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As Of Filer Filing For·On·As Docs:Size 5/04/23 Prudential Financial Inc. 10-Q 3/31/23 164:56M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 12.81M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 49K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 49K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 45K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 45K 11: R1 Cover HTML 106K 12: R2 Unaudited Interim Consolidated Statements of HTML 194K Financial Position 13: R3 Unaudited Interim Consolidated Statements of HTML 100K Financial Position (Parenthetical) 14: R4 Unaudited Interim Consolidated Statements of HTML 148K Operations 15: R5 Unaudited Interim Consolidated Statements of HTML 99K Comprehensive Income 16: R6 Unaudited Interim Consolidated Statements of HTML 103K Equity 17: R7 Unaudited Interim Consolidated Statements of Cash HTML 219K Flows 18: R8 Unaudited Interim Consolidated Statements of HTML 46K Operations (Parenthetical) 19: R9 Business and Basis of Presentation HTML 408K 20: R10 Significant Accounting Policies and Pronouncements HTML 118K 21: R11 Investments HTML 853K 22: R12 Variable Interest Entities HTML 82K 23: R13 Derivative Instruments HTML 481K 24: R14 Fair Value of Assets and Liabilities HTML 796K 25: R15 Deferred Policy Acquisition Costs, Deferred Sales HTML 133K Inducements and Value of Business Acquired 26: R16 Separate Accounts HTML 149K 27: R17 Liability For Future Policy Benefits HTML 1.01M 28: R18 Policyholders' Account Balances HTML 1.01M 29: R19 Market Risk Benefits HTML 1.01M 30: R20 Reinsurance HTML 95K 31: R21 Closed Block HTML 101K 32: R22 Income Taxes HTML 55K 33: R23 Short-Term and Long-Term Debt HTML 93K 34: R24 Employee Benefit Plans HTML 76K 35: R25 Equity HTML 159K 36: R26 Earnings Per Share HTML 88K 37: R27 Segment Information HTML 274K 38: R28 Commitments and Contingent Liabilities HTML 97K 39: R29 Significant Accounting Policies and Pronouncements HTML 151K (Policies) 40: R30 Business and Basis of Presentation (Tables) HTML 1.02M 41: R31 Investments (Tables) HTML 893K 42: R32 Variable Interest Entities (Tables) HTML 81K 43: R33 Derivative Instruments (Tables) HTML 532K 44: R34 Fair Value of Assets and Liabilities (Tables) HTML 1.02M 45: R35 Deferred Policy Acquisition Costs, Deferred Sales HTML 176K Inducements and Value of Business Acquired (Tables) 46: R36 Separate Accounts (Tables) HTML 148K 47: R37 Liability For Future Policy Benefits (Tables) HTML 693K 48: R38 Policyholders' Account Balances (Tables) HTML 455K 49: R39 Market Risk Benefits (Tables) HTML 112K 50: R40 Reinsurance (Tables) HTML 85K 51: R41 Closed Block (Tables) HTML 102K 52: R42 Short-Term and Long-Term Debt (Tables) HTML 89K 53: R43 Employee Benefit Plans (Tables) HTML 71K 54: R44 Equity (Tables) HTML 163K 55: R45 Earnings Per Share (Tables) HTML 88K 56: R46 Segment Information (Tables) HTML 266K 57: R47 Commitments and Contingent Liabilities (Tables) HTML 120K 58: R48 Business and Basic Presentation (Narrative) HTML 92K (Details) 59: R49 Business and Basic Presentation (Summary Of HTML 159K Adoption Of New Guidance On Unaudited Interim Consolidated Statement for Financial Position) (Details) 60: R50 Business and Basic Presentation (Summary Of HTML 159K Adoption Of New Guidance On Unaudited Interim Consolidated Statement of Operations) (Details) 61: R51 Business and Basic Presentation (Summary Of HTML 102K Adoption Of New Guidance On Unaudited Consolidated Statements of Comprehensive Income) (Details) 62: R52 Business and Basic Presentation (Summary Of HTML 99K Adoption Of New Guidance On Unaudited Interim Consolidated Statement of Cash Flows) (Details) 63: R53 Business and Basis of Presentation (Transition HTML 64K Adjustment Roll Forward Of Retained Earnings) (Details) 64: R54 Business and Basis of Presentation (Transition HTML 71K Adjustment Roll Forward Of Accumulated Other Comprehensive Income) (Details) 65: R55 Business and Basis of Presentation (Schedule of HTML 101K Deferred Policy Acquisition Costs) (Details) 66: R56 Business and Basis of Presentation (Deferred Sales HTML 64K Inducements) (Details) 67: R57 Business and Basis of Presentation (Value of HTML 71K Business Acquired) (Details) 68: R58 Business and Basis of Presentation (Liability for HTML 158K Future Policy Benefit-Benefits Reserve) (Details) 69: R59 Business and Basis of Presentation (Liability for HTML 113K Future Policy Benefit-Deferred Profit Liability) (Details) 70: R60 Business and Basis of Presentation (Additional HTML 138K Insurance Reserves) (Details) 71: R61 Business and Basis of Presentation (Universal Life HTML 88K Loss Recognition Reserves/Profit Followed by Losses Liability) (Details) 72: R62 Business and Basis of Presentation HTML 126K (Non-Participating Traditional and Limited-Pay Loss Recognition Reserves/Profit Followed by Losses Liability) (Details) 73: R63 Business and Basis of Presentation (Terminal HTML 96K Dividend Liability) (Details) 74: R64 Business and Basis of Presentation (Unearned HTML 100K Revenue Reserves) (Details) 75: R65 Business and Basis of Presentation (Market Risk HTML 95K Benefit, Activity) (Details) 76: R66 Business and Basis of Presentation (Cost Of HTML 73K Reinsurance) (Details) 77: R67 Significant Accounting Policies and Pronouncements HTML 67K (Details) 78: R68 Investments (Fixed Maturities Securities Excluding HTML 131K Investments Classified as Trading) (Details) 79: R69 Investments (Fair Value and Losses by Investment HTML 103K Category and Length of Time in a Loss Position) (Details) 80: R70 Investments (Amortized Cost and Fair Value of HTML 155K Fixed Maturities by Contractual Maturities) (Details) 81: R71 Investments (Narrative) (Details) HTML 96K 82: R72 Investments (Fixed Maturity Proceeds) (Details) HTML 75K 83: R73 Investments (Credit Losses Recognized In Earnings HTML 111K on Fixed Maturity Securities Held by the Company) (Details) 84: R74 Investments (Assets Supporting Experience-Rated HTML 79K Contractholder Liabilities) (Details) 85: R75 Investments (Concentrations of Credit Risk) HTML 71K (Details) 86: R76 Investments (Commercial Mortgage and Other Loans) HTML 91K (Details) 87: R77 Investments (Allowance for Credit Losses) HTML 72K (Details) 88: R78 Investments (Credit Quality Indicators) (Details) HTML 129K 89: R79 Investments (Analysis of Past Due Commercial HTML 107K Mortgage and Other Loans) (Details) 90: R80 Investments (Other Invested Assets) (Details) HTML 74K 91: R81 Investments (Accrued Investment Income) (Details) HTML 61K 92: R82 Investments (Net Investment Income) (Details) HTML 71K 93: R83 Investments (Realized Investment Gains Losses, HTML 61K Net) (Details) 94: R84 Investments (Net Unrealized Gains Losses on HTML 62K Investments) (Details) 95: R85 Investments (Repurchase Agreements and Securities HTML 102K Lending Transactions) (Details) 96: R86 Variable Interest Entities (Assets and Liabilities HTML 110K of Consolidated VIEs) (Details) 97: R87 Variable Interest Entities (Narrative) (Details) HTML 61K 98: R88 Derivative Instruments (Narrative) (Details) HTML 68K 99: R89 Derivative Instruments (Gross Notional Amount and HTML 103K Fair Value of Derivatives Contracts) (Details) 100: R90 Derivative Instruments (Hedged Item Offset By HTML 63K Derivatives Achieving Fair Value Hedge Accounting) (Details) 101: R91 Derivative Instruments (Offsetting Assets and HTML 137K Liabilities) (Details) 102: R92 Derivative Instruments (Financial Statement HTML 296K Classification and Impact of Derivatives Used in Qualifying and Non-qualifying Hedge Relationships) (Details) 103: R93 Derivative Instruments (Current Period Cash Flow HTML 61K Hedges in AOCI (loss) before Taxes) (Details) 104: R94 Derivative Instruments Derivative Instruments HTML 87K (Credit Derivatives) (Details) 105: R95 Fair Value of Assets and Liabilities (Balances of HTML 304K Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) 106: R96 Fair Value of Assets and Liabilities (Quantitative HTML 172K Info for Level 3 Inputs) (Details) 107: R97 Fair Value of Assets and Liabilities (Changes in HTML 279K Level 3 Assets and Liabilities) (Details) 108: R98 Fair Value of Assets and Liabilities (Derivative HTML 104K Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) 109: R99 Fair Value of Assets and Liabilities (Changes in HTML 80K Level 3 Derivative Assets and Liabilities) (Details) 110: R100 Fair Value of Assets and Liabilities (Nonrecurring HTML 60K Fair Value Measurements) (Details) 111: R101 Fair Value of Assets and Liabilities (Changes in HTML 65K Fair Values Recorded in Earnings for FVO Assets-Liabilities) (Details) 112: R102 Fair Value of Assets and Liabilities (Financial HTML 156K Instruments where Carrying Amounts and Fair Values May Differ) (Details) 113: R103 Deferred Policy Acquisition Costs (Balance of and HTML 100K Changes in DAC) (Details) 114: R104 Deferred Policy Acquisition Costs (Balance of and HTML 59K Changes in DSI) (Details) 115: R105 Deferred Policy Acquisition Costs (Balance of and HTML 70K Changes in VOBA) (Details) 116: R106 Deferred Policy Acquisition Costs (Estimated HTML 62K Future VOBA Amortization, Net of Interest) (Details) 117: R107 Separate Accounts (Separate Account Assets) HTML 81K (Details) 118: R108 Separate Accounts (Separate Account Liabilities) HTML 106K (Details) 119: R109 Liability For Future Policy Benefits (Details) HTML 257K 120: R110 Liability For Future Policy Benefits (Deferred HTML 144K Profit Liability) (Details) 121: R111 Liability For Future Policy Benefits (Changes In HTML 73K Deferred Profit Liability) (Details) 122: R112 Liability For Future Policy Benefits (Additional HTML 86K Insurance Reserves) (Details) 123: R113 Liability For Future Policy Benefits (Loss HTML 46K Recognition) (Details) 124: R114 Liability For Future Policy Benefits (Future HTML 58K Policy Benefits) (Details) 125: R115 Liability For Future Policy Benefits (Revenue and HTML 109K Interest Expense) (Details) 126: R116 Policyholders' Account Balances (Details) HTML 190K 127: R117 Policyholders' Account Balances (Guaranteed HTML 492K Minimum Crediting Rate) (Details) 128: R118 Market Risk Benefits - Rollforward of Balances for HTML 101K Variable Annuity Products (Details) 129: R119 Market Risk Benefits - Market Risk Benefits In HTML 74K Asset and Liability Positions (Details) 130: R120 Reinsurance - Narrative (Details) HTML 71K 131: R121 Reinsurance - Reinsurance Amounts Included in HTML 90K Statement of Operations (Details) 132: R122 Reinsurance - Reinsurance Recoverable (Details) HTML 62K 133: R123 Closed Block (Narrative) (Details) HTML 49K 134: R124 Closed Block (Closed Block Liabilities and Assets HTML 103K Designated to Closed Block; Maximum Future Earnings to be Recognized) (Details) 135: R125 Closed Block (Information Regarding Policyholder HTML 52K Dividend Obligation) (Details) 136: R126 Closed Block (Closed Block Revenues and Benefits HTML 74K and Expenses) (Details) 137: R127 Income Taxes (Narrative) (Details) HTML 60K 138: R128 Short-Term and Long-Term Debt (Short-Term Debt) HTML 78K (Details) 139: R129 Short-Term and Long-Term Debt (Narrative) HTML 86K (Details) 140: R130 Short-Term and Long-Term Debt (Long-Term Debt) HTML 77K (Details) 141: R131 Employee Benefit Plans (Narrative) (Details) HTML 53K 142: R132 Employee Benefit Plans (Components of Net Periodic HTML 74K Benefit Cost Included in General and Administrative Expenses) (Details) 143: R133 Equity (Common Stock Changes in Number of Shares HTML 64K Issued, Held in Treasury and Outstanding) (Details) 144: R134 Equity (Narrative) (Details) HTML 55K 145: R135 Equity (Dividends Declared) (Details) HTML 46K 146: R136 Equity (Accumulated Other Comprehensive Income HTML 93K (Loss)) (Details) 147: R137 Equity (Reclassifications out of Accumulated Other HTML 92K Comprehensive Income (Loss)) (Details) 148: R138 Equity (Net Unrealized Investment Gains (Losses) HTML 84K in AOCI on AFS Fixed Maturity Securities with Allowance for Credit Losses and All Other Investments) (Details) 149: R139 Earnings Per Share (Reconciliation of the HTML 103K Numerators and Denominators of the Basic and Diluted Per Share) (Details) 150: R140 Earnings Per Share (Narrative) (Details) HTML 46K 151: R141 Earnings Per Share (Antidilutive Securities HTML 60K Excluded From the Computation of Diluted Earnings Per Share) (Details) 152: R142 Segment Information (Narratives) (Details) HTML 48K 153: R143 Segment Information (Reconciliation of Adjusted HTML 98K Operating Income and Net Income (Loss)) (Details) 154: R144 Segment Information (Reconciliation of Select HTML 109K Financial Information) (Details) 155: R145 Segment Information Segment Information (Asset HTML 49K Management and Service Fees) (Details) 156: R146 Segment Information (Certain Financial Information HTML 167K for the Reportable Segments) (Details) 157: R147 Commitments and Contingent Liabilities (Details) HTML 96K 158: R148 Commitments and Contingent Liabilities (Narrative HTML 78K Excluding Litigation) (Details) 159: R149 Commitments and Contingent Liabilities (Litigation HTML 46K Narrative) (Details) 162: XML IDEA XML File -- Filing Summary XML 346K 160: XML XBRL Instance -- pru-20230331_htm XML 21.40M 161: EXCEL IDEA Workbook of Financial Reports XLSX 622K 7: EX-101.CAL XBRL Calculations -- pru-20230331_cal XML 416K 8: EX-101.DEF XBRL Definitions -- pru-20230331_def XML 3.19M 9: EX-101.LAB XBRL Labels -- pru-20230331_lab XML 4.46M 10: EX-101.PRE XBRL Presentations -- pru-20230331_pre XML 3.71M 6: EX-101.SCH XBRL Schema -- pru-20230331 XSD 458K 163: JSON XBRL Instance as JSON Data -- MetaLinks 1,036± 1.77M 164: ZIP XBRL Zipped Folder -- 0001137774-23-000067-xbrl Zip 1.83M
pru-20230331 |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i New Jersey | i 22-3703799 | ||||
(State
or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
Title of Each Class | Trading Symbols(s) | Name of Each Exchange on Which Registered | ||||||
i Common Stock, Par Value $.01 | i PRU | i New York Stock Exchange | ||||||
i 5.950% Junior Subordinated Notes | i PRH | i New York Stock Exchange | ||||||
i 5.625% Junior Subordinated Notes | i PRS | i New York Stock Exchange | ||||||
i 4.125% Junior Subordinated Notes | i PFH | i New York Stock Exchange |
i Large Accelerated Filer | x | Accelerated Filer | ☐ | ||||||||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | i ☐ | ||||||||||||||
Emerging Growth Company | i ☐ |
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
March
31, 2023 | December 31, 2022 | |||||||||||||
ASSETS | ||||||||||||||
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2023-$ i 269; 2022-$ i 138)
(amortized cost: 2023-$ i 338,604; 2022-$ i 335,447)(1) | $ | i 320,512 | $ | i 307,719 | ||||||||||
Fixed
maturities, held-to-maturity, at amortized cost, net of allowance for credit losses (allowance for credit losses: 2023-$ i 2; 2022-$ i 2) (fair value:
2023-$ i 1,449; 2022-$ i 1,455)(1) | i 1,277 | i 1,296 | ||||||||||||
Fixed
maturities, trading, at fair value (amortized cost: 2023-$ i 7,427; 2022-$ i 7,303)(1) | i 6,269 | i 5,951 | ||||||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | i 2,958 | i 2,844 | ||||||||||||
Equity
securities, at fair value (cost: 2023-$ i 5,432; 2022-$ i 5,306)(1) | i 7,573 | i 7,150 | ||||||||||||
Commercial
mortgage and other loans (net of $ i 221 and $ i 203 allowance for credit losses; includes $ i 257
and $ i 137 of loans measured at fair value under the fair value option at March 31, 2023 and December 31, 2022, respectively)(1) | i 56,778 | i 56,745 | ||||||||||||
Policy loans | i 10,041 | i 10,046 | ||||||||||||
Other
invested assets (net of $ i 1 and $ i 1 allowance for credit losses; includes $ i 6,117
and $ i 5,682 of assets measured at fair value at March 31, 2023 and December 31, 2022, respectively)(1) | i 21,491 | i 21,099 | ||||||||||||
Short-term
investments (net of allowance for credit losses: 2023-$ i 7; 2022-$ i 6) | i 5,177 | i 4,591 | ||||||||||||
Total investments | i 432,076 | i 417,441 | ||||||||||||
Cash and cash equivalents(1) | i 17,425 | i 17,251 | ||||||||||||
Accrued investment income(1) | i 3,095 | i 3,012 | ||||||||||||
Deferred policy acquisition costs(2) | i 20,741 | i 20,546 | ||||||||||||
Value of business acquired(2) | i 601 | i 621 | ||||||||||||
Market risk benefit assets(2) | i 976 | i 800 | ||||||||||||
Other
assets (net of allowance for credit losses: 2023-$ i 26; 2022-$ i 26)(1)(2) | i 32,061 | i 31,679 | ||||||||||||
Separate account assets | i 202,294 | i 197,679 | ||||||||||||
TOTAL ASSETS | $ | i 709,269 | $ | i 689,029 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
LIABILITIES | ||||||||||||||
Future policy benefits(2) | $ | i 273,586 | $ | i 261,773 | ||||||||||
Policyholders’ account balances(2) | i 138,139 | i 135,624 | ||||||||||||
Market risk benefit liabilities(2) | i 6,096 | i 5,864 | ||||||||||||
Policyholders’ dividends | i 1,487 | i 694 | ||||||||||||
Securities sold under agreements to repurchase | i 6,617 | i 6,589 | ||||||||||||
Cash collateral for loaned securities | i 5,975 | i 6,100 | ||||||||||||
Income taxes(2) | i 517 | i 277 | ||||||||||||
Short-term debt | i 705 | i 775 | ||||||||||||
Long-term debt | i 20,451 | i 19,908 | ||||||||||||
Other
liabilities (including allowance for credit losses: 2023-$ i 17; 2022-$ i 18 )(1)(2) | i 20,540 | i 21,824 | ||||||||||||
Notes issued by consolidated variable interest entities(1) | i 415 | i 374 | ||||||||||||
Separate account liabilities | i 202,294 | i 197,679 | ||||||||||||
Total liabilities | i 676,822 | i 657,481 | ||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 20) | i | i | ||||||||||||
EQUITY | ||||||||||||||
Preferred
Stock ($ i i 0.01 / par value; i i 10,000,000 /
shares authorized; i i none / issued) | i 0 | i 0 | ||||||||||||
Common
Stock ($ i i 0.01 / par value; i i 1,500,000,000 /
shares authorized; i i 666,305,189 / shares issued as of both March
31, 2023 and December 31, 2022) | i 6 | i 6 | ||||||||||||
Additional paid-in capital | i 25,643 | i 25,747 | ||||||||||||
Common
Stock held in treasury, at cost ( i 300,443,223 and i 300,342,458 shares at March 31, 2023 and December 31, 2022,
respectively) | ( i 23,147) | ( i 23,068) | ||||||||||||
Accumulated other comprehensive income (loss)(2) | ( i 3,825) | ( i 3,806) | ||||||||||||
Retained earnings(2) | i 32,708 | i 31,714 | ||||||||||||
Total Prudential Financial, Inc. equity | i 31,385 | i 30,593 | ||||||||||||
Noncontrolling interests | i 1,062 | i 955 | ||||||||||||
Total equity | i 32,447 | i 31,548 | ||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | i 709,269 | $ | i 689,029 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
REVENUES | |||||||||||||||||||||||
Premiums (includes 2023-$ i 16
and 2022-$ i 55 for gain (loss) from changes in estimates on deferred profit liability amortization)(1) | $ | i 9,363 | $ | i 7,689 | |||||||||||||||||||
Policy charges and fee income(1) | i 1,134 | i 1,299 | |||||||||||||||||||||
Net investment income | i 4,320 | i 4,358 | |||||||||||||||||||||
Asset management and service fees | i 917 | i 1,133 | |||||||||||||||||||||
Other income (loss)(1) | i 1,019 | ( i 1,310) | |||||||||||||||||||||
Realized investment gains (losses), net(1) | i 217 | ( i 1,044) | |||||||||||||||||||||
Change in value of market risk benefits, net of related hedging gains (losses)(1) | i 75 | ( i 270) | |||||||||||||||||||||
Total revenues | i 17,045 | i 11,855 | |||||||||||||||||||||
BENEFITS AND EXPENSES | |||||||||||||||||||||||
Policyholders’ benefits(1) | i 10,304 | i 8,775 | |||||||||||||||||||||
Change in estimates of liability for future policy benefits(1) | i 25 | ( i 145) | |||||||||||||||||||||
Interest credited to policyholders’ account balances(1) | i 981 | i 60 | |||||||||||||||||||||
Dividends to policyholders | i 319 | i 235 | |||||||||||||||||||||
Amortization of deferred policy acquisition costs(1) | i 365 | i 371 | |||||||||||||||||||||
General and administrative expenses(1) | i 3,204 | i 3,217 | |||||||||||||||||||||
Total benefits and expenses | i 15,198 | i 12,513 | |||||||||||||||||||||
INCOME
(LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | i 1,847 | ( i 658) | |||||||||||||||||||||
Total income tax expense (benefit)(1) | i 382 | ( i 144) | |||||||||||||||||||||
INCOME
(LOSS) BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | i 1,465 | ( i 514) | |||||||||||||||||||||
Equity in earnings of operating joint ventures, net of taxes | i 12 | i 8 | |||||||||||||||||||||
NET INCOME (LOSS) | i 1,477 | ( i 506) | |||||||||||||||||||||
Less: Income (loss) attributable to noncontrolling interests | i 15 | ( i 13) | |||||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. | $ | i 1,462 | $ | ( i 493) | |||||||||||||||||||
EARNINGS PER SHARE | |||||||||||||||||||||||
Basic earnings per share-Common Stock: | |||||||||||||||||||||||
Net income (loss) attributable to Prudential Financial, Inc. | $ | i 3.94 | $ | ( i 1.33) | |||||||||||||||||||
Diluted earnings per share-Common Stock: | |||||||||||||||||||||||
Net income (loss) attributable to Prudential Financial, Inc. | $ | i 3.93 | $ | ( i 1.33) |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
NET INCOME (LOSS) | $ | i 1,477 | $ | ( i 506) | |||||||||||||||||||
Other comprehensive income (loss), before tax: | |||||||||||||||||||||||
Foreign currency translation adjustments for the period(1) | i 13 | ( i 389) | |||||||||||||||||||||
Net unrealized investment gains (losses)(1) | i 8,379 | ( i 22,833) | |||||||||||||||||||||
Interest rate remeasurement of future policy benefits(1) | ( i 8,705) | i 23,589 | |||||||||||||||||||||
Gain (loss) from changes in non-performance risk on market risk benefits(1) | i 186 | i 1,107 | |||||||||||||||||||||
Defined
benefit pension and postretirement unrecognized periodic benefit (cost) | i 19 | i 65 | |||||||||||||||||||||
Total | ( i 108) | i 1,539 | |||||||||||||||||||||
Less: Income tax expense (benefit) related to other comprehensive income (loss)(1) | ( i 90) | i 599 | |||||||||||||||||||||
Other comprehensive income (loss), net of taxes | ( i 18) | i 940 | |||||||||||||||||||||
Comprehensive income (loss) | i 1,459 | i 434 | |||||||||||||||||||||
Less:
Comprehensive income (loss) attributable to noncontrolling interests | i 16 | ( i 14) | |||||||||||||||||||||
Comprehensive
income (loss) attributable to Prudential Financial, Inc. | $ | i 1,443 | $ | i 448 |
Prudential Financial, Inc. Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Common Stock Held In Treasury | Accumulated Other Comprehensive Income (Loss) | Total Prudential Financial, Inc. Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022(1) | $ | i 6 | $ | i 25,747 | $ | i 31,714 | $ | ( i 23,068) | $ | ( i 3,806) | $ | i 30,593 | $ | i 955 | $ | i 31,548 | |||||||||||||||||||||||||||||||
Common Stock acquired | ( i 250) | ( i 250) | ( i 250) | ||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | i 93 | i 93 | |||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( i 2) | ( i 2) | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation programs | ( i 104) | i 171 | i 67 | i 67 | |||||||||||||||||||||||||||||||||||||||||||
Dividends declared on Common Stock | ( i 468) | ( i 468) | ( i 468) | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | i 1,462 | i 1,462 | i 15 | i 1,477 | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( i 19) | ( i 19) | i 1 | ( i 18) | |||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | i 1,443 | i 16 | i 1,459 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | i 6 | $ | i 25,643 | $ | i 32,708 | $ | ( i 23,147) | $ | ( i 3,825) | $ | i 31,385 | $ | i 1,062 | $ | i 32,447 |
Prudential Financial, Inc. Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Common Stock Held In Treasury | Accumulated Other Comprehensive Income (Loss) | Total Prudential Financial, Inc. Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021(1) | $ | i 6 | $ | i 25,732 | $ | i 35,183 | $ | ( i 21,838) | $ | ( i 9,494) | $ | i 29,589 | $ | i 732 | $ | i 30,321 | |||||||||||||||||||||||||||||||
Common Stock acquired | ( i 375) | ( i 375) | ( i 375) | ||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | i 3 | i 3 | |||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | ( i 21) | ( i 21) | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation programs | ( i 73) | i 162 | i 89 | i 89 | |||||||||||||||||||||||||||||||||||||||||||
Dividends declared on Common Stock | ( i 462) | ( i 462) | ( i 462) | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | ( i 493) | ( i 493) | ( i 13) | ( i 506) | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | i 941 | i 941 | ( i 1) | i 940 | |||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | i 448 | ( i 14) | i 434 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022(1) | $ | i 6 | $ | i 25,659 | $ | i 34,228 | $ | ( i 22,051) | $ | ( i 8,553) | $ | i 29,289 | $ | i 700 | $ | i 29,989 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income (loss)(1) | $ | i 1,477 | $ | ( i 506) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Realized investment (gains) losses, net(1) | ( i 217) | i 1,044 | |||||||||
Change in value of market risk benefits, net of related hedging (gains) losses(1) | ( i 75) | i 270 | |||||||||
Policy charges and fee income(1) | ( i 540) | ( i 557) | |||||||||
Interest credited to policyholders’ account balances(1) | i 981 | i 60 | |||||||||
Depreciation and amortization(1) | i 41 | i 15 | |||||||||
(Gains) losses on assets supporting experience-rated contractholder liabilities, net | ( i 134) | i 972 | |||||||||
Change in: | |||||||||||
Deferred policy acquisition costs(1) | ( i 205) | ( i 201) | |||||||||
Future policy benefits and other insurance liabilities(1) | i 1,888 | i 1,221 | |||||||||
Income taxes(1) | i 357 | ( i 158) | |||||||||
Derivatives, net(1) | ( i 354) | ( i 2,840) | |||||||||
Other, net(1) | ( i 1,876) | i 681 | |||||||||
Cash flows from (used in) operating activities | i 1,343 | i 1 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Proceeds from the sale/maturity/prepayment of: | |||||||||||
Fixed maturities, available-for-sale | i 11,178 | i 14,240 | |||||||||
Fixed maturities, held-to-maturity | i 7 | i 9 | |||||||||
Fixed maturities, trading | i 226 | i 530 | |||||||||
Assets supporting experience-rated contractholder liabilities | i 765 | i 9,493 | |||||||||
Equity securities | i 550 | i 1,544 | |||||||||
Commercial mortgage and other loans | i 855 | i 1,337 | |||||||||
Policy loans | i 460 | i 470 | |||||||||
Other invested assets | i 249 | i 481 | |||||||||
Short-term investments | i 6,381 | i 10,486 | |||||||||
Payments for the purchase/origination of: | |||||||||||
Fixed maturities, available-for-sale | ( i 13,677) | ( i 17,000) | |||||||||
Fixed maturities, trading | ( i 290) | ( i 59) | |||||||||
Assets supporting experience-rated contractholder liabilities | ( i 770) | ( i 9,844) | |||||||||
Equity securities | ( i 550) | ( i 563) | |||||||||
Commercial mortgage and other loans | ( i 737) | ( i 1,472) | |||||||||
Policy loans | ( i 371) | ( i 285) | |||||||||
Other invested assets | ( i 570) | ( i 703) | |||||||||
Short-term investments | ( i 6,837) | ( i 7,658) | |||||||||
Derivatives, net | ( i 104) | ( i 540) | |||||||||
Other, net | ( i 68) | i 29 | |||||||||
Cash flows from (used in) investing activities | ( i 3,303) | i 495 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Policyholders’ account deposits | i 6,747 | i 7,980 | |||||||||
Policyholders’ account withdrawals | ( i 4,592) | ( i 7,249) | |||||||||
Net change in securities sold under agreements to repurchase and cash collateral for loaned securities | ( i 97) | ( i 374) | |||||||||
Cash dividends paid on Common Stock | ( i 473) | ( i 466) | |||||||||
Net change in financing arrangements (maturities 90 days or less) | i 38 | i 5 | |||||||||
Common Stock acquired | ( i 251) | ( i 364) | |||||||||
Common Stock reissued for exercise of stock options | i 28 | i 69 | |||||||||
Proceeds from the issuance of debt (maturities longer than 90 days) | i 495 | i 1,024 | |||||||||
Repayments of debt (maturities longer than 90 days) | ( i 29) | ( i 60) | |||||||||
Proceeds from notes issued by consolidated VIEs | i 59 | i 0 | |||||||||
Repayments of notes issued by consolidated VIEs | ( i 16) | i 0 | |||||||||
Other, net | i 220 | ( i 139) | |||||||||
Cash flows from (used in) financing activities | i 2,129 | i 426 | |||||||||
Effect of foreign exchange rate changes on cash balances | i 5 | ( i 86) | |||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS INCLUDING BALANCES CLASSIFIED AS HELD-FOR-SALE | i 174 | i 836 | |||||||||
NET CHANGE IN CASH BALANCES CLASSIFIED AS HELD-FOR-SALE(2) | i 0 | ( i 366) | |||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS | i 174 | i 1,202 | |||||||||
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF YEAR | i 17,299 | i 12,934 | |||||||||
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD | $ | i 17,473 | $ | i 14,136 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
HELD-FOR-SALE CLASSIFICATION(1)(2) | |||||||||||
Change in assets classified as held-for-sale | $ | i 0 | $ | ( i 11,531) | |||||||
Change in liabilities classified as held-for-sale | i 0 | ( i 9,237) | |||||||||
Change in net assets classified as held-for-sale | $ | i 0 | $ | ( i 2,294) | |||||||
NON-CASH TRANSACTIONS DURING THE PERIOD | |||||||||||
Treasury Stock shares issued for stock-based compensation programs | $ | i 264 | $ | i 222 | |||||||
Novation of annuity contracts(3) | $ | ( i 8) | $ | i 0 | |||||||
Significant Pension Risk Transfer transactions: | |||||||||||
Assets received, excluding cash and cash equivalents | $ | i 1,506 | $ | i 502 | |||||||
Liabilities assumed | i 2,409 | i 505 | |||||||||
Net cash received | $ | i 903 | $ | i 3 | |||||||
RECONCILIATION TO THE UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||||||||
Cash and cash equivalents | $ | i 17,425 | $ | i 14,086 | |||||||
Restricted cash and restricted cash equivalents (included in “Other assets”) | i 48 | i 50 | |||||||||
Total cash, cash equivalents, restricted cash and restricted cash equivalents | $ | i 17,473 | $ | i 14,136 |
December 31, 2022 | |||||||||||||||||
IMPACTED LINES ONLY | As Previously Reported | Effect of Change | As Currently Reported | ||||||||||||||
(in millions) | |||||||||||||||||
Deferred policy acquisition costs | $ | i 19,537 | $ | i 1,009 | $ | i 20,546 | |||||||||||
Value of business acquired | i 595 | i 26 | i 621 | ||||||||||||||
Income tax assets | i 4,214 | ( i 4,214) | i 0 | ||||||||||||||
Market risk benefit assets | i 0 | i 800 | i 800 | ||||||||||||||
Other assets | i 30,188 | i 1,491 | i 31,679 | ||||||||||||||
TOTAL ASSETS | i 689,917 | ( i 888) | i 689,029 | ||||||||||||||
Future policy benefits | i 284,452 | ( i 22,679) | i 261,773 | ||||||||||||||
Policyholders' account balances | i 135,602 | i 22 | i 135,624 | ||||||||||||||
Market risk benefit liabilities | i 0 | i 5,864 | i 5,864 | ||||||||||||||
Income taxes | i 0 | i 277 | i 277 | ||||||||||||||
Other liabilities | i 20,536 | i 1,288 | i 21,824 | ||||||||||||||
Total liabilities | i 672,709 | ( i 15,228) | i 657,481 | ||||||||||||||
Accumulated other comprehensive income (loss) | ( i 19,827) | i 16,021 | ( i 3,806) | ||||||||||||||
Retained earnings | i 33,392 | ( i 1,678) | i 31,714 | ||||||||||||||
Total Prudential Financial, Inc. equity | i 16,250 | i 14,343 | i 30,593 | ||||||||||||||
Noncontrolling interests | i 958 | ( i 3) | i 955 | ||||||||||||||
Total equity | i 17,208 | i 14,340 | i 31,548 | ||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | i 689,917 | $ | ( i 888) | $ | i 689,029 |
Three Months Ended March 31, 2022 | |||||||||||||||||
IMPACTED LINES ONLY | As Previously Reported | Effect of Change | As Currently Reported | ||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||
REVENUES | |||||||||||||||||
Premiums | $ | i 7,952 | $ | ( i 263) | $ | i 7,689 | |||||||||||
Policy charges and fee income | i 1,459 | ( i 160) | i 1,299 | ||||||||||||||
