PRUCO LIFE INSURANCE CO, 10-Q filed on 8/16/2024
Quarterly Report
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Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2024
Aug. 16, 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 Jun. 30, 2024  
Document Fiscal Year Focus 2024  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q2  
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
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Unaudited Interim Consolidated Statements of Financial Position - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
ASSETS    
Fixed maturities, available for sale, at fair value (allowance for credit losses: 2024-$3,348; 2023-$2,008) (amortized cost: 2024–$33,149,962; 2023–$27,538,066) $ 31,110,763 $ 26,131,780
Fixed maturities, trading, at fair value (amortized cost: 2024–$3,594,538; 2023–$3,476,746) 3,074,512 2,796,446
Equity securities, at fair value (cost: 2024– $575,874; 2023–$824,270) 565,619 844,950
Policy loans 1,511,288 1,472,677
Short-term investments 416,658 380,366
Commercial mortgage and other loans (net of $41,572 and $37,689 allowance for credit losses at June 30, 2024 and December 31, 2023, respectively) 6,718,386 6,122,721
Other invested assets (includes $77,562 and $85,025 of assets measured at fair value at June 30, 2024 and December 31, 2023, respectively) 1,403,405 1,222,985
Total investments 44,800,631 38,971,925
Cash and cash equivalents 2,886,207 2,139,792
Deferred policy acquisition costs 7,482,833 7,097,511
Accrued investment income 426,302 333,838
Reinsurance recoverables 40,693,991 38,709,651
Receivables from parent and affiliates 416,539 332,583
Deferred sales inducements 337,202 351,424
Income tax assets 1,907,612 1,737,651
Market risk benefits assets 2,550,164 2,367,243
Other assets 2,596,292 2,078,938
Separate account assets 119,980,906 119,188,485
TOTAL ASSETS 224,078,679 213,309,041
LIABILITIES    
Policyholders’ account balances 61,036,866 53,012,800
Future policy benefits 23,030,579 23,205,205
Market risk benefit liabilities 4,370,960 5,144,401
Cash collateral for loaned securities 19,397 218,310
Short-term debt to affiliates 0 180,411
Payables to parent and affiliates 3,133,697 2,667,696
Other liabilities 8,574,711 5,170,308
Separate account liabilities 119,980,906 119,188,485
Total liabilities 220,147,116 208,787,616
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 4,508,290 5,052,602
Retained earnings / (accumulated deficit) (189,104) (532,951)
Accumulated other comprehensive income (loss) (498,247) (30,920)
Total Pruco Life Insurance Company equity 3,823,439 4,491,231
Noncontrolling Interests 108,124 30,194
Total equity 3,931,563 4,521,425
TOTAL LIABILITIES AND EQUITY $ 224,078,679 $ 213,309,041
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Unaudited Interim Consolidated Statements of Financial Position (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Fixed Maturities, Available-for-sale, allowance for credit losses $ 3,348 $ 2,008
Fixed Maturities, Available-for-sale, amortized cost 33,149,962 27,538,066
Fixed maturities, trading, amortized cost 3,594,538 3,476,746
Equity securities, at cost 575,874 824,270
Commercial mortgage and other loans, allowance for credit losses 41,572 37,689
Other invested assets, at fair value $ 77,562 $ 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
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Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
REVENUES        
Premiums (includes $(2,192), $4,141, $(2,522) and $5,092 of gains (losses) from change in estimates on deferred profit liability amortization for the three months ended June 30, 2024 and 2023 and the six months ended June 30, 2024 and 2023, respectively) $ 94,921 $ 89,965 $ 187,103 $ 166,621
Policy charges and fee income 388,834 363,536 3,298,039 750,027
Net investment income 579,993 393,075 1,085,313 742,525
Asset administration fees 55,113 56,788 111,745 120,990
Other income (loss) 137,689 105,458 351,174 350,305
Realized Investment gains (losses), net 838,882 7,694 861,882 (112,985)
Change in value of market risk benefits, net of related hedging gain (loss) (282,183) (38,887) (190,592) (18,685)
TOTAL REVENUES 1,813,249 977,629 5,704,664 1,998,798
BENEFITS AND EXPENSES        
Policyholders' benefits 135,879 146,961 4,242,287 252,143
Change in estimates of liability for future policy benefits (6,174) (1,133) (18,179) (5,535)
Interest credited to policyholders’ account balances 226,224 143,816 450,774 304,038
Amortization of deferred policy acquisition costs 148,010 129,147 16,995 266,642
General, administrative and other expenses 286,660 300,689 594,838 587,336
TOTAL BENEFITS AND EXPENSES 790,599 719,480 5,286,715 1,404,624
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total 1,022,650 258,149 417,949 594,174
Income tax expense (benefit) 134,404 40,326 70,787 96,565
INCOME (LOSS) FROM OPERATIONS BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURE 888,246 217,823 347,162 497,609
Equity in earnings of operating joint venture, net of taxes (86) (225) (243) (332)
NET INCOME (LOSS) 888,160 217,598 346,919 497,277
Less: Income (loss) attributable to noncontrolling interests 1,891 0 3,072 0
NET INCOME (LOSS) ATTRIBUTABLE TO PRUCO LIFE INSURANCE COMPANY 886,269 217,598 343,847 497,277
Other comprehensive income (loss), before tax:        
Foreign currency translation adjustments (1,816) 600 (4,178) 3,266
Net unrealized investment gains (losses) (155,693) (263,227) (469,000) 118,874
Interest rate remeasurement of future policy benefits 33,385 20,636 66,215 (17,588)
Gain (loss) from changes in non-performance risk on market risk benefits 55,049 (247,746) (183,925) (67,323)
Total (69,075) (489,737) (590,888) 37,229
Less: Income tax expense (benefit) related to other comprehensive income (loss) (14,270) (102,846) (123,561) 7,416
Other comprehensive income (loss), net of taxes (54,805) (386,891) (467,327) 29,813
Total comprehensive income (loss) 833,355 (169,293) (120,408) 527,090
Less: Comprehensive income (loss) attributable to noncontrolling interests 1,891 0 3,072 0
Comprehensive income (loss) attributable to Pruco Life Insurance Company $ 831,464 $ (169,293) $ (123,480) $ 527,090
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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)           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) $ 497,277              
Other comprehensive income (loss), net of tax 29,813              
Total comprehensive income (loss) 527,090              
Ending Balance at Jun. 30, 2023   2,500 6,145,282 (496,877) 19,748 5,670,653 0 5,670,653
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   217,598
Other comprehensive income (loss), net of tax (386,891)       (386,891) (386,891) 0 (386,891)
Total comprehensive income (loss) (169,293)         (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
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)           (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) 346,919              
Other comprehensive income (loss), net of tax (467,327)              
Total comprehensive income (loss) (120,408)              
Ending Balance at Jun. 30, 2024 3,931,563 2,500 4,508,290 (189,104) (498,247) 3,823,439 108,124 3,931,563
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)    
Contributions from noncontrolling interests             49,548 49,548
Contributed (distributed) capital-parent/child asset transfers     (34)     (34)   (34)
Comprehensive income (loss):                
Net Income (Loss) 888,160     886,269   886,269 1,891 888,160
Other comprehensive income (loss), net of tax (54,805)       (54,805) (54,805) 0 (54,805)
Total comprehensive income (loss) 833,355         831,464 1,891 833,355
Ending Balance at Jun. 30, 2024 $ 3,931,563 $ 2,500 $ 4,508,290 $ (189,104) $ (498,247) $ 3,823,439 $ 108,124 $ 3,931,563
[1] Prior period amounts reflect the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
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Unaudited Interim Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 346,919 $ 497,277
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Policy charges and fee income (2,391,091) 32,088
Interest credited to policyholders’ account balances 450,774 304,038
Realized investment (gains) losses, net (861,882) 112,985
Change in value of market risk benefits, net of related hedging (gains) losses 190,592 18,685
Change in:    
Future policy benefits and other insurance liabilities 1,319,243 1,114,998
Reinsurance recoverables (371,039) (266,323)
Accrued investment income (84,564) (61,627)
Net payables to/receivables from parent and affiliates 34,767 (62,810)
Deferred policy acquisition costs (700,157) (247,251)
Income taxes (47,971) (131,308)
Derivatives, net 566,749 (24,143)
Other, net 3,465,543 22,671
Cash flows from (used in) operating activities 1,917,883 1,309,280
Proceeds from the sale/maturity/prepayment of:    
Fixed maturities, available-for-sale 1,508,920 668,943
Fixed maturities, trading 634,302 28,720
Equity securities 599,044 44,737
Policy loans 90,999 96,630
Ceded policy loans (53,663) (65,351)
Short-term investments 751,272 188,767
Commercial mortgage and other loans 206,032 65,695
Other invested assets 28,981 6,890
Payments for the purchase/origination of:    
Fixed maturities, available-for-sale (6,966,095) (4,639,830)
Fixed maturities, trading (1,033,048) (508,352)
Equity securities (355,520) (84,161)
Policy loans (116,650) (1,039,549)
Ceded policy loans 49,226 89,078
Short-term investments (787,217) (352,450)
Commercial mortgage and other loans (810,995) (499,642)
Other invested assets (206,518) (92,315)
Notes receivable from parent and affiliates, net (180,046)  
Notes receivable from parent and affiliates, net   3,380
Derivatives, net 157,771 (72,609)
Other, net (7,632) (6,502)
Cash flows from (used in) investing activities (6,490,837) (6,167,921)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Policyholders’ account deposits 8,432,668 6,380,420
Ceded policyholders’ account deposits (654,834) (590,643)
Policyholders’ account withdrawals (2,047,637) (1,904,078)
Ceded policyholders’ account withdrawals 410,169 317,163
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities (198,908) 75,379
Contributed / (return of) capital (550,000)  
Contributed / (return of) capital   105,000
Contributed (distributed) capital - parent/child asset transfers 7,481 2,997
Net change in all other financing arrangements (maturities 90 days or less) 0 (88)
Repayments of debt (maturities longer than 90 days) (180,411) 0
Drafts outstanding (84,821) (83,568)
Other, net 185,662 (60,577)
Cash flows from (used in) financing activities 5,319,369 4,242,005
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 746,415 (616,636)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 2,139,792 2,397,627
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 2,886,207 $ 1,780,991
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Unaudited Interim Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
FLIAC    
Non-cash activities   $ 335
Affiliated Entity | PURE and PICA    
Non-cash activities $ 1,129  
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Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Gain (loss) from changes in estimates on deferred profit liability amortization $ (2,192) $ 4,141 $ (2,522) $ 5,092
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Business and Basis of Presentation
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business and Basis of Presentation BUSINESS AND BASIS OF PRESENTATION
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.

Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current period presentation.
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Significant Accounting Policies and Pronouncements
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies and Pronouncements SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS
Recent Accounting Pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of ASUs to the FASB Accounting Standards Codification ("ASC"). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of June 30, 2024, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

ASUs issued but not yet adopted as of June 30, 2024

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 Company is currently assessing the impact of the ASU on the Company's Consolidated Financial Statements and Notes to the Consolidated Financial Statements.
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Investments
 6 Months Ended
Jun. 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:
 June 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$1,198,985 $13,506 $91,356 $0 $1,121,135 
Obligations of U.S. states and their political subdivisions637,572 1,961 27,051 0 612,482 
Foreign government bonds326,497 855 61,028 0 266,324 
U.S. public corporate securities12,357,109 43,886 987,257 1,616 11,412,122 
U.S. private corporate securities5,540,730 11,550 329,287 1,588 5,221,405 
Foreign public corporate securities3,020,621 9,803 133,192 139 2,897,093 
Foreign private corporate securities5,357,655 48,506 485,061 0 4,921,100 
Asset-backed securities(1)3,403,884 31,590 8,205 0 3,427,269 
Commercial mortgage-backed securities922,301 3,193 66,432 0 859,062 
Residential mortgage-backed securities(2)384,608 606 12,438 5 372,771 
Total fixed maturities, available-for-sale$33,149,962 $165,456 $2,201,307 $3,348 $31,110,763 
(1)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans and home equity.
(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 bonds330,830 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.
(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:
 June 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$230,068 $2,572 $294,783 $88,784 $524,851 $91,356 
Obligations of U.S. states and their political subdivisions223,788 3,957 234,192 23,094 457,980 27,051 
Foreign government bonds22,104 674 226,215 60,354 248,319 61,028 
U.S. public corporate securities2,763,982 57,470 5,644,459 929,754 8,408,441 987,224 
U.S. private corporate securities1,257,925 29,254 3,114,266 300,033 4,372,191 329,287 
Foreign public corporate securities891,965 5,472 988,534 127,696 1,880,499 133,168 
Foreign private corporate securities1,238,396 29,092 2,526,982 455,969 3,765,378 485,061 
Asset-backed securities476,496 1,994 193,910 6,211 670,406 8,205 
Commercial mortgage-backed securities69,386 301 568,747 66,131 638,133 66,432 
Residential mortgage-backed securities129,727 1,264 151,836 11,174 281,563 12,438 
Total fixed maturities, available-for-sale$7,303,837 $132,050 $13,943,924 $2,069,200 $21,247,761 $2,201,250 


 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 bonds10,226 116 233,757 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 June 30, 2024 and December 31, 2023, the gross unrealized losses on fixed maturity, available-for-sale securities without an allowance of $2,071 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 $130 million and $106 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of June 30, 2024, the $2,069 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 June 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 June 30, 2024, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the 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:
June 30, 2024
 Amortized CostFair Value
(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less$1,585,826 $1,549,703 
Due after one year through five years10,560,134 10,212,123 
Due after five years through ten years8,207,957 7,798,270 
Due after ten years8,085,252 6,891,565 
Asset-backed securities3,403,884 3,427,269 
Commercial mortgage-backed securities922,301 859,062 
Residential mortgage-backed securities384,608 372,771 
Total fixed maturities, available-for-sale$33,149,962 $31,110,763 

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 June 30,Six Months Ended June 30,
 2024202320242023
(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$321,870 $68,308 $428,025 $128,681 
Proceeds from maturities/prepayments698,470 193,205 1,135,913 488,333 
Gross investment gains from sales and maturities9,407 6,777 10,344 9,449 
Gross investment losses from sales and maturities(16,340)(5,587)(24,472)(17,525)
Write-downs recognized in earnings(2)0 4 0 7 
(Addition to) release of allowance for credit losses(1,698)(1,196)(1,340)(154)
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(55.0) million and $51.9 million for the six months ended June 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 June 30, 2024
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government BondsU.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 $1,650 $0 $0 $0 $1,650 
Additions to allowance for credit losses not previously recorded0 0 339 0 0 5 344 
Reductions for securities sold during the period0 0 (1)0 0 0 (1)
Additions (reductions) on securities with previous allowance0 0 1,355 0 0 0 1,355 
Assets transferred to parent and affiliates 0 0 0 0 0 0 0 
Balance, end of period$0 $0 $3,343 $0 $0 $5 $3,348 

Three Months Ended June 30, 2023
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government BondsU.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 $3,720 $0 $0 $7 $3,727 
Additions to allowance for credit losses not previously recorded0 0 242 0 0 0 242 
Reductions for securities sold during the period0 0 (41)0 0 0 (41)
Additions (reductions) on securities with previous allowance0 0 996 0 0 (1)995 
Balance, end of period$0 $0 $4,917 $0 $0 $6 $4,923 
Six Months Ended June 30, 2024
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government BondsU.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 0 396 0 0 5 401 
Reductions for securities sold during the period0 0 (42)0 0 0 (42)
Additions (reductions) on securities with previous allowance0 0 510 (1)0 (7)502 
Assets transferred to parent and affiliates 0 0 479 0 0 0 479 
Balance, end of period$0 $0 $3,343 $0 $0 $5 $3,348 

Six Months Ended June 30, 2023
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government BondsU.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 3,165 0 0 0 3,165 
Reductions for securities sold during the period0 (1)(3,774)0 0 0 (3,775)
Additions (reductions) on securities with previous allowance0 (4)771 0 0 (3)764 
Balance, end of period$0 $0 $4,917 $0 $0 $6 $4,923 

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 June 30, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the capital goods and finance sectors within corporate securities due to adverse projected cash flows. For the three months ended June 30, 2023, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the technology and communications sectors within corporate securities, due to adverse projected cash flows.

For the six months ended June 30, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the utility, capital goods and finance sectors within corporate securities. For the six months ended June 30, 2023, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions within the technology and communications sectors within corporate securities, partially offset by restructurings within the capital goods and transportation sectors within private corporate securities.
The Company did not have any fixed maturity securities purchased with credit deterioration, as of both June 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 $(50.9) million and $(53.5) million during the three months ended June 30, 2024 and 2023, respectively, and $(132.2) million and $42.6 million during the six months ended June 30, 2024 and 2023, respectively.
Equity Securities

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $(9.2) million and $(1.1) million during the three months ended June 30, 2024 and 2023, respectively, and $(21.4) million and $8.1 million during the six months ended June 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:
June 30, 2024December 31, 2023
 Amount
(in thousands)		% of
Total		Amount
(in thousands)		% of
Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$1,776,234 26.3 %$1,578,785 25.7 %
Hospitality99,596 1.5 102,952 1.7 
Industrial2,701,470 40.0 2,486,230 40.4 
Office587,978 8.6 604,611 9.8 
Other666,349 9.9 456,720 7.4 
Retail349,157 5.2 363,706 5.9 
Total commercial mortgage loans6,180,784 91.5 5,593,004 90.9 
Agricultural property loans571,962 8.5 562,046 9.1 
Total commercial mortgage and agricultural property loans6,752,746 100.0 %6,155,050 100.0 %
Allowance for credit losses(41,572)(37,689)
Total net commercial mortgage and agricultural property loans6,711,174 6,117,361 
Other loans:
Other collateralized loans7,212 5,360 
Total other loans7,212 5,360 
Total net commercial mortgage and other loans$6,718,386 $6,122,721 

As of June 30, 2024, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States (with the largest concentrations in California (27%), Texas (9%) and Washington (7%)), and included loans secured by properties in Europe (10%), 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 June 30,
20242023
Commercial Mortgage LoansAgricultural Property LoansTotalCommercial Mortgage LoansAgricultural Property LoansTotal
(in thousands)
Allowance, beginning of period$41,769 $913 $42,682 $20,427 $983 $21,410 
Addition to (release of) allowance for expected losses(1,077)(33)(1,110)706 (23)683 
Allowance, end of period$40,692 $880 $41,572 $21,133 $960 $22,093 

Six Months Ended June 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 losses3,934 (51)3,883 1,468 362 1,830 
Allowance, end of period$40,692 $880 $41,572 $21,133 $960 $22,093 


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 June 30, 2024, the net decrease in the allowance for credit losses on commercial mortgage and other loans was in the general allowance primarily due to loan payoffs, partially offset by loan originations. For the three months ended June 30, 2023, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to an increase in the general allowance due to declining market conditions and loan originations.

For the six months ended June 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 within the office sector and in the general allowance due to loan originations, partially offset by loan payoffs. For the six months ended June 30, 2023, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to 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:
June 30, 2024
Amortized Cost by Origination Year
20242023202220212020PriorRevolving LoansTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$89,035 $254,068 $230,308 $480,391 $94,393 $1,197,399 $0 $2,345,594 
60%-69.99%541,378 690,428 362,596 445,103 170,063 405,172 0 2,614,740 
70%-79.99%126,919 210,883 121,583 257,377 77,219 57,912 0 851,893 
80% or greater2,130 0 57,764 84,140 3,850 220,673 0 368,557 
Total$759,462 $1,155,379 $772,251 $1,267,011 $345,525 $1,881,156 $0 $6,180,784 
Debt Service Coverage Ratio:
Greater than 1.2x$713,612 $1,039,629 $768,777 $1,267,011 $275,080 $1,755,968 $0 $5,820,077 
1.0 - 1.2x45,850 115,750 3,474 0 0 49,352 0 214,426 
Less than 1.0x0 0 0 0 70,445 75,836 0 146,281 
Total$759,462 $1,155,379 $772,251 $1,267,011 $345,525 $1,881,156 $0 $6,180,784 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$19,587 $89,733 $168,400 $131,887 $23,775 $43,900 $13,789 $491,071 
60%-69.99%0 19,452 37,889 0 0 0 0 57,341 
70%-79.99%0 0 7,000 0 0 0 14,815 21,815 
80% or greater0 0 0 0 1,735 0 0 1,735 
Total$19,587 $109,185 $213,289 $131,887 $25,510 $43,900 $28,604 $571,962 
Debt Service Coverage Ratio:
Greater than 1.2x$18,587 $95,419 $211,289 $130,184 $23,775 $43,900 $28,604 $551,758 
1.0 - 1.2x1,000 13,766 2,000 0 1,735 0 0 18,501 
Less than 1.0x0 0 0 1,703 0 0 0 1,703 
Total$19,587 $109,185 $213,289 $131,887 $25,510 $43,900 $28,604 $571,962 
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.

During the three and six months ended June 30, 2024, commercial mortgage and other loans with amortized cost of $9 million and $17 million, respectively, were granted term extensions with borrowers experiencing financial difficulties. The modified loans represent less than 1% of the portfolio. These modifications added less than one year to the weighted average life of loans in this portfolio.

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

For the six months ended June 30, 2024, all commercial mortgage and other loans that were modified to borrowers experiencing financial difficulties were current.

The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulties on modified loans as of June 30, 2024 and December 31, 2023.
The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status as of the dates indicated:
June 30, 2024
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$6,167,492 $0 $0 $13,292 $6,180,784 $15,422 
Agricultural property loans571,962 0 0 0 571,962 3,322 
Other collateralized loans7,212 0 0 0 7,212 0 
Total$6,746,666 $0 $0 $13,292 $6,759,958 $18,744 
(1)As of June 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 did not recognize any interest income for both the three and six months ended June 30, 2024. Loans on non-accrual status that did not have a related allowance for credit losses were $3 million and $0 million as of June 30, 2024 and December 31, 2023, respectively.

For both the three and six months ended June 30, 2024, there were $14.1 million commercial mortgage and other loans acquired, other than those through direct origination, and there were no commercial mortgage and other loans sold.

For both the three and six months ended June 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 June 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:
June 30, 2024December 31, 2023
 (in thousands)
LPs/LLCs:
Equity method:
Private equity$358,116 $333,863 
Hedge funds869,690 720,360 
Real estate-related97,597 83,339 
Subtotal equity method1,325,403 1,137,562 
Fair value:
Private equity33,140 48,483 
Hedge funds25 137 
Real estate-related17,153 18,687 
Subtotal fair value50,318 67,307 
Total LPs/LLCs1,375,721 1,204,869 
Derivative instruments27,244 17,718 
Other (1)440 398 
Total other invested assets$1,403,405 $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:
June 30, 2024December 31, 2023
(in thousands)
Fixed maturities$343,332 $272,031 
Equity securities220 220 
Commercial mortgage and other loans23,906 21,070 
Policy loans52,057 35,210 
Other invested assets0 43 
Short-term investments and cash equivalents6,787 5,264 
Total accrued investment income$426,302 $333,838 

There were no significant write-downs on accrued investment income for both the three and six months ended June 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 June 30,Six Months Ended June 30,
 2024202320242023
 (in thousands)
Fixed maturities, available-for-sale$393,930 $275,718 $732,739 $510,528 
Fixed maturities, trading38,957 21,761 70,626 39,635 
Equity securities6,458 2,543 10,205 5,320 
Commercial mortgage and other loans77,920 56,317 151,678 104,973 
Policy loans16,588 10,622 31,033 15,618 
Other invested assets28,747 15,624 52,067 41,723 
Short-term investments and cash equivalents41,007 29,582 87,322 60,758 
Gross investment income603,607 412,167 1,135,670 778,555 
Less: investment expenses(23,614)(19,092)(50,357)(36,030)
Net investment income$579,993 $393,075 $1,085,313 $742,525 
            
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 June 30,Six Months Ended June 30,
 2024202320242023
 (in thousands)
Fixed maturities(1)$(8,631)$(2)$(15,468)$(8,223)
Commercial mortgage and other loans1,162 (806)(4,619)(2,084)
Other invested assets17,635 7,569 33,146 13,196 
Derivatives828,449 600 848,903 (117,670)
Short-term investments and cash equivalents267 333 (80)1,796 
Realized investment gains (losses), net$838,882 $7,694 $861,882 $(112,985)
(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:
June 30, 2024December 31, 2023
 (in thousands)
Fixed maturity securities, available-for-sale with an allowance$491 $1,987 
Fixed maturity securities, available-for-sale without an allowance(2,036,342)(1,406,265)
Derivatives designated as cash flow hedges(1)75,293 11,934 
Affiliated notes(6,791)(8,760)
Other investments(2)(203)(1,089)
Net unrealized gains (losses) on investments$(1,967,552)$(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 June 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:
June 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)
Foreign government bonds$0 $0 $0 $486 $0 $486 
U.S. public corporate securities7,712 1,900 9,612 27,247 0 27,247 
U.S. private corporate securities17 0 17 0 0 0 
Foreign public corporate securities9,768 0 9,768 13,101 0 13,101 
Equity securities0 0 0 177,476 0 177,476 
Total cash collateral for loaned securities(1)$17,497 $1,900 $19,397 $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.
v3.24.2.u1
Derivative Instruments
 6 Months Ended
Jun. 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.
 June 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$2,975 $215 $(491)$3,064 $0 $(238)
Foreign Currency Swaps2,725,643 165,873 (32,245)2,274,636 121,243 (54,044)
Total Derivatives Designated as Hedge Accounting Instruments$2,728,618 $166,088 $(32,736)$2,277,700 $121,243 $(54,282)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$167,487,864 $8,227,910 $(19,877,550)$163,179,764 $6,605,817 $(17,820,436)
Interest Rate Futures859,000 2,964 (291)1,332,600 3,055 (210)
Interest Rate Options29,503,000 227,324 (1,181,463)29,738,000 189,112 (969,718)
Interest Rate Forwards1,458,000 55,415 (57,927)1,458,000 741 (3,196)
Foreign Currency
Foreign Currency Forwards908,100 4,913(985)744,576 1,772 (12,232)
Credit
Credit Default Swaps520,6004,8300 643,280 7,727 0 
Currency/Interest Rate
Foreign Currency Swaps2,238,553125,477(20,687)2,237,331 96,618 (31,294)
Equity
Total Return Swaps15,885,233 599,846 (803,880)15,049,993 418,084 (803,452)
Equity Options72,507,886 3,638,902 (2,274,561)49,247,510 1,600,335 (1,552,706)
Equity Futures813,292 156 (3,041)418,973 1,232 (500)
Synthetic GICs1,208,219 763 (208)311,302 1 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments$293,389,747 $12,888,500 $(24,220,593)$264,361,329 $8,924,494 $(21,193,744)
Total Derivatives(1)(2)$296,118,365 $13,054,588 $(24,253,329)$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 $9,606 million and $7,402 million as of June 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.

 June 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$13,053,807 $(13,027,344)$26,463 $0 $26,463 
Securities purchased under agreements to resell325,000 0 325,000 0 325,000 
Total Assets$13,378,807 $(13,027,344)$351,463 $0 $351,463 
Offsetting of Financial Liabilities:
Derivatives$24,253,121 $(21,143,003)$3,110,118 $(3,110,118)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$24,253,121 $(21,143,003)$3,110,118 $(3,110,118)$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 June 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 $2 $0 $(21)
Currency/Interest Rate(569)0 12,141 1,258 36,201 
Total cash flow hedges(568)0 12,143 1,258 36,180 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate28,037 (410,527)0 0 0 
Currency8,285 0 0 0 0 
Currency/Interest Rate1,556 0 0 (60)0 
Credit(368)0 0 0 0 
Equity596,834 (58,063)0 0 0 
Embedded Derivatives194,673 0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments829,017 (468,590)0 (60)0 
Total$828,449 $(468,590)$12,143 $1,198 $36,180 
 Six Months Ended June 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 $(62)$0 $(10)
Currency/Interest Rate(677)0 22,869 13,605 63,369 
Total cash flow hedges(676)0 22,807 13,605 63,359 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate72,509 (1,266,452)0 0 0 
Currency21,406 0 0 0 0 
Currency/Interest Rate33,532 0 0 123 0 
Credit7,518 0 0 0 0 
Equity2,023,011 (488,930)0 0 0 
Embedded Derivatives(1,308,397)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments849,579 (1,755,382)0 123 0 
Total$848,903 $(1,755,382)$22,807 $13,728 $63,359 

 Three Months Ended June 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 $(29)$0 $(43)
Currency/Interest Rate(1,944)0 10,974 (7,027)(18,636)
Total cash flow hedges(1,943)0 10,945 (7,027)(18,679)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate63,875 (915,225)0 0 0 
Currency(5,416)0 0 0 0 
Currency/Interest Rate(23,601)0 0 (54)0 
Credit1,392 0 0 0 0 
Equity947,017 (398,134)0 0 0 
Embedded Derivatives(980,724)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments2,543 (1,313,359)0 (54)0 
Total$600 $(1,313,359)$10,945 $(7,081)$(18,679)
 Six Months Ended June 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 $(54)$0 $(2)
Currency/Interest Rate571 0 22,679 (17,453)(38,964)
Total cash flow hedges572 0 22,625 (17,453)(38,966)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate15,712 (707,165)0 0 0 
Currency(12,026)0 0 0 0 
Currency/Interest Rate(36,322)0 0 (200)0 
Credit2,326 0 0 0 0 
Equity1,143,892 (598,066)0 0 0 
Embedded Derivatives(1,228,711)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(115,129)(1,305,231)0 (200)0 
Total$(114,557)$(1,305,231)$22,625 $(17,653)$(38,966)


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(71)
Currency/Interest Rate99,166 
Total amount recorded in AOCI99,095 
Amount reclassified from AOCI to income
Interest Rate61 
Currency/Interest Rate(35,797)
Total amount reclassified from AOCI to income(35,736)
Balance, June 30, 2024$75,293 

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 June 30, 2024 values, it is estimated that a pre-tax gain of $29 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending June 30, 2025.

The exposures the Company is hedging with these qualifying cash flow hedges include the variability of 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 $521 million and $643 million as of June 30, 2024 and December 31, 2023, respectively. These credit derivatives are reported at fair value as an asset of $5 million and $8 million as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024 the notional amount of these credit derivatives had the following NAIC ratings: $483 million in NAIC 3 and $38 million in NAIC 6.

