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Future Policy Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Insurance [Abstract] |
Accounting Standards Update and Change in Accounting Principle | The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated balance sheet:
|  | December 31, 2022
|  | As Previously Reported |  | Adoption Adjustment |  | Post Adoption |  |  |  |  |  |
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |
Premiums, reinsurance and other receivables |  | $ | 17,461 |  |  | $ | (97) |  |  | $ | 17,364 |  |  |  |  |  |  |
Market risk benefits |  | $ | — |  |  | $ | 280 |  |  | $ | 280 |  |  |  |  |  |  |
Deferred policy acquisition costs and value of business acquired |  | $ | 22,983 |  |  | $ | (3,330) |  |  | $ | 19,653 |  |  |  |  |  |  |
Deferred income tax asset |  | $ | 2,830 |  |  | $ | (391) |  |  | $ | 2,439 |  |  |  |  |  |  |
Other assets |  | $ | 11,026 |  |  | $ | (1) |  |  | $ | 11,025 |  |  |  |  |  |  |
Total assets |  | $ | 666,611 |  |  | $ | (3,539) |  |  | $ | 663,072 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Future policy benefits |  | $ | 204,228 |  |  | $ | (17,006) |  |  | $ | 187,222 |  |  |  |  |  |  |
Policyholder account balances |  | $ | 203,082 |  |  | $ | 7,515 |  |  | $ | 210,597 |  |  |  |  |  |  |
Market risk benefits |  | $ | — |  |  | $ | 3,763 |  |  | $ | 3,763 |  |  |  |  |  |  |
Other policy-related balances |  | $ | 19,651 |  |  | $ | (1,227) |  |  | $ | 18,424 |  |  |  |  |  |  |
Deferred income tax liability |  | $ | 325 |  |  | $ | 625 |  |  | $ | 950 |  |  |  |  |  |  |
Other liabilities |  | $ | 25,980 |  |  | $ | (47) |  |  | $ | 25,933 |  |  |  |  |  |  |
Total liabilities |  | $ | 639,324 |  |  | $ | (6,377) |  |  | $ | 632,947 |  |  |  |  |  |  |
Equity |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  | $ | 41,953 |  |  | $ | (1,621) |  |  | $ | 40,332 |  |  |  |  |  |  |
Accumulated other comprehensive income (loss) |  | $ | (27,083) |  |  | $ | 4,462 |  |  | $ | (22,621) |  |  |  |  |  |  |
Total MetLife, Inc.'s stockholders' equity |  | $ | 27,040 |  |  | $ | 2,841 |  |  | $ | 29,881 |  |  |  |  |  |  |
Noncontrolling interests |  | $ | 247 |  |  | $ | (3) |  |  | $ | 244 |  |  |  |  |  |  |
Total equity |  | $ | 27,287 |  |  | $ | 2,838 |  |  | $ | 30,125 |  |  |  |  |  |  |
Total liabilities and equity |  | $ | 666,611 |  |  | $ | (3,539) |  |  | $ | 663,072 |  |  |  |  |  |  |
The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statement of operations:
|  | December 31,
|  | 2022 |  | 2021
|  | As Previously Reported |  | Adoption Adjustment |  | Post Adoption |  | As Previously Reported |  | Adoption Adjustment |  | Post Adoption
|  | (In millions)
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Premiums |  | $ | 49,397 |  |  | $ | (887) |  |  | $ | 48,510 |  |  | $ | 42,009 |  |  | $ | (857) |  |  | $ | 41,152 |
Universal life and investment-type product policy fees |  | $ | 5,585 |  |  | $ | (360) |  |  | $ | 5,225 |  |  | $ | 5,756 |  |  | $ | (512) |  |  | $ | 5,244 |
Other revenues |  | $ | 2,634 |  |  | $ | (4) |  |  | $ | 2,630 |  |  | $ | 2,619 |  |  | $ | — |  |  | $ | 2,619 |
Net investment gains (losses) |  | $ | (1,262) |  |  | $ | 2 |  |  | $ | (1,260) |  |  | $ | 1,529 |  |  | $ | 14 |  |  | $ | 1,543 |
Net derivative gains (losses) |  | $ | (2,372) |  |  | $ | 121 |  |  | $ | (2,251) |  |  | $ | (2,228) |  |  | $ | (1,029) |  |  | $ | (3,257) |
Total revenues |  | $ | 69,898 |  |  | $ | (1,128) |  |  | $ | 68,770 |  |  | $ | 71,080 |  |  | $ | (2,384) |  |  | $ | 68,696 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Policyholder benefits and claims |  | $ | 50,612 |  |  | $ | (1,105) |  |  | $ | 49,507 |  |  | $ | 43,954 |  |  | $ | (836) |  |  | $ | 43,118 |
Policyholder liability remeasurement (gains) losses |  | $ | — |  |  | $ | 114 |  |  | $ | 114 |  |  | $ | — |  |  | $ | (172) |  |  | $ | (172) |
Market risk benefit remeasurement (gains) losses |  | $ | — |  |  | $ | (3,674) |  |  | $ | (3,674) |  |  | $ | — |  |  | $ | (1,237) |  |  | $ | (1,237) |
Interest credited to policyholder account balances |  | $ | 3,692 |  |  | $ | 202 |  |  | $ | 3,894 |  |  | $ | 5,538 |  |  | $ | 33 |  |  | $ | 5,571 |
Policyholder dividends |  | $ | 701 |  |  | $ | 5 |  |  | $ | 706 |  |  | $ | 876 |  |  | $ | 4 |  |  | $ | 880 |
Other expenses |  | $ | 12,034 |  |  | $ | (175) |  |  | $ | 11,859 |  |  | $ | 12,586 |  |  | $ | (568) |  |  | $ | 12,018 |
Total expenses |  | $ | 67,039 |  |  | $ | (4,633) |  |  | $ | 62,406 |  |  | $ | 62,954 |  |  | $ | (2,776) |  |  | $ | 60,178 |
Income (loss) before provision for income tax |  | $ | 2,859 |  |  | $ | 3,505 |  |  | $ | 6,364 |  |  | $ | 8,126 |  |  | $ | 392 |  |  | $ | 8,518 |
Provision for income tax expense (benefit) |  | $ | 301 |  |  | $ | 761 |  |  | $ | 1,062 |  |  | $ | 1,551 |  |  | $ | 91 |  |  | $ | 1,642 |
Net income (loss) |  | $ | 2,558 |  |  | $ | 2,744 |  |  | $ | 5,302 |  |  | $ | 6,575 |  |  | $ | 301 |  |  | $ | 6,876 |
Net income (loss) attributable to noncontrolling interests |  | $ | 19 |  |  | $ | (1) |  |  | $ | 18 |  |  | $ | 21 |  |  | $ | — |  |  | $ | 21 |
Net income (loss) attributable to MetLife, Inc. |  | $ | 2,539 |  |  | $ | 2,745 |  |  | $ | 5,284 |  |  | $ | 6,554 |  |  | $ | 301 |  |  | $ | 6,855 |
Net income (loss) available to MetLife, Inc.'s common shareholders |  | $ | 2,354 |  |  | $ | 2,745 |  |  | $ | 5,099 |  |  | $ | 6,353 |  |  | $ | 301 |  |  | $ | 6,654 |
Net income (loss) available to MetLife, Inc.'s common shareholders per common share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 2.93 |  |  | $ | 3.42 |  |  | $ | 6.35 |  |  | $ | 7.36 |  |  | $ | 0.35 |  |  | $ | 7.71 |
Diluted |  | $ | 2.91 |  |  | $ | 3.39 |  |  | $ | 6.30 |  |  | $ | 7.31 |  |  | $ | 0.34 |  |  | $ | 7.65 |
The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statements of comprehensive income:
| December 31,
|  | 2022 |  | 2021
|  | As Previously Reported |  | Adoption Adjustment |  | Post Adoption |  | As Previously Reported |  | Adoption Adjustment |  | Post Adoption
| (In millions)
Net income (loss) |  | $ | 2,558 |  |  | $ | 2,744 |  |  | $ | 5,302 |  |  | $ | 6,575 |  |  | $ | 301 |  |  | $ | 6,876 |
Unrealized investment gains (losses), net of related offsets |  | $ | (47,831) |  |  | $ | (8,666) |  |  | $ | (56,497) |  |  | $ | (8,171) |  |  | $ | (4,669) |  |  | $ | (12,840) |
Future policy benefits discount rate remeasurement gains (losses) |  | $ | — |  |  | $ | 31,804 |  |  | $ | 31,804 |  |  | $ | — |  |  | $ | 10,102 |  |  | $ | 10,102 |
Market risk benefits instrument-specific credit risk remeasurement gains (losses) |  | $ | — |  |  | $ | (219) |  |  | $ | (219) |  |  | $ | — |  |  | $ | 257 |  |  | $ | 257 |
Foreign currency translation adjustments |  | $ | (1,242) |  |  | $ | 4 |  |  | $ | (1,238) |  |  | $ | (1,306) |  |  | $ | 40 |  |  | $ | (1,266) |
Other comprehensive income (loss), before income tax |  | $ | (48,879) |  |  | $ | 22,923 |  |  | $ | (25,956) |  |  | $ | (9,012) |  |  | $ | 5,730 |  |  | $ | (3,282) |
Income tax (expense) benefit related to items of other comprehensive income (loss) |  | $ | 10,871 |  |  | $ | (5,092) |  |  | $ | 5,779 |  |  | $ | 1,862 |  |  | $ | (1,343) |  |  | $ | 519 |
Other comprehensive income (loss), net of income tax |  | $ | (38,008) |  |  | $ | 17,831 |  |  | $ | (20,177) |  |  | $ | (7,150) |  |  | $ | 4,387 |  |  | $ | (2,763) |
Comprehensive income (loss) |  | $ | (35,450) |  |  | $ | 20,575 |  |  | $ | (14,875) |  |  | $ | (575) |  |  | $ | 4,688 |  |  | $ | 4,113 |
Less: Comprehensive income (loss) attributable to noncontrolling interest, net of income tax |  | $ | 13 |  |  | $ | (2) |  |  | $ | 11 |  |  | $ | 24 |  |  | $ | — |  |  | $ | 24 |
Comprehensive income (loss) attributable to MetLife, Inc. |  | $ | (35,463) |  |  | $ | 20,577 |  |  | $ | (14,886) |  |  | $ | (599) |  |  | $ | 4,688 |  |  | $ | 4,089 |
The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statements of equity:
|  |  |  |  |  |  |  | As Previously Reported |  | Adoption Adjustment |  | Post Adoption
|  |  |  |  |  |  |  | (In millions)
Retained Earnings |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 |  |  |  |  |  |  |  | $ | 36,491 |  |  | $ | — |  |  | $ | 36,491 |
Cumulative effects of changes in accounting principles, net of income tax |  |  |  |  |  |  |  | $ | — |  |  | $ | (4,667) |  |  | $ | (4,667) |
Net income (loss) |  |  |  |  |  |  |  | $ | 6,554 |  |  | $ | 301 |  |  | $ | 6,855 |
Balance at December 31, 2021 |  |  |  |  |  |  |  | $ | 41,197 |  |  | $ | (4,366) |  |  | $ | 36,831 |
Net income (loss) |  |  |  |  |  |  |  | $ | 2,539 |  |  | $ | 2,745 |  |  | $ | 5,284 |
Balance at December 31, 2022 |  |  |  |  |  |  |  | $ | 41,953 |  |  | $ | (1,621) |  |  | $ | 40,332 |
Accumulated Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 |  |  |  |  |  |  |  | $ | 18,072 |  |  | $ | — |  |  | $ | 18,072 |
Cumulative effects of changes in accounting principles, net of income tax |  |  |  |  |  |  |  | $ | — |  |  | $ | (17,757) |  |  | $ | (17,757) |
Other comprehensive income (loss), net of income tax |  |  |  |  |  |  |  | $ | (7,153) |  |  | $ | 4,387 |  |  | $ | (2,766) |
Balance at December 31, 2021 |  |  |  |  |  |  |  | $ | 10,919 |  |  | $ | (13,370) |  |  | $ | (2,451) |
Other comprehensive income (loss), net of income tax |  |  |  |  |  |  |  | $ | (38,002) |  |  | $ | 17,832 |  |  | $ | (20,170) |
Balance at December 31, 2022 |  |  |  |  |  |  |  | $ | (27,083) |  |  | $ | 4,462 |  |  | $ | (22,621) |
Total MetLife, Inc.’s Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 |  |  |  |  |  |  |  | $ | 74,558 |  |  | $ | — |  |  | $ | 74,558 |
