PRUCO LIFE INSURANCE OF NEW JERSEY, 10-Q filed on 5/11/2023
Quarterly Report
v3.23.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2023
May 11, 2023
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2023  
Document Fiscal Year Focus 2023  
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
v3.23.1
Unaudited Interim Statements of Financial Position - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
ASSETS    
Fixed maturities, available for sale, at fair value (allowance for credit losses: 2023-$3; 2022-$363) (amortized cost: 2023-$2,329,822; 2022-$1,990,718) $ 2,108,183 $ 1,719,488
Fixed maturities, trading, at fair value (amortized cost: 2023-$27,108; 2022-$27,566) 23,938 23,782
Equity securities, at fair value (cost: 2023-$4,622; 2022-$4,614) 4,363 4,358
Policy loans 212,479 212,063
Short-term investments 12,000 7,000
Commercial mortgage and other loans (net of $499 and $408 allowance for credit losses at March 31, 2023 and December 31, 2022, respectively) 159,752 148,179
Other invested assets (includes $2,235 and $2,389 of assets measured at fair value at March 31, 2023 and December 31, 2022, respectively) 133,763 129,528
Total investments 2,654,478 2,244,398
Cash and cash equivalents 83,286 255,767
Deferred policy acquisition costs 361,655 351,874 [1]
Accrued investment income 31,064 25,222
Reinsurance recoverables 3,195,287 3,098,248 [1]
Receivables from parent and affiliates 17,574 19,348
Income tax assets 59,075 67,615 [1]
Market risk benefit assets 562,922 558,624
Other assets 47,984 48,391 [1]
Separate account assets 14,413,681 13,926,958
TOTAL ASSETS 21,427,006 20,596,445
LIABILITIES    
Policyholders' account balance 2,792,291 2,774,315 [1]
Future policy benefits 2,227,631 2,130,042 [1]
Cash collateral for loaned securities 3,325 0
Market risk benefit liabilities 562,922 558,624
Payables to parent and affiliates 2,074 7,546
Other liabilities 196,189 172,305
Separate account liabilities 14,413,681 13,926,958
Total liabilities 20,198,113 19,569,790
EQUITY    
Common stock ($5 par value; 400,000 shares authorized, issued and outstanding) 2,000 2,000
Additional paid-in capital 950,412 775,412
Retained Earnings 275,039 285,433 [1]
Accumulated other comprehensive income (loss) 1,442 (36,190) [1]
Total equity 1,228,893 1,026,655
TOTAL LIABILITIES AND EQUITY $ 21,427,006 $ 20,596,445
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Unaudited Interim Statements of Financial Position (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Fixed Maturities, Available-for-sale, at fair value (AFS), allowance for credit loss $ 3 $ 363
Fixed Maturities, Available-for-sale, amortized cost 2,329,822 1,990,718
Fixed maturities, trading, amortized cost 27,108 27,566
Equity securities, at cost 4,622 4,614
Commercial mortgage and other loans, allowance for credit losses 499 408
Other invested assets, at fair value $ 2,235 $ 2,389
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
v3.23.1
Unaudited Interim Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
REVENUES    
Premiums $ 10,177 $ 9,020 [1]
Policy charges and fee income 14,138 10,595 [1]
Net investment income 28,660 24,369
Asset administration fees 2,080 2,260
Other income (loss) 1,146 (1,514)
Realized Investment gains (losses), net (8,298) 15,720 [2]
Change in value of market risk benefits, net of related hedging gain (loss)(1) (15,728) (86,828) [2]
TOTAL REVENUES 32,175 (26,378)
BENEFITS AND EXPENSES    
Policyholders' benefits 18,339 13,835 [1]
Change in estimates of liability for future policy benefits(1) (1,442) (1,177)
Interest credited to policyholders’ account balances 10,137 11,194
Amortization of deferred policy acquisition costs 5,017 4,829 [1]
General, administrative and other expense 11,958 11,000 [1]
TOTAL BENEFITS AND EXPENSES 44,009 39,681
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES (11,834) (66,059)
Income tax expense (benefit) (1,440) (19,943) [1]
NET INCOME (LOSS) (10,394) (46,116) [2]
Other comprehensive income (loss), before tax:    
Foreign currency translation adjustments 100 (67)
Net unrealized investment gains (losses) 38,767 (160,093) [1]
Interest rate remeasurement of future policy benefits(1) (6,959) 22,483
Gain (loss) from changes in non-performance risk on market risk benefits(1) 15,728 86,828
Total 47,636 (50,849)
Less: Income tax expense (benefit) related to other comprehensive income (loss) 10,004 (10,678) [1]
Other comprehensive income (loss), net of taxes 37,632 (40,171)
Comprehensive income (loss) $ 27,238 $ (86,287)
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
[2] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Unaudited Interim Statements of Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2021 [1] $ 909,351 $ 2,000 $ 450,102 $ 355,262 $ 101,987
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Contributed capital 101,700   101,700    
NET INCOME (LOSS) (46,116) [2]     (46,116)  
Other comprehensive income (loss), net of tax (40,171)       (40,171)
Total comprehensive income (loss) (86,287)        
Ending balance at Mar. 31, 2022 [1] 924,764 2,000 551,802 309,146 61,816
Beginning balance at Dec. 31, 2022 [3] 1,026,655 2,000 775,412 285,433 (36,190)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Contributed capital 175,000   175,000    
NET INCOME (LOSS) (10,394)     (10,394)  
Other comprehensive income (loss), net of tax 37,632       37,632
Total comprehensive income (loss) 27,238        
Ending balance at Mar. 31, 2023 $ 1,228,893 $ 2,000 $ 950,412 $ 275,039 $ 1,442
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
[2] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
[3]     Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Unaudited Interim Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
NET INCOME (LOSS) $ (10,394) $ (46,116) [1]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Policy charges and fee income (1,435) (13) [1]
Interest credited to policyholders’ account balances 10,137 11,194
Realized investment (gains) losses, net 8,298 (15,720) [1]
Change in value of market risk benefits, net of related hedging (gains) losses 15,728 86,828 [1]
Change in:    
Future policy benefits and other insurance liabilities 58,089 17,409 [1]
Reinsurance recoverables (19,962) (24,103) [1]
Accrued investment income (5,842) (936)
Net payables to/receivables from parent and affiliates (1,720) (378)
Deferred policy acquisition costs (9,781) (13,037) [1]
Income taxes (1,464) 3,341 [1]
Derivatives, net (1,722) 4,574
Other, net (31,721) (33,944) [1],[2]
Cash flows from (used in) operating activities 8,211 (10,901)
Proceeds from the sale/maturity/prepayment of:    
Fixed maturities, available-for-sale 33,170 38,502
Fixed maturities, trading 329 325
Equity securities 208 17
Policy loans 7,113 7,490
Ceded policy loans (485) (537)
Short-term investments 2,000 0
Commercial mortgage and other loans 2,927 3,636
Other invested assets (353) 1,276
Payments for the purchase/origination of:    
Fixed maturities, available-for-sale (367,590) (71,758)
Equity securities (27) 0
Policy loans (5,515) (6,694)
Ceded policy loans 415 579
Short-term investments (7,000) 0
Commercial mortgage and other loans (14,509) 0
Other invested assets (3,317) (3,568)
Notes receivable from parent and affiliates, net (8) (9)
Derivatives, net (298) 101
Other, net 0 4,052
Cash flows from (used in) investing activities (352,940) (26,588)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Policyholders’ account deposits 138,201 134,084
Ceded policyholders’ account deposits (73,649) (87,398)
Policyholders’ account withdrawals (131,444) (103,693)
Ceded policyholders’ account withdrawals 60,912 69,281
Net change in securities sold under agreement to repurchase and cash collateral for loaned securities 3,325 0
Contributed capital 175,000 100,400
Drafts outstanding (239) 5,441
Other, net 142 2,416
Cash flows from (used in) financing activities 172,248 120,531
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (172,481) 83,042
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 255,767 136,316
CASH AND CASH EQUIVALENTS, END OF PERIOD 83,286 219,358
Significant Non-Cash Transactions    
Non-cash assets received $ 0 $ 0
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
[2] Prior period has been reclassified to conform to the current period presentation.
v3.23.1
Business and Basis of Presentation
 3 Months Ended
Mar. 31, 2023
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 The Prudential Insurance Company of America (“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

On January 1, 2023, the Company adopted Accounting Standard Update (“ASU”) 2018-12, Financial Services— Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, which provided new authoritative guidance impacting the accounting and disclosure requirements for long-duration insurance and investment contracts issued by the Company. See “Adoption of ASU 2018-12” below for additional information regarding this adoption, including the impacts to the Company’s 2022 financial statements from implementing the new accounting standard as well as the transition impacts recorded as of January 1, 2021. See Note 2 for additional details regarding the key policy changes effected by this ASU and updated accounting policies resulting from the adoption of this ASU for all periods presented in the Unaudited Interim Financial Statements.

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, 2022.

Adoption of ASU 2018-12

In August 2018, the FASB issued ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts which provides new authoritative guidance impacting the accounting and disclosure requirements for long-duration insurance and investment contracts issued by the Company. The Company adopted this guidance, effective January 1, 2023, using the modified retrospective transition method, where permitted, for changes to the liability for future policy benefits and deferred policy acquisition costs ("DAC") and related balances, and using the retrospective transition method, as required for market risk benefits. The Company applied the guidance as of the transition date of January 1, 2021 and retrospectively adjusted prior period amounts shown in the 2023 financial statements to reflect the new guidance.

The following tables present amounts as previously reported in 2022, the effect upon those amounts from the adoption of the new guidance under ASU 2018-12, and the adjusted amounts that are reflected in the Unaudited Interim Financial Statements included herein.
Unaudited Interim Statements of Financial Position:
December 31, 2022
IMPACTED LINES ONLYAs Previously ReportedEffect of
Change		As Currently Reported
(in thousands)
Deferred policy acquisition costs$364,494 $(12,620)$351,874 
Reinsurance recoverables3,258,526 (160,278)3,098,248 
Income tax assets67,126 489 67,615 
Market risk benefit assets0 558,624 558,624 
Other assets16,207 32,184 48,391 
TOTAL ASSETS$20,178,046 $418,399 $20,596,445 
Policyholders’ account balances$2,763,730 $10,585 $2,774,315 
Future policy benefits2,303,407 (173,365)2,130,042 
Market risk benefit liabilities0 558,624 558,624 
Other liabilities147,908 24,397 172,305 
Total liabilities19,149,549 420,241 19,569,790 
Retained earnings439,236 (153,803)285,433 
Accumulated other comprehensive income (loss)(188,151)151,961 (36,190)
Total equity1,028,497 (1,842)1,026,655 
TOTAL LIABILITIES AND EQUITY$20,178,046 $418,399 $20,596,445 
Unaudited Interim Statements of Operations and Comprehensive Income (Loss):
Three Months Ended March 31, 2022
 IMPACTED LINES ONLY
As Previously ReportedEffect of
Change		As Currently Reported
(in thousands)
REVENUES
Premiums$10,195 $(1,175)$9,020 
Policy charges and fee income15,721 (5,126)10,595 
Realized investment gains (losses), net16,028 (308)15,720 
Change in value of market risk benefits, net of related hedging gain (loss)0 (86,828)(86,828)
TOTAL REVENUES67,059 (93,437)(26,378)
BENEFITS AND EXPENSES
Policyholders’ benefits13,574 261 13,835 
Change in estimates of liability for future policy benefits0 (1,177)(1,177)
Amortization of deferred policy acquisition costs6,192 (1,363)4,829 
General, administrative and other expenses12,381 (1,381)11,000 
TOTAL BENEFITS AND EXPENSES43,341 (3,660)39,681 
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES23,718 (89,777)(66,059)
Income tax expense (benefit)1,856 (21,799)(19,943)
NET INCOME (LOSS)$21,862 $(67,978)$(46,116)
Other comprehensive income (loss), before tax:
Net unrealized investment gains (losses)(166,361)6,268 (160,093)
Interest rate remeasurement of future policy benefits0 22,483 22,483 
Gain (loss) from changes in non-performance risk on market risk benefits0 86,828 86,828 
Total(166,428)115,579 (50,849)
Less: Income tax expense (benefit) related to other comprehensive income (loss)(34,949)24,271 (10,678)
Other comprehensive income (loss), net of taxes(131,479)91,308 (40,171)
Comprehensive income (loss)$(109,617)$23,330 $(86,287)
Unaudited Interim Statements of Cash Flows:
Three Months Ended March 31, 2022
IMPACTED LINES ONLYAs Previously ReportedEffect of
Change		As Currently Reported
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$21,862 $(67,978)$(46,116)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Policy charges and fee income(4,892)4,879 (13)
Realized investment (gains) losses, net(16,028)308 (15,720)
Change in value of market risk benefits, net of related hedging (gains) losses0 86,828 86,828 
Change in:
Future policy benefits and other insurance liabilities(873)18,282 17,409 
Reinsurance recoverables(37,823)13,720 (24,103)
Deferred policy acquisition costs(11,678)(1,359)(13,037)
Income taxes25,140 (21,799)3,341 
Other, net(1)(1,063)(32,881)(33,944)
Cash flows from (used in) operating activities$(10,901)$0 $(10,901)
(1)    Prior period has been reclassified to conform to the current period presentation.

The following tables detail the January 1, 2021 transition adjustments by providing a rollforward of the ending reported balances as of December 31, 2020 to the opening balances as of January 1, 2021 for retained earnings, accumulated other comprehensive income (“AOCI”) and the impacted insurance-related balances.

January 1, 2021
Retained Earnings
(in thousands)
Balance after-tax, prior to transition$328,450 
Reclassification of market risk benefits non-performance risk to accumulated other comprehensive income(1)
(60,792)
Updates to certain universal life contract liabilities(2)(20,108)
Other(3)7,722 
Total pre-tax adjustments(73,178)
Tax impacts15,367 
Balance after-tax, after transition$270,639 
(1)    Reflects the cumulative impact of changes in the fair value of market risk benefits (“MRB”) non-performance risk (“NPR”) from the date of contract issuance to January 1, 2021. These amounts were previously recorded in retained earnings but are now reflected in AOCI under the new guidance.
(2)    Reflects the impact on additional insurance reserves ("AIR") and other related balances primarily related to the no-lapse guarantee features on certain universal life contracts. For additional information, see Note 2.
(3)    Primarily reflects the reassessment of deferred reinsurance losses ("DRL").
January 1, 2021
Accumulated Other Comprehensive Income
(in thousands)
Balance after-tax, prior to transition$185,407 
Interest rate remeasurement of future policy benefits
(57,440)
Reclassification of market risk benefits non-performance risk to accumulated other comprehensive income(1)
60,792 
Unwinding amounts related to unrealized investment gains and losses(2)(15,161)
Total pre-tax adjustments(11,809)
Tax impacts2,480 
Balance after-tax, after transition$176,078 
(1)    Reflects the cumulative impact of changes in NPR on the fair value of market risk benefits from the date of contract issuance to January 1, 2021. These amounts were previously recorded in retained earnings but are now reflected in AOCI under the new guidance.
(2)    Primarily reflects amounts related to DAC and other balances as unrealized investment gains or losses no longer impact the amortization pattern of such balances under the new guidance. Also includes the impacts from updates to reserves and other related balances for certain universal life contracts. For additional information, see Note 2.
January 1, 2021
Deferred Policy Acquisition Costs
Term LifeVariable/Universal LifeTotal
(in thousands)
Balance prior to transition$51,526 $172,899 $224,425 
Unwinding amounts related to unrealized investment gains and losses0 21,714 21,714 
Other(1)1 (1,922)(1,921)
Balance after transition$51,527 $192,691 $244,218 
(1)    Represents miscellaneous model refinements.

January 1, 2021
Deferred Reinsurance Losses(1)
Variable Annuities
(in thousands)
Balance prior to transition$15,209 
Unwinding amounts related to unrealized investment gains and losses1,187 
Effect of change in reserve basis to market risk benefits4,236 
Balance after transition$20,632 
(1)    Deferred reinsurance losses are included in "Other assets".
January 1, 2021
Benefit Reserves(1)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance prior to transition$1,049,445 $16,468 $1,065,913 
Changes in cash flow assumptions and other activity30(687)(657)
Balance after transition, at original discount rate1,049,475 15,781 1,065,256 
Cumulative changes in discount rate assumptions401,072 2,188 403,260 
Balance after transition, at current discount rate1,450,547 17,969 1,468,516 
Less: Reinsurance recoverable1,264,199 17,944 1,282,143 
Balance after transition, net of reinsurance recoverable$186,348 $25 $186,373 
(1)     Benefit reserves, excluding amounts for reinsurance recoverable, are included in "Future policy benefits". For additional information on the liability for future policy benefits, see Note 8.

January 1, 2021
Deferred Profit Liability(1)
Fixed Annuities
(in thousands)
Balance prior to transition$102 
Changes in benefit reserves882 
Balance after transition984 
Less: Reinsurance recoverable984 
Balance after transition, net of reinsurance recoverable$0 
(1)    Deferred profit liability ("DPL"), excluding amounts for reinsurance recoverable, is included in "Future policy benefits". For additional information regarding the liability for future policy benefits, see Note 8.

January 1, 2021
Additional Insurance Reserves(1)
Variable/Universal LifeVariable AnnuitiesTotal
(in thousands)
Balance prior to transition$513,812 $24,433 $538,245 
Unwinding amounts related to unrealized investment gains and losses(109,355)(1,698)(111,053)
Balance prior to transition, excluding amounts related to unrealized investment gains and losses404,457 22,735 427,192 
Reclassification of future policy benefits additional insurance reserves to market risk benefits0 (22,735)(22,735)
Updates to certain universal life contract liabilities(2)142,726 0 142,726 
Balance after transition, excluding amounts related to unrealized investment gains and losses547,183 0 547,183 
Amounts related to unrealized investment gains and losses after transition95,331 0 95,331 
Balance after transition642,514 0 642,514 
Less: Reinsurance recoverable613,009 0 613,009 
Balance after transition, net of reinsurance recoverable$29,505 $0 $29,505 
(1)    Additional insurance reserves ("AIR"), excluding amounts for reinsurance recoverable, are included in "Future policy benefits". For additional information regarding the liability for future policy benefits, see Note 8.
(2)    For additional information regarding updates to reserves and other related balances for certain universal life contracts, see Note 2.
January 1, 2021
Unearned Revenue Reserves(1)
Variable/Universal Life
(in thousands)
Balance prior to transition$94,480 
Unwinding amounts related to unrealized investment gains and losses and other activity92,103 
Balance after transition186,583 
Less: Reinsurance recoverable45,019 
Balance after transition, net of reinsurance recoverable$141,564 
(1)    Unearned revenue reserves ("URR") are included in "Policyholders' account balances". For additional information regarding the liability for policyholders' account balances, see Note 9.


January 1, 2021
Market Risk Benefits(1)
Variable Annuities
(in thousands)
Liability for guaranteed benefits recorded at fair value, prior to transition$1,195,470 
Additional insurance reserves to be reclassed to market risk benefits, prior to transition, excluding amounts related to unrealized investment gains and losses22,735 
Total liability prior to transition1,218,205 
Change in reserve basis to market risk benefits framework(12,634)
Market risk benefits after transition, at current non-performance risk value1,205,571 
Less: Reinsured market risk benefits1,205,571 
Market risk benefits after transition, net of reinsurance0 
Market risk benefits after transition, at contract inception non-performance risk value$1,266,363 
Cumulative change in non-performance risk60,792 
Market risk benefits after transition, at current non-performance risk value$1,205,571 
(1)    For additional information regarding market risk benefits, see Note 10.

January 1, 2021
Cost of Reinsurance(1)
Variable/ Universal Life
(in thousands)
Balance prior to transition$85,773 
Unwinding amounts related to unrealized investment gains and losses(34,617)
Balance prior to transition, excluding amounts related to unrealized investment gains and losses51,156 
Impact from updates to certain universal life contract liabilities(2)14,045 
Balance after transition, excluding amounts related to unrealized investment gains and losses65,201 
Amounts related to unrealized investment gains and losses after transition27,620 
Balance after transition$92,821 
(1)    Cost of reinsurance is included in "Other liabilities".
(2)    For additional information regarding updates to reserves and other related balances for certain universal life contracts, see Note 2.
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; 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.
v3.23.1
Significant Accounting Policies and Pronouncements
 3 Months Ended
Mar. 31, 2023
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, 2023, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

Adoption of ASU 2018-12

Effective January 1, 2023, the Company adopted ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. Adoption of this ASU impacted, at least to some extent, the accounting and disclosure requirements for all long-duration insurance and investment contracts issued by the Company and had a significant financial impact on the Financial Statements and disclosures. See Note 1 for additional information.

As of the January 1, 2021 transition date, the adoption of the standard resulted in a decrease to “Total equity” of $67 million, primarily from remeasuring in force contract liabilities using upper-medium grade fixed income instrument yields as of the transition date and from other changes in reserves. As of the January 1, 2023 adoption date, the impact amounted to a decrease to "Total equity" of $2 million. The changes in the impacts from January 1, 2021 to January 1, 2023 primarily reflect the increase in market interest rates during 2021 and 2022.

Outlined below are: (1) key accounting policy changes effected by the ASU and (2) updated accounting policies for all of the periods presented in the Unaudited Interim Financial Statements.
(1) Key Accounting Policy Changes

Area of ChangeDescriptionMethod of adoptionEffect on the financial statements or other significant matters
Cash flow assumptions used to measure the liability for future policy benefits for non-participating traditional and limited-payment insurance productsRequires an entity to review, and if necessary, update the cash flow assumptions used to measure the liability for future policy benefits, for both changes in future assumptions and actual experience, at least annually using a retrospective update method with a cumulative catch-up adjustment recorded in a separate line item in the Statements of Operations.Effective January 1, 2023 using the modified retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021 (the “transition date”). Under this method, the amendments to contracts in force were applied as of January 1, 2021 on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI
The impact upon transition reflects the impact on in force contract liabilities in instances where expected net premiums exceeded expected gross premiums at an issue-year cohort level as a result of updating to current best estimate cash flow assumptions as of the transition date. As a result of the modified retrospective transition method, the vast majority of the impact of updating cash flow assumptions to best estimates as of the transition date will be reflected in the pattern of earnings in subsequent periods. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 8 for additional information.
Discount rate assumption used to measure the liability for future policy benefits for non-participating traditional and limited-payment insurance productsRequires discount rate assumptions to be based on an upper-medium grade fixed income instrument yields, which will be updated each quarter with the impact recorded through OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the discount rate assumptions.As noted above, the guidance for the liability for future policy benefits was adopted effective January 1, 2023 using the modified retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021. Under this method, for balance sheet remeasurement purposes, the liability for future policy benefits is remeasured using discount rates as of January 1, 2021 with the impact recorded as a cumulative effect adjustment to AOCI.
Adoption of the ASU resulted in a significant impact to AOCI as a result of remeasuring in force contract liabilities using current upper-medium grade fixed income instrument yields. This adjustment largely reflects the difference between discount rates locked-in at contract inception versus current discount rates. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 8 for additional information.
Amortization of deferred acquisition costs ("DAC") and other balancesRequires DAC and other balances, such as URR and Deferred Sales Inducements, to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability.Effective January 1, 2023 using the modified retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021. Under this method, the amendments to contracts in force were applied as of January 1, 2021 on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI.
Adoption of the ASU did not have a significant impact on DAC and other balances upon transition, other than the impact of the removal of any related amounts in AOCI. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 6 for additional information.
Market Risk Benefits Requires an entity to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value, and record MRB assets and liabilities separately on the Statements of Financial Position. Changes in the fair value of market risk benefits are recorded in net income, except for the portion attributable to changes in an entity’s NPR, which is recognized in OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the balance of the market risk benefits upon adoption.Effective January 1, 2023 using the retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021.
Adoption of the ASU resulted in an adjustment to retained earnings for the difference between the fair value and carrying value of benefits not measured at fair value prior to the adoption of the ASU (e.g., guaranteed minimum death benefits on variable annuities) and a reclass of the cumulative effect of changes in NPR from retained earnings to AOCI. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 10 for additional information.

In addition to the significant key accounting changes noted above, ASU 2018-12 also clarified the definition of assessments used to accrue additional insurance reserves and other related balances, primarily for no-lapse guarantee features on certain universal life contracts. Application of the new guidance changed the pattern of reserve recognition for these guarantees and resulted in an increase to the net contract liabilities related to these products at transition. See Note 1 for additional information regarding the effect on the financial statements.

ASU 2022-05, Financial Services – Insurance (Topic 944) Transition for Sold Contracts was issued on December 15, 2022, to amend the transition guidance in ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The amendment allows an insurance entity to make an accounting policy election to not apply ASU 2018-12 to contracts or legal entities sold or disposed of before the effective date, and in which the insurance entity has no significant continuing involvement with the derecognized contracts. An insurance entity is permitted to apply the policy election on a transaction by transaction basis to each sale or disposal transaction. An insurance entity is required to disclose whether it has chosen to apply this accounting policy election and provide a qualitative description of the sale or disposal transactions to which the accounting policy election is applied. The Company did not apply this accounting policy election.

(2) Updated Accounting Policies

This section includes the updated accounting policies resulting from the adoption of ASU 2018-12 which are applicable to all of the periods presented in the Unaudited Interim Financial Statements. This section is meant to serve as an update to, and should be read in conjunction with, Note 2 to the Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

ASSETS

Deferred policy acquisition costs represents costs directly related to the successful acquisition of new and renewal insurance and annuity business. Such DAC primarily includes commissions, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully acquired contracts. In each reporting period, previously capitalized DAC is amortized and included in “Amortization of deferred policy acquisition costs”, and the carrying amount of DAC is not subject to recoverability testing upon adoption of the ASU.
DAC is amortized on a constant-level basis at a grouped contract level over the expected life of the underlying insurance contracts. Contracts are grouped consistent with the groupings used to estimate the liability for future policy benefits (or other related balances) for the corresponding contracts. Since contracts within a grouping may be of different sizes, contracts within a group are weighted to achieve appropriate amortization and to ensure that DAC is derecognized when a policy is no longer in force. The constant-level basis used to weight contracts within a grouping and amortize DAC is generally defined as follows:

•Life insurance contracts – DAC associated with life insurance contracts is generally amortized in proportion to the initial face amount of life insurance in force. This is applicable to traditional and universal life insurance.

•Payout annuity contracts – DAC associated with payout annuity contracts is amortized in proportion to annual benefit payments.

•Deferred annuity contracts – DAC associated with fixed and variable deferred annuity contracts is amortized in proportion to deposits.

For single premium immediate annuities without life contingencies, acquisition expenses are deferred and amortized over the expected life of the contracts using the interest method.

Current period DAC amortization reflects the impact of changes in actual insurance in force during the period and changes in future assumptions effected as of the end of the quarter, where applicable. The Company typically updates actuarial assumptions annually in the second quarter, (see "Annual Assumptions Review" below), unless a material change is observed in an interim period that is indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, the Company expects such changes to be gradual over the long-term.

Assumptions used for DAC are consistent with those used in estimating the liability for future policy benefits (or any other related balance) for the corresponding contract. Determining the level of aggregation and actuarial assumptions used in projecting in force terminations requires judgment. Internal criteria are developed to determine the level of aggregation by considering both qualitative and quantitative materiality thresholds. The assumptions used in projecting in force terminations are mortality, mortality improvement, and lapse assumptions. These assumptions are generally based on the Company’s experience, industry experience and/or other factors, as applicable. For variable deferred annuity contracts, lapse rates are adjusted at the contract level based on the in-the-moneyness of the living benefits 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 are also generally assumed to be lower for the period where surrender charges apply.

For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If policyholders surrender traditional life insurance policies in exchange for life insurance policies that do not have fixed and guaranteed terms, the Company immediately charges to expense the remaining unamortized DAC on the surrendered policies. For other internal replacement transactions, except those that involve the addition of a non-integrated contract feature that does not change the existing base contract, the unamortized DAC is immediately charged to expense if the terms of the new policies are not substantially similar to those of the former policies. If the new terms are substantially similar to those of the earlier policies, the DAC is retained with respect to the new policies and amortized over the expected life of the new policies. See Note 6 for additional information regarding DAC.

Reinsurance recoverables include corresponding receivables associated with reinsurance arrangements with affiliates and third party reinsurers, and are reported on the Statements of Financial Position net of the CECL allowance. Reinsurance recoverables also include assumed modified coinsurance arrangements which generally reflect the value of the invested assets retained by the cedant and the associated asset returns. Modified coinsurance recoverables contain an embedded derivative (bifurcated and accounted for separately from the host contract) that is presented together with the derivative embedded in the modified coinsurance payables as one compound derivative. For additional information about these arrangements see Note 11.
The CECL allowance considers the credit quality of the reinsurance counterparty and is generally determined based on the probability of default and loss given default assumptions, after considering any applicable collateral arrangements. The CECL allowance does not apply to reinsurance recoverables with affiliated counterparties under common control. Additions to or releases of the allowance are reported in “Policyholders’ benefits.” Prior to the adoption of this standard, an allowance for credit losses for reinsurance recoverables was established only when it was deemed probable that a reinsurer may fail to make payments to us in a timely manner. Reinsurance premiums, commissions, expense reimbursements, benefits and reserves related to reinsured long-duration contracts under coinsurance arrangements are accounted for over the life of the underlying reinsured contracts using assumptions consistent with those used to account for the underlying contracts. For reinsurance of in force blocks of non-participating traditional and limited-payment contracts, the current value of the direct liability as of inception of the reinsurance agreement is used to calculate the reinsurance recoverable and cost of reinsurance such that there is no immediate other comprehensive income or loss from recognition of the reinsurance recoverable at inception. Consistent with the direct liability, the reinsurance recoverable for non-participating traditional and limited-payment contracts is remeasured each period using current single A rates with the effect on the liability resulting from such updates recorded in "Interest rate remeasurement of future policy benefits" in OCI.

Coinsurance arrangements contrast with the Company’s yearly renewable term arrangements, where only mortality risk is transferred to the reinsurer and premiums are paid to the reinsurer to reinsure that risk. The mortality risk that is reinsured under yearly renewable term arrangements represents the difference between the stated death benefits in the underlying reinsured contracts and the corresponding reserves or account value carried by the Company on those same contracts. The premiums paid to the reinsurer are based upon negotiated amounts, not on the actual premiums paid by the underlying contract holders to the Company. As yearly renewable term arrangements are usually entered into by the Company with the expectation that the contracts will be in force for the lives of the underlying policies, they are considered to be long-duration reinsurance contracts. The cost of reinsurance for universal life products is generally recognized based on the gross assessments of the underlying direct policies. The cost of reinsurance for term insurance products is generally recognized in proportion to direct premiums over the life of the underlying policies.

Market risk benefits in an asset position are presented separately from market risk benefits in a liability position. See “Market risk benefits” below.

Other assets consists primarily of premiums due and deferred loss on reinsurance with affiliates which is amortized over the expected life of the reinsured contracts on a constant-level basis.

Separate account assets represents segregated funds that are invested for certain policyholders, and other customers. The assets consist primarily of equity securities, fixed maturities, real estate-related investments, real estate mortgage loans, short-term investments and derivative instruments and are reported at fair value. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. 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. The investment income and realized investment gains or losses from separate account assets generally accrue to the policyholders and are not included in the Company’s results of operations. Mortality, policy administration and surrender charges assessed against the accounts are included in “Policy charges and fee income”. Asset administration fees charged to the accounts are included in “Asset administration fees”. Seed money that the Company invests in separate accounts is reported in the appropriate general account asset line. Investment income and realized investment gains or losses from seed money invested in separate accounts accrue to the Company and are included in the Company’s results of operations. See Note 7 for additional information regarding separate account arrangements with contractual guarantees. See also “Separate account liabilities” below.

LIABILITIES

Future policy benefits is primarily comprised of the present value of expected future payments to or on behalf of policyholders, where the timing and amount of payment depends on policyholder mortality or morbidity, less the present value of expected future net premiums (where net premiums are gross premiums multiplied by the Net-To-Gross ("NTG") ratio discussed below). The liability for future policy benefits is accrued over time as premium revenue is recognized. See Note 8 for additional information regarding future policy benefits.
The reserving methodology used for non-participating traditional and limited-payment contracts include the following:

•Cash Flow Assumptions. In measuring the liability for future policy benefits, the net premium valuation methodology is utilized. Under this methodology, a liability for future policy benefits is established using current best estimate insurance assumptions and interest rate assumptions locked-in at contract issuance date. The NTG ratio is calculated as the ratio of the present value of expected policy benefits and non-level claim settlement expenses divided by the present value of expected gross premiums. The NTG ratio is applied to gross premiums, as premium revenue is recognized, to determine net premiums. The liability is then determined as the present value of expected future policy benefits and non-level claim settlement expenses less the present value of expected future net premiums. For purposes of liability measurement, contracts are grouped into cohorts based primarily on issue year and major product line.

The NTG ratio is generally updated quarterly for actual experience and annually for future cash flow assumption updates during the Company’s annual assumptions review process in the second quarter of each year unless a material change is observed in an interim period that is indicative of a long-term trend (see “Annual Assumptions Review” below), and with the exception of claim settlement expense assumptions which the Company has made an entity-wide election to lock-in as of contract issuance. The NTG ratio is subject to a retrospective unlocking method whereby the Company updates its best estimate of cash flows expected over the life of the cohort using actual historical experience and updated future cash flow assumptions. These updated cash flows are used to calculate the revised NTG ratio, which is used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. The updated liability for future policy benefit amount as of the beginning of the quarter is then compared to the carrying amount of the liability as of that same date, before the updates for actual experience or future cash flow assumptions, to determine the current period change in liability estimate. This current period change in the liability is the liability remeasurement gain or loss that is recorded through current period earnings in “Change in estimates of liability for future policy benefits.” In subsequent periods, the revised NTG ratio is used to measure the liability for future policy benefits, subject to future revisions.

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 expected future policy benefits and non-level claim settlement expenses, the NTG ratio is capped at 100%. In these instances, all changes in expected benefits resulting from both actual experience deviations and changes in future assumptions are reflected immediately. While the liability for future policy benefits cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”), the NTG ratio may be negative. This would be the case whereby conditions have improved such that the present value of future net premiums plus the existing liability for future policy benefits as of the valuation date exceed the present value of expected future policy benefits and non-level claim settlement expenses. In this case, the negative NTG ratio would be applied going forward to gross premiums received, effectively amortizing the gain into income and reducing the liability over time.

For contracts issued prior to January 1, 2021, the modified retrospective transition method was used to transition to ASU 2018-12. Under this method, the transition date of January 1, 2021 serves as the new issue date of the contracts in force for purposes of retrospectively unlocking the NTG ratio as described above.

•Discount Rate Assumption. The locked-in discount rate is generally based on expected investment returns at contract inception for contracts issued prior to January 1, 2021 and the upper medium grade fixed income corporate instrument yield (i.e., global single A) at contract inception for contracts issued after January 1, 2021. The discount rate in effect at contract inception is locked-in for the calculation of the NTG ratio and accretion of interest cost on the liability through net income. However, for balance sheet remeasurement purposes, the discount rate is updated using the current single A rate at each reporting period, with the effect on the liability resulting from such update recorded in “Interest rate remeasurement of future policy benefits" in OCI.
The methodology used in constructing the single A discount rate curve for discounting cash flows used to calculate the liability for future policy benefits is intended to be reflective of the characteristics of the applicable insurance liabilities. The single A discount rate curve is developed by reference to upper medium grade (low credit risk) fixed income instrument yields that reflect the duration characteristics of the applicable insurance liabilities. The single A discount curve for the United States and foreign economies, such as Japan, with observable corporate A spreads, is developed using government bond rates, plus globally equivalent public corporate A spreads in the observable periods. The definition of upper medium grade is based on Moody’s definition which includes the spectrum of A (i.e., A- to A+). The rate used in foreign operations (with the exception of certain emerging markets, as discussed below) is based on the equivalent of a single A rate from a global rating agency for corporate bonds issued in the same currency and country in which the insurance contract is written. Liquidity is considered in defining the observable period and linear extrapolation is performed to the Company's ultimate long-term economic assumptions. See “Annual Assumptions Review” below for further discussion regarding the Company’s long-term economic assumption setting process.

The Company’s liability for future policy benefits also includes net liabilities for guaranteed benefits related to certain long-duration life contracts, such as no-lapse guarantee contract features (AIR liability), for which a liability is established when associated assessments are recognized (which include investment margin on policyholders' account balances in the general account and all policy charges including charges for administration, mortality, expense, surrender, and other charges). This liability is established using current best estimate assumptions and is based on the ratio of the present value of total expected excess payments (i.e., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio).

For universal life type contracts and participating contracts, the Company performs premium deficiency tests using best estimate assumptions as of the testing date. If the liabilities determined based on these best estimate assumptions are greater than the net reserves (i.e., GAAP reserves including URR, net of reinsurance), the existing net reserves are adjusted by first reducing these assets by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency is more than these asset balances for insurance contracts, the net reserves are increased by the excess through a charge to current period earnings included in "policyholders' benefits". Since investment yields are used as the discount rate, the premium deficiency test is also performed using a discount rate based on the market yield (i.e., assuming what would be the impact if any unrealized gains (losses) were realized as of the testing date). In the event that by using the market yield a deficiency occurs, an adjustment is established for the deficiency and is included in AOCI.

In certain instances, for universal life type contracts and participating contracts, the policyholder liability for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. In these situations, accounting standards require that an additional liability (Profits Followed by Losses or “PFL” liability) be recognized by an amount necessary to sufficiently offset the losses that would be recognized in later years. Historically, PFL liabilities have been predominantly associated with certain universal life contracts that measure GAAP reserves using a dynamic approach, and accordingly, are updated each quarter, using current in force and market data, and as part of the annual assumption update, such that the liability as of each measurement date represents the Company’s current estimate of the present value of the amount necessary to offset anticipated future losses.

The Company’s liability for future policy benefits also includes a liability for unpaid claims and claim adjustment expenses. The Company does not establish claim liabilities until a loss has been incurred. However, unpaid claims and claim adjustment expenses include estimates of claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date.

