Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | 359,000,000 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
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 | Mar. 31, 2024 | Dec. 31, 2023 | |
ASSETS | |||
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024-$171; 2023-$160) (amortized cost: 2024-$342,228; 2023-$334,598) | [1] | $ 318,510 | $ 316,321 |
Fixed maturities, trading, at fair value (amortized cost: 2024-$11,307; 2023-$10,624) | [1] | 10,288 | 9,790 |
Assets supporting experience-rated contractholder liabilities, at fair value | 3,359 | 3,168 | |
Equity securities, at fair value (cost: 2024-$4,609; 2023-$5,786) | [1] | 7,224 | 8,242 |
Commercial mortgage and other loans (net of $514 and $460 allowance for credit losses; includes $157 and $519 of loans measured at fair value under the fair value option at March 31, 2024 and December 31, 2023, respectively) | [1] | 58,781 | 59,305 |
Policy loans | 9,907 | 10,047 | |
Other invested assets (net of $1 and $1 allowance for credit losses; includes $6,763 and $6,074 of assets measured at fair value at March 31, 2024 and December 31, 2023, respectively) | [1] | 24,227 | 22,855 |
Short-term investments (net of allowance for credit losses: 2024-$2; 2023-$0) | 5,953 | 5,005 | |
Total investments | 438,249 | 434,733 | |
Cash and cash equivalents | [1] | 18,735 | 19,419 |
Accrued investment income | [1] | 3,361 | 3,287 |
Deferred policy acquisition cost | 20,613 | 20,856 | |
Value of business acquired | 484 | 530 | |
Market risk benefit assets | 2,225 | 1,981 | |
Reinsurance recoverables and deposit receivables (net of $11 and $12 allowance for credit losses; includes $224 and $149 of embedded derivatives at fair value at March 31, 2024 and December 31, 2023, respectively) | [2] | 27,929 | 27,311 |
Income Tax Assets | 958 | 939 | |
Other assets (net of $3 and $3 allowance for credit losses; includes $19 and $11 of assets at fair value at March 31, 2024 and December 31, 2023, respectively) | [1],[2] | 13,205 | 13,179 |
Separate account assets | 200,064 | 198,888 | |
TOTAL ASSETS | 725,823 | 721,123 | |
LIABILITIES | |||
Future policy benefits | 272,790 | 273,281 | |
Policyholders’ account balances | 151,810 | 147,018 | |
Market risk benefit liabilities | 4,624 | 5,467 | |
Policyholders’ dividends | 1,111 | 1,475 | |
Securities sold under agreements to repurchase | 6,563 | 6,056 | |
Cash collateral for loaned securities | 6,978 | 6,477 | |
Reinsurance and funds withheld payables (includes $101 and $490 of embedded derivatives at fair value at March 31, 2024 and December 31, 2023, respectively) | [2] | 15,746 | 15,729 |
Short-term debt | 585 | 618 | |
Long-term debt | 19,368 | 18,882 | |
Other liabilities (includes $14 and $15 allowance for credit losses and $4,485 and $4,175 of derivatives at fair value at March 31, 2024 and December 31, 2023, respectively) | [1] | 15,638 | 16,071 |
Notes issued by consolidated variable interest entities (includes $405 and $778 measured at fair value under the fair value option at March 31, 2024 and December 31, 2023, respectively) | [1] | 1,132 | 1,374 |
Separate account liabilities | 200,064 | 198,888 | |
Total liabilities | 696,409 | 691,336 | |
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 21) | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 544 | 524 | |
Total mezzanine equity | 544 | 524 | |
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 March 31, 2024 and December 31, 2023) | 6 | 6 | |
Additional paid-in capital | 25,741 | 25,746 | |
Common Stock held in treasury, at cost ($307,229,481 and $307,089,216 shares at March 31, 2024 and December 31, 2023, respectively) | (23,891) | (23,780) | |
Accumulated other comprehensive income (loss) | [2] | (7,661) | (6,504) |
Retained Earnings | 33,014 | 32,352 | |
Total Prudential Financial, Inc. equity | 27,209 | 27,820 | |
Noncontrolling interests | 1,661 | 1,443 | |
Total equity | 28,870 | 29,263 | |
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | $ 725,823 | $ 721,123 | |
[1] See Note 4 for details of balances associated with variable interest entities. See Note 20 for additional information regarding related party transactions. |
Unaudited Interim Consolidate_2
Unaudited Interim Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Fixed Maturities, AFS, allowance for credit losses | $ 171 | $ 160 | |
Fixed Maturities, available-for-sale, Amortized Cost | 342,228 | 334,598 | |
Fixed maturities, trading, amortized cost | 11,307 | 10,624 | |
Equity securities, AFS, amortized cost | 4,609 | 5,786 | |
Commercial mortgage and other loans, allowance for credit losses | 514 | 460 | |
Commercial mortgage and other loans | [1] | 58,781 | 59,305 |
Other invested assets, allowance for credit losses | [1] | 24,227 | 22,855 |
Other invested assets, at fair value | 6,763 | 6,074 | |
Reinsurance recoverables and deposit receivables, allowance for credit losses | 11 | 12 | |
Reinsurance recoverable and deposit receivables, embedded derivatives at fair value | 224 | 149 | |
Other assets, assets at fair value | 19 | 11 | |
Reinsurance and funds withheld payables, embedded derivatives at fair value | 73 | 490 | |
Other Liabilities, derivatives at fair value | 4,485 | 4,175 | |
Notes issued by consolidated variable interest entities (includes $405 and $778 measured at fair value under the fair value option at March 31, 2024 and December 31, 2023, respectively) | [1] | $ 1,132 | $ 1,374 |
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, Common, Shares | 307,229,481 | 307,089,216 | |
Fair value option | |||
Commercial mortgage and other loans | $ 157 | $ 519 | |
Notes issued by consolidated variable interest entities (includes $405 and $778 measured at fair value under the fair value option at March 31, 2024 and December 31, 2023, respectively) | 405 | 778 | |
Leveraged lease loans | |||
Other invested assets, allowance for credit losses | 1 | 1 | |
ASU 2016-13 | |||
Short-term investments, allowance for credit losses | 2 | 0 | |
Other assets, allowance for credit losses | 3 | 3 | |
Other liabilities, allowance for credit losses | $ 14 | $ 15 | |
[1] See Note 4 for details of balances associated with variable interest entities. |
Unaudited Interim Consolidate_3
Unaudited Interim Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
REVENUES | |||
Premiums (includes $5 and $(16) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended March 31, 2024 and 2023, respectively) | $ 15,537 | [1] | $ 9,363 |
Policy charges and fee income | 1,056 | 1,134 | |
Net investment income | 4,764 | 4,320 | |
Asset management and service fees | 999 | [1] | 917 |
Other income(loss) | 1,338 | 1,019 | |
Realized investment gains (losses), net | (308) | [1],[2] | 217 |
Change in value of market risk benefits, net of related hedging gains (losses) | 123 | 75 | |
Total revenues | 23,509 | 17,045 | |
BENEFITS AND EXPENSES | |||
Policyholders’ benefits | 16,594 | [1] | 10,304 |
Change in estimates of liability for future policy benefits | (17) | [1] | 25 |
Interest credited to policyholders’ account balances | 1,283 | 981 | |
Dividends to policyholders | 290 | 319 | |
Amortization of deferred policy acquisition costs | 375 | 365 | |
General and administrative expenses | 3,594 | [1] | 3,204 |
Total benefits and expenses | 22,119 | 15,198 | |
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES | 1,390 | 1,847 | |
Total income tax expense (benefit) | 289 | 382 | |
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES | 1,101 | 1,465 | |
Equity in earnings of joint ventures and other operating entities, net of taxes | 50 | 12 | |
NET INCOME (LOSS) | 1,151 | 1,477 | |
Less: Income (loss) attributable to noncontrolling interests | 13 | 15 | |
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. | $ 1,138 | $ 1,462 | |
Basic earnings per share-Common Stock: | |||
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) | $ 3.13 | $ 3.94 | |
Diluted earnings per share-Common Stock: | |||
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) | $ 3.12 | $ 3.93 | |
[1] See Note 20 for additional information regarding related party transactions. See Note 20 for additional information regarding related party transactions. |
Unaudited Interim Consolidate_4
Unaudited Interim Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Statement of Comprehensive Income [Abstract] | |||
NET INCOME (LOSS) | $ 1,151 | $ 1,477 | |
Other comprehensive income (loss), before tax: | |||
Foreign currency translation adjustments for the period | (494) | 13 | |
Net unrealized investment gains (losses) | (4,774) | 8,379 | |
Interest rate remeasurement of future policy benefits | 4,213 | [1] | (8,705) |
Gain (loss) from changes in non-performance risk on market risk benefits | (252) | 186 | |
Defined benefit pension and postretirement unrecognized periodic benefit (cost) | 13 | 19 | |
Total | (1,294) | (108) | |
Less: Income tax expense (benefit) related to other comprehensive income (loss) | (137) | (90) | |
Other comprehensive income (loss), net of taxes | (1,157) | (18) | |
Comprehensive income (loss) | (6) | 1,459 | |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 13 | 16 | |
Comprehensive income (loss) attributable to Prudential Financial, Inc. | $ (19) | $ 1,443 | |
[1] See Note 20 for additional information regarding related party transactions. |
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, 2022 | [1] | $ 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 | |||||
Total comprehensive income (loss) | 1,459 | 1,462 | (19) | 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, 2023 | 29,263 | 6 | 25,746 | 32,352 | (23,780) | (6,504) | 27,820 | 1,443 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common Stock acquired | (250) | (250) | (250) | ||||||
Contributions from noncontrolling interests | 83 | 83 | |||||||
Distributions to noncontrolling interests | (3) | (3) | |||||||
Consolidations/(deconsolidations) of noncontrolling interests | 125 | 125 | |||||||
Stock-based compensation programs | 134 | (5) | 139 | 134 | |||||
Dividends declared on Common Stock | (476) | (476) | (476) | ||||||
Comprehensive income: | |||||||||
Net income (loss) | 1,151 | 1,138 | 1,138 | 13 | |||||
Other comprehensive income (loss), net of tax | (1,157) | (1,157) | (1,157) | 0 | |||||
Total comprehensive income (loss) | (6) | 1,138 | (1,157) | (19) | 13 | ||||
Balance at Mar. 31, 2024 | $ 28,870 | $ 6 | $ 25,741 | $ 33,014 | $ (23,891) | $ (7,661) | $ 27,209 | $ 1,661 | |
[1] Prior period amounts reflect 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 | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income (loss) | $ 1,151 | $ 1,477 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Realized investment (gains) losses, net | 308 | [1],[2] | (217) | |
Change in value of market risk benefits, net of related hedging (gains) losses | (123) | (75) | ||
Policy charges and fee income | (571) | (540) | ||
Interest credited to policyholders’ account balances | 1,283 | 981 | ||
Depreciation and amortization | 397 | 41 | ||
(Gains) losses on assets supporting experience-rated contractholder liabilities, net | (356) | (134) | ||
Change in: | ||||
Deferred policy acquisition costs | (273) | (205) | ||
Future policy benefits and other insurance liabilities | 4,175 | 1,888 | ||
Income taxes | 203 | 357 | ||
Derivatives, net | 267 | (354) | ||
Other, net | (1,240) | [2] | (1,876) | |
Cash flows from (used in) operating activities | 5,221 | 1,343 | ||
Proceeds from the sale/maturity/prepayment of: | ||||
Fixed maturities, available-for-sale | 10,794 | 11,178 | ||
Fixed maturities, held-to-maturity | 0 | 7 | ||
Fixed maturities, trading | 570 | 226 | ||
Assets supporting experience-rated contractholder liabilities | 361 | 765 | ||
Equity securities | 2,266 | 550 | ||
Commercial mortgage and other loans | 1,339 | 855 | ||
Policy loans | 438 | 460 | ||
Other invested assets | 511 | 249 | ||
Short-term investments | 7,937 | 6,381 | ||
Payments for the purchase/origination of: | ||||
Fixed maturities, available-for-sale | (19,280) | (13,677) | ||
Fixed maturities, trading | (1,534) | (290) | ||
Assets supporting experience-rated contractholder liabilities | (421) | (770) | ||
Equity securities | (1,061) | (550) | ||
Commercial mortgage and other loans | (1,457) | (737) | ||
Policy loans | (432) | (371) | ||
Other invested assets | (820) | (570) | ||
Short-term investments | (8,947) | (6,837) | ||
Derivatives, net | (448) | (104) | ||
Other, net | (60) | (68) | ||
Cash flows from (used in) investing activities | (10,244) | (3,303) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Policyholders’ account deposits | 8,569 | 6,747 | ||
Policyholders’ account withdrawals | (4,664) | (4,592) | ||
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities | 1,008 | (97) | ||
Cash dividends paid on Common Stock | (483) | (473) | ||
Net change in financing arrangements (maturities 90 days or less) | (511) | 38 | ||
Common Stock acquired | (242) | (251) | ||
Common Stock reissued for exercise of stock options | 47 | 28 | ||
Proceeds from the issuance of debt (maturities longer than 90 days) | 1,019 | 495 | ||
Repayments of debt (maturities longer than 90 days) | (539) | (29) | ||
Proceeds from notes issued by consolidated VIEs | 159 | 59 | ||
Repayments of notes issued by consolidated VIEs | (1) | (16) | ||
Other, net | 181 | [2] | 220 | |
Cash flows from (used in) financing activities | 4,543 | 2,129 | ||
Effect of foreign exchange rate changes on cash balances | (227) | 5 | ||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS | (707) | 174 | ||
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR | 19,463 | 17,299 | ||
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD | 18,756 | 17,473 | ||
NON-CASH TRANSACTIONS DURING THE PERIOD | ||||
Treasury Stock shares issued for stock-based compensation programs | 207 | 264 | ||
Novation of annuity contracts | [3] | 0 | (8) | |
RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||
Cash and cash equivalents | 18,735 | [4] | 17,425 | |
Restricted cash and restricted cash equivalents (included in “Other assets”) | 21 | 48 | ||
Total cash, cash equivalents, restricted cash and restricted cash equivalents | 18,756 | 17,473 | ||
Pension Risk Transfer | ||||
NON-CASH TRANSACTIONS DURING THE PERIOD | ||||
Assets received, excluding cash and cash equivalents | 4,587 | 1,506 | ||
Liabilities assumed | 8,714 | 2,409 | ||
Net cash received | 4,127 | 903 | ||
Somerset Re | ||||
NON-CASH TRANSACTIONS DURING THE PERIOD | ||||
Reinsurance recoverables under modified coinsurance, net | (548) | [5] | 0 | |
Unwind of Deferred policy acquisition costs ceded | 284 | [5] | 0 | |
Deferred reinsurance gain | 411 | [5] | 0 | |
Net cash received | $ 147 | [5] | $ 0 | |
[1] See Note 20 for additional information regarding related party transactions. See Note 20 for additional information regarding related party transactions. See Note 4 for details of balances associated with variable interest entities. See Note 12 for additional information regarding the reinsurance agreement with Somerset Reinsurance Ltd. (“Somerset Re”). |
Unaudited Interim Consolidate_7
Unaudited Interim Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Gain (loss) from changes in estimates on deferred profit liability amortization | $ 5 | $ (16) |
Business and Basis of Presentat
Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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. 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 (consisting of the Life Planner and Gibraltar Life and Other 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”), 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, both Prismic and Prismic Re are considered related parties. Beginning with the fourth quarter of 2023, the operating results of Corporate and Other reflect the Company’s share of earnings in Prismic on a quarter lag. For information regarding the Company’s initial reinsurance transaction with Prismic Re, effective September 2023, see Note 12. As part of its continuous improvement process, the Company is working to become a leaner and more agile company by simplifying its management structure, empowering its employees with faster decision-making processes and investing in technology and data platforms. As part of this, the Company is implementing changes to its organizational structure and recorded a restructuring charge of $200 million to “General and administrative expenses” in the fourth quarter of 2023 within its Corporate and Other operations. The Company expects these actions will create operating efficiencies, and provide reinvestment capacity to build capabilities, realize additional efficiencies, strengthen its competitiveness and fuel future growth. Basis of Presentation 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, 2023. 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 to conform to the current period presentation. |
Significant Accounting Policies
Significant Accounting Policies and Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material. ASUs issued but not yet adopted as of March 31, 2024 Standard Description Effective date and method of adoption Effect on the financial statements or other significant matters ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures This ASU requires entities to provide additional information primarily related to the effective tax rate reconciliation and income taxes paid. Effective for fiscal years beginning after December 15, 2024 with early adoption permitted, and is required to be applied prospectively with the option of retrospective application. The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements. ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures This ASU requires entities to provide more detailed information about significant segment expenses that are regularly provided to the chief operating decision maker. Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, using the retrospective method. The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 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 $ 27,113 $ 729 $ 4,811 $ 0 $ 23,031 Obligations of U.S. states and their political subdivisions 8,619 217 558 0 8,278 Foreign government bonds 67,025 3,235 5,661 31 64,568 U.S. public corporate securities 110,786 1,765 11,139 76 101,336 U.S. private corporate securities(1) 43,096 874 2,936 12 41,022 Foreign public corporate securities 21,715 387 1,420 19 20,663 Foreign private corporate securities 35,870 447 3,976 32 32,309 Asset-backed securities(2) 15,090 229 88 1 15,230 Commercial mortgage-backed securities 10,288 31 671 0 9,648 Residential mortgage-backed securities(3) 2,626 18 219 0 2,425 Total fixed maturities, available-for-sale(1) $ 342,228 $ 7,932 $ 31,479 $ 171 $ 318,510 __________ (1) Excludes notes with amortized cost of $13,582 million (fair value, $13,592 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. December 31, 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 $ 24,874 $ 1,091 $ 4,169 $ 0 $ 21,796 Obligations of U.S. states and their political subdivisions 8,650 267 459 0 8,458 Foreign government bonds 71,556 3,895 5,208 53 70,190 U.S. public corporate securities 105,593 2,357 9,711 67 98,172 U.S. private corporate securities(1) 42,801 807 2,574 14 41,020 Foreign public corporate securities 20,473 487 1,298 19 19,643 Foreign private corporate securities 35,128 613 3,446 5 32,290 Asset-backed securities(2) 12,514 202 119 2 12,595 Commercial mortgage-backed securities 10,571 34 713 0 9,892 Residential mortgage-backed securities(3) 2,438 24 197 0 2,265 Total fixed maturities, available-for-sale(1) $ 334,598 $ 9,777 $ 27,894 $ 160 $ 316,321 __________ (1) Excludes notes with amortized cost of $12,370 million (fair value, $12,370 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. 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: March 31, 2024 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 $ 5,597 $ 236 $ 11,354 $ 4,575 $ 16,951 $ 4,811 Obligations of U.S. states and their political subdivisions 1,491 28 3,940 530 5,431 558 Foreign government bonds 9,857 755 17,951 4,905 27,808 5,660 U.S. public corporate securities 12,399 287 60,497 10,837 72,896 11,124 U.S. private corporate securities 5,258 126 26,589 2,810 31,847 2,936 Foreign public corporate securities 2,489 42 10,256 1,355 12,745 1,397 Foreign private corporate securities 3,246 79 21,666 3,895 24,912 3,974 Asset-backed securities 2,841 25 2,545 63 5,386 88 Commercial mortgage-backed securities 398 3 7,971 668 8,369 671 Residential mortgage-backed securities 294 2 1,535 217 1,829 219 Total fixed maturities, available-for-sale $ 43,870 $ 1,583 $ 164,304 $ 29,855 $ 208,174 $ 31,438 December 31, 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 $ 2,718 $ 95 $ 12,642 $ 4,074 $ 15,360 $ 4,169 Obligations of U.S. states and their political subdivisions 862 14 3,816 445 4,678 459 Foreign government bonds 9,098 542 19,589 4,664 28,687 5,206 U.S. public corporate securities 4,881 103 61,204 9,604 66,085 9,707 U.S. private corporate securities 3,026 69 27,062 2,504 30,088 2,573 Foreign public corporate securities 1,766 37 10,812 1,246 12,578 1,283 Foreign private corporate securities 1,578 120 22,145 3,324 23,723 3,444 Asset-backed securities 846 30 5,886 89 6,732 119 Commercial mortgage-backed securities 287 3 8,251 710 8,538 713 Residential mortgage-backed securities 92 2 1,599 195 1,691 197 Total fixed maturities, available-for-sale $ 25,154 $ 1,015 $ 173,006 $ 26,855 $ 198,160 $ 27,870 As of March 31, 2024 and December 31, 2023, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $30,334 million and $26,879 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 $1,104 million and $991 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of March 31, 2024, the $29,855 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities. As of December 31, 2023, the $26,855 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 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, 2023, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at March 31, 2024. 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 March 31, 2024, 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: March 31, 2024 Available-for-Sale Amortized Cost Fair Value (in millions) Fixed maturities: Due in one year or less $ 14,917 $ 14,826 Due after one year through five years 55,756 54,747 Due after five years through ten years(1) 58,432 57,487 Due after ten years(1) 185,119 164,147 Asset-backed securities 15,090 15,230 Commercial mortgage-backed securities 10,288 9,648 Residential mortgage-backed securities 2,626 2,425 Total $ 342,228 $ 318,510 __________ (1) Excludes notes with amortized cost of $13,582 million (fair value, $13,592 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 2024 2023 (in millions) Fixed maturities, available-for-sale: Proceeds from sales(1) $ 5,751 $ 7,350 Proceeds from maturities/prepayments 4,932 3,988 Gross investment gains from sales and maturities 394 290 Gross investment losses from sales and maturities (360) (305) Write-downs recognized in earnings(2) (5) (9) (Addition to) release of allowance for credit losses (11) (131) Fixed maturities, held-to-maturity: Proceeds from maturities/prepayments(3) $ 0 $ 7 (Addition to) release of allowance for credit losses 0 0 __________ (1) Excludes activity from non-cash related proceeds due to the timing of trade settlements of $111 million and $(160) million for the three months ended March 31, 2024 and 2023, 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 $0 million and less than $1 million for the three months ended March 31, 2024 and 2023, 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 March 31, 2024 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 $ 53 $ 105 $ 2 $ 0 $ 0 $ 160 Additions to allowance for credit losses not previously recorded 0 0 46 0 0 0 46 Reductions for securities sold during the period 0 0 (12) 0 0 0 (12) Additions (reductions) on securities with previous allowance 0 (22) 0 (1) 0 0 (23) Balance, end of period $ 0 $ 31 $ 139 $ 1 $ 0 $ 0 $ 171 Three Months Ended March 31, 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 75 0 0 0 137 Reductions for securities sold during the period 0 0 (40) 0 0 0 (40) Additions (reductions) on securities with previous allowance 0 (1) 35 0 0 0 34 Balance, end of period $ 0 $ 62 $ 206 $ 1 $ 0 $ 0 $ 269 Three Months Ended March 31, 2024 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 $ 0 $ 0 $ 0 $ 0 $ 0 Current period provision for expected losses 0 0 0 0 0 0 0 Change in foreign exchange 0 0 0 0 0 0 0 Balance, end of period $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Three Months Ended March 31, 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 0 0 0 0 0 0 0 Change in foreign exchange 0 0 0 0 0 0 0 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, 2023. For the three months ended March 31, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the consumer cyclical and communications sectors within corporate securities due to adverse projected cash flows. Partially offsetting these additions, was a net release within foreign government securities. For the three months ended March 31, 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 finance 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 utility and capital goods sectors within corporate securities. The Company did not have any fixed maturity securities purchased with credit deterioration, as of March 31, 2024 or December 31, 2023. 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: March 31, 2024 December 31, 2023 Amortized Fair Amortized Fair (in millions) Fixed maturities: Corporate securities $ 77 $ 75 $ 81 $ 79 Foreign government bonds 587 587 606 604 Obligations of U.S. government authorities and agencies and obligations of U.S. states 196 208 202 206 Total fixed maturities(1) 860 870 889 889 Equity securities 1,548 2,489 1,607 2,279 Total assets supporting experience-rated contractholder liabilities(2) $ 2,408 $ 3,359 $ 2,496 $ 3,168 __________ (1) As a percentage of amortized cost, 99% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of both March 31, 2024 and December 31, 2023. (2) As a percentage of amortized cost, 100% of the portfolio consisted of public securities, as of both March 31, 2024 and December 31, 2023. 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 $299 million and $134 million during the three months ended March 31, 2024 and 2023, 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 $(181) million and $194 million during the three months ended March 31, 2024 and 2023, respectively. Equity Securities The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $431 million and $297 million during the three months ended March 31, 2024 and 2023, 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: March 31, 2024 December 31, 2023 Amortized Fair Amortized Fair (in millions) Investments in Japanese government and government agency securities: Fixed maturities, available-for-sale $ 58,152 $ 56,194 $ 62,591 $ 61,484 Fixed maturities, trading 18 18 19 19 Assets supporting experience-rated contractholder liabilities 509 501 522 514 Total $ 58,679 $ 56,713 $ 63,132 $ 62,017 March 31, 2024 December 31, 2023 Amortized Fair Amortized Fair (in millions) Investments in Brazil government and government agency securities: Fixed maturities, available-for-sale $ 3,056 $ 2,887 $ 3,028 $ 2,992 Short-term investments 26 26 0 0 Cash equivalents 286 286 427 427 Total $ 3,368 $ 3,199 $ 3,455 $ 3,419 Commercial Mortgage and Other Loans The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated: March 31, 2024 December 31, 2023 Amount % of Amount % of Commercial mortgage and agricultural property loans by property type: Office $ 8,265 14.1 % $ 8,402 14.2 % Retail 5,332 9.1 5,384 9.1 Apartments/Multi-Family 16,123 27.4 16,555 28.0 Industrial 15,184 25.8 15,263 25.8 Hospitality 2,070 3.5 2,086 3.5 Other 4,272 7.3 4,069 6.9 Total commercial mortgage loans 51,246 87.2 51,759 87.5 Agricultural property loans 7,504 12.8 7,426 12.5 Total commercial mortgage and agricultural property loans 58,750 100.0 % 59,185 100.0 % Allowance for credit losses (513) (459) Total net commercial mortgage and agricultural property loans 58,237 58,726 Other loans: Uncollateralized loans 394 425 Residential property loans 26 30 Other collateralized loans 125 125 Total other loans 545 580 Allowance for credit losses (1) (1) Total net other loans 544 579 Total net commercial mortgage and other loans(1) $ 58,781 $ 59,305 __________ (1) Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of March 31, 2024 and December 31, 2023, the net carrying value of these loans was $157 million and $519 million, respectively. As of March 31, 2024, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (30%), Texas (7%) and New York (6%), and included loans secured by properties in Europe (6%), Mexico (2%), Asia (1%) and Australia (1%). The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, for the periods indicated: Three Months Ended March 31, 2024 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 443 $ 16 $ 0 $ 0 $ 1 $ 460 Addition to (release of) allowance for expected losses 47 5 0 0 0 52 Change in foreign exchange 2 0 0 0 0 2 Allowance, end of period $ 492 $ 21 $ 0 $ 0 $ 1 $ 514 Three Months Ended March 31, 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 17 2 0 0 0 19 Reduction for loans sold during the period 0 0 0 0 (1) (1) Allowance, end of period $ 205 $ 15 $ 0 $ 0 $ 1 $ 221 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, 2023. For the three months ended March 31, 2024, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to an increase in loan-specific reserves within the office sector. For the three months ended March 31, 2023, the net addition to the allowance for credit losses on commercial mortgage and other loans was due to increases to reserves to reflect declining market conditions and an increase in loan-specific reserves. 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: March 31, 2024 Amortized Cost by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Total (in millions) Commercial mortgage loans Loan-to-Value Ratio: 0%-59.99% $ 57 $ 1,476 $ 906 $ 2,195 $ 1,426 $ 18,767 $ 0 $ 24,827 60%-69.99% 1,201 2,690 1,449 2,568 1,094 6,261 0 15,263 70%-79.99% 114 959 1,027 1,250 421 3,165 0 6,936 80% or greater 3 134 320 186 313 3,264 0 4,220 Total $ 1,375 $ 5,259 $ 3,702 $ 6,199 $ 3,254 $ 31,457 $ 0 $ 51,246 Debt Service Coverage Ratio: Greater than 1.2x $ 1,222 $ 4,777 $ 3,187 $ 6,066 $ 3,162 $ 27,975 $ 0 $ 46,389 1.0 - 1.2x 153 332 363 53 38 2,141 0 3,080 Less than 1.0x 0 150 152 80 54 1,341 0 1,777 Total $ 1,375 $ 5,259 $ 3,702 $ 6,199 $ 3,254 $ 31,457 $ 0 $ 51,246 Agricultural property loans Loan-to-Value Ratio: 0%-59.99% $ 39 $ 361 $ 900 $ 2,031 $ 760 $ 1,880 $ 112 $ 6,083 60%-69.99% 58 574 625 10 53 29 50 1,399 70%-79.99% 0 0 0 0 0 0 0 0 80% or greater 0 0 0 0 0 22 0 22 Total $ 97 $ 935 $ 1,525 $ 2,041 $ 813 $ 1,931 $ 162 $ 7,504 Debt Service Coverage Ratio: Greater than 1.2x $ 93 $ 930 $ 1,512 $ 2,029 $ 741 $ 1,734 $ 162 $ 7,201 1.0 - 1.2x 4 0 5 4 56 146 0 215 Less than 1.0x 0 5 8 8 16 51 0 88 Total $ 97 $ 935 $ 1,525 $ 2041 $ 813 $ 1,931 $ 162 $ 7,504 December 31, 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% $ 1,822 $ 911 $ 2,264 $ 1,437 $ 3,205 $ 16,569 $ 0 $ 26,208 60%-69.99% 2,765 1,440 2,541 1,107 2,146 4,530 0 14,529 70%-79.99% 1,001 1,004 1,278 401 1,013 2,277 0 6,974 80% or greater 145 357 203 330 209 2,804 0 4,048 Total $ 5,733 $ 3,712 $ 6,286 $ 3,275 $ 6,573 $ 26,180 $ 0 $ 51,759 Debt Service Coverage Ratio: Greater than 1.2x $ 5,237 $ 3,194 $ 6,122 $ 3,182 $ 5,988 $ 23,196 $ 0 $ 46,919 1.0 - 1.2x 346 366 82 38 265 1,713 0 2,810 Less than 1.0x 150 152 82 55 320 1,271 0 2,030 Total $ 5,733 $ 3,712 $ 6,286 $ 3,275 $ 6,573 $ 26,180 $ 0 $ 51,759 Agricultural property loans Loan-to-Value Ratio: 0%-59.99% $ 360 $ 880 $ 2,027 $ 774 $ 455 $ 1,481 $ 74 $ 6,051 60%-69.99% 586 668 25 50 20 4 0 1,353 70%-79.99% 7 0 0 0 0 0 0 7 80% or greater 0 0 0 0 15 0 0 15 Total $ 953 $ 1,548 $ 2,052 $ 824 $ 490 $ 1,485 $ 74 $ 7,426 Debt Service Coverage Ratio: Greater than 1.2x $ 948 $ 1,535 $ 2,040 $ 750 $ 489 $ 1,290 $ 74 $ 7,126 1.0 - 1.2x 0 5 4 58 0 151 0 218 Less than 1.0x 5 8 8 16 1 44 0 82 Total $ 953 $ 1,548 $ 2,052 $ 824 $ 490 $ 1,485 $ 74 $ 7,426 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, 2023. The Company may grant loan modifications in its commercial mortgage and other loan portfolios to borrowers experiencing financial difficulties. These loan modifications may be in the form of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or some combination thereof. During the three months ended March 31, 2024, a commercial mortgage loan with an amortized cost of $162 million was granted a term extension with a borrower experiencing financial difficulties. The modified loan represents less than 1 percent of the portfolio. This modification added less than one year to the weighted average life of loans in this portfolio. For the three months ended March 31, 2024, the Company did not have any commercial mortgage loans that were modified to borrowers experiencing financial difficulty that are not considered current. The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulty on modified loans as of March 31, 2024. 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: March 31, 2024 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 $ 51,007 $ 0 $ 0 $ 239 $ 239 $ 51,246 $ 239 Agricultural property loans 7,379 78 0 47 125 7,504 62 Residential property loans 26 0 0 0 0 26 0 Other collateralized loans 125 0 0 0 0 125 0 Uncollateralized loans 394 0 0 0 0 394 25 Total $ 58,931 $ 78 $ 0 $ 286 $ 364 $ 59,295 $ 326 __________ (1) As of March 31, 2024, 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, 2023. December 31, 2023 Current 30-59 Days 60-89 Days 90 Days or More Past Due(1)(2) Total Past Total Non-Accrual Status(3) (in millions) Commercial mortgage loans $ 51,665 $ 34 $ 0 $ 60 $ 94 $ 51,759 $ 94 Agricultural property loans 7,392 15 15 4 34 7,426 38 Residential property loans 30 0 0 0 0 30 0 Other collateralized loans 125 0 0 0 0 125 0 Uncollateralized loans 425 0 0 0 0 425 25 Total $ 59,637 $ 49 $ 15 $ 64 $ 128 $ 59,765 $ 157 __________ (1) As of December 31, 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, 2023. Loans on non-accrual status recognized interest of less than $1 million for both the three months ended March 31, 2024 and 2023. Loans on non-accrual status that did not have a related allowance for credit losses were $122 million and $126 million as of March 31, 2024 and December 31, 2023, respectively. The Company did not have any losses on commercial mortgage and other loans purchased with credit deterioration as of March 31, 2024 or December 31, 2023. Other Invested Assets The following table sets forth the composition of “Other invested assets,” as of the dates indicated: March 31, 2024 December 31, 2023 (in millions) LPs/LLCs: Equity method: Private equity $ 9,307 $ 8,929 Hedge funds 3,215 3,164 Real estate-related 2,859 2,578 Subtotal equity method 15,381 14,671 Fair value: Private equity 1,642 1,247 Hedge funds 2,081 2,078 Real estate-related 795 800 Subtotal fair value 4,518 4,125 Total LPs/LLCs 19,899 18,796 Real estate held through direct ownership(1) 1,773 1,794 Derivative instruments 1,377 1,100 Other(2) 1,178 1,165 Total other invested assets $ 24,227 $ 22,855 _________ (1) As of March 31, 2024 and December 31, 2023, real estate held through direct ownership had mortgage debt of $153 million and $158 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 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Accrued Investment Income The following table sets forth the composition of “Accrued investment income,” as of the dates indicated: March 31, 2024 December 31, 2023 (in millions) Fixed maturities $ 2,803 $ 2,727 Equity securities 8 6 Commercial mortgage and other loans 216 224 Policy loans 237 259 Other invested assets 35 23 Short-term investments and cash equivalents 62 48 Total accrued investment income $ 3,361 $ 3,287 Write-downs on accrued investment income were less than $1 million for both the three months ended March 31, 2024 and 2023. Net Investment Income The following table sets forth “Net investment income” by investment type, for the periods indicated: Three Months Ended 2024 2023 (in millions) Fixed maturities, available-for-sale(1) $ 3,592 $ 3,235 Fixed maturities, held-to-maturity(1) 0 50 Fixed maturities, trading 116 55 Assets supporting experience-rated contractholder liabilities 14 13 Equity securities 38 40 Commercial mortgage and other loans 611 543 Policy loans 122 124 Other invested assets 321 310 Short-term investments and cash equivalents 298 238 Gross investment income 5,112 4,608 Less: investment expenses (348) (288) Net investment income $ 4,764 $ 4,320 __________ (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. 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 2024 2023 (in millions) Fixed maturities(1) $ 18 $ (155) Commercial mortgage and other loans (51) (12) Investment real estate 2 32 LPs/LLCs 19 (16) Derivatives (233) 358 Other (63) 10 Realized investment gains (losses), net $ (308) $ 217 __________ (1) Excludes fixed maturity securities classified as trading. Net Unrealized Gains (Losses) on Investments within AOCI The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated: March 31, 2024 December 31, 2023 (in millions) Fixed maturity securities, available-for-sale with an allowance $ (73) $ (72) Fixed maturity securities, available-for-sale without an allowance (23,474) (18,045) Derivatives designated as cash flow hedges(1) 1,199 869 Derivatives designated as fair value hedges(1) (51) (60) Other investments(2) 54 57 Net unrealized gains (losses) on investments $ (22,345) $ (17,251) __________ (1) For additional information regarding cash flow and fair value hedges, see Note 5. (2) Includes net unrealized gains on certain joint ventures that are strategic in nature and are included in “Other assets.” Repurchase Agreements and Securities Lending In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated: March 31, 2024 December 31, 2023 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 $ 6,402 $ 0 $ 0 $ 6,402 $ 5,693 $ 0 $ 0 $ 5,693 U.S. public corporate securities 0 161 0 161 0 118 0 118 Commercial mortgage-backed securities 0 0 0 0 245 0 0 245 Total securities sold under agreements to repurchase $ 6,402 $ 161 $ 0 $ 6,563 $ 5,938 $ 118 $ 0 $ 6,056 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: March 31, 2024 December 31, 2023 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 43 0 43 67 0 67 Foreign government bonds 173 4 177 242 0 242 U.S. public corporate securities 5,185 334 5,519 4,399 420 4,819 Foreign public corporate securities 876 83 959 649 76 725 Equity securities 278 1 279 623 0 623 Total cash collateral for loaned securities(1) $ 6,556 $ 422 $ 6,978 $ 5,981 $ 496 $ 6,477 __________ (1) The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. 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) March 31, December 31, March 31, December 31, (in millions) Fixed maturities, available-for-sale $ 717 $ 539 $ 1,413 $ 836 Fixed maturities, trading 560 943 0 0 Equity securities 86 106 0 0 Commercial mortgage and other loans 712 764 0 0 Other invested assets 5,151 4,319 534 485 Cash and cash equivalents 304 302 1 0 Accrued investment income 7 7 2 3 Other assets 712 1,023 603 636 Total assets of consolidated VIEs $ 8,249 $ 8,003 $ 2,553 $ 1,960 Other liabilities $ 164 $ 588 $ 0 $ 0 Notes issued by consolidated VIEs(2) 1,097 1,374 35 0 Total liabilities of consolidated VIEs $ 1,261 $ 1,962 $ 35 $ 0 __________ (1) Total assets of consolidated VIEs reflect $4,176 million and $4,003 million as of March 31, 2024 and December 31, 2023, 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 March 31, 2024, the maturities of these obligations were between 0 and 13 years. Unconsolidated Variable Interest Entities The Company has determined that it is not the primary beneficiary of certain VIEs for which it may or may not be the investment manager. The Company’s maximum exposure to loss resulting from its relationship with unconsolidated VIEs is limited to its investment in the VIEs, which was $1,207 million and $1,165 million as of March 31, 2024 and December 31, 2023, 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 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. Limited Partnerships and Limited Liability Companies 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 classifies these investments as “Other invested assets” and its maximum exposure to loss associated with these VIE and non-VIE entities is limited to the amount of its investment, which was $19,899 million and $18,796 million as of March 31, 2024 and December 31, 2023, respectively. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. 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 $1,380 million and $1,103 million as of March 31, 2024 and December 31, 2023, respectively, and total derivative liabilities of $4,485 million and $4,181 million as of March 31, 2024 and December 31, 2023, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position. Primary Underlying Risk /Instrument Type March 31, 2024 December 31, 2023 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 $ 3,396 $ 27 $ (314) $ 3,582 $ 55 $ (252) Interest Rate Forwards 0 0 0 0 0 0 Foreign Currency Foreign Currency Forwards 4,776 52 (177) 4,748 43 (195) Currency/Interest Rate Foreign Currency Swaps 28,495 2,222 (538) 27,933 1,952 (676) Total Derivatives Designated as Hedge Accounting Instruments $ 36,667 $ 2,301 $ (1,029) $ 36,263 $ 2,050 $ (1,123) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate Interest Rate Swaps $ 223,711 $ 10,079 $ (23,743) $ 224,445 $ 8,604 $ (21,599) Interest Rate Futures 9,140 8 (1) 10,448 7 (26) Interest Rate Options 32,346 309 (1,258) 32,718 292 (1,095) Interest Rate Forwards 3,269 53 (48) 3,678 39 (14) Foreign Currency Foreign Currency Forwards 28,615 1,442 (1,316) 27,686 965 (954) Foreign Currency Options 0 0 0 0 0 0 Currency/Interest Rate Foreign Currency Swaps 7,632 569 (144) 7,771 502 (164) Credit Credit Default Swaps 6,859 130 (17) 3,446 64 0 Equity Equity Futures 615 0 0 672 1 (2) Equity Options 61,236 3,191 (2,140) 51,792 1,688 (1,662) Total Return Swaps 9,921 79 (339) 9,237 48 (514) Other Other(1) 1,250 0 0 1,250 0 0 Synthetic GICs 77,683 1 (1) 78,009 1 (1) Total Derivatives Not Qualifying as Hedge Accounting Instruments $ 462,277 $ 15,861 $ (29,007) $ 451,152 $ 12,211 $ (26,031) Total Derivatives(2)(3) $ 498,944 $ 18,162 $ (30,036) $ 487,415 $ 14,261 $ (27,154) __________ (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 $9,717 million (including the Prismic funds withheld related embedded derivative net liability of $224 million) and $8,096 million (including the Prismic funds withheld related embedded derivative net liability of $508 million) as of March 31, 2024 and December 31, 2023, respectively, primarily included in “Policyholder account balances” and “Reinsurance and funds withheld payables.” (3) Recorded in “Other invested assets” and “Other liabilities” on the Unaudited Interim Consolidated Statements of Financial Position. As of March 31, 2024, 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. March 31, 2024 December 31, 2023 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 $ 219 $ 14 $ 224 $ 19 Policyholders’ account balances $ (759) $ 281 $ (810) $ 219 Future policy benefits $ (2,368) $ 362 $ (2,441) $ 298 __________ (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. March 31, 2024 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 18,054 $ (16,782) $ 1,272 $ (489) $ 783 Securities purchased under agreement to resell 162 0 162 (162) 0 Total assets $ 18,216 $ (16,782) $ 1,434 $ (651) $ 783 Offsetting of Financial Liabilities: Derivatives $ 30,035 $ (25,551) $ 4,484 $ (4,317) $ 167 Securities sold under agreement to repurchase 6,563 0 6,563 (6,563) 0 Total liabilities $ 36,598 $ (25,551) $ 11,047 $ (10,880) $ 167 December 31, 2023 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 14,169 $ (13,158) $ 1,011 $ (240) $ 771 Securities purchased under agreement to resell 388 0 388 (363) 25 Total assets $ 14,557 $ (13,158) $ 1,399 $ (603) $ 796 Offsetting of Financial Liabilities: Derivatives $ 27,154 $ (22,973) $ 4,181 $ (3,775) $ 406 Securities sold under agreement to repurchase 6,056 0 6,056 (5,811) 245 Total liabilities $ 33,210 $ (22,973) $ 10,237 $ (9,586) $ 651 __________ (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 Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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 March 31, 2024 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 $ 4 $ 0 $ 0 $ 0 $ 0 $ (50) $ (59) $ 0 Currency 0 0 0 0 0 0 (16) 0 Total gains (losses) on derivatives designated as hedge instruments 4 0 0 0 0 (50) (75) 0 Gains (losses) on the hedged item: Interest Rate (4) 0 3 0 0 62 48 0 Currency 0 0 0 0 0 0 14 0 Total gains (losses) on hedged item (4) 0 3 0 0 62 62 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (2) 10 Total amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (2) 10 Total gains (losses) on fair value hedges net of hedged item 0 0 3 0 0 12 (15) 10 Cash flow hedges Interest Rate 0 0 (3) 0 0 0 0 (10) Currency 0 0 0 0 0 0 0 15 Currency/Interest Rate 3 0 76 78 0 0 0 325 Total gains (losses) on cash flow hedges 3 0 73 78 0 0 0 330 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 (662) (961) 0 0 0 0 0 0 Currency (26) 0 0 2 0 0 0 0 Currency/Interest Rate 106 0 0 1 0 0 0 0 Credit 52 0 0 0 0 0 0 0 Equity 1,449 (493) 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Embedded Derivatives(2) (1,070) 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (151) (1,454) 0 3 0 0 0 0 Total $ (148) $ (1,454) $ 76 $ 81 $ 0 $ 12 $ (15) $ 351 Three Months Ended March 31, 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 $ (3) $ 0 $ 0 $ 0 $ 0 $ 37 $ 43 $ 0 Currency 0 0 (1) 0 0 0 49 0 Total gains (losses) on derivatives designated as hedge instruments (3) 0 (1) 0 0 37 92 0 Gains (losses) on the hedged item: Interest Rate 4 0 3 0 0 (37) (48) 0 Currency 0 0 1 0 0 0 (47) 0 Total gains (losses) on hedged item 4 0 4 0 0 (37) (95) 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (2) (20) Total amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (2) (20) Total gains (losses) on fair value hedges net of hedged item 1 0 3 0 0 0 (5) (20) Cash flow hedges Interest Rate (22) 0 (1) 0 0 0 0 43 Currency 5 0 0 0 0 0 0 (38) Currency/Interest Rate 36 0 83 (80) 0 0 0 (277) Total gains (losses) on cash flow hedges 19 0 82 (80) 0 0 0 (272) Net investment hedges Currency 0 0 0 0 0 0 0 (1) 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 (1) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate 546 267 0 0 0 0 0 0 Currency (161) 0 0 1 0 0 0 0 Currency/Interest Rate (28) 0 0 (2) 0 0 0 0 Credit 46 0 0 0 0 0 0 0 Equity 189 (238) 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Embedded Derivatives (245) 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments 347 29 0 (1) 0 0 0 0 Total $ 367 $ 29 $ 85 $ (81) $ 0 $ 0 $ (5) $ (293) __________ (1) Excluding changes related to net investment hedges using non-derivative instruments of $39 million and $(1) million for the three months ended March 31, 2024 and 2023, respectively. (2) Includes the Prismic funds withheld related embedded derivative realized gain (loss) of $283 million for the three months ended March 31, 2024. Presented below is a rollforward of current period cash flow hedges in AOCI before taxes: (in millions) Balance, December 31, 2023 $ 869 Amount recorded in AOCI: Interest Rate (12) Currency 17 Currency/Interest Rate 481 Total amount recorded in AOCI 486 Amount reclassified from AOCI to income: Interest Rate 3 Currency (2) Currency/Interest Rate (157) Total amount reclassified from AOCI to income (156) Balance, March 31, 2024 $ 1,199 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 March 31, 2024 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 March 31, 2025. 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 27 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 $49 million for the three months ended March 31, 2024 and $(2) million for the three months ended March 31, 2023, 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 11 years for index reference. March 31, 2024 NAIC Rating Designation of Underlying Credit Obligation(1) NAIC 1 NAIC 2 NAIC 3 NAIC 4 NAIC 5 NAIC 6(2) 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(3) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Index reference(3) 0 0 0 0 5,286 73 0 0 0 0 801 57 6,087 130 Total $ 0 $ 0 $ 0 $ 0 $ 5,286 $ 73 $ 0 $ 0 $ 0 $ 0 $ 801 $ 57 $ 6,087 $ 130 December 31, 2023 NAIC Rating Designation of Underlying Credit Obligation(1) NAIC 1 NAIC 2 NAIC 3 NAIC 4 NAIC 5 NAIC 6(2) 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(3) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Index reference(3) 0 0 0 0 2,723 19 0 0 89 5 634 40 3,446 64 Total $ 0 $ 0 $ 0 $ 0 $ 2,723 $ 19 $ 0 $ 0 $ 89 $ 5 $ 634 $ 40 $ 3,446 $ 64 _________ (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) The NAIC rating designation is due to approximately 5% and 3% as of March 31, 2024 and December 31, 2023, respectively, of the index reference name rated as NAIC 6. (3) Single name credit default swaps may make reference to the credit of corporate debt, sovereign debt, and structured finance. Index reference 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 March 31, 2024 and December 31, 2023, the Company had $772 million and $0 million of outstanding notional amounts and reported at fair value as a liability of $17 million and an asset of $0 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 March 31, 2024, 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 | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | 6. 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 prices in active markets for similar assets and liabilities, quoted 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, 2023. 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. March 31, 2024 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 $ 23,031 $ 0 $ $ 23,031 Obligations of U.S. states and their political subdivisions 0 8,272 6 8,278 Foreign government bonds 0 64,561 7 64,568 U.S. corporate public securities 0 101,268 68 101,336 U.S. corporate private securities(2) 0 37,907 3,115 41,022 Foreign corporate public securities 0 20,584 79 20,663 Foreign corporate private securities 0 30,606 1,703 32,309 Asset-backed securities(3) 0 13,578 1,652 15,230 Commercial mortgage-backed securities 0 8,713 935 9,648 Residential mortgage-backed securities 0 2,400 25 2,425 Subtotal 0 310,920 7,590 318,510 Assets supporting experience-rated contractholder liabilities: U.S. Treasury securities and obligations of U.S. government authorities and agencies 0 208 0 208 Foreign government bonds 0 587 0 587 Corporate securities 0 75 0 75 Equity securities 1,121 1,368 0 2,489 Subtotal 1,121 2,238 0 3,359 Market risk benefit assets 0 0 2,225 2,225 Fixed maturities, trading 0 8,958 1,330 10,288 Equity securities 4,985 1,733 506 7,224 Commercial mortgage and other loans 0 157 0 157 Other invested assets(5) 37 18,125 865 (16,782) 2,245 Short-term investments 301 4,294 32 4,627 Cash equivalents 1,252 7,443 0 8,695 Reinsurance recoverables and deposit receivables 0 (79) 303 224 Other assets 0 0 19 19 Separate account assets(6)(7) 8,799 164,374 338 173,511 Total assets $ 16,495 $ 518,163 $ 13,208 $ (16,782) $ 531,084 Market risk benefit liabilities $ 0 $ 0 $ 4,624 $ $ 4,624 Policyholders’ account balances 0 0 9,864 9,864 Reinsurance and funds withheld payables 0 73 0 73 Other liabilities 9 30,026 1 (25,551) 4,485 Notes issued by consolidated VIEs 0 0 405 405 Total liabilities $ 9 $ 30,099 $ 14,894 $ (25,551) $ 19,451 December 31, 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 $ 21,796 $ 0 $ $ 21,796 Obligations of U.S. states and their political subdivisions 0 8,451 7 8,458 Foreign government bonds 0 70,182 8 70,190 U.S. corporate public securities 0 98,097 75 98,172 U.S. corporate private securities(2) 0 38,199 2,821 41,020 Foreign corporate public securities 0 19,576 67 19,643 Foreign corporate private securities 0 30,447 1,843 32,290 Asset-backed securities(3) 0 12,236 359 12,595 Commercial mortgage-backed securities 0 8,954 938 9,892 Residential mortgage-backed securities 0 2,265 0 2,265 Subtotal 0 310,203 6,118 316,321 Assets supporting experience-rated contractholder liabilities: U.S. Treasury securities and obligations of U.S. government authorities and agencies 0 206 0 206 Foreign government bonds 0 604 0 604 Corporate securities 0 79 0 79 Equity securities 1,004 1,275 0 2,279 Subtotal 1,004 2,164 0 3,168 Market risk benefit assets 0 0 1,981 1,981 Fixed maturities, trading 0 9,361 429 9,790 Equity securities(4) 5,953 1,538 512 8,003 Commercial mortgage and other loans 0 519 0 519 Other invested assets(5) 27 14,234 846 (13,158) 1,949 Short-term investments 125 3,746 29 3,900 Cash equivalents 2,240 8,058 4 10,302 Reinsurance recoverables and deposit receivables 0 (75) 224 149 Other assets 0 0 11 11 Separate account assets(6)(7) 8,925 161,793 1,094 171,812 Total assets $ 18,274 $ 511,541 $ 11,248 $ (13,158) $ 527,905 Market risk benefit liabilities $ 0 $ 0 $ 5,467 $ $ 5,467 Policyholders’ account balances 0 0 7,752 7,752 Reinsurance and funds withheld payables 0 490 0 490 Other liabilities 35 27,112 1 (22,973) 4,175 Notes issued by consolidated VIEs 0 0 778 778 Total liabilities $ 35 $ 27,602 $ 13,998 $ (22,973) $ 18,662 __________ (1) “Netting” amounts represent cash collateral of $(8,769) million and $(9,815) million as of March 31, 2024 and December 31, 2023, respectively. (2) Excludes notes with fair value of $13,592 million (carrying amount of $13,582 million) and $12,370 million (carrying amount of $12,370 million) as of March 31, 2024 and December 31, 2023, 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) Equity securities excluded from the fair value hierarchy include a fund for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of December 31, 2023, the fair value of this investment was $239 million. (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 NAV per share (or its equivalent) as a practical expedient. As of March 31, 2024 and December 31, 2023, the fair value of such investments was $4,518 million and $4,125 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 March 31, 2024 and December 31, 2023, the fair value of such investments was $26,553 million and $27,076 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 March 31, 2024 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Impact of (in millions) Assets: Corporate securities(2)(3) $ 4,083 Discounted Discount rate 0.68% 20.72% 11.16% Decrease Market comparables EBITDA multiples(4) 5.4X 8.8X 6.9X Increase Liquidation Liquidation value 42.00% 42.00% 42.00% Increase Commercial mortgage-backed securities $ 935 Discounted Liquidity premium 0.60% 0.75% 0.68% Decrease Market risk benefit assets(7) $ 2,225 Discounted cash flow Lapse rate(9) 1% 20% Increase Spread over SOFR(10) 0.33% 1.78% 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 $ 228 Discounted Discount rate 0.16% 12% Decrease Market comparables EBITDA multiples(4) 1.0X 12.2X 5.1X Increase Net Asset Value Share price $3 $1,714 $776 Increase Liabilities: Market risk benefit liabilities(7) $ 4,624 Discounted Lapse rate(9) 1% 20% Decrease Spread over SOFR(10) 0.33% 1.78% 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) $ 9,864 Discounted Lapse rate(9) 1% 80% Decrease Spread over SOFR(10) 0.33% 1.80% Decrease Mortality rate(13) 0% 23% Decrease Option Budget(14) (1)% 7% Increase As of December 31, 2023 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Impact of (in millions) Assets: Corporate securities(2)(3) $ 1,311 Discounted Discount rate 0.57% 20.00% 8.65% Decrease Market comparables EBITDA multiples(4) 5.5X 8.8X 7.4X Increase Liquidation Liquidation value 3.55% 68.00% 57.63% Increase Commercial mortgage-backed securities $ 938 Discounted Liquidity premium 0.60% 0.75% 0.70% Decrease Market risk benefit assets(7) $ 1,981 Discounted cash flow Lapse rate(9) 1% 20% Increase Spread over SOFR(10) 0.41% 1.82% 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 $ 246 Discounted Discount rate 0.16% 20% Decrease Market comparables EBITDA multiples(4) 1.0X 10.0X 6.3X Increase Net Asset Value Share price $3 $1,714 $733 Increase Liabilities: Market risk benefit liabilities(7) $ 5,467 Discounted Lapse rate(9) 1% 20% Decrease Spread over SOFR(10) 0.41% 1.82% 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) $ 7,752 Discounted Lapse rate(9) 1% 80% Decrease Spread over SOFR(10) 0.41% 1.85% Decrease Mortality rate(13) 0% 23% Decrease Option Budget(14) (1)% 7% 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 a 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 balances. (10) The spread over the secured overnight financing rate (“SOFR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR) 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 March 31, 2024 and December 31, 2023, respectively. This spread includes an estimate of non-performance risk (“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, now known as AuguStar Life Insurance Company (“AuguStar”), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of 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 AuguStar, which may differ from the Company’s; however, the NPR spreads for AuguStar 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 March 31, 2024 and December 31, 2023, the minimum withdrawal rate assumption is 81% and 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 budget 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 increase, 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 be 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 March 31, 2024(7) 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 $ (1) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 6 $ (1) Foreign government 8 0 0 0 0 (1) 0 0 0 7 0 Corporate securities(3) 4,806 (46) 402 (5) 0 (287) (13) 108 0 4,965 (50) Structured securities(4) 1,297 3 1,265 0 0 (12) (1) 60 0 2,612 (1) Other assets: Fixed maturities, trading 429 2 564 (22) 0 (46) (1) 404 0 1,330 7 Equity securities 512 (19) 21 (4) 0 (4) 9 0 (9) 506 (22) Other invested assets 846 (8) 29 (2) 0 0 0 0 0 865 (8) Short-term investments 29 (2) 5 0 0 0 0 0 0 32 (2) Cash equivalents 4 0 0 0 0 0 (4) 0 0 0 0 Reinsurance recoverables and deposit receivables 224 37 55 0 0 (13) 0 0 0 303 24 Other assets 11 0 8 0 0 0 0 0 0 19 0 Separate account assets(5) 1,094 (46) 56 (763) 0 (2) 0 0 (1) 338 (7) Liabilities: Policyholders’ account balances(6) (7,752) (1,495) 0 0 (618) 0 1 0 0 (9,864) (216) Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs (778) (8) 0 0 (10) 0 391 0 0 (405) (8) Three Months Ended March 31, 2024 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 (losses) 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 $ (33) $ 0 $ 0 $ (16) $ 5 $ (28) $ 0 $ 0 $ (24) Other assets: Fixed maturities, trading 0 1 0 0 1 0 7 0 0 Equity securities 0 (19) 0 0 0 0 (22) 0 0 Other invested assets (1) (7) 0 0 0 (1) (7) 0 0 Short-term investments (3) 0 0 0 1 (2) 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 37 0 0 0 0 24 0 0 0 Other assets 0 0 0 0 0 0 0 0 0 Separate account assets(5) 0 0 (46) 0 0 0 0 (7) 0 Liabilities: Policyholders’ account balances (1,495) 0 0 0 0 (216) 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 (8) 0 0 0 0 (8) 0 0 Three Months Ended March 31, 2023(7) 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 1 0 0 0 9 0 Corporate securities(3) 3,858 9 527 (128) 0 (323) (2) 0 0 3,941 21 Structured securities(4) 1,289 (35) 240 (1) 0 (12) 0 37 (80) 1,438 (36) Other assets: Fixed maturities, trading 304 5 33 0 0 (4) 1 0 0 339 3 Equity securities 627 17 7 (59) 0 (6) 215 1 (1) 801 0 Other invested assets 539 1 270 (7) 0 0 0 0 0 803 1 Short-term investments 18 2 3 0 0 (7) 0 0 0 16 0 Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 141 (18) 35 0 0 (2) 0 0 0 156 (17) Other assets(8) 11 0 0 0 0 0 0 0 0 11 0 Separate account assets(5) 1,081 39 143 (67) 0 (26) 0 0 (1) 1,169 37 Liabilities: Policyholders’ account balances(6) (3,492) (251) 0 0 (401) 0 (100) 0 0 (4,244) (442) 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 March 31, 2023 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 (losses) 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 $ (3) $ 0 $ 0 $ (24) $ 1 $ 7 $ 0 $ 0 $ (22) Other assets: Fixed maturities, trading 0 4 0 0 1 0 3 0 0 Equity securities 0 17 0 0 0 0 0 0 0 Other invested assets 0 1 0 0 0 0 1 0 0 Short-term investments 2 0 0 0 0 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables (18) 0 0 0 0 (17) 0 0 0 Other assets(8) 0 0 0 0 0 0 0 0 0 Separate account assets(5) 0 0 39 0 0 0 0 37 0 Liabilities: Policyholders’ account balances (251) 0 0 0 0 (442) 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) Excludes MRB assets of $2,225 million and $976 million and MRB liabilities of $4,624 million and $6,096 million for periods ending March 31, 2024 and 2023, respectively. See Note 11 for additional information. (8) Prior period amounts have been reclassified to conform to current period presentation. Derivative Fair Value Information The following tables present the balances of certain derivative assets and liabilities measured at fair value on a recurring basis, as of the dates indicated, by the primary underlying risks they are used to manage. These tables include NPR and exclude embedded derivatives. 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 March 31, 2024 Level 1 Level 2 Level 3 Netting(1) Total (in millions) Derivative Assets: Interest Rate $ 8 $ 10,468 $ 1 $ $ 10,477 Currency 0 1,494 0 1,494 Credit 0 130 0 130 Currency/Interest Rate 0 2,791 0 2,791 Equity 29 3,241 0 3,270 Other 0 0 0 0 Netting(1) (16,782) (16,782) Total derivative assets $ 37 $ 18,124 $ 1 $ (16,782) $ 1,380 Derivative Liabilities: Interest Rate $ 2 $ 25,362 $ 1 $ $ 25,365 Currency 0 1,493 0 1,493 Credit 0 17 0 17 Currency/Interest Rate 0 682 0 682 Equity 8 2,471 0 2,479 Other 0 0 0 0 Netting(1) (25,551) (25,551) Total derivative liabilities $ 10 $ 30,025 $ 1 $ (25,551) $ 4,485 As of December 31, 2023 Level 1 Level 2 Level 3 Netting(1) Total (in millions) Derivative Assets: Interest Rate $ 7 $ 8,990 $ 1 $ $ 8,998 Currency 0 1,008 0 1,008 Credit 0 64 0 64 Currency/Interest Rate 0 2,454 0 2,454 Equity 19 1,718 0 1,737 Other 0 0 0 0 Netting(1) (13,158) (13,158) Total derivative assets $ 26 $ 14,234 $ 1 $ (13,158) $ 1,103 Derivative Liabilities: Interest Rate $ 26 $ 22,960 $ 1 $ $ 22,987 Currency 0 1,149 0 1,149 Credit 0 0 0 0 Currency/Interest Rate 0 840 0 840 Equity 10 2,168 0 2,178 Other 0 0 0 0 Netting(1) (22,973) (22,973) Total derivative liabilities $ 36 $ 27,117 $ 1 $ (22,973) $ 4,181 __________ (1) “Netting” amounts represent cash collateral and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements. Changes in Level 3 Derivative Assets and Liabilities —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 March 31, 2024 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 March 31, 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 __________ (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. Nonrecurring Fair Value Measurements —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 March 31, 2024 2023 Gains (Losses): Commercial mortgage loans(1) $ 0 $ 0 Investment real estate $ 0 $ 0 Investment in JV/LP and Other $ (7) $ (17) March 31, 2024 December 31, 2023 (in millions) Carrying value after measurement as of period end: Commercial mortgage loans(1) $ 0 $ 34 Investment real estate(2) $ 0 $ 113 Investment in JV/LP and Other(2) $ 128 $ 186 __________ (1) Commercial mortgage loans are valued based on discounted cash flows utilizing market rates or the fair value of the underlying real estate collateral. (2) Reported carrying values for 2024 include values as of the measurement periods of March 31, 2024 for “Investment in JV/LP and Other”. 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 December 31, 2023 for “Investment in JV/LP and Ot |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired | 3 Months Ended |
