Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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 | 357,000,000 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
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 | Jun. 30, 2024 | Dec. 31, 2023 | |
ASSETS | |||
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024-$169; 2023-$160) (amortized cost: 2024-$340,984; 2023-$334,598) | [1] | $ 311,092 | $ 316,321 |
Fixed maturities, trading | [1] | 10,250 | 9,790 |
Assets supporting experience-rated contractholder liabilities, at fair value | 3,351 | 3,168 | |
Equity securities, at fair value (cost: 2024-$4,592; 2023-$5,786) | [1] | 7,098 | 8,242 |
Commercial mortgage and other loans (net of $564 and $460 allowance for credit losses; includes $635 and $519 of loans measured at fair value under the fair value option at June 30, 2024 and December 31, 2023, respectively) | [1] | 60,243 | 59,305 |
Policy loans | 9,739 | 10,047 | |
Other invested assets (net of $1 and $1 allowance for credit losses; includes $6,728 and $6,074 of assets measured at fair value at June 30, 2024 and December 31, 2023, respectively) | [1] | 24,634 | 22,855 |
Short-term investments (net of allowance for credit losses: 2024-$0; 2023-$0) | 6,241 | 5,005 | |
Total investments | 432,648 | 434,733 | |
Cash and cash equivalents | [1] | 17,111 | 19,419 |
Accrued investment income | [1] | 3,434 | 3,287 |
Deferred policy acquisition cost | 20,564 | 20,856 | |
Value of business acquired | 446 | 530 | |
Market risk benefit assets | 2,233 | 1,981 | |
Reinsurance recoverables and deposit receivables (net of $11 and $12 allowance for credit losses; includes $555 and $149 of embedded derivatives at fair value at June 30, 2024 and December 31, 2023, respectively) | [2] | 27,746 | 27,311 |
Income Tax Assets | 856 | 939 | |
Other assets (net of $3 and $3 allowance for credit losses; includes $0 and $11 of assets at fair value at June 30, 2024 and December 31, 2023, respectively) | [1],[2] | 13,299 | 13,179 |
Separate account assets | 196,859 | 198,888 | |
TOTAL ASSETS | 715,196 | 721,123 | |
LIABILITIES | |||
Future policy benefits | 262,330 | 273,281 | |
Policyholders’ account balances | 154,991 | 147,018 | |
Market risk benefit liabilities | 4,592 | 5,467 | |
Policyholders’ dividends | 746 | 1,475 | |
Securities sold under agreements to repurchase | 6,929 | 6,056 | |
Cash collateral for loaned securities | 7,050 | 6,477 | |
Reinsurance and funds withheld payables (includes $22 and $490 of embedded derivatives at fair value at June 30, 2024 and December 31, 2023, respectively) | [2] | 15,604 | 15,729 |
Short-term debt | 588 | 618 | |
Long-term debt | 19,353 | 18,882 | |
Other liabilities (includes $14 and $15 allowance for credit losses and $4,468 and $4,175 of derivatives at fair value at June 30, 2024 and December 31, 2023, respectively) | [1] | 14,875 | 16,071 |
Notes issued by consolidated variable interest entities (includes $422 and $778 measured at fair value under the fair value option at June 30, 2024 and December 31, 2023, respectively) | [1] | 1,174 | 1,374 |
Separate account liabilities | 196,859 | 198,888 | |
Total liabilities | 685,091 | 691,336 | |
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 21) | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 545 | 524 | |
Total mezzanine equity | 545 | 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 June 30, 2024 and December 31, 2023) | 6 | 6 | |
Additional paid-in capital | 25,802 | 25,746 | |
Common Stock held in treasury, at cost ($308,646,521 and $307,089,216 shares at June 30, 2024 and December 31, 2023, respectively) | (24,088) | (23,780) | |
Accumulated other comprehensive income (loss) | [2] | (7,444) | (6,504) |
Retained Earnings | 33,737 | 32,352 | |
Total Prudential Financial, Inc. equity | 28,013 | 27,820 | |
Noncontrolling interests | 1,547 | 1,443 | |
Total equity | 29,560 | 29,263 | |
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY | $ 715,196 | $ 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 | Jun. 30, 2024 | Dec. 31, 2023 | |
Fixed Maturities, AFS, allowance for credit losses | $ 169 | $ 160 | |
Fixed Maturities, available-for-sale, Amortized Cost | 340,984 | 334,598 | |
Fixed maturities, trading, amortized cost | 11,124 | 10,624 | |
Equity securities, AFS, amortized cost | 4,592 | 5,786 | |
Commercial mortgage and other loans, allowance for credit losses | 564 | 460 | |
Commercial mortgage and other loans | [1] | 60,243 | 59,305 |
Other invested assets, allowance for credit losses | [1] | 24,634 | 22,855 |
Other invested assets, at fair value | 6,728 | 6,074 | |
Reinsurance recoverables and deposit receivables, allowance for credit losses | 11 | 12 | |
Reinsurance recoverable and deposit receivables, embedded derivatives at fair value | 555 | 149 | |
Other assets, assets at fair value | 0 | 11 | |
Reinsurance and funds withheld payables, embedded derivatives at fair value | 22 | 490 | |
Other Liabilities, derivatives at fair value | 4,468 | 4,175 | |
Notes issued by consolidated variable interest entities (includes $422 and $778 measured at fair value under the fair value option at June 30, 2024 and December 31, 2023, respectively) | [1] | $ 1,174 | $ 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 | 308,646,521 | 307,089,216 | |
Fair value option | |||
Commercial mortgage and other loans | $ 635 | $ 519 | |
Other invested assets, allowance for credit losses | 19 | 0 | |
Notes issued by consolidated variable interest entities (includes $422 and $778 measured at fair value under the fair value option at June 30, 2024 and December 31, 2023, respectively) | 422 | 778 | |
Leveraged lease loans | |||
Other invested assets, allowance for credit losses | 1 | 1 | |
ASU 2016-13 | |||
Short-term investments, allowance for credit losses | 0 | 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 | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||
REVENUES | ||||||
Premiums (includes $(14), $291, $(9) and $275 of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended June 30, 2024 and 2023 and the six months ended June 30, 2024 and 2023, respectively) | $ 7,820 | [1] | $ 6,909 | $ 23,357 | [1] | $ 16,272 |
Policy charges and fee income | 1,085 | 1,073 | 2,141 | 2,207 | ||
Net investment income | 4,849 | 4,476 | 9,613 | 8,796 | ||
Asset management and service fees | 1,001 | [1] | 918 | 2,000 | [1] | 1,835 |
Other income(loss) | 591 | 1,044 | 1,929 | 2,063 | ||
Realized investment gains (losses), net | (166) | [1] | (938) | (474) | [1],[2] | (721) |
Change in value of market risk benefits, net of related hedging gains (losses) | (297) | 16 | (174) | 91 | ||
Total revenues | 14,883 | 13,498 | 38,392 | 30,543 | ||
BENEFITS AND EXPENSES | ||||||
Policyholders’ benefits | 8,864 | [1] | 7,661 | 25,458 | [1] | 17,965 |
Change in estimates of liability for future policy benefits | (176) | [1] | 255 | (193) | [1] | 280 |
Interest credited to policyholders’ account balances | 1,102 | 1,149 | 2,385 | 2,130 | ||
Dividends to policyholders | 176 | 303 | 466 | 622 | ||
Amortization of deferred policy acquisition costs | 375 | 366 | 750 | 731 | ||
General and administrative expenses | 3,127 | [1] | 3,143 | 6,721 | [1] | 6,347 |
Total benefits and expenses | 13,468 | 12,877 | 35,587 | 28,075 | ||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES | 1,415 | 621 | 2,805 | 2,468 | ||
Total income tax expense (benefit) | 264 | 123 | 553 | 505 | ||
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES | 1,151 | 498 | 2,252 | 1,963 | ||
Equity in earnings of joint ventures and other operating entities, net of taxes | 20 | (2) | 70 | 10 | ||
NET INCOME (LOSS) | 1,171 | 496 | 2,322 | 1,973 | ||
Less: Income (loss) attributable to noncontrolling interests | (27) | (15) | (14) | 0 | ||
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. | $ 1,198 | $ 511 | $ 2,336 | $ 1,973 | ||
Basic earnings per share-Common Stock: | ||||||
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) | $ 3.30 | $ 1.38 | $ 6.43 | $ 5.33 | ||
Diluted earnings per share-Common Stock: | ||||||
Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share) | $ 3.28 | $ 1.38 | $ 6.40 | $ 5.31 | ||
[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 | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||
Statement of Comprehensive Income [Abstract] | ||||||
NET INCOME (LOSS) | $ 1,171 | $ 496 | $ 2,322 | $ 1,973 | ||
Other comprehensive income (loss), before tax: | ||||||
Foreign currency translation adjustments for the period | (353) | (371) | (847) | (358) | ||
Net unrealized investment gains (losses) | (5,343) | (2,814) | (10,117) | 5,565 | ||
Interest rate remeasurement of future policy benefits | 6,138 | [1] | (196) | 10,351 | [1] | (8,901) |
Gain (loss) from changes in non-performance risk on market risk benefits | 56 | (263) | (196) | (77) | ||
Defined benefit pension and postretirement unrecognized periodic benefit (cost) | 12 | 26 | 25 | 45 | ||
Total | 510 | (3,618) | (784) | (3,726) | ||
Less: Income tax expense (benefit) related to other comprehensive income (loss) | 293 | (793) | 156 | (883) | ||
Other comprehensive income (loss), net of taxes | 217 | (2,825) | (940) | (2,843) | ||
Comprehensive income (loss) | 1,388 | (2,329) | 1,382 | (870) | ||
Less: Comprehensive income (loss) attributable to noncontrolling interests | (27) | (16) | (14) | 0 | ||
Comprehensive income (loss) attributable to Prudential Financial, Inc. | $ 1,415 | $ (2,313) | $ 1,396 | $ (870) | ||
[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, 2022 | [1] | 31,548 | 6 | 25,747 | 31,714 | (23,068) | (3,806) | 30,593 | 955 |
Comprehensive income: | |||||||||
Net income (loss) | 1,973 | ||||||||
Other comprehensive income (loss), net of tax | (2,843) | ||||||||
Total comprehensive income (loss) | (870) | ||||||||
Balance at Jun. 30, 2023 | 29,455 | 6 | 25,676 | 32,756 | (23,355) | (6,649) | 28,434 | 1,021 | |
Balance at Mar. 31, 2023 | 32,447 | 6 | 25,643 | 32,708 | (23,147) | (3,825) | 31,385 | 1,062 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common Stock acquired | (252) | (252) | (252) | ||||||
Contributions from noncontrolling interests | 30 | 30 | |||||||
Distributions to noncontrolling interests | (19) | (19) | |||||||
Consolidations/(deconsolidations) of noncontrolling interests | (36) | (36) | |||||||
Stock-based compensation programs | 77 | 33 | 44 | 77 | |||||
Dividends declared on Common Stock | (463) | (463) | (463) | ||||||
Comprehensive income: | |||||||||
Net income (loss) | 496 | 511 | 511 | (15) | |||||
Other comprehensive income (loss), net of tax | (2,825) | (2,824) | (2,824) | (1) | |||||
Total comprehensive income (loss) | (2,329) | 511 | (2,824) | (2,313) | (16) | ||||
Balance at Jun. 30, 2023 | 29,455 | 6 | 25,676 | 32,756 | (23,355) | (6,649) | 28,434 | 1,021 | |
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 | |
Balance at Dec. 31, 2023 | 29,263 | 6 | 25,746 | 32,352 | (23,780) | (6,504) | 27,820 | 1,443 | |
Comprehensive income: | |||||||||
Net income (loss) | 2,322 | ||||||||
Other comprehensive income (loss), net of tax | (940) | ||||||||
Total comprehensive income (loss) | 1,382 | ||||||||
Balance at Jun. 30, 2024 | 29,560 | 6 | 25,802 | 33,737 | (24,088) | (7,444) | 28,013 | 1,547 | |
Balance at Mar. 31, 2024 | 28,870 | 6 | 25,741 | 33,014 | (23,891) | (7,661) | 27,209 | 1,661 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common Stock acquired | (252) | (252) | (252) | ||||||
Contributions from noncontrolling interests | 6 | 6 | |||||||
Distributions to noncontrolling interests | (112) | (112) | |||||||
Consolidations/(deconsolidations) of noncontrolling interests | 19 | 19 | |||||||
Stock-based compensation programs | 116 | 61 | 55 | 116 | |||||
Dividends declared on Common Stock | (475) | (475) | (475) | ||||||
Comprehensive income: | |||||||||
Net income (loss) | 1,171 | 1,198 | 1,198 | (27) | |||||
Other comprehensive income (loss), net of tax | 217 | 217 | 217 | 0 | |||||
Total comprehensive income (loss) | 1,388 | 1,198 | 217 | 1,415 | (27) | ||||
Balance at Jun. 30, 2024 | $ 29,560 | $ 6 | $ 25,802 | $ 33,737 | $ (24,088) | $ (7,444) | $ 28,013 | $ 1,547 | |
[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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income (loss) | $ 2,322 | $ 1,973 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Realized investment (gains) losses, net | 474 | [1],[2] | 721 | |
Change in value of market risk benefits, net of related hedging (gains) losses | 174 | (91) | ||
Policy charges and fee income | (1,128) | (1,073) | ||
Interest credited to policyholders’ account balances | 2,385 | 2,130 | ||
Depreciation and amortization | 371 | 46 | ||
(Gains) losses on assets supporting experience-rated contractholder liabilities, net | (494) | (422) | ||
Change in: | ||||
Deferred policy acquisition costs | (514) | (385) | ||
Future policy benefits and other insurance liabilities | 3,651 | 2,738 | ||
Income taxes | 16 | (196) | ||
Derivatives, net | 574 | (333) | ||
Other, net | (2,756) | [2] | (2,541) | |
Cash flows from (used in) operating activities | 5,075 | 2,567 | ||
Proceeds from the sale/maturity/prepayment of: | ||||
Fixed maturities, available-for-sale | 24,901 | 22,234 | ||
Fixed maturities, held-to-maturity | 0 | 17 | ||
Fixed maturities, trading | 1,898 | 344 | ||
Assets supporting experience-rated contractholder liabilities | 744 | 1,256 | ||
Equity securities | 3,092 | 1,192 | ||
Commercial mortgage and other loans | 2,688 | 1,685 | ||
Policy loans | 1,030 | 880 | ||
Other invested assets | 808 | 532 | ||
Short-term investments | 15,943 | 15,065 | ||
Payments for the purchase/origination of: | ||||
Fixed maturities, available-for-sale | (36,737) | (25,467) | ||
Fixed maturities, trading | (3,033) | (583) | ||
Assets supporting experience-rated contractholder liabilities | (840) | (1,283) | ||
Equity securities | (1,779) | (1,524) | ||
Commercial mortgage and other loans | (3,888) | (2,457) | ||
Policy loans | (770) | (780) | ||
Other invested assets | (1,902) | (1,044) | ||
Short-term investments | (17,264) | (15,380) | ||
Derivatives, net | (515) | (700) | ||
Other, net | 40 | (130) | ||
Cash flows from (used in) investing activities | (15,584) | (6,143) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Policyholders’ account deposits | 17,531 | 13,402 | ||
Policyholders’ account withdrawals | (9,489) | (8,791) | ||
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities | 1,445 | (1,384) | ||
Cash dividends paid on Common Stock | (955) | (933) | ||
Net change in financing arrangements (maturities 90 days or less) | (496) | 3 | ||
Common Stock acquired | (493) | (504) | ||
Common Stock reissued for exercise of stock options | 93 | 63 | ||
Proceeds from the issuance of debt (maturities longer than 90 days) | 1,158 | 495 | ||
Repayments of debt (maturities longer than 90 days) | (750) | (1,604) | ||
Proceeds from notes issued by consolidated VIEs | 182 | 67 | ||
Repayments of notes issued by consolidated VIEs | (1) | (18) | ||
Other, net | 320 | [2] | 318 | |
Cash flows from (used in) financing activities | 8,545 | 1,114 | ||
Effect of foreign exchange rate changes on cash balances | (368) | (143) | ||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS | (2,332) | (2,605) | ||
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 | 17,131 | 14,694 | ||
NON-CASH TRANSACTIONS DURING THE PERIOD | ||||
Treasury Stock shares issued for stock-based compensation programs | 212 | 272 | ||
Novation of annuity contracts | [3] | 0 | 343 | |
RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||
Cash and cash equivalents | 17,111 | [4] | 14,652 | |
Restricted cash and restricted cash equivalents (included in “Other assets”) | 20 | 42 | ||
Total cash, cash equivalents, restricted cash and restricted cash equivalents | 17,131 | 14,694 | ||
Pension Risk Transfer | ||||
NON-CASH TRANSACTIONS DURING THE PERIOD | ||||
Assets received, excluding cash and cash equivalents | 5,802 | 1,506 | ||
Liabilities assumed | 9,990 | 2,409 | ||
Net cash received | 4,188 | 903 | ||
Somerset Re | ||||
NON-CASH TRANSACTIONS DURING THE PERIOD | ||||
Reinsurance recoverables under modified coinsurance, net | (578) | [5] | 0 | |
Unwind of Deferred policy acquisition costs ceded | 284 | [5] | 0 | |
Deferred reinsurance gain | 363 | [5] | 0 | |
Net cash received | $ 69 | [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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Gain (loss) from changes in estimates on deferred profit liability amortization | $ (14) | $ 291 | $ (9) | $ 275 |
Business and Basis of Presentat
Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 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. Out of Period Adjustments In the second quarter of 2024, the Company recorded two unrelated out-of-period adjustments resulting in an aggregate net charge of $136 million to “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” for the second quarter of 2024. These adjustments did not have an impact to adjusted operating income, which is the Company’s segment measure of performance. The adjustments included i) an $86 million valuation-related pre-tax charge from an increase to the policyholder account balances of indexed variable annuity products; and ii) a $50 million pre-tax charge from an increase to the allowance for credit losses related to certain loan balances. These adjustments impacted the previously issued interim financial statements for the first quarter of 2024 and had no impact to any other previously reported quarterly or annual financial statements. As such, these adjustments do not impact the results for the six months ended June 30, 2024, and will not impact the 2024 annual financial statements. Reclassifications Certain amounts in prior periods have been reclassified to conform to the current period presentation. |
Significant Accounting Policies
Significant Accounting Policies and Pronouncements | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 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 | 6 Months Ended |
Jun. 30, 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: June 30, 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 $ 25,887 $ 657 $ 5,005 $ 0 $ 21,539 Obligations of U.S. states and their political subdivisions 8,143 171 659 0 7,655 Foreign government bonds 63,152 2,037 7,510 0 57,679 U.S. public corporate securities 112,011 1,425 12,576 86 100,774 U.S. private corporate securities(1) 44,373 946 3,243 19 42,057 Foreign public corporate securities 22,612 299 1,584 23 21,304 Foreign private corporate securities 36,885 338 4,290 40 32,893 Asset-backed securities(2) 15,254 219 77 1 15,395 Commercial mortgage-backed securities 9,911 23 682 0 9,252 Residential mortgage-backed securities(3) 2,756 18 230 0 2,544 Total fixed maturities, available-for-sale(1) $ 340,984 $ 6,133 $ 35,856 $ 169 $ 311,092 __________ (1) Excludes notes with amortized cost of $13,714 million (fair value, $13,714 million), which have been offset with the associated debt under a netting agreement. (2) Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education 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: June 30, 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 $ 4,126 $ 114 $ 12,469 $ 4,891 $ 16,595 $ 5,005 Obligations of U.S. states and their political subdivisions 1,702 42 4,134 617 5,836 659 Foreign government bonds 6,945 393 20,624 7,117 27,569 7,510 U.S. public corporate securities 21,323 670 58,506 11,882 79,829 12,552 U.S. private corporate securities 5,425 160 27,564 3,082 32,989 3,242 Foreign public corporate securities 4,580 100 10,169 1,469 14,749 1,569 Foreign private corporate securities 5,270 156 21,281 4,133 26,551 4,289 Asset-backed securities 1,842 6 1,785 70 3,627 76 Commercial mortgage-backed securities 970 6 7,228 676 8,198 682 Residential mortgage-backed securities 200 3 1,513 227 1,713 230 Total fixed maturities, available-for-sale $ 52,383 $ 1,650 $ 165,273 $ 34,164 $ 217,656 $ 35,814 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 June 30, 2024 and December 31, 2023, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $34,576 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 $1,238 million and $991 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of June 30, 2024, the $34,164 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 well as in foreign government bonds. 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, as well as in foreign government bonds. 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 June 30, 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 June 30, 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: June 30, 2024 Available-for-Sale Amortized Cost Fair Value (in millions) Fixed maturities: Due in one year or less $ 12,896 $ 12,791 Due after one year through five years 56,253 55,179 Due after five years through ten years(1) 59,279 57,655 Due after ten years(1) 184,635 158,276 Asset-backed securities 15,254 15,395 Commercial mortgage-backed securities 9,911 9,252 Residential mortgage-backed securities 2,756 2,544 Total $ 340,984 $ 311,092 __________ (1) Excludes notes with amortized cost of $13,714 million (fair value, $13,714 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 Six Months Ended 2024 2023 2024 2023 (in millions) Fixed maturities, available-for-sale: Proceeds from sales(1) $ 8,323 $ 6,773 $ 14,074 $ 14,123 Proceeds from maturities/prepayments 6,147 4,053 11,080 8,041 Gross investment gains from sales and maturities 201 139 595 429 Gross investment losses from sales and maturities (910) (397) (1,270) (702) Write-downs recognized in earnings(2) (4) (1) (9) (10) (Addition to) release of allowance for credit losses (22) (7) (33) (138) Fixed maturities, held-to-maturity: Proceeds from maturities/prepayments(3) $ 0 $ 10 $ 0 $ 17 __________ (1) Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(253) million and $70 million for the six months ended June 30, 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 less than $1 million for the six months ended June 30, 2023. 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 June 30, 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 $ 31 $ 139 $ 1 $ 0 $ 0 $ 171 Additions to allowance for credit losses not previously recorded 0 0 13 0 0 0 13 Reductions for securities sold during the period 0 (30) (8) 0 0 0 (38) Additions (reductions) on securities with previous allowance 0 (1) 24 0 0 0 23 Balance, end of period $ 0 $ 0 $ 168 $ 1 $ 0 $ 0 $ 169 Three Months Ended June 30, 2023 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 62 $ 206 $ 1 $ 0 $ 0 $ 269 Additions to allowance for credit losses not previously recorded 0 0 3 0 0 0 3 Reductions for securities sold during the period 0 0 (5) 0 0 0 (5) Additions (reductions) on securities with previous allowance 0 (6) 15 0 0 0 9 Balance, end of period $ 0 $ 56 $ 219 $ 1 $ 0 $ 0 $ 276 Six Months Ended June 30, 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 59 0 0 0 59 Reductions for securities sold during the period 0 (30) (20) 0 0 0 (50) Additions (reductions) on securities with previous allowance 0 (23) 24 (1) 0 0 0 Balance, end of period $ 0 $ 0 $ 168 $ 1 $ 0 $ 0 $ 169 Six Months Ended June 30, 2023 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 1 $ 136 $ 1 $ 0 $ 0 $ 138 Additions to allowance for credit losses not previously recorded 0 62 78 0 0 0 140 Reductions for securities sold during the period 0 0 (45) 0 0 0 (45) Additions (reductions) on securities with previous allowance 0 (7) 50 0 0 0 43 Balance, end of period $ 0 $ 56 $ 219 $ 1 $ 0 $ 0 $ 276 For both the three and six months ended June 30, 2023, there was no activity in the allowance for credit losses for fixed maturities, held-to-maturity. As of June 30, 2023 the allowance for credit losses was $2 million within foreign corporate fixed maturity securities, held-to-maturity. 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 June 30, 2024, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to a net release within foreign government bonds, partially offset by net additions in the consumer cyclical and communications sectors within corporate securities due to adverse projected cash flows. For the three months ended June 30, 2023, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the basic industry and technology sectors within corporate securities due to adverse projected cash flows, partially offset by a net release within the consumer non-cyclical sector within corporate securities, as well as in foreign government bonds. For the six months ended June 30, 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 offset by a net release within foreign government bonds. For the six months ended June 30, 2023, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the communications and technology sectors within corporate securities, as well as in foreign government bonds due to adverse projected cash flows, partially offset by 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 June 30, 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: June 30, 2024 December 31, 2023 Amortized Fair Amortized Fair (in millions) Fixed maturities: Corporate securities $ 73 $ 71 $ 81 $ 79 Foreign government bonds 554 547 606 604 Obligations of U.S. government authorities and agencies and obligations of U.S. states 197 218 202 206 Total fixed maturities(1) 824 836 889 889 Equity securities 1,506 2,515 1,607 2,279 Total assets supporting experience-rated contractholder liabilities(2) $ 2,330 $ 3,351 $ 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 June 30, 2024 and December 31, 2023. (2) As a percentage of amortized cost, 100% of the portfolio consisted of public securities as of both June 30, 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 $74 million and $234 million during the three months ended June 30, 2024 and 2023, respectively, and $373 million and $368 million during the six months ended June 30, 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 $(146) million and $(89) million during the three months ended June 30, 2024 and 2023, respectively, and $(327) million and $105 million during the six months ended June 30, 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 $212 million and $279 million during the three months ended June 30, 2024 and 2023, respectively, and $643 million and $576 million during the six months ended June 30, 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: June 30, 2024 December 31, 2023 Amortized Fair Amortized Fair (in millions) Investments in Japanese government and government agency securities: Fixed maturities, available-for-sale $ 55,067 $ 50,280 $ 62,591 $ 61,484 Fixed maturities, trading 17 17 19 19 Assets supporting experience-rated contractholder liabilities 477 460 522 514 Total $ 55,561 $ 50,757 $ 63,132 $ 62,017 June 30, 2024 December 31, 2023 Amortized Fair Amortized Fair (in millions) Investments in Brazil government and government agency securities: Fixed maturities, available-for-sale $ 2,825 $ 2,505 $ 3,028 $ 2,992 Fixed maturities, trading 43 41 0 0 Short-term investments 28 28 0 0 Cash equivalents 232 232 427 427 Total $ 3,128 $ 2,806 $ 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: June 30, 2024 December 31, 2023 Amount % of Amount % of Commercial mortgage and agricultural property loans by property type: Office $ 8,198 13.7 % $ 8,402 14.2 % Retail 5,307 8.9 5,384 9.1 Apartments/Multi-Family 16,536 27.7 16,555 28.0 Industrial 15,718 26.3 15,263 25.8 Hospitality 2,054 3.4 2,086 3.5 Other 4,313 7.3 4,069 6.9 Total commercial mortgage loans 52,126 87.3 51,759 87.5 Agricultural property loans 7,565 12.7 7,426 12.5 Total commercial mortgage and agricultural property loans 59,691 100.0 % 59,185 100.0 % Allowance for credit losses (513) (459) Total net commercial mortgage and agricultural property loans 59,178 58,726 Other loans: Uncollateralized loans 685 425 Residential property loans 22 30 Other collateralized loans 409 125 Total other loans 1,116 580 Allowance for credit losses (51) (1) Total net other loans 1,065 579 Total net commercial mortgage and other loans(1) $ 60,243 $ 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 June 30, 2024 and December 31, 2023, the net carrying value of these loans was $635 million and $519 million, respectively. As of June 30, 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 (7%), 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 June 30, 2024 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 492 $ 21 $ 0 $ 0 $ 1 $ 514 Addition to (release of) allowance for expected losses 0 3 0 33 17 53 Change in foreign exchange (3) 0 0 0 0 (3) Allowance, end of period $ 489 $ 24 $ 0 $ 33 $ 18 $ 564 Three Months Ended June 30, 2023 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 205 $ 15 $ 0 $ 0 $ 1 $ 221 Addition to (release of) allowance for expected losses 18 1 0 0 0 19 Change in foreign exchange 1 0 0 0 0 1 Allowance, end of period $ 224 $ 16 $ 0 $ 0 $ 1 $ 241 Six Months Ended June 30, 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 8 0 33 17 105 Reduction for loans sold during the period 0 0 0 0 0 0 Change in foreign exchange (1) 0 0 0 0 (1) Allowance, end of period $ 489 $ 24 $ 0 $ 33 $ 18 $ 564 Six Months Ended June 30, 2023 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 188 $ 13 $ 0 $ 0 $ 2 $ 203 Addition to (release of) allowance for expected losses 35 3 0 0 0 38 Reduction for loans sold during the period 0 0 0 0 (1) (1) Change in foreign exchange 1 0 0 0 0 1 Allowance, end of period $ 224 $ 16 $ 0 $ 0 $ 1 $ 241 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 June 30, 2024, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to the establishment of general reserves for both the collateralized and uncollateralized consumer loan portfolios. For the three months ended June 30, 2023, the net addition to the allowance for credit losses on commercial mortgage and other loans was due to an increase in loan-specific reserves. For the six months ended June 30, 2024, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to the establishment of general reserves for both the collateralized and uncollateralized consumer loan portfolios and increases in the loan-specific reserves within the office sector. For the six months ended June 30, 2023, the net addition to the allowance for credit losses on commercial mortgage and other loans was due to an increase in loan-specific reserves and increases to general reserves to reflect declining market conditions. The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated: June 30, 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% $ 405 $ 1,472 $ 828 $ 2,216 $ 1,220 $ 18,159 $ 0 $ 24,300 60%-69.99% 2,635 2,738 1,473 2,426 1,086 6,203 0 16,561 70%-79.99% 362 911 855 1,255 422 2,522 0 6,327 80% or greater 48 131 486 224 282 3,767 0 4,938 Total $ 3,450 $ 5,252 $ 3,642 $ 6,121 $ 3,010 $ 30,651 $ 0 $ 52,126 Debt Service Coverage Ratio: Greater than 1.2x $ 3,123 $ 4,769 $ 3,129 $ 5,988 $ 2,918 $ 27,392 $ 0 $ 47,319 1.0 - 1.2x 299 333 361 52 38 1,845 0 2,928 Less than 1.0x 28 150 152 81 54 1,414 0 1,879 Total $ 3,450 $ 5,252 $ 3,642 $ 6,121 $ 3,010 $ 30,651 $ 0 $ 52,126 Agricultural property loans Loan-to-Value Ratio: 0%-59.99% $ 161 $ 379 $ 899 $ 2,016 $ 755 $ 1,833 $ 102 $ 6,145 60%-69.99% 58 555 124 15 53 32 0 837 70%-79.99% 0 0 500 0 0 4 50 554 80% or greater 0 0 0 0 2 27 0 29 Total $ 219 $ 934 $ 1,523 $ 2,031 $ 810 $ 1,896 $ 152 $ 7,565 Debt Service Coverage Ratio: Greater than 1.2x $ 215 $ 866 $ 1,510 $ 2,019 $ 737 $ 1,678 $ 152 $ 7,177 1.0 - 1.2x 4 63 5 4 57 159 0 292 Less than 1.0x 0 5 8 8 16 59 0 96 Total $ 219 $ 934 $ 1,523 $ 2031 $ 810 $ 1,896 $ 152 $ 7,565 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 and six months ended June 30, 2024 commercial mortgage and other loans with an amortized cost of $181 million and $343 million, respectively, were granted a term extension with borrowers experiencing financial difficulties. The modified loans represent less than 1 percent of the portfolio. The modifications added less than one year to the weighted average life of loans in this portfolio. During both the three and six months ended June 30, 2023, the Company did not modify any loans to borrowers experiencing financial difficulties. For the six months ended June 30, 2024, all commercial mortgage and other loans that were modified to borrowers experiencing financial difficulties were current. The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulties on modified loans as of June 30, 2024 and December 31, 2023. 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: June 30, 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 $ 51,844 $ 0 $ 4 $ 278 $ 282 $ 52,126 $ 298 Agricultural property loans 7,493 0 0 72 72 7,565 85 Residential property loans 22 0 0 0 0 22 0 Other collateralized loans 409 0 0 0 0 409 0 Uncollateralized loans 685 0 0 0 0 685 25 Total $ 60,453 $ 0 $ 4 $ 350 $ 354 $ 60,807 $ 408 __________ (1) As of June 30, 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 June 30, 2024 and 2023 and less than $1 million for both the six months ended June 30, 2024 and 2023. Loans on non-accrual status that did not have a related allowance for credit losses were $137 million and $126 million as of June 30, 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 June 30, 2024 or December 31, 2023. Other Invested Assets The following table sets forth the composition of “Other invested assets,” as of the dates indicated: June 30, 2024 December 31, 2023 (in millions) LPs/LLCs: Equity method: Private equity $ 9,786 $ 8,929 Hedge funds 3,184 3,164 Real estate-related 2,877 2,578 Subtotal equity method 15,847 14,671 Fair value: Private equity 1,708 1,247 Hedge funds 1,987 2,078 Real estate-related 937 800 Subtotal fair value 4,632 4,125 Total LPs/LLCs 20,479 18,796 Real estate held through direct ownership(1) 1,783 1,794 Derivative instruments 1,175 1,100 Other(2) 1,197 1,165 Total other invested assets $ 24,634 $ 22,855 _________ (1) As of June 30, 2024 and December 31, 2023, real estate held through direct ownership had mortgage debt of $145 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: June 30, 2024 December 31, 2023 (in millions) Fixed maturities $ 2,886 $ 2,727 Equity securities 5 6 Commercial mortgage and other loans 223 224 Policy loans 240 259 Other invested assets 29 23 Short-term investments and cash equivalents 51 48 Total accrued investment income $ 3,434 $ 3,287 Write-downs on accrued investment income were less than $1 million for both the three months ended June 30, 2024 and 2023 and $1 million and less than $1 million for the six months ended June 30, 2024 and 2023, respectively. Net Investment Income The following table sets forth “Net investment income” by investment type, for the periods indicated: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in millions) Fixed maturities, available-for-sale(1) $ 3,703 $ 3,296 $ 7,295 $ 6,531 Fixed maturities, held-to-maturity(1) 0 50 0 100 Fixed maturities, trading 130 57 246 112 Assets supporting experience-rated contractholder liabilities 13 12 27 25 Equity securities 61 64 99 104 Commercial mortgage and other loans 642 560 1,253 1,103 Policy loans 119 124 241 248 Other invested assets 246 384 567 694 Short-term investments and cash equivalents 284 222 582 460 Gross investment income 5,198 4,769 10,310 9,377 Less: investment expenses (349) (293) (697) (581) Net investment income $ 4,849 $ 4,476 $ 9,613 $ 8,796 __________ (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 Six Months Ended 2024 2023 2024 2023 (in millions) Fixed maturities(1) $ (735) $ (266) $ (717) $ (421) Commercial mortgage and other loans (44) (14) (95) (26) Investment real estate (8) (5) (6) 27 LPs/LLCs 4 (1) 23 (17) Derivatives 745 (663) 597 (305) Other (128) 11 (276) 21 Realized investment gains (losses), net $ (166) $ (938) $ (474) $ (721) __________ (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: June 30, 2024 December 31, 2023 (in millions) Fixed maturity securities, available-for-sale with an allowance $ (43) $ (72) Fixed maturity securities, available-for-sale without an allowance (29,680) (18,045) Derivatives designated as cash flow hedges(1) 1,499 869 Derivatives de |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 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) June 30, December 31, June 30, December 31, (in millions) Fixed maturities, available-for-sale $ 743 $ 539 $ 704 $ 836 Fixed maturities, trading 568 943 0 0 Equity securities 92 106 0 0 Commercial mortgage and other loans 654 764 595 0 Other invested assets 5,563 4,319 518 485 Cash and cash equivalents 193 302 0 0 Accrued investment income 6 7 4 3 Other assets 650 1,023 604 636 Total assets of consolidated VIEs $ 8,469 $ 8,003 $ 2,425 $ 1,960 Other liabilities $ 189 $ 588 $ 0 $ 0 Notes issued by consolidated VIEs(2) 1,126 1,374 48 0 Total liabilities of consolidated VIEs $ 1,315 $ 1,962 $ 48 $ 0 __________ (1) Total assets of consolidated VIEs reflect $4,211 million and $4,003 million as of June 30, 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 June 30, 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 $1,195 million and $1,165 million as of June 30, 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 $20,479 million and $18,796 million as of June 30, 2024 and December 31, 2023, respectively. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 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 $1,179 million and $1,103 million as of June 30, 2024 and December 31, 2023, respectively, and total derivative liabilities of $4,468 million and $4,181 million as of June 30, 2024 and December 31, 2023, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position. Primary Underlying Risk /Instrument Type June 30, 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 $ 3,515 $ 23 $ (349) $ 3,582 $ 55 $ (252) Interest Rate Forwards 0 0 0 0 0 0 Foreign Currency Foreign Currency Forwards 4,661 54 (193) 4,748 43 (195) Currency/Interest Rate Foreign Currency Swaps 29,902 2,434 (467) 27,933 1,952 (676) Total Derivatives Designated as Hedge Accounting Instruments $ 38,078 $ 2,511 $ (1,009) $ 36,263 $ 2,050 $ (1,123) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate Interest Rate Swaps $ 223,053 $ 10,441 $ (24,033) $ 224,445 $ 8,604 $ (21,599) Interest Rate Futures 9,699 24 (81) 10,448 7 (26) Interest Rate Options 34,783 357 (1,325) 32,718 292 (1,095) Interest Rate Forwards 3,915 63 (81) 3,678 39 (14) Foreign Currency Foreign Currency Forwards 27,728 1,729 (1,546) 27,686 965 (954) Foreign Currency Options 0 0 0 0 0 0 Currency/Interest Rate Foreign Currency Swaps 7,350 600 (141) 7,771 502 (164) Credit Credit Default Swaps 3,957 83 0 3,446 64 0 Equity Equity Futures 1,259 0 (4) 672 1 (2) Equity Options 71,236 3,664 (2,312) 51,792 1,688 (1,662) Total Return Swaps 9,595 29 (259) 9,237 48 (514) Other Other(1) 1,250 0 0 1,250 0 0 Synthetic GICs 76,469 2 (1) 78,009 1 (1) Total Derivatives Not Qualifying as Hedge Accounting Instruments $ 470,294 $ 16,992 $ (29,783) $ 451,152 $ 12,211 $ (26,031) Total Derivatives(2)(3) $ 508,372 $ 19,503 $ (30,792) $ 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 $9,684 million (including the Prismic funds withheld related embedded derivative net liability of $34 million) and $8,096 million (including the Prismic funds withheld related embedded derivative net liability of $508 million) as of June 30, 2024 and December 31, 2023, respectively, primarily included in “Policyholders’ 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 June 30, 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. June 30, 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 $ 216 $ 13 $ 224 $ 19 Policyholders’ account balances $ (760) $ 292 $ (810) $ 219 Future policy benefits $ (2,334) $ 376 $ (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. June 30, 2024 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 19,369 $ (18,324) $ 1,045 $ (290) $ 755 Securities purchased under agreement to resell 1,088 0 1,088 (763) 325 Total assets $ 20,457 $ (18,324) $ 2,133 $ (1,053) $ 1,080 Offsetting of Financial Liabilities: Derivatives $ 30,791 $ (26,324) $ 4,467 $ (3,703) $ 764 Securities sold under agreement to repurchase 6,929 0 6,929 (6,633) 296 Total liabilities $ 37,720 $ (26,324) $ 11,396 $ (10,336) $ 1,060 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 June 30, 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 $ 1 $ 0 $ 0 $ 0 $ 0 $ (19) $ (23) $ 0 Currency 0 0 0 0 0 0 1 0 Total gains (losses) on derivatives designated as hedge instruments 1 0 0 0 0 (19) (22) 0 Gains (losses) on the hedged item: Interest Rate (1) 0 3 0 0 11 15 0 Currency 0 0 0 0 0 0 0 0 Total gains (losses) on hedged item (1) 0 3 0 0 11 15 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (3) (19) Total amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (3) (19) Total gains (losses) on fair value hedges net of hedged item 0 0 3 0 0 (8) (10) (19) Cash flow hedges Interest Rate (13) 0 (4) 0 0 0 0 11 Currency 0 0 0 0 0 0 0 9 Currency/Interest Rate 25 0 82 8 0 0 0 281 Total gains (losses) on cash flow hedges 12 0 78 8 0 0 0 301 Net investment hedges Currency 0 0 0 0 0 0 0 2 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 2 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (371) (451) 0 0 0 0 0 0 Currency (13) 0 0 (3) 0 0 0 0 Currency/Interest Rate 66 0 0 0 0 0 0 0 Credit 4 0 0 0 0 0 0 0 Equity 591 (67) 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Embedded Derivatives(2) 435 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments 712 (518) 0 (3) 0 0 0 0 Total $ 724 $ (518) $ 81 $ 5 $ 0 $ (8) $ (10) $ 284 Six Months Ended June 30, 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 $ 6 $ 0 $ 0 $ 0 $ 0 $ (69) $ (82) $ 0 Currency 0 0 0 0 0 0 (15) 0 Total gains (losses) on derivatives designated as hedge instruments 6 0 0 0 0 (69) (97) 0 Gains (losses) on the hedged item: Interest Rate (6) 0 6 0 0 74 63 0 Currency 0 0 0 0 0 0 14 0 Total gains (losses) on hedged item (6) 0 6 0 0 74 77 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (5) (9) Total amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (5) (9) Total gains (losses) on fair value hedges net of hedged item 0 0 6 0 0 5 (25) (9) Cash flow hedges Interest Rate (13) 0 (7) 0 0 0 0 1 Currency 0 0 0 0 0 0 0 24 Currency/Interest Rate 28 0 158 85 0 0 0 605 Total gains (losses) on cash flow hedges 15 0 151 85 0 0 0 630 Net investment hedges Currency 0 0 0 0 0 0 0 13 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 13 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (1,033) (1,412) 0 0 0 0 0 0 Currency (39) 0 0 (1) 0 0 0 0 Currency/Interest Rate 172 0 0 1 0 0 0 0 Credit 56 0 0 0 0 0 0 0 Equity 2,040 (560) 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Embedded Derivatives(2) (636) 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments 560 (1,972) 0 0 0 0 0 0 Total $ 575 $ (1,972) $ 157 $ 85 $ 0 $ 5 $ (25) $ 634 Three Months Ended June 30, 2023 Realized Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) Net Other Interest Interest Policyholders’ Benefits Change in AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 5 $ 0 $ 0 $ 0 $ 0 $ (53) $ (58) $ 0 Currency (1) 0 0 0 0 0 50 0 Total gains (losses) on derivatives designated as hedge instruments 4 0 0 0 0 (53) (8) 0 Gains (losses) on the hedged item: Interest Rate (5) 0 3 0 0 38 44 0 Currency 1 0 1 0 0 0 (50) 0 Total gains (losses) on hedged item (4) 0 4 0 0 38 (6) 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (2) (75) Total amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (2) (75) Total gains (losses) on fair value hedges net of hedged item 0 0 4 0 0 (15) (16) (75) Cash flow hedges Interest Rate 0 0 (6) 0 0 0 0 (12) Currency 3 0 0 0 0 0 0 (1) Currency/Interest Rate 13 0 80 (66) 0 0 0 (233) Total gains (losses) on cash flow hedges 16 0 74 (66) 0 0 0 (246) Net investment hedges Currency 0 0 0 0 0 0 0 17 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 17 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (322) (1,022) 0 0 0 0 0 0 Currency (349) 0 0 4 0 0 0 0 Currency/Interest Rate (35) 0 0 (1) 0 0 0 0 Credit 38 0 0 0 0 0 0 0 Equity 961 (440) 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Embedded Derivatives (970) 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (677) (1,462) 0 3 0 0 0 0 Total $ (661) $ (1,462) $ 78 $ (63) $ 0 $ (15) $ (16) $ (304) Six Months Ended June 30, 2023 Realized Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) Net Other Interest Interest Policyholders’ Benefits Change in AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 1 $ 0 $ 0 $ 0 $ 0 $ (16) $ (14) $ 0 Currency (1) 0 (1) 0 0 0 99 0 Total gains (losses) on derivatives designated as hedge instruments 0 0 (1) 0 0 (16) 85 0 Gains (losses) on the hedged item: Interest Rate (1) 0 6 0 0 1 (4) 0 Currency 1 0 1 0 0 0 (97) 0 Total gains (losses) on hedged item 0 0 7 0 0 1 (101) 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (4) (95) Total amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (4) (95) Total gains (losses) on fair value hedges net of hedged item 0 0 6 0 0 (15) (20) (95) Cash flow hedges Interest Rate (22) 0 (7) 0 0 0 0 32 Currency 8 0 0 0 0 0 0 (40) Currency/Interest Rate 48 0 163 (146) 0 0 0 (511) Total gains (losses) on cash flow hedges 34 0 156 (146) 0 0 0 (519) Net investment hedges Currency 0 0 0 0 0 0 0 16 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 16 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate 225 (755) 0 0 0 0 0 0 Currency (510) 0 0 5 0 0 0 0 Currency/Interest Rate (63) 0 0 (3) 0 0 0 0 Credit 85 0 0 0 0 0 0 0 Equity 1,150 (678) 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Embedded Derivatives (1,215) 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (328) (1,433) 0 2 0 0 0 0 Total $ (294) $ (1,433) $ 162 $ (144) $ 0 $ (15) $ (20) $ (598) __________ (1) Excludes changes related to net investment hedges using non-derivative instruments of $61 million and $101 million for the three and six months ended June 30, 2024, respectively, and $46 million and $45 million for the three and six months ended June 30, 2023, respectively. (2) Includes the Prismic funds withheld related embedded derivative realized gain (loss) of $189 million and $472 million for the three and six months ended June 30, 2024, respectively. 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 (19) Currency 28 Currency/Interest Rate 876 Total amount recorded in AOCI 885 Amount reclassified from AOCI to income: Interest Rate 20 Currency (4) Currency/Interest Rate (271) Total amount reclassified from AOCI to income (255) Balance, June 30, 2024 $ 1,499 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 June 30, 2024 values, it is estimated that a pre-tax gain of $334 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending June 30, 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 $64 million and $113 million for the three and six months ended June 30, 2024, respectively, and $63 million and $61 million for the three and six months ended June 30, 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 10 years for index reference. June 30, 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 3,302 41 0 0 0 0 655 42 3,957 83 Total $ 0 $ 0 $ 0 $ 0 $ 3,302 $ 41 $ 0 $ 0 $ 0 $ 0 $ 655 $ 42 $ 3,957 $ 83 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 June 30, 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. The Company has no purchased credit protection as of June 30, 2024 and December 31, 2023. 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 June 30, 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 | 6 Months Ended |
Jun. 30, 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 the 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. June 30, 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 $ 21,539 $ 0 $ $ 21,539 Obligations of U.S. states and their political subdivisions 0 7,649 6 7,655 Foreign government bonds 0 57,672 7 57,679 U.S. corporate public securities 0 100,710 64 100,774 U.S. corporate private securities(2) 0 38,938 3,119 42,057 Foreign corporate public securities 0 21,212 92 21,304 Foreign corporate private securities 0 31,165 1,728 32,893 Asset-backed securities(3) 0 14,259 1,136 15,395 Commercial mortgage-backed securities 0 8,336 916 9,252 Residential mortgage-backed securities 0 2,544 0 2,544 Subtotal 0 304,024 7,068 311,092 Assets supporting experience-rated contractholder liabilities: U.S. Treasury securities and obligations of U.S. government authorities and agencies 0 218 0 218 Foreign government bonds 0 547 0 547 Corporate securities 0 70 1 71 Equity securities 1,208 1,307 0 2,515 Subtotal 1,208 2,142 1 3,351 Market risk benefit assets 0 0 2,233 2,233 Fixed maturities, trading 0 8,730 1,520 10,250 Equity securities 4,705 1,837 556 7,098 Commercial mortgage and other loans 0 635 0 635 Other invested assets(5) 33 19,468 938 (18,324) 2,115 Short-term investments 539 4,653 9 5,201 Cash equivalents 576 6,743 4 7,323 Reinsurance recoverables and deposit receivables 0 192 363 555 Other assets 0 0 0 0 Separate account assets(6)(7) 9,311 161,119 342 170,772 Total assets $ 16,372 $ 509,543 $ 13,034 $ (18,324) $ 520,625 Market risk benefit liabilities $ 0 $ 0 $ 4,592 $ $ 4,592 Policyholders’ account balances 0 0 10,213 10,213 Reinsurance and funds withheld payables 0 22 0 22 Other liabilities 85 30,706 1 (26,324) 4,468 Notes issued by consolidated VIEs 0 0 422 422 Total liabilities $ 85 $ 30,728 $ 15,228 $ (26,324) $ 19,717 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 $(8,000) million and $(9,815) million as of June 30, 2024 and December 31, 2023, respectively. (2) Excludes notes with fair value of $13,714 million (carrying amount of $13,714 million) and $12,370 million (carrying amount of $12,370 million) as of June 30, 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 June 30, 2024 and December 31, 2023, the fair value of such investments was $4,613 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 June 30, 2024 and December 31, 2023, the fair value of such investments was $26,087 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 June 30, 2024 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Impact of (in millions) Assets: Corporate securities(2)(3) $ 4,157 Discounted Discount rate 0.83% 30.00% 11.44% Decrease Market comparables EBITDA multiples(4) 5.4X 8.8X 6.9X Increase Liquidation Liquidation value 56.00% 99.02% 94.88% Increase Commercial mortgage-backed securities $ 916 Discounted Liquidity premium 1.00% 1.00% 1.00% Decrease Market risk benefit assets(6) $ 2,233 Discounted cash flow Lapse rate(8) 1% 20% Increase Spread over SOFR(9) 0.35% 1.88% Increase Utilization rate(10) 37% 94% Decrease Withdrawal rate See table footnote (11) below. Mortality rate(12) 0% 16% Increase Equity volatility curve 15% 25% Decrease Equity securities $ 229 Discounted cash flow Discount rate(5) 0.16% 12% Decrease Market comparables EBITDA multiples(4) 1.0X 12.2X 1.4X Increase Net Asset Value Share price $3 $1,810 $1,726 Increase Liabilities: Market risk benefit liabilities(6) $ 4,592 Discounted cash flow Lapse rate(8) 1% 20% Decrease Spread over SOFR(9) 0.35% 1.88% Decrease Utilization rate(10) 37% 94% Increase Withdrawal rate See table footnote (11) below. Mortality rate(12) 0% 16% Decrease Equity volatility curve 15% 25% Increase Policyholders’ account balances(7) $ 10,212 Discounted cash flow Lapse rate(8) 0% 80% Decrease Spread over SOFR(9) 0.35% 1.90% Decrease Mortality rate(12) 0% 23% Decrease Option Budget(13) (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(6) $ 1,981 Discounted cash flow Lapse rate(8) 1% 20% Increase Spread over SOFR(9) 0.41% 1.82% Increase Utilization rate(10) 38% 95% Decrease Withdrawal rate See table footnote (11) below. Mortality rate(12) 0% 15% Increase Equity volatility curve 15% 25% Decrease Equity securities $ 246 Discounted cash flow Discount rate(5) 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(6) $ 5,467 Discounted cash flow Lapse rate(8) 1% 20% Decrease Spread over SOFR(9) 0.41% 1.82% Decrease Utilization rate(10) 38% 95% Increase Withdrawal rate See table footnote (11) below. Mortality rate(12) 0% 15% Decrease Equity volatility curve 15% 25% Increase Policyholders’ account balances(7) $ 7,752 Discounted cash flow Lapse rate(8) 1% 80% Decrease Spread over SOFR(9) 0.41% 1.85% Decrease Mortality rate(12) 0% 23% Decrease Option Budget(13) (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) 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. (7) 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. (8) 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. (9) 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 June 30, 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. (10) 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. (11) 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 June 30, 2024 and December 31, 2023, the minimum withdrawal rate assumption is 78% and 81%, respectively. As of June 30, 2024 and December 31, 2023 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%. (12) 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. (13) 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 June 30, 2024(6) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Level 3(8) Transfers out of Level 3(8) Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 6 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 6 $ 0 Foreign government 7 0 0 0 0 0 0 0 0 7 0 Corporate securities(3) 4,965 (43) 417 (28) 0 (221) (141) 54 0 5,003 (51) Structured securities(4) 2,612 (10) 327 (1) 0 (63) (492) (1) (320) 2,052 (11) Other assets: Fixed maturities, trading 1,330 (7) 330 0 0 (70) 0 (2) (61) 1,520 (6) Equity securities 506 12 54 (12) 0 (1) (3) 1 (1) 556 12 Other invested assets 865 (39) 93 0 0 0 19 0 0 938 (40) Short-term investments 32 3 2 0 0 (6) (22) 0 0 9 2 Cash equivalents 0 0 4 0 0 0 0 0 0 4 0 Reinsurance recoverables and deposit receivables 303 14 59 0 0 (13) 0 0 0 363 1 Other assets 19 0 0 0 0 0 (19) 0 0 0 0 Separate account assets 338 (8) 80 (61) 0 (2) 0 0 (5) 342 (7) Liabilities: Policyholders’ account balances(5) (9,864) 119 0 0 (469) 0 1 0 0 (10,213) 965 Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs (405) 0 0 0 (17) 0 0 0 0 (422) 0 Three Months Ended June 30, 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 $ (30) $ 0 $ 0 $ (33) $ 10 $ (31) $ 0 $ 0 $ (30) Other assets: Fixed maturities, trading 0 (7) 0 0 0 0 (6) 0 0 Equity securities 0 12 0 0 0 0 12 0 0 Other invested assets 1 (40) 0 0 0 0 (40) 0 0 Short-term investments 3 0 0 0 0 2 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 14 0 0 0 0 1 0 0 0 Other assets 0 0 0 0 0 0 0 0 0 Separate account assets 0 0 (8) 0 0 0 0 (7) 0 Liabilities: Policyholders’ account balances 119 0 0 0 0 965 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 Six Months Ended June 30, 2024(6) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Level 3(8) Transfers out of Level 3(8) 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 (89) 819 (33) 0 (508) (154) 162 0 5,003 (101) Structured securities(4) 1,297 (7) 1,592 (1) 0 (75) (493) 59 (320) 2,052 (11) Other assets: Fixed maturities, trading 429 (5) 894 (22) 0 (116) (1) 402 (61) 1,520 1 Equity securities 512 (7) 75 (16) 0 (5) 6 1 (10) 556 (10) Other invested assets 846 (47) 122 (2) 0 0 19 0 0 938 (47) Short-term investments 29 1 7 0 0 (6) (22) 0 0 9 0 Cash equivalents 4 0 4 0 0 0 (4) 0 0 4 0 Reinsurance recoverables and deposit receivables 224 51 114 0 0 (26) 0 0 0 363 25 Other assets 11 0 8 0 0 0 (19) 0 0 0 0 Separate account assets 1,094 (54) 136 (824) 0 (4) 0 0 (6) 342 (15) Liabilities: Policyholders’ account balances(5) (7,752) (1,376) 0 0 (1,087) 0 2 0 0 (10,213) 749 Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs (778) (8) 0 0 (27) 0 391 0 0 (422) (8) Six Months Ended June 30, 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 $ (63) $ 0 $ 0 $ (49) $ 15 $ (59) $ 0 $ 0 $ (54) Other assets: Fixed maturities, trading 0 (6) 0 0 1 0 1 0 0 Equity securities 0 (7) 0 0 0 0 (10) 0 0 Other invested assets 0 (47) 0 0 0 0 (47) 0 0 Short-term investments 0 0 0 0 1 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 51 0 0 0 0 25 0 0 0 Other assets 0 0 0 0 0 0 0 0 0 Separate account assets 0 0 (54) 0 0 0 0 (15) 0 Liabilities: Policyholders’ account balances (1,376) 0 0 0 0 749 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 June 30, 2023(6) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Level 3(8) Transfers out of Level 3(8) Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 7 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 7 $ 0 Foreign government 9 0 0 0 0 (1) 0 0 0 8 0 Corporate securities(3) 3,941 26 737 (47) 0 (177) (18) 18 (19) 4,461 18 Structured securities(4) 1,438 6 (1) (4) 0 (13) 0 0 (162) 1,264 (1) Other assets: Fixed maturities, trading 339 (2) 33 0 0 (9) 0 0 (59) 302 (3) Equity securities 801 (23) 2 (8) 0 0 1 0 0 773 (10) Other invested assets 803 (20) 84 (2) 0 0 0 0 0 865 (20) Short-term investments 16 1 28 0 0 (20) 0 0 0 25 0 Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 156 26 39 0 0 (4) 0 0 0 217 20 Other assets(7) 11 0 0 0 0 1 0 0 0 12 0 Separate account assets 1,169 49 166 (130) 0 (40) 0 3 (42) 1,175 50 Liabilities: Policyholders’ account balances(5) (4,244) (1,020) 0 0 (438) 0 73 0 0 (5,629) (153) 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 June 30, 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 $ (13) $ 0 $ 0 $ 43 $ 2 $ (10) $ 0 $ 0 $ 26 Other assets: Fixed maturities, trading 0 (2) 0 0 0 0 (3) 0 0 Equity securities (1) (22) 0 0 0 0 (10) 0 0 Other invested assets (1) (19) 0 0 0 (1) (19) 0 0 Short-term investments 0 0 0 0 1 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 26 0 0 0 0 20 0 0 0 Other assets(7) 0 0 0 0 0 0 0 0 0 Separate account assets 0 0 49 0 0 0 0 50 0 Liabilities: Policyholders’ account balances (1,020) 0 0 0 0 (153) 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 Six Months Ended June 30, 2023(6) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Level 3(8) Transfers out of Level 3(8) Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 7 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 7 $ 0 Foreign government 8 0 0 0 0 0 0 0 0 8 0 Corporate securities(3) 3,858 35 1,264 (175) 0 (500) (20) 18 (19) 4,461 39 Structured securities(4) 1,289 (29) 239 (5) 0 (25) 0 37 (242) 1,264 (37) Other assets: Fixed maturities, trading 304 3 66 0 0 (13) 1 0 (59) 302 1 Equity securities 627 (6) 9 (67) 0 (6) 216 1 (1) 773 (10) Other invested assets 539 (19) 354 (9) 0 0 0 0 0 865 (18) Short-term investments 18 3 31 0 0 (27) 0 0 0 25 0 Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 141 8 73 0 0 (5) 0 0 0 217 3 Other assets(7) 11 0 1 0 0 0 0 0 0 12 0 Separate account assets 1,081 88 309 (197) 0 (66) 0 3 (43) 1,175 87 Liabilities: Policyholders’ account balances(5) (3,492) (1,271) 0 0 (839) 0 (27) 0 0 (5,629) (262) 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 Six Months Ended June 30, 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 $ (16) $ 0 $ 0 $ 19 $ 3 $ (3) $ 0 $ 0 $ 5 Other assets: Fixed maturities, trading 0 2 0 0 1 0 1 0 0 Equity securities (1) (5) 0 0 0 0 (10) 0 0 Other invested assets (1) (18) 0 0 0 (1) (17) 0 0 Short-term investments 2 0 0 0 1 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 8 0 0 0 0 3 0 0 0 Other assets(7) 0 0 0 0 0 0 0 0 0 Separate account assets 0 0 88 0 0 0 0 87 0 Liabilities: Policyholders’ account balances (1,271) 0 0 0 0 (262) 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) Issuances and settlements for Policyholders’ account balances are presented net in the rollforward. (6) Excludes MRB assets of $2,233 million and $1,951 million and MRB liabilities of $4,592 million and $5,462 million for periods ending June 30, 2024 and 2023, respectively. See Note 11 for additional information. (7) Prior period amounts have been reclassified to conform to current period presentation. (8) 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. 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 June 30, 2024 Level 1 Level 2 Level 3 Netting(1) Total (in millions) Derivative Assets: Interest Rate $ 24 $ 10,884 $ 2 $ $ 10,910 Currency 0 1,783 0 1,783 Credit 0 83 0 83 Currency/Interest Rate 0 3,034 0 3,034 Equity 9 3,684 0 3,693 Other 0 0 0 0 Netting(1) (1 |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired | 6 Months Ended |
