PRUDENTIAL FINANCIAL INC
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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13. Policyholders' Account Balances
- POLICYHOLDERS’ ACCOUNT BALANCES
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
| Year Ended December 31, 2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Retirement Strategies · Group Insurance · Individual Life · International Businesses · Total | |||||||||
| Institutional · Individual Variable · Individual Fixed · Life/Disability · Variable/Universal Life · Life Planner · Gibraltar Life and Other | |||||||||
| ($ in millions) | |||||||||
| Balance, beginning of period | $17,376 | $17,524 | $4,643 | $5,839 | $26,502 | $11,168 | $35,325 | $118,377 | |
| Deposits | 5,657 | 4,638 | 2,659 | 1,212 | 2,447 | 2,417 | 6,611 | 25,641 | |
| Interest credited | 677 | 305 | 129 | 165 | 773 | 709 | 736 | 3,494 | |
| Dispositions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Policy charges | (23) | (24) | (9) | (323) | (2,047) | (312) | (217) | (2,955) | |
| Surrenders and withdrawals | (5,290) | (704) | (414) | (1,552) | (1,820) | (218) | (1,487) | (11,485) | |
| Benefit payments | (659) | (76) | (76) | 0 | (154) | (266) | (1,919) | (3,150) | |
| Net transfers (to) from separate account | 0 | 34 | 0 | (48) | 1,393 | 0 | 0 | 1,379 | |
| Change in market value and other adjustments(1) | 0 | 2,068 | 163 | 0 | 345 | 31 | (9) | 2,598 | |
| Foreign currency adjustment | 0 | 0 | 0 | 0 | 0 | (580) | (590) | (1,170) | |
| Balance, end of period | 17,738 | 23,765 | 7,095 | 5,293 | 27,439 | 12,949 | 38,450 | 132,729 | |
| Less: Reinsurance recoverable(2) | 0 | 0 | 0 | 0 | 0 | 1 | 20 | 21 | |
| Policyholders' account balance net of reinsurance recoverable | $17,738 | $23,765 | $7,095 | $5,293 | $27,439 | $12,948 | $38,430 | 132,708 | |
| Closed Block Division | 4,500 | ||||||||
| Unearned revenue reserve, unearned expense credit, and additional interest reserve | 5,326 | ||||||||
| Other(3) | 4,463 | ||||||||
| Total Policyholders' account balance | $147,018 | ||||||||
| Weighted-average crediting rate | 3.85% | 1.48% | 2.21% | 2.96% | 2.87% | 5.88% | 1.99% | 2.78% | |
| Net amount at risk(4) | $0 | $0 | $0 | $72,858 | $382,399 | $19,276 | $6,453 | $480,986 | |
| Cash surrender value(5) | $17,738 | $21,640 | $5,827 | $4,021 | $23,234 | $11,268 | $33,833 | $117,561 | |
| Year Ended December 31, 2022 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Retirement Strategies · Group Insurance · Individual Life · International Businesses · Total | |||||||||
| Institutional · Individual Variable · Individual Fixed · Life/Disability · Variable/Universal Life · Life Planner · Gibraltar Life and Other | |||||||||
| ($ in millions) | |||||||||
| Balance, beginning of period | $16,391 | $14,125 | $4,652 | $6,273 | $26,859 | $11,555 | $37,615 | $117,470 | |
| Deposits | 6,083 | 4,777 | 753 | 1,233 | 2,551 | 1,499 | 3,978 | 20,874 | |
| Interest credited | 561 | 211 | 87 | 153 | 816 | 38 | 518 | 2,384 | |
| Dispositions(6) | 0 | (1,405) | (440) | 0 | 0 | 0 | 0 | (1,845) | |
| Policy charges | (22) | (6) | (5) | (322) | (2,040) | (216) | (174) | (2,785) | |
| Surrenders and withdrawals | (5,075) | (372) | (163) | (1,457) | (1,657) | (210) | (2,816) | (11,750) | |
| Benefit payments | (562) | (92) | (176) | 0 | (197) | (253) | (1,966) | (3,246) | |
| Net transfers (to) from separate account | 0 | 246 | 0 | (41) | 449 | 0 | 0 | 654 | |
