PRUCO LIFE INSURANCE OF NEW JERSEY, 10-Q filed on 5/13/2024
Quarterly Report
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Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2024
May 13, 2024
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Fiscal Year Focus 2024  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q1  
Document Transition Report false  
Entity File Number 333-18053  
Entity Registrant Name PRUCO LIFE INSURANCE OF NEW JERSEY  
Entity Central Index Key 0001038509  
Entity Incorporation, State or Country Code NJ  
Entity Tax Identification Number 22-2426091  
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   400,000
v3.24.1.1.u2
Unaudited Interim Statements of Financial Position - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
Fixed maturities, available for sale, at fair value (allowance for credit losses: 2024-$0; 2023-$4) (amortized cost: 2024-$2,574,841; 2023-$2,559,973) $ 2,324,427 $ 2,362,095
Fixed maturities, trading, at fair value (amortized cost: 2024-$25,294; 2023-$25,745) 22,604 23,440
Equity securities, at fair value (cost: 2024-$4,920; 2023-$4,653) 4,548 4,615
Policy loans 1,116,711 1,115,096
Short-term investments 13,394 5,959
Commercial mortgage and other loans (net of $1,153 and $1,162 allowance for credit losses at March 31, 2024 and December 31, 2023, respectively) 263,600 239,629
Other invested assets (includes $24,332 and $4,387 of assets measured at fair value at March 31, 2024 and December 31, 2023, respectively) 177,794 153,885
Total investments 3,923,078 3,904,719
Cash and cash equivalents 176,240 186,383
Deferred policy acquisition costs 398,083 393,139
Accrued investment income 64,442 53,906
Reinsurance recoverables 4,008,437 3,603,225
Receivables from parent and affiliates 64,166 24,502
Income tax assets 133,862 68,079
Market risk benefit assets 492,992 537,659
Other assets 47,655 49,010
Separate account assets 14,520,998 14,077,103
TOTAL ASSETS 23,829,953 22,897,725
LIABILITIES    
Policyholders' account balance 4,186,756 4,036,184
Future policy benefits 2,389,895 2,398,443
Market risk benefit liabilities 492,992 537,659
Payables to parent and affiliates 1,185 9,380
Other liabilities 1,002,953 470,830
Separate account liabilities 14,520,998 14,077,103
Total liabilities 22,594,779 21,529,599
EQUITY    
Common stock ($5 par value; 400,000 shares authorized, issued and outstanding) 2,000 2,000
Additional paid-in capital 1,032,513 1,032,513
Retained Earnings 294,226 381,140
Accumulated Other Comprehensive Income (Loss), Net of Tax (93,565) (47,527)
Total equity 1,235,174 1,368,126
TOTAL LIABILITIES AND EQUITY $ 23,829,953 $ 22,897,725
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Unaudited Interim Statements of Financial Position (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Fixed Maturities, Available-for-sale, at fair value (AFS), allowance for credit loss $ 0 $ 4
Fixed Maturities, Available-for-sale, amortized cost 2,574,841 2,559,973
Fixed maturities, trading, amortized cost 25,294 25,745
Equity securities, at cost 4,920 4,653
Commercial mortgage and other loans, allowance for credit losses 1,153 1,162
Other invested assets, at fair value $ 24,332 $ 4,387
Common Stock, Par or Stated Value Per Share $ 5 $ 5
Common Stock, Shares Authorized 400,000 400,000
Common Stock, Shares, Issued 400,000 400,000
Common Stock, Shares, Outstanding 400,000 400,000
v3.24.1.1.u2
Unaudited Interim Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
REVENUES    
Premiums $ 11,159 $ 10,177
Policy charges and fee income 329,584 14,138
Net investment income 50,027 28,660
Asset administration fees 2,622 2,080
Other income (loss) 1,326 1,146
Realized Investment gains (losses), net (4,591) (8,298)
Change in value of market risk benefits, net of related hedging gain (loss) 21,341 (15,728)
TOTAL REVENUES 411,468 32,175
BENEFITS AND EXPENSES    
Policyholders' benefits 547,458 18,339
Change in estimates of liability for future policy benefits (3,828) (1,442)
Interest credited to policyholders’ account balances 20,022 10,137
Amortization of deferred policy acquisition costs (25,585) 5,017
General, administrative and other expense 13,831 11,958
TOTAL BENEFITS AND EXPENSES 551,898 44,009
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES (140,430) (11,834)
Income tax expense (benefit) (53,516) (1,440)
NET INCOME (LOSS) (86,914) (10,394)
Other comprehensive income (loss), before tax:    
Foreign currency translation adjustments (100) 100
Net unrealized investment gains (losses) (43,298) 38,767
Interest rate remeasurement of future policy benefits 6,463 (6,959)
Gain (loss) from changes in non-performance risk on market risk benefits (21,341) 15,728
Total (58,276) 47,636
Less: Income tax expense (benefit) related to other comprehensive income (loss) (12,238) 10,004
Other comprehensive income (loss), net of taxes (46,038) 37,632
Comprehensive income (loss) $ (132,952) $ 27,238
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Unaudited Interim Statements of Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Total Equity 
Beginning balance at Dec. 31, 2022 [1]   $ 2,000 $ 775,412 $ 285,433 $ (36,190) $ 1,026,655
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Contributed capital     175,000     175,000
Comprehensive income (loss):            
NET INCOME (LOSS) $ (10,394)     (10,394)   (10,394)
Other comprehensive income (loss), net of tax 37,632       37,632 37,632
Total comprehensive income (loss)           27,238
Ending balance at Mar. 31, 2023   2,000 950,412 275,039 1,442 1,228,893
Beginning balance at Dec. 31, 2023   2,000 1,032,513 381,140 (47,527) 1,368,126
Comprehensive income (loss):            
NET INCOME (LOSS) (86,914)     (86,914)   (86,914)
Other comprehensive income (loss), net of tax $ (46,038)       (46,038) (46,038)
Total comprehensive income (loss)           (132,952)
Ending balance at Mar. 31, 2024   $ 2,000 $ 1,032,513 $ 294,226 $ (93,565) $ 1,235,174
[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 Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
NET INCOME (LOSS) $ (86,914) $ (10,394)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Policy charges and fee income (377,781) (1,435)
Interest credited to policyholders’ account balances 20,022 10,137
Realized investment (gains) losses, net 4,591 8,298
Change in value of market risk benefits, net of related hedging gain (loss) (21,341) 15,728
Change in:    
Future policy benefits and other insurance liabilities 98,729 58,089
Reinsurance recoverables (29,618) (19,962)
Accrued investment income (10,536) (5,842)
Net payables to/receivables from parent and affiliates 6,156 (1,720)
Deferred policy acquisition costs (41,669) (9,781)
Income taxes (53,545) (1,464)
Derivatives, net 8,363 (1,722)
Other, net 464,674 (31,721)
Cash flows from (used in) operating activities (18,869) 8,211
Proceeds from the sale/maturity/prepayment of:    
Fixed maturities, available-for-sale 28,718 33,170
Fixed maturities, trading 451 329
Equity securities 188 208
Policy loans 6,754 7,113
Ceded policy loans (24,007) (485)
Short-term investments 5,449 2,000
Commercial mortgage and other loans 570 2,927
Other invested assets   (353)
Other invested assets 375  
Payments for the purchase/origination of:    
Fixed maturities, available-for-sale (42,933) (367,590)
Equity securities (273) (27)
Policy loans (8,661) (5,515)
Ceded policy loans 1,451 415
Short-term investments (12,858) (7,000)
Commercial mortgage and other loans (24,916) (14,509)
Other invested assets (3,106) (3,317)
Notes receivable from parent and affiliates, net (11,117) (8)
Derivatives, net (181) (298)
Cash flows from (used in) investing activities (84,096) (352,940)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Policyholders’ account deposits 199,546 138,201
Ceded policyholders’ account deposits (73,595) (73,649)
Policyholders’ account withdrawals (100,143) (131,444)
Ceded policyholders’ account withdrawals 66,255 60,912
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities 0 3,325
Contributed / (return of) capital 0 175,000
Drafts outstanding (3,652) (239)
Other, net 4,411 142
Cash flows from (used in) financing activities 92,822 172,248
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (10,143) (172,481)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 186,383 255,767
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 176,240 $ 83,286
v3.24.1.1.u2
Unaudited Interim Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Non-cash activities   $ 0
Affiliated Entity | PURE and PICA    
Non-cash activities $ 204  
v3.24.1.1.u2
Business and Basis of Presentation
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business and Basis of Presentation BUSINESS AND BASIS OF PRESENTATION
Pruco Life Insurance Company of New Jersey (the "Company" or "PLNJ") is a wholly-owned subsidiary of Pruco Life Insurance Company (“Pruco Life”), which in turn is a wholly-owned subsidiary of Prudential Insurance. Prudential Insurance is a direct wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). 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, and sells such products primarily through affiliated and unaffiliated distributors.

Basis of Presentation

The Unaudited Interim 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”). 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 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
 3 Months Ended
Mar. 31, 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 March 31, 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 March 31, 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 Financial Statements and Notes to the Financial Statements.
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Investments
 3 Months Ended
Mar. 31, 2024
Investments [Abstract]  
Investments INVESTMENTS
Fixed Maturity Securities

The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:
March 31, 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$52,046 $0 $2,242 $0 $49,804 
Obligations of U.S. states and their political subdivisions178,895 180 4,571 0 174,504 
Foreign government bonds89,137 110 17,096 0 72,151 
U.S. public corporate securities1,476,050 6,608 176,492 0 1,306,166 
U.S. private corporate securities239,170 1,216 10,625 0 229,761 
Foreign public corporate securities185,262 605 25,505 0 160,362 
Foreign private corporate securities216,638 3,017 17,501 0 202,154 
Asset-backed securities(1)18,392 61 715 0 17,738 
Commercial mortgage-backed securities103,552 0 6,925 0 96,627 
Residential mortgage-backed securities(2)15,699 171 710 0 15,160 
Total fixed maturities, available-for-sale$2,574,841 $11,968 $262,382 $0 $2,324,427 
(1)Includes credit-tranched securities collateralized by loan obligations and education loans.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

December 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$52,196 $0 $1,154 $0 $51,042 
Obligations of U.S. states and their political subdivisions184,419 952 2,833 0 182,538 
Foreign government bonds95,189 248 14,693 0 80,744 
U.S. public corporate securities1,485,406 13,428 147,901 0 1,350,933 
U.S. private corporate securities227,342 1,978 8,884 0 220,436 
Foreign public corporate securities185,601 1,173 21,989 0 164,785 
Foreign private corporate securities190,545 5,102 14,791 0 180,856 
Asset-backed securities(1)19,440 40 969 0 18,511 
Commercial mortgage-backed securities104,055 0 7,356 0 96,699 
Residential mortgage-backed securities(2)15,780 195 420 4 15,551 
Total fixed maturities, available-for-sale$2,559,973 $23,116 $220,990 $4 $2,362,095 
(1)Includes credit-tranched securities collateralized by loan obligations and education loans.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
The following tables set forth the fair value and gross unrealized losses on fixed maturity, available-for-sale securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
March 31, 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$47,910 $2,019 $1,895 $223 $49,805 $2,242 
Obligations of U.S. states and their political subdivisions62,045 809 68,749 3,762 130,794 4,571 
Foreign government bonds6,615 345 60,867 16,751 67,482 17,096 
U.S. public corporate securities134,178 3,495 919,800 172,997 1,053,978 176,492 
U.S. private corporate securities53,707 864 116,803 9,761 170,510 10,625 
Foreign public corporate securities21,352 275 116,680 25,230 138,032 25,505 
Foreign private corporate securities19,546 385 95,331 17,116 114,877 17,501 
Asset-backed securities8,334 687 2,322 28 10,656 715 
Commercial mortgage-backed securities0 0 96,627 6,925 96,627 6,925 
Residential mortgage-backed securities26 2 10,662 708 10,688 710 
Total fixed maturities, available-for-sale$353,713 $8,881 $1,489,736 $253,501 $1,843,449 $262,382 

December 31, 2023
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$49,081 $936 $1,962 $218 $51,043 $1,154 
Obligations of U.S. states and their political subdivisions22,856 186 61,445 2,647 84,301 2,833 
Foreign government bonds5,656 91 69,066 14,602 74,722 14,693 
U.S. public corporate securities86,203 1,688 913,776 146,213 999,979 147,901 
U.S. private corporate securities27,883 366 117,409 8,518 145,292 8,884 
Foreign public corporate securities5,029 135 115,462 21,854 120,491 21,989 
Foreign private corporate securities5,007 51 98,159 14,740 103,166 14,791 
Asset-backed securities7,899 914 4,775 55 12,674 969 
Commercial mortgage-backed securities0 0 96,699 7,356 96,699 7,356 
Residential mortgage-backed securities146 2 10,722 418 10,868 420 
Total fixed maturities, available-for-sale$209,760 $4,369 $1,489,475 $216,621 $1,699,235 $220,990 
As of March 31, 2024 and December 31, 2023, the gross unrealized losses on fixed maturity, available-for-sale securities without an allowance of $259 million and $218 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 $4 million and $3 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of March 31, 2024, the $254 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the utility, consumer non-cyclical and finance sectors. As of December 31, 2023, the $217 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the utility, finance and consumer non-cyclical sectors.

In accordance with its policy described in Note 2 to the 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 March 31, 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 March 31, 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:
March 31, 2024
Amortized CostFair Value
(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less$81,243 $77,627 
Due after one year through five years394,300 385,027 
Due after five years through ten years231,972 227,175 
Due after ten years1,729,683 1,505,073 
Asset-backed securities18,392 17,738 
Commercial mortgage-backed securities103,552 96,627 
Residential mortgage-backed securities15,699 15,160 
Total fixed maturities, available-for-sale$2,574,841 $2,324,427 

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 March 31,
20242023
(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$2,155 $886 
Proceeds from maturities/prepayments26,605 32,121 
Gross investment gains from sales and maturities64 29 
Gross investment losses from sales and maturities(169)(415)
(Addition to) release of allowance for credit losses4 360 
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $0.0 million and $0.2 million for the three months ended March 31, 2024 and 2023, respectively.
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 March 31, 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 $0 $0 $0 $4 $4 
Reductions for securities sold during the period0 0 0 0 0 0 0 
Additions (reductions) on securities with previous allowance0 0 0 0 0 (4)(4)
Balance, end of period$0 $0 $0 $0 $0 $0 $0 

Three Months Ended March 31, 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 $358 $0 $0 $5 $363 
Reductions for securities sold during the period0 0 (358)0 0 (1)(359)
Additions (reductions) on securities with previous allowance0 0 0 0 0 (1)(1)
Balance, end of period$0 $0 $0 $0 $0 $3 $3 


See Note 2 to the 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 March 31, 2024 the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to a recovery on a structured security.

For the three months ended March 31, 2023, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to a restructuring in the transportation sector within corporate securities.

The Company did not have any fixed maturity securities purchased with credit deterioration, as of both March 31, 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 $(0.4) million and $0.6 million during the three months ended March 31, 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 $(0.3) million and $0.0 million during the three months ended March 31, 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:

March 31, 2024December 31, 2023
Amount
(in thousands)		% of TotalAmount
(in thousands)		% of Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$75,152 28.4 %$71,289 29.6 %
Hospitality13,955 5.3 14,070 5.8 
Industrial78,849 29.8 70,633 29.3 
Office8,058 3.0 8,122 3.4 
Other33,903 12.8 24,587 10.2 
Retail23,216 8.8 23,327 9.7 
Total commercial mortgage loans233,133 88.1 212,028 88.0 
Agricultural property loans31,620 11.9 28,763 12.0 
Total commercial mortgage and agricultural property loans264,753 100.0 %240,791 100.0 %
Allowance for credit losses(1,153)(1,162)
Total net commercial mortgage and agricultural property loans$263,600 $239,629 

As of March 31, 2024, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States (with the largest concentrations in Texas (9%), Florida (9%), Washington (8%)), and included loans secured by properties in Europe (9%) and Mexico (4%).

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 March 31,
20242023
Commercial Mortgage LoansAgricultural Property LoansTotalCommercial Mortgage LoansAgricultural Property LoansTotal
(in thousands)
Allowance, beginning of period$1,107 $55 $1,162 $405 $3 $408 
Addition to (release of) allowance for expected losses0 (9)(9)38 53 91 
Allowance, end of period$1,107 $46 $1,153 $443 $56 $499 

See Note 2 to the 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 March 31, 2024, the net decrease in the allowance for credit losses on commercial mortgage and other loans was primarily related to net positive credit migration, partially offset by loan originations. For the three months ended March 31, 2023, the net increase in the allowance for credit losses on commercial mortgage and other loans was primarily related to portfolio growth.

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:
March 31, 2024
Amortized Cost by Origination Year
20242023202220212020PriorRevolving LoansTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$0 $9,427 $19,844 $767 $0 $58,506 $0 $88,544 
60%-69.99%18,973 37,766 15,000 1,962 2,198 20,868 0 96,767 
70%-79.99%3,000 31,852 0 0 0 5,955 0 40,807 
80% or greater0 0 0 0 0 7,015 0 7,015 
Total$21,973 $79,045 $34,844 $2,729 $2,198 $92,344 $0 $233,133 
Debt Service Coverage Ratio:
Greater than 1.2x$21,973 $76,634 $34,844 $2,729 $2,198 $84,507 $0 $222,885 
1.0 - 1.2x0 2,411 0 0 0 6,008 0 8,419 
Less than 1.0x0 0 0 0 0 1,829 0 1,829 
Total$21,973 $79,045 $34,844 $2,729 $2,198 $92,344 $0 $233,133 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$2,000 $10,937 $1,025 $1,035 $0 $958 $1,320 $17,275 
60%-69.99%0 2,000 12,345 0 0 0 0 14,345 
70%-79.99%0 0 0 0 0 0 0 0 
80% or greater0 0 0 0 0 0 0 0 
Total$2,000 $12,937 $13,370 $1,035 $0 $958 $1,320 $31,620 
Debt Service Coverage Ratio:
Greater than 1.2x$2,000 $12,937 $13,370 $1,035 $0 $958 $1,320 $31,620 
1.0 - 1.2x0 0 0 0 0 0 0 0 
Less than 1.0x0 0 0 0 0 0 0 0 
Total$2,000 $12,937 $13,370 $1,035 $0 $958 $1,320 $31,620 
December 31, 2023
Amortized Cost by Origination Year
20232022202120202019PriorTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$9,444 $19,879 $772 $0 $17,239 $42,159 $89,493 
60%-69.99%37,809 15,000 1,962 2,198 15,091 5,836 77,896 
70%-79.99%32,105 0 0 0 3,885 1,595 37,585 
80% or greater0 0 0 0 1,007 6,047 7,054 
Total$79,358 $34,879 $2,734 $2,198 $37,222 $55,637 $212,028 
Debt Service Coverage Ratio:
Greater than 1.2x$76,929 $34,879 $2,734 $2,198 $36,293 $48,677 $201,710 
1.0 - 1.2x2,429 0 0 0 0 6,047 8,476 
Less than 1.0x0 0 0 0 929 913 1,842 
Total$79,358 $34,879 $2,734 $2,198 $37,222 $55,637 $212,028 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$11,358 $1,035 $1,047 $0 $0 $978 $14,418 
60%-69.99%2,000 12,345 0 0 0 0 14,345 
70%-79.99%0 0 0 0 0 0 0 
80% or greater0 0 0 0 0 0 0 
Total$13,358 $13,380 $1,047 $0 $0 $978 $28,763 
Debt Service Coverage Ratio:
Greater than 1.2x$13,358 $13,380 $1,047 $0 $0 $978 $28,763 
1.0 - 1.2x0 0 0 0 0 0 0 
Less than 1.0x0 0 0 0 0 0 0 
Total$13,358 $13,380 $1,047 $0 $0 $978 $28,763 

See Note 2 to the 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 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:
March 31, 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$233,133 $0 $0 $0 $233,133 $0 
Agricultural property loans31,620 0 0 0 31,620 0 
Total$264,753 $0 $0 $0 $264,753 $0 
(1)As of March 31, 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 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$212,028 $0 $0 $0 $212,028 $0 
Agricultural property loans28,763 0 0 0 28,763 0 
Total$240,791 $0 $0 $0 $240,791 $0 
(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 Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

For both the three months ended March 31, 2024 and 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 March 31, 2024 and December 31, 2023.

Other Invested Assets

The following table sets forth the composition of “Other invested assets,” as of the dates indicated:

March 31, 2024December 31, 2023
 (in thousands)
LPs/LLCs:
Equity method:
Private equity$97,048 $90,107 
Hedge funds49,444 48,488 
Real estate-related6,932 6,965 
Subtotal equity method153,424 145,560 
Fair value:
Private equity243 249 
Hedge funds11 19 
Real estate-related3,840 4,119 
Subtotal fair value4,094 4,387 
Total LPs/LLCs157,518 149,947 
Derivative instruments20,238 0 
Other38 3,938 
Total other invested assets$177,794 $153,885 
Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:
March 31, 2024December 31, 2023
(in thousands)
Fixed maturities$26,915 $26,672 
Equity securities92 1 
Commercial mortgage and other loans1,111 948 
Policy loans35,286 25,675 
Short-term investments and cash equivalents1,038 610 
Total accrued investment income$64,442 $53,906 

There were no write-downs on accrued investment income for both the three months ended March 31, 2024 and 2023.

Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated:
Three Months Ended March 31,
20242023
(in thousands)
Fixed maturities, available-for-sale$27,636 $21,117 
Fixed maturities, trading149 157 
Equity securities91 91 
Commercial mortgage and other loans3,241 1,679 
Policy loans12,804 2,525 
Other invested assets4,119 1,478 
Short-term investments and cash equivalents3,295 2,641 
Gross investment income51,335 29,688 
Less: investment expenses(1,308)(1,028)
Net investment income$50,027 $28,660 

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 March 31,
20242023
(in thousands)
Fixed maturities(1)$(101)$(26)
Commercial mortgage and other loans9 (91)
Derivatives(4,489)(8,241)
Short term investments and cash equivalents(10)60 
Realized investment gains (losses), net$(4,591)$(8,298)
(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:
March 31, 2024December 31, 2023
 (in thousands)
Fixed maturity securities, available-for-sale with an allowance$(3)$0 
Fixed maturity securities, available-for-sale without an allowance(250,411)(197,874)
Derivatives designated as cash flow hedges(1)7,899 5,246 
Other investments383 357 
Net unrealized gains (losses) on investments$(242,132)$(192,271)
(1)For more information on cash flow hedges, see Note 4.

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 March 31, 2024 and December 31, 2023, the Company had no repurchase agreements.
v3.24.1.1.u2
Derivatives and Hedging
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative and Hedging
4.    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

For detailed information on these contracts and the related strategies, see Note 4 to the 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 of the netting effects of master netting agreements and cash collateral.
March 31, 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
Foreign Currency Swaps$188,066 $9,504 $(2,881)$169,101 $7,865 $(4,257)
Total Derivatives Designated as Hedge Accounting Instruments:$188,066 $9,504 $(2,881)$169,101 $7,865 $(4,257)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$195,200 $348 $(530)$88,200 $36 $(2,063)
Credit
Credit Default Swaps0 0 0 0 0 0 
Currency/Interest Rate
Foreign Currency Swaps47,592 2,055 (588)39,965 1,563 (597)
Foreign Currency
Foreign Currency Forwards9,891 95 0 9,550 7 (290)
Equity
Equity Options1,511,036 77,332 (65,174)1,288,555 30,679 (43,354)
Total Derivatives Not Qualifying as Hedge Accounting Instruments:$1,763,719 $79,830 $(66,292)$1,426,270 $32,285 $(46,304)
Total Derivatives(1)(2)$1,951,785 $89,334 $(69,173)$1,595,371 $40,150 $(50,561)
(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $200 million and $168 million as of March 31, 2024 and December 31, 2023, respectively included in “Policyholders’ account balances" and "Reinsurance recoverables".
(2)Recorded in "Other invested assets" and "Payables to parent and affiliates" on the Unaudited Interim 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 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 Statements of Financial Position.
March 31, 2024
Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements of
Financial
Position		Net Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
(in thousands)
Offsetting of Financial Assets:
Derivatives$89,334 $(69,096)$20,238 $(19,054)$1,184 
Total Assets$89,334 $(69,096)$20,238 $(19,054)$1,184 
Offsetting of Financial Liabilities:
Derivatives$69,173 $(69,173)$0 $0 $0 
Total Liabilities$69,173 $(69,173)$0 $0 $0 

December 31, 2023
Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements of
Financial
Position		Net Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
(in thousands)
Offsetting of Financial Assets:
Derivatives$40,150 $(40,150)$0 $0 $0 
Total Assets$40,150 $(40,150)$0 $0 $0 
Offsetting of Financial Liabilities:
Derivatives$50,561 $(42,247)$8,314 $(8,314)$0 
Total Liabilities$50,561 $(42,247)$8,314 $(8,314)$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 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. 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 March 31, 2024
Realized
Investment
Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)Net
Investment
Income		Other IncomeChange in AOCI
(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$(95)$0 $465 $482 $2,653 
Total cash flow hedges(95)0 465 482 2,653 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate1,554 0 0 0 0 
Currency197 0 0 0 0 
Currency/Interest Rate618 0 0 8 0 
Credit0 0 0 0 0 
Equity31,818 0 0 0 0 
Embedded Derivatives(38,581)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(4,394)0 0 8 0 
Total$(4,489)$0 $465 $490 $2,653 

Three Months Ended March 31, 2023
Realized
Investment
Gains (Losses)
Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)
Net
Investment
Income		Other IncomeChange in AOCI
(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$18 $0 $481 $(112)$(1,589)
Total cash flow hedges18 0 481 (112)(1,589)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate167 0 0 0 0 
Currency(82)0 0 0 0 
Currency/Interest Rate(228)0 0 (8)0 
Credit0 0 0 0 0 
Equity1,759 0 0 0 0 
Embedded Derivatives(9,875)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(8,259)0 0 (8)0 
Total$(8,241)$0 $481 $(120)$(1,589)
Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:
 (in thousands)
Balance, December 31, 2023$5,246 
Amount recorded in AOCI
Currency/Interest Rate3,505 
Total amount recorded in AOCI3,505 
Amount reclassified from AOCI to income
Currency/Interest Rate(852)
Total amount reclassified from AOCI to income(852)
Balance, March 31, 2024$7,899 

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 Statements of Operations and Comprehensive Income (Loss); these amounts are then reclassified to earnings when the hedged item affects earnings. Using March 31, 2024 values, it is estimated that a pre-tax gain of $2 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending March 31, 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

