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Insurance and Contractholder Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
Insurance Loss Reserves [Abstract]  
Summary of Insurance and Contractholder Liabilities, Activity in the Unpaid Claims Liability and Liability Details for Unpaid Claims and Claim Expenses
The Company's insurance and contractholder liabilities were comprised of the following:
December 31, 2023December 31, 2022
(In millions)CurrentNon-currentTotalCurrentNon-currentTotal
Unpaid claims and claim expenses
Cigna Healthcare
$5,017 $75 $5,092 $4,117 $59 $4,176 
Other Operations99 154 253 107 177 284 
Future policy benefits
Cigna Healthcare
97 518 615 43 544 587 
Other Operations163 3,375 3,538 150 3,442 3,592 
Contractholder deposit funds
Cigna Healthcare
12 133 145 14 157 171 
Other Operations362 6,178 6,540 351 6,358 6,709 
Market risk benefits37 966 1,003 51 1,217 1,268 
Unearned premiums846 22 868 576 22 598 
Total6,633 11,421 18,054 
Insurance and contractholder liabilities classified as liabilities of businesses held for sale (1)
(1,119)(517)(1,636)
Total insurance and contractholder liabilities$5,514 $10,904 $16,418 $5,409 $11,976 $17,385 
(1) Amounts classified as liabilities of businesses held for sale include $823 million of Unpaid claims, $429 million of Future policy benefits, $261 million of Unearned premiums and $123 million of Contractholder deposit funds as of December 31, 2023.
Activity, net of intercompany transactions, in the unpaid claims liability for the Cigna Healthcare segment was as follows:
For the Years Ended December 31,
(In millions)202320222021
Beginning balance$4,176 $4,261 $3,695 
Less: Reinsurance and other amounts recoverable221 261 237 
Beginning balance, net3,955 4,000 3,458 
Incurred costs related to:
Current year35,953 31,342 31,755 
Prior years(279)(259)(219)
Total incurred35,674 31,083 31,536 
Paid costs related to:
Current year31,322 27,583 27,929 
Prior years3,451 3,545 3,065 
Total paid34,773 31,128 30,994 
Ending balance, net4,856 3,955 4,000 
Add: Reinsurance and other amounts recoverable236 221 261 
Ending balance (1)
$5,092 $4,176 $4,261 
(1) Includes $823 million classified as liabilities of businesses held for sale as of December 31, 2023.
Variances in Incurred Costs Related to Prior Years' Unpaid Claims and Claims Expenses
Variances in incurred costs related to prior years' unpaid claims and claim expenses that resulted from the differences between actual experience and the Company's key assumptions were as follows:
For the Years Ended December 31,
20232022
(Dollars in millions)$
% (1)
$
% (2)
Actual completion factors$70 0.2 %$62 0.2 %
Medical cost trend209 0.7 197 0.6 
Total favorable variance$279 0.9 %$259 0.8 %
(1)Percentage of current year incurred costs as reported for the year ended December 31, 2022.
(2)Percentage of current year incurred costs as reported for the year ended December 31, 2021.
Summary of Incurred and Paid Claims Development, Claims Frequency Metrics and Incurred but Not Yet Reported Liabilities
The following table depicts the incurred and paid claims development and unpaid claims liability as of December 31, 2023 (net of reinsurance) reported in the Cigna Healthcare segment. The information about incurred and paid claims development for the year ended December 31, 2022 is presented as supplementary information and is unaudited.
 Incurred Costs 
Incurral Year2022
(Unaudited)		2023Unpaid Claims & Claim Expenses
(In millions)  
2022$30,309 $30,050 209 
202334,878 4,498 
Cumulative incurred costs for the periods presented$64,928  
 Cumulative Costs Paid 
Incurral Year2022
(Unaudited)		2023 
(In millions)
2022$26,687 $29,841  
202330,380  
Cumulative paid costs for the periods presented$60,221  
Outstanding liabilities for the periods presented, net of reinsurance$4,707  
Other long-duration liabilities not included in development table above149  
Net unpaid claims and claims expenses - Cigna Healthcare
4,856  
Reinsurance and other amounts recoverable236  
Unpaid claims and claim expenses - Cigna Healthcare
$5,092  
Future Policy Benefit Activity
The weighted average interest rates applied and duration for future policy benefits in the Cigna Healthcare segment, consisting primarily of supplemental health products including individual Medicare supplement, limited benefit health products and individual private medical insurance, were as follows:
As of
December 31, 2023December 31, 2022
Interest accretion rate 2.54 %2.58 %
Current discount rate 4.92 %5.57 %
Weighted average duration 7.9 years7.7 years
The present values of expected net premiums and expected future policy benefits for the Cigna Healthcare segment are as follows:
For the Years Ended December 31,
(In millions)20232022
Present value of expected net premiums
Beginning balance$8,557 $9,314 
Reversal of effect of beginning of period discount rate assumptions1,537 (367)
Effect of assumption changes and actual variances from expected experience (1)
314 1,286 
Issuances and lapses 1,255 1,067 
Net premiums collected(1,370)(1,280)
Interest and other (2)
94 74 
Ending balance at original discount rate10,387 10,094 
Effect of end of period discount rate assumptions(1,154)(1,537)
Ending balance (3)
$9,233 $8,557 
Present value of expected policy benefits
Beginning balance$8,945 $9,794 
Reversal of effect of discount rate assumptions1,611 (379)
Effect of assumption changes and actual variances from expected experience (1)
112 1,148 
Issuances and lapses 1,309 1,176 
Benefit payments(1,374)(1,401)
Interest and other (2)
250 218 
Ending balance at original discount rate10,853 10,556 
Effect of discount rate assumptions(1,220)(1,611)
Ending balance (4)
$9,633 $8,945 
Liability for future policy benefits $400 $388 
Other (5)
215 199 
Total liability for future policy benefits (6)(7)
$615 $587 
(1)Includes the effect of actual variances from expectations, which (decreased)/increased the total liability for future policy benefits by $(12) million and $46 million, respectively, for the years ended December 31, 2023 and December 31, 2022.
