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Insurance Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Schedule of Liability for Future Policy Benefits, by Product Segment
Information regarding LFPBs for non-participating traditional and limited-payment contracts was as follows:
Years Ended December 31,
202420232022
Term and Whole Life InsuranceIncome AnnuitiesStructured Settlement and Pension Risk Transfer AnnuitiesTerm and Whole Life InsuranceIncome AnnuitiesStructured Settlement and Pension Risk Transfer AnnuitiesTerm and Whole Life InsuranceIncome AnnuitiesStructured Settlement and Pension Risk Transfer Annuities
(Dollars in millions)
Present value of expected net premiums:
Balance, beginning of year$2,899 $— $— $2,804 $— $— $3,212 $— $— 
Beginning balance at original discount rate3,162 — — 3,146 — — 2,964 — — 
Effect of model refinements4 — — — — — 121 — — 
Effect of changes in cash flow assumptions146 — — 206 — — 159 — — 
Effect of actual variances from expected experience8 — — (17)— — 114 — — 
Adjusted beginning of year balance3,320 — — 3,335 — — 3,358 — — 
Issuances67 — — 93 — — 93 — — 
Interest accrual110 — — 108 — — 112 — — 
Net premiums collected(387)— — (374)— — (417)— — 
Ending balance at original discount rate3,110 — — 3,162 — — 3,146 — — 
Effect of changes in discount rate assumptions(352)— — (263)— — (342)— — 
Balance, end of year$2,758 $— $— $2,899 $— $— $2,804 $— $— 
Present value of expected future policy benefits:
Balance, beginning of year$5,385 $3,719 $6,697 $5,172 $3,469 $6,793 $6,253 $4,283 $10,171 
Beginning balance at original discount rate5,905 3,993 7,085 5,816 3,848 7,410 5,682 3,817 8,165 
Effect of model refinements10 — — — — — 134 — (278)
Effect of changes in cash flow assumptions235 (23)82 296 — — 179 55 (157)
Effect of actual variances from expected experience(5)— (10)(15)(21)(47)150 (21)(23)
Adjusted beginning of year balance6,145 3,970 7,157 6,097 3,827 7,363 6,145 3,851 7,707 
Issuances72 400 — 99 369 — 101 220 — 
Interest accrual213 148 305 211 139 314 216 144 327 
Benefit payments(522)(397)(586)(502)(342)(592)(646)(367)(624)
Ending balance at original discount rate5,908 4,121 6,876 5,905 3,993 7,085 5,816 3,848 7,410 
Effect of changes in discount rate assumptions(663)(393)(758)(520)(274)(388)(644)(379)(617)
Balance, end of year$5,245 $3,728 $6,118 $5,385 $3,719 $6,697 $5,172 $3,469 $6,793 
Net liability for future policy benefits, end of year$2,487 $3,728 $6,118 $2,486 $3,719 $6,697 $2,368 $3,469 $6,793 
Less: Reinsurance recoverable, end of year19 31 59 24 30 65 32 25 68 
Net liability for future policy benefits, after reinsurance recoverable$2,468 $3,697 $6,059 $2,462 $3,689 $6,632 $2,336 $3,444 $6,725 
Weighted-average duration of liability
7.6 years7.9 years11.6 years8.8 years8.2 years11.6 years8.5 years8.5 years11.6 years
Weighted-average interest accretion rate3.92 %4.04 %4.46 %3.91 %3.99 %4.46 %3.94 %3.89 %4.45 %
Current discount rate
5.42 %5.48 %5.64 %4.94 %4.95 %5.03 %5.26 %5.27 %5.32 %
Gross premiums or assessments recognized during period
$563 $485 $— $595 $472 $— $625 $243 $— 
Expected future gross premiums, undiscounted$5,714 $— $— $5,999 $— $— $6,535 $— $— 
Expected future gross premiums, discounted$4,244 $— $— $4,535 $— $— $4,875 $— $— 
Expected future benefit payments, undiscounted$8,031 $5,759 $13,336 $8,148 $5,616 $13,767 $8,015 $5,434 $14,418 
Expected future benefit payments, discounted$5,908 $4,121 $6,876 $5,905 $3,993 $7,085 $5,816 $3,848 $7,410 
