v3.23.1
Insurance Liabilities (Tables)
 12 Months Ended
Dec. 31, 2022
Insurance [Abstract]  
Liability for Future Policy Benefit, Activity
Individual
Retirement		Group
Retirement		Life
Insurance		Institutional
Markets		Corporate and OtherTotal
(in millions)
Pre-adoption December 31, 2020 liability for future policy benefits balance$1,309 $282 $11,129 $11,029 $22,206 $45,955 
Adjustments for the reclassification to the deferred profit liability (65)(8)— (766)(859)(1,698)
Change in cash flow assumptions and effect of net premiums exceeding gross premiums(14)2 16 4 55 63 
Effect of the remeasurement of the liability at a current single A rate156 63 2,977 1,655 7,611 12,462 
Adjustment for the removal of loss recognition balances related to unrealized gain or loss on securities and other(63)(60)4 (292)— (411)
Post-adoption January 1, 2021 liability for future policy benefits balance$1,323 $279 $14,126 $11,630 $29,013 $56,371 
The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Consolidated Balance Sheets:
Year Ended December 31, 2022Individual
Retirement		Group
Retirement		Life
Insurance		Institutional
Markets		Corporate and OtherTotal
(in millions, expect liability durations)
Present value of expected net premiums
Balance, beginning of year$— $— $14,369 $— $1,274 $15,643 
Effect of changes in discount rate assumptions (AOCI)— — (706)— (150)(856)
Beginning balance at original discount rate— — 13,663 — 1,124 14,787 
Effect of changes in cash flow assumptions
— — 123 — — 123 
Effect of actual variances from expected experience
— — (79)— 7 (72)
Adjusted beginning of year balance— — 13,707 — 1,131 14,838 
Issuances— — 1,358 — — 1,358 
Interest accrual— — 397 — 48 445 
Net premium collected— — (1,418)— (123)(1,541)
Foreign exchange impact— — (517)— — (517)
Other— — (1)— 1 — 
Ending balance at original discount rate— — 13,526 — 1,057 14,583 
Effect of changes in discount rate assumptions (AOCI)— — (1,872)— (66)(1,938)
Balance, end of year$— $— $11,654 $— $991 $12,645 
Present value of expected future policy benefits
Balance, beginning of year$1,373 $264 $27,442 $13,890 $27,674 $70,643 
Effect of changes in discount rate assumptions (AOCI)(95)(46)(2,717)(870)(5,673)(9,401)
Beginning balance at original discount rate1,278 218 24,725 13,020 22,001 61,242 
Effect of changes in cash flow assumptions(a)
— — 140 (6)— 134 
Effect of actual variances from expected experience(a)
(30)(2)(94)3 1 (122)
Adjusted beginning of year balance1,248 216 24,771 13,017 22,002 61,254 
Issuances216 12 1,374 2,782 9 4,393 
Interest accrual42 10 876 459 1,233 2,620 
Benefit payments(116)(26)(1,757)(821)(1,483)(4,203)
Foreign exchange impact— — (657)(339)— (996)
Other— 1 (4)— (249)(252)
Ending balance at original discount rate1,390 213 24,603 15,098 21,512 62,816 
Effect of changes in discount rate assumptions (AOCI)(167)(2)(3,424)(2,634)(1,083)(7,310)
Balance, end of year$1,223 $211 $21,179 $12,464 $20,429 $55,506 
Net liability for future policy benefits, end of year1,223 211 9,525 12,464 19,438 42,861 
Liability for future policy benefits for certain participating contracts— — 14 — 1,338 1,352 
Liability for universal life policies with secondary guarantees and similar features(b)
— — 3,300 — 55 3,355 
Deferred profit liability99 12 15 1,281 896 2,303 
Other reconciling items(c)
37 — 500 — 110 647 
Future policy benefits for life and accident and health insurance contracts1,359 223 13,354 13,745 21,837 50,518 
