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Future Contract Benefits (Tables)
 3 Months Ended
Mar. 31, 2025
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,
20252024
Payout Annuities (1)
$2,032 $2,008 
Traditional Life (1)
3,566 3,504 
Group Protection (2)
5,712 5,628 
UL and Other (3)
17,333 16,663 
Other Operations (4)
8,954 8,958 
Other (5)
3,311 3,241 
Total future contract benefits$40,908 $40,002 

(1) See “Liability for Future Policy Benefits” 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 as of March 31, 2025, and December 31, 2024) and Swiss Re ($1.7 billion as of March 31, 2025, and December 31, 2024) 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 liability for future policy benefits (“LFPB”) (in millions, except years):

As of or For the Three
Months Ended
March 31, 2025		As of or For the Three
Months Ended
March 31, 2024
Payout AnnuitiesTraditional LifePayout AnnuitiesTraditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year$– $5,751 $– $6,084 
Less: Effect of cumulative changes in discount
rate assumptions– (277)– (152)
Beginning balance at original discount rate– 6,028 – 6,236 
Effect of actual variances from expected experience– (18)– 23 
Adjusted balance as of beginning-of-year– 6,010 – 6,259 
Issuances– 64 – 109 
Interest accrual– 61 – 61 
Net premiums collected– (189)– (199)
Flooring impact of LFPB– (3)– 1 
Ending balance at original discount rate– 5,943 – 6,231 
Effect of cumulative changes in discount
rate assumptions– (197)– (257)
Balance as of end-of-period$– $5,746 $– $5,974 
Present Value of Expected LFPB
Balance as of beginning-of-year$2,008 $9,255 $2,084 $9,637 
Less: Effect of cumulative changes in discount
rate assumptions(251)(446)(187)(202)
Beginning balance at original discount rate (1)
2,259 9,701 2,271 9,839 
Effect of actual variances from expected experience(1)(13)1 27 
Adjusted balance as of beginning-of-year2,258 9,688 2,272 9,866 
Issuances22 64 15 109 
Interest accrual22 95 22 94 
Benefit payments(49)(221)(49)(191)
Ending balance at original discount rate (1)
2,253 9,626 2,260 9,878 
Effect of cumulative changes in discount
rate assumptions(221)(314)(226)(386)
Balance as of end-of-period$2,032 $9,312 $2,034 $9,492 
Net balance as of end-of-period$2,032 $3,566 $2,034 $3,518 
Less: Reinsurance recoverables1,491 210 1,572 244 
Net balance as of end-of-period, net of reinsurance$541 $3,356 $462 $3,274 
Weighted-average duration of future policyholder
benefit liability (years)99910

(1) Includes deferred profit liability within Payout Annuities of $65 million and $60 million as of March 31, 2025 and 2024, 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,
20252024
Balance as of beginning-of-year$5,628 $5,689 
Less: Effect of cumulative changes in discount
rate assumptions(550)(490)
Beginning balance at original discount rate6,178 6,179 
Effect of actual variances from expected experience(72)(67)
Adjusted beginning-of-year balance6,106 6,112 
New incidence402 408 
Interest50 48 
Benefit payments(371)(382)
Ending balance at original discount rate6,187 6,186 
Effect of cumulative changes in discount
rate assumptions(475)(546)
Balance as of end-of-period5,712 5,640 
Less: Reinsurance recoverables (1)
3,600 123 
Balance as of end-of-period, net of reinsurance$2,112 $5,517 
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 Three
Months Ended
March 31,
20252024
Balance as of beginning-of-year$16,663 $15,752 
Less: Effect of cumulative changes in shadow
balance in AOCI(1,515)(853)
Balance as of beginning-of-year, excluding
shadow balance in AOCI18,178 16,605 
Effect of actual variances from expected experience22 106 
Adjusted beginning-of-year balance18,200 16,711 
Interest accrual223 203 
Net assessments collected341 324 
Benefit payments(200)(313)
Balance as of end-of-period, excluding shadow
balance in AOCI18,564 16,925 
Effect of cumulative changes in shadow
balance in AOCI(1,231)(1,691)
Balance as of end-of-period17,333 15,234 
Less: Reinsurance recoverables11,026 9,734 
Balance as of end-of-period, net of reinsurance$6,307 $5,500 
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 March 31, 2025As of March 31, 2024
UndiscountedDiscountedUndiscountedDiscounted
Payout Annuities
Expected future gross premiums$– $– $– $– 
Expected future benefit payments3,407 2,032 3,437 2,034 
Traditional Life
Expected future gross premiums13,342 9,091 13,360 9,156 
Expected future benefit payments13,729 9,312 14,148 9,492 
The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

As of March 31, 2025As of March 31, 2024
UndiscountedDiscountedUndiscountedDiscounted
Group Protection
Expected future benefit payments$7,413 $5,712 $7,296 $5,640 
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,
20252024
Payout Annuities
Gross premiums$23 $21 
Interest accretion22 22 
Traditional Life
Gross premiums299 298 
Interest accretion34 33 
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,
20252024
Group Protection
Gross premiums$933 $896 
Interest accretion50 48 
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,
20252024
UL and Other
Gross assessments$811 $766 
Interest accretion223 203 
Summary of Weighted-Average Interest Rates
The following table summarizes the weighted-average interest rates:

For the Three
Months Ended
March 31,
20252024
Payout Annuities
Interest accretion rate4.0 %3.9 %
Current discount rate5.2 %5.2 %
Traditional Life
Interest accretion rate4.9 %5.0 %
Current discount rate4.9 %5.0 %
The following table summarizes the weighted-average interest rates:

For the Three Months Ended March 31,
20252024
Group Protection
Interest accretion rate3.4 %3.2 %
Current discount rate4.9 %5.0 %
The following table summarizes the weighted-average interest rates:

For the Three
Months Ended
March 31,
20252024
UL and Other
Interest accretion rate5.4 %5.3 %