Policyholders’ account balances liability represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability is primarily associated with the accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. These policyholders’ account balances also include provision for benefits under non-life contingent payout annuities and certain unearned revenues. The unearned revenue liability represents policy charges for services to be provided in future periods. The charges are deferred as incurred and are generally amortized over the expected life of the contract using the same methodology, factors, and assumption used to amortize DAC. See Note 9 for additional information regarding policyholders’ account balances. Policyholders' account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked feature of certain universal life and annuity products. For additional information regarding the valuation of these embedded derivatives, see Note 5.
Market risk benefit liabilities (or assets) represents contracts or contract features that provide protection to the contractholder and exposes the Company to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits associated with Annuities products including guaranteed minimum death benefits (“GMDB”), guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum income and withdrawal benefits (“GMIWB”). The benefits are accounted for using a fair value measurement framework. If a contract contains multiple market risk benefits, the benefits are bundled together and accounted for as a single compound market risk benefit. Market risk benefits in an asset position are presented separately from those in a liability position as there is no legal right of offset between contracts. The fair value of market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefit. The fair value of market risk benefits is based on assumptions a market participant would use in valuing market risk benefits. For additional information regarding the valuation of market risk benefits, see Note 5. On a quarterly basis, changes in the fair value of market risk benefits are recorded in net income, net of related hedges, in "Change in value of market risk benefits, net of related hedging gains (losses)", except for the portion of the change attributable to changes in the Company’s NPR which is recorded in OCI. See Note 10 for additional information regarding market risk benefits.

Other liabilities consists primarily of accrued expenses, reinsurance payables and technical overdrafts.

Separate account liabilities primarily represents the contractholders’ account balance in separate account assets and to a lesser extent borrowings of the separate account, and will be equal and offsetting to total separate account assets. See also “Separate account assets” above.

REVENUES AND BENEFITS AND EXPENSES

Insurance Revenue and Expense Recognition

Premiums from individual life products, other than universal and variable life contracts, are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for all expected future benefits and expenses) is generally deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized using the net level premium valuation methodology.

Premiums from single premium immediate annuities with life contingencies are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium is generally deferred and recognized into revenue based on expected future benefit payments. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized using the net level premium valuation methodology.

Certain individual annuity contracts provide the contractholder a guarantee that the benefit received upon death or annuitization will be no less than a minimum prescribed amount. These benefits are generally accounted for as market risk benefits (see “Market risk benefits” above).

Amounts received as payment for universal or variable individual life contracts, deferred fixed or variable annuities and other contracts without life contingencies are reported as deposits to “Policyholders’ account balances” and/or “Separate account liabilities.” Revenues from these contracts are reflected in “Policy charges and fee income” consisting primarily of fees assessed during the period against the policyholders’ account balances for mortality and other benefit charges, policy administration charges and surrender charges. In addition to fees, the Company earns investment income from the investment of deposits in the Company’s general account portfolio. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are generally deferred and amortized into revenue over the life of the related contracts using the same methodology, factors, and assumption used to amortize DAC as described above. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration, interest credited to policyholders’ account balances and amortization of DAC.
Policyholders’ account balances also includes amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products where changes in the value of the embedded derivatives are recorded through "Realized investment gains (losses), net". For additional information regarding the valuation of these embedded derivatives, see Note 5.

Annual Assumptions Review

Annually, the Company performs a comprehensive review of the assumptions set for purposes of estimating future premiums, benefits, and other cash flows. The assumptions are based on the Company’s best estimates of future rates of mortality, morbidity, lapse, surrender, annuitization, expenses and other items. The Company generally looks to relevant Company experience as the primary basis for assumptions. If relevant Company experience is not available or does not have sufficient credibility, the Company may look to experience of similar blocks of business, either in the Company or the industry. Mortality rate assumptions are generally based on Company experience, sometimes blending Company experience with an industry table where the Company experience alone is not credible. The Company sets mortality assumptions that vary by major type of business, with different assumptions for life insurance, annuities, and retirement products. Within type of business, rates vary by age and gender. The Company applies an adjustment for future mortality improvement, consistent with observed long-term trends of population mortality over time. Lapse and surrender assumptions are based on Company and industry experience, where available. The Company sets rates that vary by product type, taking into account features specific to the product.

The Company also performs a comprehensive review of the long-term interest rate assumptions and equity return assumptions that impact reserve calculations. The Company generally utilizes relevant economic outlook information and industry survey as the primary basis for assumptions.

Other ASUs adopted during the three months ended March 31, 2023

The Company adopted ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure, effective January 1, 2023, on a prospective basis. This ASU eliminates the accounting guidance for Troubled Debt Restructurings (“TDR”) for creditors and adds enhanced disclosure requirements. Following adoption of the ASU, all loan refinancings and restructurings are subject to the modification guidance in ASC 310-20. Specific to the accounting policy for commercial mortgage and other loans, adoption of the ASU resulted in the elimination of TDRs such that, on a prospective basis, all modifications are evaluated under the existing modification guidance in ASC 310-20 to determine whether a modification results in a new financial instrument or a continuation of the existing financial instrument. Furthermore, for modifications of loans that have a CECL allowance and result in a continuation of the existing loan, the CECL allowance of the loan is remeasured using the modified terms and the post-modification effective yield. Prior to the adoption of the ASU, if a loan modification was a TDR, the CECL allowance of the loan was remeasured using the modified terms and the loan’s original effective yield. Adoption of the ASU did not have a significant impact on the Company’s Financial Statements and Notes to the Financial Statements.
v3.23.1
Investments
 3 Months Ended
Mar. 31, 2023
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, 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$52,350 $530 $216 $0 $52,664 
Obligations of U.S. states and their political subdivisions182,985 700 3,779 0 179,906 
Foreign government bonds94,250 50 14,977 0 79,323 
U.S. public corporate securities1,348,104 7,322 152,907 0 1,202,519 
U.S. private corporate securities195,195 781 10,532 0 185,444 
Foreign public corporate securities167,603 381 22,925 0 145,059 
Foreign private corporate securities136,113 983 18,377 0 118,719 
Asset-backed securities(1)17,731 242 208 0 17,765 
Commercial mortgage-backed securities123,021 0 8,555 0 114,466 
Residential mortgage-backed securities(2)12,470 113 262 3 12,318 
Total fixed maturities, available-for-sale$2,329,822 $11,102 $232,738 $3 $2,108,183 

(1)Includes credit-tranched securities collateralized by education loans and loan obligations.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
December 31, 2022
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$62,210 $0 $1,074 $0 $61,136 
Obligations of U.S. states and their political subdivisions165,109 421 6,315 0 159,215 
Foreign government bonds87,853 1 15,891 0 71,963 
U.S. public corporate securities1,062,342 1,943 180,880 0 883,405 
U.S. private corporate securities186,123 141 13,465 358 172,441 
Foreign public corporate securities138,717 28 25,783 0 112,962 
Foreign private corporate securities133,074 523 21,562 0 112,035 
Asset-backed securities(1)18,358 272 256 0 18,374 
Commercial mortgage-backed securities124,486 0 8,595 0 115,891 
Residential mortgage-backed securities(2)12,446 92 467 5 12,066 
Total fixed maturities, available-for-sale$1,990,718 $3,421 $274,288 $363 $1,719,488 

(1)Includes credit-tranched securities collateralized by education loans and loan obligations.
(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 available-for-sale fixed maturity 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, 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$0 $0 $2,025 $216 $2,025 $216 
Obligations of U.S. states and their political subdivisions91,811 1,768 23,724 2,011 115,535 3,779 
Foreign government bonds20,990 888 56,267 14,089 77,257 14,977 
U.S. public corporate securities294,009 13,374 682,776 139,533 976,785 152,907 
U.S. private corporate securities42,180 909 110,537 9,623 152,717 10,532 
Foreign public corporate securities25,478 1,167 97,851 21,758 123,329 22,925 
Foreign private corporate securities9,224 233 87,892 18,144 97,116 18,377 
Asset-backed securities1,237 20 7,233 188 8,470 208 
Commercial mortgage-backed securities30,033 3,122 84,434 5,433 114,467 8,555 
Residential mortgage-backed securities10,350 250 273 12 10,623 262 
Total fixed maturities, available-for-sale$525,312 $21,731 $1,153,012 $211,007 $1,678,324 $232,738 

December 31, 2022
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$61,136 $1,074 $0 $0 $61,136 $1,074 
Obligations of U.S. states and their political subdivisions113,693 6,315 0 0 113,693 6,315 
Foreign government bonds46,826 5,741 24,746 10,150 71,572 15,891 
U.S. public corporate securities704,906 111,763 155,138 69,117 860,044 180,880 
U.S. private corporate securities149,670 11,857 9,273 1,608 158,943 13,465 
Foreign public corporate securities69,310 11,016 38,996 14,767 108,306 25,783 
Foreign private corporate securities62,044 12,499 33,858 9,063 95,902 21,562 
Asset-backed securities5,570 160 3,289 96 8,859 256 
Commercial mortgage-backed securities110,820 8,398 5,071 197 115,891 8,595 
Residential mortgage-backed securities10,509 467 0 0 10,509 467 
Total fixed maturities, available-for-sale$1,334,484 $169,290 $270,371 $104,998 $1,604,855 $274,288 
As of March 31, 2023 and December 31, 2022, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance were composed of $228.4 million and $269.6 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 $4.3 million and $4.7 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of March 31, 2023, the $211.0 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the finance, utility and consumer non-cyclical sectors. As of December 31, 2022, the $105.0 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the finance, consumer non-cyclical and capital goods 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, 2022, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at March 31, 2023. This conclusion was based on a detailed analysis of the underlying credit and cash flows on each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening, foreign currency exchange rate movements and the financial condition or near-term prospects of the issuer. As of March 31, 2023, 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 by contractual maturities, as of the date indicated:
March 31, 2023
Amortized CostFair Value
(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less$81,580 $78,489 
Due after one year through five years250,358 235,884 
Due after five years through ten years154,199 149,387 
Due after ten years1,690,463 1,499,874 
Asset-backed securities17,731 17,765 
Commercial mortgage-backed securities123,021 114,466 
Residential mortgage-backed securities12,470 12,318 
Total fixed maturities, available-for-sale$2,329,822 $2,108,183 

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, for the periods indicated:
Three Months Ended March 31,
20232022
(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$886 $20,241 
Proceeds from maturities/prepayments32,121 18,233 
Gross investment gains from sales and maturities29 2 
Gross investment losses from sales and maturities(415)(1,961)
(Addition to) release of allowance for credit losses360 0 
(1) Excludes activity from non-cash related proceeds due to the timing of trade settlements of $0.2 million and $0.0 million for the three months ended March 31, 2023 and 2022, respectively.
The following table sets forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated:
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 

For the three months ended March 31, 2022, there was no activity in the allowance for credit losses for available-for-sale securities.

See Note 2 to the Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information about the Company’s methodology for developing our allowance and expected losses.

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, 2023 and December 31, 2022.
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 $0.6 million and $(1.8) million during the three months ended March 31, 2023 and 2022, respectively.

Equity Securities

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss)”, was $(0.0) million and $(0.5) million during the three months ended March 31, 2023 and 2022, 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, 2023December 31, 2022
Amount
(in thousands)		% of TotalAmount
(in thousands)		% of Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$62,244 38.8 %$62,434 42.0 %
Hospitality12,849 8.0 12,996 8.7 
Industrial31,627 19.7 17,132 11.5 
Office8,188 5.1 10,568 7.1 
Other7,796 4.9 7,767 5.2 
Retail22,021 13.8 22,123 14.9 
Total commercial mortgage loans144,725 90.3 133,020 89.4 
Agricultural property loans15,526 9.7 15,567 10.6 
Total commercial mortgage and agricultural property loans160,251 100.0 %148,587 100.0 %
Allowance for credit losses(499)(408)
Total net commercial mortgage and other loans$159,752 $148,179 

As of March 31, 2023, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States (with the largest concentrations in New Jersey (13%), Florida (11%), New York (9%)) and included loans secured by properties in Europe (3%) and Mexico (2%).

The following table sets 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,
20232022
Commercial Mortgage LoansAgricultural Property LoansTotalCommercial Mortgage LoansAgricultural Property LoansTotal
(in thousands)
Allowance, beginning of period$405 $3 $408 $246 $0 $246 
Addition to (release of) allowance for expected losses38 53 91 (16)1 (15)
Allowance, end of period$443 $56 $499 $230 $1 $231 

See Note 2 to the Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information about the Company's methodology for developing our allowance and expected losses.

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. For the three months ended March 31, 2022, the net decrease in the allowance for credit losses on commercial mortgage and other loans was primarily related to net positive credit migration.
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, 2023
Amortized Cost by Origination Year
20232022202120202019PriorTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$0 $19,978 $787 $0 $10,030 $47,468 $78,263 
60%-69.99%0 15,000 1,615 2,198 18,953 1,016 38,782 
70%-79.99%14,509 0 347 0 3,855 7,175 25,886 
80% or greater0 0 0 0 0 1,794 1,794 
Total$14,509 $34,978 $2,749 $2,198 $32,838 $57,453 $144,725 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$14,509 $34,978 $2,749 $2,198 $27,743 $39,083 $121,260 
1.0 - 1.2x0 0 0 0 0 8,735 8,735 
Less than 1.0x0 0 0 0 5,095 9,635 14,730 
Total$14,509 $34,978 $2,749 $2,198 $32,838 $57,453 $144,725 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$0 $1,068 $1,080 $0 $0 $1,033 $3,181 
60%-69.99%0 12,345 0 0 0 0 12,345 
70%-79.99%0 0 0 0 0 0 0 
80% or greater0 0 0 0 0 0 0 
Total$0 $13,413 $1,080 $0 $0 $1,033 $15,526 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$0 $13,413 $1,080 $0 $0 $1,033 $15,526 
1.0 - 1.2x0 0 0 0 0 0 0 
Less than 1.0x0 0 0 0 0 0 0 
Total$0 $13,413 $1,080 $0 $0 $1,033 $15,526 
December 31, 2022
Amortized Cost by Origination Year
20222021202020192018PriorTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$20,000 $792 $0 $9,993 $1,387 $48,812 $80,984 
60%-69.99%15,000 1,615 2,198 18,982 0 1,016 38,811 
70%-79.99%0 347 0 3,855 0 7,213 11,415 
80% or greater0 0 0 0 0 1,810 1,810 
Total$35,000 $2,754 $2,198 $32,830 $1,387 $58,851 $133,020 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$35,000 $2,754 $2,198 $27,697 $1,387 $40,285 $109,321 
1.0 - 1.2x0 0 0 0 0 8,809 8,809 
Less than 1.0x0 0 0 5,133 0 9,757 14,890 
Total$35,000 $2,754 $2,198 $32,830 $1,387 $58,851 $133,020 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$1,078 $1,092 $0 $0 $0 $1,052 $3,222 
60%-69.99%12,345 0 0 0 0 0 12,345 
70%-79.99%0 0 0 0 0 0 0 
80% or greater0 0 0 0 0 0 0 
Total$13,423 $1,092 $0 $0 $0 $1,052 $15,567 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$13,423 $1,092 $0 $0 $0 $1,052 $15,567 
1.0 - 1.2x0 0 0 0 0 0 0 
Less than 1.0x0 0 0 0 0 0 0 
Total$13,423 $1,092 $0 $0 $0 $1,052 $15,567 

See Note 2 to the Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 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, 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$144,725 $0 $0 $0 $144,725 $0 
Agricultural property loans15,526 0 0 0 15,526 0 
Total$160,251 $0 $0 $0 $160,251 $0 
(1)As of March 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, 2022.
December 31, 2022
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$133,020 $0 $0 $0 $133,020 $0 
Agricultural property loans15,567 0 0 0 15,567 0 
Total$148,587 $0 $0 $0 $148,587 $0 
(1)As of December 31, 2022, 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, 2022.

For both the three months ended March 31, 2023 and 2022, 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, 2023 and December 31, 2022.

Other Invested Assets

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

March 31, 2023December 31, 2022
 (in thousands)
LPs/LLCs:
Equity method:
Private equity78,320 74,468 
Hedge funds43,407 42,472 
Real estate-related9,801 10,199 
Subtotal equity method131,528 127,139 
Fair value:
Private equity256 279 
Hedge funds44 55 
Real estate-related1,935 2,055 
Subtotal fair value2,235 2,389 
Total LPs/LLCs133,763 129,528 
Total other invested assets$133,763 $129,528 
Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:
March 31, 2023December 31, 2022
(in thousands)
Fixed maturities$24,081 $18,653 
Equity securities92 1 
Commercial mortgage and other loans455 352 
Policy loans5,745 5,612 
Short-term investments and cash equivalents691 604 
Total accrued investment income$31,064 $25,222 

There were no significant write-downs on accrued investment income for both the three months ended March 31, 2023 and 2022.

Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated:
Three Months Ended March 31,
20232022
(in thousands)
Fixed maturities, available-for-sale$21,117 $17,125 
Fixed maturities, trading157 274 
Equity securities91 91 
Commercial mortgage and other loans1,679 1,082 
Policy loans2,525 2,772 
Other invested assets1,478 4,000 
Short-term investments and cash equivalents2,641 60 
Gross investment income29,688 25,404 
Less: investment expenses(1,028)(1,035)
Net investment income$28,660 $24,369 

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,
20232022
(in thousands)
Fixed maturities(1)$(26)$(1,959)
Commercial mortgage and other loans(91)15 
Other invested assets0 (51)
Derivatives(8,241)17,727 
Short term investments and cash equivalents60 (12)
Realized investment gains (losses), net$(8,298)$15,720 
(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, 2023December 31, 2022
 (in thousands)
Fixed maturity securities, available-for-sale without an allowance$(221,636)$(270,867)
Derivatives designated as cash flow hedges(1)12,513 14,102 
Affiliated notes61 59 
Other investments127 122 
Net unrealized gains (losses) on investments$(208,935)$(256,584)
(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, 2023 and December 31, 2022, the Company had no repurchase agreements.

The following table sets forth the composition of “Cash collateral for loaned securities” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:

March 31, 2023December 31, 2022
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
Overnight & ContinuousUp to 30 DaysTotalOvernight & ContinuousUp to 30 DaysTotal
(in thousands)
U.S. public corporate securities$3,325 $0 $3,325 $0 $0 $0 
Total cash collateral for loaned securities(1)$3,325 $0 $3,325 $0 $0 $0 
(1)The Company did not have agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.
v3.23.1
Derivatives and Hedging
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative and Hedging .    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, 2022.
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, 2023December 31, 2022
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$121,573 $12,726 $(716)$117,015 $14,281 $(516)
Total Derivatives Designated as Hedge Accounting Instruments:$121,573 $12,726 $(716)$117,015 $14,281 $(516)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$30,200 $169 $(348)$30,200 $0 $(383)
Credit
Credit Default Swaps0 0 0 0 0 0 
Currency/Interest Rate
Foreign Currency Swaps24,035 2,535 0 24,035 2,957 0 
Foreign Currency
Foreign Currency Forwards8,336 1 (125)7,520 3 (368)
Equity
Equity Options510,150 2,199 (18,506)509,200 555 (20,562)
Total Derivatives Not Qualifying as Hedge Accounting Instruments:$572,721 $4,904 $(18,979)$570,955 $3,515 $(21,313)
Total Derivatives(1)(2)$694,294 $17,630 $(19,695)$687,970 $17,796 $(21,829)
(1)Excludes embedded derivatives and associated reinsurance recoverables which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $127 million and $108 million as of March 31, 2023 and December 31, 2022, respectively included in “Policyholders’ account balances".
(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, 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$17,630 $(17,630)$0 $0 $0 
Securities purchased under agreements to resell0 0 0 0 0 
Total Assets$17,630 $(17,630)$0 $0 $0 
Offsetting of Financial Liabilities:
Derivatives$19,695 $(17,630)$2,065 $(2,065)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$19,695 $(17,630)$2,065 $(2,065)$0 

December 31, 2022
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$17,796 $(17,796)$0 $0 $0 
Securities purchased under agreements to resell00 0 0 0 
Total Assets$17,796 $(17,796)$0 $0 $0 
Offsetting of Financial Liabilities:
Derivatives$21,829 $(17,796)$4,033 $(4,033)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$21,829 $(17,796)$4,033 $(4,033)$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 regarding 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, 2022.
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, 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)
Three Months Ended March 31, 2022 (1)
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$31 $0 $451 $188 $1,222 
Total cash flow hedges31 0 451 188 1,222 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(1,201)0 0 0 0 
Currency115 0 0 0 0 
Currency/Interest Rate290 0 0 8 0 
Credit0 0 0 0 0 
Equity(1,526)0 0 0 0 
Embedded Derivatives20,018 0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments17,696 0 0 8 0 
Total$17,727 $0 $451 $196 $1,222 
(1)Prior period amounts have been updated to conform to current period presentation.

Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:
 (in thousands)
Balance, December 31, 2022$14,102 
Amount recorded in AOCI
Currency/Interest Rate(1,202)
Total amount recorded in AOCI(1,202)
Amount reclassified from AOCI to income
Currency/Interest Rate(387)
Total amount reclassified from AOCI to income(387)
Balance, March 31, 2023$12,513 

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, 2023 values, it is estimated that a pre-tax gain of $1.7 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending March 31, 2024.

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, 2023 and December 31, 2022.

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.
v3.23.1
Fair Value of Assets and Liabilities
 3 Months Ended
Mar. 31, 2023
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 market prices in active markets for similar assets and liabilities, quoted market 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, 2022.

As a result of the adoption of ASU 2018-12 in the first quarter of 2023, the Company is required to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value. Market risk benefit liabilities (or assets) represent contracts or contract features that provide protection to the contractholder and exposes the Company to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits in the annuities products including guaranteed minimum death benefits (“GMDB”), guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum income and withdrawal benefits (“GMIWB”). The benefits are bundled together and accounted for as single compound market risk benefits using a fair value measurement framework.
The fair value of these market risk benefits is calculated as the present value of expected future benefit payments to contract holders less the present value of expected future rider fees attributable to the market risk benefit. The fair value of these benefit features is based on assumptions a market participant would use in valuing market risk benefits. This methodology could result in either a liability or asset balance, given changing capital market conditions and various actuarial assumptions. Since there is no observable active market for the transfer of these obligations, the valuations are calculated using internally-developed models with option pricing techniques. The models are based on a risk neutral valuation framework and incorporate premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows. The determination of these risk premiums requires the use of management’s judgment.

The significant inputs to the valuation models for these market risk benefits include capital market assumptions, such as interest rate levels and volatility assumptions, the Company’s market-perceived NPR, as well as actuarially determined assumptions, including contractholder behavior, such as lapse rates, benefit utilization rates, withdrawal rates, and mortality rates. Since many of these assumptions are unobservable and are considered to be significant inputs to the valuations, the assets and liabilities included in market risk benefits have been reflected within Level 3 in the fair value hierarchy.

Capital market inputs and actual policyholders’ account values are updated each quarter based on capital market conditions as of the end of the quarter, including interest rates, equity markets and volatility. In the risk neutral valuation, the initial swap curve drives the total return used to grow the policyholders’ account values. The Company’s discount rate assumption is based on the SOFR swap curve adjusted for an additional spread relative to SOFR to reflect the Company’s market-perceived 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 the Company issued 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, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt.

Actuarial assumptions, including contractholder behavior and mortality, are reviewed at least annually, and updated based upon company emerging experience and industry studies, future expectations and other data, including any observable market data. These assumptions are generally updated annually unless a material change that the Company feels is indicative of a long-term trend is observed in an interim period.
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, 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 $52,664 $0 $$52,664 
Obligations of U.S. states and their political subdivisions0 179,906 0 179,906 
Foreign government bonds0 79,323 0 79,323 
U.S. corporate public securities0 1,202,519 0 1,202,519 
U.S. corporate private securities0 181,868 3,576 185,444 
Foreign corporate public securities0 145,059 0 145,059 
Foreign corporate private securities0 118,719 0 118,719 
Asset-backed securities(2)0 17,765 0 17,765 
Commercial mortgage-backed securities0 94,585 19,881 114,466 
Residential mortgage-backed securities0 12,318 0 12,318 
Subtotal0 2,084,726 23,457 2,108,183 
Market risk benefit assets0 0 562,922 562,922 
Fixed maturities, trading0 23,938 0 23,938 
Equity securities0 69 4,294 4,363 
Short-term investments0 8,000 0 8,000 
Cash equivalents0 81,323 0 81,323 
Other invested assets(3)0 17,630 0 (17,630)0 
Reinsurance recoverable0 0 1,357 1,357 
Receivables from parent and affiliates0 699 0 699 
Subtotal excluding separate account assets0 2,216,385 592,030 (17,630)2,790,785 
Separate account assets(4)(5)0 12,452,598 0 12,452,598 
Total assets$0 $14,668,983 $592,030 $(17,630)$15,243,383 
Market risk benefit liabilities$0 $0 $562,922 $$562,922 
Policyholders' account balances0 0 127,032 127,032 
Payables to parent and affiliates0 19,695 0 (17,630)2,065 
Total liabilities$0 $19,695 $689,954 $(17,630)$692,019 
December 31, 2022
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 $61,136 $0 $$61,136 
Obligations of U.S. states and their political subdivisions0 159,215 0 159,215 
Foreign government bonds0 71,963 0 71,963 
U.S. corporate public securities0 883,405 0 883,405 
U.S. corporate private securities0 168,638 3,803 172,441 
Foreign corporate public securities0 112,962 0 112,962 
Foreign corporate private securities0 112,035 0 112,035 
Asset-backed securities(2)0 18,374 0 18,374 
Commercial mortgage-backed securities0 95,190 20,701 115,891 
Residential mortgage-backed securities0 12,066 0 12,066 
Subtotal0 1,694,984 24,504 1,719,488 
Market risk benefit assets0 0 558,624 558,624 
Fixed maturities, trading0 23,782 0 23,782 
Equity securities0 67 4,291 4,358 
Short-term investments0 3,000 0 3,000 
Cash equivalents0 245,302 0 245,302 
Other invested assets(3)0 17,796 0 (17,796)0 
Reinsurance recoverable0 0 0 0 
Receivables from parent and affiliates0 688 0 688 
Subtotal excluding separate account assets0 1,985,619 587,419 (17,796)2,555,242 
Separate account assets(4)(5)0 12,014,623 0 12,014,623 
Total assets$0 $14,000,242 $587,419 $(17,796)$14,569,865 
Market risk benefit liabilities$0 $0 $558,624 $$558,624 
Policyholders' account balances0 0 108,144 108,144 
Payables to parent and affiliates0 21,829 0 (17,796)4,033 
Total liabilities$0 $21,829 $666,768 $(17,796)$670,801 

(1)“Netting” amounts represent cash collateral of $0 million as of both March 31, 2023 and December 31, 2022.
(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, 2023 and December 31, 2022, the fair values of such investments were $2.2 million and $2.4 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, for which fair value is measured at NAV per share (or its equivalent). At March 31, 2023 and December 31, 2022, the fair value of such investments were $1,961 million and $1,912 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, 2023
Fair Value Valuation 
Techniques		Unobservable 
Inputs		MinimumMaximumWeighted
Average		Impact of Increase in Input on Fair
Value(1)
(in thousands)
Assets:
Corporate securities(2)$3,576 Discounted cash flowDiscount rate10.68 %10.68 %10.68 %Decrease
Commercial mortgage-backed securities$19,881 Discounted cash flowLiquidity premium0.60 %0.75 %0.69 %Decrease
Market risk benefit assets(3)$562,922 Discounted cash flowLapse rate(4)1 %20 %Increase
Spread over SOFR(5)0.52 %2.20 %Increase
Utilization rate(6)38 %95 %Decrease
Withdrawal rateSee table footnote (7) below.
Mortality rate(8)0 %15 %Increase
Equity volatility curve18 %25 %Decrease
Liabilities:
Market risk benefit liabilities(3)$562,922 Discounted cash flowLapse rate(4)1 %20 %Decrease
Spread over SOFR(5)0.52 %2.20 %Decrease
Utilization rate(6)38 %95 %Increase
Withdrawal rateSee table footnote (7) below.
Mortality rate(8)0 %15 %Decrease
Equity volatility curve18 %25 %Increase
Policyholders' account balances(9)$127,032 Discounted cash flowLapse rate(4)1 %80 %Decrease
Spread over SOFR(5)0.27 %2.34 %Decrease
Mortality rate(8)0 %23 %Decrease
Equity volatility curve14 %30 %Increase
Option budget(10)(2)%6 %Increase
December 31, 2022
Fair Value Valuation 
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of Increase
in Input on Fair
Value(1)
(in thousands)
Assets:
Corporate securities(2)$3,803 Discounted cash flowDiscount rate10.18 %10.18 %10.18 %Decrease
Commercial mortgage-backed securities$20,701 Discounted cash flowLiquidity premium60 %75 %69.05 %Decrease
Market risk benefit assets(3)$558,624 Discounted cash flowLapse rate(4)1 %20 %Increase
Spread over SOFR(5)0.51 %2.14 %Increase
Utilization rate(6)38 %95 %Decrease
Withdrawal rateSee table footnote (7) below.
Mortality rate(8)0 %15 %Increase
Equity volatility curve18 %28 %Decrease
Liabilities:
Market risk benefit liabilities(3)$558,624 Discounted cash flowLapse rate(4)1 %20 %Decrease
Spread over SOFR(5)0.51 %2.14 %Decrease
Utilization rate(6)38 %95 %Increase
Withdrawal rateSee table footnote (7) below.
Mortality rate(8)0 %15 %Decrease
Equity volatility curve18 %28 % Increase
Policyholders' account balances(9)$108,144 Discounted cash flowLapse rate(4)1 %6 %Decrease
Spread over SOFR(5)0.17 %0.66 %Decrease
Mortality rate(8)0 %23 %Decrease
Equity volatility curve18 %28 %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 accommodation, 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 embedded derivatives.
(5)The spread over the Secured Overnight Financing Rate (“SOFR”) swap curve and the London Inter-Bank Offered Rate (“LIBOR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR or LIBOR, as applicable) 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, 2023 and December 31, 2022, respectively. This spread includes an estimate of 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, living benefit guarantees, and index-linked interest crediting guarantees 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 both March 31, 2023 and December 31, 2022, the minimum withdrawal rate assumption is 77% and 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 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 budgets 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 increases, 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 have been 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. 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, 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 $(37)
Structured securities(3)20,701 (733)0 0 0 (87)0 0 0 19,881 (720)
Other assets:
Equity securities4,291 3 0 0 0 0 0 0 0 4,294 3 
Reinsurance recoverable0 1,357 0 0 0 0 0 0 0 1,357 1,357 
Liabilities:
Policyholders' account balances(4)(108,144)(10,832)0 0 (8,056)0 0 0 0 (127,032)(13,914)
Three Months Ended March 31, 2023(5)
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(1)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(2)$0 $(756)$(11)$0 $0 $(757)
Other assets:
Equity securities0 3 0 0 0 3 0 
Reinsurance recoverable1,357 0 0 0 1,357 0 0 
Liabilities:
Policyholders' account balances(10,832)0 0 0 (13,914)0 0 
Three Months Ended March 31, 2022(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)24,319 (2,864)0 0 0 (632)0 0 0 20,823 (2,821)
Structured securities(3)27,274 (2,795)0 0 0 (82)0 0 0 24,397 (2,796)
Other assets:
Equity securities5,812 (514)0 0 0 0 0 0 0 5,298 (514)
Reinsurance recoverable0 0 0 0 0 0 0 0 0 0 0 
Liabilities:
Policyholders' account balances(4)(153,127)19,553 0 0 0 2,644 0 0 0 (130,930)21,607 

Three Months Ended March 31, 2022(5)
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 $(5,661)$2 $0 $0 $(5,617)
Other assets:
Equity securities0 (514)0 0 0 (514)0 
Reinsurance recoverable0 0 0 0 0 0 0 
Liabilities:
Policyholders' account balances19,553 0 0 0 21,607 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.
(3)Includes commercial mortgage-backed securities.
(4)Issuances and settlements for Policyholders' account balances are presented net in the rollforward.
(5)Effective January 1, 2021, Future policy benefits previously included in “changes in level 3 assets and liabilities” are reported in Note 10 Market Risk Benefits.
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, 2023
Fair ValueCarrying
Amount(1)
Level 1Level 2Level 3TotalTotal
(in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $155,427 $155,427 $159,752 
Policy loans0 0 212,479 212,479 212,479 
Short-term investments4,000 0 0 4,000 4,000 
Cash and cash equivalents1,963 0 0 1,963 1,963 
Accrued investment income0 31,064 0 31,064 31,064 
Reinsurance recoverables0 0 24,462 24,462 26,196 
Receivables from parent and affiliates0 16,875 0 16,875 16,875 
Other assets0 3,805 0 3,805 3,805 
Total assets$5,963 $51,744 $392,368 $450,075 $456,134 
Liabilities:
Policyholders’ account balances - investment contracts$0 $165,411 $34,845 $200,256 $201,990 
Cash collateral for loaned securities0 3,325 0 3,325 3,325 
Payables to parent and affiliates0 9 0 9 9 
Other liabilities0 56,513 0 56,513 56,513 
Total liabilities$0 $225,258 $34,845 $260,103 $261,837 
December 31, 2022
Fair ValueCarrying
Amount(1)
Level 1Level 2Level 3TotalTotal
(in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $141,513 $141,513 $148,179 
Policy loans0 0 212,063 212,063 212,063 
Short-term investments4,000 0 0 4,000 4,000 
Cash and cash equivalents10,465 0 0 10,465 10,465 
Accrued investment income0 25,222 0 25,222 25,222 
Reinsurance recoverables0 0 25,127 25,127 27,183 
Receivables from parent and affiliates0 18,660 0 18,660 18,660 
Other assets0 3,852 0 3,852 3,852 
Total assets$14,465 $47,734 $378,703 $440,902 $449,624 
Liabilities:
Policyholders’ account balances - investment contracts$0 $180,576 $36,746 $217,322 $219,378 
Cash collateral for loaned securities0 0 0 0 0 
Payables to parent and affiliates0 3,513 0 3,513 3,513 
Other liabilities0 51,312 0 51,312 51,312 
Total liabilities$0 $235,401 $36,746 $272,147 $274,203 
(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.
v3.23.1
Deferred Policy Acquisition Costs and Deferred Reinsurance
 3 Months Ended
Mar. 31, 2023
Deferred Charges, Insurers [Abstract]  
Deferred Policy Acquisition Costs and Deferred Reinsurance DEFERRED POLICY ACQUISITION COSTS AND DEFERRED REINSURANCE
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:
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)
   Other0 3 3 
Balance, end of period$72,472 $289,183 $361,655 

March 31, 2022
Term LifeVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$62,091 $246,653 $308,744 
   Capitalization4,228 13,642 17,870 
   Amortization expense(1,650)(3,179)(4,829)
   Other 0 (4)(4)
Balance, end of period$64,669 $257,112 $321,781 
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:
March 31, 2023
Variable Annuities
(in thousands)
Balance, beginning of period$17,425 
Amortization expense(378)
Balance, end of period$17,047 

March 31, 2022
Variable Annuities
(in thousands)
Balance, beginning of period$18,977 
Amortization expense(395)
Balance, end of period$18,582 
v3.23.1
Separate Accounts
 3 Months Ended
Mar. 31, 2023
Insurance [Abstract]  
Separate Accounts SEPARATE ACCOUNTS
The Company issues annuity and life insurance variable 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 annuity and life insurance variable contracts are offered with both separate and general account options.

The Company also issues variable annuity contracts 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. In certain of these variable annuity contracts, the Company also 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 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 assets supporting the variable portion of annuity and life insurance variable 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, 2023December 31, 2022
(in thousands)
Asset Type:
Mutual funds:
Equity$7,642,559 $7,430,452 
Fixed Income4,139,655 3,973,001 
Other670,384 611,170 
Other invested assets1,961,083 1,912,335 
Total$14,413,681 $13,926,958 
For the periods ended March 31, 2023 and December 31, 2022, 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 are as follows:
March 31, 2023
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$8,928,568 $4,998,390 $13,926,958 
     Deposits8,431 43,878 52,309 
     Investment performance439,099 263,521 702,620 
     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 account913 28,189 29,102 
     Other397 1,651 2,048 
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) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.

March 31, 2022
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$11,982,322 $5,940,046 $17,922,368 
Deposits24,269 48,156 72,425 
Investment performance(776,250)(296,251)(1,072,501)
Policy charges(64,417)(25,566)(89,983)
Surrenders and withdrawals(217,281)(6,875)(224,156)
Benefit payments(1,219)(13,214)(14,433)
Net transfers (to) from general account(2)(12,141)(12,143)
Other270 2,298 2,568 
Balance, end of period$10,947,692 $5,636,453 $16,584,145 
Cash surrender value(1)$10,707,646 $5,561,179 $16,268,825 
(1) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
v3.23.1
Liability For Future Policy Benefits
 3 Months Ended
Mar. 31, 2023
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; and
•Additional Insurance Reserves
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.

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(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 


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 
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-flooring1,188,336 17,336 1,205,672 
Less: Reinsurance recoverable1,036,995 17,336 1,054,331 
Balance after reinsurance recoverable, end of period, post-flooring$151,341 $0 $151,341 

March 31, 2022
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,641,933 $0 $1,641,933 
Effect of cumulative changes in discount rate assumptions, beginning of period(253,752)0 (253,752)
Balance at original discount rate, beginning of period1,388,181 0 1,388,181 
Effect of actual variances from expected experience and other activity3,165 0 3,165 
Adjusted balance, beginning of period1,391,346 0 1,391,346 
Issuances20,680 341 21,021 
Net premiums / considerations collected(40,394)(341)(40,735)
Interest accrual16,119 0 16,119 
Balance at original discount rate, end of period1,387,751 0 1,387,751 
Effect of cumulative changes in discount rate assumptions, end of period120,622 0 120,622 
Balance, end of period$1,508,373 $0 $1,508,373 
March 31, 2022
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$3,041,562 $19,314 $3,060,876 
Effect of cumulative changes in discount rate assumptions, beginning of period(561,455)(1,459)(562,914)
Balance at original discount rate, beginning of period2,480,107 17,855 2,497,962 
Effect of actual variances from expected experience(706)196 (510)
Adjusted balance, beginning of period2,479,401 18,051 2,497,452 
Issuances20,680 341 21,021 
Interest accrual30,217 150 30,367 
Benefit payments(35,047)(529)(35,576)
Other adjustments(41)(74)(115)
Balance at original discount rate, end of period2,495,210 17,939 2,513,149 
Effect of cumulative changes in discount rate assumptions, end of period285,629 (132)285,497 
Balance, end of period$2,780,839 $17,807 $2,798,646 
March 31, 2022
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,272,466 $17,807 $1,290,273 
Flooring impact, end of period6,028 0 6,028 
Balance, end of period, post-flooring1,278,494 17,807 1,296,301 
Less: Reinsurance recoverable1,112,534 17,807 1,130,341 
Balance after reinsurance recoverable, end of period, post-flooring$165,960 $0 $165,960 
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:
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 %
March 31, 2022
Term LifeFixed Annuities
(in thousands)
Undiscounted expected future gross premiums$3,307,354 $0 
Discounted expected future gross premiums (at original discount rate)$2,192,982 $0 
Discounted expected future gross premiums (at current discount rate)$2,396,738 $0 
Undiscounted expected future benefits and expenses$4,023,253 $23,522 
Interest accrual$14,098 $150 
Gross premiums$62,991 $653 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)117
Weighted-average interest rate (at original discount rate)5.34 %3.39 %
Weighted-average interest rate (at current discount rate)3.55 %3.49 %
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2.
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.

