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Reserve for Future Policy Benefits and Contractholder Funds (Tables)
 3 Months Ended
Mar. 31, 2024
Reserve for Future Policy Benefits and Contractholder Funds [Abstract]  
Schedule of Reserve for Future Policy Benefits, and Revenue and Interest Recognized and Key Assumptions
Rollforward of reserve for future policy benefits (1)
Three months ended March 31,
Accident and
health		Traditional
life		Total
($ in millions)202420232024202320242023
Present value of expected net premiums
Beginning balance$1,688 $1,464 $325 $238 $2,013 $1,702 
Beginning balance at original discount rate1,737 1,549 330 246 2,067 1,795 
Effect of changes in cash flow assumptions— — — — — — 
Effect of actual variances from expected experience(44)(42)11 5 (33)(37)
Adjusted beginning balance1,693 1,507 341 251 2,034 1,758 
Issuances230 199 32 17 262 216 
Interest accrual18 12 5 3 23 15 
Net premiums collected(98)(95)(16)(12)(114)(107)
Ending balance at original discount rate1,843 1,623 362 259 2,205 1,882 
Effect of changes in discount rate assumptions(81)(62)(9)(5)(90)(67)
Ending balance1,762 1,561 353 254 2,115 1,815 
Present value of expected future policy benefits
Beginning balance2,453 2,229 657 524 3,110 2,753 
Beginning balance at original discount rate2,495 2,316 656 534 3,151 2,850 
Effect of changes in cash flow assumptions(6)— — — (6)— 
Effect of actual variances from expected experience(47)(47)8 4 (39)(43)
Adjusted beginning balance2,442 2,269 664 538 3,106 2,807 
Issuances230 199 33 16 263 215 
Interest accrual25 19 9 6 34 25 
Benefit payments(102)(99)(12)(12)(114)(111)
Ending balance at original discount rate2,595 2,388 694 548 3,289 2,936 
Effect of changes in discount rate assumptions(86)(53)(22)(1)(108)(54)
Ending balance$2,509 $2,335 $672 $547 $3,181 $2,882 
Net reserve for future policy benefits (1)
$747 $774 $319 $293 $1,066 $1,067 
Less: reinsurance recoverables80 76 1 2 81 78 
Net reserve for future policy benefits, after reinsurance recoverables
$667 $698 $318 $291 $985 $989 
(1)Excludes $259 million and $271 million of reserves related to short-duration and other contracts as of March 31, 2024 and 2023, respectively.
Revenue and interest recognized in the condensed consolidated statements of operations
($ in millions)Three months ended March 31,
20242023
Revenues (1)
Accident and health$221 $225 
Traditional life34 25 
Total$255 $250 
Interest expense (2)
Accident and health$7 $7 
Traditional life4 3 
Total$11 $10 
(1) Total revenues reflects gross premiums used in the calculation for reserve for future policy benefits. Revenues included in Accident and health insurance premiums and contract charges on the Condensed Consolidated Statements of Operations reflect premium revenue recognized for traditional life insurance and long-duration and short-duration accident and health insurance contracts.
(2) Total interest expense presented as part of Accident, health and other policy benefits on the Condensed Consolidated Statements of Operations.
The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for nonparticipating traditional and limited-payment contracts.
As of March 31,
20242023
($ in millions)UndiscountedDiscountedUndiscountedDiscounted
Accident and health
Expected future gross premiums$5,580 $3,807 $5,068 $3,671 
Expected future benefits and expenses3,754 2,509 3,351 2,335 
Traditional life
Expected future gross premiums1,002 687 721 500 
Expected future benefits and expenses1,399 672 1,008 547 
Key assumptions used in calculating the reserve for future policy benefits
As of March 31,
Accident and healthTraditional life
2024202320242023
Weighted-average duration (in years)4.34.115.114.1
Weighted-average interest rates
Interest accretion rate (discount rate at contract issuance)4.96 %5.09 %5.41 %5.50 %
Current discount rate (upper-medium grade fixed income yield)5.02 4.58 5.35 5.03 
Schedule of Contractholder Funds Activity
Contractholder funds activity
Three months ended March 31,
($ in millions)20242023
Beginning balance$888 $879 
Deposits34 33 
Interest credited9 8 
Benefits(2)(4)
Surrenders and partial withdrawals(6)(5)
Contract charges(30)(30)
Other adjustments(3)(3)
Ending balance$890 $878 
Components of contractholder funds
Interest-sensitive life insurance$846 $830 
Fixed annuities44 48 
Total $890 $878 
Weighted-average crediting rate4.20 %4.27 %
Net amount at risk (1)
$11,364 $11,780 
Cash surrender value731 722 
(1)Guaranteed benefit amounts in excess of the current account balances.
Schedule of Account Values by Comparison of Current Crediting Rate to Guaranteed Minimum Crediting Rate
Account values: comparison of current crediting rate to guaranteed minimum crediting rate (1)
($ in millions)

Range of guaranteed minimum crediting rates
At guaranteed minimum
1-50 basis points above
Total
March 31, 2024
Less than 3.00%
$— $— $— 
3.00% - 3.49%
— 34 34 
3.50% - 3.99%
10 — 10 
4.00% - 4.49%
437 — 437 
4.50% - 4.99%
260 — 260 
5.00% or greater
67 — 67 
Non-account balances (2)
82 
Total$774 $34 $890 
March 31, 2023
Less than 3.00%
$— $— $— 
3.00% - 3.49%
— 20 20 
3.50% - 3.99%
11 — 11 
4.00% - 4.49%
431 — 431 
4.50% - 4.99%
266 — 266 
5.00% or greater
69 — 69 
Non-account balances (2)
81 
Total$777 $20 $878 
(1)Difference, in basis points, between rates being credited to contractholders and the respective guaranteed minimum crediting rates.
(2)Non-account balances include unearned revenue and amounts related to policies where a claim is either in the course of settlement or incurred but not reported. A claim on a life insurance policy results in the accrual of interest at a rate and over a period of time that is specified by state insurance regulations.