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Other Insurance Liabilities and Separate Accounts (Tables) | 3 Months Ended
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Mar. 31, 2025
Insurance [Abstract] |
Schedule of Changes in Liability for Future Policy Benefits | The following tables show the components of the change in the liability for future policy benefits, which is included in other insurance liabilities and other long-term insurance liabilities on the unaudited condensed consolidated balance sheets, during the three months ended March 31, 2025 and 2024:
| Three Months Ended March 31, 2025
In millions | Large Case Pensions |  | Long-Term Care
Present value of expected net premiums (1) |  |  |
Liability for future policy benefits, beginning of the period - current discount rate |  |  | $ | 275 |
Beginning liability for future policy benefits at original (locked-in) discount rate |  |  | $ | 280 |
Effect of changes in cash flow assumptions |  |  | — |
Effect of actual variances from expected experience |  |  | 1 |
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate |  |  | 281 |
Interest accrual (using locked-in discount rate) |  |  | 3 |
Net premiums (actual) |  |  | (10) |
Ending liability for future policy benefits at original (locked-in) discount rate |  |  | 274 |
Effect of changes in discount rate assumptions |  |  | (2) |
Liability for future policy benefits, end of the period - current discount rate |  |  | $ | 272 |
Present value of expected future policy benefits |  |  |
Liability for future policy benefits, beginning of the period - current discount rate | $ | 1,917 |  |  | $ | 1,552 |
Beginning liability for future policy benefits at original (locked-in) discount rate | $ | 2,090 |  |  | $ | 1,647 |
Effect of changes in cash flow assumptions | — |  |  | — |
Effect of actual variances from expected experience | (4) |  |  | (2) |
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate | 2,086 |  |  | 1,645 |
Issuances | 9 |  |  | — |
Interest accrual (using locked-in discount rate) | 21 |  |  | 20 |
Benefit payments (actual) | (61) |  |  | (19) |
Ending liability for future policy benefits at original (locked-in) discount rate | 2,055 |  |  | 1,646 |
Effect of changes in discount rate assumptions | (151) |  |  | (77) |
Liability for future policy benefits, end of the period - current discount rate | $ | 1,904 |  |  | $ | 1,569 |
Net liability for future policy benefits | $ | 1,904 |  |  | $ | 1,297 |
Less: Reinsurance recoverable | — |  |  | — |
Net liability for future policy benefits, net of reinsurance recoverable | $ | 1,904 |  |  | $ | 1,297 |
_____________________________________________ (1)The present value of expected net premiums is equivalent to the present value of expected gross premiums for the long-term care insurance contracts as net premiums are set equal to gross premiums.
| Three Months Ended March 31, 2024
In millions | Large Case Pensions |  | Long-Term Care
Present value of expected net premiums (1) |  |  |
Liability for future policy benefits, beginning of the period - current discount rate |  |  | $ | 293 |
Beginning liability for future policy benefits at original (locked-in) discount rate |  |  | $ | 288 |
Effect of changes in cash flow assumptions |  |  | — |
Effect of actual variances from expected experience |  |  | 5 |
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate |  |  | 293 |
Interest accrual (using locked-in discount rate) |  |  | 4 |
Net premiums (actual) |  |  | (10) |
Ending liability for future policy benefits at original (locked-in) discount rate |  |  | 287 |
Effect of changes in discount rate assumptions |  |  | (2) |
Liability for future policy benefits, end of the period - current discount rate |  |  | $ | 285 |
Present value of expected future policy benefits |  |  |
Liability for future policy benefits, beginning of the period - current discount rate | $ | 2,139 |  |  | $ | 1,640 |
Beginning liability for future policy benefits at original (locked-in) discount rate | $ | 2,251 |  |  | $ | 1,632 |
Effect of changes in cash flow assumptions | — |  |  | — |
Effect of actual variances from expected experience | (8) |  |  | — |
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate | 2,243 |  |  | 1,632 |
Issuances | 20 |  |  | — |
Interest accrual (using locked-in discount rate) | 24 |  |  | 21 |
Benefit payments (actual) | (63) |  |  | (18) |
