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Future Policy Benefits | 12 Months Ended
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Dec. 31, 2024
Insurance [Abstract] |
Liability for Future Policy Benefits and Unpaid Claims Disclosure | 4. Future Policy Benefits The Company establishes liabilities for amounts payable under insurance policies. These liabilities are comprised of traditional and limited-payment contracts and associated DPLs, additional insurance liabilities, participating life and short-duration contracts. The Company’s FPBs on the consolidated balance sheets was as follows at:
|  | December 31,
|  | 2024 |  | 2023
|  | (In millions)
Traditional and Limited-Payment Contracts: |  |  |  |
RIS - Annuities |  | $ | 66,262 |  |  | $ | 64,324 |
Asia: |  |  |  |
Whole and term life & endowments |  | 11,167 |  |  | 12,874 |
Accident & health |  | 9,406 |  |  | 10,712 |
Latin America - Fixed annuities |  | 9,600 |  |  | 9,637 |
MetLife Holdings - Long-term care |  | 14,537 |  |  | 15,240 |
Deferred Profit Liabilities: |  |  |  |
RIS - Annuities |  | 3,780 |  |  | 3,697 |
Asia: |  |  |  |
Whole and term life & endowments |  | 759 |  |  | 654 |
Accident & health |  | 849 |  |  | 830 |
Latin America - Fixed annuities |  | 498 |  |  | 562 |
Additional Insurance Liabilities: |  |  |  |
Asia: |  |  |  |
Variable life |  | 1,108 |  |  | 1,258 |
Universal and variable universal life |  | 355 |  |  | 424 |
MetLife Holdings - Universal and variable universal life |  | 2,496 |  |  | 2,362 |
MetLife Holdings - Participating life |  | 48,485 |  |  | 49,543 |
Other long-duration (1) |  | 10,712 |  |  | 11,099 |
Short-duration and other |  | 13,632 |  |  | 13,190 |
Total |  | $ | 193,646 |  |  | $ | 196,406 |
__________________ (1) This balance represents liabilities for various smaller product lines across multiple segments, as well as Corporate & Other. Rollforwards - Traditional and Limited-Payment Contracts The following information about the direct and assumed liability for FPBs includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for FPB balances where applicable. See Note 9 for further information regarding the impact of reinsurance on the consolidated balance sheets and the consolidated statements of operations. RIS - Annuities The RIS segment’s annuity products include pension risk transfers (including assumed pension risk transfers from the United Kingdom (“U.K.”)), certain structured settlements and certain institutional income annuities, which are mainly single premium spread-based products. The Company reinsures portions of certain newly issued pension risk transfers on a modified coinsurance basis. Information regarding these products was as follows:
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (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) |  | (48) |  |  | (106) |  |  | (94) |
Adjusted balance |  | (48) |  |  | (106) |  |  | (94) |
Issuances |  | 7,985 |  |  | 6,572 |  |  | 12,672 |
Net premiums collected |  | (7,937) |  |  | (6,466) |  |  | (12,578) |
Balance at December 31, at original discount rate |  | — |  |  | — |  |  | — |
Balance at December 31, at current discount rate at balance sheet date |  | $ | — |  |  | $ | — |  |  | $ | — |
Present Value of Expected FPBs |  |  |  |  |  |
Balance at January 1, at current discount rate at balance sheet date |  | $ | 64,515 |  |  | $ | 58,695 |  |  | $ | 62,954 |
Balance at January 1, at original discount rate |  | $ | 64,737 |  |  | $ | 61,426 |  |  | $ | 50,890 |
Effect of changes in cash flow assumptions (1) |  | (195) |  |  | (284) |  |  | (115) |
Effect of actual variances from expected experience (2) |  | (121) |  |  | (270) |  |  | (175) |
Adjusted balance |  | 64,421 |  |  | 60,872 |  |  | 50,600 |
Issuances |  | 8,129 |  |  | 6,588 |  |  | 12,770 |
Interest accrual |  | 3,146 |  |  | 2,897 |  |  | 2,519 |
Benefit payments |  | (6,050) |  |  | (5,620) |  |  | (4,463) |
Effect of foreign currency translation |  | (3) |  |  | — |  |  | — |
Balance at December 31, at original discount rate |  | 69,643 |  |  | 64,737 |  |  | 61,426 |
Effect of changes in discount rate assumptions |  | (3,022) |  |  | (222) |  |  | (2,731) |
Balance at December 31, at current discount rate at balance sheet date |  | 66,621 |  |  | 64,515 |  |  | 58,695 |
Cumulative amount of fair value hedging adjustments |  | (359) |  |  | (191) |  |  | (200) |
Net liability for FPBs |  | 66,262 |  |  | 64,324 |  |  | 58,495 |
Less: Reinsurance recoverables |  | 1,919 |  |  | 269 |  |  | — |
Net liability for FPBs, net of reinsurance |  | $ | 64,343 |  |  | $ | 64,055 |  |  | $ | 58,495 |
Undiscounted - Expected future benefit payments |  | $ | 126,735 |  |  | $ | 130,878 |  |  | $ | 113,932 |
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) |  | $ | 66,621 |  |  | $ | 64,515 |  |  | $ | 58,695 |
Weighted-average duration of the liability |  | 8 years |  | 9 years |  | 9 years
Weighted-average interest accretion (original locked-in) rate |  | 4.8 | % |  | 4.7 | % |  | 4.6 | %
Weighted-average current discount rate at balance sheet date |  | 5.6 | % |  | 5.1 | % |  | 5.5 | %
__________________ (1)For the year ended December 31, 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 year ended December 31, 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 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 years ended December 31, 2024 and 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 $35 million and $46 million, respectively. 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 each of the years ended December 31, 2024, 2023 and 2022, the net effect of changes in cash flow assumptions was primarily driven by updates in assumptions related to mortality. For the year ended December 31, 2023, the net effect of actual variances from expected experience was primarily driven by favorable mortality and model refinements. For the year ended December 31, 2022, the net effect of actual variances from expected experience was primarily driven by favorable mortality. When single premium annuity contracts are issued, the FPB reserve is required to be measured at an upper-medium grade discount rate. Due to differences between the upper-medium grade discount rate and pricing assumptions used to determine the contractual premium, the initial FPB reserve at issue for a particular cohort may be greater than the contractual premium received, and the difference must be recognized as an immediate loss at issue. On these cohorts, future experience that differs from expected experience and changes in cash flow assumptions result in the recognition of remeasurement gains and losses with net remeasurement gains limited to the amount of the original loss at issue, after which any favorable experience is deferred and recorded within the DPL. For the year ended December 31, 2024, the Company incurred a loss at issue of $147 million. The loss at issue was largely offset by a deferred gain on ceded reinsurance which will be amortized over the life of the reinsurance agreement. Additionally, for the year ended December 31, 2024, the Company recognized a net remeasurement gain related to the net effect of changes in cash flow assumptions. For the year ended December 31, 2022, the Company incurred a loss at issue of $99 million and recognized a net remeasurement loss of $31 million attributable to cohorts with no DPL or where the DPL was depleted during the year. Significant Methodologies and Assumptions The principal inputs used in the establishment of the FPBs for the RIS segment’s annuity products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate mortality assumptions. Asia Whole and Term Life & Endowments 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:
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
