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Reserve for Future Policy Benefits and Contractholder Funds (Tables) | 9 Months Ended
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Sep. 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)
|  | Nine months ended September 30,
|  | Accident and health |  | Traditional life |  | Total
($ in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Present value of expected net premiums |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 1,688 |  |  | $ | 1,464 |  |  | $ | 325 |  |  | $ | 238 |  |  | $ | 2,013 |  |  | $ | 1,702 |
Beginning balance at original discount rate |  | 1,737 |  |  | 1,549 |  |  | 330 |  |  | 246 |  |  | 2,067 |  |  | 1,795 |
Effect of changes in cash flow assumptions |  | (88) |  |  | (12) |  |  | (13) |  |  | 34 |  |  | (101) |  |  | 22 |
Effect of actual variances from expected experience |  | 28 |  |  | (4) |  |  | 4 |  |  | 4 |  |  | 32 |  |  | — |
Adjusted beginning balance |  | 1,677 |  |  | 1,533 |  |  | 321 |  |  | 284 |  |  | 1,998 |  |  | 1,817 |
Issuances |  | 490 |  |  | 378 |  |  | 69 |  |  | 53 |  |  | 559 |  |  | 431 |
Interest accrual |  | 63 |  |  | 48 |  |  | 11 |  |  | 8 |  |  | 74 |  |  | 56 |
Net premiums collected |  | (281) |  |  | (260) |  |  | (49) |  |  | (37) |  |  | (330) |  |  | (297) |
Ending balance at original discount rate |  | 1,949 |  |  | 1,699 |  |  | 352 |  |  | 308 |  |  | 2,301 |  |  | 2,007 |
Effect of changes in discount rate assumptions |  | 6 |  |  | (113) |  |  | (1) |  |  | (19) |  |  | 5 |  |  | (132) |
Reclassified to liabilities held for sale |  | (1,270) |  |  | — |  |  | (345) |  |  | — |  |  | (1,615) |  |  | — |
Ending balance |  | 685 |  |  | 1,586 |  |  | 6 |  |  | 289 |  |  | 691 |  |  | 1,875 |
Present value of expected future policy benefits |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | 2,453 |  |  | 2,229 |  |  | 657 |  |  | 524 |  |  | 3,110 |  |  | 2,753 |
Beginning balance at original discount rate |  | 2,495 |  |  | 2,316 |  |  | 656 |  |  | 534 |  |  | 3,151 |  |  | 2,850 |
Effect of changes in cash flow assumptions |  | (11) |  |  | 21 |  |  | (10) |  |  | 30 |  |  | (21) |  |  | 51 |
Effect of actual variances from expected experience |  | (28) |  |  | (24) |  |  | (4) |  |  | 3 |  |  | (32) |  |  | (21) |
Adjusted beginning balance |  | 2,456 |  |  | 2,313 |  |  | 642 |  |  | 567 |  |  | 3,098 |  |  | 2,880 |
Issuances |  | 479 |  |  | 368 |  |  | 69 |  |  | 68 |  |  | 548 |  |  | 436 |
Interest accrual |  | 84 |  |  | 75 |  |  | 23 |  |  | 18 |  |  | 107 |  |  | 93 |
Benefit payments |  | (317) |  |  | (297) |  |  | (24) |  |  | (30) |  |  | (341) |  |  | (327) |
Ending balance at original discount rate |  | 2,702 |  |  | 2,459 |  |  | 710 |  |  | 623 |  |  | 3,412 |  |  | 3,082 |
Effect of changes in discount rate assumptions |  | 27 |  |  | (126) |  |  | 8 |  |  | (38) |  |  | 35 |  |  | (164) |
Reclassified to liabilities held for sale |  | (1,998) |  |  | — |  |  | (704) |  |  | — |  |  | (2,702) |  |  | — |
Ending balance |  | $ | 731 |  |  | $ | 2,333 |  |  | $ | 14 |  |  | $ | 585 |  |  | $ | 745 |  |  | $ | 2,918 |
Net reserve for future policy benefits (1) |  | $ | 46 |  |  | $ | 747 |  |  | $ | 8 |  |  | $ | 296 |  |  | $ | 54 |  |  | $ | 1,043 |
Less: reinsurance recoverables (2) |  | — |  |  | 82 |  |  | — |  |  | 2 |  |  | — |  |  | 84 |
Net reserve for future policy benefits, after reinsurance recoverables |  | $ | 46 |  |  | $ | 665 |  |  | $ | 8 |  |  | $ | 294 |  |  | $ | 54 |  |  | $ | 959 |
(1)Excludes $220 million and $266 million of reserves related to short-duration and other contracts as of September 30, 2024 and 2023, respectively. (2)Classified as held for sale as of September 30, 2024.