| Change in market value and other adjustments(1) | 0 | 40 | (65) | 0 | (279) | 28 | (10) | (286) | |
| Foreign currency adjustment | 0 | 0 | 0 | 0 | 0 | (1,273) | (1,820) | (3,093) | |
| Balance, end of period | 17,376 | 17,524 | 4,643 | 5,839 | 26,502 | 11,168 | 35,325 | 118,377 | |
| Less: Reinsurance recoverable(2) | 0 | 0 | 0 | 0 | 12 | 1 | 22 | 35 | |
| Policyholders' account balance net of reinsurance recoverable | $17,376 | $17,524 | $4,643 | $5,839 | $26,490 | $11,167 | $35,303 | 118,342 | |
| Closed Block Division | 4,607 | ||||||||
| Unearned revenue reserve, unearned expense credit, and additional interest reserve | 4,581 | ||||||||
| Other(3) | 8,059 | ||||||||
| Total Policyholders' account balance | $135,624 | ||||||||
| Weighted-average crediting rate | 3.33% | 1.34% | 1.88% | 2.53% | 3.06% | 3.41% | 1.42% | 2.32% | |
| Net amount at risk(4) | $0 | $0 | $0 | $70,574 | $367,698 | $17,205 | $7,138 | $462,615 | |
| Cash surrender value(5) | $17,376 | $15,297 | $3,581 | $4,147 | $21,766 | $9,612 | $31,270 | $103,049 | |
| Retirement Strategies · Group Insurance · Individual Life · International Businesses · Corporate and Other · Total | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Institutional · Individual Variable · Individual Fixed · Life/Disability · Variable/Universal Life · Life Planner · Gibraltar Life and Other · Full Service | ||||||||||
| ($ in millions) | ||||||||||
| Balance, beginning of period | $18,456 | $8,169 | $4,215 | $7,440 | $26,597 | $11,383 | $39,716 | $36,561 | $152,537 | |
| Deposits | 4,188 | 4,326 | 841 | 1,039 | 3,091 | 1,446 | 2,746 | 5,918 | 23,595 | |
| Interest credited | 549 | 244 | 15 | 171 | 746 | 511 | 649 | 900 | 3,785 | |
| Dispositions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Policy charges | (23) | (3) | (5) | (321) | (1,993) | (196) | (101) | (231) | (2,873) | |
| Surrenders and withdrawals | (6,238) | (346) | (301) | (2,058) | (1,852) | (222) | (1,374) | (6,503) | (18,894) | |
| Benefit payments | (541) | (190) | (113) | 0 | (221) | (261) | (2,257) | 0 | (3,583) | |
| Net transfers (to) from separate account | 0 | 837 | 0 | 2 | 406 | 0 | 0 | 433 | 1,678 | |
| Change in market value and other adjustments(1) | 0 | 1,088 | 0 | 0 | 85 | 21 | (19) | (573) | 602 | |
| Foreign currency adjustment | 0 | 0 | 0 | 0 | 0 | (1,127) | (1,745) | 0 | (2,872) | |
| Balance, end of period | 16,391 | 14,125 | 4,652 | 6,273 | 26,859 | 11,555 | 37,615 | 36,505 | 153,975 | |
| Less: Reinsurance recoverable(2) | 0 | 0 | 0 | 0 | 13 | 1 | 27 | 0 | 41 | |
| Policyholders' account balance net of reinsurance recoverable | $16,391 | $14,125 | $4,652 | $6,273 | $26,846 | $11,554 | $37,588 | $36,505 | 153,934 | |
| Closed Block Division | 4,737 | |||||||||
| Unearned revenue reserve, unearned expense credit, and additional interest reserve | 3,905 | |||||||||
| Other | 339 | |||||||||
| Reclassified to “Liabilities held-for-sale”(7) | (39,914) | |||||||||
| Total Policyholders' account balance | $123,042 | |||||||||
| Weighted-average crediting rate | 3.15% | 2.19% | 0.34% | 2.50% | 2.79% | 4.46% | 1.68% | 2.46% | 2.47% | |
| Net amount at risk(4) | $0 | $0 | $16 | $67,471 | $352,407 | $15,362 | $8,461 | $0 | $443,717 | |
| Cash surrender value(5) | $16,391 | $13,903 | $3,157 | $3,736 | $21,594 | $10,441 | $36,273 | $36,505 | $142,000 | |
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)The amount of recoverable related to reinsurance agreements that reduce the risk of the policyholders' account balance gross liability.