Other income (loss) | ( i 1,371) | i 61 | ( i 1,310) | ||||||||||||||
Realized investment gains (losses), net | ( i 316) | ( i 728) | ( i 1,044) | ||||||||||||||
Change in value of market risk benefits, net of related hedging gain | i 0 | ( i 270) | ( i 270) | ||||||||||||||
Total revenues | i 13,215 | ( i 1,360) | i 11,855 | ||||||||||||||
BENEFITS AND EXPENSES | |||||||||||||||||
Policyholders' benefits | i 8,868 | ( i 93) | i 8,775 | ||||||||||||||
Change in estimates of liability for future policy benefits | i 0 | ( i 145) | ( i 145) | ||||||||||||||
Interest credited to policyholders' account balances | i 169 | ( i 109) | i 60 | ||||||||||||||
Amortization of deferred policy acquisition costs | i 847 | ( i 476) | i 371 | ||||||||||||||
General and administrative expenses | i 3,211 | i 6 | i 3,217 | ||||||||||||||
Total benefits and expenses | i 13,330 | ( i 817) | i 12,513 | ||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | ( i 115) | ( i 543) | ( i 658) | ||||||||||||||
Total income tax expense (benefit) | ( i 69) | ( i 75) | ( i 144) | ||||||||||||||
INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF OPERATING JOINT VENTURES | ( i 46) | ( i 468) | ( i 514) | ||||||||||||||
Equity in earnings of operating joint ventures, net of taxes | i 2 | i 6 | i 8 | ||||||||||||||
NET INCOME (LOSS) | ( i 44) | ( i 462) | ( i 506) | ||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO PRUDENTIAL FINANCIAL, INC. | $ | ( i 31) | $ | ( i 462) | $ | ( i 493) | |||||||||||
EARNINGS PER SHARE | |||||||||||||||||
Basic earnings per share-Common Stock: | |||||||||||||||||
Net income (loss) attributable to Prudential Financial, Inc. | $ | ( i 0.10) | $ | ( i 1.23) | $ | ( i 1.33) | |||||||||||
Diluted earnings per share-Common Stock: | |||||||||||||||||
Net income (loss) attributable to Prudential Financial, Inc. | $ | ( i 0.10) | $ | ( i 1.23) | $ | ( i 1.33) |
Three Months Ended March 31, 2022 | |||||||||||||||||
IMPACTED LINES ONLY | As Previously Reported | Effect of Change | As Currently Reported | ||||||||||||||
(in millions) | |||||||||||||||||
NET INCOME (LOSS) | $ | ( i 44) | $ | ( i 462) | $ | ( i 506) | |||||||||||
Other comprehensive income (loss), before tax: | |||||||||||||||||
Foreign currency translation adjustments for the period | ( i 352) | ( i 37) | ( i 389) | ||||||||||||||
Net unrealized investment gains (losses) | ( i 21,770) | ( i 1,063) | ( i 22,833) | ||||||||||||||
Interest rate remeasurement of future policy benefits | i 0 | i 23,589 | i 23,589 | ||||||||||||||
Gain (loss) from changes in non-performance risk on market risk benefits | i 0 | i 1,107 | i 1,107 | ||||||||||||||
Total | ( i 22,057) | i 23,596 | i 1,539 | ||||||||||||||
Less: Income tax expense (benefit) related to other comprehensive income (loss) | ( i 4,937) | i 5,536 | i 599 | ||||||||||||||
Other comprehensive income (loss), net of taxes | ( i 17,120) | i 18,060 | i 940 | ||||||||||||||
Comprehensive income (loss) | ( i 17,164) | i 17,598 | i 434 | ||||||||||||||
Comprehensive income (loss) attributable to Prudential Financial, Inc. | $ | ( i 17,150) | $ | i 17,598 | $ | i 448 |
Three Months Ended March 31, 2022 | |||||||||||||||||
IMPACTED LINES ONLY | As Previously Reported | Effect of Change | As Currently Reported | ||||||||||||||
(in millions) | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||
Net income (loss) | $ | ( i 44) | $ | ( i 462) | $ | ( i 506) | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Realized investment (gains) losses, net | i 316 | i 728 | i 1,044 | ||||||||||||||
Change in value of market risk benefits, net of related hedging (gain) loss | i 0 | i 270 | i 270 | ||||||||||||||
Policy charges and fee income | ( i 634) | i 77 | ( i 557) | ||||||||||||||
Interest credited to policyholders' account balances | i 169 | ( i 109) | i 60 | ||||||||||||||
Depreciation and amortization | i 18 | ( i 3) | i 15 | ||||||||||||||
Change in: | |||||||||||||||||
Deferred policy acquisition costs | i 266 | ( i 467) | ( i 201) | ||||||||||||||
Future policy benefits and other insurance liabilities | i 1,404 | ( i 183) | i 1,221 | ||||||||||||||
Income taxes | ( i 83) | ( i 75) | ( i 158) | ||||||||||||||
Derivatives, net | ( i 3,000) | i 160 | ( i 2,840) | ||||||||||||||
Other, net | i 617 | i 64 | i 681 | ||||||||||||||
Cash flows from (used in) operating activities | $ | i 1 | $ | i 0 | $ | i 1 | |||||||||||
January 1, 2021 | |||||
Retained Earnings | |||||
(in millions) | |||||
Balance after-tax, prior to transition | $ | i 30,749 | |||
Reclassification of market risk benefits non-performance risk to AOCI(1) | ( i 1,588) | ||||
Updates to certain universal life contract liabilities(2) | ( i 1,025) | ||||
Change in non-participating traditional and limited-payment contract liabilities(3) | ( i 543) | ||||
Other | ( i 271) | ||||
Total pre-tax adjustments | ( i 3,427) | ||||
Tax impacts | i 815 | ||||
Balance after-tax, after transition | $ | i 28,137 |
January 1, 2021 | |||||
Accumulated Other Comprehensive Income | |||||
(in millions) | |||||
Balance after-tax, prior to transition | $ | i 30,738 | |||
Unwinding amounts related to unrealized investment gains and losses(1) | i 5,534 | ||||
Reclassification of MRB NPR to AOCI(2) | i 1,588 | ||||
Interest rate remeasurement of future policy benefits(3) | ( i 62,711) | ||||
Change in operating joint ventures | ( i 12) | ||||
Total pre-tax adjustments | ( i 55,601) | ||||
Tax impacts | i 13,205 | ||||
Balance after-tax, after transition | $ | ( i 11,658) |
January 1, 2021 | |||||||||||||||||||||||||||||||||||||||||
Deferred Policy Acquisition Costs | |||||||||||||||||||||||||||||||||||||||||
Retirement Strategies | Individual Life | International Businesses | Other Businesses | Total | |||||||||||||||||||||||||||||||||||||
Individual Variable | Term Life | Variable/ Universal Life | Life
Planner | Gibraltar Life and Other | |||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Balance prior to transition | $ | i 4,643 | $ | i 2,417 | $ | i 3,779 | $ | i 4,278 | $ | i 3,390 | $ | i 520 | $ | i 19,027 | |||||||||||||||||||||||||||
Unwinding amounts related to unrealized investment gains and losses and other activity | i 273 | i 0 | i 450 | i 337 | i 570 | i 106 | i 1,736 | ||||||||||||||||||||||||||||||||||
Balance after transition | $ | i 4,916 | $ | i 2,417 | $ | i 4,229 | $ | i 4,615 | $ | i 3,960 | $ | i 626 | $ | i 20,763 |
January 1, 2021 | |||||||||||||||||
Deferred Sales Inducements(1) | |||||||||||||||||
Retirement Strategies | Other Businesses | Total | |||||||||||||||
Individual Variable | |||||||||||||||||
(in millions) | |||||||||||||||||
Balance prior to transition | $ | i 781 | $ | i 39 | $ | i 820 | |||||||||||
Unwinding amounts related to unrealized investment gains and losses | i 85 | i 2 | i 87 | ||||||||||||||
Balance after transition | $ | i 866 | $ | i 41 | $ | i 907 |
January 1, 2021 | |||||||||||||||||
Value of Business Acquired | |||||||||||||||||
International Businesses | Other Businesses(1) | Total | |||||||||||||||
Gibraltar Life and Other | |||||||||||||||||
(in millions) | |||||||||||||||||
Balance prior to transition | $ | i 852 | $ | i 251 | $ | i 1,103 | |||||||||||
Unwinding amounts related to unrealized investment gains and losses and other activity | i 59 | i 1 | i 60 | ||||||||||||||
Balance after transition | $ | i 911 | $ | i 252 | $ | i 1,163 |
Benefit Reserves(1) | |||||||||||||||||||||||||||||||||||||||||
Retirement Strategies | Individual Life | International Businesses | Corporate and Other | Other Businesses(2) | Total | ||||||||||||||||||||||||||||||||||||
Institutional | Term Life | Life Planner | Gibraltar Life and Other | Long- Term Care | |||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Balance prior to transition | $ | i 65,383 | $ | i 7,887 | $ | i 51,607 | $ | i 69,542 | $ | i 7,975 | $ | i 6,624 | $ | i 209,018 | |||||||||||||||||||||||||||
Changes
in cash flow assumptions and other activity | ( i 3,805) | i 0 | i 10 | ( i 523) | ( i 18) | i 1 | ( i 4,335) | ||||||||||||||||||||||||||||||||||
Balance after transition, at original discount rate | i 61,578 | i 7,887 | i 51,617 | i 69,019 | i 7,957 | i 6,625 | i 204,683 | ||||||||||||||||||||||||||||||||||
Cumulative changes in discount rate assumptions and other activity | i 13,548 | i 2,662 | i 22,590 | i 13,784 | i 4,905 | i 5,381 | i 62,870 | ||||||||||||||||||||||||||||||||||
Balance after transition, at current discount rate | i 75,126 | i 10,549 | i 74,207 | i 82,803 | i 12,862 | i 12,006 | i 267,553 | ||||||||||||||||||||||||||||||||||
Less: Reinsurance recoverable | i 0 | i 799 | i 160 | i 307 | i 0 | i 13 | i 1,279 | ||||||||||||||||||||||||||||||||||
Balance after transition, net of reinsurance recoverable | $ | i 75,126 | $ | i 9,750 | $ | i 74,047 | $ | i 82,496 | $ | i 12,862 | $ | i 11,993 | $ | i 266,274 |
Deferred Profit Liability(1) | |||||||||||||||||||||||||||||
Retirement Strategies | International Businesses | Other Businesses | Total | ||||||||||||||||||||||||||
Institutional | Life Planner | Gibraltar
Life and Other | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Balance prior to transition | $ | i 1,315 | $ | i 1,964 | $ | i 3,746 | $ | i 349 | $ | i 7,374 | |||||||||||||||||||
Changes in benefit reserves | i 3,801 | i 110 | i 730 | i 148 | i 4,789 | ||||||||||||||||||||||||
Balance after transition | i 5,116 | i 2,074 | i 4,476 | i 497 | i 12,163 | ||||||||||||||||||||||||
Less: Reinsurance recoverable | i 0 | i 7 | i 15 | i 0 | i 22 | ||||||||||||||||||||||||
Balance after transition, net of reinsurance recoverable | $ | i 5,116 | $ | i 2,067 | $ | i 4,461 | $ | i 497 | $ | i 12,141 |
Additional Insurance Reserves(1) | |||||||||||||||||||||||
Retirement Strategies | Individual Life | Other Businesses | Total | ||||||||||||||||||||
Individual Variable | Variable/ Universal
Life | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance prior to transition | $ | i 889 | $ | i 9,415 | $ | i 483 | $ | i 10,787 | |||||||||||||||
Unwinding amounts related to unrealized investment gains and losses | ( i 65) | ( i 1,444) | ( i 106) | ( i 1,615) | |||||||||||||||||||
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | i 824 | i 7,971 | i 377 | i 9,172 | |||||||||||||||||||
Reclassification of future policy benefits AIR to MRB | ( i 824) | i 0 | ( i 92) | ( i 916) | |||||||||||||||||||
Reclassification of policyholders’ account balances AIR to MRB | i 0 | i 0 | ( i 48) | ( i 48) | |||||||||||||||||||
Updates to certain universal life contract liabilities(2) | i 0 | i 1,772 | i 7 | i 1,779 | |||||||||||||||||||
Change in discount rate for annuitization benefits | i 0 | i 0 | i 116 | i 116 | |||||||||||||||||||
Balance after transition, excluding amounts related to unrealized investment gains and losses | i 0 | i 9,743 | i 360 | i 10,103 | |||||||||||||||||||
Amounts related to unrealized investment gains and losses after transition | i 0 | i 1,186 | i 0 | i 1,186 | |||||||||||||||||||
Balance after transition | i 0 | i 10,929 | i 360 | i 11,289 | |||||||||||||||||||
Less: Reinsurance recoverable | i 0 | i 4,387 | i 0 | i 4,387 | |||||||||||||||||||
Balance after transition, net of reinsurance recoverable | $ | i 0 | $ | i 6,542 | $ | i 360 | $ | i 6,902 |
Universal Life Loss Recognition Reserves/Profit Followed by Losses Liability(1) | |||||||||||||||||
Individual Life | Other Businesses | ||||||||||||||||
Total | |||||||||||||||||
(in millions) | |||||||||||||||||
Balance prior to transition | $ | i 1,823 | $ | i 6 | $ | i 1,829 | |||||||||||
Unwinding amounts related to unrealized investment gains and losses | ( i 1,149) | i 0 | ( i 1,149) | ||||||||||||||
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | i 674 | i 6 | i 680 | ||||||||||||||
Derecognizing LRR & PFL | ( i 674) | i 0 | ( i 674) | ||||||||||||||
Balance after transition, excluding amounts related to unrealized investment gains and losses | i 0 | i 6 | i 6 | ||||||||||||||
Amounts related to unrealized investment gains and losses after transition | i 1,018 | i 0 | i 1,018 | ||||||||||||||
Balance after transition | $ | i 1,018 | $ | i 6 | $ | i 1,024 |
Non-Participating Traditional and Limited-Payment Loss Recognition Reserves/Profit Followed by Losses Liability(1) | |||||||||||||||||||||||||||||||||||
Retirement Strategies | International Businesses | Corporate and Other | Other Businesses | Total | |||||||||||||||||||||||||||||||
Institutional | Life Planner | Gibraltar
Life and Other | Long- Term Care | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Balance prior to transition | $ | i 1,985 | $ | i 181 | $ | i 670 | $ | i 734 | $ | i 145 | $ | i 3,715 | |||||||||||||||||||||||
Unwinding amounts related to unrealized investment gains and losses | ( i 1,985) | ( i 169) | ( i 670) | ( i 734) | ( i 105) | ( i 3,663) | |||||||||||||||||||||||||||||
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | i 0 | i 12 | i 0 | i 0 | i 40 | i 52 | |||||||||||||||||||||||||||||
Derecognizing LRR & PFL | i 0 | ( i 12) | i 0 | i 0 | ( i 40) | ( i 52) | |||||||||||||||||||||||||||||
Balance after transition | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 |
Terminal
Dividend Liability(1) | |||||||||||||||||||||||
Individual Life | Closed Block Division | Total | |||||||||||||||||||||
Variable/ Universal Life | Term Life | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance prior to transition | $ | i 212 | $ | i 4 | $ | i 375 | $ | i 591 | |||||||||||||||
Unwinding amounts related to unrealized investment gains and losses and other activity | ( i 11) | i 0 | i 0 | ( i 11) | |||||||||||||||||||
Balance after transition | i 201 | i 4 | i 375 | i 580 | |||||||||||||||||||
Less: Reinsurance recoverable | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||
Balance after transition, net of reinsurance recoverable | $ | i 201 | $ | i 4 | $ | i 375 | $ | i 580 |
Unearned Revenue Reserves(1) | ||||||||||||||||||||||||||||||||||||||
Individual Life | International Businesses | |||||||||||||||||||||||||||||||||||||
Variable/Universal Life | Life Planner | Gibraltar
Life and Other | Corporate and Other | Other Businesses | Total | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Balance prior to transition | $ | i 2,204 | $ | i 161 | $ | i 45 | $ | i 152 | $ | i 30 | $ | i 2,592 | ||||||||||||||||||||||||||
Unwinding amounts related to unrealized investment gains and losses and other activity | i 539 | i 2 | i 5 | i 38 | i 0 | i 584 | ||||||||||||||||||||||||||||||||
Balance after transition | i 2,743 | i 163 | i 50 | i 190 | i 30 | i 3,176 | ||||||||||||||||||||||||||||||||
Less: Reinsurance recoverable | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||
Balance after transition, net of reinsurance recoverable | $ | i 2,743 | $ | i 163 | $ | i 50 | $ | i 190 | $ | i 30 | $ | i 3,176 |
Market Risk Benefits(1) | |||||||||||||||||
Retirement Strategies | Other Businesses | Total | |||||||||||||||
Individual Variable | |||||||||||||||||
(in millions) | |||||||||||||||||
Liability for guaranteed benefits recorded at fair value, prior to transition | $ | i 18,731 | $ | i 148 | $ | i 18,879 | |||||||||||
AIR to be reclassified to MRB, prior to transition, excluding amounts related to unrealized investment gains and losses | i 824 | i 140 | i 964 | ||||||||||||||
Total liability prior to transition | i 19,555 | i 288 | i 19,843 | ||||||||||||||
Change in reserve basis to MRB framework | i 122 | i 98 | i 220 | ||||||||||||||
MRB after transition, at current NPR value | i 19,677 | i 386 | i 20,063 | ||||||||||||||
Less: Reinsured MRB | i 204 | i 7 | i 211 | ||||||||||||||
MRB after transition, net of reinsurance | i 19,473 | i 379 | i 19,852 | ||||||||||||||
MRB after transition, at contract inception NPR value | i 21,259 | i 392 | i 21,651 | ||||||||||||||
Cumulative change in NPR | i 1,582 | i 6 | i 1,588 | ||||||||||||||
MRB after transition, at current NPR value | $ | i 19,677 | $ | i 386 | $ | i 20,063 |
Cost of Reinsurance(1) | |||||
Individual Life | |||||
Variable/Universal Life | |||||
(in
millions) | |||||
Balance prior to transition | $ | i 3,058 | |||
Unwinding amounts related to unrealized investment gains and losses | ( i 659) | ||||
Balance prior to transition, excluding amounts related to unrealized investment gains and losses | i 2,399 | ||||
Impact from updates to certain universal life contract liabilities(2) | i 860 | ||||
Balance after transition, excluding amounts related to unrealized investment gains and losses | i 3,259 | ||||
Amounts related to unrealized investment gains and losses after transition | i 580 | ||||
Balance after transition | $ | i 3,839 |
Area of Change | Description | Method of adoption | Effect on the financial statements or other significant matters | |||||||||||||||||
Cash flow assumptions used to measure the liability for future policy benefits for non-participating traditional and limited-payment insurance products | Requires an entity to review and, if necessary, update the cash flow assumptions used to measure the liability for future policy benefits, for both changes in future assumptions and actual experience, at least annually using a retrospective update method with a cumulative catch-up adjustment recorded in a separate line item in the Consolidated Statements of Operations. | Effective January 1, 2023 using the modified retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021 (the “transition date”). Under this method, the amendments to contracts in force were applied as of January 1, 2021 on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI. | The
impact upon transition reflects the impact on in-force contract liabilities in instances where expected net premiums exceeded expected gross premiums at an issue-year cohort level as a result of updating to current best estimate cash flow assumptions as of the transition date. As a result of the modified retrospective transition method, the vast majority of the impact of updating cash flow assumptions to best estimates as of the transition date will be reflected in the pattern of earnings in subsequent periods. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 9 for additional information. |
Discount rate assumption used to measure the liability for future policy benefits for non-participating traditional and limited-payment insurance products | Requires discount rate assumptions to be based on upper-medium grade fixed income instrument yields, which will be updated each quarter with the impact recorded through OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the discount rate assumptions. | As noted above, the guidance for the liability for future policy benefits was adopted effective January 1, 2023 using the modified retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021. Under this method, for balance sheet remeasurement purposes, the liability for future policy benefits is remeasured using discount rates as of January 1, 2021 with the
impact recorded as a cumulative effect adjustment to AOCI. | Adoption of the ASU resulted in a significant impact to AOCI as a result of remeasuring in-force contract liabilities using current upper-medium grade fixed income instrument yields. This adjustment largely reflects the difference between discount rates locked-in at contract inception versus current discount rates. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 9 for additional information. | |||||||||||||||||
Amortization of deferred acquisition costs (“DAC”) and other balances | Requires DAC and other balances, such as unearned revenue reserves and DSI, to be amortized on a constant level basis over the expected term of the related contract, independent of expected profitability. | Effective January 1, 2023 using the modified retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021. Under this method, the amendments to contracts in force were applied as of January 1, 2021 on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI. | Adoption of the ASU did not have a significant impact on DAC and other balances upon transition, other than the impact of the removal of any related amounts in AOCI. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 7 for additional information. | |||||||||||||||||
Market Risk Benefits (“MRB”) | Requires an entity to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value, and record MRB assets and liabilities separately on the Consolidated Statements of Financial Position. Changes in the fair value of market risk benefits are recorded in net income, except for the portion attributable to changes in an entity’s NPR, which is recognized in OCI. An entity shall maximize the use of relevant observable information and minimize the use of unobservable information in determining the balance of the market risk benefits upon adoption. | Effective January 1, 2023 using the retrospective transition method, which includes a cumulative effect adjustment to the balance sheet as of January 1, 2021. | Adoption of the ASU resulted in an adjustment to retained earnings for the difference between the fair value and carrying value of benefits not measured at fair value prior to the adoption of the ASU (e.g., guaranteed minimum death benefits on variable annuities) and a reclass of the cumulative effect of changes in NPR from retained earnings to AOCI. See Note 1 for additional information regarding the effect on the financial statements. Adoption of the standard also resulted in additional required disclosures. See Note 11 for additional information. |
March 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 | $ | i 29,054 | $ | i 1,399 | $ | i 3,387 | $ | i 0 | $ | i 27,066 | |||||||||||||||||||
Obligations of U.S. states and their political subdivisions | i 10,122 | i 311 | i 511 | i 0 | i 9,922 | ||||||||||||||||||||||||
Foreign government bonds | i 75,080 | i 5,547 | i 3,438 | i 62 | i 77,127 | ||||||||||||||||||||||||
U.S. public corporate securities | i 102,895 | i 1,694 | i 11,016 | i 77 | i 93,496 | ||||||||||||||||||||||||
U.S. private corporate securities(1) | i 39,661 | i 584 | i 2,764 | i 36 | i 37,445 | ||||||||||||||||||||||||
Foreign public corporate securities | i 22,167 | i 483 | i 1,558 | i 53 | i 21,039 | ||||||||||||||||||||||||
Foreign private corporate securities | i 32,706 | i 249 | i 4,367 | i 40 | i 28,548 | ||||||||||||||||||||||||
Asset-backed securities(2) | i 13,035 | i 183 | i 228 | i 1 | i 12,989 | ||||||||||||||||||||||||
Commercial mortgage-backed securities | i 11,251 | i 5 | i 844 | i 0 | i 10,412 | ||||||||||||||||||||||||
Residential mortgage-backed securities(3) | i 2,633 | i 26 | i 191 | i 0 | i 2,468 | ||||||||||||||||||||||||
Total fixed maturities, available-for-sale(1) | $ | i 338,604 | $ | i 10,481 | $ | i 28,304 | $ | i 269 | $ | i 320,512 |
March 31, 2023 | |||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Allowance for Credit Losses | Amortized Cost, Net of Allowance | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Fixed maturities, held-to-maturity: | |||||||||||||||||||||||||||||||||||
Foreign government bonds | $ | i 718 | $ | i 139 | $ | i 0 | $ | i 857 | $ | i 0 | $ | i 718 | |||||||||||||||||||||||
Foreign public corporate securities | i 426 | i 24 | i 0 | i 450 | i 2 | i 424 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities(3) | i 135 | i 7 | i 0 | i 142 | i 0 | i 135 | |||||||||||||||||||||||||||||
Total fixed maturities, held-to-maturity(4) | $ | i 1,279 | $ | i 170 | $ | i 0 | $ | i 1,449 | $ | i 2 | $ | i 1,277 |
December 31, 2022 | |||||||||||||||||||||||||||||
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 | $ | i 29,372 | $ | i 1,110 | $ | i 4,413 | $ | i 0 | $ | i 26,069 | |||||||||||||||||||
Obligations of U.S. states and their political subdivisions | i 10,179 | i 238 | i 728 | i 0 | i 9,689 | ||||||||||||||||||||||||
Foreign government bonds | i 74,103 | i 4,503 | i 5,379 | i 1 | i 73,226 | ||||||||||||||||||||||||
U.S. public corporate securities | i 99,854 | i 1,311 | i 13,563 | i 16 | i 87,586 | ||||||||||||||||||||||||
U.S. private corporate securities(1) | i 39,867 | i 507 | i 3,438 | i 57 | i 36,879 | ||||||||||||||||||||||||
Foreign public corporate securities | i 22,235 | i 416 | i 1,945 | i 19 | i 20,687 | ||||||||||||||||||||||||
Foreign private corporate securities | i 32,755 | i 150 | i 5,201 | i 44 | i 27,660 | ||||||||||||||||||||||||
Asset-backed securities(2) | i 12,972 | i 166 | i 286 | i 1 | i 12,851 | ||||||||||||||||||||||||
Commercial mortgage-backed securities | i 11,497 | i 19 | i 861 | i 0 | i 10,655 | ||||||||||||||||||||||||
Residential mortgage-backed securities(3) | i 2,613 | i 29 | i 225 | i 0 | i 2,417 | ||||||||||||||||||||||||
Total fixed maturities, available-for-sale(1) | $ | i 335,447 | $ | i 8,449 | $ | i 36,039 | $ | i 138 | $ | i 307,719 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Allowance for Credit Losses | Amortized Cost, Net of Allowance | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Fixed maturities, held-to-maturity: | |||||||||||||||||||||||||||||||||||
Foreign government bonds | $ | i 725 | $ | i 128 | $ | i 0 | $ | i 853 | $ | i 0 | $ | i 725 | |||||||||||||||||||||||
Foreign public corporate securities | i 430 | i 24 | i 0 | i 454 | i 2 | i 428 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities(3) | i 143 | i 5 | i 0 | i 148 | i 0 | i 143 | |||||||||||||||||||||||||||||
Total fixed maturities, held-to-maturity(4) | $ | i 1,298 | $ | i 157 | $ | i 0 | $ | i 1,455 | $ | i 2 | $ | i 1,296 |
March 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 | $ | i 5,861 | $ | i 290 | $ | i 10,732 | $ | i 3,097 | $ | i 16,593 | $ | i 3,387 | ||||||||||||||||||||||||||
Obligations of U.S. states and their political subdivisions | i 2,151 | i 72 | i 2,879 | i 439 | i 5,030 | i 511 | ||||||||||||||||||||||||||||||||
Foreign government bonds | i 2,397 | i 99 | i 21,059 | i 3,324 | i 23,456 | i 3,423 | ||||||||||||||||||||||||||||||||
U.S. public corporate securities | i 21,422 | i 887 | i 51,026 | i 10,121 | i 72,448 | i 11,008 | ||||||||||||||||||||||||||||||||
U.S. private corporate securities | i 10,019 | i 450 | i 20,443 | i 2,314 | i 30,462 | i 2,764 | ||||||||||||||||||||||||||||||||
Foreign public corporate securities | i 4,232 | i 114 | i 9,222 | i 1,418 | i 13,454 | i 1,532 | ||||||||||||||||||||||||||||||||
Foreign private corporate securities | i 5,305 | i 486 | i 19,278 | i 3,878 | i 24,583 | i 4,364 | ||||||||||||||||||||||||||||||||
Asset-backed securities | i 1,960 | i 27 | i 7,610 | i 201 | i 9,570 | i 228 | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | i 2,683 | i 204 | i 7,440 | i 640 | i 10,123 | i 844 | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | i 535 | i 23 | i 1,220 | i 166 | i 1,755 | i 189 | ||||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | $ | i 56,565 | $ | i 2,652 | $ | i 150,909 | $ | i 25,598 | $ | i 207,474 | $ | i 28,250 |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
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 | $ | i 18,009 | $ | i 3,143 | $ | i 2,563 | $ | i 1,270 | $ | i 20,572 | $ | i 4,413 | ||||||||||||||||||||||||||
Obligations of U.S. states and their political subdivisions | i 5,510 | i 526 | i 558 | i 202 | i 6,068 | i 728 | ||||||||||||||||||||||||||||||||
Foreign government bonds | i 16,932 | i 2,384 | i 9,877 | i 2,971 | i 26,809 | i 5,355 | ||||||||||||||||||||||||||||||||
U.S. public corporate securities | i 58,816 | i 7,790 | i 15,780 | i 5,726 | i 74,596 | i 13,516 | ||||||||||||||||||||||||||||||||
U.S. private corporate securities | i 24,610 | i 2,065 | i 6,705 | i 1,373 | i 31,315 | i 3,438 | ||||||||||||||||||||||||||||||||
Foreign public corporate securities | i 10,168 | i 932 | i 4,098 | i 993 | i 14,266 | i 1,925 | ||||||||||||||||||||||||||||||||
Foreign private corporate securities | i 16,909 | i 2,521 | i 8,196 | i 2,678 | i 25,105 | i 5,199 | ||||||||||||||||||||||||||||||||
Asset-backed securities | i 5,385 | i 130 | i 5,059 | i 156 | i 10,444 | i 286 | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | i 9,289 | i 655 | i 1,080 | i 206 | i 10,369 | i 861 | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | i 1,322 | i 130 | i 402 | i 93 | i 1,724 | i 223 | ||||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | $ | i 166,950 | $ | i 20,276 | $ | i 54,318 | $ | i 15,668 | $ | i 221,268 | $ | i 35,944 |
March 31, 2023 | |||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost, Net of Allowance | Fair Value | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||
Due in one year or less | $ | i 13,660 | $ | i 13,628 | $ | i 0 | $ | i 0 | |||||||||||||||
Due after one year through five years | i 52,864 | i 51,798 | i 425 | i 450 | |||||||||||||||||||
Due after five years through ten years | i 62,703 | i 61,453 | i 15 | i 16 | |||||||||||||||||||
Due after ten years(1) | i 182,458 | i 167,764 | i 702 | i 841 | |||||||||||||||||||
Asset-backed securities | i 13,035 | i 12,989 | i 0 | i 0 | |||||||||||||||||||
Commercial mortgage-backed securities | i 11,251 | i 10,412 | i 0 | i 0 | |||||||||||||||||||
Residential mortgage-backed securities | i 2,633 | i 2,468 | i 135 | i 142 | |||||||||||||||||||
Total | $ | i 338,604 | $ | i 320,512 | $ | i 1,277 | $ | i 1,449 |
Three
Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Fixed maturities, available-for-sale: | |||||||||||||||||||||||
Proceeds from sales(1) | $ | i 7,350 | $ | i 9,083 | |||||||||||||||||||
Proceeds from maturities/prepayments | i 3,988 | i 5,305 | |||||||||||||||||||||
Gross investment gains from sales and maturities | i 290 | i 242 | |||||||||||||||||||||
Gross investment losses from sales and maturities | ( i 305) | ( i 570) | |||||||||||||||||||||
Write-downs recognized in earnings(2) | ( i 9) | ( i 6) | |||||||||||||||||||||
(Addition to) release of allowance for credit losses | ( i 131) | ( i 77) | |||||||||||||||||||||
Fixed maturities, held-to-maturity: | |||||||||||||||||||||||
Proceeds from maturities/prepayments(3) | $ | i 7 | $ | i 9 | |||||||||||||||||||
(Addition to) release of allowance for credit losses | i 0 | i 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, available-for-sale: | |||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | i 0 | $ | i 1 | $ | i 136 | $ | i 1 | $ | i 0 | $ | i 0 | $ | i 138 | |||||||||||||||||||||||||||
Additions
to allowance for credit losses not previously recorded | i 0 | i 62 | i 75 | i 0 | i 0 | i 0 | i 137 | ||||||||||||||||||||||||||||||||||
Reductions
for securities sold during the period | i 0 | i 0 | ( i 40) | i 0 | i 0 | i 0 | ( i 40) | ||||||||||||||||||||||||||||||||||
Reductions
for securities with intent to sell | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Additions (reductions) on securities with previous allowance | i 0 | ( i 1) | i 35 | i 0 | i 0 | i 0 | i 34 | ||||||||||||||||||||||||||||||||||
Balance, end of period | $ | i 0 | $ | i 62 | $ | i 206 | $ | i 1 | $ | i 0 | $ | i 0 | $ | i 269 |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
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 | $ | i 0 | $ | i 7 | $ | i 107 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 114 | |||||||||||||||||||||||||||
Additions
to allowance for credit losses not previously recorded | i 0 | i 10 | i 62 | i 0 | i 0 | i 0 | i 72 | ||||||||||||||||||||||||||||||||||
Reductions
for securities sold during the period | i 0 | ( i 2) | ( i 28) | i 0 | i 0 | i 0 | ( i 30) | ||||||||||||||||||||||||||||||||||
Reductions for securities with intent to sell | i 0 | ( i 4) | i 0 | i 0 | i 0 | i 0 | ( i 4) | ||||||||||||||||||||||||||||||||||
Additions (reductions) on securities with previous allowance | i 0 | i 1 | i 38 | i 0 | i 0 | i 0 | i 39 | ||||||||||||||||||||||||||||||||||
Reclassified to / (from) “Assets held-for-sale”(1) | i 0 | i 0 | i 1 | i 0 | i 0 | i 0 | i 1 | ||||||||||||||||||||||||||||||||||
Balance, end of period | $ | i 0 | $ | i 12 | $ | i 180 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 192 |
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 | $ | i 0 | $ | i 0 | $ | i 2 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 2 | |||||||||||||||||||||||||||
