Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-16707
Entity Registrant Name	Prudential Financial, Inc.
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-3703799
Entity Address, Address Line One	751 Broad 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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		359,000,000
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001137774
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Common Stock, Par Value $.01
Trading Symbol	PRU
Security Exchange Name	NYSE
5.950% Junior Subordinated Notes
Document Information [Line Items]
Title of 12(b) Security	5.950% Junior Subordinated Notes
Trading Symbol	PRH
Security Exchange Name	NYSE
5.625% Junior Subordinated Notes
Document Information [Line Items]
Title of 12(b) Security	5.625% Junior Subordinated Notes
Trading Symbol	PRS
Security Exchange Name	NYSE
4.125% Junior Subordinated Notes
Document Information [Line Items]
Title of 12(b) Security	4.125% Junior Subordinated Notes
Trading Symbol	PFH
Security Exchange Name	NYSE

Unaudited Interim Consolidated Statements of Financial Position - USD ($)
$ in Millions

Mar. 31, 2024

Dec. 31, 2023

ASSETS

Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024-$171; 2023-$160) (amortized cost: 2024-$342,228; 2023-$334,598)

^[1]

$ 318,510

$ 316,321

Fixed maturities, trading, at fair value (amortized cost: 2024-$11,307; 2023-$10,624)

^[1]

10,288

9,790

Assets supporting experience-rated contractholder liabilities, at fair value

3,359

3,168

Equity securities, at fair value (cost: 2024-$4,609; 2023-$5,786)

^[1]

7,224

8,242

Commercial mortgage and other loans (net of $514 and $460 allowance for credit losses; includes $157 and $519 of loans measured at fair value under the fair value option at March 31, 2024 and December 31, 2023, respectively)

^[1]

58,781

59,305

Policy loans

9,907

10,047

Other invested assets (net of $1 and $1 allowance for credit losses; includes $6,763 and $6,074 of assets measured at fair value at March 31, 2024 and December 31, 2023, respectively)

^[1]

24,227

22,855

Short-term investments (net of allowance for credit losses: 2024-$2; 2023-$0)

5,953

5,005

Total investments

438,249

434,733

Cash and cash equivalents

^[1]

18,735

19,419

Accrued investment income

^[1]

3,361

3,287

Deferred policy acquisition cost

20,613

20,856

Value of business acquired

484

530

Market risk benefit assets

2,225

1,981

Reinsurance recoverables and deposit receivables (net of $11 and $12 allowance for credit losses; includes $224 and $149 of embedded derivatives at fair value at March 31, 2024 and December 31, 2023, respectively)

^[2]

27,929

27,311

Income Tax Assets

958

939

Other assets (net of $3 and $3 allowance for credit losses; includes $19 and $11 of assets at fair value at March 31, 2024 and December 31, 2023, respectively)

^[1],[2]

13,205

13,179

Separate account assets

200,064

198,888

TOTAL ASSETS

725,823

721,123

LIABILITIES

Future policy benefits

272,790

273,281

Policyholders’ account balances

151,810

147,018

Market risk benefit liabilities

4,624

5,467

Policyholders’ dividends

1,111

1,475

Securities sold under agreements to repurchase

6,563

6,056

Cash collateral for loaned securities

6,978

6,477

Reinsurance and funds withheld payables (includes $101 and $490 of embedded derivatives at fair value at March 31, 2024 and December 31, 2023, respectively)

^[2]

15,746

15,729

Short-term debt

585

618

Long-term debt

19,368

18,882

Other liabilities (includes $14 and $15 allowance for credit losses and $4,485 and $4,175 of derivatives at fair value at March 31, 2024 and December 31, 2023, respectively)

^[1]

15,638

16,071

Notes issued by consolidated variable interest entities (includes $405 and $778 measured at fair value under the fair value option at March 31, 2024 and December 31, 2023, respectively)

^[1]

1,132

1,374

Separate account liabilities

200,064

198,888

Total liabilities

696,409

691,336

COMMITMENTS AND CONTINGENT LIABILITIES (See Note 21)

Redeemable Noncontrolling Interest, Equity, Carrying Amount

544

524

Total mezzanine equity

544

524

EQUITY

Preferred Stock $0.01 par value; $10,000,000 shares authorized; none issued)

0

Common Stock ($0.01 par value; 1,500,000,000 shares authorized; 666,305,189 shares issued as of both March 31, 2024 and December 31, 2023)

6

Additional paid-in capital

25,741

25,746

Common Stock held in treasury, at cost ($307,229,481 and $307,089,216 shares at March 31, 2024 and December 31, 2023, respectively)

(23,891)

(23,780)

Accumulated other comprehensive income (loss)

^[2]

(7,661)

(6,504)

Retained Earnings

33,014

32,352

Total Prudential Financial, Inc. equity

27,209

27,820

Noncontrolling interests

1,661

1,443

Total equity

28,870

29,263

TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY

$ 725,823

$ 721,123

[1]	See Note 4 for details of balances associated with variable interest entities.
[2]	See Note 20 for additional information regarding related party transactions.

Unaudited Interim Consolidated Statements of Financial Position (Parenthetical) - USD ($)
$ in Millions

Mar. 31, 2024

Dec. 31, 2023

Fixed Maturities, AFS, allowance for credit losses

$ 171

$ 160

Fixed Maturities, available-for-sale, Amortized Cost

342,228

334,598

Fixed maturities, trading, amortized cost

11,307

10,624

Equity securities, AFS, amortized cost

4,609

5,786

Commercial mortgage and other loans, allowance for credit losses

514

460

Commercial mortgage and other loans

^[1]

58,781

59,305

Other invested assets, allowance for credit losses

^[1]

24,227

22,855

Other invested assets, at fair value

6,763

6,074

Reinsurance recoverables and deposit receivables, allowance for credit losses

11

12

Reinsurance recoverable and deposit receivables, embedded derivatives at fair value

224

149

Other assets, assets at fair value

19

11

Reinsurance and funds withheld payables, embedded derivatives at fair value

73

490

Other Liabilities, derivatives at fair value

4,485

4,175

Notes issued by consolidated variable interest entities (includes $405 and $778 measured at fair value under the fair value option at March 31, 2024 and December 31, 2023, respectively)

^[1]

$ 1,132

$ 1,374

Preferred stock, par value (in dollars per share)

$ 0.01

Preferred stock, shares authorized

10,000,000

Preferred stock, shares issued

0

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized

1,500,000,000

Common stock, shares, Issued

666,305,189

Treasury Stock, Common, Shares

307,229,481

307,089,216

Fair value option

Commercial mortgage and other loans

$ 157

$ 519

Notes issued by consolidated variable interest entities (includes $405 and $778 measured at fair value under the fair value option at March 31, 2024 and December 31, 2023, respectively)

405

778

Leveraged lease loans

Other invested assets, allowance for credit losses

1

ASU 2016-13

Short-term investments, allowance for credit losses

2

0

Other assets, allowance for credit losses

3

Other liabilities, allowance for credit losses

$ 14

$ 15

[1]	See Note 4 for details of balances associated with variable interest entities.

Unaudited Interim Consolidated Statements of Operations - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

REVENUES

Premiums (includes $5 and $(16) of gains (losses) from changes in estimates on deferred profit liability amortization for the three months ended March 31, 2024 and 2023, respectively)

$ 15,537

^[1]

$ 9,363

Policy charges and fee income

1,056

1,134

Net investment income

4,764

4,320

Asset management and service fees

999

^[1]

917

Other income(loss)

1,338

1,019

Realized investment gains (losses), net

(308)

^[1],[2]

217

Change in value of market risk benefits, net of related hedging gains (losses)

123

75

Total revenues

23,509

17,045

BENEFITS AND EXPENSES

Policyholders’ benefits

16,594

^[1]

10,304

Change in estimates of liability for future policy benefits

(17)

^[1]

25

Interest credited to policyholders’ account balances

1,283

981

Dividends to policyholders

290

319

Amortization of deferred policy acquisition costs

375

365

General and administrative expenses

3,594

^[1]

3,204

Total benefits and expenses

22,119

15,198

INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES

1,390

1,847

Total income tax expense (benefit)

289

382

INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF JOINT VENTURES AND OTHER OPERATING ENTITIES

1,101

1,465

Equity in earnings of joint ventures and other operating entities, net of taxes

50

12

NET INCOME (LOSS)

1,151

1,477

Less: Income (loss) attributable to noncontrolling interests

13

15

NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC.

$ 1,138

$ 1,462

Basic earnings per share-Common Stock:

Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share)

$ 3.13

$ 3.94

Diluted earnings per share-Common Stock:

Net income (loss) attributable to Prudential Financial, Inc. (in dollars per share)

$ 3.12

$ 3.93

[1]	See Note 20 for additional information regarding related party transactions.
[2]	See Note 20 for additional information regarding related party transactions.

Unaudited Interim Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Statement of Comprehensive Income [Abstract]

NET INCOME (LOSS)

$ 1,151

$ 1,477

Other comprehensive income (loss), before tax:

Foreign currency translation adjustments for the period

(494)

13

Net unrealized investment gains (losses)

(4,774)

8,379

Interest rate remeasurement of future policy benefits

4,213

^[1]

(8,705)

Gain (loss) from changes in non-performance risk on market risk benefits

(252)

186

Defined benefit pension and postretirement unrecognized periodic benefit (cost)

13

19

Total

(1,294)

(108)

Less: Income tax expense (benefit) related to other comprehensive income (loss)

(137)

(90)

Other comprehensive income (loss), net of taxes

(1,157)

(18)

Comprehensive income (loss)

(6)

1,459

Less: Comprehensive income (loss) attributable to noncontrolling interests

13

16

Comprehensive income (loss) attributable to Prudential Financial, Inc.

$ (19)

$ 1,443

[1]	See Note 20 for additional information regarding related party transactions.

Unaudited Interim Consolidated Statements of Equity - USD ($)
$ in Millions

Total

Common Stock

Additional Paid-in Capital

Retained Earnings

Common Stock Held in Treasury

Common Stock

Accumulated Other Comprehensive Income (Loss)

Total Prudential Financial, Inc. Equity

Noncontrolling Interests

Balance at Dec. 31, 2022

^[1]

$ 31,548

$ 6

$ 25,747

$ 31,714

$ (23,068)

$ (3,806)

$ 30,593

$ 955

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common Stock acquired

(250)

Contributions from noncontrolling interests

93

Distributions to noncontrolling interests

(2)

Stock-based compensation programs

67

(104)

171

67

Dividends declared on Common Stock

(468)

Comprehensive income:

Net income (loss)

1,477

1,462

15

Other comprehensive income (loss), net of tax

(18)

(19)

1

Total comprehensive income (loss)

1,459

1,462

(19)

1,443

16

Balance at Mar. 31, 2023

32,447

6

25,643

32,708

(23,147)

(3,825)

31,385

1,062

Balance at Dec. 31, 2023

29,263

6

25,746

32,352

(23,780)

(6,504)

27,820

1,443

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common Stock acquired

(250)

Contributions from noncontrolling interests

83

Distributions to noncontrolling interests

(3)

Consolidations/(deconsolidations) of noncontrolling interests

125

Stock-based compensation programs

134

(5)

139

134

Dividends declared on Common Stock

(476)

Comprehensive income:

Net income (loss)

1,151

1,138

13

Other comprehensive income (loss), net of tax

(1,157)

0

Total comprehensive income (loss)

(6)

1,138

(1,157)

(19)

13

Balance at Mar. 31, 2024

$ 28,870

$ 6

$ 25,741

$ 33,014

$ (23,891)

$ (7,661)

$ 27,209

$ 1,661

[1]	Prior period amounts reflect the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

Unaudited Interim Consolidated Statements of Cash Flows - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss)

$ 1,151

$ 1,477

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Realized investment (gains) losses, net

308

^[1],[2]

(217)

Change in value of market risk benefits, net of related hedging (gains) losses

(123)

(75)

Policy charges and fee income

(571)

(540)

Interest credited to policyholders’ account balances

1,283

981

Depreciation and amortization

397

41

(Gains) losses on assets supporting experience-rated contractholder liabilities, net

(356)

(134)

Change in:

Deferred policy acquisition costs

(273)

(205)

Future policy benefits and other insurance liabilities

4,175

1,888

Income taxes

203

357

Derivatives, net

267

(354)

Other, net

(1,240)

^[2]

(1,876)

Cash flows from (used in) operating activities

5,221

1,343

Proceeds from the sale/maturity/prepayment of:

Fixed maturities, available-for-sale

10,794

11,178

Fixed maturities, held-to-maturity

0

7

Fixed maturities, trading

570

226

Assets supporting experience-rated contractholder liabilities

361

765

Equity securities

2,266

550

Commercial mortgage and other loans

1,339

855

Policy loans

438

460

Other invested assets

511

249

Short-term investments

7,937

6,381

Payments for the purchase/origination of:

Fixed maturities, available-for-sale

(19,280)

(13,677)

Fixed maturities, trading

(1,534)

(290)

Assets supporting experience-rated contractholder liabilities

(421)

(770)

Equity securities

(1,061)

(550)

Commercial mortgage and other loans

(1,457)

(737)

Policy loans

(432)

(371)

Other invested assets

(820)

(570)

Short-term investments

(8,947)

(6,837)

Derivatives, net

(448)

(104)

Other, net

(60)

(68)

Cash flows from (used in) investing activities

(10,244)

(3,303)

CASH FLOWS FROM FINANCING ACTIVITIES

Policyholders’ account deposits

8,569

6,747

Policyholders’ account withdrawals

(4,664)

(4,592)

Net change in securities sold under agreements to repurchase and cash collateral for loaned securities

1,008

(97)

Cash dividends paid on Common Stock

(483)

(473)

Net change in financing arrangements (maturities 90 days or less)

(511)

38

Common Stock acquired

(242)

(251)

Common Stock reissued for exercise of stock options

47

28

Proceeds from the issuance of debt (maturities longer than 90 days)

1,019

495

Repayments of debt (maturities longer than 90 days)

(539)

(29)

Proceeds from notes issued by consolidated VIEs

159

59

Repayments of notes issued by consolidated VIEs

(1)

(16)

Other, net

181

^[2]

220

Cash flows from (used in) financing activities

4,543

2,129

Effect of foreign exchange rate changes on cash balances

(227)

5

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS

(707)

174

CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR

19,463

17,299

CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD

18,756

17,473

NON-CASH TRANSACTIONS DURING THE PERIOD

Treasury Stock shares issued for stock-based compensation programs

207

264

Novation of annuity contracts

^[3]

0

(8)

RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

Cash and cash equivalents

18,735

^[4]

17,425

Restricted cash and restricted cash equivalents (included in “Other assets”)

21

48

Total cash, cash equivalents, restricted cash and restricted cash equivalents

18,756

17,473

Pension Risk Transfer

NON-CASH TRANSACTIONS DURING THE PERIOD

Assets received, excluding cash and cash equivalents

4,587

1,506

Liabilities assumed

8,714

2,409

Net cash received

4,127

903

Somerset Re

NON-CASH TRANSACTIONS DURING THE PERIOD

Reinsurance recoverables under modified coinsurance, net

(548)

^[5]

0

Unwind of Deferred policy acquisition costs ceded

284

^[5]

0

Deferred reinsurance gain

411

^[5]

0

Net cash received

$ 147

^[5]

$ 0

[1]	See Note 20 for additional information regarding related party transactions.
[2]	See Note 20 for additional information regarding related party transactions.
[3]	“Cash flows from (used in) operating activities” and “Cash flows from (used in) investing activities” exclude non-cash activities related to the novation of certain, previously reinsured, annuity products, from Fortitude Group Holdings, LLC to the Company.
[4]	See Note 4 for details of balances associated with variable interest entities.
[5]	See Note 12 for additional information regarding the reinsurance agreement with Somerset Reinsurance Ltd. (“Somerset Re”).

Unaudited Interim Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Gain (loss) from changes in estimates on deferred profit liability amortization	$ 5	$ (16)

Business and Basis of Presentation	3 Months Ended
Business and Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	BUSINESS AND BASIS OF PRESENTATION Prudential Financial, Inc. (“Prudential Financial”) and its subsidiaries (collectively, “Prudential” or the “Company”) provide a wide range of insurance, investment management, and other financial products and services to both individual and institutional customers throughout the United States and in many other countries. Principal products and services provided include life insurance, annuities, retirement solutions, mutual funds and investment management. The Company’s principal operations consist of PGIM (the Company’s global investment management business), the U.S. Businesses (consisting of the Retirement Strategies, Group Insurance and Individual Life businesses), the International Businesses (consisting of the Life Planner and Gibraltar Life and Other businesses), the Closed Block division, and the Company’s Corporate and Other operations. The Closed Block division is accounted for as a divested business that is reported separately from the Divested and Run-off Businesses that are included within Corporate and Other operations. Divested and Run-off Businesses consist of businesses that have been, or will be, sold or exited, including businesses that have been placed in wind-down status that do not qualify for “discontinued operations” accounting treatment under U.S. GAAP. The Company’s Corporate and Other operations include corporate items and initiatives that are not allocated to business segments, as well as the Divested and Run-off Businesses described above. In September 2023, the Company, through its Corporate and Other operations, invested approximately $200 million, and acquired a 20% equity interest as a limited partner, in Prismic Life Holding Company LP (“Prismic”), a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Life Reinsurance, Ltd. (“Prismic Re”), a licensed Bermuda-based life and annuity reinsurance company. As this investment is accounted for under the equity method, both Prismic and Prismic Re are considered related parties. Beginning with the fourth quarter of 2023, the operating results of Corporate and Other reflect the Company’s share of earnings in Prismic on a quarter lag. For information regarding the Company’s initial reinsurance transaction with Prismic Re, effective September 2023, see Note 12. As part of its continuous improvement process, the Company is working to become a leaner and more agile company by simplifying its management structure, empowering its employees with faster decision-making processes and investing in technology and data platforms. As part of this, the Company is implementing changes to its organizational structure and recorded a restructuring charge of $200 million to “General and administrative expenses” in the fourth quarter of 2023 within its Corporate and Other operations. The Company expects these actions will create operating efficiencies, and provide reinvestment capacity to build capabilities, realize additional efficiencies, strengthen its competitiveness and fuel future growth. Basis of Presentation The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The Unaudited Interim Consolidated Financial Statements include the accounts of Prudential Financial, entities over which the Company exercises control, including majority-owned subsidiaries and minority-owned entities such as limited partnerships in which the Company is the general partner, and variable interest entities (“VIEs”) in which the Company is considered the primary beneficiary. See Note 4 for additional information regarding the Company’s consolidated variable interest entities. Intercompany balances and transactions have been eliminated. In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include those used in determining future policy benefits; policyholders’ account balances 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 measurement of goodwill and any related impairment; the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments (“OTTI”); pension and other postretirement benefits; 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.