Less: Reinsurance recoverable:(4)— (1,107)(36)(21,837)(22,984)
Net liability for future policy benefits after reinsurance recoverable$1,355 $223 $12,247 $13,709 $— $27,534 
Weighted average liability duration of the liability for future policy benefits(d)
7.66.912.210.811.4
Year Ended December 31, 2021Individual
Retirement		Group
Retirement		Life
Insurance		Institutional
Markets		Corporate and OtherTotal
(in millions, expect liability durations)
Present value of expected net premiums
Balance, beginning of year$— $— $13,793 $— $1,506 $15,299 
Effect of changes in discount rate assumptions (AOCI)— — (1,374)— (249)(1,623)
Beginning balance at original discount rate— — 12,419 — 1,257 13,676 
Effect of changes in cash flow assumptions
— — 164 — (72)92 
Effect of actual variances from expected experience
— — 371 — 14 385 
Adjusted beginning of year balance— — 12,954 — 1,199 14,153 
Issuances— — 1,727 — — 1,727 
Interest accrual— — 392 — 54 446 
Net premium collected— — (1,364)— (129)(1,493)
Foreign exchange impact— — (46)— — (46)
Other— — — — — — 
Ending balance at original discount rate— — 13,663 — 1,124 14,787 
Effect of changes in discount rate assumptions (AOCI)— — 706 — 150 856 
Balance, end of year$— $— $14,369 $— $1,274 $15,643 
Present value of expected future policy benefits
Balance, beginning of year$1,323 $279 $27,919 $11,630 $30,519 $71,670 
Effect of changes in discount rate assumptions (AOCI)(156)(63)(4,351)(1,654)(7,862)(14,086)
Beginning balance at original discount rate1,167 216 23,568 9,976 22,657 57,584 
Effect of changes in cash flow assumptions(a)
— — 193 — (83)110 
Effect of actual variances from expected experience(a)
1 (1)413 (3)(121)289 
Adjusted beginning of year balance1,168 215 24,174 9,973 22,453 57,983 
Issuances172 21 1,713 3,366 15 5,287 
Interest accrual41 11 876 380 1,085 2,393 
Benefit payments(101)(28)(1,981)(696)(1,530)(4,336)
Foreign exchange impact— — (60)(3)— (63)
Other(2)(1)3 — (22)(22)
Ending balance at original discount rate1,278 218 24,725 13,020 22,001 61,242 
Effect of changes in discount rate assumptions (AOCI)95 46 2,717 870 5,673 9,401 
Balance, end of year1,373 264 27,442 13,890 27,674 70,643 
Net liability for future policy benefits, end of year1,373 264 13,073 13,890 26,400 55,000 
Liability for future policy benefits for certain participating contracts— — 15 — 1,382 1,397 
Liability for universal life policies with secondary guarantees and similar features(b)
— — 4,952 — 55 5,007 
Deferred profit liability81 11 10 1,218 916 2,236 
Other reconciling items(c)
42 — 485 1 102 630 
Future policy benefits for life and accident and health insurance contracts1,496 275 18,535 15,109 28,855 64,270 
Less: Reinsurance recoverable:(4)— (1,715)(47)(28,855)(30,621)
Net liability for future policy benefits after reinsurance recoverable$1,492 $275 $16,820 $15,062 $— $33,649 
Weighted average liability duration of the liability for future policy benefits(d)
8.67.814.413.013.7
(a)    Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in deferred profit liability.
(b)    Additional details can be found in the table that presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features.
(c)     Other reconciling items primarily include the Accident and Health as well as Group Benefits (short-duration) contracts.
(d)     The weighted average liability durations are calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below.
