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Future Policy Benefits Reserves (Tables)
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Liability for Future Policy Benefit, Activity
The following table summarizes balances and changes in the LFPB.
(In millions)
20242023
Present value of future net premiums
Balance, January 1$3,710 $3,993 
     Effect of changes in discount rate(125)(74)
Balance, January 1, at original locked in discount rate3,585 3,919 
     Effect of changes in cash flow assumptions (1)
111 28 
     Effect of actual variances from expected experience (1)
(40)(112)
Adjusted balance, January 13,656 3,835 
Interest accrual139 153 
     Net premiums: earned during period(317)(332)
Balance, end of period at original locked in discount rate3,478 3,656 
     Effect of changes in discount rate147 (67)
Balance, September 30$3,625 $3,589 
Present value of future benefits & expenses
Balance, January 1$17,669 $17,472 
     Effect of changes in discount rate(578)(125)
Balance, January 1, at original locked in discount rate17,091 17,347 
     Effect of changes in cash flow assumptions (1)
126 36 
     Effect of actual variances from expected experience (1)
33 (45)
Adjusted balance, January 117,250 17,338 
Interest accrual693 723 
     Benefit & expense payments(883)(945)
Balance, end of period at original locked in discount rate17,060 17,116 
     Effect of changes in discount rate612 (873)
Balance, September 30$17,672 $16,243 
Net LFPB$14,047 $12,654 
(1) As of September 30, 2024 and 2023 the re-measurement gain (loss) of $(88) million and $(75) million presented parenthetically on the Condensed Consolidated Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.
The following table presents earned premiums and interest expense associated with the Company’s long-term care business recognized on the Condensed Consolidated Statement of Operations.
Periods ended September 30Three MonthsNine Months
(In millions)
2024202320242023
Earned premiums$110 $112 $329 $340 
Interest expense185 191 554 570 
The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.
As of September 30
(In millions)
20242023
  Expected future benefit and expense payments$32,009 $33,217 
  Expected future gross premiums5,305 5,557 
The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.
As of September 30As of December 31
202420232023
   Original locked in discount rate5.20 %5.24 %5.22 %
Upper-medium grade fixed income instrument discount rate4.90 5.78 4.94