PRUCO LIFE INSURANCE CO, 10-Q filed on 11/8/2024
Quarterly Report
v3.24.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2024
Nov. 08, 2024
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Entity Registrant Name PRUCO LIFE INSURANCE CO  
Document Period End Date Sep. 30, 2024  
Document Fiscal Year Focus 2024  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q3  
Document Transition Report false  
Entity File Number 033-37587  
Entity Central Index Key 0000777917  
Entity Incorporation, State or Country Code AZ  
Entity Tax Identification Number 22-1944557  
Entity Address, Address Line One 213 Washington 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 Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   250,000
v3.24.3
Unaudited Interim Consolidated Statements of Financial Position - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
ASSETS    
Fixed maturities, available for sale, at fair value (allowance for credit losses: 2024-$14,575; 2023-$2,008) (amortized cost: 2024–$35,694,374; 2023–$27,538,066) $ 34,956,806 $ 26,131,780
Fixed maturities, trading, at fair value (amortized cost: 2024–$3,877,899; 2023–$3,476,746) 3,507,269 2,796,446
Equity securities, at fair value (cost: 2024– $531,417; 2023–$824,270) 552,549 844,950
Policy loans 1,524,636 1,472,677
Short-term investments (net of allowance for credit losses: 2024-$49; 2023-$0) 538,649 380,366
Commercial mortgage and other loans (net of $44,309 and $37,689 allowance for credit losses at September 30, 2024 and December 31, 2023, respectively) 7,223,568 6,122,721
Other invested assets (includes $56,573 and $85,025 of assets measured at fair value at September 30, 2024 and December 31, 2023, respectively) 1,465,970 1,222,985
Total investments 49,769,447 38,971,925
Cash and cash equivalents 3,313,710 2,139,792
Deferred policy acquisition costs 7,706,078 7,097,511
Accrued investment income 444,591 333,838
Reinsurance recoverables 43,285,050 38,709,651
Receivables from parent and affiliates 618,259 332,583
Deferred sales inducements 330,264 351,424
Income tax assets 1,924,854 1,737,651
Market risk benefits assets 2,499,234 2,367,243
Other assets 2,934,252 2,078,938
Separate account assets 122,779,095 119,188,485
TOTAL ASSETS 235,604,834 213,309,041
LIABILITIES    
Policyholders’ account balances 65,658,560 53,012,800
Future policy benefits 25,253,059 23,205,205
Market risk benefit liabilities 4,915,163 5,144,401
Cash collateral for loaned securities 330,370 218,310
Short-term debt to affiliates 0 180,411
Payables to parent and affiliates 2,068,283 2,667,696
Other liabilities 9,683,019 5,170,308
Separate account liabilities 122,779,095 119,188,485
Total liabilities 230,687,549 208,787,616
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 15)
EQUITY    
Common stock ($10 par value; 1,000,000 shares authorized; 250,000 shares issued and outstanding) 2,500 2,500
Additional paid-in capital 4,507,604 5,052,602
Retained earnings / (accumulated deficit) (202,881) (532,951)
Accumulated other comprehensive income (loss) 359,542 (30,920)
Total Pruco Life Insurance Company equity 4,666,765 4,491,231
Noncontrolling Interests 250,520 30,194
Total equity 4,917,285 4,521,425
TOTAL LIABILITIES AND EQUITY $ 235,604,834 $ 213,309,041
v3.24.3
Unaudited Interim Consolidated Statements of Financial Position (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Fixed Maturities, Available-for-sale, allowance for credit losses $ 14,575 $ 2,008
Fixed Maturities, Available-for-sale, amortized cost 35,694,374 27,538,066
Fixed maturities, trading, amortized cost 3,877,899 3,476,746
Equity securities, at cost 531,417 824,270
Commercial mortgage and other loans, allowance for credit losses 44,309 37,689
Other invested assets, at fair value $ 56,573 $ 85,025
Common Stock, Par or Stated Value Per Share $ 10 $ 10
Common Stock, Shares Authorized 1,000,000 1,000,000
Common Stock, Shares, Issued 250,000 250,000
Common Stock, Shares, Outstanding 250,000 250,000
ASU 2016-13    
Short-term investments, allowance for credit losses $ 49 $ 0
v3.24.3
Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
REVENUES        
Premiums (includes $(53), $1,832, $(2,575) and $6,924 of gains (losses) from change in estimates on deferred profit liability amortization for the three months ended September 30, 2024 and 2023 and the nine months ended September 30, 2024 and 2023, respectively) $ 97,089 $ 85,140 $ 284,192 $ 251,761
Policy charges and fee income 408,767 346,481 3,706,806 1,096,508
Net investment income 638,692 460,864 1,724,005 1,203,389
Asset administration fees 56,428 56,754 168,173 177,744
Other income (loss) 386,095 (63,555) 737,269 286,750
Realized Investment gains (losses), net (616,495) (468,256) 245,387 (581,241)
Change in value of market risk benefits, net of related hedging gain (loss) (175,401) (247,471) (365,993) (266,156)
TOTAL REVENUES 795,175 169,957 6,499,839 2,168,755
BENEFITS AND EXPENSES        
Policyholders' benefits 130,681 145,409 4,372,968 397,552
Change in estimates of liability for future policy benefits 2,434 6,565 (15,745) 1,030
Interest credited to policyholders’ account balances 256,160 163,074 706,934 467,112
Amortization of deferred policy acquisition costs 148,755 132,242 165,750 398,884
General, administrative and other expenses 310,285 271,473 905,123 858,809
TOTAL BENEFITS AND EXPENSES 848,315 718,763 6,135,030 2,123,387
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total (53,140) (548,806) 364,809 45,368
Income tax expense (benefit) (45,500) (104,883) 25,287 (8,318)
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE (7,640) (443,923) 339,522 53,686
Equity in earnings of operating joint venture, net of taxes (95) (404) (338) (736)
NET INCOME (LOSS) (7,735) (444,327) 339,184 52,950
Less: Income (loss) attributable to noncontrolling interests 6,042 0 9,114 0
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY (13,777) (444,327) 330,070 52,950
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments 5,756 (2,835) 1,578 431
Net unrealized investment gains (losses) 1,116,531 (618,892) 647,531 (500,018)
Interest rate remeasurement of future policy benefits (87,870) 90,909 (21,655) 73,321
Gain (loss) from changes in non-performance risk on market risk benefits 50,314 (429,966) (133,611) (497,289)
Total 1,084,731 (960,784) 493,843 (923,555)
Less: Income tax expense (benefit) related to other comprehensive income (loss) 226,942 (201,437) 103,381 (194,021)
Other comprehensive income (loss), net of taxes 857,789 (759,347) 390,462 (729,534)
Total comprehensive income (loss) 850,054 (1,203,674) 729,646 (676,584)
Less: Comprehensive income (loss) attributable to noncontrolling interests 6,042 0 9,114 0
Comprehensive income (loss) attributable to Pruco Life Insurance Company $ 844,012 $ (1,203,674) $ 720,532 $ (676,584)
v3.24.3
Unaudited Interim Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
  Common Stock
Additional Paid-in Capital
Retained Earnings / (Accumulated Deficit)
Accumulated Other Comprehensive   Income (Loss)
Total Pruco Life Insurance Company Equity
Noncontrolling Interests
Total  Equity
Beginning Balance at Dec. 31, 2022 [1]   $ 2,500 $ 6,037,914 $ (994,154) $ (10,065) $ 5,036,195 $ 0 $ 5,036,195
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Contributed capital     405,000     405,000   405,000
Contributed (distributed) capital-parent/child asset transfers     1,870     1,870   1,870
Comprehensive income (loss):                
Net Income (Loss)       279,679   279,679   279,679
Other comprehensive income (loss), net of tax         416,704 416,704 0 416,704
Total comprehensive income (loss)       279,679 416,704 696,383 0 696,383
Ending Balance at Mar. 31, 2023   2,500 6,444,784 (714,475) 406,639 6,139,448 0 6,139,448
Beginning Balance at Dec. 31, 2022 [1]   2,500 6,037,914 (994,154) (10,065) 5,036,195 0 5,036,195
Comprehensive income (loss):                
Net Income (Loss) $ 52,950              
Other comprehensive income (loss), net of tax (729,534)              
Total comprehensive income (loss) (676,584)              
Ending Balance at Sep. 30, 2023   2,500 5,495,220 (941,204) (739,599) 3,816,917 0 3,816,917
Beginning Balance at Mar. 31, 2023   2,500 6,444,784 (714,475) 406,639 6,139,448 0 6,139,448
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Return of capital     (300,000)     (300,000)   (300,000)
Contributed (distributed) capital-parent/child asset transfers     498     498   498
Comprehensive income (loss):                
Net Income (Loss)       217,598   217,598   217,598
Other comprehensive income (loss), net of tax         (386,891) (386,891) 0 (386,891)
Total comprehensive income (loss)       217,598 (386,891) (169,293) 0 (169,293)
Ending Balance at Jun. 30, 2023   2,500 6,145,282 (496,877) 19,748 5,670,653 0 5,670,653
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Return of capital     (650,000)     (650,000)   (650,000)
Contributed (distributed) capital-parent/child asset transfers     (62)     (62)   (62)
Comprehensive income (loss):                
Net Income (Loss) (444,327)     (444,327)   (444,327)   (444,327)
Other comprehensive income (loss), net of tax (759,347)       (759,347) (759,347) 0 (759,347)
Total comprehensive income (loss) (1,203,674)     (444,327) (759,347) (1,203,674) 0 (1,203,674)
Ending Balance at Sep. 30, 2023   2,500 5,495,220 (941,204) (739,599) 3,816,917 0 3,816,917
Beginning Balance at Dec. 31, 2023 4,521,425 2,500 5,052,602 (532,951) (30,920) 4,491,231 30,194 4,521,425
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Contributions from noncontrolling interests             25,310 25,310
Contributed (distributed) capital-parent/child asset transfers     5,722     5,722   5,722
Comprehensive income (loss):                
Net Income (Loss)       (542,422)   (542,422) 1,181 (541,241)
Other comprehensive income (loss), net of tax         (412,522) (412,522) 0 (412,522)
Total comprehensive income (loss)       (542,422) (412,522) (954,944) 1,181 (953,763)
Ending Balance at Mar. 31, 2024   2,500 5,058,324 (1,075,373) (443,442) 3,542,009 56,685 3,598,694
Beginning Balance at Dec. 31, 2023 4,521,425 2,500 5,052,602 (532,951) (30,920) 4,491,231 30,194 4,521,425
Comprehensive income (loss):                
Net Income (Loss) 339,184              
Other comprehensive income (loss), net of tax 390,462              
Total comprehensive income (loss) 729,646              
Ending Balance at Sep. 30, 2024 4,917,285 2,500 4,507,604 (202,881) 359,542 4,666,765 250,520 4,917,285
Beginning Balance at Mar. 31, 2024   2,500 5,058,324 (1,075,373) (443,442) 3,542,009 56,685 3,598,694
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Return of capital     (550,000)     (550,000)   (550,000)
Contributions from noncontrolling interests             49,548 49,548
Contributed (distributed) capital-parent/child asset transfers     (34)     (34)   (34)
Comprehensive income (loss):                
Net Income (Loss)       886,269   886,269 1,891 888,160
Other comprehensive income (loss), net of tax         (54,805) (54,805) 0 (54,805)
Total comprehensive income (loss)       886,269 (54,805) 831,464 1,891 833,355
Ending Balance at Jun. 30, 2024   2,500 4,508,290 (189,104) (498,247) 3,823,439 108,124 3,931,563
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Contributions from noncontrolling interests             136,354 136,354
Contributed (distributed) capital-parent/child asset transfers     (686)     (686)   (686)
Comprehensive income (loss):                
Net Income (Loss) (7,735)     (13,777)   (13,777) 6,042 (7,735)
Other comprehensive income (loss), net of tax 857,789       857,789 857,789 0 857,789
Total comprehensive income (loss) 850,054     (13,777) 857,789 844,012 6,042 850,054
Ending Balance at Sep. 30, 2024 $ 4,917,285 $ 2,500 $ 4,507,604 $ (202,881) $ 359,542 $ 4,666,765 $ 250,520 $ 4,917,285
[1] Prior period amounts reflect the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.24.3
Unaudited Interim Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 339,184 $ 52,950
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Policy charges and fee income (2,385,391) 47,830
Interest credited to policyholders’ account balances 706,934 467,112
Realized investment (gains) losses, net (245,387) 581,241
Change in value of market risk benefits, net of related hedging (gains) losses 365,993 266,156
Change in:    
Future policy benefits and other insurance liabilities 1,965,765 1,722,582
Reinsurance recoverables (699,804) (447,411)
Accrued investment income (93,153) (85,831)
Net payables to/receivables from parent and affiliates 35,536 (9,978)
Deferred policy acquisition costs (923,402) (386,514)
Income taxes (291,914) (430,883)
Derivatives, net 165,999 (547,545)
Other, net 3,237,170 107,768
Cash flows from (used in) operating activities 2,177,530 1,337,477
Proceeds from the sale/maturity/prepayment of:    
Fixed maturities, available-for-sale 2,290,052 1,096,571
Fixed maturities, trading 725,117 68,734
Equity securities 956,037 189,090
Policy loans 140,426 141,484
Ceded policy loans (84,955) (94,874)
Short-term investments 997,435 352,689
Commercial mortgage and other loans 545,134 98,558
Other invested assets 31,060 11,800
Payments for the purchase/origination of:    
Fixed maturities, available-for-sale (10,341,310) (5,957,466)
Fixed maturities, trading (1,367,554) (746,093)
Equity securities (661,555) (86,748)
Policy loans (171,967) (1,111,590)
Ceded policy loans 77,459 127,365
Short-term investments (1,155,119) (473,889)
Commercial mortgage and other loans (1,616,916) (665,136)
Other invested assets (309,750) (137,809)
Notes receivable from parent and affiliates, net (338,431)  
Notes receivable from parent and affiliates, net   4,302
Derivatives, net 172,756 (56,949)
Other, net 0 (3,924)
Cash flows from (used in) investing activities (10,112,081) (7,243,885)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Policyholders’ account deposits 12,851,141 9,193,418
Ceded policyholders’ account deposits (957,473) (875,022)
Policyholders’ account withdrawals (3,108,080) (2,805,559)
Ceded policyholders’ account withdrawals 593,474 454,740
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities 112,070 97,263
Contributed / (return of) capital (550,000) (545,000)
Contributed (distributed) capital - parent/child asset transfers 6,332 2,919
Net change in all other financing arrangements (maturities 90 days or less) 0 (584)
Repayments of debt (maturities longer than 90 days) (180,411) 0
Drafts outstanding (63,534) (109,199)
Contributions from noncontrolling interests 211,212 0
Other, net 193,738 (58,917)
Cash flows from (used in) financing activities 9,108,469 5,354,059
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,173,918 (552,349)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 2,139,792 2,397,627
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 3,313,710 $ 1,845,278
v3.24.3
Unaudited Interim Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
FLIAC    
Non-cash activities   $ 470
Affiliated Entity | PURE and PICA    
Non-cash activities $ 1,129  
v3.24.3
Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Gain (loss) from changes in estimates on deferred profit liability amortization $ (53) $ 1,832 $ (2,575) $ 6,924
v3.24.3
Business and Basis of Presentation
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business and Basis of Presentation BUSINESS AND BASIS OF PRESENTATION
Pruco Life Insurance Company (“Pruco Life”) is a wholly-owned subsidiary of Prudential Insurance, which in turn is a direct wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). Pruco Life is a stock life insurance company organized in 1971 under the laws of the State of Arizona. It is licensed to sell life insurance and annuities in the District of Columbia, Guam and in all states except New York, and sells such products primarily through affiliated and unaffiliated distributors.

Pruco Life has one wholly-owned insurance subsidiary, Pruco Life Insurance Company of New Jersey (“PLNJ”). PLNJ is a stock life insurance company organized in 1982 under the laws of the State of New Jersey. It is licensed to sell life insurance and annuities in New Jersey and New York only. Pruco Life and its subsidiaries are together referred to as the "Company", "we" or "our" and all financial information is shown on a consolidated basis.

Prudential Financial Sale of PALAC

Effective April 1, 2022, Prudential Financial completed the sale of Prudential Annuities Life Assurance Corporation (“PALAC”) to Fortitude Group Holdings, LLC (“Fortitude”). As such, PALAC is no longer an affiliate of Prudential Financial or the Company. Fortitude subsequently renamed the company Fortitude Life Insurance & Annuity Company (“FLIAC”).

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 Pruco Life and entities over which the Company exercises control, including majority-owned subsidiaries. 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 and reinsurance 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 ("MRBs"); the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments; reinsurance recoverables; 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.
v3.24.3
Significant Accounting Policies and Pronouncements
 9 Months Ended
Sep. 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 September 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 September 30, 2024

StandardDescriptionEffective date and method of adoptionEffect on the financial statements or other significant matters
ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment DisclosuresThis ASU requires entities, including those with a single operating or reportable segment, to provide more detailed information about significant segment expenses that are regularly provided to the chief operating decision maker. The ASU also clarifies that all of the disclosures required in the guidance apply to all public entities, including those with a single operating or reportable segment.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 ASU has no impact on the Company's Consolidated Financial Statements but will result in expanded disclosures in the Notes to the Consolidated Financial Statements.
ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

This ASU requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.
v3.24.3
Investments
 9 Months Ended
Sep. 30, 2024
Investments [Abstract]  
Investments 3.    INVESTMENTS
Fixed Maturity Securities

The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:
 September 30, 2024
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$1,445,892 $55,377 $72,214 $0 $1,429,055 
Obligations of U.S. states and their political subdivisions600,925 3,108 16,403 0 587,630 
Foreign government securities425,732 5,546 47,756 0 383,522 
U.S. public corporate securities13,470,713 244,576 653,173 920 13,061,196 
U.S. private corporate securities5,987,215 85,668 197,291 3,380 5,872,212 
Foreign public corporate securities3,483,095 76,199 89,969 21 3,469,304 
Foreign private corporate securities5,524,144 185,124 308,157 10,254 5,390,857 
Asset-backed securities(1)3,450,724 44,992 5,676 0 3,490,040 
Commercial mortgage-backed securities929,684 9,742 43,990 0 895,436 
Residential mortgage-backed securities(2)376,250 6,120 4,816 0 377,554 
Total fixed maturities, available-for-sale$35,694,374 $716,452 $1,439,445 $14,575 $34,956,806 
(1)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans and home equity loans.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

 December 31, 2023
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$1,009,937 $38,858 $73,508 $0 $975,287 
Obligations of U.S. states and their political subdivisions789,856 5,288 18,517 0 776,627 
Foreign government securities330,830 1,840 50,684 0 281,986 
U.S. public corporate securities10,159,089 98,047 760,274 950 9,495,912 
U.S. private corporate securities5,207,699 37,435 254,828 812 4,989,494 
Foreign public corporate securities1,809,347 12,658 115,673 238 1,706,094 
Foreign private corporate securities4,902,391 109,806 381,215 0 4,630,982 
Asset-backed securities(1)2,016,028 23,035 11,512 1 2,027,550 
Commercial mortgage-backed securities913,347 4,776 66,345 0 851,778 
Residential mortgage-backed securities(2)399,542 4,016 7,481 7 396,070 
Total fixed maturities, available-for-sale$27,538,066 $335,759 $1,740,037 $2,008 $26,131,780 
(1)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans and home equity loans.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
The following tables set forth the fair value and gross unrealized losses on fixed maturity, available-for-sale securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
 September 30, 2024
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Fair Value  Gross
  Unrealized  Losses		Fair Value  Gross
  Unrealized  Losses		Fair Value  Gross
  Unrealized  Losses
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $0 $261,544 $72,214 $261,544 $72,214 
Obligations of U.S. states and their political subdivisions136,153 990 191,893 15,413 328,046 16,403 
Foreign government securities17,644 83 228,866 47,673 246,510 47,756 
U.S. public corporate securities475,396 8,277 5,252,550 644,896 5,727,946 653,173 
U.S. private corporate securities658,961 16,690 2,477,333 180,579 3,136,294 197,269 
Foreign public corporate securities100,693 427 800,890 89,533 901,583 89,960 
Foreign private corporate securities73,843 4,714 2,290,320 303,443 2,364,163 308,157 
Asset-backed securities231,205 1,053 182,428 4,623 413,633 5,676 
Commercial mortgage-backed securities0 0 533,822 43,990 533,822 43,990 
Residential mortgage-backed securities79 4 131,368 4,812 131,447 4,816 
Total fixed maturities, available-for-sale$1,693,974 $32,238 $12,351,014 $1,407,176 $14,044,988 $1,439,414 


 December 31, 2023
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Fair ValueGross
  Unrealized  Losses		Fair ValueGross
  Unrealized  Losses		Fair ValueGross
  Unrealized  Losses
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of
U.S. government authorities and agencies		$98,174 $945 $214,889 $72,563 $313,063 $73,508 
Obligations of U.S. states and their political subdivisions83,729 293 218,375 18,224 302,104 18,517 
Foreign government securities10,226 116 233,757 50,568 243,983 50,684 
U.S. public corporate securities782,904 10,009 5,201,353 750,265 5,984,257 760,274 
U.S. private corporate securities707,674 16,613 2,794,697 238,181 3,502,371 254,794 
Foreign public corporate securities92,955 1,063 948,963 114,169 1,041,918 115,232 
Foreign private corporate securities429,212 8,035 2,461,367 373,180 2,890,579 381,215 
Asset-backed securities208,970 1,761 532,814 9,750 741,784 11,511 
Commercial mortgage-backed securities42,621 298 580,931 66,047 623,552 66,345 
Residential mortgage-backed securities35,904 435 124,956 7,046 160,860 7,481 
Total fixed maturities, available-for-sale$2,492,369 $39,568 $13,312,102 $1,699,993 $15,804,471 $1,739,561 
As of September 30, 2024 and December 31, 2023, the gross unrealized losses on fixed maturity, available-for-sale securities without an allowance were $1,354 million and $1,634 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 $85 million and $106 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of September 30, 2024, the $1,407 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the finance, consumer non-cyclical and utility sectors. As of December 31, 2023, the $1,700 million of gross unrealized losses of twelve months or more were concentrated in the Company's corporate securities within the finance, consumer non-cyclical and utility sectors.

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 September 30, 2024. This conclusion was based on a detailed analysis of the underlying credit and cash flows for each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening and foreign currency exchange rate movements. As of September 30, 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 remaining amortized cost basis.

The following table sets forth the amortized cost and fair value of fixed maturities, available-for-sale by contractual maturities, as of the date indicated:
September 30, 2024
 Amortized CostFair Value
(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less$1,451,746 $1,437,659 
Due after one year through five years11,583,221 11,565,272 
Due after five years through ten years9,102,232 9,116,421 
Due after ten years8,800,517 8,074,424 
Asset-backed securities3,450,724 3,490,040 
Commercial mortgage-backed securities929,684 895,436 
Residential mortgage-backed securities376,250 377,554 
Total fixed maturities, available-for-sale$35,694,374 $34,956,806 

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, available-for-sale, for the periods indicated:

 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$248,635 $151,383 $676,660 $280,064 
Proceeds from maturities/prepayments483,079 318,188 1,618,992 806,521 
Gross investment gains from sales and maturities2,921 1,377 13,265 10,826 
Gross investment losses from sales and maturities(9,153)(10,920)(33,625)(28,445)
Write-downs recognized in earnings(2)(9,534)4 (9,534)11 
(Addition to) release of allowance for credit losses(11,227)608 (12,567)454 
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(5.6) million and $10.0 million for the nine months ended September 30, 2024 and 2023, respectively.
(2)Amounts represent write-downs of credit adverse securities and securities actively marketed for sale.
The following tables set forth the activity in the allowance for credit losses for fixed maturity available-for-sale securities, as of the dates indicated:
Three Months Ended September 30, 2024
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $3,343 $0 $0 $5 $3,348 
Additions to allowance for credit losses not previously recorded0 0 12,026 0 0 0 12,026 
Reductions for securities sold during the period0 0 0 0 0 0 0 
Additions (reductions) on securities with previous allowance0 0 (794)0 0 (5)(799)
Assets transferred to parent and affiliates 0 0 0 0 0 0 0 
Balance, end of period$0 $0 $14,575 $0 $0 $0 $14,575 

Three Months Ended September 30, 2023
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $4,917 $0 $0 $6 $4,923 
Additions to allowance for credit losses not previously recorded0 0 374 0 0 0 374 
Reductions for securities sold during the period0 0 (1,280)0 0 0 (1,280)
Additions (reductions) on securities with previous allowance0 0 296 0 0 2 298 
Balance, end of period$0 $0 $4,307 $0 $0 $8 $4,315 
Nine Months Ended September 30, 2024
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $2,000 $1 $0 $7 $2,008 
Additions to allowance for credit losses not previously recorded0 0 12,422 0 0 5 12,427 
Reductions for securities sold during the period0 0 (42)0 0 0 (42)
Additions (reductions) on securities with previous allowance0 0 (284)(1)0 (12)(297)
Assets transferred to parent and affiliates 0 0 479 0 0 0 479 
Balance, end of period$0 $0 $14,575 $0 $0 $0 $14,575 

Nine Months Ended September 30, 2023
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $5 $4,755 $0 $0 $9 $4,769 
Additions to allowance for credit losses not previously recorded0 0 3,539 0 0 0 3,539 
Reductions for securities sold during the period0 (1)(5,054)0 0 0 (5,055)
Additions (reductions) on securities with previous allowance0 (4)1,067 0 0 (1)1,062 
Balance, end of period$0 $0 $4,307 $0 $0 $8 $4,315 

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 information about the Company's methodology for developing our allowance and expected losses.

For the three months ended September 30, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the consumer non-cyclical and technology sectors within corporate securities due to adverse projected cashflows. For the three months ended September 30, 2023, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to net reductions within the utility sector within corporate securities due to an investment restructuring.

For the nine months ended September 30, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the consumer non-cyclical, capital goods and technology sectors within corporate securities due to adverse projected cashflows. For the nine months ended September 30, 2023, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to net reductions within the capital goods and utility sectors within corporate securities due to investment restructurings, partially offset by net additions within the technology and finance sectors within corporate securities due to adverse projected cashflows.
The Company did not have any fixed maturity securities purchased with credit deterioration as of both September 30, 2024 and December 31, 2023.
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 $149.0 million and $(221.6) million during the three months ended September 30, 2024 and 2023, respectively, and $16.8 million and $(179.0) million during the nine months ended September 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 $37.6 million and $(10.9) million during the three months ended September 30, 2024 and 2023, respectively, and $16.2 million and $(2.8) million during the nine months ended September 30, 2024 and 2023, respectively.

Commercial Mortgage and Other Loans

The following table sets forth the composition of “Commercial mortgage and other loans”, as of the dates indicated:
September 30, 2024December 31, 2023
 Amount% of
Total		Amount% of
Total
($ in thousands)
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$1,892,110 26.1 %$1,578,785 25.7 %
Hospitality100,890 1.4 102,952 1.7 
Industrial2,865,789 39.5 2,486,230 40.4 
Office597,283 8.2 604,611 9.8 
Other694,191 9.6 456,720 7.4 
Retail406,850 5.5 363,706 5.9 
Total commercial mortgage loans6,557,113 90.3 5,593,004 90.9 
Agricultural property loans703,309 9.7 562,046 9.1 
Total commercial mortgage and agricultural property loans7,260,422 100.0 %6,155,050 100.0 %
Allowance for credit losses(44,309)(37,689)
Total net commercial mortgage and agricultural property loans7,216,113 6,117,361 
Other loans:
Other collateralized loans7,455 5,360 
Total other loans7,455 5,360 
Total net commercial mortgage and other loans$7,223,568 $6,122,721 

As of September 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 (26%), Texas (9%) and Washington (6%)), and included loans secured by properties in Europe (9%), Mexico (1%) and Australia (1%).
The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated:

Three Months Ended September 30,
20242023
Commercial Mortgage LoansAgricultural Property LoansTotalCommercial Mortgage LoansAgricultural Property LoansTotal
(in thousands)
Allowance, beginning of period$40,692 $880 $41,572 $21,133 $960 $22,093 
Addition to (release of) allowance for expected losses1,389 1,348 2,737 5,055 (48)5,007 
Allowance, end of period$42,081 $2,228 $44,309 $26,188 $912 $27,100 

Nine Months Ended September 30,
20242023
Commercial Mortgage LoansAgricultural Property LoansTotalCommercial Mortgage LoansAgricultural Property LoansTotal
(in thousands)
Allowance, beginning of period$36,758 $931 $37,689 $19,665 $598 $20,263 
Addition to (release of) allowance for expected losses5,323 1,297 6,620 6,523 314 6,837 
Allowance, end of period$42,081 $2,228 $44,309 $26,188 $912 $27,100 


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 information about the Company's methodology for developing our allowance and expected losses.

For the three months ended September 30, 2024, the net increase in the allowance for credit losses on commercial mortgage and other loans was in the loan specific allowance within agricultural property loans and in the general allowance due to loan originations. For the three months ended September 30, 2023, the net increase in the allowance for credit losses on commercial mortgage and other loans was due to an increase in the loan specific allowance in commercial mortgage loans within the office sector and an increase in the general allowance due to declining market conditions and loan originations.

For the nine months ended September 30, 2024, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to an increase in the loan specific allowance in commercial mortgage loans within the office sector and within agricultural property loans and in the general allowance due to loan originations partially offset by loan payoffs. For the nine months ended September 30, 2023, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to an increase in loan specific allowance in commercial mortgage loans within the office sector and an increase in the general allowance due to declining market conditions and loan originations.
The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:
September 30, 2024
Amortized Cost by Origination Year
20242023202220212020PriorRevolving LoansTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$123,866 $251,014 $272,694 $484,606 $76,205 $1,219,508 $2,554 $2,430,447 
60%-69.99%873,753 692,435 298,812 401,981 173,843 358,886 0 2,799,710 
70%-79.99%170,165 202,273 151,128 295,221 76,922 50,697 0 946,406 
80% or greater1,196 0 59,671 84,448 3,866 231,369 0 380,550 
Total$1,168,980 $1,145,722 $782,305 $1,266,256 $330,836 $1,860,460 $2,554 $6,557,113 
Debt Service Coverage Ratio:
Greater than 1.2x$1,119,178 $1,041,778 $767,191 $1,266,256 $260,688 $1,740,855 $2,554 $6,198,500 
1.0 - 1.2x49,802 103,944 15,114 0 0 57,284 0 226,144 
Less than 1.0x0 0 0 0 70,148 62,321 0 132,469 
Total$1,168,980 $1,145,722 $782,305 $1,266,256 $330,836 $1,860,460 $2,554 $6,557,113 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$137,525 $90,427 $168,416 $131,740 $23,625 $39,716 $18,988 $610,437 
60%-69.99%0 19,396 49,210 0 0 0 0 68,606 
70%-79.99%0 0 0 0 0 0 0 0 
80% or greater0 0 7,242 0 1,696 0 15,328 24,266 
Total$137,525 $109,823 $224,868 $131,740 $25,321 $39,716 $34,316 $703,309 
Debt Service Coverage Ratio:
Greater than 1.2x$134,137 $95,734 $215,626 $130,030 $23,625 $39,716 $18,988 $657,856 
1.0 - 1.2x3,388 14,089 9,242 0 1,696 0 15,328 43,743 
Less than 1.0x0 0 0 1,710 0 0 0 1,710 
Total$137,525 $109,823 $224,868 $131,740 $25,321 $39,716 $34,316 $703,309 
December 31, 2023
Amortized Cost by Origination Year
20232022202120202019PriorTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$249,037 $245,914 $482,718 $109,249 $265,053 $1,068,763 $2,420,734 
60%-69.99%675,153 355,984 449,878 172,721 225,803 206,237 2,085,776 
70%-79.99%218,015 133,343 255,299 77,812 20,924 86,806 792,199 
80% or greater0 47,555 73,702 3,817 16,508 152,713 294,295 
Total$1,142,205 $782,796 $1,261,597 $363,599 $528,288 $1,514,519 $5,593,004 
Debt Service Coverage Ratio:
Greater than 1.2x$1,038,315 $779,282 $1,261,597 $292,561 $497,407 $1,402,831 $5,271,993 
1.0 - 1.2x103,890 3,514 0 0 15,632 40,521 163,557 
Less than 1.0x0 0 0 71,038 15,249 71,167 157,454 
Total$1,142,205 $782,796 $1,261,597 $363,599 $528,288 $1,514,519 $5,593,004 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$73,774 $179,375 $132,042 $25,875 $15,824 $25,771 $452,661 
60%-69.99%47,489 56,210 0 0 0 0 103,699 
70%-79.99%5,686 0 0 0 0 0 5,686 
80% or greater0 0 0 0 0 0 0 
Total$126,949 $235,585 $132,042 $25,875 $15,824 $25,771 $562,046 
Debt Service Coverage Ratio:
Greater than 1.2x$126,949 $233,585 $130,353 $24,063 $15,824 $25,771 $556,545 
1.0 - 1.2x0 2,000 0 1,812 0 0 3,812 
Less than 1.0x0 0 1,689 0 0 0 1,689 
Total$126,949 $235,585 $132,042 $25,875 $15,824 $25,771 $562,046 

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 information about the Company’s commercial mortgage and other loans credit quality monitoring process.

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. The amount, timing and extent of modifications granted and subsequent performance are considered in determining any allowance for credit losses.

The following tables set forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties for the dates indicated:
Three Months Ended September 30, 2024
Term
Extension		% of
Amortized Cost		Other Than Insignificant Delay in Payment% of
Amortized Cost
($ in thousands)
Commercial mortgage loans$0 0.0 %$13,860 0.2 %
Nine Months Ended September 30, 2024
Term
Extension		% of
Amortized Cost		Other Than Insignificant Delay in Payment% of
Amortized Cost
($ in thousands)
Commercial mortgage loans$16,706 0.3 %$13,860 0.2 %

The modifications added less than one year to the weighted average life in the commercial mortgage loan portfolio.

During both the three and nine months ended September 30, 2023, the Company did not modify any loans to borrowers experiencing financial difficulties.

For the nine months ended September 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 both September 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:
September 30, 2024
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$6,543,821 $0 $0 $13,292 $6,557,113 $14,487 
Agricultural property loans678,706 0 0 24,603 703,309 24,603 
Other collateralized loans7,455 0 0 0 7,455 0 
Total$7,229,982 $0 $0 $37,895 $7,267,877 $39,090 
(1)As of September 30, 2024, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

December 31, 2023
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$5,593,004 $0 $0 $0 $5,593,004 $0 
Agricultural property loans562,046 0 0 0 562,046 1,301 
Other collateralized loans5,360 0 0 0 5,360 0 
Total$6,160,410 $0 $0 $0 $6,160,410 $1,301 
(1)As of December 31, 2023, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Loans on non-accrual status recognized interest of $1 million for both the three and nine months ended September 30, 2024. Loans on non-accrual status that did not have a related allowance for credit losses were $2 million and $0 million as of September 30, 2024 and December 31, 2023, respectively.
For the three and nine months ended September 30, 2024, there were $0.0 million and $12.6 million commercial mortgage and other loans acquired, respectively, other than those through direct origination, and there were no commercial mortgage and other loans sold.

For both the three and nine months ended September 30, 2023, there were no commercial mortgage and other loans acquired, other than those through direct origination, and there were no commercial mortgage and other loans sold.

The Company did not have any commercial mortgage and other loans purchased with credit deterioration as of both September 30, 2024 and December 31, 2023.

Other Invested Assets

The following table sets forth the composition of “Other invested assets,” as of the dates indicated:
September 30, 2024December 31, 2023
 (in thousands)
LPs/LLCs:
Equity method:
Private equity$383,918 $333,863 
Hedge funds926,861 720,360 
Real estate-related98,176 83,339 
Subtotal equity method1,408,955 1,137,562 
Fair value:
Private equity31,762 48,483 
Hedge funds14 137 
Real estate-related16,410 18,687 
Subtotal fair value48,186 67,307 
Total LPs/LLCs1,457,141 1,204,869 
Derivative instruments8,387 17,718 
Other(1)442 398 
Total other invested assets$1,465,970 $1,222,985 
(1)Assets consist of investments in separate account funds.

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:

September 30, 2024December 31, 2023
(in thousands)
Fixed maturities$388,170 $272,031 
Equity securities381 220 
Commercial mortgage and other loans26,520 21,070 
Policy loans21,949 35,210 
Other invested assets0 43 
Short-term investments and cash equivalents7,571 5,264 
Total accrued investment income$444,591 $333,838 

There were no significant write-downs on accrued investment income for both the three and nine months ended September 30, 2024 and 2023.
Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated:
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
 (in thousands)
Fixed maturities, available-for-sale$439,805 $312,405 $1,172,544 $822,933 
Fixed maturities, trading40,719 26,104 111,345 65,739 
Equity securities6,190 3,886 16,395 9,206 
Commercial mortgage and other loans84,328 58,673 236,006 163,646 
Policy loans16,995 15,962 48,028 31,580 
Other invested assets35,066 36,152 87,133 77,875 
Short-term investments and cash equivalents41,976 27,347 129,298 88,105 
Gross investment income665,079 480,529 1,800,749 1,259,084 
Less: investment expenses(26,387)(19,665)(76,744)(55,695)
Net investment income$638,692 $460,864 $1,724,005 $1,203,389 
            
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 September 30,Nine Months Ended September 30,
 2024202320242023
 (in thousands)
Fixed maturities(1)$(26,993)$(8,931)$(42,461)$(17,154)
Commercial mortgage and other loans(3,533)(5,059)(8,152)(7,143)
Other invested assets(36,941)10,856 (3,795)24,052 
Derivatives(549,017)(465,176)299,886 (582,846)
Short-term investments and cash equivalents(11)54 (91)1,850 
Realized investment gains (losses), net$(616,495)$(468,256)$245,387 $(581,241)
(1)Includes fixed maturity securities classified as available-for-sale and 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:
September 30, 2024December 31, 2023
 (in thousands)
Fixed maturity securities, available-for-sale with an allowance$(7,861)$1,987 
Fixed maturity securities, available-for-sale without an allowance(715,132)(1,406,265)
Derivatives designated as cash flow hedges(1)1,734 11,934 
Affiliated notes(4,029)(8,760)
Other investments(2)1,658 (1,089)
Net unrealized gains (losses) on investments$(723,630)$(1,402,193)
(1)For more information on cash flow hedges, see Note 4.
(2)Includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in "Other assets".
Repurchase Agreements and Securities Lending

In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. As of both September 30, 2024 and December 31, 2023, the Company had no repurchase agreements.

The following table sets forth the composition of “Cash collateral for loaned securities,” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:
September 30, 2024December 31, 2023
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
Overnight & ContinuousUp to 30 DaysTotalOvernight & ContinuousUp to 30 DaysTotal
(in thousands)
U.S. Treasury securities and obligations of U.S. government authorities and agencies$152,625 $0 $152,625 $0 $0 $0 
Obligations of U.S. states and their political subdivisions1,194 0 1,194 0 0 0 
Foreign government securities135 0 135 486 0 486 
U.S. public corporate securities9,537 352 9,889 27,247 0 27,247 
U.S. private corporate securities17 0 17 0 0 0 
Foreign public corporate securities15,553 0 15,553 13,101 0 13,101 
Equity securities150,957 0 150,957 177,476 0 177,476 
Total cash collateral for loaned securities(1)$330,018 $352 $330,370 $218,310 $0 $218,310 
(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.
v3.24.3
Derivative Instruments
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments DERIVATIVES AND HEDGING
Types of Derivative Instruments and Derivative Strategies

The Company utilizes various derivative instruments and strategies to manage its risk. Commonly used derivative instruments include, but are not necessarily limited to:
•Interest rate contracts: futures, swaps, options, caps and floors
•Equity contracts: futures, options and total return swaps
•Foreign exchange contracts: futures, options, forwards and swaps
•Credit contracts: single and index reference credit default swaps

Other types of financial contracts that the Company accounts for as derivatives include:
•Embedded derivatives and synthetic guaranteed investment contracts (“GICs”)

For detailed information on these contracts and the related strategies, 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.
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, excluding embedded derivatives and associated reinsurance recoverables. 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.
 September 30, 2024December 31, 2023
Primary Underlying Risk/Instrument Type Fair Value Fair Value
Gross NotionalAssetsLiabilitiesGross NotionalAssetsLiabilities
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Interest Rate Swaps$2,897 $135 $(330)$3,064 $0 $(238)
Foreign Currency Swaps2,925,541 124,783 (74,826)2,274,636 121,243 (54,044)
Total Derivatives Designated as Hedge Accounting Instruments$2,928,438 $124,918 $(75,156)$2,277,700 $121,243 $(54,282)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$170,060,664 $6,211,118 $(17,190,863)$163,179,764 $6,605,817 $(17,820,436)
Interest Rate Futures931,500 3,371 (907)1,332,600 3,055 (210)
Interest Rate Options29,328,000 159,714 (963,537)29,738,000 189,112 (969,718)
Interest Rate Forwards1,458,000 16,690 (19,240)1,458,000 741 (3,196)
Foreign Currency
Foreign Currency Forwards910,981 215(13,658)744,576 1,772 (12,232)
Credit
Credit Default Swaps945,6418,1100 643,280 7,727 0 
Currency/Interest Rate
Foreign Currency Swaps2,255,07471,157(34,591)2,237,331 96,618 (31,294)
Equity
Total Return Swaps18,213,679 884,499 (1,056,653)15,049,993 418,084 (803,452)
Equity Options84,822,485 4,131,807 (2,682,831)49,247,510 1,600,335 (1,552,706)
Equity Futures860,469 2,310 (294)418,973 1,232 (500)
Synthetic GICs1,213,038 794 (694)311,302 1 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments$310,999,531 $11,489,785 $(21,963,268)$264,361,329 $8,924,494 $(21,193,744)
Total Derivatives(1)(2)$313,927,969 $11,614,703 $(22,038,424)$266,639,029 $9,045,737 $(21,248,026)
(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $11,170 million and $7,402 million as of September 30, 2024 and December 31, 2023, respectively, primarily included in "Policyholders' account balances".
(2)Recorded in “Other invested assets” and “Payables to parent and affiliates” on the Unaudited Interim Consolidated Statements of Financial Position.
Offsetting Assets and Liabilities

The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.

 September 30, 2024
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Consolidated Statements of
Financial
Position		Net Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$11,613,891 $(11,606,316)$7,575 $0 $7,575 
Securities purchased under agreements to resell275,000 0 275,000 0 275,000 
Total Assets$11,888,891 $(11,606,316)$282,575 $0 $282,575 
Offsetting of Financial Liabilities:
Derivatives$22,037,730 $(20,039,444)$1,998,286 $(1,998,286)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$22,037,730 $(20,039,444)$1,998,286 $(1,998,286)$0 

 December 31, 2023
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Consolidated
Statements of
Financial
Position		Net Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$9,045,718 $(9,028,019)$17,699 $0 $17,699 
Securities purchased under agreements to resell25,000 0 25,000 0 25,000 
Total Assets$9,070,718 $(9,028,019)$42,699 $0 $42,699 
Offsetting of Financial Liabilities:
Derivatives$21,248,026 $(18,596,679)$2,651,347 $(2,651,347)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$21,248,026 $(18,596,679)$2,651,347 $(2,651,347)$0 
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.

For information regarding the rights of offset associated with the derivative assets and liabilities in the table above see “Credit Risk” below and Note 14. 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 on 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 Hedges

The primary derivative instruments used by the Company in its cash flow hedge accounting relationships are currency swaps and interest rate swaps. 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 cash flow hedge accounting relationships.

The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship.

 Three Months Ended September 30, 2024
 Realized
Investment
Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)Net
Investment
Income		Other
Income		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$1 $0 $(30)$0 $79 
Currency/Interest Rate5,179 0 12,517 (37,547)(73,638)
Total cash flow hedges5,180 0 12,487 (37,547)(73,559)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate11,635 580,493 0 0 0 
Currency(35,766)0 0 0 0 
Currency/Interest Rate(52,675)0 0 (411)0 
Credit5,128 0 0 0 0 
Equity618,400 (319,291)0 0 0 
Embedded Derivatives(1,100,919)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(554,197)261,202 0 (411)0 
Total$(549,017)$261,202 $12,487 $(37,958)$(73,559)
 Nine Months Ended September 30, 2024
 Realized
Investment
Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)Net
Investment
Income		Other
Income		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$2 $0 $(92)$0 $69 
Currency/Interest Rate4,503 0 35,386 (23,943)(10,269)
Total cash flow hedges4,505 0 35,294 (23,943)(10,200)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate84,144 (685,958)0 0 0 
Currency(14,360)0 0 0 0 
Currency/Interest Rate(19,144)0 0 (289)0 
Credit12,647 0 0 0 0 
Equity2,641,411 (808,221)0 0 0 
Embedded Derivatives(2,409,317)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments295,381 (1,494,179)0 (289)0 
Total$299,886 $(1,494,179)$35,294 $(24,232)$(10,200)

 Three Months Ended September 30, 2023
 
Realized
Investment
Gains (Losses)
Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)
Net
Investment
Income		Other
Income		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$1 $0 $(32)$0 $(12)
Currency/Interest Rate(936)0 10,629 19,494 (5,189)
Total cash flow hedges(935)0 10,597 19,494 (5,201)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate53,990 (2,059,987)0 0 0 
Currency20,401 0 0 0 0 
Currency/Interest Rate8,059 0 0 262 0 
Credit(253)0 0 0 0 
Equity(449,655)266,623 0 0 0 
Embedded Derivatives(96,783)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(464,241)(1,793,364)0 262 0 
Total$(465,176)$(1,793,364)$10,597 $19,756 $(5,201)
 Nine Months Ended September 30, 2023
 
Realized
Investment
Gains (Losses)
Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)
Net
Investment
Income		Other
Income		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$2 $0 $(86)$0 $(13)
Currency/Interest Rate(365)0 33,308 2,041 (44,154)
Total cash flow hedges(363)0 33,222 2,041 (44,167)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate69,702 (2,767,152)0 0 0 
Currency8,375 0 0 0 0 
Currency/Interest Rate(28,263)0 0 62 0 
Credit2,073 0 0 0 0 
Equity694,236 (331,444)0 0 0 
Embedded Derivatives(1,325,493)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(579,370)(3,098,596)0 62 0 
Total$(579,733)$(3,098,596)$33,222 $2,103 $(44,167)


Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:
 (in thousands)
Balance, December 31, 2023$11,934 
Amount recorded in AOCI
Interest Rate(21)
Currency/Interest Rate5,677 
Total amount recorded in AOCI5,656 
Amount reclassified from AOCI to income
Interest Rate90 
Currency/Interest Rate(15,946)
Total amount reclassified from AOCI to income(15,856)
Balance, September 30, 2024$1,734 

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 Operations and Comprehensive Income (Loss); these amounts are then reclassified to earnings when the hedged item affects earnings. Using September 30, 2024 values, it is estimated that a pre-tax gain of $27 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending September 30, 2025.

The exposures the Company is hedging with these qualifying cash flow hedges include the variability of the payment or receipt of interest or foreign currency amounts on existing financial instruments.

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.
Credit Derivatives

Credit Derivatives, where the Company has written credit protection on certain index references, have outstanding notional amounts of $946 million and $643 million as of September 30, 2024 and December 31, 2023, respectively. These credit derivatives are reported at fair value as an asset of $8 million and $8 million as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024 the notional amount of these credit derivatives had the following NAIC ratings: $911 million in NAIC 3 and $35 million in NAIC 6.

The Company has no exposure on purchased credit protection as of September 30, 2024 and December 31, 2023.

Counterparty Credit Risk

The Company is exposed to credit-related losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by entering into derivative transactions with regulated derivatives exchanges for exchange traded derivatives and its affiliate, Prudential Global Funding LLC (“PGF”), related to its over-the-counter ("OTC") derivatives. PGF, in turn, manages its credit risk by: (i) entering into derivative transactions with highly rated major international financial institutions and other creditworthy counterparties governed by master netting agreements, as applicable; (ii) trading through central clearing and 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.
v3.24.3
Fair Value of Assets and Liabilities
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value Measurement - Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

Level 1 – Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities.