Ending liability for future policy benefits at original (locked-in) discount rate | 2,224 |  |  | 1,635 |
Effect of changes in discount rate assumptions | (151) |  |  | (41) |
Liability for future policy benefits, end of the period - current discount rate | $ | 2,073 |  |  | $ | 1,594 |
Net liability for future policy benefits | $ | 2,073 |  |  | $ | 1,309 |
Less: Reinsurance recoverable | — |  |  | — |
Net liability for future policy benefits, net of reinsurance recoverable | $ | 2,073 |  |  | $ | 1,309 |
_____________________________________________ (1)The present value of expected net premiums is equivalent to the present value of expected gross premiums for the long-term care insurance contracts as net premiums are set equal to gross premiums. The amount of undiscounted expected gross premiums and expected future benefit payments for long-duration insurance liabilities as of March 31, 2025 and 2024 were as follows:
In millions | March 31, 2025 |  | March 31, 2024
Large case pensions |  |  |
Expected future benefit payments | $ | 2,973 |  | $ | 3,213
Expected gross premiums | — |  | —
Long-term care |  |  |
Expected future benefit payments | $ | 3,170 |  | $ | 3,215
Expected gross premiums | 390 |  | 411
The weighted-average interest rate used in the measurement of the long-duration insurance liabilities as of March 31, 2025 and 2024 were as follows:
| March 31, 2025 |  | March 31, 2024
Large case pensions |  |  |
Interest accretion rate | 4.20% |  | 4.20%
Current discount rate | 5.31% |  | 5.22%
Long-term care |  |  |
Interest accretion rate | 5.11% |  | 5.11%
Current discount rate | 5.60% |  | 5.36%
The weighted-average durations (in years) of the long-duration insurance liabilities as of March 31, 2025 and 2024 were as follows:
| March 31, 2025 |  | March 31, 2024
Large case pensions | 7.3 |  | 7.3
Long-term care | 11.6 |  | 12.0
Summary of Separate Account Assets | Separate Accounts financial assets as of March 31, 2025 and December 31, 2024 were as follows:
| March 31, 2025 |  | December 31, 2024
In millions | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 2 |  |  | $ | 158 |  |  | $ | — |  |  | $ | 160 |  |  | $ | 1 |  |  | $ | 164 |  |  | $ | — |  |  | $ | 165 |
Debt securities | 20 |  |  | 375 |  |  | 1 |  |  | 396 |  |  | 186 |  |  | 669 |  |  | 1 |  |  | 856 |
Common/collective trusts | — |  |  | 1,343 |  |  | — |  |  | 1,343 |  |  | — |  |  | 2,478 |  |  | — |  |  | 2,478 |
Total (1) | $ | 22 |  |  | $ | 1,876 |  |  | $ | 1 |  |  | $ | 1,899 |  |  | $ | 187 |  |  | $ | 3,311 |  |  | $ | 1 |  |  | $ | 3,499 |
_____________________________________________ (1)Excludes $25 million of other receivables and $188 million of other payables at March 31, 2025 and December 31, 2024, respectively. The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of March 31, 2025 and December 31, 2024:
In millions | March 31, 2025 |  | December 31, 2024
Cash and cash equivalents | $ | 160 |  |  | $ | 165 |
Debt securities: |  |  |
U.S. government securities | 26 |  |  | 186 |
States, municipalities and political subdivisions | 12 |  |  | 14 |
U.S. corporate securities | 293 |  |  | 524 |
Foreign securities | 48 |  |  | 51 |
Residential mortgage-backed securities | 9 |  |  | 71 |
Commercial mortgage-backed securities | 3 |  |  | 3 |
Other asset-backed securities | 5 |  |  | 7 |
Total debt securities | 396 |  |  | 856 |
Common/collective trusts | 1,343 |  |  | 2,478 |
Total (1) | $ | 1,899 |  |  | $ | 3,499 |
_____________________________________________ (1)Excludes $25 million of other receivables and $188 million of other payables at March 31, 2025 and December 31, 2024, respectively.
Roll Forward of Separate Accounts | The following table shows the components of the change in Separate Accounts liabilities during the three months ended March 31, 2025 and 2024:
| Three Months Ended March 31,
In millions | 2025 |  | 2024
Separate Accounts liability, beginning of the period | $ | 3,311 |  |  | $ | 3,250 |
Premiums and deposits | 236 |  |  | 201 |
Surrenders and withdrawals | (1,309) |  |  | (93) |
Benefit payments | (243) |  |  | (223) |
Investment earnings | (61) |  |  | 128 |
Net transfers from general account | 3 |  |  | 2 |
Other | (13) |  |  | 6 |
Separate Accounts liability, end of the period | $ | 1,924 |  |  | $ | 3,271 |
Cash surrender value, end of the period | $ | 844 |  |  | $ | 2,201 |

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