| (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |  |  |
Balance at January 1, at current discount rate at balance sheet date |  | $ | 4,561 |  |  | $ | 4,682 |  |  | $ | 5,986 |
Balance at January 1, at original discount rate |  | $ | 4,793 |  |  | $ | 4,943 |  |  | $ | 5,881 |
Effect of changes in cash flow assumptions (1) |  | 58 |  |  | 11 |  |  | 69 |
Effect of actual variances from expected experience (2) |  | (98) |  |  | (62) |  |  | 28 |
Adjusted balance |  | 4,753 |  |  | 4,892 |  |  | 5,978 |
Issuances |  | 558 |  |  | 730 |  |  | 231 |
Interest accrual |  | 70 |  |  | 59 |  |  | 44 |
Net premiums collected |  | (604) |  |  | (611) |  |  | (615) |
Effect of foreign currency translation |  | (491) |  |  | (277) |  |  | (695) |
Balance at December 31, at original discount rate |  | 4,286 |  |  | 4,793 |  |  | 4,943 |
Effect of changes in discount rate assumptions |  | (288) |  |  | (242) |  |  | (247) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 25 |  |  | 10 |  |  | (14) |
Balance at December 31, at current discount rate at balance sheet date |  | $ | 4,023 |  |  | $ | 4,561 |  |  | $ | 4,682 |
Present Value of Expected FPBs |  |  |  |  |  |
Balance at January 1, at current discount rate at balance sheet date |  | $ | 17,435 |  |  | $ | 17,463 |  |  | $ | 24,453 |
Balance at January 1, at original discount rate |  | $ | 17,198 |  |  | $ | 18,209 |  |  | $ | 21,276 |
Effect of changes in cash flow assumptions (1) |  | 36 |  |  | 58 |  |  | 96 |
Effect of actual variances from expected experience (2) |  | (135) |  |  | (30) |  |  | 54 |
Adjusted balance |  | 17,099 |  |  | 18,237 |  |  | 21,426 |
Issuances |  | 558 |  |  | 729 |  |  | 231 |
Interest accrual |  | 368 |  |  | 370 |  |  | 364 |
Benefit payments |  | (958) |  |  | (1,174) |  |  | (1,406) |
Effect of foreign currency translation |  | (1,815) |  |  | (964) |  |  | (2,406) |
Balance at December 31, at original discount rate |  | 15,252 |  |  | 17,198 |  |  | 18,209 |
Effect of changes in discount rate assumptions |  | 11 |  |  | 224 |  |  | (475) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | (73) |  |  | 13 |  |  | (271) |
Balance at December 31, at current discount rate at balance sheet date |  | 15,190 |  |  | 17,435 |  |  | 17,463 |
Cumulative impact of flooring the future policyholder benefits reserve |  | — |  |  | — |  |  | 11 |
Net liability for FPBs |  | 11,167 |  |  | 12,874 |  |  | 12,792 |
Less: Amount due to reinsurer |  | (2) |  |  | (1) |  |  | (1) |
Net liability for FPBs, net of reinsurance |  | $ | 11,169 |  |  | $ | 12,875 |  |  | $ | 12,793 |
Undiscounted: |  |  |  |  |  |
Expected future gross premiums |  | $ | 8,678 |  |  | $ | 9,331 |  |  | $ | 9,369 |
Expected future benefit payments |  | $ | 25,422 |  |  | $ | 28,130 |  |  | $ | 28,507 |
Discounted (at current discount rate at balance sheet date): |  |  |  |  |  |
Expected future gross premiums |  | $ | 7,316 |  |  | $ | 8,067 |  |  | $ | 8,086 |
Expected future benefit payments |  | $ | 15,190 |  |  | $ | 17,435 |  |  | $ | 17,463 |
Weighted-average duration of the liability |  | 17 years |  | 17 years |  | 15 years
Weighted -average interest accretion (original locked-in) rate |  | 2.6 | % |  | 2.5 | % |  | 2.3 | %
Weighted-average current discount rate at balance sheet date |  | 2.8 | % |  | 2.6 | % |  | 2.7 | %
__________________ (1) For the year ended December 31, 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 & endowment products of $28 million. 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 year ended December 31, 2022, 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. (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 and the underlying characteristics of the products. Significant Methodologies and Assumptions The principal inputs used in the establishment of the FPB reserve for the Asia segment’s whole and term life & endowment products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, the current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, and morbidity. Accident & Health The Asia segment’s accident & health products in Japan and Korea offer various hospitalization, cancer, critical illness, disability, income protection and personal accident coverage. Information regarding these products was as follows:
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |  |  |
Balance at January 1, at current discount rate at balance sheet date |  | $ | 19,835 |  |  | $ | 21,181 |  |  | $ | 26,543 |
Balance at January 1, at original discount rate |  | $ | 21,232 |  |  | $ | 22,594 |  |  | $ | 25,937 |
Effect of changes in cash flow assumptions (1) |  | 439 |  |  | 867 |  |  | 24 |
Effect of actual variances from expected experience (2) |  | (205) |  |  | (158) |  |  | 297 |
Adjusted balance |  | 21,466 |  |  | 23,303 |  |  | 26,258 |
Issuances |  | 1,032 |  |  | 1,030 |  |  | 1,387 |
Interest accrual |  | 223 |  |  | 236 |  |  | 250 |
Net premiums collected |  | (1,843) |  |  | (2,016) |  |  | (2,160) |
Effect of foreign currency translation and other - net |  | (2,058) |  |  | (1,321) |  |  | (3,141) |
Balance at December 31, at original discount rate |  | 18,820 |  |  | 21,232 |  |  | 22,594 |
Effect of changes in discount rate assumptions |  | (1,772) |  |  | (1,449) |  |  | (1,341) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 155 |  |  | 52 |  |  | (72) |
Balance at December 31, at current discount rate at balance sheet date |  | $ | 17,203 |  |  | $ | 19,835 |  |  | $ | 21,181 |
Present Value of Expected FPBs |  |  |  |  |  |
Balance at January 1, at current discount rate at balance sheet date |  | $ | 30,480 |  |  | $ | 30,879 |  |  | $ | 41,874 |
Balance at January 1, at original discount rate |  | $ | 36,010 |  |  | $ | 37,189 |  |  | $ | 41,517 |
