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v3.22.4

Insurance | 12 Months Ended
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Dec. 31, 2022
Insurance [Abstract] |
Insurance | 4. Insurance Insurance Liabilities Insurance liabilities are comprised of future policy benefits, policyholder account balances and other policy-related balances. Information regarding insurance liabilities by segment, as well as Corporate & Other, was as follows at:
|  | December 31,
|  | 2022 |  | 2021
|  | (In millions)
U.S. |  | $ | 171,693 |  |  | $ | 162,999 |
Asia |  | 125,523 |  |  | 125,839 |
Latin America |  | 17,674 |  |  | 15,564 |
EMEA |  | 10,635 |  |  | 13,031 |
MetLife Holdings |  | 100,407 |  |  | 102,291 |
Corporate & Other |  | 1,029 |  |  | 1,221 |
Total |  | $ | 426,961 |  |  | $ | 420,945 |
Future policy benefits are measured as follows:
Product Type: | Measurement Assumptions:
Participating life | Aggregate of (i) net level premium reserves for death and endowment policy benefits (calculated based upon the non-forfeiture interest rate, ranging from 3% to 7% for U.S. businesses and less than 1% to 10% for non-U.S. businesses and mortality rates guaranteed in calculating the cash surrender values described in such contracts); and (ii) the liability for terminal dividends for U.S. businesses.
Nonparticipating life | Aggregate of the present value of future expected benefit payments and related expenses less the present value of future expected net premiums. Assumptions as to mortality and persistency are based upon the Company’s experience when the basis of the liability is established. Interest rate assumptions for the aggregate future policy benefit liabilities range from 2% to 11% for U.S. businesses and less than 1% to 10% for non-U.S. businesses.
Individual and group traditional fixed annuities after annuitization | Present value of future expected payments. Interest rate assumptions used in establishing such liabilities range from 1% to 11% for U.S. businesses and less than 1% to 9% for non-U.S. businesses.
Non-medical health insurance | The net level premium method and assumptions as to future morbidity, withdrawals and interest, which provide a margin for adverse deviation. Interest rate assumptions used in establishing such liabilities range from 1% to 7% (primarily related to U.S. businesses).
Disabled lives | Present value of benefits method and experience assumptions as to claim terminations, expenses and interest. Interest rate assumptions used in establishing such liabilities range from 2% to 8% for U.S. businesses and less than 1% to 9% for non-U.S. businesses.
Participating business represented 2% and 3% of the Company’s life insurance in-force at December 31, 2022 and 2021, respectively. Participating policies represented 11%, 12% and 14% of gross traditional life insurance premiums for the years ended December 31, 2022, 2021 and 2020, respectively. Policyholder account balances are equal to: (i) policy account values, which consist of an accumulation of gross premium payments and investment performance; (ii) credited interest, ranging from less than 1% to 8% for U.S. businesses and less than 1% to 12% for non-U.S. businesses, less expenses, mortality charges and withdrawals; and (iii) fair value adjustments relating to business combinations. Guarantees The Company issues directly and assumes through reinsurance variable annuity products with guaranteed minimum benefits. GMABs, the non-life contingent portion of GMWBs and certain non-life contingent portions of GMIBs are accounted for as embedded derivatives in policyholder account balances and are further discussed in Note 9. Guarantees accounted for as insurance liabilities include:
Guarantee: |  | Measurement Assumptions:
GMDBs | • | A return of purchase payment upon death even if the account value is reduced to zero. |  | • | Present value of expected death benefits in excess of the projected account balance recognizing the excess ratably over the accumulation period based on the present value of total expected assessments.
| • | An enhanced death benefit may be available for an additional fee. |  | • | Assumptions are consistent with those used for amortizing DAC, and are thus subject to the same variability and risk.
|  |  |  | • | Investment performance and volatility assumptions are consistent with the historical experience of the appropriate underlying equity index, such as the S&P 500 Index.
|  |  |  | • | Benefit assumptions are based on the average benefits payable over a range of scenarios.
GMIBs | • | After a specified period of time determined at the time of issuance of the variable annuity contract, a minimum accumulation of purchase payments, even if the account value is reduced to zero, that can be annuitized to receive a monthly income stream that is not less than a specified amount. |  | • | Present value of expected income benefits in excess of the projected account balance at any future date of annuitization and recognizing the excess ratably over the accumulation period based on present value of total expected assessments.
| • | Certain contracts also provide for a guaranteed lump sum return of purchase premium in lieu of the annuitization benefit. |  | • | Assumptions are consistent with those used for estimating GMDB liabilities.
|  |  |  | • | Calculation incorporates an assumption for the percentage of the potential annuitizations that may be elected by the contractholder.
GMWBs | • | A return of purchase payment via partial withdrawals, even if the account value is reduced to zero, provided that cumulative withdrawals in a contract year do not exceed a certain limit. |  | • | Expected value of the life contingent payments and expected assessments using assumptions consistent with those used for estimating the GMDB liabilities.