Mar. 31, 2024 | |
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 (“DAC”) 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: Three Months Ended March 31, 2024 Retirement Strategies Individual Life International Businesses Total Individual Variable Term Life Variable/ Life Planner Gibraltar Life (in millions) Balance, BOP $ 3,676 $ 2,237 $ 5,364 $ 4,909 $ 4,442 $ 20,628 Capitalization 85 44 151 155 138 573 Amortization expense (94) (52) (61) (83) (81) (371) Other adjustments(1) 0 (2) (285) 5 0 (282) Foreign currency adjustment 0 0 0 (138) (94) (232) Balance, EOP $ 3,667 $ 2,227 $ 5,169 $ 4,848 $ 4,405 20,316 Other businesses 297 Total DAC balance $ 20,613 __________ (1) Includes the impact of the reinsurance transaction with Somerset Reinsurance Ltd. in Individual Life (Universal Life). See Note 12 for additional information. Three Months Ended March 31, 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 59 33 142 159 155 548 Amortization expense (98) (53) (60) (81) (75) (367) Other adjustments 0 0 0 5 0 5 Foreign currency adjustment 0 0 0 2 (13) (11) Balance, EOP $ 4,132 $ 2,268 $ 5,082 $ 4,795 $ 4,298 20,575 Other businesses 166 Total DAC balance $ 20,741 . Deferred Sales Inducements (“DSI”) 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: Three Months Ended March 31, 2024 2023 (in millions) Balance, BOP $ 410 $ 446 Capitalization 2 2 Amortization expense (9) (10) Balance, EOP 403 438 Other businesses 31 34 Total DSI balance $ 434 $ 472 Value of Business Acquired (“VOBA”) 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: Three Months Ended March 31, 2024 2023 (in millions) Balance, BOP $ 511 $ 597 Amortization expense (11) (14) Foreign currency adjustment (33) (5) Balance, EOP 467 578 Other businesses 17 23 Total VOBA balance $ 484 $ 601 The following table provides VOBA balances for the applicable businesses for the period ended March 31: 2024 (in millions) Gibraltar Life $ 467 Aoba Life 17 Total $ 484 The following table provides estimated future amortization for the periods indicated: 2024 (April-December) 2025 2026 2027 2028 Thereafter Total (in millions) Estimated future VOBA amortization $ 33 $ 40 $ 37 $ 33 $ 30 $ 311 $ 484 |
Separate Accounts
Separate Accounts | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, December 31, (in millions) Asset Type: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 4,169 $ 4,411 Obligations of U.S. states and their political subdivisions 2,152 2,116 Foreign government bonds 108 101 U.S. corporate securities 12,566 12,782 Foreign corporate securities 3,201 3,288 Asset-backed securities 1,256 1,211 Mortgage-backed securities 14,156 14,253 Mutual funds: Equity 92,751 88,397 Fixed Income 35,762 37,065 Other 5,919 5,587 Equity securities 4,651 5,410 Commercial mortgage and other loans 64 67 Other invested assets 19,679 20,739 Short-term investments 1,443 1,202 Cash and cash equivalents 2,187 2,259 Total $ 200,064 $ 198,888 For the periods ended March 31, 2024 and December 31, 2023, 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: Three Months Ended March 31, 2024 Retirement Strategies PGIM Institutional Individual Group Insurance Individual Life Total (in millions) Balance, BOP $ 32,648 $ 11,011 $ 94,130 $ 25,021 $ 39,223 $ 202,033 Deposits 8,411 51 151 160 752 9,525 Investment performance (537) (60) 4,308 265 3,155 7,131 Policy charges (18) (2) (563) (31) (280) (894) Surrenders and withdrawals (8,270) (716) (3,354) (8) (240) (12,588) Benefit payments (858) (137) (20) (56) (116) (1,187) Net transfers (to) from general account (35) (24) 6 0 (123) (176) Other (456) (49) 1 (137) 48 (593) Balance, EOP $ 30,885 $ 10,074 $ 94,659 $ 25,214 $ 42,419 $ 203,251 Other businesses(1) (3,187) Total separate account liabilities $ 200,064 Cash surrender value(2) $ 30,885 $ 10,074 $ 93,526 $ 25,157 $ 38,958 $ 198,600 __________ (1) Primarily represents 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. Three Months Ended March 31, 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 1,279 51 94 6 667 2,097 Investment performance 174 454 4,627 702 1,938 7,895 Policy charges (21) (3) (594) (42) (262) (922) Surrenders and withdrawals (1,012) (45) (2,285) (2) (178) (3,522) Benefit payments (857) (137) (23) (77) (97) (1,191) Net transfers (to) from general account (168) (14) (11) 0 (67) (260) Other (190) 128 3 561 20 522 Balance, EOP $ 39,261 $ 11,862 $ 95,206 $ 24,661 $ 34,951 205,941 Other businesses(1) (3,647) Total separate account liabilities $ 202,294 Cash surrender value(2) $ 39,261 $ 11,862 $ 93,618 $ 24,542 $ 31,955 $ 201,238 __________ (1) Primarily represents 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. |
Liability For Future Policy Ben
Liability For Future Policy Benefits | 3 Months Ended |
Mar. 31, 2024 | |
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 (“DPL”); and • Additional Insurance Reserves (“AIR”) 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. Three Months Ended March 31, 2024 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 $ 71,407 $ 11,274 $ 29,064 $ 26,367 $ 3,286 $ 141,398 Effect of cumulative changes in discount rate assumptions, BOP 11,869 228 596 622 16 13,331 Balance at original discount rate, BOP 83,276 11,502 29,660 26,989 3,302 154,729 Effect of actual variances from expected experience and other activity 176 (57) (352) (191) 49 (375) Adjusted balance, BOP 83,452 11,445 29,308 26,798 3,351 154,354 Issuances 8,799 199 671 285 0 9,954 Net premiums / considerations collected (10,124) (345) (1,091) (938) (86) (12,584) Interest accrual 708 134 218 182 40 1,282 Foreign currency adjustment (875) 0 (981) (863) 0 (2,719) Other adjustments 0 (1) 40 (1) 0 38 Balance at original discount rate, EOP 81,960 11,432 28,165 25,463 3,305 150,325 Effect of cumulative changes in discount rate assumptions, EOP (13,442) (443) (881) (856) (87) (15,709) Balance, EOP $ 68,518 $ 10,989 $ 27,284 $ 24,607 $ 3,218 $ 134,616 Other businesses, EOP 88 Total balance, EOP $ 134,704 Three Months Ended March 31, 2024 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 $ 141,135 $ 19,852 $ 79,822 $ 79,036 $ 12,139 $ 331,984 Effect of cumulative changes in discount rate assumptions, BOP 14,751 334 563 7,355 603 23,606 Balance at original discount rate, BOP 155,886 20,186 80,385 86,391 12,742 355,590 Effect of actual variances from expected experience and other activity 162 (65) (359) (180) 42 (400) Adjusted balance, BOP 156,048 20,121 80,026 86,211 12,784 355,190 Issuances 8,799 199 671 285 0 9,954 Interest accrual 1,493 237 648 552 153 3,083 Benefit payments (3,114) (404) (1,228) (1,349) (77) (6,172) Foreign currency adjustment (886) 0 (2,825) (3,152) 0 (6,863) Other adjustments (48) (4) 94 (3) 0 39 Balance at original discount rate, EOP 162,292 20,149 77,386 82,544 12,860 355,231 Effect of cumulative changes in discount rate assumptions, EOP (17,715) (769) (2,347) (8,578) (1,033) (30,442) Balance, EOP $ 144,577 $ 19,380 $ 75,039 $ 73,966 $ 11,827 $ 324,789 Other businesses, EOP 1,701 Total balance, EOP $ 326,490 Three Months Ended March 31, 2024 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 $ 76,060 $ 8,391 $ 47,755 $ 49,360 $ 8,608 $ 190,174 Flooring impact, EOP 56 0 19 7 0 82 Balance, EOP, post-flooring 76,116 8,391 47,774 49,367 8,608 190,256 Less: Reinsurance recoverables 5,340 690 98 285 0 6,413 Balance after reinsurance recoverables, EOP, post-flooring $ 70,776 $ 7,701 $ 47,676 $ 49,082 $ 8,608 $ 183,843 Other businesses, EOP(1) 1,547 Total balance after reinsurance recoverables, EOP $ 185,390 Three Months Ended March 31, 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 actual variances from expected experience and other activity 141 (17) (193) (159) 45 (183) Adjusted balance, BOP 67,110 11,837 31,850 30,118 3,080 143,995 Issuances 2,932 143 647 443 0 4,165 Net premiums / considerations collected (3,637) (353) (1,178) (1,079) (77) (6,324) Interest accrual 517 136 230 204 37 1,124 Foreign currency adjustment 1,867 0 (31) (120) 0 1,716 Other adjustments 0 (4) 40 1 0 37 Balance at original discount rate, EOP 68,789 11,759 31,558 29,567 3,040 144,713 Effect of cumulative changes in discount rate assumptions, EOP (13,465) (321) (618) (611) (30) (15,045) Balance, EOP $ 55,324 $ 11,438 $ 30,940 $ 28,956 $ 3,010 $ 129,668 Other businesses, EOP 92 Total balance, EOP $ 129,760 Three Months Ended March 31, 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 actual variances from expected experience and other activity 98 (24) (167) (154) 53 (194) Adjusted balance, BOP 138,022 20,276 82,191 91,443 11,954 343,886 Issuances 2,932 143 647 443 0 4,165 Interest accrual 1,208 237 663 585 143 2,836 Benefit payments (2,795) (406) (947) (1,152) (60) (5,360) Foreign currency adjustment 1,908 0 (163) (432) 0 1,313 Other adjustments 48 (7) 93 (2) 0 132 Balance at original discount rate, EOP 141,323 20,243 82,484 90,885 12,037 346,972 Effect of cumulative changes in discount rate assumptions, EOP (17,578) (490) 244 (7,214) (738) (25,776) Balance, EOP $ 123,745 $ 19,753 $ 82,728 $ 83,671 $ 11,299 $ 321,196 Other businesses, EOP 1,952 Total balance, EOP $ 323,148 Three Months Ended March 31, 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 $ 68,421 $ 8,315 $ 51,789 $ 54,715 $ 8,288 $ 191,528 Flooring impact, EOP 4 0 26 11 0 41 Balance, EOP, post-flooring 68,425 8,315 51,815 54,726 8,288 191,569 Less: Reinsurance recoverables 0 728 112 222 0 1,062 Balance after reinsurance recoverables, EOP, post-flooring $ 68,425 $ 7,587 $ 51,703 $ 54,504 $ 8,288 $ 190,507 Other businesses, EOP(1) 1,786 Total balance after reinsurance recoverables, EOP $ 192,293 __________ (1) Reflects balance after reinsurance recoverables of $65 million and $74 million at March 31, 2024 and 2023, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Three Months Ended March 31, 2024 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 131,869 $ 23,001 $ 66,266 $ 53,342 $ 6,858 Discounted expected future gross premiums (at original discount rate) $ 89,183 $ 15,258 $ 51,131 $ 42,749 $ 4,525 Discounted expected future gross premiums (at current discount rate) $ 72,848 $ 14,693 $ 50,018 $ 41,467 $ 4,410 Undiscounted expected future benefits and expenses $ 253,981 $ 31,039 $ 134,541 $ 135,676 $ 30,755 Interest accrual $ 785 $ 103 $ 430 $ 370 $ 113 Gross premiums $ 10,277 $ 458 $ 1,671 $ 1,529 $ 118 Weighted-average duration of the liability in years (at original discount rate) 9 10 19 19 18 Weighted-average duration of the liability in years (at current discount rate) 8 9 18 17 17 Weighted-average interest rate (at original discount rate) 4.70 % 5.16 % 3.46 % 2.60 % 4.91 % Weighted-average interest rate (at current discount rate) 5.31 % 5.29 % 3.24 % 3.14 % 5.50 % Three Months Ended March 31, 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 $ 106,074 $ 23,352 $ 73,474 $ 62,903 $ 6,901 Discounted expected future gross premiums (at original discount rate) $ 74,439 $ 15,526 $ 56,950 $ 49,872 $ 4,507 Discounted expected future gross premiums (at current discount rate) $ 59,863 $ 15,119 $ 56,318 $ 49,016 $ 4,467 Undiscounted expected future benefits and expenses $ 215,874 $ 31,258 $ 147,802 $ 154,197 $ 29,713 Interest accrual $ 691 $ 101 $ 433 $ 381 $ 106 Gross premiums $ 3,892 $ 461 $ 1,867 $ 1,767 $ 114 Weighted-average duration of the liability in years (at original discount rate) 8 10 20 20 18 Weighted-average duration of the liability in years (at current discount rate) 8 10 20 18 18 Weighted-average interest rate (at original discount rate) 4.36 % 5.20 % 3.41 % 2.52 % 4.91 % Weighted-average interest rate (at current discount rate) 5.09 % 5.05 % 2.82 % 2.69 % 5.34 % For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, 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, 2023. 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. For both the first three months of 2024 and 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. Deferred Profit Liability The balances of and changes in DPL as of and for the period indicated are as follows: Three Months Ended March 31, 2024 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP, post-flooring $ 5,615 $ 3,956 $ 5,303 $ 14,874 Less: Flooring impact, BOP 0 1 1 2 Balance, BOP, pre-flooring 5,615 3,955 5,302 14,872 Effect of actual variances from expected experience and other activity 26 (8) (15) 3 Adjusted balance, BOP 5,641 3,947 5,287 14,875 Profits deferred 38 420 312 770 Interest accrual 57 41 39 137 Amortization (142) (289) (248) (679) Foreign currency adjustment (3) (107) (141) (251) Other adjustments 0 11 0 11 Balance, EOP, pre-flooring 5,591 4,023 5,249 14,863 Flooring impact, EOP 0 1 1 2 Balance, EOP, post-flooring 5,591 4,024 5,250 14,865 Less: Reinsurance recoverables 382 9 31 422 Balance after reinsurance recoverables, EOP, post-flooring $ 5,209 $ 4,015 $ 5,219 14,443 Other businesses(1) 142 Total balance after reinsurance recoverables, EOP $ 14,585 Three Months Ended March 31, 2023 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP, post-flooring $ 5,532 $ 3,379 $ 5,261 $ 14,172 Less: Flooring impact, BOP 0 0 1 1 Balance, BOP, pre-flooring 5,532 3,379 5,260 14,171 Effect of actual variances from expected experience and other activity 31 (3) (10) 18 Adjusted balance, BOP 5,563 3,376 5,250 14,189 Profits deferred 164 451 373 988 Interest accrual 57 35 39 131 Amortization (141) (288) (257) (686) Foreign currency adjustment 7 8 (18) (3) Other adjustments 0 10 0 10 Balance, EOP, pre-flooring 5,650 3,592 5,387 14,629 Flooring impact, EOP 0 0 1 1 Balance, EOP, post-flooring 5,650 3,592 5,388 14,630 Less: Reinsurance recoverables 0 9 11 20 Balance after reinsurance recoverables, EOP, post-flooring $ 5,650 $ 3,583 $ 5,377 14,610 Other businesses(1) 185 Total balance after reinsurance recoverables, EOP $ 14,795 The following tables provide supplemental information related to the balances of and changes in DPL, included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Three Months Ended March 31, 2024 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ 20 $ (175) $ (88) Interest accrual $ 57 $ 41 $ 39 Three Months Ended March 31, 2023 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ (111) $ (205) $ (145) Interest accrual $ 57 $ 35 $ 39 __________ (1) Represents the gross premiums collected in changes in DPL excluding impact of foreign currency adjustments. Additional Insurance Reserves AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits (“GMDB”) and guaranteed minimum income benefits (“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: Three Months Ended March 31, 2024 2023 (in millions) Balance, including amounts in AOCI, BOP, post-flooring $ 14,308 $ 12,684 Flooring impact and amounts in AOCI 843 1,285 Balance, excluding amounts in AOCI, BOP, pre-flooring 15,151 13,969 Effect of actual variances from expected experience and other activity 144 (33) Adjusted balance, BOP 15,295 13,936 Assessments collected(1) 292 270 Interest accrual 129 118 Benefits paid (72) (74) Balance, excluding amounts in AOCI, EOP, pre-flooring 15,644 14,250 Flooring impact and amounts in AOCI (1,029) (1,016) Balance, including amounts in AOCI, EOP, post-flooring 14,615 13,234 Less: Reinsurance recoverables 7,198 5,338 Balance after reinsurance recoverables, including amounts in AOCI, EOP 7,417 7,896 Other businesses 117 151 Total balance after reinsurance recoverables $ 7,534 $ 8,047 __________ (1) Represents the portion of gross assessments required to fund the future policy benefits. Three Months Ended March 31, 2024 2023 ($ in millions) Interest accrual $ 129 $ 118 Gross assessments $ 788 $ 827 Weighted-average duration of the liability in years (at original discount rate) 22 22 Weighted-average interest rate (at original discount rate) 3.39 % 3.38 % Future Policy Benefits Reconciliation The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR 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: Three Months Ended March 31, 2024 2023 (in millions) Benefit reserves, EOP, post-flooring $ 191,868 $ 193,429 Deferred Profit Liability EOP, post-flooring 15,007 14,814 Additional insurance reserves, including amounts in AOCI, EOP, post-flooring 14,732 13,385 Subtotal of amounts disclosed above 221,607 221,628 Other Future Policy Benefits reserves(1) 51,183 51,958 Total Future Policy Benefits $ 272,790 $ 273,586 __________ (1) Primarily 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, DPL, and AIR 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: Three Months Ended March 31, 2024 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 $ 10,277 $ 458 $ 0 $ 1,671 $ 1,529 $ 140 $ 14,075 Deferred profit liability 20 0 0 (175) (88) 7 (236) Additional insurance reserves 0 0 788 0 0 0 788 Total $ 10,297 $ 458 $ 788 $ 1,496 $ 1,441 $ 147 $ 14,627 Three Months Ended March 31, 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 $ 3,892 $ 461 $ 0 $ 1,867 $ 1,767 $ 142 $ 8,129 Deferred profit liability (111) 0 0 (205) (145) (2) (463) Additional insurance reserves 0 0 827 0 0 0 827 Total $ 3,781 $ 461 $ 827 $ 1,662 $ 1,622 $ 140 $ 8,493 Three Months Ended March 31, 2024 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 $ 786 $ 103 $ 0 $ 430 $ 370 $ 127 $ 1,816 Deferred profit liability 57 0 0 41 39 1 138 Additional insurance reserves 0 0 129 0 0 0 129 Total $ 843 $ 103 $ 129 $ 471 $ 409 $ 128 $ 2,083 Three Months Ended March 31, 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 $ 691 $ 101 $ 0 $ 433 $ 381 $ 120 $ 1,726 Deferred profit liability 57 0 0 35 39 1 132 Additional insurance reserves 0 0 118 0 0 0 118 Total $ 748 $ 101 $ 118 $ 468 $ 420 $ 121 $ 1,976 __________ (1) Represents “Gross Premiums” for benefit reserves, “Revenue” for DPL and “Gross Assessments” for AIR. (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: Three Months Ended March 31, 2024 Retirement Strategies Group Insurance Individual Life International Businesses Total Institutional Individual Variable Individual Fixed Life/Disability Variable/Universal Life Life Planner Gibraltar Life and Other ($ in millions) Balance, BOP $ 17,738 $ 23,765 $ 7,095 $ 5,293 $ 27,439 $ 12,949 $ 38,450 $ 132,729 Deposits 1,919 1,626 1,570 138 612 560 1,492 7,917 Interest credited 175 108 50 40 189 418 219 1,199 Acquisitions and dispositions 0 0 0 0 0 0 0 0 Policy charges (3) (4) 0 (80) (513) (81) (75) (756) Surrenders and withdrawals (1,231) (231) (150) (434) (420) (76) (439) (2,981) Benefit payments (149) (18) (19) 0 (37) (68) (458) (749) Net transfers (to) from separate account 0 (3) 0 0 139 0 0 136 Change in market value and other adjustments(1) 1 1,360 88 0 37 (2) (7) 1,477 Foreign currency adjustment 0 0 0 0 0 (624) (762) (1,386) Balance, EOP $ 18,450 $ 26,603 $ 8,634 $ 4,957 $ 27,446 $ 13,076 $ 38,420 $ 137,586 Closed Block Division 4,464 Unearned revenue reserve, unearned expense credit, and additional interest reserve 5,501 Other(2) 4,259 Total Policyholders' account balance $ 151,810 Weighted-average crediting rate 3.87 % 1.71 % 2.54 % 3.08 % 2.76 % 12.86 % 2.28 % 3.55 % Net amount at risk(3) $ 0 $ 0 $ 0 $ 74,075 $ 384,991 $ 18,637 $ 6,097 $ 483,800 Cash surrender value(4) $ 18,450 $ 24,376 $ 7,174 $ 3,812 $ 23,439 $ 11,391 $ 34,012 $ 122,654 Three Months Ended March 31, 2023 Retirement Strategies Group Insurance Individual Life International Businesses Total Institutional Individual Variable Individual Fixed Life/Disability Variable/Universal Life Life Planner Gibraltar Life and Other ($ in millions) Balance, BOP $ 17,376 $ 17,524 $ 4,643 $ 5,839 $ 26,502 $ 11,168 $ 35,325 $ 118,377 Deposits 1,376 1,043 582 204 617 645 1,287 5,754 Interest credited 160 87 20 44 199 177 172 859 Acquisitions and Dispositions 0 0 0 0 0 0 0 0 Policy charges (6) (6) 0 (83) (514) (77) (40) (726) Surrenders and withdrawals (1,371) (148) (88) (453) (439) (51) (275) (2,825) Benefit payments (139) (28) (32) 0 (46) (75) (440) (760) Net transfers (to) from separate account 0 19 0 0 77 0 0 96 Change in market value and other adjustments(1) 0 191 9 0 91 6 2 299 Foreign currency adjustment 0 0 0 0 0 (76) (143) (219) Balance, EOP $ 17,396 $ 18,682 $ 5,134 $ 5,551 $ 26,487 $ 11,717 $ 35,888 $ 120,855 Closed Block Division 4,572 Unearned revenue reserve, unearned expense credit, and additional interest reserve 4,772 Other(2) 7,940 Total Policyholders' account balance $ 138,139 Weighted-average crediting rate 3.69 % 1.92 % 1.63 % 3.09 % 3.00 % 6.19 % 1.93 % 2.87 % Net amount at risk(3) $ 0 $ 0 $ 0 $ 72,259 $ 370,778 $ 18,055 $ 6,971 $ 468,063 Cash surrender value(4) $ 17,396 $ 16,640 $ 4,045 $ 3,984 $ 21,846 $ 10,100 $ 31,233 $ 105,244 __________ (1) Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products. (2) Includes $5,621 million and $7,973 million of Full Service account balances reinsured to Great-West as of March 31, 2024 and 2023, respectively. (3) The net amount at risk calculation includes both general account and separate account balances. (4) 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. “Policyholders’ account balances” for Institutional Retirement Strategies and Life Planner includes the Company’s Funding Agreement Notes Issuance Program (“FANIP”), which totaled $5,722 million and $5,261 million at March 31, 2024 and 2023, respectively. Under this program, which has a maximum authorized amount of $15 billion of medium-term notes and $6 billion of commercial paper, Delaware statutory trusts issue short-term commercial paper and/or medium-term notes to investors that are secured by funding agreements issued to the trusts by PICA. The outstanding commercial paper and notes have fixed or floating interest rates that range from 0.0% to 5.6% and original maturities ranging from three months to five years. Included in the amounts at March 31, 2024 and 2023 are funding agreements that secure the medium-term note liability, which are carried at amortized cost, of $3,465 million and $2,955 million, respectively, and short-term note liability of $2,297 million and $2,355 million, respectively. “Policyholders’ account balances” for Institutional Retirement Strategies also includes collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) totaling $2,628 million as of both March 31, 2024 and 2023. These obligations, which are carried at amortized cost, have fixed interest rates that range from 1.925% to 4.510% and original maturities of seven years. 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 (“bps”), between rates being credited to policyholders and the respective guaranteed minimums are as follows: March 31, 2024 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) Retirement Strategies - 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% 593 0 0 0 593 3.00% - 4.00% 4,926 0 0 0 4,926 Greater than 4.00% 2,099 0 0 0 2,099 Total $ 9,569 $ 0 $ 0 $ 0 $ 9,569 Retirement Strategies - Individual Variable Less than 1.00% $ 866 $ 727 $ 70 $ 0 $ 1,663 1.00% - 1.99% 219 24 1 0 244 2.00% - 2.99% 26 5 4 0 35 3.00% - 4.00% 1,867 9 9 0 1,885 Greater than 4.00% 91 0 0 0 91 Total $ 3,069 $ 765 $ 84 $ 0 $ 3,918 Retirement Strategies - Individual Fixed Less than 1.00% $ 0 $ 2 $ 6 $ 621 $ 629 1.00% - 1.99% 510 108 244 80 942 2.00% - 2.99% 548 466 564 16 1,594 3.00% - 4.00% 573 46 2 0 621 Greater than 4.00% 92 0 0 0 92 Total $ 1,723 $ 622 $ 816 $ 717 $ 3,878 Group Insurance - Life / Disability Less than 1.00% $ 0 $ 0 $ 0 $ 1,021 $ 1,021 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 28 0 0 0 28 3.00% - 4.00% 1,471 0 0 61 1,532 Greater than 4.00% 72 0 0 0 72 Total $ 1,571 $ 0 $ 0 $ 1,082 $ 2,653 Individual Life - Variable / Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 346 $ 346 1.00% - 1.99% 226 0 1,662 1,789 3,677 2.00% - 2.99% 32 1,462 3,004 280 4,778 3.00% - 4.00% 4,366 4,177 1,144 24 9,711 Greater than 4.00% 5,460 0 0 0 5,460 Total $ 10,084 $ 5,639 $ 5,810 $ 2,439 $ 23,972 International Businesses - Life Planner Less than 1.00% $ 324 $ 43 $ 86 $ 2,311 $ 2,764 1.00% - 1.99% 2,766 26 0 0 2,792 2.00% - 2.99% 1,975 0 0 0 1,975 3.00% - 4.00% 356 0 0 0 356 Greater than 4.00% 384 0 0 0 384 Total $ 5,805 $ 69 $ 86 $ 2,311 $ 8,271 International Businesses - Gibraltar Life and Other Less than 1.00% $ 15,637 $ 0 $ 0 $ 0 $ 15,637 1.00% - 1.99% 8,346 60 0 0 8,406 2.00% - 2.99% 3,000 290 35 0 3,325 3.00% - 4.00% 5,287 0 0 0 5,287 Greater than 4.00% 5,661 0 0 0 5,661 Total $ 37,931 $ 350 $ 35 $ 0 $ 38,316 March 31, 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) Retirement Strategies - 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% 583 0 0 0 583 3.00% - 4.00% 5,628 0 0 0 5,628 Greater than 4.00% 1,519 0 0 0 1,519 Total $ 9,681 $ 0 $ 0 $ 0 $ 9,681 Retirement Strategies - Individual Variable Less than 1.00% $ 1,005 $ 848 $ 19 $ 0 $ 1,872 1.00% - 1.99% 239 2 1 0 242 2.00% - 2.99% 32 2 0 0 34 3.00% - 4.00% 2,209 9 10 0 2,228 Greater than 4.00% 104 0 0 0 104 Total $ 3,589 $ 861 $ 30 $ 0 $ 4,480 Retirement Strategies - Individual Fixed Less than 1.00% $ 0 $ 0 $ 0 $ 0 $ 0 1.00% - 1.99% 585 128 253 84 1,050 2.00% - 2.99% 496 211 27 11 745 3.00% - 4.00% 371 6 0 0 377 Greater than 4.00% 101 0 0 0 101 Total $ 1,553 $ 345 $ 280 $ 95 $ 2,273 Group Insurance - Life / Disability Less than 1.00% $ 0 $ 0 $ 0 $ 1,441 $ 1,441 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 56 0 0 0 56 3.00% - 4.00% 1,634 0 0 0 1,634 Greater than 4.00% 3 0 0 0 3 Total $ 1,693 $ 0 $ 0 $ 1,441 $ 3,134 Individual Life - Variable / Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 11 $ 11 1.00% - 1.99% 150 0 1,073 1,949 3,172 2.00% - 2.99% 374 123 4,019 280 4,796 3.00% - 4.00% 7,565 1,918 561 7 10,051 Greater than 4.00% 5,549 0 0 0 5,549 Total $ 13,638 $ 2,041 $ 5,653 $ 2,247 $ 23,579 International Businesses - Life Planner Less than 1.00% $ 357 $ 27 $ 91 $ 831 $ 1,306 1.00% - 1.99% 3,156 25 0 0 3,181 2.00% - 2.99% 2,259 0 0 0 2,259 3.00% - 4.00% 339 0 0 0 339 Greater than 4.00% 407 0 0 0 407 Total $ 6,518 $ 52 $ 91 $ 831 $ 7,492 International Businesses - Gibraltar Life and Other Less than 1.00% $ 17,023 $ 0 $ 0 $ 0 $ 17,023 1.00% - 1.99% 9,870 0 0 0 9,870 2.00% - 2.99% 3,253 335 40 0 3,628 3.00% - 4.00% 3,201 0 0 0 3,201 Greater than 4.00% 1,904 0 0 0 1,904 Total $ 35,251 $ 335 $ 40 $ 0 $ 35,626 ____________ (1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products. Unearned Revenue Reserve (“URR”) The balance of and changes in URR as of and for the periods ended are as follows: Three Months Ended March 31, 2024 Individual Life International Businesses Variable/ Universal Life Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 4,613 $ 359 $ 95 $ 5,067 Unearned revenue 215 37 5 257 Amortization expense (58) (4) (1) (63) Other adjustments 0 0 0 0 FX adjustment 0 (14) (4) (18) Balance, EOP 4,770 378 95 5,243 Less: Reinsurance recoverables 398 0 0 398 Balance after reinsurance recoverables, EOP $ 4,372 $ 378 $ 95 $ 4,845 Other businesses 51 Total balance after reinsurance recoverables, EOP $ 4,896 Three Months Ended March 31, 2023 Individual Life International Businesses Variable/ Universal Life Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 3,983 $ 231 $ 81 $ 4,295 Unearned revenue 204 37 6 247 Amortization expense (47) (2) (1) (50) Other adjustments 0 1 0 1 FX adjustment 0 (2) 0 (2) Balance, EOP 4,140 265 86 4,491 Less: Reinsurance recoverables 0 0 0 0 Balance after reinsurance recoverables, EOP $ 4,140 $ 265 $ 86 $ 4,491 Other businesses 53 Total balance after reinsurance recoverables, EOP $ 4,544 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: Three Months Ended March 31, 2024 2023 (in millions) Balance, BOP $ 4,038 $ 4,987 Effect of cumulative changes in NPR 1,137 1,828 Balance, BOP, before effect of changes in NPR 5,175 6,815 Attributed fees collected 288 300 Claims paid (22) (32) Interest accrual 74 85 Actual in force different from expected 2 19 Effect of changes in interest rates (868) 463 Effect of changes in equity markets (888) (671) Issuances 13 0 Other adjustments 14 78 Balance, EOP, before effect of changes in NPR 3,788 7,057 Effect of cumulative changes in NPR (886) (2,014) Balance, EOP 2,902 5,043 Less: Reinsured MRBs 560 28 Balance, EOP, net of reinsurance 2,342 5,015 Other businesses 57 105 Total net MRB balance $ 2,399 $ 5,120 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 benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods. The Company also issues indexed variable annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed variable annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods. For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum 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 fixed income and equity market returns, contra |
Policyholders' Account Balances
Policyholders' Account Balances | 3 Months Ended |
Mar. 31, 2024 | |
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 (“DPL”); and • Additional Insurance Reserves (“AIR”) 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. Three Months Ended March 31, 2024 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 $ 71,407 $ 11,274 $ 29,064 $ 26,367 $ 3,286 $ 141,398 Effect of cumulative changes in discount rate assumptions, BOP 11,869 228 596 622 16 13,331 Balance at original discount rate, BOP 83,276 11,502 29,660 26,989 3,302 154,729 Effect of actual variances from expected experience and other activity 176 (57) (352) (191) 49 (375) Adjusted balance, BOP 83,452 11,445 29,308 26,798 3,351 154,354 Issuances 8,799 199 671 285 0 9,954 Net premiums / considerations collected (10,124) (345) (1,091) (938) (86) (12,584) Interest accrual 708 134 218 182 40 1,282 Foreign currency adjustment (875) 0 (981) (863) 0 (2,719) Other adjustments 0 (1) 40 (1) 0 38 Balance at original discount rate, EOP 81,960 11,432 28,165 25,463 3,305 150,325 Effect of cumulative changes in discount rate assumptions, EOP (13,442) (443) (881) (856) (87) (15,709) Balance, EOP $ 68,518 $ 10,989 $ 27,284 $ 24,607 $ 3,218 $ 134,616 Other businesses, EOP 88 Total balance, EOP $ 134,704 Three Months Ended March 31, 2024 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 $ 141,135 $ 19,852 $ 79,822 $ 79,036 $ 12,139 $ 331,984 Effect of cumulative changes in discount rate assumptions, BOP 14,751 334 563 7,355 603 23,606 Balance at original discount rate, BOP 155,886 20,186 80,385 86,391 12,742 355,590 Effect of actual variances from expected experience and other activity 162 (65) (359) (180) 42 (400) Adjusted balance, BOP 156,048 20,121 80,026 86,211 12,784 355,190 Issuances 8,799 199 671 285 0 9,954 Interest accrual 1,493 237 648 552 153 3,083 Benefit payments (3,114) (404) (1,228) (1,349) (77) (6,172) Foreign currency adjustment (886) 0 (2,825) (3,152) 0 (6,863) Other adjustments (48) (4) 94 (3) 0 39 Balance at original discount rate, EOP 162,292 20,149 77,386 82,544 12,860 355,231 Effect of cumulative changes in discount rate assumptions, EOP (17,715) (769) (2,347) (8,578) (1,033) (30,442) Balance, EOP $ 144,577 $ 19,380 $ 75,039 $ 73,966 $ 11,827 $ 324,789 Other businesses, EOP 1,701 Total balance, EOP $ 326,490 Three Months Ended March 31, 2024 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 $ 76,060 $ 8,391 $ 47,755 $ 49,360 $ 8,608 $ 190,174 Flooring impact, EOP 56 0 19 7 0 82 Balance, EOP, post-flooring 76,116 8,391 47,774 49,367 8,608 190,256 Less: Reinsurance recoverables 5,340 690 98 285 0 6,413 Balance after reinsurance recoverables, EOP, post-flooring $ 70,776 $ 7,701 $ 47,676 $ 49,082 $ 8,608 $ 183,843 Other businesses, EOP(1) 1,547 Total balance after reinsurance recoverables, EOP $ 185,390 Three Months Ended March 31, 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 actual variances from expected experience and other activity 141 (17) (193) (159) 45 (183) Adjusted balance, BOP 67,110 11,837 31,850 30,118 3,080 143,995 Issuances 2,932 143 647 443 0 4,165 Net premiums / considerations collected (3,637) (353) (1,178) (1,079) (77) (6,324) Interest accrual 517 136 230 204 37 1,124 Foreign currency adjustment 1,867 0 (31) (120) 0 1,716 Other adjustments 0 (4) 40 1 0 37 Balance at original discount rate, EOP 68,789 11,759 31,558 29,567 3,040 144,713 Effect of cumulative changes in discount rate assumptions, EOP (13,465) (321) (618) (611) (30) (15,045) Balance, EOP $ 55,324 $ 11,438 $ 30,940 $ 28,956 $ 3,010 $ 129,668 Other businesses, EOP 92 Total balance, EOP $ 129,760 Three Months Ended March 31, 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 actual variances from expected experience and other activity 98 (24) (167) (154) 53 (194) Adjusted balance, BOP 138,022 20,276 82,191 91,443 11,954 343,886 Issuances 2,932 143 647 443 0 4,165 Interest accrual 1,208 237 663 585 143 2,836 Benefit payments (2,795) (406) (947) (1,152) (60) (5,360) Foreign currency adjustment 1,908 0 (163) (432) 0 1,313 Other adjustments 48 (7) 93 (2) 0 132 Balance at original discount rate, EOP 141,323 20,243 82,484 90,885 12,037 346,972 Effect of cumulative changes in discount rate assumptions, EOP (17,578) (490) 244 (7,214) (738) (25,776) Balance, EOP $ 123,745 $ 19,753 $ 82,728 $ 83,671 $ 11,299 $ 321,196 Other businesses, EOP 1,952 Total balance, EOP $ 323,148 Three Months Ended March 31, 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 $ 68,421 $ 8,315 $ 51,789 $ 54,715 $ 8,288 $ 191,528 Flooring impact, EOP 4 0 26 11 0 41 Balance, EOP, post-flooring 68,425 8,315 51,815 54,726 8,288 191,569 Less: Reinsurance recoverables 0 728 112 222 0 1,062 Balance after reinsurance recoverables, EOP, post-flooring $ 68,425 $ 7,587 $ 51,703 $ 54,504 $ 8,288 $ 190,507 Other businesses, EOP(1) 1,786 Total balance after reinsurance recoverables, EOP $ 192,293 __________ (1) Reflects balance after reinsurance recoverables of $65 million and $74 million at March 31, 2024 and 2023, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Three Months Ended March 31, 2024 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 131,869 $ 23,001 $ 66,266 $ 53,342 $ 6,858 Discounted expected future gross premiums (at original discount rate) $ 89,183 $ 15,258 $ 51,131 $ 42,749 $ 4,525 Discounted expected future gross premiums (at current discount rate) $ 72,848 $ 14,693 $ 50,018 $ 41,467 $ 4,410 Undiscounted expected future benefits and expenses $ 253,981 $ 31,039 $ 134,541 $ 135,676 $ 30,755 Interest accrual $ 785 $ 103 $ 430 $ 370 $ 113 Gross premiums $ 10,277 $ 458 $ 1,671 $ 1,529 $ 118 Weighted-average duration of the liability in years (at original discount rate) 9 10 19 19 18 Weighted-average duration of the liability in years (at current discount rate) 8 9 18 17 17 Weighted-average interest rate (at original discount rate) 4.70 % 5.16 % 3.46 % 2.60 % 4.91 % Weighted-average interest rate (at current discount rate) 5.31 % 5.29 % 3.24 % 3.14 % 5.50 % Three Months Ended March 31, 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 $ 106,074 $ 23,352 $ 73,474 $ 62,903 $ 6,901 Discounted expected future gross premiums (at original discount rate) $ 74,439 $ 15,526 $ 56,950 $ 49,872 $ 4,507 Discounted expected future gross premiums (at current discount rate) $ 59,863 $ 15,119 $ 56,318 $ 49,016 $ 4,467 Undiscounted expected future benefits and expenses $ 215,874 $ 31,258 $ 147,802 $ 154,197 $ 29,713 Interest accrual $ 691 $ 101 $ 433 $ 381 $ 106 Gross premiums $ 3,892 $ 461 $ 1,867 $ 1,767 $ 114 Weighted-average duration of the liability in years (at original discount rate) 8 10 20 20 18 Weighted-average duration of the liability in years (at current discount rate) 8 10 20 18 18 Weighted-average interest rate (at original discount rate) 4.36 % 5.20 % 3.41 % 2.52 % 4.91 % Weighted-average interest rate (at current discount rate) 5.09 % 5.05 % 2.82 % 2.69 % 5.34 % For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, 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, 2023. 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. For both the first three months of 2024 and 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. Deferred Profit Liability The balances of and changes in DPL as of and for the period indicated are as follows: Three Months Ended March 31, 2024 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP, post-flooring $ 5,615 $ 3,956 $ 5,303 $ 14,874 Less: Flooring impact, BOP 0 1 1 2 Balance, BOP, pre-flooring 5,615 3,955 5,302 14,872 Effect of actual variances from expected experience and other activity 26 (8) (15) 3 Adjusted balance, BOP 5,641 3,947 5,287 14,875 Profits deferred 38 420 312 770 Interest accrual 57 41 39 137 Amortization (142) (289) (248) (679) Foreign currency adjustment (3) (107) (141) (251) Other adjustments 0 11 0 11 Balance, EOP, pre-flooring 5,591 4,023 5,249 14,863 Flooring impact, EOP 0 1 1 2 Balance, EOP, post-flooring 5,591 4,024 5,250 14,865 Less: Reinsurance recoverables 382 9 31 422 Balance after reinsurance recoverables, EOP, post-flooring $ 5,209 $ 4,015 $ 5,219 14,443 Other businesses(1) 142 Total balance after reinsurance recoverables, EOP $ 14,585 Three Months Ended March 31, 2023 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP, post-flooring $ 5,532 $ 3,379 $ 5,261 $ 14,172 Less: Flooring impact, BOP 0 0 1 1 Balance, BOP, pre-flooring 5,532 3,379 5,260 14,171 Effect of actual variances from expected experience and other activity 31 (3) (10) 18 Adjusted balance, BOP 5,563 3,376 5,250 14,189 Profits deferred 164 451 373 988 Interest accrual 57 35 39 131 Amortization (141) (288) (257) (686) Foreign currency adjustment 7 8 (18) (3) Other adjustments 0 10 0 10 Balance, EOP, pre-flooring 5,650 3,592 5,387 14,629 Flooring impact, EOP 0 0 1 1 Balance, EOP, post-flooring 5,650 3,592 5,388 14,630 Less: Reinsurance recoverables 0 9 11 20 Balance after reinsurance recoverables, EOP, post-flooring $ 5,650 $ 3,583 $ 5,377 14,610 Other businesses(1) 185 Total balance after reinsurance recoverables, EOP $ 14,795 The following tables provide supplemental information related to the balances of and changes in DPL, included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Three Months Ended March 31, 2024 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ 20 $ (175) $ (88) Interest accrual $ 57 $ 41 $ 39 Three Months Ended March 31, 2023 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ (111) $ (205) $ (145) Interest accrual $ 57 $ 35 $ 39 __________ (1) Represents the gross premiums collected in changes in DPL excluding impact of foreign currency adjustments. Additional Insurance Reserves AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits (“GMDB”) and guaranteed minimum income benefits (“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: Three Months Ended March 31, 2024 2023 (in millions) Balance, including amounts in AOCI, BOP, post-flooring $ 14,308 $ 12,684 Flooring impact and amounts in AOCI 843 1,285 Balance, excluding amounts in AOCI, BOP, pre-flooring 15,151 13,969 Effect of actual variances from expected experience and other activity 144 (33) Adjusted balance, BOP 15,295 13,936 Assessments collected(1) 292 270 Interest accrual 129 118 Benefits paid (72) (74) Balance, excluding amounts in AOCI, EOP, pre-flooring 15,644 14,250 Flooring impact and amounts in AOCI (1,029) (1,016) Balance, including amounts in AOCI, EOP, post-flooring 14,615 13,234 Less: Reinsurance recoverables 7,198 5,338 Balance after reinsurance recoverables, including amounts in AOCI, EOP 7,417 7,896 Other businesses 117 151 Total balance after reinsurance recoverables $ 7,534 $ 8,047 __________ (1) Represents the portion of gross assessments required to fund the future policy benefits. Three Months Ended March 31, 2024 2023 ($ in millions) Interest accrual $ 129 $ 118 Gross assessments $ 788 $ 827 Weighted-average duration of the liability in years (at original discount rate) 22 22 Weighted-average interest rate (at original discount rate) 3.39 % 3.38 % Future Policy Benefits Reconciliation The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR 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: Three Months Ended March 31, 2024 2023 (in millions) Benefit reserves, EOP, post-flooring $ 191,868 $ 193,429 Deferred Profit Liability EOP, post-flooring 15,007 14,814 Additional insurance reserves, including amounts in AOCI, EOP, post-flooring 14,732 13,385 Subtotal of amounts disclosed above 221,607 221,628 Other Future Policy Benefits reserves(1) 51,183 51,958 Total Future Policy Benefits $ 272,790 $ 273,586 __________ (1) Primarily 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, DPL, and AIR 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: Three Months Ended March 31, 2024 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 $ 10,277 $ 458 $ 0 $ 1,671 $ 1,529 $ 140 $ 14,075 Deferred profit liability 20 0 0 (175) (88) 7 (236) Additional insurance reserves 0 0 788 0 0 0 788 Total $ 10,297 $ 458 $ 788 $ 1,496 $ 1,441 $ 147 $ 14,627 Three Months Ended March 31, 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 $ 3,892 $ 461 $ 0 $ 1,867 $ 1,767 $ 142 $ 8,129 Deferred profit liability (111) 0 0 (205) (145) (2) (463) Additional insurance reserves 0 0 827 0 0 0 827 Total $ 3,781 $ 461 $ 827 $ 1,662 $ 1,622 $ 140 $ 8,493 Three Months Ended March 31, 2024 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 $ 786 $ 103 $ 0 $ 430 $ 370 $ 127 $ 1,816 Deferred profit liability 57 0 0 41 39 1 138 Additional insurance reserves 0 0 129 0 0 0 129 Total $ 843 $ 103 $ 129 $ 471 $ 409 $ 128 $ 2,083 Three Months Ended March 31, 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 $ 691 $ 101 $ 0 $ 433 $ 381 $ 120 $ 1,726 Deferred profit liability 57 0 0 35 39 1 132 Additional insurance reserves 0 0 118 0 0 0 118 Total $ 748 $ 101 $ 118 $ 468 $ 420 $ 121 $ 1,976 __________ (1) Represents “Gross Premiums” for benefit reserves, “Revenue” for DPL and “Gross Assessments” for AIR. (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: Three Months Ended March 31, 2024 Retirement Strategies Group Insurance Individual Life International Businesses Total Institutional Individual Variable Individual Fixed Life/Disability Variable/Universal Life Life Planner Gibraltar Life and Other ($ in millions) Balance, BOP $ 17,738 $ 23,765 $ 7,095 $ 5,293 $ 27,439 $ 12,949 $ 38,450 $ 132,729 Deposits 1,919 1,626 1,570 138 612 560 1,492 7,917 Interest credited 175 108 50 40 189 418 219 1,199 Acquisitions and dispositions 0 0 0 0 0 0 0 0 Policy charges (3) (4) 0 (80) (513) (81) (75) (756) Surrenders and withdrawals (1,231) (231) (150) (434) (420) (76) (439) (2,981) Benefit payments (149) (18) (19) 0 (37) (68) (458) (749) Net transfers (to) from separate account 0 (3) 0 0 139 0 0 136 Change in market value and other adjustments(1) 1 1,360 88 0 37 (2) (7) 1,477 Foreign currency adjustment 0 0 0 0 0 (624) (762) (1,386) Balance, EOP $ 18,450 $ 26,603 $ 8,634 $ 4,957 $ 27,446 $ 13,076 $ 38,420 $ 137,586 Closed Block Division 4,464 Unearned revenue reserve, unearned expense credit, and additional interest reserve 5,501 Other(2) 4,259 Total Policyholders' account balance $ 151,810 Weighted-average crediting rate 3.87 % 1.71 % 2.54 % 3.08 % 2.76 % 12.86 % 2.28 % 3.55 % Net amount at risk(3) $ 0 $ 0 $ 0 $ 74,075 $ 384,991 $ 18,637 $ 6,097 $ 483,800 Cash surrender value(4) $ 18,450 $ 24,376 $ 7,174 $ 3,812 $ 23,439 $ 11,391 $ 34,012 $ 122,654 Three Months Ended March 31, 2023 Retirement Strategies Group Insurance Individual Life International Businesses Total Institutional Individual Variable Individual Fixed Life/Disability Variable/Universal Life Life Planner Gibraltar Life and Other ($ in millions) Balance, BOP $ 17,376 $ 17,524 $ 4,643 $ 5,839 $ 26,502 $ 11,168 $ 35,325 $ 118,377 Deposits 1,376 1,043 582 204 617 645 1,287 5,754 Interest credited 160 87 20 44 199 177 172 859 Acquisitions and Dispositions 0 0 0 0 0 0 0 0 Policy charges (6) (6) 0 (83) (514) (77) (40) (726) Surrenders and withdrawals (1,371) (148) (88) (453) (439) (51) (275) (2,825) Benefit payments (139) (28) (32) 0 (46) (75) (440) (760) Net transfers (to) from separate account 0 19 0 0 77 0 0 96 Change in market value and other adjustments(1) 0 191 9 0 91 6 2 299 Foreign currency adjustment 0 0 0 0 0 (76) (143) (219) Balance, EOP $ 17,396 $ 18,682 $ 5,134 $ 5,551 $ 26,487 $ 11,717 $ 35,888 $ 120,855 Closed Block Division 4,572 Unearned revenue reserve, unearned expense credit, and additional interest reserve 4,772 Other(2) 7,940 Total Policyholders' account balance $ 138,139 Weighted-average crediting rate 3.69 % 1.92 % 1.63 % 3.09 % 3.00 % 6.19 % 1.93 % 2.87 % Net amount at risk(3) $ 0 $ 0 $ 0 $ 72,259 $ 370,778 $ 18,055 $ 6,971 $ 468,063 Cash surrender value(4) $ 17,396 $ 16,640 $ 4,045 $ 3,984 $ 21,846 $ 10,100 $ 31,233 $ 105,244 __________ (1) Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products. (2) Includes $5,621 million and $7,973 million of Full Service account balances reinsured to Great-West as of March 31, 2024 and 2023, respectively. (3) The net amount at risk calculation includes both general account and separate account balances. (4) 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. “Policyholders’ account balances” for Institutional Retirement Strategies and Life Planner includes the Company’s Funding Agreement Notes Issuance Program (“FANIP”), which totaled $5,722 million and $5,261 million at March 31, 2024 and 2023, respectively. Under this program, which has a maximum authorized amount of $15 billion of medium-term notes and $6 billion of commercial paper, Delaware statutory trusts issue short-term commercial paper and/or medium-term notes to investors that are secured by funding agreements issued to the trusts by PICA. The outstanding commercial paper and notes have fixed or floating interest rates that range from 0.0% to 5.6% and original maturities ranging from three months to five years. Included in the amounts at March 31, 2024 and 2023 are funding agreements that secure the medium-term note liability, which are carried at amortized cost, of $3,465 million and $2,955 million, respectively, and short-term note liability of $2,297 million and $2,355 million, respectively. “Policyholders’ account balances” for Institutional Retirement Strategies also includes collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) totaling $2,628 million as of both March 31, 2024 and 2023. These obligations, which are carried at amortized cost, have fixed interest rates that range from 1.925% to 4.510% and original maturities of seven years. 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 (“bps”), between rates being credited to policyholders and the respective guaranteed minimums are as follows: March 31, 2024 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) Retirement Strategies - 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% 593 0 0 0 593 3.00% - 4.00% 4,926 0 0 0 4,926 Greater than 4.00% 2,099 0 0 0 2,099 Total $ 9,569 $ 0 $ 0 $ 0 $ 9,569 Retirement Strategies - Individual Variable Less than 1.00% $ 866 $ 727 $ 70 $ 0 $ 1,663 1.00% - 1.99% 219 24 1 0 244 2.00% - 2.99% 26 5 4 0 35 3.00% - 4.00% 1,867 9 9 0 1,885 Greater than 4.00% 91 0 0 0 91 Total $ 3,069 $ 765 $ 84 $ 0 $ 3,918 Retirement Strategies - Individual Fixed Less than 1.00% $ 0 $ 2 $ 6 $ 621 $ 629 1.00% - 1.99% 510 108 244 80 942 2.00% - 2.99% 548 466 564 16 1,594 3.00% - 4.00% 573 46 2 0 621 Greater than 4.00% 92 0 0 0 92 Total $ 1,723 $ 622 $ 816 $ 717 $ 3,878 Group Insurance - Life / Disability Less than 1.00% $ 0 $ 0 $ 0 $ 1,021 $ 1,021 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 28 0 0 0 28 3.00% - 4.00% 1,471 0 0 61 1,532 Greater than 4.00% 72 0 0 0 72 Total $ 1,571 $ 0 $ 0 $ 1,082 $ 2,653 Individual Life - Variable / Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 346 $ 346 1.00% - 1.99% 226 0 1,662 1,789 3,677 2.00% - 2.99% 32 1,462 3,004 280 4,778 3.00% - 4.00% 4,366 4,177 1,144 24 9,711 Greater than 4.00% 5,460 0 0 0 5,460 Total $ 10,084 $ 5,639 $ 5,810 $ 2,439 $ 23,972 International Businesses - Life Planner Less than 1.00% $ 324 $ 43 $ 86 $ 2,311 $ 2,764 1.00% - 1.99% 2,766 26 0 0 2,792 2.00% - 2.99% 1,975 0 0 0 1,975 3.00% - 4.00% 356 0 0 0 356 Greater than 4.00% 384 0 0 0 384 Total $ 5,805 $ 69 $ 86 $ 2,311 $ 8,271 International Businesses - Gibraltar Life and Other Less than 1.00% $ 15,637 $ 0 $ 0 $ 0 $ 15,637 1.00% - 1.99% 8,346 60 0 0 8,406 2.00% - 2.99% 3,000 290 35 0 3,325 3.00% - 4.00% 5,287 0 0 0 5,287 Greater than 4.00% 5,661 0 0 0 5,661 Total $ 37,931 $ 350 $ 35 $ 0 $ 38,316 March 31, 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) Retirement Strategies - 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% 583 0 0 0 583 3.00% - 4.00% 5,628 0 0 0 5,628 Greater than 4.00% 1,519 0 0 0 1,519 Total $ 9,681 $ 0 $ 0 $ 0 $ 9,681 Retirement Strategies - Individual Variable Less than 1.00% $ 1,005 $ 848 $ 19 $ 0 $ 1,872 1.00% - 1.99% 239 2 1 0 242 2.00% - 2.99% 32 2 0 0 34 3.00% - 4.00% 2,209 9 10 0 2,228 Greater than 4.00% 104 0 0 0 104 Total $ 3,589 $ 861 $ 30 $ 0 $ 4,480 Retirement Strategies - Individual Fixed Less than 1.00% $ 0 $ 0 $ 0 $ 0 $ 0 1.00% - 1.99% 585 128 253 84 1,050 2.00% - 2.99% 496 211 27 11 745 3.00% - 4.00% 371 6 0 0 377 Greater than 4.00% 101 0 0 0 101 Total $ 1,553 $ 345 $ 280 $ 95 $ 2,273 Group Insurance - Life / Disability Less than 1.00% $ 0 $ 0 $ 0 $ 1,441 $ 1,441 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 56 0 0 0 56 3.00% - 4.00% 1,634 0 0 0 1,634 Greater than 4.00% 3 0 0 0 3 Total $ 1,693 $ 0 $ 0 $ 1,441 $ 3,134 Individual Life - Variable / Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 11 $ 11 1.00% - 1.99% 150 0 1,073 1,949 3,172 2.00% - 2.99% 374 123 4,019 280 4,796 3.00% - 4.00% 7,565 1,918 561 7 10,051 Greater than 4.00% 5,549 0 0 0 5,549 Total $ 13,638 $ 2,041 $ 5,653 $ 2,247 $ 23,579 International Businesses - Life Planner Less than 1.00% $ 357 $ 27 $ 91 $ 831 $ 1,306 1.00% - 1.99% 3,156 25 0 0 3,181 2.00% - 2.99% 2,259 0 0 0 2,259 3.00% - 4.00% 339 0 0 0 339 Greater than 4.00% 407 0 0 0 407 Total $ 6,518 $ 52 $ 91 $ 831 $ 7,492 International Businesses - Gibraltar Life and Other Less than 1.00% $ 17,023 $ 0 $ 0 $ 0 $ 17,023 1.00% - 1.99% 9,870 0 0 0 9,870 2.00% - 2.99% 3,253 335 40 0 3,628 3.00% - 4.00% 3,201 0 0 0 3,201 Greater than 4.00% 1,904 0 0 0 1,904 Total $ 35,251 $ 335 $ 40 $ 0 $ 35,626 ____________ (1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products. Unearned Revenue Reserve (“URR”) The balance of and changes in URR as of and for the periods ended are as follows: Three Months Ended March 31, 2024 Individual Life International Businesses Variable/ Universal Life Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 4,613 $ 359 $ 95 $ 5,067 Unearned revenue 215 37 5 257 Amortization expense (58) (4) (1) (63) Other adjustments 0 0 0 0 FX adjustment 0 (14) (4) (18) Balance, EOP 4,770 378 95 5,243 Less: Reinsurance recoverables 398 0 0 398 Balance after reinsurance recoverables, EOP $ 4,372 $ 378 $ 95 $ 4,845 Other businesses 51 Total balance after reinsurance recoverables, EOP $ 4,896 Three Months Ended March 31, 2023 Individual Life International Businesses Variable/ Universal Life Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 3,983 $ 231 $ 81 $ 4,295 Unearned revenue 204 37 6 247 Amortization expense (47) (2) (1) (50) Other adjustments 0 1 0 1 FX adjustment 0 (2) 0 (2) Balance, EOP 4,140 265 86 4,491 Less: Reinsurance recoverables 0 0 0 0 Balance after reinsurance recoverables, EOP $ 4,140 $ 265 $ 86 $ 4,491 Other businesses 53 Total balance after reinsurance recoverables, EOP $ 4,544 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: Three Months Ended March 31, 2024 2023 (in millions) Balance, BOP $ 4,038 $ 4,987 Effect of cumulative changes in NPR 1,137 1,828 Balance, BOP, before effect of changes in NPR 5,175 6,815 Attributed fees collected 288 300 Claims paid (22) (32) Interest accrual 74 85 Actual in force different from expected 2 19 Effect of changes in interest rates (868) 463 Effect of changes in equity markets (888) (671) Issuances 13 0 Other adjustments 14 78 Balance, EOP, before effect of changes in NPR 3,788 7,057 Effect of cumulative changes in NPR (886) (2,014) Balance, EOP 2,902 5,043 Less: Reinsured MRBs 560 28 Balance, EOP, net of reinsurance 2,342 5,015 Other businesses 57 105 Total net MRB balance $ 2,399 $ 5,120 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 benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods. The Company also issues indexed variable annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed variable annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods. For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum 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 fixed income and equity market returns, contra |
Market Risk Benefits
Market Risk Benefits | 3 Months Ended |
Mar. 31, 2024 | |
