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Future Policy Benefits (Tables) | 9 Months Ended
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Sep. 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:
|  | September 30, 2024 |  | December 31, 2023
|  | (In millions)
Traditional and Limited-Payment Contracts: |  |  |  |
RIS - Annuities |  | $ | 67,645 |  |  | $ | 64,324 |
Asia: |  |  |  |
Whole and term life & endowments |  | 12,661 |  |  | 12,874 |
Accident & health |  | 10,598 |  |  | 10,712 |
Latin America - Fixed annuities |  | 10,906 |  |  | 9,637 |
MetLife Holdings - Long-term care |  | 15,657 |  |  | 15,240 |
Deferred Profit Liabilities: |  |  |  |
RIS - Annuities |  | 3,754 |  |  | 3,697 |
Asia: |  |  |  |
Whole and term life & endowments |  | 785 |  |  | 654 |
Accident & health |  | 913 |  |  | 830 |
Latin America - Fixed annuities |  | 549 |  |  | 562 |
Additional Insurance Liabilities: |  |  |  |
Asia: |  |  |  |
Variable life |  | 1,227 |  |  | 1,258 |
Universal and variable universal life |  | 399 |  |  | 424 |
MetLife Holdings - Universal and variable universal life |  | 2,471 |  |  | 2,362 |
MetLife Holdings - Participating life |  | 48,629 |  |  | 49,543 |
Other long-duration (1) |  | 11,340 |  |  | 11,099 |
Short-duration and other |  | 13,806 |  |  | 13,190 |
Total |  | $ | 201,340 |  |  | $ | 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:
|  | Nine Months Ended September 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 changes in cash flow assumptions (1) |  | — |  |  | — |  |
Effect of actual variances from expected experience (2) |  | (32) |  |  | (89) |  |
Adjusted balance |  | (32) |  |  | (89) |  |
Issuances |  | 5,042 |  |  | 4,422 |  |
Net premiums collected |  | (5,010) |  |  | (4,333) |  |
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 changes in cash flow assumptions (1) |  | (195) |  |  | (284) |  |
Effect of actual variances from expected experience (2) |  | (99) |  |  | (222) |  |
Adjusted balance |  | 64,443 |  |  | 60,920 |  |
Issuances |  | 5,168 |  |  | 4,420 |  |
Interest accrual |  | 2,326 |  |  | 2,145 |  |
Benefit payments |  | (4,479) |  |  | (4,121) |  |
Ending balance at original discount rate |  | 67,458 |  |  | 63,364 |  |
Effect of changes in discount rate assumptions |  | 338 |  |  | (5,438) |  |
Balance, end of period, at current discount rate at balance sheet date |  | 67,796 |  |  | 57,926 |  |
Cumulative amount of fair value hedging adjustments |  | (151) |  |  | (430) |  |
Net liability for FPBs |  | 67,645 |  |  | 57,496 |  |
Less: Reinsurance recoverables |  | 2,041 |  |  | — |  |
Net liability for FPBs, net of reinsurance |  | $ | 65,604 |  |  | $ | 57,496 |  |
Undiscounted - Expected future benefit payments |  | $ | 123,186 |  |  | $ | 119,270 |  |
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) |  | $ | 67,796 |  |  | $ | 57,926 |  |
Weighted-average duration of the liability |  | 9 years |  | 9 years |
Weighted-average interest accretion (original locked-in) rate |  | 4.8 | % |  | 4.7 | % |
Weighted-average current discount rate at balance sheet date |  | 5.0 | % |  | 6.1 | % |
_________________ (1)For the nine months ended September 30, 2024, the net effect of changes in cash flow assumptions was partially offset by the corresponding impact in DPL associated with the RIS segment’s annuity products of $62 million. For the nine months ended September 30, 2023, 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. For the nine months ended September 30, 2024 and 2023, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to mortality. (2)For the nine months ended September 30, 2024, 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 $29 million. For the nine months ended September 30, 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 $95 million. For the nine months ended September 30, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality. 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:
| Nine Months Ended September 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 changes in cash flow assumptions (1) |  | 58 |  |  | 11 |
Effect of actual variances from expected experience |  | (43) |  |  | (41) |
Adjusted balance |  | 4,808 |  |  | 4,913 |
Issuances |  | 386 |  |  | 614 |
Interest accrual |  | 52 |  |  | 43 |
Net premiums collected |  | (456) |  |  | (457) |
Effect of foreign currency translation |  | (77) |  |  | (518) |
Ending balance at original discount rate |  | 4,713 |  |  | 4,595 |
