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Future Policy Benefit Reserves (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Liability for Future Policy Benefit, Activity
The following table summarizes balances and changes in the LFPB.
(In millions)
202420232022
Present value of future net premiums
Balance, January 1$3,710 $3,991 $4,735 
     Effect of changes in discount rate(125)(74)(880)
Balance, January 1, at original locked in discount rate3,585 3,917 3,855 
     Effect of changes in cash flow assumptions (1)
111 28 352 
     Effect of actual variances from expected experience (1)
(41)(126)(49)
Adjusted balance, January 13,655 3,819 4,158 
Interest accrual183 202 216 
     Net premiums: earned during period(420)(436)(457)
Balance, end of period at original locked in discount rate3,418 3,585 3,917 
     Effect of changes in discount rate7 125 74 
Balance, December 31$3,425 $3,710 $3,991 
Present value of future benefits & expenses
Balance, January 1$17,669 $17,471 $22,745 
     Effect of changes in discount rate(578)(125)(5,942)
Balance, January 1, at original locked in discount rate17,091 17,346 16,803 
     Effect of changes in cash flow assumptions (1)
126 36 538 
     Effect of actual variances from expected experience (1)
69 (46)(21)
Adjusted balance, January 117,286 17,336 17,320 
Interest accrual924 962 979 
     Benefit & expense payments(1,187)(1,207)(953)
Balance, end of period at original locked in discount rate17,023 17,091 17,346 
     Effect of changes in discount rate(440)578 125 
Balance, December 31$16,583 $17,669 $17,471 
Net LFPB$13,158 $13,959 $13,480 
(1) As of December 31, 2024, 2023 and 2022 the re-measurement gain (loss) of $(125) million, $(88) million and $(214) million presented parenthetically on the 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 Consolidated Statement of Operations.
Years ended December 31
(In millions)
202420232022
Earned premiums$437 $451 $473 
Interest expense741 760 763 
The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.
As of December 31
(In millions)
20242023
Expected future benefit and expense payments$31,712 $32,851 
Expected future gross premiums5,183 5,414 
The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.
As of December 31
20242023
Original locked in discount rate5.20 %5.22 %
Upper-medium grade fixed income instrument discount rate5.51 4.94