Current period provision for expected losses | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Change in foreign exchange | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Balance, end of period | $ | i 0 | $ | i 0 | $ | i 2 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 2 |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
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 | $ | i 0 | $ | i 0 | $ | i 5 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 5 | |||||||||||||||||||||||||||
Current period provision for expected losses | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Change in foreign exchange | i 0 | i 0 | ( i 1) | i 0 | i 0 | i 0 | ( i 1) | ||||||||||||||||||||||||||||||||||
Balance, end of period | $ | i 0 | $ | i 0 | $ | i 4 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 4 |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Amortized Cost or Cost | Fair Value | Amortized Cost or Cost | Fair Value | |||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Short-term investments and cash equivalents | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | ||||||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||||||||||||||
Corporate securities | i 90 | i 88 | i 91 | i 88 | ||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Asset-backed securities | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||
Foreign government bonds | i 663 | i 658 | i 705 | i 668 | ||||||||||||||||||||||||||||||||||
U.S. government authorities and agencies and obligations of U.S. states | i 188 | i 192 | i 188 | i 189 | ||||||||||||||||||||||||||||||||||
Total fixed maturities(1) | i 941 | i 938 | i 984 | i 945 | ||||||||||||||||||||||||||||||||||
Equity securities | i 1,651 | i 2,020 | i 1,628 | i 1,899 | ||||||||||||||||||||||||||||||||||
Total assets supporting experience-rated contractholder liabilities(2) | $ | i 2,592 | $ | i 2,958 | $ | i 2,612 | $ | i 2,844 |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Investments in Japanese government and government agency securities: | ||||||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | i 65,734 | $ | i 68,307 | $ | i 65,198 | $ | i 64,959 | ||||||||||||||||||
Fixed maturities, held-to-maturity | i 699 | i 835 | i 706 | i 831 | ||||||||||||||||||||||
Fixed maturities, trading | i 19 | i 19 | i 20 | i 19 | ||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities | i 573 | i 570 | i 613 | i 587 | ||||||||||||||||||||||
Total | $ | i 67,025 | $ | i 69,731 | $ | i 66,537 | $ | i 66,396 |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Investments in Brazil government and government agency securities: | ||||||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | i 2,685 | $ | i 2,422 | $ | i 2,264 | $ | i 2,010 | ||||||||||||||||||
Short-term investments | i 65 | i 65 | i 60 | i 61 | ||||||||||||||||||||||
Cash equivalents | i 236 | i 236 | i 210 | i 210 | ||||||||||||||||||||||
Total | $ | i 2,986 | $ | i 2,723 | $ | i 2,534 | $ | i 2,281 |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Amount (in millions) | % of Total | Amount (in millions) | % of Total | |||||||||||||||||||||||
Commercial mortgage and agricultural property loans by property type: | ||||||||||||||||||||||||||
Office | $ | i 8,727 | i 15.5 | % | $ | i 9,096 | i 16.2 | % | ||||||||||||||||||
Retail | i 6,108 | i 10.8 | i 6,103 | i 10.8 | ||||||||||||||||||||||
Apartments/Multi-Family | i 15,386 | i 27.3 | i 15,381 | i 27.3 | ||||||||||||||||||||||
Industrial | i 13,494 | i 23.9 | i 13,079 | i 23.2 | ||||||||||||||||||||||
Hospitality | i 2,012 | i 3.6 | i 2,027 | i 3.6 | ||||||||||||||||||||||
Other | i 3,790 | i 6.7 | i 3,791 | i 6.7 | ||||||||||||||||||||||
Total commercial mortgage loans | i 49,517 | i 87.8 | i 49,477 | i 87.8 | ||||||||||||||||||||||
Agricultural property loans | i 6,881 | i 12.2 | i 6,857 | i 12.2 | ||||||||||||||||||||||
Total commercial mortgage and agricultural property loans | i 56,398 | i 100.0 | % | i 56,334 | i 100.0 | % | ||||||||||||||||||||
Allowance for credit losses | ( i 220) | ( i 201) | ||||||||||||||||||||||||
Total net commercial mortgage and agricultural property loans | i 56,178 | i 56,133 | ||||||||||||||||||||||||
Other loans: | ||||||||||||||||||||||||||
Uncollateralized loans | i 454 | i 463 | ||||||||||||||||||||||||
Residential property loans | i 39 | i 43 | ||||||||||||||||||||||||
Other collateralized loans | i 108 | i 108 | ||||||||||||||||||||||||
Total other loans | i 601 | i 614 | ||||||||||||||||||||||||
Allowance for credit losses | ( i 1) | ( i 2) | ||||||||||||||||||||||||
Total net other loans | i 600 | i 612 | ||||||||||||||||||||||||
Total net commercial mortgage and other loans(1) | $ | i 56,778 | $ | i 56,745 |
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 | $ | i 188 | $ | i 13 | $ | i 0 | $ | i 0 | $ | i 2 | $ | i 203 | ||||||||||||||||||||||||||||||||
Addition to (release of) allowance for expected losses | i 17 | i 2 | i 0 | i 0 | i 0 | i 19 | ||||||||||||||||||||||||||||||||||||||
Reduction for loans sold during the period | i 0 | i 0 | i 0 | i 0 | ( i 1) | ( i 1) | ||||||||||||||||||||||||||||||||||||||
Allowance, end of period | $ | i 205 | $ | i 15 | $ | i 0 | $ | i 0 | $ | i 1 | $ | i 221 |
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Commercial Mortgage Loans | Agricultural Property Loans | Residential Property Loans | Other Collateralized Loans | Uncollateralized Loans | Total | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Allowance, beginning of period | $ | i 111 | $ | i 4 | $ | i 0 | $ | i 0 | $ | i 4 | $ | i 119 | ||||||||||||||||||||||||||
Addition to (release of) allowance for expected losses | ( i 4) | i 0 | i 0 | i 0 | i 0 | ( i 4) | ||||||||||||||||||||||||||||||||
Reclassified (to) from “Assets held-for-sale”(1) | i 6 | i 0 | i 0 | i 0 | i 0 | i 6 | ||||||||||||||||||||||||||||||||
Allowance, end of period | $ | i 113 | $ | i 4 | $ | i 0 | $ | i 0 | $ | i 4 | $ | i 121 |
March 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% | $ | i 93 | $ | i 857 | $ | i 1,757 | $ | i 1,276 | $ | i 2,831 | $ | i 19,030 | $ | i 0 | $ | i 25,844 | |||||||||||||||||||||||||||||||
60%-69.99% | i 408 | i 1,977 | i 3,560 | i 1,533 | i 2,766 | i 5,642 | i 0 | i 15,886 | |||||||||||||||||||||||||||||||||||||||
70%-79.99% | i 324 | i 871 | i 1,053 | i 497 | i 1,077 | i 2,076 | i 0 | i 5,898 | |||||||||||||||||||||||||||||||||||||||
80% or greater | i 0 | i 35 | i 26 | i 7 | i 100 | i 1,721 | i 0 | i 1,889 | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 825 | $ | i 3,740 | $ | i 6,396 | $ | i 3,313 | $ | i 6,774 | $ | i 28,469 | $ | i 0 | $ | i 49,517 | |||||||||||||||||||||||||||||||
Debt Service Coverage Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
Greater or Equal to 1.2x | $ | i 749 | $ | i 3,195 | $ | i 6,072 | $ | i 2,998 | $ | i 5,851 | $ | i 24,072 | $ | i 0 | $ | i 42,937 | |||||||||||||||||||||||||||||||
1.0 - 1.2x | i 2 | i 545 | i 247 | i 125 | i 450 | i 2,645 | i 0 | i 4,014 | |||||||||||||||||||||||||||||||||||||||
Less than 1.0x | i 74 | i 0 | i 77 | i 190 | i 473 | i 1,752 | i 0 | i 2,566 | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 825 | $ | i 3,740 | $ | i 6,396 | $ | i 3,313 | $ | i 6,774 | $ | i 28,469 | $ | i 0 | $ | i 49,517 | |||||||||||||||||||||||||||||||
Agricultural property loans | |||||||||||||||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
0%-59.99% | $ | i 92 | $ | i 913 | $ | i 2,002 | $ | i 826 | $ | i 461 | $ | i 1,565 | $ | i 86 | $ | i 5,945 | |||||||||||||||||||||||||||||||
60%-69.99% | i 17 | i 671 | i 49 | i 5 | i 42 | i 8 | i 0 | i 792 | |||||||||||||||||||||||||||||||||||||||
70%-79.99% | i 0 | i 0 | i 23 | i 20 | i 0 | i 54 | i 0 | i 97 | |||||||||||||||||||||||||||||||||||||||
80% or greater | i 0 | i 0 | i 0 | i 0 | i 0 | i 47 | i 0 | i 47 | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 109 | $ | i 1,584 | $ | i 2,074 | $ | i 851 | $ | i 503 | $ | i 1,674 | $ | i 86 | $ | i 6,881 | |||||||||||||||||||||||||||||||
Debt Service Coverage Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
Greater or Equal to 1.2x | $ | i 109 | $ | i 1,571 | $ | i 2,031 | $ | i 772 | $ | i 502 | $ | i 1,543 | $ | i 86 | $ | i 6,614 | |||||||||||||||||||||||||||||||
1.0 - 1.2x | i 0 | i 5 | i 43 | i 79 | i 0 | i 71 | i 0 | i 198 | |||||||||||||||||||||||||||||||||||||||
Less than 1.0x | i 0 | i 8 | i 0 | i 0 | i 1 | i 60 | i 0 | i 69 | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 109 | $ | i 1,584 | $ | i 2074 | $ | i 851 | $ | i 503 | $ | i 1,674 | $ | i 86 | $ | i 6,881 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | |||||||||||||||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
0%-59.99% | $ | i 971 | $ | i 1,747 | $ | i 1,282 | $ | i 2,831 | $ | i 4,697 | $ | i 15,111 | $ | i 0 | $ | i 26,639 | |||||||||||||||||||||||||||||||
60%-69.99% | i 1,997 | i 3,502 | i 1,553 | i 2,804 | i 1,732 | i 3,780 | i 0 | i 15,368 | |||||||||||||||||||||||||||||||||||||||
70%-79.99% | i 865 | i 1,127 | i 519 | i 1,025 | i 645 | i 1,445 | i 0 | i 5,626 | |||||||||||||||||||||||||||||||||||||||
80% or greater | i 2 | i 26 | i 7 | i 119 | i 24 | i 1,666 | i 0 | i 1,844 | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 3,835 | $ | i 6,402 | $ | i 3,361 | $ | i 6,779 | $ | i 7,098 | $ | i 22,002 | $ | i 0 | $ | i 49,477 | |||||||||||||||||||||||||||||||
Debt Service Coverage Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
Greater or Equal to 1.2x | $ | i 3,249 | $ | i 6,135 | $ | i 3,013 | $ | i 5,749 | $ | i 6,505 | $ | i 18,318 | $ | i 0 | $ | i 42,969 | |||||||||||||||||||||||||||||||
1.0 - 1.2x | i 586 | i 252 | i 164 | i 454 | i 383 | i 2,183 | i 0 | i 4,022 | |||||||||||||||||||||||||||||||||||||||
Less than 1.0x | i 0 | i 15 | i 184 | i 576 | i 210 | i 1,501 | i 0 | i 2,486 | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 3,835 | $ | i 6,402 | $ | i 3,361 | $ | i 6,779 | $ | i 7,098 | $ | i 22,002 | $ | i 0 | $ | i 49,477 | |||||||||||||||||||||||||||||||
Agricultural property loans | |||||||||||||||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
0%-59.99% | $ | i 931 | $ | i 1,994 | $ | i 853 | $ | i 461 | $ | i 326 | $ | i 1,348 | $ | i 74 | $ | i 5,987 | |||||||||||||||||||||||||||||||
60%-69.99% | i 675 | i 85 | i 8 | i 47 | i 8 | i 0 | i 0 | i 823 | |||||||||||||||||||||||||||||||||||||||
70%-79.99% | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||||||||||||
80% or greater | i 0 | i 0 | i 0 | i 0 | i 13 | i 34 | i 0 | i 47 | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 1,606 | $ | i 2,079 | $ | i 861 | $ | i 508 | $ | i 347 | $ | i 1,382 | $ | i 74 | $ | i 6,857 | |||||||||||||||||||||||||||||||
Debt Service Coverage Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||
Greater or Equal to 1.2x | $ | i 1,593 | $ | i 2,035 | $ | i 781 | $ | i 507 | $ | i 323 | $ | i 1,272 | $ | i 74 | $ | i 6,585 | |||||||||||||||||||||||||||||||
1.0 - 1.2x | i 5 | i 44 | i 80 | i 0 | i 6 | i 68 | i 0 | i 203 | |||||||||||||||||||||||||||||||||||||||
Less than 1.0x | i 8 | i 0 | i 0 | i 1 | i 18 | i 42 | i 0 | i 69 | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 1,606 | $ | i 2,079 | $ | i 861 | $ | i 508 | $ | i 347 | $ | i 1,382 | $ | i 74 | $ | i 6,857 |
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due(1) | Total Past Due | Total Loans | Non-Accrual Status(2) | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | $ | i 49,505 | $ | i 0 | $ | i 0 | $ | i 12 | $ | i 12 | $ | i 49,517 | $ | i 11 | ||||||||||||||||||||||||||||||
Agricultural property loans | i 6,854 | i 4 | i 11 | i 12 | i 27 | i 6,881 | i 28 | |||||||||||||||||||||||||||||||||||||
Residential property loans | i 38 | i 1 | i 0 | i 0 | i 1 | i 39 | i 0 | |||||||||||||||||||||||||||||||||||||
Other collateralized loans | i 108 | i 0 | i 0 | i 0 | i 0 | i 108 | i 0 | |||||||||||||||||||||||||||||||||||||
Uncollateralized loans | i 454 | i 0 | i 0 | i 0 | i 0 | i 454 | i 25 | |||||||||||||||||||||||||||||||||||||
Total | $ | i 56,959 | $ | i 5 | $ | i 11 | $ | i 24 | $ | i 40 | $ | i 56,999 | $ | i 64 |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due(1) | Total Past Due | Total Loans | Non-Accrual Status(2) | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | $ | i 49,465 | $ | i 0 | $ | i 3 | $ | i 9 | $ | i 12 | $ | i 49,477 | $ | i 11 | ||||||||||||||||||||||||||||||
Agricultural property loans | i 6,844 | i 0 | i 11 | i 2 | i 13 | i 6,857 | i 17 | |||||||||||||||||||||||||||||||||||||
Residential property loans | i 43 | i 0 | i 0 | i 0 | i 0 | i 43 | i 0 | |||||||||||||||||||||||||||||||||||||
Other collateralized loans | i 108 | i 0 | i 0 | i 0 | i 0 | i 108 | i 0 | |||||||||||||||||||||||||||||||||||||
Uncollateralized loans | i 463 | i 0 | i 0 | i 0 | i 0 | i 463 | i 0 | |||||||||||||||||||||||||||||||||||||
Total | $ | i 56,923 | $ | i 0 | $ | i 14 | $ | i 11 | $ | i 25 | $ | i 56,948 | $ | i 28 |
March 31, 2023 | December 31, 2022 | |||||||||||||
(in millions) | ||||||||||||||
LPs/LLCs: | ||||||||||||||
Equity method: | ||||||||||||||
Private equity | $ | i 7,538 | $ | i 7,215 | ||||||||||
Hedge funds | i 3,041 | i 3,220 | ||||||||||||
Real estate-related | i 2,564 | i 2,793 | ||||||||||||
Subtotal equity method | i 13,143 | i 13,228 | ||||||||||||
Fair value: | ||||||||||||||
Private equity | i 1,436 | i 1,476 | ||||||||||||
Hedge funds | i 2,143 | i 1,908 | ||||||||||||
Real estate-related | i 293 | i 305 | ||||||||||||
Subtotal fair value | i 3,872 | i 3,689 | ||||||||||||
Total LPs/LLCs | i 17,015 | i 16,917 | ||||||||||||
Real estate held through direct ownership(1) | i 1,860 | i 1,617 | ||||||||||||
Derivative instruments | i 1,444 | i 1,457 | ||||||||||||
Other(2) | i 1,172 | i 1,108 | ||||||||||||
Total other invested assets | $ | i 21,491 | $ | i 21,099 |
March 31, 2023 | December 31, 2022 | ||||||||||
(in millions) | |||||||||||
Fixed maturities | $ | i 2,599 | $ | i 2,517 | |||||||
Equity securities | i 8 | i 6 | |||||||||
Commercial mortgage and other loans | i 187 | i 190 | |||||||||
Policy loans | i 244 | i 253 | |||||||||
Other invested assets | i 17 | i 18 | |||||||||
Short-term investments and cash equivalents | i 40 | i 28 | |||||||||
Total accrued investment income | $ | i 3,095 | $ | i 3,012 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Fixed maturities, available-for-sale(1) | $ | i 3,235 | $ | i 2,969 | ||||||||||||||||||||||
Fixed maturities, held-to-maturity(1) | i 50 | i 54 | ||||||||||||||||||||||||
Fixed maturities, trading | i 55 | i 62 | ||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities | i 13 | i 135 | ||||||||||||||||||||||||
Equity securities | i 40 | i 26 | ||||||||||||||||||||||||
Commercial mortgage and other loans | i 543 | i 588 | ||||||||||||||||||||||||
Policy loans | i 124 | i 125 | ||||||||||||||||||||||||
Other invested assets | i 310 | i 555 | ||||||||||||||||||||||||
Short-term investments and cash equivalents | i 238 | i 17 | ||||||||||||||||||||||||
Gross investment income | i 4,608 | i 4,531 | ||||||||||||||||||||||||
Less: investment expenses | ( i 288) | ( i 173) | ||||||||||||||||||||||||
Net investment income | $ | i 4,320 | $ | i 4,358 |
Three
Months Ended March 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Fixed maturities(1) | $ | ( i 155) | $ | ( i 411) | ||||||||||||||||||||||
Commercial mortgage and other loans | ( i 12) | i 15 | ||||||||||||||||||||||||
Investment real estate | i 32 | i 6 | ||||||||||||||||||||||||
LPs/LLCs | ( i 16) | ( i 12) | ||||||||||||||||||||||||
Derivatives | i 358 | ( i 638) | ||||||||||||||||||||||||
Other | i 10 | ( i 4) | ||||||||||||||||||||||||
Realized investment gains (losses), net | $ | i 217 | $ | ( i 1,044) |
March 31, 2023 | December 31, 2022 | ||||||||||
(in millions) | |||||||||||
Fixed maturity securities, available-for-sale with an allowance | $ | ( i 79) | $ | ( i 45) | |||||||
Fixed maturity securities, available-for-sale without an allowance | ( i 17,744) | ( i 27,545) | |||||||||
Derivatives designated as cash flow hedges(1) | i 2,344 | i 2,616 | |||||||||
Derivatives designated as fair value hedges(1) | ( i 74) | ( i 54) | |||||||||
Other investments(2) | i 18 | i 2 | |||||||||
Net unrealized gains (losses) on investments | $ | ( i 15,535) | $ | ( i 25,026) |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | i 6,330 | $ | i 200 | $ | i 50 | $ | i 6,580 | $ | i 6,179 | $ | i 200 | $ | i 200 | $ | i 6,579 | |||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | i 27 | i 0 | i 0 | i 27 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | i 10 | i 0 | i 0 | i 10 | i 10 | i 0 | i 0 | i 10 | |||||||||||||||||||||||||||||||||||||||
Total securities sold under agreements to repurchase | $ | i 6,367 | $ | i 200 | $ | i 50 | $ | i 6,617 | $ | i 6,189 | $ | i 200 | $ | i 200 | $ | i 6,589 |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
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 | $ | i 1 | $ | i 0 | $ | i 1 | $ | i 1 | $ | i 0 | $ | i 1 | |||||||||||||||||||||||
Obligations
of U.S. states and their political subdivisions | i 61 | i 0 | i 61 | i 61 | i 0 | i 61 | |||||||||||||||||||||||||||||
Foreign government bonds | i 342 | i 8 | i 350 | i 285 | i 14 | i 299 | |||||||||||||||||||||||||||||
U.S. public corporate securities | i 4,051 | i 350 | i 4,401 | i 4,109 | i 395 | i 4,504 | |||||||||||||||||||||||||||||
Foreign public corporate securities | i 838 | i 66 | i 904 | i 806 | i 69 | i 875 | |||||||||||||||||||||||||||||
Equity securities | i 258 | i 0 | i 258 | i 360 | i 0 | i 360 | |||||||||||||||||||||||||||||
Total cash collateral for loaned securities(1) | $ | i 5,551 | $ | i 424 | $ | i 5,975 | $ | i 5,622 | $ | i 478 | $ | i 6,100 |
Consolidated VIEs for which the Company is the Investment Manager(1) | Other Consolidated VIEs(1) | ||||||||||||||||||||||
March
31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | i 448 | $ | i 398 | $ | i 91 | $ | i 90 | |||||||||||||||
Fixed maturities, held-to-maturity | i 0 | i 0 | i 683 | i 689 | |||||||||||||||||||
Fixed maturities, trading | i 190 | i 164 | i 0 | i 0 | |||||||||||||||||||
Equity securities | i 74 | i 85 | i 0 | i 0 | |||||||||||||||||||
Commercial mortgage and other loans | i 752 | i 784 | i 0 | i 0 | |||||||||||||||||||
Other invested assets | i 3,770 | i 3,397 | i 81 | i 68 | |||||||||||||||||||
Cash and cash equivalents | i 202 | i 375 | i 0 | i 0 | |||||||||||||||||||
Accrued investment income | i 3 | i 2 | i 3 | i 3 | |||||||||||||||||||
Other assets | i 357 | i 352 | i 724 | i 706 | |||||||||||||||||||
Total assets of consolidated VIEs | $ | i 5,796 | $ | i 5,557 | $ | i 1,582 | $ | i 1,556 | |||||||||||||||
Other liabilities | $ | i 418 | $ | i 389 | $ | i 0 | $ | i 0 | |||||||||||||||
Notes issued by consolidated VIEs(2) | i 415 | i 374 | i 0 | i 0 | |||||||||||||||||||
Total liabilities of consolidated VIEs | $ | i 833 | $ | i 763 | $ | i 0 | $ | i 0 |
Primary Underlying Risk /Instrument Type | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||
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 | $ | i 3,576 | $ | i 100 | $ | ( i 176) | $ | i 3,627 | $ | i 66 | $ | ( i 245) | |||||||||||||||||||||||
Interest Rate Forwards | i 299 | i 0 | ( i 50) | i 398 | i 0 | ( i 85) | |||||||||||||||||||||||||||||
Foreign Currency | |||||||||||||||||||||||||||||||||||
Foreign Currency Forwards | i 4,870 | i 122 | ( i 217) | i 4,830 | i 155 | ( i 262) | |||||||||||||||||||||||||||||
Currency/Interest Rate | |||||||||||||||||||||||||||||||||||
Foreign Currency Swaps | i 25,766 | i 3,121 | ( i 326) | i 25,636 | i 3,469 | ( i 333) | |||||||||||||||||||||||||||||
Total Derivatives Designated as Hedge Accounting Instruments | $ | i 34,511 | $ | i 3,343 | $ | ( i 769) | $ | i 34,491 | $ | i 3,690 | $ | ( i 925) | |||||||||||||||||||||||
Derivatives Not Qualifying as Hedge Accounting Instruments: | |||||||||||||||||||||||||||||||||||
Interest Rate | |||||||||||||||||||||||||||||||||||
Interest Rate Swaps | $ | i 223,439 | $ | i 7,567 | $ | ( i 19,487) | $ | i 212,934 | $ | i 9,097 | $ | ( i 21,154) | |||||||||||||||||||||||
Interest Rate Futures | i 11,995 | i 62 | ( i 16) | i 18,080 | i 13 | ( i 24) | |||||||||||||||||||||||||||||
Interest Rate Options | i 27,078 | i 276 | ( i 737) | i 9,778 | i 224 | ( i 280) | |||||||||||||||||||||||||||||
Interest Rate Forwards | i 3,700 | i 31 | ( i 18) | i 2,354 | i 21 | ( i 42) | |||||||||||||||||||||||||||||
Foreign Currency | |||||||||||||||||||||||||||||||||||
Foreign Currency Forwards | i 30,693 | i 1,558 | ( i 1,799) | i 31,317 | i 1,556 | ( i 1,924) | |||||||||||||||||||||||||||||
Foreign Currency Options | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||
Currency/Interest Rate | |||||||||||||||||||||||||||||||||||
Foreign Currency Swaps | i 8,298 | i 744 | ( i 138) | i 8,410 | i 813 | ( i 170) | |||||||||||||||||||||||||||||
Credit | |||||||||||||||||||||||||||||||||||
Credit Default Swaps | i 8,081 | i 38 | ( i 44) | i 6,351 | i 27 | ( i 57) | |||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||||||
Equity Futures | i 1,527 | i 7 | ( i 14) | i 1,372 | i 1 | ( i 2) | |||||||||||||||||||||||||||||
Equity Options | i 41,000 | i 707 | ( i 1,448) | i 38,323 | i 708 | ( i 1,590) | |||||||||||||||||||||||||||||
Total Return Swaps | i 10,969 | i 126 | ( i 158) | i 11,806 | i 106 | ( i 184) | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Other(1) | i 1,250 | i 0 | i 0 | i 1,250 | i 0 | i 0 | |||||||||||||||||||||||||||||
Synthetic GICs | i 83,379 | i 1 | ( i 1) | i 84,338 | i 1 | ( i 1) | |||||||||||||||||||||||||||||
Total Derivatives Not Qualifying as Hedge Accounting Instruments | $ | i 451,409 | $ | i 11,117 | $ | ( i 23,860) | $ | i 426,313 | $ | i 12,567 | $ | ( i 25,428) | |||||||||||||||||||||||
Total Derivatives(2)(3) | $ | i 485,920 | $ | i 14,460 | $ | ( i 24,629) | $ | i 460,804 | $ | i 16,257 | $ | ( i 26,353) |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
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 | $ | i 303 | $ | i 30 | $ | i 297 | $ | i 27 | ||||||||||||||||||
Commercial mortgage and other loans | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | ||||||||||||||||||
Policyholders’ account balances | $ | ( i 1,016) | $ | i 180 | $ | ( i 966) | $ | i 217 | ||||||||||||||||||
Future policy benefits | $ | ( i 2,450) | $ | i 295 | $ | ( i 2,354) | $ | i 391 |
March 31, 2023 | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Financial Instruments | Gross Amounts Offset in the Statements of Financial Position | Net Amounts Presented in the Statements of Financial Position | Financial Instruments/ Collateral(1) | Net Amount | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Offsetting of Financial Assets: | |||||||||||||||||||||||||||||
Derivatives | $ | i 14,368 | $ | ( i 13,017) | $ | i 1,351 | $ | ( i 518) | $ | i 833 | |||||||||||||||||||
Securities purchased under agreement to resell | i 708 | i 0 | i 708 | ( i 708) | i 0 | ||||||||||||||||||||||||
Total assets | $ | i 15,076 | $ | ( i 13,017) | $ | i 2,059 | $ | ( i 1,226) | $ | i 833 | |||||||||||||||||||
Offsetting of Financial Liabilities: | |||||||||||||||||||||||||||||
Derivatives | $ | i 24,628 | $ | ( i 22,355) | $ | i 2,273 | $ | ( i 2,273) | $ | i 0 | |||||||||||||||||||
Securities sold under agreement to repurchase | i 6,617 | i 0 | i 6,617 | ( i 6,590) | i 27 | ||||||||||||||||||||||||
Total liabilities | $ | i 31,245 | $ | ( i 22,355) | $ | i 8,890 | $ | ( i 8,863) | $ | i 27 |
December 31, 2022 | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Financial Instruments | Gross Amounts Offset in the Statements of Financial Position | Net Amounts Presented in the Statements of Financial Position | Financial Instruments/ Collateral(1) | Net Amount | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Offsetting of Financial Assets: | |||||||||||||||||||||||||||||
Derivatives | $ | i 16,178 | $ | ( i 14,802) | $ | i 1,376 | $ | ( i 702) | $ | i 674 | |||||||||||||||||||
Securities purchased under agreement to resell | i 385 | i 0 | i 385 | ( i 385) | i 0 | ||||||||||||||||||||||||
Total assets | $ | i 16,563 | $ | ( i 14,802) | $ | i 1,761 | $ | ( i 1,087) | $ | i 674 | |||||||||||||||||||
Offsetting of Financial Liabilities: | |||||||||||||||||||||||||||||
Derivatives | $ | i 26,352 | $ | ( i 23,298) | $ | i 3,054 | $ | ( i 3,054) | $ | i 0 | |||||||||||||||||||
Securities sold under agreement to repurchase | i 6,589 | i 0 | i 6,589 | ( i 6,589) | i 0 | ||||||||||||||||||||||||
Total liabilities | $ | i 32,941 | $ | ( i 23,298) | $ | i 9,643 | $ | ( i 9,643) | $ | i 0 |
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 | $ | ( i 3) | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 37 | $ | i 43 | $ | i 0 | |||||||||||||||||||||||||||||||
Currency | i 0 | i 0 | ( i 1) | i 0 | i 0 | i 0 | i 49 | i 0 | |||||||||||||||||||||||||||||||||||||||
Total gains (losses) on derivatives designated as hedge instruments | ( i 3) | i 0 | ( i 1) | i 0 | i 0 | i 37 | i 92 | i 0 | |||||||||||||||||||||||||||||||||||||||
Gains (losses) on the hedged item: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | i 4 | i 0 | i 3 | i 0 | i 0 | ( i 37) | ( i 48) | i 0 | |||||||||||||||||||||||||||||||||||||||
Currency | i 0 | i 0 | i 1 | i 0 | i 0 | i 0 | ( i 47) | i 0 | |||||||||||||||||||||||||||||||||||||||
Total gains (losses) on hedged item | i 4 | i 0 | i 4 | i 0 | i 0 | ( i 37) | ( i 95) | i 0 | |||||||||||||||||||||||||||||||||||||||
Amortization for gains (losses) excluded from assessment of the effectiveness | |||||||||||||||||||||||||||||||||||||||||||||||
Currency | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 2) | ( i 20) | |||||||||||||||||||||||||||||||||||||||
Total Amortization for gain (loss) excluded from assessment of the effectiveness | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 2) | ( i 20) | |||||||||||||||||||||||||||||||||||||||
Total gains (losses) on fair value hedges net of hedged item | i 1 | i 0 | i 3 | i 0 | i 0 | i 0 | ( i 5) | ( i 20) | |||||||||||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | ( i 22) | i 0 | ( i 1) | i 0 | i 0 | i 0 | i 0 | i 43 | |||||||||||||||||||||||||||||||||||||||
Currency | i 5 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 38) | |||||||||||||||||||||||||||||||||||||||
Currency/Interest Rate | i 36 | i 0 | i 83 | ( i 80) | i 0 | i 0 | i 0 | ( i 277) | |||||||||||||||||||||||||||||||||||||||
Total gains (losses) on cash flow hedges | i 19 | i 0 | i 82 | ( i 80) | i 0 | i 0 | i 0 | ( i 272) | |||||||||||||||||||||||||||||||||||||||
Net investment hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Currency | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 1) | |||||||||||||||||||||||||||||||||||||||
Currency/Interest Rate | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||||||||||||
Total gains (losses) on net investment hedges | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 1) | |||||||||||||||||||||||||||||||||||||||
Derivatives Not Qualifying as Hedge Accounting Instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | i 546 | i 267 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||||||||||||
Currency | ( i 161) | i 0 | i 0 | i 1 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||||||||||||
Currency/Interest Rate | ( i 28) | i 0 | i 0 | ( i 2) | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||||||||||||
Credit | i 46 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||||||||||||
Equity | i 189 | ( i 238) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||||||||||||
Other | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||||||||||||
Embedded Derivatives | ( i 245) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||||||||||||
Total gains (losses) on derivatives not qualifying as hedge accounting instruments | i 347 | i 29 | i 0 | ( i 1) | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||||||||||||
Total | $ | i 367 | $ | i 29 | $ | i 85 | $ | ( i 81) | $ | i 0 | $ | i 0 | $ | ( i 5) | $ | ( i 293) |
Three Months Ended March 31, 2022(2) | |||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | i 15 | $ | i 0 | $ | ( i 2) | $ | i 0 | $ | i 0 | $ | ( i 141) | $ | ( i 158) | $ | i 0 | |||||||||||||||||||||||||||||||
Currency | ( i 25) | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 56) | i 0 | |||||||||||||||||||||||||||||||||||||||
Total gains (losses) on derivatives designated as hedge instruments | ( i 10) | i 0 | ( i 2) | i 0 | i 0 | ( i 141) | ( i 214) | i 0 | |||||||||||||||||||||||||||||||||||||||
Gains (losses) on the hedged item: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | ( i 15) | i 0 | i 4 | i 0 | i 0 | i 147 | i 160 | i 0 | |||||||||||||||||||||||||||||||||||||||
Currency | i 25 | i 0 | i 3 | i 0 | i 0 | i 0 | i 53 | i 0 | |||||||||||||||||||||||||||||||||||||||
Total gains (losses) on hedged item | i 10 | i 0 | i 7 | i 0 | i 0 | i 147 | i 213 | i 0 | |||||||||||||||||||||||||||||||||||||||
Amortization for gains (losses) excluded from assessment of the effectiveness | |||||||||||||||||||||||||||||||||||||||||||||||
Currency | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 2) | i 11 | |||||||||||||||||||||||||||||||||||||||
Total amortization for gain (loss) excluded from assessment of the effectiveness | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 2) | i 11 | |||||||||||||||||||||||||||||||||||||||
Total gains (losses) on fair value hedges net of hedged item | i 0 | i 0 | i 5 | i 0 | i 0 | i 6 | ( i 3) | i 11 | |||||||||||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | ( i 5) | i 0 | i 1 | i 0 | i 0 | i 0 | i 0 | ( i 58) | |||||||||||||||||||||||||||||||||||||||
Currency | i 1 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 30 | |||||||||||||||||||||||||||||||||||||||
Currency/Interest Rate | i 6 | i 0 | i 69 | i 79 | i 0 | i 0 | i 0 | i 164 | |||||||||||||||||||||||||||||||||||||||
Total gains (losses) on cash flow hedges | i 2 | i 0 | i 70 | i 79 | i 0 | i 0 | i 0 | i 136 | |||||||||||||||||||||||||||||||||||||||
Net investment hedges | |||||||||||||||||||||||||||||||||||||||||||||||
Currency | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 12) | |||||||||||||||||||||||||||||||||||||||
Currency/Interest Rate | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||||||||||||
Total gains (losses) on net investment hedges | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 12) | |||||||||||||||||||||||||||||||||||||||
Derivatives Not Qualifying as Hedge Accounting Instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate | ( i 877) | $ | ( i 2,728) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||||||
Currency | ( i 209) | $ | i 0 | i 0 | ( i 1) | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||||||
Currency/Interest Rate | i 140 | $ | i 0 | i 0 | i 1 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||||||
Credit | ( i 37) | $ | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||||||
Equity | i 111 | $ | i 365 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||||||
Other | i 1 | $ | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||||||
Embedded Derivatives | i 258 | $ | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||||||
Total gains (losses) on derivatives not qualifying as hedge accounting instruments | ( i 613) | ( i 2,363) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||||||||||||
Total | $ | ( i 611) | $ | ( i 2,363) | $ | i 75 | $ | i 79 | $ | i 0 | $ | i 6 | $ | ( i 3) | $ | i 135 |
(in millions) | |||||
Balance, December 31, 2022 | $ | i 2,616 | |||
Amount recorded in AOCI: | |||||
Interest Rate | i 20 | ||||
Currency | ( i 33) | ||||
Currency/Interest Rate | ( i 238) | ||||
Total amount recorded in AOCI | ( i 251) | ||||
Amount reclassified from AOCI to income: | |||||
Interest Rate | i 23 | ||||
Currency | ( i 5) | ||||
Currency/Interest Rate | ( i 39) | ||||
Total amount reclassified from AOCI to income | ( i 21) | ||||
Balance, March 31, 2023 | $ | i 2,344 |
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
NAIC Rating Designation of Underlying Credit Obligation(1) | ||||||||||||||||||||||||||||||||||||||||||||