Jun. 30, 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: Six Months Ended June 30, 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 193 90 338 287 274 1,182 Amortization expense (190) (104) (121) (170) (164) (749) Other adjustments(1) 0 (2) (280) (53) 3 (332) Foreign currency adjustment 0 0 0 (303) (159) (462) Balance, EOP $ 3,679 $ 2,221 $ 5,301 $ 4,670 $ 4,396 20,267 Other businesses 297 Total DAC balance $ 20,564 __________ (1) Includes the impact of the reinsurance transaction with Somerset Reinsurance Ltd. in Individual Life (Universal Life). See Note 12 for additional information. Six Months Ended June 30, 2023 Retirement Strategies Individual Life International Businesses Total Individual Variable Term Life Variable/ Life Planner Gibraltar Life (in millions) Balance, BOP $ 4,171 $ 2,288 $ 5,000 $ 4,710 $ 4,231 $ 20,400 Capitalization 124 72 291 300 294 1,081 Amortization expense (186) (107) (121) (163) (156) (733) Other adjustments(1) (393) 0 0 9 0 (384) Foreign currency adjustment 0 0 0 (124) (117) (241) Balance, EOP $ 3,716 $ 2,253 $ 5,170 $ 4,732 $ 4,252 20,123 Other businesses 197 Total DAC balance $ 20,320 __________ (1) Includes the impact of the reinsurance transaction with AuguStar in Individual Retirement Strategies. See Note 12 for additional information. 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: Six Months Ended June 30, 2024 2023 (in millions) Balance, BOP $ 410 $ 446 Capitalization 1 2 Amortization expense (17) (20) Balance, EOP 394 428 Other businesses 31 34 Total DSI balance $ 425 $ 462 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: Six Months Ended June 30, 2024 2023 (in millions) Balance, BOP $ 511 $ 597 Amortization expense (21) (26) Foreign currency adjustment (59) (48) Balance, EOP 431 523 Other businesses(1) 15 19 Total VOBA balance $ 446 $ 542 __________ (1) Represents Aoba Life business. The following table provides estimated future amortization for the periods indicated: 2024 (July-December) 2025 2026 2027 2028 Thereafter Total (in millions) Estimated future VOBA amortization $ 21 $ 39 $ 35 $ 32 $ 29 $ 290 $ 446 |
Separate Accounts
Separate Accounts | 6 Months Ended |
Jun. 30, 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: June 30, December 31, (in millions) Asset Type: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 4,361 $ 4,411 Obligations of U.S. states and their political subdivisions 2,103 2,116 Foreign government bonds 107 101 U.S. corporate securities 11,588 12,782 Foreign corporate securities 3,024 3,288 Asset-backed securities 1,262 1,211 Mortgage-backed securities 14,394 14,253 Mutual funds: Equity 92,142 88,397 Fixed Income 34,707 37,065 Other 5,303 5,587 Equity securities 4,767 5,410 Commercial mortgage and other loans 62 67 Other invested assets 18,839 20,739 Short-term investments 1,550 1,202 Cash and cash equivalents 2,650 2,259 Total $ 196,859 $ 198,888 For the periods ended June 30, 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: Six Months Ended June 30, 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 10,873 105 294 289 1,613 13,174 Investment performance (972) (94) 5,249 366 4,334 8,883 Policy charges (57) (5) (1,123) (120) (566) (1,871) Surrenders and withdrawals (9,886) (878) (6,815) (339) (516) (18,434) Benefit payments (1,745) (270) (46) (144) (208) (2,413) Net transfers (to) from general account 13 (45) (42) 6 (251) (319) Other (458) 84 3 (532) 46 (857) Balance, EOP $ 30,416 $ 9,908 $ 91,650 $ 24,547 $ 43,675 $ 200,196 Other businesses(1) (3,337) Total separate account liabilities $ 196,859 Cash surrender value(2) $ 30,416 $ 9,908 $ 90,583 $ 24,442 $ 40,129 $ 195,478 __________ (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. Six Months Ended June 30, 2023 Retirement Strategies PGIM Institutional Individual Group Insurance Individual Life Total (in millions) Balance, BOP $ 40,056 $ 11,428 $ 93,395 $ 23,513 $ 32,930 $ 201,322 Deposits 2,928 175 204 11 1,489 4,807 Investment performance (99) 523 7,420 896 4,026 12,766 Policy charges (42) (6) (1,181) (139) (528) (1,896) Surrenders and withdrawals (2,828) (226) (4,667) (14) (409) (8,144) Benefit payments (1,728) (278) (56) (138) (166) (2,366) Net transfers (to) from general account (351) (35) (6) 0 (1,130) (1,522) Other (709) (182) 5 (382) 52 (1,216) Balance, EOP $ 37,227 $ 11,399 $ 95,114 $ 23,747 $ 36,264 203,751 Other businesses(1) (2,880) Total separate account liabilities $ 200,871 Cash surrender value(2) $ 37,227 $ 11,399 $ 93,745 $ 23,630 $ 33,157 $ 199,158 __________ (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 | 6 Months Ended |
Jun. 30, 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”) In 2024, the Company recognized a favorable impact to net income attributable to its annual reviews and update of assumptions and other refinements. The impact was favorable for direct and assumed Benefit Reserves and Deferred Profit Liability, net of the impact of flooring these liabilities at zero for each issue year cohort, primarily due to updates to mortality assumptions in Institutional Retirement Strategies and Long-Term Care, partially offset by unfavorable updates to policyholder behavior assumptions on certain life policies in International Businesses. Additionally, there was an unfavorable impact for direct and assumed Additional Insurance Reserves, primarily due to updates to policyholder behavior assumptions on universal life polices with secondary guarantees in Individual Life. In 2023, the Company recognized an unfavorable impact to net income attributable to its annual reviews and update of assumptions and other refinements. The impact was unfavorable for direct and assumed Benefit Reserves and Deferred Profit Liability, net of the impact of flooring these liabilities at zero for each issue year cohort, primarily due to updates to policyholder behavior and claim assumptions in Long-Term Care. Additionally, there was an unfavorable impact for direct and assumed Additional Insurance Reserves, primarily due to unfavorable model refinements, partially offset by updates to economic assumptions, including expected future rates of returns, on universal life polices with secondary guarantees in Individual Life. 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. Six Months Ended June 30, 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 assumption update 41 21 (328) (535) (276) (1,077) Effect of actual variances from expected experience and other activity 429 (131) (818) (529) 95 (954) Adjusted balance, BOP 83,746 11,392 28,514 25,925 3,121 152,698 Issuances 11,192 418 1,215 573 0 13,398 Net premiums / considerations collected (12,908) (692) (1,944) (1,678) (157) (17,379) Interest accrual 1,384 264 427 355 76 2,506 Foreign currency adjustment (898) 0 (1,960) (1,534) 0 (4,392) Other adjustments 0 (3) 82 0 0 79 Balance at original discount rate, EOP 82,516 11,379 26,334 23,641 3,040 146,910 Effect of cumulative changes in discount rate assumptions, EOP (15,077) (590) (1,347) (1,232) (128) (18,374) Balance, EOP $ 67,439 $ 10,789 $ 24,987 $ 22,409 $ 2,912 $ 128,536 Other businesses, EOP 89 Total balance, EOP $ 128,625 Six Months Ended June 30, 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 assumption update (481) 21 (106) (407) (394) (1,367) Effect of actual variances from expected experience and other activity 483 (149) (854) (508) 95 (933) Adjusted balance, BOP 155,888 20,058 79,425 85,476 12,443 353,290 Issuances 11,192 418 1,215 574 0 13,399 Interest accrual 3,003 470 1,282 1,089 303 6,147 Benefit payments (6,317) (795) (2,437) (2,632) (155) (12,336) Foreign currency adjustment (908) 0 (5,517) (5,656) 0 (12,081) Other adjustments (63) (10) 166 (4) 0 89 Balance at original discount rate, EOP 162,795 20,141 74,134 78,847 12,591 348,508 Effect of cumulative changes in discount rate assumptions, EOP (20,163) (1,108) (5,612) (11,151) (1,445) (39,479) Balance, EOP $ 142,632 $ 19,033 $ 68,522 $ 67,696 $ 11,146 $ 309,029 Other businesses, EOP 1,656 Total balance, EOP $ 310,685 Six Months Ended June 30, 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 $ 75,194 $ 8,243 $ 43,534 $ 45,287 $ 8,233 $ 180,491 Flooring impact, EOP 46 0 28 16 0 90 Balance, EOP, post-flooring 75,240 8,243 43,562 45,303 8,233 180,581 Less: Reinsurance recoverables 5,098 671 88 257 0 6,114 Balance after reinsurance recoverables, EOP, post-flooring $ 70,142 $ 7,572 $ 43,474 $ 45,046 $ 8,233 $ 174,467 Other businesses, EOP(1) 1,506 Total balance after reinsurance recoverables, EOP $ 175,973 Six Months Ended June 30, 2023 Present Value of Expected Net Premiums Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 52,620 $ 11,282 $ 30,689 $ 28,951 $ 2,932 $ 126,474 Effect of cumulative changes in discount rate assumptions, BOP 14,349 572 1,354 1,326 103 17,704 Balance at original discount rate, BOP 66,969 11,854 32,043 30,277 3,035 144,178 Effect of assumption update (1,117) (1) 78 (175) 266 (949) Effect of actual variances from expected experience and other activity 378 (81) (417) (332) 121 (331) Adjusted balance, BOP 66,230 11,772 31,704 29,770 3,422 142,898 Issuances 5,783 338 1,253 865 0 8,239 Net premiums / considerations collected (4,944) (711) (2,106) (1,928) (154) (9,843) Interest accrual 1,049 270 458 402 77 2,256 Foreign currency adjustment 3,816 0 (1,080) (1,214) 0 1,522 Other adjustments 0 0 93 0 0 93 Balance at original discount rate, EOP 71,934 11,669 30,322 27,895 3,345 145,165 Effect of cumulative changes in discount rate assumptions, EOP (18,002) (497) (594) (614) (89) (19,796) Balance, EOP $ 53,932 $ 11,172 $ 29,728 $ 27,281 $ 3,256 $ 125,369 Other businesses, EOP 85 Total balance, EOP $ 125,454 Six Months Ended June 30, 2023 Present Value of Expected Future Policy Benefits Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 117,754 $ 19,288 $ 78,639 $ 80,331 $ 10,685 $ 306,697 Effect of cumulative changes in discount rate assumptions, BOP 20,170 1,012 3,719 11,266 1,216 37,383 Balance at original discount rate, BOP 137,924 20,300 82,358 91,597 11,901 344,080 Effect of assumption update (1,289) (1) 145 44 357 (744) Effect of actual variances from expected experience and other activity 351 (96) (381) (323) 136 (313) Adjusted balance, BOP 136,986 20,203 82,122 91,318 12,394 343,023 Issuances 5,783 338 1,253 865 0 8,239 Interest accrual 2,457 472 1,325 1,162 292 5,708 Benefit payments (5,643) (779) (1,777) (2,270) (122) (10,591) Foreign currency adjustment 3,898 0 (3,243) (4,355) 0 (3,700) Other adjustments 4 (13) 179 (11) 0 159 Balance at original discount rate, EOP 143,485 20,221 79,859 86,709 12,564 342,838 Effect of cumulative changes in discount rate assumptions, EOP (22,882) (823) 715 (6,148) (999) (30,137) Balance, EOP $ 120,603 $ 19,398 $ 80,574 $ 80,561 $ 11,565 $ 312,701 Other businesses, EOP 1,707 Total balance, EOP $ 314,408 Six Months Ended June 30, 2023 Net Liability for Future Policy Benefits - Benefit Reserves Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, EOP, pre-flooring $ 66,671 $ 8,225 $ 50,846 $ 53,279 $ 8,309 $ 187,330 Flooring impact, EOP 1 0 17 2 0 20 Balance, EOP, post-flooring 66,672 8,225 50,863 53,281 8,309 187,350 Less: Reinsurance recoverables 0 707 104 211 0 1,022 Balance after reinsurance recoverables, EOP, post-flooring $ 66,672 $ 7,518 $ 50,759 $ 53,070 $ 8,309 $ 186,328 Other businesses, EOP(1) 1,553 Total balance after reinsurance recoverables, EOP $ 187,881 __________ (1) Reflects balance after reinsurance recoverables of $63 million and $71 million at June 30, 2024 and 2023, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Six Months Ended June 30, 2024 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 133,585 $ 22,965 $ 61,195 $ 49,376 $ 6,823 Discounted expected future gross premiums (at original discount rate) $ 89,770 $ 15,208 $ 47,373 $ 39,649 $ 4,521 Discounted expected future gross premiums (at current discount rate) $ 71,759 $ 14,451 $ 45,365 $ 37,697 $ 4,339 Undiscounted expected future benefits and expenses $ 255,559 $ 31,103 $ 126,349 $ 127,922 $ 29,860 Weighted-average duration of the liability in years (at original discount rate) 9 10 18 18 17 Weighted-average duration of the liability in years (at current discount rate) 8 9 17 15 16 Weighted-average interest rate (at original discount rate) 4.72 % 5.15 % 3.49 % 2.64 % 4.91 % Weighted-average interest rate (at current discount rate) 5.56 % 5.53 % 3.67 % 3.56 % 5.77 % Six Months Ended June 30, 2023 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 114,545 $ 23,200 $ 70,654 $ 57,912 $ 6,972 Discounted expected future gross premiums (at original discount rate) $ 79,109 $ 15,427 $ 54,694 $ 46,591 $ 4,561 Discounted expected future gross premiums (at current discount rate) $ 59,307 $ 14,789 $ 54,132 $ 45,778 $ 4,444 Undiscounted expected future benefits and expenses $ 220,313 $ 31,195 $ 140,232 $ 142,232 $ 30,913 Weighted-average duration of the liability in years (at original discount rate) 8 10 20 19 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) 4.39 % 5.18 % 3.45 % 2.57 % 4.91 % Weighted-average interest rate (at current discount rate) 5.30 % 5.28 % 2.85 % 2.75 % 5.47 % 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 six 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: Six Months Ended June 30, 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 assumption update 370 (150) (138) 82 Effect of actual variances from expected experience and other activity (30) (17) (29) (76) Adjusted balance, BOP 5,955 3,788 5,135 14,878 Profits deferred 89 778 568 1,435 Interest accrual 118 80 77 275 Amortization (292) (570) (492) (1,354) Foreign currency adjustment (2) (238) (254) (494) Other adjustments 0 17 0 17 Balance, EOP, pre-flooring 5,868 3,855 5,034 14,757 Flooring impact, EOP 0 1 1 2 Balance, EOP, post-flooring 5,868 3,856 5,035 14,759 Less: Reinsurance recoverables 401 9 30 440 Balance after reinsurance recoverables, EOP, post-flooring $ 5,467 $ 3,847 $ 5,005 14,319 Other businesses 154 Total balance after reinsurance recoverables, EOP $ 14,473 Six Months Ended June 30, 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 assumption update 35 (67) (228) (260) Effect of actual variances from expected experience and other activity 19 (4) (18) (3) Adjusted balance, BOP 5,586 3,308 5,014 13,908 Profits deferred 197 850 665 1,712 Interest accrual 113 71 76 260 Amortization (282) (579) (512) (1,373) Foreign currency adjustment 14 (72) (188) (246) Other adjustments 0 20 0 20 Balance, EOP, pre-flooring 5,628 3,598 5,055 14,281 Flooring impact, EOP 0 0 1 1 Balance, EOP, post-flooring 5,628 3,598 5,056 14,282 Less: Reinsurance recoverables 0 8 10 18 Balance after reinsurance recoverables, EOP, post-flooring $ 5,628 $ 3,590 $ 5,046 14,264 Other businesses 149 Total balance after reinsurance recoverables, EOP $ 14,413 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 for certain long-duration life contracts. 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: Six Months Ended June 30, 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 assumption update 153 23 Effect of actual variances from expected experience and other activity 150 26 Adjusted balance, BOP 15,454 14,018 Assessments collected(1) 591 518 Interest accrual 262 239 Benefits paid (168) (153) Other adjustments 13 0 Balance, excluding amounts in AOCI, EOP, pre-flooring 16,152 14,622 Flooring impact and amounts in AOCI (1,659) (1,109) Balance, including amounts in AOCI, EOP, post-flooring 14,493 13,513 Less: Reinsurance recoverables 7,026 5,484 Balance after reinsurance recoverables, including amounts in AOCI, EOP 7,467 8,029 Other businesses 63 147 Total balance after reinsurance recoverables $ 7,530 $ 8,176 __________ (1) Represents the portion of gross assessments required to fund the future policy benefits. Six Months Ended June 30, 2024 2023 Weighted-average duration of the liability in years (at original discount rate) 22 22 Weighted-average interest rate (at original discount rate) 3.40 % 3.39 % 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: Six Months Ended June 30, 2024 2023 (in millions) Benefit reserves, EOP, post-flooring $ 182,150 $ 188,974 Deferred Profit Liability EOP, post-flooring 14,913 14,431 Additional insurance reserves, including amounts in AOCI, EOP, post-flooring 14,556 13,660 Subtotal of amounts disclosed above 211,619 217,065 Other Future Policy Benefits reserves(1) 50,711 51,584 Total Future Policy Benefits $ 262,330 $ 268,649 __________ (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 in the Company's Consolidated Statement of Operations as of the periods indicated: Six Months Ended June 30, 2024 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 13,223 $ 922 $ 0 $ 2,971 $ 2,756 $ 273 $ 20,145 Deferred profit liability (254) 0 0 (138) 14 (7) (385) Additional insurance reserves 0 0 1,622 0 0 0 1,622 Total $ 12,969 $ 922 $ 1,622 $ 2,833 $ 2,770 $ 266 $ 21,382 Six Months Ended June 30, 2023 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 5,335 $ 923 $ 0 $ 3,340 $ 3,174 $ 273 $ 13,045 Deferred profit liability (83) 0 0 (291) 18 34 (322) Additional insurance reserves 0 0 1,547 0 0 0 1,547 Total $ 5,252 $ 923 $ 1,547 $ 3,049 $ 3,192 $ 307 $ 14,270 Six Months Ended June 30, 2024 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 1,619 $ 206 $ 0 $ 855 $ 734 $ 253 $ 3,667 Deferred profit liability 118 0 0 80 77 2 277 Additional insurance reserves 0 0 262 1 0 0 263 Total $ 1,737 $ 206 $ 262 $ 936 $ 811 $ 255 $ 4,207 Six Months Ended June 30, 2023 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 1,408 $ 202 $ 0 $ 867 $ 760 $ 242 $ 3,479 Deferred profit liability 113 0 0 71 76 2 262 Additional insurance reserves 0 0 239 0 0 1 240 Total $ 1,521 $ 202 $ 239 $ 938 $ 836 $ 245 $ 3,981 __________ (1) Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments for DPL and gross assessments for AIR. The balances of and changes in policyholders' account balances as of and for the periods ended are as follows: Six Months Ended June 30, 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 3,466 3,755 2,815 491 1,224 1,048 3,207 16,006 Interest credited 356 224 105 75 379 624 444 2,207 Acquisitions and dispositions 0 0 0 0 0 (336) 0 (336) Policy charges (6) (12) 0 (164) (1,023) (161) (144) (1,510) Surrenders and withdrawals (2,514) (442) (338) (849) (821) (153) (883) (6,000) Benefit payments (292) (38) (37) 0 (69) (135) (1,122) (1,693) Net transfers (to) from separate account 0 49 0 (6) 285 0 0 328 Change in market value and other adjustments(1) 1 1,171 125 0 75 (11) (14) 1,347 Foreign currency adjustment 0 0 0 0 0 (1,155) (1,146) (2,301) Balance, EOP $ 18,749 $ 28,472 $ 9,765 $ 4,840 $ 27,489 $ 12,670 $ 38,792 $ 140,777 Closed Block Division 4,424 Unearned revenue reserve, unearned expense credit, and additional interest reserve 5,622 Other(2) 4,168 Total Policyholders' account balance $ 154,991 Weighted-average crediting rate 3.90 % 1.71 % 2.49 % 2.96 % 2.76 % 9.75 % 2.30 % 3.23 % Net amount at risk(3) $ 0 $ 0 $ 0 $ 74,276 $ 389,142 $ 18,168 $ 5,887 $ 487,473 Cash surrender value(4) $ 18,749 $ 26,972 $ 8,193 $ 3,794 $ 23,664 $ 11,284 $ 34,059 $ 126,715 Six Months Ended June 30, 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 2,513 2,230 1,206 523 1,190 1,150 2,818 11,630 Interest credited 335 148 60 84 391 513 354 1,885 Acquisitions and Dispositions 0 0 0 0 0 0 0 0 Policy charges (11) (11) (3) (161) (1,024) (150) (87) (1,447) Surrenders and withdrawals (2,295) (332) (196) (826) (859) (96) (582) (5,186) Benefit payments (272) (40) (40) 0 (81) (137) (1,002) (1,572) Net transfers (to) from separate account 0 16 0 0 1,155 0 0 1,171 Change in market value and other adjustments(1) 0 1,052 70 0 148 14 (2) 1,282 Foreign currency adjustment 0 0 0 0 0 (798) (888) (1,686) Balance, EOP $ 17,646 $ 20,587 $ 5,740 $ 5,459 $ 27,422 $ 11,664 $ 35,936 $ 124,454 Closed Block Division 4,543 Unearned revenue reserve, unearned expense credit, and additional interest reserve 4,930 Other(2) 4,816 Total Policyholders' account balance $ 138,743 Weighted-average crediting rate 3.83 % 1.55 % 2.32 % 2.99 % 2.90 % 8.98 % 1.99 % 3.11 % Net amount at risk(3) $ 0 $ 0 $ 0 $ 72,764 $ 373,992 $ 17,126 $ 6,472 $ 470,354 Cash surrender value(4) $ 17,646 $ 18,638 $ 4,541 $ 3,992 $ 22,936 $ 10,046 $ 31,477 $ 109,276 __________ (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 $5,832 million of Full Service account balances reinsured to Great-West as of June 30, 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 $5,436 million and $5,502 million at June 30, 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 two months to five years. Included in the amounts at June 30, 2024 and 2023 are funding agreements that secure the medium-term note liability, which are carried at amortized cost, of $3,474 million and $3,470 million, respectively, and short-term note liability of $1,994 million and $2,068 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 June 30, 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: June 30, 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% $ 503 $ 0 $ 0 $ 0 $ 503 1.00% - 1.99% 1,519 0 0 0 1,519 2.00% - 2.99% 608 0 0 0 608 3.00% - 4.00% 4,674 0 0 0 4,674 Greater than 4.00% 2,118 0 0 0 2,118 Total $ 9,422 $ 0 $ 0 $ 0 $ 9,422 Retirement Strategies - Individual Variable Less than 1.00% $ 618 $ 651 $ 254 $ 0 $ 1,523 1.00% - 1.99% 187 118 2 0 307 2.00% - 2.99% 24 5 4 0 33 3.00% - 4.00% 1,811 7 9 0 1,827 Greater than 4.00% 90 0 0 0 90 Total $ 2,730 $ 781 $ 269 $ 0 $ 3,780 Retirement Strategies - Individual Fixed Less than 1.00% $ 0 $ 4 $ 10 $ 707 $ 721 1.00% - 1.99% 482 96 234 79 891 2.00% - 2.99% 548 461 563 16 1,588 3.00% - 4.00% 1,036 76 8 2 1,122 Greater than 4.00% 90 0 0 0 90 Total $ 2,156 $ 637 $ 815 $ 804 $ 4,412 Group Insurance - Life / Disability Less than 1.00% $ 0 $ 0 $ 0 $ 921 $ 921 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 27 0 0 0 27 3.00% - 4.00% 1,448 0 0 62 1,510 Greater than 4.00% 72 0 0 0 72 Total $ 1,547 $ 0 $ 0 $ 983 $ 2,530 Individual Life - Variable / Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 324 $ 324 1.00% - 1.99% 247 0 1,678 1,848 3,773 2.00% - 2.99% 31 1,480 2,837 448 4,796 3.00% - 4.00% 4,300 3,897 1,342 28 9,567 Greater than 4.00% 5,433 0 0 0 5,433 Total $ 10,011 $ 5,377 $ 5,857 $ 2,648 $ 23,893 International Businesses - Life Planner Less than 1.00% $ 298 $ 40 $ 83 $ 2,560 $ 2,981 1.00% - 1.99% 2,601 25 0 0 2,626 2.00% - 2.99% 1,861 0 0 0 1,861 3.00% - 4.00% 351 0 0 0 351 Greater than 4.00% 375 0 0 0 375 Total $ 5,486 $ 65 $ 83 $ 2,560 $ 8,194 International Businesses - Gibraltar Life and Other Less than 1.00% $ 15,348 $ 0 $ 0 $ 0 $ 15,348 1.00% - 1.99% 7,844 57 0 0 7,901 2.00% - 2.99% 2,894 293 32 0 3,219 3.00% - 4.00% 5,501 0 0 0 5,501 Greater than 4.00% 6,728 0 0 0 6,728 Total $ 38,315 $ 350 $ 32 $ 0 $ 38,697 June 30, 2023 Range of Guaranteed Minimum Crediting Rate (1) At guaranteed minimum 1 - 50 bps above guaranteed minimum 51 - 150 bps above guaranteed minimum Greater than 150 bps above guaranteed minimum Total (in millions) Retirement Strategies - Institutional Less than 1.00% $ 401 $ 0 $ 0 $ 0 $ 401 1.00% - 1.99% 1,565 0 0 0 1,565 2.00% - 2.99% 557 0 0 0 557 3.00% - 4.00% 5,891 0 0 0 5,891 Greater than 4.00% 1,728 0 0 0 1,728 Total $ 10,142 $ 0 $ 0 $ 0 $ 10,142 Retirement Strategies - Individual Variable Less than 1.00% $ 973 $ 834 $ 18 $ 0 $ 1,825 1.00% - 1.99% 232 2 1 0 235 2.00% - 2.99% 30 5 0 0 35 3.00% - 4.00% 2,119 8 10 0 2,137 Greater than 4.00% 101 0 0 0 101 Total $ 3,455 $ 849 $ 29 $ 0 $ 4,333 Retirement Strategies - Individual Fixed Less than 1.00% $ 0 $ 0 $ 0 $ 0 $ 0 1.00% - 1.99% 559 136 245 84 1,024 2.00% - 2.99% 519 467 48 11 1,045 3.00% - 4.00% 355 8 0 0 363 Greater than 4.00% 100 0 0 0 100 Total $ 1,533 $ 611 $ 293 $ 95 $ 2,532 Group Insurance - Life / Disability Less than 1.00% $ 0 $ 0 $ 0 $ 1,342 $ 1,342 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 55 0 0 0 55 3.00% - 4.00% 1,621 0 0 0 1,621 Greater than 4.00% 3 0 0 0 3 Total $ 1,679 $ 0 $ 0 $ 1,342 $ 3,021 Individual Life - Variable / Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 36 $ 36 1.00% - 1.99% 164 0 2,681 363 3,208 2.00% - 2.99% 23 1,724 2,826 287 4,860 3.00% - 4.00% 7,386 2,024 1,308 11 10,729 Greater than 4.00% 5,560 0 0 0 5,560 Total $ 13,133 $ 3,748 $ 6,815 $ 697 $ 24,393 International Businesses - Life Planner Less than 1.00% $ 342 $ 26 $ 91 $ 1,136 $ 1,595 1.00% - 1.99% 2,915 24 0 0 2,939 2.00% - 2.99% 2,080 0 0 0 2,080 3.00% - 4.00% 333 0 0 0 333 Greater than 4.00% 388 0 0 0 388 Total $ 6,058 $ 50 $ 91 $ 1,136 $ 7,335 International Businesses - Gibraltar Life and Other Less than 1.00% $ 16,373 $ 0 $ 0 $ 0 $ 16,373 1.00% - 1.99% 9,143 68 0 0 9,211 2.00% - 2.99% 3,225 327 39 0 3,591 3.00% - 4.00% 3,943 0 0 0 3,943 Greater than 4.00% 2,612 0 0 0 2,612 Total $ 35,296 $ 395 $ 39 $ 0 $ 35,730 ____________ (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: Six Months Ended June 30, 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 436 71 9 516 Amortization expense (118) (9) (2) (129) Other adjustments 0 (56) (1) (57) FX adjustment 0 (26) (8) (34) Balance, EOP 4,931 339 93 5,363 Less: Reinsurance recoverables 404 0 0 404 Balance after reinsurance recoverables, EOP $ 4,527 $ 339 $ 93 $ 4,959 Other businesses 53 Total balance after reinsurance recoverables, EOP $ 5,012 Six Months Ended June 30, 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 412 69 11 492 Amortization expense (100) (4) (3) (107) Other adjustments 0 1 0 1 FX adjustment 0 (16) (4) (20) Balance, EOP 4,295 281 85 4,661 Less: Reinsurance recoverables 0 0 0 0 Balance after reinsurance recoverables, EOP $ 4,295 $ 281 $ 85 $ 4,661 Other businesses 47 Total balance after reinsurance recoverables, EOP $ 4,708 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: Six Months Ended June 30, 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 569 601 Claims paid (42) (59) Interest accrual 130 173 Actual in force different from expected (6) 36 Effect of changes in interest rates (909) (696) Effect of changes in equity markets (1,165) (1,389) Effect of assumption update 93 342 Issuances 29 5 Other adjustments 15 (22) Balance, EOP, before effect of changes in NPR 3,889 5,806 Effect of cumulative changes in NPR (942) (1,751) Balance, EOP 2,947 4,055 Less: Reinsured MRBs 635 637 Balance, EOP, net of reinsurance 2,312 3,418 Other businesses 47 93 Total net MRB balance $ 2,359 $ 3,511 In both 2024 and 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions on certain variable annuities. 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 specif |
Policyholders' Account Balances
Policyholders' Account Balances | 6 Months Ended |
Jun. 30, 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”) In 2024, the Company recognized a favorable impact to net income attributable to its annual reviews and update of assumptions and other refinements. The impact was favorable for direct and assumed Benefit Reserves and Deferred Profit Liability, net of the impact of flooring these liabilities at zero for each issue year cohort, primarily due to updates to mortality assumptions in Institutional Retirement Strategies and Long-Term Care, partially offset by unfavorable updates to policyholder behavior assumptions on certain life policies in International Businesses. Additionally, there was an unfavorable impact for direct and assumed Additional Insurance Reserves, primarily due to updates to policyholder behavior assumptions on universal life polices with secondary guarantees in Individual Life. In 2023, the Company recognized an unfavorable impact to net income attributable to its annual reviews and update of assumptions and other refinements. The impact was unfavorable for direct and assumed Benefit Reserves and Deferred Profit Liability, net of the impact of flooring these liabilities at zero for each issue year cohort, primarily due to updates to policyholder behavior and claim assumptions in Long-Term Care. Additionally, there was an unfavorable impact for direct and assumed Additional Insurance Reserves, primarily due to unfavorable model refinements, partially offset by updates to economic assumptions, including expected future rates of returns, on universal life polices with secondary guarantees in Individual Life. 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. Six Months Ended June 30, 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 assumption update 41 21 (328) (535) (276) (1,077) Effect of actual variances from expected experience and other activity 429 (131) (818) (529) 95 (954) Adjusted balance, BOP 83,746 11,392 28,514 25,925 3,121 152,698 Issuances 11,192 418 1,215 573 0 13,398 Net premiums / considerations collected (12,908) (692) (1,944) (1,678) (157) (17,379) Interest accrual 1,384 264 427 355 76 2,506 Foreign currency adjustment (898) 0 (1,960) (1,534) 0 (4,392) Other adjustments 0 (3) 82 0 0 79 Balance at original discount rate, EOP 82,516 11,379 26,334 23,641 3,040 146,910 Effect of cumulative changes in discount rate assumptions, EOP (15,077) (590) (1,347) (1,232) (128) (18,374) Balance, EOP $ 67,439 $ 10,789 $ 24,987 $ 22,409 $ 2,912 $ 128,536 Other businesses, EOP 89 Total balance, EOP $ 128,625 Six Months Ended June 30, 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 assumption update (481) 21 (106) (407) (394) (1,367) Effect of actual variances from expected experience and other activity 483 (149) (854) (508) 95 (933) Adjusted balance, BOP 155,888 20,058 79,425 85,476 12,443 353,290 Issuances 11,192 418 1,215 574 0 13,399 Interest accrual 3,003 470 1,282 1,089 303 6,147 Benefit payments (6,317) (795) (2,437) (2,632) (155) (12,336) Foreign currency adjustment (908) 0 (5,517) (5,656) 0 (12,081) Other adjustments (63) (10) 166 (4) 0 89 Balance at original discount rate, EOP 162,795 20,141 74,134 78,847 12,591 348,508 Effect of cumulative changes in discount rate assumptions, EOP (20,163) (1,108) (5,612) (11,151) (1,445) (39,479) Balance, EOP $ 142,632 $ 19,033 $ 68,522 $ 67,696 $ 11,146 $ 309,029 Other businesses, EOP 1,656 Total balance, EOP $ 310,685 Six Months Ended June 30, 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 $ 75,194 $ 8,243 $ 43,534 $ 45,287 $ 8,233 $ 180,491 Flooring impact, EOP 46 0 28 16 0 90 Balance, EOP, post-flooring 75,240 8,243 43,562 45,303 8,233 180,581 Less: Reinsurance recoverables 5,098 671 88 257 0 6,114 Balance after reinsurance recoverables, EOP, post-flooring $ 70,142 $ 7,572 $ 43,474 $ 45,046 $ 8,233 $ 174,467 Other businesses, EOP(1) 1,506 Total balance after reinsurance recoverables, EOP $ 175,973 Six Months Ended June 30, 2023 Present Value of Expected Net Premiums Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 52,620 $ 11,282 $ 30,689 $ 28,951 $ 2,932 $ 126,474 Effect of cumulative changes in discount rate assumptions, BOP 14,349 572 1,354 1,326 103 17,704 Balance at original discount rate, BOP 66,969 11,854 32,043 30,277 3,035 144,178 Effect of assumption update (1,117) (1) 78 (175) 266 (949) Effect of actual variances from expected experience and other activity 378 (81) (417) (332) 121 (331) Adjusted balance, BOP 66,230 11,772 31,704 29,770 3,422 142,898 Issuances 5,783 338 1,253 865 0 8,239 Net premiums / considerations collected (4,944) (711) (2,106) (1,928) (154) (9,843) Interest accrual 1,049 270 458 402 77 2,256 Foreign currency adjustment 3,816 0 (1,080) (1,214) 0 1,522 Other adjustments 0 0 93 0 0 93 Balance at original discount rate, EOP 71,934 11,669 30,322 27,895 3,345 145,165 Effect of cumulative changes in discount rate assumptions, EOP (18,002) (497) (594) (614) (89) (19,796) Balance, EOP $ 53,932 $ 11,172 $ 29,728 $ 27,281 $ 3,256 $ 125,369 Other businesses, EOP 85 Total balance, EOP $ 125,454 Six Months Ended June 30, 2023 Present Value of Expected Future Policy Benefits Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 117,754 $ 19,288 $ 78,639 $ 80,331 $ 10,685 $ 306,697 Effect of cumulative changes in discount rate assumptions, BOP 20,170 1,012 3,719 11,266 1,216 37,383 Balance at original discount rate, BOP 137,924 20,300 82,358 91,597 11,901 344,080 Effect of assumption update (1,289) (1) 145 44 357 (744) Effect of actual variances from expected experience and other activity 351 (96) (381) (323) 136 (313) Adjusted balance, BOP 136,986 20,203 82,122 91,318 12,394 343,023 Issuances 5,783 338 1,253 865 0 8,239 Interest accrual 2,457 472 1,325 1,162 292 5,708 Benefit payments (5,643) (779) (1,777) (2,270) (122) (10,591) Foreign currency adjustment 3,898 0 (3,243) (4,355) 0 (3,700) Other adjustments 4 (13) 179 (11) 0 159 Balance at original discount rate, EOP 143,485 20,221 79,859 86,709 12,564 342,838 Effect of cumulative changes in discount rate assumptions, EOP (22,882) (823) 715 (6,148) (999) (30,137) Balance, EOP $ 120,603 $ 19,398 $ 80,574 $ 80,561 $ 11,565 $ 312,701 Other businesses, EOP 1,707 Total balance, EOP $ 314,408 Six Months Ended June 30, 2023 Net Liability for Future Policy Benefits - Benefit Reserves Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, EOP, pre-flooring $ 66,671 $ 8,225 $ 50,846 $ 53,279 $ 8,309 $ 187,330 Flooring impact, EOP 1 0 17 2 0 20 Balance, EOP, post-flooring 66,672 8,225 50,863 53,281 8,309 187,350 Less: Reinsurance recoverables 0 707 104 211 0 1,022 Balance after reinsurance recoverables, EOP, post-flooring $ 66,672 $ 7,518 $ 50,759 $ 53,070 $ 8,309 $ 186,328 Other businesses, EOP(1) 1,553 Total balance after reinsurance recoverables, EOP $ 187,881 __________ (1) Reflects balance after reinsurance recoverables of $63 million and $71 million at June 30, 2024 and 2023, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Six Months Ended June 30, 2024 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 133,585 $ 22,965 $ 61,195 $ 49,376 $ 6,823 Discounted expected future gross premiums (at original discount rate) $ 89,770 $ 15,208 $ 47,373 $ 39,649 $ 4,521 Discounted expected future gross premiums (at current discount rate) $ 71,759 $ 14,451 $ 45,365 $ 37,697 $ 4,339 Undiscounted expected future benefits and expenses $ 255,559 $ 31,103 $ 126,349 $ 127,922 $ 29,860 Weighted-average duration of the liability in years (at original discount rate) 9 10 18 18 17 Weighted-average duration of the liability in years (at current discount rate) 8 9 17 15 16 Weighted-average interest rate (at original discount rate) 4.72 % 5.15 % 3.49 % 2.64 % 4.91 % Weighted-average interest rate (at current discount rate) 5.56 % 5.53 % 3.67 % 3.56 % 5.77 % Six Months Ended June 30, 2023 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 114,545 $ 23,200 $ 70,654 $ 57,912 $ 6,972 Discounted expected future gross premiums (at original discount rate) $ 79,109 $ 15,427 $ 54,694 $ 46,591 $ 4,561 Discounted expected future gross premiums (at current discount rate) $ 59,307 $ 14,789 $ 54,132 $ 45,778 $ 4,444 Undiscounted expected future benefits and expenses $ 220,313 $ 31,195 $ 140,232 $ 142,232 $ 30,913 Weighted-average duration of the liability in years (at original discount rate) 8 10 20 19 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) 4.39 % 5.18 % 3.45 % 2.57 % 4.91 % Weighted-average interest rate (at current discount rate) 5.30 % 5.28 % 2.85 % 2.75 % 5.47 % 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 six 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: Six Months Ended June 30, 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 assumption update 370 (150) (138) 82 Effect of actual variances from expected experience and other activity (30) (17) (29) (76) Adjusted balance, BOP 5,955 3,788 5,135 14,878 Profits deferred 89 778 568 1,435 Interest accrual 118 80 77 275 Amortization (292) (570) (492) (1,354) Foreign currency adjustment (2) (238) (254) (494) Other adjustments 0 17 0 17 Balance, EOP, pre-flooring 5,868 3,855 5,034 14,757 Flooring impact, EOP 0 1 1 2 Balance, EOP, post-flooring 5,868 3,856 5,035 14,759 Less: Reinsurance recoverables 401 9 30 440 Balance after reinsurance recoverables, EOP, post-flooring $ 5,467 $ 3,847 $ 5,005 14,319 Other businesses 154 Total balance after reinsurance recoverables, EOP $ 14,473 Six Months Ended June 30, 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 assumption update 35 (67) (228) (260) Effect of actual variances from expected experience and other activity 19 (4) (18) (3) Adjusted balance, BOP 5,586 3,308 5,014 13,908 Profits deferred 197 850 665 1,712 Interest accrual 113 71 76 260 Amortization (282) (579) (512) (1,373) Foreign currency adjustment 14 (72) (188) (246) Other adjustments 0 20 0 20 Balance, EOP, pre-flooring 5,628 3,598 5,055 14,281 Flooring impact, EOP 0 0 1 1 Balance, EOP, post-flooring 5,628 3,598 5,056 14,282 Less: Reinsurance recoverables 0 8 10 18 Balance after reinsurance recoverables, EOP, post-flooring $ 5,628 $ 3,590 $ 5,046 14,264 Other businesses 149 Total balance after reinsurance recoverables, EOP $ 14,413 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 for certain long-duration life contracts. 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: Six Months Ended June 30, 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 assumption update 153 23 Effect of actual variances from expected experience and other activity 150 26 Adjusted balance, BOP 15,454 14,018 Assessments collected(1) 591 518 Interest accrual 262 239 Benefits paid (168) (153) Other adjustments 13 0 Balance, excluding amounts in AOCI, EOP, pre-flooring 16,152 14,622 Flooring impact and amounts in AOCI (1,659) (1,109) Balance, including amounts in AOCI, EOP, post-flooring 14,493 13,513 Less: Reinsurance recoverables 7,026 5,484 Balance after reinsurance recoverables, including amounts in AOCI, EOP 7,467 8,029 Other businesses 63 147 Total balance after reinsurance recoverables $ 7,530 $ 8,176 __________ (1) Represents the portion of gross assessments required to fund the future policy benefits. Six Months Ended June 30, 2024 2023 Weighted-average duration of the liability in years (at original discount rate) 22 22 Weighted-average interest rate (at original discount rate) 3.40 % 3.39 % 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: Six Months Ended June 30, 2024 2023 (in millions) Benefit reserves, EOP, post-flooring $ 182,150 $ 188,974 Deferred Profit Liability EOP, post-flooring 14,913 14,431 Additional insurance reserves, including amounts in AOCI, EOP, post-flooring 14,556 13,660 Subtotal of amounts disclosed above 211,619 217,065 Other Future Policy Benefits reserves(1) 50,711 51,584 Total Future Policy Benefits $ 262,330 $ 268,649 __________ (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 in the Company's Consolidated Statement of Operations as of the periods indicated: Six Months Ended June 30, 2024 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 13,223 $ 922 $ 0 $ 2,971 $ 2,756 $ 273 $ 20,145 Deferred profit liability (254) 0 0 (138) 14 (7) (385) Additional insurance reserves 0 0 1,622 0 0 0 1,622 Total $ 12,969 $ 922 $ 1,622 $ 2,833 $ 2,770 $ 266 $ 21,382 Six Months Ended June 30, 2023 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 5,335 $ 923 $ 0 $ 3,340 $ 3,174 $ 273 $ 13,045 Deferred profit liability (83) 0 0 (291) 18 34 (322) Additional insurance reserves 0 0 1,547 0 0 0 1,547 Total $ 5,252 $ 923 $ 1,547 $ 3,049 $ 3,192 $ 307 $ 14,270 Six Months Ended June 30, 2024 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 1,619 $ 206 $ 0 $ 855 $ 734 $ 253 $ 3,667 Deferred profit liability 118 0 0 80 77 2 277 Additional insurance reserves 0 0 262 1 0 0 263 Total $ 1,737 $ 206 $ 262 $ 936 $ 811 $ 255 $ 4,207 Six Months Ended June 30, 2023 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 1,408 $ 202 $ 0 $ 867 $ 760 $ 242 $ 3,479 Deferred profit liability 113 0 0 71 76 2 262 Additional insurance reserves 0 0 239 0 0 1 240 Total $ 1,521 $ 202 $ 239 $ 938 $ 836 $ 245 $ 3,981 __________ (1) Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments for DPL and gross assessments for AIR. The balances of and changes in policyholders' account balances as of and for the periods ended are as follows: Six Months Ended June 30, 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 3,466 3,755 2,815 491 1,224 1,048 3,207 16,006 Interest credited 356 224 105 75 379 624 444 2,207 Acquisitions and dispositions 0 0 0 0 0 (336) 0 (336) Policy charges (6) (12) 0 (164) (1,023) (161) (144) (1,510) Surrenders and withdrawals (2,514) (442) (338) (849) (821) (153) (883) (6,000) Benefit payments (292) (38) (37) 0 (69) (135) (1,122) (1,693) Net transfers (to) from separate account 0 49 0 (6) 285 0 0 328 Change in market value and other adjustments(1) 1 1,171 125 0 75 (11) (14) 1,347 Foreign currency adjustment 0 0 0 0 0 (1,155) (1,146) (2,301) Balance, EOP $ 18,749 $ 28,472 $ 9,765 $ 4,840 $ 27,489 $ 12,670 $ 38,792 $ 140,777 Closed Block Division 4,424 Unearned revenue reserve, unearned expense credit, and additional interest reserve 5,622 Other(2) 4,168 Total Policyholders' account balance $ 154,991 Weighted-average crediting rate 3.90 % 1.71 % 2.49 % 2.96 % 2.76 % 9.75 % 2.30 % 3.23 % Net amount at risk(3) $ 0 $ 0 $ 0 $ 74,276 $ 389,142 $ 18,168 $ 5,887 $ 487,473 Cash surrender value(4) $ 18,749 $ 26,972 $ 8,193 $ 3,794 $ 23,664 $ 11,284 $ 34,059 $ 126,715 Six Months Ended June 30, 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 2,513 2,230 1,206 523 1,190 1,150 2,818 11,630 Interest credited 335 148 60 84 391 513 354 1,885 Acquisitions and Dispositions 0 0 0 0 0 0 0 0 Policy charges (11) (11) (3) (161) (1,024) (150) (87) (1,447) Surrenders and withdrawals (2,295) (332) (196) (826) (859) (96) (582) (5,186) Benefit payments (272) (40) (40) 0 (81) (137) (1,002) (1,572) Net transfers (to) from separate account 0 16 0 0 1,155 0 0 1,171 Change in market value and other adjustments(1) 0 1,052 70 0 148 14 (2) 1,282 Foreign currency adjustment 0 0 0 0 0 (798) (888) (1,686) Balance, EOP $ 17,646 $ 20,587 $ 5,740 $ 5,459 $ 27,422 $ 11,664 $ 35,936 $ 124,454 Closed Block Division 4,543 Unearned revenue reserve, unearned expense credit, and additional interest reserve 4,930 Other(2) 4,816 Total Policyholders' account balance $ 138,743 Weighted-average crediting rate 3.83 % 1.55 % 2.32 % 2.99 % 2.90 % 8.98 % 1.99 % 3.11 % Net amount at risk(3) $ 0 $ 0 $ 0 $ 72,764 $ 373,992 $ 17,126 $ 6,472 $ 470,354 Cash surrender value(4) $ 17,646 $ 18,638 $ 4,541 $ 3,992 $ 22,936 $ 10,046 $ 31,477 $ 109,276 __________ (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 $5,832 million of Full Service account balances reinsured to Great-West as of June 30, 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 $5,436 million and $5,502 million at June 30, 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 two months to five years. Included in the amounts at June 30, 2024 and 2023 are funding agreements that secure the medium-term note liability, which are carried at amortized cost, of $3,474 million and $3,470 million, respectively, and short-term note liability of $1,994 million and $2,068 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 June 30, 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: June 30, 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% $ 503 $ 0 $ 0 $ 0 $ 503 1.00% - 1.99% 1,519 0 0 0 1,519 2.00% - 2.99% 608 0 0 0 608 3.00% - 4.00% 4,674 0 0 0 4,674 Greater than 4.00% 2,118 0 0 0 2,118 Total $ 9,422 $ 0 $ 0 $ 0 $ 9,422 Retirement Strategies - Individual Variable Less than 1.00% $ 618 $ 651 $ 254 $ 0 $ 1,523 1.00% - 1.99% 187 118 2 0 307 2.00% - 2.99% 24 5 4 0 33 3.00% - 4.00% 1,811 7 9 0 1,827 Greater than 4.00% 90 0 0 0 90 Total $ 2,730 $ 781 $ 269 $ 0 $ 3,780 Retirement Strategies - Individual Fixed Less than 1.00% $ 0 $ 4 $ 10 $ 707 $ 721 1.00% - 1.99% 482 96 234 79 891 2.00% - 2.99% 548 461 563 16 1,588 3.00% - 4.00% 1,036 76 8 2 1,122 Greater than 4.00% 90 0 0 0 90 Total $ 2,156 $ 637 $ 815 $ 804 $ 4,412 Group Insurance - Life / Disability Less than 1.00% $ 0 $ 0 $ 0 $ 921 $ 921 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 27 0 0 0 27 3.00% - 4.00% 1,448 0 0 62 1,510 Greater than 4.00% 72 0 0 0 72 Total $ 1,547 $ 0 $ 0 $ 983 $ 2,530 Individual Life - Variable / Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 324 $ 324 1.00% - 1.99% 247 0 1,678 1,848 3,773 2.00% - 2.99% 31 1,480 2,837 448 4,796 3.00% - 4.00% 4,300 3,897 1,342 28 9,567 Greater than 4.00% 5,433 0 0 0 5,433 Total $ 10,011 $ 5,377 $ 5,857 $ 2,648 $ 23,893 International Businesses - Life Planner Less than 1.00% $ 298 $ 40 $ 83 $ 2,560 $ 2,981 1.00% - 1.99% 2,601 25 0 0 2,626 2.00% - 2.99% 1,861 0 0 0 1,861 3.00% - 4.00% 351 0 0 0 351 Greater than 4.00% 375 0 0 0 375 Total $ 5,486 $ 65 $ 83 $ 2,560 $ 8,194 International Businesses - Gibraltar Life and Other Less than 1.00% $ 15,348 $ 0 $ 0 $ 0 $ 15,348 1.00% - 1.99% 7,844 57 0 0 7,901 2.00% - 2.99% 2,894 293 32 0 3,219 3.00% - 4.00% 5,501 0 0 0 5,501 Greater than 4.00% 6,728 0 0 0 6,728 Total $ 38,315 $ 350 $ 32 $ 0 $ 38,697 June 30, 2023 Range of Guaranteed Minimum Crediting Rate (1) At guaranteed minimum 1 - 50 bps above guaranteed minimum 51 - 150 bps above guaranteed minimum Greater than 150 bps above guaranteed minimum Total (in millions) Retirement Strategies - Institutional Less than 1.00% $ 401 $ 0 $ 0 $ 0 $ 401 1.00% - 1.99% 1,565 0 0 0 1,565 2.00% - 2.99% 557 0 0 0 557 3.00% - 4.00% 5,891 0 0 0 5,891 Greater than 4.00% 1,728 0 0 0 1,728 Total $ 10,142 $ 0 $ 0 $ 0 $ 10,142 Retirement Strategies - Individual Variable Less than 1.00% $ 973 $ 834 $ 18 $ 0 $ 1,825 1.00% - 1.99% 232 2 1 0 235 2.00% - 2.99% 30 5 0 0 35 3.00% - 4.00% 2,119 8 10 0 2,137 Greater than 4.00% 101 0 0 0 101 Total $ 3,455 $ 849 $ 29 $ 0 $ 4,333 Retirement Strategies - Individual Fixed Less than 1.00% $ 0 $ 0 $ 0 $ 0 $ 0 1.00% - 1.99% 559 136 245 84 1,024 2.00% - 2.99% 519 467 48 11 1,045 3.00% - 4.00% 355 8 0 0 363 Greater than 4.00% 100 0 0 0 100 Total $ 1,533 $ 611 $ 293 $ 95 $ 2,532 Group Insurance - Life / Disability Less than 1.00% $ 0 $ 0 $ 0 $ 1,342 $ 1,342 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 55 0 0 0 55 3.00% - 4.00% 1,621 0 0 0 1,621 Greater than 4.00% 3 0 0 0 3 Total $ 1,679 $ 0 $ 0 $ 1,342 $ 3,021 Individual Life - Variable / Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 36 $ 36 1.00% - 1.99% 164 0 2,681 363 3,208 2.00% - 2.99% 23 1,724 2,826 287 4,860 3.00% - 4.00% 7,386 2,024 1,308 11 10,729 Greater than 4.00% 5,560 0 0 0 5,560 Total $ 13,133 $ 3,748 $ 6,815 $ 697 $ 24,393 International Businesses - Life Planner Less than 1.00% $ 342 $ 26 $ 91 $ 1,136 $ 1,595 1.00% - 1.99% 2,915 24 0 0 2,939 2.00% - 2.99% 2,080 0 0 0 2,080 3.00% - 4.00% 333 0 0 0 333 Greater than 4.00% 388 0 0 0 388 Total $ 6,058 $ 50 $ 91 $ 1,136 $ 7,335 International Businesses - Gibraltar Life and Other Less than 1.00% $ 16,373 $ 0 $ 0 $ 0 $ 16,373 1.00% - 1.99% 9,143 68 0 0 9,211 2.00% - 2.99% 3,225 327 39 0 3,591 3.00% - 4.00% 3,943 0 0 0 3,943 Greater than 4.00% 2,612 0 0 0 2,612 Total $ 35,296 $ 395 $ 39 $ 0 $ 35,730 ____________ (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: Six Months Ended June 30, 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 436 71 9 516 Amortization expense (118) (9) (2) (129) Other adjustments 0 (56) (1) (57) FX adjustment 0 (26) (8) (34) Balance, EOP 4,931 339 93 5,363 Less: Reinsurance recoverables 404 0 0 404 Balance after reinsurance recoverables, EOP $ 4,527 $ 339 $ 93 $ 4,959 Other businesses 53 Total balance after reinsurance recoverables, EOP $ 5,012 Six Months Ended June 30, 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 412 69 11 492 Amortization expense (100) (4) (3) (107) Other adjustments 0 1 0 1 FX adjustment 0 (16) (4) (20) Balance, EOP 4,295 281 85 4,661 Less: Reinsurance recoverables 0 0 0 0 Balance after reinsurance recoverables, EOP $ 4,295 $ 281 $ 85 $ 4,661 Other businesses 47 Total balance after reinsurance recoverables, EOP $ 4,708 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: Six Months Ended June 30, 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 569 601 Claims paid (42) (59) Interest accrual 130 173 Actual in force different from expected (6) 36 Effect of changes in interest rates (909) (696) Effect of changes in equity markets (1,165) (1,389) Effect of assumption update 93 342 Issuances 29 5 Other adjustments 15 (22) Balance, EOP, before effect of changes in NPR 3,889 5,806 Effect of cumulative changes in NPR (942) (1,751) Balance, EOP 2,947 4,055 Less: Reinsured MRBs 635 637 Balance, EOP, net of reinsurance 2,312 3,418 Other businesses 47 93 Total net MRB balance $ 2,359 $ 3,511 In both 2024 and 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions on certain variable annuities. 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 specif |
Market Risk Benefits
Market Risk Benefits | 6 Months Ended |
Jun. 30, 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”) In 2024, the Company recognized a favorable impact to net income attributable to its annual reviews and update of assumptions and other refinements. The impact was favorable for direct and assumed Benefit Reserves and Deferred Profit Liability, net of the impact of flooring these liabilities at zero for each issue year cohort, primarily due to updates to mortality assumptions in Institutional Retirement Strategies and Long-Term Care, partially offset by unfavorable updates to policyholder behavior assumptions on certain life policies in International Businesses. Additionally, there was an unfavorable impact for direct and assumed Additional Insurance Reserves, primarily due to updates to policyholder behavior assumptions on universal life polices with secondary guarantees in Individual Life. In 2023, the Company recognized an unfavorable impact to net income attributable to its annual reviews and update of assumptions and other refinements. The impact was unfavorable for direct and assumed Benefit Reserves and Deferred Profit Liability, net of the impact of flooring these liabilities at zero for each issue year cohort, primarily due to updates to policyholder behavior and claim assumptions in Long-Term Care. Additionally, there was an unfavorable impact for direct and assumed Additional Insurance Reserves, primarily due to unfavorable model refinements, partially offset by updates to economic assumptions, including expected future rates of returns, on universal life polices with secondary guarantees in Individual Life. 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. Six Months Ended June 30, 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 assumption update 41 21 (328) (535) (276) (1,077) Effect of actual variances from expected experience and other activity 429 (131) (818) (529) 95 (954) Adjusted balance, BOP 83,746 11,392 28,514 25,925 3,121 152,698 Issuances 11,192 418 1,215 573 0 13,398 Net premiums / considerations collected (12,908) (692) (1,944) (1,678) (157) (17,379) Interest accrual 1,384 264 427 355 76 2,506 Foreign currency adjustment (898) 0 (1,960) (1,534) 0 (4,392) Other adjustments 0 (3) 82 0 0 79 Balance at original discount rate, EOP 82,516 11,379 26,334 23,641 3,040 146,910 Effect of cumulative changes in discount rate assumptions, EOP (15,077) (590) (1,347) (1,232) (128) (18,374) Balance, EOP $ 67,439 $ 10,789 $ 24,987 $ 22,409 $ 2,912 $ 128,536 Other businesses, EOP 89 Total balance, EOP $ 128,625 Six Months Ended June 30, 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 assumption update (481) 21 (106) (407) (394) (1,367) Effect of actual variances from expected experience and other activity 483 (149) (854) (508) 95 (933) Adjusted balance, BOP 155,888 20,058 79,425 85,476 12,443 353,290 Issuances 11,192 418 1,215 574 0 13,399 Interest accrual 3,003 470 1,282 1,089 303 6,147 Benefit payments (6,317) (795) (2,437) (2,632) (155) (12,336) Foreign currency adjustment (908) 0 (5,517) (5,656) 0 (12,081) Other adjustments (63) (10) 166 (4) 0 89 Balance at original discount rate, EOP 162,795 20,141 74,134 78,847 12,591 348,508 Effect of cumulative changes in discount rate assumptions, EOP (20,163) (1,108) (5,612) (11,151) (1,445) (39,479) Balance, EOP $ 142,632 $ 19,033 $ 68,522 $ 67,696 $ 11,146 $ 309,029 Other businesses, EOP 1,656 Total balance, EOP $ 310,685 Six Months Ended June 30, 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 $ 75,194 $ 8,243 $ 43,534 $ 45,287 $ 8,233 $ 180,491 Flooring impact, EOP 46 0 28 16 0 90 Balance, EOP, post-flooring 75,240 8,243 43,562 45,303 8,233 180,581 Less: Reinsurance recoverables 5,098 671 88 257 0 6,114 Balance after reinsurance recoverables, EOP, post-flooring $ 70,142 $ 7,572 $ 43,474 $ 45,046 $ 8,233 $ 174,467 Other businesses, EOP(1) 1,506 Total balance after reinsurance recoverables, EOP $ 175,973 Six Months Ended June 30, 2023 Present Value of Expected Net Premiums Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 52,620 $ 11,282 $ 30,689 $ 28,951 $ 2,932 $ 126,474 Effect of cumulative changes in discount rate assumptions, BOP 14,349 572 1,354 1,326 103 17,704 Balance at original discount rate, BOP 66,969 11,854 32,043 30,277 3,035 144,178 Effect of assumption update (1,117) (1) 78 (175) 266 (949) Effect of actual variances from expected experience and other activity 378 (81) (417) (332) 121 (331) Adjusted balance, BOP 66,230 11,772 31,704 29,770 3,422 142,898 Issuances 5,783 338 1,253 865 0 8,239 Net premiums / considerations collected (4,944) (711) (2,106) (1,928) (154) (9,843) Interest accrual 1,049 270 458 402 77 2,256 Foreign currency adjustment 3,816 0 (1,080) (1,214) 0 1,522 Other adjustments 0 0 93 0 0 93 Balance at original discount rate, EOP 71,934 11,669 30,322 27,895 3,345 145,165 Effect of cumulative changes in discount rate assumptions, EOP (18,002) (497) (594) (614) (89) (19,796) Balance, EOP $ 53,932 $ 11,172 $ 29,728 $ 27,281 $ 3,256 $ 125,369 Other businesses, EOP 85 Total balance, EOP $ 125,454 Six Months Ended June 30, 2023 Present Value of Expected Future Policy Benefits Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 117,754 $ 19,288 $ 78,639 $ 80,331 $ 10,685 $ 306,697 Effect of cumulative changes in discount rate assumptions, BOP 20,170 1,012 3,719 11,266 1,216 37,383 Balance at original discount rate, BOP 137,924 20,300 82,358 91,597 11,901 344,080 Effect of assumption update (1,289) (1) 145 44 357 (744) Effect of actual variances from expected experience and other activity 351 (96) (381) (323) 136 (313) Adjusted balance, BOP 136,986 20,203 82,122 91,318 12,394 343,023 Issuances 5,783 338 1,253 865 0 8,239 Interest accrual 2,457 472 1,325 1,162 292 5,708 Benefit payments (5,643) (779) (1,777) (2,270) (122) (10,591) Foreign currency adjustment 3,898 0 (3,243) (4,355) 0 (3,700) Other adjustments 4 (13) 179 (11) 0 159 Balance at original discount rate, EOP 143,485 20,221 79,859 86,709 12,564 342,838 Effect of cumulative changes in discount rate assumptions, EOP (22,882) (823) 715 (6,148) (999) (30,137) Balance, EOP $ 120,603 $ 19,398 $ 80,574 $ 80,561 $ 11,565 $ 312,701 Other businesses, EOP 1,707 Total balance, EOP $ 314,408 Six Months Ended June 30, 2023 Net Liability for Future Policy Benefits - Benefit Reserves Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, EOP, pre-flooring $ 66,671 $ 8,225 $ 50,846 $ 53,279 $ 8,309 $ 187,330 Flooring impact, EOP 1 0 17 2 0 20 Balance, EOP, post-flooring 66,672 8,225 50,863 53,281 8,309 187,350 Less: Reinsurance recoverables 0 707 104 211 0 1,022 Balance after reinsurance recoverables, EOP, post-flooring $ 66,672 $ 7,518 $ 50,759 $ 53,070 $ 8,309 $ 186,328 Other businesses, EOP(1) 1,553 Total balance after reinsurance recoverables, EOP $ 187,881 __________ (1) Reflects balance after reinsurance recoverables of $63 million and $71 million at June 30, 2024 and 2023, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Six Months Ended June 30, 2024 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 133,585 $ 22,965 $ 61,195 $ 49,376 $ 6,823 Discounted expected future gross premiums (at original discount rate) $ 89,770 $ 15,208 $ 47,373 $ 39,649 $ 4,521 Discounted expected future gross premiums (at current discount rate) $ 71,759 $ 14,451 $ 45,365 $ 37,697 $ 4,339 Undiscounted expected future benefits and expenses $ 255,559 $ 31,103 $ 126,349 $ 127,922 $ 29,860 Weighted-average duration of the liability in years (at original discount rate) 9 10 18 18 17 Weighted-average duration of the liability in years (at current discount rate) 8 9 17 15 16 Weighted-average interest rate (at original discount rate) 4.72 % 5.15 % 3.49 % 2.64 % 4.91 % Weighted-average interest rate (at current discount rate) 5.56 % 5.53 % 3.67 % 3.56 % 5.77 % Six Months Ended June 30, 2023 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 114,545 $ 23,200 $ 70,654 $ 57,912 $ 6,972 Discounted expected future gross premiums (at original discount rate) $ 79,109 $ 15,427 $ 54,694 $ 46,591 $ 4,561 Discounted expected future gross premiums (at current discount rate) $ 59,307 $ 14,789 $ 54,132 $ 45,778 $ 4,444 Undiscounted expected future benefits and expenses $ 220,313 $ 31,195 $ 140,232 $ 142,232 $ 30,913 Weighted-average duration of the liability in years (at original discount rate) 8 10 20 19 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) 4.39 % 5.18 % 3.45 % 2.57 % 4.91 % Weighted-average interest rate (at current discount rate) 5.30 % 5.28 % 2.85 % 2.75 % 5.47 % 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 six 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: Six Months Ended June 30, 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 assumption update 370 (150) (138) 82 Effect of actual variances from expected experience and other activity (30) (17) (29) (76) Adjusted balance, BOP 5,955 3,788 5,135 14,878 Profits deferred 89 778 568 1,435 Interest accrual 118 80 77 275 Amortization (292) (570) (492) (1,354) Foreign currency adjustment (2) (238) (254) (494) Other adjustments 0 17 0 17 Balance, EOP, pre-flooring 5,868 3,855 5,034 14,757 Flooring impact, EOP 0 1 1 2 Balance, EOP, post-flooring 5,868 3,856 5,035 14,759 Less: Reinsurance recoverables 401 9 30 440 Balance after reinsurance recoverables, EOP, post-flooring $ 5,467 $ 3,847 $ 5,005 14,319 Other businesses 154 Total balance after reinsurance recoverables, EOP $ 14,473 Six Months Ended June 30, 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 assumption update 35 (67) (228) (260) Effect of actual variances from expected experience and other activity 19 (4) (18) (3) Adjusted balance, BOP 5,586 3,308 5,014 13,908 Profits deferred 197 850 665 1,712 Interest accrual 113 71 76 260 Amortization (282) (579) (512) (1,373) Foreign currency adjustment 14 (72) (188) (246) Other adjustments 0 20 0 20 Balance, EOP, pre-flooring 5,628 3,598 5,055 14,281 Flooring impact, EOP 0 0 1 1 Balance, EOP, post-flooring 5,628 3,598 5,056 14,282 Less: Reinsurance recoverables 0 8 10 18 Balance after reinsurance recoverables, EOP, post-flooring $ 5,628 $ 3,590 $ 5,046 14,264 Other businesses 149 Total balance after reinsurance recoverables, EOP $ 14,413 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 for certain long-duration life contracts. 