Effect of changes in cash flow assumptions (1) |  | 439 |  |  | 898 |  |  | (7) |
Effect of actual variances from expected experience (2) |  | (203) |  |  | (180) |  |  | 363 |
Adjusted balance |  | 36,246 |  |  | 37,907 |  |  | 41,873 |
Issuances |  | 1,030 |  |  | 1,028 |  |  | 1,387 |
Interest accrual |  | 470 |  |  | 485 |  |  | 498 |
Benefit payments |  | (1,268) |  |  | (1,279) |  |  | (1,613) |
Effect of foreign currency translation and other - net |  | (3,640) |  |  | (2,131) |  |  | (4,956) |
Balance at December 31, at original discount rate |  | 32,838 |  |  | 36,010 |  |  | 37,189 |
Effect of changes in discount rate assumptions |  | (6,890) |  |  | (5,793) |  |  | (6,291) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | 617 |  |  | 263 |  |  | (19) |
Balance at December 31, at current discount rate at balance sheet date |  | 26,565 |  |  | 30,480 |  |  | 30,879 |
Cumulative impact of flooring the future policyholder benefits reserve |  | 44 |  |  | 67 |  |  | 342 |
Net liability for FPBs |  | 9,406 |  |  | 10,712 |  |  | 10,040 |
Less: Reinsurance recoverables |  | 142 |  |  | 142 |  |  | 143 |
Net liability for FPBs, net of reinsurance |  | $ | 9,264 |  |  | $ | 10,570 |  |  | $ | 9,897 |
Undiscounted: |  |  |  |  |  |
Expected future gross premiums |  | $ | 36,908 |  |  | $ | 41,734 |  |  | $ | 43,440 |
Expected future benefit payments |  | $ | 43,016 |  |  | $ | 47,046 |  |  | $ | 48,147 |
Discounted (at current discount rate at balance sheet date): |  |  |  |  |  |
Expected future gross premiums |  | $ | 29,436 |  |  | $ | 34,356 |  |  | $ | 36,179 |
Expected future benefit payments |  | $ | 26,565 |  |  | $ | 30,480 |  |  | $ | 30,879 |
Weighted-average duration of the liability |  | 23 years |  | 25 years |  | 17 years
Weighted-average interest accretion (original locked-in) rate |  | 1.7 | % |  | 1.7 | % |  | 1.7 | %
Weighted-average current discount rate at balance sheet date |  | 2.8 | % |  | 2.5 | % |  | 2.7 | %
__________________ (1) F or 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 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 Asia segment’s accident & health products of $44 million. (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, 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 year ended December 31, 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 related to mortality and morbidity. Significant Methodologies and Assumptions The principal inputs used in the establishment of the FPB reserve for the Asia segment’s accident & health products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, current up per-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, and morbidity. Latin America - Fixed Annuities The Latin America segment’s fixed annuity products in Chile and Mexico include fixed income annuities that provide for asset distribution needs. Information regarding these products was as follows:
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (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 |
Adjusted balance |  | — |  |  | — |  |  | 1 |
Issuances |  | 1,020 |  |  | 1,045 |  |  | 714 |
Interest accrual |  | 21 |  |  | 29 |  |  | (3) |
Net premiums collected |  | (1,041) |  |  | (1,074) |  |  | (712) |
Balance at December 31, at original discount rate |  | — |  |  | — |  |  | — |
Balance at December 31, at current discount rate at balance sheet date |  | $ | — |  |  | $ | — |  |  | $ | — |
Present Value of Expected FPBs |  |  |  |  |  |
Balance at January 1, at current discount rate at balance sheet date |  | $ | 9,637 |  |  | $ | 9,265 |  |  | $ | 7,343 |
Balance at January 1, at original discount rate |  | $ | 9,249 |  |  | $ | 8,240 |  |  | $ | 6,851 |
Effect of changes in cash flow assumptions (1) |  | (4) |  |  | (5) |  |  | (8) |
Effect of actual variances from expected experience (2) |  | (2) |  |  | (31) |  |  | (32) |
Adjusted balance |  | 9,243 |  |  | 8,204 |  |  | 6,811 |
Issuances |  | 1,065 |  |  | 1,153 |  |  | 757 |
Interest accrual |  | 339 |  |  | 341 |  |  | 286 |
Benefit payments |  | (701) |  |  | (671) |  |  | (560) |
Inflation adjustment |  | 391 |  |  | 415 |  |  | 896 |
Effect of foreign currency translation |  | (1,204) |  |  | (193) |  |  | 50 |
Balance at December 31, at original discount rate |  | 9,133 |  |  | 9,249 |  |  | 8,240 |
Effect of changes in discount rate assumptions |  | 536 |  |  | 391 |  |  | 1,026 |
Effect of foreign currency translation on the effect of changes in discount rate assumptions |  | (69) |  |  | (3) |  |  | (1) |
Balance at December 31, at current discount rate at balance sheet date |  | 9,600 |  |  | 9,637 |  |  | 9,265 |
Net liability for FPBs |  | $ | 9,600 |  |  | $ | 9,637 |  |  | $ | 9,265 |
Undiscounted - Expected future benefit payments |  | $ | 13,660 |  |  | $ | 13,994 |  |  | $ | 12,675 |
Discounted - Expected future benefit payments (at current discount rate at balance sheet date) |  | $ | 9,600 |  |  | $ | 9,637 |  |  | $ | 9,265 |
Weighted-average duration of the liability |  | 11 years |  | 11 years |  | 11 years
Weighted-average interest accretion (original locked-in) rate |  | 3.5 | % |  | 3.6 | % |  | 3.9 | %
Weighted-average current discount rate at balance sheet date |  | 3.1 | % |  | 3.3 | % |  | 2.7 | %
__________________ (1)For the years ended December 31, 2024, 2023 and 2022, 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, $4 million and $7 million, respectively. (2)For the years ended December 31, 2024 and 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. Significant Methodologies and Assumptions The principal inputs used in the establishment of the FPB reserve for the Latin America segment’s fixed annuity products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, current upper-medium grade discount rate at the balance sheet date and best estimate mortality assumptions. MetLife Holdings - Long-term Care The MetLife Holdings segment’s long-term care products offer protection against potentially high costs of long-term health care services. Information regarding these products was as follows:
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (Dollars in millions)
Present Value of Expected Net Premiums |  |  |  |  |  |
Balance at January 1, at current discount rate at balance sheet date |  | $ | 5,687 |  |  | $ | 5,775 |  |  | $ | 7,058 |
Balance at January 1, at original discount rate |  | $ | 5,566 |  |  | $ | 5,807 |  |  | $ | 5,699 |
Effect of changes in cash flow assumptions |  | 212 |  |  | (152) |  |  | 272 |
Effect of actual variances from expected experience |  | 74 |  |  | 199 |  |  | 120 |
Adjusted balance |  | 5,852 |  |  | 5,854 |  |  | 6,091 |
Interest accrual |  | 285 |  |  | 294 |  |  | 298 |
Net premiums collected |  | (569) |  |  | (582) |  |  | (582) |
Balance at December 31, at original discount rate |  | 5,568 |  |  | 5,566 |  |  | 5,807 |
