Future Policy Benefits (Tables)

3 Months Ended

Mar. 31, 2026

Liability for Future Policy Benefit, after Reinsurance [Abstract]

Schedule of Components of Liability for Future Policy Benefits

The following table sets forth our liability for future policy benefits as of the dates indicated:

(Amounts in millions)	March 31, 2026		December 31, 2025
Long-term care insurance	$	42,378	$	43,157
Life insurance	1,416		1,467
Fixed annuities	10,127		10,437
Total long-duration insurance contracts	53,921		55,061
Deferred profit liability	134		136
Cost of reinsurance	27		31
Total future policy benefits	$	54,082	$	55,228

Schedule of Liability for Future Policy Benefit Activity

The following tables present the balances of and changes in the liability for future policy benefits as of and for the periods indicated:

	March 31, 2026
(Dollar amounts in millions)	Long-term care insurance		Life insurance		Fixed annuities
Present value of expected net premiums:
Beginning balance as of January 1	$	16,480	$	3,499	$	—
Beginning balance, at original discount rate	$	16,411	$	3,396	$	—
Effect of changes in cash flow assumptions	15		—		—
Effect of actual variances from expected experience	14		4		—
Adjusted beginning balance	16,440		3,400		—
Issuances	—		—		9
Interest accretion	207		47		—
Net premiums collected (1)	(462)		(99)		(9)
Derecognition (lapses and withdrawals)	—		—		—
Other	—		—		—
Ending balance, at original discount rate	16,185		3,348		—
Effect of changes in discount rate assumptions	(164)		42		—
Ending balance as of March 31	$	16,021	$	3,390	$	—
Present value of expected future policy benefits:
Beginning balance as of January 1	$	59,634	$	4,354	$	10,437
Beginning balance, at original discount rate	$	60,539	$	4,191	$	9,193
Effect of changes in cash flow assumptions	(2)		—		—
Effect of actual variances from expected experience	50		24		(28)
Adjusted beginning balance	60,587		4,215		9,165
Issuances	—		—		9
Interest accretion	818		55		151
Benefit payments	(925)		(173)		(232)
Derecognition (lapses and withdrawals)	—		—		—
Other	—		—		2
Ending balance, at original discount rate	60,480		4,097		9,095
Effect of changes in discount rate assumptions	(2,083)		103		1,032
Ending balance as of March 31	$	58,397	$	4,200	$	10,127
Net liability for future policy benefits, before flooring adjustments	$	42,376	$	810	$	10,127
Flooring adjustments (2)	2		606		—
Net liability for future policy benefits	42,378		1,416		10,127
Less: reinsurance recoverable	7,542		678		7,841
Net liability for future policy benefits, net of reinsurance recoverable	$	34,836	$	738	$	2,286
Weighted-average liability duration (years)	11.3		5.5		10.3

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(1)Represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

(2)Flooring adjustments are necessary when a cohort’s present value of future net premiums exceeds the present value of future benefits. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero. This adjustment is most prevalent in our term life insurance products due to their product design of a level premium period followed by annual premium rate increases.

	December 31, 2025
(Dollar amounts in millions)	Long-term care insurance		Life insurance		Fixed annuities
Present value of expected net premiums:
Beginning balance as of January 1	$	17,315	$	3,690	$	—
Beginning balance, at original discount rate	$	17,625	$	3,640	$	—
Effect of changes in cash flow assumptions	(183)		—		—
Effect of actual variances from expected experience	(32)		(41)		—
Adjusted beginning balance	17,410		3,599		—
Issuances	1		—		38
Interest accretion	874		197		—
Net premiums collected (1)	(1,874)		(401)		(38)
Derecognition (lapses and withdrawals)	—		—		—
Other	—		1		—
Ending balance, at original discount rate	16,411		3,396		—
Effect of changes in discount rate assumptions	69		103		—
Ending balance as of December 31	$	16,480	$	3,499	$	—
Present value of expected future policy benefits:
Beginning balance as of January 1	$	58,487	$	4,741	$	10,695
Beginning balance, at original discount rate	$	60,587	$	4,645	$	9,568
Effect of changes in cash flow assumptions	103		—		(66)
Effect of actual variances from expected experience	336		(9)		3
Adjusted beginning balance	61,026		4,636		9,505
Issuances	1		—		34
Interest accretion	3,280		239		617
Benefit payments	(3,768)		(683)		(963)
Derecognition (lapses and withdrawals)	—		—		—
Other	—		(1)		—
Ending balance, at original discount rate	60,539		4,191		9,193
Effect of changes in discount rate assumptions	(905)		163		1,244
Ending balance as of December 31	$	59,634	$	4,354	$	10,437
Net liability for future policy benefits, before flooring adjustments	$	43,154	$	855	$	10,437
Flooring adjustments (2)	3		612		—
Net liability for future policy benefits	43,157		1,467		10,437
Less: reinsurance recoverable	7,728		702		8,074
Net liability for future policy benefits, net of reinsurance recoverable	$	35,429	$	765	$	2,363
Weighted-average liability duration (years)	11.5		5.6		10.4

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(1)Represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

(2)Flooring adjustments are necessary when a cohort’s present value of future net premiums exceeds the present value of future benefits. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero. This adjustment is most prevalent in our term life insurance products due to their product design of a level premium period followed by annual premium rate increases.

Schedule of Weighted Average Interest and Discount Rates

The following table provides the weighted-average interest rates for the liability for future policy benefits as of the dates indicated:

	March 31, 2026		December 31, 2025
Long-term care insurance
Interest accretion (locked-in) rate	5.7	%	5.7	%
Current discount rate	5.6	%	5.4	%
Life insurance
Interest accretion (locked-in) rate	5.7	%	5.7	%
Current discount rate	5.1	%	5.0	%
Fixed annuities
Interest accretion (locked-in) rate	6.8	%	6.8	%
Current discount rate	5.7	%	5.5	%

Schedule of Undiscounted and Discounted Expected Future Gross Premiums and Expected Future Benefit Payments

The following table sets forth the amount of undiscounted and discounted expected future gross premiums and expected future benefit payments as of the dates indicated:

	March 31, 2026				December 31, 2025
(Amounts in millions)	Undiscounted		Discounted		Undiscounted		Discounted
Long-term care insurance
Expected future gross premiums	$	32,188	$	22,248	$	32,824	$	22,941
Expected future benefit payments	$	115,496	$	58,397	$	116,322	$	59,634
Life insurance
Expected future gross premiums	$	8,952	$	5,052	$	9,129	$	5,236
Expected future benefit payments	$	5,611	$	4,200	$	6,042	$	4,354
Fixed annuities
Expected future gross premiums	$	—	$	—	$	—	$	—
Expected future benefit payments	$	21,522	$	10,127	$	21,791	$	10,437

Schedule of Revenue and Interest Expense in Respect of Future Policy Benefits

The following table sets forth the amount of revenue and interest accretion (expense) recognized in net income (loss) related to our liability for future policy benefits for the periods indicated:

	Three months ended March 31,								Year ended
	2026				2025				December 31, 2025
(Amounts in millions)	Gross premiums		Interest accretion (1)		Gross premiums		Interest accretion (1)		Gross premiums		Interest accretion (1)
Long-term care insurance	$	623	$	611	$	619	$	598	$	2,544	$	2,406
Life insurance	145		8		155		12		597		42
Fixed annuities	—		151		—		156		—		617
Total	$	768	$	770	$	774	$	766	$	3,141	$	3,065

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(1)Amounts for interest accretion are included in benefits and other changes in policy reserves in the condensed consolidated statements of operations.