The Company has no exposure on purchased credit protection as of June 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.
v3.24.2.u1
Fair Value of Assets and Liabilities
 6 Months Ended
Jun. 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.
 June 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 $1,121,135 $0 $$1,121,135 
Obligations of U.S. states and their political subdivisions0 612,482 0 612,482 
Foreign government bonds0 265,660 664 266,324 
U.S. corporate public securities0 11,412,122 0 11,412,122 
U.S. corporate private securities0 4,639,796 581,609 5,221,405 
Foreign corporate public securities0 2,890,201 6,892 2,897,093 
Foreign corporate private securities0 4,504,426 416,674 4,921,100 
Asset-backed securities(2)0 2,835,605 591,664 3,427,269 
Commercial mortgage-backed securities0 782,691 76,371 859,062 
Residential mortgage-backed securities0 372,771 0 372,771 
Subtotal0 29,436,889 1,673,874 31,110,763 
Market risk benefit assets0 0 2,550,164 2,550,164 
Fixed maturities, trading0 2,833,692 240,820 3,074,512 
Equity securities521,834 15,455 28,330 565,619 
Short-term investments7,942 347,940 2,674 358,556 
Cash equivalents0 1,667,949 605 1,668,554 
Other invested assets(4)15,921 13,037,904 763 (13,027,344)27,244 
Other assets0 0 363,440 363,440 
Reinsurance recoverables0 0 127,289 127,289 
Receivables from parent and affiliates0 149,495 181,319 330,814 
Subtotal excluding separate account assets545,697 47,489,324 5,169,278 (13,027,344)40,176,955 
Separate account assets(5)(6)209,537 114,021,411 9,799 114,240,747 
Total assets$755,234 $161,510,735 $5,179,077 $(13,027,344)$154,417,702 
Market risk benefit liabilities$0 $0 $4,370,960 $ $4,370,960 
Policyholders' account balances0 0 10,083,258 10,083,258 
Payables to parent and affiliates0 24,249,436 0 (21,142,232)3,107,204 
Other liabilities(7)3,686 13,178 207 (771)16,300 
Total liabilities$3,686 $24,262,614 $14,454,425 $(21,143,003)$17,577,722 

 
 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 bonds0 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 $(8,116) million and $(9,569) million as of June 30, 2024 and December 31, 2023, respectively.
(2)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.
(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 June 30, 2024 and December 31, 2023, the fair value of such investments was $50 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 June 30, 2024 and December 31, 2023, the fair value of such investments was $5,740 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.
 June 30, 2024
 Fair Value  Valuation  
Techniques		Unobservable Inputs  Minimum  MaximumWeighted Average  Impact of 
Increase in 
Input on 
Fair Value(1)
 (in thousands)
Assets:
Corporate securities(2)$889,304 Discounted cash flowDiscount rate7.42 %20 %11.75 %Decrease
Commercial mortgage-backed securities$76,371 Discounted cash flowLiquidity premium1.00 %1.00 %1.00 %Decrease
Market risk benefit assets(3)$2,550,164 Discounted cash flowLapse rate(4)1 %20 %Increase
Spread over SOFR(5)0.35 %1.92 %Increase
Utilization rate(6)37 %94 %Decrease
Withdrawal rateSee table footnote (7) below.
Mortality rate(8)0 %16 %Increase
Equity volatility curve15 %25 %Decrease
Other assets(9)$363,440 Discounted cash flowLapse rate(4)0 %80 %Increase
Spread over SOFR(5)0.35 %1.90 %Increase
Mortality rate(8)0 %23 %Increase
Option budget(11)(1)%7 %Decrease
Receivable from parent and affiliates$181,319 Recent purchase priceRecent purchase price
Liabilities:
Market risk benefit liabilities(3)$4,370,960 Discounted cash flowLapse rate(4)1 %20 %Decrease
Spread over SOFR(5)0.35 %1.92 %Decrease
Utilization rate(6)37 %94 %Increase
Withdrawal rateSee table footnote (7) below.
Mortality rate(8)0 %16 %Decrease
Equity volatility curve15 %25 %Increase
Policyholders' account balances(10)$10,083,258 Discounted cash flowLapse rate(4)0 %80 %Decrease
Spread over SOFR(5)0.35 %1.90 %Decrease
Mortality rate(8)0 %23 %Decrease
Option budget(11)(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)
 (in thousands)
Assets:
Corporate securities(2)$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(3)$2,367,243 Discounted cash flowLapse rate(4)1 %20 %Increase
Spread over SOFR(5)0.41 %1.91 %Increase
Utilization rate(6)38 %95 %Decrease
Withdrawal rateSee table footnote (7) below.
Mortality rate(8)0 %15 %Increase
Equity volatility curve15 %25 %Decrease
Other assets(9)$224,019 Discounted cash flowLapse rate(4)1 %80 %Increase
Spread over SOFR(5)0.41 %1.85 %Increase
Mortality rate(8)0 %23 %Increase
Option budget(11)(1)%7 %Decrease
Liabilities:
Market risk benefit liabilities(3)$5,144,401 Discounted cash flowLapse rate(4)1 %20 %Decrease
Spread over SOFR(5)0.41 %1.91 %Decrease
Utilization rate(6)38 %95 %Increase
Withdrawal rateSee table footnote (7) below.
Mortality rate(8)0 %15 %Decrease
Equity volatility curve15 %25 %Increase
Policyholders' account balances(10)$7,689,929 Discounted cash flowLapse rate(4)1 %80 %Decrease
Spread over SOFR(5)0.41 %1.85 %Decrease
Mortality rate(8)0 %23 %Decrease
Option budget(11)(1)%7 %Increase
(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.
(2)Includes assets classified as fixed maturities, available-for-sale.
(3)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.
(4)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.
(5)The spread over the Secured Overnight Financing Rate (“SOFR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of June 30, 2024 and December 31, 2023, respectively. This spread includes an estimate of non-performance risk ("NPR"), which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company ("AuguStar"), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of 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.
(6)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.
(7)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of June 30, 2024 and December 31, 2023, the minimum withdrawal rate assumption is 78% and 81%, respectively. As of June 30, 2024 and December 31, 2023 the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.
(8)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.
(9)Includes deposit assets related to reinsurance agreements using deposit accounting, which include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain annuity products.
(10)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.
(11)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 June 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$671 $(7)$0 $0 $0 $0 $0 $0 $0 $664 $(11)
Corporate securities(3)1,009,650 (6,128)203,749 (65,650)0 (71,908)(65,480)942 0 1,005,175 (7,077)
Structured securities(4)694,121 (254)37,188 0 0 (51,300)65,480 0 (77,200)668,035 380 
Other assets:
Fixed maturities, trading146,543 (50)111,784 0 0 (2,261)0 0 (15,196)240,820 (42)
Equity securities28,650 (320)0 0 0 0 0 0 0 28,330 (320)
Other invested assets1 761 1 0 0 0 0 0 0 763 761 
Short-term investments3,351 320 304 (8)0 (1,293)0 0 0 2,674 308 
Cash equivalents0 0 605 0 0 0 0 0 0 605 0 
Other assets303,538 14,418 58,326 0 0 (12,842)0 0 0 363,440 1,575 
Receivables from parent and affiliates121,378 0 111,140 (51,199)0 0 0 0 0 181,319 0 
Reinsurance recoverables(5)96,442 (20,186)51,033 0 0 0 0 0 0 127,289 (43,624)
Separate account assets7,894 102 1,805 (2)0 0 0 0 0 9,799 102 
Liabilities:
Policyholders' account balances(5)(9,752,538)213,839 0 0 (545,676)0 1,117 0 0 (10,083,258)973,682 
Other liabilities(207)0 0 0 0 0 0 0 0 (207)0 
Three Months Ended June 30, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(2,567)$0 $0 $(4,746)$924 $(1,404)$0 $0 $(5,304)
Other assets:
Fixed maturities, trading0 (50)0 0 0 0 (42)0 0 
Equity securities0 (320)0 0 0 0 (320)0 0 
Other invested assets761 0 0 0 0 761 0 0 0 
Short-term investments308 0 0 0 12 308 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Other assets14,418 0 0 0 0 1,575 0 0 0 
Receivables from parent and affiliates0 0 0 0 0 0 0 0 0 
Reinsurance recoverables(20,186)0 0 0 0 (43,624)0 0 0 
Separate account assets0 0 102 0 0 0 0 102 0 
Liabilities:
Policyholders' account balances213,839 0 0 0 0 973,682 0 0 0 
Other liabilities0 0 0 0 0 0 0 0 0 
Six Months Ended June 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 $(18)$0 $0 $0 $0 $0 $0 $0 $664 $(24)
Corporate securities(3)1,014,343 (16,918)328,790 (130,702)0 (125,800)(65,480)942 0 1,005,175 (16,678)
Structured securities(4)177,237 (393)521,528 0 0 (53,195)65,480 34,578 (77,200)668,035 101 
Other assets:
Fixed maturities, trading34,048 (898)225,127 0 0 (2,261)0 0 (15,196)240,820 (890)
Equity securities28,709 (652)273 0 0 0 0 0 0 28,330 (652)
Other invested assets1 762 0 0 0 0 0 0 0 763 762 
Short-term investments1,759 4 2,306 (8)0 (1,387)0 0 0 2,674 (8)
Cash equivalents0 0 605 0 0 0 0 0 0 605 0 
Other assets224,019 51,425 114,032 0 0 (26,036)0 0 0 363,440 25,388 
Receivables from parent and affiliates0 0 232,518 (51,199)0 0 0 0 0 181,319 0 
Reinsurance recoverables69,745 (25,707)83,251 0 0 0 0 0 0 127,289 (78,715)
Separate account assets5,985 301 4,438 (1,258)0 (125)0 458 0 9,799 302 
Liabilities:
Policyholders' account balances(5)(7,689,929)(1,289,185)0 0 (1,106,074)0 1,930 0 0 (10,083,258)831,176 
Other liabilities0(207)0000000(207)(207)
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Six Months Ended June 30, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(4,263)$0 $0 $(14,588)$1,522 $(776)$0 $0 $(15,825)
Other assets:
Fixed maturities, trading0 (898)0 0 0 0 (890)0 0 
Equity securities0 (652)0 0 0 0 (652)0 0 
Other invested assets762 0 0 0 0 762 0 0 0 
Short-term investments(8)0 0 0 12 (8)0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Other assets51,425 0 0 0 0 25,388 0 0 0 
Receivables from parent and affiliates0 0 0 0 0 0 0 0 0 
Reinsurance recoverables(25,707)0 0 0 0 (78,715)0 0 0 
Separate account assets0 0 301 0 0 0 0 302 0 
Liabilities:
Policyholders' account balances(1,289,185)0 0 0 0 831,176 0 0 0 
Other liabilities(207)0 0 0 0 (207)0 0 0 
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Three Months Ended June 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$714 $(13)$0 $0 $0 $0 $0 $0 $0 $701 $(16)
Corporate securities(3)535,893 1,876 216,778 (9,241)0 (25,418)1,359 0 0 721,247 1,773 
Structured securities(4)228,869 436 1,291 0 0 (725)0 0 (83,532)146,339 484 
Other assets:
Fixed maturities, trading6,250 0 0 0 0 0 0 0 (6,250)0 0 
Equity securities43,174 19 0 0 0 0 181 0 0 43,374 19 
Short-term investments14,416 717 1,146 0 0 (13,711)(1,359)0 0 1,209 0 
Other assets155,763 26,381 38,983 0 0 (3,514)0 0 0 217,613 19,779 
Receivables from parent and affiliates0 0 0 0 0 0 0 0 0 0 0 
Reinsurance recoverables1,357 108 0 0 0 0 0 0 0 1,465 108 
Separate account assets4,553 159 840 (420)0 (150)0 0 0 4,982 159 
Liabilities:
Policyholders' account balances(5)(4,129,043)(1,017,564)0 0 (439,615)0 72,773 0 0 (5,513,449)(150,676)
Three Months Ended June 30, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(1,138)$0 $0 $3,476 $(39)$(1,118)$0 $0 $3,359 
Other assets:
Fixed maturities, trading0 0 0 0 0 0 0 0 0 
Equity securities0 19 0 0 0 0 19 0 0 
Short-term investments423 0 0 (124)418 0 0 0 0 
Other assets26,381 0 0 0 0 19,779 0 0 0 
Receivables from parent and affiliates0 0 0 0 0 0 0 0 0 
Reinsurance recoverables108 0 0 0 0 108 0 0 0 
Separate account assets0 0 159 0 0 0 0 159 0 
Liabilities:
Policyholders' account balances(1,017,564)0 0 0 0 (150,676)0 0 0 
Six Months Ended June 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 $(23)$0 $0 $0 $0 $0 $0 $0 $701 $(28)
Corporate securities(3)507,496 7,199 310,874 (28,839)0 (76,842)1,359 0 0 721,247 6,413 
Structured securities(4)104,724 (3,199)147,307 (27)0 (1,338)0 2,240 (103,368)146,339 (3,129)
Other assets:
Fixed maturities, trading0 0 6,250 0 0 0 0 0 (6,250)0 0 
Equity securities28,593 (811)0 0 0 0 15,592 0 0 43,374 (811)
Short-term investments16,945 2,573 2,688 0 0 (19,638)(1,359)0 0 1,209 51 
Other assets141,041 8,020 73,603 0 0 (5,051)0 0 0 217,613 2,969 
Receivables from parent and affiliates0 0 0 0 0 0 0 0 0 0 0 
Reinsurance recoverables0 1,465 0 0 0 0 0 0 0 1,465 1,465 
Separate account assets4,645 257 840 (600)0 (160)0 0 0 4,982 255 
Liabilities:
Policyholders' account balances(5)(3,502,096)(1,247,483)0 0 (838,238)0 74,368 0 0 (5,513,449)(234,970)
Six Months Ended June 30, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(813)$0 $0 $4,440 $350 $(2,019)$0 $0 $5,275 
Other assets:
Fixed maturities, trading0 0 0 0 0 0 0 0 0 
Equity securities0 (811)0 0 0 0 (811)0 0 
Short-term investments1,857 0 0 (73)789 0 0 0 51 
Other assets8,020 0 0 0 0 2,969 0 0 0 
Receivables from parent and affiliates0 0 0 0 0 0 0 0 0 
Reinsurance recoverables1,465 0 0 0 0 1,465 0 0 0 
Separate account assets0 0 257 0 0 0 0 255 0 
Liabilities:
Policyholders' account balances(1,247,483)0 0 0 0 (234,970)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 $2,550 million and $2,340 million and MRB liabilities of $4,371 million and $5,090 million for the periods ended June 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.
 June 30, 2024
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $6,465,057 $6,465,057 $6,718,386 
Policy loans0 0 1,511,288 1,511,288 1,511,288 
Short-term investments58,102 0 0 58,102 58,102 
Cash and cash equivalents892,653 325,000 0 1,217,653 1,217,653 
Accrued investment income0 426,302 0 426,302 426,302 
Reinsurance recoverables0 0 21,733 21,733 23,508 
Receivables from parent and affiliates0 85,725 0 85,725 85,725 
Other assets0 89,182 1,910,626 1,999,808 1,999,808 
Total assets$950,755 $926,209 $9,908,704 $11,785,668 $12,040,772 
Liabilities:
Policyholders’ account balances - investment contracts$0 $872,062 $7,849,872 $8,721,934 $8,739,221 
Cash collateral for loaned securities0 19,397 0 19,397 19,397 
Payables to parent and affiliates0 26,493 0 26,493 26,493 
Other liabilities0 2,582,917 31,606 2,614,523 2,614,523 
Total liabilities$0 $3,500,869 $7,881,478 $11,382,347 $11,399,634 
 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 out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.
v3.24.2.u1
Deferred Policy Acquisition Costs, Deferred Reinsurance Losses, Deferred Reinsurance Gains And Deferred Sales Inducements
 6 Months Ended
Jun. 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:
Six Months Ended June 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 
Capitalization120,883 175,313 90,283 311,263 697,742 
Amortization expense(18,538)(170,567)(36,597)(68,114)(293,816)
Other(1)0 0 (97)(18,507)(18,604)
Balance, end of period$300,282 $3,262,507 $797,477 $3,122,567 $7,482,833 
(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.
Six Months Ended June 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 
   Capitalization48,552 117,342 72,216 275,783 513,893 
   Amortization expense(9,490)(166,332)(31,084)(59,736)(266,642)
   Other(1)0 (393,385)0 0 (393,385)
Balance, end of period$141,313 $3,294,079 $689,969 $2,658,930 $6,784,291 
(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:

Six Months Ended June 30, 2024
Variable AnnuitiesTerm LifeTotal
(in thousands)
Balance, beginning of period$194,110 $61,003 $255,113 
  Amortization expense(14,824)(3,870)(18,694)
  Other1 0 1 
Balance, end of period$179,287 $57,133 $236,420 

Six Months Ended June 30, 2023
Variable AnnuitiesTerm LifeTotal
(in thousands)
Balance, beginning of period$223,515 $69,378 $292,893 
  Amortization expense(15,113)(4,280)(19,393)
Balance, end of period$208,402 $65,098 $273,500 
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:
Six Months Ended June 30, 2024
Fixed AnnuitiesVariable AnnuitiesVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$48,073 $261,721 $1,363,496 $1,673,290 
  Amortization(5,444)(10,119)(58,690)(74,253)
Other(1)(8)(40)1,092,199 1,092,151 
Balance, end of period$42,621 $251,562 $2,397,005 $2,691,188 
(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.
Six Months Ended June 30, 2023
Fixed AnnuitiesVariable AnnuitiesVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$57,898 $0 $1,434,958 $1,492,856 
Amortization(4,406)(5,209)(36,032)(45,647)
Other(1)0 277,262 0 277,262 
Balance, end of period$53,492 $272,053 $1,398,926 $1,724,471 
(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:

Six Months Ended June 30,
20242023
(in thousands)
Balance, beginning of period$351,424 $381,504 
Capitalization1,214 1,503 
Amortization expense(15,436)(16,088)
Other0 (3)
Balance, end of period$337,202 $366,916 
v3.24.2.u1
Separate Accounts
 6 Months Ended
Jun. 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 benefits. Amounts assessed against the contractholders for mortality, administration, and other services are included within revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Realized investment gains (losses), net”.
Separate Account Assets

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

June 30, 2024December 31, 2023
(in thousands)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$4,925 $2,954 
Obligations of U.S. states and their political subdivisions authorities65 0 
 U.S. corporate securities11,788 9,504 
 Foreign corporate securities2,237 1,763 
Asset-backed securities1,016 0 
Mortgage-backed securities175 186 
Mutual funds:
Equity75,066,834 72,614,821 
Fixed Income34,707,360 37,065,162 
Other4,324,051 4,101,661 
Equity securities99,581 104,159 
Other invested assets5,740,307 5,258,900 
Short-term investments574 2,126 
   Cash and cash equivalents21,993 27,249 
Total$119,980,906 $119,188,485 

For the six months ended June 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:
Six Months Ended June 30, 2024
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$92,383,121 $26,805,364 $119,188,485 
     Deposits291,602 1,506,531 1,798,133 
     Investment performance5,034,082 2,795,950 7,830,032 
     Policy charges(1,112,504)(447,119)(1,559,623)
     Surrenders and withdrawals(6,694,864)(235,991)(6,930,855)
     Benefit payments(33,831)(131,243)(165,074)
     Net transfers (to) from general account(41,403)(169,366)(210,769)
     Other2,825 27,752 30,577 
Balance, end of period$89,829,028 $30,151,878 $119,980,906 
Cash surrender value(2)$88,793,191 $26,797,766 $115,590,957 
Six Months Ended June 30, 2023
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$91,785,448 $22,265,798 $114,051,246 
Deposits200,961 1,376,552 1,577,513 
Investment performance7,184,460 2,535,342 9,719,802 
Policy charges(1,171,455)(405,108)(1,576,563)
Surrenders and withdrawals(4,561,633)(214,686)(4,776,319)
Benefit payments(43,056)(107,641)(150,697)
Net transfers (to) from general account(1)(4,995)(1,035,554)(1,040,549)
Other5,405 30,317 35,722 
Balance, end of period$93,395,135 $24,445,020 $117,840,155 
Cash surrender value(2)$92,036,034 $21,526,262 $113,562,296 
(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.
v3.24.2.u1
Liability For Future Policy Benefits
 6 Months Ended
Jun. 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.

Six Months Ended June 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(127,507)(380)(127,887)
Adjusted balance, beginning of period11,047,503 (380)11,047,123 
Issuances403,742 18,328 422,070 
Net premiums / considerations collected(661,611)(17,948)(679,559)
Interest accrual254,945 0 254,945 
Other adjustments(78)0 (78)
Balance at original discount rate, end of period11,044,501 0 11,044,501 
Effect of cumulative changes in discount rate assumptions, end of period(577,768)0 (577,768)
Balance, end of period$10,466,733 $0 $10,466,733 

Six Months Ended June 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(153,025)(130)(153,155)
Adjusted balance, beginning of period18,626,233 244,536 18,870,769 
Issuances403,742 18,328 422,070 
Interest accrual444,536 4,453 448,989 
Benefit payments(721,798)(15,519)(737,317)
Other adjustments1,103 (150)953 
Balance at original discount rate, end of period18,753,816 251,648 19,005,464 
Effect of cumulative changes in discount rate assumptions, end of period(1,064,363)(24,870)(1,089,233)
Balance, end of period$17,689,453 $226,778 $17,916,231 
Other, end of period1,633 
Total balance, end of period$17,917,864 
Six Months Ended June 30, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,222,720 $226,778 $7,449,498 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,222,764 226,778 7,449,542 
Less: Reinsurance recoverables6,518,048 18,453 6,536,501 
Balance after reinsurance recoverables, end of period, post-flooring$704,716 $208,325 $913,041 

Six Months Ended June 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(65,230)(1,257)(66,487)
Adjusted balance, beginning of period11,400,670 (1,257)11,399,413 
Issuances318,867 23,211 342,078 
Net premiums / considerations collected(674,147)(21,954)(696,101)
Interest accrual261,862 0 261,862 
Balance at original discount rate, end of period11,307,252 0 11,307,252 
Effect of cumulative changes in discount rate assumptions, end of period(484,287)0 (484,287)
Balance, end of period$10,822,965 $0 $10,822,965 
Six Months Ended June 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(87,110)4,195 (82,915)
Adjusted balance, beginning of period18,709,131 233,798 18,942,929 
Issuances318,867 23,211 342,078 
Interest accrual447,387 4,201 451,588 
Benefit payments(716,919)(14,838)(731,757)
Other adjustments1,558 (33)1,525 
Balance at original discount rate, end of period18,760,024 246,339 19,006,363 
Effect of cumulative changes in discount rate assumptions, end of period(791,413)(26,245)(817,658)
Balance, end of period$17,968,611 $220,094 $18,188,705 
Other, end of period1,941 
Total balance, end of period$18,190,646 

Six Months Ended June 30, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,145,646 $220,094 $7,365,740 
Flooring impact, end of period0 0 0 
Balance, end of period, post-flooring$7,145,646 $220,094 $7,365,740 
Less: Reinsurance recoverables6,614,071 17,835 6,631,906 
Balance after reinsurance recoverables, end of period, post-flooring$531,575 $202,259 $733,834 
The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Six Months Ended June 30, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,795,982 $0 
Discounted expected future gross premiums (at original discount rate)$14,920,888 $0 
Discounted expected future gross premiums (at current discount rate)$14,173,894 $0 
Undiscounted expected future benefits and expenses$29,155,998 $337,236 
Interest accrual$189,591 $4,453 
Gross premiums$901,158 $21,461 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.15 %3.83 %
Weighted-average interest rate (at current discount rate)5.53 %5.47 %
Six Months Ended June 30, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,948,491 $0 
Discounted expected future gross premiums (at original discount rate)$15,125,847 $0 
Discounted expected future gross premiums (at current discount rate)$14,493,623 $0 
Undiscounted expected future benefits and expenses$29,156,389 $328,414 
Interest accrual$185,524 $4,201 
Gross premiums$900,634 $24,200 
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)106
Weighted-average interest rate (at original discount rate)5.20 %3.57 %
Weighted-average interest rate (at current discount rate)5.28 %5.27 %
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 six months of 2024, there was a $22 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 $21 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

In the first six months of 2023, there was a $30 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 $30 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:

Six Months Ended June 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 activity412 (5,092)
Adjusted balance, beginning of period17,340 13,101 
Profits deferred3,389 2,088 
Interest accrual319 294 
Amortization(1,025)(973)
Other adjustments(16)(8)
Balance, end of period, post-flooring20,007 14,502 
Less: Reinsurance recoverables1,439 1,558 
Balance after reinsurance recoverables, end of period$18,568 $12,944 
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:

Six Months Ended June 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 activity161,320 26,204 
Adjusted balance, beginning of period15,427,754 13,982,796 
Assessments collected(1)586,734 513,593 
Interest accrual261,019 237,869 
Benefits paid(158,757)(151,097)
Balance, excluding amounts in AOCI, end of period, pre-flooring16,116,750 14,583,161 
Flooring impact and amounts in AOCI(1,642,621)(1,094,298)
Balance, including amounts in AOCI, end of period, post-flooring14,474,129 13,488,863 
Less: Reinsurance recoverables14,286,902 13,268,534 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$187,227 $220,329 
(1) Represents the portion of gross assessments required to fund the future policy benefits.
Six Months Ended June 30,
20242023
($ in thousands)
Interest accrual$261,019 $237,869 
Gross assessments$903,426 $785,370 
Weighted-average duration of the liability in years (at original discount rate)2222
Weighted-average interest rate (at original discount rate)3.40 %3.39 %
Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from 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:

Six Months Ended June 30,
20242023
(in thousands)
Benefit reserves, end of period, post-flooring$7,449,542 $7,365,740 
Deferred profit liability, end of period, post-flooring20,007 14,502 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring14,474,129 13,488,863 
Subtotal of amounts disclosed above21,943,678 20,869,105 
Other Future policy benefits reserves(1)1,086,901 1,108,889 
Total Future policy benefits$23,030,579 $21,977,994 
(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:

Six Months Ended June 30, 2024
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$901,158 $0 $21,461 $922,619 
Deferred profit liability0 0 (5,187)(5,187)
Additional insurance reserves0 903,426 0 903,426 
Total$901,158 $903,426 $16,274 $1,820,858 
Six Months Ended June 30, 2023
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$900,634 $0 $24,200 $924,834 
Deferred profit liability0 0 3,691 3,691 
Additional insurance reserves0 785,370 0 785,370 
Total$900,634 $785,370 $27,891 $1,713,895 
(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.
Six Months Ended June 30, 2024
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$189,591 $0 $4,453 $194,044 
Deferred profit liability0 0 319 319 
Additional insurance reserves0 261,019 0 261,019 
Total$189,591 $261,019 $4,772 $455,382 

Six Months Ended June 30, 2023
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$185,524 $0 $4,201 $189,725 
Deferred profit liability0 0 294 294 
Additional insurance reserves0 237,869 0 237,869 
Total$185,524 $237,869 $4,495 $427,888 
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:
Six Months Ended June 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 
Deposits2,787,898 3,752,999 1,062,220 7,603,117 
Interest credited90,612 207,176 279,382 577,170 
Policy charges(87)(12,007)(910,191)(922,285)
Surrenders and withdrawals(251,521)(370,351)(376,600)(998,472)
Benefit payments(24,948)(12,688)(33,912)(71,548)
Net transfers (to) from separate account0 41,403 169,366 210,769 
Change in market value and other adjustments(1)124,805 1,092,901 65,431 1,283,137 
Balance, end of period8,891,072 27,536,198 20,423,409 56,850,679 
Unearned revenue reserve4,082,015 
Other104,172 
Total Policyholders' account balance$61,036,866 
Weighted-average crediting rate2.41 %1.65 %2.75 %2.18 %
Net amount at risk(2)$20 $0 $332,247,799 $332,247,819 
Cash surrender value(3)$7,711,710 $25,912,600 $19,133,660 $52,757,970 
Six Months Ended June 30, 2023
Fixed Annuities(4)Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$3,575,824 $16,432,032 $18,736,365 $38,744,221 
Deposits1,180,342 2,225,558 1,030,843 4,436,743 
Interest credited44,970 131,119 278,886 454,975 
Policy charges(3,078)(10,684)(903,228)(916,990)
Surrenders and withdrawals(101,470)(233,470)(400,194)(735,134)
Benefit payments(25,668)(15,067)(42,131)(82,866)
Net transfers (to) from separate account0 4,995 1,035,554 1,040,549 
Change in market value and other adjustments(1)69,817 954,563 139,608 1,163,988 
Balance, end of period4,740,737 19,489,046 19,875,703 44,105,486 
Unearned revenue reserve3,401,994 
Other(4)100,675 
Total Policyholders' account balance$47,608,155 
Weighted-average crediting rate2.15 %1.46 %2.89 %2.20 %
Net amount at risk(2)$38 $0 $313,218,977 $313,219,015 
Cash surrender value(3)$3,975,581 $17,391,104 $18,341,323 $39,708,008 
(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)     Prior period amounts have been updated to conform to current period presentation.
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:
June 30, 2024
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 -50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$412 $3,827 $9,924 $707,366 $721,529 
1.00% - 1.99%
448,198 69,557 200,379 78,195 796,329 
2.00% - 2.99%
303,024 461,269 562,666 16,064 1,343,023 
3.00% - 4.00%
825,027 5,007 7,862 2,261 840,157 
Greater than 4.00%
0 0 0 0 0 
Total$1,576,661 $539,660 $780,831 $803,886 $3,701,038 
Variable Annuities
Less than 1.00%
$618,306 $651,182 $253,768 $178 $1,523,434 
1.00% - 1.99%
184,745 118,146 2,380 0 305,271 
2.00% - 2.99%
19,218 4,138 4,185 0 27,541 
3.00% - 4.00%
856,020 5,501 2 0 861,523 
Greater than 4.00%
2,059 0 0 0 2,059 
Total$1,680,348 $778,967 $260,335 $178 $2,719,828 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $171,754 $171,754 
1.00% - 1.99%
246,886 0 1,678,254 1,580,722 3,505,862 
2.00% - 2.99%
28,501 1,479,940 2,693,293 371,908 4,573,642 
3.00% - 4.00%
3,841,175 2,170,158 1,107,301 0 7,118,634 
Greater than 4.00%
2,114,438 0 0 0 2,114,438 
Total$6,231,000 $3,650,098 $5,478,848 $2,124,384 $17,484,330 
June 30, 2023
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities(2)
Less than 1.00%
$0 $94 $27 $180 $301 
1.00% - 1.99%
504,431 75,476 242,780 83,650 906,337 
2.00% - 2.99%
261,482 466,971 47,851 10,920 787,224 
3.00% - 4.00%
32,738 0 0 0 32,738 
Greater than 4.00%
0 0 0 0 0 
Total$798,651 $542,541 $290,658 $94,750 $1,726,600 
Variable Annuities
Less than 1.00%
$972,976 $833,696 $18,454 $2 $1,825,128 
1.00% - 1.99%
229,049 2,126 1,094 0 232,269 
2.00% - 2.99%
24,531 4,090 0 0 28,621 
3.00% - 4.00%
990,408 2,859 0 0 993,267 
Greater than 4.00%
2,091 0 0 0 2,091 
Total$2,219,055 $842,771 $19,548 $2 $3,081,376 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $9,078 $9,078 
1.00% - 1.99%
163,616 0 2,706,552 363,119 3,233,287 
2.00% - 2.99%
21,001 1,399,691 2,765,577 267,001 4,453,270 
3.00% - 4.00%
4,555,992 1,985,262 1,110,457 0 7,651,711 
Greater than 4.00%
2,159,217 0 0 0 2,159,217 
Total$6,899,826 $3,384,953 $6,582,586 $639,198 $17,506,563 
(1)     Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.
(2)     Prior period amounts have been updated to conform to current period presentation.

Unearned Revenue Reserve ("URR")

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

Six Months Ended June 30,
20242023
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$3,741,426 $3,067,336 
Unearned revenue430,230405,732
Amortization expense(89,640)(70,981)
Other adjustments(1)(93)
Balance, end of period$4,082,015 $3,401,994 
Less: Reinsurance recoverables1,794,0711,621,229
Balance after reinsurance recoverables, end of period$2,287,944 $1,780,765 
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:
Six Months Ended June 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 collected556,055 (131,047)425,008 
Claims paid(31,466)3,110 (28,356)
Interest accrual119,334 (28,372)90,962 
Actual in force different from expected(2,637)(10,203)(12,840)
Effect of changes in interest rates(870,637)126,966 (743,671)
Effect of changes in equity markets(1,112,214)115,601 (996,613)
Effect of assumption update85,619 3,984 89,603 
Issuances28,190 (1,654)26,536 
Other adjustments14,784 398 15,182 
Effect of changes in current period counterparty non-performance risk0 (6,098)(6,098)
Balance, end of period, before effect of changes in non-performance risk3,550,013 (845,107)2,704,906 
Effect of cumulative changes in non-performance risk(884,110)0 (884,110)
Balance, end of period$2,665,903 $(845,107)$1,820,796 
Six Months Ended June 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 collected587,663 (107,425)480,238 
Claims paid(43,782)3,681 (40,101)
Interest accrual160,106 (20,505)139,601 
Actual in force different from expected36,193 (6,069)30,124 
Effect of changes in interest rates(671,989)169,229 (502,760)
Effect of changes in equity markets(1,314,461)127,157 (1,187,304)
Effect of assumption update330,769 (54,067)276,702 
Issuances11,403 9,025 20,428 
Other adjustments(1)(17,436)(638,198)(655,634)
Effect of changes in current period counterparty non-performance risk0 (7,445)(7,445)
Balance, end of period, before effect of changes in non-performance risk5,357,001 (946,878)4,410,123 
Effect of cumulative changes in non-performance risk(1,660,587)0 (1,660,587)
Balance, end of period$3,696,414 $(946,878)$2,749,536 
(1)    Other adjustments for June 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.
June 30, 2024June 30, 2023
Variable Annuities
($ in thousands)
Net amount at risk(1)$8,732,024 $10,067,522 
Weighted-average attained age of contractholders7169
(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:
June 30, 2024June 30, 2023
Variable Annuities
(in thousands)
Direct and assumed$1,419,114 $1,165,762 
Ceded1,131,050 1,174,468 
Total market risk benefit assets$2,550,164 $2,340,230 
Direct and assumed$4,085,018 $4,862,177 
Ceded285,942 227,589 
Total market risk benefit liabilities$4,370,960 $5,089,766 
Net liability$1,820,796 $2,749,536 
v3.24.2.u1
Policyholders' Liabilities
 6 Months Ended
Jun. 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.

