Future Contract Benefits (Tables)

9 Months Ended

Sep. 30, 2023

Summary of Reconciliation of Future Contract Benefits



	As of		As of
	September 30,		December 31,
	2023		2022
Payout Annuities ⁽¹⁾	$	1,943	$	2,003
Traditional Life ⁽¹⁾		3,252		3,190
Group Protection⁽²⁾		5,373		5,462
UL and Other ⁽³⁾		14,899		14,777
Other Operations ⁽⁴⁾		9,157		9,651
Other ⁽⁵⁾		3,236		3,219
Total future contract benefits	$	37,860	$	38,302

⁽¹⁾See “LFPB” 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 ($5.3 billion and $5.4 billion as of September 30, 2023, and December 31, 2022, respectively) and Swiss Re ($2.0 billion and $2.2 billion as of September 30, 2023, and December 31, 2022, respectively) that are excluded from the following tables.

⁽⁵⁾Represents other miscellaneous reserves outside the scope of ASU 2018-12 that are excluded from the following tables.

Summary of Changes in Present values of Expected Net Premiums and LFPB



	As of or For the						As of or For the
	Nine Months Ended						Year Ended
	September 30, 2023						December 31, 2022
	Payout			Traditional			Payout			Traditional
	Annuities			Life			Annuities			Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year	$	-		$	5,896		$	-		$	6,610
Less: Effect of cumulative changes in discount
rate assumptions		-			(584	)		-			843
Beginning balance at original discount rate		-			6,480			-			5,767
Effect of changes in cash flow assumptions		-			(5	)		-			(382	)
Effect of actual variances from expected
experience		-			(262	)		-			(21	)
Adjusted balance as of beginning-of-year		-			6,213			-			5,364
Issuances		-			460			-			1,655
Interest accrual		-			176			-			209
Net premiums collected		-			(588	)		-			(742	)
Flooring impact of LFPB		-			3			-			(6	)
Ending balance at original discount rate		-			6,264			-			6,480
Effect of cumulative changes in discount
rate assumptions		-			(527	)		-			(584	)
Balance as of end-of-period	$	-		$	5,737		$	-		$	5,896

Present Value of Expected LFPB
Balance as of beginning-of-year	$	2,003		$	9,086		$	2,511		$	10,353
Less: Effect of cumulative changes in discount
rate assumptions		(263	)		(793	)		266			1,460
Beginning balance at original discount rate ⁽¹⁾		2,266			9,879			2,245			8,893
Effect of changes in cash flow assumptions		17			(21	)		-			(321	)
Effect of actual variances from expected
experience		(1	)		(289	)		3			(5	)
Adjusted balance as of beginning-of-year		2,282			9,569			2,248			8,567
Issuances		83			460			122			1,655
Interest accrual		64			270			84			326
Benefit payments		(142	)		(479	)		(188	)		(669	)
Ending balance at original discount rate ⁽¹⁾		2,287			9,820			2,266			9,879
Effect of cumulative changes in discount
rate assumptions		(344	)		(831	)		(263	)		(793	)
Balance as of end-of-period	$	1,943		$	8,989		$	2,003		$	9,086

Net balance as of end-of-period	$	1,943		$	3,252		$	2,003		$	3,190
Less: reinsurance recoverables		11			232			10			270
Net balance as of end-of-period, net of reinsurance	$	1,932		$	3,020		$	1,993		$	2,920

Weighted-average duration of future policyholder
benefit liability (years)		9			10			9			11

⁽¹⁾Includes DPL within Payout Annuities of $38 million, $38 million and $22 million as of September 30, 2023, December 31, 2022 and December 31, 2021, respectively.

