XML 37 R25.htm IDEA: XBRL DOCUMENT v3.25.3
Insurance Liabilities (Tables)
 9 Months Ended
Sep. 30, 2025
Insurance [Abstract]  
Schedule of Liability for Future Policy Benefits, by Product Segment
Information regarding liability for future policy benefits (“LFPB”) for non-participating traditional and limited-payment contracts was as follows:
Nine Months Ended September 30,
20252024
Term 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 period$2,758 $— $— $2,899 $— $— 
Beginning balance at original discount rate3,110 — — 3,162 — — 
Effect of model refinements3 — — 4 — — 
Effect of changes in cash flow assumptions(115)— — 146 — — 
Effect of actual variances from expected experience(11)— — 9 — — 
Adjusted beginning of period balance2,987 — — 3,321 — — 
Issuances11 — — 52 — — 
Interest accrual79 — — 83 — — 
Net premiums collected(276)— — (279)— — 
Ending balance at original discount rate2,801 — — 3,177 — — 
Effect of changes in discount rate assumptions(243)— — (242)— — 
Balance, end of period$2,558 $— $— $2,935 $— $— 
Present value of expected future policy benefits:
Balance, beginning of period$5,245 $3,728 $6,118 $5,385 $3,719 $6,697 
Beginning balance at original discount rate5,908 4,121 6,876 5,905 3,993 7,085 
Effect of model refinements2 — 4 10 — — 
Effect of changes in cash flow assumptions(128)18 22 235 (23)81 
Effect of actual variances from expected experience(13)(35)(24)11 (2)(11)
Adjusted beginning of period balance5,769 4,104 6,878 6,161 3,968 7,155 
Issuances11 294 — 56 302 — 
Interest accrual157 118 221 161 112 230 
Benefit payments(402)(305)(408)(415)(296)(438)
Ending balance at original discount rate5,535 4,211 6,691 5,963 4,086 6,947 
Effect of changes in discount rate assumptions(459)(276)(572)(435)(226)(361)
Balance, end of period$5,076 $3,935 $6,119 $5,528 $3,860 $6,586 
Net liability for future policy benefits, end of period$2,518 $3,935 $6,119 $2,593 $3,860 $6,586 
Less: Reinsurance recoverable, end of period15 32 57 19 32 63 
Net liability for future policy benefits, after reinsurance recoverable$2,503 $3,903 $6,062 $2,574 $3,828 $6,523 
Weighted-average duration of liability7.3 years7.8 years11.5 years7.8 years8.0 years11.5 years
Weighted-average interest accretion rate3.90 %4.12 %4.47 %3.92 %4.03 %4.46 %
Current discount rate4.97 %5.08 %5.37 %4.75 %4.82 %5.00 %
Gross premiums or assessments recognized during period$392 $367 $— $414 $377 $— 
Expected future gross premiums, undiscounted$5,097 $— $— $5,787 $— $— 
Expected future gross premiums, discounted$3,841 $— $— $4,299 $— $— 
Expected future benefit payments, undiscounted$7,420 $5,880 $12,937 $8,115 $5,716 $13,465 
Expected future benefit payments, discounted$5,535 $4,211 $6,691 $5,963 $4,086 $6,947 
Information regarding the additional insurance liabilities for universal life-type contracts with secondary guarantees was as follows:
Nine Months Ended
September 30,
20252024
(Dollars in millions)
Balance, beginning of period$8,986 $7,607 
Beginning balance before the effect of unrealized gains and losses9,277 7,784 
Effect of changes in cash flow assumptions480 895 
Effect of actual variances from expected experience94 102 
Adjusted beginning of period balance9,851 8,781 
Interest accrual346 295 
Net assessments collected355 328 
Benefit payments(384)(280)
Ending balance before the effect of unrealized gains and losses10,168 9,124 
Effect of unrealized gains and losses(209)(158)
Balance, end of period9,959 8,966 
Less: Reinsurance recoverable, end of period1,786 1,521 
Net additional liability, after reinsurance recoverable$8,173 $7,445 
Weighted-average duration of liability6.6 years6.6 years
Weighted-average interest accretion rate4.94 %4.94 %
Gross assessments recognized during period
$801 $812 
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:
September 30,
20252024
(In millions)
Liabilities reported in the preceding rollforward tables$22,531 $22,005 
Long-term care insurance (1)5,285 5,514 
ULSG liabilities, including liability for profits followed by losses (2)
44 1,202 
Participating whole life insurance (3)
3,033 2,923 
Deferred profit liabilities437 431 
Other325 312 
Total liability for future policy benefits$31,655 $32,387 
_______________
(1)Includes liabilities related to fully reinsured individual long-term care insurance. See Note 2.
(2)The effect of changes in assumptions for ULSG liabilities, including the liability for profits followed by losses was ($1.2) billion for the nine months ended September 30, 2025.
(3)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 September 30, 2025 and 2024, and 38% and 39% of gross traditional life insurance premiums for the nine months ended September 30, 2025 and 2024, 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)
Nine Months Ended September 30, 2025
Balance, beginning of period$2,028 $3,667 $48,605 $14,665 $4,779 $1,166 
Premiums and deposits185 39 6,180 899 458 — 
Surrenders and withdrawals(48)(401)(5,631)(1,936)(18)— 
Benefit payments(39)(65)(261)(277)(63)(7)
Net transfers from (to) separate account12 81 — — — (525)
Interest credited64 73 564 426 116 18 
Policy charges(148)(14)(26)— (724)(5)
Changes related to embedded derivatives1 — 2,751 — — — 
Balance, end of period$2,055 $3,380 $52,182 $13,777 $4,548 $647 
Weighted-average crediting rate (2)3.14 %2.07 %1.44 %2.96 %2.49 %2.30 %
Nine Months Ended September 30, 2024
Balance, beginning of period$1,980 $4,111 $41,627 $14,672 $5,052 $653 
Premiums and deposits166 56 6,272 1,027 486 — 
Surrenders and withdrawals(44)(468)(3,935)(982)(15)— 
Benefit payments(36)(68)(243)(258)(53)(7)
Net transfers from (to) separate account27 78 — — — 5 
Interest credited61 80 438 424 123 22 
Policy charges(143)(16)(14)— (745)(6)
Changes related to embedded derivatives— — 3,669 — — — 
Balance, end of period$2,011 $3,773 $47,814 $14,883 $4,848 $667 
Weighted-average crediting rate (2)3.06 %2.03 %1.31 %2.86 %2.48 %3.10 %
_______________
(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:
September 30,
20252024
(In millions)
Policyholder account balances reported in the preceding rollforward table$76,589 $73,996 
Funding agreements classified as investment contracts9,876 11,561 
Institutional group annuities
584 363 
Other investment contract liabilities854 916 
Total policyholder account balances
$87,903 $86,836 
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)
September 30, 2025
Annuities (1):
Less than 2.00%
$412 $137 $215 $8,430 $9,194 
2.00% to 3.99%
6,297 548 558 332 7,735 
Greater than 3.99%
768 — — — 768 
Total$7,477 $685 $773 $8,762 $17,697 
Life insurance (2) (3):
Less than 2.00%
$— $— $— $387 $387 
2.00% to 3.99%
— 473 43 118 634 
Greater than 3.99%
978 — — — 978 
Total$978 $473 $43 $505 $1,999 
ULSG (3):
Less than 2.00%
$— $— $— $— $— 
2.00% to 3.99%
988 1,309 1,518 226 4,041 
Greater than 3.99%
492 — — — 492 
Total$1,480 $1,309 $1,518 $226 $4,533 
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 
_______________
(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.