In the first three months of 2023, there was a $3 million gain in net income for nonparticipating 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.

In the first three months of 2022, there was a $2 million gain in net income for nonparticipating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, mostly offset by a $2 million charge, reflecting the impact of ceded reinsurance on the affected cohorts. The favorable impact in the first three months of 2022 is primarily due to favorable mortality experience related to individual term life products.
Deferred Profit Liability

The balances of and changes in Deferred Profit Liability as of and for the periods indicated are as follows:

March 31, 2023March 31, 2022
Fixed Annuities
(in thousands)
Balance, beginning of period$1,684 $1,726 
Effect of actual variances from expected experience (107)(164)
Adjusted balance, beginning of period1,577 1,562 
Profits deferred0 309 
Interest accrual13 16 
Amortization(45)(52)
Other adjustments0 (6)
Balance, end of period1,545 1,829 
Less: Reinsurance recoverable1,545 1,829 
Balance after reinsurance recoverable$0 $0 

The following table provides supplemental information related to the balances of and changes in Deferred Profit Liability, included in the disaggregated table above, on a gross (direct and assumed) basis, as of and for the period indicated:
March 31, 2023March 31, 2022
Fixed Annuities
(in thousands)
Revenue(1)$139 $(103)
Interest accrual13 16 
(1) Represents the gross premiums collected in changes in deferred profit liability.
Additional Insurance Reserves

AIR represents the additional liability for annuitization, death, or other insurance benefits, including GMDB and 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:

March 31, 2023March 31, 2022
(in thousands)
Balance including amounts in AOCI, beginning of period, post-flooring$827,478 $703,968 
Flooring impact and amounts in AOCI91,115 (71,467)
Balance, excluding amounts in AOCI, beginning of period, pre-flooring918,593 632,501 
Effect of actual variances from expected experience and other activity(342)(10,170)
Adjusted balance, beginning of period918,251 622,331 
Assessments collected(1)14,827 39,441 
Interest accrual7,840 5,339 
Benefits paid(3,995)(3,284)
Balance, excluding amounts in AOCI, end of period, pre-flooring936,923 663,827 
Flooring impact and amounts in AOCI(65,818)14,281 
Balance, including amounts in AOCI, end of period, post-flooring871,105 678,108 
Less: Reinsurance recoverable834,640 643,583 
Balance after reinsurance recoverable, including amounts in AOCI, end of period$36,465 $34,525 
(1) Represents the portion of gross assessments required to fund the future policy benefits.
March 31, 2023March 31, 2022
(in thousands)
Interest accrual$7,840 $5,339 
Gross assessments$46,941 $92,938 
Weighted-average duration of the liability in years (at original discount rate)2826
Weighted-average interest rate (at original discount rate)3.42 %3.33 %
Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, Additional Insurance Reserves, and Deferred Profit Liability 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:
March 31, 2023March 31, 2022
(in thousands)
Benefit reserves, end of period, post-flooring$1,205,672 $1,296,301 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring871,105 678,108 
Deferred profit liability, end of period, post-flooring1,545 1,829 
Subtotal of amounts disclosed above2,078,322 1,976,238 
Other Future policy benefits reserves(1)149,309 171,407 
Total Future policy benefits$2,227,631 $2,147,645 

(1)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, Additional Insurance Reserves, and Deferred Profit Liability, 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:

March 31, 2023
Revenues(1)
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$112 $61,365 $0 $61,477 
Additional insurance reserves0 0 46,941 46,941 
Deferred profit liability139 0 0 139 
Total$251 $61,365 $46,941 $108,557 

March 31, 2022
Revenues(1)
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$653 $62,991 $0 $63,644 
Additional insurance reserves0 0 92,938 92,938 
Deferred profit liability(103)0 0 (103)
Total$550 $62,991 $92,938 $156,479 

(1)Represents "Gross premiums" for benefit reserves; "Gross assessments" for additional insurance reserves; and "Revenue" for deferred profit liability.

March 31, 2023
Interest Expense
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$171 $15,338 $0 $15,509 
Additional insurance reserves0 0 7,840 7,840 
Deferred profit liability13 0 0 13 
Total$184 $15,338 $7,840 $23,362 
March 31, 2022
Interest Expense
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$150 $14,098 $0 $14,248 
Additional insurance reserves0 0 5,339 5,339 
Deferred profit liability16 0 0 16 
Total$166 $14,098 $5,339 $19,603 
POLICYHOLDERS' ACCOUNT BALANCES
Policyholders' Account Balances

The Company issues variable life and variable universal life insurance contracts where the Company contractually guarantees to the contractholder a death benefit even when there is insufficient value to cover monthly mortality and expense charges, whereas otherwise the contract would typically lapse (“no-lapse guarantee”).

For those 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 balance of and changes in policyholders' account balances as of and for the periods ended are as follows:
March 31, 2023
Variable AnnuitiesVariable Life / Universal LifeTotal
(in thousands)
Balance, beginning of period$327,124 $2,084,680 $2,411,804 
Deposits25,558 57,220 82,778 
Interest credited2,015 13,972 15,987 
Policy charges(40)(36,360)(36,400)
Surrenders and withdrawals(8,163)(29,361)(37,524)
Benefit payments(1,647)(422)(2,069)
Net transfers (to) from separate account(913)(28,189)(29,102)
Change in market value and other adjustments(131)10,436 10,305 
Balance, end of period343,803 2,071,976 2,415,779 
Reinsurance and other recoverables(1)319,707 765,282 1,084,989 
Policyholders' account balance net of reinsurance and other recoverables$24,096 $1,306,694 $1,330,790 
Unearned revenue reserve328,956 
Other47,556 
Total Policyholders' account balances$2,792,291 
Weighted-average crediting rate2.40 %2.69 %2.65 %
Net amount at risk(2)$0 $33,887,277 $33,887,277 
Cash surrender value(3)$322,593 $1,733,643 $2,056,236 
(1) The amount of recoverables related to reinsurance agreements that reduce the risk of the policyholders’ account balances gross liability.
(2) The net amount at risk calculation includes both general and separate account balances.
(3) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
March 31, 2022
Variable AnnuitiesVariable Life / Universal LifeTotal
(in thousands)
Balance, beginning of period$344,945 $2,052,065 $2,397,010 
Deposits298 64,070 64,368 
Interest credited1,564 15,441 17,005 
Policy charges(48)(36,141)(36,189)
Surrenders and withdrawals(5,197)(34,575)(39,772)
Benefit payments(1,257)365 (892)
Net transfers (to) from separate account2 12,141 12,143 
Change in market value and other adjustments0 (19,553)(19,553)
Balance, end of period340,307 2,053,813 2,394,120 
Reinsurance and other recoverables(1)336,619 738,500 1,075,119 
Policyholders' account balance net of reinsurance and other recoverables$3,688 $1,315,313 $1,319,001 
Unearned revenue reserve268,002 
Other50,657 
Total Policyholders' account balances$2,712,779 
Weighted-average crediting rate1.83 %3.01 %2.84 %
Net amount at risk(2)$0 $32,527,594 $32,527,594 
Cash surrender value(3)$319,207 $1,700,247 $2,019,454 
(1) The amount of recoverables related to reinsurance agreements that reduce the risk of the policyholders’ account balances gross liability.
(2) The net amount at risk calculation includes both general and separate account balances.
(3) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.

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, 2023
Range of Guaranteed Minimum Crediting RateAt guaranteed minimum
1 -50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
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 and 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 
March 31, 2022
Range of Guaranteed Minimum Crediting RateAt guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Variable Annuities
Less than 1.00%
$0 $0 $0 $0 $0 
1.00% - 1.99%
200,629 1,610 0 0 202,239 
2.00% - 2.99%
1,901 0 0 0 1,901 
3.00% - 4.00%
139,888 0 0 0 139,888 
Greater than 4.00%
122 0 0 0 122 
Total$342,540 $1,610 $0 $0 $344,150 
Variable and Universal Life
Less than 1.00%
$1,142 $0 $0 $0 $1,142 
1.00% - 1.99%
47,280 0 89,655 289,338 426,273 
2.00% - 2.99%
671 0 183,982 161,233 345,886 
3.00% - 4.00%
140,738 3,741 450,770 0 595,249 
Greater than 4.00%
360,973 0 0 0 360,973 
Total$550,804 $3,741 $724,407 $450,571 $1,729,523 
    

Unearned Revenue Reserve

The balance of the changes in URR are as follows:

March 31, 2023
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$313,711 
Unearned revenue19,030 
Amortization expense(3,785)
Balance, end of period328,956 
Reinsurance recoverables85,048 
Unearned revenue reserve net of reinsurance recoverables$243,908 


March 31, 2022
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$251,573 
Unearned revenue19,737 
Amortization expense(3,308)
Balance, end of period268,002 
Reinsurance recoverables68,241 
Unearned revenue reserve net of reinsurance recoverables$199,761 
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:

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 

March 31, 2022
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$796,913 $(796,913)$0 
Effect of cumulative changes in non-performance risk21,123 0 21,123 
Balance, beginning of period, before effect of changes in non-performance risk818,036 (796,913)21,123 
Attributed fees collected31,799 (31,799)0 
Claims paid(38)38 0 
Interest accrual549 (549)0 
Actual in force different from expected2,255 (2,255)0 
Effect of changes in interest rates(204,292)204,292 0 
Effect of changes in equity markets71,053 (71,053)0 
Effect of changes in current period counterparty non-performance risk0 86,828 86,828 
Balance, end of period, before effect of changes in non-performance risk719,362 (611,411)107,951 
Effect of cumulative changes in non-performance risk(107,951)0 (107,951)
Balance, end of period$611,411 $(611,411)$0 
The following table presents accompanying information to the rollforward table above. See Note 9 for information on "Net amount at risk".
March 31, 2023March 31, 2022
Variable Annuities
($ in thousands)
Net amount at risk$877,211 $305,180 
Weighted-average attained age of contractholders6866


The table below reconciles MRB asset and liability positions as of the following dates:
March 31, 2023March 31, 2022
Variable Annuities
(in thousands)
Market risk benefit assets$562,922 $755,053 
Market risk benefit liabilities562,922 755,053 
Net liability$0 $0 
v3.23.1
Policyholders' Liabilities
 3 Months Ended
Mar. 31, 2023
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; and
•Additional Insurance Reserves
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.

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(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 


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 
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-flooring1,188,336 17,336 1,205,672 
Less: Reinsurance recoverable1,036,995 17,336 1,054,331 
Balance after reinsurance recoverable, end of period, post-flooring$151,341 $0 $151,341 

March 31, 2022
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,641,933 $0 $1,641,933 
Effect of cumulative changes in discount rate assumptions, beginning of period(253,752)0 (253,752)
Balance at original discount rate, beginning of period1,388,181 0 1,388,181 
Effect of actual variances from expected experience and other activity3,165 0 3,165 
Adjusted balance, beginning of period1,391,346 0 1,391,346 
Issuances20,680 341 21,021 
Net premiums / considerations collected(40,394)(341)(40,735)
Interest accrual16,119 0 16,119 
Balance at original discount rate, end of period1,387,751 0 1,387,751 
Effect of cumulative changes in discount rate assumptions, end of period120,622 0 120,622 
Balance, end of period$1,508,373 $0 $1,508,373 
March 31, 2022
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$3,041,562 $19,314 $3,060,876 
Effect of cumulative changes in discount rate assumptions, beginning of period(561,455)(1,459)(562,914)
Balance at original discount rate, beginning of period2,480,107 17,855 2,497,962 
Effect of actual variances from expected experience(706)196 (510)
Adjusted balance, beginning of period2,479,401 18,051 2,497,452 
Issuances20,680 341 21,021 
Interest accrual30,217 150 30,367 
Benefit payments(35,047)(529)(35,576)
Other adjustments(41)(74)(115)
Balance at original discount rate, end of period2,495,210 17,939 2,513,149 
Effect of cumulative changes in discount rate assumptions, end of period285,629 (132)285,497 
Balance, end of period$2,780,839 $17,807 $2,798,646 
March 31, 2022
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,272,466 $17,807 $1,290,273 
Flooring impact, end of period6,028 0 6,028 
Balance, end of period, post-flooring1,278,494 17,807 1,296,301 
Less: Reinsurance recoverable1,112,534 17,807 1,130,341 
Balance after reinsurance recoverable, end of period, post-flooring$165,960 $0 $165,960 
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:
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 %
March 31, 2022
Term LifeFixed Annuities
(in thousands)
Undiscounted expected future gross premiums$3,307,354 $0 
Discounted expected future gross premiums (at original discount rate)$2,192,982 $0 
Discounted expected future gross premiums (at current discount rate)$2,396,738 $0 
Undiscounted expected future benefits and expenses$4,023,253 $23,522 
Interest accrual$14,098 $150 
Gross premiums$62,991 $653 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)117
Weighted-average interest rate (at original discount rate)5.34 %3.39 %
Weighted-average interest rate (at current discount rate)3.55 %3.49 %
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2.
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.

In the first three months of 2023, there was a $3 million gain in net income for nonparticipating 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.

In the first three months of 2022, there was a $2 million gain in net income for nonparticipating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, mostly offset by a $2 million charge, reflecting the impact of ceded reinsurance on the affected cohorts. The favorable impact in the first three months of 2022 is primarily due to favorable mortality experience related to individual term life products.
Deferred Profit Liability

The balances of and changes in Deferred Profit Liability as of and for the periods indicated are as follows:

March 31, 2023March 31, 2022
Fixed Annuities
(in thousands)
Balance, beginning of period$1,684 $1,726 
Effect of actual variances from expected experience (107)(164)
Adjusted balance, beginning of period1,577 1,562 
Profits deferred0 309 
Interest accrual13 16 
Amortization(45)(52)
Other adjustments0 (6)
Balance, end of period1,545 1,829 
Less: Reinsurance recoverable1,545 1,829 
Balance after reinsurance recoverable$0 $0 

The following table provides supplemental information related to the balances of and changes in Deferred Profit Liability, included in the disaggregated table above, on a gross (direct and assumed) basis, as of and for the period indicated:
March 31, 2023March 31, 2022
Fixed Annuities
(in thousands)
Revenue(1)$139 $(103)
Interest accrual13 16 
(1) Represents the gross premiums collected in changes in deferred profit liability.
Additional Insurance Reserves

AIR represents the additional liability for annuitization, death, or other insurance benefits, including GMDB and 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:

March 31, 2023March 31, 2022
(in thousands)
Balance including amounts in AOCI, beginning of period, post-flooring$827,478 $703,968 
Flooring impact and amounts in AOCI91,115 (71,467)
Balance, excluding amounts in AOCI, beginning of period, pre-flooring918,593 632,501 
Effect of actual variances from expected experience and other activity(342)(10,170)
Adjusted balance, beginning of period918,251 622,331 
Assessments collected(1)14,827 39,441 
Interest accrual7,840 5,339 
Benefits paid(3,995)(3,284)
Balance, excluding amounts in AOCI, end of period, pre-flooring936,923 663,827 
Flooring impact and amounts in AOCI(65,818)14,281 
Balance, including amounts in AOCI, end of period, post-flooring871,105 678,108 
Less: Reinsurance recoverable834,640 643,583 
Balance after reinsurance recoverable, including amounts in AOCI, end of period$36,465 $34,525 
(1) Represents the portion of gross assessments required to fund the future policy benefits.
March 31, 2023March 31, 2022
(in thousands)
Interest accrual$7,840 $5,339 
Gross assessments$46,941 $92,938 
Weighted-average duration of the liability in years (at original discount rate)2826
Weighted-average interest rate (at original discount rate)3.42 %3.33 %
Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, Additional Insurance Reserves, and Deferred Profit Liability 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:
March 31, 2023March 31, 2022
(in thousands)
Benefit reserves, end of period, post-flooring$1,205,672 $1,296,301 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring871,105 678,108 
Deferred profit liability, end of period, post-flooring1,545 1,829 
Subtotal of amounts disclosed above2,078,322 1,976,238 
Other Future policy benefits reserves(1)149,309 171,407 
Total Future policy benefits$2,227,631 $2,147,645 

(1)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, Additional Insurance Reserves, and Deferred Profit Liability, 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:

March 31, 2023
Revenues(1)
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$112 $61,365 $0 $61,477 
Additional insurance reserves0 0 46,941 46,941 
Deferred profit liability139 0 0 139 
Total$251 $61,365 $46,941 $108,557 

March 31, 2022
Revenues(1)
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$653 $62,991 $0 $63,644 
Additional insurance reserves0 0 92,938 92,938 
Deferred profit liability(103)0 0 (103)
Total$550 $62,991 $92,938 $156,479 

(1)Represents "Gross premiums" for benefit reserves; "Gross assessments" for additional insurance reserves; and "Revenue" for deferred profit liability.

March 31, 2023
Interest Expense
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$171 $15,338 $0 $15,509 
Additional insurance reserves0 0 7,840 7,840 
Deferred profit liability13 0 0 13 
Total$184 $15,338 $7,840 $23,362 
March 31, 2022
Interest Expense
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$150 $14,098 $0 $14,248 
Additional insurance reserves0 0 5,339 5,339 
Deferred profit liability16 0 0 16 
Total$166 $14,098 $5,339 $19,603 
POLICYHOLDERS' ACCOUNT BALANCES
Policyholders' Account Balances

The Company issues variable life and variable universal life insurance contracts where the Company contractually guarantees to the contractholder a death benefit even when there is insufficient value to cover monthly mortality and expense charges, whereas otherwise the contract would typically lapse (“no-lapse guarantee”).

For those 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 balance of and changes in policyholders' account balances as of and for the periods ended are as follows:
March 31, 2023
Variable AnnuitiesVariable Life / Universal LifeTotal
(in thousands)
Balance, beginning of period$327,124 $2,084,680 $2,411,804 
Deposits25,558 57,220 82,778 
Interest credited2,015 13,972 15,987 
Policy charges(40)(36,360)(36,400)
Surrenders and withdrawals(8,163)(29,361)(37,524)
Benefit payments(1,647)(422)(2,069)
Net transfers (to) from separate account(913)(28,189)(29,102)
Change in market value and other adjustments(131)10,436 10,305 
Balance, end of period343,803 2,071,976 2,415,779 
Reinsurance and other recoverables(1)319,707 765,282 1,084,989 
Policyholders' account balance net of reinsurance and other recoverables$24,096 $1,306,694 $1,330,790 
Unearned revenue reserve328,956 
Other47,556 
Total Policyholders' account balances$2,792,291 
Weighted-average crediting rate2.40 %2.69 %2.65 %
Net amount at risk(2)$0 $33,887,277 $33,887,277 
Cash surrender value(3)$322,593 $1,733,643 $2,056,236 
(1) The amount of recoverables related to reinsurance agreements that reduce the risk of the policyholders’ account balances gross liability.
(2) The net amount at risk calculation includes both general and separate account balances.
(3) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
March 31, 2022
Variable AnnuitiesVariable Life / Universal LifeTotal
(in thousands)
Balance, beginning of period$344,945 $2,052,065 $2,397,010 
Deposits298 64,070 64,368 
Interest credited1,564 15,441 17,005 
Policy charges(48)(36,141)(36,189)
Surrenders and withdrawals(5,197)(34,575)(39,772)
Benefit payments(1,257)365 (892)
Net transfers (to) from separate account2 12,141 12,143 
Change in market value and other adjustments0 (19,553)(19,553)
Balance, end of period340,307 2,053,813 2,394,120 
Reinsurance and other recoverables(1)336,619 738,500 1,075,119 
Policyholders' account balance net of reinsurance and other recoverables$3,688 $1,315,313 $1,319,001 
Unearned revenue reserve268,002 
Other50,657 
Total Policyholders' account balances$2,712,779 
Weighted-average crediting rate1.83 %3.01 %2.84 %
Net amount at risk(2)$0 $32,527,594 $32,527,594 
Cash surrender value(3)$319,207 $1,700,247 $2,019,454 
(1) The amount of recoverables related to reinsurance agreements that reduce the risk of the policyholders’ account balances gross liability.
(2) The net amount at risk calculation includes both general and separate account balances.
(3) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.

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, 2023
Range of Guaranteed Minimum Crediting RateAt guaranteed minimum
1 -50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
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 and 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 
March 31, 2022
Range of Guaranteed Minimum Crediting RateAt guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Variable Annuities
Less than 1.00%
$0 $0 $0 $0 $0 
1.00% - 1.99%
200,629 1,610 0 0 202,239 
2.00% - 2.99%
1,901 0 0 0 1,901 
3.00% - 4.00%
139,888 0 0 0 139,888 
Greater than 4.00%
122 0 0 0 122 
Total$342,540 $1,610 $0 $0 $344,150 
Variable and Universal Life
Less than 1.00%
$1,142 $0 $0 $0 $1,142 
1.00% - 1.99%
47,280 0 89,655 289,338 426,273 
2.00% - 2.99%
671 0 183,982 161,233 345,886 
3.00% - 4.00%
140,738 3,741 450,770 0 595,249 
Greater than 4.00%
360,973 0 0 0 360,973 
Total$550,804 $3,741 $724,407 $450,571 $1,729,523 
    

Unearned Revenue Reserve

The balance of the changes in URR are as follows:

March 31, 2023
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$313,711 
Unearned revenue19,030 
Amortization expense(3,785)
Balance, end of period328,956 
Reinsurance recoverables85,048 
Unearned revenue reserve net of reinsurance recoverables$243,908 


March 31, 2022
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$251,573 
Unearned revenue19,737 
Amortization expense(3,308)
Balance, end of period268,002 
Reinsurance recoverables68,241 
Unearned revenue reserve net of reinsurance recoverables$199,761 
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:

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 

March 31, 2022
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$796,913 $(796,913)$0 
Effect of cumulative changes in non-performance risk21,123 0 21,123 
Balance, beginning of period, before effect of changes in non-performance risk818,036 (796,913)21,123 
Attributed fees collected31,799 (31,799)0 
Claims paid(38)38 0 
Interest accrual549 (549)0 
Actual in force different from expected2,255 (2,255)0 
Effect of changes in interest rates(204,292)204,292 0 
Effect of changes in equity markets71,053 (71,053)0 
Effect of changes in current period counterparty non-performance risk0 86,828 86,828 
Balance, end of period, before effect of changes in non-performance risk719,362 (611,411)107,951 
Effect of cumulative changes in non-performance risk(107,951)0 (107,951)
Balance, end of period$611,411 $(611,411)$0 
The following table presents accompanying information to the rollforward table above. See Note 9 for information on "Net amount at risk".
March 31, 2023March 31, 2022
Variable Annuities
($ in thousands)
Net amount at risk$877,211 $305,180 
Weighted-average attained age of contractholders6866


The table below reconciles MRB asset and liability positions as of the following dates:
March 31, 2023March 31, 2022
Variable Annuities
(in thousands)
Market risk benefit assets$562,922 $755,053 
Market risk benefit liabilities562,922 755,053 
Net liability$0 $0 
v3.23.1
Market Risk Benefits
 3 Months Ended
Mar. 31, 2023
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; and
•Additional Insurance Reserves
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.

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(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 


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 
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-flooring1,188,336 17,336 1,205,672 
Less: Reinsurance recoverable1,036,995 17,336 1,054,331 
Balance after reinsurance recoverable, end of period, post-flooring$151,341 $0 $151,341 

March 31, 2022
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,641,933 $0 $1,641,933 
Effect of cumulative changes in discount rate assumptions, beginning of period(253,752)0 (253,752)
Balance at original discount rate, beginning of period1,388,181 0 1,388,181 
Effect of actual variances from expected experience and other activity3,165 0 3,165 
Adjusted balance, beginning of period1,391,346 0 1,391,346 
Issuances20,680 341 21,021 
Net premiums / considerations collected(40,394)(341)(40,735)
Interest accrual16,119 0 16,119 
Balance at original discount rate, end of period1,387,751 0 1,387,751 
Effect of cumulative changes in discount rate assumptions, end of period120,622 0 120,622 
Balance, end of period$1,508,373 $0 $1,508,373 
March 31, 2022
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$3,041,562 $19,314 $3,060,876 
Effect of cumulative changes in discount rate assumptions, beginning of period(561,455)(1,459)(562,914)
Balance at original discount rate, beginning of period2,480,107 17,855 2,497,962 
Effect of actual variances from expected experience(706)196 (510)
Adjusted balance, beginning of period2,479,401 18,051 2,497,452 
Issuances20,680 341 21,021 
Interest accrual30,217 150 30,367 
Benefit payments(35,047)(529)(35,576)
Other adjustments(41)(74)(115)
Balance at original discount rate, end of period2,495,210 17,939 2,513,149 
Effect of cumulative changes in discount rate assumptions, end of period285,629 (132)285,497 
Balance, end of period$2,780,839 $17,807 $2,798,646 
March 31, 2022
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,272,466 $17,807 $1,290,273 
Flooring impact, end of period6,028 0 6,028 
Balance, end of period, post-flooring1,278,494 17,807 1,296,301 
Less: Reinsurance recoverable1,112,534 17,807 1,130,341 
Balance after reinsurance recoverable, end of period, post-flooring$165,960 $0 $165,960 
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:
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 %
March 31, 2022
Term LifeFixed Annuities
(in thousands)
Undiscounted expected future gross premiums$3,307,354 $0 
Discounted expected future gross premiums (at original discount rate)$2,192,982 $0 
Discounted expected future gross premiums (at current discount rate)$2,396,738 $0 
Undiscounted expected future benefits and expenses$4,023,253 $23,522 
Interest accrual$14,098 $150 
Gross premiums$62,991 $653 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)117
Weighted-average interest rate (at original discount rate)5.34 %3.39 %
Weighted-average interest rate (at current discount rate)3.55 %3.49 %
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2.
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.

In the first three months of 2023, there was a $3 million gain in net income for nonparticipating 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.

In the first three months of 2022, there was a $2 million gain in net income for nonparticipating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, mostly offset by a $2 million charge, reflecting the impact of ceded reinsurance on the affected cohorts. The favorable impact in the first three months of 2022 is primarily due to favorable mortality experience related to individual term life products.
Deferred Profit Liability

The balances of and changes in Deferred Profit Liability as of and for the periods indicated are as follows:

March 31, 2023March 31, 2022
Fixed Annuities
(in thousands)
Balance, beginning of period$1,684 $1,726 
Effect of actual variances from expected experience (107)(164)
Adjusted balance, beginning of period1,577 1,562 
Profits deferred0 309 
Interest accrual13 16 
Amortization(45)(52)
Other adjustments0 (6)
Balance, end of period1,545 1,829 
Less: Reinsurance recoverable1,545 1,829 
Balance after reinsurance recoverable$0 $0 

The following table provides supplemental information related to the balances of and changes in Deferred Profit Liability, included in the disaggregated table above, on a gross (direct and assumed) basis, as of and for the period indicated:
March 31, 2023March 31, 2022
Fixed Annuities
(in thousands)
Revenue(1)$139 $(103)
Interest accrual13 16 
(1) Represents the gross premiums collected in changes in deferred profit liability.
Additional Insurance Reserves

AIR represents the additional liability for annuitization, death, or other insurance benefits, including GMDB and 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:

March 31, 2023March 31, 2022
(in thousands)
Balance including amounts in AOCI, beginning of period, post-flooring$827,478 $703,968 
Flooring impact and amounts in AOCI91,115 (71,467)
Balance, excluding amounts in AOCI, beginning of period, pre-flooring918,593 632,501 
Effect of actual variances from expected experience and other activity(342)(10,170)
Adjusted balance, beginning of period918,251 622,331 
Assessments collected(1)14,827 39,441 
Interest accrual7,840 5,339 
Benefits paid(3,995)(3,284)
Balance, excluding amounts in AOCI, end of period, pre-flooring936,923 663,827 
Flooring impact and amounts in AOCI(65,818)14,281 
Balance, including amounts in AOCI, end of period, post-flooring871,105 678,108 
Less: Reinsurance recoverable834,640 643,583 
Balance after reinsurance recoverable, including amounts in AOCI, end of period$36,465 $34,525 
(1) Represents the portion of gross assessments required to fund the future policy benefits.
March 31, 2023March 31, 2022
(in thousands)
Interest accrual$7,840 $5,339 
Gross assessments$46,941 $92,938 
Weighted-average duration of the liability in years (at original discount rate)2826
Weighted-average interest rate (at original discount rate)3.42 %3.33 %
Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, Additional Insurance Reserves, and Deferred Profit Liability 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:
March 31, 2023March 31, 2022
(in thousands)
Benefit reserves, end of period, post-flooring$1,205,672 $1,296,301 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring871,105 678,108 
Deferred profit liability, end of period, post-flooring1,545 1,829 
Subtotal of amounts disclosed above2,078,322 1,976,238 
Other Future policy benefits reserves(1)149,309 171,407 
Total Future policy benefits$2,227,631 $2,147,645 

(1)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, Additional Insurance Reserves, and Deferred Profit Liability, 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:

March 31, 2023
Revenues(1)
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$112 $61,365 $0 $61,477 
Additional insurance reserves0 0 46,941 46,941 
Deferred profit liability139 0 0 139 
Total$251 $61,365 $46,941 $108,557 

March 31, 2022
Revenues(1)
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$653 $62,991 $0 $63,644 
Additional insurance reserves0 0 92,938 92,938 
Deferred profit liability(103)0 0 (103)
Total$550 $62,991 $92,938 $156,479 

(1)Represents "Gross premiums" for benefit reserves; "Gross assessments" for additional insurance reserves; and "Revenue" for deferred profit liability.

March 31, 2023
Interest Expense
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$171 $15,338 $0 $15,509 
Additional insurance reserves0 0 7,840 7,840 
Deferred profit liability13 0 0 13 
Total$184 $15,338 $7,840 $23,362 
March 31, 2022
Interest Expense
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$150 $14,098 $0 $14,248 
Additional insurance reserves0 0 5,339 5,339 
Deferred profit liability16 0 0 16 
Total$166 $14,098 $5,339 $19,603 
POLICYHOLDERS' ACCOUNT BALANCES
Policyholders' Account Balances

The Company issues variable life and variable universal life insurance contracts where the Company contractually guarantees to the contractholder a death benefit even when there is insufficient value to cover monthly mortality and expense charges, whereas otherwise the contract would typically lapse (“no-lapse guarantee”).

For those 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 balance of and changes in policyholders' account balances as of and for the periods ended are as follows:
March 31, 2023
Variable AnnuitiesVariable Life / Universal LifeTotal
(in thousands)
Balance, beginning of period$327,124 $2,084,680 $2,411,804 
Deposits25,558 57,220 82,778 
Interest credited2,015 13,972 15,987 
Policy charges(40)(36,360)(36,400)
Surrenders and withdrawals(8,163)(29,361)(37,524)
Benefit payments(1,647)(422)(2,069)
Net transfers (to) from separate account(913)(28,189)(29,102)
Change in market value and other adjustments(131)10,436 10,305 
Balance, end of period343,803 2,071,976 2,415,779 
Reinsurance and other recoverables(1)319,707 765,282 1,084,989 
Policyholders' account balance net of reinsurance and other recoverables$24,096 $1,306,694 $1,330,790 
Unearned revenue reserve328,956 
Other47,556 
Total Policyholders' account balances$2,792,291 
Weighted-average crediting rate2.40 %2.69 %2.65 %
Net amount at risk(2)$0 $33,887,277 $33,887,277 
Cash surrender value(3)$322,593 $1,733,643 $2,056,236 
(1) The amount of recoverables related to reinsurance agreements that reduce the risk of the policyholders’ account balances gross liability.
(2) The net amount at risk calculation includes both general and separate account balances.
(3) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
March 31, 2022
Variable AnnuitiesVariable Life / Universal LifeTotal
(in thousands)
Balance, beginning of period$344,945 $2,052,065 $2,397,010 
Deposits298 64,070 64,368 
Interest credited1,564 15,441 17,005 
Policy charges(48)(36,141)(36,189)
Surrenders and withdrawals(5,197)(34,575)(39,772)
Benefit payments(1,257)365 (892)
Net transfers (to) from separate account2 12,141 12,143 
Change in market value and other adjustments0 (19,553)(19,553)
Balance, end of period340,307 2,053,813 2,394,120 
Reinsurance and other recoverables(1)336,619 738,500 1,075,119 
Policyholders' account balance net of reinsurance and other recoverables$3,688 $1,315,313 $1,319,001 
Unearned revenue reserve268,002 
Other50,657 
Total Policyholders' account balances$2,712,779 
Weighted-average crediting rate1.83 %3.01 %2.84 %
Net amount at risk(2)$0 $32,527,594 $32,527,594 
Cash surrender value(3)$319,207 $1,700,247 $2,019,454 
(1) The amount of recoverables related to reinsurance agreements that reduce the risk of the policyholders’ account balances gross liability.
(2) The net amount at risk calculation includes both general and separate account balances.
(3) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.

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, 2023
Range of Guaranteed Minimum Crediting RateAt guaranteed minimum
1 -50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
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 and 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 
March 31, 2022
Range of Guaranteed Minimum Crediting RateAt guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Variable Annuities
Less than 1.00%
$0 $0 $0 $0 $0 
1.00% - 1.99%
200,629 1,610 0 0 202,239 
2.00% - 2.99%
1,901 0 0 0 1,901 
3.00% - 4.00%
139,888 0 0 0 139,888 
Greater than 4.00%
122 0 0 0 122 
Total$342,540 $1,610 $0 $0 $344,150 
Variable and Universal Life
Less than 1.00%
$1,142 $0 $0 $0 $1,142 
1.00% - 1.99%
47,280 0 89,655 289,338 426,273 
2.00% - 2.99%
671 0 183,982 161,233 345,886 
3.00% - 4.00%
140,738 3,741 450,770 0 595,249 
Greater than 4.00%
360,973 0 0 0 360,973 
Total$550,804 $3,741 $724,407 $450,571 $1,729,523 
    

Unearned Revenue Reserve

The balance of the changes in URR are as follows:

March 31, 2023
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$313,711 
Unearned revenue19,030 
Amortization expense(3,785)
Balance, end of period328,956 
Reinsurance recoverables85,048 
Unearned revenue reserve net of reinsurance recoverables$243,908 


March 31, 2022
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$251,573 
Unearned revenue19,737 
Amortization expense(3,308)
Balance, end of period268,002 
Reinsurance recoverables68,241 
Unearned revenue reserve net of reinsurance recoverables$199,761 
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:

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 

March 31, 2022
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$796,913 $(796,913)$0 
Effect of cumulative changes in non-performance risk21,123 0 21,123 
Balance, beginning of period, before effect of changes in non-performance risk818,036 (796,913)21,123 
Attributed fees collected31,799 (31,799)0 
Claims paid(38)38 0 
Interest accrual549 (549)0 
Actual in force different from expected2,255 (2,255)0 
Effect of changes in interest rates(204,292)204,292 0 
Effect of changes in equity markets71,053 (71,053)0 
Effect of changes in current period counterparty non-performance risk0 86,828 86,828 
Balance, end of period, before effect of changes in non-performance risk719,362 (611,411)107,951 
Effect of cumulative changes in non-performance risk(107,951)0 (107,951)
Balance, end of period$611,411 $(611,411)$0 
The following table presents accompanying information to the rollforward table above. See Note 9 for information on "Net amount at risk".
March 31, 2023March 31, 2022
Variable Annuities
($ in thousands)
Net amount at risk$877,211 $305,180 
Weighted-average attained age of contractholders6866


The table below reconciles MRB asset and liability positions as of the following dates:
March 31, 2023March 31, 2022
Variable Annuities
(in thousands)
Market risk benefit assets$562,922 $755,053 
Market risk benefit liabilities562,922 755,053 
Net liability$0 $0 
v3.23.1
Reinsurance
 3 Months Ended
Mar. 31, 2023
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”), Prudential Arizona Reinsurance Universal Company (“PAR U”), 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 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.

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. See Note 4 for additional information related to the accounting for market risk benefits.
Reinsurance amounts included in the Company’s Unaudited Interim Statements of Financial Position as of March 31, 2023 and December 31, 2022 were as follows:
March 31, 2023December 31, 2022
 (in thousands)
Reinsurance recoverables(1)$3,195,287 $3,098,248 
Policy loans(23,082)(22,999)
Deferred policy acquisition costs(1)(637,032)(646,737)
Deferred sales inducements(1)(37,515)(38,146)
Market risk benefit assets(1)479,624 478,439 
Other assets(1)42,256 42,265 
Market risk benefit liabilities(1)83,298 80,185 
Other liabilities(1)120,976 115,351 
(1)    Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

Reinsurance recoverables by counterparty are broken out below:
 March 31, 2023December 31, 2022
 (in thousands)
Prudential Insurance(1)$480,064 $456,633 
PAR U(1)1,611,135 1,575,260 
PARCC(1)464,565 464,142 
PAR Term(1)268,770 258,169 
Term Re(1)252,206 232,796 
DART(1)85,369 73,702 
Pruco Life(1)31,553 34,720 
Unaffiliated1,625 2,826 
Total reinsurance recoverables$3,195,287 $3,098,248 
(1)    Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
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,
20232022
(in thousands)
Premiums:
Direct(1)$62,583 $63,330 
Ceded(1)(52,406)(54,310)
Net premiums(1)10,177 9,020 
Policy charges and fee income:
Direct(1)86,513 95,926 
Ceded(1)(2)(72,375)(85,331)
Net policy charges and fee income(1)14,138 10,595 
Net investment income:
Direct28,886 24,563 
Ceded(226)(194)
Net investment income28,660 24,369 
Asset administration fees:
Direct8,776 10,502 
Ceded(6,696)(8,242)
Net asset administration fees2,080 2,260 
Realized investment gains (losses), net:
Direct(1)(9,457)15,227 
Ceded(1)1,159 493 
Realized investment gains (losses), net(1)(8,298)15,720 
Change in value of market risk benefits, net of related hedging gain (loss):
Direct(1)(13,801)128,811 
Ceded(1)(1,927)(215,639)
Net change in value of market risk benefits, net of related hedging gain (loss)(1)(15,728)(86,828)
Policyholders’ benefits (including change in reserves):
Direct(1)107,337 128,710 
Ceded(1)(3)(88,998)(114,875)
Net policyholders’ benefits (including change in reserves)(1)18,339 13,835 
Change in estimates of liability for future policy benefits:
Direct(1)(3,917)(13,818)
Ceded(1)2,475 12,641 
Net change in estimates of liability for future policy benefits(1)(1,442)(1,177)
Interest credited to policyholders’ account balances:
Direct(1)18,022 19,797 
Ceded(1)(7,885)(8,603)
Net interest credited to policyholders’ account balances10,137 11,194 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(1)(32,950)(37,277)
(1)Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
(2)Includes $(1.2) million and $(1.3) million of unaffiliated activity for the three months ended March 31, 2023 and 2022, respectively.
(3)Includes $0 million and $(0.1) million of unaffiliated activity for the three months ended March 31, 2023 and 2022, respectively.
The gross and net amounts of life insurance face amount in force as of March 31, 2023 and 2022 were as follows:
20232022
 (in thousands)
Direct gross life insurance face amount in force$154,115,666 $155,729,264 
Reinsurance ceded(139,826,733)(141,264,004)
Net life insurance face amount in force$14,288,933 $14,465,260 

Information regarding significant affiliated reinsurance agreements is described below.

