55 % 4.91 % Weighted-average interest rate (at current discount rate) 5.68 % 5.66 % 2.96 % 2.80 % 5.98 % The balances of and changes in Deferred Profit Liability as of and for the period indicated are as follows: Nine Months Ended September 30, 2023 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 5,532 $ 3,379 $ 5,261 $ 14,172 Flooring impact, BOP 0 0 1 1 Balance, BOP, pre-flooring 5,532 3,379 5,260 14,171 Effect of assumption update 35 (67) (228) (260) Effect of actual variances from expected experience and other activity 4 (4) (32) (32) Adjusted balance, BOP 5,571 3,308 5,000 13,879 Profits deferred 294 1,271 1,017 2,582 Interest accrual 170 109 114 393 Amortization (424) (869) (765) (2,058) Foreign currency adjustment 2 (128) (251) (377) Other adjustments 0 24 0 24 Balance, EOP, pre-flooring 5,613 3,715 5,115 14,443 Flooring impact, EOP 0 0 1 1 Balance, EOP 5,613 3,715 5,116 14,444 Less: Reinsurance recoverable 383 8 10 401 Balance after reinsurance recoverable $ 5,230 $ 3,707 $ 5,106 14,043 Other businesses(1) 145 Total balance after reinsurance recoverable $ 14,188 Nine Months Ended September 30, 2022 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 5,183 $ 2,741 $ 5,014 $ 12,938 Flooring impact, BOP 0 0 1 1 Balance, BOP, pre-flooring 5,183 2,741 5,013 12,937 Effect of assumption update 382 28 (5) 405 Effect of actual variances from expected experience and other activity 101 3 (82) 22 Adjusted balance, BOP 5,666 2,772 4,926 13,364 Profits deferred 212 1,308 1,184 2,704 Interest accrual 160 91 107 358 Amortization (410) (852) (782) (2,044) Foreign currency adjustment (48) (246) (487) (781) Other adjustments (1) 19 (1) 17 Balance, EOP, pre-flooring 5,579 3,092 4,947 13,618 Flooring impact, EOP 0 0 1 1 Balance, EOP 5,579 3,092 4,948 13,619 Less: Reinsurance recoverable 0 7 10 17 Balance after reinsurance recoverable $ 5,579 $ 3,085 $ 4,938 13,602 Other businesses(1) 182 Total balance after reinsurance recoverable $ 13,784 __________ (1) Reflects balance after reinsurance recoverable of $0 million and $1 million at September 30, 2023 and 2022, respectively. The following tables provide supplemental information related to the balances of and changes in Deferred Profit Liability, included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Nine Months Ended September 30, 2023 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ (79) $ (464) $ (105) Interest accrual $ 170 $ 109 $ 114 Nine Months Ended September 30, 2022 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ (443) $ (600) $ (420) Interest accrual $ 160 $ 91 $ 107 __________ (1) Represents the gross premiums collected in changes in Deferred Profit Liability excluding impact of foreign currency adjustments. The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance: Nine Months Ended September 30, 2023 2022 (in millions) Balance, including amounts in AOCI, BOP, post-flooring $ 12,684 $ 11,708 Flooring impact and amounts in AOCI 1,285 (909) Balance, excluding amounts in AOCI, BOP, pre-flooring 13,969 10,799 Effect of assumption update 23 2,200 Effect of actual variances from expected experience and other activity (13) (215) Adjusted balance, BOP 13,979 12,784 Assessments collected(1) 836 750 Interest accrual 362 319 Benefits paid (223) (148) Balance, excluding amounts in AOCI, EOP, pre-flooring 14,954 13,705 Flooring impact and amounts in AOCI (1,737) (1,595) Balance, including amounts in AOCI, EOP, post-flooring 13,217 12,110 Less: Reinsurance recoverable 5,286 4,790 Balance after reinsurance recoverable, including amounts in AOCI, EOP 7,931 7,320 Other businesses 123 144 Total balance after reinsurance recoverable $ 8,054 $ 7,464 __________ (1) Represents the portion of gross assessments required to fund the future policy benefits. Nine Months Ended September 30, 2023 2022 ($ in millions) Interest accrual $ 362 $ 319 Gross assessments $ 2,357 $ 1,995 Weighted-average duration of the liability in years (at original discount rate) 22 23 Weighted-average interest rate (at original discount rate) 3.36 % 3.38 % The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, Additional Insurance Reserves, and Deferred Profit Liability including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company's Consolidated Statement of Financial Position as of the periods indicated: Nine Months Ended September 30, 2023 2022 (in millions) Benefit reserves, EOP, post-flooring $ 174,276 $ 176,720 Deferred Profit Liability EOP, post-flooring 14,589 13,802 Additional insurance reserves, including amounts in AOCI, EOP, post-flooring 13,340 12,254 Subtotal of amounts disclosed above 202,205 202,776 Other Future Policy Benefits reserves(1) 51,346 52,359 Total Future Policy Benefits $ 253,551 $ 255,135 __________ The following tables present revenue and interest expense related to Benefit Reserves, Additional Insurance Reserves, and Deferred Profit Liability, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations as of the periods indicated: Nine Months Ended September 30, 2023 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 9,310 $ 1,384 $ 0 $ 4,849 $ 4,741 $ 415 $ 20,699 Deferred profit liability (79) 0 0 (464) (105) 37 (611) Additional insurance reserves 0 0 2,357 0 0 0 2,357 Total $ 9,231 $ 1,384 $ 2,357 $ 4,385 $ 4,636 $ 452 $ 22,445 Nine Months Ended September 30, 2022 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 14,102 $ 1,412 $ 0 $ 5,274 $ 5,414 $ 398 $ 26,600 Deferred profit liability (443) 0 0 (600) (420) 41 (1,422) Additional insurance reserves 0 0 1,995 0 0 1 1,996 Total $ 13,659 $ 1,412 $ 1,995 $ 4,674 $ 4,994 $ 440 $ 27,174 Nine Months Ended September 30, 2023 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 2,132 $ 303 $ 0 $ 1,297 $ 1,135 $ 366 $ 5,233 Deferred profit liability 170 0 0 109 114 3 396 Additional insurance reserves 0 0 362 1 0 0 363 Total $ 2,302 $ 303 $ 362 $ 1,407 $ 1,249 $ 369 $ 5,992 Nine Months Ended September 30, 2022 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses(2) Total (in millions) Benefit reserves $ 1,892 $ 295 $ 0 $ 1,289 $ 1,167 $ 346 $ 4,989 Deferred profit liability 160 0 0 91 107 3 361 Additional insurance reserves 0 0 319 2 1 0 322 Total $ 2,052 $ 295 $ 319 $ 1,382 $ 1,275 $ 349 $ 5,672 __________ (1) Represents "Gross Premiums" for benefit reserves, "Revenue" for deferred profit liability and "Gross Assessments" for additional insurance reserves. (2) Includes remaining balances disclosed above and balances for which disaggregated rollforward disclosures may not be presented above. |
Policyholders' Account Balanc_2
Policyholders' Account Balances (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract] | |
Policyholder Account Balance | The balances of and changes in policyholders' account balances as of and for the periods ended are as follows: Nine Months Ended September 30, 2023 Group Insurance Retirement Strategies Individual Life International Businesses Total Life/Disability Institutional Individual Variable Individual Fixed Variable/Universal Life Life Planner Gibraltar Life and Other ($ in millions) Balance, beginning of period $ 5,839 $ 17,376 $ 17,524 $ 4,643 $ 26,502 $ 11,168 $ 35,325 $ 118,377 Deposits 811 4,407 3,444 1,839 1,773 1,640 4,274 18,188 Interest credited 124 509 219 96 583 577 531 2,639 Acquisitions and dispositions 0 0 0 0 0 0 0 0 Policy charges (247) (16) (17) (6) (1,536) (222) (146) (2,190) Surrenders and withdrawals (1,217) (4,332) (492) (298) (1,267) (153) (1,015) (8,774) Benefit payments 0 0 (58) (58) (119) (203) (1,462) (1,900) Net transfers (to) from separate account 2 0 22 0 1,282 0 0 1,306 Change in market value and other adjustments(1) 0 0 1,192 82 75 21 (7) 1,363 Foreign currency adjustment 0 0 0 0 0 (1,071) (1,291) (2,362) Balance, end of period 5,312 17,944 21,834 6,298 27,293 11,757 36,209 126,647 Less: Reinsurance and other recoverable(2) 0 0 0 0 0 1 19 20 Policyholders' account balance net of reinsurance and other recoverable $ 5,312 $ 17,944 $ 21,834 $ 6,298 $ 27,293 $ 11,756 $ 36,190 $ 126,627 Closed Block Division 4,528 Unearned revenue reserve, unearned expense credit, and additional interest reserve 5,109 Other(3) 4,504 Total Policyholders' account balance $ 140,788 Weighted-average crediting rate 2.97 % 3.85 % 1.48 % 2.33 % 2.89 % 6.72 % 1.98 % 2.87 % Net amount at risk(4) $ 73,260 $ 0 $ 0 $ 0 $ 378,191 $ 17,400 $ 6,274 $ 475,125 Cash surrender value(5) $ 3,966 $ 17,944 $ 19,184 $ 5,038 $ 23,101 $ 10,063 $ 31,144 $ 110,440 Nine Months Ended September 30, 2022 Group Insurance Retirement Strategies Individual Life International Businesses Total Life/Disability Institutional Individual Variable Individual Fixed Variable/Universal Life Life Planner Gibraltar Life and Other ($ in millions) Balance, beginning of period $ 6,273 $ 16,391 $ 14,125 $ 4,652 $ 26,859 $ 11,555 $ 37,615 $ 117,470 Deposits 950 4,691 3,757 341 1,912 985 2,423 15,059 Interest credited 112 401 153 62 610 19 363 1,720 Dispositions(6) 0 0 (1,405) (440) 0 0 0 (1,845) Policy charges (243) (17) (3) (3) (1,528) (149) (89) (2,032) Surrenders and withdrawals (1,098) (3,866) (237) (110) (1,188) (143) (2,194) (8,836) Benefit payments 0 (439) (79) (132) (152) (192) (1,566) (2,560) Net transfers (to) from separate account (21) 0 238 0 352 0 0 569 Change in market value and other adjustments(1) 0 0 217 (88) (336) 23 (8) (192) Foreign currency adjustment 0 0 0 0 0 (2,051) (2,929) (4,980) Balance, end of period 5,973 17,161 16,766 4,282 26,529 10,047 33,615 114,373 Less: Reinsurance and other recoverable(2) 0 0 0 0 12 1 21 34 Policyholders' account balance net of reinsurance and other recoverable $ 5,973 $ 17,161 $ 16,766 $ 4,282 $ 26,517 $ 10,046 $ 33,594 $ 114,339 Closed Block Division 4,634 Unearned revenue reserve, unearned expense credit, and additional interest reserve 4,374 Other(3) 8,152 Total Policyholders' account balance $ 131,533 Weighted-average crediting rate 2.43 % 3.18 % 1.32 % 1.85 % 3.05 % 0.23 % 1.36 % 1.98 % Net amount at risk(4) $ 70,905 $ 0 $ 0 $ 0 $ 364,060 $ 14,586 $ 6,852 $ 456,403 Cash surrender value(5) $ 4,177 $ 17,161 $ 13,780 $ 3,250 $ 21,717 $ 8,511 $ 29,892 $ 98,488 ____________ (1) Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products. (2) The amount of recoverable related to reinsurance agreements that reduce the risk of the policyholders' account balance gross liability. (3) Includes $5,621 million and $8,220 million of Full Service account balances reinsured to Great-West as of September 30, 2023 and 2022, respectively. See Note 1 for additional information. (4) The net amount at risk calculation includes both general account and separate account balances. (5) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment. (6) Represents the sale of PALAC in Individual Retirement Strategies. |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate | The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums are as follows: September 30, 2023 Range of Guaranteed Minimum Crediting Rate (1) At guaranteed minimum 1 - 50 bps above guaranteed minimum 51 - 150 bps above guaranteed minimum Greater than 150 bps above guaranteed minimum Total ($ in millions) Group Insurance Less than 1.00% $ 0 $ 0 $ 0 $ 1,221 $ 1,221 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 29 0 0 0 29 3.00% - 4.00% 1,565 0 0 0 1,565 Greater than 4.00% 73 0 0 0 73 Total $ 1,667 $ 0 $ 0 $ 1,221 $ 2,888 Institutional Less than 1.00% $ 400 $ 0 $ 0 $ 0 $ 400 1.00% - 1.99% 1,551 0 0 0 1,551 2.00% - 2.99% 551 0 0 0 551 3.00% - 4.00% 5,312 0 0 0 5,312 Greater than 4.00% 2,150 0 0 0 2,150 Total $ 9,964 $ 0 $ 0 $ 0 $ 9,964 Individual Variable Less than 1.00% $ 944 $ 821 $ 18 $ 0 $ 1,783 1.00% - 1.99% 224 2 1 0 227 2.00% - 2.99% 32 5 3 0 40 3.00% - 4.00% 2,046 8 10 0 2,064 Greater than 4.00% 97 0 0 0 97 Total $ 3,343 $ 836 $ 32 $ 0 $ 4,211 Individual Fixed Less than 1.00% $ 0 $ 0 $ 0 $ 20 $ 20 1.00% - 1.99% 544 129 246 82 1,001 2.00% - 2.99% 535 469 320 12 1,336 3.00% - 4.00% 343 9 0 0 352 Greater than 4.00% 97 0 0 0 97 Total $ 1,519 $ 607 $ 566 $ 114 $ 2,806 Variable & Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 408 $ 408 1.00% - 1.99% 185 0 2,528 884 3,597 2.00% - 2.99% 29 1,418 2,940 349 4,736 3.00% - 4.00% 4,478 4,189 1,315 14 9,996 Greater than 4.00% 5,533 0 0 0 5,533 Total $ 10,225 $ 5,607 $ 6,783 $ 1,655 $ 24,270 Life Planner Less than 1.00% $ 320 $ 42 $ 90 $ 1,440 $ 1,892 1.00% - 1.99% 2,815 25 0 0 2,840 2.00% - 2.99% 2,013 0 0 0 2,013 3.00% - 4.00% 335 0 0 0 335 Greater than 4.00% 380 0 0 0 380 Total $ 5,863 $ 67 $ 90 $ 1,440 $ 7,460 Gibraltar Less than 1.00% $ 15,671 $ 0 $ 0 $ 0 $ 15,671 1.00% - 1.99% 8,864 0 0 0 8,864 2.00% - 2.99% 3,153 310 38 0 3,501 3.00% - 4.00% 4,145 0 0 0 4,145 Greater than 4.00% 3,873 0 0 0 3,873 Total $ 35,706 $ 310 $ 38 $ 0 $ 36,054 September 30, 2022 Range of Guaranteed Minimum Crediting Rate (1) At guaranteed minimum 1 - 50 bps above guaranteed minimum 51 - 150 bps above guaranteed minimum Greater than 150 bps above guaranteed minimum Total ($ in millions) Group Insurance Less than 1.00% $ 0 $ 0 $ 0 $ 1,668 $ 1,668 1.00% - 1.99% 7 0 0 0 7 2.00% - 2.99% 54 0 0 0 54 3.00% - 4.00% 1,677 0 0 0 1,677 Greater than 4.00% 3 0 0 0 3 Total $ 1,741 $ 0 $ 0 $ 1,668 $ 3,409 Institutional Less than 1.00% $ 400 $ 0 $ 0 $ 0 $ 400 1.00% - 1.99% 1,572 0 0 0 1,572 2.00% - 2.99% 720 0 0 0 720 3.00% - 4.00% 5,980 0 0 0 5,980 Greater than 4.00% 734 0 0 0 734 Total $ 9,406 $ 0 $ 0 $ 0 $ 9,406 Individual Variable Less than 1.00% $ 1,034 $ 870 $ 19 $ 0 $ 1,923 1.00% - 1.99% 250 2 0 0 252 2.00% - 2.99% 36 0 1 0 37 3.00% - 4.00% 2,365 6 10 0 2,381 Greater than 4.00% 113 0 0 0 113 Total $ 3,798 $ 878 $ 30 $ 0 $ 4,706 Individual Fixed Less than 1.00% $ 0 $ 0 $ 0 $ 0 $ 0 1.00% - 1.99% 629 97 128 48 902 2.00% - 2.99% 485 0 0 0 485 3.00% - 4.00% 403 1 0 0 404 Greater than 4.00% 107 0 0 0 107 Total $ 1,624 $ 98 $ 128 $ 48 $ 1,898 Variable & Universal Life Less than 1.00% $ 15 $ 0 $ 0 $ 0 $ 15 1.00% - 1.99% 325 0 733 2,014 3,072 2.00% - 2.99% 389 4 2,406 2,023 4,822 3.00% - 4.00% 7,661 43 2,498 158 10,360 Greater than 4.00% 5,536 0 0 0 5,536 Total $ 13,926 $ 47 $ 5,637 $ 4,195 $ 23,805 Life Planner Less than 1.00% $ 348 $ 27 $ 95 $ 78 $ 548 1.00% - 1.99% 2,900 20 0 0 2,920 2.00% - 2.99% 2,088 0 0 0 2,088 3.00% - 4.00% 309 0 0 0 309 Greater than 4.00% 376 0 0 0 376 Total $ 6,021 $ 47 $ 95 $ 78 $ 6,241 Gibraltar Less than 1.00% $ 17,761 $ 0 $ 0 $ 0 $ 17,761 1.00% - 1.99% 9,627 0 0 0 9,627 2.00% - 2.99% 3,333 302 46 0 3,681 3.00% - 4.00% 2,074 0 0 0 2,074 Greater than 4.00% 226 0 0 0 226 Total $ 33,021 $ 302 $ 46 $ 0 $ 33,369 ____________ (1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products. |
Market Risk Benefits (Tables)
Market Risk Benefits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Insurance [Abstract] | |
Market Risk Benefits In Asset and Liability Positions | January 1, 2021 Market Risk Benefits(1) Retirement Strategies Other Businesses Total Individual Variable (in millions) Liability for guaranteed benefits recorded at fair value, prior to transition $ 18,731 $ 148 $ 18,879 AIR to be reclassified to MRB, prior to transition, excluding amounts related to unrealized investment gains and losses 824 140 964 Total liability prior to transition 19,555 288 19,843 Change in reserve basis to MRB framework 122 98 220 MRB after transition, at current NPR value 19,677 386 20,063 Less: Reinsured MRB 204 7 211 MRB after transition, net of reinsurance 19,473 379 19,852 MRB after transition, at contract inception NPR value 21,259 392 21,651 Cumulative change in NPR 1,582 6 1,588 MRB after transition, at current NPR value $ 19,677 $ 386 $ 20,063 __________ (1) For additional information regarding market risk benefits, see Note 11. The following table shows a rollforward of MRB balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates: Nine Months Ended September 30, 2023 2022 (in millions) Balance, BOP $ 4,987 $ 13,392 Effect of cumulative changes in NPR 1,828 898 Balance, BOP, before effect of changes in NPR 6,815 14,290 Attributed fees collected 899 1,040 Claims paid (83) (62) Interest accrual 255 79 Actual in force different from expected 54 96 Effect of changes in interest rates (2,986) (7,956) Effect of changes in equity markets (995) 4,437 Effect of assumption update 342 (152) Issuances 15 0 Other adjustments(1) (24) (3,993) Balance, EOP, before effect of changes in NPR 4,292 7,779 Effect of cumulative changes in NPR (1,301) (2,188) Balance, EOP 2,991 5,591 Less: Reinsured MRB 610 29 Balance, EOP, net of reinsurance 2,381 5,562 Other businesses 79 120 Total net MRB balance $ 2,460 $ 5,682 _________ (1) 2022 includes $(4,061) million related to the sale of PALAC. See Note 1 for additional information. . The following table presents accompanying information to the rollforward table above. September 30, 2023 September 30, 2022 ($ in millions) Net amount at risk(1) $ 13,417 $ 15,299 Weighted-average attained age of contractholders 70 69 ___________ (1) For contracts with multiple benefit features, the highest net amount at risk for each contract is included. The tables below reconcile MRB asset and liability positions as of the following dates: September 30, 2023 Retirement Strategies Individual Variable Other Businesses Total (in millions) MRB Assets $ 2,187 $ 13 $ 2,200 MRB Liabilities 4,568 92 4,660 Net Liability $ 2,381 $ 79 $ 2,460 September 30, 2022 Retirement Strategies Individual Variable Other Businesses Total (in millions) MRB Assets $ 794 $ 12 $ 806 MRB Liabilities 6,356 132 6,488 Net Liability $ 5,562 $ 120 $ 5,682 |
Reinsurance (Tables)
Reinsurance (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Insurance [Abstract] | |
Reinsurance amounts included in the Consolidated Statement of Operations | Reinsurance amounts included in the Consolidated Statements of Operations for premiums, policy charges and fee income, change in value of market risk benefits, net of related hedging gains (losses), policyholders’ benefits and change in estimates of liability for future policy benefits, are as follows: Nine Months Ended September 30, 2023 2022 (in millions) Direct premiums $ 23,424 $ 28,705 Reinsurance assumed 3,567 3,072 Reinsurance ceded (6,546) (1,766) Premiums $ 20,445 $ 30,011 Direct policy charges and fee income $ 2,862 $ 2,903 Reinsurance assumed 923 919 Reinsurance ceded (466) (405) Policy charges and fee income $ 3,319 $ 3,417 Direct change in value of market risk benefits, net of related hedging gains (losses) $ (157) $ (903) Reinsurance assumed 148 (27) Reinsurance ceded (151) (108) Change in value of market risk benefits, net of related hedging gains (losses) $ (160) $ (1,038) Direct policyholders’ benefits $ 25,161 $ 31,298 Reinsurance assumed 5,383 4,719 Reinsurance ceded (7,416) (3,132) Policyholders’ benefits $ 23,128 $ 32,885 Direct change in estimates of liability for future policy benefits $ 326 $ 1,435 Reinsurance assumed (147) 464 Reinsurance ceded 52 (1,302) Change in estimates of liability for future policy benefits $ 231 $ 597 |
Reinsurance recoverables | Reinsurance recoverables, are as follows: September 30, 2023 December 31, 2022 (in millions) Individual and group annuities(1) $ 6,750 $ 2,078 Life insurance(2) 8,044 7,981 Other reinsurance 393 358 Total reinsurance recoverables(3) $ 15,187 $ 10,417 __________ (1) Primarily represents $5,194 million of reinsurance recoverables as of September 30, 2023 established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $7,750 million as of September 30, 2023. Also includes reinsurance recoverables established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $1,504 million and $1,986 million as of September 30, 2023 and December 31, 2022, respectively. (2) Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $2,010 million and $2,041 million as of September 30, 2023 and December 31, 2022, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,337 million and $1,327 million as of September 30, 2023 and December 31, 2022, respectively. (3) Net of $(11) million and $(15) million of loss allowance as of September 30, 2023 and December 31, 2022, respectively. |
Closed Block (Tables)
Closed Block (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Closed Block Disclosure [Abstract] | |
Schedule of Closed Block Liabilities and Assets | Closed Block liabilities and assets designated to the Closed Block, as well as maximum future earnings to be recognized from these liabilities and assets, are as follows: September 30, December 31, (in millions) Closed Block liabilities Future policy benefits $ 43,731 $ 44,414 Policyholders’ dividends payable 632 617 Policyholders’ dividend obligation 0 0 Policyholders’ account balances 4,528 4,607 Other Closed Block liabilities 3,092 3,499 Total Closed Block liabilities 51,983 53,137 Closed Block assets Fixed maturities, available-for-sale, at fair value 28,583 29,898 Fixed maturities, trading, at fair value 816 900 Equity securities, at fair value 1,778 1,733 Commercial mortgage and other loans 7,836 7,926 Policy loans 3,520 3,637 Other invested assets 4,679 4,254 Short-term investments 303 337 Total investments 47,515 48,685 Cash and cash equivalents 307 1,307 Accrued investment income 438 402 Other Closed Block assets 105 162 Total Closed Block assets 48,365 50,556 Excess of reported Closed Block liabilities over Closed Block assets 3,618 2,581 Portion of above representing accumulated other comprehensive income (loss): Net unrealized investment gains (losses) (4,153) (3,458) Allocated to policyholder dividend obligation 2,811 3,207 Future earnings to be recognized from Closed Block assets and Closed Block liabilities $ 2,276 $ 2,330 |
Schedule of Closed Block Dividend Obligation | Information regarding the policyholder dividend obligation is as follows: Nine Months Ended (in millions) Balance, December 31, 2022 $ 0 Impact from earnings allocable to policyholder dividend obligation (396) Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation 396 Balance, September 30, 2023 $ 0 |
Schedule of Closed Block Revenues Benefits Expenses | Closed Block revenues and benefits and expenses are as follows for the periods indicated: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in millions) Revenues Premiums $ 392 $ 397 $ 1,228 $ 1,247 Net investment income 508 435 1,485 1,514 Realized investment gains (losses), net (231) 29 (361) 69 Other income (loss) (58) (150) 182 (621) Total Closed Block revenues 611 711 2,534 2,209 Benefits and Expenses Policyholders’ benefits 534 549 1,716 1,810 Interest credited to policyholders’ account balances 30 31 89 91 Dividends to policyholders (20) 72 574 55 General and administrative expenses 68 76 212 224 Total Closed Block benefits and expenses 612 728 2,591 2,180 Closed Block revenues, net of Closed Block benefits and expenses, before income taxes (1) (17) (57) 29 Income tax expense (benefit) (23) (40) (109) (49) Closed Block revenues, net of Closed Block benefits and expenses and income taxes $ 22 $ 23 $ 52 $ 78 |
Short-Term and Long-Term Debt (
Short-Term and Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The table below presents the Company’s short-term debt as of the dates indicated: September 30, 2023 December 31, 2022 ($ in millions) Commercial paper: Prudential Financial $ 25 $ 25 Prudential Funding, LLC 508 413 Subtotal commercial paper 533 438 Current portion of long-term debt: Senior Notes 0 173 Mortgage debt 82 155 Surplus notes subject to set-off arrangements(1) 500 500 Subtotal current portion of long-term debt 582 828 Other(2) 0 9 Subtotal 1,115 1,275 Less: assets under set-off arrangements(1) 500 500 Total short-term debt(3) $ 615 $ 775 Supplemental short-term debt information: Portion of commercial paper borrowings due overnight $ 100 $ 130 Daily average commercial paper outstanding for the quarter ended $ 1,378 $ 1,312 Weighted average maturity of outstanding commercial paper, in days 80 98 Weighted average interest rate on outstanding commercial paper 5.51 % 4.69 % _________ (1) The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in short-term debt. (2) Includes $0 million and $9 million drawn on a revolving line of credit held by a subsidiary at September 30, 2023 and December 31, 2022, respectively. (3) Includes Prudential Financial debt of $25 million at both September 30, 2023 and December 31, 2022. |
Schedule of Long-term Debt | The table below presents the Company’s long-term debt as of the dates indicated: September 30, 2023 December 31, 2022 (in millions) Fixed-rate obligations: Surplus notes $ 346 $ 345 Surplus notes subject to set-off arrangements(1) 9,460 9,460 Senior notes 10,113 10,115 Mortgage debt 25 25 Floating-rate obligations: Line of credit 230 300 Surplus notes subject to set-off arrangements(1) 2,330 2,330 Mortgage debt(2) 73 29 Junior subordinated notes(3) 8,090 9,094 Subtotal 30,667 31,698 Less: assets under set-off arrangements(1) 11,790 11,790 Total long-term debt(4) $ 18,877 $ 19,908 __________ (1) The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in long-term debt. (2) Includes $26 million and $29 million of debt denominated in foreign currency at September 30, 2023 and December 31, 2022, respectively. (3) Includes Prudential Financial debt of $8,048 million and $9,047 million at September 30, 2023 and December 31, 2022, respectively. Also includes subsidiary debt of $42 million and $47 million denominated in foreign currency at September 30, 2023 and December 31, 2022, respectively. (4) Includes Prudential Financial debt of $18,161 million and $19,162 million at September 30, 2023 and December 31, 2022, respectively. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | Net periodic (benefit) cost included in “General and administrative expenses” includes the following components: Three Months Ended September 30, Pension Benefits Other Postretirement Benefits 2023 2022 2023 2022 (in millions) Components of net periodic (benefit) cost: Service cost $ 51 $ 65 $ 2 $ 3 Interest cost 138 111 17 14 Expected return on plan assets (231) (218) (21) (25) Amortization of prior service cost (1) (1) (2) (2) Amortization of actuarial (gain) loss, net 17 37 3 2 Settlements 1 2 0 0 Curtailments(1) 0 0 0 0 Special termination benefits(2) 0 0 0 0 Net periodic (benefit) cost $ (25) $ (4) $ (1) $ (8) Nine Months Ended September 30, Pension Benefits Other Postretirement Benefits 2023 2022 2023 2022 (in millions) Components of net periodic (benefit) cost: Service cost $ 154 $ 211 $ 7 $ 10 Interest cost 414 320 53 41 Expected return on plan assets (694) (649) (64) (77) Amortization of prior service cost (1) (1) (6) (6) Amortization of actuarial (gain) loss, net 51 124 8 5 Settlements 2 3 0 0 Curtailments(1) 0 0 0 (8) Special termination benefits(2) 0 4 0 4 Net periodic (benefit) cost $ (74) $ 12 $ (2) $ (31) __________ (1) For 2022, curtailments were recognized for other postretirement benefit plans as a result of the sale of the Full Service Retirement business. (2) For 2022, certain employees were provided special termination benefits under non-qualified plans in the form of unreduced early retirement benefits as a result of their involuntary termination while others were provided enhanced benefits due to the sale of the Full Service Retirement business. |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Common Stock Disclosure | The changes in the number of shares of Common Stock issued, held in treasury and outstanding, are as follows for the periods indicated: Common Stock Issued Held In Outstanding (in millions) Balance, December 31, 2022 666.3 300.3 366.0 Common Stock issued 0.0 0.0 0.0 Common Stock acquired 0.0 8.3 (8.3) Stock-based compensation programs(1) 0.0 (3.6) 3.6 Balance, September 30, 2023 666.3 305.0 361.3 __________ (1) Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs. |
Dividends Declared | Dividends declared per share of Common Stock are as follows for the periods indicated: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Dividends declared per share of Common Stock $ 1.25 $ 1.20 $ 3.75 $ 3.60 |
Components of Accumulated Other Comprehensive Income (Loss) | The balance of and changes in each component of AOCI as of and for the nine months ended September 30, 2023 and 2022, are as follows: Accumulated Other Comprehensive Income (Loss) Attributable to Foreign Net Unrealized Interest rate remeasurement of Liability for Future Policy Benefits Gains (losses) from Changes in Non-performance Risk on Market Risk Benefits Pension and Total (in millions) Balance, December 31, 2022 $ (2,274) $ (16,195) $ 15,242 $ 1,448 $ (2,027) $ (3,806) Change in OCI before reclassifications (650) (10,094) 5,529 (528) 15 (5,728) Amounts reclassified from AOCI 1 615 0 0 52 668 Income tax benefit (expense) (93) 2,213 (1,177) 111 (19) 1,035 Balance, September 30, 2023 $ (3,016) $ (23,461) $ 19,594 $ 1,031 $ (1,979) $ (7,831) Accumulated Other Comprehensive Income (Loss) Attributable to Foreign Net Unrealized Interest rate remeasurement of Liability for Future Policy Benefits Gains (losses) from Changes in Non-performance Risk on Market Risk Benefits Pension and Total (in millions) Balance, December 31, 2021 $ (1,107) $ 26,640 $ (33,220) $ 707 $ (2,513) $ (9,493) Change in OCI before reclassifications (1,907) (56,260) 64,087 1,299 383 7,602 Amounts reclassified from AOCI 21 126 0 0 122 269 Income tax benefit (expense) (43) 12,906 (15,082) (273) (116) (2,608) Balance, September 30, 2022 $ (3,036) $ (16,588) $ 15,785 $ 1,733 $ (2,124) $ (4,230) __________ (1) Includes cash flow hedges of $1,947 million and $2,616 million as of September 30, 2023 and December 31, 2022, respectively, and $4,099 million and $1,019 million as of September 30, 2022 and December 31, 2021, respectively, and fair value hedges of $(18) million and $(54) million as of September 30, 2023 and December 31, 2022, respectively, and $(47) million and $(35) million as of September 30, 2022 and December 31, 2021, respectively. |
Reclassification Out Of Accumulated Other Comprehensive Income (Loss) | Reclassifications out of Accumulated Other Comprehensive Income (Loss) Three Months Ended Nine Months Ended Affected line item in Consolidated Statements of Operations 2023 2022 2023 2022 (in millions) Amounts reclassified from AOCI(1)(2): Foreign currency translation adjustment: Foreign currency translation adjustments $ 0 $ (12) $ (1) $ (21) Realized investment gains (losses), net Net unrealized investment gains (losses): Cash flow hedges—Interest rate (3) 2 (32) (3) (3) Cash flow hedges—Currency 3 6 11 10 (3) Cash flow hedges—Currency/Interest rate 221 383 286 1,040 (3) Fair value hedges—Currency (2) (1) (6) (3) (3) Net unrealized investment gains (losses) on available-for-sale securities (453) (113) (874) (1,170) Realized investment gains (losses), net Total net unrealized investment gains (losses) (234) 277 (615) (126) (4) Amortization of defined benefit items: Prior service cost 3 3 7 7 (5) Actuarial gain (loss) (20) (39) (59) (129) (5) Total amortization of defined benefit items (17) (36) (52) (122) Total reclassifications for the period $ (251) $ 229 $ (668) $ (269) __________ (1) All amounts are shown before tax. (2) Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI. (3) See Note 5 for additional information regarding cash flow and fair value hedges. (4) See table below for additional information regarding unrealized investment gains (losses), including the impact on deferred policy acquisition and other costs, future policy benefits and policyholders’ dividends. (5) See Note 16 for additional information regarding employee benefit plans. |
Net Unrealized Investment Gains (Losses) on AFS Fixed Maturity Securities with Allowance for Credit losses and All Other Investments AOCI Rollforward | The amounts for the periods indicated below, split between amounts related to available-for-sale fixed maturity securities on which an allowance for credit losses has been recorded, and all other net unrealized investment gains (losses), are as follows: Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been Recorded Net Unrealized Reinsurance Recoverables Future Policy Policyholders’ Income Tax Benefit (Expense) Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses) (in millions) Balance, December 31, 2022 $ (45) $ (24,959) $ (703) $ 1,946 $ 3,194 $ 4,372 $ (16,195) Net investment gains (losses) on investments arising during the period 11 (10,154) 2,368 (7,775) Reclassification adjustment for (gains) losses included in net income (10) 625 (144) 471 Reclassification due to allowance for credit losses recorded during the period (51) 51 0 0 Impact of net unrealized investment (gains) losses (270) 703 (384) (11) 38 Balance, September 30, 2023 $ (95) $ (34,437) $ (973) $ 2,649 $ 2,810 $ 6,585 $ (23,461) __________ (1) Includes cash flow and fair value hedges. See Note 5 for additional information. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings Per Share | A reconciliation of the numerators and denominators of the basic and diluted per share computations of Common Stock based on the consolidated earnings of Prudential Financial for the periods indicated is as follows: Three Months Ended September 30, 2023 2022 Income Weighted Per Share Income Weighted Per Share (in millions, except per share amounts) Basic earnings per share Net income (loss) $ (791) $ (108) Less: Income (loss) attributable to noncontrolling interests 11 (16) Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 5 6 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ (807) 362.6 $ (2.23) $ (98) 371.0 $ (0.26) Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 5 $ 6 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 5 6 Stock options 0.0 0.0 Deferred and long-term compensation programs 0.0 0.0 Diluted earnings per share(1) Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ (807) 362.6 $ (2.23) $ (98) 371.0 $ (0.26) __________ (1) For the three months ended September 30, 2023 and 2022, weighted average shares for basic earnings per share is also used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the three months ended September 30, 2023 and 2022, all potential stock options and compensation programs were considered antidilutive. Nine Months Ended September 30, 2023 2022 Income Weighted Per Share Income Weighted Per Share (in millions, except per share amounts) Basic earnings per share Net income (loss) $ 1,182 $ (1,631) Less: Income (loss) attributable to noncontrolling interests 11 (36) Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 17 19 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 1,154 364.6 $ 3.17 $ (1,614) 373.8 $ (4.32) Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 17 $ 19 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 17 19 Stock options 0.2 0.0 Deferred and long-term compensation programs 1.0 0.0 Diluted earnings per share(1) Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 1,154 365.8 $ 3.15 $ (1,614) 373.8 $ (4.32) __________ (1) For the nine months ended September 30, 2022, weighted average shares for basic earnings per share is also used for calculating diluted earnings per share because dilutive shares and dilutive earnings per share are not applicable when a net loss is reported. As a result of the net loss attributable to Prudential Financial available to holders of Common Stock for the nine months ended September 30, 2022, all potential stock options and compensation programs were considered antidilutive. |
Earnings Per Share Computation | For the periods indicated, the number of stock options and shares related to deferred and long-term compensation programs that were considered antidilutive and were excluded from the computation of diluted earnings per share, weighted for the portion of the period they were outstanding, are as follows: Three Months Ended September 30, 2023 2022 Shares Exercise Price Shares Exercise Price (in millions, except per share amounts, based on weighted average) Antidilutive stock options based on application of the treasury stock method 1.1 $ 103.19 $ 0.7 $ 107.30 Antidilutive stock options due to net loss available to holders of Common Stock 0.1 0.3 Antidilutive shares based on application of the treasury stock method 0.0 0.0 Antidilutive shares due to net loss available to holders of Common Stock 1.1 1.8 Total antidilutive stock options and shares 2.3 2.8 Nine Months Ended September 30, 2023 2022 Shares Exercise Price Shares Exercise Price (in millions, except per share amounts, based on weighted average) Antidilutive stock options based on application of the treasury stock method 1.3 $ 101.72 $ 0.5 $ 107.95 Antidilutive stock options due to net loss available to holders of Common Stock 0.0 0.5 Antidilutive shares based on application of the treasury stock method 0.1 0.1 Antidilutive shares due to net loss available to holders of Common Stock 0.0 2.1 Total antidilutive stock options and shares 1.4 3.2 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The table below reconciles “Adjusted operating income before income taxes” to “Income (loss) before income taxes and equity in earnings of operating joint ventures”: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in millions) Adjusted operating income before income taxes by segment: PGIM $ 211 $ 219 $ 541 $ 613 U.S. Businesses: Institutional Retirement Strategies 439 268 1,263 1,215 Individual Retirement Strategies 502 387 1,391 2,567 Retirement Strategies(1) 941 655 2,654 3,782 Group Insurance 89 30 253 (31) Individual Life(1) 58 (70) (103) (1,750) Total U.S. Businesses 1,088 615 2,804 2,001 International Businesses 811 748 2,435 2,391 Corporate and Other (504) (415) (1,516) (1,152) Total segment adjusted operating income before income taxes 1,606 1,167 4,264 3,853 Reconciling items: Realized investment gains (losses), net, and related adjustments (2,430) (1,128) (2,965) (4,981) Charges related to realized investment gains (losses), net (61) (115) 78 (421) Change in value of market risk benefits, net of related hedging gains (losses) (251) (58) (160) (1,072) Market experience updates 143 125 188 617 Divested and Run-off Businesses: Closed Block division 2 (21) (50) 22 Other Divested and Run-off Businesses (46) (53) 125 175 Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (11) (33) (42) (18) Other adjustments(2) (10) (10) (28) (27) Income (loss) before income taxes and equity in earnings of operating joint ventures per Unaudited Interim Consolidated Financial Statements $ (1,058) $ (126) $ 1,410 $ (1,852) ________ (1) The Retirement Strategies and Individual Life segments’ results reflect DAC as if the business is a stand-alone operation. The elimination of intersegment costs capitalized in accordance with this policy is included in consolidating adjustments within Corporate and Other operations. (2) Includes components of consideration for business acquisitions, which are recognized as compensation expense over the requisite service period. |
Reconciliation of Certain Financial Information from Segments to Consolidated | The tables below present certain financial information for the Company’s segments and its Corporate and Other operations, including assets by segment and revenues by segment on an adjusted operating income basis, and the reconciliation of the segment totals to amounts reported in the Unaudited Interim Consolidated Financial Statements. September 30, December 31, (in millions) Assets by segment: PGIM $ 44,250 $ 48,364 U.S. Businesses: Institutional Retirement Strategies 107,935 108,565 Individual Retirement Strategies 131,231 130,173 Retirement Strategies 239,166 238,738 Group Insurance 36,451 38,201 Individual Life 108,077 102,445 Total U.S. Businesses 383,694 379,384 International Businesses 177,597 186,791 Corporate and Other 26,985 23,556 Closed Block division 48,728 50,934 Total assets per Unaudited Interim Consolidated Financial Statements $ 681,254 $ 689,029 Three Months Ended September 30, 2023 Revenues, and benefits and expenses on an adjusted operating income basis by segment Total Revenues Net Total Benefits and Expenses Policyholders’ Interest Dividends to Interest Amortization (in millions) PGIM $ 976 $ 42 $ 765 $ 0 $ 0 $ 0 $ 28 $ 0 U.S. Businesses: Institutional Retirement Strategies 221 1,098 (218) (438) 146 0 (6) 3 Individual Retirement Strategies 1,153 393 651 21 124 0 20 86 Retirement Strategies 1,374 1,491 433 (417) 270 0 14 89 Group Insurance 1,576 130 1,487 1,179 39 0 1 1 Individual Life 1,589 734 1,531 831 231 8 211 114 Total U.S. Businesses 4,539 2,355 3,451 1,593 540 8 226 204 International Businesses 4,566 1,316 3,755 2,742 239 9 3 156 Corporate and Other(1) 45 180 549 (4) 25 0 165 (9) Total revenues, and benefits and expenses on an adjusted operating income basis 10,126 3,893 8,520 4,331 804 17 422 351 Reconciling items: Realized investment gains (losses), net, and related adjustments (2,408) (5) 22 19 3 0 0 0 Charges related to realized investment gains (losses), net 12 0 73 72 (8) 0 0 7 Change in value of market risk benefits, net of related hedging gains (losses) (251) 0 0 0 0 0 0 0 Market experience updates 39 0 (104) 4 0 0 0 0 Divested and Run-off Businesses: Closed Block division 615 511 613 535 30 (20) (1) 3 Other Divested and Run-off Businesses 241 172 287 202 43 0 0 0 Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (22) 0 (11) 0 0 0 0 0 Other adjustments 0 0 10 0 0 0 0 0 Total revenue, and benefits and expenses per Consolidated Statements of Operations $ 8,352 $ 4,571 $ 9,410 $ 5,163 $ 872 $ (3) $ 421 $ 361 Three Months Ended September 30, 2022 Revenues, and benefits and expenses on an adjusted operating income basis by segment Total Revenues Net Total Benefits and Expenses Policyholders’ Interest Dividends to Interest Amortization (in millions) PGIM $ 907 $ 56 $ 688 $ 0 $ 0 $ 0 $ 14 $ 1 U.S. Businesses: Institutional Retirement Strategies 11,468 824 11,200 11,028 100 0 6 2 Individual Retirement Strategies 971 204 584 14 43 0 (16) 98 Retirement Strategies 12,439 1,028 11,784 11,042 143 0 (10) 100 Group Insurance 1,525 121 1,495 1,196 37 0 1 2 Individual Life 1,457 580 1,527 774 233 8 206 111 Total U.S. Businesses 15,421 1,729 14,806 13,012 413 8 197 213 International Businesses 4,618 1,112 3,870 2,896 180 9 11 150 Corporate and Other(1) 134 150 549 0 35 0 185 (9) Total revenues, and benefits and expenses on an adjusted operating income basis 21,080 3,047 19,913 15,908 628 17 407 355 Reconciling items: Realized investment gains (losses), net, and related adjustments (1,136) (4) (8) 15 (23) 0 0 0 Charges related to realized investment gains (losses), net 33 0 148 139 3 0 0 6 Change in value of market risk benefits, net of related hedging gains (losses) (58) 0 0 0 0 0 0 0 Market experience updates 26 0 (99) (2) 0 0 0 0 Divested and Run-off Businesses: Closed Block division 710 434 731 549 30 72 4 3 Other Divested and Run-off Businesses (427) 154 (374) (457) 53 1 (1) (1) Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (27) 0 6 0 0 0 0 0 Other adjustments 0 0 10 0 0 0 0 0 Total revenue, and benefits and expenses per Consolidated Statements of Operations $ 20,201 $ 3,631 $ 20,327 $ 16,152 $ 691 $ 90 $ 410 $ 363 Nine Months Ended September 30, 2023 Revenues, and benefits and expenses on an adjusted operating income basis by segment Total Revenues Net Total Benefits and Expenses Policyholders’ Interest Dividends to Interest Amortization (in millions) PGIM $ 2,723 $ 189 $ 2,182 $ 0 $ 0 $ 0 $ 84 $ 1 U.S. Businesses: Institutional Retirement Strategies 7,847 3,174 6,584 6,175 415 0 0 13 Individual Retirement Strategies 3,367 1,055 1,976 103 350 0 53 262 Retirement Strategies 11,214 4,229 8,560 6,278 765 0 53 275 Group Insurance 4,738 384 4,485 3,537 124 0 7 4 Individual Life 4,680 2,112 4,783 2,478 681 26 666 342 Total U.S. Businesses 20,632 6,725 17,828 12,293 1,570 26 726 621 International Businesses 14,304 3,922 11,869 8,539 680 18 18 466 Corporate and Other(1) 215 542 1,731 (9) 90 0 496 (27) Total revenues, and benefits and expenses on an adjusted operating income basis 37,874 11,378 33,610 20,823 2,340 44 1,324 1,061 Reconciling items: Realized investment gains (losses), net, and related adjustments (2,482) (14) 483 65 418 0 0 0 Charges related to realized investment gains (losses), net 95 0 17 (48) 10 0 0 21 Change in value of market risk benefits, net of related hedging gains (losses) (160) 0 0 0 0 0 0 0 Market experience updates 58 0 (130) 7 0 0 0 0 Divested and Run-off Businesses: Closed Block division 2,541 1,491 2,591 1,716 89 574 0 10 Other Divested and Run-off Businesses 1,020 512 895 565 145 1 (3) 0 Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests (51) 0 (9) 0 0 0 0 0 Other adjustments 0 0 28 0 0 0 0 0 Total revenue, and benefits and expenses per Consolidated Statements of Operations $ 38,895 $ 13,367 $ 37,485 $ 23,128 $ 3,002 $ 619 $ 1,321 $ 1,092 Nine Months Ended September 30, 2022 Revenues, and benefits and expenses on an adjusted operating income basis by segment Total Revenues Net Total Benefits and Expenses Policyholders’ Interest Dividends to Interest Amortization (in millions) PGIM $ 2,662 $ 38 $ 2,049 $ 0 $ 0 $ 0 $ 30 $ 3 U.S. Businesses: Institutional Retirement Strategies 16,637 2,684 15,422 15,516 255 0 8 8 Individual Retirement Strategies 4,493 644 1,926 105 221 0 5 284 Retirement Strategies 21,130 3,328 17,348 15,621 476 0 13 292 Group Insurance 4,560 362 4,591 3,693 112 0 3 1 Individual Life 4,301 1,838 6,051 2,503 691 25 593 333 Total U.S. Businesses 29,991 5,528 27,990 21,817 1,279 25 609 626 International Businesses 14,551 3,695 12,160 9,148 545 37 19 455 Corporate and Other(1) 135 440 1,287 (4) 103 0 514 (31) Total revenues, and benefits and expenses on an adjusted operating income basis 47,339 9,701 43,486 30,961 1,927 62 1,172 1,053 Reconciling items: Realized investment gains (losses), net, and related adjustments (5,077) (18) (96) 74 (170) 0 0 0 Charges related to realized investment gains (losses), net 43 0 464 261 34 0 0 28 Change in value of market risk benefits, net of related hedging gains (losses) (1,072) 0 0 0 0 0 0 0 Market experience updates 139 0 (478) (11) 0 0 0 1 Divested and Run-off Businesses: Closed Block division 2,204 1,508 2,182 1,810 91 55 4 10 Other Divested and Run-off Businesses (149) 736 (324) (210) (487) 1 0 0 Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests 21 0 39 0 0 0 0 0 Other adjustments 0 0 27 0 0 0 0 0 Total revenue, and benefits and expenses per Consolidated Statements of Operations $ 43,448 $ 11,927 $ 45,300 $ 32,885 $ 1,395 $ 118 $ 1,176 $ 1,092 ________ (1) Corporate and Other operations, through AIQ and Prudential Advisors, generates fee revenues from the sale and distribution of certain insurance, annuity and investment products offered by Prudential and third-parties. |
Schedule of Intersegment Revenues | The PGIM segment revenues include intersegment revenues, primarily consisting of asset-based management and administration fees, as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in millions) PGIM segment intersegment revenues $ 201 $ 199 $ 604 $ 631 |
Schedule of Asset Management and Service Fees | The table below presents asset management and service fees, predominantly related to investment management activities, for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Asset-based management fees $ 799 $ 820 $ 2,377 $ 2,642 Performance-based incentive fees 26 15 33 25 Other fees 127 131 377 419 Total asset management and service fees $ 952 $ 966 $ 2,787 $ 3,086 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Mortgage Loans | The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated: September 30, 2023 December 31, 2022 Amount % of Amount % of Commercial mortgage and agricultural property loans by property type: Office $ 8,403 14.6 % $ 9,096 16.2 % Retail 5,869 10.2 6,103 10.8 Apartments/Multi-Family 15,985 27.7 15,381 27.3 Industrial 14,430 25.0 13,079 23.2 Hospitality 2,139 3.7 2,027 3.6 Other 3,939 6.8 3,791 6.7 Total commercial mortgage loans 50,765 88.0 49,477 87.8 Agricultural property loans 6,939 12.0 6,857 12.2 Total commercial mortgage and agricultural property loans 57,704 100.0 % 56,334 100.0 % Allowance for credit losses (331) (201) Total net commercial mortgage and agricultural property loans 57,373 56,133 Other loans: Uncollateralized loans 406 463 Residential property loans 30 43 Other collateralized loans 100 108 Total other loans 536 614 Allowance for credit losses (1) (2) Total net other loans 535 612 Total net commercial mortgage and other loans(1) $ 57,908 $ 56,745 __________ (1) Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of September 30, 2023 and December 31, 2022, the net carrying value of these loans were $387 million and $137 million, respectively. Commercial Mortgage Loan Commitments September 30, December 31, (in millions) Total outstanding mortgage loan commitments $ 2,570 $ 1,995 Portion of commitment where prearrangement to sell to investor exists $ 297 $ 582 Indemnification of Serviced Mortgage Loans September 30, December 31, (in millions) Maximum exposure under indemnification agreements for mortgage loans serviced by the Company $ 3,041 $ 2,972 First-loss exposure portion of above $ 880 $ 862 Accrued liability associated with guarantees(1) $ 29 $ 33 __________ (1) The accrued liability associated with guarantees includes an allowance for credit losses of $14 million and $17 million as of September 30, 2023 and December 31, 2022, respectively. The change in allowance is a reduction of $1 million for both three months ended September 30, 2023, and 2022, respectively, and a reduction for both nine months ended September 30, 2023, and 2022 of $2 million and $4 million , respectively. |