The Company has no exposure from credit derivative positions where it has written or purchased credit protection as of March 31, 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 agreement, 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.
v3.24.1.1.u2
Fair Value of Assets and Liabilities
 3 Months Ended
Mar. 31, 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 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.
March 31, 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 $49,804 $0 $$49,804 
Obligations of U.S. states and their political subdivisions0 174,504 0 174,504 
Foreign government bonds0 72,151 0 72,151 
U.S. corporate public securities0 1,306,166 0 1,306,166 
U.S. corporate private securities0 214,635 15,126 229,761 
Foreign corporate public securities0 160,362 0 160,362 
Foreign corporate private securities0 197,224 4,930 202,154 
Asset-backed securities(2)0 17,738 0 17,738 
Commercial mortgage-backed securities0 77,469 19,158 96,627 
Residential mortgage-backed securities0 15,160 0 15,160 
Subtotal0 2,285,213 39,214 2,324,427 
Market risk benefit assets0 0 492,992 492,992 
Fixed maturities, trading0 22,604 0 22,604 
Equity securities0 70 4,478 4,548 
Short-term investments4,953 6,941 0 11,894 
Cash equivalents5,989 155,649 0 161,638 
Other invested assets(3)0 89,334 0 (69,096)20,238 
Reinsurance recoverables0 0 98,083 98,083 
Receivables from parent and affiliates0 0 11,117 11,117 
Subtotal excluding separate account assets10,942 2,559,811 645,884 (69,096)3,147,541 
Separate account assets(4)(5)0 13,337,472 0 13,337,472 
Total assets$10,942 $15,897,283 $645,884 $(69,096)$16,485,013 
Market risk benefit liabilities$0 $0 $492,992 $$492,992 
Policyholders' account balances0 0 297,683 297,683 
Payables to parent and affiliates0 69,173 0 (69,173)0 
Total liabilities$0 $69,173 $790,675 $(69,173)$790,675 
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 $51,042 $0 $$51,042 
Obligations of U.S. states and their political subdivisions0 182,538 0 182,538 
Foreign government bonds0 80,744 0 80,744 
U.S. corporate public securities0 1,350,933 0 1,350,933 
U.S. corporate private securities0 205,814 14,622 220,436 
Foreign corporate public securities0 164,785 0 164,785 
Foreign corporate private securities0 175,849 5,007 180,856 
Asset-backed securities(2)0 18,511 0 18,511 
Commercial mortgage-backed securities0 77,495 19,204 96,699 
Residential mortgage-backed securities0 15,551 0 15,551 
Subtotal0 2,323,262 38,833 2,362,095 
Market risk benefit assets0 0 537,659 537,659 
Fixed maturities, trading0 23,440 0 23,440 
Equity securities0 74 4,541 4,615 
Short-term investments0 3,459 0 3,459 
Cash equivalents24,928 160,330 0 185,258 
Other invested assets(3)0 40,150 0 (40,150)0 
Reinsurance recoverables0 0 69,745 69,745 
Subtotal excluding separate account assets24,928 2,550,715 650,778 (40,150)3,186,271 
Separate account assets(4)(5)0 12,914,412 0 12,914,412 
Total assets$24,928 $15,465,127 $650,778 $(40,150)$16,100,683 
Market risk benefit liabilities$0 $0 $537,659 $$537,659 
Policyholders' account balances0 0 237,316 237,316 
Payables to parent and affiliates0 50,561 0 (42,247)8,314 
Total liabilities$0 $50,561 $774,975 $(42,247)$783,289 
(1)“Netting” amounts represent cash collateral of $(0.1) million and $(2) million as of March 31, 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)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 net asset value ("NAV") per share (or its equivalent) as a practical expedient. As of March 31, 2024 and December 31, 2023, the fair value of such investments was $4.1 million and $4.4 million, respectively.
(4)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 March 31, 2024 and December 31, 2023, the fair value of such investments was $1,184 million and $1,163 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 Statements of Financial Position.
Quantitative Information Regarding Internally Priced Level 3 Assets and Liabilities – The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.
March 31, 2024
Fair Value Valuation 
Techniques		Unobservable 
Inputs		MinimumMaximumWeighted
Average		Impact of Increase in Input on Fair
Value(1)
(in thousands)
Assets:
Corporate securities(2)$12,833 Discounted cash flowDiscount rate10.13 %13.29 %12.08 %Decrease
Commercial mortgage-backed securities$19,158 Discounted cash flowLiquidity premium0.60 %0.75 %0.66 %Decrease
Market risk benefit assets(3)$492,992 Discounted cash flowLapse rate(4)1 %20 %Increase
Spread over SOFR(5)0.33 %1.80 %Increase
Utilization rate(6)38 %95 %Decrease
Withdrawal rateSee table footnote (7) below.
Mortality rate(8)0 %15 %Increase
Equity volatility curve15 %25 %Decrease
Liabilities:
Market risk benefit liabilities(3)$492,992 Discounted cash flowLapse rate(4)1 %20 %Decrease
Spread over SOFR(5)0.33 %1.80 %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(9)$297,683 Discounted cash flowLapse rate(4)1 %80 %Decrease
Spread over SOFR(5)0.33 %1.80 %Decrease
Mortality rate(8)0 %23 %Decrease
Option budget(10)(1)%7 %Increase
December 31, 2023
Fair Value Valuation 
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of Increase
in Input on Fair
Value(1)
(in thousands)
Assets:
Commercial mortgage-backed securities$19,204 Discounted cash flowLiquidity premium0.60 %0.75 %0.69 %Decrease
Market risk benefit assets(3)$537,659 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
Liabilities:
Market risk benefit liabilities(3)$537,659 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(9)$237,316 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(10)(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 March 31, 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.
(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 March 31, 2024 and December 31, 2023, the minimum withdrawal rate assumption is 81% and 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)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.
(10)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 March 31, 2024(5)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOtherTransfers into Level 3Transfers out of Level 3Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(2)$19,629 $(68)$733 $(51)$0 $(187)$0 $0 $0 $20,056 $(68)
Structured securities(3)19,204 47 0 0 0 (93)0 0 0 19,158 56 
Other assets:
Equity securities4,541 (335)272 0 0 0 0 0 0 4,478 (335)
Reinsurance recoverables(4)69,745 (5,964)34,302 0 0 0 0 0 0 98,083 (35,533)
Receivables from parent and affiliates0 0 11,117 0 0 0 0 0 0 11,117 0 
Liabilities:
Policyholders' account balances(4)(237,316)(32,725)0 0 (27,642)0 0 0 0 (297,683)(1,472)
Three Months Ended March 31, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(1)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$0 $0 $(13)$(8)$0 $0 $(12)
Other assets:
Equity securities0 (335)0 0 0 (335)0 
Reinsurance recoverables(5,964)0 0 0 (35,533)0 0 
Liabilities:
Policyholders' account balances(32,725)0 0 0 (1,472)0 0 
Three Months Ended March 31, 2023(5)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOtherTransfers into Level 3Transfers out of Level 3Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(2)$3,803 $(36)$3,644 $0 $0 $(3,835)$0 $0 $0 $3,576 $(37)
Structured securities(3)20,701 (733)0 0 0 (87)0 0 0 19,881 (720)
Other assets:
Equity securities4,291 3 0 0 0 0 0 0 0 4,294 3 
Reinsurance recoverables0 1,357 0 0 0 0 0 0 0 1,357 1,357 
Liabilities:
Policyholders' account balances(4)(108,144)(10,832)0 0 (8,056)0 0 0 0 (127,032)(13,914)

Three Months Ended March 31, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(1)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(2)$0 $(756)$(11)$0 $0 $(757)
Other assets:
Equity securities0 3 0 0 0 3 0 
Reinsurance recoverables1,357 0 0 0 1,357 0 0 
Liabilities:
Policyholders' account balances(10,832)0 0 0 (13,914)0 0 
(1)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.
(2)Includes U.S. corporate private securities and foreign corporate private securities.
(3)Includes commercial mortgage-backed securities.
(4)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables are presented net in the rollforward.
(5)Excludes MRB assets of $493 million and $563 million and MRB liabilities of $493 million and $563 million for period ending March 31, 2024 and 2023, respectively. See Note 10 for additional information.
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 Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.
March 31, 2024
Fair ValueCarrying
Amount(1)
Level 1Level 2Level 3TotalTotal
(in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $260,082 $260,082 $263,600 
Policy loans0 0 1,116,711 1,116,711 1,116,711 
Short-term investments1,500 0 0 1,500 1,500 
Cash and cash equivalents14,602 0 0 14,602 14,602 
Accrued investment income0 64,442 0 64,442 64,442 
Reinsurance recoverables0 0 21,774 21,774 23,385 
Receivables from parent and affiliates0 53,049 0 53,049 53,049 
Other assets0 3,468 0 3,468 3,468 
Total assets$16,102 $120,959 $1,398,567 $1,535,628 $1,540,757 
Liabilities:
Policyholders’ account balances - investment contracts$0 $141,634 $30,402 $172,036 $173,647 
Cash collateral for loaned securities0 0 0 0 0 
Payables to parent and affiliates0 1,185 0 1,185 1,185 
Other liabilities0 49,276 0 49,276 49,276 
Total liabilities$0 $192,095 $30,402 $222,497 $224,108 
December 31, 2023
Fair ValueCarrying
Amount(1)
Level 1Level 2Level 3TotalTotal
(in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $237,993 $237,993 $239,629 
Policy loans0 0 1,115,096 1,115,096 1,115,096 
Short-term investments2,500 0 0 2,500 2,500 
Cash and cash equivalents1,125 0 0 1,125 1,125 
Accrued investment income0 53,906 0 53,906 53,906 
Reinsurance recoverables0 0 22,155 22,155 23,537 
Receivables from parent and affiliates0 24,502 0 24,502 24,502 
Other assets0 4,363 0 4,363 4,363 
Total assets$3,625 $82,771 $1,375,244 $1,461,640 $1,464,658 
Liabilities:
Policyholders’ account balances - investment contracts$0 $148,542 $30,945 $179,487 $180,868 
Payables to parent and affiliates0 1,066 0 1,066 1,066 
Other liabilities0 52,027 0 52,027 52,027 
Total liabilities$0 $201,635 $30,945 $232,580 $233,961 
(1)Carrying values presented herein differ from those in the Company’s Unaudited Interim 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.
v3.24.1.1.u2
Deferred Policy Acquisition Costs and Deferred Reinsurance
 3 Months Ended
Mar. 31, 2024
Deferred Charges, Insurers [Abstract]  
Deferred Policy Acquisition Costs and Deferred Reinsurance DEFERRED POLICY ACQUISITION COSTS AND DEFERRED REINSURANCE
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:
Three Months Ended March 31, 2024
Term LifeVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$82,007 $311,131 $393,138 
   Capitalization4,894 11,191 16,085 
   Amortization expense(2,028)(3,692)(5,720)
   Other(1)0 (5,420)(5,420)
Balance, end of period$84,873 $313,210 $398,083 
(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.
Three Months Ended March 31, 2023
Term LifeVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$70,213 $281,661 $351,874 
   Capitalization4,007 10,791 14,798 
   Amortization expense(1,748)(3,272)(5,020)
   Other 0 3 3 
Balance, end of period$72,472 $289,183 $361,655 
Deferred Reinsurance Losses ("DRL")

The following tables show a rollforward of DRL balances for variable annuity products, which is the only line of business that contains a DRL balance, along with a reconciliation to the Company's total DRL balance:
Three Months Ended March 31,
20242023
Variable Annuities
(in thousands)
Balance, beginning of period$15,968 $17,425 
Amortization expense(358)(378)
   Other1 0 
Balance, end of period$15,611 $17,047 
Deferred Reinsurance Gains ("DRG")

The following tables show a rollforward of DRG balances for variable and universal life products, which are the only lines of business that contain a DRG balance, along with a reconciliation to the Company's total DRG balance:

Three Months Ended March 31,
20242023
Variable / Universal Life
(in thousands)
Balance, beginning of period$0 $0 
Amortization expense(2,246)0 
   Other(1)198,641 0 
Balance, end of period$196,395 $0 
(1)Other includes the impact of the Universal Life reinsurance transaction with PAR U, PURE and Prudential Insurance. See Note 11 for additional information.
v3.24.1.1.u2
Separate Accounts
 3 Months Ended
Mar. 31, 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:

March 31, 2024December 31, 2023
(in thousands)
Asset Type:
Mutual funds:
Equity$8,840,722 $8,299,099 
Fixed Income3,751,231 3,901,137 
Other745,519 714,176 
Other invested assets1,183,526 1,162,691 
Total$14,520,998 $14,077,103 

For the three months ended March 31, 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:

Three Months Ended March 31, 2024
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$9,064,177 $5,012,926 $14,077,103 
     Deposits14,902 51,409 66,311 
     Investment performance387,889 370,777 758,666 
     Policy charges(53,559)(26,763)(80,322)
     Surrenders and withdrawals(266,474)(17,144)(283,618)
     Benefit payments(1,506)(10,415)(11,921)
Net transfers (to) from general account(3,588)(11,402)(14,990)
     Other178 9,591 9,769 
Balance, end of period$9,142,019 $5,378,979 $14,520,998 
Cash surrender value(1)$9,014,812 $5,258,835 $14,273,647 
Three Months Ended March 31, 2023
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$8,928,568 $4,998,390 $13,926,958 
Deposits8,43143,87852,309
Investment performance439,099263,521702,620
Policy charges(55,991)(25,372)(81,363)
Surrenders and withdrawals(194,702)(11,989)(206,691)
Benefit payments(1,378)(9,924)(11,302)
Net transfers (to) from general account91328,18929,102
Other3971,6512,048
Balance, end of period$9,125,337 $5,288,344 $14,413,681 
Cash surrender value(1)$8,933,846 $5,208,516 $14,142,362 
(1)Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
v3.24.1.1.u2
Liability For Future Policy Benefits
 3 Months Ended
Mar. 31, 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")
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.

Three Months Ended March 31, 2024
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,389,421 $0 $1,389,421 
Effect of cumulative changes in discount rate assumptions, beginning of period29,313 0 29,313 
Balance at original discount rate, beginning of period1,418,734 0 1,418,734 
Effect of actual variances from expected experience and other activity(21,792)90 (21,702)
Adjusted balance, beginning of period1,396,942 90 1,397,032 
Issuances24,393 639 25,032 
Net premiums / considerations collected(40,799)(729)(41,528)
Interest accrual16,394 0 16,394 
Balance at original discount rate, end of period1,396,930 0 1,396,930 
Effect of cumulative changes in discount rate assumptions, end of period(56,897)0 (56,897)
Balance, end of period$1,340,033 $0 $1,340,033 
Three Months Ended March 31, 2024
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$2,619,569 $18,489 $2,638,058 
Effect of cumulative changes in discount rate assumptions, beginning of period44,322 1,510 45,832 
Balance at original discount rate, beginning of period2,663,891 19,999 2,683,890 
Effect of actual variances from expected experience and other activity(29,994)62 (29,932)
Adjusted balance, beginning of period2,633,897 20,061 2,653,958 
Issuances24,393 639 25,032 
Interest accrual32,144 177 32,321 
Benefit payments(32,730)(654)(33,384)
Other adjustments(899)1 (898)
Balance at original discount rate, end of period2,656,805 20,224 2,677,029 
Effect of cumulative changes in discount rate assumptions, end of period(105,493)(1,796)(107,289)
Balance, end of period$2,551,312 $18,428 $2,569,740 
Three Months Ended March 31, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,211,279 $18,428 $1,229,707 
Flooring impact, end of period14 0 14 
Balance, end of period, post-flooring$1,211,293 $18,428 $1,229,721 
Less: Reinsurance recoverables1,036,843 18,428 1,055,271 
Balance after reinsurance recoverables, end of period, post-flooring$174,450 $0 $174,450 

Three Months Ended March 31, 2023
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,416,807 $0 $1,416,807 
Effect of cumulative changes in discount rate assumptions, beginning of period73,563 0 73,563 
Balance at original discount rate, beginning of period1,490,370 0 1,490,370 
Effect of actual variances from expected experience and other activity(10,232)(599)(10,831)
Adjusted balance, beginning of period1,480,138 (599)1,479,539 
Issuances16,867 710 17,577 
Net premiums / considerations collected(43,352)(111)(43,463)
Interest accrual17,156 0 17,156 
Balance at original discount rate, end of period1,470,809 0 1,470,809 
Effect of cumulative changes in discount rate assumptions, end of period(40,753)0 (40,753)
Balance, end of period$1,430,056 $0 $1,430,056 
Three Months Ended March 31, 2023
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$2,551,191 $16,460 $2,567,651 
Effect of cumulative changes in discount rate assumptions, beginning of period137,962 1,899 139,861 
Balance at original discount rate, beginning of period2,689,153 18,359 2,707,512 
Effect of actual variances from expected experience and other activity(14,462)183 (14,279)
Adjusted balance, beginning of period2,674,691 18,542 2,693,233 
Issuances16,867 710 17,577 
Interest accrual32,494 171 32,665 
Benefit payments(40,914)(551)(41,465)
Other adjustments(372)0 (372)
Balance at original discount rate, end of period2,682,766 18,872 2,701,638 
Effect of cumulative changes in discount rate assumptions, end of period(64,374)(1,536)(65,910)
Balance, end of period$2,618,392 $17,336 $2,635,728 
Three Months Ended March 31, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,188,336 $17,336 $1,205,672 
Flooring impact, end of period0 0 0 
Balance, end of period, post-flooring$1,188,336 $17,336 $1,205,672 
Less: Reinsurance recoverables1,036,995 17,336 1,054,331 
Balance after reinsurance recoverables, end of period, post-flooring$151,341 $0 $151,341 
The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Three Months Ended March 31, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$3,007,181 $0 
Discounted expected future gross premiums (at original discount rate)$2,011,489 $0 
Discounted expected future gross premiums (at current discount rate)$1,938,769 $0 
Undiscounted expected future benefits and expenses$4,286,686 $26,109 
Interest accrual$15,749 $177 
Gross premiums$59,673 $950 
Weighted-average duration of the liability in years (at original discount rate)106
Weighted-average duration of the liability in years (at current discount rate)105
Weighted-average interest rate (at original discount rate)5.26 %3.71 %
Weighted-average interest rate (at current discount rate)5.31 %5.21 %
Three Months Ended March 31, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$3,056,399 $0 
Discounted expected future gross premiums (at original discount rate)$2,057,345 $0 
Discounted expected future gross premiums (at current discount rate)$2,006,982 $0 
Undiscounted expected future benefits and expenses$4,332,537 $24,654 
Interest accrual$15,338 $171 
Gross premiums$61,365 $112 
Weighted-average duration of the liability in years (at original discount rate)117
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.31 %3.61 %
Weighted-average interest rate (at current discount rate)5.07 %4.98 %
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 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 three months of 2024, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.

In the first three months of 2023, there was a $3 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, mostly offset by a $3 million loss, reflecting the impact of ceded reinsurance on the affected cohorts. The favorable impact in the first three months of 2023 is primarily due to favorable mortality experience related to individual term life products.
Deferred Profit Liability

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

Three Months Ended March 31,
20242023
Fixed Annuities
(in thousands)
Balance, beginning of period, post flooring$1,365 $1,684 
Effect of actual variances from expected experience and other activity34 (107)
Adjusted balance, beginning of period1,399 1,577 
Profits deferred216 0 
Interest accrual14 13 
Amortization(53)(45)
Balance, end of period, post-flooring1,576 1,545 
Less: Reinsurance recoverables1,576 1,545 
Balance after reinsurance recoverables, end of period$0 $0 
The following table provides supplemental information related to the balances of and changes in DPL, included in the disaggregated table above, on a gross (direct and assumed) basis, as of and for the period indicated:
Three Months Ended March 31,
20242023
Fixed Annuities
(in thousands)
Revenue(1)$(211)$139 
Interest accrual14 13 
(1)Represents the gross premiums collected in changes in DPL.
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.

The following table shows a rollforward of AIR balances for variable and universal life products for the periods indicated:
Three Months Ended March 31,
20242023
(in thousands)
Balance including amounts in AOCI, beginning of period, post-flooring$986,166 $827,478 
Flooring impact and amounts in AOCI56,487 91,115 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring1,042,653 918,593 
Effect of actual variances from expected experience and other activity17,115 (342)
Adjusted balance, beginning of period1,059,768 918,251 
Assessments collected(1)23,439 14,827 
Interest accrual8,986 7,840 
Benefits paid(5,955)(3,995)
Balance, excluding amounts in AOCI, end of period, pre-flooring1,086,238 936,923 
Flooring impact and amounts in AOCI(103,881)(65,818)
Balance, including amounts in AOCI, end of period, post-flooring982,357 871,105 
Less: Reinsurance recoverables956,650 834,640 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$25,707 $36,465 
(1)Represents the portion of gross assessments required to fund the future policy benefits.

Three Months Ended March 31,
20242023
($ in thousands)
Interest accrual$8,986 $7,840 
Gross assessments$56,772 $46,941 
Weighted-average duration of the liability in years (at original discount rate)2728
Weighted-average interest rate (at original discount rate)3.43 %3.42 %
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 Statements of Financial Position as of the periods indicated:
Three Months Ended March 31,
20242023
(in thousands)
Benefit reserves, end of period, post-flooring$1,229,721 $1,205,672 
Deferred profit liability, end of period, post-flooring1,576 1,545 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring982,357 871,105 
Subtotal of amounts disclosed above2,213,654 2,078,322 
Other Future policy benefits reserves(1)176,241 149,309 
Total Future policy benefits$2,389,895 $2,227,631 
(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 Statement of Operations for the periods indicated:

Three Months Ended March 31, 2024
Revenues(1)
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$950 $59,673 $0 $60,623 
Deferred profit liability(211)0 0 (211)
Additional insurance reserves0 0 56,772 56,772 
Total$739 $59,673 $56,772 $117,184 


Three Months Ended March 31, 2023
Revenues(1)
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$112 $61,365 $0 $61,477 
Deferred profit liability139 0 0 139 
Additional insurance reserves0 0 46,941 46,941 
Total$251 $61,365 $46,941 $108,557 
(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.
Three Months Ended March 31, 2024
Interest Expense
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$177 $15,749 $0 $15,926 
Deferred profit liability14 0 0 14 
Additional insurance reserves0 0 8,986 8,986 
Total$191 $15,749 $8,986 $24,926 

Three Months Ended March 31, 2023
Interest Expense
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$171 $15,338 $0 $15,509 
Deferred profit liability13 0 0 13 
Additional insurance reserves0 0 7,840 7,840 
Total$184 $15,338 $7,840 $23,362 
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:
Three Months Ended March 31, 2024
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$35,025 $592,581 $3,028,746 $3,656,352 
Deposits1,104 100,818 54,248 156,170 
Interest credited212 3,909 15,275 19,396 
Policy charges(14)(49)(36,657)(36,720)
Surrenders and withdrawals(1,473)(11,039)(33,506)(46,018)
Benefit payments(155)(713)(2,681)(3,549)
Net transfers (to) from separate account0 3,588 11,402 14,990 
Change in market value and other adjustments(1)0 29,526 3,199 32,725 
Balance, end of period$34,699 $718,621 $3,040,026 $3,793,346 
Unearned revenue reserve383,842 
Other9,568 
Total Policyholders' account balance$4,186,756 
Weighted-average crediting rate2.43 %2.38 %2.01 %2.08 %
Net amount at risk(2)$0 $0 $34,482,721 $34,482,721 
Cash surrender value(3)$8,414 $690,349 $2,708,499 $3,407,262 
Three Months Ended March 31, 2023
Fixed Annuities(4)Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$39,406 $327,124 $2,084,680 $2,451,210 
Deposits707 25,558 57,220 83,485 
Interest credited252 2,015 13,972 16,239 
Policy charges(14)(40)(36,360)(36,414)
Surrenders and withdrawals(2,027)(8,163)(29,361)(39,551)
Benefit payments(154)(1,647)(422)(2,223)
Net transfers (to) from separate account0 (913)(28,189)(29,102)
Change in market value and other adjustments(1)0 (131)10,436 10,305 
Balance, end of period$38,170 $343,803 $2,071,976 $2,453,949 
Unearned revenue reserve328,956 
Other(4)9,386 
Total Policyholders' account balance$2,792,291 
Weighted-average crediting rate2.59 %2.40 %2.69 %2.65 %
Net amount at risk (2)$0 $0 $33,887,277 $33,887,277 
Cash surrender value(3)$10,074 $322,593 $1,733,643 $2,066,310 
(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:
March 31, 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%
$0 $0 $0 $0 $0 
1.00% - 1.99%
1,042 0 0 0 1,042 
2.00% - 2.99%
18,421 0 0 0 18,421 
3.00% - 4.00%
7,586 0 0 0 7,586 
Greater than 4.00%
0 0 0 0 0 
Total$27,049 $0 $0 $0 $27,049 
Variable Annuities
Less than 1.00%
$1,720 $0 $0 $0 $1,720 
1.00% - 1.99%
168,733 6,572 0 0 175,305 
2.00% - 2.99%
1,329 0 0 0 1,329 
3.00% - 4.00%
107,051 1,017 0 0 108,068 
Greater than 4.00%
132 0 0 0 132 
Total$278,965 $7,589 $0 $0 $286,554 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $29,485 $29,485 
1.00% - 1.99%
23,881 0 279,047 192,989 495,917 
2.00% - 2.99%
4,372 159,463 197,155 16,753 377,743 
3.00% - 4.00%
247,602 259,014 899,849 0 1,406,465 
Greater than 4.00%
370,186 0 0 0 370,186 
Total$646,041 $418,477 $1,376,051 $239,227 $2,679,796 

March 31, 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 $0 $0 $0 $0 
1.00% - 1.99%
1,284 0 0 0 1,284 
2.00% - 2.99%
20,243 0 0 0 20,243 
3.00% - 4.00%
9,099 0 0 0 9,099 
Greater than 4.00%
0 0 0 0 0 
Total$30,626 $0 $0 $0 $30,626 
Variable Annuities
Less than 1.00%
$1,651 $0 $0 $0 $1,651 
1.00% - 1.99%
189,516 1,592 0 0 191,108 
2.00% - 2.99%
1,784 0 0 0 1,784 
3.00% - 4.00%
128,371 116 0 0 128,487 
Greater than 4.00%
126 0 0 0 126 
Total$321,448 $1,708 $0 $0 $323,156 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $640 $640 
1.00% - 1.99%
17,633 0 148,939 290,129 456,701 
2.00% - 2.99%
4,463 15,422 317,044 26,632 363,561 
3.00% - 4.00%
150,092 343,976 60,552 0 554,620 
Greater than 4.00%
376,561 0 0 0 376,561 
Total$548,749 $359,398 $526,535 $317,401 $1,752,083 
(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:

Three Months Ended March 31,
20242023
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$370,258 $313,711 
Unearned revenue17,995 19,030 
Amortization expense(4,411)(3,785)
Balance, end of period$383,842 $328,956 
Less: Reinsurance recoverables103,852 85,048 
Balance after reinsurance recoverables, end of period$279,990 $243,908 
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:
Three Months Ended March 31, 2024
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$301,771 $(301,771)$0 
Effect of cumulative changes in non-performance risk100,377 0 100,377 
Balance, beginning of period, before effect of changes in non-performance risk402,148 (301,771)100,377 
Attributed fees collected26,214 (26,214)0 
Claims paid(761)761 0 
Interest accrual5,813 (5,813)0 
Actual in force different from expected518 (518)0 
Effect of changes in interest rates(78,746)78,746 0 
Effect of changes in equity markets(73,358)73,358 0 
Issuances650 (650)0 
Other adjustments585 (585)0 
Effect of changes in current period counterparty non-performance risk0 (21,341)(21,341)
Balance, end of period, before effect of changes in non-performance risk283,063 (204,027)79,036 
Effect of cumulative changes in non-performance risk(79,036)0 (79,036)
Balance, end of period$204,027 $(204,027)$0 

Three Months Ended March 31, 2023
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$398,254 $(398,254)$0 
Effect of cumulative changes in non-performance risk163,169 0 163,169 
Balance, beginning of period, before effect of changes in non-performance risk561,423 (398,254)163,169 
Attributed fees collected27,304 (27,304)0 
Claims paid(1,653)1,653 0 
Interest accrual7,035 (7,035)0 
Actual in force different from expected2,229 (2,229)0 
Effect of changes in interest rates33,851 (33,851)0 
Effect of changes in equity markets(54,966)54,966 0 
Effect of changes in current period counterparty non-performance risk0 15,728 15,728 
Balance, end of period, before effect of changes in non-performance risk575,223 (396,326)178,897 
Effect of cumulative changes in non-performance risk(178,897)0 (178,897)
Balance, end of period$396,326 $(396,326)$0 
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.
March 31, 2024March 31, 2023
Variable Annuities
($ in thousands)
Net amount at risk(1)$680,353 $877,211 
Weighted-average attained age of contractholders7068
(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:
March 31, 2024March 31, 2023
Variable Annuities
(in thousands)
Direct and assumed$144,482 $83,298 
Ceded348,510 479,624 
Total market risk benefit assets$492,992 $562,922 
Direct and assumed$348,510 $479,624 
Ceded144,482 83,298 
Total market risk benefit liabilities$492,992 $562,922 
Net balance$0 $0 
v3.24.1.1.u2
Policyholders' Liabilities
 3 Months Ended
Mar. 31, 2024
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [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")
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.

Three Months Ended March 31, 2024
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,389,421 $0 $1,389,421 
Effect of cumulative changes in discount rate assumptions, beginning of period29,313 0 29,313 
Balance at original discount rate, beginning of period1,418,734 0 1,418,734 
Effect of actual variances from expected experience and other activity(21,792)90 (21,702)
Adjusted balance, beginning of period1,396,942 90 1,397,032 
Issuances24,393 639 25,032 
Net premiums / considerations collected(40,799)(729)(41,528)
Interest accrual16,394 0 16,394 
Balance at original discount rate, end of period1,396,930 0 1,396,930 
Effect of cumulative changes in discount rate assumptions, end of period(56,897)0 (56,897)
Balance, end of period$1,340,033 $0 $1,340,033 
Three Months Ended March 31, 2024
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$2,619,569 $18,489 $2,638,058 
Effect of cumulative changes in discount rate assumptions, beginning of period44,322 1,510 45,832 
Balance at original discount rate, beginning of period2,663,891 19,999 2,683,890 
Effect of actual variances from expected experience and other activity(29,994)62 (29,932)
Adjusted balance, beginning of period2,633,897 20,061 2,653,958 
Issuances24,393 639 25,032 
Interest accrual32,144 177 32,321 
Benefit payments(32,730)(654)(33,384)
Other adjustments(899)1 (898)
Balance at original discount rate, end of period2,656,805 20,224 2,677,029 
Effect of cumulative changes in discount rate assumptions, end of period(105,493)(1,796)(107,289)
Balance, end of period$2,551,312 $18,428 $2,569,740 
Three Months Ended March 31, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,211,279 $18,428 $1,229,707 
Flooring impact, end of period14 0 14 
Balance, end of period, post-flooring$1,211,293 $18,428 $1,229,721 
Less: Reinsurance recoverables1,036,843 18,428 1,055,271 
Balance after reinsurance recoverables, end of period, post-flooring$174,450 $0 $174,450 

Three Months Ended March 31, 2023
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,416,807 $0 $1,416,807 
Effect of cumulative changes in discount rate assumptions, beginning of period73,563 0 73,563 
Balance at original discount rate, beginning of period1,490,370 0 1,490,370 
Effect of actual variances from expected experience and other activity(10,232)(599)(10,831)
Adjusted balance, beginning of period1,480,138 (599)1,479,539 
Issuances16,867 710 17,577 
Net premiums / considerations collected(43,352)(111)(43,463)
Interest accrual17,156 0 17,156 
Balance at original discount rate, end of period1,470,809 0 1,470,809 
Effect of cumulative changes in discount rate assumptions, end of period(40,753)0 (40,753)
Balance, end of period$1,430,056 $0 $1,430,056 
Three Months Ended March 31, 2023
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$2,551,191 $16,460 $2,567,651 
Effect of cumulative changes in discount rate assumptions, beginning of period137,962 1,899 139,861 
Balance at original discount rate, beginning of period2,689,153 18,359 2,707,512 
Effect of actual variances from expected experience and other activity(14,462)183 (14,279)
Adjusted balance, beginning of period2,674,691 18,542 2,693,233 
Issuances16,867 710 17,577 
Interest accrual32,494 171 32,665 
Benefit payments(40,914)(551)(41,465)
Other adjustments(372)0 (372)
Balance at original discount rate, end of period2,682,766 18,872 2,701,638 
Effect of cumulative changes in discount rate assumptions, end of period(64,374)(1,536)(65,910)
Balance, end of period$2,618,392 $17,336 $2,635,728 
Three Months Ended March 31, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,188,336 $17,336 $1,205,672 
Flooring impact, end of period0 0 0 
Balance, end of period, post-flooring$1,188,336 $17,336 $1,205,672 
Less: Reinsurance recoverables1,036,995 17,336 1,054,331 
Balance after reinsurance recoverables, end of period, post-flooring$151,341 $0 $151,341 
The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Three Months Ended March 31, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$3,007,181 $0 
Discounted expected future gross premiums (at original discount rate)$2,011,489 $0 
Discounted expected future gross premiums (at current discount rate)$1,938,769 $0 
Undiscounted expected future benefits and expenses$4,286,686 $26,109 
Interest accrual$15,749 $177 
Gross premiums$59,673 $950 
Weighted-average duration of the liability in years (at original discount rate)106
Weighted-average duration of the liability in years (at current discount rate)105
Weighted-average interest rate (at original discount rate)5.26 %3.71 %
Weighted-average interest rate (at current discount rate)5.31 %5.21 %
Three Months Ended March 31, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$3,056,399 $0 
Discounted expected future gross premiums (at original discount rate)$2,057,345 $0 
Discounted expected future gross premiums (at current discount rate)$2,006,982 $0 
Undiscounted expected future benefits and expenses$4,332,537 $24,654 
Interest accrual$15,338 $171 
Gross premiums$61,365 $112 
Weighted-average duration of the liability in years (at original discount rate)117
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.31 %3.61 %
Weighted-average interest rate (at current discount rate)5.07 %4.98 %
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 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 three months of 2024, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.