Effect of changes in discount rate assumptions |  | (93) |  |  | 121 |  |  | (32) |
Balance at December 31, at current discount rate at balance sheet date |  | $ | 5,475 |  |  | $ | 5,687 |  |  | $ | 5,775 |
Present Value of Expected FPBs |  |  |  |  |  |
Balance at January 1, at current discount rate at balance sheet date |  | $ | 20,927 |  |  | $ | 19,619 |  |  | $ | 27,627 |
Balance at January 1, at original discount rate |  | $ | 20,494 |  |  | $ | 20,165 |  |  | $ | 19,406 |
Effect of changes in cash flow assumptions |  | 205 |  |  | (190) |  |  | 301 |
Effect of actual variances from expected experience |  | 84 |  |  | 223 |  |  | 115 |
Adjusted balance |  | 20,783 |  |  | 20,198 |  |  | 19,822 |
Interest accrual |  | 1,089 |  |  | 1,070 |  |  | 1,043 |
Benefit payments |  | (848) |  |  | (774) |  |  | (700) |
Balance at December 31, at original discount rate |  | 21,024 |  |  | 20,494 |  |  | 20,165 |
Effect of changes in discount rate assumptions |  | (1,012) |  |  | 433 |  |  | (546) |
Balance at December 31, at current discount rate at balance sheet date |  | 20,012 |  |  | 20,927 |  |  | 19,619 |
Other adjustments |  | — |  |  | — |  |  | 1 |
Net liability for FPBs |  | $ | 14,537 |  |  | $ | 15,240 |  |  | $ | 13,845 |
Undiscounted: |  |  |  |  |  |
Expected future gross premiums |  | $ | 10,644 |  |  | $ | 10,603 |  |  | $ | 11,201 |
Expected future benefit payments |  | $ | 44,981 |  |  | $ | 45,016 |  |  | $ | 45,872 |
Discounted (at current discount rate at balance sheet date): |  |  |  |  |  |
Expected future gross premiums |  | $ | 6,966 |  |  | $ | 7,139 |  |  | $ | 7,200 |
Expected future benefit payments |  | $ | 20,012 |  |  | $ | 20,927 |  |  | $ | 19,619 |
Weighted-average duration of the liability |  | 14 years |  | 15 years |  | 15 years
Weighted-average interest accretion (original locked-in) rate |  | 5.4 | % |  | 5.4 | % |  | 5.5 | %
Weighted-average current discount rate at balance sheet date |  | 5.8 | % |  | 5.2 | % |  | 5.6 | %
For the year ended December 31, 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 assumptions associated with an increase in incidence rates. For the year ended December 31, 2022, the net effect of changes in cash flow assumptions was primarily driven by updates in operational assumptions related to inflation, which increased the expected cost of care. Significant Methodologies and Assumptions The principal inputs used in the establishment of the FPB reserve for long-term care products include actual premiums, actual benefits, in-force data, locked-in claim-related expense, the locked-in interest accretion rate, current upper-medium grade discount rate at the balance sheet date and best estimate assumptions. The best estimate assumptions include mortality, lapse, incidence, claim utilization, claim cost inflation, claim continuance, and premium rate increases. Rollforwards - Additional Insurance Liabilities The Company establishes additional insurance liabilities for annuitization, death or other insurance benefits for variable life, universal life, and variable universal life contract features where the Company guarantees to the contractholder either a secondary guarantee or a guaranteed paid-up benefit. The policy can remain in force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met. The following information about the direct liability for additional insurance liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular segment of the business. The adjusted balance in each disaggregated rollforward reflects the remeasurement (gains) losses. All amounts presented in these rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers. See Note 9 for further information regarding the impact of reinsurance on the consolidated balance sheets and the consolidated statements of operations. Asia The Asia segment’s variable life, universal life, and variable universal life products in Japan offer a contract feature where the Company guarantees to the contractholder a secondary guarantee. Information regarding these additional insurance liabilities was as follows:
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
|  | Variable Life |  | Universal and Variable Universal Life
|  | (Dollars in millions)
Balance, at January 1, |  | $ | 1,258 |  |  | $ | 1,381 |  |  | $ | 1,595 |  |  | $ | 424 |  |  | $ | 455 |  |  | $ | 655 |
Less: AOCI adjustment |  | — |  |  | — |  |  | — |  |  | (14) |  |  | (33) |  |  | 56 |
Balance, at January 1, before AOCI adjustment |  | 1,258 |  |  | 1,381 |  |  | 1,595 |  |  | 438 |  |  | 488 |  |  | 599 |
Effect of changes in cash flow assumptions |  | 17 |  |  | (4) |  |  | 9 |  |  | (23) |  |  | (2) |  |  | (1) |
Effect of actual variances from expected experience |  | (12) |  |  | (10) |  |  | 2 |  |  | (34) |  |  | (24) |  |  | (39) |
Adjusted balance |  | 1,263 |  |  | 1,367 |  |  | 1,606 |  |  | 381 |  |  | 462 |  |  | 559 |
Assessments accrual |  | (4) |  |  | (3) |  |  | (3) |  |  | — |  |  | — |  |  | (3) |
Interest accrual |  | 17 |  |  | 19 |  |  | 21 |  |  | 6 |  |  | 7 |  |  | 7 |
Excess benefits paid |  | (38) |  |  | (36) |  |  | (40) |  |  | — |  |  | — |  |  | — |
Effect of foreign currency translation and other, net |  | (130) |  |  | (89) |  |  | (203) |  |  | (42) |  |  | (31) |  |  | (75) |
Balance, at December 31, before AOCI adjustment |  | 1,108 |  |  | 1,258 |  |  | 1,381 |  |  | 345 |  |  | 438 |  |  | 488 |
Add: AOCI adjustment |  | — |  |  | — |  |  | — |  |  | 10 |  |  | (14) |  |  | (33) |
Balance, at December 31, |  | $ | 1,108 |  |  | $ | 1,258 |  |  | $ | 1,381 |  |  | $ | 355 |  |  | $ | 424 |  |  | $ | 455 |
Weighted-average duration of the liability |  | 16 years |  | 16 years |  | 17 years |  | 42 years |  | 42 years |  | 42 years
Weighted-average interest accretion rate |  | 1.5 | % |  | 1.5 | % |  | 1.4 | % |  | 1.4 | % |  | 1.4 | % |  | 1.4 | %
Significant Methodologies and Assumptions The principal inputs used in the establishment of the additional insurance liability for the Asia segment’s variable life products include historical actual fees and benefits, in-force data, the locked-in discount rate, the stochastic fund return scenario assumption, and best estimate lapse and mortality assumptions. The stochastic fund return scenario assumption includes the long-term average return and volatility for each fund, and the correlation matrix for each fund. For newer products, the discount rate is determined based on the weighting and return of each fund. The principal inputs used in the establishment of the additional insurance liability for the Asia segment’s universal and variable universal life products include historical actual fees and benefits, in-force data, the locked-in discount rate, the stochastic fund return scenario assumption, and best estimate lapse and mortality assumptions. The stochastic fund return scenario assumption includes the foreign currency exchange long-term average trend, foreign currency exchange volatility, long-term U.S. swap and treasury yield, U.S. swap volatility and the correlation between foreign currency exchange and U.S. swap rates. The locked-in discount rate used for these products is based on the earned rate and foreign currency exchange rates at acquisition. MetLife Holdings The MetLife Holdings segment’s universal life and variable universal life products offer a contract feature where the Company guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding these additional insurance liabilities was as follows:
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | Universal and Variable Universal Life
|  | (Dollars in millions)
Balance, at January 1 |  | $ | 2,362 |  | $ | 2,156 |  | $ | 2,117
Less: AOCI adjustment |  | (14) |  | (63) |  | 67
Balance, at January 1, before AOCI adjustment |  | 2,376 |  | 2,219 |  | 2,050
Effect of changes in cash flow assumptions |  | (2) |  | 38 |  | 35
Effect of actual variances from expected experience |  | 53 |  | — |  | 39
Adjusted balance |  | 2,427 |  | 2,257 |  | 2,124
Assessments accrual |  | 104 |  | 105 |  | 103
Interest accrual |  | 132 |  | 124 |  | 116
Excess benefits paid |  | (150) |  | (110) |  | (124)
Balance, at December 31, before AOCI adjustment |  | 2,513 |  | 2,376 |  | 2,219
Add: AOCI adjustment |  | (17) |  | (14) |  | (63)
Balance, at December 31 |  | 2,496 |  | 2,362 |  | 2,156
Less: Reinsurance recoverables |  | 2,174 |  | 2,055 |  | 745
Balance, at December 31, net of reinsurance |  | $ | 322 |  | $ | 307 |  | $ | 1,411
Weighted-average duration of the liability |  | 15 years |  | 15 years |  | 16 years
Weighted-average interest accretion rate |  | 5.5 | % |  | 5.5 | % |  | 5.6 | %
Significant Methodologies and Assumptions Liabilities for ULSG and paid-up guarantees are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the life of the contract based on total expected assessments. The guaranteed benefits are estimated over a range of scenarios. The significant assumptions used in estimating the ULSG and paid-up guarantee liabilities are investment income, mortality, lapses, and premium payment pattern and persistency. In addition, projected earned rate and crediting rates are used to project the account values and excess death benefits and assessments. The discount rate is equal to the crediting rate for each annual cohort and is locked-in at inception. The Company’s gross premiums or assessments and interest expense recognized in the consolidated statements of operations for long-duration contracts, excluding MetLife Holdings’ participating life contracts, were as follows:
|  | Years Ended December 31,
|  | 2024 | 2023 |  | 2022
|  | 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 |  | $ | 8,084 |  |  | $ | 3,146 |  |  | $ | 6,660 |  |  | $ | 2,897 |  |  | $ | 12,748 |  |  | $ | 2,519 |
Asia: |  |  |  |  |  |  |  |  |  |  |  |
Whole and term life & endowments |  | 1,130 |  |  | 298 |  |  | 1,124 |  |  | 311 |  |  | 1,144 |  |  | 320 |
Accident & health |  | 3,066 |  |  | 247 |  |  | 3,364 |  |  | 249 |  |  | 3,602 |  |  | 248 |
Latin America - Fixed annuities |  | 1,041 |  |  | 318 |  |  | 1,074 |  |  | 312 |  |  | 712 |  |  | 289 |
MetLife Holdings - Long-term care |  | 724 |  |  | 804 |  |  | 731 |  |  | 776 |  |  | 734 |  |  | 745 |
Deferred Profit Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
RIS - Annuities |  | N/A |  | 178 |  |  | N/A |  | 167 |  |  | N/A |  | 154 |
Asia: |  |  |  |  |  |  |  |  |  |  |  |
Whole and term life & endowments |  | N/A |  | 36 |  |  | N/A |  | 31 |  |  | N/A |  | 26 |
Accident & health |  | N/A |  | 20 |  |  | N/A |  | 18 |  |  | N/A |  | 16 |
Latin America - Fixed annuities |  | N/A |  | 20 |  |  | N/A |  | 22 |  |  | N/A |  | 19 |
Additional Insurance Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Asia: |  |  |  |  |  |  |  |  |  |  |  |
Variable life |  | 117 |  |  | 17 |  |  | 89 |  |  | 19 |  |  | 58 |  |  | 21 |
Universal and variable universal life |  | (35) |  |  | 6 |  |  | (31) |  |  | 7 |  |  | (26) |  |  | 7 |
MetLife Holdings - Universal and variable universal life |  | 642 |  |  | 132 |  |  | 730 |  |  | 124 |  |  | 805 |  |  | 116 |
Other long-duration |  | 4,717 |  |  | 473 |  |  | 4,516 |  |  | 460 |  |  | 3,701 |  |  | 450 |
Total |  | $ | 19,486 |  |  | $ | 5,695 |  |  | $ | 18,257 |  |  | $ | 5,393 |  |  | $ | 23,478 |  |  | $ | 4,930 |
__________________ (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. Participating Business Participating business represented 2% of the Company’s life insurance in-force at both December 31, 2024 and 2023. Participating policies represented 9%, 10% and 11% of gross traditional life insurance premiums for the years ended December 31, 2024, 2023 and 2022, respectively. Liabilities for Unpaid Claims and Claim Expenses The following is information about incurred and paid claims development by segment at December 31, 2024. Such amounts are presented net of reinsurance, and are not discounted. The tables present claims development and cumulative claim payments by incurral year. The development tables are only presented for significant short-duration product liabilities within each segment. In order to eliminate potential fluctuations related to foreign exchange rates, liabilities and payments denominated in a foreign currency have been translated using the 2024 year-end spot rates for all periods presented. The information about incurred and paid claims development prior to 2024 is presented as supplementary information. Group Benefits Group Life - Term
|  | Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance |  | At December 31, 2024
|  | Years Ended December 31, |  | Total IBNR Liabilities Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | (Unaudited) |  |  |  |
Incurral Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  |
|  | (Dollars in millions)
2015 |  | $ | 7,040 |  |  | $ | 7,015 |  |  | $ | 7,014 |  |  | $ | 7,021 |  |  | $ | 7,024 |  |  | $ | 7,025 |  |  | $ | 7,026 |  |  | $ | 7,026 |  |  | $ | 7,028 |  |  | $ | 7,030 |  |  | $ | 1 |  |  | 219,340 |
2016 |  |  |  | 7,125 |  |  | 7,085 |  |  | 7,095 |  |  | 7,104 |  |  | 7,105 |  |  | 7,104 |  |  | 7,107 |  |  | 7,109 |  |  | 7,110 |  |  | 1 |  |  | 221,405 |
2017 |  |  |  |  |  | 7,432 |  |  | 7,418 |  |  | 7,425 |  |  | 7,427 |  |  | 7,428 |  |  | 7,428 |  |  | 7,432 |  |  | 7,434 |  |  | 2 |  |  | 264,746 |
2018 |  |  |  |  |  |  |  | 7,757 |  |  | 7,655 |  |  | 7,646 |  |  | 7,650 |  |  | 7,651 |  |  | 7,652 |  |  | 7,659 |  |  | 3 |  |  | 253,393 |
2019 |  |  |  |  |  |  |  |  |  | 7,935 |  |  | 7,900 |  |  | 7,907 |  |  | 7,917 |  |  | 7,914 |  |  | 7,921 |  |  | 4 |  |  | 255,494 |
