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Future Contract Benefits (Tables)
 6 Months Ended
Jun. 30, 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
June 30,		As of
December 31,
20242023
Payout Annuities (1)
$2,001 $2,084 
Traditional Life (1)
3,514 3,553 
Group Protection (2)
5,569 5,689 
UL and Other (3)
15,236 15,752 
Other Operations (4)
9,280 9,753 
Other (5)
3,289 3,343 
Total future contract benefits$38,889 $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 ($5.4 billion and $5.6 billion as of June 30, 2024, and December 31, 2023, respectively) and Swiss Re ($2.0 billion and $2.1 billion as of June 30, 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 Six
Months Ended
June 30, 2024		As of or For the Six
Months Ended
June 30, 2023
Payout AnnuitiesTraditional LifePayout AnnuitiesTraditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year$– $6,084 $– $5,896 
Less: Effect of cumulative changes in discount
rate assumptions– (152)– (584)
Beginning balance at original discount rate– 6,236 – 6,480 
Effect of actual variances from expected experience– (10)– (257)
Adjusted balance as of beginning-of-year– 6,226 – 6,223 
Issuances– 206 – 330 
Interest accrual– 122 – 116 
Net premiums collected– (396)– (395)
Flooring impact of LFPB– 2 – 3 
Ending balance at original discount rate– 6,160 – 6,277 
Effect of cumulative changes in discount
rate assumptions– (322)– (329)
Balance as of end-of-period$– $5,838 $– $5,948 
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 experience3 (15)(2)(280)
Adjusted balance as of beginning-of-year2,274 9,824 2,264 9,599 
Issuances39 206 69 330 
Interest accrual43 190 43 179 
Benefit payments(98)(357)(93)(309)
Ending balance at original discount rate (1)
2,258 9,863 2,283 9,799 
Effect of cumulative changes in discount
rate assumptions(257)(511)(236)(479)
Balance as of end-of-period$2,001 $9,352 $2,047 $9,320 
Net balance as of end-of-period$2,001 $3,514 $2,047 $3,372 
Less: reinsurance recoverables (2)
1,527 232 10 263 
Net balance as of end-of-period, net of reinsurance$474 $3,282 $2,037 $3,109 
Weighted-average duration of future policyholder
benefit liability (years)910910

(1) Includes deferred profit liability within Payout Annuities of $61 million and $53 million as of June 30, 2024 and 2023, respectively.
(2) Increase in Payout Annuities reinsurance recoverables was driven by the fourth quarter 2023 reinsurance transaction. See Note 7 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 Six
Months Ended
June 30,
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(191)(220)
Adjusted beginning-of-year balance5,988 5,839 
New incidence838 882 
Interest93 83 
Benefit payments(757)(734)
Ending balance at original discount rate6,162 6,070 
Effect of cumulative changes in discount
rate assumptions(593)(577)
Balance as of end-of-period5,569 5,493 
Less: reinsurance recoverables (1)
4,284 121 
Balance as of end-of-period, net of reinsurance$1,285 $5,372 
Weighted-average duration of liability for future
claims (years)54

(1) Increase in reinsurance recoverables was driven by the second quarter 2024 reinsurance transaction. See Note 7 for more information on the transaction.
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 Six
Months Ended
June 30,
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 experience136 6 
Adjusted beginning-of-year balance16,741 15,688 
Interest accrual410 377 
Net assessments collected638 190 
Benefit payments(521)(360)
Balance as of end-of-period, excluding shadow
balance in AOCI17,268 15,895 
Effect of cumulative changes in shadow
balance in AOCI(2,032)(1,769)
Balance as of end-of-period15,236 14,126 
Less: reinsurance recoverables (1)
10,040 2,041 
Balance as of end-of-period, net of reinsurance$5,196 $12,085 
Weighted-average duration of additional liabilities
for other insurance benefits (years)1618

(1) Increase in reinsurance recoverables was driven by the fourth quarter 2023 reinsurance transaction. 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 June 30, 2024As of June 30, 2023
UndiscountedDiscountedUndiscountedDiscounted
Payout Annuities
Expected future gross premiums$– $– $– $– 
Expected future benefit payments3,435 2,001 3,500 2,047 
Traditional Life
Expected future gross premiums13,265 8,980 13,309 9,050 
Expected future benefit payments14,115 9,352 14,013 9,320 
The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

As of June 30, 2024As of June 30, 2023
UndiscountedDiscountedUndiscountedDiscounted
Group Protection
Expected future benefit payments$7,290 $5,569 $7,111 $5,493 
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
June 30,		For the Six
Months Ended
June 30,
2024202320242023
Payout Annuities
Gross premiums$24 $44 $45 $71 
Interest accretion22 21 43 43 
Traditional Life
Gross premiums301 297 599 592 
Interest accretion34 32 67 63 
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
June 30,		For the Six
Months Ended
June 30,
2024202320242023
Group Protection
Gross premiums$893 $885 $1,789 $1,770 
Interest accretion45 41 93 83 
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
June 30,		For the Six
Months Ended
June 30,
2024202320242023
UL and Other
Gross assessments$773 $542 $1,539 $1,457 
Interest accretion206 190 410 377 
Summary of Weighted-Average Interest Rates
The following table summarizes the weighted-average interest rates:

For the Six Months Ended
June 30,
20242023
Payout Annuities
Interest accretion rate4.0 %3.9 %
Current discount rate5.4 %5.2 %
Traditional Life
Interest accretion rate4.9 %5.0 %
Current discount rate5.2 %5.1 %
The following table summarizes the weighted-average interest rates:

For the Six Months Ended June 30,
20242023
Group Protection
Interest accretion rate3.2 %2.9 %
Current discount rate5.2 %5.1 %
The following table summarizes the weighted-average interest rates:

For the Six
Months Ended
June 30,
20242023
UL and Other
Interest accretion rate5.4 %4.9 %