(3)Includes $5,479 million and $8,133 million of Full Service account balances reinsured to Great-West for December 31, 2023 and December 31, 2022, respectively. See Note 1 for further information.
(4)The net amount at risk calculation includes both general account and separate account balances.
(5)Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment.
(6)Represents the net impact from the sale of PALAC in Individual Retirement Strategies.
(7)Represents “Liabilities held-for-sale” of $(11,750) million and $(28,164) million related to the sale of PALAC and Full Service Retirement Business, respectively.
Policyholders’ account balances for Institutional Retirement Strategies and Life Planner includes the Company’s Funding Agreement Notes Issuance Program (“FANIP”) at December 31, 2023, 2022 and 2021 are $5,597 million, $5,064 million and $4,959 million, respectively. Under this program, which has a maximum authorized amount of $15 billion of medium-term notes and $6 billion of commercial paper, Delaware statutory trusts issue short-term commercial paper and/or medium-term notes to investors that are secured by funding agreements issued to the trusts by PICA. The outstanding commercial paper and notes have fixed or floating interest rates that range from 0.0% to 5.6% and original maturities ranging from three months tofive years. Included in the amounts at December 31, 2023, 2022 and 2021 are funding agreements which secure the medium-term note liability, which are carried at amortized cost, of $3,474 million, $2,968 million and $3,117 million, respectively, and short-term note liability of $2,156 million, $2,130 million and $1,847 million, respectively.
Also included in Policyholders’ account balances for Institutional Retirement Strategies are collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) at December 31, 2023, 2022 and 2021 totaling $2,628 million, $2,628 million, and $1,050 million, respectively. These obligations, which are carried at amortized cost, have fixed interest rates that range from 1.925% to 4.510% and original maturities ranging from nine months toseven years. For additional details on the FHLBNY program, see Note 18.
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 14 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:
| 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% | $589 | $0 | $0 | $0 | $589 |
| 1.00% - 1.99% | 1,552 | 0 | 0 | 0 | 1,552 |
| 2.00% - 2.99% | 596 | 0 | 0 | 0 | 596 |
| 3.00% - 4.00% | 5,041 | 0 | 0 | 0 | 5,041 |
| Greater than 4.00% | 1,906 | 0 | 0 | 0 | 1,906 |
| Total | $9,684 | $0 | $0 | $0 | $9,684 |
| Retirement Strategies - Individual Variable | |||||
| Less than 1.00% | $908 | $807 | $18 | $0 | $1,733 |
| 1.00% - 1.99% | 218 | 2 | 1 | 0 | 221 |
| 2.00% - 2.99% | 29 | 4 | 4 | 0 | 37 |
| 3.00% - 4.00% | 1,942 | 13 | 10 | 0 | 1,965 |
| Greater than 4.00% | 95 | 0 | 0 | 0 | 95 |
| Total | $3,192 | $826 | $33 | $0 | $4,051 |
| Retirement Strategies - Individual Fixed | |||||