Prudential Insurance

The Company has a yearly renewable term 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 yearly renewable term 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 yearly renewable term reinsurance agreement was established with Pruco Life for Term policies.

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, PLNJ began selling indexed variable annuities products, which is reinsured to Prudential Insurance through the existing reinsurance agreement. The reinsurance of the indexed variable annuities transfers all significant risks, including mortality risk, embedded in the reinsured contracts to Prudential Insurance. As a result of the agreement, reinsurance payables includes the ceded modified coinsurance arrangement, which reflects the value of the invested assets retained by the Company and the associated asset returns.

PAR U

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

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 yearly renewable term reinsurance agreement with Pruco Life for new business, primarily covering Universal Life policies. Effective January 1, 2020, the Company entered in a similar yearly renewable term 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 an amount equal to 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.
v3.23.1
Income Taxes
 3 Months Ended
Mar. 31, 2023
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 $(1.4) million, or 12.17% of income (loss) from operations before income taxes in the first three months of 2023, compared to $(19.9) million, or 30.19%, in the first three months of 2022. 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”). One of the most significant provisions of the Inflation Reduction Act is a 15% alternative minimum tax based on the Company’s GAAP income, with certain adjustments. This provision which is applicable only to companies with average applicable financial statement income over $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.
v3.23.1
Equity
 3 Months Ended
Mar. 31, 2023
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, 2023 and 2022, 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, 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 

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, 2021$(988)$121,075 $(34,788)$16,688 $101,987 
Change in OCI before reclassifications(67)(161,382)22,482 86,829 (52,138)
Amounts reclassified from AOCI0 1,289 0 0 1,289 
Income tax benefit (expense)16 33,616 (4,722)(18,232)10,678 
Balance, March 31, 2022$(1,039)$(5,402)$(17,028)$85,285 $61,816 
(1)Includes cash flow hedges of $13 million and $0 million as of March 31, 2023 and December 31, 2022, respectively, and $7 million and $(3) million as of March 31, 2022 and December 31, 2021, respectively.

Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Three Months Ended
March 31,
20232022
 (in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)$387 $670 
Net unrealized investment gains (losses) on available-for-sale securities(26)(1,959)
Total net unrealized investment gains (losses)(4)361 (1,289)
Total reclassifications for the period$361 $(1,289)

(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 DAC and other costs, 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. There are no 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 as of March 31, 2023. The amounts for the periods indicated below represent all other net unrealized investment gains (losses), are as follows:

Net Unrealized Gains (Losses) on 
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)
 
Balance, December 31, 2022$(256,584)$(83,712)$117,070 $46,840 $(176,386)
Net investment gains (losses) on investments arising during the period48,010 0 0 (10,081)37,929 
Reclassification adjustment for (gains) losses included in net income(361)0 0 76 (285)
Impact of net unrealized investment (gains) losses
0 22,817 (31,699)1,866 (7,016)
Balance, March 31, 2023$(208,935)$(60,895)$85,371 $38,701 $(145,758)

(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.
v3.23.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2023
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, 2023 and 2022. The expense charged to the Company for the deferred compensation program was $0.3 million for both the three months ended March 31, 2023 and 2022.
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 $0.3 million for both the three months ended March 31, 2023 and 2022.

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 and $0.3 million for the three months ended March 31, 2023 and 2022, respectively.

Prudential Insurance sponsors voluntary savings plans for its employee 401(k) plans. The plans provide for salary reduction contributions by employees and matching contributions by the Company of up to 4% of annual salary. The Company’s expense for its share of the voluntary savings plan was $0.2 million and $0.1 million for the three months ended March 31, 2023 and 2022, 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 $8 million and $12 million for the three months ended March 31, 2023 and 2022, 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 and $2 million for the three months ended March 31, 2023 and 2022, respectively.

Corporate-Owned Life Insurance

The Company has sold three Corporate-Owned Life Insurance ("COLI") policies to Prudential Insurance and one to Prudential Financial. The cash surrender value included in separate accounts for these COLI policies was $3,070 million at March 31, 2023 and $2,946 million at December 31, 2022. Fees related to these COLI policies were $6 million and $7 million for the three months ended March 31, 2023 and 2022, respectively. The Company retains 10% of the mortality risk associated with these COLI policies up to $0.1 million per individual policy.

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 $0.6 million and $0.7 million for the three months ended March 31, 2023 and 2022, 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 $52 million and $51 million of investments in joint ventures as of March 31, 2023 and December 31, 2022, respectively. "Net investment income" related to these ventures includes gains of $0.0 million and $0.5 million for the three months ended March 31, 2023 and 2022, 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 and $8 million for the three months ended March 31, 2023 and 2022, respectively. 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, 2023 and 2022. 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, 2023 and December 31, 2022 were as follows:
Maturity DateInterest RatesMarch 31, 2023December 31, 2022
(in thousands)
U.S. dollar fixed rate notes 20270.00%-14.85 %$700 $688 
Total long-term notes receivable - affiliated(1)$700 $688 
(1) All long-term 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 $0.0 million for both March 31, 2023 and December 31, 2022. Revenues related to these loans were $0.0 million for both the three months ended March 31, 2023 and 2022, 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, 2023 and for the year ended December 31, 2022.
AffiliateDateTransactionSecurity Type  Fair Value  Book Value  APIC, Net of Tax Increase/(Decrease)Realized
Investment
Gain (Loss)
 (in thousands)
Prudential InsuranceAugust 2022PurchaseFixed Maturities$21,389 $19,630 $(1,390)$0 
Debt Agreements

The Company is authorized to borrow funds up to $200 million from affiliates to meet its capital and other funding needs. As of March 31, 2023 and December 31, 2022, there was no debt outstanding.

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, 2023 and 2022.

Contributed Capital and Dividends

In February 2023, the Company received capital contribution in the amount of $175 million from Pruco Life. In February, March, September and December 2022, the Company received capital contributions in the amount of $100 million, $2 million, $100 million and $125 million from Pruco Life, respectively.

Through March 2023 and December 2022, 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.
v3.23.1
Commitments and Contingent Liabilities
 3 Months Ended
Mar. 31, 2023
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, 2023 and December 31, 2022, the outstanding balances on these commitments were $6 million and $15 million, respectively. These amounts do not include unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was no allowance for credit losses as of either March 31, 2023 or December 31, 2022. For the three months ended March 31, 2023, and 2022, there was no change in allowance for credit losses. The Company also made commitments to purchase or fund investments, mostly private fixed maturities. As of March 31, 2023 and December 31, 2022, $50 million and $62 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, 2023 or 2022.

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, 2023, 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 14 to the Company's Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, 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, 2022.

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.
v3.23.1
Significant Accounting Policies and Pronouncements (Policies)
 3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

On January 1, 2023, the Company adopted Accounting Standard Update (“ASU”) 2018-12, Financial Services— Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, which provided new authoritative guidance impacting the accounting and disclosure requirements for long-duration insurance and investment contracts issued by the Company. See “Adoption of ASU 2018-12” below for additional information regarding this adoption, including the impacts to the Company’s 2022 financial statements from implementing the new accounting standard as well as the transition impacts recorded as of January 1, 2021. See Note 2 for additional details regarding the key policy changes effected by this ASU and updated accounting policies resulting from the adoption of this ASU for all periods presented in the Unaudited Interim Financial Statements.

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, 2022.
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; 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 including the Adoption of ASU 2018-12
Adoption of ASU 2018-12

Effective January 1, 2023, the Company adopted ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. Adoption of this ASU impacted, at least to some extent, the accounting and disclosure requirements for all long-duration insurance and investment contracts issued by the Company and had a significant financial impact on the Financial Statements and disclosures. See Note 1 for additional information.

As of the January 1, 2021 transition date, the adoption of the standard resulted in a decrease to “Total equity” of $67 million, primarily from remeasuring in force contract liabilities using upper-medium grade fixed income instrument yields as of the transition date and from other changes in reserves. As of the January 1, 2023 adoption date, the impact amounted to a decrease to "Total equity" of $2 million. The changes in the impacts from January 1, 2021 to January 1, 2023 primarily reflect the increase in market interest rates during 2021 and 2022.

Outlined below are: (1) key accounting policy changes effected by the ASU and (2) updated accounting policies for all of the periods presented in the Unaudited Interim Financial Statements.
(1) Key Accounting Policy Changes

Area of ChangeDescriptionMethod of adoptionEffect on the financial statements or other significant matters
Cash flow assumptions used to measure the liability for future policy benefits for non-participating traditional and limited-payment insurance productsRequires an entity to review, and if necessary, update the cash flow assumptions used to measure the liability for future policy benefits, for both changes in future assumptions and actual experience, at least annually using a retrospective update method with a cumulative catch-up adjustment recorded in a separate line item in the Statements of Operations.Effective January 1, 2023 using the modified retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021 (the “transition date”). Under this method, the amendments to contracts in force were applied as of January 1, 2021 on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI
The impact upon transition reflects the impact on in force contract liabilities in instances where expected net premiums exceeded expected gross premiums at an issue-year cohort level as a result of updating to current best estimate cash flow assumptions as of the transition date. As a result of the modified retrospective transition method, the vast majority of the impact of updating cash flow assumptions to best estimates as of the transition date will be reflected in the pattern of earnings in subsequent periods. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 8 for additional information.
Discount rate assumption used to measure the liability for future policy benefits for non-participating traditional and limited-payment insurance productsRequires discount rate assumptions to be based on an upper-medium grade fixed income instrument yields, which will be updated each quarter with the impact recorded through OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the discount rate assumptions.As noted above, the guidance for the liability for future policy benefits was adopted effective January 1, 2023 using the modified retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021. Under this method, for balance sheet remeasurement purposes, the liability for future policy benefits is remeasured using discount rates as of January 1, 2021 with the impact recorded as a cumulative effect adjustment to AOCI.
Adoption of the ASU resulted in a significant impact to AOCI as a result of remeasuring in force contract liabilities using current upper-medium grade fixed income instrument yields. This adjustment largely reflects the difference between discount rates locked-in at contract inception versus current discount rates. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 8 for additional information.
Amortization of deferred acquisition costs ("DAC") and other balancesRequires DAC and other balances, such as URR and Deferred Sales Inducements, to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability.Effective January 1, 2023 using the modified retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021. Under this method, the amendments to contracts in force were applied as of January 1, 2021 on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI.
Adoption of the ASU did not have a significant impact on DAC and other balances upon transition, other than the impact of the removal of any related amounts in AOCI. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 6 for additional information.
Market Risk Benefits Requires an entity to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value, and record MRB assets and liabilities separately on the Statements of Financial Position. Changes in the fair value of market risk benefits are recorded in net income, except for the portion attributable to changes in an entity’s NPR, which is recognized in OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the balance of the market risk benefits upon adoption.Effective January 1, 2023 using the retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021.
Adoption of the ASU resulted in an adjustment to retained earnings for the difference between the fair value and carrying value of benefits not measured at fair value prior to the adoption of the ASU (e.g., guaranteed minimum death benefits on variable annuities) and a reclass of the cumulative effect of changes in NPR from retained earnings to AOCI. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 10 for additional information.

In addition to the significant key accounting changes noted above, ASU 2018-12 also clarified the definition of assessments used to accrue additional insurance reserves and other related balances, primarily for no-lapse guarantee features on certain universal life contracts. Application of the new guidance changed the pattern of reserve recognition for these guarantees and resulted in an increase to the net contract liabilities related to these products at transition. See Note 1 for additional information regarding the effect on the financial statements.

ASU 2022-05, Financial Services – Insurance (Topic 944) Transition for Sold Contracts was issued on December 15, 2022, to amend the transition guidance in ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The amendment allows an insurance entity to make an accounting policy election to not apply ASU 2018-12 to contracts or legal entities sold or disposed of before the effective date, and in which the insurance entity has no significant continuing involvement with the derecognized contracts. An insurance entity is permitted to apply the policy election on a transaction by transaction basis to each sale or disposal transaction. An insurance entity is required to disclose whether it has chosen to apply this accounting policy election and provide a qualitative description of the sale or disposal transactions to which the accounting policy election is applied. The Company did not apply this accounting policy election.
Other ASUs adopted during the three months ended March 31, 2023

The Company adopted ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure, effective January 1, 2023, on a prospective basis. This ASU eliminates the accounting guidance for Troubled Debt Restructurings (“TDR”) for creditors and adds enhanced disclosure requirements. Following adoption of the ASU, all loan refinancings and restructurings are subject to the modification guidance in ASC 310-20. Specific to the accounting policy for commercial mortgage and other loans, adoption of the ASU resulted in the elimination of TDRs such that, on a prospective basis, all modifications are evaluated under the existing modification guidance in ASC 310-20 to determine whether a modification results in a new financial instrument or a continuation of the existing financial instrument. Furthermore, for modifications of loans that have a CECL allowance and result in a continuation of the existing loan, the CECL allowance of the loan is remeasured using the modified terms and the post-modification effective yield. Prior to the adoption of the ASU, if a loan modification was a TDR, the CECL allowance of the loan was remeasured using the modified terms and the loan’s original effective yield. Adoption of the ASU did not have a significant impact on the Company’s Financial Statements and Notes to the Financial Statements.
Deferred policy acquisition costs ("DAC") Deferred policy acquisition costs represents costs directly related to the successful acquisition of new and renewal insurance and annuity business. Such DAC primarily includes commissions, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully acquired contracts. In each reporting period, previously capitalized DAC is amortized and included in “Amortization of deferred policy acquisition costs”, and the carrying amount of DAC is not subject to recoverability testing upon adoption of the ASU.
DAC is amortized on a constant-level basis at a grouped contract level over the expected life of the underlying insurance contracts. Contracts are grouped consistent with the groupings used to estimate the liability for future policy benefits (or other related balances) for the corresponding contracts. Since contracts within a grouping may be of different sizes, contracts within a group are weighted to achieve appropriate amortization and to ensure that DAC is derecognized when a policy is no longer in force. The constant-level basis used to weight contracts within a grouping and amortize DAC is generally defined as follows:

•Life insurance contracts – DAC associated with life insurance contracts is generally amortized in proportion to the initial face amount of life insurance in force. This is applicable to traditional and universal life insurance.

•Payout annuity contracts – DAC associated with payout annuity contracts is amortized in proportion to annual benefit payments.

•Deferred annuity contracts – DAC associated with fixed and variable deferred annuity contracts is amortized in proportion to deposits.

For single premium immediate annuities without life contingencies, acquisition expenses are deferred and amortized over the expected life of the contracts using the interest method.

Current period DAC amortization reflects the impact of changes in actual insurance in force during the period and changes in future assumptions effected as of the end of the quarter, where applicable. The Company typically updates actuarial assumptions annually in the second quarter, (see "Annual Assumptions Review" below), unless a material change is observed in an interim period that is indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, the Company expects such changes to be gradual over the long-term.

Assumptions used for DAC are consistent with those used in estimating the liability for future policy benefits (or any other related balance) for the corresponding contract. Determining the level of aggregation and actuarial assumptions used in projecting in force terminations requires judgment. Internal criteria are developed to determine the level of aggregation by considering both qualitative and quantitative materiality thresholds. The assumptions used in projecting in force terminations are mortality, mortality improvement, and lapse assumptions. These assumptions are generally based on the Company’s experience, industry experience and/or other factors, as applicable. For variable deferred annuity contracts, lapse rates are adjusted at the contract level based on the in-the-moneyness of the living benefits 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 are also generally assumed to be lower for the period where surrender charges apply.

For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If policyholders surrender traditional life insurance policies in exchange for life insurance policies that do not have fixed and guaranteed terms, the Company immediately charges to expense the remaining unamortized DAC on the surrendered policies. For other internal replacement transactions, except those that involve the addition of a non-integrated contract feature that does not change the existing base contract, the unamortized DAC is immediately charged to expense if the terms of the new policies are not substantially similar to those of the former policies. If the new terms are substantially similar to those of the earlier policies, the DAC is retained with respect to the new policies and amortized over the expected life of the new policies. See Note 6 for additional information regarding DAC.
Reinsurance recoverables Reinsurance recoverables include corresponding receivables associated with reinsurance arrangements with affiliates and third party reinsurers, and are reported on the Statements of Financial Position net of the CECL allowance. Reinsurance recoverables also include assumed modified coinsurance arrangements which generally reflect the value of the invested assets retained by the cedant and the associated asset returns. Modified coinsurance recoverables contain an embedded derivative (bifurcated and accounted for separately from the host contract) that is presented together with the derivative embedded in the modified coinsurance payables as one compound derivative. For additional information about these arrangements see Note 11.
The CECL allowance considers the credit quality of the reinsurance counterparty and is generally determined based on the probability of default and loss given default assumptions, after considering any applicable collateral arrangements. The CECL allowance does not apply to reinsurance recoverables with affiliated counterparties under common control. Additions to or releases of the allowance are reported in “Policyholders’ benefits.” Prior to the adoption of this standard, an allowance for credit losses for reinsurance recoverables was established only when it was deemed probable that a reinsurer may fail to make payments to us in a timely manner. Reinsurance premiums, commissions, expense reimbursements, benefits and reserves related to reinsured long-duration contracts under coinsurance arrangements are accounted for over the life of the underlying reinsured contracts using assumptions consistent with those used to account for the underlying contracts. For reinsurance of in force blocks of non-participating traditional and limited-payment contracts, the current value of the direct liability as of inception of the reinsurance agreement is used to calculate the reinsurance recoverable and cost of reinsurance such that there is no immediate other comprehensive income or loss from recognition of the reinsurance recoverable at inception. Consistent with the direct liability, the reinsurance recoverable for non-participating traditional and limited-payment contracts is remeasured each period using current single A rates with the effect on the liability resulting from such updates recorded in "Interest rate remeasurement of future policy benefits" in OCI.

Coinsurance arrangements contrast with the Company’s yearly renewable term arrangements, where only mortality risk is transferred to the reinsurer and premiums are paid to the reinsurer to reinsure that risk. The mortality risk that is reinsured under yearly renewable term arrangements represents the difference between the stated death benefits in the underlying reinsured contracts and the corresponding reserves or account value carried by the Company on those same contracts. The premiums paid to the reinsurer are based upon negotiated amounts, not on the actual premiums paid by the underlying contract holders to the Company. As yearly renewable term arrangements are usually entered into by the Company with the expectation that the contracts will be in force for the lives of the underlying policies, they are considered to be long-duration reinsurance contracts. The cost of reinsurance for universal life products is generally recognized based on the gross assessments of the underlying direct policies. The cost of reinsurance for term insurance products is generally recognized in proportion to direct premiums over the life of the underlying policies.
Market risk benefits (assets and liabilities) Market risk benefits in an asset position are presented separately from market risk benefits in a liability position. See “Market risk benefits” below.Market risk benefit liabilities (or assets) represents contracts or contract features that provide protection to the contractholder and exposes the Company to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits associated with Annuities products including guaranteed minimum death benefits (“GMDB”), guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum income and withdrawal benefits (“GMIWB”). The benefits are accounted for using a fair value measurement framework. If a contract contains multiple market risk benefits, the benefits are bundled together and accounted for as a single compound market risk benefit. Market risk benefits in an asset position are presented separately from those in a liability position as there is no legal right of offset between contracts. The fair value of market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefit. The fair value of market risk benefits is based on assumptions a market participant would use in valuing market risk benefits. For additional information regarding the valuation of market risk benefits, see Note 5. On a quarterly basis, changes in the fair value of market risk benefits are recorded in net income, net of related hedges, in "Change in value of market risk benefits, net of related hedging gains (losses)", except for the portion of the change attributable to changes in the Company’s NPR which is recorded in OCI. See Note 10 for additional information regarding market risk benefits.
Other assets and Other liabilities Other assets consists primarily of premiums due and deferred loss on reinsurance with affiliates which is amortized over the expected life of the reinsured contracts on a constant-level basis.Other liabilities consists primarily of accrued expenses, reinsurance payables and technical overdrafts.
Separate account assets and liabilities and Policyholders’ account balances Separate account assets represents segregated funds that are invested for certain policyholders, and other customers. The assets consist primarily of equity securities, fixed maturities, real estate-related investments, real estate mortgage loans, short-term investments and derivative instruments and are reported at fair value. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. 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. The investment income and realized investment gains or losses from separate account assets generally accrue to the policyholders and are not included in the Company’s results of operations. Mortality, policy administration and surrender charges assessed against the accounts are included in “Policy charges and fee income”. Asset administration fees charged to the accounts are included in “Asset administration fees”. Seed money that the Company invests in separate accounts is reported in the appropriate general account asset line. Investment income and realized investment gains or losses from seed money invested in separate accounts accrue to the Company and are included in the Company’s results of operations. See Note 7 for additional information regarding separate account arrangements with contractual guarantees. See also “Separate account liabilities” below.Policyholders’ account balances liability represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability is primarily associated with the accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. These policyholders’ account balances also include provision for benefits under non-life contingent payout annuities and certain unearned revenues. The unearned revenue liability represents policy charges for services to be provided in future periods. The charges are deferred as incurred and are generally amortized over the expected life of the contract using the same methodology, factors, and assumption used to amortize DAC. See Note 9 for additional information regarding policyholders’ account balances. Policyholders' account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked feature of certain universal life and annuity products. For additional information regarding the valuation of these embedded derivatives, see Note 5. Separate account liabilities primarily represents the contractholders’ account balance in separate account assets and to a lesser extent borrowings of the separate account, and will be equal and offsetting to total separate account assets. See also “Separate account assets” above.
Future policy benefits Future policy benefits is primarily comprised of the present value of expected future payments to or on behalf of policyholders, where the timing and amount of payment depends on policyholder mortality or morbidity, less the present value of expected future net premiums (where net premiums are gross premiums multiplied by the Net-To-Gross ("NTG") ratio discussed below). The liability for future policy benefits is accrued over time as premium revenue is recognized. See Note 8 for additional information regarding future policy benefits.
The reserving methodology used for non-participating traditional and limited-payment contracts include the following:

•Cash Flow Assumptions. In measuring the liability for future policy benefits, the net premium valuation methodology is utilized. Under this methodology, a liability for future policy benefits is established using current best estimate insurance assumptions and interest rate assumptions locked-in at contract issuance date. The NTG ratio is calculated as the ratio of the present value of expected policy benefits and non-level claim settlement expenses divided by the present value of expected gross premiums. The NTG ratio is applied to gross premiums, as premium revenue is recognized, to determine net premiums. The liability is then determined as the present value of expected future policy benefits and non-level claim settlement expenses less the present value of expected future net premiums. For purposes of liability measurement, contracts are grouped into cohorts based primarily on issue year and major product line.

The NTG ratio is generally updated quarterly for actual experience and annually for future cash flow assumption updates during the Company’s annual assumptions review process in the second quarter of each year unless a material change is observed in an interim period that is indicative of a long-term trend (see “Annual Assumptions Review” below), and with the exception of claim settlement expense assumptions which the Company has made an entity-wide election to lock-in as of contract issuance. The NTG ratio is subject to a retrospective unlocking method whereby the Company updates its best estimate of cash flows expected over the life of the cohort using actual historical experience and updated future cash flow assumptions. These updated cash flows are used to calculate the revised NTG ratio, which is used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. The updated liability for future policy benefit amount as of the beginning of the quarter is then compared to the carrying amount of the liability as of that same date, before the updates for actual experience or future cash flow assumptions, to determine the current period change in liability estimate. This current period change in the liability is the liability remeasurement gain or loss that is recorded through current period earnings in “Change in estimates of liability for future policy benefits.” In subsequent periods, the revised NTG ratio is used to measure the liability for future policy benefits, subject to future revisions.

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 expected future policy benefits and non-level claim settlement expenses, the NTG ratio is capped at 100%. In these instances, all changes in expected benefits resulting from both actual experience deviations and changes in future assumptions are reflected immediately. While the liability for future policy benefits cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”), the NTG ratio may be negative. This would be the case whereby conditions have improved such that the present value of future net premiums plus the existing liability for future policy benefits as of the valuation date exceed the present value of expected future policy benefits and non-level claim settlement expenses. In this case, the negative NTG ratio would be applied going forward to gross premiums received, effectively amortizing the gain into income and reducing the liability over time.

For contracts issued prior to January 1, 2021, the modified retrospective transition method was used to transition to ASU 2018-12. Under this method, the transition date of January 1, 2021 serves as the new issue date of the contracts in force for purposes of retrospectively unlocking the NTG ratio as described above.

•Discount Rate Assumption. The locked-in discount rate is generally based on expected investment returns at contract inception for contracts issued prior to January 1, 2021 and the upper medium grade fixed income corporate instrument yield (i.e., global single A) at contract inception for contracts issued after January 1, 2021. The discount rate in effect at contract inception is locked-in for the calculation of the NTG ratio and accretion of interest cost on the liability through net income. However, for balance sheet remeasurement purposes, the discount rate is updated using the current single A rate at each reporting period, with the effect on the liability resulting from such update recorded in “Interest rate remeasurement of future policy benefits" in OCI.
The methodology used in constructing the single A discount rate curve for discounting cash flows used to calculate the liability for future policy benefits is intended to be reflective of the characteristics of the applicable insurance liabilities. The single A discount rate curve is developed by reference to upper medium grade (low credit risk) fixed income instrument yields that reflect the duration characteristics of the applicable insurance liabilities. The single A discount curve for the United States and foreign economies, such as Japan, with observable corporate A spreads, is developed using government bond rates, plus globally equivalent public corporate A spreads in the observable periods. The definition of upper medium grade is based on Moody’s definition which includes the spectrum of A (i.e., A- to A+). The rate used in foreign operations (with the exception of certain emerging markets, as discussed below) is based on the equivalent of a single A rate from a global rating agency for corporate bonds issued in the same currency and country in which the insurance contract is written. Liquidity is considered in defining the observable period and linear extrapolation is performed to the Company's ultimate long-term economic assumptions. See “Annual Assumptions Review” below for further discussion regarding the Company’s long-term economic assumption setting process.

The Company’s liability for future policy benefits also includes net liabilities for guaranteed benefits related to certain long-duration life contracts, such as no-lapse guarantee contract features (AIR liability), for which a liability is established when associated assessments are recognized (which include investment margin on policyholders' account balances in the general account and all policy charges including charges for administration, mortality, expense, surrender, and other charges). This liability is established using current best estimate assumptions and is based on the ratio of the present value of total expected excess payments (i.e., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio).

For universal life type contracts and participating contracts, the Company performs premium deficiency tests using best estimate assumptions as of the testing date. If the liabilities determined based on these best estimate assumptions are greater than the net reserves (i.e., GAAP reserves including URR, net of reinsurance), the existing net reserves are adjusted by first reducing these assets by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency is more than these asset balances for insurance contracts, the net reserves are increased by the excess through a charge to current period earnings included in "policyholders' benefits". Since investment yields are used as the discount rate, the premium deficiency test is also performed using a discount rate based on the market yield (i.e., assuming what would be the impact if any unrealized gains (losses) were realized as of the testing date). In the event that by using the market yield a deficiency occurs, an adjustment is established for the deficiency and is included in AOCI.

In certain instances, for universal life type contracts and participating contracts, the policyholder liability for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. In these situations, accounting standards require that an additional liability (Profits Followed by Losses or “PFL” liability) be recognized by an amount necessary to sufficiently offset the losses that would be recognized in later years. Historically, PFL liabilities have been predominantly associated with certain universal life contracts that measure GAAP reserves using a dynamic approach, and accordingly, are updated each quarter, using current in force and market data, and as part of the annual assumption update, such that the liability as of each measurement date represents the Company’s current estimate of the present value of the amount necessary to offset anticipated future losses.
The Company’s liability for future policy benefits also includes a liability for unpaid claims and claim adjustment expenses. The Company does not establish claim liabilities until a loss has been incurred. However, unpaid claims and claim adjustment expenses include estimates of claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date.
Insurance Revenue And Expense Recognition
Insurance Revenue and Expense Recognition

Premiums from individual life products, other than universal and variable life contracts, are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for all expected future benefits and expenses) is generally deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized using the net level premium valuation methodology.

Premiums from single premium immediate annuities with life contingencies are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium is generally deferred and recognized into revenue based on expected future benefit payments. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized using the net level premium valuation methodology.

Certain individual annuity contracts provide the contractholder a guarantee that the benefit received upon death or annuitization will be no less than a minimum prescribed amount. These benefits are generally accounted for as market risk benefits (see “Market risk benefits” above).

Amounts received as payment for universal or variable individual life contracts, deferred fixed or variable annuities and other contracts without life contingencies are reported as deposits to “Policyholders’ account balances” and/or “Separate account liabilities.” Revenues from these contracts are reflected in “Policy charges and fee income” consisting primarily of fees assessed during the period against the policyholders’ account balances for mortality and other benefit charges, policy administration charges and surrender charges. In addition to fees, the Company earns investment income from the investment of deposits in the Company’s general account portfolio. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are generally deferred and amortized into revenue over the life of the related contracts using the same methodology, factors, and assumption used to amortize DAC as described above. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration, interest credited to policyholders’ account balances and amortization of DAC.
Policyholders’ account balances also includes amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products where changes in the value of the embedded derivatives are recorded through "Realized investment gains (losses), net". For additional information regarding the valuation of these embedded derivatives, see Note 5.
v3.23.1
Business and Basis of Presentation (Tables)
 3 Months Ended
Mar. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
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:
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)
   Other0 3 3 
Balance, end of period$72,472 $289,183 $361,655 

March 31, 2022
Term LifeVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$62,091 $246,653 $308,744 
   Capitalization4,228 13,642 17,870 
   Amortization expense(1,650)(3,179)(4,829)
   Other 0 (4)(4)
Balance, end of period$64,669 $257,112 $321,781 
Liability for Future Policy Benefit (DRL, Benefit Reserves, DPL, and Additional Insurance 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.

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(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 


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 
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-flooring1,188,336 17,336 1,205,672 
Less: Reinsurance recoverable1,036,995 17,336 1,054,331 
Balance after reinsurance recoverable, end of period, post-flooring$151,341 $0 $151,341 

March 31, 2022
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,641,933 $0 $1,641,933 
Effect of cumulative changes in discount rate assumptions, beginning of period(253,752)0 (253,752)
Balance at original discount rate, beginning of period1,388,181 0 1,388,181 
Effect of actual variances from expected experience and other activity3,165 0 3,165 
Adjusted balance, beginning of period1,391,346 0 1,391,346 
Issuances20,680 341 21,021 
Net premiums / considerations collected(40,394)(341)(40,735)
Interest accrual16,119 0 16,119 
Balance at original discount rate, end of period1,387,751 0 1,387,751 
Effect of cumulative changes in discount rate assumptions, end of period120,622 0 120,622 
Balance, end of period$1,508,373 $0 $1,508,373 
March 31, 2022
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$3,041,562 $19,314 $3,060,876 
Effect of cumulative changes in discount rate assumptions, beginning of period(561,455)(1,459)(562,914)
Balance at original discount rate, beginning of period2,480,107 17,855 2,497,962 
Effect of actual variances from expected experience(706)196 (510)
Adjusted balance, beginning of period2,479,401 18,051 2,497,452 
Issuances20,680 341 21,021 
Interest accrual30,217 150 30,367 
Benefit payments(35,047)(529)(35,576)
Other adjustments(41)(74)(115)
Balance at original discount rate, end of period2,495,210 17,939 2,513,149 
Effect of cumulative changes in discount rate assumptions, end of period285,629 (132)285,497 
Balance, end of period$2,780,839 $17,807 $2,798,646 
March 31, 2022
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,272,466 $17,807 $1,290,273 
Flooring impact, end of period6,028 0 6,028 
Balance, end of period, post-flooring1,278,494 17,807 1,296,301 
Less: Reinsurance recoverable1,112,534 17,807 1,130,341 
Balance after reinsurance recoverable, end of period, post-flooring$165,960 $0 $165,960 
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:
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 %
March 31, 2022
Term LifeFixed Annuities
(in thousands)
Undiscounted expected future gross premiums$3,307,354 $0 
Discounted expected future gross premiums (at original discount rate)$2,192,982 $0 
Discounted expected future gross premiums (at current discount rate)$2,396,738 $0 
Undiscounted expected future benefits and expenses$4,023,253 $23,522 
Interest accrual$14,098 $150 
Gross premiums$62,991 $653 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)117
Weighted-average interest rate (at original discount rate)5.34 %3.39 %
Weighted-average interest rate (at current discount rate)3.55 %3.49 %
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2.
The balances of and changes in Deferred Profit Liability as of and for the periods indicated are as follows:

March 31, 2023March 31, 2022
Fixed Annuities
(in thousands)
Balance, beginning of period$1,684 $1,726 
Effect of actual variances from expected experience (107)(164)
Adjusted balance, beginning of period1,577 1,562 
Profits deferred0 309 
Interest accrual13 16 
Amortization(45)(52)
Other adjustments0 (6)
Balance, end of period1,545 1,829 
Less: Reinsurance recoverable1,545 1,829 
Balance after reinsurance recoverable$0 $0 

The following table provides supplemental information related to the balances of and changes in Deferred Profit Liability, included in the disaggregated table above, on a gross (direct and assumed) basis, as of and for the period indicated:
March 31, 2023March 31, 2022
Fixed Annuities
(in thousands)
Revenue(1)$139 $(103)
Interest accrual13 16 
(1) Represents the gross premiums collected in changes in deferred profit liability.
The following table shows a rollforward of AIR balances for variable and universal life products, for the periods indicated:

March 31, 2023March 31, 2022
(in thousands)
Balance including amounts in AOCI, beginning of period, post-flooring$827,478 $703,968 
Flooring impact and amounts in AOCI91,115 (71,467)
Balance, excluding amounts in AOCI, beginning of period, pre-flooring918,593 632,501 
Effect of actual variances from expected experience and other activity(342)(10,170)
Adjusted balance, beginning of period918,251 622,331 
Assessments collected(1)14,827 39,441 
Interest accrual7,840 5,339 
Benefits paid(3,995)(3,284)
Balance, excluding amounts in AOCI, end of period, pre-flooring936,923 663,827 
Flooring impact and amounts in AOCI(65,818)14,281 
Balance, including amounts in AOCI, end of period, post-flooring871,105 678,108 
Less: Reinsurance recoverable834,640 643,583 
Balance after reinsurance recoverable, including amounts in AOCI, end of period$36,465 $34,525 
(1) Represents the portion of gross assessments required to fund the future policy benefits.
March 31, 2023March 31, 2022
(in thousands)
Interest accrual$7,840 $5,339 
Gross assessments$46,941 $92,938 
Weighted-average duration of the liability in years (at original discount rate)2826
Weighted-average interest rate (at original discount rate)3.42 %3.33 %
The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, Additional Insurance Reserves, and Deferred Profit Liability 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:
March 31, 2023March 31, 2022
(in thousands)
Benefit reserves, end of period, post-flooring$1,205,672 $1,296,301 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring871,105 678,108 
Deferred profit liability, end of period, post-flooring1,545 1,829 
Subtotal of amounts disclosed above2,078,322 1,976,238 
Other Future policy benefits reserves(1)149,309 171,407 
Total Future policy benefits$2,227,631 $2,147,645 

(1)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, Additional Insurance Reserves, and Deferred Profit Liability, 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:

March 31, 2023
Revenues(1)
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$112 $61,365 $0 $61,477 
Additional insurance reserves0 0 46,941 46,941 
Deferred profit liability139 0 0 139 
Total$251 $61,365 $46,941 $108,557 

March 31, 2022
Revenues(1)
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$653 $62,991 $0 $63,644 
Additional insurance reserves0 0 92,938 92,938 
Deferred profit liability(103)0 0 (103)
Total$550 $62,991 $92,938 $156,479 

(1)Represents "Gross premiums" for benefit reserves; "Gross assessments" for additional insurance reserves; and "Revenue" for deferred profit liability.

