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Future Contract Benefits (Tables)
 3 Months Ended
Mar. 31, 2024
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
March 31,		As of
 December 31,
20242023
Payout Annuities (1)
$2,034 2,084 
Traditional Life (1)
3,518 3,553 
Group Protection (2)
5,640 5,689 
UL and Other (3)
15,234 15,752 
Other Operations (4)
9,496 9,753 
Other (5)
3,290 3,343 
Total future contract benefits$39,212 $40,174 

(1) See liability for future policy benefits (“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 ($5.5 billion and $5.6 billion as of March 31, 2024, and December 31, 2023, respectively) and Swiss Re ($2.0 billion and $2.1 billion as of March 31, 2024, and December 31, 2023, 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.
Summary of Changes in Present values of Expected Net Premiums and LFPB
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 Three
Months Ended
March 31, 2024		As of or For the Three
Months Ended
March 31, 2023
Payout AnnuitiesTraditional LifePayout AnnuitiesTraditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year$– $6,084 $– $5,896 
Less: Effect of cumulative changes in discount
rate assumptions– (152)– (584)
Beginning balance at original discount rate– 6,236 – 6,480 
Effect of actual variances from expected experience– 23 – (234)
Adjusted balance as of beginning-of-year– 6,259 – 6,246 
Issuances– 109 – 177 
Interest accrual– 61 – 57 
Net premiums collected– (199)– (195)
Flooring impact of LFPB– 1 – 1 
Ending balance at original discount rate– 6,231 – 6,286 
Effect of cumulative changes in discount
rate assumptions– (257)– (235)
Balance as of end-of-period$– $5,974 $– $6,051 
Present Value of Expected LFPB
Balance as of beginning-of-year$2,084 $9,637 $2,003 $9,086 
Less: Effect of cumulative changes in discount
rate assumptions(187)(202)(263)(793)
Beginning balance at original discount rate (1)
2,271 9,839 2,266 9,879 
Effect of actual variances from expected experience1 27 (1)(243)
Adjusted balance as of beginning-of-year2,272 9,866 2,265 9,636 
Issuances15 109 27 177 
Interest accrual22 94 21 89 
Benefit payments(49)(191)(46)(169)
Ending balance at original discount rate (1)
2,260 9,878 2,267 9,733 
Effect of cumulative changes in discount
rate assumptions(226)(386)(200)(316)
Balance as of end-of-period$2,034 $9,492 $2,067 $9,417 
Net balance as of end-of-period$2,034 $3,518 $2,067 $3,366 
Less: reinsurance recoverables1,572 244 10 270 
Net balance as of end-of-period, net of reinsurance$462 $3,274 $2,057 $3,096 
Weighted-average duration of future policyholder
benefit liability (years)910911

(1) Includes deferred profit liability within Payout Annuities of $60 million and $43 million as of March 31, 2024 and 2023, respectively.
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,
20242023
Balance as of beginning-of-year$5,689 $5,462 
Less: Effect of cumulative changes in discount
rate assumptions(490)(597)
Beginning balance at original discount rate6,179 6,059 
Effect of actual variances from expected experience(67)(100)
Adjusted beginning-of-year balance6,112 5,959 
New incidence408 437 
Interest48 42 
Benefit payments(382)(377)
Ending balance at original discount rate6,186 6,061 
Effect of cumulative changes in discount
rate assumptions(546)(569)
Balance as of end-of-period5,640 5,492 
Less: reinsurance recoverables123 126 
Balance as of end-of-period, net of reinsurance$5,517 $5,366 
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 Three
Months Ended
March 31,
20242023
Balance as of beginning-of-year$15,752 $14,777 
Less: Effect of cumulative changes in shadow
balance in AOCI(853)(905)
Balance as of beginning-of-year, excluding
shadow balance in AOCI16,605 15,682 
Effect of actual variances from expected experience106 (9)
Adjusted beginning-of-year balance16,711 15,673 
Interest accrual203 186 
Net assessments collected324 337 
Benefit payments(313)(183)
Balance as of end-of-period, excluding shadow
balance in AOCI16,925 16,013 
Effect of cumulative changes in shadow
balance in AOCI(1,691)(669)
Balance as of end-of-period15,234 15,344 
Less: reinsurance recoverables (1)
9,734 2,007 
Balance as of end-of-period, net of reinsurance$5,500 $13,337 
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 7 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 March 31, 2024As of March 31, 2023
UndiscountedDiscountedUndiscountedDiscounted
Payout Annuities
Expected future gross premiums$– $– $– $– 
Expected future benefit payments3,437 2,034 3,460 2,067 
Traditional Life
Expected future gross premiums13,360 9,156 13,257 9,172 
Expected future benefit payments14,148 9,492 13,919 9,417 
The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

As of March 31, 2024As of March 31, 2023
UndiscountedDiscountedUndiscountedDiscounted
Group Protection
Expected future benefit payments$7,296 $5,640 $7,086 $5,492 
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 March 31,
20242023
Payout Annuities
Gross premiums$21 $28 
Interest accretion22 21 
Traditional Life
Gross premiums298 295 
Interest accretion33 32 
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,
20242023
Group Protection
Gross premiums$896 $885 
Interest accretion48 42 
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,
20242023
UL and Other
Gross assessments$766 $915 
Interest accretion203 186 
Summary of Weighted-Average Interest Rates
The following table summarizes the weighted-average interest rates:

For the Three Months Ended March 31,
20242023
Payout Annuities
Interest accretion rate3.9 %3.9 %
Current discount rate5.2 %4.9 %
Traditional Life
Interest accretion rate5.0 %5.1 %
Current discount rate5.0 %4.8 %
The following table summarizes the weighted-average interest rates:

For the Three Months Ended March 31,
20242023
Group Protection
Interest accretion rate3.2 %2.9 %
Current discount rate5.0 %4.8 %
The following table summarizes the weighted-average interest rates:

For the Three Months Ended March 31,
20242023
UL and Other
Interest accretion rate5.3 %5.0 %