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Future Contract Benefits
 3 Months Ended
Mar. 31, 2025
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Future Contract Benefits Future Contract Benefits
The following table reconciles future contract benefits (in millions) to the Consolidated Balance Sheets:

As of
March 31, 		As of
December 31,
20252024
Payout Annuities (1)
$2,033 $2,009 
Traditional Life (1)
3,821 3,774 
Group Protection (2)
5,712 5,628 
UL and Other (3)
16,702 16,062 
Other Operations (4)
9,062 9,070 
Other (5)
3,335 3,264 
Total future contract benefits$40,665 $39,807 

(1) See “Liability for Future Policy Benefits” below for further information.
(2) See “Liability for Future Claims” below for further information.
(3) See “Additional Liabilities for Other Insurance Benefits” below for further information.
(4) Represents future contract benefits reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($5.4 billion as of March 31, 2025, and December 31, 2024) and Swiss Re ($1.8 billion as of March 31, 2025, and December 31, 2024) that are excluded from the following tables.
(5) Represents other miscellaneous reserves that are not representative of long-duration contracts and are excluded from the following tables.
Liability for Future Policy Benefits

The following table summarizes the balances of and changes in the present values of expected net premiums and liability for future policy benefits (“LFPB”) (in millions, except years):

As of or For the Three
Months Ended
March 31, 2025		As of or For the Three
Months Ended
March 31, 2024
Payout AnnuitiesTraditional LifePayout AnnuitiesTraditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year$– $5,873 $– $6,200 
Less: Effect of cumulative changes in discount
rate assumptions– (275)– (148)
Beginning balance at original discount rate– 6,148 – 6,348 
Effect of actual variances from expected experience– (48)– 2 
Adjusted balance as of beginning-of-year– 6,100 – 6,350 
Issuances– 64 – 108 
Interest accrual– 62 – 63 
Net premiums collected– (192)– (202)
Flooring impact of LFPB– (5)– 3 
Ending balance at original discount rate– 6,029 – 6,322 
Effect of cumulative changes in discount
rate assumptions– (196)– (254)
Balance as of end-of-period$– $5,833 $– $6,068 
Present Value of Expected LFPB
Balance as of beginning-of-year$2,009 $9,647 $2,085 $10,041 
Less: Effect of cumulative changes in discount
rate assumptions(251)(438)(187)(189)
Beginning balance at original discount rate (1)
2,260 10,085 2,272 10,230 
Effect of actual variances from expected experience(1)(55)1 7 
Adjusted balance as of beginning-of-year2,259 10,030 2,273 10,237 
Issuances22 64 15 108 
Interest accrual22 99 22 100 
Benefit payments(49)(234)(49)(206)
Ending balance at original discount rate (1)
2,254 9,959 2,261 10,239 
Effect of cumulative changes in discount
rate assumptions(221)(305)(227)(378)
Balance as of end-of-period$2,033 $9,654 $2,034 $9,861 
Net balance as of end-of-period$2,033 $3,821 $2,034 $3,793 
Less: Reinsurance recoverables1,478 360 1,562 421 
Net balance as of end-of-period, net of reinsurance$555 $3,461 $472 $3,372 
Weighted-average duration of future policyholder
benefit liability (years)9999

(1) Includes deferred profit liability within Payout Annuities of $65 million and $60 million as of March 31, 2025 and 2024, respectively.

For the three months ended March 31, 2025 and 2024, Payout Annuities and Traditional Life did not have any significantly different actual experience compared to expected.
The following table summarizes the discounted and undiscounted expected future gross premiums and expected future benefit payments (in millions):

As of March 31, 2025As of March 31, 2024
UndiscountedDiscountedUndiscountedDiscounted
Payout Annuities
Expected future gross premiums$– $– $– $– 
Expected future benefit payments3,408 2,033 3,438 2,034 
Traditional Life
Expected future gross premiums13,807 9,447 13,896 9,570 
Expected future benefit payments14,129 9,654 14,582 9,861 

The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

For the Three
Months Ended
March 31,
20252024
Payout Annuities
Gross premiums$23 $21 
Interest accretion22 22 
Traditional Life
Gross premiums314 314 
Interest accretion37 37 

The following table summarizes the weighted-average interest rates:

For the Three
Months Ended
March 31,
20252024
Payout Annuities
Interest accretion rate4.0 %3.9 %
Current discount rate5.2 %5.2 %
Traditional Life
Interest accretion rate5.0 %5.0 %
Current discount rate4.9 %5.0 %
Liability for Future Claims

The following table summarizes the balances of and changes in liability for future claims (in millions, except years):

Group Protection
As of or For the Three
Months Ended
March 31,
20252024
Balance as of beginning-of-year$5,628 $5,689 
Less: Effect of cumulative changes in discount
rate assumptions(550)(490)
Beginning balance at original discount rate6,178 6,179 
Effect of actual variances from expected experience(72)(67)
Adjusted beginning-of-year balance6,106 6,112 
New incidence402 408 
Interest50 48 
Benefit payments(371)(382)
Ending balance at original discount rate6,187 6,186 
Effect of cumulative changes in discount
 rate assumptions(475)(546)
Balance as of end-of-period5,712 5,640 
Less: Reinsurance recoverables121 123 
Balance as of end-of-period, net of reinsurance$5,591 $5,517 
Weighted-average duration of liability for future
claims (years)55

For the three months ended March 31, 2025, we experienced more favorable reported incidence and claim terminations than assumed.

For the three months ended March 31, 2024, we experienced more favorable claim terminations than assumed.

The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

As of March 31, 2025As of March 31, 2024
UndiscountedDiscountedUndiscountedDiscounted
Group Protection
Expected future benefit payments$7,413 $5,712 $7,296 $5,640 

The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

For the Three
Months Ended
March 31,
20252024
Group Protection
Gross premiums$933 $896 
Interest accretion50 48 
The following table summarizes the weighted-average interest rates:

For the Three
Months Ended
March 31,
20252024
Group Protection
Interest accretion rate3.4 %3.2 %
Current discount rate4.9 %5.0 %

Additional Liabilities for Other Insurance Benefits

The following table summarizes the balances of and changes in additional liabilities for other insurance benefits (in millions, except years):

UL and Other
As of or For the Three
Months Ended
March 31,
20252024
Balance as of beginning-of-year$16,062 $15,000 
Less: Effect of cumulative changes in shadow
balance in AOCI(2,673)(2,222)
Balance as of beginning-of-year, excluding
shadow balance in AOCI18,735 17,222 
Effect of actual variances from expected experience23 106 
Adjusted beginning-of-year balance18,758 17,328 
Interest accrual228 209 
Net assessments collected293 303 
Benefit payments(200)(313)
Balance as of end-of-period, excluding shadow
balance in AOCI19,079 17,527 
Effect of cumulative changes in shadow
balance in AOCI(2,377)(3,083)
Balance as of end-of-period16,702 14,444 
Less: Reinsurance recoverables5,316 4,776 
Balance as of end-of-period, net of reinsurance$11,386 $9,668 
Weighted-average duration of additional liabilities
for other insurance benefits (years)1617

For the three months ended March 31, 2025, we did not have any significantly different actual experience compared to expected.

For the three months ended March 31, 2024, we had unfavorable actual mortality experience compared to expected on reinsured and retained business.
The following table summarizes the gross assessments and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

For the Three
Months Ended
March 31,
20252024
UL and Other
Gross assessments$700 $766 
Interest accretion228 209 

The following table summarizes the weighted-average interest rates:

For the Three
Months Ended
March 31,
20252024
UL and Other
Interest accretion rate5.4 %5.3 %