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: Six Months Ended June 30, 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 assumption update 153 23 Effect of actual variances from expected experience and other activity 150 26 Adjusted balance, BOP 15,454 14,018 Assessments collected(1) 591 518 Interest accrual 262 239 Benefits paid (168) (153) Other adjustments 13 0 Balance, excluding amounts in AOCI, EOP, pre-flooring 16,152 14,622 Flooring impact and amounts in AOCI (1,659) (1,109) Balance, including amounts in AOCI, EOP, post-flooring 14,493 13,513 Less: Reinsurance recoverables 7,026 5,484 Balance after reinsurance recoverables, including amounts in AOCI, EOP 7,467 8,029 Other businesses 63 147 Total balance after reinsurance recoverables $ 7,530 $ 8,176 __________ (1) Represents the portion of gross assessments required to fund the future policy benefits. Six Months Ended June 30, 2024 2023 Weighted-average duration of the liability in years (at original discount rate) 22 22 Weighted-average interest rate (at original discount rate) 3.40 % 3.39 % 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: Six Months Ended June 30, 2024 2023 (in millions) Benefit reserves, EOP, post-flooring $ 182,150 $ 188,974 Deferred Profit Liability EOP, post-flooring 14,913 14,431 Additional insurance reserves, including amounts in AOCI, EOP, post-flooring 14,556 13,660 Subtotal of amounts disclosed above 211,619 217,065 Other Future Policy Benefits reserves(1) 50,711 51,584 Total Future Policy Benefits $ 262,330 $ 268,649 __________ (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 in the Company's Consolidated Statement of Operations as of the periods indicated: Six Months Ended June 30, 2024 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 13,223 $ 922 $ 0 $ 2,971 $ 2,756 $ 273 $ 20,145 Deferred profit liability (254) 0 0 (138) 14 (7) (385) Additional insurance reserves 0 0 1,622 0 0 0 1,622 Total $ 12,969 $ 922 $ 1,622 $ 2,833 $ 2,770 $ 266 $ 21,382 Six Months Ended June 30, 2023 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 5,335 $ 923 $ 0 $ 3,340 $ 3,174 $ 273 $ 13,045 Deferred profit liability (83) 0 0 (291) 18 34 (322) Additional insurance reserves 0 0 1,547 0 0 0 1,547 Total $ 5,252 $ 923 $ 1,547 $ 3,049 $ 3,192 $ 307 $ 14,270 Six Months Ended June 30, 2024 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 1,619 $ 206 $ 0 $ 855 $ 734 $ 253 $ 3,667 Deferred profit liability 118 0 0 80 77 2 277 Additional insurance reserves 0 0 262 1 0 0 263 Total $ 1,737 $ 206 $ 262 $ 936 $ 811 $ 255 $ 4,207 Six Months Ended June 30, 2023 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 1,408 $ 202 $ 0 $ 867 $ 760 $ 242 $ 3,479 Deferred profit liability 113 0 0 71 76 2 262 Additional insurance reserves 0 0 239 0 0 1 240 Total $ 1,521 $ 202 $ 239 $ 938 $ 836 $ 245 $ 3,981 __________ (1) Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments for DPL and gross assessments for AIR. The balances of and changes in policyholders' account balances as of and for the periods ended are as follows: Six Months Ended June 30, 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 3,466 3,755 2,815 491 1,224 1,048 3,207 16,006 Interest credited 356 224 105 75 379 624 444 2,207 Acquisitions and dispositions 0 0 0 0 0 (336) 0 (336) Policy charges (6) (12) 0 (164) (1,023) (161) (144) (1,510) Surrenders and withdrawals (2,514) (442) (338) (849) (821) (153) (883) (6,000) Benefit payments (292) (38) (37) 0 (69) (135) (1,122) (1,693) Net transfers (to) from separate account 0 49 0 (6) 285 0 0 328 Change in market value and other adjustments(1) 1 1,171 125 0 75 (11) (14) 1,347 Foreign currency adjustment 0 0 0 0 0 (1,155) (1,146) (2,301) Balance, EOP $ 18,749 $ 28,472 $ 9,765 $ 4,840 $ 27,489 $ 12,670 $ 38,792 $ 140,777 Closed Block Division 4,424 Unearned revenue reserve, unearned expense credit, and additional interest reserve 5,622 Other(2) 4,168 Total Policyholders' account balance $ 154,991 Weighted-average crediting rate 3.90 % 1.71 % 2.49 % 2.96 % 2.76 % 9.75 % 2.30 % 3.23 % Net amount at risk(3) $ 0 $ 0 $ 0 $ 74,276 $ 389,142 $ 18,168 $ 5,887 $ 487,473 Cash surrender value(4) $ 18,749 $ 26,972 $ 8,193 $ 3,794 $ 23,664 $ 11,284 $ 34,059 $ 126,715 Six Months Ended June 30, 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 2,513 2,230 1,206 523 1,190 1,150 2,818 11,630 Interest credited 335 148 60 84 391 513 354 1,885 Acquisitions and Dispositions 0 0 0 0 0 0 0 0 Policy charges (11) (11) (3) (161) (1,024) (150) (87) (1,447) Surrenders and withdrawals (2,295) (332) (196) (826) (859) (96) (582) (5,186) Benefit payments (272) (40) (40) 0 (81) (137) (1,002) (1,572) Net transfers (to) from separate account 0 16 0 0 1,155 0 0 1,171 Change in market value and other adjustments(1) 0 1,052 70 0 148 14 (2) 1,282 Foreign currency adjustment 0 0 0 0 0 (798) (888) (1,686) Balance, EOP $ 17,646 $ 20,587 $ 5,740 $ 5,459 $ 27,422 $ 11,664 $ 35,936 $ 124,454 Closed Block Division 4,543 Unearned revenue reserve, unearned expense credit, and additional interest reserve 4,930 Other(2) 4,816 Total Policyholders' account balance $ 138,743 Weighted-average crediting rate 3.83 % 1.55 % 2.32 % 2.99 % 2.90 % 8.98 % 1.99 % 3.11 % Net amount at risk(3) $ 0 $ 0 $ 0 $ 72,764 $ 373,992 $ 17,126 $ 6,472 $ 470,354 Cash surrender value(4) $ 17,646 $ 18,638 $ 4,541 $ 3,992 $ 22,936 $ 10,046 $ 31,477 $ 109,276 __________ (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 $5,832 million of Full Service account balances reinsured to Great-West as of June 30, 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 $5,436 million and $5,502 million at June 30, 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 two months to five years. Included in the amounts at June 30, 2024 and 2023 are funding agreements that secure the medium-term note liability, which are carried at amortized cost, of $3,474 million and $3,470 million, respectively, and short-term note liability of $1,994 million and $2,068 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 June 30, 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: June 30, 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% $ 503 $ 0 $ 0 $ 0 $ 503 1.00% - 1.99% 1,519 0 0 0 1,519 2.00% - 2.99% 608 0 0 0 608 3.00% - 4.00% 4,674 0 0 0 4,674 Greater than 4.00% 2,118 0 0 0 2,118 Total $ 9,422 $ 0 $ 0 $ 0 $ 9,422 Retirement Strategies - Individual Variable Less than 1.00% $ 618 $ 651 $ 254 $ 0 $ 1,523 1.00% - 1.99% 187 118 2 0 307 2.00% - 2.99% 24 5 4 0 33 3.00% - 4.00% 1,811 7 9 0 1,827 Greater than 4.00% 90 0 0 0 90 Total $ 2,730 $ 781 $ 269 $ 0 $ 3,780 Retirement Strategies - Individual Fixed Less than 1.00% $ 0 $ 4 $ 10 $ 707 $ 721 1.00% - 1.99% 482 96 234 79 891 2.00% - 2.99% 548 461 563 16 1,588 3.00% - 4.00% 1,036 76 8 2 1,122 Greater than 4.00% 90 0 0 0 90 Total $ 2,156 $ 637 $ 815 $ 804 $ 4,412 Group Insurance - Life / Disability Less than 1.00% $ 0 $ 0 $ 0 $ 921 $ 921 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 27 0 0 0 27 3.00% - 4.00% 1,448 0 0 62 1,510 Greater than 4.00% 72 0 0 0 72 Total $ 1,547 $ 0 $ 0 $ 983 $ 2,530 Individual Life - Variable / Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 324 $ 324 1.00% - 1.99% 247 0 1,678 1,848 3,773 2.00% - 2.99% 31 1,480 2,837 448 4,796 3.00% - 4.00% 4,300 3,897 1,342 28 9,567 Greater than 4.00% 5,433 0 0 0 5,433 Total $ 10,011 $ 5,377 $ 5,857 $ 2,648 $ 23,893 International Businesses - Life Planner Less than 1.00% $ 298 $ 40 $ 83 $ 2,560 $ 2,981 1.00% - 1.99% 2,601 25 0 0 2,626 2.00% - 2.99% 1,861 0 0 0 1,861 3.00% - 4.00% 351 0 0 0 351 Greater than 4.00% 375 0 0 0 375 Total $ 5,486 $ 65 $ 83 $ 2,560 $ 8,194 International Businesses - Gibraltar Life and Other Less than 1.00% $ 15,348 $ 0 $ 0 $ 0 $ 15,348 1.00% - 1.99% 7,844 57 0 0 7,901 2.00% - 2.99% 2,894 293 32 0 3,219 3.00% - 4.00% 5,501 0 0 0 5,501 Greater than 4.00% 6,728 0 0 0 6,728 Total $ 38,315 $ 350 $ 32 $ 0 $ 38,697 June 30, 2023 Range of Guaranteed Minimum Crediting Rate (1) At guaranteed minimum 1 - 50 bps above guaranteed minimum 51 - 150 bps above guaranteed minimum Greater than 150 bps above guaranteed minimum Total (in millions) Retirement Strategies - Institutional Less than 1.00% $ 401 $ 0 $ 0 $ 0 $ 401 1.00% - 1.99% 1,565 0 0 0 1,565 2.00% - 2.99% 557 0 0 0 557 3.00% - 4.00% 5,891 0 0 0 5,891 Greater than 4.00% 1,728 0 0 0 1,728 Total $ 10,142 $ 0 $ 0 $ 0 $ 10,142 Retirement Strategies - Individual Variable Less than 1.00% $ 973 $ 834 $ 18 $ 0 $ 1,825 1.00% - 1.99% 232 2 1 0 235 2.00% - 2.99% 30 5 0 0 35 3.00% - 4.00% 2,119 8 10 0 2,137 Greater than 4.00% 101 0 0 0 101 Total $ 3,455 $ 849 $ 29 $ 0 $ 4,333 Retirement Strategies - Individual Fixed Less than 1.00% $ 0 $ 0 $ 0 $ 0 $ 0 1.00% - 1.99% 559 136 245 84 1,024 2.00% - 2.99% 519 467 48 11 1,045 3.00% - 4.00% 355 8 0 0 363 Greater than 4.00% 100 0 0 0 100 Total $ 1,533 $ 611 $ 293 $ 95 $ 2,532 Group Insurance - Life / Disability Less than 1.00% $ 0 $ 0 $ 0 $ 1,342 $ 1,342 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 55 0 0 0 55 3.00% - 4.00% 1,621 0 0 0 1,621 Greater than 4.00% 3 0 0 0 3 Total $ 1,679 $ 0 $ 0 $ 1,342 $ 3,021 Individual Life - Variable / Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 36 $ 36 1.00% - 1.99% 164 0 2,681 363 3,208 2.00% - 2.99% 23 1,724 2,826 287 4,860 3.00% - 4.00% 7,386 2,024 1,308 11 10,729 Greater than 4.00% 5,560 0 0 0 5,560 Total $ 13,133 $ 3,748 $ 6,815 $ 697 $ 24,393 International Businesses - Life Planner Less than 1.00% $ 342 $ 26 $ 91 $ 1,136 $ 1,595 1.00% - 1.99% 2,915 24 0 0 2,939 2.00% - 2.99% 2,080 0 0 0 2,080 3.00% - 4.00% 333 0 0 0 333 Greater than 4.00% 388 0 0 0 388 Total $ 6,058 $ 50 $ 91 $ 1,136 $ 7,335 International Businesses - Gibraltar Life and Other Less than 1.00% $ 16,373 $ 0 $ 0 $ 0 $ 16,373 1.00% - 1.99% 9,143 68 0 0 9,211 2.00% - 2.99% 3,225 327 39 0 3,591 3.00% - 4.00% 3,943 0 0 0 3,943 Greater than 4.00% 2,612 0 0 0 2,612 Total $ 35,296 $ 395 $ 39 $ 0 $ 35,730 ____________ (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: Six Months Ended June 30, 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 436 71 9 516 Amortization expense (118) (9) (2) (129) Other adjustments 0 (56) (1) (57) FX adjustment 0 (26) (8) (34) Balance, EOP 4,931 339 93 5,363 Less: Reinsurance recoverables 404 0 0 404 Balance after reinsurance recoverables, EOP $ 4,527 $ 339 $ 93 $ 4,959 Other businesses 53 Total balance after reinsurance recoverables, EOP $ 5,012 Six Months Ended June 30, 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 412 69 11 492 Amortization expense (100) (4) (3) (107) Other adjustments 0 1 0 1 FX adjustment 0 (16) (4) (20) Balance, EOP 4,295 281 85 4,661 Less: Reinsurance recoverables 0 0 0 0 Balance after reinsurance recoverables, EOP $ 4,295 $ 281 $ 85 $ 4,661 Other businesses 47 Total balance after reinsurance recoverables, EOP $ 4,708 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: Six Months Ended June 30, 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 569 601 Claims paid (42) (59) Interest accrual 130 173 Actual in force different from expected (6) 36 Effect of changes in interest rates (909) (696) Effect of changes in equity markets (1,165) (1,389) Effect of assumption update 93 342 Issuances 29 5 Other adjustments 15 (22) Balance, EOP, before effect of changes in NPR 3,889 5,806 Effect of cumulative changes in NPR (942) (1,751) Balance, EOP 2,947 4,055 Less: Reinsured MRBs 635 637 Balance, EOP, net of reinsurance 2,312 3,418 Other businesses 47 93 Total net MRB balance $ 2,359 $ 3,511 In both 2024 and 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions on certain variable annuities. 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 specif |
Reinsurance
Reinsurance | 6 Months Ended |
Jun. 30, 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 $363 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 $2,152 million and $1,619 million as of June 30, 2024 and December 31, 2023, respectively, and the funds withheld liabilities were $1,974 million and $1,518 million as of June 30, 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 and 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions) Direct premiums $ 6,851 $ 6,239 $ 21,673 $ 14,989 Reinsurance assumed 1,545 1,244 2,996 2,422 Reinsurance ceded (576) (574) (1,312) (1,139) Premiums $ 7,820 $ 6,909 $ 23,357 $ 16,272 Direct policy charges and fee income $ 949 $ 927 $ 1,813 $ 1,893 Reinsurance assumed 299 307 599 615 Reinsurance ceded (163) (161) (271) (301) Policy charges and fee income $ 1,085 $ 1,073 $ 2,141 $ 2,207 Direct change in value of market risk benefits, net of related hedging gains (losses) $ (339) $ 8 $ (189) $ 88 Reinsurance assumed 8 83 79 83 Reinsurance ceded 34 (75) (64) (80) Change in value of market risk benefits, net of related hedging gains (losses) $ (297) $ 16 $ (174) $ 91 Direct policyholders’ benefits $ 7,961 $ 6,264 $ 23,826 $ 15,858 Reinsurance assumed 1,938 2,222 3,781 3,787 Reinsurance ceded (1,035) (825) (2,149) (1,680) Policyholders’ benefits $ 8,864 $ 7,661 $ 25,458 $ 17,965 Direct change in estimates of liability for future policy benefits $ (213) $ 453 $ (67) $ 429 Reinsurance assumed 63 (150) 58 (146) Reinsurance ceded (26) (48) (184) (3) Change in estimates of liability for future policy benefits $ (176) $ 255 $ (193) $ 280 Reinsurance recoverables are as follows: June 30, 2024 December 31, 2023 (in millions) Individual and group annuities(1) $ 7,095 $ 7,516 Life insurance(2) 9,470 8,806 Other reinsurance 385 415 Total reinsurance recoverables(3)(4) $ 16,950 $ 16,737 __________ (1) Primarily represents $5,604 million and $5,981 million of reinsurance recoverables as of June 30, 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 $7,775 million and $8,543 million as of June 30, 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 $1,452 million and $1,485 million as of June 30, 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 $2,013 million and $2,090 million as of June 30, 2024 and December 31, 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,372 million and $1,396 million as of June 30, 2024 and December 31, 2023, respectively. Also includes net reinsurance recoverables of $716 million as of June 30, 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 June 30, 2024 and December 31, 2023, respectively. (4) Excludes deposit receivables of arrangements that are accounted for under the deposit method of accounting of $10,796 million and $10,574 million as of June 30, 2024 and December 31, 2023, respectively. Deposit receivables related to the reinsurance agreement with Prismic Re were $3,660 million and $3,771 million as of June 30, 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 June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2024 and December 31, 2023, the Company recognized a policyholder dividend obligation of $2,627 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 $(2,567) million and $(2,081) million at June 30, 2024 and December 31, 2023, respectively, with a corresponding amount reported in AOCI. As of June 30, 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: June 30, December 31, (in millions) Closed Block liabilities Future policy benefits $ 42,965 $ 43,587 Policyholders’ dividends payable 641 648 Policyholders’ dividend obligation 60 792 Policyholders’ account balances 4,424 4,500 Other Closed Block liabilities 3,771 3,605 Total Closed Block liabilities 51,861 53,132 Closed Block assets Fixed maturities, available-for-sale, at fair value 29,317 30,314 Fixed maturities, trading, at fair value 725 887 Equity securities, at fair value 1,861 1,970 Commercial mortgage and other loans 7,679 7,769 Policy loans 3,407 3,479 Other invested assets 4,816 4,513 Short-term investments 583 232 Total investments 48,388 49,164 Cash and cash equivalents 398 993 Accrued investment income 415 421 Other Closed Block assets 276 138 Total Closed Block assets 49,477 50,716 Excess of reported Closed Block liabilities over Closed Block assets 2,384 2,416 Portion of above representing accumulated other comprehensive income (loss): Net unrealized investment gains (losses) (2,732) (2,241) Allocated to policyholder dividend obligation 2,567 2,081 Future earnings to be recognized from Closed Block assets and Closed Block liabilities $ 2,219 $ 2,256 Information regarding the policyholder dividend obligation is as follows: Six Months Ended (in millions) Balance, December 31, 2023 $ 792 Impact from earnings allocable to policyholder dividend obligation (246) Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation (486) Balance, June 30, 2024 $ 60 Closed Block revenues and benefits and expenses are as follows for the periods indicated: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in millions) Revenues Premiums $ 433 $ 430 $ 842 $ 836 Net investment income 506 498 1,019 977 Realized investment gains (losses), net (174) (113) (299) (130) Other income (loss) 43 140 207 240 Total Closed Block revenues 808 955 1,769 1,923 Benefits and Expenses Policyholders’ benefits 604 610 1,188 1,182 Interest credited to policyholders’ account balances 29 29 59 59 Dividends to policyholders 162 292 437 594 General and administrative expenses 67 71 134 144 Total Closed Block benefits and expenses 862 1,002 1,818 1,979 Closed Block revenues, net of Closed Block benefits and expenses, before income taxes (54) (47) (49) (56) Income tax expense (benefit) (73) (54) (88) (86) Closed Block revenues, net of Closed Block benefits and expenses and income taxes $ 19 $ 7 $ 39 $ 30 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 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. 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.” In addition, certain items impacting total income tax expense are recorded in the periods in which they occur. In determining the year-to-date income tax provision, 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. 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 $553 million, or 19.7% of income (loss) before income taxes and equity in earnings of joint ventures and other operating entities, in the first six months of 2024, compared to an income tax expense of $505 million, or 20.5%, in the first six 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 six 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 $75 million related to unrecognized tax benefits for prior audit cycles, including an amount attributable to the Section 952 election for tax years 2017 and 2018, as the Company pursues resolution of the Section 952 matter. The payment will have no impact on the effective tax rate. The Company cannot predict with reasonable accuracy whether there will be any significant changes within the next twelve months to its total unrecognized tax benefits related to tax years for which the statute of limitations has not expired. |
Short-Term and Long-Term Debt
Short-Term and Long-Term Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Short-Term and Long-Term Debt | SHORT-TERM AND LONG-TERM DEBT Short-term Debt The table below presents the Company’s short-term debt as of the dates indicated: June 30, 2024 December 31, 2023 ($ in millions) Commercial paper: Prudential Financial $ 25 $ 25 Prudential Funding, LLC 478 510 Subtotal commercial paper 503 535 Current portion of long-term debt: Mortgage debt 85 83 Surplus notes subject to set-off arrangements(1) 1,750 2,000 Subtotal current portion of long-term debt 1,835 2,083 Subtotal 2,338 2,618 Less: assets under set-off arrangements(1) 1,750 2,000 Total short-term debt(2) $ 588 $ 618 Supplemental short-term debt information: Portion of commercial paper borrowings due overnight $ 100 $ 110 Daily average commercial paper outstanding for the quarter ended $ 1,474 $ 1,334 Weighted average maturity of outstanding commercial paper, in days 53 49 Weighted average interest rate on outstanding commercial paper 5.34 % 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 June 30, 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 June 30, 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: June 30, 2024 December 31, 2023 (in millions) Fixed-rate obligations: Surplus notes $ 347 $ 346 Surplus notes subject to set-off arrangements(1)(2) 11,384 9,790 Senior notes 10,110 10,112 Mortgage debt(3) 29 0 Floating-rate obligations: Line of credit 255 255 Surplus notes subject to set-off arrangements(1) 580 580 Mortgage debt(3) 30 75 Junior subordinated notes(4) 8,582 8,094 Subtotal 31,317 29,252 Less: assets under set-off arrangements(1) 11,964 10,370 Total long-term debt(5) $ 19,353 $ 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 $6.4 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 $59 million and $27 million of debt denominated in foreign currency at June 30, 2024 and December 31, 2023, respectively. (4) Includes Prudential Financial debt of $8,543 million and $8,050 million at June 30, 2024, and December 31, 2023, respectively. Also includes subsidiary debt of $39 million and $44 million denominated in foreign currency at June 30, 2024, and December 31, 2023, respectively. (5) Includes Prudential Financial debt of $18,653 million and $18,162 million at June 30, 2024 and December 31, 2023, respectively. At June 30, 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. Credit Facility Extension In July 2024, the Company amended and restated its $4.0 billion five-year credit facility that has both Prudential Financial and Prudential Funding as borrowers and a syndicate of financial institutions as lenders, extending the term of the facility to July 2029. Borrowings under the credit facility may be used for general corporate purposes, and the Company expects that it may borrow under the facility from time to time to fund its working capital needs and those of its subsidiaries. In addition, amounts under the credit facility may be drawn in the form of standby letters of credit that can be used to meet the operating needs of the Company and its subsidiaries. The credit facility contains customary representations and warranties, covenants and events of default, and borrowings are not contingent on the borrowers’ credit ratings nor subject to material adverse change clauses. Borrowings under the facility are conditioned on the continued satisfaction of customary conditions, including the Company’s maintenance of consolidated net worth of at least $22.1 billion, which is calculated as U.S. GAAP equity, excluding AOCI, equity of noncontrolling interests, equity attributable to the Closed Block, and certain adjustments related to the Company’s adoption of Accounting Standards Update 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 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 June 30, Pension Benefits Other Postretirement Benefits 2024 2023 2024 2023 (in millions) Components of net periodic (benefit) cost: Service cost $ 51 $ 52 $ 2 $ 3 Interest cost 135 138 13 18 Expected return on plan assets (239) (232) (19) (22) Amortization of prior service cost (1) 0 (17) (2) Amortization of actuarial (gain) loss, net 23 17 2 2 Settlements 1 1 0 0 Special termination benefits 1 0 0 0 Net periodic (benefit) cost $ (29) $ (24) $ (19) $ (1) Six Months Ended June 30, Pension Benefits Other Postretirement Benefits 2024 2023 2024 2023 (in millions) Components of net periodic (benefit) cost: Service cost $ 103 $ 103 $ 4 $ 5 Interest cost 270 276 26 36 Expected return on plan assets (477) (463) (38) (43) Amortization of prior service cost (1) 0 (34) (4) Amortization of actuarial (gain) loss, net 45 34 4 5 Settlements 1 1 0 0 Special termination benefits 1 0 0 0 Net periodic (benefit) cost $ (58) $ (49) $ (38) $ (1) |
Equity
Equity | 6 Months Ended |
Jun. 30, 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 4.5 (4.5) Stock-based compensation programs(1) 0.0 (3.0) 3.0 Balance, June 30, 2024 666.3 308.6 357.7 __________ (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 June 30, 2024, 4.5 million shares of the Company’s Common Stock were repurchased under this authorization at a total cost of $500 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 Six Months Ended 2024 2023 2024 2023 Dividends declared per share of Common Stock $ 1.30 $ 1.25 $ 2.60 $ 2.50 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 six months ended June 30, 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 (827) (10,584) 10,351 (196) 11 (1,245) Amounts reclassified from AOCI (20) 467 0 0 14 461 Income tax benefit (expense) (81) 2,526 (2,606) 42 (37) (156) Balance, June 30, 2024 $ (3,614) $ (18,804) $ 16,292 $ 746 $ (2,064) $ (7,444) 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 (359) 5,184 (8,901) (77) 10 (4,143) Amounts reclassified from AOCI 1 381 0 0 35 417 Income tax benefit (expense) (87) (1,358) 2,324 16 (12) 883 Balance, June 30, 2023 $ (2,719) $ (11,987) $ 8,665 $ 1,387 $ (1,995) $ (6,649) __________ (1) Includes cash flow hedges of $1,499 million and $869 million as of June 30, 2024 and December 31, 2023, respectively, and $2,097 million and $2,616 million as of June 30, 2023 and December 31, 2022, respectively, and fair value hedges of $(70) million and $(60) million as of June 30, 2024 and December 31, 2023, respectively, and $(149) million and $(54) million as of June 30, 2023 and December 31, 2022, respectively. Reclassifications out of Accumulated Other Comprehensive Income (Loss) Three Months Ended Six Months Ended Affected line item in Unaudited Interim Consolidated Statements of Operations 2024 2023 2024 2023 (in millions) Amounts reclassified from AOCI(1)(2): Foreign currency translation adjustment: Foreign currency translation adjustments $ 7 $ (1) $ 20 $ (1) Realized investment gains (losses), net Net unrealized investment gains (losses): Cash flow hedges—Interest rate (17) (6) (20) (29) (3) Cash flow hedges—Currency 2 3 4 8 (3) Cash flow hedges—Currency/Interest rate 114 26 271 65 (3) Fair value hedges—Currency (3) (2) (5) (4) (3) Net unrealized investment gains (losses) on available-for-sale securities (735) (266) (717) (421) Realized investment gains (losses), net Total net unrealized investment gains (losses) (639) (245) (467) (381) (4) Amortization of defined benefit items: Prior service cost 18 2 35 4 (5) Actuarial gain (loss) (25) (19) (49) (39) (5) Total amortization of defined benefit items (7) (17) (14) (35) Total reclassifications for the period $ (639) $ (263) $ (461) $ (417) __________ (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 (25) (11,420) 2,822 (8,623) Reclassification adjustment for (gains) losses included in net income 53 414 (115) 352 Reclassification due to allowance for credit losses recorded during the period 1 (1) 0 0 Impact of net unrealized investment (gains) losses (652) 1,027 486 (181) 680 Balance, June 30, 2024 $ (43) $ (28,186) $ (1,136) $ 2,333 $ 2,567 $ 5,661 $ (18,804) __________ (1) Includes cash flow and fair value hedges. See Note 5 for additional information. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
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 June 30, 2024 2023 Income Weighted Per Share Income Weighted Per Share (in millions, except per share amounts) Basic earnings per share Net income (loss) $ 1,171 $ 496 Less: Income (loss) attributable to noncontrolling interests (27) (15) Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 14 6 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 1,184 358.8 $ 3.30 $ 505 364.8 $ 1.38 Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 14 $ 6 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 14 6 Stock options 0.2 0.2 Deferred and long-term compensation programs 1.5 1.1 Diluted earnings per share Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 1,184 360.5 $ 3.28 $ 505 366.1 $ 1.38 Six Months Ended June 30, 2024 2023 Income Weighted Per Share Income Weighted Per Share (in millions, except per share amounts) Basic earnings per share Net income (loss) $ 2,322 $ 1,973 Less: Income (loss) attributable to noncontrolling interests (14) 0 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 29 24 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 2,307 358.9 $ 6.43 $ 1,949 365.7 $ 5.33 Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 29 $ 24 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 29 24 Stock options 0.3 0.2 Deferred and long-term compensation programs 1.3 1.0 Diluted earnings per share Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 2,307 360.5 $ 6.40 $ 1,949 366.9 $ 5.31 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 June 30, 2024 and 2023, as applicable, were based on 4.0 million and 4.1 million of such awards, respectively, and for both the six months ended June 30, 2024 and 2023, as applicable, were based on 4.1 million of such awards, 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 June 30, 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 0.0 $ 0.00 1.7 $ 99.74 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 0.3 Antidilutive shares due to net loss available to holders of Common Stock 0.0 0.0 Total antidilutive stock options and shares 0.0 2.0 Six Months Ended June 30, 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 0.1 $ 110.42 1.4 $ 101.12 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 0.2 Antidilutive shares due to net loss available to holders of Common Stock 0.0 0.0 Total antidilutive stock options and shares 0.1 1.6 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 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 Six Months Ended 2024 2023 2024 2023 (in millions) Adjusted operating income before income taxes by segment: PGIM $ 206 $ 179 $ 375 $ 330 U.S. Businesses: Institutional Retirement Strategies 550 428 991 824 Individual Retirement Strategies 486 448 960 889 Retirement Strategies(1) 1,036 876 1,951 1,713 Group Insurance 121 139 166 164 Individual Life(1) (87) (59) (208) (161) Total U.S. Businesses 1,070 956 1,909 1,716 International Businesses: Life Planner 400 487 945 1,009 Gibraltar Life and Other 302 297 653 615 Total International Businesses 702 784 1,598 1,624 Corporate and Other(2) (371) (472) (806) (943) Total segment adjusted operating income before income taxes 1,607 1,447 3,076 2,727 Reconciling items: Realized investment gains (losses), net, and related charges and adjustments(2) 128 (757) 31 (388) Change in value of market risk benefits, net of related hedging gains (losses) (297) 16 (174) 91 Market experience updates 47 (3) 15 45 Divested and Run-off Businesses: Closed Block division (60) (48) (63) (52) Other Divested and Run-off Businesses(2) 38 (1) 3 91 Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests (43) (26) (70) (31) Other adjustments(3) (5) (7) (13) (15) Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities per Unaudited Interim Consolidated Financial Statements $ 1,415 $ 621 $ 2,805 $ 2,468 __________ (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. June 30, December 31, (in millions) Assets by segment: PGIM $ 38,270 $ 42,064 U.S. Businesses: Institutional Retirement Strategies 119,582 111,308 Individual Retirement Strategies 145,609 139,934 Retirement Strategies 265,191 251,242 Group Insurance 38,294 39,214 Individual Life 115,137 116,449 Total U.S. Businesses 418,622 406,905 International Businesses: Life Planner 75,399 81,164 Gibraltar Life and Other 100,816 110,060 Total International Businesses 176,215 191,224 Corporate and Other 32,265 29,842 Closed Block division 49,824 51,088 Total assets per Unaudited Interim Consolidated Financial Statements $ 715,196 $ 721,123 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions) Revenues by segment: PGIM $ 963 $ 849 $ 1,953 $ 1,747 U.S. Businesses: Institutional Retirement Strategies 4,041 2,737 15,579 7,626 Individual Retirement Strategies 1,246 1,119 2,460 2,214 Retirement Strategies 5,287 3,856 18,039 9,840 Group Insurance 1,586 1,598 3,220 3,162 Individual Life 1,529 1,564 3,109 3,091 Total U.S. Businesses 8,402 7,018 24,368 16,093 International Businesses: Life Planner 2,367 2,381 4,917 5,005 Gibraltar Life and Other 2,145 2,342 4,308 4,733 Total International Businesses: 4,512 4,723 9,225 9,738 Corporate and Other(1) (36) (7) (6) (13) Total revenues on an adjusted operating income basis 13,841 12,583 35,540 27,565 Reconciling items: Realized investment gains (losses), net, and related charges and adjustments(1) 234 (495) 542 17 Change in value of market risk benefits, net of related hedging gains (losses) (297) 16 (174) 91 Market experience updates 0 (5) (58) 19 Divested and Run-off Businesses: Closed Block division 811 955 1,773 1,926 Other Divested and Run-off Businesses(1) 311 454 825 954 Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests (17) (10) (56) (29) Total revenues per Unaudited Interim Consolidated Financial Statements $ 14,883 $ 13,498 $ 38,392 $ 30,543 __________ (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 Six Months Ended 2024 2023 2024 2023 (in millions) PGIM segment intersegment revenues $ 204 $ 198 $ 411 $ 403 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions) Asset-based management fees $ 853 $ 789 $ 1,685 $ 1,577 Performance-based incentive fees 19 4 61 7 Other fees 129 125 254 251 Total asset management and service fees $ 1,001 $ 918 $ 2,000 $ 1,835 |
Related Party Disclosures
Related Party Disclosures | 6 Months Ended |
Jun. 30, 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: June 30, December 31, (in millions) Reinsurance recoverables and deposit receivables $ 9,264 $ 9,752 Other assets $ 131 $ 132 Reinsurance and funds withheld payables (includes $34 and $508 of embedded derivatives at fair value at June 30, 2024 and December 31, 2023, respectively) $ 7,979 $ 8,544 Accumulated other comprehensive income (loss) $ (92) $ 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 June 30, 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 June 30, 2024 Six Months Ended June 30, 2024 (in millions) Premiums $ 19 $ 15 Asset management and service fees 9 18 Other income 35 74 Realized investment gains(losses), net 114 318 Policyholders’ benefits (70) (141) Change in estimates of liability for future policy benefits 20 16 General and administrative expenses 8 19 Income (loss) from related parties, before income taxes 219 531 Other comprehensive income (loss), before tax (224) (92) Total comprehensive income (loss), before tax $ (5) $ 439 Six Months Ended June 30, 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 $ (318) Change in: Other, net $ (364) CASH FLOWS FROM FINANCING ACTIVITIES Other, net $ 180 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES Commitments and Guarantees Commercial Mortgage Loan Commitments June 30, December 31, (in millions) Total outstanding mortgage loan commitments $ 1,821 $ 1,798 Portion of commitment where prearrangement to sell to investor exists $ 381 $ 366 The Company originates commercial mortgage loans as part of its commercial mortgage operations. 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 June 30, 2024 and December 31, 2023. The change in allowance is $0 million for both the three months and six months ended June 30, 2024 and 2023. Commitments to Purchase Investments (excluding Commercial Mortgage Loans) June 30, December 31, (in millions) Expected to be funded from the general account and other operations outside the separate accounts $ 11,042 $ 10,675 Expected to be funded from separate accounts $ 13 $ 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 or six months end ed June 30, 2024 or 2023. Indemnification of Securities Lending and Securities Repurchase Transactions June 30, December 31, (in millions) Indemnification provided to certain clients for securities lending and securities repurchase transactions(1) $ 5,893 $ 5,409 Fair value of related collateral associated with above indemnifications(1) $ 6,020 $ 5,528 Accrued liability associated with guarantee $ 0 $ 0 __________ (1) Includes $252 million and $0 million related to securities repurchase transactions as of June 30, 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 June 30, December 31, (in millions) Guaranteed value of third-parties’ assets $ 76,469 $ 78,009 Fair value of collateral supporting these assets $ 70,557 $ 73,186 Asset (liability) associated with guarantee, carried at fair value $ 0 $ (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 June 30, December 31, (in millions) Maximum exposure under indemnification agreements for mortgage loans serviced by the Company $ 3,145 $ 3,102 First-loss exposure portion of above $ 909 $ 898 Accrued liability associated with guarantees(1) $ 25 $ 28 __________ (1) The accrued liability associated with guarantees includes an allowance for credit losses of $13 million and $14 million as of June 30, 2024 and December 31, 2023, respectively. The change in allowance is a reduction of $1 million for both the three months ended June 30, 2024 and 2023, and a reduction of $1 million and $2 million for the six months ended June 30, 2024 and 2023, respectively. As part of the commercial mortgage activities of the Company’s PGIM segment, the Company provides commercial mortgage origination, underwriting and servicing for certain government sponsored entities, such as Fannie Mae and Freddie Mac. The Company has agreed to indemnify the government sponsored entities for a portion of the credit risk associated with certain of the mortgages it services through a delegated authority arrangement. Under these arrangements, the Company originates multi-family mortgages for sale to the government sponsored entities based on underwriting standards they specify, and makes payments to them for a specified percentage share of losses they incur on certain loans serviced by the Company. The Company’s percentage share of losses incurred generally varies from 4% to 20% of the loan balance, and is typically based on a first-loss exposure for a stated percentage of the loan balance, plus a shared exposure with the government sponsored entity for any losses in excess of the stated first-loss percentage, subject to a contractually specified maximum percentage. The Company determines the liability related to this exposure using historical loss experience, and the size and remaining life of the asset. The Company serviced $25,056 million and $24,875 million of mortgages subject to these loss-sharing arrangements as of June 30, 2024 and December 31, 2023, respectively, all of which are collateralized by first priority liens on the underlying multi-family residential properties. As of June 30, 2024, these mortgages had a weighted-average debt service coverage ratio of 1.98 times and a weighted-average loan-to-value ratio of 61%. 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 six months ended June 30, 2024 or 2023. Other Guarantees June 30, December 31, (in millions) Other guarantees where amount can be determined $ 41 $ 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 June 30, 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 June 30, 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. In June 2024, the Court granted final approval of the Settlement and issued a final judgment dismissing the action with prejudice. This matter is now closed. Assurance IQ, LLC William James Griffin, et al. v. Benefytt Technologies, Inc., et al. and Assurance IQ, LLC In May 2024, the Court granted final approval of the Settlement and issued a final judgment dismissing the action with prejudice. This matter is now closed. 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 1,198 | $ 511 | $ 2,336 | $ 1,973 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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 June 30, 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) | 6 Months Ended |
Jun. 30, 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: Six Months Ended June 30, 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 193 90 338 287 274 1,182 Amortization expense (190) (104) (121) (170) (164) (749) Other adjustments(1) 0 (2) (280) (53) 3 (332) Foreign currency adjustment 0 0 0 (303) (159) (462) Balance, EOP $ 3,679 $ 2,221 $ 5,301 $ 4,670 $ 4,396 20,267 Other businesses 297 Total DAC balance $ 20,564 __________ (1) Includes the impact of the reinsurance transaction with Somerset Reinsurance Ltd. in Individual Life (Universal Life). See Note 12 for additional information. Six Months Ended June 30, 2023 Retirement Strategies Individual Life International Businesses Total Individual Variable Term Life Variable/ Life Planner Gibraltar Life (in millions) Balance, BOP $ 4,171 $ 2,288 $ 5,000 $ 4,710 $ 4,231 $ 20,400 Capitalization 124 72 291 300 294 1,081 Amortization expense (186) (107) (121) (163) (156) (733) Other adjustments(1) (393) 0 0 9 0 (384) Foreign currency adjustment 0 0 0 (124) (117) (241) Balance, EOP $ 3,716 $ 2,253 $ 5,170 $ 4,732 $ 4,252 20,123 Other businesses 197 Total DAC balance $ 20,320 __________ (1) Includes the impact of the reinsurance transaction with AuguStar in Individual Retirement Strategies. See Note 12 for additional information. |
Deferred Sales Inducements | The following table shows a rollforward of DSI balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material DSI balance, along with a reconciliation to the Company’s total DSI balance: Six Months Ended June 30, 2024 2023 (in millions) Balance, BOP $ 410 $ 446 Capitalization 1 2 Amortization expense (17) (20) Balance, EOP 394 428 Other businesses 31 34 Total DSI balance $ 425 $ 462 |
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: Six Months Ended June 30, 2024 2023 (in millions) Balance, BOP $ 511 $ 597 Amortization expense (21) (26) Foreign currency adjustment (59) (48) Balance, EOP 431 523 Other businesses(1) 15 19 Total VOBA balance $ 446 $ 542 __________ (1) Represents Aoba Life business. |
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. Six Months Ended June 30, 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 assumption update 41 21 (328) (535) (276) (1,077) Effect of actual variances from expected experience and other activity 429 (131) (818) (529) 95 (954) Adjusted balance, BOP 83,746 11,392 28,514 25,925 3,121 152,698 Issuances 11,192 418 1,215 573 0 13,398 Net premiums / considerations collected (12,908) (692) (1,944) (1,678) (157) (17,379) Interest accrual 1,384 264 427 355 76 2,506 Foreign currency adjustment (898) 0 (1,960) (1,534) 0 (4,392) Other adjustments 0 (3) 82 0 0 79 Balance at original discount rate, EOP 82,516 11,379 26,334 23,641 3,040 146,910 Effect of cumulative changes in discount rate assumptions, EOP (15,077) (590) (1,347) (1,232) (128) (18,374) Balance, EOP $ 67,439 $ 10,789 $ 24,987 $ 22,409 $ 2,912 $ 128,536 Other businesses, EOP 89 Total balance, EOP $ 128,625 Six Months Ended June 30, 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 assumption update (481) 21 (106) (407) (394) (1,367) Effect of actual variances from expected experience and other activity 483 (149) (854) (508) 95 (933) Adjusted balance, BOP 155,888 20,058 79,425 85,476 12,443 353,290 Issuances 11,192 418 1,215 574 0 13,399 Interest accrual 3,003 470 1,282 1,089 303 6,147 Benefit payments (6,317) (795) (2,437) (2,632) (155) (12,336) Foreign currency adjustment (908) 0 (5,517) (5,656) 0 (12,081) Other adjustments (63) (10) 166 (4) 0 89 Balance at original discount rate, EOP 162,795 20,141 74,134 78,847 12,591 348,508 Effect of cumulative changes in discount rate assumptions, EOP (20,163) (1,108) (5,612) (11,151) (1,445) (39,479) Balance, EOP $ 142,632 $ 19,033 $ 68,522 $ 67,696 $ 11,146 $ 309,029 Other businesses, EOP 1,656 Total balance, EOP $ 310,685 Six Months Ended June 30, 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 $ 75,194 $ 8,243 $ 43,534 $ 45,287 $ 8,233 $ 180,491 Flooring impact, EOP 46 0 28 16 0 90 Balance, EOP, post-flooring 75,240 8,243 43,562 45,303 8,233 180,581 Less: Reinsurance recoverables 5,098 671 88 257 0 6,114 Balance after reinsurance recoverables, EOP, post-flooring $ 70,142 $ 7,572 $ 43,474 $ 45,046 $ 8,233 $ 174,467 Other businesses, EOP(1) 1,506 Total balance after reinsurance recoverables, EOP $ 175,973 Six Months Ended June 30, 2023 Present Value of Expected Net Premiums Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 52,620 $ 11,282 $ 30,689 $ 28,951 $ 2,932 $ 126,474 Effect of cumulative changes in discount rate assumptions, BOP 14,349 572 1,354 1,326 103 17,704 Balance at original discount rate, BOP 66,969 11,854 32,043 30,277 3,035 144,178 Effect of assumption update (1,117) (1) 78 (175) 266 (949) Effect of actual variances from expected experience and other activity 378 (81) (417) (332) 121 (331) Adjusted balance, BOP 66,230 11,772 31,704 29,770 3,422 142,898 Issuances 5,783 338 1,253 865 0 8,239 Net premiums / considerations collected (4,944) (711) (2,106) (1,928) (154) (9,843) Interest accrual 1,049 270 458 402 77 2,256 Foreign currency adjustment 3,816 0 (1,080) (1,214) 0 1,522 Other adjustments 0 0 93 0 0 93 Balance at original discount rate, EOP 71,934 11,669 30,322 27,895 3,345 145,165 Effect of cumulative changes in discount rate assumptions, EOP (18,002) (497) (594) (614) (89) (19,796) Balance, EOP $ 53,932 $ 11,172 $ 29,728 $ 27,281 $ 3,256 $ 125,369 Other businesses, EOP 85 Total balance, EOP $ 125,454 Six Months Ended June 30, 2023 Present Value of Expected Future Policy Benefits Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 117,754 $ 19,288 $ 78,639 $ 80,331 $ 10,685 $ 306,697 Effect of cumulative changes in discount rate assumptions, BOP 20,170 1,012 3,719 11,266 1,216 37,383 Balance at original discount rate, BOP 137,924 20,300 82,358 91,597 11,901 344,080 Effect of assumption update (1,289) (1) 145 44 357 (744) Effect of actual variances from expected experience and other activity 351 (96) (381) (323) 136 (313) Adjusted balance, BOP 136,986 20,203 82,122 91,318 12,394 343,023 Issuances 5,783 338 1,253 865 0 8,239 Interest accrual 2,457 472 1,325 1,162 292 5,708 Benefit payments (5,643) (779) (1,777) (2,270) (122) (10,591) Foreign currency adjustment 3,898 0 (3,243) (4,355) 0 (3,700) Other adjustments 4 (13) 179 (11) 0 159 Balance at original discount rate, EOP 143,485 20,221 79,859 86,709 12,564 342,838 Effect of cumulative changes in discount rate assumptions, EOP (22,882) (823) 715 (6,148) (999) (30,137) Balance, EOP $ 120,603 $ 19,398 $ 80,574 $ 80,561 $ 11,565 $ 312,701 Other businesses, EOP 1,707 Total balance, EOP $ 314,408 Six Months Ended June 30, 2023 Net Liability for Future Policy Benefits - Benefit Reserves Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, EOP, pre-flooring $ 66,671 $ 8,225 $ 50,846 $ 53,279 $ 8,309 $ 187,330 Flooring impact, EOP 1 0 17 2 0 20 Balance, EOP, post-flooring 66,672 8,225 50,863 53,281 8,309 187,350 Less: Reinsurance recoverables 0 707 104 211 0 1,022 Balance after reinsurance recoverables, EOP, post-flooring $ 66,672 $ 7,518 $ 50,759 $ 53,070 $ 8,309 $ 186,328 Other businesses, EOP(1) 1,553 Total balance after reinsurance recoverables, EOP $ 187,881 __________ (1) Reflects balance after reinsurance recoverables of $63 million and $71 million at June 30, 2024 and 2023, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Six Months Ended June 30, 2024 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 133,585 $ 22,965 $ 61,195 $ 49,376 $ 6,823 Discounted expected future gross premiums (at original discount rate) $ 89,770 $ 15,208 $ 47,373 $ 39,649 $ 4,521 Discounted expected future gross premiums (at current discount rate) $ 71,759 $ 14,451 $ 45,365 $ 37,697 $ 4,339 Undiscounted expected future benefits and expenses $ 255,559 $ 31,103 $ 126,349 $ 127,922 $ 29,860 Weighted-average duration of the liability in years (at original discount rate) 9 10 18 18 17 Weighted-average duration of the liability in years (at current discount rate) 8 9 17 15 16 Weighted-average interest rate (at original discount rate) 4.72 % 5.15 % 3.49 % 2.64 % 4.91 % Weighted-average interest rate (at current discount rate) 5.56 % 5.53 % 3.67 % 3.56 % 5.77 % Six Months Ended June 30, 2023 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 114,545 $ 23,200 $ 70,654 $ 57,912 $ 6,972 Discounted expected future gross premiums (at original discount rate) $ 79,109 $ 15,427 $ 54,694 $ 46,591 $ 4,561 Discounted expected future gross premiums (at current discount rate) $ 59,307 $ 14,789 $ 54,132 $ 45,778 $ 4,444 Undiscounted expected future benefits and expenses $ 220,313 $ 31,195 $ 140,232 $ 142,232 $ 30,913 Weighted-average duration of the liability in years (at original discount rate) 8 10 20 19 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) 4.39 % 5.18 % 3.45 % 2.57 % 4.91 % Weighted-average interest rate (at current discount rate) 5.30 % 5.28 % 2.85 % 2.75 % 5.47 % The balances of and changes in DPL as of and for the period indicated are as follows: Six Months Ended June 30, 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 assumption update 370 (150) (138) 82 Effect of actual variances from expected experience and other activity (30) (17) (29) (76) Adjusted balance, BOP 5,955 3,788 5,135 14,878 Profits deferred 89 778 568 1,435 Interest accrual 118 80 77 275 Amortization (292) (570) (492) (1,354) Foreign currency adjustment (2) (238) (254) (494) Other adjustments 0 17 0 17 Balance, EOP, pre-flooring 5,868 3,855 5,034 14,757 Flooring impact, EOP 0 1 1 2 Balance, EOP, post-flooring 5,868 3,856 5,035 14,759 Less: Reinsurance recoverables 401 9 30 440 Balance after reinsurance recoverables, EOP, post-flooring $ 5,467 $ 3,847 $ 5,005 14,319 Other businesses 154 Total balance after reinsurance recoverables, EOP $ 14,473 Six Months Ended June 30, 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 assumption update 35 (67) (228) (260) Effect of actual variances from expected experience and other activity 19 (4) (18) (3) Adjusted balance, BOP 5,586 3,308 5,014 13,908 Profits deferred 197 850 665 1,712 Interest accrual 113 71 76 260 Amortization (282) (579) (512) (1,373) Foreign currency adjustment 14 (72) (188) (246) Other adjustments 0 20 0 20 Balance, EOP, pre-flooring 5,628 3,598 5,055 14,281 Flooring impact, EOP 0 0 1 1 Balance, EOP, post-flooring 5,628 3,598 5,056 14,282 Less: Reinsurance recoverables 0 8 10 18 Balance after reinsurance recoverables, EOP, post-flooring $ 5,628 $ 3,590 $ 5,046 14,264 Other businesses 149 Total balance after reinsurance recoverables, EOP $ 14,413 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: Six Months Ended June 30, 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 assumption update 153 23 Effect of actual variances from expected experience and other activity 150 26 Adjusted balance, BOP 15,454 14,018 Assessments collected(1) 591 518 Interest accrual 262 239 Benefits paid (168) (153) Other adjustments 13 0 Balance, excluding amounts in AOCI, EOP, pre-flooring 16,152 14,622 Flooring impact and amounts in AOCI (1,659) (1,109) Balance, including amounts in AOCI, EOP, post-flooring 14,493 13,513 Less: Reinsurance recoverables 7,026 5,484 Balance after reinsurance recoverables, including amounts in AOCI, EOP 7,467 8,029 Other businesses 63 147 Total balance after reinsurance recoverables $ 7,530 $ 8,176 __________ (1) Represents the portion of gross assessments required to fund the future policy benefits. Six Months Ended June 30, 2024 2023 Weighted-average duration of the liability in years (at original discount rate) 22 22 Weighted-average interest rate (at original discount rate) 3.40 % 3.39 % 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: Six Months Ended June 30, 2024 2023 (in millions) Benefit reserves, EOP, post-flooring $ 182,150 $ 188,974 Deferred Profit Liability EOP, post-flooring 14,913 14,431 Additional insurance reserves, including amounts in AOCI, EOP, post-flooring 14,556 13,660 Subtotal of amounts disclosed above 211,619 217,065 Other Future Policy Benefits reserves(1) 50,711 51,584 Total Future Policy Benefits $ 262,330 $ 268,649 __________ (1) The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR in the Company's Consolidated Statement of Operations as of the periods indicated: Six Months Ended June 30, 2024 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 13,223 $ 922 $ 0 $ 2,971 $ 2,756 $ 273 $ 20,145 Deferred profit liability (254) 0 0 (138) 14 (7) (385) Additional insurance reserves 0 0 1,622 0 0 0 1,622 Total $ 12,969 $ 922 $ 1,622 $ 2,833 $ 2,770 $ 266 $ 21,382 Six Months Ended June 30, 2023 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 5,335 $ 923 $ 0 $ 3,340 $ 3,174 $ 273 $ 13,045 Deferred profit liability (83) 0 0 (291) 18 34 (322) Additional insurance reserves 0 0 1,547 0 0 0 1,547 Total $ 5,252 $ 923 $ 1,547 $ 3,049 $ 3,192 $ 307 $ 14,270 Six Months Ended June 30, 2024 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 1,619 $ 206 $ 0 $ 855 $ 734 $ 253 $ 3,667 Deferred profit liability 118 0 0 80 77 2 277 Additional insurance reserves 0 0 262 1 0 0 263 Total $ 1,737 $ 206 $ 262 $ 936 $ 811 $ 255 $ 4,207 Six Months Ended June 30, 2023 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 1,408 $ 202 $ 0 $ 867 $ 760 $ 242 $ 3,479 Deferred profit liability 113 0 0 71 76 2 262 Additional insurance reserves 0 0 239 0 0 1 240 Total $ 1,521 $ 202 $ 239 $ 938 $ 836 $ 245 $ 3,981 __________ (1) Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments for DPL and gross assessments for AIR. |
Additional Liability, Long-Duration Insurance | The balance of and changes in URR as of and for the periods ended are as follows: Six Months Ended June 30, 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 436 71 9 516 Amortization expense (118) (9) (2) (129) Other adjustments 0 (56) (1) (57) FX adjustment 0 (26) (8) (34) Balance, EOP 4,931 339 93 5,363 Less: Reinsurance recoverables 404 0 0 404 Balance after reinsurance recoverables, EOP $ 4,527 $ 339 $ 93 $ 4,959 Other businesses 53 Total balance after reinsurance recoverables, EOP $ 5,012 Six Months Ended June 30, 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 412 69 11 492 Amortization expense (100) (4) (3) (107) Other adjustments 0 1 0 1 FX adjustment 0 (16) (4) (20) Balance, EOP 4,295 281 85 4,661 Less: Reinsurance recoverables 0 0 0 0 Balance after reinsurance recoverables, EOP $ 4,295 $ 281 $ 85 $ 4,661 Other businesses 47 Total balance after reinsurance recoverables, EOP $ 4,708 |
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: Six Months Ended June 30, 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 569 601 Claims paid (42) (59) Interest accrual 130 173 Actual in force different from expected (6) 36 Effect of changes in interest rates (909) (696) Effect of changes in equity markets (1,165) (1,389) Effect of assumption update 93 342 Issuances 29 5 Other adjustments 15 (22) Balance, EOP, before effect of changes in NPR 3,889 5,806 Effect of cumulative changes in NPR (942) (1,751) Balance, EOP 2,947 4,055 Less: Reinsured MRBs 635 637 Balance, EOP, net of reinsurance 2,312 3,418 Other businesses 47 93 Total net MRB balance $ 2,359 $ 3,511 The following table presents accompanying information to the rollforward table above. June 30, 2024 June 30, 2023 ($ in millions) Net amount at risk(1) $ 9,358 $ 10,885 Weighted-average attained age of contractholders 71 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: June 30, 2024 Retirement Strategies Individual Variable Other Businesses Total (in millions) Direct and assumed $ 1,441 $ 11 $ 1,452 Ceded 780 1 781 Total MRB assets $ 2,221 $ 12 $ 2,233 Direct and assumed $ 4,388 $ 59 $ 4,447 Ceded 145 0 145 Total MRB liabilities $ 4,533 $ 59 $ 4,592 Net liability $ 2,312 $ 47 $ 2,359 June 30, 2023 Retirement Strategies Individual Variable Other Businesses Total (in millions) Direct and assumed $ 1,185 $ 11 $ 1,196 Ceded 752 3 755 Total MRB assets $ 1,937 $ 14 $ 1,951 Direct and assumed $ 5,240 $ 106 $ 5,346 Ceded 115 1 116 Total MRB liabilities $ 5,355 $ 107 $ 5,462 Net liability $ 3,418 $ 93 $ 3,511 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, 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 $ 25,887 $ 657 $ 5,005 $ 0 $ 21,539 Obligations of U.S. states and their political subdivisions 8,143 171 659 0 7,655 Foreign government bonds 63,152 2,037 7,510 0 57,679 U.S. public corporate securities 112,011 1,425 12,576 86 100,774 U.S. private corporate securities(1) 44,373 946 3,243 19 42,057 Foreign public corporate securities 22,612 299 1,584 23 21,304 Foreign private corporate securities 36,885 338 4,290 40 32,893 Asset-backed securities(2) 15,254 219 77 1 15,395 Commercial mortgage-backed securities 9,911 23 682 0 9,252 Residential mortgage-backed securities(3) 2,756 18 230 0 2,544 Total fixed maturities, available-for-sale(1) $ 340,984 $ 6,133 $ 35,856 $ 169 $ 311,092 __________ (1) Excludes notes with amortized cost of $13,714 million (fair value, $13,714 million), which have been offset with the associated debt under a netting agreement. (2) Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education 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: June 30, 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 $ 4,126 $ 114 $ 12,469 $ 4,891 $ 16,595 $ 5,005 Obligations of U.S. states and their political subdivisions 1,702 42 4,134 617 5,836 659 Foreign government bonds 6,945 393 20,624 7,117 27,569 7,510 U.S. public corporate securities 21,323 670 58,506 11,882 79,829 12,552 U.S. private corporate securities 5,425 160 27,564 3,082 32,989 3,242 Foreign public corporate securities 4,580 100 10,169 1,469 14,749 1,569 Foreign private corporate securities 5,270 156 21,281 4,133 26,551 4,289 Asset-backed securities 1,842 6 1,785 70 3,627 76 Commercial mortgage-backed securities 970 6 7,228 676 8,198 682 Residential mortgage-backed securities 200 3 1,513 227 1,713 230 Total fixed maturities, available-for-sale $ 52,383 $ 1,650 $ 165,273 $ 34,164 $ 217,656 $ 35,814 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: June 30, 2024 Available-for-Sale Amortized Cost Fair Value (in millions) Fixed maturities: Due in one year or less $ 12,896 $ 12,791 Due after one year through five years 56,253 55,179 Due after five years through ten years(1) 59,279 57,655 Due after ten years(1) 184,635 158,276 Asset-backed securities 15,254 15,395 Commercial mortgage-backed securities 9,911 9,252 Residential mortgage-backed securities 2,756 2,544 Total $ 340,984 $ 311,092 __________ (1) Excludes notes with amortized cost of $13,714 million (fair value, $13,714 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 Six Months Ended 2024 2023 2024 2023 (in millions) Fixed maturities, available-for-sale: Proceeds from sales(1) $ 8,323 $ 6,773 $ 14,074 $ 14,123 Proceeds from maturities/prepayments 6,147 4,053 11,080 8,041 Gross investment gains from sales and maturities 201 139 595 429 Gross investment losses from sales and maturities (910) (397) (1,270) (702) Write-downs recognized in earnings(2) (4) (1) (9) (10) (Addition to) release of allowance for credit losses (22) (7) (33) (138) Fixed maturities, held-to-maturity: Proceeds from maturities/prepayments(3) $ 0 $ 10 $ 0 $ 17 __________ (1) Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(253) million and $70 million for the six months ended June 30, 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 less than $1 million for the six months ended June 30, 2023. |