Significant Accounting Policies and Pronouncements

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Significant Accounting Policies and Pronouncements

SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS

Recent Accounting Pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of ASUs to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of March 31, 2024, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

ASUs issued but not yet adopted as of March 31, 2024

Standard

Description

Effective date and method

of adoption

Effect on the financial statements or other significant matters

ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures

This ASU requires entities to provide additional information primarily related to the effective tax rate reconciliation and income taxes paid.

Effective for fiscal years beginning after December 15, 2024 with early adoption permitted, and is required to be applied prospectively with the option of retrospective application.

The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.

ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

This ASU requires entities to provide more detailed information about significant segment expenses that are regularly provided to the chief operating decision maker.

Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, using the retrospective method.

The Company is currently assessing the impact of the ASU on the Company’s Consolidated Financial Statements and Notes to the Consolidated Financial Statements.

Investments

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Investments

INVESTMENTS

Fixed Maturity Securities

The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:


	March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	27,113	$	729	$	4,811	$	0	$	23,031
Obligations of U.S. states and their political subdivisions	8,619		217		558		0		8,278
Foreign government bonds	67,025		3,235		5,661		31		64,568
U.S. public corporate securities	110,786		1,765		11,139		76		101,336
U.S. private corporate securities(1)	43,096		874		2,936		12		41,022
Foreign public corporate securities	21,715		387		1,420		19		20,663
Foreign private corporate securities	35,870		447		3,976		32		32,309
Asset-backed securities(2)	15,090		229		88		1		15,230
Commercial mortgage-backed securities	10,288		31		671		0		9,648
Residential mortgage-backed securities(3)	2,626		18		219		0		2,425
Total fixed maturities, available-for-sale(1)	$	342,228	$	7,932	$	31,479	$	171	$	318,510

__________

(1)Excludes notes with amortized cost of $13,582 million (fair value, $13,592 million), which have been offset with the associated debt under a netting agreement.

(2)Includes credit-tranched securities collateralized by loan obligations, auto loans, education loans, home equity loans and other asset types.

(3)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	24,874	$	1,091	$	4,169	$	0	$	21,796
Obligations of U.S. states and their political subdivisions	8,650		267		459		0		8,458
Foreign government bonds	71,556		3,895		5,208		53		70,190
U.S. public corporate securities	105,593		2,357		9,711		67		98,172
U.S. private corporate securities(1)	42,801		807		2,574		14		41,020
Foreign public corporate securities	20,473		487		1,298		19		19,643
Foreign private corporate securities	35,128		613		3,446		5		32,290
Asset-backed securities(2)	12,514		202		119		2		12,595
Commercial mortgage-backed securities	10,571		34		713		0		9,892
Residential mortgage-backed securities(3)	2,438		24		197		0		2,265
Total fixed maturities, available-for-sale(1)	$	334,598	$	9,777	$	27,894	$	160	$	316,321

__________

(1)Excludes notes with amortized cost of $12,370 million (fair value, $12,370 million), which have been offset with the associated debt under a netting agreement.

(2)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans, home equity loans and other asset types.

(3)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, 2024
	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	5,597	$	236	$	11,354	$	4,575	$	16,951	$	4,811
Obligations of U.S. states and their political subdivisions	1,491		28		3,940		530		5,431		558
Foreign government bonds	9,857		755		17,951		4,905		27,808		5,660
U.S. public corporate securities	12,399		287		60,497		10,837		72,896		11,124
U.S. private corporate securities	5,258		126		26,589		2,810		31,847		2,936
Foreign public corporate securities	2,489		42		10,256		1,355		12,745		1,397
Foreign private corporate securities	3,246		79		21,666		3,895		24,912		3,974
Asset-backed securities	2,841		25		2,545		63		5,386		88
Commercial mortgage-backed securities	398		3		7,971		668		8,369		671
Residential mortgage-backed securities	294		2		1,535		217		1,829		219
Total fixed maturities, available-for-sale	$	43,870	$	1,583	$	164,304	$	29,855	$	208,174	$	31,438


	December 31, 2023
	Less Than Twelve Months				Twelve Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	2,718	$	95	$	12,642	$	4,074	$	15,360	$	4,169
Obligations of U.S. states and their political subdivisions	862		14		3,816		445		4,678		459
Foreign government bonds	9,098		542		19,589		4,664		28,687		5,206
U.S. public corporate securities	4,881		103		61,204		9,604		66,085		9,707
U.S. private corporate securities	3,026		69		27,062		2,504		30,088		2,573
Foreign public corporate securities	1,766		37		10,812		1,246		12,578		1,283
Foreign private corporate securities	1,578		120		22,145		3,324		23,723		3,444
Asset-backed securities	846		30		5,886		89		6,732		119
Commercial mortgage-backed securities	287		3		8,251		710		8,538		713
Residential mortgage-backed securities	92		2		1,599		195		1,691		197
Total fixed maturities, available-for-sale	$	25,154	$	1,015	$	173,006	$	26,855	$	198,160	$	27,870

As of March 31, 2024 and December 31, 2023, the gross unrealized losses on fixed maturity available-for-sale securities without an allowance of $30,334 million and $26,879 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 $1,104 million and $991 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of March 31, 2024, the $29,855 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities. As of December 31, 2023, the $26,855 million of gross unrealized losses of twelve months or more were concentrated in the finance, consumer non-cyclical and utility sectors within corporate securities and foreign government securities.

In accordance with its policy described in Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at March 31, 2024. This conclusion was based on detailed analysis of the underlying credit and cash flows for each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening and foreign currency exchange rate movements. As of March 31, 2024, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the 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, 2024
	Available-for-Sale
	Amortized Cost		Fair Value
	(in millions)
Fixed maturities:
Due in one year or less	$	14,917	$	14,826
Due after one year through five years	55,756		54,747
Due after five years through ten years(1)	58,432		57,487
Due after ten years(1)	185,119		164,147
Asset-backed securities	15,090		15,230
Commercial mortgage-backed securities	10,288		9,648
Residential mortgage-backed securities	2,626		2,425
Total	$	342,228	$	318,510

__________

(1)Excludes notes with amortized cost of $13,582 million (fair value, $13,592 million), which have been offset with the associated debt under a netting agreement.

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,
	2024		2023
	(in millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)	$	5,751	$	7,350
Proceeds from maturities/prepayments	4,932		3,988
Gross investment gains from sales and maturities	394		290
Gross investment losses from sales and maturities	(360)		(305)
Write-downs recognized in earnings(2)	(5)		(9)
(Addition to) release of allowance for credit losses	(11)		(131)
Fixed maturities, held-to-maturity:
Proceeds from maturities/prepayments(3)	$	0	$	7
(Addition to) release of allowance for credit losses	0		0

__________

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $111 million and $(160) million for the three months ended March 31, 2024 and 2023, respectively.

(2)Amounts represent write-downs on credit adverse securities and securities actively marketed for sale.

(3)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $0 million and less than $1 million for the three months ended March 31, 2024 and 2023, respectively.

The following tables set forth the activity in the allowance for credit losses for fixed maturity securities, as of the dates indicated:


	Three Months Ended March 31, 2024
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Bonds		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	53	$	105	$	2	$	0	$	0	$	160
Additions to allowance for credit losses not previously recorded	0		0		46		0		0		0		46
Reductions for securities sold during the period	0		0		(12)		0		0		0		(12)
Additions (reductions) on securities with previous allowance	0		(22)		0		(1)		0		0		(23)
Balance, end of period	$	0	$	31	$	139	$	1	$	0	$	0	$	171


	Three Months Ended March 31, 2023
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Bonds		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in millions)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	1	$	136	$	1	$	0	$	0	$	138
Additions to allowance for credit losses not previously recorded	0		62		75		0		0		0		137
Reductions for securities sold during the period	0		0		(40)		0		0		0		(40)
Additions (reductions) on securities with previous allowance	0		(1)		35		0		0		0		34
Balance, end of period	$	0	$	62	$	206	$	1	$	0	$	0	$	269


	Three Months Ended March 31, 2024
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Bonds		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in millions)
Fixed maturities, held-to-maturity:
Balance, beginning of period	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Current period provision for expected losses	0		0		0		0		0		0		0
Change in foreign exchange	0		0		0		0		0		0		0
Balance, end of period	$	0	$	0	$	0	$	0	$	0	$	0	$	0


	Three Months Ended March 31, 2023
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Bonds		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in millions)
Fixed maturities, held-to-maturity:
Balance, beginning of period	$	0	$	0	$	2	$	0	$	0	$	0	$	2
Current period provision for expected losses	0		0		0		0		0		0		0
Change in foreign exchange	0		0		0		0		0		0		0
Balance, end of period	$	0	$	0	$	2	$	0	$	0	$	0	$	2

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

For the three months ended March 31, 2024, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the consumer cyclical and communications sectors within corporate securities due to adverse projected cash flows. Partially offsetting these additions, was a net release within foreign government securities. For the three months ended March 31, 2023, the net increase in the allowance for credit losses on available-for-sale securities was primarily related to net additions in the communications and finance sectors within corporate securities, as well as foreign government securities due to adverse projected cash flows. Partially offsetting the additions was a net release within the utility and capital goods sectors within corporate securities.

The Company did not have any fixed maturity securities purchased with credit deterioration, as of March 31, 2024 or December 31, 2023.

Assets Supporting Experience-Rated Contractholder Liabilities

The following table sets forth the composition of “Assets supporting experience-rated contractholder liabilities,” as of the dates indicated:


	March 31, 2024				December 31, 2023
	Amortized Cost or Cost		Fair Value		Amortized Cost or Cost		Fair Value
	(in millions)
Fixed maturities:
Corporate securities	$	77	$	75	$	81	$	79
Foreign government bonds	587		587		606		604
Obligations of U.S. government authorities and agencies and obligations of U.S. states	196		208		202		206
Total fixed maturities(1)	860		870		889		889
Equity securities	1,548		2,489		1,607		2,279
Total assets supporting experience-rated contractholder liabilities(2)	$	2,408	$	3,359	$	2,496	$	3,168

__________

(1)As a percentage of amortized cost, 99% of the portfolio was considered high or highest quality based on NAIC or equivalent ratings, as of both March 31, 2024 and December 31, 2023.

(2)As a percentage of amortized cost, 100% of the portfolio consisted of public securities, as of both March 31, 2024 and December 31, 2023.

The net change in unrealized gains (losses) from assets supporting experience-rated contractholder liabilities still held at period end, recorded within “Other income (loss),” was $299 million and $134 million during the three months ended March 31, 2024 and 2023, respectively.

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 $(181) million and $194 million during the three months ended March 31, 2024 and 2023, respectively.

Equity Securities

The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss),” was $431 million and $297 million during the three months ended March 31, 2024 and 2023, respectively.

Concentrations of Financial Instruments

The Company monitors its concentrations of financial instruments and mitigates credit risk by maintaining a diversified investment portfolio which limits exposure to any single issuer.

As of the dates indicated, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the Company’s equity included securities of the U.S. government and certain U.S. government agencies and securities guaranteed by the U.S. government, as well as the securities disclosed below:


	March 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in millions)
Investments in Japanese government and government agency securities:
Fixed maturities, available-for-sale	$	58,152	$	56,194	$	62,591	$	61,484
Fixed maturities, trading	18		18		19		19
Assets supporting experience-rated contractholder liabilities	509		501		522		514
Total	$	58,679	$	56,713	$	63,132	$	62,017


	March 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in millions)
Investments in Brazil government and government agency securities:
Fixed maturities, available-for-sale	$	3,056	$	2,887	$	3,028	$	2,992
Short-term investments	26		26		0		0
Cash equivalents	286		286		427		427
Total	$	3,368	$	3,199	$	3,455	$	3,419

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, 2024				December 31, 2023
	Amount (in millions)		% of Total		Amount (in millions)		% of Total
Commercial mortgage and agricultural property loans by property type:
Office	$	8,265	14.1	%	$	8,402	14.2	%
Retail	5,332		9.1		5,384		9.1
Apartments/Multi-Family	16,123		27.4		16,555		28.0
Industrial	15,184		25.8		15,263		25.8
Hospitality	2,070		3.5		2,086		3.5
Other	4,272		7.3		4,069		6.9
Total commercial mortgage loans	51,246		87.2		51,759		87.5
Agricultural property loans	7,504		12.8		7,426		12.5
Total commercial mortgage and agricultural property loans	58,750		100.0	%	59,185		100.0	%
Allowance for credit losses	(513)				(459)
Total net commercial mortgage and agricultural property loans	58,237				58,726
Other loans:
Uncollateralized loans	394				425
Residential property loans	26				30
Other collateralized loans	125				125
Total other loans	545				580
Allowance for credit losses	(1)				(1)
Total net other loans	544				579
Total net commercial mortgage and other loans(1)	$	58,781			$	59,305

__________

(1)Includes loans which are carried at fair value under the fair value option and are collateralized primarily by apartment complexes. As of March 31, 2024 and December 31, 2023, the net carrying value of these loans was $157 million and $519 million, respectively.

As of March 31, 2024, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in California (30%), Texas (7%) and New York (6%), and included loans secured by properties in Europe (6%), Mexico (2%), Asia (1%) and Australia (1%).

The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, for the periods indicated:


	Three Months Ended March 31, 2024
	Commercial Mortgage Loans		Agricultural Property Loans		Residential Property Loans		Other Collateralized Loans		Uncollateralized Loans		Total
	(in millions)
Allowance, beginning of period	$	443	$	16	$	0	$	0	$	1	$	460
Addition to (release of) allowance for expected losses	47		5		0		0		0		52
Change in foreign exchange	2		0		0		0		0		2
Allowance, end of period	$	492	$	21	$	0	$	0	$	1	$	514


	Three Months Ended March 31, 2023
	Commercial Mortgage Loans		Agricultural Property Loans		Residential Property Loans		Other Collateralized Loans		Uncollateralized Loans		Total
	(in millions)
Allowance, beginning of period	$	188	$	13	$	0	$	0	$	2	$	203
Addition to (release of) allowance for expected losses	17		2		0		0		0		19
Reduction for loans sold during the period	0		0		0		0		(1)		(1)
Allowance, end of period	$	205	$	15	$	0	$	0	$	1	$	221

For additional information regarding the Company’s methodology for developing its allowance and expected losses, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

For the three months ended March 31, 2024, the net addition to the allowance for credit losses on commercial mortgage and other loans was primarily due to an increase in loan-specific reserves within the office sector. For the three months ended March 31, 2023, the net addition to the allowance for credit losses on commercial mortgage and other loans was due to increases to reserves to reflect declining market conditions and an increase in loan-specific reserves.

The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:


	March 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total
	(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	57	$	1,476	$	906	$	2,195	$	1,426	$	18,767	$	0	$	24,827
60%-69.99%	1,201		2,690		1,449		2,568		1,094		6,261		0		15,263
70%-79.99%	114		959		1,027		1,250		421		3,165		0		6,936
80% or greater	3		134		320		186		313		3,264		0		4,220
Total	$	1,375	$	5,259	$	3,702	$	6,199	$	3,254	$	31,457	$	0	$	51,246
Debt Service Coverage Ratio:
Greater than 1.2x	$	1,222	$	4,777	$	3,187	$	6,066	$	3,162	$	27,975	$	0	$	46,389
1.0 - 1.2x	153		332		363		53		38		2,141		0		3,080
Less than 1.0x	0		150		152		80		54		1,341		0		1,777
Total	$	1,375	$	5,259	$	3,702	$	6,199	$	3,254	$	31,457	$	0	$	51,246
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	39	$	361	$	900	$	2,031	$	760	$	1,880	$	112	$	6,083
60%-69.99%	58		574		625		10		53		29		50		1,399
70%-79.99%	0		0		0		0		0		0		0		0
80% or greater	0		0		0		0		0		22		0		22
Total	$	97	$	935	$	1,525	$	2,041	$	813	$	1,931	$	162	$	7,504
Debt Service Coverage Ratio:
Greater than 1.2x	$	93	$	930	$	1,512	$	2,029	$	741	$	1,734	$	162	$	7,201
1.0 - 1.2x	4		0		5		4		56		146		0		215
Less than 1.0x	0		5		8		8		16		51		0		88
Total	$	97	$	935	$	1,525	$	2041	$	813	$	1,931	$	162	$	7,504


	December 31, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Revolving Loans		Total
	(in millions)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	1,822	$	911	$	2,264	$	1,437	$	3,205	$	16,569	$	0	$	26,208
60%-69.99%	2,765		1,440		2,541		1,107		2,146		4,530		0		14,529
70%-79.99%	1,001		1,004		1,278		401		1,013		2,277		0		6,974
80% or greater	145		357		203		330		209		2,804		0		4,048
Total	$	5,733	$	3,712	$	6,286	$	3,275	$	6,573	$	26,180	$	0	$	51,759
Debt Service Coverage Ratio:
Greater than 1.2x	$	5,237	$	3,194	$	6,122	$	3,182	$	5,988	$	23,196	$	0	$	46,919
1.0 - 1.2x	346		366		82		38		265		1,713		0		2,810
Less than 1.0x	150		152		82		55		320		1,271		0		2,030
Total	$	5,733	$	3,712	$	6,286	$	3,275	$	6,573	$	26,180	$	0	$	51,759
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	360	$	880	$	2,027	$	774	$	455	$	1,481	$	74	$	6,051
60%-69.99%	586		668		25		50		20		4		0		1,353
70%-79.99%	7		0		0		0		0		0		0		7
80% or greater	0		0		0		0		15		0		0		15
Total	$	953	$	1,548	$	2,052	$	824	$	490	$	1,485	$	74	$	7,426
Debt Service Coverage Ratio:
Greater than 1.2x	$	948	$	1,535	$	2,040	$	750	$	489	$	1,290	$	74	$	7,126
1.0 - 1.2x	0		5		4		58		0		151		0		218
Less than 1.0x	5		8		8		16		1		44		0		82
Total	$	953	$	1,548	$	2,052	$	824	$	490	$	1,485	$	74	$	7,426

For additional information regarding the Company’s commercial mortgage and other loans credit quality monitoring process, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The Company may grant loan modifications in its commercial mortgage and other loan portfolios to borrowers experiencing financial difficulties. These loan modifications may be in the form of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or some combination thereof.

During the three months ended March 31, 2024, a commercial mortgage loan with an amortized cost of $162 million was granted a term extension with a borrower experiencing financial difficulties. The modified loan represents less than 1 percent of the portfolio. This modification added less than one year to the weighted average life of loans in this portfolio.

For the three months ended March 31, 2024, the Company did not have any commercial mortgage loans that were modified to borrowers experiencing financial difficulty that are not considered current.

The Company did not have any commitments to lend additional funds to borrowers experiencing financial difficulty on modified loans as of March 31, 2024.

The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:


	March 31, 2024
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)(2)		Total Past Due		Total Loans		Non-Accrual Status(3)
	(in millions)
Commercial mortgage loans	$	51,007	$	0	$	0	$	239	$	239	$	51,246	$	239
Agricultural property loans	7,379		78		0		47		125		7,504		62
Residential property loans	26		0		0		0		0		26		0
Other collateralized loans	125		0		0		0		0		125		0
Uncollateralized loans	394		0		0		0		0		394		25
Total	$	58,931	$	78	$	0	$	286	$	364	$	59,295	$	326

__________

(1)As of March 31, 2024, there were no loans in this category accruing interest.