The following table presents the amount of undiscounted expected future benefit payments and expected gross premiums for future policy benefits for nonparticipating contracts:
Year Ended December 31,
(in millions)20222021
Individual RetirementExpected future benefits and expense$1,959 $1,747 
Expected future gross premiums$— $— 
Group RetirementExpected future benefits and expense$321 $328 
Expected future gross premiums$— $— 
Life InsuranceExpected future benefits and expense$38,909 $38,869 
Expected future gross premiums$29,035 $29,272 
Institutional MarketsExpected future benefits and expense$25,066 $20,839 
Expected future gross premiums$— $— 
Corporate and OtherExpected future benefits and expense$44,530 $46,038 
Expected future gross premiums$2,262 $2,437 
The following table presents the amount of revenue and interest recognized in the Consolidated Statement of Income (Loss) for future policy benefits for nonparticipating contracts:
Gross Premiums
Year Ended December 31, 		Interest Accretion Year Ended 31,
(in millions)2022202120222021
Individual Retirement$224 $186 $42 $41 
Group Retirement$19 $21 $10 $11 
Life Insurance$2,342 $2,319 $479 $484 
Institutional Markets
   
$2,940 $3,818 $459 $380 
Corporate and Other$224 $236 $1,185 $1,031 
Total$5,749 $6,580 $2,175 $1,947 
The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:
December 31, 2022Individual
Retirement		Group
Retirement		Life
Insurance		Institutional
Markets		Corporate and Other
Weighted-average interest rate, original discount rate3.58 %5.17 %4.08 %3.56 %4.88 %
Weighted-average interest rate, current discount rate5.32 %5.30 %5.33 %5.30 %5.36 %
December 31, 2021
Weighted-average interest rate, original discount rate3.23 %4.96 %4.11 %3.22 %4.83 %
Weighted-average interest rate, current discount rate2.75 %2.68 %2.85 %2.71 %3.08 %
The following table presents the transition rollforward for deferred profit liability for long-duration contracts:
Individual
Retirement		Group
Retirement		Life
Insurance		Institutional
Markets		Corporate and OtherTotal
(in millions)
Pre-adoption December 31, 2020 deferred profit liability balance$2 $— $5 $64 $— $71 
Adjustments for the reclassification from/(to) the liability for the future policy benefits65 8 — 766 859 1,698 
Post-adoption January 1, 2021 deferred profit liability balance$67 $8 $5 $830 $859 $1,769 
The following table presents the transition rollforward of the additional liabilities:
Individual
Retirement		Group
Retirement		Life
Insurance		Corporate and OtherTotal
(in millions)
Pre-adoption December 31, 2020 additional liabilities
$1,391 $219 $5,117 $55 $6,782 
Adjustment for the reclassification of additional liabilities from Future policy benefits to Market risk benefits(a)
(875)(130)— — (1,005)
Adjustment for removal of related balances in Accumulated other comprehensive income originating from unrealized gains (losses)(b)
(516)(89)— — (605)
Post-adoption January 1, 2021 additional liabilities
$— $— $5,117 $55 $5,172 
(a)    Adjustments for the reclassification of additional liabilities from Future policy benefits to MRBs represent contract guarantees (e.g., GMDBs) that were previously classified as insurance liabilities within Future policy benefits, but have been reclassified as MRBs as of January 1, 2021. Refer to Note 13 for additional information on the transition impacts associated with LDTI.
(b)    Adjustments for the removal of related balances in AOCI originating from unrealized gains (losses) relate to the additional liabilities reclassified from Future policy benefits in the line above.
The following table presents the balances and changes in the liability for universal life policies:
Year Ended December 31, 2022Year Ended December 31, 2021
Life
Insurance		Corporate and OtherTotalLife
Insurance		Corporate and OtherTotal
(in millions, except weighted average duration of liability )
Balance, beginning of year$4,952 $55 $5,007 $5,117 $55 $5,172 
Effect of changes in assumptions(24)— (24)(116)— (116)
Effect of changes in experience303 (4)299 331 (4)327 
Adjusted beginning balance$5,231 $51 $5,282 $5,332 $51 $5,383 
Assessments687 2 689 669 2 671 
Excess benefits paid(909)— (909)(859)— (859)
Interest accrual126 2 128 136 2 138 
Other(11)— (11)24 — 24 
Changes related to unrealized appreciation (depreciation) of investments(1,824)— (1,824)(350)— (350)
Balance, end of year$3,300 $55 $3,355 $4,952 $55 $— $5,007 
Less: Reinsurance recoverable(191)— (191)(200)— (200)
Balance, end of period net of Reinsurance recoverable$3,109 $55 $3,164 $4,752 $55 $4,807 
Weighted average duration of liability *26.39.527.19.8
*    The weighted average duration of liability is calculated as the modified duration using projected future net liability cashflows that are aggregated at the segment level, utilizing the segment level weighted average interest rates, which can be found in the table below.