Allowance for Credit Losses for Fixed Maturity Securities | 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 June 30, 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 $ 31 $ 139 $ 1 $ 0 $ 0 $ 171 Additions to allowance for credit losses not previously recorded 0 0 13 0 0 0 13 Reductions for securities sold during the period 0 (30) (8) 0 0 0 (38) Additions (reductions) on securities with previous allowance 0 (1) 24 0 0 0 23 Balance, end of period $ 0 $ 0 $ 168 $ 1 $ 0 $ 0 $ 169 Three Months Ended June 30, 2023 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 62 $ 206 $ 1 $ 0 $ 0 $ 269 Additions to allowance for credit losses not previously recorded 0 0 3 0 0 0 3 Reductions for securities sold during the period 0 0 (5) 0 0 0 (5) Additions (reductions) on securities with previous allowance 0 (6) 15 0 0 0 9 Balance, end of period $ 0 $ 56 $ 219 $ 1 $ 0 $ 0 $ 276 Six Months Ended June 30, 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 59 0 0 0 59 Reductions for securities sold during the period 0 (30) (20) 0 0 0 (50) Additions (reductions) on securities with previous allowance 0 (23) 24 (1) 0 0 0 Balance, end of period $ 0 $ 0 $ 168 $ 1 $ 0 $ 0 $ 169 Six Months Ended June 30, 2023 U.S. Treasury Securities and Obligations of U.S. States Foreign Government Bonds U.S. and Foreign Corporate Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Residential Mortgage-Backed Securities Total (in millions) Fixed maturities, available-for-sale: Balance, beginning of period $ 0 $ 1 $ 136 $ 1 $ 0 $ 0 $ 138 Additions to allowance for credit losses not previously recorded 0 62 78 0 0 0 140 Reductions for securities sold during the period 0 0 (45) 0 0 0 (45) Additions (reductions) on securities with previous allowance 0 (7) 50 0 0 0 43 Balance, end of period $ 0 $ 56 $ 219 $ 1 $ 0 $ 0 $ 276 |
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: June 30, 2024 December 31, 2023 Amortized Fair Amortized Fair (in millions) Fixed maturities: Corporate securities $ 73 $ 71 $ 81 $ 79 Foreign government bonds 554 547 606 604 Obligations of U.S. government authorities and agencies and obligations of U.S. states 197 218 202 206 Total fixed maturities(1) 824 836 889 889 Equity securities 1,506 2,515 1,607 2,279 Total assets supporting experience-rated contractholder liabilities(2) $ 2,330 $ 3,351 $ 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 June 30, 2024 and December 31, 2023. (2) As a percentage of amortized cost, 100% of the portfolio consisted of public securities as of both June 30, 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: June 30, 2024 December 31, 2023 Amortized Fair Amortized Fair (in millions) Investments in Japanese government and government agency securities: Fixed maturities, available-for-sale $ 55,067 $ 50,280 $ 62,591 $ 61,484 Fixed maturities, trading 17 17 19 19 Assets supporting experience-rated contractholder liabilities 477 460 522 514 Total $ 55,561 $ 50,757 $ 63,132 $ 62,017 June 30, 2024 December 31, 2023 Amortized Fair Amortized Fair (in millions) Investments in Brazil government and government agency securities: Fixed maturities, available-for-sale $ 2,825 $ 2,505 $ 3,028 $ 2,992 Fixed maturities, trading 43 41 0 0 Short-term investments 28 28 0 0 Cash equivalents 232 232 427 427 Total $ 3,128 $ 2,806 $ 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: June 30, 2024 December 31, 2023 Amount % of Amount % of Commercial mortgage and agricultural property loans by property type: Office $ 8,198 13.7 % $ 8,402 14.2 % Retail 5,307 8.9 5,384 9.1 Apartments/Multi-Family 16,536 27.7 16,555 28.0 Industrial 15,718 26.3 15,263 25.8 Hospitality 2,054 3.4 2,086 3.5 Other 4,313 7.3 4,069 6.9 Total commercial mortgage loans 52,126 87.3 51,759 87.5 Agricultural property loans 7,565 12.7 7,426 12.5 Total commercial mortgage and agricultural property loans 59,691 100.0 % 59,185 100.0 % Allowance for credit losses (513) (459) Total net commercial mortgage and agricultural property loans 59,178 58,726 Other loans: Uncollateralized loans 685 425 Residential property loans 22 30 Other collateralized loans 409 125 Total other loans 1,116 580 Allowance for credit losses (51) (1) Total net other loans 1,065 579 Total net commercial mortgage and other loans(1) $ 60,243 $ 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 June 30, 2024 and December 31, 2023, the net carrying value of these loans was $635 million and $519 million, respectively. Commercial Mortgage Loan Commitments June 30, December 31, (in millions) Total outstanding mortgage loan commitments $ 1,821 $ 1,798 Portion of commitment where prearrangement to sell to investor exists $ 381 $ 366 Indemnification of Serviced Mortgage Loans June 30, December 31, (in millions) Maximum exposure under indemnification agreements for mortgage loans serviced by the Company $ 3,145 $ 3,102 First-loss exposure portion of above $ 909 $ 898 Accrued liability associated with guarantees(1) $ 25 $ 28 __________ (1) The accrued liability associated with guarantees includes an allowance for credit losses of $13 million and $14 million as of June 30, 2024 and December 31, 2023, respectively. The change in allowance is a reduction of $1 million for both the three months ended June 30, 2024 and 2023, and a reduction of $1 million and $2 million for the six months ended June 30, 2024 and 2023, respectively. |
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 June 30, 2024 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 492 $ 21 $ 0 $ 0 $ 1 $ 514 Addition to (release of) allowance for expected losses 0 3 0 33 17 53 Change in foreign exchange (3) 0 0 0 0 (3) Allowance, end of period $ 489 $ 24 $ 0 $ 33 $ 18 $ 564 Three Months Ended June 30, 2023 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 205 $ 15 $ 0 $ 0 $ 1 $ 221 Addition to (release of) allowance for expected losses 18 1 0 0 0 19 Change in foreign exchange 1 0 0 0 0 1 Allowance, end of period $ 224 $ 16 $ 0 $ 0 $ 1 $ 241 Six Months Ended June 30, 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 8 0 33 17 105 Reduction for loans sold during the period 0 0 0 0 0 0 Change in foreign exchange (1) 0 0 0 0 (1) Allowance, end of period $ 489 $ 24 $ 0 $ 33 $ 18 $ 564 Six Months Ended June 30, 2023 Commercial Agricultural Residential Other Uncollateralized Total (in millions) Allowance, beginning of period $ 188 $ 13 $ 0 $ 0 $ 2 $ 203 Addition to (release of) allowance for expected losses 35 3 0 0 0 38 Reduction for loans sold during the period 0 0 0 0 (1) (1) Change in foreign exchange 1 0 0 0 0 1 Allowance, end of period $ 224 $ 16 $ 0 $ 0 $ 1 $ 241 |
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: June 30, 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% $ 405 $ 1,472 $ 828 $ 2,216 $ 1,220 $ 18,159 $ 0 $ 24,300 60%-69.99% 2,635 2,738 1,473 2,426 1,086 6,203 0 16,561 70%-79.99% 362 911 855 1,255 422 2,522 0 6,327 80% or greater 48 131 486 224 282 3,767 0 4,938 Total $ 3,450 $ 5,252 $ 3,642 $ 6,121 $ 3,010 $ 30,651 $ 0 $ 52,126 Debt Service Coverage Ratio: Greater than 1.2x $ 3,123 $ 4,769 $ 3,129 $ 5,988 $ 2,918 $ 27,392 $ 0 $ 47,319 1.0 - 1.2x 299 333 361 52 38 1,845 0 2,928 Less than 1.0x 28 150 152 81 54 1,414 0 1,879 Total $ 3,450 $ 5,252 $ 3,642 $ 6,121 $ 3,010 $ 30,651 $ 0 $ 52,126 Agricultural property loans Loan-to-Value Ratio: 0%-59.99% $ 161 $ 379 $ 899 $ 2,016 $ 755 $ 1,833 $ 102 $ 6,145 60%-69.99% 58 555 124 15 53 32 0 837 70%-79.99% 0 0 500 0 0 4 50 554 80% or greater 0 0 0 0 2 27 0 29 Total $ 219 $ 934 $ 1,523 $ 2,031 $ 810 $ 1,896 $ 152 $ 7,565 Debt Service Coverage Ratio: Greater than 1.2x $ 215 $ 866 $ 1,510 $ 2,019 $ 737 $ 1,678 $ 152 $ 7,177 1.0 - 1.2x 4 63 5 4 57 159 0 292 Less than 1.0x 0 5 8 8 16 59 0 96 Total $ 219 $ 934 $ 1,523 $ 2031 $ 810 $ 1,896 $ 152 $ 7,565 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: June 30, 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 $ 51,844 $ 0 $ 4 $ 278 $ 282 $ 52,126 $ 298 Agricultural property loans 7,493 0 0 72 72 7,565 85 Residential property loans 22 0 0 0 0 22 0 Other collateralized loans 409 0 0 0 0 409 0 Uncollateralized loans 685 0 0 0 0 685 25 Total $ 60,453 $ 0 $ 4 $ 350 $ 354 $ 60,807 $ 408 __________ (1) As of June 30, 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: June 30, 2024 December 31, 2023 (in millions) LPs/LLCs: Equity method: Private equity $ 9,786 $ 8,929 Hedge funds 3,184 3,164 Real estate-related 2,877 2,578 Subtotal equity method 15,847 14,671 Fair value: Private equity 1,708 1,247 Hedge funds 1,987 2,078 Real estate-related 937 800 Subtotal fair value 4,632 4,125 Total LPs/LLCs 20,479 18,796 Real estate held through direct ownership(1) 1,783 1,794 Derivative instruments 1,175 1,100 Other(2) 1,197 1,165 Total other invested assets $ 24,634 $ 22,855 _________ (1) As of June 30, 2024 and December 31, 2023, real estate held through direct ownership had mortgage debt of $145 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: June 30, 2024 December 31, 2023 (in millions) Fixed maturities $ 2,886 $ 2,727 Equity securities 5 6 Commercial mortgage and other loans 223 224 Policy loans 240 259 Other invested assets 29 23 Short-term investments and cash equivalents 51 48 Total accrued investment income $ 3,434 $ 3,287 |
Net Investment Income | The following table sets forth “Net investment income” by investment type, for the periods indicated: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in millions) Fixed maturities, available-for-sale(1) $ 3,703 $ 3,296 $ 7,295 $ 6,531 Fixed maturities, held-to-maturity(1) 0 50 0 100 Fixed maturities, trading 130 57 246 112 Assets supporting experience-rated contractholder liabilities 13 12 27 25 Equity securities 61 64 99 104 Commercial mortgage and other loans 642 560 1,253 1,103 Policy loans 119 124 241 248 Other invested assets 246 384 567 694 Short-term investments and cash equivalents 284 222 582 460 Gross investment income 5,198 4,769 10,310 9,377 Less: investment expenses (349) (293) (697) (581) Net investment income $ 4,849 $ 4,476 $ 9,613 $ 8,796 __________ (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 Six Months Ended 2024 2023 2024 2023 (in millions) Fixed maturities(1) $ (735) $ (266) $ (717) $ (421) Commercial mortgage and other loans (44) (14) (95) (26) Investment real estate (8) (5) (6) 27 LPs/LLCs 4 (1) 23 (17) Derivatives 745 (663) 597 (305) Other (128) 11 (276) 21 Realized investment gains (losses), net $ (166) $ (938) $ (474) $ (721) __________ (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: June 30, 2024 December 31, 2023 (in millions) Fixed maturity securities, available-for-sale with an allowance $ (43) $ (72) Fixed maturity securities, available-for-sale without an allowance (29,680) (18,045) Derivatives designated as cash flow hedges(1) 1,499 869 Derivatives designated as fair value hedges(1) (70) (60) Other investments(2) 65 57 Net unrealized gains (losses) on investments $ (28,229) $ (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: June 30, 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 $ 6,483 $ 0 $ 0 $ 6,483 $ 5,693 $ 0 $ 0 $ 5,693 U.S. public corporate securities 0 133 0 133 0 118 0 118 Foreign public corporate securities 0 17 0 17 0 0 0 0 Commercial mortgage-backed securities 296 0 0 296 245 0 0 245 Total securities sold under agreements to repurchase $ 6,779 $ 150 $ 0 $ 6,929 $ 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: June 30, 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 32 0 32 67 0 67 Foreign government bonds 147 8 155 242 0 242 U.S. public corporate securities 5,225 315 5,540 4,399 420 4,819 Foreign public corporate securities 958 53 1,011 649 76 725 Equity securities 310 1 311 623 0 623 Total cash collateral for loaned securities(1) $ 6,673 $ 377 $ 7,050 $ 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) | 6 Months Ended |
Jun. 30, 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) June 30, December 31, June 30, December 31, (in millions) Fixed maturities, available-for-sale $ 743 $ 539 $ 704 $ 836 Fixed maturities, trading 568 943 0 0 Equity securities 92 106 0 0 Commercial mortgage and other loans 654 764 595 0 Other invested assets 5,563 4,319 518 485 Cash and cash equivalents 193 302 0 0 Accrued investment income 6 7 4 3 Other assets 650 1,023 604 636 Total assets of consolidated VIEs $ 8,469 $ 8,003 $ 2,425 $ 1,960 Other liabilities $ 189 $ 588 $ 0 $ 0 Notes issued by consolidated VIEs(2) 1,126 1,374 48 0 Total liabilities of consolidated VIEs $ 1,315 $ 1,962 $ 48 $ 0 __________ (1) Total assets of consolidated VIEs reflect $4,211 million and $4,003 million as of June 30, 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 June 30, 2024, the maturities of these obligations were between 0 and 13 years. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 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 $1,179 million and $1,103 million as of June 30, 2024 and December 31, 2023, respectively, and total derivative liabilities of $4,468 million and $4,181 million as of June 30, 2024 and December 31, 2023, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position. Primary Underlying Risk /Instrument Type June 30, 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 $ 3,515 $ 23 $ (349) $ 3,582 $ 55 $ (252) Interest Rate Forwards 0 0 0 0 0 0 Foreign Currency Foreign Currency Forwards 4,661 54 (193) 4,748 43 (195) Currency/Interest Rate Foreign Currency Swaps 29,902 2,434 (467) 27,933 1,952 (676) Total Derivatives Designated as Hedge Accounting Instruments $ 38,078 $ 2,511 $ (1,009) $ 36,263 $ 2,050 $ (1,123) Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate Interest Rate Swaps $ 223,053 $ 10,441 $ (24,033) $ 224,445 $ 8,604 $ (21,599) Interest Rate Futures 9,699 24 (81) 10,448 7 (26) Interest Rate Options 34,783 357 (1,325) 32,718 292 (1,095) Interest Rate Forwards 3,915 63 (81) 3,678 39 (14) Foreign Currency Foreign Currency Forwards 27,728 1,729 (1,546) 27,686 965 (954) Foreign Currency Options 0 0 0 0 0 0 Currency/Interest Rate Foreign Currency Swaps 7,350 600 (141) 7,771 502 (164) Credit Credit Default Swaps 3,957 83 0 3,446 64 0 Equity Equity Futures 1,259 0 (4) 672 1 (2) Equity Options 71,236 3,664 (2,312) 51,792 1,688 (1,662) Total Return Swaps 9,595 29 (259) 9,237 48 (514) Other Other(1) 1,250 0 0 1,250 0 0 Synthetic GICs 76,469 2 (1) 78,009 1 (1) Total Derivatives Not Qualifying as Hedge Accounting Instruments $ 470,294 $ 16,992 $ (29,783) $ 451,152 $ 12,211 $ (26,031) Total Derivatives(2)(3) $ 508,372 $ 19,503 $ (30,792) $ 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 $9,684 million (including the Prismic funds withheld related embedded derivative net liability of $34 million) and $8,096 million (including the Prismic funds withheld related embedded derivative net liability of $508 million) as of June 30, 2024 and December 31, 2023, respectively, primarily included in “Policyholders’ 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 June 30, 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. June 30, 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 $ 216 $ 13 $ 224 $ 19 Policyholders’ account balances $ (760) $ 292 $ (810) $ 219 Future policy benefits $ (2,334) $ 376 $ (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. June 30, 2024 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 19,369 $ (18,324) $ 1,045 $ (290) $ 755 Securities purchased under agreement to resell 1,088 0 1,088 (763) 325 Total assets $ 20,457 $ (18,324) $ 2,133 $ (1,053) $ 1,080 Offsetting of Financial Liabilities: Derivatives $ 30,791 $ (26,324) $ 4,467 $ (3,703) $ 764 Securities sold under agreement to repurchase 6,929 0 6,929 (6,633) 296 Total liabilities $ 37,720 $ (26,324) $ 11,396 $ (10,336) $ 1,060 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. June 30, 2024 Gross Gross Net Financial Net (in millions) Offsetting of Financial Assets: Derivatives $ 19,369 $ (18,324) $ 1,045 $ (290) $ 755 Securities purchased under agreement to resell 1,088 0 1,088 (763) 325 Total assets $ 20,457 $ (18,324) $ 2,133 $ (1,053) $ 1,080 Offsetting of Financial Liabilities: Derivatives $ 30,791 $ (26,324) $ 4,467 $ (3,703) $ 764 Securities sold under agreement to repurchase 6,929 0 6,929 (6,633) 296 Total liabilities $ 37,720 $ (26,324) $ 11,396 $ (10,336) $ 1,060 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 June 30, 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 $ 1 $ 0 $ 0 $ 0 $ 0 $ (19) $ (23) $ 0 Currency 0 0 0 0 0 0 1 0 Total gains (losses) on derivatives designated as hedge instruments 1 0 0 0 0 (19) (22) 0 Gains (losses) on the hedged item: Interest Rate (1) 0 3 0 0 11 15 0 Currency 0 0 0 0 0 0 0 0 Total gains (losses) on hedged item (1) 0 3 0 0 11 15 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (3) (19) Total amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (3) (19) Total gains (losses) on fair value hedges net of hedged item 0 0 3 0 0 (8) (10) (19) Cash flow hedges Interest Rate (13) 0 (4) 0 0 0 0 11 Currency 0 0 0 0 0 0 0 9 Currency/Interest Rate 25 0 82 8 0 0 0 281 Total gains (losses) on cash flow hedges 12 0 78 8 0 0 0 301 Net investment hedges Currency 0 0 0 0 0 0 0 2 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 2 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (371) (451) 0 0 0 0 0 0 Currency (13) 0 0 (3) 0 0 0 0 Currency/Interest Rate 66 0 0 0 0 0 0 0 Credit 4 0 0 0 0 0 0 0 Equity 591 (67) 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Embedded Derivatives(2) 435 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments 712 (518) 0 (3) 0 0 0 0 Total $ 724 $ (518) $ 81 $ 5 $ 0 $ (8) $ (10) $ 284 Six Months Ended June 30, 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 $ 6 $ 0 $ 0 $ 0 $ 0 $ (69) $ (82) $ 0 Currency 0 0 0 0 0 0 (15) 0 Total gains (losses) on derivatives designated as hedge instruments 6 0 0 0 0 (69) (97) 0 Gains (losses) on the hedged item: Interest Rate (6) 0 6 0 0 74 63 0 Currency 0 0 0 0 0 0 14 0 Total gains (losses) on hedged item (6) 0 6 0 0 74 77 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (5) (9) Total amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (5) (9) Total gains (losses) on fair value hedges net of hedged item 0 0 6 0 0 5 (25) (9) Cash flow hedges Interest Rate (13) 0 (7) 0 0 0 0 1 Currency 0 0 0 0 0 0 0 24 Currency/Interest Rate 28 0 158 85 0 0 0 605 Total gains (losses) on cash flow hedges 15 0 151 85 0 0 0 630 Net investment hedges Currency 0 0 0 0 0 0 0 13 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 13 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (1,033) (1,412) 0 0 0 0 0 0 Currency (39) 0 0 (1) 0 0 0 0 Currency/Interest Rate 172 0 0 1 0 0 0 0 Credit 56 0 0 0 0 0 0 0 Equity 2,040 (560) 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Embedded Derivatives(2) (636) 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments 560 (1,972) 0 0 0 0 0 0 Total $ 575 $ (1,972) $ 157 $ 85 $ 0 $ 5 $ (25) $ 634 Three Months Ended June 30, 2023 Realized Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) Net Other Interest Interest Policyholders’ Benefits Change in AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 5 $ 0 $ 0 $ 0 $ 0 $ (53) $ (58) $ 0 Currency (1) 0 0 0 0 0 50 0 Total gains (losses) on derivatives designated as hedge instruments 4 0 0 0 0 (53) (8) 0 Gains (losses) on the hedged item: Interest Rate (5) 0 3 0 0 38 44 0 Currency 1 0 1 0 0 0 (50) 0 Total gains (losses) on hedged item (4) 0 4 0 0 38 (6) 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (2) (75) Total amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (2) (75) Total gains (losses) on fair value hedges net of hedged item 0 0 4 0 0 (15) (16) (75) Cash flow hedges Interest Rate 0 0 (6) 0 0 0 0 (12) Currency 3 0 0 0 0 0 0 (1) Currency/Interest Rate 13 0 80 (66) 0 0 0 (233) Total gains (losses) on cash flow hedges 16 0 74 (66) 0 0 0 (246) Net investment hedges Currency 0 0 0 0 0 0 0 17 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 17 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate (322) (1,022) 0 0 0 0 0 0 Currency (349) 0 0 4 0 0 0 0 Currency/Interest Rate (35) 0 0 (1) 0 0 0 0 Credit 38 0 0 0 0 0 0 0 Equity 961 (440) 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Embedded Derivatives (970) 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (677) (1,462) 0 3 0 0 0 0 Total $ (661) $ (1,462) $ 78 $ (63) $ 0 $ (15) $ (16) $ (304) Six Months Ended June 30, 2023 Realized Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss) Net Other Interest Interest Policyholders’ Benefits Change in AOCI(1) (in millions) Derivatives Designated as Hedge Accounting Instruments: Fair value hedges Gains (losses) on derivatives designated as hedge instruments: Interest Rate $ 1 $ 0 $ 0 $ 0 $ 0 $ (16) $ (14) $ 0 Currency (1) 0 (1) 0 0 0 99 0 Total gains (losses) on derivatives designated as hedge instruments 0 0 (1) 0 0 (16) 85 0 Gains (losses) on the hedged item: Interest Rate (1) 0 6 0 0 1 (4) 0 Currency 1 0 1 0 0 0 (97) 0 Total gains (losses) on hedged item 0 0 7 0 0 1 (101) 0 Amortization for gains (losses) excluded from assessment of the effectiveness Currency 0 0 0 0 0 0 (4) (95) Total amortization for gain (loss) excluded from assessment of the effectiveness 0 0 0 0 0 0 (4) (95) Total gains (losses) on fair value hedges net of hedged item 0 0 6 0 0 (15) (20) (95) Cash flow hedges Interest Rate (22) 0 (7) 0 0 0 0 32 Currency 8 0 0 0 0 0 0 (40) Currency/Interest Rate 48 0 163 (146) 0 0 0 (511) Total gains (losses) on cash flow hedges 34 0 156 (146) 0 0 0 (519) Net investment hedges Currency 0 0 0 0 0 0 0 16 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 16 Derivatives Not Qualifying as Hedge Accounting Instruments: Interest Rate 225 (755) 0 0 0 0 0 0 Currency (510) 0 0 5 0 0 0 0 Currency/Interest Rate (63) 0 0 (3) 0 0 0 0 Credit 85 0 0 0 0 0 0 0 Equity 1,150 (678) 0 0 0 0 0 0 Other 0 0 0 0 0 0 0 0 Embedded Derivatives (1,215) 0 0 0 0 0 0 0 Total gains (losses) on derivatives not qualifying as hedge accounting instruments (328) (1,433) 0 2 0 0 0 0 Total $ (294) $ (1,433) $ 162 $ (144) $ 0 $ (15) $ (20) $ (598) __________ (1) Excludes changes related to net investment hedges using non-derivative instruments of $61 million and $101 million for the three and six months ended June 30, 2024, respectively, and $46 million and $45 million for the three and six months ended June 30, 2023, respectively. (2) Includes the Prismic funds withheld related embedded derivative realized gain (loss) of $189 million and $472 million for the three and six months ended June 30, 2024, respectively. |
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 (19) Currency 28 Currency/Interest Rate 876 Total amount recorded in AOCI 885 Amount reclassified from AOCI to income: Interest Rate 20 Currency (4) Currency/Interest Rate (271) Total amount reclassified from AOCI to income (255) Balance, June 30, 2024 $ 1,499 |
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 10 years for index reference. June 30, 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 3,302 41 0 0 0 0 655 42 3,957 83 Total $ 0 $ 0 $ 0 $ 0 $ 3,302 $ 41 $ 0 $ 0 $ 0 $ 0 $ 655 $ 42 $ 3,957 $ 83 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 June 30, 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) | 6 Months Ended |
Jun. 30, 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. June 30, 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 $ 21,539 $ 0 $ $ 21,539 Obligations of U.S. states and their political subdivisions 0 7,649 6 7,655 Foreign government bonds 0 57,672 7 57,679 U.S. corporate public securities 0 100,710 64 100,774 U.S. corporate private securities(2) 0 38,938 3,119 42,057 Foreign corporate public securities 0 21,212 92 21,304 Foreign corporate private securities 0 31,165 1,728 32,893 Asset-backed securities(3) 0 14,259 1,136 15,395 Commercial mortgage-backed securities 0 8,336 916 9,252 Residential mortgage-backed securities 0 2,544 0 2,544 Subtotal 0 304,024 7,068 311,092 Assets supporting experience-rated contractholder liabilities: U.S. Treasury securities and obligations of U.S. government authorities and agencies 0 218 0 218 Foreign government bonds 0 547 0 547 Corporate securities 0 70 1 71 Equity securities 1,208 1,307 0 2,515 Subtotal 1,208 2,142 1 3,351 Market risk benefit assets 0 0 2,233 2,233 Fixed maturities, trading 0 8,730 1,520 10,250 Equity securities 4,705 1,837 556 7,098 Commercial mortgage and other loans 0 635 0 635 Other invested assets(5) 33 19,468 938 (18,324) 2,115 Short-term investments 539 4,653 9 5,201 Cash equivalents 576 6,743 4 7,323 Reinsurance recoverables and deposit receivables 0 192 363 555 Other assets 0 0 0 0 Separate account assets(6)(7) 9,311 161,119 342 170,772 Total assets $ 16,372 $ 509,543 $ 13,034 $ (18,324) $ 520,625 Market risk benefit liabilities $ 0 $ 0 $ 4,592 $ $ 4,592 Policyholders’ account balances 0 0 10,213 10,213 Reinsurance and funds withheld payables 0 22 0 22 Other liabilities 85 30,706 1 (26,324) 4,468 Notes issued by consolidated VIEs 0 0 422 422 Total liabilities $ 85 $ 30,728 $ 15,228 $ (26,324) $ 19,717 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 $(8,000) million and $(9,815) million as of June 30, 2024 and December 31, 2023, respectively. (2) Excludes notes with fair value of $13,714 million (carrying amount of $13,714 million) and $12,370 million (carrying amount of $12,370 million) as of June 30, 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 June 30, 2024 and December 31, 2023, the fair value of such investments was $4,613 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 June 30, 2024 and December 31, 2023, the fair value of such investments was $26,087 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 | 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 June 30, 2024 Fair Value Valuation Unobservable Inputs Minimum Maximum Weighted Impact of (in millions) Assets: Corporate securities(2)(3) $ 4,157 Discounted Discount rate 0.83% 30.00% 11.44% Decrease Market comparables EBITDA multiples(4) 5.4X 8.8X 6.9X Increase Liquidation Liquidation value 56.00% 99.02% 94.88% Increase Commercial mortgage-backed securities $ 916 Discounted Liquidity premium 1.00% 1.00% 1.00% Decrease Market risk benefit assets(6) $ 2,233 Discounted cash flow Lapse rate(8) 1% 20% Increase Spread over SOFR(9) 0.35% 1.88% Increase Utilization rate(10) 37% 94% Decrease Withdrawal rate See table footnote (11) below. Mortality rate(12) 0% 16% Increase Equity volatility curve 15% 25% Decrease Equity securities $ 229 Discounted cash flow Discount rate(5) 0.16% 12% Decrease Market comparables EBITDA multiples(4) 1.0X 12.2X 1.4X Increase Net Asset Value Share price $3 $1,810 $1,726 Increase Liabilities: Market risk benefit liabilities(6) $ 4,592 Discounted cash flow Lapse rate(8) 1% 20% Decrease Spread over SOFR(9) 0.35% 1.88% Decrease Utilization rate(10) 37% 94% Increase Withdrawal rate See table footnote (11) below. Mortality rate(12) 0% 16% Decrease Equity volatility curve 15% 25% Increase Policyholders’ account balances(7) $ 10,212 Discounted cash flow Lapse rate(8) 0% 80% Decrease Spread over SOFR(9) 0.35% 1.90% Decrease Mortality rate(12) 0% 23% Decrease Option Budget(13) (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(6) $ 1,981 Discounted cash flow Lapse rate(8) 1% 20% Increase Spread over SOFR(9) 0.41% 1.82% Increase Utilization rate(10) 38% 95% Decrease Withdrawal rate See table footnote (11) below. Mortality rate(12) 0% 15% Increase Equity volatility curve 15% 25% Decrease Equity securities $ 246 Discounted cash flow Discount rate(5) 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(6) $ 5,467 Discounted cash flow Lapse rate(8) 1% 20% Decrease Spread over SOFR(9) 0.41% 1.82% Decrease Utilization rate(10) 38% 95% Increase Withdrawal rate See table footnote (11) below. Mortality rate(12) 0% 15% Decrease Equity volatility curve 15% 25% Increase Policyholders’ account balances(7) $ 7,752 Discounted cash flow Lapse rate(8) 1% 80% Decrease Spread over SOFR(9) 0.41% 1.85% Decrease Mortality rate(12) 0% 23% Decrease Option Budget(13) (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) 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. (7) 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. (8) 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. (9) 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 June 30, 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. (10) 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. (11) 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 June 30, 2024 and December 31, 2023, the minimum withdrawal rate assumption is 78% and 81%, respectively. As of June 30, 2024 and December 31, 2023 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%. (12) 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. (13) 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 June 30, 2024(6) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Level 3(8) Transfers out of Level 3(8) Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 6 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 6 $ 0 Foreign government 7 0 0 0 0 0 0 0 0 7 0 Corporate securities(3) 4,965 (43) 417 (28) 0 (221) (141) 54 0 5,003 (51) Structured securities(4) 2,612 (10) 327 (1) 0 (63) (492) (1) (320) 2,052 (11) Other assets: Fixed maturities, trading 1,330 (7) 330 0 0 (70) 0 (2) (61) 1,520 (6) Equity securities 506 12 54 (12) 0 (1) (3) 1 (1) 556 12 Other invested assets 865 (39) 93 0 0 0 19 0 0 938 (40) Short-term investments 32 3 2 0 0 (6) (22) 0 0 9 2 Cash equivalents 0 0 4 0 0 0 0 0 0 4 0 Reinsurance recoverables and deposit receivables 303 14 59 0 0 (13) 0 0 0 363 1 Other assets 19 0 0 0 0 0 (19) 0 0 0 0 Separate account assets 338 (8) 80 (61) 0 (2) 0 0 (5) 342 (7) Liabilities: Policyholders’ account balances(5) (9,864) 119 0 0 (469) 0 1 0 0 (10,213) 965 Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs (405) 0 0 0 (17) 0 0 0 0 (422) 0 Three Months Ended June 30, 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 $ (30) $ 0 $ 0 $ (33) $ 10 $ (31) $ 0 $ 0 $ (30) Other assets: Fixed maturities, trading 0 (7) 0 0 0 0 (6) 0 0 Equity securities 0 12 0 0 0 0 12 0 0 Other invested assets 1 (40) 0 0 0 0 (40) 0 0 Short-term investments 3 0 0 0 0 2 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 14 0 0 0 0 1 0 0 0 Other assets 0 0 0 0 0 0 0 0 0 Separate account assets 0 0 (8) 0 0 0 0 (7) 0 Liabilities: Policyholders’ account balances 119 0 0 0 0 965 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 Six Months Ended June 30, 2024(6) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Level 3(8) Transfers out of Level 3(8) 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 (89) 819 (33) 0 (508) (154) 162 0 5,003 (101) Structured securities(4) 1,297 (7) 1,592 (1) 0 (75) (493) 59 (320) 2,052 (11) Other assets: Fixed maturities, trading 429 (5) 894 (22) 0 (116) (1) 402 (61) 1,520 1 Equity securities 512 (7) 75 (16) 0 (5) 6 1 (10) 556 (10) Other invested assets 846 (47) 122 (2) 0 0 19 0 0 938 (47) Short-term investments 29 1 7 0 0 (6) (22) 0 0 9 0 Cash equivalents 4 0 4 0 0 0 (4) 0 0 4 0 Reinsurance recoverables and deposit receivables 224 51 114 0 0 (26) 0 0 0 363 25 Other assets 11 0 8 0 0 0 (19) 0 0 0 0 Separate account assets 1,094 (54) 136 (824) 0 (4) 0 0 (6) 342 (15) Liabilities: Policyholders’ account balances(5) (7,752) (1,376) 0 0 (1,087) 0 2 0 0 (10,213) 749 Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs (778) (8) 0 0 (27) 0 391 0 0 (422) (8) Six Months Ended June 30, 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 $ (63) $ 0 $ 0 $ (49) $ 15 $ (59) $ 0 $ 0 $ (54) Other assets: Fixed maturities, trading 0 (6) 0 0 1 0 1 0 0 Equity securities 0 (7) 0 0 0 0 (10) 0 0 Other invested assets 0 (47) 0 0 0 0 (47) 0 0 Short-term investments 0 0 0 0 1 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 51 0 0 0 0 25 0 0 0 Other assets 0 0 0 0 0 0 0 0 0 Separate account assets 0 0 (54) 0 0 0 0 (15) 0 Liabilities: Policyholders’ account balances (1,376) 0 0 0 0 749 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 June 30, 2023(6) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Level 3(8) Transfers out of Level 3(8) Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 7 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 7 $ 0 Foreign government 9 0 0 0 0 (1) 0 0 0 8 0 Corporate securities(3) 3,941 26 737 (47) 0 (177) (18) 18 (19) 4,461 18 Structured securities(4) 1,438 6 (1) (4) 0 (13) 0 0 (162) 1,264 (1) Other assets: Fixed maturities, trading 339 (2) 33 0 0 (9) 0 0 (59) 302 (3) Equity securities 801 (23) 2 (8) 0 0 1 0 0 773 (10) Other invested assets 803 (20) 84 (2) 0 0 0 0 0 865 (20) Short-term investments 16 1 28 0 0 (20) 0 0 0 25 0 Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 156 26 39 0 0 (4) 0 0 0 217 20 Other assets(7) 11 0 0 0 0 1 0 0 0 12 0 Separate account assets 1,169 49 166 (130) 0 (40) 0 3 (42) 1,175 50 Liabilities: Policyholders’ account balances(5) (4,244) (1,020) 0 0 (438) 0 73 0 0 (5,629) (153) 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 June 30, 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 $ (13) $ 0 $ 0 $ 43 $ 2 $ (10) $ 0 $ 0 $ 26 Other assets: Fixed maturities, trading 0 (2) 0 0 0 0 (3) 0 0 Equity securities (1) (22) 0 0 0 0 (10) 0 0 Other invested assets (1) (19) 0 0 0 (1) (19) 0 0 Short-term investments 0 0 0 0 1 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 26 0 0 0 0 20 0 0 0 Other assets(7) 0 0 0 0 0 0 0 0 0 Separate account assets 0 0 49 0 0 0 0 50 0 Liabilities: Policyholders’ account balances (1,020) 0 0 0 0 (153) 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 Six Months Ended June 30, 2023(6) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Level 3(8) Transfers out of Level 3(8) Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 7 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 7 $ 0 Foreign government 8 0 0 0 0 0 0 0 0 8 0 Corporate securities(3) 3,858 35 1,264 (175) 0 (500) (20) 18 (19) 4,461 39 Structured securities(4) 1,289 (29) 239 (5) 0 (25) 0 37 (242) 1,264 (37) Other assets: Fixed maturities, trading 304 3 66 0 0 (13) 1 0 (59) 302 1 Equity securities 627 (6) 9 (67) 0 (6) 216 1 (1) 773 (10) Other invested assets 539 (19) 354 (9) 0 0 0 0 0 865 (18) Short-term investments 18 3 31 0 0 (27) 0 0 0 25 0 Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 141 8 73 0 0 (5) 0 0 0 217 3 Other assets(7) 11 0 1 0 0 0 0 0 0 12 0 Separate account assets 1,081 88 309 (197) 0 (66) 0 3 (43) 1,175 87 Liabilities: Policyholders’ account balances(5) (3,492) (1,271) 0 0 (839) 0 (27) 0 0 (5,629) (262) 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 Six Months Ended June 30, 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 $ (16) $ 0 $ 0 $ 19 $ 3 $ (3) $ 0 $ 0 $ 5 Other assets: Fixed maturities, trading 0 2 0 0 1 0 1 0 0 Equity securities (1) (5) 0 0 0 0 (10) 0 0 Other invested assets (1) (18) 0 0 0 (1) (17) 0 0 Short-term investments 2 0 0 0 1 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 8 0 0 0 0 3 0 0 0 Other assets(7) 0 0 0 0 0 0 0 0 0 Separate account assets 0 0 88 0 0 0 0 87 0 Liabilities: Policyholders’ account balances (1,271) 0 0 0 0 (262) 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) Issuances and settlements for Policyholders’ account balances are presented net in the rollforward. (6) Excludes MRB assets of $2,233 million and $1,951 million and MRB liabilities of $4,592 million and $5,462 million for periods ending June 30, 2024 and 2023, respectively. See Note 11 for additional information. (7) Prior period amounts have been reclassified to conform to current period presentation. (8) 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, 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 June 30, 2024(6) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Level 3(8) Transfers out of Level 3(8) Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 6 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 6 $ 0 Foreign government 7 0 0 0 0 0 0 0 0 7 0 Corporate securities(3) 4,965 (43) 417 (28) 0 (221) (141) 54 0 5,003 (51) Structured securities(4) 2,612 (10) 327 (1) 0 (63) (492) (1) (320) 2,052 (11) Other assets: Fixed maturities, trading 1,330 (7) 330 0 0 (70) 0 (2) (61) 1,520 (6) Equity securities 506 12 54 (12) 0 (1) (3) 1 (1) 556 12 Other invested assets 865 (39) 93 0 0 0 19 0 0 938 (40) Short-term investments 32 3 2 0 0 (6) (22) 0 0 9 2 Cash equivalents 0 0 4 0 0 0 0 0 0 4 0 Reinsurance recoverables and deposit receivables 303 14 59 0 0 (13) 0 0 0 363 1 Other assets 19 0 0 0 0 0 (19) 0 0 0 0 Separate account assets 338 (8) 80 (61) 0 (2) 0 0 (5) 342 (7) Liabilities: Policyholders’ account balances(5) (9,864) 119 0 0 (469) 0 1 0 0 (10,213) 965 Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs (405) 0 0 0 (17) 0 0 0 0 (422) 0 Three Months Ended June 30, 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 $ (30) $ 0 $ 0 $ (33) $ 10 $ (31) $ 0 $ 0 $ (30) Other assets: Fixed maturities, trading 0 (7) 0 0 0 0 (6) 0 0 Equity securities 0 12 0 0 0 0 12 0 0 Other invested assets 1 (40) 0 0 0 0 (40) 0 0 Short-term investments 3 0 0 0 0 2 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 14 0 0 0 0 1 0 0 0 Other assets 0 0 0 0 0 0 0 0 0 Separate account assets 0 0 (8) 0 0 0 0 (7) 0 Liabilities: Policyholders’ account balances 119 0 0 0 0 965 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 Six Months Ended June 30, 2024(6) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Level 3(8) Transfers out of Level 3(8) 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 (89) 819 (33) 0 (508) (154) 162 0 5,003 (101) Structured securities(4) 1,297 (7) 1,592 (1) 0 (75) (493) 59 (320) 2,052 (11) Other assets: Fixed maturities, trading 429 (5) 894 (22) 0 (116) (1) 402 (61) 1,520 1 Equity securities 512 (7) 75 (16) 0 (5) 6 1 (10) 556 (10) Other invested assets 846 (47) 122 (2) 0 0 19 0 0 938 (47) Short-term investments 29 1 7 0 0 (6) (22) 0 0 9 0 Cash equivalents 4 0 4 0 0 0 (4) 0 0 4 0 Reinsurance recoverables and deposit receivables 224 51 114 0 0 (26) 0 0 0 363 25 Other assets 11 0 8 0 0 0 (19) 0 0 0 0 Separate account assets 1,094 (54) 136 (824) 0 (4) 0 0 (6) 342 (15) Liabilities: Policyholders’ account balances(5) (7,752) (1,376) 0 0 (1,087) 0 2 0 0 (10,213) 749 Other liabilities (1) 0 0 0 0 0 0 0 0 (1) 0 Notes issued by consolidated VIEs (778) (8) 0 0 (27) 0 391 0 0 (422) (8) Six Months Ended June 30, 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 $ (63) $ 0 $ 0 $ (49) $ 15 $ (59) $ 0 $ 0 $ (54) Other assets: Fixed maturities, trading 0 (6) 0 0 1 0 1 0 0 Equity securities 0 (7) 0 0 0 0 (10) 0 0 Other invested assets 0 (47) 0 0 0 0 (47) 0 0 Short-term investments 0 0 0 0 1 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 51 0 0 0 0 25 0 0 0 Other assets 0 0 0 0 0 0 0 0 0 Separate account assets 0 0 (54) 0 0 0 0 (15) 0 Liabilities: Policyholders’ account balances (1,376) 0 0 0 0 749 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 June 30, 2023(6) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Level 3(8) Transfers out of Level 3(8) Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 7 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 7 $ 0 Foreign government 9 0 0 0 0 (1) 0 0 0 8 0 Corporate securities(3) 3,941 26 737 (47) 0 (177) (18) 18 (19) 4,461 18 Structured securities(4) 1,438 6 (1) (4) 0 (13) 0 0 (162) 1,264 (1) Other assets: Fixed maturities, trading 339 (2) 33 0 0 (9) 0 0 (59) 302 (3) Equity securities 801 (23) 2 (8) 0 0 1 0 0 773 (10) Other invested assets 803 (20) 84 (2) 0 0 0 0 0 865 (20) Short-term investments 16 1 28 0 0 (20) 0 0 0 25 0 Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 156 26 39 0 0 (4) 0 0 0 217 20 Other assets(7) 11 0 0 0 0 1 0 0 0 12 0 Separate account assets 1,169 49 166 (130) 0 (40) 0 3 (42) 1,175 50 Liabilities: Policyholders’ account balances(5) (4,244) (1,020) 0 0 (438) 0 73 0 0 (5,629) (153) 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 June 30, 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 $ (13) $ 0 $ 0 $ 43 $ 2 $ (10) $ 0 $ 0 $ 26 Other assets: Fixed maturities, trading 0 (2) 0 0 0 0 (3) 0 0 Equity securities (1) (22) 0 0 0 0 (10) 0 0 Other invested assets (1) (19) 0 0 0 (1) (19) 0 0 Short-term investments 0 0 0 0 1 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 26 0 0 0 0 20 0 0 0 Other assets(7) 0 0 0 0 0 0 0 0 0 Separate account assets 0 0 49 0 0 0 0 50 0 Liabilities: Policyholders’ account balances (1,020) 0 0 0 0 (153) 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 Six Months Ended June 30, 2023(6) Fair Value, beginning of period Total realized and unrealized gains (losses) Purchases Sales Issuances Settlements Other(1) Transfers into Level 3(8) Transfers out of Level 3(8) Fair Value, end of period Unrealized gains (losses) for assets still held(2) (in millions) Fixed maturities, available-for-sale: U.S. states $ 7 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 7 $ 0 Foreign government 8 0 0 0 0 0 0 0 0 8 0 Corporate securities(3) 3,858 35 1,264 (175) 0 (500) (20) 18 (19) 4,461 39 Structured securities(4) 1,289 (29) 239 (5) 0 (25) 0 37 (242) 1,264 (37) Other assets: Fixed maturities, trading 304 3 66 0 0 (13) 1 0 (59) 302 1 Equity securities 627 (6) 9 (67) 0 (6) 216 1 (1) 773 (10) Other invested assets 539 (19) 354 (9) 0 0 0 0 0 865 (18) Short-term investments 18 3 31 0 0 (27) 0 0 0 25 0 Cash equivalents 0 0 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 141 8 73 0 0 (5) 0 0 0 217 3 Other assets(7) 11 0 1 0 0 0 0 0 0 12 0 Separate account assets 1,081 88 309 (197) 0 (66) 0 3 (43) 1,175 87 Liabilities: Policyholders’ account balances(5) (3,492) (1,271) 0 0 (839) 0 (27) 0 0 (5,629) (262) 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 Six Months Ended June 30, 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 $ (16) $ 0 $ 0 $ 19 $ 3 $ (3) $ 0 $ 0 $ 5 Other assets: Fixed maturities, trading 0 2 0 0 1 0 1 0 0 Equity securities (1) (5) 0 0 0 0 (10) 0 0 Other invested assets (1) (18) 0 0 0 (1) (17) 0 0 Short-term investments 2 0 0 0 1 0 0 0 0 Cash equivalents 0 0 0 0 0 0 0 0 0 Reinsurance recoverables and deposit receivables 8 0 0 0 0 3 0 0 0 Other assets(7) 0 0 0 0 0 0 0 0 0 Separate account assets 0 0 88 0 0 0 0 87 0 Liabilities: Policyholders’ account balances (1,271) 0 0 0 0 (262) 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) Issuances and settlements for Policyholders’ account balances are presented net in the rollforward. (6) Excludes MRB assets of $2,233 million and $1,951 million and MRB liabilities of $4,592 million and $5,462 million for periods ending June 30, 2024 and 2023, respectively. See Note 11 for additional information. (7) Prior period amounts have been reclassified to conform to current period presentation. (8) 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 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 June 30, 2024 Level 1 Level 2 Level 3 Netting(1) Total (in millions) Derivative Assets: Interest Rate $ 24 $ 10,884 $ 2 $ $ 10,910 Currency 0 1,783 0 1,783 Credit 0 83 0 83 Currency/Interest Rate 0 3,034 0 3,034 Equity 9 3,684 0 3,693 Other 0 0 0 0 Netting(1) (18,324) (18,324) Total derivative assets $ 33 $ 19,468 $ 2 $ (18,324) $ 1,179 Derivative Liabilities: Interest Rate $ 81 $ 25,788 $ 1 $ $ 25,870 Currency 0 1,739 0 1,739 Credit 0 0 0 0 Currency/Interest Rate 0 608 0 608 Equity 5 2,570 0 2,575 Other 0 0 0 0 Netting(1) (26,324) (26,324) Total derivative liabilities $ 86 $ 30,705 $ 1 $ (26,324) $ 4,468 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 June 30, 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 1 0 0 0 0 0 0 0 1 1 Six Months Ended June 30, 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 1 0 0 0 0 0 0 0 1 1 Three Months Ended June 30, 2023 Fair Value, beginning of period Total realized and unrealized gains (losses)(1) Purchases Sales Issuances Settlements Other Transfers into Transfers out of Level 3(2) Fair Value, end of period Unrealized gains (losses) for assets still held(1) (in millions) Net Derivative - Equity $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Net Derivative - Interest Rate 0 0 0 0 0 0 0 0 0 0 0 Six Months Ended June 30, 2023 Fair Value, beginning of period Total realized and unrealized gains (losses)(1) Purchases Sales Issuances Settlements Other Transfers into Transfers out of Level 3(2) Fair Value, end of period Unrealized gains (losses) for assets still held(1) (in millions) Net Derivative - Equity $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Net Derivative - Interest Rate 0 0 0 0 0 0 0 0 0 0 0 __________ (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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions) Gains (Losses): Commercial mortgage loans(1) $ 0 $ 0 $ 0 $ 0 Investment real estate $ (3) $ (17) $ (3) $ (17) Investment in JV/LP and Other $ 0 $ (37) $ (7) $ (54) June 30, 2024 December 31, 2023 (in millions) Carrying value after measurement as of period end: Commercial mortgage loans(1) $ 0 $ 34 Investment real estate(2) $ 69 $ 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” and June 30, 2024 for “Investment real estate.” 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions) Liabilities: Notes issued by consolidated VIEs: Changes in fair value $ 0 $ 0 $ 8 $ 0 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions) Commercial mortgage and other loans: Interest income $ 1 $ 3 $ 3 $ 4 Notes issued by consolidated VIEs: Interest expense $ 3 $ 0 $ 11 $ 0 June 30, 2024 December 31, 2023 (in millions) Commercial mortgage and other loans(1): Fair value as of period end $ 635 $ 519 Aggregate contractual principal as of period end $ 632 $ 512 Other invested assets: Fair value as of period end $ 19 $ 0 Other assets: Fair value as of period end $ 0 $ 11 Notes issued by consolidated VIEs: Fair value as of period end $ 422 $ 778 Aggregate contractual principal as of period end $ 422 $ 787 __________ (1) As of June 30, 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. June 30, 2024 Fair Value Carrying Level 1 Level 2 Level 3 Total Total (in millions) Assets: Commercial mortgage and other loans $ 0 $ 33 $ 56,007 $ 56,040 $ 59,608 Policy loans 8 0 9,731 9,739 9,739 Other invested assets 0 95 0 95 95 Short-term investments 1,000 40 0 1,040 1,040 Cash and cash equivalents 8,681 1,107 0 9,788 9,788 Accrued investment income 0 3,434 0 3,434 3,434 Reinsurance recoverables and deposit receivables 0 7 5,478 5,485 5,485 Other assets 19 3,426 2 3,447 3,447 Total assets $ 9,708 $ 8,142 $ 71,218 $ 89,068 $ 92,636 Liabilities: Policyholders’ account balances—investment contracts $ 0 $ 29,618 $ 39,822 $ 69,440 $ 75,572 Securities sold under agreements to repurchase 0 6,929 0 6,929 6,929 Cash collateral for loaned securities 0 7,050 0 7,050 7,050 Reinsurance and funds withheld payables(2) 0 9,917 (26) 9,891 9,891 Short-term debt(3) 0 503 85 588 588 Long-term debt(4) 558 16,978 742 18,278 19,353 Notes issued by consolidated VIEs 0 0 752 752 752 Other liabilities 0 5,775 32 5,807 5,807 Separate account liabilities—investment contracts 0 22,997 19,120 42,117 42,117 Total liabilities $ 558 $ 99,767 $ 60,527 $ 160,852 $ 168,059 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 $7,945 million (carrying amount of $7,945 million) and $8,036 million (carrying amount of $8,036 million), a portion of which relates to insurance contracts as of June 30, 2024 and December 31, 2023, respectively. See Note 12 for additional information regarding the reinsurance arrangement with Prismic Re. (3) Excludes debt with fair value of $1,750 million (carrying amount of $1,750 million) and $2,000 million (carrying amount of $2,000 million) as of June 30, 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 $11,964 million (carrying amount of $11,964 million) and $10,370 million (carrying amount of $10,370 million) as of June 30, 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) | 6 Months Ended |
Jun. 30, 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: Six Months Ended June 30, 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 193 90 338 287 274 1,182 Amortization expense (190) (104) (121) (170) (164) (749) Other adjustments(1) 0 (2) (280) (53) 3 (332) Foreign currency adjustment 0 0 0 (303) (159) (462) Balance, EOP $ 3,679 $ 2,221 $ 5,301 $ 4,670 $ 4,396 20,267 Other businesses 297 Total DAC balance $ 20,564 __________ (1) Includes the impact of the reinsurance transaction with Somerset Reinsurance Ltd. in Individual Life (Universal Life). See Note 12 for additional information. Six Months Ended June 30, 2023 Retirement Strategies Individual Life International Businesses Total Individual Variable Term Life Variable/ Life Planner Gibraltar Life (in millions) Balance, BOP $ 4,171 $ 2,288 $ 5,000 $ 4,710 $ 4,231 $ 20,400 Capitalization 124 72 291 300 294 1,081 Amortization expense (186) (107) (121) (163) (156) (733) Other adjustments(1) (393) 0 0 9 0 (384) Foreign currency adjustment 0 0 0 (124) (117) (241) Balance, EOP $ 3,716 $ 2,253 $ 5,170 $ 4,732 $ 4,252 20,123 Other businesses 197 Total DAC balance $ 20,320 __________ (1) Includes the impact of the reinsurance transaction with AuguStar in Individual Retirement Strategies. See Note 12 for additional information. |
Deferred Sales Inducements | The following table shows a rollforward of DSI balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material DSI balance, along with a reconciliation to the Company’s total DSI balance: Six Months Ended June 30, 2024 2023 (in millions) Balance, BOP $ 410 $ 446 Capitalization 1 2 Amortization expense (17) (20) Balance, EOP 394 428 Other businesses 31 34 Total DSI balance $ 425 $ 462 |
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: Six Months Ended June 30, 2024 2023 (in millions) Balance, BOP $ 511 $ 597 Amortization expense (21) (26) Foreign currency adjustment (59) (48) Balance, EOP 431 523 Other businesses(1) 15 19 Total VOBA balance $ 446 $ 542 __________ (1) Represents Aoba Life business. |
Estimated Future VOBA Amortization, Net of Interest | The following table provides estimated future amortization for the periods indicated: 2024 (July-December) 2025 2026 2027 2028 Thereafter Total (in millions) Estimated future VOBA amortization $ 21 $ 39 $ 35 $ 32 $ 29 $ 290 $ 446 |
Separate Accounts (Tables)
Separate Accounts (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Insurance [Abstract] | |
Separate Account Assets | The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows: June 30, December 31, (in millions) Asset Type: U.S. Treasury securities and obligations of U.S. government authorities and agencies $ 4,361 $ 4,411 Obligations of U.S. states and their political subdivisions 2,103 2,116 Foreign government bonds 107 101 U.S. corporate securities 11,588 12,782 Foreign corporate securities 3,024 3,288 Asset-backed securities 1,262 1,211 Mortgage-backed securities 14,394 14,253 Mutual funds: Equity 92,142 88,397 Fixed Income 34,707 37,065 Other 5,303 5,587 Equity securities 4,767 5,410 Commercial mortgage and other loans 62 67 Other invested assets 18,839 20,739 Short-term investments 1,550 1,202 Cash and cash equivalents 2,650 2,259 Total $ 196,859 $ 198,888 |
Separate Account Liability | The balances of and changes in separate account liabilities as of and for the periods ended are as follows: Six Months Ended June 30, 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 10,873 105 294 289 1,613 13,174 Investment performance (972) (94) 5,249 366 4,334 8,883 Policy charges (57) (5) (1,123) (120) (566) (1,871) Surrenders and withdrawals (9,886) (878) (6,815) (339) (516) (18,434) Benefit payments (1,745) (270) (46) (144) (208) (2,413) Net transfers (to) from general account 13 (45) (42) 6 (251) (319) Other (458) 84 3 (532) 46 (857) Balance, EOP $ 30,416 $ 9,908 $ 91,650 $ 24,547 $ 43,675 $ 200,196 Other businesses(1) (3,337) Total separate account liabilities $ 196,859 Cash surrender value(2) $ 30,416 $ 9,908 $ 90,583 $ 24,442 $ 40,129 $ 195,478 __________ (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. Six Months Ended June 30, 2023 Retirement Strategies PGIM Institutional Individual Group Insurance Individual Life Total (in millions) Balance, BOP $ 40,056 $ 11,428 $ 93,395 $ 23,513 $ 32,930 $ 201,322 Deposits 2,928 175 204 11 1,489 4,807 Investment performance (99) 523 7,420 896 4,026 12,766 Policy charges (42) (6) (1,181) (139) (528) (1,896) Surrenders and withdrawals (2,828) (226) (4,667) (14) (409) (8,144) Benefit payments (1,728) (278) (56) (138) (166) (2,366) Net transfers (to) from general account (351) (35) (6) 0 (1,130) (1,522) Other (709) (182) 5 (382) 52 (1,216) Balance, EOP $ 37,227 $ 11,399 $ 95,114 $ 23,747 $ 36,264 203,751 Other businesses(1) (2,880) Total separate account liabilities $ 200,871 Cash surrender value(2) $ 37,227 $ 11,399 $ 93,745 $ 23,630 $ 33,157 $ 199,158 __________ (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) | 6 Months Ended |
Jun. 30, 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. Six Months Ended June 30, 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 assumption update 41 21 (328) (535) (276) (1,077) Effect of actual variances from expected experience and other activity 429 (131) (818) (529) 95 (954) Adjusted balance, BOP 83,746 11,392 28,514 25,925 3,121 152,698 Issuances 11,192 418 1,215 573 0 13,398 Net premiums / considerations collected (12,908) (692) (1,944) (1,678) (157) (17,379) Interest accrual 1,384 264 427 355 76 2,506 Foreign currency adjustment (898) 0 (1,960) (1,534) 0 (4,392) Other adjustments 0 (3) 82 0 0 79 Balance at original discount rate, EOP 82,516 11,379 26,334 23,641 3,040 146,910 Effect of cumulative changes in discount rate assumptions, EOP (15,077) (590) (1,347) (1,232) (128) (18,374) Balance, EOP $ 67,439 $ 10,789 $ 24,987 $ 22,409 $ 2,912 $ 128,536 Other businesses, EOP 89 Total balance, EOP $ 128,625 Six Months Ended June 30, 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 assumption update (481) 21 (106) (407) (394) (1,367) Effect of actual variances from expected experience and other activity 483 (149) (854) (508) 95 (933) Adjusted balance, BOP 155,888 20,058 79,425 85,476 12,443 353,290 Issuances 11,192 418 1,215 574 0 13,399 Interest accrual 3,003 470 1,282 1,089 303 6,147 Benefit payments (6,317) (795) (2,437) (2,632) (155) (12,336) Foreign currency adjustment (908) 0 (5,517) (5,656) 0 (12,081) Other adjustments (63) (10) 166 (4) 0 89 Balance at original discount rate, EOP 162,795 20,141 74,134 78,847 12,591 348,508 Effect of cumulative changes in discount rate assumptions, EOP (20,163) (1,108) (5,612) (11,151) (1,445) (39,479) Balance, EOP $ 142,632 $ 19,033 $ 68,522 $ 67,696 $ 11,146 $ 309,029 Other businesses, EOP 1,656 Total balance, EOP $ 310,685 Six Months Ended June 30, 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 $ 75,194 $ 8,243 $ 43,534 $ 45,287 $ 8,233 $ 180,491 Flooring impact, EOP 46 0 28 16 0 90 Balance, EOP, post-flooring 75,240 8,243 43,562 45,303 8,233 180,581 Less: Reinsurance recoverables 5,098 671 88 257 0 6,114 Balance after reinsurance recoverables, EOP, post-flooring $ 70,142 $ 7,572 $ 43,474 $ 45,046 $ 8,233 $ 174,467 Other businesses, EOP(1) 1,506 Total balance after reinsurance recoverables, EOP $ 175,973 Six Months Ended June 30, 2023 Present Value of Expected Net Premiums Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 52,620 $ 11,282 $ 30,689 $ 28,951 $ 2,932 $ 126,474 Effect of cumulative changes in discount rate assumptions, BOP 14,349 572 1,354 1,326 103 17,704 Balance at original discount rate, BOP 66,969 11,854 32,043 30,277 3,035 144,178 Effect of assumption update (1,117) (1) 78 (175) 266 (949) Effect of actual variances from expected experience and other activity 378 (81) (417) (332) 121 (331) Adjusted balance, BOP 66,230 11,772 31,704 29,770 3,422 142,898 Issuances 5,783 338 1,253 865 0 8,239 Net premiums / considerations collected (4,944) (711) (2,106) (1,928) (154) (9,843) Interest accrual 1,049 270 458 402 77 2,256 Foreign currency adjustment 3,816 0 (1,080) (1,214) 0 1,522 Other adjustments 0 0 93 0 0 93 Balance at original discount rate, EOP 71,934 11,669 30,322 27,895 3,345 145,165 Effect of cumulative changes in discount rate assumptions, EOP (18,002) (497) (594) (614) (89) (19,796) Balance, EOP $ 53,932 $ 11,172 $ 29,728 $ 27,281 $ 3,256 $ 125,369 Other businesses, EOP 85 Total balance, EOP $ 125,454 Six Months Ended June 30, 2023 Present Value of Expected Future Policy Benefits Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, BOP $ 117,754 $ 19,288 $ 78,639 $ 80,331 $ 10,685 $ 306,697 Effect of cumulative changes in discount rate assumptions, BOP 20,170 1,012 3,719 11,266 1,216 37,383 Balance at original discount rate, BOP 137,924 20,300 82,358 91,597 11,901 344,080 Effect of assumption update (1,289) (1) 145 44 357 (744) Effect of actual variances from expected experience and other activity 351 (96) (381) (323) 136 (313) Adjusted balance, BOP 136,986 20,203 82,122 91,318 12,394 343,023 Issuances 5,783 338 1,253 865 0 8,239 Interest accrual 2,457 472 1,325 1,162 292 5,708 Benefit payments (5,643) (779) (1,777) (2,270) (122) (10,591) Foreign currency adjustment 3,898 0 (3,243) (4,355) 0 (3,700) Other adjustments 4 (13) 179 (11) 0 159 Balance at original discount rate, EOP 143,485 20,221 79,859 86,709 12,564 342,838 Effect of cumulative changes in discount rate assumptions, EOP (22,882) (823) 715 (6,148) (999) (30,137) Balance, EOP $ 120,603 $ 19,398 $ 80,574 $ 80,561 $ 11,565 $ 312,701 Other businesses, EOP 1,707 Total balance, EOP $ 314,408 Six Months Ended June 30, 2023 Net Liability for Future Policy Benefits - Benefit Reserves Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care Total (in millions) Balance, EOP, pre-flooring $ 66,671 $ 8,225 $ 50,846 $ 53,279 $ 8,309 $ 187,330 Flooring impact, EOP 1 0 17 2 0 20 Balance, EOP, post-flooring 66,672 8,225 50,863 53,281 8,309 187,350 Less: Reinsurance recoverables 0 707 104 211 0 1,022 Balance after reinsurance recoverables, EOP, post-flooring $ 66,672 $ 7,518 $ 50,759 $ 53,070 $ 8,309 $ 186,328 Other businesses, EOP(1) 1,553 Total balance after reinsurance recoverables, EOP $ 187,881 __________ (1) Reflects balance after reinsurance recoverables of $63 million and $71 million at June 30, 2024 and 2023, respectively. The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated: Six Months Ended June 30, 2024 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 133,585 $ 22,965 $ 61,195 $ 49,376 $ 6,823 Discounted expected future gross premiums (at original discount rate) $ 89,770 $ 15,208 $ 47,373 $ 39,649 $ 4,521 Discounted expected future gross premiums (at current discount rate) $ 71,759 $ 14,451 $ 45,365 $ 37,697 $ 4,339 Undiscounted expected future benefits and expenses $ 255,559 $ 31,103 $ 126,349 $ 127,922 $ 29,860 Weighted-average duration of the liability in years (at original discount rate) 9 10 18 18 17 Weighted-average duration of the liability in years (at current discount rate) 8 9 17 15 16 Weighted-average interest rate (at original discount rate) 4.72 % 5.15 % 3.49 % 2.64 % 4.91 % Weighted-average interest rate (at current discount rate) 5.56 % 5.53 % 3.67 % 3.56 % 5.77 % Six Months Ended June 30, 2023 Retirement Strategies Individual Life International Businesses Corporate and Other Institutional Term Life Life Planner Gibraltar Life and Other Long-Term Care ($ in millions) Undiscounted expected future gross premiums $ 114,545 $ 23,200 $ 70,654 $ 57,912 $ 6,972 Discounted expected future gross premiums (at original discount rate) $ 79,109 $ 15,427 $ 54,694 $ 46,591 $ 4,561 Discounted expected future gross premiums (at current discount rate) $ 59,307 $ 14,789 $ 54,132 $ 45,778 $ 4,444 Undiscounted expected future benefits and expenses $ 220,313 $ 31,195 $ 140,232 $ 142,232 $ 30,913 Weighted-average duration of the liability in years (at original discount rate) 8 10 20 19 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) 4.39 % 5.18 % 3.45 % 2.57 % 4.91 % Weighted-average interest rate (at current discount rate) 5.30 % 5.28 % 2.85 % 2.75 % 5.47 % The balances of and changes in DPL as of and for the period indicated are as follows: Six Months Ended June 30, 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 assumption update 370 (150) (138) 82 Effect of actual variances from expected experience and other activity (30) (17) (29) (76) Adjusted balance, BOP 5,955 3,788 5,135 14,878 Profits deferred 89 778 568 1,435 Interest accrual 118 80 77 275 Amortization (292) (570) (492) (1,354) Foreign currency adjustment (2) (238) (254) (494) Other adjustments 0 17 0 17 Balance, EOP, pre-flooring 5,868 3,855 5,034 14,757 Flooring impact, EOP 0 1 1 2 Balance, EOP, post-flooring 5,868 3,856 5,035 14,759 Less: Reinsurance recoverables 401 9 30 440 Balance after reinsurance recoverables, EOP, post-flooring $ 5,467 $ 3,847 $ 5,005 14,319 Other businesses 154 Total balance after reinsurance recoverables, EOP $ 14,473 Six Months Ended June 30, 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 assumption update 35 (67) (228) (260) Effect of actual variances from expected experience and other activity 19 (4) (18) (3) Adjusted balance, BOP 5,586 3,308 5,014 13,908 Profits deferred 197 850 665 1,712 Interest accrual 113 71 76 260 Amortization (282) (579) (512) (1,373) Foreign currency adjustment 14 (72) (188) (246) Other adjustments 0 20 0 20 Balance, EOP, pre-flooring 5,628 3,598 5,055 14,281 Flooring impact, EOP 0 0 1 1 Balance, EOP, post-flooring 5,628 3,598 5,056 14,282 Less: Reinsurance recoverables 0 8 10 18 Balance after reinsurance recoverables, EOP, post-flooring $ 5,628 $ 3,590 $ 5,046 14,264 Other businesses 149 Total balance after reinsurance recoverables, EOP $ 14,413 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: Six Months Ended June 30, 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 assumption update 153 23 Effect of actual variances from expected experience and other activity 150 26 Adjusted balance, BOP 15,454 14,018 Assessments collected(1) 591 518 Interest accrual 262 239 Benefits paid (168) (153) Other adjustments 13 0 Balance, excluding amounts in AOCI, EOP, pre-flooring 16,152 14,622 Flooring impact and amounts in AOCI (1,659) (1,109) Balance, including amounts in AOCI, EOP, post-flooring 14,493 13,513 Less: Reinsurance recoverables 7,026 5,484 Balance after reinsurance recoverables, including amounts in AOCI, EOP 7,467 8,029 Other businesses 63 147 Total balance after reinsurance recoverables $ 7,530 $ 8,176 __________ (1) Represents the portion of gross assessments required to fund the future policy benefits. Six Months Ended June 30, 2024 2023 Weighted-average duration of the liability in years (at original discount rate) 22 22 Weighted-average interest rate (at original discount rate) 3.40 % 3.39 % 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: Six Months Ended June 30, 2024 2023 (in millions) Benefit reserves, EOP, post-flooring $ 182,150 $ 188,974 Deferred Profit Liability EOP, post-flooring 14,913 14,431 Additional insurance reserves, including amounts in AOCI, EOP, post-flooring 14,556 13,660 Subtotal of amounts disclosed above 211,619 217,065 Other Future Policy Benefits reserves(1) 50,711 51,584 Total Future Policy Benefits $ 262,330 $ 268,649 __________ (1) The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR in the Company's Consolidated Statement of Operations as of the periods indicated: Six Months Ended June 30, 2024 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 13,223 $ 922 $ 0 $ 2,971 $ 2,756 $ 273 $ 20,145 Deferred profit liability (254) 0 0 (138) 14 (7) (385) Additional insurance reserves 0 0 1,622 0 0 0 1,622 Total $ 12,969 $ 922 $ 1,622 $ 2,833 $ 2,770 $ 266 $ 21,382 Six Months Ended June 30, 2023 Revenues(1) Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 5,335 $ 923 $ 0 $ 3,340 $ 3,174 $ 273 $ 13,045 Deferred profit liability (83) 0 0 (291) 18 34 (322) Additional insurance reserves 0 0 1,547 0 0 0 1,547 Total $ 5,252 $ 923 $ 1,547 $ 3,049 $ 3,192 $ 307 $ 14,270 Six Months Ended June 30, 2024 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 1,619 $ 206 $ 0 $ 855 $ 734 $ 253 $ 3,667 Deferred profit liability 118 0 0 80 77 2 277 Additional insurance reserves 0 0 262 1 0 0 263 Total $ 1,737 $ 206 $ 262 $ 936 $ 811 $ 255 $ 4,207 Six Months Ended June 30, 2023 Interest Expense Retirement Strategies Individual Life International Businesses Institutional Term Life Variable/Universal Life Life Planner Gibraltar Life and Other Other Businesses Total (in millions) Benefit reserves $ 1,408 $ 202 $ 0 $ 867 $ 760 $ 242 $ 3,479 Deferred profit liability 113 0 0 71 76 2 262 Additional insurance reserves 0 0 239 0 0 1 240 Total $ 1,521 $ 202 $ 239 $ 938 $ 836 $ 245 $ 3,981 __________ (1) Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments for DPL and gross assessments for AIR. |
