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Future Policy Benefits (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Insurance [Abstract] |
Schedule of Liability for Future Policy Benefits, by Product Segment | The Company’s FPBs on the interim condensed consolidated balance sheets was as follows at:
|  | June 30, 2024 |  | December 31, 2023
|  | (In millions)
Traditional and Limited-Payment Contracts: |  |  |  |
RIS - Annuities |  | $ | 64,338 |  |  | $ | 64,324 |
Asia: |  |  |  |
Whole and term life & endowments |  | 11,260 |  |  | 12,874 |
Accident & health |  | 9,189 |  |  | 10,712 |
Latin America - Fixed annuities |  | 9,020 |  |  | 9,637 |
MetLife Holdings - Long-term care |  | 14,455 |  |  | 15,240 |
Deferred Profit Liabilities: |  |  |  |
RIS - Annuities |  | 3,735 |  |  | 3,697 |
Asia: |  |  |  |
Whole and term life & endowments |  | 690 |  |  | 654 |
Accident & health |  | 788 |  |  | 830 |
Latin America - Fixed annuities |  | 522 |  |  | 562 |
Additional Insurance Liabilities: |  |  |  |
Asia: |  |  |  |
Variable life |  | 1,074 |  |  | 1,258 |
Universal and variable universal life |  | 354 |  |  | 424 |
MetLife Holdings - Universal and variable universal life |  | 2,434 |  |  | 2,362 |
MetLife Holdings - Participating life |  | 48,911 |  |  | 49,543 |
Other long-duration (1) |  | 10,544 |  |  | 11,099 |
Short-duration and other |  | 13,679 |  |  | 13,190 |
Total |  | $ | 190,993 |  |  | $ | 196,406 |
__________________ (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:
|  | Six Months Ended June 30, |
|  | 2024 |  | 2023 |
|  | (Dollars in millions) |
Present Value of Expected Net Premiums |  |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | — |  |  | $ | — |  |
Balance, beginning of period, at original discount rate |  | $ | — |  |  | $ | — |  |
Effect of actual variances from expected experience (1) |  | (25) |  |  | (29) |  |
Adjusted balance |  | (25) |  |  | (29) |  |
Issuances |  | 4,206 |  |  | 2,558 |  |
Net premiums collected |  | (4,181) |  |  | (2,529) |  |
Ending balance at original discount rate |  | — |  |  | — |  |
Balance, end of period, at current discount rate at balance sheet date |  | $ | — |  |  | $ | — |  |
Present Value of Expected FPBs |  |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 64,515 |  |  | $ | 58,695 |  |
Balance, beginning of period, at original discount rate |  | $ | 64,737 |  |  | $ | 61,426 |  |
Effect of actual variances from expected experience (1) |  | (93) |  |  | (167) |  |
Adjusted balance |  | 64,644 |  |  | 61,259 |  |
Issuances |  | 4,328 |  |  | 2,561 |  |
Interest accrual |  | 1,526 |  |  | 1,411 |  |
Benefit payments |  | (2,976) |  |  | (2,726) |  |
Ending balance at original discount rate |  | 67,522 |  |  | 62,505 |  |
Effect of changes in discount rate assumptions |  | (2,847) |  |  | (2,020) |  |
Balance, end of period, at current discount rate at balance sheet date |  | 64,675 |  |  | 60,485 |  |
Cumulative amount of fair value hedging adjustments |  | (337) |  |  | (204) |  |
Net liability for FPBs |  | 64,338 |  |  | 60,281 |  |
Less: Reinsurance recoverables |  | 1,933 |  |  | — |  |
Net liability for FPBs, net of reinsurance |  | $ | 62,405 |  |  | $ | 60,281 |  |
Undiscounted - Expected future benefit payments |  | $ | 123,752 |  |  | $ | 115,364 |  |
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) |  | $ | 64,675 |  |  | $ | 60,485 |  |
Weighted-average duration of the liability |  | 9 years |  | 9 years |
Weighted-average interest accretion (original locked-in) rate |  | 4.7 | % |  | 4.7 | % |
Weighted-average current discount rate at balance sheet date |  | 5.6 | % |  | 5.3 | % |