Level 2 – Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted 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 5 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.
 September 30, 2024
 Level 1Level 2Level 3Netting(1)Total
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $1,429,055 $0 $$1,429,055 
Obligations of U.S. states and their political subdivisions0 587,630 0 587,630 
Foreign government securities0 382,865 657 383,522 
U.S. corporate public securities0 13,061,196 0 13,061,196 
U.S. corporate private securities0 5,021,603 850,609 5,872,212 
Foreign corporate public securities0 3,462,127 7,177 3,469,304 
Foreign corporate private securities0 4,928,028 462,829 5,390,857 
Asset-backed securities(2)0 2,879,198 610,842 3,490,040 
Commercial mortgage-backed securities0 815,182 80,254 895,436 
Residential mortgage-backed securities0 377,554 0 377,554 
Subtotal0 32,944,438 2,012,368 34,956,806 
Market risk benefit assets0 0 2,499,234 2,499,234 
Fixed maturities, trading0 3,454,406 52,863 3,507,269 
Equity securities506,870 16,439 29,240 552,549 
Short-term investments0 399,350 105,198 504,548 
Cash equivalents0 1,695,500 118 1,695,618 
Other invested assets(4)7,030 11,606,879 794 (11,606,316)8,387 
Other assets0 0 509,723 509,723 
Reinsurance recoverables0 0 201,559 201,559 
Receivables from parent and affiliates0 152,105 339,041 491,146 
Subtotal excluding separate account assets513,900 50,269,117 5,750,138 (11,606,316)44,926,839 
Separate account assets(5)(6)280,132 116,410,586 10,117 116,700,835 
Total assets$794,032 $166,679,703 $5,760,255 $(11,606,316)$161,627,674 
Market risk benefit liabilities$0 $0 $4,915,163 $ $4,915,163 
Policyholders' account balances0 0 11,854,608 11,854,608 
Payables to parent and affiliates0 22,036,023 0 (20,037,749)1,998,274 
Other liabilities(7)1,708 26,546 693 (1,695)27,252 
Total liabilities$1,708 $22,062,569 $16,770,464 $(20,039,444)$18,795,297 

 
 December 31, 2023
 Level 1Level 2Level 3Netting(1)Total
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $975,287 $0 $$975,287 
Obligations of U.S. states and their political subdivisions0 776,627 0 776,627 
Foreign government securities0 281,304 682 281,986 
U.S. corporate public securities0 9,495,912 0 9,495,912 
U.S. corporate private securities0 4,476,258 513,236 4,989,494 
Foreign corporate public securities0 1,698,965 7,129 1,706,094 
Foreign corporate private securities0 4,137,004 493,978 4,630,982 
Asset-backed securities(2)0 1,928,428 99,122 2,027,550 
Commercial mortgage-backed securities0 773,663 78,115 851,778 
Residential mortgage-backed securities0 396,070 0 396,070 
Subtotal0 24,939,518 1,192,262 26,131,780 
Market risk benefit assets0 0 2,367,243 2,367,243 
Fixed maturities, trading0 2,762,398 34,048 2,796,446 
Equity securities(3)790,346 11,285 28,709 830,340 
Short-term investments31,879 280,228 1,759 313,866 
Cash equivalents447,396 1,196,729 0 1,644,125 
Other invested assets(4)23,432 9,022,304 1 (9,028,019)17,718 
Other assets0 0 224,019 224,019 
Reinsurance recoverables0 0 69,745 69,745 
Receivables from parent and affiliates0 147,984 0 147,984 
Subtotal excluding separate account assets1,293,053 38,360,446 3,917,786 (9,028,019)34,543,266 
Separate account assets(5)(6)176,239 113,747,569 5,985 113,929,793 
Total assets$1,469,292 $152,108,015 $3,923,771 $(9,028,019)$148,473,059 
Market risk benefit liabilities$0 $0 $5,144,401 $ $5,144,401 
Policyholders' account balances0 0 7,689,929 7,689,929 
Payables to parent and affiliates0 21,239,770 0 (18,588,647)2,651,123 
Other liabilities(7)8,032 6,340 0 (8,032)6,340 
Total liabilities$8,032 $21,246,110 $12,834,330 $(18,596,679)$15,491,793 
(1)“Netting” amounts represent cash collateral of $(8,433) million and $(9,569) million as of September 30, 2024 and December 31, 2023, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
(2)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans and home equity loans.
(3)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 $14.6 million.
(4)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 September 30, 2024 and December 31, 2023, the fair value of such investments was $48 million and $67 million, respectively.
(5)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company's Unaudited Interim Consolidated Statements of Financial Position.
(6)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 a corporate owned life insurance fund. As of September 30, 2024 and December 31, 2023, the fair value of such investments was $6,078 million and $5,259 million, respectively.
(7)Other liabilities includes embedded derivatives associated with reinsurance agreements.
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.
 September 30, 2024
 Fair Value  Valuation  
Techniques		Unobservable InputsMinimum  MaximumWeighted Average  Impact of 
Increase in 
Input on 
Fair Value(1)(2)
 (in thousands)
Assets:
Corporate securities(3)$1,255,960 Discounted cash flowDiscount rate6.66 %20 %11.66 %Decrease
Market comparablesEBITDA multiples(4)5.0 X5.0 X5.0 XIncrease
Commercial mortgage-backed securities$80,254 Discounted cash flowLiquidity premium1.00 %1.00 %1.00 %Decrease
Market risk benefit assets(5)$2,499,234 Discounted cash flowLapse rate(6)1 %20 %Increase
Spread over SOFR(7)0.37 %1.85 %Increase
Utilization rate(8)37 %94 %Decrease
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Increase
Equity volatility curve15 %25 %Decrease
Other assets(11)$509,723 Discounted cash flowLapse rate(6)1 %50 %Decrease
Spread over SOFR(7)0.37 %1.84 %Decrease
Option budget(13)0 %6 %Increase
Reinsurance Recoverables$201,559 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.37 %1.84 %Decrease
Option budget(13)(1)%7 %Increase
Receivables from parent and affiliates$319,181 LiquidationLiquidation value100 %100 %100 %Increase
Liabilities:
Market risk benefit liabilities(5)$4,915,163 Discounted cash flowLapse rate(6)1 %20 %Decrease
Spread over SOFR(7)0.37 %1.85 %Decrease
Utilization rate(8)37 %94 %Increase
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Decrease
Equity volatility curve15 %25 %Increase
Policyholders' account balances(12)$11,854,608 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.37 %1.85 %Decrease
Mortality rate(10)0 %23 %Decrease
Option budget(13)(1)%7 %Increase
 December 31, 2023
 Fair Value     Valuation  
Techniques		  Unobservable
Inputs  		Minimum  Maximum    Weighted  Average  Impact of 
Increase in 
Input on 
Fair Value(1)(2)
 (in thousands)
Assets:
Corporate securities(3)$81,635 Discounted cash flowDiscount rate6.98 %20 %9.73 %Decrease
LiquidationLiquidation value63.62 %63.62 %63.62 %Increase
Commercial mortgage-backed securities$78,115 Discounted cash flowLiquidity premium0.60 %0.75 %0.71 %Decrease
Market risk benefit assets(5)$2,367,243 Discounted cash flowLapse rate(6)1 %20 %Increase
Spread over SOFR(7)0.41 %1.91 %Increase
Utilization rate(8)38 %95 %Decrease
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %15 %Increase
Equity volatility curve15 %25 %Decrease
Other assets(11)$224,019 Discounted cash flowLapse rate(6)1 %80 %Increase
Spread over SOFR(7)0.41 %1.85 %Increase
Mortality rate(10)0 %23 %Increase
Option budget(13)(1)%7 %Decrease
Liabilities:
Market risk benefit liabilities(5)$5,144,401 Discounted cash flowLapse rate(6)1 %20 %Decrease
Spread over SOFR(7)0.41 %1.91 %Decrease
Utilization rate(8)38 %95 %Increase
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %15 %Decrease
Equity volatility curve15 %25 %Increase
Policyholders' account balances(12)$7,689,929 Discounted cash flowLapse rate(6)1 %80 %Decrease
Spread over SOFR(7)0.41 %1.85 %Decrease
Mortality rate(10)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)Directional impacts for MRB assets and liabilities are associated with the directional impacts of direct and assumed MRBs.
(3)Includes assets classified as fixed maturities, available-for-sale.
(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)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.
(6)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.
(7)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 September 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 Prudential Defined Income ("PDI") traditional variable annuity contracts with guaranteed living and death benefits. See Note 11 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.
(8)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.
(9)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of September 30, 2024 and December 31, 2023, the minimum withdrawal rate assumption is 78% and 81%, respectively. As of September 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%.
(10)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.
(11)Includes deposit assets related to reinsurance agreements using deposit method of accounting, which include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain annuity products.
(12)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.
(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 10). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
Three Months Ended September 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(7)Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$664 $(7)$0 $0 $0 $0 $0 $0 $0 $657 $(9)
Corporate securities(3)1,005,175 (4,778)540,137 (223,172)0 (28,144)12 31,385 0 1,320,615 (1,374)
Structured securities(4)668,035 6,232 40,941 0 0 (20,113)0 0 (3,999)691,096 6,710 
Other assets:
Fixed maturities, trading240,820 158 7,252 0 0 0 0 18,842 (214,209)52,863 184 
Equity securities28,330 910 0 0 0 0 0 0 0 29,240 910 
Other invested assets763 31 0 0 0 0 0 0 0 794 31 
Short-term investments2,674 (41)102,151 0 0 (62)476 0 0 105,198 (41)
Cash equivalents605 0 2 0 0 0 (489)0 0 118 0 
Other assets363,440 9,774 62,471 0 0 (14,009)88,047 0 0 509,723 (4,234)
Receivables from parent and affiliates181,319 19 157,703 0 0 0 0 0 0 339,041 19 
Reinsurance recoverables(5)127,289 17,856 51,231 0 0 0 5,183 0 0 201,559 (26,796)
Separate account assets9,799 230 820 (732)0 0 0 0 0 10,117 231 
Liabilities:
Policyholders' account balances(5)(10,083,258)(1,098,107)0 0 (718,242)0 44,999 0 0 (11,854,608)269,505 
Other liabilities(207)(486)0 0 0 0 0 0 0 (693)(486)
Three Months Ended September 30, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(15,515)$0 $0 $17,745 $(783)$(12,047)$0 $0 $17,374 
Other assets:
Fixed maturities, trading0 183 0 0 (25)0 184 0 0 
Equity securities0 910 0 0 0 0 910 0 0 
Other invested assets31 0 0 0 0 31 0 0 0 
Short-term investments(41)0 0 0 0 (41)0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Other assets9,774 0 0 0 0 (4,234)0 0 0 
Receivables from parent and affiliates0 0 0 19 0 0 0 0 19 
Reinsurance recoverables17,856 0 0 0 0 (26,796)0 0 0 
Separate account assets0 0 230 0 0 0 0 231 0 
Liabilities:
Policyholders' account balances(1,098,107)0 0 0 0 269,505 0 0 0 
Other liabilities(486)0 0 0 0 (486)0 0 0 
Nine Months Ended September 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther
(1)		Transfers into Level 3(7)Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$682 $(25)$0 $0 $0 $0 $0 $0 $0 $657 $(32)
Corporate securities(3)1,014,343 (21,696)868,927 (353,874)0 (153,944)(65,468)32,327 0 1,320,615 (18,051)
Structured securities(4)177,237 5,839 562,469 0 0 (73,308)65,480 34,578 (81,199)691,096 6,810 
Other assets:
Fixed maturities, trading34,048 (740)232,379 0 0 (2,261)0 18,842 (229,405)52,863 (706)
Equity securities28,709 258 273 0 0 0 0 0 0 29,240 258 
Other invested assets1 793 0 0 0 0 0 0 0 794 793 
Short-term investments1,759 (37)104,457 (8)0 (1,449)476 0 0 105,198 (49)
Cash equivalents0 0 607 0 0 0 (489)0 0 118 0 
Other assets224,019 61,199 176,503 0 0 (40,045)88,047 0 0 509,723 21,154 
Receivables from parent and affiliates0 19 390,221 (51,199)0 0 0 0 0 339,041 19 
Reinsurance recoverables69,745 (7,851)134,482 0 0 0 5,183 0 0 201,559 (105,511)
Separate account assets5,985 531 5,258 (1,990)0 (125)0 458 0 10,117 533 
Liabilities:
Policyholders' account balances(5)(7,689,929)(2,387,292)0 0 (1,824,316)0 46,929 0 0 (11,854,608)1,100,681 
Other liabilities0(693)0000000(693)(693)
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Nine Months Ended September 30, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(19,778)$0 $0 $3,157 $739 $(12,822)$0 $0 $1,549 
Other assets:
Fixed maturities, trading0 (715)0 0 (25)0 (706)0 0 
Equity securities0 258 0 0 0 0 258 0 0 
Other invested assets793 0 0 0 0 793 0 0 0 
Short-term investments(49)0 0 0 12 (49)0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Other assets61,199 0 0 0 0 21,154 0 0 0 
Receivables from parent and affiliates0 0 0 19 0 0 0 0 19 
Reinsurance recoverables(7,851)0 0 0 0 (105,511)0 0 0 
Separate account assets0 0 531 0 0 0 0 533 0 
Liabilities:
Policyholders' account balances(2,387,292)0 0 0 0 1,100,681 0 0 0 
Other liabilities(693)0 0 0 0 (693)0 0 0 
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Three Months Ended September 30, 2023(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(7)Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$701 $(15)$0 $0 $0 $0 $0 $0 $0 $686 $(17)
Corporate securities(3)721,247 (27,838)182,465 (10,882)0 (27,762)(708)117,152 (9,088)944,586 (28,256)
Structured securities(4)146,339 (3,871)53,352 0 0 (339)0 2,297 (7,600)190,178 (3,836)
Other assets:
Fixed maturities, trading0 18 0 0 0 0 707 0 0 725 18 
Equity securities43,374 (1,219)2,531 0 0 0 0 0 0 44,686 (1,219)
Short-term investments1,209 0 802 0 0 (1,427)0 0 0 584 0 
Other assets217,613 25,539 33,850 0 0 (6,512)0 0 0 270,490 19,028 
Reinsurance recoverables1,465 14,079 0 0 0 0 0 0 0 15,544 14,079 
Separate account assets4,982 (7)1,049 (524)0 0 0 0 0 5,500 (6)
Liabilities:
Policyholders' account balances(5)(5,513,449)(107,528)0 0 (413,219)0 28,467 0 0 (6,005,729)(273,135)
Three Months Ended September 30, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(1,048)$0 $0 $(31,183)$507 $(674)$0 $0 $(31,435)
Other assets:
Fixed maturities, trading0 18 0 0 0 0 18 0 0 
Equity securities0 (1,219)0 0 0 0 (1,219)0 0 
Short-term investments0 0 0 0 0 0 0 0 0 
Other assets25,539 0 0 0 0 19,028 0 0 0 
Reinsurance recoverables14,079 0 0 0 0 14,079 0 0 0 
Separate account assets0 0 (7)0 0 0 0 (6)0 
Liabilities:
Policyholders' account balances(107,528)0 0 0 0 (273,135)0 0 0 
Nine Months Ended September 30, 2023(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(7)Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$724 $(38)$0 $0 $0 $0 $0 $0 $0 $686 $(46)
Corporate securities(3)507,496 (20,639)493,339 (39,721)0 (104,604)651 117,152 (9,088)944,586 (21,842)
Structured securities(4)104,724 (7,070)200,659 (27)0 (1,677)0 4,537 (110,968)190,178 (6,965)
Other assets:
Fixed maturities, trading0 18 6,250 0 0 0 707 0 (6,250)725 18 
Equity securities28,593 (2,030)2,531 0 0 0 15,592 0 0 44,686 (2,030)
Short-term investments16,945 2,573 3,490 0 0 (21,065)(1,359)0 0 584 51 
Other assets141,041 33,559 107,453 0 0 (11,563)0 0 0 270,490 21,997 
Reinsurance recoverables0 15,544 0 0 0 0 0 0 0 15,544 15,544 
Separate account assets4,645 250 1,889 (1,124)0 (160)0 0 0 5,500 249 
Liabilities:
Policyholders' account balances(5)(3,502,096)(1,355,011)0 0 (1,251,457)0 102,835 0 0 (6,005,729)(508,105)
Nine Months Ended September 30, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(1,861)$0 $0 $(26,743)$857 $(2,693)$0 $0 $(26,160)
Other assets:
Fixed maturities, trading0 18 0 0 0 0 18 0 0 
Equity securities0 (2,030)0 0 0 0 (2,030)0 0 
Short-term investments1,857 0 0 (73)789 0 0 0 51 
Other assets33,559 0 0 0 0 21,997 0 0 0 
Reinsurance recoverables15,544 0 0 0 0 15,544 0 0 0 
Separate account assets0 0 250 0 0 0 0 249 0 
Liabilities:
Policyholders' account balances(1,355,011)0 0 0 0 (508,105)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 private, foreign corporate public, and foreign corporate private securities.
(4)Includes asset-backed and commercial mortgage-backed securities.
(5)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables are presented net in the rollforward.
(6)Excludes MRB assets of $2,499 million and $2,519 million and MRB liabilities of $4,915 million and $4,371 million for the periods ended September 30, 2024 and 2023, respectively. See Note 10 for additional information.
(7)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 of Financial Instruments

The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.
 September 30, 2024
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $7,166,012 $7,166,012 $7,223,568 
Policy loans0 0 1,524,636 1,524,636 1,524,636 
Short-term investments34,101 0 0 34,101 34,101 
Cash and cash equivalents1,343,092 275,000 0 1,618,092 1,618,092 
Accrued investment income0 444,591 0 444,591 444,591 
Reinsurance recoverables0 0 23,875 23,875 25,147 
Receivables from parent and affiliates0 127,113 0 127,113 127,113 
Other assets0 39,144 2,152,332 2,191,476 2,191,476 
Total assets$1,377,193 $885,848 $10,866,855 $13,129,896 $13,188,724 
Liabilities:
Policyholders’ account balances - investment contracts$0 $836,916 $9,050,023 $9,886,939 $9,899,498 
Cash collateral for loaned securities0 330,370 0 330,370 330,370 
Payables to parent and affiliates0 70,009 0 70,009 70,009 
Other liabilities0 3,024,889 31,606 3,056,495 3,056,495 
Total liabilities$0 $4,262,184 $9,081,629 $13,343,813 $13,356,372 
 December 31, 2023
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $5,918,386 $5,918,386 $6,122,721 
Policy loans0 0 1,472,677 1,472,677 1,472,677 
Short-term investments66,500 0 0 66,500 66,500 
Cash and cash equivalents470,668 24,999 0 495,667 495,667 
Accrued investment income0 333,838 0 333,838 333,838 
Reinsurance recoverables0 0 22,155 22,155 23,537 
Receivables from parent and affiliates0 184,599 0 184,599 184,599 
Other assets0 80,646 1,489,983 1,570,629 1,570,629 
Total assets$537,168 $624,082 $8,903,201 $10,064,451 $10,270,168 
Liabilities:
Policyholders’ account balances - investment contracts$0 $955,647 $5,396,885 $6,352,532 $6,368,061 
Cash collateral for loaned securities0 218,310 0 218,310 218,310 
Short-term debt to affiliates0 176,110 0 176,110 180,411 
Payables to parent and affiliates0 16,573 0 16,573 16,573 
Other liabilities0 2,121,861 32,423 2,154,284 2,154,283 
Total liabilities$0 $3,488,501 $5,429,308 $8,917,809 $8,937,638 
(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 are out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.
v3.24.3
Deferred Policy Acquisition Costs, Deferred Reinsurance Losses, Deferred Reinsurance Gains And Deferred Sales Inducements
 9 Months Ended
Sep. 30, 2024
Deferred Charges, Insurers [Abstract]  
Deferred Policy Acquisition Costs, Deferred Reinsurance Losses, Deferred Reinsurance Gains And Deferred Sales Inducements DEFERRED POLICY ACQUISITION COSTS, DEFERRED REINSURANCE AND DEFERRED SALES INDUCEMENTS
Deferred Policy Acquisition Costs ("DAC")

The following tables show a rollforward for the lines of business that contain DAC balances, along with a reconciliation to the Company's total DAC balance:
Nine Months Ended September 30, 2024
Fixed AnnuitiesVariable AnnuitiesTerm LifeVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$197,937 $3,257,761 $743,888 $2,897,925 $7,097,511 
Capitalization174,397 272,819 138,395 484,131 1,069,742 
Amortization expense(29,806)(256,552)(52,564)(103,817)(442,739)
Other(1)0 0 (97)(18,339)(18,436)
Balance, end of period$342,528 $3,274,028 $829,622 $3,259,900 $7,706,078 
(1)    Other includes the impact of the Universal Life reinsurance transaction with Prudential Arizona Reinsurance Universal Company (“PAR U”) and PURE. See Note 11 for additional information.
Nine Months Ended September 30, 2023
Fixed AnnuitiesVariable AnnuitiesTerm LifeVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$102,251 $3,736,454 $648,837 $2,442,883 $6,930,425 
   Capitalization77,409 180,239 114,860 412,902 785,410 
   Amortization expense(15,270)(245,590)(47,256)(90,768)(398,884)
   Other(1)0 (393,385)0 (12)(393,397)
Balance, end of period$164,390 $3,277,718 $716,441 $2,765,005 $6,923,554 
(1)Other includes the impact of the reinsurance agreement with AuguStar. See Note 11 for additional information.
Deferred Reinsurance Losses ("DRL")

The following tables show a rollforward for the lines of business that contain DRL balances, along with a reconciliation to the Company's total DRL balance:

Nine Months Ended September 30, 2024
Variable AnnuitiesTerm LifeTotal
(in thousands)
Balance, beginning of period$194,110 $61,003 $255,113 
  Amortization expense(22,230)(5,728)(27,958)
  Other10 0 10 
Balance, end of period$171,890 $55,275 $227,165 

Nine Months Ended September 30, 2023
Variable AnnuitiesTerm LifeTotal
(in thousands)
Balance, beginning of period$223,515 $69,378 $292,893 
  Amortization expense(22,283)(6,350)(28,633)
  Other(8)0 (8)
Balance, end of period$201,224 $63,028 $264,252 
Deferred Reinsurance Gains ("DRG")

The following tables show a rollforward for the lines of business that contain DRG balances, along with a reconciliation to the Company's total DRG balance:
Nine Months Ended September 30, 2024
Fixed AnnuitiesVariable AnnuitiesVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$48,073 $261,721 $1,363,496 $1,673,290 
  Amortization(8,109)(15,237)(86,695)(110,041)
Other(1)118 98 1,092,199 1,092,415 
Balance, end of period$40,082 $246,582 $2,369,000 $2,655,664 
(1)Other includes the impact of the Universal Life reinsurance transaction with PAR U, PURE and Prudential Insurance, including $1,207 million of DRG, partially offset by a $116 million write-off. See Note 11 for additional information.
Nine Months Ended September 30, 2023
Fixed AnnuitiesVariable AnnuitiesVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$57,898 $0 $1,434,958 $1,492,856 
Amortization(7,141)(10,265)(53,834)(71,240)
Other(1)28 277,133 0 277,161 
Balance, end of period$50,785 $266,868 $1,381,124 $1,698,777 
(1)Other includes the impact of the reinsurance agreement with AuguStar. See Note 11 for additional information.
Deferred Sales Inducements ("DSI")

The following table shows a rollforward of DSI balances for variable annuity products, which is the only line of business that contains a DSI balance, along with a reconciliation to the Company's total DSI balance:

Nine Months Ended September 30,
20242023
(in thousands)
Balance, beginning of period$351,424 $381,504 
Capitalization1,753 2,053 
Amortization expense(22,913)(23,881)
Other0 (2)
Balance, end of period$330,264 $359,674 
v3.24.3
Separate Accounts
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Separate Accounts 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 9 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 benefit liabilities” (or “assets,” if applicable). 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 “Change in value of market risk benefits, net of related hedging gains (losses)”.
Separate Account Assets

The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

September 30, 2024December 31, 2023
(in thousands)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$6,814 $2,954 
Obligations of U.S. states and their political subdivisions authorities117 0 
 U.S. corporate securities21,535 9,504 
 Foreign corporate securities2,705 1,763 
Asset-backed securities1,029 0 
Mortgage-backed securities180 186 
Mutual funds:
Equity77,430,801 72,614,821 
Fixed Income34,531,108 37,065,162 
Other4,526,225 4,101,661 
Equity securities121,973 104,159 
Other invested assets6,078,743 5,258,900 
Short-term investments466 2,126 
   Cash and cash equivalents57,399 27,249 
Total$122,779,095 $119,188,485 

For the nine months ended September 30, 2024 and year ended 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 indicated are as follows:
Nine Months Ended September 30, 2024
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$92,383,121 $26,805,364 $119,188,485 
     Deposits423,070 2,430,129 2,853,199 
     Investment performance9,876,434 4,267,066 14,143,500 
     Policy charges(1,674,326)(680,530)(2,354,856)
     Surrenders and withdrawals(10,135,635)(363,848)(10,499,483)
     Benefit payments(49,810)(203,852)(253,662)
     Net transfers (to) from general account(48,394)(275,312)(323,706)
     Other5,642 19,976 25,618 
Balance, end of period$90,780,102 $31,998,993 $122,779,095 
Cash surrender value(2)$89,812,490 $28,717,582 $118,530,072 
Nine Months Ended September 30, 2023
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$91,785,448 $22,265,798 $114,051,246 
Deposits327,045 2,013,783 2,340,828 
Investment performance4,080,782 2,022,446 6,103,228 
Policy charges(1,740,555)(615,562)(2,356,117)
Surrenders and withdrawals(6,989,586)(249,911)(7,239,497)
Benefit payments(57,037)(158,198)(215,235)
Net transfers (to) from general account(1)(4,467)(1,115,178)(1,119,645)
Other8,355 38,223 46,578 
Balance, end of period$87,409,985 $24,201,401 $111,611,386 
Cash surrender value(2)$86,152,668 $21,219,141 $107,371,809 
(1) Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 14 for additional information.
(2) Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
v3.24.3
Liability For Future Policy Benefits
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Liability 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 an impact to net income attributable to our annual reviews and update of assumptions and other refinements. Overall impact is immaterial for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.

In 2023, the Company recognized an impact to net income attributable to the annual reviews and update of assumptions and other refinements. Overall impact is immaterial for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to unfavorable model refinements, partially offset by updates to economic assumptions, including expected future rates of returns on universal life policies with secondary guarantees.
Benefit Reserves

The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

Nine Months Ended September 30, 2024
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,927,833 $0 $10,927,833 
Effect of cumulative changes in discount rate assumptions, beginning of period225,711 0 225,711 
Balance at original discount rate, beginning of period11,153,544 0 11,153,544 
Effect of assumption update21,466 0 21,466 
Effect of actual variances from expected experience and other activity(198,894)201 (198,693)
Adjusted balance, beginning of period10,976,116 201 10,976,317 
Issuances608,144 25,850 633,994 
Net premiums / considerations collected(992,948)(26,051)(1,018,999)
Interest accrual383,336 0 383,336 
Other adjustments7,091 0 7,091 
Balance at original discount rate, end of period10,981,739 0 10,981,739 
Effect of cumulative changes in discount rate assumptions, end of period(111,296)0 (111,296)
Balance, end of period$10,870,443 $0 $10,870,443 

Nine Months Ended September 30, 2024
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$18,426,207 $228,788 $18,654,995 
Effect of cumulative changes in discount rate assumptions, beginning of period331,571 19,521 351,092 
Balance at original discount rate, beginning of period18,757,778 248,309 19,006,087 
Effect of assumption update21,480 (3,643)17,837 
Effect of actual variances from expected experience and other activity(245,193)391 (244,802)
Adjusted balance, beginning of period18,534,065 245,057 18,779,122 
Issuances608,144 25,850 633,994 
Interest accrual668,751 6,752 675,503 
Benefit payments(1,062,328)(23,877)(1,086,205)
Other adjustments10,421 (149)10,272 
Balance at original discount rate, end of period18,759,053 253,633 19,012,686 
Effect of cumulative changes in discount rate assumptions, end of period(159,410)(14,751)(174,161)
Balance, end of period$18,599,643 $238,882 $18,838,525 
Other, end of period1,610 
Total balance, end of period$18,840,135 
Nine Months Ended September 30, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,729,200 $238,882 $7,968,082 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,729,244 238,882 7,968,126 
Less: Reinsurance recoverables6,910,121 20,461 6,930,582 
Balance after reinsurance recoverables, end of period, post-flooring$819,123 $218,421 $1,037,544 

Nine Months Ended September 30, 2023
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,911,794 $0 $10,911,794 
Effect of cumulative changes in discount rate assumptions, beginning of period554,896 0 554,896 
Balance at original discount rate, beginning of period11,466,690 0 11,466,690 
Effect of assumption update(790)0 (790)
Effect of actual variances from expected experience and other activity(144,504)(1,257)(145,761)
Adjusted balance, beginning of period11,321,396 (1,257)11,320,139 
Issuances512,379 28,889 541,268 
Net premiums / considerations collected(1,008,159)(27,632)(1,035,791)
Interest accrual391,662 0 391,662 
Balance at original discount rate, end of period11,217,278 0 11,217,278 
Effect of cumulative changes in discount rate assumptions, end of period(939,494)0 (939,494)
Balance, end of period$10,277,784 $0 $10,277,784 
Nine Months Ended September 30, 2023
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$17,835,251 $204,727 $18,039,978 
Effect of cumulative changes in discount rate assumptions, beginning of period962,034 24,876 986,910 
Balance at original discount rate, beginning of period18,797,285 229,603 19,026,888 
Effect of assumption update(1,044)0 (1,044)
Effect of actual variances from expected experience and other activity(191,864)6,793 (185,071)
Adjusted balance, beginning of period18,604,377 236,396 18,840,773 
Issuances512,379 28,889 541,268 
Interest accrual670,905 6,300 677,205 
Benefit payments(1,019,151)(25,504)(1,044,655)
Other adjustments2,845 (84)2,761 
Balance at original discount rate, end of period18,771,355 245,997 19,017,352 
Effect of cumulative changes in discount rate assumptions, end of period(1,767,981)(34,327)(1,802,308)
Balance, end of period$17,003,374 $211,670 $17,215,044 
Other, end of period1,838 
Total balance, end of period$17,216,882 

Nine Months Ended September 30, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$6,725,590 $211,670 $6,937,260 
Flooring impact, end of period1,773 0 1,773 
Balance, end of period, post-flooring6,727,363 211,670 6,939,033 
Less: Reinsurance recoverables6,241,505 17,097 6,258,602 
Balance after reinsurance recoverables, end of period, post-flooring$485,858 $194,573 $680,431 
The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Nine Months Ended September 30, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,790,252 $0 
Discounted expected future gross premiums (at original discount rate)$14,899,016 $0 
Discounted expected future gross premiums (at current discount rate)$14,780,675 $0 
Undiscounted expected future benefits and expenses$29,134,537 $341,000 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.13 %3.90 %
Weighted-average interest rate (at current discount rate)4.91 %4.82 %
Nine Months Ended September 30, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,914,391 $0 
Discounted expected future gross premiums (at original discount rate)$15,083,578 $0 
Discounted expected future gross premiums (at current discount rate)$13,840,343 $0 
Undiscounted expected future benefits and expenses$29,147,479 $328,212 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.18 %3.62 %
Weighted-average interest rate (at current discount rate)6.02 %5.95 %
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Company's 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.

In the first nine months of 2024, there was a $29 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $28 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

In the first nine months of 2023, there was a $35 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $34 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.
Deferred Profit Liability

The balances of and changes in DPL as of and for the periods indicated are as follows:

Nine Months Ended September 30,
20242023
Fixed Annuities
(in thousands)
Balance, beginning of period, post-flooring$14,818 $18,193 
Effect of assumption update2,110 0 
Effect of actual variances from expected experience and other activity465 (6,924)
Adjusted balance, beginning of period17,393 11,269 
Profits deferred3,786 4,834 
Interest accrual505 423 
Amortization(1,689)(1,647)
Other adjustments(16)(11)
Balance, end of period, post-flooring19,979 14,868 
Less: Reinsurance recoverables1,504 1,435 
Balance after reinsurance recoverables, end of period$18,475 $13,433 
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 for the periods indicated:

Nine Months Ended September 30,
20242023
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$14,280,793 $12,664,445 
Flooring impact and amounts in AOCI831,583 1,269,237 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring15,112,376 13,933,682 
Effect of assumption update154,058 22,910 
Effect of actual variances from expected experience and other activity326,790 (12,611)
Adjusted balance, beginning of period15,593,224 13,943,981 
Assessments collected(1)843,853 828,657 
Interest accrual397,904 360,309 
Benefits paid(258,579)(219,784)
Balance, excluding amounts in AOCI, end of period, pre-flooring16,576,402 14,913,163 
Flooring impact and amounts in AOCI(343,625)(1,714,686)
Balance, including amounts in AOCI, end of period, post-flooring16,232,777 13,198,477 
Less: Reinsurance recoverables16,005,948 12,979,687 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$226,829 $218,790 
(1) Represents the portion of gross assessments required to fund the future policy benefits.

Nine Months Ended September 30,
20242023
Weighted-average duration of the liability in years (at original discount rate)2222
Weighted-average interest rate (at original discount rate)3.39 %3.36 %
Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for Future Policy Benefits as reported on the Company's Unaudited Interim Consolidated Statements of Financial Position as of the periods indicated:

Nine Months Ended September 30,
20242023
(in thousands)
Benefit reserves, end of period, post-flooring$7,968,126 $6,939,033 
Deferred profit liability, end of period, post-flooring19,979 14,868 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring16,232,777 13,198,477 
Subtotal of amounts disclosed above24,220,882 20,152,378 
Other Future policy benefits reserves(1)1,032,177 1,104,756 
Total Future policy benefits$25,253,059 $21,257,134 
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.
Revenue and Interest Expense

The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations for the periods indicated:

Nine Months Ended September 30, 2024
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,352,988 $0 $30,007 $1,382,995 
Deferred profit liability0 0 (5,161)(5,161)
Additional insurance reserves0 1,349,352 0 1,349,352 
Total$1,352,988 $1,349,352 $24,846 $2,727,186 

Nine Months Ended September 30, 2023
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,351,460 $0 $32,677 $1,384,137 
Deferred profit liability0 0 3,325 3,325 
Additional insurance reserves0 1,168,206 0 1,168,206 
Total$1,351,460 $1,168,206 $36,002 $2,555,668 
(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.
Nine Months Ended September 30, 2024
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$285,415 $0 $6,752 $292,167 
Deferred profit liability0 0 505 505 
Additional insurance reserves0 397,904 0 397,904 
Total$285,415 $397,904 $7,257 $690,576 


Nine Months Ended September 30, 2023
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$279,242 $0 $6,300 $285,542 
Deferred profit liability0 0 423 423 
Additional insurance reserves0 360,309 0 360,309 
Total$279,242 $360,309 $6,723 $646,274 
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:
Nine Months Ended September 30, 2024
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$6,164,313 $22,836,765 $20,167,713 $49,168,791 
Deposits4,149,820 5,900,477 1,592,896 11,643,193 
Interest credited150,642 332,007 426,382 909,031 
Policy charges(4,168)(21,369)(1,369,727)(1,395,264)
Surrenders and withdrawals(409,573)(558,335)(595,740)(1,563,648)
Benefit payments(42,344)(21,840)(50,251)(114,435)
Net transfers (to) from separate account0 48,394 275,312 323,706 
Change in market value and other adjustments(1)218,164 1,974,887 139,231 2,332,282 
Balance, end of period10,226,854 30,490,986 20,585,816 61,303,656 
Unearned revenue reserve4,248,795 
Other106,109 
Total Policyholders' account balance$65,658,560 
Weighted-average crediting rate2.45 %1.66 %2.79 %2.19 %
Net amount at risk(2)$16 $0 $336,737,789 $336,737,805 
Cash surrender value(3)$9,070,551 $29,028,016 $19,188,896 $57,287,463 
Nine Months Ended September 30, 2023
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$3,575,824 $16,432,032 $18,736,365 $38,744,221 
Deposits1,801,985 3,439,562 1,543,230 6,784,777 
Interest credited73,763 194,853 415,843 684,459 
Policy charges(5,683)(16,564)(1,357,363)(1,379,610)
Surrenders and withdrawals(161,929)(351,475)(579,913)(1,093,317)
Benefit payments(37,459)(22,285)(62,055)(121,799)
Net transfers (to) from separate account (4)0 4,467 1,115,178 1,119,645 
Change in market value and other adjustments(1)81,544 1,095,144 76,107 1,252,795 
Balance, end of period5,328,045 20,775,734 19,887,392 45,991,171 
Unearned revenue reserve3,568,084 
Other102,815 
Total Policyholders' account balance$49,662,070 
Weighted-average crediting rate2.21 %1.40 %2.87 %2.15 %
Net amount at risk(2)$12 $0 $318,075,705 $318,075,717 
Cash surrender value(3)$4,491,679 $17,981,713 $18,517,769 $40,991,161 
(1)     Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)     The net amount at risk calculation includes both general and separate account balances.
(3)    Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
(4) Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 14 for additional information.


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 10 for additional information, including the net amount at risk associated with these guarantees.
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums are as follows:
September 30, 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 thousands)
Fixed Annuities
Less than 1.00%
$282 $2,972 $10,290 $967,347 $980,891 
1.00% - 1.99%
441,774 59,029 191,790 74,650 767,243 
2.00% - 2.99%
303,925 460,949 559,932 16,511 1,341,317 
3.00% - 4.00%
1,375,404 5,996 10,086 3,299 1,394,785 
Greater than 4.00%
0 0 0 0 0 
Total$2,121,385 $528,946 $772,098 $1,061,807 $4,484,236 
Variable Annuities
Less than 1.00%
$323,585 $622,340 $447,015 $180 $1,393,120 
1.00% - 1.99%
153,336 211,058 2,505 0 366,899 
2.00% - 2.99%
17,807 3,907 4,181 0 25,895 
3.00% - 4.00%
839,084 4,128 1 0 843,213 
Greater than 4.00%
2,038 0 0 0 2,038 
Total$1,335,850 $841,433 $453,702 $180 $2,631,165 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $162,543 $162,543 
1.00% - 1.99%
261,986 0 1,692,401 1,615,106 3,569,493 
2.00% - 2.99%
29,281 1,504,536 2,695,744 377,103 4,606,664 
3.00% - 4.00%
3,788,853 2,139,715 1,107,161 0 7,035,729 
Greater than 4.00%
2,105,249 0 0 0 2,105,249 
Total$6,185,369 $3,644,251 $5,495,306 $2,154,752 $17,479,678 
September 30, 2023
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$85 $188 $430 $20,481 $21,184 
1.00% - 1.99%
497,237 74,579 237,130 82,040 890,986 
2.00% - 2.99%
280,760 469,123 319,721 12,466 1,082,070 
3.00% - 4.00%
31,048 0 0 0 31,048 
Greater than 4.00%
0 0 0 0 0 
Total$809,130 $543,890 $557,281 $114,987 $2,025,288 
Variable Annuities
Less than 1.00%
$944,205 $821,295 $18,262 $2 $1,783,764 
1.00% - 1.99%
221,831 2,113 1,086 0 225,030 
2.00% - 2.99%
26,319 4,332 2,979 0 33,630 
3.00% - 4.00%
956,761 3,416 0 0 960,177 
Greater than 4.00%
2,027 0 0 0 2,027 
Total$2,151,143 $831,156 $22,327 $2 $3,004,628 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $217,003 $217,003 
1.00% - 1.99%
185,341 0 2,528,250 572,113 3,285,704 
2.00% - 2.99%
27,536 1,418,150 2,778,586 268,998 4,493,270 
3.00% - 4.00%
4,008,791 2,241,159 1,114,429 0 7,364,379 
Greater than 4.00%
2,147,756 0 0 0 2,147,756 
Total$6,369,424 $3,659,309 $6,421,265 $1,058,114 $17,508,112 
(1)     Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.


Unearned Revenue Reserve ("URR")

The balances of and changes in URR as of and for the periods ended are as follows:

Nine Months Ended September 30,
20242023
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$3,741,426 $3,067,336 
Unearned revenue644,001612,196
Amortization expense(136,630)(111,353)
Other adjustments(2)(95)
Balance, end of period$4,248,795 $3,568,084 
Less: Reinsurance recoverables1,822,5971,656,299
Balance after reinsurance recoverables, end of period$2,426,198 $1,911,785 
MARKET RISK BENEFITS
The following tables show a rollforward of MRB balances for variable annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
Nine Months Ended September 30, 2024
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$3,694,950 $(917,792)$2,777,158 
Effect of cumulative changes in non-performance risk1,068,035 0 1,068,035 
Balance, beginning of period, before effect of changes in
non-performance risk		4,762,985 (917,792)3,845,193 
Attributed fees collected830,031 (195,952)634,079 
Claims paid(45,249)4,781 (40,468)
Interest accrual171,713 (42,483)129,230 
Actual in force different from expected18,607 (14,423)4,184 
Effect of changes in interest rates44,706 51,322 96,028 
Effect of changes in equity markets(1,633,684)171,342 (1,462,342)
Effect of assumption update85,619 3,984 89,603 
Issuances51,540 (3,158)48,382 
Other adjustments14,958 27 14,985 
Effect of changes in current period counterparty non-performance risk0 (8,520)(8,520)
Balance, end of period, before effect of changes in non-performance risk4,301,226 (950,872)3,350,354 
Effect of cumulative changes in non-performance risk(934,425)0 (934,425)
Balance, end of period$3,366,801 $(950,872)$2,415,929 
Nine Months Ended September 30, 2023
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$4,550,625 $(422,261)$4,128,364 
Effect of cumulative changes in non-performance risk1,727,910 0 1,727,910 
Balance, beginning of period, before effect of changes in
non-performance risk		6,278,535 (422,261)5,856,274 
Attributed fees collected878,381 (179,211)699,170 
Claims paid(62,128)5,903 (56,225)
Interest accrual235,979 (38,016)197,963 
Actual in force different from expected52,753 (6,588)46,165 
Effect of changes in interest rates(2,869,989)484,168 (2,385,821)
Effect of changes in equity markets(940,654)90,742 (849,912)
Effect of assumption update330,769 (54,067)276,702 
Issuances21,271 8,206 29,477 
Other adjustments(1)(17,436)(638,198)(655,634)
Effect of changes in current period counterparty non-performance risk0 (75,594)(75,594)
Balance, end of period, before effect of changes in non-performance risk3,907,481 (824,916)3,082,565 
Effect of cumulative changes in non-performance risk(1,230,621)0 (1,230,621)
Balance, end of period$2,676,860 $(824,916)$1,851,944 
(1)    Other adjustments for September 30, 2023 primarily includes $638 million related to the reinsurance transaction with AuguStar. See Note 11 for additional information.

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 specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods.

The Company also issues indexed variable annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed variable annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods.

For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.
For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance.

For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. 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 equity market returns, interest rates, market volatility and contractholder behavior.

The following table presents accompanying information to the rollforward table above.
September 30, 2024September 30, 2023
Variable Annuities
($ in thousands)
Net amount at risk(1)$7,321,371 $12,504,440 
Weighted-average attained age of contractholders7170
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.

The table below reconciles MRB asset and liability positions as of the following dates:
September 30, 2024September 30, 2023
Variable Annuities
(in thousands)
Direct and assumed$1,286,720 $1,410,637 
Ceded1,212,514 1,108,597 
Total market risk benefit assets$2,499,234 $2,519,234 
Direct and assumed$4,653,521 $4,087,498 
Ceded261,642 283,680 
Total market risk benefit liabilities$4,915,163 $4,371,178 
Net liability$2,415,929 $1,851,944 
v3.24.3
Policyholders' Liabilities
 9 Months Ended
Sep. 30, 2024
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]  
Policyholders' Liabilities 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 an impact to net income attributable to our annual reviews and update of assumptions and other refinements. Overall impact is immaterial for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.

In 2023, the Company recognized an impact to net income attributable to the annual reviews and update of assumptions and other refinements. Overall impact is immaterial for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to unfavorable model refinements, partially offset by updates to economic assumptions, including expected future rates of returns on universal life policies with secondary guarantees.
Benefit Reserves

The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

Nine Months Ended September 30, 2024
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,927,833 $0 $10,927,833 
Effect of cumulative changes in discount rate assumptions, beginning of period225,711 0 225,711 
Balance at original discount rate, beginning of period11,153,544 0 11,153,544 
Effect of assumption update21,466 0 21,466 
Effect of actual variances from expected experience and other activity(198,894)201 (198,693)
Adjusted balance, beginning of period10,976,116 201 10,976,317 
Issuances608,144 25,850 633,994 
Net premiums / considerations collected(992,948)(26,051)(1,018,999)
Interest accrual383,336 0 383,336 
Other adjustments7,091 0 7,091 
Balance at original discount rate, end of period10,981,739 0 10,981,739 
Effect of cumulative changes in discount rate assumptions, end of period(111,296)0 (111,296)
Balance, end of period$10,870,443 $0 $10,870,443 

Nine Months Ended September 30, 2024
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$18,426,207 $228,788 $18,654,995 
Effect of cumulative changes in discount rate assumptions, beginning of period331,571 19,521 351,092 
Balance at original discount rate, beginning of period18,757,778 248,309 19,006,087 
Effect of assumption update21,480 (3,643)17,837 
Effect of actual variances from expected experience and other activity(245,193)391 (244,802)
Adjusted balance, beginning of period18,534,065 245,057 18,779,122 
Issuances608,144 25,850 633,994 
Interest accrual668,751 6,752 675,503 
Benefit payments(1,062,328)(23,877)(1,086,205)
Other adjustments10,421 (149)10,272 
Balance at original discount rate, end of period18,759,053 253,633 19,012,686 
Effect of cumulative changes in discount rate assumptions, end of period(159,410)(14,751)(174,161)
Balance, end of period$18,599,643 $238,882 $18,838,525 
Other, end of period1,610 
Total balance, end of period$18,840,135 
Nine Months Ended September 30, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,729,200 $238,882 $7,968,082 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,729,244 238,882 7,968,126 
Less: Reinsurance recoverables6,910,121 20,461 6,930,582 
Balance after reinsurance recoverables, end of period, post-flooring$819,123 $218,421 $1,037,544 

Nine Months Ended September 30, 2023
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,911,794 $0 $10,911,794 
Effect of cumulative changes in discount rate assumptions, beginning of period554,896 0 554,896 
Balance at original discount rate, beginning of period11,466,690 0 11,466,690 
Effect of assumption update(790)0 (790)
Effect of actual variances from expected experience and other activity(144,504)(1,257)(145,761)
Adjusted balance, beginning of period11,321,396 (1,257)11,320,139 
Issuances512,379 28,889 541,268 
Net premiums / considerations collected(1,008,159)(27,632)(1,035,791)
Interest accrual391,662 0 391,662 
Balance at original discount rate, end of period11,217,278 0 11,217,278 
Effect of cumulative changes in discount rate assumptions, end of period(939,494)0 (939,494)
Balance, end of period$10,277,784 $0 $10,277,784 
Nine Months Ended September 30, 2023
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$17,835,251 $204,727 $18,039,978 
Effect of cumulative changes in discount rate assumptions, beginning of period962,034 24,876 986,910 
Balance at original discount rate, beginning of period18,797,285 229,603 19,026,888 
Effect of assumption update(1,044)0 (1,044)
Effect of actual variances from expected experience and other activity(191,864)6,793 (185,071)
Adjusted balance, beginning of period18,604,377 236,396 18,840,773 
Issuances512,379 28,889 541,268 
Interest accrual670,905 6,300 677,205 
Benefit payments(1,019,151)(25,504)(1,044,655)
Other adjustments2,845 (84)2,761 
Balance at original discount rate, end of period18,771,355 245,997 19,017,352 
Effect of cumulative changes in discount rate assumptions, end of period(1,767,981)(34,327)(1,802,308)
Balance, end of period$17,003,374 $211,670 $17,215,044 
Other, end of period1,838 
Total balance, end of period$17,216,882 

Nine Months Ended September 30, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$6,725,590 $211,670 $6,937,260 
Flooring impact, end of period1,773 0 1,773 
Balance, end of period, post-flooring6,727,363 211,670 6,939,033 
Less: Reinsurance recoverables6,241,505 17,097 6,258,602 
Balance after reinsurance recoverables, end of period, post-flooring$485,858 $194,573 $680,431 
The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Nine Months Ended September 30, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,790,252 $0 
Discounted expected future gross premiums (at original discount rate)$14,899,016 $0 
Discounted expected future gross premiums (at current discount rate)$14,780,675 $0 
Undiscounted expected future benefits and expenses$29,134,537 $341,000 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.13 %3.90 %
Weighted-average interest rate (at current discount rate)4.91 %4.82 %
Nine Months Ended September 30, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,914,391 $0 
Discounted expected future gross premiums (at original discount rate)$15,083,578 $0 
Discounted expected future gross premiums (at current discount rate)$13,840,343 $0 
Undiscounted expected future benefits and expenses$29,147,479 $328,212 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.18 %3.62 %
Weighted-average interest rate (at current discount rate)6.02 %5.95 %
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Company's 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.

In the first nine months of 2024, there was a $29 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $28 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

In the first nine months of 2023, there was a $35 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $34 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.
Deferred Profit Liability

The balances of and changes in DPL as of and for the periods indicated are as follows:

Nine Months Ended September 30,
20242023
Fixed Annuities
(in thousands)
Balance, beginning of period, post-flooring$14,818 $18,193 
Effect of assumption update2,110 0 
Effect of actual variances from expected experience and other activity465 (6,924)
Adjusted balance, beginning of period17,393 11,269 
Profits deferred3,786 4,834 
Interest accrual505 423 
Amortization(1,689)(1,647)
Other adjustments(16)(11)
Balance, end of period, post-flooring19,979 14,868 
Less: Reinsurance recoverables1,504 1,435 
Balance after reinsurance recoverables, end of period$18,475 $13,433 
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 for the periods indicated:

Nine Months Ended September 30,
20242023
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$14,280,793 $12,664,445 
Flooring impact and amounts in AOCI831,583 1,269,237 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring15,112,376 13,933,682 
Effect of assumption update154,058 22,910 
Effect of actual variances from expected experience and other activity326,790 (12,611)
Adjusted balance, beginning of period15,593,224 13,943,981 
Assessments collected(1)843,853 828,657 
Interest accrual397,904 360,309 
Benefits paid(258,579)(219,784)
Balance, excluding amounts in AOCI, end of period, pre-flooring16,576,402 14,913,163 
Flooring impact and amounts in AOCI(343,625)(1,714,686)
Balance, including amounts in AOCI, end of period, post-flooring16,232,777 13,198,477 
Less: Reinsurance recoverables16,005,948 12,979,687 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$226,829 $218,790 
(1) Represents the portion of gross assessments required to fund the future policy benefits.