The following table presents the amount of revenue and interest recognized in the Consolidated Statement of Income (Loss) for the liability for universal life policies with secondary guarantees and similar features:
Gross Assessments
Year Ended December 31, 		Interest Accretion Year Ended December 31,
(in millions)2022202120222021
Life Insurance$1,193 $1,187 $126 $136 
Corporate and Other39 39 2 2 
Total$1,232 $1,226 $128 $138 
The following table presents the calculation of weighted average interest rate for the liability for universal life policies with secondary guarantees and similar features:
December 31,20222021
Life
Insurance		Corporate and OtherLife
Insurance		Corporate and Other
Weighted-average interest rate3.76 %4.24 %3.74 %4.21 %
The following table presents the transition rollforward of Policyholder contract deposits account balances:
Individual
Retirement		Group
Retirement		Life
Insurance		Institutional
Markets		Corporate and OtherTotal
(in millions)
Pre-adoption December 31, 2020 Policyholder contract deposits$85,097 $43,805 $10,286 $11,559 $4,145 $154,892 
Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s)(5,894)(577)— — — (6,471)
Post-adoption January 1, 2021 Policyholder contract deposits$79,203 $43,228 $10,286 $11,559 $4,145 $148,421 
The following table presents the balances and changes in Policyholder contract deposits account balances(a):
Year Ended December 31, 2022Individual
Retirement		Group
Retirement		Life
Insurance		Institutional
Markets		Corporate and OtherTotal
(in millions, except for average crediting rate)
Policyholder contract deposits account balance, beginning of year$84,097 $43,902 $10,183 $10,804 $3,823 $152,809 
Issuances15,175 4,927 190 1,468 15 21,775 
Deposits received11 19 1,484 26 33 1,573 
Policy charges(870)(462)(1,570)(69)(65)(3,036)
Surrenders and withdrawals(8,921)(5,712)(211)(134)(64)(15,042)
Benefit payments(3,798)(2,528)(216)(775)(349)(7,666)
Net transfers from (to) separate account2,248 2,149 (5)144 — 4,536 
Interest credited1,608 1,100 377 301 178 3,564 
Other4 — (8)(31)16 (19)
Ending Policyholder contract deposits account balance$89,554 $43,395 $10,224 $11,734 $3,587 $158,494 
Other reconciling items(b)
(2,136)(319)34 (16)1 (2,436)
Policyholder contract deposits$87,418 $43,076 $10,258 $11,718 $3,588 $156,058 
Weighted average crediting rate2.43 %2.77 %4.29 %2.71 %4.91 %
Cash surrender value(c)
83,278 41,831 8,866 2,537 1,808 138,320 
Year Ended December 31, 2021Individual
Retirement		Group
Retirement		Life
Insurance		Institutional
Markets		Corporate and OtherTotal
(in millions, except for average crediting rate)
Policyholder contract deposits account balance, beginning of year$80,012 $43,406 $10,012 $11,351 $4,143 $148,924 
Issuances13,760 5,124 225 1,230 18 20,357 
Deposits received14 22 1,477 42 35 1,590 
Policy charges(781)(523)(1,567)(65)(69)(3,005)
Surrenders and withdrawals(8,863)(5,795)(212)(91)(76)(15,037)
Benefit payments(4,031)(2,329)(245)(1,948)(374)(8,927)
Net transfers from (to) separate account1,531 2,750 (2)61 — 4,340 
Interest credited2,444 1,249 447 263 191 4,594 
Other11 (2)48 (39)(45)(27)
Ending Policyholder contract deposits account balance$84,097 $43,902 $10,183 $10,804 $3,823 $152,809 
Other reconciling items(b)
(1,289)(259)117 165 2 (1,264)
Policyholder contract deposits$82,808 $43,643 $10,300 $10,969 $3,825 $151,545 
Weighted average crediting rate2.42 %2.79 %4.28 %2.41 %4.92 %
Cash surrender value(c)
$79,787 $43,359 $8,826 $2,520 $1,880 $136,372 
(a)     Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited into the general account and then simultaneously transferred to the separate account), and thus, did not impact the ending balance of policyholder contract deposits.
(b)     Reconciling items principally relate to MRBs that are bifurcated and reported separately, net of embedded derivatives that are recorded in PCD.
(c)     Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs, do not have a cash surrender value).
For information related to net amount at risk, refer to the table that presents the balances of and changes in MRBs in Note 13.



