Long-duration insurance contracts (Tables)

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Summary of life, annuity and health insurance benefits liabilities

A summary of our long-duration life, annuity and health insurance benefits liabilities disaggregated by our principal product categories follows (in millions).

	March 31,
	2025		2024
Periodic payment annuity ("annuities")	$	10,376	$	10,749
Life and health		4,485		4,259
Other		2,873		2,979
	$	17,734	$	17,987

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.

	Annuities						Life and health
	2025			2024			2025			2024
Expected future policy benefits:
Balance at the beginning of the year	$	10,276		$	11,212		$	43,784		$	52,665
Balance at the beginning of the year - original discount rates		11,757			11,681			55,170			65,871
Effect of cash flow assumption changes		—			—			(75	)		(34	)
Effect of actual versus expected experience		2			2			218			(12,870	)
Change in benefits, net		(120	)		(115	)		(562	)		(449	)
Interest accrual		138			136			318			284
Foreign currency effect		49			2			263			(389	)
Balance at March 31 - original discount rates		11,826			11,706			55,332			52,413
Effect of changes in discount rate assumptions		(1,450	)		(957	)		(12,086	)		(11,627	)
Balance at March 31	$	10,376		$	10,749		$	43,246		$	40,786
Expected future net premiums:
Balance at the beginning of the year							$	39,294		$	46,916
Balance at the beginning of the year - original discount rates								49,500			58,731
Effect of cash flow assumption changes								(66	)		(25	)
Effect of actual versus expected experience								195			(11,278	)
Change in premiums, net								(544	)		(407	)
Interest accrual								285			251
Foreign currency effect								234			(358	)
Balance at March 31 - original discount rates								49,604			46,914
Effect of changes in discount rate assumptions								(10,843	)		(10,387	)
Balance at March 31							$	38,761		$	36,527
Liabilities for future policy benefits:
Balance at March 31	$	10,376		$	10,749		$	4,485		$	4,259
Reinsurance recoverables		—			—			(47	)		(50	)
Balance at March 31, net of reinsurance recoverables	$	10,376		$	10,749		$	4,438		$	4,209

Summary of Other Information Relating to Long-Duration Insurance Liabilities

Other information relating to our long-duration insurance liabilities follows (dollars in millions).

	Annuities						Life and health
	March 31,						March 31,
	2025			2024			2025			2024
Undiscounted expected future gross premiums	$	—		$	—		$	100,956		$	95,514
Discounted expected future gross premiums		—			—			59,104			56,585
Undiscounted expected future benefits		30,603			30,953			92,018			86,800
Weighted average discount rate		5.7	%		5.4	%		5.2	%		4.9	%
Weighted average accretion rate		4.8	%		4.8	%		2.7	%		2.7	%
Weighted average duration	16 years			17 years			14 years			13 years

Summary of gross premiums earned and net interest expense

Gross premiums earned and interest expense before reinsurance ceded for the first quarter of 2025 and 2024 were as follows (in millions).

	Gross premiums				Interest expense
	2025		2024		2025		2024
Annuities	$	—	$	—	$	138	$	136
Life and health		951		944		33		33