Nine Months Ended September 30,
20242023
Weighted-average duration of the liability in years (at original discount rate)2222
Weighted-average interest rate (at original discount rate)3.39 %3.36 %
Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for Future Policy Benefits as reported on the Company's Unaudited Interim Consolidated Statements of Financial Position as of the periods indicated:

Nine Months Ended September 30,
20242023
(in thousands)
Benefit reserves, end of period, post-flooring$7,968,126 $6,939,033 
Deferred profit liability, end of period, post-flooring19,979 14,868 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring16,232,777 13,198,477 
Subtotal of amounts disclosed above24,220,882 20,152,378 
Other Future policy benefits reserves(1)1,032,177 1,104,756 
Total Future policy benefits$25,253,059 $21,257,134 
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.
Revenue and Interest Expense

The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations for the periods indicated:

Nine Months Ended September 30, 2024
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,352,988 $0 $30,007 $1,382,995 
Deferred profit liability0 0 (5,161)(5,161)
Additional insurance reserves0 1,349,352 0 1,349,352 
Total$1,352,988 $1,349,352 $24,846 $2,727,186 

Nine Months Ended September 30, 2023
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,351,460 $0 $32,677 $1,384,137 
Deferred profit liability0 0 3,325 3,325 
Additional insurance reserves0 1,168,206 0 1,168,206 
Total$1,351,460 $1,168,206 $36,002 $2,555,668 
(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.
Nine Months Ended September 30, 2024
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$285,415 $0 $6,752 $292,167 
Deferred profit liability0 0 505 505 
Additional insurance reserves0 397,904 0 397,904 
Total$285,415 $397,904 $7,257 $690,576 


Nine Months Ended September 30, 2023
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$279,242 $0 $6,300 $285,542 
Deferred profit liability0 0 423 423 
Additional insurance reserves0 360,309 0 360,309 
Total$279,242 $360,309 $6,723 $646,274 
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:
Nine Months Ended September 30, 2024
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$6,164,313 $22,836,765 $20,167,713 $49,168,791 
Deposits4,149,820 5,900,477 1,592,896 11,643,193 
Interest credited150,642 332,007 426,382 909,031 
Policy charges(4,168)(21,369)(1,369,727)(1,395,264)
Surrenders and withdrawals(409,573)(558,335)(595,740)(1,563,648)
Benefit payments(42,344)(21,840)(50,251)(114,435)
Net transfers (to) from separate account0 48,394 275,312 323,706 
Change in market value and other adjustments(1)218,164 1,974,887 139,231 2,332,282 
Balance, end of period10,226,854 30,490,986 20,585,816 61,303,656 
Unearned revenue reserve4,248,795 
Other106,109 
Total Policyholders' account balance$65,658,560 
Weighted-average crediting rate2.45 %1.66 %2.79 %2.19 %
Net amount at risk(2)$16 $0 $336,737,789 $336,737,805 
Cash surrender value(3)$9,070,551 $29,028,016 $19,188,896 $57,287,463 
Nine Months Ended September 30, 2023
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$3,575,824 $16,432,032 $18,736,365 $38,744,221 
Deposits1,801,985 3,439,562 1,543,230 6,784,777 
Interest credited73,763 194,853 415,843 684,459 
Policy charges(5,683)(16,564)(1,357,363)(1,379,610)
Surrenders and withdrawals(161,929)(351,475)(579,913)(1,093,317)
Benefit payments(37,459)(22,285)(62,055)(121,799)
Net transfers (to) from separate account (4)0 4,467 1,115,178 1,119,645 
Change in market value and other adjustments(1)81,544 1,095,144 76,107 1,252,795 
Balance, end of period5,328,045 20,775,734 19,887,392 45,991,171 
Unearned revenue reserve3,568,084 
Other102,815 
Total Policyholders' account balance$49,662,070 
Weighted-average crediting rate2.21 %1.40 %2.87 %2.15 %
Net amount at risk(2)$12 $0 $318,075,705 $318,075,717 
Cash surrender value(3)$4,491,679 $17,981,713 $18,517,769 $40,991,161 
(1)     Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)     The net amount at risk calculation includes both general and separate account balances.
(3)    Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
(4) Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 14 for additional information.


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 10 for additional information, including the net amount at risk associated with these guarantees.
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums are as follows:
September 30, 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 thousands)
Fixed Annuities
Less than 1.00%
$282 $2,972 $10,290 $967,347 $980,891 
1.00% - 1.99%
441,774 59,029 191,790 74,650 767,243 
2.00% - 2.99%
303,925 460,949 559,932 16,511 1,341,317 
3.00% - 4.00%
1,375,404 5,996 10,086 3,299 1,394,785 
Greater than 4.00%
0 0 0 0 0 
Total$2,121,385 $528,946 $772,098 $1,061,807 $4,484,236 
Variable Annuities
Less than 1.00%
$323,585 $622,340 $447,015 $180 $1,393,120 
1.00% - 1.99%
153,336 211,058 2,505 0 366,899 
2.00% - 2.99%
17,807 3,907 4,181 0 25,895 
3.00% - 4.00%
839,084 4,128 1 0 843,213 
Greater than 4.00%
2,038 0 0 0 2,038 
Total$1,335,850 $841,433 $453,702 $180 $2,631,165 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $162,543 $162,543 
1.00% - 1.99%
261,986 0 1,692,401 1,615,106 3,569,493 
2.00% - 2.99%
29,281 1,504,536 2,695,744 377,103 4,606,664 
3.00% - 4.00%
3,788,853 2,139,715 1,107,161 0 7,035,729 
Greater than 4.00%
2,105,249 0 0 0 2,105,249 
Total$6,185,369 $3,644,251 $5,495,306 $2,154,752 $17,479,678 
September 30, 2023
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$85 $188 $430 $20,481 $21,184 
1.00% - 1.99%
497,237 74,579 237,130 82,040 890,986 
2.00% - 2.99%
280,760 469,123 319,721 12,466 1,082,070 
3.00% - 4.00%
31,048 0 0 0 31,048 
Greater than 4.00%
0 0 0 0 0 
Total$809,130 $543,890 $557,281 $114,987 $2,025,288 
Variable Annuities
Less than 1.00%
$944,205 $821,295 $18,262 $2 $1,783,764 
1.00% - 1.99%
221,831 2,113 1,086 0 225,030 
2.00% - 2.99%
26,319 4,332 2,979 0 33,630 
3.00% - 4.00%
956,761 3,416 0 0 960,177 
Greater than 4.00%
2,027 0 0 0 2,027 
Total$2,151,143 $831,156 $22,327 $2 $3,004,628 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $217,003 $217,003 
1.00% - 1.99%
185,341 0 2,528,250 572,113 3,285,704 
2.00% - 2.99%
27,536 1,418,150 2,778,586 268,998 4,493,270 
3.00% - 4.00%
4,008,791 2,241,159 1,114,429 0 7,364,379 
Greater than 4.00%
2,147,756 0 0 0 2,147,756 
Total$6,369,424 $3,659,309 $6,421,265 $1,058,114 $17,508,112 
(1)     Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.


Unearned Revenue Reserve ("URR")

The balances of and changes in URR as of and for the periods ended are as follows:

Nine Months Ended September 30,
20242023
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$3,741,426 $3,067,336 
Unearned revenue644,001612,196
Amortization expense(136,630)(111,353)
Other adjustments(2)(95)
Balance, end of period$4,248,795 $3,568,084 
Less: Reinsurance recoverables1,822,5971,656,299
Balance after reinsurance recoverables, end of period$2,426,198 $1,911,785 
MARKET RISK BENEFITS
The following tables show a rollforward of MRB balances for variable annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
Nine Months Ended September 30, 2024
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$3,694,950 $(917,792)$2,777,158 
Effect of cumulative changes in non-performance risk1,068,035 0 1,068,035 
Balance, beginning of period, before effect of changes in
non-performance risk		4,762,985 (917,792)3,845,193 
Attributed fees collected830,031 (195,952)634,079 
Claims paid(45,249)4,781 (40,468)
Interest accrual171,713 (42,483)129,230 
Actual in force different from expected18,607 (14,423)4,184 
Effect of changes in interest rates44,706 51,322 96,028 
Effect of changes in equity markets(1,633,684)171,342 (1,462,342)
Effect of assumption update85,619 3,984 89,603 
Issuances51,540 (3,158)48,382 
Other adjustments14,958 27 14,985 
Effect of changes in current period counterparty non-performance risk0 (8,520)(8,520)
Balance, end of period, before effect of changes in non-performance risk4,301,226 (950,872)3,350,354 
Effect of cumulative changes in non-performance risk(934,425)0 (934,425)
Balance, end of period$3,366,801 $(950,872)$2,415,929 
Nine Months Ended September 30, 2023
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$4,550,625 $(422,261)$4,128,364 
Effect of cumulative changes in non-performance risk1,727,910 0 1,727,910 
Balance, beginning of period, before effect of changes in
non-performance risk		6,278,535 (422,261)5,856,274 
Attributed fees collected878,381 (179,211)699,170 
Claims paid(62,128)5,903 (56,225)
Interest accrual235,979 (38,016)197,963 
Actual in force different from expected52,753 (6,588)46,165 
Effect of changes in interest rates(2,869,989)484,168 (2,385,821)
Effect of changes in equity markets(940,654)90,742 (849,912)
Effect of assumption update330,769 (54,067)276,702 
Issuances21,271 8,206 29,477 
Other adjustments(1)(17,436)(638,198)(655,634)
Effect of changes in current period counterparty non-performance risk0 (75,594)(75,594)
Balance, end of period, before effect of changes in non-performance risk3,907,481 (824,916)3,082,565 
Effect of cumulative changes in non-performance risk(1,230,621)0 (1,230,621)
Balance, end of period$2,676,860 $(824,916)$1,851,944 
(1)    Other adjustments for September 30, 2023 primarily includes $638 million related to the reinsurance transaction with AuguStar. See Note 11 for additional information.

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 specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods.

The Company also issues indexed variable annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed variable annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods.

For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.
For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance.

For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. 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 equity market returns, interest rates, market volatility and contractholder behavior.

The following table presents accompanying information to the rollforward table above.
September 30, 2024September 30, 2023
Variable Annuities
($ in thousands)
Net amount at risk(1)$7,321,371 $12,504,440 
Weighted-average attained age of contractholders7170
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.

The table below reconciles MRB asset and liability positions as of the following dates:
September 30, 2024September 30, 2023
Variable Annuities
(in thousands)
Direct and assumed$1,286,720 $1,410,637 
Ceded1,212,514 1,108,597 
Total market risk benefit assets$2,499,234 $2,519,234 
Direct and assumed$4,653,521 $4,087,498 
Ceded261,642 283,680 
Total market risk benefit liabilities$4,915,163 $4,371,178 
Net liability$2,415,929 $1,851,944 
v3.24.3
Market Risk Benefits
 9 Months Ended
Sep. 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 an impact to net income attributable to our annual reviews and update of assumptions and other refinements. Overall impact is immaterial for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.

In 2023, the Company recognized an impact to net income attributable to the annual reviews and update of assumptions and other refinements. Overall impact is immaterial for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to unfavorable model refinements, partially offset by updates to economic assumptions, including expected future rates of returns on universal life policies with secondary guarantees.
Benefit Reserves

The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

Nine Months Ended September 30, 2024
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,927,833 $0 $10,927,833 
Effect of cumulative changes in discount rate assumptions, beginning of period225,711 0 225,711 
Balance at original discount rate, beginning of period11,153,544 0 11,153,544 
Effect of assumption update21,466 0 21,466 
Effect of actual variances from expected experience and other activity(198,894)201 (198,693)
Adjusted balance, beginning of period10,976,116 201 10,976,317 
Issuances608,144 25,850 633,994 
Net premiums / considerations collected(992,948)(26,051)(1,018,999)
Interest accrual383,336 0 383,336 
Other adjustments7,091 0 7,091 
Balance at original discount rate, end of period10,981,739 0 10,981,739 
Effect of cumulative changes in discount rate assumptions, end of period(111,296)0 (111,296)
Balance, end of period$10,870,443 $0 $10,870,443 

Nine Months Ended September 30, 2024
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$18,426,207 $228,788 $18,654,995 
Effect of cumulative changes in discount rate assumptions, beginning of period331,571 19,521 351,092 
Balance at original discount rate, beginning of period18,757,778 248,309 19,006,087 
Effect of assumption update21,480 (3,643)17,837 
Effect of actual variances from expected experience and other activity(245,193)391 (244,802)
Adjusted balance, beginning of period18,534,065 245,057 18,779,122 
Issuances608,144 25,850 633,994 
Interest accrual668,751 6,752 675,503 
Benefit payments(1,062,328)(23,877)(1,086,205)
Other adjustments10,421 (149)10,272 
Balance at original discount rate, end of period18,759,053 253,633 19,012,686 
Effect of cumulative changes in discount rate assumptions, end of period(159,410)(14,751)(174,161)
Balance, end of period$18,599,643 $238,882 $18,838,525 
Other, end of period1,610 
Total balance, end of period$18,840,135 
Nine Months Ended September 30, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,729,200 $238,882 $7,968,082 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,729,244 238,882 7,968,126 
Less: Reinsurance recoverables6,910,121 20,461 6,930,582 
Balance after reinsurance recoverables, end of period, post-flooring$819,123 $218,421 $1,037,544 

Nine Months Ended September 30, 2023
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,911,794 $0 $10,911,794 
Effect of cumulative changes in discount rate assumptions, beginning of period554,896 0 554,896 
Balance at original discount rate, beginning of period11,466,690 0 11,466,690 
Effect of assumption update(790)0 (790)
Effect of actual variances from expected experience and other activity(144,504)(1,257)(145,761)
Adjusted balance, beginning of period11,321,396 (1,257)11,320,139 
Issuances512,379 28,889 541,268 
Net premiums / considerations collected(1,008,159)(27,632)(1,035,791)
Interest accrual391,662 0 391,662 
Balance at original discount rate, end of period11,217,278 0 11,217,278 
Effect of cumulative changes in discount rate assumptions, end of period(939,494)0 (939,494)
Balance, end of period$10,277,784 $0 $10,277,784 
Nine Months Ended September 30, 2023
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$17,835,251 $204,727 $18,039,978 
Effect of cumulative changes in discount rate assumptions, beginning of period962,034 24,876 986,910 
Balance at original discount rate, beginning of period18,797,285 229,603 19,026,888 
Effect of assumption update(1,044)0 (1,044)
Effect of actual variances from expected experience and other activity(191,864)6,793 (185,071)
Adjusted balance, beginning of period18,604,377 236,396 18,840,773 
Issuances512,379 28,889 541,268 
Interest accrual670,905 6,300 677,205 
Benefit payments(1,019,151)(25,504)(1,044,655)
Other adjustments2,845 (84)2,761 
Balance at original discount rate, end of period18,771,355 245,997 19,017,352 
Effect of cumulative changes in discount rate assumptions, end of period(1,767,981)(34,327)(1,802,308)
Balance, end of period$17,003,374 $211,670 $17,215,044 
Other, end of period1,838 
Total balance, end of period$17,216,882 

Nine Months Ended September 30, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$6,725,590 $211,670 $6,937,260 
Flooring impact, end of period1,773 0 1,773 
Balance, end of period, post-flooring6,727,363 211,670 6,939,033 
Less: Reinsurance recoverables6,241,505 17,097 6,258,602 
Balance after reinsurance recoverables, end of period, post-flooring$485,858 $194,573 $680,431 
The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Nine Months Ended September 30, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,790,252 $0 
Discounted expected future gross premiums (at original discount rate)$14,899,016 $0 
Discounted expected future gross premiums (at current discount rate)$14,780,675 $0 
Undiscounted expected future benefits and expenses$29,134,537 $341,000 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.13 %3.90 %
Weighted-average interest rate (at current discount rate)4.91 %4.82 %
Nine Months Ended September 30, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,914,391 $0 
Discounted expected future gross premiums (at original discount rate)$15,083,578 $0 
Discounted expected future gross premiums (at current discount rate)$13,840,343 $0 
Undiscounted expected future benefits and expenses$29,147,479 $328,212 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.18 %3.62 %
Weighted-average interest rate (at current discount rate)6.02 %5.95 %
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Company's 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.

In the first nine months of 2024, there was a $29 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $28 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

In the first nine months of 2023, there was a $35 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $34 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.
Deferred Profit Liability

The balances of and changes in DPL as of and for the periods indicated are as follows:

Nine Months Ended September 30,
20242023
Fixed Annuities
(in thousands)
Balance, beginning of period, post-flooring$14,818 $18,193 
Effect of assumption update2,110 0 
Effect of actual variances from expected experience and other activity465 (6,924)
Adjusted balance, beginning of period17,393 11,269 
Profits deferred3,786 4,834 
Interest accrual505 423 
Amortization(1,689)(1,647)
Other adjustments(16)(11)
Balance, end of period, post-flooring19,979 14,868 
Less: Reinsurance recoverables1,504 1,435 
Balance after reinsurance recoverables, end of period$18,475 $13,433 
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 for the periods indicated:

Nine Months Ended September 30,
20242023
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$14,280,793 $12,664,445 
Flooring impact and amounts in AOCI831,583 1,269,237 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring15,112,376 13,933,682 
Effect of assumption update154,058 22,910 
Effect of actual variances from expected experience and other activity326,790 (12,611)
Adjusted balance, beginning of period15,593,224 13,943,981 
Assessments collected(1)843,853 828,657 
Interest accrual397,904 360,309 
Benefits paid(258,579)(219,784)
Balance, excluding amounts in AOCI, end of period, pre-flooring16,576,402 14,913,163 
Flooring impact and amounts in AOCI(343,625)(1,714,686)
Balance, including amounts in AOCI, end of period, post-flooring16,232,777 13,198,477 
Less: Reinsurance recoverables16,005,948 12,979,687 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$226,829 $218,790 
(1) Represents the portion of gross assessments required to fund the future policy benefits.

Nine Months Ended September 30,
20242023
Weighted-average duration of the liability in years (at original discount rate)2222
Weighted-average interest rate (at original discount rate)3.39 %3.36 %
Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for Future Policy Benefits as reported on the Company's Unaudited Interim Consolidated Statements of Financial Position as of the periods indicated:

Nine Months Ended September 30,
20242023
(in thousands)
Benefit reserves, end of period, post-flooring$7,968,126 $6,939,033 
Deferred profit liability, end of period, post-flooring19,979 14,868 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring16,232,777 13,198,477 
Subtotal of amounts disclosed above24,220,882 20,152,378 
Other Future policy benefits reserves(1)1,032,177 1,104,756 
Total Future policy benefits$25,253,059 $21,257,134 
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.
Revenue and Interest Expense

The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations for the periods indicated:

Nine Months Ended September 30, 2024
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,352,988 $0 $30,007 $1,382,995 
Deferred profit liability0 0 (5,161)(5,161)
Additional insurance reserves0 1,349,352 0 1,349,352 
Total$1,352,988 $1,349,352 $24,846 $2,727,186 

Nine Months Ended September 30, 2023
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,351,460 $0 $32,677 $1,384,137 
Deferred profit liability0 0 3,325 3,325 
Additional insurance reserves0 1,168,206 0 1,168,206 
Total$1,351,460 $1,168,206 $36,002 $2,555,668 
(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.
Nine Months Ended September 30, 2024
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$285,415 $0 $6,752 $292,167 
Deferred profit liability0 0 505 505 
Additional insurance reserves0 397,904 0 397,904 
Total$285,415 $397,904 $7,257 $690,576 


Nine Months Ended September 30, 2023
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$279,242 $0 $6,300 $285,542 
Deferred profit liability0 0 423 423 
Additional insurance reserves0 360,309 0 360,309 
Total$279,242 $360,309 $6,723 $646,274 
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:
Nine Months Ended September 30, 2024
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$6,164,313 $22,836,765 $20,167,713 $49,168,791 
Deposits4,149,820 5,900,477 1,592,896 11,643,193 
Interest credited150,642 332,007 426,382 909,031 
Policy charges(4,168)(21,369)(1,369,727)(1,395,264)
Surrenders and withdrawals(409,573)(558,335)(595,740)(1,563,648)
Benefit payments(42,344)(21,840)(50,251)(114,435)
Net transfers (to) from separate account0 48,394 275,312 323,706 
Change in market value and other adjustments(1)218,164 1,974,887 139,231 2,332,282 
Balance, end of period10,226,854 30,490,986 20,585,816 61,303,656 
Unearned revenue reserve4,248,795 
Other106,109 
Total Policyholders' account balance$65,658,560 
Weighted-average crediting rate2.45 %1.66 %2.79 %2.19 %
Net amount at risk(2)$16 $0 $336,737,789 $336,737,805 
Cash surrender value(3)$9,070,551 $29,028,016 $19,188,896 $57,287,463 
Nine Months Ended September 30, 2023
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$3,575,824 $16,432,032 $18,736,365 $38,744,221 
Deposits1,801,985 3,439,562 1,543,230 6,784,777 
Interest credited73,763 194,853 415,843 684,459 
Policy charges(5,683)(16,564)(1,357,363)(1,379,610)
Surrenders and withdrawals(161,929)(351,475)(579,913)(1,093,317)
Benefit payments(37,459)(22,285)(62,055)(121,799)
Net transfers (to) from separate account (4)0 4,467 1,115,178 1,119,645 
Change in market value and other adjustments(1)81,544 1,095,144 76,107 1,252,795 
Balance, end of period5,328,045 20,775,734 19,887,392 45,991,171 
Unearned revenue reserve3,568,084 
Other102,815 
Total Policyholders' account balance$49,662,070 
Weighted-average crediting rate2.21 %1.40 %2.87 %2.15 %
Net amount at risk(2)$12 $0 $318,075,705 $318,075,717 
Cash surrender value(3)$4,491,679 $17,981,713 $18,517,769 $40,991,161 
(1)     Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)     The net amount at risk calculation includes both general and separate account balances.
(3)    Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
(4) Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 14 for additional information.


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 10 for additional information, including the net amount at risk associated with these guarantees.
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums are as follows:
September 30, 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 thousands)
Fixed Annuities
Less than 1.00%
$282 $2,972 $10,290 $967,347 $980,891 
1.00% - 1.99%
441,774 59,029 191,790 74,650 767,243 
2.00% - 2.99%
303,925 460,949 559,932 16,511 1,341,317 
3.00% - 4.00%
1,375,404 5,996 10,086 3,299 1,394,785 
Greater than 4.00%
0 0 0 0 0 
Total$2,121,385 $528,946 $772,098 $1,061,807 $4,484,236 
Variable Annuities
Less than 1.00%
$323,585 $622,340 $447,015 $180 $1,393,120 
1.00% - 1.99%
153,336 211,058 2,505 0 366,899 
2.00% - 2.99%
17,807 3,907 4,181 0 25,895 
3.00% - 4.00%
839,084 4,128 1 0 843,213 
Greater than 4.00%
2,038 0 0 0 2,038 
Total$1,335,850 $841,433 $453,702 $180 $2,631,165 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $162,543 $162,543 
1.00% - 1.99%
261,986 0 1,692,401 1,615,106 3,569,493 
2.00% - 2.99%
29,281 1,504,536 2,695,744 377,103 4,606,664 
3.00% - 4.00%
3,788,853 2,139,715 1,107,161 0 7,035,729 
Greater than 4.00%
2,105,249 0 0 0 2,105,249 
Total$6,185,369 $3,644,251 $5,495,306 $2,154,752 $17,479,678 
September 30, 2023
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$85 $188 $430 $20,481 $21,184 
1.00% - 1.99%
497,237 74,579 237,130 82,040 890,986 
2.00% - 2.99%
280,760 469,123 319,721 12,466 1,082,070 
3.00% - 4.00%
31,048 0 0 0 31,048 
Greater than 4.00%
0 0 0 0 0 
Total$809,130 $543,890 $557,281 $114,987 $2,025,288 
Variable Annuities
Less than 1.00%
$944,205 $821,295 $18,262 $2 $1,783,764 
1.00% - 1.99%
221,831 2,113 1,086 0 225,030 
2.00% - 2.99%
26,319 4,332 2,979 0 33,630 
3.00% - 4.00%
956,761 3,416 0 0 960,177 
Greater than 4.00%
2,027 0 0 0 2,027 
Total$2,151,143 $831,156 $22,327 $2 $3,004,628 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $217,003 $217,003 
1.00% - 1.99%
185,341 0 2,528,250 572,113 3,285,704 
2.00% - 2.99%
27,536 1,418,150 2,778,586 268,998 4,493,270 
3.00% - 4.00%
4,008,791 2,241,159 1,114,429 0 7,364,379 
Greater than 4.00%
2,147,756 0 0 0 2,147,756 
Total$6,369,424 $3,659,309 $6,421,265 $1,058,114 $17,508,112 
(1)     Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.


Unearned Revenue Reserve ("URR")

The balances of and changes in URR as of and for the periods ended are as follows:

Nine Months Ended September 30,
20242023
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$3,741,426 $3,067,336 
Unearned revenue644,001612,196
Amortization expense(136,630)(111,353)
Other adjustments(2)(95)
Balance, end of period$4,248,795 $3,568,084 
Less: Reinsurance recoverables1,822,5971,656,299
Balance after reinsurance recoverables, end of period$2,426,198 $1,911,785 
MARKET RISK BENEFITS
The following tables show a rollforward of MRB balances for variable annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
Nine Months Ended September 30, 2024
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$3,694,950 $(917,792)$2,777,158 
Effect of cumulative changes in non-performance risk1,068,035 0 1,068,035 
Balance, beginning of period, before effect of changes in
non-performance risk		4,762,985 (917,792)3,845,193 
Attributed fees collected830,031 (195,952)634,079 
Claims paid(45,249)4,781 (40,468)
Interest accrual171,713 (42,483)129,230 
Actual in force different from expected18,607 (14,423)4,184 
Effect of changes in interest rates44,706 51,322 96,028 
Effect of changes in equity markets(1,633,684)171,342 (1,462,342)
Effect of assumption update85,619 3,984 89,603 
Issuances51,540 (3,158)48,382 
Other adjustments14,958 27 14,985 
Effect of changes in current period counterparty non-performance risk0 (8,520)(8,520)
Balance, end of period, before effect of changes in non-performance risk4,301,226 (950,872)3,350,354 
Effect of cumulative changes in non-performance risk(934,425)0 (934,425)
Balance, end of period$3,366,801 $(950,872)$2,415,929 
Nine Months Ended September 30, 2023
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$4,550,625 $(422,261)$4,128,364 
Effect of cumulative changes in non-performance risk1,727,910 0 1,727,910 
Balance, beginning of period, before effect of changes in
non-performance risk		6,278,535 (422,261)5,856,274 
Attributed fees collected878,381 (179,211)699,170 
Claims paid(62,128)5,903 (56,225)
Interest accrual235,979 (38,016)197,963 
Actual in force different from expected52,753 (6,588)46,165 
Effect of changes in interest rates(2,869,989)484,168 (2,385,821)
Effect of changes in equity markets(940,654)90,742 (849,912)
Effect of assumption update330,769 (54,067)276,702 
Issuances21,271 8,206 29,477 
Other adjustments(1)(17,436)(638,198)(655,634)
Effect of changes in current period counterparty non-performance risk0 (75,594)(75,594)
Balance, end of period, before effect of changes in non-performance risk3,907,481 (824,916)3,082,565 
Effect of cumulative changes in non-performance risk(1,230,621)0 (1,230,621)
Balance, end of period$2,676,860 $(824,916)$1,851,944 
(1)    Other adjustments for September 30, 2023 primarily includes $638 million related to the reinsurance transaction with AuguStar. See Note 11 for additional information.

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 specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods.

The Company also issues indexed variable annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed variable annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods.

For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.
For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance.

For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. 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 equity market returns, interest rates, market volatility and contractholder behavior.

The following table presents accompanying information to the rollforward table above.
September 30, 2024September 30, 2023
Variable Annuities
($ in thousands)
Net amount at risk(1)$7,321,371 $12,504,440 
Weighted-average attained age of contractholders7170
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.

The table below reconciles MRB asset and liability positions as of the following dates:
September 30, 2024September 30, 2023
Variable Annuities
(in thousands)
Direct and assumed$1,286,720 $1,410,637 
Ceded1,212,514 1,108,597 
Total market risk benefit assets$2,499,234 $2,519,234 
Direct and assumed$4,653,521 $4,087,498 
Ceded261,642 283,680 
Total market risk benefit liabilities$4,915,163 $4,371,178 
Net liability$2,415,929 $1,851,944 
v3.24.3
Reinsurance
 9 Months Ended
Sep. 30, 2024
Reinsurance Disclosures [Abstract]  
Reinsurance REINSURANCE
The Company participates in reinsurance with its affiliates Prudential Arizona Reinsurance Captive Company (“PARCC”), Prudential Arizona Reinsurance Term Company (“PAR Term”), PAR U, PURE, Prudential Term Reinsurance Company (“Term Re”), Dryden Arizona Reinsurance Term Company (“DART”), Lotus Reinsurance Company Ltd. (“Lotus Re”), PALAC, a former subsidiary of Prudential Financial that was sold to Fortitude on April 1, 2022, and prior to January 1, 2024 with its affiliates Prudential Universal Reinsurance Company (“PURC”) and Gibraltar Universal Life Reinsurance Company (“GUL Re”). The Company also participates in reinsurance with its parent company Prudential Insurance, as well as third parties. The reinsurance agreements provide risk diversification and additional capacity for future growth, limit the maximum net loss potential, manage statutory capital, and facilitate the Company's capital market hedging program. Life reinsurance is accomplished through various plans of reinsurance, primarily yearly renewable term (“YRT”) and coinsurance. Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements. The Company believes a material reinsurance liability resulting from such inability of reinsurers to meet their obligations is unlikely.
Effective January 2024, the Company entered into an agreement with Somerset Reinsurance Ltd. (“Somerset Re”) to coinsure a closed block of guaranteed universal life (“GUL”) policies to PURE, a wholly-owned subsidiary of Prudential Insurance, with retrocession by PURE of such liabilities on a modified coinsurance basis, to Somerset Re. This transaction is effective as of January 1, 2024, whereby, the Company recaptured all risks associated with the subject GUL policies from PAR U, PURC and GUL Re and subsequently established YRT reinsurance for the subject GUL business with Prudential Insurance. As a result of the transactions, the Company recognized a $990 million pre-tax recapture loss and a $1,207 million DRG that will be amortized into income over the estimated remaining life of the reinsured policies.

Reserves related to reinsured long-duration contracts are accounted for using assumptions consistent with those used to account for the underlying contracts. Amounts recoverable from reinsurers for long-duration reinsurance arrangements are estimated in a manner consistent with the claim liabilities and policy benefits associated with the reinsured policies. Reinsurance policy charges and fee income ceded for universal life and variable annuity products are accounted for as a reduction of policy charges and fee income. Reinsurance premiums ceded for term insurance products are accounted for as a reduction of premiums.

Reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting. The deposit assets on reinsurance are recorded within “Other assets” and the corresponding funds withheld liability for assets retained under these reinsurance agreements are recorded within “Other liabilities”. Balances associated with these agreements are included in the tables below.

"Change in value of market risk benefits, net of related hedging gain (loss)" include the impact of reinsurance agreements, particularly reinsurance agreements involving living benefit guarantees. The Company has entered into reinsurance agreements to transfer the risk related to the living benefit guarantees on variable annuities within the PLNJ business to Prudential Insurance. These reinsurance agreements are market risk benefits and have been accounted for in the same manner.

Reinsurance amounts included in the Company’s Unaudited Interim Consolidated Statements of Financial Position were as follows:
September 30, 2024December 31, 2023
 (in thousands)
Reinsurance recoverables$43,285,050 $38,709,651 
Policy loans(1,107,607)(1,082,584)
Deferred policy acquisition costs(3,118,226)(3,195,161)
Deferred sales inducements(33,303)(35,313)
Market risk benefit assets1,212,865 1,165,378 
Other assets2,778,500 1,897,410 
Policyholders’ account balances5,646,936 5,977,108 
Future policy benefits7,431,811 7,026,209 
Market risk benefit liabilities263,588 249,538 
Other liabilities8,920,647 4,397,862 
Unaffiliated reinsurance amounts included in the table above and in the Company's Unaudited Interim Consolidated Statements of Financial Position were as follows:
September 30, 2024December 31, 2023
(in thousands)
Deferred policy acquisition costs$62,301 $71,315 
Market risk benefit assets814,183 745,662 
Other assets2,680,090 1,795,422 
Policyholders’ account balances1,684,769 1,830,579 
Future policy benefits194 453 
Market risk benefit liabilities134,758 131,594 
Other liabilities2,798,751 1,915,205 
Reinsurance recoverables by counterparty are as follows:
September 30, 2024December 31, 2023
 (in thousands)
PAR U$19,642,785 $15,722,061 
PURC0 7,565,968 
PARCC2,140,373 2,304,270 
GUL Re0 3,211,899 
PAR Term2,084,390 2,101,004 
Prudential Insurance4,901,818 1,311,525 
Term Re2,115,998 2,080,564 
Lotus Re2,102,136 2,051,831 
DART855,366 744,043 
PURE7,853,257 0 
Unaffiliated1,588,927 1,616,486 
Total reinsurance recoverables$43,285,050 $38,709,651 

Reinsurance amounts, included in the Company’s Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in thousands)
Premiums:
Direct$462,391 $457,967 $1,384,477 $1,396,506 
Assumed29 32 92 (90)
Ceded(365,331)(372,859)(1,100,377)(1,144,655)
Net premiums97,089 85,140 284,192 251,761 
Policy charges and fee income:
Direct808,852 753,291 2,365,340 2,238,266 
Assumed220,781 151,927 719,389 453,006 
Ceded(620,866)(558,737)622,077 (1,594,764)
Net policy charges and fee income408,767 346,481 3,706,806 1,096,508 
Net investment income:
Direct651,762 463,070 1,763,262 1,216,154 
Assumed333 338 996 1,024 
Ceded(13,403)(2,544)(40,253)(13,789)
Net investment income(1)638,692 460,864 1,724,005 1,203,389 
Asset administration fees:
Direct83,659 81,422 246,123 242,730 
Assumed0 0 0 0 
Ceded(27,231)(24,668)(77,950)(64,986)
Net asset administration fees56,428 56,754 168,173 177,744 
Other income (loss):
Direct332,233 (89,144)461,980 216,247 
Assumed(75)116 274 (233)
Ceded53,937 25,473 275,015 70,736 
Net other income (loss)(1)386,095 (63,555)737,269 286,750 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Realized investment gains (losses), net:
Direct(541,864)(492,184)235,638 (826,822)
Assumed14,552 (31,544)77,736 189,400 
Ceded(89,183)55,472 (67,987)56,181 
Realized investment gains (losses), net(1)(616,495)(468,256)245,387 (581,241)
Change in value of market risk benefits, net of related hedging gain (loss):
Direct(214,414)(54,544)(199,087)152,660 
Assumed(245)283 361 (3,160)
Ceded39,258 (193,210)(167,267)(415,656)
Net change in value of market risk benefits, net of related hedging gain (loss)(175,401)(247,471)(365,993)(266,156)
Policyholders’ benefits (including change in reserves):
Direct855,117 912,588 2,765,937 2,639,868 
Assumed242,113 336,300 775,334 985,635 
Ceded(966,549)(1,103,479)831,697 (3,227,951)
Net policyholders’ benefits (including change in reserves)(1)130,681 145,409 4,372,968 397,552 
Change in estimates of liability for future policy benefits:
Direct142,204 (44,155)354,660 (61,510)
Assumed17,025 (17,580)81,893 8,071 
Ceded(156,795)68,300 (452,298)54,469 
Net change in estimates of liability for future policy benefits2,434 6,565 (15,745)1,030 
Interest credited to policyholders’ account balances:
Direct332,064 228,399 907,648 666,947 
Assumed35,476 33,602 117,968 100,065 
Ceded(111,380)(98,927)(318,682)(299,900)
Net interest credited to policyholders’ account balances256,160 163,074 706,934 467,112 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(113,741)(57,368)(619,914)(280,393)
(1)Amounts include reinsurance agreements using the deposit method of accounting.
Unaffiliated reinsurance assumed and ceded amounts included in the table above and in the Company's Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in thousands)
Premiums:
Assumed$29 $32 $89 $(100)
Ceded(27,821)(13,942)(79,800)(47,319)
Policy charges and fee income:
Assumed429 460 1,057 1,383 
Ceded(45,692)(39,143)(132,662)(101,419)
Net investment income(1):
Ceded0 10,109 0 23,022 
Asset administration fees:
Ceded(7,151)(7,464)(21,474)(15,204)
Other income (loss)(1):
Assumed(75)185 378 (53)
Ceded26,125 7,887 73,931 17,540 
Realized investment gains (losses), net(1):
Assumed14,552 (31,544)77,736 189,400 
Ceded(76,021)41,007 (29,022)40,378 
Change in value of market risk benefits, net of related hedging gain (loss):
Assumed(245)283 361 (3,160)
Ceded5,318 (70,693)(58,229)(150,791)
Policyholders’ benefits (including change in reserves)(1):
Assumed(145)265 216 545 
Ceded(51,927)(42,655)(262,998)(106,475)
Change in estimates of liability for future policy benefits:
Ceded673 (1,407)92,575 (1,823)
Interest credited to policyholders’ account balances:
Assumed6,772 3,651 31,888 8,750 
Ceded1 85 0 0 
(1)Amounts include reinsurance agreements using the deposit method of accounting.
The gross and net amounts of life insurance face amount in force as of September 30, 2024 and 2023 were as follows:
20242023
 (in thousands)
Direct gross life insurance face amount in force$1,159,660,533 $1,115,174,542 
Assumed gross life insurance face amount in force34,827,770 35,824,627 
Reinsurance ceded(1,049,978,067)(1,010,577,960)
Net life insurance face amount in force$144,510,236 $140,421,209 

Significant Affiliated Reinsurance Agreements

PAR U

Pruco Life reinsures 70% of all the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates prior to January 1, 2011.

Effective July 1, 2012, PLNJ reinsures 95% of all the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates through December 31, 2019, excluding those policies that are subject to principle-based reserving.

On January 2, 2013, Pruco Life began to assume GUL business from Prudential Insurance in connection with the acquisition of the Hartford Life Business. The GUL business assumed from Prudential Insurance was subsequently retroceded to PAR U.

Effective January 1, 2024, Pruco Life recaptured the policies equal to 70% of all the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates prior to January 1, 2011. Effective January 1, 2024, Pruco Life reinsures 25% of the risks associated with universal life policies with effective dates prior to January 1, 2015 and 100% of the risks associated with universal life policies with effective dates beginning January 1, 2015, excluding those policies that are subject to principle-based reserving.

Effective January 1, 2024, PLNJ recaptured the policies previously reinsured by PAR U with effective dates prior to January 1, 2015. Effective January 1, 2024, PLNJ reinsures 100% of the risks associated with universal life policies, with effective dates from January 1, 2015 to December 31, 2019, excluding those policies that are subject to principle-based reserving.

On March 28, 2024, PURC and GUL Re merged into PAR U.

PURE

Effective January 1, 2024, Pruco Life reinsures 75% of the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates prior to January 1, 2015.

Effective January 1, 2024, PLNJ reinsures 100% of the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates prior to January 1, 2015.

PURC

Pruco Life reinsures 70% of all the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates from January 1, 2011 through December 31, 2013, with PURC and 95% of all the risks associated with Universal Protector policies having no-lapse guarantees, as well as certain other universal life policies, with effective dates from January 1, 2014 through December 31, 2016.

Effective January 1, 2024, the Company recaptured the policies previously reinsured by PURC. As a result of the recapture, the Company recorded a write-off of $116 million of DRG that was recognized with the previous reinsurance agreement.

On March 28, 2024, PURC merged into PAR U.
PARCC

Prior to July 1, 2019, the Company reinsured 90% of the risks under its term life insurance policies, with effective dates prior to January 1, 2010 through an automatic coinsurance agreement with PARCC. Effective July 1, 2019, the Company amended the coinsurance agreement to increase the percentage from 90% to 100% of the policy risk amount reinsured. The amended agreement does not impact contracts issued by PLNJ, which remain at the original percentage.

GUL Re

Effective January 1, 2017, Pruco Life entered into an automatic coinsurance agreement with GUL Re to reinsure 95% of all the risks associated with Universal Protector policies having no-lapse guarantees, as well as certain other universal life policies, with effective dates on or after January 1, 2017 through December 31, 2019, excluding those policies that are subject to principle-based reserving.

Effective July 1, 2017, Pruco Life amended this agreement to include 30% of Universal Protector policies having no-lapse guarantees as well as certain other universal life policies with effective dates prior to January 1, 2014.

Effective January 1, 2024, the Company recaptured the policies previously reinsured by GUL Re.

On March 28, 2024, GUL Re merged into PAR U.

PAR Term

Prior to July 1, 2019, the Company reinsures 95% of the risks under its term life insurance policies with effective dates January 1, 2010 through December 31, 2013, through an automatic coinsurance agreement with PAR Term. Effective July 1, 2019, the Company amended the coinsurance agreement to increase the percentage from 95% to 100% of the policy risk amount reinsured. The amended agreement does not impact contracts issued by PLNJ, which remain at the original percentage.
Term Re
The Company reinsures 95% of the risks under its term life insurance policies, with effective dates on or after January 1, 2014 through December 31, 2017, through an automatic coinsurance agreement with Term Re.
Prudential Insurance
The Company has a YRT reinsurance agreement with Prudential Insurance and reinsures the majority of all mortality risks not otherwise reinsured. This agreement was terminated for new business effective January 1, 2020, with certain new business (primarily universal life policies) terminated as early as 2017. The Company now reinsures a portion of the mortality risk directly to third-party reinsurers and retains all of the non-reinsured portion of the mortality risk. Effective July 1, 2019, certain term life insurance policies were recaptured and subsequently reinsured to PARCC and PAR Term as noted above. As of January 1, 2022, most of the variable life insurance policies were recaptured resulting in a $305 million loss recorded through "Policy charges and fee income". Those policies were then reinsured to Lotus Re as mentioned below. Effective January 1, 2024, the Company recaptured all GUL policies with Prudential Insurance and subsequently entered into a YRT reinsurance agreement with Prudential Insurance to reinsure the mortality risk for the totality of GUL policies reinsured to PURE.

On January 2, 2013, Pruco Life began to assume GUL business from Prudential Insurance in connection with the acquisition of the Hartford Financial Services Group, Inc. ("Hartford Financial"). The GUL business assumed from Prudential Insurance was subsequently retroceded to PAR U. In May 2018, Hartford Financial sold a group of operating subsidiaries, which includes two of Prudential Insurance's counterparties to these reinsurance arrangements. There was no impact to the terms, rights or obligations of Prudential Insurance, or operation of these reinsurance arrangements, as a result of this change in control of such counterparties. Similarly, there was no impact to the Company's reinsurance arrangements with respect to such GUL business as a result of this change in control. In January 2021, there was a definitive agreement announced to subsequently sell the two counterparties mentioned above, which were then 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 this change in control of such counterparties.
The Company has reinsured a group annuity contract with Prudential Insurance, in consideration for a single premium payment by the Company, providing reinsurance equal to 100% of all payments due under the contract.

Effective April 1, 2016, PLNJ entered into a reinsurance agreement to reinsure its variable annuity base contracts, along with the living benefit guarantees to Prudential Insurance. This reinsurance agreement covers new and in force business. Effective February 1, 2023, PLNJ began selling indexed variable annuities products, which is reinsured to Prudential Insurance through the existing reinsurance agreement. The reinsurance of the indexed variable annuities transfers all significant risks, including mortality risk, embedded in the reinsured contracts to Prudential Insurance. As a result of the agreement, reinsurance payables includes the ceded modified coinsurance arrangement, which reflects the value of the invested assets retained by the Company and the associated asset returns.
Lotus Re
Effective October 1, 2021, the Company entered into an automatic coinsurance agreement with Lotus Re to reinsure $32 million of liabilities associated with the risks associated with a portion of its variable life policies in the extended term policy status.

Effective January 1, 2022 the Company recaptured the risks that were previously ceded to Lotus Re from October 1, 2021 through December 31, 2021. Immediately thereafter, the Company entered into a reinsurance agreement with Lotus Re to cede 100% of the risks associated with a closed block of variable life business on a coinsurance and modified coinsurance basis including policies in the extended term policy status. The amount of the net liabilities associated with the transaction for coinsurance and modified coinsurance were $1,387 million and $14,037 million, respectively. As part of the consideration, the Company also ceded to Lotus Re $855 million of policy loan assets associated with the reinsured policies while receiving $820 million in cash from Lotus Re. As a result, the Company recorded a $1,352 million deferred gain, which will be recognized over the remaining life of the underlying policies. In tandem with the transaction, effective January 1, 2022, Lotus Re established an automatic YRT agreement with the Company to cede back a portion of the mortality risks associated with the reinsured policies for the purposes of the Company maintaining YRT reinsurance with external counterparties.
DART
Effective January 1, 2018, the Company entered into an automatic coinsurance agreement with DART to reinsure 95% of the risks associated with its term life insurance policies with effective dates on or after January 1, 2018 through December 31, 2019, excluding those policies that are subject to principle-based reserving.
Significant Third-Party Reinsurance Arrangements
AuguStar Life Insurance Company (Formerly Known as The Ohio National Life Insurance Company)
Effective April 1, 2023, the Company entered into an agreement with 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. 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 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 $277 million DRG that will be amortized into income over the estimated remaining life of the reinsured policies.
FLIAC
Effective December 1, 2021, 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 to the Company. 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 and fixed annuities with a guaranteed lifetime withdrawal income feature which are accounted for under the deposit method of 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. As of September 30, 2024, the total account value of contracts novated from FLIAC to the Company were $5.3 billion for indexed variable annuities contracts and $2.0 billion for fixed annuities and fixed indexed annuities contracts, which is approximately 80% of the total reinsured block.
Somerset Re
Effective October 1, 2021, the Company entered into a reinsurance agreement with Somerset Re to coinsure business, on a quota share funds withheld basis, related to fixed indexed annuities. Under the reinsurance agreement, the Company cedes to Somerset Re its quota share of the insurance liabilities with respect to the reinsured contracts. The deposit assets on reinsurance totaled $2,523 million and $1,618 million at September 30, 2024 and December 31, 2023, respectively. The funds withheld liabilities totaled $2,425 million and $1,518 million at September 30, 2024 and December 31, 2023, respectively.
Union Hamilton
Between April 1, 2015 and December 31, 2016, the Company, excluding its subsidiary, reinsured approximately 50% of the new business related to “highest daily” living benefits rider guarantees on HDI v.3.0 product, available with Prudential Premier® Retirement Variable Annuity, to Union Hamilton. This reinsurance remains in force for the duration of the underlying annuity contracts. New sales of HDI v.3.0 subsequent to December 31, 2016 are not covered by this external reinsurance agreement. As of September 30, 2024, $2.1 billion of HDI v.3.0 account values are reinsured to Union Hamilton.
v3.24.3
Income Taxes
 9 Months Ended
Sep. 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. In determining the full year projected tax rate, the Company considers the realizability of deferred tax assets, including those associated with unrealized investment losses, and has determined based upon the weight of available evidence that no valuation allowance is necessary related to unrealized investment losses. In addition, certain items impacting total income tax expense are recorded in the periods in which they occur. The projected effective tax rate is the ratio of projected “Income tax expense (benefit)” divided by projected “Income (loss) from operations before income taxes and equity in earnings of operating joint venture”. Taxes attributable to operating joint venture are recorded within “Equity in earnings of operating joint venture, 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 $25.3 million, or 6.93% of income (loss) from operations before income taxes and equity in earnings of operating joint venture, in the first nine months of 2024, compared to an income tax benefit of $(8.3) million, or (18.34)%, in the first nine months of 2023. The Company's current and prior effective tax rates differed from the U.S. statutory tax rate of 21% primarily due to non-taxable investment income and tax credits.

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.
v3.24.3
Equity
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Equity EQUITY
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 Operations and Comprehensive Income (Loss). The balance of and changes in each component of AOCI as of and for the nine months ended September 30, 2024 and 2023, are as follows:

 Accumulated Other Comprehensive Income (Loss)
 Foreign
Currency
Translation
Adjustment		Net Unrealized
Investment Gains
(Losses)(1)		Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated
Other
Comprehensive
Income (Loss)
 (in thousands)
Balance, December 31, 2023$(18,085)$(927,778)$71,195 $843,748 $(30,920)
Change in OCI before reclassifications1,578 620,926 (21,655)(133,611)467,238 
Amounts reclassified from AOCI0 26,605 0 0 26,605 
Income tax benefit (expense)(228)(135,768)4,557 28,058 (103,381)
Balance, September 30, 2024$(16,735)$(416,015)$54,097 $738,195 $359,542 

 Accumulated Other Comprehensive Income (Loss)
 Foreign
Currency
Translation
Adjustment		Net Unrealized
Investment Gains
(Losses)(1)		Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated
Other
Comprehensive
Income (Loss)
 (in thousands)
Balance, December 31, 2022$(20,007)$(1,474,475)$119,368 $1,365,049 $(10,065)
Change in OCI before reclassifications431 (482,272)73,321 (497,289)(905,809)
Amounts reclassified from AOCI0 (17,746)0 0 (17,746)
Income tax benefit (expense)(51)105,037 (15,396)104,431 194,021 
Balance, September 30, 2023$(19,627)$(1,869,456)$177,293 $972,191 $(739,599)
(1)Includes cash flow hedges of $2 million and $12 million as of September 30, 2024 and December 31, 2023, respectively, and $94 million and $139 million as of September 30, 2023 and December 31, 2022, respectively.

Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
 (in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)$(19,880)$29,156 $15,856 $34,900 
Net unrealized investment gains (losses) on available-for-sale securities(26,993)(8,931)(42,461)(17,154)
Total net unrealized investment gains (losses)(4)(46,873)20,225 (26,605)17,746 
Total reclassifications for the period$(46,873)$20,225 $(26,605)$17,746 
(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 4 for additional information on cash flow hedges.
(4)See table below for additional information on unrealized investment gains (losses), including the impact on future policy benefits, policyholders’ account balances and other liabilities.
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 OCI those items that are included as part of “Net income (loss)” for a period that had been part of OCI in earlier periods. The amounts for the periods indicated below, split between amounts related to net unrealized investment gains (losses) on available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized, 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 RecognizedNet Unrealized
Gains (Losses)
on All Other Investments(1)		Other Costs(2) Future Policy Benefits, Policyholders' Account Balances and Other Liabilities(3)
Income Tax
Benefit (Expense)		Accumulated
Other
Comprehensive
Income (Loss)
Related to Net
Unrealized
Investment
Gains (Losses)
 (in thousands)
Balance, December 31, 2023$1,987 $(1,404,180)$(801,351)$1,029,098 $246,668 $(927,778)
Net investment gains (losses) on investments arising during the period(9,819)661,777 0 0 (136,708)515,250 
Reclassification adjustment for (gains) losses included in net income(3)26,608 0 0 (5,579)21,026 
Reclassification due to allowance for credit losses recorded during the period(26)26 0 0 0 0 
Impact of net unrealized investment (gains) losses
0 0 455,507 (486,539)6,519 (24,513)
Balance, September 30, 2024$(7,861)$(715,769)$(345,844)$542,559 $110,900 $(416,015)
(1)Includes cash flow hedges. See Note 4 for information on cash flow hedges.
(2)"Other costs" primarily includes reinsurance recoverables and DRL.
(3)"Other liabilities" primarily includes reinsurance payables.


