Liability for Future Policy Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Liability for Future Policy Benefits

The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

	Year Ended December 31, 2023
	Present Value of Expected Net Premiums
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	10,911,794	$	0	$	10,911,794
Effect of cumulative changes in discount rate assumptions, beginning of period	554,896		0		554,896
Balance at original discount rate, beginning of period	11,466,690		0		11,466,690
Effect of assumption update	(790)		0		(790)
Effect of actual variances from expected experience and other activity	(200,513)		(989)		(201,502)
Adjusted balance, beginning of period	11,265,387		(989)		11,264,398
Issuances	712,495		36,646		749,141
Net premiums / considerations collected	(1,345,514)		(35,657)		(1,381,171)
Interest accrual	521,176		0		521,176
Balance at original discount rate, end of period	11,153,544		0		11,153,544
Effect of cumulative changes in discount rate assumptions, end of period	(225,711)		0		(225,711)
Balance, end of period	$	10,927,833	$	0	$	10,927,833

	Year Ended December 31, 2023
	Present Value of Expected Future Policy Benefits
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	17,835,251	$	204,727	$	18,039,978
Effect of cumulative changes in discount rate assumptions, beginning of period	962,035		24,876		986,911
Balance at original discount rate, beginning of period	18,797,286		229,603		19,026,889
Effect of assumption update	(1,044)		0		(1,044)
Effect of actual variances from expected experience and other activity	(263,243)		6,991		(256,252)
Adjusted balance, beginning of period	18,532,999		236,594		18,769,593
Issuances	712,495		36,646		749,141
Interest accrual	895,023		8,440		903,463
Benefit payments	(1,386,583)		(33,287)		(1,419,870)
Other adjustments	3,844		(84)		3,760
Balance at original discount rate, end of period	18,757,778		248,309		19,006,087
Effect of cumulative changes in discount rate assumptions, end of period	(331,571)		(19,521)		(351,092)
Balance, end of period	$	18,426,207	$	228,788	$	18,654,995
Other, end of period					1,765
Total balance, end of period					$	18,656,760

	Year Ended December 31, 2023
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	7,498,374	$	228,788	$	7,727,162
Flooring impact, end of period	44		0		44
Balance, end of period, post-flooring	7,498,418		228,788		7,727,206
Less: Reinsurance recoverable	6,817,488		18,489		6,835,977
Balance after reinsurance recoverable, end of period, post-flooring	$	680,930	$	210,299	$	891,229

	Year Ended December 31, 2022
	Present Value of Expected Net Premiums
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	12,485,056	$	0	$	12,485,056
Effect of cumulative changes in discount rate assumptions, beginning of period	(1,826,120)		0		(1,826,120)
Balance at original discount rate, beginning of period	10,658,936		0		10,658,936
Effect of assumption update	1,295,294		0		1,295,294
Effect of actual variances from expected experience and other activity	(112,661)		(1,143)		(113,804)
Adjusted balance, beginning of period	11,841,569		(1,143)		11,840,426
Issuances	439,874		30,469		470,343
Net premiums / considerations collected	(1,339,902)		(29,326)		(1,369,228)
Interest accrual	525,149		0		525,149
Balance at original discount rate, end of period	11,466,690		0		11,466,690
Effect of cumulative changes in discount rate assumptions, end of period	(554,896)		0		(554,896)
Balance, end of period	$	10,911,794	$	0	$	10,911,794

	Year Ended December 31, 2022
	Present Value of Expected Future Policy Benefits
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	20,937,097	$	237,065	$	21,174,162
Effect of cumulative changes in discount rate assumptions, beginning of period	(3,607,275)		(16,704)		(3,623,979)
Balance at original discount rate, beginning of period	17,329,822		220,361		17,550,183
Effect of assumption update	1,756,995		0		1,756,995
Effect of actual variances from expected experience and other activity	(206,175)		(1,639)		(207,814)
Adjusted balance, beginning of period	18,880,642		218,722		19,099,364
Issuances	439,874		30,469		470,343
Interest accrual	888,525		7,836		896,361
Benefit payments	(1,416,823)		(27,138)		(1,443,961)
Other adjustments	5,068		(286)		4,782
Balance at original discount rate, end of period	18,797,286		229,603		19,026,889
Effect of cumulative changes in discount rate assumptions, end of period	(962,035)		(24,876)		(986,911)
Balance, end of period	$	17,835,251	$	204,727	$	18,039,978
Other, end of period					2,127
Total balance, end of period					$	18,042,105

	Year Ended December 31, 2022
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	6,923,457	$	204,727	$	7,128,184
Flooring impact, end of period	0		0		0
Balance, end of period, post-flooring	6,923,457		204,727		7,128,184
Less: Reinsurance recoverable	6,497,257		16,460		6,513,717
Balance after reinsurance recoverable, end of period, post-flooring	$	426,200	$	188,267	$	614,467

