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Long-duration insurance contracts (Tables) | 12 Months Ended
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Dec. 31, 2023
Insurance [Abstract] |
Summary of life, annuity and health insurance benefits liabilities | A summary of our life, annuity and health insurance benefits liabilities disaggregated by our two primary product categories, periodic payment annuities and life and health insurance, and other liabilities, which primarily consist of incurred-but-not-reported claims and claims in the course of settlement, follows (in millions).
| December 31, |
| 2023 |  |  | 2022 |  |  | 2021 |
Periodic payment annuities | $ | 11,212 |  |  | $ | 10,640 |  |  | $ | 16,153 |
Life and health |  | 5,749 |  |  |  | 5,879 |  |  |  | 7,688 |
Other liabilities |  | 3,252 |  |  |  | 3,234 |  |  |  | 3,454 |
| $ | 20,213 |  |  | $ | 19,753 |  |  | $ | 27,295 |
Summary of changes in discounted present values of expected future policy benefits and expected future net premiums | Net premiums represent the portion of expected gross premiums that are required to provide for future policy benefits and variable expenses.
| Periodic payment annuities |  |  | Life and health |
| 2023 |  |  | 2022 |  |  | 2021 |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Expected future policy benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at the beginning of the year | $ | 10,640 |  |  | $ | 16,153 |  |  | $ | 17,122 |  |  | $ | 52,008 |  |  | $ | 63,648 |  |  | $ | 66,528 |
Balance at the beginning of the year - original discount rates |  | 11,549 |  |  |  | 11,261 |  |  |  | 10,569 |  |  |  | 63,584 |  |  |  | 60,133 |  |  |  | 58,247 |
Effect of cash flow assumption changes |  | — |  |  |  | — |  |  |  | — |  |  |  | (829 | ) |  |  | 2,261 |  |  |  | (354 | )
Effect of actual from expected experience |  | 5 |  |  |  | 121 |  |  |  | 8 |  |  |  | (352 | ) |  |  | 927 |  |  |  | 1,011 |
Change in benefits, net |  | (470 | ) |  |  | (297 | ) |  |  | 138 |  |  |  | 1,616 |  |  |  | 671 |  |  |  | 394 |
Interest accrual |  | 537 |  |  |  | 535 |  |  |  | 528 |  |  |  | 1,787 |  |  |  | 1,644 |  |  |  | 1,670 |
Foreign currency effect |  | 60 |  |  |  | (71 | ) |  |  | 18 |  |  |  | 65 |  |  |  | (2,052 | ) |  |  | (835 | )
Balance at December 31 - original discount rates |  | 11,681 |  |  |  | 11,549 |  |  |  | 11,261 |  |  |  | 65,871 |  |  |  | 63,584 |  |  |  | 60,133 |
Effect of changes in discount rate assumptions |  | (469 | ) |  |  | (909 | ) |  |  | 4,892 |  |  |  | (13,206 | ) |  |  | (11,576 | ) |  |  | 3,515 |
Balance at December 31 | $ | 11,212 |  |  | $ | 10,640 |  |  | $ | 16,153 |  |  | $ | 52,665 |  |  | $ | 52,008 |  |  | $ | 63,648 |
Expected future net premiums: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at the beginning of the year |  |  |  |  |  |  |  |  |  | $ | 46,129 |  |  | $ | 55,960 |  |  | $ | 58,198 |
Balance at the beginning of the year - original discount rates |  |  |  |  |  |  |  |  |  |  | 56,535 |  |  |  | 53,277 |  |  |  | 51,370 |
Effect of cash flow assumption changes |  |  |  |  |  |  |  |  |  |  | (880 | ) |  |  | 2,163 |  |  |  | (270 | )
Effect of actual from expected experience |  |  |  |  |  |  |  |  |  |  | (181 | ) |  |  | 676 |  |  |  | 572 |
Change in premiums, net |  |  |  |  |  |  |  |  |  |  | 1,645 |  |  |  | 928 |  |  |  | 908 |
Interest accrual |  |  |  |  |  |  |  |  |  |  | 1,566 |  |  |  | 1,434 |  |  |  | 1,444 |
Foreign currency effect |  |  |  |  |  |  |  |  |  |  | 46 |  |  |  | (1,943 | ) |  |  | (747 | )