Effect of changes in discount rate assumptions |  | (236) |  |  | (319) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 3 |  |  | 23 |
Balance, end of period, at current discount rate at balance sheet date |  | $ | 4,480 |  |  | $ | 4,299 |
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 changes in cash flow assumptions (1) |  | 36 |  |  | 58 |
Effect of actual variances from expected experience |  | (39) |  |  | (14) |
Adjusted balance |  | 17,195 |  |  | 18,253 |
Issuances |  | 386 |  |  | 614 |
Interest accrual |  | 276 |  |  | 278 |
Benefit payments |  | (726) |  |  | (895) |
Effect of foreign currency translation |  | (263) |  |  | (1,847) |
Ending balance at original discount rate |  | 16,868 |  |  | 16,403 |
Effect of changes in discount rate assumptions |  | 272 |  |  | (742) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 1 |  |  | 40 |
Balance, end of period, at current discount rate at balance sheet date |  | 17,141 |  |  | 15,701 |
Cumulative impact of flooring the future policyholder benefits reserve |  | — |  |  | 2 |
Net liability for FPBs |  | 12,661 |  |  | 11,404 |
Less: Amount due to reinsurer |  | (2) |  |  | (1) |
Net liability for FPBs, net of reinsurance |  | $ | 12,663 |  |  | $ | 11,405 |
Undiscounted: |  |  |  |
Expected future gross premiums |  | $ | 9,393 |  |  | $ | 8,911 |
Expected future benefit payments |  | $ | 28,008 |  |  | $ | 26,785 |
Discounted (at current discount rate at balance sheet date): |  |  |  |
Expected future gross premiums |  | $ | 8,042 |  |  | $ | 7,582 |
Expected future benefit payments |  | $ | 17,141 |  |  | $ | 15,701 |
Weighted-average duration of the liability |  | 17 years |  | 17 years
Weighted -average interest accretion (original locked-in) rate |  | 2.5 | % |  | 2.5 | %
Weighted-average current discount rate at balance sheet date |  | 2.6 | % |  | 2.9 | %
_________________ (1)For the nine months ended September 30, 2024, 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 whole and term life products of $28 million. Information regarding these products was as follows:
|  | Nine Months Ended September 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 changes in cash flow assumptions (1) |  | 439 |  |  | 867 |
Effect of actual variances from expected experience |  | — |  |  | (75) |
Adjusted balance |  | 21,671 |  |  | 23,386 |
Issuances |  | 842 |  |  | 813 |
Interest accrual |  | 168 |  |  | 179 |
Net premiums collected |  | (1,394) |  |  | (1,546) |
Effect of foreign currency translation and other - net |  | (149) |  |  | (2,474) |
Ending balance at original discount rate |  | 21,138 |  |  | 20,358 |
Effect of changes in discount rate assumptions |  | (1,481) |  |  | (1,803) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 12 |  |  | 136 |
Balance, end of period, at current discount rate at balance sheet date |  | $ | 19,669 |  |  | $ | 18,691 |
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 changes in cash flow assumptions (1) |  | 439 |  |  | 898 |
Effect of actual variances from expected experience |  | 4 |  |  | (99) |
Adjusted balance |  | 36,453 |  |  | 37,988 |
Issuances |  | 841 |  |  | 812 |
Interest accrual |  | 353 |  |  | 367 |
Benefit payments |  | (939) |  |  | (958) |
Effect of foreign currency translation and other - net |  | (323) |  |  | (4,061) |
Ending balance at original discount rate |  | 36,385 |  |  | 34,148 |
Effect of changes in discount rate assumptions |  | (6,207) |  |  | (6,866) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 43 |  |  | 595 |
Balance, end of period, at current discount rate at balance sheet date |  | 30,221 |  |  | 27,877 |
Cumulative impact of flooring the future policyholder benefits reserve |  | 46 |  |  | 143 |
Net liability for FPBs |  | 10,598 |  |  | 9,329 |
Less: Reinsurance recoverables |  | 164 |  |  | 136 |
Net liability for FPBs, net of reinsurance |  | $ | 10,434 |  |  | $ | 9,193 |
Undiscounted: |  |  |  |
Expected future gross premiums |  | $ | 41,446 |  |  | $ | 39,891 |
Expected future benefit payments |  | $ | 47,705 |  |  | $ | 44,612 |
Discounted (at current discount rate at balance sheet date): |  |  |  |
Expected future gross premiums |  | $ | 33,666 |  |  | $ | 32,286 |
Expected future benefit payments |  | $ | 30,221 |  |  | $ | 27,877 |
Weighted-average duration of the liability |  | 24 years |  | 25 years
Weighted-average interest accretion (original locked-in) rate |  | 1.7 | % |  | 1.8 | %
Weighted-average current discount rate at balance sheet date |  | 2.7 | % |  | 2.8 | %
