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Future Contract Benefits (Tables)
 6 Months Ended
Jun. 30, 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
June 30,		As of
December 31,
20252024
Payout Annuities (1)
$2,039 $2,008 
Traditional Life (1)
3,617 3,504 
Group Protection (2)
5,759 5,628 
UL and Other (3)
17,622 16,663 
Other Operations (4)
8,917 8,958 
Other (5)
3,350 3,241 
Total future contract benefits$41,304 $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 June 30, 2025, and December 31, 2024) and Swiss Re ($1.7 billion as of June 30, 2025, and December 31, 2024) that are excluded from the following tables.
(5) Represents other miscellaneous reserves that are not representative of long-duration contracts, primarily related to participating traditional life insurance contracts and incurred but not reported and in course of settlement life insurance liabilities, and are excluded from the following tables.
Summary of Changes in Present values of Expected Net Premiums and LFPB The following table summarizes the balances of and changes in the present values of expected net premiums and expected future policy benefits (in millions, except years):
As of or For the Six
Months Ended
June 30, 2025		As of or For the Six
Months Ended
June 30, 2024
Payout AnnuitiesTraditional LifePayout AnnuitiesTraditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year$– $5,751 $– $6,084 
Less: Effect of cumulative changes in discount
rate assumptions– (277)– (152)
Beginning balance at original discount rate– 6,028 – 6,236 
Effect of actual variances from expected experience (1)
– (32)– (10)
Adjusted balance as of beginning-of-year– 5,996 – 6,226 
Issuances– 141 – 206 
Interest accrual– 121 – 122 
Net premiums collected– (376)– (396)
Flooring impact of LFPB– (4)– 2 
Ending balance at original discount rate– 5,878 – 6,160 
Effect of cumulative changes in discount
rate assumptions– (156)– (322)
Balance as of end-of-period$– $5,722 $– $5,838 
Present Value of Expected Future Policy Benefits
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 (2)
2,259 9,701 2,271 9,839 
Effect of actual variances from expected experience (1)
(6)(39)3 (15)
Adjusted balance as of beginning-of-year2,253 9,662 2,274 9,824 
Issuances47 141 39 206 
Interest accrual44 190 43 190 
Benefit payments(97)(404)(98)(357)
Ending balance at original discount rate (2)
2,247 9,589 2,258 9,863 
Effect of cumulative changes in discount
rate assumptions(208)(250)(257)(511)
Balance as of end-of-period$2,039 $9,339 $2,001 $9,352 
Net balance as of end-of-period$2,039 $3,617 $2,001 $3,514 
Less: Reinsurance recoverables1,481 212 1,527 232 
Net balance as of end-of-period, net of reinsurance$558 $3,405 $474 $3,282 
Weighted-average duration of future policyholder
benefit liability (years)99910

(1) For the six months ended June 30, 2025, the Traditional Life actual to expected reserve impact on expected net premiums was attributable primarily to policyholder behavior and mortality, which unfavorably impacted the liability by $19 million and $13 million, respectively; and the actual to expected reserve impact on expected future policy benefits was attributable primarily to policyholder behavior and mortality, which favorably impacted the liability by $23 million and $16 million, respectively. For the six months ended June 30, 2024, the Traditional Life actual to expected reserve impact on expected net premiums was attributable primarily to
mortality, which unfavorably impacted the liability by $38 million, which was partially offset by $28 million primarily related to policyholder behavior; and the actual to expected reserve impact on expected future policy benefits was attributable primarily to mortality, which favorably impacted the liability by $54 million, which was partially offset by $39 million primarily related to policyholder behavior. For the six months ended June 30, 2025 and 2024, Payout Annuities did not have any significantly different actual experience compared to expected.
(2) Includes deferred profit liability within Payout Annuities of $70 million and $61 million as of June 30, 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 Six
Months Ended
June 30,
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 (1)
(178)(191)
Adjusted beginning-of-year balance6,000 5,988 
New incidence808 838 
Interest100 93 
Benefit payments(724)(757)
Ending balance at original discount rate6,184 6,162 
Effect of cumulative changes in discount
rate assumptions(425)(593)
Balance as of end-of-period5,759 5,569 
Less: Reinsurance recoverables3,439 4,284 
Balance as of end-of-period, net of reinsurance$2,320 $1,285 
Weighted-average duration of liability for future
claims (years)55

(1) Generally, the experience exhibited for the Group Protection business relates to morbidity and, to a lesser extent, mortality. Group Protection long-duration products have limited exposure to lapse risk, as the liabilities for future claims are limited to those associated with claim reserves. For the six months ended June 30, 2025 and 2024, morbidity comprised substantially all of the favorable effect of actual variances from expected experience, as we experienced more favorable reported incidence and claim terminations than assumed.
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,
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 experience (1) (2)
116 136 
Adjusted beginning-of-year balance18,294 16,741 
Interest accrual452 410 
Net assessments collected681 638 
Benefit payments(532)(521)
Balance as of end-of-period, excluding shadow
balance in AOCI18,895 17,268 
Effect of cumulative changes in shadow
balance in AOCI(1,273)(2,032)
Balance as of end-of-period17,622 15,236 
Less: Reinsurance recoverables11,269 10,040 
Balance as of end-of-period, net of reinsurance$6,353 $5,196 
Weighted-average duration of additional liabilities
for other insurance benefits (years)1616

(1) For the six months ended June 30, 2025 and 2024, the actual to expected reserve impact was attributable primarily to mortality, which unfavorably impacted the liability by $116 million and $138 million, respectively.
(2) For the six months ended June 30, 2025 and 2024, the effect of actual variances from expected experience, net of reinsurance, was $33 million and $79 million, respectively.
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, 2025As of June 30, 2024
UndiscountedDiscountedUndiscountedDiscounted
Payout Annuities
Expected future gross premiums$– $– $– $– 
Expected future benefit payments3,384 2,039 3,435 2,001 
Traditional Life
Expected future gross premiums13,234 9,076 13,265 8,980 
Expected future benefit payments13,665 9,339 14,115 9,352 
The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

As of June 30, 2025As of June 30, 2024
UndiscountedDiscountedUndiscountedDiscounted
Group Protection
Expected future benefit payments$7,447 $5,759 $7,290 $5,569 
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,
2025202420252024
Payout Annuities
Gross premiums$25 $24 $48 $45 
Interest accretion22 22 44 43 
Traditional Life
Gross premiums298 301 597 599 
Interest accretion35 34 69 67 
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,
2025202420252024
Group Protection
Gross premiums$926 $893 $1,859 $1,789 
Interest accretion50 45 100 93 
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,
2025202420252024
UL and Other
Gross assessments$787 $773 $1,597 $1,539 
Interest accretion229 206 452 410 
Summary of Weighted-Average Interest Rates
The following table summarizes the weighted-average interest rates:

For the Six
Months Ended
June 30,
20252024
Payout Annuities
Interest accretion rate4.0 %4.0 %
Current discount rate5.2 %5.4 %
Traditional Life
Interest accretion rate4.9 %4.9 %
Current discount rate4.8 %5.2 %
The following table summarizes the weighted-average interest rates:

For the Six Months Ended June 30,
20252024
Group Protection
Interest accretion rate3.4 %3.2 %
Current discount rate4.8 %5.2 %
The following table summarizes the weighted-average interest rates:

For the Six
Months Ended
June 30,
20252024
UL and Other
Interest accretion rate5.4 %5.4 %