_________________ (1) For the six months ended June 30, 2024 and 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 $49 million and $98 million, respectively. Excluding the corresponding impact in DPL, for the six months ended June 30, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality and model refinements. The Asia segment’s whole and term life & endowment products in Japan and Korea offer various life insurance coverages to customers. Information regarding these products was as follows:
| Six Months Ended June 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 4,561 |  |  | $ | 4,682 |
Balance, beginning of period, at original discount rate |  | $ | 4,793 |  |  | $ | 4,943 |
Effect of actual variances from expected experience |  | (33) |  |  | (26) |
Adjusted balance |  | 4,760 |  |  | 4,917 |
Issuances |  | 269 |  |  | 328 |
Interest accrual |  | 34 |  |  | 27 |
Net premiums collected |  | (304) |  |  | (300) |
Effect of foreign currency translation |  | (507) |  |  | (384) |
Ending balance at original discount rate |  | 4,252 |  |  | 4,588 |
Effect of changes in discount rate assumptions |  | (277) |  |  | (196) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 30 |  |  | 15 |
Balance, end of period, at current discount rate at balance sheet date |  | $ | 4,005 |  |  | $ | 4,407 |
Present Value of Expected FPBs |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 17,435 |  |  | $ | 17,463 |
Balance, beginning of period, at original discount rate |  | $ | 17,198 |  |  | $ | 18,209 |
Effect of actual variances from expected experience |  | (33) |  |  | 1 |
Adjusted balance |  | 17,165 |  |  | 18,210 |
Issuances |  | 269 |  |  | 328 |
Interest accrual |  | 183 |  |  | 185 |
Benefit payments |  | (484) |  |  | (624) |
Effect of foreign currency translation |  | (1,813) |  |  | (1,360) |
Ending balance at original discount rate |  | 15,320 |  |  | 16,739 |
Effect of changes in discount rate assumptions |  | (131) |  |  | 154 |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 76 |  |  | 11 |
Balance, end of period, at current discount rate at balance sheet date |  | 15,265 |  |  | 16,904 |
Cumulative impact of flooring the future policyholder benefits reserve |  | — |  |  | 2 |
Net liability for FPBs |  | 11,260 |  |  | 12,499 |
Less: Amount due to reinsurer |  | (1) |  |  | (2) |
Net liability for FPBs, net of reinsurance |  | $ | 11,261 |  |  | $ | 12,501 |
Undiscounted: |  |  |  |
Expected future gross premiums |  | $ | 8,363 |  |  | $ | 8,786 |
Expected future benefit payments |  | $ | 25,574 |  |  | $ | 26,771 |
Discounted (at current discount rate at balance sheet date): |  |  |  |
Expected future gross premiums |  | $ | 7,140 |  |  | $ | 7,691 |
Expected future benefit payments |  | $ | 15,265 |  |  | $ | 16,904 |
Weighted-average duration of the liability |  | 17 years |  | 17 years
Weighted -average interest accretion (original locked-in) rate |  | 2.6 | % |  | 2.5 | %
Weighted-average current discount rate at balance sheet date |  | 2.8 | % |  | 2.5 | %
Information regarding these products was as follows:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 19,835 |  |  | $ | 21,181 |
Balance, beginning of period, at original discount rate |  | $ | 21,232 |  |  | $ | 22,594 |
Effect of actual variances from expected experience (1) |  | 292 |  |  | (33) |
Adjusted balance |  | 21,524 |  |  | 22,561 |
Issuances |  | 551 |  |  | 536 |
Interest accrual |  | 110 |  |  | 120 |
Net premiums collected |  | (928) |  |  | (1,055) |
Effect of foreign currency translation |  | (2,496) |  |  | (1,849) |
Ending balance at original discount rate |  | 18,761 |  |  | 20,313 |
Effect of changes in discount rate assumptions |  | (1,720) |  |  | (1,006) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 187 |  |  | 83 |
Balance, end of period, at current discount rate at balance sheet date |  | $ | 17,228 |  |  | $ | 19,390 |