Six Months Ended June 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(127,507)(380)(127,887)
Adjusted balance, beginning of period11,047,503 (380)11,047,123 
Issuances403,742 18,328 422,070 
Net premiums / considerations collected(661,611)(17,948)(679,559)
Interest accrual254,945 0 254,945 
Other adjustments(78)0 (78)
Balance at original discount rate, end of period11,044,501 0 11,044,501 
Effect of cumulative changes in discount rate assumptions, end of period(577,768)0 (577,768)
Balance, end of period$10,466,733 $0 $10,466,733 

Six Months Ended June 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(153,025)(130)(153,155)
Adjusted balance, beginning of period18,626,233 244,536 18,870,769 
Issuances403,742 18,328 422,070 
Interest accrual444,536 4,453 448,989 
Benefit payments(721,798)(15,519)(737,317)
Other adjustments1,103 (150)953 
Balance at original discount rate, end of period18,753,816 251,648 19,005,464 
Effect of cumulative changes in discount rate assumptions, end of period(1,064,363)(24,870)(1,089,233)
Balance, end of period$17,689,453 $226,778 $17,916,231 
Other, end of period1,633 
Total balance, end of period$17,917,864 
Six Months Ended June 30, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,222,720 $226,778 $7,449,498 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,222,764 226,778 7,449,542 
Less: Reinsurance recoverables6,518,048 18,453 6,536,501 
Balance after reinsurance recoverables, end of period, post-flooring$704,716 $208,325 $913,041 

Six Months Ended June 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(65,230)(1,257)(66,487)
Adjusted balance, beginning of period11,400,670 (1,257)11,399,413 
Issuances318,867 23,211 342,078 
Net premiums / considerations collected(674,147)(21,954)(696,101)
Interest accrual261,862 0 261,862 
Balance at original discount rate, end of period11,307,252 0 11,307,252 
Effect of cumulative changes in discount rate assumptions, end of period(484,287)0 (484,287)
Balance, end of period$10,822,965 $0 $10,822,965 
Six Months Ended June 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(87,110)4,195 (82,915)
Adjusted balance, beginning of period18,709,131 233,798 18,942,929 
Issuances318,867 23,211 342,078 
Interest accrual447,387 4,201 451,588 
Benefit payments(716,919)(14,838)(731,757)
Other adjustments1,558 (33)1,525 
Balance at original discount rate, end of period18,760,024 246,339 19,006,363 
Effect of cumulative changes in discount rate assumptions, end of period(791,413)(26,245)(817,658)
Balance, end of period$17,968,611 $220,094 $18,188,705 
Other, end of period1,941 
Total balance, end of period$18,190,646 

Six Months Ended June 30, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,145,646 $220,094 $7,365,740 
Flooring impact, end of period0 0 0 
Balance, end of period, post-flooring$7,145,646 $220,094 $7,365,740 
Less: Reinsurance recoverables6,614,071 17,835 6,631,906 
Balance after reinsurance recoverables, end of period, post-flooring$531,575 $202,259 $733,834 
The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Six Months Ended June 30, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,795,982 $0 
Discounted expected future gross premiums (at original discount rate)$14,920,888 $0 
Discounted expected future gross premiums (at current discount rate)$14,173,894 $0 
Undiscounted expected future benefits and expenses$29,155,998 $337,236 
Interest accrual$189,591 $4,453 
Gross premiums$901,158 $21,461 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.15 %3.83 %
Weighted-average interest rate (at current discount rate)5.53 %5.47 %
Six Months Ended June 30, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,948,491 $0 
Discounted expected future gross premiums (at original discount rate)$15,125,847 $0 
Discounted expected future gross premiums (at current discount rate)$14,493,623 $0 
Undiscounted expected future benefits and expenses$29,156,389 $328,414 
Interest accrual$185,524 $4,201 
Gross premiums$900,634 $24,200 
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)106
Weighted-average interest rate (at original discount rate)5.20 %3.57 %
Weighted-average interest rate (at current discount rate)5.28 %5.27 %
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 six months of 2024, there was a $22 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 $21 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

In the first six months of 2023, there was a $30 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 $30 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:

Six Months Ended June 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 activity412 (5,092)
Adjusted balance, beginning of period17,340 13,101 
Profits deferred3,389 2,088 
Interest accrual319 294 
Amortization(1,025)(973)
Other adjustments(16)(8)
Balance, end of period, post-flooring20,007 14,502 
Less: Reinsurance recoverables1,439 1,558 
Balance after reinsurance recoverables, end of period$18,568 $12,944 
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:

Six Months Ended June 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 activity161,320 26,204 
Adjusted balance, beginning of period15,427,754 13,982,796 
Assessments collected(1)586,734 513,593 
Interest accrual261,019 237,869 
Benefits paid(158,757)(151,097)
Balance, excluding amounts in AOCI, end of period, pre-flooring16,116,750 14,583,161 
Flooring impact and amounts in AOCI(1,642,621)(1,094,298)
Balance, including amounts in AOCI, end of period, post-flooring14,474,129 13,488,863 
Less: Reinsurance recoverables14,286,902 13,268,534 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$187,227 $220,329 
(1) Represents the portion of gross assessments required to fund the future policy benefits.
Six Months Ended June 30,
20242023
($ in thousands)
Interest accrual$261,019 $237,869 
Gross assessments$903,426 $785,370 
Weighted-average duration of the liability in years (at original discount rate)2222
Weighted-average interest rate (at original discount rate)3.40 %3.39 %
Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from 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:

Six Months Ended June 30,
20242023
(in thousands)
Benefit reserves, end of period, post-flooring$7,449,542 $7,365,740 
Deferred profit liability, end of period, post-flooring20,007 14,502 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring14,474,129 13,488,863 
Subtotal of amounts disclosed above21,943,678 20,869,105 
Other Future policy benefits reserves(1)1,086,901 1,108,889 
Total Future policy benefits$23,030,579 $21,977,994 
(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:

Six Months Ended June 30, 2024
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$901,158 $0 $21,461 $922,619 
Deferred profit liability0 0 (5,187)(5,187)
Additional insurance reserves0 903,426 0 903,426 
Total$901,158 $903,426 $16,274 $1,820,858 
Six Months Ended June 30, 2023
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$900,634 $0 $24,200 $924,834 
Deferred profit liability0 0 3,691 3,691 
Additional insurance reserves0 785,370 0 785,370 
Total$900,634 $785,370 $27,891 $1,713,895 
(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.
Six Months Ended June 30, 2024
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$189,591 $0 $4,453 $194,044 
Deferred profit liability0 0 319 319 
Additional insurance reserves0 261,019 0 261,019 
Total$189,591 $261,019 $4,772 $455,382 

Six Months Ended June 30, 2023
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$185,524 $0 $4,201 $189,725 
Deferred profit liability0 0 294 294 
Additional insurance reserves0 237,869 0 237,869 
Total$185,524 $237,869 $4,495 $427,888 
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:
Six Months Ended June 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 
Deposits2,787,898 3,752,999 1,062,220 7,603,117 
Interest credited90,612 207,176 279,382 577,170 
Policy charges(87)(12,007)(910,191)(922,285)
Surrenders and withdrawals(251,521)(370,351)(376,600)(998,472)
Benefit payments(24,948)(12,688)(33,912)(71,548)
Net transfers (to) from separate account0 41,403 169,366 210,769 
Change in market value and other adjustments(1)124,805 1,092,901 65,431 1,283,137 
Balance, end of period8,891,072 27,536,198 20,423,409 56,850,679 
Unearned revenue reserve4,082,015 
Other104,172 
Total Policyholders' account balance$61,036,866 
Weighted-average crediting rate2.41 %1.65 %2.75 %2.18 %
Net amount at risk(2)$20 $0 $332,247,799 $332,247,819 
Cash surrender value(3)$7,711,710 $25,912,600 $19,133,660 $52,757,970 
Six Months Ended June 30, 2023
Fixed Annuities(4)Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$3,575,824 $16,432,032 $18,736,365 $38,744,221 
Deposits1,180,342 2,225,558 1,030,843 4,436,743 
Interest credited44,970 131,119 278,886 454,975 
Policy charges(3,078)(10,684)(903,228)(916,990)
Surrenders and withdrawals(101,470)(233,470)(400,194)(735,134)
Benefit payments(25,668)(15,067)(42,131)(82,866)
Net transfers (to) from separate account0 4,995 1,035,554 1,040,549 
Change in market value and other adjustments(1)69,817 954,563 139,608 1,163,988 
Balance, end of period4,740,737 19,489,046 19,875,703 44,105,486 
Unearned revenue reserve3,401,994 
Other(4)100,675 
Total Policyholders' account balance$47,608,155 
Weighted-average crediting rate2.15 %1.46 %2.89 %2.20 %
Net amount at risk(2)$38 $0 $313,218,977 $313,219,015 
Cash surrender value(3)$3,975,581 $17,391,104 $18,341,323 $39,708,008 
(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)     Prior period amounts have been updated to conform to current period presentation.
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:
June 30, 2024
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 -50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$412 $3,827 $9,924 $707,366 $721,529 
1.00% - 1.99%
448,198 69,557 200,379 78,195 796,329 
2.00% - 2.99%
303,024 461,269 562,666 16,064 1,343,023 
3.00% - 4.00%
825,027 5,007 7,862 2,261 840,157 
Greater than 4.00%
0 0 0 0 0 
Total$1,576,661 $539,660 $780,831 $803,886 $3,701,038 
Variable Annuities
Less than 1.00%
$618,306 $651,182 $253,768 $178 $1,523,434 
1.00% - 1.99%
184,745 118,146 2,380 0 305,271 
2.00% - 2.99%
19,218 4,138 4,185 0 27,541 
3.00% - 4.00%
856,020 5,501 2 0 861,523 
Greater than 4.00%
2,059 0 0 0 2,059 
Total$1,680,348 $778,967 $260,335 $178 $2,719,828 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $171,754 $171,754 
1.00% - 1.99%
246,886 0 1,678,254 1,580,722 3,505,862 
2.00% - 2.99%
28,501 1,479,940 2,693,293 371,908 4,573,642 
3.00% - 4.00%
3,841,175 2,170,158 1,107,301 0 7,118,634 
Greater than 4.00%
2,114,438 0 0 0 2,114,438 
Total$6,231,000 $3,650,098 $5,478,848 $2,124,384 $17,484,330 
June 30, 2023
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities(2)
Less than 1.00%
$0 $94 $27 $180 $301 
1.00% - 1.99%
504,431 75,476 242,780 83,650 906,337 
2.00% - 2.99%
261,482 466,971 47,851 10,920 787,224 
3.00% - 4.00%
32,738 0 0 0 32,738 
Greater than 4.00%
0 0 0 0 0 
Total$798,651 $542,541 $290,658 $94,750 $1,726,600 
Variable Annuities
Less than 1.00%
$972,976 $833,696 $18,454 $2 $1,825,128 
1.00% - 1.99%
229,049 2,126 1,094 0 232,269 
2.00% - 2.99%
24,531 4,090 0 0 28,621 
3.00% - 4.00%
990,408 2,859 0 0 993,267 
Greater than 4.00%
2,091 0 0 0 2,091 
Total$2,219,055 $842,771 $19,548 $2 $3,081,376 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $9,078 $9,078 
1.00% - 1.99%
163,616 0 2,706,552 363,119 3,233,287 
2.00% - 2.99%
21,001 1,399,691 2,765,577 267,001 4,453,270 
3.00% - 4.00%
4,555,992 1,985,262 1,110,457 0 7,651,711 
Greater than 4.00%
2,159,217 0 0 0 2,159,217 
Total$6,899,826 $3,384,953 $6,582,586 $639,198 $17,506,563 
(1)     Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.
(2)     Prior period amounts have been updated to conform to current period presentation.

Unearned Revenue Reserve ("URR")

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

Six Months Ended June 30,
20242023
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$3,741,426 $3,067,336 
Unearned revenue430,230405,732
Amortization expense(89,640)(70,981)
Other adjustments(1)(93)
Balance, end of period$4,082,015 $3,401,994 
Less: Reinsurance recoverables1,794,0711,621,229
Balance after reinsurance recoverables, end of period$2,287,944 $1,780,765 
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:
Six Months Ended June 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 collected556,055 (131,047)425,008 
Claims paid(31,466)3,110 (28,356)
Interest accrual119,334 (28,372)90,962 
Actual in force different from expected(2,637)(10,203)(12,840)
Effect of changes in interest rates(870,637)126,966 (743,671)
Effect of changes in equity markets(1,112,214)115,601 (996,613)
Effect of assumption update85,619 3,984 89,603 
Issuances28,190 (1,654)26,536 
Other adjustments14,784 398 15,182 
Effect of changes in current period counterparty non-performance risk0 (6,098)(6,098)
Balance, end of period, before effect of changes in non-performance risk3,550,013 (845,107)2,704,906 
Effect of cumulative changes in non-performance risk(884,110)0 (884,110)
Balance, end of period$2,665,903 $(845,107)$1,820,796 
Six Months Ended June 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 collected587,663 (107,425)480,238 
Claims paid(43,782)3,681 (40,101)
Interest accrual160,106 (20,505)139,601 
Actual in force different from expected36,193 (6,069)30,124 
Effect of changes in interest rates(671,989)169,229 (502,760)
Effect of changes in equity markets(1,314,461)127,157 (1,187,304)
Effect of assumption update330,769 (54,067)276,702 
Issuances11,403 9,025 20,428 
Other adjustments(1)(17,436)(638,198)(655,634)
Effect of changes in current period counterparty non-performance risk0 (7,445)(7,445)
Balance, end of period, before effect of changes in non-performance risk5,357,001 (946,878)4,410,123 
Effect of cumulative changes in non-performance risk(1,660,587)0 (1,660,587)
Balance, end of period$3,696,414 $(946,878)$2,749,536 
(1)    Other adjustments for June 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.
June 30, 2024June 30, 2023
Variable Annuities
($ in thousands)
Net amount at risk(1)$8,732,024 $10,067,522 
Weighted-average attained age of contractholders7169
(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:
June 30, 2024June 30, 2023
Variable Annuities
(in thousands)
Direct and assumed$1,419,114 $1,165,762 
Ceded1,131,050 1,174,468 
Total market risk benefit assets$2,550,164 $2,340,230 
Direct and assumed$4,085,018 $4,862,177 
Ceded285,942 227,589 
Total market risk benefit liabilities$4,370,960 $5,089,766 
Net liability$1,820,796 $2,749,536 
v3.24.2.u1
Market Risk Benefits
 6 Months Ended
Jun. 30, 2024
Insurance [Abstract]  
Market Risk Benefits LIABILITY FOR FUTURE POLICY BENEFITS
Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below.

•Benefit Reserves;
•Deferred Profit Liability ("DPL"); and
•Additional Insurance Reserves ("AIR")

In 2024, the Company recognized 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.

Six Months Ended June 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(127,507)(380)(127,887)
Adjusted balance, beginning of period11,047,503 (380)11,047,123 
Issuances403,742 18,328 422,070 
Net premiums / considerations collected(661,611)(17,948)(679,559)
Interest accrual254,945 0 254,945 
Other adjustments(78)0 (78)
Balance at original discount rate, end of period11,044,501 0 11,044,501 
Effect of cumulative changes in discount rate assumptions, end of period(577,768)0 (577,768)
Balance, end of period$10,466,733 $0 $10,466,733 

Six Months Ended June 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(153,025)(130)(153,155)
Adjusted balance, beginning of period18,626,233 244,536 18,870,769 
Issuances403,742 18,328 422,070 
Interest accrual444,536 4,453 448,989 
Benefit payments(721,798)(15,519)(737,317)
Other adjustments1,103 (150)953 
Balance at original discount rate, end of period18,753,816 251,648 19,005,464 
Effect of cumulative changes in discount rate assumptions, end of period(1,064,363)(24,870)(1,089,233)
Balance, end of period$17,689,453 $226,778 $17,916,231 
Other, end of period1,633 
Total balance, end of period$17,917,864 
Six Months Ended June 30, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,222,720 $226,778 $7,449,498 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,222,764 226,778 7,449,542 
Less: Reinsurance recoverables6,518,048 18,453 6,536,501 
Balance after reinsurance recoverables, end of period, post-flooring$704,716 $208,325 $913,041 

Six Months Ended June 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(65,230)(1,257)(66,487)
Adjusted balance, beginning of period11,400,670 (1,257)11,399,413 
Issuances318,867 23,211 342,078 
Net premiums / considerations collected(674,147)(21,954)(696,101)
Interest accrual261,862 0 261,862 
Balance at original discount rate, end of period11,307,252 0 11,307,252 
Effect of cumulative changes in discount rate assumptions, end of period(484,287)0 (484,287)
Balance, end of period$10,822,965 $0 $10,822,965 
Six Months Ended June 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(87,110)4,195 (82,915)
Adjusted balance, beginning of period18,709,131 233,798 18,942,929 
Issuances318,867 23,211 342,078 
Interest accrual447,387 4,201 451,588 
Benefit payments(716,919)(14,838)(731,757)
Other adjustments1,558 (33)1,525 
Balance at original discount rate, end of period18,760,024 246,339 19,006,363 
Effect of cumulative changes in discount rate assumptions, end of period(791,413)(26,245)(817,658)
Balance, end of period$17,968,611 $220,094 $18,188,705 
Other, end of period1,941 
Total balance, end of period$18,190,646 

Six Months Ended June 30, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,145,646 $220,094 $7,365,740 
Flooring impact, end of period0 0 0 
Balance, end of period, post-flooring$7,145,646 $220,094 $7,365,740 
Less: Reinsurance recoverables6,614,071 17,835 6,631,906 
Balance after reinsurance recoverables, end of period, post-flooring$531,575 $202,259 $733,834 
The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Six Months Ended June 30, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,795,982 $0 
Discounted expected future gross premiums (at original discount rate)$14,920,888 $0 
Discounted expected future gross premiums (at current discount rate)$14,173,894 $0 
Undiscounted expected future benefits and expenses$29,155,998 $337,236 
Interest accrual$189,591 $4,453 
Gross premiums$901,158 $21,461 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.15 %3.83 %
Weighted-average interest rate (at current discount rate)5.53 %5.47 %
Six Months Ended June 30, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,948,491 $0 
Discounted expected future gross premiums (at original discount rate)$15,125,847 $0 
Discounted expected future gross premiums (at current discount rate)$14,493,623 $0 
Undiscounted expected future benefits and expenses$29,156,389 $328,414 
Interest accrual$185,524 $4,201 
Gross premiums$900,634 $24,200 
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)106
Weighted-average interest rate (at original discount rate)5.20 %3.57 %
Weighted-average interest rate (at current discount rate)5.28 %5.27 %
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 six months of 2024, there was a $22 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 $21 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

In the first six months of 2023, there was a $30 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 $30 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:

Six Months Ended June 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 activity412 (5,092)
Adjusted balance, beginning of period17,340 13,101 
Profits deferred3,389 2,088 
Interest accrual319 294 
Amortization(1,025)(973)
Other adjustments(16)(8)
Balance, end of period, post-flooring20,007 14,502 
Less: Reinsurance recoverables1,439 1,558 
Balance after reinsurance recoverables, end of period$18,568 $12,944 
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:

Six Months Ended June 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 activity161,320 26,204 
Adjusted balance, beginning of period15,427,754 13,982,796 
Assessments collected(1)586,734 513,593 
Interest accrual261,019 237,869 
Benefits paid(158,757)(151,097)
Balance, excluding amounts in AOCI, end of period, pre-flooring16,116,750 14,583,161 
Flooring impact and amounts in AOCI(1,642,621)(1,094,298)
Balance, including amounts in AOCI, end of period, post-flooring14,474,129 13,488,863 
Less: Reinsurance recoverables14,286,902 13,268,534 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$187,227 $220,329 
(1) Represents the portion of gross assessments required to fund the future policy benefits.
Six Months Ended June 30,
20242023
($ in thousands)
Interest accrual$261,019 $237,869 
Gross assessments$903,426 $785,370 
Weighted-average duration of the liability in years (at original discount rate)2222
Weighted-average interest rate (at original discount rate)3.40 %3.39 %
Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from 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:

Six Months Ended June 30,
20242023
(in thousands)
Benefit reserves, end of period, post-flooring$7,449,542 $7,365,740 
Deferred profit liability, end of period, post-flooring20,007 14,502 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring14,474,129 13,488,863 
Subtotal of amounts disclosed above21,943,678 20,869,105 
Other Future policy benefits reserves(1)1,086,901 1,108,889 
Total Future policy benefits$23,030,579 $21,977,994 
(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:

Six Months Ended June 30, 2024
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$901,158 $0 $21,461 $922,619 
Deferred profit liability0 0 (5,187)(5,187)
Additional insurance reserves0 903,426 0 903,426 
Total$901,158 $903,426 $16,274 $1,820,858 
Six Months Ended June 30, 2023
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$900,634 $0 $24,200 $924,834 
Deferred profit liability0 0 3,691 3,691 
Additional insurance reserves0 785,370 0 785,370 
Total$900,634 $785,370 $27,891 $1,713,895 
(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.
Six Months Ended June 30, 2024
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$189,591 $0 $4,453 $194,044 
Deferred profit liability0 0 319 319 
Additional insurance reserves0 261,019 0 261,019 
Total$189,591 $261,019 $4,772 $455,382 

Six Months Ended June 30, 2023
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$185,524 $0 $4,201 $189,725 
Deferred profit liability0 0 294 294 
Additional insurance reserves0 237,869 0 237,869 
Total$185,524 $237,869 $4,495 $427,888 
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:
Six Months Ended June 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 
Deposits2,787,898 3,752,999 1,062,220 7,603,117 
Interest credited90,612 207,176 279,382 577,170 
Policy charges(87)(12,007)(910,191)(922,285)
Surrenders and withdrawals(251,521)(370,351)(376,600)(998,472)
Benefit payments(24,948)(12,688)(33,912)(71,548)
Net transfers (to) from separate account0 41,403 169,366 210,769 
Change in market value and other adjustments(1)124,805 1,092,901 65,431 1,283,137 
Balance, end of period8,891,072 27,536,198 20,423,409 56,850,679 
Unearned revenue reserve4,082,015 
Other104,172 
Total Policyholders' account balance$61,036,866 
Weighted-average crediting rate2.41 %1.65 %2.75 %2.18 %
Net amount at risk(2)$20 $0 $332,247,799 $332,247,819 
Cash surrender value(3)$7,711,710 $25,912,600 $19,133,660 $52,757,970 
Six Months Ended June 30, 2023
Fixed Annuities(4)Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$3,575,824 $16,432,032 $18,736,365 $38,744,221 
Deposits1,180,342 2,225,558 1,030,843 4,436,743 
Interest credited44,970 131,119 278,886 454,975 
Policy charges(3,078)(10,684)(903,228)(916,990)
Surrenders and withdrawals(101,470)(233,470)(400,194)(735,134)
Benefit payments(25,668)(15,067)(42,131)(82,866)
Net transfers (to) from separate account0 4,995 1,035,554 1,040,549 
Change in market value and other adjustments(1)69,817 954,563 139,608 1,163,988 
Balance, end of period4,740,737 19,489,046 19,875,703 44,105,486 
Unearned revenue reserve3,401,994 
Other(4)100,675 
Total Policyholders' account balance$47,608,155 
Weighted-average crediting rate2.15 %1.46 %2.89 %2.20 %
Net amount at risk(2)$38 $0 $313,218,977 $313,219,015 
Cash surrender value(3)$3,975,581 $17,391,104 $18,341,323 $39,708,008 
(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)     Prior period amounts have been updated to conform to current period presentation.
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:
June 30, 2024
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 -50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$412 $3,827 $9,924 $707,366 $721,529 
1.00% - 1.99%
448,198 69,557 200,379 78,195 796,329 
2.00% - 2.99%
303,024 461,269 562,666 16,064 1,343,023 
3.00% - 4.00%
825,027 5,007 7,862 2,261 840,157 
Greater than 4.00%
0 0 0 0 0 
Total$1,576,661 $539,660 $780,831 $803,886 $3,701,038 
Variable Annuities
Less than 1.00%
$618,306 $651,182 $253,768 $178 $1,523,434 
1.00% - 1.99%
184,745 118,146 2,380 0 305,271 
2.00% - 2.99%
19,218 4,138 4,185 0 27,541 
3.00% - 4.00%
856,020 5,501 2 0 861,523 
Greater than 4.00%
2,059 0 0 0 2,059 
Total$1,680,348 $778,967 $260,335 $178 $2,719,828 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $171,754 $171,754 
1.00% - 1.99%
246,886 0 1,678,254 1,580,722 3,505,862 
2.00% - 2.99%
28,501 1,479,940 2,693,293 371,908 4,573,642 
3.00% - 4.00%
3,841,175 2,170,158 1,107,301 0 7,118,634 
Greater than 4.00%
2,114,438 0 0 0 2,114,438 
Total$6,231,000 $3,650,098 $5,478,848 $2,124,384 $17,484,330 
June 30, 2023
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities(2)
Less than 1.00%
$0 $94 $27 $180 $301 
1.00% - 1.99%
504,431 75,476 242,780 83,650 906,337 
2.00% - 2.99%
261,482 466,971 47,851 10,920 787,224 
3.00% - 4.00%
32,738 0 0 0 32,738 
Greater than 4.00%
0 0 0 0 0 
Total$798,651 $542,541 $290,658 $94,750 $1,726,600 
Variable Annuities
Less than 1.00%
$972,976 $833,696 $18,454 $2 $1,825,128 
1.00% - 1.99%
229,049 2,126 1,094 0 232,269 
2.00% - 2.99%
24,531 4,090 0 0 28,621 
3.00% - 4.00%
990,408 2,859 0 0 993,267 
Greater than 4.00%
2,091 0 0 0 2,091 
Total$2,219,055 $842,771 $19,548 $2 $3,081,376 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $9,078 $9,078 
1.00% - 1.99%
163,616 0 2,706,552 363,119 3,233,287 
2.00% - 2.99%
21,001 1,399,691 2,765,577 267,001 4,453,270 
3.00% - 4.00%
4,555,992 1,985,262 1,110,457 0 7,651,711 
Greater than 4.00%
2,159,217 0 0 0 2,159,217 
Total$6,899,826 $3,384,953 $6,582,586 $639,198 $17,506,563 
(1)     Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.
(2)     Prior period amounts have been updated to conform to current period presentation.

Unearned Revenue Reserve ("URR")

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

Six Months Ended June 30,
20242023
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$3,741,426 $3,067,336 
Unearned revenue430,230405,732
Amortization expense(89,640)(70,981)
Other adjustments(1)(93)
Balance, end of period$4,082,015 $3,401,994 
Less: Reinsurance recoverables1,794,0711,621,229
Balance after reinsurance recoverables, end of period$2,287,944 $1,780,765 
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:
Six Months Ended June 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 collected556,055 (131,047)425,008 
Claims paid(31,466)3,110 (28,356)
Interest accrual119,334 (28,372)90,962 
Actual in force different from expected(2,637)(10,203)(12,840)
Effect of changes in interest rates(870,637)126,966 (743,671)
Effect of changes in equity markets(1,112,214)115,601 (996,613)
Effect of assumption update85,619 3,984 89,603 
Issuances28,190 (1,654)26,536 
Other adjustments14,784 398 15,182 
Effect of changes in current period counterparty non-performance risk0 (6,098)(6,098)
Balance, end of period, before effect of changes in non-performance risk3,550,013 (845,107)2,704,906 
Effect of cumulative changes in non-performance risk(884,110)0 (884,110)
Balance, end of period$2,665,903 $(845,107)$1,820,796 
Six Months Ended June 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 collected587,663 (107,425)480,238 
Claims paid(43,782)3,681 (40,101)
Interest accrual160,106 (20,505)139,601 
Actual in force different from expected36,193 (6,069)30,124 
Effect of changes in interest rates(671,989)169,229 (502,760)
Effect of changes in equity markets(1,314,461)127,157 (1,187,304)
Effect of assumption update330,769 (54,067)276,702 
Issuances11,403 9,025 20,428 
Other adjustments(1)(17,436)(638,198)(655,634)
Effect of changes in current period counterparty non-performance risk0 (7,445)(7,445)
Balance, end of period, before effect of changes in non-performance risk5,357,001 (946,878)4,410,123 
Effect of cumulative changes in non-performance risk(1,660,587)0 (1,660,587)
Balance, end of period$3,696,414 $(946,878)$2,749,536 
(1)    Other adjustments for June 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.
June 30, 2024June 30, 2023
Variable Annuities
($ in thousands)
Net amount at risk(1)$8,732,024 $10,067,522 
Weighted-average attained age of contractholders7169
(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:
June 30, 2024June 30, 2023
Variable Annuities
(in thousands)
Direct and assumed$1,419,114 $1,165,762 
Ceded1,131,050 1,174,468 
Total market risk benefit assets$2,550,164 $2,340,230 
Direct and assumed$4,085,018 $4,862,177 
Ceded285,942 227,589 
Total market risk benefit liabilities$4,370,960 $5,089,766 
Net liability$1,820,796 $2,749,536 
v3.24.2.u1
Reinsurance
 6 Months Ended
Jun. 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:
June 30, 2024December 31, 2023
 (in thousands)
Reinsurance recoverables$40,693,991 $38,709,651 
Policy loans(1,098,752)(1,082,584)
Deferred policy acquisition costs(3,154,068)(3,195,161)
Deferred sales inducements(33,943)(35,313)
Market risk benefit assets1,131,482 1,165,378 
Other assets2,413,087 1,897,410 
Policyholders’ account balances5,746,173 5,977,108 
Future policy benefits7,197,282 7,026,209 
Market risk benefit liabilities287,741 249,538 
Other liabilities7,830,608 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:
June 30, 2024December 31, 2023
(in thousands)
Deferred policy acquisition costs$65,299 $71,315 
Market risk benefit assets780,056 745,662 
Other assets2,313,943 1,795,422 
Policyholders’ account balances1,726,686 1,830,579 
Future policy benefits185 453 
Market risk benefit liabilities146,676 131,594 
Other liabilities2,352,382 1,915,205 
Reinsurance recoverables by counterparty are as follows:
June 30, 2024December 31, 2023
 (in thousands)
PAR U$18,630,892 $15,722,061 
PURC0 7,565,968 
PARCC2,123,485 2,304,270 
GUL Re0 3,211,899 
PAR Term1,987,253 2,101,004 
Prudential Insurance4,164,836 1,311,525 
Term Re1,980,014 2,080,564 
Lotus Re2,077,391 2,051,831 
DART765,376 744,043 
PURE7,383,771 0 
Unaffiliated1,580,973 1,616,486 
Total reinsurance recoverables$40,693,991 $38,709,651 

Reinsurance amounts, included in the Company’s Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Premiums:
Direct$462,458 $476,472 $922,086 $938,539 
Assumed30 34 63 (122)
Ceded(367,567)(386,541)(735,046)(771,796)
Net premiums94,921 89,965 187,103 166,621 
Policy charges and fee income:
Direct785,299 749,037 1,556,488 1,484,975 
Assumed239,838 148,479 498,608 301,079 
Ceded(636,303)(533,980)1,242,943 (1,036,027)
Net policy charges and fee income388,834 363,536 3,298,039 750,027 
Net investment income:
Direct592,448 402,761 1,111,500 753,084 
Assumed333 343 663 686 
Ceded(12,788)(10,029)(26,850)(11,245)
Net investment income(1)579,993 393,075 1,085,313 742,525 
Asset administration fees:
Direct79,776 80,952 162,464 161,308 
Assumed0 0 0 0 
Ceded(24,663)(24,164)(50,719)(40,318)
Net asset administration fees55,113 56,788 111,745 120,990 
Other income (loss):
Direct84,931 79,657 129,747 305,391 
Assumed24 (56)349 (349)
Ceded52,734 25,857 221,078 45,263 
Net other income (loss)(1)137,689 105,458 351,174 350,305 
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Realized investment gains (losses), net:
Direct765,146 (88,715)777,502 (334,638)
Assumed72,351 82,278 63,184 220,944 
Ceded1,385 14,131 21,196 709 
Realized investment gains (losses), net(1)838,882 7,694 861,882 (112,985)
Change in value of market risk benefits, net of related hedging gain (loss):
Direct(298,559)174,084 15,327 207,204 
Assumed1,072 2,774 606 (3,443)
Ceded15,304 (215,745)(206,525)(222,446)
Net change in value of market risk benefits, net of related hedging gain (loss)(282,183)(38,887)(190,592)(18,685)
Policyholders’ benefits (including change in reserves):
Direct909,374 848,495 1,910,820 1,727,280 
Assumed245,810 332,048 533,221 649,335 
Ceded(1,019,305)(1,033,582)1,798,246 (2,124,472)
Net policyholders’ benefits (including change in reserves)(1)135,879 146,961 4,242,287 252,143 
Change in estimates of liability for future policy benefits:
Direct72,870 31,146 212,456 (17,355)
Assumed74,378 23,844 64,868 25,651 
Ceded(153,422)(56,123)(295,503)(13,831)
Net change in estimates of liability for future policy benefits(6,174)(1,133)(18,179)(5,535)
Interest credited to policyholders’ account balances:
Direct297,194 215,973 575,584 438,548 
Assumed36,344 27,957 82,492 66,463 
Ceded(107,314)(100,114)(207,302)(200,973)
Net interest credited to policyholders’ account balances226,224 143,816 450,774 304,038 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(116,030)(105,195)(506,173)(223,025)
(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 June 30,Six Months Ended June 30,
20242023(1)20242023
(in thousands)
Premiums:
Assumed$30 $34 $60 $(132)
Ceded(26,827)(16,802)(51,979)(33,377)
Policy charges and fee income:
Assumed356 383 628 923 
Ceded(44,958)(38,338)(86,970)(62,276)
Net investment income(1):
Ceded0 1,993 0 12,913 
Asset administration fees:
Ceded(7,007)(7,740)(14,323)(7,740)
Other income (loss)(1):
Assumed24 55 453 (238)
Ceded26,002 8,031 47,806 9,653 
Realized investment gains (losses), net(1):
Assumed72,351 82,278 63,184 220,944 
Ceded21,774 13,952 46,999 (629)
Change in value of market risk benefits, net of related hedging gain (loss):
Assumed1,072 2,774 606 (3,443)
Ceded34,461 (75,325)(63,547)(80,098)
Policyholders’ benefits (including change in reserves)(1):
Assumed28 189 361 280 
Ceded(64,243)(36,118)(211,071)(63,820)
Change in estimates of liability for future policy benefits:
Ceded29 (416)91,902 (416)
Interest credited to policyholders’ account balances:
Assumed7,657 (2,370)25,116 5,099 
Ceded(1)(85)(1)(85)
(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 June 30, 2024 and 2023 were as follows:
20242023
 (in thousands)
Direct gross life insurance face amount in force$1,147,562,454 $1,107,571,392 
Assumed gross life insurance face amount in force35,029,437 36,059,164 
Reinsurance ceded(1,041,974,560)(1,015,213,859)
Net life insurance face amount in force$140,617,331 $128,416,697 

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.

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.

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 deposit accounting. The reinsurance agreement offers the policyholders the opportunity to novate their contracts from FLIAC to the Company and any such novated contracts shall cease to be reinsured under this agreement. As of June 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 index 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 $2,152 million and $1,618 million at June 30, 2024 and December 31, 2023, respectively. The funds withheld liabilities totaled $1,974 million and $1,518 million at June 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 June 30, 2024, $2.1 billion of HDI v.3.0 account values are reinsured to Union Hamilton.
v3.24.2.u1
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The Company uses a full year projected effective tax rate approach to calculate year-to-date taxes. 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 $70.8 million, or 16.94% of income (loss) from operations before income taxes and equity in earnings of operating joint venture, in the first six months of 2024, compared to $96.6 million, or 16.25%, in the first six 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.
v3.24.2.u1
Equity
 6 Months Ended
Jun. 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 six months ended June 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 $(30,920)
Change in OCI before reclassifications(4,178)(448,732)66,215 (183,925)(570,620)
Amounts reclassified from AOCI0 (20,268)0 0 (20,268)
Income tax benefit (expense)275 98,567 (13,905)38,624 123,561 
Balance, June 30, 2024$(21,988)$(1,298,211)$123,505 $698,447 $(498,247)

 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 $(10,065)
Change in OCI before reclassifications3,266 116,395 (17,588)(67,323)34,750 
Amounts reclassified from AOCI0 2,479 0 0 2,479 
Income tax benefit (expense)(363)(24,884)3,693 14,138 (7,416)
Balance, June 30, 2023$(17,104)$(1,380,485)$105,473 $1,311,864 $19,748 
(1)Includes cash flow hedges of $75 million and $12 million as of June 30, 2024 and December 31, 2023, respectively, and $100 million and $139 million as of June 30, 2023 and December 31, 2022, respectively.

Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
 (in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)$12,832 $1,974 $35,736 $5,744 
Net unrealized investment gains (losses) on available-for-sale securities(8,631)(2)(15,468)(8,223)
Total net unrealized investment gains (losses)(4)4,201 1,972 20,268 (2,479)
Total reclassifications for the period$4,201 $1,972 $20,268 $(2,479)
(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(1,461)(543,630)0 0 114,566 (430,525)
Reclassification adjustment for (gains) losses included in net income(9)(20,259)0 0 4,260 (16,008)
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 (797,795)894,154 (20,259)76,100 
Balance, June 30, 2024$491 $(1,968,043)$(1,599,146)$1,923,252 $345,235 $(1,298,211)
(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.
v3.24.2.u1
Related Party Transactions
 6 Months Ended
Jun. 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 $0.4 million for both the three months ended June 30, 2024 and 2023, and $0.6 million and $0.5 million for the six months ended June 30, 2024 and 2023, respectively. The expense charged to the Company for the deferred compensation program was $0.8 million and $0.7 million for the three months ended June 30, 2024 and 2023, respectively, and $4.1 million and $3.4 million for the six months ended June 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 $2 million and $4 million for the three months ended June 30, 2024 and 2023, respectively, and $5 million and $7 million for the six months ended June 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 $5 million and $3 million for the three months ended June 30, 2024 and 2023, respectively, and $9 million and $7 million for the six months ended June 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 June 30, 2024 and 2023, and $4 million for both the six months ended June 30, 2024 and 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 $211 million and $147 million for the three months ended June 30, 2024 and 2023, respectively, and $389 million and $287 million for the six months ended June 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 $32 million and $34 million for the three months ended June 30, 2024 and 2023, respectively, and $68 million and $73 million six months ended June 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 $4,410 million and $4,156 million at June 30, 2024 and December 31, 2023, respectively. Fees related to these COLI policies were $14 million and $12 million for the three months ended June 30, 2024 and 2023, respectively, and $27 million and $25 million for the six months ended June 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 June 30, 2024 and December 31, 2023, respectively. Interest income related to the policy loan was $11 million and $5 million for the three months ended June 30, 2024 and 2023, respectively, and $21 million and $5 million for the six months ended June 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 $17 million and $13 million for the three months ended June 30, 2024 and 2023, respectively, and $32 million and $25 million for the six months ended June 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 $127 million and $120 million for the three months ended June 30, 2024 and 2023, respectively, and $254 million and $230 million for the six months ended June 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 $936 million and $754 million of investments in joint ventures as of June 30, 2024 and December 31, 2023, respectively. "Net investment income" related to these ventures includes gains (losses) of $10 million and $(6) million for the three months ended June 30, 2024 and 2023, respectively, and $19 million and $(4) million for the six months ended June 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 $67 million and $70 million for the three months ended June 30, 2024 and 2023, respectively, and $136 million and $139 million for the six months ended June 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 $11 million and $9 million for the three months ended June 30, 2024 and 2023, respectively, and $22 million and $18 million for the six months ended June 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 June 30, 2024 and December 31, 2023 is as follows:
Maturity DatesInterest RatesJune 30, 2024December 31, 2023
(in thousands)
U.S. dollar fixed rate notes2025-20320.00%-14.85 %$330,814 $147,984 
Total notes receivable - affiliated(1)$330,814 $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 $1 million at both June 30, 2024 and December 31, 2023, and is included in “Other assets”. Revenues related to these loans were $0 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $1 million and $2 million for the six months ended June 30, 2024 and 2023, respectively, and are included in “Other income (loss)”.

Affiliated Commercial Mortgage Loan

The affiliated commercial mortgage loan included in "Commercial mortgage and other loans" at June 30, 2024 and December 31, 2023 were as follows:
Maturity DateInterest RateJune 30, 2024December 31, 2023
(in thousands)
Affiliated Commercial Mortgage Loan20259.83 %$70,445 $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 June 30, 2024 and December 31, 2023, and is included in "Accrued investment income". Revenues were $2 million and $1 million for the three months ended June 30, 2024 and 2023, respectively, and $4 million and $3 million for the six months ended June 30, 2024 and 2023, respectively, 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 six months ended June 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 

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 June 30, 2024 and December 31, 2023.
AffiliateDate
Issued
Amount of Notes - June 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 $7 million and $2 million for the three months ended June 30, 2024 and 2023, respectively, and $11 million and $5 million for the six months ended June 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 June 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.
v3.24.2.u1
Commitments and Contingent Liabilities
 6 Months Ended
Jun. 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 loans. As of June 30, 2024 and December 31, 2023, the outstanding balances on these commitments were $235 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 June 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 six months ended June 30, 2024, respectively and $0.1 million for both the three and six months ended June 30, 2023. 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 June 30, 2024 and December 31, 2023, $1,167 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 six months ended June 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 June 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

June 30, 2024December 31, 2023
(in thousands)
Guaranteed value of third-parties' assets$1,208,219 $311,302 
Fair value of collateral supporting these assets$1,047,957 $287,621 
Asset (liability) associated with guarantee, carried at fair value $762 $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 June 30, 2024, the aggregate range of reasonably possible losses in excess of accruals established for those litigation and regulatory matters for which such an estimate currently can be made is less than $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.

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.
v3.24.2.u1
Significant Accounting Policies and Pronouncements (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The Unaudited Interim Consolidated Financial Statements include the accounts of 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.
Reclassifications
Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current period presentation.
New Accounting Pronouncements
ASUs issued but not yet adopted as of June 30, 2024

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 Company is currently assessing the impact of the ASU on the Company's Consolidated Financial Statements and Notes to the Consolidated Financial Statements.
v3.24.2.u1
Investments (Tables)
 6 Months Ended
Jun. 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:
 June 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$1,198,985 $13,506 $91,356 $0 $1,121,135 
Obligations of U.S. states and their political subdivisions637,572 1,961 27,051 0 612,482 
Foreign government bonds326,497 855 61,028 0 266,324 
U.S. public corporate securities12,357,109 43,886 987,257 1,616 11,412,122 
U.S. private corporate securities5,540,730 11,550 329,287 1,588 5,221,405 
Foreign public corporate securities3,020,621 9,803 133,192 139 2,897,093 
Foreign private corporate securities5,357,655 48,506 485,061 0 4,921,100 
Asset-backed securities(1)3,403,884 31,590 8,205 0 3,427,269 
Commercial mortgage-backed securities922,301 3,193 66,432 0 859,062 
Residential mortgage-backed securities(2)384,608 606 12,438 5 372,771 
Total fixed maturities, available-for-sale$33,149,962 $165,456 $2,201,307 $3,348 $31,110,763 
(1)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans and home equity.
(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 bonds330,830 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.
(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:
 June 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$230,068 $2,572 $294,783 $88,784 $524,851 $91,356 
Obligations of U.S. states and their political subdivisions223,788 3,957 234,192 23,094 457,980 27,051 
Foreign government bonds22,104 674 226,215 60,354 248,319 61,028 
U.S. public corporate securities2,763,982 57,470 5,644,459 929,754 8,408,441 987,224 
U.S. private corporate securities1,257,925 29,254 3,114,266 300,033 4,372,191 329,287 
Foreign public corporate securities891,965 5,472 988,534 127,696 1,880,499 133,168 
Foreign private corporate securities1,238,396 29,092 2,526,982 455,969 3,765,378 485,061 
Asset-backed securities476,496 1,994 193,910 6,211 670,406 8,205 
Commercial mortgage-backed securities69,386 301 568,747 66,131 638,133 66,432 
Residential mortgage-backed securities129,727 1,264 151,836 11,174 281,563 12,438 
Total fixed maturities, available-for-sale$7,303,837 $132,050 $13,943,924 $2,069,200 $21,247,761 $2,201,250 


 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 bonds10,226 116 233,757 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:
June 30, 2024
 Amortized CostFair Value
(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less$1,585,826 $1,549,703 
Due after one year through five years10,560,134 10,212,123 
Due after five years through ten years8,207,957 7,798,270 
Due after ten years8,085,252 6,891,565 
Asset-backed securities3,403,884 3,427,269 
Commercial mortgage-backed securities922,301 859,062 
Residential mortgage-backed securities384,608 372,771 
Total fixed maturities, available-for-sale$33,149,962 $31,110,763 
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 June 30,Six Months Ended June 30,
 2024202320242023
(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$321,870 $68,308 $428,025 $128,681 
Proceeds from maturities/prepayments698,470 193,205 1,135,913 488,333 
Gross investment gains from sales and maturities9,407 6,777 10,344 9,449 
Gross investment losses from sales and maturities(16,340)(5,587)(24,472)(17,525)
Write-downs recognized in earnings(2)0 4 0 7 
(Addition to) release of allowance for credit losses(1,698)(1,196)(1,340)(154)
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(55.0) million and $51.9 million for the six months ended June 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 June 30, 2024
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government BondsU.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 $1,650 $0 $0 $0 $1,650 
Additions to allowance for credit losses not previously recorded0 0 339 0 0 5 344 
Reductions for securities sold during the period0 0 (1)0 0 0 (1)
Additions (reductions) on securities with previous allowance0 0 1,355 0 0 0 1,355 
Assets transferred to parent and affiliates 0 0 0 0 0 0 0 
Balance, end of period$0 $0 $3,343 $0 $0 $5 $3,348 

Three Months Ended June 30, 2023
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government BondsU.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 $3,720 $0 $0 $7 $3,727 
Additions to allowance for credit losses not previously recorded0 0 242 0 0 0 242 
Reductions for securities sold during the period0 0 (41)0 0 0 (41)
Additions (reductions) on securities with previous allowance0 0 996 0 0 (1)995 
Balance, end of period$0 $0 $4,917 $0 $0 $6 $4,923 
Six Months Ended June 30, 2024
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government BondsU.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 0 396 0 0 5 401 
Reductions for securities sold during the period0 0 (42)0 0 0 (42)
Additions (reductions) on securities with previous allowance0 0 510 (1)0 (7)502 
Assets transferred to parent and affiliates 0 0 479 0 0 0 479 
Balance, end of period$0 $0 $3,343 $0 $0 $5 $3,348 

Six Months Ended June 30, 2023
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government BondsU.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 3,165 0 0 0 3,165 
Reductions for securities sold during the period0 (1)(3,774)0 0 0 (3,775)
Additions (reductions) on securities with previous allowance0 (4)771 0 0 (3)764 
Balance, end of period$0 $0 $4,917 $0 $0 $6 $4,923 
Commercial Mortgage and Other Loans
The following table sets forth the composition of “Commercial mortgage and other loans”, as of the dates indicated:
June 30, 2024December 31, 2023
 Amount
(in thousands)		% of
Total		Amount
(in thousands)		% of
Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$1,776,234 26.3 %$1,578,785 25.7 %
Hospitality99,596 1.5 102,952 1.7 
Industrial2,701,470 40.0 2,486,230 40.4 
Office587,978 8.6 604,611 9.8 
Other666,349 9.9 456,720 7.4 
Retail349,157 5.2 363,706 5.9 
Total commercial mortgage loans6,180,784 91.5 5,593,004 90.9 
Agricultural property loans571,962 8.5 562,046 9.1 
Total commercial mortgage and agricultural property loans6,752,746 100.0 %6,155,050 100.0 %
Allowance for credit losses(41,572)(37,689)
Total net commercial mortgage and agricultural property loans6,711,174 6,117,361 
Other loans:
Other collateralized loans7,212 5,360 
Total other loans7,212 5,360 
Total net commercial mortgage and other loans$6,718,386 $6,122,721 
The affiliated commercial mortgage loan included in "Commercial mortgage and other loans" at June 30, 2024 and December 31, 2023 were as follows:
Maturity DateInterest RateJune 30, 2024December 31, 2023
(in thousands)
Affiliated Commercial Mortgage Loan20259.83 %$70,445 $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 June 30,
20242023
Commercial Mortgage LoansAgricultural Property LoansTotalCommercial Mortgage LoansAgricultural Property LoansTotal
(in thousands)
Allowance, beginning of period$41,769 $913 $42,682 $20,427 $983 $21,410 
Addition to (release of) allowance for expected losses(1,077)(33)(1,110)706 (23)683 
Allowance, end of period$40,692 $880 $41,572 $21,133 $960 $22,093 

Six Months Ended June 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 losses3,934 (51)3,883 1,468 362 1,830 
Allowance, end of period$40,692 $880 $41,572 $21,133 $960 $22,093 
Financing Receivable Credit Quality Indicators
The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:
June 30, 2024
Amortized Cost by Origination Year
20242023202220212020PriorRevolving LoansTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$89,035 $254,068 $230,308 $480,391 $94,393 $1,197,399 $0 $2,345,594 
60%-69.99%541,378 690,428 362,596 445,103 170,063 405,172 0 2,614,740 
70%-79.99%126,919 210,883 121,583 257,377 77,219 57,912 0 851,893 
80% or greater2,130 0 57,764 84,140 3,850 220,673 0 368,557 
Total$759,462 $1,155,379 $772,251 $1,267,011 $345,525 $1,881,156 $0 $6,180,784 
Debt Service Coverage Ratio:
Greater than 1.2x$713,612 $1,039,629 $768,777 $1,267,011 $275,080 $1,755,968 $0 $5,820,077 
1.0 - 1.2x45,850 115,750 3,474 0 0 49,352 0 214,426 
Less than 1.0x0 0 0 0 70,445 75,836 0 146,281 
Total$759,462 $1,155,379 $772,251 $1,267,011 $345,525 $1,881,156 $0 $6,180,784 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$19,587 $89,733 $168,400 $131,887 $23,775 $43,900 $13,789 $491,071 
60%-69.99%0 19,452 37,889 0 0 0 0 57,341 
70%-79.99%0 0 7,000 0 0 0 14,815 21,815 
80% or greater0 0 0 0 1,735 0 0 1,735 
Total$19,587 $109,185 $213,289 $131,887 $25,510 $43,900 $28,604 $571,962 
Debt Service Coverage Ratio:
Greater than 1.2x$18,587 $95,419 $211,289 $130,184 $23,775 $43,900 $28,604 $551,758 
1.0 - 1.2x1,000 13,766 2,000 0 1,735 0 0 18,501 
Less than 1.0x0 0 0 1,703 0 0 0 1,703 
Total$19,587 $109,185 $213,289 $131,887 $25,510 $43,900 $28,604 $571,962 
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 
Aging of Past Due Commercial Mortgage and Other Loans and Nonaccrual Status
The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status as of the dates indicated:
June 30, 2024
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$6,167,492 $0 $0 $13,292 $6,180,784 $15,422 
Agricultural property loans571,962 0 0 0 571,962 3,322 
Other collateralized loans7,212 0 0 0 7,212 0 
Total$6,746,666 $0 $0 $13,292 $6,759,958 $18,744 
(1)As of June 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:
June 30, 2024December 31, 2023
 (in thousands)
LPs/LLCs:
Equity method:
Private equity$358,116 $333,863 
Hedge funds869,690 720,360 
Real estate-related97,597 83,339 
Subtotal equity method1,325,403 1,137,562 
Fair value:
Private equity33,140 48,483 
Hedge funds25 137 
Real estate-related17,153 18,687 
Subtotal fair value50,318 67,307 
Total LPs/LLCs1,375,721 1,204,869 
Derivative instruments27,244 17,718 
Other (1)440 398 
Total other invested assets$1,403,405 $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:
June 30, 2024December 31, 2023
(in thousands)
Fixed maturities$343,332 $272,031 
Equity securities220 220 
Commercial mortgage and other loans23,906 21,070 
Policy loans52,057 35,210 
Other invested assets0 43 
Short-term investments and cash equivalents6,787 5,264 
Total accrued investment income$426,302 $333,838 
Net Investment Income
The following table sets forth “Net investment income” by investment type, for the periods indicated:
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
 (in thousands)
Fixed maturities, available-for-sale$393,930 $275,718 $732,739 $510,528 
Fixed maturities, trading38,957 21,761 70,626 39,635 
Equity securities6,458 2,543 10,205 5,320 
Commercial mortgage and other loans77,920 56,317 151,678 104,973 
Policy loans16,588 10,622 31,033 15,618 
Other invested assets28,747 15,624 52,067 41,723 
Short-term investments and cash equivalents41,007 29,582 87,322 60,758 
Gross investment income603,607 412,167 1,135,670 778,555 
Less: investment expenses(23,614)(19,092)(50,357)(36,030)
Net investment income$579,993 $393,075 $1,085,313 $742,525 
Realized Investment Gains (Losses), Net
The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
 (in thousands)
Fixed maturities(1)$(8,631)$(2)$(15,468)$(8,223)
Commercial mortgage and other loans1,162 (806)(4,619)(2,084)
Other invested assets17,635 7,569 33,146 13,196 
Derivatives828,449 600 848,903 (117,670)
Short-term investments and cash equivalents267 333 (80)1,796 
Realized investment gains (losses), net$838,882 $7,694 $861,882 $(112,985)
(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:
June 30, 2024December 31, 2023
 (in thousands)
Fixed maturity securities, available-for-sale with an allowance$491 $1,987 
Fixed maturity securities, available-for-sale without an allowance(2,036,342)(1,406,265)
Derivatives designated as cash flow hedges(1)75,293 11,934 
Affiliated notes(6,791)(8,760)
Other investments(2)(203)(1,089)
Net unrealized gains (losses) on investments$(1,967,552)$(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:
June 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)
Foreign government bonds$0 $0 $0 $486 $0 $486 
U.S. public corporate securities7,712 1,900 9,612 27,247 0 27,247 
U.S. private corporate securities17 0 17 0 0 0 
Foreign public corporate securities9,768 0 9,768 13,101 0 13,101 
Equity securities0 0 0 177,476 0 177,476 
Total cash collateral for loaned securities(1)$17,497 $1,900 $19,397 $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.
v3.24.2.u1
Derivative Instruments (Tables)
 6 Months Ended
Jun. 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.
 June 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$2,975 $215 $(491)$3,064 $0 $(238)
Foreign Currency Swaps2,725,643 165,873 (32,245)2,274,636 121,243 (54,044)
Total Derivatives Designated as Hedge Accounting Instruments$2,728,618 $166,088 $(32,736)$2,277,700 $121,243 $(54,282)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$167,487,864 $8,227,910 $(19,877,550)$163,179,764 $6,605,817 $(17,820,436)
Interest Rate Futures859,000 2,964 (291)1,332,600 3,055 (210)
Interest Rate Options29,503,000 227,324 (1,181,463)29,738,000 189,112 (969,718)
Interest Rate Forwards1,458,000 55,415 (57,927)1,458,000 741 (3,196)
Foreign Currency
Foreign Currency Forwards908,100 4,913(985)744,576 1,772 (12,232)
Credit
Credit Default Swaps520,6004,8300 643,280 7,727 0 
Currency/Interest Rate
Foreign Currency Swaps2,238,553125,477(20,687)2,237,331 96,618 (31,294)
Equity
Total Return Swaps15,885,233 599,846 (803,880)15,049,993 418,084 (803,452)
Equity Options72,507,886 3,638,902 (2,274,561)49,247,510 1,600,335 (1,552,706)
Equity Futures813,292 156 (3,041)418,973 1,232 (500)
Synthetic GICs1,208,219 763 (208)311,302 1 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments$293,389,747 $12,888,500 $(24,220,593)$264,361,329 $8,924,494 $(21,193,744)
Total Derivatives(1)(2)$296,118,365 $13,054,588 $(24,253,329)$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 $9,606 million and $7,402 million as of June 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.

 June 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$13,053,807 $(13,027,344)$26,463 $0 $26,463 
Securities purchased under agreements to resell325,000 0 325,000 0 325,000 
Total Assets$13,378,807 $(13,027,344)$351,463 $0 $351,463 
Offsetting of Financial Liabilities:
Derivatives$24,253,121 $(21,143,003)$3,110,118 $(3,110,118)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$24,253,121 $(21,143,003)$3,110,118 $(3,110,118)$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.

 June 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$13,053,807 $(13,027,344)$26,463 $0 $26,463 
Securities purchased under agreements to resell325,000 0 325,000 0 325,000 
Total Assets$13,378,807 $(13,027,344)$351,463 $0 $351,463 
Offsetting of Financial Liabilities:
Derivatives$24,253,121 $(21,143,003)$3,110,118 $(3,110,118)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$24,253,121 $(21,143,003)$3,110,118 $(3,110,118)$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 June 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 $2 $0 $(21)
Currency/Interest Rate(569)0 12,141 1,258 36,201 
Total cash flow hedges(568)0 12,143 1,258 36,180 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate28,037 (410,527)0 0 0 
Currency8,285 0 0 0 0 
Currency/Interest Rate1,556 0 0 (60)0 
Credit(368)0 0 0 0 
Equity596,834 (58,063)0 0 0 
Embedded Derivatives194,673 0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments829,017 (468,590)0 (60)0 
Total$828,449 $(468,590)$12,143 $1,198 $36,180 
 Six Months Ended June 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 $(62)$0 $(10)
Currency/Interest Rate(677)0 22,869 13,605 63,369 
Total cash flow hedges(676)0 22,807 13,605 63,359 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate72,509 (1,266,452)0 0 0 
Currency21,406 0 0 0 0 
Currency/Interest Rate33,532 0 0 123 0 
Credit7,518 0 0 0 0 
Equity2,023,011 (488,930)0 0 0 
Embedded Derivatives(1,308,397)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments849,579 (1,755,382)0 123 0 
Total$848,903 $(1,755,382)$22,807 $13,728 $63,359 

 Three Months Ended June 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 $(29)$0 $(43)
Currency/Interest Rate(1,944)0 10,974 (7,027)(18,636)
Total cash flow hedges(1,943)0 10,945 (7,027)(18,679)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate63,875 (915,225)0 0 0 
Currency(5,416)0 0 0 0 
Currency/Interest Rate(23,601)0 0 (54)0 
Credit1,392 0 0 0 0 
Equity947,017 (398,134)0 0 0 
Embedded Derivatives(980,724)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments2,543 (1,313,359)0 (54)0 
Total$600 $(1,313,359)$10,945 $(7,081)$(18,679)
 Six Months Ended June 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 $(54)$0 $(2)
Currency/Interest Rate571 0 22,679 (17,453)(38,964)
Total cash flow hedges572 0 22,625 (17,453)(38,966)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate15,712 (707,165)0 0 0 
Currency(12,026)0 0 0 0 
Currency/Interest Rate(36,322)0 0 (200)0 
Credit2,326 0 0 0 0 
Equity1,143,892 (598,066)0 0 0 
Embedded Derivatives(1,228,711)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(115,129)(1,305,231)0 (200)0 
Total$(114,557)$(1,305,231)$22,625 $(17,653)$(38,966)
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(71)
Currency/Interest Rate99,166 
Total amount recorded in AOCI99,095 
Amount reclassified from AOCI to income
Interest Rate61 
Currency/Interest Rate(35,797)
Total amount reclassified from AOCI to income(35,736)
Balance, June 30, 2024$75,293 
v3.24.2.u1
Fair Value of Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring Basis The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.
 June 30, 2024
 Level 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 $1,121,135 $0 $$1,121,135 
Obligations of U.S. states and their political subdivisions0 612,482 0 612,482 
Foreign government bonds0 265,660 664 266,324 
U.S. corporate public securities0 11,412,122 0 11,412,122 
U.S. corporate private securities0 4,639,796 581,609 5,221,405 
Foreign corporate public securities0 2,890,201 6,892 2,897,093 
Foreign corporate private securities0 4,504,426 416,674 4,921,100 
Asset-backed securities(2)0 2,835,605 591,664 3,427,269 
Commercial mortgage-backed securities0 782,691 76,371 859,062 
Residential mortgage-backed securities0 372,771 0 372,771 
Subtotal0 29,436,889 1,673,874 31,110,763 
Market risk benefit assets0 0 2,550,164 2,550,164 
Fixed maturities, trading0 2,833,692 240,820 3,074,512 
Equity securities521,834 15,455 28,330 565,619 
Short-term investments7,942 347,940 2,674 358,556 
Cash equivalents0 1,667,949 605 1,668,554 
Other invested assets(4)15,921 13,037,904 763 (13,027,344)27,244 
Other assets0 0 363,440 363,440 
Reinsurance recoverables0 0 127,289 127,289 
Receivables from parent and affiliates0 149,495 181,319 330,814 
Subtotal excluding separate account assets545,697 47,489,324 5,169,278 (13,027,344)40,176,955 
Separate account assets(5)(6)209,537 114,021,411 9,799 114,240,747 
Total assets$755,234 $161,510,735 $5,179,077 $(13,027,344)$154,417,702 
Market risk benefit liabilities$0 $0 $4,370,960 $ $4,370,960 
Policyholders' account balances0 0 10,083,258 10,083,258 
Payables to parent and affiliates0 24,249,436 0 (21,142,232)3,107,204 
Other liabilities(7)3,686 13,178 207 (771)16,300 
Total liabilities$3,686 $24,262,614 $14,454,425 $(21,143,003)$17,577,722 