In the first three months of 2023, there was a $3 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, mostly offset by a $3 million loss, reflecting the impact of ceded reinsurance on the affected cohorts. The favorable impact in the first three months of 2023 is primarily due to favorable mortality experience related to individual term life products.
Deferred Profit Liability

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

Three Months Ended March 31,
20242023
Fixed Annuities
(in thousands)
Balance, beginning of period, post flooring$1,365 $1,684 
Effect of actual variances from expected experience and other activity34 (107)
Adjusted balance, beginning of period1,399 1,577 
Profits deferred216 0 
Interest accrual14 13 
Amortization(53)(45)
Balance, end of period, post-flooring1,576 1,545 
Less: Reinsurance recoverables1,576 1,545 
Balance after reinsurance recoverables, end of period$0 $0 
The following table provides supplemental information related to the balances of and changes in DPL, included in the disaggregated table above, on a gross (direct and assumed) basis, as of and for the period indicated:
Three Months Ended March 31,
20242023
Fixed Annuities
(in thousands)
Revenue(1)$(211)$139 
Interest accrual14 13 
(1)Represents the gross premiums collected in changes in DPL.
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.

The following table shows a rollforward of AIR balances for variable and universal life products for the periods indicated:
Three Months Ended March 31,
20242023
(in thousands)
Balance including amounts in AOCI, beginning of period, post-flooring$986,166 $827,478 
Flooring impact and amounts in AOCI56,487 91,115 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring1,042,653 918,593 
Effect of actual variances from expected experience and other activity17,115 (342)
Adjusted balance, beginning of period1,059,768 918,251 
Assessments collected(1)23,439 14,827 
Interest accrual8,986 7,840 
Benefits paid(5,955)(3,995)
Balance, excluding amounts in AOCI, end of period, pre-flooring1,086,238 936,923 
Flooring impact and amounts in AOCI(103,881)(65,818)
Balance, including amounts in AOCI, end of period, post-flooring982,357 871,105 
Less: Reinsurance recoverables956,650 834,640 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$25,707 $36,465 
(1)Represents the portion of gross assessments required to fund the future policy benefits.

Three Months Ended March 31,
20242023
($ in thousands)
Interest accrual$8,986 $7,840 
Gross assessments$56,772 $46,941 
Weighted-average duration of the liability in years (at original discount rate)2728
Weighted-average interest rate (at original discount rate)3.43 %3.42 %
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 Statements of Financial Position as of the periods indicated:
Three Months Ended March 31,
20242023
(in thousands)
Benefit reserves, end of period, post-flooring$1,229,721 $1,205,672 
Deferred profit liability, end of period, post-flooring1,576 1,545 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring982,357 871,105 
Subtotal of amounts disclosed above2,213,654 2,078,322 
Other Future policy benefits reserves(1)176,241 149,309 
Total Future policy benefits$2,389,895 $2,227,631 
(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 Statement of Operations for the periods indicated:

Three Months Ended March 31, 2024
Revenues(1)
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$950 $59,673 $0 $60,623 
Deferred profit liability(211)0 0 (211)
Additional insurance reserves0 0 56,772 56,772 
Total$739 $59,673 $56,772 $117,184 


Three Months Ended March 31, 2023
Revenues(1)
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$112 $61,365 $0 $61,477 
Deferred profit liability139 0 0 139 
Additional insurance reserves0 0 46,941 46,941 
Total$251 $61,365 $46,941 $108,557 
(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.
Three Months Ended March 31, 2024
Interest Expense
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$177 $15,749 $0 $15,926 
Deferred profit liability14 0 0 14 
Additional insurance reserves0 0 8,986 8,986 
Total$191 $15,749 $8,986 $24,926 

Three Months Ended March 31, 2023
Interest Expense
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$171 $15,338 $0 $15,509 
Deferred profit liability13 0 0 13 
Additional insurance reserves0 0 7,840 7,840 
Total$184 $15,338 $7,840 $23,362 
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:
Three Months Ended March 31, 2024
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$35,025 $592,581 $3,028,746 $3,656,352 
Deposits1,104 100,818 54,248 156,170 
Interest credited212 3,909 15,275 19,396 
Policy charges(14)(49)(36,657)(36,720)
Surrenders and withdrawals(1,473)(11,039)(33,506)(46,018)
Benefit payments(155)(713)(2,681)(3,549)
Net transfers (to) from separate account0 3,588 11,402 14,990 
Change in market value and other adjustments(1)0 29,526 3,199 32,725 
Balance, end of period$34,699 $718,621 $3,040,026 $3,793,346 
Unearned revenue reserve383,842 
Other9,568 
Total Policyholders' account balance$4,186,756 
Weighted-average crediting rate2.43 %2.38 %2.01 %2.08 %
Net amount at risk(2)$0 $0 $34,482,721 $34,482,721 
Cash surrender value(3)$8,414 $690,349 $2,708,499 $3,407,262 
Three Months Ended March 31, 2023
Fixed Annuities(4)Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$39,406 $327,124 $2,084,680 $2,451,210 
Deposits707 25,558 57,220 83,485 
Interest credited252 2,015 13,972 16,239 
Policy charges(14)(40)(36,360)(36,414)
Surrenders and withdrawals(2,027)(8,163)(29,361)(39,551)
Benefit payments(154)(1,647)(422)(2,223)
Net transfers (to) from separate account0 (913)(28,189)(29,102)
Change in market value and other adjustments(1)0 (131)10,436 10,305 
Balance, end of period$38,170 $343,803 $2,071,976 $2,453,949 
Unearned revenue reserve328,956 
Other(4)9,386 
Total Policyholders' account balance$2,792,291 
Weighted-average crediting rate2.59 %2.40 %2.69 %2.65 %
Net amount at risk (2)$0 $0 $33,887,277 $33,887,277 
Cash surrender value(3)$10,074 $322,593 $1,733,643 $2,066,310 
(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:
March 31, 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%
$0 $0 $0 $0 $0 
1.00% - 1.99%
1,042 0 0 0 1,042 
2.00% - 2.99%
18,421 0 0 0 18,421 
3.00% - 4.00%
7,586 0 0 0 7,586 
Greater than 4.00%
0 0 0 0 0 
Total$27,049 $0 $0 $0 $27,049 
Variable Annuities
Less than 1.00%
$1,720 $0 $0 $0 $1,720 
1.00% - 1.99%
168,733 6,572 0 0 175,305 
2.00% - 2.99%
1,329 0 0 0 1,329 
3.00% - 4.00%
107,051 1,017 0 0 108,068 
Greater than 4.00%
132 0 0 0 132 
Total$278,965 $7,589 $0 $0 $286,554 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $29,485 $29,485 
1.00% - 1.99%
23,881 0 279,047 192,989 495,917 
2.00% - 2.99%
4,372 159,463 197,155 16,753 377,743 
3.00% - 4.00%
247,602 259,014 899,849 0 1,406,465 
Greater than 4.00%
370,186 0 0 0 370,186 
Total$646,041 $418,477 $1,376,051 $239,227 $2,679,796 

March 31, 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 $0 $0 $0 $0 
1.00% - 1.99%
1,284 0 0 0 1,284 
2.00% - 2.99%
20,243 0 0 0 20,243 
3.00% - 4.00%
9,099 0 0 0 9,099 
Greater than 4.00%
0 0 0 0 0 
Total$30,626 $0 $0 $0 $30,626 
Variable Annuities
Less than 1.00%
$1,651 $0 $0 $0 $1,651 
1.00% - 1.99%
189,516 1,592 0 0 191,108 
2.00% - 2.99%
1,784 0 0 0 1,784 
3.00% - 4.00%
128,371 116 0 0 128,487 
Greater than 4.00%
126 0 0 0 126 
Total$321,448 $1,708 $0 $0 $323,156 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $640 $640 
1.00% - 1.99%
17,633 0 148,939 290,129 456,701 
2.00% - 2.99%
4,463 15,422 317,044 26,632 363,561 
3.00% - 4.00%
150,092 343,976 60,552 0 554,620 
Greater than 4.00%
376,561 0 0 0 376,561 
Total$548,749 $359,398 $526,535 $317,401 $1,752,083 
(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:

Three Months Ended March 31,
20242023
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$370,258 $313,711 
Unearned revenue17,995 19,030 
Amortization expense(4,411)(3,785)
Balance, end of period$383,842 $328,956 
Less: Reinsurance recoverables103,852 85,048 
Balance after reinsurance recoverables, end of period$279,990 $243,908 
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:
Three Months Ended March 31, 2024
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$301,771 $(301,771)$0 
Effect of cumulative changes in non-performance risk100,377 0 100,377 
Balance, beginning of period, before effect of changes in non-performance risk402,148 (301,771)100,377 
Attributed fees collected26,214 (26,214)0 
Claims paid(761)761 0 
Interest accrual5,813 (5,813)0 
Actual in force different from expected518 (518)0 
Effect of changes in interest rates(78,746)78,746 0 
Effect of changes in equity markets(73,358)73,358 0 
Issuances650 (650)0 
Other adjustments585 (585)0 
Effect of changes in current period counterparty non-performance risk0 (21,341)(21,341)
Balance, end of period, before effect of changes in non-performance risk283,063 (204,027)79,036 
Effect of cumulative changes in non-performance risk(79,036)0 (79,036)
Balance, end of period$204,027 $(204,027)$0 

Three Months Ended March 31, 2023
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$398,254 $(398,254)$0 
Effect of cumulative changes in non-performance risk163,169 0 163,169 
Balance, beginning of period, before effect of changes in non-performance risk561,423 (398,254)163,169 
Attributed fees collected27,304 (27,304)0 
Claims paid(1,653)1,653 0 
Interest accrual7,035 (7,035)0 
Actual in force different from expected2,229 (2,229)0 
Effect of changes in interest rates33,851 (33,851)0 
Effect of changes in equity markets(54,966)54,966 0 
Effect of changes in current period counterparty non-performance risk0 15,728 15,728 
Balance, end of period, before effect of changes in non-performance risk575,223 (396,326)178,897 
Effect of cumulative changes in non-performance risk(178,897)0 (178,897)
Balance, end of period$396,326 $(396,326)$0 
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.
March 31, 2024March 31, 2023
Variable Annuities
($ in thousands)
Net amount at risk(1)$680,353 $877,211 
Weighted-average attained age of contractholders7068
(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:
March 31, 2024March 31, 2023
Variable Annuities
(in thousands)
Direct and assumed$144,482 $83,298 
Ceded348,510 479,624 
Total market risk benefit assets$492,992 $562,922 
Direct and assumed$348,510 $479,624 
Ceded144,482 83,298 
Total market risk benefit liabilities$492,992 $562,922 
Net balance$0 $0 
v3.24.1.1.u2
Market Risk Benefits
 3 Months Ended
Mar. 31, 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")
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.

Three Months Ended March 31, 2024
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,389,421 $0 $1,389,421 
Effect of cumulative changes in discount rate assumptions, beginning of period29,313 0 29,313 
Balance at original discount rate, beginning of period1,418,734 0 1,418,734 
Effect of actual variances from expected experience and other activity(21,792)90 (21,702)
Adjusted balance, beginning of period1,396,942 90 1,397,032 
Issuances24,393 639 25,032 
Net premiums / considerations collected(40,799)(729)(41,528)
Interest accrual16,394 0 16,394 
Balance at original discount rate, end of period1,396,930 0 1,396,930 
Effect of cumulative changes in discount rate assumptions, end of period(56,897)0 (56,897)
Balance, end of period$1,340,033 $0 $1,340,033 
Three Months Ended March 31, 2024
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$2,619,569 $18,489 $2,638,058 
Effect of cumulative changes in discount rate assumptions, beginning of period44,322 1,510 45,832 
Balance at original discount rate, beginning of period2,663,891 19,999 2,683,890 
Effect of actual variances from expected experience and other activity(29,994)62 (29,932)
Adjusted balance, beginning of period2,633,897 20,061 2,653,958 
Issuances24,393 639 25,032 
Interest accrual32,144 177 32,321 
Benefit payments(32,730)(654)(33,384)
Other adjustments(899)1 (898)
Balance at original discount rate, end of period2,656,805 20,224 2,677,029 
Effect of cumulative changes in discount rate assumptions, end of period(105,493)(1,796)(107,289)
Balance, end of period$2,551,312 $18,428 $2,569,740 
Three Months Ended March 31, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,211,279 $18,428 $1,229,707 
Flooring impact, end of period14 0 14 
Balance, end of period, post-flooring$1,211,293 $18,428 $1,229,721 
Less: Reinsurance recoverables1,036,843 18,428 1,055,271 
Balance after reinsurance recoverables, end of period, post-flooring$174,450 $0 $174,450 

Three Months Ended March 31, 2023
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,416,807 $0 $1,416,807 
Effect of cumulative changes in discount rate assumptions, beginning of period73,563 0 73,563 
Balance at original discount rate, beginning of period1,490,370 0 1,490,370 
Effect of actual variances from expected experience and other activity(10,232)(599)(10,831)
Adjusted balance, beginning of period1,480,138 (599)1,479,539 
Issuances16,867 710 17,577 
Net premiums / considerations collected(43,352)(111)(43,463)
Interest accrual17,156 0 17,156 
Balance at original discount rate, end of period1,470,809 0 1,470,809 
Effect of cumulative changes in discount rate assumptions, end of period(40,753)0 (40,753)
Balance, end of period$1,430,056 $0 $1,430,056 
Three Months Ended March 31, 2023
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$2,551,191 $16,460 $2,567,651 
Effect of cumulative changes in discount rate assumptions, beginning of period137,962 1,899 139,861 
Balance at original discount rate, beginning of period2,689,153 18,359 2,707,512 
Effect of actual variances from expected experience and other activity(14,462)183 (14,279)
Adjusted balance, beginning of period2,674,691 18,542 2,693,233 
Issuances16,867 710 17,577 
Interest accrual32,494 171 32,665 
Benefit payments(40,914)(551)(41,465)
Other adjustments(372)0 (372)
Balance at original discount rate, end of period2,682,766 18,872 2,701,638 
Effect of cumulative changes in discount rate assumptions, end of period(64,374)(1,536)(65,910)
Balance, end of period$2,618,392 $17,336 $2,635,728 
Three Months Ended March 31, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,188,336 $17,336 $1,205,672 
Flooring impact, end of period0 0 0 
Balance, end of period, post-flooring$1,188,336 $17,336 $1,205,672 
Less: Reinsurance recoverables1,036,995 17,336 1,054,331 
Balance after reinsurance recoverables, end of period, post-flooring$151,341 $0 $151,341 
The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Three Months Ended March 31, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$3,007,181 $0 
Discounted expected future gross premiums (at original discount rate)$2,011,489 $0 
Discounted expected future gross premiums (at current discount rate)$1,938,769 $0 
Undiscounted expected future benefits and expenses$4,286,686 $26,109 
Interest accrual$15,749 $177 
Gross premiums$59,673 $950 
Weighted-average duration of the liability in years (at original discount rate)106
Weighted-average duration of the liability in years (at current discount rate)105
Weighted-average interest rate (at original discount rate)5.26 %3.71 %
Weighted-average interest rate (at current discount rate)5.31 %5.21 %
Three Months Ended March 31, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$3,056,399 $0 
Discounted expected future gross premiums (at original discount rate)$2,057,345 $0 
Discounted expected future gross premiums (at current discount rate)$2,006,982 $0 
Undiscounted expected future benefits and expenses$4,332,537 $24,654 
Interest accrual$15,338 $171 
Gross premiums$61,365 $112 
Weighted-average duration of the liability in years (at original discount rate)117
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.31 %3.61 %
Weighted-average interest rate (at current discount rate)5.07 %4.98 %
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 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 three months of 2024, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.

In the first three months of 2023, there was a $3 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, mostly offset by a $3 million loss, reflecting the impact of ceded reinsurance on the affected cohorts. The favorable impact in the first three months of 2023 is primarily due to favorable mortality experience related to individual term life products.
Deferred Profit Liability

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

Three Months Ended March 31,
20242023
Fixed Annuities
(in thousands)
Balance, beginning of period, post flooring$1,365 $1,684 
Effect of actual variances from expected experience and other activity34 (107)
Adjusted balance, beginning of period1,399 1,577 
Profits deferred216 0 
Interest accrual14 13 
Amortization(53)(45)
Balance, end of period, post-flooring1,576 1,545 
Less: Reinsurance recoverables1,576 1,545 
Balance after reinsurance recoverables, end of period$0 $0 
The following table provides supplemental information related to the balances of and changes in DPL, included in the disaggregated table above, on a gross (direct and assumed) basis, as of and for the period indicated:
Three Months Ended March 31,
20242023
Fixed Annuities
(in thousands)
Revenue(1)$(211)$139 
Interest accrual14 13 
(1)Represents the gross premiums collected in changes in DPL.
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.

The following table shows a rollforward of AIR balances for variable and universal life products for the periods indicated:
Three Months Ended March 31,
20242023
(in thousands)
Balance including amounts in AOCI, beginning of period, post-flooring$986,166 $827,478 
Flooring impact and amounts in AOCI56,487 91,115 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring1,042,653 918,593 
Effect of actual variances from expected experience and other activity17,115 (342)
Adjusted balance, beginning of period1,059,768 918,251 
Assessments collected(1)23,439 14,827 
Interest accrual8,986 7,840 
Benefits paid(5,955)(3,995)
Balance, excluding amounts in AOCI, end of period, pre-flooring1,086,238 936,923 
Flooring impact and amounts in AOCI(103,881)(65,818)
Balance, including amounts in AOCI, end of period, post-flooring982,357 871,105 
Less: Reinsurance recoverables956,650 834,640 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$25,707 $36,465 
(1)Represents the portion of gross assessments required to fund the future policy benefits.

Three Months Ended March 31,
20242023
($ in thousands)
Interest accrual$8,986 $7,840 
Gross assessments$56,772 $46,941 
Weighted-average duration of the liability in years (at original discount rate)2728
Weighted-average interest rate (at original discount rate)3.43 %3.42 %
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 Statements of Financial Position as of the periods indicated:
Three Months Ended March 31,
20242023
(in thousands)
Benefit reserves, end of period, post-flooring$1,229,721 $1,205,672 
Deferred profit liability, end of period, post-flooring1,576 1,545 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring982,357 871,105 
Subtotal of amounts disclosed above2,213,654 2,078,322 
Other Future policy benefits reserves(1)176,241 149,309 
Total Future policy benefits$2,389,895 $2,227,631 
(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 Statement of Operations for the periods indicated:

Three Months Ended March 31, 2024
Revenues(1)
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$950 $59,673 $0 $60,623 
Deferred profit liability(211)0 0 (211)
Additional insurance reserves0 0 56,772 56,772 
Total$739 $59,673 $56,772 $117,184 


Three Months Ended March 31, 2023
Revenues(1)
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$112 $61,365 $0 $61,477 
Deferred profit liability139 0 0 139 
Additional insurance reserves0 0 46,941 46,941 
Total$251 $61,365 $46,941 $108,557 
(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.
Three Months Ended March 31, 2024
Interest Expense
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$177 $15,749 $0 $15,926 
Deferred profit liability14 0 0 14 
Additional insurance reserves0 0 8,986 8,986 
Total$191 $15,749 $8,986 $24,926 

Three Months Ended March 31, 2023
Interest Expense
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$171 $15,338 $0 $15,509 
Deferred profit liability13 0 0 13 
Additional insurance reserves0 0 7,840 7,840 
Total$184 $15,338 $7,840 $23,362 
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:
Three Months Ended March 31, 2024
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$35,025 $592,581 $3,028,746 $3,656,352 
Deposits1,104 100,818 54,248 156,170 
Interest credited212 3,909 15,275 19,396 
Policy charges(14)(49)(36,657)(36,720)
Surrenders and withdrawals(1,473)(11,039)(33,506)(46,018)
Benefit payments(155)(713)(2,681)(3,549)
Net transfers (to) from separate account0 3,588 11,402 14,990 
Change in market value and other adjustments(1)0 29,526 3,199 32,725 
Balance, end of period$34,699 $718,621 $3,040,026 $3,793,346 
Unearned revenue reserve383,842 
Other9,568 
Total Policyholders' account balance$4,186,756 
Weighted-average crediting rate2.43 %2.38 %2.01 %2.08 %
Net amount at risk(2)$0 $0 $34,482,721 $34,482,721 
Cash surrender value(3)$8,414 $690,349 $2,708,499 $3,407,262 
Three Months Ended March 31, 2023
Fixed Annuities(4)Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$39,406 $327,124 $2,084,680 $2,451,210 
Deposits707 25,558 57,220 83,485 
Interest credited252 2,015 13,972 16,239 
Policy charges(14)(40)(36,360)(36,414)
Surrenders and withdrawals(2,027)(8,163)(29,361)(39,551)
Benefit payments(154)(1,647)(422)(2,223)
Net transfers (to) from separate account0 (913)(28,189)(29,102)
Change in market value and other adjustments(1)0 (131)10,436 10,305 
Balance, end of period$38,170 $343,803 $2,071,976 $2,453,949 
Unearned revenue reserve328,956 
Other(4)9,386 
Total Policyholders' account balance$2,792,291 
Weighted-average crediting rate2.59 %2.40 %2.69 %2.65 %
Net amount at risk (2)$0 $0 $33,887,277 $33,887,277 
Cash surrender value(3)$10,074 $322,593 $1,733,643 $2,066,310 
(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:
March 31, 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%
$0 $0 $0 $0 $0 
1.00% - 1.99%
1,042 0 0 0 1,042 
2.00% - 2.99%
18,421 0 0 0 18,421 
3.00% - 4.00%
7,586 0 0 0 7,586 
Greater than 4.00%
0 0 0 0 0 
Total$27,049 $0 $0 $0 $27,049 
Variable Annuities
Less than 1.00%
$1,720 $0 $0 $0 $1,720 
1.00% - 1.99%
168,733 6,572 0 0 175,305 
2.00% - 2.99%
1,329 0 0 0 1,329 
3.00% - 4.00%
107,051 1,017 0 0 108,068 
Greater than 4.00%
132 0 0 0 132 
Total$278,965 $7,589 $0 $0 $286,554 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $29,485 $29,485 
1.00% - 1.99%
23,881 0 279,047 192,989 495,917 
2.00% - 2.99%
4,372 159,463 197,155 16,753 377,743 
3.00% - 4.00%
247,602 259,014 899,849 0 1,406,465 
Greater than 4.00%
370,186 0 0 0 370,186 
Total$646,041 $418,477 $1,376,051 $239,227 $2,679,796 

March 31, 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 $0 $0 $0 $0 
1.00% - 1.99%
1,284 0 0 0 1,284 
2.00% - 2.99%
20,243 0 0 0 20,243 
3.00% - 4.00%
9,099 0 0 0 9,099 
Greater than 4.00%
0 0 0 0 0 
Total$30,626 $0 $0 $0 $30,626 
Variable Annuities
Less than 1.00%
$1,651 $0 $0 $0 $1,651 
1.00% - 1.99%
189,516 1,592 0 0 191,108 
2.00% - 2.99%
1,784 0 0 0 1,784 
3.00% - 4.00%
128,371 116 0 0 128,487 
Greater than 4.00%
126 0 0 0 126 
Total$321,448 $1,708 $0 $0 $323,156 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $640 $640 
1.00% - 1.99%
17,633 0 148,939 290,129 456,701 
2.00% - 2.99%
4,463 15,422 317,044 26,632 363,561 
3.00% - 4.00%
150,092 343,976 60,552 0 554,620 
Greater than 4.00%
376,561 0 0 0 376,561 
Total$548,749 $359,398 $526,535 $317,401 $1,752,083 
(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:

Three Months Ended March 31,
20242023
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$370,258 $313,711 
Unearned revenue17,995 19,030 
Amortization expense(4,411)(3,785)
Balance, end of period$383,842 $328,956 
Less: Reinsurance recoverables103,852 85,048 
Balance after reinsurance recoverables, end of period$279,990 $243,908 
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:
Three Months Ended March 31, 2024
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$301,771 $(301,771)$0 
Effect of cumulative changes in non-performance risk100,377 0 100,377 
Balance, beginning of period, before effect of changes in non-performance risk402,148 (301,771)100,377 
Attributed fees collected26,214 (26,214)0 
Claims paid(761)761 0 
Interest accrual5,813 (5,813)0 
Actual in force different from expected518 (518)0 
Effect of changes in interest rates(78,746)78,746 0 
Effect of changes in equity markets(73,358)73,358 0 
Issuances650 (650)0 
Other adjustments585 (585)0 
Effect of changes in current period counterparty non-performance risk0 (21,341)(21,341)
Balance, end of period, before effect of changes in non-performance risk283,063 (204,027)79,036 
Effect of cumulative changes in non-performance risk(79,036)0 (79,036)
Balance, end of period$204,027 $(204,027)$0 

Three Months Ended March 31, 2023
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$398,254 $(398,254)$0 
Effect of cumulative changes in non-performance risk163,169 0 163,169 
Balance, beginning of period, before effect of changes in non-performance risk561,423 (398,254)163,169 
Attributed fees collected27,304 (27,304)0 
Claims paid(1,653)1,653 0 
Interest accrual7,035 (7,035)0 
Actual in force different from expected2,229 (2,229)0 
Effect of changes in interest rates33,851 (33,851)0 
Effect of changes in equity markets(54,966)54,966 0 
Effect of changes in current period counterparty non-performance risk0 15,728 15,728 
Balance, end of period, before effect of changes in non-performance risk575,223 (396,326)178,897 
Effect of cumulative changes in non-performance risk(178,897)0 (178,897)
Balance, end of period$396,326 $(396,326)$0 
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.
March 31, 2024March 31, 2023
Variable Annuities
($ in thousands)
Net amount at risk(1)$680,353 $877,211 
Weighted-average attained age of contractholders7068
(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:
March 31, 2024March 31, 2023
Variable Annuities
(in thousands)
Direct and assumed$144,482 $83,298 
Ceded348,510 479,624 
Total market risk benefit assets$492,992 $562,922 
Direct and assumed$348,510 $479,624 
Ceded144,482 83,298 
Total market risk benefit liabilities$492,992 $562,922 
Net balance$0 $0 
v3.24.1.1.u2
Reinsurance
 3 Months Ended
Mar. 31, 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”) and Dryden Arizona Reinsurance Term Company (“DART”), its parent companies, Pruco Life and 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 and subsequently established YRT reinsurance for the subject GUL business with Prudential Insurance. As a result of the transactions, the Company recognized a $183 million pre-tax recapture loss and a $199 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.

