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Future Contract Benefits
 6 Months Ended
Jun. 30, 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
June 30, 		As of
December 31,
20252024
Payout Annuities (1)
$2,039 $2,009 
Traditional Life (1)
3,867 3,774 
Group Protection (2)
5,759 5,628 
UL and Other (3)
16,989 16,062 
Other Operations (4)
9,024 9,070 
Other (5)
3,375 3,264 
Total future contract benefits$41,053 $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 June 30, 2025, and December 31, 2024) and Swiss Re ($1.8 billion as of June 30, 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, primarily related to participating traditional life insurance contracts and incurred but not reported and in course of settlement life insurance liabilities, and are excluded from the following tables.
Liability for Future Policy Benefits

The liability for future policy benefits represents reserves associated with our limited payment life-contingent annuities and non-participating traditional life insurance contracts (i.e., term insurance). The following table summarizes the balances of and changes in the present values of expected net premiums and expected future policy benefits (in millions, except years):

As of or For the Six
Months Ended
June 30, 2025		As of or For the Six
Months Ended
June 30, 2024
Payout AnnuitiesTraditional LifePayout AnnuitiesTraditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year$– $5,873 $– $6,200 
Less: Effect of cumulative changes in discount
rate assumptions– (275)– (148)
Beginning balance at original discount rate– 6,148 – 6,348 
Effect of actual variances from expected experience (1)
– (62)– (40)
Adjusted balance as of beginning-of-year– 6,086 – 6,308 
Issuances– 141 – 206 
Interest accrual– 124 – 125 
Net premiums collected– (384)– (403)
Flooring impact of LFPB– (7)– 2 
Ending balance at original discount rate– 5,960 – 6,238 
Effect of cumulative changes in discount
rate assumptions– (154)– (321)
Balance as of end-of-period$– $5,806 $– $5,917 
Present Value of Expected Future Policy Benefits
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 (2)
2,260 10,085 2,272 10,230 
Effect of actual variances from expected experience (1)
(6)(82)3 (45)
Adjusted balance as of beginning-of-year2,254 10,003 2,275 10,185 
Issuances46 141 39 206 
Interest accrual44 199 43 199 
Benefit payments(97)(430)(98)(384)
Ending balance at original discount rate (2)
2,247 9,913 2,259 10,206 
Effect of cumulative changes in discount
rate assumptions(208)(240)(257)(506)
Balance as of end-of-period$2,039 $9,673 $2,002 $9,700 
Net balance as of end-of-period$2,039 $3,867 $2,002 $3,783 
Less: Reinsurance recoverables1,467 345 1,516 403 
Net balance as of end-of-period, net of reinsurance$572 $3,522 $486 $3,380 
Weighted-average duration of future policyholder
benefit liability (years)9899
(1) For the six months ended June 30, 2025, the Traditional Life actual to expected reserve impact on expected net premiums was attributable primarily to policyholder behavior and mortality, which unfavorably impacted the liability by $43 million and $19 million, respectively; and the actual to expected reserve impact on expected future policy benefits was attributable primarily to policyholder behavior and mortality, which favorably impacted the liability by $57 million and $25 million, respectively. For the six months ended June 30, 2024, the Traditional Life actual to expected reserve impact on expected net premiums was attributable primarily to mortality, which unfavorably impacted the liability by $43 million, which was partially offset by $3 million primarily related to policyholder behavior; and the actual to expected reserve impact on expected future policy benefits was attributable primarily to mortality, which favorably impacted the liability by $62 million, which was partially offset by $17 million primarily related to policyholder behavior. For the six months ended June 30, 2025 and 2024, Payout Annuities did not have any significantly different actual experience compared to expected.
(2) Includes deferred profit liability within Payout Annuities of $70 million and $61 million as of June 30, 2025 and 2024, respectively.