| • | Certain contracts include guaranteed withdrawals that are life contingent. |  |  |
The Company also issues other annuity contracts that apply a lower rate on funds deposited if the contractholder elects to surrender the contract for cash and a higher rate if the contractholder elects to annuitize. These guarantees include benefits that are payable in the event of death, maturity or at annuitization. Certain other annuity contracts contain guaranteed annuitization benefits that may be above what would be provided by the current account value of the contract. Additionally, the Company issues universal and variable life contracts where the Company contractually guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding the liabilities for guarantees (excluding base policy liabilities and embedded derivatives) relating to annuity and universal and variable life contracts was as follows:
| Annuity Contracts |  | Universal and Variable Life Contracts |  |
| GMDBs and GMWBs |  | GMIBs |  | Secondary Guarantees |  | Paid-Up Guarantees |  | Total
| (In millions)
Direct and Assumed: |  |  |  |  |  |  |  |  |
Balance at January 1, 2020 | $ | 465 |  |  | $ | 894 |  |  | $ | 3,762 |  |  | $ | 427 |  |  | $ | 5,548 |
Incurred guaranteed benefits (1) | 195 |  |  | 240 |  |  | 602 |  |  | 26 |  |  | 1,063 |
Paid guaranteed benefits | (21) |  |  | (5) |  |  | (99) |  |  | (45) |  |  | (170) |
Balance at December 31, 2020 | 639 |  |  | 1,129 |  |  | 4,265 |  |  | 408 |  |  | 6,441 |
Incurred guaranteed benefits (1) | 133 |  |  | 87 |  |  | (37) |  |  | 43 |  |  | 226 |
Paid guaranteed benefits | (29) |  |  | (7) |  |  | (102) |  |  | (47) |  |  | (185) |
Reclassified to liabilities held-for-sale (2) | — |  |  | (32) |  |  | — |  |  | — |  |  | (32) |
Balance at December 31, 2021 | 743 |  |  | 1,177 |  |  | 4,126 |  |  | 404 |  |  | 6,450 |
Incurred guaranteed benefits (1) | 247 |  |  | (269) |  |  | (261) |  |  | 104 |  |  | (179) |
Paid guaranteed benefits | (39) |  |  | (14) |  |  | (120) |  |  | (44) |  |  | (217) |
Balance at December 31, 2022 | $ | 951 |  |  | $ | 894 |  |  | $ | 3,745 |  |  | $ | 464 |  |  | $ | 6,054 |
Ceded: |  |  |  |  |  |  |  |  |
Balance at January 1, 2020 | $ | — |  |  | $ | 10 |  |  | $ | 349 |  |  | $ | 281 |  |  | $ | 640 |
Incurred guaranteed benefits | (11) |  |  | (3) |  |  | 96 |  |  | 43 |  |  | 125 |
Paid guaranteed benefits | 9 |  |  | — |  |  | (18) |  |  | (32) |  |  | (41) |
Balance at December 31, 2020 | (2) |  |  | 7 |  |  | 427 |  |  | 292 |  |  | 724 |
Incurred guaranteed benefits | (6) |  |  | 2 |  |  | 57 |  |  | 30 |  |  | 83 |
Paid guaranteed benefits | 8 |  |  | — |  |  | (33) |  |  | (34) |  |  | (59) |
Reclassified to liabilities held-for-sale (2) | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance at December 31, 2021 | — |  |  | 9 |  |  | 451 |  |  | 288 |  |  | 748 |
Incurred guaranteed benefits | (8) |  |  | (1) |  |  | 29 |  |  | 33 |  |  | 53 |
Paid guaranteed benefits | 8 |  |  | — |  |  | (24) |  |  | (32) |  |  | (48) |
Balance at December 31, 2022 | $ | — |  |  | $ | 8 |  |  | $ | 456 |  |  | $ | 289 |  |  | $ | 753 |
Net: |  |  |  |  |  |  |  |  |
Balance at January 1, 2020 | $ | 465 |  |  | $ | 884 |  |  | $ | 3,413 |  |  | $ | 146 |  |  | $ | 4,908 |
Incurred guaranteed benefits | 206 |  |  | 243 |  |  | 506 |  |  | (17) |  |  | 938 |
Paid guaranteed benefits | (30) |  |  | (5) |  |  | (81) |  |  | (13) |  |  | (129) |
Balance at December 31, 2020 | 641 |  |  | 1,122 |  |  | 3,838 |  |  | 116 |  |  | 5,717 |
Incurred guaranteed benefits | 139 |  |  | 85 |  |  | (94) |  |  | 13 |  |  | 143 |
Paid guaranteed benefits | (37) |  |  | (7) |  |  | (69) |  |  | (13) |  |  | (126) |
Reclassified to liabilities held-for-sale (2) | — |  |  | (32) |  |  | — |  |  | — |  |  | (32) |
Balance at December 31, 2021 | 743 |  |  | 1,168 |  |  | 3,675 |  |  | 116 |  |  | 5,702 |
Incurred guaranteed benefits | 255 |  |  | (268) |  |  | (290) |  |  | 71 |  |  | (232) |
Paid guaranteed benefits | (47) |  |  | (14) |  |  | (96) |  |  | (12) |  |  | (169) |
Balance at December 31, 2022 | $ | 951 |  |  | $ | 886 |  |  | $ | 3,289 |  |  | $ | 175 |  |  | $ | 5,301 |
__________________ (1)Secondary guarantees include the effects of foreign currency translation of ($268) million, ($260) million and $125 million at December 31, 2022, 2021 and 2020, respectively. (2)See Note 3 for information on the Company’s business dispositions. Information regarding the Company’s guarantee exposure, which includes direct and assumed business, but excludes offsets from hedging or ceded reinsurance, if any, was as follows at:
|  | December 31,
|  | 2022 |  | 2021
|  | In the Event of Death |  | At Annuitization |  | In the Event of Death |  | At Annuitization
|  | (Dollars in millions)
Annuity Contracts: |  |  |  |  |  |  |  |  |  |  |  |
Variable Annuity Guarantees: |  |  |  |  |  |  |  |  |  |  |  |
Total account value (1), (2), (3) |  | $ | 46,345 |  |  |  | $ | 16,953 |  |  |  | $ | 62,281 |  |  |  | $ | 23,121 |  |
Separate account value (1) |  | $ | 30,066 |  |  |  | $ | 15,584 |  |  |  | $ | 42,043 |  |  |  | $ | 21,508 |  |
Net amount at risk (2) |  | $ | 5,338 |  | (4) |  | $ | 433 |  | (5) |  | $ | 1,490 |  | (4) |  | $ | 500 |  | (5)
Average attained age of contractholders |  | 68 years |  |  | 68 years |  |  | 68 years |  |  | 66 years |
Other Annuity Guarantees: |  |  |  |  |  |  |  |  |  |  |  |
Total account value (1), (3) |  | N/A |  |  | $ | 4,101 |  |  |  | N/A |  |  | $ | 5,002 |  |
Net amount at risk |  | N/A |  |  | $ | 188 |  | (6) |  |  | N/A |  |  | $ | 196 |  | (6)
Average attained age of contractholders |  | N/A |  |  | 57 years |  |  | N/A |  |  | 56 years |
|  | December 31,
|  | 2022 |  | 2021
|  | Secondary Guarantees |  | Paid-Up Guarantees |  | Secondary Guarantees |  | Paid-Up Guarantees
|  | (Dollars in millions)
Universal and Variable Life Contracts: |  |  |  |  |  |  |  |