| Less than 1.00% | $0 | $0 | $1 | $117 | $118 |
| 1.00% - 1.99% | 526 | 122 | 250 | 80 | 978 |
| 2.00% - 2.99% | 550 | 469 | 562 | 17 | 1,598 |
| 3.00% - 4.00% | 321 | 11 | 0 | 0 | 332 |
| Greater than 4.00% | 95 | 0 | 0 | 0 | 95 |
| Total | $1,492 | $602 | $813 | $214 | $3,121 |
| Group Insurance - Life / Disability | |||||
| Less than 1.00% | $0 | $0 | $0 | $1,147 | $1,147 |
| 1.00% - 1.99% | 0 | 0 | 0 | 0 | 0 |
| 2.00% - 2.99% | 29 | 0 | 0 | 0 | 29 |
| 3.00% - 4.00% | 1,543 | 0 | 0 | 50 | 1,593 |
| Greater than 4.00% | 73 | 0 | 0 | 0 | 73 |
| Total | $1,645 | $0 | $0 | $1,197 | $2,842 |
| Individual Life - Variable / Universal Life | |||||
| Less than 1.00% | $0 | $0 | $0 | $368 | $368 |
| 1.00% - 1.99% | 201 | 0 | 2,588 | 813 | 3,602 |
| 2.00% - 2.99% | 30 | 1,445 | 2,944 | 340 | 4,759 |
| 3.00% - 4.00% | 4,422 | 4,092 | 1,311 | 19 | 9,844 |
| Greater than 4.00% | 5,491 | 0 | 0 | 0 | 5,491 |
| Total | $10,144 | $5,537 | $6,843 | $1,540 | $24,064 |
| International Businesses - Life Planner | |||||
| Less than 1.00% | $331 | $43 | $89 | $1,996 | $2,459 |
| 1.00% - 1.99% | 2,969 | 28 | 0 | 0 | 2,997 |
| 2.00% - 2.99% | 2,124 | 0 | 0 | 0 | 2,124 |
| 3.00% - 4.00% | 354 | 0 | 0 | 0 | 354 |
| Greater than 4.00% | 400 | 0 | 0 | 0 | 400 |
| Total | $6,178 | $71 | $89 | $1,996 | $8,334 |
| International Businesses - Gibraltar Life and Other | |||||
| Less than 1.00% | $15,975 | $0 | $0 | $0 | $15,975 |
| 1.00% - 1.99% | 9,016 | 63 | 0 | 0 | 9,079 |
| 2.00% - 2.99% | 3,114 | 310 | 36 | 0 | 3,460 |
| 3.00% - 4.00% | 4,378 | 0 | 0 | 0 | 4,378 |
| Greater than 4.00% | 5,419 | 0 | 0 | 0 | 5,419 |
| Total | $37,902 | $373 | $36 | $0 | $38,311 |
| 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% | 1,575 | 0 | 0 | 0 | 1,575 |
| 2.00% - 2.99% | 672 | 0 | 0 | 0 | 672 |
| 3.00% - 4.00% | 5,697 | 0 | 0 | 0 | 5,697 |
| Greater than 4.00% | 1,510 | 0 | 0 | 0 | 1,510 |
| Total | $9,855 | $0 | $0 | $0 | $9,855 |
| Retirement Strategies - Individual Variable | |||||
| Less than 1.00% | $1,009 | $861 | $19 | $0 | $1,889 |
| 1.00% - 1.99% | 246 | 2 | 1 | 0 | 249 |
| 2.00% - 2.99% | 33 | 1 | 0 | 0 | 34 |
| 3.00% - 4.00% | 2,289 | 10 | 10 | 0 | 2,309 |
| Greater than 4.00% | 111 | 0 | 0 | 0 | 111 |
| Total | $3,688 | $874 | $30 | $0 | $4,592 |
| Retirement Strategies - Individual Fixed | |||||
| Less than 1.00% | $0 | $0 | $0 | $0 | $0 |
| 1.00% - 1.99% | 614 | 113 | 250 | 83 | 1,060 |
| 2.00% - 2.99% | 474 | 0 | 0 | 0 | 474 |
| 3.00% - 4.00% | 389 | 4 | 0 | 0 | 393 |
| Greater than 4.00% | 105 | 0 | 0 | 0 | 105 |
| Total | $1,582 | $117 | $250 | $83 | $2,032 |
| Group Insurance - Life / Disability | |||||
| Less than 1.00% | $0 | $0 | $0 | $1,564 | $1,564 |
| 1.00% - 1.99% | 7 | 0 | 0 | 0 | 7 |
| 2.00% - 2.99% | 53 | 0 | 0 | 0 | 53 |
| 3.00% - 4.00% | 1,658 | 0 | 0 | 0 | 1,658 |
| Greater than 4.00% | 3 | 0 | 0 | 0 | 3 |
| Total | $1,721 | $0 | $0 | $1,564 | $3,285 |
| Individual Life - Variable / Universal Life | |||||
| Less than 1.00% | $12 | $0 | $0 | $0 | $12 |
