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Reserve for Future Policy Benefits and Contractholder Funds (Tables)
 6 Months Ended
Jun. 30, 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)
Six months ended June 30,
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(1)— — (12)(1)(12)
Effect of actual variances from expected experience(27)(26)13 19 (14)(7)
Adjusted beginning balance1,709 1,523 343 253 2,052 1,776 
Issuances344 259 56 18 400 277 
Interest accrual39 25 7 5 46 30 
Net premiums collected(196)(186)(32)(25)(228)(211)
Ending balance at original discount rate1,896 1,621 374 251 2,270 1,872 
Effect of changes in discount rate assumptions(79)(68)(8)(7)(87)(75)
Ending balance1,817 1,553 366 244 2,183 1,797 
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)— — (12)(6)(12)
Effect of actual variances from expected experience(25)(30)8 20 (17)(10)
Adjusted beginning balance2,464 2,286 664 542 3,128 2,828 
Issuances344 256 57 18 401 274 
Interest accrual53 47 15 12 68 59 
Benefit payments(210)(199)(19)(26)(229)(225)
Ending balance at original discount rate2,651 2,390 717 546 3,368 2,936 
Effect of changes in discount rate assumptions(84)(64)(20)(7)(104)(71)
Ending balance$2,567 $2,326 $697 $539 $3,264 $2,865 
Net reserve for future policy benefits (1)
$750 $773 $331 $295 $1,081 $1,068 
Less: reinsurance recoverables80 84 1 2 81 86 
Net reserve for future policy benefits, after reinsurance recoverables
$670 $689 $330 $293 $1,000 $982 
(1)Excludes $263 million and $271 million of reserves related to short-duration and other contracts as of June 30, 2024 and 2023, respectively.
Revenue and interest recognized in the condensed consolidated statements of operations
($ in millions)Six months ended June 30,
20242023
Revenues (1)
Accident and health$436 $446 
Traditional life68 50 
Total$504 $496 
Interest expense (2)
Accident and health$14 $22 
Traditional life8 7 
Total$22 $29 
(1)Total revenues reflects gross premiums used in the calculation for reserve for future policy benefits. Revenues included in Accident and health insurance premiums and contract charges on the Condensed Consolidated Statements of Operations reflect premium revenue recognized for traditional life insurance and long-duration and short-duration accident and health insurance contracts.
(2)Total interest expense presented as part of Accident, health and other policy benefits on the Condensed Consolidated Statements of Operations.
The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for nonparticipating traditional and limited-payment contracts.
As of June 30,
20242023
($ in millions)UndiscountedDiscountedUndiscountedDiscounted
Accident and health
Expected future gross premiums$5,703 $3,867 $5,020 $3,602 
Expected future benefits and expenses3,854 2,567 3,350 2,326 
Traditional life
Expected future gross premiums1,042 715 696 489 
Expected future benefits and expenses1,456 697 1,008 539 
The following table provides the weighted-average duration and weighted-average interest rates for the reserve for future policy benefits.
As of June 30,
Accident and healthTraditional life
2024202320242023
Weighted-average duration (in years)8.03.915.114.0
Weighted-average interest rates
Interest accretion rate (discount rate at contract issuance)5.04 %5.08 %5.37 %5.46 %
Current discount rate (upper-medium grade fixed income yield)5.26 4.79 5.35 5.14 
Schedule of Contractholder Funds Activity
Contractholder funds activity
Six months ended June 30,
($ in millions)20242023
Beginning balance$888 $879 
Deposits67 66 
Interest credited17 17 
Benefits(5)(6)
Surrenders and partial withdrawals(11)(10)
Contract charges(60)(60)
Other adjustments(5)(5)
Ending balance$891 $881 
Components of contractholder funds
Interest-sensitive life insurance$849 $833 
Fixed annuities42 48 
Total $891 $881 
Weighted-average crediting rate4.20 %4.27 %
Net amount at risk (1)
$11,165 $11,640 
Cash surrender value732 725 
(1)Guaranteed benefit amounts in excess of the current account balances.
Schedule of Account Values by Comparison of Current Crediting Rate to Guaranteed Minimum Crediting Rate
Account values: comparison of current crediting rate to guaranteed minimum crediting rate (1)
($ in millions)

Range of guaranteed minimum crediting rates
At guaranteed minimum
1-50 basis points above
Total
June 30, 2024
Less than 3.00%
$— $— $— 
3.00% - 3.49%
— 37 37 
3.50% - 3.99%
10 — 10 
4.00% - 4.49%
438 — 438 
4.50% - 4.99%
259 — 259 
5.00% or greater
66 — 66 
Non-account balances (2)
81 
Total$773 $37 $891 
June 30, 2023
Less than 3.00%
$— $— $— 
3.00% - 3.49%
— 23 23 
3.50% - 3.99%
11 — 11 
4.00% - 4.49%
433 — 433 
4.50% - 4.99%
265 — 265 
5.00% or greater
69 — 69 
Non-account balances (2)
80 
Total$778 $23 $881 
(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.