Liability For Future Policy Benefits (Tables)

6 Months Ended

Jun. 30, 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.

	Six Months Ended June 30, 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 assumption update	(207,935)		0		(207,935)
Effect of actual variances from expected experience and other activity	(93,680)		418		(93,262)
Adjusted balance, beginning of period	10,680,530		418		10,680,948
Issuances	391,473		21,601		413,074
Net premiums / considerations collected	(667,203)		(22,019)		(689,222)
Interest accrual	257,108		0		257,108
Other adjustments	(184)		0		(184)
Balance at original discount rate, end of period	10,661,724		0		10,661,724
Effect of cumulative changes in discount rate assumptions, end of period	(381,592)		0		(381,592)
Balance, end of period	$	10,280,132	$	0	$	10,280,132

	Six Months Ended June 30, 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 assumption update	(332,969)		0		(332,969)
Effect of actual variances from expected experience and other activity	(114,781)		2,302		(112,479)
Adjusted balance, beginning of period	18,333,322		259,830		18,593,152
Issuances	391,473		21,601		413,074
Interest accrual	447,398		5,096		452,494
Benefit payments	(725,946)		(17,064)		(743,010)
Other adjustments	2,324		146		2,470
Balance at original discount rate, end of period	18,448,571		269,609		18,718,180
Effect of cumulative changes in discount rate assumptions, end of period	(776,613)		(11,259)		(787,872)
Balance, end of period	$	17,671,958	$	258,350	$	17,930,308
Other, end of period					1,499
Total balance, end of period					$	17,931,807

	Six Months Ended June 30, 2025
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	7,391,826	$	258,350	$	7,650,176
Flooring impact, end of period	44		0		44
Balance, end of period, post-flooring	7,391,870		258,350		7,650,220
Less: Reinsurance recoverables	6,748,033		21,318		6,769,351
Balance after reinsurance recoverables, end of period, post-flooring	$	643,837	$	237,032	$	880,869

	Six Months Ended June 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	(127,507)		(380)		(127,887)
Adjusted balance, beginning of period	11,047,503		(380)		11,047,123
Issuances	403,742		18,328		422,070
Net premiums / considerations collected	(661,611)		(17,948)		(679,559)
Interest accrual	254,945		0		254,945
Other adjustments	(78)		0		(78)
Balance at original discount rate, end of period	11,044,501		0		11,044,501
Effect of cumulative changes in discount rate assumptions, end of period	(577,768)		0		(577,768)
Balance, end of period	$	10,466,733	$	0	$	10,466,733

	Six Months Ended June 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	(153,025)		(130)		(153,155)
Adjusted balance, beginning of period	18,626,233		244,536		18,870,769
Issuances	403,742		18,328		422,070
Interest accrual	444,536		4,453		448,989
Benefit payments	(721,798)		(15,519)		(737,317)
Other adjustments	1,103		(150)		953
Balance at original discount rate, end of period	18,753,816		251,648		19,005,464
Effect of cumulative changes in discount rate assumptions, end of period	(1,064,363)		(24,870)		(1,089,233)
Balance, end of period	$	17,689,453	$	226,778	$	17,916,231
Other, end of period					1,633
Total balance, end of period					$	17,917,864

	Six Months Ended June 30, 2024
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	7,222,720	$	226,778	$	7,449,498
Flooring impact, end of period	44		0		44
Balance, end of period, post-flooring	7,222,764		226,778		7,449,542
Less: Reinsurance recoverables	6,518,048		18,453		6,536,501
Balance after reinsurance recoverables, end of period, post-flooring	$	704,716	$	208,325	$	913,041

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:

	Six Months Ended June 30, 2025
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	21,856,366		$	0
Discounted expected future gross premiums (at original discount rate)	$	14,837,337		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,350,506		$	0
Undiscounted expected future benefits and expenses	$	28,650,712		$	365,428
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		%	4.08		%
Weighted-average interest rate (at current discount rate)	5.37		%	5.25		%

	Six Months Ended June 30, 2024
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	21,795,982		$	0
Discounted expected future gross premiums (at original discount rate)	$	14,920,888		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,173,894		$	0
Undiscounted expected future benefits and expenses	$	29,155,998		$	337,236
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)	5.15		%	3.83		%
Weighted-average interest rate (at current discount rate)	5.53		%	5.47		%

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

	Six Months Ended June 30,
	2025		2024
	Fixed Annuities
	(in thousands)
Balance, beginning of period, post-flooring	$	22,939	$	14,818
Effect of assumption update	0		2,110
Effect of actual variances from expected experience and other activity	(709)		412
Adjusted balance, beginning of period	22,230		17,340
Profits deferred	3,189		3,389
Interest accrual	487		319
Amortization	(1,476)		(1,025)
Other adjustments	(9)		(16)
Balance, end of period, post-flooring	24,421		20,007
Less: Reinsurance recoverables	2,053		1,439
Balance after reinsurance recoverables, end of period	$	22,368	$	18,568