Policyholders' Account Balanc_2
Policyholders' Account Balances (Tables) | 6 Months Ended |
Jun. 30, 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: Six Months Ended June 30, 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 3,466 3,755 2,815 491 1,224 1,048 3,207 16,006 Interest credited 356 224 105 75 379 624 444 2,207 Acquisitions and dispositions 0 0 0 0 0 (336) 0 (336) Policy charges (6) (12) 0 (164) (1,023) (161) (144) (1,510) Surrenders and withdrawals (2,514) (442) (338) (849) (821) (153) (883) (6,000) Benefit payments (292) (38) (37) 0 (69) (135) (1,122) (1,693) Net transfers (to) from separate account 0 49 0 (6) 285 0 0 328 Change in market value and other adjustments(1) 1 1,171 125 0 75 (11) (14) 1,347 Foreign currency adjustment 0 0 0 0 0 (1,155) (1,146) (2,301) Balance, EOP $ 18,749 $ 28,472 $ 9,765 $ 4,840 $ 27,489 $ 12,670 $ 38,792 $ 140,777 Closed Block Division 4,424 Unearned revenue reserve, unearned expense credit, and additional interest reserve 5,622 Other(2) 4,168 Total Policyholders' account balance $ 154,991 Weighted-average crediting rate 3.90 % 1.71 % 2.49 % 2.96 % 2.76 % 9.75 % 2.30 % 3.23 % Net amount at risk(3) $ 0 $ 0 $ 0 $ 74,276 $ 389,142 $ 18,168 $ 5,887 $ 487,473 Cash surrender value(4) $ 18,749 $ 26,972 $ 8,193 $ 3,794 $ 23,664 $ 11,284 $ 34,059 $ 126,715 Six Months Ended June 30, 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 2,513 2,230 1,206 523 1,190 1,150 2,818 11,630 Interest credited 335 148 60 84 391 513 354 1,885 Acquisitions and Dispositions 0 0 0 0 0 0 0 0 Policy charges (11) (11) (3) (161) (1,024) (150) (87) (1,447) Surrenders and withdrawals (2,295) (332) (196) (826) (859) (96) (582) (5,186) Benefit payments (272) (40) (40) 0 (81) (137) (1,002) (1,572) Net transfers (to) from separate account 0 16 0 0 1,155 0 0 1,171 Change in market value and other adjustments(1) 0 1,052 70 0 148 14 (2) 1,282 Foreign currency adjustment 0 0 0 0 0 (798) (888) (1,686) Balance, EOP $ 17,646 $ 20,587 $ 5,740 $ 5,459 $ 27,422 $ 11,664 $ 35,936 $ 124,454 Closed Block Division 4,543 Unearned revenue reserve, unearned expense credit, and additional interest reserve 4,930 Other(2) 4,816 Total Policyholders' account balance $ 138,743 Weighted-average crediting rate 3.83 % 1.55 % 2.32 % 2.99 % 2.90 % 8.98 % 1.99 % 3.11 % Net amount at risk(3) $ 0 $ 0 $ 0 $ 72,764 $ 373,992 $ 17,126 $ 6,472 $ 470,354 Cash surrender value(4) $ 17,646 $ 18,638 $ 4,541 $ 3,992 $ 22,936 $ 10,046 $ 31,477 $ 109,276 __________ (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 $5,832 million of Full Service account balances reinsured to Great-West as of June 30, 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: June 30, 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% $ 503 $ 0 $ 0 $ 0 $ 503 1.00% - 1.99% 1,519 0 0 0 1,519 2.00% - 2.99% 608 0 0 0 608 3.00% - 4.00% 4,674 0 0 0 4,674 Greater than 4.00% 2,118 0 0 0 2,118 Total $ 9,422 $ 0 $ 0 $ 0 $ 9,422 Retirement Strategies - Individual Variable Less than 1.00% $ 618 $ 651 $ 254 $ 0 $ 1,523 1.00% - 1.99% 187 118 2 0 307 2.00% - 2.99% 24 5 4 0 33 3.00% - 4.00% 1,811 7 9 0 1,827 Greater than 4.00% 90 0 0 0 90 Total $ 2,730 $ 781 $ 269 $ 0 $ 3,780 Retirement Strategies - Individual Fixed Less than 1.00% $ 0 $ 4 $ 10 $ 707 $ 721 1.00% - 1.99% 482 96 234 79 891 2.00% - 2.99% 548 461 563 16 1,588 3.00% - 4.00% 1,036 76 8 2 1,122 Greater than 4.00% 90 0 0 0 90 Total $ 2,156 $ 637 $ 815 $ 804 $ 4,412 Group Insurance - Life / Disability Less than 1.00% $ 0 $ 0 $ 0 $ 921 $ 921 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 27 0 0 0 27 3.00% - 4.00% 1,448 0 0 62 1,510 Greater than 4.00% 72 0 0 0 72 Total $ 1,547 $ 0 $ 0 $ 983 $ 2,530 Individual Life - Variable / Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 324 $ 324 1.00% - 1.99% 247 0 1,678 1,848 3,773 2.00% - 2.99% 31 1,480 2,837 448 4,796 3.00% - 4.00% 4,300 3,897 1,342 28 9,567 Greater than 4.00% 5,433 0 0 0 5,433 Total $ 10,011 $ 5,377 $ 5,857 $ 2,648 $ 23,893 International Businesses - Life Planner Less than 1.00% $ 298 $ 40 $ 83 $ 2,560 $ 2,981 1.00% - 1.99% 2,601 25 0 0 2,626 2.00% - 2.99% 1,861 0 0 0 1,861 3.00% - 4.00% 351 0 0 0 351 Greater than 4.00% 375 0 0 0 375 Total $ 5,486 $ 65 $ 83 $ 2,560 $ 8,194 International Businesses - Gibraltar Life and Other Less than 1.00% $ 15,348 $ 0 $ 0 $ 0 $ 15,348 1.00% - 1.99% 7,844 57 0 0 7,901 2.00% - 2.99% 2,894 293 32 0 3,219 3.00% - 4.00% 5,501 0 0 0 5,501 Greater than 4.00% 6,728 0 0 0 6,728 Total $ 38,315 $ 350 $ 32 $ 0 $ 38,697 June 30, 2023 Range of Guaranteed Minimum Crediting Rate (1) At guaranteed minimum 1 - 50 bps above guaranteed minimum 51 - 150 bps above guaranteed minimum Greater than 150 bps above guaranteed minimum Total (in millions) Retirement Strategies - Institutional Less than 1.00% $ 401 $ 0 $ 0 $ 0 $ 401 1.00% - 1.99% 1,565 0 0 0 1,565 2.00% - 2.99% 557 0 0 0 557 3.00% - 4.00% 5,891 0 0 0 5,891 Greater than 4.00% 1,728 0 0 0 1,728 Total $ 10,142 $ 0 $ 0 $ 0 $ 10,142 Retirement Strategies - Individual Variable Less than 1.00% $ 973 $ 834 $ 18 $ 0 $ 1,825 1.00% - 1.99% 232 2 1 0 235 2.00% - 2.99% 30 5 0 0 35 3.00% - 4.00% 2,119 8 10 0 2,137 Greater than 4.00% 101 0 0 0 101 Total $ 3,455 $ 849 $ 29 $ 0 $ 4,333 Retirement Strategies - Individual Fixed Less than 1.00% $ 0 $ 0 $ 0 $ 0 $ 0 1.00% - 1.99% 559 136 245 84 1,024 2.00% - 2.99% 519 467 48 11 1,045 3.00% - 4.00% 355 8 0 0 363 Greater than 4.00% 100 0 0 0 100 Total $ 1,533 $ 611 $ 293 $ 95 $ 2,532 Group Insurance - Life / Disability Less than 1.00% $ 0 $ 0 $ 0 $ 1,342 $ 1,342 1.00% - 1.99% 0 0 0 0 0 2.00% - 2.99% 55 0 0 0 55 3.00% - 4.00% 1,621 0 0 0 1,621 Greater than 4.00% 3 0 0 0 3 Total $ 1,679 $ 0 $ 0 $ 1,342 $ 3,021 Individual Life - Variable / Universal Life Less than 1.00% $ 0 $ 0 $ 0 $ 36 $ 36 1.00% - 1.99% 164 0 2,681 363 3,208 2.00% - 2.99% 23 1,724 2,826 287 4,860 3.00% - 4.00% 7,386 2,024 1,308 11 10,729 Greater than 4.00% 5,560 0 0 0 5,560 Total $ 13,133 $ 3,748 $ 6,815 $ 697 $ 24,393 International Businesses - Life Planner Less than 1.00% $ 342 $ 26 $ 91 $ 1,136 $ 1,595 1.00% - 1.99% 2,915 24 0 0 2,939 2.00% - 2.99% 2,080 0 0 0 2,080 3.00% - 4.00% 333 0 0 0 333 Greater than 4.00% 388 0 0 0 388 Total $ 6,058 $ 50 $ 91 $ 1,136 $ 7,335 International Businesses - Gibraltar Life and Other Less than 1.00% $ 16,373 $ 0 $ 0 $ 0 $ 16,373 1.00% - 1.99% 9,143 68 0 0 9,211 2.00% - 2.99% 3,225 327 39 0 3,591 3.00% - 4.00% 3,943 0 0 0 3,943 Greater than 4.00% 2,612 0 0 0 2,612 Total $ 35,296 $ 395 $ 39 $ 0 $ 35,730 ____________ (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: Six Months Ended June 30, 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 436 71 9 516 Amortization expense (118) (9) (2) (129) Other adjustments 0 (56) (1) (57) FX adjustment 0 (26) (8) (34) Balance, EOP 4,931 339 93 5,363 Less: Reinsurance recoverables 404 0 0 404 Balance after reinsurance recoverables, EOP $ 4,527 $ 339 $ 93 $ 4,959 Other businesses 53 Total balance after reinsurance recoverables, EOP $ 5,012 Six Months Ended June 30, 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 412 69 11 492 Amortization expense (100) (4) (3) (107) Other adjustments 0 1 0 1 FX adjustment 0 (16) (4) (20) Balance, EOP 4,295 281 85 4,661 Less: Reinsurance recoverables 0 0 0 0 Balance after reinsurance recoverables, EOP $ 4,295 $ 281 $ 85 $ 4,661 Other businesses 47 Total balance after reinsurance recoverables, EOP $ 4,708 |
Market Risk Benefits (Tables)
Market Risk Benefits (Tables) | 6 Months Ended |
Jun. 30, 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: Six Months Ended June 30, 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 569 601 Claims paid (42) (59) Interest accrual 130 173 Actual in force different from expected (6) 36 Effect of changes in interest rates (909) (696) Effect of changes in equity markets (1,165) (1,389) Effect of assumption update 93 342 Issuances 29 5 Other adjustments 15 (22) Balance, EOP, before effect of changes in NPR 3,889 5,806 Effect of cumulative changes in NPR (942) (1,751) Balance, EOP 2,947 4,055 Less: Reinsured MRBs 635 637 Balance, EOP, net of reinsurance 2,312 3,418 Other businesses 47 93 Total net MRB balance $ 2,359 $ 3,511 The following table presents accompanying information to the rollforward table above. June 30, 2024 June 30, 2023 ($ in millions) Net amount at risk(1) $ 9,358 $ 10,885 Weighted-average attained age of contractholders 71 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: June 30, 2024 Retirement Strategies Individual Variable Other Businesses Total (in millions) Direct and assumed $ 1,441 $ 11 $ 1,452 Ceded 780 1 781 Total MRB assets $ 2,221 $ 12 $ 2,233 Direct and assumed $ 4,388 $ 59 $ 4,447 Ceded 145 0 145 Total MRB liabilities $ 4,533 $ 59 $ 4,592 Net liability $ 2,312 $ 47 $ 2,359 June 30, 2023 Retirement Strategies Individual Variable Other Businesses Total (in millions) Direct and assumed $ 1,185 $ 11 $ 1,196 Ceded 752 3 755 Total MRB assets $ 1,937 $ 14 $ 1,951 Direct and assumed $ 5,240 $ 106 $ 5,346 Ceded 115 1 116 Total MRB liabilities $ 5,355 $ 107 $ 5,462 Net liability $ 3,418 $ 93 $ 3,511 |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions) Direct premiums $ 6,851 $ 6,239 $ 21,673 $ 14,989 Reinsurance assumed 1,545 1,244 2,996 2,422 Reinsurance ceded (576) (574) (1,312) (1,139) Premiums $ 7,820 $ 6,909 $ 23,357 $ 16,272 Direct policy charges and fee income $ 949 $ 927 $ 1,813 $ 1,893 Reinsurance assumed 299 307 599 615 Reinsurance ceded (163) (161) (271) (301) Policy charges and fee income $ 1,085 $ 1,073 $ 2,141 $ 2,207 Direct change in value of market risk benefits, net of related hedging gains (losses) $ (339) $ 8 $ (189) $ 88 Reinsurance assumed 8 83 79 83 Reinsurance ceded 34 (75) (64) (80) Change in value of market risk benefits, net of related hedging gains (losses) $ (297) $ 16 $ (174) $ 91 Direct policyholders’ benefits $ 7,961 $ 6,264 $ 23,826 $ 15,858 Reinsurance assumed 1,938 2,222 3,781 3,787 Reinsurance ceded (1,035) (825) (2,149) (1,680) Policyholders’ benefits $ 8,864 $ 7,661 $ 25,458 $ 17,965 Direct change in estimates of liability for future policy benefits $ (213) $ 453 $ (67) $ 429 Reinsurance assumed 63 (150) 58 (146) Reinsurance ceded (26) (48) (184) (3) Change in estimates of liability for future policy benefits $ (176) $ 255 $ (193) $ 280 |
Reinsurance recoverables | Reinsurance recoverables are as follows: June 30, 2024 December 31, 2023 (in millions) Individual and group annuities(1) $ 7,095 $ 7,516 Life insurance(2) 9,470 8,806 Other reinsurance 385 415 Total reinsurance recoverables(3)(4) $ 16,950 $ 16,737 __________ (1) Primarily represents $5,604 million and $5,981 million of reinsurance recoverables as of June 30, 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 $7,775 million and $8,543 million as of June 30, 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 $1,452 million and $1,485 million as of June 30, 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 $2,013 million and $2,090 million as of June 30, 2024 and December 31, 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,372 million and $1,396 million as of June 30, 2024 and December 31, 2023, respectively. Also includes net reinsurance recoverables of $716 million as of June 30, 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 June 30, 2024 and December 31, 2023, respectively. (4) Excludes deposit receivables of arrangements that are accounted for under the deposit method of accounting of $10,796 million and $10,574 million as of June 30, 2024 and December 31, 2023, respectively. Deposit receivables related to the reinsurance agreement with Prismic Re were $3,660 million and $3,771 million |
Closed Block (Tables)
Closed Block (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, December 31, (in millions) Closed Block liabilities Future policy benefits $ 42,965 $ 43,587 Policyholders’ dividends payable 641 648 Policyholders’ dividend obligation 60 792 Policyholders’ account balances 4,424 4,500 Other Closed Block liabilities 3,771 3,605 Total Closed Block liabilities 51,861 53,132 Closed Block assets Fixed maturities, available-for-sale, at fair value 29,317 30,314 Fixed maturities, trading, at fair value 725 887 Equity securities, at fair value 1,861 1,970 Commercial mortgage and other loans 7,679 7,769 Policy loans 3,407 3,479 Other invested assets 4,816 4,513 Short-term investments 583 232 Total investments 48,388 49,164 Cash and cash equivalents 398 993 Accrued investment income 415 421 Other Closed Block assets 276 138 Total Closed Block assets 49,477 50,716 Excess of reported Closed Block liabilities over Closed Block assets 2,384 2,416 Portion of above representing accumulated other comprehensive income (loss): Net unrealized investment gains (losses) (2,732) (2,241) Allocated to policyholder dividend obligation 2,567 2,081 Future earnings to be recognized from Closed Block assets and Closed Block liabilities $ 2,219 $ 2,256 |
Schedule of Closed Block Dividend Obligation | Information regarding the policyholder dividend obligation is as follows: Six Months Ended (in millions) Balance, December 31, 2023 $ 792 Impact from earnings allocable to policyholder dividend obligation (246) Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation (486) Balance, June 30, 2024 $ 60 |
Schedule of Closed Block Revenues Benefits Expenses | Closed Block revenues and benefits and expenses are as follows for the periods indicated: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in millions) Revenues Premiums $ 433 $ 430 $ 842 $ 836 Net investment income 506 498 1,019 977 Realized investment gains (losses), net (174) (113) (299) (130) Other income (loss) 43 140 207 240 Total Closed Block revenues 808 955 1,769 1,923 Benefits and Expenses Policyholders’ benefits 604 610 1,188 1,182 Interest credited to policyholders’ account balances 29 29 59 59 Dividends to policyholders 162 292 437 594 General and administrative expenses 67 71 134 144 Total Closed Block benefits and expenses 862 1,002 1,818 1,979 Closed Block revenues, net of Closed Block benefits and expenses, before income taxes (54) (47) (49) (56) Income tax expense (benefit) (73) (54) (88) (86) Closed Block revenues, net of Closed Block benefits and expenses and income taxes $ 19 $ 7 $ 39 $ 30 |
Short-Term and Long-Term Debt (
Short-Term and Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The table below presents the Company’s short-term debt as of the dates indicated: June 30, 2024 December 31, 2023 ($ in millions) Commercial paper: Prudential Financial $ 25 $ 25 Prudential Funding, LLC 478 510 Subtotal commercial paper 503 535 Current portion of long-term debt: Mortgage debt 85 83 Surplus notes subject to set-off arrangements(1) 1,750 2,000 Subtotal current portion of long-term debt 1,835 2,083 Subtotal 2,338 2,618 Less: assets under set-off arrangements(1) 1,750 2,000 Total short-term debt(2) $ 588 $ 618 Supplemental short-term debt information: Portion of commercial paper borrowings due overnight $ 100 $ 110 Daily average commercial paper outstanding for the quarter ended $ 1,474 $ 1,334 Weighted average maturity of outstanding commercial paper, in days 53 49 Weighted average interest rate on outstanding commercial paper 5.34 % 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 June 30, 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: June 30, 2024 December 31, 2023 (in millions) Fixed-rate obligations: Surplus notes $ 347 $ 346 Surplus notes subject to set-off arrangements(1)(2) 11,384 9,790 Senior notes 10,110 10,112 Mortgage debt(3) 29 0 Floating-rate obligations: Line of credit 255 255 Surplus notes subject to set-off arrangements(1) 580 580 Mortgage debt(3) 30 75 Junior subordinated notes(4) 8,582 8,094 Subtotal 31,317 29,252 Less: assets under set-off arrangements(1) 11,964 10,370 Total long-term debt(5) $ 19,353 $ 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 $6.4 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 $59 million and $27 million of debt denominated in foreign currency at June 30, 2024 and December 31, 2023, respectively. (4) Includes Prudential Financial debt of $8,543 million and $8,050 million at June 30, 2024, and December 31, 2023, respectively. Also includes subsidiary debt of $39 million and $44 million denominated in foreign currency at June 30, 2024, and December 31, 2023, respectively. (5) Includes Prudential Financial debt of $18,653 million and $18,162 million at June 30, 2024 and December 31, 2023, respectively. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Pension Benefits Other Postretirement Benefits 2024 2023 2024 2023 (in millions) Components of net periodic (benefit) cost: Service cost $ 51 $ 52 $ 2 $ 3 Interest cost 135 138 13 18 Expected return on plan assets (239) (232) (19) (22) Amortization of prior service cost (1) 0 (17) (2) Amortization of actuarial (gain) loss, net 23 17 2 2 Settlements 1 1 0 0 Special termination benefits 1 0 0 0 Net periodic (benefit) cost $ (29) $ (24) $ (19) $ (1) Six Months Ended June 30, Pension Benefits Other Postretirement Benefits 2024 2023 2024 2023 (in millions) Components of net periodic (benefit) cost: Service cost $ 103 $ 103 $ 4 $ 5 Interest cost 270 276 26 36 Expected return on plan assets (477) (463) (38) (43) Amortization of prior service cost (1) 0 (34) (4) Amortization of actuarial (gain) loss, net 45 34 4 5 Settlements 1 1 0 0 Special termination benefits 1 0 0 0 Net periodic (benefit) cost $ (58) $ (49) $ (38) $ (1) |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 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 4.5 (4.5) Stock-based compensation programs(1) 0.0 (3.0) 3.0 Balance, June 30, 2024 666.3 308.6 357.7 __________ (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 Six Months Ended 2024 2023 2024 2023 Dividends declared per share of Common Stock $ 1.30 $ 1.25 $ 2.60 $ 2.50 |
Components of Accumulated Other Comprehensive Income (Loss) | The balance of and changes in each component of AOCI as of and for the six months ended June 30, 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 (827) (10,584) 10,351 (196) 11 (1,245) Amounts reclassified from AOCI (20) 467 0 0 14 461 Income tax benefit (expense) (81) 2,526 (2,606) 42 (37) (156) Balance, June 30, 2024 $ (3,614) $ (18,804) $ 16,292 $ 746 $ (2,064) $ (7,444) 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 (359) 5,184 (8,901) (77) 10 (4,143) Amounts reclassified from AOCI 1 381 0 0 35 417 Income tax benefit (expense) (87) (1,358) 2,324 16 (12) 883 Balance, June 30, 2023 $ (2,719) $ (11,987) $ 8,665 $ 1,387 $ (1,995) $ (6,649) __________ (1) Includes cash flow hedges of $1,499 million and $869 million as of June 30, 2024 and December 31, 2023, respectively, and $2,097 million and $2,616 million as of June 30, 2023 and December 31, 2022, respectively, and fair value hedges of $(70) million and $(60) million as of June 30, 2024 and December 31, 2023, respectively, and $(149) million and $(54) million as of June 30, 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 Six Months Ended Affected line item in Unaudited Interim Consolidated Statements of Operations 2024 2023 2024 2023 (in millions) Amounts reclassified from AOCI(1)(2): Foreign currency translation adjustment: Foreign currency translation adjustments $ 7 $ (1) $ 20 $ (1) Realized investment gains (losses), net Net unrealized investment gains (losses): Cash flow hedges—Interest rate (17) (6) (20) (29) (3) Cash flow hedges—Currency 2 3 4 8 (3) Cash flow hedges—Currency/Interest rate 114 26 271 65 (3) Fair value hedges—Currency (3) (2) (5) (4) (3) Net unrealized investment gains (losses) on available-for-sale securities (735) (266) (717) (421) Realized investment gains (losses), net Total net unrealized investment gains (losses) (639) (245) (467) (381) (4) Amortization of defined benefit items: Prior service cost 18 2 35 4 (5) Actuarial gain (loss) (25) (19) (49) (39) (5) Total amortization of defined benefit items (7) (17) (14) (35) Total reclassifications for the period $ (639) $ (263) $ (461) $ (417) __________ (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 (25) (11,420) 2,822 (8,623) Reclassification adjustment for (gains) losses included in net income 53 414 (115) 352 Reclassification due to allowance for credit losses recorded during the period 1 (1) 0 0 Impact of net unrealized investment (gains) losses (652) 1,027 486 (181) 680 Balance, June 30, 2024 $ (43) $ (28,186) $ (1,136) $ 2,333 $ 2,567 $ 5,661 $ (18,804) __________ (1) Includes cash flow and fair value hedges. See Note 5 for additional information. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2024 2023 Income Weighted Per Share Income Weighted Per Share (in millions, except per share amounts) Basic earnings per share Net income (loss) $ 1,171 $ 496 Less: Income (loss) attributable to noncontrolling interests (27) (15) Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 14 6 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 1,184 358.8 $ 3.30 $ 505 364.8 $ 1.38 Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 14 $ 6 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 14 6 Stock options 0.2 0.2 Deferred and long-term compensation programs 1.5 1.1 Diluted earnings per share Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 1,184 360.5 $ 3.28 $ 505 366.1 $ 1.38 Six Months Ended June 30, 2024 2023 Income Weighted Per Share Income Weighted Per Share (in millions, except per share amounts) Basic earnings per share Net income (loss) $ 2,322 $ 1,973 Less: Income (loss) attributable to noncontrolling interests (14) 0 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards 29 24 Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 2,307 358.9 $ 6.43 $ 1,949 365.7 $ 5.33 Effect of dilutive securities and compensation programs Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic $ 29 $ 24 Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted 29 24 Stock options 0.3 0.2 Deferred and long-term compensation programs 1.3 1.0 Diluted earnings per share Net income (loss) attributable to Prudential Financial available to holders of Common Stock $ 2,307 360.5 $ 6.40 $ 1,949 366.9 $ 5.31 |
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 June 30, 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 0.0 $ 0.00 1.7 $ 99.74 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 0.3 Antidilutive shares due to net loss available to holders of Common Stock 0.0 0.0 Total antidilutive stock options and shares 0.0 2.0 Six Months Ended June 30, 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 0.1 $ 110.42 1.4 $ 101.12 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 0.2 Antidilutive shares due to net loss available to holders of Common Stock 0.0 0.0 Total antidilutive stock options and shares 0.1 1.6 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 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 Six Months Ended 2024 2023 2024 2023 (in millions) Adjusted operating income before income taxes by segment: PGIM $ 206 $ 179 $ 375 $ 330 U.S. Businesses: Institutional Retirement Strategies 550 428 991 824 Individual Retirement Strategies 486 448 960 889 Retirement Strategies(1) 1,036 876 1,951 1,713 Group Insurance 121 139 166 164 Individual Life(1) (87) (59) (208) (161) Total U.S. Businesses 1,070 956 1,909 1,716 International Businesses: Life Planner 400 487 945 1,009 Gibraltar Life and Other 302 297 653 615 Total International Businesses 702 784 1,598 1,624 Corporate and Other(2) (371) (472) (806) (943) Total segment adjusted operating income before income taxes 1,607 1,447 3,076 2,727 Reconciling items: Realized investment gains (losses), net, and related charges and adjustments(2) 128 (757) 31 (388) Change in value of market risk benefits, net of related hedging gains (losses) (297) 16 (174) 91 Market experience updates 47 (3) 15 45 Divested and Run-off Businesses: Closed Block division (60) (48) (63) (52) Other Divested and Run-off Businesses(2) 38 (1) 3 91 Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests (43) (26) (70) (31) Other adjustments(3) (5) (7) (13) (15) Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities per Unaudited Interim Consolidated Financial Statements $ 1,415 $ 621 $ 2,805 $ 2,468 __________ (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. June 30, December 31, (in millions) Assets by segment: PGIM $ 38,270 $ 42,064 U.S. Businesses: Institutional Retirement Strategies 119,582 111,308 Individual Retirement Strategies 145,609 139,934 Retirement Strategies 265,191 251,242 Group Insurance 38,294 39,214 Individual Life 115,137 116,449 Total U.S. Businesses 418,622 406,905 International Businesses: Life Planner 75,399 81,164 Gibraltar Life and Other 100,816 110,060 Total International Businesses 176,215 191,224 Corporate and Other 32,265 29,842 Closed Block division 49,824 51,088 Total assets per Unaudited Interim Consolidated Financial Statements $ 715,196 $ 721,123 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions) Revenues by segment: PGIM $ 963 $ 849 $ 1,953 $ 1,747 U.S. Businesses: Institutional Retirement Strategies 4,041 2,737 15,579 7,626 Individual Retirement Strategies 1,246 1,119 2,460 2,214 Retirement Strategies 5,287 3,856 18,039 9,840 Group Insurance 1,586 1,598 3,220 3,162 Individual Life 1,529 1,564 3,109 3,091 Total U.S. Businesses 8,402 7,018 24,368 16,093 International Businesses: Life Planner 2,367 2,381 4,917 5,005 Gibraltar Life and Other 2,145 2,342 4,308 4,733 Total International Businesses: 4,512 4,723 9,225 9,738 Corporate and Other(1) (36) (7) (6) (13) Total revenues on an adjusted operating income basis 13,841 12,583 35,540 27,565 Reconciling items: Realized investment gains (losses), net, and related charges and adjustments(1) 234 (495) 542 17 Change in value of market risk benefits, net of related hedging gains (losses) (297) 16 (174) 91 Market experience updates 0 (5) (58) 19 Divested and Run-off Businesses: Closed Block division 811 955 1,773 1,926 Other Divested and Run-off Businesses(1) 311 454 825 954 Equity in earnings of joint ventures and other operating entities and earnings attributable to noncontrolling interests (17) (10) (56) (29) Total revenues per Unaudited Interim Consolidated Financial Statements $ 14,883 $ 13,498 $ 38,392 $ 30,543 __________ (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 Six Months Ended 2024 2023 2024 2023 (in millions) PGIM segment intersegment revenues $ 204 $ 198 $ 411 $ 403 |
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions) Asset-based management fees $ 853 $ 789 $ 1,685 $ 1,577 Performance-based incentive fees 19 4 61 7 Other fees 129 125 254 251 Total asset management and service fees $ 1,001 $ 918 $ 2,000 $ 1,835 |
Related Party Disclosures (Tabl
Related Party Disclosures (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, December 31, (in millions) Reinsurance recoverables and deposit receivables $ 9,264 $ 9,752 Other assets $ 131 $ 132 Reinsurance and funds withheld payables (includes $34 and $508 of embedded derivatives at fair value at June 30, 2024 and December 31, 2023, respectively) $ 7,979 $ 8,544 Accumulated other comprehensive income (loss) $ (92) $ 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 June 30, 2024 Six Months Ended June 30, 2024 (in millions) Premiums $ 19 $ 15 Asset management and service fees 9 18 Other income 35 74 Realized investment gains(losses), net 114 318 Policyholders’ benefits (70) (141) Change in estimates of liability for future policy benefits 20 16 General and administrative expenses 8 19 Income (loss) from related parties, before income taxes 219 531 Other comprehensive income (loss), before tax (224) (92) Total comprehensive income (loss), before tax $ (5) $ 439 Six Months Ended June 30, 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 $ (318) Change in: Other, net $ (364) CASH FLOWS FROM FINANCING ACTIVITIES Other, net $ 180 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, 2024 December 31, 2023 Amount % of Amount % of Commercial mortgage and agricultural property loans by property type: Office $ 8,198 13.7 % $ 8,402 14.2 % Retail 5,307 8.9 5,384 9.1 Apartments/Multi-Family 16,536 27.7 16,555 28.0 Industrial 15,718 26.3 15,263 25.8 Hospitality 2,054 3.4 2,086 3.5 Other 4,313 7.3 4,069 6.9 Total commercial mortgage loans 52,126 87.3 51,759 87.5 Agricultural property loans 7,565 12.7 7,426 12.5 Total commercial mortgage and agricultural property loans 59,691 100.0 % 59,185 100.0 % Allowance for credit losses (513) (459) Total net commercial mortgage and agricultural property loans 59,178 58,726 Other loans: Uncollateralized loans 685 425 Residential property loans 22 30 Other collateralized loans 409 125 Total other loans 1,116 580 Allowance for credit losses (51) (1) Total net other loans 1,065 579 Total net commercial mortgage and other loans(1) $ 60,243 $ 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 June 30, 2024 and December 31, 2023, the net carrying value of these loans was $635 million and $519 million, respectively. Commercial Mortgage Loan Commitments June 30, December 31, (in millions) Total outstanding mortgage loan commitments $ 1,821 $ 1,798 Portion of commitment where prearrangement to sell to investor exists $ 381 $ 366 Indemnification of Serviced Mortgage Loans June 30, December 31, (in millions) Maximum exposure under indemnification agreements for mortgage loans serviced by the Company $ 3,145 $ 3,102 First-loss exposure portion of above $ 909 $ 898 Accrued liability associated with guarantees(1) $ 25 $ 28 __________ (1) The accrued liability associated with guarantees includes an allowance for credit losses of $13 million and $14 million as of June 30, 2024 and December 31, 2023, respectively. The change in allowance is a reduction of $1 million for both the three months ended June 30, 2024 and 2023, and a reduction of $1 million and $2 million for the six months ended June 30, 2024 and 2023, respectively. |
Commitments to Purchase Investments (excluding Commercial Mortgage Loans) | Commitments to Purchase Investments (excluding Commercial Mortgage Loans) June 30, December 31, (in millions) Expected to be funded from the general account and other operations outside the separate accounts $ 11,042 $ 10,675 Expected to be funded from separate accounts $ 13 $ 39 |
Indemnification of Securities Lending and Securities Repurchase Transactions | Indemnification of Securities Lending and Securities Repurchase Transactions June 30, December 31, (in millions) Indemnification provided to certain clients for securities lending and securities repurchase transactions(1) $ 5,893 $ 5,409 Fair value of related collateral associated with above indemnifications(1) $ 6,020 $ 5,528 Accrued liability associated with guarantee $ 0 $ 0 __________ (1) Includes $252 million and $0 million related to securities repurchase transactions as of June 30, 2024 and December 31, 2023, respectively. |
Guarantees | Guarantees of Asset Values June 30, December 31, (in millions) Guaranteed value of third-parties’ assets $ 76,469 $ 78,009 Fair value of collateral supporting these assets $ 70,557 $ 73,186 Asset (liability) associated with guarantee, carried at fair value $ 0 $ (2) Other Guarantees June 30, December 31, (in millions) Other guarantees where amount can be determined $ 41 $ 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 | 6 Months Ended | ||||
Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Restructuring Charges | $ 200 | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ 1,415 | $ 621 | $ 2,805 | $ 2,468 | ||
Related Party | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 219 | $ 531 | ||||
Out of period adjustments | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (136) | |||||
Change to the allowance for credit losses | 50 | |||||
Out of period adjustments | Indexed Annuity | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Policyholder Account Balance, Increase (Decrease) from Other Change | $ 86 | |||||
Prismic HoldCo | Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Carrying value | $ 200 | |||||
Equity Method Investment, Ownership Percentage | 20% |
Significant Accounting Polici_3
Significant Accounting Policies and Pronouncements (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 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 | $ 29,560 | $ 28,870 | $ 29,263 | $ 29,455 | $ 32,447 | $ 31,548 | |
Liability for Future Policy Benefit, after Reinsurance | 175,973 | 187,881 | |||||
Deferred profit liability | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Liability for Future Policy Benefit, after Reinsurance | 14,473 | 14,413 | |||||
Change in AOCI | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Equity, Including Portion Attributable to Noncontrolling Interest | (7,444) | (7,661) | (6,504) | (6,649) | (3,825) | (3,806) | |
Retained Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Equity, Including Portion Attributable to Noncontrolling Interest | $ 33,737 | $ 33,014 | $ 32,352 | $ 32,756 | $ 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 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items] | |||||||
Fixed Maturities, available-for-sale, Amortized Cost | $ 340,984 | $ 334,598 | |||||
Gross Unrealized Gains | 6,133 | 9,777 | |||||
Gross Unrealized Losses | 35,856 | 27,894 | |||||
Fixed Maturities, AFS, allowance for credit losses | 169 | $ 171 | 160 | $ 276 | $ 269 | $ 138 | |
Fixed maturities, available-for-sale, at fair value | [1] | 311,092 | 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 | 25,887 | 24,874 | |||||
Gross Unrealized Gains | 657 | 1,091 | |||||
Gross Unrealized Losses | 5,005 | 4,169 | |||||
Fixed Maturities, AFS, allowance for credit losses | 0 | 0 | 0 | 0 | 0 | 0 | |
Fixed maturities, available-for-sale, at fair value | 21,539 | 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 | 8,143 | 8,650 | |||||
Gross Unrealized Gains | 171 | 267 | |||||
Gross Unrealized Losses | 659 | 459 | |||||
Fixed Maturities, AFS, allowance for credit losses | 0 | 0 | |||||
Fixed maturities, available-for-sale, at fair value | 7,655 | 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 | 63,152 | 71,556 | |||||
Gross Unrealized Gains | 2,037 | 3,895 | |||||
Gross Unrealized Losses | 7,510 | 5,208 | |||||
Fixed Maturities, AFS, allowance for credit losses | 0 | 31 | 53 | 56 | 62 | 1 | |
Fixed maturities, available-for-sale, at fair value | 57,679 | 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 | 112,011 | 105,593 | |||||
Gross Unrealized Gains | 1,425 | 2,357 | |||||
Gross Unrealized Losses | 12,576 | 9,711 | |||||
Fixed Maturities, AFS, allowance for credit losses | 86 | 67 | |||||
Fixed maturities, available-for-sale, at fair value | 100,774 | 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 | 44,373 | 42,801 | |||||
Gross Unrealized Gains | 946 | 807 | |||||
Gross Unrealized Losses | 3,243 | 2,574 | |||||
Fixed Maturities, AFS, allowance for credit losses | 19 | 14 | |||||
Fixed maturities, available-for-sale, at fair value | 42,057 | 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 | 22,612 | 20,473 | |||||
Gross Unrealized Gains | 299 | 487 | |||||
Gross Unrealized Losses | 1,584 | 1,298 | |||||
Fixed Maturities, AFS, allowance for credit losses | 23 | 19 | |||||
Fixed maturities, available-for-sale, at fair value | 21,304 | 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 | 36,885 | 35,128 | |||||
Gross Unrealized Gains | 338 | 613 | |||||
Gross Unrealized Losses | 4,290 | 3,446 | |||||
Fixed Maturities, AFS, allowance for credit losses | 40 | 5 | |||||
Fixed maturities, available-for-sale, at fair value | 32,893 | 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 | 15,254 | 12,514 | |||||
Gross Unrealized Gains | 219 | 202 | |||||
Gross Unrealized Losses | 77 | 119 | |||||
Fixed Maturities, AFS, allowance for credit losses | 1 | 1 | 2 | 1 | 1 | 1 | |
Fixed maturities, available-for-sale, at fair value | 15,395 | 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 | 9,911 | 10,571 | |||||
Gross Unrealized Gains | 23 | 34 | |||||
Gross Unrealized Losses | 682 | 713 | |||||
Fixed Maturities, AFS, allowance for credit losses | 0 | 0 | 0 | 0 | 0 | 0 | |
Fixed maturities, available-for-sale, at fair value | 9,252 | 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 | 2,756 | 2,438 | |||||
Gross Unrealized Gains | 18 | 24 | |||||
Gross Unrealized Losses | 230 | 197 | |||||
Fixed Maturities, AFS, allowance for credit losses | 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | |
Fixed maturities, available-for-sale, at fair value | 2,544 | 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 | 13,714 | 12,370 | |||||
Fixed maturities, available-for-sale, at fair value | $ 13,714 | $ 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 | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | $ 52,383 | $ 25,154 |
Less than Twelve Months, Unrealized Losses | 1,650 | 1,015 |
Twelve Months or More, Fair Value | 165,273 | 173,006 |
Twelve Months or More, Unrealized Losses | 34,164 | 26,855 |
Fair Value | 217,656 | 198,160 |
Gross Unrealized Losses | 35,814 | 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 | 4,126 | 2,718 |
Less than Twelve Months, Unrealized Losses | 114 | 95 |
Twelve Months or More, Fair Value | 12,469 | 12,642 |
Twelve Months or More, Unrealized Losses | 4,891 | 4,074 |
Fair Value | 16,595 | 15,360 |
Gross Unrealized Losses | 5,005 | 4,169 |
Obligations of U.S. states and their political subdivisions | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 1,702 | 862 |
Less than Twelve Months, Unrealized Losses | 42 | 14 |
Twelve Months or More, Fair Value | 4,134 | 3,816 |
Twelve Months or More, Unrealized Losses | 617 | 445 |
Fair Value | 5,836 | 4,678 |
Gross Unrealized Losses | 659 | 459 |
Foreign government bonds | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 6,945 | 9,098 |
Less than Twelve Months, Unrealized Losses | 393 | 542 |
Twelve Months or More, Fair Value | 20,624 | 19,589 |
Twelve Months or More, Unrealized Losses | 7,117 | 4,664 |
Fair Value | 27,569 | 28,687 |
Gross Unrealized Losses | 7,510 | 5,206 |
U.S. public corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 21,323 | 4,881 |
Less than Twelve Months, Unrealized Losses | 670 | 103 |
Twelve Months or More, Fair Value | 58,506 | 61,204 |
Twelve Months or More, Unrealized Losses | 11,882 | 9,604 |
Fair Value | 79,829 | 66,085 |
Gross Unrealized Losses | 12,552 | 9,707 |
U.S. private corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 5,425 | 3,026 |
Less than Twelve Months, Unrealized Losses | 160 | 69 |
Twelve Months or More, Fair Value | 27,564 | 27,062 |
Twelve Months or More, Unrealized Losses | 3,082 | 2,504 |
Fair Value | 32,989 | 30,088 |
Gross Unrealized Losses | 3,242 | 2,573 |
Foreign public corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 4,580 | 1,766 |
Less than Twelve Months, Unrealized Losses | 100 | 37 |
Twelve Months or More, Fair Value | 10,169 | 10,812 |
Twelve Months or More, Unrealized Losses | 1,469 | 1,246 |
Fair Value | 14,749 | 12,578 |
Gross Unrealized Losses | 1,569 | 1,283 |
Foreign private corporate securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 5,270 | 1,578 |
Less than Twelve Months, Unrealized Losses | 156 | 120 |
Twelve Months or More, Fair Value | 21,281 | 22,145 |
Twelve Months or More, Unrealized Losses | 4,133 | 3,324 |
Fair Value | 26,551 | 23,723 |
Gross Unrealized Losses | 4,289 | 3,444 |
Asset-backed securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 1,842 | 846 |
Less than Twelve Months, Unrealized Losses | 6 | 30 |
Twelve Months or More, Fair Value | 1,785 | 5,886 |
Twelve Months or More, Unrealized Losses | 70 | 89 |
Fair Value | 3,627 | 6,732 |
Gross Unrealized Losses | 76 | 119 |
Commercial mortgage-backed securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 970 | 287 |
Less than Twelve Months, Unrealized Losses | 6 | 3 |
Twelve Months or More, Fair Value | 7,228 | 8,251 |
Twelve Months or More, Unrealized Losses | 676 | 710 |
Fair Value | 8,198 | 8,538 |
Gross Unrealized Losses | 682 | 713 |
Residential mortgage-backed securities | ||
Debt Securities [Line Items] | ||
Less than Twelve Months, Fair Value | 200 | 92 |
Less than Twelve Months, Unrealized Losses | 3 | 2 |
Twelve Months or More, Fair Value | 1,513 | 1,599 |
Twelve Months or More, Unrealized Losses | 227 | 195 |
Fair Value | 1,713 | 1,691 |
Gross Unrealized Losses | $ 230 | $ 197 |
Investments (Amortized Cost and
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Available-for-sale, Amortized Cost | |||
Due in one year or less | $ 12,896 | ||
Due after one year through five years | 56,253 | ||
Due after five years through ten years(1) | 59,279 | ||
Due after ten years | 184,635 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 340,984 | $ 334,598 | |
Available-for-sale, Fair Value | |||
Due in one year or less | 12,791 | ||
Due after one year through five years | 55,179 | ||
Due after five years through ten years(1) | 57,655 | ||
Due after ten years | 158,276 | ||
Fixed maturities, available-for-sale, at fair value | [1] | 311,092 | 316,321 |
U.S. private corporate securities | |||
Available-for-sale, Amortized Cost | |||
Fixed Maturities, available-for-sale, Amortized Cost | 44,373 | 42,801 | |
Available-for-sale, Fair Value | |||
Fixed maturities, available-for-sale, at fair value | 42,057 | 41,020 | |
Asset-backed securities | |||
Available-for-sale, Amortized Cost | |||
Debt Maturities, without single maturity date | 15,254 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 15,254 | 12,514 | |
Available-for-sale, Fair Value | |||
Debt Maturities, without single maturity date | 15,395 | ||
Fixed maturities, available-for-sale, at fair value | 15,395 | 12,595 | |
Commercial mortgage-backed securities | |||
Available-for-sale, Amortized Cost | |||
Debt Maturities, without single maturity date | 9,911 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 9,911 | 10,571 | |
Available-for-sale, Fair Value | |||
Debt Maturities, without single maturity date | 9,252 | ||
Fixed maturities, available-for-sale, at fair value | 9,252 | 9,892 | |
Residential mortgage-backed securities | |||
Available-for-sale, Amortized Cost | |||
Debt Maturities, without single maturity date | 2,756 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 2,756 | 2,438 | |
Available-for-sale, Fair Value | |||
Debt Maturities, without single maturity date | 2,544 | ||
Fixed maturities, available-for-sale, at fair value | 2,544 | 2,265 | |
Prudential Netting Agreement | U.S. private corporate securities | |||
Available-for-sale, Amortized Cost | |||
Fixed Maturities, available-for-sale, Amortized Cost | 13,714 | 12,370 | |
Available-for-sale, Fair Value | |||
Fixed maturities, available-for-sale, at fair value | $ 13,714 | $ 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 | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Schedule of Investments [Line Items] | |||||
Total Unrealized Losses | $ 35,814 | $ 35,814 | $ 27,870 | ||
Twelve Months or More, Unrealized Losses | 34,164 | 34,164 | 26,855 | ||
Fixed maturity securities purchased with credit deterioration | 0 | 0 | |||
Write-down on accrued investment income receivable | 1 | $ 1 | 1 | $ 1 | |
Loans on non-accrual status, do not have allowance for credit losses | 137 | 137 | 126 | ||
Commercial mortgage and other loans purchased with credit deterioration | 0 | 0 | |||
Loans on non-accrual status recognized in interest income | 1 | 1 | 1 | 1 | |
Commercial Mortgage Loans | Extended Maturity | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, modified in period | $ 181 | 0 | $ 343 | 0 | |
Modified in period, to total financing receivables, percentage | 1% | 1% | |||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 1 year | 1 year | |||
Corporate securities | |||||
Schedule of Investments [Line Items] | |||||
Allowance for credit losses | 2 | 2 | |||
Corporate securities | |||||
Schedule of Investments [Line Items] | |||||
Twelve Months or More, Unrealized Losses | $ 34,164 | $ 34,164 | 26,855 | ||
Other income (loss) | Fixed maturities | Trading | |||||
Schedule of Investments [Line Items] | |||||
Unrealized gains (losses) on investments | (146) | (89) | (327) | 105 | |
Other income (loss) | Equity securities | |||||
Schedule of Investments [Line Items] | |||||
Unrealized gains (losses) on investments | 212 | 279 | 643 | 576 | |
Other income (loss) | Assets supporting experience-rated contractholder liabilities | |||||
Schedule of Investments [Line Items] | |||||
Unrealized gains (losses) on investments | $ 74 | $ 234 | $ 373 | $ 368 | |
California | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 30% | 30% | |||
Texas | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 7% | 7% | |||
New York | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 6% | 6% | |||
Europe | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 7% | 7% | |||
Mexico | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 2% | 2% | |||
Asia | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 1% | 1% | |||
Australia | |||||
Schedule of Investments [Line Items] | |||||
Commercial mortgage loan, concentration percentage | 1% | 1% | |||
NAIC High or Highest Quality Rating | Fixed maturities | |||||
Schedule of Investments [Line Items] | |||||
Total Unrealized Losses | $ 34,576 | $ 34,576 | 26,879 | ||
NAIC Other Than High or Highest Quality Rating | Fixed maturities | |||||
Schedule of Investments [Line Items] | |||||
Total Unrealized Losses | $ 1,238 | $ 1,238 | $ 991 |
Investments (Fixed Maturity Pro
Investments (Fixed Maturity Proceeds) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Securities [Line Items] | ||||
Proceeds from maturities/prepayments | $ 24,901 | $ 22,234 | ||
Proceeds from maturities/prepayments - HTM | 0 | 17 | ||
Held-to-Maturity Securities Netting | ||||
Debt Securities [Line Items] | ||||
Non cash Or Part Non cash Divestitures Amount Of Consideration Received | 1 | |||
Available for sale Securities Netting | ||||
Debt Securities [Line Items] | ||||
Non cash Or Part Non cash Divestitures Amount Of Consideration Received | (253) | 70 | ||
Fixed maturities | Available-for-sale | ||||
Debt Securities [Line Items] | ||||
Proceeds from sales | $ 8,323 | $ 6,773 | 14,074 | 14,123 |
Proceeds from maturities/prepayments | 6,147 | 4,053 | 11,080 | 8,041 |
Gross investment gains from sales and maturities | 201 | 139 | 595 | 429 |
Gross investment losses from sales and maturities | (910) | (397) | (1,270) | (702) |
Write-downs recognized in earnings | (4) | (1) | (9) | (10) |
(Addition to) release of allowance for credit losses | (22) | (7) | (33) | (138) |
Fixed maturities | Held-to-Maturity Securities [Member] | ||||
Debt Securities [Line Items] | ||||
Proceeds from maturities/prepayments - HTM | $ 0 | $ 10 | $ 0 | $ 17 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period | $ 171 | $ 269 | $ 160 | $ 138 |
Additions to allowance for credit losses not previously recorded | 13 | 3 | 59 | 140 |
Reductions for securities sold during the period | (38) | (5) | (50) | (45) |
Additions (reductions) on securities with previous allowance | 23 | 9 | 0 | 43 |
Balance, ending of period | 169 | 276 | 169 | 276 |
U.S. Treasury securities and obligations of U.S. government authorities and agencies | ||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Additions to allowance for credit losses not previously recorded | 0 | 0 | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 | 0 | 0 |
Additions (reductions) on securities with previous allowance | 0 | 0 | 0 | 0 |
Balance, ending of period | 0 | 0 | 0 | 0 |
Foreign government bonds | ||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period | 31 | 62 | 53 | 1 |
Additions to allowance for credit losses not previously recorded | 0 | 0 | 0 | 62 |
Reductions for securities sold during the period | (30) | 0 | (30) | 0 |
Additions (reductions) on securities with previous allowance | (1) | (6) | (23) | (7) |
Balance, ending of period | 0 | 56 | 0 | 56 |
U.S. and Foreign Corporate Securities | ||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period | 139 | 206 | 105 | 136 |
Additions to allowance for credit losses not previously recorded | 13 | 3 | 59 | 78 |
Reductions for securities sold during the period | (8) | (5) | (20) | (45) |
Additions (reductions) on securities with previous allowance | 24 | 15 | 24 | 50 |
Balance, ending of period | 168 | 219 | 168 | 219 |
Asset-backed securities | ||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period | 1 | 1 | 2 | 1 |
Additions to allowance for credit losses not previously recorded | 0 | 0 | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 | 0 | 0 |
Additions (reductions) on securities with previous allowance | 0 | 0 | (1) | 0 |
Balance, ending of period | 1 | 1 | 1 | 1 |
Commercial mortgage-backed securities | ||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Additions to allowance for credit losses not previously recorded | 0 | 0 | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 | 0 | 0 |
Additions (reductions) on securities with previous allowance | 0 | 0 | 0 | 0 |
Balance, ending of period | 0 | 0 | 0 | 0 |
Residential mortgage-backed securities | ||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period | 0 | 0 | 0 | 0 |
Additions to allowance for credit losses not previously recorded | 0 | 0 | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 | 0 | 0 |
Additions (reductions) on securities with previous allowance | 0 | 0 | 0 | 0 |
Balance, ending of period | $ 0 | $ 0 | $ 0 | $ 0 |
Investments (Assets Supporting
Investments (Assets Supporting Experience-Rated Contractholder Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | $ 2,330 | $ 2,496 |
Assets supporting experience-rated contractholder liabilities, at fair value | 3,351 | 3,168 |
Fixed maturities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 824 | 889 |
Assets supporting experience-rated contractholder liabilities, at fair value | 836 | 889 |
Equity securities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 1,506 | 1,607 |
Assets supporting experience-rated contractholder liabilities, at fair value | 2,515 | 2,279 |
Corporate securities | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 73 | 81 |
Assets supporting experience-rated contractholder liabilities, at fair value | 71 | 79 |
Foreign government bonds | ||
Assets Supporting Experience-Rated Contractholder Liabilities [Line Items] | ||
Assets supporting experience-rated contractholder liabilities, at amortized cost or cost | 554 | 606 |
Assets supporting experience-rated contractholder liabilities, at fair value | 547 | 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 | 197 | 202 |
Assets supporting experience-rated contractholder liabilities, at fair value | $ 218 | $ 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 | Jun. 30, 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 | $ 55,561 | $ 63,132 |
Concentrations of credit risk at fair value | 50,757 | 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 | 3,128 | 3,455 |
Concentrations of credit risk at fair value | 2,806 | 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 | 477 | 522 |
Concentrations of credit risk at fair value | 460 | 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 | 28 | 0 |
Concentrations of credit risk at fair value | 28 | 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 | 232 | 427 |
Concentrations of credit risk at fair value | 232 | 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 | 55,067 | 62,591 |
Concentrations of credit risk at fair value | 50,280 | 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 | 2,825 | 3,028 |
Concentrations of credit risk at fair value | 2,505 | 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 | 17 | 19 |
Concentrations of credit risk at fair value | 17 | 19 |
Fixed maturities, trading | 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 | 43 | 0 |
Concentrations of credit risk at fair value | $ 41 | $ 0 |
Investments (Commercial Mortgag
Investments (Commercial Mortgage and Other Loans) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2024 | Dec. 31, 2023 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | ||
Commercial Mortgage and Other Loans [Line Items] | |||||||
Commercial mortgage and agricultural property loans by property type | $ 59,691 | $ 59,185 | |||||
Commercial mortgage and other loans | [1] | 60,243 | 59,305 | ||||
Other loans | 1,116 | 580 | |||||
Allowance for credit losses | (564) | (460) | $ (514) | $ (241) | $ (221) | $ (203) | |
Total commercial mortgage and other loans | $ 60,243 | $ 59,305 | |||||
% of Total | 100% | 100% | |||||
Net carrying value of commercial loans held for sale | $ 635 | $ 519 | |||||
Commercial Mortgage Loans | |||||||
Commercial Mortgage and Other Loans [Line Items] | |||||||
Commercial mortgage and agricultural property loans by property type | 52,126 | 51,759 | |||||
Allowance for credit losses | $ (489) | $ (443) | (492) | (224) | (205) | (188) | |
% of Total | 87.30% | 87.50% | |||||
Commercial mortgage and agricultural property loans | |||||||
Commercial Mortgage and Other Loans [Line Items] | |||||||
Allowance for credit losses | $ (513) | $ (459) | |||||
Commercial mortgage and other loans | 59,178 | 58,726 | |||||
Uncollateralized loans | |||||||
Commercial Mortgage and Other Loans [Line Items] | |||||||
Other loans | 685 | 425 | |||||
Allowance for credit losses | (18) | (1) | (1) | (1) | (1) | (2) | |
Residential property loans | |||||||
Commercial Mortgage and Other Loans [Line Items] | |||||||
Other loans | 22 | 30 | |||||
Allowance for credit losses | 0 | 0 | 0 | 0 | 0 | 0 | |
Other collateralized loans | |||||||
Commercial Mortgage and Other Loans [Line Items] | |||||||
Other loans | 409 | 125 | |||||
Allowance for credit losses | (33) | 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Other loans | |||||||
Commercial Mortgage and Other Loans [Line Items] | |||||||
Commercial mortgage and other loans | 1,065 | 579 | |||||
Allowance for credit losses | (51) | (1) | |||||
Office | |||||||
Commercial Mortgage and Other Loans [Line Items] | |||||||
Commercial mortgage and agricultural property loans by property type | $ 8,198 | $ 8,402 | |||||
% of Total | 13.70% | 14.20% | |||||
Retail | |||||||
Commercial Mortgage and Other Loans [Line Items] | |||||||
Commercial mortgage and agricultural property loans by property type | $ 5,307 | $ 5,384 | |||||
% of Total | 8.90% | 9.10% | |||||
Apartments/Multi-Family | |||||||
Commercial Mortgage and Other Loans [Line Items] | |||||||
Commercial mortgage and agricultural property loans by property type | $ 16,536 | $ 16,555 | |||||
% of Total | 27.70% | 28% | |||||
Industrial | |||||||
Commercial Mortgage and Other Loans [Line Items] | |||||||
Commercial mortgage and agricultural property loans by property type | $ 15,718 | $ 15,263 | |||||
% of Total | 26.30% | 25.80% | |||||
Hospitality | |||||||
Commercial Mortgage and Other Loans [Line Items] | |||||||
Commercial mortgage and agricultural property loans by property type | $ 2,054 | $ 2,086 | |||||
% of Total | 3.40% | 3.50% | |||||
Other | |||||||
Commercial Mortgage and Other Loans [Line Items] | |||||||
Commercial mortgage and agricultural property loans by property type | $ 4,313 | $ 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 | $ 7,565 | $ 7,426 | |||||
% of Total | 12.70% | 12.50% | |||||
[1] See Note 4 for details of balances associated with variable interest entities. |