"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 a reinsurance agreement to transfer the risk related to living benefit guarantees on variable annuities 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 Statements of Financial Position were as follows:
March 31, 2024December 31, 2023
 (in thousands)
Reinsurance recoverables$4,008,437 $3,603,225 
Policy loans(26,977)(24,518)
Deferred policy acquisition costs(620,920)(620,878)
Deferred sales inducements(34,683)(35,313)
Market risk benefit assets348,510 419,715 
Other assets39,911 40,267 
Market risk benefit liabilities144,482 117,944 
Other liabilities953,708 412,919 
Reinsurance recoverables by counterparty are as follows:
 March 31, 2024December 31, 2023
 (in thousands)
Prudential Insurance$1,172,091 $724,297 
PAR U780,799 1,725,753 
PARCC416,267 432,554 
PAR Term278,626 279,990 
Term Re270,803 275,721 
DART100,666 102,611 
Pruco Life56,590 57,509 
PURE929,034 0 
Unaffiliated3,561 4,790 
Total reinsurance recoverables$4,008,437 $3,603,225 
Reinsurance amounts, included in the Company’s Unaudited Interim Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, were as follows:
Three Months Ended March 31,
20242023
(in thousands)
Premiums:
Direct$59,878 $62,583 
Ceded(48,719)(52,406)
Net premiums11,159 10,177 
Policy charges and fee income:
Direct90,440 86,513 
Assumed13,066 0 
Ceded(1)226,078 (72,375)
Net policy charges and fee income329,584 14,138 
Net investment income:
Direct50,372 28,886 
Ceded(345)(226)
Net investment income50,027 28,660 
Asset administration fees:
Direct9,290 8,776 
Ceded(6,668)(6,696)
Net asset administration fees2,622 2,080 
Other income (loss):
Direct(985)1,145 
Ceded2,311 1 
Net other income1,3261,146
Realized investment gains (losses), net:
Direct1,265 (9,457)
Ceded(5,856)1,159 
Realized investment gains (losses), net(4,591)(8,298)
Change in value of market risk benefits, net of related hedging gain (loss):
Direct145,162 (13,801)
Ceded(123,821)(1,927)
Net change in value of market risk benefits, net of related hedging gain (loss)21,341 (15,728)
Policyholders’ benefits (including change in reserves):
Direct137,781 107,337 
Ceded(2)409,677 (88,998)
Net policyholders’ benefits (including change in reserves)547,458 18,339 
Change in estimates of liability for future policy benefits:
Direct9,247 (3,917)
Ceded(13,075)2,475 
Net change in estimates of liability for future policy benefits(3,828)(1,442)
Interest credited to policyholders’ account balances:
Direct30,405 18,022 
Ceded(10,383)(7,885)
Net interest credited to policyholders’ account balances20,022 10,137 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(62,055)(32,950)
(1)Includes $(1.3) million of unaffiliated activity for each of the three months ended March 31, 2024 and 2023.
(2)Includes $0.0 million of unaffiliated activity for each of the three months ended March 31, 2024 and 2023.

The gross and net amounts of life insurance face amount in force as of March 31, 2024 and 2023 were as follows:
20242023
 (in thousands)
Direct gross life insurance face amount in force$154,609,232 $154,115,666 
Reinsurance ceded(141,317,963)(139,826,733)
Net life insurance face amount in force$13,291,269 $14,288,933 
Significant Affiliated Reinsurance Agreements
Prudential Insurance
The Company has a YRT reinsurance agreement with Prudential Insurance and reinsures the majority of all mortality risks not otherwise reinsured. Effective July 1, 2017, this agreement was terminated for certain new business, primarily universal life business, and such business was reinsured to Pruco Life under a YRT reinsurance agreement. As of January 1, 2020, the remaining portions of new business (specifically term policies) ceased being reinsured by the Company to Prudential Insurance, and a separate YRT reinsurance agreement was established with Pruco Life for term policies. 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.

Effective April 1, 2016, the Company entered into a reinsurance agreement with Prudential Insurance to reinsure its variable annuity base contracts, along with the living benefit guarantees. As of December 31, 2020, the Company discontinued the sales of traditional variable annuities with guaranteed living benefit riders. This discontinuation has no impact on the reinsurance agreement between Prudential Insurance and the Company. Effective February 1, 2023, the Company 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.

PAR U

Effective July 1, 2012, the Company reinsures 95% of all 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.

Effective January 1, 2024, the Company recaptured the policies previously reinsured by PAR U with effective dates prior to January 1, 2015. Effective January 1, 2024, the Company reinsures 100% of the risks associated with universal life policies with effective dates from January 1, 2015 to December 31, 2019.

PURE

Effective January 1, 2024, the Company 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.

PARCC

The Company reinsures 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.

PAR Term

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.

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.
Pruco Life

Effective July 1, 2017, the Company entered into a YRT reinsurance agreement with Pruco Life for new business, primarily covering universal life policies. Effective January 1, 2020, the Company entered in a similar YRT reinsurance agreement with Pruco Life for new business relating to term policies. Under these agreements the majority of all mortality risk is ceded to Pruco Life. The Company also reinsures certain Corporate Owned Life Insurance (“COLI”) policies with Pruco Life. Through March 31, 2016, the Company reinsured Prudential Defined Income ("PDI") living benefit guarantees with Pruco Life. Effective April 1, 2016, the Company recaptured PDI living benefit guarantees from Pruco Life and reinsured them, together with the related variable annuity base contracts, with Prudential Insurance.

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.
v3.24.1.1.u2
Income Taxes
 3 Months Ended
Mar. 31, 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". 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 amounted to an income tax benefit of $(53.5) million, or 38.11% of income (loss) from operations before income taxes in the first three months of 2024, compared to $(1.4) million, or 12.17%, in the first three 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 $1 billion for any three-year period ending in 2022 or later, is effective in taxable years beginning after December 31, 2022. The impact of the book-income alternative minimum tax, if any, will vary from year to year based on the relationship of the Company’s GAAP income to the Company’s taxable income. Any tax paid pursuant to this provision is available as a tax credit in future years when the Company’s tax rate exceeds the 15% minimum tax threshold. The Company is subject to CAMT for 2024 which may or may not result in a CAMT cash tax liability and will have no impact to the full year effective tax rate.
v3.24.1.1.u2
Equity
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Equity EQUITY
Accumulated Other Comprehensive Income (Loss)
AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Unaudited Interim Statements of Operations and Comprehensive Income (Loss). The balance of and changes in each component of AOCI as of and for the three months ended March 31, 2024 and 2023, are as follows:
Accumulated Other Comprehensive Income (Loss)
Foreign Currency Translation AdjustmentNet Unrealized
Investment Gains
(Losses)(1)		Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated Other Comprehensive Income (Loss)
(in thousands)
Balance, December 31, 2023$(1,079)$(130,117)$4,369 $79,300 $(47,527)
Change in OCI before reclassifications(100)(42,547)6,463 (21,341)(57,525)
Amounts reclassified from AOCI0 (751)0 0 (751)
Income tax benefit (expense)16 9,098 (1,357)4,481 12,238 
Balance, March 31, 2024$(1,163)$(164,317)$9,475 $62,440 $(93,565)

Accumulated Other Comprehensive Income (Loss)
Foreign Currency Translation AdjustmentNet 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$(1,214)$(176,386)$12,504 $128,906 $(36,190)
Change in OCI before reclassifications100 39,128 (6,958)15,727 47,997 
Amounts reclassified from AOCI0 (361)0 0 (361)
Income tax benefit (expense)(22)(8,139)1,463 (3,306)(10,004)
Balance, March 31, 2023$(1,136)$(145,758)$7,009 $141,327 $1,442 
(1)Includes cash flow hedges of $8 million and $5 million as of March 31, 2024 and December 31, 2023, respectively, and $13 million and $14 million as of March 31, 2023 and December 31, 2022, respectively.
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Three Months Ended
March 31,
20242023
 (in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)$852 $387 
Net unrealized investment gains (losses) on available-for-sale securities(101)(26)
Total net unrealized investment gains (losses)(4)751 361 
Total reclassifications for the period$751 $361 
(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 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$0 $(192,271)$(52,266)$79,826 $34,594 $(130,117)
Net investment gains (losses) on investments arising during the period(3)(49,107)0 0 10,319 (38,791)
Reclassification adjustment for (gains) losses included in net income0 (751)0 0 158 (593)
Impact of net unrealized investment (gains) losses
0 0 (46,572)53,135 (1,379)5,184 
Balance, March 31, 2024$(3)$(242,129)$(98,838)$132,961 $43,692 $(164,317)
(1)Includes cash flow hedges. See Note 4 for information on cash flow hedges.
(2)"Other costs" primarily includes reinsurance recoverables.
(3)"Other liabilities" primarily includes reinsurance payables.
v3.24.1.1.u2
Related Party Transactions
 3 Months Ended
Mar. 31, 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 $0.0 million for both the three months ended March 31, 2024 and 2023. The expense charged to the Company for the deferred compensation program was $0.3 million for both the three months ended March 31, 2024 and 2023.
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 $0.2 million and $0.3 million for the three months ended March 31, 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 $0.4 million for both the three months ended March 31, 2024 and 2023.

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 $0.1 million and $0.2 million the three months ended March 31, 2024 and 2023, respectively.

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 $14 million and $8 million for the three months ended March 31, 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 $4 million for both the three months ended March 31, 2024 and 2023.

Corporate-Owned Life Insurance

The Company has sold three COLI policies to Prudential Insurance and one to Prudential Financial. The cash surrender value included in separate accounts for these COLI policies was $2,606 million and $2,452 million at March 31, 2024 and December 31, 2023, respectively. Fees related to these COLI policies were $6 million for both the three months ended March 31, 2024 and 2023. The Company retains 10% of the mortality risk associated with these COLI policies up to $0.1 million per individual policy.

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 $898 million as of March 31, 2024 and December 31, 2023. Interest income related to the policy loan was $10 million for the three months ended March 31, 2024.

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 $0.7 million and $0.6 million for the three months ended March 31, 2024 and 2023, respectively. These expenses are recorded as “Net investment income” in the Company's Unaudited Interim 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.
Joint Ventures

The Company has made investments in joint ventures with certain subsidiaries of Prudential Financial. "Other invested assets" includes $61 million and $58 million of investments in joint ventures as of March 31, 2024 and December 31, 2023, respectively. "Net investment income" related to these ventures includes gains(losses) of $2 million and $0 million for the three months ended March 31, 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 $7 million for both the three months ended March 31, 2024 and 2023. These revenues are recorded as “Asset administration fees” in the Company's Unaudited Interim 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 $2 million for both the three months ended March 31, 2024 and 2023. These revenues are recorded as “Asset administration fees” in the Company’s Unaudited Interim Statements of Operations and Comprehensive Income (Loss).
Affiliated Notes Receivable

Affiliated notes receivable included in “Receivables from parent and affiliates” at March 31, 2024 and December 31, 2023 is as follows:
Maturity DatesInterest RatesMarch 31, 2024December 31, 2023
(in thousands)
U.S. dollar fixed rate notes 20320.00%-14.85 %$11,117 $0 
Total notes receivable - affiliated(1)$11,117 $0 
(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 $0.1 million and $0.0 million as of March 31, 2024 and December 31, 2023, respectively, and is included in "Accrued investment income". Revenues were $0.0 million for each of the three months ended March 31, 2024 and 2023, and are included in “Other income (loss)”.
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 three months ended March 31, 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 InsuranceJune 2023PurchaseFixed Maturities$14,452 $15,086 $501 $0 
Prudential InsuranceDecember 2023SaleCommercial Mortgage and Other Loans$762 $754 $0 $8 
PAR UJanuary 2024Transfer inFixed Maturities$778,745 $778,745 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$778,745 $778,745 $0 0

Debt Agreements

The Company is authorized to borrow funds up to $250 million from affiliates to meet its capital and other funding needs. There was no debt outstanding as of both March 31, 2024 and December 31, 2023.

The total interest expense to the Company related to loans payable to affiliates was $0.0 million for both the three months ended March 31, 2024 and 2023.

Contributed Capital and Dividends

In February and December 2023, the Company received capital contributions in the amount of $175 million and $82 million from Pruco Life, respectively.

Through March 2024 and December 2023, the Company did not pay any dividends to Pruco Life.

Reinsurance with Affiliates

As discussed in Note 11, the Company participates in reinsurance transactions with certain affiliates.
v3.24.1.1.u2
Commitments and Contingent Liabilities
 3 Months Ended
Mar. 31, 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 March 31, 2024 and December 31, 2023, the outstanding balances on these commitments were $6 million and $20 million, respectively. These amounts include unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was no allowance for credit losses as of either March 31, 2024 or December 31, 2023. For the three months ended March 31, 2024 and 2023, there was no change in allowance for credit losses. 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 March 31, 2024 and December 31, 2023, $142 million and $135 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 months ended March 31, 2024 or 2023.
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 March 31, 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 $10 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 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.

There are no material developments in previously reported matters disclosed as of December 31, 2023.
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.
v3.24.1.1.u2
Significant Accounting Policies and Pronouncements (Policies)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The Unaudited Interim 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”). 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 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
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 Financial Statements and Notes to the Financial Statements.
v3.24.1.1.u2
Investments (Tables)
 3 Months Ended
Mar. 31, 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:
March 31, 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$52,046 $0 $2,242 $0 $49,804 
Obligations of U.S. states and their political subdivisions178,895 180 4,571 0 174,504 
Foreign government bonds89,137 110 17,096 0 72,151 
U.S. public corporate securities1,476,050 6,608 176,492 0 1,306,166 
U.S. private corporate securities239,170 1,216 10,625 0 229,761 
Foreign public corporate securities185,262 605 25,505 0 160,362 
Foreign private corporate securities216,638 3,017 17,501 0 202,154 
Asset-backed securities(1)18,392 61 715 0 17,738 
Commercial mortgage-backed securities103,552 0 6,925 0 96,627 
Residential mortgage-backed securities(2)15,699 171 710 0 15,160 
Total fixed maturities, available-for-sale$2,574,841 $11,968 $262,382 $0 $2,324,427 
(1)Includes credit-tranched securities collateralized by loan obligations and education loans.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

December 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$52,196 $0 $1,154 $0 $51,042 
Obligations of U.S. states and their political subdivisions184,419 952 2,833 0 182,538 
Foreign government bonds95,189 248 14,693 0 80,744 
U.S. public corporate securities1,485,406 13,428 147,901 0 1,350,933 
U.S. private corporate securities227,342 1,978 8,884 0 220,436 
Foreign public corporate securities185,601 1,173 21,989 0 164,785 
Foreign private corporate securities190,545 5,102 14,791 0 180,856 
Asset-backed securities(1)19,440 40 969 0 18,511 
Commercial mortgage-backed securities104,055 0 7,356 0 96,699 
Residential mortgage-backed securities(2)15,780 195 420 4 15,551 
Total fixed maturities, available-for-sale$2,559,973 $23,116 $220,990 $4 $2,362,095 
(1)Includes credit-tranched securities collateralized by loan obligations and education loans.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
Duration Of Gross Unrealized Losses On Fixed Maturity Securities
The following tables set forth the fair value and gross unrealized losses on fixed maturity, available-for-sale securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
March 31, 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$47,910 $2,019 $1,895 $223 $49,805 $2,242 
Obligations of U.S. states and their political subdivisions62,045 809 68,749 3,762 130,794 4,571 
Foreign government bonds6,615 345 60,867 16,751 67,482 17,096 
U.S. public corporate securities134,178 3,495 919,800 172,997 1,053,978 176,492 
U.S. private corporate securities53,707 864 116,803 9,761 170,510 10,625 
Foreign public corporate securities21,352 275 116,680 25,230 138,032 25,505 
Foreign private corporate securities19,546 385 95,331 17,116 114,877 17,501 
Asset-backed securities8,334 687 2,322 28 10,656 715 
Commercial mortgage-backed securities0 0 96,627 6,925 96,627 6,925 
Residential mortgage-backed securities26 2 10,662 708 10,688 710 
Total fixed maturities, available-for-sale$353,713 $8,881 $1,489,736 $253,501 $1,843,449 $262,382 

December 31, 2023
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$49,081 $936 $1,962 $218 $51,043 $1,154 
Obligations of U.S. states and their political subdivisions22,856 186 61,445 2,647 84,301 2,833 
Foreign government bonds5,656 91 69,066 14,602 74,722 14,693 
U.S. public corporate securities86,203 1,688 913,776 146,213 999,979 147,901 
U.S. private corporate securities27,883 366 117,409 8,518 145,292 8,884 
Foreign public corporate securities5,029 135 115,462 21,854 120,491 21,989 
Foreign private corporate securities5,007 51 98,159 14,740 103,166 14,791 
Asset-backed securities7,899 914 4,775 55 12,674 969 
Commercial mortgage-backed securities0 0 96,699 7,356 96,699 7,356 
Residential mortgage-backed securities146 2 10,722 418 10,868 420 
Total fixed maturities, available-for-sale$209,760 $4,369 $1,489,475 $216,621 $1,699,235 $220,990 
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:
March 31, 2024
Amortized CostFair Value
(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less$81,243 $77,627 
Due after one year through five years394,300 385,027 
Due after five years through ten years231,972 227,175 
Due after ten years1,729,683 1,505,073 
Asset-backed securities18,392 17,738 
Commercial mortgage-backed securities103,552 96,627 
Residential mortgage-backed securities15,699 15,160 
Total fixed maturities, available-for-sale$2,574,841 $2,324,427 
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 March 31,
20242023
(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$2,155 $886 
Proceeds from maturities/prepayments26,605 32,121 
Gross investment gains from sales and maturities64 29 
Gross investment losses from sales and maturities(169)(415)
(Addition to) release of allowance for credit losses4 360 
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $0.0 million and $0.2 million for the three months ended March 31, 2024 and 2023, respectively.
Other than Temporary Impairment, Credit Losses Recognized in Earnings
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 March 31, 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 $0 $0 $0 $4 $4 
Reductions for securities sold during the period0 0 0 0 0 0 0 
Additions (reductions) on securities with previous allowance0 0 0 0 0 (4)(4)
Balance, end of period$0 $0 $0 $0 $0 $0 $0 

Three Months Ended March 31, 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 $358 $0 $0 $5 $363 
Reductions for securities sold during the period0 0 (358)0 0 (1)(359)
Additions (reductions) on securities with previous allowance0 0 0 0 0 (1)(1)
Balance, end of period$0 $0 $0 $0 $0 $3 $3 
Commercial Mortgage and Other Loans
The following table sets forth the composition of “Commercial mortgage and other loans”, as of the dates indicated:

March 31, 2024December 31, 2023
Amount
(in thousands)		% of TotalAmount
(in thousands)		% of Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$75,152 28.4 %$71,289 29.6 %
Hospitality13,955 5.3 14,070 5.8 
Industrial78,849 29.8 70,633 29.3 
Office8,058 3.0 8,122 3.4 
Other33,903 12.8 24,587 10.2 
Retail23,216 8.8 23,327 9.7 
Total commercial mortgage loans233,133 88.1 212,028 88.0 
Agricultural property loans31,620 11.9 28,763 12.0 
Total commercial mortgage and agricultural property loans264,753 100.0 %240,791 100.0 %
Allowance for credit losses(1,153)(1,162)
Total net commercial mortgage and agricultural property loans$263,600 $239,629 
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 March 31,
20242023
Commercial Mortgage LoansAgricultural Property LoansTotalCommercial Mortgage LoansAgricultural Property LoansTotal
(in thousands)
Allowance, beginning of period$1,107 $55 $1,162 $405 $3 $408 
Addition to (release of) allowance for expected losses0 (9)(9)38 53 91 
Allowance, end of period$1,107 $46 $1,153 $443 $56 $499 
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:
March 31, 2024
Amortized Cost by Origination Year
20242023202220212020PriorRevolving LoansTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$0 $9,427 $19,844 $767 $0 $58,506 $0 $88,544 
60%-69.99%18,973 37,766 15,000 1,962 2,198 20,868 0 96,767 
70%-79.99%3,000 31,852 0 0 0 5,955 0 40,807 
80% or greater0 0 0 0 0 7,015 0 7,015 
Total$21,973 $79,045 $34,844 $2,729 $2,198 $92,344 $0 $233,133 
Debt Service Coverage Ratio:
Greater than 1.2x$21,973 $76,634 $34,844 $2,729 $2,198 $84,507 $0 $222,885 
1.0 - 1.2x0 2,411 0 0 0 6,008 0 8,419 
Less than 1.0x0 0 0 0 0 1,829 0 1,829 
Total$21,973 $79,045 $34,844 $2,729 $2,198 $92,344 $0 $233,133 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$2,000 $10,937 $1,025 $1,035 $0 $958 $1,320 $17,275 
60%-69.99%0 2,000 12,345 0 0 0 0 14,345 
70%-79.99%0 0 0 0 0 0 0 0 
80% or greater0 0 0 0 0 0 0 0 
Total$2,000 $12,937 $13,370 $1,035 $0 $958 $1,320 $31,620 
Debt Service Coverage Ratio:
Greater than 1.2x$2,000 $12,937 $13,370 $1,035 $0 $958 $1,320 $31,620 
1.0 - 1.2x0 0 0 0 0 0 0 0 
Less than 1.0x0 0 0 0 0 0 0 0 
Total$2,000 $12,937 $13,370 $1,035 $0 $958 $1,320 $31,620 
December 31, 2023
Amortized Cost by Origination Year
20232022202120202019PriorTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$9,444 $19,879 $772 $0 $17,239 $42,159 $89,493 
60%-69.99%37,809 15,000 1,962 2,198 15,091 5,836 77,896 
70%-79.99%32,105 0 0 0 3,885 1,595 37,585 
80% or greater0 0 0 0 1,007 6,047 7,054 
Total$79,358 $34,879 $2,734 $2,198 $37,222 $55,637 $212,028 
Debt Service Coverage Ratio:
Greater than 1.2x$76,929 $34,879 $2,734 $2,198 $36,293 $48,677 $201,710 
1.0 - 1.2x2,429 0 0 0 0 6,047 8,476 
Less than 1.0x0 0 0 0 929 913 1,842 
Total$79,358 $34,879 $2,734 $2,198 $37,222 $55,637 $212,028 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$11,358 $1,035 $1,047 $0 $0 $978 $14,418 
60%-69.99%2,000 12,345 0 0 0 0 14,345 
70%-79.99%0 0 0 0 0 0 0 
80% or greater0 0 0 0 0 0 0 
Total$13,358 $13,380 $1,047 $0 $0 $978 $28,763 
Debt Service Coverage Ratio:
Greater than 1.2x$13,358 $13,380 $1,047 $0 $0 $978 $28,763 
1.0 - 1.2x0 0 0 0 0 0 0 
Less than 1.0x0 0 0 0 0 0 0 
Total$13,358 $13,380 $1,047 $0 $0 $978 $28,763 
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:
March 31, 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$233,133 $0 $0 $0 $233,133 $0 
Agricultural property loans31,620 0 0 0 31,620 0 
Total$264,753 $0 $0 $0 $264,753 $0 
(1)As of March 31, 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 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$212,028 $0 $0 $0 $212,028 $0 
Agricultural property loans28,763 0 0 0 28,763 0 
Total$240,791 $0 $0 $0 $240,791 $0 
(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 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:

March 31, 2024December 31, 2023
 (in thousands)
LPs/LLCs:
Equity method:
Private equity$97,048 $90,107 
Hedge funds49,444 48,488 
Real estate-related6,932 6,965 
Subtotal equity method153,424 145,560 
Fair value:
Private equity243 249 
Hedge funds11 19 
Real estate-related3,840 4,119 
Subtotal fair value4,094 4,387 
Total LPs/LLCs157,518 149,947 
Derivative instruments20,238 0 
Other38 3,938 
Total other invested assets$177,794 $153,885 
Accrued Investment Income
The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:
March 31, 2024December 31, 2023
(in thousands)
Fixed maturities$26,915 $26,672 
Equity securities92 1 
Commercial mortgage and other loans1,111 948 
Policy loans35,286 25,675 
Short-term investments and cash equivalents1,038 610 
Total accrued investment income$64,442 $53,906 
Net Investment Income
The following table sets forth “Net investment income” by investment type, for the periods indicated:
Three Months Ended March 31,
20242023
(in thousands)
Fixed maturities, available-for-sale$27,636 $21,117 
Fixed maturities, trading149 157 
Equity securities91 91 
Commercial mortgage and other loans3,241 1,679 
Policy loans12,804 2,525 
Other invested assets4,119 1,478 
Short-term investments and cash equivalents3,295 2,641 
Gross investment income51,335 29,688 
Less: investment expenses(1,308)(1,028)
Net investment income$50,027 $28,660 
Realized Investment Gains (Losses), Net
The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
Three Months Ended March 31,
20242023
(in thousands)
Fixed maturities(1)$(101)$(26)
Commercial mortgage and other loans9 (91)
Derivatives(4,489)(8,241)
Short term investments and cash equivalents(10)60 
Realized investment gains (losses), net$(4,591)$(8,298)
(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.
Net Unrealized Gains and (Losses) on Investments
The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:
March 31, 2024December 31, 2023
 (in thousands)
Fixed maturity securities, available-for-sale with an allowance$(3)$0 
Fixed maturity securities, available-for-sale without an allowance(250,411)(197,874)
Derivatives designated as cash flow hedges(1)7,899 5,246 
Other investments383 357 
Net unrealized gains (losses) on investments$(242,132)$(192,271)
(1)For more information on cash flow hedges, see Note 4.
v3.24.1.1.u2
Derivatives and Hedging (Tables)
 3 Months Ended
Mar. 31, 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 of the netting effects of master netting agreements and cash collateral.
March 31, 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
Foreign Currency Swaps$188,066 $9,504 $(2,881)$169,101 $7,865 $(4,257)
Total Derivatives Designated as Hedge Accounting Instruments:$188,066 $9,504 $(2,881)$169,101 $7,865 $(4,257)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$195,200 $348 $(530)$88,200 $36 $(2,063)
Credit
Credit Default Swaps0 0 0 0 0 0 
Currency/Interest Rate
Foreign Currency Swaps47,592 2,055 (588)39,965 1,563 (597)
Foreign Currency
Foreign Currency Forwards9,891 95 0 9,550 7 (290)
Equity
Equity Options1,511,036 77,332 (65,174)1,288,555 30,679 (43,354)
Total Derivatives Not Qualifying as Hedge Accounting Instruments:$1,763,719 $79,830 $(66,292)$1,426,270 $32,285 $(46,304)
Total Derivatives(1)(2)$1,951,785 $89,334 $(69,173)$1,595,371 $40,150 $(50,561)
(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $200 million and $168 million as of March 31, 2024 and December 31, 2023, respectively included in “Policyholders’ account balances" and "Reinsurance recoverables".
(2)Recorded in "Other invested assets" and "Payables to parent and affiliates" on the Unaudited Interim 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 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 Statements of Financial Position.
March 31, 2024
Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements of
Financial
Position		Net Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
(in thousands)
Offsetting of Financial Assets:
Derivatives$89,334 $(69,096)$20,238 $(19,054)$1,184 
Total Assets$89,334 $(69,096)$20,238 $(19,054)$1,184 
Offsetting of Financial Liabilities:
Derivatives$69,173 $(69,173)$0 $0 $0 
Total Liabilities$69,173 $(69,173)$0 $0 $0 

December 31, 2023
Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements of
Financial
Position		Net Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
(in thousands)
Offsetting of Financial Assets:
Derivatives$40,150 $(40,150)$0 $0 $0 
Total Assets$40,150 $(40,150)$0 $0 $0 
Offsetting of Financial Liabilities:
Derivatives$50,561 $(42,247)$8,314 $(8,314)$0 
Total Liabilities$50,561 $(42,247)$8,314 $(8,314)$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 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 Statements of Financial Position.
March 31, 2024
Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements of
Financial
Position		Net Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
(in thousands)
Offsetting of Financial Assets:
Derivatives$89,334 $(69,096)$20,238 $(19,054)$1,184 
Total Assets$89,334 $(69,096)$20,238 $(19,054)$1,184 
Offsetting of Financial Liabilities:
Derivatives$69,173 $(69,173)$0 $0 $0 
Total Liabilities$69,173 $(69,173)$0 $0 $0 

December 31, 2023
Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements of
Financial
Position		Net Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
(in thousands)
Offsetting of Financial Assets:
Derivatives$40,150 $(40,150)$0 $0 $0 
Total Assets$40,150 $(40,150)$0 $0 $0 
Offsetting of Financial Liabilities:
Derivatives$50,561 $(42,247)$8,314 $(8,314)$0 
Total Liabilities$50,561 $(42,247)$8,314 $(8,314)$0 
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship.
Three Months Ended March 31, 2024
Realized
Investment
Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)Net
Investment
Income		Other IncomeChange in AOCI
(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$(95)$0 $465 $482 $2,653 
Total cash flow hedges(95)0 465 482 2,653 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate1,554 0 0 0 0 
Currency197 0 0 0 0 
Currency/Interest Rate618 0 0 8 0 
Credit0 0 0 0 0 
Equity31,818 0 0 0 0 
Embedded Derivatives(38,581)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(4,394)0 0 8 0 
Total$(4,489)$0 $465 $490 $2,653 