Cumulative effects of changes in accounting principles, net of income tax |  |  |  |  |  |  |  | $ | — |  |  | $ | (22,424) |  |  | $ | (22,424) |
Net income (loss) |  |  |  |  |  |  |  | $ | 6,554 |  |  | $ | 301 |  |  | $ | 6,855 |
Other comprehensive income (loss), net of income tax |  |  |  |  |  |  |  | $ | (7,153) |  |  | $ | 4,387 |  |  | $ | (2,766) |
Balance at December 31, 2021 |  |  |  |  |  |  |  | $ | 67,482 |  |  | $ | (17,736) |  |  | $ | 49,746 |
Net income (loss) |  |  |  |  |  |  |  | $ | 2,539 |  |  | $ | 2,745 |  |  | $ | 5,284 |
Other comprehensive income (loss), net of income tax |  |  |  |  |  |  |  | $ | (38,002) |  |  | $ | 17,832 |  |  | $ | (20,170) |
Balance at December 31, 2022 |  |  |  |  |  |  |  | $ | 27,040 |  |  | $ | 2,841 |  |  | $ | 29,881 |
Noncontrolling Interests |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2021 |  |  |  |  |  |  |  | $ | 267 |  |  | $ | — |  |  | $ | 267 |
Change in equity of noncontrolling interests |  |  |  |  |  |  |  | $ | (33) |  |  | $ | (1) |  |  | $ | (34) |
Net income (loss) |  |  |  |  |  |  |  | $ | 19 |  |  | $ | (1) |  |  | $ | 18 |
Other comprehensive income (loss), net of income tax |  |  |  |  |  |  |  | $ | (6) |  |  | $ | (1) |  |  | $ | (7) |
Balance at December 31, 2022 |  |  |  |  |  |  |  | $ | 247 |  |  | $ | (3) |  |  | $ | 244 |
Total Equity |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 |  |  |  |  |  |  |  | $ | 74,817 |  |  | $ | — |  |  | $ | 74,817 |
Cumulative effects of changes in accounting principles, net of income tax |  |  |  |  |  |  |  | $ | — |  |  | $ | (22,424) |  |  | $ | (22,424) |
Net income (loss) |  |  |  |  |  |  |  | $ | 6,575 |  |  | $ | 301 |  |  | $ | 6,876 |
Other comprehensive income (loss), net of income tax |  |  |  |  |  |  |  | $ | (7,150) |  |  | $ | 4,387 |  |  | $ | (2,763) |
Balance at December 31, 2021 |  |  |  |  |  |  |  | $ | 67,749 |  |  | $ | (17,736) |  |  | $ | 50,013 |
Change in equity of noncontrolling interests |  |  |  |  |  |  |  | $ | (33) |  |  | $ | (1) |  |  | $ | (34) |
Net income (loss) |  |  |  |  |  |  |  | $ | 2,558 |  |  | $ | 2,744 |  |  | $ | 5,302 |
Other comprehensive income (loss), net of income tax |  |  |  |  |  |  |  | $ | (38,008) |  |  | $ | 17,831 |  |  | $ | (20,177) |
Balance at December 31, 2022 |  |  |  |  |  |  |  | $ | 27,287 |  |  | $ | 2,838 |  |  | $ | 30,125 |
The following table presents the effects of the retrospective application of the adoption of the new LDTI accounting guidance to the Company’s previously reported consolidated statements of cash flows:
| December 31,
|  | 2022 |  | 2021
|  | As Previously Reported |  | Adoption Adjustment |  | Post Adoption |  | As Previously Reported |  | Adoption Adjustment |  | Post Adoption
| (In millions)
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 2,558 |  |  | $ | 2,744 |  |  | $ | 5,302 |  |  | $ | 6,575 |  |  | $ | 301 |  |  | $ | 6,876 |
Amortization of premiums and accretion of discounts associated with investments, net |  | $ | (960) |  |  | $ | (32) |  |  | $ | (992) |  |  | $ | (855) |  |  | $ | (19) |  |  | $ | (874) |
(Gains) losses on investments and from sales of businesses, net |  | $ | 1,262 |  |  | $ | (2) |  |  | $ | 1,260 |  |  | $ | (1,529) |  |  | $ | (14) |  |  | $ | (1,543) |
(Gains) losses on derivatives, net |  | $ | 4,317 |  |  | $ | (167) |  |  | $ | 4,150 |  |  | $ | 4,190 |  |  | $ | 486 |  |  | $ | 4,676 |
Interest credited to policyholder account balances |  | $ | 3,737 |  |  | $ | 34 |  |  | $ | 3,771 |  |  | $ | 5,490 |  |  | $ | 138 |  |  | $ | 5,628 |
Universal life and investment-type product policy fees |  | $ | (3,970) |  |  | $ | 1 |  |  | $ | (3,969) |  |  | $ | (3,638) |  |  | $ | (25) |  |  | $ | (3,663) |
Change in premiums, reinsurance and other receivables |  | $ | 256 |  |  | $ | 43 |  |  | $ | 299 |  |  | $ | 389 |  |  | $ | (27) |  |  | $ | 362 |
Change in market risk benefits |  | $ | — |  |  | $ | (3,347) |  |  | $ | (3,347) |  |  | $ | — |  |  | $ | (839) |  |  | $ | (839) |
Change in deferred policy acquisition costs and value of business acquired, net |  | $ | (568) |  |  | $ | (232) |  |  | $ | (800) |  |  | $ | (106) |  |  | $ | (602) |  |  | $ | (708) |
Change in income tax |  | $ | (591) |  |  | $ | 789 |  |  | $ | 198 |  |  | $ | 598 |  |  | $ | 258 |  |  | $ | 856 |
Change in other assets |  | $ | 27 |  |  | $ | 111 |  |  | $ | 138 |  |  | $ | (681) |  |  | $ | (327) |  |  | $ | (1,008) |
Change in insurance-related liabilities and policy-related balances |  | $ | 4,058 |  |  | $ | (121) |  |  | $ | 3,937 |  |  | $ | 4,553 |  |  | $ | 449 |  |  | $ | 5,002 |
Change in other liabilities |  | $ | 341 |  |  | $ | 19 |  |  | $ | 360 |  |  | $ | 71 |  |  | $ | (3) |  |  | $ | 68 |
Other, net |  | $ | 245 |  |  | $ | — |  |  | $ | 245 |  |  | $ | 138 |  |  | $ | (25) |  |  | $ | 113 |
Net cash provided by (used in) operating activities |  | $ | 13,204 |  |  | $ | (160) |  |  | $ | 13,044 |  |  | $ | 12,596 |  |  | $ | (249) |  |  | $ | 12,347 |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account balances - deposits |  | $ | 103,036 |  |  | $ | 865 |  |  | $ | 103,901 |  |  | $ | 96,367 |  |  | $ | 839 |  |  | $ | 97,206 |
Policyholder account balances - withdrawals |  | $ | (97,886) |  |  | $ | (705) |  |  | $ | (98,591) |  |  | $ | (92,540) |  |  | $ | (590) |  |  | $ | (93,130) |
Net cash provided by (used in) financing activities |  | $ | (10,108) |  |  | $ | 160 |  |  | $ | (9,948) |  |  | $ | (1,375) |  |  | $ | 249 |  |  | $ | (1,126) |
The LDTI transition adjustments related to traditional and limited-payment contracts, DPLs, and additional insurance liabilities, as well as the associated ceded recoverables, as described in Note 1, were as follows at the Transition Date:
|  | RIS Annuities |  | Asia Whole and Term Life & Endowments |  | Asia Accident & Health |  | Latin America Fixed Annuities |  | MetLife Holdings Long-Term Care |  | MetLife Holdings Participating Life |  | Other Long-Duration |  | Short-Duration and Other |  | Total
|  | (In millions)
Balance, future policy benefits, at December 31, 2020 |  | $ | 66,030 |  |  | $ | 17,990 |  |  | $ | 16,330 |  |  | $ | 8,393 |  |  | $ | 14,281 |  |  | $ | 51,148 |  |  | $ | 19,128 |  |  | $ | 13,356 |  |  | $ | 206,656 |
Removal of additional insurance liabilities for separate presentation (1) |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6,561) |  |  | — |  |  | (6,565) |
Subtotal - pre-adoption balance, excluding additional liabilities |  | 66,026 |  |  | 17,990 |  |  | 16,330 |  |  | 8,393 |  |  | 14,281 |  |  | 51,148 |  |  | 12,567 |  |  | 13,356 |  |  | 200,091 |
Removal of related amounts in AOCI |  | (5,914) |  |  | — |  |  | — |  |  | (295) |  |  | (1,210) |  |  | — |  |  | (492) |  |  | — |  |  | (7,911) |
Reclassification of carrying amounts of contracts and contract features that are market risk benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (176) |  |  | — |  |  | (176) |
Adjustment of future policy benefits to remeasure cohorts where net premiums exceed gross premiums under the modified retrospective approach |  | 337 |  |  | 51 |  |  | 154 |  |  | 121 |  |  | — |  |  | — |  |  | 56 |  |  | — |  |  | 719 |
Effect of remeasurement of future policy benefits to an upper-medium grade discount rate |  | 15,834 |  |  | 4,386 |  |  | 285 |  |  | 2,869 |  |  | 8,270 |  |  | — |  |  | 2,475 |  |  | — |  |  | 34,119 |
Other balance sheet reclassifications and adjustments upon adoption of the LDTI standard |  | (7,416) |  |  | 4 |  |  | 47 |  |  | (1) |  |  | — |  |  | — |  |  | (124) |  |  | — |  |  | (7,490) |
Removal of remeasured deferred profit liabilities for separate presentation (1) |  | (2,897) |  |  | (225) |  |  | (691) |  |  | (570) |  |  | — |  |  | — |  |  | (275) |  |  | — |  |  | (4,658) |
Balance, traditional and limited-payment contracts, at January 1, 2021 |  | $ | 65,970 |  |  | $ | 22,206 |  |  | $ | 16,125 |  |  | $ | 10,517 |  |  | $ | 21,341 |  |  | $ | 51,148 |  |  | $ | 14,031 |  |  | $ | 13,356 |  |  | $ | 214,694 |
Balance, deferred profit liabilities at January 1, 2021 |  | $ | 2,897 |  |  | $ | 225 |  |  | $ | 691 |  |  | $ | 570 |  |  | $ | — |  |  | $ | — |  |  | $ | 275 |  |  | $ | — |  |  | $ | 4,658 |
Balance, ceded recoverables on traditional and limited-payment contracts at December 31, 2020 |  | $ | 203 |  |  | $ | — |  |  | $ | 32 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 1,052 |  |  |  |  | $ | 1,287 |
Effect of remeasurement of the ceded recoverable to an upper-medium grade discount rate |  | 135 |  |  | (15) |  |  | (66) |  |  | — |  |  | — |  |  |  |  | 297 |  |  |  |  | 351 |
Adjustments for loss contracts (with net premiums in excess of gross premiums) under the modified retrospective approach |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 32 |  |  |  |  | 32 |
Adjustments for the cumulative effect of adoption on ceded recoverables on traditional and limited-payment contract |  | 6 |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  |  |  | 10 |  |  |  |  | 14 |
Balance ceded recoverables on traditional and limited-payment contracts at January 1, 2021 |  | $ | 344 |  |  | $ | (15) |  |  | $ | (36) |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 1,391 |  |  |  |  | $ | 1,684 |
__________________ (1) LDTI requires separate disaggregated rollforwards of the additional insurance liabilities balance and the traditional and limited-payment FPBs. Therefore, the additional insurance liabilities and DPL amounts that are recorded in the FPB financial statement line item are removed to derive the opening balance of traditional and limited-payment contracts at the Transition Date.