Investments (Allowance for Cred
Investments (Allowance for Credit Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance, beginning of period | $ 514 | $ 221 | $ 460 | $ 203 |
Addition to (release of) allowance for expected losses | 53 | 19 | 105 | 38 |
Reduction for loans sold during the period | 0 | (1) | ||
Change in foreign exchange | (3) | 1 | (1) | 1 |
Allowance, end of period | 564 | 241 | 564 | 241 |
Commercial Mortgage Loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance, beginning of period | 492 | 205 | 443 | 188 |
Addition to (release of) allowance for expected losses | 0 | 18 | 47 | 35 |
Reduction for loans sold during the period | 0 | 0 | ||
Change in foreign exchange | (3) | 1 | (1) | 1 |
Allowance, end of period | 489 | 224 | 489 | 224 |
Agricultural Property Loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance, beginning of period | 21 | 15 | 16 | 13 |
Addition to (release of) allowance for expected losses | 3 | 1 | 8 | 3 |
Reduction for loans sold during the period | 0 | 0 | ||
Change in foreign exchange | 0 | 0 | 0 | 0 |
Allowance, end of period | 24 | 16 | 24 | 16 |
Residential Property Loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance, beginning of period | 0 | 0 | 0 | 0 |
Addition to (release of) allowance for expected losses | 0 | 0 | 0 | 0 |
Reduction for loans sold during the period | 0 | 0 | ||
Change in foreign exchange | 0 | 0 | 0 | 0 |
Allowance, end of period | 0 | 0 | 0 | 0 |
Other collateralized loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance, beginning of period | 0 | 0 | 0 | 0 |
Addition to (release of) allowance for expected losses | 33 | 0 | 33 | 0 |
Reduction for loans sold during the period | 0 | 0 | ||
Change in foreign exchange | 0 | 0 | 0 | 0 |
Allowance, end of period | 33 | 0 | 33 | 0 |
Uncollateralized Loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance, beginning of period | 1 | 1 | 1 | 2 |
Addition to (release of) allowance for expected losses | 17 | 0 | 17 | 0 |
Reduction for loans sold during the period | 0 | (1) | ||
Change in foreign exchange | 0 | 0 | 0 | 0 |
Allowance, end of period | $ 18 | $ 1 | $ 18 | $ 1 |
Investments (Credit Quality Ind
Investments (Credit Quality Indicators) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Recording investment gross of allowance for credit losses | $ 60,807 | $ 59,765 |
Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 3,450 | 5,733 |
One Years Prior | 5,252 | 3,712 |
Two Years Prior | 3,642 | 6,286 |
Three Years Prior | 6,121 | 3,275 |
Four Years Prior | 3,010 | 6,573 |
Prior | 30,651 | 26,180 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 52,126 | 51,759 |
Commercial Mortgage Loans | ≥ 1.2X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 3,123 | 5,237 |
One Years Prior | 4,769 | 3,194 |
Two Years Prior | 3,129 | 6,122 |
Three Years Prior | 5,988 | 3,182 |
Four Years Prior | 2,918 | 5,988 |
Prior | 27,392 | 23,196 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 47,319 | 46,919 |
Commercial Mortgage Loans | 1.0 - 1.2x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 299 | 346 |
One Years Prior | 333 | 366 |
Two Years Prior | 361 | 82 |
Three Years Prior | 52 | 38 |
Four Years Prior | 38 | 265 |
Prior | 1,845 | 1,713 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 2,928 | 2,810 |
Commercial Mortgage Loans | Less than 1.0x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 28 | 150 |
One Years Prior | 150 | 152 |
Two Years Prior | 152 | 82 |
Three Years Prior | 81 | 55 |
Four Years Prior | 54 | 320 |
Prior | 1,414 | 1,271 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 1,879 | 2,030 |
Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 219 | 953 |
One Years Prior | 934 | 1,548 |
Two Years Prior | 1,523 | 2,052 |
Three Years Prior | 2,031 | 824 |
Four Years Prior | 810 | 490 |
Prior | 1,896 | 1,485 |
Revolving Loans | 152 | 74 |
Recording investment gross of allowance for credit losses | 7,565 | 7,426 |
Agricultural property loans | ≥ 1.2X | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 215 | 948 |
One Years Prior | 866 | 1,535 |
Two Years Prior | 1,510 | 2,040 |
Three Years Prior | 2,019 | 750 |
Four Years Prior | 737 | 489 |
Prior | 1,678 | 1,290 |
Revolving Loans | 152 | 74 |
Recording investment gross of allowance for credit losses | 7,177 | 7,126 |
Agricultural property loans | 1.0 - 1.2x | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 4 | 0 |
One Years Prior | 63 | 5 |
Two Years Prior | 5 | 4 |
Three Years Prior | 4 | 58 |
Four Years Prior | 57 | 0 |
Prior | 159 | 151 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 292 | 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 | 59 | 44 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 96 | 82 |
0%-59.99% | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 405 | 1,822 |
One Years Prior | 1,472 | 911 |
Two Years Prior | 828 | 2,264 |
Three Years Prior | 2,216 | 1,437 |
Four Years Prior | 1,220 | 3,205 |
Prior | 18,159 | 16,569 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 24,300 | 26,208 |
0%-59.99% | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 161 | 360 |
One Years Prior | 379 | 880 |
Two Years Prior | 899 | 2,027 |
Three Years Prior | 2,016 | 774 |
Four Years Prior | 755 | 455 |
Prior | 1,833 | 1,481 |
Revolving Loans | 102 | 74 |
Recording investment gross of allowance for credit losses | 6,145 | 6,051 |
60%-69.99% | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 2,635 | 2,765 |
One Years Prior | 2,738 | 1,440 |
Two Years Prior | 1,473 | 2,541 |
Three Years Prior | 2,426 | 1,107 |
Four Years Prior | 1,086 | 2,146 |
Prior | 6,203 | 4,530 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 16,561 | 14,529 |
60%-69.99% | Agricultural property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 58 | 586 |
One Years Prior | 555 | 668 |
Two Years Prior | 124 | 25 |
Three Years Prior | 15 | 50 |
Four Years Prior | 53 | 20 |
Prior | 32 | 4 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 837 | 1,353 |
70%-79.99% | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 362 | 1,001 |
One Years Prior | 911 | 1,004 |
Two Years Prior | 855 | 1,278 |
Three Years Prior | 1,255 | 401 |
Four Years Prior | 422 | 1,013 |
Prior | 2,522 | 2,277 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 6,327 | 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 | 500 | 0 |
Three Years Prior | 0 | 0 |
Four Years Prior | 0 | 0 |
Prior | 4 | 0 |
Revolving Loans | 50 | 0 |
Recording investment gross of allowance for credit losses | 554 | 7 |
80% or greater | Commercial Mortgage Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current Fiscal Year | 48 | 145 |
One Years Prior | 131 | 357 |
Two Years Prior | 486 | 203 |
Three Years Prior | 224 | 330 |
Four Years Prior | 282 | 209 |
Prior | 3,767 | 2,804 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | 4,938 | 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 | 2 | 15 |
Prior | 27 | 0 |
Revolving Loans | 0 | 0 |
Recording investment gross of allowance for credit losses | $ 29 | $ 15 |
Investments (Analysis of Past D
Investments (Analysis of Past Due Commercial Mortgage and Other Loans) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 60,807 | $ 59,765 |
Non-accrual status | 408 | 157 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 60,453 | 59,637 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 49 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4 | 15 |
90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 350 | 64 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 354 | 128 |
Commercial Mortgage Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 52,126 | 51,759 |
Non-accrual status | 298 | 94 |
Commercial Mortgage Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 51,844 | 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 | 4 | 0 |
Commercial Mortgage Loans | 90 days or more past due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 278 | 60 |
Commercial Mortgage Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 282 | 94 |
Agricultural property loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,565 | 7,426 |
Non-accrual status | 85 | 38 |
Agricultural property loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 7,493 | 7,392 |
Agricultural property loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 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 | 72 | 4 |
Agricultural property loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 72 | 34 |
Residential property loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 22 | 30 |
Non-accrual status | 0 | 0 |
Residential property loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 22 | 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 | 409 | 125 |
Non-accrual status | 0 | 0 |
Other collateralized loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 409 | 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 | 685 | 425 |
Non-accrual status | 25 | 25 |
Uncollateralized loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 685 | 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 | Jun. 30, 2024 | Dec. 31, 2023 | |
Other Invested Assets [Line Items] | |||
Other invested assets | [1] | $ 24,634 | $ 22,855 |
LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 20,479 | 18,796 | |
Real estate held through direct ownership | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,783 | 1,794 | |
Derivative instruments | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,175 | 1,100 | |
Other | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,197 | 1,165 | |
Mortgage Debt | Real estate-related | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 145 | 158 | |
Equity method | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 15,847 | 14,671 | |
Equity method | Private equity | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 9,786 | 8,929 | |
Equity method | Hedge funds | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 3,184 | 3,164 | |
Equity method | Real estate-related | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 2,877 | 2,578 | |
Fair Value | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 95 | 97 | |
Fair Value | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 4,632 | 4,125 | |
Fair Value | Private equity | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,708 | 1,247 | |
Fair Value | Hedge funds | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | 1,987 | 2,078 | |
Fair Value | Real estate-related | LPs/LLCs | |||
Other Invested Assets [Line Items] | |||
Other invested assets | $ 937 | $ 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 | Jun. 30, 2024 | Dec. 31, 2023 | |
Net Investment Income [Line Items] | |||
Accrued investment income | [1] | $ 3,434 | $ 3,287 |
Fixed maturities | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 2,886 | 2,727 | |
Equity securities | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 5 | 6 | |
Commercial mortgage and other loans | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 223 | 224 | |
Policy loans | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 240 | 259 | |
Other invested assets | |||
Net Investment Income [Line Items] | |||
Accrued investment income | 29 | 23 | |
Short-term investments and cash equivalents | |||
Net Investment Income [Line Items] | |||
Accrued investment income | $ 51 | $ 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | $ 5,198 | $ 4,769 | $ 10,310 | $ 9,377 |
Less: investment expense | (349) | (293) | (697) | (581) |
Net investment income | 4,849 | 4,476 | 9,613 | 8,796 |
Assets supporting experience-rated contractholder liabilities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 13 | 12 | 27 | 25 |
Equity securities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 61 | 64 | 99 | 104 |
Commercial mortgage and other loans | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 642 | 560 | 1,253 | 1,103 |
Policy loans | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 119 | 124 | 241 | 248 |
Other invested assets | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 246 | 384 | 567 | 694 |
Short-term investments and cash equivalents | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 284 | 222 | 582 | 460 |
Available-for-sale | Fixed maturities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 3,703 | 3,296 | 7,295 | 6,531 |
Fixed maturities, held-to-maturity | Fixed maturities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | 0 | 50 | 0 | 100 |
Trading | Fixed maturities | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Gross investment income | $ 130 | $ 57 | $ 246 | $ 112 |
Investments (Realized Investmen
Investments (Realized Investment Gains Losses, Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||
Gain (Loss) on Securities [Line Items] | ||||||
Realized investment (gains) losses, net | $ (166) | [1] | $ (938) | $ (474) | [1],[2] | $ (721) |
Fixed maturities | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Realized investment (gains) losses, net | (735) | (266) | (717) | (421) | ||
Commercial mortgage and other loans | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Realized investment (gains) losses, net | (44) | (14) | (95) | (26) | ||
Investment real estate | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Realized investment (gains) losses, net | (8) | (5) | (6) | 27 | ||
LPs/LLCs | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Realized investment (gains) losses, net | 4 | (1) | 23 | (17) | ||
Derivatives | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Realized investment (gains) losses, net | 745 | (663) | 597 | (305) | ||
Other | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Realized investment (gains) losses, net | $ (128) | $ 11 | $ (276) | $ 21 | ||
[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 | Jun. 30, 2024 | Dec. 31, 2023 |
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | $ (28,229) | $ (17,251) |
Fixed maturities | Available-for-sale | With an allowance | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | (43) | (72) |
Fixed maturities | Available-for-sale | Without an allowance | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | (29,680) | (18,045) |
Derivatives designated as cash flow hedges | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | 1,499 | 869 |
Derivatives designated as fair value hedges | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | (70) | (60) |
Other investments | ||
Gain (Loss) on Securities [Line Items] | ||
Net unrealized gains (losses) on investments | $ 65 | $ 57 |
Investments (Repurchase Agreeme
Investments (Repurchase Agreements and Securities Lending Transactions) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | $ 6,929 | $ 6,056 |
Total cash collateral for loaned securities | 7,050 | 6,477 |
Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 6,779 | 5,938 |
Total cash collateral for loaned securities | 6,673 | 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 | 150 | 118 |
Total cash collateral for loaned securities | 377 | 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 | 6,483 | 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 | 6,483 | 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 | 32 | 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 | 32 | 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 | 155 | 242 |
Foreign government bonds | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 147 | 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 | 8 | 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 | 133 | 118 |
Total cash collateral for loaned securities | 5,540 | 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 | 5,225 | 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 | 133 | 118 |
Total cash collateral for loaned securities | 315 | 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 securities sold under agreements to repurchase | 17 | 0 |
Total cash collateral for loaned securities | 1,011 | 725 |
Foreign public corporate securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Total cash collateral for loaned securities | 958 | 649 |
Foreign public corporate securities | Up to 30 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 17 | 0 |
Total cash collateral for loaned securities | 53 | 76 |
Foreign public corporate securities | 30 to 90 Days | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 0 | 0 |
Commercial mortgage-backed securities | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total securities sold under agreements to repurchase | 296 | 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 | 296 | 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 | 311 | 623 |
Equity securities | Overnight & Continuous | ||
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | ||
Total cash collateral for loaned securities | 310 | 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 | 6 Months Ended | |||||
Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | ||||
Variable Interest Entity [Line Items] | ||||||
Fixed maturities, available-for-sale | [1] | $ 311,092 | $ 316,321 | |||
Fixed maturities, trading | [1] | 10,250 | 9,790 | |||
Equity securities | [1] | 7,098 | 8,242 | |||
Commercial mortgage and other loans | [1] | 60,243 | 59,305 | |||
Other invested assets | [1] | 24,634 | 22,855 | |||
Cash and cash equivalents | 17,111 | [1] | 19,419 | [1] | $ 14,652 | |
Accrued investment income | [1] | 3,434 | 3,287 | |||
Other assets | [1],[2] | 13,299 | 13,179 | |||
Total assets | 715,196 | 721,123 | ||||
Other Liabilities | [1] | 14,875 | 16,071 | |||
Notes Issued by Consolidated Variable Interest Entities | [1] | 1,174 | 1,374 | |||
Total liabilities | 685,091 | 691,336 | ||||
Wholly-owned beneficial interests | ||||||
Variable Interest Entity [Line Items] | ||||||
Total assets | 4,211 | 4,003 | ||||
Consolidated VIEs for Which the Company is the Investment Manager | ||||||
Variable Interest Entity [Line Items] | ||||||
Fixed maturities, available-for-sale | 743 | 539 | ||||
Fixed maturities, trading | 568 | 943 | ||||
Equity securities | 92 | 106 | ||||
Commercial mortgage and other loans | 654 | 764 | ||||
Other invested assets | 5,563 | 4,319 | ||||
Cash and cash equivalents | 193 | 302 | ||||
Accrued investment income | 6 | 7 | ||||
Other assets | 650 | 1,023 | ||||
Total assets | 8,469 | 8,003 | ||||
Other Liabilities | 189 | 588 | ||||
Notes Issued by Consolidated Variable Interest Entities | 1,126 | 1,374 | ||||
Total liabilities | 1,315 | 1,962 | ||||
Other Consolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Fixed maturities, available-for-sale | 704 | 836 | ||||
Fixed maturities, trading | 0 | 0 | ||||
Equity securities | 0 | 0 | ||||
Commercial mortgage and other loans | 595 | 0 | ||||
Other invested assets | 518 | 485 | ||||
Cash and cash equivalents | 0 | 0 | ||||
Accrued investment income | 4 | 3 | ||||
Other assets | 604 | 636 | ||||
Total assets | 2,425 | 1,960 | ||||
Other Liabilities | 0 | 0 | ||||
Notes Issued by Consolidated Variable Interest Entities | 48 | 0 | ||||
Total liabilities | $ 48 | $ 0 | ||||
Minimum | ||||||
Variable Interest Entity [Line Items] | ||||||
VIE notes maturities | 0 years | |||||
Maximum | ||||||
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 ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Variable Interest Entity [Line Items] | ||
Total liabilities | $ 685,091,000,000 | $ 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 | 1,195,000,000 | 1,165,000,000 |
Unconsolidated VIEs | Other invested assets | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss on these investments | $ 20,479,000,000 | $ 18,796,000,000 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Credit Derivatives [Line Items] | |||||
Total derivative assets | $ 1,179 | $ 1,179 | $ 1,103 | ||
Total derivative liabilities | 4,468 | 4,468 | 4,181 | ||
Anticipated pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to earnings | $ 334 | ||||
Maximum length of time hedged in cash flow hedge (future cash flows) | 27 years | ||||
Net investment hedges income (loss) before taxes | 64 | $ 63 | $ 113 | $ 61 | |
Credit Risk Derivative Liabilities, at Fair Value | $ 83 | $ 83 | $ 64 |
Derivative Instruments (Gross N
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Gross Notional | $ 508,372 | $ 487,415 |
Assets | 19,503 | 14,261 |
Liabilities | (30,792) | (27,154) |
Embedded derivative, fair value OF embedded derivative, net | (9,684) | (8,096) |
PRISMIC Embedded Derivative, Fair Value of Embedded Derivative | (34) | (508) |
Derivatives Designated as Hedge Accounting Instruments: | ||
Derivative [Line Items] | ||
Gross Notional | 38,078 | 36,263 |
Assets | 2,511 | 2,050 |
Liabilities | (1,009) | (1,123) |
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 3,515 | 3,582 |
Assets | 23 | 55 |
Liabilities | (349) | (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 | 4,661 | 4,748 |
Assets | 54 | 43 |
Liabilities | (193) | (195) |
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 29,902 | 27,933 |
Assets | 2,434 | 1,952 |
Liabilities | (467) | (676) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | ||
Derivative [Line Items] | ||
Gross Notional | 470,294 | 451,152 |
Assets | 16,992 | 12,211 |
Liabilities | (29,783) | (26,031) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 223,053 | 224,445 |
Assets | 10,441 | 8,604 |
Liabilities | (24,033) | (21,599) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Forwards | ||
Derivative [Line Items] | ||
Gross Notional | 3,915 | 3,678 |
Assets | 63 | 39 |
Liabilities | (81) | (14) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Forwards | ||
Derivative [Line Items] | ||
Gross Notional | 27,728 | 27,686 |
Assets | 1,729 | 965 |
Liabilities | (1,546) | (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 | 7,350 | 7,771 |
Assets | 600 | 502 |
Liabilities | (141) | (164) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Futures | ||
Derivative [Line Items] | ||
Gross Notional | 9,699 | 10,448 |
Assets | 24 | 7 |
Liabilities | (81) | (26) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Options | ||
Derivative [Line Items] | ||
Gross Notional | 34,783 | 32,718 |
Assets | 357 | 292 |
Liabilities | (1,325) | (1,095) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Default Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 3,957 | 3,446 |
Assets | 83 | 64 |
Liabilities | 0 | 0 |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Futures | ||
Derivative [Line Items] | ||
Gross Notional | 1,259 | 672 |
Assets | 0 | 1 |
Liabilities | (4) | (2) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options | ||
Derivative [Line Items] | ||
Gross Notional | 71,236 | 51,792 |
Assets | 3,664 | 1,688 |
Liabilities | (2,312) | (1,662) |
Derivatives Not Qualifying as Hedge Accounting Instruments: | Total Return Swaps | ||
Derivative [Line Items] | ||
Gross Notional | 9,595 | 9,237 |
Assets | 29 | 48 |
Liabilities | (259) | (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 | 76,469 | 78,009 |
Assets | 2 | 1 |
Liabilities | $ (1) | $ (1) |
Derivative Instruments (Hedged
Derivative Instruments (Hedged Item Offset By Derivatives Achieving Fair Value Hedge Accounting) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | |
Derivative [Line Items] | ||||
Fixed maturities, available-for-sale, at fair value | [1] | $ 311,092 | $ 316,321 | |
Commercial mortgage and other loans | [1] | 60,243 | 59,305 | |
Policyholders’ account balances | (154,991) | (147,018) | ||
Future policy benefits | (262,330) | (273,281) | $ (268,649) | |
Carrying Amount of the Hedged Assets (Liabilities) | ||||
Derivative [Line Items] | ||||
Fixed maturities, available-for-sale, at fair value | 216 | 224 | ||
Policyholders’ account balances | (760) | (810) | ||
Future policy benefits | (2,334) | (2,441) | ||
Cumulative Adjustment Included in Carrying Amount | ||||
Derivative [Line Items] | ||||
Fixed maturities, available-for-sale, at fair value | 13 | 19 | ||
Policyholders’ account balances | 292 | 219 | ||
Future policy benefits | $ 376 | $ 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 | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative Assets | ||
Gross Amounts of Recognized Financial Instruments | $ 19,369 | $ 14,169 |
Gross Amounts Offset in the Statements of Financial Position | (18,324) | (13,158) |
Net Amounts Presented in the Statements of Financial Position | 1,045 | 1,011 |
Financial Instruments/Collateral | (290) | (240) |
Net Amount | 755 | 771 |
Securities purchased under agreement to resell | ||
Gross Amounts of Recognized Financial Instruments | 1,088 | 388 |
Gross Amounts Offset in the Statements of Financial Position | 0 | 0 |
Net Amounts Presented in the Statements of Financial Position | 1,088 | 388 |
Financial Instruments/Collateral | (763) | (363) |
Net Amount | 325 | 25 |
Total assets | ||
Gross Amounts of Recognized Financial Instruments | 20,457 | 14,557 |
Gross Amounts Offset in the Statements of Financial Position | (18,324) | (13,158) |
Net Amounts Presented in the Statements of Financial Position | 2,133 | 1,399 |
Financial Instruments/Collateral | (1,053) | (603) |
Net Amount | 1,080 | 796 |
Derivative Liabilities | ||
Gross Amounts of Recognized Financial Instruments | 30,791 | 27,154 |
Gross Amounts Offset in the Statements of Financial Position | (26,324) | (22,973) |
Net Amounts Presented in the Statements of Financial Position | 4,467 | 4,181 |
Financial Instruments/Collateral | (3,703) | (3,775) |
Net Amount | 764 | 406 |
Securities sold under agreement to repurchase | ||
Gross Amounts of Recognized Financial Instruments | 6,929 | 6,056 |
Gross Amounts Offset in the Statements of Financial Position | 0 | 0 |
Net Amounts Presented in the Statements of Financial Position | 6,929 | 6,056 |
Financial Instruments/Collateral | (6,633) | (5,811) |
Net Amount | 296 | 245 |
Total liabilities | ||
Gross Amounts of Recognized Financial Instruments | 37,720 | 33,210 |
Gross Amounts Offset in the Statements of Financial Position | (26,324) | (22,973) |
Net Amounts Presented in the Statements of Financial Position | 11,396 | 10,237 |
Financial Instruments/Collateral | (10,336) | (9,586) |
Net Amount | $ 1,060 | $ 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Non-derivative Net Investment Hedges income (loss) before taxes | $ 61 | $ 46 | $ 101 | $ 45 |
PRISMIC Embedded Derivative, Gain (Loss) on Derivative, Net | 189 | 472 | ||
Gain (Loss) on Investments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 724 | (661) | 575 | (294) |
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 | 712 | (677) | 560 | (328) |
Market Risk Benefit, Increase (Decrease) from Equity Market Change) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (518) | (1,462) | (1,972) | (1,433) |
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 | (518) | (1,462) | (1,972) | (1,433) |
Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 81 | 78 | 157 | 162 |
Investment Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 5 | (63) | 85 | (144) |
Other Income | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (3) | 3 | 0 | 2 |
Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Credited To Policyholder Account Balances | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (8) | (15) | 5 | (15) |
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 | 0 | 0 |
Policyholder Benefits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (10) | (16) | (25) | (20) |
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 | 0 | 0 |
Change in AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 284 | (304) | 634 | (598) |
Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Fair value hedges—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 | 1 | 4 | 6 | 0 |
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 | 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 | 0 | 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 | 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 | 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 | (19) | (53) | (69) | (16) |
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 | (22) | (8) | (97) | 85 |
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 | 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 | (1) | (4) | (6) | 0 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 0 | 0 | 0 | 0 |
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 | 0 | 0 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 0 | 0 | 0 | 0 |
Fair Value Hedged Item | Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 3 | 4 | 6 | 7 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 3 | 4 | 6 | 6 |
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 | 0 | 0 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 0 | 0 | 0 | 0 |
Fair Value Hedged Item | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | 0 | 0 | 0 | 0 |
Fair Value Hedged Item | Interest Credited To Policyholder Account Balances | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 11 | 38 | 74 | 1 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | (8) | (15) | 5 | (15) |
Fair Value Hedged Item | Policyholder Benefits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 15 | (6) | 77 | (101) |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | (10) | (16) | (25) | (20) |
Fair Value Hedged Item | Change in AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Change In Unrealized Gain (Loss) On Hedged Item In Fair Value Net Of Hedging Instrument | (19) | (75) | (9) | (95) |
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 | 12 | 16 | 15 | 34 |
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 | 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 | 78 | 74 | 151 | 156 |
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 | 8 | (66) | 85 | (146) |
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 | 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 | 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 | 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 | 301 | (246) | 630 | (519) |
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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 2 | 17 | 13 | 16 |
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 | (371) | (322) | (1,033) | 225 |
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 | (451) | (1,022) | (1,412) | (755) |
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 | 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 | 0 | 0 |
Interest Rate | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Interest Credited To 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 | 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 | 0 | 0 |
Interest Rate | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Interest Rate | Fair value hedges—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 | 1 | 5 | 6 | 1 |
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 | 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 | 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 | 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 | 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 | (19) | (53) | (69) | (16) |
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 | (23) | (58) | (82) | (14) |
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 | 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 | (1) | (5) | (6) | (1) |
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 | 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 | 6 | 6 |
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 | 0 | 0 |
Interest Rate | Fair Value Hedged Item | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Interest Rate | Fair Value Hedged Item | Interest Credited To Policyholder Account Balances | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 11 | 38 | 74 | 1 |
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 | 15 | 44 | 63 | (4) |
Interest Rate | Fair Value Hedged Item | Change in AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Interest Rate | Cash Flow 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 | (13) | 0 | (13) | (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 | 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 | (4) | (6) | (7) | (7) |
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 | 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 | 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 | 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 | 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 | 11 | (12) | 1 | 32 |
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 | (13) | (349) | (39) | (510) |
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 | 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 | 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 | (3) | 4 | (1) | 5 |
Currency | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Interest Credited To 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 | 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 | 0 | 0 |
Currency | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Fair value hedges—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 | (1) | 0 | (1) |
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 | 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 | 0 | 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 | 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 | 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 | 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 | 1 | 50 | (15) | 99 |
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 | 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 | 1 | 0 | 1 |
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 | 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 | 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 | 0 | 0 |
Currency | Fair Value Hedged Item | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Currency | Fair Value Hedged Item | Interest Credited To Policyholder Account Balances | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Currency | Fair Value Hedged Item | Policyholder Benefits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | (50) | 14 | (97) |
Currency | Fair Value Hedged Item | Change in AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Gain (Loss) on Investments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 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 | 0 | 0 |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Investment Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Other Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 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 | 0 | 0 |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Policyholder Benefits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (3) | (2) | (5) | (4) |
Currency | Gain(loss)excludedfromassessmentofeffectiveness | Change in AOCI | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | (19) | (75) | (9) | (95) |
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 | 3 | 0 | 8 |
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 | 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 | 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 | 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 | 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 | 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 | 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 | 9 | (1) | 24 | (40) |
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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 2 | 17 | 13 | 16 |
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 | 66 | (35) | 172 | (63) |
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 | 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 | 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 | 0 | (1) | 1 | (3) |
Currency/Interest Rate | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Interest Credited To 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 | 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 | 0 | 0 |
Currency/Interest Rate | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Currency/Interest Rate | Cash Flow 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 | 25 | 13 | 28 | 48 |
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 | 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 | 82 | 80 | 158 | 163 |
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 | 8 | (66) | 85 | (146) |
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 | 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 | 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 | 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 | 281 | (233) | 605 | (511) |
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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 4 | 38 | 56 | 85 |
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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 591 | 961 | 2,040 | 1,150 |
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 | (67) | (440) | (560) | (678) |
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 | 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 | 0 | 0 |
Equity | Interest Expense | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Equity | Interest Credited To 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 | 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 | 0 | 0 |
Equity | Change in AOCI | Derivatives Not Qualifying as Hedge Accounting Instruments: | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Gain (Loss) Recognized In Income Net | 0 | 0 | 0 | 0 |
Other 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 435 | (970) | (636) | (1,215) |
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 | 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 | 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 | 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 | 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 | 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 | 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 | $ 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 | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Balance, beginning | $ 869 |
Total amount recorded in AOCI | 885 |
Amount reclassified from AOCI to income | (255) |
Balance, ending | 1,499 |
Interest Rate | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Total amount recorded in AOCI | (19) |
Amount reclassified from AOCI to income | 20 |
Currency | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Total amount recorded in AOCI | 28 |
Amount reclassified from AOCI to income | (4) |
Currency/Interest Rate | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Total amount recorded in AOCI | 876 |
Amount reclassified from AOCI to income | $ (271) |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Credit Derivatives) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Gross Notional | $ 3,957 | $ 3,446 |
Credit Risk Derivative Liabilities, at Fair Value | 83 | 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 | 3,957 | 3,446 |
Credit Risk Derivative Liabilities, at Fair Value | $ 83 | 64 |
Credit Default Swaps Referencing Indices | ||
Derivative [Line Items] | ||
Credit derivatives written max length of maturities (in years) | 10 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 | 3,302 | 2,723 |
Credit Risk Derivative Liabilities, at Fair Value | 41 | 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 | 3,302 | 2,723 |
Credit Risk Derivative Liabilities, at Fair Value | 41 | 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 | 655 | 634 |
Credit Risk Derivative Liabilities, at Fair Value | $ 42 | $ 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 | 655 | 634 |
Credit Risk Derivative Liabilities, at Fair Value | $ 42 | $ 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 | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fixed maturities, available-for-sale, at fair value | [1] | $ 311,092 | $ 316,321 | |
Assets supporting experience-rated contractholder liabilities | 3,351 | 3,168 | ||
Market risk benefit assets | 2,233 | 1,981 | $ 1,951 | |
Fixed maturities, trading | [1] | 10,250 | 9,790 | |
Equity securities | [1] | 7,098 | 8,242 | |
Commercial mortgage and other loans | [1] | 60,243 | 59,305 | |
Other invested assets | [1] | 24,634 | 22,855 | |
Reinsurance recoverables and deposit receivables | [2] | 27,746 | 27,311 | |
Other assets | [1],[2] | 13,299 | 13,179 | |
Separate account assets | 196,859 | 198,888 | ||
TOTAL ASSETS | 715,196 | 721,123 | ||
Market risk benefit liabilities | 4,592 | 5,467 | $ 5,462 | |
Reinsurance and funds withheld payables | [2] | 15,604 | 15,729 | |
Other Liabilities | [1] | 14,875 | 16,071 | |
Total liabilities | 685,091 | 691,336 | ||
Netting | (18,324) | (13,158) | ||
Fixed Maturities, available-for-sale, Amortized Cost | $ 340,984 | $ 334,598 | ||
Commercial paper | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
VIE notes maturities | 53 days | 49 days | ||
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 | $ 21,539 | $ 21,796 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 25,887 | 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 | 7,655 | 8,458 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 8,143 | 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 | 57,679 | 70,190 | ||
Assets supporting experience-rated contractholder liabilities | 547 | 604 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 63,152 | 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 | 100,774 | 98,172 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 112,011 | 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 | 42,057 | 41,020 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 44,373 | 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 | 21,304 | 19,643 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 22,612 | 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 | 32,893 | 32,290 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 36,885 | 35,128 | ||
Corporate securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets supporting experience-rated contractholder liabilities | 71 | 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 | 15,395 | 12,595 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 15,254 | 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 | 9,252 | 9,892 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 9,911 | 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 | 2,544 | 2,265 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 2,756 | 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 | 311,092 | 316,321 | ||
Assets supporting experience-rated contractholder liabilities | 3,351 | 3,168 | ||
Market risk benefit assets | 2,233 | 1,981 | ||
Fixed maturities, trading | 10,250 | 9,790 | ||
Equity securities | 7,098 | 8,003 | ||
Commercial mortgage and other loans | 635 | 519 | ||
Other invested assets | 2,115 | 1,949 | ||
Short-term investments | 5,201 | 3,900 | ||
Cash equivalents | 7,323 | 10,302 | ||
Reinsurance recoverables and deposit receivables | 555 | 149 | ||
Other assets | 0 | 11 | ||
Separate account assets | 170,772 | 171,812 | ||
TOTAL ASSETS | 520,625 | 527,905 | ||
Market risk benefit liabilities | 4,592 | 5,467 | ||
Policyholders' account balances | 10,213 | 7,752 | ||
Reinsurance and funds withheld payables | 22 | 490 | ||
Other Liabilities | 4,468 | 4,175 | ||
Notes issued by consolidated VIEs | 422 | 778 | ||
Total liabilities | 19,717 | 18,662 | ||
Assets Netting | (18,324) | (13,158) | ||
Liabilities Netting | (26,324) | (22,973) | ||
Netting | (8,000) | (9,815) | ||
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 | 21,539 | 21,796 | ||
Assets supporting experience-rated contractholder liabilities | 218 | 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 | 7,655 | 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 | 57,679 | 70,190 | ||
Assets supporting experience-rated contractholder liabilities | 547 | 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 | 100,774 | 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 | 42,057 | 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 | 21,304 | 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 | 32,893 | 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 | 71 | 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 | 15,395 | 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 | 9,252 | 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 | 2,544 | 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 | 2,515 | 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 | 1,208 | 1,004 | ||
Market risk benefit assets | 0 | 0 | ||
Fixed maturities, trading | 0 | 0 | ||
Equity securities | 4,705 | 5,953 | ||
Commercial mortgage and other loans | 0 | 0 | ||
Other invested assets | 33 | 27 | ||
Short-term investments | 539 | 125 | ||
Cash equivalents | 576 | 2,240 | ||
Reinsurance recoverables and deposit receivables | 0 | 0 | ||
Other assets | 0 | 0 | ||
Separate account assets | 9,311 | 8,925 | ||
TOTAL ASSETS | 16,372 | 18,274 | ||
Market risk benefit liabilities | 0 | 0 | ||
Policyholders' account balances | 0 | 0 | ||
Reinsurance and funds withheld payables | 0 | 0 | ||
Other Liabilities | 85 | 35 | ||
Notes issued by consolidated VIEs | 0 | 0 | ||
Total liabilities | 85 | 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 | 1,208 | 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 | 304,024 | 310,203 | ||
Assets supporting experience-rated contractholder liabilities | 2,142 | 2,164 | ||
Market risk benefit assets | 0 | 0 | ||
Fixed maturities, trading | 8,730 | 9,361 | ||
Equity securities | 1,837 | 1,538 | ||
Commercial mortgage and other loans | 635 | 519 | ||
Other invested assets | 19,468 | 14,234 | ||
Short-term investments | 4,653 | 3,746 | ||
Cash equivalents | 6,743 | 8,058 | ||
Reinsurance recoverables and deposit receivables | 192 | (75) | ||
Other assets | 0 | 0 | ||
Separate account assets | 161,119 | 161,793 | ||
TOTAL ASSETS | 509,543 | 511,541 | ||
Market risk benefit liabilities | 0 | 0 | ||
Policyholders' account balances | 0 | 0 | ||
Reinsurance and funds withheld payables | 22 | 490 | ||
Other Liabilities | 30,706 | 27,112 | ||
Notes issued by consolidated VIEs | 0 | 0 | ||
Total liabilities | 30,728 | 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 | 21,539 | 21,796 | ||
Assets supporting experience-rated contractholder liabilities | 218 | 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 | 7,649 | 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 | 57,672 | 70,182 | ||
Assets supporting experience-rated contractholder liabilities | 547 | 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 | 100,710 | 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 | 38,938 | 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 | 21,212 | 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 | 31,165 | 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 | 70 | 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 | 14,259 | 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 | 8,336 | 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 | 2,544 | 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 | 1,307 | 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 | 7,068 | 6,118 | ||
Assets supporting experience-rated contractholder liabilities | 1 | 0 | ||
Market risk benefit assets | 2,233 | 1,981 | ||
Fixed maturities, trading | 1,520 | 429 | ||
Equity securities | 556 | 512 | ||
Commercial mortgage and other loans | 0 | 0 | ||
Other invested assets | 938 | 846 | ||
Short-term investments | 9 | 29 | ||
Cash equivalents | 4 | 4 | ||
Reinsurance recoverables and deposit receivables | 363 | 224 | ||
Other assets | 0 | 11 | ||
Separate account assets | 342 | 1,094 | ||
TOTAL ASSETS | 13,034 | 11,248 | ||
Market risk benefit liabilities | 4,592 | 5,467 | ||
Policyholders' account balances | 10,213 | 7,752 | ||
Reinsurance and funds withheld payables | 0 | 0 | ||
Other Liabilities | 1 | 1 | ||
Notes issued by consolidated VIEs | 422 | 778 | ||
Total liabilities | 15,228 | 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 | 64 | 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 | 3,119 | 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 | 92 | 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 | 1,728 | 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 | 1 | 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 | 1,136 | 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 | 916 | 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 | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets supporting experience-rated contractholder liabilities | 0 | 0 | ||
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 | 13,714 | 12,370 | ||
Fixed Maturities, available-for-sale, Amortized Cost | 13,714 | 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 | 4,613 | 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 | $ 26,087 | $ 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 | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Market risk benefit assets | $ 2,233 | $ 1,981 | $ 1,951 |
Market risk benefit liabilities | 4,592 | 5,467 | $ 5,462 |
Fair Value, Measurements, Recurring | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Market risk benefit assets | 2,233 | 1,981 | |
Market risk benefit liabilities | 4,592 | 5,467 | |
Policyholders' account balances | 10,213 | 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 | $ 2,233 | 1,981 | |
Market risk benefit liabilities | 4,592 | 5,467 | |
Policyholders' account balances | $ 10,213 | $ 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 | 0.35% | 0.41% | |
Utilization rate | 37% | 38% | |
Withdrawal rate (greater than maximum range) | 78% | 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 | 0% | 1% | |
Spread over SOFR | 0.35% | 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 | 0.83% | 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 | 1% | 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 | 0.35% | 0.41% | |
Utilization rate | 37% | 38% | |
Withdrawal rate (greater than maximum range) | 78% | 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 | 56% | 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 | 1.88% | 1.82% | |
Utilization rate | 94% | 95% | |
Withdrawal rate (greater than maximum range) | 100% | 100% | |
Mortality rate | 16% | 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 | 1.90% | 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 | 30% | 20% | |
Level 3 | Internal | Maximum | Discounted cash flow | Commercial mortgage-backed securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Liquidity premium | 1% | 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 | 1.88% | 1.82% | |
Utilization rate | 94% | 95% | |
Withdrawal rate (greater than maximum range) | 100% | 100% | |
Mortality rate | 16% | 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 | 99.02% | 68% | |
Level 3 | Internal | Maximum | Net asset value | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Share price | 1,810 | 1,714 | |
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Discount rate | 11.44% | 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 | 1% | 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 | 1.4 | 6.3 | |
Level 3 | Internal | Weighted Average | Liquidation | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Liquidation value | 94.88% | 57.63% | |
Level 3 | Internal | Weighted Average | Net asset value | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Share price | 1,726 | 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 | $ 4,592 | $ 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 | 10,212 | 7,752 | |
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Corporate securities | 4,157 | 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 | 916 | 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 | 2,233 | 1,981 | |
Level 3 | Internal | Fair Value, Measurements, Recurring | Equity securities | |||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |||
Equity securities | $ 229 | $ 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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Market risk benefit assets | $ 2,233 | $ 1,951 | $ 2,233 | $ 1,951 | $ 1,981 |
Market risk benefit liabilities | 4,592 | 5,462 | 4,592 | 5,462 | 5,467 |
Fair Value, Measurements, Recurring | |||||
Unrealized gains (losses) for assets/liabilities still held: | |||||
Market risk benefit assets | 2,233 | 2,233 | 1,981 | ||
Market risk benefit liabilities | 4,592 | 4,592 | $ 5,467 | ||
Equity securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 506 | 801 | 512 | 627 | |
Purchases | 54 | 2 | 75 | 9 | |
Sales | (12) | (8) | (16) | (67) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (1) | 0 | (5) | (6) | |
Other | (3) | 1 | 6 | 216 | |
Transfers into level 3 | 1 | 0 | 1 | 1 | |
Transfers out of Level 3 | (1) | 0 | (10) | (1) | |
Fair Value, end of period | 556 | 773 | 556 | 773 | |
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 12 | (23) | (7) | (6) | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 12 | (10) | (10) | (10) | |
Equity securities | Realized investment gains (losses), net | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | (1) | 0 | (1) | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Equity securities | Other income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 12 | (22) | (7) | (5) | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 12 | (10) | (10) | (10) | |
Equity securities | Interest credited to policyholders’ account balances | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Equity securities | Included in other comprehensive income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Equity securities | Net investment income | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Other invested assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 865 | 803 | 846 | 539 | |
Purchases | 93 | 84 | 122 | 354 | |
Sales | 0 | (2) | (2) | (9) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Other | 19 | 0 | 19 | 0 | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, end of period | 938 | 865 | 938 | 865 | |
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | (39) | (20) | (47) | (19) | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | (40) | (20) | (47) | (18) | |
Other invested assets | Realized investment gains (losses), net | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 1 | (1) | 0 | (1) | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | (1) | 0 | (1) | |
Other invested assets | Other income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | (40) | (19) | (47) | (18) | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | (40) | (19) | (47) | (17) | |
Other invested assets | Interest credited to policyholders’ account balances | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Other invested assets | Included in other comprehensive income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Other invested assets | Net investment income | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Short-term investments | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 32 | 16 | 29 | 18 | |
Purchases | 2 | 28 | 7 | 31 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (6) | (20) | (6) | (27) | |
Other | (22) | 0 | (22) | 0 | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, end of period | 9 | 25 | 9 | 25 | |
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 3 | 1 | 1 | 3 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 2 | 0 | 0 | 0 | |
Short-term investments | Realized investment gains (losses), net | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 3 | 0 | 0 | 2 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 2 | 0 | 0 | 0 | |
Short-term investments | Other income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Short-term investments | Interest credited to policyholders’ account balances | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Short-term investments | Included in other comprehensive income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Short-term investments | Net investment income | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 1 | 1 | 1 | |
Cash equivalents | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 0 | 0 | 4 | 0 | |
Purchases | 4 | 0 | 4 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Other | 0 | 0 | (4) | 0 | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, end of period | 4 | 0 | 4 | 0 | |
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Cash equivalents | Realized investment gains (losses), net | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Cash equivalents | Other income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Cash equivalents | Interest credited to policyholders’ account balances | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Cash equivalents | Included in other comprehensive income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Cash equivalents | Net investment income | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
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 | 303 | 156 | 224 | 141 | |
Purchases | 59 | 39 | 114 | 73 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (13) | (4) | (26) | (5) | |
Other | 0 | 0 | 0 | 0 | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, end of period | 363 | 217 | 363 | 217 | |
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 14 | 26 | 51 | 8 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 1 | 20 | 25 | 3 | |
Reinsurance recoverables and deposit receivables | Realized investment gains (losses), net | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 14 | 26 | 51 | 8 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 1 | 20 | 25 | 3 | |
Reinsurance recoverables and deposit receivables | Other income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Reinsurance recoverables and deposit receivables | Interest credited to policyholders’ account balances | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Reinsurance recoverables and deposit receivables | Included in other comprehensive income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Reinsurance recoverables and deposit receivables | Net investment income | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Other assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 19 | 11 | 11 | 11 | |
Purchases | 0 | 0 | 8 | 1 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 1 | 0 | 0 | |
Other | (19) | 0 | (19) | 0 | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, end of period | 0 | 12 | 0 | 12 | |
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Other assets | Realized investment gains (losses), net | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Other assets | Other income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Other assets | Interest credited to policyholders’ account balances | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Other assets | Included in other comprehensive income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Other assets | Net investment income | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Separate accounts assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 338 | 1,169 | 1,094 | 1,081 | |
Purchases | 80 | 166 | 136 | 309 | |
Sales | (61) | (130) | (824) | (197) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (2) | (40) | (4) | (66) | |
Other | 0 | 0 | 0 | 0 | |
Transfers into level 3 | 0 | 3 | 0 | 3 | |
Transfers out of Level 3 | (5) | (42) | (6) | (43) | |
Fair Value, end of period | 342 | 1,175 | 342 | 1,175 | |