Total account value (1), (3) |  | $ | 11,948 |  |  | $ | 2,570 |  |  | $ | 13,678 |  |  | $ | 2,694 |
Net amount at risk (7) |  | $ | 80,623 |  |  | $ | 11,824 |  |  | $ | 78,762 |  |  | $ | 12,657 |
Average attained age of policyholders |  | 55 years |  | 67 years |  | 55 years |  | 66 years
__________________ (1)The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive. (2)Includes amounts, which are not reported on the consolidated balance sheets, from assumed variable annuity guarantees from the Company’s former operating joint venture in Japan. (3)Includes the contractholders’ investments in the general account and separate account, if applicable. (4)Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death. (5)Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contractholders have achieved. (6)Defined as either the excess of the upper tier, adjusted for a profit margin, less the lower tier, as of the balance sheet date or the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. These amounts represent the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date. (7)Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date. Guarantees — Separate Accounts Account balances of contracts with guarantees were invested in separate account asset classes as follows at:
|  | December 31,
|  | 2022 |  | 2021
|  | (In millions)
Fund Groupings: |  |  |  |
Equity |  | $ | 20,875 |  |  | $ | 29,346 |
Balanced |  | 12,657 |  |  | 17,393 |
Bond |  | 4,036 |  |  | 5,041 |
Money Market |  | 305 |  |  | 218 |
Total |  | $ | 37,873 |  |  | $ | 51,998 |
Obligations Under Funding Agreements The Company issues fixed and floating rate funding agreements, which are denominated in either U.S. dollars or foreign currencies, to certain unconsolidated special purpose entities that have issued either debt securities or commercial paper for which payment of interest and principal is secured by such funding agreements. For the years ended December 31, 2022, 2021 and 2020, the Company issued $48.5 billion, $40.8 billion and $40.4 billion, respectively, and repaid $47.4 billion, $41.2 billion and $36.7 billion, respectively, of such funding agreements. At December 31, 2022 and 2021, liabilities for funding agreements outstanding, which are included in policyholder account balances, were $40.7 billion and $39.5 billion, respectively. Certain of the Company’s subsidiaries are members of FHLBNY. Holdings of common stock of FHLBNY, included in other invested assets, were $729 million and $769 million at December 31, 2022 and 2021, respectively. Certain subsidiaries have also entered into funding agreements with FHLBNY and a subsidiary of the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The liability for such funding agreements is included in policyholder account balances. Information related to such funding agreements was as follows at:
|  | Liability |  | Collateral
|  | December 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
|  | (In millions)
FHLBNY (1) |  | $ | 14,940 |  |  | $ | 15,750 |  |  | $ | 17,857 |  | (2) |  | $ | 17,981 |  | (2)
Farmer Mac (3) |  | $ | 2,050 |  |  | $ | 2,050 |  |  | $ | 2,148 |  |  |  | $ | 2,159 |  |
__________________ (1)Represents funding agreements issued to FHLBNY in exchange for cash and for which it has been granted a lien on certain assets, some of which are in the custody of FHLBNY, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under such funding agreements. The applicable subsidiary of the Company is permitted to withdraw any portion of the collateral in the custody of FHLBNY as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by such subsidiary, FHLBNY’s recovery on the collateral is limited to the amount of such subsidiary’s liability to FHLBNY. (2)Advances are collateralized primarily by mortgage-backed securities presented at estimated fair value. The remaining collateral is mortgage loans presented at carrying value. (3)Represents funding agreements issued to a subsidiary of Farmer Mac. The obligations under these funding agreements are secured by a pledge of certain eligible agricultural mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The amount of collateral presented is at carrying value. Liabilities for Unpaid Claims and Claim Expenses The following is information about incurred and paid claims development by segment at December 31, 2022. Such amounts are presented net of reinsurance, and are not discounted. The tables present claims development and cumulative claim payments by incurral year. The development tables are only presented for significant short-duration product liabilities within each segment. In order to eliminate potential fluctuations related to foreign exchange rates, liabilities and payments denominated in a foreign currency have been translated using the 2022 year end spot rates for all periods presented. The information about incurred and paid claims development prior to 2022 is presented as supplementary information. U.S. Group Life - Term
|  | Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance |  | At December 31, 2022
|  | Years Ended December 31, |  | Total IBNR Liabilities Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | (Unaudited) |  |  |  |
Incurral Year |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  |
|  | (Dollars in millions)
2013 |  | $ | 6,637 |  |  | $ | 6,713 |  |  | $ | 6,719 |  |  | $ | 6,720 |  |  | $ | 6,730 |  |  | $ | 6,720 |  |  | $ | 6,723 |  |  | $ | 6,724 |  |  | $ | 6,726 |  |  | $ | 6,726 |  |  | $ | 1 |  |  | 213,283 |
2014 |  |  |  | 6,986 |  |  | 6,919 |  |  | 6,913 |  |  | 6,910 |  |  | 6,914 |  |  | 6,919 |  |  | 6,920 |  |  | 6,918 |  |  | 6,920 |  |  | 1 |  |  | 216,148 |
2015 |  |  |  |  |  | 7,040 |  |  | 7,015 |  |  | 7,014 |  |  | 7,021 |  |  | 7,024 |  |  | 7,025 |  |  | 7,026 |  |  | 7,026 |  |  | 1 |  |  | 218,782 |
2016 |  |  |  |  |  |  |  | 7,125 |  |  | 7,085 |  |  | 7,095 |  |  | 7,104 |  |  | 7,105 |  |  | 7,104 |  |  | 7,107 |  |  | 2 |  |  | 220,671 |