Noncontrolling interests

For certain subsidiaries, the Company owns a controlling interest that is less than 100% ownership of the subsidiary but must consolidate 100% of the subsidiary’s financial statements in accordance with U.S. GAAP. Noncontrolling interests represent the portion of equity ownership in a consolidated subsidiary that is not attributable to the Company.
v3.24.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
The Company has extensive transactions and relationships with Prudential Insurance and other affiliates. Although we seek to ensure that these transactions and relationships are fair and reasonable, it is possible that the terms of these transactions are not the same as those that would result from transactions among unrelated parties.

Expense Charges and Allocations

The majority of the Company’s expenses are allocations or charges from Prudential Insurance or other affiliates. These expenses can be grouped into general and administrative expenses and agency distribution expenses.
The Company’s general and administrative expenses are charged to the Company using allocation methodologies based on business production processes. Management believes that the methodology is reasonable and reflects costs incurred by Prudential Insurance to process transactions on behalf of the Company. The Company operates under service and lease agreements whereby services of officers and employees, supplies, use of equipment and office space are provided by Prudential Insurance. The Company reviews its allocation methodology periodically which it may adjust accordingly. General and administrative expenses include allocations of stock compensation expenses related to a stock-based awards program and a deferred compensation program issued by Prudential Financial. The expense charged to the Company for the stock-based awards program was $0.2 million for both the three months ended September 30, 2024 and 2023, and $0.8 million and $0.7 million for the nine months ended September 30, 2024 and 2023, respectively. The expense charged to the Company for the deferred compensation program was $0.8 million and $1.0 million for the three months ended September 30, 2024 and 2023, respectively, and $4.9 million and $4.4 million for the nine months ended September 30, 2024 and 2023, respectively.

The Company is charged for its share of employee benefit expenses. These expenses include costs for funded and non-funded, non-contributory defined benefit pension plans. Some of these benefits are based on final earnings and length of service while others are based on an account balance, which takes into consideration age, service and earnings during a career. The Company’s share of net expense for the pension plans was $3 million for both the three months ended September 30, 2024 and 2023, and $8 million and $10 million for the nine months ended September 30, 2024 and 2023, respectively.

The Company is also charged for its share of the costs associated with welfare plans issued by Prudential Insurance. These expenses include costs related to medical, dental, life insurance and disability. The Company's share of net expense for the welfare plans was $4 million for both the three months ended September 30, 2024 and 2023, and $13 million and $11 million for the nine months ended September 30, 2024 and 2023, respectively.

Prudential Insurance sponsors voluntary savings plans for its employee 401(k) plans. The plans provide for salary reduction contributions by employees and matching contributions by the Company of up to 4% of annual salary. The Company’s expense for its share of the voluntary savings plan was $2 million for both the three months ended September 30, 2024 and 2023, and $6 million for both the nine months ended September 30, 2024 and September 30, 2023.

The Company is charged distribution expenses from Prudential’s proprietary nationwide sales organization, “Prudential Advisors” through a transfer pricing agreement, which is intended to reflect a market-based pricing arrangement. Prudential Advisors distributes Prudential life insurance, annuities, and investment products with proprietary and non-proprietary product options.

The Company pays commissions and certain other fees to Prudential Annuities Distributors, Inc. (“PAD”) in consideration for PAD’s marketing and underwriting of the Company’s annuity products. Commissions and fees are paid by PAD to broker-dealers who sell the Company’s annuity products. Commissions and fees paid by the Company to PAD were $208 million and $153 million for the three months ended September 30, 2024 and 2023, respectively, and $597 million and $440 million for the nine months ended September 30, 2024 and 2023, respectively.

The Company is charged for its share of corporate expenses incurred by Prudential Financial to benefit its businesses, such as advertising, executive oversight, external affairs and philanthropic activity. The Company’s share of corporate expenses was $30 million and $31 million for the three months ended September 30, 2024 and 2023, respectively, and $98 million and $104 million for the nine months ended September 30, 2024 and 2023, respectively.

Corporate-Owned Life Insurance

The Company has sold five Corporate-Owned Life Insurance (“COLI”) policies to Prudential Insurance, and one to Prudential Financial. The cash surrender value included in separate accounts for these COLI policies was $4,637 million and $4,156 million at September 30, 2024 and December 31, 2023, respectively. Fees related to these COLI policies were $14 million and $13 million for the three months ended September 30, 2024 and 2023, respectively, and $41 million and $38 million for the nine months ended September 30, 2024 and 2023, respectively. The Company reinsures the risk associated with these COLI policies to an affiliate reinsurer as part of a broader program related to variable insurance policies.
In May 2023, the Company funded a policy loan from the Prudential Financial COLI policy noted above in an amount of $900 million to an affiliated irrevocable trust, commonly referred to as a “rabbi trust”, which Prudential Financial created to support certain non-qualified retirement plans. The outstanding balance of the policy loan with the rabbi trust was $897 million and $898 million as of September 30, 2024 and December 31, 2023, respectively. Interest income related to the policy loan was $11 million and $10 million for the three months ended September 30, 2024 and 2023, respectively, and $32 million and $15 million for the nine months ended September 30, 2024 and 2023, respectively.

Affiliated Investment Management Expenses

In accordance with an agreement with PGIM, Inc. ("PGIM"), the Company pays investment management expenses to PGIM who acts as investment manager to certain Company general account and separate account assets. Investment management expenses paid to PGIM related to this agreement were $18 million and $14 million for the three months ended September 30, 2024 and 2023, respectively, and $50 million and $39 million for the nine months ended September 30, 2024 and 2023, respectively. These expenses are recorded as “Net investment income” in the Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss).

Derivative Trades

In its ordinary course of business, the Company enters into OTC derivative contracts with an affiliate, PGF. For these OTC derivative contracts, PGF has a substantially equal and offsetting position with an external counterparty. See Note 4 for additional information.

The interest income to the Company from PGF related to affiliated cash collateral was $126 million and $132 million for the three months ended September 30, 2024 and 2023, respectively, and $381 million and $363 million for the nine months ended September 30, 2024 and 2023, respectively, and are included in "Other income (loss)".

Joint Ventures

The Company has made investments in joint ventures with certain subsidiaries of Prudential Financial. "Other invested assets" includes $1,029 million and $754 million of investments in joint ventures as of September 30, 2024 and December 31, 2023, respectively. "Net investment income" related to these ventures includes gains (losses) of $17 million and $6 million for the three months ended September 30, 2024 and 2023, respectively, and $36 million and $2 million for the nine months ended September 30, 2024 and 2023, respectively.
Affiliated Asset Administration Fee Income

The Company has a revenue sharing agreement with AST Investment Services, Inc. ("ASTISI") and PGIM Investments LLC ("PGIM Investments") whereby the Company receives fee income based on policyholders' separate account balances invested in the Advanced Series Trust. Income received from ASTISI and PGIM Investments related to this agreement was $68 million and $69 million for the three months ended September 30, 2024 and 2023, respectively, and $204 million and $208 million for the nine months ended September 30, 2024 and 2023, respectively. These revenues are recorded as “Asset administration fees” in the Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss).

The Company has a revenue sharing agreement with PGIM Investments, whereby the Company receives fee income based on policyholders' separate account balances invested in The Prudential Series Fund. Income received from PGIM Investments related to this agreement was $12 million and $10 million for the three months ended September 30, 2024 and 2023, respectively, and $34 million and $28 million for the nine months ended September 30, 2024 and 2023, respectively. These revenues are recorded as “Asset administration fees” in the Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss).
Affiliated Notes Receivable

Affiliated notes receivable included in “Receivables from parent and affiliates” at September 30, 2024 and December 31, 2023 is as follows:
Maturity DatesInterest RatesSeptember 30, 2024December 31, 2023
(in thousands)
U.S. dollar fixed rate notes2025-20360.00%-14.85 %$491,146 $147,984 
Total notes receivable - affiliated(1)$491,146 $147,984 
(1)All notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances.

The affiliated notes receivable shown above are classified as available-for-sale securities and other trading assets carried at fair value. The Company monitors the internal and external credit ratings of these loans and loan performance. The Company also considers any guarantees made by Prudential Insurance for loans due from affiliates.

Accrued interest receivable related to these loans was $6 million and $1 million at September 30, 2024 and December 31, 2023, respectively, and is included in “Other assets”. Revenues related to these loans were $1 million for both the three months ended September 30, 2024 and 2023, and $2 million for both the nine months ended September 30, 2024 and 2023, and are included in “Other income (loss)”.

Affiliated Commercial Mortgage Loan

The affiliated commercial mortgage loan included in "Commercial mortgage and other loans" at September 30, 2024 and December 31, 2023 were as follows:
Maturity DateInterest RateSeptember 30, 2024December 31, 2023
(in thousands)
Affiliated Commercial Mortgage Loan20259.67 %$70,148 $71,038 

The commercial mortgage loan shown above is carried at unpaid principal balance, net of unamortized deferred loan origination fees and expenses, and net of an allowance for losses. The Company reviews the performance and credit quality of the commercial mortgage loan on an on-going basis.

Accrued interest receivable related to the loan was $0.5 million at both September 30, 2024 and December 31, 2023, and is included in "Accrued investment income". Revenues were $1 million and $2 million for the three months ended September 30, 2024 and 2023, respectively, and $5 million for both the nine months ended September 30, 2024 and 2023, and are included in "Net investment income".
Affiliated Asset Transfers

The Company participates in affiliated asset trades with parent and sister companies. Book and market value differences for trades with a parent and sister are recognized within "Additional paid-in capital" (“APIC”) and "Realized investment gains (losses), net", respectively. The table below shows affiliated asset trades for the nine months ended September 30, 2024 and for the year ended December 31, 2023.
AffiliateDateTransactionSecurity Type  Fair Value  Book Value  APIC, Net of Tax Increase/(Decrease)Realized
Investment
Gain (Loss)
 (in thousands)
Prudential InsuranceJanuary 2023PurchaseFixed Maturities$48,329 $50,372 $1,614 $0 
Prudential InsuranceMarch 2023PurchaseFixed Maturities$7,175 $7,500 $256 $0 
PURCApril 2023PurchaseFixed Maturities$102,804 $102,804 $0 $0 
Term ReJune 2023PurchaseFixed Maturities$115,573 $115,573 $0 $0 
Prudential InsuranceJune 2023PurchaseFixed Maturities$4,298 $4,443 $114 $0 
Prudential InsuranceJune 2023PurchaseFixed Maturities$4,394 $4,494 $80 $0 
Prudential InsuranceJune 2023PurchaseFixed Maturities$19,453 $19,203 $(198)$0 
Prudential InsuranceJune 2023PurchaseFixed Maturities$14,452 $15,086 $502 $0 
Prudential InsuranceSeptember 2023PurchaseFixed Maturities$15,880 $15,801 $(62)$0 
PURCDecember 2023SaleCommercial Mortgage and Other Loans$762 $754 $0 $8 
PAR UJanuary 2024Transfer inFixed Maturities$1,598,161 $1,598,161 $0 $0 
PAR UJanuary 2024Transfer inFixed Maturities$778,745 $778,745 $0 $0 
PURCJanuary 2024Transfer inFixed Maturities$2,155,560 $2,155,560 $0 $0 
GUL ReJanuary 2024Transfer inFixed Maturities$1,685,582 $1,685,582 $0 $0 
GUL ReJanuary 2024Transfer inFixed Maturities$4,976 $4,976 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$1,598,161 $1,598,161 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$778,745 $778,745 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$2,155,560 $2,155,560 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$1,685,582 $1,685,582 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$4,976 $4,976 $0 $0 
IronboundJanuary 2024PurchaseOther Invested Assets$60,414 $60,414 $0 $0 
Windhill CLO 1, Ltd.February 2024SaleFixed Maturities$18,428 $18,858 $0 $(430)
Windhill CLO 2, Ltd.February 2024SaleFixed Maturities$19,652 $20,057 $0 $(405)
PAR TermFebruary 2024PurchaseFixed Maturities$43,084 $43,084 $0 $0 
Windhill CLO 1, Ltd.March 2024SaleFixed Maturities$10,148 $10,387 $0 $(239)
Windhill CLO 2, Ltd.March 2024SaleFixed Maturities$14,763 $15,091 $0 $(328)
Prudential InsuranceMarch 2024PurchaseFixed Maturities$198,804 $206,285 $5,910 $0 
PAR UMarch 2024Transfer inOther Invested Assets$188,500 $188,500 $0 $0 
PUREMarch 2024Transfer outOther Invested Assets$188,500 $188,500 $0 $0 
Windhill CLO 1, Ltd.April 2024SaleFixed Maturities$2,261 $2,300 $0 $(39)
Windhill CLO 2, Ltd.May 2024SaleFixed Maturities$14,034 $14,415 $0 $(381)
Windhill CLO 1, Ltd.June 2024SaleFixed Maturities$2,045 $2,100 $0 $(55)
Windhill CLO 2, Ltd.June 2024SaleFixed Maturities$23,342 $23,743 $0 $(401)
PAR UJune 2024Transfer inOther Invested Assets$326 $326 $0 $0 
PUREJune 2024Transfer outOther Invested Assets$326 $326 $0 $0 
PAR UJune 2024PurchaseCommercial Mortgage and Other Loans$12,555 $12,555 $0 $0 
Windhill CLO 2, Ltd.July 2024SaleFixed Maturities$53,462 $54,628 $0 $(1,166)
Windhill CLO 2, Ltd.July 2024SaleFixed Maturities$6,579 $6,695 $0 $(116)
Windhill CLO 1, Ltd.July 2024SaleFixed Maturities$2,136 $2,200 $0 $(64)
PAR UJuly 2024PurchaseFixed Maturities$17,402 $17,402 $0 $0 
Prudential InsuranceJuly 2024PurchaseFixed Maturities$22,655 $23,433 $614 $0 
PAR UJuly 2024PurchaseFixed Maturities$1,239 $1,239 $0 $0 
PAR UJuly 2024PurchaseDerivatives$2,975 $2,975 $0 $0 
Windhill CLO 2, Ltd.August 2024SaleFixed Maturities$21,929 $22,500 $0 $(571)
Windhill CLO 1, Ltd.August 2024SaleFixed Maturities$13,650 $14,100 $0 $(450)
PAR UAugust 2024PurchaseFixed Maturities$46,742 $46,742 $0 $0 
PAR UAugust 2024PurchaseFixed Maturities$4,793 $4,793 $0 $0 
Prudential InsuranceAugust 2024PurchaseFixed Maturities$35,872 $35,085 $(621)$0 
Windhill CLO 2, Ltd.September 2024SaleFixed Maturities$57,613 $57,613 $0 $0 
Windhill CLO 2, Ltd.September 2024SaleFixed Maturities$24,575 $24,911 $0 $(336)
Prudential InsuranceSeptember 2024PurchaseFixed Maturities$44,773 $43,632 $(901)$0 
Debt Agreements

The Company is authorized to borrow funds up to $7 billion from affiliates to meet its capital and other funding needs. The following table provides the breakout of the Company's short-term debt. There is no long-term debt to affiliates as of September 30, 2024 and December 31, 2023.
AffiliateDate
Issued
Amount of Notes - September 30, 2024
Amount of Notes - December 31, 2023Interest Rate  Date of Maturity  
  (in thousands) 
Prudential Insurance8/13/2021$0 $94,953 3.95 %6/20/2024
Prudential Insurance8/13/20210 37,981 3.95 %6/20/2024
Prudential Insurance8/13/20210 47,477 3.95 %6/20/2024
Total Loans Payable to Affiliates(1)$0 $180,411 
(1) Includes $180 million of loans reclassified as current portion of long-term debt as of December 31, 2023.

The total interest expense to the Company related to affiliated loans and cash collateral with PGF was $13 million and $5 million for the three months ended September 30, 2024 and 2023, respectively, and $24 million and $10 million for the nine months ended September 30, 2024 and 2023, respectively.

All debt outstanding as of December 31, 2023 is that of Pruco Life.

Contributed Capital and Dividends

In February and December 2023, the Company received capital contributions in the amount of $405 million and $7 million, respectively, from Prudential Insurance.

In June 2024, there was a $550 million return of capital to Prudential Insurance. In June, September, and December 2023, there was a $300 million, $650 million and $450 million return of capital, respectively, to Prudential Insurance.

Through September 2024 and December 2023, the Company did not pay any dividends to Prudential Insurance.

Reinsurance with Affiliates

As discussed in Note 11, the Company participates in reinsurance transactions with certain affiliates.
v3.24.3
Commitments and Contingent Liabilities
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities COMMITMENTS AND CONTINGENT LIABILITIES
Commitments

The Company has made commitments to fund commercial mortgage and agricultural property loans. As of September 30, 2024 and December 31, 2023, the outstanding balances on these commitments were $480 million and $270 million, respectively. These amounts include unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was an allowance for credit losses of $0.2 million and $0.3 million as of September 30, 2024 and December 31, 2023, respectively. There was a change in allowance of $0.0 million and $0.1 million for the three and nine months ended September 30, 2024, respectively and $0.1 million and $0.0 million for the three and nine months ended September 30, 2023, respectively. The Company also made commitments to purchase or fund investments, mostly fund investments and private fixed maturities, 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. As of September 30, 2024 and December 31, 2023, $1,137 million and $1,182 million, respectively, of these commitments were outstanding. These amounts include unfunded commitments that are not unconditionally cancellable. There were no related charges for credit losses for either the three or nine months ended September 30, 2024 or 2023.
Guarantees

In July 2017, Pruco Life formed a joint venture with CT Corp to provide life insurance solutions in Indonesia. Pruco Life owns a 49% interest in the joint venture and has entered into a shareholders agreement with CT Corp that sets out their respective rights and obligations with respect to the joint venture. Among other things, the shareholders agreement obligates Pruco Life and CT Corp to provide capital to the joint venture, as necessary to comply with applicable law or to maintain a specified minimum amount of capital in the joint venture. This obligation is not limited to a maximum amount. Pruco Life does not expect to make any payments on this guarantee and is not carrying any liabilities associated with the guarantee.

Since 2001, Pruco Life entered into an arrangement with Prudential of Taiwan. In June 2021, PIIH completed the sale of Prudential of Taiwan. As a result of the sale, Pruco Life has a financial guarantee to stand ready to perform in an event that both Prudential of Taiwan and the Buyer default and fail to perform their obligations to make payments to the policyholders. Pruco Life has a liability of $32 million as of both September 30, 2024 and December 31, 2023, which represents the fair value of the guarantee and is amortized in revenue over a period which approximates the life of the underlying insurance in force. Since this obligation is not subject to limitations, it is not possible to determine the maximum potential amount due under this guarantee.

Guarantees of Asset Values

September 30, 2024December 31, 2023
(in thousands)
Guaranteed value of third-parties' assets$1,213,038 $311,302 
Fair value of collateral supporting these assets$1,098,558 $287,621 
Asset (liability) associated with guarantee, carried at fair value $(454)$1 

Certain contracts underwritten by Pruco Life 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.

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 flows 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 flows 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 legal and regulatory actions in the ordinary course of its business. Pending legal and regulatory actions include proceedings specific to the Company and proceedings generally applicable to business practices in the industry in which it operates. The Company is subject to class action lawsuits and other litigation involving a variety of issues and allegations involving sales practices, claims payments and procedures, premium charges, policy servicing and breach of fiduciary duty to customers. The Company is also subject to litigation arising out of its general business activities, such as its investments, contracts, leases and labor and employment relationships, including claims of discrimination and harassment, and could be exposed to claims or litigation concerning certain business or process patents. In addition, the Company, along with other participants in the businesses in which it engages, may be subject from time to time to investigations, examinations and inquiries, in some cases industry-wide, concerning issues or matters upon which such regulators have determined to focus. In some of the Company’s pending legal and regulatory actions, parties 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 material, is disclosed. The Company estimates that as of September 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 $100 million. This 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 16 to the Company's 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 and Individual Life
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.

Regulatory

Variable Products

The Company has received regulatory inquiries and requests for information from state and federal regulators, including subpoenas from the U.S. Securities and Exchange Commission (the “SEC”) concerning the appropriateness of variable product sales and replacement activity. The Company is cooperating with regulators and may become subject to additional regulatory inquiries and other actions related to this matter.

In September 2024, the SEC notified the Company that the SEC has concluded its investigation and is not recommending an enforcement action.
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 flows 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 flows 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.
v3.24.3
Significant Accounting Policies and Pronouncements (Policies)
 9 Months Ended
Sep. 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 Pruco Life and entities over which the Company exercises control, including majority-owned subsidiaries. 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 and reinsurance 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 ("MRBs"); the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments; reinsurance recoverables; 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.
New Accounting Pronouncements
ASUs issued but not yet adopted as of September 30, 2024

StandardDescriptionEffective date and method of adoptionEffect on the financial statements or other significant matters
ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment DisclosuresThis ASU requires entities, including those with a single operating or reportable segment, to provide more detailed information about significant segment expenses that are regularly provided to the chief operating decision maker. The ASU also clarifies that all of the disclosures required in the guidance apply to all public entities, including those with a single operating or reportable segment.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 ASU has no impact on the Company's Consolidated Financial Statements but will result in expanded disclosures in the Notes to the Consolidated Financial Statements.
ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

This ASU requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.
v3.24.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2024
Investments [Abstract]  
Fixed Maturities, Available-for-sale Securities
The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:
 September 30, 2024
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$1,445,892 $55,377 $72,214 $0 $1,429,055 
Obligations of U.S. states and their political subdivisions600,925 3,108 16,403 0 587,630 
Foreign government securities425,732 5,546 47,756 0 383,522 
U.S. public corporate securities13,470,713 244,576 653,173 920 13,061,196 
U.S. private corporate securities5,987,215 85,668 197,291 3,380 5,872,212 
Foreign public corporate securities3,483,095 76,199 89,969 21 3,469,304 
Foreign private corporate securities5,524,144 185,124 308,157 10,254 5,390,857 
Asset-backed securities(1)3,450,724 44,992 5,676 0 3,490,040 
Commercial mortgage-backed securities929,684 9,742 43,990 0 895,436 
Residential mortgage-backed securities(2)376,250 6,120 4,816 0 377,554 
Total fixed maturities, available-for-sale$35,694,374 $716,452 $1,439,445 $14,575 $34,956,806 
(1)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans and home equity loans.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

 December 31, 2023
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$1,009,937 $38,858 $73,508 $0 $975,287 
Obligations of U.S. states and their political subdivisions789,856 5,288 18,517 0 776,627 
Foreign government securities330,830 1,840 50,684 0 281,986 
U.S. public corporate securities10,159,089 98,047 760,274 950 9,495,912 
U.S. private corporate securities5,207,699 37,435 254,828 812 4,989,494 
Foreign public corporate securities1,809,347 12,658 115,673 238 1,706,094 
Foreign private corporate securities4,902,391 109,806 381,215 0 4,630,982 
Asset-backed securities(1)2,016,028 23,035 11,512 1 2,027,550 
Commercial mortgage-backed securities913,347 4,776 66,345 0 851,778 
Residential mortgage-backed securities(2)399,542 4,016 7,481 7 396,070 
Total fixed maturities, available-for-sale$27,538,066 $335,759 $1,740,037 $2,008 $26,131,780 
(1)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans and home equity loans.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
Duration Of Gross Unrealized Losses On Fixed Maturity Securities
The following tables set forth the fair value and gross unrealized losses on fixed maturity, available-for-sale securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
 September 30, 2024
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Fair Value  Gross
  Unrealized  Losses		Fair Value  Gross
  Unrealized  Losses		Fair Value  Gross
  Unrealized  Losses
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $0 $261,544 $72,214 $261,544 $72,214 
Obligations of U.S. states and their political subdivisions136,153 990 191,893 15,413 328,046 16,403 
Foreign government securities17,644 83 228,866 47,673 246,510 47,756 
U.S. public corporate securities475,396 8,277 5,252,550 644,896 5,727,946 653,173 
U.S. private corporate securities658,961 16,690 2,477,333 180,579 3,136,294 197,269 
Foreign public corporate securities100,693 427 800,890 89,533 901,583 89,960 
Foreign private corporate securities73,843 4,714 2,290,320 303,443 2,364,163 308,157 
Asset-backed securities231,205 1,053 182,428 4,623 413,633 5,676 
Commercial mortgage-backed securities0 0 533,822 43,990 533,822 43,990 
Residential mortgage-backed securities79 4 131,368 4,812 131,447 4,816 
Total fixed maturities, available-for-sale$1,693,974 $32,238 $12,351,014 $1,407,176 $14,044,988 $1,439,414 


 December 31, 2023
 Less Than Twelve MonthsTwelve Months or MoreTotal
 Fair ValueGross
  Unrealized  Losses		Fair ValueGross
  Unrealized  Losses		Fair ValueGross
  Unrealized  Losses
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of
U.S. government authorities and agencies		$98,174 $945 $214,889 $72,563 $313,063 $73,508 
Obligations of U.S. states and their political subdivisions83,729 293 218,375 18,224 302,104 18,517 
Foreign government securities10,226 116 233,757 50,568 243,983 50,684 
U.S. public corporate securities782,904 10,009 5,201,353 750,265 5,984,257 760,274 
U.S. private corporate securities707,674 16,613 2,794,697 238,181 3,502,371 254,794 
Foreign public corporate securities92,955 1,063 948,963 114,169 1,041,918 115,232 
Foreign private corporate securities429,212 8,035 2,461,367 373,180 2,890,579 381,215 
Asset-backed securities208,970 1,761 532,814 9,750 741,784 11,511 
Commercial mortgage-backed securities42,621 298 580,931 66,047 623,552 66,345 
Residential mortgage-backed securities35,904 435 124,956 7,046 160,860 7,481 
Total fixed maturities, available-for-sale$2,492,369 $39,568 $13,312,102 $1,699,993 $15,804,471 $1,739,561 
Fixed Maturities Classified by Contractual Maturity Date
The following table sets forth the amortized cost and fair value of fixed maturities, available-for-sale by contractual maturities, as of the date indicated:
September 30, 2024
 Amortized CostFair Value
(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less$1,451,746 $1,437,659 
Due after one year through five years11,583,221 11,565,272 
Due after five years through ten years9,102,232 9,116,421 
Due after ten years8,800,517 8,074,424 
Asset-backed securities3,450,724 3,490,040 
Commercial mortgage-backed securities929,684 895,436 
Residential mortgage-backed securities376,250 377,554 
Total fixed maturities, available-for-sale$35,694,374 $34,956,806 
Sources of Fixed Maturity Proceeds, Realized Investment Gains (Losses), and 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, available-for-sale, for the periods indicated:

 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$248,635 $151,383 $676,660 $280,064 
Proceeds from maturities/prepayments483,079 318,188 1,618,992 806,521 
Gross investment gains from sales and maturities2,921 1,377 13,265 10,826 
Gross investment losses from sales and maturities(9,153)(10,920)(33,625)(28,445)
Write-downs recognized in earnings(2)(9,534)4 (9,534)11 
(Addition to) release of allowance for credit losses(11,227)608 (12,567)454 
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(5.6) million and $10.0 million for the nine months ended September 30, 2024 and 2023, respectively.
(2)Amounts represent write-downs of credit adverse securities and securities actively marketed for sale.
Allowance for Credit Losses for Fixed Maturity Securities
The following tables set forth the activity in the allowance for credit losses for fixed maturity available-for-sale securities, as of the dates indicated:
Three Months Ended September 30, 2024
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $3,343 $0 $0 $5 $3,348 
Additions to allowance for credit losses not previously recorded0 0 12,026 0 0 0 12,026 
Reductions for securities sold during the period0 0 0 0 0 0 0 
Additions (reductions) on securities with previous allowance0 0 (794)0 0 (5)(799)
Assets transferred to parent and affiliates 0 0 0 0 0 0 0 
Balance, end of period$0 $0 $14,575 $0 $0 $0 $14,575 

Three Months Ended September 30, 2023
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $4,917 $0 $0 $6 $4,923 
Additions to allowance for credit losses not previously recorded0 0 374 0 0 0 374 
Reductions for securities sold during the period0 0 (1,280)0 0 0 (1,280)
Additions (reductions) on securities with previous allowance0 0 296 0 0 2 298 
Balance, end of period$0 $0 $4,307 $0 $0 $8 $4,315 
Nine Months Ended September 30, 2024
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $2,000 $1 $0 $7 $2,008 
Additions to allowance for credit losses not previously recorded0 0 12,422 0 0 5 12,427 
Reductions for securities sold during the period0 0 (42)0 0 0 (42)
Additions (reductions) on securities with previous allowance0 0 (284)(1)0 (12)(297)
Assets transferred to parent and affiliates 0 0 479 0 0 0 479 
Balance, end of period$0 $0 $14,575 $0 $0 $0 $14,575 

Nine Months Ended September 30, 2023
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $5 $4,755 $0 $0 $9 $4,769 
Additions to allowance for credit losses not previously recorded0 0 3,539 0 0 0 3,539 
Reductions for securities sold during the period0 (1)(5,054)0 0 0 (5,055)
Additions (reductions) on securities with previous allowance0 (4)1,067 0 0 (1)1,062 
Balance, end of period$0 $0 $4,307 $0 $0 $8 $4,315 
Commercial Mortgage and Other Loans
The following table sets forth the composition of “Commercial mortgage and other loans”, as of the dates indicated:
September 30, 2024December 31, 2023
 Amount% of
Total		Amount% of
Total
($ in thousands)
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$1,892,110 26.1 %$1,578,785 25.7 %
Hospitality100,890 1.4 102,952 1.7 
Industrial2,865,789 39.5 2,486,230 40.4 
Office597,283 8.2 604,611 9.8 
Other694,191 9.6 456,720 7.4 
Retail406,850 5.5 363,706 5.9 
Total commercial mortgage loans6,557,113 90.3 5,593,004 90.9 
Agricultural property loans703,309 9.7 562,046 9.1 
Total commercial mortgage and agricultural property loans7,260,422 100.0 %6,155,050 100.0 %
Allowance for credit losses(44,309)(37,689)
Total net commercial mortgage and agricultural property loans7,216,113 6,117,361 
Other loans:
Other collateralized loans7,455 5,360 
Total other loans7,455 5,360 
Total net commercial mortgage and other loans$7,223,568 $6,122,721 
The affiliated commercial mortgage loan included in "Commercial mortgage and other loans" at September 30, 2024 and December 31, 2023 were as follows:
Maturity DateInterest RateSeptember 30, 2024December 31, 2023
(in thousands)
Affiliated Commercial Mortgage Loan20259.67 %$70,148 $71,038 
Allowance for Credit Losses
The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated:

Three Months Ended September 30,
20242023
Commercial Mortgage LoansAgricultural Property LoansTotalCommercial Mortgage LoansAgricultural Property LoansTotal
(in thousands)
Allowance, beginning of period$40,692 $880 $41,572 $21,133 $960 $22,093 
Addition to (release of) allowance for expected losses1,389 1,348 2,737 5,055 (48)5,007 
Allowance, end of period$42,081 $2,228 $44,309 $26,188 $912 $27,100 

Nine Months Ended September 30,
20242023
Commercial Mortgage LoansAgricultural Property LoansTotalCommercial Mortgage LoansAgricultural Property LoansTotal
(in thousands)
Allowance, beginning of period$36,758 $931 $37,689 $19,665 $598 $20,263 
Addition to (release of) allowance for expected losses5,323 1,297 6,620 6,523 314 6,837 
Allowance, end of period$42,081 $2,228 $44,309 $26,188 $912 $27,100 
Financing Receivable Credit Quality Indicators
The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:
September 30, 2024
Amortized Cost by Origination Year
20242023202220212020PriorRevolving LoansTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$123,866 $251,014 $272,694 $484,606 $76,205 $1,219,508 $2,554 $2,430,447 
60%-69.99%873,753 692,435 298,812 401,981 173,843 358,886 0 2,799,710 
70%-79.99%170,165 202,273 151,128 295,221 76,922 50,697 0 946,406 
80% or greater1,196 0 59,671 84,448 3,866 231,369 0 380,550 
Total$1,168,980 $1,145,722 $782,305 $1,266,256 $330,836 $1,860,460 $2,554 $6,557,113 
Debt Service Coverage Ratio:
Greater than 1.2x$1,119,178 $1,041,778 $767,191 $1,266,256 $260,688 $1,740,855 $2,554 $6,198,500 
1.0 - 1.2x49,802 103,944 15,114 0 0 57,284 0 226,144 
Less than 1.0x0 0 0 0 70,148 62,321 0 132,469 
Total$1,168,980 $1,145,722 $782,305 $1,266,256 $330,836 $1,860,460 $2,554 $6,557,113 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$137,525 $90,427 $168,416 $131,740 $23,625 $39,716 $18,988 $610,437 
60%-69.99%0 19,396 49,210 0 0 0 0 68,606 
70%-79.99%0 0 0 0 0 0 0 0 
80% or greater0 0 7,242 0 1,696 0 15,328 24,266 
Total$137,525 $109,823 $224,868 $131,740 $25,321 $39,716 $34,316 $703,309 
Debt Service Coverage Ratio:
Greater than 1.2x$134,137 $95,734 $215,626 $130,030 $23,625 $39,716 $18,988 $657,856 
1.0 - 1.2x3,388 14,089 9,242 0 1,696 0 15,328 43,743 
Less than 1.0x0 0 0 1,710 0 0 0 1,710 
Total$137,525 $109,823 $224,868 $131,740 $25,321 $39,716 $34,316 $703,309 
December 31, 2023
Amortized Cost by Origination Year
20232022202120202019PriorTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$249,037 $245,914 $482,718 $109,249 $265,053 $1,068,763 $2,420,734 
60%-69.99%675,153 355,984 449,878 172,721 225,803 206,237 2,085,776 
70%-79.99%218,015 133,343 255,299 77,812 20,924 86,806 792,199 
80% or greater0 47,555 73,702 3,817 16,508 152,713 294,295 
Total$1,142,205 $782,796 $1,261,597 $363,599 $528,288 $1,514,519 $5,593,004 
Debt Service Coverage Ratio:
Greater than 1.2x$1,038,315 $779,282 $1,261,597 $292,561 $497,407 $1,402,831 $5,271,993 
1.0 - 1.2x103,890 3,514 0 0 15,632 40,521 163,557 
Less than 1.0x0 0 0 71,038 15,249 71,167 157,454 
Total$1,142,205 $782,796 $1,261,597 $363,599 $528,288 $1,514,519 $5,593,004 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$73,774 $179,375 $132,042 $25,875 $15,824 $25,771 $452,661 
60%-69.99%47,489 56,210 0 0 0 0 103,699 
70%-79.99%5,686 0 0 0 0 0 5,686 
80% or greater0 0 0 0 0 0 0 
Total$126,949 $235,585 $132,042 $25,875 $15,824 $25,771 $562,046 
Debt Service Coverage Ratio:
Greater than 1.2x$126,949 $233,585 $130,353 $24,063 $15,824 $25,771 $556,545 
1.0 - 1.2x0 2,000 0 1,812 0 0 3,812 
Less than 1.0x0 0 1,689 0 0 0 1,689 
Total$126,949 $235,585 $132,042 $25,875 $15,824 $25,771 $562,046 
Amortized Cost Basis of Loan Modifications made to Borrowers Experiencing Financial Difficulties
The following tables set forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties for the dates indicated:
Three Months Ended September 30, 2024
Term
Extension		% of
Amortized Cost		Other Than Insignificant Delay in Payment% of
Amortized Cost
($ in thousands)
Commercial mortgage loans$0 0.0 %$13,860 0.2 %
Nine Months Ended September 30, 2024
Term
Extension		% of
Amortized Cost		Other Than Insignificant Delay in Payment% of
Amortized Cost
($ in thousands)
Commercial mortgage loans$16,706 0.3 %$13,860 0.2 %
Aging of Past Due Commercial Mortgage and Other Loans and Nonaccrual Status
The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status as of the dates indicated:
September 30, 2024
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$6,543,821 $0 $0 $13,292 $6,557,113 $14,487 
Agricultural property loans678,706 0 0 24,603 703,309 24,603 
Other collateralized loans7,455 0 0 0 7,455 0 
Total$7,229,982 $0 $0 $37,895 $7,267,877 $39,090 
(1)As of September 30, 2024, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

December 31, 2023
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$5,593,004 $0 $0 $0 $5,593,004 $0 
Agricultural property loans562,046 0 0 0 562,046 1,301 
Other collateralized loans5,360 0 0 0 5,360 0 
Total$6,160,410 $0 $0 $0 $6,160,410 $1,301 
(1)As of December 31, 2023, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Other Invested Assets
The following table sets forth the composition of “Other invested assets,” as of the dates indicated:
September 30, 2024December 31, 2023
 (in thousands)
LPs/LLCs:
Equity method:
Private equity$383,918 $333,863 
Hedge funds926,861 720,360 
Real estate-related98,176 83,339 
Subtotal equity method1,408,955 1,137,562 
Fair value:
Private equity31,762 48,483 
Hedge funds14 137 
Real estate-related16,410 18,687 
Subtotal fair value48,186 67,307 
Total LPs/LLCs1,457,141 1,204,869 
Derivative instruments8,387 17,718 
Other(1)442 398 
Total other invested assets$1,465,970 $1,222,985 
(1)Assets consist of investments in separate account funds.
Accrued Investment Income
The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:

September 30, 2024December 31, 2023
(in thousands)
Fixed maturities$388,170 $272,031 
Equity securities381 220 
Commercial mortgage and other loans26,520 21,070 
Policy loans21,949 35,210 
Other invested assets0 43 
Short-term investments and cash equivalents7,571 5,264 
Total accrued investment income$444,591 $333,838 
Net Investment Income
The following table sets forth “Net investment income” by investment type, for the periods indicated:
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
 (in thousands)
Fixed maturities, available-for-sale$439,805 $312,405 $1,172,544 $822,933 
Fixed maturities, trading40,719 26,104 111,345 65,739 
Equity securities6,190 3,886 16,395 9,206 
Commercial mortgage and other loans84,328 58,673 236,006 163,646 
Policy loans16,995 15,962 48,028 31,580 
Other invested assets35,066 36,152 87,133 77,875 
Short-term investments and cash equivalents41,976 27,347 129,298 88,105 
Gross investment income665,079 480,529 1,800,749 1,259,084 
Less: investment expenses(26,387)(19,665)(76,744)(55,695)
Net investment income$638,692 $460,864 $1,724,005 $1,203,389 
Realized Investment Gains (Losses), Net
The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
 (in thousands)
Fixed maturities(1)$(26,993)$(8,931)$(42,461)$(17,154)
Commercial mortgage and other loans(3,533)(5,059)(8,152)(7,143)
Other invested assets(36,941)10,856 (3,795)24,052 
Derivatives(549,017)(465,176)299,886 (582,846)
Short-term investments and cash equivalents(11)54 (91)1,850 
Realized investment gains (losses), net$(616,495)$(468,256)$245,387 $(581,241)
(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.
Net Unrealized Gains and (Losses) on Investments
The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:
September 30, 2024December 31, 2023
 (in thousands)
Fixed maturity securities, available-for-sale with an allowance$(7,861)$1,987 
Fixed maturity securities, available-for-sale without an allowance(715,132)(1,406,265)
Derivatives designated as cash flow hedges(1)1,734 11,934 
Affiliated notes(4,029)(8,760)
Other investments(2)1,658 (1,089)
Net unrealized gains (losses) on investments$(723,630)$(1,402,193)
(1)For more information on cash flow hedges, see Note 4.
(2)Includes net unrealized gains (losses) 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 “Cash collateral for loaned securities,” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:
September 30, 2024December 31, 2023
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
Overnight & ContinuousUp to 30 DaysTotalOvernight & ContinuousUp to 30 DaysTotal
(in thousands)
U.S. Treasury securities and obligations of U.S. government authorities and agencies$152,625 $0 $152,625 $0 $0 $0 
Obligations of U.S. states and their political subdivisions1,194 0 1,194 0 0 0 
Foreign government securities135 0 135 486 0 486 
U.S. public corporate securities9,537 352 9,889 27,247 0 27,247 
U.S. private corporate securities17 0 17 0 0 0 
Foreign public corporate securities15,553 0 15,553 13,101 0 13,101 
Equity securities150,957 0 150,957 177,476 0 177,476 
Total cash collateral for loaned securities(1)$330,018 $352 $330,370 $218,310 $0 $218,310 
(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.
v3.24.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables. 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.
 September 30, 2024December 31, 2023
Primary Underlying Risk/Instrument Type Fair Value Fair Value
Gross NotionalAssetsLiabilitiesGross NotionalAssetsLiabilities
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Interest Rate Swaps$2,897 $135 $(330)$3,064 $0 $(238)
Foreign Currency Swaps2,925,541 124,783 (74,826)2,274,636 121,243 (54,044)
Total Derivatives Designated as Hedge Accounting Instruments$2,928,438 $124,918 $(75,156)$2,277,700 $121,243 $(54,282)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$170,060,664 $6,211,118 $(17,190,863)$163,179,764 $6,605,817 $(17,820,436)
Interest Rate Futures931,500 3,371 (907)1,332,600 3,055 (210)
Interest Rate Options29,328,000 159,714 (963,537)29,738,000 189,112 (969,718)
Interest Rate Forwards1,458,000 16,690 (19,240)1,458,000 741 (3,196)
Foreign Currency
Foreign Currency Forwards910,981 215(13,658)744,576 1,772 (12,232)
Credit
Credit Default Swaps945,6418,1100 643,280 7,727 0 
Currency/Interest Rate
Foreign Currency Swaps2,255,07471,157(34,591)2,237,331 96,618 (31,294)
Equity
Total Return Swaps18,213,679 884,499 (1,056,653)15,049,993 418,084 (803,452)
Equity Options84,822,485 4,131,807 (2,682,831)49,247,510 1,600,335 (1,552,706)
Equity Futures860,469 2,310 (294)418,973 1,232 (500)
Synthetic GICs1,213,038 794 (694)311,302 1 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments$310,999,531 $11,489,785 $(21,963,268)$264,361,329 $8,924,494 $(21,193,744)
Total Derivatives(1)(2)$313,927,969 $11,614,703 $(22,038,424)$266,639,029 $9,045,737 $(21,248,026)
(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $11,170 million and $7,402 million as of September 30, 2024 and December 31, 2023, respectively, primarily included in "Policyholders' account balances".
(2)Recorded in “Other invested assets” and “Payables to parent and affiliates” on the Unaudited Interim Consolidated Statements of Financial Position.
Offsetting Of Financial Assets
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.

 September 30, 2024
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Consolidated Statements of
Financial
Position		Net Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$11,613,891 $(11,606,316)$7,575 $0 $7,575 
Securities purchased under agreements to resell275,000 0 275,000 0 275,000 
Total Assets$11,888,891 $(11,606,316)$282,575 $0 $282,575 
Offsetting of Financial Liabilities:
Derivatives$22,037,730 $(20,039,444)$1,998,286 $(1,998,286)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$22,037,730 $(20,039,444)$1,998,286 $(1,998,286)$0 

 December 31, 2023
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Consolidated
Statements of
Financial
Position		Net Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$9,045,718 $(9,028,019)$17,699 $0 $17,699 
Securities purchased under agreements to resell25,000 0 25,000 0 25,000 
Total Assets$9,070,718 $(9,028,019)$42,699 $0 $42,699 
Offsetting of Financial Liabilities:
Derivatives$21,248,026 $(18,596,679)$2,651,347 $(2,651,347)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$21,248,026 $(18,596,679)$2,651,347 $(2,651,347)$0 
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Offsetting Of Financial Liabilities
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables), and repurchase and reverse repurchase agreements that are offset in the Unaudited Interim Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Unaudited Interim Consolidated Statements of Financial Position.

 September 30, 2024
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Consolidated Statements of
Financial
Position		Net Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$11,613,891 $(11,606,316)$7,575 $0 $7,575 
Securities purchased under agreements to resell275,000 0 275,000 0 275,000 
Total Assets$11,888,891 $(11,606,316)$282,575 $0 $282,575 
Offsetting of Financial Liabilities:
Derivatives$22,037,730 $(20,039,444)$1,998,286 $(1,998,286)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$22,037,730 $(20,039,444)$1,998,286 $(1,998,286)$0 

 December 31, 2023
 Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Consolidated
Statements of
Financial
Position		Net Amounts
Presented in
the Consolidated Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
 (in thousands)
Offsetting of Financial Assets:
Derivatives$9,045,718 $(9,028,019)$17,699 $0 $17,699 
Securities purchased under agreements to resell25,000 0 25,000 0 25,000 
Total Assets$9,070,718 $(9,028,019)$42,699 $0 $42,699 
Offsetting of Financial Liabilities:
Derivatives$21,248,026 $(18,596,679)$2,651,347 $(2,651,347)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$21,248,026 $(18,596,679)$2,651,347 $(2,651,347)$0 
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship.