Commitments to Purchase Investments (excluding Commercial Mortgage Loans) | Commitments to Purchase Investments (excluding Commercial Mortgage Loans) September 30, December 31, (in millions) Expected to be funded from the general account and other operations outside the separate accounts $ 13,507 $ 8,376 Expected to be funded from separate accounts $ 36 $ 183 |
Indemnification of Securities Lending and Securities Repurchase Transactions | Indemnification of Securities Lending and Securities Repurchase Transactions September 30, December 31, (in millions) Indemnification provided to certain clients for securities lending and securities repurchase transactions(1) $ 5,734 $ 5,834 Fair value of related collateral associated with above indemnifications(1) $ 5,858 $ 5,985 Accrued liability associated with guarantee $ 0 $ 0 __________ (1) There were no securities repurchase transactions as of September 30, 2023 and December 31, 2022. |
Guarantees | Guarantees of Asset Values September 30, December 31, (in millions) Guaranteed value of third-parties’ assets $ 80,152 $ 84,338 Fair value of collateral supporting these assets $ 73,603 $ 77,693 Asset (liability) associated with guarantee, carried at fair value $ 0 $ 1 Other Guarantees September 30, December 31, (in millions) Other guarantees where amount can be determined $ 36 $ 57 Accrued liability for other guarantees and indemnifications $ 32 $ 33 |
Business and Basic Presentation
Business and Basic Presentation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Apr. 01, 2022 | Jan. 01, 2021 | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Other income | $ 197 | $ (896) | [1] | $ 2,260 | $ (845) | [2] | |||||
General and administrative expenses | 3,066 | 3,066 | [1] | 9,413 | 9,213 | [1] | |||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | (1,058) | (126) | 1,410 | (1,852) | |||||||
Retained earnings | 31,493 | 31,493 | $ 31,714 | [3] | |||||||
Prismic HoldCo | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Equity method investment | $ 200 | $ 200 | |||||||||
Ownership percentage | 20% | 20% | |||||||||
Retained Earnings | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Retained earnings | $ 28,137 | ||||||||||
Effect of Change | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Other income | 187 | 1,029 | |||||||||
General and administrative expenses | 8 | 63 | |||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | 311 | (789) | |||||||||
Retained earnings | (1,678) | ||||||||||
Effect of Change | Accounting Standards Update 2018-12 | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Retained earnings | $ 402 | ||||||||||
Held-for-sale | PALAC | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Cash considerations for sale of a business | $ 1,448 | ||||||||||
Held-for-sale | PALAC | Individual Variable | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net amount at risk by product and guarantee, net amount at risk | $ 30,000 | ||||||||||
Held-for-sale | Retirement Full Service | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net pre-tax gain on sale | $ 650 | ||||||||||
Other income | 850 | ||||||||||
Realized investment gains (losses), net | (150) | ||||||||||
General and administrative expenses | 50 | ||||||||||
Deferred reinsurance gain | $ 400 | ||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | $ 0 | $ (218) | |||||||||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[3]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Business and Basic Presentati_2
Business and Basic Presentation (Summary Of Adoption Of New Guidance On Unaudited Interim Consolidated Statement for Financial Position) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | [4] | Dec. 31, 2021 | [4] | Jan. 01, 2021 | Dec. 31, 2020 | |||
Assets: | |||||||||||||||
Deferred policy acquisition costs | $ 20,394 | $ 20,546 | [1] | $ 20,038 | $ 20,763 | ||||||||||
Value of business acquired | 514 | 621 | [1] | 1,163 | |||||||||||
Income tax assets | 1,108 | 0 | |||||||||||||
Market risk benefit assets | 2,200 | 800 | [1] | 806 | |||||||||||
Other assets | [2] | 39,077 | 31,679 | [1] | |||||||||||
Total Assets | 681,254 | 689,029 | |||||||||||||
Liabilities: | |||||||||||||||
Future policy benefits | 253,551 | 261,773 | [1] | 255,135 | |||||||||||
Policyholders' account balances | 140,788 | 135,624 | [1] | ||||||||||||
Market risk benefit liabilities | 4,660 | 5,864 | [1] | 6,488 | |||||||||||
Income taxes | 0 | 277 | [1] | ||||||||||||
Other liabilities | [2] | 32,112 | 21,824 | [1] | |||||||||||
Total liabilities | 654,307 | 657,481 | |||||||||||||
EQUITY | |||||||||||||||
Accumulated other comprehensive income (loss) | (7,831) | (3,806) | [1] | ||||||||||||
Retained earnings | 31,493 | 31,714 | [1] | ||||||||||||
Total Prudential Financial, Inc. equity | 25,814 | 30,593 | |||||||||||||
Noncontrolling interests | 1,133 | 955 | |||||||||||||
Total equity | 26,947 | $ 29,455 | $ 32,447 | 31,548 | [3] | $ 31,631 | [3] | $ 32,017 | $ 29,989 | $ 30,322 | |||||
TOTAL LIABILITIES AND EQUITY | $ 681,254 | 689,029 | |||||||||||||
As Previously Reported | |||||||||||||||
Assets: | |||||||||||||||
Deferred policy acquisition costs | 19,537 | $ 19,027 | |||||||||||||
Value of business acquired | 595 | $ 1,103 | |||||||||||||
Income tax assets | 4,214 | ||||||||||||||
Market risk benefit assets | 0 | ||||||||||||||
Other assets | 30,188 | ||||||||||||||
Total Assets | 689,917 | ||||||||||||||
Liabilities: | |||||||||||||||
Future policy benefits | 284,452 | ||||||||||||||
Policyholders' account balances | 135,602 | ||||||||||||||
Market risk benefit liabilities | 0 | ||||||||||||||
Income taxes | 0 | ||||||||||||||
Other liabilities | 20,536 | ||||||||||||||
Total liabilities | 672,709 | ||||||||||||||
EQUITY | |||||||||||||||
Accumulated other comprehensive income (loss) | (19,827) | ||||||||||||||
Retained earnings | 33,392 | ||||||||||||||
Total Prudential Financial, Inc. equity | 16,250 | ||||||||||||||
Noncontrolling interests | 958 | ||||||||||||||
Total equity | 17,208 | ||||||||||||||
TOTAL LIABILITIES AND EQUITY | 689,917 | ||||||||||||||
Effect of Change | |||||||||||||||
Assets: | |||||||||||||||
Deferred policy acquisition costs | 1,009 | 1,736 | |||||||||||||
Value of business acquired | 26 | $ 60 | |||||||||||||
Income tax assets | (4,214) | ||||||||||||||
Market risk benefit assets | 800 | ||||||||||||||
Other assets | 1,491 | ||||||||||||||
Total Assets | (888) | ||||||||||||||
Liabilities: | |||||||||||||||
Future policy benefits | (22,679) | ||||||||||||||
Policyholders' account balances | 22 | ||||||||||||||
Market risk benefit liabilities | 5,864 | ||||||||||||||
Income taxes | 277 | ||||||||||||||
Other liabilities | 1,288 | ||||||||||||||
Total liabilities | (15,228) | ||||||||||||||
EQUITY | |||||||||||||||
Accumulated other comprehensive income (loss) | 16,021 | ||||||||||||||
Retained earnings | (1,678) | ||||||||||||||
Total Prudential Financial, Inc. equity | 14,343 | ||||||||||||||
Noncontrolling interests | (3) | ||||||||||||||
Total equity | 14,340 | ||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ (888) | ||||||||||||||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]See Note 4 for details of balances associated with variable interest entities (“VIEs”).[3]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[4]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Business and Basic Presentati_3
Business and Basic Presentation (Summary Of Adoption Of New Guidance On Unaudited Interim Consolidated Statement of Operations) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
REVENUES | ||||||||||
Premiums | $ 4,173 | $ 15,845 | [1] | $ 20,445 | $ 30,011 | [1] | ||||
Policy charges and fee income | 1,112 | 1,143 | [1] | 3,319 | 3,417 | [2] | ||||
Other income (loss) | 197 | (896) | [1] | 2,260 | (845) | [2] | ||||
Realized investment gains (losses), net | (2,402) | (430) | [1] | (3,123) | (3,110) | [2] | ||||
Change in value of market risk benefits, net of related hedging gain | (251) | (58) | [1] | (160) | (1,038) | [3] | ||||
Total revenues | 8,352 | 20,201 | 38,895 | 43,448 | ||||||
BENEFITS AND EXPENSES | ||||||||||
Policyholders’ benefits | 5,163 | 16,152 | [1] | 23,128 | 32,885 | [2] | ||||
Change in estimates of liability for future policy benefits | (49) | (35) | [1] | 231 | 597 | [2] | ||||
Interest credited to policyholders’ account balances | 872 | 691 | [1] | 3,002 | 1,395 | [2] | ||||
Amortization of deferred policy acquisition costs | 361 | 363 | [1] | 1,092 | 1,092 | [2] | ||||
General and administrative expenses | 3,066 | 3,066 | [1] | 9,413 | 9,213 | [1] | ||||
Total benefits and expenses | 9,410 | 20,327 | 37,485 | 45,300 | ||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | (1,058) | (126) | 1,410 | (1,852) | ||||||
Total income tax expense (benefit) | (251) | (11) | [1] | 254 | (274) | [2] | ||||
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | (115) | (1,578) | ||||||||
Equity in earnings of operating joint ventures, net of taxes | 16 | 7 | 26 | (53) | ||||||
NET INCOME (LOSS) | (791) | $ 496 | $ 1,477 | (108) | $ (1,017) | $ (506) | 1,182 | (1,631) | [3] | |
Less: Income (loss) attributable to noncontrolling interests | 11 | (16) | 11 | (36) | ||||||
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. | $ (802) | $ (92) | $ 1,171 | $ (1,595) | ||||||
Basic earnings per share-Common Stock: | ||||||||||
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) | $ (2.23) | $ (0.26) | $ 3.17 | $ (4.32) | ||||||
Diluted earnings per share-Common Stock: | ||||||||||
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) | $ (2.23) | $ (0.26) | $ 3.15 | $ (4.32) | ||||||
As Previously Reported | ||||||||||
REVENUES | ||||||||||
Premiums | $ 16,247 | $ 31,311 | ||||||||
Policy charges and fee income | 1,233 | 4,243 | ||||||||
Other income (loss) | (1,083) | (1,874) | ||||||||
Realized investment gains (losses), net | (514) | (1,977) | ||||||||
Change in value of market risk benefits, net of related hedging gain | 0 | 0 | ||||||||
Total revenues | 20,480 | 46,716 | ||||||||
BENEFITS AND EXPENSES | ||||||||||
Policyholders’ benefits | 16,581 | 35,061 | ||||||||
Change in estimates of liability for future policy benefits | 0 | 0 | ||||||||
Interest credited to policyholders’ account balances | 703 | 1,537 | ||||||||
Amortization of deferred policy acquisition costs | 485 | 1,913 | ||||||||
General and administrative expenses | 3,058 | 9,150 | ||||||||
Total benefits and expenses | 20,917 | 47,779 | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | (437) | (1,063) | ||||||||
Total income tax expense (benefit) | (148) | (206) | ||||||||
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | (289) | (857) | ||||||||
Equity in earnings of operating joint ventures, net of taxes | (1) | (49) | ||||||||
NET INCOME (LOSS) | (290) | (906) | ||||||||
Less: Income (loss) attributable to noncontrolling interests | (6) | (26) | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. | $ (284) | $ (880) | ||||||||
Basic earnings per share-Common Stock: | ||||||||||
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) | $ (0.78) | $ (2.41) | ||||||||
Diluted earnings per share-Common Stock: | ||||||||||
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) | $ (0.78) | $ (2.41) | ||||||||
Effect of Change | ||||||||||
REVENUES | ||||||||||
Premiums | $ (402) | $ (1,300) | ||||||||
Policy charges and fee income | (90) | (826) | ||||||||
Other income (loss) | 187 | 1,029 | ||||||||
Realized investment gains (losses), net | 84 | (1,133) | ||||||||
Change in value of market risk benefits, net of related hedging gain | (58) | (1,038) | ||||||||
Total revenues | (279) | (3,268) | ||||||||
BENEFITS AND EXPENSES | ||||||||||
Policyholders’ benefits | (429) | (2,176) | ||||||||
Change in estimates of liability for future policy benefits | (35) | 597 | ||||||||
Interest credited to policyholders’ account balances | (12) | (142) | ||||||||
Amortization of deferred policy acquisition costs | (122) | (821) | ||||||||
General and administrative expenses | 8 | 63 | ||||||||
Total benefits and expenses | (590) | (2,479) | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | 311 | (789) | ||||||||
Total income tax expense (benefit) | 137 | (68) | ||||||||
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | 174 | (721) | ||||||||
Equity in earnings of operating joint ventures, net of taxes | 8 | (4) | ||||||||
NET INCOME (LOSS) | 182 | (725) | ||||||||
Less: Income (loss) attributable to noncontrolling interests | (10) | (10) | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. | $ 192 | $ (715) | ||||||||
Basic earnings per share-Common Stock: | ||||||||||
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) | $ 0.52 | $ (1.91) | ||||||||
Diluted earnings per share-Common Stock: | ||||||||||
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) | $ 0.52 | $ (1.91) | ||||||||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[3]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Business and Basic Presentati_4
Business and Basic Presentation (Summary Of Adoption Of New Guidance On Unaudited Consolidated Statements of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
NET INCOME (LOSS) | $ (791) | $ 496 | $ 1,477 | $ (108) | $ (1,017) | $ (506) | $ 1,182 | $ (1,631) | [1] | |
Foreign currency translation adjustments for the period | (291) | (586) | [2] | (649) | (1,887) | [2] | ||||
Net unrealized investment gains (losses) | (15,044) | (14,147) | [2] | (9,479) | (56,134) | [2] | ||||
Interest rate remeasurement of future policy benefits | 14,430 | 15,469 | [2] | 5,529 | 64,087 | [2] | ||||
Gain (loss) from changes in non-performance risk on market risk benefits | (451) | (8) | [2] | (528) | 1,299 | [2] | ||||
Total | (1,334) | 780 | (5,060) | 7,870 | ||||||
Less: Income tax expense (benefit) related to other comprehensive income (loss) | (152) | 307 | [2] | (1,035) | 2,608 | [2] | ||||
Other comprehensive income (loss), net of tax | (1,182) | (2,825) | (18) | 473 | 3,850 | 939 | (4,025) | 5,262 | ||
Comprehensive income (loss) | (1,973) | $ (2,329) | $ 1,459 | 365 | $ 2,833 | $ 433 | (2,843) | 3,631 | ||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 11 | (16) | 11 | (37) | ||||||
Comprehensive income (loss) attributable to Prudential Financial, Inc. | $ (1,984) | 381 | $ (2,854) | 3,668 | ||||||
As Previously Reported | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
NET INCOME (LOSS) | (290) | (906) | ||||||||
Foreign currency translation adjustments for the period | (592) | (1,928) | ||||||||
Net unrealized investment gains (losses) | (13,182) | (52,692) | ||||||||
Interest rate remeasurement of future policy benefits | 0 | 0 | ||||||||
Gain (loss) from changes in non-performance risk on market risk benefits | 0 | 0 | ||||||||
Total | (13,722) | (54,115) | ||||||||
Less: Income tax expense (benefit) related to other comprehensive income (loss) | (3,025) | (11,915) | ||||||||
Other comprehensive income (loss), net of tax | (10,697) | (42,200) | ||||||||
Comprehensive income (loss) | (10,987) | (43,106) | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | (7) | (28) | ||||||||
Comprehensive income (loss) attributable to Prudential Financial, Inc. | (10,980) | (43,078) | ||||||||
Effect of Change | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
NET INCOME (LOSS) | 182 | (725) | ||||||||
Foreign currency translation adjustments for the period | 6 | 41 | ||||||||
Net unrealized investment gains (losses) | (965) | (3,442) | ||||||||
Interest rate remeasurement of future policy benefits | 15,469 | 64,087 | ||||||||
Gain (loss) from changes in non-performance risk on market risk benefits | (8) | 1,299 | ||||||||
Total | 14,502 | 61,985 | ||||||||
Less: Income tax expense (benefit) related to other comprehensive income (loss) | 3,332 | 14,523 | ||||||||
Other comprehensive income (loss), net of tax | 11,170 | 47,462 | ||||||||
Comprehensive income (loss) | 11,352 | 46,737 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | (9) | (9) | ||||||||
Comprehensive income (loss) attributable to Prudential Financial, Inc. | $ 11,361 | $ 46,746 | ||||||||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Business and Basic Presentati_5
Business and Basic Presentation (Summary Of Adoption Of New Guidance On Unaudited Interim Consolidated Statement of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||
NET INCOME (LOSS) | $ (791) | $ 496 | $ 1,477 | $ (108) | $ (1,017) | $ (506) | $ 1,182 | $ (1,631) | [1] | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||
Realized investment (gains) losses, net | 2,402 | 430 | [2] | 3,123 | 3,110 | [3] | ||||
Change in value of market risk benefits, net of related hedging (gains) losses | $ 251 | 58 | [2] | 160 | 1,038 | [1] | ||||
Policy charges and fee income | (1,626) | (1,665) | [1] | |||||||
Interest credited to policyholders’ account balances | 3,002 | 1,395 | [1] | |||||||
Depreciation and amortization | 1 | 58 | [1] | |||||||
Change in: | ||||||||||
Deferred policy acquisition costs | (600) | (521) | [1] | |||||||
Future policy benefits and other insurance liabilities | 4,729 | 5,997 | [1] | |||||||
Income taxes | (282) | (1,505) | [1] | |||||||
Derivatives, net | (737) | (472) | [1] | |||||||
Other, net | (3,119) | (1,124) | [1] | |||||||
Cash flows from (used in) operating activities | $ 5,407 | 5,780 | ||||||||
As Previously Reported | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||
NET INCOME (LOSS) | (290) | (906) | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||
Realized investment (gains) losses, net | 514 | 1,977 | ||||||||
Change in value of market risk benefits, net of related hedging (gains) losses | 0 | 0 | ||||||||
Policy charges and fee income | (1,915) | |||||||||
Interest credited to policyholders’ account balances | 1,537 | |||||||||
Depreciation and amortization | 62 | |||||||||
Change in: | ||||||||||
Deferred policy acquisition costs | 277 | |||||||||
Future policy benefits and other insurance liabilities | 6,403 | |||||||||
Income taxes | (1,437) | |||||||||
Derivatives, net | (913) | |||||||||
Other, net | (405) | |||||||||
Cash flows from (used in) operating activities | 5,780 | |||||||||
Effect of Change | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||
NET INCOME (LOSS) | 182 | (725) | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||
Realized investment (gains) losses, net | (84) | 1,133 | ||||||||
Change in value of market risk benefits, net of related hedging (gains) losses | $ 58 | 1,038 | ||||||||
Policy charges and fee income | 250 | |||||||||
Interest credited to policyholders’ account balances | (142) | |||||||||
Depreciation and amortization | (4) | |||||||||
Change in: | ||||||||||
Deferred policy acquisition costs | (798) | |||||||||
Future policy benefits and other insurance liabilities | (406) | |||||||||
Income taxes | (68) | |||||||||
Derivatives, net | 441 | |||||||||
Other, net | (719) | |||||||||
Cash flows from (used in) operating activities | $ 0 | |||||||||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[3]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Business and Basis of Present_3
Business and Basis of Presentation (Transition Adjustment Roll Forward Of Retained Earnings) (Details) - Retained Earnings $ in Millions | Jan. 01, 2021 USD ($) |
Retained Earnings Transition Adjustment [Roll Forward] | |
Balance after-tax, after transition | $ 28,137 |
As Previously Reported | |
Retained Earnings Transition Adjustment [Roll Forward] | |
Balance after-tax, prior to transition | 30,749 |
Effect of Change | |
Retained Earnings Transition Adjustment [Roll Forward] | |
Reclassification of market risk benefits non-performance risk to AOCI | (1,588) |
Updates to certain universal life contract liabilities | (1,025) |
Change in non-participating traditional and limited-pay contract liabilities | (543) |
Other | (271) |
Total pre-tax adjustments | (3,427) |
Tax impacts | $ 815 |
Business and Basis of Present_4
Business and Basis of Presentation (Transition Adjustment Roll Forward Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Jan. 01, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Accumulated Other Comprehensive Income Transition Adjustment [Roll Forward] | ||||
Beginning balance | [1] | $ (3,806) | ||
Ending balance | (7,831) | |||
Change in AOCI | ||||
Accumulated Other Comprehensive Income Transition Adjustment [Roll Forward] | ||||
Beginning balance | (3,806) | $ (9,493) | ||
Ending balance | $ (11,658) | (7,831) | $ (4,230) | |
As Previously Reported | ||||
Accumulated Other Comprehensive Income Transition Adjustment [Roll Forward] | ||||
Beginning balance | (19,827) | |||
As Previously Reported | Change in AOCI | ||||
Accumulated Other Comprehensive Income Transition Adjustment [Roll Forward] | ||||
Beginning balance | 30,738 | |||
Effect of Change | ||||
Accumulated Other Comprehensive Income Transition Adjustment [Roll Forward] | ||||
Beginning balance | $ 16,021 | |||
Effect of Change | Change in AOCI | ||||
Accumulated Other Comprehensive Income Transition Adjustment [Roll Forward] | ||||
Unwinding amounts related to unrealized investment gains and losses | 5,534 | |||
Reclassification of MRB NPR to AOCI | 1,588 | |||
Interest rate remeasurement of future policy benefits | (62,711) | |||
Change in operating joint ventures | (12) | |||
Total pre-tax adjustments | (55,601) | |||
Tax impacts | $ 13,205 | |||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Business and Basis of Present_5
Business and Basis of Presentation (Schedule of Deferred Policy Acquisition Costs) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | $ 20,546 | [1] | $ 20,038 | $ 20,763 | |||
Balance, EOP | 20,394 | 20,546 | [1] | $ 20,038 | $ 20,763 | ||
Other Businesses | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 125 | 626 | |||||
Balance, EOP | 193 | 125 | 626 | ||||
As Previously Reported | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 19,537 | 19,027 | |||||
Balance, EOP | 19,537 | ||||||
As Previously Reported | Other Businesses | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 520 | ||||||
Effect of Change | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 1,009 | 1,736 | |||||
Balance, EOP | 1,009 | 1,736 | |||||
Effect of Change | Other Businesses | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 106 | ||||||
Balance, EOP | 106 | ||||||
Individual Variable | Retirement Strategies | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 4,171 | 4,202 | 4,872 | 4,916 | |||
Balance, EOP | 3,698 | 4,171 | 4,202 | 4,872 | 4,916 | ||
Individual Variable | As Previously Reported | Retirement Strategies | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 4,643 | ||||||
Individual Variable | Effect of Change | Retirement Strategies | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 273 | ||||||
Balance, EOP | 273 | ||||||
Term Life | Individual Life | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 2,288 | 2,311 | 2,372 | 2,417 | |||
Balance, EOP | 2,245 | 2,288 | 2,311 | 2,372 | 2,417 | ||
Term Life | As Previously Reported | Individual Life | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 2,417 | ||||||
Term Life | Effect of Change | Individual Life | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 0 | ||||||
Balance, EOP | 0 | ||||||
Variable/ Universal Life | Individual Life | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 5,000 | 4,916 | 4,679 | 4,229 | |||
Balance, EOP | 5,253 | 5,000 | 4,916 | 4,679 | 4,229 | ||
Variable/ Universal Life | As Previously Reported | Individual Life | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 3,779 | ||||||
Variable/ Universal Life | Effect of Change | Individual Life | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 450 | ||||||
Balance, EOP | 450 | ||||||
Life Planner | International Businesses | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 4,710 | 4,460 | 4,685 | 4,615 | |||
Balance, EOP | 4,724 | 4,710 | 4,460 | 4,685 | 4,615 | ||
Life Planner | As Previously Reported | International Businesses | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 4,278 | ||||||
Life Planner | Effect of Change | International Businesses | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 337 | ||||||
Balance, EOP | 337 | ||||||
Gibraltar Life and Other | International Businesses | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 4,231 | 4,024 | 4,135 | 3,960 | |||
Balance, EOP | $ 4,281 | $ 4,231 | $ 4,024 | 4,135 | 3,960 | ||
Gibraltar Life and Other | As Previously Reported | International Businesses | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 3,390 | ||||||
Gibraltar Life and Other | Effect of Change | International Businesses | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | $ 570 | ||||||
Balance, EOP | $ 570 | ||||||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Business and Basis of Present_6
Business and Basis of Presentation (Deferred Sales Inducements) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2021 |
Movement in Deferred Sales Inducements [Roll Forward] | |||
Balance, BOP | $ 491 | ||
Balance, EOP | $ 453 | $ 907 | |
Other Businesses | |||
Movement in Deferred Sales Inducements [Roll Forward] | |||
Balance, BOP | $ 36 | ||
Balance, EOP | $ 33 | 41 | |
As Previously Reported | |||
Movement in Deferred Sales Inducements [Roll Forward] | |||
Balance, BOP | 820 | ||
As Previously Reported | Other Businesses | |||
Movement in Deferred Sales Inducements [Roll Forward] | |||
Balance, BOP | 39 | ||
Effect of Change | |||
Movement in Deferred Sales Inducements [Roll Forward] | |||
Balance, BOP | |||
Balance, EOP | 87 | ||
Effect of Change | Other Businesses | |||
Movement in Deferred Sales Inducements [Roll Forward] | |||
Balance, BOP | |||
Balance, EOP | 2 | ||
Individual Variable | Retirement Strategies | |||
Movement in Deferred Sales Inducements [Roll Forward] | |||
Balance, BOP | |||
Balance, EOP | 866 | ||
Individual Variable | As Previously Reported | Retirement Strategies | |||
Movement in Deferred Sales Inducements [Roll Forward] | |||
Balance, BOP | 781 | ||
Individual Variable | Effect of Change | Retirement Strategies | |||
Movement in Deferred Sales Inducements [Roll Forward] | |||
Balance, BOP | |||
Balance, EOP | $ 85 |
Business and Basis of Present_7
Business and Basis of Presentation (Value of Business Acquired) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | ||
Value of Business Acquired [Line Items] | |||||||
Balance, BOP | $ 621 | [1] | $ 1,163 | ||||
Balance, EOP | 514 | $ 621 | [1] | $ 1,163 | |||
Other Businesses | |||||||
Value of Business Acquired [Line Items] | |||||||
Balance, BOP | 2 | 252 | |||||
Balance, EOP | 18 | $ 2 | 252 | ||||
As Previously Reported | |||||||
Value of Business Acquired [Line Items] | |||||||
Balance, BOP | 595 | 1,103 | |||||
Balance, EOP | 595 | ||||||
As Previously Reported | Other Businesses | |||||||
Value of Business Acquired [Line Items] | |||||||
Balance, BOP | 251 | ||||||
Effect of Change | |||||||
Value of Business Acquired [Line Items] | |||||||
Balance, BOP | 26 | 60 | |||||
Balance, EOP | 26 | 60 | |||||
Effect of Change | Other Businesses | |||||||
Value of Business Acquired [Line Items] | |||||||
Balance, BOP | 1 | ||||||
Balance, EOP | 1 | ||||||
Gibraltar Life and Other | |||||||
Value of Business Acquired [Line Items] | |||||||
Balance, BOP | 597 | 558 | 746 | ||||
Balance, EOP | $ 496 | $ 597 | $ 558 | 746 | |||
Gibraltar Life and Other | International Businesses | |||||||
Value of Business Acquired [Line Items] | |||||||
Balance, BOP | 911 | ||||||
Balance, EOP | 911 | ||||||
Gibraltar Life and Other | As Previously Reported | International Businesses | |||||||
Value of Business Acquired [Line Items] | |||||||
Balance, BOP | 852 | ||||||
Gibraltar Life and Other | Effect of Change | International Businesses | |||||||
Value of Business Acquired [Line Items] | |||||||
Balance, BOP | $ 59 | ||||||
Balance, EOP | $ 59 | ||||||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Business and Basis of Present_8
Business and Basis of Presentation (Liability for Future Policy Benefit-Benefits Reserve) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance | $ 292,921 | $ 288,024 | ||||
Balance after transition, net of reinsurance recoverable | 168,416 | 175,553 | ||||
Benefit reserves | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | $ 204,683 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance | 267,553 | |||||
Less: Reinsurance recoverable | 1,279 | |||||
Balance after transition, net of reinsurance recoverable | 266,274 | |||||
As Previously Reported | Benefit reserves | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | $ 209,018 | |||||
Changes in cash flow assumptions and other activity | Benefit reserves | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | (4,335) | |||||
Cumulative changes in discount rate assumptions and other activity | Benefit reserves | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | 62,870 | |||||
Retirement Strategies | Institutional | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 141,478 | $ 137,924 | 125,442 | $ 128,887 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance | 116,591 | 117,754 | 102,813 | 142,593 | ||
Less: Reinsurance recoverable | 4,810 | 0 | ||||
Balance after transition, net of reinsurance recoverable | 59,979 | 63,860 | ||||
Retirement Strategies | Institutional | Benefit reserves | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 61,578 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance | 75,126 | |||||
Less: Reinsurance recoverable | 0 | |||||
Balance after transition, net of reinsurance recoverable | 75,126 | |||||
Retirement Strategies | Institutional | As Previously Reported | Benefit reserves | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 65,383 | |||||
Retirement Strategies | Institutional | Changes in cash flow assumptions and other activity | Benefit reserves | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | (3,805) | |||||
Retirement Strategies | Institutional | Cumulative changes in discount rate assumptions and other activity | Benefit reserves | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | 13,548 | |||||
Individual Life | Term Life | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 20,216 | 20,300 | 20,595 | 18,892 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance | 18,360 | 19,288 | 19,145 | 22,768 | ||
Less: Reinsurance recoverable | 696 | 772 | ||||
Balance after transition, net of reinsurance recoverable | 7,056 | 7,036 | ||||
Individual Life | Term Life | Benefit reserves | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 7,887 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance | 10,549 | |||||
Less: Reinsurance recoverable | 799 | |||||
Balance after transition, net of reinsurance recoverable | 9,750 | |||||
Individual Life | Term Life | As Previously Reported | Benefit reserves | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 7,887 | |||||
Individual Life | Term Life | Changes in cash flow assumptions and other activity | Benefit reserves | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | 0 | |||||
Individual Life | Term Life | Cumulative changes in discount rate assumptions and other activity | Benefit reserves | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | 2,662 | |||||
International Businesses | Life Planner | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 78,275 | 82,358 | 78,788 | 88,008 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance | 72,979 | 78,639 | 75,998 | 109,562 | ||
Less: Reinsurance recoverable | 96 | 116 | ||||
Balance after transition, net of reinsurance recoverable | 45,235 | 46,077 | ||||
International Businesses | Life Planner | Benefit reserves | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 51,617 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance | 74,207 | |||||
Less: Reinsurance recoverable | 160 | |||||
Balance after transition, net of reinsurance recoverable | 74,047 | |||||
International Businesses | Life Planner | As Previously Reported | Benefit reserves | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 51,607 | |||||
International Businesses | Life Planner | Changes in cash flow assumptions and other activity | Benefit reserves | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | 10 | |||||
International Businesses | Life Planner | Cumulative changes in discount rate assumptions and other activity | Benefit reserves | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | 22,590 | |||||
International Businesses | Gibraltar Life and Other | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 84,831 | 91,597 | 88,415 | 101,370 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance | 72,985 | 80,331 | 78,119 | 114,846 | ||
Less: Reinsurance recoverable | 189 | 200 | ||||
Balance after transition, net of reinsurance recoverable | 47,365 | 49,694 | ||||
International Businesses | Gibraltar Life and Other | Benefit reserves | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 69,019 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance | 82,803 | |||||
Less: Reinsurance recoverable | 307 | |||||
Balance after transition, net of reinsurance recoverable | 82,496 | |||||
International Businesses | Gibraltar Life and Other | As Previously Reported | Benefit reserves | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 69,542 | |||||
International Businesses | Gibraltar Life and Other | Changes in cash flow assumptions and other activity | Benefit reserves | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | (523) | |||||
International Businesses | Gibraltar Life and Other | Cumulative changes in discount rate assumptions and other activity | Benefit reserves | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | 13,784 | |||||
Corporate and Other | Long- Term Care | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 12,676 | 11,901 | 11,799 | 11,328 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance | 10,371 | $ 10,685 | 10,044 | $ 15,810 | ||
Less: Reinsurance recoverable | 0 | 0 | ||||
Balance after transition, net of reinsurance recoverable | 7,299 | 7,163 | ||||
Corporate and Other | Long- Term Care | Benefit reserves | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 7,957 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance | 12,862 | |||||
Less: Reinsurance recoverable | 0 | |||||
Balance after transition, net of reinsurance recoverable | 12,862 | |||||
Corporate and Other | Long- Term Care | As Previously Reported | Benefit reserves | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 7,975 | |||||
Corporate and Other | Long- Term Care | Changes in cash flow assumptions and other activity | Benefit reserves | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | (18) | |||||
Corporate and Other | Long- Term Care | Cumulative changes in discount rate assumptions and other activity | Benefit reserves | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | 4,905 | |||||
Other Businesses | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance | 1,635 | 1,905 | ||||
Less: Reinsurance recoverable | 69 | 80 | ||||
Balance after transition, net of reinsurance recoverable | $ 1,482 | $ 1,723 | ||||
Other Businesses | Benefit reserves | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 6,625 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance | 12,006 | |||||
Less: Reinsurance recoverable | 13 | |||||
Balance after transition, net of reinsurance recoverable | 11,993 | |||||
Other Businesses | As Previously Reported | Benefit reserves | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | $ 6,624 | |||||
Other Businesses | Changes in cash flow assumptions and other activity | Benefit reserves | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | 1 | |||||
Other Businesses | Cumulative changes in discount rate assumptions and other activity | Benefit reserves | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | $ 5,381 |
Business and Basis of Present_9
Business and Basis of Presentation (Liability for Future Policy Benefit-Deferred Profit Liability) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | $ 292,921 | $ 288,024 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance after transition, net of reinsurance recoverable | 168,416 | 175,553 | ||||
Other Businesses | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 1,635 | 1,905 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Less: Reinsurance recoverable | 69 | 80 | ||||
Balance after transition, net of reinsurance recoverable | 1,482 | 1,723 | ||||
Institutional | Retirement Strategies | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 116,591 | $ 117,754 | 102,813 | $ 142,593 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Less: Reinsurance recoverable | 4,810 | 0 | ||||
Balance after transition, net of reinsurance recoverable | 59,979 | 63,860 | ||||
Life Planner | International Businesses | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 72,979 | 78,639 | 75,998 | 109,562 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Less: Reinsurance recoverable | 96 | 116 | ||||
Balance after transition, net of reinsurance recoverable | 45,235 | 46,077 | ||||
Gibraltar Life and Other | International Businesses | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 72,985 | $ 80,331 | 78,119 | $ 114,846 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Less: Reinsurance recoverable | 189 | 200 | ||||
Balance after transition, net of reinsurance recoverable | $ 47,365 | $ 49,694 | ||||
Deferred Profit Liaibility | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | $ 12,163 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Less: Reinsurance recoverable | 22 | |||||
Balance after transition, net of reinsurance recoverable | 12,141 | |||||
Deferred Profit Liaibility | Retirement Strategies | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 5,116 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Less: Reinsurance recoverable | 0 | |||||
Balance after transition, net of reinsurance recoverable | 5,116 | |||||
Deferred Profit Liaibility | Other Businesses | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 497 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Less: Reinsurance recoverable | 0 | |||||
Balance after transition, net of reinsurance recoverable | 497 | |||||
Deferred Profit Liaibility | As Previously Reported | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | $ 7,374 | |||||
Deferred Profit Liaibility | As Previously Reported | Retirement Strategies | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 1,315 | |||||
Deferred Profit Liaibility | As Previously Reported | Other Businesses | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 349 | |||||
Deferred Profit Liaibility | Changes in benefit reserves | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in benefit reserves | 4,789 | |||||
Deferred Profit Liaibility | Changes in benefit reserves | Retirement Strategies | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in benefit reserves | 3,801 | |||||
Deferred Profit Liaibility | Changes in benefit reserves | Other Businesses | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in benefit reserves | 148 | |||||
Deferred Profit Liaibility | Life Planner | International Businesses | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 2,074 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Less: Reinsurance recoverable | 7 | |||||
Balance after transition, net of reinsurance recoverable | 2,067 | |||||
Deferred Profit Liaibility | Life Planner | As Previously Reported | International Businesses | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 1,964 | |||||
Deferred Profit Liaibility | Life Planner | Changes in benefit reserves | International Businesses | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in benefit reserves | 110 | |||||
Deferred Profit Liaibility | Gibraltar Life and Other | International Businesses | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 4,476 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Less: Reinsurance recoverable | 15 | |||||
Balance after transition, net of reinsurance recoverable | 4,461 | |||||
Deferred Profit Liaibility | Gibraltar Life and Other | As Previously Reported | International Businesses | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | $ 3,746 | |||||
Deferred Profit Liaibility | Gibraltar Life and Other | Changes in benefit reserves | International Businesses | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in benefit reserves | $ 730 |
Business and Basis of Presen_10
Business and Basis of Presentation (Additional Insurance Reserves) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 | Jan. 01, 2021 | Dec. 31, 2020 |
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | $ 292,921 | $ 288,024 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Balance after transition, net of reinsurance recoverable | 168,416 | 175,553 | ||
Other Businesses | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | 1,635 | 1,905 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Less: Reinsurance recoverable | 69 | 80 | ||
Balance after transition, net of reinsurance recoverable | $ 1,482 | $ 1,723 | ||
Additional insurance reserves | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | $ 11,289 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Balance | 10,103 | |||
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | 10,103 | |||
Amounts related to unrealized investment gains and losses after transition | 1,186 | |||
Less: Reinsurance recoverable | 4,387 | |||
Balance after transition, net of reinsurance recoverable | 6,902 | |||
Additional insurance reserves | Unwinding amounts related to unrealized investment gains and losses | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | (1,615) | |||
Additional insurance reserves | Reclassification of future policy benefits AIR to MRB | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | (916) | |||
Additional insurance reserves | Reclassification of policyholders’ account balances AIR to MRB | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | (48) | |||
Additional insurance reserves | Updates to certain universal life contract liabilities and other activity | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | 1,779 | |||
Additional insurance reserves | Change in discount rate for annuitization benefits | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | 116 | |||
Additional insurance reserves | As Previously Reported | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | $ 10,787 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Balance | 9,172 | |||
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | 9,172 | |||
Additional insurance reserves | Other Businesses | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | 360 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Balance | 360 | |||
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | 360 | |||
Amounts related to unrealized investment gains and losses after transition | 0 | |||
Less: Reinsurance recoverable | 0 | |||
Balance after transition, net of reinsurance recoverable | 360 | |||
Additional insurance reserves | Other Businesses | Unwinding amounts related to unrealized investment gains and losses | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | (106) | |||
Additional insurance reserves | Other Businesses | Reclassification of future policy benefits AIR to MRB | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | (92) | |||
Additional insurance reserves | Other Businesses | Reclassification of policyholders’ account balances AIR to MRB | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | (48) | |||
Additional insurance reserves | Other Businesses | Updates to certain universal life contract liabilities and other activity | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | 7 | |||
Additional insurance reserves | Other Businesses | Change in discount rate for annuitization benefits | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | 116 | |||
Additional insurance reserves | Other Businesses | As Previously Reported | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | 483 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Balance | 377 | |||
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | 377 | |||
Additional insurance reserves | Individual Variable | Retirement Strategies | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | 0 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Balance | 0 | |||
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | 0 | |||
Amounts related to unrealized investment gains and losses after transition | 0 | |||
Less: Reinsurance recoverable | 0 | |||
Balance after transition, net of reinsurance recoverable | 0 | |||
Additional insurance reserves | Individual Variable | Retirement Strategies | Unwinding amounts related to unrealized investment gains and losses | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | (65) | |||
Additional insurance reserves | Individual Variable | Retirement Strategies | Reclassification of future policy benefits AIR to MRB | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | (824) | |||
Additional insurance reserves | Individual Variable | Retirement Strategies | Reclassification of policyholders’ account balances AIR to MRB | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | 0 | |||
Additional insurance reserves | Individual Variable | Retirement Strategies | Updates to certain universal life contract liabilities and other activity | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | 0 | |||
Additional insurance reserves | Individual Variable | Retirement Strategies | Change in discount rate for annuitization benefits | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | 0 | |||
Additional insurance reserves | Individual Variable | Retirement Strategies | As Previously Reported | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | 889 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Balance | 824 | |||
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | 824 | |||
Additional insurance reserves | Variable/ Universal Life | Individual Life | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | 10,929 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Balance | 9,743 | |||
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | 9,743 | |||
Amounts related to unrealized investment gains and losses after transition | 1,186 | |||
Less: Reinsurance recoverable | 4,387 | |||
Balance after transition, net of reinsurance recoverable | 6,542 | |||
Additional insurance reserves | Variable/ Universal Life | Individual Life | Unwinding amounts related to unrealized investment gains and losses | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | (1,444) | |||
Additional insurance reserves | Variable/ Universal Life | Individual Life | Reclassification of future policy benefits AIR to MRB | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | 0 | |||
Additional insurance reserves | Variable/ Universal Life | Individual Life | Reclassification of policyholders’ account balances AIR to MRB | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | 0 | |||
Additional insurance reserves | Variable/ Universal Life | Individual Life | Updates to certain universal life contract liabilities and other activity | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | 1,772 | |||
Additional insurance reserves | Variable/ Universal Life | Individual Life | Change in discount rate for annuitization benefits | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | 0 | |||
Additional insurance reserves | Variable/ Universal Life | Individual Life | As Previously Reported | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | $ 9,415 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Balance | 7,971 | |||
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | $ 7,971 |
Business and Basis of Presen_11
Business and Basis of Presentation (Universal Life Loss Recognition Reserves/Profit Followed by Losses Liability) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 | Jan. 01, 2021 | Dec. 31, 2020 |
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | $ 292,921 | $ 288,024 | ||
Other Businesses | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | $ 1,635 | $ 1,905 | ||
Universal Life Loss | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | $ 1,024 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Balance | 6 | |||