2017 |  |  |  |  |  |  |  |  |  | 7,432 |  |  | 7,418 |  |  | 7,425 |  |  | 7,427 |  |  | 7,428 |  |  | 7,428 |  |  | 3 |  |  | 263,546 |
2018 |  |  |  |  |  |  |  |  |  |  |  | 7,757 |  |  | 7,655 |  |  | 7,646 |  |  | 7,650 |  |  | 7,651 |  |  | 6 |  |  | 251,446 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,935 |  |  | 7,900 |  |  | 7,907 |  |  | 7,917 |  |  | 11 |  |  | 252,015 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,913 |  |  | 9,367 |  |  | 9,389 |  |  | 23 |  |  | 297,022 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,555 |  |  | 10,795 |  |  | 64 |  |  | 327,725 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,640 |  |  | 1,129 |  |  | 276,784 |
Total |  | 80,599 |  |  |  |  |
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | (77,480) |  |  |  |  |
All outstanding liabilities for incurral years prior to 2013, net of reinsurance |  | 22 |  |  |  |  |
Total unpaid claims and claim adjustment expenses, net of reinsurance |  | $ | 3,141 |  |  |  |  |
|  | Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
|  | Years Ended December 31,
|  | (Unaudited) |  |
Incurral Year |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022
|  | (In millions)
2013 |  | $ | 5,216 |  | $ | 6,614 |  | $ | 6,664 |  | $ | 6,678 |  | $ | 6,711 |  |  | $ | 6,715 |  |  | $ | 6,720 |  |  | $ | 6,721 |  |  | $ | 6,723 |  |  | $ | 6,724 |
2014 |  |  |  | 5,428 |  | 6,809 |  | 6,858 |  | 6,869 |  |  | 6,902 |  |  | 6,912 |  |  | 6,915 |  |  | 6,916 |  |  | 6,917 |
2015 |  |  |  |  |  | 5,524 |  | 6,913 |  | 6,958 |  |  | 6,974 |  |  | 7,008 |  |  | 7,018 |  |  | 7,022 |  |  | 7,024 |
2016 |  |  |  |  |  |  |  | 5,582 |  | 6,980 |  |  | 7,034 |  |  | 7,053 |  |  | 7,086 |  |  | 7,096 |  |  | 7,100 |
2017 |  |  |  |  |  |  |  |  |  | 5,761 |  |  | 7,292 |  |  | 7,355 |  |  | 7,374 |  |  | 7,400 |  |  | 7,414 |
2018 |  |  |  |  |  |  |  |  |  |  |  | 6,008 |  |  | 7,521 |  |  | 7,578 |  |  | 7,595 |  |  | 7,629 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,178 |  |  | 7,756 |  |  | 7,820 |  |  | 7,853 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,862 |  |  | 9,103 |  |  | 9,242 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,008 |  |  | 10,476 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,101 |
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | $ | 77,480 |
Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2022:
|  | Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years |  | 1 |  | 2 |  | 3 |  | 4 |  | 5 |  | 6 |  | 7 |  | 8 |  | 9 |  | 10
Group Life - Term |  | 76.8% |  | 20.8% |  | 0.8% |  | 0.3% |  | 0.5% |  | 0.1% |  | 0.1% |  | —% |  | —% |  | —%
Group Long-Term Disability
|  | Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance |  | At December 31, 2022
|  | Years Ended December 31, |  | Total IBNR Liabilities Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | (Unaudited) |  |  |  |
Incurral Year |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  |
|  | (Dollars in millions)
2013 |  | $ | 1,008 |  |  | $ | 1,027 |  |  | $ | 1,032 |  |  | $ | 1,049 |  |  | $ | 1,070 |  |  | $ | 1,069 |  |  | $ | 1,044 |  |  | $ | 1,032 |  |  | $ | 1,025 |  |  | $ | 1,027 |  |  | $ | — |  |  | 21,139 |
2014 |  |  |  | 1,076 |  |  | 1,077 |  |  | 1,079 |  |  | 1,101 |  |  | 1,109 |  |  | 1,098 |  |  | 1,097 |  |  | 1,081 |  |  | 1,078 |  |  | — |  |  | 22,853 |
2015 |  |  |  |  |  | 1,082 |  |  | 1,105 |  |  | 1,093 |  |  | 1,100 |  |  | 1,087 |  |  | 1,081 |  |  | 1,067 |  |  | 1,086 |  |  | — |  |  | 21,216 |
2016 |  |  |  |  |  |  |  | 1,131 |  |  | 1,139 |  |  | 1,159 |  |  | 1,162 |  |  | 1,139 |  |  | 1,124 |  |  | 1,123 |  |  | — |  |  | 17,973 |
2017 |  |  |  |  |  |  |  |  |  | 1,244 |  |  | 1,202 |  |  | 1,203 |  |  | 1,195 |  |  | 1,165 |  |  | 1,181 |  |  | — |  |  | 16,328 |
2018 |  |  |  |  |  |  |  |  |  |  |  | 1,240 |  |  | 1,175 |  |  | 1,163 |  |  | 1,147 |  |  | 1,170 |  |  | — |  |  | 15,214 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,277 |  |  | 1,212 |  |  | 1,169 |  |  | 1,177 |  |  | — |  |  | 15,392 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,253 |  |  | 1,223 |  |  | 1,155 |  |  | 6 |  |  | 15,719 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,552 |  |  | 1,608 |  |  | 43 |  |  | 19,189 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,695 |  |  | 760 |  |  | 9,970 |
Total |  | 12,300 |  |  |  |  |
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | (6,251) |  |  |  |  |
All outstanding liabilities for incurral years prior to 2013, net of reinsurance |  | 1,496 |  |  |  |  |
Total unpaid claims and claim adjustment expenses, net of reinsurance |  | $ | 7,545 |  |  |  |  |
|  | Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
|  | Years Ended December 31,
|  | (Unaudited) |  |
Incurral Year |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022
|  | (In millions)
2013 |  | $ | 43 |  |  | $ | 234 |  |  | $ | 382 |  |  | $ | 475 |  |  | $ | 551 |  |  | $ | 622 |  |  | $ | 676 |  |  | $ | 722 |  |  | $ | 764 |  |  | $ | 798 |
2014 |  |  |  | 51 |  |  | 266 |  |  | 428 |  |  | 526 |  |  | 609 |  |  | 677 |  |  | 732 |  |  | 778 |  |  | 818 |
2015 |  |  |  |  |  | 50 |  |  | 264 |  |  | 427 |  |  | 524 |  |  | 601 |  |  | 665 |  |  | 718 |  |  | 764 |
2016 |  |  |  |  |  |  |  | 49 |  |  | 267 |  |  | 433 |  |  | 548 |  |  | 628 |  |  | 696 |  |  | 750 |
2017 |  |  |  |  |  |  |  |  |  | 56 |  |  | 290 |  |  | 476 |  |  | 579 |  |  | 655 |  |  | 719 |
2018 |  |  |  |  |  |  |  |  |  |  |  | 54 |  |  | 314 |  |  | 497 |  |  | 594 |  |  | 666 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  | 57 |  |  | 342 |  |  | 522 |  |  | 620 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 59 |  |  | 355 |  |  | 535 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 95 |  |  | 505 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 76 |
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | $ | 6,251 |
Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2022:
|  | Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years |  | 1 |  | 2 |  | 3 |  | 4 |  | 5 |  | 6 |  | 7 |  | 8 |  | 9 |  | 10
Group Long-Term Disability |  | 4.8% |  | 21.7% |  | 15.2% |  | 9.0% |  | 7.0% |  | 6.1% |  | 5.0% |  | 4.3% |  | 3.9% |  | 3.3%
Significant Methodologies and Assumptions Group Life - Term and Group Long-Term Disability incurred but not paid (“IBNP”) liabilities are developed using a combination of loss ratio and development methods. Claims in the course of settlement are then subtracted from the IBNP liabilities, resulting in the IBNR liabilities. The loss ratio method is used in the period in which the claims are neither sufficient nor credible. In developing the loss ratios, any material rate increases that could change the underlying premium without affecting the estimated incurred losses are taken into account. For periods where sufficient and credible claim data exists, the development method is used based on the claim triangles which categorize claims according to both the period in which they were incurred and the period in which they were paid, adjudicated or reported. The end result is a triangle of known data that is used to develop known completion ratios and factors. Claims paid are then subtracted from the estimated ultimate incurred claims to calculate the IBNP liability. An expense liability is held for the future expenses associated with the payment of incurred but not yet paid claims (IBNR and pending). This is expressed as a percentage of the underlying claims liability and is based on past experience and the anticipated future expense structure. For Group Life - Term, first year incurred claims and allocated loss adjustment expenses decreased in 2022 compared to the 2021 incurral year due to the decline in COVID-19 claims. For Group Long-Term Disability, first year incurred claims and allocated loss adjustment expenses increased in 2022 compared to 2021 incurral year due to the growth in the size of the business. The assumptions used in calculating the unpaid claims and claim adjustment expenses for Group Life - Term and Group Long-Term Disability are updated annually to reflect emerging trends in claim experience. Certain of our Group Life - Term customers have experience-rated contracts, whereby the group sponsor participates in the favorable and/or adverse claim experience, including favorable and/or adverse prior year development. Claim experience adjustments on these contracts are not reflected in the foregoing incurred and paid claim development tables, but are instead reflected as an increase (adverse experience) or decrease (favorable experience) to premiums on the consolidated statements of operations. Liabilities for Group Life - Term unpaid claims and claim adjustment expenses are not discounted. The liabilities for Group Long-Term Disability unpaid claims and claim adjustment expenses were $6.5 billion and $6.2 billion at December 31, 2022 and 2021, respectively. Using interest rates ranging from 3% to 8%, based on the incurral year, the total discount applied to these liabilities was $1.2 billion and $1.1 billion at December 31, 2022 and 2021, respectively. The amount of interest accretion recognized was $461 million, $518 million and $452 million for the years ended December 31, 2022, 2021 and 2020, respectively. These amounts were reflected in policyholder benefits and claims. For Group Life - Term, claims were based upon individual death claims. For Group Long-Term Disability, claim frequency was determined by the number of reported claims as identified by a unique claim number assigned to individual claimants. Claim counts initially include claims that do not ultimately result in a liability. These claims are omitted from the claim counts once it is determined that there is no liability. The incurred and paid claims disclosed for the Group Life - Term product includes activity related to the product’s continued protection feature; however, the associated actuarial reserve for future benefit obligations under this feature is excluded from the liability for unpaid claims. The Group Long-Term Disability IBNR, included in the development tables above, was developed using discounted cash flows, and is presented on a discounted basis. Asia Group Disability & Group Life
|  | Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance |  | At December 31, 2022
|  | Years Ended December 31, |  | Total IBNR Liabilities Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | (Unaudited) |  |  |  |
Incurral Year |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  |
|  | (Dollars in millions)
2013 |  | $ | 129 |  |  | $ | 130 |  |  | $ | 151 |  |  | $ | 146 |  |  | $ | 145 |  |  | $ | 153 |  |  | $ | 153 |  |  | $ | 156 |  |  | $ | 157 |  |  | $ | 155 |  |  | $ | 5 |  |  | 6,597 |
2014 |  |  |  | 257 |  |  | 241 |  |  | 222 |  |  | 222 |  |  | 233 |  |  | 229 |  |  | 230 |  |  | 230 |  |  | 224 |  |  | 8 |  |  | 6,865 |
2015 |  |  |  |  |  | 243 |  |  | 232 |  |  | 235 |  |  | 229 |  |  | 239 |  |  | 241 |  |  | 245 |  |  | 241 |  |  | 13 |  |  | 6,792 |
2016 |  |  |  |  |  |  |  | 203 |  |  | 206 |  |  | 195 |  |  | 208 |  |  | 210 |  |  | 215 |  |  | 216 |  |  | 19 |  |  | 4,707 |
2017 |  |  |  |  |  |  |  |  |  | 263 |  |  | 244 |  |  | 252 |  |  | 270 |  |  | 277 |  |  | 272 |  |  | 30 |  |  | 5,619 |
2018 |  |  |  |  |  |  |  |  |  |  |  | 321 |  |  | 293 |  |  | 305 |  |  | 315 |  |  | 309 |  |  | 56 |  |  | 5,982 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  | 347 |  |  | 324 |  |  | 339 |  |  | 335 |  |  | 79 |  |  | 5,966 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 385 |  |  | 359 |  |  | 331 |  |  | 127 |  |  | 5,030 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 367 |  |  | 382 |  |  | 211 |  |  | 5,659 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 487 |  |  | 399 |  |  | 3,461 |
Total |  | 2,952 |  |  |  |  |
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | (2,006) |  |  |  |  |