(2)Primarily includes loans for which no credit losses are expected due to U.S. agency guarantees.

(3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.


	December 31, 2023
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)(2)		Total Past Due		Total Loans		Non-Accrual Status(3)
	(in millions)
Commercial mortgage loans	$	51,665	$	34	$	0	$	60	$	94	$	51,759	$	94
Agricultural property loans	7,392		15		15		4		34		7,426		38
Residential property loans	30		0		0		0		0		30		0
Other collateralized loans	125		0		0		0		0		125		0
Uncollateralized loans	425		0		0		0		0		425		25
Total	$	59,637	$	49	$	15	$	64	$	128	$	59,765	$	157

__________

(1)As of December 31, 2023, there were no loans in this category accruing interest.

(2)Primarily includes loans for which no credit losses are expected due to U.S. agency guarantees.

(3)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Loans on non-accrual status recognized interest of less than $1 million for both the three months ended March 31, 2024 and 2023. Loans on non-accrual status that did not have a related allowance for credit losses were $122 million and $126 million as of March 31, 2024 and December 31, 2023, respectively.

The Company did not have any losses on commercial mortgage and other loans purchased with credit deterioration as of March 31, 2024 or December 31, 2023.

Other Invested Assets

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


	March 31, 2024		December 31, 2023
	(in millions)
LPs/LLCs:
Equity method:
Private equity	$	9,307	$	8,929
Hedge funds	3,215		3,164
Real estate-related	2,859		2,578
Subtotal equity method	15,381		14,671
Fair value:
Private equity	1,642		1,247
Hedge funds	2,081		2,078
Real estate-related	795		800
Subtotal fair value	4,518		4,125
Total LPs/LLCs	19,899		18,796
Real estate held through direct ownership(1)	1,773		1,794
Derivative instruments	1,377		1,100
Other(2)	1,178		1,165
Total other invested assets	$	24,227	$	22,855

_________

(1)As of March 31, 2024 and December 31, 2023, real estate held through direct ownership had mortgage debt of $153 million and $158 million, respectively.

(2)Primarily includes equity investments accounted for under the measurement alternative, strategic investments made by investment management operations, leveraged leases and member and activity stock held in the Federal Home Loan Bank of New York. For additional information regarding the Company’s holdings in the Federal Home Loan Bank of New York, see Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Accrued Investment Income

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


	March 31, 2024		December 31, 2023
	(in millions)
Fixed maturities	$	2,803	$	2,727
Equity securities	8		6
Commercial mortgage and other loans	216		224
Policy loans	237		259
Other invested assets	35		23
Short-term investments and cash equivalents	62		48
Total accrued investment income	$	3,361	$	3,287

Write-downs on accrued investment income were less than $1 million for both the three months ended March 31, 2024 and 2023.

Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated:


	Three Months Ended March 31,
	2024		2023
	(in millions)
Fixed maturities, available-for-sale(1)	$	3,592	$	3,235
Fixed maturities, held-to-maturity(1)	0		50
Fixed maturities, trading	116		55
Assets supporting experience-rated contractholder liabilities	14		13
Equity securities	38		40
Commercial mortgage and other loans	611		543
Policy loans	122		124
Other invested assets	321		310
Short-term investments and cash equivalents	298		238
Gross investment income	5,112		4,608
Less: investment expenses	(348)		(288)
Net investment income	$	4,764	$	4,320

__________

(1)Includes income on credit-linked notes which are reported on the same financial statement line items as related surplus notes, as conditions are met for right to offset.

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,
	2024		2023
	(in millions)
Fixed maturities(1)	$	18	$	(155)
Commercial mortgage and other loans	(51)		(12)
Investment real estate	2		32
LPs/LLCs	19		(16)
Derivatives	(233)		358
Other	(63)		10
Realized investment gains (losses), net	$	(308)	$	217

__________

(1)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, 2024		December 31, 2023
	(in millions)
Fixed maturity securities, available-for-sale with an allowance	$	(73)	$	(72)
Fixed maturity securities, available-for-sale without an allowance	(23,474)		(18,045)
Derivatives designated as cash flow hedges(1)	1,199		869
Derivatives designated as fair value hedges(1)	(51)		(60)
Other investments(2)	54		57
Net unrealized gains (losses) on investments	$	(22,345)	$	(17,251)

__________

(1)For additional information regarding cash flow and fair value hedges, see Note 5.

(2)Includes net unrealized gains on certain joint ventures that are strategic in nature and are included in “Other assets.”

Repurchase Agreements and Securities Lending

In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated:


	March 31, 2024								December 31, 2023
	Remaining Contractual Maturities of the Agreements								Remaining Contractual Maturities of the Agreements
	Overnight & Continuous		Up to 30 Days		30 to 90 Days		Total		Overnight & Continuous		Up to 30 Days		30 to 90 Days		Total
	(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	6,402	$	0	$	0	$	6,402	$	5,693	$	0	$	0	$	5,693
U.S. public corporate securities	0		161		0		161		0		118		0		118
Commercial mortgage-backed securities	0		0		0		0		245		0		0		245
Total securities sold under agreements to repurchase	$	6,402	$	161	$	0	$	6,563	$	5,938	$	118	$	0	$	6,056

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, 2024						December 31, 2023
	Remaining Contractual Maturities of the Agreements						Remaining Contractual Maturities of the Agreements
	Overnight & Continuous		Up to 30 Days		Total		Overnight & Continuous		Up to 30 Days		Total
	(in millions)
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	1	$	0	$	1	$	1	$	0	$	1
Obligations of U.S. states and their political subdivisions	43		0		43		67		0		67
Foreign government bonds	173		4		177		242		0		242
U.S. public corporate securities	5,185		334		5,519		4,399		420		4,819
Foreign public corporate securities	876		83		959		649		76		725
Equity securities	278		1		279		623		0		623
Total cash collateral for loaned securities(1)	$	6,556	$	422	$	6,978	$	5,981	$	496	$	6,477

__________

(1)The Company did not have any agreements with remaining contractual maturities greater than thirty days, as of the dates indicated.

Variable Interest Entities

3 Months Ended

Mar. 31, 2024

Variable Interest Entity, Measure of Activity [Abstract]

Variable Interest Entities

VARIABLE INTEREST ENTITIES

In the normal course of its activities, the Company enters into relationships with various special-purpose entities and other entities that are deemed to be variable interest entities (“VIEs”). For additional information, see Note 4 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Consolidated Variable Interest Entities

The table below reflects the carrying amount and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported. The liabilities primarily comprise obligations under debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs.


	Consolidated VIEs for which the Company is the Investment Manager(1)				Other Consolidated VIEs(1)
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
	(in millions)
Fixed maturities, available-for-sale	$	717	$	539	$	1,413	$	836

Fixed maturities, trading	560		943		0		0
Equity securities	86		106		0		0
Commercial mortgage and other loans	712		764		0		0
Other invested assets	5,151		4,319		534		485
Cash and cash equivalents	304		302		1		0
Accrued investment income	7		7		2		3
Other assets	712		1,023		603		636
Total assets of consolidated VIEs	$	8,249	$	8,003	$	2,553	$	1,960
Other liabilities	$	164	$	588	$	0	$	0
Notes issued by consolidated VIEs(2)	1,097		1,374		35		0
Total liabilities of consolidated VIEs	$	1,261	$	1,962	$	35	$	0

__________

(1)Total assets of consolidated VIEs reflect $4,176 million and $4,003 million as of March 31, 2024 and December 31, 2023, respectively, related to VIEs whose beneficial interests are wholly-owned by consolidated subsidiaries.

(2)Recourse is limited to the assets of the respective VIE and does not extend to the general credit of the Company. As of March 31, 2024, the maturities of these obligations were between 0 and 13 years.

Unconsolidated Variable Interest Entities

The Company has determined that it is not the primary beneficiary of certain VIEs for which it may or may not be the investment manager. The Company’s maximum exposure to loss resulting from its relationship with unconsolidated VIEs is limited to its investment in the VIEs, which was $1,207 million and $1,165 million as of March 31, 2024 and December 31, 2023, respectively. These investments are reflected in “Fixed maturities, available-for-sale,” “Fixed maturities, trading,” “Equity securities” and “Other invested assets.” There are no liabilities associated with these unconsolidated VIEs on the Company’s Unaudited Interim Consolidated Statements of Financial Position.

In addition, in the normal course of its activities, the Company will invest in structured investments including VIEs for which it is not the investment manager. These structured investments typically invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities. The Company’s maximum exposure to loss on these structured investments, both VIEs and non-VIEs, is limited to the amount of its investment. See Note 3 for details regarding the carrying amounts and classification of these assets. The Company has not provided material financial or other support that was not contractually required to these structures. The Company has determined that it is not the primary beneficiary of these structures due to the fact that it does not control these entities.

Limited Partnerships and Limited Liability Companies

In the normal course of its activities, the Company will invest in limited partnerships and limited liability companies (“LPs/LLCs”), which include hedge funds, private equity funds and real estate-related funds and may or may not be VIEs. The Company classifies these investments as “Other invested assets” and its maximum exposure to loss associated with these VIE and non-VIE entities is limited to the amount of its investment, which was $19,899 million and $18,796 million as of March 31, 2024 and December 31, 2023, respectively.

Derivative Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

5. DERIVATIVES AND HEDGING

Types of Derivative and Hedging Instruments

The Company utilizes various derivatives and hedging instruments to manage certain of its risks. Commonly used derivative and non-derivative hedging instruments include, but are not necessarily limited to:

•Interest rate contracts: futures, swaps, forwards, options, caps and floors

•Equity contracts: futures, options and total return swaps

•Foreign exchange contracts: futures, options, forwards, swaps, and foreign currency debt instruments

•Credit contracts: single and index reference credit default swaps

Other types of financial contracts that the Company accounts for as derivatives are:

•To-be-announced (“TBA”) forward contracts, loan commitments, embedded derivatives and synthetic guaranteed investment contracts (“GICs”).

For detailed information regarding these contracts and the related strategies, see Note 5 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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 they are utilized to manage, excluding embedded derivatives. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral. These netting impacts resulted in total derivative assets of $1,380 million and $1,103 million as of March 31, 2024 and December 31, 2023, respectively, and total derivative liabilities of $4,485 million and $4,181 million as of March 31, 2024 and December 31, 2023, respectively, reflected in the Unaudited Interim Consolidated Statements of Financial Position.


Primary Underlying Risk /Instrument Type	March 31, 2024						December 31, 2023
			Fair Value						Fair Value
	Gross Notional		Assets		Liabilities		Gross Notional		Assets		Liabilities
	(in millions)
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps	$	3,396	$	27	$	(314)	$	3,582	$	55	$	(252)
Interest Rate Forwards	0		0		0		0		0		0
Foreign Currency
Foreign Currency Forwards	4,776		52		(177)		4,748		43		(195)
Currency/Interest Rate
Foreign Currency Swaps	28,495		2,222		(538)		27,933		1,952		(676)
Total Derivatives Designated as Hedge Accounting Instruments	$	36,667	$	2,301	$	(1,029)	$	36,263	$	2,050	$	(1,123)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps	$	223,711	$	10,079	$	(23,743)	$	224,445	$	8,604	$	(21,599)
Interest Rate Futures	9,140		8		(1)		10,448		7		(26)
Interest Rate Options	32,346		309		(1,258)		32,718		292		(1,095)
Interest Rate Forwards	3,269		53		(48)		3,678		39		(14)
Foreign Currency
Foreign Currency Forwards	28,615		1,442		(1,316)		27,686		965		(954)
Foreign Currency Options	0		0		0		0		0		0
Currency/Interest Rate
Foreign Currency Swaps	7,632		569		(144)		7,771		502		(164)
Credit
Credit Default Swaps	6,859		130		(17)		3,446		64		0
Equity
Equity Futures	615		0		0		672		1		(2)
Equity Options	61,236		3,191		(2,140)		51,792		1,688		(1,662)
Total Return Swaps	9,921		79		(339)		9,237		48		(514)
Other
Other(1)	1,250		0		0		1,250		0		0
Synthetic GICs	77,683		1		(1)		78,009		1		(1)
Total Derivatives Not Qualifying as Hedge Accounting Instruments	$	462,277	$	15,861	$	(29,007)	$	451,152	$	12,211	$	(26,031)
Total Derivatives(2)(3)	$	498,944	$	18,162	$	(30,036)	$	487,415	$	14,261	$	(27,154)

__________

(1)“Other” primarily includes derivative contracts used to improve the balance of the Company’s tail longevity and mortality risk. Under these contracts, the Company’s gains (losses) are capped at the notional amount.

(2)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $9,717 million (including the Prismic funds withheld related embedded derivative net liability of $224 million) and $8,096 million (including the Prismic funds withheld related embedded derivative net liability of $508 million) as of March 31, 2024 and December 31, 2023, respectively, primarily included in “Policyholder account balances” and “Reinsurance and funds withheld payables.”

(3)Recorded in “Other invested assets” and “Other liabilities” on the Unaudited Interim Consolidated Statements of Financial Position.

As of March 31, 2024, the following amounts were recorded on the Unaudited Interim Consolidated Statements of Financial Position related to the carrying amount of the hedged assets (liabilities) and cumulative basis adjustments included in the carrying amount for fair value hedges.


	March 31, 2024				December 31, 2023
Balance Sheet Line Item in which Hedged Item is Recorded	Carrying Amount of the Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (Liabilities)(1)		Carrying Amount of the Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets (Liabilities)(1)

	(in millions)
Fixed maturities, available-for-sale, at fair value	$	219	$	14	$	224	$	19

Policyholders’ account balances	$	(759)	$	281	$	(810)	$	219
Future policy benefits	$	(2,368)	$	362	$	(2,441)	$	298

__________

(1)There were no material fair value hedging adjustments for hedged assets and liabilities for which hedge accounting has been discontinued.

Most of the Company’s derivatives do not qualify for hedge accounting for various reasons. For example: (i) derivatives that economically hedge embedded derivatives do not qualify for hedge accounting because changes in the fair value of the embedded derivatives are already recorded in net income; (ii) derivatives that are utilized as macro hedges of the Company’s exposure to various risks typically do not qualify for hedge accounting because they do not meet the criteria required under portfolio hedge accounting rules; and (iii) synthetic GICs, which are product standalone derivatives, do not qualify as hedging instruments under hedge accounting rules.

Offsetting Assets and Liabilities

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


	March 31, 2024
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Statements of Financial Position		Net Amounts Presented in the Statements of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in millions)
Offsetting of Financial Assets:
Derivatives	$	18,054	$	(16,782)	$	1,272	$	(489)	$	783
Securities purchased under agreement to resell	162		0		162		(162)		0
Total assets	$	18,216	$	(16,782)	$	1,434	$	(651)	$	783
Offsetting of Financial Liabilities:
Derivatives	$	30,035	$	(25,551)	$	4,484	$	(4,317)	$	167
Securities sold under agreement to repurchase	6,563		0		6,563		(6,563)		0
Total liabilities	$	36,598	$	(25,551)	$	11,047	$	(10,880)	$	167


	December 31, 2023
	Gross Amounts of Recognized Financial Instruments		Gross Amounts Offset in the Statements of Financial Position		Net Amounts Presented in the Statements of Financial Position		Financial Instruments/ Collateral(1)		Net Amount
	(in millions)
Offsetting of Financial Assets:
Derivatives	$	14,169	$	(13,158)	$	1,011	$	(240)	$	771
Securities purchased under agreement to resell	388		0		388		(363)		25
Total assets	$	14,557	$	(13,158)	$	1,399	$	(603)	$	796
Offsetting of Financial Liabilities:
Derivatives	$	27,154	$	(22,973)	$	4,181	$	(3,775)	$	406
Securities sold under agreement to repurchase	6,056		0		6,056		(5,811)		245
Total liabilities	$	33,210	$	(22,973)	$	10,237	$	(9,586)	$	651

__________

(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 “—Counterparty Credit Risk” below. 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 Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Cash Flow, Fair Value and Net Investment Hedges

The primary derivative and non-derivative instruments used by the Company in its fair value, cash flow and net investment hedge accounting relationships are interest rate swaps, currency swaps, currency forwards, and foreign currency denominated debts. 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 fair value, cash flow or net investment hedge accounting relationships.

The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, including the offset of the hedged item in fair value hedge relationships.


	Three Months Ended March 31, 2024
	Realized Investment Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)		Net Investment Income		Other Income (Loss)		Interest Expense		Interest Credited to Policyholders’ Account Balances		Policyholders’ Benefits		Change in AOCI(1)
	(in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate	$	4	$	0	$	0	$	0	$	0	$	(50)	$	(59)	$	0
Currency	0		0		0		0		0		0		(16)		0
Total gains (losses) on derivatives designated as hedge instruments	4		0		0		0		0		(50)		(75)		0
Gains (losses) on the hedged item:
Interest Rate	(4)		0		3		0		0		62		48		0
Currency	0		0		0		0		0		0		14		0
Total gains (losses) on hedged item	(4)		0		3		0		0		62		62		0
Amortization for gains (losses) excluded from assessment of the effectiveness

Currency	0		0		0		0		0		0		(2)		10
Total amortization for gain (loss) excluded from assessment of the effectiveness	0		0		0		0		0		0		(2)		10
Total gains (losses) on fair value hedges net of hedged item	0		0		3		0		0		12		(15)		10
Cash flow hedges
Interest Rate	0		0		(3)		0		0		0		0		(10)
Currency	0		0		0		0		0		0		0		15
Currency/Interest Rate	3		0		76		78		0		0		0		325
Total gains (losses) on cash flow hedges	3		0		73		78		0		0		0		330
Net investment hedges
Currency	0		0		0		0		0		0		0		11
Currency/Interest Rate	0		0		0		0		0		0		0		0
Total gains (losses) on net investment hedges	0		0		0		0		0		0		0		11
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	(662)		(961)		0		0		0		0		0		0
Currency	(26)		0		0		2		0		0		0		0
Currency/Interest Rate	106		0		0		1		0		0		0		0
Credit	52		0		0		0		0		0		0		0
Equity	1,449		(493)		0		0		0		0		0		0
Other	0		0		0		0		0		0		0		0
Embedded Derivatives(2)	(1,070)		0		0		0		0		0		0		0
Total gains (losses) on derivatives not qualifying as hedge accounting instruments	(151)		(1,454)		0		3		0		0		0		0
Total	$	(148)	$	(1,454)	$	76	$	81	$	0	$	12	$	(15)	$	351


	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 Income (Loss)		Interest Expense		Interest Credited to Policyholders’ Account Balances		Policyholders’ Benefits		Change in AOCI(1)
	(in millions)
Derivatives Designated as Hedge Accounting Instruments:
Fair value hedges
Gains (losses) on derivatives designated as hedge instruments:
Interest Rate	$	(3)	$	0	$	0	$	0	$	0	$	37	$	43	$	0
Currency	0		0		(1)		0		0		0		49		0
Total gains (losses) on derivatives designated as hedge instruments	(3)		0		(1)		0		0		37		92		0
Gains (losses) on the hedged item:
Interest Rate	4		0		3		0		0		(37)		(48)		0
Currency	0		0		1		0		0		0		(47)		0
Total gains (losses) on hedged item	4		0		4		0		0		(37)		(95)		0

Amortization for gains (losses) excluded from assessment of the effectiveness
Currency	0		0		0		0		0		0		(2)		(20)
Total amortization for gain (loss) excluded from assessment of the effectiveness	0		0		0		0		0		0		(2)		(20)
Total gains (losses) on fair value hedges net of hedged item	1		0		3		0		0		0		(5)		(20)
Cash flow hedges
Interest Rate	(22)		0		(1)		0		0		0		0		43
Currency	5		0		0		0		0		0		0		(38)
Currency/Interest Rate	36		0		83		(80)		0		0		0		(277)
Total gains (losses) on cash flow hedges	19		0		82		(80)		0		0		0		(272)
Net investment hedges
Currency	0		0		0		0		0		0		0		(1)
Currency/Interest Rate	0		0		0		0		0		0		0		0
Total gains (losses) on net investment hedges	0		0		0		0		0		0		0		(1)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	546		267		0		0		0		0		0		0
Currency	(161)		0		0		1		0		0		0		0
Currency/Interest Rate	(28)		0		0		(2)		0		0		0		0
Credit	46		0		0		0		0		0		0		0
Equity	189		(238)		0		0		0		0		0		0
Other	0		0		0		0		0		0		0		0
Embedded Derivatives	(245)		0		0		0		0		0		0		0
Total gains (losses) on derivatives not qualifying as hedge accounting instruments	347		29		0		(1)		0		0		0		0
Total	$	367	$	29	$	85	$	(81)	$	0	$	0	$	(5)	$	(293)

__________

(1)Excluding changes related to net investment hedges using non-derivative instruments of $39 million and $(1) million for the three months ended March 31, 2024 and 2023, respectively.