Amounts related to unrealized investment gains and losses after transition | 1,018 | |||
Universal Life Loss | Individual Life | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | 1,018 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Balance | 0 | |||
Amounts related to unrealized investment gains and losses after transition | 1,018 | |||
Universal Life Loss | Other Businesses | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | 6 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Balance | 6 | |||
Amounts related to unrealized investment gains and losses after transition | 0 | |||
Universal Life Loss | As Previously Reported | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | $ 1,829 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Balance | 680 | |||
Universal Life Loss | As Previously Reported | Individual Life | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | 1,823 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Balance | 674 | |||
Universal Life Loss | As Previously Reported | Other Businesses | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | $ 6 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Balance | 6 | |||
Universal Life Loss | Unwinding amounts related to unrealized investment gains and losses | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | (1,149) | |||
Universal Life Loss | Unwinding amounts related to unrealized investment gains and losses | Individual Life | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | (1,149) | |||
Universal Life Loss | Unwinding amounts related to unrealized investment gains and losses | Other Businesses | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | 0 | |||
Universal Life Loss | Derecognizing LRR & PFL | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | (674) | |||
Universal Life Loss | Derecognizing LRR & PFL | Individual Life | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | (674) | |||
Universal Life Loss | Derecognizing LRR & PFL | Other Businesses | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Changes in cash flow assumptions and other activity | $ 0 |
Business and Basis of Presen_12
Business and Basis of Presentation (Non-Participating Traditional and Limited-Pay Loss Recognition Reserves/Profit Followed by Losses Liability) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | $ 292,921 | $ 288,024 | ||||
Retirement Strategies | Institutional | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 116,591 | $ 117,754 | 102,813 | $ 142,593 | ||
International Businesses | Life Planner | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 72,979 | 78,639 | 75,998 | 109,562 | ||
International Businesses | Gibraltar Life and Other | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 72,985 | 80,331 | 78,119 | 114,846 | ||
Corporate and Other | Long- Term Care | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 10,371 | $ 10,685 | 10,044 | $ 15,810 | ||
Other Businesses | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | $ 1,635 | $ 1,905 | ||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | $ 0 | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | Retirement Strategies | Institutional | Institutional Retirement Strategies | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 0 | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | International Businesses | Life Planner | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 0 | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | International Businesses | Gibraltar Life and Other | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 0 | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | Corporate and Other | Long- Term Care | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 0 | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | Other Businesses | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 0 | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | As Previously Reported | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | $ 3,715 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | 52 | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | As Previously Reported | Retirement Strategies | Institutional | Institutional Retirement Strategies | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 1,985 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | 0 | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | As Previously Reported | International Businesses | Life Planner | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 181 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | 12 | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | As Previously Reported | International Businesses | Gibraltar Life and Other | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 670 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | 0 | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | As Previously Reported | Corporate and Other | Long- Term Care | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 734 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | 0 | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | As Previously Reported | Other Businesses | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | $ 145 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | 40 | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | Unwinding amounts related to unrealized investment gains and losses | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | (3,663) | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | Unwinding amounts related to unrealized investment gains and losses | Retirement Strategies | Institutional | Institutional Retirement Strategies | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | (1,985) | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | Unwinding amounts related to unrealized investment gains and losses | International Businesses | Life Planner | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | (169) | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | Unwinding amounts related to unrealized investment gains and losses | International Businesses | Gibraltar Life and Other | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | (670) | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | Unwinding amounts related to unrealized investment gains and losses | Corporate and Other | Long- Term Care | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | (734) | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | Unwinding amounts related to unrealized investment gains and losses | Other Businesses | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | (105) | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | Derecognizing LRR & PFL | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | (52) | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | Derecognizing LRR & PFL | Retirement Strategies | Institutional | Institutional Retirement Strategies | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | 0 | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | Derecognizing LRR & PFL | International Businesses | Life Planner | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | (12) | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | Derecognizing LRR & PFL | International Businesses | Gibraltar Life and Other | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | 0 | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | Derecognizing LRR & PFL | Corporate and Other | Long- Term Care | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | 0 | |||||
Non-Participating Traditional and Limited-Pay Loss Recognition Reserves | Derecognizing LRR & PFL | Other Businesses | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | $ (40) |
Business and Basis of Presen_13
Business and Basis of Presentation (Terminal Dividend Liability) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | $ 292,921 | $ 288,024 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Balance after transition, net of reinsurance recoverable | 168,416 | 175,553 | ||||
Term Life | Individual Life | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 18,360 | $ 19,288 | 19,145 | $ 22,768 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Less: Reinsurance recoverable | 696 | 772 | ||||
Balance after transition, net of reinsurance recoverable | $ 7,056 | $ 7,036 | ||||
Terminal Dividend Liability | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | $ 580 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Less: Reinsurance recoverable | 0 | |||||
Balance after transition, net of reinsurance recoverable | 580 | |||||
Terminal Dividend Liability | Closed Block division | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 375 | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Less: Reinsurance recoverable | 0 | |||||
Balance after transition, net of reinsurance recoverable | 375 | |||||
Terminal Dividend Liability | As Previously Reported | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | $ 591 | |||||
Terminal Dividend Liability | As Previously Reported | Closed Block division | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 375 | |||||
Terminal Dividend Liability | Changes in benefit reserves | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | (11) | |||||
Terminal Dividend Liability | Changes in benefit reserves | Closed Block division | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | 0 | |||||
Terminal Dividend Liability | Variable/ Universal Life | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 201 | |||||
Terminal Dividend Liability | Variable/ Universal Life | Individual Life | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Less: Reinsurance recoverable | 0 | |||||
Balance after transition, net of reinsurance recoverable | 201 | |||||
Terminal Dividend Liability | Variable/ Universal Life | As Previously Reported | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 212 | |||||
Terminal Dividend Liability | Variable/ Universal Life | Changes in benefit reserves | Individual Life | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | (11) | |||||
Terminal Dividend Liability | Term Life | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | 4 | |||||
Terminal Dividend Liability | Term Life | Individual Life | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Less: Reinsurance recoverable | 0 | |||||
Balance after transition, net of reinsurance recoverable | 4 | |||||
Terminal Dividend Liability | Term Life | As Previously Reported | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Balance | $ 4 | |||||
Terminal Dividend Liability | Term Life | Changes in benefit reserves | Individual Life | ||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||
Changes in cash flow assumptions and other activity | $ 0 |
Business and Basis of Presen_14
Business and Basis of Presentation (Unearned Revenue Reserves) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 | Jan. 01, 2021 | Dec. 31, 2020 |
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | $ 13,340 | $ 12,254 | ||
Policyholder Contract Deposit | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | $ 3,176 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Less: Reinsurance recoverable | 0 | |||
Total balance after reinsurance recoverable | 3,176 | |||
Corporate and Other | Policyholder Contract Deposit | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | 190 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Less: Reinsurance recoverable | 0 | |||
Total balance after reinsurance recoverable | 190 | |||
Other Businesses | Policyholder Contract Deposit | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | 30 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Less: Reinsurance recoverable | 0 | |||
Total balance after reinsurance recoverable | 30 | |||
As Previously Reported | Policyholder Contract Deposit | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | $ 2,592 | |||
As Previously Reported | Corporate and Other | Policyholder Contract Deposit | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | 152 | |||
As Previously Reported | Other Businesses | Policyholder Contract Deposit | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | 30 | |||
Changes in benefit reserves | Policyholder Contract Deposit | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Effect of actual variances from expected experience and other activity | 584 | |||
Changes in benefit reserves | Corporate and Other | Policyholder Contract Deposit | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Effect of actual variances from expected experience and other activity | 38 | |||
Changes in benefit reserves | Other Businesses | Policyholder Contract Deposit | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Effect of actual variances from expected experience and other activity | 0 | |||
Variable/ Universal Life | Individual Life | Policyholder Contract Deposit | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | 2,743 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Less: Reinsurance recoverable | 0 | |||
Total balance after reinsurance recoverable | 2,743 | |||
Variable/ Universal Life | As Previously Reported | Individual Life | Policyholder Contract Deposit | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | 2,204 | |||
Variable/ Universal Life | Changes in benefit reserves | Individual Life | Policyholder Contract Deposit | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Effect of actual variances from expected experience and other activity | 539 | |||
Life Planner | International Businesses | Policyholder Contract Deposit | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | 163 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Less: Reinsurance recoverable | 0 | |||
Total balance after reinsurance recoverable | 163 | |||
Life Planner | As Previously Reported | International Businesses | Policyholder Contract Deposit | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | 161 | |||
Life Planner | Changes in benefit reserves | International Businesses | Policyholder Contract Deposit | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Effect of actual variances from expected experience and other activity | 2 | |||
Gibraltar Life and Other | International Businesses | Policyholder Contract Deposit | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | 50 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Less: Reinsurance recoverable | 0 | |||
Total balance after reinsurance recoverable | 50 | |||
Gibraltar Life and Other | As Previously Reported | International Businesses | Policyholder Contract Deposit | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | $ 45 | |||
Gibraltar Life and Other | Changes in benefit reserves | International Businesses | Policyholder Contract Deposit | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Effect of actual variances from expected experience and other activity | $ 5 |
Business and Basis of Presen_15
Business and Basis of Presentation (Market Risk Benefit, Activity) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 | Jan. 01, 2021 | Dec. 31, 2020 |
Market Risk Benefit [Roll Forward] | ||||
Net Liability | $ 2,460 | $ 5,682 | $ 19,852 | |
As Previously Reported | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | $ 18,879 | |||
AIR to be reclassified to MRB, prior to transition, excluding amounts related to unrealized investment gains and losses | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 964 | |||
Total liability prior to transition | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 19,843 | |||
Change in reserve basis to MRB framework | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 220 | |||
MRB after transition, at current NPR value | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 20,063 | |||
Less: Reinsured MRB | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 211 | |||
MRB after transition, at contract inception NPR value | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 21,651 | |||
Cumulative change in NPR | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 1,588 | |||
Retirement Strategies | Individual Variable | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | $ 2,381 | $ 5,562 | 19,473 | |
Retirement Strategies | Individual Variable | As Previously Reported | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 18,731 | |||
Retirement Strategies | Individual Variable | AIR to be reclassified to MRB, prior to transition, excluding amounts related to unrealized investment gains and losses | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 824 | |||
Retirement Strategies | Individual Variable | Total liability prior to transition | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 19,555 | |||
Retirement Strategies | Individual Variable | Change in reserve basis to MRB framework | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 122 | |||
Retirement Strategies | Individual Variable | MRB after transition, at current NPR value | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 19,677 | |||
Retirement Strategies | Individual Variable | Less: Reinsured MRB | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 204 | |||
Retirement Strategies | Individual Variable | MRB after transition, at contract inception NPR value | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 21,259 | |||
Retirement Strategies | Individual Variable | Cumulative change in NPR | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 1,582 | |||
Other Businesses | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 379 | |||
Other Businesses | As Previously Reported | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | $ 148 | |||
Other Businesses | AIR to be reclassified to MRB, prior to transition, excluding amounts related to unrealized investment gains and losses | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 140 | |||
Other Businesses | Total liability prior to transition | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 288 | |||
Other Businesses | Change in reserve basis to MRB framework | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 98 | |||
Other Businesses | MRB after transition, at current NPR value | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 386 | |||
Other Businesses | Less: Reinsured MRB | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 7 | |||
Other Businesses | MRB after transition, at contract inception NPR value | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | 392 | |||
Other Businesses | Cumulative change in NPR | ||||
Market Risk Benefit [Roll Forward] | ||||
Net Liability | $ 6 |
Business and Basis of Presen_16
Business and Basis of Presentation (Cost Of Reinsurance) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 | Jan. 01, 2021 | Dec. 31, 2020 |
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | $ 13,340 | $ 12,254 | ||
Variable/ Universal Life | Individual Life | Other liabilities | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | $ 3,259 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Less: Reinsurance recoverable | 580 | |||
Balance after transition | 3,839 | |||
Variable/ Universal Life | As Previously Reported | Individual Life | Other liabilities | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | $ 3,058 | |||
Variable/ Universal Life | Unwinding amounts related to unrealized investment gains and losses | Individual Life | Other liabilities | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Effect of actual variances from expected experience and other activity | (659) | |||
Variable/ Universal Life | Balance prior to transition, excluding amounts related to unrealized investment gains and losses | Individual Life | Other liabilities | ||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||
Balance | 2,399 | |||
Variable/ Universal Life | Impact from updates to certain universal life contract liabilities | Individual Life | Other liabilities | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||
Effect of actual variances from expected experience and other activity | $ 860 |
Significant Accounting Polici_3
Significant Accounting Policies and Pronouncements (Details) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jan. 01, 2023 USD ($) | Dec. 31, 2022 USD ($) | [1] | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | [2] | Dec. 31, 2021 USD ($) | [2] | Jan. 01, 2021 USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Total equity | $ 26,947,000,000 | $ 29,455,000,000 | $ 32,447,000,000 | $ 31,548,000,000 | $ 31,631,000,000 | [1] | $ 32,017,000,000 | $ 29,989,000,000 | $ 30,322,000,000 | |||||
Balance after transition, net of reinsurance recoverable | 168,416,000,000 | 175,553,000,000 | ||||||||||||
Deferred profit liability | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Balance after transition, net of reinsurance recoverable | $ 14,188,000,000 | 13,784,000,000 | ||||||||||||
Maximum | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Net to gross ratio | 1 | |||||||||||||
Minimum | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Balance after transition, net of reinsurance recoverable | $ 0 | |||||||||||||
Minimum | Deferred profit liability | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Balance after transition, net of reinsurance recoverable | 0 | |||||||||||||
Change in AOCI | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Total equity | (7,831,000,000) | (6,649,000,000) | (3,825,000,000) | (3,806,000,000) | (4,230,000,000) | [1] | (4,703,000,000) | (8,553,000,000) | (9,493,000,000) | |||||
Change in AOCI | Cumulative effect of adoption of accounting changes | Accounting Standards Update 2018-12 | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Total equity | $ 16,000,000,000 | $ (42,400,000,000) | ||||||||||||
Retained Earnings | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Total equity | $ 31,493,000,000 | $ 32,756,000,000 | $ 32,708,000,000 | $ 31,714,000,000 | $ 32,215,000,000 | [1] | $ 32,761,000,000 | $ 34,228,000,000 | $ 35,183,000,000 | |||||
Retained Earnings | Cumulative effect of adoption of accounting changes | Accounting Standards Update 2018-12 | ||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||||
Total equity | $ (1,700,000,000) | $ (2,600,000,000) | ||||||||||||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Investments (Fixed Maturities S
Investments (Fixed Maturities Securities Excluding Investments Classified as Trading) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | $ 332,035 | $ 335,447 | |
Fixed Maturities, AFS, allowance for credit losses | 239 | 138 | |
Fair Value | [1] | 295,318 | 307,719 |
Amortized Cost | [1] | 0 | 1,296 |
Fixed Maturities, Held-to maturity, Fair Value | 0 | 1,455 | |
Fixed Maturities, HTM, allowance for credit losses | 0 | 2 | |
Fixed maturities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 332,035 | 335,447 | |
Gross Unrealized Gains | 6,579 | 8,449 | |
Gross Unrealized Losses | 43,057 | 36,039 | |
Fixed Maturities, AFS, allowance for credit losses | 239 | 138 | |
Fair Value | 295,318 | 307,719 | |
Amortized Cost | 0 | 1,298 | |
Gross Unrealized Gains | 0 | 157 | |
Gross Unrealized Losses | 0 | 0 | |
Fixed Maturities, Held-to maturity, Fair Value | 0 | 1,455 | |
Fixed Maturities, HTM, allowance for credit losses | 0 | 2 | |
Amortized Cost, Net of Allowance | 0 | 1,296 | |
Fixed maturities | U.S. Treasury securities and obligations of U.S. government authorities and agencies | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 25,359 | 29,372 | |
Gross Unrealized Gains | 747 | 1,110 | |
Gross Unrealized Losses | 6,157 | 4,413 | |
Fixed Maturities, AFS, allowance for credit losses | 0 | 0 | |
Fair Value | 19,949 | 26,069 | |
Fixed maturities | Obligations of U.S. states and their political subdivisions | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 8,905 | 10,179 | |
Gross Unrealized Gains | 154 | 238 | |
Gross Unrealized Losses | 1,062 | 728 | |
Fixed Maturities, AFS, allowance for credit losses | 0 | 0 | |
Fair Value | 7,997 | 9,689 | |
Fixed maturities | Foreign government bonds | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 68,510 | 74,103 | |
Gross Unrealized Gains | 3,387 | 4,503 | |
Gross Unrealized Losses | 5,324 | 5,379 | |
Fixed Maturities, AFS, allowance for credit losses | 64 | 1 | |
Fair Value | 66,509 | 73,226 | |
Amortized Cost | 0 | 725 | |
Gross Unrealized Gains | 0 | 128 | |
Gross Unrealized Losses | 0 | 0 | |
Fixed Maturities, Held-to maturity, Fair Value | 0 | 853 | |
Fixed Maturities, HTM, allowance for credit losses | 0 | 0 | |
Amortized Cost, Net of Allowance | 0 | 725 | |
Fixed maturities | U.S. public corporate securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 105,698 | 99,854 | |
Gross Unrealized Gains | 942 | 1,311 | |
Gross Unrealized Losses | 17,276 | 13,563 | |
Fixed Maturities, AFS, allowance for credit losses | 93 | 16 | |
Fair Value | 89,271 | 87,586 | |
Fixed maturities | U.S. private corporate securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 41,659 | 39,867 | |
Gross Unrealized Gains | 637 | 507 | |
Gross Unrealized Losses | 4,078 | 3,438 | |
Fixed Maturities, AFS, allowance for credit losses | 27 | 57 | |
Fair Value | 38,191 | 36,879 | |
Fixed maturities | Foreign public corporate securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 20,618 | 22,235 | |
Gross Unrealized Gains | 297 | 416 | |
Gross Unrealized Losses | 2,207 | 1,945 | |
Fixed Maturities, AFS, allowance for credit losses | 47 | 19 | |
Fair Value | 18,661 | 20,687 | |
Amortized Cost | 0 | 430 | |
Gross Unrealized Gains | 0 | 24 | |
Gross Unrealized Losses | 0 | 0 | |
Fixed Maturities, Held-to maturity, Fair Value | 0 | 454 | |
Fixed Maturities, HTM, allowance for credit losses | 0 | 2 | |
Amortized Cost, Net of Allowance | 0 | 428 | |
Fixed maturities | Foreign private corporate securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 34,563 | 32,755 | |
Gross Unrealized Gains | 177 | 150 | |
Gross Unrealized Losses | 5,421 | 5,201 | |
Fixed Maturities, AFS, allowance for credit losses | 6 | 44 | |
Fair Value | 29,313 | 27,660 | |
Fixed maturities | Asset-backed securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 13,349 | 12,972 | |
Gross Unrealized Gains | 216 | 166 | |
Gross Unrealized Losses | 201 | 286 | |
Fixed Maturities, AFS, allowance for credit losses | 2 | 1 | |
Fair Value | 13,362 | 12,851 | |
Fixed maturities | Commercial mortgage-backed securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 10,932 | 11,497 | |
Gross Unrealized Gains | 5 | 19 | |
Gross Unrealized Losses | 1,027 | 861 | |
Fixed Maturities, AFS, allowance for credit losses | 0 | 0 | |
Fair Value | 9,910 | 10,655 | |
Fixed maturities | Residential mortgage-backed securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 2,442 | 2,613 | |
Gross Unrealized Gains | 17 | 29 | |
Gross Unrealized Losses | 304 | 225 | |
Fixed Maturities, AFS, allowance for credit losses | 0 | 0 | |
Fair Value | 2,155 | 2,417 | |
Amortized Cost | 0 | 143 | |
Gross Unrealized Gains | 0 | 5 | |
Gross Unrealized Losses | 0 | 0 | |
Fixed Maturities, Held-to maturity, Fair Value | 0 | 148 | |
Fixed Maturities, HTM, allowance for credit losses | 0 | 0 | |
Amortized Cost, Net of Allowance | 0 | 143 | |
Prudential Netting Agreement | Fixed maturities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Amortized Cost | 4,250 | ||
Fixed Maturities, Held-to maturity, Fair Value | 4,250 | ||
Prudential Netting Agreement | Fixed maturities | U.S. private corporate securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 12,290 | 8,040 | |
Fair Value | $ 12,290 | $ 8,040 | |
[1]See Note 4 for details of balances associated with variable interest entities (“VIEs”). |
Investments (Fair Value and Los
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - Fixed maturities - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | $ 65,364 | $ 166,950 |
Less than Twelve Months, Unrealized Losses | 4,134 | 20,276 |
Twelve Months or More, Fair Value | 165,407 | 54,318 |
Twelve Months or More, Unrealized Losses | 38,886 | 15,668 |
Fair Value | 230,771 | 221,268 |
Gross Unrealized Losses | 43,020 | 35,944 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 6,499 | 18,009 |
Less than Twelve Months, Unrealized Losses | 565 | 3,143 |
Twelve Months or More, Fair Value | 11,344 | 2,563 |
Twelve Months or More, Unrealized Losses | 5,592 | 1,270 |
Fair Value | 17,843 | 20,572 |
Gross Unrealized Losses | 6,157 | 4,413 |
Obligations of U.S. states and their political subdivisions | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 3,297 | 5,510 |
Less than Twelve Months, Unrealized Losses | 215 | 526 |
Twelve Months or More, Fair Value | 3,696 | 558 |
Twelve Months or More, Unrealized Losses | 847 | 202 |
Fair Value | 6,993 | 6,068 |
Gross Unrealized Losses | 1,062 | 728 |
Foreign government bonds | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 10,240 | 16,932 |
Less than Twelve Months, Unrealized Losses | 574 | 2,384 |
Twelve Months or More, Fair Value | 18,507 | 9,877 |
Twelve Months or More, Unrealized Losses | 4,745 | 2,971 |
Fair Value | 28,747 | 26,809 |
Gross Unrealized Losses | 5,319 | 5,355 |
U.S. public corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 23,484 | 58,816 |
Less than Twelve Months, Unrealized Losses | 1,702 | 7,790 |
Twelve Months or More, Fair Value | 57,332 | 15,780 |
Twelve Months or More, Unrealized Losses | 15,566 | 5,726 |
Fair Value | 80,816 | 74,596 |
Gross Unrealized Losses | 17,268 | 13,516 |
U.S. private corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 7,695 | 24,610 |
Less than Twelve Months, Unrealized Losses | 370 | 2,065 |
Twelve Months or More, Fair Value | 25,553 | 6,705 |
Twelve Months or More, Unrealized Losses | 3,708 | 1,373 |
Fair Value | 33,248 | 31,315 |
Gross Unrealized Losses | 4,078 | 3,438 |
Foreign public corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 4,073 | 10,168 |
Less than Twelve Months, Unrealized Losses | 198 | 932 |
Twelve Months or More, Fair Value | 10,574 | 4,098 |
Twelve Months or More, Unrealized Losses | 1,987 | 993 |
Fair Value | 14,647 | 14,266 |
Gross Unrealized Losses | 2,185 | 1,925 |
Foreign private corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 6,311 | 16,909 |
Less than Twelve Months, Unrealized Losses | 414 | 2,521 |
Twelve Months or More, Fair Value | 20,938 | 8,196 |
Twelve Months or More, Unrealized Losses | 5,005 | 2,678 |
Fair Value | 27,249 | 25,105 |
Gross Unrealized Losses | 5,419 | 5,199 |
Asset-backed securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 2,114 | 5,385 |
Less than Twelve Months, Unrealized Losses | 45 | 130 |
Twelve Months or More, Fair Value | 7,564 | 5,059 |
Twelve Months or More, Unrealized Losses | 156 | 156 |
Fair Value | 9,678 | 10,444 |
Gross Unrealized Losses | 201 | 286 |
Commercial mortgage-backed securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 1,301 | 9,289 |
Less than Twelve Months, Unrealized Losses | 38 | 655 |
Twelve Months or More, Fair Value | 8,399 | 1,080 |
Twelve Months or More, Unrealized Losses | 989 | 206 |
Fair Value | 9,700 | 10,369 |
Gross Unrealized Losses | 1,027 | 861 |
Residential mortgage-backed securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 350 | 1,322 |
Less than Twelve Months, Unrealized Losses | 13 | 130 |
Twelve Months or More, Fair Value | 1,500 | 402 |
Twelve Months or More, Unrealized Losses | 291 | 93 |
Fair Value | 1,850 | 1,724 |
Gross Unrealized Losses | $ 304 | $ 223 |
Investments (Amortized Cost and
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | |
Available-for-sale, Amortized Cost | |||
Due in one year or less | $ 10,091 | ||
Due after one year through five years | 51,618 | ||
Due after five years through ten years | 61,821 | ||
Due after ten years | 181,782 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 332,035 | $ 335,447 | |
Available-for-sale, Fair Value | |||
Due in one year or less | 10,169 | ||
Due after one year through five years | 49,759 | ||
Due after five years through ten years | 58,437 | ||
Due after ten years | 151,526 | ||
Fixed maturities, available-for-sale, at fair value | [1] | 295,318 | 307,719 |
Amortized Cost | [1] | 0 | 1,296 |
Asset-backed securities | |||
Available-for-sale, Amortized Cost | |||
Debt Maturities, without single maturity date | 13,349 | ||
Available-for-sale, Fair Value | |||
Debt Maturities, without single maturity date | 13,362 | ||
Commercial mortgage-backed securities | |||
Available-for-sale, Amortized Cost | |||
Debt Maturities, without single maturity date | 10,932 | ||
Available-for-sale, Fair Value | |||
Debt Maturities, without single maturity date | 9,910 | ||
Residential mortgage-backed securities | |||
Available-for-sale, Amortized Cost | |||
Debt Maturities, without single maturity date | 2,442 | ||
Available-for-sale, Fair Value | |||
Debt Maturities, without single maturity date | 2,155 | ||
Fixed maturities | |||
Available-for-sale, Amortized Cost | |||
Fixed Maturities, available-for-sale, Amortized Cost | 332,035 | 335,447 | |
Available-for-sale, Fair Value | |||
Fixed maturities, available-for-sale, at fair value | 295,318 | 307,719 | |
Amortized Cost | 0 | 1,298 | |
Fixed maturities | U.S. private corporate securities | |||
Available-for-sale, Amortized Cost | |||
Fixed Maturities, available-for-sale, Amortized Cost | 41,659 | 39,867 | |
Available-for-sale, Fair Value | |||
Fixed maturities, available-for-sale, at fair value | 38,191 | 36,879 | |
Fixed maturities | Asset-backed securities | |||
Available-for-sale, Amortized Cost | |||
Fixed Maturities, available-for-sale, Amortized Cost | 13,349 | 12,972 | |
Available-for-sale, Fair Value | |||
Fixed maturities, available-for-sale, at fair value | 13,362 | 12,851 | |
Fixed maturities | Commercial mortgage-backed securities | |||
Available-for-sale, Amortized Cost | |||
Fixed Maturities, available-for-sale, Amortized Cost | 10,932 | 11,497 | |
Available-for-sale, Fair Value | |||
Fixed maturities, available-for-sale, at fair value | 9,910 | 10,655 | |
Fixed maturities | Residential mortgage-backed securities | |||
Available-for-sale, Amortized Cost | |||
Fixed Maturities, available-for-sale, Amortized Cost | 2,442 | 2,613 | |
Available-for-sale, Fair Value | |||
Fixed maturities, available-for-sale, at fair value | 2,155 | 2,417 | |
Amortized Cost | 0 | 143 | |
Fixed maturities | Prudential Netting Agreement | |||
Available-for-sale, Fair Value | |||
Amortized Cost | 4,250 | ||
Fixed maturities | Prudential Netting Agreement | U.S. private corporate securities | |||
Available-for-sale, Amortized Cost | |||
Fixed Maturities, available-for-sale, Amortized Cost | 12,290 | 8,040 | |
Available-for-sale, Fair Value | |||
Fixed maturities, available-for-sale, at fair value | $ 12,290 | $ 8,040 | |
[1]See Note 4 for details of balances associated with variable interest entities (“VIEs”). |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | |||||
Fixed maturity securities purchased with credit deterioration | $ 0 | $ 0 | |||
Write-down on accrued investment income receivable | $ 1 | $ 1 | 1 | $ 1 | |
Loans on non-accrual status, do not have allowance for credit losses | 108 | 27 | |||
Commercial mortgage and other loans purchased with credit deterioration | 0 | 0 | |||
Loans on non-accrual status recognized in interest income | 1 | 1 | 1 | 1 | |
Allowance for credit losses | 0 | 0 | 2 | ||
Net unrealized gain | 136 | 136 | |||
Fixed maturities | |||||
Schedule of Investments [Line Items] | |||||
Total Unrealized Losses | 43,020 | 43,020 | 35,944 | ||
Twelve Months or More, Unrealized Losses | 38,886 | 38,886 | 15,668 | ||
Allowance for credit losses | 0 | 0 | 2 | ||
Corporate securities | |||||
Schedule of Investments [Line Items] | |||||
Twelve Months or More, Unrealized Losses | 38,886 | 38,886 | 15,668 | ||
Fixed maturities, held-to-maturity | |||||
Schedule of Investments [Line Items] | |||||
Allowance for credit losses | 1,212 | 1,212 | |||
Other income (loss) | Fixed maturities | Trading | |||||
Schedule of Investments [Line Items] | |||||
Unrealized gains (losses) on investments | (295) | (496) | (190) | (1,653) | |
Other income (loss) | Equity securities | |||||
Schedule of Investments [Line Items] | |||||
Unrealized gains (losses) on investments | (276) | (396) | 300 | (1,253) | |
Other income (loss) | Assets supporting experience-rated contractholder liabilities | Held-for-sale | |||||
Schedule of Investments [Line Items] | |||||
Unrealized gains (losses) on investments | $ (27) | $ (52) | $ 341 | $ (743) | |
California | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 31% | 31% | |||
Texas | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 8% | 8% | |||
New York | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 6% | 6% | |||
Europe | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 6% | 6% | |||
Asia | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 1% | 1% | |||
Mexico | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 1% | 1% | |||
Australia | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 1% | 1% | |||
NAIC High or Highest Quality Rating | Fixed maturities | |||||
Schedule of Investments [Line Items] | |||||
Total Unrealized Losses | $ 41,394 | $ 41,394 | 33,778 | ||
NAIC Other Than High or Highest Quality Rating | Fixed maturities | |||||
Schedule of Investments [Line Items] | |||||
Total Unrealized Losses | $ 1,626 | $ 1,626 | $ 2,166 |
Investments (Fixed Maturity Pro
Investments (Fixed Maturity Proceeds) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Debt Securities [Line Items] | ||||
Proceeds from maturities/prepayments | $ 32,743 | $ 38,851 | ||
Proceeds from maturities/prepayments - HTM | 22 | 24 | ||
Fixed maturities | Available-for-sale | ||||
Debt Securities [Line Items] | ||||
Proceeds from sales | $ 6,619 | $ 4,978 | 20,741 | 24,056 |
Proceeds from maturities/prepayments | 4,051 | 5,186 | 12,092 | 14,792 |
Gross investment gains from sales and maturities | 295 | 325 | 724 | 940 |
Gross investment losses from sales and maturities | (734) | (376) | (1,436) | (1,963) |
Write-downs recognized in earnings | (53) | (21) | (63) | (113) |
(Addition to) release of allowance for credit losses | 37 | (42) | (101) | (37) |
Fixed maturities | Held-to-maturity | ||||
Debt Securities [Line Items] | ||||
Proceeds from maturities/prepayments - HTM | 4 | 7 | 21 | 24 |
(Addition to) release of allowance for credit losses | $ 2 | $ 1 | 2 | 3 |
Fixed maturities | Available-for-sale | ||||
Debt Securities [Line Items] | ||||
Noncash or part noncash divestiture, amount of consideration received (paid) | (90) | 3 | ||
Fixed maturities | Held-to-maturity | ||||
Debt Securities [Line Items] | ||||
Noncash or part noncash divestiture, amount of consideration received (paid) | $ 1 | $ 1 |
Investments (Credit Losses Reco
Investments (Credit Losses Recognized In Earnings on Fixed Maturity Securities Held by the Company) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Change in foreign exchange | $ 1 | $ 2 | ||
Fixed maturities | Available-for-sale | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 276 | $ 109 | 138 | $ 114 |
Additions to allowance for credit losses not previously recorded | 9 | 34 | 149 | 119 |
Reductions for securities sold during the period | (71) | (5) | (116) | (60) |
Reductions for securities with intent to sell | 0 | (80) | ||
Additions (reductions) on securities with previous allowance | 25 | 13 | 68 | 58 |
Balance, ending of period | 239 | 151 | 239 | 151 |
Fixed maturities | Available-for-sale | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Additions to allowance for credit losses not previously recorded | 0 | 0 | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 | 0 | 0 |
Reductions for securities with intent to sell | 0 | 0 | ||
Additions (reductions) on securities with previous allowance | 0 | 0 | 0 | 0 |
Balance, ending of period | 0 | 0 | 0 | 0 |
Fixed maturities | Available-for-sale | Foreign government bonds | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 56 | 6 | 1 | 7 |
Additions to allowance for credit losses not previously recorded | 0 | 0 | 62 | 11 |
Reductions for securities sold during the period | 0 | (3) | 0 | (5) |
Reductions for securities with intent to sell | 0 | (13) | ||
Additions (reductions) on securities with previous allowance | 8 | (2) | 1 | 1 |
Balance, ending of period | 64 | 1 | 64 | 1 |
Fixed maturities | Available-for-sale | U.S. and Foreign Corporate Securities | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 219 | 102 | 136 | 107 |
Additions to allowance for credit losses not previously recorded | 9 | 30 | 87 | 103 |
Reductions for securities sold during the period | (71) | (2) | (116) | (55) |
Reductions for securities with intent to sell | 0 | (67) | ||
Additions (reductions) on securities with previous allowance | 16 | 15 | 66 | 57 |
Balance, ending of period | 173 | 145 | 173 | 145 |
Fixed maturities | Available-for-sale | Asset-backed securities | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 1 | 1 | 1 | 0 |
Additions to allowance for credit losses not previously recorded | 0 | 4 | 0 | 5 |
Reductions for securities sold during the period | 0 | 0 | 0 | 0 |
Reductions for securities with intent to sell | 0 | 0 | ||
Additions (reductions) on securities with previous allowance | 1 | 0 | 1 | 0 |
Balance, ending of period | 2 | 5 | 2 | 5 |
Fixed maturities | Available-for-sale | Commercial mortgage-backed securities | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Additions to allowance for credit losses not previously recorded | 0 | 0 | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 | 0 | 0 |
Reductions for securities with intent to sell | 0 | 0 | ||
Additions (reductions) on securities with previous allowance | 0 | 0 | 0 | 0 |
Balance, ending of period | 0 | 0 | 0 | 0 |
Fixed maturities | Available-for-sale | Residential mortgage-backed securities | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Additions to allowance for credit losses not previously recorded | 0 | 0 | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 | 0 | 0 |
Reductions for securities with intent to sell | 0 | 0 | ||
Additions (reductions) on securities with previous allowance | 0 | 0 | 0 | 0 |
Balance, ending of period | 0 | 0 | 0 | 0 |
Fixed maturities | Fixed maturities, held-to-maturity | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 2 | 3 | 2 | 5 |
Current period provision for expected losses | (2) | (1) | (2) | (2) |
Change in foreign exchange | 0 | 0 | 0 | (1) |
Balance, ending of period | 0 | 2 | 0 | 2 |
Fixed maturities | Fixed maturities, held-to-maturity | U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Current period provision for expected losses | 0 | 0 | 0 | 0 |
Change in foreign exchange | 0 | 0 | 0 | 0 |
Balance, ending of period | 0 | 0 | 0 | 0 |
Fixed maturities | Fixed maturities, held-to-maturity | Foreign government bonds | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Current period provision for expected losses | 0 | 0 | 0 | 0 |
Change in foreign exchange | 0 | 0 | 0 | 0 |
Balance, ending of period | 0 | 0 | 0 | 0 |
Fixed maturities | Fixed maturities, held-to-maturity | U.S. and Foreign Corporate Securities | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 2 | 3 | 2 | 5 |
Current period provision for expected losses | (2) | (1) | (2) | (2) |
Change in foreign exchange | 0 | 0 | 0 | (1) |
Balance, ending of period | 0 | 2 | 0 | 2 |
Fixed maturities | Fixed maturities, held-to-maturity | Asset-backed securities | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Current period provision for expected losses | 0 | 0 | 0 | 0 |
Change in foreign exchange | 0 | 0 | 0 | 0 |
Balance, ending of period | 0 | 0 | 0 | 0 |
Fixed maturities | Fixed maturities, held-to-maturity | Commercial mortgage-backed securities | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Current period provision for expected losses | 0 | 0 | 0 | 0 |
Change in foreign exchange | 0 | 0 | 0 | 0 |
Balance, ending of period | 0 | 0 | 0 | 0 |
Fixed maturities | Fixed maturities, held-to-maturity | Residential mortgage-backed securities | ||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Current period provision for expected losses | 0 | 0 | 0 | 0 |
Change in foreign exchange | 0 | 0 | 0 | 0 |
Balance, ending of period | $ 0 | $ 0 | $ 0 | $ 0 |
Investments (Assets Supporting
Investments (Assets Supporting Experience-Rated Contractholder Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | $ 2,370 | $ 2,612 |
Assets supporting experience-rated contractholder liabilities, at fair value | 2,943 | 2,844 |
Fixed maturities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 894 | 984 |
Assets supporting experience-rated contractholder liabilities, at fair value | 888 | 945 |
Equity securities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 1,476 | 1,628 |
Assets supporting experience-rated contractholder liabilities, at fair value | 2,055 | 1,899 |
Corporate securities | Fixed maturities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 77 | 91 |
Assets supporting experience-rated contractholder liabilities, at fair value | 75 | 88 |
Foreign government bonds | Fixed maturities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 625 | 705 |
Assets supporting experience-rated contractholder liabilities, at fair value | 609 | 668 |
U.S. government authorities and agencies and obligations of U.S. states | Fixed maturities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 192 | 188 |
Assets supporting experience-rated contractholder liabilities, at fair value | $ 204 | $ 189 |
Public Securities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost percentage | 100% | 100% |
NAIC High or Highest Quality Rating | Fixed maturities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost percentage | 99% | 98% |
Investments (Concentrations of
Investments (Concentrations of Credit Risk) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Investments in Japanese government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | $ 60,237 | $ 66,537 |
Concentrations of credit risk at fair value | 58,977 | 66,396 |
Investments in Brazil government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 3,276 | 2,534 |
Concentrations of credit risk at fair value | 3,111 | 2,281 |
Assets supporting experience-rated contractholder liabilities | Investments in Japanese government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 537 | 613 |
Concentrations of credit risk at fair value | 521 | 587 |
Short-term investments | Investments in Brazil government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 1 | 60 |
Concentrations of credit risk at fair value | 1 | 61 |
Cash equivalents | Investments in Brazil government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 437 | 210 |
Concentrations of credit risk at fair value | 437 | 210 |
Fixed maturities, available-for-sale | Fixed maturities | Investments in Japanese government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 59,682 | 65,198 |
Concentrations of credit risk at fair value | 58,439 | 64,959 |
Fixed maturities, available-for-sale | Fixed maturities | Investments in Brazil government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 2,838 | 2,264 |
Concentrations of credit risk at fair value | 2,673 | 2,010 |
Fixed maturities, held-to-maturity | Fixed maturities | Investments in Japanese government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 0 | 706 |
Concentrations of credit risk at fair value | 0 | 831 |
Fixed maturities, trading | Fixed maturities | Investments in Japanese government and government agency securities: | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Concentrations of credit risk at amortized cost | 18 | 20 |
Concentrations of credit risk at fair value | $ 17 | $ 19 |
Investments (Commercial Mortgag
Investments (Commercial Mortgage and Other Loans) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 57,704 | $ 56,334 |
Other loans | 536 | 614 |
Total commercial mortgage and other loans | $ 57,908 | $ 56,745 |
% of Total | 100% | 100% |
Net carrying value of commercial loans held for sale | $ 387 | $ 137 |
Commercial Mortgage Loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 50,765 | $ 49,477 |
% of Total | 88% | 87.80% |
Commercial mortgage and agricultural property loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Allowance for credit losses | $ (331) | $ (201) |
Total net loans | 57,373 | 56,133 |
Uncollateralized loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Other loans | 406 | 463 |
Residential property loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Other loans | 30 | 43 |
Other collateralized loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Other loans | 100 | 108 |
Other loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Total net loans | 535 | 612 |
Allowance for credit losses | (1) | (2) |
Office | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 8,403 | $ 9,096 |
% of Total | 14.60% | 16.20% |
Retail | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 5,869 | $ 6,103 |