| 1.00% - 1.99% | 420 | 0 | 774 | 1,928 | 3,122 |
| 2.00% - 2.99% | 402 | 121 | 2,414 | 1,844 | 4,781 |
| 3.00% - 4.00% | 7,787 | 32 | 2,280 | 145 | 10,244 |
| Greater than 4.00% | 5,594 | 0 | 0 | 0 | 5,594 |
| Total | $14,215 | $153 | $5,468 | $3,917 | $23,753 |
| International Businesses - Life Planner | |||||
| Less than 1.00% | $356 | $27 | $93 | $404 | $880 |
| 1.00% - 1.99% | 3,175 | 24 | 0 | 0 | 3,199 |
| 2.00% - 2.99% | 2,285 | 0 | 0 | 0 | 2,285 |
| 3.00% - 4.00% | 330 | 0 | 0 | 0 | 330 |
| Greater than 4.00% | 405 | 0 | 0 | 0 | 405 |
| Total | $6,551 | $51 | $93 | $404 | $7,099 |
| International Businesses - Gibraltar Life and Other | |||||
| Less than 1.00% | $17,485 | $0 | $0 | $0 | $17,485 |
| 1.00% - 1.99% | 10,064 | 0 | 0 | 0 | 10,064 |
| 2.00% - 2.99% | 3,277 | 345 | 43 | 0 | 3,665 |
| 3.00% - 4.00% | 2,555 | 0 | 0 | 0 | 2,555 |
| Greater than 4.00% | 1,303 | 0 | 0 | 0 | 1,303 |
| Total | $34,684 | $345 | $43 | $0 | $35,072 |
| 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% | $0 | $0 | $0 | $0 | $0 |
| 1.00% - 1.99% | 1,470 | 0 | 0 | 0 | 1,470 |
| 2.00% - 2.99% | 832 | 0 | 0 | 0 | 832 |
| 3.00% - 4.00% | 5,119 | 0 | 0 | 0 | 5,119 |
| Greater than 4.00% | 1,535 | 0 | 0 | 0 | 1,535 |
| Total | $8,956 | $0 | $0 | $0 | $8,956 |
| Retirement Strategies - Individual Variable | |||||
| Less than 1.00% | $1,394 | $894 | $19 | $0 | $2,307 |
| 1.00% - 1.99% | 271 | 2 | 1 | 0 | 274 |
| 2.00% - 2.99% | 115 | 0 | 1 | 0 | 116 |
| 3.00% - 4.00% | 3,167 | 5 | 10 | 0 | 3,182 |
| Greater than 4.00% | 116 | 0 | 0 | 0 | 116 |
| Total | $5,063 | $901 | $31 | $0 | $5,995 |
| Retirement Strategies - Individual Fixed | |||||
| Less than 1.00% | $0 | $0 | $0 | $0 | $0 |
| 1.00% - 1.99% | 626 | 67 | 100 | 5 | 798 |
| 2.00% - 2.99% | 585 | 0 | 0 | 0 | 585 |
| 3.00% - 4.00% | 423 | 2 | 0 | 0 | 425 |
| Greater than 4.00% | 116 | 0 | 0 | 0 | 116 |
| Total | $1,750 | $69 | $100 | $5 | $1,924 |
| Group Insurance - Life / Disability | |||||
| Less than 1.00% | $0 | $0 | $0 | $2,026 | $2,026 |
| 1.00% - 1.99% | 7 | 0 | 0 | 0 | 7 |
| 2.00% - 2.99% | 55 | 0 | 0 | 0 | 55 |
| 3.00% - 4.00% | 1,689 | 0 | 0 | 0 | 1,689 |
| Greater than 4.00% | 4 | 0 | 0 | 0 | 4 |
| Total | $1,755 | $0 | $0 | $2,026 | $3,781 |
| Individual Life - Variable / Universal Life | |||||
| Less than 1.00% | $18 | $0 | $0 | $0 | $18 |
| 1.00% - 1.99% | 382 | 0 | 0 | 2,538 | 2,920 |
| 2.00% - 2.99% | 413 | 0 | 3,735 | 747 | 4,895 |
| 3.00% - 4.00% | 8,066 | 2,050 | 675 | 61 | 10,852 |
| Greater than 4.00% | 5,602 | 0 | 0 | 0 | 5,602 |
| Total | $14,481 | $2,050 | $4,410 | $3,346 | $24,287 |
| International Businesses - Life Planner | |||||
| Less than 1.00% | $398 | $28 | $92 | $0 | $518 |
| 1.00% - 1.99% | 3,589 | 23 | 0 | 0 | 3,612 |
| 2.00% - 2.99% | 2,631 | 0 | 0 | 0 | 2,631 |
| 3.00% - 4.00% | 307 | 0 | 0 | 0 | 307 |
| Greater than 4.00% | 439 | 0 | 0 | 0 | 439 |
| Total | $7,364 | $51 | $92 | $0 | $7,507 |
| International Businesses - Gibraltar Life and Other | |||||
| Less than 1.00% | $21,177 | $0 | $0 | $0 | $21,177 |