(2)Includes the foreign exchange rate impact of translating from transactional and functional currency to United States dollar and the impact of flooring the liability at zero. The flooring impact is calculated at the cohort level after discounting the reserves at the current discount rate.
(3)As of December 31, 2023 and December 31, 2022 undiscounted expected future gross premiums were $18.7 billion and $17.5 billion, respectively. As of December 31, 2023 and December 31, 2022 discounted expected future gross premiums were $13.5 billion and $12.2 billion, respectively.
(4)As of December 31, 2023 and December 31, 2022, undiscounted expected future policy benefits were $13.3 billion and $12.7 billion, respectively.
(5)The liability for future policyholder benefits includes immaterial businesses shown as reconciling items above, most of which are in run-off.
(6)$72 million and $155 million reported in Reinsurance recoverables in the Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022, respectively, relate to the liability for future policy benefits. Additionally, $79 million of reinsurance recoverables are reported in assets of businesses held for sale in the Consolidated Balance Sheets as of December 31, 2023.
(7)Includes $429 million of future policy benefits classified as liabilities of businesses held for sale in the Consolidated Balance Sheets as of December 31, 2023.
The weighted average interest rates applied and duration for future policy benefits in Other Operations, consisting of annuity and life insurance products, were as follows:
As of
December 31, 2023December 31, 2022
Interest accretion rate 5.64 %5.64 %
Current discount rate 4.87 %5.19 %
Weighted average duration 11.4 years11.5 years
Summary of Market Risk Benefit
Market risk benefits activity was as follows:
For the Years Ended December 31,
(Dollars in millions)20232022
Balance, beginning of year$1,268 $1,824 
Balance, beginning of year, before the effect of nonperformance risk (own credit risk)1,379 1,949 
Changes due to expected run-off(19)(54)
Changes due to capital markets versus expected(254)(567)
Changes due to policyholder behavior versus expected(5)(14)
Assumption changes(16)65 
Balance, end of period, before the effect of changes in nonperformance risk (own credit risk)1,085 1,379 
Nonperformance risk (own credit risk), end of period(82)(111)
Balance, end of period$1,003 $1,268 
Reinsured market risk benefit, end of period$1,081 $1,374 
(In millions)
Reinsurer (1)
December 31, 2023December 31, 2022
Collateral and Other Terms
at December 31, 2023
Berkshire$873 $1,116 
95% were secured by assets in a trust.
Sun Life Assurance Company of Canada92 115 
Liberty Re (Bermuda) Ltd.104 128 
100% were secured by assets in a trust.
SCOR SE31 39 
80% were secured by a letter of credit.
Market risk benefits (2)
$1,100 $1,398 
(1)All reinsurers are rated A- equivalent and higher by an NRSRO.
(2)Includes IBNR and outstanding claims of $19 million. These amounts are excluded from market risk benefits at December 31, 2023 in Note 10 and Note 11A to the Consolidated Financial Statements. At December 31, 2022, IBNR and outstanding claims of $27 million offset by premium due of $3 million were excluded from the market risk benefits as restated due to the adoption of LDTI.
Account Value, Net Amount at Risk and the Number of Contractholders for Guarantees Assumed in the Event of Death
The following table presents the account value, net amount at risk, average attained age of contractholders (weighted by exposure) and the number of contractholders for guarantees assumed by the Company. The net amount at risk is the amount that the Company would have to pay to contractholders if all deaths or annuitizations occurred as of the earliest possible date in accordance with the insurance contract. As of December 31, 2023, the account value increased primarily due to favorable equity market performance, which resulted in an decrease to the net amount at risk. The Company should be reimbursed in full for these payments unless the Berkshire reinsurance limit is exceeded.
(Dollars in millions, excludes impact of reinsurance ceded)December 31, 2023December 31, 2022
Account value$7,736 $7,436 
Net amount at risk$1,609 $2,494 
Average attained age of contractholders (weighted by exposure)77.3 years74.7 years
Number of contractholders (estimated)140,000 150,000