2020 |  |  |  |  |  |  |  |  |  |  |  | 8,913 |  |  | 9,367 |  |  | 9,389 |  |  | 9,384 |  |  | 9,388 |  |  | 6 |  |  | 302,292 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,555 |  |  | 10,795 |  |  | 10,777 |  |  | 10,783 |  |  | 10 |  |  | 335,468 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,640 |  |  | 9,653 |  |  | 9,662 |  |  | 21 |  |  | 335,417 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,584 |  |  | 9,471 |  |  | 43 |  |  | 314,144 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,909 |  |  | 1,226 |  |  | 264,726 |
Total |  | 86,367 |  |  |  |  |
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | (83,214) |  |  |  |  |
All outstanding liabilities for incurral years prior to 2015, net of reinsurance |  | 6 |  |  |  |  |
Total unpaid claims and claim adjustment expenses, net of reinsurance |  | $ | 3,159 |  |  |  |  |
|  | Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
|  | Years Ended December 31,
|  | (Unaudited) |  |
Incurral Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024
|  | (In millions)
2015 |  | $ | 5,524 |  | $ | 6,913 |  | $ | 6,958 |  | $ | 6,974 |  | $ | 7,008 |  |  | $ | 7,018 |  |  | $ | 7,022 |  |  | $ | 7,024 |  |  | $ | 7,027 |  |  | $ | 7,029 |
2016 |  |  |  | 5,582 |  | 6,980 |  | 7,034 |  | 7,053 |  |  | 7,086 |  |  | 7,096 |  |  | 7,100 |  |  | 7,106 |  |  | 7,109 |
2017 |  |  |  |  |  | 5,761 |  | 7,292 |  | 7,355 |  |  | 7,374 |  |  | 7,400 |  |  | 7,414 |  |  | 7,427 |  |  | 7,431 |
2018 |  |  |  |  |  |  |  | 6,008 |  | 7,521 |  |  | 7,578 |  |  | 7,595 |  |  | 7,629 |  |  | 7,646 |  |  | 7,652 |
2019 |  |  |  |  |  |  |  |  |  | 6,178 |  |  | 7,756 |  |  | 7,820 |  |  | 7,853 |  |  | 7,898 |  |  | 7,908 |
2020 |  |  |  |  |  |  |  |  |  |  |  | 6,862 |  |  | 9,103 |  |  | 9,242 |  |  | 9,296 |  |  | 9,353 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,008 |  |  | 10,476 |  |  | 10,640 |  |  | 10,689 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,101 |  |  | 9,399 |  |  | 9,536 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,929 |  |  | 9,225 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,282 |
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | $ | 83,214 |
Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2024:
|  | 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 |  | 75.9% |  | 21.6% |  | 1.0% |  | 0.3% |  | 0.5% |  | 0.2% |  | 0.1% |  | 0.1% |  | —% |  | —%
Group Long-term Disability
|  | Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance |  | At December 31, 2024
|  | Years Ended December 31, |  | Total IBNR Liabilities Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | (Unaudited) |  |  |  |
Incurral Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  |
|  | (Dollars in millions)
2015 |  | $ | 1,082 |  |  | $ | 1,105 |  |  | $ | 1,093 |  |  | $ | 1,100 |  |  | $ | 1,087 |  |  | $ | 1,081 |  |  | $ | 1,067 |  |  | $ | 1,086 |  |  | $ | 1,078 |  |  | $ | 1,069 |  |  | $ | — |  |  | 21,220 |
2016 |  |  |  | 1,131 |  |  | 1,139 |  |  | 1,159 |  |  | 1,162 |  |  | 1,139 |  |  | 1,124 |  |  | 1,123 |  |  | 1,086 |  |  | 1,108 |  |  | — |  |  | 17,974 |
2017 |  |  |  |  |  | 1,244 |  |  | 1,202 |  |  | 1,203 |  |  | 1,195 |  |  | 1,165 |  |  | 1,181 |  |  | 1,101 |  |  | 1,135 |  |  | — |  |  | 16,329 |
2018 |  |  |  |  |  |  |  | 1,240 |  |  | 1,175 |  |  | 1,163 |  |  | 1,147 |  |  | 1,170 |  |  | 1,102 |  |  | 1,150 |  |  | — |  |  | 15,216 |
2019 |  |  |  |  |  |  |  |  |  | 1,277 |  |  | 1,212 |  |  | 1,169 |  |  | 1,177 |  |  | 1,103 |  |  | 1,166 |  |  | — |  |  | 15,426 |
2020 |  |  |  |  |  |  |  |  |  |  |  | 1,253 |  |  | 1,223 |  |  | 1,155 |  |  | 1,100 |  |  | 1,158 |  |  | — |  |  | 15,813 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,552 |  |  | 1,608 |  |  | 1,477 |  |  | 1,586 |  |  | — |  |  | 19,663 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,641 |  |  | 1,732 |  |  | 1,578 |  |  | 7 |  |  | 18,364 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,725 |  |  | 1,722 |  |  | 41 |  |  | 20,089 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,890 |  |  | 840 |  |  | 12,419 |
Total |  | 13,562 |  |  |  |  |
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | (6,981) |  |  |  |  |
All outstanding liabilities for incurral years prior to 2015, net of reinsurance |  | 1,468 |  |  |  |  |
Total unpaid claims and claim adjustment expenses, net of reinsurance |  | $ | 8,049 |  |  |  |  |
|  | Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
|  | Years Ended December 31,
|  | (Unaudited) |  |
Incurral Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024
|  | (In millions)
2015 |  | $ | 50 |  |  | $ | 264 |  |  | $ | 427 |  |  | $ | 524 |  |  | $ | 601 |  |  | $ | 665 |  |  | $ | 718 |  |  | $ | 764 |  |  | $ | 801 |  |  | $ | 844 |
2016 |  |  |  | 49 |  |  | 267 |  |  | 433 |  |  | 548 |  |  | 628 |  |  | 696 |  |  | 750 |  |  | 769 |  |  | 839 |
2017 |  |  |  |  |  | 56 |  |  | 290 |  |  | 476 |  |  | 579 |  |  | 655 |  |  | 719 |  |  | 718 |  |  | 812 |
2018 |  |  |  |  |  |  |  | 54 |  |  | 314 |  |  | 497 |  |  | 594 |  |  | 666 |  |  | 663 |  |  | 775 |
2019 |  |  |  |  |  |  |  |  |  | 57 |  |  | 342 |  |  | 522 |  |  | 620 |  |  | 621 |  |  | 764 |
2020 |  |  |  |  |  |  |  |  |  |  |  | 59 |  |  | 355 |  |  | 535 |  |  | 560 |  |  | 706 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | 95 |  |  | 505 |  |  | 620 |  |  | 902 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 76 |  |  | 609 |  |  | 721 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 84 |  |  | 520 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 98 |
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | $ | 6,981 |
Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2024:
|  | 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% |  | 24.2% |  | 13.5% |  | 9.3% |  | 6.7% |  | 6.0% |  | 4.9% |  | 4.8% |  | 4.9% |  | 4.0%