Present Value of Expected FPBs |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 30,480 |  |  | $ | 30,879 |
Balance, beginning of period, at original discount rate |  | $ | 36,010 |  |  | $ | 37,189 |
Effect of actual variances from expected experience (1) |  | 331 |  |  | (53) |
Adjusted balance |  | 36,341 |  |  | 37,136 |
Issuances |  | 551 |  |  | 536 |
Interest accrual |  | 232 |  |  | 246 |
Benefit payments |  | (614) |  |  | (653) |
Effect of foreign currency translation |  | (4,161) |  |  | (3,017) |
Ending balance at original discount rate |  | 32,349 |  |  | 34,248 |
Effect of changes in discount rate assumptions |  | (6,761) |  |  | (4,664) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 750 |  |  | 385 |
Balance, end of period, at current discount rate at balance sheet date |  | 26,338 |  |  | 29,969 |
Cumulative impact of flooring the future policyholder benefits reserve |  | 79 |  |  | 83 |
Net liability for FPBs |  | 9,189 |  |  | 10,662 |
Less: Reinsurance recoverables |  | 143 |  |  | 149 |
Net liability for FPBs, net of reinsurance |  | $ | 9,046 |  |  | $ | 10,513 |
Undiscounted: |  |  |  |
Expected future gross premiums |  | $ | 36,531 |  |  | $ | 39,362 |
Expected future benefit payments |  | $ | 42,531 |  |  | $ | 44,435 |
Discounted (at current discount rate at balance sheet date): |  |  |  |
Expected future gross premiums |  | $ | 29,420 |  |  | $ | 33,399 |
Expected future benefit payments |  | $ | 26,338 |  |  | $ | 29,969 |
Weighted-average duration of the liability |  | 23 years |  | 26 years
Weighted-average interest accretion (original locked-in) rate |  | 1.7 | % |  | 1.8 | %
Weighted-average current discount rate at balance sheet date |  | 2.8 | % |  | 2.3 | %
_________________ (1) For the six months ended June 30, 2024, 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 and health products of ($6) million. Information regarding these products was as follows:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | — |  | $ | —
Balance, at beginning of period, at original discount rate |  | $ | — |  | $ | —
Effect of actual variances from expected experience (1) |  | — |  | —
Adjusted balance |  | — |  | —
Issuances |  | 494 |  | 525
Interest accrual |  | 5 |  | 5
Net premiums collected |  | (499) |  | (530)
Ending balance at original discount rate |  | — |  | —
Balance, end of period, at current discount rate at balance sheet date |  | $ | — |  | $ | —
Present Value of Expected FPBs |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 9,637 |  | $ | 9,265
Balance, beginning of period, at original discount rate |  | $ | 9,249 |  | $ | 8,240
Effect of actual variances from expected experience (1) |  | (9) |  | (9)
Adjusted balance |  | 9,240 |  | 8,231
Issuances |  | 509 |  | 577
Interest accrual |  | 167 |  | 173
Benefit payments |  | (339) |  | (336)
Inflation adjustment |  | 184 |  | 243
Effect of foreign currency translation |  | (691) |  | 538
Ending balance at original discount rate |  | 9,070 |  | 9,426
Effect of changes in discount rate assumptions |  | (28) |  | 706
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | (22) |  | 60
Balance, end of period, at current discount rate at balance sheet date |  | 9,020 |  | 10,192
Net liability for FPBs |  | $ | 9,020 |  | $ | 10,192
Undiscounted - Expected future benefit payments |  | $ | 13,648 |  | $ | 14,343
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) |  | $ | 9,020 |  | $ | 10,192
Weighted-average duration of the liability |  | 10 years |  | 11 years
Weighted-average interest accretion (original locked-in) rate |  | 3.6 | % |  | 3.9 | %
Weighted-average current discount rate at balance sheet date |  | 3.7 | % |  | 2.9 | %