Three Months Ended March 31, 2023
Realized
Investment
Gains (Losses)
Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)
Net
Investment
Income		Other IncomeChange in AOCI
(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$18 $0 $481 $(112)$(1,589)
Total cash flow hedges18 0 481 (112)(1,589)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate167 0 0 0 0 
Currency(82)0 0 0 0 
Currency/Interest Rate(228)0 0 (8)0 
Credit0 0 0 0 0 
Equity1,759 0 0 0 0 
Embedded Derivatives(9,875)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(8,259)0 0 (8)0 
Total$(8,241)$0 $481 $(120)$(1,589)
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$5,246 
Amount recorded in AOCI
Currency/Interest Rate3,505 
Total amount recorded in AOCI3,505 
Amount reclassified from AOCI to income
Currency/Interest Rate(852)
Total amount reclassified from AOCI to income(852)
Balance, March 31, 2024$7,899 
v3.24.1.1.u2
Fair Value of Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 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.
March 31, 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 $49,804 $0 $$49,804 
Obligations of U.S. states and their political subdivisions0 174,504 0 174,504 
Foreign government bonds0 72,151 0 72,151 
U.S. corporate public securities0 1,306,166 0 1,306,166 
U.S. corporate private securities0 214,635 15,126 229,761 
Foreign corporate public securities0 160,362 0 160,362 
Foreign corporate private securities0 197,224 4,930 202,154 
Asset-backed securities(2)0 17,738 0 17,738 
Commercial mortgage-backed securities0 77,469 19,158 96,627 
Residential mortgage-backed securities0 15,160 0 15,160 
Subtotal0 2,285,213 39,214 2,324,427 
Market risk benefit assets0 0 492,992 492,992 
Fixed maturities, trading0 22,604 0 22,604 
Equity securities0 70 4,478 4,548 
Short-term investments4,953 6,941 0 11,894 
Cash equivalents5,989 155,649 0 161,638 
Other invested assets(3)0 89,334 0 (69,096)20,238 
Reinsurance recoverables0 0 98,083 98,083 
Receivables from parent and affiliates0 0 11,117 11,117 
Subtotal excluding separate account assets10,942 2,559,811 645,884 (69,096)3,147,541 
Separate account assets(4)(5)0 13,337,472 0 13,337,472 
Total assets$10,942 $15,897,283 $645,884 $(69,096)$16,485,013 
Market risk benefit liabilities$0 $0 $492,992 $$492,992 
Policyholders' account balances0 0 297,683 297,683 
Payables to parent and affiliates0 69,173 0 (69,173)0 
Total liabilities$0 $69,173 $790,675 $(69,173)$790,675 
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 $51,042 $0 $$51,042 
Obligations of U.S. states and their political subdivisions0 182,538 0 182,538 
Foreign government bonds0 80,744 0 80,744 
U.S. corporate public securities0 1,350,933 0 1,350,933 
U.S. corporate private securities0 205,814 14,622 220,436 
Foreign corporate public securities0 164,785 0 164,785 
Foreign corporate private securities0 175,849 5,007 180,856 
Asset-backed securities(2)0 18,511 0 18,511 
Commercial mortgage-backed securities0 77,495 19,204 96,699 
Residential mortgage-backed securities0 15,551 0 15,551 
Subtotal0 2,323,262 38,833 2,362,095 
Market risk benefit assets0 0 537,659 537,659 
Fixed maturities, trading0 23,440 0 23,440 
Equity securities0 74 4,541 4,615 
Short-term investments0 3,459 0 3,459 
Cash equivalents24,928 160,330 0 185,258 
Other invested assets(3)0 40,150 0 (40,150)0 
Reinsurance recoverables0 0 69,745 69,745 
Subtotal excluding separate account assets24,928 2,550,715 650,778 (40,150)3,186,271 
Separate account assets(4)(5)0 12,914,412 0 12,914,412 
Total assets$24,928 $15,465,127 $650,778 $(40,150)$16,100,683 
Market risk benefit liabilities$0 $0 $537,659 $$537,659 
Policyholders' account balances0 0 237,316 237,316 
Payables to parent and affiliates0 50,561 0 (42,247)8,314 
Total liabilities$0 $50,561 $774,975 $(42,247)$783,289 
(1)“Netting” amounts represent cash collateral of $(0.1) million and $(2) million as of March 31, 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)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 net asset value ("NAV") per share (or its equivalent) as a practical expedient. As of March 31, 2024 and December 31, 2023, the fair value of such investments was $4.1 million and $4.4 million, respectively.
(4)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 March 31, 2024 and December 31, 2023, the fair value of such investments was $1,184 million and $1,163 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 Statements of Financial Position.
Fair Value Inputs, Assets and Liabilities, Quantitative Information The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.
March 31, 2024
Fair Value Valuation 
Techniques		Unobservable 
Inputs		MinimumMaximumWeighted
Average		Impact of Increase in Input on Fair
Value(1)
(in thousands)
Assets:
Corporate securities(2)$12,833 Discounted cash flowDiscount rate10.13 %13.29 %12.08 %Decrease
Commercial mortgage-backed securities$19,158 Discounted cash flowLiquidity premium0.60 %0.75 %0.66 %Decrease
Market risk benefit assets(3)$492,992 Discounted cash flowLapse rate(4)1 %20 %Increase
Spread over SOFR(5)0.33 %1.80 %Increase
Utilization rate(6)38 %95 %Decrease
Withdrawal rateSee table footnote (7) below.
Mortality rate(8)0 %15 %Increase
Equity volatility curve15 %25 %Decrease
Liabilities:
Market risk benefit liabilities(3)$492,992 Discounted cash flowLapse rate(4)1 %20 %Decrease
Spread over SOFR(5)0.33 %1.80 %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(9)$297,683 Discounted cash flowLapse rate(4)1 %80 %Decrease
Spread over SOFR(5)0.33 %1.80 %Decrease
Mortality rate(8)0 %23 %Decrease
Option budget(10)(1)%7 %Increase
December 31, 2023
Fair Value Valuation 
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of Increase
in Input on Fair
Value(1)
(in thousands)
Assets:
Commercial mortgage-backed securities$19,204 Discounted cash flowLiquidity premium0.60 %0.75 %0.69 %Decrease
Market risk benefit assets(3)$537,659 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
Liabilities:
Market risk benefit liabilities(3)$537,659 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(9)$237,316 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(10)(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 March 31, 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.
(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 March 31, 2024 and December 31, 2023, the minimum withdrawal rate assumption is 81% and 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)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.
(10)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 March 31, 2024(5)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOtherTransfers into Level 3Transfers out of Level 3Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(2)$19,629 $(68)$733 $(51)$0 $(187)$0 $0 $0 $20,056 $(68)
Structured securities(3)19,204 47 0 0 0 (93)0 0 0 19,158 56 
Other assets:
Equity securities4,541 (335)272 0 0 0 0 0 0 4,478 (335)
Reinsurance recoverables(4)69,745 (5,964)34,302 0 0 0 0 0 0 98,083 (35,533)
Receivables from parent and affiliates0 0 11,117 0 0 0 0 0 0 11,117 0 
Liabilities:
Policyholders' account balances(4)(237,316)(32,725)0 0 (27,642)0 0 0 0 (297,683)(1,472)
Three Months Ended March 31, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(1)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$0 $0 $(13)$(8)$0 $0 $(12)
Other assets:
Equity securities0 (335)0 0 0 (335)0 
Reinsurance recoverables(5,964)0 0 0 (35,533)0 0 
Liabilities:
Policyholders' account balances(32,725)0 0 0 (1,472)0 0 
Three Months Ended March 31, 2023(5)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOtherTransfers into Level 3Transfers out of Level 3Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(2)$3,803 $(36)$3,644 $0 $0 $(3,835)$0 $0 $0 $3,576 $(37)
Structured securities(3)20,701 (733)0 0 0 (87)0 0 0 19,881 (720)
Other assets:
Equity securities4,291 3 0 0 0 0 0 0 0 4,294 3 
Reinsurance recoverables0 1,357 0 0 0 0 0 0 0 1,357 1,357 
Liabilities:
Policyholders' account balances(4)(108,144)(10,832)0 0 (8,056)0 0 0 0 (127,032)(13,914)

Three Months Ended March 31, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(1)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(2)$0 $(756)$(11)$0 $0 $(757)
Other assets:
Equity securities0 3 0 0 0 3 0 
Reinsurance recoverables1,357 0 0 0 1,357 0 0 
Liabilities:
Policyholders' account balances(10,832)0 0 0 (13,914)0 0 
(1)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.
(2)Includes U.S. corporate private securities and foreign corporate private securities.
(3)Includes commercial mortgage-backed securities.
(4)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables are presented net in the rollforward.
(5)Excludes MRB assets of $493 million and $563 million and MRB liabilities of $493 million and $563 million for period ending March 31, 2024 and 2023, respectively. See Note 10 for additional information.
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 March 31, 2024(5)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOtherTransfers into Level 3Transfers out of Level 3Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(2)$19,629 $(68)$733 $(51)$0 $(187)$0 $0 $0 $20,056 $(68)
Structured securities(3)19,204 47 0 0 0 (93)0 0 0 19,158 56 
Other assets:
Equity securities4,541 (335)272 0 0 0 0 0 0 4,478 (335)
Reinsurance recoverables(4)69,745 (5,964)34,302 0 0 0 0 0 0 98,083 (35,533)
Receivables from parent and affiliates0 0 11,117 0 0 0 0 0 0 11,117 0 
Liabilities:
Policyholders' account balances(4)(237,316)(32,725)0 0 (27,642)0 0 0 0 (297,683)(1,472)
Three Months Ended March 31, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(1)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$0 $0 $(13)$(8)$0 $0 $(12)
Other assets:
Equity securities0 (335)0 0 0 (335)0 
Reinsurance recoverables(5,964)0 0 0 (35,533)0 0 
Liabilities:
Policyholders' account balances(32,725)0 0 0 (1,472)0 0 
Three Months Ended March 31, 2023(5)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOtherTransfers into Level 3Transfers out of Level 3Fair Value, end of periodUnrealized gains (losses) for assets still held(1)
(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(2)$3,803 $(36)$3,644 $0 $0 $(3,835)$0 $0 $0 $3,576 $(37)
Structured securities(3)20,701 (733)0 0 0 (87)0 0 0 19,881 (720)
Other assets:
Equity securities4,291 3 0 0 0 0 0 0 0 4,294 3 
Reinsurance recoverables0 1,357 0 0 0 0 0 0 0 1,357 1,357 
Liabilities:
Policyholders' account balances(4)(108,144)(10,832)0 0 (8,056)0 0 0 0 (127,032)(13,914)

Three Months Ended March 31, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(1)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(2)$0 $(756)$(11)$0 $0 $(757)
Other assets:
Equity securities0 3 0 0 0 3 0 
Reinsurance recoverables1,357 0 0 0 1,357 0 0 
Liabilities:
Policyholders' account balances(10,832)0 0 0 (13,914)0 0 
(1)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.
(2)Includes U.S. corporate private securities and foreign corporate private securities.
(3)Includes commercial mortgage-backed securities.
(4)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables are presented net in the rollforward.
(5)Excludes MRB assets of $493 million and $563 million and MRB liabilities of $493 million and $563 million for period ending March 31, 2024 and 2023, respectively. See Note 10 for additional information.
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 Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.
March 31, 2024
Fair ValueCarrying
Amount(1)
Level 1Level 2Level 3TotalTotal
(in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $260,082 $260,082 $263,600 
Policy loans0 0 1,116,711 1,116,711 1,116,711 
Short-term investments1,500 0 0 1,500 1,500 
Cash and cash equivalents14,602 0 0 14,602 14,602 
Accrued investment income0 64,442 0 64,442 64,442 
Reinsurance recoverables0 0 21,774 21,774 23,385 
Receivables from parent and affiliates0 53,049 0 53,049 53,049 
Other assets0 3,468 0 3,468 3,468 
Total assets$16,102 $120,959 $1,398,567 $1,535,628 $1,540,757 
Liabilities:
Policyholders’ account balances - investment contracts$0 $141,634 $30,402 $172,036 $173,647 
Cash collateral for loaned securities0 0 0 0 0 
Payables to parent and affiliates0 1,185 0 1,185 1,185 
Other liabilities0 49,276 0 49,276 49,276 
Total liabilities$0 $192,095 $30,402 $222,497 $224,108 
December 31, 2023
Fair ValueCarrying
Amount(1)
Level 1Level 2Level 3TotalTotal
(in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $237,993 $237,993 $239,629 
Policy loans0 0 1,115,096 1,115,096 1,115,096 
Short-term investments2,500 0 0 2,500 2,500 
Cash and cash equivalents1,125 0 0 1,125 1,125 
Accrued investment income0 53,906 0 53,906 53,906 
Reinsurance recoverables0 0 22,155 22,155 23,537 
Receivables from parent and affiliates0 24,502 0 24,502 24,502 
Other assets0 4,363 0 4,363 4,363 
Total assets$3,625 $82,771 $1,375,244 $1,461,640 $1,464,658 
Liabilities:
Policyholders’ account balances - investment contracts$0 $148,542 $30,945 $179,487 $180,868 
Payables to parent and affiliates0 1,066 0 1,066 1,066 
Other liabilities0 52,027 0 52,027 52,027 
Total liabilities$0 $201,635 $30,945 $232,580 $233,961 
(1)Carrying values presented herein differ from those in the Company’s Unaudited Interim 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.
v3.24.1.1.u2
Deferred Policy Acquisition Costs and Deferred Reinsurance (Tables)
 3 Months Ended
Mar. 31, 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:
Three Months Ended March 31, 2024
Term LifeVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$82,007 $311,131 $393,138 
   Capitalization4,894 11,191 16,085 
   Amortization expense(2,028)(3,692)(5,720)
   Other(1)0 (5,420)(5,420)
Balance, end of period$84,873 $313,210 $398,083 
(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.
Three Months Ended March 31, 2023
Term LifeVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$70,213 $281,661 $351,874 
   Capitalization4,007 10,791 14,798 
   Amortization expense(1,748)(3,272)(5,020)
   Other 0 3 3 
Balance, end of period$72,472 $289,183 $361,655 
Deferred Reinsurance Losses
The following tables show a rollforward of DRL balances for variable annuity products, which is the only line of business that contains a DRL balance, along with a reconciliation to the Company's total DRL balance:
Three Months Ended March 31,
20242023
Variable Annuities
(in thousands)
Balance, beginning of period$15,968 $17,425 
Amortization expense(358)(378)
   Other1 0 
Balance, end of period$15,611 $17,047 
Deferred Insurance Gains
The following tables show a rollforward of DRG balances for variable and universal life products, which are the only lines of business that contain a DRG balance, along with a reconciliation to the Company's total DRG balance:

Three Months Ended March 31,
20242023
Variable / Universal Life
(in thousands)
Balance, beginning of period$0 $0 
Amortization expense(2,246)0 
   Other(1)198,641 0 
Balance, end of period$196,395 $0 
(1)Other includes the impact of the Universal Life reinsurance transaction with PAR U, PURE and Prudential Insurance. See Note 11 for additional information.
v3.24.1.1.u2
Separate Accounts (Tables)
 3 Months Ended
Mar. 31, 2024
Insurance [Abstract]  
Separate Account Assets
The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

March 31, 2024December 31, 2023
(in thousands)
Asset Type:
Mutual funds:
Equity$8,840,722 $8,299,099 
Fixed Income3,751,231 3,901,137 
Other745,519 714,176 
Other invested assets1,183,526 1,162,691 
Total$14,520,998 $14,077,103 
Separate Account Liabilities
The balances of and changes in separate account liabilities as of and for the periods indicated are as follows:

Three Months Ended March 31, 2024
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$9,064,177 $5,012,926 $14,077,103 
     Deposits14,902 51,409 66,311 
     Investment performance387,889 370,777 758,666 
     Policy charges(53,559)(26,763)(80,322)
     Surrenders and withdrawals(266,474)(17,144)(283,618)
     Benefit payments(1,506)(10,415)(11,921)
Net transfers (to) from general account(3,588)(11,402)(14,990)
     Other178 9,591 9,769 
Balance, end of period$9,142,019 $5,378,979 $14,520,998 
Cash surrender value(1)$9,014,812 $5,258,835 $14,273,647 
Three Months Ended March 31, 2023
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$8,928,568 $4,998,390 $13,926,958 
Deposits8,43143,87852,309
Investment performance439,099263,521702,620
Policy charges(55,991)(25,372)(81,363)
Surrenders and withdrawals(194,702)(11,989)(206,691)
Benefit payments(1,378)(9,924)(11,302)
Net transfers (to) from general account91328,18929,102
Other3971,6512,048
Balance, end of period$9,125,337 $5,288,344 $14,413,681 
Cash surrender value(1)$8,933,846 $5,208,516 $14,142,362 
(1)Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
v3.24.1.1.u2
Liability For Future Policy Benefits (Tables)
 3 Months Ended
Mar. 31, 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.

Three Months Ended March 31, 2024
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,389,421 $0 $1,389,421 
Effect of cumulative changes in discount rate assumptions, beginning of period29,313 0 29,313 
Balance at original discount rate, beginning of period1,418,734 0 1,418,734 
Effect of actual variances from expected experience and other activity(21,792)90 (21,702)
Adjusted balance, beginning of period1,396,942 90 1,397,032 
Issuances24,393 639 25,032 
Net premiums / considerations collected(40,799)(729)(41,528)
Interest accrual16,394 0 16,394 
Balance at original discount rate, end of period1,396,930 0 1,396,930 
Effect of cumulative changes in discount rate assumptions, end of period(56,897)0 (56,897)
Balance, end of period$1,340,033 $0 $1,340,033 
Three Months Ended March 31, 2024
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$2,619,569 $18,489 $2,638,058 
Effect of cumulative changes in discount rate assumptions, beginning of period44,322 1,510 45,832 
Balance at original discount rate, beginning of period2,663,891 19,999 2,683,890 
Effect of actual variances from expected experience and other activity(29,994)62 (29,932)
Adjusted balance, beginning of period2,633,897 20,061 2,653,958 
Issuances24,393 639 25,032 
Interest accrual32,144 177 32,321 
Benefit payments(32,730)(654)(33,384)
Other adjustments(899)1 (898)
Balance at original discount rate, end of period2,656,805 20,224 2,677,029 
Effect of cumulative changes in discount rate assumptions, end of period(105,493)(1,796)(107,289)
Balance, end of period$2,551,312 $18,428 $2,569,740 
Three Months Ended March 31, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,211,279 $18,428 $1,229,707 
Flooring impact, end of period14 0 14 
Balance, end of period, post-flooring$1,211,293 $18,428 $1,229,721 
Less: Reinsurance recoverables1,036,843 18,428 1,055,271 
Balance after reinsurance recoverables, end of period, post-flooring$174,450 $0 $174,450 

Three Months Ended March 31, 2023
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,416,807 $0 $1,416,807 
Effect of cumulative changes in discount rate assumptions, beginning of period73,563 0 73,563 
Balance at original discount rate, beginning of period1,490,370 0 1,490,370 
Effect of actual variances from expected experience and other activity(10,232)(599)(10,831)
Adjusted balance, beginning of period1,480,138 (599)1,479,539 
Issuances16,867 710 17,577 
Net premiums / considerations collected(43,352)(111)(43,463)
Interest accrual17,156 0 17,156 
Balance at original discount rate, end of period1,470,809 0 1,470,809 
Effect of cumulative changes in discount rate assumptions, end of period(40,753)0 (40,753)
Balance, end of period$1,430,056 $0 $1,430,056 
Three Months Ended March 31, 2023
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$2,551,191 $16,460 $2,567,651 
Effect of cumulative changes in discount rate assumptions, beginning of period137,962 1,899 139,861 
Balance at original discount rate, beginning of period2,689,153 18,359 2,707,512 
Effect of actual variances from expected experience and other activity(14,462)183 (14,279)
Adjusted balance, beginning of period2,674,691 18,542 2,693,233 
Issuances16,867 710 17,577 
Interest accrual32,494 171 32,665 
Benefit payments(40,914)(551)(41,465)
Other adjustments(372)0 (372)
Balance at original discount rate, end of period2,682,766 18,872 2,701,638 
Effect of cumulative changes in discount rate assumptions, end of period(64,374)(1,536)(65,910)
Balance, end of period$2,618,392 $17,336 $2,635,728 
Three Months Ended March 31, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,188,336 $17,336 $1,205,672 
Flooring impact, end of period0 0 0 
Balance, end of period, post-flooring$1,188,336 $17,336 $1,205,672 
Less: Reinsurance recoverables1,036,995 17,336 1,054,331 
Balance after reinsurance recoverables, end of period, post-flooring$151,341 $0 $151,341 
The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Three Months Ended March 31, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$3,007,181 $0 
Discounted expected future gross premiums (at original discount rate)$2,011,489 $0 
Discounted expected future gross premiums (at current discount rate)$1,938,769 $0 
Undiscounted expected future benefits and expenses$4,286,686 $26,109 
Interest accrual$15,749 $177 
Gross premiums$59,673 $950 
Weighted-average duration of the liability in years (at original discount rate)106
Weighted-average duration of the liability in years (at current discount rate)105
Weighted-average interest rate (at original discount rate)5.26 %3.71 %
Weighted-average interest rate (at current discount rate)5.31 %5.21 %
Three Months Ended March 31, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$3,056,399 $0 
Discounted expected future gross premiums (at original discount rate)$2,057,345 $0 
Discounted expected future gross premiums (at current discount rate)$2,006,982 $0 
Undiscounted expected future benefits and expenses$4,332,537 $24,654 
Interest accrual$15,338 $171 
Gross premiums$61,365 $112 
Weighted-average duration of the liability in years (at original discount rate)117
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.31 %3.61 %
Weighted-average interest rate (at current discount rate)5.07 %4.98 %
The balances of and changes in DPL as of and for the periods indicated are as follows:

Three Months Ended March 31,
20242023
Fixed Annuities
(in thousands)
Balance, beginning of period, post flooring$1,365 $1,684 
Effect of actual variances from expected experience and other activity34 (107)
Adjusted balance, beginning of period1,399 1,577 
Profits deferred216 0 
Interest accrual14 13 
Amortization(53)(45)
Balance, end of period, post-flooring1,576 1,545 
Less: Reinsurance recoverables1,576 1,545 
Balance after reinsurance recoverables, end of period$0 $0 
The following table provides supplemental information related to the balances of and changes in DPL, included in the disaggregated table above, on a gross (direct and assumed) basis, as of and for the period indicated:
Three Months Ended March 31,
20242023
Fixed Annuities
(in thousands)
Revenue(1)$(211)$139 
Interest accrual14 13 
(1)Represents the gross premiums collected in changes in DPL.
The following table shows a rollforward of AIR balances for variable and universal life products for the periods indicated:
Three Months Ended March 31,
20242023
(in thousands)
Balance including amounts in AOCI, beginning of period, post-flooring$986,166 $827,478 
Flooring impact and amounts in AOCI56,487 91,115 
Balance, excluding amounts in AOCI, beginning of period, pre-flooring1,042,653 918,593 
Effect of actual variances from expected experience and other activity17,115 (342)
Adjusted balance, beginning of period1,059,768 918,251 
Assessments collected(1)23,439 14,827 
Interest accrual8,986 7,840 
Benefits paid(5,955)(3,995)
Balance, excluding amounts in AOCI, end of period, pre-flooring1,086,238 936,923 
Flooring impact and amounts in AOCI(103,881)(65,818)
Balance, including amounts in AOCI, end of period, post-flooring982,357 871,105 
Less: Reinsurance recoverables956,650 834,640 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$25,707 $36,465 
(1)Represents the portion of gross assessments required to fund the future policy benefits.

Three Months Ended March 31,
20242023
($ in thousands)
Interest accrual$8,986 $7,840 
Gross assessments$56,772 $46,941 
Weighted-average duration of the liability in years (at original discount rate)2728
Weighted-average interest rate (at original discount rate)3.43 %3.42 %
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 Statements of Financial Position as of the periods indicated:
Three Months Ended March 31,
20242023
(in thousands)
Benefit reserves, end of period, post-flooring$1,229,721 $1,205,672 
Deferred profit liability, end of period, post-flooring1,576 1,545 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring982,357 871,105 
Subtotal of amounts disclosed above2,213,654 2,078,322 
Other Future policy benefits reserves(1)176,241 149,309 
Total Future policy benefits$2,389,895 $2,227,631 
(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 Statement of Operations for the periods indicated:

Three Months Ended March 31, 2024
Revenues(1)
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$950 $59,673 $0 $60,623 
Deferred profit liability(211)0 0 (211)
Additional insurance reserves0 0 56,772 56,772 
Total$739 $59,673 $56,772 $117,184 


Three Months Ended March 31, 2023
Revenues(1)
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$112 $61,365 $0 $61,477 
Deferred profit liability139 0 0 139 
Additional insurance reserves0 0 46,941 46,941 
Total$251 $61,365 $46,941 $108,557 
(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.
Three Months Ended March 31, 2024
Interest Expense
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$177 $15,749 $0 $15,926 
Deferred profit liability14 0 0 14 
Additional insurance reserves0 0 8,986 8,986 
Total$191 $15,749 $8,986 $24,926 

Three Months Ended March 31, 2023
Interest Expense
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$171 $15,338 $0 $15,509 
Deferred profit liability13 0 0 13 
Additional insurance reserves0 0 7,840 7,840 
Total$184 $15,338 $7,840 $23,362 
v3.24.1.1.u2
Policyholders' Liabilities (Tables)
 3 Months Ended
Mar. 31, 2024
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]  
Policyholder Account Balance
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
Three Months Ended March 31, 2024
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$35,025 $592,581 $3,028,746 $3,656,352 
Deposits1,104 100,818 54,248 156,170 
Interest credited212 3,909 15,275 19,396 
Policy charges(14)(49)(36,657)(36,720)
Surrenders and withdrawals(1,473)(11,039)(33,506)(46,018)
Benefit payments(155)(713)(2,681)(3,549)
Net transfers (to) from separate account0 3,588 11,402 14,990 
Change in market value and other adjustments(1)0 29,526 3,199 32,725 
Balance, end of period$34,699 $718,621 $3,040,026 $3,793,346 
Unearned revenue reserve383,842 
Other9,568 
Total Policyholders' account balance$4,186,756 
Weighted-average crediting rate2.43 %2.38 %2.01 %2.08 %
Net amount at risk(2)$0 $0 $34,482,721 $34,482,721 
Cash surrender value(3)$8,414 $690,349 $2,708,499 $3,407,262 
Three Months Ended March 31, 2023
Fixed Annuities(4)Variable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$39,406 $327,124 $2,084,680 $2,451,210 
Deposits707 25,558 57,220 83,485 
Interest credited252 2,015 13,972 16,239 
Policy charges(14)(40)(36,360)(36,414)
Surrenders and withdrawals(2,027)(8,163)(29,361)(39,551)
Benefit payments(154)(1,647)(422)(2,223)
Net transfers (to) from separate account0 (913)(28,189)(29,102)
Change in market value and other adjustments(1)0 (131)10,436 10,305 
Balance, end of period$38,170 $343,803 $2,071,976 $2,453,949 
Unearned revenue reserve328,956 
Other(4)9,386 
Total Policyholders' account balance$2,792,291 
Weighted-average crediting rate2.59 %2.40 %2.69 %2.65 %
Net amount at risk (2)$0 $0 $33,887,277 $33,887,277 
Cash surrender value(3)$10,074 $322,593 $1,733,643 $2,066,310 
(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:
March 31, 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%
$0 $0 $0 $0 $0 
1.00% - 1.99%
1,042 0 0 0 1,042 
2.00% - 2.99%
18,421 0 0 0 18,421 
3.00% - 4.00%
7,586 0 0 0 7,586 
Greater than 4.00%
0 0 0 0 0 
Total$27,049 $0 $0 $0 $27,049 
Variable Annuities
Less than 1.00%
$1,720 $0 $0 $0 $1,720 
1.00% - 1.99%
168,733 6,572 0 0 175,305 
2.00% - 2.99%
1,329 0 0 0 1,329 
3.00% - 4.00%
107,051 1,017 0 0 108,068 
Greater than 4.00%
132 0 0 0 132 
Total$278,965 $7,589 $0 $0 $286,554 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $29,485 $29,485 
1.00% - 1.99%
23,881 0 279,047 192,989 495,917 
2.00% - 2.99%
4,372 159,463 197,155 16,753 377,743 
3.00% - 4.00%
247,602 259,014 899,849 0 1,406,465 
Greater than 4.00%
370,186 0 0 0 370,186 
Total$646,041 $418,477 $1,376,051 $239,227 $2,679,796 

March 31, 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 $0 $0 $0 $0 
1.00% - 1.99%
1,284 0 0 0 1,284 
2.00% - 2.99%
20,243 0 0 0 20,243 
3.00% - 4.00%
9,099 0 0 0 9,099 
Greater than 4.00%
0 0 0 0 0 
Total$30,626 $0 $0 $0 $30,626 
Variable Annuities
Less than 1.00%
$1,651 $0 $0 $0 $1,651 
1.00% - 1.99%
189,516 1,592 0 0 191,108 
2.00% - 2.99%
1,784 0 0 0 1,784 
3.00% - 4.00%
128,371 116 0 0 128,487 
Greater than 4.00%
126 0 0 0 126 
Total$321,448 $1,708 $0 $0 $323,156 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $640 $640 
1.00% - 1.99%
17,633 0 148,939 290,129 456,701 
2.00% - 2.99%
4,463 15,422 317,044 26,632 363,561 
3.00% - 4.00%
150,092 343,976 60,552 0 554,620 
Greater than 4.00%
376,561 0 0 0 376,561 
Total$548,749 $359,398 $526,535 $317,401 $1,752,083 
Additional Liability, Long-Duration Insurance :
Three Months Ended March 31,
20242023
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$370,258 $313,711 
Unearned revenue17,995 19,030 
Amortization expense(4,411)(3,785)
Balance, end of period$383,842 $328,956 
Less: Reinsurance recoverables103,852 85,048 
Balance after reinsurance recoverables, end of period$279,990 $243,908 
v3.24.1.1.u2
Market Risk Benefits (Tables)
 3 Months Ended
Mar. 31, 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:
Three Months Ended March 31, 2024
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$301,771 $(301,771)$0 
Effect of cumulative changes in non-performance risk100,377 0 100,377 
Balance, beginning of period, before effect of changes in non-performance risk402,148 (301,771)100,377 
Attributed fees collected26,214 (26,214)0 
Claims paid(761)761 0 
Interest accrual5,813 (5,813)0 
Actual in force different from expected518 (518)0 
Effect of changes in interest rates(78,746)78,746 0 
Effect of changes in equity markets(73,358)73,358 0 
Issuances650 (650)0 
Other adjustments585 (585)0 
Effect of changes in current period counterparty non-performance risk0 (21,341)(21,341)
Balance, end of period, before effect of changes in non-performance risk283,063 (204,027)79,036 
Effect of cumulative changes in non-performance risk(79,036)0 (79,036)
Balance, end of period$204,027 $(204,027)$0 