% of Total | 10.20% | 10.80% |
Apartments/Multi-Family | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 15,985 | $ 15,381 |
% of Total | 27.70% | 27.30% |
Industrial | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 14,430 | $ 13,079 |
% of Total | 25% | 23.20% |
Hospitality | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 2,139 | $ 2,027 |
% of Total | 3.70% | 3.60% |
Other | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 3,939 | $ 3,791 |
% of Total | 6.80% | 6.70% |
Agricultural property loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 6,939 | $ 6,857 |
% of Total | 12% | 12.20% |
Investments (Allowance for Cred
Investments (Allowance for Credit Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning of period | $ 241 | $ 196 | $ 203 | $ 119 |
Addition to (release of) allowance for expected losses | 90 | 24 | 128 | 96 |
Reduction for loans sold during the period | 0 | (1) | ||
Change in foreign exchange | 1 | 2 | ||
Reclassified (to) from “Assets held-for sale” | (6) | 0 | ||
Other | 4 | 3 | ||
Allowance, end of period | 332 | 218 | 332 | 218 |
Commercial Mortgage Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning of period | 224 | 156 | 188 | 111 |
Addition to (release of) allowance for expected losses | 90 | 22 | 125 | 62 |
Reduction for loans sold during the period | 0 | 0 | ||
Change in foreign exchange | 1 | 2 | ||
Reclassified (to) from “Assets held-for sale” | (6) | 0 | ||
Other | 4 | 3 | ||
Allowance, end of period | 315 | 176 | 315 | 176 |
Agricultural Property Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning of period | 16 | 8 | 13 | 4 |
Addition to (release of) allowance for expected losses | 0 | 2 | 3 | 6 |
Reduction for loans sold during the period | 0 | 0 | ||
Change in foreign exchange | 0 | 0 | ||
Reclassified (to) from “Assets held-for sale” | 0 | 0 | ||
Other | 0 | 0 | ||
Allowance, end of period | 16 | 10 | 16 | 10 |
Residential Property Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning of period | 0 | 0 | 0 | 0 |
Addition to (release of) allowance for expected losses | 0 | 0 | 0 | 0 |
Reduction for loans sold during the period | 0 | 0 | ||
Change in foreign exchange | 0 | 0 | ||
Reclassified (to) from “Assets held-for sale” | 0 | 0 | ||
Other | 0 | 0 | ||
Allowance, end of period | 0 | 0 | 0 | 0 |
Other collateralized loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning of period | 0 | 0 | 0 | 0 |
Addition to (release of) allowance for expected losses | 0 | 0 | 0 | 0 |
Reduction for loans sold during the period | 0 | 0 | ||
Change in foreign exchange | 0 | 0 | ||
Reclassified (to) from “Assets held-for sale” | 0 | 0 | ||
Other | 0 | 0 | ||
Allowance, end of period | 0 | 0 | 0 | 0 |
Uncollateralized Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance, beginning of period | 1 | 32 | 2 | 4 |
Addition to (release of) allowance for expected losses | 0 | 0 | 0 | 28 |
Reduction for loans sold during the period | 0 | (1) | ||
Change in foreign exchange | 0 | 0 | ||
Reclassified (to) from “Assets held-for sale” | 0 | 0 | ||
Other | 0 | 0 | ||
Allowance, end of period | $ 1 | $ 32 | $ 1 | $ 32 |
Investments (Credit Quality Ind
Investments (Credit Quality Indicators) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Recording investment gross of allowance for credit losses | $ 58,240 | $ 56,948 |
Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 3,858 | 3,835 |
One Years Prior | 3,678 | 6,402 |
Two Years Prior | 6,240 | 3,361 |
Three Years Prior | 3,263 | 6,779 |
Four Years Prior | 6,691 | 7,098 |
Prior | 27,035 | 22,002 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 50,765 | 49,477 |
Commercial Mortgage Loans | ≥ 1.2X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 3,494 | 3,249 |
One Years Prior | 3,161 | 6,135 |
Two Years Prior | 6,078 | 3,013 |
Three Years Prior | 3,169 | 5,749 |
Four Years Prior | 6,063 | 6,505 |
Prior | 23,697 | 18,318 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 45,662 | 42,969 |
Commercial Mortgage Loans | 1.0 - 1.2x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 214 | 586 |
One Years Prior | 365 | 252 |
Two Years Prior | 84 | 164 |
Three Years Prior | 39 | 454 |
Four Years Prior | 307 | 383 |
Prior | 1,762 | 2,183 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 2,771 | 4,022 |
Commercial Mortgage Loans | Less than 1.0x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 150 | 0 |
One Years Prior | 152 | 15 |
Two Years Prior | 78 | 184 |
Three Years Prior | 55 | 576 |
Four Years Prior | 321 | 210 |
Prior | 1,576 | 1,501 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 2,332 | 2,486 |
Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 299 | 1,606 |
One Years Prior | 1,562 | 2,079 |
Two Years Prior | 2,060 | 861 |
Three Years Prior | 840 | 508 |
Four Years Prior | 495 | 347 |
Prior | 1,597 | 1,382 |
Revolving Loans | 86 | 74 |
Recording investment gross of allowance for credit losses | 6,939 | 6,857 |
Agricultural property loans | ≥ 1.2X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 294 | 1,593 |
One Years Prior | 1,549 | 2,035 |
Two Years Prior | 2,017 | 781 |
Three Years Prior | 809 | 507 |
Four Years Prior | 494 | 323 |
Prior | 1,510 | 1,272 |
Revolving Loans | 86 | 74 |
Recording investment gross of allowance for credit losses | 6,759 | 6,585 |
Agricultural property loans | 1.0 - 1.2x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 5 |
One Years Prior | 5 | 44 |
Two Years Prior | 43 | 80 |
Three Years Prior | 31 | 0 |
Four Years Prior | 0 | 6 |
Prior | 74 | 68 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 153 | 203 |
Agricultural property loans | Less than 1.0x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 5 | 8 |
One Years Prior | 8 | 0 |
Two Years Prior | 0 | 0 |
Three Years Prior | 0 | 1 |
Four Years Prior | 1 | 18 |
Prior | 13 | 42 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 27 | 69 |
0%-59.99% | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,340 | 971 |
One Years Prior | 946 | 1,747 |
Two Years Prior | 2,243 | 1,282 |
Three Years Prior | 1,393 | 2,831 |
Four Years Prior | 3,454 | 4,697 |
Prior | 18,461 | 15,111 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 27,837 | 26,639 |
0%-59.99% | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 194 | 931 |
One Years Prior | 891 | 1,994 |
Two Years Prior | 2,020 | 853 |
Three Years Prior | 784 | 461 |
Four Years Prior | 460 | 326 |
Prior | 1,593 | 1,348 |
Revolving Loans | 86 | 74 |
Recording investment gross of allowance for credit losses | 6,028 | 5,987 |
60%-69.99% | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,600 | 1,997 |
One Years Prior | 1,636 | 3,502 |
Two Years Prior | 2,846 | 1,553 |
Three Years Prior | 1,542 | 2,804 |
Four Years Prior | 2,113 | 1,732 |
Prior | 4,089 | 3,780 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 13,826 | 15,368 |
60%-69.99% | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 98 | 675 |
One Years Prior | 671 | 85 |
Two Years Prior | 40 | 8 |
Three Years Prior | 56 | 47 |
Four Years Prior | 20 | 8 |
Prior | 4 | 0 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 889 | 823 |
70%-79.99% | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 833 | 865 |
One Years Prior | 966 | 1,127 |
Two Years Prior | 1,003 | 519 |
Three Years Prior | 46 | 1,025 |
Four Years Prior | 939 | 645 |
Prior | 1,824 | 1,445 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 5,611 | 5,626 |
70%-79.99% | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 7 | 0 |
One Years Prior | 0 | 0 |
Two Years Prior | 0 | 0 |
Three Years Prior | 0 | 0 |
Four Years Prior | 15 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 22 | 0 |
80% or greater | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 85 | 2 |
One Years Prior | 130 | 26 |
Two Years Prior | 148 | 7 |
Three Years Prior | 282 | 119 |
Four Years Prior | 185 | 24 |
Prior | 2,661 | 1,666 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 3,491 | 1,844 |
80% or greater | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 0 |
One Years Prior | 0 | 0 |
Two Years Prior | 0 | 0 |
Three Years Prior | 0 | 0 |
Four Years Prior | 0 | 13 |
Prior | 0 | 34 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | $ 0 | $ 47 |
Investments (Analysis of Past D
Investments (Analysis of Past Due Commercial Mortgage and Other Loans) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 58,240 | $ 56,948 |
Non-accrual status | 111 | 28 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 58,178 | 56,923 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4 | 14 |
90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 58 | 11 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 62 | 25 |
Commercial Mortgage Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 50,765 | 49,477 |
Non-accrual status | 61 | 11 |
Commercial Mortgage Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 50,707 | 49,465 |
Commercial Mortgage Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial Mortgage Loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 3 |
Commercial Mortgage Loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 58 | 9 |
Commercial Mortgage Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 58 | 12 |
Agricultural property loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 6,939 | 6,857 |
Non-accrual status | 25 | 17 |
Agricultural property loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 6,935 | 6,844 |
Agricultural property loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Agricultural property loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4 | 11 |
Agricultural property loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 2 |
Agricultural property loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4 | 13 |
Residential property loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 30 | 43 |
Non-accrual status | 0 | 0 |
Residential property loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 30 | 43 |
Residential property loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Residential property loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Residential property loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Residential property loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Other collateralized loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 100 | 108 |
Non-accrual status | 0 | 0 |
Other collateralized loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 100 | 108 |
Other collateralized loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Other collateralized loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Other collateralized loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Other collateralized loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Uncollateralized loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 406 | 463 |
Non-accrual status | 25 | 0 |
Uncollateralized loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 406 | 463 |
Uncollateralized loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Uncollateralized loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Uncollateralized loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Uncollateralized loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Accruing interest | $ 0 | $ 0 |
Investments (Other Invested Ass
Investments (Other Invested Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | |
Other Invested Assets [Line Items] | |||
Other invested assets | [1] | $ 21,868 | $ 21,099 |
LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 17,978 | 16,917 | |
Real estate held through direct ownership | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,821 | 1,617 | |
Derivative instruments | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,001 | 1,457 | |
Other | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,068 | 1,108 | |
Mortgage Debt | Real estate-related | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 181 | 208 | |
Equity method | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 14,293 | 13,228 | |
Equity method | Private equity | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 8,556 | 7,215 | |
Equity method | Hedge funds | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 3,145 | 3,220 | |
Equity method | Real estate-related | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 2,592 | 2,793 | |
Fair Value | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 97 | 102 | |
Fair Value | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 3,685 | 3,689 | |
Fair Value | Private equity | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,341 | 1,476 | |
Fair Value | Hedge funds | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 2,068 | 1,908 | |
Fair Value | Real estate-related | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | $ 276 | $ 305 | |
[1]See Note 4 for details of balances associated with variable interest entities (“VIEs”). |
Investments (Accrued Investment
Investments (Accrued Investment Income) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | |
Net Investment Income [Line Items] | |||
Accrued investment income | [1] | $ 3,191 | $ 3,012 |
Fixed maturities | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 2,662 | 2,517 | |
Equity securities | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 9 | 6 | |
Commercial mortgage and other loans | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 203 | 190 | |
Policy loans | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 253 | 253 | |
Other invested assets | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 16 | 18 | |
Short-term investments and cash equivalents | |||
Net Investment Income [Line Items] | |||
Accrued investment income | $ 48 | $ 28 | |
[1]See Note 4 for details of balances associated with variable interest entities (“VIEs”). |
Investments (Net Investment Inc
Investments (Net Investment Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | $ 4,864 | $ 3,853 | $ 14,241 | $ 12,497 |
Less: investment Expense | (293) | (222) | (874) | (570) |
Net investment income | 4,571 | 3,631 | 13,367 | 11,927 |
Assets supporting experience-rated contractholder liabilities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 9 | 11 | 34 | 155 |
Equity securities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 38 | 27 | 142 | 103 |
Commercial mortgage and other loans | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 578 | 533 | 1,681 | 1,646 |
Policy loans | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 124 | 125 | 372 | 376 |
Other invested assets | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 352 | 70 | 1,046 | 1,002 |
Short-term investments and cash equivalents | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 260 | 143 | 720 | 218 |
Available-for-sale | Fixed maturities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 3,390 | 2,836 | 9,921 | 8,666 |
Held-to-maturity | Fixed maturities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 48 | 52 | 148 | 160 |
Trading | Fixed maturities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | $ 65 | $ 56 | $ 177 | $ 171 |
Investments (Realized Investmen
Investments (Realized Investment Gains Losses, Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
Gain (Loss) on Securities [Line Items] | ||||||
Realized investment gains (losses), net | $ (2,402) | $ (430) | [1] | $ (3,123) | $ (3,110) | [2] |
Fixed maturities | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Realized investment gains (losses), net | (453) | (113) | (874) | (1,170) | ||
Commercial mortgage and other loans | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Realized investment gains (losses), net | (83) | (9) | (109) | (75) | ||
Investment real estate | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Realized investment gains (losses), net | 22 | (7) | 49 | 83 | ||
LPs/LLCs | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Realized investment gains (losses), net | (4) | (13) | (21) | (19) | ||
Derivatives | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Realized investment gains (losses), net | (1,972) | (285) | (2,277) | (1,928) | ||
Other | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Realized investment gains (losses), net | $ 88 | $ (3) | $ 109 | $ (1) | ||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Investments (Net Unrealized Gai
Investments (Net Unrealized Gains Losses on Investments) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | $ (34,532) | $ (25,026) |
Fixed maturities | Available-for-sale | With an allowance | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | (95) | (45) |
Fixed maturities | Available-for-sale | Without an allowance | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | (36,383) | (27,545) |
Derivatives designated as cash flow hedges | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | 1,947 | 2,616 |
Derivatives designated as fair value hedges | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | (18) | (54) |
Other investments | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | 17 | $ 2 |
Other investments | Available-for-sale | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | $ 136 |
Investments (Repurchase Agreeme
Investments (Repurchase Agreements and Securities Lending Transactions) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | $ 5,547 | $ 6,589 |
Total cash collateral for loaned securities | 6,067 | 6,100 |
Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 5,431 | 6,189 |
Total cash collateral for loaned securities | 5,474 | 5,622 |
Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 116 | 200 |
Total cash collateral for loaned securities | 593 | 478 |
30 to 90 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 200 |
Total cash collateral for loaned securities | 0 | 0 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 5,149 | 6,579 |
Total cash collateral for loaned securities | 1 | 1 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 5,149 | 6,179 |
Total cash collateral for loaned securities | 1 | 1 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 200 |
Total cash collateral for loaned securities | 0 | 0 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | 30 to 90 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 200 |
Obligations of U.S. states and their political subdivisions | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 48 | 61 |
Obligations of U.S. states and their political subdivisions | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 48 | 61 |
Obligations of U.S. states and their political subdivisions | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 0 | 0 |
Foreign government bonds | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 237 | 299 |
Foreign government bonds | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 236 | 285 |
Foreign government bonds | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 1 | 14 |
U.S. public corporate securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 94 | 0 |
Total cash collateral for loaned securities | 4,322 | 4,504 |
U.S. public corporate securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Total cash collateral for loaned securities | 3,823 | 4,109 |
U.S. public corporate securities | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 94 | 0 |
Total cash collateral for loaned securities | 499 | 395 |
U.S. public corporate securities | 30 to 90 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Foreign public corporate securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 22 | 0 |
Total cash collateral for loaned securities | 682 | 875 |
Foreign public corporate securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Total cash collateral for loaned securities | 589 | 806 |
Foreign public corporate securities | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 22 | 0 |
Total cash collateral for loaned securities | 93 | 69 |
Foreign public corporate securities | 30 to 90 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Commercial mortgage-backed securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 282 | 0 |
Commercial mortgage-backed securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 282 | 0 |
Commercial mortgage-backed securities | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Commercial mortgage-backed securities | 30 to 90 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Residential mortgage-backed securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 10 |
Residential mortgage-backed securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 10 |
Residential mortgage-backed securities | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Residential mortgage-backed securities | 30 to 90 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Equity securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 777 | 360 |
Equity securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 777 | 360 |
Equity securities | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | $ 0 | $ 0 |
Variable Interest Entities (Ass
Variable Interest Entities (Assets and Liabilities of Consolidated VIEs) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Variable Interest Entity [Line Items] | ||
Total assets | $ 681,254 | $ 689,029 |
Total liabilities | 654,307 | 657,481 |
Consolidated VIEs for Which the Company is the Investment Manager | ||
Variable Interest Entity [Line Items] | ||
Total assets | 6,730 | 5,557 |
Total liabilities | 1,377 | 763 |
Consolidated VIEs for Which the Company is the Investment Manager | Wholly-owned beneficial interests | ||
Variable Interest Entity [Line Items] | ||
Total assets | 3,771 | 3,403 |
Consolidated VIEs for Which the Company is the Investment Manager | Equity securities | ||
Variable Interest Entity [Line Items] | ||
Total assets | 119 | 85 |
Consolidated VIEs for Which the Company is the Investment Manager | Commercial mortgage and other loans | ||
Variable Interest Entity [Line Items] | ||
Total assets | 669 | 784 |
Consolidated VIEs for Which the Company is the Investment Manager | Other | ||
Variable Interest Entity [Line Items] | ||
Total assets | 4,019 | 3,397 |
Consolidated VIEs for Which the Company is the Investment Manager | Cash and cash equivalents | ||
Variable Interest Entity [Line Items] | ||
Total assets | 342 | 375 |
Consolidated VIEs for Which the Company is the Investment Manager | Accrued investment income | ||
Variable Interest Entity [Line Items] | ||
Total assets | 3 | 2 |
Consolidated VIEs for Which the Company is the Investment Manager | Other assets | ||
Variable Interest Entity [Line Items] | ||
Total assets | 591 | 352 |
Consolidated VIEs for Which the Company is the Investment Manager | Other liabilities | ||
Variable Interest Entity [Line Items] | ||
Total liabilities | 586 | 389 |
Consolidated VIEs for Which the Company is the Investment Manager | Notes issued by consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total liabilities | 791 | 374 |
Other Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total assets | 1,822 | 1,556 |
Total liabilities | 0 | 0 |
Other Consolidated VIEs | Equity securities | ||
Variable Interest Entity [Line Items] | ||
Total assets | 0 | 0 |
Other Consolidated VIEs | Commercial mortgage and other loans | ||
Variable Interest Entity [Line Items] | ||
Total assets | 0 | 0 |
Other Consolidated VIEs | Other | ||
Variable Interest Entity [Line Items] | ||
Total assets | 438 | 68 |
Other Consolidated VIEs | Cash and cash equivalents | ||
Variable Interest Entity [Line Items] | ||
Total assets | 0 | 0 |
Other Consolidated VIEs | Accrued investment income | ||
Variable Interest Entity [Line Items] | ||
Total assets | 2 | 3 |
Other Consolidated VIEs | Other assets | ||
Variable Interest Entity [Line Items] | ||
Total assets | 600 | 706 |
Other Consolidated VIEs | Other liabilities | ||
Variable Interest Entity [Line Items] | ||
Total liabilities | 0 | 0 |
Other Consolidated VIEs | Notes issued by consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total liabilities | 0 | 0 |
Fixed maturities, available-for-sale | Consolidated VIEs for Which the Company is the Investment Manager | Fixed maturities | ||
Variable Interest Entity [Line Items] | ||
Total assets | 440 | 398 |
Fixed maturities, available-for-sale | Other Consolidated VIEs | Fixed maturities | ||
Variable Interest Entity [Line Items] | ||
Total assets | 782 | 90 |
Fixed maturities, held-to-maturity | Consolidated VIEs for Which the Company is the Investment Manager | Fixed maturities | ||
Variable Interest Entity [Line Items] | ||
Total assets | 0 | 0 |
Fixed maturities, held-to-maturity | Other Consolidated VIEs | Fixed maturities | ||
Variable Interest Entity [Line Items] | ||
Total assets | 0 | 689 |
Fixed maturities, trading | Consolidated VIEs for Which the Company is the Investment Manager | Fixed maturities | ||
Variable Interest Entity [Line Items] | ||
Total assets | 547 | 164 |
Fixed maturities, trading | Other Consolidated VIEs | Fixed maturities | ||
Variable Interest Entity [Line Items] | ||
Total assets | $ 0 | $ 0 |
Minimum | Consolidated VIEs for Which the Company is the Investment Manager | Notes issued by consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
VIEs Liabilities, maturities obligations | 0 years | |
Maximum | Consolidated VIEs for Which the Company is the Investment Manager | Notes issued by consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
VIEs Liabilities, maturities obligations | 12 years |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Total liabilities | $ 654,307,000,000 | $ 657,481,000,000 |
Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total liabilities | 0 | |
Fixed maturities, available-for-sale, Fixed maturities, trading, Equity securities and Other invested assets | Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss on these investments | 844,000,000 | 950,000,000 |
Other invested assets | Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss on these investments | $ 17,978,000,000 | $ 16,917,000,000 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Credit Derivatives [Line Items] | |||||
Total derivative assets | $ 1,005 | $ 1,005 | $ 1,455 | ||
Total derivative liabilities | 5,421 | 5,421 | 3,055 | ||
Anticipated pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to earnings | $ 315 | ||||
Maximum length of time hedged in cash flow hedge (future cash flows) | 28 years | ||||
Net investment hedges income (loss) before taxes | 25 | $ 26 | $ 86 | $ 166 | |
Non-derivative Net Investment Hedges income (loss) before taxes | 15 | $ 2 | 60 | $ 134 | |
Credit derivative protection purchased notional amount | 806 | 806 | 324 | ||
Credit Risk Derivative Liabilities, at Fair Value | (5) | (5) | (31) | ||
Credit Default Swap, Buying Protection | |||||
Credit Derivatives [Line Items] | |||||
Credit Risk Derivative Liabilities, at Fair Value | $ 6 | $ 6 | |||
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | $ 1 |
Derivative Instruments (Gross N
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Gross Notional | $ 493,917 | $ 460,804 |
Assets | 20,183 | 16,257 |
Liabilities | (34,305) | (26,353) |
Embedded derivative, fair value OF embedded derivative, net | (5,051) | (2,997) |
Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative [Line Items] | ||
Gross Notional | 35,936 | 34,491 |
Assets | 3,018 | 3,690 |
Liabilities | (1,028) | (925) |
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 3,743 | 3,627 |
Assets | 6 | 66 |
Liabilities | (437) | (245) |
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Forwards | ||
Derivative [Line Items] | ||
Gross Notional | 50 | 398 |
Assets | 0 | 0 |
Liabilities | (18) | (85) |
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Gross Notional | 4,707 | 4,830 |
Assets | 116 | 155 |
Liabilities | (183) | (262) |
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 27,436 | 25,636 |
Assets | 2,896 | 3,469 |
Liabilities | (390) | (333) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative [Line Items] | ||
Gross Notional | 457,981 | 426,313 |
Assets | 17,165 | 12,567 |
Liabilities | (33,277) | (25,428) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 224,304 | 212,934 |
Assets | 13,132 | 9,097 |
Liabilities | (28,286) | (21,154) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Forwards | ||
Derivative [Line Items] | ||
Gross Notional | 3,084 | 2,354 |
Assets | 88 | 21 |
Liabilities | (188) | (42) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Gross Notional | 28,568 | 31,317 |
Assets | 1,405 | 1,556 |
Liabilities | (1,357) | (1,924) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Options | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 7,916 | 8,410 |
Assets | 704 | 813 |
Liabilities | (155) | (170) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Futures | ||
Derivative [Line Items] | ||
Gross Notional | 13,253 | 18,080 |
Assets | 26 | 13 |
Liabilities | (11) | (24) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Options | ||
Derivative [Line Items] | ||
Gross Notional | 32,398 | 9,778 |
Assets | 523 | 224 |
Liabilities | (1,638) | (280) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Default Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 6,407 | 6,351 |
Assets | 29 | 27 |
Liabilities | (39) | (57) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Futures | ||
Derivative [Line Items] | ||
Gross Notional | 1,081 | 1,372 |
Assets | 0 | 1 |
Liabilities | (5) | (2) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options | ||
Derivative [Line Items] | ||
Gross Notional | 48,867 | 38,323 |
Assets | 896 | 708 |
Liabilities | (1,462) | (1,590) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Total Return Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 10,701 | 11,806 |
Assets | 361 | 106 |
Liabilities | (135) | (184) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Other | ||
Derivative [Line Items] | ||
Gross Notional | 1,250 | 1,250 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Synthetic GICs | ||
Derivative [Line Items] | ||
Gross Notional | 80,152 | 84,338 |
Assets | 1 | 1 |
Liabilities | $ (1) | $ (1) |
Derivative Instruments (Hedged
Derivative Instruments (Hedged Item Offset By Derivatives Achieving Fair Value Hedge Accounting) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | ||
Derivative [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | [1] | $ 295,318 | $ 307,719 | ||
Commercial mortgage and other loans | [1] | 57,908 | 56,745 | ||
Policyholders’ account balances | (140,788) | (135,624) | [2] | ||
Future policy benefits | (253,551) | (261,773) | [2] | $ (255,135) | |
Carrying Amount of the Hedged Assets (Liabilities) | |||||
Derivative [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 206 | 297 | |||
Commercial mortgage and other loans | 0 | 0 | |||
Policyholders’ account balances | (742) | (966) | |||
Future policy benefits | (2,238) | (2,354) | |||
Cumulative Adjustment Included in Carrying Amount | |||||
Derivative [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 10 | 27 | |||
Commercial mortgage and other loans | 0 | 0 | |||
Policyholders’ account balances | 322 | 217 | |||
Future policy benefits | $ 502 | $ 391 | |||
[1]See Note 4 for details of balances associated with variable interest entities (“VIEs”).[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Derivative Instruments (Offsett
Derivative Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative Assets | ||
Gross Amounts of Recognized Financial Instruments | $ 20,084 | $ 16,178 |
Gross Amounts Offset in the Statements of Financial Position | (19,178) | (14,802) |
Net Amounts Presented in the Statements of Financial Position | 906 | 1,376 |
Financial Instruments/Collateral | (210) | (702) |
Net Amount | 696 | 674 |
Securities purchased under agreement to resell | ||
Gross Amounts of Recognized Financial Instruments | 607 | 385 |
Gross Amounts Offset in the Statements of Financial Position | 0 | 0 |
Net Amounts Presented in the Statements of Financial Position | 607 | 385 |
Financial Instruments/Collateral | (467) | (385) |
Net Amount | 140 | 0 |
Total assets | ||
Gross Amounts of Recognized Financial Instruments | 20,691 | 16,563 |
Gross Amounts Offset in the Statements of Financial Position | (19,178) | (14,802) |
Net Amounts Presented in the Statements of Financial Position | 1,513 | 1,761 |
Financial Instruments/Collateral | (677) | (1,087) |
Net Amount | 836 | 674 |
Derivative Liabilities | ||
Gross Amounts of Recognized Financial Instruments | 34,305 | 26,352 |
Gross Amounts Offset in the Statements of Financial Position | (28,884) | (23,298) |
Net Amounts Presented in the Statements of Financial Position | 5,421 | 3,054 |
Financial Instruments/Collateral | (5,175) | (3,054) |
Net Amount | 246 | 0 |
Securities sold under agreement to repurchase | ||
Gross Amounts of Recognized Financial Instruments | 5,547 | 6,589 |
Gross Amounts Offset in the Statements of Financial Position | 0 | 0 |
Net Amounts Presented in the Statements of Financial Position | 5,547 | 6,589 |
Financial Instruments/Collateral | (5,265) | (6,589) |
Net Amount | 282 | 0 |
Total liabilities | ||
Gross Amounts of Recognized Financial Instruments | 39,852 | 32,941 |
Gross Amounts Offset in the Statements of Financial Position | (28,884) | (23,298) |
Net Amounts Presented in the Statements of Financial Position | 10,968 | 9,643 |
Financial Instruments/Collateral | (10,440) | (9,643) |
Net Amount | $ 528 | $ 0 |
Derivative Instruments (Financi
Derivative Instruments (Financial Statement Classification and Impact of Derivatives Used in Qualifying and Non-qualifying Hedge Relationships) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-derivative Net Investment Hedges income (loss) before taxes | $ 15 | $ 2 | $ 60 | $ 134 |
Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (1,972) | (276) | (2,268) | (1,914) |
Realized Investment Gains (Losses) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (1,976) | (310) | (2,305) | (1,997) |
Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (2,000) | (1,098) | (3,432) | (4,436) |
Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (2,000) | (1,098) | (3,432) | (4,436) |
Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 75 | 82 | 235 | 229 |
Net Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Other Income (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 144 | 285 | 1 | 759 |
Other Income (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 6 | 3 | 9 |
Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Credited to Policyholders’ Account Balances | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (6) | (2) | (21) | 16 |
Interest Credited to Policyholders’ Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Policyholders’ Benefits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 45 | 1 | 25 | 3 |
Policyholders’ Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Change in AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (7) | 1,602 | (606) | 3,102 |
Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Fair value hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 10 | 12 | 10 | 10 |
Fair value hedges | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Fair value hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | (1) | (1) | (5) |
Fair value hedges | Other Income (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Fair value hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Fair value hedges | Interest Credited to Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (110) | (106) | (126) | (373) |
Fair value hedges | Policyholders’ Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (214) | (258) | (129) | (783) |
Fair value hedges | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Fair Value Hedged Item | Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (9) | (12) | (10) | (8) |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 1 | 0 | 0 | 2 |
Fair Value Hedged Item | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 0 | 0 | 0 | 0 |
Fair Value Hedged Item | Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 3 | 5 | 9 | 18 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 3 | 4 | 8 | 13 |
Fair Value Hedged Item | Other Income (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 0 | 0 | 0 | 0 |
Fair Value Hedged Item | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 0 | 0 | 0 | 0 |
Fair Value Hedged Item | Interest Credited to Policyholders’ Account Balances | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 104 | 104 | 105 | 389 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | (6) | (2) | (21) | 16 |
Fair Value Hedged Item | Policyholders’ Benefits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 261 | 260 | 160 | 789 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 45 | 1 | 25 | 3 |
Fair Value Hedged Item | Change in AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 131 | (74) | 36 | (11) |
Cash flow hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 3 | 34 | 37 | 81 |
Cash flow hedges | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Cash flow hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 72 | 78 | 227 | 216 |
Cash flow hedges | Other Income (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 144 | 279 | (2) | 750 |
Cash flow hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Cash flow hedges | Interest Credited to Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Cash flow hedges | Policyholders’ Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Cash flow hedges | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (149) | 1,653 | (669) | 3,080 |
Net investment hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Net investment hedges | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Net investment hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Net investment hedges | Other Income (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Net investment hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Net investment hedges | Interest Credited to Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Net investment hedges | Policyholders’ Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Net investment hedges | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 11 | 23 | 27 | 33 |
Interest Rate | Realized Investment Gains (Losses) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (1,918) | (695) | (1,693) | (3,081) |
Interest Rate | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (2,314) | (1,376) | (3,069) | (6,235) |
Interest Rate | Net Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Other Income (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Interest Credited to Policyholders’ Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Policyholders’ Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Fair value hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 10 | 11 | 11 | 39 |
Interest Rate | Fair value hedges | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Fair value hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | (1) | 0 | (4) |
Interest Rate | Fair value hedges | Other Income (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Fair value hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Fair value hedges | Interest Credited to Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (110) | (106) | (126) | (373) |
Interest Rate | Fair value hedges | Policyholders’ Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (141) | (114) | (155) | (432) |
Interest Rate | Fair value hedges | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Fair Value Hedged Item | Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (9) | (11) | (10) | (39) |
Interest Rate | Fair Value Hedged Item | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Interest Rate | Fair Value Hedged Item | Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 3 | 3 | 9 | 10 |
Interest Rate | Fair Value Hedged Item | Other Income (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Interest Rate | Fair Value Hedged Item | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Interest Rate | Fair Value Hedged Item | Interest Credited to Policyholders’ Account Balances | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 104 | 104 | 105 | 389 |
Interest Rate | Fair Value Hedged Item | Policyholders’ Benefits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 189 | 109 | 185 | 441 |
Interest Rate | Fair Value Hedged Item | Change in AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Interest Rate | Cash flow hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 1 | (22) | (5) |
Interest Rate | Cash flow hedges | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Cash flow hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (3) | 1 | (10) | 2 |
Interest Rate | Cash flow hedges | Other Income (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Cash flow hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Cash flow hedges | Interest Credited to Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Cash flow hedges | Policyholders’ Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Cash flow hedges | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (40) | (76) | (9) | (210) |
Currency | Realized Investment Gains (Losses) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 70 | 2 | (440) | (369) |
Currency | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Net Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Other Income (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (1) | 2 | 4 | 1 |
Currency | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Interest Credited to Policyholders’ Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Policyholders’ Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Fair value hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 1 | (1) | (29) |
Currency | Fair value hedges | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Fair value hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | (1) | (1) |
Currency | Fair value hedges | Other Income (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Fair value hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Fair value hedges | Interest Credited to Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Fair value hedges | Policyholders’ Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (73) | (144) | 26 | (351) |
Currency | Fair value hedges | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Fair Value Hedged Item | Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | (1) | 0 | 31 |
Currency | Fair Value Hedged Item | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Currency | Fair Value Hedged Item | Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 2 | 0 | 8 |
Currency | Fair Value Hedged Item | Other Income (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Currency | Fair Value Hedged Item | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Currency | Fair Value Hedged Item | Interest Credited to Policyholders’ Account Balances | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Currency | Fair Value Hedged Item | Policyholders’ Benefits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 72 | 151 | (25) | 348 |
Currency | Fair Value Hedged Item | Change in AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Currency | Amortization for gains (losses) excluded from assessment of the effectiveness | Realized Investment Gains (Losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Amortization for gains (losses) excluded from assessment of the effectiveness | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Amortization for gains (losses) excluded from assessment of the effectiveness | Net Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Amortization for gains (losses) excluded from assessment of the effectiveness | Other Income (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Amortization for gains (losses) excluded from assessment of the effectiveness | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Amortization for gains (losses) excluded from assessment of the effectiveness | Interest Credited to Policyholders’ Account Balances | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Amortization for gains (losses) excluded from assessment of the effectiveness | Policyholders’ Benefits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (2) | (1) | (6) | (3) |
Currency | Amortization for gains (losses) excluded from assessment of the effectiveness | Change in AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 131 | (74) | 36 | (11) |
Currency | Cash flow hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 6 | 8 | 10 |
Currency | Cash flow hedges | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Cash flow hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Cash flow hedges | Other Income (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Cash flow hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Cash flow hedges | Interest Credited to Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Cash flow hedges | Policyholders’ Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Cash flow hedges | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 181 | (40) | 325 |
Currency | Net investment hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Net investment hedges | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Net investment hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Net investment hedges | Other Income (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Net investment hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Net investment hedges | Interest Credited to Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Net investment hedges | Policyholders’ Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Net investment hedges | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 11 | 23 | 27 | 33 |
Currency/Interest Rate | Realized Investment Gains (Losses) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 34 | 501 | (29) | 1,287 |
Currency/Interest Rate | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Net Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Other Income (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 1 | 4 | (1) | 8 |
Currency/Interest Rate | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Interest Credited to Policyholders’ Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Policyholders’ Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Cash flow hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 3 | 27 | 51 | 76 |
Currency/Interest Rate | Cash flow hedges | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Cash flow hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 75 | 77 | 237 | 214 |
Currency/Interest Rate | Cash flow hedges | Other Income (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 144 | 279 | (2) | 750 |
Currency/Interest Rate | Cash flow hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Cash flow hedges | Interest Credited to Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Cash flow hedges | Policyholders’ Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Cash flow hedges | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (109) | 1,548 | (620) | 2,965 |
Currency/Interest Rate | Net investment hedges | Realized Investment Gains (Losses) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Net investment hedges | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Net investment hedges | Net Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Net investment hedges | Other Income (Loss) | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Net investment hedges | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Net investment hedges | Interest Credited to Policyholders’ Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Net investment hedges | Policyholders’ Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Net investment hedges | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Credit | Realized Investment Gains (Losses) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 1 | (11) | 86 | (174) |
Credit | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Credit | Net Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Credit | Other Income (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Credit | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Credit | Interest Credited to Policyholders’ Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Credit | Policyholders’ Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Credit | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Equity | Realized Investment Gains (Losses) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (461) | (331) | 689 | (197) |
Equity | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 314 | 278 | (363) | 1,799 |