|  | Asia Variable Life |  | Asia Universal and Variable Universal Life |  | MetLife Holdings Universal and Variable Universal Life |  | Other Long-Duration |  | Total
|  | (In millions)
Additional insurance liabilities at December 31, 2020 |  | $ | 1,824 |  |  | $ | 788 |  |  | $ | 1,976 |  |  | $ | 1,977 |  |  | $ | 6,565 |
Reclassification of carrying amounts of contracts and contract features that are market risk benefits |  | — |  |  | — |  |  | — |  |  | (1,642) |  |  | (1,642) |
Adjustments for the cumulative effect of adoption on additional insurance liabilities |  | — |  |  | — |  |  | 38 |  |  | 45 |  |  | 83 |
Additional insurance liabilities at January 1, 2021 |  | $ | 1,824 |  |  | $ | 788 |  |  | $ | 2,014 |  |  | $ | 380 |  |  | $ | 5,006 |
Ceded recoverables on additional insurance liabilities at December 31, 2020 |  | $ | — |  |  | $ | — |  |  | $ | 719 |  |  | $ | 8 |  |  | $ | 727 |
Reclassification of carrying amounts of contracts and contract features that are reinsured market risk benefits |  | — |  |  | — |  |  | — |  |  | (8) |  |  | (8) |
Adjustments for the cumulative effect of adoption on ceded recoverables on additional insurance liabilities |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Ceded recoverables on additional insurance liabilities at January 1, 2021 |  | $ | — |  |  | $ | — |  |  | $ | 720 |  |  | $ | — |  |  | $ | 720 |
Balance, traditional and limited-payment contracts, at January 1, 2021 |  |  |  |  |  |  |  |  |  | $ | 214,694 |
Balance, deferred profit liabilities at January 1, 2021 |  |  |  |  |  |  |  |  |  | 4,658 |
Balance, additional insurance liabilities at January 1, 2021 |  |  |  |  |  |  |  |  |  | 5,006 |
Total future policy benefits at January 1, 2021 |  |  |  |  |  |  |  |  |  | $ | 224,358 |
The LDTI transition adjustments related to PABs, as described in Note 1, were as follows at the Transition Date:
|  | Group Benefits Group Life |  | RIS Capital Markets Investment Products and Stable Value GICs |  | RIS Annuities and Risk Solutions |  | Asia Universal and Variable Universal Life |  | Asia Fixed Annuities |  | EMEA Variable Annuities |  | MetLife Holdings Annuities |  | MetLife Holdings Life and Other |  | Other |  | Total
|  | (In millions)
Balance at December 31, 2020 |  | $ | 7,586 |  |  | $ | 62,908 |  |  | $ | 6,250 |  |  | $ | 43,868 |  |  | $ | 31,422 |  |  | $ | 4,777 |  |  | $ | 15,727 |  |  | $ | 13,129 |  |  | $ | 19,509 |  |  | $ | 205,176 |
Reclassification of carrying amounts of contracts and contract features that are market risk benefits |  | — |  |  | — |  |  | (24) |  |  | — |  |  | — |  |  | 2 |  |  | (493) |  |  | (273) |  |  | (170) |  |  | (958) |
Other balance sheet reclassifications upon adoption of the LDTI standard |  | — |  |  | — |  |  | 7,417 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 102 |  |  | 7,519 |
Balance at January 1, 2021 |  | $ | 7,586 |  |  | $ | 62,908 |  |  | $ | 13,643 |  |  | $ | 43,868 |  |  | $ | 31,422 |  |  | $ | 4,779 |  |  | $ | 15,234 |  |  | $ | 12,856 |  |  | $ | 19,441 |  |  | $ | 211,737 |
The LDTI transition adjustments related to MRB liabilities, as described in Note 1, were as follows at the Transition Date:
|  | Asia Retirement Assurance |  | MetLife Holdings Annuities |  | Other |  | Total
|  | (In millions)
Direct and assumed MRB liabilities at December 31, 2020 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Reclassification of carrying amounts of contracts and contract features that are market risk benefits |  | 247 |  |  | 2,291 |  |  | 251 |  |  | 2,789 |
Adjustments for the cumulative effect of changes in nonperformance risk between contract issue date and Transition Date |  | (7) |  |  | (54) |  |  | (38) |  |  | (99) |
Adjustments for the difference between the fair value of the MRB balance, excluding the cumulative effect of changes in nonperformance risk, and the historical carrying value |  | 78 |  |  | 4,764 |  |  | 369 |  |  | 5,211 |
Direct and assumed MRB liabilities at January 1, 2021 |  | $ | 318 |  |  | $ | 7,001 |  |  | $ | 582 |  |  | $ | 7,901 |
Reinsured MRB assets at December 31, 2020 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Reclassification of carrying amounts of contracts and contract features that are market risk benefits |  | — |  |  | — |  |  | 63 |  |  | 63 |
Adjustments for the difference between previous carrying amounts and fair value measurements |  | — |  |  | — |  |  | (12) |  |  | $ | (12) |
Reinsured MRB assets at January 1, 2021 (1) |  | $ | — |  |  | $ | — |  |  | $ | 51 |  |  | $ | 51 |
__________________ (1)Reinsured MRB assets are classified within premiums, reinsurance and other receivables on the consolidated balance sheets. The transition adjustments related to DAC, VOBA, UREV and negative VOBA, as described in Note 1, were as follows at the Transition Date:
| Group Benefits (1) |  | RIS (1) |  | Asia |  | Latin America |  | EMEA |  | MetLife Holdings |  | Corporate & Other |  | Total
| (In millions)
DAC: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 | $ | 279 |  |  | $ | 130 |  |  | $ | 7,432 |  |  | $ | 1,344 |  |  | $ | 1,551 |  |  | $ | 2,679 |  |  | $ | 31 |  |  | $ | 13,446 |
Removal of related amounts in AOCI | — |  |  | — |  |  | 2,309 |  |  | 50 |  |  | — |  |  | 1,621 |  |  | — |  |  | 3,980 |
Other adjustments upon adoption of the LDTI standard | — |  |  | — |  |  | — |  |  | — |  |  | 14 |  |  | 11 |  |  | — |  |  | 25 |
Balance at January 1, 2021 | $ | 279 |  |  | $ | 130 |  |  | $ | 9,741 |  |  | $ | 1,394 |  |  | $ | 1,565 |  |  | $ | 4,311 |  |  | $ | 31 |  |  | $ | 17,451 |
VOBA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 | $ | — |  |  | $ | 25 |  |  | $ | 1,901 |  |  | $ | 748 |  |  | $ | 236 |  |  | $ | 33 |  |  | $ | — |  |  | $ | 2,943 |
Removal of related amounts in AOCI | — |  |  | — |  |  | 14 |  |  | 8 |  |  | — |  |  | 5 |  |  | — |  |  | 27 |
Other adjustments upon adoption of the LDTI standard | — |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | (4) |
Balance at January 1, 2021 | $ | — |  |  | $ | 25 |  |  | $ | 1,915 |  |  | $ | 756 |  |  | $ | 232 |  |  | $ | 38 |  |  | $ | — |  |  | $ | 2,966 |
UREV: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 | $ | — |  |  | $ | 42 |  |  | $ | 587 |  |  | $ | 740 |  |  | $ | 556 |  |  | $ | 188 |  |  | $ | — |  |  | $ | 2,113 |
Removal of related amounts in AOCI | — |  |  | — |  |  | 1,029 |  |  | 95 |  |  | (81) |  |  | — |  |  | — |  |  | 1,043 |
Other adjustments upon adoption of the LDTI standard | — |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | 7 |
Balance at January 1, 2021 | $ | — |  |  | $ | 42 |  |  | $ | 1,616 |  |  | $ | 835 |  |  | $ | 482 |  |  | $ | 188 |  |  | $ | — |  |  | $ | 3,163 |
Negative VOBA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 738 |
Reclassification of carrying amounts of contracts and contract features that are market risk benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (72) |