_________________ (1)For the nine months ended September 30, 2024, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to morbidity, substantially offset by policyholder behavior assumptions related to lapses. For the nine months ended September 30, 2023, the net effect of changes in cash flow assumptions was primarily driven by updates in policyholder behavior assumptions related to lapses, partially offset by updates in assumptions associated with mortality and morbidity. Information regarding these products was as follows:
|  | Nine Months Ended September 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 changes in cash flow assumptions (1) |  | — |  | —
Effect of actual variances from expected experience (2) |  | — |  | (2)
Adjusted balance |  | — |  | (2)
Issuances |  | 760 |  | 785
Interest accrual |  | 13 |  | 16
Net premiums collected |  | (773) |  | (799)
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 changes in cash flow assumptions (1) |  | (4) |  | (5)
Effect of actual variances from expected experience (2) |  | (21) |  | (13)
Adjusted balance |  | 9,224 |  | 8,222
Issuances |  | 789 |  | 869
Interest accrual |  | 253 |  | 258
Benefit payments |  | (519) |  | (504)
Inflation adjustment |  | 270 |  | 273
Effect of foreign currency translation |  | (258) |  | (403)
Ending balance at original discount rate |  | 9,759 |  | 8,715
Effect of changes in discount rate assumptions |  | 1,126 |  | (59)
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 21 |  | 6
Balance, end of period, at current discount rate at balance sheet date |  | 10,906 |  | 8,662
Net liability for FPBs |  | $ | 10,906 |  | $ | 8,662
Undiscounted - Expected future benefit payments |  | $ | 14,663 |  | $ | 13,204
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) |  | $ | 10,906 |  | $ | 8,662
Weighted-average duration of the liability |  | 11 years |  | 10 years
Weighted-average interest accretion (original locked-in) rate |  | 3.4 | % |  | 3.9 | %
Weighted-average current discount rate at balance sheet date |  | 2.5 | % |  | 3.7 | %
__________________ (1)For the nine months ended September 30, 2024 and 2023, 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 $3 million and $4 million, respectively. (2)For the nine months ended September 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 nine months ended September 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 $2 million. Information regarding these products was as follows:
|  | Nine Months Ended September 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 changes in cash flow assumptions (1) |  | 212 |  | (152)
Effect of actual variances from expected experience |  | 34 |  | 173
Adjusted balance |  | 5,812 |  | 5,828
Interest accrual |  | 213 |  | 222
Net premiums collected |  | (424) |  | (438)
Ending balance at original discount rate |  | 5,601 |  | 5,612
Effect of changes in discount rate assumptions |  | 159 |  | (258)
Balance, end of period, at current discount rate at balance sheet date |  | $ | 5,760 |  | $ | 5,354
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 changes in cash flow assumptions (1) |  | 205 |  | (190)
Effect of actual variances from expected experience |  | 45 |  | 194
Adjusted balance |  | 20,744 |  | 20,169
Interest accrual |  | 812 |  | 801
Benefit payments |  | (638) |  | (579)
Ending balance at original discount rate |  | 20,918 |  | 20,391
Effect of changes in discount rate assumptions |  | 499 |  | (2,012)
Balance, end of period, at current discount rate at balance sheet date |  | 21,417 |  | 18,379
Net liability for FPBs |  | $ | 15,657 |  | $ | 13,025
Undiscounted: |  |  |  |
Expected future gross premiums |  | $ | 10,735 |  | $ | 10,713
Expected future benefit payments |  | $ | 45,098 |  | $ | 45,152
Discounted (at current discount rate at balance sheet date): |  |  |  |
Expected future gross premiums |  | $ | 7,319 |  | $ | 6,714
Expected future benefit payments |  | $ | 21,417 |  | $ | 18,379
Weighted-average duration of the liability |  | 14 years |  | 14 years
Weighted-average interest accretion (original locked-in) rate |  | 5.4 | % |  | 5.5 | %
Weighted-average current discount rate at balance sheet date |  | 5.2 | % |  | 6.3 | %
__________________ (1)For the nine months ended September 30, 2023, the net effect of changes in cash flow assumptions was primarily driven by updates in policyholder behavior assumptions related to claim utilization experience, which lowered the expected cost of care. This was partially offset by updates in morbidity assumptions associated with an increase in incidence rates.