Information regarding the additional insurance liabilities for universal life-type contracts with secondary guarantees was as follows:
Years Ended December 31,
202420232022
(Dollars in millions)
Balance, beginning of year$7,607 $6,935 $7,168 
Beginning balance before the effect of unrealized gains and losses7,784 7,175 6,731 
Effect of changes in cash flow assumptions895 52 (37)
Effect of actual variances from expected experience167 145 179 
Adjusted beginning of year balance8,846 7,372 6,873 
Interest accrual406 357 333 
Net assessments collected446 414 416 
Benefit payments(421)(359)(447)
Ending balance before the effect of unrealized gains and losses9,277 7,784 7,175 
Effect of unrealized gains and losses(291)(177)(240)
Balance, end of year8,986 7,607 6,935 
Less: Reinsurance recoverable, end of year1,535 1,438 1,384 
Net additional liability, after reinsurance recoverable$7,451 $6,169 $5,551 
Weighted-average duration of liability6.6 years6.7 years6.7 years
Weighted-average interest accretion rate4.94 %4.92 %4.90 %
Gross assessments recognized during period$1,083 $1,064 $1,070 
A reconciliation of the net LFPBs for non-participating traditional and limited-payment contracts and the additional insurance liabilities for universal life-type contracts with secondary guarantees reported in the preceding rollforward tables to LFPBs on the consolidated balance sheets was as follows at:
December 31,
20242023
(In millions)
Liabilities reported in the preceding rollforward tables$21,319 $20,509 
Long-term care insurance (1)5,190 5,581 
ULSG liabilities, including liability for profits followed by losses875 2,427 
Participating whole life insurance (2)2,969 2,849 
Deferred profit liabilities428 475 
Other304 308 
Total liability for future policy benefits$31,085 $32,149 
_______________
(1)Includes liabilities related to fully reinsured individual long-term care insurance. See Notes 2 and 7.
(2)Participating whole life insurance uses an interest assumption based on the non-forfeiture interest rate, ranging from 3.5% to 4.0%, and mortality rates guaranteed in calculating the cash surrender values described in such contracts, and also includes a liability for terminal dividends. Participating whole life insurance represented 3% of the Company’s life insurance in-force at both December 31, 2024 and 2023, and 39% and 40% of gross traditional life insurance premiums for the years ended December 31, 2024 and 2023, respectively.
Policyholder Account Balance
Information regarding policyholder account balances was as follows:
Universal Life InsuranceVariable Annuities (1)Index-linked AnnuitiesFixed Rate AnnuitiesULSGCompany-Owned Life Insurance (1)
(Dollars in millions)
Year Ended December 31, 2024
Balance, beginning of year$1,980 $4,111 $41,627 $14,672 $5,052 $653 
Premiums and deposits229 73 8,228 1,127 645 — 
Surrenders and withdrawals(56)(616)(5,532)(1,356)(23)— 
Benefit payments(46)(93)(324)(345)(70)(9)
Net transfers from (to) separate account32 102 — — — 500 
Interest credited82 109 673 567 163 29 
Policy charges(193)(19)(23)— (988)(7)
Changes related to embedded derivatives— — 3,956 — — — 
Balance, end of year$2,028 $3,667 $48,605 $14,665 $4,779 $1,166 
Weighted-average crediting rate (2)4.10 %2.81 %1.79 %3.84 %3.32 %3.63 %
Year Ended December 31, 2023
Balance, beginning of year$2,100 $4,664 $33,897 $14,274 $5,307 $641 