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | (8) | 49 | (54) | 88 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | (7) | 50 | (15) | 87 | |
Separate accounts assets | Realized investment gains (losses), net | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Separate accounts assets | Other income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Separate accounts assets | Interest credited to policyholders’ account balances | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | (8) | 49 | (54) | 88 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | (7) | 50 | (15) | 87 | |
Separate accounts assets | Included in other comprehensive income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Separate accounts assets | Net investment income | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Policyholders’ account balances | |||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | (9,864) | (4,244) | (7,752) | (3,492) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | (469) | (438) | (1,087) | (839) | |
Settlements | 0 | 0 | 0 | 0 | |
Other | 1 | 73 | 2 | (27) | |
Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, end of period | (10,213) | (5,629) | (10,213) | (5,629) | |
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 119 | (1,020) | (1,376) | (1,271) | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 965 | (153) | 749 | (262) | |
Policyholders’ account balances | Realized investment gains (losses), net | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 119 | (1,020) | (1,376) | (1,271) | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 965 | (153) | 749 | (262) | |
Policyholders’ account balances | Other income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Policyholders’ account balances | Interest credited to policyholders’ account balances | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Policyholders’ account balances | Included in other comprehensive income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Policyholders’ account balances | Net investment income | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Other liabilities | |||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | (1) | (1) | (1) | (1) | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | 0 | |
Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, end of period | (1) | (1) | (1) | (1) | |
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Other liabilities | Realized investment gains (losses), net | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Other liabilities | Other income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Other liabilities | Interest credited to policyholders’ account balances | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Other liabilities | Included in other comprehensive income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Other liabilities | Net investment income | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Notes issued by consolidated VIEs | |||||
Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | (405) | 0 | (778) | 0 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | (17) | 0 | (27) | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Other | 0 | 0 | 391 | 0 | |
Transfers Into Level 3 | 0 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, end of period | (422) | 0 | (422) | 0 | |
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | (8) | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | (8) | 0 | |
Notes issued by consolidated VIEs | Realized investment gains (losses), net | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Notes issued by consolidated VIEs | Other income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | (8) | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | (8) | 0 | |
Notes issued by consolidated VIEs | Interest credited to policyholders’ account balances | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Notes issued by consolidated VIEs | Included in other comprehensive income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Notes issued by consolidated VIEs | Net investment income | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Fixed maturities, available-for-sale | Fixed maturities | Realized investment gains (losses), net | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | (30) | (13) | (63) | (16) | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | (31) | (10) | (59) | (3) | |
Fixed maturities, available-for-sale | Fixed maturities | Other income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Fixed maturities, available-for-sale | Fixed maturities | Interest credited to policyholders’ account balances | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Fixed maturities, available-for-sale | Fixed maturities | Included in other comprehensive income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | (33) | 43 | (49) | 19 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | (30) | 26 | (54) | 5 | |
Fixed maturities, available-for-sale | Fixed maturities | Net investment income | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 10 | 2 | 15 | 3 | |
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 | 6 | 7 | 7 | 7 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | 0 | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, end of period | 6 | 7 | 6 | 7 | |
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | (1) | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | (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 | 7 | 9 | 8 | 8 | |
Purchases | 0 | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | 0 | (1) | (1) | 0 | |
Other | 0 | 0 | 0 | 0 | |
Transfers into level 3 | 0 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | 0 | |
Fair Value, end of period | 7 | 8 | 7 | 8 | |
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Fixed maturities, available-for-sale | Fixed maturities | Corporate securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair Value, beginning of period | 4,965 | 3,941 | 4,806 | 3,858 | |
Purchases | 417 | 737 | 819 | 1,264 | |
Sales | (28) | (47) | (33) | (175) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (221) | (177) | (508) | (500) | |
Other | (141) | (18) | (154) | (20) | |
Transfers into level 3 | 54 | 18 | 162 | 18 | |
Transfers out of Level 3 | 0 | (19) | 0 | (19) | |
Fair Value, end of period | 5,003 | 4,461 | 5,003 | 4,461 | |
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | (43) | 26 | (89) | 35 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | (51) | 18 | (101) | 39 | |
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 | 2,612 | 1,438 | 1,297 | 1,289 | |
Purchases | 327 | (1) | 1,592 | 239 | |
Sales | (1) | (4) | (1) | (5) | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (63) | (13) | (75) | (25) | |
Other | (492) | 0 | (493) | 0 | |
Transfers into level 3 | (1) | 0 | 59 | 37 | |
Transfers out of Level 3 | (320) | (162) | (320) | (242) | |
Fair Value, end of period | 2,052 | 1,264 | 2,052 | 1,264 | |
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | (10) | 6 | (7) | (29) | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | (11) | (1) | (11) | (37) | |
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 | 1,330 | 339 | 429 | 304 | |
Purchases | 330 | 33 | 894 | 66 | |
Sales | 0 | 0 | (22) | 0 | |
Issuances | 0 | 0 | 0 | 0 | |
Settlements | (70) | (9) | (116) | (13) | |
Other | 0 | 0 | (1) | 1 | |
Transfers into level 3 | (2) | 0 | 402 | 0 | |
Transfers out of Level 3 | (61) | (59) | (61) | (59) | |
Fair Value, end of period | 1,520 | 302 | 1,520 | 302 | |
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | (7) | (2) | (5) | 3 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | (6) | (3) | 1 | 1 | |
Fixed maturities, trading | Fixed maturities | Realized investment gains (losses), net | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Fixed maturities, trading | Fixed maturities | Other income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | (7) | (2) | (6) | 2 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | (6) | (3) | 1 | 1 | |
Fixed maturities, trading | Fixed maturities | Interest credited to policyholders’ account balances | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Fixed maturities, trading | Fixed maturities | Included in other comprehensive income (loss) | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Unrealized gains (losses) for assets/liabilities still held: | |||||
Included in earnings | 0 | 0 | 0 | 0 | |
Fixed maturities, trading | Fixed maturities | Net investment income | |||||
Total gains (losses) (realized/unrealized): | |||||
Included in earnings | $ 0 | $ 0 | $ 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 | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | $ 1,179 | $ 1,103 |
Netting | (18,324) | (13,158) |
Total derivative liabilities | 4,468 | 4,181 |
Netting | (26,324) | (22,973) |
Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 10,910 | 8,998 |
Total derivative liabilities | 25,870 | 22,987 |
Currency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1,783 | 1,008 |
Total derivative liabilities | 1,739 | 1,149 |
Credit Risk Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 83 | 64 |
Total derivative liabilities | 0 | 0 |
Currency/Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 3,034 | 2,454 |
Total derivative liabilities | 608 | 840 |
Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 3,693 | 1,737 |
Total derivative liabilities | 2,575 | 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 | 33 | 26 |
Total derivative liabilities | 86 | 36 |
Level 1 | Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 24 | 7 |
Total derivative liabilities | 81 | 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 | 9 | 19 |
Total derivative liabilities | 5 | 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 | 19,468 | 14,234 |
Total derivative liabilities | 30,705 | 27,117 |
Level 2 | Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 10,884 | 8,990 |
Total derivative liabilities | 25,788 | 22,960 |
Level 2 | Currency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 1,783 | 1,008 |
Total derivative liabilities | 1,739 | 1,149 |
Level 2 | Credit Risk Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 83 | 64 |
Total derivative liabilities | 0 | 0 |
Level 2 | Currency/Interest Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 3,034 | 2,454 |
Total derivative liabilities | 608 | 840 |
Level 2 | Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total derivative assets | 3,684 | 1,718 |
Total derivative liabilities | 2,570 | 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 | 2 | 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 | 2 | 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Equity | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, beginning of period | $ 0 | $ 0 | $ 0 | $ 0 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3(8) | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, end of period | 0 | 0 | 0 | 0 |
Unrealized Gain (Loss) for assets still held | ||||
Included in earnings | 0 | 0 | 0 | 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 | 0 | 0 |
Total gains (losses) (realized/unrealized): | ||||
Included in earnings | 1 | 0 | 1 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Transfers into Level 3(8) | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, end of period | 1 | 0 | 1 | 0 |
Unrealized Gain (Loss) for assets still held | ||||
Included in earnings | $ 1 | $ 0 | $ 1 | $ 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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 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 | $ 0 | $ 0 | |
Carrying value after measurement as of period end | 0 | 0 | $ 34 | ||
Investment real estate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Realized investment gains (losses) net | (3) | (17) | (3) | (17) | |
Carrying value after measurement as of period end | 69 | 69 | 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 | 0 | $ (37) | (7) | $ (54) | |
Carrying value after measurement as of period end | $ 128 | $ 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 | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Commercial mortgage and other loans | [1] | $ 60,243 | $ 60,243 | $ 59,305 | ||
Other invested assets | [1] | 24,634 | 24,634 | 22,855 | ||
Other assets | [1],[2] | 13,299 | 13,299 | 13,179 | ||
Commercial mortgage and other loans | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Interest income | 1 | $ 3 | 3 | $ 4 | ||
Fair value option loans in more than 90 days past due and still accruing | 0 | 0 | ||||
Notes issued by consolidated VIEs | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Changes in fair value | 0 | 0 | 8 | 0 | ||
Interest expense | 3 | $ 0 | 11 | $ 0 | ||
Fair value option | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Commercial mortgage and other loans | 635 | 635 | 519 | |||
Other invested assets | 19 | 19 | 0 | |||
Other assets | 0 | 0 | 11 | |||
Notes issued by consolidated VIEs | 422 | 422 | 778 | |||
Fair value option, aggregate contractual principal | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Commercial mortgage and other loans | 632 | 632 | 512 | |||
Notes issued by consolidated VIEs | $ 422 | $ 422 | $ 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 | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | |||
Assets: | ||||||
Commercial mortgage and other loans | [1] | $ 60,243 | $ 59,305 | |||
Policy loans | 9,739 | 10,047 | ||||
Other invested assets | [1] | 24,634 | 22,855 | |||
Cash and cash equivalents | 17,111 | [1] | 19,419 | [1] | $ 14,652 | |
Accrued investment income | [1] | 3,434 | 3,287 | |||
Reinsurance recoverables and deposit receivables | [2] | 27,746 | 27,311 | |||
Other assets, assets at fair value | 0 | 11 | ||||
Liabilities: | ||||||
Securities sold under agreements to repurchase | 6,929 | 6,056 | ||||
Cash collateral for loaned securities | 7,050 | 6,477 | ||||
Reinsurance and funds withheld payables | [2] | 15,604 | 15,729 | |||
Short-term debt | 588 | 618 | ||||
Long-term debt | 19,353 | 18,882 | ||||
Other Liabilities, derivatives at fair value | 4,468 | 4,175 | ||||
Fair Value | ||||||
Assets: | ||||||
Commercial mortgage and other loans | 56,040 | 55,652 | ||||
Policy loans | 9,739 | 10,047 | ||||
Other invested assets | 95 | 97 | ||||
Short-term investments | 1,040 | 1,105 | ||||
Cash and cash equivalents | 9,788 | 9,117 | ||||
Accrued investment income | 3,434 | 3,287 | ||||
Reinsurance recoverables and deposit receivables | 5,485 | 5,176 | ||||
Other assets, assets at fair value | 3,447 | 3,102 | ||||
Total assets | 89,068 | 87,583 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 69,440 | 68,883 | ||||
Securities sold under agreements to repurchase | 6,929 | 6,056 | ||||
Cash collateral for loaned securities | 7,050 | 6,477 | ||||
Reinsurance and funds withheld payables | 9,891 | 9,530 | ||||
Short-term debt | 588 | 618 | ||||
Long-term debt | 18,278 | 18,268 | ||||
Notes issued by consolidated VIEs | 752 | 596 | ||||
Other Liabilities, derivatives at fair value | 5,807 | 6,982 | ||||
Separate account liabilities—investment contracts | 42,117 | 45,365 | ||||
Total liabilities | 160,852 | 162,775 | ||||
Carrying Amount | ||||||
Assets: | ||||||
Commercial mortgage and other loans | 59,608 | 58,786 | ||||
Policy loans | 9,739 | 10,047 | ||||
Other invested assets | 95 | 97 | ||||
Short-term investments | 1,040 | 1,105 | ||||
Cash and cash equivalents | 9,788 | 9,117 | ||||
Accrued investment income | 3,434 | 3,287 | ||||
Reinsurance recoverables and deposit receivables | 5,485 | 5,176 | ||||
Other assets, assets at fair value | 3,447 | 3,102 | ||||
Total assets | 92,636 | 90,717 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 75,572 | 72,604 | ||||
Securities sold under agreements to repurchase | 6,929 | 6,056 | ||||
Cash collateral for loaned securities | 7,050 | 6,477 | ||||
Reinsurance and funds withheld payables | 9,891 | 9,530 | ||||
Short-term debt | 588 | 618 | ||||
Long-term debt | 19,353 | 18,882 | ||||
Notes issued by consolidated VIEs | 752 | 596 | ||||
Other Liabilities, derivatives at fair value | 5,807 | 6,982 | ||||
Separate account liabilities—investment contracts | 42,117 | 45,365 | ||||
Total liabilities | 168,059 | 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 | 1,000 | 1,092 | ||||
Cash and cash equivalents | 8,681 | 8,709 | ||||
Accrued investment income | 0 | 0 | ||||
Reinsurance recoverables and deposit receivables | 0 | 0 | ||||
Other assets, assets at fair value | 19 | 43 | ||||
Total assets | 9,708 | 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 | 558 | 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 | 558 | 564 | ||||
Level 2 | Fair Value | ||||||
Assets: | ||||||
Commercial mortgage and other loans | 33 | 41 | ||||
Policy loans | 0 | 0 | ||||
Other invested assets | 95 | 97 | ||||
Short-term investments | 40 | 13 | ||||
Cash and cash equivalents | 1,107 | 408 | ||||
Accrued investment income | 3,434 | 3,287 | ||||
Reinsurance recoverables and deposit receivables | 7 | 5 | ||||
Other assets, assets at fair value | 3,426 | 3,059 | ||||
Total assets | 8,142 | 6,910 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 29,618 | 31,089 | ||||
Securities sold under agreements to repurchase | 6,929 | 6,056 | ||||
Cash collateral for loaned securities | 7,050 | 6,477 | ||||
Reinsurance and funds withheld payables | 9,917 | 9,553 | ||||
Short-term debt | 503 | 535 | ||||
Long-term debt | 16,978 | 16,938 | ||||
Notes issued by consolidated VIEs | 0 | 0 | ||||
Other Liabilities, derivatives at fair value | 5,775 | 6,950 | ||||
Separate account liabilities—investment contracts | 22,997 | 24,050 | ||||
Total liabilities | 99,767 | 101,648 | ||||
Level 3 | Fair Value | ||||||
Assets: | ||||||
Commercial mortgage and other loans | 56,007 | 55,611 | ||||
Policy loans | 9,731 | 10,039 | ||||
Other invested assets | 0 | 0 | ||||
Short-term investments | 0 | 0 | ||||
Cash and cash equivalents | 0 | 0 | ||||
Accrued investment income | 0 | 0 | ||||
Reinsurance recoverables and deposit receivables | 5,478 | 5,171 | ||||
Other assets, assets at fair value | 2 | 0 | ||||
Total assets | 71,218 | 70,821 | ||||
Liabilities: | ||||||
Policyholders’ account balances—investment contracts | 39,822 | 37,794 | ||||
Securities sold under agreements to repurchase | 0 | 0 | ||||
Cash collateral for loaned securities | 0 | 0 | ||||
Reinsurance and funds withheld payables | (26) | (23) | ||||
Short-term debt | 85 | 83 | ||||
Long-term debt | 742 | 766 | ||||
Notes issued by consolidated VIEs | 752 | 596 | ||||
Other Liabilities, derivatives at fair value | 32 | 32 | ||||
Separate account liabilities—investment contracts | 19,120 | 21,315 | ||||
Total liabilities | 60,527 | 60,563 | ||||
Prudential Netting Agreement | Fair Value | ||||||
Liabilities: | ||||||
Short-term debt | 1,750 | 2,000 | ||||
Long-term debt | 11,964 | 10,370 | ||||
Prudential Netting Agreement | Carrying Amount | ||||||
Liabilities: | ||||||
Short-term debt | 1,750 | 2,000 | ||||
Long-term debt | 11,964 | 10,370 | ||||
Prismic Life Reinsurance, Ltd | Fair Value | ||||||
Liabilities: | ||||||
Reinsurance and funds withheld payables | 7,945 | 8,036 | ||||
Prismic Life Reinsurance, Ltd | Carrying Amount | ||||||
Liabilities: | ||||||
Reinsurance and funds withheld payables | $ 7,945 | $ 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Balance, BOP | $ 20,856 | |||
Amortization expense | $ (375) | $ (366) | (750) | $ (731) |
Balance, EOP | 20,564 | 20,320 | 20,564 | 20,320 |
Total | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Balance, BOP | 20,628 | 20,400 | ||
Capitalization | 1,182 | 1,081 | ||
Amortization expense | (749) | (733) | ||
Other adjustments | (332) | (384) | ||
Foreign currency adjustment | (462) | (241) | ||
Balance, EOP | 20,267 | 20,123 | 20,267 | 20,123 |
Other businesses | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Balance, EOP | 297 | 197 | 297 | 197 |
Individual Variable | Retirement Strategies | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Balance, BOP | 3,676 | 4,171 | ||
Capitalization | 193 | 124 | ||
Amortization expense | (190) | (186) | ||
Other adjustments | 0 | (393) | ||
Foreign currency adjustment | 0 | 0 | ||
Balance, EOP | 3,679 | 3,716 | 3,679 | 3,716 |
Term Life Insurance | Individual Life | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Balance, BOP | 2,237 | 2,288 | ||
Capitalization | 90 | 72 | ||
Amortization expense | (104) | (107) | ||
Other adjustments | (2) | 0 | ||
Foreign currency adjustment | 0 | 0 | ||
Balance, EOP | 2,221 | 2,253 | 2,221 | 2,253 |
Variable Universal Life | Individual Life | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Balance, BOP | 5,364 | 5,000 | ||
Capitalization | 338 | 291 | ||
Amortization expense | (121) | (121) | ||
Other adjustments | (280) | 0 | ||
Foreign currency adjustment | 0 | 0 | ||
Balance, EOP | 5,301 | 5,170 | 5,301 | 5,170 |
Life Planner | International Businesses | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Balance, BOP | 4,909 | 4,710 | ||
Capitalization | 287 | 300 | ||
Amortization expense | (170) | (163) | ||
Other adjustments | (53) | 9 | ||
Foreign currency adjustment | (303) | (124) | ||
Balance, EOP | 4,670 | 4,732 | 4,670 | 4,732 |
Gibraltar Life and Other | International Businesses | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Balance, BOP | 4,442 | 4,231 | ||
Capitalization | 274 | 294 | ||
Amortization expense | (164) | (156) | ||
Other adjustments | 3 | 0 | ||
Foreign currency adjustment | (159) | (117) | ||
Balance, EOP | $ 4,396 | $ 4,252 | $ 4,396 | $ 4,252 |
Deferred Policy Acquisition C_4
Deferred Policy Acquisition Costs (Balance of and Changes in DSI) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Movement in Deferred Sales Inducements [Roll Forward] | ||
Balance, EOP | $ 425 | $ 462 |
Individual Retirement Strategies | Individual Variable | ||
Movement in Deferred Sales Inducements [Roll Forward] | ||
Balance, BOP | 410 | 446 |
Capitalization | 1 | 2 |
Amortization expense | (17) | (20) |
Balance, EOP | 394 | 428 |
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 | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, BOP | $ 530 | |
Balance, EOP | 446 | |
Gibraltar Life and Other | ||
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, BOP | 511 | $ 597 |
Amortization expense | (21) | (26) |
Foreign currency adjustment | (59) | (48) |
Balance, EOP | 431 | 523 |
Other businesses | ||
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, EOP | 15 | 19 |
Gibraltar Life and Other And Other Businesses | ||
Movement in Present Value of Future Insurance Profits [Roll Forward] | ||
Balance, EOP | $ 446 | $ 542 |
Deferred Policy Acquisition C_6
Deferred Policy Acquisition Costs (Estimated Future VOBA Amortization, Net of Interest) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Deferred Charges, Insurers [Abstract] | ||
Estimated future VOBA amortization - 2024 (July-December) | $ 21 | |
Estimated future VOBA amortization - 2025 | 39 | |
Estimated future VOBA amortization - 2026 | 35 | |
Estimated future VOBA amortization - 2027 | 32 | |
Estimated future VOBA amortization - 2028 | 29 | |
Estimated future VOBA amortization - Thereafter | 290 | |
Present Value of Future Insurance Profits, Net | $ 446 | $ 530 |
Separate Accounts (Separate Acc
Separate Accounts (Separate Account Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | $ 196,859 | $ 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 | 4,361 | 4,411 |
Obligations of U.S. states and their political subdivisions | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 2,103 | 2,116 |
Foreign government bonds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 107 | 101 |
U.S. corporate securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 11,588 | 12,782 |
Foreign corporate securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 3,024 | 3,288 |
Asset-backed securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,262 | 1,211 |
Mortgage-backed securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 14,394 | 14,253 |
Equity | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 92,142 | 88,397 |
Fixed Income | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 34,707 | 37,065 |
Other | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 5,303 | 5,587 |
Equity securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 4,767 | 5,410 |
Commercial mortgage and other loans | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 62 | 67 |
Other invested assets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 18,839 | 20,739 |
Short-term investments | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | 1,550 | 1,202 |
Cash and cash equivalents | ||
Fair Value, Separate Account Investment [Line Items] | ||
Separate account assets | $ 2,650 | $ 2,259 |
Separate Accounts (Separate A_2
Separate Accounts (Separate Account Liabilities) (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | $ 196,859 | $ 200,871 | $ 198,888 | |
Cash surrender value | 195,478 | 199,158 | ||
Total | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 200,196 | 203,751 | 202,033 | $ 201,322 |
Deposits | 13,174 | 4,807 | ||
Investment performance | 8,883 | 12,766 | ||
Policy charges | (1,871) | (1,896) | ||
Surrenders and withdrawals | (18,434) | (8,144) | ||
Benefit payments | (2,413) | (2,366) | ||
Net transfers (to) from general account | (319) | (1,522) | ||
Other | (857) | (1,216) | ||
Other businesses | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | (3,337) | (2,880) | ||
PGIM | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 30,416 | 37,227 | 32,648 | 40,056 |
Deposits | 10,873 | 2,928 | ||
Investment performance | (972) | (99) | ||
Policy charges | (57) | (42) | ||
Surrenders and withdrawals | (9,886) | (2,828) | ||
Benefit payments | (1,745) | (1,728) | ||
Net transfers (to) from general account | 13 | (351) | ||
Other | (458) | (709) | ||
Cash surrender value | 30,416 | 37,227 | ||
Institutional Retirement Strategies | Retirement Strategies | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 9,908 | 11,399 | 11,011 | 11,428 |
Deposits | 105 | 175 | ||
Investment performance | (94) | 523 | ||
Policy charges | (5) | (6) | ||
Surrenders and withdrawals | (878) | (226) | ||
Benefit payments | (270) | (278) | ||
Net transfers (to) from general account | (45) | (35) | ||
Other | 84 | (182) | ||
Cash surrender value | 9,908 | 11,399 | ||
Individual Retirement Strategies | Retirement Strategies | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 91,650 | 95,114 | 94,130 | 93,395 |
Deposits | 294 | 204 | ||
Investment performance | 5,249 | 7,420 | ||
Policy charges | (1,123) | (1,181) | ||
Surrenders and withdrawals | (6,815) | (4,667) | ||
Benefit payments | (46) | (56) | ||
Net transfers (to) from general account | (42) | (6) | ||
Other | 3 | 5 | ||
Cash surrender value | 90,583 | 93,745 | ||
Group Insurance | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 24,547 | 23,747 | 25,021 | 23,513 |
Deposits | 289 | 11 | ||
Investment performance | 366 | 896 | ||
Policy charges | (120) | (139) | ||
Surrenders and withdrawals | (339) | (14) | ||
Benefit payments | (144) | (138) | ||
Net transfers (to) from general account | 6 | 0 | ||
Other | (532) | (382) | ||
Cash surrender value | 24,442 | 23,630 | ||
Individual Life | ||||
Separate Account, Liability [Roll Forward] | ||||
Separate account liabilities | 43,675 | 36,264 | $ 39,223 | $ 32,930 |
Deposits | 1,613 | 1,489 | ||
Investment performance | 4,334 | 4,026 | ||
Policy charges | (566) | (528) | ||
Surrenders and withdrawals | (516) | (409) | ||
Benefit payments | (208) | (166) | ||
Net transfers (to) from general account | (251) | (1,130) | ||
Other | 46 | 52 | ||
Cash surrender value | $ 40,129 | $ 33,157 |
Liability For Future Policy B_3
Liability For Future Policy Benefits (Benefit Reserves) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||
Total balance, EOP | $ 128,625 | $ 125,454 | $ 128,625 | $ 125,454 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Other adjustments | 176 | [1] | (255) | 193 | [1] | (280) | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 310,685 | 314,408 | 310,685 | 314,408 | ||||
Total balance after reinsurance recoverable | 175,973 | 187,881 | 175,973 | 187,881 | ||||
Other Segments | ||||||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | ||||||||
Total balance, EOP | 89 | 85 | 89 | 85 | ||||
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 | 1,656 | 1,707 | 1,656 | 1,707 | ||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 63 | 71 | 63 | 71 | ||||
Total balance after reinsurance recoverable | 1,506 | 1,553 | 1,506 | 1,553 | ||||
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 assumption update | $ (1,077) | $ (949) | ||||||
Effect of actual variances from expected experience and other activity | (954) | (331) | ||||||
Adjusted balance, BOP | 152,698 | 142,898 | ||||||
Issuances | 13,398 | 8,239 | ||||||
Net premiums / considerations collected | (17,379) | (9,843) | ||||||
Interest accrual | 2,506 | 2,256 | ||||||
Foreign currency adjustment | (4,392) | 1,522 | ||||||
Other adjustments | 79 | 93 | ||||||
Balance at original discount rate | 146,910 | 145,165 | 146,910 | 145,165 | ||||
Effect of cumulative changes in discount rate assumptions | (18,374) | (19,796) | (18,374) | (19,796) | ||||
Total balance, EOP | 128,536 | 125,369 | 128,536 | 125,369 | ||||
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 assumption update | (1,367) | (744) | ||||||
Effect of actual variances from expected experience and other activity | (933) | (313) | ||||||
Adjusted balance, BOP | 353,290 | 343,023 | ||||||
Issuances | 13,399 | 8,239 | ||||||
Interest accrual | 6,147 | 5,708 | ||||||
Benefit payments | (12,336) | (10,591) | ||||||
Foreign currency adjustment | (12,081) | (3,700) | ||||||
Other adjustments | 89 | 159 | ||||||
Balance at original discount rate, EOP | 348,508 | 342,838 | 348,508 | 342,838 | ||||
Effect of cumulative changes in discount rate assumptions | (39,479) | (30,137) | (39,479) | (30,137) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 309,029 | 312,701 | 309,029 | 312,701 | ||||
Balance, EOP, pre-flooring | 180,491 | 187,330 | 180,491 | 187,330 | ||||
Flooring impact, EOP | 90 | 20 | 90 | 20 | ||||
Balance, EOP, post-flooring | 180,581 | 187,350 | 180,581 | 187,350 | ||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 6,114 | 1,022 | 6,114 | 1,022 | ||||
Total balance after reinsurance recoverable | 174,467 | 186,328 | 174,467 | 186,328 | ||||
Interest accrual | 6,147 | 5,708 | ||||||
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 assumption update | 41 | (1,117) | ||||||
Effect of actual variances from expected experience and other activity | 429 | 378 | ||||||
Adjusted balance, BOP | 83,746 | 66,230 | ||||||
Issuances | 11,192 | 5,783 | ||||||
Net premiums / considerations collected | (12,908) | (4,944) | ||||||
Interest accrual | 1,384 | 1,049 | ||||||
Foreign currency adjustment | (898) | 3,816 | ||||||
Other adjustments | 0 | 0 | ||||||
Balance at original discount rate | 82,516 | 71,934 | 82,516 | 71,934 | ||||
Effect of cumulative changes in discount rate assumptions | (15,077) | (18,002) | (15,077) | (18,002) | ||||
Total balance, EOP | 67,439 | 53,932 | 67,439 | 53,932 | ||||
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 assumption update | (481) | (1,289) | ||||||
Effect of actual variances from expected experience and other activity | 483 | 351 | ||||||
Adjusted balance, BOP | 155,888 | 136,986 | ||||||
Issuances | 11,192 | 5,783 | ||||||
Interest accrual | 3,003 | 2,457 | ||||||
Benefit payments | (6,317) | (5,643) | ||||||
Foreign currency adjustment | (908) | 3,898 | ||||||
Other adjustments | (63) | 4 | ||||||
Balance at original discount rate, EOP | 162,795 | 143,485 | 162,795 | 143,485 | ||||
Effect of cumulative changes in discount rate assumptions | (20,163) | (22,882) | (20,163) | (22,882) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 142,632 | 120,603 | 142,632 | 120,603 | ||||
Balance, EOP, pre-flooring | 75,194 | 66,671 | 75,194 | 66,671 | ||||
Flooring impact, EOP | 46 | 1 | 46 | 1 | ||||
Balance, EOP, post-flooring | 75,240 | 66,672 | 75,240 | 66,672 | ||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 5,098 | 0 | 5,098 | 0 | ||||
Total balance after reinsurance recoverable | 70,142 | 66,672 | 70,142 | 66,672 | ||||
Interest accrual | 3,003 | 2,457 | ||||||
Institutional | Retirement Strategies | Gross Basis | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Undiscounted expected future gross premiums | 133,585 | 114,545 | 133,585 | 114,545 | ||||
Discounted expected future gross premiums (at original discount rate) | 89,770 | 79,109 | 89,770 | 79,109 | ||||
Discounted expected future gross premiums (at current discount rate) | 71,759 | 59,307 | 71,759 | 59,307 | ||||
Undiscounted expected future benefits and expenses | $ 255,559 | $ 220,313 | $ 255,559 | $ 220,313 | ||||
Weighted-average duration of the liability in years (at original discount rate) | 9 years | 8 years | 9 years | 8 years | ||||
Weighted-average duration of the liability in years (at current discount rate) | 8 years | 8 years | 8 years | 8 years | ||||
Weighted-average interest rate (at original discount rate) | 4.72% | 4.39% | 4.72% | 4.39% | ||||
Weighted-average interest rate (at current discount rate) | 5.56% | 5.30% | 5.56% | 5.30% | ||||
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 assumption update | 21 | (1) | ||||||
Effect of actual variances from expected experience and other activity | (131) | (81) | ||||||
Adjusted balance, BOP | 11,392 | 11,772 | ||||||
Issuances | 418 | 338 | ||||||
Net premiums / considerations collected | (692) | (711) | ||||||
Interest accrual | 264 | 270 | ||||||
Foreign currency adjustment | 0 | 0 | ||||||
Other adjustments | (3) | 0 | ||||||
Balance at original discount rate | $ 11,379 | $ 11,669 | 11,379 | 11,669 | ||||
Effect of cumulative changes in discount rate assumptions | (590) | (497) | (590) | (497) | ||||
Total balance, EOP | 10,789 | 11,172 | 10,789 | 11,172 | ||||
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 assumption update | 21 | (1) | ||||||
Effect of actual variances from expected experience and other activity | (149) | (96) | ||||||
Adjusted balance, BOP | 20,058 | 20,203 | ||||||
Issuances | 418 | 338 | ||||||
Interest accrual | 470 | 472 | ||||||
Benefit payments | (795) | (779) | ||||||
Foreign currency adjustment | 0 | 0 | ||||||
Other adjustments | (10) | (13) | ||||||
Balance at original discount rate, EOP | 20,141 | 20,221 | 20,141 | 20,221 | ||||
Effect of cumulative changes in discount rate assumptions | (1,108) | (823) | (1,108) | (823) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 19,033 | 19,398 | 19,033 | 19,398 | ||||
Balance, EOP, pre-flooring | 8,243 | 8,225 | 8,243 | 8,225 | ||||
Flooring impact, EOP | 0 | 0 | 0 | 0 | ||||
Balance, EOP, post-flooring | 8,243 | 8,225 | 8,243 | 8,225 | ||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 671 | 707 | 671 | 707 | ||||
Total balance after reinsurance recoverable | 7,572 | 7,518 | 7,572 | 7,518 | ||||
Interest accrual | 470 | 472 | ||||||
Term Life | Individual Life | Gross Basis | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Undiscounted expected future gross premiums | 22,965 | 23,200 | 22,965 | 23,200 | ||||
Discounted expected future gross premiums (at original discount rate) | 15,208 | 15,427 | 15,208 | 15,427 | ||||
Discounted expected future gross premiums (at current discount rate) | 14,451 | 14,789 | 14,451 | 14,789 | ||||
Undiscounted expected future benefits and expenses | $ 31,103 | $ 31,195 | $ 31,103 | $ 31,195 | ||||
Weighted-average duration of the liability in years (at original discount rate) | 10 years | 10 years | 10 years | 10 years | ||||
Weighted-average duration of the liability in years (at current discount rate) | 9 years | 10 years | 9 years | 10 years | ||||
Weighted-average interest rate (at original discount rate) | 5.15% | 5.18% | 5.15% | 5.18% | ||||
Weighted-average interest rate (at current discount rate) | 5.53% | 5.28% | 5.53% | 5.28% | ||||
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 assumption update | (328) | 78 | ||||||
Effect of actual variances from expected experience and other activity | (818) | (417) | ||||||
Adjusted balance, BOP | 28,514 | 31,704 | ||||||
Issuances | 1,215 | 1,253 | ||||||
Net premiums / considerations collected | (1,944) | (2,106) | ||||||
Interest accrual | 427 | 458 | ||||||
Foreign currency adjustment | (1,960) | (1,080) | ||||||
Other adjustments | 82 | 93 | ||||||
Balance at original discount rate | $ 26,334 | $ 30,322 | 26,334 | 30,322 | ||||
Effect of cumulative changes in discount rate assumptions | (1,347) | (594) | (1,347) | (594) | ||||
Total balance, EOP | 24,987 | 29,728 | 24,987 | 29,728 | ||||
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 assumption update | (106) | 145 | ||||||
Effect of actual variances from expected experience and other activity | (854) | (381) | ||||||
Adjusted balance, BOP | 79,425 | 82,122 | ||||||
Issuances | 1,215 | 1,253 | ||||||
Interest accrual | 1,282 | 1,325 | ||||||
Benefit payments | (2,437) | (1,777) | ||||||
Foreign currency adjustment | (5,517) | (3,243) | ||||||
Other adjustments | 166 | 179 | ||||||
Balance at original discount rate, EOP | 74,134 | 79,859 | 74,134 | 79,859 | ||||
Effect of cumulative changes in discount rate assumptions | (5,612) | 715 | (5,612) | 715 | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 68,522 | 80,574 | 68,522 | 80,574 | ||||
Balance, EOP, pre-flooring | 43,534 | 50,846 | 43,534 | 50,846 | ||||
Flooring impact, EOP | 28 | 17 | 28 | 17 | ||||
Balance, EOP, post-flooring | 43,562 | 50,863 | 43,562 | 50,863 | ||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 88 | 104 | 88 | 104 | ||||
Total balance after reinsurance recoverable | 43,474 | 50,759 | 43,474 | 50,759 | ||||
Interest accrual | 1,282 | 1,325 | ||||||
Life Planner | International Businesses | Gross Basis | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Undiscounted expected future gross premiums | 61,195 | 70,654 | 61,195 | 70,654 | ||||
Discounted expected future gross premiums (at original discount rate) | 47,373 | 54,694 | 47,373 | 54,694 | ||||
Discounted expected future gross premiums (at current discount rate) | 45,365 | 54,132 | 45,365 | 54,132 | ||||
Undiscounted expected future benefits and expenses | $ 126,349 | $ 140,232 | $ 126,349 | $ 140,232 | ||||
Weighted-average duration of the liability in years (at original discount rate) | 18 years | 20 years | 18 years | 20 years | ||||
Weighted-average duration of the liability in years (at current discount rate) | 17 years | 20 years | 17 years | 20 years | ||||
Weighted-average interest rate (at original discount rate) | 3.49% | 3.45% | 3.49% | 3.45% | ||||
Weighted-average interest rate (at current discount rate) | 3.67% | 2.85% | 3.67% | 2.85% | ||||
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 assumption update | (535) | (175) | ||||||
Effect of actual variances from expected experience and other activity | (529) | (332) | ||||||
Adjusted balance, BOP | 25,925 | 29,770 | ||||||
Issuances | 573 | 865 | ||||||
Net premiums / considerations collected | (1,678) | (1,928) | ||||||
Interest accrual | 355 | 402 | ||||||
Foreign currency adjustment | (1,534) | (1,214) | ||||||
Other adjustments | 0 | 0 | ||||||
Balance at original discount rate | $ 23,641 | $ 27,895 | 23,641 | 27,895 | ||||
Effect of cumulative changes in discount rate assumptions | (1,232) | (614) | (1,232) | (614) | ||||
Total balance, EOP | 22,409 | 27,281 | 22,409 | 27,281 | ||||
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 assumption update | (407) | 44 | ||||||
Effect of actual variances from expected experience and other activity | (508) | (323) | ||||||
Adjusted balance, BOP | 85,476 | 91,318 | ||||||
Issuances | 574 | 865 | ||||||
Interest accrual | 1,089 | 1,162 | ||||||
Benefit payments | (2,632) | (2,270) | ||||||
Foreign currency adjustment | (5,656) | (4,355) | ||||||
Other adjustments | (4) | (11) | ||||||
Balance at original discount rate, EOP | 78,847 | 86,709 | 78,847 | 86,709 | ||||
Effect of cumulative changes in discount rate assumptions | (11,151) | (6,148) | (11,151) | (6,148) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 67,696 | 80,561 | 67,696 | 80,561 | ||||
Balance, EOP, pre-flooring | 45,287 | 53,279 | 45,287 | 53,279 | ||||
Flooring impact, EOP | 16 | 2 | 16 | 2 | ||||
Balance, EOP, post-flooring | 45,303 | 53,281 | 45,303 | 53,281 | ||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 257 | 211 | 257 | 211 | ||||
Total balance after reinsurance recoverable | 45,046 | 53,070 | 45,046 | 53,070 | ||||
Interest accrual | 1,089 | 1,162 | ||||||
Gibraltar Life and Other | International Businesses | Gross Basis | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Undiscounted expected future gross premiums | 49,376 | 57,912 | 49,376 | 57,912 | ||||
Discounted expected future gross premiums (at original discount rate) | 39,649 | 46,591 | 39,649 | 46,591 | ||||
Discounted expected future gross premiums (at current discount rate) | 37,697 | 45,778 | 37,697 | 45,778 | ||||
Undiscounted expected future benefits and expenses | $ 127,922 | $ 142,232 | $ 127,922 | $ 142,232 | ||||
Weighted-average duration of the liability in years (at original discount rate) | 18 years | 19 years | 18 years | 19 years | ||||
Weighted-average duration of the liability in years (at current discount rate) | 15 years | 18 years | 15 years | 18 years | ||||
Weighted-average interest rate (at original discount rate) | 2.64% | 2.57% | 2.64% | 2.57% | ||||
Weighted-average interest rate (at current discount rate) | 3.56% | 2.75% | 3.56% | 2.75% | ||||
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 assumption update | (276) | 266 | ||||||
Effect of actual variances from expected experience and other activity | 95 | 121 | ||||||
Adjusted balance, BOP | 3,121 | 3,422 | ||||||
Issuances | 0 | 0 | ||||||
Net premiums / considerations collected | (157) | (154) | ||||||
Interest accrual | 76 | 77 | ||||||
Foreign currency adjustment | 0 | 0 | ||||||
Other adjustments | 0 | 0 | ||||||
Balance at original discount rate | $ 3,040 | $ 3,345 | 3,040 | 3,345 | ||||
Effect of cumulative changes in discount rate assumptions | (128) | (89) | (128) | (89) | ||||
Total balance, EOP | 2,912 | 3,256 | 2,912 | 3,256 | ||||
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 assumption update | (394) | 357 | ||||||
Effect of actual variances from expected experience and other activity | 95 | 136 | ||||||
Adjusted balance, BOP | $ 12,443 | $ 12,394 | ||||||
Issuances | 0 | 0 | ||||||
Interest accrual | 303 | 292 | ||||||
Benefit payments | (155) | (122) | ||||||
Foreign currency adjustment | 0 | 0 | ||||||
Other adjustments | 0 | 0 | ||||||
Balance at original discount rate, EOP | 12,591 | 12,564 | 12,591 | 12,564 | ||||
Effect of cumulative changes in discount rate assumptions | (1,445) | (999) | (1,445) | (999) | ||||
Liability for Future Policy Benefit, Expected Future Policy Benefit, before Reinsurance, after Discount Rate Change | 11,146 | 11,565 | 11,146 | 11,565 | ||||
Balance, EOP, pre-flooring | 8,233 | 8,309 | 8,233 | 8,309 | ||||
Flooring impact, EOP | 0 | 0 | 0 | 0 | ||||
Balance, EOP, post-flooring | 8,233 | 8,309 | 8,233 | 8,309 | ||||
Liability for Future Policy Benefit, Reinsurance Recoverable, after Allowance | 0 | 0 | 0 | 0 | ||||
Total balance after reinsurance recoverable | 8,233 | 8,309 | 8,233 | 8,309 | ||||
Interest accrual | 303 | 292 | ||||||
Long- Term Care | Corporate and Other | Gross Basis | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Undiscounted expected future gross premiums | 6,823 | 6,972 | 6,823 | 6,972 | ||||
Discounted expected future gross premiums (at original discount rate) | 4,521 | 4,561 | 4,521 | 4,561 | ||||
Discounted expected future gross premiums (at current discount rate) | 4,339 | 4,444 | 4,339 | 4,444 | ||||
Undiscounted expected future benefits and expenses | $ 29,860 | $ 30,913 | $ 29,860 | $ 30,913 | ||||
Weighted-average duration of the liability in years (at original discount rate) | 17 years | 18 years | 17 years | 18 years | ||||
Weighted-average duration of the liability in years (at current discount rate) | 16 years | 18 years | 16 years | 18 years | ||||
Weighted-average interest rate (at original discount rate) | 4.91% | 4.91% | 4.91% | 4.91% | ||||
Weighted-average interest rate (at current discount rate) | 5.77% | 5.47% | 5.77% | 5.47% | ||||
[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 | 6 Months Ended | ||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Other adjustments | $ 176 | [1] | $ (255) | $ 193 | [1] | $ (280) | ||
Total balance after reinsurance recoverable | 175,973 | 187,881 | 175,973 | 187,881 | ||||
Deferred profit liability | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Total balance after reinsurance recoverable | 14,473 | 14,413 | 14,473 | 14,413 | ||||
Retirement Strategies | Institutional | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Effect of assumption update | $ (481) | $ (1,289) | ||||||
Effect of actual variances from expected experience and other activity | 483 | 351 | ||||||
Adjusted balance, BOP | 155,888 | 136,986 | ||||||
Interest accrual | 3,003 | 2,457 | ||||||
Foreign currency adjustment | 908 | (3,898) | ||||||
Other adjustments | (63) | 4 | ||||||
Balance, EOP, pre-flooring | 75,194 | 66,671 | 75,194 | 66,671 | ||||
Flooring impact, EOP | 46 | 1 | 46 | 1 | ||||
Balance, EOP, post-flooring | 75,240 | 66,672 | 75,240 | 66,672 | ||||
Less: Reinsurance recoverables | 5,098 | 0 | 5,098 | 0 | ||||
Total balance after reinsurance recoverable | 70,142 | 66,672 | 70,142 | 66,672 | ||||
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 assumption update | 370 | 35 | ||||||
Effect of actual variances from expected experience and other activity | (30) | 19 | ||||||
Adjusted balance, BOP | 5,955 | 5,586 | ||||||
Profits deferred | 89 | 197 | ||||||
Interest accrual | 118 | 113 | ||||||
Amortization | (292) | (282) | ||||||
Foreign currency adjustment | (2) | (14) | ||||||
Other adjustments | 0 | 0 | ||||||
Balance, EOP, pre-flooring | 5,868 | 5,628 | 5,868 | 5,628 | ||||
Flooring impact, EOP | 0 | 0 | 0 | 0 | ||||
Balance, EOP, post-flooring | 5,868 | 5,628 | 5,868 | 5,628 | ||||
Less: Reinsurance recoverables | 401 | 0 | 401 | 0 | ||||
Total balance after reinsurance recoverable | 5,467 | 5,628 | 5,467 | 5,628 | ||||
Revenue | (254) | (83) | ||||||
International Businesses | Life Planner | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Effect of assumption update | (106) | 145 | ||||||
Effect of actual variances from expected experience and other activity | (854) | (381) | ||||||
Adjusted balance, BOP | 79,425 | 82,122 | ||||||
Interest accrual | 1,282 | 1,325 | ||||||
Foreign currency adjustment | 5,517 | 3,243 | ||||||
Other adjustments | 166 | 179 | ||||||
Balance, EOP, pre-flooring | 43,534 | 50,846 | 43,534 | 50,846 | ||||
Flooring impact, EOP | 28 | 17 | 28 | 17 | ||||
Balance, EOP, post-flooring | 43,562 | 50,863 | 43,562 | 50,863 | ||||
Less: Reinsurance recoverables | 88 | 104 | 88 | 104 | ||||
Total balance after reinsurance recoverable | 43,474 | 50,759 | 43,474 | 50,759 | ||||
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 assumption update | (150) | (67) | ||||||
Effect of actual variances from expected experience and other activity | (17) | (4) | ||||||
Adjusted balance, BOP | 3,788 | 3,308 | ||||||
Profits deferred | 778 | 850 | ||||||
Interest accrual | 80 | 71 | ||||||
Amortization | (570) | (579) | ||||||
Foreign currency adjustment | (238) | (72) | ||||||
Other adjustments | 17 | 20 | ||||||
Balance, EOP, pre-flooring | 3,855 | 3,598 | 3,855 | 3,598 | ||||
Flooring impact, EOP | 1 | 0 | 1 | 0 | ||||
Balance, EOP, post-flooring | 3,856 | 3,598 | 3,856 | 3,598 | ||||
Less: Reinsurance recoverables | 9 | 8 | 9 | 8 | ||||
Total balance after reinsurance recoverable | 3,847 | 3,590 | 3,847 | 3,590 | ||||
Revenue | (138) | (291) | ||||||
International Businesses | Gibraltar Life and Other | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Effect of assumption update | (407) | 44 | ||||||
Effect of actual variances from expected experience and other activity | (508) | (323) | ||||||
Adjusted balance, BOP | 85,476 | 91,318 | ||||||
Interest accrual | 1,089 | 1,162 | ||||||
Foreign currency adjustment | 5,656 | 4,355 | ||||||
Other adjustments | (4) | (11) | ||||||
Balance, EOP, pre-flooring | 45,287 | 53,279 | 45,287 | 53,279 | ||||
Flooring impact, EOP | 16 | 2 | 16 | 2 | ||||
Balance, EOP, post-flooring | 45,303 | 53,281 | 45,303 | 53,281 | ||||
Less: Reinsurance recoverables | 257 | 211 | 257 | 211 | ||||
Total balance after reinsurance recoverable | 45,046 | 53,070 | 45,046 | 53,070 | ||||
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 assumption update | (138) | (228) | ||||||
Effect of actual variances from expected experience and other activity | (29) | (18) | ||||||
Adjusted balance, BOP | 5,135 | 5,014 | ||||||
Profits deferred | 568 | 665 | ||||||
Interest accrual | 77 | 76 | ||||||
Amortization | (492) | (512) | ||||||
Foreign currency adjustment | (254) | (188) | ||||||
Other adjustments | 0 | 0 | ||||||
Balance, EOP, pre-flooring | 5,034 | 5,055 | 5,034 | 5,055 | ||||
Flooring impact, EOP | 1 | 1 | 1 | 1 | ||||
Balance, EOP, post-flooring | 5,035 | 5,056 | 5,035 | 5,056 | ||||
Less: Reinsurance recoverables | 30 | 10 | 30 | 10 | ||||
Total balance after reinsurance recoverable | 5,005 | 5,046 | 5,005 | 5,046 | ||||
Revenue | 14 | 18 | ||||||
Total | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Effect of assumption update | (1,367) | (744) | ||||||
Effect of actual variances from expected experience and other activity | (933) | (313) | ||||||
Adjusted balance, BOP | 353,290 | 343,023 | ||||||
Interest accrual | 6,147 | 5,708 | ||||||
Foreign currency adjustment | 12,081 | 3,700 | ||||||
Other adjustments | 89 | 159 | ||||||
Balance, EOP, pre-flooring | 180,491 | 187,330 | 180,491 | 187,330 | ||||
Flooring impact, EOP | 90 | 20 | 90 | 20 | ||||
Balance, EOP, post-flooring | 180,581 | 187,350 | 180,581 | 187,350 | ||||
Less: Reinsurance recoverables | 6,114 | 1,022 | 6,114 | 1,022 | ||||
Total balance after reinsurance recoverable | 174,467 | 186,328 | 174,467 | 186,328 | ||||
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 assumption update | 82 | (260) | ||||||
Effect of actual variances from expected experience and other activity | (76) | (3) | ||||||
Adjusted balance, BOP | $ 14,878 | $ 13,908 | ||||||
Profits deferred | 1,435 | 1,712 | ||||||
Interest accrual | 275 | 260 | ||||||
Amortization | (1,354) | (1,373) | ||||||
Foreign currency adjustment | (494) | (246) | ||||||
Other adjustments | 17 | 20 | ||||||
Balance, EOP, pre-flooring | 14,757 | 14,281 | 14,757 | 14,281 | ||||
Flooring impact, EOP | 2 | 1 | 2 | 1 | ||||
Balance, EOP, post-flooring | 14,759 | 14,282 | 14,759 | 14,282 | ||||
Less: Reinsurance recoverables | 440 | 18 | 440 | 18 | ||||
Total balance after reinsurance recoverable | 14,319 | 14,264 | 14,319 | 14,264 | ||||
Other Segments | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Less: Reinsurance recoverables | 63 | 71 | 63 | 71 | ||||
Total balance after reinsurance recoverable | 1,506 | 1,553 | 1,506 | 1,553 | ||||
Other Segments | Deferred profit liability | ||||||||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | ||||||||
Total balance after reinsurance recoverable | $ 154 | $ 149 | 154 | 149 | ||||
Revenue | $ (7) | $ 34 | ||||||
[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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Additional Liability, Long-Duration Insurance [Line Items] | ||||
Balance, including amounts in AOCI, EOP, post-flooring | $ 14,556 | $ 13,660 | ||
Weighted-average duration of the liability in years (at original discount rate) | 22 years | 22 years | ||
Weighted-average interest rate (at original discount rate) | 3.40% | 3.39% | ||
Individual Life | ||||
Additional Liability, Long-Duration Insurance [Line Items] | ||||
Total balance after reinsurance recoverables | $ 7,530 | $ 8,176 | ||
Other Segments | Individual Life | ||||
Additional Liability, Long-Duration Insurance [Line Items] | ||||
Total balance after reinsurance recoverables | 63 | 147 | ||
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 assumption updates | $ 153 | $ 23 | ||
Effect of actual variances from expected experience and other activity | 150 | 26 | ||
Adjusted balance, BOP | $ 15,454 | $ 14,018 | ||
Assessment Collected | 591 | 518 | ||
Interest accrual | 262 | 239 | ||
Benefits paid | (168) | (153) | ||
Other adjustments | 13 | 0 | ||
Balance, excluding amounts in AOCI, EOP, pre-flooring | 16,152 | 14,622 | ||
Flooring impact and amounts in AOCI | (1,659) | (1,109) | ||
Balance, including amounts in AOCI, EOP, post-flooring | 14,493 | 13,513 | ||
Less: Reinsurance recoverables | 7,026 | 5,484 | ||
Total balance after reinsurance recoverables | $ 7,467 | $ 8,029 |
Liability For Future Policy B_6
Liability For Future Policy Benefits (Future Policy Benefits) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Insurance [Abstract] | |||
Benefit reserves, EOP, post-flooring | $ 182,150 | $ 188,974 | |
Deferred Profit Liability EOP, post-flooring | 14,913 | 14,431 | |
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring | 14,556 | 13,660 | |
Subtotal of amounts disclosed above | 211,619 | 217,065 | |
Other Future Policy Benefits reserves | 50,711 | 51,584 | |
Total Future Policy Benefits | $ 262,330 | $ 273,281 | $ 268,649 |
Liability For Future Policy B_7
Liability For Future Policy Benefits (Revenue and Interest Expense) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Benefit reserves | Retirement Strategies | Institutional | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | $ 13,223 | $ 5,335 |
Interest expense | 1,619 | 1,408 |
Benefit reserves | Individual Life | Term Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 922 | 923 |
Interest expense | 206 | 202 |
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 | 2,971 | 3,340 |
Interest expense | 855 | 867 |
Benefit reserves | International Businesses | Gibraltar Life and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 2,756 | 3,174 |
Interest expense | 734 | 760 |
Benefit reserves | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 273 | 273 |
Interest expense | 253 | 242 |
Benefit reserves | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 20,145 | 13,045 |
Interest expense | 3,667 | 3,479 |
Deferred profit liability | Retirement Strategies | Institutional | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | (254) | (83) |
Interest expense | 118 | 113 |
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 | (138) | (291) |
Interest expense | 80 | 71 |
Deferred profit liability | International Businesses | Gibraltar Life and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 14 | 18 |
Interest expense | 77 | 76 |
Deferred profit liability | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | (7) | 34 |
Interest expense | 2 | 2 |
Deferred profit liability | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | (385) | (322) |
Interest expense | 277 | 262 |
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 | 1,622 | 1,547 |
Interest expense | 262 | 239 |
Additional insurance reserves | International Businesses | Life Planner | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 0 | 0 |
Interest expense | 1 | 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 | 1 |
Additional insurance reserves | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 1,622 | 1,547 |
Interest expense | 263 | 240 |
Revenues | Retirement Strategies | Institutional | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 12,969 | 5,252 |
Revenues | Individual Life | Term Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 922 | 923 |
Revenues | Individual Life | Variable Universal Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 1,622 | 1,547 |
Revenues | International Businesses | Life Planner | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 2,833 | 3,049 |
Revenues | International Businesses | Gibraltar Life and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 2,770 | 3,192 |
Revenues | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 266 | 307 |
Revenues | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Revenue | 21,382 | 14,270 |
Interest Expense | Retirement Strategies | Institutional | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 1,737 | 1,521 |
Interest Expense | Individual Life | Term Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 206 | 202 |
Interest Expense | Individual Life | Variable Universal Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 262 | 239 |
Interest Expense | International Businesses | Life Planner | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 936 | 938 |
Interest Expense | International Businesses | Gibraltar Life and Other | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 811 | 836 |
Interest Expense | Other Segments | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | 255 | 245 |
Interest Expense | Total | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Interest expense | $ 4,207 | $ 3,981 |
Policyholders' Account Balanc_3
Policyholders' Account Balances (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||
Interest credited to policyholders’ account balances | $ 1,102,000,000 | $ 1,149,000,000 | $ 2,385,000,000 | $ 2,130,000,000 | |
Total Policyholders' account balance | 154,991,000,000 | 138,743,000,000 | 154,991,000,000 | 138,743,000,000 | |
Closed Block Division | 4,424,000,000 | 4,543,000,000 | 4,424,000,000 | 4,543,000,000 | $ 4,500,000,000 |
Unearned revenue reserve, unearned expense credit, and additional interest reserve | 5,622,000,000 | 4,930,000,000 | 5,622,000,000 | 4,930,000,000 | |
Other | $ 4,168,000,000 | $ 4,816,000,000 | $ 4,168,000,000 | $ 4,816,000,000 | |
Weighted-average crediting rate | 3.23% | 3.11% | 3.23% | 3.11% | |
Net amount at risk | $ 487,473,000,000 | $ 470,354,000,000 | $ 487,473,000,000 | $ 470,354,000,000 | |
Cash Surrender Value | 126,715,000,000 | 109,276,000,000 | 126,715,000,000 | 109,276,000,000 | |
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 | 16,006,000,000 | 11,630,000,000 | |||
Interest credited to policyholders’ account balances | 2,207,000,000 | 1,885,000,000 | |||
Acquisitions and Dispositions | (336,000,000) | 0 | |||
Policy charges | (1,510,000,000) | (1,447,000,000) | |||
Surrenders and withdrawals | (6,000,000,000) | (5,186,000,000) | |||
Benefit payments | (1,693,000,000) | (1,572,000,000) | |||
Net transfers (to) from separate account | 328,000,000 | 1,171,000,000 | |||
Change in market value and other adjustments | 1,347,000,000 | 1,282,000,000 | |||
Foreign currency adjustment | (2,301,000,000) | (1,686,000,000) | |||
Balance, EOP | 140,777,000,000 | 124,454,000,000 | 140,777,000,000 | 124,454,000,000 | |
Institutional | |||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||
Total Policyholders' account balance | 9,422,000,000 | 10,142,000,000 | 9,422,000,000 | 10,142,000,000 | |
Institutional | Retirement Strategies | |||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||
Balance, BOP | 17,738,000,000 | 17,376,000,000 | |||
Deposits | 3,466,000,000 | 2,513,000,000 | |||
Interest credited to policyholders’ account balances | 356,000,000 | 335,000,000 | |||
Acquisitions and Dispositions | 0 | 0 | |||
Policy charges | (6,000,000) | (11,000,000) | |||