NAIC 1 | NAIC 2 | NAIC 3 | NAIC 4 | NAIC 5 | NAIC 6 | 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(2) | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | ||||||||||||||||
Index reference(2) | i 46 | i 0 | i 0 | i 0 | i 5,618 | ( i 24) | i 0 | i 0 | i 0 | i 0 | i 1,109 | i 19 | i 6,773 | ( i 5) | ||||||||||||||||||||||||||||||
Total | $ | i 46 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 5,618 | $ | ( i 24) | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 1,109 | $ | i 19 | $ | i 6,773 | $ | ( i 5) |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC Rating Designation of Underlying Credit Obligation(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC 1 | NAIC 2 | NAIC 3 | NAIC 4 | NAIC 5 | NAIC 6 | 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(2) | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | ||||||||||||||||||||||
Index reference(2) | i 48 | i 0 | i 0 | i 0 | i 5,197 | ( i 46) | i 0 | i 0 | i 0 | i 0 | i 782 | i 15 | i 6,027 | ( i 31) | ||||||||||||||||||||||||||||||||||||
Total | $ | i 48 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 5,197 | $ | ( i 46) | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 782 | $ | i 15 | $ | i 6,027 | $ | ( i 31) |
As of March 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 | $ | i 0 | $ | i 27,066 | $ | i 0 | $ | $ | i 27,066 | ||||||||||||||||||||
Obligations of U.S. states and their political subdivisions | i 0 | i 9,915 | i 7 | i 9,922 | |||||||||||||||||||||||||
Foreign government bonds | i 0 | i 77,118 | i 9 | i 77,127 | |||||||||||||||||||||||||
U.S. corporate public securities | i 0 | i 93,430 | i 66 | i 93,496 | |||||||||||||||||||||||||
U.S. corporate private securities(2) | i 0 | i 35,106 | i 2,339 | i 37,445 | |||||||||||||||||||||||||
Foreign corporate public securities | i 0 | i 20,971 | i 68 | i 21,039 | |||||||||||||||||||||||||
Foreign corporate private securities | i 0 | i 27,080 | i 1,468 | i 28,548 | |||||||||||||||||||||||||
Asset-backed securities(3) | i 0 | i 12,604 | i 385 | i 12,989 | |||||||||||||||||||||||||
Commercial mortgage-backed securities | i 0 | i 9,368 | i 1,044 | i 10,412 | |||||||||||||||||||||||||
Residential mortgage-backed securities | i 0 | i 2,459 | i 9 | i 2,468 | |||||||||||||||||||||||||
Subtotal | i 0 | i 315,117 | i 5,395 | i 320,512 | |||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities: | |||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | i 0 | i 192 | i 0 | i 192 | |||||||||||||||||||||||||
Obligations of U.S. states and their political subdivisions | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Foreign government bonds | i 0 | i 658 | i 0 | i 658 | |||||||||||||||||||||||||
Corporate securities | i 0 | i 88 | i 0 | i 88 | |||||||||||||||||||||||||
Asset-backed securities(3) | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Commercial mortgage-backed securities | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Residential mortgage-backed securities | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Equity securities | i 855 | i 1,165 | i 0 | i 2,020 | |||||||||||||||||||||||||
All other(4) | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Subtotal | i 855 | i 2,103 | i 0 | i 2,958 | |||||||||||||||||||||||||
Market risk benefit assets | i 0 | i 0 | i 976 | i 976 | |||||||||||||||||||||||||
Fixed maturities, trading | i 0 | i 5,930 | i 339 | i 6,269 | |||||||||||||||||||||||||
Equity securities | i 4,508 | i 2,264 | i 801 | i 7,573 | |||||||||||||||||||||||||
Commercial mortgage and other loans | i 0 | i 257 | i 0 | i 257 | |||||||||||||||||||||||||
Other invested assets(5) | i 70 | i 14,389 | i 803 | ( i 13,017) | i 2,245 | ||||||||||||||||||||||||
Short-term investments | i 336 | i 3,789 | i 16 | i 4,141 | |||||||||||||||||||||||||
Cash equivalents | i 681 | i 6,991 | i 0 | i 7,672 | |||||||||||||||||||||||||
Other assets | i 0 | i 368 | i 167 | i 535 | |||||||||||||||||||||||||
Separate account assets(6)(7) | i 10,299 | i 161,011 | i 1,169 | i 172,479 | |||||||||||||||||||||||||
Total assets | $ | i 16,749 | $ | i 512,219 | $ | i 9,666 | $ | ( i 13,017) | $ | i 525,617 | |||||||||||||||||||
Market risk benefit liabilities | $ | i 0 | $ | i 0 | $ | i 6,096 | $ | $ | i 6,096 | ||||||||||||||||||||
Policyholders’ account balances | i 0 | i 0 | i 4,244 | i 4,244 | |||||||||||||||||||||||||
Other liabilities | i 35 | i 24,560 | i 1 | ( i 22,355) | i 2,241 | ||||||||||||||||||||||||
Total liabilities | $ | i 35 | $ | i 24,560 | $ | i 10,341 | $ | ( i 22,355) | $ | i 12,581 |
As of December 31, 2022 | |||||||||||||||||||||||||||||
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 | $ | i 0 | $ | i 26,069 | $ | i 0 | $ | $ | i 26,069 | ||||||||||||||||||||
Obligations of U.S. states and their political subdivisions | i 0 | i 9,682 | i 7 | i 9,689 | |||||||||||||||||||||||||
Foreign government bonds | i 0 | i 73,218 | i 8 | i 73,226 | |||||||||||||||||||||||||
U.S. corporate public securities | i 0 | i 87,521 | i 65 | i 87,586 | |||||||||||||||||||||||||
U.S. corporate private securities(2) | i 0 | i 34,487 | i 2,392 | i 36,879 | |||||||||||||||||||||||||
Foreign corporate public securities | i 0 | i 20,621 | i 66 | i 20,687 | |||||||||||||||||||||||||
Foreign corporate private securities | i 0 | i 26,325 | i 1,335 | i 27,660 | |||||||||||||||||||||||||
Asset-backed securities(3) | i 0 | i 12,582 | i 269 | i 12,851 | |||||||||||||||||||||||||
Commercial mortgage-backed securities | i 0 | i 9,644 | i 1,011 | i 10,655 | |||||||||||||||||||||||||
Residential mortgage-backed securities | i 0 | i 2,408 | i 9 | i 2,417 | |||||||||||||||||||||||||
Subtotal | i 0 | i 302,557 | i 5,162 | i 307,719 | |||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities: | |||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | i 0 | i 189 | i 0 | i 189 | |||||||||||||||||||||||||
Obligations of U.S. states and their political subdivisions | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Foreign government bonds | i 0 | i 668 | i 0 | i 668 | |||||||||||||||||||||||||
Corporate securities | i 0 | i 88 | i 0 | i 88 | |||||||||||||||||||||||||
Asset-backed securities(3) | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Commercial mortgage-backed securities | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Residential mortgage-backed securities | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Equity securities | i 780 | i 1,119 | i 0 | i 1,899 | |||||||||||||||||||||||||
All other(4) | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Subtotal | i 780 | i 2,064 | i 0 | i 2,844 | |||||||||||||||||||||||||
Market risk benefit assets | i 0 | i 0 | i 800 | i 800 | |||||||||||||||||||||||||
Fixed maturities, trading | i 0 | i 5,647 | i 304 | i 5,951 | |||||||||||||||||||||||||
Equity securities | i 4,338 | i 2,185 | i 627 | i 7,150 | |||||||||||||||||||||||||
Commercial mortgage and other loans | i 0 | i 137 | i 0 | i 137 | |||||||||||||||||||||||||
Other invested assets(5) | i 15 | i 16,241 | i 539 | ( i 14,802) | i 1,993 | ||||||||||||||||||||||||
Short-term investments | i 341 | i 3,428 | i 18 | i 3,787 | |||||||||||||||||||||||||
Cash equivalents | i 544 | i 6,930 | i 0 | i 7,474 | |||||||||||||||||||||||||
Other assets | i 0 | i 0 | i 152 | i 152 | |||||||||||||||||||||||||
Separate account assets(6)(7) | i 8,310 | i 162,414 | i 1,081 | i 171,805 | |||||||||||||||||||||||||
Total assets | $ | i 14,328 | $ | i 501,603 | $ | i 8,683 | $ | ( i 14,802) | $ | i 509,812 | |||||||||||||||||||
Market risk benefit liabilities | $ | i 0 | $ | i 0 | $ | i 5,864 | $ | $ | i 5,864 | ||||||||||||||||||||
Policyholders’ account balances | i 0 | i 0 | i 3,492 | i 3,492 | |||||||||||||||||||||||||
Other liabilities | i 26 | i 25,953 | i 1 | ( i 23,298) | i 2,682 | ||||||||||||||||||||||||
Total liabilities | $ | i 26 | $ | i 25,953 | $ | i 9,357 | $ | ( i 23,298) | $ | i 12,038 |
As of March 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) | $ | i 3,302 | Discounted cash flow | Discount rate | i 0.53% | i 20% | i 7.66% | Decrease | |||||||||||||||||||||||||||||||||
Market comparables | EBITDA multiples(4) | i 0.0X | i 0.0X | i 0.0X | Increase | ||||||||||||||||||||||||||||||||||||
Liquidation | Liquidation value | i 8.56% | i 82.86% | i 72.41% | Increase | ||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | $ | i 969 | Discounted cash flow | Liquidity premium | i 0.60% | i 0.75% | i 0.70% | Decrease | |||||||||||||||||||||||||||||||||
Market risk benefit assets(7) | $ | i 976 | Discounted cash flow | Lapse rate(9) | i 1% | i 20% | Increase | ||||||||||||||||||||||||||||||||||
Spread over SOFR(10) | i 0.52% | i 2.20% | Increase | ||||||||||||||||||||||||||||||||||||||
Utilization rate(11) | i 38% | i 95% | Decrease | ||||||||||||||||||||||||||||||||||||||
Withdrawal rate | See table footnote (12) below. | ||||||||||||||||||||||||||||||||||||||||
Mortality rate(13) | i 0% | i 15% | Increase | ||||||||||||||||||||||||||||||||||||||
Equity volatility curve | i 18% | i 25% | Decrease | ||||||||||||||||||||||||||||||||||||||
Equity securities | $ | i 285 | Discounted cash flow(5) | Discount rate | i 0.2% | i 20% | Decrease | ||||||||||||||||||||||||||||||||||
Market comparables | EBITDA multiples(4) | i 1.0X | i 7.0X | i 3.5X | Increase | ||||||||||||||||||||||||||||||||||||
Net Asset Value | Share price | $ i 6 | $ i 1,708 | $ i 543 | Increase | ||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Market risk benefit liabilities(7) | $ | i 6,096 | Discounted cash flow | Lapse rate(9) | i 1% | i 20% | Decrease | ||||||||||||||||||||||||||||||||||
Spread over SOFR(10) | i 0.52% | i 2.20% | Decrease | ||||||||||||||||||||||||||||||||||||||
Utilization rate(11) | i 38% | i 95% | Increase | ||||||||||||||||||||||||||||||||||||||
Withdrawal rate | See table footnote (12) below. | ||||||||||||||||||||||||||||||||||||||||
Mortality rate(13) | i 0% | i 15% | Decrease | ||||||||||||||||||||||||||||||||||||||
Equity volatility curve | i 18% | i 25% | Increase | ||||||||||||||||||||||||||||||||||||||
Policyholders’ account balances(8) | $ | i 4,244 | Discounted cash flow | Lapse rate(9) | i 1% | i 80% | Decrease | ||||||||||||||||||||||||||||||||||
Spread over SOFR(10) | i 0.27% | i 2.34% | Decrease | ||||||||||||||||||||||||||||||||||||||
Mortality rate(13) | i 0% | i 23% | Decrease | ||||||||||||||||||||||||||||||||||||||
Equity volatility curve | i 6% | i 30% | Increase | ||||||||||||||||||||||||||||||||||||||
Option Budget(14) | ( i 2)% | i 6% | Increase |
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
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) | $ | i 3,128 | Discounted cash flow | Discount rate | i 0.61% | i 20% | i 8.09% | Decrease | |||||||||||||||||||||||||||||||||
Market comparables | EBITDA multiples(4) | i 2.2X | i 23.5X | i 8.3X | Increase | ||||||||||||||||||||||||||||||||||||
Liquidation | Liquidation value | i 8.16% | i 8.25% | i 8.21% | Increase | ||||||||||||||||||||||||||||||||||||
Market risk benefit assets(7) | $ | i 800 | Discounted cash flow | Lapse rate(9) | i 1% | i 20% | Increase | ||||||||||||||||||||||||||||||||||
Spread over SOFR(10) | i 0.50% | i 2.20% | Increase | ||||||||||||||||||||||||||||||||||||||
Utilization rate(11) | i 38% | i 95% | Decrease | ||||||||||||||||||||||||||||||||||||||
Withdrawal rate | See table footnote (12) below. | ||||||||||||||||||||||||||||||||||||||||
Mortality rate(13) | i 0% | i 15% | Increase | ||||||||||||||||||||||||||||||||||||||
Equity volatility curve | i 18% | i 26% | Decrease | ||||||||||||||||||||||||||||||||||||||
Equity securities | $ | i 290 | Discounted cash flow(5) | Discount rate | i 0.2% | i 20% | Decrease | ||||||||||||||||||||||||||||||||||
Market comparables | EBITDA multiples(4) | i 1.0X | i 7.5X | i 4.0X | Increase | ||||||||||||||||||||||||||||||||||||
Net Asset Value | Share price | $ i 6 | $ i 1,708 | $ i 22 | Increase | ||||||||||||||||||||||||||||||||||||
Separate account assets-commercial mortgage loans(6) | $ | i 74 | Discounted cash flow | Spread | i 1.25% | i 2.10% | i 1.44% | Decrease | |||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Market risk benefit liabilities(7) | $ | i 5,864 | Discounted cash flow | Lapse rate(9) | i 1% | i 20% | Decrease | ||||||||||||||||||||||||||||||||||
Spread over SOFR(10) | i 0.50% | i 2.20% | Decrease | ||||||||||||||||||||||||||||||||||||||
Utilization rate(11) | i 38% | i 95% | Increase | ||||||||||||||||||||||||||||||||||||||
Withdrawal rate | See table footnote (12) below. | ||||||||||||||||||||||||||||||||||||||||
Mortality rate(13) | i 0% | i 15% | Decrease | ||||||||||||||||||||||||||||||||||||||
Equity volatility curve | i 18% | i 26% | Increase | ||||||||||||||||||||||||||||||||||||||
Policyholders’ account balances(8) | $ | i 3,492 | Discounted cash flow | Lapse rate(9) | i 1% | i 80% | Decrease | ||||||||||||||||||||||||||||||||||
Spread over SOFR(10) | i 0.17% | i 1.93% | Decrease | ||||||||||||||||||||||||||||||||||||||
Mortality rate(13) | i 0% | i 23% | Decrease | ||||||||||||||||||||||||||||||||||||||
Equity volatility curve | i 6% | i 30% | Increase | ||||||||||||||||||||||||||||||||||||||
Option Budget(14) | ( i 2)% | i 6% | Increase |
Three Months Ended March 31, 2023(8) | |||||||||||||||||||||||||||||||||||
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. government | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | |||||||||||||
U.S. states | i 7 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 7 | i 0 | ||||||||||||||||||||||||
Foreign government | i 8 | i 0 | i 0 | i 0 | i 0 | i 1 | i 0 | i 0 | i 0 | i 9 | i 0 | ||||||||||||||||||||||||
Corporate securities(3) | i 3,858 | i 9 | i 527 | ( i 128) | i 0 | ( i 323) | ( i 2) | i 0 | i 0 | i 3,941 | i 21 | ||||||||||||||||||||||||
Structured securities(4) | i 1,289 | ( i 35) | i 240 | ( i 1) | i 0 | ( i 12) | i 0 | i 37 | ( i 80) | i 1,438 | ( i 36) | ||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||
Fixed maturities, trading | i 304 | i 5 | i 33 | i 0 | i 0 | ( i 4) | i 1 | i 0 | i 0 | i 339 | i 3 | ||||||||||||||||||||||||
Equity securities | i 627 | i 17 | i 7 | ( i 59) | i 0 | ( i 6) | i 215 | i 1 | ( i 1) | i 801 | i 0 | ||||||||||||||||||||||||
Other invested assets | i 539 | i 1 | i 270 | ( i 7) | i 0 | i 0 | i 0 | i 0 | i 0 | i 803 | i 1 | ||||||||||||||||||||||||
Short-term investments | i 18 | i 2 | i 3 | i 0 | i 0 | ( i 7) | i 0 | i 0 | i 0 | i 16 | i 0 | ||||||||||||||||||||||||
Cash equivalents | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
Other assets | i 152 | ( i 18) | i 35 | i 0 | i 0 | ( i 2) | i 0 | i 0 | i 0 | i 167 | ( i 17) | ||||||||||||||||||||||||
Separate account assets(5) | i 1,081 | i 39 | i 143 | ( i 67) | i 0 | ( i 26) | i 0 | i 0 | ( i 1) | i 1,169 | i 37 | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Policyholders’ account balances(6) | ( i 3,492) | ( i 251) | i 0 | i 0 | ( i 401) | i 0 | ( i 100) | i 0 | i 0 | ( i 4,244) | ( i 442) | ||||||||||||||||||||||||
Other liabilities | ( i 1) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 1) | i 0 | ||||||||||||||||||||||||
Three Months Ended March 31, 2023(8) | ||||||||||||||||||||||||||||||||
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 (loss) | Net investment income | Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses)(7) | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | ( i 3) | $ | i 0 | $ | i 0 | $ | ( i 24) | $ | i 1 | $ | i 7 | $ | i 0 | $ | i 0 | $ | ( i 22) | ||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
Fixed maturities, trading | i 0 | i 4 | i 0 | i 0 | i 1 | i 0 | i 3 | i 0 | i 0 | |||||||||||||||||||||||
Equity securities | i 0 | i 17 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Other invested assets | i 0 | i 1 | i 0 | i 0 | i 0 | i 0 | i 1 | i 0 | i 0 | |||||||||||||||||||||||
Short-term investments | i 2 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Cash equivalents | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Other assets | ( i 18) | i 0 | i 0 | i 0 | i 0 | ( i 17) | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Separate account assets(5) | i 0 | i 0 | i 39 | i 0 | i 0 | i 0 | i 0 | i 37 | i 0 | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Policyholders’ account balances | ( i 251) | i 0 | i 0 | i 0 | i 0 | ( i 442) | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Other liabilities | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Three Months Ended March 31, 2022(8) | |||||||||||||||||||||||||||||||||||
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. government | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | |||||||||||||
U.S. states | i 8 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 8 | i 0 | ||||||||||||||||||||||||
Foreign government | i 10 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 10 | i 0 | ||||||||||||||||||||||||
Corporate securities(3) | i 5,316 | ( i 382) | i 244 | ( i 24) | i 0 | ( i 147) | ( i 10) | i 8 | i 0 | i 5,005 | ( i 373) | ||||||||||||||||||||||||
Structured securities(4) | i 1,986 | ( i 145) | i 85 | ( i 17) | i 0 | ( i 20) | ( i 3) | i 6 | ( i 140) | i 1,752 | ( i 146) | ||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||
Fixed maturities, trading | i 421 | ( i 12) | i 10 | ( i 29) | i 0 | ( i 16) | i 4 | i 0 | i 0 | i 378 | ( i 12) | ||||||||||||||||||||||||
Equity securities | i 799 | i 22 | i 11 | ( i 122) | i 0 | ( i 2) | ( i 9) | i 73 | i 0 | i 772 | ( i 1) | ||||||||||||||||||||||||
Other invested assets | i 493 | i 7 | i 21 | ( i 17) | i 0 | i 0 | i 0 | i 0 | i 0 | i 504 | i 7 | ||||||||||||||||||||||||
Short-term investments | i 330 | i 0 | i 1 | i 0 | i 0 | ( i 118) | i 0 | i 0 | i 0 | i 213 | i 0 | ||||||||||||||||||||||||
Cash equivalents | i 70 | ( i 2) | i 7 | i 0 | i 0 | ( i 73) | i 0 | i 0 | i 0 | i 2 | ( i 2) | ||||||||||||||||||||||||
Other assets | i 54 | i 7 | i 4 | i 0 | i 0 | ( i 2) | i 76 | i 0 | i 0 | i 139 | i 5 | ||||||||||||||||||||||||
Separate account assets(5) | i 1,283 | ( i 46) | i 32 | ( i 11) | i 0 | ( i 3) | ( i 1) | i 0 | i 0 | i 1,254 | ( i 48) | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Policyholders’ account balances(6) | ( i 1,436) | i 167 | i 0 | i 0 | ( i 133) | i 0 | i 0 | i 0 | i 0 | ( i 1,402) | i 493 | ||||||||||||||||||||||||
Other liabilities | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
Three Months Ended March 31, 2022(8) | ||||||||||||||||||||||||||||||||
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 (loss) | Net investment income | Realized investment gains (losses), net | Other income (loss) | Interest credited to policyholders’ account balances | Included in other comprehensive income (losses)(7) | ||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale | $ | ( i 76) | $ | i 0 | $ | i 0 | $ | ( i 453) | $ | i 2 | $ | ( i 79) | $ | i 0 | $ | i 0 | $ | ( i 440) | ||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
Fixed maturities, trading | i 0 | ( i 12) | i 0 | i 0 | i 0 | i 0 | ( i 12) | i 0 | i 0 | |||||||||||||||||||||||
Equity securities | i 0 | i 22 | i 0 | i 0 | i 0 | i 0 | ( i 1) | i 0 | i 0 | |||||||||||||||||||||||
Other invested assets | ( i 3) | i 10 | i 0 | i 0 | i 0 | ( i 3) | i 10 | i 0 | i 0 | |||||||||||||||||||||||
Short-term investments | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Cash equivalents | ( i 2) | i 0 | i 0 | i 0 | i 0 | ( i 2) | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Other assets | i 7 | i 0 | i 0 | i 0 | i 0 | i 5 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Separate account assets(5) | i 0 | i 0 | ( i 47) | i 0 | i 1 | i 0 | i 0 | ( i 48) | i 0 | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Policyholders’ account balances | i 167 | i 0 | i 0 | i 0 | i 0 | i 493 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
Other liabilities | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||
As of March 31, 2023 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(1) | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Derivative Assets: | |||||||||||||||||||||||||||||
Interest Rate | $ | i 62 | $ | i 7,974 | $ | i 1 | $ | $ | i 8,037 | ||||||||||||||||||||
Currency | i 0 | i 1,680 | i 0 | i 1,680 | |||||||||||||||||||||||||
Credit | i 0 | i 38 | i 0 | i 38 | |||||||||||||||||||||||||
Currency/Interest Rate | i 0 | i 3,865 | i 0 | i 3,865 | |||||||||||||||||||||||||
Equity | i 7 | i 833 | i 0 | i 840 | |||||||||||||||||||||||||
Other | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Netting(1) | ( i 13,017) | ( i 13,017) | |||||||||||||||||||||||||||
Total derivative assets | $ | i 69 | $ | i 14,390 | $ | i 1 | $ | ( i 13,017) | $ | i 1,443 | |||||||||||||||||||
Derivative Liabilities: | |||||||||||||||||||||||||||||
Interest Rate | $ | i 16 | $ | i 20,468 | $ | i 1 | $ | $ | i 20,485 | ||||||||||||||||||||
Currency | i 0 | i 2,016 | i 0 | i 2,016 | |||||||||||||||||||||||||
Credit | i 0 | i 44 | i 0 | i 44 | |||||||||||||||||||||||||
Currency/Interest Rate | i 0 | i 464 | i 0 | i 464 | |||||||||||||||||||||||||
Equity | i 19 | i 1,601 | i 0 | i 1,620 | |||||||||||||||||||||||||
Other | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Netting(1) | ( i 22,355) | ( i 22,355) | |||||||||||||||||||||||||||
Total derivative liabilities | $ | i 35 | $ | i 24,593 | $ | i 1 | $ | ( i 22,355) | $ | i 2,274 |
As of December 31, 2022 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting(1) | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Derivative Assets: | |||||||||||||||||||||||||||||
Interest Rate | $ | i 13 | $ | i 9,408 | $ | i 1 | $ | $ | i 9,422 | ||||||||||||||||||||
Currency | i 0 | i 1,711 | i 0 | i 1,711 | |||||||||||||||||||||||||
Credit | i 0 | i 27 | i 0 | i 27 | |||||||||||||||||||||||||
Currency/Interest Rate | i 0 | i 4,282 | i 0 | i 4,282 | |||||||||||||||||||||||||
Equity | i 1 | i 814 | i 0 | i 815 | |||||||||||||||||||||||||
Other | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Netting(1) | ( i 14,802) | ( i 14,802) | |||||||||||||||||||||||||||
Total derivative assets | $ | i 14 | $ | i 16,242 | $ | i 1 | $ | ( i 14,802) | $ | i 1,455 | |||||||||||||||||||
Derivative Liabilities: | |||||||||||||||||||||||||||||
Interest Rate | $ | i 24 | $ | i 21,806 | $ | i 1 | $ | $ | i 21,831 | ||||||||||||||||||||
Currency | i 0 | i 2,186 | i 0 | i 2,186 | |||||||||||||||||||||||||
Credit | i 0 | i 57 | i 0 | i 57 | |||||||||||||||||||||||||
Currency/Interest Rate | i 0 | i 503 | i 0 | i 503 | |||||||||||||||||||||||||
Equity | i 2 | i 1,774 | i 0 | i 1,776 | |||||||||||||||||||||||||
Other | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||
Netting(1) | ( i 23,298) | ( i 23,298) | |||||||||||||||||||||||||||
Total derivative liabilities | $ | i 26 | $ | i 26,326 | $ | i 1 | $ | ( i 23,298) | $ | i 3,055 |
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 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | ||||||||||||||||
Net Derivative - Interest Rate | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 |
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||
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 | $ | i 1 | $ | i 1 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 2 | $ | i 1 | ||||||||||||||||
Net Derivative - Interest Rate | i 1 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 1 | i 0 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Gains (Losses): | |||||||||||||||||||||||
Mortgage servicing rights(1) | $ | i 0 | $ | i 3 | |||||||||||||||||||
Investment real estate | $ | i 0 | $ | i 0 | |||||||||||||||||||
Investment in JV/LP | $ | ( i 17) | $ | i 0 | |||||||||||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
(in millions) | |||||||||||
Carrying value after measurement as of period end: | |||||||||||
Mortgage servicing rights(1) | $ | i 0 | $ | i 77 | |||||||
Investment real estate(2) | $ | i 0 | $ | i 112 | |||||||
Investment in JV/LP(2) | $ | i 19 | $ | i 64 | |||||||
Goodwill(3) | $ | i 0 | $ | i 177 | |||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Commercial mortgage and other loans: | |||||||||||
Interest income | $ | i 1 | $ | i 4 | |||||||
March 31, 2023 | December 31, 2022 | ||||||||||
(in millions) | |||||||||||
Commercial mortgage and other loans(1): | |||||||||||
Fair value as of period end | $ | i 257 | $ | i 137 | |||||||
Aggregate contractual principal as of period end | $ | i 253 | $ | i 136 | |||||||
Other assets: | |||||||||||
Fair value as of period end | $ | i 11 | $ | i 11 | |||||||
March 31, 2023 | |||||||||||||||||||||||||||||
Fair Value | Carrying Amount(1) | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Fixed maturities, held-to-maturity(2) | $ | i 0 | $ | i 1,449 | $ | i 0 | $ | i 1,449 | $ | i 1,277 | |||||||||||||||||||
Assets supporting experience-rated contractholder liabilities | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
Commercial mortgage and other loans | i 0 | i 47 | i 53,064 | i 53,111 | i 56,521 | ||||||||||||||||||||||||
Policy loans | i 6 | i 0 | i 10,035 | i 10,041 | i 10,041 | ||||||||||||||||||||||||
Other invested assets | i 0 | i 102 | i 0 | i 102 | i 102 | ||||||||||||||||||||||||
Short-term investments | i 942 | i 94 | i 0 | i 1,036 | i 1,036 | ||||||||||||||||||||||||
Cash and cash equivalents | i 9,041 | i 712 | i 0 | i 9,753 | i 9,753 | ||||||||||||||||||||||||
Accrued investment income | i 0 | i 3,095 | i 0 | i 3,095 | i 3,095 | ||||||||||||||||||||||||
Other assets | i 48 | i 2,751 | i 985 | i 3,784 | i 3,783 | ||||||||||||||||||||||||
Total assets | $ | i 10,037 | $ | i 8,250 | $ | i 64,084 | $ | i 82,371 | $ | i 85,608 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Policyholders’ account balances—investment contracts | $ | i 0 | $ | i 31,743 | $ | i 35,844 | $ | i 67,587 | $ | i 71,109 | |||||||||||||||||||
Securities sold under agreements to repurchase | i 0 | i 6,617 | i 0 | i 6,617 | i 6,617 | ||||||||||||||||||||||||
Cash collateral for loaned securities | i 0 | i 5,975 | i 0 | i 5,975 | i 5,975 | ||||||||||||||||||||||||
Short-term debt | i 0 | i 607 | i 98 | i 705 | i 705 | ||||||||||||||||||||||||
Long-term debt(3) | i 561 | i 17,810 | i 832 | i 19,203 | i 20,451 | ||||||||||||||||||||||||
Notes issued by consolidated VIEs | i 0 | i 0 | i 415 | i 415 | i 415 | ||||||||||||||||||||||||
Other liabilities | i 0 | i 7,132 | i 21 | i 7,153 | i 7,153 | ||||||||||||||||||||||||
Separate account liabilities—investment contracts | i 0 | i 28,281 | i 24,478 | i 52,759 | i 52,759 | ||||||||||||||||||||||||
Total liabilities | $ | i 561 | $ | i 98,165 | $ | i 61,688 | $ | i 160,414 | $ | i 165,184 |
December 31, 2022 | |||||||||||||||||||||||||||||
Fair Value | Carrying Amount(1) | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Fixed maturities, held-to-maturity(2) | $ | i 0 | $ | i 1,455 | $ | i 0 | $ | i 1,455 | $ | i 1,296 | |||||||||||||||||||
Assets supporting experience-rated contractholder liabilities | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
Commercial mortgage and other loans | i 0 | i 46 | i 52,296 | i 52,342 | i 56,608 | ||||||||||||||||||||||||
Policy loans | i 5 | i 0 | i 10,041 | i 10,046 | i 10,046 | ||||||||||||||||||||||||
Other invested assets | i 0 | i 102 | i 0 | i 102 | i 102 | ||||||||||||||||||||||||
Short-term investments | i 715 | i 89 | i 0 | i 804 | i 804 | ||||||||||||||||||||||||
Cash and cash equivalents | i 9,388 | i 389 | i 0 | i 9,777 | i 9,777 | ||||||||||||||||||||||||
Accrued investment income | i 0 | i 3,012 | i 0 | i 3,012 | i 3,012 | ||||||||||||||||||||||||
Other assets | i 48 | i 2,929 | i 754 | i 3,731 | i 3,731 | ||||||||||||||||||||||||
Total assets | $ | i 10,156 | $ | i 8,022 | $ | i 63,091 | $ | i 81,269 | $ | i 85,376 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Policyholders’ account balances—investment contracts | $ | i 0 | $ | i 31,665 | $ | i 34,937 | $ | i 66,602 | $ | i 70,722 | |||||||||||||||||||
Securities sold under agreements to repurchase | i 0 | i 6,589 | i 0 | i 6,589 | i 6,589 | ||||||||||||||||||||||||
Cash collateral for loaned securities | i 0 | i 6,100 | i 0 | i 6,100 | i 6,100 | ||||||||||||||||||||||||
Short-term debt | i 0 | i 613 | i 164 | i 777 | i 775 | ||||||||||||||||||||||||
Long-term debt(3) | i 550 | i 17,324 | i 790 | i 18,664 | i 19,908 | ||||||||||||||||||||||||
Notes issued by consolidated VIEs | i 0 | i 0 | i 374 | i 374 | i 374 | ||||||||||||||||||||||||
Other liabilities | i 0 | i 7,970 | i 11 | i 7,981 | i 7,981 | ||||||||||||||||||||||||
Separate account liabilities—investment contracts | i 0 | i 27,735 | i 25,270 | i 53,005 | i 53,005 | ||||||||||||||||||||||||
Total liabilities | $ | i 550 | $ | i 97,996 | $ | i 61,546 | $ | i 160,092 | $ | i 165,454 |
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 | $ | i 4,171 | $ | i 2,288 | $ | i 5,000 | $ | i 4,710 | $ | i 4,231 | $ | i 20,400 | |||||||||||||||||||||||
Capitalization | i 59 | i 33 | i 142 | i 159 | i 155 | i 548 | |||||||||||||||||||||||||||||
Amortization expense | ( i 98) | ( i 53) | ( i 60) | ( i 81) | ( i 75) | ( i 367) | |||||||||||||||||||||||||||||
Other adjustments | i 0 | i 0 | i 0 | i 5 | i 0 | i 5 | |||||||||||||||||||||||||||||
Foreign currency adjustment | i 0 | i 0 | i 0 | i 2 | ( i 13) | ( i 11) | |||||||||||||||||||||||||||||
Balance, EOP | $ | i 4,132 | $ | i 2,268 | $ | i 5,082 | $ | i 4,795 | $ | i 4,298 | i 20,575 | ||||||||||||||||||||||||
Other businesses | i 166 | ||||||||||||||||||||||||||||||||||
Total DAC balance | $ | i 20,741 |
March 31, 2022 | |||||||||||||||||||||||||||||||||||
Retirement Strategies | Individual Life | International Businesses | Total | ||||||||||||||||||||||||||||||||
Individual Variable | Term Life | Variable/ Universal Life | Life Planner | Gibraltar Life and Other | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Balance, BOP | $ | i 4,872 | $ | i 2,372 | $ | i 4,679 | $ | i 4,685 | $ | i 4,135 | $ | i 20,743 | |||||||||||||||||||||||
Capitalization | i 79 | i 34 | i 141 | i 168 | i 152 | i 574 | |||||||||||||||||||||||||||||
Amortization expense | ( i 108) | ( i 52) | ( i 61) | ( i 83) | ( i 76) | ( i 380) | |||||||||||||||||||||||||||||
Other adjustments | i 0 | i 0 | i 0 | i 6 | i 0 | i 6 | |||||||||||||||||||||||||||||
Foreign currency adjustment | i 0 | i 0 | i 0 | ( i 54) | ( i 70) | ( i 124) | |||||||||||||||||||||||||||||
Balance, EOP | $ | i 4,843 | $ | i 2,354 | $ | i 4,759 | $ | i 4,722 | $ | i 4,141 | i 20,819 | ||||||||||||||||||||||||
Other businesses | i 229 | ||||||||||||||||||||||||||||||||||
Reclassified to “Assets held-for-sale”(1) | ( i 1,180) | ||||||||||||||||||||||||||||||||||
Total DAC balance | $ | i 19,868 |
March 31, | |||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Balance,
BOP | $ | i 446 | $ | i 799 | |||||||
Capitalization | i 2 | i 1 | |||||||||
Amortization
expense | ( i 10) | ( i 17) | |||||||||
Balance,
EOP | i 438 | i 783 | |||||||||
Other
businesses | i 34 | i 37 | |||||||||
Reclassified to “Assets held-for-sale”(1) | i 0 | ( i 335) | |||||||||
Total
DSI balance | $ | i 472 | $ | i 485 |
March 31, | |||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Balance, BOP | $ | i 597 | $ | i 746 | |||||||
Amortization
expense | ( i 14) | ( i 17) | |||||||||
Foreign
currency adjustment | ( i 5) | ( i 36) | |||||||||
Balance,
EOP | i 578 | i 693 | |||||||||
Other
businesses | i 23 | i 231 | |||||||||
Reclassified to “Assets held-for-sale”(1) | i 0 | ( i 201) | |||||||||
Total
VOBA balance | $ | i 601 | $ | i 723 |
2023 | |||||
(in millions) | |||||
Gibraltar Life | $ | i 578 | |||
Gibraltar
BSN Life Berhad | i 1 | ||||
Aoba Life | i 22 | ||||
Total | $ | i 601 |
2023 (April-December) | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Estimated future VOBA amortization | $ | i 42 | $ | i 51 | $ | i 46 | $ | i 42 | $ | i 38 | $ | i 382 | $ | i 601 |
March
31, 2023 | December 31, 2022 | ||||||||||
(in millions) | |||||||||||
Asset Type: | |||||||||||
U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | i 5,353 | $ | i 5,208 | |||||||
Obligations
of U.S. states and their political subdivisions | i 2,100 | i 2,006 | |||||||||
Foreign
government bonds | i 150 | i 120 | |||||||||
U.S.