Three Months Ended March 31, 2023
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$398,254 $(398,254)$0 
Effect of cumulative changes in non-performance risk163,169 0 163,169 
Balance, beginning of period, before effect of changes in non-performance risk561,423 (398,254)163,169 
Attributed fees collected27,304 (27,304)0 
Claims paid(1,653)1,653 0 
Interest accrual7,035 (7,035)0 
Actual in force different from expected2,229 (2,229)0 
Effect of changes in interest rates33,851 (33,851)0 
Effect of changes in equity markets(54,966)54,966 0 
Effect of changes in current period counterparty non-performance risk0 15,728 15,728 
Balance, end of period, before effect of changes in non-performance risk575,223 (396,326)178,897 
Effect of cumulative changes in non-performance risk(178,897)0 (178,897)
Balance, end of period$396,326 $(396,326)$0 
The following table presents accompanying information to the rollforward table above.
March 31, 2024March 31, 2023
Variable Annuities
($ in thousands)
Net amount at risk(1)$680,353 $877,211 
Weighted-average attained age of contractholders7068
(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:
March 31, 2024March 31, 2023
Variable Annuities
(in thousands)
Direct and assumed$144,482 $83,298 
Ceded348,510 479,624 
Total market risk benefit assets$492,992 $562,922 
Direct and assumed$348,510 $479,624 
Ceded144,482 83,298 
Total market risk benefit liabilities$492,992 $562,922 
Net balance$0 $0 
v3.24.1.1.u2
Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2024
Reinsurance Disclosures [Abstract]  
Reinsurance Impact on Statements of Financial Position
Reinsurance amounts included in the Company’s Unaudited Interim Statements of Financial Position were as follows:
March 31, 2024December 31, 2023
 (in thousands)
Reinsurance recoverables$4,008,437 $3,603,225 
Policy loans(26,977)(24,518)
Deferred policy acquisition costs(620,920)(620,878)
Deferred sales inducements(34,683)(35,313)
Market risk benefit assets348,510 419,715 
Other assets39,911 40,267 
Market risk benefit liabilities144,482 117,944 
Other liabilities953,708 412,919 
Reinsurance Recoverable by Counterparty
Reinsurance recoverables by counterparty are as follows:
 March 31, 2024December 31, 2023
 (in thousands)
Prudential Insurance$1,172,091 $724,297 
PAR U780,799 1,725,753 
PARCC416,267 432,554 
PAR Term278,626 279,990 
Term Re270,803 275,721 
DART100,666 102,611 
Pruco Life56,590 57,509 
PURE929,034 0 
Unaffiliated3,561 4,790 
Total reinsurance recoverables$4,008,437 $3,603,225 
Reinsurance Impact on Statements of Operations and Comprehensive Income (Loss)
Reinsurance amounts, included in the Company’s Unaudited Interim Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, were as follows:
Three Months Ended March 31,
20242023
(in thousands)
Premiums:
Direct$59,878 $62,583 
Ceded(48,719)(52,406)
Net premiums11,159 10,177 
Policy charges and fee income:
Direct90,440 86,513 
Assumed13,066 0 
Ceded(1)226,078 (72,375)
Net policy charges and fee income329,584 14,138 
Net investment income:
Direct50,372 28,886 
Ceded(345)(226)
Net investment income50,027 28,660 
Asset administration fees:
Direct9,290 8,776 
Ceded(6,668)(6,696)
Net asset administration fees2,622 2,080 
Other income (loss):
Direct(985)1,145 
Ceded2,311 1 
Net other income1,3261,146
Realized investment gains (losses), net:
Direct1,265 (9,457)
Ceded(5,856)1,159 
Realized investment gains (losses), net(4,591)(8,298)
Change in value of market risk benefits, net of related hedging gain (loss):
Direct145,162 (13,801)
Ceded(123,821)(1,927)
Net change in value of market risk benefits, net of related hedging gain (loss)21,341 (15,728)
Policyholders’ benefits (including change in reserves):
Direct137,781 107,337 
Ceded(2)409,677 (88,998)
Net policyholders’ benefits (including change in reserves)547,458 18,339 
Change in estimates of liability for future policy benefits:
Direct9,247 (3,917)
Ceded(13,075)2,475 
Net change in estimates of liability for future policy benefits(3,828)(1,442)
Interest credited to policyholders’ account balances:
Direct30,405 18,022 
Ceded(10,383)(7,885)
Net interest credited to policyholders’ account balances20,022 10,137 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(62,055)(32,950)
(1)Includes $(1.3) million of unaffiliated activity for each of the three months ended March 31, 2024 and 2023.
(2)Includes $0.0 million of unaffiliated activity for each of the three months ended March 31, 2024 and 2023.
Gross and Net Life Insurance in Force
The gross and net amounts of life insurance face amount in force as of March 31, 2024 and 2023 were as follows:
20242023
 (in thousands)
Direct gross life insurance face amount in force$154,609,232 $154,115,666 
Reinsurance ceded(141,317,963)(139,826,733)
Net life insurance face amount in force$13,291,269 $14,288,933 
v3.24.1.1.u2
Equity (Tables)
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of AOCI as of and for the three months ended March 31, 2024 and 2023, are as follows:
Accumulated Other Comprehensive Income (Loss)
Foreign Currency Translation AdjustmentNet Unrealized
Investment Gains
(Losses)(1)		Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated Other Comprehensive Income (Loss)
(in thousands)
Balance, December 31, 2023$(1,079)$(130,117)$4,369 $79,300 $(47,527)
Change in OCI before reclassifications(100)(42,547)6,463 (21,341)(57,525)
Amounts reclassified from AOCI0 (751)0 0 (751)
Income tax benefit (expense)16 9,098 (1,357)4,481 12,238 
Balance, March 31, 2024$(1,163)$(164,317)$9,475 $62,440 $(93,565)