Balance at January 1, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 666 |
__________________ (1)See Note 2 for information on the reorganization of the Company’s segments.
Schedule of Liability for Future Policy Benefits, by Product Segment | The Company’s future policy benefits on the consolidated balance sheets was as follows at:
|  | December 31,
|  | 2023 |  | 2022
|  | (In millions)
Traditional and Limited-Payment Contracts: |  |  |  |
RIS - Annuities |  | $ | 64,324 |  |  | $ | 58,495 |
Asia: |  |  |  |
Whole and term life & endowments |  | 12,874 |  |  | 12,792 |
Accident & health |  | 10,712 |  |  | 10,040 |
Latin America - Fixed annuities |  | 9,637 |  |  | 9,265 |
MetLife Holdings - Long-term care |  | 15,240 |  |  | 13,845 |
Deferred Profit Liabilities: |  |  |  |
RIS - Annuities |  | 3,697 |  |  | 3,327 |
Asia: |  |  |  |
Whole and term life & endowments |  | 654 |  |  | 510 |
Accident & health |  | 830 |  |  | 760 |
Latin America - Fixed annuities |  | 562 |  |  | 560 |
Additional Insurance Liabilities: |  |  |  |
Asia: |  |  |  |
Variable life |  | 1,258 |  |  | 1,381 |
Universal and variable universal life |  | 424 |  |  | 455 |
MetLife Holdings - Universal and variable universal life |  | 2,362 |  |  | 2,156 |
MetLife Holdings - Participating life |  | 49,543 |  |  | 50,371 |
Other long-duration (1) |  | 11,099 |  |  | 10,101 |
Short-duration and other |  | 13,190 |  |  | 13,164 |
Total |  | $ | 196,406 |  |  | $ | 187,222 |
__________________ (1) This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other.
Liability for Future Policy Benefit, Activity | Information regarding these products was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |  |  |
Balance at January 1, at current discount rate at balance sheet date |  | $ | — |  |  | $ | — |  |  | $ | — |
Balance at January 1, at original discount rate |  | $ | — |  |  | $ | — |  |  | $ | — |
Effect of changes in cash flow assumptions (1) |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience (2) |  | (106) |  |  | (94) |  |  | (60) |
Adjusted balance |  | (106) |  |  | (94) |  |  | (60) |
Issuances |  | 6,572 |  |  | 12,672 |  |  | 3,995 |
Net premiums collected |  | (6,466) |  |  | (12,578) |  |  | (3,935) |
Balance at December 31, at original discount rate |  | — |  |  | — |  |  | — |
Balance at December 31, at current discount rate at balance sheet date |  | $ | — |  |  | $ | — |  |  | $ | — |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |
Balance at January 1, at current discount rate at balance sheet date |  | $ | 58,695 |  |  | $ | 62,954 |  |  | $ | 64,896 |
Balance at January 1, at original discount rate |  | $ | 61,426 |  |  | $ | 50,890 |  |  | $ | 49,061 |
Effect of changes in cash flow assumptions (1) |  | (284) |  |  | (115) |  |  | (130) |
Effect of actual variances from expected experience (2) |  | (270) |  |  | (175) |  |  | (270) |
Adjusted balance |  | 60,872 |  |  | 50,600 |  |  | 48,661 |
Issuances |  | 6,588 |  |  | 12,770 |  |  | 4,060 |
Interest accrual |  | 2,897 |  |  | 2,519 |  |  | 2,336 |
Benefit payments |  | (5,620) |  |  | (4,463) |  |  | (4,167) |
Balance at December 31, at original discount rate |  | 64,737 |  |  | 61,426 |  |  | 50,890 |
Effect of changes in discount rate assumptions |  | (222) |  |  | (2,731) |  |  | 12,064 |
Balance at December 31, at current discount rate at balance sheet date |  | 64,515 |  |  | 58,695 |  |  | 62,954 |
Cumulative amount of fair value hedging adjustments |  | (191) |  |  | (200) |  |  | 727 |
Net liability for future policy benefits |  | 64,324 |  |  | 58,495 |  |  | 63,681 |
Less: Reinsurance recoverables |  | 269 |  |  | — |  |  | 312 |
Net liability for future policy benefits, net of reinsurance |  | $ | 64,055 |  |  | $ | 58,495 |  |  | $ | 63,369 |
Undiscounted - Expected future benefit payments |  | $ | 130,878 |  |  | $ | 113,932 |  |  | $ | 96,623 |
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) |  | $ | 64,515 |  |  | $ | 58,695 |  |  | $ | 62,954 |
Weighted-average duration of the liability |  | 9 years |  | 9 years |  | 12 years
Weighted-average interest accretion (original locked-in) rate |  | 4.7 | % |  | 4.6 | % |  | 4.8 | %
Weighted-average current discount rate at balance sheet date |  | 5.1 | % |  | 5.5 | % |  | 2.9 | %
__________________ (1) For the years ended December 31, 2023 and 2021, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $211 million and $112 million, respectively. For the year ended December 31, 2022, the net effect of changes in cash flow assumptions was more than offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $128 million. (2) For the year ended December 31, 2023, the net effect of actual variances from expected experience was largely offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $118 million. For the year ended December 31, 2022, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $46 million. For the year ended December 31, 2021, the net effect of actual variances from expected experience was substantially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $197 million. Information regarding these products was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
| (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |  |  |
Balance at January 1, at current discount rate at balance sheet date |  | $ | 4,682 |  |  | $ | 5,986 |  |  | $ | 7,396 |
Balance at January 1, at original discount rate |  | $ | 4,943 |  |  | $ | 5,881 |  |  | $ | 7,243 |
Effect of changes in cash flow assumptions (1) |  | 11 |  |  | 69 |  |  | (60) |
Effect of actual variances from expected experience (2) |  | (62) |  |  | 28 |  |  | (80) |
Adjusted balance |  | 4,892 |  |  | 5,978 |  |  | 7,103 |
Issuances |  | 730 |  |  | 231 |  |  | 208 |
Interest accrual |  | 59 |  |  | 44 |  |  | 51 |
Net premiums collected |  | (611) |  |  | (615) |  |  | (777) |
Effect of foreign currency translation |  | (277) |  |  | (695) |  |  | (704) |
Balance at December 31, at original discount rate |  | 4,793 |  |  | 4,943 |  |  | 5,881 |
Effect of changes in discount rate assumptions |  | (242) |  |  | (247) |  |  | 117 |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 10 |  |  | (14) |  |  | (12) |
Balance at December 31, at current discount rate at balance sheet date |  | $ | 4,561 |  |  | $ | 4,682 |  |  | $ | 5,986 |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |
Balance at January 1, at current discount rate at balance sheet date |  | $ | 17,463 |  |  | $ | 24,453 |  |  | $ | 29,581 |
Balance at January 1, at original discount rate |  | $ | 18,209 |  |  | $ | 21,276 |  |  | $ | 25,063 |
Effect of changes in cash flow assumptions (1) |  | 58 |  |  | 96 |  |  | (108) |
Effect of actual variances from expected experience (2) |  | (30) |  |  | 54 |  |  | (70) |
Adjusted balance |  | 18,237 |  |  | 21,426 |  |  | 24,885 |
Issuances |  | 729 |  |  | 231 |  |  | 208 |
Interest accrual |  | 370 |  |  | 364 |  |  | 422 |
Benefit payments |  | (1,174) |  |  | (1,406) |  |  | (1,794) |
Effect of foreign currency translation |  | (964) |  |  | (2,406) |  |  | (2,445) |
Balance at December 31, at original discount rate |  | 17,198 |  |  | 18,209 |  |  | 21,276 |
Effect of changes in discount rate assumptions |  | 224 |  |  | (475) |  |  | 3,545 |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 13 |  |  | (271) |  |  | (368) |
Balance at December 31, at current discount rate at balance sheet date |  | 17,435 |  |  | 17,463 |  |  | 24,453 |
Cumulative impact of flooring the future policyholder benefits reserve |  | — |  |  | 11 |  |  | 5 |
Net liability for future policy benefits |  | 12,874 |  |  | 12,792 |  |  | 18,472 |
Less: Amount due to reinsurer |  | (1) |  |  | (1) |  |  | (10) |
Net liability for future policy benefits, net of reinsurance |  | $ | 12,875 |  |  | $ | 12,793 |  |  | $ | 18,482 |
Undiscounted: |  |  |  |  |  |
Expected future gross premiums |  | $ | 9,331 |  |  | $ | 9,369 |  |  | $ | 11,097 |
Expected future benefit payments |  | $ | 28,130 |  |  | $ | 28,507 |  |  | $ | 32,372 |
Discounted (at current discount rate at balance sheet date): |  |  |  |  |  |
Expected future gross premiums |  | $ | 8,067 |  |  | $ | 8,086 |  |  | $ | 10,377 |
Expected future benefit payments |  | $ | 17,435 |  |  | $ | 17,463 |  |  | $ | 24,453 |
Weighted-average duration of the liability |  | 17 years |  | 15 years |  | 18 years
Weighted -average interest accretion (original locked-in) rate |  | 2.5 | % |  | 2.3 | % |  | 2.3 | %
Weighted-average current discount rate at balance sheet date |  | 2.6 | % |  | 2.7 | % |  | 1.5 | %
__________________ (1) For the year ended December 31, 2023, the net effect of changes in cash flow assumptions was not offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life & endowment products due to the diversification of the products and the underlying characteristics. For the years ended December 31, 2022 and 2021, the net effect of changes in cash flow assumptions was partially offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life & endowment products of ($13) million and $1 million, respectively. (2) For the years ended December 31, 2023 and 2022, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life & endowment product due to the diversification of the products and the underlying characteristics. For the year ended December 31, 2021, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Asia segment’s whole and term life & endowment products of ($6) million. Information regarding these products was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |  |  |
Balance at January 1, at current discount rate at balance sheet date |  | $ | 21,181 |  |  | $ | 26,543 |  |  | $ | 30,327 |