	Year Ended December 31, 2021
	Present Value of Expected Net Premiums
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	12,791,701	$	0	$	12,791,701
Effect of cumulative changes in discount rate assumptions, beginning of period	(2,461,823)		0		(2,461,823)
Balance at original discount rate, beginning of period	10,329,878		0		10,329,878
Effect of assumption update	39,089		0		39,089
Effect of actual variances from expected experience and other activity	246,712		0		246,712
Adjusted balance, beginning of period	10,615,679		0		10,615,679
Issuances	747,703		29,700		777,403
Net premiums / considerations collected	(1,193,642)		(29,700)		(1,223,342)
Interest accrual	489,196		0		489,196
Balance at original discount rate, end of period	10,658,936		0		10,658,936
Effect of cumulative changes in discount rate assumptions, end of period	1,826,120		0		1,826,120
Balance, end of period	$	12,485,056	$	0	$	12,485,056

	Year Ended December 31, 2021
	Present Value of Expected Future Policy Benefits
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	21,897,943	$	237,094	$	22,135,037
Effect of cumulative changes in discount rate assumptions, beginning of period	(4,893,834)		(27,090)		(4,920,924)
Balance at original discount rate, beginning of period	17,004,109		210,004		17,214,113
Effect of assumption update	40,236		0		40,236
Effect of actual variances from expected experience and other activity	268,005		(1,422)		266,583
Adjusted balance, beginning of period	17,312,350		208,582		17,520,932
Issuances	747,703		29,700		777,403
Interest accrual	832,663		7,454		840,117
Benefit payments	(1,566,091)		(25,328)		(1,591,419)
Other adjustments	3,197		(47)		3,150
Balance at original discount rate, end of period	17,329,822		220,361		17,550,183
Effect of cumulative changes in discount rate assumptions, end of period	3,607,275		16,704		3,623,979
Balance, end of period	$	20,937,097	$	237,065	$	21,174,162
Other, end of period					2,902
Total balance, end of period					$	21,177,064

	Year Ended December 31, 2021
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	8,452,041	$	237,065	$	8,689,106
Flooring impact, end of period	951		0		951
Balance, end of period, post-flooring	8,452,992		237,065		8,690,057
Less: Reinsurance recoverable	7,855,802		19,314		7,875,116
Balance after reinsurance recoverable, end of period, post-flooring	$	597,190	$	217,751	$	814,941

The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:

	Year Ended December 31, 2023
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	21,871,767		$	0
Discounted expected future gross premiums (at original discount rate)	$	15,027,611		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,748,999		$	0
Undiscounted expected future benefits and expenses	$	29,118,532		$	332,902
Interest accrual	$	373,845		$	8,440
Gross premiums	$	1,804,955		$	41,111
Weighted-average duration of the liability in years (at original discount rate)	10			7
Weighted-average duration of the liability in years (at current discount rate)	10			6
Weighted-average interest rate (at original discount rate)	5.17		%	3.70		%
Weighted-average interest rate (at current discount rate)	4.99		%	4.95		%

	Year Ended December 31, 2022
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	22,223,836		$	0
Discounted expected future gross premiums (at original discount rate)	$	15,322,180		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,587,657		$	0
Undiscounted expected future benefits and expenses	$	29,330,574		$	306,286
Interest accrual	$	363,375		$	7,836
Gross premiums	$	1,831,360		$	32,105
Weighted-average duration of the liability in years (at original discount rate)	11			7
Weighted-average duration of the liability in years (at current discount rate)	10			6
Weighted-average interest rate (at original discount rate)	5.23		%	3.60		%
Weighted-average interest rate (at current discount rate)	5.39		%	5.33		%

	Year Ended December 31, 2021
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	24,005,621		$	0
Discounted expected future gross premiums (at original discount rate)	$	16,246,950		$	0
Discounted expected future gross premiums (at current discount rate)	$	19,102,730		$	0
Undiscounted expected future benefits and expenses	$	27,127,403		$	293,095
Interest accrual	$	343,467		$	7,454
Gross premiums	$	1,822,261		$	35,672
Weighted-average duration of the liability in years (at original discount rate)	10			7
Weighted-average duration of the liability in years (at current discount rate)	11			7
Weighted-average interest rate (at original discount rate)	5.30		%	3.47		%
Weighted-average interest rate (at current discount rate)	2.55		%	2.49		%

For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2.

The balances of and changes in Deferred Profit Liability for the years ended December 31, are as follows:

	2023		2022		2021
	Fixed Annuities
	(in thousands)
Balance, beginning of period	$	18,193	$	15,765	$	9,959
Effect of actual variances from expected experience and other activity	(6,978)		1,250		1,247
Adjusted balance, beginning of period	11,215		17,015		11,206
Profits deferred	5,191		2,511		5,823
Interest accrual	552		616		529
Amortization	(2,129)		(1,909)		(1,793)
Other adjustments	(11)		(40)		0
Balance, end of period	14,818		18,193		15,765
Less: Reinsurance recoverable	1,365		1,684		1,726
Balance after reinsurance recoverable	$	13,453	$	16,509	$	14,039

    

The following table provides supplemental information related to the balances of and changes in Deferred Profit Liability, included in the disaggregated table above, on a gross (direct and assumed) basis, for the years ended December 31,:

	2023		2022		2021
	Fixed Annuities
	(in thousands)
Revenue(1)	$	3,375	$	(2,428)	$	(5,805)
Interest accrual	552		616		529

(1)Represents the gross premiums collected in changes in deferred profit liability.