(2)Includes the Prismic funds withheld related embedded derivative realized gain (loss) of $283 million for the three months ended March 31, 2024.

Presented below is a rollforward of current period cash flow hedges in AOCI before taxes:


	(in millions)
Balance, December 31, 2023	$	869
Amount recorded in AOCI:
Interest Rate	(12)
Currency	17
Currency/Interest Rate	481
Total amount recorded in AOCI	486
Amount reclassified from AOCI to income:
Interest Rate	3
Currency	(2)
Currency/Interest Rate	(157)
Total amount reclassified from AOCI to income	(156)
Balance, March 31, 2024	$	1,199

The changes in fair value of cash flow hedges are deferred in AOCI and are included in “Net unrealized investment gains (losses)” in the Unaudited Interim Consolidated Statements of Comprehensive Income; these amounts are then reclassified to earnings when the hedged item affects earnings. Using March 31, 2024 values, it is estimated that a pre-tax gain of approximately $315 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending March 31, 2025.

The exposures the Company is hedging with these qualifying cash flow hedges include the variability of future cash flows from forecasted transactions denominated in foreign currencies, the purchases of invested assets, and the receipt or payment of variable interest on existing financial instruments. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is 27 years.

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. In addition, there were no instances in which the Company discontinued fair value hedge accounting due to a hedged firm commitment no longer qualifying as a fair value hedge.

For net investment hedges, in addition to derivatives, the Company uses foreign currency denominated debt to hedge the risk of change in the net investment in a foreign subsidiary due to changes in exchange rates. For effective net investment hedges, the amounts, before applicable taxes, recorded in the cumulative translation adjustment within AOCI were $49 million for the three months ended March 31, 2024 and $(2) million for the three months ended March 31, 2023, respectively.

Credit Derivatives

The following tables provide a summary of the notional and fair value of written credit protection, presented as assets (liabilities). The Company’s maximum amount at risk under these credit derivatives, assuming the value of the underlying referenced securities become worthless, is equal to the notional amounts. These credit derivatives have maturities of less than 11 years for index reference.


	March 31, 2024
	NAIC Rating Designation of Underlying Credit Obligation(1)
	NAIC 1				NAIC 2				NAIC 3				NAIC 4				NAIC 5				NAIC 6(2)				Total
	Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair Value
	(in millions)
Single name reference(3)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Index reference(3)	0		0		0		0		5,286		73		0		0		0		0		801		57		6,087		130
Total	$	0	$	0	$	0	$	0	$	5,286	$	73	$	0	$	0	$	0	$	0	$	801	$	57	$	6,087	$	130


	December 31, 2023
	NAIC Rating Designation of Underlying Credit Obligation(1)
	NAIC 1				NAIC 2				NAIC 3				NAIC 4				NAIC 5				NAIC 6(2)				Total
	Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair Value		Gross Notional		Fair Value
	(in millions)
Single name reference(3)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Index reference(3)	0		0		0		0		2,723		19		0		0		89		5		634		40		3,446		64
Total	$	0	$	0	$	0	$	0	$	2,723	$	19	$	0	$	0	$	89	$	5	$	634	$	40	$	3,446	$	64

_________

(1)The NAIC rating designations are based on availability and the lowest ratings among Moody's Investors Service, Inc. (“Moody's”), Standard & Poor’s Rating Services (“S&P”) and Fitch Ratings Inc. (“Fitch”). If no rating is available from a rating agency, a NAIC 6 rating is used.

(2)The NAIC rating designation is due to approximately 5% and 3% as of March 31, 2024 and December 31, 2023, respectively, of the index reference name rated as NAIC 6.

(3)Single name credit default swaps may make reference to the credit of corporate debt, sovereign debt, and structured finance. Index reference NAIC designations are based on the lowest rated single name reference included in the index.

In addition to writing credit protection, the Company has purchased credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio. As of March 31, 2024 and December 31, 2023, the Company had $772 million and $0 million of outstanding notional amounts and reported at fair value as a liability of $17 million and an asset of $0 million, respectively.

Counterparty Credit Risk

The Company is exposed to losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by: (i) entering into derivative transactions with highly rated major financial institutions and other creditworthy counterparties governed by master netting agreements, as applicable; (ii) trading through central clearing and over-the-counter (“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. In addition, certain of the Company’s derivative agreements contain credit-risk related contingent features; if the credit rating of one of the parties to the derivative agreement is to fall below a certain level, the party with positive fair value could request termination at the then fair value or demand immediate full collateralization from the party whose credit rating fell and is in a net liability position.

As of March 31, 2024, there were no net liability derivative positions with counterparties with credit risk-related contingent features. All derivatives have been appropriately collateralized by the Company or the counterparty in accordance with the terms of the derivative agreements.

Fair Value of Assets and Liabilities

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities

6. FAIR VALUE OF ASSETS AND LIABILITIES

Fair Value Measurement—Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

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

Level 2—Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs.

Level 3—Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value.

For a discussion of Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 6 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Assets and Liabilities by Hierarchy Level—The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.


	March 31, 2024
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	23,031	$	0	$		$	23,031
Obligations of U.S. states and their political subdivisions	0		8,272		6				8,278
Foreign government bonds	0		64,561		7				64,568
U.S. corporate public securities	0		101,268		68				101,336
U.S. corporate private securities(2)	0		37,907		3,115				41,022
Foreign corporate public securities	0		20,584		79				20,663
Foreign corporate private securities	0		30,606		1,703				32,309
Asset-backed securities(3)	0		13,578		1,652				15,230
Commercial mortgage-backed securities	0		8,713		935				9,648
Residential mortgage-backed securities	0		2,400		25				2,425
Subtotal	0		310,920		7,590				318,510
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	0		208		0				208

Foreign government bonds	0		587		0				587
Corporate securities	0		75		0				75



Equity securities	1,121		1,368		0				2,489

Subtotal	1,121		2,238		0				3,359
Market risk benefit assets	0		0		2,225				2,225
Fixed maturities, trading	0		8,958		1,330				10,288
Equity securities	4,985		1,733		506				7,224
Commercial mortgage and other loans	0		157		0				157
Other invested assets(5)	37		18,125		865		(16,782)		2,245
Short-term investments	301		4,294		32				4,627
Cash equivalents	1,252		7,443		0				8,695
Reinsurance recoverables and deposit receivables	0		(79)		303				224
Other assets	0		0		19				19
Separate account assets(6)(7)	8,799		164,374		338				173,511
Total assets	$	16,495	$	518,163	$	13,208	$	(16,782)	$	531,084
Market risk benefit liabilities	$	0	$	0	$	4,624	$		$	4,624
Policyholders’ account balances	0		0		9,864				9,864
Reinsurance and funds withheld payables	0		73		0				73
Other liabilities	9		30,026		1		(25,551)		4,485
Notes issued by consolidated VIEs	0		0		405				405
Total liabilities	$	9	$	30,099	$	14,894	$	(25,551)	$	19,451


	December 31, 2023
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	21,796	$	0	$		$	21,796
Obligations of U.S. states and their political subdivisions	0		8,451		7				8,458
Foreign government bonds	0		70,182		8				70,190
U.S. corporate public securities	0		98,097		75				98,172
U.S. corporate private securities(2)	0		38,199		2,821				41,020
Foreign corporate public securities	0		19,576		67				19,643
Foreign corporate private securities	0		30,447		1,843				32,290
Asset-backed securities(3)	0		12,236		359				12,595
Commercial mortgage-backed securities	0		8,954		938				9,892
Residential mortgage-backed securities	0		2,265		0				2,265
Subtotal	0		310,203		6,118				316,321
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	0		206		0				206

Foreign government bonds	0		604		0				604
Corporate securities	0		79		0				79



Equity securities	1,004		1,275		0				2,279

Subtotal	1,004		2,164		0				3,168
Market risk benefit assets	0		0		1,981				1,981
Fixed maturities, trading	0		9,361		429				9,790
Equity securities(4)	5,953		1,538		512				8,003
Commercial mortgage and other loans	0		519		0				519
Other invested assets(5)	27		14,234		846		(13,158)		1,949
Short-term investments	125		3,746		29				3,900
Cash equivalents	2,240		8,058		4				10,302
Reinsurance recoverables and deposit receivables	0		(75)		224				149
Other assets	0		0		11				11
Separate account assets(6)(7)	8,925		161,793		1,094				171,812
Total assets	$	18,274	$	511,541	$	11,248	$	(13,158)	$	527,905
Market risk benefit liabilities	$	0	$	0	$	5,467	$		$	5,467
Policyholders’ account balances	0		0		7,752				7,752
Reinsurance and funds withheld payables	0		490		0				490
Other liabilities	35		27,112		1		(22,973)		4,175
Notes issued by consolidated VIEs	0		0		778				778
Total liabilities	$	35	$	27,602	$	13,998	$	(22,973)	$	18,662

__________

(1)“Netting” amounts represent cash collateral of $(8,769) million and $(9,815) million as of March 31, 2024 and December 31, 2023, respectively.

(2)Excludes notes with fair value of $13,592 million (carrying amount of $13,582 million) and $12,370 million (carrying amount of $12,370 million) as of March 31, 2024 and December 31, 2023, respectively, which have been offset with the associated debt under a netting agreement.

(3)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

(4)Equity securities excluded from the fair value hierarchy include a fund for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of December 31, 2023, the fair value of this investment was $239 million.

(5)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at NAV per share (or its equivalent) as a practical expedient. As of March 31, 2024 and December 31, 2023, the fair value of such investments was $4,518 million and $4,125 million, respectively.

(6)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and other invested assets. As of March 31, 2024 and December 31, 2023, the fair value of such investments was $26,553 million and $27,076 million, respectively.

(7)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position.

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.


	As of March 31, 2024
	Fair Value		Valuation Techniques	Unobservable Inputs	Minimum	Maximum	Weighted Average	Impact of Increase in Input on Fair Value(1)
	(in millions)
Assets:
Corporate securities(2)(3)	$	4,083	Discounted cash flow	Discount rate	0.68%	20.72%	11.16%	Decrease
			Market comparables	EBITDA multiples(4)	5.4X	8.8X	6.9X	Increase
			Liquidation	Liquidation value	42.00%	42.00%	42.00%	Increase
Commercial mortgage-backed securities	$	935	Discounted cash flow	Liquidity premium	0.60%	0.75%	0.68%	Decrease
Market risk benefit assets(7)	$	2,225	Discounted cash flow	Lapse rate(9)	1%	20%		Increase
				Spread over SOFR(10)	0.33%	1.78%		Increase
				Utilization rate(11)	38%	95%		Decrease
				Withdrawal rate	See table footnote (12) below.
				Mortality rate(13)	0%	15%		Increase
				Equity volatility curve	15%	25%		Decrease
Equity securities	$	228	Discounted cash flow(5)	Discount rate	0.16%	12%		Decrease
			Market comparables	EBITDA multiples(4)	1.0X	12.2X	5.1X	Increase
			Net Asset Value	Share price	$3	$1,714	$776	Increase
Liabilities:
Market risk benefit liabilities(7)	$	4,624	Discounted cash flow	Lapse rate(9)	1%	20%		Decrease
				Spread over SOFR(10)	0.33%	1.78%		Decrease
				Utilization rate(11)	38%	95%		Increase
				Withdrawal rate	See table footnote (12) below.
				Mortality rate(13)	0%	15%		Decrease
				Equity volatility curve	15%	25%		Increase
Policyholders’ account balances(8)	$	9,864	Discounted cash flow	Lapse rate(9)	1%	80%		Decrease
				Spread over SOFR(10)	0.33%	1.80%		Decrease
				Mortality rate(13)	0%	23%		Decrease

				Option Budget(14)	(1)%	7%		Increase


	As of December 31, 2023
	Fair Value		Valuation Techniques	Unobservable Inputs	Minimum	Maximum	Weighted Average	Impact of Increase in Input on Fair Value(1)
	(in millions)
Assets:
Corporate securities(2)(3)	$	1,311	Discounted cash flow	Discount rate	0.57%	20.00%	8.65%	Decrease
			Market comparables	EBITDA multiples(4)	5.5X	8.8X	7.4X	Increase
			Liquidation	Liquidation value	3.55%	68.00%	57.63%	Increase
Commercial mortgage-backed securities	$	938	Discounted cash flow	Liquidity premium	0.60%	0.75%	0.70%	Decrease
Market risk benefit assets(7)	$	1,981	Discounted cash flow	Lapse rate(9)	1%	20%		Increase
				Spread over SOFR(10)	0.41%	1.82%		Increase
				Utilization rate(11)	38%	95%		Decrease
				Withdrawal rate	See table footnote (12) below.
				Mortality rate(13)	0%	15%		Increase
				Equity volatility curve	15%	25%		Decrease
Equity securities	$	246	Discounted cash flow(5)	Discount rate	0.16%	20%		Decrease
			Market comparables	EBITDA multiples(4)	1.0X	10.0X	6.3X	Increase
			Net Asset Value	Share price	$3	$1,714	$733	Increase
Liabilities:
Market risk benefit liabilities(7)	$	5,467	Discounted cash flow	Lapse rate(9)	1%	20%		Decrease
				Spread over SOFR(10)	0.41%	1.82%		Decrease
				Utilization rate(11)	38%	95%		Increase
				Withdrawal rate	See table footnote (12) below.
				Mortality rate(13)	0%	15%		Decrease
				Equity volatility curve	15%	25%		Increase
Policyholders’ account balances(8)	$	7,752	Discounted cash flow	Lapse rate(9)	1%	80%		Decrease
				Spread over SOFR(10)	0.41%	1.85%		Decrease
				Mortality rate(13)	0%	23%		Decrease

				Option Budget(14)	(1)%	7%		Increase

___________

(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.

(2)Includes assets classified as fixed maturities available-for-sale, assets supporting experience-rated contractholder liabilities and fixed maturities, trading.

(3)Excludes notes which have been offset with the associated debt under a netting agreement.

(4)Represents multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.

(5)For these investments, a range of discount rates is typically used (10% to 20%) and is therefore a more meaningful representation of the unobservable inputs used in the valuation rather than weighted average.

(6)Changes in the fair value of separate account assets are borne by customers and thus are offset by changes in separate account liabilities on the Company’s Unaudited Interim Consolidated Statements of Financial Position. As a result, changes in value associated with these investments are not reflected in the Company’s Unaudited Interim Consolidated Statements of Operations.

(7)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(8)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(9)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these balances.

(10)The spread over the secured overnight financing rate (“SOFR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of March 31, 2024 and December 31, 2023, respectively. This spread includes an estimate of non-performance risk (“NPR”), which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company (“AuguStar”), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. See Note 12 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for AuguStar, which may differ from the Company’s; however, the NPR spreads for AuguStar were developed using a methodology similar to that of the Company.

(11)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.

(12)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of March 31, 2024 and December 31, 2023, the minimum withdrawal rate assumption is 81% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.

(13)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.

(14)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

Interrelationships Between Unobservable Inputs—In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another or multiple inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows:

Corporate Securities—The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increase, credit spreads widen, which results in a decrease in fair value.

Commercial Mortgage-backed Securities—Interrelationships may exist between the prepayment rate, the default rate and/or loss severity, depending on specific market conditions. In stronger economic cycles, prepayment rates are generally driven by underlying property appreciation and subsequent cash-out refinances, while default rates and loss severity may be lower. During weaker economic cycles, prepayment rates may decline, while default rates and loss severity increase. Generally, a change in the assumption used for the probability of default would be accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. The impact of these factors on average life and economics varies with the deal structure and tranche subordination.

Market Risk Benefits—The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is generally highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other

contractholder behavior assumptions. To the extent more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money.

Changes in Level 3 Assets and Liabilities—The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 11). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.


