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Future Contract Benefits (Tables)
 12 Months Ended
Dec. 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 December 31,
20242023
Payout Annuities (1)
$2,008 $2,084 
Traditional Life (1)
3,504 3,553 
Group Protection (2)
5,628 5,689 
UL and Other (3)
16,663 15,752 
Other Operations (4)
8,958 9,753 
Other (5)
3,241 3,343 
Total future contract benefits$40,002 $40,174 

(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 ($5.4 billion and $5.6 billion as of December 31, 2024 and 2023, respectively) and Swiss Re ($1.7 billion and $2.1 billion as of December 31, 2024 and 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.
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, 2024As of or For the Year Ended December 31, 2023
Payout AnnuitiesTraditional LifePayout AnnuitiesTraditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year$– $6,084 $– $5,896 
Less: Effect of cumulative changes in discount
rate assumptions– (152)– (584)
Beginning balance at original discount rate– 6,236 – 6,480 
Effect of changes in cash flow assumptions– (3)– (5)
Effect of actual variances from expected experience– (45)– (275)
Adjusted balance as of beginning-of-year– 6,188 – 6,200 
Issuances– 361 – 580 
Interest accrual– 245 – 236 
Net premiums collected– (766)– (784)
Flooring impact of LFPB– – – 4 
Ending balance at original discount rate– 6,028 – 6,236 
Effect of cumulative changes in discount rate assumptions– (277)– (152)
Balance as of end-of-year$– $5,751 $– $6,084 
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)– (21)
Effect of actual variances from expected experience3 (68)1 (305)
Adjusted balance as of beginning-of-year2,274 9,666 2,267 9,553 
Issuances102 361 109 580 
Interest accrual87 380 86 364 
Benefit payments(204)(706)(191)(658)
Ending balance at original discount rate (1)
2,259 9,701 2,271 9,839 
Effect of cumulative changes in discount rate assumptions(251)(446)(187)(202)
Balance as of end-of-year$2,008 $9,255 $2,084 $9,637 
Net balance as of end-of-year$2,008 $3,504 $2,084 $3,553 
Less: reinsurance recoverables1,488 217 1,627 255 
Net balance as of end-of-year, net of reinsurance$520 $3,287 $457 $3,298 
Weighted-average duration of future policyholder
benefit liability (years)99910

(1) Includes deferred profit liability within Payout Annuities of $62 million, $56 million and $38 million as of December 31, 2024, December 31, 2023 and December 31, 2022, 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 Years Ended December 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 changes in cash flow assumptions(2)(27)
Effect of actual variances from expected
experience(345)(261)
Adjusted beginning-of-year balance5,832 5,771 
New incidence1,641 1,702 
Interest181 159 
Benefit payments(1,476)(1,453)
Ending balance at original discount rate6,178 6,179 
Effect of cumulative changes in discount
rate assumptions(550)(490)
Balance as of end-of-year5,628 5,689 
Less: reinsurance recoverables (1)
3,771 123 
Balance as of end-of-year, net of reinsurance$1,857 $5,566 
Weighted-average duration of liability for future
claims (years)55

(1) Increase in reinsurance recoverables driven by the 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 Years Ended December 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 changes in cash flow assumptions207 165 
Effect of actual variances from expected
experience288 (77)
Adjusted beginning-of-year balance17,100 15,770 
Interest accrual841 765 
Net assessments collected1,288 658 
Benefit payments(1,051)(588)
Balance as of end-of-year, excluding
shadow balance in AOCI18,178 16,605 
Effect of cumulative changes in shadow
balance in AOCI(1,515)(853)
Balance as of end-of-year16,663 15,752 
Less: reinsurance recoverables10,748 9,505 
Balance as of end-of-year, net of reinsurance$5,915 $6,247 
Weighted-average duration of additional liabilities
for other insurance benefits (years)1617
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, 2024As of December 31, 2023
UndiscountedDiscountedUndiscountedDiscounted
Payout Annuities
Expected future gross premiums$– $– $– $– 
Expected future benefit payments3,427 2,008 3,481 2,084 
Traditional Life
Expected future gross premiums13,498 9,075 13,406 9,341 
Expected future benefit payments (1)
13,857 9,255 13,404 9,637 

(1) We refined the process for calculating undiscounted expected future benefit payments during 2024, which, if applied to 2023, would increase the prior year reported number by $697 million.
The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

As of December 31, 2024As of December 31, 2023
UndiscountedDiscountedUndiscountedDiscounted
Group Protection
Expected future benefit payments$7,368 $5,628 $7,250 $5,689 
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,
202420232022
Payout Annuities
Gross premiums$108 $116 $133 
Interest accretion87 86 84 
Traditional Life
Gross premiums1,189 1,183 1,136 
Interest accretion135 128 117 
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,
202420232022
Group Protection
Gross premiums$3,563 $3,549 $3,393 
Interest accretion181 159 141 
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,
202420232022
UL and Other
Gross assessments$3,093 $1,221 $2,818 
Interest accretion841 765 626 
Summary of Weighted-Average Interest Rates
The following table summarizes the weighted-average interest rates:

For the Years Ended
December 31,
20242023
Payout Annuities
Interest accretion rate4.0 %3.9 %
Current discount rate5.4 %4.9 %
Traditional Life
Interest accretion rate4.9 %5.0 %
Current discount rate5.1 %4.7 %
The following table summarizes the weighted-average interest rates:

For the Years Ended
December 31,
20242023
Group Protection
Interest accretion rate3.3 %3.0 %
Current discount rate5.1 %4.7 %
The following table summarizes the weighted-average interest rates:

For the Years Ended
December 31,
20242023
UL and Other
Interest accretion rate5.4 %5.3 %