Surrenders and withdrawals | (2,514,000,000) | (2,295,000,000) | |||
Benefit payments | (292,000,000) | (272,000,000) | |||
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 | $ 18,749,000,000 | $ 17,646,000,000 | $ 18,749,000,000 | $ 17,646,000,000 | |
Weighted-average crediting rate | 3.90% | 3.83% | 3.90% | 3.83% | |
Net amount at risk | $ 0 | $ 0 | $ 0 | $ 0 | |
Cash Surrender Value | 18,749,000,000 | 17,646,000,000 | 18,749,000,000 | 17,646,000,000 | |
Individual Variable | |||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||
Total Policyholders' account balance | 3,780,000,000 | 4,333,000,000 | 3,780,000,000 | 4,333,000,000 | |
Individual Variable | Retirement Strategies | |||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||
Balance, BOP | 23,765,000,000 | 17,524,000,000 | |||
Deposits | 3,755,000,000 | 2,230,000,000 | |||
Interest credited to policyholders’ account balances | 224,000,000 | 148,000,000 | |||
Acquisitions and Dispositions | 0 | 0 | |||
Policy charges | (12,000,000) | (11,000,000) | |||
Surrenders and withdrawals | (442,000,000) | (332,000,000) | |||
Benefit payments | (38,000,000) | (40,000,000) | |||
Net transfers (to) from separate account | 49,000,000 | 16,000,000 | |||
Change in market value and other adjustments | 1,171,000,000 | 1,052,000,000 | |||
Foreign currency adjustment | 0 | 0 | |||
Balance, EOP | $ 28,472,000,000 | $ 20,587,000,000 | $ 28,472,000,000 | $ 20,587,000,000 | |
Weighted-average crediting rate | 1.71% | 1.55% | 1.71% | 1.55% | |
Net amount at risk | $ 0 | $ 0 | $ 0 | $ 0 | |
Cash Surrender Value | 26,972,000,000 | 18,638,000,000 | 26,972,000,000 | 18,638,000,000 | |
Individual Fixed | |||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||
Total Policyholders' account balance | 4,412,000,000 | 2,532,000,000 | 4,412,000,000 | 2,532,000,000 | |
Individual Fixed | Retirement Strategies | |||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||
Balance, BOP | 7,095,000,000 | 4,643,000,000 | |||
Deposits | 2,815,000,000 | 1,206,000,000 | |||
Interest credited to policyholders’ account balances | 105,000,000 | 60,000,000 | |||
Acquisitions and Dispositions | 0 | 0 | |||
Policy charges | 0 | (3,000,000) | |||
Surrenders and withdrawals | (338,000,000) | (196,000,000) | |||
Benefit payments | (37,000,000) | (40,000,000) | |||
Net transfers (to) from separate account | 0 | 0 | |||
Change in market value and other adjustments | 125,000,000 | 70,000,000 | |||
Foreign currency adjustment | 0 | 0 | |||
Balance, EOP | $ 9,765,000,000 | $ 5,740,000,000 | $ 9,765,000,000 | $ 5,740,000,000 | |
Weighted-average crediting rate | 2.49% | 2.32% | 2.49% | 2.32% | |
Net amount at risk | $ 0 | $ 0 | $ 0 | $ 0 | |
Cash Surrender Value | 8,193,000,000 | 4,541,000,000 | 8,193,000,000 | 4,541,000,000 | |
Life/Disability | Group Insurance | |||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||
Balance, BOP | 5,293,000,000 | 5,839,000,000 | |||
Deposits | 491,000,000 | 523,000,000 | |||
Interest credited to policyholders’ account balances | 75,000,000 | 84,000,000 | |||
Acquisitions and Dispositions | 0 | 0 | |||
Policy charges | (164,000,000) | (161,000,000) | |||
Surrenders and withdrawals | (849,000,000) | (826,000,000) | |||
Benefit payments | 0 | 0 | |||
Net transfers (to) from separate account | (6,000,000) | 0 | |||
Change in market value and other adjustments | 0 | 0 | |||
Foreign currency adjustment | 0 | 0 | |||
Balance, EOP | $ 4,840,000,000 | $ 5,459,000,000 | $ 4,840,000,000 | $ 5,459,000,000 | |
Weighted-average crediting rate | 2.96% | 2.99% | 2.96% | 2.99% | |
Net amount at risk | $ 74,276,000,000 | $ 72,764,000,000 | $ 74,276,000,000 | $ 72,764,000,000 | |
Cash Surrender Value | 3,794,000,000 | 3,992,000,000 | 3,794,000,000 | 3,992,000,000 | |
Variable Universal Life | |||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||
Total Policyholders' account balance | 23,893,000,000 | 24,393,000,000 | 23,893,000,000 | 24,393,000,000 | |
Variable Universal Life | Individual Life | |||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||
Balance, BOP | 27,439,000,000 | 26,502,000,000 | |||
Deposits | 1,224,000,000 | 1,190,000,000 | |||
Interest credited to policyholders’ account balances | 379,000,000 | 391,000,000 | |||
Acquisitions and Dispositions | 0 | 0 | |||
Policy charges | (1,023,000,000) | (1,024,000,000) | |||
Surrenders and withdrawals | (821,000,000) | (859,000,000) | |||
Benefit payments | (69,000,000) | (81,000,000) | |||
Net transfers (to) from separate account | 285,000,000 | 1,155,000,000 | |||
Change in market value and other adjustments | 75,000,000 | 148,000,000 | |||
Foreign currency adjustment | 0 | 0 | |||
Balance, EOP | $ 27,489,000,000 | $ 27,422,000,000 | $ 27,489,000,000 | $ 27,422,000,000 | |
Weighted-average crediting rate | 2.76% | 2.90% | 2.76% | 2.90% | |
Net amount at risk | $ 389,142,000,000 | $ 373,992,000,000 | $ 389,142,000,000 | $ 373,992,000,000 | |
Cash Surrender Value | 23,664,000,000 | 22,936,000,000 | 23,664,000,000 | 22,936,000,000 | |
Life Planner | |||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||
Total Policyholders' account balance | 8,194,000,000 | 7,335,000,000 | 8,194,000,000 | 7,335,000,000 | |
Life Planner | International Businesses | |||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||
Balance, BOP | 12,949,000,000 | 11,168,000,000 | |||
Deposits | 1,048,000,000 | 1,150,000,000 | |||
Interest credited to policyholders’ account balances | 624,000,000 | 513,000,000 | |||
Acquisitions and Dispositions | (336,000,000) | 0 | |||
Policy charges | (161,000,000) | (150,000,000) | |||
Surrenders and withdrawals | (153,000,000) | (96,000,000) | |||
Benefit payments | (135,000,000) | (137,000,000) | |||
Net transfers (to) from separate account | 0 | 0 | |||
Change in market value and other adjustments | (11,000,000) | 14,000,000 | |||
Foreign currency adjustment | (1,155,000,000) | (798,000,000) | |||
Balance, EOP | $ 12,670,000,000 | $ 11,664,000,000 | $ 12,670,000,000 | $ 11,664,000,000 | |
Weighted-average crediting rate | 9.75% | 8.98% | 9.75% | 8.98% | |
Net amount at risk | $ 18,168,000,000 | $ 17,126,000,000 | $ 18,168,000,000 | $ 17,126,000,000 | |
Cash Surrender Value | 11,284,000,000 | 10,046,000,000 | 11,284,000,000 | 10,046,000,000 | |
Gibraltar Life and Other | |||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||
Total Policyholders' account balance | 38,697,000,000 | 35,730,000,000 | 38,697,000,000 | 35,730,000,000 | |
Gibraltar Life and Other | International Businesses | |||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||
Balance, BOP | 38,450,000,000 | 35,325,000,000 | |||
Deposits | 3,207,000,000 | 2,818,000,000 | |||
Interest credited to policyholders’ account balances | 444,000,000 | 354,000,000 | |||
Acquisitions and Dispositions | 0 | 0 | |||
Policy charges | (144,000,000) | (87,000,000) | |||
Surrenders and withdrawals | (883,000,000) | (582,000,000) | |||
Benefit payments | (1,122,000,000) | (1,002,000,000) | |||
Net transfers (to) from separate account | 0 | 0 | |||
Change in market value and other adjustments | (14,000,000) | (2,000,000) | |||
Foreign currency adjustment | (1,146,000,000) | (888,000,000) | |||
Balance, EOP | $ 38,792,000,000 | $ 35,936,000,000 | $ 38,792,000,000 | $ 35,936,000,000 | |
Weighted-average crediting rate | 2.30% | 1.99% | 2.30% | 1.99% | |
Net amount at risk | $ 5,887,000,000 | $ 6,472,000,000 | $ 5,887,000,000 | $ 6,472,000,000 | |
Cash Surrender Value | 34,059,000,000 | 31,477,000,000 | 34,059,000,000 | 31,477,000,000 | |
Full Service | Corporate and Other | |||||
Additional Liability, Long-Duration Insurance [Roll Forward] | |||||
Reinsurance and other recoverable | $ 5,621,000,000 | $ 5,832,000,000 | $ 5,621,000,000 | $ 5,832,000,000 |
Policyholders' Account Balanc_4
Policyholders' Account Balances - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Jun. 30, 2023 |
Policyholder Account Balance [Line Items] | ||
Policyholders’ account balances | $ 154,991 | $ 138,743 |
FANIP | Medium-term Notes | ||
Policyholder Account Balance [Line Items] | ||
Capacity | 15,000 | |
Debt Instrument, Face Amount | $ 3,474 | 3,470 |
FANIP | Medium-term Notes | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Interest rate | 0% | |
Maturities | 2 months | |
FANIP | Medium-term Notes | Maximum | ||
Policyholder Account Balance [Line Items] | ||
Maturities | 5 years | |
FANIP | Commercial paper | ||
Policyholder Account Balance [Line Items] | ||
Capacity | $ 6,000 | |
Debt Instrument, Face Amount | $ 1,994 | 2,068 |
FANIP | Commercial paper | Minimum | ||
Policyholder Account Balance [Line Items] | ||
Interest rate | 0% | |
Maturities | 2 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 | $ 5,436 | $ 5,502 |
Policyholders' Account Balanc_5
Policyholders' Account Balances (Guaranteed Minimum Crediting Rate) (Details) $ in Millions | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) |
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 154,991 | $ 138,743 |
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 | $ 9,422 | $ 10,142 |
Institutional | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 9,422 | 10,142 |
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 | 3,780 | 4,333 |
Individual Variable | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2,730 | 3,455 |
Individual Variable | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 781 | 849 |
Individual Variable | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 269 | 29 |
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 | 4,412 | 2,532 |
Individual Fixed | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2,156 | 1,533 |
Individual Fixed | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 637 | 611 |
Individual Fixed | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 815 | 293 |
Individual Fixed | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 804 | 95 |
Group Insurance | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2,530 | 3,021 |
Group Insurance | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 1,547 | 1,679 |
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 | 983 | 1,342 |
Variable Universal Life | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 23,893 | 24,393 |
Variable Universal Life | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 10,011 | 13,133 |
Variable Universal Life | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 5,377 | 3,748 |
Variable Universal Life | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 5,857 | 6,815 |
Variable Universal Life | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2,648 | 697 |
Life Planner | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 8,194 | 7,335 |
Life Planner | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 5,486 | 6,058 |
Life Planner | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 65 | 50 |
Life Planner | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 83 | 91 |
Life Planner | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2,560 | 1,136 |
Gibraltar Life and Other | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 38,697 | 35,730 |
Gibraltar Life and Other | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 38,315 | 35,296 |
Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 350 | 395 |
Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 32 | 39 |
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 | $ 503 | $ 401 |
Less than 1.00% | Institutional | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 503 | 401 |
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 | $ 1,523 | $ 1,825 |
Less than 1.00% | Individual Variable | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 618 | 973 |
Less than 1.00% | Individual Variable | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 651 | 834 |
Less than 1.00% | Individual Variable | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 254 | 18 |
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 | $ 721 | $ 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 | 4 | 0 |
Less than 1.00% | Individual Fixed | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 10 | 0 |
Less than 1.00% | Individual Fixed | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 707 | $ 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 | $ 921 | $ 1,342 |
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 | $ 921 | $ 1,342 |
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 | $ 324 | $ 36 |
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 | $ 324 | $ 36 |
Less than 1.00% | Life Planner | ||
Policyholder Account Balance [Line Items] | ||
Range of Guaranteed Minimum Crediting Rates | 1% | 1% |
Account Values with Crediting Rates | $ 2,981 | $ 1,595 |
Less than 1.00% | Life Planner | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 298 | 342 |
Less than 1.00% | Life Planner | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 40 | 26 |
Less than 1.00% | Life Planner | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 83 | 91 |
Less than 1.00% | Life Planner | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 2,560 | $ 1,136 |
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 | $ 15,348 | $ 16,373 |
Less than 1.00% | Gibraltar Life and Other | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 15,348 | 16,373 |
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 | $ 1,519 | $ 1,565 |
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 | $ 1,519 | $ 1,565 |
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 | $ 307 | $ 235 |
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 | $ 187 | $ 232 |
1.00% - 1.99% | Individual Variable | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 118 | 2 |
1.00% - 1.99% | Individual Variable | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2 | 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 | $ 891 | $ 1,024 |
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 | $ 482 | $ 559 |
1.00% - 1.99% | Individual Fixed | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 96 | 136 |
1.00% - 1.99% | Individual Fixed | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 234 | 245 |
1.00% - 1.99% | Individual Fixed | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 79 | 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 | $ 3,773 | $ 3,208 |
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 | $ 247 | $ 164 |
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 | 1,678 | 2,681 |
1.00% - 1.99% | Variable Universal Life | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 1,848 | 363 |
1.00% - 1.99% | Life Planner | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 2,626 | $ 2,939 |
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 | $ 2,601 | $ 2,915 |
1.00% - 1.99% | Life Planner | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 25 | 24 |
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 | $ 7,901 | $ 9,211 |
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 | $ 7,844 | $ 9,143 |
1.00% - 1.99% | Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 57 | 68 |
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 | $ 608 | $ 557 |
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 | $ 608 | $ 557 |
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 | $ 33 | $ 35 |
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 | $ 24 | $ 30 |
2.00% - 2.99% | Individual Variable | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 5 | 5 |
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 | $ 1,588 | $ 1,045 |
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 | $ 519 |
2.00% - 2.99% | Individual Fixed | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 461 | 467 |
2.00% - 2.99% | Individual Fixed | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 563 | 48 |
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 | $ 27 | $ 55 |
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 | $ 27 | $ 55 |
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 | $ 4,796 | $ 4,860 |
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 | $ 31 | $ 23 |
2.00% - 2.99% | Variable Universal Life | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 1,480 | 1,724 |
2.00% - 2.99% | Variable Universal Life | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2,837 | 2,826 |
2.00% - 2.99% | Variable Universal Life | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 448 | 287 |
2.00% - 2.99% | Life Planner | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 1,861 | $ 2,080 |
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 | $ 1,861 | $ 2,080 |
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 | $ 3,219 | $ 3,591 |
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 | $ 2,894 | $ 3,225 |
2.00% - 2.99% | Gibraltar Life and Other | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 293 | 327 |
2.00% - 2.99% | Gibraltar Life and Other | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 32 | 39 |
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 | $ 4,674 | $ 5,891 |
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 | $ 4,674 | $ 5,891 |
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 | $ 1,827 | $ 2,137 |
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 | $ 1,811 | $ 2,119 |
3.00% - 4.00% | Individual Variable | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 7 | 8 |
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 | $ 1,122 | $ 363 |
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 | $ 1,036 | $ 355 |
3.00% - 4.00% | Individual Fixed | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 76 | 8 |
3.00% - 4.00% | Individual Fixed | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 8 | 0 |
3.00% - 4.00% | Individual Fixed | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2 | 0 |
3.00% - 4.00% | Group Insurance | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 1,510 | $ 1,621 |
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 | $ 1,448 | $ 1,621 |
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 | 62 | 0 |
3.00% - 4.00% | Variable Universal Life | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 9,567 | $ 10,729 |
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 | $ 4,300 | $ 7,386 |
3.00% - 4.00% | Variable Universal Life | 1 - 50 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 3,897 | 2,024 |
3.00% - 4.00% | Variable Universal Life | 51 - 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 1,342 | 1,308 |
3.00% - 4.00% | Variable Universal Life | Greater than 150 bps above guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 28 | 11 |
3.00% - 4.00% | Life Planner | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | $ 351 | $ 333 |
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 | $ 351 | $ 333 |
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 | $ 5,501 | $ 3,943 |
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 | $ 5,501 | $ 3,943 |
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 | $ 2,118 | $ 1,728 |
Greater than 4.00% | Institutional | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 2,118 | 1,728 |
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 | $ 90 | $ 101 |
Greater than 4.00% | Individual Variable | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 90 | 101 |
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 | $ 90 | $ 100 |
Greater than 4.00% | Individual Fixed | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 90 | 100 |
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 | $ 5,433 | $ 5,560 |
Greater than 4.00% | Variable Universal Life | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 5,433 | 5,560 |
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 | $ 375 | $ 388 |
Greater than 4.00% | Life Planner | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 375 | 388 |
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 | $ 6,728 | $ 2,612 |
Greater than 4.00% | Gibraltar Life and Other | At guaranteed minimum | ||
Policyholder Account Balance [Line Items] | ||
Account Values with Crediting Rates | 6,728 | 2,612 |
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) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Total | ||
Policyholder Account Balance [Line Items] | ||
Balance, beginning of period | $ 5,067 | $ 4,295 |
Unearned revenue | 516 | 492 |
Amortization expense | (129) | (107) |
Other adjustments | (57) | 1 |
FX adjustment | (34) | (20) |
Balance, end of period | 5,363 | 4,661 |
Less: Reinsurance recoverables | 404 | 0 |
Unearned revenue reserve net of reinsurance recoverables | 4,959 | 4,661 |
Other Businesses | ||
Policyholder Account Balance [Line Items] | ||
Unearned revenue reserve net of reinsurance recoverables | 53 | 47 |
Total, including Other Businesses | ||
Policyholder Account Balance [Line Items] | ||
Unearned revenue reserve net of reinsurance recoverables | 5,012 | 4,708 |
Variable Universal Life | Individual Life | ||
Policyholder Account Balance [Line Items] | ||
Balance, beginning of period | 4,613 | 3,983 |
Unearned revenue | 436 | 412 |
Amortization expense | (118) | (100) |
Other adjustments | 0 | 0 |
FX adjustment | 0 | 0 |
Balance, end of period | 4,931 | 4,295 |
Less: Reinsurance recoverables | 404 | 0 |
Unearned revenue reserve net of reinsurance recoverables | 4,527 | 4,295 |
Life Planner | International Businesses | ||
Policyholder Account Balance [Line Items] | ||
Balance, beginning of period | 359 | 231 |
Unearned revenue | 71 | 69 |
Amortization expense | (9) | (4) |
Other adjustments | (56) | 1 |
FX adjustment | (26) | (16) |
Balance, end of period | 339 | 281 |
Less: Reinsurance recoverables | 0 | 0 |
Unearned revenue reserve net of reinsurance recoverables | 339 | 281 |
Gibraltar Life and Other | International Businesses | ||
Policyholder Account Balance [Line Items] | ||
Balance, beginning of period | 95 | 81 |
Unearned revenue | 9 | 11 |
Amortization expense | (2) | (3) |
Other adjustments | (1) | 0 |
FX adjustment | (8) | (4) |
Balance, end of period | 93 | 85 |
Less: Reinsurance recoverables | 0 | 0 |
Unearned revenue reserve net of reinsurance recoverables | $ 93 | $ 85 |
Market Risk Benefits - Rollforw
Market Risk Benefits - Rollforward of Balances for Variable Annuity Products (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Market Risk Benefit [Roll Forward] | ||
Market risk benefit, ending balance | $ 2,359 | $ 3,511 |
Net amount at risk | $ 9,358 | $ 10,885 |
Weighted-average attained age of contractholders (in years) | 71 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 | 569 | 601 |
Claims paid | (42) | (59) |
Interest accrual | 130 | 173 |
Actual in force different from expected | (6) | 36 |
Effect of changes in interest rates | (909) | (696) |
Effect of changes in equity markets | (1,165) | (1,389) |
Effect of assumption update | 93 | 342 |
Issuance | 29 | 5 |
Other adjustments | 15 | (22) |
Balance, EOP, before effect of changes in NPR | 3,889 | 5,806 |
Effect of cumulative changes in NPR | (942) | (1,751) |
Less: Reinsured MRBs | 635 | 637 |
Balance, EOP, net of reinsurance | 2,312 | 3,418 |
Market risk benefit, ending balance | 2,947 | 4,055 |
Other Segments | ||
Market Risk Benefit [Roll Forward] | ||
Balance, EOP, net of reinsurance | $ 47 | $ 93 |
Market Risk Benefits - Market R
Market Risk Benefits - Market Risk Benefits In Asset and Liability Positions (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Liability for Future Policy Benefit, Activity [Line Items] | |||
Direct and assumed | $ 1,452 | $ 1,196 | |
Ceded | 781 | 755 | |
Total MRB assets | 2,233 | $ 1,981 | 1,951 |
Direct and assumed | 4,447 | 5,346 | |
Ceded | 145 | 116 | |
Total MRB liabilities | 4,592 | $ 5,467 | 5,462 |
Net Liability | 2,359 | 3,511 | |
Individual Variable | Retirement Strategies | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Direct and assumed | 1,441 | 1,185 | |
Ceded | 780 | 752 | |
Total MRB assets | 2,221 | 1,937 | |
Direct and assumed | 4,388 | 5,240 | |
Ceded | 145 | 115 | |
Total MRB liabilities | 4,533 | 5,355 | |
Net Liability | 2,312 | 3,418 | |
Other Businesses | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Direct and assumed | 11 | 11 | |
Ceded | 1 | 3 | |
Total MRB assets | 12 | 14 | |
Direct and assumed | 59 | 106 | |
Ceded | 0 | 1 | |
Total MRB liabilities | 59 | 107 | |
Net Liability | $ 47 | $ 93 |
Reinsurance Narrative (Details)
Reinsurance Narrative (Details) $ in Millions | 6 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 | Jun. 30, 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 | $ 10,796 | $ 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 | $ 2,152 | 1,619 | ||||||||||||
Reinsurance payable | 1,974 | 1,518 | ||||||||||||
Deferred reinsurance gain | $ 363 | |||||||||||||
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 | $ 3,660 | $ 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 | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||
Insurance [Abstract] | ||||||
Direct premiums | $ 6,851 | $ 6,239 | $ 21,673 | $ 14,989 | ||
Reinsurance assumed | 1,545 | 1,244 | 2,996 | 2,422 | ||
Reinsurance ceded | (576) | (574) | (1,312) | (1,139) | ||
Premiums | 7,820 | [1] | 6,909 | 23,357 | [1] | 16,272 |
Direct policy charges and fee income | 949 | 927 | 1,813 | 1,893 | ||
Reinsurance assumed | 299 | 307 | 599 | 615 | ||
Reinsurance ceded | (163) | (161) | (271) | (301) | ||
Policy charges and fee income | 1,085 | 1,073 | 2,141 | 2,207 | ||
Direct change in value of market risk benefits, net of related hedging gains (losses) | (339) | 8 | (189) | 88 | ||
Reinsurance assumed | 8 | 83 | 79 | 83 | ||
Reinsurance ceded | 34 | (75) | (64) | (80) | ||
Change in value of market risk benefits, net of related hedging gains (losses) | (297) | 16 | (174) | 91 | ||
Direct policyholders’ benefits | 7,961 | 6,264 | 23,826 | 15,858 | ||
Reinsurance assumed | 1,938 | 2,222 | 3,781 | 3,787 | ||
Reinsurance ceded | (1,035) | (825) | (2,149) | (1,680) | ||
Policyholders’ benefits | 8,864 | [1] | 7,661 | 25,458 | [1] | 17,965 |
Direct change in estimates of liability for future policy benefits | (213) | 453 | (67) | 429 | ||
Reinsurance assumed | 63 | (150) | 58 | (146) | ||
Reinsurance ceded | (26) | (48) | (184) | (3) | ||
Change in estimates of liability for future policy benefits | $ (176) | [1] | $ 255 | $ (193) | [1] | $ 280 |
[1] See Note 20 for additional information regarding related party transactions. |
Reinsurance Reinsurance Recover
Reinsurance Reinsurance Recoverable (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | $ 16,950 | $ 16,737 |
Reinsurance recoverables net of loss allowance | 11 | 12 |
Deposit assets | 10,796 | 10,574 |
Somerset Re | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance payable | 1,974 | 1,518 |
Deposit assets | 2,152 | 1,619 |
Prismic Re | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Deposit assets | 3,660 | 3,771 |
Individual and group annuities | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 7,095 | 7,516 |
Life insurance | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 9,470 | 8,806 |
Life insurance | Somerset Re | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance recoverables net of loss allowance | 716 | |
Other reinsurance | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 385 | 415 |
Hartford Life Business | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance payable | 1,372 | 1,396 |
Hartford Life Business | Life insurance | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 2,013 | 2,090 |
Prismic Re | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Reinsurance payable | 7,775 | 8,543 |
Prismic Re | Individual and group annuities | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | 5,604 | 5,981 |
FLIAC | Individual and group annuities | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Total reinsurance recoverables | $ 1,452 | $ 1,485 |
Closed Block (Narrative) (Detai
Closed Block (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Closed Block Dividend Obligation | $ 60 | $ 792 |
Accumulated Net Unrealized Investment Loss Pre Tax | ||
Closed Block Dividend Obligation | 2,567 | 2,081 |
Accumulated Distributions in Excess of Net Income | ||
Closed Block Dividend Obligation | $ 2,627 | $ 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 | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Closed Block liabilities | |||
Future policy benefits | $ 42,965 | $ 43,587 | |
Policyholders’ dividends payable | 641 | 648 | |
Policyholders’ dividend obligation | 60 | 792 | |
Policyholders’ account balances | 4,424 | 4,500 | $ 4,543 |
Other Closed Block liabilities | 3,771 | 3,605 | |
Total Closed Block liabilities | 51,861 | 53,132 | |
Closed Block assets | |||
Fixed maturities, available-for-sale, at fair value | 29,317 | 30,314 | |
Fixed maturities, trading, at fair value | 725 | 887 | |
Equity securities, at fair value | 1,861 | 1,970 | |
Commercial mortgage and other loans | 7,679 | 7,769 | |
Policy loans | 3,407 | 3,479 | |
Other invested assets | 4,816 | 4,513 | |
Short-term investments | 583 | 232 | |
Total investments | 48,388 | 49,164 | |
Cash and cash equivalents | 398 | 993 | |
Accrued investment income | 415 | 421 | |
Other Closed Block assets | 276 | 138 | |
Total Closed Block assets | 49,477 | 50,716 | |
Excess of reported Closed Block liabilities over Closed Block assets | 2,384 | 2,416 | |
Portion of above representing accumulated other comprehensive income (loss): | |||
Net unrealized investment gains (losses) | (2,732) | (2,241) | |
Allocated to policyholder dividend obligation | 2,567 | 2,081 | |
Future earnings to be recognized from Closed Block assets and Closed Block liabilities | $ 2,219 | $ 2,256 |
Closed Block (Information Regar
Closed Block (Information Regarding Policyholder Dividend Obligation) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Movement in Closed Block Dividend Obligation [Roll Forward] | |
Balance, beginning | $ 792 |
Impact from earnings allocable to policyholder dividend obligation | (246) |
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation | (486) |
Balance, ending | $ 60 |
Closed Block (Closed Block Reve
Closed Block (Closed Block Revenues and Benefits and Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | ||||
Premiums | $ 433 | $ 430 | $ 842 | $ 836 |
Net investment income | 506 | 498 | 1,019 | 977 |
Realized investment gains (losses), net | (174) | (113) | (299) | (130) |
Other income (loss) | 43 | 140 | 207 | 240 |
Total Closed Block revenues | 808 | 955 | 1,769 | 1,923 |
Benefits and Expenses | ||||
Policyholders’ benefits | 604 | 610 | 1,188 | 1,182 |
Interest credited to policyholders’ account balances | 29 | 29 | 59 | 59 |
Dividends to policyholders | 162 | 292 | 437 | 594 |
General and administrative expenses | 67 | 71 | 134 | 144 |
Total Closed Block benefits and expenses | 862 | 1,002 | 1,818 | 1,979 |
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes | (54) | (47) | (49) | (56) |
Income tax expense (benefit) | (73) | (54) | (88) | (86) |
Closed Block revenues, net of Closed Block benefits and expenses and income taxes | $ 19 | $ 7 | $ 39 | $ 30 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Total income tax expense (benefit) | $ 264 | $ 123 | $ 553 | $ 505 |
Effective Income Tax Rate, Percent | 19.70% | 20.50% | ||
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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Short-term Debt [Line Items] | ||
Short-term debt | $ 588 | $ 618 |
Less: assets under set-off arrangements | $ 11,964 | $ 10,370 |
Weighted average interest rate on outstanding short-term debt | 5.34% | 5.50% |
Commercial paper | ||
Short-term Debt [Line Items] | ||
Debt maturity | 53 days | 49 days |
Short-Term Debt | $ 503 | $ 535 |
Current portion of Long-term debt | ||
Short-term Debt [Line Items] | ||
Short-Term Debt | 1,835 | 2,083 |
Short-term Debt | ||
Short-term Debt [Line Items] | ||
Less: assets under set-off arrangements | 1,750 | 2,000 |
Short-Term Debt | 2,338 | 2,618 |
Borrowings due overnight | Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | 100 | 110 |
Daily average outstanding | Commercial paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | 1,474 | 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 | 478 | 510 |
Mortgage debt | ||
Short-term Debt [Line Items] | ||
Short-Term Debt | 85 | 83 |
Surplus notes subject to set-off arrangements | ||
Short-term Debt [Line Items] | ||
Short-Term Debt | $ 1,750 | $ 2,000 |
Short-Term and Long-Term Debt_3
Short-Term and Long-Term Debt (Narrative) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Amounts drawn on credit facilities | $ 0 | |
Long-term Debt, Excluding Current Maturities | 19,353,000,000 | $ 18,882,000,000 |
Assets Under Set Off Arrangements | 11,964,000,000 | 10,370,000,000 |
Parent Company Prudential Funding Combined | ||
Debt Instrument [Line Items] | ||
Capacity | $ 4,000,000,000 | |
Line of Credit Facility, Expiration Period | 5 years | |
Prudential Financial | ||
Debt Instrument [Line Items] | ||
Short-Term Debt | $ 25,000,000 | 25,000,000 |
Minimum statutory consolidated net worth | 22,100,000,000 | |
Current portion of Long-term debt | ||
Debt Instrument [Line Items] | ||
Short-Term Debt | 1,835,000,000 | 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 | $ 1,750,000,000 | 2,000,000,000 |
Short-Term Debt | $ 2,338,000,000 | $ 2,618,000,000 |
Commercial paper | ||
Debt Instrument [Line Items] | ||
Debt maturity | 53 days | 49 days |
Short-Term Debt | $ 503,000,000 | $ 535,000,000 |
Commercial paper | Prudential Financial | ||
Debt Instrument [Line Items] | ||
Short-Term Debt | $ 25,000,000 | $ 25,000,000 |
Short-Term and Long-Term Debt_4
Short-Term and Long-Term Debt (Long-Term Debt) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 31,317 | $ 29,252 |
Less: assets under set-off arrangements | 11,964 | 10,370 |
Long-term debt | 19,353 | 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 | 11,384 | 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 | 6,400 | |
Senior notes | Fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 10,110 | 10,112 |
Mortgage debt | Fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 29 | 0 |
Mortgage debt | Floating-rate notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 30 | 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 | 59 | 27 |
Prudential Financial | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 18,653 | 18,162 |
Prudential Financial | Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 8,543 | 8,050 |
Subsidiaries | Junior subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 39 | $ 44 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - Other Postretirement Benefits | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 51 | $ 52 | $ 103 | $ 103 |
Interest cost | 135 | 138 | 270 | 276 |
Expected return on plan assets | (239) | (232) | (477) | (463) |
Amortization of prior service cost | (1) | 0 | (1) | 0 |
Amortization of actuarial (gain) loss, net | 23 | 17 | 45 | 34 |
Settlements | 1 | 1 | 1 | 1 |
Special termination benefits | 1 | 0 | 1 | 0 |
Net periodic (benefit) cost | (29) | (24) | (58) | (49) |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2 | 3 | 4 | 5 |
Interest cost | 13 | 18 | 26 | 36 |
Expected return on plan assets | (19) | (22) | (38) | (43) |
Amortization of prior service cost | (17) | (2) | (34) | (4) |
Amortization of actuarial (gain) loss, net | 2 | 2 | 4 | 5 |
Settlements | 0 | 0 | 0 | 0 |
Special termination benefits | 0 | 0 | 0 | 0 |
Net periodic (benefit) cost | $ (19) | $ (1) | $ (38) | $ (1) |
Equity (Common Stock Changes in
Equity (Common Stock Changes in Number of Shares Issued, Held in Treasury and Outstanding) (Details) | 6 Months Ended |
Jun. 30, 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 | 4,500,000 |
Stock-based compensation programs (in shares) | (3,000,000) |
Balance, ending (in shares) | 308,600,000 |
Outstanding | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Balance, beginning (in shares) | 359,200,000 |
Common Stock issued (in shares) | 0 |
Common Stock acquired | 4,500,000 |
Stock-based compensation programs (in shares) | 3,000,000 |
Balance, ending (in shares) | 357,700,000 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Feb. 28, 2023 | |
Class of Stock [Line Items] | |||
Cost of Treasury Stock Acquired | $ 493 | $ 504 | |
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 | 4.5 | ||
Cost of Treasury Stock Acquired | $ 500 |
Equity (Dividends Declared) (De
Equity (Dividends Declared) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Equity [Abstract] | ||||
Dividends declared per share of Common Stock (in USD per share) | $ 1.30 | $ 1.25 | $ 2.60 | $ 2.50 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Beginning balance | [1] | $ (6,504) | |||
Income tax benefit (expense) | $ (293) | $ 793 | (156) | $ 883 | |
Ending balance | [1] | (7,444) | (7,444) | ||
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 | (827) | (359) | |||
Amounts reclassified from AOCI | (20) | 1 | |||
Income tax benefit (expense) | (81) | (87) | |||
Ending balance | (3,614) | (2,719) | (3,614) | (2,719) | |
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 | (10,584) | 5,184 | |||
Amounts reclassified from AOCI | 467 | 381 | |||
Income tax benefit (expense) | 2,526 | (1,358) | |||
Ending balance | (18,804) | (11,987) | (18,804) | (11,987) | |
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 | 10,351 | (8,901) | |||
Amounts reclassified from AOCI | 0 | 0 | |||
Income tax benefit (expense) | (2,606) | 2,324 | |||
Ending balance | 16,292 | 8,665 | 16,292 | 8,665 | |
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 | (196) | (77) | |||
Amounts reclassified from AOCI | 0 | 0 | |||
Income tax benefit (expense) | 42 | 16 | |||
Ending balance | 746 | 1,387 | 746 | 1,387 | |
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 | 11 | 10 | |||
Amounts reclassified from AOCI | 14 | 35 | |||
Income tax benefit (expense) | (37) | (12) | |||
Ending balance | (2,064) | (1,995) | (2,064) | (1,995) | |
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 | (1,245) | (4,143) | |||
Amounts reclassified from AOCI | 461 | 417 | |||
Income tax benefit (expense) | (156) | 883 | |||
Ending balance | (7,444) | (6,649) | (7,444) | (6,649) | |
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 | 1,499 | 2,097 | 1,499 | 2,097 | |
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 | $ (70) | $ (149) | $ (70) | $ (149) | |
[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 | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Realized investment gains (losses), net | $ (166) | [1] | $ (938) | $ (474) | [1],[2] | $ (721) |
Amortization of defined benefit items: | ||||||
Other Income | 591 | 1,044 | 1,929 | 2,063 | ||
Total foreign currency translation adjustment | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amounts reclassified from AOCI | (20) | 1 | ||||
Total net unrealized investment gains (losses) | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amounts reclassified from AOCI | 467 | 381 | ||||
Total amortization of defined benefit items | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amounts reclassified from AOCI | 14 | 35 | ||||
Accumulated Other Comprehensive Income (Loss) | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amounts reclassified from AOCI | 461 | 417 | ||||
Amounts reclassified from AOCI | ||||||
Amortization of defined benefit items: | ||||||
Prior service cost | 18 | 2 | 35 | 4 | ||
Actuarial gain (loss) | (25) | (19) | (49) | (39) | ||
Amounts reclassified from AOCI | Total foreign currency translation adjustment | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Realized investment gains (losses), net | 7 | (1) | 20 | (1) | ||
Amounts reclassified from AOCI | Total net unrealized investment gains (losses) | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amounts reclassified from AOCI | (639) | (245) | (467) | (381) | ||
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) | (17) | (14) | (35) | ||
Amounts reclassified from AOCI | Accumulated Other Comprehensive Income (Loss) | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amounts reclassified from AOCI | (639) | (263) | (461) | (417) | ||
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) | (735) | (266) | (717) | (421) | ||
Amounts reclassified from AOCI | Interest Rate | Cash Flow Hedging | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net unrealized investment gains (losses) | (17) | (6) | (20) | (29) | ||
Amounts reclassified from AOCI | Currency | Cash Flow Hedging | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net unrealized investment gains (losses) | 2 | 3 | 4 | 8 | ||
Amounts reclassified from AOCI | Currency | Fair value hedges—Currency | ||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net unrealized investment gains (losses) | (3) | (2) | (5) | (4) | ||
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) | $ 114 | $ 26 | $ 271 | $ 65 | ||
[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 | 6 Months Ended | |
Jun. 30, 2024 USD ($) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | $ (6,504) | [1] |
Ending balance | (7,444) | [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 | (25) | |
Reclassification adjustment for (gains) losses included in net income | 53 | |
Reclassification due to allowance for credit losses recorded during the period | 1 | |
Ending balance | (43) | |
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 | (11,420) | |
Reclassification adjustment for (gains) losses included in net income | 414 | |
Reclassification due to allowance for credit losses recorded during the period | (1) | |
Ending balance | (28,186) | |
Reinsurance Recoverables | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (484) | |
Impact of net unrealized investment (gains) losses | (652) | |
Ending balance | (1,136) | |
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 | 1,027 | |
Ending balance | 2,333 | |
Policyholders’ Dividends | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | 2,081 | |
Impact of net unrealized investment (gains) losses | 486 | |
Ending balance | 2,567 | |
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 | 2,822 | |
Reclassification adjustment for (gains) losses included in net income | (115) | |
Reclassification due to allowance for credit losses recorded during the period | 0 | |
Impact of net unrealized investment (gains) losses | (181) | |
Ending balance | 5,661 | |
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 | (8,623) | |
Reclassification adjustment for (gains) losses included in net income | 352 | |
Reclassification due to allowance for credit losses recorded during the period | 0 | |
Impact of net unrealized investment (gains) losses | 680 | |
Ending balance | $ (18,804) | |
[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 | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Basic earnings per share | ||||||
Net income (loss) | $ 1,171 | $ 1,151 | $ 496 | $ 1,477 | $ 2,322 | $ 1,973 |
Less: Income (loss) attributable to noncontrolling interests | (27) | (15) | (14) | 0 | ||
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards | 14 | 6 | 29 | 24 | ||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Income | $ 1,184 | $ 505 | $ 2,307 | $ 1,949 | ||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Weighted Average Shares | 358.8 | 364.8 | 358.9 | 365.7 | ||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Basic Per Share Amount | $ 3.30 | $ 1.38 | $ 6.43 | $ 5.33 | ||
Effect of dilutive securities and compensation programs | ||||||
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic | $ 14 | $ 6 | $ 29 | $ 24 | ||
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted | $ 14 | $ 6 | $ 29 | $ 24 | ||
Stock options, Weighted Average Shares | 0.2 | 0.2 | 0.3 | 0.2 | ||
Deferred and long-term compensation programs, Weighted Average Shares | 1.5 | 1.1 | 1.3 | 1 | ||
Diluted earnings per share | ||||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Income | $ 1,184 | $ 505 | $ 2,307 | $ 1,949 | ||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Weighted Average Shares | 360.5 | 366.1 | 360.5 | 366.9 | ||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock, Diluted Per Share Amount | $ 3.28 | $ 1.38 | $ 6.40 | $ 5.31 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |||
Undistributed earnings allocated to participating unvested share-based payment awards, weighted outstanding shares | 4,000 | 4,100 | 4,100 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings, Shares | 0 | 2 | 0.1 | 1.6 |
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 | 1.7 | 0.1 | 1.4 |
Antidilutive securities excluded from computation of earnings, Exercise Price Per Share | $ 0 | $ 99.74 | $ 110.42 | $ 101.12 |
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 | 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 | 0.3 | 0 | 0.2 |
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 | 0 | 0 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Adjusted Operating Income and Net Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 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 | $ 1,415 | $ 621 | $ 2,805 | $ 2,468 |
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 | 1,607 | 1,447 | 3,076 | 2,727 |
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 | 206 | 179 | 375 | 330 |
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 | (371) | (472) | (806) | (943) |
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 | 1,036 | 876 | 1,951 | 1,713 |
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 | 550 | 428 | 991 | 824 |
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 | 486 | 448 | 960 | 889 |
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 | 121 | 139 | 166 | 164 |
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 | (87) | (59) | (208) | (161) |
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 | (297) | 16 | (174) | 91 |
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 | 47 | (3) | 15 | 45 |
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 | (43) | (26) | (70) | (31) |
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 | (5) | (7) | (13) | (15) |
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 | 128 | (757) | 31 | (388) |
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 | 38 | (1) | 3 | 91 |
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 | (60) | (48) | (63) | (52) |
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 | 1,070 | 956 | 1,909 | 1,716 |
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 | 702 | 784 | 1,598 | 1,624 |
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 | 400 | 487 | 945 | 1,009 |
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 | $ 302 | $ 297 | $ 653 | $ 615 |
Segment Information (Reconcil_2
Segment Information (Reconciliation of Select Financial Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |||
Segment Reporting Information [Line Items] | |||||||
Revenues | $ 14,883 | $ 13,498 | $ 38,392 | $ 30,543 | |||
Net investment income | 4,849 | 4,476 | 9,613 | 8,796 | |||
Total benefits and expenses | 13,468 | 12,877 | 35,587 | 28,075 | |||
Policyholders’ benefits | 8,864 | [1] | 7,661 | 25,458 | [1] | 17,965 | |
Interest credited to policyholders’ account balances | 1,102 | 1,149 | 2,385 | 2,130 | |||
Dividends to policyholders | 176 | 303 | 466 | 622 | |||
Amortization of deferred policy acquisition costs | 375 | 366 | 750 | 731 | |||
Total Assets | 715,196 | 715,196 | $ 721,123 | ||||
Operating Segments | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 13,841 | 12,583 | 35,540 | 27,565 | |||
Operating Segments | PGIM Division [Member] | PGIM | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 963 | 849 | 1,953 | 1,747 | |||
Total Assets | 38,270 | 38,270 | 42,064 | ||||
Operating Segments | Total Corporate and Other [Member] | Corporate and Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | (36) | (7) | (6) | (13) | |||
Operating Segments | U.S. Businesses Division | Group Insurance | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 1,586 | 1,598 | 3,220 | 3,162 | |||
Total Assets | 38,294 | 38,294 | 39,214 | ||||
Operating Segments | U.S. Businesses Division | Individual Life | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 1,529 | 1,564 | 3,109 | 3,091 | |||
Total Assets | 115,137 | 115,137 | 116,449 | ||||
Operating Segments | U.S. Businesses Division | Retirement Strategies | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 5,287 | 3,856 | 18,039 | 9,840 | |||
Total Assets | 265,191 | 265,191 | 251,242 | ||||
Operating Segments | U.S. Businesses Division | Retirement Strategies | Institutional Retirement Strategies | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 4,041 | 2,737 | 15,579 | 7,626 | |||
Total Assets | 119,582 | 119,582 | 111,308 | ||||
Operating Segments | U.S. Businesses Division | Retirement Strategies | Individual Retirement Strategies | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 1,246 | 1,119 | 2,460 | 2,214 | |||
Total Assets | 145,609 | 145,609 | 139,934 | ||||
Segment Reconciling Items | Realized investment gains (losses), net, and related charges and adjustments | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 234 | (495) | 542 | 17 | |||
Segment Reconciling Items | Market experience updates | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 0 | (5) | (58) | 19 | |||
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 | (17) | (10) | (56) | (29) | |||
Segment Reconciling Items | Change in value of market risk benefits, net of related hedging gains (losses) | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | (297) | 16 | (174) | 91 | |||
Segment Reconciling Items | Other Divested Businesses [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 311 | 454 | 825 | 954 | |||
Segment Reconciling Items | Total Closed Block division | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 811 | 955 | 1,773 | 1,926 | |||
Total Assets | 49,824 | 49,824 | 51,088 | ||||
Segment Reconciling Items | Total Corporate and Other [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Assets | 32,265 | 32,265 | 29,842 | ||||
Intersegment Eliminations | PGIM Division [Member] | PGIM | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 204 | 198 | 411 | 403 | |||
Total U.S. Businesses | Operating Segments | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 8,402 | 7,018 | 24,368 | 16,093 | |||
Total Assets | 418,622 | 418,622 | 406,905 | ||||
International Businesses | Operating Segments | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 4,512 | 4,723 | 9,225 | 9,738 | |||
International Businesses | Operating Segments | Total International Businesses | |||||||
Segment Reporting Information [Line Items] | |||||||
Total Assets | 176,215 | 176,215 | 191,224 | ||||
International Businesses | Operating Segments | Total International Businesses | Life Planner | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 2,367 | 2,381 | 4,917 | 5,005 | |||
Total Assets | 75,399 | 75,399 | 81,164 | ||||
International Businesses | Operating Segments | Total International Businesses | Gibraltar Life and Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 2,145 | $ 2,342 | 4,308 | $ 4,733 | |||
Total Assets | $ 100,816 | $ 100,816 | $ 110,060 | ||||
[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 | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||
Asset management and service fees | $ 1,001 | [1] | $ 918 | $ 2,000 | [1] | $ 1,835 |
Asset-based management fees | ||||||
Asset management and service fees | 853 | 789 | 1,685 | 1,577 | ||
Performance-based incentive fees | ||||||
Asset management and service fees | 19 | 4 | 61 | 7 | ||
Other fees | ||||||
Asset management and service fees | $ 129 | $ 125 | $ 254 | $ 251 | ||
[1] See Note 20 for additional information regarding related party transactions. |
Related Party Disclosures Narra
Related Party Disclosures Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 |
Related Party Transaction [Line Items] | ||||
Future policy benefits | $ 262,330 | $ 273,281 | $ 268,649 | |
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% | |||
Prismic HoldCo | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Carrying value | $ 200 | |||
Equity Method Investment, Ownership Percentage | 20% |
Related Party Transactions - Th
Related Party Transactions - The Company’s Related Party Balances with Prismic (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | |||
Other assets | [1],[2] | $ 13,299 | $ 13,179 |
Accumulated other comprehensive income (loss) | [1] | (7,444) | (6,504) |
Reinsurance and funds withheld payables, embedded derivatives at fair value | 22 | 490 | |
Related Party | |||
Related Party Transaction [Line Items] | |||
Reinsurance recoverables and deposit receivables | 9,264 | 9,752 | |
Other assets | 131 | 132 | |
Reinsurance and funds withheld payables (includes $34 and $508 of embedded derivatives at fair value at June 30, 2024 and December 31, 2023, respectively) | 7,979 | 8,544 | |
Accumulated other comprehensive income (loss) | (92) | 335 | |
Reinsurance and funds withheld payables, embedded derivatives at fair value | $ 34 | $ 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 | 6 Months Ended | ||||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||
Related Party Transaction [Line Items] | ||||||||
Premiums | $ 7,820 | [1] | $ 6,909 | $ 23,357 | [1] | $ 16,272 | ||
Asset management and service fees | 1,001 | [1] | 918 | 2,000 | [1] | 1,835 | ||
Other Income | 591 | 1,044 | 1,929 | 2,063 | ||||
Realized investment gains (losses), net | (166) | [1] | (938) | (474) | [1],[2] | (721) | ||
Policyholders’ benefits | (8,864) | [1] | (7,661) | (25,458) | [1] | (17,965) | ||
Change in estimates of liability for future policy benefits | 176 | [1] | (255) | 193 | [1] | (280) | ||
General and administrative expenses | 3,127 | [1] | 3,143 | 6,721 | [1] | 6,347 | ||
Income (loss) from related parties, before income taxes | 1,415 | 621 | 2,805 | 2,468 | ||||
Other comprehensive income (loss), before tax | 217 | $ (1,157) | $ (2,825) | $ (18) | (940) | $ (2,843) | ||
Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Premiums | 19 | 15 | ||||||
Asset management and service fees | 9 | 18 | ||||||
Other Income | 35 | 74 | ||||||
Realized investment gains (losses), net | 114 | 318 | ||||||
Policyholders’ benefits | (70) | (141) | ||||||
Change in estimates of liability for future policy benefits | 20 | 16 | ||||||
General and administrative expenses | 8 | 19 | ||||||
Income (loss) from related parties, before income taxes | 219 | 531 | ||||||
Other comprehensive income (loss), before tax | (224) | (92) | ||||||
Total comprehensive income (loss), before tax | $ (5) | $ 439 | ||||||
[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 | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||
Realized investment (gains) losses, net | $ 166 | [1] | $ 938 | $ 474 | [1],[2] | $ 721 |
Other, net | (2,756) | [2] | (2,541) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Other, net | (320) | [2] | $ (318) | |||
Related Party | ||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||
Realized investment (gains) losses, net | $ (114) | (318) | ||||
Other, net | (364) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Other, net | $ 180 | |||||
[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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Commitments and Contingent Liabilities [Line Items] | |||||
Fair value of collateral supporting these assets | $ 290 | $ 290 | $ 240 | ||
Standby Letters of Credit | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Guarantee on letters of credit | 1,500 | 1,500 | |||
Standby Uncommitted Letters Of Credit | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Guarantee on letters of credit | 500 | 500 | |||
Commitments | Commercial Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Total outstanding mortgage loan commitments | 1,821 | 1,821 | 1,798 | ||
Portion of commitment where prearrangement to sell to investor exists | 381 | 381 | 366 | ||
Allowance for credit losses | 1 | 1 | 1 | ||
Change in allowance for credit losses | 0 | $ 0 | 0 | $ 0 | |
Expected to be funded from the GA and other operations outside the SA | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Commitments to purchase investment (excluding commercial mortgage loans) | 11,042 | 11,042 | 10,675 | ||
Expected to be funded from separate accounts | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Commitments to purchase investment (excluding commercial mortgage loans) | 13 | 13 | 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 | 5,893 | 5,893 | 5,409 | ||
Fair value of related collateral associated with above indemnifications | 6,020 | 6,020 | 5,528 | ||
Accrued liability associated with guarantee | 0 | 0 | 0 | ||
Indemnification | Securities Repurchase Transactions | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Indemnification provided to certain clients for securities lending and securities repurchase transactions | 252 | 252 | 0 | ||
Fair value of related collateral associated with above indemnifications | 252 | 252 | 0 | ||
Indemnification | Serviced Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company | 3,145 | 3,145 | 3,102 | ||
First-loss exposure portion of above | 909 | 909 | 898 | ||
Accrued liability associated with guarantee | 25 | 25 | 28 | ||
Allowance for credit losses | 13 | 13 | 14 | ||
Change in allowance for credit losses | (1) | (1) | (1) | (2) | |
Guarantees of Asset Values | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Guaranteed value of third-parties’ assets | 76,469 | 76,469 | 78,009 | ||
Fair value of collateral supporting these assets | 70,557 | 70,557 | 73,186 | ||
Asset (liability) associated with guarantee, carried at fair value | 0 | 0 | (2) | ||
Other Guarantees | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Other guarantees where amount can be determined | 41 | 41 | 36 | ||
Accrued liability associated with guarantee | 32 | 32 | $ 32 | ||
Purchase Investments | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Change in allowance for credit losses | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities (Narrative Excluding Litigation) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Commitments | Commercial Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Allowance for credit losses | $ 1 | $ 1 | $ 1 | ||
Change in allowance for credit losses | 0 | $ 0 | 0 | $ 0 | |
Purchase Investments | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Change in allowance for credit losses | 0 | 0 | $ 0 | 0 | |
Indemnification | Securities Lending and Securities Repurchase Transactions | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Guarantor obligations, liquidation proceeds, percentage | 102% | ||||
Indemnification | Securities Repurchase Transactions | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Guarantor obligations, liquidation proceeds, percentage | 95% | ||||
Indemnification | Serviced Mortgage Loans | |||||
Commitments and Contingent Liabilities [Line Items] | |||||
Allowance for credit losses | 13 | $ 13 | 14 | ||
Change in allowance for credit losses | (1) | $ (1) | (1) | (2) | |
Mortgages subject to loss-sharing arrangements | $ 25,056 | $ 25,056 | $ 24,875 | ||
Weighted-average debt service coverage ratio of mortgages subject to loss-sharing arrangements | 1.98 | 1.98 | 1.97 | ||
Weighted-average loan-to-value ratio of mortgages subject to loss-sharing arrangements | 61% | 61% | 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 | Jun. 30, 2024 USD ($) |
Maximum | |
Loss Contingencies [Line Items] | |
Estimate of possible losses in excess of accruals (less than) for litigation and regulatory matters | $ 250 |