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 (“DPL”); and • Additional Insurance Reserves (“AIR”) 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. Three Months Ended March 31, 2024 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 $ 71,407 $ 11,274 $ 29,064 $ 26,367 $ 3,286 $ 141,398 Effect of cumulative changes in discount rate assumptions, BOP 11,869 228 596 622 16 13,331 Balance at original discount rate, BOP 83,276 11,502 29,660 26,989 3,302 154,729 Effect of actual variances from expected experience and other activity 176 (57) (352) (191) 49 (375) Adjusted balance, BOP 83,452 11,445 29,308 26,798 3,351 154,354 Issuances 8,799 199 671 285 0 9,954 Net premiums / considerations collected (10,124) (345) (1,091) (938) (86) (12,584) Interest accrual 708 134 218 182 40 1,282 Foreign currency adjustment (875) 0 (981) (863) 0 (2,719) Other adjustments 0 (1) 40 (1) 0 38 Balance at original discount rate, EOP 81,960 11,432 28,165 25,463 3,305 150,325 Effect of cumulative changes in discount rate assumptions, EOP (13,442) (443) (881) (856) (87) (15,709) Balance, EOP $ 68,518 $ 10,989 $ 27,284 $ 24,607 $ 3,218 $ 134,616 Other businesses, EOP 88 Total balance, EOP $ 134,704 Three Months Ended March 31, 2024 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 $ 141,135 $ 19,852 $ 79,822 $ 79,036 $ 12,139 $ 331,984 Effect of cumulative changes in discount rate assumptions, BOP 14,751 334 563 7,355 603 23,606 Balance at original discount rate, BOP 155,886 20,186 80,385 86,391 12,742 355,590 Effect of actual variances from expected experience and other activity 162 (65) (359) (180) 42 (400) Adjusted balance, BOP 156,048 20,121 80,026 86,211 12,784 355,190 Issuances 8,799 199 671 285 0 9,954 Interest accrual 1,493 237 648 552 153 3,083 Benefit payments (3,114) (404) (1,228) (1,349) (77) (6,172) Foreign currency adjustment (886) 0 (2,825) (3,152) 0 (6,863) Other adjustments (48) (4) 94 (3) 0 39 Balance at original discount rate, EOP 162,292 20,149 77,386 82,544 12,860 355,231 Effect of cumulative changes in discount rate assumptions, EOP (17,715) (769) (2,347) (8,578) (1,033) (30,442) Balance, EOP $ 144,577 $ 19,380 $ 75,039 $ 73,966 $ 11,827 $ 324,789 Other businesses, EOP 1,701 Total balance, EOP $ 326,490 Three Months Ended March 31, 2024 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 $ 76,060 $ 8,391 $ 47,755 $ 49,360 $ 8,608 $ 190,174 Flooring impact, EOP 56 0 19 7 0 82 Balance, EOP, post-flooring 76,116 8,391 47,774 49,367 8,608 190,256 Less: Reinsurance recoverables 5,340 690 98 285 0 6,413 Balance after reinsurance recoverables, EOP, post-flooring $ 70,776 $ 7,701 $ 47,676 $ 49,082 $ 8,608 $ 183,843 Other businesses, EOP(1) 1,547 Total balance after reinsurance recoverables, EOP $ 185,390 Three Months Ended March 31, 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 actual variances from expected experience and other activity 141 (17) (193) (159) 45 (183) Adjusted balance, BOP 67,110 11,837 31,850 30,118 3,080 143,995 Issuances 2,932 143 647 443 0 4,165 Net premiums / considerations collected (3,637) (353) (1,178) (1,079) (77) (6,324) Interest accrual 517 136 230 204 37 1,124 Foreign currency adjustment 1,867 0 (31) (120) 0 1,716 Other adjustments 0 (4) 40 1 0 37 Balance at original discount rate, EOP 68,789 11,759 31,558 29,567 3,040 144,713 Effect of cumulative changes in discount rate assumptions, EOP (13,465) (321) (618) (611) (30) (15,045) Balance, EOP $ 55,324 $ 11,438 $ 30,940 $ 28,956 $ 3,010 $ 129,668 Other businesses, EOP 92 Total balance, EOP $ 129,760 Three Months Ended March 31, 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 actual variances from expected experience and other activity 98 (24) (167) (154) 53 (194) Adjusted balance, BOP 138,022 20,276 82,191 91,443 11,954 343,886 Issuances 2,932 143 647 443 0 4,165 Interest accrual 1,208 237 663 585 143 2,836 Benefit payments (2,795) (406) (947) (1,152) (60) (5,360) Foreign currency adjustment 1,908 0 (163) (432) 0 1,313 Other adjustments 48 (7) 93 (2) 0 132 Balance at original discount rate, EOP 141,323 20,243 82,484 90,885 12,037 346,972 Effect of cumulative changes in discount rate assumptions, EOP (17,578) (490) 244 (7,214) (738) (25,776) Balance, EOP $ 123,745 $ 19,753 $ 82,728 $ 83,671 $ 11,299 $ 321,196 Other businesses, EOP 1,952 Total balance, EOP $ 323,148 Three Months Ended March 31, 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 $ 68,421 $ 8,315 $ 51,789 $ 54,715 $ 8,288 $ 191,528 Flooring impact, EOP 4 0 26 11 0 41 Balance, EOP, post-flooring 68,425 8,315 51,815 54,726 8,288 191,569 Less: Reinsurance recoverables 0 728 112 222 0 1,062 Balance after reinsurance recoverables, EOP, post-flooring $ 68,425 $ 7,587 $ 51,703 $ 54,504 $ 8,288 $ 190,507 Other businesses, EOP(1) 1,786 Total balance after reinsurance recoverables, EOP $ 192,293 __________ (1) Reflects balance after reinsurance recoverables of $65 million and $74 million at March 31, 2024 and 2023, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Three Months Ended March 31, 2024 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 131,869 $ 23,001 $ 66,266 $ 53,342 $ 6,858 Discounted expected future gross premiums (at original discount rate) $ 89,183 $ 15,258 $ 51,131 $ 42,749 $ 4,525 Discounted expected future gross premiums (at current discount rate) $ 72,848 $ 14,693 $ 50,018 $ 41,467 $ 4,410 Undiscounted expected future benefits and expenses $ 253,981 $ 31,039 $ 134,541 $ 135,676 $ 30,755 Interest accrual $ 785 $ 103 $ 430 $ 370 $ 113 Gross premiums $ 10,277 $ 458 $ 1,671 $ 1,529 $ 118 Weighted-average duration of the liability in years (at original discount rate) 9 10 19 19 18 Weighted-average duration of the liability in years (at current discount rate) 8 9 18 17 17 Weighted-average interest rate (at original discount rate) 4.70 % 5.16 % 3.46 % 2.60 % 4.91 % Weighted-average interest rate (at current discount rate) 5.31 % 5.29 % 3.24 % 3.14 % 5.50 % Three Months Ended March 31, 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 $ 106,074 $ 23,352 $ 73,474 $ 62,903 $ 6,901 Discounted expected future gross premiums (at original discount rate) $ 74,439 $ 15,526 $ 56,950 $ 49,872 $ 4,507 Discounted expected future gross premiums (at current discount rate) $ 59,863 $ 15,119 $ 56,318 $ 49,016 $ 4,467 Undiscounted expected future benefits and expenses $ 215,874 $ 31,258 $ 147,802 $ 154,197 $ 29,713 Interest accrual $ 691 $ 101 $ 433 $ 381 $ 106 Gross premiums $ 3,892 $ 461 $ 1,867 $ 1,767 $ 114 Weighted-average duration of the liability in years (at original discount rate) 8 10 20 20 18 Weighted-average duration of the liability in years (at current discount rate) 8 10 20 18 18 Weighted-average interest rate (at original discount rate) 4.36 % 5.20 % 3.41 % 2.52 % 4.91 % Weighted-average interest rate (at current discount rate) 5.09 % 5.05 % 2.82 % 2.69 % 5.34 % For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, 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, 2023. 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. For both the first three months of 2024 and 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. Deferred Profit Liability The balances of and changes in DPL as of and for the period indicated are as follows: Three Months Ended March 31, 2024 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP, post-flooring $ 5,615 $ 3,956 $ 5,303 $ 14,874 Less: Flooring impact, BOP 0 1 1 2 Balance, BOP, pre-flooring 5,615 3,955 5,302 14,872 Effect of actual variances from expected experience and other activity 26 (8) (15) 3 Adjusted balance, BOP 5,641 3,947 5,287 14,875 Profits deferred 38 420 312 770 Interest accrual 57 41 39 137 Amortization (142) (289) (248) (679) Foreign currency adjustment (3) (107) (141) (251) Other adjustments 0 11 0 11 Balance, EOP, pre-flooring 5,591 4,023 5,249 14,863 Flooring impact, EOP 0 1 1 2 Balance, EOP, post-flooring 5,591 4,024 5,250 14,865 Less: Reinsurance recoverables 382 9 31 422 Balance after reinsurance recoverables, EOP, post-flooring $ 5,209 $ 4,015 $ 5,219 14,443 Other businesses(1) 142 Total balance after reinsurance recoverables, EOP $ 14,585 Three Months Ended March 31, 2023 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP, post-flooring $ 5,532 $ 3,379 $ 5,261 $ 14,172 Less: Flooring impact, BOP 0 0 1 1 Balance, BOP, pre-flooring 5,532 3,379 5,260 14,171 Effect of actual variances from expected experience and other activity 31 (3) (10) 18 Adjusted balance, BOP 5,563 3,376 5,250 14,189 Profits deferred 164 451 373 988 Interest accrual 57 35 39 131 Amortization (141) (288) (257) (686) Foreign currency adjustment 7 8 (18) (3) Other adjustments 0 10 0 10 Balance, EOP, pre-flooring 5,650 3,592 5,387 14,629 Flooring impact, EOP 0 0 1 1 Balance, EOP, post-flooring 5,650 3,592 5,388 14,630 Less: Reinsurance recoverables 0 9 11 20 Balance after reinsurance recoverables, EOP, post-flooring $ 5,650 $ 3,583 $ 5,377 14,610 Other businesses(1) 185 Total balance after reinsurance recoverables, EOP $ 14,795 The following tables provide supplemental information related to the balances of and changes in DPL, included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Three Months Ended March 31, 2024 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ 20 $ (175) $ (88) Interest accrual $ 57 $ 41 $ 39 Three Months Ended March 31, 2023 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ (111) $ (205) $ (145) Interest accrual $ 57 $ 35 $ 39 __________ (1) Represents the gross premiums collected in changes in DPL excluding impact of foreign currency adjustments. Additional Insurance Reserves AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits (“GMDB”) and guaranteed minimum income benefits (“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: Three Months Ended March 31, 2024 2023 (in millions) Balance, including amounts in AOCI, BOP, post-flooring $ 14,308 $ 12,684 Flooring impact and amounts in AOCI 843 1,285 Balance, excluding amounts in AOCI, BOP, pre-flooring 15,151 13,969 Effect of actual variances from expected experience and other activity 144 (33) Adjusted balance, BOP 15,295 13,936 Assessments collected(1) 292 270 Interest accrual 129 118 Benefits paid (72) (74) Balance, excluding amounts in AOCI, EOP, pre-flooring 15,644 14,250 Flooring impact and amounts in AOCI (1,029) (1,016) Balance, including amounts in AOCI, EOP, post-flooring 14,615 13,234 Less: Reinsurance recoverables 7,198 5,338 Balance after reinsurance recoverables, including amounts in AOCI, EOP 7,417 7,896 Other businesses 117 151 Total balance after reinsurance recoverables $ 7,534 $ 8,047 __________ (1) Represents the portion of gross assessments required to fund the future policy benefits. Three Months Ended March 31, 2024 2023 ($ in millions) Interest accrual $ 129 $ 118 Gross assessments $ 788 $ 827 Weighted-average duration of the liability in years (at original discount rate) 22 22 Weighted-average interest rate (at original discount rate) 3.39 % 3.38 % Future Policy Benefits Reconciliation The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR 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: Three Months Ended March 31, 2024 2023 (in millions) Benefit reserves, EOP, post-flooring $ 191,868 $ 193,429 Deferred Profit Liability EOP, post-flooring 15,007 14,814 Additional insurance reserves, including amounts in AOCI, EOP, post-flooring 14,732 13,385 Subtotal of amounts disclosed above 221,607 221,628 Other Future Policy Benefits reserves(1) 51,183 51,958 Total Future Policy Benefits $ 272,790 $ 273,586 __________ (1) Primarily 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, DPL, and AIR 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: Three Months Ended March 31, 2024 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 $ 10,277 $ 458 $ 0 $ 1,671 $ 1,529 $ 140 $ 14,075 Deferred profit liability 20 0 0 (175) (88) 7 (236) Additional insurance reserves 0 0 788 0 0 0 788 Total $ 10,297 $ 458 $ 788 $ 1,496 $ 1,441 $ 147 $ 14,627 Three Months Ended March 31, 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 $ 3,892 $ 461 $ 0 $ 1,867 $ 1,767 $ 142 $ 8,129 Deferred profit liability (111) 0 0 (205) (145) (2) (463) Additional insurance reserves 0 0 827 0 0 0 827 Total $ 3,781 $ 461 $ 827 $ 1,662 $ 1,622 $ 140 $ 8,493 Three Months Ended March 31, 2024 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 $ 786 $ 103 $ 0 $ 430 $ 370 $ 127 $ 1,816 Deferred profit liability 57 0 0 41 39 1 138 Additional insurance reserves 0 0 129 0 0 0 129 Total $ 843 $ 103 $ 129 $ 471 $ 409 $ 128 $ 2,083 Three Months Ended March 31, 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 $ 691 $ 101 $ 0 $ 433 $ 381 $ 120 $ 1,726 Deferred profit liability 57 0 0 35 39 1 132 Additional insurance reserves 0 0 118 0 0 0 118 Total $ 748 $ 101 $ 118 $ 468 $ 420 $ 121 $ 1,976 __________ (1) Represents “Gross Premiums” for benefit reserves, “Revenue” for DPL and “Gross Assessments” for AIR. (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: Three Months Ended March 31, 2024 Retirement Strategies Group Insurance Individual Life International Businesses Total Institutional Individual Variable Individual Fixed Life/Disability Variable/Universal Life Life Planner Gibraltar Life and Other ($ in millions) Balance, BOP $ 17,738 $ 23,765 $ 7,095 $ 5,293 $ 27,439 $ 12,949 $ 38,450 $ 132,729 Deposits 1,919 1,626 1,570 138 612 560 1,492 7,917 Interest credited 175 108 50 40 189 418 219 1,199 Acquisitions and dispositions 0 0 0 0 0 0 0 0 Policy charges (3) (4) 0 (80) (513) (81) (75) (756) Surrenders and withdrawals (1,231) (231) (150) (434) (420) (76) (439) (2,981) Benefit payments (149) (18) (19) 0 (37) (68) (458) (749) Net transfers (to) from separate account 0 (3) 0 0 139 0 0 136 Change in market value and other adjustments(1) 1 1,360 88 0 37 (2) (7) 1,477 Foreign currency adjustment 0 0 0 0 0 (624) (762) (1,386) Balance, EOP $ 18,450 $ 26,603 $ 8,634 $ 4,957 $ 27,446 $ 13,076 $ 38,420 $ 137,586 Closed Block Division 4,464 Unearned revenue reserve, unearned expense credit, and additional interest reserve 5,501 Other(2) 4,259 Total Policyholders' account balance $ 151,810 Weighted-average crediting rate 3.87 % 1.71 % 2.54 % 3.08 % 2.76 % 12.86 % 2.28 % 3.55 % Net amount at risk(3) $ 0 $ 0 $ 0 $ 74,075 $ 384,991 $ 18,637 $ 6,097 $ 483,800 Cash surrender value(4) $ 18,450 $ 24,376 $ 7,174 $ 3,812 $ 23,439 $ 11,391 $ 34,012 $ 122,654 Three Months Ended March 31, 2023 Retirement Strategies Group Insurance Individual Life International Businesses Total Institutional Individual Variable Individual Fixed Life/Disability Variable/Universal Life Life Planner Gibraltar Life and Other ($ in millions) Balance, BOP $ 17,376 $ 17,524 $ 4,643 $ 5,839 $ 26,502 $ 11,168 $ 35,325 $ 118,377 Deposits 1,376 1,043 582 204 617 645 1,287 5,754 Interest credited 160 87 20 44 199 177 172 859 Acquisitions and Dispositions 0 0 0 0 0 0 0 0 Policy charges (6) (6) 0 (83) (514) (77) (40) (726) Surrenders and withdrawals (1,371) (148) (88) (453) (439) (51) (275) (2,825) Benefit payments (139) (28) (32) 0 (46) (75) (440) (760) Net transfers (to) from separate account 0 19 0 0 77 0 0 96 Change in market value and other adjustments(1) 0 191 9 0 91 6 2 299 Foreign currency adjustment 0 0 0 0 0 (76) (143) (219) Balance, EOP $ 17,396 $ 18,682 $ 5,134 $ 5,551 $ 26,487 $ 11,717 $ 35,888 $ 120,855 Closed Block Division 4,572 Unearned revenue reserve, unearned expense credit, and additional interest reserve 4,772 Other(2) 7,940 Total Policyholders' account balance $ 138,139 Weighted-average crediting rate 3.69 % 1.92 % 1.63 % 3.09 % 3.00 % 6.19 % 1.93 % 2.87 % Net amount at risk(3) $ 0 $ 0 $ 0 $ 72,259 $ 370,778 $ 18,055 $ 6,971 $ 468,063 Cash surrender value(4) $ 17,396 $ 16,640 $ 4,045 $ 3,984 $ 21,846 $ 10,100 $ 31,233 $ 105,244 __________ (1) Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products. (2) Includes $5,621 million and $7,973 million of Full Service account balances reinsured to Great-West as of March 31, 2024 and 2023, respectively. (3) The net amount at risk calculation includes both general account and separate account balances. (4) 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. “Policyholders’ account balances” for Institutional Retirement Strategies and Life Planner includes the Company’s Funding Agreement Notes Issuance Program (“FANIP”), which totaled $5,722 million and $5,261 million at March 31, 2024 and 2023, respectively. Under this program, which has a maximum authorized amount of $15 billion of medium-term notes and $6 billion of commercial paper, Delaware statutory trusts issue short-term commercial paper and/or medium-term notes to investors that are secured by funding agreements issued to the trusts by PICA. The outstanding commercial paper and notes have fixed or floating interest rates that range from 0.0% to 5.6% and original maturities ranging from three months to five years. Included in the amounts at March 31, 2024 and 2023 are funding agreements that secure the medium-term note liability, which are carried at amortized cost, of $3,465 million and $2,955 million, respectively, and short-term note liability of $2,297 million and $2,355 million, respectively. “Policyholders’ account balances” for Institutional Retirement Strategies also includes collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) totaling $2,628 million as of both March 31, 2024 and 2023. These obligations, which are carried at amortized cost, have fixed interest rates that range from 1.925% to 4.510% and original maturities of seven years. 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 (“bps”), between rates being credited to policyholders and the respective guaranteed minimums are as follows: March 31, 2024 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) Retirement Strategies - 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% 593 0 0 0 593 3.00% - 4.00% 4,926 0 0 0 4,926 Greater than 4.00% 2,099 0 0 0 2,099 Total $ 9,569 $ 0 $ 0 $ 0 $ 9,569 Retirement Strategies - Individual Variable Less than 1.00% $ 866 $ 727 $ 70 $ 0 $ 1,663 1.00% - 1.99% 219 24 1 0 244 2.00% - 2.99% 26 5 4 0 35 3.00% - 4.00% 1,867 9 9 0 1,885 Greater than 4.00% 91 0 0 0 91 Total $ 3,069 $ 765 $ 84 $ 0 $ 3,918 Retirement Strategies - Individual Fixed Less than 1.00% $ 0 $ 2 $ 6 $ 621 $ 629 1.00% - 1.99% 510 108 244 80 942 2.00% - 2.99% 548 466 564 16 1,594 3.00% - 4.00% 573 46 2 0 621 Greater than 4.00% 92 0 0 0 92 Total $ 1,723 $ 622 $ 816 $ 717 $ 3,878 Group Insurance - Life / Disability Less than 1.00% $ 0 $ 0 $ 0 $ 1,021 $ 1,021 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 28 0 0 0 28 3.00% - 4.00% 1,471 0 0 61 1,532 Greater than 4.00% 72 0 0 0 72 Total $ 1,571 $ 0 $ 0 $ 1,082 $ 2,653 Individual Life - Variable / Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 346 $ 346 1.00% - 1.99% 226 0 1,662 1,789 3,677 2.00% - 2.99% 32 1,462 3,004 280 4,778 3.00% - 4.00% 4,366 4,177 1,144 24 9,711 Greater than 4.00% 5,460 0 0 0 5,460 Total $ 10,084 $ 5,639 $ 5,810 $ 2,439 $ 23,972 International Businesses - Life Planner Less than 1.00% $ 324 $ 43 $ 86 $ 2,311 $ 2,764 1.00% - 1.99% 2,766 26 0 0 2,792 2.00% - 2.99% 1,975 0 0 0 1,975 3.00% - 4.00% 356 0 0 0 356 Greater than 4.00% 384 0 0 0 384 Total $ 5,805 $ 69 $ 86 $ 2,311 $ 8,271 International Businesses - Gibraltar Life and Other Less than 1.00% $ 15,637 $ 0 $ 0 $ 0 $ 15,637 1.00% - 1.99% 8,346 60 0 0 8,406 2.00% - 2.99% 3,000 290 35 0 3,325 3.00% - 4.00% 5,287 0 0 0 5,287 Greater than 4.00% 5,661 0 0 0 5,661 Total $ 37,931 $ 350 $ 35 $ 0 $ 38,316 March 31, 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) Retirement Strategies - 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% 583 0 0 0 583 3.00% - 4.00% 5,628 0 0 0 5,628 Greater than 4.00% 1,519 0 0 0 1,519 Total $ 9,681 $ 0 $ 0 $ 0 $ 9,681 Retirement Strategies - Individual Variable Less than 1.00% $ 1,005 $ 848 $ 19 $ 0 $ 1,872 1.00% - 1.99% 239 2 1 0 242 2.00% - 2.99% 32 2 0 0 34 3.00% - 4.00% 2,209 9 10 0 2,228 Greater than 4.00% 104 0 0 0 104 Total $ 3,589 $ 861 $ 30 $ 0 $ 4,480 Retirement Strategies - Individual Fixed Less than 1.00% $ 0 $ 0 $ 0 $ 0 $ 0 1.00% - 1.99% 585 128 253 84 1,050 2.00% - 2.99% 496 211 27 11 745 3.00% - 4.00% 371 6 0 0 377 Greater than 4.00% 101 0 0 0 101 Total $ 1,553 $ 345 $ 280 $ 95 $ 2,273 Group Insurance - Life / Disability Less than 1.00% $ 0 $ 0 $ 0 $ 1,441 $ 1,441 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 56 0 0 0 56 3.00% - 4.00% 1,634 0 0 0 1,634 Greater than 4.00% 3 0 0 0 3 Total $ 1,693 $ 0 $ 0 $ 1,441 $ 3,134 Individual Life - Variable / Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 11 $ 11 1.00% - 1.99% 150 0 1,073 1,949 3,172 2.00% - 2.99% 374 123 4,019 280 4,796 3.00% - 4.00% 7,565 1,918 561 7 10,051 Greater than 4.00% 5,549 0 0 0 5,549 Total $ 13,638 $ 2,041 $ 5,653 $ 2,247 $ 23,579 International Businesses - Life Planner Less than 1.00% $ 357 $ 27 $ 91 $ 831 $ 1,306 1.00% - 1.99% 3,156 25 0 0 3,181 2.00% - 2.99% 2,259 0 0 0 2,259 3.00% - 4.00% 339 0 0 0 339 Greater than 4.00% 407 0 0 0 407 Total $ 6,518 $ 52 $ 91 $ 831 $ 7,492 International Businesses - Gibraltar Life and Other Less than 1.00% $ 17,023 $ 0 $ 0 $ 0 $ 17,023 1.00% - 1.99% 9,870 0 0 0 9,870 2.00% - 2.99% 3,253 335 40 0 3,628 3.00% - 4.00% 3,201 0 0 0 3,201 Greater than 4.00% 1,904 0 0 0 1,904 Total $ 35,251 $ 335 $ 40 $ 0 $ 35,626 ____________ (1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products. Unearned Revenue Reserve (“URR”) The balance of and changes in URR as of and for the periods ended are as follows: Three Months Ended March 31, 2024 Individual Life International Businesses Variable/ Universal Life Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 4,613 $ 359 $ 95 $ 5,067 Unearned revenue 215 37 5 257 Amortization expense (58) (4) (1) (63) Other adjustments 0 0 0 0 FX adjustment 0 (14) (4) (18) Balance, EOP 4,770 378 95 5,243 Less: Reinsurance recoverables 398 0 0 398 Balance after reinsurance recoverables, EOP $ 4,372 $ 378 $ 95 $ 4,845 Other businesses 51 Total balance after reinsurance recoverables, EOP $ 4,896 Three Months Ended March 31, 2023 Individual Life International Businesses Variable/ Universal Life Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 3,983 $ 231 $ 81 $ 4,295 Unearned revenue 204 37 6 247 Amortization expense (47) (2) (1) (50) Other adjustments 0 1 0 1 FX adjustment 0 (2) 0 (2) Balance, EOP 4,140 265 86 4,491 Less: Reinsurance recoverables 0 0 0 0 Balance after reinsurance recoverables, EOP $ 4,140 $ 265 $ 86 $ 4,491 Other businesses 53 Total balance after reinsurance recoverables, EOP $ 4,544 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: Three Months Ended March 31, 2024 2023 (in millions) Balance, BOP $ 4,038 $ 4,987 Effect of cumulative changes in NPR 1,137 1,828 Balance, BOP, before effect of changes in NPR 5,175 6,815 Attributed fees collected 288 300 Claims paid (22) (32) Interest accrual 74 85 Actual in force different from expected 2 19 Effect of changes in interest rates (868) 463 Effect of changes in equity markets (888) (671) Issuances 13 0 Other adjustments 14 78 Balance, EOP, before effect of changes in NPR 3,788 7,057 Effect of cumulative changes in NPR (886) (2,014) Balance, EOP 2,902 5,043 Less: Reinsured MRBs 560 28 Balance, EOP, net of reinsurance 2,342 5,015 Other businesses 57 105 Total net MRB balance $ 2,399 $ 5,120 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 benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods. The Company also issues indexed variable annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed variable annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods. For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum 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 fixed income and equity market returns, contra |
Reinsurance
Reinsurance | 3 Months Ended |
Mar. 31, 2024 | |
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 January 2024, the Company entered into an agreement with Somerset Reinsurance Ltd. (“Somerset Re”) to reinsure certain guaranteed universal life policies issued by Pruco Life Insurance Company (“Pruco Life”) and Pruco Life Insurance Company of New Jersey (“PLNJ”), both of which are wholly-owned subsidiaries of Prudential Financial. These policies represent approximately 30% of the Company’s reserves on its in-force guaranteed universal life block of business as of December 31, 2023. This transaction is structured on a modified coinsurance basis and follows reinsurance accounting. As a result of the transaction, the Company recognized a $411 million deferred reinsurance gain that will be amortized into income over the estimated remaining life of the reinsured policies. The reinsurance payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Unaudited Interim Consolidated Statements of Financial Position. Separately, effective September 2019, Prudential Annuities Life Assurance Corporation (“PALAC”), a previously wholly-owned subsidiary of Prudential Financial, entered into an agreement with Somerset Re, to coinsure business, on a quota share funds withheld basis, related to fixed index annuities. This agreement was subsequently novated from PALAC to Pruco Life effective October 2021, in connection with the sale of PALAC effective April 2022. Under this reinsurance agreement, which is accounted for under deposit method of accounting, the Company cedes to Somerset Re its quota share of the insurance liabilities with respect to the reinsured contracts. The deposit receivables were $1,929 million and $1,619 million as of March 31, 2024 and December 31, 2023, respectively, and the funds withheld liabilities were $1,790 million and $1,518 million as of March 31, 2024 and December 31, 2023, respectively. Effective September 2023, the Company entered into an agreement with 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. The reinsurance of the structured settlement annuities that provide periodic payments for the lifetime of the annuitant follows reinsurance accounting. The reinsurance of structured settlement annuities that provide payments for a guaranteed period of time and do not include life contingency risk follows deposit accounting. As a result of the transaction, the Company recognized a $240 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, now known as AuguStar, an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits issued by 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, Great-West and Great-West Life & Annuity Insurance Company of New York, now known as Empower Annuity Insurance Company of America & Empower Life & Annuity Insurance Company of New York, respectively, 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 market risk benefits. 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 payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Unaudited Interim 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 Unaudited Interim 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: Three Months Ended March 31, 2024 2023 (in millions) Direct premiums $ 14,822 $ 8,750 Reinsurance assumed 1,451 1,178 Reinsurance ceded (736) (565) Premiums $ 15,537 $ 9,363 Direct policy charges and fee income $ 864 $ 966 Reinsurance assumed 300 308 Reinsurance ceded (108) (140) Policy charges and fee income $ 1,056 $ 1,134 Direct change in value of market risk benefits, net of related hedging gains (losses) $ 150 $ 80 Reinsurance assumed 71 0 Reinsurance ceded (98) (5) Change in value of market risk benefits, net of related hedging gains (losses) $ 123 $ 75 Direct policyholders’ benefits $ 15,865 $ 9,594 Reinsurance assumed 1,843 1,565 Reinsurance ceded (1,114) (855) Policyholders’ benefits $ 16,594 $ 10,304 Direct change in estimates of liability for future policy benefits $ 146 $ (24) Reinsurance assumed (5) 4 Reinsurance ceded (158) 45 Change in estimates of liability for future policy benefits $ (17) $ 25 Reinsurance recoverables, are as follows: March 31, 2024 December 31, 2023 (in millions) Individual and group annuities(1) $ 7,221 $ 7,516 Life insurance(2) 9,594 8,806 Other reinsurance 407 415 Total reinsurance recoverables(3)(4) $ 17,222 $ 16,737 __________ (1) Primarily represents $5,722 million and $5,981 million of reinsurance recoverables as of March 31, 2024 and December 31, 2023, respectively, 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 $8,186 million and $8,543 million as of March 31, 2024 and December 31, 2023, respectively. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $1,457 million and $1,485 million as of March 31, 2024 and December 31, 2023, respectively. (2) Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $2,067 million and $2,090 million as of March 31, 2024 and December 31, 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,387 million and $1,396 million as of March 31, 2024 and December 31, 2023, respectively. Also includes net reinsurance recoverables of $545 million as of March 31, 2024 for the modified coinsurance receivable established under the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. (3) Net of $(11) million and $(12) million of allowance for credit losses as of March 31, 2024 and December 31, 2023, respectively. (4) Excludes deposit receivables of arrangements that are accounted for under the deposit method of accounting of $10,707 million and $10,574 million as of March 31, 2024 and December 31, 2023, respectively. Deposit receivables related to the reinsurance agreement with Prismic Re were $3,715 million and $3,771 million as of March 31, 2024 and December 31, 2023, respectively. Excluding the reinsurance recoverables associated with the acquisition of the Hartford Life Business, four major reinsurance companies account for approximately 65% of the Company’s reinsurance recoverables as of March 31, 2024. 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 current expected credit loss (“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 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 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 | 3 Months Ended |
Mar. 31, 2024 | |
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 16 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. As of March 31, 2024 and December 31, 2023, the Company recognized a policyholder dividend obligation of $2,807 million and $2,873 million, respectively, to Closed Block policyholders for the excess of actual cumulative earnings over expected cumulative earnings. Additionally, accumulated net unrealized investment gains (losses) were reflected as a policyholder dividend obligation of $(2,399) million and $(2,081) million at March 31, 2024 and December 31, 2023, respectively, with a corresponding amount reported in AOCI. As of March 31, 2024, 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: March 31, December 31, (in millions) Closed Block liabilities Future policy benefits $ 43,244 $ 43,587 Policyholders’ dividends payable 663 648 Policyholders’ dividend obligation 408 792 Policyholders’ account balances 4,464 4,500 Other Closed Block liabilities 3,902 3,605 Total Closed Block liabilities 52,681 53,132 Closed Block assets Fixed maturities, available-for-sale, at fair value 29,909 30,314 Fixed maturities, trading, at fair value 849 887 Equity securities, at fair value 1,818 1,970 Commercial mortgage and other loans 7,681 7,769 Policy loans 3,441 3,479 Other invested assets 4,432 4,513 Short-term investments 743 232 Total investments 48,873 49,164 Cash and cash equivalents 801 993 Accrued investment income 435 421 Other Closed Block assets 172 138 Total Closed Block assets 50,281 50,716 Excess of reported Closed Block liabilities over Closed Block assets 2,400 2,416 Portion of above representing accumulated other comprehensive income (loss): Net unrealized investment gains (losses) (2,562) (2,241) Allocated to policyholder dividend obligation 2,399 2,081 Future earnings to be recognized from Closed Block assets and Closed Block liabilities $ 2,237 $ 2,256 Information regarding the policyholder dividend obligation is as follows: Three Months Ended (in millions) Balance, December 31, 2023 $ 792 Impact from earnings allocable to policyholder dividend obligation (66) Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation (318) Balance, March 31, 2024 $ 408 Closed Block revenues and benefits and expenses are as follows for the periods indicated: Three Months Ended 2024 2023 (in millions) Revenues Premiums $ 409 $ 406 Net investment income 513 479 Realized investment gains (losses), net (125) (17) Other income (loss) 164 100 Total Closed Block revenues 961 968 Benefits and Expenses Policyholders’ benefits 584 572 Interest credited to policyholders’ account balances 30 30 Dividends to policyholders 275 302 General and administrative expenses 67 73 Total Closed Block benefits and expenses 956 977 Closed Block revenues, net of Closed Block benefits and expenses, before income taxes 5 (9) Income tax expense (benefit) (15) (32) Closed Block revenues, net of Closed Block benefits and expenses and income taxes $ 20 $ 23 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
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 joint ventures and other operating entities.” Taxes attributable to joint ventures and other operating entities are recorded within “Equity in earnings of joint ventures and other operating entities, 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 $289 million, or 20.8% of income (loss) before income taxes and equity in earnings of joint ventures and other operating entities, in the first three months of 2024, compared to an income tax expense of $382 million, or 20.7%, in the first three months of 2023. 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 (Treasury Decision 9959) 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. 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 will be able to claim a U.S. foreign tax credit for taxes paid to Brazil for its 2023 and 2024 tax years. GILTI High Tax Exclusion. On July 20, 2020, the U.S. Treasury and the Internal Revenue Service issued Final Regulations (Treasury Decision 9902) pursuant to Internal Revenue Code Section 951A which allows an annual election to exclude from the U.S. tax return certain Global Intangible Low-Taxed Income (“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 anticipates making the high-tax exception election for the 2023 and 2024 tax years 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 three months of 2023 and 2024, respectively. Inflation Reduction Act. On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the “Inflation Reduction Act”), (House of Representatives, 5376). One of the most significant provisions of the Inflation Reduction Act is a 15% corporate alternative minimum tax (“CAMT”) based on the Company’s GAAP income, with certain adjustments. This provision, which is applicable only to companies with average applicable financial statement income in excess of $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. The Company is subject to CAMT for 2024 which may or may not result in a CAMT cash tax liability and will have no impact to the full year effective tax rate. Tax Audit and Unrecognized Tax Benefits . It is possible the Company will make a payment within the next 12 months of approximately $75 million related to unrecognized tax benefits for prior audit cycles, including an amount attributable to the Section 952 election for tax years 2017 and 2018, as the Company pursues resolution of the Section 952 matter. The payment will have no impact on the effective tax rate. The Company cannot predict with reasonable accuracy whether there will be any significant changes within the next twelve months to its total unrecognized tax benefits related to tax years for which the statute of limitations has not expired. |
Short-Term and Long-Term Debt
Short-Term and Long-Term Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Short-Term and Long-Term Debt | SHORT-TERM AND LONG-TERM DEBT Short-term Debt The table below presents the Company’s short-term debt as of the dates indicated: March 31, 2024 December 31, 2023 ($ in millions) Commercial paper: Prudential Financial $ 25 $ 25 Prudential Funding, LLC 480 510 Subtotal commercial paper 505 535 Current portion of long-term debt: Mortgage debt 80 83 Surplus notes subject to set-off arrangements(1) 2,000 2,000 Subtotal current portion of long-term debt 2,080 2,083 Subtotal 2,585 2,618 Less: assets under set-off arrangements(1) 2,000 2,000 Total short-term debt(2) $ 585 $ 618 Supplemental short-term debt information: Portion of commercial paper borrowings due overnight $ 125 $ 110 Daily average commercial paper outstanding for the quarter ended $ 1,461 $ 1,334 Weighted average maturity of outstanding commercial paper, in days 28 49 Weighted average interest rate on outstanding commercial paper 5.51 % 5.50 % _________ (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 Prudential Financial debt of $25 million at both March 31, 2024 and December 31, 2023. Prudential Financial and certain subsidiaries have access to external sources of liquidity, including membership in the FHLBNY, a funding agreement facility with the Federal Agricultural Mortgage Company (“Farmer Mac”), commercial paper programs and contingent financing facilities in the f orm of facility agreements. The Company also maintains syndicated, unsecured committed credit facilities as an alternative source of l iquidity. At March 31, 2024, no amounts were drawn on these syndicated, unsecured committed credit facilities. For additional information regarding these sources of liquidity, see Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Long-term Debt The table below presents the Company’s long-term debt as of the dates indicated: March 31, 2024 December 31, 2023 (in millions) Fixed-rate obligations: Surplus notes $ 347 $ 346 Surplus notes subject to set-off arrangements(1)(2) 11,002 9,790 Senior notes 10,111 10,112 Floating-rate obligations: Line of credit 255 255 Surplus notes subject to set-off arrangements(1) 580 580 Mortgage debt(3) 73 75 Junior subordinated notes(4) 8,582 8,094 Subtotal 30,950 29,252 Less: assets under set-off arrangements(1) 11,582 10,370 Total long-term debt(5) $ 19,368 $ 18,882 __________ (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) Amount includes $6.2 billion of surplus notes used to finance Guideline AXXX reserves for business reinsured to Somerset Re in March 2024. See Note 12 for additional information. (3) Includes $25 million and $27 million of debt denominated in foreign currency at March 31, 2024 and December 31, 2023, respectively. (4) Includes Prudential Financial debt of $8,541 million and $8,050 million at March 31, 2024, and December 31, 2023, respectively. Also includes subsidiary debt of $41 million and $44 million denominated in foreign currency at March 31, 2024, and December 31, 2023, respectively. (5) Includes Prudential Financial debt of $18,652 million and $18,162 million at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024 and December 31, 2023, the Company was in compliance with all debt covenants related to the borrowings in the table above. Junior Subordinated Notes In March 2024, the Company issued $1.0 billion in aggregate principal amount of 6.50% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due in March 2054, and also redeemed, in full, $0.5 billion in aggregate principal amount of 5.20% Fixed-to-Floating Rate Junior Subordinated Notes due in 2044. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, Pension Benefits Other Postretirement Benefits 2024 2023 2024 2023 (in millions) Components of net periodic (benefit) cost: Service cost $ 52 $ 51 $ 2 $ 2 Interest cost 135 138 13 18 Expected return on plan assets (238) (231) (19) (21) Amortization of prior service cost 0 0 (17) (2) Amortization of actuarial (gain) loss, net 22 17 2 3 Net periodic (benefit) cost $ (29) $ (25) $ (19) $ 0 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 666.3 307.1 359.2 Common Stock issued 0.0 0.0 0.0 Common Stock acquired 0.0 2.3 (2.3) Stock-based compensation programs(1) 0.0 (2.2) 2.2 Balance, March 31, 2024 666.3 307.2 359.1 __________ (1) Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs. In December 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, 2024 through December 31, 2024. As of March 31, 2024, 2.3 million shares of the Company’s Common Stock were repurchased under this authorization at a total cost of $250 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 2024 2023 Dividends declared per share of Common Stock $ 1.30 $ 1.25 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 three months ended March 31, 2024 and 2023, 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, 2023 $ (2,686) $ (11,213) $ 8,547 $ 900 $ (2,052) $ (6,504) Change in OCI before reclassifications (481) (4,602) 4,213 (252) 6 (1,116) Amounts reclassified from AOCI (13) (172) 0 0 7 (178) Income tax benefit (expense) (36) 1,131 (1,006) 53 (5) 137 Balance, March 31, 2024 $ (3,216) $ (14,856) $ 11,754 $ 701 $ (2,044) $ (7,661) 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) $ (16,194) $ 15,242 $ 1,448 $ (2,028) $ (3,806) Change in OCI before reclassifications 12 8,243 (8,705) 186 1 (263) Amounts reclassified from AOCI 0 136 0 0 18 154 Income tax benefit (expense) (38) (1,988) 2,160 (39) (5) 90 Balance, March 31, 2023 $ (2,300) $ (9,803) $ 8,697 $ 1,595 $ (2,014) $ (3,825) __________ (1) Includes cash flow hedges of $1,199 million and $869 million as of March 31, 2024 and December 31, 2023, respectively, and $2,344 million and $2,616 million as of March 31, 2023 and December 31, 2022, respectively, and fair value hedges of $(51) million and $(60) million as of March 31, 2024 and December 31, 2023, respectively, and $(74) million and $(54) million as of March 31, 2023 and December 31, 2022, respectively. Reclassifications out of Accumulated Other Comprehensive Income (Loss) Three Months Ended Affected line item in Unaudited Interim Consolidated Statements of Operations 2024 2023 (in millions) Amounts reclassified from AOCI(1)(2): Foreign currency translation adjustment: Foreign currency translation adjustments $ 13 $ 0 Realized investment gains (losses), net Net unrealized investment gains (losses): Cash flow hedges—Interest rate (3) (23) (3) Cash flow hedges—Currency 2 5 (3) Cash flow hedges—Currency/Interest rate 157 39 (3) Fair value hedges—Currency (2) (2) (3) Net unrealized investment gains (losses) on available-for-sale securities 18 (155) Realized investment gains (losses), net Total net unrealized investment gains (losses) 172 (136) (4) Amortization of defined benefit items: Prior service cost 17 2 (5) Actuarial gain (loss) (24) (20) (5) Total amortization of defined benefit items (7) (18) Total reclassifications for the period $ 178 $ (154) __________ (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, 2023 $ (72) $ (17,179) $ (484) $ 1,306 $ 2,081 $ 3,135 $ (11,213) Net investment gains (losses) on investments arising during the period (23) (4,899) 1,158 (3,764) Reclassification adjustment for (gains) losses included in net income (1) (171) 40 (132) Reclassification due to allowance for credit losses recorded during the period 23 (23) 0 0 Impact of net unrealized investment (gains) losses (172) 174 318 (67) 253 Balance, March 31, 2024 $ (73) $ (22,272) $ (656) $ 1,480 $ 2,399 $ 4,266 $ (14,856) __________ (1) Includes cash flow and fair value hedges. See Note 5 for additional information. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 2023 Income Weighted Per Share Income Weighted Per Share (in millions, except per share amounts) Basic earnings per share Net income (loss) $ 1,151 $ 1,477 Less: Income (loss) attributable to noncontrolling interests 13 15 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 15 18 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 1,123 359.0 $ 3.13 $ 1,444 366.5 $ 3.94 Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 15 $ 18 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 15 18 Stock options 0.3 0.2 Deferred and long-term compensation programs 1.2 1.0 Diluted earnings per share Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 1,123 360.5 $ 3.12 $ 1,444 367.7 $ 3.93 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 March 31, 2024 and 2023, as applicable, were based on 4.1 million and 4.2 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 March 31, 2024 2023 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 0.3 $ 110.42 1.2 $ 103.16 Antidilutive stock options due to net loss available to holders of Common Stock 0.0 0.0 Antidilutive shares based on application of the treasury stock method 0.0 0.1 Antidilutive shares due to net loss available to holders of Common Stock 0.0 0.0 Total antidilutive stock options and shares 0.3 1.3 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
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 (consisting of the Life Planner and Gibraltar Life and Other 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. 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 joint ventures and other operating entities” 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 joint ventures and other operating entities” for the following items: • Realized investment gains (losses), net, and related charges and adjustments; • 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 joint ventures and other operating entities 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 23 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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 joint ventures and other operating entities”: Three Months Ended 2024 2023 (in millions) Adjusted operating income before income taxes by segment: PGIM $ 169 $ 151 U.S. Businesses: Institutional Retirement Strategies 441 396 Individual Retirement Strategies 474 441 Retirement Strategies(1) 915 837 Group Insurance 45 25 Individual Life(1) (121) (102) Total U.S. Businesses 839 760 International Businesses: Life Planner 545 522 Gibraltar Life and Other 351 318 Total International Businesses 896 840 Corporate and Other(2) (435) (471) Total segment adjusted operating income before income taxes 1,469 1,280 Reconciling items: Realized investment gains (losses), net, and related charges and adjustments(2) (97) 369 Change in value of market risk benefits, net of related hedging gains (losses) 123 75 Market experience updates (32) 48 Divested and Run-off Businesses: Closed Block division (3) (4) Other Divested and Run-off Businesses(2) (35) 92 Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests (27) (5) Other adjustments(3) (8) (8) Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities per Unaudited Interim Consolidated Financial Statements $ 1,390 $ 1,847 __________ (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) Prior period amounts have been updated to conform to current period presentation. (3) 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. March 31, December 31, (in millions) Assets by segment: PGIM $ 37,922 $ 42,064 U.S. Businesses: Institutional Retirement Strategies 119,148 111,308 Individual Retirement Strategies 144,434 139,934 Retirement Strategies 263,582 251,242 Group Insurance 39,321 39,214 Individual Life 116,134 116,449 Total U.S. Businesses 419,037 406,905 International Businesses: Life Planner 79,319 81,164 Gibraltar Life and Other 105,317 110,060 Total International Businesses 184,636 191,224 Corporate and Other 33,588 29,842 Closed Block division 50,640 51,088 Total assets per Unaudited Interim Consolidated Financial Statements $ 725,823 $ 721,123 Three Months Ended March 31, 2024 2023 (in millions) Revenues by segment: PGIM $ 990 $ 898 U.S. Businesses: Institutional Retirement Strategies 11,538 4,889 Individual Retirement Strategies 1,214 1,095 Retirement Strategies 12,752 5,984 Group Insurance 1,634 1,564 Individual Life 1,580 1,527 Total U.S. Businesses 15,966 9,075 International Businesses: Life Planner 2,550 2,624 Gibraltar Life and Other 2,163 2,391 Total International Businesses: 4,713 5,015 Corporate and Other(1) 30 (6) Total revenues on an adjusted operating income basis 21,699 14,982 Reconciling items: Realized investment gains (losses), net, and related charges and adjustments(1) 308 512 Change in value of market risk benefits, net of related hedging gains (losses) 123 75 Market experience updates (58) 24 Divested and Run-off Businesses: Closed Block division 962 971 Other Divested and Run-off Businesses(1) 514 500 Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests (39) (19) Total revenues per Unaudited Interim Consolidated Financial Statements $ 23,509 $ 17,045 __________ (1) Prior period amounts have been updated to conform to current period presentation. 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 2024 2023 (in millions) PGIM segment intersegment revenues $ 207 $ 205 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 March 31, 2024 2023 (in millions) Asset-based management fees $ 833 $ 789 Performance-based incentive fees 41 3 Other fees 125 125 Total asset management and service fees $ 999 $ 917 |
Related Party Disclosures
Related Party Disclosures | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | RELATED PARTY TRANSACTIONS In September 2023, the Company invested approximately $200 million, and acquired a 20% equity interest as a limited partner, in Prismic, a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Re, a licensed Bermuda-based life and annuity reinsurance company. As this investment is accounted for under the equity method, both Prismic and Prismic Re are considered related parties. Also in September 2023, the Company entered into an agreement with Prismic Re, to reinsure approximately $9 billion of reserves for certain structured settlement annuity contracts issued by PICA, a wholly-owned subsidiary of the Company. These contracts represent approximately 70% of the Company’s in-force structured settlement annuities business. Separately, the Company, through PGIM, entered into an investment management agreement with Prismic to manage a large portion of Prismic Re's assets. The following tables summarize the impacts to the Company’s financial statements related to the agreements that the Company entered with Prismic and Prismic Re. The related party balances with Prismic and Prismic Re impacted the Company’s balance sheet as of the periods indicated as follows: March 31, 2024 December 31, (in millions) Reinsurance recoverables and deposit receivables $ 9,437 $ 9,752 Other assets $ 132 $ 132 Reinsurance and funds withheld payables (includes $224 and $508 of embedded derivatives at fair value at March 31, 2024 and December 31, 2023, respectively) $ 8,136 $ 8,544 Accumulated other comprehensive income (loss) $ 132 $ 335 The Company has agreed to guarantee Prismic Re's reimbursement obligations on letters of credit that may be obtained by Prismic Re from third-party financial institutions to support Prismic Re’s obligations under the reinsurance agreement with the Company for a total amount up to $2.0 billion as of both March 31, 2024 and December 31, 2023. See Note 21 for additional information on the Company’s guarantees and commitments. The related party activity with Prismic and Prismic Re impacted the Company’s results of operations and cash flows for the period indicated as follows: Three Months Ended March 31, 2024 (in millions) Premiums $ (4) Asset management and service fees 9 Other income 39 Realized investment gains(losses), net 204 Policyholders’ benefits (71) Change in estimates of liability for future policy benefits (4) General and administrative expenses 11 Income (loss) from related parties, before income taxes 312 Other comprehensive income (loss), before tax 132 Total comprehensive income (loss), before tax $ 444 Three Months Ended March 31, 2024 (in millions) CASH FLOWS FROM OPERATING ACTIVITIES Adjustments to reconcile net income (loss) to net cash provided by operating activities: Realized investment (gains) losses, net $ (204) Change in: Other, net $ (183) CASH FLOWS FROM FINANCING ACTIVITIES Other, net $ 92 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES Commitments and Guarantees Commercial Mortgage Loan Commitments March 31, December 31, (in millions) Total outstanding mortgage loan commitments $ 1,208 $ 1,798 Portion of commitment where prearrangement to sell to investor exists $ 294 $ 366 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 March 31, 2024 and December 31, 2023. The change in allowance is $0 million for both the three months ended March 31, 2024 and 2023. Commitments to Purchase Investments (excluding Commercial Mortgage Loans) March 31, December 31, (in millions) Expected to be funded from the general account and other operations outside the separate accounts $ 10,922 $ 10,675 Expected to be funded from separate accounts $ 1 $ 39 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 end ed March 31, 2024 or 2023. Indemnification of Securities Lending and Securities Repurchase Transactions March 31, December 31, (in millions) Indemnification provided to certain clients for securities lending and securities repurchase transactions(1) $ 5,801 $ 5,409 Fair value of related collateral associated with above indemnifications(2) $ 5,926 $ 5,528 Accrued liability associated with guarantee $ 0 $ 0 __________ (1) Includes $229 million and $0 million related to securities repurchase transactions as of March 31, 2024 and December 31, 2023, respectively. (2) Includes $230 million and $0 million related to securities repurchase transactions as of March 31, 2024 and December 31, 2023, respectively. 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 March 31, December 31, (in millions) Guaranteed value of third-parties’ assets $ 77,683 $ 78,009 Fair value of collateral supporting these assets $ 71,951 $ 73,186 Asset (liability) associated with guarantee, carried at fair value $ (2) $ (2) 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 March 31, December 31, (in millions) Maximum exposure under indemnification agreements for mortgage loans serviced by the Company $ 3,103 $ 3,102 First-loss exposure portion of above $ 897 $ 898 Accrued liability associated with guarantees(1) $ 26 $ 28 __________ (1) The accrued liability associated with guarantees includes an allowance for credit losses of $13 million and $14 million as of March 31, 2024 and December 31, 2023, respectively. The change in allowance is a reduction of $1 million for both the three months ended March 31, 2024, and 2023. 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 $24,823 million and $24,875 million of mortgages subject to these loss-sharing arrangements as of March 31, 2024 and December 31, 2023, respectively, all of which are collateralized by first priority liens on the underlying multi-family residential properties. As of March 31, 2024, these mortgages had a weighted-average debt service coverage ratio of 1.94 times and a weighted-average loan-to-value ratio of 60%. As of December 31, 2023, these mortgages had a weighted-average debt service coverage ratio of 1.97 times and a weighted-average loan-to-value ratio of 60%. The Company had no losses related to indemnifications that were settled for either the three months ended March 31, 2024 or 2023. Other Guarantees March 31, December 31, (in millions) Other guarantees where amount can be determined $ 42 $ 36 Accrued liability for other guarantees and indemnifications $ 32 $ 32 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. This includes guarantees issued on $1.5 billion of standby committed letters of credit and $0.5 billion of standby uncommitted letters of credit that may be obtained by Prismic Re from third-party financial institutions, for the benefit of PICA as beneficiary, to support U.S. statutory reserve credit related to a reinsurance agreement with PICA. As of March 31, 2024, no letters of credit have been issued to PICA under the facility, and the likelihood of PICA drawing upon them is remote. The guarantees are renewable on an annual basis. The current value of the guarantees is estimated to be immaterial. See Note 20 for additional information on the related party relationship between the Company and Prismic Re and Note 12 for additional information on the Company’s reinsurance transactions. 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 March 31, 2024, 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 25 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and should be read in conjunction with the complete descriptions provided in the Form 10-K. Individual Annuities, Individual Life and Group Insurance California Advocates for Nursing Home Reform v. The Prudential Insurance Company of America and Pruco Life Insurance Company, et al. In February 2024, defendants removed the action from California state court to the United States District Court for the Northern District of California. Securities Litigation City of Warren v. PFI, et al. In March 2024, the court issued an order granting the motion for preliminary approval of the Settlement. 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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 1,138 | $ 1,462 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation 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, 2023. |
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 to conform to the current period presentation. |
New Accounting Pronouncements | ASUs issued but not yet adopted as of March 31, 2024 Standard Description Effective date and method of adoption Effect on the financial statements or other significant matters ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures This ASU requires entities to provide additional information primarily related to the effective tax rate reconciliation and income taxes paid. Effective for fiscal years beginning after December 15, 2024 with early adoption permitted, and is required to be applied prospectively with the option of retrospective application. The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements. ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures This ASU requires entities to provide more detailed information about significant segment expenses that are regularly provided to the chief operating decision maker. Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, using the retrospective method. The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements. |
Future Adoption Of New Accounting Pronouncements |
Business and Basis of Present_2
Business and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of 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: Three Months Ended March 31, 2024 Retirement Strategies Individual Life International Businesses Total Individual Variable Term Life Variable/ Life Planner Gibraltar Life (in millions) Balance, BOP $ 3,676 $ 2,237 $ 5,364 $ 4,909 $ 4,442 $ 20,628 Capitalization 85 44 151 155 138 573 Amortization expense (94) (52) (61) (83) (81) (371) Other adjustments(1) 0 (2) (285) 5 0 (282) Foreign currency adjustment 0 0 0 (138) (94) (232) Balance, EOP $ 3,667 $ 2,227 $ 5,169 $ 4,848 $ 4,405 20,316 Other businesses 297 Total DAC balance $ 20,613 __________ (1) Includes the impact of the reinsurance transaction with Somerset Reinsurance Ltd. in Individual Life (Universal Life). See Note 12 for additional information. Three Months Ended March 31, 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 59 33 142 159 155 548 Amortization expense (98) (53) (60) (81) (75) (367) Other adjustments 0 0 0 5 0 5 Foreign currency adjustment 0 0 0 2 (13) (11) Balance, EOP $ 4,132 $ 2,268 $ 5,082 $ 4,795 $ 4,298 20,575 Other businesses 166 Total DAC balance $ 20,741 . |
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: Three Months Ended March 31, 2024 2023 (in millions) Balance, BOP $ 410 $ 446 Capitalization 2 2 Amortization expense (9) (10) Balance, EOP 403 438 Other businesses 31 34 Total DSI balance $ 434 $ 472 |
Schedule of 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: Three Months Ended March 31, 2024 2023 (in millions) Balance, BOP $ 511 $ 597 Amortization expense (11) (14) Foreign currency adjustment (33) (5) Balance, EOP 467 578 Other businesses 17 23 Total VOBA balance $ 484 $ 601 The following table provides VOBA balances for the applicable businesses for the period ended March 31: 2024 (in millions) Gibraltar Life $ 467 Aoba Life 17 Total $ 484 |
Liability for Future Policy Benefit, Activity | 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. Three Months Ended March 31, 2024 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 $ 71,407 $ 11,274 $ 29,064 $ 26,367 $ 3,286 $ 141,398 Effect of cumulative changes in discount rate assumptions, BOP 11,869 228 596 622 16 13,331 Balance at original discount rate, BOP 83,276 11,502 29,660 26,989 3,302 154,729 Effect of actual variances from expected experience and other activity 176 (57) (352) (191) 49 (375) Adjusted balance, BOP 83,452 11,445 29,308 26,798 3,351 154,354 Issuances 8,799 199 671 285 0 9,954 Net premiums / considerations collected (10,124) (345) (1,091) (938) (86) (12,584) Interest accrual 708 134 218 182 40 1,282 Foreign currency adjustment (875) 0 (981) (863) 0 (2,719) Other adjustments 0 (1) 40 (1) 0 38 Balance at original discount rate, EOP 81,960 11,432 28,165 25,463 3,305 150,325 Effect of cumulative changes in discount rate assumptions, EOP (13,442) (443) (881) (856) (87) (15,709) Balance, EOP $ 68,518 $ 10,989 $ 27,284 $ 24,607 $ 3,218 $ 134,616 Other businesses, EOP 88 Total balance, EOP $ 134,704 Three Months Ended March 31, 2024 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 $ 141,135 $ 19,852 $ 79,822 $ 79,036 $ 12,139 $ 331,984 Effect of cumulative changes in discount rate assumptions, BOP 14,751 334 563 7,355 603 23,606 Balance at original discount rate, BOP 155,886 20,186 80,385 86,391 12,742 355,590 Effect of actual variances from expected experience and other activity 162 (65) (359) (180) 42 (400) Adjusted balance, BOP 156,048 20,121 80,026 86,211 12,784 355,190 Issuances 8,799 199 671 285 0 9,954 Interest accrual 1,493 237 648 552 153 3,083 Benefit payments (3,114) (404) (1,228) (1,349) (77) (6,172) Foreign currency adjustment (886) 0 (2,825) (3,152) 0 (6,863) Other adjustments (48) (4) 94 (3) 0 39 Balance at original discount rate, EOP 162,292 20,149 77,386 82,544 12,860 355,231 Effect of cumulative changes in discount rate assumptions, EOP (17,715) (769) (2,347) (8,578) (1,033) (30,442) Balance, EOP $ 144,577 $ 19,380 $ 75,039 $ 73,966 $ 11,827 $ 324,789 Other businesses, EOP 1,701 Total balance, EOP $ 326,490 Three Months Ended March 31, 2024 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 $ 76,060 $ 8,391 $ 47,755 $ 49,360 $ 8,608 $ 190,174 Flooring impact, EOP 56 0 19 7 0 82 Balance, EOP, post-flooring 76,116 8,391 47,774 49,367 8,608 190,256 Less: Reinsurance recoverables 5,340 690 98 285 0 6,413 Balance after reinsurance recoverables, EOP, post-flooring $ 70,776 $ 7,701 $ 47,676 $ 49,082 $ 8,608 $ 183,843 Other businesses, EOP(1) 1,547 Total balance after reinsurance recoverables, EOP $ 185,390 Three Months Ended March 31, 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 actual variances from expected experience and other activity 141 (17) (193) (159) 45 (183) Adjusted balance, BOP 67,110 11,837 31,850 30,118 3,080 143,995 Issuances 2,932 143 647 443 0 4,165 Net premiums / considerations collected (3,637) (353) (1,178) (1,079) (77) (6,324) Interest accrual 517 136 230 204 37 1,124 Foreign currency adjustment 1,867 0 (31) (120) 0 1,716 Other adjustments 0 (4) 40 1 0 37 Balance at original discount rate, EOP 68,789 11,759 31,558 29,567 3,040 144,713 Effect of cumulative changes in discount rate assumptions, EOP (13,465) (321) (618) (611) (30) (15,045) Balance, EOP $ 55,324 $ 11,438 $ 30,940 $ 28,956 $ 3,010 $ 129,668 Other businesses, EOP 92 Total balance, EOP $ 129,760 Three Months Ended March 31, 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 actual variances from expected experience and other activity 98 (24) (167) (154) 53 (194) Adjusted balance, BOP 138,022 20,276 82,191 91,443 11,954 343,886 Issuances 2,932 143 647 443 0 4,165 Interest accrual 1,208 237 663 585 143 2,836 Benefit payments (2,795) (406) (947) (1,152) (60) (5,360) Foreign currency adjustment 1,908 0 (163) (432) 0 1,313 Other adjustments 48 (7) 93 (2) 0 132 Balance at original discount rate, EOP 141,323 20,243 82,484 90,885 12,037 346,972 Effect of cumulative changes in discount rate assumptions, EOP (17,578) (490) 244 (7,214) (738) (25,776) Balance, EOP $ 123,745 $ 19,753 $ 82,728 $ 83,671 $ 11,299 $ 321,196 Other businesses, EOP 1,952 Total balance, EOP $ 323,148 Three Months Ended March 31, 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 $ 68,421 $ 8,315 $ 51,789 $ 54,715 $ 8,288 $ 191,528 Flooring impact, EOP 4 0 26 11 0 41 Balance, EOP, post-flooring 68,425 8,315 51,815 54,726 8,288 191,569 Less: Reinsurance recoverables 0 728 112 222 0 1,062 Balance after reinsurance recoverables, EOP, post-flooring $ 68,425 $ 7,587 $ 51,703 $ 54,504 $ 8,288 $ 190,507 Other businesses, EOP(1) 1,786 Total balance after reinsurance recoverables, EOP $ 192,293 __________ (1) Reflects balance after reinsurance recoverables of $65 million and $74 million at March 31, 2024 and 2023, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Three Months Ended March 31, 2024 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 131,869 $ 23,001 $ 66,266 $ 53,342 $ 6,858 Discounted expected future gross premiums (at original discount rate) $ 89,183 $ 15,258 $ 51,131 $ 42,749 $ 4,525 Discounted expected future gross premiums (at current discount rate) $ 72,848 $ 14,693 $ 50,018 $ 41,467 $ 4,410 Undiscounted expected future benefits and expenses $ 253,981 $ 31,039 $ 134,541 $ 135,676 $ 30,755 Interest accrual $ 785 $ 103 $ 430 $ 370 $ 113 Gross premiums $ 10,277 $ 458 $ 1,671 $ 1,529 $ 118 Weighted-average duration of the liability in years (at original discount rate) 9 10 19 19 18 Weighted-average duration of the liability in years (at current discount rate) 8 9 18 17 17 Weighted-average interest rate (at original discount rate) 4.70 % 5.16 % 3.46 % 2.60 % 4.91 % Weighted-average interest rate (at current discount rate) 5.31 % 5.29 % 3.24 % 3.14 % 5.50 % Three Months Ended March 31, 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 $ 106,074 $ 23,352 $ 73,474 $ 62,903 $ 6,901 Discounted expected future gross premiums (at original discount rate) $ 74,439 $ 15,526 $ 56,950 $ 49,872 $ 4,507 Discounted expected future gross premiums (at current discount rate) $ 59,863 $ 15,119 $ 56,318 $ 49,016 $ 4,467 Undiscounted expected future benefits and expenses $ 215,874 $ 31,258 $ 147,802 $ 154,197 $ 29,713 Interest accrual $ 691 $ 101 $ 433 $ 381 $ 106 Gross premiums $ 3,892 $ 461 $ 1,867 $ 1,767 $ 114 Weighted-average duration of the liability in years (at original discount rate) 8 10 20 20 18 Weighted-average duration of the liability in years (at current discount rate) 8 10 20 18 18 Weighted-average interest rate (at original discount rate) 4.36 % 5.20 % 3.41 % 2.52 % 4.91 % Weighted-average interest rate (at current discount rate) 5.09 % 5.05 % 2.82 % 2.69 % 5.34 % The balances of and changes in DPL as of and for the period indicated are as follows: Three Months Ended March 31, 2024 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP, post-flooring $ 5,615 $ 3,956 $ 5,303 $ 14,874 Less: Flooring impact, BOP 0 1 1 2 Balance, BOP, pre-flooring 5,615 3,955 5,302 14,872 Effect of actual variances from expected experience and other activity 26 (8) (15) 3 Adjusted balance, BOP 5,641 3,947 5,287 14,875 Profits deferred 38 420 312 770 Interest accrual 57 41 39 137 Amortization (142) (289) (248) (679) Foreign currency adjustment (3) (107) (141) (251) Other adjustments 0 11 0 11 Balance, EOP, pre-flooring 5,591 4,023 5,249 14,863 Flooring impact, EOP 0 1 1 2 Balance, EOP, post-flooring 5,591 4,024 5,250 14,865 Less: Reinsurance recoverables 382 9 31 422 Balance after reinsurance recoverables, EOP, post-flooring $ 5,209 $ 4,015 $ 5,219 14,443 Other businesses(1) 142 Total balance after reinsurance recoverables, EOP $ 14,585 Three Months Ended March 31, 2023 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP, post-flooring $ 5,532 $ 3,379 $ 5,261 $ 14,172 Less: Flooring impact, BOP 0 0 1 1 Balance, BOP, pre-flooring 5,532 3,379 5,260 14,171 Effect of actual variances from expected experience and other activity 31 (3) (10) 18 Adjusted balance, BOP 5,563 3,376 5,250 14,189 Profits deferred 164 451 373 988 Interest accrual 57 35 39 131 Amortization (141) (288) (257) (686) Foreign currency adjustment 7 8 (18) (3) Other adjustments 0 10 0 10 Balance, EOP, pre-flooring 5,650 3,592 5,387 14,629 Flooring impact, EOP 0 0 1 1 Balance, EOP, post-flooring 5,650 3,592 5,388 14,630 Less: Reinsurance recoverables 0 9 11 20 Balance after reinsurance recoverables, EOP, post-flooring $ 5,650 $ 3,583 $ 5,377 14,610 Other businesses(1) 185 Total balance after reinsurance recoverables, EOP $ 14,795 The following tables provide supplemental information related to the balances of and changes in DPL, included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Three Months Ended March 31, 2024 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ 20 $ (175) $ (88) Interest accrual $ 57 $ 41 $ 39 Three Months Ended March 31, 2023 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ (111) $ (205) $ (145) Interest accrual $ 57 $ 35 $ 39 __________ (1) Represents the gross premiums collected in changes in DPL 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: Three Months Ended March 31, 2024 2023 (in millions) Balance, including amounts in AOCI, BOP, post-flooring $ 14,308 $ 12,684 Flooring impact and amounts in AOCI 843 1,285 Balance, excluding amounts in AOCI, BOP, pre-flooring 15,151 13,969 Effect of actual variances from expected experience and other activity 144 (33) Adjusted balance, BOP 15,295 13,936 Assessments collected(1) 292 270 Interest accrual 129 118 Benefits paid (72) (74) Balance, excluding amounts in AOCI, EOP, pre-flooring 15,644 14,250 Flooring impact and amounts in AOCI (1,029) (1,016) Balance, including amounts in AOCI, EOP, post-flooring 14,615 13,234 Less: Reinsurance recoverables 7,198 5,338 Balance after reinsurance recoverables, including amounts in AOCI, EOP 7,417 7,896 Other businesses 117 151 Total balance after reinsurance recoverables $ 7,534 $ 8,047 __________ (1) Represents the portion of gross assessments required to fund the future policy benefits. Three Months Ended March 31, 2024 2023 ($ in millions) Interest accrual $ 129 $ 118 Gross assessments $ 788 $ 827 Weighted-average duration of the liability in years (at original discount rate) 22 22 Weighted-average interest rate (at original discount rate) 3.39 % 3.38 % The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR 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: Three Months Ended March 31, 2024 2023 (in millions) Benefit reserves, EOP, post-flooring $ 191,868 $ 193,429 Deferred Profit Liability EOP, post-flooring 15,007 14,814 Additional insurance reserves, including amounts in AOCI, EOP, post-flooring 14,732 13,385 Subtotal of amounts disclosed above 221,607 221,628 Other Future Policy Benefits reserves(1) 51,183 51,958 Total Future Policy Benefits $ 272,790 $ 273,586 __________ (1) The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR 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: Three Months Ended March 31, 2024 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 $ 10,277 $ 458 $ 0 $ 1,671 $ 1,529 $ 140 $ 14,075 Deferred profit liability 20 0 0 (175) (88) 7 (236) Additional insurance reserves 0 0 788 0 0 0 788 Total $ 10,297 $ 458 $ 788 $ 1,496 $ 1,441 $ 147 $ 14,627 Three Months Ended March 31, 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 $ 3,892 $ 461 $ 0 $ 1,867 $ 1,767 $ 142 $ 8,129 Deferred profit liability (111) 0 0 (205) (145) (2) (463) Additional insurance reserves 0 0 827 0 0 0 827 Total $ 3,781 $ 461 $ 827 $ 1,662 $ 1,622 $ 140 $ 8,493 Three Months Ended March 31, 2024 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 $ 786 $ 103 $ 0 $ 430 $ 370 $ 127 $ 1,816 Deferred profit liability 57 0 0 41 39 1 138 Additional insurance reserves 0 0 129 0 0 0 129 Total $ 843 $ 103 $ 129 $ 471 $ 409 $ 128 $ 2,083 Three Months Ended March 31, 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 $ 691 $ 101 $ 0 $ 433 $ 381 $ 120 $ 1,726 Deferred profit liability 57 0 0 35 39 1 132 Additional insurance reserves 0 0 118 0 0 0 118 Total $ 748 $ 101 $ 118 $ 468 $ 420 $ 121 $ 1,976 __________ (1) Represents “Gross Premiums” for benefit reserves, “Revenue” for DPL and “Gross Assessments” for AIR. (2) Includes remaining balances disclosed above and balances for which disaggregated rollforward disclosures may not be presented above. |