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

	Six Months Ended June 30, 2025
	Variable and Universal Life		Fixed Annuities		Total
	(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring	$	16,351,053	$	0	$	16,351,053
Flooring impact and amounts in AOCI	617,186		0		617,186
Balance, excluding amounts in AOCI, beginning of period, pre-flooring	16,968,239		0		16,968,239
Effect of assumption update	(41,977)		0		(41,977)
Effect of actual variances from expected experience and other activity	107,488		59,462		166,950
Adjusted balance, beginning of period	17,033,750		59,462		17,093,212
Assessments collected(1)	511,560		22,346		533,906
Interest accrual	289,723		618		290,341
Benefits paid	(195,454)		0		(195,454)
Balance, excluding amounts in AOCI, end of period, pre-flooring	17,639,579		82,426		17,722,005
Flooring impact and amounts in AOCI	(500,285)		(13,058)		(513,343)
Balance, including amounts in AOCI, end of period, post-flooring	17,139,294		69,368		17,208,662
Less: Reinsurance recoverables	16,922,548		0		16,922,548
Balance after reinsurance recoverables, including amounts in AOCI, end of period	$	216,746	$	69,368	$	286,114
Other					6,389
Total balance after reinsurance recoverables					$	292,503

	Six Months Ended June 30, 2024
	Variable and Universal Life		Fixed Annuities		Total
	(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring	$	14,280,793	$	0	$	14,280,793
Flooring impact and amounts in AOCI	831,583		0		831,583
Balance, excluding amounts in AOCI, beginning of period, pre-flooring	15,112,376		0		15,112,376
Effect of assumption update	154,058		0		154,058
Effect of actual variances from expected experience and other activity	161,320		0		161,320
Adjusted balance, beginning of period	15,427,754		0		15,427,754
Assessments collected(1)	586,734		0		586,734
Interest accrual	261,019		0		261,019
Benefits paid	(158,757)		0		(158,757)
Balance, excluding amounts in AOCI, end of period, pre-flooring	16,116,750		0		16,116,750
Flooring impact and amounts in AOCI	(1,642,621)		0		(1,642,621)
Balance, including amounts in AOCI, end of period, post-flooring	14,474,129		0		14,474,129
Less: Reinsurance recoverables	14,286,902		0		14,286,902
Balance after reinsurance recoverables, including amounts in AOCI, end of period	$	187,227	$	0	$	187,227
Other					0
Total balance after reinsurance recoverables					$	187,227

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

	Six Months Ended June 30, 2025
	Variable and Universal Life		Fixed Annuities
Weighted-average duration of the liability in years (at original discount rate)	21		22
Weighted-average interest rate (at original discount rate)	3.37	%	2.68	%

	Six Months Ended June 30, 2024
	Variable and Universal Life		Fixed Annuities
Weighted-average duration of the liability in years (at original discount rate)	22		N/A
Weighted-average interest rate (at original discount rate)	3.40	%	N/A

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:

	Six Months Ended June 30,
	2025		2024
	(in thousands)
Benefit reserves, end of period, post-flooring	$	7,650,220	$	7,449,542
Deferred profit liability, end of period, post-flooring	24,421		20,007
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring	17,208,662		14,474,129
Subtotal of amounts disclosed above	24,883,303		21,943,678
Other Future policy benefits reserves(1)	1,174,169		1,086,901
Total Future policy benefits	$	26,057,472	$	23,030,579

(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:

	Six Months Ended June 30, 2025
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	910,292	$	0	$	25,380	$	935,672
Deferred profit liability	0		0		(1,482)		(1,482)
Additional insurance reserves	0		594,167		34,292		628,459
Total	$	910,292	$	594,167	$	58,190	$	1,562,649

	Six Months Ended June 30, 2024
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	901,158	$	0	$	21,461	$	922,619
Deferred profit liability	0		0		(5,187)		(5,187)
Additional insurance reserves	0		903,426		0		903,426
Total	$	901,158	$	903,426	$	16,274	$	1,820,858

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

	Six Months Ended June 30, 2025
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	190,290	$	0	$	5,096	$	195,386
Deferred profit liability	0		0		487		487
Additional insurance reserves	0		289,723		618		290,341
Total	$	190,290	$	289,723	$	6,201	$	486,214

	Six Months Ended June 30, 2024
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	189,591	$	0	$	4,453	$	194,044
Deferred profit liability	0		0		319		319
Additional insurance reserves	0		261,019		0		261,019
Total	$	189,591	$	261,019	$	4,772	$	455,382