 Three Months Ended September 30, 2024
 Realized
Investment
Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)Net
Investment
Income		Other
Income		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$1 $0 $(30)$0 $79 
Currency/Interest Rate5,179 0 12,517 (37,547)(73,638)
Total cash flow hedges5,180 0 12,487 (37,547)(73,559)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate11,635 580,493 0 0 0 
Currency(35,766)0 0 0 0 
Currency/Interest Rate(52,675)0 0 (411)0 
Credit5,128 0 0 0 0 
Equity618,400 (319,291)0 0 0 
Embedded Derivatives(1,100,919)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(554,197)261,202 0 (411)0 
Total$(549,017)$261,202 $12,487 $(37,958)$(73,559)
 Nine Months Ended September 30, 2024
 Realized
Investment
Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)Net
Investment
Income		Other
Income		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$2 $0 $(92)$0 $69 
Currency/Interest Rate4,503 0 35,386 (23,943)(10,269)
Total cash flow hedges4,505 0 35,294 (23,943)(10,200)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate84,144 (685,958)0 0 0 
Currency(14,360)0 0 0 0 
Currency/Interest Rate(19,144)0 0 (289)0 
Credit12,647 0 0 0 0 
Equity2,641,411 (808,221)0 0 0 
Embedded Derivatives(2,409,317)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments295,381 (1,494,179)0 (289)0 
Total$299,886 $(1,494,179)$35,294 $(24,232)$(10,200)

 Three Months Ended September 30, 2023
 
Realized
Investment
Gains (Losses)
Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)
Net
Investment
Income		Other
Income		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$1 $0 $(32)$0 $(12)
Currency/Interest Rate(936)0 10,629 19,494 (5,189)
Total cash flow hedges(935)0 10,597 19,494 (5,201)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate53,990 (2,059,987)0 0 0 
Currency20,401 0 0 0 0 
Currency/Interest Rate8,059 0 0 262 0 
Credit(253)0 0 0 0 
Equity(449,655)266,623 0 0 0 
Embedded Derivatives(96,783)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(464,241)(1,793,364)0 262 0 
Total$(465,176)$(1,793,364)$10,597 $19,756 $(5,201)
 Nine Months Ended September 30, 2023
 
Realized
Investment
Gains (Losses)
Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)
Net
Investment
Income		Other
Income		Change in AOCI
 (in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Interest Rate$2 $0 $(86)$0 $(13)
Currency/Interest Rate(365)0 33,308 2,041 (44,154)
Total cash flow hedges(363)0 33,222 2,041 (44,167)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate69,702 (2,767,152)0 0 0 
Currency8,375 0 0 0 0 
Currency/Interest Rate(28,263)0 0 62 0 
Credit2,073 0 0 0 0 
Equity694,236 (331,444)0 0 0 
Embedded Derivatives(1,325,493)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(579,370)(3,098,596)0 62 0 
Total$(579,733)$(3,098,596)$33,222 $2,103 $(44,167)
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 thousands)
Balance, December 31, 2023$11,934 
Amount recorded in AOCI
Interest Rate(21)
Currency/Interest Rate5,677 
Total amount recorded in AOCI5,656 
Amount reclassified from AOCI to income
Interest Rate90 
Currency/Interest Rate(15,946)
Total amount reclassified from AOCI to income(15,856)
Balance, September 30, 2024$1,734 
v3.24.3
Fair Value of Assets and Liabilities (Tables)
 9 Months Ended
Sep. 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.
 September 30, 2024
 Level 1Level 2Level 3Netting(1)Total
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $1,429,055 $0 $$1,429,055 
Obligations of U.S. states and their political subdivisions0 587,630 0 587,630 
Foreign government securities0 382,865 657 383,522 
U.S. corporate public securities0 13,061,196 0 13,061,196 
U.S. corporate private securities0 5,021,603 850,609 5,872,212 
Foreign corporate public securities0 3,462,127 7,177 3,469,304 
Foreign corporate private securities0 4,928,028 462,829 5,390,857 
Asset-backed securities(2)0 2,879,198 610,842 3,490,040 
Commercial mortgage-backed securities0 815,182 80,254 895,436 
Residential mortgage-backed securities0 377,554 0 377,554 
Subtotal0 32,944,438 2,012,368 34,956,806 
Market risk benefit assets0 0 2,499,234 2,499,234 
Fixed maturities, trading0 3,454,406 52,863 3,507,269 
Equity securities506,870 16,439 29,240 552,549 
Short-term investments0 399,350 105,198 504,548 
Cash equivalents0 1,695,500 118 1,695,618 
Other invested assets(4)7,030 11,606,879 794 (11,606,316)8,387 
Other assets0 0 509,723 509,723 
Reinsurance recoverables0 0 201,559 201,559 
Receivables from parent and affiliates0 152,105 339,041 491,146 
Subtotal excluding separate account assets513,900 50,269,117 5,750,138 (11,606,316)44,926,839 
Separate account assets(5)(6)280,132 116,410,586 10,117 116,700,835 
Total assets$794,032 $166,679,703 $5,760,255 $(11,606,316)$161,627,674 
Market risk benefit liabilities$0 $0 $4,915,163 $ $4,915,163 
Policyholders' account balances0 0 11,854,608 11,854,608 
Payables to parent and affiliates0 22,036,023 0 (20,037,749)1,998,274 
Other liabilities(7)1,708 26,546 693 (1,695)27,252 
Total liabilities$1,708 $22,062,569 $16,770,464 $(20,039,444)$18,795,297 

 
 December 31, 2023
 Level 1Level 2Level 3Netting(1)Total
 (in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $975,287 $0 $$975,287 
Obligations of U.S. states and their political subdivisions0 776,627 0 776,627 
Foreign government securities0 281,304 682 281,986 
U.S. corporate public securities0 9,495,912 0 9,495,912 
U.S. corporate private securities0 4,476,258 513,236 4,989,494 
Foreign corporate public securities0 1,698,965 7,129 1,706,094 
Foreign corporate private securities0 4,137,004 493,978 4,630,982 
Asset-backed securities(2)0 1,928,428 99,122 2,027,550 
Commercial mortgage-backed securities0 773,663 78,115 851,778 
Residential mortgage-backed securities0 396,070 0 396,070 
Subtotal0 24,939,518 1,192,262 26,131,780 
Market risk benefit assets0 0 2,367,243 2,367,243 
Fixed maturities, trading0 2,762,398 34,048 2,796,446 
Equity securities(3)790,346 11,285 28,709 830,340 
Short-term investments31,879 280,228 1,759 313,866 
Cash equivalents447,396 1,196,729 0 1,644,125 
Other invested assets(4)23,432 9,022,304 1 (9,028,019)17,718 
Other assets0 0 224,019 224,019 
Reinsurance recoverables0 0 69,745 69,745 
Receivables from parent and affiliates0 147,984 0 147,984 
Subtotal excluding separate account assets1,293,053 38,360,446 3,917,786 (9,028,019)34,543,266 
Separate account assets(5)(6)176,239 113,747,569 5,985 113,929,793 
Total assets$1,469,292 $152,108,015 $3,923,771 $(9,028,019)$148,473,059 
Market risk benefit liabilities$0 $0 $5,144,401 $ $5,144,401 
Policyholders' account balances0 0 7,689,929 7,689,929 
Payables to parent and affiliates0 21,239,770 0 (18,588,647)2,651,123 
Other liabilities(7)8,032 6,340 0 (8,032)6,340 
Total liabilities$8,032 $21,246,110 $12,834,330 $(18,596,679)$15,491,793 
(1)“Netting” amounts represent cash collateral of $(8,433) million and $(9,569) million as of September 30, 2024 and December 31, 2023, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
(2)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans and home equity loans.
(3)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 $14.6 million.
(4)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 September 30, 2024 and December 31, 2023, the fair value of such investments was $48 million and $67 million, respectively.
(5)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company's Unaudited Interim Consolidated Statements of Financial Position.
(6)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 a corporate owned life insurance fund. As of September 30, 2024 and December 31, 2023, the fair value of such investments was $6,078 million and $5,259 million, respectively.
(7)Other liabilities includes embedded derivatives associated with reinsurance agreements.
Fair Value Inputs, Assets and Liabilities, Quantitative Information The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.
 September 30, 2024
 Fair Value  Valuation  
Techniques		Unobservable InputsMinimum  MaximumWeighted Average  Impact of 
Increase in 
Input on 
Fair Value(1)(2)
 (in thousands)
Assets:
Corporate securities(3)$1,255,960 Discounted cash flowDiscount rate6.66 %20 %11.66 %Decrease
Market comparablesEBITDA multiples(4)5.0 X5.0 X5.0 XIncrease
Commercial mortgage-backed securities$80,254 Discounted cash flowLiquidity premium1.00 %1.00 %1.00 %Decrease
Market risk benefit assets(5)$2,499,234 Discounted cash flowLapse rate(6)1 %20 %Increase
Spread over SOFR(7)0.37 %1.85 %Increase
Utilization rate(8)37 %94 %Decrease
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Increase
Equity volatility curve15 %25 %Decrease
Other assets(11)$509,723 Discounted cash flowLapse rate(6)1 %50 %Decrease
Spread over SOFR(7)0.37 %1.84 %Decrease
Option budget(13)0 %6 %Increase
Reinsurance Recoverables$201,559 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.37 %1.84 %Decrease
Option budget(13)(1)%7 %Increase
Receivables from parent and affiliates$319,181 LiquidationLiquidation value100 %100 %100 %Increase
Liabilities:
Market risk benefit liabilities(5)$4,915,163 Discounted cash flowLapse rate(6)1 %20 %Decrease
Spread over SOFR(7)0.37 %1.85 %Decrease
Utilization rate(8)37 %94 %Increase
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %16 %Decrease
Equity volatility curve15 %25 %Increase
Policyholders' account balances(12)$11,854,608 Discounted cash flowLapse rate(6)0 %80 %Decrease
Spread over SOFR(7)0.37 %1.85 %Decrease
Mortality rate(10)0 %23 %Decrease
Option budget(13)(1)%7 %Increase
 December 31, 2023
 Fair Value     Valuation  
Techniques		  Unobservable
Inputs  		Minimum  Maximum    Weighted  Average  Impact of 
Increase in 
Input on 
Fair Value(1)(2)
 (in thousands)
Assets:
Corporate securities(3)$81,635 Discounted cash flowDiscount rate6.98 %20 %9.73 %Decrease
LiquidationLiquidation value63.62 %63.62 %63.62 %Increase
Commercial mortgage-backed securities$78,115 Discounted cash flowLiquidity premium0.60 %0.75 %0.71 %Decrease
Market risk benefit assets(5)$2,367,243 Discounted cash flowLapse rate(6)1 %20 %Increase
Spread over SOFR(7)0.41 %1.91 %Increase
Utilization rate(8)38 %95 %Decrease
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %15 %Increase
Equity volatility curve15 %25 %Decrease
Other assets(11)$224,019 Discounted cash flowLapse rate(6)1 %80 %Increase
Spread over SOFR(7)0.41 %1.85 %Increase
Mortality rate(10)0 %23 %Increase
Option budget(13)(1)%7 %Decrease
Liabilities:
Market risk benefit liabilities(5)$5,144,401 Discounted cash flowLapse rate(6)1 %20 %Decrease
Spread over SOFR(7)0.41 %1.91 %Decrease
Utilization rate(8)38 %95 %Increase
Withdrawal rateSee table footnote (9) below.
Mortality rate(10)0 %15 %Decrease
Equity volatility curve15 %25 %Increase
Policyholders' account balances(12)$7,689,929 Discounted cash flowLapse rate(6)1 %80 %Decrease
Spread over SOFR(7)0.41 %1.85 %Decrease
Mortality rate(10)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)Directional impacts for MRB assets and liabilities are associated with the directional impacts of direct and assumed MRBs.
(3)Includes assets classified as fixed maturities, available-for-sale.
(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)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.
(6)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.
(7)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 September 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 Prudential Defined Income ("PDI") traditional variable annuity contracts with guaranteed living and death benefits. See Note 11 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.
(8)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.
(9)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of September 30, 2024 and December 31, 2023, the minimum withdrawal rate assumption is 78% and 81%, respectively. As of September 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%.
(10)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.
(11)Includes deposit assets related to reinsurance agreements using deposit method of accounting, which include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain annuity products.
(12)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.
(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 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 10). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
Three Months Ended September 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(7)Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$664 $(7)$0 $0 $0 $0 $0 $0 $0 $657 $(9)
Corporate securities(3)1,005,175 (4,778)540,137 (223,172)0 (28,144)12 31,385 0 1,320,615 (1,374)
Structured securities(4)668,035 6,232 40,941 0 0 (20,113)0 0 (3,999)691,096 6,710 
Other assets:
Fixed maturities, trading240,820 158 7,252 0 0 0 0 18,842 (214,209)52,863 184 
Equity securities28,330 910 0 0 0 0 0 0 0 29,240 910 
Other invested assets763 31 0 0 0 0 0 0 0 794 31 
Short-term investments2,674 (41)102,151 0 0 (62)476 0 0 105,198 (41)
Cash equivalents605 0 2 0 0 0 (489)0 0 118 0 
Other assets363,440 9,774 62,471 0 0 (14,009)88,047 0 0 509,723 (4,234)
Receivables from parent and affiliates181,319 19 157,703 0 0 0 0 0 0 339,041 19 
Reinsurance recoverables(5)127,289 17,856 51,231 0 0 0 5,183 0 0 201,559 (26,796)
Separate account assets9,799 230 820 (732)0 0 0 0 0 10,117 231 
Liabilities:
Policyholders' account balances(5)(10,083,258)(1,098,107)0 0 (718,242)0 44,999 0 0 (11,854,608)269,505 
Other liabilities(207)(486)0 0 0 0 0 0 0 (693)(486)
Three Months Ended September 30, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(15,515)$0 $0 $17,745 $(783)$(12,047)$0 $0 $17,374 
Other assets:
Fixed maturities, trading0 183 0 0 (25)0 184 0 0 
Equity securities0 910 0 0 0 0 910 0 0 
Other invested assets31 0 0 0 0 31 0 0 0 
Short-term investments(41)0 0 0 0 (41)0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Other assets9,774 0 0 0 0 (4,234)0 0 0 
Receivables from parent and affiliates0 0 0 19 0 0 0 0 19 
Reinsurance recoverables17,856 0 0 0 0 (26,796)0 0 0 
Separate account assets0 0 230 0 0 0 0 231 0 
Liabilities:
Policyholders' account balances(1,098,107)0 0 0 0 269,505 0 0 0 
Other liabilities(486)0 0 0 0 (486)0 0 0 
Nine Months Ended September 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther
(1)		Transfers into Level 3(7)Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$682 $(25)$0 $0 $0 $0 $0 $0 $0 $657 $(32)
Corporate securities(3)1,014,343 (21,696)868,927 (353,874)0 (153,944)(65,468)32,327 0 1,320,615 (18,051)
Structured securities(4)177,237 5,839 562,469 0 0 (73,308)65,480 34,578 (81,199)691,096 6,810 
Other assets:
Fixed maturities, trading34,048 (740)232,379 0 0 (2,261)0 18,842 (229,405)52,863 (706)
Equity securities28,709 258 273 0 0 0 0 0 0 29,240 258 
Other invested assets1 793 0 0 0 0 0 0 0 794 793 
Short-term investments1,759 (37)104,457 (8)0 (1,449)476 0 0 105,198 (49)
Cash equivalents0 0 607 0 0 0 (489)0 0 118 0 
Other assets224,019 61,199 176,503 0 0 (40,045)88,047 0 0 509,723 21,154 
Receivables from parent and affiliates0 19 390,221 (51,199)0 0 0 0 0 339,041 19 
Reinsurance recoverables69,745 (7,851)134,482 0 0 0 5,183 0 0 201,559 (105,511)
Separate account assets5,985 531 5,258 (1,990)0 (125)0 458 0 10,117 533 
Liabilities:
Policyholders' account balances(5)(7,689,929)(2,387,292)0 0 (1,824,316)0 46,929 0 0 (11,854,608)1,100,681 
Other liabilities0(693)0000000(693)(693)
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Nine Months Ended September 30, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(19,778)$0 $0 $3,157 $739 $(12,822)$0 $0 $1,549 
Other assets:
Fixed maturities, trading0 (715)0 0 (25)0 (706)0 0 
Equity securities0 258 0 0 0 0 258 0 0 
Other invested assets793 0 0 0 0 793 0 0 0 
Short-term investments(49)0 0 0 12 (49)0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Other assets61,199 0 0 0 0 21,154 0 0 0 
Receivables from parent and affiliates0 0 0 19 0 0 0 0 19 
Reinsurance recoverables(7,851)0 0 0 0 (105,511)0 0 0 
Separate account assets0 0 531 0 0 0 0 533 0 
Liabilities:
Policyholders' account balances(2,387,292)0 0 0 0 1,100,681 0 0 0 
Other liabilities(693)0 0 0 0 (693)0 0 0 
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Three Months Ended September 30, 2023(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(7)Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$701 $(15)$0 $0 $0 $0 $0 $0 $0 $686 $(17)
Corporate securities(3)721,247 (27,838)182,465 (10,882)0 (27,762)(708)117,152 (9,088)944,586 (28,256)
Structured securities(4)146,339 (3,871)53,352 0 0 (339)0 2,297 (7,600)190,178 (3,836)
Other assets:
Fixed maturities, trading0 18 0 0 0 0 707 0 0 725 18 
Equity securities43,374 (1,219)2,531 0 0 0 0 0 0 44,686 (1,219)
Short-term investments1,209 0 802 0 0 (1,427)0 0 0 584 0 
Other assets217,613 25,539 33,850 0 0 (6,512)0 0 0 270,490 19,028 
Reinsurance recoverables1,465 14,079 0 0 0 0 0 0 0 15,544 14,079 
Separate account assets4,982 (7)1,049 (524)0 0 0 0 0 5,500 (6)
Liabilities:
Policyholders' account balances(5)(5,513,449)(107,528)0 0 (413,219)0 28,467 0 0 (6,005,729)(273,135)
Three Months Ended September 30, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(1,048)$0 $0 $(31,183)$507 $(674)$0 $0 $(31,435)
Other assets:
Fixed maturities, trading0 18 0 0 0 0 18 0 0 
Equity securities0 (1,219)0 0 0 0 (1,219)0 0 
Short-term investments0 0 0 0 0 0 0 0 0 
Other assets25,539 0 0 0 0 19,028 0 0 0 
Reinsurance recoverables14,079 0 0 0 0 14,079 0 0 0 
Separate account assets0 0 (7)0 0 0 0 (6)0 
Liabilities:
Policyholders' account balances(107,528)0 0 0 0 (273,135)0 0 0 
Nine Months Ended September 30, 2023(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(7)Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$724 $(38)$0 $0 $0 $0 $0 $0 $0 $686 $(46)
Corporate securities(3)507,496 (20,639)493,339 (39,721)0 (104,604)651 117,152 (9,088)944,586 (21,842)
Structured securities(4)104,724 (7,070)200,659 (27)0 (1,677)0 4,537 (110,968)190,178 (6,965)
Other assets:
Fixed maturities, trading0 18 6,250 0 0 0 707 0 (6,250)725 18 
Equity securities28,593 (2,030)2,531 0 0 0 15,592 0 0 44,686 (2,030)
Short-term investments16,945 2,573 3,490 0 0 (21,065)(1,359)0 0 584 51 
Other assets141,041 33,559 107,453 0 0 (11,563)0 0 0 270,490 21,997 
Reinsurance recoverables0 15,544 0 0 0 0 0 0 0 15,544 15,544 
Separate account assets4,645 250 1,889 (1,124)0 (160)0 0 0 5,500 249 
Liabilities:
Policyholders' account balances(5)(3,502,096)(1,355,011)0 0 (1,251,457)0 102,835 0 0 (6,005,729)(508,105)
Nine Months Ended September 30, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(1,861)$0 $0 $(26,743)$857 $(2,693)$0 $0 $(26,160)
Other assets:
Fixed maturities, trading0 18 0 0 0 0 18 0 0 
Equity securities0 (2,030)0 0 0 0 (2,030)0 0 
Short-term investments1,857 0 0 (73)789 0 0 0 51 
Other assets33,559 0 0 0 0 21,997 0 0 0 
Reinsurance recoverables15,544 0 0 0 0 15,544 0 0 0 
Separate account assets0 0 250 0 0 0 0 249 0 
Liabilities:
Policyholders' account balances(1,355,011)0 0 0 0 (508,105)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 private, foreign corporate public, and foreign corporate private securities.
(4)Includes asset-backed and commercial mortgage-backed securities.
(5)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables are presented net in the rollforward.
(6)Excludes MRB assets of $2,499 million and $2,519 million and MRB liabilities of $4,915 million and $4,371 million for the periods ended September 30, 2024 and 2023, respectively. See Note 10 for additional information.
(7)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 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 10). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
Three Months Ended September 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(7)Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$664 $(7)$0 $0 $0 $0 $0 $0 $0 $657 $(9)
Corporate securities(3)1,005,175 (4,778)540,137 (223,172)0 (28,144)12 31,385 0 1,320,615 (1,374)
Structured securities(4)668,035 6,232 40,941 0 0 (20,113)0 0 (3,999)691,096 6,710 
Other assets:
Fixed maturities, trading240,820 158 7,252 0 0 0 0 18,842 (214,209)52,863 184 
Equity securities28,330 910 0 0 0 0 0 0 0 29,240 910 
Other invested assets763 31 0 0 0 0 0 0 0 794 31 
Short-term investments2,674 (41)102,151 0 0 (62)476 0 0 105,198 (41)
Cash equivalents605 0 2 0 0 0 (489)0 0 118 0 
Other assets363,440 9,774 62,471 0 0 (14,009)88,047 0 0 509,723 (4,234)
Receivables from parent and affiliates181,319 19 157,703 0 0 0 0 0 0 339,041 19 
Reinsurance recoverables(5)127,289 17,856 51,231 0 0 0 5,183 0 0 201,559 (26,796)
Separate account assets9,799 230 820 (732)0 0 0 0 0 10,117 231 
Liabilities:
Policyholders' account balances(5)(10,083,258)(1,098,107)0 0 (718,242)0 44,999 0 0 (11,854,608)269,505 
Other liabilities(207)(486)0 0 0 0 0 0 0 (693)(486)
Three Months Ended September 30, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(15,515)$0 $0 $17,745 $(783)$(12,047)$0 $0 $17,374 
Other assets:
Fixed maturities, trading0 183 0 0 (25)0 184 0 0 
Equity securities0 910 0 0 0 0 910 0 0 
Other invested assets31 0 0 0 0 31 0 0 0 
Short-term investments(41)0 0 0 0 (41)0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Other assets9,774 0 0 0 0 (4,234)0 0 0 
Receivables from parent and affiliates0 0 0 19 0 0 0 0 19 
Reinsurance recoverables17,856 0 0 0 0 (26,796)0 0 0 
Separate account assets0 0 230 0 0 0 0 231 0 
Liabilities:
Policyholders' account balances(1,098,107)0 0 0 0 269,505 0 0 0 
Other liabilities(486)0 0 0 0 (486)0 0 0 
Nine Months Ended September 30, 2024(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther
(1)		Transfers into Level 3(7)Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$682 $(25)$0 $0 $0 $0 $0 $0 $0 $657 $(32)
Corporate securities(3)1,014,343 (21,696)868,927 (353,874)0 (153,944)(65,468)32,327 0 1,320,615 (18,051)
Structured securities(4)177,237 5,839 562,469 0 0 (73,308)65,480 34,578 (81,199)691,096 6,810 
Other assets:
Fixed maturities, trading34,048 (740)232,379 0 0 (2,261)0 18,842 (229,405)52,863 (706)
Equity securities28,709 258 273 0 0 0 0 0 0 29,240 258 
Other invested assets1 793 0 0 0 0 0 0 0 794 793 
Short-term investments1,759 (37)104,457 (8)0 (1,449)476 0 0 105,198 (49)
Cash equivalents0 0 607 0 0 0 (489)0 0 118 0 
Other assets224,019 61,199 176,503 0 0 (40,045)88,047 0 0 509,723 21,154 
Receivables from parent and affiliates0 19 390,221 (51,199)0 0 0 0 0 339,041 19 
Reinsurance recoverables69,745 (7,851)134,482 0 0 0 5,183 0 0 201,559 (105,511)
Separate account assets5,985 531 5,258 (1,990)0 (125)0 458 0 10,117 533 
Liabilities:
Policyholders' account balances(5)(7,689,929)(2,387,292)0 0 (1,824,316)0 46,929 0 0 (11,854,608)1,100,681 
Other liabilities0(693)0000000(693)(693)
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Nine Months Ended September 30, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(19,778)$0 $0 $3,157 $739 $(12,822)$0 $0 $1,549 
Other assets:
Fixed maturities, trading0 (715)0 0 (25)0 (706)0 0 
Equity securities0 258 0 0 0 0 258 0 0 
Other invested assets793 0 0 0 0 793 0 0 0 
Short-term investments(49)0 0 0 12 (49)0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Other assets61,199 0 0 0 0 21,154 0 0 0 
Receivables from parent and affiliates0 0 0 19 0 0 0 0 19 
Reinsurance recoverables(7,851)0 0 0 0 (105,511)0 0 0 
Separate account assets0 0 531 0 0 0 0 533 0 
Liabilities:
Policyholders' account balances(2,387,292)0 0 0 0 1,100,681 0 0 0 
Other liabilities(693)0 0 0 0 (693)0 0 0 
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Three Months Ended September 30, 2023(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(7)Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$701 $(15)$0 $0 $0 $0 $0 $0 $0 $686 $(17)
Corporate securities(3)721,247 (27,838)182,465 (10,882)0 (27,762)(708)117,152 (9,088)944,586 (28,256)
Structured securities(4)146,339 (3,871)53,352 0 0 (339)0 2,297 (7,600)190,178 (3,836)
Other assets:
Fixed maturities, trading0 18 0 0 0 0 707 0 0 725 18 
Equity securities43,374 (1,219)2,531 0 0 0 0 0 0 44,686 (1,219)
Short-term investments1,209 0 802 0 0 (1,427)0 0 0 584 0 
Other assets217,613 25,539 33,850 0 0 (6,512)0 0 0 270,490 19,028 
Reinsurance recoverables1,465 14,079 0 0 0 0 0 0 0 15,544 14,079 
Separate account assets4,982 (7)1,049 (524)0 0 0 0 0 5,500 (6)
Liabilities:
Policyholders' account balances(5)(5,513,449)(107,528)0 0 (413,219)0 28,467 0 0 (6,005,729)(273,135)
Three Months Ended September 30, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(1,048)$0 $0 $(31,183)$507 $(674)$0 $0 $(31,435)
Other assets:
Fixed maturities, trading0 18 0 0 0 0 18 0 0 
Equity securities0 (1,219)0 0 0 0 (1,219)0 0 
Short-term investments0 0 0 0 0 0 0 0 0 
Other assets25,539 0 0 0 0 19,028 0 0 0 
Reinsurance recoverables14,079 0 0 0 0 14,079 0 0 0 
Separate account assets0 0 (7)0 0 0 0 (6)0 
Liabilities:
Policyholders' account balances(107,528)0 0 0 0 (273,135)0 0 0 
Nine Months Ended September 30, 2023(6)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(7)Transfers out of Level 3(7)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Foreign government$724 $(38)$0 $0 $0 $0 $0 $0 $0 $686 $(46)
Corporate securities(3)507,496 (20,639)493,339 (39,721)0 (104,604)651 117,152 (9,088)944,586 (21,842)
Structured securities(4)104,724 (7,070)200,659 (27)0 (1,677)0 4,537 (110,968)190,178 (6,965)
Other assets:
Fixed maturities, trading0 18 6,250 0 0 0 707 0 (6,250)725 18 
Equity securities28,593 (2,030)2,531 0 0 0 15,592 0 0 44,686 (2,030)
Short-term investments16,945 2,573 3,490 0 0 (21,065)(1,359)0 0 584 51 
Other assets141,041 33,559 107,453 0 0 (11,563)0 0 0 270,490 21,997 
Reinsurance recoverables0 15,544 0 0 0 0 0 0 0 15,544 15,544 
Separate account assets4,645 250 1,889 (1,124)0 (160)0 0 0 5,500 249 
Liabilities:
Policyholders' account balances(5)(3,502,096)(1,355,011)0 0 (1,251,457)0 102,835 0 0 (6,005,729)(508,105)
Nine Months Ended September 30, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(1,861)$0 $0 $(26,743)$857 $(2,693)$0 $0 $(26,160)
Other assets:
Fixed maturities, trading0 18 0 0 0 0 18 0 0 
Equity securities0 (2,030)0 0 0 0 (2,030)0 0 
Short-term investments1,857 0 0 (73)789 0 0 0 51 
Other assets33,559 0 0 0 0 21,997 0 0 0 
Reinsurance recoverables15,544 0 0 0 0 15,544 0 0 0 
Separate account assets0 0 250 0 0 0 0 249 0 
Liabilities:
Policyholders' account balances(1,355,011)0 0 0 0 (508,105)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 private, foreign corporate public, and foreign corporate private securities.
(4)Includes asset-backed and commercial mortgage-backed securities.
(5)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables are presented net in the rollforward.
(6)Excludes MRB assets of $2,499 million and $2,519 million and MRB liabilities of $4,915 million and $4,371 million for the periods ended September 30, 2024 and 2023, respectively. See Note 10 for additional information.
(7)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 Disclosure Financial Instruments Not Carried at Fair Value
The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.
 September 30, 2024
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $7,166,012 $7,166,012 $7,223,568 
Policy loans0 0 1,524,636 1,524,636 1,524,636 
Short-term investments34,101 0 0 34,101 34,101 
Cash and cash equivalents1,343,092 275,000 0 1,618,092 1,618,092 
Accrued investment income0 444,591 0 444,591 444,591 
Reinsurance recoverables0 0 23,875 23,875 25,147 
Receivables from parent and affiliates0 127,113 0 127,113 127,113 
Other assets0 39,144 2,152,332 2,191,476 2,191,476 
Total assets$1,377,193 $885,848 $10,866,855 $13,129,896 $13,188,724 
Liabilities:
Policyholders’ account balances - investment contracts$0 $836,916 $9,050,023 $9,886,939 $9,899,498 
Cash collateral for loaned securities0 330,370 0 330,370 330,370 
Payables to parent and affiliates0 70,009 0 70,009 70,009 
Other liabilities0 3,024,889 31,606 3,056,495 3,056,495 
Total liabilities$0 $4,262,184 $9,081,629 $13,343,813 $13,356,372 
 December 31, 2023
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $5,918,386 $5,918,386 $6,122,721 
Policy loans0 0 1,472,677 1,472,677 1,472,677 
Short-term investments66,500 0 0 66,500 66,500 
Cash and cash equivalents470,668 24,999 0 495,667 495,667 
Accrued investment income0 333,838 0 333,838 333,838 
Reinsurance recoverables0 0 22,155 22,155 23,537 
Receivables from parent and affiliates0 184,599 0 184,599 184,599 
Other assets0 80,646 1,489,983 1,570,629 1,570,629 
Total assets$537,168 $624,082 $8,903,201 $10,064,451 $10,270,168 
Liabilities:
Policyholders’ account balances - investment contracts$0 $955,647 $5,396,885 $6,352,532 $6,368,061 
Cash collateral for loaned securities0 218,310 0 218,310 218,310 
Short-term debt to affiliates0 176,110 0 176,110 180,411 
Payables to parent and affiliates0 16,573 0 16,573 16,573 
Other liabilities0 2,121,861 32,423 2,154,284 2,154,283 
Total liabilities$0 $3,488,501 $5,429,308 $8,917,809 $8,937,638 
(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 are out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.
v3.24.3
Deferred Policy Acquisition Costs, Deferred Reinsurance Losses, Deferred Reinsurance Gains And Deferred Sales Inducements (Tables)
 9 Months Ended
Sep. 30, 2024
Deferred Charges, Insurers [Abstract]  
Deferred Policy Acquisition Costs
The following tables show a rollforward for the lines of business that contain DAC balances, along with a reconciliation to the Company's total DAC balance:
Nine Months Ended September 30, 2024
Fixed AnnuitiesVariable AnnuitiesTerm LifeVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$197,937 $3,257,761 $743,888 $2,897,925 $7,097,511 
Capitalization174,397 272,819 138,395 484,131 1,069,742 
Amortization expense(29,806)(256,552)(52,564)(103,817)(442,739)
Other(1)0 0 (97)(18,339)(18,436)
Balance, end of period$342,528 $3,274,028 $829,622 $3,259,900 $7,706,078 
(1)    Other includes the impact of the Universal Life reinsurance transaction with Prudential Arizona Reinsurance Universal Company (“PAR U”) and PURE. See Note 11 for additional information.
Nine Months Ended September 30, 2023
Fixed AnnuitiesVariable AnnuitiesTerm LifeVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$102,251 $3,736,454 $648,837 $2,442,883 $6,930,425 
   Capitalization77,409 180,239 114,860 412,902 785,410 
   Amortization expense(15,270)(245,590)(47,256)(90,768)(398,884)
   Other(1)0 (393,385)0 (12)(393,397)
Balance, end of period$164,390 $3,277,718 $716,441 $2,765,005 $6,923,554 
(1)Other includes the impact of the reinsurance agreement with AuguStar. See Note 11 for additional information.
Deferred Reinsurance Losses
The following tables show a rollforward for the lines of business that contain DRL balances, along with a reconciliation to the Company's total DRL balance:

Nine Months Ended September 30, 2024
Variable AnnuitiesTerm LifeTotal
(in thousands)
Balance, beginning of period$194,110 $61,003 $255,113 
  Amortization expense(22,230)(5,728)(27,958)
  Other10 0 10 
Balance, end of period$171,890 $55,275 $227,165 

Nine Months Ended September 30, 2023
Variable AnnuitiesTerm LifeTotal
(in thousands)
Balance, beginning of period$223,515 $69,378 $292,893 
  Amortization expense(22,283)(6,350)(28,633)
  Other(8)0 (8)
Balance, end of period$201,224 $63,028 $264,252 
Deferred Reinsurance Gains
The following tables show a rollforward for the lines of business that contain DRG balances, along with a reconciliation to the Company's total DRG balance:
Nine Months Ended September 30, 2024
Fixed AnnuitiesVariable AnnuitiesVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$48,073 $261,721 $1,363,496 $1,673,290 
  Amortization(8,109)(15,237)(86,695)(110,041)
Other(1)118 98 1,092,199 1,092,415 
Balance, end of period$40,082 $246,582 $2,369,000 $2,655,664 
(1)Other includes the impact of the Universal Life reinsurance transaction with PAR U, PURE and Prudential Insurance, including $1,207 million of DRG, partially offset by a $116 million write-off. See Note 11 for additional information.
Nine Months Ended September 30, 2023
Fixed AnnuitiesVariable AnnuitiesVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$57,898 $0 $1,434,958 $1,492,856 
Amortization(7,141)(10,265)(53,834)(71,240)
Other(1)28 277,133 0 277,161 
Balance, end of period$50,785 $266,868 $1,381,124 $1,698,777 
(1)Other includes the impact of the reinsurance agreement with AuguStar. See Note 11 for additional information.
Deferred Sale Inducement Cost
The following table shows a rollforward of DSI balances for variable annuity products, which is the only line of business that contains a DSI balance, along with a reconciliation to the Company's total DSI balance:

Nine Months Ended September 30,
20242023
(in thousands)
Balance, beginning of period$351,424 $381,504 
Capitalization1,753 2,053 
Amortization expense(22,913)(23,881)
Other0 (2)
Balance, end of period$330,264 $359,674 
v3.24.3
Separate Accounts (Tables)
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Separate Account Assets
The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

September 30, 2024December 31, 2023
(in thousands)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$6,814 $2,954 
Obligations of U.S. states and their political subdivisions authorities117 0 
 U.S. corporate securities21,535 9,504 
 Foreign corporate securities2,705 1,763 
Asset-backed securities1,029 0 
Mortgage-backed securities180 186 
Mutual funds:
Equity77,430,801 72,614,821 
Fixed Income34,531,108 37,065,162 
Other4,526,225 4,101,661 
Equity securities121,973 104,159 
Other invested assets6,078,743 5,258,900 
Short-term investments466 2,126 
   Cash and cash equivalents57,399 27,249 
Total$122,779,095 $119,188,485 
Separate Account Liabilities
The balances of and changes in separate account liabilities as of and for the periods indicated are as follows:
Nine Months Ended September 30, 2024
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$92,383,121 $26,805,364 $119,188,485 
     Deposits423,070 2,430,129 2,853,199 
     Investment performance9,876,434 4,267,066 14,143,500 
     Policy charges(1,674,326)(680,530)(2,354,856)
     Surrenders and withdrawals(10,135,635)(363,848)(10,499,483)
     Benefit payments(49,810)(203,852)(253,662)
     Net transfers (to) from general account(48,394)(275,312)(323,706)
     Other5,642 19,976 25,618 
Balance, end of period$90,780,102 $31,998,993 $122,779,095 
Cash surrender value(2)$89,812,490 $28,717,582 $118,530,072 
Nine Months Ended September 30, 2023
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$91,785,448 $22,265,798 $114,051,246 
Deposits327,045 2,013,783 2,340,828 
Investment performance4,080,782 2,022,446 6,103,228 
Policy charges(1,740,555)(615,562)(2,356,117)
Surrenders and withdrawals(6,989,586)(249,911)(7,239,497)
Benefit payments(57,037)(158,198)(215,235)
Net transfers (to) from general account(1)(4,467)(1,115,178)(1,119,645)
Other8,355 38,223 46,578 
Balance, end of period$87,409,985 $24,201,401 $111,611,386 
Cash surrender value(2)$86,152,668 $21,219,141 $107,371,809 
(1) Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 14 for additional information.
(2) Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
v3.24.3
Liability For Future Policy Benefits (Tables)
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Liability for Future Policy Benefit
The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

Nine Months Ended September 30, 2024
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,927,833 $0 $10,927,833 
Effect of cumulative changes in discount rate assumptions, beginning of period225,711 0 225,711 
Balance at original discount rate, beginning of period11,153,544 0 11,153,544 
Effect of assumption update21,466 0 21,466 
Effect of actual variances from expected experience and other activity(198,894)201 (198,693)
Adjusted balance, beginning of period10,976,116 201 10,976,317 
Issuances608,144 25,850 633,994 
Net premiums / considerations collected(992,948)(26,051)(1,018,999)
Interest accrual383,336 0 383,336 
Other adjustments7,091 0 7,091 
Balance at original discount rate, end of period10,981,739 0 10,981,739 
Effect of cumulative changes in discount rate assumptions, end of period(111,296)0 (111,296)
Balance, end of period$10,870,443 $0 $10,870,443 

Nine Months Ended September 30, 2024
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$18,426,207 $228,788 $18,654,995 
Effect of cumulative changes in discount rate assumptions, beginning of period331,571 19,521 351,092 
Balance at original discount rate, beginning of period18,757,778 248,309 19,006,087 
Effect of assumption update21,480 (3,643)17,837 
Effect of actual variances from expected experience and other activity(245,193)391 (244,802)
Adjusted balance, beginning of period18,534,065 245,057 18,779,122 
Issuances608,144 25,850 633,994 
Interest accrual668,751 6,752 675,503 
Benefit payments(1,062,328)(23,877)(1,086,205)
Other adjustments10,421 (149)10,272 
Balance at original discount rate, end of period18,759,053 253,633 19,012,686 
Effect of cumulative changes in discount rate assumptions, end of period(159,410)(14,751)(174,161)
Balance, end of period$18,599,643 $238,882 $18,838,525 
Other, end of period1,610 
Total balance, end of period$18,840,135 
Nine Months Ended September 30, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,729,200 $238,882 $7,968,082 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,729,244 238,882 7,968,126 
Less: Reinsurance recoverables6,910,121 20,461 6,930,582 
Balance after reinsurance recoverables, end of period, post-flooring$819,123 $218,421 $1,037,544 

Nine Months Ended September 30, 2023
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$10,911,794 $0 $10,911,794 
Effect of cumulative changes in discount rate assumptions, beginning of period554,896 0 554,896 
Balance at original discount rate, beginning of period11,466,690 0 11,466,690 
Effect of assumption update(790)0 (790)
Effect of actual variances from expected experience and other activity(144,504)(1,257)(145,761)
Adjusted balance, beginning of period11,321,396 (1,257)11,320,139 
Issuances512,379 28,889 541,268 
Net premiums / considerations collected(1,008,159)(27,632)(1,035,791)
Interest accrual391,662 0 391,662 
Balance at original discount rate, end of period11,217,278 0 11,217,278 
Effect of cumulative changes in discount rate assumptions, end of period(939,494)0 (939,494)
Balance, end of period$10,277,784 $0 $10,277,784 
Nine Months Ended September 30, 2023
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$17,835,251 $204,727 $18,039,978 
Effect of cumulative changes in discount rate assumptions, beginning of period962,034 24,876 986,910 
Balance at original discount rate, beginning of period18,797,285 229,603 19,026,888 
Effect of assumption update(1,044)0 (1,044)
Effect of actual variances from expected experience and other activity(191,864)6,793 (185,071)
Adjusted balance, beginning of period18,604,377 236,396 18,840,773 
Issuances512,379 28,889 541,268 
Interest accrual670,905 6,300 677,205 
Benefit payments(1,019,151)(25,504)(1,044,655)
Other adjustments2,845 (84)2,761 
Balance at original discount rate, end of period18,771,355 245,997 19,017,352 
Effect of cumulative changes in discount rate assumptions, end of period(1,767,981)(34,327)(1,802,308)
Balance, end of period$17,003,374 $211,670 $17,215,044 
Other, end of period1,838 
Total balance, end of period$17,216,882 

Nine Months Ended September 30, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$6,725,590 $211,670 $6,937,260 
Flooring impact, end of period1,773 0 1,773 
Balance, end of period, post-flooring6,727,363 211,670 6,939,033 
Less: Reinsurance recoverables6,241,505 17,097 6,258,602 
Balance after reinsurance recoverables, end of period, post-flooring$485,858 $194,573 $680,431 
The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Nine Months Ended September 30, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,790,252 $0 
Discounted expected future gross premiums (at original discount rate)$14,899,016 $0 
Discounted expected future gross premiums (at current discount rate)$14,780,675 $0 
Undiscounted expected future benefits and expenses$29,134,537 $341,000 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.13 %3.90 %
Weighted-average interest rate (at current discount rate)4.91 %4.82 %
Nine Months Ended September 30, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,914,391 $0 
Discounted expected future gross premiums (at original discount rate)$15,083,578 $0 
Discounted expected future gross premiums (at current discount rate)$13,840,343 $0 
Undiscounted expected future benefits and expenses$29,147,479 $328,212 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.18 %3.62 %
Weighted-average interest rate (at current discount rate)6.02 %5.95 %
The balances of and changes in DPL as of and for the periods indicated are as follows:

Nine Months Ended September 30,
20242023
Fixed Annuities
(in thousands)
Balance, beginning of period, post-flooring$14,818 $18,193 
Effect of assumption update2,110 0 
Effect of actual variances from expected experience and other activity465 (6,924)
Adjusted balance, beginning of period17,393 11,269 
Profits deferred3,786 4,834 
Interest accrual505 423 
Amortization(1,689)(1,647)
Other adjustments(16)(11)
Balance, end of period, post-flooring19,979 14,868 
Less: Reinsurance recoverables1,504 1,435 
Balance after reinsurance recoverables, end of period$18,475 $13,433 
The following table shows a rollforward of AIR balances for variable and universal life products for the periods indicated:

Nine Months Ended September 30,
20242023
(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring$14,280,793 $12,664,445 
Flooring impact and amounts in AOCI831,583 1,269,237 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring15,112,376 13,933,682 
Effect of assumption update154,058 22,910 
Effect of actual variances from expected experience and other activity326,790 (12,611)
Adjusted balance, beginning of period15,593,224 13,943,981 
Assessments collected(1)843,853 828,657 
Interest accrual397,904 360,309 
Benefits paid(258,579)(219,784)
Balance, excluding amounts in AOCI, end of period, pre-flooring16,576,402 14,913,163 
Flooring impact and amounts in AOCI(343,625)(1,714,686)
Balance, including amounts in AOCI, end of period, post-flooring16,232,777 13,198,477 
Less: Reinsurance recoverables16,005,948 12,979,687 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$226,829 $218,790 
(1) Represents the portion of gross assessments required to fund the future policy benefits.

Nine Months Ended September 30,
20242023
Weighted-average duration of the liability in years (at original discount rate)2222
Weighted-average interest rate (at original discount rate)3.39 %3.36 %
The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for Future Policy Benefits as reported on the Company's Unaudited Interim Consolidated Statements of Financial Position as of the periods indicated:

Nine Months Ended September 30,
20242023
(in thousands)
Benefit reserves, end of period, post-flooring$7,968,126 $6,939,033 
Deferred profit liability, end of period, post-flooring19,979 14,868 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring16,232,777 13,198,477 
Subtotal of amounts disclosed above24,220,882 20,152,378 
Other Future policy benefits reserves(1)1,032,177 1,104,756 
Total Future policy benefits$25,253,059 $21,257,134 
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.
The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations for the periods indicated:

Nine Months Ended September 30, 2024
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,352,988 $0 $30,007 $1,382,995 
Deferred profit liability0 0 (5,161)(5,161)
Additional insurance reserves0 1,349,352 0 1,349,352 
Total$1,352,988 $1,349,352 $24,846 $2,727,186 

Nine Months Ended September 30, 2023
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$1,351,460 $0 $32,677 $1,384,137 
Deferred profit liability0 0 3,325 3,325 
Additional insurance reserves0 1,168,206 0 1,168,206 
Total$1,351,460 $1,168,206 $36,002 $2,555,668 
(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.
Nine Months Ended September 30, 2024
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$285,415 $0 $6,752 $292,167 
Deferred profit liability0 0 505 505 
Additional insurance reserves0 397,904 0 397,904 
Total$285,415 $397,904 $7,257 $690,576 


Nine Months Ended September 30, 2023
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$279,242 $0 $6,300 $285,542 
Deferred profit liability0 0 423 423 
Additional insurance reserves0 360,309 0 360,309 
Total$279,242 $360,309 $6,723 $646,274 
v3.24.3
Policyholders' Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]  
Policyholder Account Balance
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
Nine Months Ended September 30, 2024
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$6,164,313 $22,836,765 $20,167,713 $49,168,791 
Deposits4,149,820 5,900,477 1,592,896 11,643,193 
Interest credited150,642 332,007 426,382 909,031 
Policy charges(4,168)(21,369)(1,369,727)(1,395,264)
Surrenders and withdrawals(409,573)(558,335)(595,740)(1,563,648)
Benefit payments(42,344)(21,840)(50,251)(114,435)
Net transfers (to) from separate account0 48,394 275,312 323,706 
Change in market value and other adjustments(1)218,164 1,974,887 139,231 2,332,282 
Balance, end of period10,226,854 30,490,986 20,585,816 61,303,656 
Unearned revenue reserve4,248,795 
Other106,109 
Total Policyholders' account balance$65,658,560 
Weighted-average crediting rate2.45 %1.66 %2.79 %2.19 %
Net amount at risk(2)$16 $0 $336,737,789 $336,737,805 
Cash surrender value(3)$9,070,551 $29,028,016 $19,188,896 $57,287,463 
Nine Months Ended September 30, 2023
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$3,575,824 $16,432,032 $18,736,365 $38,744,221 
Deposits1,801,985 3,439,562 1,543,230 6,784,777 
Interest credited73,763 194,853 415,843 684,459 
Policy charges(5,683)(16,564)(1,357,363)(1,379,610)
Surrenders and withdrawals(161,929)(351,475)(579,913)(1,093,317)
Benefit payments(37,459)(22,285)(62,055)(121,799)
Net transfers (to) from separate account (4)0 4,467 1,115,178 1,119,645 
Change in market value and other adjustments(1)81,544 1,095,144 76,107 1,252,795 
Balance, end of period5,328,045 20,775,734 19,887,392 45,991,171 
Unearned revenue reserve3,568,084 
Other102,815 
Total Policyholders' account balance$49,662,070 
Weighted-average crediting rate2.21 %1.40 %2.87 %2.15 %
Net amount at risk(2)$12 $0 $318,075,705 $318,075,717 
Cash surrender value(3)$4,491,679 $17,981,713 $18,517,769 $40,991,161 
(1)     Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)     The net amount at risk calculation includes both general and separate account balances.
(3)    Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
(4) Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 14 for additional information.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums are as follows:
September 30, 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 thousands)
Fixed Annuities
Less than 1.00%
$282 $2,972 $10,290 $967,347 $980,891 
1.00% - 1.99%
441,774 59,029 191,790 74,650 767,243 
2.00% - 2.99%
303,925 460,949 559,932 16,511 1,341,317 
3.00% - 4.00%
1,375,404 5,996 10,086 3,299 1,394,785 
Greater than 4.00%
0 0 0 0 0 
Total$2,121,385 $528,946 $772,098 $1,061,807 $4,484,236 
Variable Annuities
Less than 1.00%
$323,585 $622,340 $447,015 $180 $1,393,120 
1.00% - 1.99%
153,336 211,058 2,505 0 366,899 
2.00% - 2.99%
17,807 3,907 4,181 0 25,895 
3.00% - 4.00%
839,084 4,128 1 0 843,213 
Greater than 4.00%
2,038 0 0 0 2,038 
Total$1,335,850 $841,433 $453,702 $180 $2,631,165 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $162,543 $162,543 
1.00% - 1.99%
261,986 0 1,692,401 1,615,106 3,569,493 
2.00% - 2.99%
29,281 1,504,536 2,695,744 377,103 4,606,664 
3.00% - 4.00%
3,788,853 2,139,715 1,107,161 0 7,035,729 
Greater than 4.00%
2,105,249 0 0 0 2,105,249 
Total$6,185,369 $3,644,251 $5,495,306 $2,154,752 $17,479,678 
September 30, 2023
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$85 $188 $430 $20,481 $21,184 
1.00% - 1.99%
497,237 74,579 237,130 82,040 890,986 
2.00% - 2.99%
280,760 469,123 319,721 12,466 1,082,070 
3.00% - 4.00%
31,048 0 0 0 31,048 
Greater than 4.00%
0 0 0 0 0 
Total$809,130 $543,890 $557,281 $114,987 $2,025,288 
Variable Annuities
Less than 1.00%
$944,205 $821,295 $18,262 $2 $1,783,764 
1.00% - 1.99%
221,831 2,113 1,086 0 225,030 
2.00% - 2.99%
26,319 4,332 2,979 0 33,630 
3.00% - 4.00%
956,761 3,416 0 0 960,177 
Greater than 4.00%
2,027 0 0 0 2,027 
Total$2,151,143 $831,156 $22,327 $2 $3,004,628 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $217,003 $217,003 
1.00% - 1.99%
185,341 0 2,528,250 572,113 3,285,704 
2.00% - 2.99%
27,536 1,418,150 2,778,586 268,998 4,493,270 
3.00% - 4.00%
4,008,791 2,241,159 1,114,429 0 7,364,379 
Greater than 4.00%
2,147,756 0 0 0 2,147,756 
Total$6,369,424 $3,659,309 $6,421,265 $1,058,114 $17,508,112 
(1)     Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.
Additional Liability, Long-Duration Insurance
The balances of and changes in URR as of and for the periods ended are as follows:

Nine Months Ended September 30,
20242023
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$3,741,426 $3,067,336 
Unearned revenue644,001612,196
Amortization expense(136,630)(111,353)
Other adjustments(2)(95)
Balance, end of period$4,248,795 $3,568,084 
Less: Reinsurance recoverables1,822,5971,656,299
Balance after reinsurance recoverables, end of period$2,426,198 $1,911,785 
v3.24.3
Market Risk Benefits (Tables)
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Market Risk Benefits
The following tables show a rollforward of MRB balances for variable annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
Nine Months Ended September 30, 2024
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$3,694,950 $(917,792)$2,777,158 
Effect of cumulative changes in non-performance risk1,068,035 0 1,068,035 
Balance, beginning of period, before effect of changes in
non-performance risk		4,762,985 (917,792)3,845,193 
Attributed fees collected830,031 (195,952)634,079 
Claims paid(45,249)4,781 (40,468)
Interest accrual171,713 (42,483)129,230 
Actual in force different from expected18,607 (14,423)4,184 
Effect of changes in interest rates44,706 51,322 96,028 
Effect of changes in equity markets(1,633,684)171,342 (1,462,342)
Effect of assumption update85,619 3,984 89,603 
Issuances51,540 (3,158)48,382 
Other adjustments14,958 27 14,985 
Effect of changes in current period counterparty non-performance risk0 (8,520)(8,520)
Balance, end of period, before effect of changes in non-performance risk4,301,226 (950,872)3,350,354 
Effect of cumulative changes in non-performance risk(934,425)0 (934,425)
Balance, end of period$3,366,801 $(950,872)$2,415,929 
Nine Months Ended September 30, 2023
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$4,550,625 $(422,261)$4,128,364 
Effect of cumulative changes in non-performance risk1,727,910 0 1,727,910 
Balance, beginning of period, before effect of changes in
non-performance risk		6,278,535 (422,261)5,856,274 
Attributed fees collected878,381 (179,211)699,170 
Claims paid(62,128)5,903 (56,225)
Interest accrual235,979 (38,016)197,963 
Actual in force different from expected52,753 (6,588)46,165 
Effect of changes in interest rates(2,869,989)484,168 (2,385,821)
Effect of changes in equity markets(940,654)90,742 (849,912)
Effect of assumption update330,769 (54,067)276,702 
Issuances21,271 8,206 29,477 
Other adjustments(1)(17,436)(638,198)(655,634)
Effect of changes in current period counterparty non-performance risk0 (75,594)(75,594)
Balance, end of period, before effect of changes in non-performance risk3,907,481 (824,916)3,082,565 
Effect of cumulative changes in non-performance risk(1,230,621)0 (1,230,621)
Balance, end of period$2,676,860 $(824,916)$1,851,944 
(1)    Other adjustments for September 30, 2023 primarily includes $638 million related to the reinsurance transaction with AuguStar. See Note 11 for additional information.
The following table presents accompanying information to the rollforward table above.
September 30, 2024September 30, 2023
Variable Annuities
($ in thousands)
Net amount at risk(1)$7,321,371 $12,504,440 
Weighted-average attained age of contractholders7170
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.

