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Future Contract Benefits (Tables)
 9 Months Ended
Sep. 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
September 30,		As of
December 31,
20252024
Payout Annuities (1)
$2,052 $2,008 
Traditional Life (1)
3,503 3,504 
Group Protection (2)
5,794 5,628 
UL and Other (3)
18,285 16,663 
Other Operations (4)
9,160 8,958 
Other (5)
3,334 3,241 
Total future contract benefits$42,128 $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 September 30, 2025, and December 31, 2024) and Swiss Re ($1.9 billion and $1.7 billion as of September 30, 2025, and December 31, 2024, respectively) that are excluded from the following tables.
(5) Represents other miscellaneous reserves that are not representative of long-duration contracts, primarily related to participating traditional life insurance contracts and incurred but not reported and in course of settlement life insurance liabilities, and are excluded from the following tables.
Summary of Changes in Present values of Expected Net Premiums and LFPB The reserve is the net of present value of expected future policy benefits less present value of expected net premiums as summarized in the following table (in millions, except years):
As of or For the Nine
Months Ended
September 30, 2025		As of or For the Nine
Months Ended
September 30, 2024
Payout AnnuitiesTraditional LifePayout AnnuitiesTraditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year$– $5,751 $– $6,084 
Less: Effect of cumulative changes in discount
rate assumptions– (277)– (152)
Beginning balance at original discount rate– 6,028 – 6,236 
Effect of changes in cash flow assumptions (1)
– (396)– (3)
Effect of actual variances from expected experience (2)
– (21)– (29)
Adjusted balance as of beginning-of-year– 5,611 – 6,204 
Issuances– 213 – 289 
Interest accrual– 177 – 184 
Net premiums collected– (551)– (581)
Flooring impact of LFPB– (5)– 1 
Ending balance at original discount rate– 5,445 – 6,097 
Effect of cumulative changes in discount
rate assumptions– (84)– (23)
Balance as of end-of-period$– $5,361 $– $6,074 
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 (3)
2,259 9,701 2,271 9,839 
Effect of changes in cash flow assumptions (1)
(8)(557)– (105)
Effect of actual variances from expected experience (2)
(11)(2)3 (41)
Adjusted balance as of beginning-of-year2,240 9,142 2,274 9,693 
Issuances73 213 78 289 
Interest accrual66 279 65 285 
Benefit payments(151)(640)(152)(530)
Ending balance at original discount rate (3)
2,228 8,994 2,265 9,737 
Effect of cumulative changes in discount
rate assumptions(176)(130)(147)(3)
Balance as of end-of-period$2,052 $8,864 $2,118 $9,734 
Net balance as of end-of-period$2,052 $3,503 $2,118 $3,660 
Less: Reinsurance recoverables1,477 167 1,590 215 
Net balance as of end-of-period, net of reinsurance$575 $3,336 $528 $3,445 
Weighted-average duration of future policyholder
benefit liability (years)8999
(1) The cash flow assumption impact to the liability is calculated as the present value of expected future policy benefits less the present value of expected net premiums. For the nine months ended September 30, 2025 and 2024, the net effect of changes in cash flow assumptions gross of reinsurance reduced the liability by $161 million and $102 million, respectively, primarily associated with favorable updates to mortality assumptions. See “Effect of Annual Assumption Review” below for more information.
(2) For the nine months ended September 30, 2025, Traditional Life did not have any significantly different actual experience compared to expected. For the nine months ended September 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 $44 million, which was partially offset by $15 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 $66 million, which was partially offset by $25 million primarily related to policyholder behavior. For the nine months ended September 30, 2025 and 2024, Payout Annuities did not have any significantly different actual experience compared to expected.
(3) Includes deferred profit liability within Payout Annuities of $88 million and $60 million as of September 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 Nine
Months Ended
September 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 changes in cash flow assumptions(66)(2)
Effect of actual variances from expected experience (1)
(191)(278)
Adjusted beginning-of-year balance5,921 5,899 
New incidence1,176 1,236 
Interest148 138 
Benefit payments(1,080)(1,125)
Ending balance at original discount rate6,165 6,148 
Effect of cumulative changes in discount
rate assumptions(371)(375)
Balance as of end-of-period5,794 5,773 
Less: Reinsurance recoverables4,213 4,153 
Balance as of end-of-period, net of reinsurance$1,581 $1,620 
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 nine months ended September 30, 2025 and 2024, morbidity comprised substantially all of the favorable effect of actual variances from expected experience, as our claims experience was more favorable 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 Nine
Months Ended
September 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 changes in cash flow assumptions120 207 
Effect of actual variances from expected experience (1)(2)
182 170 
Adjusted beginning-of-year balance18,480 16,982 
Interest accrual686 623 
Net assessments collected1,012 946 
Benefit payments(850)(718)
Balance as of end-of-period, excluding shadow
balance in AOCI19,328 17,833 
Effect of cumulative changes in shadow
balance in AOCI(1,043)(619)
Balance as of end-of-period18,285 17,215 
Less: Reinsurance recoverables11,532 10,499 
Balance as of end-of-period, net of reinsurance$6,753 $6,715 
Weighted-average duration of additional liabilities
for other insurance benefits (years)1616

(1) For the nine months ended September 30, 2025 and 2024, the actual to expected reserve impact was attributable primarily to mortality, which unfavorably impacted the liability by $193 million and $160 million, respectively.
(2) For the nine months ended September 30, 2025 and 2024, the effect of actual variances from expected experience, net of reinsurance, was $12 million and $110 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 September 30, 2025As of September 30, 2024
UndiscountedDiscountedUndiscountedDiscounted
Payout Annuities
Expected future gross premiums$– $– $– $– 
Expected future benefit payments3,298 2,052 3,436 2,118 
Traditional Life
Expected future gross premiums12,807 8,947 13,610 9,559 
Expected future benefit payments12,721 8,864 13,932 9,734 
The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

As of September 30, 2025As of September 30, 2024
UndiscountedDiscountedUndiscountedDiscounted
Group Protection
Expected future benefit payments$7,486 $5,794 $7,154 $5,773 
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,
2025202420252024
Payout Annuities
Gross premiums$26 $40 $74 $84 
Interest accretion22 22 66 65 
Traditional Life
Gross premiums293 296 890 895 
Interest accretion33 34 102 101 
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,
2025202420252024
Group Protection
Gross premiums$917 $887 $2,776 $2,676 
Interest accretion48 45 148 138 
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,
2025202420252024
UL and Other
Gross assessments$774 $751 $2,371 $2,290 
Interest accretion234 213 686 623 
Summary of Weighted-Average Interest Rates
The following table summarizes the weighted-average interest rates:

For the Nine
Months Ended
September 30,
20252024
Payout Annuities
Interest accretion rate4.0 %4.0 %
Current discount rate5.0 %4.7 %
Traditional Life
Interest accretion rate4.9 %5.0 %
Current discount rate4.6 %4.4 %
The following table summarizes the weighted-average interest rates:

For the Nine Months Ended September 30,
20252024
Group Protection
Interest accretion rate3.5 %3.3 %
Current discount rate4.7 %4.4 %
The following table summarizes the weighted-average interest rates:

For the Nine
Months Ended
September 30,
20252024
UL and Other
Interest accretion rate5.5 %5.4 %