Balance at January 1, at original discount rate |  | $ | 22,594 |  |  | $ | 25,937 |  |  | $ | 29,456 |
Effect of changes in cash flow assumptions (1) |  | 867 |  |  | 24 |  |  | 64 |
Effect of actual variances from expected experience (2) |  | (158) |  |  | 297 |  |  | 101 |
Adjusted balance |  | 23,303 |  |  | 26,258 |  |  | 29,621 |
Issuances |  | 1,030 |  |  | 1,387 |  |  | 1,488 |
Interest accrual |  | 236 |  |  | 250 |  |  | 311 |
Net premiums collected |  | (2,016) |  |  | (2,160) |  |  | (2,509) |
Effect of foreign currency translation |  | (1,321) |  |  | (3,141) |  |  | (2,974) |
Balance at December 31, at original discount rate |  | 21,232 |  |  | 22,594 |  |  | 25,937 |
Effect of changes in discount rate assumptions |  | (1,449) |  |  | (1,341) |  |  | 674 |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 52 |  |  | (72) |  |  | (68) |
Balance at December 31, at current discount rate at balance sheet date |  | $ | 19,835 |  |  | $ | 21,181 |  |  | $ | 26,543 |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |
Balance at January 1, at current discount rate at balance sheet date |  | $ | 30,879 |  |  | $ | 41,874 |  |  | $ | 46,282 |
Balance at January 1, at original discount rate |  | $ | 37,189 |  |  | $ | 41,517 |  |  | $ | 45,296 |
Effect of changes in cash flow assumptions (1) |  | 898 |  |  | (7) |  |  | 126 |
Effect of actual variances from expected experience (2) |  | (180) |  |  | 363 |  |  | 105 |
Adjusted balance |  | 37,907 |  |  | 41,873 |  |  | 45,527 |
Issuances |  | 1,028 |  |  | 1,387 |  |  | 1,487 |
Interest accrual |  | 485 |  |  | 498 |  |  | 578 |
Benefit payments |  | (1,279) |  |  | (1,613) |  |  | (1,458) |
Effect of foreign currency translation |  | (2,131) |  |  | (4,956) |  |  | (4,617) |
Balance at December 31, at original discount rate |  | 36,010 |  |  | 37,189 |  |  | 41,517 |
Effect of changes in discount rate assumptions |  | (5,793) |  |  | (6,291) |  |  | 394 |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 263 |  |  | (19) |  |  | (37) |
Balance at December 31, at current discount rate at balance sheet date |  | 30,480 |  |  | 30,879 |  |  | 41,874 |
Cumulative impact of flooring the future policyholder benefits reserve |  | 67 |  |  | 342 |  |  | 68 |
Net liability for future policy benefits |  | 10,712 |  |  | 10,040 |  |  | 15,399 |
Less: Reinsurance recoverables/(Amount due to reinsurer) |  | 142 |  |  | 143 |  |  | (11) |
Net liability for future policy benefits, net of reinsurance |  | $ | 10,570 |  |  | $ | 9,897 |  |  | $ | 15,410 |
Undiscounted: |  |  |  |  |  |
Expected future gross premiums |  | $ | 41,734 |  |  | $ | 43,440 |  |  | $ | 49,959 |
Expected future benefit payments |  | $ | 47,046 |  |  | $ | 48,147 |  |  | $ | 53,327 |
Discounted (at current discount rate at balance sheet date): |  |  |  |  |  |
Expected future gross premiums |  | $ | 34,356 |  |  | $ | 36,179 |  |  | $ | 45,872 |
Expected future benefit payments |  | $ | 30,480 |  |  | $ | 30,879 |  |  | $ | 41,874 |
Weighted-average duration of the liability |  | 25 years |  | 17 years |  | 30 years
Weighted-average interest accretion (original locked-in) rate |  | 1.7 | % |  | 1.7 | % |  | 1.7 | %
Weighted-average current discount rate at balance sheet date |  | 2.5 | % |  | 2.7 | % |  | 1.4 | %
__________________ (1) For the year ended December 31, 2023, the net effect of changes in cash flow assumptions was partially offset by the corresponding impact in DPL associated with the Asia segment’s accident & health products of ($10) million. For the years ended December 31, 2022 and 2021 the net effect of changes in cash flow assumptions was more than offset by the corresponding impact in DPL associated with the Asia segment’s accident & health products of $44 million and ($69) million, respectively. (2) For the years ended December 31, 2023 and 2022, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Asia segment’s accident & health products of $4 million and ($20) million, respectively. For the year ended December 31, 2021, the net effect of actual variances from expected experience was more than offset by the corresponding impact in DPL associated with the Asia segment’s accident & health products of ($58) million. Information regarding these products was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |  |  |
Balance at January 1, at current discount rate at balance sheet date |  | $ | — |  |  | $ | — |  |  | $ | — |
Balance at January 1, at original discount rate |  | $ | — |  |  | $ | — |  |  | $ | — |
Effect of changes in cash flow assumptions (1) |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience (2) |  | — |  |  | 1 |  |  | 1 |
Adjusted balance |  | — |  |  | 1 |  |  | 1 |
Issuances |  | 1,045 |  |  | 714 |  |  | 415 |
Interest accrual |  | 29 |  |  | (3) |  |  | (6) |
Net premiums collected |  | (1,074) |  |  | (712) |  |  | (410) |
Balance at December 31, at original discount rate |  | — |  |  | — |  |  | — |
Balance at December 31, at current discount rate at balance sheet date |  | $ | — |  |  | $ | — |  |  | $ | — |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |
Balance at January 1, at current discount rate at balance sheet date |  | $ | 9,265 |  |  | $ | 7,343 |  |  | $ | 10,517 |
Balance at January 1, at original discount rate |  | $ | 8,240 |  |  | $ | 6,851 |  |  | $ | 7,649 |
Effect of changes in cash flow assumptions (1) |  | (5) |  |  | (8) |  |  | (37) |
Effect of actual variances from expected experience (2) |  | (31) |  |  | (32) |  |  | 2 |
Adjusted balance |  | 8,204 |  |  | 6,811 |  |  | 7,614 |
Issuances |  | 1,153 |  |  | 757 |  |  | 491 |
Interest accrual |  | 341 |  |  | 286 |  |  | 294 |
Benefit payments |  | (671) |  |  | (560) |  |  | (749) |
Inflation adjustment |  | 415 |  |  | 896 |  |  | 464 |
Effect of foreign currency translation |  | (193) |  |  | 50 |  |  | (1,263) |
Balance at December 31, at original discount rate |  | 9,249 |  |  | 8,240 |  |  | 6,851 |
Effect of changes in discount rate assumptions |  | 391 |  |  | 1,026 |  |  | 658 |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | (3) |  |  | (1) |  |  | (166) |
Balance at December 31, at current discount rate at balance sheet date |  | 9,637 |  |  | 9,265 |  |  | 7,343 |
Net liability for future policy benefits |  | $ | 9,637 |  |  | $ | 9,265 |  |  | $ | 7,343 |
Undiscounted - Expected future benefit payments |  | $ | 13,994 |  |  | $ | 12,675 |  |  | $ | 10,712 |
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) |  | $ | 9,637 |  |  | $ | 9,265 |  |  | $ | 7,343 |
Weighted-average duration of the liability |  | 11 years |  | 11 years |  | 11 years
Weighted-average interest accretion (original locked-in) rate |  | 3.6 | % |  | 3.9 | % |  | 4.2 | %
Weighted-average current discount rate at balance sheet date |  | 3.3 | % |  | 2.7 | % |  | 3.2 | %
__________________ (1) For the years ended December 31, 2023, 2022 and 2021, the net effect of changes in cash flow assumptions was largely offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of $4 million, $7 million and $30 million, respectively. (2) For the year ended December 31, 2023, the net effect of actual variances from expected experience was not offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products primarily due to the variance coming from cohorts with no DPL. F or the year ended December 31, 2022, the net effect of actual variances from expected experience was partially offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of $20 million. For the year ended December 31, 2021, the net effect of actual variances from expected experience was more than offset by the corresponding impact in DPL associated with the Latin America segment’s fixed annuity products of ($28) million. Information regarding these products was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |  |  |
Balance at January 1, at current discount rate at balance sheet date |  | $ | 5,775 |  |  | $ | 7,058 |  |  | $ | 7,142 |
Balance at January 1, at original discount rate |  | $ | 5,807 |  |  | $ | 5,699 |  |  | $ | 5,516 |
Effect of changes in cash flow assumptions |  | (152) |  |  | 272 |  |  | 270 |
Effect of actual variances from expected experience |  | 199 |  |  | 120 |  |  | 183 |
Adjusted balance |  | 5,854 |  |  | 6,091 |  |  | 5,969 |
Interest accrual |  | 294 |  |  | 298 |  |  | 287 |
Net premiums collected |  | (582) |  |  | (582) |  |  | (557) |
Balance at December 31, at original discount rate |  | 5,566 |  |  | 5,807 |  |  | 5,699 |
Effect of changes in discount rate assumptions |  | 121 |  |  | (32) |  |  | 1,359 |
Balance at December 31, at current discount rate at balance sheet date |  | $ | 5,687 |  |  | $ | 5,775 |  |  | $ | 7,058 |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |
Balance at January 1, at current discount rate at balance sheet date |  | $ | 19,619 |  |  | $ | 27,627 |  |  | $ | 28,483 |
Balance at January 1, at original discount rate |  | $ | 20,165 |  |  | $ | 19,406 |  |  | $ | 18,586 |
Effect of changes in cash flow assumptions |  | (190) |  |  | 301 |  |  | 276 |
Effect of actual variances from expected experience |  | 223 |  |  | 115 |  |  | 188 |
Adjusted balance |  | 20,198 |  |  | 19,822 |  |  | 19,050 |
Interest accrual |  | 1,070 |  |  | 1,043 |  |  | 998 |
Benefit payments |  | (774) |  |  | (700) |  |  | (642) |
Balance at December 31, at original discount rate |  | 20,494 |  |  | 20,165 |  |  | 19,406 |
Effect of changes in discount rate assumptions |  | 433 |  |  | (546) |  |  | 8,221 |
Balance at December 31, at current discount rate at balance sheet date |  | 20,927 |  |  | 19,619 |  |  | 27,627 |
Other adjustments |  | — |  |  | 1 |  |  | — |