March 31, 2023
Interest Expense
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$171 $15,338 $0 $15,509 
Additional insurance reserves0 0 7,840 7,840 
Deferred profit liability13 0 0 13 
Total$184 $15,338 $7,840 $23,362 
March 31, 2022
Interest Expense
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$150 $14,098 $0 $14,248 
Additional insurance reserves0 0 5,339 5,339 
Deferred profit liability16 0 0 16 
Total$166 $14,098 $5,339 $19,603 
Additional Liability, Long-Duration Insurance (URR and Cost of Reinsurance)
The balance of the changes in URR are as follows:

March 31, 2023
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$313,711 
Unearned revenue19,030 
Amortization expense(3,785)
Balance, end of period328,956 
Reinsurance recoverables85,048 
Unearned revenue reserve net of reinsurance recoverables$243,908 


March 31, 2022
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$251,573 
Unearned revenue19,737 
Amortization expense(3,308)
Balance, end of period268,002 
Reinsurance recoverables68,241 
Unearned revenue reserve net of reinsurance recoverables$199,761 
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:

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 

March 31, 2022
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$796,913 $(796,913)$0 
Effect of cumulative changes in non-performance risk21,123 0 21,123 
Balance, beginning of period, before effect of changes in non-performance risk818,036 (796,913)21,123 
Attributed fees collected31,799 (31,799)0 
Claims paid(38)38 0 
Interest accrual549 (549)0 
Actual in force different from expected2,255 (2,255)0 
Effect of changes in interest rates(204,292)204,292 0 
Effect of changes in equity markets71,053 (71,053)0 
Effect of changes in current period counterparty non-performance risk0 86,828 86,828 
Balance, end of period, before effect of changes in non-performance risk719,362 (611,411)107,951 
Effect of cumulative changes in non-performance risk(107,951)0 (107,951)
Balance, end of period$611,411 $(611,411)$0 
The following table presents accompanying information to the rollforward table above. See Note 9 for information on "Net amount at risk".
March 31, 2023March 31, 2022
Variable Annuities
($ in thousands)
Net amount at risk$877,211 $305,180 
Weighted-average attained age of contractholders6866


The table below reconciles MRB asset and liability positions as of the following dates:
March 31, 2023March 31, 2022
Variable Annuities
(in thousands)
Market risk benefit assets$562,922 $755,053 
Market risk benefit liabilities562,922 755,053 
Net liability$0 $0 
Transition adjustment from the adoption of ASU 2018-12  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Accounting Standards of New Guidance on Financial Statements
December 31, 2022
IMPACTED LINES ONLYAs Previously ReportedEffect of
Change		As Currently Reported
(in thousands)
Deferred policy acquisition costs$364,494 $(12,620)$351,874 
Reinsurance recoverables3,258,526 (160,278)3,098,248 
Income tax assets67,126 489 67,615 
Market risk benefit assets0 558,624 558,624 
Other assets16,207 32,184 48,391 
TOTAL ASSETS$20,178,046 $418,399 $20,596,445 
Policyholders’ account balances$2,763,730 $10,585 $2,774,315 
Future policy benefits2,303,407 (173,365)2,130,042 
Market risk benefit liabilities0 558,624 558,624 
Other liabilities147,908 24,397 172,305 
Total liabilities19,149,549 420,241 19,569,790 
Retained earnings439,236 (153,803)285,433 
Accumulated other comprehensive income (loss)(188,151)151,961 (36,190)
Total equity1,028,497 (1,842)1,026,655 
TOTAL LIABILITIES AND EQUITY$20,178,046 $418,399 $20,596,445 
Unaudited Interim Statements of Operations and Comprehensive Income (Loss):
Three Months Ended March 31, 2022
 IMPACTED LINES ONLY
As Previously ReportedEffect of
Change		As Currently Reported
(in thousands)
REVENUES
Premiums$10,195 $(1,175)$9,020 
Policy charges and fee income15,721 (5,126)10,595 
Realized investment gains (losses), net16,028 (308)15,720 
Change in value of market risk benefits, net of related hedging gain (loss)0 (86,828)(86,828)
TOTAL REVENUES67,059 (93,437)(26,378)
BENEFITS AND EXPENSES
Policyholders’ benefits13,574 261 13,835 
Change in estimates of liability for future policy benefits0 (1,177)(1,177)
Amortization of deferred policy acquisition costs6,192 (1,363)4,829 
General, administrative and other expenses12,381 (1,381)11,000 
TOTAL BENEFITS AND EXPENSES43,341 (3,660)39,681 
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES23,718 (89,777)(66,059)
Income tax expense (benefit)1,856 (21,799)(19,943)
NET INCOME (LOSS)$21,862 $(67,978)$(46,116)
Other comprehensive income (loss), before tax:
Net unrealized investment gains (losses)(166,361)6,268 (160,093)
Interest rate remeasurement of future policy benefits0 22,483 22,483 
Gain (loss) from changes in non-performance risk on market risk benefits0 86,828 86,828 
Total(166,428)115,579 (50,849)
Less: Income tax expense (benefit) related to other comprehensive income (loss)(34,949)24,271 (10,678)
Other comprehensive income (loss), net of taxes(131,479)91,308 (40,171)
Comprehensive income (loss)$(109,617)$23,330 $(86,287)
Unaudited Interim Statements of Cash Flows:
Three Months Ended March 31, 2022
IMPACTED LINES ONLYAs Previously ReportedEffect of
Change		As Currently Reported
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$21,862 $(67,978)$(46,116)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Policy charges and fee income(4,892)4,879 (13)
Realized investment (gains) losses, net(16,028)308 (15,720)
Change in value of market risk benefits, net of related hedging (gains) losses0 86,828 86,828 
Change in:
Future policy benefits and other insurance liabilities(873)18,282 17,409 
Reinsurance recoverables(37,823)13,720 (24,103)
Deferred policy acquisition costs(11,678)(1,359)(13,037)
Income taxes25,140 (21,799)3,341 
Other, net(1)(1,063)(32,881)(33,944)
Cash flows from (used in) operating activities$(10,901)$0 $(10,901)
(1)    Prior period has been reclassified to conform to the current period presentation.

The following tables detail the January 1, 2021 transition adjustments by providing a rollforward of the ending reported balances as of December 31, 2020 to the opening balances as of January 1, 2021 for retained earnings, accumulated other comprehensive income (“AOCI”) and the impacted insurance-related balances.

January 1, 2021
Retained Earnings
(in thousands)
Balance after-tax, prior to transition$328,450 
Reclassification of market risk benefits non-performance risk to accumulated other comprehensive income(1)
(60,792)
Updates to certain universal life contract liabilities(2)(20,108)
Other(3)7,722 
Total pre-tax adjustments(73,178)
Tax impacts15,367 
Balance after-tax, after transition$270,639 
(1)    Reflects the cumulative impact of changes in the fair value of market risk benefits (“MRB”) non-performance risk (“NPR”) from the date of contract issuance to January 1, 2021. These amounts were previously recorded in retained earnings but are now reflected in AOCI under the new guidance.
(2)    Reflects the impact on additional insurance reserves ("AIR") and other related balances primarily related to the no-lapse guarantee features on certain universal life contracts. For additional information, see Note 2.
(3)    Primarily reflects the reassessment of deferred reinsurance losses ("DRL").
January 1, 2021
Accumulated Other Comprehensive Income
(in thousands)
Balance after-tax, prior to transition$185,407 
Interest rate remeasurement of future policy benefits
(57,440)
Reclassification of market risk benefits non-performance risk to accumulated other comprehensive income(1)
60,792 
Unwinding amounts related to unrealized investment gains and losses(2)(15,161)
Total pre-tax adjustments(11,809)
Tax impacts2,480 
Balance after-tax, after transition$176,078 
(1)    Reflects the cumulative impact of changes in NPR on the fair value of market risk benefits from the date of contract issuance to January 1, 2021. These amounts were previously recorded in retained earnings but are now reflected in AOCI under the new guidance.
(2)    Primarily reflects amounts related to DAC and other balances as unrealized investment gains or losses no longer impact the amortization pattern of such balances under the new guidance. Also includes the impacts from updates to reserves and other related balances for certain universal life contracts. For additional information, see Note 2.
Deferred Policy Acquisition Costs
January 1, 2021
Deferred Policy Acquisition Costs
Term LifeVariable/Universal LifeTotal
(in thousands)
Balance prior to transition$51,526 $172,899 $224,425 
Unwinding amounts related to unrealized investment gains and losses0 21,714 21,714 
Other(1)1 (1,922)(1,921)
Balance after transition$51,527 $192,691 $244,218 
(1)    Represents miscellaneous model refinements.
Liability for Future Policy Benefit (DRL, Benefit Reserves, DPL, and Additional Insurance Reserves)
January 1, 2021
Deferred Reinsurance Losses(1)
Variable Annuities
(in thousands)
Balance prior to transition$15,209 
Unwinding amounts related to unrealized investment gains and losses1,187 
Effect of change in reserve basis to market risk benefits4,236 
Balance after transition$20,632 
(1)    Deferred reinsurance losses are included in "Other assets".
January 1, 2021
Benefit Reserves(1)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance prior to transition$1,049,445 $16,468 $1,065,913 
Changes in cash flow assumptions and other activity30(687)(657)
Balance after transition, at original discount rate1,049,475 15,781 1,065,256 
Cumulative changes in discount rate assumptions401,072 2,188 403,260 
Balance after transition, at current discount rate1,450,547 17,969 1,468,516 
Less: Reinsurance recoverable1,264,199 17,944 1,282,143 
Balance after transition, net of reinsurance recoverable$186,348 $25 $186,373 
(1)     Benefit reserves, excluding amounts for reinsurance recoverable, are included in "Future policy benefits". For additional information on the liability for future policy benefits, see Note 8.

January 1, 2021
Deferred Profit Liability(1)
Fixed Annuities
(in thousands)
Balance prior to transition$102 
Changes in benefit reserves882 
Balance after transition984 
Less: Reinsurance recoverable984 
Balance after transition, net of reinsurance recoverable$0 
(1)    Deferred profit liability ("DPL"), excluding amounts for reinsurance recoverable, is included in "Future policy benefits". For additional information regarding the liability for future policy benefits, see Note 8.

January 1, 2021
Additional Insurance Reserves(1)
Variable/Universal LifeVariable AnnuitiesTotal
(in thousands)
Balance prior to transition$513,812 $24,433 $538,245 
Unwinding amounts related to unrealized investment gains and losses(109,355)(1,698)(111,053)
Balance prior to transition, excluding amounts related to unrealized investment gains and losses404,457 22,735 427,192 
Reclassification of future policy benefits additional insurance reserves to market risk benefits0 (22,735)(22,735)
Updates to certain universal life contract liabilities(2)142,726 0 142,726 
Balance after transition, excluding amounts related to unrealized investment gains and losses547,183 0 547,183 
Amounts related to unrealized investment gains and losses after transition95,331 0 95,331 
Balance after transition642,514 0 642,514 
Less: Reinsurance recoverable613,009 0 613,009 
Balance after transition, net of reinsurance recoverable$29,505 $0 $29,505 
(1)    Additional insurance reserves ("AIR"), excluding amounts for reinsurance recoverable, are included in "Future policy benefits". For additional information regarding the liability for future policy benefits, see Note 8.
(2)    For additional information regarding updates to reserves and other related balances for certain universal life contracts, see Note 2.
Additional Liability, Long-Duration Insurance (URR and Cost of Reinsurance)
January 1, 2021
Unearned Revenue Reserves(1)
Variable/Universal Life
(in thousands)
Balance prior to transition$94,480 
Unwinding amounts related to unrealized investment gains and losses and other activity92,103 
Balance after transition186,583 
Less: Reinsurance recoverable45,019 
Balance after transition, net of reinsurance recoverable$141,564 
(1)    Unearned revenue reserves ("URR") are included in "Policyholders' account balances". For additional information regarding the liability for policyholders' account balances, see Note 9.
January 1, 2021
Cost of Reinsurance(1)
Variable/ Universal Life
(in thousands)
Balance prior to transition$85,773 
Unwinding amounts related to unrealized investment gains and losses(34,617)
Balance prior to transition, excluding amounts related to unrealized investment gains and losses51,156 
Impact from updates to certain universal life contract liabilities(2)14,045 
Balance after transition, excluding amounts related to unrealized investment gains and losses65,201 
Amounts related to unrealized investment gains and losses after transition27,620 
Balance after transition$92,821 
(1)    Cost of reinsurance is included in "Other liabilities".
(2)    For additional information regarding updates to reserves and other related balances for certain universal life contracts, see Note 2.
Market Risk Benefits
January 1, 2021
Market Risk Benefits(1)
Variable Annuities
(in thousands)
Liability for guaranteed benefits recorded at fair value, prior to transition$1,195,470 
Additional insurance reserves to be reclassed to market risk benefits, prior to transition, excluding amounts related to unrealized investment gains and losses22,735 
Total liability prior to transition1,218,205 
Change in reserve basis to market risk benefits framework(12,634)
Market risk benefits after transition, at current non-performance risk value1,205,571 
Less: Reinsured market risk benefits1,205,571 
Market risk benefits after transition, net of reinsurance0 
Market risk benefits after transition, at contract inception non-performance risk value$1,266,363 
Cumulative change in non-performance risk60,792 
Market risk benefits after transition, at current non-performance risk value$1,205,571 
(1)    For additional information regarding market risk benefits, see Note 10.
v3.23.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2023
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, 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$52,350 $530 $216 $0 $52,664 
Obligations of U.S. states and their political subdivisions182,985 700 3,779 0 179,906 
Foreign government bonds94,250 50 14,977 0 79,323 
U.S. public corporate securities1,348,104 7,322 152,907 0 1,202,519 
U.S. private corporate securities195,195 781 10,532 0 185,444 
Foreign public corporate securities167,603 381 22,925 0 145,059 
Foreign private corporate securities136,113 983 18,377 0 118,719 
Asset-backed securities(1)17,731 242 208 0 17,765 
Commercial mortgage-backed securities123,021 0 8,555 0 114,466 
Residential mortgage-backed securities(2)12,470 113 262 3 12,318 
Total fixed maturities, available-for-sale$2,329,822 $11,102 $232,738 $3 $2,108,183 

(1)Includes credit-tranched securities collateralized by education loans and loan obligations.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
December 31, 2022
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$62,210 $0 $1,074 $0 $61,136 
Obligations of U.S. states and their political subdivisions165,109 421 6,315 0 159,215 
Foreign government bonds87,853 1 15,891 0 71,963 
U.S. public corporate securities1,062,342 1,943 180,880 0 883,405 
U.S. private corporate securities186,123 141 13,465 358 172,441 
Foreign public corporate securities138,717 28 25,783 0 112,962 
Foreign private corporate securities133,074 523 21,562 0 112,035 
Asset-backed securities(1)18,358 272 256 0 18,374 
Commercial mortgage-backed securities124,486 0 8,595 0 115,891 
Residential mortgage-backed securities(2)12,446 92 467 5 12,066 
Total fixed maturities, available-for-sale$1,990,718 $3,421 $274,288 $363 $1,719,488 

(1)Includes credit-tranched securities collateralized by education loans and loan obligations.
(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 available-for-sale fixed maturity 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, 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$0 $0 $2,025 $216 $2,025 $216 
Obligations of U.S. states and their political subdivisions91,811 1,768 23,724 2,011 115,535 3,779 
Foreign government bonds20,990 888 56,267 14,089 77,257 14,977 
U.S. public corporate securities294,009 13,374 682,776 139,533 976,785 152,907 
U.S. private corporate securities42,180 909 110,537 9,623 152,717 10,532 
Foreign public corporate securities25,478 1,167 97,851 21,758 123,329 22,925 
Foreign private corporate securities9,224 233 87,892 18,144 97,116 18,377 
Asset-backed securities1,237 20 7,233 188 8,470 208 
Commercial mortgage-backed securities30,033 3,122 84,434 5,433 114,467 8,555 
Residential mortgage-backed securities10,350 250 273 12 10,623 262 
Total fixed maturities, available-for-sale$525,312 $21,731 $1,153,012 $211,007 $1,678,324 $232,738 

December 31, 2022
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$61,136 $1,074 $0 $0 $61,136 $1,074 
Obligations of U.S. states and their political subdivisions113,693 6,315 0 0 113,693 6,315 
Foreign government bonds46,826 5,741 24,746 10,150 71,572 15,891 
U.S. public corporate securities704,906 111,763 155,138 69,117 860,044 180,880 
U.S. private corporate securities149,670 11,857 9,273 1,608 158,943 13,465 
Foreign public corporate securities69,310 11,016 38,996 14,767 108,306 25,783 
Foreign private corporate securities62,044 12,499 33,858 9,063 95,902 21,562 
Asset-backed securities5,570 160 3,289 96 8,859 256 
Commercial mortgage-backed securities110,820 8,398 5,071 197 115,891 8,595 
Residential mortgage-backed securities10,509 467 0 0 10,509 467 
Total fixed maturities, available-for-sale$1,334,484 $169,290 $270,371 $104,998 $1,604,855 $274,288 
Fixed Maturities Classified by Contractual Maturity Date
The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:
March 31, 2023
Amortized CostFair Value
(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less$81,580 $78,489 
Due after one year through five years250,358 235,884 
Due after five years through ten years154,199 149,387 
Due after ten years1,690,463 1,499,874 
Asset-backed securities17,731 17,765 
Commercial mortgage-backed securities123,021 114,466 
Residential mortgage-backed securities12,470 12,318 
Total fixed maturities, available-for-sale$2,329,822 $2,108,183 
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, for the periods indicated:
Three Months Ended March 31,
20232022
(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$886 $20,241 
Proceeds from maturities/prepayments32,121 18,233 
Gross investment gains from sales and maturities29 2 
Gross investment losses from sales and maturities(415)(1,961)
(Addition to) release of allowance for credit losses360 0 
(1) Excludes activity from non-cash related proceeds due to the timing of trade settlements of $0.2 million and $0.0 million for the three months ended March 31, 2023 and 2022, respectively.
Other than Temporary Impairment, Credit Losses Recognized in Earnings The following table sets forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated:
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, 2023December 31, 2022
Amount
(in thousands)		% of TotalAmount
(in thousands)		% of Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$62,244 38.8 %$62,434 42.0 %
Hospitality12,849 8.0 12,996 8.7 
Industrial31,627 19.7 17,132 11.5 
Office8,188 5.1 10,568 7.1 
Other7,796 4.9 7,767 5.2 
Retail22,021 13.8 22,123 14.9 
Total commercial mortgage loans144,725 90.3 133,020 89.4 
Agricultural property loans15,526 9.7 15,567 10.6 
Total commercial mortgage and agricultural property loans160,251 100.0 %148,587 100.0 %
Allowance for credit losses(499)(408)
Total net commercial mortgage and other loans$159,752 $148,179 
Allowance for Credit Losses
The following table sets 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,
20232022
Commercial Mortgage LoansAgricultural Property LoansTotalCommercial Mortgage LoansAgricultural Property LoansTotal
(in thousands)
Allowance, beginning of period$405 $3 $408 $246 $0 $246 
Addition to (release of) allowance for expected losses38 53 91 (16)1 (15)
Allowance, end of period$443 $56 $499 $230 $1 $231 
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, 2023
Amortized Cost by Origination Year
20232022202120202019PriorTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$0 $19,978 $787 $0 $10,030 $47,468 $78,263 
60%-69.99%0 15,000 1,615 2,198 18,953 1,016 38,782 
70%-79.99%14,509 0 347 0 3,855 7,175 25,886 
80% or greater0 0 0 0 0 1,794 1,794 
Total$14,509 $34,978 $2,749 $2,198 $32,838 $57,453 $144,725 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$14,509 $34,978 $2,749 $2,198 $27,743 $39,083 $121,260 
1.0 - 1.2x0 0 0 0 0 8,735 8,735 
Less than 1.0x0 0 0 0 5,095 9,635 14,730 
Total$14,509 $34,978 $2,749 $2,198 $32,838 $57,453 $144,725 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$0 $1,068 $1,080 $0 $0 $1,033 $3,181 
60%-69.99%0 12,345 0 0 0 0 12,345 
70%-79.99%0 0 0 0 0 0 0 
80% or greater0 0 0 0 0 0 0 
Total$0 $13,413 $1,080 $0 $0 $1,033 $15,526 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$0 $13,413 $1,080 $0 $0 $1,033 $15,526 
1.0 - 1.2x0 0 0 0 0 0 0 
Less than 1.0x0 0 0 0 0 0 0 
Total$0 $13,413 $1,080 $0 $0 $1,033 $15,526 
December 31, 2022
Amortized Cost by Origination Year
20222021202020192018PriorTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$20,000 $792 $0 $9,993 $1,387 $48,812 $80,984 
60%-69.99%15,000 1,615 2,198 18,982 0 1,016 38,811 
70%-79.99%0 347 0 3,855 0 7,213 11,415 
80% or greater0 0 0 0 0 1,810 1,810 
Total$35,000 $2,754 $2,198 $32,830 $1,387 $58,851 $133,020 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$35,000 $2,754 $2,198 $27,697 $1,387 $40,285 $109,321 
1.0 - 1.2x0 0 0 0 0 8,809 8,809 
Less than 1.0x0 0 0 5,133 0 9,757 14,890 
Total$35,000 $2,754 $2,198 $32,830 $1,387 $58,851 $133,020 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$1,078 $1,092 $0 $0 $0 $1,052 $3,222 
60%-69.99%12,345 0 0 0 0 0 12,345 
70%-79.99%0 0 0 0 0 0 0 
80% or greater0 0 0 0 0 0 0 
Total$13,423 $1,092 $0 $0 $0 $1,052 $15,567 
Debt Service Coverage Ratio:
Greater or Equal to 1.2x$13,423 $1,092 $0 $0 $0 $1,052 $15,567 
1.0 - 1.2x0 0 0 0 0 0 0 
Less than 1.0x0 0 0 0 0 0 0 
Total$13,423 $1,092 $0 $0 $0 $1,052 $15,567 
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, 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$144,725 $0 $0 $0 $144,725 $0 
Agricultural property loans15,526 0 0 0 15,526 0 
Total$160,251 $0 $0 $0 $160,251 $0 
(1)As of March 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, 2022.
December 31, 2022
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$133,020 $0 $0 $0 $133,020 $0 
Agricultural property loans15,567 0 0 0 15,567 0 
Total$148,587 $0 $0 $0 $148,587 $0 
(1)As of December 31, 2022, 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, 2022.
Other Invested Assets
The following table sets forth the composition of “Other invested assets,” as of the dates indicated:

March 31, 2023December 31, 2022
 (in thousands)
LPs/LLCs:
Equity method:
Private equity78,320 74,468 
Hedge funds43,407 42,472 
Real estate-related9,801 10,199 
Subtotal equity method131,528 127,139 
Fair value:
Private equity256 279 
Hedge funds44 55 
Real estate-related1,935 2,055 
Subtotal fair value2,235 2,389 
Total LPs/LLCs133,763 129,528 
Total other invested assets$133,763 $129,528 
Accrued Investment Income
The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:
March 31, 2023December 31, 2022
(in thousands)
Fixed maturities$24,081 $18,653 
Equity securities92 1 
Commercial mortgage and other loans455 352 
Policy loans5,745 5,612 
Short-term investments and cash equivalents691 604 
Total accrued investment income$31,064 $25,222 
Net Investment Income
The following table sets forth “Net investment income” by investment type, for the periods indicated:
Three Months Ended March 31,
20232022
(in thousands)
Fixed maturities, available-for-sale$21,117 $17,125 
Fixed maturities, trading157 274 
Equity securities91 91 
Commercial mortgage and other loans1,679 1,082 
Policy loans2,525 2,772 
Other invested assets1,478 4,000 
Short-term investments and cash equivalents2,641 60 
Gross investment income29,688 25,404 
Less: investment expenses(1,028)(1,035)
Net investment income$28,660 $24,369 
Realized Investment Gains (Losses), Net
The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
Three Months Ended March 31,
20232022
(in thousands)
Fixed maturities(1)$(26)$(1,959)
Commercial mortgage and other loans(91)15 
Other invested assets0 (51)
Derivatives(8,241)17,727 
Short term investments and cash equivalents60 (12)
Realized investment gains (losses), net$(8,298)$15,720 
(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.
Net Unrealized Gains and (Losses) on Investments
The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:
March 31, 2023December 31, 2022
 (in thousands)
Fixed maturity securities, available-for-sale without an allowance$(221,636)$(270,867)
Derivatives designated as cash flow hedges(1)12,513 14,102 
Affiliated notes61 59 
Other investments127 122 
Net unrealized gains (losses) on investments$(208,935)$(256,584)
(1)For more information on cash flow hedges, see Note 4.
Repurchase Agreements and Securities Lending
The following table sets forth the composition of “Cash collateral for loaned securities” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:

March 31, 2023December 31, 2022
Remaining Contractual Maturities of the AgreementsRemaining Contractual Maturities of the Agreements
Overnight & ContinuousUp to 30 DaysTotalOvernight & ContinuousUp to 30 DaysTotal
(in thousands)
U.S. public corporate securities$3,325 $0 $3,325 $0 $0 $0 
Total cash collateral for loaned securities(1)$3,325 $0 $3,325 $0 $0 $0 
(1)The Company did not have agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.
v3.23.1
Derivatives and Hedging (Tables)
 3 Months Ended
Mar. 31, 2023
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, 2023December 31, 2022
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$121,573 $12,726 $(716)$117,015 $14,281 $(516)
Total Derivatives Designated as Hedge Accounting Instruments:$121,573 $12,726 $(716)$117,015 $14,281 $(516)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$30,200 $169 $(348)$30,200 $0 $(383)
Credit
Credit Default Swaps0 0 0 0 0 0 
Currency/Interest Rate
Foreign Currency Swaps24,035 2,535 0 24,035 2,957 0 
Foreign Currency
Foreign Currency Forwards8,336 1 (125)7,520 3 (368)
Equity
Equity Options510,150 2,199 (18,506)509,200 555 (20,562)
Total Derivatives Not Qualifying as Hedge Accounting Instruments:$572,721 $4,904 $(18,979)$570,955 $3,515 $(21,313)
Total Derivatives(1)(2)$694,294 $17,630 $(19,695)$687,970 $17,796 $(21,829)
(1)Excludes embedded derivatives and associated reinsurance recoverables which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $127 million and $108 million as of March 31, 2023 and December 31, 2022, respectively included in “Policyholders’ account balances".
(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, 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$17,630 $(17,630)$0 $0 $0 
Securities purchased under agreements to resell0 0 0 0 0 
Total Assets$17,630 $(17,630)$0 $0 $0 
Offsetting of Financial Liabilities:
Derivatives$19,695 $(17,630)$2,065 $(2,065)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$19,695 $(17,630)$2,065 $(2,065)$0 

December 31, 2022
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$17,796 $(17,796)$0 $0 $0 
Securities purchased under agreements to resell00 0 0 0 
Total Assets$17,796 $(17,796)$0 $0 $0 
Offsetting of Financial Liabilities:
Derivatives$21,829 $(17,796)$4,033 $(4,033)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$21,829 $(17,796)$4,033 $(4,033)$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, 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$17,630 $(17,630)$0 $0 $0 
Securities purchased under agreements to resell0 0 0 0 0 
Total Assets$17,630 $(17,630)$0 $0 $0 
Offsetting of Financial Liabilities:
Derivatives$19,695 $(17,630)$2,065 $(2,065)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$19,695 $(17,630)$2,065 $(2,065)$0 

December 31, 2022
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$17,796 $(17,796)$0 $0 $0 
Securities purchased under agreements to resell00 0 0 0 
Total Assets$17,796 $(17,796)$0 $0 $0 
Offsetting of Financial Liabilities:
Derivatives$21,829 $(17,796)$4,033 $(4,033)$0 
Securities sold under agreements to repurchase0 0 0 0 0 
Total Liabilities$21,829 $(17,796)$4,033 $(4,033)$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, 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)
Three Months Ended March 31, 2022 (1)
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$31 $0 $451 $188 $1,222 
Total cash flow hedges31 0 451 188 1,222 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(1,201)0 0 0 0 
Currency115 0 0 0 0 
Currency/Interest Rate290 0 0 8 0 
Credit0 0 0 0 0 
Equity(1,526)0 0 0 0 
Embedded Derivatives20,018 0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments17,696 0 0 8 0 
Total$17,727 $0 $451 $196 $1,222 
(1)Prior period amounts have been updated to conform to current period presentation.
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, 2022$14,102 
Amount recorded in AOCI
Currency/Interest Rate(1,202)
Total amount recorded in AOCI(1,202)
Amount reclassified from AOCI to income
Currency/Interest Rate(387)
Total amount reclassified from AOCI to income(387)
Balance, March 31, 2023$12,513 
v3.23.1
Fair Value of Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2023
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, 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 $52,664 $0 $$52,664 
Obligations of U.S. states and their political subdivisions0 179,906 0 179,906 
Foreign government bonds0 79,323 0 79,323 
U.S. corporate public securities0 1,202,519 0 1,202,519 
U.S. corporate private securities0 181,868 3,576 185,444 
Foreign corporate public securities0 145,059 0 145,059 
Foreign corporate private securities0 118,719 0 118,719 
Asset-backed securities(2)0 17,765 0 17,765 
Commercial mortgage-backed securities0 94,585 19,881 114,466 
Residential mortgage-backed securities0 12,318 0 12,318 
Subtotal0 2,084,726 23,457 2,108,183 
Market risk benefit assets0 0 562,922 562,922 
Fixed maturities, trading0 23,938 0 23,938 
Equity securities0 69 4,294 4,363 
Short-term investments0 8,000 0 8,000 
Cash equivalents0 81,323 0 81,323 
Other invested assets(3)0 17,630 0 (17,630)0 
Reinsurance recoverable0 0 1,357 1,357 
Receivables from parent and affiliates0 699 0 699 
Subtotal excluding separate account assets0 2,216,385 592,030 (17,630)2,790,785 
Separate account assets(4)(5)0 12,452,598 0 12,452,598 
Total assets$0 $14,668,983 $592,030 $(17,630)$15,243,383 
Market risk benefit liabilities$0 $0 $562,922 $$562,922 
Policyholders' account balances0 0 127,032 127,032 
Payables to parent and affiliates0 19,695 0 (17,630)2,065 
Total liabilities$0 $19,695 $689,954 $(17,630)$692,019 
December 31, 2022
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 $61,136 $0 $$61,136 
Obligations of U.S. states and their political subdivisions0 159,215 0 159,215 
Foreign government bonds0 71,963 0 71,963 
U.S. corporate public securities0 883,405 0 883,405 
U.S. corporate private securities0 168,638 3,803 172,441 
Foreign corporate public securities0 112,962 0 112,962 
Foreign corporate private securities0 112,035 0 112,035 
Asset-backed securities(2)0 18,374 0 18,374 
Commercial mortgage-backed securities0 95,190 20,701 115,891 
Residential mortgage-backed securities0 12,066 0 12,066 
Subtotal0 1,694,984 24,504 1,719,488 
Market risk benefit assets0 0 558,624 558,624 
Fixed maturities, trading0 23,782 0 23,782 
Equity securities0 67 4,291 4,358 
Short-term investments0 3,000 0 3,000 
Cash equivalents0 245,302 0 245,302 
Other invested assets(3)0 17,796 0 (17,796)0 
Reinsurance recoverable0 0 0 0 
Receivables from parent and affiliates0 688 0 688 
Subtotal excluding separate account assets0 1,985,619 587,419 (17,796)2,555,242 
Separate account assets(4)(5)0 12,014,623 0 12,014,623 
Total assets$0 $14,000,242 $587,419 $(17,796)$14,569,865 
Market risk benefit liabilities$0 $0 $558,624 $$558,624 
Policyholders' account balances0 0 108,144 108,144 
Payables to parent and affiliates0 21,829 0 (17,796)4,033 
Total liabilities$0 $21,829 $666,768 $(17,796)$670,801 

(1)“Netting” amounts represent cash collateral of $0 million as of both March 31, 2023 and December 31, 2022.
(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, 2023 and December 31, 2022, the fair values of such investments were $2.2 million and $2.4 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, for which fair value is measured at NAV per share (or its equivalent). At March 31, 2023 and December 31, 2022, the fair value of such investments were $1,961 million and $1,912 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, 2023
Fair Value Valuation 
Techniques		Unobservable 
Inputs		MinimumMaximumWeighted
Average		Impact of Increase in Input on Fair
Value(1)
(in thousands)
Assets:
Corporate securities(2)$3,576 Discounted cash flowDiscount rate10.68 %10.68 %10.68 %Decrease
Commercial mortgage-backed securities$19,881 Discounted cash flowLiquidity premium0.60 %0.75 %0.69 %Decrease
Market risk benefit assets(3)$562,922 Discounted cash flowLapse rate(4)1 %20 %Increase
Spread over SOFR(5)0.52 %2.20 %Increase
Utilization rate(6)38 %95 %Decrease
Withdrawal rateSee table footnote (7) below.
Mortality rate(8)0 %15 %Increase
Equity volatility curve18 %25 %Decrease
Liabilities:
Market risk benefit liabilities(3)$562,922 Discounted cash flowLapse rate(4)1 %20 %Decrease
Spread over SOFR(5)0.52 %2.20 %Decrease
Utilization rate(6)38 %95 %Increase
Withdrawal rateSee table footnote (7) below.
Mortality rate(8)0 %15 %Decrease
Equity volatility curve18 %25 %Increase
Policyholders' account balances(9)$127,032 Discounted cash flowLapse rate(4)1 %80 %Decrease
Spread over SOFR(5)0.27 %2.34 %Decrease
Mortality rate(8)0 %23 %Decrease
Equity volatility curve14 %30 %Increase
Option budget(10)(2)%6 %Increase
December 31, 2022
Fair Value Valuation 
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of Increase
in Input on Fair
Value(1)
(in thousands)
Assets:
Corporate securities(2)$3,803 Discounted cash flowDiscount rate10.18 %10.18 %10.18 %Decrease
Commercial mortgage-backed securities$20,701 Discounted cash flowLiquidity premium60 %75 %69.05 %Decrease
Market risk benefit assets(3)$558,624 Discounted cash flowLapse rate(4)1 %20 %Increase
Spread over SOFR(5)0.51 %2.14 %Increase
Utilization rate(6)38 %95 %Decrease
Withdrawal rateSee table footnote (7) below.
Mortality rate(8)0 %15 %Increase
Equity volatility curve18 %28 %Decrease
Liabilities:
Market risk benefit liabilities(3)$558,624 Discounted cash flowLapse rate(4)1 %20 %Decrease
Spread over SOFR(5)0.51 %2.14 %Decrease
Utilization rate(6)38 %95 %Increase
Withdrawal rateSee table footnote (7) below.
Mortality rate(8)0 %15 %Decrease
Equity volatility curve18 %28 % Increase
Policyholders' account balances(9)$108,144 Discounted cash flowLapse rate(4)1 %6 %Decrease
Spread over SOFR(5)0.17 %0.66 %Decrease
Mortality rate(8)0 %23 %Decrease
Equity volatility curve18 %28 %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 accommodation, 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 embedded derivatives.
(5)The spread over the Secured Overnight Financing Rate (“SOFR”) swap curve and the London Inter-Bank Offered Rate (“LIBOR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR or LIBOR, as applicable) 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, 2023 and December 31, 2022, respectively. This spread includes an estimate of 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, living benefit guarantees, and index-linked interest crediting guarantees 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 both March 31, 2023 and December 31, 2022, the minimum withdrawal rate assumption is 77% and 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 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 budgets 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. 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, 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 $(37)
Structured securities(3)20,701 (733)0 0 0 (87)0 0 0 19,881 (720)
Other assets:
Equity securities4,291 3 0 0 0 0 0 0 0 4,294 3 
Reinsurance recoverable0 1,357 0 0 0 0 0 0 0 1,357 1,357 
Liabilities:
Policyholders' account balances(4)(108,144)(10,832)0 0 (8,056)0 0 0 0 (127,032)(13,914)
Three Months Ended March 31, 2023(5)
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(1)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(2)$0 $(756)$(11)$0 $0 $(757)
Other assets:
Equity securities0 3 0 0 0 3 0 
Reinsurance recoverable1,357 0 0 0 1,357 0 0 
Liabilities:
Policyholders' account balances(10,832)0 0 0 (13,914)0 0 
Three Months Ended March 31, 2022(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)24,319 (2,864)0 0 0 (632)0 0 0 20,823 (2,821)
Structured securities(3)27,274 (2,795)0 0 0 (82)0 0 0 24,397 (2,796)
Other assets:
Equity securities5,812 (514)0 0 0 0 0 0 0 5,298 (514)
Reinsurance recoverable0 0 0 0 0 0 0 0 0 0 0 
Liabilities:
Policyholders' account balances(4)(153,127)19,553 0 0 0 2,644 0 0 0 (130,930)21,607 

Three Months Ended March 31, 2022(5)
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 $(5,661)$2 $0 $0 $(5,617)
Other assets:
Equity securities0 (514)0 0 0 (514)0 
Reinsurance recoverable0 0 0 0 0 0 0 
Liabilities:
Policyholders' account balances19,553 0 0 0 21,607 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.
(3)Includes commercial mortgage-backed securities.
(4)Issuances and settlements for Policyholders' account balances are presented net in the rollforward.
(5)Effective January 1, 2021, Future policy benefits previously included in “changes in level 3 assets and liabilities” are reported in Note 10 Market Risk Benefits.
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. 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, 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 $(37)
Structured securities(3)20,701 (733)0 0 0 (87)0 0 0 19,881 (720)
Other assets:
Equity securities4,291 3 0 0 0 0 0 0 0 4,294 3 
Reinsurance recoverable0 1,357 0 0 0 0 0 0 0 1,357 1,357 
Liabilities:
Policyholders' account balances(4)(108,144)(10,832)0 0 (8,056)0 0 0 0 (127,032)(13,914)
Three Months Ended March 31, 2023(5)
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(1)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$(2)$0 $(756)$(11)$0 $0 $(757)
Other assets:
Equity securities0 3 0 0 0 3 0 
Reinsurance recoverable1,357 0 0 0 1,357 0 0 
Liabilities:
Policyholders' account balances(10,832)0 0 0 (13,914)0 0 
Three Months Ended March 31, 2022(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)24,319 (2,864)0 0 0 (632)0 0 0 20,823 (2,821)
Structured securities(3)27,274 (2,795)0 0 0 (82)0 0 0 24,397 (2,796)
Other assets:
Equity securities5,812 (514)0 0 0 0 0 0 0 5,298 (514)
Reinsurance recoverable0 0 0 0 0 0 0 0 0 0 0 
Liabilities:
Policyholders' account balances(4)(153,127)19,553 0 0 0 2,644 0 0 0 (130,930)21,607 

Three Months Ended March 31, 2022(5)
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 $(5,661)$2 $0 $0 $(5,617)
Other assets:
Equity securities0 (514)0 0 0 (514)0 
Reinsurance recoverable0 0 0 0 0 0 0 
Liabilities:
Policyholders' account balances19,553 0 0 0 21,607 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.
(3)Includes commercial mortgage-backed securities.
(4)Issuances and settlements for Policyholders' account balances are presented net in the rollforward.
(5)Effective January 1, 2021, Future policy benefits previously included in “changes in level 3 assets and liabilities” are reported in Note 10 Market Risk Benefits.
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, 2023
Fair ValueCarrying
Amount(1)
Level 1Level 2Level 3TotalTotal
(in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $155,427 $155,427 $159,752 
Policy loans0 0 212,479 212,479 212,479 
Short-term investments4,000 0 0 4,000 4,000 
Cash and cash equivalents1,963 0 0 1,963 1,963 
Accrued investment income0 31,064 0 31,064 31,064 
Reinsurance recoverables0 0 24,462 24,462 26,196 
Receivables from parent and affiliates0 16,875 0 16,875 16,875 
Other assets0 3,805 0 3,805 3,805 
Total assets$5,963 $51,744 $392,368 $450,075 $456,134 
Liabilities:
Policyholders’ account balances - investment contracts$0 $165,411 $34,845 $200,256 $201,990 
Cash collateral for loaned securities0 3,325 0 3,325 3,325 
Payables to parent and affiliates0 9 0 9 9 
Other liabilities0 56,513 0 56,513 56,513 
Total liabilities$0 $225,258 $34,845 $260,103 $261,837 
December 31, 2022
Fair ValueCarrying
Amount(1)
Level 1Level 2Level 3TotalTotal
(in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $141,513 $141,513 $148,179 
Policy loans0 0 212,063 212,063 212,063 
Short-term investments4,000 0 0 4,000 4,000 
Cash and cash equivalents10,465 0 0 10,465 10,465 
Accrued investment income0 25,222 0 25,222 25,222 
Reinsurance recoverables0 0 25,127 25,127 27,183 
Receivables from parent and affiliates0 18,660 0 18,660 18,660 
Other assets0 3,852 0 3,852 3,852 
Total assets$14,465 $47,734 $378,703 $440,902 $449,624 
Liabilities:
Policyholders’ account balances - investment contracts$0 $180,576 $36,746 $217,322 $219,378 
Cash collateral for loaned securities0 0 0 0 0 
Payables to parent and affiliates0 3,513 0 3,513 3,513 
Other liabilities0 51,312 0 51,312 51,312 
Total liabilities$0 $235,401 $36,746 $272,147 $274,203 
(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.
v3.23.1
Deferred Policy Acquisition Costs and Deferred Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2023
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:
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)
   Other0 3 3 
Balance, end of period$72,472 $289,183 $361,655 

March 31, 2022
Term LifeVariable / Universal LifeTotal
(in thousands)
Balance, beginning of period$62,091 $246,653 $308,744 
   Capitalization4,228 13,642 17,870 
   Amortization expense(1,650)(3,179)(4,829)
   Other 0 (4)(4)
Balance, end of period$64,669 $257,112 $321,781 
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:
March 31, 2023
Variable Annuities
(in thousands)
Balance, beginning of period$17,425 
Amortization expense(378)
Balance, end of period$17,047 

March 31, 2022
Variable Annuities
(in thousands)
Balance, beginning of period$18,977 
Amortization expense(395)
Balance, end of period$18,582 
v3.23.1
Separate Accounts (Tables)
 3 Months Ended
Mar. 31, 2023
Insurance [Abstract]  
Separate Account Assets
The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

March 31, 2023December 31, 2022
(in thousands)
Asset Type:
Mutual funds:
Equity$7,642,559 $7,430,452 
Fixed Income4,139,655 3,973,001 
Other670,384 611,170 
Other invested assets1,961,083 1,912,335 
Total$14,413,681 $13,926,958 
Separate Account Liabilities
The balances of and changes in separate account liabilities are as follows:
March 31, 2023
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$8,928,568 $4,998,390 $13,926,958 
     Deposits8,431 43,878 52,309 
     Investment performance439,099 263,521 702,620 
     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 account913 28,189 29,102 
     Other397 1,651 2,048 
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) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.

