XML 48 R37.htm IDEA: XBRL DOCUMENT v3.24.3
Future Contract Benefits (Tables)
 9 Months Ended
Sep. 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
September 30,		As of
December 31,
20242023
Payout Annuities (1)
$2,118 $2,084 
Traditional Life (1)
3,660 3,553 
Group Protection (2)
5,773 5,689 
UL and Other (3)
17,214 15,752 
Other Operations (4)
9,354 9,753 
Other (5)
3,290 3,343 
Total future contract benefits$41,409 $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 ($5.6 billion as of September 30, 2024, and December 31, 2023) and Swiss Re ($1.8 billion and $2.1 billion as of September 30, 2024, and December 31, 2023, respectively) that are excluded from the following tables.
(5) Represents other miscellaneous reserves that are not representative of long-duration contracts and are excluded from the following tables.
Summary of Changes in Present values of Expected Net Premiums and LFPB
The following table summarizes the balances of and changes in the present values of expected net premiums and LFPB (in millions, except years):
As of or For the Nine
Months Ended
September 30, 2024		As of or For the Nine
Months Ended
September 30, 2023
Payout AnnuitiesTraditional LifePayout AnnuitiesTraditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year$– $6,084 $– $5,896 
Less: Effect of cumulative changes in discount
rate assumptions– (152)– (584)
Beginning balance at original discount rate– 6,236 – 6,480 
Effect of changes in cash flow assumptions– (3)– (5)
Effect of actual variances from expected experience– (29)– (262)
Adjusted balance as of beginning-of-year– 6,204 – 6,213 
Issuances– 289 – 460 
Interest accrual– 184 – 176 
Net premiums collected– (581)– (588)
Flooring impact of LFPB– 1 – 3 
Ending balance at original discount rate– 6,097 – 6,264 
Effect of cumulative changes in discount
rate assumptions– (23)– (527)
Balance as of end-of-period$– $6,074 $– $5,737 
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 changes in cash flow assumptions– (105)17 (21)
Effect of actual variances from expected experience3 (41)(1)(289)
Adjusted balance as of beginning-of-year2,274 9,693 2,282 9,569 
Issuances78 289 83 460 
Interest accrual65 285 64 270 
Benefit payments(152)(530)(142)(479)
Ending balance at original discount rate (1)
2,265 9,737 2,287 9,820 
Effect of cumulative changes in discount
rate assumptions(147)(3)(344)(831)
Balance as of end-of-period$2,118 $9,734 $1,943 $8,989 
Net balance as of end-of-period$2,118 $3,660 $1,943 $3,252 
Less: reinsurance recoverables (2)
1,590 215 11 232 
Net balance as of end-of-period, net of reinsurance$528 $3,445 $1,932 $3,020 
Weighted-average duration of future policyholder
benefit liability (years)99910

(1) Includes deferred profit liability within Payout Annuities of $60 million and $38 million as of September 30, 2024 and 2023, respectively.
(2) Increase in Payout Annuities reinsurance recoverables driven by the fourth quarter 2023 reinsurance transaction. See Note 7 for additional information.
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 Nine
Months Ended
September 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 changes in cash flow assumptions(2)(27)
Effect of actual variances from expected experience(278)(233)
Adjusted beginning-of-year balance5,899 5,799 
New incidence1,236 1,267 
Interest138 122 
Benefit payments(1,125)(1,095)
Ending balance at original discount rate6,148 6,093 
Effect of cumulative changes in discount
rate assumptions(375)(720)
Balance as of end-of-period5,773 5,373 
Less: reinsurance recoverables (1)
4,153 117 
Balance as of end-of-period, net of reinsurance$1,620 $5,256 
Weighted-average duration of liability for future
claims (years)55

(1) Increase in reinsurance recoverables driven by the second quarter 2024 reinsurance transaction. See Note 7 for additional information.
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 Nine
Months Ended
September 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 changes in cash flow assumptions207 173 
Effect of actual variances from expected experience170 (28)
Adjusted beginning-of-year balance16,982 15,827 
Interest accrual623 573 
Net assessments collected946 334 
Benefit payments(718)(473)
Balance as of end-of-period, excluding shadow
balance in AOCI17,833 16,261 
Effect of cumulative changes in shadow
balance in AOCI(619)(1,362)
Balance as of end-of-period17,214 14,899 
Less: reinsurance recoverables (1)
10,499 1,897 
Balance as of end-of-period, net of reinsurance$6,715 $13,002 
Weighted-average duration of additional liabilities
for other insurance benefits (years)1617

(1) Increase in reinsurance recoverables driven by the fourth quarter 2023 reinsurance transaction, for certain blocks of in-force ULSG. See Note 7 for additional information.
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 September 30, 2024As of September 30, 2023
UndiscountedDiscountedUndiscountedDiscounted
Payout Annuities
Expected future gross premiums$– $– $– $– 
Expected future benefit payments3,436 2,118 3,552 1,943 
Traditional Life
Expected future gross premiums13,610 9,559 13,410 8,802 
Expected future benefit payments13,932 9,734 14,077 8,989 
The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

As of September 30, 2024As of September 30, 2023
UndiscountedDiscountedUndiscountedDiscounted
Group Protection
Expected future benefit payments$7,154 $5,773 $7,148 $5,373 
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
September 30,		For the Nine
Months Ended
September 30,
2024202320242023
Payout Annuities
Gross premiums$40 $16 $84 $88 
Interest accretion22 22 65 64 
Traditional Life
Gross premiums296 293 895 885 
Interest accretion34 31 101 94 
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
September 30,		For the Nine
Months Ended
September 30,
2024202320242023
Group Protection
Gross premiums$887 $874 $2,676 $2,645 
Interest accretion45 39 138 122 
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
September 30,		For the Nine
Months Ended
September 30,
2024202320242023
UL and Other
Gross assessments$751 $337 $2,290 $1,794 
Interest accretion213 197 623 573 
Summary of Weighted-Average Interest Rates
The following table summarizes the weighted-average interest rates:

For the Nine Months Ended
September 30,
20242023
Payout Annuities
Interest accretion rate4.0 %3.9 %
Current discount rate4.7 %5.8 %
Traditional Life
Interest accretion rate5.0 %5.0 %
Current discount rate4.4 %5.6 %
The following table summarizes the weighted-average interest rates:

For the Nine Months Ended September 30,
20242023
Group Protection
Interest accretion rate3.3 %3.0 %
Current discount rate4.4 %5.7 %
The following table summarizes the weighted-average interest rates:

For the Nine
Months Ended
September 30,
20242023
UL and Other
Interest accretion rate5.4 %5.1 %