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Future Contract Benefits (Tables)
 9 Months Ended
Sep. 30, 2025
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Summary of Reconciliation of Future Contract Benefits
The following table reconciles future contract benefits (in millions) to the Consolidated Balance Sheets:

As of
September 30, 		As of
December 31,
20252024
Payout Annuities (1)
$2,052 $2,009 
Traditional Life (1)
3,742 3,774 
Group Protection (2)
5,794 5,628 
UL and Other (3)
17,637 16,062 
Other Operations (4)
9,268 9,070 
Other (5)
3,359 3,264 
Total future contract benefits$41,852 $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 September 30, 2025, and December 31, 2024) and Swiss Re ($2.0 billion and $1.8 billion as of September 30, 2025, and December 31, 2024, respectively) that are excluded from the following tables.
(5) Represents other miscellaneous reserves that are not representative of long-duration contracts, primarily related to participating traditional life insurance contracts and incurred but not reported and in course of settlement life insurance liabilities, and are excluded from the following tables.
Liability for Future Policy Benefit, Activity The reserve is the net of present value of expected future policy benefits less present value of expected net premiums as summarized in the following table (in millions, except years):
As of or For the Nine
Months Ended
September 30, 2025		As of or For the Nine
Months Ended
September 30, 2024
Payout AnnuitiesTraditional LifePayout AnnuitiesTraditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year$– $5,873 $– $6,200 
Less: Effect of cumulative changes in discount
rate assumptions– (275)– (148)
Beginning balance at original discount rate– 6,148 – 6,348 
Effect of changes in cash flow assumptions (1)
– (405)– 28 
Effect of actual variances from expected experience (2)
– (53)– (59)
Adjusted balance as of beginning-of-year– 5,690 – 6,317 
Issuances– 213 – 289 
Interest accrual– 181 – 188 
Net premiums collected– (564)– (596)
Flooring impact of LFPB– (8)– 1 
Ending balance at original discount rate– 5,512 – 6,199 
Effect of cumulative changes in discount
rate assumptions– (81)– (19)
Balance as of end-of-period$– $5,431 $– $6,180 
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 (3)
2,260 10,085 2,272 10,230 
Effect of changes in cash flow assumptions (1)
(8)(573)– (68)
Effect of actual variances from expected experience (2)
(11)(48)3 (70)
Adjusted balance as of beginning-of-year2,241 9,464 2,275 10,092 
Issuances72 213 78 289 
Interest accrual66 292 65 299 
Benefit payments(150)(677)(152)(576)
Ending balance at original discount rate (3)
2,229 9,292 2,266 10,104 
Effect of cumulative changes in discount
rate assumptions(177)(119)(147)14 
Balance as of end-of-period$2,052 $9,173 $2,119 $10,118 
Net balance as of end-of-period$2,052 $3,742 $2,119 $3,938 
Less: Reinsurance recoverables1,461 290 1,578 388 
Net balance as of end-of-period, net of reinsurance$591 $3,452 $541 $3,550 
Weighted-average duration of future policyholder
benefit liability (years)8899
(1) The cash flow assumption impact to the liability is calculated as the present value of expected future policy benefits less the present value of expected net premiums. For the nine months ended September 30, 2025 and 2024, the net effect of changes in cash flow assumptions gross of reinsurance reduced the liability by $167 million and $96 million, respectively, primarily associated with favorable updates to mortality assumptions. See “Effect of Annual Assumption Review” below for more information.
(2) For the nine months ended September 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 $38 million and $15 million, respectively; and the actual to expected reserve impact on expected future policy benefits was attributable primarily to policyholder behavior, which favorably impacted the liability by $51 million, which was partially offset by $3 million related to mortality. For the nine months ended September 30, 2024, the Traditional Life actual to expected reserve impact on expected net premiums was attributable primarily to mortality and policyholder behavior, which unfavorably impacted the liability by $49 million and $10 million, respectively; and the actual to expected reserve impact on expected future policy benefits was attributable primarily to mortality, which favorably impacted the liability by $74 million, which was partially offset by $4 million primarily related to policyholder behavior. For the nine months ended September 30, 2025 and 2024, Payout Annuities did not have any significantly different actual experience compared to expected.
(3) Includes deferred profit liability within Payout Annuities of $88 million and $60 million as of September 30, 2025 and 2024, respectively.
Group Protection
As of or For the Nine
Months Ended
September 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 changes in cash flow assumptions(66)(2)
Effect of actual variances from expected experience (1)
(191)(278)
Adjusted beginning-of-year balance5,921 5,899 
New incidence1,176 1,236 
Interest148 138 
Benefit payments(1,080)(1,125)
Ending balance at original discount rate6,165 6,148 
Effect of cumulative changes in discount
 rate assumptions(371)(375)
Balance as of end-of-period5,794 5,773 
Less: Reinsurance recoverables127 120 
Balance as of end-of-period, net of reinsurance$5,667 $5,653 
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 nine months ended September 30, 2025 and 2024, morbidity comprised substantially all of the favorable effect of actual variances from expected experience, as our claims experience was more favorable than assumed.
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 Nine
Months Ended
September 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 changes in cash flow assumptions121 244 
Effect of actual variances from expected experience (1)(2)
183 170 
Adjusted beginning-of-year balance19,039 17,636 
Interest accrual700 639 
Net assessments collected922 860 
Benefit payments(850)(718)
Balance as of end-of-period, excluding shadow
balance in AOCI19,811 18,417 
Effect of cumulative changes in shadow
balance in AOCI(2,174)(1,863)
Balance as of end-of-period17,637 16,554 
Less: Reinsurance recoverables5,414 5,139 
Balance as of end-of-period, net of reinsurance$12,223 $11,415 
Weighted-average duration of additional liabilities
for other insurance benefits (years)1616