Equity | Net Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Equity | Other Income (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Equity | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Equity | Interest Credited to Policyholders’ Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Equity | Policyholders’ Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Equity | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Other | Realized Investment Gains (Losses) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 2 |
Other | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Other | Net Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Other | Other Income (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Other | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Other | Interest Credited to Policyholders’ Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Other | Policyholders’ Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Other | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Embedded Derivatives | Realized Investment Gains (Losses) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 298 | 224 | (918) | 535 |
Embedded Derivatives | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Embedded Derivatives | Net Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Embedded Derivatives | Other Income (Loss) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Embedded Derivatives | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Embedded Derivatives | Interest Credited to Policyholders’ Account Balances | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Embedded Derivatives | Policyholders’ Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Embedded Derivatives | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments (Current
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) - Cash flow hedges in AOCI $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Balance, beginning | $ 2,616 |
Total amount recorded in AOCI | (404) |
Amount reclassified from AOCI to income | (265) |
Balance, ending | 1,947 |
Interest Rate | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Total amount recorded in AOCI | (41) |
Amount reclassified from AOCI to income | 32 |
Currency | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Total amount recorded in AOCI | (29) |
Amount reclassified from AOCI to income | (11) |
Currency/Interest Rate | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Total amount recorded in AOCI | (334) |
Amount reclassified from AOCI to income | $ (286) |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Credit Derivatives) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Gross Notional | $ 5,601 | $ 6,027 |
Credit Risk Derivative Liabilities, at Fair Value | (5) | (31) |
Single Name | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
Credit Default Index | ||
Derivative [Line Items] | ||
Gross Notional | 5,601 | 6,027 |
Credit Risk Derivative Liabilities, at Fair Value | $ (5) | (31) |
Credit Default Swaps Referencing Indices | ||
Derivative [Line Items] | ||
Credit derivatives written max length of maturities (in years) | 24 years | |
NAIC 1 | ||
Derivative [Line Items] | ||
Gross Notional | $ 8 | 48 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 1 | Single Name | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 1 | Credit Default Index | ||
Derivative [Line Items] | ||
Gross Notional | 8 | 48 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 2 | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 2 | Single Name | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 2 | Credit Default Index | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 3 | ||
Derivative [Line Items] | ||
Gross Notional | 4,619 | 5,197 |
Credit Risk Derivative Liabilities, at Fair Value | (20) | (46) |
NAIC 3 | Single Name | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 3 | Credit Default Index | ||
Derivative [Line Items] | ||
Gross Notional | 4,619 | 5,197 |
Credit Risk Derivative Liabilities, at Fair Value | (20) | (46) |
NAIC 4 | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 4 | Single Name | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 4 | Credit Default Index | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 5 | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 5 | Single Name | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 5 | Credit Default Index | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 6 | ||
Derivative [Line Items] | ||
Gross Notional | 974 | 782 |
Credit Risk Derivative Liabilities, at Fair Value | 15 | 15 |
NAIC 6 | Single Name | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 6 | Credit Default Index | ||
Derivative [Line Items] | ||
Gross Notional | 974 | 782 |
Credit Risk Derivative Liabilities, at Fair Value | $ 15 | $ 15 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | [1] | $ 295,318 | $ 307,719 | ||
Assets supporting experience-rated contractholder liabilities | 2,943 | 2,844 | |||
Market risk benefit assets | 2,200 | $ 806 | 800 | [2] | |
Fixed maturities, trading | [1] | 7,129 | 5,951 | ||
Equity securities | [1] | 7,039 | 7,150 | ||
Commercial mortgage and other loans | [1] | 57,908 | 56,745 | ||
Other invested assets | [1] | 21,868 | 21,099 | ||
Other assets | [1] | 39,077 | 31,679 | [2] | |
Separate account assets | 190,642 | 197,679 | |||
TOTAL ASSETS | 681,254 | 689,029 | |||
Market risk benefit liabilities | 4,660 | 6,488 | 5,864 | [2] | |
Other liabilities | [1] | 32,112 | 21,824 | [2] | |
Total liabilities | 654,307 | 657,481 | |||
Proceeds from notes issued by consolidated VIEs | 484 | $ 0 | |||
Netting | (19,178) | (14,802) | |||
Fixed Maturities, available-for-sale, Amortized Cost | 332,035 | 335,447 | |||
Fixed maturities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 295,318 | 307,719 | |||
Assets supporting experience-rated contractholder liabilities | 888 | 945 | |||
Fixed Maturities, available-for-sale, Amortized Cost | 332,035 | 335,447 | |||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | Fixed maturities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 19,949 | 26,069 | |||
Fixed Maturities, available-for-sale, Amortized Cost | 25,359 | 29,372 | |||
Obligations of U.S. states and their political subdivisions | Fixed maturities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 7,997 | 9,689 | |||
Fixed Maturities, available-for-sale, Amortized Cost | 8,905 | 10,179 | |||
Foreign government bonds | Fixed maturities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 66,509 | 73,226 | |||
Assets supporting experience-rated contractholder liabilities | 609 | 668 | |||
Fixed Maturities, available-for-sale, Amortized Cost | 68,510 | 74,103 | |||
U.S. public corporate securities | Fixed maturities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 89,271 | 87,586 | |||
Fixed Maturities, available-for-sale, Amortized Cost | 105,698 | 99,854 | |||
U.S. private corporate securities | Fixed maturities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 38,191 | 36,879 | |||
Fixed Maturities, available-for-sale, Amortized Cost | 41,659 | 39,867 | |||
Foreign public corporate securities | Fixed maturities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 18,661 | 20,687 | |||
Fixed Maturities, available-for-sale, Amortized Cost | 20,618 | 22,235 | |||
Foreign private corporate securities | Fixed maturities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 29,313 | 27,660 | |||
Fixed Maturities, available-for-sale, Amortized Cost | 34,563 | 32,755 | |||
Corporate securities | Fixed maturities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets supporting experience-rated contractholder liabilities | 75 | 88 | |||
Asset-backed securities | Fixed maturities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 13,362 | 12,851 | |||
Fixed Maturities, available-for-sale, Amortized Cost | 13,349 | 12,972 | |||
Commercial mortgage-backed securities | Fixed maturities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 9,910 | 10,655 | |||
Fixed Maturities, available-for-sale, Amortized Cost | 10,932 | 11,497 | |||
Residential mortgage-backed securities | Fixed maturities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 2,155 | 2,417 | |||
Fixed Maturities, available-for-sale, Amortized Cost | 2,442 | 2,613 | |||
Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 295,318 | 307,719 | |||
Assets supporting experience-rated contractholder liabilities | 2,943 | 2,844 | |||
Market risk benefit assets | 2,200 | 800 | |||
Fixed maturities, trading | 7,129 | 5,951 | |||
Equity securities | 7,039 | 7,150 | |||
Commercial mortgage and other loans | 387 | 137 | |||
Other invested assets | 1,864 | 1,993 | |||
Short-term investments | 3,694 | 3,787 | |||
Cash equivalents | 7,974 | 7,474 | |||
Other assets | 659 | 152 | |||
Separate account assets | 162,625 | 171,805 | |||
TOTAL ASSETS | 491,832 | 509,812 | |||
Market risk benefit liabilities | 4,660 | 5,864 | |||
Policyholders' account balances | 6,108 | 3,492 | |||
Other liabilities | 4,987 | 2,682 | |||
Notes issued by consolidated VIEs | 392 | 0 | |||
Total liabilities | 16,147 | 12,038 | |||
Assets Netting | (19,178) | (14,802) | |||
Liabilities Netting | (28,884) | (23,298) | |||
Netting | (9,706) | (8,496) | |||
Fair Value, Measurements, Recurring | Other invested assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets Netting | (19,178) | (14,802) | |||
Fair Value, Measurements, Recurring | Other liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Liabilities Netting | (28,884) | (23,298) | |||
Fair Value, Measurements, Recurring | U.S. Treasury securities and obligations of U.S. government authorities and agencies | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 19,949 | 26,069 | |||
Assets supporting experience-rated contractholder liabilities | 204 | 189 | |||
Fair Value, Measurements, Recurring | Obligations of U.S. states and their political subdivisions | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 7,997 | 9,689 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Foreign government bonds | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 66,509 | 73,226 | |||
Assets supporting experience-rated contractholder liabilities | 609 | 668 | |||
Fair Value, Measurements, Recurring | U.S. public corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 89,271 | 87,586 | |||
Fair Value, Measurements, Recurring | U.S. private corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 38,191 | 36,879 | |||
Fair Value, Measurements, Recurring | Foreign public corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 18,661 | 20,687 | |||
Fair Value, Measurements, Recurring | Foreign private corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 29,313 | 27,660 | |||
Fair Value, Measurements, Recurring | Corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets supporting experience-rated contractholder liabilities | 75 | 88 | |||
Fair Value, Measurements, Recurring | Asset-backed securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 13,362 | 12,851 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 9,910 | 10,655 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Residential mortgage-backed securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 2,155 | 2,417 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Equity securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets supporting experience-rated contractholder liabilities | 2,055 | 1,899 | |||
Fair Value, Measurements, Recurring | All other | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||
Assets supporting experience-rated contractholder liabilities | 873 | 780 | |||
Market risk benefit assets | 0 | 0 | |||
Fixed maturities, trading | 0 | 0 | |||
Equity securities | 4,949 | 4,338 | |||
Commercial mortgage and other loans | 0 | 0 | |||
Other invested assets | 33 | 15 | |||
Short-term investments | 218 | 341 | |||
Cash equivalents | 1,494 | 544 | |||
Other assets | 0 | 0 | |||
Separate account assets | 8,229 | 8,310 | |||
TOTAL ASSETS | 15,796 | 14,328 | |||
Market risk benefit liabilities | 0 | 0 | |||
Policyholders' account balances | 0 | 0 | |||
Other liabilities | 18 | 26 | |||
Notes issued by consolidated VIEs | 0 | 0 | |||
Total liabilities | 18 | 26 | |||
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Obligations of U.S. states and their political subdivisions | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Foreign government bonds | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | U.S. public corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | U.S. private corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Foreign public corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Foreign private corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Commercial mortgage-backed securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Residential mortgage-backed securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Equity securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets supporting experience-rated contractholder liabilities | 873 | 780 | |||
Fair Value, Measurements, Recurring | Level 1 | All other | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 2 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 289,306 | 302,557 | |||
Assets supporting experience-rated contractholder liabilities | 2,070 | 2,064 | |||
Market risk benefit assets | 0 | 0 | |||
Fixed maturities, trading | 6,832 | 5,647 | |||
Equity securities | 1,349 | 2,185 | |||
Commercial mortgage and other loans | 387 | 137 | |||
Other invested assets | 20,148 | 16,241 | |||
Short-term investments | 3,452 | 3,428 | |||
Cash equivalents | 6,480 | 6,930 | |||
Other assets | 378 | 0 | |||
Separate account assets | 153,236 | 162,414 | |||
TOTAL ASSETS | 483,638 | 501,603 | |||
Market risk benefit liabilities | 0 | 0 | |||
Policyholders' account balances | 0 | 0 | |||
Other liabilities | 33,852 | 25,953 | |||
Notes issued by consolidated VIEs | 0 | 0 | |||
Total liabilities | 33,852 | 25,953 | |||
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 19,949 | 26,069 | |||
Assets supporting experience-rated contractholder liabilities | 204 | 189 | |||
Fair Value, Measurements, Recurring | Level 2 | Obligations of U.S. states and their political subdivisions | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 7,990 | 9,682 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 2 | Foreign government bonds | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 66,501 | 73,218 | |||
Assets supporting experience-rated contractholder liabilities | 609 | 668 | |||
Fair Value, Measurements, Recurring | Level 2 | U.S. public corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 89,206 | 87,521 | |||
Fair Value, Measurements, Recurring | Level 2 | U.S. private corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 35,346 | 34,487 | |||
Fair Value, Measurements, Recurring | Level 2 | Foreign public corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 18,600 | 20,621 | |||
Fair Value, Measurements, Recurring | Level 2 | Foreign private corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 27,627 | 26,325 | |||
Fair Value, Measurements, Recurring | Level 2 | Corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets supporting experience-rated contractholder liabilities | 75 | 88 | |||
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 12,943 | 12,582 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 2 | Commercial mortgage-backed securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 8,989 | 9,644 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 2 | Residential mortgage-backed securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 2,155 | 2,408 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 2 | Equity securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets supporting experience-rated contractholder liabilities | 1,182 | 1,119 | |||
Fair Value, Measurements, Recurring | Level 2 | All other | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 6,012 | 5,162 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Market risk benefit assets | 2,200 | 800 | |||
Fixed maturities, trading | 297 | 304 | |||
Equity securities | 741 | 627 | |||
Commercial mortgage and other loans | 0 | 0 | |||
Other invested assets | 861 | 539 | |||
Short-term investments | 24 | 18 | |||
Cash equivalents | 0 | 0 | |||
Other assets | 281 | 152 | |||
Separate account assets | 1,160 | 1,081 | |||
TOTAL ASSETS | 11,576 | 8,683 | |||
Market risk benefit liabilities | 4,660 | 5,864 | |||
Policyholders' account balances | 6,108 | 3,492 | |||
Other liabilities | 1 | 1 | |||
Notes issued by consolidated VIEs | 392 | 0 | |||
Total liabilities | 11,161 | 9,357 | |||
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury securities and obligations of U.S. government authorities and agencies | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 3 | Obligations of U.S. states and their political subdivisions | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 7 | 7 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 3 | Foreign government bonds | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 8 | 8 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 3 | U.S. public corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 65 | 65 | |||
Fair Value, Measurements, Recurring | Level 3 | U.S. private corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 2,845 | 2,392 | |||
Fair Value, Measurements, Recurring | Level 3 | Foreign public corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 61 | 66 | |||
Fair Value, Measurements, Recurring | Level 3 | Foreign private corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 1,686 | 1,335 | |||
Fair Value, Measurements, Recurring | Level 3 | Corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 419 | 269 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 3 | Commercial mortgage-backed securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 921 | 1,011 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 3 | Residential mortgage-backed securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 0 | 9 | |||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 3 | Equity securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring | Level 3 | All other | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | |||
Prudential Netting Agreement | U.S. private corporate securities | Fixed maturities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fixed maturities, available-for-sale, at fair value | 12,290 | 8,040 | |||
Fixed Maturities, available-for-sale, Amortized Cost | 12,290 | 8,040 | |||
Other invested assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value investment measured at NAV per share | 3,685 | 3,689 | |||
Separate account assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value investment measured at NAV per share | $ 28,017 | $ 25,874 | |||
[1]See Note 4 for details of balances associated with variable interest entities (“VIEs”).[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities (Quantitative Info for Level 3 Inputs) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Market risk benefit assets | $ 2,200 | $ 800 | [1] | $ 806 |
Market risk benefit liabilities | 4,660 | 5,864 | [1] | $ 6,488 |
Fair Value, Measurements, Recurring | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Market risk benefit assets | 2,200 | 800 | ||
Market risk benefit liabilities | 4,660 | 5,864 | ||
Policyholders' account balances | 6,108 | 3,492 | ||
Level 3 | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Funds held under reinsurance agreements | $ 10,000 | |||
Level 3 | Minimum | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Fair value inputs, policyholder age | 50 years | |||
Level 3 | Minimum | Market risk benefit liabilities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Mortality rate | 0% | |||
Level 3 | Maximum | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Fair value inputs, policyholder age | 90 years | |||
Level 3 | Fair Value, Measurements, Recurring | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Market risk benefit assets | $ 2,200 | 800 | ||
Market risk benefit liabilities | 4,660 | 5,864 | ||
Policyholders' account balances | $ 6,108 | $ 3,492 | ||
Level 3 | Internal | Minimum | Discounted cash flow | Market risk benefit liabilities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Lapse rate | 1% | 1% | ||
Spread over SOFR | 0.48% | 0.50% | ||
Utilization rate | 38% | 38% | ||
Withdrawal rate (greater than maximum range) | 81% | 77% | ||
Mortality rate | 0% | 0% | ||
Equity volatility curve | 15% | 18% | ||
Level 3 | Internal | Minimum | Discounted cash flow | Policyholders’ account balances | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Lapse rate | 1% | 1% | ||
Spread over SOFR | 0.48% | 0.17% | ||
Mortality rate | 0% | 0% | ||
Equity volatility curve | 6% | 6% | ||
Option budget | (1.00%) | (2.00%) | ||
Level 3 | Internal | Minimum | Discounted cash flow | Corporate securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Discount rate | 0.62% | 0.61% | ||
Level 3 | Internal | Minimum | Discounted cash flow | Commercial mortgage-backed securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Liquidity premium | 0.60% | |||
Level 3 | Internal | Minimum | Discounted cash flow | Market risk benefit assets | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Lapse rate | 1% | 1% | ||
Spread over SOFR | 0.48% | 0.50% | ||
Utilization rate | 38% | 38% | ||
Withdrawal rate (greater than maximum range) | 81% | 77% | ||
Mortality rate | 0% | 0% | ||
Equity volatility curve | 15% | 18% | ||
Level 3 | Internal | Minimum | Discounted cash flow | Equity securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Discount rate | 0.16% | 0.16% | ||
Level 3 | Internal | Minimum | Discounted cash flow | Separate accounts commercial mortgage loan | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Spread | 1.25% | |||
Level 3 | Internal | Minimum | Market comparables | Corporate securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
EBITDA multiples | 5.5 | 2.2 | ||
Level 3 | Internal | Minimum | Market comparables | Equity securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
EBITDA multiples | 1 | 1 | ||
Level 3 | Internal | Minimum | Liquidation | Corporate securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Liquidation value | 9.59% | 8.16% | ||
Level 3 | Internal | Minimum | Net asset value | Equity securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Share price | 3 | 6 | ||
Level 3 | Internal | Maximum | Discounted cash flow | Market risk benefit liabilities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Lapse rate | 20% | 20% | ||
Spread over SOFR | 2.09% | 2.20% | ||
Utilization rate | 95% | 95% | ||
Withdrawal rate (greater than maximum range) | 100% | 100% | ||
Mortality rate | 15% | 15% | ||
Equity volatility curve | 25% | 26% | ||
Level 3 | Internal | Maximum | Discounted cash flow | Policyholders’ account balances | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Lapse rate | 80% | 80% | ||
Spread over SOFR | 2.15% | 1.93% | ||
Mortality rate | 23% | 23% | ||
Equity volatility curve | 28% | 30% | ||
Option budget | 6% | 6% | ||
Level 3 | Internal | Maximum | Discounted cash flow | Corporate securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Discount rate | 21% | 20% | ||
Level 3 | Internal | Maximum | Discounted cash flow | Commercial mortgage-backed securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Liquidity premium | 0.75% | |||
Level 3 | Internal | Maximum | Discounted cash flow | Market risk benefit assets | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Lapse rate | 20% | 20% | ||
Spread over SOFR | 2.09% | 2.20% | ||
Utilization rate | 95% | 95% | ||
Withdrawal rate (greater than maximum range) | 100% | 100% | ||
Mortality rate | 15% | 15% | ||
Equity volatility curve | 25% | 26% | ||
Level 3 | Internal | Maximum | Discounted cash flow | Equity securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Discount rate | 20% | 20% | ||
Level 3 | Internal | Maximum | Discounted cash flow | Separate accounts commercial mortgage loan | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Spread | 2.10% | |||
Level 3 | Internal | Maximum | Market comparables | Corporate securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
EBITDA multiples | 8.8 | 23.5 | ||
Level 3 | Internal | Maximum | Market comparables | Equity securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
EBITDA multiples | 7.5 | 7.5 | ||
Level 3 | Internal | Maximum | Liquidation | Corporate securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Liquidation value | 63.62% | 8.25% | ||
Level 3 | Internal | Maximum | Net asset value | Equity securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Share price | 1,714 | 1,708 | ||
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Discount rate | 11.59% | 8.09% | ||
Level 3 | Internal | Weighted Average | Discounted cash flow | Commercial mortgage-backed securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Liquidity premium | 0.70% | |||
Level 3 | Internal | Weighted Average | Discounted cash flow | Separate accounts commercial mortgage loan | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Spread | 1.44% | |||
Level 3 | Internal | Weighted Average | Market comparables | Corporate securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
EBITDA multiples | 7.4 | 8.3 | ||
Level 3 | Internal | Weighted Average | Market comparables | Equity securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
EBITDA multiples | 6.7 | 4 | ||
Level 3 | Internal | Weighted Average | Liquidation | Corporate securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Liquidation value | 53.43% | 8.21% | ||
Level 3 | Internal | Weighted Average | Net asset value | Equity securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Share price | 708 | 22 | ||
Level 3 | Internal | Fair Value, Measurements, Recurring | Market risk benefit liabilities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Market risk benefit liabilities | $ 4,660 | $ 5,864 | ||
Level 3 | Internal | Fair Value, Measurements, Recurring | Policyholders’ account balances | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Policyholders' account balances | 6,108 | 3,492 | ||
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Corporate securities | 3,793 | 3,128 | ||
Level 3 | Internal | Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Commercial mortgage-backed securities | 921 | |||
Level 3 | Internal | Fair Value, Measurements, Recurring | Market risk benefit assets | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Market risk benefit assets | 2,200 | 800 | ||
Level 3 | Internal | Fair Value, Measurements, Recurring | Equity securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Equity securities | $ 230 | 290 | ||
Level 3 | Internal | Fair Value, Measurements, Recurring | Separate accounts commercial mortgage loan | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Commercial mortgage loans | $ 74 | |||
Level 3 | Internal | Fair Value, Measurements, Recurring | Minimum | Discounted cash flow | Equity securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Discount rate, equity securities | 10% | |||
Level 3 | Internal | Fair Value, Measurements, Recurring | Maximum | Discounted cash flow | Equity securities | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Discount rate, equity securities | 20% | |||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Market risk benefit assets | $ 2,200 | $ 806 | $ 2,200 | $ 806 | $ 800 | [1] |
Market risk benefit liabilities | 4,660 | 6,488 | 4,660 | 6,488 | 5,864 | [1] |
Fair Value, Measurements, Recurring | ||||||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Market risk benefit assets | 2,200 | 2,200 | 800 | |||
Market risk benefit liabilities | 4,660 | 4,660 | $ 5,864 | |||
Equity securities | ||||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, beginning of period | 773 | 766 | 627 | 799 | ||
Purchases | 19 | 10 | 28 | 41 | ||
Sales | (1) | (94) | (68) | (239) | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | (28) | 0 | (34) | (4) | ||
Other | 0 | (4) | 216 | (20) | ||
Transfers into Level 3 | 2 | 0 | 3 | 73 | ||
Transfers out of Level 3 | (35) | (2) | (36) | (2) | ||
Fair Value, end of period | 741 | 653 | 741 | 653 | ||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 11 | (23) | 5 | 5 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 12 | (28) | (5) | (18) | ||
Equity securities | Realized investment gains (losses), net | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | (1) | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Equity securities | Other income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 11 | (23) | 6 | 5 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 12 | (28) | (5) | (18) | ||
Equity securities | Interest credited to policyholders’ account balances | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Equity securities | Included in other comprehensive income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Equity securities | Net investment income | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Other invested assets | ||||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, beginning of period | 865 | 499 | 539 | 493 | ||
Purchases | 5 | 20 | 359 | 57 | ||
Sales | (2) | (1) | (11) | (39) | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | 0 | (2) | 0 | (4) | ||
Other | 0 | (1) | 0 | (2) | ||
Transfers into Level 3 | 0 | 0 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||
Fair Value, end of period | 861 | 502 | 861 | 502 | ||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | (7) | (13) | (26) | (3) | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | (7) | (7) | (26) | (3) | ||
Other invested assets | Realized investment gains (losses), net | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | (5) | (14) | (6) | (19) | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | (5) | (8) | (6) | (19) | ||
Other invested assets | Other income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | (2) | 1 | (20) | 16 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | (2) | 1 | (20) | 16 | ||
Other invested assets | Interest credited to policyholders’ account balances | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Other invested assets | Included in other comprehensive income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Other invested assets | Net investment income | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Short-term investments | ||||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, beginning of period | 25 | 204 | 18 | 330 | ||
Purchases | 12 | 5 | 43 | 9 | ||
Sales | 0 | 0 | 0 | 0 | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | (14) | (205) | (41) | (335) | ||
Other | 0 | 6 | 0 | 6 | ||
Transfers into Level 3 | 0 | 0 | 0 | 0 | ||
Transfers out of Level 3 | 0 | (1) | 0 | (1) | ||
Fair Value, end of period | 24 | 4 | 24 | 4 | ||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 1 | (5) | 4 | (5) | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | (5) | 0 | (5) | ||
Short-term investments | Realized investment gains (losses), net | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 1 | (5) | 3 | (5) | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | (5) | 0 | (5) | ||
Short-term investments | Other income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Short-term investments | Interest credited to policyholders’ account balances | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Short-term investments | Included in other comprehensive income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Short-term investments | Net investment income | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 1 | 0 | ||
Cash equivalents | ||||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, beginning of period | 0 | 0 | 0 | 70 | ||
Purchases | 0 | 0 | 0 | 7 | ||
Sales | 0 | 0 | 0 | 0 | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | 0 | 0 | 0 | (73) | ||
Other | 0 | 0 | 0 | (3) | ||
Transfers into Level 3 | 0 | 0 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||
Fair Value, end of period | 0 | 0 | 0 | 0 | ||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | (1) | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | (2) | ||
Cash equivalents | Realized investment gains (losses), net | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | (1) | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | (2) | ||
Cash equivalents | Other income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Cash equivalents | Interest credited to policyholders’ account balances | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Cash equivalents | Included in other comprehensive income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Cash equivalents | Net investment income | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Other assets | ||||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, beginning of period | 229 | 202 | 152 | 54 | ||
Purchases | 33 | (16) | 107 | (16) | ||
Sales | 0 | 0 | 0 | 0 | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | (7) | (7) | (12) | (10) | ||
Other | 0 | (119) | 0 | (42) | ||
Transfers into Level 3 | 0 | 0 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||
Fair Value, end of period | 281 | 111 | 281 | 111 | ||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 26 | 51 | 34 | 125 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 19 | 50 | 22 | 61 | ||
Other assets | Realized investment gains (losses), net | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 26 | 51 | 34 | 58 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 19 | 50 | 22 | 61 | ||
Other assets | Other income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Other assets | Interest credited to policyholders’ account balances | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Other assets | Included in other comprehensive income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 67 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Other assets | Net investment income | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Separate accounts assets | ||||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, beginning of period | 1,175 | 1,040 | 1,081 | 1,283 | ||
Purchases | 87 | 137 | 396 | 181 | ||
Sales | (82) | (95) | (279) | (111) | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | (2) | (36) | (68) | (43) | ||
Other | 0 | 1 | 0 | 0 | ||
Transfers into Level 3 | 42 | 93 | 45 | 93 | ||
Transfers out of Level 3 | (60) | (4) | (103) | (75) | ||
Fair Value, end of period | 1,160 | 1,091 | 1,160 | 1,091 | ||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | (45) | 88 | (237) | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | (12) | (28) | 75 | (234) | ||
Separate accounts assets | Realized investment gains (losses), net | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Separate accounts assets | Other income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Separate accounts assets | Interest credited to policyholders’ account balances | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | (45) | 88 | (237) | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | (12) | (28) | 75 | (234) | ||
Separate accounts assets | Included in other comprehensive income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Separate accounts assets | Net investment income | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Policyholders’ account balances | ||||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, beginning of period | (5,629) | (3,544) | (3,492) | (1,436) | ||
Purchases | 0 | 0 | 0 | 0 | ||
Sales | 0 | 0 | 0 | 0 | ||
Issuances | (410) | (424) | (1,249) | (808) | ||
Settlements | 0 | 0 | 0 | 0 | ||
Other | 28 | 1 | 1 | (2,003) | ||
Transfers Into Level 3 | 0 | 0 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||
Fair Value, end of period | (6,108) | (3,745) | (6,108) | (3,745) | ||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | (97) | 222 | (1,368) | 502 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | (263) | 845 | (525) | 1,601 | ||
Policyholders’ account balances | Realized investment gains (losses), net | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | (97) | 222 | (1,368) | 502 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | (263) | 845 | (525) | 1,601 | ||
Policyholders’ account balances | Other income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Policyholders’ account balances | Interest credited to policyholders’ account balances | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Policyholders’ account balances | Included in other comprehensive income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Policyholders’ account balances | Net investment income | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Other liabilities | ||||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, beginning of period | (1) | (1) | (1) | 0 | ||
Purchases | 0 | 0 | 0 | 0 | ||
Sales | 0 | 0 | 0 | 0 | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | 0 | 0 | 0 | 0 | ||
Other | 0 | 0 | 0 | 0 | ||
Transfers Into Level 3 | 0 | 0 | 0 | (1) | ||
Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||
Fair Value, end of period | (1) | (1) | (1) | (1) | ||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Other liabilities | Realized investment gains (losses), net | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Other liabilities | Other income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Other liabilities | Interest credited to policyholders’ account balances | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Other liabilities | Included in other comprehensive income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Other liabilities | Net investment income | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Notes issued by consolidated VIEs | ||||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, beginning of period | 0 | 0 | 0 | |||
Purchases | 0 | 0 | 0 | 0 | ||
Sales | 0 | 0 | 0 | 0 | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | 0 | 0 | 0 | 0 | ||
Other | (392) | 0 | (392) | 0 | ||
Transfers Into Level 3 | 0 | 0 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||
Fair Value, end of period | (392) | 0 | (392) | 0 | ||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Notes issued by consolidated VIEs | Realized investment gains (losses), net | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Notes issued by consolidated VIEs | Other income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Notes issued by consolidated VIEs | Interest credited to policyholders’ account balances | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Notes issued by consolidated VIEs | Included in other comprehensive income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Notes issued by consolidated VIEs | Net investment income | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Fixed maturities, available-for-sale | Fixed maturities | Realized investment gains (losses), net | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | (4) | (10) | (20) | (78) | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | (1) | (15) | (3) | (97) | ||
Fixed maturities, available-for-sale | Fixed maturities | Other income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Fixed maturities, available-for-sale | Fixed maturities | Interest credited to policyholders’ account balances | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Fixed maturities, available-for-sale | Fixed maturities | Included in other comprehensive income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | (130) | (159) | (111) | (837) | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | (130) | (162) | (125) | (826) | ||
Fixed maturities, available-for-sale | Fixed maturities | Net investment income | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 8 | 7 | 11 | 7 | ||
Fixed maturities, available-for-sale | Fixed maturities | U.S. states | ||||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, beginning of period | 7 | 7 | 7 | 8 | ||
Purchases | 0 | 0 | 0 | 0 | ||
Sales | 0 | 0 | 0 | 0 | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | 0 | 0 | 0 | 0 | ||
Other | 0 | 0 | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||
Fair Value, end of period | 7 | 7 | 7 | 7 | ||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | (1) | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | (1) | ||
Fixed maturities, available-for-sale | Fixed maturities | Foreign government bonds | ||||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, beginning of period | 8 | 9 | 8 | 10 | ||
Purchases | 0 | 0 | 0 | 0 | ||
Sales | 0 | (1) | 0 | (1) | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | 0 | 0 | 0 | 0 | ||
Other | 0 | 0 | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | 0 | 0 | ||
Fair Value, end of period | 8 | 8 | 8 | 8 | ||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | (1) | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | (1) | ||
Fixed maturities, available-for-sale | Fixed maturities | Corporate securities | ||||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, beginning of period | 4,461 | 3,539 | 3,858 | 5,316 | ||
Purchases | 393 | 288 | 1,657 | 1,088 | ||
Sales | (23) | (57) | (198) | (140) | ||
Issuances | 0 | 0 | 0 | 9 | ||
Settlements | (247) | (256) | (747) | (721) | ||
Other | 14 | 92 | (6) | 65 | ||
Transfers into Level 3 | 289 | 90 | 307 | 106 | ||
Transfers out of Level 3 | (149) | (75) | (168) | (1,636) | ||
Fair Value, end of period | 4,657 | 3,499 | 4,657 | 3,499 | ||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | (81) | (122) | (46) | (588) | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | (86) | (136) | (47) | (602) | ||
Fixed maturities, available-for-sale | Fixed maturities | Structured securities | ||||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, beginning of period | 1,264 | 1,482 | 1,289 | 1,986 | ||
Purchases | 166 | 424 | 405 | 625 | ||
Sales | (1) | 0 | (6) | (22) | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | (5) | (128) | (30) | (349) | ||
Other | (1) | (3) | (1) | (12) | ||
Transfers into Level 3 | 76 | 0 | 113 | 6 | ||
Transfers out of Level 3 | (114) | (79) | (356) | (260) | ||
Fair Value, end of period | 1,340 | 1,656 | 1,340 | 1,656 | ||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | (45) | (40) | (74) | (318) | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | (45) | (40) | (81) | (319) | ||
Fixed maturities, trading | Fixed maturities | ||||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, beginning of period | 302 | 347 | 304 | 421 | ||
Purchases | 32 | 8 | 98 | 41 | ||
Sales | (39) | (3) | (39) | (33) | ||
Issuances | 0 | 0 | 0 | 0 | ||
Settlements | (5) | (29) | (18) | (69) | ||
Other | 9 | (3) | 10 | 3 | ||
Transfers into Level 3 | 0 | 0 | 0 | 0 | ||
Transfers out of Level 3 | 2 | 0 | (57) | (15) | ||
Fair Value, end of period | 297 | 322 | 297 | 322 | ||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | (4) | 2 | (1) | (26) | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | (5) | 3 | (5) | (25) | ||
Fixed maturities, trading | Fixed maturities | Realized investment gains (losses), net | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Fixed maturities, trading | Fixed maturities | Other income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | (4) | 4 | (2) | (26) | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | (5) | 3 | (5) | (25) | ||
Fixed maturities, trading | Fixed maturities | Interest credited to policyholders’ account balances | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Fixed maturities, trading | Fixed maturities | Included in other comprehensive income (loss) | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Unrealized gains (losses) for assets/liabilities still held: | ||||||
Included in earnings | 0 | 0 | 0 | 0 | ||
Fixed maturities, trading | Fixed maturities | Net investment income | ||||||
Total gains (losses) (realized/unrealized): | ||||||
Included in earnings | $ 0 | $ (2) | $ 1 | $ 0 | ||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Fair Value of Assets and Liab_6
Fair Value of Assets and Liabilities (Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | $ 1,005 | $ 1,455 |
Netting | (19,178) | (14,802) |
Total derivative liabilities | 5,421 | 3,055 |
Netting | (28,884) | (23,298) |
Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 13,776 | 9,422 |
Total derivative liabilities | 30,579 | 21,831 |
Currency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1,521 | 1,711 |
Total derivative liabilities | 1,540 | 2,186 |
Credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 29 | 27 |
Total derivative liabilities | 39 | 57 |
Currency/Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 3,600 | 4,282 |
Total derivative liabilities | 545 | 503 |
Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1,257 | 815 |
Total derivative liabilities | 1,602 | 1,776 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 33 | 14 |
Total derivative liabilities | 17 | 26 |
Level 1 | Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 26 | 13 |
Total derivative liabilities | 11 | 24 |
Level 1 | Currency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 1 | Credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 1 | Currency/Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 1 | Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 7 | 1 |
Total derivative liabilities | 6 | 2 |
Level 1 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 20,149 | 16,242 |
Total derivative liabilities | 34,287 | 26,326 |
Level 2 | Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 13,749 | 9,408 |
Total derivative liabilities | 30,567 | 21,806 |
Level 2 | Currency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1,521 | 1,711 |
Total derivative liabilities | 1,540 | 2,186 |
Level 2 | Credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 29 | 27 |
Total derivative liabilities | 39 | 57 |
Level 2 | Currency/Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 3,600 | 4,282 |
Total derivative liabilities | 545 | 503 |
Level 2 | Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1,250 | 814 |
Total derivative liabilities | 1,596 | 1,774 |
Level 2 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1 | 1 |
Total derivative liabilities | 1 | 1 |
Level 3 | Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1 | 1 |
Total derivative liabilities | 1 | 1 |
Level 3 | Currency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 3 | Credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 3 | Currency/Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 3 | Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 3 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 0 | 0 |
Total derivative liabilities | $ 0 | $ 0 |
Fair Value of Assets and Liab_7
Fair Value of Assets and Liabilities (Changes in Level 3 Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net Derivative- Equity | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, beginning of period | $ 0 | $ 0 | $ 0 | $ 1 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 1 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | (2) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, end of period | 0 | 0 | 0 | 0 |
Unrealized Gain (Loss) for assets still held | ||||
Included in earnings | 0 | 0 | 0 | 1 |
Net Derivative- Interest Rate | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, beginning of period | 0 | 0 | 0 | 1 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | (1) |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, end of period | 0 | 0 | 0 | 0 |
Unrealized Gain (Loss) for assets still held | ||||
Included in earnings | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value of Assets and Liab_8
Fair Value of Assets and Liabilities (Nonrecurring Fair Value Measurements) (Details) - Fair Value, Measurements, Nonrecurring - Level 3 - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Mortgage servicing rights | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Realized investment gains (losses) net | $ 0 | $ (1) | $ 0 | $ 1 | |
Carrying value after measurement as of period end | 0 | 0 | $ 77 | ||
Investment real estate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Realized investment gains (losses) net | 0 | (6) | (17) | (12) | |
Carrying value after measurement as of period end | 114 | 114 | 112 | ||
Investment in JV/LP | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Realized investment gains (losses) net | (10) | $ 0 | (65) | $ (75) | |
Carrying value after measurement as of period end | 60 | 60 | 64 | ||
Goodwill | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying value after measurement as of period end | $ 0 | $ 0 | $ 177 |
Fair Value of Assets and Liab_9
Fair Value of Assets and Liabilities (Changes in Fair Values Recorded in Earnings for FVO Assets-Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||||
Commercial mortgage and other loans | [1] | $ 57,908 | $ 57,908 | $ 56,745 | |||