Net liability for future policy benefits |  | $ | 15,240 |  |  | $ | 13,845 |  |  | $ | 20,569 |
Undiscounted: |  |  |  |  |  |
Expected future gross premiums |  | $ | 10,603 |  |  | $ | 11,201 |  |  | $ | 11,404 |
Expected future benefit payments |  | $ | 45,016 |  |  | $ | 45,872 |  |  | $ | 45,835 |
Discounted (at current discount rate at balance sheet date ): |  |  |  |  |  |
Expected future gross premiums |  | $ | 7,139 |  |  | $ | 7,200 |  |  | $ | 9,049 |
Expected future benefit payments |  | $ | 20,927 |  |  | $ | 19,619 |  |  | $ | 27,627 |
Weighted-average duration of the liability |  | 15 years |  | 15 years |  | 18 years
Weighted-average interest accretion (original locked-in) rate |  | 5.4 | % |  | 5.5 | % |  | 5.5 | %
Weighted-average current discount rate at balance sheet date |  | 5.2 | % |  | 5.6 | % |  | 3.0 | %
Additional Liability, Long-Duration Insurance | Information regarding these additional insurance liabilities was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
|  | Variable Life |  | Universal and Variable Universal Life
|  | (Dollars in millions)
Balance, at January 1, |  | $ | 1,381 |  |  | $ | 1,595 |  |  | $ | 1,824 |  |  | $ | 455 |  |  | $ | 655 |  |  | $ | 788 |
Less: AOCI adjustment |  | — |  |  | — |  |  | — |  |  | (33) |  |  | 56 |  |  | 102 |
Balance, at January 1, before AOCI adjustment |  | 1,381 |  |  | 1,595 |  |  | 1,824 |  |  | 488 |  |  | 599 |  |  | 686 |
Effect of changes in cash flow assumptions |  | (4) |  |  | 9 |  |  | — |  |  | (2) |  |  | (1) |  |  | — |
Effect of actual variances from expected experience |  | (10) |  |  | 2 |  |  | (24) |  |  | (24) |  |  | (39) |  |  | (30) |
Adjusted balance |  | 1,367 |  |  | 1,606 |  |  | 1,800 |  |  | 462 |  |  | 559 |  |  | 656 |
Assessments accrual |  | (3) |  |  | (3) |  |  | (3) |  |  | — |  |  | (3) |  |  | 5 |
Interest accrual |  | 19 |  |  | 21 |  |  | 25 |  |  | 7 |  |  | 7 |  |  | 9 |
Excess benefits paid |  | (36) |  |  | (40) |  |  | (40) |  |  | — |  |  | — |  |  | — |
Effect of foreign currency translation and other, net |  | (89) |  |  | (203) |  |  | (187) |  |  | (31) |  |  | (75) |  |  | (71) |
Balance, at December 31, before AOCI adjustment |  | 1,258 |  |  | 1,381 |  |  | 1,595 |  |  | 438 |  |  | 488 |  |  | 599 |
Add: AOCI adjustment |  | — |  |  | — |  |  | — |  |  | (14) |  |  | (33) |  |  | 56 |
Balance, at December 31, |  | $ | 1,258 |  |  | $ | 1,381 |  |  | $ | 1,595 |  |  | $ | 424 |  |  | $ | 455 |  |  | $ | 655 |
Weighted-average duration of the liability |  | 16 years |  | 17 years |  | 18 years |  | 42 years |  | 42 years |  | 41 years
Weighted-average interest accretion rate |  | 1.5 | % |  | 1.4 | % |  | 1.5 | % |  | 1.4 | % |  | 1.4 | % |  | 1.5 | %
Information regarding these additional insurance liabilities was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | Universal and Variable Universal Life
|  | (Dollars in millions)
Balance, at January 1 |  | $ | 2,156 |  | $ | 2,117 |  | $ | 2,014
Less: AOCI adjustment |  | (63) |  | 67 |  | 95
Balance, at January 1, before AOCI adjustment |  | 2,219 |  | 2,050 |  | 1,919
Effect of changes in cash flow assumptions |  | 38 |  | 35 |  | —
Effect of actual variances from expected experience |  | — |  | 39 |  | 19
Adjusted balance |  | 2,257 |  | 2,124 |  | 1,938
Assessments accrual |  | 105 |  | 103 |  | 114
Interest accrual |  | 124 |  | 116 |  | 107
Excess benefits paid |  | (110) |  | (124) |  | (109)
Balance, at December 31, before AOCI adjustment |  | 2,376 |  | 2,219 |  | 2,050
Add: AOCI adjustment |  | (14) |  | (63) |  | 67
Balance, at December 31 |  | 2,362 |  | 2,156 |  | 2,117
Less: Reinsurance recoverables |  | 2,055 |  | 745 |  | 739
Balance, at December 31, net of reinsurance |  | $ | 307 |  | $ | 1,411 |  | $ | 1,378
Weighted-average duration of the liability |  | 15 years |  | 16 years |  | 17 years
Weighted-average interest accretion rate |  | 5.5 | % |  | 5.6 | % |  | 5.6 | %
The Company’s gross premiums or assessments and interest expense recognized in the consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:
|  | Years Ended December 31,
|  | 2023 | 2022 |  | 2021
|  | Gross Premiums or Assessments (1) |  | Interest Expense (2) |  | Gross Premiums or Assessments (1) |  | Interest Expense (2) |  | Gross Premiums or Assessments (1) |  | Interest Expense (2)
| (In millions)
Traditional and Limited-Payment Contracts: |  |  |  |  |  |  |  |  |  |  |  |
RIS - Annuities |  | $ | 6,660 |  |  | $ | 2,897 |  |  | $ | 12,748 |  |  | $ | 2,519 |  |  | $ | 3,965 |  |  | $ | 2,336 |
Asia: |  |  |  |  |  |  |  |  |  |  |  |
Whole and term life & endowments |  | 1,124 |  |  | 311 |  |  | 1,144 |  |  | 320 |  |  | 1,457 |  |  | 371 |
Accident & health |  | 3,364 |  |  | 249 |  |  | 3,602 |  |  | 248 |  |  | 4,203 |  |  | 267 |
Latin America - Fixed annuities |  | 1,074 |  |  | 312 |  |  | 712 |  |  | 289 |  |  | 410 |  |  | 300 |
MetLife Holdings - Long-term care |  | 731 |  |  | 776 |  |  | 734 |  |  | 745 |  |  | 736 |  |  | 711 |
Deferred Profit Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
RIS - Annuities |  | N/A |  | 167 |  |  | N/A |  | 154 |  |  | N/A |  | 147 |
Asia: |  |  |  |  |  |  |  |  |  |  |  |
Whole and term life & endowments |  | N/A |  | 31 |  |  | N/A |  | 26 |  |  | N/A |  | 18 |
Accident & health |  | N/A |  | 18 |  |  | N/A |  | 16 |  |  | N/A |  | 14 |
Latin America - Fixed annuities |  | N/A |  | 22 |  |  | N/A |  | 19 |  |  | N/A |  | 20 |
Additional Insurance Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Asia: |  |  |  |  |  |  |  |  |  |  |  |
Variable life |  | 89 |  |  | 19 |  |  | 58 |  |  | 21 |  |  | 28 |  |  | 25 |
Universal and variable universal life |  | (31) |  |  | 7 |  |  | (26) |  |  | 7 |  |  | 19 |  |  | 9 |
MetLife Holdings - Universal and variable universal life |  | 730 |  |  | 124 |  |  | 805 |  |  | 116 |  |  | 831 |  |  | 107 |
Other long-duration |  | 4,516 |  |  | 460 |  |  | 3,701 |  |  | 450 |  |  | 4,063 |  |  | 480 |
Total |  | $ | 18,257 |  |  | $ | 5,393 |  |  | $ | 23,478 |  |  | $ | 4,930 |  |  | $ | 15,712 |  |  | $ | 4,805 |
__________________ (1)Gross premiums are related to traditional and limited-payment contracts and are included in premiums. Assessments are related to additional insurance liabilities and are included in universal life and investment-type product policy fees and net investment income. (2)Interest expense is included in policyholder benefits and claims.
Short-duration Insurance Contracts, Claims Development | Group Life - Term
|  | Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance |  | At December 31, 2023
|  | Years Ended December 31, |  | Total IBNR Liabilities Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | (Unaudited) |  |  |  |
Incurral Year |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  |
|  | (Dollars in millions)
2014 |  | $ | 6,986 |  |  | $ | 6,919 |  |  | $ | 6,913 |  |  | $ | 6,910 |  |  | $ | 6,914 |  |  | $ | 6,919 |  |  | $ | 6,920 |  |  | $ | 6,918 |  |  | $ | 6,920 |  |  | $ | 6,921 |  |  | $ | 1 |  |  | 216,354 |
2015 |  |  |  | 7,040 |  |  | 7,015 |  |  | 7,014 |  |  | 7,021 |  |  | 7,024 |  |  | 7,025 |  |  | 7,026 |  |  | 7,026 |  |  | 7,028 |  |  | 1 |  |  | 219,102 |
2016 |  |  |  |  |  | 7,125 |  |  | 7,085 |  |  | 7,095 |  |  | 7,104 |  |  | 7,105 |  |  | 7,104 |  |  | 7,107 |  |  | 7,109 |  |  | 2 |  |  | 221,155 |
2017 |  |  |  |  |  |  |  | 7,432 |  |  | 7,418 |  |  | 7,425 |  |  | 7,427 |  |  | 7,428 |  |  | 7,428 |  |  | 7,432 |  |  | 2 |  |  | 264,341 |
2018 |  |  |  |  |  |  |  |  |  | 7,757 |  |  | 7,655 |  |  | 7,646 |  |  | 7,650 |  |  | 7,651 |  |  | 7,652 |  |  | 2 |  |  | 252,744 |
2019 |  |  |  |  |  |  |  |  |  |  |  | 7,935 |  |  | 7,900 |  |  | 7,907 |  |  | 7,917 |  |  | 7,914 |  |  | 4 |  |  | 254,564 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,913 |  |  | 9,367 |  |  | 9,389 |  |  | 9,384 |  |  | 11 |  |  | 299,634 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,555 |  |  | 10,795 |  |  | 10,777 |  |  | 23 |  |  | 332,964 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,640 |  |  | 9,653 |  |  | 44 |  |  | 331,022 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,584 |  |  | 1,198 |  |  | 263,329 |
Total |  | 83,454 |  |  |  |  |
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | (80,287) |  |  |  |  |
All outstanding liabilities for incurral years prior to 2014, net of reinsurance |  | 20 |  |  |  |  |
Total unpaid claims and claim adjustment expenses, net of reinsurance |  | $ | 3,187 |  |  |  |  |
|  | Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
|  | Years Ended December 31,
|  | (Unaudited) |  |
Incurral Year |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023
|  | (In millions)
2014 |  | $ | 5,428 |  | $ | 6,809 |  | $ | 6,858 |  | $ | 6,869 |  | $ | 6,902 |  |  | $ | 6,912 |  |  | $ | 6,915 |  |  | $ | 6,916 |  |  | $ | 6,917 |  |  | $ | 6,919 |
2015 |  |  |  | 5,524 |  | 6,913 |  | 6,958 |  | 6,974 |  |  | 7,008 |  |  | 7,018 |  |  | 7,022 |  |  | 7,024 |  |  | 7,027 |
2016 |  |  |  |  |  | 5,582 |  | 6,980 |  | 7,034 |  |  | 7,053 |  |  | 7,086 |  |  | 7,096 |  |  | 7,100 |  |  | 7,106 |
2017 |  |  |  |  |  |  |  | 5,761 |  | 7,292 |  |  | 7,355 |  |  | 7,374 |  |  | 7,400 |  |  | 7,414 |  |  | 7,427 |
2018 |  |  |  |  |  |  |  |  |  | 6,008 |  |  | 7,521 |  |  | 7,578 |  |  | 7,595 |  |  | 7,629 |  |  | 7,646 |
2019 |  |  |  |  |  |  |  |  |  |  |  | 6,178 |  |  | 7,756 |  |  | 7,820 |  |  | 7,853 |  |  | 7,898 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,862 |  |  | 9,103 |  |  | 9,242 |  |  | 9,296 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,008 |  |  | 10,476 |  |  | 10,640 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,101 |  |  | 9,399 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,929 |