All outstanding liabilities for incurral years prior to 2013, net of reinsurance |  | 11 |  |  |  |  |
Total unpaid claims and claim adjustment expenses, net of reinsurance |  | $ | 957 |  |  |  |  |
|  | Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
|  | Years Ended December 31,
|  | (Unaudited) |  |
Incurral Year |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022
|  | (In millions)
2013 |  | $ | 38 |  |  | $ | 86 |  |  | $ | 105 |  |  | $ | 118 |  |  | $ | 129 |  |  | $ | 142 |  |  | $ | 138 |  |  | $ | 146 |  |  | $ | 149 |  |  | $ | 150 |
2014 |  |  |  | 60 |  |  | 125 |  |  | 156 |  |  | 175 |  |  | 197 |  |  | 198 |  |  | 208 |  |  | 213 |  |  | 216 |
2015 |  |  |  |  |  | 71 |  |  | 134 |  |  | 167 |  |  | 180 |  |  | 204 |  |  | 218 |  |  | 225 |  |  | 229 |
2016 |  |  |  |  |  |  |  | 57 |  |  | 117 |  |  | 134 |  |  | 167 |  |  | 181 |  |  | 190 |  |  | 197 |
2017 |  |  |  |  |  |  |  |  |  | 77 |  |  | 138 |  |  | 183 |  |  | 224 |  |  | 240 |  |  | 242 |
2018 |  |  |  |  |  |  |  |  |  |  |  | 84 |  |  | 155 |  |  | 209 |  |  | 243 |  |  | 252 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  | 93 |  |  | 170 |  |  | 221 |  |  | 257 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 85 |  |  | 153 |  |  | 203 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 77 |  |  | 171 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 89 |
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | $ | 2,006 |
Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2022:
|  | Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years |  | 1 |  | 2 |  | 3 |  | 4 |  | 5 |  | 6 |  | 7 |  | 8 |  | 9 |  | 10
Group Disability & Group Life |  | 25.4% |  | 25.3% |  | 14.0% |  | 10.6% |  | 7.0% |  | 3.9% |  | 2.0% |  | 3.0% |  | 1.6% |  | 0.6%
Significant Methodologies and Assumptions This business line consists of employer sponsored and industry sponsored Group Life and Group Disability risks. For Group Life, the IBNR liability is determined by using the Bornhuetter-Ferguson Method, with factors derived by examining the experience of historical claims. A pending liability is also calculated for claims that have been reported but have not been paid. A claim eligibility ratio based on past experience is applied to the face amount of individual claims. For Group Disability, the IBNR liability is calculated by applying a percentage to premiums in-force based on the expected delay as evidenced by the experience in the portfolio. The IBNR liability is then allocated back into different incurral years based on historical run-off patterns. As the benefit for this class of business is a regular series of payments, an additional reserve is required for the liability for ongoing benefit payments - claims in course of payment (“CICP”). The assumptions employed in the calculation of the CICP are adjusted for the Company’s own experience. An expense liability is held for the future expenses associated with the payment of incurred but not yet paid claims. This is expressed as a percentage of the underlying claims liability and is based on past experience and the future expense structure. The assumptions used in calculating the unpaid claims and claim adjustment expenses for Group Disability and Group Life are updated annually to reflect emerging trends in claim experience. No additional premiums or return premiums have been accrued as a result of the prior year development. The liabilities for unpaid claims and claim adjustment expenses were $1.3 billion and $1.2 billion at December 31, 2022 and 2021, respectively. These amounts were discounted using interest rates ranging from 1% to 7%, based on the incurral year. The total discount applied to these liabilities was $118 million and $73 million at December 31, 2022 and 2021, respectively. The amount of interest accretion recognized was $22 million for both the years ended December 31, 2022 and 2021, and $24 million for the year ended December 31, 2020. These amounts were reflected in policyholder benefits and claims. The Company tracks claim frequency by the number of reported claims as identified by a unique claim number assigned to individual claimants. Claim counts include claims that do not ultimately result in a liability. A liability is only established for those claims that are expected to result in a liability, based on historical factors. Latin America Protection Life
|  | Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance |  | At December 31, 2022
|  | Years Ended December 31, |  | Total IBNR Liabilities Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | (Unaudited) |  |  |
Incurral Year |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |
|  | (Dollars in millions)
2013 |  | $ | 152 |  |  | $ | 215 |  |  | $ | 221 |  |  | $ | 222 |  |  | $ | 221 |  |  | $ | 223 |  |  | $ | 224 |  |  | $ | 224 |  |  | $ | 224 |  |  | $ | 216 |  |  | $ | — |  |  | 30,204 |
2014 |  |  |  | 229 |  |  | 350 |  |  | 360 |  |  | 328 |  |  | 332 |  |  | 332 |  |  | 333 |  |  | 333 |  |  | 324 |  |  | — |  |  | 38,375 |
2015 |  |  |  |  |  | 300 |  |  | 431 |  |  | 401 |  |  | 406 |  |  | 406 |  |  | 407 |  |  | 401 |  |  | 391 |  |  | — |  |  | 44,496 |
2016 |  |  |  |  |  |  |  | 318 |  |  | 416 |  |  | 427 |  |  | 434 |  |  | 435 |  |  | 436 |  |  | 426 |  |  | — |  |  | 38,800 |
2017 |  |  |  |  |  |  |  |  |  | 327 |  |  | 319 |  |  | 319 |  |  | 318 |  |  | 318 |  |  | 308 |  |  | — |  |  | 30,819 |
2018 |  |  |  |  |  |  |  |  |  |  |  | 305 |  |  | 295 |  |  | 293 |  |  | 294 |  |  | 292 |  |  | 1 |  |  | 29,563 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  | 329 |  |  | 301 |  |  | 304 |  |  | 301 |  |  | 2 |  |  | 32,017 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 497 |  |  | 498 |  |  | 502 |  |  | 10 |  |  | 42,318 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 632 |  |  | 550 |  |  | 34 |  |  | 51,077 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 436 |  |  | 163 |  |  | 30,066 |