Additional Liability, Long-Duration Insurance | The balance of and changes in URR as of and for the periods ended are as follows: Three Months Ended March 31, 2024 Individual Life International Businesses Variable/ Universal Life Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 4,613 $ 359 $ 95 $ 5,067 Unearned revenue 215 37 5 257 Amortization expense (58) (4) (1) (63) Other adjustments 0 0 0 0 FX adjustment 0 (14) (4) (18) Balance, EOP 4,770 378 95 5,243 Less: Reinsurance recoverables 398 0 0 398 Balance after reinsurance recoverables, EOP $ 4,372 $ 378 $ 95 $ 4,845 Other businesses 51 Total balance after reinsurance recoverables, EOP $ 4,896 Three Months Ended March 31, 2023 Individual Life International Businesses Variable/ Universal Life Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 3,983 $ 231 $ 81 $ 4,295 Unearned revenue 204 37 6 247 Amortization expense (47) (2) (1) (50) Other adjustments 0 1 0 1 FX adjustment 0 (2) 0 (2) Balance, EOP 4,140 265 86 4,491 Less: Reinsurance recoverables 0 0 0 0 Balance after reinsurance recoverables, EOP $ 4,140 $ 265 $ 86 $ 4,491 Other businesses 53 Total balance after reinsurance recoverables, EOP $ 4,544 |
Market Risk Benefit, Activity | 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: Three Months Ended March 31, 2024 2023 (in millions) Balance, BOP $ 4,038 $ 4,987 Effect of cumulative changes in NPR 1,137 1,828 Balance, BOP, before effect of changes in NPR 5,175 6,815 Attributed fees collected 288 300 Claims paid (22) (32) Interest accrual 74 85 Actual in force different from expected 2 19 Effect of changes in interest rates (868) 463 Effect of changes in equity markets (888) (671) Issuances 13 0 Other adjustments 14 78 Balance, EOP, before effect of changes in NPR 3,788 7,057 Effect of cumulative changes in NPR (886) (2,014) Balance, EOP 2,902 5,043 Less: Reinsured MRBs 560 28 Balance, EOP, net of reinsurance 2,342 5,015 Other businesses 57 105 Total net MRB balance $ 2,399 $ 5,120 The following table presents accompanying information to the rollforward table above. March 31, 2024 March 31, 2023 ($ in millions) Net amount at risk(1) $ 8,970 $ 11,332 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: March 31, 2024 Retirement Strategies Individual Variable Other Businesses Total (in millions) Direct and assumed $ 1,497 $ 10 $ 1,507 Ceded 715 3 718 Total MRB assets $ 2,212 $ 13 $ 2,225 Direct and assumed $ 4,399 $ 70 $ 4,469 Ceded 155 0 155 Total MRB liabilities $ 4,554 $ 70 $ 4,624 Net liability $ 2,342 $ 57 $ 2,399 March 31, 2023 Retirement Strategies Individual Variable Other Businesses Total (in millions) Direct and assumed $ 895 $ 10 $ 905 Ceded 67 4 71 Total MRB assets $ 962 $ 14 $ 976 Direct and assumed $ 5,938 $ 118 $ 6,056 Ceded 40 0 40 Total MRB liabilities $ 5,978 $ 118 $ 6,096 Net liability $ 5,016 $ 104 $ 5,120 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 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 $ 27,113 $ 729 $ 4,811 $ 0 $ 23,031 Obligations of U.S. states and their political subdivisions 8,619 217 558 0 8,278 Foreign government bonds 67,025 3,235 5,661 31 64,568 U.S. public corporate securities 110,786 1,765 11,139 76 101,336 U.S. private corporate securities(1) 43,096 874 2,936 12 41,022 Foreign public corporate securities 21,715 387 1,420 19 20,663 Foreign private corporate securities 35,870 447 3,976 32 32,309 Asset-backed securities(2) 15,090 229 88 1 15,230 Commercial mortgage-backed securities 10,288 31 671 0 9,648 Residential mortgage-backed securities(3) 2,626 18 219 0 2,425 Total fixed maturities, available-for-sale(1) $ 342,228 $ 7,932 $ 31,479 $ 171 $ 318,510 __________ (1) Excludes notes with amortized cost of $13,582 million (fair value, $13,592 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. December 31, 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 $ 24,874 $ 1,091 $ 4,169 $ 0 $ 21,796 Obligations of U.S. states and their political subdivisions 8,650 267 459 0 8,458 Foreign government bonds 71,556 3,895 5,208 53 70,190 U.S. public corporate securities 105,593 2,357 9,711 67 98,172 U.S. private corporate securities(1) 42,801 807 2,574 14 41,020 Foreign public corporate securities 20,473 487 1,298 19 19,643 Foreign private corporate securities 35,128 613 3,446 5 32,290 Asset-backed securities(2) 12,514 202 119 2 12,595 Commercial mortgage-backed securities 10,571 34 713 0 9,892 Residential mortgage-backed securities(3) 2,438 24 197 0 2,265 Total fixed maturities, available-for-sale(1) $ 334,598 $ 9,777 $ 27,894 $ 160 $ 316,321 __________ (1) Excludes notes with amortized cost of $12,370 million (fair value, $12,370 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: March 31, 2024 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 $ 5,597 $ 236 $ 11,354 $ 4,575 $ 16,951 $ 4,811 Obligations of U.S. states and their political subdivisions 1,491 28 3,940 530 5,431 558 Foreign government bonds 9,857 755 17,951 4,905 27,808 5,660 U.S. public corporate securities 12,399 287 60,497 10,837 72,896 11,124 U.S. private corporate securities 5,258 126 26,589 2,810 31,847 2,936 Foreign public corporate securities 2,489 42 10,256 1,355 12,745 1,397 Foreign private corporate securities 3,246 79 21,666 3,895 24,912 3,974 Asset-backed securities 2,841 25 2,545 63 5,386 88 Commercial mortgage-backed securities 398 3 7,971 668 8,369 671 Residential mortgage-backed securities 294 2 1,535 217 1,829 219 Total fixed maturities, available-for-sale $ 43,870 $ 1,583 $ 164,304 $ 29,855 $ 208,174 $ 31,438 December 31, 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 $ 2,718 $ 95 $ 12,642 $ 4,074 $ 15,360 $ 4,169 Obligations of U.S. states and their political subdivisions 862 14 3,816 445 4,678 459 Foreign government bonds 9,098 542 19,589 4,664 28,687 5,206 U.S. public corporate securities 4,881 103 61,204 9,604 66,085 9,707 U.S. private corporate securities 3,026 69 27,062 2,504 30,088 2,573 Foreign public corporate securities 1,766 37 10,812 1,246 12,578 1,283 Foreign private corporate securities 1,578 120 22,145 3,324 23,723 3,444 Asset-backed securities 846 30 5,886 89 6,732 119 Commercial mortgage-backed securities 287 3 8,251 710 8,538 713 Residential mortgage-backed securities 92 2 1,599 195 1,691 197 Total fixed maturities, available-for-sale $ 25,154 $ 1,015 $ 173,006 $ 26,855 $ 198,160 $ 27,870 |
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: March 31, 2024 Available-for-Sale Amortized Cost Fair Value (in millions) Fixed maturities: Due in one year or less $ 14,917 $ 14,826 Due after one year through five years 55,756 54,747 Due after five years through ten years(1) 58,432 57,487 Due after ten years(1) 185,119 164,147 Asset-backed securities 15,090 15,230 Commercial mortgage-backed securities 10,288 9,648 Residential mortgage-backed securities 2,626 2,425 Total $ 342,228 $ 318,510 __________ (1) Excludes notes with amortized cost of $13,582 million (fair value, $13,592 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 2024 2023 (in millions) Fixed maturities, available-for-sale: Proceeds from sales(1) $ 5,751 $ 7,350 Proceeds from maturities/prepayments 4,932 3,988 Gross investment gains from sales and maturities 394 290 Gross investment losses from sales and maturities (360) (305) Write-downs recognized in earnings(2) (5) (9) (Addition to) release of allowance for credit losses (11) (131) Fixed maturities, held-to-maturity: Proceeds from maturities/prepayments(3) $ 0 $ 7 (Addition to) release of allowance for credit losses 0 0 __________ (1) Excludes activity from non-cash related proceeds due to the timing of trade settlements of $111 million and $(160) million for the three months ended March 31, 2024 and 2023, 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 $0 million and less than $1 million for the three months ended March 31, 2024 and 2023, 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 March 31, 2024 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 $ 53 $ 105 $ 2 $ 0 $ 0 $ 160 Additions to allowance for credit losses not previously recorded 0 0 46 0 0 0 46 Reductions for securities sold during the period 0 0 (12) 0 0 0 (12) Additions (reductions) on securities with previous allowance 0 (22) 0 (1) 0 0 (23) Balance, end of period $ 0 $ 31 $ 139 $ 1 $ 0 $ 0 $ 171 Three Months Ended March 31, 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 75 0 0 0 137 Reductions for securities sold during the period 0 0 (40) 0 0 0 (40) Additions (reductions) on securities with previous allowance 0 (1) 35 0 0 0 34 Balance, end of period $ 0 $ 62 $ 206 $ 1 $ 0 $ 0 $ 269 Three Months Ended March 31, 2024 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 $ 0 $ 0 $ 0 $ 0 $ 0 Current period provision for expected losses 0 0 0 0 0 0 0 Change in foreign exchange 0 0 0 0 0 0 0 Balance, end of period $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Three Months Ended March 31, 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 0 0 0 0 0 0 0 Change in foreign exchange 0 0 0 0 0 0 0 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: March 31, 2024 December 31, 2023 Amortized Fair Amortized Fair (in millions) Fixed maturities: Corporate securities $ 77 $ 75 $ 81 $ 79 Foreign government bonds 587 587 606 604 Obligations of U.S. government authorities and agencies and obligations of U.S. states 196 208 202 206 Total fixed maturities(1) 860 870 889 889 Equity securities 1,548 2,489 1,607 2,279 Total assets supporting experience-rated contractholder liabilities(2) $ 2,408 $ 3,359 $ 2,496 $ 3,168 __________ (1) As a percentage of amortized cost, 99% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of both March 31, 2024 and December 31, 2023. (2) As a percentage of amortized cost, 100% of the portfolio consisted of public securities, as of both March 31, 2024 and December 31, 2023. |
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: March 31, 2024 December 31, 2023 Amortized Fair Amortized Fair (in millions) Investments in Japanese government and government agency securities: Fixed maturities, available-for-sale $ 58,152 $ 56,194 $ 62,591 $ 61,484 Fixed maturities, trading 18 18 19 19 Assets supporting experience-rated contractholder liabilities 509 501 522 514 Total $ 58,679 $ 56,713 $ 63,132 $ 62,017 March 31, 2024 December 31, 2023 Amortized Fair Amortized Fair (in millions) Investments in Brazil government and government agency securities: Fixed maturities, available-for-sale $ 3,056 $ 2,887 $ 3,028 $ 2,992 Short-term investments 26 26 0 0 Cash equivalents 286 286 427 427 Total $ 3,368 $ 3,199 $ 3,455 $ 3,419 |
Commercial Mortgage and Other Loans | The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated: March 31, 2024 December 31, 2023 Amount % of Amount % of Commercial mortgage and agricultural property loans by property type: Office $ 8,265 14.1 % $ 8,402 14.2 % Retail 5,332 9.1 5,384 9.1 Apartments/Multi-Family 16,123 27.4 16,555 28.0 Industrial 15,184 25.8 15,263 25.8 Hospitality 2,070 3.5 2,086 3.5 Other 4,272 7.3 4,069 6.9 Total commercial mortgage loans 51,246 87.2 51,759 87.5 Agricultural property loans 7,504 12.8 7,426 12.5 Total commercial mortgage and agricultural property loans 58,750 100.0 % 59,185 100.0 % Allowance for credit losses (513) (459) Total net commercial mortgage and agricultural property loans 58,237 58,726 Other loans: Uncollateralized loans 394 425 Residential property loans 26 30 Other collateralized loans 125 125 Total other loans 545 580 Allowance for credit losses (1) (1) Total net other loans 544 579 Total net commercial mortgage and other loans(1) $ 58,781 $ 59,305 __________ (1) Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of March 31, 2024 and December 31, 2023, the net carrying value of these loans was $157 million and $519 million, respectively. Commercial Mortgage Loan Commitments March 31, December 31, (in millions) Total outstanding mortgage loan commitments $ 1,208 $ 1,798 Portion of commitment where prearrangement to sell to investor exists $ 294 $ 366 Indemnification of Serviced Mortgage Loans March 31, December 31, (in millions) Maximum exposure under indemnification agreements for mortgage loans serviced by the Company $ 3,103 $ 3,102 First-loss exposure portion of above $ 897 $ 898 Accrued liability associated with guarantees(1) $ 26 $ 28 __________ (1) The accrued liability associated with guarantees includes an allowance for credit losses of $13 million and $14 million as of March 31, 2024 and December 31, 2023, respectively. The change in allowance is a reduction of $1 million for both the three months ended March 31, 2024, and 2023. |
Allowance for Credit Losses | The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, for the periods indicated: Three Months Ended March 31, 2024 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 443 $ 16 $ 0 $ 0 $ 1 $ 460 Addition to (release of) allowance for expected losses 47 5 0 0 0 52 Change in foreign exchange 2 0 0 0 0 2 Allowance, end of period $ 492 $ 21 $ 0 $ 0 $ 1 $ 514 Three Months Ended March 31, 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 17 2 0 0 0 19 Reduction for loans sold during the period 0 0 0 0 (1) (1) Allowance, end of period $ 205 $ 15 $ 0 $ 0 $ 1 $ 221 |
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: March 31, 2024 Amortized Cost by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Total (in millions) Commercial mortgage loans Loan-to-Value Ratio: 0%-59.99% $ 57 $ 1,476 $ 906 $ 2,195 $ 1,426 $ 18,767 $ 0 $ 24,827 60%-69.99% 1,201 2,690 1,449 2,568 1,094 6,261 0 15,263 70%-79.99% 114 959 1,027 1,250 421 3,165 0 6,936 80% or greater 3 134 320 186 313 3,264 0 4,220 Total $ 1,375 $ 5,259 $ 3,702 $ 6,199 $ 3,254 $ 31,457 $ 0 $ 51,246 Debt Service Coverage Ratio: Greater than 1.2x $ 1,222 $ 4,777 $ 3,187 $ 6,066 $ 3,162 $ 27,975 $ 0 $ 46,389 1.0 - 1.2x 153 332 363 53 38 2,141 0 3,080 Less than 1.0x 0 150 152 80 54 1,341 0 1,777 Total $ 1,375 $ 5,259 $ 3,702 $ 6,199 $ 3,254 $ 31,457 $ 0 $ 51,246 Agricultural property loans Loan-to-Value Ratio: 0%-59.99% $ 39 $ 361 $ 900 $ 2,031 $ 760 $ 1,880 $ 112 $ 6,083 60%-69.99% 58 574 625 10 53 29 50 1,399 70%-79.99% 0 0 0 0 0 0 0 0 80% or greater 0 0 0 0 0 22 0 22 Total $ 97 $ 935 $ 1,525 $ 2,041 $ 813 $ 1,931 $ 162 $ 7,504 Debt Service Coverage Ratio: Greater than 1.2x $ 93 $ 930 $ 1,512 $ 2,029 $ 741 $ 1,734 $ 162 $ 7,201 1.0 - 1.2x 4 0 5 4 56 146 0 215 Less than 1.0x 0 5 8 8 16 51 0 88 Total $ 97 $ 935 $ 1,525 $ 2041 $ 813 $ 1,931 $ 162 $ 7,504 December 31, 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% $ 1,822 $ 911 $ 2,264 $ 1,437 $ 3,205 $ 16,569 $ 0 $ 26,208 60%-69.99% 2,765 1,440 2,541 1,107 2,146 4,530 0 14,529 70%-79.99% 1,001 1,004 1,278 401 1,013 2,277 0 6,974 80% or greater 145 357 203 330 209 2,804 0 4,048 Total $ 5,733 $ 3,712 $ 6,286 $ 3,275 $ 6,573 $ 26,180 $ 0 $ 51,759 Debt Service Coverage Ratio: Greater than 1.2x $ 5,237 $ 3,194 $ 6,122 $ 3,182 $ 5,988 $ 23,196 $ 0 $ 46,919 1.0 - 1.2x 346 366 82 38 265 1,713 0 2,810 Less than 1.0x 150 152 82 55 320 1,271 0 2,030 Total $ 5,733 $ 3,712 $ 6,286 $ 3,275 $ 6,573 $ 26,180 $ 0 $ 51,759 Agricultural property loans Loan-to-Value Ratio: 0%-59.99% $ 360 $ 880 $ 2,027 $ 774 $ 455 $ 1,481 $ 74 $ 6,051 60%-69.99% 586 668 25 50 20 4 0 1,353 70%-79.99% 7 0 0 0 0 0 0 7 80% or greater 0 0 0 0 15 0 0 15 Total $ 953 $ 1,548 $ 2,052 $ 824 $ 490 $ 1,485 $ 74 $ 7,426 Debt Service Coverage Ratio: Greater than 1.2x $ 948 $ 1,535 $ 2,040 $ 750 $ 489 $ 1,290 $ 74 $ 7,126 1.0 - 1.2x 0 5 4 58 0 151 0 218 Less than 1.0x 5 8 8 16 1 44 0 82 Total $ 953 $ 1,548 $ 2,052 $ 824 $ 490 $ 1,485 $ 74 $ 7,426 |
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: March 31, 2024 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 $ 51,007 $ 0 $ 0 $ 239 $ 239 $ 51,246 $ 239 Agricultural property loans 7,379 78 0 47 125 7,504 62 Residential property loans 26 0 0 0 0 26 0 Other collateralized loans 125 0 0 0 0 125 0 Uncollateralized loans 394 0 0 0 0 394 25 Total $ 58,931 $ 78 $ 0 $ 286 $ 364 $ 59,295 $ 326 __________ (1) As of March 31, 2024, 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, 2023. December 31, 2023 Current 30-59 Days 60-89 Days 90 Days or More Past Due(1)(2) Total Past Total Non-Accrual Status(3) (in millions) Commercial mortgage loans $ 51,665 $ 34 $ 0 $ 60 $ 94 $ 51,759 $ 94 Agricultural property loans 7,392 15 15 4 34 7,426 38 Residential property loans 30 0 0 0 0 30 0 Other collateralized loans 125 0 0 0 0 125 0 Uncollateralized loans 425 0 0 0 0 425 25 Total $ 59,637 $ 49 $ 15 $ 64 $ 128 $ 59,765 $ 157 __________ (1) As of December 31, 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, 2023. |
Other Invested Assets | The following table sets forth the composition of “Other invested assets,” as of the dates indicated: March 31, 2024 December 31, 2023 (in millions) LPs/LLCs: Equity method: Private equity $ 9,307 $ 8,929 Hedge funds 3,215 3,164 Real estate-related 2,859 2,578 Subtotal equity method 15,381 14,671 Fair value: Private equity 1,642 1,247 Hedge funds 2,081 2,078 Real estate-related 795 800 Subtotal fair value 4,518 4,125 Total LPs/LLCs 19,899 18,796 Real estate held through direct ownership(1) 1,773 1,794 Derivative instruments 1,377 1,100 Other(2) 1,178 1,165 Total other invested assets $ 24,227 $ 22,855 _________ (1) As of March 31, 2024 and December 31, 2023, real estate held through direct ownership had mortgage debt of $153 million and $158 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 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. |
Accrued Investment Income | The following table sets forth the composition of “Accrued investment income,” as of the dates indicated: March 31, 2024 December 31, 2023 (in millions) Fixed maturities $ 2,803 $ 2,727 Equity securities 8 6 Commercial mortgage and other loans 216 224 Policy loans 237 259 Other invested assets 35 23 Short-term investments and cash equivalents 62 48 Total accrued investment income $ 3,361 $ 3,287 |
Net Investment Income | The following table sets forth “Net investment income” by investment type, for the periods indicated: Three Months Ended 2024 2023 (in millions) Fixed maturities, available-for-sale(1) $ 3,592 $ 3,235 Fixed maturities, held-to-maturity(1) 0 50 Fixed maturities, trading 116 55 Assets supporting experience-rated contractholder liabilities 14 13 Equity securities 38 40 Commercial mortgage and other loans 611 543 Policy loans 122 124 Other invested assets 321 310 Short-term investments and cash equivalents 298 238 Gross investment income 5,112 4,608 Less: investment expenses (348) (288) Net investment income $ 4,764 $ 4,320 __________ (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. |
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 2024 2023 (in millions) Fixed maturities(1) $ 18 $ (155) Commercial mortgage and other loans (51) (12) Investment real estate 2 32 LPs/LLCs 19 (16) Derivatives (233) 358 Other (63) 10 Realized investment gains (losses), net $ (308) $ 217 __________ (1) 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: March 31, 2024 December 31, 2023 (in millions) Fixed maturity securities, available-for-sale with an allowance $ (73) $ (72) Fixed maturity securities, available-for-sale without an allowance (23,474) (18,045) Derivatives designated as cash flow hedges(1) 1,199 869 Derivatives designated as fair value hedges(1) (51) (60) Other investments(2) 54 57 Net unrealized gains (losses) on investments $ (22,345) $ (17,251) __________ (1) For additional information regarding cash flow and fair value hedges, see Note 5. (2) 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: March 31, 2024 December 31, 2023 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 $ 6,402 $ 0 $ 0 $ 6,402 $ 5,693 $ 0 $ 0 $ 5,693 U.S. public corporate securities 0 161 0 161 0 118 0 118 Commercial mortgage-backed securities 0 0 0 0 245 0 0 245 Total securities sold under agreements to repurchase $ 6,402 $ 161 $ 0 $ 6,563 $ 5,938 $ 118 $ 0 $ 6,056 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: March 31, 2024 December 31, 2023 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 43 0 43 67 0 67 Foreign government bonds 173 4 177 242 0 242 U.S. public corporate securities 5,185 334 5,519 4,399 420 4,819 Foreign public corporate securities 876 83 959 649 76 725 Equity securities 278 1 279 623 0 623 Total cash collateral for loaned securities(1) $ 6,556 $ 422 $ 6,978 $ 5,981 $ 496 $ 6,477 __________ (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) | 3 Months Ended |
Mar. 31, 2024 | |
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) March 31, December 31, March 31, December 31, (in millions) Fixed maturities, available-for-sale $ 717 $ 539 $ 1,413 $ 836 Fixed maturities, trading 560 943 0 0 Equity securities 86 106 0 0 Commercial mortgage and other loans 712 764 0 0 Other invested assets 5,151 4,319 534 485 Cash and cash equivalents 304 302 1 0 Accrued investment income 7 7 2 3 Other assets 712 1,023 603 636 Total assets of consolidated VIEs $ 8,249 $ 8,003 $ 2,553 $ 1,960 Other liabilities $ 164 $ 588 $ 0 $ 0 Notes issued by consolidated VIEs(2) 1,097 1,374 35 0 Total liabilities of consolidated VIEs $ 1,261 $ 1,962 $ 35 $ 0 __________ (1) Total assets of consolidated VIEs reflect $4,176 million and $4,003 million as of March 31, 2024 and December 31, 2023, 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 March 31, 2024, the maturities of these obligations were between 0 and 13 years. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 $1,380 million and $1,103 million as of March 31, 2024 and December 31, 2023, respectively, and total derivative liabilities of $4,485 million and $4,181 million as of March 31, 2024 and December 31, 2023, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position. Primary Underlying Risk /Instrument Type March 31, 2024 December 31, 2023 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 $ 3,396 $ 27 $ (314) $ 3,582 $ 55 $ (252) Interest Rate Forwards 0 0 0 0 0 0 Foreign Currency Foreign Currency Forwards 4,776 52 (177) 4,748 43 (195) Currency/Interest Rate Foreign Currency Swaps 28,495 2,222 (538) 27,933 1,952 (676) Total Derivatives Designated as Hedge Accounting Instruments $ 36,667 $ 2,301 $ (1,029) $ 36,263 $ 2,050 $ (1,123) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate Interest Rate Swaps $ 223,711 $ 10,079 $ (23,743) $ 224,445 $ 8,604 $ (21,599) Interest Rate Futures 9,140 8 (1) 10,448 7 (26) Interest Rate Options 32,346 309 (1,258) 32,718 292 (1,095) Interest Rate Forwards 3,269 53 (48) 3,678 39 (14) Foreign Currency Foreign Currency Forwards 28,615 1,442 (1,316) 27,686 965 (954) Foreign Currency Options 0 0 0 0 0 0 Currency/Interest Rate Foreign Currency Swaps 7,632 569 (144) 7,771 502 (164) Credit Credit Default Swaps 6,859 130 (17) 3,446 64 0 Equity Equity Futures 615 0 0 672 1 (2) Equity Options 61,236 3,191 (2,140) 51,792 1,688 (1,662) Total Return Swaps 9,921 79 (339) 9,237 48 (514) Other Other(1) 1,250 0 0 1,250 0 0 Synthetic GICs 77,683 1 (1) 78,009 1 (1) Total Derivatives Not Qualifying as Hedge Accounting Instruments $ 462,277 $ 15,861 $ (29,007) $ 451,152 $ 12,211 $ (26,031) Total Derivatives(2)(3) $ 498,944 $ 18,162 $ (30,036) $ 487,415 $ 14,261 $ (27,154) __________ (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 $9,717 million (including the Prismic funds withheld related embedded derivative net liability of $224 million) and $8,096 million (including the Prismic funds withheld related embedded derivative net liability of $508 million) as of March 31, 2024 and December 31, 2023, respectively, primarily included in “Policyholder account balances” and “Reinsurance and funds withheld payables.” (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 March 31, 2024, 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. March 31, 2024 December 31, 2023 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 $ 219 $ 14 $ 224 $ 19 Policyholders’ account balances $ (759) $ 281 $ (810) $ 219 Future policy benefits $ (2,368) $ 362 $ (2,441) $ 298 __________ (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. March 31, 2024 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 18,054 $ (16,782) $ 1,272 $ (489) $ 783 Securities purchased under agreement to resell 162 0 162 (162) 0 Total assets $ 18,216 $ (16,782) $ 1,434 $ (651) $ 783 Offsetting of Financial Liabilities: Derivatives $ 30,035 $ (25,551) $ 4,484 $ (4,317) $ 167 Securities sold under agreement to repurchase 6,563 0 6,563 (6,563) 0 Total liabilities $ 36,598 $ (25,551) $ 11,047 $ (10,880) $ 167 December 31, 2023 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 14,169 $ (13,158) $ 1,011 $ (240) $ 771 Securities purchased under agreement to resell 388 0 388 (363) 25 Total assets $ 14,557 $ (13,158) $ 1,399 $ (603) $ 796 Offsetting of Financial Liabilities: Derivatives $ 27,154 $ (22,973) $ 4,181 $ (3,775) $ 406 Securities sold under agreement to repurchase 6,056 0 6,056 (5,811) 245 Total liabilities $ 33,210 $ (22,973) $ 10,237 $ (9,586) $ 651 __________ (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. March 31, 2024 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 18,054 $ (16,782) $ 1,272 $ (489) $ 783 Securities purchased under agreement to resell 162 0 162 (162) 0 Total assets $ 18,216 $ (16,782) $ 1,434 $ (651) $ 783 Offsetting of Financial Liabilities: Derivatives $ 30,035 $ (25,551) $ 4,484 $ (4,317) $ 167 Securities sold under agreement to repurchase 6,563 0 6,563 (6,563) 0 Total liabilities $ 36,598 $ (25,551) $ 11,047 $ (10,880) $ 167 December 31, 2023 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 14,169 $ (13,158) $ 1,011 $ (240) $ 771 Securities purchased under agreement to resell 388 0 388 (363) 25 Total assets $ 14,557 $ (13,158) $ 1,399 $ (603) $ 796 Offsetting of Financial Liabilities: Derivatives $ 27,154 $ (22,973) $ 4,181 $ (3,775) $ 406 Securities sold under agreement to repurchase 6,056 0 6,056 (5,811) 245 Total liabilities $ 33,210 $ (22,973) $ 10,237 $ (9,586) $ 651 __________ (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 March 31, 2024 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 $ 4 $ 0 $ 0 $ 0 $ 0 $ (50) $ (59) $ 0 Currency 0 0 0 0 0 0 (16) 0 Total gains (losses) on derivatives designated as hedge instruments 4 0 0 0 0 (50) (75) 0 Gains (losses) on the hedged item: Interest Rate (4) 0 3 0 0 62 48 0 Currency 0 0 0 0 0 0 14 0 Total gains (losses) on hedged item (4) 0 3 0 0 62 62 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (2) 10 Total amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (2) 10 Total gains (losses) on fair value hedges net of hedged item 0 0 3 0 0 12 (15) 10 Cash flow hedges Interest Rate 0 0 (3) 0 0 0 0 (10) Currency 0 0 0 0 0 0 0 15 Currency/Interest Rate 3 0 76 78 0 0 0 325 Total gains (losses) on cash flow hedges 3 0 73 78 0 0 0 330 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 (662) (961) 0 0 0 0 0 0 Currency (26) 0 0 2 0 0 0 0 Currency/Interest Rate 106 0 0 1 0 0 0 0 Credit 52 0 0 0 0 0 0 0 Equity 1,449 (493) 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Embedded Derivatives(2) (1,070) 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (151) (1,454) 0 3 0 0 0 0 Total $ (148) $ (1,454) $ 76 $ 81 $ 0 $ 12 $ (15) $ 351 Three Months Ended March 31, 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 $ (3) $ 0 $ 0 $ 0 $ 0 $ 37 $ 43 $ 0 Currency 0 0 (1) 0 0 0 49 0 Total gains (losses) on derivatives designated as hedge instruments (3) 0 (1) 0 0 37 92 0 Gains (losses) on the hedged item: Interest Rate 4 0 3 0 0 (37) (48) 0 Currency 0 0 1 0 0 0 (47) 0 Total gains (losses) on hedged item 4 0 4 0 0 (37) (95) 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (2) (20) Total amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (2) (20) Total gains (losses) on fair value hedges net of hedged item 1 0 3 0 0 0 (5) (20) Cash flow hedges Interest Rate (22) 0 (1) 0 0 0 0 43 Currency 5 0 0 0 0 0 0 (38) Currency/Interest Rate 36 0 83 (80) 0 0 0 (277) Total gains (losses) on cash flow hedges 19 0 82 (80) 0 0 0 (272) Net investment hedges Currency 0 0 0 0 0 0 0 (1) 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 (1) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate 546 267 0 0 0 0 0 0 Currency (161) 0 0 1 0 0 0 0 Currency/Interest Rate (28) 0 0 (2) 0 0 0 0 Credit 46 0 0 0 0 0 0 0 Equity 189 (238) 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Embedded Derivatives (245) 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments 347 29 0 (1) 0 0 0 0 Total $ 367 $ 29 $ 85 $ (81) $ 0 $ 0 $ (5) $ (293) __________ (1) Excluding changes related to net investment hedges using non-derivative instruments of $39 million and $(1) million for the three months ended March 31, 2024 and 2023, respectively. (2) Includes the Prismic funds withheld related embedded derivative realized gain (loss) of $283 million for the three months ended March 31, 2024. |
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, 2023 $ 869 Amount recorded in AOCI: Interest Rate (12) Currency 17 Currency/Interest Rate 481 Total amount recorded in AOCI 486 Amount reclassified from AOCI to income: Interest Rate 3 Currency (2) Currency/Interest Rate (157) Total amount reclassified from AOCI to income (156) Balance, March 31, 2024 $ 1,199 |
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 11 years for index reference. March 31, 2024 NAIC Rating Designation of Underlying Credit Obligation(1) NAIC 1 NAIC 2 NAIC 3 NAIC 4 NAIC 5 NAIC 6(2) 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(3) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Index reference(3) 0 0 0 0 5,286 73 0 0 0 0 801 57 6,087 130 Total $ 0 $ 0 $ 0 $ 0 $ 5,286 $ 73 $ 0 $ 0 $ 0 $ 0 $ 801 $ 57 $ 6,087 $ 130 December 31, 2023 NAIC Rating Designation of Underlying Credit Obligation(1) NAIC 1 NAIC 2 NAIC 3 NAIC 4 NAIC 5 NAIC 6(2) 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(3) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Index reference(3) 0 0 0 0 2,723 19 0 0 89 5 634 40 3,446 64 Total $ 0 $ 0 $ 0 $ 0 $ 2,723 $ 19 $ 0 $ 0 $ 89 $ 5 $ 634 $ 40 $ 3,446 $ 64 _________ (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) The NAIC rating designation is due to approximately 5% and 3% as of March 31, 2024 and December 31, 2023, respectively, of the index reference name rated as NAIC 6. (3) Single name credit default swaps may make reference to the credit of corporate debt, sovereign debt, and structured finance. Index reference 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) | 3 Months Ended |
Mar. 31, 2024 | |
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. March 31, 2024 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 $ 23,031 $ 0 $ $ 23,031 Obligations of U.S. states and their political subdivisions 0 8,272 6 8,278 Foreign government bonds 0 64,561 7 64,568 U.S. corporate public securities 0 101,268 68 101,336 U.S. corporate private securities(2) 0 37,907 3,115 41,022 Foreign corporate public securities 0 20,584 79 20,663 Foreign corporate private securities 0 30,606 1,703 32,309 Asset-backed securities(3) 0 13,578 1,652 15,230 Commercial mortgage-backed securities 0 8,713 935 9,648 Residential mortgage-backed securities 0 2,400 25 2,425 Subtotal 0 310,920 7,590 318,510 Assets supporting experience-rated contractholder liabilities: U.S. Treasury securities and obligations of U.S. government authorities and agencies 0 208 0 208 Foreign government bonds 0 587 0 587 Corporate securities 0 75 0 75 Equity securities 1,121 1,368 0 2,489 Subtotal 1,121 2,238 0 3,359 Market risk benefit assets 0 0 2,225 2,225 Fixed maturities, trading 0 8,958 1,330 10,288 Equity securities 4,985 1,733 506 7,224 Commercial mortgage and other loans 0 157 0 157 Other invested assets(5) 37 18,125 865 (16,782) 2,245 Short-term investments 301 4,294 32 4,627 Cash equivalents 1,252 7,443 0 8,695 Reinsurance recoverables and deposit receivables 0 (79) 303 224 Other assets 0 0 19 19 Separate account assets(6)(7) 8,799 164,374 338 173,511 Total assets $ 16,495 $ 518,163 $ 13,208 $ (16,782) $ 531,084 Market risk benefit liabilities $ 0 $ 0 $ 4,624 $ $ 4,624 Policyholders’ account balances 0 0 9,864 9,864 Reinsurance and funds withheld payables 0 73 0 73 Other liabilities 9 30,026 1 (25,551) 4,485 Notes issued by consolidated VIEs 0 0 405 405 Total liabilities $ 9 $ 30,099 $ 14,894 $ (25,551) $ 19,451 December 31, 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 $ 21,796 $ 0 $ $ 21,796 Obligations of U.S. states and their political subdivisions 0 8,451 7 8,458 Foreign government bonds 0 70,182 8 70,190 U.S. corporate public securities 0 98,097 75 98,172 U.S. corporate private securities(2) 0 38,199 2,821 41,020 Foreign corporate public securities 0 19,576 67 19,643 Foreign corporate private securities 0 30,447 1,843 32,290 Asset-backed securities(3) 0 12,236 359 12,595 Commercial mortgage-backed securities 0 8,954 938 9,892 Residential mortgage-backed securities 0 2,265 0 2,265 Subtotal 0 310,203 6,118 316,321 Assets supporting experience-rated contractholder liabilities: U.S. Treasury securities and obligations of U.S. government authorities and agencies 0 206 0 206 Foreign government bonds 0 604 0 604 Corporate securities 0 79 0 79 Equity securities 1,004 1,275 0 2,279 Subtotal 1,004 2,164 0 3,168 Market risk benefit assets 0 0 1,981 1,981 Fixed maturities, trading 0 9,361 429 9,790 Equity securities(4) 5,953 1,538 512 8,003 Commercial mortgage and other loans 0 519 0 519 Other invested assets(5) 27 14,234 846 (13,158) 1,949 Short-term investments 125 3,746 29 3,900 Cash equivalents 2,240 8,058 4 10,302 Reinsurance recoverables and deposit receivables 0 (75) 224 149 Other assets 0 0 11 11 Separate account assets(6)(7) 8,925 161,793 1,094 171,812 Total assets $ 18,274 $ 511,541 $ 11,248 $ (13,158) $ 527,905 Market risk benefit liabilities $ 0 $ 0 $ 5,467 $ $ 5,467 Policyholders’ account balances 0 0 7,752 7,752 Reinsurance and funds withheld payables 0 490 0 490 Other liabilities 35 27,112 1 (22,973) 4,175 Notes issued by consolidated VIEs 0 0 778 778 Total liabilities $ 35 $ 27,602 $ 13,998 $ (22,973) $ 18,662 __________ (1) “Netting” amounts represent cash collateral of $(8,769) million and $(9,815) million as of March 31, 2024 and December 31, 2023, respectively. (2) Excludes notes with fair value of $13,592 million (carrying amount of $13,582 million) and $12,370 million (carrying amount of $12,370 million) as of March 31, 2024 and December 31, 2023, 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) Equity securities excluded from the fair value hierarchy include a fund for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of December 31, 2023, the fair value of this investment was $239 million. (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 NAV per share (or its equivalent) as a practical expedient. As of March 31, 2024 and December 31, 2023, the fair value of such investments was $4,518 million and $4,125 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 March 31, 2024 and December 31, 2023, the fair value of such investments was $26,553 million and $27,076 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 March 31, 2024 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Impact of (in millions) Assets: Corporate securities(2)(3) $ 4,083 Discounted Discount rate 0.68% 20.72% 11.16% Decrease Market comparables EBITDA multiples(4) 5.4X 8.8X 6.9X Increase Liquidation Liquidation value 42.00% 42.00% 42.00% Increase Commercial mortgage-backed securities $ 935 Discounted Liquidity premium 0.60% 0.75% 0.68% Decrease Market risk benefit assets(7) $ 2,225 Discounted cash flow Lapse rate(9) 1% 20% Increase Spread over SOFR(10) 0.33% 1.78% 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 $ 228 Discounted Discount rate 0.16% 12% Decrease Market comparables EBITDA multiples(4) 1.0X 12.2X 5.1X Increase Net Asset Value Share price $3 $1,714 $776 Increase Liabilities: Market risk benefit liabilities(7) $ 4,624 Discounted Lapse rate(9) 1% 20% Decrease Spread over SOFR(10) 0.33% 1.78% 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) $ 9,864 Discounted Lapse rate(9) 1% 80% Decrease Spread over SOFR(10) 0.33% 1.80% Decrease Mortality rate(13) 0% 23% Decrease Option Budget(14) (1)% 7% Increase As of December 31, 2023 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Impact of (in millions) Assets: Corporate securities(2)(3) $ 1,311 Discounted Discount rate 0.57% 20.00% 8.65% Decrease Market comparables EBITDA multiples(4) 5.5X 8.8X 7.4X Increase Liquidation Liquidation value 3.55% 68.00% 57.63% Increase Commercial mortgage-backed securities $ 938 Discounted Liquidity premium 0.60% 0.75% 0.70% Decrease Market risk benefit assets(7) $ 1,981 Discounted cash flow Lapse rate(9) 1% 20% Increase Spread over SOFR(10) 0.41% 1.82% 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 $ 246 Discounted Discount rate 0.16% 20% Decrease Market comparables EBITDA multiples(4) 1.0X 10.0X 6.3X Increase Net Asset Value Share price $3 $1,714 $733 Increase Liabilities: Market risk benefit liabilities(7) $ 5,467 Discounted Lapse rate(9) 1% 20% Decrease Spread over SOFR(10) 0.41% 1.82% 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) $ 7,752 Discounted Lapse rate(9) 1% 80% Decrease Spread over SOFR(10) 0.41% 1.85% Decrease Mortality rate(13) 0% 23% Decrease Option Budget(14) (1)% 7% 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 a 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 balances. (10) The spread over the secured overnight financing rate (“SOFR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR) 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 March 31, 2024 and December 31, 2023, respectively. This spread includes an estimate of non-performance risk (“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, now known as AuguStar Life Insurance Company (“AuguStar”), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of 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 AuguStar, which may differ from the Company’s; however, the NPR spreads for AuguStar 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 March 31, 2024 and December 31, 2023, the minimum withdrawal rate assumption is 81% and 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 budget 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 | 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 March 31, 2024(7) 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 $ (1) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 6 $ (1) Foreign government 8 0 0 0 0 (1) 0 0 0 7 0 Corporate securities(3) 4,806 (46) 402 (5) 0 (287) (13) 108 0 4,965 (50) Structured securities(4) 1,297 3 1,265 0 0 (12) (1) 60 0 2,612 (1) Other assets: Fixed maturities, trading 429 2 564 (22) 0 (46) (1) 404 0 1,330 7 Equity securities 512 (19) 21 (4) 0 (4) 9 0 (9) 506 (22) Other invested assets 846 (8) 29 (2) 0 0 0 0 0 865 (8) Short-term investments 29 (2) 5 0 0 0 0 0 0 32 (2) Cash equivalents 4 0 0 0 0 0 (4) 0 0 0 0 Reinsurance recoverables and deposit receivables 224 37 55 0 0 (13) 0 0 0 303 24 Other assets 11 0 8 0 0 0 0 0 0 19 0 Separate account assets(5) 1,094 (46) 56 (763) 0 (2) 0 0 (1) 338 (7) Liabilities: Policyholders’ account balances(6) (7,752) (1,495) 0 0 (618) 0 1 0 0 (9,864) (216) Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs (778) (8) 0 0 (10) 0 391 0 0 (405) (8) Three Months Ended March 31, 2024 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 (losses) 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 $ (33) $ 0 $ 0 $ (16) $ 5 $ (28) $ 0 $ 0 $ (24) Other assets: Fixed maturities, trading 0 1 0 0 1 0 7 0 0 Equity securities 0 (19) 0 0 0 0 (22) 0 0 Other invested assets (1) (7) 0 0 0 (1) (7) 0 0 Short-term investments (3) 0 0 0 1 (2) 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 37 0 0 0 0 24 0 0 0 Other assets 0 0 0 0 0 0 0 0 0 Separate account assets(5) 0 0 (46) 0 0 0 0 (7) 0 Liabilities: Policyholders’ account balances (1,495) 0 0 0 0 (216) 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 (8) 0 0 0 0 (8) 0 0 Three Months Ended March 31, 2023(7) 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 1 0 0 0 9 0 Corporate securities(3) 3,858 9 527 (128) 0 (323) (2) 0 0 3,941 21 Structured securities(4) 1,289 (35) 240 (1) 0 (12) 0 37 (80) 1,438 (36) Other assets: Fixed maturities, trading 304 5 33 0 0 (4) 1 0 0 339 3 Equity securities 627 17 7 (59) 0 (6) 215 1 (1) 801 0 Other invested assets 539 1 270 (7) 0 0 0 0 0 803 1 Short-term investments 18 2 3 0 0 (7) 0 0 0 16 0 Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 141 (18) 35 0 0 (2) 0 0 0 156 (17) Other assets(8) 11 0 0 0 0 0 0 0 0 11 0 Separate account assets(5) 1,081 39 143 (67) 0 (26) 0 0 (1) 1,169 37 Liabilities: Policyholders’ account balances(6) (3,492) (251) 0 0 (401) 0 (100) 0 0 (4,244) (442) 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 March 31, 2023 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 (losses) 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 $ (3) $ 0 $ 0 $ (24) $ 1 $ 7 $ 0 $ 0 $ (22) Other assets: Fixed maturities, trading 0 4 0 0 1 0 3 0 0 Equity securities 0 17 0 0 0 0 0 0 0 Other invested assets 0 1 0 0 0 0 1 0 0 Short-term investments 2 0 0 0 0 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables (18) 0 0 0 0 (17) 0 0 0 Other assets(8) 0 0 0 0 0 0 0 0 0 Separate account assets(5) 0 0 39 0 0 0 0 37 0 Liabilities: Policyholders’ account balances (251) 0 0 0 0 (442) 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) Excludes MRB assets of $2,225 million and $976 million and MRB liabilities of $4,624 million and $6,096 million for periods ending March 31, 2024 and 2023, respectively. See Note 11 for additional information. (8) Prior period amounts have been reclassified to conform to current period presentation. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | 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 March 31, 2024(7) 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 $ (1) $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 6 $ (1) Foreign government 8 0 0 0 0 (1) 0 0 0 7 0 Corporate securities(3) 4,806 (46) 402 (5) 0 (287) (13) 108 0 4,965 (50) Structured securities(4) 1,297 3 1,265 0 0 (12) (1) 60 0 2,612 (1) Other assets: Fixed maturities, trading 429 2 564 (22) 0 (46) (1) 404 0 1,330 7 Equity securities 512 (19) 21 (4) 0 (4) 9 0 (9) 506 (22) Other invested assets 846 (8) 29 (2) 0 0 0 0 0 865 (8) Short-term investments 29 (2) 5 0 0 0 0 0 0 32 (2) Cash equivalents 4 0 0 0 0 0 (4) 0 0 0 0 Reinsurance recoverables and deposit receivables 224 37 55 0 0 (13) 0 0 0 303 24 Other assets 11 0 8 0 0 0 0 0 0 19 0 Separate account assets(5) 1,094 (46) 56 (763) 0 (2) 0 0 (1) 338 (7) Liabilities: Policyholders’ account balances(6) (7,752) (1,495) 0 0 (618) 0 1 0 0 (9,864) (216) Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs (778) (8) 0 0 (10) 0 391 0 0 (405) (8) Three Months Ended March 31, 2024 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 (losses) 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 $ (33) $ 0 $ 0 $ (16) $ 5 $ (28) $ 0 $ 0 $ (24) Other assets: Fixed maturities, trading 0 1 0 0 1 0 7 0 0 Equity securities 0 (19) 0 0 0 0 (22) 0 0 Other invested assets (1) (7) 0 0 0 (1) (7) 0 0 Short-term investments (3) 0 0 0 1 (2) 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 37 0 0 0 0 24 0 0 0 Other assets 0 0 0 0 0 0 0 0 0 Separate account assets(5) 0 0 (46) 0 0 0 0 (7) 0 Liabilities: Policyholders’ account balances (1,495) 0 0 0 0 (216) 0 0 0 Other liabilities 0 0 0 0 0 0 0 0 0 Notes issued by consolidated VIEs 0 (8) 0 0 0 0 (8) 0 0 Three Months Ended March 31, 2023(7) 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 1 0 0 0 9 0 Corporate securities(3) 3,858 9 527 (128) 0 (323) (2) 0 0 3,941 21 Structured securities(4) 1,289 (35) 240 (1) 0 (12) 0 37 (80) 1,438 (36) Other assets: Fixed maturities, trading 304 5 33 0 0 (4) 1 0 0 339 3 Equity securities 627 17 7 (59) 0 (6) 215 1 (1) 801 0 Other invested assets 539 1 270 (7) 0 0 0 0 0 803 1 Short-term investments 18 2 3 0 0 (7) 0 0 0 16 0 Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 141 (18) 35 0 0 (2) 0 0 0 156 (17) Other assets(8) 11 0 0 0 0 0 0 0 0 11 0 Separate account assets(5) 1,081 39 143 (67) 0 (26) 0 0 (1) 1,169 37 Liabilities: Policyholders’ account balances(6) (3,492) (251) 0 0 (401) 0 (100) 0 0 (4,244) (442) 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 March 31, 2023 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 (losses) 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 $ (3) $ 0 $ 0 $ (24) $ 1 $ 7 $ 0 $ 0 $ (22) Other assets: Fixed maturities, trading 0 4 0 0 1 0 3 0 0 Equity securities 0 17 0 0 0 0 0 0 0 Other invested assets 0 1 0 0 0 0 1 0 0 Short-term investments 2 0 0 0 0 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables (18) 0 0 0 0 (17) 0 0 0 Other assets(8) 0 0 0 0 0 0 0 0 0 Separate account assets(5) 0 0 39 0 0 0 0 37 0 Liabilities: Policyholders’ account balances (251) 0 0 0 0 (442) 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) Excludes MRB assets of $2,225 million and $976 million and MRB liabilities of $4,624 million and $6,096 million for periods ending March 31, 2024 and 2023, respectively. See Note 11 for additional information. (8) Prior period amounts have been reclassified to conform to current period presentation. |
Fair Value Assets and Liabilities Measured on Recurring Basis, Derivatives | Derivative Fair Value Information The following tables present the balances of certain derivative assets and liabilities measured at fair value on a recurring basis, as of the dates indicated, by the primary underlying risks they are used to manage. These tables include NPR and exclude embedded derivatives. 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 March 31, 2024 Level 1 Level 2 Level 3 Netting(1) Total (in millions) Derivative Assets: Interest Rate $ 8 $ 10,468 $ 1 $ $ 10,477 Currency 0 1,494 0 1,494 Credit 0 130 0 130 Currency/Interest Rate 0 2,791 0 2,791 Equity 29 3,241 0 3,270 Other 0 0 0 0 Netting(1) (16,782) (16,782) Total derivative assets $ 37 $ 18,124 $ 1 $ (16,782) $ 1,380 Derivative Liabilities: Interest Rate $ 2 $ 25,362 $ 1 $ $ 25,365 Currency 0 1,493 0 1,493 Credit 0 17 0 17 Currency/Interest Rate 0 682 0 682 Equity 8 2,471 0 2,479 Other 0 0 0 0 Netting(1) (25,551) (25,551) Total derivative liabilities $ 10 $ 30,025 $ 1 $ (25,551) $ 4,485 As of December 31, 2023 Level 1 Level 2 Level 3 Netting(1) Total (in millions) Derivative Assets: Interest Rate $ 7 $ 8,990 $ 1 $ $ 8,998 Currency 0 1,008 0 1,008 Credit 0 64 0 64 Currency/Interest Rate 0 2,454 0 2,454 Equity 19 1,718 0 1,737 Other 0 0 0 0 Netting(1) (13,158) (13,158) Total derivative assets $ 26 $ 14,234 $ 1 $ (13,158) $ 1,103 Derivative Liabilities: Interest Rate $ 26 $ 22,960 $ 1 $ $ 22,987 Currency 0 1,149 0 1,149 Credit 0 0 0 0 Currency/Interest Rate 0 840 0 840 Equity 10 2,168 0 2,178 Other 0 0 0 0 Netting(1) (22,973) (22,973) Total derivative liabilities $ 36 $ 27,117 $ 1 $ (22,973) $ 4,181 __________ (1) “Netting” amounts represent cash collateral and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements. |
Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation, Derivatives | Changes in Level 3 Derivative Assets and Liabilities —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 March 31, 2024 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 March 31, 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 __________ (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 March 31, 2024 2023 Gains (Losses): Commercial mortgage loans(1) $ 0 $ 0 Investment real estate $ 0 $ 0 Investment in JV/LP and Other $ (7) $ (17) March 31, 2024 December 31, 2023 (in millions) Carrying value after measurement as of period end: Commercial mortgage loans(1) $ 0 $ 34 Investment real estate(2) $ 0 $ 113 Investment in JV/LP and Other(2) $ 128 $ 186 __________ (1) Commercial mortgage loans are valued based on discounted cash flows utilizing market rates or the fair value of the underlying real estate collateral. (2) Reported carrying values for 2024 include values as of the measurement periods of March 31, 2024 for “Investment in JV/LP and Other”. 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 December 31, 2023 for “Investment in JV/LP and Other.” |
Fair Value, Option | The following tables present information regarding assets and liabilities where the fair value option has been elected. Three Months Ended March 31, 2024 2023 (in millions) Liabilities: Notes issued by consolidated VIEs: Changes in fair value $ 8 $ 0 Three Months Ended March 31, 2024 2023 (in millions) Commercial mortgage and other loans: Interest income $ 2 $ 1 Notes issued by consolidated VIEs: Interest expense $ 7 $ 0 March 31, 2024 December 31, 2023 (in millions) Commercial mortgage and other loans(1): Fair value as of period end $ 157 $ 519 Aggregate contractual principal as of period end $ 156 $ 512 Other assets: Fair value as of period end $ 19 $ 11 Notes issued by consolidated VIEs: Fair value as of period end $ 405 $ 778 Aggregate contractual principal as of period end $ 405 $ 787 __________ (1) As of March 31, 2024, for loans for which the fair value option has been elected, none of the loans were 90 days or more past due. |
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. March 31, 2024 Fair Value Carrying Level 1 Level 2 Level 3 Total Total (in millions) Assets: Commercial mortgage and other loans $ 0 $ 37 $ 55,127 $ 55,164 $ 58,624 Policy loans 8 0 9,899 9,907 9,907 Other invested assets 0 97 35 132 132 Short-term investments 1,287 39 0 1,326 1,326 Cash and cash equivalents 9,860 180 0 10,040 10,040 Accrued investment income 0 3,361 0 3,361 3,361 Reinsurance recoverables and deposit receivables 0 7 5,358 5,365 5,365 Other assets 22 3,168 2 3,192 3,192 Total assets $ 11,177 $ 6,889 $ 70,421 $ 88,487 $ 91,947 Liabilities: Policyholders’ account balances—investment contracts $ 0 $ 30,525 $ 38,730 $ 69,255 $ 74,253 Securities sold under agreements to repurchase 0 6,563 0 6,563 6,563 Cash collateral for loaned securities 0 6,978 0 6,978 6,978 Reinsurance and funds withheld payables(2) 0 9,745 (24) 9,721 9,721 Short-term debt(3) 0 505 80 585 585 Long-term debt(4) 567 17,256 756 18,579 19,368 Notes issued by consolidated VIEs 0 0 727 727 727 Other liabilities 0 6,307 32 6,339 6,339 Separate account liabilities—investment contracts 0 23,193 19,602 42,795 42,795 Total liabilities $ 567 $ 101,072 $ 59,903 $ 161,542 $ 167,329 December 31, 2023 Fair Value Carrying Level 1 Level 2 Level 3 Total Total (in millions) Assets: Commercial mortgage and other loans $ 0 $ 41 $ 55,611 $ 55,652 $ 58,786 Policy loans 8 0 10,039 10,047 10,047 Other invested assets 0 97 0 97 97 Short-term investments 1,092 13 0 1,105 1,105 Cash and cash equivalents 8,709 408 0 9,117 9,117 Accrued investment income 0 3,287 0 3,287 3,287 Reinsurance recoverables and deposit receivables 0 5 5,171 5,176 5,176 Other assets 43 3,059 0 3,102 3,102 Total assets $ 9,852 $ 6,910 $ 70,821 $ 87,583 $ 90,717 Liabilities: Policyholders’ account balances—investment contracts $ 0 $ 31,089 $ 37,794 $ 68,883 $ 72,604 Securities sold under agreements to repurchase 0 6,056 0 6,056 6,056 Cash collateral for loaned securities 0 6,477 0 6,477 6,477 Reinsurance and funds withheld payables(2) 0 9,553 (23) 9,530 9,530 Short-term debt(3) 0 535 83 618 618 Long-term debt(4) 564 16,938 766 18,268 18,882 Notes issued by consolidated VIEs 0 0 596 596 596 Other liabilities 0 6,950 32 6,982 6,982 Separate account liabilities—investment contracts 0 24,050 21,315 45,365 45,365 Total liabilities $ 564 $ 101,648 $ 60,563 $ 162,775 $ 167,110 __________ (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) Includes contracts reinsured through coinsurance with funds withheld agreement with Prismic Re with a fair value of $7,963 million (carrying value of $7,963 million) and $8,036 million (carrying amount of $8,036 million), a portion of which relates to insurance contracts as of March 31, 2024 and December 31, 2023. See Note 12 for additional information regarding the reinsurance arrangement with Prismic Re. (3) Excludes debt with fair value of $2,010 million (carrying amount of $2,000 million) and $2,000 million (carrying amount of $2,000 million) as of March 31, 2024 and December 31, 2023 respectively, which have been offset with the associated notes under a netting agreement. (4) Excludes debt with fair value of $11,582 million (carrying amount of $11,582 million) and $10,370 million (carrying amount of $10,370 million) as of March 31, 2024 and December 31, 2023 respectively, 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) | 3 Months Ended |
Mar. 31, 2024 | |
Deferred Charges, Insurers [Abstract] | |
Schedule of 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: Three Months Ended March 31, 2024 Retirement Strategies Individual Life International Businesses Total Individual Variable Term Life Variable/ Life Planner Gibraltar Life (in millions) Balance, BOP $ 3,676 $ 2,237 $ 5,364 $ 4,909 $ 4,442 $ 20,628 Capitalization 85 44 151 155 138 573 Amortization expense (94) (52) (61) (83) (81) (371) Other adjustments(1) 0 (2) (285) 5 0 (282) Foreign currency adjustment 0 0 0 (138) (94) (232) Balance, EOP $ 3,667 $ 2,227 $ 5,169 $ 4,848 $ 4,405 20,316 Other businesses 297 Total DAC balance $ 20,613 __________ (1) Includes the impact of the reinsurance transaction with Somerset Reinsurance Ltd. in Individual Life (Universal Life). See Note 12 for additional information. Three Months Ended March 31, 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 59 33 142 159 155 548 Amortization expense (98) (53) (60) (81) (75) (367) Other adjustments 0 0 0 5 0 5 Foreign currency adjustment 0 0 0 2 (13) (11) Balance, EOP $ 4,132 $ 2,268 $ 5,082 $ 4,795 $ 4,298 20,575 Other businesses 166 Total DAC balance $ 20,741 . |
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: Three Months Ended March 31, 2024 2023 (in millions) Balance, BOP $ 410 $ 446 Capitalization 2 2 Amortization expense (9) (10) Balance, EOP 403 438 Other businesses 31 34 Total DSI balance $ 434 $ 472 |
Schedule of 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: Three Months Ended March 31, 2024 2023 (in millions) Balance, BOP $ 511 $ 597 Amortization expense (11) (14) Foreign currency adjustment (33) (5) Balance, EOP 467 578 Other businesses 17 23 Total VOBA balance $ 484 $ 601 The following table provides VOBA balances for the applicable businesses for the period ended March 31: 2024 (in millions) Gibraltar Life $ 467 Aoba Life 17 Total $ 484 |
Estimated Future VOBA Amortization, Net of Interest | The following table provides estimated future amortization for the periods indicated: 2024 (April-December) 2025 2026 2027 2028 Thereafter Total (in millions) Estimated future VOBA amortization $ 33 $ 40 $ 37 $ 33 $ 30 $ 311 $ 484 |
Separate Accounts (Tables)
Separate Accounts (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Separate Account Assets | The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows: March 31, December 31, (in millions) Asset Type: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 4,169 $ 4,411 Obligations of U.S. states and their political subdivisions 2,152 2,116 Foreign government bonds 108 101 U.S. corporate securities 12,566 12,782 Foreign corporate securities 3,201 3,288 Asset-backed securities 1,256 1,211 Mortgage-backed securities 14,156 14,253 Mutual funds: Equity 92,751 88,397 Fixed Income 35,762 37,065 Other 5,919 5,587 Equity securities 4,651 5,410 Commercial mortgage and other loans 64 67 Other invested assets 19,679 20,739 Short-term investments 1,443 1,202 Cash and cash equivalents 2,187 2,259 Total $ 200,064 $ 198,888 |
Separate Account Liability | The balances of and changes in separate account liabilities as of and for the periods ended are as follows: Three Months Ended March 31, 2024 Retirement Strategies PGIM Institutional Individual Group Insurance Individual Life Total (in millions) Balance, BOP $ 32,648 $ 11,011 $ 94,130 $ 25,021 $ 39,223 $ 202,033 Deposits 8,411 51 151 160 752 9,525 Investment performance (537) (60) 4,308 265 3,155 7,131 Policy charges (18) (2) (563) (31) (280) (894) Surrenders and withdrawals (8,270) (716) (3,354) (8) (240) (12,588) Benefit payments (858) (137) (20) (56) (116) (1,187) Net transfers (to) from general account (35) (24) 6 0 (123) (176) Other (456) (49) 1 (137) 48 (593) Balance, EOP $ 30,885 $ 10,074 $ 94,659 $ 25,214 $ 42,419 $ 203,251 Other businesses(1) (3,187) Total separate account liabilities $ 200,064 Cash surrender value(2) $ 30,885 $ 10,074 $ 93,526 $ 25,157 $ 38,958 $ 198,600 __________ (1) Primarily represents 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. Three Months Ended March 31, 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 1,279 51 94 6 667 2,097 Investment performance 174 454 4,627 702 1,938 7,895 Policy charges (21) (3) (594) (42) (262) (922) Surrenders and withdrawals (1,012) (45) (2,285) (2) (178) (3,522) Benefit payments (857) (137) (23) (77) (97) (1,191) Net transfers (to) from general account (168) (14) (11) 0 (67) (260) Other (190) 128 3 561 20 522 Balance, EOP $ 39,261 $ 11,862 $ 95,206 $ 24,661 $ 34,951 205,941 Other businesses(1) (3,647) Total separate account liabilities $ 202,294 Cash surrender value(2) $ 39,261 $ 11,862 $ 93,618 $ 24,542 $ 31,955 $ 201,238 __________ (1) Primarily represents 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. |
Liability For Future Policy B_2