Other assets | [1] | 39,077 | 39,077 | 31,679 | [2] | ||
Commercial mortgage and other loans | |||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||||
Interest income | 2 | $ 5 | 7 | $ 11 | |||
Fair value option loans in non-accrual status | 0 | 0 | |||||
Fair value option loans in more than 90 days past due and still accruing | 0 | 0 | |||||
Fair value option | |||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||||
Commercial mortgage and other loans | 387 | 387 | 137 | ||||
Other assets | 11 | 11 | 11 | ||||
Notes issued by consolidated VIEs | 392 | 392 | 0 | ||||
Fair value option, aggregate contractual principal | |||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||||
Commercial mortgage and other loans | 383 | 383 | 136 | ||||
Notes issued by consolidated VIEs | $ 392 | $ 392 | $ 0 | ||||
[1]See Note 4 for details of balances associated with variable interest entities (“VIEs”).[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Fair Value of Assets and Lia_10
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |||
Assets: | ||||||
Fixed maturities, held-to-maturity | [1] | $ 0 | $ 1,296 | |||
Assets supporting experience-rated contractholder liabilities | 2,943 | 2,844 | ||||
Commercial mortgage and other loans | [1] | 57,908 | 56,745 | |||
Policy loans | 9,959 | 10,046 | ||||
Other invested assets | [1] | 21,868 | 21,099 | |||
Cash and cash equivalents | 16,892 | [1] | 17,251 | [1] | $ 20,104 | |
Accrued investment income | [1] | 3,191 | 3,012 | |||
Liabilities: | ||||||
Securities sold under agreements to repurchase | 5,547 | 6,589 | ||||
Cash collateral for loaned securities | 6,067 | 6,100 | ||||
Short-term debt | 615 | 775 | ||||
Long-term debt | 18,877 | 19,908 | ||||
Fair Value | ||||||
Assets: | ||||||
Fixed maturities, held-to-maturity | 0 | 1,455 | ||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | ||||
Commercial mortgage and other loans | 52,490 | 52,342 | ||||
Policy loans | 9,959 | 10,046 | ||||
Other invested assets | 97 | 102 | ||||
Short-term investments | 1,378 | 804 | ||||
Cash and cash equivalents | 8,918 | 9,777 | ||||
Accrued investment income | 3,191 | 3,012 | ||||
Other assets | 8,023 | 3,731 | ||||
Total assets | 84,056 | 81,269 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 64,972 | 66,602 | ||||
Securities sold under agreements to repurchase | 5,547 | 6,589 | ||||
Cash collateral for loaned securities | 6,067 | 6,100 | ||||
Short-term debt | 615 | 777 | ||||
Long-term debt | 16,935 | 18,664 | ||||
Notes issued by consolidated VIEs | 399 | 374 | ||||
Other liabilities | 8,394 | 7,981 | ||||
Separate account liabilities—investment contracts | 47,698 | 53,005 | ||||
Total liabilities | 150,627 | 160,092 | ||||
Carrying Amount | ||||||
Assets: | ||||||
Fixed maturities, held-to-maturity | 0 | 1,296 | ||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | ||||
Commercial mortgage and other loans | 57,521 | 56,608 | ||||
Policy loans | 9,959 | 10,046 | ||||
Other invested assets | 97 | 102 | ||||
Short-term investments | 1,378 | 804 | ||||
Cash and cash equivalents | 8,918 | 9,777 | ||||
Accrued investment income | 3,191 | 3,012 | ||||
Other assets | 8,023 | 3,731 | ||||
Total assets | 89,087 | 85,376 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 70,113 | 70,722 | ||||
Securities sold under agreements to repurchase | 5,547 | 6,589 | ||||
Cash collateral for loaned securities | 6,067 | 6,100 | ||||
Short-term debt | 615 | 775 | ||||
Long-term debt | 18,877 | 19,908 | ||||
Notes issued by consolidated VIEs | 399 | 374 | ||||
Other liabilities | 8,394 | 7,981 | ||||
Separate account liabilities—investment contracts | 47,698 | 53,005 | ||||
Total liabilities | 157,710 | 165,454 | ||||
Level 1 | Fair Value | ||||||
Assets: | ||||||
Fixed maturities, held-to-maturity | 0 | 0 | ||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | ||||
Commercial mortgage and other loans | 0 | 0 | ||||
Policy loans | 7 | 5 | ||||
Other invested assets | 0 | 0 | ||||
Short-term investments | 1,362 | 715 | ||||
Cash and cash equivalents | 8,301 | 9,388 | ||||
Accrued investment income | 0 | 0 | ||||
Other assets | 38 | 48 | ||||
Total assets | 9,708 | 10,156 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 0 | 0 | ||||
Securities sold under agreements to repurchase | 0 | 0 | ||||
Cash collateral for loaned securities | 0 | 0 | ||||
Short-term debt | 0 | 0 | ||||
Long-term debt | 547 | 550 | ||||
Notes issued by consolidated VIEs | 0 | 0 | ||||
Other liabilities | 0 | 0 | ||||
Separate account liabilities—investment contracts | 0 | 0 | ||||
Total liabilities | 547 | 550 | ||||
Level 2 | Fair Value | ||||||
Assets: | ||||||
Fixed maturities, held-to-maturity | 0 | 1,455 | ||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | ||||
Commercial mortgage and other loans | 38 | 46 | ||||
Policy loans | 0 | 0 | ||||
Other invested assets | 97 | 102 | ||||
Short-term investments | 16 | 89 | ||||
Cash and cash equivalents | 617 | 389 | ||||
Accrued investment income | 3,191 | 3,012 | ||||
Other assets | 2,881 | 2,929 | ||||
Total assets | 6,840 | 8,022 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 30,997 | 31,665 | ||||
Securities sold under agreements to repurchase | 5,547 | 6,589 | ||||
Cash collateral for loaned securities | 6,067 | 6,100 | ||||
Short-term debt | 533 | 613 | ||||
Long-term debt | 15,642 | 17,324 | ||||
Notes issued by consolidated VIEs | 0 | 0 | ||||
Other liabilities | 8,377 | 7,970 | ||||
Separate account liabilities—investment contracts | 25,252 | 27,735 | ||||
Total liabilities | 92,415 | 97,996 | ||||
Level 3 | Fair Value | ||||||
Assets: | ||||||
Fixed maturities, held-to-maturity | 0 | 0 | ||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | ||||
Commercial mortgage and other loans | 52,452 | 52,296 | ||||
Policy loans | 9,952 | 10,041 | ||||
Other invested assets | 0 | 0 | ||||
Short-term investments | 0 | 0 | ||||
Cash and cash equivalents | 0 | 0 | ||||
Accrued investment income | 0 | 0 | ||||
Other assets | 5,104 | 754 | ||||
Total assets | 67,508 | 63,091 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 33,975 | 34,937 | ||||
Securities sold under agreements to repurchase | 0 | 0 | ||||
Cash collateral for loaned securities | 0 | 0 | ||||
Short-term debt | 82 | 164 | ||||
Long-term debt | 746 | 790 | ||||
Notes issued by consolidated VIEs | 399 | 374 | ||||
Other liabilities | 17 | 11 | ||||
Separate account liabilities—investment contracts | 22,446 | 25,270 | ||||
Total liabilities | 57,665 | 61,546 | ||||
Prudential Netting Agreement | Fair Value | ||||||
Assets: | ||||||
Fixed maturities, held-to-maturity | 4,250 | |||||
Liabilities: | ||||||
Short-term debt | 500 | 500 | ||||
Long-term debt | 11,790 | 11,790 | ||||
Prudential Netting Agreement | Carrying Amount | ||||||
Assets: | ||||||
Fixed maturities, held-to-maturity | 4,250 | |||||
Liabilities: | ||||||
Short-term debt | 500 | 500 | ||||
Long-term debt | $ 11,790 | $ 11,790 | ||||
[1]See Note 4 for details of balances associated with variable interest entities (“VIEs”). |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs (Balance of and Changes in DAC) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | [1] | $ 20,546 | |||||
Amortization expense | $ (361) | $ (363) | [2] | (1,092) | $ (1,092) | [3] | |
Balance, EOP | 20,394 | 20,038 | 20,394 | 20,038 | |||
Total | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 20,400 | 20,743 | |||||
Capitalization | 1,633 | 1,612 | |||||
Amortization expense | (1,098) | (1,106) | |||||
Other adjustments | (377) | (572) | |||||
Foreign currency adjustment | (357) | (764) | |||||
Balance, EOP | 20,201 | 19,913 | 20,201 | 19,913 | |||
Other Businesses | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, EOP | 193 | 125 | 193 | 125 | |||
Individual Retirement Strategies | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Business disposition | 584 | ||||||
Individual Variable | Retirement Strategies | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 4,171 | 4,872 | |||||
Capitalization | 195 | 219 | |||||
Amortization expense | (275) | (305) | |||||
Other adjustments | (393) | (584) | |||||
Foreign currency adjustment | 0 | 0 | |||||
Balance, EOP | 3,698 | 4,202 | 3,698 | 4,202 | |||
Term Life | Individual Life | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 2,288 | 2,372 | |||||
Capitalization | 115 | 97 | |||||
Amortization expense | (160) | (158) | |||||
Other adjustments | 2 | 0 | |||||
Foreign currency adjustment | 0 | 0 | |||||
Balance, EOP | 2,245 | 2,311 | 2,245 | 2,311 | |||
Variable/ Universal Life | Individual Life | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 5,000 | 4,679 | |||||
Capitalization | 436 | 413 | |||||
Amortization expense | (183) | (176) | |||||
Other adjustments | 0 | 0 | |||||
Foreign currency adjustment | 0 | 0 | |||||
Balance, EOP | 5,253 | 4,916 | 5,253 | 4,916 | |||
Life Planner | International Businesses | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 4,710 | 4,685 | |||||
Capitalization | 443 | 442 | |||||
Amortization expense | (244) | (240) | |||||
Other adjustments | 14 | 12 | |||||
Foreign currency adjustment | (199) | (439) | |||||
Balance, EOP | 4,724 | 4,460 | 4,724 | 4,460 | |||
Gibraltar Life and Other | International Businesses | |||||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Balance, BOP | 4,231 | 4,135 | |||||
Capitalization | 444 | 441 | |||||
Amortization expense | (236) | (227) | |||||
Other adjustments | 0 | 0 | |||||
Foreign currency adjustment | (158) | (325) | |||||
Balance, EOP | $ 4,281 | $ 4,024 | $ 4,281 | $ 4,024 | |||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[3]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Deferred Policy Acquisition C_4
Deferred Policy Acquisition Costs (Balance of and Changes in DSI) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Movement in Deferred Sales Inducements [Roll Forward] | ||
Balance, EOP | $ 453 | $ 491 |
Retirement Strategies | ||
Movement in Deferred Sales Inducements [Roll Forward] | ||
Balance, EOP | 420 | 455 |
Retirement Strategies | Individual Variable | ||
Movement in Deferred Sales Inducements [Roll Forward] | ||
Balance, BOP | 446 | 799 |
Capitalization | 2 | 1 |
Amortization expense | (28) | (37) |
Other adjustments | 0 | (308) |
Other Businesses | ||
Movement in Deferred Sales Inducements [Roll Forward] | ||
Balance, EOP | $ 33 | $ 36 |
Deferred Policy Acquisition C_5
Deferred Policy Acquisition Costs (Balance of and Changes in VOBA) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | ||
Movement in Present Value of Future Insurance Profits [Roll Forward] | |||
Balance, BOP | [1] | $ 621 | |
Balance, EOP | 514 | ||
Gibraltar Life and Other | |||
Movement in Present Value of Future Insurance Profits [Roll Forward] | |||
Balance, EOP | 496 | ||
Aoba Life | |||
Movement in Present Value of Future Insurance Profits [Roll Forward] | |||
Balance, EOP | 18 | ||
Gibraltar Life and Other | |||
Movement in Present Value of Future Insurance Profits [Roll Forward] | |||
Balance, BOP | 597 | $ 746 | |
Amortization expense | (37) | (45) | |
Foreign currency adjustment | (64) | (143) | |
Balance, EOP | 496 | 558 | |
Other businesses | |||
Movement in Present Value of Future Insurance Profits [Roll Forward] | |||
Balance, EOP | 18 | 2 | |
Gibraltar Life and Other And Other Businesses | |||
Movement in Present Value of Future Insurance Profits [Roll Forward] | |||
Balance, EOP | $ 514 | $ 560 | |
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Deferred Policy Acquisition C_6
Deferred Policy Acquisition Costs (Estimated Future VOBA Amortization, Net of Interest) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | [1] | Jan. 01, 2021 |
Deferred Charges, Insurers [Abstract] | ||||
Estimated future VOBA amortization - 2023 (October-December) | $ 12 | |||
Estimated future VOBA amortization - 2024 | 45 | |||
Estimated future VOBA amortization - 2025 | 41 | |||
Estimated future VOBA amortization - 2026 | 37 | |||
Estimated future VOBA amortization - 2027 | 34 | |||
Estimated future VOBA amortization - Thereafter | 345 | |||
Value of business acquired | $ 514 | $ 621 | $ 1,163 | |
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Separate Accounts (Separate Acc
Separate Accounts (Separate Account Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | $ 190,642 | $ 197,679 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 4,409 | 5,208 |
Obligations of U.S. states and their political subdivisions | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,956 | 2,006 |
Foreign government bonds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 97 | 120 |
U.S. corporate securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 12,411 | 13,135 |
Foreign corporate securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 3,086 | 3,261 |
Asset-backed securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,335 | 1,131 |
Mortgage-backed securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 14,697 | 14,653 |
Equity | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 79,215 | 82,781 |
Fixed Income | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 38,484 | 38,109 |
Other | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 5,187 | 3,797 |
Equity securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 4,986 | 5,177 |
Commercial mortgage and other loans | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 66 | 74 |
Other invested assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 21,968 | 24,590 |
Short-term investments | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,021 | 1,306 |
Cash and cash equivalents | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | $ 1,724 | $ 2,331 |
Separate Accounts (Separate A_2
Separate Accounts (Separate Account Liabilities) (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | $ 190,642 | $ 194,525 | $ 197,679 | |
Cash surrender value | 189,023 | 193,413 | ||
Total | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 193,575 | 198,010 | 201,322 | $ 281,516 |
Deposits | 7,069 | 9,049 | ||
Investment performance | 6,623 | (43,283) | ||
Policy charges | (2,865) | (3,167) | ||
Surrenders and withdrawals | (12,142) | (16,128) | ||
Benefit payments | (3,557) | (3,498) | ||
Net transfers (to) from general account | (1,771) | 1,825 | ||
Other | (1,104) | (28,304) | ||
Other businesses | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | (2,933) | (3,485) | ||
PGIM | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 35,254 | 41,537 | 40,056 | 42,020 |
Deposits | 4,301 | 5,903 | ||
Investment performance | (965) | 1,186 | ||
Policy charges | (62) | (66) | ||
Surrenders and withdrawals | (4,064) | (5,093) | ||
Benefit payments | (2,604) | (2,474) | ||
Net transfers (to) from general account | (459) | (405) | ||
Other | (949) | 466 | ||
Cash surrender value | 35,254 | 41,537 | ||
Institutional Retirement Strategies | Retirement Strategies | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 10,864 | 11,345 | 11,428 | 14,064 |
Deposits | 209 | 559 | ||
Investment performance | 79 | (2,505) | ||
Policy charges | (10) | (14) | ||
Surrenders and withdrawals | (338) | (3,084) | ||
Benefit payments | (415) | (395) | ||
Net transfers (to) from general account | (60) | 2,798 | ||
Other | (29) | (78) | ||
Cash surrender value | 10,864 | 11,345 | ||
Individual Retirement Strategies | Retirement Strategies | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 89,036 | 91,183 | 93,395 | 158,546 |
Deposits | 332 | 603 | ||
Investment performance | 4,278 | (28,724) | ||
Policy charges | (1,755) | (2,094) | ||
Surrenders and withdrawals | (7,142) | (7,376) | ||
Benefit payments | (75) | (77) | ||
Net transfers (to) from general account | (6) | (276) | ||
Other | 9 | (29,419) | ||
Cash surrender value | 87,767 | 89,512 | ||
Group Insurance | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 22,864 | 22,789 | 23,513 | 27,097 |
Deposits | 44 | 95 | ||
Investment performance | 3 | (4,632) | ||
Policy charges | (238) | (237) | ||
Surrenders and withdrawals | (29) | (13) | ||
Benefit payments | (219) | (202) | ||
Net transfers (to) from general account | (2) | 21 | ||
Other | (208) | 660 | ||
Cash surrender value | 22,750 | 22,664 | ||
Individual Life | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 35,557 | 31,156 | $ 32,930 | $ 39,789 |
Deposits | 2,183 | 1,889 | ||
Investment performance | 3,228 | (8,608) | ||
Policy charges | (800) | (756) | ||
Surrenders and withdrawals | (569) | (562) | ||
Benefit payments | (244) | (350) | ||
Net transfers (to) from general account | (1,244) | (313) | ||
Other | 73 | 67 | ||
Cash surrender value | $ 32,388 | $ 28,355 |
Liability For Future Policy B_3
Liability For Future Policy Benefits (Benefit Reserves) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||
Total balance, EOP | $ 118,705 | $ 111,911 | $ 118,705 | $ 111,911 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Other adjustments | 49 | 35 | [1] | (231) | (597) | [2] | ||
Balance after transition, at current discount rate | 292,921 | 288,024 | 292,921 | 288,024 | ||||
Total balance after reinsurance recoverable | 168,416 | 175,553 | 168,416 | 175,553 | ||||
Other Businesses | ||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||
Total balance, EOP | 83 | 104 | 83 | 104 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Balance after transition, at current discount rate | 1,635 | 1,905 | 1,635 | 1,905 | ||||
Less: Reinsurance recoverable | 69 | 80 | 69 | 80 | ||||
Total balance after reinsurance recoverable | 1,482 | 1,723 | 1,482 | 1,723 | ||||
Total | ||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||
Balance, BOP | 126,474 | 162,679 | ||||||
Effect of cumulative changes in discount rate assumptions | 17,704 | (13,705) | ||||||
Balance at original discount rate | 144,178 | 148,974 | ||||||
Effect of assumption update | $ (949) | $ 1,359 | ||||||
Effect of actual variances from expected experience and other activity | (960) | (1,215) | ||||||
Adjusted balance, BOP | 142,269 | 149,118 | ||||||
Issuances | 12,043 | 17,645 | ||||||
Net premiums / considerations collected | (15,912) | (21,350) | ||||||
Interest accrual | 3,383 | 3,062 | ||||||
Foreign currency adjustment | (2,241) | (18,410) | ||||||
Other adjustments | 102 | 170 | ||||||
Balance at original discount rate | 139,644 | 130,235 | 139,644 | 130,235 | ||||
Effect of cumulative changes in discount rate assumptions | (21,022) | (18,428) | (21,022) | (18,428) | ||||
Total balance, EOP | 118,622 | 111,807 | 118,622 | 111,807 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Balance, BOP | 306,697 | 405,579 | ||||||
Effect of cumulative changes in discount rate assumptions | 37,383 | (57,094) | ||||||
Balance at original discount rate | 344,080 | 348,485 | ||||||
Effect of assumption update | (744) | 1,360 | ||||||
Effect of actual variances from expected experience and other activity | (994) | (1,296) | ||||||
Adjusted balance, BOP | 342,342 | 348,549 | ||||||
Issuances | 12,043 | 17,645 | ||||||
Interest accrual | 8,576 | 8,009 | ||||||
Benefit payments | (16,092) | (15,281) | ||||||
Foreign currency adjustment | (9,429) | (33,576) | ||||||
Other adjustments | 36 | (307) | ||||||
Balance after transition, at original discount rate | 337,476 | 325,039 | 337,476 | 325,039 | ||||
Effect of cumulative changes in discount rate assumptions | (46,190) | (38,920) | (46,190) | (38,920) | ||||
Balance after transition, at current discount rate | 291,286 | 286,119 | 291,286 | 286,119 | ||||
Balance, EOP, pre-flooring | 172,665 | 174,311 | 172,665 | 174,311 | ||||
Flooring impact, EOP | 60 | 607 | 60 | 607 | ||||
Balance, EOP, post-flooring | 172,725 | 174,918 | 172,725 | 174,918 | ||||
Less: Reinsurance recoverable | 5,791 | 1,088 | 5,791 | 1,088 | ||||
Total balance after reinsurance recoverable | 166,934 | 173,830 | 166,934 | 173,830 | ||||
Interest accrual | 8,576 | 8,009 | ||||||
Institutional | Retirement Strategies | ||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||
Balance, BOP | 52,620 | 68,791 | ||||||
Effect of cumulative changes in discount rate assumptions | 14,349 | (4,414) | ||||||
Balance at original discount rate | 66,969 | 64,377 | ||||||
Effect of assumption update | (1,117) | 249 | ||||||
Effect of actual variances from expected experience and other activity | 384 | 347 | ||||||
Adjusted balance, BOP | 66,236 | 64,973 | ||||||
Issuances | 8,453 | 12,912 | ||||||
Net premiums / considerations collected | (8,682) | (13,540) | ||||||
Interest accrual | 1,588 | 1,174 | ||||||
Foreign currency adjustment | 950 | (11,386) | ||||||
Other adjustments | 0 | 0 | ||||||
Balance at original discount rate | 68,545 | 54,133 | 68,545 | 54,133 | ||||
Effect of cumulative changes in discount rate assumptions | (16,742) | (15,179) | (16,742) | (15,179) | ||||
Total balance, EOP | 51,803 | 38,954 | 51,803 | 38,954 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Balance, BOP | 117,754 | 142,593 | ||||||
Effect of cumulative changes in discount rate assumptions | 20,170 | (13,706) | ||||||
Balance at original discount rate | 137,924 | 128,887 | ||||||
Effect of assumption update | (1,289) | (187) | ||||||
Effect of actual variances from expected experience and other activity | 377 | 256 | ||||||
Adjusted balance, BOP | 137,012 | 128,956 | ||||||
Issuances | 8,453 | 12,912 | ||||||
Interest accrual | 3,720 | 3,066 | ||||||
Benefit payments | (8,550) | (7,253) | ||||||
Foreign currency adjustment | 981 | (11,711) | ||||||
Other adjustments | (138) | (528) | ||||||
Balance after transition, at original discount rate | 141,478 | 125,442 | 141,478 | 125,442 | ||||
Effect of cumulative changes in discount rate assumptions | (24,887) | (22,629) | (24,887) | (22,629) | ||||
Balance after transition, at current discount rate | 116,591 | 102,813 | 116,591 | 102,813 | ||||
Balance, EOP, pre-flooring | 64,789 | 63,859 | 64,789 | 63,859 | ||||
Flooring impact, EOP | 0 | 1 | 0 | 1 | ||||
Balance, EOP, post-flooring | 64,789 | 63,860 | 64,789 | 63,860 | ||||
Less: Reinsurance recoverable | 4,810 | 0 | 4,810 | 0 | ||||
Total balance after reinsurance recoverable | 59,979 | 63,860 | 59,979 | 63,860 | ||||
Interest accrual | 3,720 | 3,066 | ||||||
Institutional | Retirement Strategies | Gross Basis | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Interest accrual | 2,132 | 1,892 | ||||||
Undiscounted expected future gross premiums | 108,863 | 81,807 | 108,863 | 81,807 | ||||
Discounted expected future gross premiums (at original discount rate) | 75,372 | 59,074 | 75,372 | 59,074 | ||||
Discounted expected future gross premiums (at current discount rate) | 56,962 | 42,578 | 56,962 | 42,578 | ||||
Undiscounted expected future benefits and expenses | $ 217,931 | $ 189,976 | 217,931 | 189,976 | ||||
Interest accrual | 2,132 | 1,892 | ||||||
Gross Premiums | $ 9,310 | $ 14,102 | ||||||
Weighted-average duration of the liability in years (at original discount rate) | 9 years | 8 years | 9 years | 8 years | ||||
Weighted-average duration of the liability in years (at current discount rate) | 8 years | 7 years | 8 years | 7 years | ||||
Weighted-average interest rate (at original discount rate) | 4.57% | 4.29% | 4.57% | 4.29% | ||||
Weighted-average interest rate (at current discount rate) | 6.02% | 5.68% | 6.02% | 5.68% | ||||
Term Life | Individual Life | ||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||
Balance, BOP | $ 11,282 | $ 12,971 | ||||||
Effect of cumulative changes in discount rate assumptions | 572 | (1,892) | ||||||
Balance at original discount rate | 11,854 | 11,079 | ||||||
Effect of assumption update | (1) | 1,313 | ||||||
Effect of actual variances from expected experience and other activity | (159) | 31 | ||||||
Adjusted balance, BOP | 11,694 | 12,423 | ||||||
Issuances | 539 | 344 | ||||||
Net premiums / considerations collected | (1,060) | (1,049) | ||||||
Interest accrual | 404 | 406 | ||||||
Foreign currency adjustment | 0 | 0 | ||||||
Other adjustments | (2) | (10) | ||||||
Balance at original discount rate | $ 11,575 | $ 12,114 | 11,575 | 12,114 | ||||
Effect of cumulative changes in discount rate assumptions | (965) | (777) | (965) | (777) | ||||
Total balance, EOP | 10,610 | 11,337 | 10,610 | 11,337 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Balance, BOP | 19,288 | 22,768 | ||||||
Effect of cumulative changes in discount rate assumptions | 1,012 | (3,876) | ||||||
Balance at original discount rate | 20,300 | 18,892 | ||||||
Effect of assumption update | (1) | 1,777 | ||||||
Effect of actual variances from expected experience and other activity | (194) | 45 | ||||||
Adjusted balance, BOP | 20,105 | 20,714 | ||||||
Issuances | 539 | 344 | ||||||
Interest accrual | 707 | 701 | ||||||
Benefit payments | (1,121) | (1,150) | ||||||
Foreign currency adjustment | 0 | 0 | ||||||
Other adjustments | (14) | (14) | ||||||
Balance after transition, at original discount rate | 20,216 | 20,595 | 20,216 | 20,595 | ||||
Effect of cumulative changes in discount rate assumptions | (1,856) | (1,450) | (1,856) | (1,450) | ||||
Balance after transition, at current discount rate | 18,360 | 19,145 | 18,360 | 19,145 | ||||
Balance, EOP, pre-flooring | 7,750 | 7,808 | 7,750 | 7,808 | ||||
Flooring impact, EOP | 2 | 0 | 2 | 0 | ||||
Balance, EOP, post-flooring | 7,752 | 7,808 | 7,752 | 7,808 | ||||
Less: Reinsurance recoverable | 696 | 772 | 696 | 772 | ||||
Total balance after reinsurance recoverable | 7,056 | 7,036 | 7,056 | 7,036 | ||||
Interest accrual | 707 | 701 | ||||||
Term Life | Individual Life | Gross Basis | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Interest accrual | 303 | 295 | ||||||
Undiscounted expected future gross premiums | 23,147 | 23,879 | 23,147 | 23,879 | ||||
Discounted expected future gross premiums (at original discount rate) | 15,381 | 15,863 | 15,381 | 15,863 | ||||
Discounted expected future gross premiums (at current discount rate) | 14,120 | 14,853 | 14,120 | 14,853 | ||||
Undiscounted expected future benefits and expenses | $ 31,164 | $ 31,873 | 31,164 | 31,873 | ||||
Interest accrual | 303 | 295 | ||||||
Gross Premiums | $ 1,384 | $ 1,412 | ||||||
Weighted-average duration of the liability in years (at original discount rate) | 10 years | 10 years | 10 years | 10 years | ||||
Weighted-average duration of the liability in years (at current discount rate) | 9 years | 10 years | 9 years | 10 years | ||||
Weighted-average interest rate (at original discount rate) | 5.17% | 5.23% | 5.17% | 5.23% | ||||
Weighted-average interest rate (at current discount rate) | 6.01% | 5.66% | 6.01% | 5.66% | ||||
Life Planner | International Businesses | ||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||
Balance, BOP | $ 30,689 | $ 39,517 | ||||||
Effect of cumulative changes in discount rate assumptions | 1,354 | (3,516) | ||||||
Balance at original discount rate | 32,043 | 36,001 | ||||||
Effect of assumption update | 78 | (76) | ||||||
Effect of actual variances from expected experience and other activity | (814) | (1,181) | ||||||
Adjusted balance, BOP | 31,307 | 34,744 | ||||||
Issuances | 1,793 | 2,456 | ||||||
Net premiums / considerations collected | (3,055) | (3,259) | ||||||
Interest accrual | 680 | 717 | ||||||
Foreign currency adjustment | (1,583) | (3,622) | ||||||
Other adjustments | 104 | 156 | ||||||
Balance at original discount rate | $ 29,246 | $ 31,192 | 29,246 | 31,192 | ||||
Effect of cumulative changes in discount rate assumptions | (1,571) | (1,151) | (1,571) | (1,151) | ||||
Total balance, EOP | 27,675 | 30,041 | 27,675 | 30,041 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Balance, BOP | 78,639 | 109,562 | ||||||
Effect of cumulative changes in discount rate assumptions | 3,719 | (21,554) | ||||||
Balance at original discount rate | 82,358 | 88,008 | ||||||
Effect of assumption update | 145 | (115) | ||||||
Effect of actual variances from expected experience and other activity | (845) | (1,290) | ||||||
Adjusted balance, BOP | 81,658 | 86,603 | ||||||
Issuances | 1,793 | 2,456 | ||||||
Interest accrual | 1,977 | 2,006 | ||||||
Benefit payments | (2,729) | (2,609) | ||||||
Foreign currency adjustment | (4,630) | (9,915) | ||||||
Other adjustments | 206 | 247 | ||||||
Balance after transition, at original discount rate | 78,275 | 78,788 | 78,275 | 78,788 | ||||
Effect of cumulative changes in discount rate assumptions | (5,296) | (2,790) | (5,296) | (2,790) | ||||
Balance after transition, at current discount rate | 72,979 | 75,998 | 72,979 | 75,998 | ||||
Balance, EOP, pre-flooring | 45,304 | 45,957 | 45,304 | 45,957 | ||||
Flooring impact, EOP | 27 | 236 | 27 | 236 | ||||
Balance, EOP, post-flooring | 45,331 | 46,193 | 45,331 | 46,193 | ||||
Less: Reinsurance recoverable | 96 | 116 | 96 | 116 | ||||
Total balance after reinsurance recoverable | 45,235 | 46,077 | 45,235 | 46,077 | ||||
Interest accrual | 1,977 | 2,006 | ||||||
Life Planner | International Businesses | Gross Basis | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Interest accrual | 1,297 | 1,289 | ||||||
Undiscounted expected future gross premiums | 68,665 | 72,431 | 68,665 | 72,431 | ||||
Discounted expected future gross premiums (at original discount rate) | 53,078 | 56,206 | 53,078 | 56,206 | ||||
Discounted expected future gross premiums (at current discount rate) | 50,753 | 54,613 | 50,753 | 54,613 | ||||
Undiscounted expected future benefits and expenses | $ 137,378 | $ 143,840 | 137,378 | 143,840 | ||||
Interest accrual | 1,297 | 1,289 | ||||||
Gross Premiums | $ 4,849 | $ 5,274 | ||||||
Weighted-average duration of the liability in years (at original discount rate) | 20 years | 21 years | 20 years | 21 years | ||||
Weighted-average duration of the liability in years (at current discount rate) | 19 years | 19 years | 19 years | 19 years | ||||
Weighted-average interest rate (at original discount rate) | 3.46% | 3.45% | 3.46% | 3.45% | ||||
Weighted-average interest rate (at current discount rate) | 3.37% | 2.96% | 3.37% | 2.96% | ||||
Gibraltar Life and Other | International Businesses | ||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||
Balance, BOP | $ 28,951 | $ 37,815 | ||||||
Effect of cumulative changes in discount rate assumptions | 1,326 | (3,239) | ||||||
Balance at original discount rate | 30,277 | 34,576 | ||||||
Effect of assumption update | (175) | (176) | ||||||
Effect of actual variances from expected experience and other activity | (516) | (575) | ||||||
Adjusted balance, BOP | 29,586 | 33,825 | ||||||
Issuances | 1,258 | 1,933 | ||||||
Net premiums / considerations collected | (2,873) | (3,284) | ||||||
Interest accrual | 594 | 656 | ||||||
Foreign currency adjustment | (1,608) | (3,402) | ||||||
Other adjustments | 0 | 24 | ||||||
Balance at original discount rate | $ 26,957 | $ 29,752 | 26,957 | 29,752 | ||||
Effect of cumulative changes in discount rate assumptions | (1,495) | (1,157) | (1,495) | (1,157) | ||||
Total balance, EOP | 25,462 | 28,595 | 25,462 | 28,595 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Balance, BOP | 80,331 | 114,846 | ||||||
Effect of cumulative changes in discount rate assumptions | 11,266 | (13,476) | ||||||
Balance at original discount rate | 91,597 | 101,370 | ||||||
Effect of assumption update | 44 | (164) | ||||||
Effect of actual variances from expected experience and other activity | (503) | (495) | ||||||
Adjusted balance, BOP | 91,138 | 100,711 | ||||||
Issuances | 1,258 | 1,933 | ||||||
Interest accrual | 1,729 | 1,823 | ||||||
Benefit payments | (3,496) | (4,090) | ||||||
Foreign currency adjustment | (5,780) | (11,950) | ||||||
Other adjustments | (18) | (12) | ||||||
Balance after transition, at original discount rate | 84,831 | 88,415 | 84,831 | 88,415 | ||||
Effect of cumulative changes in discount rate assumptions | (11,846) | (10,296) | (11,846) | (10,296) | ||||
Balance after transition, at current discount rate | 72,985 | 78,119 | 72,985 | 78,119 | ||||
Balance, EOP, pre-flooring | 47,523 | 49,524 | 47,523 | 49,524 | ||||
Flooring impact, EOP | 31 | 370 | 31 | 370 | ||||
Balance, EOP, post-flooring | 47,554 | 49,894 | 47,554 | 49,894 | ||||
Less: Reinsurance recoverable | 189 | 200 | 189 | 200 | ||||
Total balance after reinsurance recoverable | 47,365 | 49,694 | 47,365 | 49,694 | ||||
Interest accrual | 1,729 | 1,823 | ||||||
Gibraltar Life and Other | International Businesses | Gross Basis | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Interest accrual | 1,135 | 1,167 | ||||||
Undiscounted expected future gross premiums | 56,169 | 62,850 | 56,169 | 62,850 | ||||
Discounted expected future gross premiums (at original discount rate) | 45,102 | 49,935 | 45,102 | 49,935 | ||||
Discounted expected future gross premiums (at current discount rate) | 42,804 | 48,237 | 42,804 | 48,237 | ||||
Undiscounted expected future benefits and expenses | $ 139,536 | $ 151,940 | 139,536 | 151,940 | ||||
Interest accrual | 1,135 | 1,167 | ||||||
Gross Premiums | $ 4,741 | $ 5,414 | ||||||
Weighted-average duration of the liability in years (at original discount rate) | 19 years | 20 years | 19 years | 20 years | ||||
Weighted-average duration of the liability in years (at current discount rate) | 17 years | 18 years | 17 years | 18 years | ||||
Weighted-average interest rate (at original discount rate) | 2.59% | 2.55% | 2.59% | 2.55% | ||||
Weighted-average interest rate (at current discount rate) | 3.26% | 2.80% | 3.26% | 2.80% | ||||
Long- Term Care | Corporate and Other | ||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||
Balance, BOP | $ 2,932 | $ 3,585 | ||||||
Effect of cumulative changes in discount rate assumptions | 103 | (644) | ||||||
Balance at original discount rate | 3,035 | 2,941 | ||||||
Effect of assumption update | 266 | 49 | ||||||
Effect of actual variances from expected experience and other activity | 145 | 163 | ||||||
Adjusted balance, BOP | 3,446 | 3,153 | ||||||
Issuances | 0 | 0 | ||||||
Net premiums / considerations collected | (242) | (218) | ||||||
Interest accrual | 117 | 109 | ||||||
Foreign currency adjustment | 0 | 0 | ||||||
Other adjustments | 0 | 0 | ||||||
Balance at original discount rate | $ 3,321 | $ 3,044 | 3,321 | 3,044 | ||||
Effect of cumulative changes in discount rate assumptions | (249) | (164) | (249) | (164) | ||||
Total balance, EOP | 3,072 | 2,880 | 3,072 | 2,880 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Balance, BOP | 10,685 | 15,810 | ||||||
Effect of cumulative changes in discount rate assumptions | 1,216 | (4,482) | ||||||
Balance at original discount rate | 11,901 | 11,328 | ||||||
Effect of assumption update | 357 | 49 | ||||||
Effect of actual variances from expected experience and other activity | 171 | 188 | ||||||
Adjusted balance, BOP | $ 12,429 | $ 11,565 | ||||||
Issuances | 0 | 0 | ||||||
Interest accrual | 443 | 413 | ||||||
Benefit payments | (196) | (179) | ||||||
Foreign currency adjustment | 0 | 0 | ||||||
Other adjustments | 0 | 0 | ||||||
Balance after transition, at original discount rate | 12,676 | 11,799 | 12,676 | 11,799 | ||||
Effect of cumulative changes in discount rate assumptions | (2,305) | (1,755) | (2,305) | (1,755) | ||||
Balance after transition, at current discount rate | 10,371 | 10,044 | 10,371 | 10,044 | ||||
Balance, EOP, pre-flooring | 7,299 | 7,163 | 7,299 | 7,163 | ||||
Flooring impact, EOP | 0 | 0 | 0 | 0 | ||||
Balance, EOP, post-flooring | 7,299 | 7,163 | 7,299 | 7,163 | ||||
Less: Reinsurance recoverable | 0 | 0 | 0 | 0 | ||||
Total balance after reinsurance recoverable | 7,299 | 7,163 | 7,299 | 7,163 | ||||
Interest accrual | 443 | 413 | ||||||
Long- Term Care | Corporate and Other | Gross Basis | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Interest accrual | 326 | 304 | ||||||
Undiscounted expected future gross premiums | 6,854 | 7,035 | 6,854 | 7,035 | ||||
Discounted expected future gross premiums (at original discount rate) | 4,496 | 4,561 | 4,496 | 4,561 | ||||
Discounted expected future gross premiums (at current discount rate) | 4,167 | 4,325 | 4,167 | 4,325 | ||||
Undiscounted expected future benefits and expenses | $ 30,897 | $ 29,625 | 30,897 | 29,625 | ||||
Interest accrual | 326 | 304 | ||||||
Gross Premiums | $ 342 | $ 336 | ||||||
Weighted-average duration of the liability in years (at original discount rate) | 18 years | 19 years | 18 years | 19 years | ||||
Weighted-average duration of the liability in years (at current discount rate) | 17 years | 18 years | 17 years | 18 years | ||||
Weighted-average interest rate (at original discount rate) | 4.91% | 4.91% | 4.91% | 4.91% | ||||
Weighted-average interest rate (at current discount rate) | 6.30% | 5.98% | 6.30% | 5.98% | ||||
Nonparticipating Traditional and Limited-Pay Business | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Loss in net income | $ 209 | |||||||
Gain in net income | $ 89 | |||||||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Liability For Future Policy B_4
Liability For Future Policy Benefits (Deferred Profit Liability) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Other adjustments | $ 49 | $ 35 | [1] | $ (231) | $ (597) | [2] | ||
Total balance after reinsurance recoverable | 168,416 | 175,553 | 168,416 | 175,553 | ||||
Deferred profit liability | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Total balance after reinsurance recoverable | 14,188 | 13,784 | 14,188 | 13,784 | ||||
Retirement Strategies | Institutional | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Effect of assumption update | $ (1,289) | $ (187) | ||||||
Effect of actual variances from expected experience and other activity | 377 | 256 | ||||||
Adjusted balance, BOP | 137,012 | 128,956 | ||||||
Interest accrual | 3,720 | 3,066 | ||||||
Foreign currency adjustment | 981 | (11,711) | ||||||
Other adjustments | (138) | (528) | ||||||
Balance, EOP, pre-flooring | 64,789 | 63,859 | 64,789 | 63,859 | ||||
Flooring impact, EOP | 0 | 1 | 0 | 1 | ||||
Balance, EOP | 64,789 | 63,860 | 64,789 | 63,860 | ||||
Less: Reinsurance recoverable | 4,810 | 0 | 4,810 | 0 | ||||
Total balance after reinsurance recoverable | 59,979 | 63,860 | 59,979 | 63,860 | ||||
Retirement Strategies | Institutional | Gross Basis | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Interest accrual | 2,132 | 1,892 | ||||||
Revenue | 9,310 | 14,102 | ||||||
Retirement Strategies | Institutional | Deferred profit liability | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Balance, BOP | 5,532 | 5,183 | ||||||
Flooring impact, BOP | 0 | 0 | ||||||
Balance, BOP, pre-flooring | 5,532 | 5,183 | ||||||
Effect of assumption update | 35 | 382 | ||||||
Effect of actual variances from expected experience and other activity | 4 | 101 | ||||||
Adjusted balance, BOP | 5,571 | 5,666 | ||||||
Profits deferred | 294 | 212 | ||||||
Interest accrual | 170 | 160 | ||||||
Amortization | (424) | (410) | ||||||
Foreign currency adjustment | 2 | (48) | ||||||
Other adjustments | 0 | (1) | ||||||
Balance, EOP, pre-flooring | 5,613 | 5,579 | 5,613 | 5,579 | ||||
Flooring impact, EOP | 0 | 0 | 0 | 0 | ||||
Balance, EOP | 5,613 | 5,579 | 5,613 | 5,579 | ||||
Less: Reinsurance recoverable | 383 | 0 | 383 | 0 | ||||
Total balance after reinsurance recoverable | 5,230 | 5,579 | 5,230 | 5,579 | ||||
Revenue | (79) | (443) | ||||||
Retirement Strategies | Institutional | Deferred profit liability | Gross Basis | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Interest accrual | 170 | 160 | ||||||
Revenue | (79) | (443) | ||||||
International Businesses | Life Planner | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Effect of assumption update | 145 | (115) | ||||||
Effect of actual variances from expected experience and other activity | (845) | (1,290) | ||||||
Adjusted balance, BOP | 81,658 | 86,603 | ||||||
Interest accrual | 1,977 | 2,006 | ||||||
Foreign currency adjustment | (4,630) | (9,915) | ||||||
Other adjustments | 206 | 247 | ||||||
Balance, EOP, pre-flooring | 45,304 | 45,957 | 45,304 | 45,957 | ||||
Flooring impact, EOP | 27 | 236 | 27 | 236 | ||||
Balance, EOP | 45,331 | 46,193 | 45,331 | 46,193 | ||||
Less: Reinsurance recoverable | 96 | 116 | 96 | 116 | ||||
Total balance after reinsurance recoverable | 45,235 | 46,077 | 45,235 | 46,077 | ||||
International Businesses | Life Planner | Gross Basis | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Interest accrual | 1,297 | 1,289 | ||||||
Revenue | 4,849 | 5,274 | ||||||
International Businesses | Life Planner | Deferred profit liability | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Balance, BOP | 3,379 | 2,741 | ||||||
Flooring impact, BOP | 0 | 0 | ||||||
Balance, BOP, pre-flooring | 3,379 | 2,741 | ||||||
Effect of assumption update | (67) | 28 | ||||||
Effect of actual variances from expected experience and other activity | (4) | 3 | ||||||
Adjusted balance, BOP | 3,308 | 2,772 | ||||||
Profits deferred | 1,271 | 1,308 | ||||||
Interest accrual | 109 | 91 | ||||||
Amortization | (869) | (852) | ||||||
Foreign currency adjustment | (128) | (246) | ||||||
Other adjustments | 24 | 19 | ||||||
Balance, EOP, pre-flooring | 3,715 | 3,092 | 3,715 | 3,092 | ||||
Flooring impact, EOP | 0 | 0 | 0 | 0 | ||||
Balance, EOP | 3,715 | 3,092 | 3,715 | 3,092 | ||||
Less: Reinsurance recoverable | 8 | 7 | 8 | 7 | ||||
Total balance after reinsurance recoverable | 3,707 | 3,085 | 3,707 | 3,085 | ||||
Revenue | (464) | (600) | ||||||
International Businesses | Life Planner | Deferred profit liability | Gross Basis | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Interest accrual | 109 | 91 | ||||||
Revenue | (464) | (600) | ||||||
International Businesses | Gibraltar Life and Other | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Effect of assumption update | 44 | (164) | ||||||
Effect of actual variances from expected experience and other activity | (503) | (495) | ||||||
Adjusted balance, BOP | 91,138 | 100,711 | ||||||
Interest accrual | 1,729 | 1,823 | ||||||
Foreign currency adjustment | (5,780) | (11,950) | ||||||
Other adjustments | (18) | (12) | ||||||
Balance, EOP, pre-flooring | 47,523 | 49,524 | 47,523 | 49,524 | ||||
Flooring impact, EOP | 31 | 370 | 31 | 370 | ||||
Balance, EOP | 47,554 | 49,894 | 47,554 | 49,894 | ||||
Less: Reinsurance recoverable | 189 | 200 | 189 | 200 | ||||
Total balance after reinsurance recoverable | 47,365 | 49,694 | 47,365 | 49,694 | ||||
International Businesses | Gibraltar Life and Other | Gross Basis | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Interest accrual | 1,135 | 1,167 | ||||||
Revenue | 4,741 | 5,414 | ||||||
International Businesses | Gibraltar Life and Other | Deferred profit liability | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Balance, BOP | 5,261 | 5,014 | ||||||
Flooring impact, BOP | 1 | 1 | ||||||
Balance, BOP, pre-flooring | 5,260 | 5,013 | ||||||
Effect of assumption update | (228) | (5) | ||||||
Effect of actual variances from expected experience and other activity | (32) | (82) | ||||||
Adjusted balance, BOP | 5,000 | 4,926 | ||||||
Profits deferred | 1,017 | 1,184 | ||||||
Interest accrual | 114 | 107 | ||||||
Amortization | (765) | (782) | ||||||
Foreign currency adjustment | (251) | (487) | ||||||
Other adjustments | 0 | (1) | ||||||
Balance, EOP, pre-flooring | 5,115 | 4,947 | 5,115 | 4,947 | ||||
Flooring impact, EOP | 1 | 1 | 1 | 1 | ||||
Balance, EOP | 5,116 | 4,948 | 5,116 | 4,948 | ||||
Less: Reinsurance recoverable | 10 | 10 | 10 | 10 | ||||
Total balance after reinsurance recoverable | 5,106 | 4,938 | 5,106 | 4,938 | ||||
Revenue | (105) | (420) | ||||||
International Businesses | Gibraltar Life and Other | Deferred profit liability | Gross Basis | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Interest accrual | 114 | 107 | ||||||
Revenue | (105) | (420) | ||||||
Total | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Effect of assumption update | (744) | 1,360 | ||||||
Effect of actual variances from expected experience and other activity | (994) | (1,296) | ||||||
Adjusted balance, BOP | 342,342 | 348,549 | ||||||
Interest accrual | 8,576 | 8,009 | ||||||
Foreign currency adjustment | (9,429) | (33,576) | ||||||
Other adjustments | 36 | (307) | ||||||
Balance, EOP, pre-flooring | 172,665 | 174,311 | 172,665 | 174,311 | ||||
Flooring impact, EOP | 60 | 607 | 60 | 607 | ||||
Balance, EOP | 172,725 | 174,918 | 172,725 | 174,918 | ||||
Less: Reinsurance recoverable | 5,791 | 1,088 | 5,791 | 1,088 | ||||
Total balance after reinsurance recoverable | 166,934 | 173,830 | 166,934 | 173,830 | ||||
Total | Deferred profit liability | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Balance, BOP | 14,172 | 12,938 | ||||||
Flooring impact, BOP | 1 | 1 | ||||||
Balance, BOP, pre-flooring | 14,171 | 12,937 | ||||||
Effect of assumption update | (260) | 405 | ||||||
Effect of actual variances from expected experience and other activity | (32) | 22 | ||||||
Adjusted balance, BOP | $ 13,879 | $ 13,364 | ||||||
Profits deferred | 2,582 | 2,704 | ||||||
Interest accrual | 393 | 358 | ||||||
Amortization | (2,058) | (2,044) | ||||||
Foreign currency adjustment | (377) | (781) | ||||||
Other adjustments | 24 | 17 | ||||||
Balance, EOP, pre-flooring | 14,443 | 13,618 | 14,443 | 13,618 | ||||
Flooring impact, EOP | 1 | 1 | 1 | 1 | ||||
Balance, EOP | 14,444 | 13,619 | 14,444 | 13,619 | ||||
Less: Reinsurance recoverable | 401 | 17 | 401 | 17 | ||||
Total balance after reinsurance recoverable | 14,043 | 13,602 | 14,043 | 13,602 | ||||
Other Businesses | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Less: Reinsurance recoverable | 69 | 80 | 69 | 80 | ||||
Total balance after reinsurance recoverable | 1,482 | 1,723 | 1,482 | 1,723 | ||||
Other Businesses | Deferred profit liability | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Less: Reinsurance recoverable | 0 | 1 | 0 | 1 | ||||
Total balance after reinsurance recoverable | $ 145 | $ 182 | 145 | 182 | ||||
Revenue | $ 37 | $ 41 | ||||||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Liability For Future Policy B_5
Liability For Future Policy Benefits (Additional Insurance Reserves) (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Additional Liability, Long-Duration Insurance [Line Items] | ||||
Interest accrual | $ 362 | $ 319 | ||
Balance, including amounts in AOCI, EOP, post-flooring | 13,340 | 12,254 | ||
Gross assessments | $ 2,357 | $ 1,995 | ||
Weighted-average duration of the liability in years (at original discount rate) | 22 years | 23 years | ||
Weighted-average interest rate (at original discount rate) | 3.36% | 3.38% | ||
Individual Life | ||||
Additional Liability, Long-Duration Insurance [Line Items] | ||||
Total balance after reinsurance recoverable | $ 8,054 | $ 7,464 | ||
Other Businesses | Individual Life | ||||
Additional Liability, Long-Duration Insurance [Line Items] | ||||
Total balance after reinsurance recoverable | 123 | 144 | ||
Total | Individual Life | ||||
Additional Liability, Long-Duration Insurance [Line Items] | ||||
Balance, including amounts in AOCI, BOP, post-flooring | 12,684 | 11,708 | ||
Flooring impact and amounts in AOCI | 1,285 | (909) | ||
Balance, excluding amounts in AOCI, BOP, pre-flooring | 13,969 | 10,799 | ||
Effect of assumption updates | $ 23 | $ 2,200 | ||
Effect of actual variances from expected experience and other activity | (13) | (215) | ||
Adjusted balance, BOP | $ 13,979 | $ 12,784 | ||
Assessment Collected | 836 | 750 | ||
Interest accrual | 362 | 319 | ||
Benefits paid | (223) | (148) | ||
Balance, excluding amounts in AOCI, EOP, pre-flooring | 14,954 | 13,705 | ||
Flooring impact and amounts in AOCI | (1,737) | (1,595) | ||
Balance, including amounts in AOCI, EOP, post-flooring | 13,217 | 12,110 | ||
Less: Reinsurance recoverable | 5,286 | 4,790 | ||
Total balance after reinsurance recoverable | $ 7,931 | $ 7,320 |
Liability For Future Policy B_6
Liability For Future Policy Benefits (Future Policy Benefits) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | [1] | Sep. 30, 2022 |
Insurance [Abstract] | ||||
Benefit reserves, EOP, post-flooring | $ 174,276 | $ 176,720 | ||
Deferred Profit Liability EOP, post-flooring | 14,589 | 13,802 | ||
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring | 13,340 | 12,254 | ||
Subtotal of amounts disclosed above | 202,205 | 202,776 | ||
Other Future Policy Benefits reserves | 51,346 | 52,359 | ||
Total Future Policy Benefits | $ 253,551 | $ 261,773 | $ 255,135 | |
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Liability For Future Policy B_7
Liability For Future Policy Benefits (Revenue and Interest Expense) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Benefit reserves | Retirement Strategies | Institutional | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | $ 9,310 | $ 14,102 |
Interest expense | 2,132 | 1,892 |
Benefit reserves | Individual Life | Term Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 1,384 | 1,412 |
Interest expense | 303 | 295 |
Benefit reserves | Individual Life | Variable/ Universal Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 0 |
Interest expense | 0 | 0 |
