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v3.25.1

Long-duration insurance contracts (Tables) | 3 Months Ended
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Mar. 31, 2025
Insurance [Abstract] |
Summary of life, annuity and health insurance benefits liabilities | A summary of our long-duration life, annuity and health insurance benefits liabilities disaggregated by our principal product categories follows (in millions).
| March 31, |
| 2025 |  | 2024 |
Periodic payment annuity ("annuities") | $ | 10,376 |  | $ | 10,749 |
Life and health |  | 4,485 |  |  | 4,259 |
Other |  | 2,873 |  |  | 2,979 |
| $ | 17,734 |  | $ | 17,987 |
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.
| Annuities |  |  | Life and health |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Expected future policy benefits: |  |  |  |  |  |  |  |  |  |  |
Balance at the beginning of the year | $ | 10,276 |  |  | $ | 11,212 |  |  | $ | 43,784 |  |  | $ | 52,665 |
Balance at the beginning of the year - original discount rates |  | 11,757 |  |  |  | 11,681 |  |  |  | 55,170 |  |  |  | 65,871 |
Effect of cash flow assumption changes |  | — |  |  |  | — |  |  |  | (75 | ) |  |  | (34 | )
Effect of actual versus expected experience |  | 2 |  |  |  | 2 |  |  |  | 218 |  |  |  | (12,870 | )
Change in benefits, net |  | (120 | ) |  |  | (115 | ) |  |  | (562 | ) |  |  | (449 | )
Interest accrual |  | 138 |  |  |  | 136 |  |  |  | 318 |  |  |  | 284 |
Foreign currency effect |  | 49 |  |  |  | 2 |  |  |  | 263 |  |  |  | (389 | )
Balance at March 31 - original discount rates |  | 11,826 |  |  |  | 11,706 |  |  |  | 55,332 |  |  |  | 52,413 |
Effect of changes in discount rate assumptions |  | (1,450 | ) |  |  | (957 | ) |  |  | (12,086 | ) |  |  | (11,627 | )
Balance at March 31 | $ | 10,376 |  |  | $ | 10,749 |  |  | $ | 43,246 |  |  | $ | 40,786 |
Expected future net premiums: |  |  |  |  |  |  |  |  |  |  |
Balance at the beginning of the year |  |  |  |  |  |  | $ | 39,294 |  |  | $ | 46,916 |
Balance at the beginning of the year - original discount rates |  |  |  |  |  |  |  | 49,500 |  |  |  | 58,731 |
Effect of cash flow assumption changes |  |  |  |  |  |  |  | (66 | ) |  |  | (25 | )
Effect of actual versus expected experience |  |  |  |  |  |  |  | 195 |  |  |  | (11,278 | )
Change in premiums, net |  |  |  |  |  |  |  | (544 | ) |  |  | (407 | )
Interest accrual |  |  |  |  |  |  |  | 285 |  |  |  | 251 |
Foreign currency effect |  |  |  |  |  |  |  | 234 |  |  |  | (358 | )
Balance at March 31 - original discount rates |  |  |  |  |  |  |  | 49,604 |  |  |  | 46,914 |
Effect of changes in discount rate assumptions |  |  |  |  |  |  |  | (10,843 | ) |  |  | (10,387 | )
Balance at March 31 |  |  |  |  |  |  | $ | 38,761 |  |  | $ | 36,527 |
Liabilities for future policy benefits: |  |  |  |  |  |  |  |  |  |  |
Balance at March 31 | $ | 10,376 |  |  | $ | 10,749 |  |  | $ | 4,485 |  |  | $ | 4,259 |
Reinsurance recoverables |  | — |  |  |  | — |  |  |  | (47 | ) |  |  | (50 | )
Balance at March 31, net of reinsurance recoverables | $ | 10,376 |  |  | $ | 10,749 |  |  | $ | 4,438 |  |  | $ | 4,209 |
Summary of Other Information Relating to Long-Duration Insurance Liabilities | Other information relating to our long-duration insurance liabilities follows (dollars in millions).
| Annuities |  |  | Life and health |
| March 31, |  |  | March 31, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Undiscounted expected future gross premiums | $ | — |  |  | $ | — |  |  | $ | 100,956 |  |  | $ | 95,514 |
Discounted expected future gross premiums |  | — |  |  |  | — |  |  |  | 59,104 |  |  |  | 56,585 |
Undiscounted expected future benefits |  | 30,603 |  |  |  | 30,953 |  |  |  | 92,018 |  |  |  | 86,800 |
Weighted average discount rate |  | 5.7 | % |  |  | 5.4 | % |  |  | 5.2 | % |  |  | 4.9 | %
Weighted average accretion rate |  | 4.8 | % |  |  | 4.8 | % |  |  | 2.7 | % |  |  | 2.7 | %
Weighted average duration | 16 years |  |  | 17 years |  |  | 14 years |  |  | 13 years |
Summary of gross premiums earned and net interest expense | Gross premiums earned and interest expense before reinsurance ceded for the first quarter of 2025 and 2024 were as follows (in millions).
| Gross premiums |  |  | Interest expense |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Annuities | $ | — |  |  | $ | — |  |  | $ | 138 |  |  | $ | 136 |
Life and health |  | 951 |  |  |  | 944 |  |  |  | 33 |  |  |  | 33 |

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