Liability For Future Policy Benefits (Tables)

3 Months Ended

Mar. 31, 2025

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.

	Three Months Ended March 31, 2025
	Present Value of Expected Net Premiums
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	10,414,702	$	0	$	10,414,702
Effect of cumulative changes in discount rate assumptions, beginning of period	567,443		0		567,443
Balance at original discount rate, beginning of period	10,982,145		0		10,982,145
Effect of actual variances from expected experience and other activity	(56,837)		0		(56,837)
Adjusted balance, beginning of period	10,925,308		0		10,925,308
Issuances	194,679		11,076		205,755
Net premiums / considerations collected	(325,511)		(11,076)		(336,587)
Interest accrual	128,423		0		128,423
Other adjustments	9		0		9
Balance at original discount rate, end of period	10,922,908		0		10,922,908
Effect of cumulative changes in discount rate assumptions, end of period	(453,082)		0		(453,082)
Balance, end of period	$	10,469,826	$	0	$	10,469,826

	Three Months Ended March 31, 2025
	Present Value of Expected Future Policy Benefits
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	17,689,399	$	238,086	$	17,927,485
Effect of cumulative changes in discount rate assumptions, beginning of period	1,091,673		19,442		1,111,115
Balance at original discount rate, beginning of period	18,781,072		257,528		19,038,600
Effect of actual variances from expected experience and other activity	(65,080)		1,139		(63,941)
Adjusted balance, beginning of period	18,715,992		258,667		18,974,659
Issuances	194,678		11,076		205,754
Interest accrual	225,260		2,492		227,752
Benefit payments	(362,895)		(8,633)		(371,528)
Other adjustments	1,937		0		1,937
Balance at original discount rate, end of period	18,774,972		263,602		19,038,574
Effect of cumulative changes in discount rate assumptions, end of period	(887,904)		(14,332)		(902,236)
Balance, end of period	$	17,887,068	$	249,270	$	18,136,338
Other, end of period					1,410
Total balance, end of period					$	18,137,748

	Three Months Ended March 31, 2025
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	7,417,242	$	249,270	$	7,666,512
Flooring impact, end of period	44		0		44
Balance, end of period, post-flooring	7,417,286		249,270		7,666,556
Less: Reinsurance recoverables	6,832,580		20,954		6,853,534
Balance after reinsurance recoverables, end of period, post-flooring	$	584,706	$	228,316	$	813,022

	Three Months Ended March 31, 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 actual variances from expected experience and other activity	(54,196)		(290)		(54,486)
Adjusted balance, beginning of period	11,099,348		(290)		11,099,058
Issuances	192,492		8,595		201,087
Net premiums / considerations collected	(329,743)		(8,305)		(338,048)
Interest accrual	129,053		0		129,053
Other adjustments	(78)		0		(78)
Balance at original discount rate, end of period	11,091,072		0		11,091,072
Effect of cumulative changes in discount rate assumptions, end of period	(434,791)		0		(434,791)
Balance, end of period	$	10,656,281	$	0	$	10,656,281

	Three Months Ended March 31, 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 actual variances from expected experience and other activity	(65,431)		(369)		(65,800)
Adjusted balance, beginning of period	18,692,347		247,940		18,940,287
Issuances	192,492		8,595		201,087
Interest accrual	223,989		2,204		226,193
Benefit payments	(368,247)		(7,544)		(375,791)
Other adjustments	(23)		(34)		(57)
Balance at original discount rate, end of period	18,740,558		251,161		18,991,719
Effect of cumulative changes in discount rate assumptions, end of period	(742,789)		(23,464)		(766,253)
Balance, end of period	$	17,997,769	$	227,697	$	18,225,466
Other, end of period					1,675
Total balance, end of period					$	18,227,141

	Three Months Ended March 31, 2024
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	7,341,488	$	227,697	$	7,569,185
Flooring impact, end of period	44		0		44
Balance, end of period, post-flooring	7,341,532		227,697		7,569,229
Less: Reinsurance recoverables	6,650,332		18,428		6,668,760
Balance after reinsurance recoverables, end of period, post-flooring	$	691,200	$	209,269	$	900,469

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:

	Three Months Ended March 31, 2025
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	21,792,468		$	0
Discounted expected future gross premiums (at original discount rate)	$	14,843,715		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,266,715		$	0
Undiscounted expected future benefits and expenses	$	29,143,806		$	357,084
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)	5.12		%	4.00		%
Weighted-average interest rate (at current discount rate)	5.44		%	5.33		%

	Three Months Ended March 31, 2024
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	21,812,112		$	0
Discounted expected future gross premiums (at original discount rate)	$	14,968,218		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,408,614		$	0
Undiscounted expected future benefits and expenses	$	29,069,972		$	336,830
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)	5.16		%	3.76		%
Weighted-average interest rate (at current discount rate)	5.29		%	5.26		%

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

	Three Months Ended March 31,
	2025		2024
	Fixed Annuities
	(in thousands)
Balance, beginning of period, post-flooring	$	22,939	$	14,818
Effect of actual variances from expected experience and other activity	(650)		330
Adjusted balance, beginning of period	22,289		15,148
Profits deferred	1,580		216
Interest accrual	234		133
Amortization	(711)		(456)
Other adjustments	(1)		(3)
Balance, end of period, post-flooring	23,391		15,038
Less: Reinsurance recoverables	2,019		1,576
Balance after reinsurance recoverables, end of period	$	21,372	$	13,462

The following table shows a rollforward of AIR balances for variable and universal life products for the periods indicated, along with a reconciliation to the Company's total AIR balance:

	Three Months Ended March 31,
	2025		2024
	(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring	$	16,351,053	$	14,280,792
Flooring impact and amounts in AOCI	617,186		831,583
Balance, excluding amounts in AOCI, beginning of period, pre-flooring	16,968,239		15,112,375
Effect of actual variances from expected experience and other activity	9,840		191,104
Adjusted balance, beginning of period	16,978,079		15,303,479
Assessments collected(1)	269,478		297,419
Interest accrual	142,506		128,241
Benefits paid	(86,194)		(68,233)
Balance, excluding amounts in AOCI, end of period, pre-flooring	17,303,869		15,660,906
Flooring impact and amounts in AOCI	(513,439)		(1,014,852)
Balance, including amounts in AOCI, end of period, post-flooring	16,790,430		14,646,054
Less: Reinsurance recoverables	16,548,025		14,466,067
Balance after reinsurance recoverables, including amounts in AOCI, end of period	242,405		179,987
Other	7,610		0
Total balance after reinsurance recoverables	$	250,015	$	179,987

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

	Three Months Ended March 31,
	2025		2024
Weighted-average duration of the liability in years (at original discount rate)	22		22
Weighted-average interest rate (at original discount rate)	3.34	%	3.39	%

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:

	Three Months Ended March 31,
	2025		2024
	(in thousands)
Benefit reserves, end of period, post-flooring	$	7,666,556	$	7,569,229
Deferred profit liability, end of period, post-flooring	23,391		15,038
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring	16,798,040		14,646,054
Subtotal of amounts disclosed above	24,487,987		22,230,321
Other Future policy benefits reserves(1)	1,055,140		1,181,796
Total Future policy benefits	$	25,543,127	$	23,412,117

(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:

	Three Months Ended March 31, 2025
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	441,000	$	0	$	12,746	$	453,746
Deferred profit liability	0		0		(452)		(452)
Additional insurance reserves	0		458,049		0		458,049
Total	$	441,000	$	458,049	$	12,294	$	911,343

	Three Months Ended March 31, 2024
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	446,853	$	0	$	8,572	$	455,425
Deferred profit liability	0		0		(221)		(221)
Additional insurance reserves	0		419,396		0		419,396
Total	$	446,853	$	419,396	$	8,351	$	874,600

(1)Represents gross premiums for benefit reserves; revenue for DPL and gross assessments for AIR.

	Three Months Ended March 31, 2025
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	96,837	$	0	$	2,492	$	99,329
Deferred profit liability	0		0		234		234
Additional insurance reserves	0		142,506		0		142,506
Total	$	96,837	$	142,506	$	2,726	$	242,069

	Three Months Ended March 31, 2024
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	94,935	$	0	$	2,204	$	97,139
Deferred profit liability	0		0		133		133
Additional insurance reserves	0		128,241		0		128,241
Total	$	94,935	$	128,241	$	2,337	$	225,513