 
 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 bonds0 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 $(8,116) million and $(9,569) million as of June 30, 2024 and December 31, 2023, respectively.
(2)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.
(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 June 30, 2024 and December 31, 2023, the fair value of such investments was $50 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 June 30, 2024 and December 31, 2023, the fair value of such investments was $5,740 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.
 June 30, 2024
 Fair Value  Valuation  
Techniques		Unobservable Inputs  Minimum  MaximumWeighted Average  Impact of 
Increase in 
Input on 
Fair Value(1)
 (in thousands)
Assets:
Corporate securities(2)$889,304 Discounted cash flowDiscount rate7.42 %20 %11.75 %Decrease
Commercial mortgage-backed securities$76,371 Discounted cash flowLiquidity premium1.00 %1.00 %1.00 %Decrease
Market risk benefit assets(3)$2,550,164 Discounted cash flowLapse rate(4)1 %20 %Increase
Spread over SOFR(5)0.35 %1.92 %Increase
Utilization rate(6)37 %94 %Decrease
Withdrawal rateSee table footnote (7) below.
Mortality rate(8)0 %16 %Increase
Equity volatility curve15 %25 %Decrease
Other assets(9)$363,440 Discounted cash flowLapse rate(4)0 %80 %Increase
Spread over SOFR(5)0.35 %1.90 %Increase
Mortality rate(8)0 %23 %Increase
Option budget(11)(1)%7 %Decrease
Receivable from parent and affiliates$181,319 Recent purchase priceRecent purchase price
Liabilities:
Market risk benefit liabilities(3)$4,370,960 Discounted cash flowLapse rate(4)1 %20 %Decrease
Spread over SOFR(5)0.35 %1.92 %Decrease
Utilization rate(6)37 %94 %Increase
Withdrawal rateSee table footnote (7) below.
Mortality rate(8)0 %16 %Decrease
Equity volatility curve15 %25 %Increase
Policyholders' account balances(10)$10,083,258 Discounted cash flowLapse rate(4)0 %80 %Decrease
Spread over SOFR(5)0.35 %1.90 %Decrease
Mortality rate(8)0 %23 %Decrease
Option budget(11)(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)
 (in thousands)
Assets:
Corporate securities(2)$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(3)$2,367,243 Discounted cash flowLapse rate(4)1 %20 %Increase
Spread over SOFR(5)0.41 %1.91 %Increase
Utilization rate(6)38 %95 %Decrease
Withdrawal rateSee table footnote (7) below.
Mortality rate(8)0 %15 %Increase
Equity volatility curve15 %25 %Decrease
Other assets(9)$224,019 Discounted cash flowLapse rate(4)1 %80 %Increase
Spread over SOFR(5)0.41 %1.85 %Increase
Mortality rate(8)0 %23 %Increase
Option budget(11)(1)%7 %Decrease
Liabilities:
Market risk benefit liabilities(3)$5,144,401 Discounted cash flowLapse rate(4)1 %20 %Decrease
Spread over SOFR(5)0.41 %1.91 %Decrease
Utilization rate(6)38 %95 %Increase
Withdrawal rateSee table footnote (7) below.
Mortality rate(8)0 %15 %Decrease
Equity volatility curve15 %25 %Increase
Policyholders' account balances(10)$7,689,929 Discounted cash flowLapse rate(4)1 %80 %Decrease
Spread over SOFR(5)0.41 %1.85 %Decrease
Mortality rate(8)0 %23 %Decrease
Option budget(11)(1)%7 %Increase
(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.
(2)Includes assets classified as fixed maturities, available-for-sale.
(3)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.
(4)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.
(5)The spread over the Secured Overnight Financing Rate (“SOFR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of June 30, 2024 and December 31, 2023, respectively. This spread includes an estimate of non-performance risk ("NPR"), which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company ("AuguStar"), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of 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.
(6)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.
(7)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of June 30, 2024 and December 31, 2023, the minimum withdrawal rate assumption is 78% and 81%, respectively. As of June 30, 2024 and December 31, 2023 the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.
(8)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.
(9)Includes deposit assets related to reinsurance agreements using deposit accounting, which include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain annuity products.
(10)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.
(11)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 June 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$671 $(7)$0 $0 $0 $0 $0 $0 $0 $664 $(11)
Corporate securities(3)1,009,650 (6,128)203,749 (65,650)0 (71,908)(65,480)942 0 1,005,175 (7,077)
Structured securities(4)694,121 (254)37,188 0 0 (51,300)65,480 0 (77,200)668,035 380 
Other assets:
Fixed maturities, trading146,543 (50)111,784 0 0 (2,261)0 0 (15,196)240,820 (42)
Equity securities28,650 (320)0 0 0 0 0 0 0 28,330 (320)
Other invested assets1 761 1 0 0 0 0 0 0 763 761 
Short-term investments3,351 320 304 (8)0 (1,293)0 0 0 2,674 308 
Cash equivalents0 0 605 0 0 0 0 0 0 605 0 
Other assets303,538 14,418 58,326 0 0 (12,842)0 0 0 363,440 1,575 
Receivables from parent and affiliates121,378 0 111,140 (51,199)0 0 0 0 0 181,319 0 
Reinsurance recoverables(5)96,442 (20,186)51,033 0 0 0 0 0 0 127,289 (43,624)
Separate account assets7,894 102 1,805 (2)0 0 0 0 0 9,799 102 
Liabilities:
Policyholders' account balances(5)(9,752,538)213,839 0 0 (545,676)0 1,117 0 0 (10,083,258)973,682 
Other liabilities(207)0 0 0 0 0 0 0 0 (207)0 
Three Months Ended June 30, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(2,567)$0 $0 $(4,746)$924 $(1,404)$0 $0 $(5,304)
Other assets:
Fixed maturities, trading0 (50)0 0 0 0 (42)0 0 
Equity securities0 (320)0 0 0 0 (320)0 0 
Other invested assets761 0 0 0 0 761 0 0 0 
Short-term investments308 0 0 0 12 308 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Other assets14,418 0 0 0 0 1,575 0 0 0 
Receivables from parent and affiliates0 0 0 0 0 0 0 0 0 
Reinsurance recoverables(20,186)0 0 0 0 (43,624)0 0 0 
Separate account assets0 0 102 0 0 0 0 102 0 
Liabilities:
Policyholders' account balances213,839 0 0 0 0 973,682 0 0 0 
Other liabilities0 0 0 0 0 0 0 0 0 
Six Months Ended June 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 $(18)$0 $0 $0 $0 $0 $0 $0 $664 $(24)
Corporate securities(3)1,014,343 (16,918)328,790 (130,702)0 (125,800)(65,480)942 0 1,005,175 (16,678)
Structured securities(4)177,237 (393)521,528 0 0 (53,195)65,480 34,578 (77,200)668,035 101 
Other assets:
Fixed maturities, trading34,048 (898)225,127 0 0 (2,261)0 0 (15,196)240,820 (890)
Equity securities28,709 (652)273 0 0 0 0 0 0 28,330 (652)
Other invested assets1 762 0 0 0 0 0 0 0 763 762 
Short-term investments1,759 4 2,306 (8)0 (1,387)0 0 0 2,674 (8)
Cash equivalents0 0 605 0 0 0 0 0 0 605 0 
Other assets224,019 51,425 114,032 0 0 (26,036)0 0 0 363,440 25,388 
Receivables from parent and affiliates0 0 232,518 (51,199)0 0 0 0 0 181,319 0 
Reinsurance recoverables69,745 (25,707)83,251 0 0 0 0 0 0 127,289 (78,715)
Separate account assets5,985 301 4,438 (1,258)0 (125)0 458 0 9,799 302 
Liabilities:
Policyholders' account balances(5)(7,689,929)(1,289,185)0 0 (1,106,074)0 1,930 0 0 (10,083,258)831,176 
Other liabilities0(207)0000000(207)(207)
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Six Months Ended June 30, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(4,263)$0 $0 $(14,588)$1,522 $(776)$0 $0 $(15,825)
Other assets:
Fixed maturities, trading0 (898)0 0 0 0 (890)0 0 
Equity securities0 (652)0 0 0 0 (652)0 0 
Other invested assets762 0 0 0 0 762 0 0 0 
Short-term investments(8)0 0 0 12 (8)0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Other assets51,425 0 0 0 0 25,388 0 0 0 
Receivables from parent and affiliates0 0 0 0 0 0 0 0 0 
Reinsurance recoverables(25,707)0 0 0 0 (78,715)0 0 0 
Separate account assets0 0 301 0 0 0 0 302 0 
Liabilities:
Policyholders' account balances(1,289,185)0 0 0 0 831,176 0 0 0 
Other liabilities(207)0 0 0 0 (207)0 0 0 
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Three Months Ended June 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$714 $(13)$0 $0 $0 $0 $0 $0 $0 $701 $(16)
Corporate securities(3)535,893 1,876 216,778 (9,241)0 (25,418)1,359 0 0 721,247 1,773 
Structured securities(4)228,869 436 1,291 0 0 (725)0 0 (83,532)146,339 484 
Other assets:
Fixed maturities, trading6,250 0 0 0 0 0 0 0 (6,250)0 0 
Equity securities43,174 19 0 0 0 0 181 0 0 43,374 19 
Short-term investments14,416 717 1,146 0 0 (13,711)(1,359)0 0 1,209 0 
Other assets155,763 26,381 38,983 0 0 (3,514)0 0 0 217,613 19,779 
Receivables from parent and affiliates0 0 0 0 0 0 0 0 0 0 0 
Reinsurance recoverables1,357 108 0 0 0 0 0 0 0 1,465 108 
Separate account assets4,553 159 840 (420)0 (150)0 0 0 4,982 159 
Liabilities:
Policyholders' account balances(5)(4,129,043)(1,017,564)0 0 (439,615)0 72,773 0 0 (5,513,449)(150,676)
Three Months Ended June 30, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(1,138)$0 $0 $3,476 $(39)$(1,118)$0 $0 $3,359 
Other assets:
Fixed maturities, trading0 0 0 0 0 0 0 0 0 
Equity securities0 19 0 0 0 0 19 0 0 
Short-term investments423 0 0 (124)418 0 0 0 0 
Other assets26,381 0 0 0 0 19,779 0 0 0 
Receivables from parent and affiliates0 0 0 0 0 0 0 0 0 
Reinsurance recoverables108 0 0 0 0 108 0 0 0 
Separate account assets0 0 159 0 0 0 0 159 0 
Liabilities:
Policyholders' account balances(1,017,564)0 0 0 0 (150,676)0 0 0 
Six Months Ended June 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 $(23)$0 $0 $0 $0 $0 $0 $0 $701 $(28)
Corporate securities(3)507,496 7,199 310,874 (28,839)0 (76,842)1,359 0 0 721,247 6,413 
Structured securities(4)104,724 (3,199)147,307 (27)0 (1,338)0 2,240 (103,368)146,339 (3,129)
Other assets:
Fixed maturities, trading0 0 6,250 0 0 0 0 0 (6,250)0 0 
Equity securities28,593 (811)0 0 0 0 15,592 0 0 43,374 (811)
Short-term investments16,945 2,573 2,688 0 0 (19,638)(1,359)0 0 1,209 51 
Other assets141,041 8,020 73,603 0 0 (5,051)0 0 0 217,613 2,969 
Receivables from parent and affiliates0 0 0 0 0 0 0 0 0 0 0 
Reinsurance recoverables0 1,465 0 0 0 0 0 0 0 1,465 1,465 
Separate account assets4,645 257 840 (600)0 (160)0 0 0 4,982 255 
Liabilities:
Policyholders' account balances(5)(3,502,096)(1,247,483)0 0 (838,238)0 74,368 0 0 (5,513,449)(234,970)
Six Months Ended June 30, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(813)$0 $0 $4,440 $350 $(2,019)$0 $0 $5,275 
Other assets:
Fixed maturities, trading0 0 0 0 0 0 0 0 0 
Equity securities0 (811)0 0 0 0 (811)0 0 
Short-term investments1,857 0 0 (73)789 0 0 0 51 
Other assets8,020 0 0 0 0 2,969 0 0 0 
Receivables from parent and affiliates0 0 0 0 0 0 0 0 0 
Reinsurance recoverables1,465 0 0 0 0 1,465 0 0 0 
Separate account assets0 0 257 0 0 0 0 255 0 
Liabilities:
Policyholders' account balances(1,247,483)0 0 0 0 (234,970)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 $2,550 million and $2,340 million and MRB liabilities of $4,371 million and $5,090 million for the periods ended June 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 June 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$671 $(7)$0 $0 $0 $0 $0 $0 $0 $664 $(11)
Corporate securities(3)1,009,650 (6,128)203,749 (65,650)0 (71,908)(65,480)942 0 1,005,175 (7,077)
Structured securities(4)694,121 (254)37,188 0 0 (51,300)65,480 0 (77,200)668,035 380 
Other assets:
Fixed maturities, trading146,543 (50)111,784 0 0 (2,261)0 0 (15,196)240,820 (42)
Equity securities28,650 (320)0 0 0 0 0 0 0 28,330 (320)
Other invested assets1 761 1 0 0 0 0 0 0 763 761 
Short-term investments3,351 320 304 (8)0 (1,293)0 0 0 2,674 308 
Cash equivalents0 0 605 0 0 0 0 0 0 605 0 
Other assets303,538 14,418 58,326 0 0 (12,842)0 0 0 363,440 1,575 
Receivables from parent and affiliates121,378 0 111,140 (51,199)0 0 0 0 0 181,319 0 
Reinsurance recoverables(5)96,442 (20,186)51,033 0 0 0 0 0 0 127,289 (43,624)
Separate account assets7,894 102 1,805 (2)0 0 0 0 0 9,799 102 
Liabilities:
Policyholders' account balances(5)(9,752,538)213,839 0 0 (545,676)0 1,117 0 0 (10,083,258)973,682 
Other liabilities(207)0 0 0 0 0 0 0 0 (207)0 
Three Months Ended June 30, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(2,567)$0 $0 $(4,746)$924 $(1,404)$0 $0 $(5,304)
Other assets:
Fixed maturities, trading0 (50)0 0 0 0 (42)0 0 
Equity securities0 (320)0 0 0 0 (320)0 0 
Other invested assets761 0 0 0 0 761 0 0 0 
Short-term investments308 0 0 0 12 308 0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Other assets14,418 0 0 0 0 1,575 0 0 0 
Receivables from parent and affiliates0 0 0 0 0 0 0 0 0 
Reinsurance recoverables(20,186)0 0 0 0 (43,624)0 0 0 
Separate account assets0 0 102 0 0 0 0 102 0 
Liabilities:
Policyholders' account balances213,839 0 0 0 0 973,682 0 0 0 
Other liabilities0 0 0 0 0 0 0 0 0 
Six Months Ended June 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 $(18)$0 $0 $0 $0 $0 $0 $0 $664 $(24)
Corporate securities(3)1,014,343 (16,918)328,790 (130,702)0 (125,800)(65,480)942 0 1,005,175 (16,678)
Structured securities(4)177,237 (393)521,528 0 0 (53,195)65,480 34,578 (77,200)668,035 101 
Other assets:
Fixed maturities, trading34,048 (898)225,127 0 0 (2,261)0 0 (15,196)240,820 (890)
Equity securities28,709 (652)273 0 0 0 0 0 0 28,330 (652)
Other invested assets1 762 0 0 0 0 0 0 0 763 762 
Short-term investments1,759 4 2,306 (8)0 (1,387)0 0 0 2,674 (8)
Cash equivalents0 0 605 0 0 0 0 0 0 605 0 
Other assets224,019 51,425 114,032 0 0 (26,036)0 0 0 363,440 25,388 
Receivables from parent and affiliates0 0 232,518 (51,199)0 0 0 0 0 181,319 0 
Reinsurance recoverables69,745 (25,707)83,251 0 0 0 0 0 0 127,289 (78,715)
Separate account assets5,985 301 4,438 (1,258)0 (125)0 458 0 9,799 302 
Liabilities:
Policyholders' account balances(5)(7,689,929)(1,289,185)0 0 (1,106,074)0 1,930 0 0 (10,083,258)831,176 
Other liabilities0(207)0000000(207)(207)
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Six Months Ended June 30, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(4,263)$0 $0 $(14,588)$1,522 $(776)$0 $0 $(15,825)
Other assets:
Fixed maturities, trading0 (898)0 0 0 0 (890)0 0 
Equity securities0 (652)0 0 0 0 (652)0 0 
Other invested assets762 0 0 0 0 762 0 0 0 
Short-term investments(8)0 0 0 12 (8)0 0 0 
Cash equivalents0 0 0 0 0 0 0 0 0 
Other assets51,425 0 0 0 0 25,388 0 0 0 
Receivables from parent and affiliates0 0 0 0 0 0 0 0 0 
Reinsurance recoverables(25,707)0 0 0 0 (78,715)0 0 0 
Separate account assets0 0 301 0 0 0 0 302 0 
Liabilities:
Policyholders' account balances(1,289,185)0 0 0 0 831,176 0 0 0 
Other liabilities(207)0 0 0 0 (207)0 0 0 
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Three Months Ended June 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$714 $(13)$0 $0 $0 $0 $0 $0 $0 $701 $(16)
Corporate securities(3)535,893 1,876 216,778 (9,241)0 (25,418)1,359 0 0 721,247 1,773 
Structured securities(4)228,869 436 1,291 0 0 (725)0 0 (83,532)146,339 484 
Other assets:
Fixed maturities, trading6,250 0 0 0 0 0 0 0 (6,250)0 0 
Equity securities43,174 19 0 0 0 0 181 0 0 43,374 19 
Short-term investments14,416 717 1,146 0 0 (13,711)(1,359)0 0 1,209 0 
Other assets155,763 26,381 38,983 0 0 (3,514)0 0 0 217,613 19,779 
Receivables from parent and affiliates0 0 0 0 0 0 0 0 0 0 0 
Reinsurance recoverables1,357 108 0 0 0 0 0 0 0 1,465 108 
Separate account assets4,553 159 840 (420)0 (150)0 0 0 4,982 159 
Liabilities:
Policyholders' account balances(5)(4,129,043)(1,017,564)0 0 (439,615)0 72,773 0 0 (5,513,449)(150,676)
Three Months Ended June 30, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(1,138)$0 $0 $3,476 $(39)$(1,118)$0 $0 $3,359 
Other assets:
Fixed maturities, trading0 0 0 0 0 0 0 0 0 
Equity securities0 19 0 0 0 0 19 0 0 
Short-term investments423 0 0 (124)418 0 0 0 0 
Other assets26,381 0 0 0 0 19,779 0 0 0 
Receivables from parent and affiliates0 0 0 0 0 0 0 0 0 
Reinsurance recoverables108 0 0 0 0 108 0 0 0 
Separate account assets0 0 159 0 0 0 0 159 0 
Liabilities:
Policyholders' account balances(1,017,564)0 0 0 0 (150,676)0 0 0 
Six Months Ended June 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 $(23)$0 $0 $0 $0 $0 $0 $0 $701 $(28)
Corporate securities(3)507,496 7,199 310,874 (28,839)0 (76,842)1,359 0 0 721,247 6,413 
Structured securities(4)104,724 (3,199)147,307 (27)0 (1,338)0 2,240 (103,368)146,339 (3,129)
Other assets:
Fixed maturities, trading0 0 6,250 0 0 0 0 0 (6,250)0 0 
Equity securities28,593 (811)0 0 0 0 15,592 0 0 43,374 (811)
Short-term investments16,945 2,573 2,688 0 0 (19,638)(1,359)0 0 1,209 51 
Other assets141,041 8,020 73,603 0 0 (5,051)0 0 0 217,613 2,969 
Receivables from parent and affiliates0 0 0 0 0 0 0 0 0 0 0 
Reinsurance recoverables0 1,465 0 0 0 0 0 0 0 1,465 1,465 
Separate account assets4,645 257 840 (600)0 (160)0 0 0 4,982 255 
Liabilities:
Policyholders' account balances(5)(3,502,096)(1,247,483)0 0 (838,238)0 74,368 0 0 (5,513,449)(234,970)
Six Months Ended June 30, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Interest credited to policyholders' account balancesIncluded in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(813)$0 $0 $4,440 $350 $(2,019)$0 $0 $5,275 
Other assets:
Fixed maturities, trading0 0 0 0 0 0 0 0 0 
Equity securities0 (811)0 0 0 0 (811)0 0 
Short-term investments1,857 0 0 (73)789 0 0 0 51 
Other assets8,020 0 0 0 0 2,969 0 0 0 
Receivables from parent and affiliates0 0 0 0 0 0 0 0 0 
Reinsurance recoverables1,465 0 0 0 0 1,465 0 0 0 
Separate account assets0 0 257 0 0 0 0 255 0 
Liabilities:
Policyholders' account balances(1,247,483)0 0 0 0 (234,970)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 $2,550 million and $2,340 million and MRB liabilities of $4,371 million and $5,090 million for the periods ended June 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.
 June 30, 2024
 Fair ValueCarrying
Amount(1)
 Level 1Level 2Level 3TotalTotal
 (in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $6,465,057 $6,465,057 $6,718,386 
Policy loans0 0 1,511,288 1,511,288 1,511,288 
Short-term investments58,102 0 0 58,102 58,102 
Cash and cash equivalents892,653 325,000 0 1,217,653 1,217,653 
Accrued investment income0 426,302 0 426,302 426,302 
Reinsurance recoverables0 0 21,733 21,733 23,508 
Receivables from parent and affiliates0 85,725 0 85,725 85,725 
Other assets0 89,182 1,910,626 1,999,808 1,999,808 
Total assets$950,755 $926,209 $9,908,704 $11,785,668 $12,040,772 
Liabilities:
Policyholders’ account balances - investment contracts$0 $872,062 $7,849,872 $8,721,934 $8,739,221 
Cash collateral for loaned securities0 19,397 0 19,397 19,397 
Payables to parent and affiliates0 26,493 0 26,493 26,493 
Other liabilities0 2,582,917 31,606 2,614,523 2,614,523 
Total liabilities$0 $3,500,869 $7,881,478 $11,382,347 $11,399,634 
 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 out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.
v3.24.2.u1
Deferred Policy Acquisition Costs, Deferred Reinsurance Losses, Deferred Reinsurance Gains And Deferred Sales Inducements (Tables)
 6 Months Ended
Jun. 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:
Six Months Ended June 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 
Capitalization120,883 175,313 90,283 311,263 697,742 
Amortization expense(18,538)(170,567)(36,597)(68,114)(293,816)
Other(1)0 0 (97)(18,507)(18,604)
Balance, end of period$300,282 $3,262,507 $797,477 $3,122,567 $7,482,833 
(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.
Six Months Ended June 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 
   Capitalization48,552 117,342 72,216 275,783 513,893 
   Amortization expense(9,490)(166,332)(31,084)(59,736)(266,642)
   Other(1)0 (393,385)0 0 (393,385)
Balance, end of period$141,313 $3,294,079 $689,969 $2,658,930 $6,784,291 
(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:

Six Months Ended June 30, 2024
Variable AnnuitiesTerm LifeTotal
(in thousands)
Balance, beginning of period$194,110 $61,003 $255,113 
  Amortization expense(14,824)(3,870)(18,694)
  Other1 0 1 
Balance, end of period$179,287 $57,133 $236,420 

Six Months Ended June 30, 2023
Variable AnnuitiesTerm LifeTotal
(in thousands)
Balance, beginning of period$223,515 $69,378 $292,893 
  Amortization expense(15,113)(4,280)(19,393)
Balance, end of period$208,402 $65,098 $273,500 
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:
Six Months Ended June 30, 2024
Fixed AnnuitiesVariable AnnuitiesVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$48,073 $261,721 $1,363,496 $1,673,290 
  Amortization(5,444)(10,119)(58,690)(74,253)
Other(1)(8)(40)1,092,199 1,092,151 
Balance, end of period$42,621 $251,562 $2,397,005 $2,691,188 
(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.
Six Months Ended June 30, 2023
Fixed AnnuitiesVariable AnnuitiesVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$57,898 $0 $1,434,958 $1,492,856 
Amortization(4,406)(5,209)(36,032)(45,647)
Other(1)0 277,262 0 277,262 
Balance, end of period$53,492 $272,053 $1,398,926 $1,724,471 
(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:

Six Months Ended June 30,
20242023
(in thousands)
Balance, beginning of period$351,424 $381,504 
Capitalization1,214 1,503 
Amortization expense(15,436)(16,088)
Other0 (3)
Balance, end of period$337,202 $366,916 
v3.24.2.u1
Separate Accounts (Tables)
 6 Months Ended
Jun. 30, 2024
Insurance [Abstract]  
Separate Account Assets
The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

June 30, 2024December 31, 2023
(in thousands)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$4,925 $2,954 
Obligations of U.S. states and their political subdivisions authorities65 0 
 U.S. corporate securities11,788 9,504 
 Foreign corporate securities2,237 1,763 
Asset-backed securities1,016 0 
Mortgage-backed securities175 186 
Mutual funds:
Equity75,066,834 72,614,821 
Fixed Income34,707,360 37,065,162 
Other4,324,051 4,101,661 
Equity securities99,581 104,159 
Other invested assets5,740,307 5,258,900 
Short-term investments574 2,126 
   Cash and cash equivalents21,993 27,249 
Total$119,980,906 $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:
Six Months Ended June 30, 2024
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$92,383,121 $26,805,364 $119,188,485 
     Deposits291,602 1,506,531 1,798,133 
     Investment performance5,034,082 2,795,950 7,830,032 
     Policy charges(1,112,504)(447,119)(1,559,623)
     Surrenders and withdrawals(6,694,864)(235,991)(6,930,855)
     Benefit payments(33,831)(131,243)(165,074)
     Net transfers (to) from general account(41,403)(169,366)(210,769)
     Other2,825 27,752 30,577 
Balance, end of period$89,829,028 $30,151,878 $119,980,906 
Cash surrender value(2)$88,793,191 $26,797,766 $115,590,957 
Six Months Ended June 30, 2023
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$91,785,448 $22,265,798 $114,051,246 
Deposits200,961 1,376,552 1,577,513 
Investment performance7,184,460 2,535,342 9,719,802 
Policy charges(1,171,455)(405,108)(1,576,563)
Surrenders and withdrawals(4,561,633)(214,686)(4,776,319)
Benefit payments(43,056)(107,641)(150,697)
Net transfers (to) from general account(1)(4,995)(1,035,554)(1,040,549)
Other5,405 30,317 35,722 
Balance, end of period$93,395,135 $24,445,020 $117,840,155 
Cash surrender value(2)$92,036,034 $21,526,262 $113,562,296 
(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.
v3.24.2.u1
Liability For Future Policy Benefits (Tables)
 6 Months Ended
Jun. 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.

Six Months Ended June 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(127,507)(380)(127,887)
Adjusted balance, beginning of period11,047,503 (380)11,047,123 
Issuances403,742 18,328 422,070 
Net premiums / considerations collected(661,611)(17,948)(679,559)
Interest accrual254,945 0 254,945 
Other adjustments(78)0 (78)
Balance at original discount rate, end of period11,044,501 0 11,044,501 
Effect of cumulative changes in discount rate assumptions, end of period(577,768)0 (577,768)
Balance, end of period$10,466,733 $0 $10,466,733 

Six Months Ended June 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(153,025)(130)(153,155)
Adjusted balance, beginning of period18,626,233 244,536 18,870,769 
Issuances403,742 18,328 422,070 
Interest accrual444,536 4,453 448,989 
Benefit payments(721,798)(15,519)(737,317)
Other adjustments1,103 (150)953 
Balance at original discount rate, end of period18,753,816 251,648 19,005,464 
Effect of cumulative changes in discount rate assumptions, end of period(1,064,363)(24,870)(1,089,233)
Balance, end of period$17,689,453 $226,778 $17,916,231 
Other, end of period1,633 
Total balance, end of period$17,917,864 
Six Months Ended June 30, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,222,720 $226,778 $7,449,498 
Flooring impact, end of period44 0 44 
Balance, end of period, post-flooring7,222,764 226,778 7,449,542 
Less: Reinsurance recoverables6,518,048 18,453 6,536,501 
Balance after reinsurance recoverables, end of period, post-flooring$704,716 $208,325 $913,041 

Six Months Ended June 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(65,230)(1,257)(66,487)
Adjusted balance, beginning of period11,400,670 (1,257)11,399,413 
Issuances318,867 23,211 342,078 
Net premiums / considerations collected(674,147)(21,954)(696,101)
Interest accrual261,862 0 261,862 
Balance at original discount rate, end of period11,307,252 0 11,307,252 
Effect of cumulative changes in discount rate assumptions, end of period(484,287)0 (484,287)
Balance, end of period$10,822,965 $0 $10,822,965 
Six Months Ended June 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(87,110)4,195 (82,915)
Adjusted balance, beginning of period18,709,131 233,798 18,942,929 
Issuances318,867 23,211 342,078 
Interest accrual447,387 4,201 451,588 
Benefit payments(716,919)(14,838)(731,757)
Other adjustments1,558 (33)1,525 
Balance at original discount rate, end of period18,760,024 246,339 19,006,363 
Effect of cumulative changes in discount rate assumptions, end of period(791,413)(26,245)(817,658)
Balance, end of period$17,968,611 $220,094 $18,188,705 
Other, end of period1,941 
Total balance, end of period$18,190,646 

Six Months Ended June 30, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$7,145,646 $220,094 $7,365,740 
Flooring impact, end of period0 0 0 
Balance, end of period, post-flooring$7,145,646 $220,094 $7,365,740 
Less: Reinsurance recoverables6,614,071 17,835 6,631,906 
Balance after reinsurance recoverables, end of period, post-flooring$531,575 $202,259 $733,834 
The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Six Months Ended June 30, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,795,982 $0 
Discounted expected future gross premiums (at original discount rate)$14,920,888 $0 
Discounted expected future gross premiums (at current discount rate)$14,173,894 $0 
Undiscounted expected future benefits and expenses$29,155,998 $337,236 
Interest accrual$189,591 $4,453 
Gross premiums$901,158 $21,461 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)96
Weighted-average interest rate (at original discount rate)5.15 %3.83 %
Weighted-average interest rate (at current discount rate)5.53 %5.47 %
Six Months Ended June 30, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$21,948,491 $0 
Discounted expected future gross premiums (at original discount rate)$15,125,847 $0 
Discounted expected future gross premiums (at current discount rate)$14,493,623 $0 
Undiscounted expected future benefits and expenses$29,156,389 $328,414 
Interest accrual$185,524 $4,201 
Gross premiums$900,634 $24,200 
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)106
Weighted-average interest rate (at original discount rate)5.20 %3.57 %
Weighted-average interest rate (at current discount rate)5.28 %5.27 %
The balances of and changes in DPL as of and for the periods indicated are as follows:

Six Months Ended June 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 activity412 (5,092)
Adjusted balance, beginning of period17,340 13,101 
Profits deferred3,389 2,088 
Interest accrual319 294 
Amortization(1,025)(973)
Other adjustments(16)(8)
Balance, end of period, post-flooring20,007 14,502 
Less: Reinsurance recoverables1,439 1,558 
Balance after reinsurance recoverables, end of period$18,568 $12,944 
The following table shows a rollforward of AIR balances for variable and universal life products for the periods indicated:

Six Months Ended June 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 activity161,320 26,204 
Adjusted balance, beginning of period15,427,754 13,982,796 
Assessments collected(1)586,734 513,593 
Interest accrual261,019 237,869 
Benefits paid(158,757)(151,097)
Balance, excluding amounts in AOCI, end of period, pre-flooring16,116,750 14,583,161 
Flooring impact and amounts in AOCI(1,642,621)(1,094,298)
Balance, including amounts in AOCI, end of period, post-flooring14,474,129 13,488,863 
Less: Reinsurance recoverables14,286,902 13,268,534 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$187,227 $220,329 
(1) Represents the portion of gross assessments required to fund the future policy benefits.
Six Months Ended June 30,
20242023
($ in thousands)
Interest accrual$261,019 $237,869 
Gross assessments$903,426 $785,370 
Weighted-average duration of the liability in years (at original discount rate)2222
Weighted-average interest rate (at original discount rate)3.40 %3.39 %
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:

Six Months Ended June 30,
20242023
(in thousands)
Benefit reserves, end of period, post-flooring$7,449,542 $7,365,740 
Deferred profit liability, end of period, post-flooring20,007 14,502 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring14,474,129 13,488,863 
Subtotal of amounts disclosed above21,943,678 20,869,105 
Other Future policy benefits reserves(1)1,086,901 1,108,889 
Total Future policy benefits$23,030,579 $21,977,994 
(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:

Six Months Ended June 30, 2024
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$901,158 $0 $21,461 $922,619 
Deferred profit liability0 0 (5,187)(5,187)
Additional insurance reserves0 903,426 0 903,426 
Total$901,158 $903,426 $16,274 $1,820,858 
Six Months Ended June 30, 2023
Revenues(1)
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$900,634 $0 $24,200 $924,834 
Deferred profit liability0 0 3,691 3,691 
Additional insurance reserves0 785,370 0 785,370 
Total$900,634 $785,370 $27,891 $1,713,895 
(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.
Six Months Ended June 30, 2024
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$189,591 $0 $4,453 $194,044 
Deferred profit liability0 0 319 319 
Additional insurance reserves0 261,019 0 261,019 
Total$189,591 $261,019 $4,772 $455,382 

Six Months Ended June 30, 2023
Interest Expense
Term LifeVariable/ Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$185,524 $0 $4,201 $189,725 
Deferred profit liability0 0 294 294 
Additional insurance reserves0 237,869 0 237,869 
Total$185,524 $237,869 $4,495 $427,888 
v3.24.2.u1
Policyholders' Liabilities (Tables)
 6 Months Ended
Jun. 30, 2024
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]  
Policyholder Account Balance
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
Six Months Ended June 30, 2024
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$6,164,313 $22,836,765 $20,167,713 $49,168,791 
Deposits2,787,898 3,752,999 1,062,220 7,603,117 
Interest credited90,612 207,176 279,382 577,170 
Policy charges(87)(12,007)(910,191)(922,285)
Surrenders and withdrawals(251,521)(370,351)(376,600)(998,472)
Benefit payments(24,948)(12,688)(33,912)(71,548)
Net transfers (to) from separate account0 41,403 169,366 210,769 
Change in market value and other adjustments(1)124,805 1,092,901 65,431 1,283,137 
Balance, end of period8,891,072 27,536,198 20,423,409 56,850,679 
Unearned revenue reserve4,082,015 
Other104,172 
Total Policyholders' account balance$61,036,866 
Weighted-average crediting rate2.41 %1.65 %2.75 %2.18 %
Net amount at risk(2)$20 $0 $332,247,799 $332,247,819 
Cash surrender value(3)$7,711,710 $25,912,600 $19,133,660 $52,757,970 
Six Months Ended June 30, 2023
Fixed Annuities(4)Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$3,575,824 $16,432,032 $18,736,365 $38,744,221 
Deposits1,180,342 2,225,558 1,030,843 4,436,743 
Interest credited44,970 131,119 278,886 454,975 
Policy charges(3,078)(10,684)(903,228)(916,990)
Surrenders and withdrawals(101,470)(233,470)(400,194)(735,134)
Benefit payments(25,668)(15,067)(42,131)(82,866)
Net transfers (to) from separate account0 4,995 1,035,554 1,040,549 
Change in market value and other adjustments(1)69,817 954,563 139,608 1,163,988 
Balance, end of period4,740,737 19,489,046 19,875,703 44,105,486 
Unearned revenue reserve3,401,994 
Other(4)100,675 
Total Policyholders' account balance$47,608,155 
Weighted-average crediting rate2.15 %1.46 %2.89 %2.20 %
Net amount at risk(2)$38 $0 $313,218,977 $313,219,015 
Cash surrender value(3)$3,975,581 $17,391,104 $18,341,323 $39,708,008 
(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)     Prior period amounts have been updated to conform to current period presentation.
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:
June 30, 2024
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 -50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$412 $3,827 $9,924 $707,366 $721,529 
1.00% - 1.99%
448,198 69,557 200,379 78,195 796,329 
2.00% - 2.99%
303,024 461,269 562,666 16,064 1,343,023 
3.00% - 4.00%
825,027 5,007 7,862 2,261 840,157 
Greater than 4.00%
0 0 0 0 0 
Total$1,576,661 $539,660 $780,831 $803,886 $3,701,038 
Variable Annuities
Less than 1.00%
$618,306 $651,182 $253,768 $178 $1,523,434 
1.00% - 1.99%
184,745 118,146 2,380 0 305,271 
2.00% - 2.99%
19,218 4,138 4,185 0 27,541 
3.00% - 4.00%
856,020 5,501 2 0 861,523 
Greater than 4.00%
2,059 0 0 0 2,059 
Total$1,680,348 $778,967 $260,335 $178 $2,719,828 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $171,754 $171,754 
1.00% - 1.99%
246,886 0 1,678,254 1,580,722 3,505,862 
2.00% - 2.99%
28,501 1,479,940 2,693,293 371,908 4,573,642 
3.00% - 4.00%
3,841,175 2,170,158 1,107,301 0 7,118,634 
Greater than 4.00%
2,114,438 0 0 0 2,114,438 
Total$6,231,000 $3,650,098 $5,478,848 $2,124,384 $17,484,330 
June 30, 2023
Range of Guaranteed Minimum Crediting Rate (1)At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 -150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities(2)
Less than 1.00%
$0 $94 $27 $180 $301 
1.00% - 1.99%
504,431 75,476 242,780 83,650 906,337 
2.00% - 2.99%
261,482 466,971 47,851 10,920 787,224 
3.00% - 4.00%
32,738 0 0 0 32,738 
Greater than 4.00%
0 0 0 0 0 
Total$798,651 $542,541 $290,658 $94,750 $1,726,600 
Variable Annuities
Less than 1.00%
$972,976 $833,696 $18,454 $2 $1,825,128 
1.00% - 1.99%
229,049 2,126 1,094 0 232,269 
2.00% - 2.99%
24,531 4,090 0 0 28,621 
3.00% - 4.00%
990,408 2,859 0 0 993,267 
Greater than 4.00%
2,091 0 0 0 2,091 
Total$2,219,055 $842,771 $19,548 $2 $3,081,376 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $9,078 $9,078 
1.00% - 1.99%
163,616 0 2,706,552 363,119 3,233,287 
2.00% - 2.99%
21,001 1,399,691 2,765,577 267,001 4,453,270 
3.00% - 4.00%
4,555,992 1,985,262 1,110,457 0 7,651,711 
Greater than 4.00%
2,159,217 0 0 0 2,159,217 
Total$6,899,826 $3,384,953 $6,582,586 $639,198 $17,506,563 
(1)     Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.
(2)     Prior period amounts have been updated to conform to current period presentation.
Additional Liability, Long-Duration Insurance :
Six Months Ended June 30,
20242023
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$3,741,426 $3,067,336 
Unearned revenue430,230405,732
Amortization expense(89,640)(70,981)
Other adjustments(1)(93)
Balance, end of period$4,082,015 $3,401,994 
Less: Reinsurance recoverables1,794,0711,621,229
Balance after reinsurance recoverables, end of period$2,287,944 $1,780,765 
v3.24.2.u1
Market Risk Benefits (Tables)
 6 Months Ended
Jun. 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:
Six Months Ended June 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 collected556,055 (131,047)425,008 
Claims paid(31,466)3,110 (28,356)
Interest accrual119,334 (28,372)90,962 
Actual in force different from expected(2,637)(10,203)(12,840)
Effect of changes in interest rates(870,637)126,966 (743,671)
Effect of changes in equity markets(1,112,214)115,601 (996,613)
Effect of assumption update85,619 3,984 89,603 
Issuances28,190 (1,654)26,536 
Other adjustments14,784 398 15,182 
Effect of changes in current period counterparty non-performance risk0 (6,098)(6,098)
Balance, end of period, before effect of changes in non-performance risk3,550,013 (845,107)2,704,906 
Effect of cumulative changes in non-performance risk(884,110)0 (884,110)
Balance, end of period$2,665,903 $(845,107)$1,820,796 
Six Months Ended June 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 collected587,663 (107,425)480,238 
Claims paid(43,782)3,681 (40,101)
Interest accrual160,106 (20,505)139,601 
Actual in force different from expected36,193 (6,069)30,124 
Effect of changes in interest rates(671,989)169,229 (502,760)
Effect of changes in equity markets(1,314,461)127,157 (1,187,304)
Effect of assumption update330,769 (54,067)276,702 
Issuances11,403 9,025 20,428 
Other adjustments(1)(17,436)(638,198)(655,634)
Effect of changes in current period counterparty non-performance risk0 (7,445)(7,445)
Balance, end of period, before effect of changes in non-performance risk5,357,001 (946,878)4,410,123 
Effect of cumulative changes in non-performance risk(1,660,587)0 (1,660,587)
Balance, end of period$3,696,414 $(946,878)$2,749,536 
(1)    Other adjustments for June 30, 2023 primarily includes $638 million related to the reinsurance transaction with AuguStar. See Note 11 for additional information.
The following table presents accompanying information to the rollforward table above.
June 30, 2024June 30, 2023
Variable Annuities
($ in thousands)
Net amount at risk(1)$8,732,024 $10,067,522 
Weighted-average attained age of contractholders7169
(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:
June 30, 2024June 30, 2023
Variable Annuities
(in thousands)
Direct and assumed$1,419,114 $1,165,762 
Ceded1,131,050 1,174,468 
Total market risk benefit assets$2,550,164 $2,340,230 
Direct and assumed$4,085,018 $4,862,177 
Ceded285,942 227,589 
Total market risk benefit liabilities$4,370,960 $5,089,766 
Net liability$1,820,796 $2,749,536 
v3.24.2.u1
Reinsurance (Tables)
 6 Months Ended
Jun. 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:
June 30, 2024December 31, 2023
 (in thousands)
Reinsurance recoverables$40,693,991 $38,709,651 
Policy loans(1,098,752)(1,082,584)
Deferred policy acquisition costs(3,154,068)(3,195,161)
Deferred sales inducements(33,943)(35,313)
Market risk benefit assets1,131,482 1,165,378 
Other assets2,413,087 1,897,410 
Policyholders’ account balances5,746,173 5,977,108 
Future policy benefits7,197,282 7,026,209 
Market risk benefit liabilities287,741 249,538 
Other liabilities7,830,608 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:
June 30, 2024December 31, 2023
(in thousands)
Deferred policy acquisition costs$65,299 $71,315 
Market risk benefit assets780,056 745,662 
Other assets2,313,943 1,795,422 
Policyholders’ account balances1,726,686 1,830,579 
Future policy benefits185 453 
Market risk benefit liabilities146,676 131,594 
Other liabilities2,352,382 1,915,205 
Reinsurance Recoverable by Counterparty
Reinsurance recoverables by counterparty are as follows:
June 30, 2024December 31, 2023
 (in thousands)
PAR U$18,630,892 $15,722,061 
PURC0 7,565,968 
PARCC2,123,485 2,304,270 
GUL Re0 3,211,899 
PAR Term1,987,253 2,101,004 
Prudential Insurance4,164,836 1,311,525 
Term Re1,980,014 2,080,564 
Lotus Re2,077,391 2,051,831 
DART765,376 744,043 
PURE7,383,771 0 
Unaffiliated1,580,973 1,616,486 
Total reinsurance recoverables$40,693,991 $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 six months ended June 30, were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Premiums:
Direct$462,458 $476,472 $922,086 $938,539 
Assumed30 34 63 (122)
Ceded(367,567)(386,541)(735,046)(771,796)
Net premiums94,921 89,965 187,103 166,621 
Policy charges and fee income:
Direct785,299 749,037 1,556,488 1,484,975 
Assumed239,838 148,479 498,608 301,079 
Ceded(636,303)(533,980)1,242,943 (1,036,027)
Net policy charges and fee income388,834 363,536 3,298,039 750,027 
Net investment income:
Direct592,448 402,761 1,111,500 753,084 
Assumed333 343 663 686 
Ceded(12,788)(10,029)(26,850)(11,245)
Net investment income(1)579,993 393,075 1,085,313 742,525 
Asset administration fees:
Direct79,776 80,952 162,464 161,308 
Assumed0 0 0 0 
Ceded(24,663)(24,164)(50,719)(40,318)
Net asset administration fees55,113 56,788 111,745 120,990 
Other income (loss):
Direct84,931 79,657 129,747 305,391 
Assumed24 (56)349 (349)
Ceded52,734 25,857 221,078 45,263 
Net other income (loss)(1)137,689 105,458 351,174 350,305 
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Realized investment gains (losses), net:
Direct765,146 (88,715)777,502 (334,638)
Assumed72,351 82,278 63,184 220,944 
Ceded1,385 14,131 21,196 709 
Realized investment gains (losses), net(1)838,882 7,694 861,882 (112,985)
Change in value of market risk benefits, net of related hedging gain (loss):
Direct(298,559)174,084 15,327 207,204 
Assumed1,072 2,774 606 (3,443)
Ceded15,304 (215,745)(206,525)(222,446)
Net change in value of market risk benefits, net of related hedging gain (loss)(282,183)(38,887)(190,592)(18,685)
Policyholders’ benefits (including change in reserves):
Direct909,374 848,495 1,910,820 1,727,280 
Assumed245,810 332,048 533,221 649,335 
Ceded(1,019,305)(1,033,582)1,798,246 (2,124,472)
Net policyholders’ benefits (including change in reserves)(1)135,879 146,961 4,242,287 252,143 
Change in estimates of liability for future policy benefits:
Direct72,870 31,146 212,456 (17,355)
Assumed74,378 23,844 64,868 25,651 
Ceded(153,422)(56,123)(295,503)(13,831)
Net change in estimates of liability for future policy benefits(6,174)(1,133)(18,179)(5,535)
Interest credited to policyholders’ account balances:
Direct297,194 215,973 575,584 438,548 
Assumed36,344 27,957 82,492 66,463 
Ceded(107,314)(100,114)(207,302)(200,973)
Net interest credited to policyholders’ account balances226,224 143,816 450,774 304,038 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(116,030)(105,195)(506,173)(223,025)
(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 June 30,Six Months Ended June 30,
20242023(1)20242023
(in thousands)
Premiums:
Assumed$30 $34 $60 $(132)
Ceded(26,827)(16,802)(51,979)(33,377)
Policy charges and fee income:
Assumed356 383 628 923 
Ceded(44,958)(38,338)(86,970)(62,276)
Net investment income(1):
Ceded0 1,993 0 12,913 
Asset administration fees:
Ceded(7,007)(7,740)(14,323)(7,740)
Other income (loss)(1):
Assumed24 55 453 (238)
Ceded26,002 8,031 47,806 9,653 
Realized investment gains (losses), net(1):
Assumed72,351 82,278 63,184 220,944 
Ceded21,774 13,952 46,999 (629)
Change in value of market risk benefits, net of related hedging gain (loss):
Assumed1,072 2,774 606 (3,443)
Ceded34,461 (75,325)(63,547)(80,098)
Policyholders’ benefits (including change in reserves)(1):
Assumed28 189 361 280 
Ceded(64,243)(36,118)(211,071)(63,820)
Change in estimates of liability for future policy benefits:
Ceded29 (416)91,902 (416)
Interest credited to policyholders’ account balances:
Assumed7,657 (2,370)25,116 5,099 
Ceded(1)(85)(1)(85)
(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 June 30, 2024 and 2023 were as follows:
20242023
 (in thousands)
Direct gross life insurance face amount in force$1,147,562,454 $1,107,571,392 
Assumed gross life insurance face amount in force35,029,437 36,059,164 
Reinsurance ceded(1,041,974,560)(1,015,213,859)
Net life insurance face amount in force$140,617,331 $128,416,697 
v3.24.2.u1
Equity (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of AOCI as of and for the six months ended June 30, 2024 and 2023, are as follows:
 Accumulated Other Comprehensive Income (Loss)
 Foreign
Currency
Translation
Adjustment		Net Unrealized
Investment Gains
(Losses)(1)		Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated
Other
Comprehensive
Income (Loss)
 (in thousands)
Balance, December 31, 2023$(18,085)$(927,778)$71,195 $843,748 $(30,920)
Change in OCI before reclassifications(4,178)(448,732)66,215 (183,925)(570,620)
Amounts reclassified from AOCI0 (20,268)0 0 (20,268)
Income tax benefit (expense)275 98,567 (13,905)38,624 123,561 
Balance, June 30, 2024$(21,988)$(1,298,211)$123,505 $698,447 $(498,247)

