XML 97 R86.htm IDEA: XBRL DOCUMENT v3.25.1
Future Contract Benefits - Summary of Changes in Present Values of Expected Net Premiums and LFPB (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Present Value of Expected LFPB        
Net balance as of end-of-period $ 40,908   $ 40,002  
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    
Effect of cumulative changes in discount rate assumptions 0 0    
Balance as of end-of-period 0 0    
Present Value of Expected LFPB        
Balance as of beginning-of-year 2,008 2,084    
Beginning balance of original discount rate 2,259 2,271    
Effect of actual variances from expected experience     (1) 1
Adjusted balance as of beginning-of-year 2,258 2,272    
Issuances 22 15    
Interest accrual 22 22    
Benefit payments (49) (49)    
Ending balance at original discount rate 2,253 2,260    
Effect of cumulative changes in discount rate assumptions (221) (226)    
Balance as of end-of-period 2,032 2,034    
Net balance as of end-of-period 2,032 2,034 2,008  
Less: Reinsurance recoverables 1,491 1,572    
Net balance as of end-of-period, net of reinsurance $ 541 $ 462    
Weighted-average duration of future policyholder benefit liability (years) 9 years 9 years    
Deferred profit liability $ 65 $ 60    
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 (251) (187)    
Traditional Life        
Present Value of Expected Net Premiums        
Balance as of beginning-of-year 5,751 6,084    
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 9,255 9,637    
Beginning balance of original discount rate 9,701 9,839    
Effect of actual variances from expected experience     (13) 27
Adjusted balance as of beginning-of-year 9,688 9,866    
Issuances 64 109    
Interest accrual 95 94    
Benefit payments (221) (191)    
Ending balance at original discount rate 9,626 9,878    
Effect of cumulative changes in discount rate assumptions (314) (386)    
Balance as of end-of-period 9,312 9,492    
Net balance as of end-of-period 3,566 3,518 3,504  
Less: Reinsurance recoverables 210 244    
Net balance as of end-of-period, net of reinsurance $ 3,356 $ 3,274    
Weighted-average duration of future policyholder benefit liability (years) 9 years 10 years    
Traditional Life | Cumulative effect from adoption of new accounting standards        
Present Value of Expected Net Premiums        
Balance as of beginning-of-year $ (277) $ (152)    
Present Value of Expected LFPB        
Balance as of beginning-of-year (446) (202)    
Group Protection        
Present Value of Expected Net Premiums        
Effect of cumulative changes in discount rate assumptions     (550) (490)
Present Value of Expected LFPB        
Balance as of beginning-of-year 5,628 5,689    
Beginning balance of original discount rate 6,178 6,179    
Effect of actual variances from expected experience     (72) $ (67)
Adjusted balance as of beginning-of-year 6,106 6,112    
Issuances 402 408    
Interest accrual 50 48    
Benefit payments (371) (382)    
Ending balance at original discount rate 6,187 6,186    
Effect of cumulative changes in discount rate assumptions (475) (546)    
Balance as of end-of-period 5,712 5,640    
Net balance as of end-of-period 5,712   $ 5,628  
Less: Reinsurance recoverables 3,600 123    
Net balance as of end-of-period, net of reinsurance $ 2,112 $ 5,517    
Weighted-average duration of future policyholder benefit liability (years) 5 years 5 years