Liability For Future Policy Benefits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Liability for Future Policy Benefit, Activity | 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. Three Months Ended March 31, 2024 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 $ 71,407 $ 11,274 $ 29,064 $ 26,367 $ 3,286 $ 141,398 Effect of cumulative changes in discount rate assumptions, BOP 11,869 228 596 622 16 13,331 Balance at original discount rate, BOP 83,276 11,502 29,660 26,989 3,302 154,729 Effect of actual variances from expected experience and other activity 176 (57) (352) (191) 49 (375) Adjusted balance, BOP 83,452 11,445 29,308 26,798 3,351 154,354 Issuances 8,799 199 671 285 0 9,954 Net premiums / considerations collected (10,124) (345) (1,091) (938) (86) (12,584) Interest accrual 708 134 218 182 40 1,282 Foreign currency adjustment (875) 0 (981) (863) 0 (2,719) Other adjustments 0 (1) 40 (1) 0 38 Balance at original discount rate, EOP 81,960 11,432 28,165 25,463 3,305 150,325 Effect of cumulative changes in discount rate assumptions, EOP (13,442) (443) (881) (856) (87) (15,709) Balance, EOP $ 68,518 $ 10,989 $ 27,284 $ 24,607 $ 3,218 $ 134,616 Other businesses, EOP 88 Total balance, EOP $ 134,704 Three Months Ended March 31, 2024 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 $ 141,135 $ 19,852 $ 79,822 $ 79,036 $ 12,139 $ 331,984 Effect of cumulative changes in discount rate assumptions, BOP 14,751 334 563 7,355 603 23,606 Balance at original discount rate, BOP 155,886 20,186 80,385 86,391 12,742 355,590 Effect of actual variances from expected experience and other activity 162 (65) (359) (180) 42 (400) Adjusted balance, BOP 156,048 20,121 80,026 86,211 12,784 355,190 Issuances 8,799 199 671 285 0 9,954 Interest accrual 1,493 237 648 552 153 3,083 Benefit payments (3,114) (404) (1,228) (1,349) (77) (6,172) Foreign currency adjustment (886) 0 (2,825) (3,152) 0 (6,863) Other adjustments (48) (4) 94 (3) 0 39 Balance at original discount rate, EOP 162,292 20,149 77,386 82,544 12,860 355,231 Effect of cumulative changes in discount rate assumptions, EOP (17,715) (769) (2,347) (8,578) (1,033) (30,442) Balance, EOP $ 144,577 $ 19,380 $ 75,039 $ 73,966 $ 11,827 $ 324,789 Other businesses, EOP 1,701 Total balance, EOP $ 326,490 Three Months Ended March 31, 2024 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 $ 76,060 $ 8,391 $ 47,755 $ 49,360 $ 8,608 $ 190,174 Flooring impact, EOP 56 0 19 7 0 82 Balance, EOP, post-flooring 76,116 8,391 47,774 49,367 8,608 190,256 Less: Reinsurance recoverables 5,340 690 98 285 0 6,413 Balance after reinsurance recoverables, EOP, post-flooring $ 70,776 $ 7,701 $ 47,676 $ 49,082 $ 8,608 $ 183,843 Other businesses, EOP(1) 1,547 Total balance after reinsurance recoverables, EOP $ 185,390 Three Months Ended March 31, 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 actual variances from expected experience and other activity 141 (17) (193) (159) 45 (183) Adjusted balance, BOP 67,110 11,837 31,850 30,118 3,080 143,995 Issuances 2,932 143 647 443 0 4,165 Net premiums / considerations collected (3,637) (353) (1,178) (1,079) (77) (6,324) Interest accrual 517 136 230 204 37 1,124 Foreign currency adjustment 1,867 0 (31) (120) 0 1,716 Other adjustments 0 (4) 40 1 0 37 Balance at original discount rate, EOP 68,789 11,759 31,558 29,567 3,040 144,713 Effect of cumulative changes in discount rate assumptions, EOP (13,465) (321) (618) (611) (30) (15,045) Balance, EOP $ 55,324 $ 11,438 $ 30,940 $ 28,956 $ 3,010 $ 129,668 Other businesses, EOP 92 Total balance, EOP $ 129,760 Three Months Ended March 31, 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 actual variances from expected experience and other activity 98 (24) (167) (154) 53 (194) Adjusted balance, BOP 138,022 20,276 82,191 91,443 11,954 343,886 Issuances 2,932 143 647 443 0 4,165 Interest accrual 1,208 237 663 585 143 2,836 Benefit payments (2,795) (406) (947) (1,152) (60) (5,360) Foreign currency adjustment 1,908 0 (163) (432) 0 1,313 Other adjustments 48 (7) 93 (2) 0 132 Balance at original discount rate, EOP 141,323 20,243 82,484 90,885 12,037 346,972 Effect of cumulative changes in discount rate assumptions, EOP (17,578) (490) 244 (7,214) (738) (25,776) Balance, EOP $ 123,745 $ 19,753 $ 82,728 $ 83,671 $ 11,299 $ 321,196 Other businesses, EOP 1,952 Total balance, EOP $ 323,148 Three Months Ended March 31, 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 $ 68,421 $ 8,315 $ 51,789 $ 54,715 $ 8,288 $ 191,528 Flooring impact, EOP 4 0 26 11 0 41 Balance, EOP, post-flooring 68,425 8,315 51,815 54,726 8,288 191,569 Less: Reinsurance recoverables 0 728 112 222 0 1,062 Balance after reinsurance recoverables, EOP, post-flooring $ 68,425 $ 7,587 $ 51,703 $ 54,504 $ 8,288 $ 190,507 Other businesses, EOP(1) 1,786 Total balance after reinsurance recoverables, EOP $ 192,293 __________ (1) Reflects balance after reinsurance recoverables of $65 million and $74 million at March 31, 2024 and 2023, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Three Months Ended March 31, 2024 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 131,869 $ 23,001 $ 66,266 $ 53,342 $ 6,858 Discounted expected future gross premiums (at original discount rate) $ 89,183 $ 15,258 $ 51,131 $ 42,749 $ 4,525 Discounted expected future gross premiums (at current discount rate) $ 72,848 $ 14,693 $ 50,018 $ 41,467 $ 4,410 Undiscounted expected future benefits and expenses $ 253,981 $ 31,039 $ 134,541 $ 135,676 $ 30,755 Interest accrual $ 785 $ 103 $ 430 $ 370 $ 113 Gross premiums $ 10,277 $ 458 $ 1,671 $ 1,529 $ 118 Weighted-average duration of the liability in years (at original discount rate) 9 10 19 19 18 Weighted-average duration of the liability in years (at current discount rate) 8 9 18 17 17 Weighted-average interest rate (at original discount rate) 4.70 % 5.16 % 3.46 % 2.60 % 4.91 % Weighted-average interest rate (at current discount rate) 5.31 % 5.29 % 3.24 % 3.14 % 5.50 % Three Months Ended March 31, 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 $ 106,074 $ 23,352 $ 73,474 $ 62,903 $ 6,901 Discounted expected future gross premiums (at original discount rate) $ 74,439 $ 15,526 $ 56,950 $ 49,872 $ 4,507 Discounted expected future gross premiums (at current discount rate) $ 59,863 $ 15,119 $ 56,318 $ 49,016 $ 4,467 Undiscounted expected future benefits and expenses $ 215,874 $ 31,258 $ 147,802 $ 154,197 $ 29,713 Interest accrual $ 691 $ 101 $ 433 $ 381 $ 106 Gross premiums $ 3,892 $ 461 $ 1,867 $ 1,767 $ 114 Weighted-average duration of the liability in years (at original discount rate) 8 10 20 20 18 Weighted-average duration of the liability in years (at current discount rate) 8 10 20 18 18 Weighted-average interest rate (at original discount rate) 4.36 % 5.20 % 3.41 % 2.52 % 4.91 % Weighted-average interest rate (at current discount rate) 5.09 % 5.05 % 2.82 % 2.69 % 5.34 % The balances of and changes in DPL as of and for the period indicated are as follows: Three Months Ended March 31, 2024 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP, post-flooring $ 5,615 $ 3,956 $ 5,303 $ 14,874 Less: Flooring impact, BOP 0 1 1 2 Balance, BOP, pre-flooring 5,615 3,955 5,302 14,872 Effect of actual variances from expected experience and other activity 26 (8) (15) 3 Adjusted balance, BOP 5,641 3,947 5,287 14,875 Profits deferred 38 420 312 770 Interest accrual 57 41 39 137 Amortization (142) (289) (248) (679) Foreign currency adjustment (3) (107) (141) (251) Other adjustments 0 11 0 11 Balance, EOP, pre-flooring 5,591 4,023 5,249 14,863 Flooring impact, EOP 0 1 1 2 Balance, EOP, post-flooring 5,591 4,024 5,250 14,865 Less: Reinsurance recoverables 382 9 31 422 Balance after reinsurance recoverables, EOP, post-flooring $ 5,209 $ 4,015 $ 5,219 14,443 Other businesses(1) 142 Total balance after reinsurance recoverables, EOP $ 14,585 Three Months Ended March 31, 2023 Deferred Profit Liability Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP, post-flooring $ 5,532 $ 3,379 $ 5,261 $ 14,172 Less: Flooring impact, BOP 0 0 1 1 Balance, BOP, pre-flooring 5,532 3,379 5,260 14,171 Effect of actual variances from expected experience and other activity 31 (3) (10) 18 Adjusted balance, BOP 5,563 3,376 5,250 14,189 Profits deferred 164 451 373 988 Interest accrual 57 35 39 131 Amortization (141) (288) (257) (686) Foreign currency adjustment 7 8 (18) (3) Other adjustments 0 10 0 10 Balance, EOP, pre-flooring 5,650 3,592 5,387 14,629 Flooring impact, EOP 0 0 1 1 Balance, EOP, post-flooring 5,650 3,592 5,388 14,630 Less: Reinsurance recoverables 0 9 11 20 Balance after reinsurance recoverables, EOP, post-flooring $ 5,650 $ 3,583 $ 5,377 14,610 Other businesses(1) 185 Total balance after reinsurance recoverables, EOP $ 14,795 The following tables provide supplemental information related to the balances of and changes in DPL, included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Three Months Ended March 31, 2024 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ 20 $ (175) $ (88) Interest accrual $ 57 $ 41 $ 39 Three Months Ended March 31, 2023 Retirement Strategies International Businesses Institutional Life Planner Gibraltar Life and Other (in millions) Revenue(1) $ (111) $ (205) $ (145) Interest accrual $ 57 $ 35 $ 39 __________ (1) Represents the gross premiums collected in changes in DPL 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: Three Months Ended March 31, 2024 2023 (in millions) Balance, including amounts in AOCI, BOP, post-flooring $ 14,308 $ 12,684 Flooring impact and amounts in AOCI 843 1,285 Balance, excluding amounts in AOCI, BOP, pre-flooring 15,151 13,969 Effect of actual variances from expected experience and other activity 144 (33) Adjusted balance, BOP 15,295 13,936 Assessments collected(1) 292 270 Interest accrual 129 118 Benefits paid (72) (74) Balance, excluding amounts in AOCI, EOP, pre-flooring 15,644 14,250 Flooring impact and amounts in AOCI (1,029) (1,016) Balance, including amounts in AOCI, EOP, post-flooring 14,615 13,234 Less: Reinsurance recoverables 7,198 5,338 Balance after reinsurance recoverables, including amounts in AOCI, EOP 7,417 7,896 Other businesses 117 151 Total balance after reinsurance recoverables $ 7,534 $ 8,047 __________ (1) Represents the portion of gross assessments required to fund the future policy benefits. Three Months Ended March 31, 2024 2023 ($ in millions) Interest accrual $ 129 $ 118 Gross assessments $ 788 $ 827 Weighted-average duration of the liability in years (at original discount rate) 22 22 Weighted-average interest rate (at original discount rate) 3.39 % 3.38 % The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR 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: Three Months Ended March 31, 2024 2023 (in millions) Benefit reserves, EOP, post-flooring $ 191,868 $ 193,429 Deferred Profit Liability EOP, post-flooring 15,007 14,814 Additional insurance reserves, including amounts in AOCI, EOP, post-flooring 14,732 13,385 Subtotal of amounts disclosed above 221,607 221,628 Other Future Policy Benefits reserves(1) 51,183 51,958 Total Future Policy Benefits $ 272,790 $ 273,586 __________ (1) The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR 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: Three Months Ended March 31, 2024 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 $ 10,277 $ 458 $ 0 $ 1,671 $ 1,529 $ 140 $ 14,075 Deferred profit liability 20 0 0 (175) (88) 7 (236) Additional insurance reserves 0 0 788 0 0 0 788 Total $ 10,297 $ 458 $ 788 $ 1,496 $ 1,441 $ 147 $ 14,627 Three Months Ended March 31, 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 $ 3,892 $ 461 $ 0 $ 1,867 $ 1,767 $ 142 $ 8,129 Deferred profit liability (111) 0 0 (205) (145) (2) (463) Additional insurance reserves 0 0 827 0 0 0 827 Total $ 3,781 $ 461 $ 827 $ 1,662 $ 1,622 $ 140 $ 8,493 Three Months Ended March 31, 2024 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 $ 786 $ 103 $ 0 $ 430 $ 370 $ 127 $ 1,816 Deferred profit liability 57 0 0 41 39 1 138 Additional insurance reserves 0 0 129 0 0 0 129 Total $ 843 $ 103 $ 129 $ 471 $ 409 $ 128 $ 2,083 Three Months Ended March 31, 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 $ 691 $ 101 $ 0 $ 433 $ 381 $ 120 $ 1,726 Deferred profit liability 57 0 0 35 39 1 132 Additional insurance reserves 0 0 118 0 0 0 118 Total $ 748 $ 101 $ 118 $ 468 $ 420 $ 121 $ 1,976 __________ (1) Represents “Gross Premiums” for benefit reserves, “Revenue” for DPL and “Gross Assessments” for AIR. (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) | 3 Months Ended |
Mar. 31, 2024 | |
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: Three Months Ended March 31, 2024 Retirement Strategies Group Insurance Individual Life International Businesses Total Institutional Individual Variable Individual Fixed Life/Disability Variable/Universal Life Life Planner Gibraltar Life and Other ($ in millions) Balance, BOP $ 17,738 $ 23,765 $ 7,095 $ 5,293 $ 27,439 $ 12,949 $ 38,450 $ 132,729 Deposits 1,919 1,626 1,570 138 612 560 1,492 7,917 Interest credited 175 108 50 40 189 418 219 1,199 Acquisitions and dispositions 0 0 0 0 0 0 0 0 Policy charges (3) (4) 0 (80) (513) (81) (75) (756) Surrenders and withdrawals (1,231) (231) (150) (434) (420) (76) (439) (2,981) Benefit payments (149) (18) (19) 0 (37) (68) (458) (749) Net transfers (to) from separate account 0 (3) 0 0 139 0 0 136 Change in market value and other adjustments(1) 1 1,360 88 0 37 (2) (7) 1,477 Foreign currency adjustment 0 0 0 0 0 (624) (762) (1,386) Balance, EOP $ 18,450 $ 26,603 $ 8,634 $ 4,957 $ 27,446 $ 13,076 $ 38,420 $ 137,586 Closed Block Division 4,464 Unearned revenue reserve, unearned expense credit, and additional interest reserve 5,501 Other(2) 4,259 Total Policyholders' account balance $ 151,810 Weighted-average crediting rate 3.87 % 1.71 % 2.54 % 3.08 % 2.76 % 12.86 % 2.28 % 3.55 % Net amount at risk(3) $ 0 $ 0 $ 0 $ 74,075 $ 384,991 $ 18,637 $ 6,097 $ 483,800 Cash surrender value(4) $ 18,450 $ 24,376 $ 7,174 $ 3,812 $ 23,439 $ 11,391 $ 34,012 $ 122,654 Three Months Ended March 31, 2023 Retirement Strategies Group Insurance Individual Life International Businesses Total Institutional Individual Variable Individual Fixed Life/Disability Variable/Universal Life Life Planner Gibraltar Life and Other ($ in millions) Balance, BOP $ 17,376 $ 17,524 $ 4,643 $ 5,839 $ 26,502 $ 11,168 $ 35,325 $ 118,377 Deposits 1,376 1,043 582 204 617 645 1,287 5,754 Interest credited 160 87 20 44 199 177 172 859 Acquisitions and Dispositions 0 0 0 0 0 0 0 0 Policy charges (6) (6) 0 (83) (514) (77) (40) (726) Surrenders and withdrawals (1,371) (148) (88) (453) (439) (51) (275) (2,825) Benefit payments (139) (28) (32) 0 (46) (75) (440) (760) Net transfers (to) from separate account 0 19 0 0 77 0 0 96 Change in market value and other adjustments(1) 0 191 9 0 91 6 2 299 Foreign currency adjustment 0 0 0 0 0 (76) (143) (219) Balance, EOP $ 17,396 $ 18,682 $ 5,134 $ 5,551 $ 26,487 $ 11,717 $ 35,888 $ 120,855 Closed Block Division 4,572 Unearned revenue reserve, unearned expense credit, and additional interest reserve 4,772 Other(2) 7,940 Total Policyholders' account balance $ 138,139 Weighted-average crediting rate 3.69 % 1.92 % 1.63 % 3.09 % 3.00 % 6.19 % 1.93 % 2.87 % Net amount at risk(3) $ 0 $ 0 $ 0 $ 72,259 $ 370,778 $ 18,055 $ 6,971 $ 468,063 Cash surrender value(4) $ 17,396 $ 16,640 $ 4,045 $ 3,984 $ 21,846 $ 10,100 $ 31,233 $ 105,244 __________ (1) Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products. (2) Includes $5,621 million and $7,973 million of Full Service account balances reinsured to Great-West as of March 31, 2024 and 2023, respectively. (3) The net amount at risk calculation includes both general account and separate account balances. (4) 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. |
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 (“bps”), between rates being credited to policyholders and the respective guaranteed minimums are as follows: March 31, 2024 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) Retirement Strategies - 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% 593 0 0 0 593 3.00% - 4.00% 4,926 0 0 0 4,926 Greater than 4.00% 2,099 0 0 0 2,099 Total $ 9,569 $ 0 $ 0 $ 0 $ 9,569 Retirement Strategies - Individual Variable Less than 1.00% $ 866 $ 727 $ 70 $ 0 $ 1,663 1.00% - 1.99% 219 24 1 0 244 2.00% - 2.99% 26 5 4 0 35 3.00% - 4.00% 1,867 9 9 0 1,885 Greater than 4.00% 91 0 0 0 91 Total $ 3,069 $ 765 $ 84 $ 0 $ 3,918 Retirement Strategies - Individual Fixed Less than 1.00% $ 0 $ 2 $ 6 $ 621 $ 629 1.00% - 1.99% 510 108 244 80 942 2.00% - 2.99% 548 466 564 16 1,594 3.00% - 4.00% 573 46 2 0 621 Greater than 4.00% 92 0 0 0 92 Total $ 1,723 $ 622 $ 816 $ 717 $ 3,878 Group Insurance - Life / Disability Less than 1.00% $ 0 $ 0 $ 0 $ 1,021 $ 1,021 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 28 0 0 0 28 3.00% - 4.00% 1,471 0 0 61 1,532 Greater than 4.00% 72 0 0 0 72 Total $ 1,571 $ 0 $ 0 $ 1,082 $ 2,653 Individual Life - Variable / Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 346 $ 346 1.00% - 1.99% 226 0 1,662 1,789 3,677 2.00% - 2.99% 32 1,462 3,004 280 4,778 3.00% - 4.00% 4,366 4,177 1,144 24 9,711 Greater than 4.00% 5,460 0 0 0 5,460 Total $ 10,084 $ 5,639 $ 5,810 $ 2,439 $ 23,972 International Businesses - Life Planner Less than 1.00% $ 324 $ 43 $ 86 $ 2,311 $ 2,764 1.00% - 1.99% 2,766 26 0 0 2,792 2.00% - 2.99% 1,975 0 0 0 1,975 3.00% - 4.00% 356 0 0 0 356 Greater than 4.00% 384 0 0 0 384 Total $ 5,805 $ 69 $ 86 $ 2,311 $ 8,271 International Businesses - Gibraltar Life and Other Less than 1.00% $ 15,637 $ 0 $ 0 $ 0 $ 15,637 1.00% - 1.99% 8,346 60 0 0 8,406 2.00% - 2.99% 3,000 290 35 0 3,325 3.00% - 4.00% 5,287 0 0 0 5,287 Greater than 4.00% 5,661 0 0 0 5,661 Total $ 37,931 $ 350 $ 35 $ 0 $ 38,316 March 31, 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) Retirement Strategies - 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% 583 0 0 0 583 3.00% - 4.00% 5,628 0 0 0 5,628 Greater than 4.00% 1,519 0 0 0 1,519 Total $ 9,681 $ 0 $ 0 $ 0 $ 9,681 Retirement Strategies - Individual Variable Less than 1.00% $ 1,005 $ 848 $ 19 $ 0 $ 1,872 1.00% - 1.99% 239 2 1 0 242 2.00% - 2.99% 32 2 0 0 34 3.00% - 4.00% 2,209 9 10 0 2,228 Greater than 4.00% 104 0 0 0 104 Total $ 3,589 $ 861 $ 30 $ 0 $ 4,480 Retirement Strategies - Individual Fixed Less than 1.00% $ 0 $ 0 $ 0 $ 0 $ 0 1.00% - 1.99% 585 128 253 84 1,050 2.00% - 2.99% 496 211 27 11 745 3.00% - 4.00% 371 6 0 0 377 Greater than 4.00% 101 0 0 0 101 Total $ 1,553 $ 345 $ 280 $ 95 $ 2,273 Group Insurance - Life / Disability Less than 1.00% $ 0 $ 0 $ 0 $ 1,441 $ 1,441 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 56 0 0 0 56 3.00% - 4.00% 1,634 0 0 0 1,634 Greater than 4.00% 3 0 0 0 3 Total $ 1,693 $ 0 $ 0 $ 1,441 $ 3,134 Individual Life - Variable / Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 11 $ 11 1.00% - 1.99% 150 0 1,073 1,949 3,172 2.00% - 2.99% 374 123 4,019 280 4,796 3.00% - 4.00% 7,565 1,918 561 7 10,051 Greater than 4.00% 5,549 0 0 0 5,549 Total $ 13,638 $ 2,041 $ 5,653 $ 2,247 $ 23,579 International Businesses - Life Planner Less than 1.00% $ 357 $ 27 $ 91 $ 831 $ 1,306 1.00% - 1.99% 3,156 25 0 0 3,181 2.00% - 2.99% 2,259 0 0 0 2,259 3.00% - 4.00% 339 0 0 0 339 Greater than 4.00% 407 0 0 0 407 Total $ 6,518 $ 52 $ 91 $ 831 $ 7,492 International Businesses - Gibraltar Life and Other Less than 1.00% $ 17,023 $ 0 $ 0 $ 0 $ 17,023 1.00% - 1.99% 9,870 0 0 0 9,870 2.00% - 2.99% 3,253 335 40 0 3,628 3.00% - 4.00% 3,201 0 0 0 3,201 Greater than 4.00% 1,904 0 0 0 1,904 Total $ 35,251 $ 335 $ 40 $ 0 $ 35,626 ____________ (1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products. |
Additional Liability, Long-Duration Insurance | The balance of and changes in URR as of and for the periods ended are as follows: Three Months Ended March 31, 2024 Individual Life International Businesses Variable/ Universal Life Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 4,613 $ 359 $ 95 $ 5,067 Unearned revenue 215 37 5 257 Amortization expense (58) (4) (1) (63) Other adjustments 0 0 0 0 FX adjustment 0 (14) (4) (18) Balance, EOP 4,770 378 95 5,243 Less: Reinsurance recoverables 398 0 0 398 Balance after reinsurance recoverables, EOP $ 4,372 $ 378 $ 95 $ 4,845 Other businesses 51 Total balance after reinsurance recoverables, EOP $ 4,896 Three Months Ended March 31, 2023 Individual Life International Businesses Variable/ Universal Life Life Planner Gibraltar Life and Other Total (in millions) Balance, BOP $ 3,983 $ 231 $ 81 $ 4,295 Unearned revenue 204 37 6 247 Amortization expense (47) (2) (1) (50) Other adjustments 0 1 0 1 FX adjustment 0 (2) 0 (2) Balance, EOP 4,140 265 86 4,491 Less: Reinsurance recoverables 0 0 0 0 Balance after reinsurance recoverables, EOP $ 4,140 $ 265 $ 86 $ 4,491 Other businesses 53 Total balance after reinsurance recoverables, EOP $ 4,544 |
Market Risk Benefits (Tables)
Market Risk Benefits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Market Risk Benefits In Asset and Liability Positions | 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: Three Months Ended March 31, 2024 2023 (in millions) Balance, BOP $ 4,038 $ 4,987 Effect of cumulative changes in NPR 1,137 1,828 Balance, BOP, before effect of changes in NPR 5,175 6,815 Attributed fees collected 288 300 Claims paid (22) (32) Interest accrual 74 85 Actual in force different from expected 2 19 Effect of changes in interest rates (868) 463 Effect of changes in equity markets (888) (671) Issuances 13 0 Other adjustments 14 78 Balance, EOP, before effect of changes in NPR 3,788 7,057 Effect of cumulative changes in NPR (886) (2,014) Balance, EOP 2,902 5,043 Less: Reinsured MRBs 560 28 Balance, EOP, net of reinsurance 2,342 5,015 Other businesses 57 105 Total net MRB balance $ 2,399 $ 5,120 The following table presents accompanying information to the rollforward table above. March 31, 2024 March 31, 2023 ($ in millions) Net amount at risk(1) $ 8,970 $ 11,332 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: March 31, 2024 Retirement Strategies Individual Variable Other Businesses Total (in millions) Direct and assumed $ 1,497 $ 10 $ 1,507 Ceded 715 3 718 Total MRB assets $ 2,212 $ 13 $ 2,225 Direct and assumed $ 4,399 $ 70 $ 4,469 Ceded 155 0 155 Total MRB liabilities $ 4,554 $ 70 $ 4,624 Net liability $ 2,342 $ 57 $ 2,399 March 31, 2023 Retirement Strategies Individual Variable Other Businesses Total (in millions) Direct and assumed $ 895 $ 10 $ 905 Ceded 67 4 71 Total MRB assets $ 962 $ 14 $ 976 Direct and assumed $ 5,938 $ 118 $ 6,056 Ceded 40 0 40 Total MRB liabilities $ 5,978 $ 118 $ 6,096 Net liability $ 5,016 $ 104 $ 5,120 |
Reinsurance (Tables)
Reinsurance (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Reinsurance amounts included in the Consolidated Statement of Operations | Reinsurance amounts included in the Unaudited Interim 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: Three Months Ended March 31, 2024 2023 (in millions) Direct premiums $ 14,822 $ 8,750 Reinsurance assumed 1,451 1,178 Reinsurance ceded (736) (565) Premiums $ 15,537 $ 9,363 Direct policy charges and fee income $ 864 $ 966 Reinsurance assumed 300 308 Reinsurance ceded (108) (140) Policy charges and fee income $ 1,056 $ 1,134 Direct change in value of market risk benefits, net of related hedging gains (losses) $ 150 $ 80 Reinsurance assumed 71 0 Reinsurance ceded (98) (5) Change in value of market risk benefits, net of related hedging gains (losses) $ 123 $ 75 Direct policyholders’ benefits $ 15,865 $ 9,594 Reinsurance assumed 1,843 1,565 Reinsurance ceded (1,114) (855) Policyholders’ benefits $ 16,594 $ 10,304 Direct change in estimates of liability for future policy benefits $ 146 $ (24) Reinsurance assumed (5) 4 Reinsurance ceded (158) 45 Change in estimates of liability for future policy benefits $ (17) $ 25 |
Reinsurance recoverables | Reinsurance recoverables, are as follows: March 31, 2024 December 31, 2023 (in millions) Individual and group annuities(1) $ 7,221 $ 7,516 Life insurance(2) 9,594 8,806 Other reinsurance 407 415 Total reinsurance recoverables(3)(4) $ 17,222 $ 16,737 __________ (1) Primarily represents $5,722 million and $5,981 million of reinsurance recoverables as of March 31, 2024 and December 31, 2023, respectively, 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 $8,186 million and $8,543 million as of March 31, 2024 and December 31, 2023, respectively. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $1,457 million and $1,485 million as of March 31, 2024 and December 31, 2023, respectively. (2) Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $2,067 million and $2,090 million as of March 31, 2024 and December 31, 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,387 million and $1,396 million as of March 31, 2024 and December 31, 2023, respectively. Also includes net reinsurance recoverables of $545 million as of March 31, 2024 for the modified coinsurance receivable established under the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. (3) Net of $(11) million and $(12) million of allowance for credit losses as of March 31, 2024 and December 31, 2023, respectively. (4) Excludes deposit receivables of arrangements that are accounted for under the deposit method of accounting of $10,707 million and $10,574 million as of March 31, 2024 and December 31, 2023, respectively. Deposit receivables related to the reinsurance agreement with Prismic Re were $3,715 million and $3,771 million |
Closed Block (Tables)
Closed Block (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, December 31, (in millions) Closed Block liabilities Future policy benefits $ 43,244 $ 43,587 Policyholders’ dividends payable 663 648 Policyholders’ dividend obligation 408 792 Policyholders’ account balances 4,464 4,500 Other Closed Block liabilities 3,902 3,605 Total Closed Block liabilities 52,681 53,132 Closed Block assets Fixed maturities, available-for-sale, at fair value 29,909 30,314 Fixed maturities, trading, at fair value 849 887 Equity securities, at fair value 1,818 1,970 Commercial mortgage and other loans 7,681 7,769 Policy loans 3,441 3,479 Other invested assets 4,432 4,513 Short-term investments 743 232 Total investments 48,873 49,164 Cash and cash equivalents 801 993 Accrued investment income 435 421 Other Closed Block assets 172 138 Total Closed Block assets 50,281 50,716 Excess of reported Closed Block liabilities over Closed Block assets 2,400 2,416 Portion of above representing accumulated other comprehensive income (loss): Net unrealized investment gains (losses) (2,562) (2,241) Allocated to policyholder dividend obligation 2,399 2,081 Future earnings to be recognized from Closed Block assets and Closed Block liabilities $ 2,237 $ 2,256 |
Schedule of Closed Block Dividend Obligation | Information regarding the policyholder dividend obligation is as follows: Three Months Ended (in millions) Balance, December 31, 2023 $ 792 Impact from earnings allocable to policyholder dividend obligation (66) Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation (318) Balance, March 31, 2024 $ 408 |
Schedule of Closed Block Revenues Benefits Expenses | Closed Block revenues and benefits and expenses are as follows for the periods indicated: Three Months Ended 2024 2023 (in millions) Revenues Premiums $ 409 $ 406 Net investment income 513 479 Realized investment gains (losses), net (125) (17) Other income (loss) 164 100 Total Closed Block revenues 961 968 Benefits and Expenses Policyholders’ benefits 584 572 Interest credited to policyholders’ account balances 30 30 Dividends to policyholders 275 302 General and administrative expenses 67 73 Total Closed Block benefits and expenses 956 977 Closed Block revenues, net of Closed Block benefits and expenses, before income taxes 5 (9) Income tax expense (benefit) (15) (32) Closed Block revenues, net of Closed Block benefits and expenses and income taxes $ 20 $ 23 |
Short-Term and Long-Term Debt (
Short-Term and Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The table below presents the Company’s short-term debt as of the dates indicated: March 31, 2024 December 31, 2023 ($ in millions) Commercial paper: Prudential Financial $ 25 $ 25 Prudential Funding, LLC 480 510 Subtotal commercial paper 505 535 Current portion of long-term debt: Mortgage debt 80 83 Surplus notes subject to set-off arrangements(1) 2,000 2,000 Subtotal current portion of long-term debt 2,080 2,083 Subtotal 2,585 2,618 Less: assets under set-off arrangements(1) 2,000 2,000 Total short-term debt(2) $ 585 $ 618 Supplemental short-term debt information: Portion of commercial paper borrowings due overnight $ 125 $ 110 Daily average commercial paper outstanding for the quarter ended $ 1,461 $ 1,334 Weighted average maturity of outstanding commercial paper, in days 28 49 Weighted average interest rate on outstanding commercial paper 5.51 % 5.50 % _________ (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 Prudential Financial debt of $25 million at both March 31, 2024 and December 31, 2023. |
Schedule of Long-term Debt | The table below presents the Company’s long-term debt as of the dates indicated: March 31, 2024 December 31, 2023 (in millions) Fixed-rate obligations: Surplus notes $ 347 $ 346 Surplus notes subject to set-off arrangements(1)(2) 11,002 9,790 Senior notes 10,111 10,112 Floating-rate obligations: Line of credit 255 255 Surplus notes subject to set-off arrangements(1) 580 580 Mortgage debt(3) 73 75 Junior subordinated notes(4) 8,582 8,094 Subtotal 30,950 29,252 Less: assets under set-off arrangements(1) 11,582 10,370 Total long-term debt(5) $ 19,368 $ 18,882 __________ (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) Amount includes $6.2 billion of surplus notes used to finance Guideline AXXX reserves for business reinsured to Somerset Re in March 2024. See Note 12 for additional information. (3) Includes $25 million and $27 million of debt denominated in foreign currency at March 31, 2024 and December 31, 2023, respectively. (4) Includes Prudential Financial debt of $8,541 million and $8,050 million at March 31, 2024, and December 31, 2023, respectively. Also includes subsidiary debt of $41 million and $44 million denominated in foreign currency at March 31, 2024, and December 31, 2023, respectively. (5) Includes Prudential Financial debt of $18,652 million and $18,162 million at March 31, 2024 and December 31, 2023, respectively. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, Pension Benefits Other Postretirement Benefits 2024 2023 2024 2023 (in millions) Components of net periodic (benefit) cost: Service cost $ 52 $ 51 $ 2 $ 2 Interest cost 135 138 13 18 Expected return on plan assets (238) (231) (19) (21) Amortization of prior service cost 0 0 (17) (2) Amortization of actuarial (gain) loss, net 22 17 2 3 Net periodic (benefit) cost $ (29) $ (25) $ (19) $ 0 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 666.3 307.1 359.2 Common Stock issued 0.0 0.0 0.0 Common Stock acquired 0.0 2.3 (2.3) Stock-based compensation programs(1) 0.0 (2.2) 2.2 Balance, March 31, 2024 666.3 307.2 359.1 __________ (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 2024 2023 Dividends declared per share of Common Stock $ 1.30 $ 1.25 |
Components of Accumulated Other Comprehensive Income (Loss) | The balance of and changes in each component of AOCI as of and for the three months ended March 31, 2024 and 2023, 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, 2023 $ (2,686) $ (11,213) $ 8,547 $ 900 $ (2,052) $ (6,504) Change in OCI before reclassifications (481) (4,602) 4,213 (252) 6 (1,116) Amounts reclassified from AOCI (13) (172) 0 0 7 (178) Income tax benefit (expense) (36) 1,131 (1,006) 53 (5) 137 Balance, March 31, 2024 $ (3,216) $ (14,856) $ 11,754 $ 701 $ (2,044) $ (7,661) 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) $ (16,194) $ 15,242 $ 1,448 $ (2,028) $ (3,806) Change in OCI before reclassifications 12 8,243 (8,705) 186 1 (263) Amounts reclassified from AOCI 0 136 0 0 18 154 Income tax benefit (expense) (38) (1,988) 2,160 (39) (5) 90 Balance, March 31, 2023 $ (2,300) $ (9,803) $ 8,697 $ 1,595 $ (2,014) $ (3,825) __________ (1) Includes cash flow hedges of $1,199 million and $869 million as of March 31, 2024 and December 31, 2023, respectively, and $2,344 million and $2,616 million as of March 31, 2023 and December 31, 2022, respectively, and fair value hedges of $(51) million and $(60) million as of March 31, 2024 and December 31, 2023, respectively, and $(74) million and $(54) million as of March 31, 2023 and December 31, 2022, respectively. |
Reclassification Out Of Accumulated Other Comprehensive Income (Loss) | Reclassifications out of Accumulated Other Comprehensive Income (Loss) Three Months Ended Affected line item in Unaudited Interim Consolidated Statements of Operations 2024 2023 (in millions) Amounts reclassified from AOCI(1)(2): Foreign currency translation adjustment: Foreign currency translation adjustments $ 13 $ 0 Realized investment gains (losses), net Net unrealized investment gains (losses): Cash flow hedges—Interest rate (3) (23) (3) Cash flow hedges—Currency 2 5 (3) Cash flow hedges—Currency/Interest rate 157 39 (3) Fair value hedges—Currency (2) (2) (3) Net unrealized investment gains (losses) on available-for-sale securities 18 (155) Realized investment gains (losses), net Total net unrealized investment gains (losses) 172 (136) (4) Amortization of defined benefit items: Prior service cost 17 2 (5) Actuarial gain (loss) (24) (20) (5) Total amortization of defined benefit items (7) (18) Total reclassifications for the period $ 178 $ (154) __________ (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, 2023 $ (72) $ (17,179) $ (484) $ 1,306 $ 2,081 $ 3,135 $ (11,213) Net investment gains (losses) on investments arising during the period (23) (4,899) 1,158 (3,764) Reclassification adjustment for (gains) losses included in net income (1) (171) 40 (132) Reclassification due to allowance for credit losses recorded during the period 23 (23) 0 0 Impact of net unrealized investment (gains) losses (172) 174 318 (67) 253 Balance, March 31, 2024 $ (73) $ (22,272) $ (656) $ 1,480 $ 2,399 $ 4,266 $ (14,856) __________ (1) Includes cash flow and fair value hedges. See Note 5 for additional information. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 2023 Income Weighted Per Share Income Weighted Per Share (in millions, except per share amounts) Basic earnings per share Net income (loss) $ 1,151 $ 1,477 Less: Income (loss) attributable to noncontrolling interests 13 15 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 15 18 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 1,123 359.0 $ 3.13 $ 1,444 366.5 $ 3.94 Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 15 $ 18 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 15 18 Stock options 0.3 0.2 Deferred and long-term compensation programs 1.2 1.0 Diluted earnings per share Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 1,123 360.5 $ 3.12 $ 1,444 367.7 $ 3.93 |
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 March 31, 2024 2023 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 0.3 $ 110.42 1.2 $ 103.16 Antidilutive stock options due to net loss available to holders of Common Stock 0.0 0.0 Antidilutive shares based on application of the treasury stock method 0.0 0.1 Antidilutive shares due to net loss available to holders of Common Stock 0.0 0.0 Total antidilutive stock options and shares 0.3 1.3 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 joint ventures and other operating entities”: Three Months Ended 2024 2023 (in millions) Adjusted operating income before income taxes by segment: PGIM $ 169 $ 151 U.S. Businesses: Institutional Retirement Strategies 441 396 Individual Retirement Strategies 474 441 Retirement Strategies(1) 915 837 Group Insurance 45 25 Individual Life(1) (121) (102) Total U.S. Businesses 839 760 International Businesses: Life Planner 545 522 Gibraltar Life and Other 351 318 Total International Businesses 896 840 Corporate and Other(2) (435) (471) Total segment adjusted operating income before income taxes 1,469 1,280 Reconciling items: Realized investment gains (losses), net, and related charges and adjustments(2) (97) 369 Change in value of market risk benefits, net of related hedging gains (losses) 123 75 Market experience updates (32) 48 Divested and Run-off Businesses: Closed Block division (3) (4) Other Divested and Run-off Businesses(2) (35) 92 Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests (27) (5) Other adjustments(3) (8) (8) Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities per Unaudited Interim Consolidated Financial Statements $ 1,390 $ 1,847 __________ (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) Prior period amounts have been updated to conform to current period presentation. (3) 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. March 31, December 31, (in millions) Assets by segment: PGIM $ 37,922 $ 42,064 U.S. Businesses: Institutional Retirement Strategies 119,148 111,308 Individual Retirement Strategies 144,434 139,934 Retirement Strategies 263,582 251,242 Group Insurance 39,321 39,214 Individual Life 116,134 116,449 Total U.S. Businesses 419,037 406,905 International Businesses: Life Planner 79,319 81,164 Gibraltar Life and Other 105,317 110,060 Total International Businesses 184,636 191,224 Corporate and Other 33,588 29,842 Closed Block division 50,640 51,088 Total assets per Unaudited Interim Consolidated Financial Statements $ 725,823 $ 721,123 Three Months Ended March 31, 2024 2023 (in millions) Revenues by segment: PGIM $ 990 $ 898 U.S. Businesses: Institutional Retirement Strategies 11,538 4,889 Individual Retirement Strategies 1,214 1,095 Retirement Strategies 12,752 5,984 Group Insurance 1,634 1,564 Individual Life 1,580 1,527 Total U.S. Businesses 15,966 9,075 International Businesses: Life Planner 2,550 2,624 Gibraltar Life and Other 2,163 2,391 Total International Businesses: 4,713 5,015 Corporate and Other(1) 30 (6) Total revenues on an adjusted operating income basis 21,699 14,982 Reconciling items: Realized investment gains (losses), net, and related charges and adjustments(1) 308 512 Change in value of market risk benefits, net of related hedging gains (losses) 123 75 Market experience updates (58) 24 Divested and Run-off Businesses: Closed Block division 962 971 Other Divested and Run-off Businesses(1) 514 500 Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests (39) (19) Total revenues per Unaudited Interim Consolidated Financial Statements $ 23,509 $ 17,045 __________ (1) Prior period amounts have been updated to conform to current period presentation. |
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 2024 2023 (in millions) PGIM segment intersegment revenues $ 207 $ 205 |
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 March 31, 2024 2023 (in millions) Asset-based management fees $ 833 $ 789 Performance-based incentive fees 41 3 Other fees 125 125 Total asset management and service fees $ 999 $ 917 |
Related Party Disclosures (Tabl
Related Party Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The related party balances with Prismic and Prismic Re impacted the Company’s balance sheet as of the periods indicated as follows: March 31, 2024 December 31, (in millions) Reinsurance recoverables and deposit receivables $ 9,437 $ 9,752 Other assets $ 132 $ 132 Reinsurance and funds withheld payables (includes $224 and $508 of embedded derivatives at fair value at March 31, 2024 and December 31, 2023, respectively) $ 8,136 $ 8,544 Accumulated other comprehensive income (loss) $ 132 $ 335 The related party activity with Prismic and Prismic Re impacted the Company’s results of operations and cash flows for the period indicated as follows: Three Months Ended March 31, 2024 (in millions) Premiums $ (4) Asset management and service fees 9 Other income 39 Realized investment gains(losses), net 204 Policyholders’ benefits (71) Change in estimates of liability for future policy benefits (4) General and administrative expenses 11 Income (loss) from related parties, before income taxes 312 Other comprehensive income (loss), before tax 132 Total comprehensive income (loss), before tax $ 444 Three Months Ended March 31, 2024 (in millions) CASH FLOWS FROM OPERATING ACTIVITIES Adjustments to reconcile net income (loss) to net cash provided by operating activities: Realized investment (gains) losses, net $ (204) Change in: Other, net $ (183) CASH FLOWS FROM FINANCING ACTIVITIES Other, net $ 92 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 December 31, 2023 Amount % of Amount % of Commercial mortgage and agricultural property loans by property type: Office $ 8,265 14.1 % $ 8,402 14.2 % Retail 5,332 9.1 5,384 9.1 Apartments/Multi-Family 16,123 27.4 16,555 28.0 Industrial 15,184 25.8 15,263 25.8 Hospitality 2,070 3.5 2,086 3.5 Other 4,272 7.3 4,069 6.9 Total commercial mortgage loans 51,246 87.2 51,759 87.5 Agricultural property loans 7,504 12.8 7,426 12.5 Total commercial mortgage and agricultural property loans 58,750 100.0 % 59,185 100.0 % Allowance for credit losses (513) (459) Total net commercial mortgage and agricultural property loans 58,237 58,726 Other loans: Uncollateralized loans 394 425 Residential property loans 26 30 Other collateralized loans 125 125 Total other loans 545 580 Allowance for credit losses (1) (1) Total net other loans 544 579 Total net commercial mortgage and other loans(1) $ 58,781 $ 59,305 __________ (1) Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of March 31, 2024 and December 31, 2023, the net carrying value of these loans was $157 million and $519 million, respectively. Commercial Mortgage Loan Commitments March 31, December 31, (in millions) Total outstanding mortgage loan commitments $ 1,208 $ 1,798 Portion of commitment where prearrangement to sell to investor exists $ 294 $ 366 Indemnification of Serviced Mortgage Loans March 31, December 31, (in millions) Maximum exposure under indemnification agreements for mortgage loans serviced by the Company $ 3,103 $ 3,102 First-loss exposure portion of above $ 897 $ 898 Accrued liability associated with guarantees(1) $ 26 $ 28 __________ (1) The accrued liability associated with guarantees includes an allowance for credit losses of $13 million and $14 million as of March 31, 2024 and December 31, 2023, respectively. The change in allowance is a reduction of $1 million for both the three months ended March 31, 2024, and 2023. |
Commitments to Purchase Investments (excluding Commercial Mortgage Loans) | Commitments to Purchase Investments (excluding Commercial Mortgage Loans) March 31, December 31, (in millions) Expected to be funded from the general account and other operations outside the separate accounts $ 10,922 $ 10,675 Expected to be funded from separate accounts $ 1 $ 39 |
Indemnification of Securities Lending and Securities Repurchase Transactions | Indemnification of Securities Lending and Securities Repurchase Transactions March 31, December 31, (in millions) Indemnification provided to certain clients for securities lending and securities repurchase transactions(1) $ 5,801 $ 5,409 Fair value of related collateral associated with above indemnifications(2) $ 5,926 $ 5,528 Accrued liability associated with guarantee $ 0 $ 0 __________ (1) Includes $229 million and $0 million related to securities repurchase transactions as of March 31, 2024 and December 31, 2023, respectively. (2) Includes $230 million and $0 million related to securities repurchase transactions as of March 31, 2024 and December 31, 2023, respectively. |
Guarantees | Guarantees of Asset Values March 31, December 31, (in millions) Guaranteed value of third-parties’ assets $ 77,683 $ 78,009 Fair value of collateral supporting these assets $ 71,951 $ 73,186 Asset (liability) associated with guarantee, carried at fair value $ (2) $ (2) Other Guarantees March 31, December 31, (in millions) Other guarantees where amount can be determined $ 42 $ 36 Accrued liability for other guarantees and indemnifications $ 32 $ 32 |
Business and Basic Presentation
Business and Basic Presentation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Dec. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Restructuring Charges | $ 200 | |||
Prismic HoldCo | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Carrying value | $ 200 | |||
Equity Method Investment, Ownership Percentage | 20% | 20% |
Significant Accounting Polici_3
Significant Accounting Policies and Pronouncements (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | [1] |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Equity, Including Portion Attributable to Noncontrolling Interest | $ 28,870 | $ 29,263 | $ 32,447 | $ 31,548 | |
Liability for Future Policy Benefit, after Reinsurance | 185,390 | 192,293 | |||
Deferred profit liability | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Liability for Future Policy Benefit, after Reinsurance | 14,585 | 14,795 | |||
Change in AOCI | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Equity, Including Portion Attributable to Noncontrolling Interest | (7,661) | (6,504) | (3,825) | (3,806) | |
Retained Earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Equity, Including Portion Attributable to Noncontrolling Interest | $ 33,014 | $ 32,352 | $ 32,708 | $ 31,714 | |
[1] Prior period amounts reflect 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 | Mar. 31, 2024 | Dec. 31, 2023 | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | $ 342,228 | $ 334,598 | |
Gross Unrealized Gains | 7,932 | 9,777 | |
Gross Unrealized Losses | 31,479 | 27,894 | |
Fixed Maturities, AFS, allowance for credit losses | 171 | 160 | |
Fixed maturities, available-for-sale, at fair value | [1] | 318,510 | 316,321 |
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 | 27,113 | 24,874 | |
Gross Unrealized Gains | 729 | 1,091 | |
Gross Unrealized Losses | 4,811 | 4,169 | |
Fixed Maturities, AFS, allowance for credit losses | 0 | 0 | |
Fixed maturities, available-for-sale, at fair value | 23,031 | 21,796 | |
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 | 8,619 | 8,650 | |
Gross Unrealized Gains | 217 | 267 | |
Gross Unrealized Losses | 558 | 459 | |
Fixed Maturities, AFS, allowance for credit losses | 0 | 0 | |
Fixed maturities, available-for-sale, at fair value | 8,278 | 8,458 | |
Foreign government bonds | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 67,025 | 71,556 | |
Gross Unrealized Gains | 3,235 | 3,895 | |
Gross Unrealized Losses | 5,661 | 5,208 | |
Fixed Maturities, AFS, allowance for credit losses | 31 | 53 | |
Fixed maturities, available-for-sale, at fair value | 64,568 | 70,190 | |
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 | 110,786 | 105,593 | |
Gross Unrealized Gains | 1,765 | 2,357 | |
Gross Unrealized Losses | 11,139 | 9,711 | |
Fixed Maturities, AFS, allowance for credit losses | 76 | 67 | |
Fixed maturities, available-for-sale, at fair value | 101,336 | 98,172 | |
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 | 43,096 | 42,801 | |
Gross Unrealized Gains | 874 | 807 | |
Gross Unrealized Losses | 2,936 | 2,574 | |
Fixed Maturities, AFS, allowance for credit losses | 12 | 14 | |
Fixed maturities, available-for-sale, at fair value | 41,022 | 41,020 | |
Foreign public corporate securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 21,715 | 20,473 | |
Gross Unrealized Gains | 387 | 487 | |
Gross Unrealized Losses | 1,420 | 1,298 | |
Fixed Maturities, AFS, allowance for credit losses | 19 | 19 | |
Fixed maturities, available-for-sale, at fair value | 20,663 | 19,643 | |
Foreign private corporate securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 35,870 | 35,128 | |
Gross Unrealized Gains | 447 | 613 | |
Gross Unrealized Losses | 3,976 | 3,446 | |
Fixed Maturities, AFS, allowance for credit losses | 32 | 5 | |
Fixed maturities, available-for-sale, at fair value | 32,309 | 32,290 | |
Asset-backed securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 15,090 | 12,514 | |
Gross Unrealized Gains | 229 | 202 | |
Gross Unrealized Losses | 88 | 119 | |
Fixed Maturities, AFS, allowance for credit losses | 1 | 2 | |
Fixed maturities, available-for-sale, at fair value | 15,230 | 12,595 | |
Commercial mortgage-backed securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 10,288 | 10,571 | |
Gross Unrealized Gains | 31 | 34 | |
Gross Unrealized Losses | 671 | 713 | |
Fixed Maturities, AFS, allowance for credit losses | 0 | 0 | |
Fixed maturities, available-for-sale, at fair value | 9,648 | 9,892 | |
Residential mortgage-backed securities | |||
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||
Fixed Maturities, available-for-sale, Amortized Cost | 2,626 | 2,438 | |
Gross Unrealized Gains | 18 | 24 | |
Gross Unrealized Losses | 219 | 197 | |
Fixed Maturities, AFS, allowance for credit losses | 0 | 0 | |
Fixed maturities, available-for-sale, at fair value | 2,425 | 2,265 | |
Prudential Netting Agreement | 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 | 13,582 | 12,370 | |
Fixed maturities, available-for-sale, at fair value | $ 13,592 | $ 12,370 | |
[1] See Note 4 for details of balances associated with variable interest entities. |
Investments (Fair Value and Los
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | $ 43,870 | $ 25,154 |
Less than Twelve Months, Unrealized Losses | 1,583 | 1,015 |
Twelve Months or More, Fair Value | 164,304 | 173,006 |
Twelve Months or More, Unrealized Losses | 29,855 | 26,855 |
Fair Value | 208,174 | 198,160 |
Gross Unrealized Losses | 31,438 | 27,870 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 5,597 | 2,718 |
Less than Twelve Months, Unrealized Losses | 236 | 95 |
Twelve Months or More, Fair Value | 11,354 | 12,642 |
Twelve Months or More, Unrealized Losses | 4,575 | 4,074 |
Fair Value | 16,951 | 15,360 |
Gross Unrealized Losses | 4,811 | 4,169 |
Obligations of U.S. states and their political subdivisions | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 1,491 | 862 |
Less than Twelve Months, Unrealized Losses | 28 | 14 |
Twelve Months or More, Fair Value | 3,940 | 3,816 |
Twelve Months or More, Unrealized Losses | 530 | 445 |
Fair Value | 5,431 | 4,678 |
Gross Unrealized Losses | 558 | 459 |
Foreign government bonds | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 9,857 | 9,098 |
Less than Twelve Months, Unrealized Losses | 755 | 542 |
Twelve Months or More, Fair Value | 17,951 | 19,589 |
Twelve Months or More, Unrealized Losses | 4,905 | 4,664 |
Fair Value | 27,808 | 28,687 |
Gross Unrealized Losses | 5,660 | 5,206 |
U.S. public corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 12,399 | 4,881 |
Less than Twelve Months, Unrealized Losses | 287 | 103 |
Twelve Months or More, Fair Value | 60,497 | 61,204 |
Twelve Months or More, Unrealized Losses | 10,837 | 9,604 |
Fair Value | 72,896 | 66,085 |
Gross Unrealized Losses | 11,124 | 9,707 |
U.S. private corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 5,258 | 3,026 |
Less than Twelve Months, Unrealized Losses | 126 | 69 |
Twelve Months or More, Fair Value | 26,589 | 27,062 |
Twelve Months or More, Unrealized Losses | 2,810 | 2,504 |
Fair Value | 31,847 | 30,088 |
Gross Unrealized Losses | 2,936 | 2,573 |
Foreign public corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 2,489 | 1,766 |
Less than Twelve Months, Unrealized Losses | 42 | 37 |
Twelve Months or More, Fair Value | 10,256 | 10,812 |
Twelve Months or More, Unrealized Losses | 1,355 | 1,246 |
Fair Value | 12,745 | 12,578 |
Gross Unrealized Losses | 1,397 | 1,283 |
Foreign private corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 3,246 | 1,578 |
Less than Twelve Months, Unrealized Losses | 79 | 120 |
Twelve Months or More, Fair Value | 21,666 | 22,145 |
Twelve Months or More, Unrealized Losses | 3,895 | 3,324 |
Fair Value | 24,912 | 23,723 |
Gross Unrealized Losses | 3,974 | 3,444 |
Asset-backed securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 2,841 | 846 |
Less than Twelve Months, Unrealized Losses | 25 | 30 |
Twelve Months or More, Fair Value | 2,545 | 5,886 |
Twelve Months or More, Unrealized Losses | 63 | 89 |
Fair Value | 5,386 | 6,732 |
Gross Unrealized Losses | 88 | 119 |
Commercial mortgage-backed securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 398 | 287 |
Less than Twelve Months, Unrealized Losses | 3 | 3 |
Twelve Months or More, Fair Value | 7,971 | 8,251 |
Twelve Months or More, Unrealized Losses | 668 | 710 |
Fair Value | 8,369 | 8,538 |
Gross Unrealized Losses | 671 | 713 |
Residential mortgage-backed securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 294 | 92 |
Less than Twelve Months, Unrealized Losses | 2 | 2 |
Twelve Months or More, Fair Value | 1,535 | 1,599 |
Twelve Months or More, Unrealized Losses | 217 | 195 |
Fair Value | 1,829 | 1,691 |
Gross Unrealized Losses | $ 219 | $ 197 |
Investments (Amortized Cost and
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Available-for-sale, Amortized Cost | |||
Due in one year or less | $ 14,917 | ||
Due after one year through five years | 55,756 | ||
Due after five years through ten years(1) | 58,432 | ||
Due after ten years | 185,119 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 342,228 | $ 334,598 | |
Available-for-sale, Fair Value | |||
Due in one year or less | 14,826 | ||
Due after one year through five years | 54,747 | ||
Due after five years through ten years(1) | 57,487 | ||
Due after ten years | 164,147 | ||
Fixed maturities, available-for-sale, at fair value | [1] | 318,510 | 316,321 |
U.S. private corporate securities | |||
Available-for-sale, Amortized Cost | |||
Fixed Maturities, available-for-sale, Amortized Cost | 43,096 | 42,801 | |
Available-for-sale, Fair Value | |||
Fixed maturities, available-for-sale, at fair value | 41,022 | 41,020 | |
Asset-backed securities | |||
Available-for-sale, Amortized Cost | |||
Debt Maturities, without single maturity date | 15,090 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 15,090 | 12,514 | |
Available-for-sale, Fair Value | |||
Debt Maturities, without single maturity date | 15,230 | ||
Fixed maturities, available-for-sale, at fair value | 15,230 | 12,595 | |
Commercial mortgage-backed securities | |||
Available-for-sale, Amortized Cost | |||
Debt Maturities, without single maturity date | 10,288 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 10,288 | 10,571 | |
Available-for-sale, Fair Value | |||
Debt Maturities, without single maturity date | 9,648 | ||
Fixed maturities, available-for-sale, at fair value | 9,648 | 9,892 | |
Residential mortgage-backed securities | |||
Available-for-sale, Amortized Cost | |||
Debt Maturities, without single maturity date | 2,626 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 2,626 | 2,438 | |
Available-for-sale, Fair Value | |||
Debt Maturities, without single maturity date | 2,425 | ||
Fixed maturities, available-for-sale, at fair value | 2,425 | 2,265 | |
Prudential Netting Agreement | U.S. private corporate securities | |||
Available-for-sale, Amortized Cost | |||
Fixed Maturities, available-for-sale, Amortized Cost | 13,582 | 12,370 | |
Available-for-sale, Fair Value | |||
Fixed maturities, available-for-sale, at fair value | 13,592 | 12,370 | |
Fixed maturities | Prudential Netting Agreement | U.S. private corporate securities | |||
Available-for-sale, Amortized Cost | |||
Fixed Maturities, available-for-sale, Amortized Cost | 13,582 | 12,370 | |
Available-for-sale, Fair Value | |||
Fixed maturities, available-for-sale, at fair value | $ 13,592 | $ 12,370 | |
[1] See Note 4 for details of balances associated with variable interest entities. |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Schedule of Investments [Line Items] | |||
Total Unrealized Losses | $ 31,438 | $ 27,870 | |
Twelve Months or More, Unrealized Losses | 29,855 | 26,855 | |
Fixed maturity securities purchased with credit deterioration | 0 | 0 | |
Write-down on accrued investment income receivable | 1 | $ 1 | |
Loans on non-accrual status, do not have allowance for credit losses | 122 | 126 | |
Commercial mortgage and other loans purchased with credit deterioration | 0 | 0 | |
Loans on non-accrual status recognized in interest income | 1 | 1 | |
Commercial Mortgage Loans | Extended Maturity | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loan, modified in period | $ 162 | ||
Modified in period, to total financing receivables, percentage | 1% | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 1 year | ||
Corporate securities | |||
Schedule of Investments [Line Items] | |||
Twelve Months or More, Unrealized Losses | $ 29,855 | 26,855 | |
Other income (loss) | Fixed maturities | Trading | |||
Schedule of Investments [Line Items] | |||
Unrealized gains (losses) on investments | (181) | 194 | |
Other income (loss) | Equity securities | |||
Schedule of Investments [Line Items] | |||
Unrealized gains (losses) on investments | 431 | 297 | |
Other income (loss) | Assets supporting experience-rated contractholder liabilities | |||
Schedule of Investments [Line Items] | |||
Unrealized gains (losses) on investments | $ 299 | $ 134 | |
California | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loan, concentration percentage | 30% | ||
Texas | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loan, concentration percentage | 7% | ||
New York | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loan, concentration percentage | 6% | ||
Europe | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loan, concentration percentage | 6% | ||
Mexico | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loan, concentration percentage | 2% | ||
Asia | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loan, concentration percentage | 1% | ||
Australia | |||
Schedule of Investments [Line Items] | |||
Commercial mortgage loan, concentration percentage | 1% | ||
NAIC High or Highest Quality Rating | Fixed maturities | |||
Schedule of Investments [Line Items] | |||
Total Unrealized Losses | $ 30,334 | 26,879 | |
NAIC Other Than High or Highest Quality Rating | Fixed maturities | |||
Schedule of Investments [Line Items] | |||
Total Unrealized Losses | $ 1,104 | $ 991 |
Investments (Fixed Maturity Pro
Investments (Fixed Maturity Proceeds) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Securities [Line Items] | ||
Proceeds from maturities/prepayments | $ 10,794 | $ 11,178 |
Proceeds from maturities/prepayments - HTM | 0 | 7 |
Held-to-Maturity Securities Netting | ||
Debt Securities [Line Items] | ||
Non cash Or Part Non cash Divestitures Amount Of Consideration Received | 0 | 1 |
Available for sale Securities Netting | ||
Debt Securities [Line Items] | ||
Non cash Or Part Non cash Divestitures Amount Of Consideration Received | 111 | (160) |
Fixed maturities | Available-for-sale | ||
Debt Securities [Line Items] | ||
Proceeds from sales | 5,751 | 7,350 |
Proceeds from maturities/prepayments | 4,932 | 3,988 |
Gross investment gains from sales and maturities | 394 | 290 |
Gross investment losses from sales and maturities | (360) | (305) |
Write-downs recognized in earnings | (5) | (9) |
(Addition to) release of allowance for credit losses | (11) | (131) |
Fixed maturities | Held-to-Maturity Securities [Member] | ||
Debt Securities [Line Items] | ||
Proceeds from maturities/prepayments - HTM | 0 | 7 |
(Addition to) release of allowance for credit losses | $ 0 | $ 0 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Change in foreign exchange | $ 2 | |
Available-for-sale | ||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Balance, beginning of period | 160 | $ 138 |
Additions to allowance for credit losses not previously recorded | 46 | 137 |
Reductions for securities sold during the period | (12) | (40) |
Additions (reductions) on securities with previous allowance | (23) | 34 |
Balance, ending of period | 171 | 269 |
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 |
Additions to allowance for credit losses not previously recorded | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Additions (reductions) on securities with previous allowance | 0 | 0 |
Balance, ending of period | 0 | 0 |
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 | 53 | 1 |
Additions to allowance for credit losses not previously recorded | 0 | 62 |
Reductions for securities sold during the period | 0 | 0 |
Additions (reductions) on securities with previous allowance | (22) | (1) |
Balance, ending of period | 31 | 62 |
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 | 105 | 136 |
Additions to allowance for credit losses not previously recorded | 46 | 75 |
Reductions for securities sold during the period | (12) | (40) |
Additions (reductions) on securities with previous allowance | 0 | 35 |
Balance, ending of period | 139 | 206 |
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 | 2 | 1 |
Additions to allowance for credit losses not previously recorded | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Additions (reductions) on securities with previous allowance | (1) | 0 |
Balance, ending of period | 1 | 1 |
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 |
Additions to allowance for credit losses not previously recorded | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Additions (reductions) on securities with previous allowance | 0 | 0 |
Balance, ending of period | 0 | 0 |
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 |
Additions to allowance for credit losses not previously recorded | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Additions (reductions) on securities with previous allowance | 0 | 0 |
Balance, ending of period | 0 | 0 |
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 | 0 | 2 |
Current period provision for expected losses | 0 | 0 |
Change in foreign exchange | 0 | 0 |
Balance, ending of period | 0 | 2 |
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 |
Current period provision for expected losses | 0 | 0 |
Change in foreign exchange | 0 | 0 |
Balance, ending of period | 0 | 0 |
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 |
Current period provision for expected losses | 0 | 0 |
Change in foreign exchange | 0 | 0 |
Balance, ending of period | 0 | 0 |
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 | 0 | 2 |
Current period provision for expected losses | 0 | 0 |
Change in foreign exchange | 0 | 0 |
Balance, ending of period | 0 | 2 |
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 |
Current period provision for expected losses | 0 | 0 |
Change in foreign exchange | 0 | 0 |
Balance, ending of period | 0 | 0 |
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 |
Current period provision for expected losses | 0 | 0 |
Change in foreign exchange | 0 | 0 |
Balance, ending of period | 0 | 0 |
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 |
Current period provision for expected losses | 0 | 0 |
Change in foreign exchange | 0 | 0 |
Balance, ending of period | $ 0 | $ 0 |
Investments (Assets Supporting
Investments (Assets Supporting Experience-Rated Contractholder Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | $ 2,408 | $ 2,496 |
Assets supporting experience-rated contractholder liabilities, at fair value | 3,359 | 3,168 |
Fixed maturities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 860 | 889 |
Assets supporting experience-rated contractholder liabilities, at fair value | 870 | 889 |
Equity securities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 1,548 | 1,607 |
Assets supporting experience-rated contractholder liabilities, at fair value | 2,489 | 2,279 |
Corporate securities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 77 | 81 |
Assets supporting experience-rated contractholder liabilities, at fair value | 75 | 79 |
Foreign government bonds | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 587 | 606 |
Assets supporting experience-rated contractholder liabilities, at fair value | 587 | 604 |
Obligations of U.S. government authorities and agencies and obligations of U.S. states | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 196 | 202 |
Assets supporting experience-rated contractholder liabilities, at fair value | $ 208 | $ 206 |
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 | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost percentage | 99% | 99% |
Investments (Concentrations of
Investments (Concentrations of Credit Risk) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
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 | $ 58,679 | $ 63,132 |
Concentrations of credit risk at fair value | 56,713 | 62,017 |
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 | 3,368 | 3,455 |
Concentrations of credit risk at fair value | 3,199 | 3,419 |
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 | 509 | 522 |
Concentrations of credit risk at fair value | 501 | 514 |
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 | 26 | 0 |
Concentrations of credit risk at fair value | 26 | 0 |
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 | 286 | 427 |
Concentrations of credit risk at fair value | 286 | 427 |
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 | 58,152 | 62,591 |
Concentrations of credit risk at fair value | 56,194 | 61,484 |
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 | 3,056 | 3,028 |
Concentrations of credit risk at fair value | 2,887 | 2,992 |
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 | 19 |
Concentrations of credit risk at fair value | $ 18 | $ 19 |
Investments (Commercial Mortgag
Investments (Commercial Mortgage and Other Loans) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 58,750 | $ 59,185 |
Other loans | 545 | 580 |
Total commercial mortgage and other loans | $ 58,781 | $ 59,305 |
% of Total | 100% | 100% |
Net carrying value of commercial loans held for sale | $ 157 | $ 519 |
Commercial Mortgage Loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 51,246 | $ 51,759 |
% of Total | 87.20% | 87.50% |
Commercial mortgage and agricultural property loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Allowance for credit losses | $ (513) | $ (459) |
Total net loans | 58,237 | 58,726 |
Uncollateralized loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Other loans | 394 | 425 |
Residential property loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Other loans | 26 | 30 |
Other collateralized loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Other loans | 125 | 125 |
Other loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Total net loans | 544 | 579 |
Allowance for credit losses | (1) | (1) |
Office | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 8,265 | $ 8,402 |
% of Total | 14.10% | 14.20% |
Retail | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 5,332 | $ 5,384 |
% of Total | 9.10% | 9.10% |
Apartments/Multi-Family | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 16,123 | $ 16,555 |
% of Total | 27.40% | 28% |
Industrial | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 15,184 | $ 15,263 |
% of Total | 25.80% | 25.80% |
Hospitality | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 2,070 | $ 2,086 |
% of Total | 3.50% | 3.50% |
Other | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 4,272 | $ 4,069 |
% of Total | 7.30% | 6.90% |
Agricultural property loans | ||
Commercial Mortgage and Other Loans [Line Items] | ||
Commercial mortgage and agricultural property loans by property type | $ 7,504 | $ 7,426 |
% of Total | 12.80% | 12.50% |
Investments (Allowance for Cred
Investments (Allowance for Credit Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance, beginning of period | $ 460 | $ 203 |
Addition to (release of) allowance for expected losses | 52 | 19 |
Reduction for loans sold during the period | (1) | |
Change in foreign exchange | 2 | |
Allowance, end of period | 514 | 221 |
Commercial Mortgage Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance, beginning of period | 443 | 188 |
Addition to (release of) allowance for expected losses | 47 | 17 |
Reduction for loans sold during the period | 0 | |
Change in foreign exchange | 2 | |
Allowance, end of period | 492 | 205 |
Agricultural Property Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance, beginning of period | 16 | 13 |
Addition to (release of) allowance for expected losses | 5 | 2 |
Reduction for loans sold during the period | 0 | |
Change in foreign exchange | 0 | |
Allowance, end of period | 21 | 15 |