The following table presents Policyholder contract deposits account balance by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:
December 31, 2022At Guaranteed Minimum1 Basis Point - 50 Basis Points AboveMore than 50 Basis Points Above Minimum GuaranteeTotal
(in millions, except percentage of total)
Individual RetirementRange of Guaranteed Minimum Credited Rate
<=1%
8,766 2,161 21,702 32,629 
> 1% - 2%
4,208 24 2,195 6,427 
> 2% - 3%
9,502 — 17 9,519 
> 3% - 4%
7,630 40 6 7,676 
> 4% - 5%
456 — 5 461 
> 5%
33 — 4 37 
Total$30,595 $2,225 $23,929 $56,749 
Group RetirementRange of Guaranteed Minimum Credited Rate
<=1%
3,611 1,427 5,609 10,647 
> 1% - 2%
5,628 727 150 6,505 
> 2% - 3%
13,968 3 — 13,971 
> 3% - 4%
666 — — 666 
> 4% - 5%
6,843 — — 6,843 
> 5%
154 — — 154 
Total$30,870 $2,157 $5,759 $38,786 
Life InsuranceRange of Guaranteed Minimum Credited Rate
<=1%
— — — — 
> 1% - 2%
1 129 352 482 
> 2% - 3%
32 831 1,116 1,979 
> 3% - 4%
1,369 180 195 1,744 
> 4% - 5%
2,974 — — 2,974 
> 5%
223 — — 223 
Total4,599 1,140 1,663 7,402 
Total*$66,064 $5,522 $31,351 $102,937 
Percentage of total64%5%30%100%
December 31, 2021At Guaranteed Minimum1 Basis Point - 50 Basis Points AboveMore than 50 Basis Points Above Minimum GuaranteeTotal
(in millions, except percentage of total)
Individual RetirementRange of Guaranteed Minimum Credited Rate
<=1%
10,212 1,911 17,935 30,058 
> 1% - 2%
4,540 28 1,681 6,249 
> 2% - 3%
10,353 — 18 10,371 
> 3% - 4%
8,150 41 6 8,197 
> 4% - 5%
477 — 5 482 
> 5%
34 — 4 38 
Total$33,766 $1,980 $19,649 $55,395 
Group RetirementRange of Guaranteed Minimum Credited Rate
<=1%
2,134 3,254 4,682 10,070 
> 1% - 2%
6,027 644 99 6,770 
> 2% - 3%
14,699 — — 14,699 
> 3% - 4%
708 — — 708 
> 4% - 5%
6,962 — — 6,962 
> 5%
159 — — 159 
Total$30,689 $3,898 $4,781 $39,368 
Life InsuranceRange of Guaranteed Minimum Credited Rate
<=1%
— — — — 
> 1% - 2%
103 25 359 487 
> 2% - 3%
258 533 1,208 1,999 
> 3% - 4%
1,417 178 213 1,808 
> 4% - 5%
3,085 2 — 3,087 
> 5%
236 — — 236 
Total$5,099 $738 $1,780 $7,617 
Total*$69,554 $6,616 $26,210 $102,380 
Percentage of total68%6%26%100%
*    Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates.
The following table presents the transition rollforward of URR:
Life
Insurance		Institutional
Markets		Corporate and OtherTotal
(in millions)
Pre-adoption December 31, 2020 URR balance$1,413 $2 $132 $1,547 
Adjustment for removal of related balances in Accumulated other comprehensive income originating from unrealized gains (losses)248 — — 248 
Post-adoption January 1, 2021 URR balance$1,661 $2 $132 $1,795 
The following table presents a rollforward of the unearned revenue reserve for the year ended December 31, 2022 and 2021:
Year Ended December 31, 2022Life
Insurance		Institutional
Markets		Corporate and OtherTotal
(in millions)
Balance, beginning of year$1,693 $2 $116 $1,811 
Revenue deferred143 — — 143 
Amortization(109)— (11)(120)
Ending balance$1,727 $2 $105 $1,834 
Other reconciling items*
1,051 
Other policyholder funds$2,885 
Year Ended December 31, 2021Life
Insurance		Institutional
Markets		Corporate and OtherTotal
(in millions)
Balance, beginning of year$1,661 $2 $132 $1,795 
Revenue deferred140 — — 140 
Amortization(108)— (15)(123)
Other, including foreign exchange— — (1)(1)
Ending balance$1,693 $2 $116 $1,811 
Other reconciling items*1,068 
Other policyholder funds$2,879 
*    Other reconciling items include policyholders' dividend accumulations, provisions for future dividends to participating policyholders, dividends to policyholders and any similar items.
Changes in GMBD Liability Related to Variable Annuity Contracts
The following table presents details concerning our universal life policies with secondary guarantees and similar features:
Years Ended December 31,
(in millions, except for attained age of contract holders)20222021
Account value$3,514 $3,313
Net amount at risk$69,335 $65,801
Average attained age of contract holders5353