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | $ | 80,287 |
Group Long-Term Disability
|  | Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance |  | At December 31, 2023
|  | Years Ended December 31, |  | Total IBNR Liabilities Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | (Unaudited) |  |  |  |
Incurral Year |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  |
|  | (Dollars in millions)
2014 |  | $ | 1,076 |  |  | $ | 1,077 |  |  | $ | 1,079 |  |  | $ | 1,101 |  |  | $ | 1,109 |  |  | $ | 1,098 |  |  | $ | 1,097 |  |  | $ | 1,081 |  |  | $ | 1,078 |  |  | $ | 1,071 |  |  | $ | — |  |  | 22,854 |
2015 |  |  |  | 1,082 |  |  | 1,105 |  |  | 1,093 |  |  | 1,100 |  |  | 1,087 |  |  | 1,081 |  |  | 1,067 |  |  | 1,086 |  |  | 1,078 |  |  | — |  |  | 21,218 |
2016 |  |  |  |  |  | 1,131 |  |  | 1,139 |  |  | 1,159 |  |  | 1,162 |  |  | 1,139 |  |  | 1,124 |  |  | 1,123 |  |  | 1,086 |  |  | — |  |  | 17,974 |
2017 |  |  |  |  |  |  |  | 1,244 |  |  | 1,202 |  |  | 1,203 |  |  | 1,195 |  |  | 1,165 |  |  | 1,181 |  |  | 1,101 |  |  | — |  |  | 16,329 |
2018 |  |  |  |  |  |  |  |  |  | 1,240 |  |  | 1,175 |  |  | 1,163 |  |  | 1,147 |  |  | 1,170 |  |  | 1,102 |  |  | — |  |  | 15,215 |
2019 |  |  |  |  |  |  |  |  |  |  |  | 1,277 |  |  | 1,212 |  |  | 1,169 |  |  | 1,177 |  |  | 1,103 |  |  | — |  |  | 15,408 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,253 |  |  | 1,223 |  |  | 1,155 |  |  | 1,100 |  |  | — |  |  | 15,773 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,552 |  |  | 1,608 |  |  | 1,477 |  |  | 9 |  |  | 19,557 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,641 |  |  | 1,732 |  |  | 46 |  |  | 18,006 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,725 |  |  | 793 |  |  | 10,994 |
Total |  | 12,575 |  |  |  |  |
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | (6,295) |  |  |  |  |
All outstanding liabilities for incurral years prior to 2014, net of reinsurance |  | 1,477 |  |  |  |  |
Total unpaid claims and claim adjustment expenses, net of reinsurance |  | $ | 7,757 |  |  |  |  |
|  | Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
|  | Years Ended December 31,
|  | (Unaudited) |  |
Incurral Year |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023
|  | (In millions)
2014 |  | $ | 51 |  |  | $ | 266 |  |  | $ | 428 |  |  | $ | 526 |  |  | $ | 609 |  |  | $ | 677 |  |  | $ | 732 |  |  | $ | 778 |  |  | $ | 818 |  |  | $ | 850 |
2015 |  |  |  | 50 |  |  | 264 |  |  | 427 |  |  | 524 |  |  | 601 |  |  | 665 |  |  | 718 |  |  | 764 |  |  | 801 |
2016 |  |  |  |  |  | 49 |  |  | 267 |  |  | 433 |  |  | 548 |  |  | 628 |  |  | 696 |  |  | 750 |  |  | 769 |
2017 |  |  |  |  |  |  |  | 56 |  |  | 290 |  |  | 476 |  |  | 579 |  |  | 655 |  |  | 719 |  |  | 718 |
2018 |  |  |  |  |  |  |  |  |  | 54 |  |  | 314 |  |  | 497 |  |  | 594 |  |  | 666 |  |  | 663 |
2019 |  |  |  |  |  |  |  |  |  |  |  | 57 |  |  | 342 |  |  | 522 |  |  | 620 |  |  | 621 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 59 |  |  | 355 |  |  | 535 |  |  | 560 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 95 |  |  | 505 |  |  | 620 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 76 |  |  | 609 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 84 |
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | $ | 6,295 |
Group Disability & Group Life
|  | Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance |  | At December 31, 2023
|  | Years Ended December 31, |  | Total IBNR Liabilities Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | (Unaudited) |  |  |  |
Incurral Year |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  |
|  | (Dollars in millions)
2014 |  | $ | 259 |  |  | $ | 243 |  |  | $ | 223 |  |  | $ | 224 |  |  | $ | 234 |  |  | $ | 230 |  |  | $ | 231 |  |  | $ | 231 |  |  | $ | 225 |  |  | $ | 226 |  |  | $ | 6 |  |  | 6,930 |
2015 |  |  |  | 244 |  |  | 233 |  |  | 236 |  |  | 230 |  |  | 241 |  |  | 243 |  |  | 246 |  |  | 243 |  |  | 244 |  |  | 10 |  |  | 6,879 |
2016 |  |  |  |  |  | 204 |  |  | 207 |  |  | 196 |  |  | 209 |  |  | 211 |  |  | 216 |  |  | 218 |  |  | 217 |  |  | 13 |  |  | 4,797 |
2017 |  |  |  |  |  |  |  | 265 |  |  | 246 |  |  | 253 |  |  | 271 |  |  | 279 |  |  | 273 |  |  | 275 |  |  | 22 |  |  | 5,751 |
2018 |  |  |  |  |  |  |  |  |  | 323 |  |  | 295 |  |  | 307 |  |  | 317 |  |  | 311 |  |  | 318 |  |  | 43 |  |  | 6,170 |
2019 |  |  |  |  |  |  |  |  |  |  |  | 349 |  |  | 326 |  |  | 341 |  |  | 337 |  |  | 346 |  |  | 57 |  |  | 6,307 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 388 |  |  | 361 |  |  | 333 |  |  | 341 |  |  | 104 |  |  | 5,488 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 369 |  |  | 384 |  |  | 404 |  |  | 154 |  |  | 6,617 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 491 |  |  | 454 |  |  | 230 |  |  | 6,955 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 453 |  |  | 359 |  |  | 3,544 |
Total |  | 3,278 |  |  |  |  |
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | (2,280) |  |  |  |  |
All outstanding liabilities for incurral years prior to 2014, net of reinsurance |  | 13 |  |  |  |  |
Total unpaid claims and claim adjustment expenses, net of reinsurance |  | $ | 1,011 |  |  |  |  |
|  | Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
|  | Years Ended December 31,
|  | (Unaudited) |  |
Incurral Year |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023
|  | (In millions)
2014 |  | $ | 61 |  |  | $ | 126 |  |  | $ | 157 |  |  | $ | 176 |  |  | $ | 198 |  |  | $ | 199 |  |  | $ | 209 |  |  | $ | 214 |  |  | $ | 217 |  |  | $ | 219 |
2015 |  |  |  | 71 |  |  | 134 |  |  | 168 |  |  | 182 |  |  | 205 |  |  | 219 |  |  | 226 |  |  | 230 |  |  | 233 |
2016 |  |  |  |  |  | 57 |  |  | 118 |  |  | 134 |  |  | 168 |  |  | 182 |  |  | 191 |  |  | 199 |  |  | 204 |
2017 |  |  |  |  |  |  |  | 77 |  |  | 139 |  |  | 184 |  |  | 226 |  |  | 241 |  |  | 243 |  |  | 254 |
2018 |  |  |  |  |  |  |  |  |  | 85 |  |  | 156 |  |  | 210 |  |  | 244 |  |  | 254 |  |  | 275 |
2019 |  |  |  |  |  |  |  |  |  |  |  | 93 |  |  | 171 |  |  | 222 |  |  | 258 |  |  | 289 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 86 |  |  | 154 |  |  | 205 |  |  | 237 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 78 |  |  | 172 |  |  | 249 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 90 |  |  | 225 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 95 |
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | $ | 2,280 |
Protection Life
|  | Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance |  | At December 31, 2023
|  | Years Ended December 31, |  | Total IBNR Liabilities Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | (Unaudited) |  |  |
Incurral Year |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |
|  | (Dollars in millions)
2014 |  | $ | 261 |  |  | $ | 400 |  |  | $ | 411 |  |  | $ | 375 |  |  | $ | 378 |  |  | $ | 379 |  |  | $ | 380 |  |  | $ | 380 |  |  | $ | 370 |  |  | $ | 371 |  |  | $ | — |  |  | 38,397 |
2015 |  |  |  | 342 |  |  | 492 |  |  | 458 |  |  | 463 |  |  | 463 |  |  | 464 |  |  | 458 |  |  | 446 |  |  | 447 |  |  | — |  |  | 44,554 |
2016 |  |  |  |  |  | 362 |  |  | 475 |  |  | 488 |  |  | 496 |  |  | 497 |  |  | 498 |  |  | 487 |  |  | 486 |  |  | — |  |  | 38,936 |
2017 |  |  |  |  |  |  |  | 373 |  |  | 363 |  |  | 363 |  |  | 362 |  |  | 362 |  |  | 352 |  |  | 351 |  |  | — |  |  | 31,052 |
2018 |  |  |  |  |  |  |  |  |  | 347 |  |  | 335 |  |  | 333 |  |  | 334 |  |  | 333 |  |  | 333 |  |  | — |  |  | 29,857 |
2019 |  |  |  |  |  |  |  |  |  |  |  | 374 |  |  | 342 |  |  | 346 |  |  | 343 |  |  | 344 |  |  | 1 |  |  | 32,435 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 567 |  |  | 567 |  |  | 573 |  |  | 576 |  |  | 7 |  |  | 43,062 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 717 |  |  | 625 |  |  | 625 |  |  | 15 |  |  | 52,935 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 495 |  |  | 467 |  |  | 27 |  |  | 40,656 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 481 |  |  | 199 |  |  | 26,972 |
Total |  | 4,481 |  |  |  |  |
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | (4,036) |  |  |  |  |
All outstanding liabilities for incurral years prior to 2014, net of reinsurance |  | 1 |  |  |  |  |
Total unpaid claims and claim adjustment expenses, net of reinsurance |  | $ | 446 |  |  |  |  |
|  | Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
|  | Years Ended December 31,
|  | (Unaudited) |  |
Incurral Year |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023
|  | (In millions)
2014 |  | $ | 232 |  |  | $ | 349 |  |  | $ | 355 |  |  | $ | 359 |  |  | $ | 363 |  |  | $ | 365 |  |  | $ | 367 |  |  | $ | 368 |  |  | $ | 359 |  |  | $ | 360 |
2015 |  |  |  | 278 |  |  | 394 |  |  | 418 |  |  | 426 |  |  | 433 |  |  | 436 |  |  | 437 |  |  | 426 |  |  | 428 |
2016 |  |  |  |  |  | 257 |  |  | 460 |  |  | 481 |  |  | 490 |  |  | 493 |  |  | 496 |  |  | 488 |  |  | 489 |
2017 |  |  |  |  |  |  |  | 221 |  |  | 331 |  |  | 350 |  |  | 354 |  |  | 357 |  |  | 348 |  |  | 349 |
2018 |  |  |  |  |  |  |  |  |  | 174 |  |  | 297 |  |  | 310 |  |  | 315 |  |  | 312 |  |  | 314 |
2019 |  |  |  |  |  |  |  |  |  |  |  | 194 |  |  | 295 |  |  | 318 |  |  | 316 |  |  | 320 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 245 |  |  | 490 |  |  | 504 |  |  | 513 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 370 |  |  | 517 |  |  | 539 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 305 |  |  | 410 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 314 |