	Three Months Ended March 31, 2024(7)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	7	$	(1)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	6	$	(1)
Foreign government	8		0		0		0		0		(1)		0		0		0		7		0
Corporate securities(3)	4,806		(46)		402		(5)		0		(287)		(13)		108		0		4,965		(50)
Structured securities(4)	1,297		3		1,265		0		0		(12)		(1)		60		0		2,612		(1)






Other assets:
Fixed maturities, trading	429		2		564		(22)		0		(46)		(1)		404		0		1,330		7
Equity securities	512		(19)		21		(4)		0		(4)		9		0		(9)		506		(22)
Other invested assets	846		(8)		29		(2)		0		0		0		0		0		865		(8)
Short-term investments	29		(2)		5		0		0		0		0		0		0		32		(2)
Cash equivalents	4		0		0		0		0		0		(4)		0		0		0		0
Reinsurance recoverables and deposit receivables	224		37		55		0		0		(13)		0		0		0		303		24
Other assets	11		0		8		0		0		0		0		0		0		19		0
Separate account assets(5)	1,094		(46)		56		(763)		0		(2)		0		0		(1)		338		(7)
Liabilities:
Policyholders’ account balances(6)	(7,752)		(1,495)		0		0		(618)		0		1		0		0		(9,864)		(216)
Other liabilities	(1)		0		0		0		0		0		0		0		0		(1)		0
Notes issued by consolidated VIEs	(778)		(8)		0		0		(10)		0		391		0		0		(405)		(8)


	Three Months Ended March 31, 2024
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(33)	$	0	$	0	$	(16)	$	5	$	(28)	$	0	$	0	$	(24)

Other assets:
Fixed maturities, trading	0		1		0		0		1		0		7		0		0
Equity securities	0		(19)		0		0		0		0		(22)		0		0
Other invested assets	(1)		(7)		0		0		0		(1)		(7)		0		0
Short-term investments	(3)		0		0		0		1		(2)		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	37		0		0		0		0		24		0		0		0
Other assets	0		0		0		0		0		0		0		0		0
Separate account assets(5)	0		0		(46)		0		0		0		0		(7)		0
Liabilities:
Policyholders’ account balances	(1,495)		0		0		0		0		(216)		0		0		0
Other liabilities	0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	0		(8)		0		0		0		0		(8)		0		0


	Three Months Ended March 31, 2023(7)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	7	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	7	$	0
Foreign government	8		0		0		0		0		1		0		0		0		9		0
Corporate securities(3)	3,858		9		527		(128)		0		(323)		(2)		0		0		3,941		21
Structured securities(4)	1,289		(35)		240		(1)		0		(12)		0		37		(80)		1,438		(36)






Other assets:
Fixed maturities, trading	304		5		33		0		0		(4)		1		0		0		339		3
Equity securities	627		17		7		(59)		0		(6)		215		1		(1)		801		0
Other invested assets	539		1		270		(7)		0		0		0		0		0		803		1
Short-term investments	18		2		3		0		0		(7)		0		0		0		16		0
Cash equivalents	0		0		0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	141		(18)		35		0		0		(2)		0		0		0		156		(17)
Other assets(8)	11		0		0		0		0		0		0		0		0		11		0
Separate account assets(5)	1,081		39		143		(67)		0		(26)		0		0		(1)		1,169		37
Liabilities:
Policyholders’ account balances(6)	(3,492)		(251)		0		0		(401)		0		(100)		0		0		(4,244)		(442)
Other liabilities	(1)		0		0		0		0		0		0		0		0		(1)		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		0		0		0		0		0


	Three Months Ended March 31, 2023
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(3)	$	0	$	0	$	(24)	$	1	$	7	$	0	$	0	$	(22)






Other assets:
Fixed maturities, trading	0		4		0		0		1		0		3		0		0
Equity securities	0		17		0		0		0		0		0		0		0
Other invested assets	0		1		0		0		0		0		1		0		0
Short-term investments	2		0		0		0		0		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	(18)		0		0		0		0		(17)		0		0		0
Other assets(8)	0		0		0		0		0		0		0		0		0
Separate account assets(5)	0		0		39		0		0		0		0		37		0
Liabilities:
Policyholders’ account balances	(251)		0		0		0		0		(442)		0		0		0
Other liabilities	0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		0		0		0

__________

(1)“Other” includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.

(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.

(3)Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities.

(4)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities.

(5)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position.

(6)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward.

(7)Excludes MRB assets of $2,225 million and $976 million and MRB liabilities of $4,624 million and $6,096 million for periods ending March 31, 2024 and 2023, respectively. See Note 11 for additional information.

(8)Prior period amounts have been reclassified to conform to current period presentation.

Derivative Fair Value Information

The following tables present the balances of certain derivative assets and liabilities measured at fair value on a recurring basis, as of the dates indicated, by the primary underlying risks they are used to manage. These tables include NPR and exclude embedded derivatives. The derivative assets and liabilities shown below are included in “Other invested assets” or “Other liabilities” in the tables contained within the sections “—Assets and Liabilities by Hierarchy Level” and “—Changes in Level 3 Assets and Liabilities,” above.


	As of March 31, 2024
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Derivative Assets:
Interest Rate	$	8	$	10,468	$	1	$		$	10,477
Currency	0		1,494		0				1,494
Credit	0		130		0				130
Currency/Interest Rate	0		2,791		0				2,791
Equity	29		3,241		0				3,270
Other	0		0		0				0
Netting(1)							(16,782)		(16,782)
Total derivative assets	$	37	$	18,124	$	1	$	(16,782)	$	1,380
Derivative Liabilities:
Interest Rate	$	2	$	25,362	$	1	$		$	25,365
Currency	0		1,493		0				1,493
Credit	0		17		0				17
Currency/Interest Rate	0		682		0				682
Equity	8		2,471		0				2,479
Other	0		0		0				0
Netting(1)							(25,551)		(25,551)
Total derivative liabilities	$	10	$	30,025	$	1	$	(25,551)	$	4,485


	As of December 31, 2023
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Derivative Assets:
Interest Rate	$	7	$	8,990	$	1	$		$	8,998
Currency	0		1,008		0				1,008
Credit	0		64		0				64
Currency/Interest Rate	0		2,454		0				2,454
Equity	19		1,718		0				1,737
Other	0		0		0				0
Netting(1)							(13,158)		(13,158)
Total derivative assets	$	26	$	14,234	$	1	$	(13,158)	$	1,103
Derivative Liabilities:
Interest Rate	$	26	$	22,960	$	1	$		$	22,987
Currency	0		1,149		0				1,149
Credit	0		0		0				0
Currency/Interest Rate	0		840		0				840
Equity	10		2,168		0				2,178
Other	0		0		0				0
Netting(1)							(22,973)		(22,973)
Total derivative liabilities	$	36	$	27,117	$	1	$	(22,973)	$	4,181

__________

(1)“Netting” amounts represent cash collateral and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.

Changes in Level 3 Derivative Assets and Liabilities—The following tables provide a summary of the changes in fair value of Level 3 derivative 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.


	Three Months Ended March 31, 2024
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3(2)		Transfers out of Level 3(2)		Fair Value, end of period		Unrealized gains (losses) for assets still held(1)
	(in millions)
Net Derivative - Equity	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Net Derivative - Interest Rate	0		0		0		0		0		0		0		0		0		0		0


	Three Months Ended March 31, 2023
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3(2)		Transfers out of Level 3(2)		Fair Value, end of period		Unrealized gains (losses) for assets still held(1)
	(in millions)
Net Derivative - Equity	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Net Derivative - Interest Rate	0		0		0		0		0		0		0		0		0		0		0

__________

(1)Total realized and unrealized gains (losses) as well as unrealized gains (losses) for assets still held at the end of the period are recorded in “Realized investment gains (losses), net.”

(2)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.

Nonrecurring Fair Value Measurements—The following tables represent information for assets measured at fair value on a nonrecurring basis. The fair value measurement is nonrecurring as these assets are measured at fair value only when there is a triggering event (e.g., an evidence of impairment). Assets included in the table are those that were impaired during the respective reporting periods and that are still held as of the reporting date. The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3).


	Three Months Ended March 31,
		2024		2023

Gains (Losses):
Commercial mortgage loans(1)		$	0	$	0

Investment real estate		$	0	$	0
Investment in JV/LP and Other		$	(7)	$	(17)


	March 31, 2024		December 31, 2023
	(in millions)
Carrying value after measurement as of period end:
Commercial mortgage loans(1)	$	0	$	34

Investment real estate(2)	$	0	$	113
Investment in JV/LP and Other(2)	$	128	$	186

__________

(1)Commercial mortgage loans are valued based on discounted cash flows utilizing market rates or the fair value of the underlying real estate collateral.

(2)Reported carrying values for 2024 include values as of the measurement periods of March 31, 2024 for “Investment in JV/LP and Other”. Reported carrying values for 2023 include values as of the measurement periods of June 30, 2023 for “Investment real estate” and June 30, 2023 and December 31, 2023 for “Investment in JV/LP and Other.”

Fair Value Option

The fair value option allows the Company to elect fair value as an alternative measurement for selected financial assets and financial liabilities not otherwise reported at fair value. Such elections have been made by the Company to help mitigate volatility in earnings that result from different measurement attributes. Electing the fair value option also allows the Company to achieve consistent accounting for certain assets and liabilities. Changes in fair value are reflected in “Realized investment gains (losses), net” for commercial mortgage and other loans and “Other income (loss)” for other assets and notes issued by consolidated VIEs. Changes in fair value due to instrument-specific credit risk are estimated using changes in credit spreads and quality ratings for the period reported. Interest income on commercial mortgage and other loans is included in “Net investment income.” Interest income on these loans is recorded based on the effective interest rate as determined at the closing of the loan.

The following tables present information regarding assets and liabilities where the fair value option has been elected.


	Three Months Ended March 31,
	2024		2023
	(in millions)
Liabilities:
Notes issued by consolidated VIEs:
Changes in fair value	$	8	$	0


	Three Months Ended March 31,
	2024		2023
	(in millions)
Commercial mortgage and other loans:
Interest income	$	2	$	1
Notes issued by consolidated VIEs:
Interest expense	$	7	$	0


	March 31, 2024		December 31, 2023
	(in millions)
Commercial mortgage and other loans(1):
Fair value as of period end	$	157	$	519
Aggregate contractual principal as of period end	$	156	$	512


Other assets:
Fair value as of period end	$	19	$	11
Notes issued by consolidated VIEs:
Fair value as of period end	$	405	$	778
Aggregate contractual principal as of period end	$	405	$	787

__________

(1)As of March 31, 2024, for loans for which the fair value option has been elected, none of the loans were 90 days or more past due.

Fair Value of Financial Instruments

The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.


	March 31, 2024
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in millions)
Assets:


Commercial mortgage and other loans	$	0	$	37	$	55,127	$	55,164	$	58,624
Policy loans	8		0		9,899		9,907		9,907
Other invested assets	0		97		35		132		132
Short-term investments	1,287		39		0		1,326		1,326
Cash and cash equivalents	9,860		180		0		10,040		10,040
Accrued investment income	0		3,361		0		3,361		3,361
Reinsurance recoverables and deposit receivables	0		7		5,358		5,365		5,365
Other assets	22		3,168		2		3,192		3,192
Total assets	$	11,177	$	6,889	$	70,421	$	88,487	$	91,947
Liabilities:
Policyholders’ account balances—investment contracts	$	0	$	30,525	$	38,730	$	69,255	$	74,253
Securities sold under agreements to repurchase	0		6,563		0		6,563		6,563
Cash collateral for loaned securities	0		6,978		0		6,978		6,978
Reinsurance and funds withheld payables(2)	0		9,745		(24)		9,721		9,721
Short-term debt(3)	0		505		80		585		585
Long-term debt(4)	567		17,256		756		18,579		19,368
Notes issued by consolidated VIEs	0		0		727		727		727
Other liabilities	0		6,307		32		6,339		6,339
Separate account liabilities—investment contracts	0		23,193		19,602		42,795		42,795
Total liabilities	$	567	$	101,072	$	59,903	$	161,542	$	167,329


	December 31, 2023
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in millions)
Assets:


Commercial mortgage and other loans	$	0	$	41	$	55,611	$	55,652	$	58,786
Policy loans	8		0		10,039		10,047		10,047
Other invested assets	0		97		0		97		97
Short-term investments	1,092		13		0		1,105		1,105
Cash and cash equivalents	8,709		408		0		9,117		9,117
Accrued investment income	0		3,287		0		3,287		3,287
Reinsurance recoverables and deposit receivables	0		5		5,171		5,176		5,176
Other assets	43		3,059		0		3,102		3,102
Total assets	$	9,852	$	6,910	$	70,821	$	87,583	$	90,717
Liabilities:
Policyholders’ account balances—investment contracts	$	0	$	31,089	$	37,794	$	68,883	$	72,604
Securities sold under agreements to repurchase	0		6,056		0		6,056		6,056
Cash collateral for loaned securities	0		6,477		0		6,477		6,477
Reinsurance and funds withheld payables(2)	0		9,553		(23)		9,530		9,530
Short-term debt(3)	0		535		83		618		618
Long-term debt(4)	564		16,938		766		18,268		18,882
Notes issued by consolidated VIEs	0		0		596		596		596
Other liabilities	0		6,950		32		6,982		6,982
Separate account liabilities—investment contracts	0		24,050		21,315		45,365		45,365
Total liabilities	$	564	$	101,648	$	60,563	$	162,775	$	167,110

__________

(1)Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.

(2)Includes contracts reinsured through coinsurance with funds withheld agreement with Prismic Re with a fair value of $7,963 million (carrying value of $7,963 million) and $8,036 million (carrying amount of $8,036 million), a portion of which relates to insurance contracts as of March 31, 2024 and December 31, 2023. See Note 12 for additional information regarding the reinsurance arrangement with Prismic Re.

(3)Excludes debt with fair value of $2,010 million (carrying amount of $2,000 million) and $2,000 million (carrying amount of $2,000 million) as of March 31, 2024 and December 31, 2023 respectively, which have been offset with the associated notes under a netting agreement.

(4)Excludes debt with fair value of $11,582 million (carrying amount of $11,582 million) and $10,370 million (carrying amount of $10,370 million) as of March 31, 2024 and December 31, 2023 respectively, which have been offset with the associated notes under a netting agreement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired

3 Months Ended

Mar. 31, 2024

Deferred Charges, Insurers [Abstract]

Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired

DEFERRED POLICY ACQUISITION COSTS, DEFERRED SALES INDUCEMENTS AND VALUE OF BUSINESS ACQUIRED

Deferred Policy Acquisition Costs (“DAC”)

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


	Three Months Ended March 31, 2024
	Retirement Strategies		Individual Life				International Businesses				Total
	Individual Variable		Term Life		Variable/ Universal Life		Life Planner		Gibraltar Life and Other
	(in millions)
Balance, BOP	$	3,676	$	2,237	$	5,364	$	4,909	$	4,442	$	20,628
Capitalization	85		44		151		155		138		573
Amortization expense	(94)		(52)		(61)		(83)		(81)		(371)
Other adjustments(1)	0		(2)		(285)		5		0		(282)
Foreign currency adjustment	0		0		0		(138)		(94)		(232)
Balance, EOP	$	3,667	$	2,227	$	5,169	$	4,848	$	4,405	20,316
Other businesses											297
Total DAC balance											$	20,613

__________

(1)Includes the impact of the reinsurance transaction with Somerset Reinsurance Ltd. in Individual Life (Universal Life). See Note 12 for additional information.


	Three Months Ended March 31, 2023
	Retirement Strategies		Individual Life				International Businesses				Total
	Individual Variable		Term Life		Variable/ Universal Life		Life Planner		Gibraltar Life and Other
	(in millions)
Balance, BOP	$	4,171	$	2,288	$	5,000	$	4,710	$	4,231	$	20,400
Capitalization	59		33		142		159		155		548
Amortization expense	(98)		(53)		(60)		(81)		(75)		(367)
Other adjustments	0		0		0		5		0		5
Foreign currency adjustment	0		0		0		2		(13)		(11)
Balance, EOP	$	4,132	$	2,268	$	5,082	$	4,795	$	4,298	20,575
Other businesses											166
Total DAC balance											$	20,741

.

Deferred Sales Inducements (“DSI”)

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


	Three Months Ended March 31,
	2024		2023
	(in millions)
Balance, BOP	$	410	$	446
Capitalization	2		2
Amortization expense	(9)		(10)


Balance, EOP	403		438
Other businesses	31		34
Total DSI balance	$	434	$	472

Value of Business Acquired (“VOBA”)

The following table shows a rollforward of VOBA balances for Gibraltar Life and Other, which is the only line of business that contains a material VOBA balance, along with a reconciliation to the Company’s total VOBA balance:


	Three Months Ended March 31,
	2024		2023
	(in millions)
Balance, BOP	$	511	$	597

Amortization expense	(11)		(14)

Foreign currency adjustment	(33)		(5)
Balance, EOP	467		578
Other businesses	17		23
Total VOBA balance	$	484	$	601

The following table provides VOBA balances for the applicable businesses for the period ended March 31:


	2024
	(in millions)
Gibraltar Life	$	467
Aoba Life	17
Total	$	484

The following table provides estimated future amortization for the periods indicated:


	2024 (April-December)		2025		2026		2027		2028		Thereafter		Total
	(in millions)
Estimated future VOBA amortization	$	33	$	40	$	37	$	33	$	30	$	311	$	484

Separate Accounts

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Separate Account

SEPARATE ACCOUNTS

The Company issues variable annuity and variable life insurance contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. Most

variable annuity and variable life insurance contracts are offered with both separate and general account options. See Note 10 for additional information.

The assets supporting the variable portion of variable annuity and variable life insurance contracts are carried at fair value and reported as “Separate account assets” with an equivalent amount reported as “Separate account liabilities.” The liabilities related to the net amount at risk are reflected within future policy benefits or market risk benefits. Amounts assessed against the contractholders for mortality, administration, and other services are included within revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Realized investment gains (losses), net.”

Separate Account Assets

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


	March 31, 2024		December 31, 2023
	(in millions)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	4,169	$	4,411
Obligations of U.S. states and their political subdivisions	2,152		2,116
Foreign government bonds	108		101
U.S. corporate securities	12,566		12,782
Foreign corporate securities	3,201		3,288
Asset-backed securities	1,256		1,211
Mortgage-backed securities	14,156		14,253
Mutual funds:
Equity	92,751		88,397
Fixed Income	35,762		37,065
Other	5,919		5,587
Equity securities	4,651		5,410
Commercial mortgage and other loans	64		67
Other invested assets	19,679		20,739
Short-term investments	1,443		1,202
Cash and cash equivalents	2,187		2,259
Total	$	200,064	$	198,888

For the periods ended March 31, 2024 and December 31, 2023, there were no transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded.

Separate Account Liabilities

The balances of and changes in separate account liabilities as of and for the periods ended are as follows:


	Three Months Ended March 31, 2024
			Retirement Strategies
	PGIM		Institutional		Individual		Group Insurance		Individual Life		Total
	(in millions)
Balance, BOP	$	32,648	$	11,011	$	94,130	$	25,021	$	39,223	$	202,033
Deposits	8,411		51		151		160		752		9,525
Investment performance	(537)		(60)		4,308		265		3,155		7,131

Policy charges	(18)		(2)		(563)		(31)		(280)		(894)
Surrenders and withdrawals	(8,270)		(716)		(3,354)		(8)		(240)		(12,588)
Benefit payments	(858)		(137)		(20)		(56)		(116)		(1,187)
Net transfers (to) from general account	(35)		(24)		6		0		(123)		(176)
Other	(456)		(49)		1		(137)		48		(593)

Balance, EOP	$	30,885	$	10,074	$	94,659	$	25,214	$	42,419	$	203,251
Other businesses(1)											(3,187)
Total separate account liabilities											$	200,064

Cash surrender value(2)	$	30,885	$	10,074	$	93,526	$	25,157	$	38,958	$	198,600

__________

(1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges.

(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.