Residential Property Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance, beginning of period | 0 | 0 |
Addition to (release of) allowance for expected losses | 0 | 0 |
Reduction for loans sold during the period | 0 | |
Change in foreign exchange | 0 | |
Allowance, end of period | 0 | 0 |
Other collateralized loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance, beginning of period | 0 | 0 |
Addition to (release of) allowance for expected losses | 0 | 0 |
Reduction for loans sold during the period | 0 | |
Change in foreign exchange | 0 | |
Allowance, end of period | 0 | 0 |
Uncollateralized Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance, beginning of period | 1 | 2 |
Addition to (release of) allowance for expected losses | 0 | 0 |
Reduction for loans sold during the period | (1) | |
Change in foreign exchange | 0 | |
Allowance, end of period | $ 1 | $ 1 |
Investments (Credit Quality Ind
Investments (Credit Quality Indicators) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Recording investment gross of allowance for credit losses | $ 59,295 | $ 59,765 |
Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,375 | 5,733 |
One Years Prior | 5,259 | 3,712 |
Two Years Prior | 3,702 | 6,286 |
Three Years Prior | 6,199 | 3,275 |
Four Years Prior | 3,254 | 6,573 |
Prior | 31,457 | 26,180 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 51,246 | 51,759 |
Commercial Mortgage Loans | ≥ 1.2X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,222 | 5,237 |
One Years Prior | 4,777 | 3,194 |
Two Years Prior | 3,187 | 6,122 |
Three Years Prior | 6,066 | 3,182 |
Four Years Prior | 3,162 | 5,988 |
Prior | 27,975 | 23,196 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 46,389 | 46,919 |
Commercial Mortgage Loans | 1.0 - 1.2x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 153 | 346 |
One Years Prior | 332 | 366 |
Two Years Prior | 363 | 82 |
Three Years Prior | 53 | 38 |
Four Years Prior | 38 | 265 |
Prior | 2,141 | 1,713 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 3,080 | 2,810 |
Commercial Mortgage Loans | Less than 1.0x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 150 |
One Years Prior | 150 | 152 |
Two Years Prior | 152 | 82 |
Three Years Prior | 80 | 55 |
Four Years Prior | 54 | 320 |
Prior | 1,341 | 1,271 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 1,777 | 2,030 |
Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 97 | 953 |
One Years Prior | 935 | 1,548 |
Two Years Prior | 1,525 | 2,052 |
Three Years Prior | 2,041 | 824 |
Four Years Prior | 813 | 490 |
Prior | 1,931 | 1,485 |
Revolving Loans | 162 | 74 |
Recording investment gross of allowance for credit losses | 7,504 | 7,426 |
Agricultural property loans | ≥ 1.2X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 93 | 948 |
One Years Prior | 930 | 1,535 |
Two Years Prior | 1,512 | 2,040 |
Three Years Prior | 2,029 | 750 |
Four Years Prior | 741 | 489 |
Prior | 1,734 | 1,290 |
Revolving Loans | 162 | 74 |
Recording investment gross of allowance for credit losses | 7,201 | 7,126 |
Agricultural property loans | 1.0 - 1.2x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 4 | 0 |
One Years Prior | 0 | 5 |
Two Years Prior | 5 | 4 |
Three Years Prior | 4 | 58 |
Four Years Prior | 56 | 0 |
Prior | 146 | 151 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 215 | 218 |
Agricultural property loans | Less than 1.0x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 5 |
One Years Prior | 5 | 8 |
Two Years Prior | 8 | 8 |
Three Years Prior | 8 | 16 |
Four Years Prior | 16 | 1 |
Prior | 51 | 44 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 88 | 82 |
0%-59.99% | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 57 | 1,822 |
One Years Prior | 1,476 | 911 |
Two Years Prior | 906 | 2,264 |
Three Years Prior | 2,195 | 1,437 |
Four Years Prior | 1,426 | 3,205 |
Prior | 18,767 | 16,569 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 24,827 | 26,208 |
0%-59.99% | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 39 | 360 |
One Years Prior | 361 | 880 |
Two Years Prior | 900 | 2,027 |
Three Years Prior | 2,031 | 774 |
Four Years Prior | 760 | 455 |
Prior | 1,880 | 1,481 |
Revolving Loans | 112 | 74 |
Recording investment gross of allowance for credit losses | 6,083 | 6,051 |
60%-69.99% | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 1,201 | 2,765 |
One Years Prior | 2,690 | 1,440 |
Two Years Prior | 1,449 | 2,541 |
Three Years Prior | 2,568 | 1,107 |
Four Years Prior | 1,094 | 2,146 |
Prior | 6,261 | 4,530 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 15,263 | 14,529 |
60%-69.99% | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 58 | 586 |
One Years Prior | 574 | 668 |
Two Years Prior | 625 | 25 |
Three Years Prior | 10 | 50 |
Four Years Prior | 53 | 20 |
Prior | 29 | 4 |
Revolving Loans | 50 | 0 |
Recording investment gross of allowance for credit losses | 1,399 | 1,353 |
70%-79.99% | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 114 | 1,001 |
One Years Prior | 959 | 1,004 |
Two Years Prior | 1,027 | 1,278 |
Three Years Prior | 1,250 | 401 |
Four Years Prior | 421 | 1,013 |
Prior | 3,165 | 2,277 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 6,936 | 6,974 |
70%-79.99% | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 0 | 7 |
One Years Prior | 0 | 0 |
Two Years Prior | 0 | 0 |
Three Years Prior | 0 | 0 |
Four Years Prior | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 0 | 7 |
80% or greater | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 3 | 145 |
One Years Prior | 134 | 357 |
Two Years Prior | 320 | 203 |
Three Years Prior | 186 | 330 |
Four Years Prior | 313 | 209 |
Prior | 3,264 | 2,804 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 4,220 | 4,048 |
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 | 15 |
Prior | 22 | 0 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | $ 22 | $ 15 |
Investments (Analysis of Past D
Investments (Analysis of Past Due Commercial Mortgage and Other Loans) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 59,295 | $ 59,765 |
Non-accrual status | 326 | 157 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 58,931 | 59,637 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 78 | 49 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 15 |
90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 286 | 64 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 364 | 128 |
Commercial Mortgage Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 51,246 | 51,759 |
Non-accrual status | 239 | 94 |
Commercial Mortgage Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 51,007 | 51,665 |
Commercial Mortgage Loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 34 |
Commercial Mortgage Loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial Mortgage Loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 239 | 60 |
Commercial Mortgage Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 239 | 94 |
Agricultural property loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,504 | 7,426 |
Non-accrual status | 62 | 38 |
Agricultural property loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,379 | 7,392 |
Agricultural property loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 78 | 15 |
Agricultural property loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 15 |
Agricultural property loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 47 | 4 |
Agricultural property loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 125 | 34 |
Residential property loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 26 | 30 |
Non-accrual status | 0 | 0 |
Residential property loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 26 | 30 |
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 | 125 | 125 |
Non-accrual status | 0 | 0 |
Other collateralized loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 125 | 125 |
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 | 394 | 425 |
Non-accrual status | 25 | 25 |
Uncollateralized loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 394 | 425 |
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 | Mar. 31, 2024 | Dec. 31, 2023 | |
Other Invested Assets [Line Items] | |||
Other invested assets | [1] | $ 24,227 | $ 22,855 |
LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 19,899 | 18,796 | |
Real estate held through direct ownership | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,773 | 1,794 | |
Derivative instruments | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,377 | 1,100 | |
Other | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,178 | 1,165 | |
Mortgage Debt | Real estate-related | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 153 | 158 | |
Equity method | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 15,381 | 14,671 | |
Equity method | Private equity | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 9,307 | 8,929 | |
Equity method | Hedge funds | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 3,215 | 3,164 | |
Equity method | Real estate-related | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 2,859 | 2,578 | |
Fair Value | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 132 | 97 | |
Fair Value | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 4,518 | 4,125 | |
Fair Value | Private equity | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,642 | 1,247 | |
Fair Value | Hedge funds | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 2,081 | 2,078 | |
Fair Value | Real estate-related | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | $ 795 | $ 800 | |
[1] See Note 4 for details of balances associated with variable interest entities. |
Investments (Accrued Investment
Investments (Accrued Investment Income) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Net Investment Income [Line Items] | |||
Accrued investment income | [1] | $ 3,361 | $ 3,287 |
Fixed maturities | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 2,803 | 2,727 | |
Equity securities | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 8 | 6 | |
Commercial mortgage and other loans | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 216 | 224 | |
Policy loans | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 237 | 259 | |
Other invested assets | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 35 | 23 | |
Short-term investments and cash equivalents | |||
Net Investment Income [Line Items] | |||
Accrued investment income | $ 62 | $ 48 | |
[1] See Note 4 for details of balances associated with variable interest entities. |
Investments (Net Investment Inc
Investments (Net Investment Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | $ 5,112 | $ 4,608 |
Less: investment expense | (348) | (288) |
Net investment income | 4,764 | 4,320 |
Assets supporting experience-rated contractholder liabilities | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | 14 | 13 |
Equity securities | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | 38 | 40 |
Commercial mortgage and other loans | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | 611 | 543 |
Policy loans | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | 122 | 124 |
Other invested assets | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | 321 | 310 |
Short-term investments and cash equivalents | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | 298 | 238 |
Available-for-sale | Fixed maturities | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | 3,592 | 3,235 |
Fixed maturities, held-to-maturity | Fixed maturities | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | 0 | 50 |
Trading | Fixed maturities | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Gross investment income | $ 116 | $ 55 |
Investments (Realized Investmen
Investments (Realized Investment Gains Losses, Net) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Gain (Loss) on Securities [Line Items] | |||
Realized investment (gains) losses, net | $ (308) | [1],[2] | $ 217 |
Fixed maturities | |||
Gain (Loss) on Securities [Line Items] | |||
Realized investment (gains) losses, net | 18 | (155) | |
Commercial mortgage and other loans | |||
Gain (Loss) on Securities [Line Items] | |||
Realized investment (gains) losses, net | (51) | (12) | |
Investment real estate | |||
Gain (Loss) on Securities [Line Items] | |||
Realized investment (gains) losses, net | 2 | 32 | |
LPs/LLCs | |||
Gain (Loss) on Securities [Line Items] | |||
Realized investment (gains) losses, net | 19 | (16) | |
Derivatives | |||
Gain (Loss) on Securities [Line Items] | |||
Realized investment (gains) losses, net | (233) | 358 | |
Other | |||
Gain (Loss) on Securities [Line Items] | |||
Realized investment (gains) losses, net | $ (63) | $ 10 | |
[1] See Note 20 for additional information regarding related party transactions. See Note 20 for additional information regarding related party transactions. |
Investments (Net Unrealized Gai
Investments (Net Unrealized Gains Losses on Investments) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | $ (22,345) | $ (17,251) |
Fixed maturities | Available-for-sale | With an allowance | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | (73) | (72) |
Fixed maturities | Available-for-sale | Without an allowance | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | (23,474) | (18,045) |
Derivatives designated as cash flow hedges | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | 1,199 | 869 |
Derivatives designated as fair value hedges | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | (51) | (60) |
Other investments | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | $ 54 | $ 57 |
Investments (Repurchase Agreeme
Investments (Repurchase Agreements and Securities Lending Transactions) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | $ 6,563 | $ 6,056 |
Total cash collateral for loaned securities | 6,978 | 6,477 |
Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 6,402 | 5,938 |
Total cash collateral for loaned securities | 6,556 | 5,981 |
Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 161 | 118 |
Total cash collateral for loaned securities | 422 | 496 |
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 |
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 | 6,402 | 5,693 |
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 | 6,402 | 5,693 |
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 | 0 |
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 | 0 |
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 | 43 | 67 |
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 | 43 | 67 |
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 | 177 | 242 |
Foreign government bonds | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 173 | 242 |
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 | 4 | 0 |
U.S. public corporate securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 161 | 118 |
Total cash collateral for loaned securities | 5,519 | 4,819 |
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 | 5,185 | 4,399 |
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 | 161 | 118 |
Total cash collateral for loaned securities | 334 | 420 |
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 cash collateral for loaned securities | 959 | 725 |
Foreign public corporate securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 876 | 649 |
Foreign public corporate securities | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 83 | 76 |
Commercial mortgage-backed securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 245 |
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 | 0 | 245 |
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 |
Equity securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 279 | 623 |
Equity securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 278 | 623 |
Equity securities | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | $ 1 | $ 0 |
Variable Interest Entities (Ass
Variable Interest Entities (Assets and Liabilities of Consolidated VIEs) (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | ||||
Variable Interest Entity [Line Items] | ||||||
Fixed maturities, available-for-sale | [1] | $ 318,510 | $ 316,321 | |||
Fixed maturities, trading | [1] | 10,288 | 9,790 | |||
Equity securities | [1] | 7,224 | 8,242 | |||
Commercial mortgage and other loans | [1] | 58,781 | 59,305 | |||
Other invested assets | [1] | 24,227 | 22,855 | |||
Cash and cash equivalents | 18,735 | [1] | 19,419 | [1] | $ 17,425 | |
Accrued investment income | [1] | 3,361 | 3,287 | |||
Other assets | [1],[2] | 13,205 | 13,179 | |||
Total assets | 725,823 | 721,123 | ||||
Other Liabilities | [1] | 15,638 | 16,071 | |||
Notes Issued by Consolidated Variable Interest Entities | [1] | 1,132 | 1,374 | |||
Total liabilities | 696,409 | 691,336 | ||||
Consolidated VIEs for Which the Company is the Investment Manager | ||||||
Variable Interest Entity [Line Items] | ||||||
Fixed maturities, available-for-sale | 717 | 539 | ||||
Fixed maturities, trading | 560 | 943 | ||||
Equity securities | 86 | 106 | ||||
Commercial mortgage and other loans | 712 | 764 | ||||
Other invested assets | 5,151 | 4,319 | ||||
Cash and cash equivalents | 304 | 302 | ||||
Accrued investment income | 7 | 7 | ||||
Other assets | 712 | 1,023 | ||||
Total assets | 8,249 | 8,003 | ||||
Other Liabilities | 164 | 588 | ||||
Notes Issued by Consolidated Variable Interest Entities | 1,097 | 1,374 | ||||
Total liabilities | 1,261 | 1,962 | ||||
Consolidated VIEs for Which the Company is the Investment Manager | Wholly-owned beneficial interests | ||||||
Variable Interest Entity [Line Items] | ||||||
Total assets | 4,176 | 4,003 | ||||
Other Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Fixed maturities, available-for-sale | 1,413 | 836 | ||||
Fixed maturities, trading | 0 | 0 | ||||
Equity securities | 0 | 0 | ||||
Commercial mortgage and other loans | 0 | 0 | ||||
Other invested assets | 534 | 485 | ||||
Cash and cash equivalents | 1 | 0 | ||||
Accrued investment income | 2 | 3 | ||||
Other assets | 603 | 636 | ||||
Total assets | 2,553 | 1,960 | ||||
Other Liabilities | 0 | 0 | ||||
Notes Issued by Consolidated Variable Interest Entities | 35 | 0 | ||||
Total liabilities | $ 35 | $ 0 | ||||
Minimum | Consolidated VIEs for Which the Company is the Investment Manager | ||||||
Variable Interest Entity [Line Items] | ||||||
VIE notes maturities | 0 years | |||||
Maximum | Consolidated VIEs for Which the Company is the Investment Manager | ||||||
Variable Interest Entity [Line Items] | ||||||
VIE notes maturities | 13 years | |||||
[1] See Note 4 for details of balances associated with variable interest entities. See Note 20 for additional information regarding related party transactions. |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Variable Interest Entity [Line Items] | ||
Total liabilities | $ 696,409,000,000 | $ 691,336,000,000 |
Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Total liabilities | 0 | |
Unconsolidated VIEs | Fixed maturities, available-for-sale, Fixed maturities, trading, Equity securities and Other invested assets | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss on these investments | 1,207,000,000 | 1,165,000,000 |
Unconsolidated VIEs | Other invested assets | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss on these investments | $ 19,899,000,000 | $ 18,796,000,000 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Credit Derivatives [Line Items] | |||
Total derivative assets | $ 1,380 | $ 1,103 | |
Total derivative liabilities | 4,485 | 4,181 | |
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) | 27 years | ||
Net investment hedges income (loss) before taxes | $ 49 | $ (2) | |
Credit derivative protection purchased notional amount | 772 | 0 | |
Credit Risk Derivative Liabilities, at Fair Value | 130 | 64 | |
Credit Default Swap, Buying Protection | |||
Credit Derivatives [Line Items] | |||
Credit Risk Derivative Liabilities, at Fair Value | $ 17 | ||
Credit Risk Derivatives, at Fair Value, Asset Net (Liability) | $ 0 |
Derivative Instruments (Gross N
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Gross Notional | $ 498,944 | $ 487,415 |
Assets | 18,162 | 14,261 |
Liabilities | (30,036) | (27,154) |
Embedded derivative, fair value OF embedded derivative, net | (9,717) | (8,096) |
PRISMIC Embedded Derivative, Fair Value of Embedded Derivative | (224) | (508) |
Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative [Line Items] | ||
Gross Notional | 36,667 | 36,263 |
Assets | 2,301 | 2,050 |
Liabilities | (1,029) | (1,123) |
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 3,396 | 3,582 |
Assets | 27 | 55 |
Liabilities | (314) | (252) |
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Forwards | ||
Derivative [Line Items] | ||
Gross Notional | 0 | 0 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Gross Notional | 4,776 | 4,748 |
Assets | 52 | 43 |
Liabilities | (177) | (195) |
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 28,495 | 27,933 |
Assets | 2,222 | 1,952 |
Liabilities | (538) | (676) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative [Line Items] | ||
Gross Notional | 462,277 | 451,152 |
Assets | 15,861 | 12,211 |
Liabilities | (29,007) | (26,031) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 223,711 | 224,445 |
Assets | 10,079 | 8,604 |
Liabilities | (23,743) | (21,599) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Forwards | ||
Derivative [Line Items] | ||
Gross Notional | 3,269 | 3,678 |
Assets | 53 | 39 |
Liabilities | (48) | (14) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Gross Notional | 28,615 | 27,686 |
Assets | 1,442 | 965 |
Liabilities | (1,316) | (954) |
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 | 7,632 | 7,771 |
Assets | 569 | 502 |
Liabilities | (144) | (164) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Futures | ||
Derivative [Line Items] | ||
Gross Notional | 9,140 | 10,448 |
Assets | 8 | 7 |
Liabilities | (1) | (26) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Options | ||
Derivative [Line Items] | ||
Gross Notional | 32,346 | 32,718 |
Assets | 309 | 292 |
Liabilities | (1,258) | (1,095) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Default Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 6,859 | 3,446 |
Assets | 130 | 64 |
Liabilities | (17) | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Futures | ||
Derivative [Line Items] | ||
Gross Notional | 615 | 672 |
Assets | 0 | 1 |
Liabilities | 0 | (2) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options | ||
Derivative [Line Items] | ||
Gross Notional | 61,236 | 51,792 |
Assets | 3,191 | 1,688 |
Liabilities | (2,140) | (1,662) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Total Return Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 9,921 | 9,237 |
Assets | 79 | 48 |
Liabilities | (339) | (514) |
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 | 77,683 | 78,009 |
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 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |
Derivative [Line Items] | ||||
Fixed maturities, available-for-sale, at fair value | [1] | $ 318,510 | $ 316,321 | |
Commercial mortgage and other loans | [1] | 58,781 | 59,305 | |
Policyholders’ account balances | (151,810) | (147,018) | ||
Future policy benefits | (272,790) | (273,281) | $ (273,586) | |
Carrying Amount of the Hedged Assets (Liabilities) | ||||
Derivative [Line Items] | ||||
Fixed maturities, available-for-sale, at fair value | 219 | 224 | ||
Policyholders’ account balances | (759) | (810) | ||
Future policy benefits | (2,368) | (2,441) | ||
Cumulative Adjustment Included in Carrying Amount | ||||
Derivative [Line Items] | ||||
Fixed maturities, available-for-sale, at fair value | 14 | 19 | ||
Policyholders’ account balances | 281 | 219 | ||
Future policy benefits | $ 362 | $ 298 | ||
[1] See Note 4 for details of balances associated with variable interest entities. |
Derivative Instruments (Offsett
Derivative Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Assets | ||
Gross Amounts of Recognized Financial Instruments | $ 18,054 | $ 14,169 |
Gross Amounts Offset in the Statements of Financial Position | (16,782) | (13,158) |
Net Amounts Presented in the Statements of Financial Position | 1,272 | 1,011 |
Financial Instruments/Collateral | (489) | (240) |
Net Amount | 783 | 771 |
Securities purchased under agreement to resell | ||
Gross Amounts of Recognized Financial Instruments | 162 | 388 |
Gross Amounts Offset in the Statements of Financial Position | 0 | 0 |
Net Amounts Presented in the Statements of Financial Position | 162 | 388 |
Financial Instruments/Collateral | (162) | (363) |
Net Amount | 0 | 25 |
Total assets | ||
Gross Amounts of Recognized Financial Instruments | 18,216 | 14,557 |
Gross Amounts Offset in the Statements of Financial Position | (16,782) | (13,158) |
Net Amounts Presented in the Statements of Financial Position | 1,434 | 1,399 |
Financial Instruments/Collateral | (651) | (603) |
Net Amount | 783 | 796 |
Derivative Liabilities | ||
Gross Amounts of Recognized Financial Instruments | 30,035 | 27,154 |
Gross Amounts Offset in the Statements of Financial Position | (25,551) | (22,973) |
Net Amounts Presented in the Statements of Financial Position | 4,484 | 4,181 |
Financial Instruments/Collateral | (4,317) | (3,775) |
Net Amount | 167 | 406 |
Securities sold under agreement to repurchase | ||
Gross Amounts of Recognized Financial Instruments | 6,563 | 6,056 |
Gross Amounts Offset in the Statements of Financial Position | 0 | 0 |
Net Amounts Presented in the Statements of Financial Position | 6,563 | 6,056 |
Financial Instruments/Collateral | (6,563) | (5,811) |
Net Amount | 0 | 245 |
Total liabilities | ||
Gross Amounts of Recognized Financial Instruments | 36,598 | 33,210 |
Gross Amounts Offset in the Statements of Financial Position | (25,551) | (22,973) |
Net Amounts Presented in the Statements of Financial Position | 11,047 | 10,237 |
Financial Instruments/Collateral | (10,880) | (9,586) |
Net Amount | $ 167 | $ 651 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Non-derivative Net Investment Hedges income (loss) before taxes | $ 39 | $ (1) |
PRISMIC Embedded Derivative, Gain (Loss) on Derivative, Net | 283 | |
Gain (Loss) on Investments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (148) | 367 |
Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (151) | 347 |
Market Risk Benefit, Increase (Decrease) from Equity Market Change) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (1,454) | 29 |
Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (1,454) | 29 |
Investment Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 76 | 85 |
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 |
Other Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 81 | (81) |
Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 3 | (1) |
Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 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 |
Interest Credited To Policyholder Account Balances | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 12 | 0 |
Interest Credited To Policyholder 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 |
Policyholder Benefits | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (15) | (5) |
Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Change in AOCI | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 351 | (293) |
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 |
Fair value hedges—Currency | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 4 | (3) |
Fair value hedges—Currency | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Fair value hedges—Currency | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | (1) |
Fair value hedges—Currency | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Fair value hedges—Currency | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Fair value hedges—Currency | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (50) | 37 |
Fair value hedges—Currency | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (75) | 92 |
Fair value hedges—Currency | 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 |
Fair Value Hedged Item | Gain (Loss) on Investments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (4) | 4 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 0 | 1 |
Fair Value Hedged Item | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 0 | 0 |
Fair Value Hedged Item | Investment Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 3 | 4 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 3 | 3 |
Fair Value Hedged Item | Other Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 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 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 0 | 0 |
Fair Value Hedged Item | Interest Credited To Policyholder Account Balances | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 62 | (37) |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 12 | 0 |
Fair Value Hedged Item | Policyholder Benefits | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 62 | (95) |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | (15) | (5) |
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 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 10 | (20) |
Cash Flow Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 3 | 19 |
Cash Flow Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Cash Flow Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 73 | 82 |
Cash Flow Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 78 | (80) |
Cash Flow Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Cash Flow Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Cash Flow Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Cash Flow Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 330 | (272) |
Net Investment Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Net Investment Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Net Investment Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Net Investment Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Net Investment Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Net Investment Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Net Investment Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Net Investment Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 11 | (1) |
Interest Rate | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (662) | 546 |
Interest Rate | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (961) | 267 |
Interest Rate | 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 |
Interest Rate | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 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 |
Interest Rate | Interest Credited To Policyholder 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 |
Interest Rate | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 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 |
Interest Rate | Fair value hedges—Currency | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 4 | (3) |
Interest Rate | Fair value hedges—Currency | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Fair value hedges—Currency | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Fair value hedges—Currency | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Fair value hedges—Currency | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Fair value hedges—Currency | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (50) | 37 |
Interest Rate | Fair value hedges—Currency | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (59) | 43 |
Interest Rate | Fair value hedges—Currency | 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 |
Interest Rate | Fair Value Hedged Item | Gain (Loss) on Investments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (4) | 4 |
Interest Rate | Fair Value Hedged Item | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Interest Rate | Fair Value Hedged Item | Investment Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 3 | 3 |
Interest Rate | Fair Value Hedged Item | Other Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 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 |
Interest Rate | Fair Value Hedged Item | Interest Credited To Policyholder Account Balances | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 62 | (37) |
Interest Rate | Fair Value Hedged Item | Policyholder Benefits | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 48 | (48) |
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 |
Interest Rate | Cash Flow Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | (22) |
Interest Rate | Cash Flow Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Cash Flow Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (3) | (1) |
Interest Rate | Cash Flow Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Cash Flow Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Cash Flow Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Cash Flow Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Interest Rate | Cash Flow Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (10) | 43 |
Currency | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (26) | (161) |
Currency | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | 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 |
Currency | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 2 | 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 |
Currency | Interest Credited To Policyholder 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 |
Currency | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 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 |
Currency | Fair value hedges—Currency | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Fair value hedges—Currency | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Fair value hedges—Currency | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | (1) |
Currency | Fair value hedges—Currency | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Fair value hedges—Currency | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Fair value hedges—Currency | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Fair value hedges—Currency | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (16) | 49 |
Currency | Fair value hedges—Currency | 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 |
Currency | Fair Value Hedged Item | Gain (Loss) on Investments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Currency | Fair Value Hedged Item | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Currency | Fair Value Hedged Item | Investment Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 1 |
Currency | Fair Value Hedged Item | Other Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 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 |
Currency | Fair Value Hedged Item | Interest Credited To Policyholder Account Balances | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Currency | Fair Value Hedged Item | Policyholder Benefits | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 14 | (47) |
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 |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Gain (Loss) on Investments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Investment Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Other Income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Interest Credited To Policyholder Account Balances | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Policyholder Benefits | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (2) | (2) |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Change in AOCI | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 10 | (20) |
Currency | Cash Flow Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 5 |
Currency | Cash Flow Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Cash Flow Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Cash Flow Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Cash Flow Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Cash Flow Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Cash Flow Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Cash Flow Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 15 | (38) |
Currency | Net Investment Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Net Investment Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Net Investment Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Net Investment Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Net Investment Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Net Investment Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Net Investment Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency | Net Investment Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 11 | (1) |
Currency/Interest Rate | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 106 | (28) |
Currency/Interest Rate | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | 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 |
Currency/Interest Rate | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 1 | (2) |
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 |
Currency/Interest Rate | Interest Credited To Policyholder 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 |
Currency/Interest Rate | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 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 |
Currency/Interest Rate | Cash Flow Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 3 | 36 |
Currency/Interest Rate | Cash Flow Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Cash Flow Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 76 | 83 |
Currency/Interest Rate | Cash Flow Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 78 | (80) |
Currency/Interest Rate | Cash Flow Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Cash Flow Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Cash Flow Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Cash Flow Hedging | Change in AOCI | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 325 | (277) |
Currency/Interest Rate | Net Investment Hedging | Gain (Loss) on Investments | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Net Investment Hedging | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Net Investment Hedging | Investment Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Net Investment Hedging | Other Income | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Net Investment Hedging | Interest Expense | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Net Investment Hedging | Interest Credited To Policyholder Account Balances | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Net Investment Hedging | Policyholder Benefits | Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Currency/Interest Rate | Net Investment Hedging | 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 |
Credit Risk Contract | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 52 | 46 |
Credit Risk Contract | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Credit Risk Contract | 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 |
Credit Risk Contract | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Credit Risk Contract | 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 |
Credit Risk Contract | Interest Credited To Policyholder 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 |
Credit Risk Contract | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Credit Risk Contract | 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 |
Equity | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 1,449 | 189 |
Equity | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (493) | (238) |
Equity | 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 |
Equity | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 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 |
Equity | Interest Credited To Policyholder 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 |
Equity | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 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 |
Other Contract | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Other Contract | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Other Contract | 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 |
Other Contract | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Other Contract | 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 |
Other Contract | Interest Credited To Policyholder 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 |
Other Contract | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Other Contract | 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 |
Embedded Derivative Financial Instruments | Gain (Loss) on Investments | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | (1,070) | (245) |
Embedded Derivative Financial Instruments | Market Risk Benefit, Increase (Decrease) from Equity Market Change) | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Embedded Derivative Financial Instruments | 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 |
Embedded Derivative Financial Instruments | Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Embedded Derivative Financial Instruments | 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 |
Embedded Derivative Financial Instruments | Interest Credited To Policyholder 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 |
Embedded Derivative Financial Instruments | Policyholder Benefits | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 |
Embedded Derivative Financial Instruments | 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 |
Derivative Instruments (Current
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) - Cash flow hedges in AOCI $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Balance, beginning | $ 869 |
Total amount recorded in AOCI | 486 |
Amount reclassified from AOCI to income | (156) |
Balance, ending | 1,199 |
Interest Rate | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Total amount recorded in AOCI | (12) |
Amount reclassified from AOCI to income | 3 |
Currency | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Total amount recorded in AOCI | 17 |
Amount reclassified from AOCI to income | (2) |
Currency/Interest Rate | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Total amount recorded in AOCI | 481 |
Amount reclassified from AOCI to income | $ (157) |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Credit Derivatives) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Gross Notional | $ 6,087 | $ 3,446 |
Credit Risk Derivative Liabilities, at Fair Value | 130 | 64 |
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 | 6,087 | 3,446 |
Credit Risk Derivative Liabilities, at Fair Value | $ 130 | 64 |
Credit Default Swaps Referencing Indices | ||
Derivative [Line Items] | ||
Credit derivatives written max length of maturities (in years) | 11 years | |
NAIC 1 | ||
Derivative [Line Items] | ||
Gross Notional | $ 0 | 0 |
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 | 0 | 0 |
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 | 5,286 | 2,723 |
Credit Risk Derivative Liabilities, at Fair Value | 73 | 19 |
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 | 5,286 | 2,723 |
Credit Risk Derivative Liabilities, at Fair Value | 73 | 19 |
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 | 89 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 5 |
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 | 89 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 5 |
NAIC 6(2) | ||
Derivative [Line Items] | ||
Gross Notional | 801 | 634 |
Credit Risk Derivative Liabilities, at Fair Value | $ 57 | $ 40 |
Credit Derivative, Maximum Exposure, Undiscounted Pecentage | 5% | 3% |
NAIC 6(2) | Single Name | ||
Derivative [Line Items] | ||
Gross Notional | $ 0 | $ 0 |
Credit Risk Derivative Liabilities, at Fair Value | 0 | 0 |
NAIC 6(2) | Credit Default Index | ||
Derivative [Line Items] | ||
Gross Notional | 801 | 634 |
Credit Risk Derivative Liabilities, at Fair Value | $ 57 | $ 40 |
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 | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities, available-for-sale, at fair value | [1] | $ 318,510 | $ 316,321 | |
Assets supporting experience-rated contractholder liabilities | 3,359 | 3,168 | ||
Market risk benefit assets | 2,225 | 1,981 | $ 976 | |
Fixed maturities, trading | [1] | 10,288 | 9,790 | |
Equity securities | [1] | 7,224 | 8,242 | |
Commercial mortgage and other loans | [1] | 58,781 | 59,305 | |
Other invested assets | [1] | 24,227 | 22,855 | |
Reinsurance recoverables and deposit receivables | [2] | 27,929 | 27,311 | |
Other assets | [1],[2] | 13,205 | 13,179 | |
Separate account assets | 200,064 | 198,888 | ||
TOTAL ASSETS | 725,823 | 721,123 | ||
Market risk benefit liabilities | 4,624 | 5,467 | $ 6,096 | |
Reinsurance and funds withheld payables | [2] | 15,746 | 15,729 | |
Other Liabilities | [1] | 15,638 | 16,071 | |
Total liabilities | 696,409 | 691,336 | ||
Netting | (16,782) | (13,158) | ||
Fixed Maturities, available-for-sale, Amortized Cost | $ 342,228 | $ 334,598 | ||
Commercial paper | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
VIE notes maturities | 28 days | 49 days | ||
Fixed maturities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets supporting experience-rated contractholder liabilities | $ 870 | $ 889 | ||
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 | 23,031 | 21,796 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 27,113 | 24,874 | ||
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 | 8,278 | 8,458 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 8,619 | 8,650 | ||
Foreign government bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities, available-for-sale, at fair value | 64,568 | 70,190 | ||
Assets supporting experience-rated contractholder liabilities | 587 | 604 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 67,025 | 71,556 | ||
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 | 101,336 | 98,172 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 110,786 | 105,593 | ||
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 | 41,022 | 41,020 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 43,096 | 42,801 | ||
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 | 20,663 | 19,643 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 21,715 | 20,473 | ||
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 | 32,309 | 32,290 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 35,870 | 35,128 | ||
Corporate securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets supporting experience-rated contractholder liabilities | 75 | 79 | ||
Asset-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities, available-for-sale, at fair value | 15,230 | 12,595 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 15,090 | 12,514 | ||
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 | 9,648 | 9,892 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 10,288 | 10,571 | ||
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 | 2,425 | 2,265 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 2,626 | 2,438 | ||
Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value investment measured at NAV per share | 239 | |||
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 | 318,510 | 316,321 | ||
Assets supporting experience-rated contractholder liabilities | 3,359 | 3,168 | ||
Market risk benefit assets | 2,225 | 1,981 | ||
Fixed maturities, trading | 10,288 | 9,790 | ||
Equity securities | 7,224 | 8,003 | ||
Commercial mortgage and other loans | 157 | 519 | ||
Other invested assets | 2,245 | 1,949 | ||
Short-term investments | 4,627 | 3,900 | ||
Cash equivalents | 8,695 | 10,302 | ||
Reinsurance recoverables and deposit receivables | 224 | 149 | ||
Other assets | 19 | 11 | ||
Separate account assets | 173,511 | 171,812 | ||
TOTAL ASSETS | 531,084 | 527,905 | ||
Market risk benefit liabilities | 4,624 | 5,467 | ||
Policyholders' account balances | 9,864 | 7,752 | ||
Reinsurance and funds withheld payables | 73 | 490 | ||
Other Liabilities | 4,485 | 4,175 | ||
Notes issued by consolidated VIEs | 405 | 778 | ||
Total liabilities | 19,451 | 18,662 | ||
Assets Netting | (16,782) | (13,158) | ||
Liabilities Netting | (25,551) | (22,973) | ||
Netting | (8,769) | (9,815) | ||
Fair Value, Measurements, Recurring | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets Netting | (16,782) | (13,158) | ||
Fair Value, Measurements, Recurring | Other liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liabilities Netting | (25,551) | (22,973) | ||
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 | 23,031 | 21,796 | ||
Assets supporting experience-rated contractholder liabilities | 208 | 206 | ||
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 | 8,278 | 8,458 | ||
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 | 64,568 | 70,190 | ||
Assets supporting experience-rated contractholder liabilities | 587 | 604 | ||
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 | 101,336 | 98,172 | ||
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 | 41,022 | 41,020 | ||
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 | 20,663 | 19,643 | ||
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 | 32,309 | 32,290 | ||
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 | 79 | ||
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 | 15,230 | 12,595 | ||
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 | 9,648 | 9,892 | ||
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 | 2,425 | 2,265 | ||
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 | 2,489 | 2,279 | ||
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 | 1,121 | 1,004 | ||
Market risk benefit assets | 0 | 0 | ||
Fixed maturities, trading | 0 | 0 | ||
Equity securities | 4,985 | 5,953 | ||
Commercial mortgage and other loans | 0 | 0 | ||
Other invested assets | 37 | 27 | ||
Short-term investments | 301 | 125 | ||
Cash equivalents | 1,252 | 2,240 | ||
Reinsurance recoverables and deposit receivables | 0 | 0 | ||
Other assets | 0 | 0 | ||
Separate account assets | 8,799 | 8,925 | ||
TOTAL ASSETS | 16,495 | 18,274 | ||
Market risk benefit liabilities | 0 | 0 | ||
Policyholders' account balances | 0 | 0 | ||
Reinsurance and funds withheld payables | 0 | 0 | ||
Other Liabilities | 9 | 35 | ||
Notes issued by consolidated VIEs | 0 | 0 | ||
Total liabilities | 9 | 35 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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 | 1,121 | 1,004 | ||
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 | 310,920 | 310,203 | ||
Assets supporting experience-rated contractholder liabilities | 2,238 | 2,164 | ||
Market risk benefit assets | 0 | 0 | ||
Fixed maturities, trading | 8,958 | 9,361 | ||
Equity securities | 1,733 | 1,538 | ||
Commercial mortgage and other loans | 157 | 519 | ||
Other invested assets | 18,125 | 14,234 | ||
Short-term investments | 4,294 | 3,746 | ||
Cash equivalents | 7,443 | 8,058 | ||
Reinsurance recoverables and deposit receivables | (79) | (75) | ||
Other assets | 0 | 0 | ||
Separate account assets | 164,374 | 161,793 | ||
TOTAL ASSETS | 518,163 | 511,541 | ||
Market risk benefit liabilities | 0 | 0 | ||
Policyholders' account balances | 0 | 0 | ||
Reinsurance and funds withheld payables | 73 | 490 | ||
Other Liabilities | 30,026 | 27,112 | ||
Notes issued by consolidated VIEs | 0 | 0 | ||
Total liabilities | 30,099 | 27,602 | ||
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 | 23,031 | 21,796 | ||
Assets supporting experience-rated contractholder liabilities | 208 | 206 | ||
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 | 8,272 | 8,451 | ||
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 | 64,561 | 70,182 | ||
Assets supporting experience-rated contractholder liabilities | 587 | 604 | ||
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 | 101,268 | 98,097 | ||
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 | 37,907 | 38,199 | ||
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 | 20,584 | 19,576 | ||
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 | 30,606 | 30,447 | ||
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 | 79 | ||
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 | 13,578 | 12,236 | ||
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 | 8,713 | 8,954 | ||
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 | 2,400 | 2,265 | ||
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 | 1,368 | 1,275 | ||
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 | 7,590 | 6,118 | ||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | ||
Market risk benefit assets | 2,225 | 1,981 | ||
Fixed maturities, trading | 1,330 | 429 | ||
Equity securities | 506 | 512 | ||
Commercial mortgage and other loans | 0 | 0 | ||
Other invested assets | 865 | 846 | ||
Short-term investments | 32 | 29 | ||
Cash equivalents | 0 | 4 | ||
Reinsurance recoverables and deposit receivables | 303 | 224 | ||
Other assets | 19 | 11 | ||
Separate account assets | 338 | 1,094 | ||
TOTAL ASSETS | 13,208 | 11,248 | ||
Market risk benefit liabilities | 4,624 | 5,467 | ||
Policyholders' account balances | 9,864 | 7,752 | ||
Reinsurance and funds withheld payables | 0 | 0 | ||
Other Liabilities | 1 | 1 | ||
Notes issued by consolidated VIEs | 405 | 778 | ||
Total liabilities | 14,894 | 13,998 | ||
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 | 6 | 7 | ||
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 | 7 | 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 | 68 | 75 | ||
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 | 3,115 | 2,821 | ||
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 | 79 | 67 | ||
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 | 1,703 | 1,843 | ||
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 | 1,652 | 359 | ||
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 | 935 | 938 | ||
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 | 25 | 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 | ||
Prudential Netting Agreement | 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 | 13,592 | 12,370 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 13,582 | 12,370 | ||
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 | 13,592 | 12,370 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 13,582 | 12,370 | ||
Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value investment measured at NAV per share | 4,518 | 4,125 | ||
Separate account assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value investment measured at NAV per share | $ 26,553 | $ 27,076 | ||
[1] See Note 4 for details of balances associated with variable interest entities. See Note 20 for additional information regarding related party transactions. |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities (Quantitative Info for Level 3 Inputs) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Market risk benefit assets | $ 2,225 | $ 1,981 | $ 976 |
Market risk benefit liabilities | 4,624 | 5,467 | $ 6,096 |
Fair Value, Measurements, Recurring | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Market risk benefit assets | 2,225 | 1,981 | |
Market risk benefit liabilities | 4,624 | 5,467 | |
Policyholders' account balances | 9,864 | 7,752 | |
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 | $ 2,225 | 1,981 | |
Market risk benefit liabilities | 4,624 | 5,467 | |
Policyholders' account balances | $ 9,864 | $ 7,752 | |
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 | 0.33% | 0.41% | |
Utilization rate | 38% | 38% | |
Withdrawal rate (greater than maximum range) | 81% | 81% | |
Mortality rate | 0% | 0% | |
Equity volatility curve | 15% | 15% | |
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 | 0.33% | 0.41% | |
Mortality rate | 0% | 0% | |
Option budget | (1.00%) | (1.00%) | |
Level 3 | Internal | Minimum | Discounted cash flow | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Discount rate | 0.68% | 0.57% | |
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% | 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 | 0.33% | 0.41% | |
Utilization rate | 38% | 38% | |
Withdrawal rate (greater than maximum range) | 81% | 81% | |
Mortality rate | 0% | 0% | |
Equity volatility curve | 15% | 15% | |
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 | Market comparables | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
EBITDA multiples | 5.4 | 5.5 | |
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 | 42% | 3.55% | |
Level 3 | Internal | Minimum | Net asset value | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Share price | 3 | 3 | |
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 | 1.78% | 1.82% | |
Utilization rate | 95% | 95% | |
Withdrawal rate (greater than maximum range) | 100% | 100% | |
Mortality rate | 15% | 15% | |
Equity volatility curve | 25% | 25% | |
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 | 1.80% | 1.85% | |
Mortality rate | 23% | 23% | |
Option budget | 7% | 7% | |
Level 3 | Internal | Maximum | Discounted cash flow | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Discount rate | 20.72% | 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% | 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 | 1.78% | 1.82% | |
Utilization rate | 95% | 95% | |
Withdrawal rate (greater than maximum range) | 100% | 100% | |
Mortality rate | 15% | 15% | |
Equity volatility curve | 25% | 25% | |
Level 3 | Internal | Maximum | Discounted cash flow | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Discount rate | 12% | 20% | |
Level 3 | Internal | Maximum | Market comparables | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
EBITDA multiples | 8.8 | 8.8 | |
Level 3 | Internal | Maximum | Market comparables | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
EBITDA multiples | 12.2 | 10 | |
Level 3 | Internal | Maximum | Liquidation | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Liquidation value | 42% | 68% | |
Level 3 | Internal | Maximum | Net asset value | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Share price | 1,714 | 1,714 | |
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Discount rate | 11.16% | 8.65% | |
Level 3 | Internal | Weighted Average | Discounted cash flow | Commercial mortgage-backed securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Liquidity premium | 0.68% | 0.70% | |
Level 3 | Internal | Weighted Average | Market comparables | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
EBITDA multiples | 6.9 | 7.4 | |
Level 3 | Internal | Weighted Average | Market comparables | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
EBITDA multiples | 5.1 | 6.3 | |
Level 3 | Internal | Weighted Average | Liquidation | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Liquidation value | 42% | 57.63% | |
Level 3 | Internal | Weighted Average | Net asset value | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Share price | 776 | 733 | |
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 | $ 4,624 | $ 5,467 | |
Level 3 | Internal | Fair Value, Measurements, Recurring | Policyholders’ account balances | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Policyholders' account balances | 9,864 | 7,752 | |
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Corporate securities | 4,083 | 1,311 | |
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 | 935 | 938 | |
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 | 2,225 | 1,981 | |
Level 3 | Internal | Fair Value, Measurements, Recurring | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Equity securities | $ 228 | $ 246 | |
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% |
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 | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Market risk benefit assets | $ 2,225 | $ 976 | $ 1,981 |
Market risk benefit liabilities | 4,624 | 6,096 | 5,467 |
Fair Value, Measurements, Recurring | |||
Unrealized gains (losses) for assets/liabilities still held: | |||
Market risk benefit assets | 2,225 | 1,981 | |
Market risk benefit liabilities | 4,624 | $ 5,467 | |
Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, beginning of period | 512 | 627 | |
Purchases | 21 | 7 | |
Sales | (4) | (59) | |
Issuances | 0 | 0 | |
Settlements | (4) | (6) | |
Other | 9 | 215 | |
Transfers into Level 3 | 0 | 1 | |
Transfers out of Level 3 | (9) | (1) | |
Fair Value, end of period | 506 | 801 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (19) | 17 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (22) | 0 | |
Equity securities | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Equity securities | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (19) | 17 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (22) | 0 | |
Equity securities | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Equity securities | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Equity securities | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 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 | 846 | 539 | |
Purchases | 29 | 270 | |
Sales | (2) | (7) | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Other | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | 865 | 803 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (8) | 1 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (8) | 1 | |
Other invested assets | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (1) | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (1) | 0 | |
Other invested assets | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (7) | 1 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (7) | 1 | |
Other invested assets | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other invested assets | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other invested assets | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 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 | 29 | 18 | |
Purchases | 5 | 3 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | (7) | |
Other | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | 32 | 16 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (2) | 2 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (2) | 0 | |
Short-term investments | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (3) | 2 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (2) | 0 | |
Short-term investments | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Short-term investments | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Short-term investments | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Short-term investments | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 1 | 0 | |