Significant Methodologies and Assumptions Group Life - Term and Group Long-term Disability incurred but not paid (“IBNP”) liabilities are developed using a combination of loss ratio and development methods. Claims in the course of settlement are then subtracted from the IBNP liabilities, resulting in the IBNR liabilities. The loss ratio method is used in the period in which the claims are neither sufficient nor credible. In developing the loss ratios, any material rate increases that could change the underlying premium without affecting the estimated incurred losses are taken into account. For periods where sufficient and credible claim data exists, the development method is used based on the claim triangles which categorize claims according to both the period in which they were incurred and the period in which they were paid, adjudicated or reported. The end result is a triangle of known data that is used to develop known completion ratios and factors. Claims paid are then subtracted from the estimated ultimate incurred claims to calculate the IBNP liability. An expense liability is held for the future expenses associated with the payment of incurred but not yet paid claims (IBNR and pending). This is expressed as a percentage of the underlying claims liability and is based on past experience and the anticipated future expense structure. For Group Life - Term, first year incurred claims and allocated loss adjustment expenses increased in 2024 compared to the 2023 incurral year due to the growth in the size of the business. For Group Long-term Disability, first year incurred claims and allocated loss adjustment expenses increased in 2024 compared to 2023 incurral year due to the growth in the size of the business. The assumptions used in calculating the unpaid claims and claim adjustment expenses for Group Life - Term and Group Long-term Disability are updated annually to reflect emerging trends in claim experience. Certain of the Group Life - Term customers have experience-rated contracts, whereby the group sponsor participates in the favorable and/or adverse claim experience, including favorable and/or adverse prior year development. Claim experience adjustments on these contracts are not reflected in the foregoing incurred and paid claim development tables, but are instead reflected as an increase (adverse experience) or decrease (favorable experience) to premiums on the consolidated statements of operations. Liabilities for Group Life - Term unpaid claims and claim adjustment expenses are not discounted. The liabilities for Group Long-term Disability unpaid claims and claim adjustment expenses were $6.8 billion and $6.7 billion at December 31, 2024 and 2023, respectively. Using interest rates ranging from 3% to 8%, based on the incurral year, the total discount applied to these liabilities was $1.5 billion and $1.3 billion at December 31, 2024 and 2023, respectively. The amount of interest accretion recognized was $464 million, $516 million and $461 million for the years ended December 31, 2024, 2023 and 2022, respectively. These amounts were reflected in policyholder benefits and claims. For Group Life - Term, claims were based upon individual death claims. For Group Long-term Disability, claim frequency was determined by the number of reported claims as identified by a unique claim number assigned to individual claimants. Claim counts initially include claims that do not ultimately result in a liability. These claims are omitted from the claim counts once it is determined that there is no liability. The incurred and paid claims disclosed for the Group Life - Term product includes activity related to the product’s continued protection feature; however, the associated actuarial reserve for future benefit obligations under this feature is excluded from the liability for unpaid claims. The Group Long-term Disability IBNR, included in the development tables above, was developed using discounted cash flows, and is presented on a discounted basis. Asia Group Disability & Group Life
|  | Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance |  | At December 31, 2024
|  | Years Ended December 31, |  | Total IBNR Liabilities Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | (Unaudited) |  |  |  |
Incurral Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  |
|  | (Dollars in millions)
2015 |  | $ | 222 |  |  | $ | 212 |  |  | $ | 214 |  |  | $ | 209 |  |  | $ | 219 |  |  | $ | 220 |  |  | $ | 223 |  |  | $ | 220 |  |  | $ | 222 |  |  | $ | 220 |  |  | $ | 6 |  |  | 6,943 |
2016 |  |  |  | 185 |  |  | 188 |  |  | 178 |  |  | 189 |  |  | 191 |  |  | 196 |  |  | 198 |  |  | 197 |  |  | 190 |  |  | 10 |  |  | 4,857 |
2017 |  |  |  |  |  | 240 |  |  | 223 |  |  | 230 |  |  | 246 |  |  | 253 |  |  | 248 |  |  | 250 |  |  | 238 |  |  | 15 |  |  | 5,847 |
2018 |  |  |  |  |  |  |  | 293 |  |  | 267 |  |  | 279 |  |  | 288 |  |  | 282 |  |  | 289 |  |  | 273 |  |  | 30 |  |  | 6,297 |
2019 |  |  |  |  |  |  |  |  |  | 316 |  |  | 296 |  |  | 310 |  |  | 306 |  |  | 314 |  |  | 295 |  |  | 37 |  |  | 6,461 |
2020 |  |  |  |  |  |  |  |  |  |  |  | 352 |  |  | 327 |  |  | 302 |  |  | 309 |  |  | 280 |  |  | 61 |  |  | 5,728 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | 335 |  |  | 349 |  |  | 366 |  |  | 346 |  |  | 97 |  |  | 7,130 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 445 |  |  | 412 |  |  | 376 |  |  | 110 |  |  | 8,144 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 411 |  |  | 344 |  |  | 175 |  |  | 6,690 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 463 |  |  | 382 |  |  | 4,295 |
Total |  | 3,025 |  |  |  |  |
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | (2,101) |  |  |  |  |
All outstanding liabilities for incurral years prior to 2015, net of reinsurance |  | 14 |  |  |  |  |
Total unpaid claims and claim adjustment expenses, net of reinsurance |  | $ | 938 |  |  |  |  |
|  | Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
|  | Years Ended December 31,
|  | (Unaudited) |  |
Incurral Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024
|  | (In millions)
2015 |  | $ | 64 |  |  | $ | 122 |  |  | $ | 152 |  |  | $ | 165 |  |  | $ | 186 |  |  | $ | 199 |  |  | $ | 205 |  |  | $ | 209 |  |  | $ | 212 |  |  | $ | 215 |
2016 |  |  |  | 52 |  |  | 107 |  |  | 122 |  |  | 152 |  |  | 165 |  |  | 173 |  |  | 180 |  |  | 185 |  |  | 180 |
2017 |  |  |  |  |  | 70 |  |  | 126 |  |  | 167 |  |  | 205 |  |  | 219 |  |  | 221 |  |  | 230 |  |  | 223 |
2018 |  |  |  |  |  |  |  | 77 |  |  | 141 |  |  | 190 |  |  | 222 |  |  | 230 |  |  | 250 |  |  | 243 |
2019 |  |  |  |  |  |  |  |  |  | 85 |  |  | 156 |  |  | 202 |  |  | 234 |  |  | 262 |  |  | 257 |
2020 |  |  |  |  |  |  |  |  |  |  |  | 78 |  |  | 140 |  |  | 186 |  |  | 215 |  |  | 219 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | 70 |  |  | 156 |  |  | 226 |  |  | 249 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 81 |  |  | 204 |  |  | 266 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 86 |  |  | 168 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 81 |
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | $ | 2,101 |
Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2024:
|  | Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years |  | 1 |  | 2 |  | 3 |  | 4 |  | 5 |  | 6 |  | 7 |  | 8 |  | 9 |  | 10
Group Disability & Group Life |  | 25.5% |  | 25.5% |  | 15.7% |  | 11.0% |  | 6.0% |  | 3.3% |  | 1.9% |  | 0.5% |  | (0.6)% |  | 1.4%
