Liability For Future Policy Benefits (Tables)

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

Liability for Future Policy Benefit

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.

	Nine Months Ended September 30, 2024
	Present Value of Expected Net Premiums
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	10,927,833	$	0	$	10,927,833
Effect of cumulative changes in discount rate assumptions, beginning of period	225,711		0		225,711
Balance at original discount rate, beginning of period	11,153,544		0		11,153,544
Effect of assumption update	21,466		0		21,466
Effect of actual variances from expected experience and other activity	(198,894)		201		(198,693)
Adjusted balance, beginning of period	10,976,116		201		10,976,317
Issuances	608,144		25,850		633,994
Net premiums / considerations collected	(992,948)		(26,051)		(1,018,999)
Interest accrual	383,336		0		383,336
Other adjustments	7,091		0		7,091
Balance at original discount rate, end of period	10,981,739		0		10,981,739
Effect of cumulative changes in discount rate assumptions, end of period	(111,296)		0		(111,296)
Balance, end of period	$	10,870,443	$	0	$	10,870,443

	Nine Months Ended September 30, 2024
	Present Value of Expected Future Policy Benefits
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	18,426,207	$	228,788	$	18,654,995
Effect of cumulative changes in discount rate assumptions, beginning of period	331,571		19,521		351,092
Balance at original discount rate, beginning of period	18,757,778		248,309		19,006,087
Effect of assumption update	21,480		(3,643)		17,837
Effect of actual variances from expected experience and other activity	(245,193)		391		(244,802)
Adjusted balance, beginning of period	18,534,065		245,057		18,779,122
Issuances	608,144		25,850		633,994
Interest accrual	668,751		6,752		675,503
Benefit payments	(1,062,328)		(23,877)		(1,086,205)
Other adjustments	10,421		(149)		10,272
Balance at original discount rate, end of period	18,759,053		253,633		19,012,686
Effect of cumulative changes in discount rate assumptions, end of period	(159,410)		(14,751)		(174,161)
Balance, end of period	$	18,599,643	$	238,882	$	18,838,525
Other, end of period					1,610
Total balance, end of period					$	18,840,135

	Nine Months Ended September 30, 2024
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	7,729,200	$	238,882	$	7,968,082
Flooring impact, end of period	44		0		44
Balance, end of period, post-flooring	7,729,244		238,882		7,968,126
Less: Reinsurance recoverables	6,910,121		20,461		6,930,582
Balance after reinsurance recoverables, end of period, post-flooring	$	819,123	$	218,421	$	1,037,544

	Nine Months Ended September 30, 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	(144,504)		(1,257)		(145,761)
Adjusted balance, beginning of period	11,321,396		(1,257)		11,320,139
Issuances	512,379		28,889		541,268
Net premiums / considerations collected	(1,008,159)		(27,632)		(1,035,791)
Interest accrual	391,662		0		391,662
Balance at original discount rate, end of period	11,217,278		0		11,217,278
Effect of cumulative changes in discount rate assumptions, end of period	(939,494)		0		(939,494)
Balance, end of period	$	10,277,784	$	0	$	10,277,784

	Nine Months Ended September 30, 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	962,034		24,876		986,910
Balance at original discount rate, beginning of period	18,797,285		229,603		19,026,888
Effect of assumption update	(1,044)		0		(1,044)
Effect of actual variances from expected experience and other activity	(191,864)		6,793		(185,071)
Adjusted balance, beginning of period	18,604,377		236,396		18,840,773
Issuances	512,379		28,889		541,268
Interest accrual	670,905		6,300		677,205
Benefit payments	(1,019,151)		(25,504)		(1,044,655)
Other adjustments	2,845		(84)		2,761
Balance at original discount rate, end of period	18,771,355		245,997		19,017,352
Effect of cumulative changes in discount rate assumptions, end of period	(1,767,981)		(34,327)		(1,802,308)
Balance, end of period	$	17,003,374	$	211,670	$	17,215,044
Other, end of period					1,838
Total balance, end of period					$	17,216,882

	Nine Months Ended September 30, 2023
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	6,725,590	$	211,670	$	6,937,260
Flooring impact, end of period	1,773		0		1,773
Balance, end of period, post-flooring	6,727,363		211,670		6,939,033
Less: Reinsurance recoverables	6,241,505		17,097		6,258,602
Balance after reinsurance recoverables, end of period, post-flooring	$	485,858	$	194,573	$	680,431

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:

	Nine Months Ended September 30, 2024
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	21,790,252		$	0
Discounted expected future gross premiums (at original discount rate)	$	14,899,016		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,780,675		$	0
Undiscounted expected future benefits and expenses	$	29,134,537		$	341,000
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)	9			6
Weighted-average interest rate (at original discount rate)	5.13		%	3.90		%
Weighted-average interest rate (at current discount rate)	4.91		%	4.82		%

	Nine Months Ended September 30, 2023
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	21,914,391		$	0
Discounted expected future gross premiums (at original discount rate)	$	15,083,578		$	0
Discounted expected future gross premiums (at current discount rate)	$	13,840,343		$	0
Undiscounted expected future benefits and expenses	$	29,147,479		$	328,212
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)	9			6
Weighted-average interest rate (at original discount rate)	5.18		%	3.62		%
Weighted-average interest rate (at current discount rate)	6.02		%	5.95		%

The balances of and changes in DPL as of and for the periods indicated are as follows:

	Nine Months Ended September 30,
	2024		2023
	Fixed Annuities
	(in thousands)
Balance, beginning of period, post-flooring	$	14,818	$	18,193
Effect of assumption update	2,110		0
Effect of actual variances from expected experience and other activity	465		(6,924)
Adjusted balance, beginning of period	17,393		11,269
Profits deferred	3,786		4,834
Interest accrual	505		423
Amortization	(1,689)		(1,647)
Other adjustments	(16)		(11)
Balance, end of period, post-flooring	19,979		14,868
Less: Reinsurance recoverables	1,504		1,435
Balance after reinsurance recoverables, end of period	$	18,475	$	13,433

The following table shows a rollforward of AIR balances for variable and universal life products for the periods indicated:

	Nine Months Ended September 30,
	2024		2023
	(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring	$	14,280,793	$	12,664,445
Flooring impact and amounts in AOCI	831,583		1,269,237
Balance, excluding amounts in AOCI, beginning of period, pre-flooring	15,112,376		13,933,682
Effect of assumption update	154,058		22,910
Effect of actual variances from expected experience and other activity	326,790		(12,611)
Adjusted balance, beginning of period	15,593,224		13,943,981
Assessments collected(1)	843,853		828,657
Interest accrual	397,904		360,309
Benefits paid	(258,579)		(219,784)
Balance, excluding amounts in AOCI, end of period, pre-flooring	16,576,402		14,913,163
Flooring impact and amounts in AOCI	(343,625)		(1,714,686)
Balance, including amounts in AOCI, end of period, post-flooring	16,232,777		13,198,477
Less: Reinsurance recoverables	16,005,948		12,979,687
Balance after reinsurance recoverables, including amounts in AOCI, end of period	$	226,829	$	218,790

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

	Nine Months Ended September 30,
	2024		2023
Weighted-average duration of the liability in years (at original discount rate)	22		22
Weighted-average interest rate (at original discount rate)	3.39	%	3.36	%

The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for Future Policy Benefits as reported on the Company's Unaudited Interim Consolidated Statements of Financial Position as of the periods indicated:

	Nine Months Ended September 30,
	2024		2023
	(in thousands)
Benefit reserves, end of period, post-flooring	$	7,968,126	$	6,939,033
Deferred profit liability, end of period, post-flooring	19,979		14,868
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring	16,232,777		13,198,477
Subtotal of amounts disclosed above	24,220,882		20,152,378
Other Future policy benefits reserves(1)	1,032,177		1,104,756
Total Future policy benefits	$	25,253,059	$	21,257,134

(1)Primarily 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, DPL, and AIR, 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:

	Nine Months Ended September 30, 2024
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	1,352,988	$	0	$	30,007	$	1,382,995
Deferred profit liability	0		0		(5,161)		(5,161)
Additional insurance reserves	0		1,349,352		0		1,349,352
Total	$	1,352,988	$	1,349,352	$	24,846	$	2,727,186

	Nine Months Ended September 30, 2023
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	1,351,460	$	0	$	32,677	$	1,384,137
Deferred profit liability	0		0		3,325		3,325
Additional insurance reserves	0		1,168,206		0		1,168,206
Total	$	1,351,460	$	1,168,206	$	36,002	$	2,555,668

(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.

	Nine Months Ended September 30, 2024
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	285,415	$	0	$	6,752	$	292,167
Deferred profit liability	0		0		505		505
Additional insurance reserves	0		397,904		0		397,904
Total	$	285,415	$	397,904	$	7,257	$	690,576

	Nine Months Ended September 30, 2023
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	279,242	$	0	$	6,300	$	285,542
Deferred profit liability	0		0		423		423
Additional insurance reserves	0		360,309		0		360,309
Total	$	279,242	$	360,309	$	6,723	$	646,274