Balance at December 31 - original discount rates |  |  |  |  |  |  |  |  |  |  | 58,731 |  |  |  | 56,535 |  |  |  | 53,277 |
Effect of changes in discount rate assumptions |  |  |  |  |  |  |  |  |  |  | (11,815 | ) |  |  | (10,406 | ) |  |  | 2,683 |
Balance at December 31 |  |  |  |  |  |  |  |  |  | $ | 46,916 |  |  | $ | 46,129 |  |  | $ | 55,960 |
Liability for future policy benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31 | $ | 11,212 |  |  | $ | 10,640 |  |  | $ | 16,153 |  |  | $ | 5,749 |  |  | $ | 5,879 |  |  | $ | 7,688 |
Reinsurance recoverables |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,571 | ) |  |  | (1,559 | ) |  |  | (2,152 | )
Balance at December 31, net of reinsurance recoverables | $ | 11,212 |  |  | $ | 10,640 |  |  | $ | 16,153 |  |  | $ | 4,178 |  |  | $ | 4,320 |  |  | $ | 5,536 |
Summary of undiscounted and discounted expected future gross premiums to be collected and undiscounted expected future benefits for periodic payment annuities and life and health insurance | The undiscounted and discounted expected future gross premiums to be collected and undiscounted expected future benefits for periodic payment annuities and life and health insurance as of December 31, 2023, 2022 and 2021 are summarized below (in millions).
| Undiscounted expected future gross premiums |  |  | Discounted expected future gross premiums |  |  | Undiscounted expected future benefits |
| 2023 |  |  | 2022 |  |  | 2021 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Periodic payment annuities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 31,066 |  |  | $ | 31,156 |  |  | $ | 30,260 |
Life and health |  | 117,078 |  |  |  | 109,321 |  |  |  | 102,768 |  |  |  | 66,692 |  |  |  | 66,460 |  |  |  | 64,378 |  |  |  | 111,630 |  |  |  | 104,544 |  |  |  | 98,224 |
Summary of gross premiums earned and net interest expense | Gross premiums earned on long-duration contracts are included in insurance premiums earned, and interest expense on long-duration insurance contracts is included as a component of life, annuity and health benefits in our Consolidated Statements of Earnings. Gross premiums earned and interest expense before the impact of reinsurance ceded for each of the three years ended December 31, 2023 follow (in millions).
| Gross Premiums |  |  | Interest Expense |
| 2023 |  |  | 2022 |  |  | 2021 |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Periodic payment annuities | $ | — |  |  | $ | 582 |  |  | $ | 655 |  |  | $ | 537 |  |  | $ | 535 |  |  | $ | 528 |
Life and health |  | 3,627 |  |  |  | 3,760 |  |  |  | 3,906 |  |  |  | 221 |  |  |  | 210 |  |  |  | 226 |
Summary of weighted average discount rates, interest accretion rates and average contract durations | The weighted average discount rates, interest accretion rates and the average contract durations as of December 31, 2023, 2022 and 2021 for periodic payment annuities and life and health insurance are summarized below.
| 2023 |  |  | 2022 |  |  | 2021 |
Periodic payment annuities |  |  |  |  |  |  |  |
Weighted average discount rate |  | 5.1 | % |  |  | 5.3 | % |  |  | 2.7 | %
Weighted average accretion rate |  | 4.8 | % |  |  | 4.8 | % |  |  | 4.9 | %
Weighted average duration | 18 years |  |  | 17 years |  |  | 22 years |
Life and health |  |  |  |  |  |  |  |
Weighted average discount rate |  | 5.1 | % |  |  | 4.7 | % |  |  | 2.4 | %
Weighted average accretion rate |  | 3.3 | % |  |  | 3.4 | % |  |  | 3.4 | %
Weighted average duration | 13 years |  |  | 14 years |  |  | 15 years |

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