Benefit reserves | International Businesses | Life Planner | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 4,849 | 5,274 |
Interest expense | 1,297 | 1,289 |
Benefit reserves | International Businesses | Gibraltar Life and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 4,741 | 5,414 |
Interest expense | 1,135 | 1,167 |
Benefit reserves | Other Businesses | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 415 | 398 |
Interest expense | 366 | 346 |
Benefit reserves | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 20,699 | 26,600 |
Interest expense | 5,233 | 4,989 |
Deferred profit liability | Retirement Strategies | Institutional | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | (79) | (443) |
Interest expense | 170 | 160 |
Deferred profit liability | Individual Life | Term Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 0 |
Interest expense | 0 | 0 |
Deferred profit liability | Individual Life | Variable/ Universal Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 0 |
Interest expense | 0 | 0 |
Deferred profit liability | International Businesses | Life Planner | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | (464) | (600) |
Interest expense | 109 | 91 |
Deferred profit liability | International Businesses | Gibraltar Life and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | (105) | (420) |
Interest expense | 114 | 107 |
Deferred profit liability | Other Businesses | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 37 | 41 |
Interest expense | 3 | 3 |
Deferred profit liability | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | (611) | (1,422) |
Interest expense | 396 | 361 |
Additional insurance reserves | Retirement Strategies | Institutional | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 0 |
Interest expense | 0 | 0 |
Additional insurance reserves | Individual Life | Term Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 0 |
Interest expense | 0 | 0 |
Additional insurance reserves | Individual Life | Variable/ Universal Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 2,357 | 1,995 |
Interest expense | 362 | 319 |
Additional insurance reserves | International Businesses | Life Planner | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 0 |
Interest expense | 1 | 2 |
Additional insurance reserves | International Businesses | Gibraltar Life and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 0 |
Interest expense | 0 | 1 |
Additional insurance reserves | Other Businesses | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 1 |
Interest expense | 0 | 0 |
Additional insurance reserves | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 2,357 | 1,996 |
Interest expense | 363 | 322 |
Revenues | Retirement Strategies | Institutional | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 9,231 | 13,659 |
Revenues | Individual Life | Term Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 1,384 | 1,412 |
Revenues | Individual Life | Variable/ Universal Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 2,357 | 1,995 |
Revenues | International Businesses | Life Planner | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 4,385 | 4,674 |
Revenues | International Businesses | Gibraltar Life and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 4,636 | 4,994 |
Revenues | Other Businesses | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 452 | 440 |
Revenues | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 22,445 | 27,174 |
Interest Expense | Retirement Strategies | Institutional | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 2,302 | 2,052 |
Interest Expense | Individual Life | Term Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 303 | 295 |
Interest Expense | Individual Life | Variable/ Universal Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 362 | 319 |
Interest Expense | International Businesses | Life Planner | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 1,407 | 1,382 |
Interest Expense | International Businesses | Gibraltar Life and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 1,249 | 1,275 |
Interest Expense | Other Businesses | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 369 | 349 |
Interest Expense | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | $ 5,992 | $ 5,672 |
Policyholders' Account Balanc_3
Policyholders' Account Balances (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||||
Interest credited to policyholders’ account balances | $ 872,000,000 | $ 691,000,000 | [1] | $ 3,002,000,000 | $ 1,395,000,000 | [2] | |
Total Policyholders' account balance | 140,788,000,000 | 131,533,000,000 | 140,788,000,000 | 131,533,000,000 | |||
Closed Block Division | 4,528,000,000 | 4,634,000,000 | 4,528,000,000 | 4,634,000,000 | $ 4,607,000,000 | ||
Unearned revenue reserve, unearned expense credit, and additional interest reserve | 5,109,000,000 | 4,374,000,000 | 5,109,000,000 | 4,374,000,000 | |||
Other | $ 4,504,000,000 | $ 8,152,000,000 | $ 4,504,000,000 | $ 8,152,000,000 | |||
Weighted-average crediting rate | 2.87% | 1.98% | 2.87% | 1.98% | |||
Net amount at risk | $ 475,125,000,000 | $ 456,403,000,000 | $ 475,125,000,000 | $ 456,403,000,000 | |||
Cash Surrender Value | 110,440,000,000 | 98,488,000,000 | 110,440,000,000 | 98,488,000,000 | |||
Institutional Retirement Strategies | |||||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||||
Policyholder Account Balance, Surrender | 0 | ||||||
Total | |||||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||||
Balance, beginning of period | 118,377,000,000 | 117,470,000,000 | |||||
Deposits | 18,188,000,000 | 15,059,000,000 | |||||
Interest credited to policyholders’ account balances | 2,639,000,000 | 1,720,000,000 | |||||
Acquisitions and Dispositions | 0 | (1,845,000,000) | |||||
Policy charges | (2,190,000,000) | (2,032,000,000) | |||||
Surrenders and withdrawals | (8,774,000,000) | (8,836,000,000) | |||||
Benefit payments | (1,900,000,000) | (2,560,000,000) | |||||
Net transfers (to) from separate account | 1,306,000,000 | 569,000,000 | |||||
Change in market value and other adjustments | 1,363,000,000 | (192,000,000) | |||||
Foreign currency adjustment | (2,362,000,000) | (4,980,000,000) | |||||
Balance, end of period | 126,647,000,000 | 114,373,000,000 | 126,647,000,000 | 114,373,000,000 | |||
Reinsurance and other recoverable | 20,000,000 | 34,000,000 | 20,000,000 | 34,000,000 | |||
Policyholders' account balance net of reinsurance and other recoverable | 126,627,000,000 | 114,339,000,000 | 126,627,000,000 | 114,339,000,000 | |||
Life/Disability | Group Insurance | |||||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||||
Balance, beginning of period | 5,839,000,000 | 6,273,000,000 | |||||
Deposits | 811,000,000 | 950,000,000 | |||||
Interest credited to policyholders’ account balances | 124,000,000 | 112,000,000 | |||||
Acquisitions and Dispositions | 0 | 0 | |||||
Policy charges | (247,000,000) | (243,000,000) | |||||
Surrenders and withdrawals | (1,217,000,000) | (1,098,000,000) | |||||
Benefit payments | 0 | 0 | |||||
Net transfers (to) from separate account | 2,000,000 | (21,000,000) | |||||
Change in market value and other adjustments | 0 | 0 | |||||
Foreign currency adjustment | 0 | 0 | |||||
Balance, end of period | 5,312,000,000 | 5,973,000,000 | 5,312,000,000 | 5,973,000,000 | |||
Reinsurance and other recoverable | 0 | 0 | 0 | 0 | |||
Policyholders' account balance net of reinsurance and other recoverable | $ 5,312,000,000 | $ 5,973,000,000 | $ 5,312,000,000 | $ 5,973,000,000 | |||
Weighted-average crediting rate | 2.97% | 2.43% | 2.97% | 2.43% | |||
Net amount at risk | $ 73,260,000,000 | $ 70,905,000,000 | $ 73,260,000,000 | $ 70,905,000,000 | |||
Cash Surrender Value | 3,966,000,000 | 4,177,000,000 | 3,966,000,000 | 4,177,000,000 | |||
Institutional | |||||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||||
Total Policyholders' account balance | 9,964,000,000 | 9,406,000,000 | 9,964,000,000 | 9,406,000,000 | |||
Institutional | Retirement Strategies | |||||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||||
Balance, beginning of period | 17,376,000,000 | 16,391,000,000 | |||||
Deposits | 4,407,000,000 | 4,691,000,000 | |||||
Interest credited to policyholders’ account balances | 509,000,000 | 401,000,000 | |||||
Acquisitions and Dispositions | 0 | 0 | |||||
Policy charges | (16,000,000) | (17,000,000) | |||||
Surrenders and withdrawals | (4,332,000,000) | (3,866,000,000) | |||||
Benefit payments | 0 | (439,000,000) | |||||
Net transfers (to) from separate account | 0 | 0 | |||||
Change in market value and other adjustments | 0 | 0 | |||||
Foreign currency adjustment | 0 | 0 | |||||
Balance, end of period | 17,944,000,000 | 17,161,000,000 | 17,944,000,000 | 17,161,000,000 | |||
Reinsurance and other recoverable | 0 | 0 | 0 | 0 | |||
Policyholders' account balance net of reinsurance and other recoverable | $ 17,944,000,000 | $ 17,161,000,000 | $ 17,944,000,000 | $ 17,161,000,000 | |||
Weighted-average crediting rate | 3.85% | 3.18% | 3.85% | 3.18% | |||
Net amount at risk | $ 0 | $ 0 | $ 0 | $ 0 | |||
Cash Surrender Value | 17,944,000,000 | 17,161,000,000 | 17,944,000,000 | 17,161,000,000 | |||
Individual Variable | |||||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||||
Total Policyholders' account balance | 4,211,000,000 | 4,706,000,000 | 4,211,000,000 | 4,706,000,000 | |||
Individual Variable | Retirement Strategies | |||||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||||
Balance, beginning of period | 17,524,000,000 | 14,125,000,000 | |||||
Deposits | 3,444,000,000 | 3,757,000,000 | |||||
Interest credited to policyholders’ account balances | 219,000,000 | 153,000,000 | |||||
Acquisitions and Dispositions | 0 | (1,405,000,000) | |||||
Policy charges | (17,000,000) | (3,000,000) | |||||
Surrenders and withdrawals | (492,000,000) | (237,000,000) | |||||
Benefit payments | (58,000,000) | (79,000,000) | |||||
Net transfers (to) from separate account | 22,000,000 | 238,000,000 | |||||
Change in market value and other adjustments | 1,192,000,000 | 217,000,000 | |||||
Foreign currency adjustment | 0 | 0 | |||||
Balance, end of period | 21,834,000,000 | 16,766,000,000 | 21,834,000,000 | 16,766,000,000 | |||
Reinsurance and other recoverable | 0 | 0 | 0 | 0 | |||
Policyholders' account balance net of reinsurance and other recoverable | $ 21,834,000,000 | $ 16,766,000,000 | $ 21,834,000,000 | $ 16,766,000,000 | |||
Weighted-average crediting rate | 1.48% | 1.32% | 1.48% | 1.32% | |||
Net amount at risk | $ 0 | $ 0 | $ 0 | $ 0 | |||
Cash Surrender Value | 19,184,000,000 | 13,780,000,000 | 19,184,000,000 | 13,780,000,000 | |||
Individual Fixed | |||||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||||
Total Policyholders' account balance | 2,806,000,000 | 1,898,000,000 | 2,806,000,000 | 1,898,000,000 | |||
Individual Fixed | Retirement Strategies | |||||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||||
Balance, beginning of period | 4,643,000,000 | 4,652,000,000 | |||||
Deposits | 1,839,000,000 | 341,000,000 | |||||
Interest credited to policyholders’ account balances | 96,000,000 | 62,000,000 | |||||
Acquisitions and Dispositions | 0 | (440,000,000) | |||||
Policy charges | (6,000,000) | (3,000,000) | |||||
Surrenders and withdrawals | (298,000,000) | (110,000,000) | |||||
Benefit payments | (58,000,000) | (132,000,000) | |||||
Net transfers (to) from separate account | 0 | 0 | |||||
Change in market value and other adjustments | 82,000,000 | (88,000,000) | |||||
Foreign currency adjustment | 0 | 0 | |||||
Balance, end of period | 6,298,000,000 | 4,282,000,000 | 6,298,000,000 | 4,282,000,000 | |||
Reinsurance and other recoverable | 0 | 0 | 0 | 0 | |||
Policyholders' account balance net of reinsurance and other recoverable | $ 6,298,000,000 | $ 4,282,000,000 | $ 6,298,000,000 | $ 4,282,000,000 | |||
Weighted-average crediting rate | 2.33% | 1.85% | 2.33% | 1.85% | |||
Net amount at risk | $ 0 | $ 0 | $ 0 | $ 0 | |||
Cash Surrender Value | 5,038,000,000 | 3,250,000,000 | 5,038,000,000 | 3,250,000,000 | |||
Variable/ Universal Life | |||||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||||
Total Policyholders' account balance | 24,270,000,000 | 23,805,000,000 | 24,270,000,000 | 23,805,000,000 | |||
Variable/ Universal Life | Individual Life | |||||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||||
Balance, beginning of period | 26,502,000,000 | 26,859,000,000 | |||||
Deposits | 1,773,000,000 | 1,912,000,000 | |||||
Interest credited to policyholders’ account balances | 583,000,000 | 610,000,000 | |||||
Acquisitions and Dispositions | 0 | 0 | |||||
Policy charges | (1,536,000,000) | (1,528,000,000) | |||||
Surrenders and withdrawals | (1,267,000,000) | (1,188,000,000) | |||||
Benefit payments | (119,000,000) | (152,000,000) | |||||
Net transfers (to) from separate account | 1,282,000,000 | 352,000,000 | |||||
Change in market value and other adjustments | 75,000,000 | (336,000,000) | |||||
Foreign currency adjustment | 0 | 0 | |||||
Balance, end of period | 27,293,000,000 | 26,529,000,000 | 27,293,000,000 | 26,529,000,000 | |||
Reinsurance and other recoverable | 0 | 12,000,000 | 0 | 12,000,000 | |||
Policyholders' account balance net of reinsurance and other recoverable | $ 27,293,000,000 | $ 26,517,000,000 | $ 27,293,000,000 | $ 26,517,000,000 | |||
Weighted-average crediting rate | 2.89% | 3.05% | 2.89% | 3.05% | |||
Net amount at risk | $ 378,191,000,000 | $ 364,060,000,000 | $ 378,191,000,000 | $ 364,060,000,000 | |||
Cash Surrender Value | 23,101,000,000 | 21,717,000,000 | 23,101,000,000 | 21,717,000,000 | |||
Life Planner | |||||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||||
Total Policyholders' account balance | 7,460,000,000 | 6,241,000,000 | 7,460,000,000 | 6,241,000,000 | |||
Life Planner | International Businesses | |||||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||||
Balance, beginning of period | 11,168,000,000 | 11,555,000,000 | |||||
Deposits | 1,640,000,000 | 985,000,000 | |||||
Interest credited to policyholders’ account balances | 577,000,000 | 19,000,000 | |||||
Acquisitions and Dispositions | 0 | 0 | |||||
Policy charges | (222,000,000) | (149,000,000) | |||||
Surrenders and withdrawals | (153,000,000) | (143,000,000) | |||||
Benefit payments | (203,000,000) | (192,000,000) | |||||
Net transfers (to) from separate account | 0 | 0 | |||||
Change in market value and other adjustments | 21,000,000 | 23,000,000 | |||||
Foreign currency adjustment | (1,071,000,000) | (2,051,000,000) | |||||
Balance, end of period | 11,757,000,000 | 10,047,000,000 | 11,757,000,000 | 10,047,000,000 | |||
Reinsurance and other recoverable | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |||
Policyholders' account balance net of reinsurance and other recoverable | $ 11,756,000,000 | $ 10,046,000,000 | $ 11,756,000,000 | $ 10,046,000,000 | |||
Weighted-average crediting rate | 6.72% | 0.23% | 6.72% | 0.23% | |||
Net amount at risk | $ 17,400,000,000 | $ 14,586,000,000 | $ 17,400,000,000 | $ 14,586,000,000 | |||
Cash Surrender Value | 10,063,000,000 | 8,511,000,000 | 10,063,000,000 | 8,511,000,000 | |||
Gibraltar Life and Other | |||||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||||
Total Policyholders' account balance | 36,054,000,000 | 33,369,000,000 | 36,054,000,000 | 33,369,000,000 | |||
Gibraltar Life and Other | International Businesses | |||||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||||
Balance, beginning of period | 35,325,000,000 | 37,615,000,000 | |||||
Deposits | 4,274,000,000 | 2,423,000,000 | |||||
Interest credited to policyholders’ account balances | 531,000,000 | 363,000,000 | |||||
Acquisitions and Dispositions | 0 | 0 | |||||
Policy charges | (146,000,000) | (89,000,000) | |||||
Surrenders and withdrawals | (1,015,000,000) | (2,194,000,000) | |||||
Benefit payments | (1,462,000,000) | (1,566,000,000) | |||||
Net transfers (to) from separate account | 0 | 0 | |||||
Change in market value and other adjustments | (7,000,000) | (8,000,000) | |||||
Foreign currency adjustment | (1,291,000,000) | (2,929,000,000) | |||||
Balance, end of period | 36,209,000,000 | 33,615,000,000 | 36,209,000,000 | 33,615,000,000 | |||
Reinsurance and other recoverable | 19,000,000 | 21,000,000 | 19,000,000 | 21,000,000 | |||
Policyholders' account balance net of reinsurance and other recoverable | $ 36,190,000,000 | $ 33,594,000,000 | $ 36,190,000,000 | $ 33,594,000,000 | |||
Weighted-average crediting rate | 1.98% | 1.36% | 1.98% | 1.36% | |||
Net amount at risk | $ 6,274,000,000 | $ 6,852,000,000 | $ 6,274,000,000 | $ 6,852,000,000 | |||
Cash Surrender Value | 31,144,000,000 | 29,892,000,000 | 31,144,000,000 | 29,892,000,000 | |||
Full Service | Corporate and Other | |||||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||||
Reinsurance and other recoverable | $ 5,621,000,000 | $ 8,220,000,000 | $ 5,621,000,000 | $ 8,220,000,000 | |||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Policyholders' Account Balanc_4
Policyholders' Account Balances (Guaranteed Minimum Crediting Rate) (Details) $ in Millions | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 140,788 | $ 131,533 | ||
1 - 50 bps above guaranteed minimum | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder account balance above guaranteed minimum crediting rate | 1 | 1 | ||
1 - 50 bps above guaranteed minimum | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder account balance above guaranteed minimum crediting rate | 50 | 50 | ||
51 - 150 bps above guaranteed minimum | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder account balance above guaranteed minimum crediting rate | 51 | 51 | ||
51 - 150 bps above guaranteed minimum | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder account balance above guaranteed minimum crediting rate | 150 | 150 | ||
Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder account balance above guaranteed minimum crediting rate | 150 | 150 | ||
Group Insurance | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 2,888 | $ 3,409 | ||
Group Insurance | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 1,667 | 1,741 | ||
Group Insurance | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Group Insurance | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Group Insurance | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 1,221 | 1,668 | ||
Institutional | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 9,964 | 9,406 | ||
Institutional | Retirement Strategies | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 17,376 | $ 16,391 | ||
Institutional | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 9,964 | 9,406 | ||
Institutional | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Institutional | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Institutional | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Individual Variable | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 4,211 | 4,706 | ||
Individual Variable | Retirement Strategies | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 17,524 | 14,125 | ||
Individual Variable | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 3,343 | 3,798 | ||
Individual Variable | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 836 | 878 | ||
Individual Variable | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 32 | 30 | ||
Individual Variable | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Individual Fixed | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 2,806 | 1,898 | ||
Individual Fixed | Retirement Strategies | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 4,643 | 4,652 | ||
Individual Fixed | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 1,519 | 1,624 | ||
Individual Fixed | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 607 | 98 | ||
Individual Fixed | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 566 | 128 | ||
Individual Fixed | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 114 | 48 | ||
Variable/ Universal Life | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 24,270 | 23,805 | ||
Variable/ Universal Life | Individual Life | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 26,502 | 26,859 | ||
Variable/ Universal Life | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 10,225 | 13,926 | ||
Variable/ Universal Life | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 5,607 | 47 | ||
Variable/ Universal Life | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 6,783 | 5,637 | ||
Variable/ Universal Life | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 1,655 | 4,195 | ||
Life Planner | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 7,460 | 6,241 | ||
Life Planner | International Businesses | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 11,168 | 11,555 | ||
Life Planner | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 5,863 | 6,021 | ||
Life Planner | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 67 | 47 | ||
Life Planner | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 90 | 95 | ||
Life Planner | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 1,440 | 78 | ||
Gibraltar Life and Other | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 36,054 | 33,369 | ||
Gibraltar Life and Other | International Businesses | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 35,325 | $ 37,615 | ||
Gibraltar Life and Other | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 35,706 | 33,021 | ||
Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 310 | 302 | ||
Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 38 | 46 | ||
Gibraltar Life and Other | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 0 | $ 0 | ||
Less than 1.00% | Group Insurance | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1% | 1% | ||
Account Values with Crediting Rates | $ 1,221 | $ 1,668 | ||
Less than 1.00% | Group Insurance | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Less than 1.00% | Group Insurance | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Less than 1.00% | Group Insurance | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Less than 1.00% | Group Insurance | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 1,221 | $ 1,668 | ||
Less than 1.00% | Institutional | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1% | 1% | ||
Account Values with Crediting Rates | $ 400 | $ 400 | ||
Less than 1.00% | Institutional | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 400 | 400 | ||
Less than 1.00% | Institutional | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Less than 1.00% | Institutional | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Less than 1.00% | Institutional | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 0 | $ 0 | ||
Less than 1.00% | Individual Variable | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1% | 1% | ||
Account Values with Crediting Rates | $ 1,783 | $ 1,923 | ||
Less than 1.00% | Individual Variable | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 944 | 1,034 | ||
Less than 1.00% | Individual Variable | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 821 | 870 | ||
Less than 1.00% | Individual Variable | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 18 | 19 | ||
Less than 1.00% | Individual Variable | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 0 | $ 0 | ||
Less than 1.00% | Individual Fixed | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1% | 1% | ||
Account Values with Crediting Rates | $ 20 | $ 0 | ||
Less than 1.00% | Individual Fixed | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Less than 1.00% | Individual Fixed | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Less than 1.00% | Individual Fixed | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Less than 1.00% | Individual Fixed | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 20 | $ 0 | ||
Less than 1.00% | Variable/ Universal Life | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1% | 1% | ||
Account Values with Crediting Rates | $ 408 | $ 15 | ||
Less than 1.00% | Variable/ Universal Life | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 15 | ||
Less than 1.00% | Variable/ Universal Life | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Less than 1.00% | Variable/ Universal Life | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Less than 1.00% | Variable/ Universal Life | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 408 | $ 0 | ||
Less than 1.00% | Life Planner | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1% | 1% | ||
Account Values with Crediting Rates | $ 1,892 | $ 548 | ||
Less than 1.00% | Life Planner | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 320 | 348 | ||
Less than 1.00% | Life Planner | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 42 | 27 | ||
Less than 1.00% | Life Planner | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 90 | 95 | ||
Less than 1.00% | Life Planner | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 1,440 | $ 78 | ||
Less than 1.00% | Gibraltar Life and Other | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1% | 1% | ||
Account Values with Crediting Rates | $ 15,671 | $ 17,761 | ||
Less than 1.00% | Gibraltar Life and Other | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 15,671 | 17,761 | ||
Less than 1.00% | Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Less than 1.00% | Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Less than 1.00% | Gibraltar Life and Other | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
1.00% - 1.99% | Group Insurance | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 0 | $ 7 | ||
1.00% - 1.99% | Group Insurance | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1% | 1% | ||
1.00% - 1.99% | Group Insurance | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1.99% | 1.99% | ||
1.00% - 1.99% | Group Insurance | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 0 | $ 7 | ||
1.00% - 1.99% | Group Insurance | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
1.00% - 1.99% | Group Insurance | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
1.00% - 1.99% | Group Insurance | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
1.00% - 1.99% | Institutional | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 1,551 | $ 1,572 | ||
1.00% - 1.99% | Institutional | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1% | 1% | ||
1.00% - 1.99% | Institutional | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1.99% | 1.99% | ||
1.00% - 1.99% | Institutional | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 1,551 | $ 1,572 | ||
1.00% - 1.99% | Institutional | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
1.00% - 1.99% | Institutional | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
1.00% - 1.99% | Institutional | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
1.00% - 1.99% | Individual Variable | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 227 | $ 252 | ||
1.00% - 1.99% | Individual Variable | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1% | 1% | ||
1.00% - 1.99% | Individual Variable | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1.99% | 1.99% | ||
1.00% - 1.99% | Individual Variable | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 224 | $ 250 | ||
1.00% - 1.99% | Individual Variable | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 2 | 2 | ||
1.00% - 1.99% | Individual Variable | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 1 | 0 | ||
1.00% - 1.99% | Individual Variable | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
1.00% - 1.99% | Individual Fixed | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 1,001 | $ 902 | ||
1.00% - 1.99% | Individual Fixed | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1% | 1% | ||
1.00% - 1.99% | Individual Fixed | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1.99% | 1.99% | ||
1.00% - 1.99% | Individual Fixed | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 544 | $ 629 | ||
1.00% - 1.99% | Individual Fixed | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 129 | 97 | ||
1.00% - 1.99% | Individual Fixed | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 246 | 128 | ||
1.00% - 1.99% | Individual Fixed | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 82 | 48 | ||
1.00% - 1.99% | Variable/ Universal Life | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 3,597 | $ 3,072 | ||
1.00% - 1.99% | Variable/ Universal Life | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1% | 1% | ||
1.00% - 1.99% | Variable/ Universal Life | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1.99% | 1.99% | ||
1.00% - 1.99% | Variable/ Universal Life | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 185 | $ 325 | ||
1.00% - 1.99% | Variable/ Universal Life | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
1.00% - 1.99% | Variable/ Universal Life | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 2,528 | 733 | ||
1.00% - 1.99% | Variable/ Universal Life | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 884 | 2,014 | ||
1.00% - 1.99% | Life Planner | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 2,840 | $ 2,920 | ||
1.00% - 1.99% | Life Planner | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1% | 1% | ||
1.00% - 1.99% | Life Planner | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1.99% | 1.99% | ||
1.00% - 1.99% | Life Planner | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 2,815 | $ 2,900 | ||
1.00% - 1.99% | Life Planner | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 25 | 20 | ||
1.00% - 1.99% | Life Planner | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
1.00% - 1.99% | Life Planner | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
1.00% - 1.99% | Gibraltar Life and Other | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 8,864 | $ 9,627 | ||
1.00% - 1.99% | Gibraltar Life and Other | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1% | 1% | ||
1.00% - 1.99% | Gibraltar Life and Other | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 1.99% | 1.99% | ||
1.00% - 1.99% | Gibraltar Life and Other | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 8,864 | $ 9,627 | ||
1.00% - 1.99% | Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
1.00% - 1.99% | Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
1.00% - 1.99% | Gibraltar Life and Other | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
2.00% - 2.99% | Group Insurance | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 29 | $ 54 | ||
2.00% - 2.99% | Group Insurance | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 2% | 2% | ||
2.00% - 2.99% | Group Insurance | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 2.99% | 2.99% | ||
2.00% - 2.99% | Group Insurance | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 29 | $ 54 | ||
2.00% - 2.99% | Group Insurance | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
2.00% - 2.99% | Group Insurance | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
2.00% - 2.99% | Group Insurance | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
2.00% - 2.99% | Institutional | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 551 | $ 720 | ||
2.00% - 2.99% | Institutional | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 2% | 2% | ||
2.00% - 2.99% | Institutional | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 2.99% | 2.99% | ||
2.00% - 2.99% | Institutional | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 551 | $ 720 | ||
2.00% - 2.99% | Institutional | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
2.00% - 2.99% | Institutional | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
2.00% - 2.99% | Institutional | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
2.00% - 2.99% | Individual Variable | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 40 | $ 37 | ||
2.00% - 2.99% | Individual Variable | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 2% | 2% | ||
2.00% - 2.99% | Individual Variable | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 2.99% | 2.99% | ||
2.00% - 2.99% | Individual Variable | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 32 | $ 36 | ||
2.00% - 2.99% | Individual Variable | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 5 | 0 | ||
2.00% - 2.99% | Individual Variable | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 3 | 1 | ||
2.00% - 2.99% | Individual Variable | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
2.00% - 2.99% | Individual Fixed | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 1,336 | $ 485 | ||
2.00% - 2.99% | Individual Fixed | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 2% | 2% | ||
2.00% - 2.99% | Individual Fixed | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 2.99% | 2.99% | ||
2.00% - 2.99% | Individual Fixed | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 535 | $ 485 | ||
2.00% - 2.99% | Individual Fixed | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 469 | 0 | ||
2.00% - 2.99% | Individual Fixed | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 320 | 0 | ||
2.00% - 2.99% | Individual Fixed | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 12 | 0 | ||
2.00% - 2.99% | Variable/ Universal Life | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 4,736 | $ 4,822 | ||
2.00% - 2.99% | Variable/ Universal Life | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 2% | 2% | ||
2.00% - 2.99% | Variable/ Universal Life | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 2.99% | 2.99% | ||
2.00% - 2.99% | Variable/ Universal Life | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 29 | $ 389 | ||
2.00% - 2.99% | Variable/ Universal Life | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 1,418 | 4 | ||
2.00% - 2.99% | Variable/ Universal Life | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 2,940 | 2,406 | ||
2.00% - 2.99% | Variable/ Universal Life | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 349 | 2,023 | ||
2.00% - 2.99% | Life Planner | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 2,013 | $ 2,088 | ||
2.00% - 2.99% | Life Planner | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 2% | 2% | ||
2.00% - 2.99% | Life Planner | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 2.99% | 2.99% | ||
2.00% - 2.99% | Life Planner | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 2,013 | $ 2,088 | ||
2.00% - 2.99% | Life Planner | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
2.00% - 2.99% | Life Planner | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
2.00% - 2.99% | Life Planner | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
2.00% - 2.99% | Gibraltar Life and Other | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 3,501 | $ 3,681 | ||
2.00% - 2.99% | Gibraltar Life and Other | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 2% | 2% | ||
2.00% - 2.99% | Gibraltar Life and Other | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 2.99% | 2.99% | ||
2.00% - 2.99% | Gibraltar Life and Other | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 3,153 | $ 3,333 | ||
2.00% - 2.99% | Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 310 | 302 | ||
2.00% - 2.99% | Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 38 | 46 | ||
2.00% - 2.99% | Gibraltar Life and Other | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
3.00% - 4.00% | Group Insurance | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 1,565 | $ 1,677 | ||
3.00% - 4.00% | Group Insurance | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 3% | 3% | ||
3.00% - 4.00% | Group Insurance | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 4% | 4% | ||
3.00% - 4.00% | Group Insurance | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 1,565 | $ 1,677 | ||
3.00% - 4.00% | Group Insurance | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
3.00% - 4.00% | Group Insurance | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
3.00% - 4.00% | Group Insurance | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
3.00% - 4.00% | Institutional | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 5,312 | $ 5,980 | ||
3.00% - 4.00% | Institutional | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 3% | 3% | ||
3.00% - 4.00% | Institutional | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 4% | 4% | ||
3.00% - 4.00% | Institutional | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 5,312 | $ 5,980 | ||
3.00% - 4.00% | Institutional | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
3.00% - 4.00% | Institutional | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
3.00% - 4.00% | Institutional | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
3.00% - 4.00% | Individual Variable | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 2,064 | $ 2,381 | ||
3.00% - 4.00% | Individual Variable | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 3% | 3% | ||
3.00% - 4.00% | Individual Variable | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 4% | 4% | ||
3.00% - 4.00% | Individual Variable | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 2,046 | $ 2,365 | ||
3.00% - 4.00% | Individual Variable | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 8 | 6 | ||
3.00% - 4.00% | Individual Variable | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 10 | 10 | ||
3.00% - 4.00% | Individual Variable | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
3.00% - 4.00% | Individual Fixed | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 352 | $ 404 | ||
3.00% - 4.00% | Individual Fixed | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 3% | 3% | ||
3.00% - 4.00% | Individual Fixed | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 4% | 4% | ||
3.00% - 4.00% | Individual Fixed | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 343 | $ 403 | ||
3.00% - 4.00% | Individual Fixed | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 9 | 1 | ||
3.00% - 4.00% | Individual Fixed | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
3.00% - 4.00% | Individual Fixed | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
3.00% - 4.00% | Variable/ Universal Life | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 9,996 | $ 10,360 | ||
3.00% - 4.00% | Variable/ Universal Life | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 3% | 3% | ||
3.00% - 4.00% | Variable/ Universal Life | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 4% | 4% | ||
3.00% - 4.00% | Variable/ Universal Life | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 4,478 | $ 7,661 | ||
3.00% - 4.00% | Variable/ Universal Life | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 4,189 | 43 | ||
3.00% - 4.00% | Variable/ Universal Life | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 1,315 | 2,498 | ||
3.00% - 4.00% | Variable/ Universal Life | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 14 | 158 | ||
3.00% - 4.00% | Life Planner | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 335 | $ 309 | ||
3.00% - 4.00% | Life Planner | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 3% | 3% | ||
3.00% - 4.00% | Life Planner | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 4% | 4% | ||
3.00% - 4.00% | Life Planner | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 335 | $ 309 | ||
3.00% - 4.00% | Life Planner | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
3.00% - 4.00% | Life Planner | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
3.00% - 4.00% | Life Planner | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
3.00% - 4.00% | Gibraltar Life and Other | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 4,145 | $ 2,074 | ||
3.00% - 4.00% | Gibraltar Life and Other | Minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 3% | 3% | ||
3.00% - 4.00% | Gibraltar Life and Other | Maximum | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 4% | 4% | ||
3.00% - 4.00% | Gibraltar Life and Other | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 4,145 | $ 2,074 | ||
3.00% - 4.00% | Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
3.00% - 4.00% | Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
3.00% - 4.00% | Gibraltar Life and Other | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 0 | $ 0 | ||
Greater than 4.00% | Group Insurance | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 4% | 4% | ||
Account Values with Crediting Rates | $ 73 | $ 3 | ||
Greater than 4.00% | Group Insurance | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 73 | 3 | ||
Greater than 4.00% | Group Insurance | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Greater than 4.00% | Group Insurance | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Greater than 4.00% | Group Insurance | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 0 | $ 0 | ||
Greater than 4.00% | Institutional | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 4% | 4% | ||
Account Values with Crediting Rates | $ 2,150 | $ 734 | ||
Greater than 4.00% | Institutional | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 2,150 | 734 | ||
Greater than 4.00% | Institutional | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Greater than 4.00% | Institutional | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Greater than 4.00% | Institutional | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 0 | $ 0 | ||
Greater than 4.00% | Individual Variable | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 4% | 4% | ||
Account Values with Crediting Rates | $ 97 | $ 113 | ||
Greater than 4.00% | Individual Variable | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 97 | 113 | ||
Greater than 4.00% | Individual Variable | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Greater than 4.00% | Individual Variable | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Greater than 4.00% | Individual Variable | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 0 | $ 0 | ||
Greater than 4.00% | Individual Fixed | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 4% | 4% | ||
Account Values with Crediting Rates | $ 97 | $ 107 | ||
Greater than 4.00% | Individual Fixed | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 97 | 107 | ||
Greater than 4.00% | Individual Fixed | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Greater than 4.00% | Individual Fixed | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Greater than 4.00% | Individual Fixed | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 0 | $ 0 | ||
Greater than 4.00% | Variable/ Universal Life | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 4% | 4% | ||
Account Values with Crediting Rates | $ 5,533 | $ 5,536 | ||
Greater than 4.00% | Variable/ Universal Life | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 5,533 | 5,536 | ||
Greater than 4.00% | Variable/ Universal Life | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Greater than 4.00% | Variable/ Universal Life | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Greater than 4.00% | Variable/ Universal Life | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 0 | $ 0 | ||
Greater than 4.00% | Life Planner | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 4% | 4% | ||
Account Values with Crediting Rates | $ 380 | $ 376 | ||
Greater than 4.00% | Life Planner | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 380 | 376 | ||
Greater than 4.00% | Life Planner | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Greater than 4.00% | Life Planner | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Greater than 4.00% | Life Planner | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 0 | $ 0 | ||
Greater than 4.00% | Gibraltar Life and Other | ||||
Policyholder Account Balance [Line Items] | ||||
Range of Guaranteed Minimum Crediting Rates | 4% | 4% | ||
Account Values with Crediting Rates | $ 3,873 | $ 226 | ||
Greater than 4.00% | Gibraltar Life and Other | At guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 3,873 | 226 | ||
Greater than 4.00% | Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Greater than 4.00% | Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | 0 | 0 | ||
Greater than 4.00% | Gibraltar Life and Other | Greater than 150 bps above guaranteed minimum | ||||
Policyholder Account Balance [Line Items] | ||||
Account Values with Crediting Rates | $ 0 | $ 0 |
Market Risk Benefits - Rollforw
Market Risk Benefits - Rollforward of Balances for Variable Annuity Products (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Apr. 01, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Market Risk Benefit [Roll Forward] | |||
Market risk benefit, ending balance | $ 2,460 | $ 5,682 | |
Net amount at risk | $ 13,417 | $ 15,299 | |
Weighted-average attained age of contractholders (in years) | 70 years | 69 years | |
PALAC | |||
Market Risk Benefit [Roll Forward] | |||
Net pre-tax gain on sale | $ (4,061) | ||
Other Businesses | |||
Market Risk Benefit [Roll Forward] | |||
Balance, EOP, net of reinsurance | $ 79 | $ 120 | |
Retirement Strategies | |||
Market Risk Benefit [Roll Forward] | |||
Market risk benefit, beginning balance | 4,987 | 13,392 | |
Effect of cumulative changes in NPR | 1,828 | 898 | |
Balance, BOP, before effect of changes in NPR | 6,815 | 14,290 | |
Attributed fees collected | 899 | 1,040 | |
Claims paid | (83) | (62) | |
Interest accrual | 255 | 79 | |
Actual in force different from expected | 54 | 96 | |
Effect of changes in interest rates | (2,986) | (7,956) | |
Effect of changes in equity markets | (995) | 4,437 | |
Effect of assumption update | 342 | (152) | |
Issuance | 15 | 0 | |
Other adjustments | (24) | (3,993) | |
Balance, EOP, before effect of changes in NPR | 4,292 | 7,779 | |
Effect of cumulative changes in NPR | (1,301) | (2,188) | |
Less: Reinsured MRB | 610 | 29 | |
Balance, EOP, net of reinsurance | 2,381 | 5,562 | |
Market risk benefit, ending balance | $ 2,991 | $ 5,591 |
Market Risk Benefits - Market R
Market Risk Benefits - Market Risk Benefits In Asset and Liability Positions (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
MRB assets | $ 2,200 | $ 800 | [1] | $ 806 | ||
MRB liabilities | 4,660 | 5,864 | [1] | 6,488 | ||
Net Liability | 2,460 | 5,682 | $ 19,852 | |||
Retirement Strategies | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
Net Liability | 2,991 | $ 4,987 | 5,591 | $ 13,392 | ||
Other Businesses | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
MRB assets | 13 | 12 | ||||
MRB liabilities | 92 | 132 | ||||
Net Liability | 79 | 120 | ||||
Individual Variable | Retirement Strategies | ||||||
Liability for Future Policy Benefit, Activity [Line Items] | ||||||
MRB assets | 2,187 | 794 | ||||
MRB liabilities | 4,568 | 6,356 | ||||
Net Liability | $ 2,381 | $ 5,562 | $ 19,473 | |||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Reinsurance Narrative (Details)
Reinsurance Narrative (Details) $ in Millions | 9 Months Ended | 12 Months Ended | 21 Months Ended | |||||||||
Sep. 01, 2023 USD ($) | Apr. 01, 2023 USD ($) | Apr. 01, 2022 | Apr. 01, 2015 | Jan. 02, 2013 USD ($) policy | Sep. 30, 2023 company | Dec. 31, 2020 USD ($) | Dec. 31, 2013 USD ($) | Dec. 31, 2012 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2021 counterparty | May 31, 2018 counterparty | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||
Reinsurance retention policy, reinsured risk percentage | 69% | |||||||||||
Number of Reinsurance Companies | company | 4 | |||||||||||
Number of counterparties | counterparty | 2 | 2 | ||||||||||
Geographic Distribution, Domestic | ||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||
Reinsurance, retention policy, amount retained per life | $ 10 | $ 20 | $ 30 | |||||||||
Hartford | ||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||
Reinsurance retention policy, amount retained per event | $ 141,000 | |||||||||||
Business acquisition number of life insurance policies acquired reinsurance | policy | 700,000 | |||||||||||
Prismic Life Reinsurance, Ltd | ||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||
Reinsured Amount | $ 9,000 | |||||||||||
Deferred reinsurance loss | $ (393) | |||||||||||
Prismic Life Reinsurance, Ltd | Structured Settlement Annuity | ||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||
Reinsurance retention policy, reinsured risk percentage | 70% | |||||||||||
Prismic Life Reinsurance, Ltd | Coinsurance with funds witheld | ||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||
Reinsurance retention policy, reinsured risk percentage | 90% | |||||||||||
Prismic Life Reinsurance, Ltd | Coinsurance | ||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||
Reinsurance retention policy, reinsured risk percentage | 10% | |||||||||||
The Ohio National Life Insurance Company | ||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||
Reinsured Amount | $ 10,000 | |||||||||||
Deferred reinsurance gain | $ 309 | |||||||||||
The Ohio National Life Insurance Company | Separate account liabilities under MODCO | ||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||