Cash equivalents | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, beginning of period | 4 | 0 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Other | (4) | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | 0 | 0 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Cash equivalents | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Cash equivalents | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Cash equivalents | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Cash equivalents | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Cash equivalents | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Reinsurance recoverables and deposit receivables | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, beginning of period | 224 | 141 | |
Purchases | 55 | 35 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | (13) | (2) | |
Other | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | 303 | 156 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 37 | (18) | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 24 | (17) | |
Reinsurance recoverables and deposit receivables | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 37 | (18) | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 24 | (17) | |
Reinsurance recoverables and deposit receivables | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Reinsurance recoverables and deposit receivables | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Reinsurance recoverables and deposit receivables | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Reinsurance recoverables and deposit receivables | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, beginning of period | 11 | 11 | |
Purchases | 8 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Other | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | 19 | 11 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other assets | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other assets | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other assets | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other assets | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other assets | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 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 | 1,094 | 1,081 | |
Purchases | 56 | 143 | |
Sales | (763) | (67) | |
Issuances | 0 | 0 | |
Settlements | (2) | (26) | |
Other | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | (1) | (1) | |
Fair Value, end of period | 338 | 1,169 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (46) | 39 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (7) | 37 | |
Separate accounts assets | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Separate accounts assets | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Separate accounts assets | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (46) | 39 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (7) | 37 | |
Separate accounts assets | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Separate accounts assets | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 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 | (7,752) | (3,492) | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | (618) | (401) | |
Settlements | 0 | 0 | |
Other | 1 | (100) | |
Transfers Into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | (9,864) | (4,244) | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (1,495) | (251) | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (216) | (442) | |
Policyholders’ account balances | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (1,495) | (251) | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (216) | (442) | |
Policyholders’ account balances | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Policyholders’ account balances | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Policyholders’ account balances | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Policyholders’ account balances | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 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) | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Other | 0 | 0 | |
Transfers Into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | (1) | (1) | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other liabilities | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other liabilities | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other liabilities | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other liabilities | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Other liabilities | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 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 | (778) | 0 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 10 | 0 | |
Settlements | 0 | 0 | |
Other | 391 | 0 | |
Transfers Into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | (405) | 0 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (8) | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (8) | 0 | |
Notes issued by consolidated VIEs | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Notes issued by consolidated VIEs | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (8) | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (8) | 0 | |
Notes issued by consolidated VIEs | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Notes issued by consolidated VIEs | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Notes issued by consolidated VIEs | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Fixed maturities, available-for-sale | Fixed maturities | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (33) | (3) | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (28) | 7 | |
Fixed maturities, available-for-sale | Fixed maturities | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 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 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Fixed maturities, available-for-sale | Fixed maturities | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (16) | (24) | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (24) | (22) | |
Fixed maturities, available-for-sale | Fixed maturities | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 5 | 1 | |
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 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | 0 | 0 | |
Other | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | 6 | 7 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (1) | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (1) | 0 | |
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 | 8 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Issuances | 0 | 0 | |
Settlements | (1) | 1 | |
Other | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | 7 | 9 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
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 | 4,806 | 3,858 | |
Purchases | 402 | 527 | |
Sales | (5) | (128) | |
Issuances | 0 | 0 | |
Settlements | (287) | (323) | |
Other | (13) | (2) | |
Transfers into Level 3 | 108 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | 4,965 | 3,941 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | (46) | 9 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (50) | 21 | |
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 | 1,297 | 1,289 | |
Purchases | 1,265 | 240 | |
Sales | 0 | (1) | |
Issuances | 0 | 0 | |
Settlements | (12) | (12) | |
Other | (1) | 0 | |
Transfers into Level 3 | 60 | 37 | |
Transfers out of Level 3 | 0 | (80) | |
Fair Value, end of period | 2,612 | 1,438 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 3 | (35) | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | (1) | (36) | |
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 | 429 | 304 | |
Purchases | 564 | 33 | |
Sales | (22) | 0 | |
Issuances | 0 | 0 | |
Settlements | (46) | (4) | |
Other | (1) | 1 | |
Transfers into Level 3 | 404 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, end of period | 1,330 | 339 | |
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 2 | 5 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 7 | 3 | |
Fixed maturities, trading | Fixed maturities | Realized investment gains (losses), net | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Fixed maturities, trading | Fixed maturities | Other income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 1 | 4 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 7 | 3 | |
Fixed maturities, trading | Fixed maturities | Interest credited to policyholders’ account balances | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Fixed maturities, trading | Fixed maturities | Included in other comprehensive income (loss) | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||
Included in earnings | 0 | 0 | |
Fixed maturities, trading | Fixed maturities | Net investment income | |||
Total gains (losses) (realized/unrealized): | |||
Included in earnings | $ 1 | $ 1 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | $ 1,380 | $ 1,103 |
Netting | (16,782) | (13,158) |
Total derivative liabilities | 4,485 | 4,181 |
Netting | (25,551) | (22,973) |
Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 10,477 | 8,998 |
Total derivative liabilities | 25,365 | 22,987 |
Currency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1,494 | 1,008 |
Total derivative liabilities | 1,493 | 1,149 |
Credit Risk Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 130 | 64 |
Total derivative liabilities | 17 | 0 |
Currency/Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 2,791 | 2,454 |
Total derivative liabilities | 682 | 840 |
Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 3,270 | 1,737 |
Total derivative liabilities | 2,479 | 2,178 |
Other Contract | ||
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 | 37 | 26 |
Total derivative liabilities | 10 | 36 |
Level 1 | Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 8 | 7 |
Total derivative liabilities | 2 | 26 |
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 Risk Contract | ||
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 | 29 | 19 |
Total derivative liabilities | 8 | 10 |
Level 1 | Other Contract | ||
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 | 18,124 | 14,234 |
Total derivative liabilities | 30,025 | 27,117 |
Level 2 | Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 10,468 | 8,990 |
Total derivative liabilities | 25,362 | 22,960 |
Level 2 | Currency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1,494 | 1,008 |
Total derivative liabilities | 1,493 | 1,149 |
Level 2 | Credit Risk Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 130 | 64 |
Total derivative liabilities | 17 | 0 |
Level 2 | Currency/Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 2,791 | 2,454 |
Total derivative liabilities | 682 | 840 |
Level 2 | Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 3,241 | 1,718 |
Total derivative liabilities | 2,471 | 2,168 |
Level 2 | Other Contract | ||
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 Risk Contract | ||
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 Contract | ||
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Equity | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair Value, beginning of period | $ 0 | $ 0 |
Total gains (losses) (realized/unrealized): | ||
Included in earnings | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Other | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, end of period | 0 | 0 |
Unrealized Gain (Loss) for assets still held | ||
Included in earnings | 0 | 0 |
Interest Rate | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair Value, beginning of period | 0 | 0 |
Total gains (losses) (realized/unrealized): | ||
Included in earnings | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Other | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, end of period | 0 | 0 |
Unrealized Gain (Loss) for assets still held | ||
Included in earnings | $ 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 | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Commercial mortgage loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Realized investment gains (losses) net | $ 0 | $ 0 | |
Carrying value after measurement as of period end | 0 | $ 34 | |
Investment real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Realized investment gains (losses) net | 0 | 0 | |
Carrying value after measurement as of period end | 0 | 113 | |
Investment in JV/LP and Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Realized investment gains (losses) net | (7) | $ (17) | |
Carrying value after measurement as of period end | $ 128 | $ 186 |
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 | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Commercial mortgage and other loans | [1] | $ 58,781 | $ 59,305 | |
Other assets | [1],[2] | 13,205 | 13,179 | |
Commercial mortgage and other loans | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Interest income | 2 | $ 1 | ||
Fair value option loans in more than 90 days past due and still accruing | 0 | |||
Notes issued by consolidated VIEs | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Changes in fair value | 8 | 0 | ||
Interest expense | 7 | $ 0 | ||
Fair value option | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Commercial mortgage and other loans | 157 | 519 | ||
Other assets | 19 | 11 | ||
Notes issued by consolidated VIEs | 405 | 778 | ||
Fair value option, aggregate contractual principal | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Commercial mortgage and other loans | 156 | 512 | ||
Notes issued by consolidated VIEs | $ 405 | $ 787 | ||
[1] See Note 4 for details of balances associated with variable interest entities. See Note 20 for additional information regarding related party transactions. |
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 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |||
Assets: | ||||||
Commercial mortgage and other loans | [1] | $ 58,781 | $ 59,305 | |||
Policy loans | 9,907 | 10,047 | ||||
Other invested assets | [1] | 24,227 | 22,855 | |||
Cash and cash equivalents | 18,735 | [1] | 19,419 | [1] | $ 17,425 | |
Accrued investment income | [1] | 3,361 | 3,287 | |||
Reinsurance recoverables and deposit receivables | [2] | 27,929 | 27,311 | |||
Other assets, assets at fair value | 19 | 11 | ||||
Liabilities: | ||||||
Securities sold under agreements to repurchase | 6,563 | 6,056 | ||||
Cash collateral for loaned securities | 6,978 | 6,477 | ||||
Reinsurance and funds withheld payables | [2] | 15,746 | 15,729 | |||
Short-term debt | 585 | 618 | ||||
Long-term debt | 19,368 | 18,882 | ||||
Other Liabilities, derivatives at fair value | 4,485 | 4,175 | ||||
Fair Value | ||||||
Assets: | ||||||
Commercial mortgage and other loans | 55,164 | 55,652 | ||||
Policy loans | 9,907 | 10,047 | ||||
Other invested assets | 132 | 97 | ||||
Short-term investments | 1,326 | 1,105 | ||||
Cash and cash equivalents | 10,040 | 9,117 | ||||
Accrued investment income | 3,361 | 3,287 | ||||
Reinsurance recoverables and deposit receivables | 5,365 | 5,176 | ||||
Other assets, assets at fair value | 3,192 | 3,102 | ||||
Total assets | 88,487 | 87,583 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 69,255 | 68,883 | ||||
Securities sold under agreements to repurchase | 6,563 | 6,056 | ||||
Cash collateral for loaned securities | 6,978 | 6,477 | ||||
Reinsurance and funds withheld payables | 9,721 | 9,530 | ||||
Short-term debt | 585 | 618 | ||||
Long-term debt | 18,579 | 18,268 | ||||
Notes issued by consolidated VIEs | 727 | 596 | ||||
Other Liabilities, derivatives at fair value | 6,339 | 6,982 | ||||
Separate account liabilities—investment contracts | 42,795 | 45,365 | ||||
Total liabilities | 161,542 | 162,775 | ||||
Carrying Amount | ||||||
Assets: | ||||||
Commercial mortgage and other loans | 58,624 | 58,786 | ||||
Policy loans | 9,907 | 10,047 | ||||
Other invested assets | 132 | 97 | ||||
Short-term investments | 1,326 | 1,105 | ||||
Cash and cash equivalents | 10,040 | 9,117 | ||||
Accrued investment income | 3,361 | 3,287 | ||||
Reinsurance recoverables and deposit receivables | 5,365 | 5,176 | ||||
Other assets, assets at fair value | 3,192 | 3,102 | ||||
Total assets | 91,947 | 90,717 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 74,253 | 72,604 | ||||
Securities sold under agreements to repurchase | 6,563 | 6,056 | ||||
Cash collateral for loaned securities | 6,978 | 6,477 | ||||
Reinsurance and funds withheld payables | 9,721 | 9,530 | ||||
Short-term debt | 585 | 618 | ||||
Long-term debt | 19,368 | 18,882 | ||||
Notes issued by consolidated VIEs | 727 | 596 | ||||
Other Liabilities, derivatives at fair value | 6,339 | 6,982 | ||||
Separate account liabilities—investment contracts | 42,795 | 45,365 | ||||
Total liabilities | 167,329 | 167,110 | ||||
Level 1 | Fair Value | ||||||
Assets: | ||||||
Commercial mortgage and other loans | 0 | 0 | ||||
Policy loans | 8 | 8 | ||||
Other invested assets | 0 | 0 | ||||
Short-term investments | 1,287 | 1,092 | ||||
Cash and cash equivalents | 9,860 | 8,709 | ||||
Accrued investment income | 0 | 0 | ||||
Reinsurance recoverables and deposit receivables | 0 | 0 | ||||
Other assets, assets at fair value | 22 | 43 | ||||
Total assets | 11,177 | 9,852 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 0 | 0 | ||||
Securities sold under agreements to repurchase | 0 | 0 | ||||
Cash collateral for loaned securities | 0 | 0 | ||||
Reinsurance and funds withheld payables | 0 | 0 | ||||
Short-term debt | 0 | 0 | ||||
Long-term debt | 567 | 564 | ||||
Notes issued by consolidated VIEs | 0 | 0 | ||||
Other Liabilities, derivatives at fair value | 0 | 0 | ||||
Separate account liabilities—investment contracts | 0 | 0 | ||||
Total liabilities | 567 | 564 | ||||
Level 2 | Fair Value | ||||||
Assets: | ||||||
Commercial mortgage and other loans | 37 | 41 | ||||
Policy loans | 0 | 0 | ||||
Other invested assets | 97 | 97 | ||||
Short-term investments | 39 | 13 | ||||
Cash and cash equivalents | 180 | 408 | ||||
Accrued investment income | 3,361 | 3,287 | ||||
Reinsurance recoverables and deposit receivables | 7 | 5 | ||||
Other assets, assets at fair value | 3,168 | 3,059 | ||||
Total assets | 6,889 | 6,910 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 30,525 | 31,089 | ||||
Securities sold under agreements to repurchase | 6,563 | 6,056 | ||||
Cash collateral for loaned securities | 6,978 | 6,477 | ||||
Reinsurance and funds withheld payables | 9,745 | 9,553 | ||||
Short-term debt | 505 | 535 | ||||
Long-term debt | 17,256 | 16,938 | ||||
Notes issued by consolidated VIEs | 0 | 0 | ||||
Other Liabilities, derivatives at fair value | 6,307 | 6,950 | ||||
Separate account liabilities—investment contracts | 23,193 | 24,050 | ||||
Total liabilities | 101,072 | 101,648 | ||||
Level 3 | Fair Value | ||||||
Assets: | ||||||
Commercial mortgage and other loans | 55,127 | 55,611 | ||||
Policy loans | 9,899 | 10,039 | ||||
Other invested assets | 35 | 0 | ||||
Short-term investments | 0 | 0 | ||||
Cash and cash equivalents | 0 | 0 | ||||
Accrued investment income | 0 | 0 | ||||
Reinsurance recoverables and deposit receivables | 5,358 | 5,171 | ||||
Other assets, assets at fair value | 2 | 0 | ||||
Total assets | 70,421 | 70,821 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 38,730 | 37,794 | ||||
Securities sold under agreements to repurchase | 0 | 0 | ||||
Cash collateral for loaned securities | 0 | 0 | ||||
Reinsurance and funds withheld payables | (24) | (23) | ||||
Short-term debt | 80 | 83 | ||||
Long-term debt | 756 | 766 | ||||
Notes issued by consolidated VIEs | 727 | 596 | ||||
Other Liabilities, derivatives at fair value | 32 | 32 | ||||
Separate account liabilities—investment contracts | 19,602 | 21,315 | ||||
Total liabilities | 59,903 | 60,563 | ||||
Prudential Netting Agreement | Fair Value | ||||||
Liabilities: | ||||||
Short-term debt | 2,010 | 2,000 | ||||
Long-term debt | 11,582 | 10,370 | ||||
Prudential Netting Agreement | Carrying Amount | ||||||
Liabilities: | ||||||
Short-term debt | 2,000 | 2,000 | ||||
Long-term debt | 11,582 | 10,370 | ||||
Prismic Life Reinsurance, Ltd | Fair Value | ||||||
Liabilities: | ||||||
Reinsurance and funds withheld payables | 7,963 | 8,036 | ||||
Prismic Life Reinsurance, Ltd | Carrying Amount | ||||||
Liabilities: | ||||||
Reinsurance and funds withheld payables | $ 7,963 | $ 8,036 | ||||
[1] See Note 4 for details of balances associated with variable interest entities. See Note 20 for additional information regarding related party transactions. |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs (Balance of and Changes in DAC) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, BOP | $ 20,856 | |
Amortization expense | (375) | $ (365) |
Balance, EOP | 20,613 | 20,741 |
Total | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, BOP | 20,628 | 20,400 |
Capitalization | 573 | 548 |
Amortization expense | (371) | (367) |
Other adjustments | (282) | 5 |
Foreign currency adjustment | (232) | (11) |
Balance, EOP | 20,316 | 20,575 |
Other businesses | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, EOP | 297 | 166 |
Individual Variable | Retirement Strategies | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, BOP | 3,676 | 4,171 |
Capitalization | 85 | 59 |
Amortization expense | (94) | (98) |
Other adjustments | 0 | 0 |
Foreign currency adjustment | 0 | 0 |
Balance, EOP | 3,667 | 4,132 |
Term Life Insurance | Individual Life | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, BOP | 2,237 | 2,288 |
Capitalization | 44 | 33 |
Amortization expense | (52) | (53) |
Other adjustments | (2) | 0 |
Foreign currency adjustment | 0 | 0 |
Balance, EOP | 2,227 | 2,268 |
Variable Universal Life | Individual Life | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, BOP | 5,364 | 5,000 |
Capitalization | 151 | 142 |
Amortization expense | (61) | (60) |
Other adjustments | (285) | 0 |
Foreign currency adjustment | 0 | 0 |
Balance, EOP | 5,169 | 5,082 |
Life Planner | International Businesses | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, BOP | 4,909 | 4,710 |
Capitalization | 155 | 159 |
Amortization expense | (83) | (81) |
Other adjustments | 5 | 5 |
Foreign currency adjustment | (138) | 2 |
Balance, EOP | 4,848 | 4,795 |
Gibraltar Life and Other | International Businesses | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||
Balance, BOP | 4,442 | 4,231 |
Capitalization | 138 | 155 |
Amortization expense | (81) | (75) |
Other adjustments | 0 | 0 |
Foreign currency adjustment | (94) | (13) |
Balance, EOP | $ 4,405 | $ 4,298 |
Deferred Policy Acquisition C_4
Deferred Policy Acquisition Costs (Balance of and Changes in DSI) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Movement in Deferred Sales Inducements [Roll Forward] | ||
Balance, EOP | $ 434 | $ 472 |
Individual Retirement Strategies | ||
Movement in Deferred Sales Inducements [Roll Forward] | ||
Balance, EOP | 403 | 438 |
Individual Retirement Strategies | Individual Variable | ||
Movement in Deferred Sales Inducements [Roll Forward] | ||
Balance, BOP | 410 | 446 |
Capitalization | 2 | 2 |
Amortization expense | (9) | (10) |
Other businesses | ||
Movement in Deferred Sales Inducements [Roll Forward] | ||
Balance, EOP | $ 31 | $ 34 |
Deferred Policy Acquisition C_5
Deferred Policy Acquisition Costs (Balance of and Changes in VOBA) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, BOP | $ 530 | |
Balance, EOP | 484 | |
Gibraltar Life and Other | ||
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, EOP | 467 | |
Aoba Life | ||
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, EOP | 17 | |
Gibraltar Life and Other | ||
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, BOP | 511 | $ 597 |
Amortization expense | (11) | (14) |
Foreign currency adjustment | (33) | (5) |
Balance, EOP | 467 | 578 |
Other businesses | ||
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, EOP | 17 | 23 |
Gibraltar Life and Other And Other Businesses | ||
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, EOP | $ 484 | $ 601 |
Deferred Policy Acquisition C_6
Deferred Policy Acquisition Costs (Estimated Future VOBA Amortization, Net of Interest) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Deferred Charges, Insurers [Abstract] | ||
Estimated future VOBA amortization - 2024 (April-December) | $ 33 | |
Estimated future VOBA amortization - 2025 | 40 | |
Estimated future VOBA amortization - 2026 | 37 | |
Estimated future VOBA amortization - 2027 | 33 | |
Estimated future VOBA amortization - 2028 | 30 | |
Estimated future VOBA amortization - Thereafter | 311 | |
Present Value of Future Insurance Profits, Net | $ 484 | $ 530 |
Separate Accounts (Separate Acc
Separate Accounts (Separate Account Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | $ 200,064 | $ 198,888 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 4,169 | 4,411 |
Obligations of U.S. states and their political subdivisions | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,152 | 2,116 |
Foreign government bonds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 108 | 101 |
U.S. corporate securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 12,566 | 12,782 |
Foreign corporate securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 3,201 | 3,288 |
Asset-backed securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,256 | 1,211 |
Mortgage-backed securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 14,156 | 14,253 |
Equity | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 92,751 | 88,397 |
Fixed Income | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 35,762 | 37,065 |
Other | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 5,919 | 5,587 |
Equity securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 4,651 | 5,410 |
Commercial mortgage and other loans | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 64 | 67 |
Other invested assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 19,679 | 20,739 |
Short-term investments | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,443 | 1,202 |
Cash and cash equivalents | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | $ 2,187 | $ 2,259 |
Separate Accounts (Separate A_2
Separate Accounts (Separate Account Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | $ 200,064 | $ 202,294 | $ 198,888 | |
Cash surrender value | 198,600 | 201,238 | ||
Total | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 203,251 | 205,941 | 202,033 | $ 201,322 |
Deposits | 9,525 | 2,097 | ||
Investment performance | 7,131 | 7,895 | ||
Policy charges | (894) | (922) | ||
Surrenders and withdrawals | (12,588) | (3,522) | ||
Benefit payments | (1,187) | (1,191) | ||
Net transfers (to) from general account | (176) | (260) | ||
Other | (593) | 522 | ||
Other businesses | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | (3,187) | (3,647) | ||
PGIM | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 30,885 | 39,261 | 32,648 | 40,056 |
Deposits | 8,411 | 1,279 | ||
Investment performance | (537) | 174 | ||
Policy charges | (18) | (21) | ||
Surrenders and withdrawals | (8,270) | (1,012) | ||
Benefit payments | (858) | (857) | ||
Net transfers (to) from general account | (35) | (168) | ||
Other | (456) | (190) | ||
Cash surrender value | 30,885 | 39,261 | ||
Institutional Retirement Strategies | Retirement Strategies | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 10,074 | 11,862 | 11,011 | 11,428 |
Deposits | 51 | 51 | ||
Investment performance | (60) | 454 | ||
Policy charges | (2) | (3) | ||
Surrenders and withdrawals | (716) | (45) | ||
Benefit payments | (137) | (137) | ||
Net transfers (to) from general account | (24) | (14) | ||
Other | (49) | 128 | ||
Cash surrender value | 10,074 | 11,862 | ||
Individual Retirement Strategies | Retirement Strategies | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 94,659 | 95,206 | 94,130 | 93,395 |
Deposits | 151 | 94 | ||
Investment performance | 4,308 | 4,627 | ||
Policy charges | (563) | (594) | ||
Surrenders and withdrawals | (3,354) | (2,285) | ||
Benefit payments | (20) | (23) | ||
Net transfers (to) from general account | 6 | (11) | ||
Other | 1 | 3 | ||
Cash surrender value | 93,526 | 93,618 | ||
Group Insurance | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 25,214 | 24,661 | 25,021 | 23,513 |
Deposits | 160 | 6 | ||
Investment performance | 265 | 702 | ||
Policy charges | (31) | (42) | ||
Surrenders and withdrawals | (8) | (2) | ||
Benefit payments | (56) | (77) | ||
Net transfers (to) from general account | 0 | 0 | ||
Other | (137) | 561 | ||
Cash surrender value | 25,157 | 24,542 | ||
Individual Life | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 42,419 | 34,951 | $ 39,223 | $ 32,930 |
Deposits | 752 | 667 | ||
Investment performance | 3,155 | 1,938 | ||
Policy charges | (280) | (262) | ||
Surrenders and withdrawals | (240) | (178) | ||
Benefit payments | (116) | (97) | ||
Net transfers (to) from general account | (123) | (67) | ||
Other | 48 | 20 | ||
Cash surrender value | $ 38,958 | $ 31,955 |
Liability For Future Policy B_3
Liability For Future Policy Benefits (Benefit Reserves) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Total balance, EOP | $ 134,704 | $ 129,760 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Other adjustments | 17 | [1] | (25) | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 326,490 | 323,148 | |||
Total balance after reinsurance recoverable | 185,390 | 192,293 | |||
Other Segments | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Total balance, EOP | 88 | 92 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 1,701 | 1,952 | |||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 65 | 74 | |||
Total balance after reinsurance recoverable | 1,547 | 1,786 | |||
Total | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, BOP | 141,398 | 126,474 | |||
Effect of cumulative changes in discount rate assumptions | 13,331 | 17,704 | |||
Balance at original discount rate | 154,729 | 144,178 | |||
Effect of actual variances from expected experience and other activity | $ (375) | $ (183) | |||
Adjusted balance, BOP | 154,354 | 143,995 | |||
Issuances | 9,954 | 4,165 | |||
Net premiums / considerations collected | (12,584) | (6,324) | |||
Interest accrual | 1,282 | 1,124 | |||
Foreign currency adjustment | (2,719) | 1,716 | |||
Other adjustments | 38 | 37 | |||
Balance at original discount rate | 150,325 | 144,713 | |||
Effect of cumulative changes in discount rate assumptions | (15,709) | (15,045) | |||
Total balance, EOP | 134,616 | 129,668 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Balance, BOP | 331,984 | 306,697 | |||
Effect of cumulative changes in discount rate assumptions | 23,606 | 37,383 | |||
Balance at original discount rate, BOP | 355,590 | 344,080 | |||
Effect of actual variances from expected experience and other activity | (400) | (194) | |||
Adjusted balance, BOP | 355,190 | 343,886 | |||
Issuances | 9,954 | 4,165 | |||
Interest accrual | 3,083 | 2,836 | |||
Benefit payments | (6,172) | (5,360) | |||
Foreign currency adjustment | (6,863) | 1,313 | |||
Other adjustments | 39 | 132 | |||
Balance at original discount rate, EOP | 355,231 | 346,972 | |||
Effect of cumulative changes in discount rate assumptions | (30,442) | (25,776) | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 324,789 | 321,196 | |||
Balance, EOP, pre-flooring | 190,174 | 191,528 | |||
Flooring impact, EOP | 82 | 41 | |||
Balance, EOP, post-flooring | 190,256 | 191,569 | |||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 6,413 | 1,062 | |||
Total balance after reinsurance recoverable | 183,843 | 190,507 | |||
Interest accrual | 3,083 | 2,836 | |||
Institutional | Retirement Strategies | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, BOP | 71,407 | 52,620 | |||
Effect of cumulative changes in discount rate assumptions | 11,869 | 14,349 | |||
Balance at original discount rate | 83,276 | 66,969 | |||
Effect of actual variances from expected experience and other activity | 176 | 141 | |||
Adjusted balance, BOP | 83,452 | 67,110 | |||
Issuances | 8,799 | 2,932 | |||
Net premiums / considerations collected | (10,124) | (3,637) | |||
Interest accrual | 708 | 517 | |||
Foreign currency adjustment | (875) | 1,867 | |||
Other adjustments | 0 | 0 | |||
Balance at original discount rate | 81,960 | 68,789 | |||
Effect of cumulative changes in discount rate assumptions | (13,442) | (13,465) | |||
Total balance, EOP | 68,518 | 55,324 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Balance, BOP | 141,135 | 117,754 | |||
Effect of cumulative changes in discount rate assumptions | 14,751 | 20,170 | |||
Balance at original discount rate, BOP | 155,886 | 137,924 | |||
Effect of actual variances from expected experience and other activity | 162 | 98 | |||
Adjusted balance, BOP | 156,048 | 138,022 | |||
Issuances | 8,799 | 2,932 | |||
Interest accrual | 1,493 | 1,208 | |||
Benefit payments | (3,114) | (2,795) | |||
Foreign currency adjustment | (886) | 1,908 | |||
Other adjustments | (48) | 48 | |||
Balance at original discount rate, EOP | 162,292 | 141,323 | |||
Effect of cumulative changes in discount rate assumptions | (17,715) | (17,578) | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 144,577 | 123,745 | |||
Balance, EOP, pre-flooring | 76,060 | 68,421 | |||
Flooring impact, EOP | 56 | 4 | |||
Balance, EOP, post-flooring | 76,116 | 68,425 | |||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 5,340 | 0 | |||
Total balance after reinsurance recoverable | 70,776 | 68,425 | |||
Interest accrual | 1,493 | 1,208 | |||
Institutional | Retirement Strategies | Gross Basis | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Interest accrual | 785 | 691 | |||
Undiscounted expected future gross premiums | 131,869 | 106,074 | |||
Discounted expected future gross premiums (at original discount rate) | 89,183 | 74,439 | |||
Discounted expected future gross premiums (at current discount rate) | 72,848 | 59,863 | |||
Undiscounted expected future benefits and expenses | 253,981 | 215,874 | |||
Interest accrual | 785 | 691 | |||
Gross Premiums | $ 10,277 | $ 3,892 | |||
Weighted-average duration of the liability in years (at original discount rate) | 9 years | 8 years | |||
Weighted-average duration of the liability in years (at current discount rate) | 8 years | 8 years | |||
Weighted-average interest rate (at original discount rate) | 4.70% | 4.36% | |||
Weighted-average interest rate (at current discount rate) | 5.31% | 5.09% | |||
Term Life | Individual Life | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, BOP | $ 11,274 | $ 11,282 | |||
Effect of cumulative changes in discount rate assumptions | 228 | 572 | |||
Balance at original discount rate | 11,502 | 11,854 | |||
Effect of actual variances from expected experience and other activity | (57) | (17) | |||
Adjusted balance, BOP | 11,445 | 11,837 | |||
Issuances | 199 | 143 | |||
Net premiums / considerations collected | (345) | (353) | |||
Interest accrual | 134 | 136 | |||
Foreign currency adjustment | 0 | 0 | |||
Other adjustments | (1) | (4) | |||
Balance at original discount rate | 11,432 | 11,759 | |||
Effect of cumulative changes in discount rate assumptions | (443) | (321) | |||
Total balance, EOP | 10,989 | 11,438 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Balance, BOP | 19,852 | 19,288 | |||
Effect of cumulative changes in discount rate assumptions | 334 | 1,012 | |||
Balance at original discount rate, BOP | 20,186 | 20,300 | |||
Effect of actual variances from expected experience and other activity | (65) | (24) | |||
Adjusted balance, BOP | 20,121 | 20,276 | |||
Issuances | 199 | 143 | |||
Interest accrual | 237 | 237 | |||
Benefit payments | (404) | (406) | |||
Foreign currency adjustment | 0 | 0 | |||
Other adjustments | (4) | (7) | |||
Balance at original discount rate, EOP | 20,149 | 20,243 | |||
Effect of cumulative changes in discount rate assumptions | (769) | (490) | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 19,380 | 19,753 | |||
Balance, EOP, pre-flooring | 8,391 | 8,315 | |||
Flooring impact, EOP | 0 | 0 | |||
Balance, EOP, post-flooring | 8,391 | 8,315 | |||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 690 | 728 | |||
Total balance after reinsurance recoverable | 7,701 | 7,587 | |||
Interest accrual | 237 | 237 | |||
Term Life | Individual Life | Gross Basis | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Interest accrual | 103 | 101 | |||
Undiscounted expected future gross premiums | 23,001 | 23,352 | |||
Discounted expected future gross premiums (at original discount rate) | 15,258 | 15,526 | |||
Discounted expected future gross premiums (at current discount rate) | 14,693 | 15,119 | |||
Undiscounted expected future benefits and expenses | 31,039 | 31,258 | |||
Interest accrual | 103 | 101 | |||
Gross Premiums | $ 458 | $ 461 | |||
Weighted-average duration of the liability in years (at original discount rate) | 10 years | 10 years | |||
Weighted-average duration of the liability in years (at current discount rate) | 9 years | 10 years | |||
Weighted-average interest rate (at original discount rate) | 5.16% | 5.20% | |||
Weighted-average interest rate (at current discount rate) | 5.29% | 5.05% | |||
Life Planner | International Businesses | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, BOP | $ 29,064 | $ 30,689 | |||
Effect of cumulative changes in discount rate assumptions | 596 | 1,354 | |||
Balance at original discount rate | 29,660 | 32,043 | |||
Effect of actual variances from expected experience and other activity | (352) | (193) | |||
Adjusted balance, BOP | 29,308 | 31,850 | |||
Issuances | 671 | 647 | |||
Net premiums / considerations collected | (1,091) | (1,178) | |||
Interest accrual | 218 | 230 | |||
Foreign currency adjustment | (981) | (31) | |||
Other adjustments | 40 | 40 | |||
Balance at original discount rate | 28,165 | 31,558 | |||
Effect of cumulative changes in discount rate assumptions | (881) | (618) | |||
Total balance, EOP | 27,284 | 30,940 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Balance, BOP | 79,822 | 78,639 | |||
Effect of cumulative changes in discount rate assumptions | 563 | 3,719 | |||
Balance at original discount rate, BOP | 80,385 | 82,358 | |||
Effect of actual variances from expected experience and other activity | (359) | (167) | |||
Adjusted balance, BOP | 80,026 | 82,191 | |||
Issuances | 671 | 647 | |||
Interest accrual | 648 | 663 | |||
Benefit payments | (1,228) | (947) | |||
Foreign currency adjustment | (2,825) | (163) | |||
Other adjustments | 94 | 93 | |||
Balance at original discount rate, EOP | 77,386 | 82,484 | |||
Effect of cumulative changes in discount rate assumptions | (2,347) | 244 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 75,039 | 82,728 | |||
Balance, EOP, pre-flooring | 47,755 | 51,789 | |||
Flooring impact, EOP | 19 | 26 | |||
Balance, EOP, post-flooring | 47,774 | 51,815 | |||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 98 | 112 | |||
Total balance after reinsurance recoverable | 47,676 | 51,703 | |||
Interest accrual | 648 | 663 | |||
Life Planner | International Businesses | Gross Basis | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Interest accrual | 430 | 433 | |||
Undiscounted expected future gross premiums | 66,266 | 73,474 | |||
Discounted expected future gross premiums (at original discount rate) | 51,131 | 56,950 | |||
Discounted expected future gross premiums (at current discount rate) | 50,018 | 56,318 | |||
Undiscounted expected future benefits and expenses | 134,541 | 147,802 | |||
Interest accrual | 430 | 433 | |||
Gross Premiums | $ 1,671 | $ 1,867 | |||
Weighted-average duration of the liability in years (at original discount rate) | 19 years | 20 years | |||
Weighted-average duration of the liability in years (at current discount rate) | 18 years | 20 years | |||
Weighted-average interest rate (at original discount rate) | 3.46% | 3.41% | |||
Weighted-average interest rate (at current discount rate) | 3.24% | 2.82% | |||
Gibraltar Life and Other | International Businesses | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, BOP | $ 26,367 | $ 28,951 | |||
Effect of cumulative changes in discount rate assumptions | 622 | 1,326 | |||
Balance at original discount rate | 26,989 | 30,277 | |||
Effect of actual variances from expected experience and other activity | (191) | (159) | |||
Adjusted balance, BOP | 26,798 | 30,118 | |||
Issuances | 285 | 443 | |||
Net premiums / considerations collected | (938) | (1,079) | |||
Interest accrual | 182 | 204 | |||
Foreign currency adjustment | (863) | (120) | |||
Other adjustments | (1) | 1 | |||
Balance at original discount rate | 25,463 | 29,567 | |||
Effect of cumulative changes in discount rate assumptions | (856) | (611) | |||
Total balance, EOP | 24,607 | 28,956 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Balance, BOP | 79,036 | 80,331 | |||
Effect of cumulative changes in discount rate assumptions | 7,355 | 11,266 | |||
Balance at original discount rate, BOP | 86,391 | 91,597 | |||
Effect of actual variances from expected experience and other activity | (180) | (154) | |||
Adjusted balance, BOP | 86,211 | 91,443 | |||
Issuances | 285 | 443 | |||
Interest accrual | 552 | 585 | |||
Benefit payments | (1,349) | (1,152) | |||
Foreign currency adjustment | (3,152) | (432) | |||
Other adjustments | (3) | (2) | |||
Balance at original discount rate, EOP | 82,544 | 90,885 | |||
Effect of cumulative changes in discount rate assumptions | (8,578) | (7,214) | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 73,966 | 83,671 | |||
Balance, EOP, pre-flooring | 49,360 | 54,715 | |||
Flooring impact, EOP | 7 | 11 | |||
Balance, EOP, post-flooring | 49,367 | 54,726 | |||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 285 | 222 | |||
Total balance after reinsurance recoverable | 49,082 | 54,504 | |||
Interest accrual | 552 | 585 | |||
Gibraltar Life and Other | International Businesses | Gross Basis | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Interest accrual | 370 | 381 | |||
Undiscounted expected future gross premiums | 53,342 | 62,903 | |||
Discounted expected future gross premiums (at original discount rate) | 42,749 | 49,872 | |||
Discounted expected future gross premiums (at current discount rate) | 41,467 | 49,016 | |||
Undiscounted expected future benefits and expenses | 135,676 | 154,197 | |||
Interest accrual | 370 | 381 | |||
Gross Premiums | $ 1,529 | $ 1,767 | |||
Weighted-average duration of the liability in years (at original discount rate) | 19 years | 20 years | |||
Weighted-average duration of the liability in years (at current discount rate) | 17 years | 18 years | |||
Weighted-average interest rate (at original discount rate) | 2.60% | 2.52% | |||
Weighted-average interest rate (at current discount rate) | 3.14% | 2.69% | |||
Long- Term Care | Corporate and Other | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, BOP | $ 3,286 | $ 2,932 | |||
Effect of cumulative changes in discount rate assumptions | 16 | 103 | |||
Balance at original discount rate | 3,302 | 3,035 | |||
Effect of actual variances from expected experience and other activity | 49 | 45 | |||
Adjusted balance, BOP | 3,351 | 3,080 | |||
Issuances | 0 | 0 | |||
Net premiums / considerations collected | (86) | (77) | |||
Interest accrual | 40 | 37 | |||
Foreign currency adjustment | 0 | 0 | |||
Other adjustments | 0 | 0 | |||
Balance at original discount rate | 3,305 | 3,040 | |||
Effect of cumulative changes in discount rate assumptions | (87) | (30) | |||
Total balance, EOP | 3,218 | 3,010 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Balance, BOP | 12,139 | 10,685 | |||
Effect of cumulative changes in discount rate assumptions | 603 | 1,216 | |||
Balance at original discount rate, BOP | 12,742 | 11,901 | |||
Effect of actual variances from expected experience and other activity | 42 | 53 | |||
Adjusted balance, BOP | $ 12,784 | $ 11,954 | |||
Issuances | 0 | 0 | |||
Interest accrual | 153 | 143 | |||
Benefit payments | (77) | (60) | |||
Foreign currency adjustment | 0 | 0 | |||
Other adjustments | 0 | 0 | |||
Balance at original discount rate, EOP | 12,860 | 12,037 | |||
Effect of cumulative changes in discount rate assumptions | (1,033) | (738) | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 11,827 | 11,299 | |||
Balance, EOP, pre-flooring | 8,608 | 8,288 | |||
Flooring impact, EOP | 0 | 0 | |||
Balance, EOP, post-flooring | 8,608 | 8,288 | |||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | |||
Total balance after reinsurance recoverable | 8,608 | 8,288 | |||
Interest accrual | 153 | 143 | |||
Long- Term Care | Corporate and Other | Gross Basis | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Interest accrual | 113 | 106 | |||
Undiscounted expected future gross premiums | 6,858 | 6,901 | |||
Discounted expected future gross premiums (at original discount rate) | 4,525 | 4,507 | |||
Discounted expected future gross premiums (at current discount rate) | 4,410 | 4,467 | |||
Undiscounted expected future benefits and expenses | 30,755 | 29,713 | |||
Interest accrual | 113 | 106 | |||
Gross Premiums | $ 118 | $ 114 | |||
Weighted-average duration of the liability in years (at original discount rate) | 18 years | 18 years | |||
Weighted-average duration of the liability in years (at current discount rate) | 17 years | 18 years | |||
Weighted-average interest rate (at original discount rate) | 4.91% | 4.91% | |||
Weighted-average interest rate (at current discount rate) | 5.50% | 5.34% | |||
[1] See Note 20 for additional information regarding related party transactions. |
Liability For Future Policy B_4
Liability For Future Policy Benefits (Deferred Profit Liability) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Other adjustments | $ 17 | [1] | $ (25) | ||
Total balance after reinsurance recoverable | 185,390 | 192,293 | |||
Deferred profit liability | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Total balance after reinsurance recoverable | 14,585 | 14,795 | |||
Retirement Strategies | Institutional | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Effect of actual variances from expected experience and other activity | $ 162 | $ 98 | |||
Adjusted balance, BOP | 156,048 | 138,022 | |||
Interest accrual | 1,493 | 1,208 | |||
Foreign currency adjustment | (886) | 1,908 | |||
Other adjustments | (48) | 48 | |||
Balance, EOP, pre-flooring | 76,060 | 68,421 | |||
Flooring impact, EOP | 56 | 4 | |||
Balance, EOP, post-flooring | 76,116 | 68,425 | |||
Less: Reinsurance recoverables | 5,340 | 0 | |||
Total balance after reinsurance recoverable | 70,776 | 68,425 | |||
Retirement Strategies | Institutional | Gross Basis | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Interest accrual | 785 | 691 | |||
Revenue | 10,277 | 3,892 | |||
Retirement Strategies | Institutional | Deferred profit liability | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Balance, BOP, post-flooring | 5,615 | 5,532 | |||
Flooring impact, BOP | 0 | 0 | |||
Balance, BOP, pre-flooring | 5,615 | 5,532 | |||
Effect of actual variances from expected experience and other activity | 26 | 31 | |||
Adjusted balance, BOP | 5,641 | 5,563 | |||
Profits deferred | 38 | 164 | |||
Interest accrual | 57 | 57 | |||
Amortization | (142) | (141) | |||
Foreign currency adjustment | (3) | 7 | |||
Other adjustments | 0 | 0 | |||
Balance, EOP, pre-flooring | 5,591 | 5,650 | |||
Flooring impact, EOP | 0 | 0 | |||
Balance, EOP, post-flooring | 5,591 | 5,650 | |||
Less: Reinsurance recoverables | 382 | 0 | |||
Total balance after reinsurance recoverable | 5,209 | 5,650 | |||
Revenue | 20 | (111) | |||
Retirement Strategies | Institutional | Deferred profit liability | Gross Basis | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Interest accrual | 57 | 57 | |||
Revenue | 20 | (111) | |||
International Businesses | Life Planner | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Effect of actual variances from expected experience and other activity | (359) | (167) | |||
Adjusted balance, BOP | 80,026 | 82,191 | |||
Interest accrual | 648 | 663 | |||
Foreign currency adjustment | (2,825) | (163) | |||
Other adjustments | 94 | 93 | |||
Balance, EOP, pre-flooring | 47,755 | 51,789 | |||
Flooring impact, EOP | 19 | 26 | |||
Balance, EOP, post-flooring | 47,774 | 51,815 | |||
Less: Reinsurance recoverables | 98 | 112 | |||
Total balance after reinsurance recoverable | 47,676 | 51,703 | |||
International Businesses | Life Planner | Gross Basis | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Interest accrual | 430 | 433 | |||
Revenue | 1,671 | 1,867 | |||
International Businesses | Life Planner | Deferred profit liability | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Balance, BOP, post-flooring | 3,956 | 3,379 | |||
Flooring impact, BOP | 1 | 0 | |||
Balance, BOP, pre-flooring | 3,955 | 3,379 | |||
Effect of actual variances from expected experience and other activity | (8) | (3) | |||
Adjusted balance, BOP | 3,947 | 3,376 | |||
Profits deferred | 420 | 451 | |||
Interest accrual | 41 | 35 | |||
Amortization | (289) | (288) | |||
Foreign currency adjustment | (107) | 8 | |||
Other adjustments | 11 | 10 | |||
Balance, EOP, pre-flooring | 4,023 | 3,592 | |||
Flooring impact, EOP | 1 | 0 | |||
Balance, EOP, post-flooring | 4,024 | 3,592 | |||
Less: Reinsurance recoverables | 9 | 9 | |||
Total balance after reinsurance recoverable | 4,015 | 3,583 | |||
Revenue | (175) | (205) | |||
International Businesses | Life Planner | Deferred profit liability | Gross Basis | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Interest accrual | 41 | 35 | |||
Revenue | (175) | (205) | |||
International Businesses | Gibraltar Life and Other | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Effect of actual variances from expected experience and other activity | (180) | (154) | |||
Adjusted balance, BOP | 86,211 | 91,443 | |||
Interest accrual | 552 | 585 | |||
Foreign currency adjustment | (3,152) | (432) | |||
Other adjustments | (3) | (2) | |||
Balance, EOP, pre-flooring | 49,360 | 54,715 | |||
Flooring impact, EOP | 7 | 11 | |||
Balance, EOP, post-flooring | 49,367 | 54,726 | |||
Less: Reinsurance recoverables | 285 | 222 | |||
Total balance after reinsurance recoverable | 49,082 | 54,504 | |||
International Businesses | Gibraltar Life and Other | Gross Basis | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Interest accrual | 370 | 381 | |||
Revenue | 1,529 | 1,767 | |||
International Businesses | Gibraltar Life and Other | Deferred profit liability | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Balance, BOP, post-flooring | 5,303 | 5,261 | |||
Flooring impact, BOP | 1 | 1 | |||
Balance, BOP, pre-flooring | 5,302 | 5,260 | |||
Effect of actual variances from expected experience and other activity | (15) | (10) | |||
Adjusted balance, BOP | 5,287 | 5,250 | |||
Profits deferred | 312 | 373 | |||
Interest accrual | 39 | 39 | |||
Amortization | (248) | (257) | |||
Foreign currency adjustment | (141) | (18) | |||
Other adjustments | 0 | 0 | |||
Balance, EOP, pre-flooring | 5,249 | 5,387 | |||
Flooring impact, EOP | 1 | 1 | |||
Balance, EOP, post-flooring | 5,250 | 5,388 | |||
Less: Reinsurance recoverables | 31 | 11 | |||
Total balance after reinsurance recoverable | 5,219 | 5,377 | |||
Revenue | (88) | (145) | |||
International Businesses | Gibraltar Life and Other | Deferred profit liability | Gross Basis | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Interest accrual | 39 | 39 | |||
Revenue | (88) | (145) | |||
Total | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Effect of actual variances from expected experience and other activity | (400) | (194) | |||
Adjusted balance, BOP | 355,190 | 343,886 | |||
Interest accrual | 3,083 | 2,836 | |||
Foreign currency adjustment | (6,863) | 1,313 | |||
Other adjustments | 39 | 132 | |||
Balance, EOP, pre-flooring | 190,174 | 191,528 | |||
Flooring impact, EOP | 82 | 41 | |||
Balance, EOP, post-flooring | 190,256 | 191,569 | |||
Less: Reinsurance recoverables | 6,413 | 1,062 | |||
Total balance after reinsurance recoverable | 183,843 | 190,507 | |||
Total | Deferred profit liability | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Balance, BOP, post-flooring | 14,874 | 14,172 | |||
Flooring impact, BOP | 2 | 1 | |||
Balance, BOP, pre-flooring | 14,872 | 14,171 | |||
Effect of actual variances from expected experience and other activity | 3 | 18 | |||
Adjusted balance, BOP | $ 14,875 | $ 14,189 | |||
Profits deferred | 770 | 988 | |||
Interest accrual | 137 | 131 | |||
Amortization | (679) | (686) | |||
Foreign currency adjustment | (251) | (3) | |||
Other adjustments | 11 | 10 | |||
Balance, EOP, pre-flooring | 14,863 | 14,629 | |||
Flooring impact, EOP | 2 | 1 | |||
Balance, EOP, post-flooring | 14,865 | 14,630 | |||
Less: Reinsurance recoverables | 422 | 20 | |||
Total balance after reinsurance recoverable | 14,443 | 14,610 | |||
Other Segments | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Less: Reinsurance recoverables | 65 | 74 | |||
Total balance after reinsurance recoverable | 1,547 | 1,786 | |||
Other Segments | Deferred profit liability | |||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Total balance after reinsurance recoverable | 142 | 185 | |||
Revenue | $ 7 | $ (2) | |||
[1] See Note 20 for additional information regarding related party transactions. |
Liability For Future Policy B_5
Liability For Future Policy Benefits (Additional Insurance Reserves) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Additional Liability, Long-Duration Insurance [Line Items] | ||||
Interest accrual | $ 129 | $ 118 | ||
Balance, including amounts in AOCI, EOP, post-flooring | 14,732 | 13,385 | ||
Gross assessments | $ 788 | $ 827 | ||
Weighted-average duration of the liability in years (at original discount rate) | 22 years | 22 years | ||
Weighted-average interest rate (at original discount rate) | 3.39% | 3.38% | ||
Individual Life | ||||
Additional Liability, Long-Duration Insurance [Line Items] | ||||
Total balance after reinsurance recoverables | $ 7,534 | $ 8,047 | ||
Other Segments | Individual Life | ||||
Additional Liability, Long-Duration Insurance [Line Items] | ||||
Total balance after reinsurance recoverables | 117 | 151 | ||
Total | Individual Life | ||||
Additional Liability, Long-Duration Insurance [Line Items] | ||||
Balance, including amounts in AOCI, BOP, post-flooring | 14,308 | 12,684 | ||
Flooring impact and amounts in AOCI | 843 | 1,285 | ||
Balance, excluding amounts in AOCI, BOP, pre-flooring | 15,151 | 13,969 | ||
Effect of actual variances from expected experience and other activity | $ 144 | $ (33) | ||
Adjusted balance, BOP | $ 15,295 | $ 13,936 | ||
Assessment Collected | 292 | 270 | ||
Interest accrual | 129 | 118 | ||
Benefits paid | (72) | (74) | ||
Balance, excluding amounts in AOCI, EOP, pre-flooring | 15,644 | 14,250 | ||
Flooring impact and amounts in AOCI | (1,029) | (1,016) | ||
Balance, including amounts in AOCI, EOP, post-flooring | 14,615 | 13,234 | ||
Less: Reinsurance recoverables | 7,198 | 5,338 | ||
Total balance after reinsurance recoverables | $ 7,417 | $ 7,896 |
Liability For Future Policy B_6
Liability For Future Policy Benefits (Future Policy Benefits) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Insurance [Abstract] | |||
Benefit reserves, EOP, post-flooring | $ 191,868 | $ 193,429 | |
Deferred Profit Liability EOP, post-flooring | 15,007 | 14,814 | |
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring | 14,732 | 13,385 | |
Subtotal of amounts disclosed above | 221,607 | 221,628 | |
Other Future Policy Benefits reserves | 51,183 | 51,958 | |
Total Future Policy Benefits | $ 272,790 | $ 273,281 | $ 273,586 |
Liability For Future Policy B_7
Liability For Future Policy Benefits (Revenue and Interest Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Benefit reserves | Retirement Strategies | Institutional | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | $ 10,277 | $ 3,892 |
Interest expense | 786 | 691 |
Benefit reserves | Individual Life | Term Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 458 | 461 |
Interest expense | 103 | 101 |
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 | 1,671 | 1,867 |
Interest expense | 430 | 433 |
Benefit reserves | International Businesses | Gibraltar Life and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 1,529 | 1,767 |
Interest expense | 370 | 381 |
Benefit reserves | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 140 | 142 |
Interest expense | 127 | 120 |
Benefit reserves | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 14,075 | 8,129 |
Interest expense | 1,816 | 1,726 |
Deferred profit liability | Retirement Strategies | Institutional | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 20 | (111) |
Interest expense | 57 | 57 |
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 | (175) | (205) |
Interest expense | 41 | 35 |
Deferred profit liability | International Businesses | Gibraltar Life and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | (88) | (145) |
Interest expense | 39 | 39 |
Deferred profit liability | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 7 | (2) |
Interest expense | 1 | 1 |
Deferred profit liability | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | (236) | (463) |
Interest expense | 138 | 132 |
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 | 788 | 827 |
Interest expense | 129 | 118 |
Additional insurance reserves | International Businesses | Life Planner | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 0 |
Interest expense | 0 | 0 |
Additional insurance reserves | International Businesses | Gibraltar Life and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 0 |
Interest expense | 0 | 0 |
Additional insurance reserves | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 0 |
Interest expense | 0 | 0 |
Additional insurance reserves | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 788 | 827 |
Interest expense | 129 | 118 |
Revenues | Retirement Strategies | Institutional | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 10,297 | 3,781 |
Revenues | Individual Life | Term Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 458 | 461 |
Revenues | Individual Life | Variable Universal Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 788 | 827 |
Revenues | International Businesses | Life Planner | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 1,496 | 1,662 |
Revenues | International Businesses | Gibraltar Life and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 1,441 | 1,622 |
Revenues | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 147 | 140 |
Revenues | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 14,627 | 8,493 |
Interest Expense | Retirement Strategies | Institutional | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 843 | 748 |
Interest Expense | Individual Life | Term Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 103 | 101 |
Interest Expense | Individual Life | Variable Universal Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 129 | 118 |
Interest Expense | International Businesses | Life Planner | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 471 | 468 |
Interest Expense | International Businesses | Gibraltar Life and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 409 | 420 |
Interest Expense | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 128 | 121 |
Interest Expense | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | $ 2,083 | $ 1,976 |
Policyholders' Account Balanc_3
Policyholders' Account Balances (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Interest credited to policyholders’ account balances | $ 1,283,000,000 | $ 981,000,000 | |
Total Policyholders' account balance | 151,810,000,000 | 138,139,000,000 | |
Closed Block Division | 4,464,000,000 | 4,572,000,000 | $ 4,500,000,000 |
Unearned revenue reserve, unearned expense credit, and additional interest reserve | 5,501,000,000 | 4,772,000,000 | |
Other | $ 4,259,000,000 | $ 7,940,000,000 | |
Weighted-average crediting rate | 3.55% | 2.87% | |
Net amount at risk | $ 483,800,000,000 | $ 468,063,000,000 | |
Cash Surrender Value | 122,654,000,000 | 105,244,000,000 | |
Institutional Retirement Strategies | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Policyholder Account Balance, Surrender | 0 | ||
Total | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Balance, BOP | 132,729,000,000 | 118,377,000,000 | |
Deposits | 7,917,000,000 | 5,754,000,000 | |
Interest credited to policyholders’ account balances | 1,199,000,000 | 859,000,000 | |
Acquisitions and Dispositions | 0 | 0 | |
Policy charges | (756,000,000) | (726,000,000) | |
Surrenders and withdrawals | (2,981,000,000) | (2,825,000,000) | |
Benefit payments | (749,000,000) | (760,000,000) | |
Net transfers (to) from separate account | 136,000,000 | 96,000,000 | |
Change in market value and other adjustments | 1,477,000,000 | 299,000,000 | |
Foreign currency adjustment | (1,386,000,000) | (219,000,000) | |
Balance, EOP | 137,586,000,000 | 120,855,000,000 | |
Institutional | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Total Policyholders' account balance | 9,569,000,000 | 9,681,000,000 | |
Institutional | Retirement Strategies | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Balance, BOP | 17,738,000,000 | 17,376,000,000 | |
Deposits | 1,919,000,000 | 1,376,000,000 | |
Interest credited to policyholders’ account balances | 175,000,000 | 160,000,000 | |
Acquisitions and Dispositions | 0 | 0 | |
Policy charges | (3,000,000) | (6,000,000) | |
Surrenders and withdrawals | (1,231,000,000) | (1,371,000,000) | |
Benefit payments | (149,000,000) | (139,000,000) | |
Net transfers (to) from separate account | 0 | 0 | |
Change in market value and other adjustments | 1,000,000 | 0 | |
Foreign currency adjustment | 0 | 0 | |
Balance, EOP | $ 18,450,000,000 | $ 17,396,000,000 | |
Weighted-average crediting rate | 3.87% | 3.69% | |
Net amount at risk | $ 0 | $ 0 | |
Cash Surrender Value | 18,450,000,000 | 17,396,000,000 | |
Individual Variable | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Total Policyholders' account balance | 3,918,000,000 | 4,480,000,000 | |
Individual Variable | Retirement Strategies | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Balance, BOP | 23,765,000,000 | 17,524,000,000 | |
Deposits | 1,626,000,000 | 1,043,000,000 | |
Interest credited to policyholders’ account balances | 108,000,000 | 87,000,000 | |
Acquisitions and Dispositions | 0 | 0 | |
Policy charges | (4,000,000) | (6,000,000) | |
Surrenders and withdrawals | (231,000,000) | (148,000,000) | |
Benefit payments | (18,000,000) | (28,000,000) | |
Net transfers (to) from separate account | (3,000,000) | 19,000,000 | |
Change in market value and other adjustments | 1,360,000,000 | 191,000,000 | |
Foreign currency adjustment | 0 | 0 | |
Balance, EOP | $ 26,603,000,000 | $ 18,682,000,000 | |
Weighted-average crediting rate | 1.71% | 1.92% | |
Net amount at risk | $ 0 | $ 0 | |
Cash Surrender Value | 24,376,000,000 | 16,640,000,000 | |
Individual Fixed | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Total Policyholders' account balance | 3,878,000,000 | 2,273,000,000 | |