March 31, 2022
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$11,982,322 $5,940,046 $17,922,368 
Deposits24,269 48,156 72,425 
Investment performance(776,250)(296,251)(1,072,501)
Policy charges(64,417)(25,566)(89,983)
Surrenders and withdrawals(217,281)(6,875)(224,156)
Benefit payments(1,219)(13,214)(14,433)
Net transfers (to) from general account(2)(12,141)(12,143)
Other270 2,298 2,568 
Balance, end of period$10,947,692 $5,636,453 $16,584,145 
Cash surrender value(1)$10,707,646 $5,561,179 $16,268,825 
(1) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
v3.23.1
Liability For Future Policy Benefits (Tables)
 3 Months Ended
Mar. 31, 2023
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.

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(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 


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 
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-flooring1,188,336 17,336 1,205,672 
Less: Reinsurance recoverable1,036,995 17,336 1,054,331 
Balance after reinsurance recoverable, end of period, post-flooring$151,341 $0 $151,341 

March 31, 2022
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,641,933 $0 $1,641,933 
Effect of cumulative changes in discount rate assumptions, beginning of period(253,752)0 (253,752)
Balance at original discount rate, beginning of period1,388,181 0 1,388,181 
Effect of actual variances from expected experience and other activity3,165 0 3,165 
Adjusted balance, beginning of period1,391,346 0 1,391,346 
Issuances20,680 341 21,021 
Net premiums / considerations collected(40,394)(341)(40,735)
Interest accrual16,119 0 16,119 
Balance at original discount rate, end of period1,387,751 0 1,387,751 
Effect of cumulative changes in discount rate assumptions, end of period120,622 0 120,622 
Balance, end of period$1,508,373 $0 $1,508,373 
March 31, 2022
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$3,041,562 $19,314 $3,060,876 
Effect of cumulative changes in discount rate assumptions, beginning of period(561,455)(1,459)(562,914)
Balance at original discount rate, beginning of period2,480,107 17,855 2,497,962 
Effect of actual variances from expected experience(706)196 (510)
Adjusted balance, beginning of period2,479,401 18,051 2,497,452 
Issuances20,680 341 21,021 
Interest accrual30,217 150 30,367 
Benefit payments(35,047)(529)(35,576)
Other adjustments(41)(74)(115)
Balance at original discount rate, end of period2,495,210 17,939 2,513,149 
Effect of cumulative changes in discount rate assumptions, end of period285,629 (132)285,497 
Balance, end of period$2,780,839 $17,807 $2,798,646 
March 31, 2022
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,272,466 $17,807 $1,290,273 
Flooring impact, end of period6,028 0 6,028 
Balance, end of period, post-flooring1,278,494 17,807 1,296,301 
Less: Reinsurance recoverable1,112,534 17,807 1,130,341 
Balance after reinsurance recoverable, end of period, post-flooring$165,960 $0 $165,960 
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:
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 %
March 31, 2022
Term LifeFixed Annuities
(in thousands)
Undiscounted expected future gross premiums$3,307,354 $0 
Discounted expected future gross premiums (at original discount rate)$2,192,982 $0 
Discounted expected future gross premiums (at current discount rate)$2,396,738 $0 
Undiscounted expected future benefits and expenses$4,023,253 $23,522 
Interest accrual$14,098 $150 
Gross premiums$62,991 $653 
Weighted-average duration of the liability in years (at original discount rate)107
Weighted-average duration of the liability in years (at current discount rate)117
Weighted-average interest rate (at original discount rate)5.34 %3.39 %
Weighted-average interest rate (at current discount rate)3.55 %3.49 %
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2.
The balances of and changes in Deferred Profit Liability as of and for the periods indicated are as follows:

March 31, 2023March 31, 2022
Fixed Annuities
(in thousands)
Balance, beginning of period$1,684 $1,726 
Effect of actual variances from expected experience (107)(164)
Adjusted balance, beginning of period1,577 1,562 
Profits deferred0 309 
Interest accrual13 16 
Amortization(45)(52)
Other adjustments0 (6)
Balance, end of period1,545 1,829 
Less: Reinsurance recoverable1,545 1,829 
Balance after reinsurance recoverable$0 $0 

The following table provides supplemental information related to the balances of and changes in Deferred Profit Liability, included in the disaggregated table above, on a gross (direct and assumed) basis, as of and for the period indicated:
March 31, 2023March 31, 2022
Fixed Annuities
(in thousands)
Revenue(1)$139 $(103)
Interest accrual13 16 
(1) Represents the gross premiums collected in changes in deferred profit liability.
The following table shows a rollforward of AIR balances for variable and universal life products, for the periods indicated:

March 31, 2023March 31, 2022
(in thousands)
Balance including amounts in AOCI, beginning of period, post-flooring$827,478 $703,968 
Flooring impact and amounts in AOCI91,115 (71,467)
Balance, excluding amounts in AOCI, beginning of period, pre-flooring918,593 632,501 
Effect of actual variances from expected experience and other activity(342)(10,170)
Adjusted balance, beginning of period918,251 622,331 
Assessments collected(1)14,827 39,441 
Interest accrual7,840 5,339 
Benefits paid(3,995)(3,284)
Balance, excluding amounts in AOCI, end of period, pre-flooring936,923 663,827 
Flooring impact and amounts in AOCI(65,818)14,281 
Balance, including amounts in AOCI, end of period, post-flooring871,105 678,108 
Less: Reinsurance recoverable834,640 643,583 
Balance after reinsurance recoverable, including amounts in AOCI, end of period$36,465 $34,525 
(1) Represents the portion of gross assessments required to fund the future policy benefits.
March 31, 2023March 31, 2022
(in thousands)
Interest accrual$7,840 $5,339 
Gross assessments$46,941 $92,938 
Weighted-average duration of the liability in years (at original discount rate)2826
Weighted-average interest rate (at original discount rate)3.42 %3.33 %
The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, Additional Insurance Reserves, and Deferred Profit Liability 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:
March 31, 2023March 31, 2022
(in thousands)
Benefit reserves, end of period, post-flooring$1,205,672 $1,296,301 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring871,105 678,108 
Deferred profit liability, end of period, post-flooring1,545 1,829 
Subtotal of amounts disclosed above2,078,322 1,976,238 
Other Future policy benefits reserves(1)149,309 171,407 
Total Future policy benefits$2,227,631 $2,147,645 

(1)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, Additional Insurance Reserves, and Deferred Profit Liability, 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:

March 31, 2023
Revenues(1)
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$112 $61,365 $0 $61,477 
Additional insurance reserves0 0 46,941 46,941 
Deferred profit liability139 0 0 139 
Total$251 $61,365 $46,941 $108,557 

March 31, 2022
Revenues(1)
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$653 $62,991 $0 $63,644 
Additional insurance reserves0 0 92,938 92,938 
Deferred profit liability(103)0 0 (103)
Total$550 $62,991 $92,938 $156,479 

(1)Represents "Gross premiums" for benefit reserves; "Gross assessments" for additional insurance reserves; and "Revenue" for deferred profit liability.

March 31, 2023
Interest Expense
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$171 $15,338 $0 $15,509 
Additional insurance reserves0 0 7,840 7,840 
Deferred profit liability13 0 0 13 
Total$184 $15,338 $7,840 $23,362 
March 31, 2022
Interest Expense
Fixed AnnuitiesTerm LifeVariable and Universal LifeTotal
(in thousands)
Benefit reserves$150 $14,098 $0 $14,248 
Additional insurance reserves0 0 5,339 5,339 
Deferred profit liability16 0 0 16 
Total$166 $14,098 $5,339 $19,603 
v3.23.1
Policyholders' Liabilities (Tables)
 3 Months Ended
Mar. 31, 2023
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]  
Policyholder Account Balance
The balance of and changes in policyholders' account balances as of and for the periods ended are as follows:
March 31, 2023
Variable AnnuitiesVariable Life / Universal LifeTotal
(in thousands)
Balance, beginning of period$327,124 $2,084,680 $2,411,804 
Deposits25,558 57,220 82,778 
Interest credited2,015 13,972 15,987 
Policy charges(40)(36,360)(36,400)
Surrenders and withdrawals(8,163)(29,361)(37,524)
Benefit payments(1,647)(422)(2,069)
Net transfers (to) from separate account(913)(28,189)(29,102)
Change in market value and other adjustments(131)10,436 10,305 
Balance, end of period343,803 2,071,976 2,415,779 
Reinsurance and other recoverables(1)319,707 765,282 1,084,989 
Policyholders' account balance net of reinsurance and other recoverables$24,096 $1,306,694 $1,330,790 
Unearned revenue reserve328,956 
Other47,556 
Total Policyholders' account balances$2,792,291 
Weighted-average crediting rate2.40 %2.69 %2.65 %
Net amount at risk(2)$0 $33,887,277 $33,887,277 
Cash surrender value(3)$322,593 $1,733,643 $2,056,236 
(1) The amount of recoverables related to reinsurance agreements that reduce the risk of the policyholders’ account balances gross liability.
(2) The net amount at risk calculation includes both general and separate account balances.
(3) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
March 31, 2022
Variable AnnuitiesVariable Life / Universal LifeTotal
(in thousands)
Balance, beginning of period$344,945 $2,052,065 $2,397,010 
Deposits298 64,070 64,368 
Interest credited1,564 15,441 17,005 
Policy charges(48)(36,141)(36,189)
Surrenders and withdrawals(5,197)(34,575)(39,772)
Benefit payments(1,257)365 (892)
Net transfers (to) from separate account2 12,141 12,143 
Change in market value and other adjustments0 (19,553)(19,553)
Balance, end of period340,307 2,053,813 2,394,120 
Reinsurance and other recoverables(1)336,619 738,500 1,075,119 
Policyholders' account balance net of reinsurance and other recoverables$3,688 $1,315,313 $1,319,001 
Unearned revenue reserve268,002 
Other50,657 
Total Policyholders' account balances$2,712,779 
Weighted-average crediting rate1.83 %3.01 %2.84 %
Net amount at risk(2)$0 $32,527,594 $32,527,594 
Cash surrender value(3)$319,207 $1,700,247 $2,019,454 
(1) The amount of recoverables related to reinsurance agreements that reduce the risk of the policyholders’ account balances gross liability.
(2) The net amount at risk calculation includes both general and separate account balances.
(3) Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
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, 2023
Range of Guaranteed Minimum Crediting RateAt guaranteed minimum
1 -50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
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 and 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 
March 31, 2022
Range of Guaranteed Minimum Crediting RateAt guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Variable Annuities
Less than 1.00%
$0 $0 $0 $0 $0 
1.00% - 1.99%
200,629 1,610 0 0 202,239 
2.00% - 2.99%
1,901 0 0 0 1,901 
3.00% - 4.00%
139,888 0 0 0 139,888 
Greater than 4.00%
122 0 0 0 122 
Total$342,540 $1,610 $0 $0 $344,150 
Variable and Universal Life
Less than 1.00%
$1,142 $0 $0 $0 $1,142 
1.00% - 1.99%
47,280 0 89,655 289,338 426,273 
2.00% - 2.99%
671 0 183,982 161,233 345,886 
3.00% - 4.00%
140,738 3,741 450,770 0 595,249 
Greater than 4.00%
360,973 0 0 0 360,973 
Total$550,804 $3,741 $724,407 $450,571 $1,729,523 
Additional Liability, Long-Duration Insurance
The balance of the changes in URR are as follows:

March 31, 2023
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$313,711 
Unearned revenue19,030 
Amortization expense(3,785)
Balance, end of period328,956 
Reinsurance recoverables85,048 
Unearned revenue reserve net of reinsurance recoverables$243,908 


March 31, 2022
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$251,573 
Unearned revenue19,737 
Amortization expense(3,308)
Balance, end of period268,002 
Reinsurance recoverables68,241 
Unearned revenue reserve net of reinsurance recoverables$199,761 
v3.23.1
Market Risk Benefits (Tables)
 3 Months Ended
Mar. 31, 2023
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:

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 

March 31, 2022
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$796,913 $(796,913)$0 
Effect of cumulative changes in non-performance risk21,123 0 21,123 
Balance, beginning of period, before effect of changes in non-performance risk818,036 (796,913)21,123 
Attributed fees collected31,799 (31,799)0 
Claims paid(38)38 0 
Interest accrual549 (549)0 
Actual in force different from expected2,255 (2,255)0 
Effect of changes in interest rates(204,292)204,292 0 
Effect of changes in equity markets71,053 (71,053)0 
Effect of changes in current period counterparty non-performance risk0 86,828 86,828 
Balance, end of period, before effect of changes in non-performance risk719,362 (611,411)107,951 
Effect of cumulative changes in non-performance risk(107,951)0 (107,951)
Balance, end of period$611,411 $(611,411)$0 
The following table presents accompanying information to the rollforward table above. See Note 9 for information on "Net amount at risk".
March 31, 2023March 31, 2022
Variable Annuities
($ in thousands)
Net amount at risk$877,211 $305,180 
Weighted-average attained age of contractholders6866


The table below reconciles MRB asset and liability positions as of the following dates:
March 31, 2023March 31, 2022
Variable Annuities
(in thousands)
Market risk benefit assets$562,922 $755,053 
Market risk benefit liabilities562,922 755,053 
Net liability$0 $0 
v3.23.1
Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2023
Reinsurance Disclosures [Abstract]  
Reinsurance Impact on Statements of Financial Position
Reinsurance amounts included in the Company’s Unaudited Interim Statements of Financial Position as of March 31, 2023 and December 31, 2022 were as follows:
March 31, 2023December 31, 2022
 (in thousands)
Reinsurance recoverables(1)$3,195,287 $3,098,248 
Policy loans(23,082)(22,999)
Deferred policy acquisition costs(1)(637,032)(646,737)
Deferred sales inducements(1)(37,515)(38,146)
Market risk benefit assets(1)479,624 478,439 
Other assets(1)42,256 42,265 
Market risk benefit liabilities(1)83,298 80,185 
Other liabilities(1)120,976 115,351 
(1)    Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
Reinsurance Recoverable by Counterparty
Reinsurance recoverables by counterparty are broken out below:
 March 31, 2023December 31, 2022
 (in thousands)
Prudential Insurance(1)$480,064 $456,633 
PAR U(1)1,611,135 1,575,260 
PARCC(1)464,565 464,142 
PAR Term(1)268,770 258,169 
Term Re(1)252,206 232,796 
DART(1)85,369 73,702 
Pruco Life(1)31,553 34,720 
Unaffiliated1,625 2,826 
Total reinsurance recoverables$3,195,287 $3,098,248 
(1)    Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
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,
20232022
(in thousands)
Premiums:
Direct(1)$62,583 $63,330 
Ceded(1)(52,406)(54,310)
Net premiums(1)10,177 9,020 
Policy charges and fee income:
Direct(1)86,513 95,926 
Ceded(1)(2)(72,375)(85,331)
Net policy charges and fee income(1)14,138 10,595 
Net investment income:
Direct28,886 24,563 
Ceded(226)(194)
Net investment income28,660 24,369 
Asset administration fees:
Direct8,776 10,502 
Ceded(6,696)(8,242)
Net asset administration fees2,080 2,260 
Realized investment gains (losses), net:
Direct(1)(9,457)15,227 
Ceded(1)1,159 493 
Realized investment gains (losses), net(1)(8,298)15,720 
Change in value of market risk benefits, net of related hedging gain (loss):
Direct(1)(13,801)128,811 
Ceded(1)(1,927)(215,639)
Net change in value of market risk benefits, net of related hedging gain (loss)(1)(15,728)(86,828)
Policyholders’ benefits (including change in reserves):
Direct(1)107,337 128,710 
Ceded(1)(3)(88,998)(114,875)
Net policyholders’ benefits (including change in reserves)(1)18,339 13,835 
Change in estimates of liability for future policy benefits:
Direct(1)(3,917)(13,818)
Ceded(1)2,475 12,641 
Net change in estimates of liability for future policy benefits(1)(1,442)(1,177)
Interest credited to policyholders’ account balances:
Direct(1)18,022 19,797 
Ceded(1)(7,885)(8,603)
Net interest credited to policyholders’ account balances10,137 11,194 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(1)(32,950)(37,277)
(1)Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
(2)Includes $(1.2) million and $(1.3) million of unaffiliated activity for the three months ended March 31, 2023 and 2022, respectively.
(3)Includes $0 million and $(0.1) million of unaffiliated activity for the three months ended March 31, 2023 and 2022, respectively.
Gross and Net Life Insurance in Force
The gross and net amounts of life insurance face amount in force as of March 31, 2023 and 2022 were as follows:
20232022
 (in thousands)
Direct gross life insurance face amount in force$154,115,666 $155,729,264 
Reinsurance ceded(139,826,733)(141,264,004)
Net life insurance face amount in force$14,288,933 $14,465,260 
v3.23.1
Equity (Tables)
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of AOCI as of and for the three months ended March 31, 2023 and 2022, are as follows:
Accumulated Other Comprehensive Income (Loss)
Foreign Currency Translation AdjustmentNet Unrealized
Investment Gains
(Losses)(1)		Interest Rate Remeasurement of Future Policy BenefitsGain (loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated Other Comprehensive Income (Loss)
(in thousands)
Balance, December 31, 2022$(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 

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, 2021$(988)$121,075 $(34,788)$16,688 $101,987 
Change in OCI before reclassifications(67)(161,382)22,482 86,829 (52,138)
Amounts reclassified from AOCI0 1,289 0 0 1,289 
Income tax benefit (expense)16 33,616 (4,722)(18,232)10,678 
Balance, March 31, 2022$(1,039)$(5,402)$(17,028)$85,285 $61,816 
(1)Includes cash flow hedges of $13 million and $0 million as of March 31, 2023 and December 31, 2022, respectively, and $7 million and $(3) million as of March 31, 2022 and December 31, 2021, respectively.
Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Three Months Ended
March 31,
20232022
 (in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)$387 $670 
Net unrealized investment gains (losses) on available-for-sale securities(26)(1,959)
Total net unrealized investment gains (losses)(4)361 (1,289)
Total reclassifications for the period$361 $(1,289)

(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 DAC and other costs, future policy benefits, policyholders’ account balances and other liabilities.
Net Unrealized Investment Gains (Losses) on AFS Fixed Maturity Securities wit Allowance for credit losses and All Other Investments AOCI Rollforward The amounts for the periods indicated below represent all other net unrealized investment gains (losses), are as follows:
Net Unrealized Gains (Losses) on 
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)
 
Balance, December 31, 2022$(256,584)$(83,712)$117,070 $46,840 $(176,386)
Net investment gains (losses) on investments arising during the period48,010 0 0 (10,081)37,929 
Reclassification adjustment for (gains) losses included in net income(361)0 0 76 (285)
Impact of net unrealized investment (gains) losses
0 22,817 (31,699)1,866 (7,016)
Balance, March 31, 2023$(208,935)$(60,895)$85,371 $38,701 $(145,758)