| 1.00% - 1.99% | 11,525 | 0 | 0 | 0 | 11,525 |
| 2.00% - 2.99% | 3,373 | 355 | 0 | 0 | 3,728 |
| 3.00% - 4.00% | 459 | 0 | 0 | 0 | 459 |
| Greater than 4.00% | 326 | 0 | 0 | 0 | 326 |
| Total | $36,860 | $355 | $0 | $0 | $37,215 |
| Corporate and Other - Full Services | |||||
| Less than 1.00% | $448 | $0 | $0 | $0 | $448 |
| 1.00% - 1.99% | 13,224 | 14,162 | 1,980 | 0 | 29,366 |
| 2.00% - 2.99% | 0 | 6 | 0 | 0 | 6 |
| 3.00% - 4.00% | 6,610 | 59 | 0 | 0 | 6,669 |
| Greater than 4.00% | 16 | 0 | 0 | 0 | 16 |
| Total | $20,298 | $14,227 | $1,980 | $0 | $36,505 |
(1)Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products.
Unearned Revenue Reserve
The balance of and changes in URR as of and for the periods ended are as follows:
| Year Ended December 31, 2023 | ||||
|---|---|---|---|---|
| Individual Life · International Businesses | ||||
| Variable/ Universal Life | Life Planner | Gibraltar Life and Other | Total | |
| (in millions) | ||||
| Balance, beginning of period | $3,983 | $231 | $81 | $4,295 |
| Unearned revenue | 841 | 147 | 22 | 1,010 |
| Amortization expense | (211) | (10) | (5) | (226) |
| Other adjustments | 0 | 3 | 0 | 3 |
| FX adjustment | 0 | (12) | (3) | (15) |
| Balance, end of period | 4,613 | 359 | 95 | 5,067 |
| Less: Reinsurance recoverables | 0 | 0 | 0 | 0 |
| Unearned revenue reserve net of reinsurance recoverables | $4,613 | $359 | $95 | 5,067 |
| Other | 49 | |||
| Total unearned revenue reserve balance | $5,116 | |||
| Year Ended December 31, 2022 | ||||
|---|---|---|---|---|
| Individual Life · International Businesses | ||||
| Variable/ Universal Life | Life Planner | Gibraltar Life and Other | Total | |
| (in millions) | ||||
| Balance, beginning of period | $3,357 | $181 | $68 | $3,606 |
| Unearned revenue | 815 | 67 | 24 | 906 |
| Amortization expense | (189) | (5) | (6) | (200) |
| Other adjustments | 0 | 5 | 1 | 6 |
| FX adjustment | 0 | (17) | (6) | (23) |
| Balance, end of period | 3,983 | 231 | 81 | 4,295 |
| Less: Reinsurance recoverables | 0 | 0 | 0 | 0 |
| Unearned revenue reserve net of reinsurance recoverables | $3,983 | $231 | $81 | 4,295 |
| Other | 51 | |||
| Total unearned revenue reserve balance | $4,346 | |||
| Year Ended December 31, 2021 | ||||
|---|---|---|---|---|
| Individual Life · International Businesses | ||||
| Variable/Universal Life | Life Planner | Gibraltar Life and Other | Total | |
| (in millions) | ||||
| Balance, beginning of period | $2,743 | $163 | $50 | $2,956 |
| Unearned revenue | 781 | 35 | 30 | 846 |
| Amortization expense | (167) | (5) | (9) | (181) |
| Other adjustments | 0 | 0 | 0 | 0 |
| FX adjustment | 0 | (12) | (3) | (15) |
| Balance, end of period | 3,357 | 181 | 68 | 3,606 |
| Less: Reinsurance recoverables | 0 | 0 | 0 | 0 |
| Unearned revenue reserve net of reinsurance recoverables | $3,357 | $181 | $68 | 3,606 |
| Other | 38 | |||
| Total unearned revenue reserve balance | $3,644 | |||
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