Accumulated Other Comprehensive Income (Loss)
Foreign Currency Translation AdjustmentNet 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$(1,214)$(176,386)$12,504 $128,906 $(36,190)
Change in OCI before reclassifications100 39,128 (6,958)15,727 47,997 
Amounts reclassified from AOCI0 (361)0 0 (361)
Income tax benefit (expense)(22)(8,139)1,463 (3,306)(10,004)
Balance, March 31, 2023$(1,136)$(145,758)$7,009 $141,327 $1,442 
(1)Includes cash flow hedges of $8 million and $5 million as of March 31, 2024 and December 31, 2023, respectively, and $13 million and $14 million as of March 31, 2023 and December 31, 2022, respectively.
Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Three Months Ended
March 31,
20242023
 (in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)$852 $387 
Net unrealized investment gains (losses) on available-for-sale securities(101)(26)
Total net unrealized investment gains (losses)(4)751 361 
Total reclassifications for the period$751 $361 
(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
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$0 $(192,271)$(52,266)$79,826 $34,594 $(130,117)
Net investment gains (losses) on investments arising during the period(3)(49,107)0 0 10,319 (38,791)
Reclassification adjustment for (gains) losses included in net income0 (751)0 0 158 (593)
Impact of net unrealized investment (gains) losses
0 0 (46,572)53,135 (1,379)5,184 
Balance, March 31, 2024$(3)$(242,129)$(98,838)$132,961 $43,692 $(164,317)
(1)Includes cash flow hedges. See Note 4 for information on cash flow hedges.
(2)"Other costs" primarily includes reinsurance recoverables.
(3)"Other liabilities" primarily includes reinsurance payables.
v3.24.1.1.u2
Related Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2024
Related Party Transactions [Abstract]  
Affiliated Notes Receivable
Affiliated notes receivable included in “Receivables from parent and affiliates” at March 31, 2024 and December 31, 2023 is as follows:
Maturity DatesInterest RatesMarch 31, 2024December 31, 2023
(in thousands)
U.S. dollar fixed rate notes 20320.00%-14.85 %$11,117 $0 
Total notes receivable - affiliated(1)$11,117 $0 
(1)All notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances.
Affiliated Asset Transfers The table below shows affiliated asset trades for the three months ended March 31, 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 InsuranceJune 2023PurchaseFixed Maturities$14,452 $15,086 $501 $0 
Prudential InsuranceDecember 2023SaleCommercial Mortgage and Other Loans$762 $754 $0 $8 
PAR UJanuary 2024Transfer inFixed Maturities$778,745 $778,745 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$778,745 $778,745 $0 0
v3.24.1.1.u2
Investments (Fixed Maturities Securities Excluding Investments Classified as Trading) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 2,574,841 $ 2,559,973
Gross Unrealized Gains 11,968 23,116
Gross Unrealized Losses 262,382 220,990
Allowance for Credit Loss 0 4
Fair Value 2,324,427 2,362,095
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 52,046 52,196
Gross Unrealized Gains 0 0
Gross Unrealized Losses 2,242 1,154
Allowance for Credit Loss 0 0
Fair Value 49,804 51,042
Obligations of U.S. states and their political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 178,895 184,419
Gross Unrealized Gains 180 952
Gross Unrealized Losses 4,571 2,833
Allowance for Credit Loss 0 0
Fair Value 174,504 182,538
Foreign government bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 89,137 95,189
Gross Unrealized Gains 110 248
Gross Unrealized Losses 17,096 14,693
Allowance for Credit Loss 0 0
Fair Value 72,151 80,744
U.S. public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,476,050 1,485,406
Gross Unrealized Gains 6,608 13,428
Gross Unrealized Losses 176,492 147,901
Allowance for Credit Loss 0 0
Fair Value 1,306,166 1,350,933
U.S. private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 239,170 227,342
Gross Unrealized Gains 1,216 1,978
Gross Unrealized Losses 10,625 8,884
Allowance for Credit Loss 0 0
Fair Value 229,761 220,436
Foreign public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 185,262 185,601
Gross Unrealized Gains 605 1,173
Gross Unrealized Losses 25,505 21,989
Allowance for Credit Loss 0 0
Fair Value 160,362 164,785
Foreign private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 216,638 190,545
Gross Unrealized Gains 3,017 5,102
Gross Unrealized Losses 17,501 14,791
Allowance for Credit Loss 0 0
Fair Value 202,154 180,856
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 18,392 19,440
Gross Unrealized Gains 61 40
Gross Unrealized Losses 715 969
Allowance for Credit Loss 0 0
Fair Value 17,738 18,511
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 103,552 104,055
Gross Unrealized Gains 0 0
Gross Unrealized Losses 6,925 7,356
Allowance for Credit Loss 0 0
Fair Value 96,627 96,699
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 15,699 15,780
Gross Unrealized Gains 171 195
Gross Unrealized Losses 710 420
Allowance for Credit Loss 0 4
Fair Value $ 15,160 $ 15,551
v3.24.1.1.u2
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value $ 353,713 $ 209,760
Less than Twelve Months, Gross Unrealized Losses 8,881 4,369
Twelve Months or More, Fair Value 1,489,736 1,489,475
Twelve Months or More, Gross Unrealized Losses 253,501 216,621
Total, Fair Value 1,843,449 1,699,235
Total, Gross Unrealized Losses 262,382 220,990
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 47,910 49,081
Less than Twelve Months, Gross Unrealized Losses 2,019 936
Twelve Months or More, Fair Value 1,895 1,962
Twelve Months or More, Gross Unrealized Losses 223 218
Total, Fair Value 49,805 51,043
Total, Gross Unrealized Losses 2,242 1,154
Obligations of U.S. states and their political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 62,045 22,856
Less than Twelve Months, Gross Unrealized Losses 809 186
Twelve Months or More, Fair Value 68,749 61,445
Twelve Months or More, Gross Unrealized Losses 3,762 2,647
Total, Fair Value 130,794 84,301
Total, Gross Unrealized Losses 4,571 2,833
Foreign government bonds    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 6,615 5,656
Less than Twelve Months, Gross Unrealized Losses 345 91
Twelve Months or More, Fair Value 60,867 69,066
Twelve Months or More, Gross Unrealized Losses 16,751 14,602
Total, Fair Value 67,482 74,722
Total, Gross Unrealized Losses 17,096 14,693
U.S. public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 134,178 86,203
Less than Twelve Months, Gross Unrealized Losses 3,495 1,688
Twelve Months or More, Fair Value 919,800 913,776
Twelve Months or More, Gross Unrealized Losses 172,997 146,213
Total, Fair Value 1,053,978 999,979
Total, Gross Unrealized Losses 176,492 147,901
U.S. private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 53,707 27,883
Less than Twelve Months, Gross Unrealized Losses 864 366
Twelve Months or More, Fair Value 116,803 117,409
Twelve Months or More, Gross Unrealized Losses 9,761 8,518
Total, Fair Value 170,510 145,292
Total, Gross Unrealized Losses 10,625 8,884
Foreign public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 21,352 5,029
Less than Twelve Months, Gross Unrealized Losses 275 135
Twelve Months or More, Fair Value 116,680 115,462
Twelve Months or More, Gross Unrealized Losses 25,230 21,854
Total, Fair Value 138,032 120,491
Total, Gross Unrealized Losses 25,505 21,989
Foreign private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 19,546 5,007
Less than Twelve Months, Gross Unrealized Losses 385 51
Twelve Months or More, Fair Value 95,331 98,159
Twelve Months or More, Gross Unrealized Losses 17,116 14,740
Total, Fair Value 114,877 103,166
Total, Gross Unrealized Losses 17,501 14,791
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 8,334 7,899
Less than Twelve Months, Gross Unrealized Losses 687 914
Twelve Months or More, Fair Value 2,322 4,775
Twelve Months or More, Gross Unrealized Losses 28 55
Total, Fair Value 10,656 12,674
Total, Gross Unrealized Losses 715 969
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 0 0
Less than Twelve Months, Gross Unrealized Losses 0 0
Twelve Months or More, Fair Value 96,627 96,699
Twelve Months or More, Gross Unrealized Losses 6,925 7,356
Total, Fair Value 96,627 96,699
Total, Gross Unrealized Losses 6,925 7,356
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 26 146
Less than Twelve Months, Gross Unrealized Losses 2 2
Twelve Months or More, Fair Value 10,662 10,722
Twelve Months or More, Gross Unrealized Losses 708 418
Total, Fair Value 10,688 10,868
Total, Gross Unrealized Losses $ 710 $ 420
v3.24.1.1.u2
Investments (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Schedule of Investments [Line Items]      
Gross Unrealized Loss $ 262,382   $ 220,990
Gross unrealized losses of twelve months or more concentrated in various sectors 253,501   216,621
Loans acquired 0 $ 0  
Loans sold 0 0  
Fixed Maturities purchased with Credit Deterioration 0   0
Accrued Investment Income Write Down 0 0  
Securities Sold under Agreements to Repurchase 0   0
Commercial mortgage and others loans Purchased with Credit Deterioration $ 0   $ 0
Commercial mortgage loans, Percentage 100.00%   100.00%
Fixed maturities      
Schedule of Investments [Line Items]      
Gross unrealized losses of twelve months or more concentrated in various sectors $ 254,000   $ 217,000
Other Income | Fixed maturities | Trading      
Schedule of Investments [Line Items]      
Unrealized Gain (Loss) on Investments (400) 600  
Other Income | Equity securities      
Schedule of Investments [Line Items]      
Unrealized Gain (Loss) on Investments $ (300) $ 0  
Texas      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 9.00%    
Florida      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 9.00%    
Washington      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 8.00%    
Europe      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 9.00%    
Mexico      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 4.00%    
NAIC High or Highest Quality Rating | Fixed maturities      
Schedule of Investments [Line Items]      
Gross Unrealized Loss $ 259,000   218,000
NAIC Other Than High or Highest Quality Rating | Fixed maturities      
Schedule of Investments [Line Items]      
Gross Unrealized Loss $ 4,000   $ 3,000
v3.24.1.1.u2
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Amortized Cost    
Due in one year or less $ 81,243  
Due after one year through five years 394,300  
Due after five years through ten years 231,972  
Due after ten years 1,729,683  
Amortized Cost 2,574,841 $ 2,559,973
Fair value    
Due in one year or less 77,627  
Due after one year through five years 385,027  
Due after five years through ten years 227,175  
Due after ten years 1,505,073  
Fair Value 2,324,427 2,362,095
Asset-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost 18,392  
Amortized Cost 18,392 19,440
Fair value    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 17,738  
Fair Value 17,738 18,511
Commercial mortgage-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost 103,552  
Amortized Cost 103,552 104,055
Fair value    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 96,627  
Fair Value 96,627 96,699
Residential mortgage-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost 15,699  
Amortized Cost 15,699 15,780
Fair value    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 15,160  
Fair Value $ 15,160 $ 15,551
v3.24.1.1.u2
Investments (Fixed Maturities Securities Proceeds) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Proceeds from maturities/prepayments $ 28,718 $ 33,170
Fixed maturities | Available-for-sale    
Debt Securities, Available-for-sale [Line Items]    
Proceeds from sales 2,155 886
Proceeds from maturities/prepayments 26,605 32,121
Gross investment gains from sales and maturities 64 29
Debt Securities, Available-for-Sale, Realized Loss (169) (415)
(Addition to) release of allowance for credit losses 4 360
Noncash or Part Noncash Divestiture, Amount of Consideration Received $ 0 $ 200
v3.24.1.1.u2
Investments (Credit Losses Recognized In Earnings on Fixed Maturity Securities Held by the Company) (Details) - Available-for-sale - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Balance, beginning of period $ 4 $ 363
Reductions for securities sold during the period 0 (359)
Addition (reductions) on securities with previous allowance (4) (1)
Balance, end of period 0 3
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Debt Securities, Available-for-sale [Line Items]    
Balance, beginning of period 0 0
Reductions for securities sold during the period 0 0
Addition (reductions) on securities with previous allowance 0 0
Balance, end of period 0 0
Foreign government bonds    
Debt Securities, Available-for-sale [Line Items]    
Balance, beginning of period 0 0
Reductions for securities sold during the period 0 0
Addition (reductions) on securities with previous allowance 0 0
Balance, end of period 0 0
U.S. and Foreign Corporate Securities    
Debt Securities, Available-for-sale [Line Items]    
Balance, beginning of period 0 358
Reductions for securities sold during the period 0 (358)
Addition (reductions) on securities with previous allowance 0 0
Balance, end of period 0 0
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Balance, beginning of period 0 0
Reductions for securities sold during the period 0 0
Addition (reductions) on securities with previous allowance 0 0
Balance, end of period 0 0
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Balance, beginning of period 0 0
Reductions for securities sold during the period 0 0
Addition (reductions) on securities with previous allowance 0 0
Balance, end of period 0 0
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Balance, beginning of period 4 5
Reductions for securities sold during the period 0 (1)
Addition (reductions) on securities with previous allowance (4) (1)
Balance, end of period $ 0 $ 3
v3.24.1.1.u2
Investments (Commercial Mortgage and Other Loans) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 264,753 $ 240,791
Commercial mortgage loans, Percentage 100.00% 100.00%
Allowance for Credit Losses $ (1,153) $ (1,162)
Total net commercial mortgage and agricultural property loans 263,600 239,629
Apartments and multi-family    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 75,152 $ 71,289
Commercial mortgage loans, Percentage 28.40% 29.60%
Hospitality    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 13,955 $ 14,070
Commercial mortgage loans, Percentage 5.30% 5.80%
Industrial    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 78,849 $ 70,633
Commercial mortgage loans, Percentage 29.80% 29.30%
Office    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 8,058 $ 8,122
Commercial mortgage loans, Percentage 3.00% 3.40%
Other    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 33,903 $ 24,587
Commercial mortgage loans, Percentage 12.80% 10.20%
Retail    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 23,216 $ 23,327
Commercial mortgage loans, Percentage 8.80% 9.70%
Commercial mortgage loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 233,133 $ 212,028
Commercial mortgage loans, Percentage 88.10% 88.00%
Agricultural property loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 31,620 $ 28,763
Commercial mortgage loans, Percentage 11.90% 12.00%
v3.24.1.1.u2
Investments (Allowance for Credit Losses) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Allowance for Loan and Lease Losses [Roll Forward]    
Balance, beginning of period $ 1,162 $ 408
Addition to (release of) allowance for expected losses (9) 91
Total ending balance 1,153 499
Commercial mortgage loans    
Allowance for Loan and Lease Losses [Roll Forward]    
Balance, beginning of period 1,107 405
Addition to (release of) allowance for expected losses 0 38
Total ending balance 1,107 443
Agricultural property loans    
Allowance for Loan and Lease Losses [Roll Forward]    
Balance, beginning of period 55 3
Addition to (release of) allowance for expected losses (9) 53
Total ending balance $ 46 $ 56
v3.24.1.1.u2
Investments (Credit Quality Indicators) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
Recording investment gross of allowance for credit losses $ 264,753 $ 240,791
Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 21,973 79,358
One Year Prior 79,045 34,879
Two Year Prior 34,844 2,734
Three Year Prior 2,729 2,198
Four Year Prior 2,198 37,222
Prior 92,344 55,637
Revolving Loans 0  
Recording investment gross of allowance for credit losses 233,133 212,028
Commercial mortgage loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 21,973 76,929
One Year Prior 76,634 34,879
Two Year Prior 34,844 2,734
Three Year Prior 2,729 2,198
Four Year Prior 2,198 36,293
Prior 84,507 48,677
Revolving Loans 0  
Recording investment gross of allowance for credit losses 222,885 201,710
Commercial mortgage loans | 1.0X to 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 2,429
One Year Prior 2,411 0
Two Year Prior 0 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 6,008 6,047
Revolving Loans 0  
Recording investment gross of allowance for credit losses 8,419 8,476
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 0
Four Year Prior 0 929
Prior 1,829 913
Revolving Loans 0  
Recording investment gross of allowance for credit losses 1,829 1,842
Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 2,000 13,358
One Year Prior 12,937 13,380
Two Year Prior 13,370 1,047
Three Year Prior 1,035 0
Four Year Prior 0 0
Prior 958 978
Revolving Loans 1,320  
Recording investment gross of allowance for credit losses 31,620 28,763
Agricultural property loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 2,000 13,358
One Year Prior 12,937 13,380
Two Year Prior 13,370 1,047
Three Year Prior 1,035 0
Four Year Prior 0 0
Prior 958 978
Revolving Loans 1,320  
Recording investment gross of allowance for credit losses 31,620 28,763
Agricultural property loans | 1.0X to 1.2X    
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 0 0
Prior 0 0
Revolving Loans 0  
Recording investment gross of allowance for credit losses 0 0
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 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 0 0
Revolving Loans 0  
Recording investment gross of allowance for credit losses 0 0
0% to 59.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 9,444
One Year Prior 9,427 19,879
Two Year Prior 19,844 772
Three Year Prior 767 0
Four Year Prior 0 17,239
Prior 58,506 42,159
Revolving Loans 0  
Recording investment gross of allowance for credit losses 88,544 89,493
0% to 59.99% | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 2,000 11,358
One Year Prior 10,937 1,035
Two Year Prior 1,025 1,047
Three Year Prior 1,035 0
Four Year Prior 0 0
Prior 958 978
Revolving Loans 1,320  
Recording investment gross of allowance for credit losses 17,275 14,418
60% to 69.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 18,973 37,809
One Year Prior 37,766 15,000
Two Year Prior 15,000 1,962
Three Year Prior 1,962 2,198
Four Year Prior 2,198 15,091
Prior 20,868 5,836
Revolving Loans 0  
Recording investment gross of allowance for credit losses 96,767 77,896
60% to 69.99% | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 2,000
One Year Prior 2,000 12,345
Two Year Prior 12,345 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 14,345 14,345
70% to 79.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 3,000 32,105
One Year Prior 31,852 0
Two Year Prior 0 0
Three Year Prior 0 0
Four Year Prior 0 3,885
Prior 5,955 1,595
Revolving Loans 0  
Recording investment gross of allowance for credit losses 40,807 37,585
70% to 79.99% | 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 0 0
Prior 0 0
Revolving Loans 0  
Recording investment gross of allowance for credit losses 0 0
80% or greater | Commercial mortgage 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 0 1,007
Prior 7,015 6,047
Revolving Loans 0  
Recording investment gross of allowance for credit losses 7,015 7,054
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 0 0
Prior 0 0
Revolving Loans 0  
Recording investment gross of allowance for credit losses $ 0 $ 0
v3.24.1.1.u2
Investments (Analysis of Past Due Commercial Mortgage, Agricultural and Other Loans) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Financing Receivable, Past Due [Line Items]    
Non-Accrual Status $ 0 $ 0
Recording investment gross of allowance for credit losses 264,753 240,791
Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 264,753 240,791
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 0 0
90 Days or More Past Due | Commercial mortgage and other loans    
Financing Receivable, Past Due [Line Items]    
Accruing Interest 0 0
Commercial mortgage loans    
Financing Receivable, Past Due [Line Items]    
Non-Accrual Status 0 0
Recording investment gross of allowance for credit losses 233,133 212,028
Commercial mortgage loans | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 233,133 212,028
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 0 0
Agricultural Loan    
Financing Receivable, Past Due [Line Items]    
Non-Accrual Status 0 0
Recording investment gross of allowance for credit losses 31,620 28,763
Agricultural Loan | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 31,620 28,763
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
v3.24.1.1.u2
Investments (Other Invested Assets) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Other Invested Assets [Line Items]    
Other invested assets $ 177,794 $ 153,885
LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 157,518 149,947
Derivative instruments    
Other Invested Assets [Line Items]    
Other invested assets 20,238 0
Other Member    
Other Invested Assets [Line Items]    
Other invested assets 38 3,938
Equity method | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 153,424 145,560
Equity method | Private equity | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 97,048 90,107
Equity method | Hedge funds | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 49,444 48,488
Equity method | Real estate-related | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 6,932 6,965
Fair Value | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 4,094 4,387
Fair Value | Private equity | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 243 249
Fair Value | Hedge funds | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 11 19
Fair Value | Real estate-related | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets $ 3,840 $ 4,119
v3.24.1.1.u2
Investments (Accrued Investment Income) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Net Investment Income [Line Items]    
Accrued investment income $ 64,442 $ 53,906
Fixed maturities    
Net Investment Income [Line Items]    
Accrued investment income 26,915 26,672
Equity securities    
Net Investment Income [Line Items]    
Accrued investment income 92 1
Commercial mortgage and other loans    
Net Investment Income [Line Items]    
Accrued investment income 1,111 948
Policy loans    
Net Investment Income [Line Items]    
Accrued investment income 35,286 25,675
Short-term investments and cash equivalents    
Net Investment Income [Line Items]    
Accrued investment income $ 1,038 $ 610
v3.24.1.1.u2
Investments (Net Investment Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income $ 51,335 $ 29,688
Less: investment expenses (1,308) (1,028)
Net investment income 50,027 28,660
Equity securities    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 91 91
Commercial mortgage and other loans    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 3,241 1,679
Policy loans    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 12,804 2,525
Other invested assets    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 4,119 1,478
Short-term investments and cash equivalents    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 3,295 2,641
Available-for-sale | Fixed maturities    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 27,636 21,117
Trading | Fixed maturities    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income $ 149 $ 157
v3.24.1.1.u2
Investments (Realized Investment Gains Losses, Net) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Schedule Of Gain Loss On Investments [Line Items]    
Realized investment gains (losses), net $ (4,591) $ (8,298)
Fixed maturities    
Schedule Of Gain Loss On Investments [Line Items]    
Realized investment gains (losses), net (101) (26)
Commercial mortgage and other loans    
Schedule Of Gain Loss On Investments [Line Items]    
Realized investment gains (losses), net 9 (91)
Derivatives    
Schedule Of Gain Loss On Investments [Line Items]    
Realized investment gains (losses), net (4,489) (8,241)
Short-term investments and cash equivalents    
Schedule Of Gain Loss On Investments [Line Items]    
Realized investment gains (losses), net $ (10) $ 60
v3.24.1.1.u2
Investments (Net Unrealized Gains Losses on Investments by Asset Class) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments $ (242,132) $ (192,271)
Fixed maturities | Available-for-sale | With an allowance    
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments (3) 0
Fixed maturities | Available-for-sale | Without an allowance    
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments (250,411) (197,874)
Derivatives designated as cash flow hedges    
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments 7,899 5,246
Other investments    
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments $ 383 $ 357
v3.24.1.1.u2
Derivatives and Hedging (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Gross Notional $ 1,951,785 $ 1,595,371
Assets 89,334 40,150
Liabilities (69,173) (50,561)
Policyholders' account balances    
Derivative [Line Items]    
Embedded derivatives (200,000) (168,000)
Derivatives Designated as Hedge Accounting Instruments:    
Derivative [Line Items]    
Gross Notional 188,066 169,101
Assets 9,504 7,865
Liabilities (2,881) (4,257)
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Gross Notional 188,066 169,101
Assets 9,504 7,865
Liabilities (2,881) (4,257)
Derivatives Not Qualifying as Hedge Accounting Instruments:    
Derivative [Line Items]    
Gross Notional 1,763,719 1,426,270
Assets 79,830 32,285
Liabilities (66,292) (46,304)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Gross Notional 47,592 39,965
Assets 2,055 1,563
Liabilities (588) (597)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Gross Notional 195,200 88,200
Assets 348 36
Liabilities (530) (2,063)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Default Swaps    
Derivative [Line Items]    
Gross Notional 0 0
Assets 0 0
Liabilities 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Forwards    
Derivative [Line Items]    
Gross Notional 9,891 9,550
Assets 95 7
Liabilities 0 (290)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options    
Derivative [Line Items]    
Gross Notional 1,511,036 1,288,555
Assets 77,332 30,679
Liabilities $ (65,174) $ (43,354)
v3.24.1.1.u2
Derivatives and Hedging (Offsetting Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Derivatives    
Gross Amounts of Recognized Financial Instruments $ 89,334 $ 40,150
Gross Amounts Offset in the Statements of Financial Position (69,096) (40,150)
Net Amounts Presented in the Statements of Financial Position 20,238 0
Financial Instruments/Collateral (19,054) 0
Net Amount 1,184 0
Total Assets    
Gross Amounts of Recognized Financial Instruments 89,334 40,150
Gross Amounts Offset in the Consolidated Statement of Financial Position (69,096) (40,150)
Net Amounts Presented in the Consolidated Statement of Financial Position 20,238 0
Financial Instruments/Collateral (19,054) 0
Net Amount 1,184 0
Derivatives    
Gross Amounts of Recognized Financial Instruments 69,173 50,561
Gross Amounts Offset in the Statements of Financial Position (69,173) (42,247)
Net Amounts Presented in the Statements of Financial Position 0 8,314
Financial Instruments/ Collateral 0 (8,314)
Net Amount 0 0
Total Liabilities    
Gross Amounts of Recognized Financial Instruments 69,173 50,561
Gross Amounts Offset in the Statements of Financial Position (69,173) (42,247)
Net Amounts Presented in the Statements of Financial Position 0 8,314
Financial instruments/ collateral 0 (8,314)
Net Amount $ 0 $ 0
v3.24.1.1.u2
Derivatives and Hedging (Financial Statement Classification and Impact of Derivatives Used in Qualifying and Non-qualifying Hedge Relationships) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Realized Investment Gains (Losses)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net $ (4,489) $ (8,241)
Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Net Investment Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 465 481
Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 490 (120)
Change in AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 2,653 (1,589)
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 (95) 18
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 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 465 481
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 482 (112)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Change in AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 2,653 (1,589)
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 (95) 18
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 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 465 481
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 482 (112)
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Change in AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 2,653 (1,589)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Realized Investment Gains (Losses)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net (4,394) (8,259)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Net Investment Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 8 (8)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Change in AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 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 1,554 167
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
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
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
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Change in AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 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 197 (82)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 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
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Change in AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 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 618 (228)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 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
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 8 (8)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Change in AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 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 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 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
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit | Change in AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 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 31,818 1,759
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
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
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity | Change in AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 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 (38,581) (9,875)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net 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
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
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivatives | Change in AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net $ 0 $ 0
v3.24.1.1.u2
Derivatives and Hedging (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
Cash flow hedgers in AOCI  
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]  
Balance, beginning $ 5,246
Amount recorded in AOCI 3,505
Amount reclassified from AOCI to income (852)
Balance, ending 7,899
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 3,505
Amount reclassified from AOCI to income $ (852)
v3.24.1.1.u2
Derivatives and Hedging (Narrative) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Cash flow hedge to be reclassified, short-term $ 2.0
v3.24.1.1.u2
Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale: $ 2,324,427 $ 2,362,095  
Market risk benefit assets 492,992 537,659 $ 563,000
Fixed maturities, trading 22,604 23,440  
Equity securities 4,548 4,615  
Other invested assets 177,794 153,885  
Reinsurance recoverables 4,008,437 3,603,225  
Receivables from parent and affiliates 64,166 24,502  
Separate account assets 14,520,998 14,077,103  
TOTAL ASSETS 23,829,953 22,897,725  
Market risk benefit liabilities 492,992 537,659 $ 563,000
Payables to parent and affiliates 1,185 9,380  
Total liabilities 22,594,779 21,529,599  
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: 49,804 51,042  
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: 174,504 182,538  
Foreign government bonds      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale: 72,151 80,744  
U.S. corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale: 1,306,166 1,350,933  
U.S. corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale: 229,761 220,436  
Foreign corporate public securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale: 160,362 164,785  
Foreign corporate private securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale: 202,154 180,856  
Asset-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale: 17,738 18,511  
Commercial mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale: 96,627 96,699  
Residential mortgage-backed securities      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale: 15,160 15,551  
Fair Value, Measurements, Recurring      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale: 2,324,427 2,362,095  
Market risk benefit assets 492,992 537,659  
Fixed maturities, trading 22,604 23,440  
Equity securities 4,548 4,615  
Short-term investments 11,894 3,459  
Cash equivalents 161,638 185,258  
Other invested assets 20,238 0  
Reinsurance recoverables 98,083 69,745  
Receivables from parent and affiliates 11,117    
Subtotal excluding separate account assets 3,147,541 3,186,271  
Separate account assets 13,337,472 12,914,412  
TOTAL ASSETS 16,485,013 16,100,683  
Market risk benefit liabilities 492,992 537,659  
Policyholders' account balances 297,683 237,316  
Payables to parent and affiliates 0 8,314  
Total liabilities 790,675 783,289  
Assets netting (69,096) (40,150)  
Liabilities netting (69,173) (42,247)  
Netting (100) (2,000)  
Fair Value, Measurements, Recurring | Other invested assets      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Assets netting (69,096) (40,150)  
Fair Value, Measurements, Recurring | Payables to parent and affiliates      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Liabilities netting (69,173) (42,247)  
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: 49,804 51,042  
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: 174,504 182,538  
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: 72,151 80,744  
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: 1,306,166 1,350,933  
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: 229,761 220,436  
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: 160,362 164,785  
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: 202,154 180,856  
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: 17,738 18,511  
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: 96,627 96,699  
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: 15,160 15,551  
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 benefit assets 0 0  
Fixed maturities, trading 0 0  
Equity securities 0 0  
Short-term investments 4,953 0  
Cash equivalents 5,989 24,928  
Other invested assets 0 0  
Reinsurance recoverables 0 0  
Receivables from parent and affiliates 0    
Subtotal excluding separate account assets 10,942 24,928  
Separate account assets 0 0  
TOTAL ASSETS 10,942 24,928  
Market risk benefit liabilities 0 0  
Policyholders' account balances 0 0  
Payables to parent and affiliates 0 0  
Total liabilities 0 0  
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: 2,285,213 2,323,262  
Market risk benefit assets 0 0  
Fixed maturities, trading 22,604 23,440  
Equity securities 70 74  
Short-term investments 6,941 3,459  
Cash equivalents 155,649 160,330  
Other invested assets 89,334 40,150  
Reinsurance recoverables 0 0  
Receivables from parent and affiliates 0    
Subtotal excluding separate account assets 2,559,811 2,550,715  
Separate account assets 13,337,472 12,914,412  
TOTAL ASSETS 15,897,283 15,465,127  
Market risk benefit liabilities 0 0  
Policyholders' account balances 0 0  
Payables to parent and affiliates 69,173 50,561  
Total liabilities 69,173 50,561  
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: 49,804 51,042  
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: 174,504 182,538  
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: 72,151 80,744  
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: 1,306,166 1,350,933  
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: 214,635 205,814  
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: 160,362 164,785  
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: 197,224 175,849  
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: 17,738 18,511  
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: 77,469 77,495  
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: 15,160 15,551  
Fair Value, Measurements, Recurring | Level 3      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale: 39,214 38,833  
Market risk benefit assets 492,992 537,659  
Fixed maturities, trading 0 0  
Equity securities 4,478 4,541  
Short-term investments 0 0  
Cash equivalents 0 0  
Other invested assets 0 0  
Reinsurance recoverables 98,083 69,745  
Receivables from parent and affiliates 11,117    
Subtotal excluding separate account assets 645,884 650,778  
Separate account assets 0 0  
TOTAL ASSETS 645,884 650,778  
Market risk benefit liabilities 492,992 537,659  
Policyholders' account balances 297,683 237,316  
Payables to parent and affiliates 0 0  
Total liabilities 790,675 774,975  
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: 0 0  
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: 15,126 14,622  
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: 0 0  
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: 4,930 5,007  
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: 0 0  
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: 19,158 19,204  
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 4,100 4,400  
Separate account assets      
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair value investment measured at NAV per share $ 1,184,000 $ 1,163,000  
v3.24.1.1.u2
Fair Value of Assets and Liabilities (Quantitative Info for Level 3 Inputs) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Corporate securities $ 4,920 $ 4,653  
Market risk benefit assets 492,992 537,659 $ 563,000
Market risk benefit liabilities 492,992 537,659 $ 563,000
Fair Value, Measurements, Recurring      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Market risk benefit assets 492,992 537,659  
Market risk benefit liabilities 492,992 537,659  
Policyholders' account balances $ 297,683 237,316  
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 benefit assets $ 492,992 537,659  
Market risk benefit liabilities 492,992 537,659  
Policyholders' account balances $ 297,683 $ 237,316  
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 0.33% 0.41%  
Utilization rate 38.00% 38.00%  
Withdrawal rate (greater than maximum) 81.00% 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 1.00% 1.00%  
Spread over SOFR 0.33% 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 10.13%    
Level 3 | Internal | Minimum | Discounted cash flow | Commercial mortgage-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidity premium 0.60% 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 0.33% 0.41%  
Utilization rate 38.00% 38.00%  
Withdrawal rate (greater than maximum) 81.00% 81.00%  
Mortality rate 0.00% 0.00%  
Equity volatility curve 15.00% 15.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Market risk benefit liabilities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Lapse rate 20.00% 20.00%  
Spread over SOFR 1.80% 1.91%  
Utilization rate 95.00% 95.00%  
Withdrawal rate (greater than maximum) 100.00% 100.00%  
Mortality rate 15.00% 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 1.80% 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 13.29%    
Level 3 | Internal | Maximum | Discounted cash flow | Commercial mortgage-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidity premium 0.75% 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 1.80% 1.91%  
Utilization rate 95.00% 95.00%  
Withdrawal rate (greater than maximum) 100.00% 100.00%  
Mortality rate 15.00% 15.00%  
Equity volatility curve 25.00% 25.00%  
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Discount rate 12.08%    
Level 3 | Internal | Weighted Average | Discounted cash flow | Commercial mortgage-backed securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Liquidity premium 0.66% 0.69%  
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 $ 492,992 $ 537,659  
Level 3 | Internal | Fair Value, Measurements, Recurring | Policyholders' account balances      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Policyholders' account balances 297,683 237,316  
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Corporate securities 12,833    
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 19,158 19,204  
Level 3 | Internal | Fair Value, Measurements, Recurring | Market risk benefit assets      
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]      
Market risk benefit assets $ 492,992 $ 537,659  
v3.24.1.1.u2
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Unrealized gains (losses) for assets/liabilities still held:      
Market risk benefit assets $ 492,992 $ 563,000 $ 537,659
Market risk benefit liabilities 492,992 563,000 $ 537,659
Equity securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 4,541 4,291  
Purchases 272 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 4,478 4,294  
Total gains (losses) (realized/unrealized):      
Included in earnings (335) 3  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (335) 3  
Equity securities | 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  
Equity securities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings (335) 3  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (335) 3  
Equity securities | 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  
Equity securities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Reinsurance recoverables      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 69,745 0  
Purchases 34,302 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 98,083 1,357  
Total gains (losses) (realized/unrealized):      
Included in earnings (5,964) 1,357  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (35,533) 1,357  
Reinsurance recoverables | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (5,964) 1,357  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (35,533) 1,357  
Reinsurance recoverables | 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  
Reinsurance recoverables | 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  
Reinsurance recoverables | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Receivables from parent and affiliates      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 0    
Purchases 11,117    
Sales 0    
Issuances 0    
Settlements 0    
Other 0    
Transfers into Level 3 0    
Transfers out of Level 3 0    
Fair Value, end of period 11,117    
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Policyholders' account balances      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period (237,316) (108,144)  
Purchases 0 0  
Sales 0 0  
Issuances (27,642) (8,056)  
Settlements 0 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period (297,683) (127,032)  
Total gains (losses) (realized/unrealized):      
Included in earnings (32,725) (10,832)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (1,472) (13,914)  
Policyholders' account balances | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (32,725) (10,832)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (1,472) (13,914)  
Policyholders' account balances | 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  
Policyholders' account balances | 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  
Policyholders' account balances | 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 0 (2)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Available-for-sale | Fixed maturities | 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  
Available-for-sale | Fixed maturities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings (13) (756)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (12) (757)  
Available-for-sale | Fixed maturities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings (8) (11)  
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 19,629 3,803  
Purchases 733 3,644  
Sales (51) 0  
Issuances 0 0  
Settlements (187) (3,835)  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 20,056 3,576  
Total gains (losses) (realized/unrealized):      
Included in earnings (68) (36)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (68) (37)  
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 19,204 20,701  
Purchases 0 0  
Sales 0 0  
Issuances 0 0  
Settlements (93) (87)  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 19,158 19,881  
Total gains (losses) (realized/unrealized):      
Included in earnings 47 (733)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings $ 56 $ (720)  
v3.24.1.1.u2
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Assets:    
Policy loans $ 1,116,711 $ 1,115,096
Cash and cash equivalents 176,240 186,383
Accrued investment income 64,442 53,906
Reinsurance recoverables 4,008,437 3,603,225
Receivables from parent and affiliates 64,166 24,502
Fair Value    
Assets:    
Commercial mortgage and other loans 260,082 237,993
Policy loans 1,116,711 1,115,096
Short-term investments 1,500 2,500
Cash and cash equivalents 14,602 1,125
Accrued investment income 64,442 53,906
Reinsurance recoverables 21,774 22,155
Receivables from parent and affiliates 53,049 24,502
Other assets 3,468 4,363
Total assets 1,535,628 1,461,640
Liabilities:    
Policyholders’ account balances - investment contracts 172,036 179,487
Cash collateral for loaned securities 0  
Payables to parent and affiliates 1,185 1,066
Other liabilities 49,276 52,027
Total liabilities 222,497 232,580
Carrying Amount    
Assets:    
Commercial mortgage and other loans 263,600 239,629
Policy loans 1,116,711 1,115,096
Short-term investments 1,500 2,500
Cash and cash equivalents 14,602 1,125
Accrued investment income 64,442 53,906
Reinsurance recoverables 23,385 23,537
Receivables from parent and affiliates 53,049 24,502
Other assets 3,468 4,363
Total assets 1,540,757 1,464,658
Liabilities:    
Policyholders’ account balances - investment contracts 173,647 180,868
Cash collateral for loaned securities 0  
Payables to parent and affiliates 1,185 1,066
Other liabilities 49,276 52,027
Total liabilities 224,108 233,961
Level 1 | Fair Value    
Assets:    
Commercial mortgage and other loans 0 0
Policy loans 0 0
Short-term investments 1,500 2,500
Cash and cash equivalents 14,602 1,125
Accrued investment income 0 0
Reinsurance recoverables 0 0
Receivables from parent and affiliates 0 0
Other assets 0 0
Total assets 16,102 3,625
Liabilities:    
Policyholders’ account balances - investment contracts 0 0
Cash collateral for loaned securities 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 0 0
Accrued investment income 64,442 53,906
Reinsurance recoverables 0 0
Receivables from parent and affiliates 53,049 24,502
Other assets 3,468 4,363
Total assets 120,959 82,771
Liabilities:    
Policyholders’ account balances - investment contracts 141,634 148,542
Cash collateral for loaned securities 0  
Payables to parent and affiliates 1,185 1,066
Other liabilities 49,276 52,027
Total liabilities 192,095 201,635
Level 3 | Fair Value    
Assets:    
Commercial mortgage and other loans 260,082 237,993
Policy loans 1,116,711 1,115,096
Short-term investments 0 0
Cash and cash equivalents 0 0
Accrued investment income 0 0
Reinsurance recoverables 21,774 22,155
Receivables from parent and affiliates 0 0
Other assets 0 0
Total assets 1,398,567 1,375,244
Liabilities:    
Policyholders’ account balances - investment contracts 30,402 30,945
Cash collateral for loaned securities 0  
Payables to parent and affiliates 0 0
Other liabilities 0 0
Total liabilities $ 30,402 $ 30,945
v3.24.1.1.u2
