XML 65 R52.htm IDEA: XBRL DOCUMENT v3.24.0.1
Future Contract Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
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 December 31,
20232022
Payout Annuities (1)
$2,084 $2,003 
Traditional Life (1)
3,553 3,190 
Group Protection (2)
5,689 5,462 
UL and Other (3)
15,752 14,777 
Other Operations (4)
9,753 9,651 
Other (5)
3,343 3,219 
Total future contract benefits$40,174 $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 ($5.6 billion and $5.4 billion as of December 31, 2023, and December 31, 2022, respectively) and Swiss Re ($2.1 billion and $2.2 billion as of December 31, 2023, and December 31, 2022, respectively) 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 Benefit, Activity
The following table summarizes the balances of and changes in the present values of expected net premiums and LFPB (in millions, except years):

As of or For the Year Ended December 31, 2023As of or For the Year Ended December 31, 2022
Payout AnnuitiesTraditional LifePayout AnnuitiesTraditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year$– $5,896 $– $6,610 
Less: Effect of cumulative changes in discount
rate assumptions– (584)– 843 
Beginning balance at original discount rate– 6,480 – 5,767 
Effect of changes in cash flow assumptions– (5)– (382)
Effect of actual variances from expected experience– (275)– (21)
Adjusted balance as of beginning-of-year– 6,200 – 5,364 
Issuances– 580 – 1,655 
Interest accrual– 236 – 209 
Net premiums collected– (784)– (742)
Flooring impact of LFPB– 4 – (6)
Ending balance at original discount rate– 6,236 – 6,480 
Effect of cumulative changes in discount rate assumptions– (152)– (584)
Balance as of end-of-year$– $6,084 $– $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– (21)– (321)
Effect of actual variances from expected experience1 (305)3 (5)
Adjusted balance as of beginning-of-year2,267 9,553 2,248 8,567 
Issuances109 580 122 1,655 
Interest accrual86 364 84 326 
Benefit payments(191)(658)(188)(669)
Ending balance at original discount rate (1)
2,271 9,839 2,266 9,879 
Effect of cumulative changes in discount rate assumptions(187)(202)(263)(793)
Balance as of end-of-year$2,084 $9,637 $2,003 $9,086 
Net balance as of end-of-year$2,084 $3,553 $2,003 $3,190 
Less: reinsurance recoverables (2)
1,627 255 10 270 
Net balance as of end-of-year, net of reinsurance$457 $3,298 $1,993 $2,920 
Weighted-average duration of future policyholder
benefit liability (years)910911

(1) Includes DPL within Payout Annuities of $56 million, $38 million and $22 million as of December 31, 2023, December 31, 2022 and December 31, 2021, respectively.
(2)    Increase in Payout Annuities reinsurance recoverables driven by the reinsurance agreement with Fortitude Re effective October 1, 2023 for certain blocks of in-force life-contingent payout fixed annuities. See Note 8 for more information on the transaction.
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 Years Ended December 31,
20232022
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 rate6,059 5,674 
Effect of changes in cash flow assumptions(27)15 
Effect of actual variances from expected
experience(261)(117)
Adjusted beginning-of-year balance5,771 5,572 
New incidence1,702 1,777 
Interest159 141 
Benefit payments(1,453)(1,431)
Ending balance at original discount rate6,179 6,059 
Effect of cumulative changes in discount
rate assumptions(490)(597)
Balance as of end-of-year5,689 5,462 
Less: reinsurance recoverables123 127 
Balance as of end-of-year, net of reinsurance$5,566 $5,335 
Weighted-average duration of liability for future
claims (years)54
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 Years Ended December 31,
20232022
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 AOCI15,682 11,400 
Effect of changes in cash flow assumptions165 3,108 
Effect of actual variances from expected
experience(77)195 
Adjusted beginning-of-year balance15,770 14,703 
Issuances– 7 
Interest accrual765 626 
Net assessments collected658 974 
Benefit payments(588)(628)
Balance as of end-of-year, excluding
shadow balance in AOCI16,605 15,682 
Effect of cumulative changes in shadow
balance in AOCI(853)(905)
Balance as of end-of-year15,752 14,777 
Less: reinsurance recoverables (1)
9,505 1,975 
Balance as of end-of-year, net of reinsurance$6,247 $12,802 
Weighted-average duration of additional liabilities
for other insurance benefits (years)1717

(1) Increase in reinsurance recoverables driven by the reinsurance agreement with Fortitude Re effective October 1, 2023 for certain blocks of in-force ULSG. See Note 8 for more information on the transaction.
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 December 31, 2023As of December 31, 2022
UndiscountedDiscountedUndiscountedDiscounted
Payout Annuities
Expected future gross premiums$– $– $– $– 
Expected future benefit payments3,481 2,084 3,471 2,003 
Traditional Life
Expected future gross premiums13,406 9,341 13,166 8,887 
Expected future benefit payments13,404 9,637 13,026 9,086 
The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

As of December 31, 2023As of December 31, 2022
UndiscountedDiscountedUndiscountedDiscounted
Group Protection
Expected future benefit payments$7,250 $6,179 $7,063 $6,059 
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 Years Ended December 31,
202320222021
Payout Annuities
Gross premiums$116 $133 $95 
Interest accretion86 84 84 
Traditional Life
Gross premiums1,183 1,136 1,022 
Interest accretion128 117 113 
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 Years Ended December 31,
202320222021
Group Protection
Gross premiums$3,549 $3,393 $3,145 
Interest accretion159 141 145 
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 Years Ended December 31,
202320222021
UL and Other
Gross assessments$1,221 $2,818 $3,150 
Interest accretion765 626 498 
Summary of Weighted-Average Interest Rates
The following table summarizes the weighted-average interest rates:

For the Years Ended
December 31,
20232022
Payout Annuities
Interest accretion rate3.9 %3.9 %
Current discount rate4.9 %5.3 %
Traditional Life
Interest accretion rate5.0 %5.0 %
Current discount rate4.7 %5.1 %
The following table summarizes the weighted-average interest rates:

For the Years Ended
December 31,
20232022
Group Protection
Interest accretion rate3.0 %2.8 %
Current discount rate4.7 %5.1 %
The following table summarizes the weighted-average interest rates:

For the Years Ended
December 31,
20232022
UL and Other
Interest accretion rate5.3 %5.0 %