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Long-duration insurance contracts | 12 Months Ended
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Dec. 31, 2024
Insurance [Abstract] |
Long-duration insurance contracts | (18) Long-duration insurance contracts A summary of our long-duration life, annuity and health insurance benefits liabilities disaggregated by our two principal product categories, periodic payment annuity (“annuities”) and life and health insurance, follows (in millions). Other liabilities include IBNR claims and claims in the course of settlement.
| December 31, |
| 2024 |  |  | 2023 |
Annuities | $ | 10,276 |  |  | $ | 11,212 |
Life and health |  | 4,490 |  |  |  | 5,749 |
Other liabilities |  | 2,850 |  |  |  | 3,252 |
| $ | 17,616 |  |  | $ | 20,213 |
Reconciliations of the liabilities for each of our principal product categories for each of the two years ended December 31, 2024 follow. This information reflects the changes in discounted present values of expected future policy benefits and expected future net premiums before reinsurance ceded. Net premiums represent the portion of expected gross premiums that are required to provide for future policy benefits and variable expenses. Amounts are in millions.
| Annuities |  |  | Life and health |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Expected future policy benefits: |  |  |  |  |  |  |  |  |  |  |
Balance at the beginning of the year | $ | 11,212 |  |  | $ | 10,640 |  |  | $ | 52,665 |  |  | $ | 52,008 |
Balance at the beginning of the year - original discount rates |  | 11,681 |  |  |  | 11,549 |  |  |  | 65,871 |  |  |  | 63,584 |
Effect of cash flow assumption changes |  | — |  |  |  | — |  |  |  | (348 | ) |  |  | (829 | )
Effect of actual from expected experience |  | 3 |  |  |  | 5 |  |  |  | (12,711 | ) |  |  | (352 | )
Change in benefits, net |  | (478 | ) |  |  | (470 | ) |  |  | 1,991 |  |  |  | 1,616 |
Interest accrual |  | 550 |  |  |  | 537 |  |  |  | 1,234 |  |  |  | 1,787 |
Foreign currency effect |  | 1 |  |  |  | 60 |  |  |  | (867 | ) |  |  | 65 |
Balance at December 31 - original discount rates |  | 11,757 |  |  |  | 11,681 |  |  |  | 55,170 |  |  |  | 65,871 |
Effect of changes in discount rate assumptions |  | (1,481 | ) |  |  | (469 | ) |  |  | (11,386 | ) |  |  | (13,206 | )
Balance at December 31 | $ | 10,276 |  |  | $ | 11,212 |  |  | $ | 43,784 |  |  | $ | 52,665 |
Expected future net premiums: |  |  |  |  |  |  |  |  |  |  |
Balance at the beginning of the year |  |  |  |  |  |  | $ | 46,916 |  |  | $ | 46,129 |
Balance at the beginning of the year - original discount rates |  |  |  |  |  |  |  | 58,731 |  |  |  | 56,535 |
Effect of cash flow assumption changes |  |  |  |  |  |  |  | (416 | ) |  |  | (880 | )
Effect of actual from expected experience |  |  |  |  |  |  |  | (11,104 | ) |  |  | (181 | )
Change in premiums, net |  |  |  |  |  |  |  | 1,984 |  |  |  | 1,645 |
Interest accrual |  |  |  |  |  |  |  | 1,099 |  |  |  | 1,566 |
Foreign currency effect |  |  |  |  |  |  |  | (794 | ) |  |  | 46 |
Balance at December 31 - original discount rates |  |  |  |  |  |  |  | 49,500 |  |  |  | 58,731 |
Effect of changes in discount rate assumptions |  |  |  |  |  |  |  | (10,206 | ) |  |  | (11,815 | )
Balance at December 31 |  |  |  |  |  |  | $ | 39,294 |  |  | $ | 46,916 |
Liability for future policy benefits: |  |  |  |  |  |  |  |  |  |  |
Balance at December 31 | $ | 10,276 |  |  | $ | 11,212 |  |  | $ | 4,490 |  |  | $ | 5,749 |
Reinsurance recoverables |  | — |  |  |  | — |  |  |  | (46 | ) |  |  | (1,571 | )
Balance at December 31, net of reinsurance recoverables | $ | 10,276 |  |  | $ | 11,212 |  |  | $ | 4,444 |  |  | $ | 4,178 |
Liabilities for future policy benefits and reinsurance recoverables declined in 2024 primarily attributable to the commutations of certain life reinsurance contracts. The impacts of these contract commutations on expected future policy benefits and future net premiums were included in the effects of actual versus expected experience. Notes to Consolidated Financial Statements (18) Long-duration insurance contracts Other information relating to our long-duration insurance liabilities as of December 31, 2024 and 2023 follows (dollars in millions).
| Annuities |  |  | Life and health |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Undiscounted expected future gross premiums | $ | — |  |  | $ | — |  |  | $ | 100,413 |  |  | $ | 117,078 |
Discounted expected future gross premiums |  | — |  |  |  | — |  |  |  | 58,881 |  |  |  | 66,692 |
Undiscounted expected future benefits |  | 30,592 |  |  |  | 31,066 |  |  |  | 91,493 |  |  |  | 111,630 |
Weighted average discount rate |  | 5.8 | % |  |  | 5.1 | % |  |  | 4.9 | % |  |  | 5.1 | %
Weighted average accretion rate |  | 4.8 | % |  |  | 4.8 | % |  |  | 2.7 | % |  |  | 3.3 | %
Weighted average duration | 16 years |  |  | 18 years |  |  | 13 years |  |  | 13 years |
Gross premiums earned and interest expense before reinsurance ceded for each of the two years ended December 31, 2024 follows (in millions).
| Gross Premiums |  |  | Interest Expense |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Annuities | $ | — |  |  | $ | — |  |  | $ | 550 |  |  | $ | 537 |
Life and health |  | 3,830 |  |  |  | 3,627 |  |  |  | 135 |  |  |  | 221 |

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- Definition The entire disclosure for long duration contracts. This may include the information pertinent to an understanding of the types of traditional and nontraditional insurance and investment contracts sold and serviced, including the nature and amount of estimated guaranteed obligations pertaining to such contracts and the assumptions underlying such estimated amounts, hedging strategies, and sales inducements offered. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (u) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480016/944-40-65-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944/tableOfContent + Details
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