	Three Months Ended March 31, 2023
			Retirement Strategies
	PGIM		Institutional		Individual		Group Insurance		Individual Life		Total
	(in millions)
Balance, BOP	$	40,056	$	11,428	$	93,395	$	23,513	$	32,930	$	201,322
Deposits	1,279		51		94		6		667		2,097
Investment performance	174		454		4,627		702		1,938		7,895

Policy charges	(21)		(3)		(594)		(42)		(262)		(922)
Surrenders and withdrawals	(1,012)		(45)		(2,285)		(2)		(178)		(3,522)
Benefit payments	(857)		(137)		(23)		(77)		(97)		(1,191)
Net transfers (to) from general account	(168)		(14)		(11)		0		(67)		(260)
Other	(190)		128		3		561		20		522

Balance, EOP	$	39,261	$	11,862	$	95,206	$	24,661	$	34,951	205,941
Other businesses(1)											(3,647)
Total separate account liabilities											$	202,294

Cash surrender value(2)	$	39,261	$	11,862	$	93,618	$	24,542	$	31,955	$	201,238

__________

(1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges.

(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.

Liability For Future Policy Benefits

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Liabilities for Future Policy Benefits

LIABILITY FOR FUTURE POLICY BENEFITS

Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below:

•Benefit Reserves;

•Deferred Profit Liability (“DPL”); and

•Additional Insurance Reserves (“AIR”)

Benefit Reserves

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


	Three Months Ended March 31, 2024
	Present Value of Expected Net Premiums
	Retirement Strategies		Individual Life		International Businesses				Corporate and Other
	Institutional		Term Life		Life Planner		Gibraltar Life and Other		Long-Term Care		Total
	(in millions)
Balance, BOP	$	71,407	$	11,274	$	29,064	$	26,367	$	3,286	$	141,398
Effect of cumulative changes in discount rate assumptions, BOP	11,869		228		596		622		16		13,331
Balance at original discount rate, BOP	83,276		11,502		29,660		26,989		3,302		154,729

Effect of actual variances from expected experience and other activity	176		(57)		(352)		(191)		49		(375)
Adjusted balance, BOP	83,452		11,445		29,308		26,798		3,351		154,354
Issuances	8,799		199		671		285		0		9,954
Net premiums / considerations collected	(10,124)		(345)		(1,091)		(938)		(86)		(12,584)
Interest accrual	708		134		218		182		40		1,282
Foreign currency adjustment	(875)		0		(981)		(863)		0		(2,719)
Other adjustments	0		(1)		40		(1)		0		38
Balance at original discount rate, EOP	81,960		11,432		28,165		25,463		3,305		150,325
Effect of cumulative changes in discount rate assumptions, EOP	(13,442)		(443)		(881)		(856)		(87)		(15,709)
Balance, EOP	$	68,518	$	10,989	$	27,284	$	24,607	$	3,218	$	134,616
Other businesses, EOP											88
Total balance, EOP											$	134,704


	Three Months Ended March 31, 2024
	Present Value of Expected Future Policy Benefits
	Retirement Strategies		Individual Life		International Businesses				Corporate and Other
	Institutional		Term Life		Life Planner		Gibraltar Life and Other		Long-Term Care		Total
	(in millions)
Balance, BOP	$	141,135	$	19,852	$	79,822	$	79,036	$	12,139	$	331,984
Effect of cumulative changes in discount rate assumptions, BOP	14,751		334		563		7,355		603		23,606
Balance at original discount rate, BOP	155,886		20,186		80,385		86,391		12,742		355,590

Effect of actual variances from expected experience and other activity	162		(65)		(359)		(180)		42		(400)
Adjusted balance, BOP	156,048		20,121		80,026		86,211		12,784		355,190
Issuances	8,799		199		671		285		0		9,954
Interest accrual	1,493		237		648		552		153		3,083
Benefit payments	(3,114)		(404)		(1,228)		(1,349)		(77)		(6,172)
Foreign currency adjustment	(886)		0		(2,825)		(3,152)		0		(6,863)
Other adjustments	(48)		(4)		94		(3)		0		39
Balance at original discount rate, EOP	162,292		20,149		77,386		82,544		12,860		355,231
Effect of cumulative changes in discount rate assumptions, EOP	(17,715)		(769)		(2,347)		(8,578)		(1,033)		(30,442)
Balance, EOP	$	144,577	$	19,380	$	75,039	$	73,966	$	11,827	$	324,789
Other businesses, EOP											1,701


Total balance, EOP											$	326,490


	Three Months Ended March 31, 2024
	Net Liability for Future Policy Benefits - Benefit Reserves
	Retirement Strategies		Individual Life		International Businesses				Corporate and Other
	Institutional		Term Life		Life Planner		Gibraltar Life and Other		Long-Term Care		Total
	(in millions)
Balance, EOP, pre-flooring	$	76,060	$	8,391	$	47,755	$	49,360	$	8,608	$	190,174
Flooring impact, EOP	56		0		19		7		0		82
Balance, EOP, post-flooring	76,116		8,391		47,774		49,367		8,608		190,256
Less: Reinsurance recoverables	5,340		690		98		285		0		6,413
Balance after reinsurance recoverables, EOP, post-flooring	$	70,776	$	7,701	$	47,676	$	49,082	$	8,608	$	183,843
Other businesses, EOP(1)											1,547


Total balance after reinsurance recoverables, EOP											$	185,390


	Three Months Ended March 31, 2023
	Present Value of Expected Net Premiums
	Retirement Strategies		Individual Life		International Businesses				Corporate and Other
	Institutional		Term Life		Life Planner		Gibraltar Life and Other		Long-Term Care		Total
	(in millions)
Balance, BOP	$	52,620	$	11,282	$	30,689	$	28,951	$	2,932	$	126,474
Effect of cumulative changes in discount rate assumptions, BOP	14,349		572		1,354		1,326		103		17,704
Balance at original discount rate, BOP	66,969		11,854		32,043		30,277		3,035		144,178

Effect of actual variances from expected experience and other activity	141		(17)		(193)		(159)		45		(183)
Adjusted balance, BOP	67,110		11,837		31,850		30,118		3,080		143,995
Issuances	2,932		143		647		443		0		4,165
Net premiums / considerations collected	(3,637)		(353)		(1,178)		(1,079)		(77)		(6,324)
Interest accrual	517		136		230		204		37		1,124
Foreign currency adjustment	1,867		0		(31)		(120)		0		1,716
Other adjustments	0		(4)		40		1		0		37
Balance at original discount rate, EOP	68,789		11,759		31,558		29,567		3,040		144,713
Effect of cumulative changes in discount rate assumptions, EOP	(13,465)		(321)		(618)		(611)		(30)		(15,045)
Balance, EOP	$	55,324	$	11,438	$	30,940	$	28,956	$	3,010	$	129,668
Other businesses, EOP											92
Total balance, EOP											$	129,760


	Three Months Ended March 31, 2023
	Present Value of Expected Future Policy Benefits
	Retirement Strategies		Individual Life		International Businesses				Corporate and Other
	Institutional		Term Life		Life Planner		Gibraltar Life and Other		Long-Term Care		Total
	(in millions)
Balance, BOP	$	117,754	$	19,288	$	78,639	$	80,331	$	10,685	$	306,697
Effect of cumulative changes in discount rate assumptions, BOP	20,170		1,012		3,719		11,266		1,216		37,383
Balance at original discount rate, BOP	137,924		20,300		82,358		91,597		11,901		344,080

Effect of actual variances from expected experience and other activity	98		(24)		(167)		(154)		53		(194)
Adjusted balance, BOP	138,022		20,276		82,191		91,443		11,954		343,886
Issuances	2,932		143		647		443		0		4,165
Interest accrual	1,208		237		663		585		143		2,836
Benefit payments	(2,795)		(406)		(947)		(1,152)		(60)		(5,360)
Foreign currency adjustment	1,908		0		(163)		(432)		0		1,313
Other adjustments	48		(7)		93		(2)		0		132
Balance at original discount rate, EOP	141,323		20,243		82,484		90,885		12,037		346,972
Effect of cumulative changes in discount rate assumptions, EOP	(17,578)		(490)		244		(7,214)		(738)		(25,776)
Balance, EOP	$	123,745	$	19,753	$	82,728	$	83,671	$	11,299	$	321,196
Other businesses, EOP											1,952


Total balance, EOP											$	323,148


	Three Months Ended March 31, 2023
	Net Liability for Future Policy Benefits - Benefit Reserves
	Retirement Strategies		Individual Life		International Businesses				Corporate and Other
	Institutional		Term Life		Life Planner		Gibraltar Life and Other		Long-Term Care		Total
	(in millions)
Balance, EOP, pre-flooring	$	68,421	$	8,315	$	51,789	$	54,715	$	8,288	$	191,528
Flooring impact, EOP	4		0		26		11		0		41
Balance, EOP, post-flooring	68,425		8,315		51,815		54,726		8,288		191,569
Less: Reinsurance recoverables	0		728		112		222		0		1,062
Balance after reinsurance recoverables, EOP, post-flooring	$	68,425	$	7,587	$	51,703	$	54,504	$	8,288	$	190,507
Other businesses, EOP(1)											1,786


Total balance after reinsurance recoverables, EOP											$	192,293

__________

(1)Reflects balance after reinsurance recoverables of $65 million and $74 million at March 31, 2024 and 2023, respectively.

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 period indicated:


	Three Months Ended March 31, 2024

	Retirement Strategies			Individual Life			International Businesses						Corporate and Other
	Institutional			Term Life			Life Planner			Gibraltar Life and Other			Long-Term Care
	($ in millions)
Undiscounted expected future gross premiums	$	131,869		$	23,001		$	66,266		$	53,342		$	6,858
Discounted expected future gross premiums (at original discount rate)	$	89,183		$	15,258		$	51,131		$	42,749		$	4,525
Discounted expected future gross premiums (at current discount rate)	$	72,848		$	14,693		$	50,018		$	41,467		$	4,410
Undiscounted expected future benefits and expenses	$	253,981		$	31,039		$	134,541		$	135,676		$	30,755
Interest accrual	$	785		$	103		$	430		$	370		$	113
Gross premiums	$	10,277		$	458		$	1,671		$	1,529		$	118
Weighted-average duration of the liability in years (at original discount rate)	9			10			19			19			18
Weighted-average duration of the liability in years (at current discount rate)	8			9			18			17			17
Weighted-average interest rate (at original discount rate)	4.70		%	5.16		%	3.46		%	2.60		%	4.91		%
Weighted-average interest rate (at current discount rate)	5.31		%	5.29		%	3.24		%	3.14		%	5.50		%


	Three Months Ended March 31, 2023

	Retirement Strategies			Individual Life			International Businesses						Corporate and Other
	Institutional			Term Life			Life Planner			Gibraltar Life and Other			Long-Term Care
	($ in millions)
Undiscounted expected future gross premiums	$	106,074		$	23,352		$	73,474		$	62,903		$	6,901
Discounted expected future gross premiums (at original discount rate)	$	74,439		$	15,526		$	56,950		$	49,872		$	4,507
Discounted expected future gross premiums (at current discount rate)	$	59,863		$	15,119		$	56,318		$	49,016		$	4,467
Undiscounted expected future benefits and expenses	$	215,874		$	31,258		$	147,802		$	154,197		$	29,713
Interest accrual	$	691		$	101		$	433		$	381		$	106
Gross premiums	$	3,892		$	461		$	1,867		$	1,767		$	114
Weighted-average duration of the liability in years (at original discount rate)	8			10			20			20			18
Weighted-average duration of the liability in years (at current discount rate)	8			10			20			18			18
Weighted-average interest rate (at original discount rate)	4.36		%	5.20		%	3.41		%	2.52		%	4.91		%
Weighted-average interest rate (at current discount rate)	5.09		%	5.05		%	2.82		%	2.69		%	5.34		%

For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter, such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss respectively.

For both the first three months of 2024 and 2023, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.

Deferred Profit Liability

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


	Three Months Ended March 31, 2024
	Deferred Profit Liability
	Retirement Strategies		International Businesses
	Institutional		Life Planner		Gibraltar Life and Other		Total
	(in millions)
Balance, BOP, post-flooring	$	5,615	$	3,956	$	5,303	$	14,874
Less: Flooring impact, BOP	0		1		1		2
Balance, BOP, pre-flooring	5,615		3,955		5,302		14,872

Effect of actual variances from expected experience and other activity	26		(8)		(15)		3
Adjusted balance, BOP	5,641		3,947		5,287		14,875
Profits deferred	38		420		312		770
Interest accrual	57		41		39		137
Amortization	(142)		(289)		(248)		(679)
Foreign currency adjustment	(3)		(107)		(141)		(251)
Other adjustments	0		11		0		11
Balance, EOP, pre-flooring	5,591		4,023		5,249		14,863
Flooring impact, EOP	0		1		1		2
Balance, EOP, post-flooring	5,591		4,024		5,250		14,865
Less: Reinsurance recoverables	382		9		31		422
Balance after reinsurance recoverables, EOP, post-flooring	$	5,209	$	4,015	$	5,219	14,443
Other businesses(1)							142
Total balance after reinsurance recoverables, EOP							$	14,585


	Three Months Ended March 31, 2023
	Deferred Profit Liability
	Retirement Strategies		International Businesses
	Institutional		Life Planner		Gibraltar Life and Other		Total
	(in millions)
Balance, BOP, post-flooring	$	5,532	$	3,379	$	5,261	$	14,172
Less: Flooring impact, BOP	0		0		1		1
Balance, BOP, pre-flooring	5,532		3,379		5,260		14,171

Effect of actual variances from expected experience and other activity	31		(3)		(10)		18
Adjusted balance, BOP	5,563		3,376		5,250		14,189
Profits deferred	164		451		373		988
Interest accrual	57		35		39		131
Amortization	(141)		(288)		(257)		(686)
Foreign currency adjustment	7		8		(18)		(3)
Other adjustments	0		10		0		10
Balance, EOP, pre-flooring	5,650		3,592		5,387		14,629
Flooring impact, EOP	0		0		1		1
Balance, EOP, post-flooring	5,650		3,592		5,388		14,630
Less: Reinsurance recoverables	0		9		11		20
Balance after reinsurance recoverables, EOP, post-flooring	$	5,650	$	3,583	$	5,377	14,610
Other businesses(1)							185
Total balance after reinsurance recoverables, EOP							$	14,795

The following tables provide supplemental information related to the balances of and changes in DPL, included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated:


	Three Months Ended March 31, 2024

	Retirement Strategies		International Businesses
	Institutional		Life Planner		Gibraltar Life and Other
	(in millions)
Revenue(1)	$	20	$	(175)	$	(88)
Interest accrual	$	57	$	41	$	39


	Three Months Ended March 31, 2023

	Retirement Strategies		International Businesses
	Institutional		Life Planner		Gibraltar Life and Other
	(in millions)
Revenue(1)	$	(111)	$	(205)	$	(145)
Interest accrual	$	57	$	35	$	39

__________

(1)Represents the gross premiums collected in changes in DPL excluding impact of foreign currency adjustments.

Additional Insurance Reserves

AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits (“GMDB”) and guaranteed minimum income benefits (“GMIB”) contract features, that are above and beyond the contractholder's account balance.

The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance:


	Three Months Ended March 31,
	2024		2023
	(in millions)
Balance, including amounts in AOCI, BOP, post-flooring	$	14,308	$	12,684
Flooring impact and amounts in AOCI	843		1,285
Balance, excluding amounts in AOCI, BOP, pre-flooring	15,151		13,969

Effect of actual variances from expected experience and other activity	144		(33)
Adjusted balance, BOP	15,295		13,936
Assessments collected(1)	292		270
Interest accrual	129		118
Benefits paid	(72)		(74)
Balance, excluding amounts in AOCI, EOP, pre-flooring	15,644		14,250
Flooring impact and amounts in AOCI	(1,029)		(1,016)
Balance, including amounts in AOCI, EOP, post-flooring	14,615		13,234
Less: Reinsurance recoverables	7,198		5,338
Balance after reinsurance recoverables, including amounts in AOCI, EOP	7,417		7,896
Other businesses	117		151
Total balance after reinsurance recoverables	$	7,534	$	8,047

__________

(1)Represents the portion of gross assessments required to fund the future policy benefits.


	Three Months Ended March 31,
	2024			2023
	($ in millions)
Interest accrual	$	129		$	118
Gross assessments	$	788		$	827
Weighted-average duration of the liability in years (at original discount rate)	22			22
Weighted-average interest rate (at original discount rate)	3.39		%	3.38		%

Future Policy Benefits Reconciliation

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


	Three Months Ended March 31,
	2024		2023
	(in millions)
Benefit reserves, EOP, post-flooring	$	191,868	$	193,429
Deferred Profit Liability EOP, post-flooring	15,007		14,814
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring	14,732		13,385
Subtotal of amounts disclosed above	221,607		221,628
Other Future Policy Benefits reserves(1)	51,183		51,958
Total Future Policy Benefits	$	272,790	$	273,586

__________

(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.

Revenue and Interest Expense

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


	Three Months Ended March 31, 2024
	Revenues(1)
	Retirement Strategies		Individual Life				International Businesses
	Institutional		Term Life		Variable/Universal Life		Life Planner		Gibraltar Life and Other		Other Businesses(2)		Total
	(in millions)
Benefit reserves	$	10,277	$	458	$	0	$	1,671	$	1,529	$	140	$	14,075
Deferred profit liability	20		0		0		(175)		(88)		7		(236)
Additional insurance reserves	0		0		788		0		0		0		788
Total	$	10,297	$	458	$	788	$	1,496	$	1,441	$	147	$	14,627


	Three Months Ended March 31, 2023
	Revenues(1)
	Retirement Strategies		Individual Life				International Businesses
	Institutional		Term Life		Variable/Universal Life		Life Planner		Gibraltar Life and Other		Other Businesses(2)		Total
	(in millions)
Benefit reserves	$	3,892	$	461	$	0	$	1,867	$	1,767	$	142	$	8,129
Deferred profit liability	(111)		0		0		(205)		(145)		(2)		(463)
Additional insurance reserves	0		0		827		0		0		0		827
Total	$	3,781	$	461	$	827	$	1,662	$	1,622	$	140	$	8,493


	Three Months Ended March 31, 2024
	Interest Expense
	Retirement Strategies		Individual Life				International Businesses
	Institutional		Term Life		Variable/Universal Life		Life Planner		Gibraltar Life and Other		Other Businesses(2)		Total
	(in millions)
Benefit reserves	$	786	$	103	$	0	$	430	$	370	$	127	$	1,816
Deferred profit liability	57		0		0		41		39		1		138
Additional insurance reserves	0		0		129		0		0		0		129
Total	$	843	$	103	$	129	$	471	$	409	$	128	$	2,083


	Three Months Ended March 31, 2023
	Interest Expense
	Retirement Strategies		Individual Life				International Businesses
	Institutional		Term Life		Variable/Universal Life		Life Planner		Gibraltar Life and Other		Other Businesses(2)		Total
	(in millions)
Benefit reserves	$	691	$	101	$	0	$	433	$	381	$	120	$	1,726
Deferred profit liability	57		0		0		35		39		1		132
Additional insurance reserves	0		0		118		0		0		0		118
Total	$	748	$	101	$	118	$	468	$	420	$	121	$	1,976

__________

(1)Represents “Gross Premiums” for benefit reserves, “Revenue” for DPL and “Gross Assessments” for AIR.