corporate securities | i 13,488 | i 13,135 | |||||||||
Foreign
corporate securities | i 3,329 | i 3,261 | |||||||||
Asset-backed
securities | i 1,154 | i 1,131 | |||||||||
Mortgage-backed
securities | i 15,229 | i 14,653 | |||||||||
Mutual
funds: | |||||||||||
Equity | i 83,917 | i 82,781 | |||||||||
Fixed
Income | i 39,529 | i 38,109 | |||||||||
Other | i 5,332 | i 3,797 | |||||||||
Equity
securities | i 5,100 | i 5,177 | |||||||||
Commercial
mortgage and other loans | i 73 | i 74 | |||||||||
Other
invested assets | i 23,307 | i 24,590 | |||||||||
Short-term
investments | i 1,250 | i 1,306 | |||||||||
Cash
and cash equivalents | i 2,983 | i 2,331 | |||||||||
Total | $ | i 202,294 | $ | i 197,679 | |||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||
Retirement Strategies | |||||||||||||||||||||||||||||||||||
PGIM | Institutional | Individual | Group Insurance | Individual Life | Total | ||||||||||||||||||||||||||||||
(in
millions) | |||||||||||||||||||||||||||||||||||
Balance, BOP | $ | i 40,056 | $ | i 11,428 | $ | i 93,395 | $ | i 23,513 | $ | i 32,930 | $ | i 201,322 | |||||||||||||||||||||||
Deposits | i 1,279 | i 51 | i 94 | i 6 | i 667 | i 2,097 | |||||||||||||||||||||||||||||
Investment
performance | i 174 | i 454 | i 4,627 | i 702 | i 1,938 | i 7,895 | |||||||||||||||||||||||||||||
Policy
charges | ( i 21) | ( i 3) | ( i 594) | ( i 42) | ( i 262) | ( i 922) | |||||||||||||||||||||||||||||
Surrenders
and withdrawals | ( i 1,012) | ( i 45) | ( i 2,285) | ( i 2) | ( i 178) | ( i 3,522) | |||||||||||||||||||||||||||||
Benefit
payments | ( i 857) | ( i 137) | ( i 23) | ( i 77) | ( i 97) | ( i 1,191) | |||||||||||||||||||||||||||||
Net
transfers (to) from general account | ( i 168) | ( i 14) | ( i 11) | i 0 | ( i 67) | ( i 260) | |||||||||||||||||||||||||||||
Other | ( i 190) | i 128 | i 3 | i 561 | i 20 | i 522 | |||||||||||||||||||||||||||||
Balance,
EOP | $ | i 39,261 | $ | i 11,862 | $ | i 95,206 | $ | i 24,661 | $ | i 34,951 | i 205,941 | ||||||||||||||||||||||||
Other
businesses(1) | ( i 3,647) | ||||||||||||||||||||||||||||||||||
Total separate account liabilities | $ | i 202,294 | |||||||||||||||||||||||||||||||||
Cash
surrender value(2) | $ | i 39,261 | $ | i 11,862 | $ | i 93,618 | $ | i 24,542 | $ | i 31,955 | $ | i 201,238 |
March 31, 2022 | |||||||||||||||||||||||||||||||||||
Retirement Strategies | |||||||||||||||||||||||||||||||||||
PGIM | Institutional | Individual | Group Insurance | Individual Life | Total | ||||||||||||||||||||||||||||||
(in
millions) | |||||||||||||||||||||||||||||||||||
Balance, BOP | $ | i 42,020 | $ | i 14,064 | $ | i 158,546 | $ | i 27,097 | $ | i 39,789 | $ | i 281,516 | |||||||||||||||||||||||
Deposits | i 1,832 | i 326 | i 259 | i 55 | i 611 | i 3,083 | |||||||||||||||||||||||||||||
Investment
performance | i 637 | ( i 906) | ( i 9,867) | ( i 1,708) | ( i 2,209) | ( i 14,053) | |||||||||||||||||||||||||||||
Policy
charges | ( i 26) | ( i 4) | ( i 833) | ( i 52) | ( i 250) | ( i 1,165) | |||||||||||||||||||||||||||||
Surrenders
and withdrawals | ( i 2,393) | ( i 2,708) | ( i 3,320) | ( i 2) | ( i 177) | ( i 8,600) | |||||||||||||||||||||||||||||
Benefit
payments | ( i 815) | ( i 149) | ( i 39) | ( i 85) | ( i 120) | ( i 1,208) | |||||||||||||||||||||||||||||
Net
transfers (to) from general account | i 5 | i 2,839 | ( i 167) | i 18 | ( i 154) | i 2,541 | |||||||||||||||||||||||||||||
Other | i 224 | i 28 | i 2 | i 614 | i 27 | i 895 | |||||||||||||||||||||||||||||
Balance,
EOP | $ | i 41,484 | $ | i 13,490 | $ | i 144,581 | $ | i 25,937 | $ | i 37,517 | i 263,009 | ||||||||||||||||||||||||
Other
businesses(1) | i 57,293 | ||||||||||||||||||||||||||||||||||
Reclassified to "Liabilities held-for-sale"(2) | ( i 90,681) | ||||||||||||||||||||||||||||||||||
Total
separate account liabilities | $ | i 229,621 | |||||||||||||||||||||||||||||||||
Cash
surrender value(3) | $ | i 41,484 | $ | i 13,490 | $ | i 142,391 | $ | i 25,809 | $ | i 34,609 | $ | i 257,783 |
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 | $ | i 52,620 | $ | i 11,282 | $ | i 30,689 | $ | i 28,951 | $ | i 2,932 | $ | i 126,474 | |||||||||||||||||||||||
Effect of cumulative changes in discount rate assumptions, BOP | i 14,349 | i 572 | i 1,354 | i 1,326 | i 103 | i 17,704 | |||||||||||||||||||||||||||||
Balance at original discount rate, BOP | i 66,969 | i 11,854 | i 32,043 | i 30,277 | i 3,035 | i 144,178 | |||||||||||||||||||||||||||||
Effect of actual variances from expected experience and other activity | i 141 | ( i 17) | ( i 193) | ( i 159) | i 45 | ( i 183) | |||||||||||||||||||||||||||||
Adjusted balance, BOP | i 67,110 | i 11,837 | i 31,850 | i 30,118 | i 3,080 | i 143,995 | |||||||||||||||||||||||||||||
Issuances | i 2,932 | i 143 | i 647 | i 443 | i 0 | i 4,165 | |||||||||||||||||||||||||||||
Net premiums / considerations collected | ( i 3,637) | ( i 353) | ( i 1,178) | ( i 1,079) | ( i 77) | ( i 6,324) | |||||||||||||||||||||||||||||
Interest accrual | i 517 | i 136 | i 230 | i 204 | i 37 | i 1,124 | |||||||||||||||||||||||||||||
Foreign currency adjustment | i 1,867 | i 0 | ( i 31) | ( i 120) | i 0 | i 1,716 | |||||||||||||||||||||||||||||
Other adjustments | i 0 | ( i 4) | i 40 | i 1 | i 0 | i 37 | |||||||||||||||||||||||||||||
Balance at original discount rate, EOP | i 68,789 | i 11,759 | i 31,558 | i 29,567 | i 3,040 | i 144,713 | |||||||||||||||||||||||||||||
Effect of cumulative changes in discount rate assumptions, EOP | ( i 13,465) | ( i 321) | ( i 618) | ( i 611) | ( i 30) | ( i 15,045) | |||||||||||||||||||||||||||||
Balance, EOP | $ | i 55,324 | $ | i 11,438 | $ | i 30,940 | $ | i 28,956 | $ | i 3,010 | $ | i 129,668 | |||||||||||||||||||||||
Other businesses, EOP | i 92 | ||||||||||||||||||||||||||||||||||
Total balance, EOP | $ | i 129,760 |
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 | $ | i 117,754 | $ | i 19,288 | $ | i 78,639 | $ | i 80,331 | $ | i 10,685 | $ | i 306,697 | |||||||||||||||||||||||
Effect of cumulative changes in discount rate assumptions, BOP | i 20,170 | i 1,012 | i 3,719 | i 11,266 | i 1,216 | i 37,383 | |||||||||||||||||||||||||||||
Balance at original discount rate, BOP | i 137,924 | i 20,300 | i 82,358 | i 91,597 | i 11,901 | i 344,080 | |||||||||||||||||||||||||||||
Effect of actual variances from expected experience and other activity | i 98 | ( i 24) | ( i 167) | ( i 154) | i 53 | ( i 194) | |||||||||||||||||||||||||||||
Adjusted balance, BOP | i 138,022 | i 20,276 | i 82,191 | i 91,443 | i 11,954 | i 343,886 | |||||||||||||||||||||||||||||
Issuances | i 2,932 | i 143 | i 647 | i 443 | i 0 | i 4,165 | |||||||||||||||||||||||||||||
Interest accrual | i 1,208 | i 237 | i 663 | i 585 | i 143 | i 2,836 | |||||||||||||||||||||||||||||
Benefit payments | ( i 2,795) | ( i 406) | ( i 947) | ( i 1,152) | ( i 60) | ( i 5,360) | |||||||||||||||||||||||||||||
Foreign currency adjustment | i 1,908 | i 0 | ( i 163) | ( i 432) | i 0 | i 1,313 | |||||||||||||||||||||||||||||
Other adjustments | i 48 | ( i 7) | i 93 | ( i 2) | i 0 | i 132 | |||||||||||||||||||||||||||||
Balance at original discount rate, EOP | i 141,323 | i 20,243 | i 82,484 | i 90,885 | i 12,037 | i 346,972 | |||||||||||||||||||||||||||||
Effect of cumulative changes in discount rate assumptions, EOP | ( i 17,578) | ( i 490) | i 244 | ( i 7,214) | ( i 738) | ( i 25,776) | |||||||||||||||||||||||||||||
Balance, EOP | $ | i 123,745 | $ | i 19,753 | $ | i 82,728 | $ | i 83,671 | $ | i 11,299 | $ | i 321,196 | |||||||||||||||||||||||
Other businesses, EOP | i 1,952 | ||||||||||||||||||||||||||||||||||
Total balance, EOP | $ | i 323,148 |
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 | $ | i 68,421 | $ | i 8,315 | $ | i 51,789 | $ | i 54,715 | $ | i 8,288 | $ | i 191,528 | |||||||||||||||||||||||
Flooring impact, EOP | i 4 | i 0 | i 26 | i 11 | i 0 | i 41 | |||||||||||||||||||||||||||||
Balance, EOP, post-flooring | i 68,425 | i 8,315 | i 51,815 | i 54,726 | i 8,288 | i 191,569 | |||||||||||||||||||||||||||||
Less: Reinsurance recoverable | i 0 | i 728 | i 112 | i 222 | i 0 | i 1,062 | |||||||||||||||||||||||||||||
Balance after reinsurance recoverable, EOP, post-flooring | $ | i 68,425 | $ | i 7,587 | $ | i 51,703 | $ | i 54,504 | $ | i 8,288 | $ | i 190,507 | |||||||||||||||||||||||
Other businesses, EOP(1) | i 1,786 | ||||||||||||||||||||||||||||||||||
Total balance after reinsurance recoverable, EOP | $ | i 192,293 |
March 31, 2022 | |||||||||||||||||||||||||||||||||||
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 | $ | i 68,791 | $ | i 12,971 | $ | i 39,517 | $ | i 37,815 | $ | i 3,585 | $ | i 162,679 | |||||||||||||||||||||||
Effect of cumulative changes in discount rate assumptions, BOP | ( i 4,414) | ( i 1,892) | ( i 3,516) | ( i 3,239) | ( i 644) | ( i 13,705) | |||||||||||||||||||||||||||||
Balance at original discount rate, BOP | i 64,377 | i 11,079 | i 36,001 | i 34,576 | i 2,941 | i 148,974 | |||||||||||||||||||||||||||||
Effect of actual variances from expected experience and other activity | i 59 | i 62 | ( i 196) | ( i 1) | i 9 | ( i 67) | |||||||||||||||||||||||||||||
Adjusted balance, BOP | i 64,436 | i 11,141 | i 35,805 | i 34,575 | i 2,950 | i 148,907 | |||||||||||||||||||||||||||||
Issuances | i 733 | i 144 | i 1,020 | i 808 | i 0 | i 2,705 | |||||||||||||||||||||||||||||
Net premiums / considerations collected | ( i 1,611) | ( i 322) | ( i 1,317) | ( i 1,285) | ( i 70) | ( i 4,605) | |||||||||||||||||||||||||||||
Interest accrual | i 408 | i 126 | i 248 | i 229 | i 35 | i 1,046 | |||||||||||||||||||||||||||||
Foreign currency adjustment | ( i 1,789) | i 0 | ( i 652) | ( i 860) | i 0 | ( i 3,301) | |||||||||||||||||||||||||||||
Other adjustments | i 0 | ( i 10) | i 57 | i 1 | i 0 | i 48 | |||||||||||||||||||||||||||||
Balance at original discount rate, EOP | i 62,177 | i 11,079 | i 35,161 | i 33,468 | i 2,915 | i 144,800 | |||||||||||||||||||||||||||||
Effect of cumulative changes in discount rate assumptions, EOP | ( i 2,240) | i 884 | i 1,742 | i 1,560 | i 339 | i 2,285 | |||||||||||||||||||||||||||||
Balance, EOP | $ | i 59,937 | $ | i 11,963 | $ | i 36,903 | $ | i 35,028 | $ | i 3,254 | $ | i 147,085 | |||||||||||||||||||||||
Other businesses, EOP | i 106 | ||||||||||||||||||||||||||||||||||
Total balance, EOP | $ | i 147,191 |
March 31, 2022 | |||||||||||||||||||||||||||||||||||
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 | $ | i 142,593 | $ | i 22,768 | $ | i 109,562 | $ | i 114,846 | $ | i 15,810 | $ | i 405,579 | |||||||||||||||||||||||
Effect of cumulative changes in discount rate assumptions, BOP | ( i 13,706) | ( i 3,876) | ( i 21,554) | ( i 13,476) | ( i 4,482) | ( i 57,094) | |||||||||||||||||||||||||||||
Balance at original discount rate, BOP | i 128,887 | i 18,892 | i 88,008 | i 101,370 | i 11,328 | i 348,485 | |||||||||||||||||||||||||||||
Effect of actual variances from expected experience and other activity | ( i 14) | i 79 | ( i 222) | ( i 2) | i 9 | ( i 150) | |||||||||||||||||||||||||||||
Adjusted balance, BOP | i 128,873 | i 18,971 | i 87,786 | i 101,368 | i 11,337 | i 348,335 | |||||||||||||||||||||||||||||
Issuances | i 732 | i 144 | i 1,020 | i 808 | i 0 | i 2,705 | |||||||||||||||||||||||||||||
Interest accrual | i 1,007 | i 220 | i 690 | i 631 | i 135 | i 2,683 | |||||||||||||||||||||||||||||
Benefit payments | ( i 2,464) | ( i 430) | ( i 752) | ( i 1,042) | ( i 57) | ( i 4,745) | |||||||||||||||||||||||||||||
Foreign currency adjustment | ( i 1,843) | i 0 | ( i 1,963) | ( i 3,005) | i 0 | ( i 6,811) | |||||||||||||||||||||||||||||
Other adjustments | ( i 245) | ( i 15) | i 123 | ( i 5) | i 0 | ( i 143) | |||||||||||||||||||||||||||||
Balance at original discount rate, EOP | i 126,060 | i 18,890 | i 86,904 | i 98,755 | i 11,415 | i 342,024 | |||||||||||||||||||||||||||||
Effect of cumulative changes in discount rate assumptions, EOP | i 780 | i 1,922 | i 12,837 | i 4,806 | i 2,188 | i 22,533 | |||||||||||||||||||||||||||||
Balance, EOP | $ | i 126,840 | $ | i 20,812 | $ | i 99,741 | $ | i 103,561 | $ | i 13,603 | $ | i 364,557 | |||||||||||||||||||||||
Other businesses, EOP | i 2,458 | ||||||||||||||||||||||||||||||||||
Reclassified to “Liabilities held-for-sale” | ( i 254) | ||||||||||||||||||||||||||||||||||
Total balance, EOP | $ | i 366,761 |
March 31, 2022 | |||||||||||||||||||||||||||||||||||
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 | $ | i 66,903 | $ | i 8,849 | $ | i 62,837 | $ | i 68,533 | $ | i 10,349 | $ | i 217,471 | |||||||||||||||||||||||
Flooring impact, EOP | i 164 | i 6 | i 12 | i 2 | i 0 | i 184 | |||||||||||||||||||||||||||||
Balance, EOP, post-flooring | i 67,067 | i 8,855 | i 62,849 | i 68,535 | i 10,349 | i 217,655 | |||||||||||||||||||||||||||||
Less: Reinsurance recoverable | i 0 | i 498 | i 150 | i 258 | i 0 | i 906 | |||||||||||||||||||||||||||||
Balance after reinsurance recoverable, EOP, post-flooring | $ | i 67,067 | $ | i 8,357 | $ | i 62,699 | $ | i 68,277 | $ | i 10,349 | $ | i 216,749 | |||||||||||||||||||||||
Other businesses, EOP(1) | i 2,347 | ||||||||||||||||||||||||||||||||||
Reclassified to “Liabilities held-for-sale” | ( i 254) | ||||||||||||||||||||||||||||||||||
Total balance after reinsurance recoverable, EOP | $ | i 218,842 |
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 | $ | i 106,074 | $ | i 23,352 | $ | i 73,474 | $ | i 62,903 | $ | i 6,901 | |||||||||||||||||||||||||
Discounted expected future gross premiums (at original discount rate) | $ | i 74,439 | $ | i 15,526 | $ | i 56,950 | $ | i 49,872 | $ | i 4,507 | |||||||||||||||||||||||||
Discounted expected future gross premiums (at current discount rate) | $ | i 59,863 | $ | i 15,119 | $ | i 56,318 | $ | i 49,016 | $ | i 4,467 | |||||||||||||||||||||||||
Undiscounted expected future benefits and expenses | $ | i 215,874 | $ | i 31,258 | $ | i 147,802 | $ | i 154,197 | $ | i 29,713 | |||||||||||||||||||||||||
Interest accrual | $ | i 691 | $ | i 101 | $ | i 433 | $ | i 381 | $ | i 106 | |||||||||||||||||||||||||
Gross premiums | $ | i 3,892 | $ | i 461 | $ | i 1,867 | $ | i 1,767 | $ | i 114 | |||||||||||||||||||||||||
Weighted-average duration of the liability in years (at original discount rate) | i 8 | i 10 | i 20 | i 20 | i 18 | ||||||||||||||||||||||||||||||
Weighted-average duration of the liability in years (at current discount rate) | i 8 | i 10 | i 20 | i 18 | i 18 | ||||||||||||||||||||||||||||||
Weighted-average interest rate (at original discount rate) | i 4.36 | % | i 5.20 | % | i 3.41 | % | i 2.52 | % | i 4.91 | % | |||||||||||||||||||||||||
Weighted-average interest rate (at current discount rate) | i 5.09 | % | i 5.05 | % | i 2.82 | % | i 2.69 | % | i 5.34 | % | |||||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||
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 | $ | i 92,821 | $ | i 25,246 | $ | i 79,809 | $ | i 70,516 | $ | i 7,177 | |||||||||||||||||||
Discounted expected future gross premiums (at original discount rate) | $ | i 67,418 | $ | i 16,519 | $ | i 62,269 | $ | i 56,128 | $ | i 4,608 | |||||||||||||||||||
Discounted expected future gross premiums (at current discount rate) | $ | i 65,100 | $ | i 17,913 | $ | i 65,801 | $ | i 58,875 | $ | i 5,135 | |||||||||||||||||||
Undiscounted expected future benefits and expenses | $ | i 189,797 | $ | i 29,127 | $ | i 156,307 | $ | i 165,525 | $ | i 29,361 | |||||||||||||||||||
Interest accrual | $ | i 599 | $ | i 94 | $ | i 442 | $ | i 402 | $ | i 100 | |||||||||||||||||||
Gross premiums | $ | i 1,713 | $ | i 473 | $ | i 2,090 | $ | i 2,076 | $ | i 112 | |||||||||||||||||||
Weighted-average duration of the liability in years (at original discount rate) | i 9 | i 10 | i 21 | i 20 | i 19 | ||||||||||||||||||||||||
Weighted-average duration of the liability in years (at current discount rate) | i 9 | i 10 | i 22 | i 20 | i 20 | ||||||||||||||||||||||||
Weighted-average interest rate (at original discount rate) | i 4.17 | % | i 5.23 | % | i 3.39 | % | i 2.46 | % | i 4.90 | % | |||||||||||||||||||
Weighted-average interest rate (at current discount rate) | i 3.65 | % | i 3.54 | % | i 2.04 | % | i 1.96 | % | i 3.88 | % | |||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||
Deferred Profit Liability | |||||||||||||||||||||||
Retirement Strategies | International Businesses | ||||||||||||||||||||||
Institutional | Life Planner | Gibraltar Life and Other | Total | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance, BOP | $ | i 5,532 | $ | i 3,379 | $ | i 5,261 | $ | i 14,172 | |||||||||||||||
Flooring impact, BOP | i 0 | i 0 | i 1 | i 1 | |||||||||||||||||||
Balance, BOP, pre-flooring | i 5,532 | i 3,379 | i 5,260 | i 14,171 | |||||||||||||||||||
Effect of actual variances from expected experience and other activity | i 31 | ( i 3) | ( i 10) | i 18 | |||||||||||||||||||
Adjusted balance, BOP | i 5,563 | i 3,376 | i 5,250 | i 14,189 | |||||||||||||||||||
Profits deferred | i 164 | i 451 | i 373 | i 988 | |||||||||||||||||||
Interest accrual | i 57 | i 35 | i 39 | i 131 | |||||||||||||||||||
Amortization | ( i 141) | ( i 288) | ( i 257) | ( i 686) | |||||||||||||||||||
Foreign currency adjustment | i 7 | i 8 | ( i 18) | ( i 3) | |||||||||||||||||||
Other adjustments | i 0 | i 10 | i 0 | i 10 | |||||||||||||||||||
Balance, EOP, pre-flooring | i 5,650 | i 3,592 | i 5,387 | i 14,629 | |||||||||||||||||||
Flooring impact, EOP | i 0 | i 0 | i 1 | i 1 | |||||||||||||||||||
Balance, EOP | i 5,650 | i 3,592 | i 5,388 | i 14,630 | |||||||||||||||||||
Less: Reinsurance recoverable | i 0 | i 9 | i 11 | i 20 | |||||||||||||||||||
Balance after reinsurance recoverable | $ | i 5,650 | $ | i 3,583 | $ | i 5,377 | i 14,610 | ||||||||||||||||
Other businesses | i 185 | ||||||||||||||||||||||
Total balance after reinsurance recoverable | $ | i 14,795 |
March 31, 2022 | |||||||||||||||||||||||
Deferred Profit Liability | |||||||||||||||||||||||
Retirement Strategies | International Businesses | ||||||||||||||||||||||
Institutional | Life Planner | Gibraltar Life and Other | Total | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance, BOP | $ | i 5,183 | $ | i 2,741 | $ | i 5,014 | $ | i 12,938 | |||||||||||||||
Flooring impact, BOP | i 0 | i 0 | i 1 | i 1 | |||||||||||||||||||
Balance, BOP, pre-flooring | i 5,183 | i 2,741 | i 5,013 | i 12,937 | |||||||||||||||||||
Effect of actual variances from expected experience and other activity | i 70 | ( i 9) | ( i 5) | i 56 | |||||||||||||||||||
Adjusted balance, BOP | i 5,253 | i 2,732 | i 5,008 | i 12,993 | |||||||||||||||||||
Profits deferred | i 13 | i 465 | i 423 | i 901 | |||||||||||||||||||
Interest accrual | i 50 | i 30 | i 35 | i 115 | |||||||||||||||||||
Amortization | ( i 132) | ( i 286) | ( i 267) | ( i 685) | |||||||||||||||||||
Foreign currency adjustment | ( i 8) | ( i 15) | ( i 122) | ( i 145) | |||||||||||||||||||
Other adjustments | ( i 1) | i 9 | i 0 | i 8 | |||||||||||||||||||
Balance, EOP, pre-flooring | i 5,175 | i 2,935 | i 5,077 | i 13,187 | |||||||||||||||||||
Flooring impact, EOP | i 0 | i 0 | i 1 | i 1 | |||||||||||||||||||
Balance, EOP | i 5,175 | i 2,935 | i 5,078 | i 13,188 | |||||||||||||||||||
Less: Reinsurance recoverable | i 0 | i 8 | i 15 | i 23 | |||||||||||||||||||
Balance after reinsurance recoverable | $ | i 5,175 | $ | i 2,927 | $ | i 5,063 | i 13,165 | ||||||||||||||||
Other businesses | i 224 | ||||||||||||||||||||||
Reclassified to “Liabilities held-for-sale” | ( i 25) | ||||||||||||||||||||||
Total balance after reinsurance recoverable | $ | i 13,364 |
March 31, 2023 | |||||||||||||||||
Retirement Strategies | International Businesses | ||||||||||||||||
Institutional | Life Planner | Gibraltar Life and Other | |||||||||||||||
(in millions) | |||||||||||||||||
Revenue(1) | $ | ( i 111) | $ | ( i 205) | $ | ( i 145) | |||||||||||
Interest accrual | $ | i 57 | $ | i 35 | $ | i 39 |
March 31, 2022 | |||||||||||||||||
Retirement Strategies | International Businesses | ||||||||||||||||
Institutional | Life Planner | Gibraltar Life and Other | |||||||||||||||
(in millions) | |||||||||||||||||
Revenue(1) | $ | i 1 | $ | ( i 210) | $ | ( i 187) | |||||||||||
Interest accrual | $ | i 50 | $ | i 30 | $ | i 35 |
March 31, 2023 | March 31, 2022 | ||||||||||
(in millions) | |||||||||||
Balance, including amounts in AOCI, BOP, post-flooring | $ | i 12,684 | $ | i 11,708 | |||||||
Flooring impact and amounts in AOCI | i 1,285 | ( i 909) | |||||||||
Balance, excluding amounts in AOCI, BOP, pre-flooring | i 13,969 | i 10,799 | |||||||||
Effect of actual variances from expected experience and other activity | ( i 33) | ( i 42) | |||||||||
Adjusted balance, BOP | i 13,936 | i 10,757 | |||||||||
Assessments collected(1) | i 270 | i 239 | |||||||||
Interest accrual | i 118 | i 92 | |||||||||
Benefits paid | ( i 74) | ( i 67) | |||||||||
Balance, excluding amounts in AOCI, EOP, pre-flooring | i 14,250 | i 11,021 | |||||||||
Flooring impact and amounts in AOCI | ( i 1,016) | i 129 | |||||||||
Balance, including amounts in AOCI, EOP, post-flooring | i 13,234 | i 11,150 | |||||||||
Less: Reinsurance recoverable | i 5,338 | i 4,346 | |||||||||
Balance after reinsurance recoverable, including amounts in AOCI, EOP | i 7,896 | i 6,804 | |||||||||
Other businesses | i 151 | i 199 | |||||||||
Total balance after reinsurance recoverable | $ | i 8,047 | $ | i 7,003 |
March 31, 2023 | March 31, 2022 | ||||||||||
(in millions) | |||||||||||
Interest accrual | $ | i 118 | $ | i 92 | |||||||
Gross assessments | $ | i 827 | $ | i 658 | |||||||
Weighted-average duration of the liability in years (at original discount rate) | i 22 | i 22 | |||||||||
Weighted-average interest rate (at original discount rate) | i 3.38 | % | i 3.36 | % |
Retirement Strategies | |||||||||||
Institutional | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
(in millions) | |||||||||||
Loss recognition liability | $ | i 3 | $ | i 4 |
March 31, 2023 | March 31, 2022 | ||||||||||
(in millions) | |||||||||||
Benefit reserves, EOP, post-flooring | $ | i 193,429 | $ | i 219,753 | |||||||
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring | i 13,385 | i 11,349 | |||||||||
Deferred profit liability, EOP, post-flooring | i 14,814 | i 13,386 | |||||||||
Subtotal of amounts disclosed above | i 221,628 | i 244,488 | |||||||||
Other Future Policy Benefits reserves(1) | i 51,958 | i 53,305 | |||||||||
Total Future Policy Benefits | $ | i 273,586 | $ | i 297,793 | |||||||
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 | $ | i 3,892 | $ | i 461 | $ | i 0 | $ | i 1,867 | $ | i 1,767 | $ | i 142 | $ | i 8,129 | |||||||||||||||||||||||||||
Additional insurance reserves | i 0 | i 0 | i 827 | i 0 | i 0 | i 0 | i 827 | ||||||||||||||||||||||||||||||||||
Deferred profit liability | ( i 111) | i 0 | i 0 | ( i 205) | ( i 145) | ( i 2) | ( i 463) | ||||||||||||||||||||||||||||||||||
Total | $ | i 3,781 | $ | i 461 | $ | i 827 | $ | i 1,662 | $ | i 1,622 | $ | i 140 | $ | i 8,493 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
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 | $ | i 1,713 | $ | i 473 | $ | i 0 | $ | i 2,090 | $ | i 2,076 | $ | i 149 | $ | i 6,501 | |||||||||||||||||||||||||||
Additional insurance reserves | i 0 | i 0 | i 658 | i 0 | i 0 | i 0 | i 658 | ||||||||||||||||||||||||||||||||||
Deferred profit liability | i 1 | i 0 | i 0 | ( i 210) | ( i 187) | i 4 | ( i 392) | ||||||||||||||||||||||||||||||||||
Total | $ | i 1,714 | $ | i 473 | $ | i 658 | $ | i 1,880 | $ | i 1,889 | $ | i 153 | $ | i 6,767 |
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 | $ | i 691 | $ | i 101 | $ | i 0 | $ | i 433 | $ | i 381 | $ | i 120 | $ | i 1,726 | |||||||||||||||||||||||||||
Additional insurance reserves | i 0 | i 0 | i 118 | i 0 | i 0 | i 0 | i 118 | ||||||||||||||||||||||||||||||||||
Deferred profit liability | i 57 | i 0 | i 0 | i 35 | i 39 | i 1 | i 132 | ||||||||||||||||||||||||||||||||||
Total | $ | i 748 | $ | i 101 | $ | i 118 | $ | i 468 | $ | i 420 | $ | i 121 | $ | i 1,976 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
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 | $ | i 599 | $ | i 94 | $ | i 0 | $ | i 442 | $ | i 402 | $ | i 113 | $ | i 1,650 | |||||||||||||||||||||||||||
Additional insurance reserves | i 0 | i 0 | i 92 | i 1 | i 0 | i 0 | i 93 | ||||||||||||||||||||||||||||||||||
Deferred profit liability | i 50 | i 0 | i 0 | i 30 | i 35 | i 2 | i 117 | ||||||||||||||||||||||||||||||||||
Total | $ | i 649 | $ | i 94 | $ | i 92 | $ | i 473 | $ | i 437 | $ | i 115 | $ | i 1,860 |
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Group Insurance | Retirement Strategies | Individual Life | International Businesses | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Life/Disability | Institutional | Individual Variable | Individual Fixed | Variable/Universal Life | Life Planner | Gibraltar Life and Other | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | i 5,839 | $ | i 17,376 | $ | i 17,524 | $ | i 4,643 | $ | i 26,502 | $ | i 11,168 | $ | i 35,325 | $ | i 118,377 | ||||||||||||||||||||||||||||||||||
Deposits | i 204 | i 1,376 | i 1,043 | i 582 | i 617 | i 645 | i 1,287 | i 5,754 | ||||||||||||||||||||||||||||||||||||||||||
Interest credited | i 44 | i 160 | i 87 | i 20 | i 199 | i 177 | i 172 | i 859 | ||||||||||||||||||||||||||||||||||||||||||
Acquisitions and dispositions | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||||||||||
Policy charges | ( i 83) | ( i 6) | ( i 6) | i 0 | ( i 514) | ( i 77) | ( i 40) | ( i 726) | ||||||||||||||||||||||||||||||||||||||||||
Surrenders and withdrawals | ( i 453) | ( i 1,371) | ( i 148) | ( i 88) | ( i 439) | ( i 51) | ( i 275) | ( i 2,825) | ||||||||||||||||||||||||||||||||||||||||||
Benefit payments | i 0 | ( i 139) | ( i 28) | ( i 32) | ( i 46) | ( i 75) | ( i 440) | ( i 760) | ||||||||||||||||||||||||||||||||||||||||||
Net transfers (to) from separate account | i 0 | i 0 | i 19 | i 0 | i 77 | i 0 | i 0 | i 96 | ||||||||||||||||||||||||||||||||||||||||||
Change in market value and other adjustments | i 0 | i 0 | i 191 | i 9 | i 91 | i 6 | i 2 | i 299 | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency adjustment | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 76) | ( i 143) | ( i 219) | ||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | i 5,551 | i 17,396 | i 18,682 | i 5,134 | i 26,487 | i 11,717 | i 35,888 | i 120,855 | ||||||||||||||||||||||||||||||||||||||||||
Reinsurance and other recoverable(1) | i 0 | i 0 | i 0 | i 0 | i 11 | i 1 | i 22 | i 34 | ||||||||||||||||||||||||||||||||||||||||||
Policyholders' account balance net of reinsurance and other recoverable | $ | i 5,551 | $ | i 17,396 | $ | i 18,682 | $ | i 5,134 | $ | i 26,476 | $ | i 11,716 | $ | i 35,866 | $ | i 120,821 | ||||||||||||||||||||||||||||||||||
Closed Block Division | i 4,572 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unearned revenue reserve, unearned expense credit, and additional interest reserve | i 4,772 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other(2) | i 7,940 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Policyholders' account balance | $ | i 138,139 | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average crediting rate | i 3.09 | % | i 3.69 | % | i 1.92 | % | i 1.63 | % | i 3.00 | % | i 6.19 | % | i 1.93 | % | i 2.87 | % | ||||||||||||||||||||||||||||||||||
Net amount at risk(3) | $ | i 72,259 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 370,778 | $ | i 18,055 | $ | i 6,971 | $ | i 468,063 | ||||||||||||||||||||||||||||||||||
Cash surrender value(4) | $ | i 3,984 | $ | i 17,396 | $ | i 16,640 | $ | i 4,045 | $ | i 21,846 | $ | i 10,100 | $ | i 31,233 | $ | i 105,244 |
March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Group Insurance | Retirement Strategies | Individual Life | International Businesses | Corporate and Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Life/Disability | Institutional | Individual Variable | Individual Fixed | Variable/Universal Life | Life Planner | Gibraltar Life and Other | Full Service | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | i 6,273 | $ | i 16,391 | $ | i 14,125 | $ | i 4,652 | $ | i 26,859 | $ | i 11,555 | $ | i 37,615 | $ | i 36,505 | $ | i 153,975 | ||||||||||||||||||||||||||||||||||||||
Deposits | i 261 | i 1,001 | i 1,190 | i 201 | i 663 | i 205 | i 410 | i 1,722 | i 5,656 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest credited | i 36 | i 135 | i 14 | i 5 | i 203 | i 24 | i 126 | i 265 | i 805 | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and dispositions | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Policy charges | ( i 78) | ( i 6) | ( i 1) | ( i 1) | ( i 506) | ( i 51) | ( i 26) | ( i 58) | ( i 727) | |||||||||||||||||||||||||||||||||||||||||||||||
Surrenders and withdrawals | ( i 378) | ( i 1,161) | ( i 90) | ( i 79) | ( i 421) | ( i 50) | ( i 447) | ( i 1,759) | ( i 4,385) | |||||||||||||||||||||||||||||||||||||||||||||||
Benefit payments | i 0 | ( i 138) | ( i 37) | ( i 50) | ( i 52) | ( i 67) | ( i 465) | i 0 | ( i 809) | |||||||||||||||||||||||||||||||||||||||||||||||
Net transfers (to) from separate account | ( i 18) | i 0 | i 170 | i 0 | i 166 | i 0 | i 0 | i 103 | i 421 | |||||||||||||||||||||||||||||||||||||||||||||||
Change in market value and other adjustments | i 0 | i 0 | ( i 106) | i 0 | ( i 185) | i 4 | ( i 2) | ( i 797) | ( i 1,086) | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency adjustment | i 0 | i 0 | i 0 | i 0 | i 0 | ( i 507) | ( i 305) | i 0 | ( i 812) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | i 6,096 | i 16,222 | i 15,265 | i 4,728 | i 26,727 | i 11,113 | i 36,906 | i 35,981 | i 153,038 | |||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance and other recoverable(1) | i 0 | i 0 | i 0 | i 0 | i 12 | i 1 | i 25 | i 0 | i 38 | |||||||||||||||||||||||||||||||||||||||||||||||
Policyholders' account balance net of reinsurance and other recoverable | $ | i 6,096 | $ | i 16,222 | $ | i 15,265 | $ | i 4,728 | $ | i 26,715 | $ | i 11,112 | $ | i 36,881 | $ | i 35,981 | $ | i 153,000 | ||||||||||||||||||||||||||||||||||||||
Closed Block Division | i 4,697 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned revenue reserve, unearned expense credit, and additional interest reserve | i 4,069 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | i 181 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassified to "Liabilities held-for-sale"(5) | ( i 39,295) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Policyholders' account balance | $ | i 122,690 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average crediting rate | i 2.30 | % | i 3.30 | % | i 0.38 | % | i 0.43 | % | i 3.03 | % | i 0.85 | % | i 1.35 | % | i 2.92 | % | i 2.11 | % | ||||||||||||||||||||||||||||||||||||||
Net amount at risk(3) | $ | i 71,021 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 481,904 | $ | i 15,352 | $ | i 8,019 | $ | i 0 | $ | i 576,296 | ||||||||||||||||||||||||||||||||||||||
Cash surrender value(4) | $ | i 3,704 | $ | i 16,222 | $ | i 14,553 | $ | i 3,085 | $ | i 32,089 | $ | i 9,972 | $ | i 34,497 | $ | i 35,981 | $ | i 150,103 |
March 31, 2023 | |||||||||||||||||||||||||||||
Range of Guaranteed Minimum Crediting Rate (1) | At guaranteed minimum | i 1 - i 50
bps above guaranteed minimum | i 51 - i 150
bps above guaranteed minimum | Greater than i 150 bps above guaranteed minimum | Total | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Group Insurance | |||||||||||||||||||||||||||||
Less
than i 1.00% | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 1,441 | $ | i 1,441 | |||||||||||||||||||
i 1.00%
- i 1.99% | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||
i 2.00%
- i 2.99% | i 56 | i 0 | i 0 | i 0 | i 56 | ||||||||||||||||||||||||
i 3.00%
- i 4.00% | i 1,634 | i 0 | i 0 | i 0 | i 1,634 | ||||||||||||||||||||||||
Greater
than i 4.00% | i 3 | i 0 | i 0 | i 0 | i 3 | ||||||||||||||||||||||||
Total | $ | i 1,693 | $ | i 0 | $ | i 0 | $ | i 1,441 | $ | i 3,134 | |||||||||||||||||||
Institutional | |||||||||||||||||||||||||||||
Less
than i 1.00% | $ | i 400 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 400 | |||||||||||||||||||
i 1.00%
- i 1.99% | i 1,551 | i 0 | i 0 | i 0 | i 1,551 | ||||||||||||||||||||||||
i 2.00%
- i 2.99% | i 583 | i 0 | i 0 | i 0 | i 583 | ||||||||||||||||||||||||
i 3.00%
- i 4.00% | i 5,628 | i 0 | i 0 | i 0 | i 5,628 | ||||||||||||||||||||||||
Greater
than i 4.00% | i 1,519 | i 0 | i 0 | i 0 | i 1,519 | ||||||||||||||||||||||||
Total | $ | i 9,681 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 9,681 | |||||||||||||||||||
Individual Variable | |||||||||||||||||||||||||||||
Less than i 1.00% | $ | i 1,005 | $ | i 848 | $ | i 19 | $ | i 0 | $ | i 1,872 | |||||||||||||||||||
i 1.00%
- i 1.99% | i 239 | i 2 | i 1 | i 0 | i 242 | ||||||||||||||||||||||||
i 2.00%
- i 2.99% | i 32 | i 2 | i 0 | i 0 | i 34 | ||||||||||||||||||||||||
i 3.00%
- i 4.00% | i 2,209 | i 9 | i 10 | i 0 | i 2,228 | ||||||||||||||||||||||||
Greater
than i 4.00% | i 104 | i 0 | i 0 | i 0 | i 104 | ||||||||||||||||||||||||
Total | $ | i 3,589 | $ | i 861 | $ | i 30 | $ | i 0 | $ | i 4,480 | |||||||||||||||||||
Individual Fixed | |||||||||||||||||||||||||||||
Less than i 1.00% | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | |||||||||||||||||||
i 1.00%
- i 1.99% | i 585 | i 128 | i 253 | i 84 | i 1,050 | ||||||||||||||||||||||||
i 2.00%
- i 2.99% | i 496 | i 211 | i 27 | i 11 | i 745 | ||||||||||||||||||||||||
i 3.00%
- i 4.00% | i 371 | i 6 | i 0 | i 0 | i 377 | ||||||||||||||||||||||||
Greater
than i 4.00% | i 101 | i 0 | i 0 | i 0 | i 101 | ||||||||||||||||||||||||
Total | $ | i 1,553 | $ | i 345 | $ | i 280 | $ | i 95 | $ | i 2,273 | |||||||||||||||||||
Variable & Universal Life | |||||||||||||||||||||||||||||
Less than i 1.00% | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 11 | $ | i 11 | |||||||||||||||||||
i 1.00%
- i 1.99% | i 150 | i 0 | i 1,073 | i 1,949 | i 3,172 | ||||||||||||||||||||||||
i 2.00%
- i 2.99% | i 374 | i 123 | i 4,019 | i 280 | i 4,796 | ||||||||||||||||||||||||
i 3.00%
- i 4.00% | i 7,565 | i 1,918 | i 561 | i 7 | i 10,051 | ||||||||||||||||||||||||
Greater
than i 4.00% | i 5,549 | i 0 | i 0 | i 0 | i 5,549 | ||||||||||||||||||||||||
