Long-duration insurance contracts (Tables)

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

Summary of life, annuity and health insurance benefits liabilities

A summary of our long-duration life, annuity and health insurance benefits liabilities as of September 30, 2024 and 2023, disaggregated for our two primary product categories, periodic payment annuity and life and health insurance, follows. Other liabilities include IBNR claims and claims in the course of settlement. Amounts are in millions.

	September 30,
	2024		2023
Periodic payment annuity	$	11,136	$	9,940
Life and health		4,456		5,365
Other		3,020		3,251
	$	18,612	$	18,556

Summary of changes in discounted present values of expected future policy benefits and expected future net premiums

Net premiums represent the portion of expected gross premiums that are required to provide for future policy benefits and variable expenses.

	Periodic payment annuity						Life and health
	2024			2023			2024			2023
Expected future policy benefits:
Balance at the beginning of the year	$	11,212		$	10,640		$	52,665		$	52,008
Balance at the beginning of the year - original discount rates		11,681			11,549			65,871			63,584
Effect of cash flow assumption changes		—			—			1,485			346
Effect of actual versus expected experience		2			3			(12,709	)		(425	)
Change in benefits, net		(357	)		(349	)		(1,404	)		(2,059	)
Interest accrual		411			402			891			1,288
Foreign currency effect		96			27			218			(528	)
Balance at September 30 - original discount rates		11,833			11,632			54,352			62,206
Effect of changes in discount rate assumptions		(697	)		(1,692	)		(11,111	)		(13,434	)
Balance at September 30	$	11,136		$	9,940		$	43,241		$	48,772
Expected future net premiums:
Balance at the beginning of the year							$	46,916		$	46,129
Balance at the beginning of the year - original discount rates								58,731			56,535
Effect of cash flow assumption changes								1,449			276
Effect of actual versus expected experience								(11,033	)		(266	)
Change in premiums, net								(1,348	)		(1,833	)
Interest accrual								791			1,125
Foreign currency effect								200			(502	)
Balance at September 30 - original discount rates								48,790			55,335
Effect of changes in discount rate assumptions								(10,005	)		(11,928	)
Balance at September 30							$	38,785		$	43,407
Liabilities for future policy benefits:
Balance at September 30	$	11,136		$	9,940		$	4,456		$	5,365
Reinsurance recoverables		—			—			(52	)		(1,399	)
Balance at September 30, net of reinsurance recoverables	$	11,136		$	9,940		$	4,404		$	3,966

Summary of Other Information Relating to Long-Duration Insurance Liabilities

Other information relating to our long-duration insurance liabilities as of September 30, 2024 and 2023 follows (dollars in millions).

	Periodic payment annuity						Life and health
	2024			2023			2024			2023
Undiscounted expected future gross premiums	$	—		$	—		$	101,134		$	106,518
Discounted expected future gross premiums		—			—			58,530			64,394
Undiscounted expected future benefits		30,915			31,049			91,751			101,882
Weighted average discount rate		5.2	%		5.9	%		4.7	%		5.4	%
Weighted average accretion rate		4.8	%		4.8	%		2.6	%		3.4	%
Weighted average duration	17 years			16 years			13 years			14 years

Summary of gross premiums earned and net interest expense

Gross premiums earned and interest expense before reinsurance ceded for the first nine months of 2024 and 2023 were as follows (in millions).

	Gross premiums				Interest expense
	2024		2023		2024		2023
Periodic payment annuity	$	—	$	—	$	411	$	402
Life and health		2,831		2,587		100		163