Reinsurance retention policy, reinsured risk percentage | 100% | |||||||||||
The Ohio National Life Insurance Company | General account liabilities under MODCO | ||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||
Reinsurance retention policy, reinsured risk percentage | 100% | |||||||||||
The Ohio National Life Insurance Company | Individual Variable | ||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||
Reinsurance retention policy, reinsured risk percentage | 10% | |||||||||||
Empower Annuity Insurance Company of America & Empower Life & Annuity Insurance Company of New York | Separate account liabilities under MODCO | ||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||
Reinsurance retention policy, reinsured risk percentage | 100% | |||||||||||
Empower Annuity Insurance Company of America & Empower Life & Annuity Insurance Company of New York | General account liabilities under MODCO | ||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||
Reinsurance retention policy, reinsured risk percentage | 100% | |||||||||||
Union Hamilton Reinsurance, Ltd. | Quote Share Reinsurance for HDI v.3.0 VA Business | ||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||
Reinsurance retention policy, reinsured risk percentage | 50% | |||||||||||
Reinsurance retention policy, amount retained per event | $ 2,900 |
Reinsurance Reinsurance Amounts
Reinsurance Reinsurance Amounts Included in Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | [1] | Sep. 30, 2023 | Sep. 30, 2022 | ||
Insurance [Abstract] | ||||||
Direct premiums | $ 23,424 | $ 28,705 | ||||
Reinsurance assumed | 3,567 | 3,072 | ||||
Reinsurance ceded | (6,546) | (1,766) | ||||
Premiums | $ 4,173 | $ 15,845 | 20,445 | 30,011 | [1] | |
Direct policy charges and fee income | 2,862 | 2,903 | ||||
Reinsurance assumed | 923 | 919 | ||||
Reinsurance ceded | (466) | (405) | ||||
Policy charges and fee income | 1,112 | 1,143 | 3,319 | 3,417 | [2] | |
Direct change in value of market risk benefits, net of related hedging gains (losses) | (157) | (903) | ||||
Reinsurance assumed | 148 | (27) | ||||
Reinsurance ceded | (151) | (108) | ||||
Change in value of market risk benefits, net of related hedging gain | (251) | (58) | (160) | (1,038) | [3] | |
Direct policyholders’ benefits | 25,161 | 31,298 | ||||
Reinsurance assumed | 5,383 | 4,719 | ||||
Reinsurance ceded | (7,416) | (3,132) | ||||
Policyholders’ benefits | 5,163 | 16,152 | 23,128 | 32,885 | [2] | |
Direct change in estimates of liability for future policy benefits | 326 | 1,435 | ||||
Reinsurance assumed | (147) | 464 | ||||
Reinsurance ceded | 52 | (1,302) | ||||
Change in estimates of liability for future policy benefits | $ (49) | $ (35) | $ 231 | $ 597 | [2] | |
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[3]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Reinsurance Reinsurance Recover
Reinsurance Reinsurance Recoverable (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | $ 15,187 | $ 10,417 |
Reinsurance recoverables net of loss allowance | (11) | (15) |
Individual and group annuities | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 6,750 | 2,078 |
Life insurance | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 8,044 | 7,981 |
Other reinsurance | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 393 | 358 |
Hartford Life Business | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance payable | 1,337 | 1,327 |
Hartford Life Business | Life insurance | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 2,010 | 2,041 |
Prismic Life Reinsurance, Ltd | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance payable | 7,750 | |
Prismic Life Reinsurance, Ltd | Reinsurance Recoverable - Structure Settlement | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 5,194 | |
FLIAC | Individual and group annuities | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | $ 1,504 | $ 1,986 |
Closed Block (Narrative) (Detai
Closed Block (Narrative) (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Closed Block Dividend Obligation | $ 0 | $ 0 |
Accumulated Net Unrealized Investment Gain (Loss) Pre Tax | ||
Closed Block Dividend Obligation | 0 | 0 |
Accumulated Distributions in Excess of Net Income | ||
Closed Block Dividend Obligation | $ 2,811,000,000 | $ 3,207,000,000 |
Closed Block (Closed Block Liab
Closed Block (Closed Block Liabilities and Assets Designated to Closed Block; Maximum Future Earnings to be Recognized) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Closed Block liabilities | |||
Future policy benefits | $ 43,731 | $ 44,414 | |
Policyholders’ dividends payable | 632 | 617 | |
Policyholders’ dividend obligation | 0 | 0 | |
Policyholders’ account balances | 4,528 | 4,607 | $ 4,634 |
Other Closed Block liabilities | 3,092 | 3,499 | |
Total Closed Block liabilities | 51,983 | 53,137 | |
Closed Block assets | |||
Fixed maturities, available-for-sale, at fair value | 28,583 | 29,898 | |
Fixed maturities, trading, at fair value | 816 | 900 | |
Equity securities, at fair value | 1,778 | 1,733 | |
Commercial mortgage and other loans | 7,836 | 7,926 | |
Policy loans | 3,520 | 3,637 | |
Other invested assets | 4,679 | 4,254 | |
Short-term investments | 303 | 337 | |
Total investments | 47,515 | 48,685 | |
Cash and cash equivalents | 307 | 1,307 | |
Accrued investment income | 438 | 402 | |
Other Closed Block assets | 105 | 162 | |
Total Closed Block assets | 48,365 | 50,556 | |
Excess of reported Closed Block liabilities over Closed Block assets | 3,618 | 2,581 | |
Portion of above representing accumulated other comprehensive income (loss): | |||
Net unrealized investment gains (losses) | (4,153) | (3,458) | |
Allocated to policyholder dividend obligation | 2,811 | 3,207 | |
Future earnings to be recognized from Closed Block assets and Closed Block liabilities | $ 2,276 | $ 2,330 |
Closed Block (Information Regar
Closed Block (Information Regarding Policyholder Dividend Obligation) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Movement in Closed Block Dividend Obligation [Roll Forward] | |
Balance, beginning | $ 0 |
Impact from earnings allocable to policyholder dividend obligation | (396) |
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation | 396 |
Balance, ending | $ 0 |
Closed Block (Closed Block Reve
Closed Block (Closed Block Revenues and Benefits and Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | ||||
Premiums | $ 392 | $ 397 | $ 1,228 | $ 1,247 |
Net investment income | 508 | 435 | 1,485 | 1,514 |
Realized investment gains (losses), net | (231) | 29 | (361) | 69 |
Other income (loss) | (58) | (150) | 182 | (621) |
Total Closed Block revenues | 611 | 711 | 2,534 | 2,209 |
Benefits and Expenses | ||||
Policyholders’ benefits | 534 | 549 | 1,716 | 1,810 |
Interest credited to policyholders’ account balances | 30 | 31 | 89 | 91 |
Dividends to policyholders | (20) | 72 | 574 | 55 |
General and administrative expenses | 68 | 76 | 212 | 224 |
Total Closed Block benefits and expenses | 612 | 728 | 2,591 | 2,180 |
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes | (1) | (17) | (57) | 29 |
Income tax expense (benefit) | (23) | (40) | (109) | (49) |
Closed Block revenues, net of Closed Block benefits and expenses and income taxes | $ 22 | $ 23 | $ 52 | $ 78 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | [1] | Sep. 30, 2023 | Sep. 30, 2022 | ||
Income Tax Disclosure [Abstract] | ||||||
Total income tax expense (benefit) | $ (251) | $ (11) | $ 254 | $ (274) | [2] | |
Effective Income Tax Rate, Percent | 18% | 14.80% | ||||
Federal Statutory Income Tax Rate, Percent | 21% | |||||
High Tax Exception Percentage | 18.90% | |||||
Percentage of the Effective Income Tax Rate Rec at Federal Statutory Income | 90% | |||||
Tax Expense from change in foreign tax credit regulations | $ 20 | |||||
Book-income Alternative Minimum Tax Rate | 15% | |||||
Tax impact of IRS Notice 2023-55 | $ 7 | $ 7 | ||||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Short-Term and Long-Term Debt_2
Short-Term and Long-Term Debt (Short-Term Debt) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Short-term Debt [Line Items] | ||
Short-term debt | $ 615 | $ 775 |
Weighted average interest rate on outstanding short-term debt | 5.51% | 4.69% |
Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | $ 533 | $ 438 |
Debt maturity | 80 days | 98 days |
Long-term debt | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Current Maturities | $ 582 | $ 828 |
Short-term Debt | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Current Maturities | 1,115 | 1,275 |
Borrowings due overnight | Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | 100 | 130 |
Daily average outstanding | Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | 1,378 | 1,312 |
Prudential Financial | ||
Short-term Debt [Line Items] | ||
Short-term debt | 25 | 25 |
Prudential Financial | Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | 25 | 25 |
Prudential Funding, LLC | Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | 508 | 413 |
Mortgage debt | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Current Maturities | 82 | 155 |
Line of credit | ||
Short-term Debt [Line Items] | ||
Short-term debt | 0 | 9 |
Long-term Debt, Current Maturities | 0 | 9 |
Senior notes | Long-term debt | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Current Maturities | 0 | 173 |
Surplus notes subject to set-off arrangements | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Current Maturities | 500 | 500 |
Assets Under Set-Off Arrangements | ||
Short-term Debt [Line Items] | ||
Short-term debt | $ 500 | $ 500 |
Short-Term and Long-Term Debt_3
Short-Term and Long-Term Debt (Narrative) (Details) | 1 Months Ended | 9 Months Ended | |
Mar. 31, 2023 trust | Sep. 30, 2023 USD ($) Rate | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||
Amounts drawn on credit facilities | $ 0 | ||
Long-term Debt, Excluding Current Maturities | $ 18,877,000,000 | $ 19,908,000,000 | |
Number Of Trusts | trust | 2 | ||
Payment window | 30 days | ||
Junior Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Excluding Current Maturities | $ 8,090,000,000 | 9,094,000,000 | |
Subsidiaries | Junior Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Excluding Current Maturities | 42,000,000 | 47,000,000 | |
Prudential Financial | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Excluding Current Maturities | 18,161,000,000 | 19,162,000,000 | |
Prudential Financial | Mortgage debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 750,000,000 | ||
Prudential Financial | Junior Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Excluding Current Maturities | 8,048,000,000 | 9,047,000,000 | |
Junior Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 500,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 6.75% | ||
Junior Subordinated Debt | 5.625% Junior Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 1,500,000,000 | ||
Private Placement | Prudential Financial | |||
Debt Instrument [Line Items] | |||
Proceeds from sales | 1,500,000,000 | ||
Private Placement | Prudential Financial | Senior Notes Maturing February 2033 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 800,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 5.791% | ||
Debt Instrument, Interest Rate, Effective Percentage | Rate | 1.815% | ||
Debt maturity | 10 years | ||
Private Placement | Prudential Financial | Maturity in February 2053 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 700,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 5.997% | ||
Debt Instrument, Interest Rate, Effective Percentage | Rate | 2.066% | ||
Debt maturity | 30 years | ||
Put Option | Prudential Financial | |||
Debt Instrument [Line Items] | |||
Minimum Equity Less AOCI for Automatic Exercise | $ 9,000,000,000 | ||
5.625% Junior Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 5.625% | ||
Floating-rate notes | Mortgage debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Excluding Current Maturities | $ 73,000,000 | 29,000,000 | |
Floating-rate notes | Foreign public corporate securities | Mortgage debt | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Excluding Current Maturities | $ 26,000,000 | $ 29,000,000 |
Short-Term and Long-Term Debt_4
Short-Term and Long-Term Debt (Long-Term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 18,877 | $ 19,908 |
Subtotal | 30,667 | 31,698 |
Surplus notes | Fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 346 | 345 |
Surplus notes subject to set-off arrangements | Fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 9,460 | 9,460 |
Surplus notes subject to set-off arrangements | Floating-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,330 | 2,330 |
Senior notes | Fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 10,113 | 10,115 |
Mortgage debt | Fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 25 | 25 |
Mortgage debt | Floating-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 73 | 29 |
Line of credit | ||
Debt Instrument [Line Items] | ||
Line of credit | 230 | 300 |
Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 8,090 | 9,094 |
Less: assets under set-off arrangements | ||
Debt Instrument [Line Items] | ||
Long-term debt | 11,790 | 11,790 |
Debt denominated in foreign currency | Mortgage debt | Floating-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 26 | 29 |
Prudential Financial | ||
Debt Instrument [Line Items] | ||
Long-term debt | 18,161 | 19,162 |
Prudential Financial | Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 8,048 | 9,047 |
Subsidiaries | Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 42 | $ 47 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - Other Postretirement Benefits | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Deferred Compensation Arrangement with Individual, Requisite Age | 50 years | |
Deferred Compensation Arrangement with Individual, Requisite Service Period | 10 years | |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Deferred Compensation Arrangement with Individual, Requisite Age | 55 years | |
Deferred Compensation Arrangement with Individual, Requisite Service Period | 20 years |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Benefit Cost Included in General and Administrative Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 51 | $ 65 | $ 154 | $ 211 |
Interest cost | 138 | 111 | 414 | 320 |
Expected return on plan assets | (231) | (218) | (694) | (649) |
Amortization of prior service cost | (1) | (1) | (1) | (1) |
Amortization of actuarial (gain) loss, net | 17 | 37 | 51 | 124 |
Settlements | 1 | 2 | 2 | 3 |
Curtailments | 0 | 0 | 0 | 0 |
Special termination benefits | 0 | 0 | 0 | 4 |
Net periodic (benefit) cost | (25) | (4) | (74) | 12 |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2 | 3 | 7 | 10 |
Interest cost | 17 | 14 | 53 | 41 |
Expected return on plan assets | (21) | (25) | (64) | (77) |
Amortization of prior service cost | (2) | (2) | (6) | (6) |
Amortization of actuarial (gain) loss, net | 3 | 2 | 8 | 5 |
Settlements | 0 | 0 | 0 | 0 |
Curtailments | 0 | 0 | 0 | (8) |
Special termination benefits | 0 | 0 | 0 | 4 |
Net periodic (benefit) cost | $ (1) | $ (8) | $ (2) | $ (31) |
Equity (Common Stock Changes in
Equity (Common Stock Changes in Number of Shares Issued, Held in Treasury and Outstanding) (Details) | 9 Months Ended |
Sep. 30, 2023 shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, beginning (in shares) | 666,305,189 |
Balance, ending (in shares) | 666,305,189 |
Issued | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, beginning (in shares) | 666,300,000 |
Common Stock issued (in shares) | 0 |
Common Stock acquired | 0 |
Stock-based compensation programs (in shares) | 0 |
Balance, ending (in shares) | 666,300,000 |
Held In Treasury | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, beginning (in shares) | 300,300,000 |
Common Stock issued (in shares) | 0 |
Common Stock acquired | 8,300,000 |
Stock-based compensation programs (in shares) | (3,600,000) |
Balance, ending (in shares) | 305,000,000 |
Outstanding | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, beginning (in shares) | 366,000,000 |
Common Stock issued (in shares) | 0 |
Common Stock acquired | 8,300,000 |
Stock-based compensation programs (in shares) | 3,600,000 |
Balance, ending (in shares) | 361,300,000 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Feb. 28, 2023 | |
Class of Stock [Line Items] | |||
Cost of Treasury Stock Acquired | $ 754 | $ 1,113 | |
Under November 2021 Board Of Directors Authorization | |||
Class of Stock [Line Items] | |||
Amount of Stock Repurchases Authorized by the Board of Directors | $ 1,000 | ||
Under November 2021 Board Of Directors Authorization | Common Stock | |||
Class of Stock [Line Items] | |||
Number of Treasury Stock Shares Acquired | 8.3 | ||
Cost of Treasury Stock Acquired | $ 750 |
Equity (Dividends Declared) (De
Equity (Dividends Declared) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Equity [Abstract] | ||||
Dividends declared per share of Common Stock (in USD per share) | $ 1.25 | $ 1.20 | $ 3.75 | $ 3.60 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Beginning balance | [1] | $ (3,806) | |||||
Change in OCI before reclassifications | (5,728) | $ 7,602 | |||||
Amounts reclassified from AOCI | 668 | 269 | |||||
Income tax benefit (expense) | $ 152 | $ (307) | [2] | 1,035 | (2,608) | [2] | |
Ending balance | (7,831) | (7,831) | |||||
Foreign Currency Translation Adjustment | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Beginning balance | (2,274) | (1,107) | |||||
Change in OCI before reclassifications | (650) | (1,907) | |||||
Amounts reclassified from AOCI | 1 | 21 | |||||
Income tax benefit (expense) | (93) | (43) | |||||
Ending balance | (3,016) | (3,036) | (3,016) | (3,036) | |||
Total net unrealized investment gains (losses) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Beginning balance | (16,195) | 26,640 | |||||
Change in OCI before reclassifications | (10,094) | (56,260) | |||||
Amounts reclassified from AOCI | 615 | 126 | |||||
Income tax benefit (expense) | 2,213 | 12,906 | |||||
Ending balance | (23,461) | (16,588) | (23,461) | (16,588) | |||
Interest rate remeasurement of Liability for Future Policy Benefits | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Beginning balance | 15,242 | (33,220) | |||||
Change in OCI before reclassifications | 5,529 | 64,087 | |||||
Amounts reclassified from AOCI | 0 | 0 | |||||
Income tax benefit (expense) | (1,177) | (15,082) | |||||
Ending balance | 19,594 | 15,785 | 19,594 | 15,785 | |||
Gains (losses) from Changes in Non-performance Risk on Market Risk Benefits | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Beginning balance | 1,448 | 707 | |||||
Change in OCI before reclassifications | (528) | 1,299 | |||||
Amounts reclassified from AOCI | 0 | 0 | |||||
Income tax benefit (expense) | 111 | (273) | |||||
Ending balance | 1,031 | 1,733 | 1,031 | 1,733 | |||
Pension and Postretirement Unrecognized Net Periodic Benefit (Cost) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Beginning balance | (2,027) | (2,513) | |||||
Change in OCI before reclassifications | 15 | 383 | |||||
Amounts reclassified from AOCI | 52 | 122 | |||||
Income tax benefit (expense) | (19) | (116) | |||||
Ending balance | (1,979) | (2,124) | (1,979) | (2,124) | |||
Accumulated Other Comprehensive Income (Loss) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Beginning balance | (3,806) | (9,493) | |||||
Ending balance | (7,831) | (4,230) | (7,831) | (4,230) | |||
Cash flow hedges | Total net unrealized investment gains (losses) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Beginning balance | 2,616 | 1,019 | |||||
Ending balance | 1,947 | 4,099 | 1,947 | 4,099 | |||
Fair value hedges | Total net unrealized investment gains (losses) | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Beginning balance | (54) | (35) | |||||
Ending balance | $ (18) | $ (47) | $ (18) | $ (47) | |||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Equity (Reclassifications out o
Equity (Reclassifications out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Realized investment gains (losses), net | $ (2,402) | $ (430) | [1] | $ (3,123) | $ (3,110) | [2] |
Amounts reclassified from AOCI | 668 | 269 | ||||
Amortization of defined benefit items: | ||||||
Other income (loss) | 197 | (896) | [1] | 2,260 | (845) | [2] |
Total foreign currency translation adjustment | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amounts reclassified from AOCI | 1 | 21 | ||||
Total net unrealized investment gains (losses) | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amounts reclassified from AOCI | 615 | 126 | ||||
Total amortization of defined benefit items | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amounts reclassified from AOCI | 52 | 122 | ||||
Amounts reclassified from AOCI | ||||||
Amortization of defined benefit items: | ||||||
Prior service cost | 3 | 3 | 7 | 7 | ||
Actuarial gain (loss) | (20) | (39) | (59) | (129) | ||
Amounts reclassified from AOCI | Total foreign currency translation adjustment | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Realized investment gains (losses), net | 0 | (12) | (1) | (21) | ||
Amounts reclassified from AOCI | Total net unrealized investment gains (losses) | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amounts reclassified from AOCI | (234) | 277 | (615) | (126) | ||
Amounts reclassified from AOCI | Total amortization of defined benefit items | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amounts reclassified from AOCI | (17) | (36) | (52) | (122) | ||
Amounts reclassified from AOCI | Accumulated Other Comprehensive Income (Loss) | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amounts reclassified from AOCI | (251) | 229 | (668) | (269) | ||
Amounts reclassified from AOCI | Net unrealized investment gains (losses) on available-for-sale securities | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net unrealized investment gains (losses) | (453) | (113) | (874) | (1,170) | ||
Amounts reclassified from AOCI | Interest Rate | Cash flow hedges | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net unrealized investment gains (losses) | (3) | 2 | (32) | (3) | ||
Amounts reclassified from AOCI | Currency | Cash flow hedges | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net unrealized investment gains (losses) | 3 | 6 | 11 | 10 | ||
Amounts reclassified from AOCI | Currency | Fair value hedges | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net unrealized investment gains (losses) | (2) | (1) | (6) | (3) | ||
Amounts reclassified from AOCI | Currency/Interest rate | Cash flow hedges | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net unrealized investment gains (losses) | $ 221 | $ 383 | $ 286 | $ 1,040 | ||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Equity (Net Unrealized Investme
Equity (Net Unrealized Investment Gains (Losses) in AOCI on AFS Fixed Maturity Securities with Allowance for Credit Losses and All Other Investments) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 USD ($) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | $ (3,806) | [1] |
Ending balance | (7,831) | |
Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been Recorded | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (45) | |
Net investment gains (losses) on investments arising during the period | 11 | |
Reclassification adjustment for (gains) losses included in net income | (10) | |
Reclassification due to allowance for credit losses recorded during the period | (51) | |
Ending balance | (95) | |
Net Unrealized Investment Gains (Losses) on All Other Investments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (24,959) | |
Net investment gains (losses) on investments arising during the period | (10,154) | |
Reclassification adjustment for (gains) losses included in net income | 625 | |
Reclassification due to allowance for credit losses recorded during the period | 51 | |
Ending balance | (34,437) | |
Reinsurance Recoverables | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (703) | |
Impact of net unrealized investment (gains) losses | (270) | |
Ending balance | (973) | |
Future Policy Benefits, Policyholders’ Account Balances and Reinsurance Payables | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 1,946 | |
Impact of net unrealized investment (gains) losses | 703 | |
Ending balance | 2,649 | |
Policyholders’ Dividends | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 3,194 | |
Impact of net unrealized investment (gains) losses | (384) | |
Ending balance | 2,810 | |
Income Tax Benefit (Expense) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 4,372 | |
Net investment gains (losses) on investments arising during the period | 2,368 | |
Reclassification adjustment for (gains) losses included in net income | (144) | |
Reclassification due to allowance for credit losses recorded during the period | 0 | |
Impact of net unrealized investment (gains) losses | (11) | |
Ending balance | 6,585 | |
Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (16,195) | |
Net investment gains (losses) on investments arising during the period | (7,775) | |
Reclassification adjustment for (gains) losses included in net income | 471 | |
Reclassification due to allowance for credit losses recorded during the period | 0 | |
Impact of net unrealized investment (gains) losses | 38 | |
Ending balance | $ (23,461) | |
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation of the Numerators and Denominators of the Basic and Diluted Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Basic earnings per share | |||||||||
Net income (loss) | $ (791) | $ 496 | $ 1,477 | $ (108) | $ (1,017) | $ (506) | $ 1,182 | $ (1,631) | [1] |
Less: Income (loss) attributable to noncontrolling interests | 11 | (16) | 11 | (36) | |||||
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards | 5 | 6 | 17 | 19 | |||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Income | $ (807) | $ (98) | $ 1,154 | $ (1,614) | |||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Weighted Average Shares | 362.6 | 371 | 364.6 | 373.8 | |||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Per Share Amount | $ (2.23) | $ (0.26) | $ 3.17 | $ (4.32) | |||||
Effect of dilutive securities and compensation programs | |||||||||
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic | $ 5 | $ 6 | $ 17 | $ 19 | |||||
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted | $ 5 | $ 6 | $ 17 | $ 19 | |||||
Stock options, Weighted Average Shares | 0 | 0 | 0.2 | 0 | |||||
Deferred and long-term compensation programs, Weighted Average Shares | 0 | 0 | 1 | 0 | |||||
Diluted earnings per share | |||||||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Income | $ (807) | $ (98) | $ 1,154 | $ (1,614) | |||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Weighted Average Shares | 362.6 | 371 | 365.8 | 373.8 | |||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Per Share Amount | $ (2.23) | $ (0.26) | $ 3.15 | $ (4.32) | |||||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Undistributed earnings allocated to participating unvested share-based payment awards, weighted outstanding shares | 4.1 | 4.9 | 4.1 | 5 |
Earnings Per Share (Antidilutiv
Earnings Per Share (Antidilutive Securities Excluded From the Computation of Diluted Earnings Per Share) (Details) - $ / shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings, Shares | 2.3 | 2.8 | 1.4 | 3.2 |
Antidilutive stock options based on application of the treasury stock method | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings, Shares | 1.1 | 0.7 | 1.3 | 0.5 |
Antidilutive securities excluded from computation of earnings, Exercise Price Per Share | $ 103.19 | $ 107.30 | $ 101.72 | $ 107.95 |
Antidilutive stock options due to net loss available to holders of Common Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings, Shares | 0.1 | 0.3 | 0 | 0.5 |
Antidilutive shares based on application of the treasury stock method | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings, Shares | 0 | 0 | 0.1 | 0.1 |
Antidilutive shares due to net loss available to holders of Common Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings, Shares | 1.1 | 1.8 | 0 | 2.1 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Adjusted Operating Income and Net Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | $ (1,058) | $ (126) | $ 1,410 | $ (1,852) |
Operating Segments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | 1,606 | 1,167 | 4,264 | 3,853 |
Operating Segments | PGIM | PGIM | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | 211 | 219 | 541 | 613 |
Operating Segments | International Businesses | International Insurance | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | 811 | 748 | 2,435 | 2,391 |
Operating Segments | Corporate and Other | Corporate and Other | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | (504) | (415) | (1,516) | (1,152) |
Operating Segments | U.S. Businesses Division | Retirement Strategies | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | 941 | 655 | 2,654 | 3,782 |
Operating Segments | U.S. Businesses Division | Retirement Strategies | Institutional Retirement Strategies | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | 439 | 268 | 1,263 | 1,215 |
Operating Segments | U.S. Businesses Division | Retirement Strategies | Retirement Strategies | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | 502 | 387 | 1,391 | 2,567 |
Operating Segments | U.S. Businesses Division | Group Insurance | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | 89 | 30 | 253 | (31) |
Operating Segments | U.S. Businesses Division | Individual Life | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | 58 | (70) | (103) | (1,750) |
Segment Reconciling Items | Realized investment gains (losses), net, and related adjustments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | (2,430) | (1,128) | (2,965) | (4,981) |
Segment Reconciling Items | Charges related to realized investment gains (losses), net | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | (61) | (115) | 78 | (421) |
Segment Reconciling Items | Change in value of market risk benefits, net of related hedging gains (losses) | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | (251) | (58) | (160) | (1,072) |
Segment Reconciling Items | Market experience updates | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | 143 | 125 | 188 | 617 |
Segment Reconciling Items | Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | (11) | (33) | (42) | (18) |
Segment Reconciling Items | Other adjustments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | (10) | (10) | (28) | (27) |
Segment Reconciling Items | Closed Block division | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | 2 | (21) | (50) | 22 |
Segment Reconciling Items | Other Divested and Run-off Businesses | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | (46) | (53) | 125 | 175 |
Total U.S. Businesses | Operating Segments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | $ 1,088 | $ 615 | $ 2,804 | $ 2,001 |
Segment Information (Reconcil_2
Segment Information (Reconciliation of Select Financial Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |||
Segment Reporting Information [Line Items] | |||||||
Total Assets | $ 681,254 | $ 681,254 | $ 689,029 | ||||
Total revenues | 8,352 | $ 20,201 | 38,895 | $ 43,448 | |||
Net investment income | 4,571 | 3,631 | 13,367 | 11,927 | |||
Total benefits and expenses | 9,410 | 20,327 | 37,485 | 45,300 | |||
Policyholders’ benefits | 5,163 | 16,152 | [1] | 23,128 | 32,885 | [2] | |
Interest credited to policyholders’ account balances | 872 | 691 | [1] | 3,002 | 1,395 | [2] | |
Dividends to policyholders | (3) | 90 | 619 | 118 | |||
Interest expense | 421 | 410 | 1,321 | 1,176 | |||
Amortization of deferred policy acquisition costs | 361 | 363 | [1] | 1,092 | 1,092 | [2] | |
Operating Segments | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | 10,126 | 21,080 | 37,874 | 47,339 | |||
Net investment income | 3,893 | 3,047 | 11,378 | 9,701 | |||
Total benefits and expenses | 8,520 | 19,913 | 33,610 | 43,486 | |||
Policyholders’ benefits | 4,331 | 15,908 | 20,823 | 30,961 | |||
Interest credited to policyholders’ account balances | 804 | 628 | 2,340 | 1,927 | |||
Dividends to policyholders | 17 | 17 | 44 | 62 | |||
Interest expense | 422 | 407 | 1,324 | 1,172 | |||
Amortization of deferred policy acquisition costs | 351 | 355 | 1,061 | 1,053 | |||
Operating Segments | PGIM | PGIM | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Assets | 44,250 | 44,250 | 48,364 | ||||
Total revenues | 976 | 907 | 2,723 | 2,662 | |||
Net investment income | 42 | 56 | 189 | 38 | |||
Total benefits and expenses | 765 | 688 | 2,182 | 2,049 | |||
Policyholders’ benefits | 0 | 0 | 0 | 0 | |||
Interest credited to policyholders’ account balances | 0 | 0 | 0 | 0 | |||
Dividends to policyholders | 0 | 0 | 0 | 0 | |||
Interest expense | 28 | 14 | 84 | 30 | |||
Amortization of deferred policy acquisition costs | 0 | 1 | 1 | 3 | |||
Operating Segments | International Businesses | International Insurance | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Assets | 177,597 | 177,597 | 186,791 | ||||
Total revenues | 4,566 | 4,618 | 14,304 | 14,551 | |||
Net investment income | 1,316 | 1,112 | 3,922 | 3,695 | |||
Total benefits and expenses | 3,755 | 3,870 | 11,869 | 12,160 | |||
Policyholders’ benefits | 2,742 | 2,896 | 8,539 | 9,148 | |||
Interest credited to policyholders’ account balances | 239 | 180 | 680 | 545 | |||
Dividends to policyholders | 9 | 9 | 18 | 37 | |||
Interest expense | 3 | 11 | 18 | 19 | |||
Amortization of deferred policy acquisition costs | 156 | 150 | 466 | 455 | |||
Operating Segments | Corporate and Other | Corporate and Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Assets | 26,985 | 26,985 | 23,556 | ||||
Operating Segments | Total Closed Block division | Closed Block division | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Assets | 48,728 | 48,728 | 50,934 | ||||
Operating Segments | U.S. Businesses Division | Group Insurance | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Assets | 36,451 | 36,451 | 38,201 | ||||
Total revenues | 1,576 | 1,525 | 4,738 | 4,560 | |||
Net investment income | 130 | 121 | 384 | 362 | |||
Total benefits and expenses | 1,487 | 1,495 | 4,485 | 4,591 | |||
Policyholders’ benefits | 1,179 | 1,196 | 3,537 | 3,693 | |||
Interest credited to policyholders’ account balances | 39 | 37 | 124 | 112 | |||
Dividends to policyholders | 0 | 0 | 0 | 0 | |||
Interest expense | 1 | 1 | 7 | 3 | |||
Amortization of deferred policy acquisition costs | 1 | 2 | 4 | 1 | |||
Operating Segments | U.S. Businesses Division | Individual Life | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Assets | 108,077 | 108,077 | 102,445 | ||||
Total revenues | 1,589 | 1,457 | 4,680 | 4,301 | |||
Net investment income | 734 | 580 | 2,112 | 1,838 | |||
Total benefits and expenses | 1,531 | 1,527 | 4,783 | 6,051 | |||
Policyholders’ benefits | 831 | 774 | 2,478 | 2,503 | |||
Interest credited to policyholders’ account balances | 231 | 233 | 681 | 691 | |||
Dividends to policyholders | 8 | 8 | 26 | 25 | |||
Interest expense | 211 | 206 | 666 | 593 | |||
Amortization of deferred policy acquisition costs | 114 | 111 | 342 | 333 | |||
Operating Segments | U.S. Businesses Division | Retirement Strategies | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Assets | 239,166 | 239,166 | 238,738 | ||||
Total revenues | 1,374 | 12,439 | 11,214 | 21,130 | |||
Net investment income | 1,491 | 1,028 | 4,229 | 3,328 | |||
Total benefits and expenses | 433 | 11,784 | 8,560 | 17,348 | |||
Policyholders’ benefits | (417) | 11,042 | 6,278 | 15,621 | |||
Interest credited to policyholders’ account balances | 270 | 143 | 765 | 476 | |||
Dividends to policyholders | 0 | 0 | 0 | 0 | |||
Interest expense | 14 | (10) | 53 | 13 | |||
Amortization of deferred policy acquisition costs | 89 | 100 | 275 | 292 | |||
Operating Segments | U.S. Businesses Division | Retirement Strategies | Institutional Retirement Strategies | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Assets | 107,935 | 107,935 | 108,565 | ||||
Total revenues | 221 | 11,468 | 7,847 | 16,637 | |||
Net investment income | 1,098 | 824 | 3,174 | 2,684 | |||
Total benefits and expenses | (218) | 11,200 | 6,584 | 15,422 | |||
Policyholders’ benefits | (438) | 11,028 | 6,175 | 15,516 | |||
Interest credited to policyholders’ account balances | 146 | 100 | 415 | 255 | |||
Dividends to policyholders | 0 | 0 | 0 | 0 | |||
Interest expense | (6) | 6 | 0 | 8 | |||
Amortization of deferred policy acquisition costs | 3 | 2 | 13 | 8 | |||
Operating Segments | U.S. Businesses Division | Retirement Strategies | Retirement Strategies | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Assets | 131,231 | 131,231 | 130,173 | ||||
Total revenues | 1,153 | 971 | 3,367 | 4,493 | |||
Net investment income | 393 | 204 | 1,055 | 644 | |||
Total benefits and expenses | 651 | 584 | 1,976 | 1,926 | |||
Policyholders’ benefits | 21 | 14 | 103 | 105 | |||
Interest credited to policyholders’ account balances | 124 | 43 | 350 | 221 | |||
Dividends to policyholders | 0 | 0 | 0 | 0 | |||
Interest expense | 20 | (16) | 53 | 5 | |||
Amortization of deferred policy acquisition costs | 86 | 98 | 262 | 284 | |||
Operating Segments | Corporate and Other | Corporate and Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | 45 | 134 | 215 | 135 | |||
Net investment income | 180 | 150 | 542 | 440 | |||
Total benefits and expenses | 549 | 549 | 1,731 | 1,287 | |||
Policyholders’ benefits | (4) | 0 | (9) | (4) | |||
Interest credited to policyholders’ account balances | 25 | 35 | 90 | 103 | |||
Dividends to policyholders | 0 | 0 | 0 | 0 | |||
Interest expense | 165 | 185 | 496 | 514 | |||
Amortization of deferred policy acquisition costs | (9) | (9) | (27) | (31) | |||
Segment Reconciling Items | Realized investment gains (losses), net, and related adjustments | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | (2,408) | (1,136) | (2,482) | (5,077) | |||
Net investment income | (5) | (4) | (14) | (18) | |||
Total benefits and expenses | 22 | (8) | 483 | (96) | |||
Policyholders’ benefits | 19 | 15 | 65 | 74 | |||
Interest credited to policyholders’ account balances | 3 | (23) | 418 | (170) | |||
Dividends to policyholders | 0 | 0 | 0 | 0 | |||
Interest expense | 0 | 0 | 0 | 0 | |||
Amortization of deferred policy acquisition costs | 0 | 0 | 0 | 0 | |||
Segment Reconciling Items | Segment Reconciling Items, Related Charges to Realized Investment Gains (Losses), Net | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | 12 | 33 | 95 | 43 | |||
Net investment income | 0 | 0 | 0 | 0 | |||
Total benefits and expenses | 73 | 148 | 17 | 464 | |||
Policyholders’ benefits | 72 | 139 | (48) | 261 | |||
Interest credited to policyholders’ account balances | (8) | 3 | 10 | 34 | |||
Dividends to policyholders | 0 | 0 | 0 | 0 | |||
Interest expense | 0 | 0 | 0 | 0 | |||
Amortization of deferred policy acquisition costs | 7 | 6 | 21 | 28 | |||
Segment Reconciling Items | Market experience updates | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | 39 | 26 | 58 | 139 | |||
Net investment income | 0 | 0 | 0 | 0 | |||
Total benefits and expenses | (104) | (99) | (130) | (478) | |||
Policyholders’ benefits | 4 | (2) | 7 | (11) | |||
Interest credited to policyholders’ account balances | 0 | 0 | 0 | 0 | |||
Dividends to policyholders | 0 | 0 | 0 | 0 | |||
Interest expense | 0 | 0 | 0 | 0 | |||
Amortization of deferred policy acquisition costs | 0 | 0 | 0 | 1 | |||
Segment Reconciling Items | Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | (22) | (27) | (51) | 21 | |||
Net investment income | 0 | 0 | 0 | 0 | |||
Total benefits and expenses | (11) | 6 | (9) | 39 | |||
Policyholders’ benefits | 0 | 0 | 0 | 0 | |||
Interest credited to policyholders’ account balances | 0 | 0 | 0 | 0 | |||
Dividends to policyholders | 0 | 0 | 0 | 0 | |||
Interest expense | 0 | 0 | 0 | 0 | |||
Amortization of deferred policy acquisition costs | 0 | 0 | 0 | 0 | |||
Segment Reconciling Items | Change in value of market risk benefits, net of related hedging gains (losses) | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | (251) | (58) | (160) | (1,072) | |||
Net investment income | 0 | 0 | 0 | 0 | |||
Total benefits and expenses | 0 | 0 | 0 | 0 | |||
Policyholders’ benefits | 0 | 0 | 0 | 0 | |||
Interest credited to policyholders’ account balances | 0 | 0 | 0 | 0 | |||
Dividends to policyholders | 0 | 0 | 0 | 0 | |||
Interest expense | 0 | 0 | 0 | 0 | |||
Amortization of deferred policy acquisition costs | 0 | 0 | 0 | 0 | |||
Segment Reconciling Items | Other adjustments | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | 0 | 0 | 0 | 0 | |||
Net investment income | 0 | 0 | 0 | 0 | |||
Total benefits and expenses | 10 | 10 | 28 | 27 | |||
Policyholders’ benefits | 0 | 0 | 0 | 0 | |||
Interest credited to policyholders’ account balances | 0 | 0 | 0 | 0 | |||
Dividends to policyholders | 0 | 0 | 0 | 0 | |||
Interest expense | 0 | 0 | 0 | 0 | |||
Amortization of deferred policy acquisition costs | 0 | 0 | 0 | 0 | |||
Segment Reconciling Items | Other Divested and Run-off Businesses | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | 241 | (427) | 1,020 | (149) | |||
Net investment income | 172 | 154 | 512 | 736 | |||
Total benefits and expenses | 287 | (374) | 895 | (324) | |||
Policyholders’ benefits | 202 | (457) | 565 | (210) | |||
Interest credited to policyholders’ account balances | 43 | 53 | 145 | (487) | |||
Dividends to policyholders | 0 | 1 | 1 | 1 | |||
Interest expense | 0 | (1) | (3) | 0 | |||
Amortization of deferred policy acquisition costs | 0 | (1) | 0 | 0 | |||
Segment Reconciling Items | Closed Block Business | Other Divested and Run-off Businesses | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | 2,541 | ||||||
Net investment income | 1,491 | ||||||
Total benefits and expenses | 2,591 | ||||||
Policyholders’ benefits | 1,716 | ||||||
Interest credited to policyholders’ account balances | 89 | ||||||
Dividends to policyholders | 574 | ||||||
Interest expense | 0 | ||||||
Amortization of deferred policy acquisition costs | 10 | ||||||
Segment Reconciling Items | Closed Block Business | Closed Block division | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | 615 | 710 | 2,204 | ||||
Net investment income | 511 | 434 | 1,508 | ||||
Total benefits and expenses | 613 | 731 | 2,182 | ||||
Policyholders’ benefits | 535 | 549 | 1,810 | ||||
Interest credited to policyholders’ account balances | 30 | 30 | 91 | ||||
Dividends to policyholders | (20) | 72 | 55 | ||||
Interest expense | (1) | 4 | 4 | ||||
Amortization of deferred policy acquisition costs | 3 | 3 | 10 | ||||
Intersegment Eliminations | PGIM | PGIM | |||||||
Segment Reporting Information [Line Items] | |||||||
Total revenues | 201 | 199 | 604 | 631 | |||
Total U.S. Businesses | Operating Segments | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Assets | 383,694 | 383,694 | $ 379,384 | ||||
Total revenues | 4,539 | 15,421 | 20,632 | 29,991 | |||
Net investment income | 2,355 | 1,729 | 6,725 | 5,528 | |||
Total benefits and expenses | 3,451 | 14,806 | 17,828 | 27,990 | |||
Policyholders’ benefits | 1,593 | 13,012 | 12,293 | 21,817 | |||
Interest credited to policyholders’ account balances | 540 | 413 | 1,570 | 1,279 | |||
Dividends to policyholders | 8 | 8 | 26 | 25 | |||
Interest expense | 226 | 197 | 726 | 609 | |||
Amortization of deferred policy acquisition costs | $ 204 | $ 213 | $ 621 | $ 626 | |||
[1]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.[2]Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts. |
Segment Information Segment Inf
Segment Information Segment Information (Asset Management and Service Fees) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Asset management and service fees | $ 952 | $ 966 | $ 2,787 | $ 3,086 |
Asset-based management fees | ||||
Asset management and service fees | 799 | 820 | 2,377 | 2,642 |
Performance-based incentive fees | ||||
Asset management and service fees | 26 | 15 | 33 | 25 |
Other fees | ||||
Asset management and service fees | $ 127 | $ 131 | $ 377 | $ 419 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Commitments and Contingent Liabilities [Line Items] | |||||
Fair value of collateral supporting these assets | $ 210 | $ 210 | $ 702 | ||
Commitments | Commercial Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Total outstanding mortgage loan commitments | 2,570 | 2,570 | 1,995 | ||
Portion of commitment where prearrangement to sell to investor exists | 297 | 297 | 582 | ||
Allowance for credit losses | 1 | 1 | 1 | ||
Change in allowance for credit losses | 0 | $ 0 | 0 | $ 0 | |
Expected to be funded from the GA and other operations outside the SA | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Commitments to purchase investment (excluding commercial mortgage loans) | 13,507 | 13,507 | 8,376 | ||
Expected to be funded from separate accounts | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Commitments to purchase investment (excluding commercial mortgage loans) | 36 | 36 | 183 | ||
Indemnification | Securities Lending and Securities Repurchase Transactions | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Indemnification provided to certain clients for securities lending and securities repurchase transactions | 5,734 | 5,734 | 5,834 | ||
Fair value of related collateral associated with above indemnifications | 5,858 | 5,858 | 5,985 | ||
Accrued liability associated with guarantee | 0 | 0 | 0 | ||
Indemnification | Securities Repurchase Transactions | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Indemnification provided to certain clients for securities lending and securities repurchase transactions | 0 | 0 | 0 | ||
Fair value of related collateral associated with above indemnifications | 0 | 0 | 0 | ||
Indemnification | Serviced Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company | 3,041 | 3,041 | 2,972 | ||
First-loss exposure portion of above | 880 | 880 | 862 | ||
Accrued liability associated with guarantee | 29 | 29 | 33 | ||
Allowance for credit losses | 14 | 14 | 17 | ||
Change in allowance for credit losses | (1) | (1) | (2) | (4) | |
Guarantees of Asset Values | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Guaranteed value of third-parties’ assets | 80,152 | 80,152 | 84,338 | ||
Fair value of collateral supporting these assets | 73,603 | 73,603 | 77,693 | ||
Asset (liability) associated with guarantee, carried at fair value | 0 | 0 | 1 | ||
Other Guarantees | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Other guarantees where amount can be determined | 36 | 36 | 57 | ||
Accrued liability associated with guarantee | 32 | 32 | $ 33 | ||
Purchase Investments | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Change in allowance for credit losses | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities (Narrative Excluding Litigation) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Commitments | Commercial Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Allowance for credit losses | $ 1 | $ 1 | $ 1 | ||
Change in allowance for credit losses | 0 | $ 0 | 0 | $ 0 | |
Purchase Investments | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Change in allowance for credit losses | 0 | 0 | $ 0 | 0 | |
Indemnification | Securities Lending and Securities Repurchase Transactions | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Guarantor obligations, liquidation proceeds, percentage | 102% | ||||
Indemnification | Securities Repurchase Transactions | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Guarantor obligations, liquidation proceeds, percentage | 95% | ||||
Indemnification | Serviced Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Allowance for credit losses | 14 | $ 14 | 17 | ||
Change in allowance for credit losses | (1) | $ (1) | (2) | (4) | |
Mortgages subject to loss-sharing arrangements | $ 24,502 | $ 24,502 | $ 23,937 | ||
Weighted-average debt service coverage ratio of mortgages subject to loss-sharing arrangements | 1.99 | 1.99 | 1.92 | ||
Weighted-average loan-to-value ratio of mortgages subject to loss-sharing arrangements | 60% | 60% | 61% | ||
Losses related to indemnifications that were settled | $ 0 | $ 0 | |||
Indemnification | Minimum | Serviced Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Percentage share of losses incurred on certain loans serviced | 4% | ||||
Indemnification | Maximum | Serviced Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Percentage share of losses incurred on certain loans serviced | 20% |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities (Litigation Narrative) (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Maximum | |
Loss Contingencies [Line Items] | |
Estimate of possible losses in excess of accruals (less than) for litigation and regulatory matters | $ 250 |