Total |  | 3,746 |  |  |  |  |
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | (3,347) |  |  |  |  |
All outstanding liabilities for incurral years prior to 2013, net of reinsurance |  | 6 |  |  |  |  |
Total unpaid claims and claim adjustment expenses, net of reinsurance |  | $ | 405 |  |  |  |  |
|  | Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
|  | Years Ended December 31,
|  | (Unaudited) |  |
Incurral Year |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022
|  | (In millions)
2013 |  | $ | 149 |  |  | $ | 208 |  |  | $ | 212 |  |  | $ | 213 |  |  | $ | 212 |  |  | $ | 214 |  |  | $ | 216 |  |  | $ | 217 |  |  | $ | 218 |  |  | $ | 210 |
2014 |  |  |  | 204 |  |  | 306 |  |  | 311 |  |  | 314 |  |  | 318 |  |  | 320 |  |  | 321 |  |  | 323 |  |  | 314 |
2015 |  |  |  |  |  | 244 |  |  | 345 |  |  | 366 |  |  | 373 |  |  | 379 |  |  | 382 |  |  | 383 |  |  | 373 |
2016 |  |  |  |  |  |  |  | 225 |  |  | 402 |  |  | 421 |  |  | 429 |  |  | 431 |  |  | 434 |  |  | 427 |
2017 |  |  |  |  |  |  |  |  |  | 194 |  |  | 291 |  |  | 307 |  |  | 310 |  |  | 314 |  |  | 305 |
2018 |  |  |  |  |  |  |  |  |  |  |  | 153 |  |  | 261 |  |  | 272 |  |  | 277 |  |  | 274 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  | 171 |  |  | 260 |  |  | 280 |  |  | 278 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 216 |  |  | 431 |  |  | 442 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 326 |  |  | 456 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 268 |
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | $ | 3,347 |
Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2022:
|  | Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years |  | 1 |  | 2 |  | 3 |  | 4 |  | 5 |  | 6 |  | 7 |  | 8 |  | 9 |  | 10
Protection Life |  | 58.3% |  | 32.3% |  | 4.0% |  | 1.0% |  | 0.5% |  | —% |  | —% |  | (0.5)% |  | (1.1)% |  | (4.0)%
Protection Health
|  | Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance |  | At December 31, 2022
|  | Years Ended December 31, |  | Total IBNR Liabilities Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | (Unaudited) |  |  |
Incurral Year |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |
|  | (Dollars in millions)
2013 |  | $ | 227 |  |  | $ | 256 |  |  | $ | 258 |  |  | $ | 259 |  |  | $ | 256 |  |  | $ | 256 |  |  | $ | 256 |  |  | $ | 256 |  |  | $ | 256 |  |  | $ | 257 |  |  | $ | — |  |  | 104,402 |
2014 |  |  |  | 236 |  |  | 262 |  |  | 264 |  |  | 262 |  |  | 261 |  |  | 261 |  |  | 262 |  |  | 262 |  |  | 263 |  |  | — |  |  | 98,132 |
2015 |  |  |  |  |  | 203 |  |  | 230 |  |  | 232 |  |  | 231 |  |  | 230 |  |  | 231 |  |  | 231 |  |  | 231 |  |  | — |  |  | 87,596 |
2016 |  |  |  |  |  |  |  | 266 |  |  | 306 |  |  | 303 |  |  | 303 |  |  | 303 |  |  | 303 |  |  | 304 |  |  | — |  |  | 106,665 |
2017 |  |  |  |  |  |  |  |  |  | 385 |  |  | 358 |  |  | 359 |  |  | 358 |  |  | 358 |  |  | 358 |  |  | — |  |  | 121,591 |
2018 |  |  |  |  |  |  |  |  |  |  |  | 412 |  |  | 433 |  |  | 410 |  |  | 409 |  |  | 409 |  |  | — |  |  | 144,503 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  | 137 |  |  | 179 |  |  | 173 |  |  | 172 |  |  | 1 |  |  | 132,150 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 497 |  |  | 488 |  |  | 486 |  |  | 5 |  |  | 149,147 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 638 |  |  | 641 |  |  | 13 |  |  | 167,881 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 696 |  |  | 67 |  |  | 140,625 |
Total |  | 3,817 |  |  |  |  |
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | (3,679) |  |  |  |  |
All outstanding liabilities for incurral years prior to 2013, net of reinsurance |  | 1 |  |  |  |  |
Total unpaid claims and claim adjustment expenses, net of reinsurance |  | $ | 139 |  |  |  |  |
|  | Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
|  | Years Ended December 31,
|  | (Unaudited)
Incurral Year |  | 2013 |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022
|  | (In millions)
2013 |  | $ | 227 |  |  | $ | 256 |  |  | $ | 258 |  |  | $ | 259 |  |  | $ | 256 |  |  | $ | 256 |  |  | $ | 256 |  |  | $ | 256 |  |  | $ | 256 |  |  | $ | 257 |
2014 |  |  |  | 234 |  |  | 260 |  |  | 263 |  |  | 259 |  |  | 259 |  |  | 259 |  |  | 259 |  |  | 259 |  |  | 260 |
2015 |  |  |  |  |  | 203 |  |  | 230 |  |  | 229 |  |  | 230 |  |  | 230 |  |  | 230 |  |  | 231 |  |  | 231 |
2016 |  |  |  |  |  |  |  | 250 |  |  | 299 |  |  | 302 |  |  | 302 |  |  | 303 |  |  | 303 |  |  | 304 |
2017 |  |  |  |  |  |  |  |  |  | 314 |  |  | 354 |  |  | 356 |  |  | 356 |  |  | 357 |  |  | 358 |
2018 |  |  |  |  |  |  |  |  |  |  |  | 352 |  |  | 401 |  |  | 404 |  |  | 405 |  |  | 407 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  | 115 |  |  | 163 |  |  | 166 |  |  | 169 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 420 |  |  | 475 |  |  | 480 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 564 |  |  | 624 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 589 |
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | $ | 3,679 |
Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2022:
|  | Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years |  | 1 |  | 2 |  | 3 |  | 4 |  | 5 |  | 6 |  | 7 |  | 8 |  | 9 |  | 10
Protection Health |  | 84.7% |  | 13.4% |  | 0.8% |  | 0.2% |  | —% |  | 0.1% |  | 0.1% |  | 0.1% |  | 0.2% |  | 0.2%