 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 $(10,065)
Change in OCI before reclassifications3,266 116,395 (17,588)(67,323)34,750 
Amounts reclassified from AOCI0 2,479 0 0 2,479 
Income tax benefit (expense)(363)(24,884)3,693 14,138 (7,416)
Balance, June 30, 2023$(17,104)$(1,380,485)$105,473 $1,311,864 $19,748 
(1)Includes cash flow hedges of $75 million and $12 million as of June 30, 2024 and December 31, 2023, respectively, and $100 million and $139 million as of June 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
June 30,		Six Months Ended
June 30,
2024202320242023
 (in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)$12,832 $1,974 $35,736 $5,744 
Net unrealized investment gains (losses) on available-for-sale securities(8,631)(2)(15,468)(8,223)
Total net unrealized investment gains (losses)(4)4,201 1,972 20,268 (2,479)
Total reclassifications for the period$4,201 $1,972 $20,268 $(2,479)
(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(1,461)(543,630)0 0 114,566 (430,525)
Reclassification adjustment for (gains) losses included in net income(9)(20,259)0 0 4,260 (16,008)
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 (797,795)894,154 (20,259)76,100 
Balance, June 30, 2024$491 $(1,968,043)$(1,599,146)$1,923,252 $345,235 $(1,298,211)
(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.
v3.24.2.u1
Related Party Transactions (Tables)
 6 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
Affiliated Notes Receivable
Affiliated notes receivable included in “Receivables from parent and affiliates” at June 30, 2024 and December 31, 2023 is as follows:
Maturity DatesInterest RatesJune 30, 2024December 31, 2023
(in thousands)
U.S. dollar fixed rate notes2025-20320.00%-14.85 %$330,814 $147,984 
Total notes receivable - affiliated(1)$330,814 $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:
June 30, 2024December 31, 2023
 Amount
(in thousands)		% of
Total		Amount
(in thousands)		% of
Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$1,776,234 26.3 %$1,578,785 25.7 %
Hospitality99,596 1.5 102,952 1.7 
Industrial2,701,470 40.0 2,486,230 40.4 
Office587,978 8.6 604,611 9.8 
Other666,349 9.9 456,720 7.4 
Retail349,157 5.2 363,706 5.9 
Total commercial mortgage loans6,180,784 91.5 5,593,004 90.9 
Agricultural property loans571,962 8.5 562,046 9.1 
Total commercial mortgage and agricultural property loans6,752,746 100.0 %6,155,050 100.0 %
Allowance for credit losses(41,572)(37,689)
Total net commercial mortgage and agricultural property loans6,711,174 6,117,361 
Other loans:
Other collateralized loans7,212 5,360 
Total other loans7,212 5,360 
Total net commercial mortgage and other loans$6,718,386 $6,122,721 
The affiliated commercial mortgage loan included in "Commercial mortgage and other loans" at June 30, 2024 and December 31, 2023 were as follows:
Maturity DateInterest RateJune 30, 2024December 31, 2023
(in thousands)
Affiliated Commercial Mortgage Loan20259.83 %$70,445 $71,038 
Affiliated Asset Transfers The table below shows affiliated asset trades for the six months ended June 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 
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 June 30, 2024 and December 31, 2023.
AffiliateDate
Issued
Amount of Notes - June 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.
v3.24.2.u1
Commitments and Contingent Liabilities (Tables)
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Guarantees
Guarantees of Asset Values