Total | $ | i 13,638 | $ | i 2,041 | $ | i 5,653 | $ | i 2,247 | $ | i 23,579 | |||||||||||||||||||
Life Planner | |||||||||||||||||||||||||||||
Less than i 1.00% | $ | i 357 | $ | i 27 | $ | i 91 | $ | i 831 | $ | i 1,306 | |||||||||||||||||||
i 1.00%
- i 1.99% | i 3,156 | i 25 | i 0 | i 0 | i 3,181 | ||||||||||||||||||||||||
i 2.00%
- i 2.99% | i 2,259 | i 0 | i 0 | i 0 | i 2,259 | ||||||||||||||||||||||||
i 3.00%
- i 4.00% | i 339 | i 0 | i 0 | i 0 | i 339 | ||||||||||||||||||||||||
Greater
than i 4.00% | i 407 | i 0 | i 0 | i 0 | i 407 | ||||||||||||||||||||||||
Total | $ | i 6,518 | $ | i 52 | $ | i 91 | $ | i 831 | $ | i 7,492 | |||||||||||||||||||
Gibraltar | |||||||||||||||||||||||||||||
Less
than i 1.00% | $ | i 17,023 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 17,023 | |||||||||||||||||||
i 1.00%
- i 1.99% | i 9,870 | i 0 | i 0 | i 0 | i 9,870 | ||||||||||||||||||||||||
i 2.00%
- i 2.99% | i 3,253 | i 335 | i 40 | i 0 | i 3,628 | ||||||||||||||||||||||||
i 3.00%
- i 4.00% | i 3,201 | i 0 | i 0 | i 0 | i 3,201 | ||||||||||||||||||||||||
Greater
than i 4.00% | i 1,904 | i 0 | i 0 | i 0 | i 1,904 | ||||||||||||||||||||||||
Total | $ | i 35,251 | $ | i 335 | $ | i 40 | $ | i 0 | $ | i 35,626 |
March 31, 2022 | |||||||||||||||||||||||||||||
Range of Guaranteed Minimum Crediting Rate (1) | At guaranteed minimum | i 1 - i 50
bps above guaranteed minimum | i 51 - i 150
bps above guaranteed minimum | Greater than i 150 bps above guaranteed minimum | Total | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Group Insurance | |||||||||||||||||||||||||||||
Less
than i 1.00% | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 1,900 | $ | i 1,900 | |||||||||||||||||||
i 1.00%
- i 1.99% | i 7 | i 0 | i 0 | i 0 | i 7 | ||||||||||||||||||||||||
i 2.00%
- i 2.99% | i 55 | i 0 | i 0 | i 0 | i 55 | ||||||||||||||||||||||||
i 3.00%
- i 4.00% | i 1,672 | i 0 | i 0 | i 0 | i 1,672 | ||||||||||||||||||||||||
Greater
than i 4.00% | i 4 | i 0 | i 0 | i 0 | i 4 | ||||||||||||||||||||||||
Total | $ | i 1,738 | $ | i 0 | $ | i 0 | $ | i 1,900 | $ | i 3,638 | |||||||||||||||||||
Institutional | |||||||||||||||||||||||||||||
Less
than i 1.00% | $ | i 400 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 400 | |||||||||||||||||||
i 1.00%
- i 1.99% | i 1,571 | i 0 | i 0 | i 0 | i 1,571 | ||||||||||||||||||||||||
i 2.00%
- i 2.99% | i 1,244 | i 0 | i 0 | i 0 | i 1,244 | ||||||||||||||||||||||||
i 3.00%
- i 4.00% | i 4,618 | i 0 | i 0 | i 0 | i 4,618 | ||||||||||||||||||||||||
Greater
than i 4.00% | i 1,031 | i 0 | i 0 | i 0 | i 1,031 | ||||||||||||||||||||||||
Total | $ | i 8,864 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 8,864 | |||||||||||||||||||
Individual Variable | |||||||||||||||||||||||||||||
Less than i 1.00% | $ | i 1,414 | $ | i 885 | $ | i 19 | $ | i 0 | $ | i 2,318 | |||||||||||||||||||
i 1.00%
- i 1.99% | i 261 | i 2 | i 1 | i 0 | i 264 | ||||||||||||||||||||||||
i 2.00%
- i 2.99% | i 111 | i 0 | i 1 | i 0 | i 112 | ||||||||||||||||||||||||
i 3.00%
- i 4.00% | i 3,131 | i 6 | i 10 | i 0 | i 3,147 | ||||||||||||||||||||||||
Greater
than i 4.00% | i 114 | i 0 | i 0 | i 0 | i 114 | ||||||||||||||||||||||||
Total | $ | i 5,031 | $ | i 893 | $ | i 31 | $ | i 0 | $ | i 5,955 | |||||||||||||||||||
Individual Fixed | |||||||||||||||||||||||||||||
Less than i 1.00% | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 0 | |||||||||||||||||||
i 1.00%
- i 1.99% | i 656 | i 56 | i 90 | i 5 | i 807 | ||||||||||||||||||||||||
i 2.00%
- i 2.99% | i 584 | i 0 | i 0 | i 0 | i 584 | ||||||||||||||||||||||||
i 3.00%
- i 4.00% | i 416 | i 2 | i 0 | i 0 | i 418 | ||||||||||||||||||||||||
Greater
than i 4.00% | i 112 | i 0 | i 0 | i 0 | i 112 | ||||||||||||||||||||||||
Total | $ | i 1,768 | $ | i 58 | $ | i 90 | $ | i 5 | $ | i 1,921 | |||||||||||||||||||
Variable & Universal Life | |||||||||||||||||||||||||||||
Less than i 1.00% | $ | i 17 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 17 | |||||||||||||||||||
i 1.00%
- i 1.99% | i 361 | i 0 | i 650 | i 1,981 | i 2,992 | ||||||||||||||||||||||||
i 2.00%
- i 2.99% | i 405 | i 0 | i 2,223 | i 2,127 | i 4,755 | ||||||||||||||||||||||||
i 3.00%
- i 4.00% | i 7,916 | i 12 | i 2,510 | i 156 | i 10,594 | ||||||||||||||||||||||||
Greater
than i 4.00% | i 5,595 | i 0 | i 0 | i 0 | i 5,595 | ||||||||||||||||||||||||
Total | $ | i 14,294 | $ | i 12 | $ | i 5,383 | $ | i 4,264 | $ | i 23,953 | |||||||||||||||||||
Life Planner | |||||||||||||||||||||||||||||
Less than i 1.00% | $ | i 390 | $ | i 28 | $ | i 98 | $ | i 6 | $ | i 522 | |||||||||||||||||||
i 1.00%
- i 1.99% | i 3,420 | i 23 | i 0 | i 0 | i 3,443 | ||||||||||||||||||||||||
i 2.00%
- i 2.99% | i 2,494 | i 0 | i 0 | i 0 | i 2,494 | ||||||||||||||||||||||||
i 3.00%
- i 4.00% | i 314 | i 0 | i 0 | i 0 | i 314 | ||||||||||||||||||||||||
Greater
than i 4.00% | i 424 | i 0 | i 0 | i 0 | i 424 | ||||||||||||||||||||||||
Total | $ | i 7,042 | $ | i 51 | $ | i 98 | $ | i 6 | $ | i 7,197 | |||||||||||||||||||
Gibraltar | |||||||||||||||||||||||||||||
Less
than i 1.00% | $ | i 20,729 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 20,729 | |||||||||||||||||||
i 1.00%
- i 1.99% | i 11,255 | i 0 | i 0 | i 0 | i 11,255 | ||||||||||||||||||||||||
i 2.00%
- i 2.99% | i 3,414 | i 419 | i 0 | i 0 | i 3,833 | ||||||||||||||||||||||||
i 3.00%
- i 4.00% | i 439 | i 0 | i 0 | i 0 | i 439 | ||||||||||||||||||||||||
Greater
than i 4.00% | i 280 | i 0 | i 0 | i 0 | i 280 | ||||||||||||||||||||||||
Total | $ | i 36,117 | $ | i 419 | $ | i 0 | $ | i 0 | $ | i 36,536 | |||||||||||||||||||
Full Service | |||||||||||||||||||||||||||||
Less than i 1.00% | $ | i 428 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 428 | |||||||||||||||||||
i 1.00%
- i 1.99% | i 13,582 | i 13,307 | i 1,998 | i 0 | i 28,887 | ||||||||||||||||||||||||
i 2.00%
- i 2.99% | i 6 | i 0 | i 29 | i 0 | i 35 | ||||||||||||||||||||||||
i 3.00%
- i 4.00% | i 6,615 | i 0 | i 0 | i 0 | i 6,615 | ||||||||||||||||||||||||
Greater
than i 4.00% | i 16 | i 0 | i 0 | i 0 | i 16 | ||||||||||||||||||||||||
Total | $ | i 20,647 | $ | i 13,307 | $ | i 2,027 | $ | i 0 | $ | i 35,981 |
March 31, 2023 | March 31, 2022 | ||||||||||
(in millions) | |||||||||||
Balance, BOP | $ | i 4,987 | $ | i 13,392 | |||||||
Effect of cumulative changes in NPR | i 1,828 | i 898 | |||||||||
Balance, BOP, before effect of changes in NPR | i 6,815 | i 14,290 | |||||||||
Attributed fees collected | i 300 | i 403 | |||||||||
Claims paid | ( i 32) | ( i 18) | |||||||||
Interest accrual | i 85 | i 9 | |||||||||
Actual in force different from expected | i 19 | i 29 | |||||||||
Effect of changes in interest rates | i 463 | ( i 3,258) | |||||||||
Effect of changes in equity markets | ( i 671) | i 1,150 | |||||||||
Other adjustments | i 78 | i 0 | |||||||||
Balance, EOP, before effect of changes in NPR | i 7,057 | i 12,605 | |||||||||
Effect of cumulative changes in NPR | ( i 2,014) | ( i 1,988) | |||||||||
Balance, EOP | i 5,043 | i 10,617 | |||||||||
Less: Reinsured MRB | i 28 | i 68 | |||||||||
Balance, EOP, net of reinsurance | i 5,015 | i 10,549 | |||||||||
Other businesses | i 105 | i 218 | |||||||||
Reclassified to “Assets and Liabilities held-for-sale”(1) | i 0 | ( i 3,608) | |||||||||
Total net MRB balance | $ | i 5,120 | $ | i 7,159 |
March 31, 2023 | March 31, 2022 | ||||||||||
($ in millions) | |||||||||||
Net amount at risk | $ | i 11,332 | $ | i 8,056 | |||||||
Weighted-average attained age of contractholders | i 69 | i 67 |
March 31, 2023 | |||||||||||||||||||||||||||||||||||
Retirement Strategies | |||||||||||||||||||||||||||||||||||
Individual Variable | Other Businesses | Total | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
MRB Assets | $ | i 962 | $ | i 14 | $ | i 976 | |||||||||||||||||||||||||||||
MRB Liabilities | i 5,978 | i 118 | i 6,096 | ||||||||||||||||||||||||||||||||
Net Liability | $ | i 5,016 | $ | i 104 | $ | i 5,120 |
March 31, 2022 | |||||||||||||||||||||||||||||||||||
Retirement Strategies | |||||||||||||||||||||||||||||||||||
Individual Variable | Other Businesses | Total | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
MRB Assets(1) | $ | i 905 | $ | i 15 | $ | i 920 | |||||||||||||||||||||||||||||
MRB Liabilities(2) | i 7,914 | i 165 | i 8,079 | ||||||||||||||||||||||||||||||||
Net Liability | $ | i 7,009 | $ | i 150 | $ | i 7,159 |
Three Months Ended March 31, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
(in millions) | |||||||||||||||||
Direct premiums | $ | i 8,750 | $ | i 7,240 | |||||||||||||
Reinsurance assumed | i 1,178 | i 1,026 | |||||||||||||||
Reinsurance ceded | ( i 565) | ( i 577) | |||||||||||||||
Premiums | $ | i 9,363 | $ | i 7,689 | |||||||||||||
Direct policy charges and fee income | $ | i 966 | $ | i 1,129 | |||||||||||||
Reinsurance assumed | i 308 | i 300 | |||||||||||||||
Reinsurance ceded | ( i 140) | ( i 130) | |||||||||||||||
Policy charges and fee income | $ | i 1,134 | $ | i 1,299 | |||||||||||||
Direct change in value of market risk benefits, net of related hedging gains (losses) | $ | i 80 | $ | ( i 242) | |||||||||||||
Reinsurance assumed | i 0 | i 23 | |||||||||||||||
Reinsurance ceded | ( i 5) | ( i 51) | |||||||||||||||
Change in value of market risk benefits, net of related hedging gains (losses) | $ | i 75 | $ | ( i 270) | |||||||||||||
Direct policyholders’ benefits | $ | i 9,594 | $ | i 8,080 | |||||||||||||
Reinsurance assumed | i 1,565 | i 1,485 | |||||||||||||||
Reinsurance ceded | ( i 855) | ( i 790) | |||||||||||||||
Policyholders’ benefits | $ | i 10,304 | $ | i 8,775 | |||||||||||||
Direct change in estimates of liability for future policy benefits | $ | ( i 24) | $ | ( i 118) | |||||||||||||
Reinsurance assumed | i 4 | ( i 18) | |||||||||||||||
Reinsurance ceded | i 45 | ( i 9) | |||||||||||||||
Change in estimates of liability for future policy benefits | $ | i 25 | $ | ( i 145) |
March 31, 2023 | December 31, 2022 | ||||||||||
(in millions) | |||||||||||
Individual and group annuities(1) | $ | i 2,137 | $ | i 2,078 | |||||||
Life insurance(2) | i 8,247 | i 7,981 | |||||||||
Other reinsurance | i 415 | i 358 | |||||||||
Total reinsurance recoverables(3) | $ | i 10,799 | $ | i 10,417 |
March 31, 2023 | December 31, 2022 | |||||||||||||
(in millions) | ||||||||||||||
Closed Block liabilities | ||||||||||||||
Future policy benefits | $ | i 44,119 | $ | i 44,414 | ||||||||||
Policyholders’ dividends payable | i 629 | i 617 | ||||||||||||
Policyholders’ dividend obligation | i 770 | i 0 | ||||||||||||
Policyholders’ account balances | i 4,572 | i 4,607 | ||||||||||||
Other Closed Block liabilities | i 3,364 | i 3,499 | ||||||||||||
Total Closed Block liabilities | i 53,454 | i 53,137 | ||||||||||||
Closed Block assets | ||||||||||||||
Fixed maturities, available-for-sale, at fair value | i 30,716 | i 29,898 | ||||||||||||
Fixed maturities, trading, at fair value | i 868 | i 900 | ||||||||||||
Equity securities, at fair value | i 1,843 | i 1,733 | ||||||||||||
Commercial mortgage and other loans | i 7,781 | i 7,926 | ||||||||||||
Policy loans | i 3,586 | i 3,637 | ||||||||||||
Other invested assets | i 4,828 | i 4,254 | ||||||||||||
Short-term investments | i 331 | i 337 | ||||||||||||
Total investments | i 49,953 | i 48,685 | ||||||||||||
Cash and cash equivalents | i 484 | i 1,307 | ||||||||||||
Accrued investment income | i 430 | i 402 | ||||||||||||
Other Closed Block assets | i 127 | i 162 | ||||||||||||
Total Closed Block assets | i 50,994 | i 50,556 | ||||||||||||
Excess of reported Closed Block liabilities over Closed Block assets | i 2,460 | i 2,581 | ||||||||||||
Portion of above representing accumulated other comprehensive income (loss): | ||||||||||||||
Net unrealized investment gains (losses) | ( i 2,570) | ( i 3,458) | ||||||||||||
Allocated to policyholder dividend obligation | i 2,412 | i 3,207 | ||||||||||||
Future earnings to be recognized from Closed Block assets and Closed Block liabilities | $ | i 2,302 | $ | i 2,330 |
Three
Months Ended March 31, 2023 | ||||||||
(in millions) | ||||||||
Balance, December 31, 2022 | $ | i 0 | ||||||
Impact from earnings allocable to policyholder dividend obligation | ( i 25) | |||||||
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation | i 795 | |||||||
Balance, March 31, 2023 | $ | i 770 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Premiums | $ | i 406 | $ | i 408 | |||||||||||||||||||
Net investment income | i 479 | i 556 | |||||||||||||||||||||
Realized investment gains (losses), net | ( i 17) | i 100 | |||||||||||||||||||||
Other income (loss) | i 100 | ( i 98) | |||||||||||||||||||||
Total Closed Block revenues | i 968 | i 966 | |||||||||||||||||||||
Benefits and Expenses | |||||||||||||||||||||||
Policyholders’ benefits | i 572 | i 624 | |||||||||||||||||||||
Interest credited to policyholders’ account balances | i 30 | i 30 | |||||||||||||||||||||
Dividends to policyholders | i 302 | i 211 | |||||||||||||||||||||
General and administrative expenses | i 73 | i 73 | |||||||||||||||||||||
Total Closed Block benefits and expenses | i 977 | i 938 | |||||||||||||||||||||
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes | ( i 9) | i 28 | |||||||||||||||||||||
Income tax expense (benefit) | ( i 32) | i 1 | |||||||||||||||||||||
Closed Block revenues, net of Closed Block benefits and expenses and income taxes | $ | i 23 | $ | i 27 |
March 31, 2023 | December 31, 2022 | ||||||||||
($ in millions) | |||||||||||
Commercial paper: | |||||||||||
Prudential Financial | $ | i 25 | $ | i 25 | |||||||
Prudential Funding, LLC | i 409 | i 413 | |||||||||
Subtotal commercial paper | i 434 | i 438 | |||||||||
Current portion of long-term debt: | |||||||||||
Senior Notes | i 173 | i 173 | |||||||||
Mortgage debt | i 82 | i 155 | |||||||||
Surplus notes subject to set-off arrangements(1) | i 500 | i 500 | |||||||||
Subtotal current portion of long-term debt | i 755 | i 828 | |||||||||
Other(2) | i 16 | i 9 | |||||||||
Subtotal | i 1,205 | i 1,275 | |||||||||
Less: assets under set-off arrangements(1) | i 500 | i 500 | |||||||||
Total short-term debt(3) | $ | i 705 | $ | i 775 | |||||||
Supplemental short-term debt information: | |||||||||||
Portion of commercial paper borrowings due overnight | $ | i 100 | $ | i 130 | |||||||
Daily average commercial paper outstanding for the quarter ended | $ | i 963 | $ | i 1,312 | |||||||
Weighted average maturity of outstanding commercial paper, in days | i 66 | i 98 | |||||||||
Weighted average interest rate on outstanding commercial paper | i 5.02 | % | i 4.69 | % |
March 31, 2023 | December 31, 2022 | ||||||||||
(in millions) | |||||||||||
Fixed-rate obligations: | |||||||||||
Surplus notes | $ | i 345 | $ | i 345 | |||||||
Surplus notes subject to set-off arrangements(1) | i 9,460 | i 9,460 | |||||||||
Senior notes | i 10,114 | i 10,115 | |||||||||
Mortgage debt | i 25 | i 25 | |||||||||
Floating-rate obligations: | |||||||||||
Line of credit | i 300 | i 300 | |||||||||
Surplus notes subject to set-off arrangements(1) | i 2,330 | i 2,330 | |||||||||
Mortgage debt(2) | i 76 | i 29 | |||||||||
Junior subordinated notes(3) | i 9,591 | i 9,094 | |||||||||
Subtotal | i 32,241 | i 31,698 | |||||||||
Less: assets under set-off arrangements(1) | i 11,790 | i 11,790 | |||||||||
Total long-term debt(4) | $ | i 20,451 | $ | i 19,908 |
Three Months Ended March 31, | |||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Components of net periodic (benefit) cost: | |||||||||||||||||||||||
Service cost | $ | i 51 | $ | i 80 | $ | i 2 | $ | i 4 | |||||||||||||||
Interest cost | i 138 | i 97 | i 18 | i 12 | |||||||||||||||||||
Expected return on plan assets | ( i 231) | ( i 213) | ( i 21) | ( i 27) | |||||||||||||||||||
Amortization of prior service cost | i 0 | i 0 | ( i 2) | ( i 2) | |||||||||||||||||||
Amortization of actuarial (gain) loss, net | i 17 | i 51 | i 3 | i 1 | |||||||||||||||||||
Settlements | i 0 | i 1 | i 0 | i 0 | |||||||||||||||||||
Special termination benefits (1) | i 0 | i 1 | i 0 | i 0 | |||||||||||||||||||
Net
periodic (benefit) cost | $ | ( i 25) | $ | i 17 | $ | i 0 | $ | ( i 12) | |||||||||||||||
Common Stock | |||||||||||||||||||||||
Issued | Held In Treasury | Outstanding | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Balance, December 31, 2022 | i 666.3 | i 300.3 | i 366.0 | ||||||||||||||||||||
Common Stock issued | i 0.0 | i 0.0 | i 0.0 | ||||||||||||||||||||
Common Stock acquired | i 0.0 | i 2.7 | ( i 2.7) | ||||||||||||||||||||
Stock-based compensation programs(1) | i 0.0 | ( i 2.6) | i 2.6 | ||||||||||||||||||||
Balance, March 31, 2023 | i 666.3 | i 300.4 | i 365.9 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Dividends declared per share of Common Stock | $ | i 1.25 | $ | i 1.20 |
Accumulated
Other Comprehensive Income (Loss) Attributable to Prudential Financial, Inc. | |||||||||||||||||||||||||||||||||||
Foreign Currency Translation Adjustment | Net Unrealized Investment Gains (Losses)(1) | Interest rate remeasurement of Liability for Future Policy Benefits | Gains (losses) from Changes in Non-performance Risk on Market Risk Benefits | Pension and Postretirement Unrecognized Net Periodic Benefit (Cost) | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | ( i 2,274) | $ | ( i 16,195) | $ | i 15,242 | $ | i 1,448 | $ | ( i 2,027) | $ | ( i 3,806) | |||||||||||||||||||||||
Change in OCI before reclassifications | i 12 | i 8,243 | ( i 8,705) | i 186 | i 1 | ( i 263) | |||||||||||||||||||||||||||||
Amounts reclassified from AOCI | i 0 | i 136 | i 0 | i 0 | i 18 | i 154 | |||||||||||||||||||||||||||||
Income tax benefit (expense) | ( i 38) | ( i 1,988) | i 2,160 | ( i 39) | ( i 5) | i 90 | |||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | ( i 2,300) | $ | ( i 9,804) | $ | i 8,697 | $ | i 1,595 | $ | ( i 2,013) | $ | ( i 3,825) |
Accumulated
Other Comprehensive Income (Loss) Attributable to Prudential Financial, Inc. | |||||||||||||||||||||||||||||||||||
Foreign Currency Translation Adjustment | Net Unrealized Investment Gains (Losses)(1) | Interest rate remeasurement of Liability for Future Policy Benefits | Gains (losses) from Changes in Non-performance Risk on Market Risk Benefits | Pension and Postretirement Unrecognized Net Periodic Benefit (Cost) | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | ( i 1,107) | $ | i 26,639 | $ | ( i 33,220) | $ | i 707 | $ | ( i 2,513) | $ | ( i 9,494) | |||||||||||||||||||||||
Change in OCI before reclassifications | ( i 398) | ( i 23,095) | i 23,589 | i 1,107 | i 15 | i 1,218 | |||||||||||||||||||||||||||||
Amounts reclassified from AOCI | i 10 | i 262 | i 0 | i 0 | i 50 | i 322 | |||||||||||||||||||||||||||||
Income tax benefit (expense) | ( i 36) | i 5,230 | ( i 5,545) | ( i 232) | ( i 16) | ( i 599) | |||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | ( i 1,531) | $ | i 9,036 | $ | ( i 15,176) | $ | i 1,582 | $ | ( i 2,464) | $ | ( i 8,553) |
Three Months Ended March 31, | Affected line item in Consolidated Statements of Operations | ||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Amounts reclassified from AOCI(1)(2): | |||||||||||||||||||||||||||||
Foreign currency translation adjustment: | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | i 0 | $ | ( i 10) | Realized investment gains (losses), net | ||||||||||||||||||||||||
Net unrealized investment gains (losses): | |||||||||||||||||||||||||||||
Cash flow hedges—Interest rate | ( i 23) | ( i 4) | (3) | ||||||||||||||||||||||||||
Cash flow hedges—Currency | i 5 | i 1 | (3) | ||||||||||||||||||||||||||
Cash flow hedges—Currency/Interest rate | i 39 | i 154 | (3) | ||||||||||||||||||||||||||
Fair value hedges—Currency | ( i 2) | ( i 2) | (3) | ||||||||||||||||||||||||||
Net unrealized investment gains (losses) on available-for-sale securities | ( i 155) | ( i 411) | Realized investment gains (losses), net | ||||||||||||||||||||||||||
Total net unrealized investment gains (losses) | ( i 136) | ( i 262) | (4) | ||||||||||||||||||||||||||
Amortization of defined benefit items: | |||||||||||||||||||||||||||||
Prior service cost | i 2 | i 2 | (5) | ||||||||||||||||||||||||||
Actuarial gain (loss) | ( i 20) | ( i 52) | (5) | ||||||||||||||||||||||||||
Total amortization of defined benefit items | ( i 18) | ( i 50) | |||||||||||||||||||||||||||
Total reclassifications for the period | $ | ( i 154) | $ | ( i 322) |
Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been Recorded | Net Unrealized Gains (Losses) on All Other Investments(1) | Reinsurance Recoverables | Future Policy Benefits, Policyholders’ Account Balances and Reinsurance Payables | Policyholders’ Dividends | Income Tax Benefit (Expense) | Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses) | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | ( i 45) | $ | ( i 24,959) | $ | ( i 703) | $ | i 1,946 | $ | i 3,194 | $ | i 4,372 | $ | ( i 16,195) | |||||||||||||||||||||||||||
Net investment gains (losses) on investments arising during the period | i 41 | i 9,292 | ( i 2,181) | i 7,152 | |||||||||||||||||||||||||||||||||||||
Reclassification adjustment for (gains) losses included in net income | ( i 15) | i 151 | ( i 32) | i 104 | |||||||||||||||||||||||||||||||||||||
Reclassification due to allowance for credit losses recorded during the period | ( i 60) | i 60 | i 0 | i 0 | |||||||||||||||||||||||||||||||||||||
Impact of net unrealized investment (gains) losses | i 132 | ( i 425) | ( i 797) | i 225 | ( i 865) | ||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | ( i 79) | $ | ( i 15,456) | $ | ( i 571) | $ | i 1,521 | $ | i 2,397 | $ | i 2,384 | $ | ( i 9,804) |
Three
Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Income | Weighted Average Shares | Per Share Amount | Income | Weighted Average Shares | Per Share Amount | ||||||||||||||||||||||||||||||
(in millions, except per share amounts) | |||||||||||||||||||||||||||||||||||
Basic earnings per share | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | i 1,477 | $ | ( i 506) | |||||||||||||||||||||||||||||||
Less: Income (loss) attributable to noncontrolling interests | i 15 | ( i 13) | |||||||||||||||||||||||||||||||||
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards | i 18 | i 7 | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock | $ | i 1,444 | i 366.5 | $ | i 3.94 | $ | ( i 500) | i 376.1 | $ | ( i 1.33) | |||||||||||||||||||||||||
Effect of dilutive securities and compensation programs | |||||||||||||||||||||||||||||||||||
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic | $ | i 18 | $ | i 7 | |||||||||||||||||||||||||||||||
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Diluted | i 18 | i 7 | |||||||||||||||||||||||||||||||||
Stock options | i 0.2 | i 0.0 | |||||||||||||||||||||||||||||||||
Deferred and long-term compensation programs | i 1.0 | i 0.0 | |||||||||||||||||||||||||||||||||
Diluted earnings per share(1) | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Prudential Financial available to holders of Common Stock | $ | i 1,444 | i 367.7 | $ | i 3.93 | $ | ( i 500) | i 376.1 | $ | ( i 1.33) | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Shares | Exercise Price Per Share | Shares | Exercise Price Per Share | ||||||||||||||||||||
(in millions, except per share amounts, based on weighted average) | |||||||||||||||||||||||
Antidilutive stock options based on application of the treasury stock method | i 1.2 | $ | i 103.16 | $ | i 0.0 | $ | i 0.00 | ||||||||||||||||
Antidilutive stock options due to net loss available to holders of Common Stock | i 0.0 | i 0.7 | |||||||||||||||||||||
Antidilutive shares based on application of the treasury stock method | i 0.1 | i 0.1 | |||||||||||||||||||||
Antidilutive shares due to net loss available to holders of Common Stock | i 0.0 | i 2.3 | |||||||||||||||||||||
Total antidilutive stock options and shares | i 1.3 | i 3.1 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Adjusted operating income before income taxes by segment: | |||||||||||||||||||||||
PGIM | $ | i 151 | $ | i 188 | |||||||||||||||||||
U.S. Businesses: | |||||||||||||||||||||||
Institutional Retirement Strategies | i 396 | i 515 | |||||||||||||||||||||
Individual Retirement Strategies | i 441 | i 431 | |||||||||||||||||||||
Retirement Strategies(1) | i 837 | i 946 | |||||||||||||||||||||
Group Insurance | i 25 | ( i 115) | |||||||||||||||||||||
Individual Life(1) | ( i 102) | ( i 18) | |||||||||||||||||||||
Total U.S. Businesses | i 760 | i 813 | |||||||||||||||||||||
International Businesses | i 840 | i 951 | |||||||||||||||||||||
Corporate and Other | ( i 485) | ( i 416) | |||||||||||||||||||||
Total segment adjusted operating income before income taxes | i 1,266 | i 1,536 | |||||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | i 318 | ( i 1,637) | |||||||||||||||||||||
Charges related to realized investment gains (losses), net | i 51 | ( i 84) | |||||||||||||||||||||
Change in value of market risk benefits, net of related hedging gains (losses) | i 75 | ( i 304) | |||||||||||||||||||||
Market experience updates | i 48 | i 121 | |||||||||||||||||||||
Divested and Run-off Businesses: | |||||||||||||||||||||||
Closed Block division | ( i 4) | i 27 | |||||||||||||||||||||
Other Divested and Run-off Businesses | i 107 | ( i 271) | |||||||||||||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | ( i 5) | ( i 29) | |||||||||||||||||||||
Other adjustments(2) | ( i 9) | ( i 17) | |||||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures per Unaudited Interim Consolidated Financial Statements | $ | i 1,847 | $ | ( i 658) |
March 31, 2023 | December
31, 2022 | ||||||||||
(in millions) | |||||||||||
Assets by segment: | |||||||||||
PGIM | $ | i 47,953 | $ | i 48,364 | |||||||
U.S. Businesses: | |||||||||||
Institutional Retirement Strategies | i 111,333 | i 108,565 | |||||||||
Individual Retirement Strategies | i 135,935 | i 130,173 | |||||||||
Retirement Strategies | i 247,268 | i 238,738 | |||||||||
Group Insurance | i 39,315 | i 38,201 | |||||||||
Individual Life | i 107,229 | i 102,445 | |||||||||
Total U.S. Businesses | i 393,812 | i 379,384 | |||||||||
International Businesses | i 192,979 | i 186,791 | |||||||||
Corporate and Other | i 23,142 | i 23,556 | |||||||||
Closed Block division | i 51,383 | i 50,934 | |||||||||
Total assets per Unaudited Interim Consolidated Financial Statements | $ | i 709,269 | $ | i 689,029 |
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues, and benefits and expenses on an adjusted operating income basis by segment | Total Revenues | Net Investment Income | Total Benefits and Expenses | Policyholders’ Benefits | Interest Credited to Policyholders’ Account Balances | Dividends to Policyholders | Interest Expense | Amortization of DAC | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
PGIM | $ | i 898 | $ | i 80 | $ | i 747 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 27 | $ | i 1 | ||||||||||||||||||||||||||||||||||
U.S. Businesses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Retirement Strategies | i 4,889 | i 1,004 | i 4,493 | i 4,350 | i 125 | i 0 | i 10 | i 4 | ||||||||||||||||||||||||||||||||||||||||||
Individual Retirement Strategies | i 1,095 | i 318 | i 654 | i 33 | i 115 | i 0 | i 14 | i 93 | ||||||||||||||||||||||||||||||||||||||||||
Retirement Strategies | i 5,984 | i 1,322 | i 5,147 | i 4,383 | i 240 | i 0 | i 24 | i 97 | ||||||||||||||||||||||||||||||||||||||||||
Group Insurance | i 1,564 | i 126 | i 1,539 | i 1,218 | i 44 | i 0 | i 4 | i 1 | ||||||||||||||||||||||||||||||||||||||||||
Individual Life | i 1,527 | i 669 | i 1,629 | i 824 | i 223 | i 9 | i 223 | i 114 | ||||||||||||||||||||||||||||||||||||||||||
Total U.S. Businesses | i 9,075 | i 2,117 | i 8,315 | i 6,425 | i 507 | i 9 | i 251 | i 212 | ||||||||||||||||||||||||||||||||||||||||||
International Businesses | i 5,015 | i 1,285 | i 4,175 | i 3,152 | i 215 | i 7 | i 11 | i 151 | ||||||||||||||||||||||||||||||||||||||||||
Corporate and Other(1) | i 116 | i 189 | i 601 | ( i 5) | i 34 | i 0 | i 152 | ( i 9) | ||||||||||||||||||||||||||||||||||||||||||
Total revenues, and benefits and expenses on an adjusted operating income basis | i 15,104 | i 3,671 | i 13,838 | i 9,572 | i 756 | i 16 | i 441 | i 355 | ||||||||||||||||||||||||||||||||||||||||||
Reconciling items: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | i 475 | ( i 5) | i 157 | i 25 | i 132 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||||||||||
Charges related to realized investment gains (losses), net | i 37 | i 0 | ( i 14) | ( i 57) | i 12 | i 0 | i 0 | i 7 | ||||||||||||||||||||||||||||||||||||||||||
Change in value of market risk benefits, net of related hedging gains (losses) | i 75 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||||||||||
Market experience updates | i 24 | i 0 | ( i 24) | i 4 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||||||||||
Divested and Run-off Businesses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Closed Block division | i 971 | i 481 | i 975 | i 573 | i 30 | i 302 | i 1 | i 3 | ||||||||||||||||||||||||||||||||||||||||||
Other Divested and Run-off Businesses | i 378 | i 173 | i 271 | i 187 | i 51 | i 1 | ( i 1) | i 0 | ||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | ( i 19) | i 0 | ( i 14) | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||||||||||
Other adjustments | i 0 | i 0 | i 9 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||||||||||
Total revenue, and benefits and expenses per Consolidated Statements of Operations | $ | i 17,045 | $ | i 4,320 | $ | i 15,198 | $ | i 10,304 | $ | i 981 | $ | i 319 | $ | i 441 | $ | i 365 |
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues, and benefits and expenses on an adjusted operating income basis by segment | Total Revenues | Net Investment Income | Total Benefits and Expenses | Policyholders’ Benefits | Interest Credited to Policyholders’ Account Balances | Dividends to Policyholders | Interest Expense | Amortization of DAC | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
PGIM | $ | i 926 | $ | ( i 4) | $ | i 738 | $ | i 0 | $ | i 0 | $ | i 0 | $ | i 6 | $ | i 1 | ||||||||||||||||||||||||||||||||||
U.S. Businesses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Retirement Strategies | i 2,747 | i 968 | i 2,232 | i 2,178 | i 80 | i 0 | i 4 | i 3 | ||||||||||||||||||||||||||||||||||||||||||
Individual Retirement Strategies | i 1,097 | i 262 | i 666 | i 65 | i 78 | i 0 | i 4 | i 95 | ||||||||||||||||||||||||||||||||||||||||||
Retirement Strategies | i 3,844 | i 1,230 | i 2,898 | i 2,243 | i 158 | i 0 | i 8 | i 98 | ||||||||||||||||||||||||||||||||||||||||||
Group Insurance | i 1,539 | i 124 | i 1,654 | i 1,353 | i 36 | i 0 | i 1 | ( i 2) | ||||||||||||||||||||||||||||||||||||||||||
Individual Life | i 1,558 | i 644 | i 1,576 | i 865 | i 227 | i 9 | i 189 | i 111 | ||||||||||||||||||||||||||||||||||||||||||
Total U.S. Businesses | i 6,941 | i 1,998 | i 6,128 | i 4,461 | i 421 | i 9 | i 198 | i 207 | ||||||||||||||||||||||||||||||||||||||||||
International Businesses | i 5,478 | i 1,297 | i 4,527 | i 3,485 | i 190 | i 15 | i 3 | i 155 | ||||||||||||||||||||||||||||||||||||||||||
Corporate and Other | ( i 43) | i 122 | i 373 | ( i 7) | i 34 | i 0 | i 157 | ( i 10) | ||||||||||||||||||||||||||||||||||||||||||
Total revenues, and benefits and expenses on an adjusted operating income basis | i 13,302 | i 3,413 | i 11,766 | i 7,939 | i 645 | i 24 | i 364 | i 353 | ||||||||||||||||||||||||||||||||||||||||||
Reconciling items: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | ( i 1,648) | ( i 10) | ( i 11) | i 29 | ( i 40) | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||||||||||
Charges related to realized investment gains (losses), net | ( i 22) | i 0 | i 62 | i 20 | i 19 | i 0 | i 0 | i 14 | ||||||||||||||||||||||||||||||||||||||||||
Change in value of market risk benefits, net of related hedging gains (losses) | ( i 304) | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||||||||||
Market experience updates | i 41 | i 0 | ( i 80) | i 8 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||||||||||
Divested and Run-off Businesses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Closed Block division | i 965 | i 554 | i 938 | i 624 | i 30 | i 211 | i 0 | i 3 | ||||||||||||||||||||||||||||||||||||||||||
Other Divested and Run-off Businesses | ( i 462) | i 401 | ( i 191) | i 155 | ( i 594) | i 0 | i 1 | i 1 | ||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | ( i 17) | i 0 | i 12 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||||||||||
Other adjustments | i 0 | i 0 | i 17 | i 0 | i 0 | i 0 | i 0 | i 0 | ||||||||||||||||||||||||||||||||||||||||||
Total revenue, and benefits and expenses per Consolidated Statements of Operations | $ | i 11,855 | $ | i 4,358 | $ | i 12,513 | $ | i 8,775 | $ | i 60 | $ | i 235 | $ | i 365 | $ | i 371 |
Three
Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
PGIM segment intersegment revenues | $ | i 205 | $ | i 232 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Asset-based management fees | $ | i 789 | $ | i 981 | |||||||||||||||||||
Performance-based
incentive fees | i 3 | i 4 | |||||||||||||||||||||
Other
fees | i 125 | i 148 | |||||||||||||||||||||
Total asset management and service fees | $ | i 917 | $ | i 1,133 |
March
31, 2023 | December 31, 2022 | ||||||||||
(in millions) | |||||||||||
Total outstanding mortgage loan commitments | $ | i 2,169 | $ | i 1,995 | |||||||
Portion of commitment where prearrangement to sell to investor exists | $ | i 721 | $ | i 582 |
March
31, 2023 | December 31, 2022 | ||||||||||
(in millions) | |||||||||||
Expected to be funded from the general account and other operations outside the separate accounts | $ | i 8,932 | $ | i 8,376 | |||||||
Expected to be funded from separate accounts | $ | i 188 | $ | i 183 |
March 31, 2023 | December 31, 2022 | ||||||||||
(in millions) | |||||||||||
Indemnification provided to certain clients for securities lending and securities repurchase transactions(1) | $ | i 6,692 | $ | i 5,834 | |||||||
Fair value of related collateral associated with above indemnifications(1) | $ | i 6,849 | $ | i 5,985 | |||||||
Accrued liability associated with guarantee | $ | i 0 | $ | i 0 |
March