(2)Includes remaining balances disclosed above and balances for which disaggregated rollforward disclosures may not be presented above.

POLICYHOLDERS’ ACCOUNT BALANCES

The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:


	Three Months Ended March 31, 2024
	Retirement Strategies									Group Insurance			Individual Life			International Businesses						Total
	Institutional			Individual Variable			Individual Fixed			Life/Disability			Variable/Universal Life			Life Planner			Gibraltar Life and Other
	($ in millions)
Balance, BOP	$	17,738		$	23,765		$	7,095		$	5,293		$	27,439		$	12,949		$	38,450		$	132,729
Deposits	1,919			1,626			1,570			138			612			560			1,492			7,917
Interest credited	175			108			50			40			189			418			219			1,199
Acquisitions and dispositions	0			0			0			0			0			0			0			0
Policy charges	(3)			(4)			0			(80)			(513)			(81)			(75)			(756)
Surrenders and withdrawals	(1,231)			(231)			(150)			(434)			(420)			(76)			(439)			(2,981)
Benefit payments	(149)			(18)			(19)			0			(37)			(68)			(458)			(749)
Net transfers (to) from separate account	0			(3)			0			0			139			0			0			136
Change in market value and other adjustments(1)	1			1,360			88			0			37			(2)			(7)			1,477
Foreign currency adjustment	0			0			0			0			0			(624)			(762)			(1,386)
Balance, EOP	$	18,450		$	26,603		$	8,634		$	4,957		$	27,446		$	13,076		$	38,420		$	137,586


Closed Block Division																						4,464
Unearned revenue reserve, unearned expense credit, and additional interest reserve																						5,501
Other(2)																						4,259
Total Policyholders' account balance																						$	151,810
Weighted-average crediting rate	3.87		%	1.71		%	2.54		%	3.08		%	2.76		%	12.86		%	2.28		%	3.55		%
Net amount at risk(3)	$	0		$	0		$	0		$	74,075		$	384,991		$	18,637		$	6,097		$	483,800
Cash surrender value(4)	$	18,450		$	24,376		$	7,174		$	3,812		$	23,439		$	11,391		$	34,012		$	122,654


	Three Months Ended March 31, 2023
	Retirement Strategies									Group Insurance			Individual Life			International Businesses						Total
	Institutional			Individual Variable			Individual Fixed			Life/Disability			Variable/Universal Life			Life Planner			Gibraltar Life and Other
	($ in millions)
Balance, BOP	$	17,376		$	17,524		$	4,643		$	5,839		$	26,502		$	11,168		$	35,325		$	118,377
Deposits	1,376			1,043			582			204			617			645			1,287			5,754
Interest credited	160			87			20			44			199			177			172			859
Acquisitions and Dispositions	0			0			0			0			0			0			0			0
Policy charges	(6)			(6)			0			(83)			(514)			(77)			(40)			(726)
Surrenders and withdrawals	(1,371)			(148)			(88)			(453)			(439)			(51)			(275)			(2,825)
Benefit payments	(139)			(28)			(32)			0			(46)			(75)			(440)			(760)
Net transfers (to) from separate account	0			19			0			0			77			0			0			96
Change in market value and other adjustments(1)	0			191			9			0			91			6			2			299
Foreign currency adjustment	0			0			0			0			0			(76)			(143)			(219)
Balance, EOP	$	17,396		$	18,682		$	5,134		$	5,551		$	26,487		$	11,717		$	35,888		$	120,855


Closed Block Division																						4,572
Unearned revenue reserve, unearned expense credit, and additional interest reserve																						4,772
Other(2)																						7,940
Total Policyholders' account balance																						$	138,139
Weighted-average crediting rate	3.69		%	1.92		%	1.63		%	3.09		%	3.00		%	6.19		%	1.93		%	2.87		%
Net amount at risk(3)	$	0		$	0		$	0		$	72,259		$	370,778		$	18,055		$	6,971		$	468,063
Cash surrender value(4)	$	17,396		$	16,640		$	4,045		$	3,984		$	21,846		$	10,100		$	31,233		$	105,244

__________

(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.

(2)Includes $5,621 million and $7,973 million of Full Service account balances reinsured to Great-West as of March 31, 2024 and 2023, respectively.

(3)The net amount at risk calculation includes both general account and separate account balances.

(4)Cash surrender value represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the Institutional Retirement Strategies segment.

“Policyholders’ account balances” for Institutional Retirement Strategies and Life Planner includes the Company’s Funding Agreement Notes Issuance Program (“FANIP”), which totaled $5,722 million and $5,261 million at March 31, 2024 and 2023, respectively. Under this program, which has a maximum authorized amount of $15 billion of medium-term notes and $6 billion of commercial paper, Delaware statutory trusts issue short-term commercial paper and/or medium-term notes to investors that are secured by funding agreements issued to the trusts by PICA. The outstanding commercial paper and notes have fixed or floating interest rates that range from 0.0% to 5.6% and original maturities ranging from three months to five years. Included in the amounts at March 31, 2024 and 2023 are funding agreements that secure the medium-term note liability, which are carried at amortized cost, of $3,465 million and $2,955 million, respectively, and short-term note liability of $2,297 million and $2,355 million, respectively.

“Policyholders’ account balances” for Institutional Retirement Strategies also includes collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) totaling $2,628 million as of both March 31, 2024 and 2023. These obligations, which are carried at amortized cost, have fixed interest rates that range from 1.925% to 4.510% and original maturities of seven years.

The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid.

The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns.

The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 11 for additional information, including the net amount at risk associated with these guarantees.

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points (“bps”), between rates being credited to policyholders and the respective guaranteed minimums are as follows:


	March 31, 2024
Range of Guaranteed Minimum Crediting Rate (1)	At guaranteed minimum		1 - 50 bps above guaranteed minimum		51 - 150 bps above guaranteed minimum		Greater than 150 bps above guaranteed minimum		Total
	(in millions)
Retirement Strategies - Institutional
Less than 1.00%	$	400	$	0	$	0	$	0	$	400
1.00% - 1.99%	1,551		0		0		0		1,551
2.00% - 2.99%	593		0		0		0		593
3.00% - 4.00%	4,926		0		0		0		4,926
Greater than 4.00%	2,099		0		0		0		2,099
Total	$	9,569	$	0	$	0	$	0	$	9,569
Retirement Strategies - Individual Variable
Less than 1.00%	$	866	$	727	$	70	$	0	$	1,663
1.00% - 1.99%	219		24		1		0		244
2.00% - 2.99%	26		5		4		0		35
3.00% - 4.00%	1,867		9		9		0		1,885
Greater than 4.00%	91		0		0		0		91
Total	$	3,069	$	765	$	84	$	0	$	3,918
Retirement Strategies - Individual Fixed
Less than 1.00%	$	0	$	2	$	6	$	621	$	629
1.00% - 1.99%	510		108		244		80		942
2.00% - 2.99%	548		466		564		16		1,594
3.00% - 4.00%	573		46		2		0		621
Greater than 4.00%	92		0		0		0		92
Total	$	1,723	$	622	$	816	$	717	$	3,878
Group Insurance - Life / Disability
Less than 1.00%	$	0	$	0	$	0	$	1,021	$	1,021
1.00% - 1.99%	0		0		0		0		0
2.00% - 2.99%	28		0		0		0		28
3.00% - 4.00%	1,471		0		0		61		1,532
Greater than 4.00%	72		0		0		0		72
Total	$	1,571	$	0	$	0	$	1,082	$	2,653
Individual Life - Variable / Universal Life
Less than 1.00%	$	0	$	0	$	0	$	346	$	346
1.00% - 1.99%	226		0		1,662		1,789		3,677
2.00% - 2.99%	32		1,462		3,004		280		4,778
3.00% - 4.00%	4,366		4,177		1,144		24		9,711
Greater than 4.00%	5,460		0		0		0		5,460
Total	$	10,084	$	5,639	$	5,810	$	2,439	$	23,972
International Businesses - Life Planner
Less than 1.00%	$	324	$	43	$	86	$	2,311	$	2,764
1.00% - 1.99%	2,766		26		0		0		2,792
2.00% - 2.99%	1,975		0		0		0		1,975
3.00% - 4.00%	356		0		0		0		356
Greater than 4.00%	384		0		0		0		384
Total	$	5,805	$	69	$	86	$	2,311	$	8,271
International Businesses - Gibraltar Life and Other
Less than 1.00%	$	15,637	$	0	$	0	$	0	$	15,637
1.00% - 1.99%	8,346		60		0		0		8,406
2.00% - 2.99%	3,000		290		35		0		3,325
3.00% - 4.00%	5,287		0		0		0		5,287
Greater than 4.00%	5,661		0		0		0		5,661
Total	$	37,931	$	350	$	35	$	0	$	38,316


	March 31, 2023
Range of Guaranteed Minimum Crediting Rate (1)	At guaranteed minimum		1 - 50 bps above guaranteed minimum		51 - 150 bps above guaranteed minimum		Greater than 150 bps above guaranteed minimum		Total
	(in millions)
Retirement Strategies - Institutional
Less than 1.00%	$	400	$	0	$	0	$	0	$	400
1.00% - 1.99%	1,551		0		0		0		1,551
2.00% - 2.99%	583		0		0		0		583
3.00% - 4.00%	5,628		0		0		0		5,628
Greater than 4.00%	1,519		0		0		0		1,519
Total	$	9,681	$	0	$	0	$	0	$	9,681
Retirement Strategies - Individual Variable
Less than 1.00%	$	1,005	$	848	$	19	$	0	$	1,872
1.00% - 1.99%	239		2		1		0		242
2.00% - 2.99%	32		2		0		0		34
3.00% - 4.00%	2,209		9		10		0		2,228
Greater than 4.00%	104		0		0		0		104
Total	$	3,589	$	861	$	30	$	0	$	4,480
Retirement Strategies - Individual Fixed
Less than 1.00%	$	0	$	0	$	0	$	0	$	0
1.00% - 1.99%	585		128		253		84		1,050
2.00% - 2.99%	496		211		27		11		745
3.00% - 4.00%	371		6		0		0		377
Greater than 4.00%	101		0		0		0		101
Total	$	1,553	$	345	$	280	$	95	$	2,273
Group Insurance - Life / Disability
Less than 1.00%	$	0	$	0	$	0	$	1,441	$	1,441
1.00% - 1.99%	0		0		0		0		0
2.00% - 2.99%	56		0		0		0		56
3.00% - 4.00%	1,634		0		0		0		1,634
Greater than 4.00%	3		0		0		0		3
Total	$	1,693	$	0	$	0	$	1,441	$	3,134
Individual Life - Variable / Universal Life
Less than 1.00%	$	0	$	0	$	0	$	11	$	11
1.00% - 1.99%	150		0		1,073		1,949		3,172
2.00% - 2.99%	374		123		4,019		280		4,796
3.00% - 4.00%	7,565		1,918		561		7		10,051
Greater than 4.00%	5,549		0		0		0		5,549
Total	$	13,638	$	2,041	$	5,653	$	2,247	$	23,579
International Businesses - Life Planner
Less than 1.00%	$	357	$	27	$	91	$	831	$	1,306
1.00% - 1.99%	3,156		25		0		0		3,181
2.00% - 2.99%	2,259		0		0		0		2,259
3.00% - 4.00%	339		0		0		0		339
Greater than 4.00%	407		0		0		0		407
Total	$	6,518	$	52	$	91	$	831	$	7,492
International Businesses - Gibraltar Life and Other
Less than 1.00%	$	17,023	$	0	$	0	$	0	$	17,023
1.00% - 1.99%	9,870		0		0		0		9,870
2.00% - 2.99%	3,253		335		40		0		3,628
3.00% - 4.00%	3,201		0		0		0		3,201
Greater than 4.00%	1,904		0		0		0		1,904
Total	$	35,251	$	335	$	40	$	0	$	35,626

____________

(1) Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options and Japan variable products.

Unearned Revenue Reserve (“URR”)

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


	Three Months Ended March 31, 2024
	Individual Life		International Businesses
	Variable/ Universal Life		Life Planner		Gibraltar Life and Other		Total
	(in millions)
Balance, BOP	$	4,613	$	359	$	95	$	5,067
Unearned revenue	215		37		5		257
Amortization expense	(58)		(4)		(1)		(63)
Other adjustments	0		0		0		0
FX adjustment	0		(14)		(4)		(18)
Balance, EOP	4,770		378		95		5,243
Less: Reinsurance recoverables	398		0		0		398
Balance after reinsurance recoverables, EOP	$	4,372	$	378	$	95	$	4,845
Other businesses							51
Total balance after reinsurance recoverables, EOP							$	4,896


	Three Months Ended March 31, 2023
	Individual Life		International Businesses
	Variable/ Universal Life		Life Planner		Gibraltar Life and Other		Total
	(in millions)
Balance, BOP	$	3,983	$	231	$	81	$	4,295
Unearned revenue	204		37		6		247
Amortization expense	(47)		(2)		(1)		(50)
Other adjustments	0		1		0		1
FX adjustment	0		(2)		0		(2)
Balance, EOP	4,140		265		86		4,491
Less: Reinsurance recoverables	0		0		0		0
Balance after reinsurance recoverables, EOP	$	4,140	$	265	$	86	$	4,491
Other businesses							53
Total balance after reinsurance recoverables, EOP							$	4,544

MARKET RISK BENEFITS

The following table shows a rollforward of MRB balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:


	Three Months Ended March 31,
	2024		2023
	(in millions)
Balance, BOP	$	4,038	$	4,987
Effect of cumulative changes in NPR	1,137		1,828
Balance, BOP, before effect of changes in NPR	5,175		6,815
Attributed fees collected	288		300
Claims paid	(22)		(32)
Interest accrual	74		85
Actual in force different from expected	2		19
Effect of changes in interest rates	(868)		463
Effect of changes in equity markets	(888)		(671)

Issuances	13		0


Other adjustments	14		78
Balance, EOP, before effect of changes in NPR	3,788		7,057
Effect of cumulative changes in NPR	(886)		(2,014)
Balance, EOP	2,902		5,043
Less: Reinsured MRBs	560		28
Balance, EOP, net of reinsurance	2,342		5,015
Other businesses	57		105
Total net MRB balance	$	2,399	$	5,120

The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods.

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

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

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

For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance.

For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior.

The following table presents accompanying information to the rollforward table above.


	March 31, 2024		March 31, 2023
	($ in millions)
Net amount at risk(1)	$	8,970	$	11,332
Weighted-average attained age of contractholders	70		69

__________

(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.

The tables below reconcile MRB asset and liability positions as of the following dates:


	March 31, 2024
	Retirement Strategies
	Individual Variable		Other Businesses		Total
	(in millions)
Direct and assumed	$	1,497	$	10	$	1,507
Ceded	715		3		718
Total MRB assets	$	2,212	$	13	$	2,225

Direct and assumed	$	4,399	$	70	$	4,469
Ceded	155		0		155
Total MRB liabilities	$	4,554	$	70	$	4,624

Net liability	$	2,342	$	57	$	2,399


	March 31, 2023
	Retirement Strategies
	Individual Variable		Other Businesses		Total
	(in millions)
Direct and assumed	$	895	$	10	$	905
Ceded	67		4		71
Total MRB assets	$	962	$	14	$	976

Direct and assumed	$	5,938	$	118	$	6,056
Ceded	40		0		40
Total MRB liabilities	$	5,978	$	118	$	6,096

Net liability	$	5,016	$	104	$	5,120

Policyholders' Account Balances

3 Months Ended

Mar. 31, 2024

Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]

Liabilities for Future Policy Benefits

LIABILITY FOR FUTURE POLICY BENEFITS

Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below:

•Benefit Reserves;

•Deferred Profit Liability (“DPL”); and

•Additional Insurance Reserves (“AIR”)

Benefit Reserves

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


	Three Months Ended March 31, 2024
	Present Value of Expected Net Premiums
	Retirement Strategies		Individual Life		International Businesses				Corporate and Other
	Institutional		Term Life		Life Planner		Gibraltar Life and Other		Long-Term Care		Total
	(in millions)
Balance, BOP	$	71,407	$	11,274	$	29,064	$	26,367	$	3,286	$	141,398
Effect of cumulative changes in discount rate assumptions, BOP	11,869		228		596		622		16		13,331
Balance at original discount rate, BOP	83,276		11,502		29,660		26,989		3,302		154,729

Effect of actual variances from expected experience and other activity	176		(57)		(352)		(191)		49		(375)
Adjusted balance, BOP	83,452		11,445		29,308		26,798		3,351		154,354
Issuances	8,799		199		671		285		0		9,954
Net premiums / considerations collected	(10,124)		(345)		(1,091)		(938)		(86)		(12,584)
Interest accrual	708		134		218		182		40		1,282
Foreign currency adjustment	(875)		0		(981)		(863)		0		(2,719)
Other adjustments	0		(1)		40		(1)		0		38
Balance at original discount rate, EOP	81,960		11,432		28,165		25,463		3,305		150,325
Effect of cumulative changes in discount rate assumptions, EOP	(13,442)		(443)		(881)		(856)		(87)		(15,709)
Balance, EOP	$	68,518	$	10,989	$	27,284	$	24,607	$	3,218	$	134,616
Other businesses, EOP											88
Total balance, EOP											$	134,704


	Three Months Ended March 31, 2024
	Present Value of Expected Future Policy Benefits
	Retirement Strategies		Individual Life		International Businesses				Corporate and Other
	Institutional		Term Life		Life Planner		Gibraltar Life and Other		Long-Term Care		Total
	(in millions)
Balance, BOP	$	141,135	$	19,852	$	79,822	$	79,036	$	12,139	$	331,984
Effect of cumulative changes in discount rate assumptions, BOP	14,751		334		563		7,355		603		23,606
Balance at original discount rate, BOP	155,886		20,186		80,385		86,391		12,742		355,590

Effect of actual variances from expected experience and other activity	162		(65)		(359)		(180)		42		(400)
Adjusted balance, BOP	156,048		20,121		80,026		86,211		12,784		355,190
Issuances	8,799		199		671		285		0		9,954
Interest accrual	1,493		237		648		552		153		3,083
Benefit payments	(3,114)		(404)		(1,228)		(1,349)		(77)		(6,172)
Foreign currency adjustment	(886)		0		(2,825)		(3,152)		0		(6,863)
Other adjustments	(48)		(4)		94		(3)		0		39
Balance at original discount rate, EOP	162,292		20,149		77,386		82,544		12,860		355,231
Effect of cumulative changes in discount rate assumptions, EOP	(17,715)		(769)		(2,347)		(8,578)		(1,033)		(30,442)
Balance, EOP	$	144,577	$	19,380	$	75,039	$	73,966	$	11,827	$	324,789
Other businesses, EOP											1,701