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

As of June 30, 2025As of June 30, 2024
UndiscountedDiscountedUndiscountedDiscounted
Payout Annuities
Expected future gross premiums$– $– $– $– 
Expected future benefit payments3,385 2,039 3,437 2,002 
Traditional Life
Expected future gross premiums13,683 9,422 13,762 9,360 
Expected future benefit payments14,050 9,673 14,526 9,700 

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
June 30, 		 For the Six
Months Ended
June 30,
2025202420252024
Payout Annuities
Gross premiums$25 $24 $48 $45 
Interest accretion22 22 44 43 
Traditional Life
Gross premiums312 316 626 631 
Interest accretion38 37 75 74 

The following table summarizes the weighted-average interest rates:

 For the Six
Months Ended
June 30,
20252024
Payout Annuities
Interest accretion rate4.0 %4.0 %
Current discount rate5.2 %5.4 %
Traditional Life
Interest accretion rate5.0 %5.0 %
Current discount rate4.8 %5.2 %
Liability for Future Claims

The liability for future claims represents reserves on contracts associated with our group long-term disability and life products. 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 Six
Months Ended
June 30,
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 (1)
(178)(191)
Adjusted beginning-of-year balance6,000 5,988 
New incidence808 838 
Interest100 93 
Benefit payments(724)(757)
Ending balance at original discount rate6,184 6,162 
Effect of cumulative changes in discount
 rate assumptions(425)(592)
Balance as of end-of-period5,759 5,570 
Less: Reinsurance recoverables122 118 
Balance as of end-of-period, net of reinsurance$5,637 $5,452 
Weighted-average duration of liability for future
claims (years)55

(1) Generally, the experience exhibited for the Group Protection business relates to morbidity and, to a lesser extent, mortality. Group Protection long-duration products have limited exposure to lapse risk, as the liabilities for future claims are limited to those associated with claim reserves. For the six months ended June 30, 2025 and 2024, morbidity comprised substantially all of the favorable effect of actual variances from expected experience, as we experienced more favorable reported incidence and claim terminations than assumed.

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

As of June 30, 2025As of June 30, 2024
UndiscountedDiscountedUndiscountedDiscounted
Group Protection
Expected future benefit payments$7,447 $5,759 $7,290 $5,570 

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
June 30, 		 For the Six
Months Ended
June 30,
2025202420252024
Group Protection
Gross premiums$926 $893 $1,859 $1,789 
Interest accretion50 45 100 93 
The following table summarizes the weighted-average interest rates:

 For the Six
Months Ended
June 30,
20252024
Group Protection
Interest accretion rate3.4 %3.2 %
Current discount rate4.8 %5.2 %

Additional Liabilities for Other Insurance Benefits

Additional liabilities for other insurance benefits represent reserves associated with our UL and VUL contracts with secondary guarantees, including MoneyGuard®. 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 Six
Months Ended
June 30,
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 experience (1) (2)
117 136 
Adjusted beginning-of-year balance18,852 17,358 
Interest accrual461 421 
Net assessments collected616 575 
Benefit payments(532)(521)
Balance as of end-of-period, excluding shadow
balance in AOCI19,397 17,833 
Effect of cumulative changes in shadow
balance in AOCI(2,408)(3,332)
Balance as of end-of-period16,989 14,501 
Less: Reinsurance recoverables5,385 4,880 
Balance as of end-of-period, net of reinsurance$11,604 $9,621 
Weighted-average duration of additional liabilities
for other insurance benefits (years)1616

(1) For the six months ended June 30, 2025 and 2024, the actual to expected reserve impact was attributable primarily to mortality, which unfavorably impacted the liability by $116 million and $138 million, respectively.
(2) For the six months ended June 30, 2025 and 2024, the effect of actual variances from expected experience, net of reinsurance, was $35 million and $80 million, respectively.
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
June 30, 		 For the Six
Months Ended
June 30,
2025202420252024
UL and Other
Gross assessments$787 $678 $1,487 $1,444 
Interest accretion233 212 461 421 

The following table summarizes the weighted-average interest rates:

 For the Six
Months Ended
June 30,
20252024
UL and Other
Interest accretion rate5.4 %5.4 %