Premiums and deposits210 75 7,183 2,694 660 — 
Surrenders and withdrawals(129)(647)(3,732)(2,405)(23)— 
Benefit payments(59)(101)(240)(377)(85)(8)
Net transfers from (to) separate account18 14 — — — 1 
Interest credited40 129 445 486 208 28 
Policy charges(200)(23)(11)— (1,015)(9)
Changes related to embedded derivatives— — 4,085 — — — 
Balance, end of year$1,980 $4,111 $41,627 $14,672 $5,052 $653 
Weighted-average crediting rate (2)2.03 %2.91 %1.47 %3.31 %4.02 %4.33 %
Year Ended December 31, 2022
Balance, beginning of year$2,134 $4,475 $32,000 $11,849 $5,569 $646 
Premiums and deposits199 145 6,632 3,676 697 — 
Surrenders and withdrawals(49)(453)(2,220)(904)(32)— 
Benefit payments(59)(104)(180)(345)(84)(8)
Net transfers from (to) separate account21 131 — — — (13)
Interest credited56 493 392 (2)197 23 
Policy charges(202)(23)(8)— (1,040)(7)
Changes related to embedded derivatives— — (2,719)— — — 
Balance, end of year$2,100 $4,664 $33,897 $14,274 $5,307 $641 
Weighted-average crediting rate (2)
2.65 %10.91 %1.16 %(0.02)%3.62 %3.41 %
_______________
(1)Includes liabilities related to separate account products where the contract holder elected a general account investment option.
(2)Excludes the effects of embedded derivatives related to index-linked crediting rates.
A reconciliation of policyholder account balances reported in the preceding rollforward table to the liability for policyholder account balances on the consolidated balance sheets was as follows at:
December 31,
20242023
(In millions)
Policyholder account balances reported in the preceding rollforward table$74,910 $68,095 
Funding agreements classified as investment contracts
11,002 11,115 
Institutional group annuities
370 — 
Other investment contract liabilities
880 983 
Total policyholder account balances$87,162 $80,193 
Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums was as follows at:
Range of Guaranteed Minimum Crediting RateAt Guaranteed Minimum1 to 50 Basis Points Above51 to 150 Basis Points AboveGreater than 150 Basis Points AboveTotal
(In millions)
December 31, 2024
Annuities (1):
Less than 2.00%
$516 $112 $230 $8,749 $9,607 
2.00% to 3.99%
6,633 439 416 334 7,822 
Greater than 3.99%
781 — — — 781 
Total$7,930 $551 $646 $9,083 $18,210 
Life insurance (2) (3):
Less than 2.00%
$— $— $— $308 $308 
2.00% to 3.99%
— 471 47 128 646 
Greater than 3.99%
1,020 — — — 1,020 
Total
$1,020 $471 $47 $436 $1,974 
ULSG (3):
Less than 2.00%
$— $— $— $— $— 
2.00% to 3.99%
1,052 1,386 1,602 238 4,278 
Greater than 3.99%
484 — — — 484 
Total
$1,536 $1,386 $1,602 $238 $4,762 
December 31, 2023
Annuities (1):
Less than 2.00%
$645 $204 $301 $7,632 $8,782 
2.00% to 3.99%
8,125 233 201 307 8,866 
Greater than 3.99%
872 — — — 872 
Total$9,642 $437 $502 $7,939 $18,520 
Life insurance (2) (3):
Less than 2.00%
$— $— $— $236 $236 
2.00% to 3.99%
— 441 49 132 622 
Greater than 3.99%
1,077 — — — 1,077 
Total
$1,077 $441 $49 $368 $1,935 
ULSG (3):
Less than 2.00%
$— $— $— $— $— 
2.00% to 3.99%
1,134 1,485 1,663 254 4,536 
Greater than 3.99%
506 — — — 506 
Total
$1,640 $1,485 $1,663 $254 $5,042 
_______________
(1)Includes policyholder account balances for fixed rate annuities and the fixed account portion of variable annuities.
(2)Includes policyholder account balances for retained asset accounts, universal life policies and the fixed account portion of universal variable life insurance policies.
(3)Amounts are gross of policy loans.