The table below reconciles MRB asset and liability positions as of the following dates:
September 30, 2024September 30, 2023
Variable Annuities
(in thousands)
Direct and assumed$1,286,720 $1,410,637 
Ceded1,212,514 1,108,597 
Total market risk benefit assets$2,499,234 $2,519,234 
Direct and assumed$4,653,521 $4,087,498 
Ceded261,642 283,680 
Total market risk benefit liabilities$4,915,163 $4,371,178 
Net liability$2,415,929 $1,851,944 
v3.24.3
Reinsurance (Tables)
 9 Months Ended
Sep. 30, 2024
Reinsurance Disclosures [Abstract]  
Reinsurance Impact on Statements of Financial Position
Reinsurance amounts included in the Company’s Unaudited Interim Consolidated Statements of Financial Position were as follows:
September 30, 2024December 31, 2023
 (in thousands)
Reinsurance recoverables$43,285,050 $38,709,651 
Policy loans(1,107,607)(1,082,584)
Deferred policy acquisition costs(3,118,226)(3,195,161)
Deferred sales inducements(33,303)(35,313)
Market risk benefit assets1,212,865 1,165,378 
Other assets2,778,500 1,897,410 
Policyholders’ account balances5,646,936 5,977,108 
Future policy benefits7,431,811 7,026,209 
Market risk benefit liabilities263,588 249,538 
Other liabilities8,920,647 4,397,862 
Unaffiliated reinsurance amounts included in the table above and in the Company's Unaudited Interim Consolidated Statements of Financial Position were as follows:
September 30, 2024December 31, 2023
(in thousands)
Deferred policy acquisition costs$62,301 $71,315 
Market risk benefit assets814,183 745,662 
Other assets2,680,090 1,795,422 
Policyholders’ account balances1,684,769 1,830,579 
Future policy benefits194 453 
Market risk benefit liabilities134,758 131,594 
Other liabilities2,798,751 1,915,205 
Reinsurance Recoverable by Counterparty
Reinsurance recoverables by counterparty are as follows:
September 30, 2024December 31, 2023
 (in thousands)
PAR U$19,642,785 $15,722,061 
PURC0 7,565,968 
PARCC2,140,373 2,304,270 
GUL Re0 3,211,899 
PAR Term2,084,390 2,101,004 
Prudential Insurance4,901,818 1,311,525 
Term Re2,115,998 2,080,564 
Lotus Re2,102,136 2,051,831 
DART855,366 744,043 
PURE7,853,257 0 
Unaffiliated1,588,927 1,616,486 
Total reinsurance recoverables$43,285,050 $38,709,651 
Reinsurance Impact on Statements of Operations and Comprehensive Income (Loss)
Reinsurance amounts, included in the Company’s Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in thousands)
Premiums:
Direct$462,391 $457,967 $1,384,477 $1,396,506 
Assumed29 32 92 (90)
Ceded(365,331)(372,859)(1,100,377)(1,144,655)
Net premiums97,089 85,140 284,192 251,761 
Policy charges and fee income:
Direct808,852 753,291 2,365,340 2,238,266 
Assumed220,781 151,927 719,389 453,006 
Ceded(620,866)(558,737)622,077 (1,594,764)
Net policy charges and fee income408,767 346,481 3,706,806 1,096,508 
Net investment income:
Direct651,762 463,070 1,763,262 1,216,154 
Assumed333 338 996 1,024 
Ceded(13,403)(2,544)(40,253)(13,789)
Net investment income(1)638,692 460,864 1,724,005 1,203,389 
Asset administration fees:
Direct83,659 81,422 246,123 242,730 
Assumed0 0 0 0 
Ceded(27,231)(24,668)(77,950)(64,986)
Net asset administration fees56,428 56,754 168,173 177,744 
Other income (loss):
Direct332,233 (89,144)461,980 216,247 
Assumed(75)116 274 (233)
Ceded53,937 25,473 275,015 70,736 
Net other income (loss)(1)386,095 (63,555)737,269 286,750 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Realized investment gains (losses), net:
Direct(541,864)(492,184)235,638 (826,822)
Assumed14,552 (31,544)77,736 189,400 
Ceded(89,183)55,472 (67,987)56,181 
Realized investment gains (losses), net(1)(616,495)(468,256)245,387 (581,241)
Change in value of market risk benefits, net of related hedging gain (loss):
Direct(214,414)(54,544)(199,087)152,660 
Assumed(245)283 361 (3,160)
Ceded39,258 (193,210)(167,267)(415,656)
Net change in value of market risk benefits, net of related hedging gain (loss)(175,401)(247,471)(365,993)(266,156)
Policyholders’ benefits (including change in reserves):
Direct855,117 912,588 2,765,937 2,639,868 
Assumed242,113 336,300 775,334 985,635 
Ceded(966,549)(1,103,479)831,697 (3,227,951)
Net policyholders’ benefits (including change in reserves)(1)130,681 145,409 4,372,968 397,552 
Change in estimates of liability for future policy benefits:
Direct142,204 (44,155)354,660 (61,510)
Assumed17,025 (17,580)81,893 8,071 
Ceded(156,795)68,300 (452,298)54,469 
Net change in estimates of liability for future policy benefits2,434 6,565 (15,745)1,030 
Interest credited to policyholders’ account balances:
Direct332,064 228,399 907,648 666,947 
Assumed35,476 33,602 117,968 100,065 
Ceded(111,380)(98,927)(318,682)(299,900)
Net interest credited to policyholders’ account balances256,160 163,074 706,934 467,112 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(113,741)(57,368)(619,914)(280,393)
(1)Amounts include reinsurance agreements using the deposit method of accounting.
Unaffiliated reinsurance assumed and ceded amounts included in the table above and in the Company's Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in thousands)
Premiums:
Assumed$29 $32 $89 $(100)
Ceded(27,821)(13,942)(79,800)(47,319)
Policy charges and fee income:
Assumed429 460 1,057 1,383 
Ceded(45,692)(39,143)(132,662)(101,419)
Net investment income(1):
Ceded0 10,109 0 23,022 
Asset administration fees:
Ceded(7,151)(7,464)(21,474)(15,204)
Other income (loss)(1):
Assumed(75)185 378 (53)
Ceded26,125 7,887 73,931 17,540 
Realized investment gains (losses), net(1):
Assumed14,552 (31,544)77,736 189,400 
Ceded(76,021)41,007 (29,022)40,378 
Change in value of market risk benefits, net of related hedging gain (loss):
Assumed(245)283 361 (3,160)
Ceded5,318 (70,693)(58,229)(150,791)
Policyholders’ benefits (including change in reserves)(1):
Assumed(145)265 216 545 
Ceded(51,927)(42,655)(262,998)(106,475)
Change in estimates of liability for future policy benefits:
Ceded673 (1,407)92,575 (1,823)
Interest credited to policyholders’ account balances:
Assumed6,772 3,651 31,888 8,750 
Ceded1 85 0 0 
(1)Amounts include reinsurance agreements using the deposit method of accounting.
Gross and Net Life Insurance in Force
The gross and net amounts of life insurance face amount in force as of September 30, 2024 and 2023 were as follows:
20242023
 (in thousands)
Direct gross life insurance face amount in force$1,159,660,533 $1,115,174,542 
Assumed gross life insurance face amount in force34,827,770 35,824,627 
Reinsurance ceded(1,049,978,067)(1,010,577,960)
Net life insurance face amount in force$144,510,236 $140,421,209 
v3.24.3
Equity (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of AOCI as of and for the nine months ended September 30, 2024 and 2023, are as follows:
 Accumulated Other Comprehensive Income (Loss)
 Foreign
Currency
Translation
Adjustment		Net Unrealized
Investment Gains
(Losses)(1)		Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated
Other
Comprehensive
Income (Loss)
 (in thousands)
Balance, December 31, 2023$(18,085)$(927,778)$71,195 $843,748 $(30,920)
Change in OCI before reclassifications1,578 620,926 (21,655)(133,611)467,238 
Amounts reclassified from AOCI0 26,605 0 0 26,605 
Income tax benefit (expense)(228)(135,768)4,557 28,058 (103,381)
Balance, September 30, 2024$(16,735)$(416,015)$54,097 $738,195 $359,542 

 Accumulated Other Comprehensive Income (Loss)
 Foreign
Currency
Translation
Adjustment		Net Unrealized
Investment Gains
(Losses)(1)		Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated
Other
Comprehensive
Income (Loss)
 (in thousands)
Balance, December 31, 2022$(20,007)$(1,474,475)$119,368 $1,365,049 $(10,065)
Change in OCI before reclassifications431 (482,272)73,321 (497,289)(905,809)
Amounts reclassified from AOCI0 (17,746)0 0 (17,746)
Income tax benefit (expense)(51)105,037 (15,396)104,431 194,021 
Balance, September 30, 2023$(19,627)$(1,869,456)$177,293 $972,191 $(739,599)
(1)Includes cash flow hedges of $2 million and $12 million as of September 30, 2024 and December 31, 2023, respectively, and $94 million and $139 million as of September 30, 2023 and December 31, 2022, respectively.
Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
 (in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)$(19,880)$29,156 $15,856 $34,900 
Net unrealized investment gains (losses) on available-for-sale securities(26,993)(8,931)(42,461)(17,154)
Total net unrealized investment gains (losses)(4)(46,873)20,225 (26,605)17,746 
Total reclassifications for the period$(46,873)$20,225 $(26,605)$17,746 
(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 4 for additional information on cash flow hedges.
(4)See table below for additional information on unrealized investment gains (losses), including the impact on future policy benefits, policyholders’ account balances and other liabilities.
Net Unrealized Investment Gains (Losses) on AFS Fixed Maturity Securities wit Allowance for credit losses and All Other Investments AOCI Rollforward The amounts for the periods indicated below, split between amounts related to net unrealized investment gains (losses) on available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized, 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 RecognizedNet Unrealized
Gains (Losses)
on All Other Investments(1)		Other Costs(2) Future Policy Benefits, Policyholders' Account Balances and Other Liabilities(3)
Income Tax
Benefit (Expense)		Accumulated
Other
Comprehensive
Income (Loss)
Related to Net
Unrealized
Investment
Gains (Losses)
 (in thousands)
Balance, December 31, 2023$1,987 $(1,404,180)$(801,351)$1,029,098 $246,668 $(927,778)
Net investment gains (losses) on investments arising during the period(9,819)661,777 0 0 (136,708)515,250 
Reclassification adjustment for (gains) losses included in net income(3)26,608 0 0 (5,579)21,026 
Reclassification due to allowance for credit losses recorded during the period(26)26 0 0 0 0 
Impact of net unrealized investment (gains) losses
0 0 455,507 (486,539)6,519 (24,513)
Balance, September 30, 2024$(7,861)$(715,769)$(345,844)$542,559 $110,900 $(416,015)
(1)Includes cash flow hedges. See Note 4 for information on cash flow hedges.
(2)"Other costs" primarily includes reinsurance recoverables and DRL.
(3)"Other liabilities" primarily includes reinsurance payables.
v3.24.3
Related Party Transactions (Tables)
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Affiliated Notes Receivable
Affiliated notes receivable included in “Receivables from parent and affiliates” at September 30, 2024 and December 31, 2023 is as follows:
Maturity DatesInterest RatesSeptember 30, 2024December 31, 2023
(in thousands)
U.S. dollar fixed rate notes2025-20360.00%-14.85 %$491,146 $147,984 
Total notes receivable - affiliated(1)$491,146 $147,984 
(1)All notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances.
Affiliated Commercial Mortgage Loan
The following table sets forth the composition of “Commercial mortgage and other loans”, as of the dates indicated:
September 30, 2024December 31, 2023
 Amount% of
Total		Amount% of
Total
($ in thousands)
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$1,892,110 26.1 %$1,578,785 25.7 %
Hospitality100,890 1.4 102,952 1.7 
Industrial2,865,789 39.5 2,486,230 40.4 
Office597,283 8.2 604,611 9.8 
Other694,191 9.6 456,720 7.4 
Retail406,850 5.5 363,706 5.9 
Total commercial mortgage loans6,557,113 90.3 5,593,004 90.9 
Agricultural property loans703,309 9.7 562,046 9.1 
Total commercial mortgage and agricultural property loans7,260,422 100.0 %6,155,050 100.0 %
Allowance for credit losses(44,309)(37,689)
Total net commercial mortgage and agricultural property loans7,216,113 6,117,361 
Other loans:
Other collateralized loans7,455 5,360 
Total other loans7,455 5,360 
Total net commercial mortgage and other loans$7,223,568 $6,122,721 
The affiliated commercial mortgage loan included in "Commercial mortgage and other loans" at September 30, 2024 and December 31, 2023 were as follows:
Maturity DateInterest RateSeptember 30, 2024December 31, 2023
(in thousands)
Affiliated Commercial Mortgage Loan20259.67 %$70,148 $71,038 
Affiliated Asset Transfers The table below shows affiliated asset trades for the nine months ended September 30, 2024 and for the year ended December 31, 2023.
AffiliateDateTransactionSecurity Type  Fair Value  Book Value  APIC, Net of Tax Increase/(Decrease)Realized
Investment
Gain (Loss)
 (in thousands)
Prudential InsuranceJanuary 2023PurchaseFixed Maturities$48,329 $50,372 $1,614 $0 
Prudential InsuranceMarch 2023PurchaseFixed Maturities$7,175 $7,500 $256 $0 
PURCApril 2023PurchaseFixed Maturities$102,804 $102,804 $0 $0 
Term ReJune 2023PurchaseFixed Maturities$115,573 $115,573 $0 $0 
Prudential InsuranceJune 2023PurchaseFixed Maturities$4,298 $4,443 $114 $0 
Prudential InsuranceJune 2023PurchaseFixed Maturities$4,394 $4,494 $80 $0 
Prudential InsuranceJune 2023PurchaseFixed Maturities$19,453 $19,203 $(198)$0 
Prudential InsuranceJune 2023PurchaseFixed Maturities$14,452 $15,086 $502 $0 
Prudential InsuranceSeptember 2023PurchaseFixed Maturities$15,880 $15,801 $(62)$0 
PURCDecember 2023SaleCommercial Mortgage and Other Loans$762 $754 $0 $8 
PAR UJanuary 2024Transfer inFixed Maturities$1,598,161 $1,598,161 $0 $0 
PAR UJanuary 2024Transfer inFixed Maturities$778,745 $778,745 $0 $0 
PURCJanuary 2024Transfer inFixed Maturities$2,155,560 $2,155,560 $0 $0 
GUL ReJanuary 2024Transfer inFixed Maturities$1,685,582 $1,685,582 $0 $0 
GUL ReJanuary 2024Transfer inFixed Maturities$4,976 $4,976 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$1,598,161 $1,598,161 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$778,745 $778,745 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$2,155,560 $2,155,560 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$1,685,582 $1,685,582 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$4,976 $4,976 $0 $0 
IronboundJanuary 2024PurchaseOther Invested Assets$60,414 $60,414 $0 $0 
Windhill CLO 1, Ltd.February 2024SaleFixed Maturities$18,428 $18,858 $0 $(430)
Windhill CLO 2, Ltd.February 2024SaleFixed Maturities$19,652 $20,057 $0 $(405)
PAR TermFebruary 2024PurchaseFixed Maturities$43,084 $43,084 $0 $0 
Windhill CLO 1, Ltd.March 2024SaleFixed Maturities$10,148 $10,387 $0 $(239)
Windhill CLO 2, Ltd.March 2024SaleFixed Maturities$14,763 $15,091 $0 $(328)
Prudential InsuranceMarch 2024PurchaseFixed Maturities$198,804 $206,285 $5,910 $0 
PAR UMarch 2024Transfer inOther Invested Assets$188,500 $188,500 $0 $0 
PUREMarch 2024Transfer outOther Invested Assets$188,500 $188,500 $0 $0 
Windhill CLO 1, Ltd.April 2024SaleFixed Maturities$2,261 $2,300 $0 $(39)
Windhill CLO 2, Ltd.May 2024SaleFixed Maturities$14,034 $14,415 $0 $(381)
Windhill CLO 1, Ltd.June 2024SaleFixed Maturities$2,045 $2,100 $0 $(55)
Windhill CLO 2, Ltd.June 2024SaleFixed Maturities$23,342 $23,743 $0 $(401)
PAR UJune 2024Transfer inOther Invested Assets$326 $326 $0 $0 
PUREJune 2024Transfer outOther Invested Assets$326 $326 $0 $0 
PAR UJune 2024PurchaseCommercial Mortgage and Other Loans$12,555 $12,555 $0 $0 
Windhill CLO 2, Ltd.July 2024SaleFixed Maturities$53,462 $54,628 $0 $(1,166)
Windhill CLO 2, Ltd.July 2024SaleFixed Maturities$6,579 $6,695 $0 $(116)
Windhill CLO 1, Ltd.July 2024SaleFixed Maturities$2,136 $2,200 $0 $(64)
PAR UJuly 2024PurchaseFixed Maturities$17,402 $17,402 $0 $0 
Prudential InsuranceJuly 2024PurchaseFixed Maturities$22,655 $23,433 $614 $0 
PAR UJuly 2024PurchaseFixed Maturities$1,239 $1,239 $0 $0 
PAR UJuly 2024PurchaseDerivatives$2,975 $2,975 $0 $0 
Windhill CLO 2, Ltd.August 2024SaleFixed Maturities$21,929 $22,500 $0 $(571)
Windhill CLO 1, Ltd.August 2024SaleFixed Maturities$13,650 $14,100 $0 $(450)
PAR UAugust 2024PurchaseFixed Maturities$46,742 $46,742 $0 $0 
PAR UAugust 2024PurchaseFixed Maturities$4,793 $4,793 $0 $0 
Prudential InsuranceAugust 2024PurchaseFixed Maturities$35,872 $35,085 $(621)$0 
Windhill CLO 2, Ltd.September 2024SaleFixed Maturities$57,613 $57,613 $0 $0 
Windhill CLO 2, Ltd.September 2024SaleFixed Maturities$24,575 $24,911 $0 $(336)
Prudential InsuranceSeptember 2024PurchaseFixed Maturities$44,773 $43,632 $(901)$0 
Debt Agreements The following table provides the breakout of the Company's short-term debt. There is no long-term debt to affiliates as of September 30, 2024 and December 31, 2023.
AffiliateDate
Issued
Amount of Notes - September 30, 2024
Amount of Notes - December 31, 2023Interest Rate  Date of Maturity  
  (in thousands) 
Prudential Insurance8/13/2021$0 $94,953 3.95 %6/20/2024
Prudential Insurance8/13/20210 37,981 3.95 %6/20/2024
Prudential Insurance8/13/20210 47,477 3.95 %6/20/2024
Total Loans Payable to Affiliates(1)$0 $180,411 
(1) Includes $180 million of loans reclassified as current portion of long-term debt as of December 31, 2023.
v3.24.3
Commitments and Contingent Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Guarantees
Guarantees of Asset Values