31, 2023 | December 31, 2022 | ||||||||||
(in millions) | |||||||||||
Guaranteed value of third-parties’ assets | $ | i 83,379 | $ | i 84,338 | |||||||
Fair value of collateral supporting these assets | $ | i 76,715 | $ | i 77,693 | |||||||
Asset (liability) associated with guarantee, carried at fair value | $ | i 1 | $ | i 1 |
March
31, 2023 | December 31, 2022 | ||||||||||
(in millions) | |||||||||||
Maximum exposure under indemnification agreements for mortgage loans serviced by the Company | $ | i 2,974 | $ | i 2,972 | |||||||
First-loss exposure portion of above | $ | i 862 | $ | i 862 | |||||||
Accrued liability associated with guarantees(1) | $ | i 31 | $ | i 33 |
March 31, 2023 | December 31, 2022 | ||||||||||
(in millions) | |||||||||||
Other guarantees where amount can be determined | $ | i 57 | $ | i 57 | |||||||
Accrued liability for other guarantees and indemnifications | $ | i 33 | $ | i 33 |
Page | |||||
As of | |||||
(in billions) | |||||
Long-duration insurance products with fixed and guaranteed terms | $ | 159 | |||
Contracts with adjustable crediting rates subject to guaranteed minimums | 36 | ||||
Participating contracts where investment income risk ultimately accrues to contractholders | 1 | ||||
Total | $ | 196 |
As of | |||||
(in billions) | |||||
Insurance products with fixed and guaranteed terms | $ | 127 | |||
Contracts with a market value adjustment if invested amount is not held to maturity | 26 | ||||
Contracts with adjustable crediting rates subject to guaranteed minimums | 9 | ||||
Total | $ | 162 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenues | $ | 17,045 | $ | 11,855 | |||||||||||||||||||
Benefits and expenses | 15,198 | 12,513 | |||||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures | 1,847 | (658) | |||||||||||||||||||||
Income tax expense (benefit) | 382 | (144) | |||||||||||||||||||||
Income (loss) before equity in earnings of operating joint ventures | 1,465 | (514) | |||||||||||||||||||||
Equity in earnings of operating joint ventures, net of taxes | 12 | 8 | |||||||||||||||||||||
Net income (loss) | 1,477 | (506) | |||||||||||||||||||||
Less: Income attributable to noncontrolling interests | 15 | (13) | |||||||||||||||||||||
Net income (loss) attributable to Prudential Financial, Inc. | $ | 1,462 | $ | (493) |
Three
Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Adjusted operating income before income taxes by segment: | |||||||||||||||||||||||
PGIM | $ | 151 | $ | 188 | |||||||||||||||||||
U.S. Businesses: | |||||||||||||||||||||||
Retirement Strategies | 837 | 946 | |||||||||||||||||||||
Group Insurance | 25 | (115) | |||||||||||||||||||||
Individual Life | (102) | (18) | |||||||||||||||||||||
Total U.S. Businesses | 760 | 813 | |||||||||||||||||||||
International Businesses | 840 | 951 | |||||||||||||||||||||
Corporate and Other | (485) | (416) | |||||||||||||||||||||
Total segment adjusted operating income before income taxes | 1,266 | 1,536 | |||||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||
Realized investment gains (losses), net, and related adjustments(1) | 318 | (1,637) | |||||||||||||||||||||
Charges related to realized investment gains (losses), net(1) | 51 | (84) | |||||||||||||||||||||
Change in value of market risk benefits, net of related hedging gains (losses) | 75 | (304) | |||||||||||||||||||||
Market experience updates | 48 | 121 | |||||||||||||||||||||
Divested and Run-off Businesses(2): | |||||||||||||||||||||||
Closed Block division | (4) | 27 | |||||||||||||||||||||
Other Divested and Run-off Businesses | 107 | (271) | |||||||||||||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests(3) | (5) | (29) | |||||||||||||||||||||
Other adjustments(4) | (9) | (17) | |||||||||||||||||||||
Consolidated income (loss) before income taxes and equity in earnings of operating joint ventures | $ | 1,847 | $ | (658) |
March 31, 2023 | December 31, 2022 | ||||||||||
(in billions) | |||||||||||
Foreign currency hedging instruments: | |||||||||||
USD-denominated assets associated with yen-based entities(1) | $ | 7.6 | $ | 7.8 | |||||||
Dual currency and synthetic dual currency investments(2) | 0.4 | 0.4 | |||||||||
Total foreign currency hedges | $ | 8.0 | $ | 8.2 |
Three
Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Segment impacts of intercompany arrangements: | |||||||||||||||||||||||
International Businesses | $ | 3 | $ | 3 | |||||||||||||||||||
PGIM | 0 | 2 | |||||||||||||||||||||
Impact of intercompany arrangements(1) | 3 | 5 | |||||||||||||||||||||
Corporate and Other: | |||||||||||||||||||||||
Impact of intercompany arrangements(1) | (3) | (5) | |||||||||||||||||||||
Settlement gains (losses) on forward currency contracts(2) | 3 | 11 | |||||||||||||||||||||
Net benefit (detriment) to Corporate and Other | 0 | 6 | |||||||||||||||||||||
Net impact on consolidated revenues and adjusted operating income | $ | 3 | $ | 11 |
Increase (Decrease) in Net Income due to changes in Future Policy Benefits, Market Risk Benefits(1), and Policyholders' Account Balances | ||||||||
(in
millions) | ||||||||
Hypothetical change in current assumptions: | ||||||||
Long-term interest rate: | ||||||||
Increase by 25 basis points | $ | 70 | ||||||
Decrease by 25 basis points | $ | (70) | ||||||
Long-term
equity expected rate of return: | ||||||||
Increase by 50 basis points | $ | 50 | ||||||
Decrease by 50 basis points | $ | (50) | ||||||
Mortality: | ||||||||
Increase
by 1% | $ | 105 | ||||||
Decrease by 1% | $ | (110) | ||||||
Lapse(2)(3): | ||||||||
Increase by 10% | $ | 570 | ||||||
Decrease
by 10% | $ | (595) | ||||||
Long-Term Care Disability Claim Incidence: | ||||||||
Increase by 5% | $ | (45) | ||||||
Decrease by 5% | $ | 40 | ||||||
Three
Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Operating results(1): | |||||||||||||||||||||||
Revenues | $ | 898 | $ | 926 | |||||||||||||||||||
Expenses | 747 | 738 | |||||||||||||||||||||
Adjusted operating income | 151 | 188 | |||||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | 0 | (3) | |||||||||||||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | 13 | 7 | |||||||||||||||||||||
Other adjustments(2) | (8) | (12) | |||||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures | $ | 156 | $ | 180 |
Three
Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenues by type: | |||||||||||||||||||||||
Asset management fees by source: | |||||||||||||||||||||||
Institutional customers | $ | 362 | $ | 363 | |||||||||||||||||||
Retail customers(1) | 243 | 301 | |||||||||||||||||||||
General account | 115 | 145 | |||||||||||||||||||||
Total asset management fees | 720 | 809 | |||||||||||||||||||||
Other related revenues by source: | |||||||||||||||||||||||
Incentive fees | 3 | 4 | |||||||||||||||||||||
Transaction fees | 4 | 4 | |||||||||||||||||||||
Seed and co-investments | 33 | (21) | |||||||||||||||||||||
Commercial mortgage(2) | 12 | 32 | |||||||||||||||||||||
Total other related revenues | 52 | 19 | |||||||||||||||||||||
Service, distribution and other revenues | 126 | 98 | |||||||||||||||||||||
Total revenues | $ | 898 | $ | 926 |
March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||
(in billions) | |||||||||||||||||
Assets Under Management(1) (at fair value): | |||||||||||||||||
Public equity | $ | 163.2 | $ | 147.8 | $ | 190.3 | |||||||||||
Public fixed income | 797.7 | 776.8 | 907.1 | ||||||||||||||
Real estate | 129.7 | 129.6 | 132.8 | ||||||||||||||
Private credit and other alternatives | 105.3 | 103.4 | 104.0 | ||||||||||||||
Multi-asset | 73.9 | 70.8 | 80.4 | ||||||||||||||
Total PGIM assets under management | $ | 1,269.8 | $ | 1,228.4 | $ | 1,414.6 | |||||||||||
Assets under management within other reporting segments(2) | 147.2 | 148.9 | 205.5 | ||||||||||||||
Total PFI assets under management | $ | 1,417.0 | $ | 1,377.3 | $ | 1,620.1 |
March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||
(in billions) | |||||||||||||||||
Assets Under Management(1) (at fair value): | |||||||||||||||||
Institutional customers | $ | 561.2 | $ | 549.2 | $ | 593.7 | |||||||||||
Retail customers | 314.4 | 299.6 | 364.7 | ||||||||||||||
General account | 394.2 | 379.6 | 456.2 | ||||||||||||||
Total PGIM assets under management | $ | 1,269.8 | $ | 1,228.4 | $ | 1,414.6 | |||||||||||
Assets under management within other reporting segments(2) | 147.2 | 148.9 | 205.5 | ||||||||||||||
Total PFI assets under management | $ | 1,417.0 | $ | 1,377.3 | $ | 1,620.1 |
Three Months Ended March 31, | Twelve Months Ended March 31, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | |||||||||||||||||||||||||||
(in billions) | |||||||||||||||||||||||||||||
Beginning assets under management | $ | 1,228.4 | $ | 1,523.8 | $ | 1,414.6 | |||||||||||||||||||||||
Institutional third-party flows | (10.2) | 0.3 | (7.5) | ||||||||||||||||||||||||||
Retail third-party flows | (3.8) | (4.6) | (22.4) | ||||||||||||||||||||||||||
Total third-party flows | (14.0) | (4.3) | (29.9) | ||||||||||||||||||||||||||
Affiliated flows(1) | 2.1 | (0.5) | 15.8 | ||||||||||||||||||||||||||
Market appreciation (depreciation)(2) | 50.2 | (99.3) | (91.4) | ||||||||||||||||||||||||||
Foreign exchange rate impact | (0.1) | (5.1) | (11.0) | ||||||||||||||||||||||||||
Net money market activity and other increases (decreases)(3) | 3.2 | 0.0 | (28.3) | ||||||||||||||||||||||||||
Ending assets under management | $ | 1,269.8 | $ | 1,414.6 | $ | 1,269.8 | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in billions) | |||||||||||||||||||||||
Private capital deployed: | |||||||||||||||||||||||
Real estate debt and equity | $ | 3.7 | $ | 5.6 | |||||||||||||||||||
Private credit and equity | 2.7 | 4.0 | |||||||||||||||||||||
Total private capital deployed | $ | 6.4 | $ | 9.6 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Adjusted operating income before income taxes: | |||||||||||||||||||||||
U.S. Businesses: | |||||||||||||||||||||||
Retirement Strategies | $ | 837 | $ | 946 | |||||||||||||||||||
Group Insurance | 25 | (115) | |||||||||||||||||||||
Individual Life | (102) | (18) | |||||||||||||||||||||
Total U.S. Businesses | 760 | 813 | |||||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | (51) | (913) | |||||||||||||||||||||
Charges related to realized investment gains (losses), net | 36 | (82) | |||||||||||||||||||||
Change in value of market risk benefits, net of related hedging gains (losses) | 79 | (313) | |||||||||||||||||||||
Market experience updates | 98 | 80 | |||||||||||||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | 0 | 1 | |||||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures | $ | 922 | $ | (414) |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Operating results: | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Institutional Retirement Strategies | $ | 4,889 | $ | 2,747 | |||||||||||||||||||
Individual Retirement Strategies | 1,095 | 1,097 | |||||||||||||||||||||
Total revenues | 5,984 | 3,844 | |||||||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Institutional Retirement Strategies | 4,493 | 2,232 | |||||||||||||||||||||
Individual Retirement Strategies | 654 | 666 | |||||||||||||||||||||
Total
benefits and expenses | 5,147 | 2,898 | |||||||||||||||||||||
Adjusted operating income: | |||||||||||||||||||||||
Institutional Retirement Strategies | 396 | 515 | |||||||||||||||||||||
Individual Retirement Strategies | 441 | 431 | |||||||||||||||||||||
Total adjusted operating income | 837 | 946 | |||||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | (76) | (388) | |||||||||||||||||||||
Charges related to realized investment gains (losses), net | 32 | (93) | |||||||||||||||||||||
Change in value of market risk benefits, net of related hedging gains (losses) | 79 | (313) | |||||||||||||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | 1 | 1 | |||||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures | $ | 873 | $ | 153 |
Three
Months Ended March 31, | Twelve Months Ended March 31, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Total Institutional Retirement Strategies: | |||||||||||||||||||||||||||||
Beginning total account value | $ | 251,818 | $ | 245,720 | $ | 239,102 | |||||||||||||||||||||||
Additions(1) | 3,828 | 2,278 | 33,323 | ||||||||||||||||||||||||||
Withdrawals and benefits | (5,474) | (4,899) | (16,973) | ||||||||||||||||||||||||||
Change in market value, interest credited and interest income | 1,823 | (1,570) | (717) | ||||||||||||||||||||||||||
Other(2) | 957 | (2,427) | (1,783) | ||||||||||||||||||||||||||
Ending total account value | $ | 252,952 | $ | 239,102 | $ | 252,952 |
Three Months Ended March 31, | Twelve Months Ended March 31, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Total Individual Retirement Strategies(1)(2): | |||||||||||||||||||||||||||||
Beginning total account value | $ | 120,022 | $ | 182,305 | $ | 168,794 | |||||||||||||||||||||||
Sales | 1,675 | 1,543 | 6,159 | ||||||||||||||||||||||||||
Full surrenders and death benefits | (1,488) | (2,188) | (5,415) | ||||||||||||||||||||||||||
Sales, net of full surrenders and death benefits | 187 | (645) | 744 | ||||||||||||||||||||||||||
Partial withdrawals and other benefit payments | (1,120) | (1,467) | (4,323) | ||||||||||||||||||||||||||
Net flows | (933) | (2,112) | (3,579) | ||||||||||||||||||||||||||
Change
in market value, interest credited and other activity(3) | 5,330 | (10,547) | (38,932) | ||||||||||||||||||||||||||
Policy charges | (615) | (852) | (2,479) | ||||||||||||||||||||||||||
Ending total account value | $ | 123,804 | $ | 168,794 | $ | 123,804 |
March 31, 2023 | December 31, 2022 | March 31, 2022 | ||||||||||||||||||||||||||||||||||||
Account Value | % of Total | Account Value | % of Total | Account Value(1) | % of Total | |||||||||||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||||||||||||||
Living benefit/GMDB features(2): | ||||||||||||||||||||||||||||||||||||||
Both ALM strategy and automatic rebalancing(3)(4) | $ | 70,618 | 60 | % | $ | 69,282 | 61 | % | $ | 103,276 | 64 | % | ||||||||||||||||||||||||||
ALM strategy only(4) | 1,983 | 2 | % | 1,972 | 2 | % | 6,649 | 4 | % | |||||||||||||||||||||||||||||
Automatic rebalancing only | 82 | 0 | % | 83 | 0 | % | 529 | 0 | % | |||||||||||||||||||||||||||||
External reinsurance(5) | 2,493 | 2 | % | 2,482 | 2 | % | 3,068 | 2 | % | |||||||||||||||||||||||||||||
PDI | 12,200 | 10 | % | 11,988 | 11 | % | 14,931 | 9 | % | |||||||||||||||||||||||||||||
Other products | 1,585 | 1 | % | 1,561 | 1 | % | 2,202 | 1 | % | |||||||||||||||||||||||||||||
Total living benefit/GMDB features | $ | 88,961 | $ | 87,368 | $ | 130,655 | ||||||||||||||||||||||||||||||||
GMDB features and other(6) | 28,376 | 25 | % | 26,573 | 23 | % | 32,281 | 20 | % | |||||||||||||||||||||||||||||
Total variable annuity account value | $ | 117,337 | $ | 113,941 | $ | 162,936 |
Three
Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions)(1) | |||||||||||||||||||||||
Results excluded from adjusted operating income: | |||||||||||||||||||||||
Change in MRBs, excluding changes in the NPR adjustment(2) | $ | 52 | $ | 2,042 | |||||||||||||||||||
Change in the value of the non-MRB liabilities, excluding changes in the NPR adjustment(3) | 278 | (43) | |||||||||||||||||||||
Change in the NPR adjustment, excluding changes recognized in OCI | 10 | 29 | |||||||||||||||||||||
Change in the fair value of hedge assets(4)(5) | (196) | (2,109) | |||||||||||||||||||||
Other(6) | (100) | (177) | |||||||||||||||||||||
Total Individual Retirement Strategies results excluded from adjusted operating income | 44 | (258) | |||||||||||||||||||||
Total Institutional Retirement Strategies results excluded from adjusted operating income | (8) | (535) | |||||||||||||||||||||
Total results excluded from adjusted operating income | $ | 36 | $ | (793) |
Three
Months Ended March 31, | ||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||||||||
Operating results: | ||||||||||||||||||||||||||||||||
Revenues | $ | 1,564 | $ | 1,539 | ||||||||||||||||||||||||||||
Benefits and expenses | 1,539 | 1,654 | ||||||||||||||||||||||||||||||
Adjusted operating income | 25 | (115) | ||||||||||||||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | (9) | (51) | ||||||||||||||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures | $ | 16 | $ | (166) | ||||||||||||||||||||||||||||
Benefits ratio(1)(3): | ||||||||||||||||||||||||||||||||
Group life | 92.9 | % | 104.3 | % | ||||||||||||||||||||||||||||
Group disability | 65.8 | % | 73.4 | % | ||||||||||||||||||||||||||||
Total Group Insurance | 85.9 | % | 97.0 | % | ||||||||||||||||||||||||||||
Administrative operating expense ratio(2)(3): | ||||||||||||||||||||||||||||||||
Group life | 11.8 | % | 10.7 | % | ||||||||||||||||||||||||||||
Group disability | 25.2 | % | 31.1 | % | ||||||||||||||||||||||||||||
Total Group Insurance | 15.2 | % | 15.7 | % | ||||||||||||||||||||||||||||
Three
Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Annualized new business premiums(1): | |||||||||||||||||||||||
Group life | $ | 162 | $ | 180 | |||||||||||||||||||
Group disability | 157 | 130 | |||||||||||||||||||||
Total | $ | 319 | $ | 310 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Operating results: | |||||||||||||||||||||||
Revenues | $ | 1,527 | $ | 1,558 | |||||||||||||||||||
Benefits and expenses | 1,629 | 1,576 | |||||||||||||||||||||
Adjusted operating income | (102) | (18) | |||||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | 34 | (474) | |||||||||||||||||||||
Charges related to realized investment gains (losses), net | 4 | 11 | |||||||||||||||||||||
Market experience updates | 98 | 80 | |||||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures | $ | 34 | $ | (401) |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||
Prudential Advisors | Third- Party | Total | Prudential Advisors | Third- Party | Total | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Variable Life | $ | 27 | $ | 82 | $ | 109 | $ | 29 | $ | 75 | $ | 104 | |||||||||||||||||||||||
Term Life | 5 | 18 | 23 | 4 | 20 | 24 | |||||||||||||||||||||||||||||
Universal Life | 1 | 16 | 17 | 2 | 20 | 22 | |||||||||||||||||||||||||||||
Total | $ | 33 | $ | 116 | $ | 149 | $ | 35 | $ | 115 | $ | 150 |
Three
Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Operating results: | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Life Planner | $ | 2,624 | $ | 2,800 | |||||||||||||||||||
Gibraltar Life and Other | 2,391 | 2,678 | |||||||||||||||||||||
Total revenues | 5,015 | 5,478 | |||||||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Life Planner | 2,102 | 2,222 | |||||||||||||||||||||
Gibraltar Life and Other | 2,073 | 2,305 | |||||||||||||||||||||
Total benefits and expenses | 4,175 | 4,527 | |||||||||||||||||||||
Adjusted operating income: | |||||||||||||||||||||||
Life Planner | 522 | 578 | |||||||||||||||||||||
Gibraltar Life and Other | 318 | 373 | |||||||||||||||||||||
Total adjusted operating income | 840 | 951 | |||||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | 420 | (756) | |||||||||||||||||||||
Charges related to realized investment gains (losses), net | 15 | (3) | |||||||||||||||||||||
Change in value of market risk benefits, net of related hedging gains (losses) | (4) | 9 | |||||||||||||||||||||
Market experience updates | (47) | 48 | |||||||||||||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | (16) | (13) | |||||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures | $ | 1,208 | $ | 236 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Annualized new business premiums: | |||||||||||||||||||||||
On an actual exchange rate basis: | |||||||||||||||||||||||
Life Planner | $ | 164 | $ | 256 | |||||||||||||||||||
Gibraltar Life and Other | 201 | 205 | |||||||||||||||||||||
Total | $ | 365 | $ | 461 | |||||||||||||||||||
On a constant exchange rate basis: | |||||||||||||||||||||||
Life Planner | $ | 282 | $ | 250 | |||||||||||||||||||
Gibraltar Life and Other | 239 | 206 | |||||||||||||||||||||
Total | $ | 521 | $ | 456 |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life | Accident & Health | Retirement (1) | Investment Contracts (2) | Total | Life | Accident & Health | Retirement (1) | Investment
Contracts (2) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life Planner | $ | 137 | $ | 20 | $ | 81 | $ | 44 | $ | 282 | $ | 134 | $ | 15 | $ | 99 | $ | 2 | $ | 250 | |||||||||||||||||||||||||||||||||||||||
Gibraltar Life and Other: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Life Consultants | 37 | 6 | 6 | 82 | 131 | 59 | 6 | 12 | 24 | 101 | |||||||||||||||||||||||||||||||||||||||||||||||||
Banks | 11 | 0 | 0 | 44 | 55 | 35 | 0 | 2 | 15 | 52 | |||||||||||||||||||||||||||||||||||||||||||||||||
Independent Agency | 18 | 13 | 22 | 0 | 53 | 21 | 1 | 31 | 0 | 53 | |||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 66 | 19 | 28 | 126 | 239 | 115 | 7 | 45 | 39 | 206 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 203 | $ | 39 | $ | 109 | $ | 170 | $ | 521 | $ | 249 | $ | 22 | $ | 144 | $ | 41 | $ | 456 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Operating results: | |||||||||||||||||||||||
Interest expense on debt | $ | (212) | $ | (199) | |||||||||||||||||||
Investment income | 61 | 28 | |||||||||||||||||||||
Pension and employee benefits | 91 | 80 | |||||||||||||||||||||
Other corporate activities | (425) | (325) | |||||||||||||||||||||
Adjusted operating income | (485) | (416) | |||||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | (51) | 35 | |||||||||||||||||||||
Charges related to realized investment gains (losses), net | 0 | 1 | |||||||||||||||||||||
Market experience updates | (3) | (7) | |||||||||||||||||||||
Divested and Run-off Businesses | 107 | (271) | |||||||||||||||||||||
Equity in earnings of operating joint ventures and earnings attributable to noncontrolling interests | (3) | (24) | |||||||||||||||||||||
Other adjustments(1) | (1) | (5) | |||||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures | $ | (436) | $ | (687) |
Three
Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Long-Term Care | $ | 95 | $ | (95) | |||||||||||||||||||
Other | 12 | (176) | |||||||||||||||||||||
Total Divested and Run-off Businesses income (loss) excluded from adjusted operating income | $ | 107 | $ | (271) |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
U.S. GAAP results: | |||||||||||||||||||||||
Revenues | $ | 971 | $ | 965 | |||||||||||||||||||
Benefits and expenses | 975 | 938 | |||||||||||||||||||||
Income (loss) before income taxes and equity in earnings of operating joint ventures | $ | (4) | $ | 27 |
As of March 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
PFI excluding Closed Block Division | Closed Block Division | PFI excluding Closed Block Division | Closed Block Division | ||||||||||||||||||||||||||||||||||||||||||||
Total at Fair Value | Total Level 3(1) | Total
at Fair Value | Total Level 3(1) | Total at Fair Value | Total Level 3(1) | Total at Fair Value | Total Level 3(1) | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for- sale | $ | 289,615 | $ | 4,647 | $ | 30,897 | $ | 748 | $ | 277,648 | $ | 4,345 | $ | 30,071 | $ | 817 | |||||||||||||||||||||||||||||||
Assets
supporting experience-rated contractholder liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities | 938 | 0 | 0 | 0 | 945 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Equity
securities | 2,020 | 0 | 0 | 0 | 1,899 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
All other(2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Subtotal | 2,958 | 0 | 0 | 0 | 2,844 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Market risk benefit assets | 976 | 976 | 0 | 0 | 800 | 800 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Fixed maturities, trading | 5,401 | 324 | 868 | 15 | 5,051 | 289 | 900 | 15 | |||||||||||||||||||||||||||||||||||||||
Equity
securities | 5,730 | 657 | 1,843 | 144 | 5,416 | 528 | 1,734 | 99 | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage and other loans | 257 | 0 | 0 | 0 | 137 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Other invested assets(3) | 2,245 | 803 | 0 | 0 | 1,990 | 537 | 3 | 2 | |||||||||||||||||||||||||||||||||||||||
Short-term investments | 4,001 | 16 | 140 | 0 | 3,637 | 18 | 150 | 0 | |||||||||||||||||||||||||||||||||||||||
Cash
equivalents | 7,233 | 0 | 439 | 0 | 6,398 | 0 | 1,076 | 0 | |||||||||||||||||||||||||||||||||||||||
Other assets | 535 | 167 | 0 | 0 | 152 | 152 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Separate
account assets | 172,479 | 1,169 | 0 | 0 | 171,805 | 1,081 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 491,430 | $ | 8,759 | $ | 34,187 | $ | 907 | $ | 475,878 | $ | 7,750 | $ | 33,934 | $ | 933 | |||||||||||||||||||||||||||||||
Market risk benefit liabilities | $ | 6,096 | $ | 6,096 | $ | 0 | $ | 0 | $ | 5,864 | $ | 5,864 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||
Policyholders’
account balances | 4,244 | 4,244 | 0 | 0 | 3,492 | 3,492 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Other liabilities(3) | 2,240 | 1 | 1 | 0 | 2,682 | 1 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 12,580 | $ | 10,341 | $ | 1 | $ | 0 | $ | 12,038 | $ | 9,357 | $ | 0 | $ | 0 |
March 31, 2023 | ||||||||||||||||||||||||||
PFI Excluding Closed Block Division | Closed Block Division | Total | ||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||
Public, available-for-sale, at fair value | $ | 231,543 | 61.6 | % | $ | 21,835 | $ | 253,378 | ||||||||||||||||||
Public, held-to-maturity, at amortized cost, net of allowance | 1,215 | 0.3 | 0 | 1,215 | ||||||||||||||||||||||
Private, available-for-sale, at fair value | 57,263 | 15.2 | 9,062 | 66,325 | ||||||||||||||||||||||
Private, held-to-maturity, at amortized cost, net of allowance | 62 | 0.0 | 0 | 62 | ||||||||||||||||||||||
Fixed maturities, trading, at fair value | 5,142 | 1.4 | 868 | 6,010 | ||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | 2,958 | 0.8 | 0 | 2,958 | ||||||||||||||||||||||
Equity securities, at fair value | 4,934 | 1.3 | 1,843 | 6,777 | ||||||||||||||||||||||
Commercial mortgage and other loans, at book value, net of allowance | 48,740 | 13.0 | 7,781 | 56,521 | ||||||||||||||||||||||
Policy loans, at outstanding balance | 6,455 | 1.7 | 3,586 | 10,041 | ||||||||||||||||||||||
Other invested assets, net of allowance(1) | 12,921 | 3.4 | 4,828 | 17,749 | ||||||||||||||||||||||
Short-term investments, net of allowance | 4,832 | 1.3 | 331 | 5,163 | ||||||||||||||||||||||
Total general account investments | 376,065 | 100.0 | % | 50,134 | 426,199 | |||||||||||||||||||||
Invested assets of other entities and operations(2) | 5,877 | 0 | 5,877 | |||||||||||||||||||||||
Total investments | $ | 381,942 | $ | 50,134 | $ | 432,076 |
December 31, 2022 | ||||||||||||||||||||||||||
PFI Excluding Closed Block Division | Closed Block Division | Total | ||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||
Public, available-for-sale, at fair value | $ | 221,106 | 60.8 | % | $ | 21,140 | $ | 242,246 | ||||||||||||||||||
Public, held-to-maturity, at amortized cost, net of allowance | 1,229 | 0.3 | 0 | 1,229 | ||||||||||||||||||||||
Private, available-for-sale, at fair value | 55,814 | 15.4 | 8,931 | 64,745 | ||||||||||||||||||||||
Private, held-to-maturity, at amortized cost, net of allowance | 67 | 0.0 | 0 | 67 | ||||||||||||||||||||||
Fixed maturities, trading, at fair value | 4,838 | 1.3 | 900 | 5,738 | ||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | 2,844 | 0.8 | 0 | 2,844 | ||||||||||||||||||||||
Equity securities, at fair value | 4,671 | 1.3 | 1,733 | 6,404 | ||||||||||||||||||||||
Commercial mortgage and other loans, at book value, net of allowance | 48,682 | 13.4 | 7,926 | 56,608 | ||||||||||||||||||||||
Policy loans, at outstanding balance | 6,409 | 1.8 | 3,637 | 10,046 | ||||||||||||||||||||||
Other invested assets, net of allowance(1) | 13,277 | 3.7 | 4,254 | 17,531 | ||||||||||||||||||||||
Short-term investments, net of allowance | 4,236 | 1.2 | 337 | 4,573 | ||||||||||||||||||||||
Total general account investments | 363,173 | 100.0 | % | 48,858 | 412,031 | |||||||||||||||||||||
Invested assets of other entities and operations(2) | 5,410 | 0 | 5,410 | |||||||||||||||||||||||
Total investments | $ | 368,583 | $ | 48,858 | $ | 417,441 |
March 31, 2023 | December 31, 2022 | |||||||||||||
(in millions) | ||||||||||||||
Fixed maturities: | ||||||||||||||
Public, available-for-sale, at fair value | $ | 117,188 | $ | 112,013 | ||||||||||
Public, held-to-maturity, at amortized cost, net of allowance | 1,215 | 1,229 | ||||||||||||
Private, available-for-sale, at fair value | 19,576 | 19,268 | ||||||||||||
Private, held-to-maturity, at amortized cost, net of allowance | 62 | 67 | ||||||||||||
Fixed maturities, trading, at fair value | 606 | 612 | ||||||||||||
Assets supporting experience-rated contractholder liabilities, at fair value | 2,958 | 2,844 | ||||||||||||
Equity securities, at fair value | 1,748 | 1,806 | ||||||||||||
Commercial mortgage and other loans, at book value, net of allowance | 17,912 | 18,080 | ||||||||||||
Policy loans, at outstanding balance | 2,635 | 2,607 | ||||||||||||
Other invested assets(1) | 5,376 | 5,272 | ||||||||||||
Short-term investments, net of allowance | 472 | 100 | ||||||||||||
Total Japanese general account investments | $ | 169,748 | $ | 163,898 |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
PFI Excluding Closed Block Division and Japanese Operations | Japanese Insurance Operations | PFI Excluding Closed Block Division | Closed Block Division | Total(5) | |||||||||||||||||||||||||||||||||||||||||||
Yield(1) | Amount | Yield(1) | Amount | Yield(1) | Amount | Amount | Amount | ||||||||||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities(2) | 4.92 | % | $ | 2,009 | 2.79 | % | $ | 983 | 3.93 | % | $ | 2,992 | $ | 360 | $ | 3,352 | |||||||||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities | 0.00 | 0 | 1.33 | 10 | 1.33 | 10 | 0 | 10 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 2.59 | 20 | 1.31 | 6 | 2.12 | 26 | 14 | 40 | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage and other loans | 3.95 | 302 | 3.60 | 161 | 3.82 | 463 | 78 | 541 | |||||||||||||||||||||||||||||||||||||||
Policy loans | 4.95 | 47 | 3.86 | 25 | 4.50 | 72 | 52 | 124 | |||||||||||||||||||||||||||||||||||||||
Short-term investments and cash equivalents | 6.13 | 194 | 3.61 | 18 | 5.90 | 212 | 15 | 227 | |||||||||||||||||||||||||||||||||||||||
Gross investment income | 4.81 | 2,572 | 2.86 | 1,203 | 3.95 | 3,775 | 519 | 4,294 | |||||||||||||||||||||||||||||||||||||||
Investment expenses | (0.12) | (126) | (0.13) | (83) | (0.13) | (209) | (61) | (270) | |||||||||||||||||||||||||||||||||||||||
Investment income after investment expenses | 4.69 | % | 2,446 | 2.73 | % | 1,120 | 3.82 | % | 3,566 | 458 | 4,024 | ||||||||||||||||||||||||||||||||||||
Other invested assets(3) | 143 | 55 | 198 | 23 | 221 | ||||||||||||||||||||||||||||||||||||||||||
Investment results of other entities and operations(4) | 75 | 0 | 75 | 0 | 75 | ||||||||||||||||||||||||||||||||||||||||||
Total net investment income | $ | 2,664 | $ | 1,175 | $ | 3,839 | $ | 481 | $ | 4,320 |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
PFI Excluding Closed Block Division and Japanese Operations(6) | Japanese Insurance Operations | PFI Excluding Closed Block Division(6) | Closed Block Division | Total(5) | |||||||||||||||||||||||||||||||||||||||||||
Yield(1) | Amount | Yield(1) | Amount | Yield(1) | Amount | Amount | Amount | ||||||||||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities(2) | 4.47 | % | $ | 1,782 | 2.67 | % | $ | 966 | 3.61 | % | $ | 2,748 | $ | 337 | $ | 3,085 | |||||||||||||||||||||||||||||||
Assets supporting experience-rated contractholder liabilities | 2.67 | 123 | 1.07 | 9 | 2.43 | 132 | 0 | 132 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 1.23 | 10 | 0.81 | 4 | 1.07 | 14 | 11 | 25 | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage and other loans | 3.65 | 327 | 3.61 | 178 | 3.64 | 505 | 80 | 585 | |||||||||||||||||||||||||||||||||||||||
Policy loans | 4.76 | 46 | 3.95 | 26 | 4.42 | 72 | 54 | 126 | |||||||||||||||||||||||||||||||||||||||
Short-term investments and cash equivalents | 0.51 | 15 | 2.11 | 3 | 0.58 | 18 | 1 | 19 | |||||||||||||||||||||||||||||||||||||||
Gross investment income | 3.96 | 2,303 | 2.74 | 1,186 | 3.44 | 3,489 | 483 | 3,972 | |||||||||||||||||||||||||||||||||||||||
Investment expenses | (0.14) | (71) | (0.14) | (60) | (0.14) | (131) | (30) | (161) | |||||||||||||||||||||||||||||||||||||||
Investment income after investment expenses | 3.82 | % | 2,232 | 2.60 | % | 1,126 | 3.30 | % | 3,358 | 453 | 3,811 | ||||||||||||||||||||||||||||||||||||
Other invested assets(3) | 379 | 74 | 453 | 101 | 554 | ||||||||||||||||||||||||||||||||||||||||||
Investment results of other entities and operations(4) | (7) | 0 | (7) | 0 | (7) | ||||||||||||||||||||||||||||||||||||||||||
Total net investment income | $ | 2,604 | $ | 1,200 | $ | 3,804 | $ | 554 | $ | 4,358 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
PFI excluding Closed Block Division: | |||||||||||||||||||||||
Realized investment gains (losses), net: | |||||||||||||||||||||||
(Addition to) release of allowance for credit losses on fixed maturities | $ | (149) | $ | (42) | |||||||||||||||||||
Write-downs on fixed maturities(1) | (3) | (1) | |||||||||||||||||||||
Net gains (losses) on sales and maturities | 107 | (336) | |||||||||||||||||||||
Fixed maturity securities(2) | (45) | (379) | |||||||||||||||||||||
(Addition to) release of allowance for credit losses on loans | (16) | 3 | |||||||||||||||||||||
Net gains (losses) on sales and maturities | 1 | 0 | |||||||||||||||||||||
Commercial mortgage and other loans | (15) | 3 | |||||||||||||||||||||
Derivatives | 284 | (837) | |||||||||||||||||||||
OTTI losses on other invested assets recognized in earnings | (17) | 0 | |||||||||||||||||||||
(Addition to) release of allowance for credit losses on other invested assets | (1) | (2) | |||||||||||||||||||||
Other net gains (losses) | 41 | 3 | |||||||||||||||||||||
Other | 23 | 1 | |||||||||||||||||||||
Subtotal | 247 | (1,212) | |||||||||||||||||||||