Revenue and interest recognized in the condensed consolidated statements of operations
($ in millions) |  |  |  | Nine months ended September 30,
|  |  |  |  | 2024 |  | 2023
Revenues (1) |  |  |  |  |  |  |  |
Accident and health |  |  |  |  |  | $ | 605 |  |  | $ | 600 |
Traditional life |  |  |  |  |  | 106 |  |  | 77 |
Total |  |  |  |  |  | $ | 711 |  |  | $ | 677 |
Interest expense (2) |  |  |  |  |  |  |  |
Accident and health |  |  |  |  |  | $ | 21 |  |  | $ | 27 |
Traditional life |  |  |  |  |  | 12 |  |  | 10 |
Total |  |  |  |  |  | $ | 33 |  |  | $ | 37 |
(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, including those that are classified as held for sale as of September 30, 2024.
|  | As of September 30, |  |  |  |
|  | 2024 |  | 2023 |  |
($ in millions) |  | Undiscounted |  | Discounted |  | Undiscounted |  | Discounted |  |  |  |
Accident and health |  |  |  |  |  |  |  |  |  |  |  |
Expected future gross premiums |  | $ | 5,581 |  |  | $ | 3,939 |  |  | $ | 5,263 |  |  | $ | 3,600 |  |  |  |  |
Expected future benefits and expenses |  | 3,943 |  |  | 2,729 |  |  | 3,503 |  |  | 2,333 |  |  |  |  |
Traditional life |  |  |  |  |  |  |  |  |  |  |  |
Expected future gross premiums |  | 1,013 |  |  | 729 |  |  | 813 |  |  | 553 |  |  |  |  |
Expected future benefits and expenses |  | 1,345 |  |  | 718 |  |  | 1,153 |  |  | 585 |  |  |  |  |
The following table provides the weighted-average duration and weighted-average interest rates for the reserve for future policy benefits, including those that are classified as held for sale as of September 30, 2024.
|  | As of September 30,
|  | Accident and health |  | Traditional life
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Weighted-average duration (in years) |  | 8.3 |  | 4.3 |  | 15.5 |  | 14.8
Weighted-average interest rates |  |  |  |  |  |  |  |
Interest accretion rate (discount rate at contract issuance) |  | 5.05 | % |  | 4.73 | % |  | 5.36 | % |  | 5.43 | %
Current discount rate (upper-medium grade fixed income yield) |  | 4.65 |  |  | 5.28 |  |  | 4.82 |  |  | 5.56 |
Schedule of Contractholder Funds Activity |
Contractholder funds activity
|  | Nine months ended September 30,
($ in millions) |  | 2024 |  | 2023
Beginning balance |  | $ | 888 |  |  | $ | 879 |
Deposits |  | 98 |  |  | 99 |
Interest credited |  | 25 |  |  | 25 |
Benefits |  | (9) |  |  | (8) |
Surrenders and partial withdrawals |  | (17) |  |  | (15) |
Contract charges |  | (89) |  |  | (90) |
Other adjustments |  | (5) |  |  | (6) |
Ending balance |  | $ | 891 |  |  | $ | 884 |
Components of contractholder funds |  |  |  |
Interest-sensitive life insurance |  | $ | 850 |  |  | $ | 837 |
Fixed annuities |  | 41 |  |  | 47 |
Total |  | $ | 891 |  |  | $ | 884 |
Weighted-average crediting rate |  | 4.19 | % |  | 4.26 | %
Net amount at risk (1) |  | $ | 10,927 |  |  | $ | 11,550 |
Cash surrender value |  | $ | 734 |  |  | $ | 728 |
(1)Guaranteed benefit amounts in excess of the current account balances.

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- Definition Reserve for Future Policy Benefits and Contractholder Funds + References No definition available. + Details
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- Definition Disclosure of the activity in the liability for estimated reserve for cumulative deposits plus credited interest and fund performance, less withdrawals, expenses and cost of insurance charges, as applicable. + References No definition available. + Details
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- Definition The entire disclosure for the present values of future benefits to be paid to or on behalf of policyholders and related expenses less the present value of future net premiums using assumptions such as estimates of expected investment yields, mortality, morbidity, terminations and expenses, applicable at the time the insurance contracts are made and unpaid claim costs relating to insurance contracts including estimates of costs relating to incurred but not reported claims based on the estimated ultimate cost of settling the claims (including effects of inflation and other societal and economic factors), using past experience adjusted for current trends and any other factors that would modify past experience by element such as business segment, country and interest rate range. + References No definition available. + Details
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