September 30, 2024December 31, 2023
(in thousands)
Guaranteed value of third-parties' assets$1,213,038 $311,302 
Fair value of collateral supporting these assets$1,098,558 $287,621 
Asset (liability) associated with guarantee, carried at fair value $(454)$1 
v3.24.3
Business and Basis of Presentation (Narrative) (Details)
 9 Months Ended
Sep. 30, 2024
subsidiary
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number Of Subsidiaries 1
v3.24.3
Investments (Fixed Maturities Securities Excluding Investments Classified as Trading) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost $ 35,694,374   $ 27,538,066      
Gross Unrealized Gains 716,452   335,759      
Gross Unrealized Losses 1,439,445   1,740,037      
Allowance for Credit Losses 14,575 $ 3,348 2,008 $ 4,315 $ 4,923 $ 4,769
Fair Value 34,956,806   26,131,780      
U.S. Treasury securities and obligations of U.S. government authorities and agencies            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 1,445,892   1,009,937      
Gross Unrealized Gains 55,377   38,858      
Gross Unrealized Losses 72,214   73,508      
Allowance for Credit Losses 0 0 0 0 0 0
Fair Value 1,429,055   975,287      
Obligations of U.S. states and their political subdivisions            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 600,925   789,856      
Gross Unrealized Gains 3,108   5,288      
Gross Unrealized Losses 16,403   18,517      
Allowance for Credit Losses 0   0      
Fair Value 587,630   776,627      
Foreign government securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 425,732   330,830      
Gross Unrealized Gains 5,546   1,840      
Gross Unrealized Losses 47,756   50,684      
Allowance for Credit Losses 0 0 0 0 0 5
Fair Value 383,522   281,986      
U.S. public corporate securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 13,470,713   10,159,089      
Gross Unrealized Gains 244,576   98,047      
Gross Unrealized Losses 653,173   760,274      
Allowance for Credit Losses 920   950      
Fair Value 13,061,196   9,495,912      
U.S. private corporate securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 5,987,215   5,207,699      
Gross Unrealized Gains 85,668   37,435      
Gross Unrealized Losses 197,291   254,828      
Allowance for Credit Losses 3,380   812      
Fair Value 5,872,212   4,989,494      
Foreign public corporate securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 3,483,095   1,809,347      
Gross Unrealized Gains 76,199   12,658      
Gross Unrealized Losses 89,969   115,673      
Allowance for Credit Losses 21   238      
Fair Value 3,469,304   1,706,094      
Foreign private corporate securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 5,524,144   4,902,391      
Gross Unrealized Gains 185,124   109,806      
Gross Unrealized Losses 308,157   381,215      
Allowance for Credit Losses 10,254   0      
Fair Value 5,390,857   4,630,982      
Asset-backed securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 3,450,724   2,016,028      
Gross Unrealized Gains 44,992   23,035      
Gross Unrealized Losses 5,676   11,512      
Allowance for Credit Losses 0 0 1 0 0 0
Fair Value 3,490,040   2,027,550      
Commercial mortgage-backed securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 929,684   913,347      
Gross Unrealized Gains 9,742   4,776      
Gross Unrealized Losses 43,990   66,345      
Allowance for Credit Losses 0 0 0 0 0 0
Fair Value 895,436   851,778      
Residential mortgage-backed securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 376,250   399,542      
Gross Unrealized Gains 6,120   4,016      
Gross Unrealized Losses 4,816   7,481      
Allowance for Credit Losses 0 $ 5 7 $ 8 $ 6 $ 9
Fair Value $ 377,554   $ 396,070      
v3.24.3
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value $ 1,693,974 $ 2,492,369
Less than Twelve Months, Gross Unrealized Losses 32,238 39,568
Twelve Months or More, Fair Value 12,351,014 13,312,102
Twelve Months or More, Gross Unrealized Losses 1,407,176 1,699,993
Total, Fair Value 14,044,988 15,804,471
Total, Gross Unrealized Losses 1,439,414 1,739,561
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 0 98,174
Less than Twelve Months, Gross Unrealized Losses 0 945
Twelve Months or More, Fair Value 261,544 214,889
Twelve Months or More, Gross Unrealized Losses 72,214 72,563
Total, Fair Value 261,544 313,063
Total, Gross Unrealized Losses 72,214 73,508
Obligations of U.S. states and their political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 136,153 83,729
Less than Twelve Months, Gross Unrealized Losses 990 293
Twelve Months or More, Fair Value 191,893 218,375
Twelve Months or More, Gross Unrealized Losses 15,413 18,224
Total, Fair Value 328,046 302,104
Total, Gross Unrealized Losses 16,403 18,517
Foreign government securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 17,644 10,226
Less than Twelve Months, Gross Unrealized Losses 83 116
Twelve Months or More, Fair Value 228,866 233,757
Twelve Months or More, Gross Unrealized Losses 47,673 50,568
Total, Fair Value 246,510 243,983
Total, Gross Unrealized Losses 47,756 50,684
U.S. public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 475,396 782,904
Less than Twelve Months, Gross Unrealized Losses 8,277 10,009
Twelve Months or More, Fair Value 5,252,550 5,201,353
Twelve Months or More, Gross Unrealized Losses 644,896 750,265
Total, Fair Value 5,727,946 5,984,257
Total, Gross Unrealized Losses 653,173 760,274
U.S. private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 658,961 707,674
Less than Twelve Months, Gross Unrealized Losses 16,690 16,613
Twelve Months or More, Fair Value 2,477,333 2,794,697
Twelve Months or More, Gross Unrealized Losses 180,579 238,181
Total, Fair Value 3,136,294 3,502,371
Total, Gross Unrealized Losses 197,269 254,794
Foreign public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 100,693 92,955
Less than Twelve Months, Gross Unrealized Losses 427 1,063
Twelve Months or More, Fair Value 800,890 948,963
Twelve Months or More, Gross Unrealized Losses 89,533 114,169
Total, Fair Value 901,583 1,041,918
Total, Gross Unrealized Losses 89,960 115,232
Foreign private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 73,843 429,212
Less than Twelve Months, Gross Unrealized Losses 4,714 8,035
Twelve Months or More, Fair Value 2,290,320 2,461,367
Twelve Months or More, Gross Unrealized Losses 303,443 373,180
Total, Fair Value 2,364,163 2,890,579
Total, Gross Unrealized Losses 308,157 381,215
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 231,205 208,970
Less than Twelve Months, Gross Unrealized Losses 1,053 1,761
Twelve Months or More, Fair Value 182,428 532,814
Twelve Months or More, Gross Unrealized Losses 4,623 9,750
Total, Fair Value 413,633 741,784
Total, Gross Unrealized Losses 5,676 11,511
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 0 42,621
Less than Twelve Months, Gross Unrealized Losses 0 298
Twelve Months or More, Fair Value 533,822 580,931
Twelve Months or More, Gross Unrealized Losses 43,990 66,047
Total, Fair Value 533,822 623,552
Total, Gross Unrealized Losses 43,990 66,345
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 79 35,904
Less than Twelve Months, Gross Unrealized Losses 4 435
Twelve Months or More, Fair Value 131,368 124,956
Twelve Months or More, Gross Unrealized Losses 4,812 7,046
Total, Fair Value 131,447 160,860
Total, Gross Unrealized Losses $ 4,816 $ 7,481
v3.24.3
Investments (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Schedule of Investments [Line Items]          
Loans acquired $ 0 $ 0 $ 12,600 $ 0  
Loans sold 0 0 0 0  
Gross Unrealized Losses 1,439,414   1,439,414   $ 1,739,561
Fixed maturity purchased with credit deterioration     0   0
Accrued Investment Income Write Down 0 0 0 0  
Securities sold under agreements to repurchase $ 0   $ 0   $ 0
Commercial mortgage loans, Percentage 100.00%   100.00%   100.00%
Loans on non-accrual status, do not have allowance for credit losses $ 2,000   $ 2,000   $ 0
Commercial mortgage and other loans purchased with credit deterioration     0   0
Twelve Months or More, Gross Unrealized Losses 1,407,176   1,407,176   1,699,993
Loans on non-accrual status recognized in interest income 1,000   $ 1,000    
Commercial mortgage loans | Extended Maturity          
Schedule of Investments [Line Items]          
Financing Receivable, Modified in Period, Amount   0   0  
Financing Receivable, Modified, Weighted Average Term Increase from Modification     1 year    
NAIC high or highest quality rating | Fixed maturities          
Schedule of Investments [Line Items]          
Gross Unrealized Losses 1,354,000   $ 1,354,000   1,634,000
NAIC other than high or highest quality rating | Fixed maturities          
Schedule of Investments [Line Items]          
Gross Unrealized Losses $ 85,000   $ 85,000   106,000
California          
Schedule of Investments [Line Items]          
Commercial mortgage loans, Percentage 26.00%   26.00%    
Texas          
Schedule of Investments [Line Items]          
Commercial mortgage loans, Percentage 9.00%   9.00%    
Washington          
Schedule of Investments [Line Items]          
Commercial mortgage loans, Percentage 6.00%   6.00%    
Europe          
Schedule of Investments [Line Items]          
Commercial mortgage loans, Percentage 9.00%   9.00%    
Mexico          
Schedule of Investments [Line Items]          
Commercial mortgage loans, Percentage 1.00%   1.00%    
Australia          
Schedule of Investments [Line Items]          
Commercial mortgage loans, Percentage 1.00%   1.00%    
Other Income | Fixed maturities | Trading          
Schedule of Investments [Line Items]          
Net unrealized investment gains (losses) $ 149,000 (221,600) $ 16,800 (179,000)  
Other Income | Equity securities          
Schedule of Investments [Line Items]          
Net unrealized investment gains (losses) 37,600 $ (10,900) 16,200 $ (2,800)  
Fixed maturities          
Schedule of Investments [Line Items]          
Twelve Months or More, Gross Unrealized Losses $ 1,407,000   $ 1,407,000   $ 1,700,000
v3.24.3
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Amortized Cost    
Due in one year or less $ 1,451,746  
Due after one year through five years 11,583,221  
Due after five years through ten years 9,102,232  
Due after ten years 8,800,517  
Amortized Cost 35,694,374 $ 27,538,066
Fair Value    
Due in one year or less 1,437,659  
Due after one year through five years 11,565,272  
Due after five years through ten years 9,116,421  
Due after ten years 8,074,424  
Fair Value 34,956,806 26,131,780
Asset-backed securities    
Amortized Cost    
Debt securities, available-for-sale, maturity, without single maturity date, amortized cost 3,450,724  
Amortized Cost 3,450,724 2,016,028
Fair Value    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 3,490,040  
Fair Value 3,490,040 2,027,550
Commercial mortgage-backed securities    
Amortized Cost    
Debt securities, available-for-sale, maturity, without single maturity date, amortized cost 929,684  
Amortized Cost 929,684 913,347
Fair Value    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 895,436  
Fair Value 895,436 851,778
Residential mortgage-backed securities    
Amortized Cost    
Debt securities, available-for-sale, maturity, without single maturity date, amortized cost 376,250  
Amortized Cost 376,250 399,542
Fair Value    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 377,554  
Fair Value $ 377,554 $ 396,070
v3.24.3
Investments (Fixed Maturities Securities Proceeds) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Debt Securities, Available-for-sale [Line Items]        
Proceeds from maturities/prepayments     $ 2,290,052 $ 1,096,571
Fixed maturities | Available-for-sale        
Debt Securities, Available-for-sale [Line Items]        
Proceeds from sales $ 248,635 $ 151,383 676,660 280,064
Proceeds from maturities/prepayments 483,079 318,188 1,618,992 806,521
Gross investment gains from sales and maturities 2,921 1,377 13,265 10,826
Gross investment losses from sales and maturities (9,153) (10,920) (33,625) (28,445)
Write-downs recognized in earnings (9,534) 4 (9,534) 11
(Addition to) release of allowance for credit losses $ (11,227) $ 608 (12,567) 454
Noncash or part noncash divestiture, amount of consideration received     $ (5,600) $ 10,000
v3.24.3
Investments (Credit Losses Recognized In Earnings on Fixed Maturity Securities Held by the Company) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of period $ 3,348 $ 4,923 $ 2,008 $ 4,769
Additions to allowance for credit losses not previously recorded 12,026 374 12,427 3,539
Reductions for securities sold during the period 0 (1,280) (42) (5,055)
Additions (reductions) on securities with previous allowance (799) 298 (297) 1,062
Assets transferred to parent and affiliates 0   479  
Balance, end of period 14,575 4,315 14,575 4,315
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
Assets transferred to parent and affiliates 0   0  
Balance, end of period 0 0 0 0
Foreign Government Securities        
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of period 0 0 0 5
Additions to allowance for credit losses not previously recorded 0 0 0 0
Reductions for securities sold during the period 0 0 0 (1)
Additions (reductions) on securities with previous allowance 0 0 0 (4)
Assets transferred to parent and affiliates 0   0  
Balance, end of period 0 0 0 0
U.S. and Foreign Corporate Securities        
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of period 3,343 4,917 2,000 4,755
Additions to allowance for credit losses not previously recorded 12,026 374 12,422 3,539
Reductions for securities sold during the period 0 (1,280) (42) (5,054)
Additions (reductions) on securities with previous allowance (794) 296 (284) 1,067
Assets transferred to parent and affiliates 0   479  
Balance, end of period 14,575 4,307 14,575 4,307
Asset-backed securities        
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of period 0 0 1 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 (1) 0
Assets transferred to parent and affiliates 0   0  
Balance, end of period 0 0 0 0
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
Assets transferred to parent and affiliates 0   0  
Balance, end 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 5 6 7 9
Additions to allowance for credit losses not previously recorded 0 0 5 0
Reductions for securities sold during the period 0 0 0 0
Additions (reductions) on securities with previous allowance (5) 2 (12) (1)
Assets transferred to parent and affiliates 0   0  
Balance, end of period $ 0 $ 8 $ 0 $ 8
v3.24.3
Investments (Commercial Mortgage and Other Loans) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 7,260,422 $ 6,155,050
Commercial mortgage loans, Percentage 100.00% 100.00%
Allowance for Credit Losses $ (44,309) $ (37,689)
Commercial Mortgage Loans 7,223,568 6,122,721
Total net Commercial Mortgage and Other Loans 7,223,568 6,122,721
Other loans 7,455 5,360
Commercial Mortgage and Agricultural Loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial Mortgage Loans 7,216,113 6,117,361
Total net Commercial Mortgage and Other Loans 7,216,113 6,117,361
Other Collateralized Loans    
Commercial Mortgage and Other Loans [Line Items]    
Other loans 7,455 5,360
Total Net Commercial Mortgage and Other Loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial Mortgage Loans 7,223,568 6,122,721
Total net Commercial Mortgage and Other Loans 7,223,568 6,122,721
Apartments and multi-family    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 1,892,110 $ 1,578,785
Commercial mortgage loans, Percentage 26.10% 25.70%
Hospitality    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 100,890 $ 102,952
Commercial mortgage loans, Percentage 1.40% 1.70%
Industrial    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 2,865,789 $ 2,486,230
Commercial mortgage loans, Percentage 39.50% 40.40%
Office    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 597,283 $ 604,611
Commercial mortgage loans, Percentage 8.20% 9.80%
Other    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 694,191 $ 456,720
Commercial mortgage loans, Percentage 9.60% 7.40%
Retail    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 406,850 $ 363,706
Commercial mortgage loans, Percentage 5.50% 5.90%
Commercial mortgage loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 6,557,113 $ 5,593,004
Commercial mortgage loans, Percentage 90.30% 90.90%
Agricultural property loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 703,309 $ 562,046
Commercial mortgage loans, Percentage 9.70% 9.10%
v3.24.3
Investments (Allowance for Credit Losses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Allowance for Loan and Lease Losses [Roll Forward]        
Balance, beginning of year $ 41,572 $ 22,093 $ 37,689 $ 20,263
Addition to (release of) allowance for expected losses 2,737 5,007 6,620 6,837
Total ending balance 44,309 27,100 44,309 27,100
Commercial mortgage loans        
Allowance for Loan and Lease Losses [Roll Forward]        
Balance, beginning of year 40,692 21,133 36,758 19,665
Addition to (release of) allowance for expected losses 1,389 5,055 5,323 6,523
Total ending balance 42,081 26,188 42,081 26,188
Agricultural Property Loans        
Allowance for Loan and Lease Losses [Roll Forward]        
Balance, beginning of year 880 960 931 598
Addition to (release of) allowance for expected losses 1,348 (48) 1,297 314
Total ending balance $ 2,228 $ 912 $ 2,228 $ 912
v3.24.3
Investments (Credit Quality Indicators) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
Recording investment gross of allowance for credit losses $ 7,267,877 $ 6,160,410
Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 1,168,980 1,142,205
One Year Prior 1,145,722 782,796
Two Year Prior 782,305 1,261,597
Three Year Prior 1,266,256 363,599
Four Year Prior 330,836 528,288
Prior 1,860,460 1,514,519
Revolving Loans 2,554  
Recording investment gross of allowance for credit losses 6,557,113 5,593,004
Commercial mortgage loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 1,119,178 1,038,315
One Year Prior 1,041,778 779,282
Two Year Prior 767,191 1,261,597
Three Year Prior 1,266,256 292,561
Four Year Prior 260,688 497,407
Prior 1,740,855 1,402,831
Revolving Loans 2,554  
Recording investment gross of allowance for credit losses 6,198,500 5,271,993
Commercial mortgage loans | 1.0X to 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 49,802 103,890
One Year Prior 103,944 3,514
Two Year Prior 15,114 0
Three Year Prior 0 0
Four Year Prior 0 15,632
Prior 57,284 40,521
Revolving Loans 0  
Recording investment gross of allowance for credit losses 226,144 163,557
Commercial mortgage loans | Less than 1.0X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Year Prior 0 0
Two Year Prior 0 0
Three Year Prior 0 71,038
Four Year Prior 70,148 15,249
Prior 62,321 71,167
Revolving Loans 0  
Recording investment gross of allowance for credit losses 132,469 157,454
Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 137,525 126,949
One Year Prior 109,823 235,585
Two Year Prior 224,868 132,042
Three Year Prior 131,740 25,875
Four Year Prior 25,321 15,824
Prior 39,716 25,771
Revolving Loans 34,316  
Recording investment gross of allowance for credit losses 703,309 562,046
Agricultural Property Loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 134,137 126,949
One Year Prior 95,734 233,585
Two Year Prior 215,626 130,353
Three Year Prior 130,030 24,063
Four Year Prior 23,625 15,824
Prior 39,716 25,771
Revolving Loans 18,988  
Recording investment gross of allowance for credit losses 657,856 556,545
Agricultural Property Loans | 1.0X to 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 3,388 0
One Year Prior 14,089 2,000
Two Year Prior 9,242 0
Three Year Prior 0 1,812
Four Year Prior 1,696 0
Prior 0 0
Revolving Loans 15,328  
Recording investment gross of allowance for credit losses 43,743 3,812
Agricultural Property Loans | Less than 1.0X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Year Prior 0 0
Two Year Prior 0 1,689
Three Year Prior 1,710 0
Four Year Prior 0 0
Prior 0 0
Revolving Loans 0  
Recording investment gross of allowance for credit losses 1,710 1,689
0%-59.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 123,866 249,037
One Year Prior 251,014 245,914
Two Year Prior 272,694 482,718
Three Year Prior 484,606 109,249
Four Year Prior 76,205 265,053
Prior 1,219,508 1,068,763
Revolving Loans 2,554  
Recording investment gross of allowance for credit losses 2,430,447 2,420,734
0%-59.99% | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 137,525 73,774
One Year Prior 90,427 179,375
Two Year Prior 168,416 132,042
Three Year Prior 131,740 25,875
Four Year Prior 23,625 15,824
Prior 39,716 25,771
Revolving Loans 18,988  
Recording investment gross of allowance for credit losses 610,437 452,661
60%-69.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 873,753 675,153
One Year Prior 692,435 355,984
Two Year Prior 298,812 449,878
Three Year Prior 401,981 172,721
Four Year Prior 173,843 225,803
Prior 358,886 206,237
Revolving Loans 0  
Recording investment gross of allowance for credit losses 2,799,710 2,085,776
60%-69.99% | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 47,489
One Year Prior 19,396 56,210
Two Year Prior 49,210 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 0 0
Revolving Loans 0  
Recording investment gross of allowance for credit losses 68,606 103,699
70%-79.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 170,165 218,015
One Year Prior 202,273 133,343
Two Year Prior 151,128 255,299
Three Year Prior 295,221 77,812
Four Year Prior 76,922 20,924
Prior 50,697 86,806
Revolving Loans 0  
Recording investment gross of allowance for credit losses 946,406 792,199
70%-79.99% | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 5,686
One Year Prior 0 0
Two Year Prior 0 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 0 0
Revolving Loans 0  
Recording investment gross of allowance for credit losses 0 5,686
80% or greater | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 1,196 0
One Year Prior 0 47,555
Two Year Prior 59,671 73,702
Three Year Prior 84,448 3,817
Four Year Prior 3,866 16,508
Prior 231,369 152,713
Revolving Loans 0  
Recording investment gross of allowance for credit losses 380,550 294,295
80% or greater | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Year Prior 0 0
Two Year Prior 7,242 0
Three Year Prior 0 0
Four Year Prior 1,696 0
Prior 0 0
Revolving Loans 15,328  
Recording investment gross of allowance for credit losses $ 24,266 $ 0
v3.24.3
Investments (Amortized Cost Basis of Loan Modifications made to Borrowers Experiencing Financial Difficulties) (Details) - Commercial Portfolio Segment - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Term Extension    
Financing Receivable, Modified [Line Items]    
Financing Receivable, Modified in Period, Amount $ 0 $ 16,706
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.00% 0.30%
Other Than Insignificant Delay in Payment    
Financing Receivable, Modified [Line Items]    
Financing Receivable, Modified in Period, Amount $ 13,860 $ 13,860
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage 0.20% 0.20%
v3.24.3
Investments (Analysis of Past Due Commercial Mortgage, Agricultural and Other Loans) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses $ 7,267,877 $ 6,160,410
Non-Accrual Status 39,090 1,301
Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 7,229,982 6,160,410
30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 37,895 0
Commercial mortgage loans    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 6,557,113 5,593,004
Non-Accrual Status 14,487 0
Commercial mortgage loans | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 6,543,821 5,593,004
Commercial mortgage loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Commercial mortgage loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Commercial mortgage loans | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 13,292 0
Agricultural Loan    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 703,309 562,046
Non-Accrual Status 24,603 1,301
Agricultural Loan | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 678,706 562,046
Agricultural Loan | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Agricultural Loan | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Agricultural Loan | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 24,603 0
Other Collateralized Loans    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 7,455 5,360
Non-Accrual Status 0 0
Other Collateralized Loans | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 7,455 5,360
Other Collateralized Loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Other Collateralized Loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Other Collateralized Loans | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Loans | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Accruing Interest $ 0 $ 0
v3.24.3
Investments (Other Invested Assets) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Other Invested Assets [Line Items]    
Other invested assets $ 1,465,970 $ 1,222,985
Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 1,457,141 1,204,869
Derivative Instruments    
Other Invested Assets [Line Items]    
Other invested assets 8,387 17,718
Other    
Other Invested Assets [Line Items]    
Other invested assets 442 398
Equity Method | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 1,408,955 1,137,562
Equity Method | Private equity | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 383,918 333,863
Equity Method | Hedge funds | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 926,861 720,360
Equity Method | Real estate-related | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 98,176 83,339
Fair Value | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 48,186 67,307
Fair Value | Private equity | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 31,762 48,483
Fair Value | Hedge funds | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 14 137
Fair Value | Real estate-related | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets $ 16,410 $ 18,687
v3.24.3
Investments (Accrued Investment Income) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Net Investment Income    
Accrued investment income $ 444,591 $ 333,838
Fixed maturities    
Net Investment Income    
Accrued investment income 388,170 272,031
Equity securities    
Net Investment Income    
Accrued investment income 381 220
Commercial mortgage and other loans    
Net Investment Income    
Accrued investment income 26,520 21,070
Policy loans    
Net Investment Income    
Accrued investment income 21,949 35,210
Other invested assets    
Net Investment Income    
Accrued investment income 0 43
Short-term investments and cash equivalents    
Net Investment Income    
Accrued investment income $ 7,571 $ 5,264
v3.24.3
Investments (Net Investment Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income $ 665,079 $ 480,529 $ 1,800,749 $ 1,259,084
Less: investment expenses (26,387) (19,665) (76,744) (55,695)
Net investment income 638,692 460,864 1,724,005 1,203,389
Equity securities        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 6,190 3,886 16,395 9,206
Commercial mortgage and other loans        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 84,328 58,673 236,006 163,646
Policy loans        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 16,995 15,962 48,028 31,580
Other invested assets        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 35,066 36,152 87,133 77,875
Short-term investments and cash equivalents        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 41,976 27,347 129,298 88,105
Available-for-sale | Fixed maturities        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 439,805 312,405 1,172,544 822,933
Trading | Fixed maturities        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income $ 40,719 $ 26,104 $ 111,345 $ 65,739
v3.24.3
Investments (Realized Investment Gains Losses, Net) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Schedule Of Gain Loss On Investments [Line Items]        
Realized Investment gains (losses), net $ (616,495) $ (468,256) $ 245,387 $ (581,241)
Fixed maturities        
Schedule Of Gain Loss On Investments [Line Items]        
Realized Investment gains (losses), net (26,993) (8,931) (42,461) (17,154)
Commercial mortgage and other loans        
Schedule Of Gain Loss On Investments [Line Items]        
Realized Investment gains (losses), net (3,533) (5,059) (8,152) (7,143)
Other invested assets        
Schedule Of Gain Loss On Investments [Line Items]        
Realized Investment gains (losses), net (36,941) 10,856 (3,795) 24,052
Derivatives        
Schedule Of Gain Loss On Investments [Line Items]        
Realized Investment gains (losses), net (549,017) (465,176) 299,886 (582,846)
Short-term investments and cash equivalents        
Schedule Of Gain Loss On Investments [Line Items]        
Realized Investment gains (losses), net $ (11) $ 54 $ (91) $ 1,850
v3.24.3
Investments (Net Unrealized Gains Losses on Investments by Asset Class) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Gain (Loss) on Securities [Line Items]    
Net Unrealized Gains (Losses) on Investments $ (723,630) $ (1,402,193)
Fixed maturities | Available-for-sale | With an allowance    
Gain (Loss) on Securities [Line Items]    
Net Unrealized Gains (Losses) on Investments (7,861) 1,987
Fixed maturities | Available-for-sale | Without an allowance    
Gain (Loss) on Securities [Line Items]    
Net Unrealized Gains (Losses) on Investments (715,132) (1,406,265)
Derivatives designated as cash flow hedges    
Gain (Loss) on Securities [Line Items]    
Net Unrealized Gains (Losses) on Investments 1,734 11,934
Affiliated notes    
Gain (Loss) on Securities [Line Items]    
Net Unrealized Gains (Losses) on Investments (4,029) (8,760)
Other investments    
Gain (Loss) on Securities [Line Items]    
Net Unrealized Gains (Losses) on Investments $ 1,658 $ (1,089)
v3.24.3
Investments (Repurchase Agreement and Securities Lending) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities $ 330,370 $ 218,310
Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 330,018 218,310
Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 352 0
30 days or greater    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
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 cash collateral for loaned securities 152,625 0
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 cash collateral for loaned securities 152,625 0
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 cash collateral for loaned securities 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 1,194 0
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 1,194 0
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 securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 135 486
Foreign government securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 135 486
Foreign government securities | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
U.S. public corporate securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 9,889 27,247
U.S. public corporate securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 9,537 27,247
U.S. public corporate securities | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 352 0
U.S. private corporate securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 17 0
U.S. private corporate securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 17 0
U.S. private corporate securities | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
Foreign public corporate securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 15,553 13,101
Foreign public corporate securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 15,553 13,101
Foreign public corporate securities | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
Equity securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 150,957 177,476
Equity securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 150,957 177,476
Equity securities | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities $ 0 $ 0
v3.24.3
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Derivative, Notional Amount $ 313,927,969 $ 266,639,029
Assets 11,614,703 9,045,737
Liabilities (22,038,424) (21,248,026)
Derivatives Designated as Hedge Accounting Instruments:    
Derivative [Line Items]    
Derivative, Notional Amount 2,928,438 2,277,700
Assets 124,918 121,243
Liabilities (75,156) (54,282)
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Derivative, Notional Amount 2,897 3,064
Assets 135 0
Liabilities (330) (238)
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Derivative, Notional Amount 2,925,541 2,274,636
Assets 124,783 121,243
Liabilities (74,826) (54,044)
Derivatives Not Qualifying as Hedge Accounting Instruments:    
Derivative [Line Items]    
Derivative, Notional Amount 310,999,531 264,361,329
Assets 11,489,785 8,924,494
Liabilities (21,963,268) (21,193,744)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Derivative, Notional Amount 170,060,664 163,179,764
Assets 6,211,118 6,605,817
Liabilities (17,190,863) (17,820,436)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Future    
Derivative [Line Items]    
Derivative, Notional Amount 931,500 1,332,600
Assets 3,371 3,055
Liabilities (907) (210)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Forwards    
Derivative [Line Items]    
Derivative, Notional Amount 910,981 744,576
Assets 215 1,772
Liabilities (13,658) (12,232)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Default Swaps    
Derivative [Line Items]    
Derivative, Notional Amount 945,641 643,280
Assets 8,110 7,727
Liabilities 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Derivative, Notional Amount 2,255,074 2,237,331
Assets 71,157 96,618
Liabilities (34,591) (31,294)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options    
Derivative [Line Items]    
Derivative, Notional Amount 84,822,485 49,247,510
Assets 4,131,807 1,600,335
Liabilities (2,682,831) (1,552,706)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Option    
Derivative [Line Items]    
Derivative, Notional Amount 29,328,000 29,738,000
Assets 159,714 189,112
Liabilities (963,537) (969,718)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Forward    
Derivative [Line Items]    
Derivative, Notional Amount 1,458,000 1,458,000
Assets 16,690 741
Liabilities (19,240) (3,196)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Total Return Swap    
Derivative [Line Items]    
Derivative, Notional Amount 18,213,679 15,049,993
Assets 884,499 418,084
Liabilities (1,056,653) (803,452)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Future    
Derivative [Line Items]    
Derivative, Notional Amount 860,469 418,973
Assets 2,310 1,232
Liabilities (294) (500)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Synthetic Gics    
Derivative [Line Items]    
Derivative, Notional Amount 1,213,038 311,302
Assets 794 1
Liabilities $ (694) $ 0
v3.24.3
Derivative Instruments (Offsetting Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Derivatives Assets    
Gross Amounts of Recognized Financial Instruments $ 11,613,891 $ 9,045,718
Gross Amounts Offset in the Consolidated Statement of Financial Position (11,606,316) (9,028,019)
Net Amounts Presented in the Consolidated Statement of Financial Position 7,575 17,699
Financial Instruments/Collateral 0 0
Net Amount 7,575 17,699
Securities Purchased under Agreements to Resell    
Gross Amounts of Recognized Financial Instruments 275,000 25,000
Gross Amounts Offset in the Consolidated Statement of Financial Position 0 0
Net Amounts Presented in the Consolidated Statement of Financial Position 275,000 25,000
Financial Instruments/Collateral 0 0
Net Amount 275,000 25,000
Total Assets    
Gross Amounts of Recognized Financial Instruments 11,888,891 9,070,718
Gross Amounts Offset in the Consolidated Statement of Financial Position (11,606,316) (9,028,019)
Net Amounts Presented in the Consolidated Statement of Financial Position 282,575 42,699
Financial Instruments/Collateral 0 0
Net Amount 282,575 42,699
Derivatives Liabilities    
Gross Amounts of Recognized Financial Instruments 22,037,730 21,248,026
Gross Amounts Offset in the Consolidated Statement of Financial Position (20,039,444) (18,596,679)
Net Amounts Presented in the Consolidated Statement of Financial Position 1,998,286 2,651,347
Financial Instruments/Collateral (1,998,286) (2,651,347)
Net Amount 0 0
Securities Sold under Agreements to Repurchase    
Gross Amounts of Recognized Financial Instruments 0 0
Gross Amounts Offset in the Consolidated Statement of Financial Position 0 0
Net Amounts Presented in the Consolidated Statement of Financial Position 0 0
Financial Instruments/Collateral 0 0
Net Amount 0 0
Total Liabilities    
Gross Amounts of Recognized Financial Instruments 22,037,730 21,248,026
Gross Amounts Offset in the Consolidated Statement of Financial Position (20,039,444) (18,596,679)
Net Amounts Presented in the Consolidated Statement of Financial Position 1,998,286 2,651,347
Financial Instruments/Collateral (1,998,286) (2,651,347)
Net Amount $ 0 $ 0
v3.24.3
Derivative Instruments (Financial Statement Classification and Impact of Derivatives Used in Qualifying and Non-qualifying Hedge Relationships) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Realized Investment Gains (Losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net $ (549,017) $ (465,176) $ 299,886 $ (579,733)
Market Risk Benefit, Increase (Decrease) from Equity Market Change)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 261,202 (1,793,364) (1,494,179) (3,098,596)
Net Investment Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 12,487 10,597 35,294 33,222
Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net (37,958) 19,756 (24,232) 2,103
AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net (73,559) (5,201) (10,200) (44,167)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Realized Investment Gains (Losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 5,180 (935) 4,505 (363)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Market Risk Benefit, Increase (Decrease) from Equity Market Change)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Net Investment Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 12,487 10,597 35,294 33,222
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net (37,547) 19,494 (23,943) 2,041
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net (73,559) (5,201) (10,200) (44,167)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate | Realized Investment Gains (Losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 1 1 2 2
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate | Market Risk Benefit, Increase (Decrease) from Equity Market Change)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate | Net Investment Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net (30) (32) (92) (86)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Interest Rate | AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 79 (12) 69 (13)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Realized Investment Gains (Losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 5,179 (936) 4,503 (365)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Market Risk Benefit, Increase (Decrease) from Equity Market Change)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Net Investment Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 12,517 10,629 35,386 33,308
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net (37,547) 19,494 (23,943) 2,041
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net (73,638) (5,189) (10,269) (44,154)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Realized Investment Gains (Losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net (554,197) (464,241) 295,381 (579,370)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Market Risk Benefit, Increase (Decrease) from Equity Market Change)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 261,202 (1,793,364) (1,494,179) (3,098,596)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Net Investment Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net (411) 262 (289) 62
Derivatives Not Qualifying as Hedge Accounting Instruments: | AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Realized Investment Gains (Losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 11,635 53,990 84,144 69,702
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Market Risk Benefit, Increase (Decrease) from Equity Market Change)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 580,493 (2,059,987) (685,958) (2,767,152)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Net Investment Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Realized Investment Gains (Losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net (35,766) 20,401 (14,360) 8,375
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Market Risk Benefit, Increase (Decrease) from Equity Market Change)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Net Investment Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Realized Investment Gains (Losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net (52,675) 8,059 (19,144) (28,263)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Market Risk Benefit, Increase (Decrease) from Equity Market Change)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Net Investment Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net (411) 262 (289) 62
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Realized Investment Gains (Losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 5,128 (253) 12,647 2,073
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Market Risk Benefit, Increase (Decrease) from Equity Market Change)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Net Investment Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Realized Investment Gains (Losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 618,400 (449,655) 2,641,411 694,236
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Market Risk Benefit, Increase (Decrease) from Equity Market Change)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net (319,291) 266,623 (808,221) (331,444)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Net Investment Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | Realized Investment Gains (Losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net (1,100,919) (96,783) (2,409,317) (1,325,493)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | Market Risk Benefit, Increase (Decrease) from Equity Market Change)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | Net Investment Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 0 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net $ 0 $ 0 $ 0 $ 0
v3.24.3
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
USD ($)
Cash flow hedgers in AOCI  
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]  
Balance, beginning $ 11,934
Amount Recorded in AOCI 5,656
Amounts reclassified into current period earnings (15,856)
Balance, ending 1,734
Interest Rate | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent  
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]  
Amount Recorded in AOCI (21)
Amounts reclassified into current period earnings 90
Currency/Interest Rate | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent  
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]  
Amount Recorded in AOCI 5,677
Amounts reclassified into current period earnings $ (15,946)
v3.24.3
Derivative Instruments (Narrative) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Embedded Derivative, Fair Value of Embedded Derivative, Net $ (11,170) $ (7,402)
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months 27  
Credit Default Swaps Referencing Indices, Sell Protection    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 946 643
Credit Risk Derivatives, at Fair Value, Net Asset 8 $ 8
Credit Default Swaps Referencing Indices, Sell Protection | NAIC 3    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 911  
Credit Default Swaps Referencing Indices, Sell Protection | NAIC 6    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted $ 35  
v3.24.3
Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale $ 34,956,806 $ 26,131,780  
Market risk benefits assets 2,499,234 2,367,243 $ 2,519,000
Fixed maturities, trading 3,507,269 2,796,446  
Equity securities 552,549 844,950  
Other invested assets 1,465,970 1,222,985  
Other assets 2,934,252 2,078,938  
Reinsurance recoverables 43,285,050 38,709,651  
Receivables from parent and affiliates 618,259 332,583  
Separate account assets 122,779,095 119,188,485  
TOTAL ASSETS 235,604,834 213,309,041  
Market risk benefit liabilities 4,915,163 5,144,401 $ 4,371,000
Payables to parent and affiliates 2,068,283 2,667,696  
Total liabilities 230,687,549 208,787,616  
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 1,429,055 975,287  
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 587,630 776,627  
Foreign government securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 383,522 281,986  
U.S. corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 13,061,196 9,495,912  
U.S. corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 5,872,212 4,989,494  
Foreign corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 3,469,304 1,706,094  
Foreign corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 5,390,857 4,630,982  
Asset-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 3,490,040 2,027,550  
Commercial mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 895,436 851,778  
Residential mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 377,554 396,070  
Equity securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair value investment measured at NAV per share   14,600  
Fair Value, Measurements, Recurring      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 34,956,806 26,131,780  
Market risk benefits assets 2,499,234 2,367,243  
Fixed maturities, trading 3,507,269 2,796,446  
Equity securities 552,549 830,340  
Short-term investments 504,548 313,866  
Cash equivalents 1,695,618 1,644,125  
Other invested assets 8,387 17,718  
Other assets 509,723 224,019  
Reinsurance recoverables 201,559 69,745  
Receivables from parent and affiliates 491,146 147,984  
Subtotal excluding separate account assets 44,926,839 34,543,266  
Separate account assets 116,700,835 113,929,793  
TOTAL ASSETS 161,627,674 148,473,059  
Market risk benefit liabilities 4,915,163 5,144,401  
Policyholders’ account balances 11,854,608 7,689,929  
Payables to parent and affiliates 1,998,274 2,651,123  
Other liabilities 27,252 6,340  
Total liabilities 18,795,297 15,491,793  
Assets netting (11,606,316) (9,028,019)  
Liabilities netting (20,039,444) (18,596,679)  
Derivative liability, cash collateral (8,433,000) (9,569,000)  
Fair Value, Measurements, Recurring | Payables to parent and affiliates      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Liabilities netting (20,037,749) (18,588,647)  
Fair Value, Measurements, Recurring | Other liabilities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Liabilities netting (1,695) (8,032)  
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 1,429,055 975,287  
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 587,630 776,627  
Fair Value, Measurements, Recurring | Foreign government securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 383,522 281,986  
Fair Value, Measurements, Recurring | U.S. corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 13,061,196 9,495,912  
Fair Value, Measurements, Recurring | U.S. corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 5,872,212 4,989,494  
Fair Value, Measurements, Recurring | Foreign corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 3,469,304 1,706,094  
Fair Value, Measurements, Recurring | Foreign corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 5,390,857 4,630,982  
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 3,490,040 2,027,550  
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 895,436 851,778  
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 377,554 396,070  
Fair Value, Measurements, Recurring | Level 1      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Market risk benefits assets 0 0  
Fixed maturities, trading 0 0  
Equity securities 506,870 790,346  
Short-term investments 0 31,879  
Cash equivalents 0 447,396  
Other invested assets 7,030 23,432  
Other assets 0 0  
Reinsurance recoverables 0 0  
Receivables from parent and affiliates 0 0  
Subtotal excluding separate account assets 513,900 1,293,053  
Separate account assets 280,132 176,239  
TOTAL ASSETS 794,032 1,469,292  
Market risk benefit liabilities 0 0  
Policyholders’ account balances 0 0  
Payables to parent and affiliates 0 0  
Other liabilities 1,708 8,032  
Total liabilities 1,708 8,032  
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 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 0 0  
Fair Value, Measurements, Recurring | Level 1 | Foreign government securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Fair Value, Measurements, Recurring | Level 1 | U.S. corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Fair Value, Measurements, Recurring | Level 1 | U.S. corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Fair Value, Measurements, Recurring | Level 1 | Foreign corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Fair Value, Measurements, Recurring | Level 1 | Foreign corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 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 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 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 0 0  
Fair Value, Measurements, Recurring | Level 2      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 32,944,438 24,939,518  
Market risk benefits assets 0 0  
Fixed maturities, trading 3,454,406 2,762,398  
Equity securities 16,439 11,285  
Short-term investments 399,350 280,228  
Cash equivalents 1,695,500 1,196,729  
Other invested assets 11,606,879 9,022,304  
Other assets 0 0  
Reinsurance recoverables 0 0  
Receivables from parent and affiliates 152,105 147,984  
Subtotal excluding separate account assets 50,269,117 38,360,446  
Separate account assets 116,410,586 113,747,569  
TOTAL ASSETS 166,679,703 152,108,015  
Market risk benefit liabilities 0 0  
Policyholders’ account balances 0 0  
Payables to parent and affiliates 22,036,023 21,239,770  
Other liabilities 26,546 6,340  
Total liabilities 22,062,569 21,246,110  
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 1,429,055 975,287  
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 587,630 776,627  
Fair Value, Measurements, Recurring | Level 2 | Foreign government securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 382,865 281,304  
Fair Value, Measurements, Recurring | Level 2 | U.S. corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 13,061,196 9,495,912  
Fair Value, Measurements, Recurring | Level 2 | U.S. corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 5,021,603 4,476,258  
Fair Value, Measurements, Recurring | Level 2 | Foreign corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 3,462,127 1,698,965  
Fair Value, Measurements, Recurring | Level 2 | Foreign corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 4,928,028 4,137,004  
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 2,879,198 1,928,428  
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 815,182 773,663  
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 377,554 396,070  
Fair Value, Measurements, Recurring | Level 3      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 2,012,368 1,192,262  
Market risk benefits assets 2,499,234 2,367,243  
Fixed maturities, trading 52,863 34,048  
Equity securities 29,240 28,709  
Short-term investments 105,198 1,759  
Cash equivalents 118 0  
Other invested assets 794 1  
Other assets 509,723 224,019  
Reinsurance recoverables 201,559 69,745  
Receivables from parent and affiliates 339,041 0  
Subtotal excluding separate account assets 5,750,138 3,917,786  
Separate account assets 10,117 5,985  
TOTAL ASSETS 5,760,255 3,923,771  
Market risk benefit liabilities 4,915,163 5,144,401  
Policyholders’ account balances 11,854,608 7,689,929  
Payables to parent and affiliates 0 0  
Other liabilities 693 0  
Total liabilities 16,770,464 12,834,330  
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 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 0 0  
Fair Value, Measurements, Recurring | Level 3 | Foreign government securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 657 682  
Fair Value, Measurements, Recurring | Level 3 | U.S. corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0 0  
Fair Value, Measurements, Recurring | Level 3 | U.S. corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 850,609 513,236  
Fair Value, Measurements, Recurring | Level 3 | Foreign corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 7,177 7,129  
Fair Value, Measurements, Recurring | Level 3 | Foreign corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 462,829 493,978  
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 610,842 99,122  
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 80,254 78,115  
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 0 0  
Other invested assets      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair value investment measured at NAV per share 48,000 67,000  
Separate account assets      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair value investment measured at NAV per share $ 6,078,000 $ 5,259,000  
v3.24.3
Fair Value of Assets and Liabilities (Quantitative Info for Level 3 Inputs) (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Corporate securities $ 531,417 $ 824,270  
Market risk benefits assets 2,499,234 2,367,243 $ 2,519,000
Other assets 2,934,252 2,078,938  
Reinsurance recoverables 43,285,050 38,709,651  
Receivables from parent and affiliates 618,259 332,583  
Market risk benefit liabilities 4,915,163 5,144,401 $ 4,371,000
Fair Value, Measurements, Recurring      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Market risk benefits assets 2,499,234 2,367,243  
Other assets 509,723 224,019  
Reinsurance recoverables 201,559 69,745  
Receivables from parent and affiliates 491,146 147,984  
Market risk benefit liabilities 4,915,163 5,144,401  
Policyholders’ account balances 11,854,608 7,689,929  
Level 3      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Funds held under reinsurance agreements $ 10,000,000    
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 0.00%    
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 benefits assets $ 2,499,234 2,367,243  
Other assets 509,723 224,019  
Reinsurance recoverables 201,559 69,745  
Receivables from parent and affiliates 339,041 0  
Market risk benefit liabilities 4,915,163 5,144,401  
Policyholders’ account balances $ 11,854,608 $ 7,689,929  
Level 3 | Internal | Minimum | Discounted cash flow | Market risk benefit liabilities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 1.00% 1.00%  
Spread over SOFR 0.37% 0.41%  
Utilization rate 37.00% 38.00%  
Withdrawal rate (greater than maximum range) 78.00% 81.00%  
Mortality rate 0.00% 0.00%  
Equity volatility curve 15.00% 15.00%  
Level 3 | Internal | Minimum | Discounted cash flow | Policyholders' account balances      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 0.00% 1.00%  
Spread over SOFR 0.37% 0.41%  
Mortality rate 0.00% 0.00%  
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 6.66% 6.98%  
Level 3 | Internal | Minimum | Discounted cash flow | Commercial mortgage-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidity premium 1.00% 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 1.00% 1.00%  
Spread over SOFR 0.37% 0.41%  
Utilization rate 37.00% 38.00%  
Withdrawal rate (greater than maximum range) 78.00% 81.00%  
Mortality rate 0.00% 0.00%  
Equity volatility curve 15.00% 15.00%  
Level 3 | Internal | Minimum | Discounted cash flow | Other assets      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 1.00% 1.00%  
Spread over SOFR 0.37% 0.41%  
Mortality rate   0.00%  
Option budget 0.00% (1.00%)  
Level 3 | Internal | Minimum | Discounted cash flow | Reinsurance Recoverables      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 0.00%    
Spread over SOFR 0.37%    
Option budget (1.00%)    
Level 3 | Internal | Minimum | Market comparables | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 5.0    
Level 3 | Internal | Minimum | Liquidation | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value   63.62%  
Level 3 | Internal | Minimum | Liquidation | Receivable from parent and affiliates      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 100.00%    
Level 3 | Internal | Maximum | Discounted cash flow | Market risk benefit liabilities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 20.00% 20.00%  
Spread over SOFR 1.85% 1.91%  
Utilization rate 94.00% 95.00%  
Withdrawal rate (greater than maximum range) 100.00% 100.00%  
Mortality rate 16.00% 15.00%  
Equity volatility curve 25.00% 25.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Policyholders' account balances      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 80.00% 80.00%  
Spread over SOFR 1.85% 1.85%  
Mortality rate 23.00% 23.00%  
Option budget 7.00% 7.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 20.00% 20.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Commercial mortgage-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidity premium 1.00% 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 20.00% 20.00%  
Spread over SOFR 1.85% 1.91%  
Utilization rate 94.00% 95.00%  
Withdrawal rate (greater than maximum range) 100.00% 100.00%  
Mortality rate 16.00% 15.00%  
Equity volatility curve 25.00% 25.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Other assets      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 50.00% 80.00%  
Spread over SOFR 1.84% 1.85%  
Mortality rate   23.00%  
Option budget 6.00% 7.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Reinsurance Recoverables      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 80.00%    
Spread over SOFR 1.84%    
Option budget 7.00%    
Level 3 | Internal | Maximum | Market comparables | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 5.0    
Level 3 | Internal | Maximum | Liquidation | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value   63.62%  
Level 3 | Internal | Maximum | Liquidation | Receivable from parent and affiliates      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 100.00%    
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 11.66% 9.73%  
Level 3 | Internal | Weighted Average | Discounted cash flow | Commercial mortgage-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidity premium 1.00% 0.71%  
Level 3 | Internal | Weighted Average | Market comparables | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
EBITDA multiples 5.0    
Level 3 | Internal | Weighted Average | Liquidation | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value   63.62%  
Level 3 | Internal | Weighted Average | Liquidation | Receivable from parent and affiliates      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value 100.00%    
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 $ 4,915,163 $ 5,144,401  
Level 3 | Internal | Fair Value, Measurements, Recurring | Policyholders' account balances      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Policyholders’ account balances 11,854,608 7,689,929  
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Corporate securities 1,255,960 81,635  
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 80,254 78,115  
Level 3 | Internal | Fair Value, Measurements, Recurring | Market risk benefit assets      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Market risk benefits assets 2,499,234 2,367,243  
Level 3 | Internal | Fair Value, Measurements, Recurring | Other assets      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Other assets 509,723 $ 224,019  
Level 3 | Internal | Fair Value, Measurements, Recurring | Reinsurance Recoverables      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Reinsurance recoverables 201,559    
Level 3 | Internal | Fair Value, Measurements, Recurring | Receivable from parent and affiliates      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Receivables from parent and affiliates $ 319,181    
v3.24.3
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Unrealized gains (losses) for assets/liabilities still held:          
Market risk benefits assets $ 2,499,234 $ 2,519,000 $ 2,499,234 $ 2,519,000 $ 2,367,243
Market risk benefit liabilities 4,915,163 4,371,000 4,915,163 4,371,000 $ 5,144,401
Equity securities          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 28,330 43,374 28,709 28,593  
Purchases 0 2,531 273 2,531  
Sales 0 0 0 0  
Issuances 0 0 0 0  
Settlements 0 0 0 0  
Other 0 0 0 15,592  
Transfers into Level 3 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period 29,240 44,686 29,240 44,686  
Total gains (losses) (realized/unrealized):          
Included in earnings 910 (1,219) 258 (2,030)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 910 (1,219) 258 (2,030)  
Equity securities | 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  
Equity securities | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 910 (1,219) 258 (2,030)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 910 (1,219) 258 (2,030)  
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 Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 763   1    
Purchases 0   0    
Sales 0   0    
Issuances 0   0    
Settlements 0   0    
Other 0   0    
Transfers into Level 3 0   0    
Transfers out of Level 3 0   0    
Fair Value, end of period 794   794    
Total gains (losses) (realized/unrealized):          
Included in earnings 31   793    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 31   793    
Other invested assets | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 31   793    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 31   793    
Other invested assets | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0   0    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0   0    
Other invested assets | Interest credited to policyholders’ account balances          
Total gains (losses) (realized/unrealized):          
Included in earnings 0   0    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0   0    
Other invested assets | Included in other comprehensive income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0   0    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0   0    
Other invested assets | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 0   0    
Short-term investments          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 2,674 1,209 1,759 16,945  
Purchases 102,151 802 104,457 3,490  
Sales 0 0 (8) 0  
Issuances 0 0 0 0  
Settlements (62) (1,427) (1,449) (21,065)  
Other 476 0 476 (1,359)  
Transfers into Level 3 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period 105,198 584 105,198 584  
Total gains (losses) (realized/unrealized):          
Included in earnings (41) 0 (37) 2,573  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (41) 0 (49) 51  
Short-term investments | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings (41) 0 (49) 1,857  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (41) 0 (49) 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 (73)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 51  
Short-term investments | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 12 789  
Cash equivalents          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 605   0    
Purchases 2   607    
Sales 0   0    
Issuances 0   0    
Settlements 0   0    
Other (489)   (489)    
Transfers into Level 3 0   0    
Transfers out of Level 3 0   0    
Fair Value, end of period 118   118    
Total gains (losses) (realized/unrealized):          
Included in earnings 0   0    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0   0    
Cash equivalents | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 0   0    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0   0    
Cash equivalents | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0   0    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0   0    
Cash equivalents | Interest credited to policyholders’ account balances          
Total gains (losses) (realized/unrealized):          
Included in earnings 0   0    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0   0    
Cash equivalents | Included in other comprehensive income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0   0    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0   0    
Cash equivalents | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 0   0    
Other assets          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 363,440 217,613 224,019 141,041  
Purchases 62,471 33,850 176,503 107,453  
Sales 0 0 0 0  
Issuances 0 0 0 0  
Settlements (14,009) (6,512) (40,045) (11,563)  
Other 88,047 0 88,047 0  
Transfers into Level 3 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period 509,723 270,490 509,723 270,490  
Total gains (losses) (realized/unrealized):          
Included in earnings 9,774 25,539 61,199 33,559  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (4,234) 19,028 21,154 21,997  
Other assets | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 9,774 25,539 61,199 33,559  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (4,234) 19,028 21,154 21,997  
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  
Receivables from parents and affiliates          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 181,319   0    
Purchases 157,703   390,221    
Sales 0   (51,199)    
Issuances 0   0    
Settlements 0   0    
Other 0   0    
Transfers into Level 3 0   0    
Transfers out of Level 3 0   0    
Fair Value, end of period 339,041   339,041    
Total gains (losses) (realized/unrealized):          
Included in earnings 19   19    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 19   19    
Receivables from parents and affiliates | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 0   0    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0   0    
Receivables from parents and affiliates | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0   0    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0   0    
Receivables from parents and affiliates | Interest credited to policyholders’ account balances          
Total gains (losses) (realized/unrealized):          
Included in earnings 0   0    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0   0    
Receivables from parents and affiliates | Included in other comprehensive income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 19   19    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 19   19    
Receivables from parents and affiliates | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 0   0    
Reinsurance Recoverables          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 127,289 1,465 69,745 0  
Purchases 51,231 0 134,482 0  
Sales 0 0 0 0  
Issuances 0 0 0 0  
Settlements 0 0 0 0  
Other 5,183 0 5,183 0  
Transfers into Level 3 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period 201,559 15,544 201,559 15,544  
Total gains (losses) (realized/unrealized):          
Included in earnings 17,856 14,079 (7,851) 15,544  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (26,796) 14,079 (105,511) 15,544  
Reinsurance Recoverables | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 17,856 14,079 (7,851) 15,544  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (26,796) 14,079 (105,511) 15,544  
Reinsurance Recoverables | 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 | 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 | 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 | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Separate account assets          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 9,799 4,982 5,985 4,645  
Purchases 820 1,049 5,258 1,889  
Sales (732) (524) (1,990) (1,124)  
Issuances 0 0 0 0  
Settlements 0 0 (125) (160)  
Other 0 0 0 0  
Transfers into Level 3 0 0 458 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period 10,117 5,500 10,117 5,500  
Total gains (losses) (realized/unrealized):          
Included in earnings 230 (7) 531 250  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 231 (6) 533 249  
Separate account 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 account 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 account assets | Interest credited to policyholders’ account balances          
Total gains (losses) (realized/unrealized):          
Included in earnings 230 (7) 531 250  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 231 (6) 533 249  
Separate account 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 account assets | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Policyholders' account balances          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period (10,083,258) (5,513,449) (7,689,929) (3,502,096)  
Purchases 0 0 0 0  
Sales 0 0 0 0  
Issuances (718,242) (413,219) (1,824,316) (1,251,457)  
Settlements 0 0 0 0  
Other 44,999 28,467 46,929 102,835  
Transfers Into Level 3 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period (11,854,608) (6,005,729) (11,854,608) (6,005,729)  
Total gains (losses) (realized/unrealized):          
Included in earnings (1,098,107) (107,528) (2,387,292) (1,355,011)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 269,505 (273,135) 1,100,681 (508,105)  
Policyholders' account balances | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings (1,098,107) (107,528) (2,387,292) (1,355,011)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 269,505 (273,135) 1,100,681 (508,105)  
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 Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period (207)   0    
Purchases 0   0    
Sales 0   0    
Issuances 0   0    
Settlements 0   0    
Other 0   0    
Transfers Into Level 3 0   0    
Transfers out of Level 3 0   0    
Fair Value, end of period (693)   (693)    
Total gains (losses) (realized/unrealized):          
Included in earnings (486)   (693)    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (486)   (693)    
Other liabilities | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings (486)   (693)    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (486)   (693)    
Other liabilities | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0   0    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0   0    
Other liabilities | Interest credited to policyholders’ account balances          
Total gains (losses) (realized/unrealized):          
Included in earnings 0   0    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0   0    
Other liabilities | Included in other comprehensive income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 0   0    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0   0    
Other liabilities | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 0   0    
Available-for-sale | Fixed maturities | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings (15,515) (1,048) (19,778) (1,861)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (12,047) (674) (12,822) (2,693)  
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  
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  
Available-for-sale | Fixed maturities | Included in other comprehensive income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 17,745 (31,183) 3,157 (26,743)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 17,374 (31,435) 1,549 (26,160)  
Available-for-sale | Fixed maturities | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings (783) 507 739 857  
Available-for-sale | Fixed maturities | Foreign government securities          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 664 701 682 724  
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 657 686 657 686  
Total gains (losses) (realized/unrealized):          
Included in earnings (7) (15) (25) (38)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (9) (17) (32) (46)  
Available-for-sale | Fixed maturities | Corporate securities          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 1,005,175 721,247 1,014,343 507,496  
Purchases 540,137 182,465 868,927 493,339  
Sales (223,172) (10,882) (353,874) (39,721)  
Issuances 0 0 0 0  
Settlements (28,144) (27,762) (153,944) (104,604)  
Other 12 (708) (65,468) 651  
Transfers into Level 3 31,385 117,152 32,327 117,152  
Transfers out of Level 3 0 (9,088) 0 (9,088)  
Fair Value, end of period 1,320,615 944,586 1,320,615 944,586  
Total gains (losses) (realized/unrealized):          
Included in earnings (4,778) (27,838) (21,696) (20,639)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (1,374) (28,256) (18,051) (21,842)  
Available-for-sale | Fixed maturities | Structured securities          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 668,035 146,339 177,237 104,724  
Purchases 40,941 53,352 562,469 200,659  
Sales 0 0 0 (27)  
Issuances 0 0 0 0  
Settlements (20,113) (339) (73,308) (1,677)  
Other 0 0 65,480 0  
Transfers into Level 3 0 2,297 34,578 4,537  
Transfers out of Level 3 (3,999) (7,600) (81,199) (110,968)  
Fair Value, end of period 691,096 190,178 691,096 190,178  
Total gains (losses) (realized/unrealized):          
Included in earnings 6,232 (3,871) 5,839 (7,070)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 6,710 (3,836) 6,810 (6,965)  
Trading | Fixed maturities          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 240,820 0 34,048 0  
Purchases 7,252 0 232,379 6,250  
Sales 0 0 0 0  
Issuances 0 0 0 0  
Settlements 0 0 (2,261) 0  
Other 0 707 0 707  
Transfers into Level 3 18,842 0 18,842 0  
Transfers out of Level 3 (214,209) 0 (229,405) (6,250)  
Fair Value, end of period 52,863 725 52,863 725  
Total gains (losses) (realized/unrealized):          
Included in earnings 158 18 (740) 18  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 184 18 (706) 18  
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  
Trading | Fixed maturities | Other income (loss)          
Total gains (losses) (realized/unrealized):          
Included in earnings 183 18 (715) 18  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 184 18 (706) 18  
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  
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  
Trading | Fixed maturities | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings $ (25) $ 0 $ (25) $ 0  
v3.24.3
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets:    
Policy loans $ 1,524,636 $ 1,472,677
Cash and cash equivalents 3,313,710 2,139,792
Accrued investment income 444,591 333,838
Reinsurance recoverables 43,285,050 38,709,651
Receivables from parent and affiliates 618,259 332,583
Liabilities    
Cash collateral for loaned securities 330,370 218,310
Fair Value    
Assets:    
Commercial mortgage and other loans 7,166,012 5,918,386
Policy loans 1,524,636 1,472,677
Short-term investments 34,101 66,500
Cash and cash equivalents 1,618,092 495,667
Accrued investment income 444,591 333,838
Reinsurance recoverables 23,875 22,155
Receivables from parent and affiliates 127,113 184,599
Other assets 2,191,476 1,570,629
Total assets 13,129,896 10,064,451
Liabilities    
Policyholders’ account balances - investment contracts 9,886,939 6,352,532
Cash collateral for loaned securities 330,370 218,310
Short-term debt to affiliates   176,110
Payables to parent and affiliates 70,009 16,573
Other liabilities 3,056,495 2,154,284
Total liabilities 13,343,813 8,917,809
Carrying Amount    
Assets:    
Commercial mortgage and other loans 7,223,568 6,122,721
Policy loans 1,524,636 1,472,677
Short-term investments 34,101 66,500
Cash and cash equivalents 1,618,092 495,667
Accrued investment income 444,591 333,838
Reinsurance recoverables 25,147 23,537
Receivables from parent and affiliates 127,113 184,599
Other assets 2,191,476 1,570,629
Total assets 13,188,724 10,270,168
Liabilities    
Policyholders’ account balances - investment contracts 9,899,498 6,368,061
Cash collateral for loaned securities 330,370 218,310
Short-term debt to affiliates   180,411
Payables to parent and affiliates 70,009 16,573
Other liabilities 3,056,495 2,154,283
Total liabilities 13,356,372 8,937,638
Level 1 | Fair Value    
Assets:    
Commercial mortgage and other loans 0 0
Policy loans 0 0
Short-term investments 34,101 66,500
Cash and cash equivalents 1,343,092 470,668
Accrued investment income 0 0
Reinsurance recoverables 0 0
Receivables from parent and affiliates 0 0
Other assets 0 0
Total assets 1,377,193 537,168
Liabilities    
Policyholders’ account balances - investment contracts 0 0
Cash collateral for loaned securities 0 0
Short-term debt to affiliates   0
Payables to parent and affiliates 0 0
Other liabilities 0 0
Total liabilities 0 0
Level 2 | Fair Value    
Assets:    
Commercial mortgage and other loans 0 0
Policy loans 0 0
Short-term investments 0 0
Cash and cash equivalents 275,000 24,999
Accrued investment income 444,591 333,838
Reinsurance recoverables 0 0
Receivables from parent and affiliates 127,113 184,599
Other assets 39,144 80,646
Total assets 885,848 624,082
Liabilities    
Policyholders’ account balances - investment contracts 836,916 955,647
Cash collateral for loaned securities 330,370 218,310
Short-term debt to affiliates   176,110
Payables to parent and affiliates 70,009 16,573
Other liabilities 3,024,889 2,121,861
Total liabilities 4,262,184 3,488,501
Level 3 | Fair Value    
Assets:    
Commercial mortgage and other loans 7,166,012 5,918,386
Policy loans 1,524,636 1,472,677
Short-term investments 0 0
Cash and cash equivalents 0 0
Accrued investment income 0 0
Reinsurance recoverables 23,875 22,155
Receivables from parent and affiliates 0 0
Other assets 2,152,332 1,489,983
Total assets 10,866,855 8,903,201
Liabilities    
Policyholders’ account balances - investment contracts 9,050,023 5,396,885
Cash collateral for loaned securities 0 0
Short-term debt to affiliates   0
Payables to parent and affiliates 0 0
Other liabilities 31,606 32,423
Total liabilities $ 9,081,629 $ 5,429,308
v3.24.3
Deferred Policy Acquisition Costs, Deferred Reinsurance Losses, Deferred Reinsurance Gains And Deferred Sales Inducements (Balance of and Changes in DAC) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Deferred Policy Acquisition Cost, Beginning Balance $ 7,097,511 $ 6,930,425
Capitalization 1,069,742 785,410
Amortization expense (442,739) (398,884)
Other (18,436) (393,397)
Balance, end of period 7,706,078 6,923,554
Fixed Annuities    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Deferred Policy Acquisition Cost, Beginning Balance 197,937 102,251
Capitalization 174,397 77,409
Amortization expense (29,806) (15,270)
Other 0 0
Balance, end of period 342,528 164,390
Variable Annuities    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Deferred Policy Acquisition Cost, Beginning Balance 3,257,761 3,736,454
Capitalization 272,819 180,239
Amortization expense (256,552) (245,590)
Other 0 (393,385)
Balance, end of period 3,274,028 3,277,718
Term Life    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Deferred Policy Acquisition Cost, Beginning Balance 743,888 648,837
Capitalization 138,395 114,860
Amortization expense (52,564) (47,256)
Other (97) 0
Balance, end of period 829,622 716,441
Variable/Universal Life    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Deferred Policy Acquisition Cost, Beginning Balance 2,897,925 2,442,883
Capitalization 484,131 412,902
Amortization expense (103,817) (90,768)
Other (18,339) (12)
Balance, end of period $ 3,259,900 $ 2,765,005
v3.24.3
Deferred Policy Acquisition Costs, Deferred Reinsurance Losses, Deferred Reinsurance Gains And Deferred Sales Inducements (Balance of and Changes in Deferred Reinsurance Losses) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period $ 255,113 $ 292,893
Amortization expense (27,958) (28,633)
Other 10 (8)
Balance, end of period 227,165 264,252
Variable Annuities    
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 194,110 223,515
Amortization expense (22,230) (22,283)
Other 10 (8)
Balance, end of period 171,890 201,224
Term Life    
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 61,003 69,378
Amortization expense (5,728) (6,350)
Other 0 0
Balance, end of period $ 55,275 $ 63,028
v3.24.3
Deferred Policy Acquisition Costs, Deferred Reinsurance Losses, Deferred Reinsurance Gains And Deferred Sales Inducements (Balance of and Changes in Deferred Reinsurance Gain) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]    