__________________ (1) For the six months ended June 30, 2024, 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 related to cohorts with no DPL. For the six months ended June 30, 2023, 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 $3 million. Information regarding these products was as follows:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
|  | (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 5,687 |  | $ | 5,775
Balance, beginning of period, at original discount rate |  | $ | 5,566 |  | $ | 5,807
Effect of actual variances from expected experience |  | 13 |  | 83
Adjusted balance |  | 5,579 |  | 5,890
Interest accrual |  | 141 |  | 149
Net premiums collected |  | (286) |  | (293)
Ending balance at original discount rate |  | 5,434 |  | 5,746
Effect of changes in discount rate assumptions |  | (80) |  | 3
Balance, end of period, at current discount rate at balance sheet date |  | $ | 5,354 |  | $ | 5,749
Present Value of Expected FPBs |  |  |  |
Balance, beginning of period, at current discount rate at balance sheet date |  | $ | 20,927 |  | $ | 19,619
Balance, beginning of period, at original discount rate |  | $ | 20,494 |  | $ | 20,165
Effect of actual variances from expected experience |  | 31 |  | 99
Adjusted balance |  | 20,525 |  | 20,264
Interest accrual |  | 540 |  | 534
Benefit payments |  | (421) |  | (382)
Ending balance at original discount rate |  | 20,644 |  | 20,416
Effect of changes in discount rate assumptions |  | (835) |  | (169)
Balance, end of period, at current discount rate at balance sheet date |  | 19,809 |  | 20,247
Net liability for FPBs |  | $ | 14,455 |  | $ | 14,498
Undiscounted: |  |  |  |
Expected future gross premiums |  | $ | 10,280 |  | $ | 10,893
Expected future benefit payments |  | $ | 44,653 |  | $ | 45,653
Discounted (at current discount rate at balance sheet date): |  |  |  |
Expected future gross premiums |  | $ | 6,715 |  | $ | 7,089
Expected future benefit payments |  | $ | 19,809 |  | $ | 20,247
Weighted-average duration of the liability |  | 14 years |  | 15 years
Weighted-average interest accretion (original locked-in) rate |  | 5.4 | % |  | 5.4 | %
Weighted-average current discount rate at balance sheet date |  | 5.8 | % |  | 5.5 | %
Additional Liability, Long-Duration Insurance | Information regarding these additional insurance liabilities was as follows:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | Variable Life |  | Universal and Variable Universal Life
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 1,258 |  | $ | 1,381 |  | $ | 424 |  | $ | 455
Less: Accumulated other comprehensive income (loss) (“AOCI”) adjustment |  | — |  |  | — |  |  | (14) |  | (33)
Balance, beginning of period, before AOCI adjustment |  | 1,258 |  | 1,381 |  | 438 |  | 488
Effect of actual variances from expected experience |  | (14) |  | (8) |  | (32) |  | (22)
Adjusted balance |  | 1,244 |  | 1,373 |  | 406 |  | 466
Assessments accrual |  | (2) |  | (2) |  | — |  | —
Interest accrual |  | 9 |  | 10 |  | 3 |  | 3
Excess benefits paid |  | (23) |  | (19) |  | — |  | —
Effect of foreign currency translation and other, net |  | (154) |  | (119) |  | (53) |  | (41)
Balance, end of period, before AOCI adjustment |  | 1,074 |  | 1,243 |  | 356 |  | 428
Add: AOCI adjustment |  | — |  | — |  | (2) |  | (18)
Balance, end of period |  | $ | 1,074 |  | $ | 1,243 |  | $ | 354 |  | $ | 410
Weighted-average duration of the liability |  | 16 years |  | 17 years |  | 43 years |  | 43 years
Weighted-average interest accretion rate |  | 1.5 | % |  | 1.5 | % |  | 1.5 | % |  | 1.5 | %
Information regarding these additional insurance liabilities was as follows:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
|  | Universal and Variable Universal Life
|  | (Dollars in millions)
Balance, beginning of period |  | $ | 2,362 |  | $ | 2,156