Significant Methodologies and Assumptions The Latin America segment establishes liabilities for unpaid losses, which are equal to the accumulation of unpaid reported claims, plus an estimate for claims IBNR. In general terms, for both the Protection Life and Protection Health products, the methodology for IBNR is the Bornhuetter-Ferguson Method, with factors derived by examining the experience of historical claims. In the more recent incurral months, the credibility is higher on expected loss ratios and lower on claims calculated using the experience-derived factors. The credibility grows for the factors as incurral months become older. For Protection Health products, claim duration can be very long due to the multiple incidences that may occur over time for a single claim. Depending on the characteristics of the product, the number of claims reported per year may or may not be based on the original claim occurrence date for each individual claim. For Protection Life products, claims are based upon individual death claims. The assumptions used in calculating the unpaid claims and claim adjustment expenses for Protection Life and Protection Health are updated annually to reflect emerging trends in claim experience. Certain of our Protection Life customers have experience-rated contracts, whereby the group sponsor participates in the favorable and/or adverse claim experience, including favorable and/or adverse prior year development. Claim experience adjustments on these contracts are not reflected in the foregoing incurred and paid claim development tables, but are instead reflected as an increase (adverse experience) or decrease (favorable experience) to premiums on the consolidated statements of operations. Liabilities for unpaid claims and claim adjustment expenses were not discounted. For Protection Life and Protection Health products, claim counts initially include claims that do not ultimately result in a liability. These claims are omitted from the claim counts once it is determined that there is no liability. Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses The reconciliation of the net incurred and paid claims development tables to the liability for unpaid claims and claims adjustment expenses on the consolidated balance sheet was as follows at:
|  | December 31, 2022
|  | (In millions)
Short-Duration: |  |  |
Unpaid claims and allocated claims adjustment expenses, net of reinsurance: |  |  |
U.S.: |  |  |
Group Life - Term |  | $ | 3,141 |  |
Group Long-Term Disability |  | 7,545 |  |
Total |  |  | $ | 10,686 |
Asia - Group Disability & Group Life |  |  | 957 |
Latin America: |  |  |
Protection Life |  | 405 |  |
Protection Health |  | 139 |  |
Total |  |  | 544 |
Other insurance lines - all segments combined |  |  | 1,938 |
Total unpaid claims and allocated claims adjustment expenses, net of reinsurance |  |  | 14,125 |
Reinsurance recoverables on unpaid claims: |  |  |
U.S.: |  |  |
Group Life - Term |  | 8 |  |
Group Long-Term Disability |  | 205 |  |
Total |  |  | 213 |
Asia - Group Disability & Group Life |  |  | 427 |
Latin America: |  |  |
Protection Life |  | 11 |  |
Protection Health |  | 18 |  |
Total |  |  | 29 |
Other insurance lines - all segments combined |  |  | 289 |
Total reinsurance recoverable on unpaid claims |  |  | 958 |
Total unpaid claims and allocated claims adjustment expense |  |  | 15,083 |
Unallocated claims adjustment expenses |  |  | 3 |
Discounting |  |  | (1,326) |
Liability for unpaid claims and claim adjustment liabilities - short-duration |  |  | 13,760 |
Liability for unpaid claims and claim adjustment liabilities - all long-duration lines |  |  | 6,653 |
Total liability for unpaid claims and claim adjustment expense (included in future policy benefits and other policy-related balances) |  |  | $ | 20,413 |
Rollforward of Claims and Claim Adjustment Expenses Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:
|  | Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020
|  | (In millions)
Balance at January 1, |  | $ | 20,013 |  |  | $ | 18,591 |  |  | $ | 19,216 |
Less: Reinsurance recoverables |  | 3,121 |  |  | 2,417 |  |  | 2,377 |
Net balance at January 1, |  | 16,892 |  |  | 16,174 |  |  | 16,839 |
Incurred related to: |  |  |  |  |  |
Current year |  | 27,285 |  |  | 28,270 |  |  | 27,272 |
Prior years (1) |  | 766 |  |  | 934 |  |  | 192 |
Total incurred |  | 28,051 |  |  | 29,204 |  |  | 27,464 |
Paid related to: |  |  |  |  |  |
Current year |  | (20,051) |  |  | (21,111) |  |  | (20,230) |
Prior years |  | (7,395) |  |  | (7,256) |  |  | (6,241) |
Total paid |  | (27,446) |  |  | (28,367) |  |  | (26,471) |
Reclassified to liabilities held-for-sale (2) |  | — |  |  | (55) |  |  | (1,658) |
Dispositions (2) |  | — |  |  | (64) |  |  | — |
Net balance at December 31, |  | 17,497 |  |  | 16,892 |  |  | 16,174 |
Add: Reinsurance recoverables |  | 2,916 |  |  | 3,121 |  |  | 2,417 |
Balance at December 31, |  | $ | 20,413 |  |  | $ | 20,013 |  |  | $ | 18,591 |
__________________ (1)For the years ended December 31, 2022, 2021 and 2020, incurred claim activity and claim adjustment expenses associated with prior years increased due to events incurred in prior years but reported in the current year. The increases in both 2022 and 2021 incurred claim activity and claim adjustment expenses associated with prior years is primarily due to the impacts related to the COVID-19 pandemic, partially offset by additional premiums recorded for experience-rated contracts that are not reflected in the table above. (2)See Note 3 for information on the Company’s business dispositions. Separate AccountsSeparate account assets and liabilities include two categories of account types: pass-through separate accounts totaling $108.9 billion and $134.4 billion at December 31, 2022 and 2021, respectively, for which the policyholder assumes all investment risk, and separate accounts for which the Company contractually guarantees either a minimum return or account value to the policyholder which totaled $37.1 billion and $45.5 billion at December 31, 2022 and 2021, respectively. The latter category consisted primarily of guaranteed interest contracts (“GICs”). The average interest rate credited on these contracts was 2.49% and 2.18% at December 31, 2022 and 2021, respectively.

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- Definition The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -URI https://asc.fasb.org/topic&trid=2303980 + Details
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