Balance, beginning of period $ 1,673,290 $ 1,492,856
Amortization (110,041) (71,240)
Other 1,092,415 277,161
Balance, end of period 2,655,664 1,698,777
Fixed Annuities    
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]    
Balance, beginning of period 48,073 57,898
Amortization (8,109) (7,141)
Other 118 28
Balance, end of period 40,082 50,785
Variable Annuities    
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]    
Balance, beginning of period 261,721 0
Amortization (15,237) (10,265)
Other 98 (277,133)
Balance, end of period 246,582 266,868
Variable/Universal Life    
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]    
Balance, beginning of period 1,363,496 1,434,958
Amortization (86,695) (53,834)
Other 1,092,199 0
Balance, end of period 2,369,000 $ 1,381,124
Variable/Universal Life | Somerset Re    
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]    
Other 1,207,000  
Variable/Universal Life | PURC    
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]    
Other $ 116,000  
v3.24.3
Deferred Policy Acquisition Costs, Deferred Reinsurance Losses, Deferred Reinsurance Gains And Deferred Sales Inducements (Balance of and Changes in DSI) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Movement in Deferred Sales Inducements [Roll Forward]    
Balance, beginning of period $ 351,424  
Balance, end of period 330,264  
Variable Annuities    
Movement in Deferred Sales Inducements [Roll Forward]    
Balance, beginning of period 351,424 $ 381,504
Capitalization 1,753 2,053
Amortization expense (22,913) (23,881)
Other 0 (2)
Balance, end of period $ 330,264 $ 359,674
v3.24.3
Separate Accounts (Separate Account Assets) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 122,779,095 $ 119,188,485
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 6,814 2,954
Obligations of U.S. states and their political subdivisions authorities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 117 0
U.S. corporate securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 21,535 9,504
Foreign corporate securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 2,705 1,763
Asset-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,029 0
Mortgage-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 180 186
Equity    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 77,430,801 72,614,821
Fixed Income    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 34,531,108 37,065,162
Other    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 4,526,225 4,101,661
Equity securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 121,973 104,159
Other invested assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 6,078,743 5,258,900
Short-term investments    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 466 2,126
Cash and cash equivalents    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 57,399 $ 27,249
v3.24.3
Separate Accounts (Separate Account Liabilities) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Separate Account, Liability [Roll Forward]    
Balance, beginning of period $ 119,188,485 $ 114,051,246
Deposits 2,853,199 2,340,828
Investment performance 14,143,500 6,103,228
Policy charges (2,354,856) (2,356,117)
Surrenders and withdrawals (10,499,483) (7,239,497)
Benefit payments (253,662) (215,235)
Net transfers (to) from separate account (323,706) (1,119,645)
Other 25,618 46,578
Balance, end of period 122,779,095 111,611,386
Cash surrender value 118,530,072 107,371,809
Variable Annuities    
Separate Account, Liability [Roll Forward]    
Balance, beginning of period 92,383,121 91,785,448
Deposits 423,070 327,045
Investment performance 9,876,434 4,080,782
Policy charges (1,674,326) (1,740,555)
Surrenders and withdrawals (10,135,635) (6,989,586)
Benefit payments (49,810) (57,037)
Net transfers (to) from separate account (48,394) (4,467)
Other 5,642 8,355
Balance, end of period 90,780,102 87,409,985
Cash surrender value 89,812,490 86,152,668
Variable Life    
Separate Account, Liability [Roll Forward]    
Balance, beginning of period 26,805,364 22,265,798
Deposits 2,430,129 2,013,783
Investment performance 4,267,066 2,022,446
Policy charges (680,530) (615,562)
Surrenders and withdrawals (363,848) (249,911)
Benefit payments (203,852) (158,198)
Net transfers (to) from separate account (275,312) (1,115,178)
Other 19,976 38,223
Balance, end of period 31,998,993 24,201,401
Cash surrender value $ 28,717,582 21,219,141
Policy loan funding to an affiliated irrevocable trust | Variable Life    
Separate Account, Liability [Roll Forward]    
Net transfers (to) from separate account   $ (900,000)
v3.24.3
Liability For Future Policy Benefits (Benefit Reserves) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Other adjustments $ (2,434) $ (6,565) $ 15,745 $ (1,030)    
Balance, end of period 18,840,135 17,216,882 18,840,135 17,216,882    
Other Businesses            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, end of period 1,610 1,838 1,610 1,838    
Nonparticipating Traditional And Limited-Pay Business            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Gain in net income     (29,000) (35,000)    
Loss in net income     28,000 34,000    
Term Life            
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Balance, beginning of period     10,927,833 10,911,794    
Effect of cumulative changes in discount rate assumptions, beginning of period     225,711 554,896    
Balance at original discount rate, beginning of period     11,153,544 11,466,690    
Effect of assumption update         $ 21,466 $ (790)
Effect of actual variances from expected experience and other activity         (198,894) (144,504)
Adjusted balance, beginning of period     10,976,116 11,321,396    
Issuances     608,144 512,379    
Net premiums / considerations collected     (992,948) (1,008,159)    
Interest accrual     383,336 391,662    
Other adjustments     7,091      
Balance at original discount rate, end of period 10,981,739 11,217,278 10,981,739 11,217,278    
Effect of cumulative changes in discount rate assumptions, end of period (111,296) (939,494) (111,296) (939,494)    
Balance, end of period 10,870,443 10,277,784 10,870,443 10,277,784    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, beginning of period     18,426,207 17,835,251    
Effect of cumulative changes in discount rate assumptions, beginning of period     331,571 962,034    
Balance at original discount rate, beginning of period     18,757,778 18,797,285    
Effect of assumption update         21,480 (1,044)
Effect of actual variances from expected experience and other activity         (245,193) (191,864)
Adjusted balance, beginning of period     18,534,065 18,604,377    
Issuances     608,144 512,379    
Interest accrual     668,751 670,905    
Benefit payments     (1,062,328) (1,019,151)    
Other adjustments     10,421 2,845    
Balance at original discount rate, end of period 18,759,053 18,771,355 18,759,053 18,771,355    
Effect of cumulative changes in discount rate assumptions, end of period (159,410) (1,767,981) (159,410) (1,767,981)    
Balance, end of period 18,599,643 17,003,374 18,599,643 17,003,374    
Balance, end of period, pre-flooring 7,729,200 6,725,590 7,729,200 6,725,590    
Flooring impact, end of period 44 1,773 44 1,773    
Balance, end of period, post flooring 7,729,244 6,727,363 7,729,244 6,727,363    
Reinsurance recoverable 6,910,121 6,241,505 6,910,121 6,241,505    
Balance after reinsurance recoverables, end of period, post-flooring 819,123 485,858 819,123 485,858    
Term Life | Gross Basis            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Undiscounted expected future gross premiums 21,790,252 21,914,391 21,790,252 21,914,391    
Discounted expected future gross premiums (at original discount rate) 14,899,016 15,083,578 14,899,016 15,083,578    
Discounted expected future gross premiums (at current discount rate) 14,780,675 13,840,343 14,780,675 13,840,343    
Undiscounted expected future benefits and expenses $ 29,134,537 $ 29,147,479 $ 29,134,537 $ 29,147,479    
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 9 years 9 years 9 years    
Weighted-average interest rate (at original discount rate) 5.13% 5.18% 5.13% 5.18%    
Weighted-average interest rate (at current discount rate) 4.91% 6.02% 4.91% 6.02%    
Fixed Annuities            
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Balance, beginning of period     $ 0 $ 0    
Effect of cumulative changes in discount rate assumptions, beginning of period     0 0    
Balance at original discount rate, beginning of period     0 0    
Effect of assumption update         0 0
Effect of actual variances from expected experience and other activity         201 (1,257)
Issuances     25,850 28,889    
Net premiums / considerations collected     (26,051) (27,632)    
Interest accrual     0 0    
Other adjustments     0      
Balance at original discount rate, end of period $ 0 $ 0 0 0    
Effect of cumulative changes in discount rate assumptions, end of period 0 0 0 0    
Balance, end of period 0 0 0 0    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, beginning of period     228,788 204,727    
Effect of cumulative changes in discount rate assumptions, beginning of period     19,521 24,876    
Balance at original discount rate, beginning of period     248,309 229,603    
Effect of assumption update         (3,643) 0
Effect of actual variances from expected experience and other activity         391 6,793
Adjusted balance, beginning of period     245,057 236,396    
Issuances     25,850 28,889    
Interest accrual     6,752 6,300    
Benefit payments     (23,877) (25,504)    
Other adjustments     (149) (84)    
Balance at original discount rate, end of period 253,633 245,997 253,633 245,997    
Effect of cumulative changes in discount rate assumptions, end of period (14,751) (34,327) (14,751) (34,327)    
Balance, end of period 238,882 211,670 238,882 211,670    
Balance, end of period, pre-flooring 238,882 211,670 238,882 211,670    
Flooring impact, end of period 0 0 0 0    
Balance, end of period, post flooring 238,882 211,670 238,882 211,670    
Reinsurance recoverable 20,461 17,097 20,461 17,097    
Balance after reinsurance recoverables, end of period, post-flooring 218,421 194,573 218,421 194,573    
Fixed Annuities | Gross Basis            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Undiscounted expected future gross premiums 0 0 0 0    
Discounted expected future gross premiums (at original discount rate) 0 0 0 0    
Discounted expected future gross premiums (at current discount rate) 0 0 0 0    
Undiscounted expected future benefits and expenses $ 341,000 $ 328,212 $ 341,000 $ 328,212    
Weighted-average duration of the liability in years (at original discount rate) 7 years 7 years 7 years 7 years    
Weighted-average duration of the liability in years (at current discount rate) 6 years 6 years 6 years 6 years    
Weighted-average interest rate (at original discount rate) 3.90% 3.62% 3.90% 3.62%    
Weighted-average interest rate (at current discount rate) 4.82% 5.95% 4.82% 5.95%    
Fixed Annuity Netting            
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Adjusted balance, beginning of period     $ 201 $ (1,257)    
Term Life And Fixed Annuities            
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Balance, beginning of period     10,927,833 10,911,794    
Effect of cumulative changes in discount rate assumptions, beginning of period     225,711 554,896    
Balance at original discount rate, beginning of period     11,153,544 11,466,690    
Effect of assumption update         21,466 (790)
Effect of actual variances from expected experience and other activity         (198,693) (145,761)
Adjusted balance, beginning of period     10,976,317 11,320,139    
Issuances     633,994 541,268    
Net premiums / considerations collected     (1,018,999) (1,035,791)    
Interest accrual     383,336 391,662    
Other adjustments     7,091      
Balance at original discount rate, end of period $ 10,981,739 $ 11,217,278 10,981,739 11,217,278    
Effect of cumulative changes in discount rate assumptions, end of period (111,296) (939,494) (111,296) (939,494)    
Balance, end of period 10,870,443 10,277,784 10,870,443 10,277,784    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, end of period, pre-flooring 7,968,082 6,937,260 7,968,082 6,937,260    
Flooring impact, end of period 44 1,773 44 1,773    
Balance, end of period, post flooring 7,968,126 6,939,033 7,968,126 6,939,033    
Reinsurance recoverable 6,930,582 6,258,602 6,930,582 6,258,602    
Balance after reinsurance recoverables, end of period, post-flooring 1,037,544 680,431 1,037,544 680,431    
Term Life And Fixed Annuities | Total            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, beginning of period     18,654,995 18,039,978    
Effect of cumulative changes in discount rate assumptions, beginning of period     351,092 986,910    
Balance at original discount rate, beginning of period     19,006,087 19,026,888    
Effect of assumption update         17,837 (1,044)
Effect of actual variances from expected experience and other activity         $ (244,802) $ (185,071)
Adjusted balance, beginning of period     18,779,122 18,840,773    
Issuances     633,994 541,268    
Interest accrual     675,503 677,205    
Benefit payments     (1,086,205) (1,044,655)    
Other adjustments     10,272 2,761    
Balance at original discount rate, end of period 19,012,686 19,017,352 19,012,686 19,017,352    
Effect of cumulative changes in discount rate assumptions, end of period (174,161) (1,802,308) (174,161) (1,802,308)    
Balance, end of period $ 18,838,525 $ 17,215,044 $ 18,838,525 $ 17,215,044    
v3.24.3
Liability For Future Policy Benefits (Deferred Profit Liability) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Other adjustments $ (2,434) $ (6,565) $ 15,745 $ (1,030)    
Fixed Annuities            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Effect of assumption update         $ (3,643) $ 0
Effect of actual variances from expected experience and other activity         391 6,793
Adjusted balance, beginning of period         245,057 236,396
Interest accrual     6,752 6,300    
Other adjustments     (149) (84)    
Balance, end of period, post-flooring 238,882 211,670 238,882 211,670    
Reinsurance recoverable 20,461 17,097 20,461 17,097    
Balance after reinsurance recoverables, end of period, post-flooring 218,421 194,573 218,421 194,573    
Fixed Annuities | Deferred profit liability            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, beginning of period, post-flooring     14,818 18,193    
Effect of assumption update         2,110 0
Effect of actual variances from expected experience and other activity         465 (6,924)
Adjusted balance, beginning of period         $ 17,393 $ 11,269
Profits deferred     3,786 4,834    
Interest accrual     505 423    
Amortization     (1,689) (1,647)    
Other adjustments     (16) (11)    
Balance, end of period, post-flooring 19,979 14,868 19,979 14,868    
Reinsurance recoverable 1,504 1,435 1,504 1,435    
Balance after reinsurance recoverables, end of period, post-flooring $ 18,475 $ 13,433 $ 18,475 $ 13,433    
v3.24.3
Liability For Future Policy Benefits (Additional Insurance Reserves) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Insurance [Abstract]        
Balance, including amounts in AOCI, post-flooring $ 14,280,793 $ 12,664,445    
Flooring impact and amounts in AOCI 831,583 1,269,237    
Balance, excluding amounts in AOCI, beginning of period, pre-flooring 15,112,376 13,933,682    
Effect of assumption update     $ 154,058 $ 22,910
Effect of actual variances from expected experience and other activity     326,790 (12,611)
Adjusted balance, beginning of period     $ 15,593,224 $ 13,943,981
Assessments collected 843,853 828,657    
Interest accrual 397,904 360,309    
Benefits paid (258,579) (219,784)    
Balance, excluding amounts in AOCI, end of period, pre-flooring 16,576,402 14,913,163    
Flooring impact and amounts in AOCI (343,625) (1,714,686)    
Balance, including amounts in AOCI, end of period, post-flooring 16,232,777 13,198,477    
Less: Reinsurance recoverables 16,005,948 12,979,687    
Balance after reinsurance recoverables, including amounts in AOCI, end of period $ 226,829 $ 218,790    
Weighted-average duration of the liability in years (at original discount rate) 22 years 22 years    
Weighted-average interest rate (at original discount rate) 3.39% 3.36%    
v3.24.3
Liability For Future Policy Benefits (Future Policy Benefits) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Insurance [Abstract]      
Benefit reserves, end of period, post-flooring $ 7,968,126   $ 6,939,033
Deferred profit liability, end of period, post-flooring 19,979   14,868
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring 16,232,777   13,198,477
Subtotal of amounts disclosed above 24,220,882   20,152,378
Other Future Policy Benefits reserves 1,032,177   1,104,756
Total Future policy Benefits $ 25,253,059 $ 23,205,205 $ 21,257,134
v3.24.3
Liability For Future Policy Benefits (Revenue and Interest Expense) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Benefit Reserves    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue $ 1,382,995 $ 1,384,137
Interest expense 292,167 285,542
Benefit Reserves | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 1,352,988 1,351,460
Interest expense 285,415 279,242
Benefit Reserves | Variable/Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 0 0
Benefit Reserves | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 30,007 32,677
Interest expense 6,752 6,300
Deferred profit liability    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 505 423
Deferred profit liability | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 0 0
Deferred profit liability | Variable/Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 0 0
Deferred profit liability | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 505 423
Additional insurance reserves    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 1,349,352 1,168,206
Interest expense 397,904 360,309
Additional insurance reserves | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 0 0
Additional insurance reserves | Variable/Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 1,349,352 1,168,206
Interest expense 397,904 360,309
Additional insurance reserves | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest expense 0 0
Deferred Profit Liability Netting    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue (5,161) 3,325
Deferred Profit Liability Netting | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Deferred Profit Liability Netting | Variable/Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Deferred Profit Liability Netting | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue (5,161) 3,325
Revenues    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 2,727,186 2,555,668
Revenues | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 1,352,988 1,351,460
Revenues | Variable/Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 1,349,352 1,168,206
Revenues | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 24,846 36,002
Interest Expense    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 690,576 646,274
Interest Expense | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 285,415 279,242
Interest Expense | Variable/Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 397,904 360,309
Interest Expense | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense $ 7,257 $ 6,723
v3.24.3
Policyholders' Liabilities (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period $ 53,012,800  
Transfer to (from) Policyholder Account Balance (to) from Separate Account 323,706 $ 1,119,645
Unearned revenue reserve 4,248,795 3,568,084
Other 106,109 102,815
Total Policyholders' account balance $ 65,658,560 $ 49,662,070
Weighted-average crediting rate 2.19% 2.15%
Net amount at risk $ 336,737,805 $ 318,075,717
Cash surrender value 57,287,463 40,991,161
Total    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period 49,168,791 38,744,221
Deposits 11,643,193 6,784,777
Interest credited 909,031 684,459
Policy charges (1,395,264) (1,379,610)
Surrenders and withdrawals (1,563,648) (1,093,317)
Benefit payments (114,435) (121,799)
Transfer to (from) Policyholder Account Balance (to) from Separate Account 323,706 1,119,645
Change in market value and other adjustments 2,332,282 1,252,795
Balance, end of period 61,303,656 45,991,171
Fixed Annuities    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period 6,164,313 3,575,824
Deposits 4,149,820 1,801,985
Interest credited 150,642 73,763
Policy charges (4,168) (5,683)
Surrenders and withdrawals (409,573) (161,929)
Benefit payments (42,344) (37,459)
Transfer to (from) Policyholder Account Balance (to) from Separate Account 0 0
Change in market value and other adjustments 218,164 81,544
Balance, end of period 10,226,854 5,328,045
Total Policyholders' account balance $ 4,484,236 $ 2,025,288
Weighted-average crediting rate 2.45% 2.21%
Net amount at risk $ 16 $ 12
Cash surrender value 9,070,551 4,491,679
Variable Annuity    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period 22,836,765 16,432,032
Deposits 5,900,477 3,439,562
Interest credited 332,007 194,853
Policy charges (21,369) (16,564)
Surrenders and withdrawals (558,335) (351,475)
Benefit payments (21,840) (22,285)
Transfer to (from) Policyholder Account Balance (to) from Separate Account 48,394 4,467
Change in market value and other adjustments 1,974,887 1,095,144
Balance, end of period 30,490,986 20,775,734
Total Policyholders' account balance $ 2,631,165 $ 3,004,628
Weighted-average crediting rate 1.66% 1.40%
Net amount at risk $ 0 $ 0
Cash surrender value 29,028,016 17,981,713
Variable/Universal Life    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period 20,167,713 18,736,365
Deposits 1,592,896 1,543,230
Interest credited 426,382 415,843
Policy charges (1,369,727) (1,357,363)
Surrenders and withdrawals (595,740) (579,913)
Benefit payments (50,251) (62,055)
Transfer to (from) Policyholder Account Balance (to) from Separate Account 275,312 1,115,178
Change in market value and other adjustments 139,231 76,107
Balance, end of period 20,585,816 19,887,392
Total Policyholders' account balance $ 17,479,678 $ 17,508,112
Weighted-average crediting rate 2.79% 2.87%
Net amount at risk $ 336,737,789 $ 318,075,705
Cash surrender value $ 19,188,896 $ 18,517,769
v3.24.3
Policyholders' Liabilities (Guaranteed Minimum Crediting Rate) (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 65,658,560 $ 53,012,800 $ 49,662,070  
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  
Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 4,484,236 6,164,313 $ 2,025,288 $ 3,575,824
Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,121,385   809,130  
Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 528,946   543,890  
Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 772,098   557,281  
Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,061,807   114,987  
Variable Annuity        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,631,165 22,836,765 3,004,628 16,432,032
Variable Annuity | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,335,850   2,151,143  
Variable Annuity | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 841,433   831,156  
Variable Annuity | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 453,702   22,327  
Variable Annuity | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 180   2  
Variable/Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 17,479,678 $ 20,167,713 17,508,112 $ 18,736,365
Variable/Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 6,185,369   6,369,424  
Variable/Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 3,644,251   3,659,309  
Variable/Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 5,495,306   6,421,265  
Variable/Universal Life | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 2,154,752   $ 1,058,114  
Less than 1.00% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00%   1.00%  
Account Values with Crediting Rates $ 980,891   $ 21,184  
Less than 1.00% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 282   85  
Less than 1.00% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,972   188  
Less than 1.00% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 10,290   430  
Less than 1.00% | Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 967,347   $ 20,481  
Less than 1.00% | Variable Annuity        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00%   1.00%  
Account Values with Crediting Rates $ 1,393,120   $ 1,783,764  
Less than 1.00% | Variable Annuity | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 323,585   944,205  
Less than 1.00% | Variable Annuity | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 622,340   821,295  
Less than 1.00% | Variable Annuity | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 447,015   18,262  
Less than 1.00% | Variable Annuity | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 180   $ 2  
Less than 1.00% | Variable/Universal Life        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00%   1.00%  
Account Values with Crediting Rates $ 162,543   $ 217,003  
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 162,543   217,003  
1.00% - 1.99% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 767,243   $ 890,986  
1.00% - 1.99% | Fixed Annuities | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00%   1.00%  
1.00% - 1.99% | Fixed Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.99%   1.99%  
1.00% - 1.99% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 441,774   $ 497,237  
1.00% - 1.99% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 59,029   74,579  
1.00% - 1.99% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 191,790   237,130  
1.00% - 1.99% | Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 74,650   82,040  
1.00% - 1.99% | Variable Annuity        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 366,899   $ 225,030  
1.00% - 1.99% | Variable Annuity | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00%   1.00%  
1.00% - 1.99% | Variable Annuity | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.99%   1.99%  
1.00% - 1.99% | Variable Annuity | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 153,336   $ 221,831  
1.00% - 1.99% | Variable Annuity | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 211,058   2,113  
1.00% - 1.99% | Variable Annuity | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,505   1,086  
1.00% - 1.99% | Variable Annuity | 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 $ 3,569,493   $ 3,285,704  
1.00% - 1.99% | Variable/Universal Life | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00%   1.00%  
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 $ 261,986   $ 185,341  
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 1,692,401   2,528,250  
1.00% - 1.99% | Variable/Universal Life | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,615,106   572,113  
2.00% - 2.99% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 1,341,317   $ 1,082,070  
2.00% - 2.99% | Fixed Annuities | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.00%   2.00%  
2.00% - 2.99% | Fixed Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.99%   2.99%  
2.00% - 2.99% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 303,925   $ 280,760  
2.00% - 2.99% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 460,949   469,123  
2.00% - 2.99% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 559,932   319,721  
2.00% - 2.99% | Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 16,511   12,466  
2.00% - 2.99% | Variable Annuity        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 25,895   $ 33,630  
2.00% - 2.99% | Variable Annuity | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.00%   2.00%  
2.00% - 2.99% | Variable Annuity | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.99%   2.99%  
2.00% - 2.99% | Variable Annuity | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 17,807   $ 26,319  
2.00% - 2.99% | Variable Annuity | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 3,907   4,332  
2.00% - 2.99% | Variable Annuity | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 4,181   2,979  
2.00% - 2.99% | Variable Annuity | 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 $ 4,606,664   $ 4,493,270  
2.00% - 2.99% | Variable/Universal Life | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.00%   2.00%  
2.00% - 2.99% | Variable/Universal Life | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.99%   2.99%  
2.00% - 2.99% | Variable/Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 29,281   $ 27,536  
2.00% - 2.99% | Variable/Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,504,536   1,418,150  
2.00% - 2.99% | Variable/Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,695,744   2,778,586  
2.00% - 2.99% | Variable/Universal Life | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 377,103   268,998  
3.00% - 4.00% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 1,394,785   $ 31,048  
3.00% - 4.00% | Fixed Annuities | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 3.00%   3.00%  
3.00% - 4.00% | Fixed Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00%   4.00%  
3.00% - 4.00% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 1,375,404   $ 31,048  
3.00% - 4.00% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 5,996   0  
3.00% - 4.00% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 10,086   0  
3.00% - 4.00% | Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 3,299   0  
3.00% - 4.00% | Variable Annuity        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 843,213   $ 960,177  
3.00% - 4.00% | Variable Annuity | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 3.00%   3.00%  
3.00% - 4.00% | Variable Annuity | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00%   4.00%  
3.00% - 4.00% | Variable Annuity | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 839,084   $ 956,761  
3.00% - 4.00% | Variable Annuity | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 4,128   3,416  
3.00% - 4.00% | Variable Annuity | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1   0  
3.00% - 4.00% | Variable Annuity | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
3.00% - 4.00% | Variable/Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 7,035,729   $ 7,364,379  
3.00% - 4.00% | Variable/Universal Life | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 3.00%   3.00%  
3.00% - 4.00% | Variable/Universal Life | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00%   4.00%  
3.00% - 4.00% | Variable/Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 3,788,853   $ 4,008,791  
3.00% - 4.00% | Variable/Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,139,715   2,241,159  
3.00% - 4.00% | Variable/Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,107,161   1,114,429  
3.00% - 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% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00%   4.00%  
Account Values with Crediting Rates $ 0   $ 0  
Greater than 4.00% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Greater than 4.00% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Greater than 4.00% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Greater than 4.00% | Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 0   $ 0  
Greater than 4.00% | Variable Annuity        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00%   4.00%  
Account Values with Crediting Rates $ 2,038   $ 2,027  
Greater than 4.00% | Variable Annuity | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,038   2,027  
Greater than 4.00% | Variable Annuity | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Greater than 4.00% | Variable Annuity | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Greater than 4.00% | Variable Annuity | 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 4.00%   4.00%  
Account Values with Crediting Rates $ 2,105,249   $ 2,147,756  
Greater than 4.00% | Variable/Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,105,249   2,147,756  
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  
v3.24.3
Policyholders' Liabilities (Additional Insurance Reserves) (Details) - Variable/Universal Life - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]    
Balance, beginning of period $ 3,741,426 $ 3,067,336
Unearned revenue 644,001 612,196
Amortization Expense (136,630) (111,353)
Other adjustments (2) (95)
Balance, end of period 4,248,795 3,568,084
Less: Reinsurance recoverables 1,822,597 1,656,299
Unearned revenue reserve net of reinsurance recoverables $ 2,426,198 $ 1,911,785
v3.24.3
Market Risk Benefits - Rollforward of Balances for Variable Annuity Products (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Variable Annuities    
Market Risk Benefit [Roll Forward]    
Balance, beginning of period $ 3,694,950 $ 4,550,625
Effect of cumulative changes in non-performance risk 1,068,035 1,727,910
Balance, beginning of period, before effect of changes in non-performance risk 4,762,985 6,278,535
Attributed fees collected 830,031 878,381
Claims paid (45,249) (62,128)
Interest accrual 171,713 235,979
Actual in force different from expected 18,607 52,753
Effect of changes in interest rates 44,706 (2,869,989)
Effect of changes in equity markets (1,633,684) (940,654)
Effect of assumption update 85,619 330,769
Issuances 51,540 21,271
Other adjustments 14,958 (17,436)
Effect of changes in current period counterparty non-performance risk 0 0
Balance, end of period, before effect of changes in non-performance risk 4,301,226 3,907,481
Effect of cumulative changes in non-performance risk (934,425) (1,230,621)
Balance, end of period 3,366,801 2,676,860
Less: Reinsured Market Risk Benefits    
Market Risk Benefit [Roll Forward]    
Balance, beginning of period (917,792) (422,261)
Effect of cumulative changes in non-performance risk 0 0
Balance, beginning of period, before effect of changes in non-performance risk (917,792) (422,261)
Interest accrual (42,483) (38,016)
Actual in force different from expected (14,423) (6,588)
Effect of changes in interest rates 51,322 484,168
Effect of changes in equity markets 171,342 90,742
Effect of assumption update 3,984 (54,067)
Other adjustments 27 (638,198)
Effect of changes in current period counterparty non-performance risk (8,520) (75,594)
Balance, end of period, before effect of changes in non-performance risk (950,872) (824,916)
Effect of cumulative changes in non-performance risk 0 0
Balance, end of period (950,872) (824,916)
Less: Reinsured Market Risk Benefits | AuguStar [Member]    
Market Risk Benefit [Roll Forward]    
Other adjustments 638,000  
Less: Reinsured Market Risk Benefits    
Market Risk Benefit [Roll Forward]    
Attributed fees collected (195,952) (179,211)
Claims paid 4,781 5,903
Issuances (3,158) 8,206
Total, Net of Reinsurance    
Market Risk Benefit [Roll Forward]    
Balance, beginning of period 2,777,158 4,128,364
Effect of cumulative changes in non-performance risk 1,068,035 1,727,910
Balance, beginning of period, before effect of changes in non-performance risk 3,845,193 5,856,274
Attributed fees collected 634,079 699,170
Claims paid (40,468) (56,225)
Interest accrual 129,230 197,963
Actual in force different from expected 4,184 46,165
Effect of changes in interest rates 96,028 (2,385,821)
Effect of changes in equity markets (1,462,342) (849,912)
Effect of assumption update 89,603 276,702
Issuances 48,382 29,477
Other adjustments 14,985 (655,634)
Effect of changes in current period counterparty non-performance risk (8,520) (75,594)
Balance, end of period, before effect of changes in non-performance risk 3,350,354 3,082,565
Effect of cumulative changes in non-performance risk (934,425) (1,230,621)
Balance, end of period $ 2,415,929 $ 1,851,944
v3.24.3
Market Risk Benefits - Market Risk Benefits In Asset and Liability Positions (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]        
Total market risk benefit assets $ 2,499,234 $ 2,519,000 $ 2,367,243  
Total market risk benefit liabilities 4,915,163 4,371,000 5,144,401  
Variable Annuities        
Liability for Future Policy Benefit, Activity [Line Items]        
Net amount at risk $ 7,321,371 $ 12,504,440    
Weighted-average attained age of contractholders 71 years 70 years    
Direct and assumed $ 1,286,720 $ 1,410,637    
Ceded 1,212,514 1,108,597    
Total market risk benefit assets 2,499,234 2,519,234    
Direct and assumed 4,653,521 4,087,498    
Ceded 261,642 283,680    
Total market risk benefit liabilities 4,915,163 4,371,178    
Net liability $ 2,415,929 $ 1,851,944 $ 3,694,950 $ 4,550,625
v3.24.3
Reinsurance (Reinsurance amounts included in the Statements of Financial Position) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
Effects of Reinsurance [Line Items]        
Reinsurance recoverables $ 43,285,050 $ 38,709,651    
Policy loans (1,524,636) (1,472,677)    
Deferred policy acquisition costs (7,706,078) (7,097,511) $ (6,923,554) $ (6,930,425)
Deferred sales inducements (330,264) (351,424)    
Market risk benefits assets 2,499,234 2,367,243 2,519,000  
Other assets 2,934,252 2,078,938    
Future policy benefits 25,253,059 23,205,205 21,257,134  
Market risk benefit liabilities 4,915,163 5,144,401 $ 4,371,000  
Other liabilities 9,683,019 5,170,308    
Impacts of Reinsurance        
Effects of Reinsurance [Line Items]        
Reinsurance recoverables 43,285,050 38,709,651    
Policy loans (1,107,607) (1,082,584)    
Deferred policy acquisition costs (3,118,226) (3,195,161)    
Deferred sales inducements (33,303) (35,313)    
Market risk benefits assets 1,212,865 1,165,378    
Other assets 2,778,500 1,897,410    
Policyholders’ account balances 5,646,936 5,977,108    
Future policy benefits 7,431,811 7,026,209    
Market risk benefit liabilities 263,588 249,538    
Other liabilities 8,920,647 4,397,862    
Unaffiliated activity        
Effects of Reinsurance [Line Items]        
Market risk benefits assets 814,183 745,662    
Other assets 2,680,090 1,795,422    
Policyholders’ account balances 1,684,769 1,830,579    
Future policy benefits 194 453    
Market risk benefit liabilities 134,758 131,594    
Other liabilities 2,798,751 1,915,205    
Unaffiliated activity        
Effects of Reinsurance [Line Items]        
Deferred policy acquisition costs $ 62,301 $ 71,315    
v3.24.3
Reinsurance (Reinsurance Recoverable by Counterparty) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables $ 43,285,050 $ 38,709,651
PAR U    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 19,642,785 15,722,061
PURC    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 0 7,565,968
PARCC    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 2,140,373 2,304,270
GUL Re    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 0 3,211,899
PAR Term    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 2,084,390 2,101,004
Prudential Insurance    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 4,901,818 1,311,525
Term Re    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 2,115,998 2,080,564
Lotus Re    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 2,102,136 2,051,831
DART    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 855,366 744,043
PURE    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 7,853,257 0
Unaffiliated activity    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables $ 1,588,927 $ 1,616,486
v3.24.3
Reinsurance (Reinsurance amounts included in the Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Premiums:        
Direct $ 462,391 $ 457,967 $ 1,384,477 $ 1,396,506
Assumed 29 32 92 (90)
Ceded (365,331) (372,859) (1,100,377) (1,144,655)
Net Premiums 97,089 85,140 284,192 251,761
Policy charges and fee income:        
Direct 808,852 753,291 2,365,340 2,238,266
Assumed 220,781 151,927 719,389 453,006
Ceded (620,866) (558,737) 622,077 (1,594,764)
Net policy charges and fee income 408,767 346,481 3,706,806 1,096,508
Net investment income:        
Direct 651,762 463,070 1,763,262 1,216,154
Assumed 333 338 996 1,024
Ceded (13,403) (2,544) (40,253) (13,789)
Net investment income 638,692 460,864 1,724,005 1,203,389
Asset administration fees:        
Direct 83,659 81,422 246,123 242,730
Assumed 0 0 0 0
Ceded (27,231) (24,668) (77,950) (64,986)
Net asset administration fees 56,428 56,754 168,173 177,744
Other income (loss):        
Direct 332,233 (89,144) 461,980 216,247
Assumed (75) 116 274 (233)
Ceded 53,937 25,473 275,015 70,736
Net other income (loss) 386,095 (63,555) 737,269 286,750
Realized investment gains (losses), net:        
Direct (541,864) (492,184) 235,638 (826,822)
Assumed 14,552 (31,544) 77,736 189,400
Ceded (89,183) 55,472 (67,987) 56,181
Realized investment gains (losses), net (616,495) (468,256) 245,387 (581,241)
Change in value of market risk benefits, net of related hedging gain (loss):        
Direct (214,414) (54,544) (199,087) 152,660
Assumed (245) 283 361 (3,160)
Ceded 39,258 (193,210) (167,267) (415,656)
Net change in value of market risk benefits, net of related hedging gain (loss) (175,401) (247,471) (365,993) (266,156)
Policyholders’ benefits (including change in reserves):        
Direct 855,117 912,588 2,765,937 2,639,868
Assumed 242,113 336,300 775,334 985,635
Ceded (966,549) (1,103,479) 831,697 (3,227,951)
Net policyholders’ benefits (including change in reserves 130,681 145,409 4,372,968 397,552
Change in estimates of liability for future policy benefits:        
Direct 142,204 (44,155) 354,660 (61,510)
Assumed 17,025 (17,580) 81,893 8,071
Ceded (156,795) 68,300 (452,298) 54,469
Change in estimates of liability for future policy benefits 2,434 6,565 (15,745) 1,030
Interest credited to policyholders’ account balances:        
Direct 332,064 228,399 907,648 666,947
Assumed 35,476 33,602 117,968 100,065
Ceded (111,380) (98,927) (318,682) (299,900)
Net interest credited to policyholders’ account balances 256,160 163,074 706,934 467,112
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization (113,741) (57,368) (619,914) (280,393)
Unaffiliated activity        
Premiums:        
Assumed 29 32 89 (100)
Ceded (27,821) (13,942) (79,800) (47,319)
Policy charges and fee income:        
Assumed 429 460 1,057 1,383
Ceded (45,692) (39,143) (132,662) (101,419)
Net investment income:        
Ceded 0 10,109 0 23,022
Asset administration fees:        
Ceded (7,151) (7,464) (21,474) (15,204)
Other income (loss):        
Assumed (75) 185 378 (53)
Ceded 26,125 7,887 73,931 17,540
Realized investment gains (losses), net:        
Assumed 14,552 (31,544) 77,736 189,400
Ceded (76,021) 41,007 (29,022) 40,378
Change in value of market risk benefits, net of related hedging gain (loss):        
Assumed (245) 283 361 (3,160)
Ceded 5,318 (70,693) (58,229) (150,791)
Policyholders’ benefits (including change in reserves):        
Assumed (145)      
Assumed   265 216 545
Ceded (51,927) (42,655) (262,998) (106,475)
Change in estimates of liability for future policy benefits:        
Ceded 673 (1,407) 92,575 (1,823)
Interest credited to policyholders’ account balances:        
Assumed 6,772 3,651 31,888 8,750
Ceded $ 1 $ 85 $ 0 $ 0
v3.24.3
Reinsurance (Life Insurance In Force) (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Sep. 30, 2023
Reinsurance Disclosures [Abstract]    
Direct gross life insurance face amount in force $ 1,159,660,533 $ 1,115,174,542
Assumed gross life insurance face amount in force 34,827,770 35,824,627
Reinsurance ceded (1,049,978,067) (1,010,577,960)
Net life insurance face amount in force $ 144,510,236 $ 140,421,209
v3.24.3
Reinsurance (Narrative) (Details)
 3 Months Ended 9 Months Ended 21 Months Ended 24 Months Ended 36 Months Ended 48 Months Ended 60 Months Ended
Apr. 01, 2023
USD ($)
Jan. 01, 2022
USD ($)
Jul. 01, 2019
Jan. 01, 2015
Dec. 31, 2014
Dec. 31, 2013
Jul. 01, 2012
Dec. 31, 2010
Dec. 31, 2009
Sep. 30, 2024
USD ($)
counterparty
Sep. 30, 2023
USD ($)
Dec. 31, 2021
USD ($)
Sep. 30, 2024
USD ($)
counterparty
Sep. 30, 2023
USD ($)
Dec. 31, 2016
Dec. 31, 2019
Dec. 31, 2019
Dec. 31, 2016
Dec. 31, 2013
Dec. 31, 2017
Dec. 31, 2013
Dec. 31, 2019
Jan. 01, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Oct. 01, 2021
USD ($)
Effects of Reinsurance [Line Items]                                                    
Deferred Reinsurance Gain                   $ 2,655,664,000 $ 1,698,777,000   $ 2,655,664,000 $ 1,698,777,000                   $ 1,673,290,000 $ 1,492,856,000  
Policy charges and fee income                   (408,767,000) (346,481,000)   (3,706,806,000) (1,096,508,000)                        
Policy loan assets                   1,524,636,000     1,524,636,000                     1,472,677,000    
Reinsurance recoverables                   43,285,050,000     43,285,050,000                     38,709,651,000    
Impacts of Reinsurance                                                    
Effects of Reinsurance [Line Items]                                                    
Policy loan assets                   1,107,607,000     1,107,607,000                     1,082,584,000    
Reinsurance recoverables                   43,285,050,000     43,285,050,000                     38,709,651,000    
PAR U                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                   19,642,785,000     19,642,785,000                     15,722,061,000    
PURE                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                   7,853,257,000     7,853,257,000                     0    
PURC                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                   0     0                     7,565,968,000    
PARCC                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                   2,140,373,000     2,140,373,000                     2,304,270,000    
GUL Re                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                   0     0                     3,211,899,000    
PAR Term                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                   2,084,390,000     2,084,390,000                     2,101,004,000    
Term Re                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                   2,115,998,000     2,115,998,000                     2,080,564,000    
Prudential Insurance                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                   4,901,818,000     4,901,818,000                     1,311,525,000    
Lotus Re                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                   2,102,136,000     2,102,136,000                     2,051,831,000    
DART                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                   855,366,000     855,366,000                     744,043,000    
AuguStar                                                    
Effects of Reinsurance [Line Items]                                                    
Deferred Reinsurance Gain $ 277,000,000                                                  
Reinsured Amount $ 10,000,000,000                                                  
Percent of total reinsured block 0.10                                                  
AuguStar | Separate account liabilities under MODCO                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance Retention Policy, Reinsured Risk, Percentage 100.00%                                                  
AuguStar | General account liabilities under MODCO                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance Retention Policy, Reinsured Risk, Percentage 100.00%                                                  
Somerset Re                                                    
Effects of Reinsurance [Line Items]                                                    
Recapture loss                                             $ (990,000,000)      
Deferred Reinsurance Gain                                             1,207,000,000      
Deposit assets on reinsurance                   2,523,000,000     2,523,000,000                     1,618,000,000    
Funds witheld liabilities                   2,425,000,000     2,425,000,000                     1,518,000,000    
Union Hamilton                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance recoverables                   2,100,000,000     2,100,000,000                          
Union Hamilton | Quote Share Reinsurance                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance Retention Policy, Reinsured Risk, Percentage                             50.00%                      
Variable Annuity                                                    
Effects of Reinsurance [Line Items]                                                    
Deferred Reinsurance Gain                   246,582,000 266,868,000   246,582,000 266,868,000                   261,721,000 0  
Variable Annuity | FLIAC                                                    
Effects of Reinsurance [Line Items]                                                    
Funds held under reinsurance agreements                   5,300,000,000     5,300,000,000                          
Fixed Annuities                                                    
Effects of Reinsurance [Line Items]                                                    
Deferred Reinsurance Gain                   $ 40,082,000 $ 50,785,000   $ 40,082,000 $ 50,785,000                   $ 48,073,000 $ 57,898,000  
Fixed Annuities | FLIAC                                                    
Effects of Reinsurance [Line Items]                                                    
Percent of total reinsured block                   0.80     0.80                          
Funds held under reinsurance agreements                   $ 2,000,000,000     $ 2,000,000,000                          
Affiliated Entity | PAR U                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance Retention Policy, Reinsured Risk, Percentage       100.00% 25.00%     70.00%                                    
Affiliated Entity | PURE                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance Retention Policy, Reinsured Risk, Percentage         75.00%                                          
Affiliated Entity | PURC                                                    
Effects of Reinsurance [Line Items]                                                    
Deferred Reinsurance Gain                                             $ 116,000,000      
Reinsurance Retention Policy, Reinsured Risk, Percentage                                   95.00% 70.00%              
Affiliated Entity | PARCC                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance Retention Policy, Reinsured Risk, Percentage     100.00%           90.00%                                  
Affiliated Entity | GUL Re                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance Retention Policy, Reinsured Risk, Percentage           30.00%                     95.00%                  
Affiliated Entity | PAR Term                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance Retention Policy, Reinsured Risk, Percentage     100.00%                                   95.00%          
Affiliated Entity | Term Re                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance Retention Policy, Reinsured Risk, Percentage                                       95.00%            
Affiliated Entity | Prudential Insurance                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance Retention Policy, Reinsured Risk, Percentage                         100.00%                          
Affiliated Entity | Prudential Insurance | Impacts of Reinsurance                                                    
Effects of Reinsurance [Line Items]                                                    
Policy charges and fee income   $ (305,000,000)                                                
Number of counterparties | counterparty                   2     2                          
Affiliated Entity | Lotus Re | Impacts of Reinsurance                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance liabilities associated with the risks of the coinsurance agreement                                                   $ 32,000,000
Reinsurance agreement ceded risk                       100.00%                            
Net liabilities associated with the transaction for coinsurance                       $ 1,387,000,000                            
Net liabilities associated with the transaction for modified coinsurance                       14,037,000,000                            
Policy loan assets                       855,000,000                            
Cash received                       820,000,000                            
Recognized gain                       $ 1,352,000,000                            
Affiliated Entity | DART                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance Retention Policy, Reinsured Risk, Percentage                               95.00%                    
PLNJ | Affiliated Entity | PAR U                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance Retention Policy, Reinsured Risk, Percentage             95.00%                             100.00%        
PLNJ | Affiliated Entity | PURE                                                    
Effects of Reinsurance [Line Items]                                                    
Reinsurance Retention Policy, Reinsured Risk, Percentage         100.00%                                          
v3.24.3
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
Income tax expense (benefit) $ (45,500) $ (104,883) $ 25,287 $ (8,318)
Effective Income Tax Rate, Percent     6.93% (18.34%)
Federal Statutory Income Tax Rate, Percent     21.00%  
Book-income Alternative Minimum Tax Rate     15.00%  
v3.24.3
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance     $ (30,920)  
Income tax benefit (expense) $ (226,942) $ 201,437 (103,381) $ 194,021
Ending Balance 359,542   359,542  
Foreign Currency Translation Adjustments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance     (18,085) (20,007)
Change in OCI before reclassifications     1,578 431
Amounts reclassified from AOCI     0 0
Income tax benefit (expense)     (228) (51)
Ending Balance (16,735) (19,627) (16,735) (19,627)
Net unrealized investment gains (losses)        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance     (927,778) (1,474,475)
Change in OCI before reclassifications     620,926 (482,272)
Amounts reclassified from AOCI     26,605 (17,746)
Income tax benefit (expense)     (135,768) 105,037
Ending Balance (416,015) (1,869,456) (416,015) (1,869,456)
Interest Rate Remeasurement of Future Policy Benefits        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance     71,195 119,368
Change in OCI before reclassifications     (21,655) 73,321
Amounts reclassified from AOCI     0 0
Income tax benefit (expense)     4,557 (15,396)
Ending Balance 54,097 177,293 54,097 177,293
Gain (Loss) from Changes in Non-Performance Risk on Market Risk Benefits        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance     843,748 1,365,049
Change in OCI before reclassifications     (133,611) (497,289)
Amounts reclassified from AOCI     0 0
Income tax benefit (expense)     28,058 104,431
Ending Balance 738,195 972,191 738,195 972,191
Accumulated Other Comprehensive   Income (Loss)        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance     (30,920) (10,065)
Change in OCI before reclassifications     467,238 (905,809)
Amounts reclassified from AOCI     26,605 (17,746)
Income tax benefit (expense)     (103,381) 194,021
Ending Balance 359,542 (739,599) 359,542 (739,599)
Cash flow hedges | Net unrealized investment gains (losses)        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance     12,000 139,000
Ending Balance $ 2,000 $ 94,000 $ 2,000 $ 94,000
v3.24.3
Equity (Reclassification out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Net unrealized investment gains (losses)        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI     $ 26,605 $ (17,746)
AOCI Attributable to Parent        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI     26,605 (17,746)
Amounts reclassified from AOCI | Net unrealized investment gains (losses)        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI $ (46,873) $ 20,225 (26,605) 17,746
Amounts reclassified from AOCI | AOCI Attributable to Parent        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI (46,873) 20,225 (26,605) 17,746
Amounts reclassified from AOCI | Fixed maturities, available-for-sale        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net unrealized investment gains (losses) (26,993) (8,931) (42,461) (17,154)
Amounts reclassified from AOCI | Currency/Interest rate | Cash flow hedges        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net unrealized investment gains (losses) $ (19,880) $ 29,156 $ 15,856 $ 34,900
v3.24.3
Equity (Net Unrealized Investment Gains (Losses) in AOCI on AFS Fixed Maturity Securities with Allowance for Credit Losses and All Other Investments) (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance $ (30,920)
Ending Balance 359,542
Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on which an allowance for credit losses has been recognized  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance 1,987
Net investment gains (losses) on investments arising during the period (9,819)
Reclassification adjustment for (gains) losses included in net income (3)
Reclassification due to allowance for credit losses recorded during the period (26)
Impact of net unrealized investment (gains) losses 0
Ending Balance (7,861)
Net Unrealized Investment Gains (Losses) on All Other Investments  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance (1,404,180)
Net investment gains (losses) on investments arising during the period 661,777
Reclassification adjustment for (gains) losses included in net income 26,608
Reclassification due to allowance for credit losses recorded during the period 26
Impact of net unrealized investment (gains) losses 0
Ending Balance (715,769)
Other Costs  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance (801,351)
Net investment gains (losses) on investments arising during the period 0
Reclassification adjustment for (gains) losses included in net income 0
Reclassification due to allowance for credit losses recorded during the period 0
Impact of net unrealized investment (gains) losses 455,507
Ending Balance (345,844)
Future Policy Benefits and Policyholders’ Account Balances and other liabilities  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance 1,029,098
Net investment gains (losses) on investments arising during the period 0
Reclassification adjustment for (gains) losses included in net income 0
Reclassification due to allowance for credit losses recorded during the period 0
Impact of net unrealized investment (gains) losses (486,539)
Ending Balance 542,559
Income Tax Benefit (Expense)  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance 246,668
Net investment gains (losses) on investments arising during the period (136,708)
Reclassification adjustment for (gains) losses included in net income (5,579)
Reclassification due to allowance for credit losses recorded during the period 0
Impact of net unrealized investment (gains) losses 6,519
Ending Balance 110,900
Accumulated Other Comprehensive Income (Loss) Related To Net Unrealized Investment Gains (Losses)  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance (927,778)
Net investment gains (losses) on investments arising during the period 515,250
Reclassification adjustment for (gains) losses included in net income 21,026
Reclassification due to allowance for credit losses recorded during the period 0
Impact of net unrealized investment (gains) losses (24,513)
Ending Balance $ (416,015)
v3.24.3
Equity - Narrative (Details)
Sep. 30, 2024
Certain Subsidiaries  
Subsidiary or Equity Method Investee [Line Items]  
Subsidiary, ownership percentage 100.00%
v3.24.3
Related Party Transactions (Narrative) (Details)
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
May 31, 2023
USD ($)
Feb. 28, 2023
USD ($)
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
policy
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Related Party Transaction [Line Items]                      
Commissions and fees       $ 408,767,000     $ 346,481,000   $ 3,706,806,000 $ 1,096,508,000  
Payments to Fund Policy Loans                 171,967,000 1,111,590,000  
Policy loans $ 1,472,677,000     1,524,636,000   $ 1,472,677,000     1,524,636,000   $ 1,472,677,000
Net investment income       638,692,000     460,864,000   1,724,005,000 1,203,389,000  
Other invested assets 1,222,985,000     1,465,970,000   1,222,985,000     1,465,970,000   1,222,985,000
Fee income from revenue sharing agreement       56,428,000     56,754,000   168,173,000 177,744,000  
Accrued investment income 333,838,000     444,591,000   333,838,000     444,591,000   333,838,000
Prudential Insurance                      
Related Party Transaction [Line Items]                      
Contributed Capital 7,000,000   $ 405,000,000                
Return of Capital         $ 550,000,000 450,000,000 650,000,000 $ 300,000,000      
Dividends                 0   0
PGF                      
Related Party Transaction [Line Items]                      
Investment Income, Interest       126,000,000     132,000,000   381,000,000 363,000,000  
Prudential Insurance                      
Related Party Transaction [Line Items]                      
Stock option program plan expense       200,000     200,000   800,000 700,000  
Deferred compensation program expense       800,000     1,000,000.0   4,900,000 4,400,000  
Pension plan expense       3,000,000     3,000,000   8,000,000 10,000,000  
Welfare plan expense       4,000,000     4,000,000   $ 13,000,000 11,000,000  
Defined contribution plan, employer matching contribution, percent (up to)                 4.00%    
Defined contribution plan, cost recognized       2,000,000     2,000,000   $ 6,000,000 6,000,000  
Number of Corporate Owned Life Insurance policies sold | policy                 5    
Prudential Insurance and Prudential Financial                      
Related Party Transaction [Line Items]                      
Life Insurance, Corporate or Bank Owned, amount 4,156,000,000     4,637,000,000   4,156,000,000     $ 4,637,000,000   4,156,000,000
Fees related to Life Insurance, Corporate or Bank Owned, amount       14,000,000     13,000,000   41,000,000 38,000,000  
Prudential Financial                      
Related Party Transaction [Line Items]                      
Company's share of corporate expenses       30,000,000     31,000,000   $ 98,000,000 104,000,000  
Number of Corporate Owned Life Insurance policies sold | policy                 1    
Payments to Fund Policy Loans   $ 900,000,000                  
Policy loans 898,000,000     897,000,000   898,000,000     $ 897,000,000   898,000,000
Interest Income on Policy Loans       11,000,000     10,000,000   32,000,000 15,000,000  
Affiliated Entity                      
Related Party Transaction [Line Items]                      
Net investment income       1,000,000     2,000,000   5,000,000 5,000,000  
Accrued interest receivable related to long-term notes 1,000,000     6,000,000   1,000,000     6,000,000   1,000,000
Revenues related to long-term notes receivable       1,000,000     1,000,000   2,000,000 2,000,000  
Accrued investment income 500,000     500,000   500,000     500,000   500,000
Line of credit facility, maximum borrowing capacity       7,000,000,000         7,000,000,000    
Long-term debt to affiliates 0     0   0     0   0
Interest expense related to loans payable, Related Party       13,000,000     5,000,000   24,000,000 10,000,000  
Affiliated Entity | PAD                      
Related Party Transaction [Line Items]                      
Commissions and fees       208,000,000     153,000,000   597,000,000 440,000,000  
Affiliated Entity | PGIM                      
Related Party Transaction [Line Items]                      
Net investment income       18,000,000     14,000,000   50,000,000 39,000,000  
Affiliated Entity | ASTISI and PGIM Investments                      
Related Party Transaction [Line Items]                      
Fee income from revenue sharing agreement       68,000,000     69,000,000   204,000,000 208,000,000  
Affiliated Entity | PGIM Investments                      
Related Party Transaction [Line Items]                      
Fee income from revenue sharing agreement       12,000,000     10,000,000   34,000,000 28,000,000  
Prudential Financial Joint Ventures                      
Related Party Transaction [Line Items]                      
Net investment income       17,000,000     $ 6,000,000   36,000,000 $ 2,000,000  
Other invested assets $ 754,000,000     $ 1,029,000,000   $ 754,000,000     $ 1,029,000,000   $ 754,000,000
v3.24.3
Related Party Transactions (Affiliated Notes Receivable) (Details) - Affiliated Entity - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Total notes receivable - affiliated $ 491,146 $ 147,984
U.S. Dollar fixed rate notes    
Related Party Transaction [Line Items]    
Total notes receivable - affiliated $ 491,146 $ 147,984
U.S. Dollar fixed rate notes | Minimum    
Related Party Transaction [Line Items]    
Interest Rates 0.00%  
U.S. Dollar fixed rate notes | Maximum    
Related Party Transaction [Line Items]    
Interest Rates 14.85%  
v3.24.3
Related Party Transaction (Affiliated Commercial Mortgage Loan) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Commercial Mortgage Loans $ 7,223,568 $ 6,122,721
Affiliated Entity | Commercial mortgage loans    
Related Party Transaction [Line Items]    
Interest Rates 9.67%  
Commercial Mortgage Loans $ 70,148 $ 71,038
v3.24.3
Related Party Transactions (Affiliated Asset Transfers) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Related Party Transaction [Line Items]          
Additional Paid in Capital         $ 5,052,602
Realized investment gains (losses) $ (616,495) $ (468,256) $ 245,387 $ (581,241)  
Affiliated Entity | Prudential Insurance, January 2023, Purchase, Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 48,329   48,329    
Book Value 50,372   50,372    
Additional Paid in Capital 1,614   1,614    
Realized investment gains (losses)     0    
Affiliated Entity | Prudential Insurance, March 2023, Purchase, Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 7,175   7,175    
Book Value 7,500   7,500    
Additional Paid in Capital 256   256    
Realized investment gains (losses)     0    
Affiliated Entity | PURC, April 2023, Purchase, Fixed maturities          
Related Party Transaction [Line Items]          
Fair Value 102,804   102,804    
Book Value 102,804   102,804    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | Term Re, June 2023, Purchase, Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 115,573   115,573    
Book Value 115,573   115,573    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | Prudential Insurance, June 2023, Purchase, Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 4,298   4,298    
Book Value 4,443   4,443    
Additional Paid in Capital 114   114    
Realized investment gains (losses)     0    
Affiliated Entity | Prudential Insurance, June 2023, Purchase, Fixed Maturities 1          
Related Party Transaction [Line Items]          
Fair Value 4,394   4,394    
Book Value 4,494   4,494    
Additional Paid in Capital 80   80    
Realized investment gains (losses)     0    
Affiliated Entity | Prudential Insurance, June 2023, Purchase, Fixed Maturities 2          
Related Party Transaction [Line Items]          
Fair Value 19,453   19,453    
Book Value 19,203   19,203    
Additional Paid in Capital (198)   (198)    
Realized investment gains (losses)     0    
Affiliated Entity | Prudential Insurance, June 2023, Purchase, Fixed Maturities 3          
Related Party Transaction [Line Items]          
Fair Value 14,452   14,452    
Book Value 15,086   15,086    
Additional Paid in Capital 502   502    
Realized investment gains (losses)     0    
Affiliated Entity | Prudential Insurance, September 2023, Purchase, Fixed Maturities 4          
Related Party Transaction [Line Items]          
Fair Value 15,880   15,880    
Book Value 15,801   15,801    
Additional Paid in Capital (62)   (62)    
Realized investment gains (losses)     0    
Affiliated Entity | PURC - December 2023, Sale, Commercial Mortgage and Other Loans          
Related Party Transaction [Line Items]          
Fair Value 762   762    
Book Value 754   754    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     8    
Affiliated Entity | PARU - January 2024 - Transfer in - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 1,598,161   1,598,161    
Book Value 1,598,161   1,598,161    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | PARU - January 2024 - Transfer in - Fixed Maturities 1          
Related Party Transaction [Line Items]          
Fair Value 778,745   778,745    
Book Value 778,745   778,745    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | PURC - January 2024 - Transfer in - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 2,155,560   2,155,560    
Book Value 2,155,560   2,155,560    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | GUL Re - January 2024 - Transfer in - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 1,685,582   1,685,582    
Book Value 1,685,582   1,685,582    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | GUL Re - January 2024 - Transfer in - Fixed Maturities 1          
Related Party Transaction [Line Items]          
Fair Value 4,976   4,976    
Book Value 4,976   4,976    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | PURE - January 2024 - Transfer out - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 1,598,161   1,598,161    
Book Value 1,598,161   1,598,161    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | PURE - January 2024 - Transfer out - Fixed Maturities 1          
Related Party Transaction [Line Items]          
Fair Value 778,745   778,745    
Book Value 778,745   778,745    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | PURE - January 2024 - Transfer out - Fixed Maturities 2          
Related Party Transaction [Line Items]          
Fair Value 2,155,560   2,155,560    
Book Value 2,155,560   2,155,560    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | PURE - January 2024 - Transfer out - Fixed Maturities 3          
Related Party Transaction [Line Items]          
Fair Value 1,685,582   1,685,582    
Book Value 1,685,582   1,685,582    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | PURE - January 2024 - Transfer out - Fixed Maturities 4          
Related Party Transaction [Line Items]          
Fair Value 4,976   4,976    
Book Value 4,976   4,976    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | Ironbound - January 2024 - Purchase - Other Invested Assets          
Related Party Transaction [Line Items]          
Fair Value 60,414   60,414    
Book Value 60,414   60,414    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | Windhill CLO 1, Ltd. - February 2024 - Sale - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 18,428   18,428    
Book Value 18,858   18,858    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     (430)    
Affiliated Entity | Windhill CLO 2, Ltd - February 2024 - Sale - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 19,652   19,652    
Book Value 20,057   20,057    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     (405)    
Affiliated Entity | PAR Term - February 2024 - Purchase - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 43,084   43,084    
Book Value 43,084   43,084    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | Windhill CLO 1, Ltd. - March 2024 - Sale - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 10,148   10,148    
Book Value 10,387   10,387    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     (239)    
Affiliated Entity | Windhill CLO 2, Ltd. - March 2024 - Sale - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 14,763   14,763    
Book Value 15,091   15,091    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     (328)    
Affiliated Entity | Prudential Insurance - March 2024 - Purchase - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 198,804   198,804    
Book Value 206,285   206,285    
Additional Paid in Capital 5,910   5,910    
Realized investment gains (losses)     0    
Affiliated Entity | PAR U - March 2024 - Transfer in - Other Invested Assets          
Related Party Transaction [Line Items]          
Fair Value 188,500   188,500    
Book Value 188,500   188,500    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | PURE - March 2024 - Transfer out - Other Invested Assets          
Related Party Transaction [Line Items]          
Fair Value 188,500   188,500    
Book Value 188,500   188,500    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | Windhill CLO 1, Ltd. - April 2024 - Sale - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 2,261   2,261    
Book Value 2,300   2,300    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     (39)    
Affiliated Entity | Windhill CLO 2, Ltd. - May 2024 - Sale - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 14,034   14,034    
Book Value 14,415   14,415    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     (381)    
Affiliated Entity | Windhill CLO 1, Ltd. - June 2024 - Sale - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 2,045   2,045    
Book Value 2,100   2,100    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     (55)    
Affiliated Entity | Windhill CLO 2, Ltd. - June 2024 - Sale - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 23,342   23,342    
Book Value 23,743   23,743    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     (401)    
Affiliated Entity | PAR U - June 2024 - Transfer in - Other Invested Assets          
Related Party Transaction [Line Items]          
Fair Value 326   326    
Book Value 326   326    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | PURE - June 2024 - Transfer out - Other Invested Assets          
Related Party Transaction [Line Items]          
Fair Value 326   326    
Book Value 326   326    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | PAR U - June 2024 - Purchase - Commercial Mortgage and Othe Loans          
Related Party Transaction [Line Items]          
Fair Value 12,555   12,555    
Book Value 12,555   12,555    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | Windhill CLO 2, Ltd. - July 2024 - Sale - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 53,462   53,462    
Book Value 54,628   54,628    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     (1,166)    
Affiliated Entity | Windhill CLO 2, Ltd. - July 2024 - Sale - Fixed Maturities1          
Related Party Transaction [Line Items]          
Fair Value 6,579   6,579    
Book Value 6,695   6,695    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     (116)    
Affiliated Entity | Windhill CLO 1, Ltd. - July 2024 - Sale - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 2,136   2,136    
Book Value 2,200   2,200    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     (64)    
Affiliated Entity | PAR U - July 2024 - Purchase - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 17,402   17,402    
Book Value 17,402   17,402    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | Prudential Insurance - July 2024 - Purchase - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 22,655   22,655    
Book Value 23,433   23,433    
Additional Paid in Capital 614   614    
Realized investment gains (losses)     0    
Affiliated Entity | PAR U - July 2024 - Purchase - Fixed Maturities1          
Related Party Transaction [Line Items]          
Fair Value 1,239   1,239    
Book Value 1,239   1,239    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | PAR U - July 2024 - Purchase - Derivatives          
Related Party Transaction [Line Items]          
Fair Value 2,975   2,975    
Book Value 2,975   2,975    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | Windhill CLO 2, Ltd. - August 2024 - Sale - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 21,929   21,929    
Book Value 22,500   22,500    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     (571)    
Affiliated Entity | Windhill CLO 1, Ltd. - August 2024 - Sale - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 13,650   13,650    
Book Value 14,100   14,100    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     (450)    
Affiliated Entity | PAR U - August 2024 - Purchase - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 46,742   46,742    
Book Value 46,742   46,742    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | PAR U - August 2024 - Purchase - Fixed Maturities1          
Related Party Transaction [Line Items]          
Fair Value 4,793   4,793    
Book Value 4,793   4,793    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | Prudential Insurance - August 2024 - Purchase - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 35,872   35,872    
Book Value 35,085   35,085    
Additional Paid in Capital (621)   (621)    
Realized investment gains (losses)     0    
Affiliated Entity | Windhill CLO 2, Ltd. - September 2024 - Sale - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 57,613   57,613    
Book Value 57,613   57,613    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     0    
Affiliated Entity | Windhill CLO 2, Ltd. - September 2024 - Sale - Fixed Maturities1          
Related Party Transaction [Line Items]          
Fair Value 24,575   24,575    
Book Value 24,911   24,911    
Additional Paid in Capital 0   0    
Realized investment gains (losses)     (336)    
Affiliated Entity | Prudential Insurance - September 2024 - Purchase - Fixed Maturities          
Related Party Transaction [Line Items]          
Fair Value 44,773   44,773    
Book Value 43,632   43,632    
Additional Paid in Capital $ (901)   (901)    
Realized investment gains (losses)     $ 0    
v3.24.3
Related Party Transactions Related Party Transactions (Debt Agreements) (Details) - Affiliated Entity - USD ($)
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Short-term and Long-term debt $ 0 $ 180,411,000
Short-term debt to affiliates   180,000,000
Prudential Insurance Loan Issued 8/13/2021    
Related Party Transaction [Line Items]    
Short-term and Long-term debt $ 0 94,953,000
Interest Rates 3.95%  
Prudential Insurance Loan Issued 8/13/2021    
Related Party Transaction [Line Items]    
Short-term and Long-term debt $ 0 37,981,000
Interest Rates 3.95%  
Prudential Insurance Loan Issued 8/13/2021    
Related Party Transaction [Line Items]    
Short-term and Long-term debt $ 0 $ 47,477,000
Interest Rates 3.95%  
v3.24.3
Commitments and Contingent Liabilities (Details) - Fair Value Guarantee [Member] - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Commitments and Contingent Liabilities [Line Items]    
Guaranteed value of third-parties' assets $ 1,213,038 $ 311,302
Fair value of collateral supporting these assets 1,098,558 287,621
Asset (liability) associated with guarantee, carried at fair value $ (454) $ 1
v3.24.3
Commitments and Contingent Liabilities (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Jul. 31, 2017
Commitments and Contingent Liabilities [Line Items]            
Litigation and regulatory matters loss contingency, range of possible loss, maximum (less than) $ 100.0   $ 100.0      
Indonesia | CT Corp Joint Venture            
Commitments and Contingent Liabilities [Line Items]            
Joint Venture with CT Corp, Ownership Percentage           49.00%
Commitments | Commercial mortgage loans            
Commitments and Contingent Liabilities [Line Items]            
Total outstanding mortgage loan commitments 480.0   480.0   $ 270.0  
Allowance for credit losses 0.2   0.2   0.3  
Change in allowance for credit loss expense (reversal) 0.0 $ 0.1 0.1 $ 0.0    
Commitments | Investments            
Commitments and Contingent Liabilities [Line Items]            
Commitments to purchase investment (excluding commercial mortgage loans) 1,137.0   1,137.0   1,182.0  
Purchase Commitment            
Commitments and Contingent Liabilities [Line Items]            
Change in allowance for credit loss expense (reversal) 0.0 $ 0.0 0.0 $ 0.0    
Other Guarantees            
Commitments and Contingent Liabilities [Line Items]            
Accrued liabilities $ 32.0   $ 32.0   $ 32.0