Additional Liability, Long-Duration Insurance | Information regarding these additional insurance liabilities was as follows:
|  | Nine Months Ended September 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 changes in cash flow assumptions |  | 17 |  | (4) |  | (23) |  | (2)
Effect of actual variances from expected experience |  | (8) |  | (9) |  | (14) |  | (32)
Adjusted balance |  | 1,267 |  | 1,368 |  | 401 |  | 454
Assessments accrual |  | (3) |  | (3) |  | — |  | —
Interest accrual |  | 13 |  | 15 |  | 4 |  | 5
Excess benefits paid |  | (30) |  | (29) |  | — |  | —
Effect of foreign currency translation and other, net |  | (20) |  | (158) |  | (6) |  | (55)
Balance, end of period, before AOCI adjustment |  | 1,227 |  | 1,193 |  | 399 |  | 404
Add: AOCI adjustment |  | — |  | — |  | — |  | (18)
Balance, end of period |  | $ | 1,227 |  | $ | 1,193 |  | $ | 399 |  | $ | 386
Weighted-average duration of the liability |  | 16 years |  | 16 years |  | 42 years |  | 43 years
Weighted-average interest accretion rate |  | 1.4 | % |  | 1.5 | % |  | 1.4 | % |  | 1.5 | %
Information regarding these additional insurance liabilities was as follows:
|  | Nine Months Ended September 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 changes in cash flow assumptions |  | (2) |  | 38
Effect of actual variances from expected experience |  | 36 |  | (10)
Adjusted balance |  | 2,410 |  | 2,247
Assessments accrual |  | 78 |  | 80
Interest accrual |  | 98 |  | 92
Excess benefits paid |  | (104) |  | (81)
Balance, end of period, before AOCI adjustment |  | 2,482 |  | 2,338
Add: AOCI adjustment |  | (11) |  | (65)
Balance, end of period |  | 2,471 |  | 2,273
Less: Reinsurance recoverables |  | 2,147 |  | 766
Balance, end of period, net of reinsurance |  | $ | 324 |  | $ | 1,507
Weighted-average duration of the liability |  | 15 years |  | 16 years
Weighted-average interest accretion rate |  | 5.5 | % |  | 5.5 | %
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:
|  | Nine Months Ended September 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 |  | $ | 5,098 |  |  | $ | 2,326 |  |  | $ | 4,433 |  |  | $ | 2,145 |
Asia: |  |  |  |  |  |  |  |
Whole and term life & endowments |  | 850 |  |  | 224 |  |  | 841 |  |  | 235 |
Accident & health |  | 2,324 |  |  | 185 |  |  | 2,580 |  |  | 188 |
Latin America - Fixed annuities |  | 773 |  |  | 240 |  |  | 799 |  |  | 242 |
MetLife Holdings - Long-term care |  | 543 |  |  | 599 |  |  | 547 |  |  | 579 |
Deferred Profit Liabilities: |  |  |  |  |  |  |  |
RIS - Annuities |  | N/A |  | 133 |  |  | N/A |  | 124 |
Asia: |  |  |  |  |  |  |  |
Whole and term life & endowments |  | N/A |  | 27 |  |  | N/A |  | 22 |
Accident & health |  | N/A |  | 15 |  |  | N/A |  | 13 |
Latin America - Fixed annuities |  | N/A |  | 15 |  |  | N/A |  | 17 |
Additional Insurance Liabilities: |  |  |  |  |  |  |  |
Asia: |  |  |  |  |  |  |  |
Variable life |  | 85 |  |  | 13 |  |  | 60 |  |  | 15 |
Universal and variable universal life |  | (32) |  |  | 4 |  |  | (20) |  |  | 5 |
MetLife Holdings - Universal and variable universal life |  | 492 |  |  | 98 |  |  | 559 |  |  | 92 |
Other long-duration |  | 3,469 |  |  | 362 |  |  | 3,194 |  |  | 341 |
Total |  | $ | 13,602 |  |  | $ | 4,241 |  |  | $ | 12,993 |  |  | $ | 4,018 |
__________________ (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:
|  | Nine Months Ended September 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 |  | 20,532 |  |  | 19,983 |
Prior periods (1) |  | 80 |  |  | 327 |
Total incurred |  | 20,612 |  |  | 20,310 |
Paid related to: |  |  |  |
Current period |  | (14,470) |  |  | (13,991) |
Prior periods |  | (5,773) |  |  | (5,883) |
Total paid |  | (20,243) |  |  | (19,874) |
Net balance, end of period |  | 14,245 |  |  | 14,082 |
Add: Reinsurance recoverables |  | 2,757 |  |  | 2,523 |
Balance, end of period (included in FPBs and other policy-related balances) |  | $ | 17,002 |  |  | $ | 16,605 |
__________________ (1)For the nine months ended September 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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Period Type: | duration

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- References No definition available. + 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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