Summary of Discounted and Undiscounted Expected Future Gross premiums and Expected Future Benefit Payments



	As of September 30, 2023				As of December 31, 2022
	Undiscounted		Discounted		Undiscounted		Discounted
Payout Annuities
Expected future gross premiums	$	-	$	-	$	-	$	-
Expected future benefit payments		3,552		1,943		3,471		2,003
Traditional Life
Expected future gross premiums		13,410		8,802		13,166		8,887
Expected future benefit payments		13,372		8,989		13,026		9,086

Summary the Gross Premiums and Interest Accretion



	For the Three				For the Nine
	Months Ended				Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Payout Annuities
Gross premiums	$	16	$	49	$	88	$	92
Interest accretion		22		21		64		63
Traditional Life
Gross premiums		293		285		885		841
Interest accretion		31		30		94		87

Summary of Weighted-Average Interest Rates



	For the Nine
	Months		For the Year
	Ended		Ended
	September 30,		December 31,
	2023		2022
Payout Annuities
Interest accretion rate		3.9%		3.9%
Current discount rate		5.8%		5.3%
Traditional Life
Interest accretion rate		5.0%		5.0%
Current discount rate		5.6%		5.1%

UL and Other [Member]

Summary of Changes in Present values of Expected Net Premiums and LFPB



	UL and Other
	As of or For
	the Nine			As of or For
	Months			the Year
	Ended			Ended
	September 30,			December 31,
	2023			2022
Balance as of beginning-of-year	$	14,777		$	12,513
Less: Effect of cumulative changes in shadow
balance in AOCI		(905	)		1,113
Balance as of beginning-of-year, excluding
shadow balance in AOCI		15,682			11,400
Effect of changes in cash flow assumptions		173			3,108
Effect of actual variances from expected
experience		(28	)		195
Adjusted beginning-of-year balance		15,827			14,703
Issuances		-			7
Interest accrual		573			626
Net assessments collected		334			974
Benefit payments		(473	)		(628	)
Balance as of end-of-period, excluding
shadow balance in AOCI		16,261			15,682
Effect of cumulative changes in shadow
balance in AOCI		(136	)		(905	)
Balance as of end-of-period		14,899			14,777
Less: reinsurance recoverables		1,897			1,975
Balance as of end-of-period, net of reinsurance	$	13,002		$	12,802

Weighted-average duration of additional liabilities
for other insurance benefits (years)		17			17

Summary the Gross Premiums and Interest Accretion



	For the Three				For the Nine
	Months Ended				Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
UL and Other
Gross assessments	$	337	$	690	$	1,794	$	2,097
Interest accretion		197		175		573		446

Summary of Weighted-Average Interest Rates


	For the Nine
	Months		For the Year
	Ended		Ended
	September 30,		December 31,
	2023		2022
UL and Other
Interest accretion rate		5.1%		5.0%

Group Protection Segment [Member]

Summary of Changes in Present values of Expected Net Premiums and LFPB



	Group Protection
	As of or For
	the Nine			As of or For
	Months			the Year
	Ended			Ended
	September 30,			December 31,
	2023			2022
Balance as of beginning-of-year	$	5,462		$	5,936
Less: Effect of cumulative changes in discount
rate assumptions		(597	)		262
Beginning balance at original discount rate		6,059			5,674
Effect of changes in cash flow assumptions		(27	)		15
Effect of actual variances from expected
experience		(233	)		(117	)
Adjusted beginning-of-year balance		5,799			5,572
New incidence		1,267			1,777
Interest		122			141
Benefit payments		(1,095	)		(1,431	)
Ending balance at original discount rate		6,093			6,059
Effect of cumulative changes in discount
rate assumptions		(720	)		(597	)
Balance as of end-of-period		5,373			5,462
Less: reinsurance recoverables		117			127
Balance as of end-of-period, net of reinsurance	$	5,256		$	5,335

Weighted-average duration of liability for future
claims (years)		5			4

Summary of Discounted and Undiscounted Expected Future Gross premiums and Expected Future Benefit Payments



	As of September 30, 2023				As of December 31, 2022
	Undiscounted		Discounted		Undiscounted		Discounted
Group Protection
Expected future benefit payments	$	7,148	$	6,093	$	7,063	$	6,059

Summary the Gross Premiums and Interest Accretion



	For the Three				For the Nine
	Months Ended				Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Group Protection
Gross premiums	$	874	$	852	$	2,645	$	2,523
Interest accretion		39		33		122		111

Summary of Weighted-Average Interest Rates

For the Nine

Months

For the Year

Ended

September 30,

December 31,

2023

2022

Group Protection

Interest accretion rate

3.0%

2.8%

Current discount rate

5.7%

5.1%