Less: AOCI adjustment |  | (14) |  | (63)
Balance, beginning of period, before AOCI adjustment |  | 2,376 |  | 2,219
Effect of actual variances from expected experience |  | 28 |  | (6)
Adjusted balance |  | 2,404 |  | 2,213
Assessments accrual |  | 51 |  | 55
Interest accrual |  | 65 |  | 61
Excess benefits paid |  | (70) |  | (63)
Balance, end of period, before AOCI adjustment |  | 2,450 |  | 2,266
Add: AOCI adjustment |  | (16) |  | 2
Balance, end of period |  | 2,434 |  | 2,268
Less: Reinsurance recoverables |  | 2,117 |  | 744
Balance, end of period, net of reinsurance |  | $ | 317 |  | $ | 1,524
Weighted-average duration of the liability |  | 15 years |  | 16 years
Weighted-average interest accretion rate |  | 5.5 | % |  | 5.6 | %
The Company’s gross premiums or assessments and interest expense recognized in the interim condensed consolidated statements of operations and comprehensive income (loss) for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
|  | 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 |  | $ | 4,246 |  |  | $ | 1,526 |  |  | $ | 2,592 |  |  | $ | 1,411 |
Asia: |  |  |  |  |  |  |  |
Whole and term life & endowments |  | 564 |  |  | 149 |  |  | 555 |  |  | 158 |
Accident & health |  | 1,551 |  |  | 122 |  |  | 1,762 |  |  | 126 |
Latin America - Fixed annuities |  | 499 |  |  | 162 |  |  | 529 |  |  | 168 |
MetLife Holdings - Long-term care |  | 362 |  |  | 399 |  |  | 366 |  |  | 385 |
Deferred Profit Liabilities: |  |  |  |  |  |  |  |
RIS - Annuities |  | N/A |  | 88 |  |  | N/A |  | 81 |
Asia: |  |  |  |  |  |  |  |
Whole and term life & endowments |  | N/A |  | 17 |  |  | N/A |  | 14 |
Accident & health |  | N/A |  | 9 |  |  | N/A |  | 9 |
Latin America - Fixed annuities |  | N/A |  | 10 |  |  | N/A |  | 11 |
Additional Insurance Liabilities: |  |  |  |  |  |  |  |
Asia: |  |  |  |  |  |  |  |
Variable life |  | 55 |  |  | 9 |  |  | 11 |  |  | 10 |
Universal and variable universal life |  | (33) |  |  | 3 |  |  | (14) |  |  | 3 |
MetLife Holdings - Universal and variable universal life |  | 334 |  |  | 65 |  |  | 380 |  |  | 61 |
Other long-duration |  | 2,132 |  |  | 239 |  |  | 2,015 |  |  | 227 |
Total |  | $ | 9,710 |  |  | $ | 2,798 |  |  | $ | 8,196 |  |  | $ | 2,664 |
__________________ (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.
Liabilities for Unpaid Claims and Claim Expenses | Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
|  | (In millions)
Balance, beginning of period |  | $ | 16,468 |  |  | $ | 16,098 |
Less: Reinsurance recoverables |  | 2,592 |  |  | 2,452 |
Net balance, beginning of period |  | 13,876 |  |  | 13,646 |
Incurred related to: |  |  |  |
Current period |  | 13,420 |  |  | 13,580 |
Prior periods (1) |  | 99 |  |  | 306 |
Total incurred |  | 13,519 |  |  | 13,886 |
Paid related to: |  |  |  |
Current period |  | (8,723) |  |  | (8,546) |
Prior periods |  | (4,921) |  |  | (4,959) |
Total paid |  | (13,644) |  |  | (13,505) |
Net balance, end of period |  | 13,751 |  |  | 14,027 |
Add: Reinsurance recoverables |  | 2,762 |  |  | 2,590 |
Balance, end of period (included in FPBs and other policy-related balances) |  | $ | 16,513 |  |  | $ | 16,617 |
__________________ (1)For the six months ended June 30, 2024 and 2023, incurred claims and claim adjustment expenses associated with prior periods increased due to events incurred in prior periods but reported in the respective current period.

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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://www.xbrl.org/2003/role/disclosureRef -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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Namespace Prefix: | us-gaap_
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Balance Type: | na
Period Type: | duration