June 30, 2024December 31, 2023
(in thousands)
Guaranteed value of third-parties' assets$1,208,219 $311,302 
Fair value of collateral supporting these assets$1,047,957 $287,621 
Asset (liability) associated with guarantee, carried at fair value $762 $1 
v3.24.2.u1
Business and Basis of Presentation (Narrative) (Details)
 6 Months Ended
Jun. 30, 2024
subsidiary
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number Of Subsidiaries 1
v3.24.2.u1
Investments (Fixed Maturities Securities Excluding Investments Classified as Trading) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost $ 33,149,962   $ 27,538,066      
Gross Unrealized Gains 165,456   335,759      
Gross Unrealized Losses 2,201,307   1,740,037      
Allowance for Credit Losses 3,348 $ 1,650 2,008 $ 4,923 $ 3,727 $ 4,769
Fair Value 31,110,763   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 1,198,985   1,009,937      
Gross Unrealized Gains 13,506   38,858      
Gross Unrealized Losses 91,356   73,508      
Allowance for Credit Losses 0 0 0 0 0 0
Fair Value 1,121,135   975,287      
Obligations of U.S. states and their political subdivisions            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 637,572   789,856      
Gross Unrealized Gains 1,961   5,288      
Gross Unrealized Losses 27,051   18,517      
Allowance for Credit Losses 0   0      
Fair Value 612,482   776,627      
Foreign government bonds            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 326,497   330,830      
Gross Unrealized Gains 855   1,840      
Gross Unrealized Losses 61,028   50,684      
Allowance for Credit Losses 0 0 0 0 0 5
Fair Value 266,324   281,986      
U.S. public corporate securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 12,357,109   10,159,089      
Gross Unrealized Gains 43,886   98,047      
Gross Unrealized Losses 987,257   760,274      
Allowance for Credit Losses 1,616   950      
Fair Value 11,412,122   9,495,912      
U.S. private corporate securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 5,540,730   5,207,699      
Gross Unrealized Gains 11,550   37,435      
Gross Unrealized Losses 329,287   254,828      
Allowance for Credit Losses 1,588   812      
Fair Value 5,221,405   4,989,494      
Foreign public corporate securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 3,020,621   1,809,347      
Gross Unrealized Gains 9,803   12,658      
Gross Unrealized Losses 133,192   115,673      
Allowance for Credit Losses 139   238      
Fair Value 2,897,093   1,706,094      
Foreign private corporate securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 5,357,655   4,902,391      
Gross Unrealized Gains 48,506   109,806      
Gross Unrealized Losses 485,061   381,215      
Allowance for Credit Losses 0   0      
Fair Value 4,921,100   4,630,982      
Asset-backed securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 3,403,884   2,016,028      
Gross Unrealized Gains 31,590   23,035      
Gross Unrealized Losses 8,205   11,512      
Allowance for Credit Losses 0 0 1 0 0 0
Fair Value 3,427,269   2,027,550      
Commercial mortgage-backed securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 922,301   913,347      
Gross Unrealized Gains 3,193   4,776      
Gross Unrealized Losses 66,432   66,345      
Allowance for Credit Losses 0 0 0 0 0 0
Fair Value 859,062   851,778      
Residential mortgage-backed securities            
Debt Securities, Available-for-sale [Line Items]            
Amortized Cost 384,608   399,542      
Gross Unrealized Gains 606   4,016      
Gross Unrealized Losses 12,438   7,481      
Allowance for Credit Losses 5 $ 0 7 $ 6 $ 7 $ 9
Fair Value $ 372,771   $ 396,070      
v3.24.2.u1
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value $ 7,303,837 $ 2,492,369
Less than Twelve Months, Gross Unrealized Losses 132,050 39,568
Twelve Months or More, Fair Value 13,943,924 13,312,102
Twelve Months or More, Gross Unrealized Losses 2,069,200 1,699,993
Total, Fair Value 21,247,761 15,804,471
Total, Gross Unrealized Losses 2,201,250 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 230,068 98,174
Less than Twelve Months, Gross Unrealized Losses 2,572 945
Twelve Months or More, Fair Value 294,783 214,889
Twelve Months or More, Gross Unrealized Losses 88,784 72,563
Total, Fair Value 524,851 313,063
Total, Gross Unrealized Losses 91,356 73,508
Obligations of U.S. states and their political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 223,788 83,729
Less than Twelve Months, Gross Unrealized Losses 3,957 293
Twelve Months or More, Fair Value 234,192 218,375
Twelve Months or More, Gross Unrealized Losses 23,094 18,224
Total, Fair Value 457,980 302,104
Total, Gross Unrealized Losses 27,051 18,517
Foreign government bonds    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 22,104 10,226
Less than Twelve Months, Gross Unrealized Losses 674 116
Twelve Months or More, Fair Value 226,215 233,757
Twelve Months or More, Gross Unrealized Losses 60,354 50,568
Total, Fair Value 248,319 243,983
Total, Gross Unrealized Losses 61,028 50,684
U.S. public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 2,763,982 782,904
Less than Twelve Months, Gross Unrealized Losses 57,470 10,009
Twelve Months or More, Fair Value 5,644,459 5,201,353
Twelve Months or More, Gross Unrealized Losses 929,754 750,265
Total, Fair Value 8,408,441 5,984,257
Total, Gross Unrealized Losses 987,224 760,274
U.S. private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 1,257,925 707,674
Less than Twelve Months, Gross Unrealized Losses 29,254 16,613
Twelve Months or More, Fair Value 3,114,266 2,794,697
Twelve Months or More, Gross Unrealized Losses 300,033 238,181
Total, Fair Value 4,372,191 3,502,371
Total, Gross Unrealized Losses 329,287 254,794
Foreign public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 891,965 92,955
Less than Twelve Months, Gross Unrealized Losses 5,472 1,063
Twelve Months or More, Fair Value 988,534 948,963
Twelve Months or More, Gross Unrealized Losses 127,696 114,169
Total, Fair Value 1,880,499 1,041,918
Total, Gross Unrealized Losses 133,168 115,232
Foreign private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 1,238,396 429,212
Less than Twelve Months, Gross Unrealized Losses 29,092 8,035
Twelve Months or More, Fair Value 2,526,982 2,461,367
Twelve Months or More, Gross Unrealized Losses 455,969 373,180
Total, Fair Value 3,765,378 2,890,579
Total, Gross Unrealized Losses 485,061 381,215
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 476,496 208,970
Less than Twelve Months, Gross Unrealized Losses 1,994 1,761
Twelve Months or More, Fair Value 193,910 532,814
Twelve Months or More, Gross Unrealized Losses 6,211 9,750
Total, Fair Value 670,406 741,784
Total, Gross Unrealized Losses 8,205 11,511
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 69,386 42,621
Less than Twelve Months, Gross Unrealized Losses 301 298
Twelve Months or More, Fair Value 568,747 580,931
Twelve Months or More, Gross Unrealized Losses 66,131 66,047
Total, Fair Value 638,133 623,552
Total, Gross Unrealized Losses 66,432 66,345
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 129,727 35,904
Less than Twelve Months, Gross Unrealized Losses 1,264 435
Twelve Months or More, Fair Value 151,836 124,956
Twelve Months or More, Gross Unrealized Losses 11,174 7,046
Total, Fair Value 281,563 160,860
Total, Gross Unrealized Losses $ 12,438 $ 7,481
v3.24.2.u1
Investments (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Schedule of Investments [Line Items]          
Loans acquired $ 14,100 $ 0 $ 14,100 $ 0  
Loans sold 0 0 0 0  
Gross Unrealized Losses 2,201,250   2,201,250   $ 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 $ 3,000   $ 3,000   $ 0
Commercial mortgage and other loans purchased with credit deterioration     0   0
Twelve Months or More, Gross Unrealized Losses 2,069,200   2,069,200   1,699,993
Commercial mortgage loans | Extended Maturity          
Schedule of Investments [Line Items]          
Financing Receivable, Modified in Period, Amount 9,000 0 $ 17,000 0  
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage     1.00%    
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 2,071,000   $ 2,071,000   1,634,000
NAIC other than high or highest quality rating | Fixed maturities          
Schedule of Investments [Line Items]          
Gross Unrealized Losses $ 130,000   $ 130,000   106,000
California          
Schedule of Investments [Line Items]          
Commercial mortgage loans, Percentage 27.00%   27.00%    
Texas          
Schedule of Investments [Line Items]          
Commercial mortgage loans, Percentage 9.00%   9.00%    
Washington          
Schedule of Investments [Line Items]          
Commercial mortgage loans, Percentage 7.00%   7.00%    
Europe          
Schedule of Investments [Line Items]          
Commercial mortgage loans, Percentage 10.00%   10.00%    
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) $ (50,900) (53,500) $ (132,200) 42,600  
Other Income | Equity securities          
Schedule of Investments [Line Items]          
Net unrealized investment gains (losses) (9,200) $ (1,100) (21,400) $ 8,100  
Fixed maturities          
Schedule of Investments [Line Items]          
Twelve Months or More, Gross Unrealized Losses $ 2,069,000   $ 2,069,000   $ 1,700,000
v3.24.2.u1
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Amortized Cost    
Due in one year or less $ 1,585,826  
Due after one year through five years 10,560,134  
Due after five years through ten years 8,207,957  
Due after ten years 8,085,252  
Amortized Cost 33,149,962 $ 27,538,066
Fair Value    
Due in one year or less 1,549,703  
Due after one year through five years 10,212,123  
Due after five years through ten years 7,798,270  
Due after ten years 6,891,565  
Fair Value 31,110,763 26,131,780
Asset-backed securities    
Amortized Cost    
Debt securities, available-for-sale, maturity, without single maturity date, amortized cost 3,403,884  
Amortized Cost 3,403,884 2,016,028
Fair Value    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 3,427,269  
Fair Value 3,427,269 2,027,550
Commercial mortgage-backed securities    
Amortized Cost    
Debt securities, available-for-sale, maturity, without single maturity date, amortized cost 922,301  
Amortized Cost 922,301 913,347
Fair Value    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 859,062  
Fair Value 859,062 851,778
Residential mortgage-backed securities    
Amortized Cost    
Debt securities, available-for-sale, maturity, without single maturity date, amortized cost 384,608  
Amortized Cost 384,608 399,542
Fair Value    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 372,771  
Fair Value $ 372,771 $ 396,070
v3.24.2.u1
Investments (Fixed Maturities Securities Proceeds) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Debt Securities, Available-for-sale [Line Items]        
Proceeds from maturities/prepayments     $ 1,508,920 $ 668,943
Fixed maturities | Available-for-sale        
Debt Securities, Available-for-sale [Line Items]        
Proceeds from sales $ 321,870 $ 68,308 428,025 128,681
Proceeds from maturities/prepayments 698,470 193,205 1,135,913 488,333
Gross investment gains from sales and maturities 9,407 6,777 10,344 9,449
Gross investment losses from sales and maturities (16,340) (5,587) (24,472) (17,525)
Write-downs recognized in earnings 0 4 0 7
(Addition to) release of allowance for credit losses $ (1,698) $ (1,196) (1,340) (154)
Noncash or part noncash divestiture, amount of consideration received     $ (55,000) $ 51,900
v3.24.2.u1
Investments (Credit Losses Recognized In Earnings on Fixed Maturity Securities Held by the Company) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Balance, beginning of period $ 1,650 $ 3,727 $ 2,008 $ 4,769
Additions to allowance for credit losses not previously recorded 344 242 401 3,165
Reductions for securities sold during the period (1) (41) (42) (3,775)
Additions (reductions) on securities with previous allowance 1,355 995 502 764
Assets transferred to parent and affiliates 0   479  
Balance, end of period 3,348 4,923 3,348 4,923
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 Bonds        
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 1,650 3,720 2,000 4,755
Additions to allowance for credit losses not previously recorded 339 242 396 3,165
Reductions for securities sold during the period (1) (41) (42) (3,774)
Additions (reductions) on securities with previous allowance 1,355 996 510 771
Assets transferred to parent and affiliates 0   479  
Balance, end of period 3,343 4,917 3,343 4,917
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 0 7 7 9
Additions to allowance for credit losses not previously recorded 5 0 5 0
Reductions for securities sold during the period 0 0 0 0
Additions (reductions) on securities with previous allowance 0 (1) (7) (3)
Assets transferred to parent and affiliates 0   0  
Balance, end of period $ 5 $ 6 $ 5 $ 6
v3.24.2.u1
Investments (Commercial Mortgage and Other Loans) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 6,752,746 $ 6,155,050
Commercial mortgage loans, Percentage 100.00% 100.00%
Allowance for Credit Losses $ (41,572) $ (37,689)
Commercial Mortgage Loans 6,718,386 6,122,721
Total net Commercial Mortgage and Other Loans 6,718,386 6,122,721
Other loans 7,212 5,360
Commercial Mortgage and Agricultural Loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial Mortgage Loans 6,711,174 6,117,361
Total net Commercial Mortgage and Other Loans 6,711,174 6,117,361
Other Collateralized Loans    
Commercial Mortgage and Other Loans [Line Items]    
Other loans 7,212 5,360
Total Net Commercial Mortgage and Other Loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial Mortgage Loans 6,718,386 6,122,721
Total net Commercial Mortgage and Other Loans 6,718,386 6,122,721
Apartments and multi-family    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 1,776,234 $ 1,578,785
Commercial mortgage loans, Percentage 26.30% 25.70%
Hospitality    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 99,596 $ 102,952
Commercial mortgage loans, Percentage 1.50% 1.70%
Industrial    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 2,701,470 $ 2,486,230
Commercial mortgage loans, Percentage 40.00% 40.40%
Office    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 587,978 $ 604,611
Commercial mortgage loans, Percentage 8.60% 9.80%
Other    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 666,349 $ 456,720
Commercial mortgage loans, Percentage 9.90% 7.40%
Retail    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 349,157 $ 363,706
Commercial mortgage loans, Percentage 5.20% 5.90%
Commercial mortgage loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 6,180,784 $ 5,593,004
Commercial mortgage loans, Percentage 91.50% 90.90%
Agricultural property loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 571,962 $ 562,046
Commercial mortgage loans, Percentage 8.50% 9.10%
v3.24.2.u1
Investments (Allowance for Credit Losses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Allowance for Loan and Lease Losses [Roll Forward]        
Balance, beginning of year $ 42,682 $ 21,410 $ 37,689 $ 20,263
Addition to (release of) allowance for expected losses (1,110) 683 3,883 1,830
Total ending balance 41,572 22,093 41,572 22,093
Commercial mortgage loans        
Allowance for Loan and Lease Losses [Roll Forward]        
Balance, beginning of year 41,769 20,427 36,758 19,665
Addition to (release of) allowance for expected losses (1,077) 706 3,934 1,468
Total ending balance 40,692 21,133 40,692 21,133
Agricultural Property Loans        
Allowance for Loan and Lease Losses [Roll Forward]        
Balance, beginning of year 913 983 931 598
Addition to (release of) allowance for expected losses (33) (23) (51) 362
Total ending balance $ 880 $ 960 $ 880 $ 960
v3.24.2.u1
Investments (Credit Quality Indicators) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
Recording investment gross of allowance for credit losses $ 6,759,958 $ 6,160,410
Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 759,462 1,142,205
One Year Prior 1,155,379 782,796
Two Year Prior 772,251 1,261,597
Three Year Prior 1,267,011 363,599
Four Year Prior 345,525 528,288
Prior 1,881,156 1,514,519
Revolving Loans 0  
Recording investment gross of allowance for credit losses 6,180,784 5,593,004
Commercial mortgage loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 713,612 1,038,315
One Year Prior 1,039,629 779,282
Two Year Prior 768,777 1,261,597
Three Year Prior 1,267,011 292,561
Four Year Prior 275,080 497,407
Prior 1,755,968 1,402,831
Revolving Loans 0  
Recording investment gross of allowance for credit losses 5,820,077 5,271,993
Commercial mortgage loans | 1.0X to 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 45,850 103,890
One Year Prior 115,750 3,514
Two Year Prior 3,474 0
Three Year Prior 0 0
Four Year Prior 0 15,632
Prior 49,352 40,521
Revolving Loans 0  
Recording investment gross of allowance for credit losses 214,426 163,557
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 70,445 15,249
Prior 75,836 71,167
Revolving Loans 0  
Recording investment gross of allowance for credit losses 146,281 157,454
Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 19,587 126,949
One Year Prior 109,185 235,585
Two Year Prior 213,289 132,042
Three Year Prior 131,887 25,875
Four Year Prior 25,510 15,824
Prior 43,900 25,771
Revolving Loans 28,604  
Recording investment gross of allowance for credit losses 571,962 562,046
Agricultural Property Loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 18,587 126,949
One Year Prior 95,419 233,585
Two Year Prior 211,289 130,353
Three Year Prior 130,184 24,063
Four Year Prior 23,775 15,824
Prior 43,900 25,771
Revolving Loans 28,604  
Recording investment gross of allowance for credit losses 551,758 556,545
Agricultural Property Loans | 1.0X to 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 1,000 0
One Year Prior 13,766 2,000
Two Year Prior 2,000 0
Three Year Prior 0 1,812
Four Year Prior 1,735 0
Prior 0 0
Revolving Loans 0  
Recording investment gross of allowance for credit losses 18,501 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 1,703 0
Four Year Prior 0 0
Prior 0 0
Revolving Loans 0  
Recording investment gross of allowance for credit losses 1,703 1,689
0%-59.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 89,035 249,037
One Year Prior 254,068 245,914
Two Year Prior 230,308 482,718
Three Year Prior 480,391 109,249
Four Year Prior 94,393 265,053
Prior 1,197,399 1,068,763
Revolving Loans 0  
Recording investment gross of allowance for credit losses 2,345,594 2,420,734
0%-59.99% | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 19,587 73,774
One Year Prior 89,733 179,375
Two Year Prior 168,400 132,042
Three Year Prior 131,887 25,875
Four Year Prior 23,775 15,824
Prior 43,900 25,771
Revolving Loans 13,789  
Recording investment gross of allowance for credit losses 491,071 452,661
60%-69.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 541,378 675,153
One Year Prior 690,428 355,984
Two Year Prior 362,596 449,878
Three Year Prior 445,103 172,721
Four Year Prior 170,063 225,803
Prior 405,172 206,237
Revolving Loans 0  
Recording investment gross of allowance for credit losses 2,614,740 2,085,776
60%-69.99% | Agricultural Property Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 47,489
One Year Prior 19,452 56,210
Two Year Prior 37,889 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 57,341 103,699
70%-79.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 126,919 218,015
One Year Prior 210,883 133,343
Two Year Prior 121,583 255,299
Three Year Prior 257,377 77,812
Four Year Prior 77,219 20,924
Prior 57,912 86,806
Revolving Loans 0  
Recording investment gross of allowance for credit losses 851,893 792,199
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 7,000 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 0 0
Revolving Loans 14,815  
Recording investment gross of allowance for credit losses 21,815 5,686
80% or greater | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 2,130 0
One Year Prior 0 47,555
Two Year Prior 57,764 73,702
Three Year Prior 84,140 3,817
Four Year Prior 3,850 16,508
Prior 220,673 152,713
Revolving Loans 0  
Recording investment gross of allowance for credit losses 368,557 294,295
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 0 0
Three Year Prior 0 0
Four Year Prior 1,735 0
Prior 0 0
Revolving Loans 0  
Recording investment gross of allowance for credit losses $ 1,735 $ 0
v3.24.2.u1
Investments (Analysis of Past Due Commercial Mortgage, Agricultural and Other Loans) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses $ 6,759,958 $ 6,160,410
Non-Accrual Status 18,744 1,301
Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 6,746,666 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 13,292 0
Commercial mortgage loans    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 6,180,784 5,593,004
Non-Accrual Status 15,422 0
Commercial mortgage loans | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 6,167,492 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 571,962 562,046
Non-Accrual Status 3,322 1,301
Agricultural Loan | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 571,962 562,046
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 0 0
Other Collateralized Loans    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 7,212 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 7,212 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
v3.24.2.u1
Investments (Other Invested Assets) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Other Invested Assets [Line Items]    
Other invested assets $ 1,403,405 $ 1,222,985
Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 1,375,721 1,204,869
Derivative Instruments    
Other Invested Assets [Line Items]    
Other invested assets 27,244 17,718
Other    
Other Invested Assets [Line Items]    
Other invested assets 440 398
Equity Method | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 1,325,403 1,137,562
Equity Method | Private equity | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 358,116 333,863
Equity Method | Hedge funds | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 869,690 720,360
Equity Method | Real estate-related | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 97,597 83,339
Fair Value | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 50,318 67,307
Fair Value | Private equity | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 33,140 48,483
Fair Value | Hedge funds | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 25 137
Fair Value | Real estate-related | Total LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets $ 17,153 $ 18,687
v3.24.2.u1
Investments (Accrued Investment Income) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Net Investment Income    
Accrued investment income $ 426,302 $ 333,838
Fixed maturities    
Net Investment Income    
Accrued investment income 343,332 272,031
Equity securities    
Net Investment Income    
Accrued investment income 220 220
Commercial mortgage and other loans    
Net Investment Income    
Accrued investment income 23,906 21,070
Policy loans    
Net Investment Income    
Accrued investment income 52,057 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 $ 6,787 $ 5,264
v3.24.2.u1
Investments (Net Investment Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income $ 603,607 $ 412,167 $ 1,135,670 $ 778,555
Less: investment expenses (23,614) (19,092) (50,357) (36,030)
Net investment income 579,993 393,075 1,085,313 742,525
Equity securities        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 6,458 2,543 10,205 5,320
Commercial mortgage and other loans        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 77,920 56,317 151,678 104,973
Policy loans        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 16,588 10,622 31,033 15,618
Other invested assets        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 28,747 15,624 52,067 41,723
Short-term investments and cash equivalents        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 41,007 29,582 87,322 60,758
Available-for-sale | Fixed maturities        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income 393,930 275,718 732,739 510,528
Trading | Fixed maturities        
Schedule of Investment Income, Reported Amounts, by Category [Line Items]        
Gross investment income $ 38,957 $ 21,761 $ 70,626 $ 39,635
v3.24.2.u1
Investments (Realized Investment Gains Losses, Net) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Schedule Of Gain Loss On Investments [Line Items]        
Realized Investment gains (losses), net $ 838,882 $ 7,694 $ 861,882 $ (112,985)
Fixed maturities        
Schedule Of Gain Loss On Investments [Line Items]        
Realized Investment gains (losses), net (8,631) (2) (15,468) (8,223)
Commercial mortgage and other loans        
Schedule Of Gain Loss On Investments [Line Items]        
Realized Investment gains (losses), net 1,162 (806) (4,619) (2,084)
Other invested assets        
Schedule Of Gain Loss On Investments [Line Items]        
Realized Investment gains (losses), net 17,635 7,569 33,146 13,196
Derivatives        
Schedule Of Gain Loss On Investments [Line Items]        
Realized Investment gains (losses), net 828,449 600 848,903 (117,670)
Short-term investments and cash equivalents        
Schedule Of Gain Loss On Investments [Line Items]        
Realized Investment gains (losses), net $ 267 $ 333 $ (80) $ 1,796
v3.24.2.u1
Investments (Net Unrealized Gains Losses on Investments by Asset Class) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Gain (Loss) on Securities [Line Items]    
Net Unrealized Gains (Losses) on Investments $ (1,967,552) $ (1,402,193)
Fixed maturities | Available-for-sale | With an allowance    
Gain (Loss) on Securities [Line Items]    
Net Unrealized Gains (Losses) on Investments 491 1,987
Fixed maturities | Available-for-sale | Without an allowance    
Gain (Loss) on Securities [Line Items]    
Net Unrealized Gains (Losses) on Investments (2,036,342) (1,406,265)
Derivatives designated as cash flow hedges    
Gain (Loss) on Securities [Line Items]    
Net Unrealized Gains (Losses) on Investments 75,293 11,934
Affiliated notes    
Gain (Loss) on Securities [Line Items]    
Net Unrealized Gains (Losses) on Investments (6,791) (8,760)
Other investments    
Gain (Loss) on Securities [Line Items]    
Net Unrealized Gains (Losses) on Investments $ (203) $ (1,089)
v3.24.2.u1
Investments (Repurchase Agreement and Securities Lending) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities $ 19,397 $ 218,310
Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 17,497 218,310
Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 1,900 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
Foreign government bonds    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 486
Foreign government bonds | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 486
Foreign government bonds | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 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 9,612 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 7,712 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 1,900 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 9,768 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 9,768 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 0 177,476
Equity securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 177,476
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
v3.24.2.u1
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Derivative, Notional Amount $ 296,118,365 $ 266,639,029
Assets 13,054,588 9,045,737
Liabilities (24,253,329) (21,248,026)
Derivatives Designated as Hedge Accounting Instruments:    
Derivative [Line Items]    
Derivative, Notional Amount 2,728,618 2,277,700
Assets 166,088 121,243
Liabilities (32,736) (54,282)
Derivatives Designated as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Derivative, Notional Amount 2,975 3,064
Assets 215 0
Liabilities (491) (238)
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Derivative, Notional Amount 2,725,643 2,274,636
Assets 165,873 121,243
Liabilities (32,245) (54,044)
Derivatives Not Qualifying as Hedge Accounting Instruments:    
Derivative [Line Items]    
Derivative, Notional Amount 293,389,747 264,361,329
Assets 12,888,500 8,924,494
Liabilities (24,220,593) (21,193,744)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Derivative, Notional Amount 167,487,864 163,179,764
Assets 8,227,910 6,605,817
Liabilities (19,877,550) (17,820,436)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Future    
Derivative [Line Items]    
Derivative, Notional Amount 859,000 1,332,600
Assets 2,964 3,055
Liabilities (291) (210)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Forwards    
Derivative [Line Items]    
Derivative, Notional Amount 908,100 744,576
Assets 4,913 1,772
Liabilities (985) (12,232)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Default Swaps    
Derivative [Line Items]    
Derivative, Notional Amount 520,600 643,280
Assets 4,830 7,727
Liabilities 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Derivative, Notional Amount 2,238,553 2,237,331
Assets 125,477 96,618
Liabilities (20,687) (31,294)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options    
Derivative [Line Items]    
Derivative, Notional Amount 72,507,886 49,247,510
Assets 3,638,902 1,600,335
Liabilities (2,274,561) (1,552,706)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Option    
Derivative [Line Items]    
Derivative, Notional Amount 29,503,000 29,738,000
Assets 227,324 189,112
Liabilities (1,181,463) (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 55,415 741
Liabilities (57,927) (3,196)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Total Return Swap    
Derivative [Line Items]    
Derivative, Notional Amount 15,885,233 15,049,993
Assets 599,846 418,084
Liabilities (803,880) (803,452)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Future    
Derivative [Line Items]    
Derivative, Notional Amount 813,292 418,973
Assets 156 1,232
Liabilities (3,041) (500)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Synthetic Gics    
Derivative [Line Items]    
Derivative, Notional Amount 1,208,219 311,302
Assets 763 1
Liabilities $ (208) $ 0
v3.24.2.u1
Derivative Instruments (Offsetting Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Derivatives Assets    
Gross Amounts of Recognized Financial Instruments $ 13,053,807 $ 9,045,718
Gross Amounts Offset in the Consolidated Statement of Financial Position (13,027,344) (9,028,019)
Net Amounts Presented in the Consolidated Statement of Financial Position 26,463 17,699
Financial Instruments/Collateral 0 0
Net Amount 26,463 17,699
Securities Purchased under Agreements to Resell    
Gross Amounts of Recognized Financial Instruments 325,000 25,000
Gross Amounts Offset in the Consolidated Statement of Financial Position 0 0
Net Amounts Presented in the Consolidated Statement of Financial Position 325,000 25,000
Financial Instruments/Collateral 0 0
Net Amount 325,000 25,000
Total Assets    
Gross Amounts of Recognized Financial Instruments 13,378,807 9,070,718
Gross Amounts Offset in the Consolidated Statement of Financial Position (13,027,344) (9,028,019)
Net Amounts Presented in the Consolidated Statement of Financial Position 351,463 42,699
Financial Instruments/Collateral 0 0
Net Amount 351,463 42,699
Derivatives Liabilities    
Gross Amounts of Recognized Financial Instruments 24,253,121 21,248,026
Gross Amounts Offset in the Consolidated Statement of Financial Position (21,143,003) (18,596,679)
Net Amounts Presented in the Consolidated Statement of Financial Position 3,110,118 2,651,347
Financial Instruments/Collateral (3,110,118) (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 24,253,121 21,248,026
Gross Amounts Offset in the Consolidated Statement of Financial Position (21,143,003) (18,596,679)
Net Amounts Presented in the Consolidated Statement of Financial Position 3,110,118 2,651,347
Financial Instruments/Collateral (3,110,118) (2,651,347)
Net Amount $ 0 $ 0
v3.24.2.u1
Derivative Instruments (Financial Statement Classification and Impact of Derivatives Used in Qualifying and Non-qualifying Hedge Relationships) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Realized Investment Gains (Losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net $ 828,449 $ 600 $ 848,903 $ (114,557)
Market Risk Benefit, Increase (Decrease) from Equity Market Change)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net (468,590) (1,313,359) (1,755,382) (1,305,231)
Net Investment Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 12,143 10,945 22,807 22,625
Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 1,198 (7,081) 13,728 (17,653)
AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 36,180 (18,679) 63,359 (38,966)
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 (568) (1,943) (676) 572
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 12,143 10,945 22,807 22,625
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Other Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 1,258 (7,027) 13,605 (17,453)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | AOCI        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 36,180 (18,679) 63,359 (38,966)
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 1 1
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 2 (29) (62) (54)
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 (21) (43) (10) (2)
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 (569) (1,944) (677) 571
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 12,141 10,974 22,869 22,679
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 1,258 (7,027) 13,605 (17,453)
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 36,201 (18,636) 63,369 (38,964)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Realized Investment Gains (Losses)        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, gain (loss) on derivatives, net 829,017 2,543 849,579 (115,129)
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 (468,590) (1,313,359) (1,755,382) (1,305,231)
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 (60) (54) 123 (200)
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 28,037 63,875 72,509 15,712
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 (410,527) (915,225) (1,266,452) (707,165)
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 8,285 (5,416) 21,406 (12,026)
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 1,556 (23,601) 33,532 (36,322)
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 (60) (54) 123 (200)
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 (368) 1,392 7,518 2,326
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 596,834 947,017 2,023,011 1,143,892
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 (58,063) (398,134) (488,930) (598,066)
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 194,673 (980,724) (1,308,397) (1,228,711)
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
v3.24.2.u1
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details)
$ in Thousands
 6 Months Ended
Jun. 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 99,095
Amounts reclassified into current period earnings (35,736)
Balance, ending 75,293
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 (71)
Amounts reclassified into current period earnings 61
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 99,166
Amounts reclassified into current period earnings $ (35,797)
v3.24.2.u1
Derivative Instruments (Narrative) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Embedded Derivative, Fair Value of Embedded Derivative, Net $ (9,606) $ (7,402)
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months 29  
Credit Default Swaps Referencing Indices, Sell Protection    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 521 643
Credit Risk Derivatives, at Fair Value, Net Asset 5 $ 8
Credit Default Swaps Referencing Indices, Sell Protection | NAIC 3    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted 483  
Credit Default Swaps Referencing Indices, Sell Protection | NAIC 6    
Derivative [Line Items]    
Credit Derivative, Maximum Exposure, Undiscounted $ 38  
v3.24.2.u1
Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale $ 31,110,763 $ 26,131,780  
Market risk benefits assets 2,550,164 2,367,243 $ 2,340,000
Fixed maturities, trading 3,074,512 2,796,446  
Equity securities 565,619 844,950  
Other invested assets 1,403,405 1,222,985  
Other assets 2,596,292 2,078,938  
Reinsurance recoverables 40,693,991 38,709,651  
Receivables from parent and affiliates 416,539 332,583  
Separate account assets 119,980,906 119,188,485  
TOTAL ASSETS 224,078,679 213,309,041  
Market risk benefit liabilities 4,370,960 5,144,401 $ 5,090,000
Payables to parent and affiliates 3,133,697 2,667,696  
Total liabilities 220,147,116 208,787,616  
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 1,121,135 975,287  
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 612,482 776,627  
Foreign government bonds      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 266,324 281,986  
U.S. corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 11,412,122 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 5,221,405 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 2,897,093 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 4,921,100 4,630,982  
Asset-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 3,427,269 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 859,062 851,778  
Residential mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 372,771 396,070  
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 31,110,763 26,131,780  
Market risk benefits assets 2,550,164 2,367,243  
Fixed maturities, trading 3,074,512 2,796,446  
Equity securities 565,619 830,340  
Short-term investments 358,556 313,866  
Cash equivalents 1,668,554 1,644,125  
Other invested assets 27,244 17,718  
Other assets 363,440 224,019  
Reinsurance recoverables 127,289 69,745  
Receivables from parent and affiliates 330,814 147,984  
Subtotal excluding separate account assets 40,176,955 34,543,266  
Separate account assets 114,240,747 113,929,793  
TOTAL ASSETS 154,417,702 148,473,059  
Market risk benefit liabilities 4,370,960 5,144,401  
Policyholders’ account balances 10,083,258 7,689,929  
Payables to parent and affiliates 3,107,204 2,651,123  
Other liabilities 16,300 6,340  
Total liabilities 17,577,722 15,491,793  
Assets netting (13,027,344) (9,028,019)  
Liabilities netting (21,143,003) (18,596,679)  
Derivative liability, cash collateral (8,116,000) (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 (21,142,232) (18,588,647)  
Fair Value, Measurements, Recurring | Other liabilities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Liabilities netting (771) (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 1,121,135 975,287  
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 612,482 776,627  
Fair Value, Measurements, Recurring | Foreign government bonds      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 266,324 281,986  
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 11,412,122 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 5,221,405 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 2,897,093 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 4,921,100 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 3,427,269 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 859,062 851,778  
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 372,771 396,070  
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 521,834 790,346  
Short-term investments 7,942 31,879  
Cash equivalents 0 447,396  
Other invested assets 15,921 23,432  
Other assets 0 0  
Reinsurance recoverables 0 0  
Receivables from parent and affiliates 0 0  
Subtotal excluding separate account assets 545,697 1,293,053  
Separate account assets 209,537 176,239  
TOTAL ASSETS 755,234 1,469,292  
Market risk benefit liabilities 0 0  
Policyholders’ account balances 0 0  
Payables to parent and affiliates 0 0  
Other liabilities 3,686 8,032  
Total liabilities 3,686 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 bonds      
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 29,436,889 24,939,518  
Market risk benefits assets 0 0  
Fixed maturities, trading 2,833,692 2,762,398  
Equity securities 15,455 11,285  
Short-term investments 347,940 280,228  
Cash equivalents 1,667,949 1,196,729  
Other invested assets 13,037,904 9,022,304  
Other assets 0 0  
Reinsurance recoverables 0 0  
Receivables from parent and affiliates 149,495 147,984  
Subtotal excluding separate account assets 47,489,324 38,360,446  
Separate account assets 114,021,411 113,747,569  
TOTAL ASSETS 161,510,735 152,108,015  
Market risk benefit liabilities 0 0  
Policyholders’ account balances 0 0  
Payables to parent and affiliates 24,249,436 21,239,770  
Other liabilities 13,178 6,340  
Total liabilities 24,262,614 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 1,121,135 975,287  
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 612,482 776,627  
Fair Value, Measurements, Recurring | Level 2 | Foreign government bonds      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 265,660 281,304  
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 11,412,122 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 4,639,796 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 2,890,201 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 4,504,426 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 2,835,605 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 782,691 773,663  
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 372,771 396,070  
Fair Value, Measurements, Recurring | Level 3      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 1,673,874 1,192,262  
Market risk benefits assets 2,550,164 2,367,243  
Fixed maturities, trading 240,820 34,048  
Equity securities 28,330 28,709  
Short-term investments 2,674 1,759  
Cash equivalents 605 0  
Other invested assets 763 1  
Other assets 363,440 224,019  
Reinsurance recoverables 127,289 69,745  
Receivables from parent and affiliates 181,319 0  
Subtotal excluding separate account assets 5,169,278 3,917,786  
Separate account assets 9,799 5,985  
TOTAL ASSETS 5,179,077 3,923,771  
Market risk benefit liabilities 4,370,960 5,144,401  
Policyholders’ account balances 10,083,258 7,689,929  
Payables to parent and affiliates 0 0  
Other liabilities 207 0  
Total liabilities 14,454,425 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 bonds      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 664 682  
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 581,609 513,236  
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 6,892 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 416,674 493,978  
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 591,664 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 76,371 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 50,000 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 $ 5,740,000 $ 5,259,000  
v3.24.2.u1
Fair Value of Assets and Liabilities (Quantitative Info for Level 3 Inputs) (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Corporate securities $ 575,874 $ 824,270  
Market risk benefits assets 2,550,164 2,367,243 $ 2,340,000
Other assets 2,596,292 2,078,938  
Receivables from parent and affiliates 416,539 332,583  
Market risk benefit liabilities 4,370,960 5,144,401 $ 5,090,000
Fair Value, Measurements, Recurring      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Market risk benefits assets 2,550,164 2,367,243  
Other assets 363,440 224,019  
Receivables from parent and affiliates 330,814 147,984  
Market risk benefit liabilities 4,370,960 5,144,401  
Policyholders’ account balances 10,083,258 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 $ 2,550,164 2,367,243  
Other assets 363,440 224,019  
Receivables from parent and affiliates 181,319 0  
Market risk benefit liabilities 4,370,960 5,144,401  
Policyholders’ account balances $ 10,083,258 $ 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 0.35% 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 0.35% 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 7.42% 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 0.35% 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 0.00% 1.00%  
Spread over SOFR 0.35% 0.41%  
Mortality rate 0.00% 0.00%  
Option budget (1.00%) (1.00%)  
Level 3 | Internal | Minimum | Liquidation | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value   63.62%  
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 1.92% 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 1.90% 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 1.92% 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 80.00% 80.00%  
Spread over SOFR 1.90% 1.85%  
Mortality rate 23.00% 23.00%  
Option budget 7.00% 7.00%  
Level 3 | Internal | Maximum | Liquidation | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value   63.62%  
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 11.75% 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 | Liquidation | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidation value   63.62%  
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 $ 4,370,960 $ 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 10,083,258 7,689,929  
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Corporate securities 889,304 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 76,371 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 2,550,164 2,367,243  
Level 3 | Internal | Fair Value, Measurements, Recurring | Other assets      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Other assets 363,440 $ 224,019  
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 $ 181,319    
v3.24.2.u1
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Unrealized gains (losses) for assets/liabilities still held:          
Market risk benefits assets $ 2,550,164 $ 2,340,000 $ 2,550,164 $ 2,340,000 $ 2,367,243
Market risk benefit liabilities 4,370,960 5,090,000 4,370,960 5,090,000 $ 5,144,401
Equity securities          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 28,650 43,174 28,709 28,593  
Purchases 0 0 273 0  
Sales 0 0 0 0  
Issuances 0 0 0 0  
Settlements 0 0 0 0  
Other 0 181 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 28,330 43,374 28,330 43,374  
Total gains (losses) (realized/unrealized):          
Included in earnings (320) 19 (652) (811)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (320) 19 (652) (811)  
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 (320) 19 (652) (811)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (320) 19 (652) (811)  
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 1   1    
Purchases 1   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 763   763    
Total gains (losses) (realized/unrealized):          
Included in earnings 761   762    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 761   762    
Other invested assets | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 761   762    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 761   762    
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 3,351 14,416 1,759 16,945  
Purchases 304 1,146 2,306 2,688  
Sales (8) 0 (8) 0  
Issuances 0 0 0 0  
Settlements (1,293) (13,711) (1,387) (19,638)  
Other 0 (1,359) 0 (1,359)  
Transfers into Level 3 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period 2,674 1,209 2,674 1,209  
Total gains (losses) (realized/unrealized):          
Included in earnings 320 717 4 2,573  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 308 0 (8) 51  
Short-term investments | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 308 423 (8) 1,857  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 308 0 (8) 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 (124) 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 12 418 12 789  
Cash equivalents          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 0   0    
Purchases 605   605    
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 605   605    
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 303,538 155,763 224,019 141,041  
Purchases 58,326 38,983 114,032 73,603  
Sales 0 0 0 0  
Issuances 0 0 0 0  
Settlements (12,842) (3,514) (26,036) (5,051)  
Other 0 0 0 0  
Transfers into Level 3 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period 363,440 217,613 363,440 217,613  
Total gains (losses) (realized/unrealized):          
Included in earnings 14,418 26,381 51,425 8,020  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 1,575 19,779 25,388 2,969  
Other assets | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 14,418 26,381 51,425 8,020  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 1,575 19,779 25,388 2,969  
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 121,378 0 0 0  
Purchases 111,140 0 232,518 0  
Sales (51,199) 0 (51,199) 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 181,319 0 181,319 0  
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0 0 0 0  
Receivables from parents and affiliates | 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  
Receivables from parents and affiliates | 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  
Receivables from parents and affiliates | 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  
Receivables from parents and affiliates | 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  
Receivables from parents and affiliates | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 0 0 0 0  
Reinsurance Recoverables          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 96,442 1,357 69,745 0  
Purchases 51,033 0 83,251 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 127,289 1,465 127,289 1,465  
Total gains (losses) (realized/unrealized):          
Included in earnings (20,186) 108 (25,707) 1,465  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (43,624) 108 (78,715) 1,465  
Reinsurance Recoverables | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings (20,186) 108 (25,707) 1,465  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (43,624) 108 (78,715) 1,465  
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 7,894 4,553 5,985 4,645  
Purchases 1,805 840 4,438 840  
Sales (2) (420) (1,258) (600)  
Issuances 0 0 0 0  
Settlements 0 (150) (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 9,799 4,982 9,799 4,982  
Total gains (losses) (realized/unrealized):          
Included in earnings 102 159 301 257  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 102 159 302 255  
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 102 159 301 257  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 102 159 302 255  
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 (9,752,538) (4,129,043) (7,689,929) (3,502,096)  
Purchases 0 0 0 0  
Sales 0 0 0 0  
Issuances (545,676) (439,615) (1,106,074) (838,238)  
Settlements 0 0 0 0  
Other 1,117 72,773 1,930 74,368  
Transfers Into Level 3 0 0 0 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period (10,083,258) (5,513,449) (10,083,258) (5,513,449)  
Total gains (losses) (realized/unrealized):          
Included in earnings 213,839 (1,017,564) (1,289,185) (1,247,483)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 973,682 (150,676) 831,176 (234,970)  
Policyholders' account balances | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 213,839 (1,017,564) (1,289,185) (1,247,483)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 973,682 (150,676) 831,176 (234,970)  
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 (207)   (207)    
Total gains (losses) (realized/unrealized):          
Included in earnings 0   (207)    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0   (207)    
Other liabilities | Realized investment gains (losses), net          
Total gains (losses) (realized/unrealized):          
Included in earnings 0   (207)    
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 0   (207)    
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 (2,567) (1,138) (4,263) (813)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (1,404) (1,118) (776) (2,019)  
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 (4,746) 3,476 (14,588) 4,440  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (5,304) 3,359 (15,825) 5,275  
Available-for-sale | Fixed maturities | Net investment income          
Total gains (losses) (realized/unrealized):          
Included in earnings 924 (39) 1,522 350  
Available-for-sale | Fixed maturities | Foreign government bonds          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 671 714 682 724  
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 664 701 664 701  
Total gains (losses) (realized/unrealized):          
Included in earnings (7) (13) (18) (23)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (11) (16) (24) (28)  
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 1,009,650 535,893 1,014,343 507,496  
Purchases 203,749 216,778 328,790 310,874  
Sales (65,650) (9,241) (130,702) (28,839)  
Issuances 0 0 0 0  
Settlements (71,908) (25,418) (125,800) (76,842)  
Other (65,480) 1,359 (65,480) 1,359  
Transfers into Level 3 942 0 942 0  
Transfers out of Level 3 0 0 0 0  
Fair Value, end of period 1,005,175 721,247 1,005,175 721,247  
Total gains (losses) (realized/unrealized):          
Included in earnings (6,128) 1,876 (16,918) 7,199  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (7,077) 1,773 (16,678) 6,413  
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 694,121 228,869 177,237 104,724  
Purchases 37,188 1,291 521,528 147,307  
Sales 0 0 0 (27)  
Issuances 0 0 0 0  
Settlements (51,300) (725) (53,195) (1,338)  
Other 65,480 0 65,480 0  
Transfers into Level 3 0 0 34,578 2,240  
Transfers out of Level 3 (77,200) (83,532) (77,200) (103,368)  
Fair Value, end of period 668,035 146,339 668,035 146,339  
Total gains (losses) (realized/unrealized):          
Included in earnings (254) 436 (393) (3,199)  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings 380 484 101 (3,129)  
Trading | Fixed maturities          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Fair Value, beginning of period 146,543 6,250 34,048 0  
Purchases 111,784 0 225,127 6,250  
Sales 0 0 0 0  
Issuances 0 0 0 0  
Settlements (2,261) 0 (2,261) 0  
Other 0 0 0 0  
Transfers into Level 3 0 0 0 0  
Transfers out of Level 3 (15,196) (6,250) (15,196) (6,250)  
Fair Value, end of period 240,820 0 240,820 0  
Total gains (losses) (realized/unrealized):          
Included in earnings (50) 0 (898) 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (42) 0 (890) 0  
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 (50) 0 (898) 0  
Unrealized gains (losses) for assets/liabilities still held:          
Included in earnings (42) 0 (890) 0  
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 $ 0 $ 0 $ 0 $ 0  
v3.24.2.u1
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Assets:    
Policy loans $ 1,511,288 $ 1,472,677
Cash and cash equivalents 2,886,207 2,139,792
Accrued investment income 426,302 333,838
Reinsurance recoverables 40,693,991 38,709,651
Receivables from parent and affiliates 416,539 332,583
Liabilities    
Cash collateral for loaned securities 19,397 218,310
Fair Value    
Assets:    
Commercial mortgage and other loans 6,465,057 5,918,386
Policy loans 1,511,288 1,472,677
Short-term investments 58,102 66,500
Cash and cash equivalents 1,217,653 495,667
Accrued investment income 426,302 333,838
Reinsurance recoverables 21,733 22,155
Receivables from parent and affiliates 85,725 184,599
Other assets 1,999,808 1,570,629
Total assets 11,785,668 10,064,451
Liabilities    