Individual Fixed | Retirement Strategies | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Balance, BOP | 7,095,000,000 | 4,643,000,000 | |
Deposits | 1,570,000,000 | 582,000,000 | |
Interest credited to policyholders’ account balances | 50,000,000 | 20,000,000 | |
Acquisitions and Dispositions | 0 | 0 | |
Policy charges | 0 | 0 | |
Surrenders and withdrawals | (150,000,000) | (88,000,000) | |
Benefit payments | (19,000,000) | (32,000,000) | |
Net transfers (to) from separate account | 0 | 0 | |
Change in market value and other adjustments | 88,000,000 | 9,000,000 | |
Foreign currency adjustment | 0 | 0 | |
Balance, EOP | $ 8,634,000,000 | $ 5,134,000,000 | |
Weighted-average crediting rate | 2.54% | 1.63% | |
Net amount at risk | $ 0 | $ 0 | |
Cash Surrender Value | 7,174,000,000 | 4,045,000,000 | |
Life/Disability | Group Insurance | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Balance, BOP | 5,293,000,000 | 5,839,000,000 | |
Deposits | 138,000,000 | 204,000,000 | |
Interest credited to policyholders’ account balances | 40,000,000 | 44,000,000 | |
Acquisitions and Dispositions | 0 | 0 | |
Policy charges | (80,000,000) | (83,000,000) | |
Surrenders and withdrawals | (434,000,000) | (453,000,000) | |
Benefit payments | 0 | 0 | |
Net transfers (to) from separate account | 0 | 0 | |
Change in market value and other adjustments | 0 | 0 | |
Foreign currency adjustment | 0 | 0 | |
Balance, EOP | $ 4,957,000,000 | $ 5,551,000,000 | |
Weighted-average crediting rate | 3.08% | 3.09% | |
Net amount at risk | $ 74,075,000,000 | $ 72,259,000,000 | |
Cash Surrender Value | 3,812,000,000 | 3,984,000,000 | |
Variable Universal Life | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Total Policyholders' account balance | 23,972,000,000 | 23,579,000,000 | |
Variable Universal Life | Individual Life | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Balance, BOP | 27,439,000,000 | 26,502,000,000 | |
Deposits | 612,000,000 | 617,000,000 | |
Interest credited to policyholders’ account balances | 189,000,000 | 199,000,000 | |
Acquisitions and Dispositions | 0 | 0 | |
Policy charges | (513,000,000) | (514,000,000) | |
Surrenders and withdrawals | (420,000,000) | (439,000,000) | |
Benefit payments | (37,000,000) | (46,000,000) | |
Net transfers (to) from separate account | 139,000,000 | 77,000,000 | |
Change in market value and other adjustments | 37,000,000 | 91,000,000 | |
Foreign currency adjustment | 0 | 0 | |
Balance, EOP | $ 27,446,000,000 | $ 26,487,000,000 | |
Weighted-average crediting rate | 2.76% | 3% | |
Net amount at risk | $ 384,991,000,000 | $ 370,778,000,000 | |
Cash Surrender Value | 23,439,000,000 | 21,846,000,000 | |
Life Planner | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Total Policyholders' account balance | 8,271,000,000 | 7,492,000,000 | |
Life Planner | International Businesses | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Balance, BOP | 12,949,000,000 | 11,168,000,000 | |
Deposits | 560,000,000 | 645,000,000 | |
Interest credited to policyholders’ account balances | 418,000,000 | 177,000,000 | |
Acquisitions and Dispositions | 0 | 0 | |
Policy charges | (81,000,000) | (77,000,000) | |
Surrenders and withdrawals | (76,000,000) | (51,000,000) | |
Benefit payments | (68,000,000) | (75,000,000) | |
Net transfers (to) from separate account | 0 | 0 | |
Change in market value and other adjustments | (2,000,000) | 6,000,000 | |
Foreign currency adjustment | (624,000,000) | (76,000,000) | |
Balance, EOP | $ 13,076,000,000 | $ 11,717,000,000 | |
Weighted-average crediting rate | 12.86% | 6.19% | |
Net amount at risk | $ 18,637,000,000 | $ 18,055,000,000 | |
Cash Surrender Value | 11,391,000,000 | 10,100,000,000 | |
Gibraltar Life and Other | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Total Policyholders' account balance | 38,316,000,000 | 35,626,000,000 | |
Gibraltar Life and Other | International Businesses | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Balance, BOP | 38,450,000,000 | 35,325,000,000 | |
Deposits | 1,492,000,000 | 1,287,000,000 | |
Interest credited to policyholders’ account balances | 219,000,000 | 172,000,000 | |
Acquisitions and Dispositions | 0 | 0 | |
Policy charges | (75,000,000) | (40,000,000) | |
Surrenders and withdrawals | (439,000,000) | (275,000,000) | |
Benefit payments | (458,000,000) | (440,000,000) | |
Net transfers (to) from separate account | 0 | 0 | |
Change in market value and other adjustments | (7,000,000) | 2,000,000 | |
Foreign currency adjustment | (762,000,000) | (143,000,000) | |
Balance, EOP | $ 38,420,000,000 | $ 35,888,000,000 | |
Weighted-average crediting rate | 2.28% | 1.93% | |
Net amount at risk | $ 6,097,000,000 | $ 6,971,000,000 | |
Cash Surrender Value | 34,012,000,000 | 31,233,000,000 | |
Full Service | Corporate and Other | |||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||
Reinsurance and other recoverable | $ 5,621,000,000 | $ 7,973,000,000 |
Policyholders' Account Balanc_4
Policyholders' Account Balances - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Mar. 31, 2023 |
Policyholder Account Balance [Line Items] | ||
Policyholders’ account balances | $ 151,810 | $ 138,139 |
FANIP | Medium-term Notes | ||
Policyholder Account Balance [Line Items] | ||
Capacity | 15,000 | |
Debt Instrument, Face Amount | $ 3,465 | 2,955 |
FANIP | Medium-term Notes | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Interest rate | 0% | |
Maturities | 3 months | |
FANIP | Medium-term Notes | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Interest rate | 5.60% | |
Maturities | 5 years | |
FANIP | Commercial paper | ||
Policyholder Account Balance [Line Items] | ||
Capacity | $ 6,000 | |
Debt Instrument, Face Amount | $ 2,297 | 2,355 |
FANIP | Commercial paper | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Interest rate | 0% | |
Maturities | 3 months | |
FANIP | Commercial paper | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Interest rate | 5.60% | |
Maturities | 5 years | |
FHLBNY | Secured Debt | ||
Policyholder Account Balance [Line Items] | ||
Maturities | 7 years | |
Debt Instrument, Face Amount | $ 2,628 | 2,628 |
FHLBNY | Secured Debt | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Interest rate | 1.925% | |
FHLBNY | Secured Debt | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Interest rate | 4.51% | |
Institutional Retirement Strategies And Life Planner | ||
Policyholder Account Balance [Line Items] | ||
Policyholders’ account balances | $ 5,722 | $ 5,261 |
Policyholders' Account Balanc_5
Policyholders' Account Balances (Guaranteed Minimum Crediting Rate) (Details) $ in Millions | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) |
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 151,810 | $ 138,139 |
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 |
Institutional | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 9,569 | $ 9,681 |
Institutional | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 9,569 | 9,681 |
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 | 3,918 | 4,480 |
Individual Variable | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 3,069 | 3,589 |
Individual Variable | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 765 | 861 |
Individual Variable | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 84 | 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 | 3,878 | 2,273 |
Individual Fixed | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 1,723 | 1,553 |
Individual Fixed | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 622 | 345 |
Individual Fixed | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 816 | 280 |
Individual Fixed | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 717 | 95 |
Group Insurance | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2,653 | 3,134 |
Group Insurance | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 1,571 | 1,693 |
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 | 1,082 | 1,441 |
Variable Universal Life | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 23,972 | 23,579 |
Variable Universal Life | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 10,084 | 13,638 |
Variable Universal Life | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 5,639 | 2,041 |
Variable Universal Life | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 5,810 | 5,653 |
Variable Universal Life | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2,439 | 2,247 |
Life Planner | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 8,271 | 7,492 |
Life Planner | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 5,805 | 6,518 |
Life Planner | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 69 | 52 |
Life Planner | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 86 | 91 |
Life Planner | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2,311 | 831 |
Gibraltar Life and Other | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 38,316 | 35,626 |
Gibraltar Life and Other | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 37,931 | 35,251 |
Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 350 | 335 |
Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 35 | 40 |
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% | 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 | $ 1,663 | $ 1,872 |
Less than 1.00% | Individual Variable | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 866 | 1,005 |
Less than 1.00% | Individual Variable | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 727 | 848 |
Less than 1.00% | Individual Variable | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 70 | 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 | $ 629 | $ 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 | 2 | 0 |
Less than 1.00% | Individual Fixed | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 6 | 0 |
Less than 1.00% | Individual Fixed | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 621 | $ 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 | $ 1,021 | $ 1,441 |
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 | $ 1,021 | $ 1,441 |
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 | $ 346 | $ 11 |
Less than 1.00% | Variable Universal Life | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 0 | 0 |
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 | $ 346 | $ 11 |
Less than 1.00% | Life Planner | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1% | 1% |
Account Values with Crediting Rates | $ 2,764 | $ 1,306 |
Less than 1.00% | Life Planner | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 324 | 357 |
Less than 1.00% | Life Planner | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 43 | 27 |
Less than 1.00% | Life Planner | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 86 | 91 |
Less than 1.00% | Life Planner | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 2,311 | $ 831 |
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 | $ 15,637 | $ 17,023 |
Less than 1.00% | Gibraltar Life and Other | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 15,637 | 17,023 |
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% | Institutional | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 1,551 | $ 1,551 |
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 | $ 1,551 |
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 | $ 244 | $ 242 |
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 | $ 219 | $ 239 |
1.00% - 1.99% | Individual Variable | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 24 | 2 |
1.00% - 1.99% | Individual Variable | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 1 | 1 |
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 | $ 942 | $ 1,050 |
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 | $ 510 | $ 585 |
1.00% - 1.99% | Individual Fixed | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 108 | 128 |
1.00% - 1.99% | Individual Fixed | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 244 | 253 |
1.00% - 1.99% | Individual Fixed | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 80 | 84 |
1.00% - 1.99% | Group Insurance | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 0 | $ 0 |
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 | $ 0 |
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% | Variable Universal Life | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 3,677 | $ 3,172 |
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 | $ 226 | $ 150 |
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 | 1,662 | 1,073 |
1.00% - 1.99% | Variable Universal Life | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 1,789 | 1,949 |
1.00% - 1.99% | Life Planner | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 2,792 | $ 3,181 |
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 | $ 2,766 | $ 3,156 |
1.00% - 1.99% | Life Planner | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 26 | 25 |
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 | $ 8,406 | $ 9,870 |
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 | $ 8,346 | $ 9,870 |
1.00% - 1.99% | Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 60 | 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% | Institutional | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 593 | $ 583 |
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 | $ 593 | $ 583 |
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 | $ 35 | $ 34 |
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 | $ 26 | $ 32 |
2.00% - 2.99% | Individual Variable | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 5 | 2 |
2.00% - 2.99% | Individual Variable | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 4 | 0 |
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 | $ 1,594 | $ 745 |
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 | $ 548 | $ 496 |
2.00% - 2.99% | Individual Fixed | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 466 | 211 |
2.00% - 2.99% | Individual Fixed | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 564 | 27 |
2.00% - 2.99% | Individual Fixed | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 16 | 11 |
2.00% - 2.99% | Group Insurance | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 28 | $ 56 |
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 | $ 28 | $ 56 |
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% | Variable Universal Life | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 4,778 | $ 4,796 |
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 | $ 32 | $ 374 |
2.00% - 2.99% | Variable Universal Life | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 1,462 | 123 |
2.00% - 2.99% | Variable Universal Life | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 3,004 | 4,019 |
2.00% - 2.99% | Variable Universal Life | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 280 | 280 |
2.00% - 2.99% | Life Planner | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 1,975 | $ 2,259 |
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 | $ 1,975 | $ 2,259 |
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 | $ 3,325 | $ 3,628 |
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 | $ 3,000 | $ 3,253 |
2.00% - 2.99% | Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 290 | 335 |
2.00% - 2.99% | Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 35 | 40 |
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% | Institutional | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 4,926 | $ 5,628 |
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 | $ 4,926 | $ 5,628 |
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 | $ 1,885 | $ 2,228 |
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 | $ 1,867 | $ 2,209 |
3.00% - 4.00% | Individual Variable | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 9 | 9 |
3.00% - 4.00% | Individual Variable | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 9 | 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 | $ 621 | $ 377 |
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 | $ 573 | $ 371 |
3.00% - 4.00% | Individual Fixed | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 46 | 6 |
3.00% - 4.00% | Individual Fixed | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2 | 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% | Group Insurance | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 1,532 | $ 1,634 |
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 | $ 1,471 | $ 1,634 |
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 | 61 | 0 |
3.00% - 4.00% | Variable Universal Life | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 9,711 | $ 10,051 |
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 | $ 4,366 | $ 7,565 |
3.00% - 4.00% | Variable Universal Life | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 4,177 | 1,918 |
3.00% - 4.00% | Variable Universal Life | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 1,144 | 561 |
3.00% - 4.00% | Variable Universal Life | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 24 | 7 |
3.00% - 4.00% | Life Planner | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 356 | $ 339 |
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 | $ 356 | $ 339 |
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 | $ 5,287 | $ 3,201 |
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 | $ 5,287 | $ 3,201 |
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% | Institutional | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 4% | 4% |
Account Values with Crediting Rates | $ 2,099 | $ 1,519 |
Greater than 4.00% | Institutional | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2,099 | 1,519 |
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 | $ 91 | $ 104 |
Greater than 4.00% | Individual Variable | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 91 | 104 |
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 | $ 92 | $ 101 |
Greater than 4.00% | Individual Fixed | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 92 | 101 |
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% | Group Insurance | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 4% | 4% |
Account Values with Crediting Rates | $ 72 | $ 3 |
Greater than 4.00% | Group Insurance | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 72 | 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% | Variable Universal Life | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 4% | 4% |
Account Values with Crediting Rates | $ 5,460 | $ 5,549 |
Greater than 4.00% | Variable Universal Life | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 5,460 | 5,549 |
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 | $ 384 | $ 407 |
Greater than 4.00% | Life Planner | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 384 | 407 |
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 | $ 5,661 | $ 1,904 |
Greater than 4.00% | Gibraltar Life and Other | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 5,661 | 1,904 |
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 |
Policyholders' Liabilities (Add
Policyholders' Liabilities (Additional Insurance Reserves) (Details) - Policyholder Contract Deposit - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total | ||
Policyholder Account Balance [Line Items] | ||
Balance, beginning of period | $ 5,067 | $ 4,295 |
Unearned revenue | 257 | 247 |
Amortization expense | (63) | (50) |
Other adjustments | 0 | 1 |
FX adjustment | (18) | (2) |
Balance, end of period | 5,243 | 4,491 |
Less: Reinsurance recoverables | 398 | 0 |
Unearned revenue reserve net of reinsurance recoverables | 4,845 | 4,491 |
Other Businesses | ||
Policyholder Account Balance [Line Items] | ||
Unearned revenue reserve net of reinsurance recoverables | 51 | 53 |
Total, including Other Businesses | ||
Policyholder Account Balance [Line Items] | ||
Unearned revenue reserve net of reinsurance recoverables | 4,896 | 4,544 |
Variable Universal Life | Individual Life | ||
Policyholder Account Balance [Line Items] | ||
Balance, beginning of period | 4,613 | 3,983 |
Unearned revenue | 215 | 204 |
Amortization expense | (58) | (47) |
Other adjustments | 0 | 0 |
FX adjustment | 0 | 0 |
Balance, end of period | 4,770 | 4,140 |
Less: Reinsurance recoverables | 398 | 0 |
Unearned revenue reserve net of reinsurance recoverables | 4,372 | 4,140 |
Life Planner | International Businesses | ||
Policyholder Account Balance [Line Items] | ||
Balance, beginning of period | 359 | 231 |
Unearned revenue | 37 | 37 |
Amortization expense | (4) | (2) |
Other adjustments | 0 | 1 |
FX adjustment | (14) | (2) |
Balance, end of period | 378 | 265 |
Less: Reinsurance recoverables | 0 | 0 |
Unearned revenue reserve net of reinsurance recoverables | 378 | 265 |
Gibraltar Life and Other | International Businesses | ||
Policyholder Account Balance [Line Items] | ||
Balance, beginning of period | 95 | 81 |
Unearned revenue | 5 | 6 |
Amortization expense | (1) | (1) |
Other adjustments | 0 | 0 |
FX adjustment | (4) | 0 |
Balance, end of period | 95 | 86 |
Less: Reinsurance recoverables | 0 | 0 |
Unearned revenue reserve net of reinsurance recoverables | $ 95 | $ 86 |
Market Risk Benefits - Rollforw
Market Risk Benefits - Rollforward of Balances for Variable Annuity Products (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Market Risk Benefit [Roll Forward] | ||
Market risk benefit, ending balance | $ 2,399 | $ 5,120 |
Net amount at risk | $ 8,970 | $ 11,332 |
Weighted-average attained age of contractholders (in years) | 70 years | 69 years |
Individual Retirement Strategies | ||
Market Risk Benefit [Roll Forward] | ||
Market risk benefit, beginning balance | $ 4,038 | $ 4,987 |
Effect of cumulative changes in NPR | 1,137 | 1,828 |
Balance, BOP, before effect of changes in NPR | 5,175 | 6,815 |
Attributed fees collected | 288 | 300 |
Claims paid | (22) | (32) |
Interest accrual | 74 | 85 |
Actual in force different from expected | 2 | 19 |
Effect of changes in interest rates | (868) | 463 |
Effect of changes in equity markets | (888) | (671) |
Issuance | 13 | 0 |
Other adjustments | 14 | 78 |
Balance, EOP, before effect of changes in NPR | 3,788 | 7,057 |
Effect of cumulative changes in NPR | (886) | (2,014) |
Less: Reinsured MRBs | 560 | 28 |
Balance, EOP, net of reinsurance | 2,342 | 5,015 |
Market risk benefit, ending balance | 2,902 | 5,043 |
Other Segments | ||
Market Risk Benefit [Roll Forward] | ||
Balance, EOP, net of reinsurance | $ 57 | $ 105 |
Market Risk Benefits - Market R
Market Risk Benefits - Market Risk Benefits In Asset and Liability Positions (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Liability for Future Policy Benefit, Activity [Line Items] | |||
Direct and assumed | $ 1,507 | $ 905 | |
Ceded | 718 | 71 | |
Total MRB assets | 2,225 | $ 1,981 | 976 |
Direct and assumed | 4,469 | 6,056 | |
Ceded | 155 | 40 | |
Total MRB liabilities | 4,624 | $ 5,467 | 6,096 |
Net Liability | 2,399 | 5,120 | |
Individual Variable | Retirement Strategies | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Direct and assumed | 1,497 | 895 | |
Ceded | 715 | 67 | |
Total MRB assets | 2,212 | 962 | |
Direct and assumed | 4,399 | 5,938 | |
Ceded | 155 | 40 | |
Total MRB liabilities | 4,554 | 5,978 | |
Net Liability | 2,342 | 5,016 | |
Other Businesses | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Direct and assumed | 10 | 10 | |
Ceded | 3 | 4 | |
Total MRB assets | 13 | 14 | |
Direct and assumed | 70 | 118 | |
Ceded | 0 | 0 | |
Total MRB liabilities | 70 | 118 | |
Net Liability | $ 57 | $ 104 |
Reinsurance Narrative (Details)
Reinsurance Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | 21 Months Ended | |||||||||||
Jan. 01, 2024 USD ($) | Sep. 01, 2023 USD ($) | Apr. 01, 2023 USD ($) | Apr. 01, 2022 | Apr. 01, 2015 | Jan. 02, 2013 USD ($) policy | Mar. 31, 2024 USD ($) company | Dec. 31, 2020 USD ($) | Dec. 31, 2013 USD ($) | Dec. 31, 2012 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2021 counterparty | May 31, 2018 counterparty | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 65% | |||||||||||||
Deposit assets | $ 10,707 | $ 10,574 | ||||||||||||
Number of Reinsurance Companies | company | 4 | |||||||||||||
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 | |||||||||||||
Number of counterparties | counterparty | 2 | |||||||||||||
Somerset Re | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Deposit assets | $ 1,929 | 1,619 | ||||||||||||
Reinsurance payable | 1,790 | 1,518 | ||||||||||||
Deferred reinsurance gain | $ 411 | |||||||||||||
Somerset Re | Universal life products | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 30% | |||||||||||||
Prismic Re | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Deposit assets | $ 3,715 | $ 3,771 | ||||||||||||
Reinsured amount | $ 9,000 | |||||||||||||
Deferred reinsurance loss | $ (240) | |||||||||||||
Prismic Re | Structured Settlement Annuity | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 70% | |||||||||||||
Prismic Re | Coinsurance with funds witheld | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 90% | |||||||||||||
Prismic Re | Coinsurance | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 10% | |||||||||||||
AuguStar | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsured amount | $ 10,000 | |||||||||||||
Deferred reinsurance gain | $ 309 | |||||||||||||
AuguStar | Separate account liabilities under MODCO | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 100% | |||||||||||||
AuguStar | General account liabilities under MODCO | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 100% | |||||||||||||
AuguStar | Variable Annuities | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 10% | |||||||||||||
Empower | Separate account liabilities under MODCO | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 100% | |||||||||||||
Empower | General account liabilities under MODCO | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Reinsurance retention policy, reinsured risk percentage | 100% | |||||||||||||
Union Hamilton | 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 | |||||||||||||
Allstate | ||||||||||||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||||||||||||
Number of counterparties | counterparty | 2 |
Reinsurance Reinsurance Amounts
Reinsurance Reinsurance Amounts Included in Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Insurance [Abstract] | |||
Direct premiums | $ 14,822 | $ 8,750 | |
Reinsurance assumed | 1,451 | 1,178 | |
Reinsurance ceded | (736) | (565) | |
Premiums | 15,537 | [1] | 9,363 |
Direct policy charges and fee income | 864 | 966 | |
Reinsurance assumed | 300 | 308 | |
Reinsurance ceded | (108) | (140) | |
Policy charges and fee income | 1,056 | 1,134 | |
Direct change in value of market risk benefits, net of related hedging gains (losses) | 150 | 80 | |
Reinsurance assumed | 71 | 0 | |
Reinsurance ceded | (98) | (5) | |
Change in value of market risk benefits, net of related hedging gains (losses) | 123 | 75 | |
Direct policyholders’ benefits | 15,865 | 9,594 | |
Reinsurance assumed | 1,843 | 1,565 | |
Reinsurance ceded | (1,114) | (855) | |
Policyholders’ benefits | 16,594 | [1] | 10,304 |
Direct change in estimates of liability for future policy benefits | 146 | (24) | |
Reinsurance assumed | (5) | 4 | |
Reinsurance ceded | (158) | 45 | |
Change in estimates of liability for future policy benefits | $ 17 | [1] | $ (25) |
[1] See Note 20 for additional information regarding related party transactions. |
Reinsurance Reinsurance Recover
Reinsurance Reinsurance Recoverable (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | $ 17,222 | $ 16,737 |
Reinsurance recoverables net of loss allowance | 11 | 12 |
Deposit assets | 10,707 | 10,574 |
Somerset Re | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance payable | 1,790 | 1,518 |
Deposit assets | 1,929 | 1,619 |
Prismic Re | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Deposit assets | 3,715 | 3,771 |
Individual and group annuities | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 7,221 | 7,516 |
Life insurance | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 9,594 | 8,806 |
Life insurance | Somerset Re | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance recoverables net of loss allowance | 545 | |
Other reinsurance | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 407 | 415 |
Hartford Life Business | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance payable | 1,387 | 1,396 |
Hartford Life Business | Life insurance | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 2,067 | 2,090 |
Prismic Re | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance payable | 8,186 | 8,543 |
Prismic Re | Individual and group annuities | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 5,722 | 5,981 |
FLIAC | Individual and group annuities | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | $ 1,457 | $ 1,485 |
Closed Block (Narrative) (Detai
Closed Block (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Closed Block Dividend Obligation | $ 408 | $ 792 |
Accumulated Net Unrealized Investment Gain (Loss) Pre Tax | ||
Closed Block Dividend Obligation | 2,399 | 2,081 |
Accumulated Distributions in Excess of Net Income | ||
Closed Block Dividend Obligation | $ 2,807 | $ 2,873 |
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 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Closed Block liabilities | |||
Future policy benefits | $ 43,244 | $ 43,587 | |
Policyholders’ dividends payable | 663 | 648 | |
Policyholders’ dividend obligation | 408 | 792 | |
Policyholders’ account balances | 4,464 | 4,500 | $ 4,572 |
Other Closed Block liabilities | 3,902 | 3,605 | |
Total Closed Block liabilities | 52,681 | 53,132 | |
Closed Block assets | |||
Fixed maturities, available-for-sale, at fair value | 29,909 | 30,314 | |
Fixed maturities, trading, at fair value | 849 | 887 | |
Equity securities, at fair value | 1,818 | 1,970 | |
Commercial mortgage and other loans | 7,681 | 7,769 | |
Policy loans | 3,441 | 3,479 | |
Other invested assets | 4,432 | 4,513 | |
Short-term investments | 743 | 232 | |
Total investments | 48,873 | 49,164 | |
Cash and cash equivalents | 801 | 993 | |
Accrued investment income | 435 | 421 | |
Other Closed Block assets | 172 | 138 | |
Total Closed Block assets | 50,281 | 50,716 | |
Excess of reported Closed Block liabilities over Closed Block assets | 2,400 | 2,416 | |
Portion of above representing accumulated other comprehensive income (loss): | |||
Net unrealized investment gains (losses) | (2,562) | (2,241) | |
Allocated to policyholder dividend obligation | 2,399 | 2,081 | |
Future earnings to be recognized from Closed Block assets and Closed Block liabilities | $ 2,237 | $ 2,256 |
Closed Block (Information Regar
Closed Block (Information Regarding Policyholder Dividend Obligation) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Movement in Closed Block Dividend Obligation [Roll Forward] | |
Balance, beginning | $ 792 |
Impact from earnings allocable to policyholder dividend obligation | (66) |
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation | (318) |
Balance, ending | $ 408 |
Closed Block (Closed Block Reve
Closed Block (Closed Block Revenues and Benefits and Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | ||
Premiums | $ 409 | $ 406 |
Net investment income | 513 | 479 |
Realized investment gains (losses), net | (125) | (17) |
Other income (loss) | 164 | 100 |
Total Closed Block revenues | 961 | 968 |
Benefits and Expenses | ||
Policyholders’ benefits | 584 | 572 |
Interest credited to policyholders’ account balances | 30 | 30 |
Dividends to policyholders | 275 | 302 |
General and administrative expenses | 67 | 73 |
Total Closed Block benefits and expenses | 956 | 977 |
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes | 5 | (9) |
Income tax expense (benefit) | (15) | (32) |
Closed Block revenues, net of Closed Block benefits and expenses and income taxes | $ 20 | $ 23 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Total income tax expense (benefit) | $ 289 | $ 382 |
Effective Income Tax Rate, Percent | 20.80% | 20.70% |
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% | |
Book-income Alternative Minimum Tax Rate | 15% | |
Tax Adjustments, Settlements, and Unusual Provisions | $ 75 |
Short-Term and Long-Term Debt_2
Short-Term and Long-Term Debt (Short-Term Debt) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Short-term Debt [Line Items] | ||
Short-term debt | $ 585 | $ 618 |
Less: assets under set-off arrangements | $ 11,582 | $ 10,370 |
Weighted average interest rate on outstanding short-term debt | 5.51% | 5.50% |
Commercial paper | ||
Short-term Debt [Line Items] | ||
Debt maturity | 28 days | 49 days |
Short-Term Debt | $ 505 | $ 535 |
Current portion of Long-term debt | ||
Short-term Debt [Line Items] | ||
Short-Term Debt | 2,080 | 2,083 |
Short-term Debt | ||
Short-term Debt [Line Items] | ||
Less: assets under set-off arrangements | 2,000 | 2,000 |
Short-Term Debt | 2,585 | 2,618 |
Borrowings due overnight | Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | 125 | 110 |
Daily average outstanding | Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | 1,461 | 1,334 |
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 | 480 | 510 |
Mortgage debt | ||
Short-term Debt [Line Items] | ||
Short-Term Debt | 80 | 83 |
Surplus notes subject to set-off arrangements | ||
Short-term Debt [Line Items] | ||
Short-Term Debt | $ 2,000 | $ 2,000 |
Short-Term and Long-Term Debt_3
Short-Term and Long-Term Debt (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Amounts drawn on credit facilities | $ 0 | |
Long-term Debt, Excluding Current Maturities | 19,368,000,000 | $ 18,882,000,000 |
Assets Under Set Off Arrangements | 11,582,000,000 | 10,370,000,000 |
Subsidiaries | Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 41,000,000 | 44,000,000 |
Prudential Financial | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 18,652,000,000 | 18,162,000,000 |
Prudential Financial | Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | 8,541,000,000 | 8,050,000,000 |
Current portion of Long-term debt | ||
Debt Instrument [Line Items] | ||
Short-Term Debt | 2,080,000,000 | 2,083,000,000 |
Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 1,000,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |
Junior Subordinated Debt | 5.20% Junior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 500,000,000 | |
5.20% Junior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | |
Short-term Debt | ||
Debt Instrument [Line Items] | ||
Assets Under Set Off Arrangements | $ 2,000,000,000 | 2,000,000,000 |
Short-Term Debt | $ 2,585,000,000 | $ 2,618,000,000 |
Commercial paper | ||
Debt Instrument [Line Items] | ||
Debt maturity | 28 days | 49 days |
Short-Term Debt | $ 505,000,000 | $ 535,000,000 |
Commercial paper | Prudential Financial | ||
Debt Instrument [Line Items] | ||
Short-Term Debt | 25,000,000 | 25,000,000 |
Floating-rate notes | Foreign public corporate securities | Mortgage debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Excluding Current Maturities | $ 25,000,000 | $ 27,000,000 |
Short-Term and Long-Term Debt_4
Short-Term and Long-Term Debt (Long-Term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 30,950 | $ 29,252 |
Less: assets under set-off arrangements | 11,582 | 10,370 |
Long-term debt | 19,368 | 18,882 |
Surplus notes | Fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 347 | 346 |
Surplus notes subject to set-off arrangements | Fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 11,002 | 9,790 |
Surplus notes subject to set-off arrangements | Floating-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 580 | 580 |
Somerset Re surplus notes subject to set off arrangements | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 6,200 | |
Senior notes | Fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 10,111 | 10,112 |
Mortgage debt | Floating-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 73 | 75 |
Line of credit | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 255 | 255 |
Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 8,582 | 8,094 |
Debt denominated in foreign currency | Mortgage debt | Floating-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 25 | 27 |
Prudential Financial | ||
Debt Instrument [Line Items] | ||
Long-term debt | 18,652 | 18,162 |
Prudential Financial | Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 8,541 | 8,050 |
Subsidiaries | Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 41 | $ 44 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - Other Postretirement Benefits | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 52 | $ 51 |
Interest cost | 135 | 138 |
Expected return on plan assets | (238) | (231) |
Amortization of prior service cost | 0 | 0 |
Amortization of actuarial (gain) loss, net | 22 | 17 |
Net periodic (benefit) cost | (29) | (25) |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 2 | 2 |
Interest cost | 13 | 18 |
Expected return on plan assets | (19) | (21) |
Amortization of prior service cost | (17) | (2) |
Amortization of actuarial (gain) loss, net | 2 | 3 |
Net periodic (benefit) cost | $ (19) | $ 0 |
Equity (Common Stock Changes in
Equity (Common Stock Changes in Number of Shares Issued, Held in Treasury and Outstanding) (Details) | 3 Months Ended |
Mar. 31, 2024 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 |
Common Stock Held in Treasury | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, beginning (in shares) | 307,100,000 |
Common Stock issued (in shares) | 0 |
Common Stock acquired | 2,300,000 |
Stock-based compensation programs (in shares) | (2,200,000) |
Balance, ending (in shares) | 307,200,000 |
Outstanding | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, beginning (in shares) | 359,200,000 |
Common Stock issued (in shares) | 0 |
Common Stock acquired | 2,300,000 |
Stock-based compensation programs (in shares) | 2,200,000 |
Balance, ending (in shares) | 359,100,000 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Feb. 28, 2023 | |
Class of Stock [Line Items] | |||
Cost of Treasury Stock Acquired | $ 242 | $ 251 | |
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 | 2.3 | ||
Cost of Treasury Stock Acquired | $ 250 |
Equity (Dividends Declared) (De
Equity (Dividends Declared) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Equity [Abstract] | ||
Dividends declared per share of Common Stock (in USD per share) | $ 1.30 | $ 1.25 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | [1] | $ (6,504) | |
Income tax benefit (expense) | 137 | $ 90 | |
Ending balance | [1] | (7,661) | |
Foreign Currency Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (2,686) | (2,274) | |
Change in OCI before reclassifications | (481) | 12 | |
Amounts reclassified from AOCI | (13) | 0 | |
Income tax benefit (expense) | (36) | (38) | |
Ending balance | (3,216) | (2,300) | |
Total net unrealized investment gains (losses) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (11,213) | (16,194) | |
Change in OCI before reclassifications | (4,602) | 8,243 | |
Amounts reclassified from AOCI | (172) | 136 | |
Income tax benefit (expense) | 1,131 | (1,988) | |
Ending balance | (14,856) | (9,803) | |
Interest rate remeasurement of Liability for Future Policy Benefits | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 8,547 | 15,242 | |
Change in OCI before reclassifications | 4,213 | (8,705) | |
Amounts reclassified from AOCI | 0 | 0 | |
Income tax benefit (expense) | (1,006) | 2,160 | |
Ending balance | 11,754 | 8,697 | |
Gains (Losses) from Changes in Non-performance Risk on Market Risk Benefits | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 900 | 1,448 | |
Change in OCI before reclassifications | (252) | 186 | |
Amounts reclassified from AOCI | 0 | 0 | |
Income tax benefit (expense) | 53 | (39) | |
Ending balance | 701 | 1,595 | |
Pension and Postretirement Unrecognized Net Periodic Benefit (Cost) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (2,052) | (2,028) | |
Change in OCI before reclassifications | 6 | 1 | |
Amounts reclassified from AOCI | 7 | 18 | |
Income tax benefit (expense) | (5) | (5) | |
Ending balance | (2,044) | (2,014) | |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (6,504) | (3,806) | |
Change in OCI before reclassifications | (1,116) | (263) | |
Amounts reclassified from AOCI | (178) | 154 | |
Income tax benefit (expense) | 137 | 90 | |
Ending balance | (7,661) | (3,825) | |
Cash Flow Hedging | Total net unrealized investment gains (losses) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 869 | 2,616 | |
Ending balance | 1,199 | 2,344 | |
Fair value hedges—Currency | Total net unrealized investment gains (losses) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (60) | (54) | |
Ending balance | $ (51) | $ (74) | |
[1] See Note 20 for additional information regarding related party transactions. |
Equity (Reclassifications out o
Equity (Reclassifications out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Realized investment gains (losses), net | $ (308) | [1],[2] | $ 217 |
Amortization of defined benefit items: | |||
Other Income | 1,338 | 1,019 | |
Total foreign currency translation adjustment | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from AOCI | (13) | 0 | |
Total net unrealized investment gains (losses) | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from AOCI | (172) | 136 | |
Total amortization of defined benefit items | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from AOCI | 7 | 18 | |
Accumulated Other Comprehensive Income (Loss) | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from AOCI | (178) | 154 | |
Amounts reclassified from AOCI | |||
Amortization of defined benefit items: | |||
Prior service cost | 17 | 2 | |
Actuarial gain (loss) | (24) | (20) | |
Amounts reclassified from AOCI | Total foreign currency translation adjustment | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Realized investment gains (losses), net | 13 | 0 | |
Amounts reclassified from AOCI | Total net unrealized investment gains (losses) | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from AOCI | 172 | (136) | |
Amounts reclassified from AOCI | Total amortization of defined benefit items | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from AOCI | (7) | (18) | |
Amounts reclassified from AOCI | Accumulated Other Comprehensive Income (Loss) | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from AOCI | 178 | (154) | |
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) | 18 | (155) | |
Amounts reclassified from AOCI | Interest Rate | Cash Flow Hedging | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Net unrealized investment gains (losses) | (3) | (23) | |
Amounts reclassified from AOCI | Currency | Cash Flow Hedging | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Net unrealized investment gains (losses) | 2 | 5 | |
Amounts reclassified from AOCI | Currency | Fair value hedges—Currency | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Net unrealized investment gains (losses) | (2) | (2) | |
Amounts reclassified from AOCI | Currency/Interest rate | Cash Flow Hedging | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Net unrealized investment gains (losses) | $ 157 | $ 39 | |
[1] See Note 20 for additional information regarding related party transactions. See Note 20 for additional information regarding related party transactions. |
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 | 3 Months Ended | |
Mar. 31, 2024 USD ($) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | $ (6,504) | [1] |
Ending balance | (7,661) | [1] |
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 | (72) | |
Net investment gains (losses) on investments arising during the period | (23) | |
Reclassification adjustment for (gains) losses included in net income | (1) | |
Reclassification due to allowance for credit losses recorded during the period | 23 | |
Ending balance | (73) | |
Net Unrealized Investment Gains (Losses) on All Other Investments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (17,179) | |
Net investment gains (losses) on investments arising during the period | (4,899) | |
Reclassification adjustment for (gains) losses included in net income | (171) | |
Reclassification due to allowance for credit losses recorded during the period | (23) | |
Ending balance | (22,272) | |
Reinsurance Recoverables | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (484) | |
Impact of net unrealized investment (gains) losses | (172) | |
Ending balance | (656) | |
Future Policy Benefits, Policyholders’ Account Balances and Reinsurance Payables | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 1,306 | |
Impact of net unrealized investment (gains) losses | 174 | |
Ending balance | 1,480 | |
Policyholders’ Dividends | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 2,081 | |
Impact of net unrealized investment (gains) losses | 318 | |
Ending balance | 2,399 | |
Income Tax Benefit (Expense) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 3,135 | |
Net investment gains (losses) on investments arising during the period | 1,158 | |
Reclassification adjustment for (gains) losses included in net income | 40 | |
Reclassification due to allowance for credit losses recorded during the period | 0 | |
Impact of net unrealized investment (gains) losses | (67) | |
Ending balance | 4,266 | |
Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (11,213) | |
Net investment gains (losses) on investments arising during the period | (3,764) | |
Reclassification adjustment for (gains) losses included in net income | (132) | |
Reclassification due to allowance for credit losses recorded during the period | 0 | |
Impact of net unrealized investment (gains) losses | 253 | |
Ending balance | $ (14,856) | |
[1] See Note 20 for additional information regarding related party transactions. |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic earnings per share | ||
Net income (loss) | $ 1,151 | $ 1,477 |
Less: Income (loss) attributable to noncontrolling interests | 13 | 15 |
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards | 15 | 18 |
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Income | $ 1,123 | $ 1,444 |
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Weighted Average Shares | 359 | 366.5 |
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Per Share Amount | $ 3.13 | $ 3.94 |
Effect of dilutive securities and compensation programs | ||
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic | $ 15 | $ 18 |
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted | $ 15 | $ 18 |
Stock options, Weighted Average Shares | 0.3 | 0.2 |
Deferred and long-term compensation programs, Weighted Average Shares | 1.2 | 1 |
Diluted earnings per share | ||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Income | $ 1,123 | $ 1,444 |
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Weighted Average Shares | 360.5 | 367.7 |
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Per Share Amount | $ 3.12 | $ 3.93 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Undistributed earnings allocated to participating unvested share-based payment awards, weighted outstanding shares | 4.1 | 4.2 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings, Shares | 0.3 | 1.3 |
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 | 0.3 | 1.2 |
Antidilutive securities excluded from computation of earnings, Exercise Price Per Share | $ 110.42 | $ 103.16 |
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 | 0 |
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 | 0.1 |
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 | 0 | 0 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Adjusted Operating Income and Net Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ 1,390 | $ 1,847 | |
Total assets | 725,823 | $ 721,123 | |
Operating Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 1,469 | 1,280 | |
Operating Segments | PGIM Division [Member] | PGIM | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 169 | 151 | |
Total assets | 37,922 | 42,064 | |
Operating Segments | Total International Businesses | International Businesses | Life Planner | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total assets | 79,319 | 81,164 | |
Operating Segments | Total International Businesses | International Businesses | Gibraltar Life and Other | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total assets | 105,317 | 110,060 | |
Operating Segments | Total Corporate and Other [Member] | Corporate and Other | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (435) | (471) | |
Operating Segments | U.S. Businesses Division | Retirement Strategies | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 915 | 837 | |
Total assets | 263,582 | 251,242 | |
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) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 441 | 396 | |
Total assets | 119,148 | 111,308 | |
Operating Segments | U.S. Businesses Division | Retirement Strategies | Individual Retirement Strategies | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 474 | 441 | |
Total assets | 144,434 | 139,934 | |
Operating Segments | U.S. Businesses Division | Group Insurance | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 45 | 25 | |
Total assets | 39,321 | 39,214 | |
Operating Segments | U.S. Businesses Division | Individual Life | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (121) | (102) | |
Total assets | 116,134 | 116,449 | |
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) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 123 | 75 | |
Segment Reconciling Items | Market experience updates | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (32) | 48 | |
Segment Reconciling Items | Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (27) | (5) | |
Segment Reconciling Items | Other adjustments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (8) | (8) | |
Segment Reconciling Items | Realized investment gains (losses), net, and related charges and adjustments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (97) | 369 | |
Segment Reconciling Items | Other Divested Businesses [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (35) | 92 | |
Segment Reconciling Items | Total Corporate and Other [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total assets | 33,588 | 29,842 | |
Segment Reconciling Items | Total Closed Block division | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (3) | (4) | |
Total assets | 50,640 | 51,088 | |
Total U.S. Businesses | Operating Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 839 | 760 | |
Total assets | 419,037 | 406,905 | |
International Businesses | Operating Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 896 | 840 | |
International Businesses | Operating Segments | Total International Businesses | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Total assets | 184,636 | $ 191,224 | |
International Businesses | Operating Segments | Total International Businesses | Life Planner | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 545 | 522 | |
International Businesses | Operating Segments | Total International Businesses | Gibraltar Life and Other | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ 351 | $ 318 |
Segment Information (Reconcil_2
Segment Information (Reconciliation of Select Financial Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||
Segment Reporting Information [Line Items] | ||||
Total Assets | $ 725,823 | $ 721,123 | ||
Revenues | 23,509 | $ 17,045 | ||
Net investment income | 4,764 | 4,320 | ||
Total benefits and expenses | 22,119 | 15,198 | ||
Policyholders’ benefits | 16,594 | [1] | 10,304 | |
Interest credited to policyholders’ account balances | 1,283 | 981 | ||
Dividends to policyholders | 290 | 319 | ||
Amortization of deferred policy acquisition costs | 375 | 365 | ||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 21,699 | 14,982 | ||
Operating Segments | PGIM Division [Member] | PGIM | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 37,922 | 42,064 | ||
Revenues | 990 | 898 | ||
Operating Segments | Total Corporate and Other [Member] | Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 30 | (6) | ||
Operating Segments | U.S. Businesses Division | Group Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 39,321 | 39,214 | ||
Revenues | 1,634 | 1,564 | ||
Operating Segments | U.S. Businesses Division | Individual Life | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 116,134 | 116,449 | ||
Revenues | 1,580 | 1,527 | ||
Operating Segments | U.S. Businesses Division | Retirement Strategies | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 263,582 | 251,242 | ||
Revenues | 12,752 | 5,984 | ||
Operating Segments | U.S. Businesses Division | Retirement Strategies | Institutional Retirement Strategies | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 119,148 | 111,308 | ||
Revenues | 11,538 | 4,889 | ||
Operating Segments | U.S. Businesses Division | Retirement Strategies | Individual Retirement Strategies | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 144,434 | 139,934 | ||
Revenues | 1,214 | 1,095 | ||
Segment Reconciling Items | Realized investment gains (losses), net, and related charges and adjustments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 308 | 512 | ||
Segment Reconciling Items | Market experience updates | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (58) | 24 | ||
Segment Reconciling Items | Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (39) | (19) | ||
Segment Reconciling Items | Change in value of market risk benefits, net of related hedging gains (losses) | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 123 | 75 | ||
Segment Reconciling Items | Other Divested Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 514 | 500 | ||
Segment Reconciling Items | Total Closed Block division | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 50,640 | 51,088 | ||
Revenues | 962 | 971 | ||
Intersegment Eliminations | PGIM Division [Member] | PGIM | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 207 | 205 | ||
Total U.S. Businesses | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 419,037 | 406,905 | ||
Revenues | 15,966 | 9,075 | ||
International Businesses | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 4,713 | 5,015 | ||
International Businesses | Operating Segments | Total International Businesses | ||||
Segment Reporting Information [Line Items] | ||||
Total Assets | 184,636 | $ 191,224 | ||
International Businesses | Operating Segments | Total International Businesses | Life Planner | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,550 | 2,624 | ||
International Businesses | Operating Segments | Total International Businesses | Gibraltar Life and Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 2,163 | $ 2,391 | ||
[1] See Note 20 for additional information regarding related party transactions. |
Segment Information Segment Inf
Segment Information Segment Information (Asset Management and Service Fees) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Asset management and service fees | $ 999 | [1] | $ 917 |
Asset-based management fees | |||
Asset management and service fees | 833 | 789 | |
Performance-based incentive fees | |||
Asset management and service fees | 41 | 3 | |
Other fees | |||
Asset management and service fees | $ 125 | $ 125 | |
[1] See Note 20 for additional information regarding related party transactions. |
Related Party Disclosures Narra
Related Party Disclosures Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Mar. 31, 2023 |
Related Party Transaction [Line Items] | ||||||
Future policy benefits | $ 272,790 | $ 273,281 | $ 273,586 | |||
Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Future policy benefits | $ 9,000 | |||||
Portion of in-force structured settlement annuities business | 70% | |||||
Guarantee on letters of credit | $ 2,000 | $ 2,000 | ||||
Prismic HoldCo | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Carrying value | $ 200 | |||||
Equity Method Investment, Ownership Percentage | 20% | 20% |
Related Party Transactions - Th
Related Party Transactions - The Company’s Related Party Balances with Prismic (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | |||
Other assets | [1],[2] | $ 13,205 | $ 13,179 |
Accumulated other comprehensive income (loss) | [1] | (7,661) | (6,504) |
Reinsurance and funds withheld payables, embedded derivatives at fair value | 73 | 490 | |
Related Party | |||
Related Party Transaction [Line Items] | |||
Reinsurance recoverables and deposit receivables | 9,437 | 9,752 | |
Other assets | 132 | 132 | |
Reinsurance and funds withheld payables (includes $224 and $508 of embedded derivatives at fair value at March 31, 2024 and December 31, 2023, respectively) | 8,136 | 8,544 | |
Accumulated other comprehensive income (loss) | 132 | 335 | |
Reinsurance and funds withheld payables, embedded derivatives at fair value | $ 224 | $ 508 | |
[1] See Note 20 for additional information regarding related party transactions. See Note 4 for details of balances associated with variable interest entities. |
Related Party Transactions - _2
Related Party Transactions - The Initial and Ongoing Reinsurance Activity with Prismic Re of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Related Party Transaction [Line Items] | |||
Premiums | $ 15,537 | [1] | $ 9,363 |
Asset management and service fees | 999 | [1] | 917 |
Other Income | 1,338 | 1,019 | |
Realized investment gains (losses), net | (308) | [1],[2] | 217 |
Policyholders’ benefits | (16,594) | [1] | (10,304) |
Change in estimates of liability for future policy benefits | 17 | [1] | (25) |
General and administrative expenses | 3,594 | [1] | 3,204 |
Income (loss) from related parties, before income taxes | 1,390 | 1,847 | |
Other comprehensive income (loss), before tax | (1,157) | $ (18) | |
Related Party | |||
Related Party Transaction [Line Items] | |||
Premiums | (4) | ||
Asset management and service fees | 9 | ||
Other Income | 39 | ||
Realized investment gains (losses), net | 204 | ||
Policyholders’ benefits | (71) | ||
Change in estimates of liability for future policy benefits | (4) | ||
General and administrative expenses | 11 | ||
Income (loss) from related parties, before income taxes | 312 | ||
Other comprehensive income (loss), before tax | 132 | ||
Total comprehensive income (loss), before tax | $ 444 | ||
[1] See Note 20 for additional information regarding related party transactions. See Note 20 for additional information regarding related party transactions. |
Related Party Transactions - _3
Related Party Transactions - The Initial and Ongoing Reinsurance Activity with Prismic Re of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Realized investment (gains) losses, net | $ 308 | [1],[2] | $ (217) |
Other, net | (1,240) | [2] | (1,876) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Other, net | (181) | [2] | $ (220) |
Related Party | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Realized investment (gains) losses, net | (204) | ||
Other, net | (183) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Other, net | $ 92 | ||
[1] See Note 20 for additional information regarding related party transactions. See Note 20 for additional information regarding related party transactions. |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Commitments and Contingent Liabilities [Line Items] | |||
Fair value of collateral supporting these assets | $ 489 | $ 240 | |
Standby Letters of Credit | |||
Commitments and Contingent Liabilities [Line Items] | |||
Guarantee on letters of credit | 1,500 | ||
Standby Uncommitted Letters Of Credit | |||
Commitments and Contingent Liabilities [Line Items] | |||
Guarantee on letters of credit | 500 | ||
Commitments | Commercial Mortgage Loans | |||
Commitments and Contingent Liabilities [Line Items] | |||
Total outstanding mortgage loan commitments | 1,208 | 1,798 | |
Portion of commitment where prearrangement to sell to investor exists | 294 | 366 | |
Allowance for credit losses | 1 | 1 | |
Change in allowance for credit losses | 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) | 10,922 | 10,675 | |
Expected to be funded from separate accounts | |||
Commitments and Contingent Liabilities [Line Items] | |||
Commitments to purchase investment (excluding commercial mortgage loans) | 1 | 39 | |
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 | 5,801 | 5,409 | |
Fair value of related collateral associated with above indemnifications | 5,926 | 5,528 | |
Accrued liability associated with guarantee | 0 | 0 | |
Indemnification | Securities Repurchase Transactions | |||
Commitments and Contingent Liabilities [Line Items] | |||
Indemnification provided to certain clients for securities lending and securities repurchase transactions | 229 | 0 | |
Fair value of related collateral associated with above indemnifications | 230 | 0 | |
Indemnification | Serviced Mortgage Loans | |||
Commitments and Contingent Liabilities [Line Items] | |||
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company | 3,103 | 3,102 | |
First-loss exposure portion of above | 897 | 898 | |
Accrued liability associated with guarantee | 26 | 28 | |
Allowance for credit losses | 13 | 14 | |
Change in allowance for credit losses | (1) | (1) | |
Guarantees of Asset Values | |||
Commitments and Contingent Liabilities [Line Items] | |||
Guaranteed value of third-parties’ assets | 77,683 | 78,009 | |
Fair value of collateral supporting these assets | 71,951 | 73,186 | |
Asset (liability) associated with guarantee, carried at fair value | (2) | (2) | |
Other Guarantees | |||
Commitments and Contingent Liabilities [Line Items] | |||
Other guarantees where amount can be determined | 42 | 36 | |
Accrued liability associated with guarantee | 32 | $ 32 | |
Purchase Investments | |||
Commitments and Contingent Liabilities [Line Items] | |||
Change in allowance for credit losses | $ 0 | $ 0 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities (Narrative Excluding Litigation) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Commitments | Commercial Mortgage Loans | |||
Commitments and Contingent Liabilities [Line Items] | |||
Allowance for credit losses | $ 1 | $ 1 | |
Change in allowance for credit losses | 0 | $ 0 | |
Purchase Investments | |||
Commitments and Contingent Liabilities [Line Items] | |||
Change in allowance for credit losses | $ 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 | $ 13 | 14 | |
Change in allowance for credit losses | (1) | (1) | |
Mortgages subject to loss-sharing arrangements | $ 24,823 | $ 24,875 | |
Weighted-average debt service coverage ratio of mortgages subject to loss-sharing arrangements | 1.94 | 1.97 | |
Weighted-average loan-to-value ratio of mortgages subject to loss-sharing arrangements | 60% | 60% | |
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 | Mar. 31, 2024 USD ($) |
Maximum | |
Loss Contingencies [Line Items] | |
Estimate of possible losses in excess of accruals (less than) for litigation and regulatory matters | $ 250 |