XML 96 R85.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Future Contract Benefits - Summary of Changes in Present Values of Expected Net Premiums and LFPB (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Present Value of Expected LFPB        
Net balance as of end-of-period $ 39,212   $ 40,174  
Payout Annuities        
Present Value of Expected Net Premiums        
Balance as of beginning-of-year 0 $ 0    
Beginning balance at original discount rate 0 0    
Effect of actual variances from expected experience     0 $ 0
Adjusted balance as of beginning-of-year     0 0
Issuances 0 0    
Interest accrual 0 0    
Net premiums collected 0 0    
Flooring impact of LFPB 0 0    
Ending balance at original discount rate 0 0    
Balance as of end-of-period 0 0    
Present Value of Expected LFPB        
Balance as of beginning-of-year 2,084 2,003    
Effect of cumulative changes in discount rate assumptions 0 0    
Beginning balance of original discount rate 2,271 2,266    
Effect of actual variances from expected experience     1 (1)
Adjusted balance as of beginning-of-year 2,272 2,265    
Issuances 15 27    
Interest accrual 22 21    
Benefit payments (49) (46)    
Ending balance at original discount rate 2,260 2,267    
Effect of cumulative changes in discount rate assumptions (226) (200)    
Balance as of end-of-period 2,034 2,067    
Net balance as of end-of-period 2,034 2,067 2,084  
Less: reinsurance recoverables 1,572 10    
Net balance as of end-of-period, net of reinsurance $ 462 $ 2,057    
Weighted-average duration of future policyholder benefit liability (years) 9 years 9 years    
Deferred profit liability $ 60 $ 43    
Payout Annuities | Cumulative effect from adoption of new accounting standards        
Present Value of Expected Net Premiums        
Balance as of beginning-of-year 0 0    
Present Value of Expected LFPB        
Balance as of beginning-of-year (187) (263)    
Traditional Life        
Present Value of Expected Net Premiums        
Balance as of beginning-of-year 6,084 5,896    
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    
Balance as of end-of-period 5,974 6,051    
Present Value of Expected LFPB        
Balance as of beginning-of-year 9,637 9,086    
Effect of cumulative changes in discount rate assumptions (257) (235)    
Beginning balance of original discount rate 9,839 9,879    
Effect of actual variances from expected experience     27 (243)
Adjusted balance as of beginning-of-year 9,866 9,636    
Issuances 109 177    
Interest accrual 94 89    
Benefit payments (191) (169)    
Ending balance at original discount rate 9,878 9,733    
Effect of cumulative changes in discount rate assumptions (386) (316)    
Balance as of end-of-period 9,492 9,417    
Net balance as of end-of-period 3,518 3,366 3,553  
Less: reinsurance recoverables 244 270    
Net balance as of end-of-period, net of reinsurance $ 3,274 $ 3,096    
Weighted-average duration of future policyholder benefit liability (years) 10 years 11 years    
Traditional Life | Cumulative effect from adoption of new accounting standards        
Present Value of Expected Net Premiums        
Balance as of beginning-of-year $ (152) $ (584)    
Present Value of Expected LFPB        
Balance as of beginning-of-year (202) (793)    
Group Protection        
Present Value of Expected LFPB        
Balance as of beginning-of-year 5,689 5,462    
Effect of cumulative changes in discount rate assumptions     (490) (597)
Beginning balance of original discount rate 6,179 6,059    
Effect of actual variances from expected experience     (67) (100)
Adjusted balance as of beginning-of-year 6,112 5,959    
Issuances 408 437    
Interest accrual 48 42    
Benefit payments (382) (377)    
Ending balance at original discount rate 6,186 6,061    
Effect of cumulative changes in discount rate assumptions (546) (569)    
Balance as of end-of-period 5,640 5,492    
Net balance as of end-of-period 5,640   5,689  
Less: reinsurance recoverables 123 126    
Net balance as of end-of-period, net of reinsurance $ 5,517 $ 5,366    
Weighted-average duration of future policyholder benefit liability (years) 5 years 4 years    
UL and Other        
Present Value of Expected LFPB        
Balance as of beginning-of-year $ 15,752 $ 14,777    
Effect of cumulative changes in discount rate assumptions (1,691) (669) (853) (905)
Balance as of beginning-of-period, excluding shadow balance in AOCI 16,605 15,682    
Effect of actual variances from expected experience     106 $ (9)
Adjusted balance as of beginning-of-year 16,711 15,673    
Interest accrual 203 186    
Net assessments collected 324 337    
Benefit payments (313) (183)    
Balance as of end-of-period, excluding shadow balance in AOCI 16,925 16,013    
Balance as of end-of-period 15,234 15,344    
Net balance as of end-of-period 15,234   $ 15,752  
Less: reinsurance recoverables 9,734 2,007    
Net balance as of end-of-period, net of reinsurance $ 5,500 $ 13,337    
Weighted-average duration of future policyholder benefit liability (years) 17 years 17 years