Investment results of other entities and operations(3) | (13) | 68 | |||||||||||||||||||||
Total — PFI excluding Closed Block Division | 234 | (1,144) | |||||||||||||||||||||
Related adjustments | 84 | (493) | |||||||||||||||||||||
Realized investment gains (losses), net, and related adjustments | 318 | (1,637) | |||||||||||||||||||||
Charges related to realized investment gains (losses), net | 51 | (84) | |||||||||||||||||||||
Realized investment gains (losses), net, and charges related to realized investment gains (losses), net and adjustments | $ | 369 | $ | (1,721) | |||||||||||||||||||
Closed Block Division: | |||||||||||||||||||||||
Realized investment gains (losses), net: | |||||||||||||||||||||||
(Addition to) release of allowance for credit losses on fixed maturities | $ | 18 | $ | (35) | |||||||||||||||||||
Write-downs on fixed maturities(1) | (6) | (5) | |||||||||||||||||||||
Net gains (losses) on sales and maturities | (122) | 8 | |||||||||||||||||||||
Fixed maturity securities(2) | (110) | (32) | |||||||||||||||||||||
(Addition to) release of allowance for credit losses on loans | (2) | 1 | |||||||||||||||||||||
Net gains (losses) on sales and maturities | 0 | 0 | |||||||||||||||||||||
Commercial mortgage and other loans | (2) | 1 | |||||||||||||||||||||
Derivatives | 94 | 140 | |||||||||||||||||||||
Other net gains (losses) | 1 | (9) | |||||||||||||||||||||
Other | 1 | (9) | |||||||||||||||||||||
Subtotal — Closed Block Division | (17) | 100 | |||||||||||||||||||||
Consolidated PFI realized investment gains (losses), net | $ | 217 | $ | (1,044) |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry(1) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | ACL | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | ACL | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance | $ | 40,682 | $ | 321 | $ | 4,036 | $ | 15 | $ | 36,952 | $ | 40,144 | $ | 277 | $ | 4,719 | $ | 2 | $ | 35,700 | |||||||||||||||||||||||||||||||||||||||
Consumer non-cyclical | 32,375 | 502 | 3,383 | 16 | 29,478 | 31,546 | 387 | 4,219 | 16 | 27,698 | |||||||||||||||||||||||||||||||||||||||||||||||||
Utility | 26,517 | 449 | 2,839 | 28 | 24,099 | 25,871 | 350 | 3,443 | 27 | 22,751 | |||||||||||||||||||||||||||||||||||||||||||||||||
Capital goods | 16,783 | 254 | 1,643 | 25 | 15,369 | 16,612 | 196 | 2,100 | 36 | 14,672 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer cyclical | 10,804 | 204 | 800 | 5 | 10,203 | 10,659 | 165 | 1,026 | 0 | 9,798 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign agencies | 3,808 | 131 | 248 | 0 | 3,691 | 3,952 | 123 | 289 | 0 | 3,786 | |||||||||||||||||||||||||||||||||||||||||||||||||
Energy | 11,430 | 217 | 929 | 0 | 10,718 | 11,488 | 181 | 1,166 | 0 | 10,503 | |||||||||||||||||||||||||||||||||||||||||||||||||
Communications | 6,489 | 203 | 685 | 87 | 5,920 | 6,556 | 160 | 898 | 14 | 5,804 | |||||||||||||||||||||||||||||||||||||||||||||||||
Basic industry | 6,765 | 129 | 647 | 2 | 6,245 | 6,746 | 103 | 780 | 2 | 6,067 | |||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | 9,952 | 210 | 957 | 0 | 9,205 | 9,894 | 175 | 1,183 | 4 | 8,882 | |||||||||||||||||||||||||||||||||||||||||||||||||
Technology | 4,809 | 49 | 421 | 8 | 4,429 | 4,460 | 32 | 523 | 0 | 3,969 | |||||||||||||||||||||||||||||||||||||||||||||||||
Industrial other | 4,553 | 41 | 811 | 1 | 3,782 | 4,544 | 35 | 953 | 0 | 3,626 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total corporate securities | 174,967 | 2,710 | 17,399 | 187 | 160,091 | 172,472 | 2,184 | 21,299 | 101 | 153,256 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government(2) | 74,604 | 5,529 | 3,388 | 63 | 76,682 | 73,638 | 4,490 | 5,316 | 0 | 72,812 | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed(3) | 2,501 | 23 | 183 | 0 | 2,341 | 2,481 | 28 | 215 | 0 | 2,294 | |||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 10,142 | 166 | 162 | 0 | 10,146 | 10,060 | 151 | 206 | 0 | 10,005 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 6,985 | 5 | 514 | 0 | 6,476 | 7,331 | 18 | 521 | 0 | 6,828 | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government | 24,899 | 1,357 | 2,671 | 0 | 23,585 | 24,857 | 1,089 | 3,482 | 0 | 22,464 | |||||||||||||||||||||||||||||||||||||||||||||||||
State & Municipal | 9,679 | 291 | 485 | 0 | 9,485 | 9,725 | 226 | 690 | 0 | 9,261 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale(4) | $ | 303,777 | $ | 10,081 | $ | 24,802 | $ | 250 | $ | 288,806 | $ | 300,564 | $ | 8,186 | $ | 31,729 | $ | 101 | $ | 276,920 |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry(1) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ACL | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ACL | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance | $ | 426 | $ | 24 | $ | 0 | $ | 450 | $ | 2 | $ | 430 | $ | 24 | $ | 0 | $ | 454 | $ | 2 | |||||||||||||||||||||||||||||||||||||||
Basic industry | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total corporate securities | 426 | 24 | 0 | 450 | 2 | 430 | 24 | 0 | 454 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government(2) | 718 | 139 | 0 | 857 | 0 | 725 | 128 | 0 | 853 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed(3) | 135 | 7 | 0 | 142 | 0 | 143 | 5 | 0 | 148 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, held-to-maturity | $ | 1,279 | $ | 170 | $ | 0 | $ | 1,449 | $ | 2 | $ | 1,298 | $ | 157 | $ | 0 | $ | 1,455 | $ | 2 |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC Designation(1) (2) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses(3) | ACL | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses(3) | ACL | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | $ | 208,552 | $ | 8,663 | $ | 15,452 | $ | 0 | $ | 201,763 | $ | 206,050 | $ | 7,044 | $ | 20,290 | $ | 0 | $ | 192,804 | |||||||||||||||||||||||||||||||||||||||
2 | 77,066 | 1,191 | 7,854 | 0 | 70,403 | 76,161 | 940 | 9,519 | 0 | 67,582 | |||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal High or Highest Quality Securities(4) | 285,618 | 9,854 | 23,306 | 0 | 272,166 | 282,211 | 7,984 | 29,809 | 0 | 260,386 | |||||||||||||||||||||||||||||||||||||||||||||||||
3 | 11,066 | 127 | 993 | 5 | 10,195 | 10,938 | 104 | 1,163 | 0 | 9,879 | |||||||||||||||||||||||||||||||||||||||||||||||||
4 | 5,022 | 51 | 308 | 62 | 4,703 | 5,016 | 50 | 435 | 1 | 4,630 | |||||||||||||||||||||||||||||||||||||||||||||||||
5 | 1,475 | 19 | 165 | 40 | 1,289 | 1,921 | 17 | 258 | 24 | 1,656 | |||||||||||||||||||||||||||||||||||||||||||||||||
6 | 596 | 30 | 30 | 143 | 453 | 478 | 31 | 64 | 76 | 369 | |||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal Other Securities(5) (6) | 18,159 | 227 | 1,496 | 250 | 16,640 | 18,353 | 202 | 1,920 | 101 | 16,534 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, available-for-sale | $ | 303,777 | $ | 10,081 | $ | 24,802 | $ | 250 | $ | 288,806 | $ | 300,564 | $ | 8,186 | $ | 31,729 | $ | 101 | $ | 276,920 |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC Designation(1) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses(2) | Fair Value | ACL | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses(2) | Fair Value | ACL | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | $ | 1,199 | $ | 166 | $ | 0 | $ | 1,365 | $ | 1 | $ | 1,217 | $ | 153 | $ | 0 | $ | 1,370 | $ | 1 | |||||||||||||||||||||||||||||||||||||||
2 | 80 | 4 | 0 | 84 | 1 | 81 | 4 | 0 | 85 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal High or Highest Quality Securities(3) | 1,279 | 170 | 0 | 1,449 | 2 | 1,298 | 157 | 0 | 1,455 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal Other Securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, held-to-maturity | $ | 1,279 | $ | 170 | $ | 0 | $ | 1,449 | $ | 2 | $ | 1,298 | $ | 157 | $ | 0 | $ | 1,455 | $ | 2 |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Asset-Backed Securities(2) | Commercial Mortgage-Backed Securities(3) | Asset-Backed Securities(2) | Commercial Mortgage-Backed Securities(3) | ||||||||||||||||||||||||||||||||||||||||||||
Low Issue Composite Rating(1) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
AAA | $ | 6,779 | $ | 6,806 | $ | 6,984 | $ | 6,475 | $ | 7,078 | $ | 7,070 | $ | 7,320 | $ | 6,817 | |||||||||||||||||||||||||||||||
AA | 2,844 | 2,784 | 0 | 0 | 2,741 | 2,660 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
A | 217 | 211 | 1 | 1 | 162 | 151 | 2 | 2 | |||||||||||||||||||||||||||||||||||||||
BBB | 177 | 177 | 0 | 0 | 20 | 20 | 9 | 9 | |||||||||||||||||||||||||||||||||||||||
BB and below | 125 | 168 | 0 | 0 | 59 | 104 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Total(4) | $ | 10,142 | $ | 10,146 | $ | 6,985 | $ | 6,476 | $ | 10,060 | $ | 10,005 | $ | 7,331 | $ | 6,828 |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Collateralized Loan Obligations | |||||||||||||||||||||||
Low Issue Composite Rating(1) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
(in millions) | |||||||||||||||||||||||
AAA | $ | 5,851 | $ | 5,891 | $ | 6,132 | $ | 6,143 | |||||||||||||||
AA | 2,790 | 2,730 | 2,687 | 2,606 | |||||||||||||||||||
A | 14 | 13 | 13 | 12 | |||||||||||||||||||
BBB | 15 | 13 | 15 | 13 | |||||||||||||||||||
BB and below | 11 | 10 | 11 | 9 | |||||||||||||||||||
Total(2)(3) | $ | 8,681 | $ | 8,657 | $ | 8,858 | $ | 8,783 |
March 31, 2023 | December 31, 2022 | |||||||||||||
(in millions) | ||||||||||||||
Commercial mortgage and agricultural property loans | $ | 48,328 | $ | 48,240 | ||||||||||
Uncollateralized loans | 454 | 463 | ||||||||||||
Residential property loans | 39 | 43 | ||||||||||||
Other collateralized loans | 108 | 108 | ||||||||||||
Total recorded investment gross of allowance(1) | 48,929 | 48,854 | ||||||||||||
Allowance for credit losses | (189) | (172) | ||||||||||||
Total net commercial mortgage and other loans(2) | $ | 48,740 | $ | 48,682 |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Gross Carrying Value | % of Total | Gross Carrying Value | % of Total | |||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Commercial mortgage and agricultural property loans by region: | ||||||||||||||||||||||||||
U.S. Regions(1): | ||||||||||||||||||||||||||
Pacific | $ | 17,692 | 36.6 | % | $ | 17,509 | 36.3 | % | ||||||||||||||||||
South Atlantic | 7,516 | 15.6 | 7,642 | 15.8 | ||||||||||||||||||||||
Middle Atlantic | 5,535 | 11.4 | 5,364 | 11.1 | ||||||||||||||||||||||
East North Central | 2,447 | 5.1 | 2,587 | 5.4 | ||||||||||||||||||||||
West South Central | 5,069 | 10.5 | 5,091 | 10.6 | ||||||||||||||||||||||
Mountain | 2,026 | 4.2 | 2,025 | 4.2 | ||||||||||||||||||||||
New England | 1,282 | 2.7 | 1,286 | 2.7 | ||||||||||||||||||||||
West North Central | 479 | 1.0 | 485 | 1.0 | ||||||||||||||||||||||
East South Central | 1,240 | 2.6 | 1,247 | 2.6 | ||||||||||||||||||||||
Subtotal-U.S. | 43,286 | 89.7 | 43,236 | 89.7 | ||||||||||||||||||||||
Europe | 3,227 | 6.6 | 3,157 | 6.5 | ||||||||||||||||||||||
Asia | 759 | 1.5 | 789 | 1.6 | ||||||||||||||||||||||
Other | 1,056 | 2.2 | 1,058 | 2.2 | ||||||||||||||||||||||
Total commercial mortgage and agricultural property loans | $ | 48,328 | 100.0 | % | $ | 48,240 | 100.0 | % |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Gross Carrying Value | % of Total | Gross Carrying Value | % of Total | |||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
Commercial mortgage and agricultural property loans by property type: | ||||||||||||||||||||||||||
Industrial | $ | 12,271 | 25.4 | % | $ | 11,853 | 24.6 | % | ||||||||||||||||||
Retail | 4,812 | 10.0 | 4,800 | 10.0 | ||||||||||||||||||||||
Office | 7,301 | 15.1 | 7,568 | 15.7 | ||||||||||||||||||||||
Apartments/Multi-Family | 13,409 | 27.7 | 13,503 | 28.0 | ||||||||||||||||||||||
Agricultural properties | 5,618 | 11.6 | 5,587 | 11.5 | ||||||||||||||||||||||
Hospitality | 1,722 | 3.6 | 1,733 | 3.6 | ||||||||||||||||||||||
Other | 3,195 | 6.6 | 3,196 | 6.6 | ||||||||||||||||||||||
Total commercial mortgage and agricultural property loans | $ | 48,328 | 100.0 | % | $ | 48,240 | 100.0 | % |
March 31, 2023 | ||||||||||||||||||||||||||
Debt Service Coverage Ratio | ||||||||||||||||||||||||||
> 1.2x | 1.0x to < 1.2x | < 1.0x | Total Commercial Mortgage and Agricultural Property Loans | |||||||||||||||||||||||
Loan-to-Value Ratio | (in millions) | |||||||||||||||||||||||||
0%-59.99% | $ | 25,171 | $ | 1,403 | $ | 625 | $ | 27,199 | ||||||||||||||||||
60%-69.99% | 12,660 | 950 | 938 | 14,548 | ||||||||||||||||||||||
70%-79.99% | 4,096 | 749 | 346 | 5,191 | ||||||||||||||||||||||
80% or greater | 908 | 166 | 316 | 1,390 | ||||||||||||||||||||||
Total commercial mortgage and agricultural property loans | $ | 42,835 | $ | 3,268 | $ | 2,225 | $ | 48,328 |
March 31, 2023 | ||||||||||||||
Gross Carrying Value | % of Total | |||||||||||||
Year of Origination | ($ in millions) | |||||||||||||
2023 | $ | 679 | 1.4 | % | ||||||||||
2022 | 4,689 | 9.7 | ||||||||||||
2021 | 7,503 | 15.5 | ||||||||||||
2020 | 3,625 | 7.5 | ||||||||||||
2019 | 6,671 | 13.8 | ||||||||||||
2018 | 6,572 | 13.6 | ||||||||||||
2017 | 4,282 | 8.9 | ||||||||||||
2016 & Prior | 14,269 | 29.5 | ||||||||||||
Revolving Loans | 38 | 0.1 | ||||||||||||
Total commercial mortgage and agricultural property loans | $ | 48,328 | 100.0 | % |
March 31, 2023 | December 31, 2022 | |||||||||||||
(in millions) | ||||||||||||||
Allowance, beginning of year | $ | 172 | $ | 102 | ||||||||||
Addition to (release of) allowance for credit losses | 17 | 66 | ||||||||||||
Reduction for loans sold during the period | (1) | 0 | ||||||||||||
Other | 1 | 4 | ||||||||||||
Allowance, end of period | $ | 189 | $ | 172 |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | $ | 737 | $ | 505 | $ | 2 | $ | 1,240 | $ | 759 | $ | 433 | $ | 2 | $ | 1,190 | ||||||||||||||||||||||||||||||||||
Other Common Stocks | 2,684 | 991 | 48 | 3,627 | 2,581 | 921 | 87 | 3,415 | ||||||||||||||||||||||||||||||||||||||||||
Non-redeemable Preferred Stocks | 29 | 42 | 4 | 67 | 30 | 41 | 5 | 66 | ||||||||||||||||||||||||||||||||||||||||||
Total equity securities, at fair value | $ | 3,450 | $ | 1,538 | $ | 54 | $ | 4,934 | $ | 3,370 | $ | 1,395 | $ | 94 | $ | 4,671 |
March 31, 2023 | December 31, 2022 | |||||||||||||
(in millions) | ||||||||||||||
LPs/LLCs: | ||||||||||||||
Equity method: | ||||||||||||||
Private equity | $ | 6,025 | $ | 5,760 | ||||||||||
Hedge funds | 2,312 | 2,420 | ||||||||||||
Real estate-related | 1,642 | 1,763 | ||||||||||||
Subtotal equity method | 9,979 | 9,943 | ||||||||||||
Fair value: | ||||||||||||||
Private equity | 890 | 909 | ||||||||||||
Hedge funds | 1,140 | 1,000 | ||||||||||||
Real estate-related | 36 | 37 | ||||||||||||
Subtotal fair value | 2,066 | 1,946 | ||||||||||||
Total LPs/LLCs | 12,045 | 11,889 | ||||||||||||
Real estate held through direct ownership(1) | 681 | 705 | ||||||||||||
Derivative instruments | (494) | 21 | ||||||||||||
Other(2) | 689 | 662 | ||||||||||||
Total other invested assets | $ | 12,921 | $ | 13,277 |
March 31, 2023 | December 31, 2022 | |||||||||||||
(in millions) | ||||||||||||||
Fixed maturities: | ||||||||||||||
Public, available-for-sale, at fair value(1) | $ | 547 | $ | 523 | ||||||||||
Private, available-for-sale, at fair value | 262 | 205 | ||||||||||||
Fixed maturities, trading, at fair value(1) | 259 | 213 | ||||||||||||
Equity securities, at fair value | 796 | 746 | ||||||||||||
Commercial mortgage and other loans, at book value(2) | 257 | 137 | ||||||||||||
Other invested assets | 3,742 | 3,568 | ||||||||||||
Short-term investments | 14 | 18 | ||||||||||||
Total investments | $ | 5,877 | $ | 5,410 |
March 31, 2023 | December 31, 2022 | ||||||||||
(in millions) | |||||||||||
Equity(1) | $ | 35,210 | $ | 34,399 | |||||||
Junior subordinated debt (including hybrid securities) | 9,591 | 9,094 | |||||||||
Other capital debt | 4,975 | 4,977 | |||||||||
Total capital | $ | 49,776 | $ | 48,470 |
Ratio | |||||
Prudential of Japan consolidated(1) | 800 | % | |||
Gibraltar Life consolidated(2) | 914 | % |
Dividend Amount | Shares Repurchased | ||||||||||||||||||||||
Three months ended: | Per Share | Aggregate | Shares | Total Cost | |||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||
March 31, 2023 | $ | 1.25 | $ | 468 | 2.7 | $ | 250 | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
Highly Liquid Assets, beginning of period | $ | 4,535 | $ | 3,553 | ||||||||||
Dividends and/or returns of capital from subsidiaries(1) | 21 | 431 | ||||||||||||
Affiliated (borrowings)/loans - (capital activities) | 399 | 394 | ||||||||||||
Capital contributions to subsidiaries(2) | (142) | (882) | ||||||||||||
Total Business Capital Activity | 278 | (57) | ||||||||||||
Share repurchases(3) | (251) | (364) | ||||||||||||
Common Stock dividends(4) | (473) | (466) | ||||||||||||
Business dispositions | 0 | 0 | ||||||||||||
Total Share Repurchases, Dividends and Business Disposition Activity | (724) | (830) | ||||||||||||
Proceeds from the issuance of debt | 495 | 990 | ||||||||||||
Repayments of debt | (4) | 0 | ||||||||||||
Total Debt Activity | 491 | 990 | ||||||||||||
Proceeds from stock-based compensation and exercise of stock options | 43 | 109 | ||||||||||||
Net income tax receipts & payments | 16 | 433 | ||||||||||||
Interest expense on intercompany agreements | (20) | 0 | ||||||||||||
Interest paid on external debt | (249) | (206) | ||||||||||||
Affiliated (borrowings)/loans - (operating activities)(5) | 73 | (159) | ||||||||||||
Swap terminations | 0 | (22) | ||||||||||||
Other, net | 111 | (215) | ||||||||||||
Total Other Activity | (26) | (60) | ||||||||||||
Net
increase/(decrease) in highly liquid assets | 19 | 43 | ||||||||||||
Highly Liquid Assets, end of period | $ | 4,554 | $ | 3,596 |
March 31, 2023 | |||||||||||||||||||||||||||||
Prudential Insurance(1) | PLIC | Pruco Life | Total | December 31, 2022 | |||||||||||||||||||||||||
(in billions) | |||||||||||||||||||||||||||||
Cash and short-term investments | $ | 5.8 | $ | 0.9 | $ | 2.8 | $ | 9.5 | $ | 8.3 | |||||||||||||||||||
Fixed maturity investments(2): | |||||||||||||||||||||||||||||
High or highest quality | 112.4 | 27.9 | 21.8 | 162.1 | 155.9 | ||||||||||||||||||||||||
Other than high or highest quality | 7.6 | 2.6 | 2.0 | 12.2 | 12.2 | ||||||||||||||||||||||||
Subtotal | 120.0 | 30.5 | 23.8 | 174.3 | 168.1 | ||||||||||||||||||||||||
Public equity securities, at fair value | 1.2 | 1.7 | 0.2 | 3.1 | 3.0 | ||||||||||||||||||||||||
Total | $ | 127.0 | $ | 33.1 | $ | 26.8 | $ | 186.9 | $ | 179.4 |
March 31, 2023 | |||||||||||||||||||||||||||||
Prudential of Japan | Gibraltar Life(1) | All Other(2) | Total | December 31, 2022 | |||||||||||||||||||||||||
(in billions) | |||||||||||||||||||||||||||||
Cash and short-term investments | $ | 1.2 | $ | 3.8 | $ | 1.5 | $ | 6.5 | $ | 1.1 | |||||||||||||||||||
Fixed maturity investments(3): | |||||||||||||||||||||||||||||
High or highest quality(4) | 33.9 | 67.2 | 12.8 | 113.9 | 108.8 | ||||||||||||||||||||||||
Other than high or highest quality | 0.3 | 1.1 | 2.6 | 4.0 | 4.0 | ||||||||||||||||||||||||
Subtotal | 34.2 | 68.3 | 15.4 | 117.9 | 112.8 | ||||||||||||||||||||||||
Public equity securities | 2.2 | 1.5 | 0.1 | 3.8 | 3.8 | ||||||||||||||||||||||||
Total | $ | 37.6 | $ | 73.6 | $ | 17.0 | $ | 128.2 | $ | 117.7 |
Three Months Ended March 31, | |||||||||||
Cash Settlements: Received (Paid) | 2023 | 2022 | |||||||||
(in millions) | |||||||||||
Income Hedges (External)(1) | $ | 3 | $ | 11 | |||||||
Equity Hedges: | |||||||||||
Internal(2) | 193 | 161 | |||||||||
External | (111) | (131) | |||||||||
Total
Equity Hedges | 82 | 30 | |||||||||
Total Cash Settlements | $ | 85 | $ | 41 | |||||||
Assets (Liabilities): | March 31, 2023 | December 31, 2022 | |||||||||
(in millions) | |||||||||||
Income Hedges (External)(3) | $ | (48) | $ | (9) | |||||||
Equity Hedges: | |||||||||||
Internal(2) | 1,177 | 1,229 | |||||||||
External | (46) | (123) | |||||||||
Total Equity Hedges(4) | 1,131 | 1,106 | |||||||||
Total Assets (Liabilities) | $ | 1,083 | $ | 1,097 |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
PFI Excluding Closed Block Division | Closed Block Division | Consolidated | PFI Excluding Closed Block Division | Closed Block Division | Consolidated | ||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 3,649 | $ | 2,968 | $ | 6,617 | $ | 3,548 | $ | 3,041 | $ | 6,589 | |||||||||||||||||||||||
Cash collateral for loaned securities | 5,786 | 189 | 5,975 | 5,847 | 253 | 6,100 | |||||||||||||||||||||||||||||
Securities sold but not yet purchased | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Total(1)(2) | $ | 9,435 | $ | 3,157 | $ | 12,592 | $ | 9,395 | $ | 3,294 | $ | 12,689 | |||||||||||||||||||||||
Portion of above securities that may be returned to the Company overnight requiring immediate return of the cash collateral | $ | 8,781 | $ | 3,110 | $ | 11,891 | $ | 8,622 | $ | 3,189 | $ | 11,811 | |||||||||||||||||||||||
Weighted average maturity, in days(3) | 15 | 5 | 17 | 5 |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Borrowings: | Prudential Financial | Subsidiaries | Consolidated | Prudential Financial | Subsidiaries | Consolidated | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
General obligation short-term debt: | |||||||||||||||||||||||||||||||||||
Commercial paper | $ | 25 | $ | 409 | $ | 434 | $ | 25 | $ | 413 | $ | 438 | |||||||||||||||||||||||
Current portion of long-term debt | 0 | 173 | 173 | 0 | 173 | 173 | |||||||||||||||||||||||||||||
Other short-term debt | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Subtotal | 25 | 582 | 607 | 25 | 586 | 611 | |||||||||||||||||||||||||||||
General obligation long-term debt: | |||||||||||||||||||||||||||||||||||
Senior debt | 10,114 | 0 | 10,114 | 10,115 | 0 | 10,115 | |||||||||||||||||||||||||||||
Junior subordinated debt | 9,544 | 47 | 9,591 | 9,047 | 47 | 9,094 | |||||||||||||||||||||||||||||
Surplus notes(1) | 0 | 345 | 345 | 0 | 345 | 345 | |||||||||||||||||||||||||||||
Subtotal | 19,658 | 392 | 20,050 | 19,162 | 392 | 19,554 | |||||||||||||||||||||||||||||
Total general obligations | 19,683 | 974 | 20,657 | 19,187 | 978 | 20,165 | |||||||||||||||||||||||||||||
Limited and non-recourse borrowings(2): | |||||||||||||||||||||||||||||||||||
Short-term debt | 0 | 16 | 16 | 0 | 9 | 9 | |||||||||||||||||||||||||||||
Current portion of long-term debt | 0 | 82 | 82 | 0 | 155 | 155 | |||||||||||||||||||||||||||||
Long-term debt | 0 | 401 | 401 | 0 | 354 | 354 | |||||||||||||||||||||||||||||
Total limited and non-recourse borrowings | 0 | 499 | 499 | 0 | 518 | 518 | |||||||||||||||||||||||||||||
Total borrowings | $ | 19,683 | $ | 1,473 | $ | 21,156 | $ | 19,187 | $ | 1,496 | $ | 20,683 |
Surplus Notes | Outstanding as of | |||||||||||||||||||||||||
Credit-Linked Note Structures: | Original Issue Dates | Maturity Dates | Facility Size | |||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||
XXX | 2012-2021 | 2023-2036 | $ | 1,600 | (1) | $ | 1,750 | |||||||||||||||||||
AXXX | 2013 | 2033 | 3,500 | 3,500 | ||||||||||||||||||||||
XXX | 2014-2018 | 2023-2034 | 2,080 | (2) | 2,100 | |||||||||||||||||||||
XXX | 2014-2017 | 2024-2037 | 2,330 | 2,400 | ||||||||||||||||||||||
AXXX | 2017 | 2037 | 1,540 | 2,000 | ||||||||||||||||||||||
XXX | 2018 | 2038 | 920 | 1,600 | ||||||||||||||||||||||
AXXX | 2020 | 2032 | 2,100 | 2,700 | ||||||||||||||||||||||
Total Credit-Linked Note Structures | $ | 14,070 | $ | 16,050 |
As of March 31, 2023 | As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Notional | Fair Value | Hypothetical Change in Fair Value | Notional | Fair Value | Hypothetical Change in Fair Value | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Financial assets with interest rate risk: | ||||||||||||||||||||||||||||||||||||||
Fixed maturities(1) | $ | 329,168 | $ | (32,914) | $ | 316,070 | $ | (30,524) | ||||||||||||||||||||||||||||||
Commercial mortgage and other loans | 53,368 | (2,305) | 52,479 | (2,300) | ||||||||||||||||||||||||||||||||||
Derivatives with interest rate risk: | ||||||||||||||||||||||||||||||||||||||
Swaps | $ | 280,129 | (8,633) | (4,025) | $ | 268,764 | (8,565) | (3,631) | ||||||||||||||||||||||||||||||
Futures | 13,522 | 39 | (622) | 19,452 | (12) | (309) | ||||||||||||||||||||||||||||||||
Options | 69,328 | (1,202) | (174) | 49,351 | (938) | 241 | ||||||||||||||||||||||||||||||||
Forwards | 39,562 | (373) | (143) | 38,899 | (581) | (185) | ||||||||||||||||||||||||||||||||
Synthetic GICs | 83,379 | 0 | (5) | 84,338 | 0 | (6) | ||||||||||||||||||||||||||||||||
Market risk benefits | (5,120) | 2,495 | (5,064) | 2,440 | ||||||||||||||||||||||||||||||||||
Indexed universal life contracts | (1,113) | 202 | (986) | 190 | ||||||||||||||||||||||||||||||||||
Indexed annuity contracts | (3,131) | (485) | (2,506) | (457) | ||||||||||||||||||||||||||||||||||
Total embedded derivatives(2) | (9,364) | 2,212 | (8,556) | 2,173 | ||||||||||||||||||||||||||||||||||
Financial liabilities with interest rate risk(3): | ||||||||||||||||||||||||||||||||||||||
Short-term and long-term debt | 19,908 | 3,364 | 19,441 | 3,091 | ||||||||||||||||||||||||||||||||||
Policyholders’ account balances—investment contracts | 67,587 | 2,056 | 66,602 | 1,944 | ||||||||||||||||||||||||||||||||||
Insurance liabilities with interest rate risk: | ||||||||||||||||||||||||||||||||||||||
Benefit reserves (traditional and limited-payment contracts)(4) | 193,429 | 30,849 | 182,304 | 28,942 | ||||||||||||||||||||||||||||||||||
Net estimated potential loss | $ | (1,707) | $ | (564) |
As of March 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||
Notional | Fair Value | Hypothetical Change in Fair Value | Notional | Fair Value | Hypothetical Change in Fair Value | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Equity securities(1) | $ | 9,593 | $ | (959) | $ | 9,049 | $ | (905) | |||||||||||||||||||||||||||
Equity-based derivatives(2) | $ | 53,496 | (780) | (175) | $ | 51,501 | (961) | (73) | |||||||||||||||||||||||||||
Market risk benefits | (5,120) | (1,119) | (5,064) | (1,026) | |||||||||||||||||||||||||||||||
Indexed universal life contracts | (1,113) | 31 | (986) | 24 | |||||||||||||||||||||||||||||||
Indexed annuity contracts | (3,131) | 960 | (2,506) | 841 | |||||||||||||||||||||||||||||||
Total embedded derivatives(2)(3) | (9,364) | (128) | (8,556) | (161) | |||||||||||||||||||||||||||||||
Net estimated potential loss | $ | (1,262) | $ | (1,139) |
As of March 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||
Fair Value | Hypothetical Change in Fair Value | Fair Value | Hypothetical Change in Fair Value | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Unhedged portion of equity investment in international subsidiaries and foreign currency denominated investments in domestic general account portfolio | $ | 4,207 | $ | 421 | $ | 3,797 | $ | 380 |
Period | Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program(2) | Approximate Dollar Value of Shares that May Yet Be Purchased under the Program(2) | ||||||||||||||||||||||
January 1, 2023 through January 31, 2023 | 3,760 | $ | 103.39 | 0 | ||||||||||||||||||||||
February 1, 2023 through February 28, 2023 | 2,386,091 | $ | 101.36 | 1,239,804 | ||||||||||||||||||||||
March 1, 2023 through March 31, 2023 | 1,472,729 | $ | 85.30 | 1,465,128 | ||||||||||||||||||||||
Total | 3,862,580 | 2,704,932 | $ | 750,000,000 |
101.INS - XBRL | Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH - XBRL | Taxonomy Extension Schema Document. | ||||
101.CAL - XBRL | Taxonomy Extension Calculation Linkbase Document. | ||||
101.LAB - XBRL | Taxonomy Extension Label Linkbase Document. | ||||
101.PRE - XBRL | Taxonomy Extension Presentation Linkbase Document. | ||||
101.DEF - XBRL | Taxonomy Extension Definition Linkbase Document. | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Prudential Entities | ||||||||||||||
Assurance IQ | Assurance IQ, LLC | PRIAC | Prudential Retirement Insurance and Annuity Company | |||||||||||
Company | Prudential Financial, Inc. and its subsidiaries | Pruco Life | Pruco Life Insurance Company | |||||||||||
PFI | Prudential Financial, Inc. and its subsidiaries | Prudential | Prudential Financial, Inc. and its subsidiaries | |||||||||||
PGFL | Prudential Gibraltar Financial Life Insurance Co., Ltd. | Prudential Financial | Prudential Financial, Inc. | |||||||||||
PGIM | The global investment management business of Prudential Financial, Inc. | Prudential Funding | Prudential Funding, LLC | |||||||||||
PIIH | Prudential International Insurance Holdings, Ltd. | Prudential Insurance/PICA | The Prudential Insurance Company of America | |||||||||||
PLIC | Prudential Legacy Insurance Company of New Jersey | Prudential of Japan | The Prudential Life Insurance Company, Ltd. | |||||||||||
PLNJ | Pruco Life Insurance Company of New Jersey | Registrant | Prudential Financial, Inc. | |||||||||||
POA | Prudential of Argentina |
Defined Terms | ||||||||||||||
Board | Prudential Financial's Board of Directors | Moody's | Moody's Investors Service, Inc. | |||||||||||
Closed Block | Certain in-force participating insurance policies and annuity products, along with corresponding assets used for the payment of benefits and policyholders' dividends on these products | Morningstar | Morningstar, Inc. | |||||||||||
Credit-Linked Note Structures | Agreements with external counterparties providing for the issuance of surplus notes by our captive reinsurers in return for the receipt of credit-linked notes | Other Postretirement Benefits | Certain health care and life insurance benefits provided by the Company for its retired employees, their beneficiaries and covered dependents | |||||||||||
Exchange Act | The Securities Exchange Act of 1934 | Pension Benefits | Funded and non-funded non-contributory defined benefit pension plans which cover substantially all of the Company’s employees | |||||||||||
Fitch | Fitch Ratings Inc. | POT | The Prudential Life Insurance Company of Taiwan Inc. | |||||||||||
Fortitude | Fortitude Group Holdings, LLC | Regulation XXX | Valuation of Life Insurance Policies Model Regulation | |||||||||||
Great-West | Great-West Life & Annuity Insurance Company | S&P | Standard & Poor's Rating Services | |||||||||||
Guideline AXXX | The Application of the Valuation of Life Insurance Policies Model Regulation | Union Hamilton | Union Hamilton Reinsurance, Ltd. | |||||||||||
Hartford Financial | Hartford Financial Services Group, Inc. | U.S. GAAP | Generally accepted accounting principles in the United States of America | |||||||||||
Inflation Reduction Act | The Inflation Reduction Act of 2022 |
Acronyms | ||||||||||||||
ACL | Allowance for Credit Losses | LPs/LLCs | Limited Partnerships and Limited Liability Companies | |||||||||||
AIR | Additional Insurance Reserves | LRR | Loss Recognition Reserves | |||||||||||
ALM | Asset Liability Management | MD&A | Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||||||
AOCI | Accumulated Other Comprehensive Income (Loss) | MRB | Market Risk Benefits | |||||||||||
ASC | Accounting Standards Codification | NAIC | National Association of Insurance Commissioners | |||||||||||
ASU | Accounting Standards Update | NAV | Net Asset Value | |||||||||||
AUD | Australian Dollar | NJDOBI | New Jersey Department of Banking and Insurance | |||||||||||
bps | Basis Points | NPR | Non-Performance Risk | |||||||||||
CECL | Current Expected Credit Loss | NTG | Net-To-Gross | |||||||||||
CLO | Collateralized Loan Obligations | OCI | Other Comprehensive Income (Loss) | |||||||||||
COVID-19 | 2019 Novel Coronavirus | OTC | Over-The-Counter | |||||||||||
DAC | Deferred Policy Acquisition Costs | OTTI | Other-Than-Temporary Impairments | |||||||||||
DPL | Deferred Profit Liability | PALAC | Prudential Annuities Life Assurance Corporation | |||||||||||
DSI | Deferred Sales Inducements | PDI | Prudential Defined Income | |||||||||||
EBITDA | Earnings Before Interest, Taxes, Depreciation and Amortization | PFL | Profits Followed by Losses | |||||||||||
FASB | Financial Accounting Standards Board | RAF | Risk Appetite Framework | |||||||||||
FLIAC | Fortitude Life Insurance and Annuity Company | RBC | Risk-Based Capital | |||||||||||
FSA | Financial Services Agency (an agency of the Japanese government) | SEC | Securities and Exchange Commission | |||||||||||
GICs | Guaranteed Investment Contracts | SOFR | Secured Overnight Financing Rate | |||||||||||
GILTI | Global Intangible Low-Taxed Income | SVO | Securities Valuation Office | |||||||||||
GMAB | Guaranteed Minimum Accumulation Benefits | TBA | To-Be-Announced | |||||||||||
GMDB | Guaranteed Minimum Death Benefits | TDR | Troubled Debt Restructuring | |||||||||||
GMIB | Guaranteed Minimum Income Benefits | URR | Unearned Revenue Reserve | |||||||||||
GMIWB | Guaranteed Minimum Income and Withdrawal Benefits | U.S. | The United States of America | |||||||||||
GMWB | Guaranteed Minimum Withdrawal Benefits | USD | U.S. Dollar | |||||||||||
HDI | Highest Daily Lifetime Income | VIEs | Variable Interest Entities | |||||||||||
LIBOR | London Inter-Bank Offered Rate | VOBA | Value of Business Acquired |
Prudential Financial, Inc. | |||||||||||
By: | /S/ KENNETH Y. TANJI | ||||||||||
Kenneth Y. Tanji Executive Vice President and Chief Financial Officer (Authorized signatory and principal financial officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
2/15/33 | ||||
3/31/24 | ||||
12/31/23 | ||||
Filed on: | 5/4/23 | |||
4/30/23 | ||||
For Period end: | 3/31/23 | |||
3/1/23 | ||||
2/28/23 | 4 | |||
2/1/23 | ||||
1/31/23 | ||||
1/1/23 | 3, 4 | |||
12/31/22 | 10-K, 13F-HR, ARS | |||
12/15/22 | 4 | |||
9/30/22 | 10-Q, 13F-HR | |||
8/16/22 | ||||
6/30/22 | 10-Q, 13F-HR | |||
4/1/22 | 4, 8-K | |||
3/31/22 | 10-Q, 13F-HR | |||
1/4/22 | 4 | |||
12/31/21 | 10-K, 11-K, 13F-HR | |||
1/1/21 | 4 | |||
12/31/20 | 10-K, 11-K, 13F-HR, 13F-HR/A | |||
7/20/20 | ||||
1/1/20 | 4 | |||
7/1/18 | 4 | |||
12/31/16 | 10-K, 11-K, 13F-HR | |||
4/1/15 | 4 | |||
12/18/01 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 1/30/23 Prudential Financial Inc. 8-K:5,9 1/30/23 12:368K Donnelley … Solutions/FA 9/13/22 Prudential Financial Inc. 8-K:5,9 9/13/22 12:372K Donnelley … Solutions/FA 1/22/15 Prudential Financial Inc. 8-K:5,9 1/22/15 2:38K Donnelley … Solutions/FA |