(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.
v3.23.1
Related Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2023
Related Party Transactions [Abstract]  
Affiliated Notes Receivable
Affiliated notes receivable included in “Receivables from parent and affiliates” at March 31, 2023 and December 31, 2022 were as follows:
Maturity DateInterest RatesMarch 31, 2023December 31, 2022
(in thousands)
U.S. dollar fixed rate notes 20270.00%-14.85 %$700 $688 
Total long-term notes receivable - affiliated(1)$700 $688 
(1) All long-term 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, 2023 and for the year ended December 31, 2022.
AffiliateDateTransactionSecurity Type  Fair Value  Book Value  APIC, Net of Tax Increase/(Decrease)Realized
Investment
Gain (Loss)
 (in thousands)
Prudential InsuranceAugust 2022PurchaseFixed Maturities$21,389 $19,630 $(1,390)$0 
v3.23.1
Business and Basis of Presentation (Narratives) (Details)
 3 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Adoption of ASU 2018-12 for LDTI Accounting Standards Update 2018-12 [Member]
v3.23.1
Business and Basis of Presentation (Summary Of Adoption Of New Guidance On Unaudited Interim Consolidated Statement For Financial Position) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Jan. 01, 2023
Dec. 31, 2022
Mar. 31, 2022
Jan. 01, 2021
Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Deferred policy acquisition costs $ 361,655   $ 351,874 [1]   $ 244,218  
Reinsurance recoverables 3,195,287   3,098,248 [1]      
Income tax assets 59,075   67,615 [1]      
Market risk benefit assets 562,922   558,624      
Other assets 47,984   48,391 [1]      
TOTAL ASSETS 21,427,006   20,596,445      
Policyholders' account balance 2,792,291   2,774,315 [1] $ 2,712,779    
Future policy benefits 2,227,631   2,130,042 [1] $ 2,147,645    
Market risk benefit liabilities 562,922   558,624      
Other liabilities 196,189   172,305      
Total liabilities 20,198,113   19,569,790      
Retained earnings 275,039   285,433 [1]      
Accumulated other comprehensive income (loss) 1,442   (36,190) [1]      
Total equity 1,228,893   1,026,655      
TOTAL LIABILITIES AND EQUITY $ 21,427,006   20,596,445      
As Previously Reported            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Deferred policy acquisition costs     364,494     $ 224,425
Reinsurance recoverables     3,258,526      
Income tax assets     67,126      
Market risk benefit assets     0      
Other assets     16,207      
TOTAL ASSETS     20,178,046      
Policyholders' account balance     2,763,730      
Future policy benefits     2,303,407      
Market risk benefit liabilities     0      
Other liabilities     147,908      
Total liabilities     19,149,549      
Retained earnings     439,236      
Accumulated other comprehensive income (loss)     (188,151)      
Total equity     1,028,497      
TOTAL LIABILITIES AND EQUITY     20,178,046      
Change of Effect            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Deferred policy acquisition costs     (12,620)   21,714  
Reinsurance recoverables     (160,278)      
Income tax assets     489      
Market risk benefit assets     558,624      
Other assets     32,184      
TOTAL ASSETS     418,399      
Policyholders' account balance     10,585      
Future policy benefits     (173,365)      
Market risk benefit liabilities     558,624      
Other liabilities     24,397      
Total liabilities     420,241      
Retained earnings     (153,803)      
Accumulated other comprehensive income (loss)     151,961      
Total equity   $ (2,000) (1,842)   $ (67,000)  
TOTAL LIABILITIES AND EQUITY     $ 418,399      
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Business and Basis of Presentation (Summary Of Adoption Of New Guidance On Unaudited Interim Consolidated Statement of Operations) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
REVENUES    
Premiums $ 10,177 $ 9,020 [1]
Policy charges and fee income 14,138 10,595 [1]
Realized Investment gains (losses), net (8,298) 15,720 [2]
Change in value of market risk benefits, net of related hedging gain (loss) (15,728) (86,828) [2]
TOTAL REVENUES 32,175 (26,378)
BENEFITS AND EXPENSES    
Policyholders' benefits 18,339 13,835 [1]
Change in estimates of liability for future policy benefits(1) (1,442) (1,177)
Amortization of deferred policy acquisition costs 5,017 4,829 [1]
General, administrative and other expense 11,958 11,000 [1]
TOTAL BENEFITS AND EXPENSES 44,009 39,681
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES (11,834) (66,059)
Income tax expense (benefit) (1,440) (19,943) [1]
NET INCOME (LOSS) (10,394) (46,116) [2]
Other comprehensive income (loss), before tax:    
Net unrealized investment gains (losses) 38,767 (160,093) [1]
Interest rate remeasurement of future policy benefits   22,483
Gain (loss) from changes in non-performance risk on market risk benefits   86,828
Total 47,636 (50,849)
Less: Income tax expense (benefit) related to other comprehensive income (loss) 10,004 (10,678) [1]
Other comprehensive income (loss), net of tax 37,632 (40,171)
Comprehensive income (loss) $ 27,238 (86,287)
As Previously Reported    
REVENUES    
Premiums   10,195
Policy charges and fee income   15,721
Realized Investment gains (losses), net   16,028
Change in value of market risk benefits, net of related hedging gain (loss)   0
TOTAL REVENUES   67,059
BENEFITS AND EXPENSES    
Policyholders' benefits   13,574
Change in estimates of liability for future policy benefits(1)   0
Amortization of deferred policy acquisition costs   6,192
General, administrative and other expense   12,381
TOTAL BENEFITS AND EXPENSES   43,341
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES   23,718
Income tax expense (benefit)   1,856
NET INCOME (LOSS)   21,862
Other comprehensive income (loss), before tax:    
Net unrealized investment gains (losses)   (166,361)
Interest rate remeasurement of future policy benefits   0
Gain (loss) from changes in non-performance risk on market risk benefits   0
Total   (166,428)
Less: Income tax expense (benefit) related to other comprehensive income (loss)   (34,949)
Other comprehensive income (loss), net of tax   (131,479)
Comprehensive income (loss)   (109,617)
Change of Effect    
REVENUES    
Premiums   (1,175)
Policy charges and fee income   (5,126)
Realized Investment gains (losses), net   (308)
Change in value of market risk benefits, net of related hedging gain (loss)   (86,828)
TOTAL REVENUES   (93,437)
BENEFITS AND EXPENSES    
Policyholders' benefits   261
Change in estimates of liability for future policy benefits(1)   (1,177)
Amortization of deferred policy acquisition costs   (1,363)
General, administrative and other expense   (1,381)
TOTAL BENEFITS AND EXPENSES   (3,660)
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES   (89,777)
Income tax expense (benefit)   (21,799)
NET INCOME (LOSS)   (67,978)
Other comprehensive income (loss), before tax:    
Net unrealized investment gains (losses)   6,268
Interest rate remeasurement of future policy benefits   22,483
Gain (loss) from changes in non-performance risk on market risk benefits   86,828
Total   115,579
Less: Income tax expense (benefit) related to other comprehensive income (loss)   24,271
Other comprehensive income (loss), net of tax   91,308
Comprehensive income (loss)   $ 23,330
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
[2] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Business and Basic Presentation (Summary Of Adoption Of New Guidance On Unaudited Interim Consolidated Statement of Cash Flows) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
NET INCOME (LOSS) $ (10,394) $ (46,116) [1]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Policy charges and fee income (1,435) (13) [1]
Realized investment (gains) losses, net 8,298 (15,720) [1]
Change in value of market risk benefits, net of related hedging (gains) losses 15,728 86,828 [1]
Change in:    
Future policy benefits and other insurance liabilities 58,089 17,409 [1]
Reinsurance recoverables (19,962) (24,103) [1]
Deferred policy acquisition costs (9,781) (13,037) [1]
Income taxes (1,464) 3,341 [1]
Other, net (31,721) (33,944) [1],[2]
Cash flows from (used in) operating activities $ 8,211 (10,901)
As Previously Reported    
CASH FLOWS FROM OPERATING ACTIVITIES:    
NET INCOME (LOSS)   21,862
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Policy charges and fee income   (4,892)
Realized investment (gains) losses, net   (16,028)
Change in value of market risk benefits, net of related hedging (gains) losses   0
Change in:    
Future policy benefits and other insurance liabilities   (873)
Reinsurance recoverables   (37,823)
Deferred policy acquisition costs   (11,678)
Income taxes   25,140
Other, net   (1,063)
Cash flows from (used in) operating activities   (10,901)
Change of Effect    
CASH FLOWS FROM OPERATING ACTIVITIES:    
NET INCOME (LOSS)   (67,978)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Policy charges and fee income   4,879
Realized investment (gains) losses, net   308
Change in value of market risk benefits, net of related hedging (gains) losses   86,828
Change in:    
Future policy benefits and other insurance liabilities   18,282
Reinsurance recoverables   13,720
Deferred policy acquisition costs   (1,359)
Income taxes   (21,799)
Other, net   (32,881)
Cash flows from (used in) operating activities   $ 0
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
[2] Prior period has been reclassified to conform to the current period presentation.
v3.23.1
Business and Basis of Presentation (Transition Adjustment Roll Forward Of Retained Earnings) (Details) - Retained Earnings
$ in Thousands
Jan. 01, 2021
USD ($)
Retained Earnings Transition Adjustment [Roll Forward]  
Balance after-tax, after transition $ 270,639
As Previously Reported  
Retained Earnings Transition Adjustment [Roll Forward]  
Balance after-tax, prior to transition 328,450
Change of Effect  
Retained Earnings Transition Adjustment [Roll Forward]  
Reclassification of market risk benefits non-performance risk to accumulated other comprehensive income (60,792)
Change in life contract liabilities (20,108)
Other 7,722
Total pre-tax adjustments (73,178)
Tax impacts $ 15,367
v3.23.1
Business and Basis of Presentation (Transition Adjustment Roll Forward Of Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jan. 01, 2021
Mar. 31, 2023
Mar. 31, 2022
Accumulated Other Comprehensive Income Transition Adjustment [Roll Forward]      
Beginning Balance [1]   $ (36,190)  
Ending Balance   1,442  
Accumulated Other Comprehensive Income (Loss)      
Accumulated Other Comprehensive Income Transition Adjustment [Roll Forward]      
Beginning Balance   (36,190) $ 101,987
Ending Balance $ 176,078 1,442 $ 61,816
As Previously Reported      
Accumulated Other Comprehensive Income Transition Adjustment [Roll Forward]      
Beginning Balance   (188,151)  
As Previously Reported | Accumulated Other Comprehensive Income (Loss)      
Accumulated Other Comprehensive Income Transition Adjustment [Roll Forward]      
Beginning Balance 185,407    
Change of Effect      
Accumulated Other Comprehensive Income Transition Adjustment [Roll Forward]      
Beginning Balance   $ 151,961  
Change of Effect | Accumulated Other Comprehensive Income (Loss)      
Accumulated Other Comprehensive Income Transition Adjustment [Roll Forward]      
Interest rate remeasurement of future policy benefits (57,440)    
Reclassification of market risk non-performance risk benefits to accumulated other comprehensive income 60,792    
Unwinding amounts related to unrealized investment gains and losses (15,161)    
Total pre-tax adjustments (11,809)    
Tax impacts $ 2,480    
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Business and Basis of Presentation (Schedule of Deferred Policy Acquisition Costs) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Jan. 01, 2021
Dec. 31, 2020
Deferred Policy Acquisition Cost [Line Items]            
Deferred policy acquisition costs $ 361,655 $ 351,874 [1]     $ 244,218  
As Previously Reported            
Deferred Policy Acquisition Cost [Line Items]            
Deferred policy acquisition costs   364,494       $ 224,425
Change of Effect            
Deferred Policy Acquisition Cost [Line Items]            
Deferred policy acquisition costs   (12,620)     21,714  
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]            
Other         (1,921)  
Term Life            
Deferred Policy Acquisition Cost [Line Items]            
Deferred policy acquisition costs 72,472 70,213 $ 64,669 $ 62,091 51,527  
Term Life | As Previously Reported            
Deferred Policy Acquisition Cost [Line Items]            
Deferred policy acquisition costs           51,526
Term Life | Change of Effect            
Deferred Policy Acquisition Cost [Line Items]            
Deferred policy acquisition costs         0  
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]            
Other         1  
Variable and Universal Life            
Deferred Policy Acquisition Cost [Line Items]            
Deferred policy acquisition costs $ 289,183 $ 281,661 $ 257,112 $ 246,653 192,691  
Variable and Universal Life | As Previously Reported            
Deferred Policy Acquisition Cost [Line Items]            
Deferred policy acquisition costs           $ 172,899
Variable and Universal Life | Change of Effect            
Deferred Policy Acquisition Cost [Line Items]            
Deferred policy acquisition costs         21,714  
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]            
Other         $ (1,922)  
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Business and Basis of Presentation (Schedule of Deferred Reinsurance) (Details) - Variable Annuities - Deferred Reinsurance Losses - USD ($)
$ in Thousands
Jan. 01, 2021
Dec. 31, 2020
Liability for Future Policy Benefit, Activity [Line Items]    
Balance $ 20,632  
As Previously Reported    
Liability for Future Policy Benefit, Activity [Line Items]    
Balance   $ 15,209
Unwinding amounts related to unrealized investment gains and losses    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]    
Cash flow change 1,187  
Effect of change in reserve basis to market risk benefits    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]    
Cash flow change $ 4,236  
v3.23.1
Business and Basis of Presentation (Liability for Future Policy Benefit-Benefits Reserve) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Jan. 01, 2021
Dec. 31, 2020
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Less: Reinsurance recoverable $ 1,054,331   $ 1,130,341      
Balance after reinsurance recoverable, end of period, post-flooring 151,341   165,960      
Benefit Reserves            
Liability for Future Policy Benefit, Activity [Line Items]            
Balance         $ 1,065,256  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance         1,468,516  
Less: Reinsurance recoverable         1,282,143  
Balance after reinsurance recoverable, end of period, post-flooring         186,373  
As Previously Reported | Benefit Reserves            
Liability for Future Policy Benefit, Activity [Line Items]            
Balance           $ 1,065,913
Changes in cash flow assumptions and other activity | Benefit Reserves            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Cash flow change         (657)  
Cumulative changes in discount rate assumptions | Benefit Reserves            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Cash flow change         403,260  
Term Life            
Liability for Future Policy Benefit, Activity [Line Items]            
Balance 2,682,766 $ 2,689,153 2,495,210 $ 2,480,107    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance 2,618,392 2,551,191 2,780,839 3,041,562    
Less: Reinsurance recoverable 1,036,995   1,112,534      
Balance after reinsurance recoverable, end of period, post-flooring 151,341   165,960      
Term Life | Benefit Reserves            
Liability for Future Policy Benefit, Activity [Line Items]            
Balance         1,049,475  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance         1,450,547  
Less: Reinsurance recoverable         1,264,199  
Balance after reinsurance recoverable, end of period, post-flooring         186,348  
Term Life | As Previously Reported | Benefit Reserves            
Liability for Future Policy Benefit, Activity [Line Items]            
Balance           1,049,445
Term Life | Changes in cash flow assumptions and other activity | Benefit Reserves            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Cash flow change         30  
Term Life | Cumulative changes in discount rate assumptions | Benefit Reserves            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Cash flow change         401,072  
Fixed Annuities            
Liability for Future Policy Benefit, Activity [Line Items]            
Balance 18,872 18,359 17,939 17,855    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance 17,336 $ 16,460 17,807 $ 19,314    
Less: Reinsurance recoverable 17,336   17,807      
Balance after reinsurance recoverable, end of period, post-flooring $ 0   $ 0      
Fixed Annuities | Benefit Reserves            
Liability for Future Policy Benefit, Activity [Line Items]            
Balance         15,781  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance         17,969  
Less: Reinsurance recoverable         17,944  
Balance after reinsurance recoverable, end of period, post-flooring         25  
Fixed Annuities | As Previously Reported | Benefit Reserves            
Liability for Future Policy Benefit, Activity [Line Items]            
Balance           $ 16,468
Fixed Annuities | Changes in cash flow assumptions and other activity | Benefit Reserves            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Cash flow change         (687)  
Fixed Annuities | Cumulative changes in discount rate assumptions | Benefit Reserves            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Cash flow change         $ 2,188  
v3.23.1
Business and Basis of Presentation (Liability for Future Policy Benefit-Deferred Profit Liability) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Jan. 01, 2021
Dec. 31, 2020
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Less: Reinsurance recoverable $ 1,054,331   $ 1,130,341      
Balance after reinsurance recoverable, end of period, post-flooring 151,341   165,960      
Fixed Annuities            
Liability for Future Policy Benefit, Activity [Line Items]            
Balance 17,336 $ 16,460 17,807 $ 19,314    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Less: Reinsurance recoverable 17,336   17,807      
Balance after reinsurance recoverable, end of period, post-flooring $ 0   $ 0      
Deferred Profit Liaibility | Fixed Annuities            
Liability for Future Policy Benefit, Activity [Line Items]            
Balance         $ 984  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Less: Reinsurance recoverable         984  
Balance after reinsurance recoverable, end of period, post-flooring         0  
Deferred Profit Liaibility | Fixed Annuities | As Previously Reported            
Liability for Future Policy Benefit, Activity [Line Items]            
Balance           $ 102
Deferred Profit Liaibility | Fixed Annuities | Changes in benefit reserves            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Changes in benefit reserves         $ 882  
v3.23.1
Business and Basis of Presentation (Additional Insurance Reserves) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Mar. 31, 2022
Jan. 01, 2021
Dec. 31, 2020
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Less: Reinsurance recoverable $ 1,054,331 $ 1,130,341    
Balance after reinsurance recoverable, end of period, post-flooring $ 151,341 $ 165,960    
Additional insurance reserves        
Liability for Future Policy Benefit, Activity [Line Items]        
Balance     $ 642,514  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance prior to transition, excluding amounts related to unrealized investment gains and losses     547,183  
Liability For Future Policy Benefit, Expected Future Policy Benefit, Before Reinsurance, After Discount Rate Change, Excluding Amounts Related To Unrealized Investment Gains And Losses     547,183  
Amounts related to unrealized investment gains and losses after transition     95,331  
Less: Reinsurance recoverable     613,009  
Balance after reinsurance recoverable, end of period, post-flooring     29,505  
Additional insurance reserves | As Previously Reported        
Liability for Future Policy Benefit, Activity [Line Items]        
Balance       $ 538,245
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance prior to transition, excluding amounts related to unrealized investment gains and losses     427,192  
Liability For Future Policy Benefit, Expected Future Policy Benefit, Before Reinsurance, After Discount Rate Change, Excluding Amounts Related To Unrealized Investment Gains And Losses     427,192  
Additional insurance reserves | Unwinding amounts related to unrealized investment gains and losses        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Cash flow change     (111,053)  
Additional insurance reserves | Reclassification of future policy benefits additional insurance reserves to market risk benefits        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Cash flow change     (22,735)  
Additional insurance reserves | Updates to certain universal life contract liabilities        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Cash flow change     142,726  
Additional insurance reserves | Variable and Universal Life        
Liability for Future Policy Benefit, Activity [Line Items]        
Balance     642,514  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance prior to transition, excluding amounts related to unrealized investment gains and losses     547,183  
Liability For Future Policy Benefit, Expected Future Policy Benefit, Before Reinsurance, After Discount Rate Change, Excluding Amounts Related To Unrealized Investment Gains And Losses     547,183  
Amounts related to unrealized investment gains and losses after transition     95,331  
Less: Reinsurance recoverable     613,009  
Balance after reinsurance recoverable, end of period, post-flooring     29,505  
Additional insurance reserves | Variable and Universal Life | As Previously Reported        
Liability for Future Policy Benefit, Activity [Line Items]        
Balance       513,812
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance prior to transition, excluding amounts related to unrealized investment gains and losses     404,457  
Liability For Future Policy Benefit, Expected Future Policy Benefit, Before Reinsurance, After Discount Rate Change, Excluding Amounts Related To Unrealized Investment Gains And Losses     404,457  
Additional insurance reserves | Variable and Universal Life | Unwinding amounts related to unrealized investment gains and losses        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Cash flow change     (109,355)  
Additional insurance reserves | Variable and Universal Life | Reclassification of future policy benefits additional insurance reserves to market risk benefits        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Cash flow change     0  
Additional insurance reserves | Variable and Universal Life | Updates to certain universal life contract liabilities        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Cash flow change     142,726  
Additional insurance reserves | Variable Annuities        
Liability for Future Policy Benefit, Activity [Line Items]        
Balance     0  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance prior to transition, excluding amounts related to unrealized investment gains and losses     0  
Liability For Future Policy Benefit, Expected Future Policy Benefit, Before Reinsurance, After Discount Rate Change, Excluding Amounts Related To Unrealized Investment Gains And Losses     0  
Amounts related to unrealized investment gains and losses after transition     0  
Less: Reinsurance recoverable     0  
Balance after reinsurance recoverable, end of period, post-flooring     0  
Additional insurance reserves | Variable Annuities | As Previously Reported        
Liability for Future Policy Benefit, Activity [Line Items]        
Balance       $ 24,433
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance prior to transition, excluding amounts related to unrealized investment gains and losses     22,735  
Liability For Future Policy Benefit, Expected Future Policy Benefit, Before Reinsurance, After Discount Rate Change, Excluding Amounts Related To Unrealized Investment Gains And Losses     22,735  
Additional insurance reserves | Variable Annuities | Unwinding amounts related to unrealized investment gains and losses        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Cash flow change     (1,698)  
Additional insurance reserves | Variable Annuities | Reclassification of future policy benefits additional insurance reserves to market risk benefits        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Cash flow change     (22,735)  
Additional insurance reserves | Variable Annuities | Updates to certain universal life contract liabilities        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Cash flow change     $ 0  
v3.23.1
Business and Basis of Presentation (Unearned Revenue Reserves) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Jan. 01, 2021
Dec. 31, 2020
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance $ 871,105 $ 827,478 $ 678,108 $ 703,968    
Unwinding amounts related to unrealized investment gains and losses and other activity   (342)   (10,170)    
Reinsurance recoverables 834,640   643,583      
Additional Liability, Long-Duration Insurance, after Reinsurance 36,465   34,525      
Variable and Universal Life | Policyholder Contract Deposit            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance   $ 313,711   $ 251,573 $ 186,583  
Reinsurance recoverables 85,048   68,241   45,019  
Additional Liability, Long-Duration Insurance, after Reinsurance $ 243,908   $ 199,761   141,564  
Variable and Universal Life | As Previously Reported | Policyholder Contract Deposit            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Balance           $ 94,480
Variable and Universal Life | Changes in benefit reserves | Policyholder Contract Deposit            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Unwinding amounts related to unrealized investment gains and losses and other activity         $ 92,103  
v3.23.1
Business and Basis of Presentation (Market Risk Benefit, Activity) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Jan. 01, 2021
Dec. 31, 2020
Variable Annuities            
Market Risk Benefit [Roll Forward]            
Net liability $ 0 $ 398,254 $ 0 $ 796,913 $ 0 $ 1,195,470
Variable Annuities | As Previously Reported            
Market Risk Benefit [Roll Forward]            
Net liability         1,218,205  
Variable Annuities | Additional insurance reserves to be reclassed to market risk benefits, prior to transition, excluding amounts related to unrealized investment gains and losses            
Market Risk Benefit [Roll Forward]            
Net liability         22,735  
Variable Annuities | Change in reserve basis to market risk benefits framework            
Market Risk Benefit [Roll Forward]            
Net liability         (12,634)  
Variable Annuities | Market risk benefits after transition, at current non-performance risk value            
Market Risk Benefit [Roll Forward]            
Net liability         1,205,571  
Variable Annuities | Less: Reinsured market risk benefits            
Market Risk Benefit [Roll Forward]            
Net liability         1,205,571  
Variable Annuities | Cumulative change in non-performance risk            
Market Risk Benefit [Roll Forward]            
Net liability         60,792  
Individual Variable | Market risk benefits after transition, at current non-performance risk value | Retirement Strategies            
Market Risk Benefit [Roll Forward]            
Net liability         1,205,571  
Individual Variable | Market risk benefits after transition, at contract inception non-performance risk value | Retirement Strategies            
Market Risk Benefit [Roll Forward]            
Net liability         $ 1,266,363  
v3.23.1
Business and Basis of Presentation (Cost Of Reinsurance) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Jan. 01, 2021
Dec. 31, 2020
Liability for Future Policy Benefit, Activity [Line Items]            
Balance $ 871,105 $ 827,478 $ 678,108 $ 703,968    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Unwinding amounts related to unrealized investment gains and losses and other activity   $ (342)   $ (10,170)    
Reinsurance recoverables 834,640   643,583      
Balance after transition $ 36,465   $ 34,525      
Variable and Universal Life | Other liabilities            
Liability for Future Policy Benefit, Activity [Line Items]            
Balance         $ 65,201  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Reinsurance recoverables         27,620  
Balance after transition         92,821  
Variable and Universal Life | As Previously Reported | Other liabilities            
Liability for Future Policy Benefit, Activity [Line Items]            
Balance           $ 85,773
Variable and Universal Life | Unwinding amounts related to unrealized investment gains and losses | Other liabilities            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Unwinding amounts related to unrealized investment gains and losses and other activity         (34,617)  
Variable and Universal Life | Balance prior to transition, excluding amounts related to unrealized investment gains and losses | Other liabilities            
Liability for Future Policy Benefit, Activity [Line Items]            
Balance         51,156  
Variable and Universal Life | Impact from updates to certain universal life contract liabilities | Other liabilities            
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]            
Unwinding amounts related to unrealized investment gains and losses and other activity         $ 14,045  
v3.23.1
Significant Accounting Policies and Pronouncements (Narratives) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Jan. 01, 2023
Dec. 31, 2022
Jan. 01, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity $ 1,228,893   $ 1,026,655  
Change of Effect        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Total equity   $ (2,000) $ (1,842) $ (67,000)
v3.23.1
Investments (Fixed Maturities Securities Excluding Investments Classified as Trading) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 2,329,822 $ 1,990,718
Allowance for Credit Loss 3 363
Fair Value 2,108,183 1,719,488
Fixed maturities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 2,329,822 1,990,718
Gross Unrealized Gains 11,102 3,421
Gross Unrealized Losses 232,738 274,288
Allowance for Credit Loss 3 363
Fair Value 2,108,183 1,719,488
Fixed maturities | U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 52,350 62,210
Gross Unrealized Gains 530 0
Gross Unrealized Losses 216 1,074
Allowance for Credit Loss 0 0
Fair Value 52,664 61,136
Fixed maturities | Obligations of U.S. states and their political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 182,985 165,109
Gross Unrealized Gains 700 421
Gross Unrealized Losses 3,779 6,315
Allowance for Credit Loss 0 0
Fair Value 179,906 159,215
Fixed maturities | Foreign government bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 94,250 87,853
Gross Unrealized Gains 50 1
Gross Unrealized Losses 14,977 15,891
Allowance for Credit Loss 0 0
Fair Value 79,323 71,963
Fixed maturities | U.S. public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,348,104 1,062,342
Gross Unrealized Gains 7,322 1,943
Gross Unrealized Losses 152,907 180,880
Allowance for Credit Loss 0 0
Fair Value 1,202,519 883,405
Fixed maturities | U.S. private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 195,195 186,123
Gross Unrealized Gains 781 141
Gross Unrealized Losses 10,532 13,465
Allowance for Credit Loss 0 358
Fair Value 185,444 172,441
Fixed maturities | Foreign public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 167,603 138,717
Gross Unrealized Gains 381 28
Gross Unrealized Losses 22,925 25,783
Allowance for Credit Loss 0 0
Fair Value 145,059 112,962
Fixed maturities | Foreign private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 136,113 133,074
Gross Unrealized Gains 983 523
Gross Unrealized Losses 18,377 21,562
Allowance for Credit Loss 0 0
Fair Value 118,719 112,035
Fixed maturities | Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 17,731 18,358
Gross Unrealized Gains 242 272
Gross Unrealized Losses 208 256
Allowance for Credit Loss 0 0
Fair Value 17,765 18,374
Fixed maturities | Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 123,021 124,486
Gross Unrealized Gains 0 0
Gross Unrealized Losses 8,555 8,595
Allowance for Credit Loss 0 0
Fair Value 114,466 115,891
Fixed maturities | Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 12,470 12,446
Gross Unrealized Gains 113 92
Gross Unrealized Losses 262 467
Allowance for Credit Loss 3 5
Fair Value $ 12,318 $ 12,066
v3.23.1
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - Fixed maturities - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value $ 525,312 $ 1,334,484
Less than Twelve Months, Gross Unrealized Losses 21,731 169,290
Twelve Months or More, Fair Value 1,153,012 270,371
Twelve Months or More, Gross Unrealized Losses 211,007 104,998
Total, Fair Value 1,678,324 1,604,855
Total, Gross Unrealized Losses 232,738 274,288
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 0 61,136
Less than Twelve Months, Gross Unrealized Losses 0 1,074
Twelve Months or More, Fair Value 2,025 0
Twelve Months or More, Gross Unrealized Losses 216 0
Total, Fair Value 2,025 61,136
Total, Gross Unrealized Losses 216 1,074
Obligations of U.S. states and their political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 91,811 113,693
Less than Twelve Months, Gross Unrealized Losses 1,768 6,315
Twelve Months or More, Fair Value 23,724 0
Twelve Months or More, Gross Unrealized Losses 2,011 0
Total, Fair Value 115,535 113,693
Total, Gross Unrealized Losses 3,779 6,315
Foreign government bonds    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 20,990 46,826
Less than Twelve Months, Gross Unrealized Losses 888 5,741
Twelve Months or More, Fair Value 56,267 24,746
Twelve Months or More, Gross Unrealized Losses 14,089 10,150
Total, Fair Value 77,257 71,572
Total, Gross Unrealized Losses 14,977 15,891
U.S. public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 294,009 704,906
Less than Twelve Months, Gross Unrealized Losses 13,374 111,763
Twelve Months or More, Fair Value 682,776 155,138
Twelve Months or More, Gross Unrealized Losses 139,533 69,117
Total, Fair Value 976,785 860,044
Total, Gross Unrealized Losses 152,907 180,880
U.S. private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 42,180 149,670
Less than Twelve Months, Gross Unrealized Losses 909 11,857
Twelve Months or More, Fair Value 110,537 9,273
Twelve Months or More, Gross Unrealized Losses 9,623 1,608
Total, Fair Value 152,717 158,943
Total, Gross Unrealized Losses 10,532 13,465
Foreign public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 25,478 69,310
Less than Twelve Months, Gross Unrealized Losses 1,167 11,016
Twelve Months or More, Fair Value 97,851 38,996
Twelve Months or More, Gross Unrealized Losses 21,758 14,767
Total, Fair Value 123,329 108,306
Total, Gross Unrealized Losses 22,925 25,783
Foreign private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 9,224 62,044
Less than Twelve Months, Gross Unrealized Losses 233 12,499
Twelve Months or More, Fair Value 87,892 33,858
Twelve Months or More, Gross Unrealized Losses 18,144 9,063
Total, Fair Value 97,116 95,902
Total, Gross Unrealized Losses 18,377 21,562
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 1,237 5,570
Less than Twelve Months, Gross Unrealized Losses 20 160
Twelve Months or More, Fair Value 7,233 3,289
Twelve Months or More, Gross Unrealized Losses 188 96
Total, Fair Value 8,470 8,859
Total, Gross Unrealized Losses 208 256
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 30,033 110,820
Less than Twelve Months, Gross Unrealized Losses 3,122 8,398
Twelve Months or More, Fair Value 84,434 5,071
Twelve Months or More, Gross Unrealized Losses 5,433 197
Total, Fair Value 114,467 115,891
Total, Gross Unrealized Losses 8,555 8,595
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 10,350 10,509
Less than Twelve Months, Gross Unrealized Losses 250 467
Twelve Months or More, Fair Value 273 0
Twelve Months or More, Gross Unrealized Losses 12 0
Total, Fair Value 10,623 10,509
Total, Gross Unrealized Losses $ 262 $ 467
v3.23.1
Investments (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Schedule of Investments [Line Items]      
Loans acquired $ 0 $ 0  
Loans sold 0 0  
Fixed Maturities purchased with Credit Deterioration 0   $ 0
Accrued Investment Income Write Down 0 0  
Allowance for credit losses for fixed maturity securities   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 $ 211,000   $ 105,000
Fixed maturities      
Schedule of Investments [Line Items]      
Gross Unrealized Loss 232,738   274,288
Gross unrealized losses of twelve months or more concentrated in various sectors 211,007   104,998
Other Income | Fixed maturities | Trading      
Schedule of Investments [Line Items]      
Unrealized Gain (Loss) on Investments 600 (1,800)  
Other Income | Equity securities      
Schedule of Investments [Line Items]      
Unrealized Gain (Loss) on Investments $ 0 $ (500)  
New Jersey      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 13.00%    
Florida      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 11.00%    
New York      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 9.00%    
Europe      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 3.00%    
Mexico      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 2.00%    
NAIC High or Highest Quality Rating | Fixed maturities      
Schedule of Investments [Line Items]      
Gross Unrealized Loss $ 228,400   269,600
NAIC Other Than High or Highest Quality Rating | Fixed maturities      
Schedule of Investments [Line Items]      
Gross Unrealized Loss $ 4,300   $ 4,700
v3.23.1
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Amortized Cost    
Due in one year or less $ 81,580  
Due after one year through five years 250,358  
Due after five years through ten years 154,199  
Due after ten years 1,690,463  
Amortized Cost 2,329,822 $ 1,990,718
Fair value    
Due in one year or less 78,489  
Due after one year through five years 235,884  
Due after five years through ten years 149,387  
Due after ten years 1,499,874  
Fair Value 2,108,183 $ 1,719,488
Asset-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost 17,731  
Fair value    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 17,765  
Commercial mortgage-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost 123,021  
Fair value    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 114,466  
Residential mortgage-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost 12,470  
Fair value    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value $ 12,318  
v3.23.1
Investments (Fixed Maturities Securities Proceeds) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Debt Securities, Available-for-sale [Line Items]    
Proceeds from maturities/prepayments $ 33,170 $ 38,502
Fixed maturities | Available-for-sale    
Debt Securities, Available-for-sale [Line Items]    
Proceeds from sales 886 20,241
Proceeds from maturities/prepayments 32,121 18,233
Gross investment gains from sales and maturities 29 2
Gross investment losses from sales and maturities (415) (1,961)
(Addition to) release of allowance for credit losses 360 0
Noncash or Part Noncash Divestiture, Amount of Consideration Received $ (200) $ 0
v3.23.1
Investments (Credit Losses Recognized In Earnings on Fixed Maturity Securities Held by the Company) (Details) - Fixed maturities - Available-for-sale
$ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
Debt Securities, Available-for-sale [Line Items]  
Balance, beginning of period $ 363
Reductions for securities sold during the period (359)
Addition (reductions) on securities with previous allowance (1)
Balance, end of period 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
Reductions for securities sold during the period 0
Addition (reductions) on securities with previous allowance 0
Balance, end of period 0
Foreign government bonds  
Debt Securities, Available-for-sale [Line Items]  
Balance, beginning of period 0
Reductions for securities sold during the period 0
Addition (reductions) on securities with previous allowance 0
Balance, end of period 0
U.S. and Foreign Corporate Securities  
Debt Securities, Available-for-sale [Line Items]  
Balance, beginning of period 358
Reductions for securities sold during the period (358)
Addition (reductions) on securities with previous allowance 0
Balance, end of period 0
Asset-backed securities  
Debt Securities, Available-for-sale [Line Items]  
Balance, beginning of period 0
Reductions for securities sold during the period 0
Addition (reductions) on securities with previous allowance 0
Balance, end of period 0
Commercial mortgage-backed securities  
Debt Securities, Available-for-sale [Line Items]  
Balance, beginning of period 0
Reductions for securities sold during the period 0
Addition (reductions) on securities with previous allowance 0
Balance, end of period 0
Residential mortgage-backed securities  
Debt Securities, Available-for-sale [Line Items]  
Balance, beginning of period 5
Reductions for securities sold during the period (1)
Addition (reductions) on securities with previous allowance (1)
Balance, end of period $ 3
v3.23.1
Investments (Commercial Mortgage and Other Loans) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 160,251 $ 148,587
Commercial mortgage loans, Percentage 100.00% 100.00%
Allowance for Credit Losses $ (499) $ (408)
Total net commercial mortgage and other loans 159,752 148,179
Apartments and multi-family    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 62,244 $ 62,434
Commercial mortgage loans, Percentage 38.80% 42.00%
Hospitality    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 12,849 $ 12,996
Commercial mortgage loans, Percentage 8.00% 8.70%
Industrial    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 31,627 $ 17,132
Commercial mortgage loans, Percentage 19.70% 11.50%
Office    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 8,188 $ 10,568
Commercial mortgage loans, Percentage 5.10% 7.10%
Other    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 7,796 $ 7,767
Commercial mortgage loans, Percentage 4.90% 5.20%
Retail    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 22,021 $ 22,123
Commercial mortgage loans, Percentage 13.80% 14.90%
Commercial mortgage loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 144,725 $ 133,020
Commercial mortgage loans, Percentage 90.30% 89.40%
Agricultural property loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 15,526 $ 15,567
Commercial mortgage loans, Percentage 9.70% 10.60%
v3.23.1
Investments (Allowance for Credit Losses) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Allowance for Loan and Lease Losses [Roll Forward]    
Balance, beginning of period $ 408 $ 246
Addition to (release of) allowance for expected losses 91 (15)
Total ending balance 499 231
Commercial mortgage loans    
Allowance for Loan and Lease Losses [Roll Forward]    
Balance, beginning of period 405 246
Addition to (release of) allowance for expected losses 38 (16)
Total ending balance 443 230
Agricultural property loans    
Allowance for Loan and Lease Losses [Roll Forward]    
Balance, beginning of period 3 0
Addition to (release of) allowance for expected losses 53 1
Total ending balance $ 56 $ 1
v3.23.1
Investments (Credit Quality Indicators) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]    
Recording investment gross of allowance for credit losses $ 160,251 $ 148,587
Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 14,509 35,000
One Year Prior 34,978 2,754
Two Year Prior 2,749 2,198
Three Year Prior 2,198 32,830
Four Year Prior 32,838 1,387
Prior 57,453 58,851
Recording investment gross of allowance for credit losses 144,725 133,020
Commercial mortgage loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 14,509 35,000
One Year Prior 34,978 2,754
Two Year Prior 2,749 2,198
Three Year Prior 2,198 27,697
Four Year Prior 27,743 1,387
Prior 39,083 40,285
Recording investment gross of allowance for credit losses 121,260 109,321
Commercial mortgage 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 8,735 8,809
Recording investment gross of allowance for credit losses 8,735 8,809
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 5,133
Four Year Prior 5,095 0
Prior 9,635 9,757
Recording investment gross of allowance for credit losses 14,730 14,890
Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 13,423
One Year Prior 13,413 1,092
Two Year Prior 1,080 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 1,033 1,052
Recording investment gross of allowance for credit losses 15,526 15,567
Agricultural property loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 13,423
One Year Prior 13,413 1,092
Two Year Prior 1,080 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 1,033 1,052
Recording investment gross of allowance for credit losses 15,526 15,567
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
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
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 20,000
One Year Prior 19,978 792
Two Year Prior 787 0
Three Year Prior 0 9,993
Four Year Prior 10,030 1,387
Prior 47,468 48,812
Recording investment gross of allowance for credit losses 78,263 80,984
0% to 59.99% | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 1,078
One Year Prior 1,068 1,092
Two Year Prior 1,080 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 1,033 1,052
Recording investment gross of allowance for credit losses 3,181 3,222
60% to 69.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 15,000
One Year Prior 15,000 1,615
Two Year Prior 1,615 2,198
Three Year Prior 2,198 18,982
Four Year Prior 18,953 0
Prior 1,016 1,016
Recording investment gross of allowance for credit losses 38,782 38,811
60% to 69.99% | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 12,345
One Year Prior 12,345 0
Two Year Prior 0 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 0 0
Recording investment gross of allowance for credit losses 12,345 12,345
70% to 79.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 14,509 0
One Year Prior 0 347
Two Year Prior 347 0
Three Year Prior 0 3,855
Four Year Prior 3,855 0
Prior 7,175 7,213
Recording investment gross of allowance for credit losses 25,886 11,415
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
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 0
Prior 1,794 1,810
Recording investment gross of allowance for credit losses 1,794 1,810
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
Recording investment gross of allowance for credit losses $ 0 $ 0
v3.23.1
Investments (Analysis of Past Due Commercial Mortgage, Agricultural and Other Loans) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Financing Receivable, Past Due [Line Items]    
Non-Accrual Status $ 0 $ 0
Recording investment gross of allowance for credit losses 160,251 148,587
Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 160,251 148,587
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 144,725 133,020
Commercial mortgage loans | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 144,725 133,020
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 15,526 15,567
Agricultural Loan | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 15,526 15,567
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
v3.23.1
Investments (Other Invested Assets) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Other Invested Assets [Line Items]    
Other invested assets $ 133,763 $ 129,528
LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 133,763 129,528
Equity method | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 131,528 127,139
Equity method | Private equity | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 78,320 74,468
Equity method | Hedge funds | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 43,407 42,472
Equity method | Real estate-related | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 9,801 10,199
Fair Value | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 2,235 2,389
Fair Value | Private equity | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 256 279
Fair Value | Hedge funds | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets 44 55
Fair Value | Real estate-related | LPs/LLCs    
Other Invested Assets [Line Items]    
Other invested assets $ 1,935 $ 2,055
v3.23.1
Investments (Accrued Investment Income) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Net Investment Income [Line Items]    
Accrued investment income $ 31,064 $ 25,222
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 455 352
Policy loans    
Net Investment Income [Line Items]    
Accrued investment income 5,745 5,612
Short-term investments and cash equivalents    
Net Investment Income [Line Items]    
Accrued investment income 691 604
Available-for-sale | Fixed maturities    
Net Investment Income [Line Items]    
Accrued investment income $ 24,081 $ 18,653
v3.23.1
Investments (Net Investment Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income $ 29,688 $ 25,404
Less: investment expenses (1,028) (1,035)
Net investment income 28,660 24,369
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 1,679 1,082
Policy loans    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 2,525 2,772
Other invested assets    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 1,478 4,000
Short-term investments and cash equivalents    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 2,641 60
Available-for-sale | Fixed maturities    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income 21,117 17,125
Trading | Fixed maturities    
Schedule of Investment Income, Reported Amounts, by Category [Line Items]    
Gross investment income $ 157 $ 274
v3.23.1
Investments (Realized Investment Gains Losses, Net) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Schedule Of Gain Loss On Investments [Line Items]    
Realized investment gains (losses), net $ (8,298) $ 15,720 [1]
Fixed maturities    
Schedule Of Gain Loss On Investments [Line Items]    
Realized investment gains (losses), net (26) (1,959)
Commercial mortgage and other loans    
Schedule Of Gain Loss On Investments [Line Items]    
Realized investment gains (losses), net (91) 15
Other invested assets    
Schedule Of Gain Loss On Investments [Line Items]    
Realized investment gains (losses), net 0 (51)
Derivatives    
Schedule Of Gain Loss On Investments [Line Items]    
Realized investment gains (losses), net (8,241) 17,727
Short-term investments and cash equivalents    
Schedule Of Gain Loss On Investments [Line Items]    
Realized investment gains (losses), net $ 60 $ (12)
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Investments (Net Unrealized Gains Losses on Investments by Asset Class) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments $ (208,935) $ (256,584)
Fixed maturities | Available-for-sale | Without an allowance    
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments (221,636) (270,867)
Derivatives designated as cash flow hedges    
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments 12,513 14,102
Affiliated notes    
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments 61 59
Other investments    
Gain (Loss) on Securities [Line Items]    
Net unrealized gains (losses) on investments $ 127 $ 122
v3.23.1
Investments (Repurchase Agreements and Securities Lending) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities $ 3,325 $ 0
Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 3,325 0
Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 0 0
U.S. public corporate securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 3,325 0
U.S. public corporate securities | Overnight & Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities 3,325 0
U.S. public corporate securities | Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Total cash collateral for loaned securities $ 0 $ 0
v3.23.1
Derivatives and Hedging (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Derivative [Line Items]    
Gross Notional $ 694,294 $ 687,970
Assets 17,630 17,796
Liabilities (19,695) (21,829)
Derivatives Designated as Hedge Accounting Instruments:    
Derivative [Line Items]    
Gross Notional 121,573 117,015
Assets 12,726 14,281
Liabilities (716) (516)
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Gross Notional 121,573 117,015
Assets 12,726 14,281
Liabilities (716) (516)
Derivatives Not Qualifying as Hedge Accounting Instruments:    
Derivative [Line Items]    
Gross Notional 572,721 570,955
Assets 4,904 3,515
Liabilities (18,979) (21,313)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Gross Notional 24,035 24,035
Assets 2,535 2,957
Liabilities 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Gross Notional 30,200 30,200
Assets 169 0
Liabilities (348) (383)
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 8,336 7,520
Assets 1 3
Liabilities (125) (368)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options    
Derivative [Line Items]    
Gross Notional 510,150 509,200
Assets 2,199 555
Liabilities $ (18,506) $ (20,562)
v3.23.1
Derivatives and Hedging (Offsetting Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Derivatives    
Gross Amounts of Recognized Financial Instruments $ 17,630 $ 17,796
Gross Amounts Offset in the Statements of Financial Position (17,630) (17,796)
Net Amounts Presented in the Statements of Financial Position 0 0
Financial Instruments/Collateral 0 0
Net Amount 0 0
Securities purchased under agreements to resell    
Gross Amounts of Recognized Financial Instruments 0 0
Gross Amounts Offset in the Statements of Financial Position 0 0
Net Amounts Presented in the Statements of Financial Position 0 0
Financial Instruments/Collateral 0 0
Net Amount 0 0
Total Assets    
Gross Amounts of Recognized Financial Instruments 17,630 17,796
Gross Amounts Offset in the Consolidated Statement of Financial Position (17,630) (17,796)
Net Amounts Presented in the Consolidated Statement of Financial Position 0 0
Financial Instruments/Collateral 0 0
Net Amount 0 0
Derivatives    
Gross Amounts of Recognized Financial Instruments 19,695 21,829
Gross Amounts Offset in the Statements of Financial Position (17,630) (17,796)
Net Amounts Presented in the Statements of Financial Position 2,065 4,033
Financial Instruments/ Collateral (2,065) (4,033)
Net Amount 0 0
Securities sold under agreements to repurchase    
Gross Amounts of Recognized Financial Instruments 0 0
Gross Amounts Offset in the Statements of Financial Position 0 0
Net Amounts Presented in the Statements of Financial Position 0 0
Financial Instruments/ Collateral 0 0
Net Amount 0 0
Total Liabilities    
Gross Amounts of Recognized Financial Instruments 19,695 21,829
Gross Amounts Offset in the Statements of Financial Position (17,630) (17,796)
Net Amounts Presented in the Statements of Financial Position 2,065 4,033
Financial instruments/ collateral (2,065) (4,033)
Net Amount $ 0 $ 0
v3.23.1
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, 2023
Mar. 31, 2022
Realized Investment Gains (Losses)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net $ (8,241) $ 17,727
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 481 451
Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net (120) 196
Change in AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net (1,589) 1,222
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 18 31
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 481 451
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Other Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net (112) 188
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Change in AOCI    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net (1,589) 1,222
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 18 31
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 481 451
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 (112) 188
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 (1,589) 1,222
Derivatives Not Qualifying as Hedge Accounting Instruments: | Realized Investment Gains (Losses)    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, gain (loss) on derivatives, net (8,259) 17,696
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 167 (1,201)