Total balance, EOP											$	326,490


	Three Months Ended March 31, 2024
	Net Liability for Future Policy Benefits - Benefit Reserves
	Retirement Strategies		Individual Life		International Businesses				Corporate and Other
	Institutional		Term Life		Life Planner		Gibraltar Life and Other		Long-Term Care		Total
	(in millions)
Balance, EOP, pre-flooring	$	76,060	$	8,391	$	47,755	$	49,360	$	8,608	$	190,174
Flooring impact, EOP	56		0		19		7		0		82
Balance, EOP, post-flooring	76,116		8,391		47,774		49,367		8,608		190,256
Less: Reinsurance recoverables	5,340		690		98		285		0		6,413
Balance after reinsurance recoverables, EOP, post-flooring	$	70,776	$	7,701	$	47,676	$	49,082	$	8,608	$	183,843
Other businesses, EOP(1)											1,547


Total balance after reinsurance recoverables, EOP											$	185,390


	Three Months Ended March 31, 2023
	Present Value of Expected Net Premiums
	Retirement Strategies		Individual Life		International Businesses				Corporate and Other
	Institutional		Term Life		Life Planner		Gibraltar Life and Other		Long-Term Care		Total
	(in millions)
Balance, BOP	$	52,620	$	11,282	$	30,689	$	28,951	$	2,932	$	126,474
Effect of cumulative changes in discount rate assumptions, BOP	14,349		572		1,354		1,326		103		17,704
Balance at original discount rate, BOP	66,969		11,854		32,043		30,277		3,035		144,178

Effect of actual variances from expected experience and other activity	141		(17)		(193)		(159)		45		(183)
Adjusted balance, BOP	67,110		11,837		31,850		30,118		3,080		143,995
Issuances	2,932		143		647		443		0		4,165
Net premiums / considerations collected	(3,637)		(353)		(1,178)		(1,079)		(77)		(6,324)
Interest accrual	517		136		230		204		37		1,124
Foreign currency adjustment	1,867		0		(31)		(120)		0		1,716
Other adjustments	0		(4)		40		1		0		37
Balance at original discount rate, EOP	68,789		11,759		31,558		29,567		3,040		144,713
Effect of cumulative changes in discount rate assumptions, EOP	(13,465)		(321)		(618)		(611)		(30)		(15,045)
Balance, EOP	$	55,324	$	11,438	$	30,940	$	28,956	$	3,010	$	129,668
Other businesses, EOP											92
Total balance, EOP											$	129,760


	Three Months Ended March 31, 2023
	Present Value of Expected Future Policy Benefits
	Retirement Strategies		Individual Life		International Businesses				Corporate and Other
	Institutional		Term Life		Life Planner		Gibraltar Life and Other		Long-Term Care		Total
	(in millions)
Balance, BOP	$	117,754	$	19,288	$	78,639	$	80,331	$	10,685	$	306,697
Effect of cumulative changes in discount rate assumptions, BOP	20,170		1,012		3,719		11,266		1,216		37,383
Balance at original discount rate, BOP	137,924		20,300		82,358		91,597		11,901		344,080

Effect of actual variances from expected experience and other activity	98		(24)		(167)		(154)		53		(194)
Adjusted balance, BOP	138,022		20,276		82,191		91,443		11,954		343,886
Issuances	2,932		143		647		443		0		4,165
Interest accrual	1,208		237		663		585		143		2,836
Benefit payments	(2,795)		(406)		(947)		(1,152)		(60)		(5,360)
Foreign currency adjustment	1,908		0		(163)		(432)		0		1,313
Other adjustments	48		(7)		93		(2)		0		132
Balance at original discount rate, EOP	141,323		20,243		82,484		90,885		12,037		346,972
Effect of cumulative changes in discount rate assumptions, EOP	(17,578)		(490)		244		(7,214)		(738)		(25,776)
Balance, EOP	$	123,745	$	19,753	$	82,728	$	83,671	$	11,299	$	321,196
Other businesses, EOP											1,952


Total balance, EOP											$	323,148


	Three Months Ended March 31, 2023
	Net Liability for Future Policy Benefits - Benefit Reserves
	Retirement Strategies		Individual Life		International Businesses				Corporate and Other
	Institutional		Term Life		Life Planner		Gibraltar Life and Other		Long-Term Care		Total
	(in millions)
Balance, EOP, pre-flooring	$	68,421	$	8,315	$	51,789	$	54,715	$	8,288	$	191,528
Flooring impact, EOP	4		0		26		11		0		41
Balance, EOP, post-flooring	68,425		8,315		51,815		54,726		8,288		191,569
Less: Reinsurance recoverables	0		728		112		222		0		1,062
Balance after reinsurance recoverables, EOP, post-flooring	$	68,425	$	7,587	$	51,703	$	54,504	$	8,288	$	190,507
Other businesses, EOP(1)											1,786


Total balance after reinsurance recoverables, EOP											$	192,293

__________

(1)Reflects balance after reinsurance recoverables of $65 million and $74 million at March 31, 2024 and 2023, respectively.

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 period indicated:


	Three Months Ended March 31, 2024

	Retirement Strategies			Individual Life			International Businesses						Corporate and Other
	Institutional			Term Life			Life Planner			Gibraltar Life and Other			Long-Term Care
	($ in millions)
Undiscounted expected future gross premiums	$	131,869		$	23,001		$	66,266		$	53,342		$	6,858
Discounted expected future gross premiums (at original discount rate)	$	89,183		$	15,258		$	51,131		$	42,749		$	4,525
Discounted expected future gross premiums (at current discount rate)	$	72,848		$	14,693		$	50,018		$	41,467		$	4,410
Undiscounted expected future benefits and expenses	$	253,981		$	31,039		$	134,541		$	135,676		$	30,755
Interest accrual	$	785		$	103		$	430		$	370		$	113
Gross premiums	$	10,277		$	458		$	1,671		$	1,529		$	118
Weighted-average duration of the liability in years (at original discount rate)	9			10			19			19			18
Weighted-average duration of the liability in years (at current discount rate)	8			9			18			17			17
Weighted-average interest rate (at original discount rate)	4.70		%	5.16		%	3.46		%	2.60		%	4.91		%
Weighted-average interest rate (at current discount rate)	5.31		%	5.29		%	3.24		%	3.14		%	5.50		%


	Three Months Ended March 31, 2023

	Retirement Strategies			Individual Life			International Businesses						Corporate and Other
	Institutional			Term Life			Life Planner			Gibraltar Life and Other			Long-Term Care
	($ in millions)
Undiscounted expected future gross premiums	$	106,074		$	23,352		$	73,474		$	62,903		$	6,901
Discounted expected future gross premiums (at original discount rate)	$	74,439		$	15,526		$	56,950		$	49,872		$	4,507
Discounted expected future gross premiums (at current discount rate)	$	59,863		$	15,119		$	56,318		$	49,016		$	4,467
Undiscounted expected future benefits and expenses	$	215,874		$	31,258		$	147,802		$	154,197		$	29,713
Interest accrual	$	691		$	101		$	433		$	381		$	106
Gross premiums	$	3,892		$	461		$	1,867		$	1,767		$	114
Weighted-average duration of the liability in years (at original discount rate)	8			10			20			20			18
Weighted-average duration of the liability in years (at current discount rate)	8			10			20			18			18
Weighted-average interest rate (at original discount rate)	4.36		%	5.20		%	3.41		%	2.52		%	4.91		%
Weighted-average interest rate (at current discount rate)	5.09		%	5.05		%	2.82		%	2.69		%	5.34		%

For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter, such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss respectively.

For both the first three months of 2024 and 2023, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.

Deferred Profit Liability

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


	Three Months Ended March 31, 2024
	Deferred Profit Liability
	Retirement Strategies		International Businesses
	Institutional		Life Planner		Gibraltar Life and Other		Total
	(in millions)
Balance, BOP, post-flooring	$	5,615	$	3,956	$	5,303	$	14,874
Less: Flooring impact, BOP	0		1		1		2
Balance, BOP, pre-flooring	5,615		3,955		5,302		14,872

Effect of actual variances from expected experience and other activity	26		(8)		(15)		3
Adjusted balance, BOP	5,641		3,947		5,287		14,875
Profits deferred	38		420		312		770
Interest accrual	57		41		39		137
Amortization	(142)		(289)		(248)		(679)
Foreign currency adjustment	(3)		(107)		(141)		(251)
Other adjustments	0		11		0		11
Balance, EOP, pre-flooring	5,591		4,023		5,249		14,863
Flooring impact, EOP	0		1		1		2
Balance, EOP, post-flooring	5,591		4,024		5,250		14,865
Less: Reinsurance recoverables	382		9		31		422
Balance after reinsurance recoverables, EOP, post-flooring	$	5,209	$	4,015	$	5,219	14,443
Other businesses(1)							142
Total balance after reinsurance recoverables, EOP							$	14,585


	Three Months Ended March 31, 2023
	Deferred Profit Liability
	Retirement Strategies		International Businesses
	Institutional		Life Planner		Gibraltar Life and Other		Total
	(in millions)
Balance, BOP, post-flooring	$	5,532	$	3,379	$	5,261	$	14,172
Less: Flooring impact, BOP	0		0		1		1
Balance, BOP, pre-flooring	5,532		3,379		5,260		14,171

Effect of actual variances from expected experience and other activity	31		(3)		(10)		18
Adjusted balance, BOP	5,563		3,376		5,250		14,189
Profits deferred	164		451		373		988
Interest accrual	57		35		39		131
Amortization	(141)		(288)		(257)		(686)
Foreign currency adjustment	7		8		(18)		(3)
Other adjustments	0		10		0		10
Balance, EOP, pre-flooring	5,650		3,592		5,387		14,629
Flooring impact, EOP	0		0		1		1
Balance, EOP, post-flooring	5,650		3,592		5,388		14,630
Less: Reinsurance recoverables	0		9		11		20
Balance after reinsurance recoverables, EOP, post-flooring	$	5,650	$	3,583	$	5,377	14,610
Other businesses(1)							185
Total balance after reinsurance recoverables, EOP							$	14,795

The following tables provide supplemental information related to the balances of and changes in DPL, included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated:


	Three Months Ended March 31, 2024

	Retirement Strategies		International Businesses
	Institutional		Life Planner		Gibraltar Life and Other
	(in millions)
Revenue(1)	$	20	$	(175)	$	(88)
Interest accrual	$	57	$	41	$	39


	Three Months Ended March 31, 2023

	Retirement Strategies		International Businesses
	Institutional		Life Planner		Gibraltar Life and Other
	(in millions)
Revenue(1)	$	(111)	$	(205)	$	(145)
Interest accrual	$	57	$	35	$	39

__________

(1)Represents the gross premiums collected in changes in DPL excluding impact of foreign currency adjustments.

Additional Insurance Reserves

AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits (“GMDB”) and guaranteed minimum income benefits (“GMIB”) contract features, that are above and beyond the contractholder's account balance.

The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance:


	Three Months Ended March 31,
	2024		2023
	(in millions)
Balance, including amounts in AOCI, BOP, post-flooring	$	14,308	$	12,684
Flooring impact and amounts in AOCI	843		1,285
Balance, excluding amounts in AOCI, BOP, pre-flooring	15,151		13,969

Effect of actual variances from expected experience and other activity	144		(33)
Adjusted balance, BOP	15,295		13,936
Assessments collected(1)	292		270
Interest accrual	129		118
Benefits paid	(72)		(74)
Balance, excluding amounts in AOCI, EOP, pre-flooring	15,644		14,250
Flooring impact and amounts in AOCI	(1,029)		(1,016)
Balance, including amounts in AOCI, EOP, post-flooring	14,615		13,234
Less: Reinsurance recoverables	7,198		5,338
Balance after reinsurance recoverables, including amounts in AOCI, EOP	7,417		7,896
Other businesses	117		151
Total balance after reinsurance recoverables	$	7,534	$	8,047

__________

(1)Represents the portion of gross assessments required to fund the future policy benefits.


	Three Months Ended March 31,
	2024			2023
	($ in millions)
Interest accrual	$	129		$	118
Gross assessments	$	788		$	827
Weighted-average duration of the liability in years (at original discount rate)	22			22
Weighted-average interest rate (at original discount rate)	3.39		%	3.38		%

Future Policy Benefits Reconciliation

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


	Three Months Ended March 31,
	2024		2023
	(in millions)
Benefit reserves, EOP, post-flooring	$	191,868	$	193,429
Deferred Profit Liability EOP, post-flooring	15,007		14,814
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring	14,732		13,385
Subtotal of amounts disclosed above	221,607		221,628
Other Future Policy Benefits reserves(1)	51,183		51,958
Total Future Policy Benefits	$	272,790	$	273,586

__________

(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.

Revenue and Interest Expense

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


	Three Months Ended March 31, 2024
	Revenues(1)
	Retirement Strategies		Individual Life				International Businesses
	Institutional		Term Life		Variable/Universal Life		Life Planner		Gibraltar Life and Other		Other Businesses(2)		Total
	(in millions)
Benefit reserves	$	10,277	$	458	$	0	$	1,671	$	1,529	$	140	$	14,075
Deferred profit liability	20		0		0		(175)		(88)		7		(236)
Additional insurance reserves	0		0		788		0		0		0		788
Total	$	10,297	$	458	$	788	$	1,496	$	1,441	$	147	$	14,627


	Three Months Ended March 31, 2023
	Revenues(1)
	Retirement Strategies		Individual Life				International Businesses
	Institutional		Term Life		Variable/Universal Life		Life Planner		Gibraltar Life and Other		Other Businesses(2)		Total
	(in millions)
Benefit reserves	$	3,892	$	461	$	0	$	1,867	$	1,767	$	142	$	8,129
Deferred profit liability	(111)		0		0		(205)		(145)		(2)		(463)
Additional insurance reserves	0		0		827		0		0		0		827
Total	$	3,781	$	461	$	827	$	1,662	$	1,622	$	140	$	8,493


	Three Months Ended March 31, 2024
	Interest Expense
	Retirement Strategies		Individual Life				International Businesses
	Institutional		Term Life		Variable/Universal Life		Life Planner		Gibraltar Life and Other		Other Businesses(2)		Total
	(in millions)
Benefit reserves	$	786	$	103	$	0	$	430	$	370	$	127	$	1,816
Deferred profit liability	57		0		0		41		39		1		138
Additional insurance reserves	0		0		129		0		0		0		129
Total	$	843	$	103	$	129	$	471	$	409	$	128	$	2,083


	Three Months Ended March 31, 2023
	Interest Expense
	Retirement Strategies		Individual Life				International Businesses
	Institutional		Term Life		Variable/Universal Life		Life Planner		Gibraltar Life and Other		Other Businesses(2)		Total
	(in millions)
Benefit reserves	$	691	$	101	$	0	$	433	$	381	$	120	$	1,726
Deferred profit liability	57		0		0		35		39		1		132
Additional insurance reserves	0		0		118		0		0		0		118
Total	$	748	$	101	$	118	$	468	$	420	$	121	$	1,976

__________

(1)Represents “Gross Premiums” for benefit reserves, “Revenue” for DPL and “Gross Assessments” for AIR.

(2)Includes remaining balances disclosed above and balances for which disaggregated rollforward disclosures may not be presented above.

POLICYHOLDERS’ ACCOUNT BALANCES

The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:


	Three Months Ended March 31, 2024
	Retirement Strategies									Group Insurance			Individual Life			International Businesses						Total
	Institutional			Individual Variable			Individual Fixed			Life/Disability			Variable/Universal Life			Life Planner			Gibraltar Life and Other
	($ in millions)
Balance, BOP	$	17,738		$	23,765		$	7,095		$	5,293		$	27,439		$	12,949		$	38,450		$	132,729
Deposits	1,919			1,626			1,570			138			612			560			1,492			7,917
Interest credited	175			108			50			40			189			418			219			1,199
Acquisitions and dispositions	0			0			0			0			0			0			0			0
Policy charges	(3)			(4)			0			(80)			(513)			(81)			(75)			(756)
Surrenders and withdrawals	(1,231)			(231)			(150)			(434)			(420)			(76)			(439)			(2,981)
Benefit payments	(149)			(18)			(19)			0			(37)			(68)			(458)			(749)
Net transfers (to) from separate account	0			(3)			0			0			139			0			0			136
Change in market value and other adjustments(1)	1			1,360			88			0			37			(2)			(7)			1,477
Foreign currency adjustment	0			0			0			0			0			(624)			(762)			(1,386)
Balance, EOP	$	18,450		$	26,603		$	8,634		$	4,957		$	27,446		$	13,076		$	38,420		$	137,586


Closed Block Division																						4,464
Unearned revenue reserve, unearned expense credit, and additional interest reserve																						5,501
Other(2)																						4,259
Total Policyholders' account balance																						$	151,810
Weighted-average crediting rate	3.87		%	1.71		%	2.54		%	3.08		%	2.76		%	12.86		%	2.28		%	3.55		%
Net amount at risk(3)	$	0		$	0		$	0		$	74,075		$	384,991		$	18,637		$	6,097		$	483,800
Cash surrender value(4)	$	18,450		$	24,376		$	7,174		$	3,812		$	23,439		$	11,391		$	34,012		$	122,654


	Three Months Ended March 31, 2023
	Retirement Strategies									Group Insurance			Individual Life			International Businesses						Total
	Institutional			Individual Variable			Individual Fixed			Life/Disability			Variable/Universal Life			Life Planner			Gibraltar Life and Other
	($ in millions)
Balance, BOP	$	17,376		$	17,524		$	4,643		$	5,839		$	26,502		$	11,168		$	35,325		$	118,377
Deposits	1,376			1,043			582			204			617			645			1,287			5,754
Interest credited	160			87			20			44			199			177			172			859
Acquisitions and Dispositions	0			0			0			0			0			0			0			0
Policy charges	(6)			(6)			0			(83)			(514)			(77)			(40)			(726)
Surrenders and withdrawals	(1,371)			(148)			(88)			(453)			(439)			(51)			(275)			(2,825)
Benefit payments	(139)			(28)			(32)			0			(46)			(75)			(440)			(760)
Net transfers (to) from separate account	0			19			0			0			77			0			0			96
Change in market value and other adjustments(1)	0			191			9			0			91			6			2			299
Foreign currency adjustment	0			0			0			0			0			(76)			(143)			(219)
Balance, EOP	$	17,396		$	18,682		$	5,134		$	5,551		$	26,487		$	11,717		$	35,888		$	120,855


Closed Block Division																						4,572
Unearned revenue reserve, unearned expense credit, and additional interest reserve																						4,772
Other(2)																						7,940
Total Policyholders' account balance																						$	138,139
Weighted-average crediting rate	3.69		%	1.92		%	1.63		%	3.09		%	3.00		%	6.19		%	1.93		%	2.87		%
Net amount at risk(3)	$	0		$	0		$	0		$	72,259		$	370,778		$	18,055		$	6,971		$	468,063
Cash surrender value(4)	$	17,396		$	16,640		$	4,045		$	3,984		$	21,846		$	10,100		$	31,233		$	105,244