The following table shows a rollforward of AIR balances for variable and universal life products, for the years ended December 31,:

	2023		2022		2021
	(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring	$	12,664,445	$	11,660,527	$	10,878,087
Flooring impact and amounts in AOCI	1,269,236		(896,931)		(1,169,972)
Balance, excluding amounts in AOCI, beginning of period, pre-flooring	13,933,681		10,763,596		9,708,115
Effect of assumption update	22,910		2,197,592		(1,243)
Effect of actual variances from expected experience and other activity	34,021		(223,185)		53,125
Adjusted balance, beginning of period	13,990,612		12,738,003		9,759,997
Assessments collected(1)	929,709		961,924		848,263
Interest accrual	486,253		433,631		344,789
Benefits paid	(294,199)		(199,877)		(189,453)
Balance, excluding amounts in AOCI, end of period, pre-flooring	15,112,375		13,933,681		10,763,596
Flooring impact and amounts in AOCI	(831,583)		(1,269,236)		896,931
Balance, including amounts in AOCI, end of period, post-flooring	14,280,792		12,664,445		11,660,527
Less: Reinsurance recoverable	14,054,600		12,458,184		11,419,340
Balance after reinsurance recoverable, including amounts in AOCI, end of period	$	226,192	$	206,261	$	241,187

(1) Represents the portion of gross assessments required to fund the future policy benefits.

	2023			2022			2021
	($ in thousands)
Interest accrual	$	486,253		$	433,631		$	344,789
Gross assessments	$	1,405,696		$	1,367,796		$	1,674,305
Weighted-average duration of the liability in years (at original discount rate)	22			23			22
Weighted-average interest rate (at original discount rate)	3.39		%	3.37		%	3.37		%

The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, Deferred Profit Liability and Additional Insurance Reserves including other liabilities, gross of related reinsurance recoverables, to the total liability for Future Policy Benefits as reported on the Company's Consolidated Statements of Financial Position for the years ended December 31,:

	2023		2022		2021
	(in thousands)
Benefit reserves, end of period, post-flooring	$	7,727,206	$	7,128,184	$	8,690,057
Deferred profit liability, end of period, post-flooring	14,818		18,193		15,765
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring	14,280,792		12,664,445		11,660,527
Subtotal of amounts disclosed above	22,022,816		19,810,822		20,366,349
Other Future policy benefits reserves(1)	1,182,389		1,018,211		1,144,400
Total Future policy benefits	$	23,205,205	$	20,829,033	$	21,510,749

(1)Represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.

The following tables present revenue and interest expense related to Benefit Reserves, Deferred Profit Liability and Additional Insurance Reserves, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations for the periods indicated:

	Year Ended December 31, 2023
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	1,804,955	$	0	$	41,111	$	1,846,066
Deferred profit liability	0		0		3,375		3,375
Additional insurance reserves	0		1,405,696		0		1,405,696
Total	$	1,804,955	$	1,405,696	$	44,486	$	3,255,137

	Year Ended December 31, 2022
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	1,831,360	$	0	$	32,105	$	1,863,465
Deferred profit liability	0		0		(2,428)		(2,428)
Additional insurance reserves	0		1,367,796		0		1,367,796
Total	$	1,831,360	$	1,367,796	$	29,677	$	3,228,833

	Year Ended December 31, 2021
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	1,822,261	$	0	$	35,672	$	1,857,933
Deferred profit liability	0		0		(5,805)		(5,805)
Additional insurance reserves	0		1,674,305		0		1,674,305
Total	$	1,822,261	$	1,674,305	$	29,867	$	3,526,433

(1)Represents "Gross premiums" for benefit reserves; "Gross assessments" for additional insurance reserves; and "Revenue" for deferred profit liability.

	Year Ended December 31, 2023
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	373,845	$	0	$	8,440	$	382,285
Deferred profit liability	0		0		552		552
Additional insurance reserves	0		486,253		0		486,253
Total	$	373,845	$	486,253	$	8,992	$	869,090

	Year Ended December 31, 2022
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	363,375	$	0	$	7,836	$	371,211
Deferred profit liability	0		0		616		616
Additional insurance reserves	0		433,631		0		433,631
Total	$	363,375	$	433,631	$	8,452	$	805,458

	Year Ended December 31, 2021
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	343,467	$	0	$	7,454	$	350,921
Deferred profit liability	0		0		529		529
Additional insurance reserves	0		344,789		0		344,789
Total	$	343,467	$	344,789	$	7,983	$	696,239