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 (82) 115
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 (228) 290
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 1,759 (1,526)
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 (9,875) 20,018
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
v3.23.1
Derivatives and Hedging (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
Cash flow hedgers in AOCI  
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]  
Balance, beginning $ 14,102
Amount recorded in AOCI (1,202)
Amount reclassified from AOCI to income (387)
Balance, ending 12,513
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 (1,202)
Amount reclassified from AOCI to income $ (387)
v3.23.1
Derivatives and Hedging (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Derivative [Line Items]    
Cash flow hedge to be reclassified, short-term $ 1.7  
Policyholders' account balances    
Derivative [Line Items]    
Embedded derivatives $ (127.0) $ (108.0)
v3.23.1
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, 2023
Dec. 31, 2022
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale: $ 2,108,183 $ 1,719,488
Market risk benefit assets 562,922 558,624
Fixed maturities, trading 23,938 23,782
Equity securities 4,363 4,358
Other invested assets 133,763 129,528
Reinsurance recoverables 3,195,287 3,098,248 [1]
Receivables from parent and affiliates 17,574 19,348
Separate account assets 14,413,681 13,926,958
TOTAL ASSETS 21,427,006 20,596,445
Market risk benefit liabilities 562,922 558,624
Payables to parent and affiliates 2,074 7,546
Total liabilities 20,198,113 19,569,790
Fair Value, Measurements, Recurring    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale: 2,108,183 1,719,488
Market risk benefit assets 562,922 558,624
Fixed maturities, trading 23,938 23,782
Equity securities 4,363 4,358
Short-term investments 8,000 3,000
Cash equivalents 81,323 245,302
Other invested assets 0 0
Reinsurance recoverables 1,357 0
Receivables from parent and affiliates 699 688
Subtotal excluding separate account assets 2,790,785 2,555,242
Separate account assets 12,452,598 12,014,623
TOTAL ASSETS 15,243,383 14,569,865
Market risk benefit liabilities 562,922 558,624
Policyholders' account balances 127,032 108,144
Payables to parent and affiliates 2,065 4,033
Total liabilities 692,019 670,801
Assets netting (17,630) (17,796)
Liabilities netting (17,630) (17,796)
Netting 0 0
Fair Value, Measurements, Recurring | Other invested assets    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets netting (17,630) (17,796)
Fair Value, Measurements, Recurring | Payables to parent and affiliates    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities netting (17,630) (17,796)
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: 52,664 61,136
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: 179,906 159,215
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: 79,323 71,963
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: 1,202,519 883,405
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: 185,444 172,441
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: 145,059 112,962
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: 118,719 112,035
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: 17,765 18,374
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: 114,466 115,891
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: 12,318 12,066
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 0 0
Cash equivalents 0 0
Other invested assets 0 0
Reinsurance recoverables 0 0
Receivables from parent and affiliates 0 0
Subtotal excluding separate account assets 0 0
Separate account assets 0 0
TOTAL ASSETS 0 0
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: 2,084,726 1,694,984
Market risk benefit assets 0 0
Fixed maturities, trading 23,938 23,782
Equity securities 69 67
Short-term investments 8,000 3,000
Cash equivalents 81,323 245,302
Other invested assets 17,630 17,796
Reinsurance recoverables 0 0
Receivables from parent and affiliates 699 688
Subtotal excluding separate account assets 2,216,385 1,985,619
Separate account assets 12,452,598 12,014,623
TOTAL ASSETS 14,668,983 14,000,242
Market risk benefit liabilities 0 0
Policyholders' account balances 0 0
Payables to parent and affiliates 19,695 21,829
Total liabilities 19,695 21,829
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: 52,664 61,136
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: 179,906 159,215
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: 79,323 71,963
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: 1,202,519 883,405
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: 181,868 168,638
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: 145,059 112,962
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: 118,719 112,035
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: 17,765 18,374
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: 94,585 95,190
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: 12,318 12,066
Fair Value, Measurements, Recurring | Level 3    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, available-for-sale: 23,457 24,504
Market risk benefit assets 562,922 558,624
Fixed maturities, trading 0 0
Equity securities 4,294 4,291
Short-term investments 0 0
Cash equivalents 0 0
Other invested assets 0 0
Reinsurance recoverables 1,357 0
Receivables from parent and affiliates 0 0
Subtotal excluding separate account assets 592,030 587,419
Separate account assets 0 0
TOTAL ASSETS 592,030 587,419
Market risk benefit liabilities 562,922 558,624
Policyholders' account balances 127,032 108,144
Payables to parent and affiliates 0 0
Total liabilities 689,954 666,768
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: 3,576 3,803
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: 0 0
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: 19,881 20,701
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 2,200 2,400
Separate account assets    
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value investment measured at NAV per share $ 1,961,000 $ 1,912,000
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Fair Value of Assets and Liabilities (Quantitative Info for Level 3 Inputs) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Corporate securities $ 4,622 $ 4,614
Market risk benefit assets 562,922 558,624
Market risk benefit liabilities 562,922 558,624
Fair Value, Measurements, Recurring    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Market risk benefit assets 562,922 558,624
Market risk benefit liabilities 562,922 558,624
Policyholders' account balances $ 127,032 108,144
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 $ 562,922 558,624
Market risk benefit liabilities 562,922 558,624
Policyholders' account balances $ 127,032 $ 108,144
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 0.52% 0.51%
Utilization rate 38.00% 38.00%
Withdrawal rate (greater than maximum) 77.00% 77.00%
Mortality rate 0.00% 0.00%
Equity volatility curve 18.00% 18.00%
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 0.27% 0.17%
Mortality rate 0.00% 0.00%
Equity volatility curve 14.00% 18.00%
Level 3 | Internal | Minimum | Discounted cash flow | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Discount rate 10.68% 10.18%
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% 60.00%
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 0.52% 0.51%
Utilization rate 38.00% 38.00%
Withdrawal rate (greater than maximum) 77.00% 77.00%
Mortality rate 0.00% 0.00%
Equity volatility curve 18.00% 18.00%
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 2.20% 2.14%
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% 28.00%
Level 3 | Internal | Maximum | Discounted cash flow | Policyholders' account balances    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Lapse rate 80.00% 6.00%
Spread over SOFR 2.34% 0.66%
Mortality rate 23.00% 23.00%
Equity volatility curve 30.00% 28.00%
Level 3 | Internal | Maximum | Discounted cash flow | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Discount rate 10.68% 10.18%
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% 75.00%
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 2.20% 2.14%
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% 28.00%
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Discount rate 10.68% 10.18%
Level 3 | Internal | Weighted Average | Discounted cash flow | Commercial mortgage-backed securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidity premium 0.69% 69.05%
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 $ 562,922 $ 558,624
Level 3 | Internal | Fair Value, Measurements, Recurring | Policyholders' account balances    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Policyholders' account balances 127,032 108,144
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Corporate securities 3,576 3,803
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 19,881 20,701
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 $ 562,922 $ 558,624
v3.23.1
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Equity securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair Value, beginning of period $ 4,291 $ 5,812
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements 0 0
Other 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Fair Value, end of period 4,294 5,298
Total gains (losses) (realized/unrealized):    
Included in earnings 3 (514)
Unrealized gains (losses) for assets/liabilities still held:    
Included in earnings 3 (514)
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 3 (514)
Unrealized gains (losses) for assets/liabilities still held:    
Included in earnings 3 (514)
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 0 0
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements 0 0
Other 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Fair Value, end of period 1,357 0
Total gains (losses) (realized/unrealized):    
Included in earnings 1,357 0
Unrealized gains (losses) for assets/liabilities still held:    
Included in earnings 1,357 0
Reinsurance recoverables | Realized investment gains (losses), net    
Total gains (losses) (realized/unrealized):    
Included in earnings 1,357 0
Unrealized gains (losses) for assets/liabilities still held:    
Included in earnings 1,357 0
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
Policyholders' account balances    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair Value, beginning of period (108,144) (153,127)
Purchases 0 0
Sales 0 0
Issuances (8,056) 0
Settlements 0 2,644
Other 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Fair Value, end of period (127,032) (130,930)
Total gains (losses) (realized/unrealized):    
Included in earnings (10,832) 19,553
Unrealized gains (losses) for assets/liabilities still held:    
Included in earnings (13,914) 21,607
Policyholders' account balances | Realized investment gains (losses), net    
Total gains (losses) (realized/unrealized):    
Included in earnings (10,832) 19,553
Unrealized gains (losses) for assets/liabilities still held:    
Included in earnings (13,914) 21,607
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 (2) 0
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 (756) (5,661)
Unrealized gains (losses) for assets/liabilities still held:    
Included in earnings (757) (5,617)
Available-for-sale | Fixed maturities | Net investment income    
Total gains (losses) (realized/unrealized):    
Included in earnings (11) 2
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 3,803 24,319
Purchases 3,644 0
Sales 0 0
Issuances 0 0
Settlements (3,835) (632)
Other 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Fair Value, end of period 3,576 20,823
Total gains (losses) (realized/unrealized):    
Included in earnings (36) (2,864)
Unrealized gains (losses) for assets/liabilities still held:    
Included in earnings (37) (2,821)
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 20,701 27,274
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements (87) (82)
Other 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Fair Value, end of period 19,881 24,397
Total gains (losses) (realized/unrealized):    
Included in earnings (733) (2,795)
Unrealized gains (losses) for assets/liabilities still held:    
Included in earnings $ (720) $ (2,796)
v3.23.1
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Assets:    
Policy loans $ 212,479 $ 212,063
Cash and cash equivalents 83,286 255,767
Accrued investment income 31,064 25,222
Reinsurance recoverables 3,195,287 3,098,248 [1]
Receivables from parent and affiliates 17,574 19,348
Liabilities:    
Cash collateral for loaned securities 3,325 0
Fair Value    
Assets:    
Commercial mortgage and other loans 155,427 141,513
Policy loans 212,479 212,063
Short-term investments 4,000 4,000
Cash and cash equivalents 1,963 10,465
Accrued investment income 31,064 25,222
Reinsurance recoverables 24,462 25,127
Receivables from parent and affiliates 16,875 18,660
Other assets 3,805 3,852
Total assets 450,075 440,902
Liabilities:    
Policyholders’ account balances - investment contracts 200,256 217,322
Cash collateral for loaned securities 3,325 0
Payables to parent and affiliates 9 3,513
Other liabilities 56,513 51,312
Total liabilities 260,103 272,147
Carrying Amount    
Assets:    
Commercial mortgage and other loans 159,752 148,179
Policy loans 212,479 212,063
Short-term investments 4,000 4,000
Cash and cash equivalents 1,963 10,465
Accrued investment income 31,064 25,222
Reinsurance recoverables 26,196 27,183
Receivables from parent and affiliates 16,875 18,660
Other assets 3,805 3,852
Total assets 456,134 449,624
Liabilities:    
Policyholders’ account balances - investment contracts 201,990 219,378
Cash collateral for loaned securities 3,325 0
Payables to parent and affiliates 9 3,513
Other liabilities 56,513 51,312
Total liabilities 261,837 274,203
Level 1 | Fair Value    
Assets:    
Commercial mortgage and other loans 0 0
Policy loans 0 0
Short-term investments 4,000 4,000
Cash and cash equivalents 1,963 10,465
Accrued investment income 0 0
Reinsurance recoverables 0 0
Receivables from parent and affiliates 0 0
Other assets 0 0
Total assets 5,963 14,465
Liabilities:    
Policyholders’ account balances - investment contracts 0 0
Cash collateral for loaned securities 0 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 31,064 25,222
Reinsurance recoverables 0 0
Receivables from parent and affiliates 16,875 18,660
Other assets 3,805 3,852
Total assets 51,744 47,734
Liabilities:    
Policyholders’ account balances - investment contracts 165,411 180,576
Cash collateral for loaned securities 3,325 0
Payables to parent and affiliates 9 3,513
Other liabilities 56,513 51,312
Total liabilities 225,258 235,401
Level 3 | Fair Value    
Assets:    
Commercial mortgage and other loans 155,427 141,513
Policy loans 212,479 212,063
Short-term investments 0 0
Cash and cash equivalents 0 0
Accrued investment income 0 0
Reinsurance recoverables 24,462 25,127
Receivables from parent and affiliates 0 0
Other assets 0 0
Total assets 392,368 378,703
Liabilities:    
Policyholders’ account balances - investment contracts 34,845 36,746
Cash collateral for loaned securities 0 0
Payables to parent and affiliates 0 0
Other liabilities 0 0
Total liabilities $ 34,845 $ 36,746
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Deferred Policy Acquisition Costs and Deferred Reinsurance (Balance of and Changes in DAC) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of period [1] $ 351,874  
Amortization expense (5,017) $ (4,829) [2]
Balance, end of period 361,655  
Term Life    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of period 70,213 62,091
Capitalization 4,007 4,228
Amortization expense (1,748) (1,650)
Other 0 0
Balance, end of period 72,472 64,669
Variable and Universal Life    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of period 281,661 246,653
Capitalization 10,791 13,642
Amortization expense (3,272) (3,179)
Other 3 (4)
Balance, end of period 289,183 257,112
Total    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Balance, beginning of period 351,874 308,744
Capitalization 14,798 17,870
Amortization expense (5,020) (4,829)
Other 3 (4)
Balance, end of period $ 361,655 $ 321,781
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
[2] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Deferred Policy Acquisition Costs and Deferred Reinsurance (Balance of and Changes in Deferred Reinsurance Losses) (Details) - Variable Annuities - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period $ 17,425 $ 18,977
Amortization expense 378 395
Balance, end of period $ 17,047 $ 18,582
v3.23.1
Separate Accounts (Separate Account Assets) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 14,413,681 $ 13,926,958
Equity    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 7,642,559 7,430,452
Fixed Income    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 4,139,655 3,973,001
Other    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 670,384 611,170
Other invested assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 1,961,083 $ 1,912,335
v3.23.1
Separate Accounts (Separate Account Liabilities) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Separate Account, Liability [Roll Forward]    
Balance, beginning of period $ 13,926,958 $ 17,922,368
Deposits 52,309 72,425
Investment performance 702,620 (1,072,501)
Policy charges (81,363) (89,983)
Surrenders and withdrawals (206,691) (224,156)
Benefit payments (11,302) (14,433)
Net transfers (to) from general account 29,102 (12,143)
Other 2,048 2,568
Balance, end of period 14,413,681 16,584,145
Cash surrender value 14,142,362 16,268,825
Variable Annuities    
Separate Account, Liability [Roll Forward]    
Balance, beginning of period 8,928,568 11,982,322
Deposits 8,431 24,269
Investment performance 439,099 (776,250)
Policy charges (55,991) (64,417)
Surrenders and withdrawals (194,702) (217,281)
Benefit payments (1,378) (1,219)
Net transfers (to) from general account 913 (2)
Other 397 270
Balance, end of period 9,125,337 10,947,692
Cash surrender value 8,933,846 10,707,646
Variable Life    
Separate Account, Liability [Roll Forward]    
Balance, beginning of period 4,998,390 5,940,046
Deposits 43,878 48,156
Investment performance 263,521 (296,251)
Policy charges (25,372) (25,566)
Surrenders and withdrawals (11,989) (6,875)
Benefit payments (9,924) (13,214)
Net transfers (to) from general account 28,189 (12,141)
Other 1,651 2,298
Balance, end of period 5,288,344 5,636,453
Cash surrender value $ 5,208,516 $ 5,561,179
v3.23.1
Liability For Future Policy Benefits (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, end of period, pre-flooring $ 1,205,672 $ 1,290,273    
Flooring impact, end of period 0 6,028    
Balance, end of period, post-flooring 1,205,672 1,296,301    
Less: Reinsurance recoverable 1,054,331 1,130,341    
Balance after reinsurance recoverable, end of period, post-flooring 151,341 165,960    
Interest accrual 7,840 5,339    
Total        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 2,567,651 3,060,876    
Effect of cumulative changes in discount rate assumptions, beginning of period 139,861 (562,914)    
Balance at original discount rate, beginning of period 2,707,512 2,497,962    
Effect of actual variances from expected experience and other activity     $ (14,279) $ (510)
Adjusted balance, beginning of period 2,693,233 2,497,452    
Issuances 17,577 21,021    
Interest accrual 32,665 30,367    
Benefit payments 41,465 35,576    
Other adjustments (372) (115)    
Balance at original discount rate, end of period 2,701,638 2,513,149    
Effect of cumulative changes in discount rate assumptions, end of period (65,910) 285,497    
Balance, end of period 2,635,728 2,798,646    
Balance, end of period, post-flooring 2,078,322 1,976,238    
Nonparticipating Traditional And Limited-Pay Business        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Gain in net income (3,000) (2,000)    
Loss in net income 3,000 2,000    
Term Life        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, beginning of period 1,416,807 1,641,933    
Effect of cumulative changes in discount rate assumptions, beginning of period 73,563 (253,752)    
Balance at original discount rate, beginning of period 1,490,370 1,388,181    
Effect of actual variances from expected experience     (10,232) 3,165
Adjusted balance, beginning of period 1,480,138 1,391,346    
Issuances 16,867 20,680    
Net premiums / considerations collected (43,352) (40,394)    
Interest accrual 17,156 16,119    
Balance at original discount rate, end of period 1,470,809 1,387,751    
Effect of cumulative changes in discount rate assumptions, end of period (40,753) 120,622    
Balance, end of period 1,430,056 1,508,373    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 2,551,191 3,041,562    
Effect of cumulative changes in discount rate assumptions, beginning of period 137,962 (561,455)    
Balance at original discount rate, beginning of period 2,689,153 2,480,107    
Effect of actual variances from expected experience and other activity     (14,462) (706)
Adjusted balance, beginning of period 2,674,691 2,479,401    
Issuances 16,867 20,680    
Interest accrual 32,494 30,217    
Benefit payments 40,914 35,047    
Other adjustments (372) (41)    
Balance at original discount rate, end of period 2,682,766 2,495,210    
Effect of cumulative changes in discount rate assumptions, end of period (64,374) 285,629    
Balance, end of period 2,618,392 2,780,839    
Balance, end of period, pre-flooring 1,188,336 1,272,466    
Flooring impact, end of period 0 6,028    
Balance, end of period, post-flooring 1,188,336 1,278,494    
Less: Reinsurance recoverable 1,036,995 1,112,534    
Balance after reinsurance recoverable, end of period, post-flooring 151,341 165,960    
Term Life | Gross Basis        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Net premiums / considerations collected (61,365) (62,991)    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Interest accrual 15,338 14,098    
Undiscounted expected future gross premiums 3,056,399 3,307,354    
Discounted expected future gross premiums (at original discount rate) 2,057,345 2,192,982    
Discounted expected future gross premiums (at current discount rate) 2,006,982 2,396,738    
Undiscounted expected future benefits and expenses $ 4,332,537 $ 4,023,253    
Weighted-average duration of the liability in years (at original discount rate) 11 years 10 years    
Weighted-average duration of the liability in years (at current discount rate) 10 years 11 years    
Weighted-average interest rate (at original discount rate) 5.31% 5.34%    
Weighted-average interest rate (at current discount rate) 5.07% 3.55%    
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     (599) 0
Adjusted balance, beginning of period (599) 0    
Issuances 710 341    
Net premiums / considerations collected (111) (341)    
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 16,460 19,314    
Effect of cumulative changes in discount rate assumptions, beginning of period 1,899 (1,459)    
Balance at original discount rate, beginning of period 18,359 17,855    
Effect of actual variances from expected experience and other activity     183 196
Adjusted balance, beginning of period 18,542 18,051    
Issuances 710 341    
Interest accrual 171 150    
Benefit payments 551 529    
Other adjustments 0 (74)    
Balance at original discount rate, end of period 18,872 17,939    
Effect of cumulative changes in discount rate assumptions, end of period (1,536) (132)    
Balance, end of period 17,336 17,807    
Balance, end of period, pre-flooring 17,336 17,807    
Flooring impact, end of period 0 0    
Balance, end of period, post-flooring 17,336 17,807    
Less: Reinsurance recoverable 17,336 17,807    
Balance after reinsurance recoverable, end of period, post-flooring 0 0    
Fixed Annuities | Gross Basis        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Net premiums / considerations collected (112) (653)    
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Interest accrual 171 150    
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 $ 24,654 $ 23,522    
Weighted-average duration of the liability in years (at original discount rate) 7 years 7 years    
Weighted-average duration of the liability in years (at current discount rate) 6 years 7 years    
Weighted-average interest rate (at original discount rate) 3.61% 3.39%    
Weighted-average interest rate (at current discount rate) 4.98% 3.49%    
Term Life And Fixed Annuities        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, beginning of period $ 1,416,807 $ 1,641,933    
Effect of cumulative changes in discount rate assumptions, beginning of period 73,563 (253,752)    
Balance at original discount rate, beginning of period 1,490,370 1,388,181    
Effect of actual variances from expected experience     $ (10,831) $ 3,165
Adjusted balance, beginning of period 1,479,539 1,391,346    
Issuances 17,577 21,021    
Net premiums / considerations collected (43,463) (40,735)    
Interest accrual 17,156 16,119    
Balance at original discount rate, end of period 1,470,809 1,387,751    
Effect of cumulative changes in discount rate assumptions, end of period (40,753) 120,622    
Balance, end of period $ 1,430,056 $ 1,508,373    
v3.23.1
Liability For Future Policy Benefits (Deferred Profit Liability) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, end of period $ 1,205,672 $ 1,296,301    
Less: Reinsurance recoverable 1,054,331 1,130,341    
Balance after reinsurance recoverable, end of period, post-flooring 151,341 165,960    
Deferred profit liability        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Revenue 139 (103)    
Deferred profit liability | Gross Basis        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Interest accrual 13 16    
Revenue 139 (103)    
Fixed Annuities        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of actual variances from expected experience and other activity     $ 183 $ 196
Adjusted balance, beginning of period     18,542 18,051
Interest accrual 171 150    
Other adjustments 0 (74)    
Balance, end of period 17,336 17,807    
Less: Reinsurance recoverable 17,336 17,807    
Balance after reinsurance recoverable, end of period, post-flooring 0 0    
Fixed Annuities | Gross Basis        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Interest accrual 171 150    
Fixed Annuities | Deferred profit liability        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 1,684 1,726    
Effect of actual variances from expected experience and other activity     (107) (164)
Adjusted balance, beginning of period     $ 1,577 $ 1,562
Profits deferred 0 309    
Interest accrual 13 16    
Amortization (45) (52)    
Other adjustments 0 (6)    
Balance, end of period 1,545 1,829    
Less: Reinsurance recoverable 1,545 1,829    
Balance after reinsurance recoverable, end of period, post-flooring 0 0    
Revenue $ 139 $ (103)    
v3.23.1
Liability For Future Policy Benefits (Additional Insurance Reserves) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Insurance [Abstract]        
Balance, beginning of period $ 827,478 $ 703,968    
Flooring impact and amounts in AOCI 91,115 (71,467)    
Balance, excluding amounts in AOCI, beginning of period, pre-flooring 918,593 632,501    
Effect of actual variances from expected experience and other activity     $ (342) $ (10,170)
Adjusted balance, beginning of period     $ 918,251 $ 622,331
Assessments collected 14,827 39,441    
Interest accrual 7,840 5,339    
Excess benefits paid (3,995) (3,284)    
Balance, excluding amounts in AOCI, end of period, pre-flooring 936,923 663,827    
Flooring impact and amounts in AOCI (65,818) 14,281    
Balance after transition 871,105 678,108    
Reinsurance recoverables 834,640 643,583    
Balance after transition 36,465 34,525    
Gross assessments $ 46,941 $ 92,938    
Weighted-average duration of the liability in years (at original discount rate) 28 years 26 years    
Weighted-average interest rate (at original discount rate) 3.42% 3.33%    
v3.23.1
Liability For Future Policy Benefits (Future Policy Benefits) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Insurance [Abstract]        
Future policy benefits $ 2,227,631 $ 2,130,042 [1] $ 2,147,645  
Liability for Future Policy Benefit, Activity [Line Items]        
Balance 871,105 827,478 678,108 $ 703,968
Balance, end of period, post-flooring 1,205,672   1,296,301  
Other Future Policy Benefits reserves 149,309   171,407  
Future policy benefits 2,227,631 $ 2,130,042 [1] 2,147,645  
Total        
Liability for Future Policy Benefit, Activity [Line Items]        
Benefit reserves, end of period, post-flooring 1,205,672   1,296,301  
Balance 871,105   678,108  
Deferred profit liability, end of period, post-flooring 1,545   1,829  
Balance, end of period, post-flooring $ 2,078,322   $ 1,976,238  
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Liability For Future Policy Benefits (Revenue and Interest Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Benefit Reserves    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue $ 61,477 $ 63,644
Interest Expense 15,509 14,248
Benefit Reserves | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 112 653
Interest Expense 171 150
Benefit Reserves | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 61,365 62,991
Interest Expense 15,338 14,098
Benefit Reserves | 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 46,941 92,938
Interest Expense 7,840 5,339
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 46,941 92,938
Interest Expense 7,840 5,339
Deferred profit liability    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 139 (103)
Interest Expense 13 16
Deferred profit liability | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 139 (103)
Interest Expense 13 16
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
Revenues    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 108,557 156,479
Revenues | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 251 550
Revenues | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 61,365 62,991
Revenues | Variable and Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Revenue 46,941 92,938
Interest Expense    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest Expense 23,362 19,603
Interest Expense | Fixed Annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest Expense 184 166
Interest Expense | Term Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest Expense 15,338 14,098
Interest Expense | Variable and Universal Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest Expense $ 7,840 $ 5,339
v3.23.1
Policyholders' Liabilities (Additional Insurance Reserves) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Jan. 01, 2021
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Balance, beginning of period $ 827,478 $ 703,968  
Amortization expense (3,995) (3,284)  
Balance, end of period 328,956 268,002  
Reinsurance recoverables 834,640 643,583  
Additional Liability, Long-Duration Insurance, after Reinsurance 36,465 34,525  
Variable and Universal Life | Policyholder Contract Deposit      
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]      
Balance, beginning of period 313,711 251,573  
Unearned revenue 19,030 19,737  
Amortization expense (3,785) (3,308)  
Balance, end of period 328,956 268,002  
Reinsurance recoverables 85,048 68,241 $ 45,019
Additional Liability, Long-Duration Insurance, after Reinsurance $ 243,908 $ 199,761 $ 141,564
v3.23.1
Policyholders' Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period [1] $ 2,774,315  
Net transfers (to) from separate account (29,102) $ 12,143
Unearned revenue reserves 328,956 268,002
Other 47,556 50,657
Total Policyholders' account balances $ 2,792,291 $ 2,712,779
Weighted-average crediting rate 2.65% 2.84%
Net amount at risk $ 33,887,277 $ 32,527,594
Cash surrender value(3) 2,056,236 2,019,454
Total    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period 2,411,804 2,397,010
Deposits 82,778 64,368
Interest credited 15,987 17,005
Policy charges (36,400) (36,189)
Surrenders and withdrawals (37,524) (39,772)
Benefit payments (2,069) (892)
Net transfers (to) from separate account (29,102) 12,143
Change in market value and other adjustments 10,305 (19,553)
Balance, end of period 2,415,779 2,394,120
Reinsurance and other recoverables 1,084,989 1,075,119
Policyholders' account balance net of reinsurance and other recoverables 1,330,790 1,319,001
Variable Annuities    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period 327,124 344,945
Deposits 25,558 298
Interest credited 2,015 1,564
Policy charges (40) (48)
Surrenders and withdrawals (8,163) (5,197)
Benefit payments (1,647) (1,257)
Net transfers (to) from separate account (913) 2
Change in market value and other adjustments (131) 0
Balance, end of period 343,803 340,307
Reinsurance and other recoverables 319,707 336,619
Policyholders' account balance net of reinsurance and other recoverables 24,096 3,688
Total Policyholders' account balances $ 323,156 $ 344,150
Weighted-average crediting rate 2.40% 1.83%
Net amount at risk $ 0 $ 0
Cash surrender value(3) 322,593 319,207
Variable and Universal Life    
Additional Liability, Long-Duration Insurance [Roll Forward]    
Balance, beginning of period 2,084,680 2,052,065
Deposits 57,220 64,070
Interest credited 13,972 15,441
Policy charges (36,360) (36,141)
Surrenders and withdrawals (29,361) (34,575)
Benefit payments (422) 365
Net transfers (to) from separate account (28,189) 12,141
Change in market value and other adjustments 10,436 (19,553)
Balance, end of period 2,071,976 2,053,813
Reinsurance and other recoverables 765,282 738,500
Policyholders' account balance net of reinsurance and other recoverables 1,306,694 1,315,313
Total Policyholders' account balances $ 1,752,083 $ 1,729,523
Weighted-average crediting rate 2.69% 3.01%
Net amount at risk $ 33,887,277 $ 32,527,594
Cash surrender value(3) $ 1,733,643 $ 1,700,247
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Policyholders' Liabilities (Guaranteed Minimum Crediting Rate) (Details)
$ in Thousands
Mar. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 2,792,291 $ 2,774,315 [1] $ 2,712,779  
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  
Variable Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 323,156 327,124 $ 344,150 $ 344,945
Variable Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 321,448   342,540  
Variable Annuities | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,708   1,610  
Variable Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Variable Annuities | 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 1,752,083 $ 2,084,680 1,729,523 $ 2,052,065
Variable and Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 548,749   550,804  
Variable and Universal Life | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 359,398   3,741  
Variable and Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 526,535   724,407  
Variable and Universal Life | Greater than 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 317,401   450,571  
Less than 1.00% | Variable Annuities        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%    
Account Values with Crediting Rates $ 1,651   0  
Less than 1.00% | Variable Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,651   0  
Less than 1.00% | Variable Annuities | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Less than 1.00% | Variable Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Less than 1.00% | Variable 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 and Universal Life        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%    
Account Values with Crediting Rates $ 640   1,142  
Less than 1.00% | Variable and Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   1,142  
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 640   0  
1.00% - 1.99% | Variable Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 191,108   202,239  
1.00% - 1.99% | Variable Annuities | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00%    
1.00% - 1.99% | Variable Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99%    
1.00% - 1.99% | Variable Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 189,516   200,629  
1.00% - 1.99% | Variable Annuities | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,592   1,610  
1.00% - 1.99% | Variable Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
1.00% - 1.99% | Variable 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 and Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 456,701   426,273  
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 $ 17,633   47,280  
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 148,939   89,655  
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 290,129   289,338  
2.00% - 2.99% | Variable Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 1,784   1,901  
2.00% - 2.99% | Variable Annuities | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00%    
2.00% - 2.99% | Variable Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99%    
2.00% - 2.99% | Variable Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 1,784   1,901  
2.00% - 2.99% | Variable Annuities | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
2.00% - 2.99% | Variable Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
2.00% - 2.99% | Variable 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 and Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 363,561   345,886  
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 $ 4,463   671  
2.00% - 2.99% | Variable and Universal Life | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 15,422   0  
2.00% - 2.99% | Variable and Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 317,044   183,982  
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 26,632   161,233  
3.00% - 4.00% | Variable Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 128,487   139,888  
3.00% - 4.00% | Variable Annuities | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00%    
3.00% - 4.00% | Variable Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%    
3.00% - 4.00% | Variable Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 128,371   139,888  
3.00% - 4.00% | Variable Annuities | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 116   0  
3.00% - 4.00% | Variable Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
3.00% - 4.00% | Variable 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 and Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 554,620   595,249  
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 $ 150,092   140,738  
3.00% - 4.00% | Variable and Universal Life | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 343,976   3,741  
3.00% - 4.00% | Variable and Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 60,552   450,770  
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% | Variable Annuities        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%    
Account Values with Crediting Rates $ 126   122  
Greater than 4.00% | Variable Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 126   122  
Greater than 4.00% | Variable Annuities | 1 -50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Greater than 4.00% | Variable Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0   0  
Greater than 4.00% | Variable 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 and Universal Life        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00%    
Account Values with Crediting Rates $ 376,561   360,973  
Greater than 4.00% | Variable and Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 376,561   360,973  
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  
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Market Risk Benefits - Rollforward of Balances for Variable Annuity Products (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Variable Annuities    
Market Risk Benefit [Roll Forward]    
Balance, beginning of period $ 398,254 $ 796,913
Effect of cumulative changes in non-performance risk 163,169 21,123
Balance, beginning of period, before effect of changes in non-performance risk 561,423 818,036
Attributed fees collected 27,304 31,799
Claims paid (1,653) (38)
Interest accrual 7,035 549
Actual in force different from expected 2,229 2,255
Effect of changes in interest rates 33,851 (204,292)
Effect of changes in equity markets (54,966) 71,053
Other adjustments 0 0
Balance, end of period, before effect of changes in non-performance risk 575,223 719,362
Effect of cumulative changes in non-performance risk (178,897) (107,951)
Balance, end of period 0 0
Balance, end of period 396,326 611,411
Net amount at risk $ 877,211 $ 305,180
Weighted-average attained age of contractholders 68 years 66 years
Less: Reinsured Market Risk Benefits    
Market Risk Benefit [Roll Forward]    
Balance, beginning of period $ (398,254) $ (796,913)
Effect of cumulative changes in non-performance risk 0 0
Balance, beginning of period, before effect of changes in non-performance risk (398,254) (796,913)
Attributed fees collected (27,304) (31,799)
Claims paid 1,653 38
Interest accrual (7,035) (549)
Actual in force different from expected (2,229) (2,255)
Effect of changes in interest rates (33,851) 204,292
Effect of changes in equity markets 54,966 (71,053)
Other adjustments 15,728 86,828
Balance, end of period, before effect of changes in non-performance risk (396,326) (611,411)
Effect of cumulative changes in non-performance risk 0 0
Balance, end of period (396,326) (611,411)
Total, Net of Reinsurance    
Market Risk Benefit [Roll Forward]    
Balance, beginning of period 0 0
Effect of cumulative changes in non-performance risk 163,169 21,123
Balance, beginning of period, before effect of changes in non-performance risk 163,169 21,123
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
Other adjustments 15,728 86,828
Balance, end of period, before effect of changes in non-performance risk 178,897 107,951
Effect of cumulative changes in non-performance risk (178,897) (107,951)
Balance, end of period $ 0 $ 0
v3.23.1
Market Risk Benefits - Market Risk Benefits In Asset and Liability Positions (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Jan. 01, 2021
Dec. 31, 2020
Liability for Future Policy Benefit, Activity [Line Items]            
Market risk benefit assets $ 562,922 $ 558,624        
Market risk benefit liabilities 562,922 558,624        
Variable Annuities            
Liability for Future Policy Benefit, Activity [Line Items]            
Market risk benefit assets 562,922   $ 755,053      
Market risk benefit liabilities 562,922   755,053      
Net liability $ 0 $ 398,254 $ 0 $ 796,913 $ 0 $ 1,195,470
v3.23.1
Reinsurance (Reinsurance amounts included in the Statements of Financial Position) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Jan. 01, 2021
Effects of Reinsurance [Line Items]      
Reinsurance recoverables $ 3,195,287 $ 3,098,248 [1]  
Policy loans (212,479) (212,063)  
Deferred policy acquisition cost (361,655) (351,874) [1] $ (244,218)
Market risk benefit assets 562,922 558,624  
Other assets 47,984 48,391 [1]  
Market risk benefit liabilities 562,922 558,624  
Other liabilities 196,189 172,305  
Impacts of Reinsurance      
Effects of Reinsurance [Line Items]      
Reinsurance recoverables 3,195,287 3,098,248  
Policy loans (23,082) (22,999)  
Deferred policy acquisition cost (637,032) (646,737)  
Deferred sales inducements (37,515) (38,146)  
Market risk benefit assets 479,624 478,439  
Other assets 42,256 42,265  
Market risk benefit liabilities 83,298 80,185  
Other liabilities $ 120,976 $ 115,351  
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Reinsurance (Reinsurance Recoverable by Counterparty) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables $ 3,195,287 $ 3,098,248 [1]
Prudential Insurance    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 480,064 456,633
PAR U    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 1,611,135 1,575,260
PARCC    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 464,565 464,142
PAR Term    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 268,770 258,169
Term Re    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 252,206 232,796
DART    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 85,369 73,702
Pruco Life    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables 31,553 34,720
Unaffiliated    
Effects of Reinsurance [Line Items]    
Total reinsurance recoverables $ 1,625 $ 2,826
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Reinsurance (Reinsurance amounts included in the Statement of Operations and Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Premiums:    
Direct $ 62,583 $ 63,330
Ceded (52,406) (54,310)
Net premiums 10,177 9,020 [1]
Policy charges and fee income:    
Direct 86,513 95,926
Ceded (72,375) (85,331)
Net policy charges and fee income 14,138 10,595 [1]
Net investment income:    
Direct 28,886 24,563
Ceded (226) (194)
Net investment income 28,660 24,369
Asset administration fees:    
Direct 8,776 10,502
Ceded (6,696) (8,242)
Net asset administration fees 2,080 2,260
Realized investment gains (losses), net:    
Direct (9,457) 15,227
Ceded 1,159 493
Realized investment gains (losses), net (8,298) 15,720 [2]
Change in value of market risk benefits, net of related hedging gain (loss):    
Direct (13,801) 128,811
Ceded (1,927) (215,639)
Change in value of market risk benefits, net of related hedging gain (loss) (15,728) (86,828) [2]
Policyholders’ benefits (including change in reserves):    
Direct 107,337 128,710
Ceded (88,998) (114,875)
Net policyholders' benefits (including change in reserves) 18,339 13,835 [1]
Change in estimates of liability for future policy benefits:    
Direct (3,917) (13,818)
Ceded 2,475 12,641
Net change in estimates of liability for future policy benefits (1,442) (1,177)
Interest credited to policyholders’ account balances:    
Direct 18,022 19,797
Ceded (7,885) (8,603)
Net interest credited to policyholders’ account balances 10,137 11,194
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization (32,950) (37,277)
Unaffiliated    
Policy charges and fee income:    
Ceded (1,200) (1,300)
Policyholders’ benefits (including change in reserves):    
Ceded $ 0 $ (100)
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
[2] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Reinsurance (Life Insurance In Force) (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Mar. 31, 2022
Reinsurance Disclosures [Abstract]    
Direct gross life insurance face amount in force $ 154,115,666 $ 155,729,264
Reinsurance ceded (139,826,733) (141,264,004)
Net life insurance face amount in force $ 14,288,933 $ 14,465,260
v3.23.1
Reinsurance (Narrative) (Details) - Affiliated Entity
 24 Months Ended 48 Months Ended
Jul. 01, 2012
Dec. 31, 2009
Dec. 31, 2019
Dec. 31, 2017
Dec. 31, 2013
PAR U          
Effects of Reinsurance [Line Items]          
Reinsurance Retention Policy, Reinsured Risk, Percentage 95.00%        
PARCC          
Effects of Reinsurance [Line Items]          
Reinsurance Retention Policy, Reinsured Risk, Percentage   90.00%      
PAR Term          
Effects of Reinsurance [Line Items]          
Reinsurance Retention Policy, Reinsured Risk, Percentage         95.00%
Term Re          
Effects of Reinsurance [Line Items]          
Reinsurance Retention Policy, Reinsured Risk, Percentage       95.00%  
DART          
Effects of Reinsurance [Line Items]          
Reinsurance Retention Policy, Reinsured Risk, Percentage     95.00%    
v3.23.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Income Tax Disclosure [Abstract]    
Income tax expense (benefit) $ (1,440) $ (19,943) [1]
Effective Income Tax Rate, Percent 12.17% 30.19%
Federal Statutory Income Tax Rate, Percent 21.00%  
Book-income Alternative Minimum Tax Rate 15.00%  
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance [1] $ (36,190)  
Income tax benefit (expense) (10,004) $ 10,678 [2]
Ending Balance 1,442  
Foreign Currency Translation Adjustment    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (1,214) (988)
Change in OCI before reclassifications 100 (67)
Amounts reclassified from AOCI 0 0
Income tax benefit (expense) (22) 16
Ending Balance (1,136) (1,039)
Net Unrealized Investment Gains (Losses)(1)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (176,386) 121,075
Change in OCI before reclassifications 39,128 (161,382)
Amounts reclassified from AOCI (361) 1,289
Income tax benefit (expense) (8,139) 33,616
Ending Balance (145,758) (5,402)
Interest Rate Remeasurement of Future Policy Benefits    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance 12,504 (34,788)
Change in OCI before reclassifications (6,958) 22,482
Amounts reclassified from AOCI 0 0
Income tax benefit (expense) 1,463 (4,722)
Ending Balance 7,009 (17,028)
Gain (loss) from Changes in Non-Performance Risk on Market Risk Benefits    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance 128,906 16,688
Change in OCI before reclassifications 15,727 86,829
Amounts reclassified from AOCI 0 0
Income tax benefit (expense) (3,306) (18,232)
Ending Balance 141,327 85,285
Total Accumulated Other Comprehensive Income (Loss)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (36,190) 101,987
Change in OCI before reclassifications 47,997 (52,138)
Amounts reclassified from AOCI (361) 1,289
Income tax benefit (expense) (10,004) 10,678
Ending Balance 1,442 61,816
Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on which an allowance for credit loss has been recognized    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Ending Balance 0  
Cash flow hedges | Net Unrealized Investment Gains (Losses)(1)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance 0 (3,000)
Ending Balance $ 13,000 $ 7,000
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
[2] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Equity (Reclassification out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Net Unrealized Investment Gains (Losses)(1)    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Amounts reclassified from AOCI $ (361) $ 1,289
Accumulated Other Comprehensive Income (Loss)    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Amounts reclassified from AOCI (361) 1,289
Amounts reclassified from AOCI | Net Unrealized Investment Gains (Losses)(1)    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Amounts reclassified from AOCI 361 (1,289)
Amounts reclassified from AOCI | Accumulated Other Comprehensive Income (Loss)    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Amounts reclassified from AOCI 361 (1,289)
Amounts reclassified from AOCI | Available-for-sale    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Net unrealized investment gains (losses): (26) (1,959)
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): $ 387 $ 670
v3.23.1
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, 2023
USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance $ (36,190) [1]
Ending Balance 1,442
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 (256,584)
Net investment gains (losses) on investments arising during the period 48,010
Reclassification adjustment for (gains) losses included in net income (361)
Impact of net unrealized investment (gains) losses 0
Ending Balance (208,935)
Deferred Policy Acquisition Costs and Other Costs  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance (83,712)
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 22,817
Ending Balance (60,895)
Future Policy Benefits and Policyholders’ Account Balances and other liabilities  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance 117,070
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 (31,699)
Ending Balance 85,371
Income Tax Benefit (Expense)  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance 46,840
Net investment gains (losses) on investments arising during the period (10,081)
Reclassification adjustment for (gains) losses included in net income 76
Impact of net unrealized investment (gains) losses 1,866
Ending Balance 38,701
Accumulated Other Comprehensive Income (Loss) Related To Net Unrealized Investment Gains (Losses)  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning Balance (176,386)
Net investment gains (losses) on investments arising during the period 37,929
Reclassification adjustment for (gains) losses included in net income (285)
Impact of net unrealized investment (gains) losses (7,016)
Ending Balance $ (145,758)
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Related Party Transactions (Narrative) (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 28, 2023
USD ($)
Dec. 31, 2022
USD ($)
Sep. 30, 2022
USD ($)
Mar. 31, 2022
USD ($)
Feb. 28, 2022
USD ($)
Mar. 31, 2023
USD ($)
policy
Mar. 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
Related Party Transaction [Line Items]                
Commissions and fees           $ 14,138,000 $ 10,595,000 [1]  
Net investment income           28,660,000 24,369,000  
Other invested assets (includes $2,235 and $2,389 of assets measured at fair value at March 31, 2023 and December 31, 2022, respectively)   $ 129,528,000       133,763,000   $ 129,528,000
Fee income from revenue sharing agreement           2,080,000 2,260,000  
Pruco Life                
Related Party Transaction [Line Items]                
Contributed Capital $ 175,000,000 125,000,000 $ 100,000,000 $ 2,000,000 $ 100,000,000      
Dividends           0   0
Affiliated Entity                
Related Party Transaction [Line Items]                
Accrued interest receivable related to long-term notes receivable   0       0   0
Revenues related to long-term notes receivable           0 0  
Line of credit facility, maximum borrowing capacity           200,000,000    
Short-term debt to affiliates   0       0   0
Interest expense related to loans payable           0 0  
Affiliated Entity | PAD                
Related Party Transaction [Line Items]                
Commissions and fees           8,000,000 12,000,000  
Affiliated Entity | PGIM                
Related Party Transaction [Line Items]                
Net investment income           600,000 700,000  
Affiliated Entity | ASTISI and PGIM Investments                
Related Party Transaction [Line Items]                
Fee income from revenue sharing agreement           7,000,000 8,000,000  
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           0 500,000  
Other invested assets (includes $2,235 and $2,389 of assets measured at fair value at March 31, 2023 and December 31, 2022, respectively)   51,000,000       52,000,000   51,000,000
Prudential Financial                
Related Party Transaction [Line Items]                
Company's share of corporate expenses           $ 4,000,000 2,000,000  
Number of Corporate Owned Life Insurance policies sold | policy           1    
Prudential Insurance and Prudential Financial                
Related Party Transaction [Line Items]                
Life Insurance, Corporate or Bank Owned, amount   $ 2,946,000,000       $ 3,070,000,000   $ 2,946,000,000
Fees related to Life Insurance, Corporate or Bank Owned, amount           $ 6,000,000 7,000,000  
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           300,000 300,000  
Welfare plan expense           $ 400,000 300,000  
Defined contribution plan, employer matching contribution, percent (up to)           4.00%    
Defined contribution plan, cost recognized           $ 200,000 $ 100,000  
Number of Corporate Owned Life Insurance policies sold | policy           3    
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Related Party Transactions (Affiliated Notes Receivable) (Details) - Affiliated Entity - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]    
Total notes receivable - affiliated $ 700 $ 688
U.S. dollar fixed rate notes    
Related Party Transaction [Line Items]    
Total notes receivable - affiliated $ 700 $ 688
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%  
v3.23.1
Related Party Transactions (Affiliated Asset Transfers) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
 [1]
Related Party Transaction [Line Items]    
Realized Investment gains (losses), net $ (8,298) $ 15,720
Affiliated Entity | Prudential Insurance August 2022 Purchase    
Related Party Transaction [Line Items]    
Fair Value   21,389  
Book Value   19,630  
APIC, Net of Tax Increase/(Decrease) (1,390)  
Realized Investment gains (losses), net $ 0  
[1] Prior period amounts adjusted for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.
v3.23.1
Commitments and Contingent Liabilities (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
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   $ 15
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) 50   $ 62
Purchase Commitment      
Commitments and Contingent Liabilities [Line Items]      
Change in allowance for credit loss expense (reversal) $ 0 $ 0