Policyholders’ account balances - investment contracts 8,721,934 6,352,532
Cash collateral for loaned securities 19,397 218,310
Short-term debt to affiliates   176,110
Payables to parent and affiliates 26,493 16,573
Other liabilities 2,614,523 2,154,284
Total liabilities 11,382,347 8,917,809
Carrying Amount    
Assets:    
Commercial mortgage and other loans 6,718,386 6,122,721
Policy loans 1,511,288 1,472,677
Short-term investments 58,102 66,500
Cash and cash equivalents 1,217,653 495,667
Accrued investment income 426,302 333,838
Reinsurance recoverables 23,508 23,537
Receivables from parent and affiliates 85,725 184,599
Other assets 1,999,808 1,570,629
Total assets 12,040,772 10,270,168
Liabilities    
Policyholders’ account balances - investment contracts 8,739,221 6,368,061
Cash collateral for loaned securities 19,397 218,310
Short-term debt to affiliates   180,411
Payables to parent and affiliates 26,493 16,573
Other liabilities 2,614,523 2,154,283
Total liabilities 11,399,634 8,937,638
Level 1 | Fair Value    
Assets:    
Commercial mortgage and other loans 0 0
Policy loans 0 0
Short-term investments 58,102 66,500
Cash and cash equivalents 892,653 470,668
Accrued investment income 0 0
Reinsurance recoverables 0 0
Receivables from parent and affiliates 0 0
Other assets 0 0
Total assets 950,755 537,168
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 325,000 24,999
Accrued investment income 426,302 333,838
Reinsurance recoverables 0 0
Receivables from parent and affiliates 85,725 184,599
Other assets 89,182 80,646
Total assets 926,209 624,082
Liabilities    
Policyholders’ account balances - investment contracts 872,062 955,647
Cash collateral for loaned securities 19,397 218,310
Short-term debt to affiliates   176,110
Payables to parent and affiliates 26,493 16,573
Other liabilities 2,582,917 2,121,861
Total liabilities 3,500,869 3,488,501
Level 3 | Fair Value    
Assets:    
Commercial mortgage and other loans 6,465,057 5,918,386
Policy loans 1,511,288 1,472,677
Short-term investments 0 0
Cash and cash equivalents 0 0
Accrued investment income 0 0
Reinsurance recoverables 21,733 22,155
Receivables from parent and affiliates 0 0
Other assets 1,910,626 1,489,983
Total assets 9,908,704 8,903,201
Liabilities    
Policyholders’ account balances - investment contracts 7,849,872 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 $ 7,881,478 $ 5,429,308
v3.24.2.u1
Deferred Policy Acquisition Costs, Deferred Reinsurance Losses, Deferred Reinsurance Gains And Deferred Sales Inducements (Balance of and Changes in DAC) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Deferred Policy Acquisition Cost, Beginning Balance $ 7,097,511 $ 6,930,425
Capitalization 697,742 513,893
Amortization expense (293,816) (266,642)
Other (18,604) (393,385)
Balance, end of period 7,482,833 6,784,291
Fixed Annuities    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Deferred Policy Acquisition Cost, Beginning Balance 197,937 102,251
Capitalization 120,883 48,552
Amortization expense (18,538) (9,490)
Other 0 0
Balance, end of period 300,282 141,313
Variable Annuities    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Deferred Policy Acquisition Cost, Beginning Balance 3,257,761 3,736,454
Capitalization 175,313 117,342
Amortization expense (170,567) (166,332)
Other 0 (393,385)
Balance, end of period 3,262,507 3,294,079
Term Life    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Deferred Policy Acquisition Cost, Beginning Balance 743,888 648,837
Capitalization 90,283 72,216
Amortization expense (36,597) (31,084)
Other (97) 0
Balance, end of period 797,477 689,969
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 311,263 275,783
Amortization expense (68,114) (59,736)
Other (18,507) 0
Balance, end of period $ 3,122,567 $ 2,658,930
v3.24.2.u1
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
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period $ 255,113 $ 292,893
Amortization expense (18,694) (19,393)
Other 1  
Balance, end of period 236,420 273,500
Variable Annuities    
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 194,110 223,515
Amortization expense (14,824) (15,113)
Other 1  
Balance, end of period 179,287 208,402
Term Life    
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 61,003 69,378
Amortization expense (3,870) (4,280)
Other 0  
Balance, end of period $ 57,133 $ 65,098
v3.24.2.u1
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
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]    
Balance, beginning of period $ 1,673,290 $ 1,492,856
Amortization (74,253) (45,647)
Other 1,092,151 277,262
Balance, end of period 2,691,188 1,724,471
Fixed Annuities    
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]    
Balance, beginning of period 48,073 57,898
Amortization (5,444) (4,406)
Other (8) 0
Balance, end of period 42,621 53,492
Variable Annuities    
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]    
Balance, beginning of period 261,721 0
Amortization (10,119) (5,209)
Other (40) (277,262)
Balance, end of period 251,562 272,053
Variable/Universal Life    
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]    
Balance, beginning of period 1,363,496 1,434,958
Amortization (58,690) (36,032)
Other 1,092,199 0
Balance, end of period 2,397,005 $ 1,398,926
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  
v3.24.2.u1
Deferred Policy Acquisition Costs, Deferred Reinsurance Losses, Deferred Reinsurance Gains And Deferred Sales Inducements (Balance of and Changes in DSI) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Movement in Deferred Sales Inducements [Roll Forward]    
Balance, beginning of period $ 351,424  
Balance, end of period 337,202  
Variable Annuities    
Movement in Deferred Sales Inducements [Roll Forward]    
Balance, beginning of period 351,424 $ 381,504
Capitalization 1,214 1,503
Amortization expense (15,436) (16,088)
Other 0 (3)
Balance, end of period $ 337,202 $ 366,916
v3.24.2.u1
Separate Accounts (Separate Account Assets) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 119,980,906 $ 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 4,925 2,954
Obligations of U.S. states and their political subdivisions authorities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 65 0
U.S. corporate securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 11,788 9,504
Foreign corporate securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 2,237 1,763
Asset-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 1,016 0
Mortgage-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 175 186
Equity    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 75,066,834 72,614,821
Fixed Income    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 34,707,360 37,065,162
Other    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 4,324,051 4,101,661
Equity securities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 99,581 104,159
Other invested assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 5,740,307 5,258,900
Short-term investments    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 574 2,126
Cash and cash equivalents    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 21,993 $ 27,249
v3.24.2.u1
Separate Accounts (Separate Account Liabilities) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Separate Account, Liability [Roll Forward]    
Balance, beginning of period $ 119,188,485 $ 114,051,246
Deposits 1,798,133 1,577,513
Investment performance 7,830,032 9,719,802
Policy charges (1,559,623) (1,576,563)
Surrenders and withdrawals (6,930,855) (4,776,319)
Benefit payments (165,074) (150,697)
Net transfers (to) from separate account (210,769) (1,040,549)
Other 30,577 35,722
Balance, end of period 119,980,906 117,840,155
Cash surrender value 115,590,957 113,562,296
Variable Annuity    
Separate Account, Liability [Roll Forward]    
Balance, beginning of period 92,383,121 91,785,448
Deposits 291,602 200,961
Investment performance 5,034,082 7,184,460
Policy charges (1,112,504) (1,171,455)
Surrenders and withdrawals (6,694,864) (4,561,633)
Benefit payments (33,831) (43,056)
Net transfers (to) from separate account (41,403) (4,995)
Other 2,825 5,405
Balance, end of period 89,829,028 93,395,135
Cash surrender value 88,793,191 92,036,034
Variable Life    
Separate Account, Liability [Roll Forward]    
Balance, beginning of period 26,805,364 22,265,798
Deposits 1,506,531 1,376,552
Investment performance 2,795,950 2,535,342
Policy charges (447,119) (405,108)
Surrenders and withdrawals (235,991) (214,686)
Benefit payments (131,243) (107,641)
Net transfers (to) from separate account (169,366) (1,035,554)
Other 27,752 30,317
Balance, end of period 30,151,878 24,445,020
Cash surrender value $ 26,797,766 21,526,262
Policy loan funding to an affiliated irrevocable trust | Variable Life    
Separate Account, Liability [Roll Forward]    
Net transfers (to) from separate account   $ 900,000
v3.24.2.u1
Liability For Future Policy Benefits (Benefit Reserves) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Other adjustments $ 6,174 $ 1,133 $ 18,179 $ 5,535    
Balance, end of period 17,917,864 18,190,646 17,917,864 18,190,646    
Interest accrual     261,019 237,869    
Other Businesses            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, end of period 1,633 1,941 1,633 1,941    
Nonparticipating Traditional And Limited-Pay Business            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Gain in net income     (22,000) 30,000    
Loss in net income     21,000 30,000    
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         (127,507) (65,230)
Adjusted balance, beginning of period     11,047,503 11,400,670    
Issuances     403,742 318,867    
Net premiums / considerations collected     (661,611) (674,147)    
Interest accrual     254,945 261,862    
Other adjustments     (78)      
Balance at original discount rate, end of period 11,044,501 11,307,252 11,044,501 11,307,252    
Effect of cumulative changes in discount rate assumptions, end of period (577,768) (484,287) (577,768) (484,287)    
Balance, end of period 10,466,733 10,822,965 10,466,733 10,822,965    
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         (153,025) (87,110)
Adjusted balance, beginning of period     18,626,233 18,709,131    
Issuances     403,742 318,867    
Interest accrual     444,536 447,387    
Benefit payments     (721,798) (716,919)    
Other adjustments     1,103 1,558    
Balance at original discount rate, end of period 18,753,816 18,760,024 18,753,816 18,760,024    
Effect of cumulative changes in discount rate assumptions, end of period (1,064,363) (791,413) (1,064,363) (791,413)    
Balance, end of period 17,689,453 17,968,611 17,689,453 17,968,611    
Balance, end of period, pre-flooring 7,222,720 7,145,646 7,222,720 7,145,646    
Flooring impact, end of period 44 0 44 0    
Balance, end of period, post flooring 7,222,764 7,145,646 7,222,764 7,145,646    
Reinsurance recoverable 6,518,048 6,614,071 6,518,048 6,614,071    
Balance after reinsurance recoverables, end of period, post-flooring 704,716 531,575 704,716 531,575    
Term Life | Gross Basis            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Undiscounted expected future gross premiums 21,795,982 21,948,491 21,795,982 21,948,491    
Discounted expected future gross premiums (at original discount rate) 14,920,888 15,125,847 14,920,888 15,125,847    
Discounted expected future gross premiums (at current discount rate) 14,173,894 14,493,623 14,173,894 14,493,623    
Undiscounted expected future benefits and expenses $ 29,155,998 $ 29,156,389 29,155,998 29,156,389    
Interest accrual     189,591 185,524    
Gross Premiums     $ 901,158 $ 900,634    
Weighted-average duration of the liability in years (at original discount rate) 10 years 10 years 10 years 10 years    
Weighted-average duration of the liability in years (at current discount rate) 9 years 10 years 9 years 10 years    
Weighted-average interest rate (at original discount rate) 5.15% 5.20% 5.15% 5.20%    
Weighted-average interest rate (at current discount rate) 5.53% 5.28% 5.53% 5.28%    
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         (380) (1,257)
Issuances     18,328 23,211    
Net premiums / considerations collected     (17,948) (21,954)    
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         (130) 4,195
Adjusted balance, beginning of period     244,536 233,798    
Issuances     18,328 23,211    
Interest accrual     4,453 4,201    
Benefit payments     (15,519) (14,838)    
Other adjustments     (150) (33)    
Balance at original discount rate, end of period 251,648 246,339 251,648 246,339    
Effect of cumulative changes in discount rate assumptions, end of period (24,870) (26,245) (24,870) (26,245)    
Balance, end of period 226,778 220,094 226,778 220,094    
Balance, end of period, pre-flooring 226,778 220,094 226,778 220,094    
Flooring impact, end of period 0 0 0 0    
Balance, end of period, post flooring 226,778 220,094 226,778 220,094    
Reinsurance recoverable 18,453 17,835 18,453 17,835    
Balance after reinsurance recoverables, end of period, post-flooring 208,325 202,259 208,325 202,259    
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 $ 337,236 $ 328,414 337,236 328,414    
Interest accrual     4,453 4,201    
Gross Premiums     $ 21,461 $ 24,200    
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) 3.83% 3.57% 3.83% 3.57%    
Weighted-average interest rate (at current discount rate) 5.47% 5.27% 5.47% 5.27%    
Fixed Annuity Netting            
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]            
Adjusted balance, beginning of period     $ (380) $ (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         (127,887) (66,487)
Adjusted balance, beginning of period     11,047,123 11,399,413    
Issuances     422,070 342,078    
Net premiums / considerations collected     (679,559) (696,101)    
Interest accrual     254,945 261,862    
Other adjustments     (78)      
Balance at original discount rate, end of period $ 11,044,501 $ 11,307,252 11,044,501 11,307,252    
Effect of cumulative changes in discount rate assumptions, end of period (577,768) (484,287) (577,768) (484,287)    
Balance, end of period 10,466,733 10,822,965 10,466,733 10,822,965    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance, end of period, pre-flooring 7,449,498 7,365,740 7,449,498 7,365,740    
Flooring impact, end of period 44 0 44 0    
Balance, end of period, post flooring 7,449,542 7,365,740 7,449,542 7,365,740    
Reinsurance recoverable 6,536,501 6,631,906 6,536,501 6,631,906    
Balance after reinsurance recoverables, end of period, post-flooring 913,041 733,834 913,041 733,834    
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         $ (153,155) $ (82,915)
Adjusted balance, beginning of period     18,870,769 18,942,929    
Issuances     422,070 342,078    
Interest accrual     448,989 451,588    
Benefit payments     (737,317) (731,757)    
Other adjustments     953 1,525    
Balance at original discount rate, end of period 19,005,464 19,006,363 19,005,464 19,006,363    
Effect of cumulative changes in discount rate assumptions, end of period (1,089,233) (817,658) (1,089,233) (817,658)    
Balance, end of period $ 17,916,231 $ 18,188,705 $ 17,916,231 $ 18,188,705    
v3.24.2.u1
Liability For Future Policy Benefits (Deferred Profit Liability) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Other adjustments $ 6,174 $ 1,133 $ 18,179 $ 5,535    
Deferred Profit Liability Netting            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Revenue     (5,187) 3,691    
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         (130) 4,195
Adjusted balance, beginning of period         244,536 233,798
Interest accrual     4,453 4,201    
Other adjustments     (150) (33)    
Balance, end of period, post-flooring 226,778 220,094 226,778 220,094    
Reinsurance recoverable 18,453 17,835 18,453 17,835    
Balance after reinsurance recoverables, end of period, post-flooring 208,325 202,259 208,325 202,259    
Fixed Annuities | Gross Basis            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Revenue     21,461 24,200    
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         412 (5,092)
Adjusted balance, beginning of period         $ 17,340 $ 13,101
Profits deferred     3,389 2,088    
Interest accrual     319 294    
Amortization     (1,025) (973)    
Other adjustments     (16) (8)    
Balance, end of period, post-flooring 20,007 14,502 20,007 14,502    
Reinsurance recoverable 1,439 1,558 1,439 1,558    
Balance after reinsurance recoverables, end of period, post-flooring $ 18,568 $ 12,944 18,568 12,944    
Fixed Annuities | Deferred Profit Liability Netting            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Revenue     $ (5,187) $ 3,691    
v3.24.2.u1
Liability For Future Policy Benefits (Additional Insurance Reserves) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 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     161,320 26,204
Adjusted balance, beginning of period     $ 15,427,754 $ 13,982,796
Assessments collected 586,734 513,593    
Interest accrual 261,019 237,869    
Benefits paid (158,757) (151,097)    
Balance, excluding amounts in AOCI, end of period, pre-flooring 16,116,750 14,583,161    
Flooring impact and amounts in AOCI (1,642,621) (1,094,298)    
Balance, including amounts in AOCI, end of period, post-flooring 14,474,129 13,488,863    
Less: Reinsurance recoverables 14,286,902 13,268,534    
Balance after reinsurance recoverables, including amounts in AOCI, end of period 187,227 220,329    
Gross assessments $ 903,426 $ 785,370    
Weighted-average duration of the liability in years (at original discount rate) 22 years 22 years    
Weighted-average interest rate (at original discount rate) 3.40% 3.39%    
v3.24.2.u1
Liability For Future Policy Benefits (Future Policy Benefits) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Insurance [Abstract]      
Benefit reserves, end of period, post-flooring $ 7,449,542   $ 7,365,740
Deferred profit liability, end of period, post-flooring 20,007   14,502
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring 14,474,129   13,488,863
Subtotal of amounts disclosed above 21,943,678   20,869,105
Other Future Policy Benefits reserves 1,086,901   1,108,889
Total Future policy Benefits $ 23,030,579 $ 23,205,205 $ 21,977,994
v3.24.2.u1
Liability For Future Policy Benefits (Revenue and Interest Expense) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Benefit Reserves    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue $ 922,619 $ 924,834
Interest expense 194,044 189,725
Benefit Reserves | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 901,158 900,634
Interest expense 189,591 185,524
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 21,461 24,200
Interest expense 4,453 4,201
Deferred profit liability    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 319 294
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 319 294
Additional insurance reserves    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 903,426 785,370
Interest expense 261,019 237,869
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 903,426 785,370
Interest expense 261,019 237,869
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 (5,187) 3,691
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 (5,187) 3,691
Revenues    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 1,820,858 1,713,895
Revenues | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 901,158 900,634
Revenues | Variable/Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 903,426 785,370
Revenues | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 16,274 27,891
Interest Expense    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 455,382 427,888
Interest Expense | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 189,591 185,524
Interest Expense | Variable/Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense 261,019 237,869
Interest Expense | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest expense $ 4,772 $ 4,495
v3.24.2.u1
Policyholders' Liabilities (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 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 210,769 $ 1,040,549
Unearned revenue reserve 4,082,015 3,401,994
Other 104,172 100,675
Total Policyholders' account balance $ 61,036,866 $ 47,608,155
Weighted-average crediting rate 2.18% 2.20%
Net amount at risk $ 332,247,819 $ 313,219,015
Cash surrender value 52,757,970 39,708,008
Total    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period 49,168,791 38,744,221
Deposits 7,603,117 4,436,743
Interest credited 577,170 454,975
Policy charges (922,285) (916,990)
Surrenders and withdrawals (998,472) (735,134)
Benefit payments (71,548) (82,866)
Transfer to (from) Policyholder Account Balance (to) from Separate Account 210,769 1,040,549
Change in market value and other adjustments 1,283,137 1,163,988
Balance, end of period 56,850,679 44,105,486
Fixed Annuities    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period 6,164,313 3,575,824
Deposits 2,787,898 1,180,342
Interest credited 90,612 44,970
Policy charges   (3,078)
Surrenders and withdrawals (251,521) (101,470)
Benefit payments (24,948) (25,668)
Transfer to (from) Policyholder Account Balance (to) from Separate Account 0 0
Change in market value and other adjustments 124,805 69,817
Balance, end of period 8,891,072 4,740,737
Total Policyholders' account balance $ 3,701,038 $ 1,726,600
Weighted-average crediting rate 2.41% 2.15%
Net amount at risk $ 20 $ 38
Cash surrender value 7,711,710 3,975,581
Variable Annuity    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period 22,836,765 16,432,032
Deposits 3,752,999 2,225,558
Interest credited 207,176 131,119
Policy charges (12,007) (10,684)
Surrenders and withdrawals (370,351) (233,470)
Benefit payments (12,688) (15,067)
Transfer to (from) Policyholder Account Balance (to) from Separate Account 41,403 4,995
Change in market value and other adjustments 1,092,901 954,563
Balance, end of period 27,536,198 19,489,046
Total Policyholders' account balance $ 2,719,828 $ 3,081,376
Weighted-average crediting rate 1.65% 1.46%
Net amount at risk $ 0 $ 0
Cash surrender value 25,912,600 17,391,104
Variable/Universal Life    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period 20,167,713 18,736,365
Deposits 1,062,220 1,030,843
Interest credited 279,382 278,886
Policy charges (910,191) (903,228)
Surrenders and withdrawals (376,600) (400,194)
Benefit payments (33,912) (42,131)
Transfer to (from) Policyholder Account Balance (to) from Separate Account 169,366 1,035,554
Change in market value and other adjustments 65,431 139,608
Balance, end of period 20,423,409 19,875,703
Total Policyholders' account balance $ 17,484,330 $ 17,506,563
Weighted-average crediting rate 2.75% 2.89%
Net amount at risk $ 332,247,799 $ 313,218,977
Cash surrender value 19,133,660 $ 18,341,323
Fixed Annuity Netting    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Policy charges $ (87)  
v3.24.2.u1
Policyholders' Liabilities (Guaranteed Minimum Crediting Rate) (Details)
$ in Thousands
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 61,036,866 $ 53,012,800 $ 47,608,155  
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 $ 3,701,038 6,164,313 $ 1,726,600 $ 3,575,824
Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,576,661   798,651  
Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 539,660   542,541  
Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 780,831   290,658  
Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 803,886   94,750  
Variable Annuity        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,719,828 22,836,765 3,081,376 16,432,032
Variable Annuity | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,680,348   2,219,055  
Variable Annuity | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 778,967   842,771  
Variable Annuity | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 260,335   19,548  
Variable Annuity | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 178   2  
Variable/Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 17,484,330 $ 20,167,713 17,506,563 $ 18,736,365
Variable/Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 6,231,000   6,899,826  
Variable/Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 3,650,098   3,384,953  
Variable/Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 5,478,848   6,582,586  
Variable/Universal Life | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 2,124,384   $ 639,198  
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 $ 721,529   $ 301  
Less than 1.00% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 412   0  
Less than 1.00% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 3,827   94  
Less than 1.00% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 9,924   27  
Less than 1.00% | Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 707,366   $ 180  
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 $ 1,523,434   $ 1,825,128  
Less than 1.00% | Variable Annuity | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 618,306   972,976  
Less than 1.00% | Variable Annuity | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 651,182   833,696  
Less than 1.00% | Variable Annuity | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 253,768   18,454  
Less than 1.00% | Variable Annuity | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 178   $ 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 $ 171,754   $ 9,078  
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 171,754   9,078  
1.00% - 1.99% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 796,329   $ 906,337  
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 $ 448,198   $ 504,431  
1.00% - 1.99% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 69,557   75,476  
1.00% - 1.99% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 200,379   242,780  
1.00% - 1.99% | Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 78,195   83,650  
1.00% - 1.99% | Variable Annuity        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 305,271   $ 232,269  
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 $ 184,745   $ 229,049  
1.00% - 1.99% | Variable Annuity | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 118,146   2,126  
1.00% - 1.99% | Variable Annuity | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,380   1,094  
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 $ 3,505,862   $ 3,233,287  
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 $ 246,886   $ 163,616  
1.00% - 1.99% | Variable/Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
1.00% - 1.99% | Variable/Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,678,254   2,706,552  
1.00% - 1.99% | Variable/Universal Life | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,580,722   363,119  
2.00% - 2.99% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 1,343,023   $ 787,224  
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 $ 303,024   $ 261,482  
2.00% - 2.99% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 461,269   466,971  
2.00% - 2.99% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 562,666   47,851  
2.00% - 2.99% | Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 16,064   10,920  
2.00% - 2.99% | Variable Annuity        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 27,541   $ 28,621  
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 $ 19,218   $ 24,531  
2.00% - 2.99% | Variable Annuity | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 4,138   4,090  
2.00% - 2.99% | Variable Annuity | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 4,185   0  
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 $ 4,573,642   $ 4,453,270  
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 $ 28,501   $ 21,001  
2.00% - 2.99% | Variable/Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,479,940   1,399,691  
2.00% - 2.99% | Variable/Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,693,293   2,765,577  
2.00% - 2.99% | Variable/Universal Life | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 371,908   267,001  
3.00% - 4.00% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 840,157   $ 32,738  
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 $ 825,027   $ 32,738  
3.00% - 4.00% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 5,007   0  
3.00% - 4.00% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 7,862   0  
3.00% - 4.00% | Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,261   0  
3.00% - 4.00% | Variable Annuity        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 861,523   $ 993,267  
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 $ 856,020   $ 990,408  
3.00% - 4.00% | Variable Annuity | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 5,501   2,859  
3.00% - 4.00% | Variable Annuity | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2   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 $ 7,118,634   $ 7,651,711  
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 $ 3,841,175   $ 4,555,992  
3.00% - 4.00% | Variable/Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,170,158   1,985,262  
3.00% - 4.00% | Variable/Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,107,301   1,110,457  
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 $ 2,059   $ 2,091  
Greater than 4.00% | Variable Annuity | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,059   2,091  
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 $ 2,114,438   $ 2,159,217  
Greater than 4.00% | Variable/Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,114,438   2,159,217  
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  
v3.24.2.u1
Policyholders' Liabilities (Additional Insurance Reserves) (Details) - Variable/Universal Life - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 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 430,230 405,732
Amortization Expense (89,640) (70,981)
Other adjustments (1) (93)
Balance, end of period 4,082,015 3,401,994
Less: Reinsurance recoverables 1,794,071 1,621,229
Unearned revenue reserve net of reinsurance recoverables $ 2,287,944 $ 1,780,765
v3.24.2.u1
Market Risk Benefits - Rollforward of Balances for Variable Annuity Products (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 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 556,055 587,663
Claims paid (31,466) (43,782)
Interest accrual 119,334 160,106
Actual in force different from expected (2,637) 36,193
Effect of changes in interest rates (870,637) (671,989)
Effect of changes in equity markets (1,112,214) (1,314,461)
Effect of assumption update 85,619 330,769
Issuances 28,190 11,403
Other adjustments 14,784 (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 3,550,013 5,357,001
Effect of cumulative changes in non-performance risk (884,110) (1,660,587)
Balance, end of period 2,665,903 3,696,414
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 (28,372) (20,505)
Actual in force different from expected (10,203) (6,069)
Effect of changes in interest rates 126,966 169,229
Effect of changes in equity markets 115,601 127,157
Effect of assumption update 3,984 (54,067)
Other adjustments 398 (638,198)
Effect of changes in current period counterparty non-performance risk (6,098) (7,445)
Balance, end of period, before effect of changes in non-performance risk (845,107) (946,878)
Effect of cumulative changes in non-performance risk 0 0
Balance, end of period (845,107) (946,878)
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 (131,047) (107,425)
Claims paid 3,110 3,681
Issuances (1,654) 9,025
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 425,008 480,238
Claims paid (28,356) (40,101)
Interest accrual 90,962 139,601
Actual in force different from expected (12,840) 30,124
Effect of changes in interest rates (743,671) (502,760)
Effect of changes in equity markets (996,613) (1,187,304)
Effect of assumption update 89,603 276,702
Issuances 26,536 20,428
Other adjustments 15,182 (655,634)
Effect of changes in current period counterparty non-performance risk (6,098) (7,445)
Balance, end of period, before effect of changes in non-performance risk 2,704,906 4,410,123
Effect of cumulative changes in non-performance risk (884,110) (1,660,587)
Balance, end of period $ 1,820,796 $ 2,749,536
v3.24.2.u1
Market Risk Benefits - Market Risk Benefits In Asset and Liability Positions (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]        
Total market risk benefit assets $ 2,550,164 $ 2,340,000 $ 2,367,243  
Total market risk benefit liabilities 4,370,960 5,090,000 5,144,401  
Variable Annuities        
Liability for Future Policy Benefit, Activity [Line Items]        
Net amount at risk $ 8,732,024 $ 10,067,522    
Weighted-average attained age of contractholders 71 years 69 years    
Direct and assumed $ 1,419,114 $ 1,165,762    
Ceded 1,131,050 1,174,468    
Total market risk benefit assets 2,550,164 2,340,230    
Direct and assumed 4,085,018 4,862,177    
Ceded 285,942 227,589    
Total market risk benefit liabilities 4,370,960 5,089,766    
Net liability $ 1,820,796 $ 2,749,536 $ 3,694,950 $ 4,550,625
v3.24.2.u1
Reinsurance (Reinsurance amounts included in the Statements of Financial Position) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Effects of Reinsurance [Line Items]        
Reinsurance recoverables $ 40,693,991 $ 38,709,651    
Policy loans (1,511,288) (1,472,677)    
Deferred policy acquisition costs (7,482,833) (7,097,511) $ (6,784,291) $ (6,930,425)
Deferred sales inducements (337,202) (351,424)    
Market risk benefits assets 2,550,164 2,367,243 2,340,000  
Other assets 2,596,292 2,078,938    
Future policy benefits 23,030,579 23,205,205 21,977,994  
Market risk benefit liabilities 4,370,960 5,144,401 $ 5,090,000  
Other liabilities 8,574,711 5,170,308    
Impacts of Reinsurance        
Effects of Reinsurance [Line Items]        
Reinsurance recoverables 40,693,991 38,709,651    
Policy loans (1,098,752) (1,082,584)    
Deferred policy acquisition costs (3,154,068) (3,195,161)    
Deferred sales inducements (33,943) (35,313)    
Market risk benefits assets 1,131,482 1,165,378    
Other assets 2,413,087 1,897,410    
Policyholders’ account balances 5,746,173 5,977,108    
Future policy benefits 7,197,282 7,026,209    
Market risk benefit liabilities 287,741 249,538    
Other liabilities 7,830,608 4,397,862    
Unaffiliated activity        
Effects of Reinsurance [Line Items]        
Market risk benefits assets 780,056 745,662    
Other assets 2,313,943 1,795,422    
Policyholders’ account balances 1,726,686 1,830,579    
Future policy benefits 185 453    
Market risk benefit liabilities 146,676 131,594    
Other liabilities 2,352,382 1,915,205    
Unaffiliated activity        
Effects of Reinsurance [Line Items]        
Deferred policy acquisition costs $ 65,299 $ 71,315    
v3.24.2.u1
Reinsurance (Reinsurance Recoverable by Counterparty) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables $ 40,693,991 $ 38,709,651
PAR U    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 18,630,892 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 2,123,485 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 1,987,253 2,101,004
Prudential Insurance    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 4,164,836 1,311,525
Term Re    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 1,980,014 2,080,564
Lotus Re    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 2,077,391 2,051,831
DART    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 765,376 744,043
PURE    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 7,383,771 0
Unaffiliated activity    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables $ 1,580,973 $ 1,616,486
v3.24.2.u1
Reinsurance (Reinsurance amounts included in the Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Premiums:        
Direct $ 462,458 $ 476,472 $ 922,086 $ 938,539
Assumed 30 34 63 (122)
Ceded (367,567) (386,541) (735,046) (771,796)
Net Premiums 94,921 89,965 187,103 166,621
Policy charges and fee income:        
Direct 785,299 749,037 1,556,488 1,484,975
Assumed 239,838 148,479 498,608 301,079
Ceded (636,303) (533,980) 1,242,943 (1,036,027)
Net policy charges and fee income 388,834 363,536 3,298,039 750,027
Net investment income:        
Direct 592,448 402,761 1,111,500 753,084
Assumed 333 343 663 686
Ceded (12,788) (10,029) (26,850) (11,245)
Net investment income 579,993 393,075 1,085,313 742,525
Asset administration fees:        
Direct 79,776 80,952 162,464 161,308
Assumed 0 0 0 0
Ceded (24,663) (24,164) (50,719) (40,318)
Net asset administration fees 55,113 56,788 111,745 120,990
Other income (loss):        
Direct 84,931 79,657 129,747 305,391
Assumed 24 (56) 349 (349)
Ceded 52,734 25,857 221,078 45,263
Net other income (loss) 137,689 105,458 351,174 350,305
Realized investment gains (losses), net:        
Direct 765,146 (88,715) 777,502 (334,638)
Assumed 72,351 82,278 63,184 220,944
Ceded 1,385 14,131 21,196 709
Realized investment gains (losses), net 838,882 7,694 861,882 (112,985)
Change in value of market risk benefits, net of related hedging gain (loss):        
Direct (298,559) 174,084 15,327 207,204
Assumed 1,072 2,774 606 (3,443)
Ceded 15,304 (215,745) (206,525) (222,446)
Change in value of market risk benefits, net of related hedging gain (loss) (282,183) (38,887) (190,592) (18,685)
Policyholders’ benefits (including change in reserves):        
Direct 909,374 848,495 1,910,820 1,727,280
Assumed 245,810 332,048 533,221 649,335
Ceded (1,019,305) (1,033,582) 1,798,246 (2,124,472)
Net policyholders’ benefits (including change in reserves 135,879 146,961 4,242,287 252,143
Change in estimates of liability for future policy benefits        
Direct 72,870 31,146 212,456 (17,355)
Assumed 74,378 23,844 64,868 25,651
Ceded (153,422) (56,123) (295,503) (13,831)
Change in estimates of liability for future policy benefits (6,174) (1,133) (18,179) (5,535)
Interest credited to policyholders’ account balances:        
Direct 297,194 215,973 575,584 438,548
Assumed 36,344 27,957 82,492 66,463
Ceded (107,314) (100,114) (207,302) (200,973)
Net interest credited to policyholders’ account balances 226,224 143,816 450,774 304,038
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization (116,030) (105,195) (506,173) (223,025)
Unaffiliated activity        
Premiums:        
Assumed 30 34 60 (132)
Ceded (26,827) (16,802) (51,979) (33,377)
Policy charges and fee income:        
Assumed 356 383 628 923
Ceded (44,958) (38,338) (86,970) (62,276)
Net investment income:        
Ceded 0 1,993 0 12,913
Asset administration fees:        
Ceded (7,007) (7,740) (14,323) (7,740)
Other income (loss):        
Assumed 24 55 453 (238)
Ceded 26,002 8,031 47,806 9,653
Realized investment gains (losses), net:        
Assumed 72,351 82,278 63,184 220,944
Ceded 21,774 13,952 46,999 (629)
Change in value of market risk benefits, net of related hedging gain (loss):        
Assumed 1,072 2,774 606 (3,443)
Ceded 34,461 (75,325) (63,547) (80,098)
Policyholders’ benefits (including change in reserves):        
Assumed 28 189 361 280
Ceded (64,243) (36,118) (211,071) (63,820)
Change in estimates of liability for future policy benefits        
Ceded 29 (416) 91,902 (416)
Interest credited to policyholders’ account balances:        
Assumed 7,657 (2,370) 25,116 5,099
Ceded $ (1) $ (85) $ (1) $ (85)
v3.24.2.u1
Reinsurance (Life Insurance In Force) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Jun. 30, 2023
Reinsurance Disclosures [Abstract]    
Direct gross life insurance face amount in force $ 1,147,562,454 $ 1,107,571,392
Assumed gross life insurance face amount in force 35,029,437 36,059,164
Reinsurance ceded (1,041,974,560) (1,015,213,859)
Net life insurance face amount in force $ 140,617,331 $ 128,416,697
v3.24.2.u1
Reinsurance (Narrative) (Details)
 3 Months Ended 6 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
Jun. 30, 2024
USD ($)
counterparty
Jun. 30, 2023
USD ($)
Dec. 31, 2021
USD ($)
Jun. 30, 2024
USD ($)
counterparty
Jun. 30, 2023
USD ($)
Dec. 31, 2016
Dec. 31, 2019
Dec. 31, 2019
Dec. 31, 2016
Dec. 31, 2013
Dec. 31, 2017
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2019
Jan. 01, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Oct. 01, 2021
USD ($)
Effects of Reinsurance [Line Items]                                                      
Deferred Reinsurance Gain                   $ 2,691,188,000 $ 1,724,471,000   $ 2,691,188,000 $ 1,724,471,000                     $ 1,673,290,000 $ 1,492,856,000  
Policy charges and fee income                   (388,834,000) (363,536,000)   (3,298,039,000) (750,027,000)                          
Policy loan assets                   1,511,288,000     1,511,288,000                       1,472,677,000    
Reinsurance recoverables                   40,693,991,000     40,693,991,000                       38,709,651,000    
Impacts of Reinsurance                                                      
Effects of Reinsurance [Line Items]                                                      
Policy loan assets                   1,098,752,000     1,098,752,000                       1,082,584,000    
Reinsurance recoverables                   40,693,991,000     40,693,991,000                       38,709,651,000    
PAR U                                                      
Effects of Reinsurance [Line Items]                                                      
Reinsurance recoverables                   18,630,892,000     18,630,892,000                       15,722,061,000    
PURE                                                      
Effects of Reinsurance [Line Items]                                                      
Reinsurance recoverables                   7,383,771,000     7,383,771,000                       0    
PURC                                                      
Effects of Reinsurance [Line Items]                                                      
Reinsurance recoverables                   0     0                       7,565,968,000    
PARCC                                                      
Effects of Reinsurance [Line Items]                                                      
Reinsurance recoverables                   2,123,485,000     2,123,485,000                       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                   1,987,253,000     1,987,253,000                       2,101,004,000    
Term Re                                                      
Effects of Reinsurance [Line Items]                                                      
Reinsurance recoverables                   1,980,014,000     1,980,014,000                       2,080,564,000    
Prudential Insurance                                                      
Effects of Reinsurance [Line Items]                                                      
Reinsurance recoverables                   4,164,836,000     4,164,836,000                       1,311,525,000    
Lotus Re                                                      
Effects of Reinsurance [Line Items]                                                      
Reinsurance recoverables                   2,077,391,000     2,077,391,000                       2,051,831,000    
DART                                                      
Effects of Reinsurance [Line Items]                                                      
Reinsurance recoverables                   765,376,000     765,376,000                       744,043,000    
Somerset Re                                                      
Effects of Reinsurance [Line Items]                                                      
Deferred Reinsurance Gain                                               $ 1,207,000,000      
Recapture loss                                               (990,000,000)      
Deposit assets on reinsurance                   2,152,000,000     2,152,000,000                       1,618,000,000    
Funds witheld liabilities                   1,974,000,000     1,974,000,000                       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%                        
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%                                                    
Variable Annuity                                                      
Effects of Reinsurance [Line Items]                                                      
Deferred Reinsurance Gain                   251,562,000 272,053,000   251,562,000 272,053,000                     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                   42,621,000 $ 53,492,000   42,621,000 $ 53,492,000                     $ 48,073,000 $ 57,898,000  
Fixed Annuities | FLIAC                                                      
Effects of Reinsurance [Line Items]                                                      
Funds held under reinsurance agreements                   $ 2,000,000,000     $ 2,000,000,000                            
Percent of total reinsured block                   0.80     0.80                            
Affiliated Entity | PAR U                                                      
Effects of Reinsurance [Line Items]                                                      
Reinsurance Retention Policy, Reinsured Risk, Percentage       100.00%       70.00%                         25.00%            
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%                                            
v3.24.2.u1
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Income tax expense (benefit) $ 134,404 $ 40,326 $ 70,787 $ 96,565
Effective Income Tax Rate, Percent     16.94% 16.25%
Federal Statutory Income Tax Rate, Percent     21.00%  
Book-income Alternative Minimum Tax Rate     15.00%  
v3.24.2.u1
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance     $ (30,920)  
Income tax benefit (expense) $ 14,270 $ 102,846 123,561 $ (7,416)
Ending Balance (498,247)   (498,247)  
Foreign Currency Translation Adjustments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance     (18,085) (20,007)
Change in OCI before reclassifications     (4,178) 3,266
Amounts reclassified from AOCI     0 0
Income tax benefit (expense)     275 (363)
Ending Balance (21,988) (17,104) (21,988) (17,104)
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     (448,732) 116,395
Amounts reclassified from AOCI     (20,268) 2,479
Income tax benefit (expense)     98,567 (24,884)
Ending Balance (1,298,211) (1,380,485) (1,298,211) (1,380,485)
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     66,215 (17,588)
Amounts reclassified from AOCI     0 0
Income tax benefit (expense)     (13,905) 3,693
Ending Balance 123,505 105,473 123,505 105,473
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     (183,925) (67,323)
Amounts reclassified from AOCI     0 0
Income tax benefit (expense)     38,624 14,138
Ending Balance 698,447 1,311,864 698,447 1,311,864
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     (570,620) 34,750
Amounts reclassified from AOCI     (20,268) 2,479
Income tax benefit (expense)     123,561 (7,416)
Ending Balance (498,247) 19,748 (498,247) 19,748
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 $ 75,000 $ 100,000 $ 75,000 $ 100,000
v3.24.2.u1
Equity (Reclassification out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net unrealized investment gains (losses)        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI     $ (20,268) $ 2,479
AOCI Attributable to Parent        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI     (20,268) 2,479
Amounts reclassified from AOCI | Net unrealized investment gains (losses)        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI $ 4,201 $ 1,972 20,268 (2,479)
Amounts reclassified from AOCI | AOCI Attributable to Parent        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Amounts reclassified from AOCI 4,201 1,972 20,268 (2,479)
Amounts reclassified from AOCI | Fixed maturities, available-for-sale        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net unrealized investment gains (losses) (8,631) (2) (15,468) (8,223)
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) $ 12,832 $ 1,974 $ 35,736 $ 5,744
v3.24.2.u1
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
 6 Months Ended
Jun. 30, 2024
USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance $ (30,920)
Ending Balance (498,247)
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 (1,461)
Reclassification adjustment for (gains) losses included in net income (9)
Reclassification due to allowance for credit losses recorded during the period (26)
Impact of net unrealized investment (gains) losses 0
Ending Balance 491
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 (543,630)
Reclassification adjustment for (gains) losses included in net income (20,259)
Reclassification due to allowance for credit losses recorded during the period 26
Impact of net unrealized investment (gains) losses 0
Ending Balance (1,968,043)
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 (797,795)
Ending Balance (1,599,146)
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 894,154
Ending Balance 1,923,252
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 114,566
Reclassification adjustment for (gains) losses included in net income 4,260
Reclassification due to allowance for credit losses recorded during the period 0
Impact of net unrealized investment (gains) losses (20,259)
Ending Balance 345,235
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 (430,525)
Reclassification adjustment for (gains) losses included in net income (16,008)
Reclassification due to allowance for credit losses recorded during the period 0
Impact of net unrealized investment (gains) losses 76,100
Ending Balance $ (1,298,211)
v3.24.2.u1
Equity - Narrative (Details)
Jun. 30, 2024
Certain Subsidiaries  
Subsidiary or Equity Method Investee [Line Items]  
Subsidiary, ownership percentage 100.00%
v3.24.2.u1
Related Party Transactions (Narrative) (Details)
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
May 31, 2023
USD ($)
Feb. 28, 2023
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
policy
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Related Party Transaction [Line Items]                    
Commissions and fees       $ 388,834,000     $ 363,536,000 $ 3,298,039,000 $ 750,027,000  
Payments to Fund Policy Loans               116,650,000 1,039,549,000  
Policy loans $ 1,472,677,000     1,511,288,000 $ 1,472,677,000     1,511,288,000   $ 1,472,677,000
Net investment income       579,993,000     393,075,000 1,085,313,000 742,525,000  
Other invested assets 1,222,985,000     1,403,405,000 1,222,985,000     1,403,405,000   1,222,985,000
Fee income from revenue sharing agreement       55,113,000     56,788,000 111,745,000 120,990,000  
Accrued investment income 333,838,000     426,302,000 333,838,000     426,302,000   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       127,000,000     120,000,000 254,000,000 230,000,000  
Prudential Insurance                    
Related Party Transaction [Line Items]                    
Stock option program plan expense       400,000     400,000 600,000 500,000  
Deferred compensation program expense       800,000     700,000 4,100,000 3,400,000  
Pension plan expense       2,000,000     4,000,000 5,000,000 7,000,000  
Welfare plan expense       5,000,000     3,000,000 $ 9,000,000 7,000,000  
Defined contribution plan, employer matching contribution, percent (up to)               4.00%    
Defined contribution plan, cost recognized       2,000,000     2,000,000 $ 4,000,000 4,000,000  
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     4,410,000,000 4,156,000,000     $ 4,410,000,000   4,156,000,000
Fees related to Life Insurance, Corporate or Bank Owned, amount       14,000,000     12,000,000 27,000,000 25,000,000  
Prudential Financial                    
Related Party Transaction [Line Items]                    
Company's share of corporate expenses       32,000,000     34,000,000 $ 68,000,000 73,000,000  
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     5,000,000 21,000,000 5,000,000  
Affiliated Entity                    
Related Party Transaction [Line Items]                    
Net investment income       2,000,000     1,000,000 4,000,000 3,000,000  
Accrued interest receivable related to long-term notes receivable 1,000,000     1,000,000 1,000,000     1,000,000   1,000,000
Revenues related to long-term notes receivable       0     1,000,000 1,000,000 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       7,000,000     2,000,000 11,000,000 5,000,000  
Affiliated Entity | PAD                    
Related Party Transaction [Line Items]                    
Commissions and fees       211,000,000     147,000,000 389,000,000 287,000,000  
Affiliated Entity | PGIM                    
Related Party Transaction [Line Items]                    
Net investment income       17,000,000     13,000,000 32,000,000 25,000,000  
Affiliated Entity | ASTISI and PGIM Investments                    
Related Party Transaction [Line Items]                    
Fee income from revenue sharing agreement       67,000,000     70,000,000 136,000,000 139,000,000  
Affiliated Entity | PGIM Investments                    
Related Party Transaction [Line Items]                    
Fee income from revenue sharing agreement       11,000,000     9,000,000 22,000,000 18,000,000  
Prudential Financial Joint Ventures                    
Related Party Transaction [Line Items]                    
Net investment income       10,000,000     $ (6,000,000) 19,000,000 $ (4,000,000)  
Other invested assets $ 754,000,000     $ 936,000,000 $ 754,000,000     $ 936,000,000   $ 754,000,000
v3.24.2.u1
Related Party Transactions (Affiliated Notes Receivable) (Details) - Affiliated Entity - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Total notes receivable - affiliated $ 330,814 $ 147,984
U.S. Dollar fixed rate notes    
Related Party Transaction [Line Items]    
Total notes receivable - affiliated $ 330,814 $ 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%  
v3.24.2.u1
Related Party Transaction (Affiliated Commercial Mortgage Loan) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Commercial Mortgage Loans $ 6,718,386 $ 6,122,721
Affiliated Entity | Commercial mortgage loans    
Related Party Transaction [Line Items]    
Interest Rates 9.83%  
Commercial Mortgage Loans $ 70,445 $ 71,038
v3.24.2.u1
Related Party Transactions (Affiliated Asset Transfers) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Related Party Transaction [Line Items]          
Additional Paid in Capital         $ 5,052,602
Realized investment gains (losses) $ 838,882 $ 7,694 $ 861,882 $ (112,985)  
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    
v3.24.2.u1
Related Party Transactions Related Party Transactions (Debt Agreements) (Details) - Affiliated Entity - USD ($)
 6 Months Ended
Jun. 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%  
v3.24.2.u1
Commitments and Contingent Liabilities (Details) - Fair Value Guarantee [Member] - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Commitments and Contingent Liabilities [Line Items]    
Guaranteed value of third-parties' assets $ 1,208,219 $ 311,302
Fair value of collateral supporting these assets 1,047,957 287,621
Asset (liability) associated with guarantee, carried at fair value $ 762 $ 1
v3.24.2.u1
Commitments and Contingent Liabilities (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
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 235.0   235.0   $ 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 $ 0.1    
Commitments | Investments            
Commitments and Contingent Liabilities [Line Items]            
Commitments to purchase investment (excluding commercial mortgage loans) 1,167.0   1,167.0   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