(1) For the nine months ended September 30, 2025 and 2024, the actual to expected reserve impact was attributable primarily to mortality, which unfavorably impacted the liability by $193 million and $160 million, respectively.
(2) For the nine months ended September 30, 2025 and 2024, the effect of actual variances from expected experience, net of reinsurance, was $88 million and $115 million, respectively.
Summary of Discounted and Undiscounted Expected Future Gross premiums and Expected Future Benefit Payments
The following table summarizes the discounted and undiscounted expected future gross premiums and expected future benefit payments (in millions):

As of September 30, 2025As of September 30, 2024
UndiscountedDiscountedUndiscountedDiscounted
Payout Annuities
Expected future gross premiums$– $– $– $– 
Expected future benefit payments3,299 2,052 3,437 2,119 
Traditional Life
Expected future gross premiums13,242 9,285 14,126 9,964 
Expected future benefit payments13,074 9,173 14,377 10,118 
The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

As of September 30, 2025As of September 30, 2024
UndiscountedDiscountedUndiscountedDiscounted
Group Protection
Expected future benefit payments$7,486 $5,794 $7,154 $5,773 
Summary of Gross Premiums and Interest Accretion
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
September 30, 		For the Nine
Months Ended
September 30,
2025202420252024
Payout Annuities
Gross premiums$26 $40 $74 $84 
Interest accretion22 22 66 65 
Traditional Life
Gross premiums307 311 933 942 
Interest accretion36 37 111 111 
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
September 30, 		For the Nine
Months Ended
September 30,
2025202420252024
Group Protection
Gross premiums$917 $887 $2,776 $2,676 
Interest accretion48 45 148 138 
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
September 30, 		For the Nine
Months Ended
September 30,
2025202420252024
UL and Other
Gross assessments$743 $732 $2,229 $2,177 
Interest accretion239 218 700 639 
Summary of Weighted-Average Interest Rates
The following table summarizes the weighted-average interest rates:

For the Nine
Months Ended
September 30,
20252024
Payout Annuities
Interest accretion rate4.0 %4.0 %
Current discount rate5.0 %4.7 %
Traditional Life
Interest accretion rate5.0 %5.0 %
Current discount rate4.6 %4.4 %
The following table summarizes the weighted-average interest rates:

For the Nine
Months Ended
September 30,
20252024
Group Protection
Interest accretion rate3.5 %3.3 %
Current discount rate4.7 %4.4 %
The following table summarizes the weighted-average interest rates:

For the Nine
Months Ended
September 30,
20252024
UL and Other
Interest accretion rate5.5 %5.4 %