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | $ | 4,036 |
Protection Health
|  | Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance |  | At December 31, 2023
|  | Years Ended December 31, |  | Total IBNR Liabilities Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | (Unaudited) |  |  |
Incurral Year |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |
|  | (Dollars in millions)
2014 |  | $ | 271 |  |  | $ | 302 |  |  | $ | 304 |  |  | $ | 302 |  |  | $ | 301 |  |  | $ | 301 |  |  | $ | 301 |  |  | $ | 302 |  |  | $ | 303 |  |  | $ | 302 |  |  | $ | — |  |  | 98,246 |
2015 |  |  |  | 233 |  |  | 265 |  |  | 267 |  |  | 265 |  |  | 265 |  |  | 265 |  |  | 266 |  |  | 266 |  |  | 266 |  |  | — |  |  | 87,711 |
2016 |  |  |  |  |  | 306 |  |  | 352 |  |  | 349 |  |  | 349 |  |  | 349 |  |  | 349 |  |  | 349 |  |  | 350 |  |  | — |  |  | 106,797 |
2017 |  |  |  |  |  |  |  | 443 |  |  | 412 |  |  | 413 |  |  | 412 |  |  | 412 |  |  | 412 |  |  | 413 |  |  | — |  |  | 121,765 |
2018 |  |  |  |  |  |  |  |  |  | 474 |  |  | 498 |  |  | 472 |  |  | 471 |  |  | 471 |  |  | 471 |  |  | — |  |  | 144,770 |
2019 |  |  |  |  |  |  |  |  |  |  |  | 158 |  |  | 206 |  |  | 199 |  |  | 198 |  |  | 199 |  |  | 1 |  |  | 132,789 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 572 |  |  | 562 |  |  | 560 |  |  | 559 |  |  | 2 |  |  | 150,117 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 735 |  |  | 737 |  |  | 733 |  |  | 7 |  |  | 171,217 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 800 |  |  | 790 |  |  | 17 |  |  | 196,579 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,011 |  |  | 96 |  |  | 159,272 |
Total |  | 5,094 |  |  |  |  |
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | (4,900) |  |  |  |  |
All outstanding liabilities for incurral years prior to 2014, net of reinsurance |  | 2 |  |  |  |  |
Total unpaid claims and claim adjustment expenses, net of reinsurance |  | $ | 196 |  |  |  |  |
|  | Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
|  | Years Ended December 31,
|  | (Unaudited)
Incurral Year |  | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023
|  | (In millions)
2014 |  | $ | 269 |  |  | $ | 300 |  |  | $ | 302 |  |  | $ | 298 |  |  | $ | 298 |  |  | $ | 298 |  |  | $ | 298 |  |  | $ | 298 |  |  | $ | 299 |  |  | $ | 299 |
2015 |  |  |  | 233 |  |  | 265 |  |  | 263 |  |  | 264 |  |  | 265 |  |  | 265 |  |  | 266 |  |  | 266 |  |  | 266 |
2016 |  |  |  |  |  | 288 |  |  | 344 |  |  | 347 |  |  | 348 |  |  | 348 |  |  | 349 |  |  | 349 |  |  | 350 |
2017 |  |  |  |  |  |  |  | 361 |  |  | 407 |  |  | 409 |  |  | 410 |  |  | 411 |  |  | 412 |  |  | 413 |
2018 |  |  |  |  |  |  |  |  |  | 405 |  |  | 461 |  |  | 465 |  |  | 466 |  |  | 468 |  |  | 469 |
2019 |  |  |  |  |  |  |  |  |  |  |  | 133 |  |  | 187 |  |  | 191 |  |  | 194 |  |  | 196 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  | 484 |  |  | 547 |  |  | 552 |  |  | 554 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 649 |  |  | 718 |  |  | 724 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 678 |  |  | 771 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 858 |
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | $ | 4,900 |
Short-duration Insurance Contracts, Schedule of Historical Claims Duration | The following is supplementary information about average historical claims duration at December 31, 2023:
|  | 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 |  | 76.3% |  | 21.1% |  | 0.9% |  | 0.3% |  | 0.5% |  | 0.2% |  | 0.1% |  | —% |  | —% |  | —%
The following is supplementary information about average historical claims duration at December 31, 2023:
|  | 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 |  | 5.0% |  | 24.0% |  | 14.9% |  | 8.3% |  | 6.0% |  | 4.8% |  | 3.7% |  | 3.4% |  | 3.6% |  | 3.0%
The following is supplementary information about average historical claims duration at December 31, 2023:
|  | 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 |  | 24.9% |  | 24.8% |  | 14.6% |  | 10.8% |  | 7.2% |  | 3.5% |  | 3.7% |  | 2.1% |  | 1.3% |  | 0.9%
The following is supplementary information about average historical claims duration at December 31, 2023:
|  | 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 |  | 58.2% |  | 31.7% |  | 4.2% |  | 1.2% |  | 0.7% |  | —% |  | (0.1)% |  | (0.7)% |  | (1.0)% |  | 0.3%
The following is supplementary information about average historical claims duration at December 31, 2023:
|  | 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 |  | 84.5% |  | 13.4% |  | 0.7% |  | 0.2% |  | 0.3% |  | 0.1% |  | 0.2% |  | 0.1% |  | 0.2% |  | —%
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability | 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, 2023
|  | (In millions)
Short-Duration: |  |  |
Unpaid claims and allocated claims adjustment expenses, net of reinsurance: |  |  |
Group Benefits: |  |  |
Group Life - Term |  | $ | 3,187 |  |
Group Long-Term Disability |  | 7,757 |  |
Total |  |  | $ | 10,944 |
Asia - Group Disability & Group Life |  |  | 1,011 |
Latin America: |  |  |
Protection Life |  | 446 |  |
Protection Health |  | 196 |  |
Total |  |  | 642 |
Other insurance lines - all segments combined |  |  | 1,871 |
Total unpaid claims and allocated claims adjustment expenses, net of reinsurance |  |  | 14,468 |
Reinsurance recoverables on unpaid claims: |  |  |
Group Benefits: |  |  |
Group Life - Term |  | 8 |  |
Group Long-Term Disability |  | 272 |  |
Total |  |  | 280 |
Asia - Group Disability & Group Life |  |  | 475 |
Latin America: |  |  |
Protection Life |  | 14 |  |
Protection Health |  | 24 |  |
Total |  |  | 38 |
Other insurance lines - all segments combined |  |  | 285 |
Total reinsurance recoverable on unpaid claims |  |  | 1,078 |
Total unpaid claims and allocated claims adjustment expense |  |  | 15,546 |
Unallocated claims adjustment expenses |  |  | — |
Discounting |  |  | (1,488) |
Liability for unpaid claims and claim adjustment liabilities - short-duration |  |  | 14,058 |
Liability for unpaid claims and claim adjustment liabilities - all long-duration lines |  |  | 2,410 |
Total liability for unpaid claims and claim adjustment expense (included in future policy benefits and other policy-related balances) |  |  | $ | 16,468 |
Liabilities for Unpaid Claims and Claim Expenses | Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Balance at January 1, |  | $ | 16,098 |  |  | $ | 15,598 |  |  | $ | 14,698 |
Less: Reinsurance recoverables |  | 2,452 |  |  | 2,629 |  |  | 1,896 |
Net balance at January 1, |  | 13,646 |  |  | 12,969 |  |  | 12,802 |
Incurred related to: |  |  |  |  |  |
Current year |  | 27,080 |  |  | 26,505 |  |  | 26,903 |
Prior years (1) |  | 374 |  |  | 668 |  |  | 922 |
Total incurred |  | 27,454 |  |  | 27,173 |  |  | 27,825 |
Paid related to: |  |  |  |  |  |
Current year |  | (20,220) |  |  | (19,917) |  |  | (21,027) |
Prior years |  | (7,004) |  |  | (6,579) |  |  | (6,512) |
Total paid |  | (27,224) |  |  | (26,496) |  |  | (27,539) |
Reclassified to liabilities held-for-sale (2) |  | — |  |  | — |  |  | (55) |
Dispositions (2) |  | — |  |  | — |  |  | (64) |
Net balance at December 31, |  | 13,876 |  |  | 13,646 |  |  | 12,969 |
Add: Reinsurance recoverables |  | 2,592 |  |  | 2,452 |  |  | 2,629 |
Balance at December 31, |  | $ | 16,468 |  |  | $ | 16,098 |  |  | $ | 15,598 |
__________________ (1)For the year ended December 31, 2023, incurred claims and claim adjustment expenses associated with prior years increased due to events incurred in prior years but reported in the current year. For the years ended December 31, 2022 and 2021, incurred claims and claim adjustment expenses include expenses associated with prior years but reported in 2022 and 2021 which contain 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.

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- Definition Tabular disclosure of present value of total expected payment to policyholder in excess of present value of total expected assessment from application of revised benefit ratio as of contract issue date. Excludes benefit classified as market risk benefit or under provisions of Topic 815 on derivative and hedging. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-6 + Details
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- Definition Tabular disclosure of beginning balance to ending balance for liability for future policy benefit, with separate presentation of expected future net premium and expected future benefit. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 55 -Paragraph 29E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480046/944-40-55-29E Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-6 + 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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- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 + Details
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- Definition Tabular disclosure of undiscounted information about claims development by accident year for short-duration insurance contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 4B -SubTopic 40 -Topic 944 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-4B + Details
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- Definition Tabular disclosure of average annual percentage payout of incurred claims by age, after reinsurance, for short-duration insurance contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 4G -SubTopic 40 -Topic 944 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-4G + Details
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