Deferred Policy Acquisition Costs and Deferred Reinsurance (Balance of and Changes in DAC) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of period $ 393,139  
Amortization expense 25,585 $ (5,017)
Balance, end of period 398,083  
Term Life    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of period 82,007 70,213
Capitalization 4,894 4,007
Amortization expense (2,028) (1,748)
Other 0 0
Balance, end of period 84,873 72,472
Variable and Universal Life    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of period 311,131 281,661
Capitalization 11,191 10,791
Amortization expense (3,692) (3,272)
Other (5,420) 3
Balance, end of period 313,210 289,183
Total    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of period 393,138 351,874
Capitalization 16,085 14,798
Amortization expense (5,720) (5,020)
Other (5,420) 3
Balance, end of period $ 398,083 $ 361,655
v3.24.1.1.u2
Deferred Policy Acquisition Costs and Deferred Reinsurance (Balance of and Changes in Deferred Reinsurance Losses) (Details) - Variable Annuity [Member] - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period $ 15,968 $ 17,425
Amortization Expense (358) (378)
Other 1 0
Balance, end of period $ 15,611 $ 17,047
v3.24.1.1.u2
Deferred Policy Acquisition Costs and Deferred Reinsurance (Balance of and Changes in Deferred Reinsurance Gains) (Details) - Variable and Universal Life - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Reinsurance Recoverable, Allowance for Credit Gain [Roll Forward]    
Balance, beginning of period $ 0 $ 0
Amortization expense (2,246) 0
Other 198,641 0
Balance, end of period $ 196,395 $ 0
v3.24.1.1.u2
Separate Accounts (Separate Account Assets) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 14,520,998 $ 14,077,103
Equity    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 8,840,722 8,299,099
Fixed Income    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 3,751,231 3,901,137
Other    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 745,519 714,176
Other invested assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 1,183,526 $ 1,162,691
v3.24.1.1.u2
Separate Accounts (Separate Account Liabilities) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Separate Account, Liability [Roll Forward]    
Balance, beginning of period $ 14,077,103 $ 13,926,958
Deposits 66,311 52,309
Investment performance 758,666 702,620
Policy charges (80,322) (81,363)
Surrenders and withdrawals (283,618) (206,691)
Benefit payments (11,921) (11,302)
Net transfers (to) from general account (14,990) 29,102
Other 9,769 2,048
Balance, end of period 14,520,998 14,413,681
Cash surrender value 14,273,647 14,142,362
Variable Annuity [Member]    
Separate Account, Liability [Roll Forward]    
Balance, beginning of period 9,064,177 8,928,568
Deposits 14,902 8,431
Investment performance 387,889 439,099
Policy charges (53,559) (55,991)
Surrenders and withdrawals (266,474) (194,702)
Benefit payments (1,506) (1,378)
Net transfers (to) from general account (3,588) 913
Other 178 397
Balance, end of period 9,142,019 9,125,337
Cash surrender value 9,014,812 8,933,846
Variable Life    
Separate Account, Liability [Roll Forward]    
Balance, beginning of period 5,012,926 4,998,390
Deposits 51,409 43,878
Investment performance 370,777 263,521
Policy charges (26,763) (25,372)
Surrenders and withdrawals (17,144) (11,989)
Benefit payments (10,415) (9,924)
Net transfers (to) from general account (11,402) 28,189
Other 9,591 1,651
Balance, end of period 5,378,979 5,288,344
Cash surrender value $ 5,258,835 $ 5,208,516
v3.24.1.1.u2
Liability For Future Policy Benefits (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Other adjustments $ 3,828 $ 1,442    
Nonparticipating Traditional And Limited-Pay Business        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Gain in net income   (3,000)    
Loss in net income   3,000    
Term Life        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, beginning of period 1,389,421 1,416,807    
Effect of cumulative changes in discount rate assumptions, beginning of period 29,313 73,563    
Balance at original discount rate, beginning of period 1,418,734 1,490,370    
Effect of actual variances from expected experience and other activity     $ (21,792) $ (10,232)
Adjusted balance, beginning of period 1,396,942 1,480,138    
Issuances 24,393 16,867    
Net premiums / considerations collected (40,799) (43,352)    
Interest accrual 16,394 17,156    
Balance at original discount rate, end of period 1,396,930 1,470,809    
Effect of cumulative changes in discount rate assumptions, end of period (56,897) (40,753)    
Balance, end of period 1,340,033 1,430,056    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 2,619,569 2,551,191    
Effect of cumulative changes in discount rate assumptions, beginning of period 44,322 137,962    
Balance at original discount rate, beginning of period 2,663,891 2,689,153    
Effect of actual variances from expected experience and other activity     (29,994) (14,462)
Adjusted balance, beginning of period 2,633,897 2,674,691    
Issuances 24,393 16,867    
Interest accrual 32,144 32,494    
Benefit payments (32,730) (40,914)    
Other adjustments (899) (372)    
Balance at original discount rate, end of period 2,656,805 2,682,766    
Effect of cumulative changes in discount rate assumptions, end of period (105,493) (64,374)    
Balance, end of period 2,551,312 2,618,392    
Balance, end of period, pre-flooring 1,211,279 1,188,336    
Flooring impact, end of period 14 0    
Balance, end of period, post-flooring 1,211,293 1,188,336    
Less: Reinsurance recoverables 1,036,843 1,036,995    
Balance after reinsurance recoverables, end of period, post-flooring 174,450 151,341    
Interest accrual 32,144 32,494    
Term Life | Gross Basis        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Interest accrual 15,749 15,338    
Undiscounted expected future gross premiums 3,007,181 3,056,399    
Discounted expected future gross premiums (at original discount rate) 2,011,489 2,057,345    
Discounted expected future gross premiums (at current discount rate) 1,938,769 2,006,982    
Undiscounted expected future benefits and expenses 4,286,686 4,332,537    
Interest accrual 15,749 15,338    
Gross premiums $ 59,673 $ 61,365    
Weighted-average duration of the liability in years (at original discount rate) 10 years 11 years    
Weighted-average duration of the liability in years (at current discount rate) 10 years 10 years    
Weighted-average interest rate (at original discount rate) 5.26% 5.31%    
Weighted-average interest rate (at current discount rate) 5.31% 5.07%    
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 actual variances from expected experience and other activity     90 (599)
Adjusted balance, beginning of period 90      
Issuances 639 710    
Net premiums / considerations collected (729) (111)    
Interest accrual 0 0    
Balance at original discount rate, end of period 0 0    
Effect of cumulative changes in discount rate assumptions, end of period 0 0    
Balance, end of period 0 0    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 18,489 16,460    
Effect of cumulative changes in discount rate assumptions, beginning of period 1,510 1,899    
Balance at original discount rate, beginning of period 19,999 18,359    
Effect of actual variances from expected experience and other activity     62 183
Adjusted balance, beginning of period 20,061 18,542    
Issuances 639 710    
Interest accrual 177 171    
Benefit payments (654) (551)    
Other adjustments 1 0    
Balance at original discount rate, end of period 20,224 18,872    
Effect of cumulative changes in discount rate assumptions, end of period (1,796) (1,536)    
Balance, end of period 18,428 17,336    
Balance, end of period, pre-flooring 18,428 17,336    
Flooring impact, end of period 0 0    
Balance, end of period, post-flooring 18,428 17,336    
Less: Reinsurance recoverables 18,428 17,336    
Balance after reinsurance recoverables, end of period, post-flooring 0 0    
Interest accrual 177 171    
Fixed Annuities | Gross Basis        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Interest accrual 177 171    
Undiscounted expected future gross premiums 0 0    
Discounted expected future gross premiums (at original discount rate) 0 0    
Discounted expected future gross premiums (at current discount rate) 0 0    
Undiscounted expected future benefits and expenses 26,109 24,654    
Interest accrual 177 171    
Gross premiums $ 950 $ 112    
Weighted-average duration of the liability in years (at original discount rate) 6 years 7 years    
Weighted-average duration of the liability in years (at current discount rate) 5 years 6 years    
Weighted-average interest rate (at original discount rate) 3.71% 3.61%    
Weighted-average interest rate (at current discount rate) 5.21% 4.98%    
Fixed Annuity Netting        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Adjusted balance, beginning of period   $ (599)    
Term Life And Fixed Annuities        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, beginning of period $ 1,389,421 1,416,807    
Effect of cumulative changes in discount rate assumptions, beginning of period 29,313 73,563    
Balance at original discount rate, beginning of period 1,418,734 1,490,370    
Effect of actual variances from expected experience and other activity     (21,702) (10,831)
Adjusted balance, beginning of period 1,397,032 1,479,539    
Issuances 25,032 17,577    
Net premiums / considerations collected (41,528) (43,463)    
Interest accrual 16,394 17,156    
Balance at original discount rate, end of period 1,396,930 1,470,809    
Effect of cumulative changes in discount rate assumptions, end of period (56,897) (40,753)    
Balance, end of period 1,340,033 1,430,056    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 2,638,058 2,567,651    
Effect of cumulative changes in discount rate assumptions, beginning of period 45,832 139,861    
Balance at original discount rate, beginning of period 2,683,890 2,707,512    
Effect of actual variances from expected experience and other activity     $ (29,932) $ (14,279)
Adjusted balance, beginning of period 2,653,958 2,693,233    
Issuances 25,032 17,577    
Interest accrual 32,321 32,665    
Benefit payments (33,384) (41,465)    
Other adjustments (898) (372)    
Balance at original discount rate, end of period 2,677,029 2,701,638    
Effect of cumulative changes in discount rate assumptions, end of period (107,289) (65,910)    
Balance, end of period 2,569,740 2,635,728    
Balance, end of period, pre-flooring 1,229,707 1,205,672    
Flooring impact, end of period 14 0    
Balance, end of period, post-flooring 1,229,721 1,205,672    
Less: Reinsurance recoverables 1,055,271 1,054,331    
Balance after reinsurance recoverables, end of period, post-flooring 174,450 151,341    
Interest accrual $ 32,321 $ 32,665    
v3.24.1.1.u2
Liability For Future Policy Benefits (Deferred Profit Liability) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Other adjustments $ 3,828 $ 1,442    
Deferred profit liability        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Revenue   139    
Deferred Profit Liability Netting        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Revenue (211)      
Fixed Annuities        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of actual variances from expected experience and other activity     $ 62 $ 183
Adjusted balance, beginning of period     20,061 18,542
Interest accrual 177 171    
Other adjustments 1 0    
Balance, end of period 18,428 17,336    
Less: Reinsurance recoverables 18,428 17,336    
Balance after reinsurance recoverables, end of period, post-flooring 0 0    
Fixed Annuities | Gross Basis        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Interest accrual 177 171    
Revenue 950 112    
Fixed Annuities | Deferred profit liability        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 1,365 1,684    
Effect of actual variances from expected experience and other activity     34 (107)
Adjusted balance, beginning of period     $ 1,399 $ 1,577
Profits deferred 216 0    
Interest accrual 14 13    
Amortization (53) (45)    
Balance, end of period 1,576 1,545    
Less: Reinsurance recoverables 1,576 1,545    
Balance after reinsurance recoverables, end of period, post-flooring 0 0    
Revenue   139    
Fixed Annuities | Deferred profit liability | Gross Basis        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Interest accrual 14 13    
Revenue   $ 139    
Fixed Annuities | Deferred Profit Liability Netting        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Revenue (211)      
Fixed Annuities | Deferred Profit Liability Netting | Gross Basis        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Revenue $ (211)      
v3.24.1.1.u2
Liability For Future Policy Benefits (Additional Insurance Reserves) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Insurance [Abstract]        
Balance, beginning of period $ 986,166 $ 827,478    
Flooring impact and amounts in AOCI 56,487 91,115    
Balance, excluding amounts in AOCI, beginning of period, pre-flooring 1,042,653 918,593    
Effect of actual variances from expected experience and other activity     $ 17,115 $ (342)
Adjusted balance, beginning of period     $ 1,059,768 $ 918,251
Assessments collected 23,439 14,827    
Interest accrual 8,986 7,840    
Benefits paid (5,955) (3,995)    
Balance, excluding amounts in AOCI, end of period, pre-flooring 1,086,238 936,923    
Flooring impact and amounts in AOCI (103,881) (65,818)    
Balance, including amounts in AOCI, end of period, post-flooring 982,357 871,105    
Less: Reinsurance recoverables 956,650 834,640    
Balance after reinsurance recoverables, including amounts in AOCI, end of period 25,707 36,465    
Gross assessments $ 56,772 $ 46,941    
Weighted-average duration of the liability in years (at original discount rate) 27 years 28 years    
Weighted-average interest rate (at original discount rate) 3.43% 3.42%    
v3.24.1.1.u2
Liability For Future Policy Benefits (Future Policy Benefits) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Insurance [Abstract]      
Benefit reserves, end of period, post-flooring $ 1,229,721   $ 1,205,672
Deferred profit liability, end of period, post-flooring 1,576   1,545
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring 982,357   871,105
Subtotal of amounts disclosed above 2,213,654   2,078,322
Other Future Policy Benefits reserves 176,241   149,309
Total Future policy benefits $ 2,389,895 $ 2,398,443 $ 2,227,631
v3.24.1.1.u2
Liability For Future Policy Benefits (Revenue and Interest Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Benefit Reserves    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue $ 60,623 $ 61,477
Interest Expense 15,926 15,509
Benefit Reserves | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 950 112
Interest Expense 177 171
Benefit Reserves | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 59,673 61,365
Interest Expense 15,749 15,338
Benefit Reserves | Variable and Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest Expense 0 0
Deferred profit liability    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue   139
Interest Expense 14 13
Deferred profit liability | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue   139
Interest Expense 14 13
Deferred profit liability | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest Expense 0 0
Deferred profit liability | Variable and Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest Expense 0 0
Additional insurance reserves    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 56,772 46,941
Interest Expense 8,986 7,840
Additional insurance reserves | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest Expense 0 0
Additional insurance reserves | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 0 0
Interest Expense 0 0
Additional insurance reserves | Variable and Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 56,772 46,941
Interest Expense 8,986 7,840
Revenues    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 117,184 108,557
Revenues | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 739 251
Revenues | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 59,673 61,365
Revenues | Variable and Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 56,772 46,941
Interest Expense    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest Expense 24,926 23,362
Interest Expense | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest Expense 191 184
Interest Expense | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest Expense 15,749 15,338
Interest Expense | Variable and Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest Expense 8,986 $ 7,840
Deferred Profit Liability Netting    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue (211)  
Deferred Profit Liability Netting | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue $ (211)  
v3.24.1.1.u2
Policyholders' Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period $ 4,036,184  
Net transfers (to) from general account 14,990 $ (29,102)
Unearned revenue reserves 383,842 328,956
Other adjustments 9,568 9,386
Total Policyholders' account balance $ 4,186,756 $ 2,792,291
Weighted-average crediting rate 2.08% 2.65%
Net amount at risk $ 34,482,721 $ 33,887,277
Cash surrender value 3,407,262 2,066,310
Total    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period 3,656,352 2,451,210
Deposits 156,170 83,485
Interest credited 19,396 16,239
Policy charges (36,720) (36,414)
Surrenders and withdrawals (46,018) (39,551)
Benefit payments (3,549) (2,223)
Net transfers (to) from general account 14,990 (29,102)
Change in market value and other adjustments 32,725 10,305
Balance, end of period 3,793,346 2,453,949
Fixed Annuities    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period 35,025 39,406
Deposits 1,104 707
Interest credited 212 252
Policy charges (14) (14)
Surrenders and withdrawals (1,473) (2,027)
Benefit payments (155) (154)
Net transfers (to) from general account 0 0
Change in market value and other adjustments 0 0
Balance, end of period 34,699 38,170
Total Policyholders' account balance $ 27,049 $ 30,626
Weighted-average crediting rate 2.43% 2.59%
Net amount at risk $ 0 $ 0
Cash surrender value 8,414 10,074
Variable Annuity [Member]    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period 592,581 327,124
Deposits 100,818 25,558
Interest credited 3,909 2,015
Policy charges (49) (40)
Surrenders and withdrawals (11,039) (8,163)
Benefit payments (713) (1,647)
Net transfers (to) from general account 3,588 (913)
Change in market value and other adjustments 29,526 (131)
Balance, end of period 718,621 343,803
Total Policyholders' account balance $ 286,554 $ 323,156
Weighted-average crediting rate 2.38% 2.40%
Net amount at risk $ 0 $ 0
Cash surrender value 690,349 322,593
Variable and Universal Life    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period 3,028,746 2,084,680
Deposits 54,248 57,220
Interest credited 15,275 13,972
Policy charges (36,657) (36,360)
Surrenders and withdrawals (33,506) (29,361)
Benefit payments (2,681)  
Net transfers (to) from general account 11,402 (28,189)
Change in market value and other adjustments 3,199 10,436
Balance, end of period 3,040,026 2,071,976
Total Policyholders' account balance $ 2,679,796 $ 1,752,083
Weighted-average crediting rate 2.01% 2.69%
Net amount at risk $ 34,482,721 $ 33,887,277
Cash surrender value $ 2,708,499 1,733,643
Variable Universal Life Netting    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Benefit payments   $ (422)
v3.24.1.1.u2
Policyholders' Liabilities (Guaranteed Minimum Crediting Rate) (Details)
$ in Thousands
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 4,186,756 $ 4,036,184 $ 2,792,291  
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 $ 27,049 35,025 $ 30,626 $ 39,406
Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 27,049   30,626  
Fixed Annuities | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Variable Annuity [Member]        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 286,554 592,581 323,156 327,124
Variable Annuity [Member] | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 278,965   321,448  
Variable Annuity [Member] | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 7,589   1,708  
Variable Annuity [Member] | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Variable Annuity [Member] | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Variable and Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,679,796 $ 3,028,746 1,752,083 $ 2,084,680
Variable and Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 646,041   548,749  
Variable and Universal Life | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 418,477   359,398  
Variable and Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,376,051   526,535  
Variable and Universal Life | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 239,227   $ 317,401  
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 $ 0   $ 0  
Less than 1.00% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Less than 1.00% | Fixed Annuities | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Less than 1.00% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Less than 1.00% | Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 0   $ 0  
Less than 1.00% | Variable Annuity [Member]        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00%   1.00%  
Account Values with Crediting Rates $ 1,720   $ 1,651  
Less than 1.00% | Variable Annuity [Member] | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,720   1,651  
Less than 1.00% | Variable Annuity [Member] | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Less than 1.00% | Variable Annuity [Member] | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Less than 1.00% | Variable Annuity [Member] | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 0   $ 0  
Less than 1.00% | Variable and Universal Life        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00%   1.00%  
Account Values with Crediting Rates $ 29,485   $ 640  
Less than 1.00% | Variable and Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Less than 1.00% | Variable and 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 and 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 and Universal Life | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 29,485   640  
1.00% - 1.99% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 1,042   $ 1,284  
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 $ 1,042   $ 1,284  
1.00% - 1.99% | Fixed Annuities | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
1.00% - 1.99% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
1.00% - 1.99% | Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
1.00% - 1.99% | Variable Annuity [Member]        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 175,305   $ 191,108  
1.00% - 1.99% | Variable Annuity [Member] | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00%   1.00%  
1.00% - 1.99% | Variable Annuity [Member] | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.99%   1.99%  
1.00% - 1.99% | Variable Annuity [Member] | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 168,733   $ 189,516  
1.00% - 1.99% | Variable Annuity [Member] | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 6,572   1,592  
1.00% - 1.99% | Variable Annuity [Member] | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
1.00% - 1.99% | Variable Annuity [Member] | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
1.00% - 1.99% | Variable and Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 495,917   $ 456,701  
1.00% - 1.99% | Variable and Universal Life | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00%   1.00%  
1.00% - 1.99% | Variable and Universal Life | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.99%   1.99%  
1.00% - 1.99% | Variable and Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 23,881   $ 17,633  
1.00% - 1.99% | Variable and 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 and Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 279,047   148,939  
1.00% - 1.99% | Variable and Universal Life | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 192,989   290,129  
2.00% - 2.99% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 18,421   $ 20,243  
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 $ 18,421   $ 20,243  
2.00% - 2.99% | Fixed Annuities | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
2.00% - 2.99% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
2.00% - 2.99% | Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
2.00% - 2.99% | Variable Annuity [Member]        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 1,329   $ 1,784  
2.00% - 2.99% | Variable Annuity [Member] | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.00%   2.00%  
2.00% - 2.99% | Variable Annuity [Member] | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.99%   2.99%  
2.00% - 2.99% | Variable Annuity [Member] | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 1,329   $ 1,784  
2.00% - 2.99% | Variable Annuity [Member] | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
2.00% - 2.99% | Variable Annuity [Member] | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
2.00% - 2.99% | Variable Annuity [Member] | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
2.00% - 2.99% | Variable and Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 377,743   $ 363,561  
2.00% - 2.99% | Variable and Universal Life | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.00%   2.00%  
2.00% - 2.99% | Variable and Universal Life | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.99%   2.99%  
2.00% - 2.99% | Variable and Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 4,372   $ 4,463  
2.00% - 2.99% | Variable and Universal Life | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 159,463   15,422  
2.00% - 2.99% | Variable and Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 197,155   317,044  
2.00% - 2.99% | Variable and Universal Life | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 16,753   26,632  
3.00% - 4.00% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 7,586   $ 9,099  
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 $ 7,586   $ 9,099  
3.00% - 4.00% | Fixed Annuities | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
3.00% - 4.00% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
3.00% - 4.00% | Fixed Annuities | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
3.00% - 4.00% | Variable Annuity [Member]        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 108,068   $ 128,487  
3.00% - 4.00% | Variable Annuity [Member] | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 3.00%   3.00%  
3.00% - 4.00% | Variable Annuity [Member] | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00%   4.00%  
3.00% - 4.00% | Variable Annuity [Member] | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 107,051   $ 128,371  
3.00% - 4.00% | Variable Annuity [Member] | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,017   116  
3.00% - 4.00% | Variable Annuity [Member] | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
3.00% - 4.00% | Variable Annuity [Member] | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
3.00% - 4.00% | Variable and Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 1,406,465   $ 554,620  
3.00% - 4.00% | Variable and Universal Life | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 3.00%   3.00%  
3.00% - 4.00% | Variable and Universal Life | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00%   4.00%  
3.00% - 4.00% | Variable and Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 247,602   $ 150,092  
3.00% - 4.00% | Variable and Universal Life | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 259,014   343,976  
3.00% - 4.00% | Variable and Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 899,849   60,552  
3.00% - 4.00% | Variable and 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 [Member]        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00%   4.00%  
Account Values with Crediting Rates $ 132   $ 126  
Greater than 4.00% | Variable Annuity [Member] | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 132   126  
Greater than 4.00% | Variable Annuity [Member] | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Greater than 4.00% | Variable Annuity [Member] | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Greater than 4.00% | Variable Annuity [Member] | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 0   $ 0  
Greater than 4.00% | Variable and Universal Life        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00%   4.00%  
Account Values with Crediting Rates $ 370,186   $ 376,561  
Greater than 4.00% | Variable and Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 370,186   376,561  
Greater than 4.00% | Variable and 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 and 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 and Universal Life | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 0   $ 0  
v3.24.1.1.u2
Policyholders' Liabilities (Additional Insurance Reserves) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]    
Less: Reinsurance recoverables $ 956,650 $ 834,640
Balance after reinsurance recoverables, end of period 25,707 36,465
Variable / Universal Life | Policyholder Contract Deposit    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]    
Balance, beginning of period 370,258 313,711
Unearned revenue 17,995 19,030
Amortization expense (4,411) (3,785)
Balance, end of period 383,842 328,956
Less: Reinsurance recoverables 103,852 85,048
Balance after reinsurance recoverables, end of period $ 279,990 $ 243,908
v3.24.1.1.u2
Market Risk Benefits - Rollforward of Balances for Variable Annuity Products (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Variable Annuity [Member]    
Market Risk Benefit [Roll Forward]    
Balance, beginning of period $ 301,771 $ 398,254
Effect of cumulative changes in non-performance risk 100,377 163,169
Balance, beginning of period, before effect of changes in non-performance risk 402,148 561,423
Attributed fees collected 26,214 27,304
Claims paid (761) (1,653)
Interest accrual 5,813 7,035
Actual in force different from expected 518 2,229
Effect of changes in interest rates (78,746) 33,851
Effect of changes in equity markets (73,358) (54,966)
Issuances 650  
Effect of changes in current period counterparty non-performance risk 0 0
Other adjustments 585  
Balance, end of period, before effect of changes in non-performance risk 283,063 575,223
Effect of cumulative changes in non-performance risk (79,036) (178,897)
Balance, end of period 204,027 396,326
Less: Reinsured Market Risk Benefits    
Market Risk Benefit [Roll Forward]    
Balance, beginning of period (301,771) (398,254)
Effect of cumulative changes in non-performance risk 0 0
Balance, beginning of period, before effect of changes in non-performance risk (301,771) (398,254)
Interest accrual (5,813) (7,035)
Actual in force different from expected (518) (2,229)
Effect of changes in interest rates 78,746 (33,851)
Effect of changes in equity markets 73,358 54,966
Effect of changes in current period counterparty non-performance risk (21,341) 15,728
Other adjustments (585)  
Balance, end of period, before effect of changes in non-performance risk (204,027) (396,326)
Effect of cumulative changes in non-performance risk 0 0
Balance, end of period (204,027) (396,326)
Less: Reinsured Market Risk Benefits    
Market Risk Benefit [Roll Forward]    
Attributed fees collected (26,214) (27,304)
Claims paid 761 1,653
Issuances (650)  
Total, Net of Reinsurance    
Market Risk Benefit [Roll Forward]    
Balance, beginning of period 0 0
Effect of cumulative changes in non-performance risk 100,377 163,169
Balance, beginning of period, before effect of changes in non-performance risk 100,377 163,169
Attributed fees collected 0 0
Claims paid 0 0
Interest accrual 0 0
Actual in force different from expected 0 0
Effect of changes in interest rates 0 0
Effect of changes in equity markets 0 0
Issuances 0  
Effect of changes in current period counterparty non-performance risk (21,341) 15,728
Other adjustments 0  
Balance, end of period, before effect of changes in non-performance risk 79,036 178,897
Effect of cumulative changes in non-performance risk (79,036) (178,897)
Balance, end of period $ 0 $ 0
v3.24.1.1.u2
Market Risk Benefits - Market Risk Benefits In Asset and Liability Positions (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]        
Total market risk benefit assets $ 492,992 $ 563,000 $ 537,659  
Total market risk benefit liabilities 492,992 563,000 537,659  
Variable Annuity [Member]        
Liability for Future Policy Benefit, Activity [Line Items]        
Net amount at risk $ 680,353 $ 877,211    
Weighted-average attained age of contractholders 70 years 68 years    
Direct and assumed $ 144,482 $ 83,298    
Ceded 348,510 479,624    
Total market risk benefit assets 492,992 562,922    
Direct and assumed 348,510 479,624    
Ceded 144,482 83,298    
Total market risk benefit liabilities 492,992 562,922    
Net balance $ 0 $ 0 $ 301,771 $ 398,254
v3.24.1.1.u2
Reinsurance (Reinsurance amounts included in the Statements of Financial Position) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Effects of Reinsurance [Line Items]      
Reinsurance recoverables $ 4,008,437 $ 3,603,225  
Policy loans (1,116,711) (1,115,096)  
Deferred policy acquisition cost (398,083) (393,139)  
Market risk benefit assets 492,992 537,659 $ 563,000
Other assets 47,655 49,010  
Market risk benefit liabilities 492,992 537,659 $ 563,000
Other liabilities 1,002,953 470,830  
Impacts of Reinsurance      
Effects of Reinsurance [Line Items]      
Reinsurance recoverables 4,008,437 3,603,225  
Policy loans (26,977) (24,518)  
Deferred policy acquisition cost (620,920) (620,878)  
Deferred sales inducements (34,683) (35,313)  
Market risk benefit assets 348,510 419,715  
Other assets 39,911 40,267  
Market risk benefit liabilities 144,482 117,944  
Other liabilities $ 953,708 $ 412,919  
v3.24.1.1.u2
Reinsurance (Reinsurance Recoverable by Counterparty) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables $ 4,008,437 $ 3,603,225
Prudential Insurance    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 1,172,091 724,297
PAR U    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 780,799 1,725,753
PARCC    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 416,267 432,554
PAR Term    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 278,626 279,990
Term Re    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 270,803 275,721
DART    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 100,666 102,611
Pruco Life    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 56,590 57,509
PURE    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 929,034 0
Unaffiliated    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables $ 3,561 $ 4,790
v3.24.1.1.u2
Reinsurance (Reinsurance amounts included in the Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Premiums:    
Direct $ 59,878 $ 62,583
Ceded (48,719) (52,406)
Net premiums 11,159 10,177
Policy charges and fee income:    
Direct 90,440 86,513
Assumed 13,066 0
Ceded 226,078 (72,375)
Net policy charges and fee income 329,584 14,138
Net investment income:    
Direct 50,372 28,886
Ceded (345) (226)
Net investment income 50,027 28,660
Asset administration fees:    
Direct 9,290 8,776
Ceded (6,668) (6,696)
Net asset administration fees 2,622 2,080
Other income (loss):    
Direct (985) 1,145
Ceded 2,311 (1)
Net other income 1,326 1,146
Realized investment gains (losses), net:    
Direct 1,265 (9,457)
Ceded (5,856) 1,159
Realized investment gains (losses), net (4,591) (8,298)
Change in value of market risk benefits, net of related hedging gain (loss):    
Direct 145,162 (13,801)
Ceded (123,821) (1,927)
Net change in value of market risk benefits, net of related hedging gain (loss) 21,341 (15,728)
Policyholders’ benefits (including change in reserves):    
Direct 137,781 107,337
Ceded 409,677 88,998
Net policyholders' benefits (including change in reserves) 547,458 18,339
Change in estimates of liability for future policy benefits:    
Direct 9,247 (3,917)
Ceded (13,075) 2,475
Net change in estimates of liability for future policy benefits (3,828) (1,442)
Interest credited to policyholders’ account balances:    
Direct 30,405 18,022
Ceded (10,383) (7,885)
Net interest credited to policyholders’ account balances 20,022 10,137
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization (62,055) (32,950)
Unaffiliated    
Policy charges and fee income:    
Ceded (1,300) (1,300)
Policyholders’ benefits (including change in reserves):    
Ceded $ 0 $ 0
v3.24.1.1.u2
Reinsurance (Life Insurance In Force) (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Mar. 31, 2023
Reinsurance Disclosures [Abstract]    
Direct gross life insurance face amount in force $ 154,609,232 $ 154,115,666
Reinsurance ceded (141,317,963) (139,826,733)
Net life insurance face amount in force $ 13,291,269 $ 14,288,933
v3.24.1.1.u2
Reinsurance (Narrative) (Details) - USD ($)
$ in Millions
 24 Months Ended 48 Months Ended 60 Months Ended
Dec. 31, 2014
Jul. 01, 2012
Dec. 31, 2009
Dec. 31, 2019
Dec. 31, 2017
Dec. 31, 2013
Dec. 31, 2019
Jan. 01, 2024
Somerset Re                
Effects of Reinsurance [Line Items]                
Deferred Reinsurance Gain               $ 199
Recapture loss               $ (183)
Affiliated Entity | PAR U                
Effects of Reinsurance [Line Items]                
Reinsurance Retention Policy, Reinsured Risk, Percentage   95.00%         100.00%  
Affiliated Entity | PARCC                
Effects of Reinsurance [Line Items]                
Reinsurance Retention Policy, Reinsured Risk, Percentage     90.00%          
Affiliated Entity | PAR Term                
Effects of Reinsurance [Line Items]                
Reinsurance Retention Policy, Reinsured Risk, Percentage           95.00%    
Affiliated Entity | Term Re                
Effects of Reinsurance [Line Items]                
Reinsurance Retention Policy, Reinsured Risk, Percentage         95.00%      
Affiliated Entity | DART                
Effects of Reinsurance [Line Items]                
Reinsurance Retention Policy, Reinsured Risk, Percentage       95.00%        
Affiliated Entity | PURE                
Effects of Reinsurance [Line Items]                
Reinsurance Retention Policy, Reinsured Risk, Percentage 100.00%              
v3.24.1.1.u2
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]    
Income tax expense (benefit) $ (53,516) $ (1,440)
Effective Income Tax Rate, Percent 38.11% 12.17%
Federal Statutory Income Tax Rate, Percent 21.00%  
Book-income Alternative Minimum Tax Rate 15.00%  
v3.24.1.1.u2
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance $ (47,527)  
Income tax benefit (expense) 12,238 $ (10,004)
Ending Balance (93,565)  
Foreign Currency Translation Adjustment    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (1,079) (1,214)
Change in OCI before reclassifications (100) 100
Amounts reclassified from AOCI 0 0
Income tax benefit (expense) 16 (22)
Ending Balance (1,163) (1,136)
Net Unrealized Investment Gains (Losses)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (130,117) (176,386)
Change in OCI before reclassifications (42,547) 39,128
Amounts reclassified from AOCI (751) (361)
Income tax benefit (expense) 9,098 (8,139)
Ending Balance (164,317) (145,758)
Interest Rate Remeasurement of Future Policy Benefits    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance 4,369 12,504
Change in OCI before reclassifications 6,463 (6,958)
Amounts reclassified from AOCI 0 0
Income tax benefit (expense) (1,357) 1,463
Ending Balance 9,475 7,009
Gain (Loss) from Changes in Non-Performance Risk on Market Risk Benefits    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance 79,300 128,906
Change in OCI before reclassifications (21,341) 15,727
Amounts reclassified from AOCI 0 0
Income tax benefit (expense) 4,481 (3,306)
Ending Balance 62,440 141,327
Total Accumulated Other Comprehensive Income (Loss)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (47,527) (36,190)
Change in OCI before reclassifications (57,525) 47,997
Amounts reclassified from AOCI (751) (361)
Income tax benefit (expense) 12,238 (10,004)
Ending Balance (93,565) 1,442
Cash flow hedges | Net Unrealized Investment Gains (Losses)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance 5,000 14,000
Ending Balance $ 8,000 $ 13,000
v3.24.1.1.u2
Equity (Reclassification out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Net Unrealized Investment Gains (Losses)    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Amounts reclassified from AOCI $ (751) $ (361)
Accumulated Other Comprehensive Income (Loss)    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Amounts reclassified from AOCI (751) (361)
Amounts reclassified from AOCI | Net Unrealized Investment Gains (Losses)    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Amounts reclassified from AOCI 751 361
Amounts reclassified from AOCI | Accumulated Other Comprehensive Income (Loss)    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Amounts reclassified from AOCI 751 361
Amounts reclassified from AOCI | Available-for-sale    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net unrealized investment gains (losses): (101) (26)
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): $ 852 $ 387
v3.24.1.1.u2
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
 3 Months Ended
Mar. 31, 2024
USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance $ (47,527)
Ending Balance (93,565)
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 0
Net investment gains (losses) on investments arising during the period (3)
Reclassification adjustment for (gains) losses included in net income 0
Impact of net unrealized investment (gains) losses 0
Ending Balance (3)
Accumulated Net Unrealized Investment Gain (Loss) on All Other Investments  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance (192,271)
Net investment gains (losses) on investments arising during the period (49,107)
Reclassification adjustment for (gains) losses included in net income (751)
Impact of net unrealized investment (gains) losses 0
Ending Balance (242,129)
Deferred Policy Acquisition Costs and Other Costs  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance (52,266)
Net investment gains (losses) on investments arising during the period 0
Reclassification adjustment for (gains) losses included in net income 0
Impact of net unrealized investment (gains) losses (46,572)
Ending Balance (98,838)
Future Policy Benefits and Policyholders’ Account Balances and other liabilities  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance 79,826
Net investment gains (losses) on investments arising during the period 0
Reclassification adjustment for (gains) losses included in net income 0
Impact of net unrealized investment (gains) losses 53,135
Ending Balance 132,961
Income Tax Benefit (Expense)  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance 34,594
Net investment gains (losses) on investments arising during the period 10,319
Reclassification adjustment for (gains) losses included in net income 158
Impact of net unrealized investment (gains) losses (1,379)
Ending Balance 43,692
Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance (130,117)
Net investment gains (losses) on investments arising during the period (38,791)
Reclassification adjustment for (gains) losses included in net income (593)
Impact of net unrealized investment (gains) losses 5,184
Ending Balance $ (164,317)
v3.24.1.1.u2
Related Party Transactions (Narrative) (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 28, 2023
USD ($)
Mar. 31, 2024
USD ($)
policy
Dec. 31, 2023
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Related Party Transaction [Line Items]          
Commissions and fees   $ 329,584,000   $ 14,138,000  
Payments to Fund Policy Loans   8,661,000   5,515,000  
Policy loans   1,116,711,000 $ 1,115,096,000   $ 1,115,096,000
Net investment income   50,027,000   28,660,000  
Other invested assets   177,794,000 153,885,000   153,885,000
Fee income from revenue sharing agreement   2,622,000   2,080,000  
Pruco Life          
Related Party Transaction [Line Items]          
Contributed Capital $ 175,000,000   82,000,000    
Dividends   0     0
Affiliated Entity          
Related Party Transaction [Line Items]          
Accrued interest receivable related to long-term notes   100,000 0   0
Revenues related to long-term notes receivable   0   0  
Line of credit facility, maximum borrowing capacity   250,000,000      
Debt Outstanding   0 0   0
Interest expense related to loans payable   0   0  
Affiliated Entity | PAD          
Related Party Transaction [Line Items]          
Commissions and fees   14,000,000   8,000,000  
Affiliated Entity | PGIM          
Related Party Transaction [Line Items]          
Net investment income   700,000   600,000  
Affiliated Entity | ASTISI and PGIM Investments          
Related Party Transaction [Line Items]          
Fee income from revenue sharing agreement   7,000,000   7,000,000  
Affiliated Entity | PGIM Investments          
Related Party Transaction [Line Items]          
Fee income from revenue sharing agreement   2,000,000   2,000,000  
Prudential Financial Joint Ventures          
Related Party Transaction [Line Items]          
Net investment income   2,000,000   0  
Other invested assets   61,000,000 58,000,000   58,000,000
Prudential Financial          
Related Party Transaction [Line Items]          
Company's share of corporate expenses   $ 4,000,000   4,000,000  
Number of Corporate Owned Life Insurance policies sold | policy   1      
Payments to Fund Policy Loans   $ 900,000,000      
Policy loans   898,000,000 898,000,000   898,000,000
Interest Income on Policy Loans   10,000,000      
Prudential Insurance and Prudential Financial          
Related Party Transaction [Line Items]          
Life Insurance, Corporate or Bank Owned, amount   2,606,000,000 $ 2,452,000,000   $ 2,452,000,000
Fees related to Life Insurance, Corporate or Bank Owned, amount   $ 6,000,000   6,000,000  
Mortality risk retained for COLI policies   10.00%      
Maximum COLI Mortality Risk   $ 100,000      
Prudential Insurance          
Related Party Transaction [Line Items]          
Stock option program plan expense   0   0  
Deferred compensation program expense   300,000   300,000  
Pension plan expense   200,000   300,000  
Welfare plan expense   $ 400,000   400,000  
Defined contribution plan, employer matching contribution, percent (up to)   4.00%      
Defined contribution plan, cost recognized   $ 100,000   $ 200,000  
Number of Corporate Owned Life Insurance policies sold | policy   3      
v3.24.1.1.u2
Related Party Transactions (Affiliated Notes Receivable) (Details) - Affiliated Entity - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Total notes receivable - affiliated $ 11,117 $ 0
U.S. dollar fixed rate notes    
Related Party Transaction [Line Items]    
Total notes receivable - affiliated $ 11,117 $ 0
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%  
v3.24.1.1.u2
Related Party Transactions (Affiliated Asset Transfers) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Related Party Transaction [Line Items]    
Realized Investment gains (losses), net $ (4,591) $ (8,298)
Affiliated Entity | Prudential Insurance June 2023 Purchase    
Related Party Transaction [Line Items]    
Fair Value   14,452  
Book Value   15,086  
APIC, Net of Tax Increase/(Decrease) 501  
Realized Investment gains (losses), net 0  
Affiliated Entity | Prudential Insurance December2023 Sale CM&OL    
Related Party Transaction [Line Items]    
Fair Value   762  
Book Value   754  
APIC, Net of Tax Increase/(Decrease) 0  
Realized Investment gains (losses), net 8  
Affiliated Entity | PAR U January 2024 Transfer in    
Related Party Transaction [Line Items]    
Fair Value   778,745  
Book Value   778,745  
APIC, Net of Tax Increase/(Decrease) 0  
Realized Investment gains (losses), net 0  
Affiliated Entity | PURE January 2024 Transfer out    
Related Party Transaction [Line Items]    
Fair Value   778,745  
Book Value   778,745  
APIC, Net of Tax Increase/(Decrease) 0  
Realized Investment gains (losses), net $ 0  
v3.24.1.1.u2
Commitments and Contingent Liabilities (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Commitments and Contingent Liabilities [Line Items]      
Litigation and regulatory matters loss contingency, range of possible loss, maximum (less than) $ 10    
Commitments | Commercial mortgage loans      
Commitments and Contingent Liabilities [Line Items]      
Total outstanding mortgage loan commitments 6   $ 20
Allowance for credit losses 0   0
Change in allowance for credit loss expense (reversal) 0 $ 0  
Commitments | Investments      
Commitments and Contingent Liabilities [Line Items]      
Commitments to Purchase Investment (excluding commercial mortgage loans) 142   $ 135
Purchase Commitment      
Commitments and Contingent Liabilities [Line Items]      
Change in allowance for credit loss expense (reversal) $ 0 $ 0