Significant Methodologies and Assumptions For Group Life, the IBNR liability is determined by using the Bornhuetter-Ferguson Method, with factors derived by examining the experience of historical claims. A pending liability is also calculated for claims that have been reported but have not been paid. A claim eligibility ratio based on past experience is applied to the face amount of individual claims. For Group Disability, the IBNR liability is calculated by applying a percentage to premiums in-force based on the expected delay as evidenced by the experience in the portfolio. The IBNR liability is then allocated back into different incurral years based on historical run-off patterns. As the benefit for this class of business is a regular series of payments, an additional reserve is required for the liability for ongoing benefit payments - claims in course of payment (“CICP”). The assumptions employed in the calculation of the CICP are adjusted for the Company’s own experience. An expense liability is held for the future expenses associated with the payment of incurred but not yet paid claims. This is expressed as a percentage of the underlying claims liability and is based on past experience and the future expense structure. The assumptions used in calculating the unpaid claims and claim adjustment expenses for Group Disability and Group Life are updated annually to reflect emerging trends in claim experience. No additional premiums or return premiums have been accrued as a result of the prior year development. The liabilities for unpaid claims and claim adjustment expenses were $1.2 billion and $1.3 billion at December 31, 2024 and 2023, respectively. These amounts were discounted using interest rates ranging from 1% to 7%, based on the incurral year. The total discount applied to these liabilities was $166 million and $163 million at December 31, 2024 and 2023, respectively. The amount of interest accretion recognized was $44 million, $37 million and $22 million for the years ended December 31, 2024, 2023 and 2022, respectively. These amounts were reflected in policyholder benefits and claims. The Company tracks claim frequency by the number of reported claims as identified by a unique claim number assigned to individual claimants. Claim counts include claims that do not ultimately result in a liability. A liability is only established for those claims that are expected to result in a liability, based on historical factors. Latin America Protection Life
|  | Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance |  | At December 31, 2024
|  | Years Ended December 31, |  | Total IBNR Liabilities Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | (Unaudited) |  |  |
Incurral Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |
|  | (Dollars in millions)
2015 |  | $ | 277 |  |  | $ | 399 |  |  | $ | 371 |  |  | $ | 375 |  |  | $ | 375 |  |  | $ | 376 |  |  | $ | 371 |  |  | $ | 362 |  |  | $ | 362 |  |  | $ | 361 |  |  | $ | — |  |  | 38,843 |
2016 |  |  |  | 293 |  |  | 385 |  |  | 396 |  |  | 402 |  |  | 403 |  |  | 404 |  |  | 395 |  |  | 394 |  |  | 399 |  |  | — |  |  | 40,548 |
2017 |  |  |  |  |  | 302 |  |  | 294 |  |  | 294 |  |  | 293 |  |  | 293 |  |  | 285 |  |  | 285 |  |  | 287 |  |  | — |  |  | 30,762 |
2018 |  |  |  |  |  |  |  | 280 |  |  | 271 |  |  | 269 |  |  | 271 |  |  | 270 |  |  | 269 |  |  | 272 |  |  | — |  |  | 28,549 |
2019 |  |  |  |  |  |  |  |  |  | 303 |  |  | 276 |  |  | 279 |  |  | 277 |  |  | 278 |  |  | 277 |  |  | — |  |  | 31,620 |
2020 |  |  |  |  |  |  |  |  |  |  |  | 459 |  |  | 459 |  |  | 464 |  |  | 467 |  |  | 465 |  |  | 2 |  |  | 43,289 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | 580 |  |  | 505 |  |  | 505 |  |  | 502 |  |  | 5 |  |  | 51,427 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 400 |  |  | 378 |  |  | 374 |  |  | 7 |  |  | 42,230 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 389 |  |  | 360 |  |  | 21 |  |  | 39,931 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 449 |  |  | 177 |  |  | 41,577 |
Total |  | 3,746 |  |  |  |  |
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | (3,366) |  |  |  |  |
All outstanding liabilities for incurral years prior to 2015, net of reinsurance |  | 6 |  |  |  |  |
Total unpaid claims and claim adjustment expenses, net of reinsurance |  | $ | 386 |  |  |  |  |
|  | Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
|  | Years Ended December 31,
|  | (Unaudited) |  |
Incurral Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024
|  | (In millions)
2015 |  | $ | 225 |  |  | $ | 319 |  |  | $ | 339 |  |  | $ | 345 |  |  | $ | 351 |  |  | $ | 353 |  |  | $ | 354 |  |  | $ | 346 |  |  | $ | 347 |  |  | $ | 348 |
2016 |  |  |  | 208 |  |  | 373 |  |  | 390 |  |  | 397 |  |  | 400 |  |  | 402 |  |  | 396 |  |  | 397 |  |  | 397 |
2017 |  |  |  |  |  | 179 |  |  | 268 |  |  | 283 |  |  | 286 |  |  | 289 |  |  | 282 |  |  | 283 |  |  | 285 |
2018 |  |  |  |  |  |  |  | 141 |  |  | 240 |  |  | 251 |  |  | 255 |  |  | 252 |  |  | 254 |  |  | 255 |
2019 |  |  |  |  |  |  |  |  |  | 157 |  |  | 239 |  |  | 257 |  |  | 255 |  |  | 258 |  |  | 259 |
2020 |  |  |  |  |  |  |  |  |  |  |  | 198 |  |  | 397 |  |  | 408 |  |  | 415 |  |  | 418 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | 299 |  |  | 418 |  |  | 435 |  |  | 466 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 247 |  |  | 331 |  |  | 351 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 254 |  |  | 348 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 239 |
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | $ | 3,366 |
Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2024:
|  | 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 |  | 57.7% |  | 31.1% |  | 4.6% |  | 1.8% |  | 0.7% |  | (0.1)% |  | (0.1)% |  | (0.4)% |  | 0.1% |  | 0.3%
Protection Health
|  | Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance |  | At December 31, 2024
|  | Years Ended December 31, |  | Total IBNR Liabilities Plus Expected Development on Reported Claims |  | Cumulative Number of Reported Claims
|  | (Unaudited) |  |  |
Incurral Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |
|  | (Dollars in millions)
2015 |  | $ | 190 |  |  | $ | 216 |  |  | $ | 217 |  |  | $ | 216 |  |  | $ | 216 |  |  | $ | 216 |  |  | $ | 216 |  |  | $ | 217 |  |  | $ | 217 |  |  | $ | 216 |  |  | $ | — |  |  | 87,903 |
2016 |  |  |  | 249 |  |  | 287 |  |  | 284 |  |  | 284 |  |  | 284 |  |  | 284 |  |  | 285 |  |  | 285 |  |  | 286 |  |  | — |  |  | 107,119 |
2017 |  |  |  |  |  | 360 |  |  | 336 |  |  | 336 |  |  | 336 |  |  | 335 |  |  | 336 |  |  | 336 |  |  | 337 |  |  | — |  |  | 122,264 |
2018 |  |  |  |  |  |  |  | 386 |  |  | 406 |  |  | 385 |  |  | 383 |  |  | 383 |  |  | 383 |  |  | 384 |  |  | — |  |  | 145,387 |
2019 |  |  |  |  |  |  |  |  |  | 129 |  |  | 168 |  |  | 162 |  |  | 161 |  |  | 162 |  |  | 163 |  |  | — |  |  | 133,704 |
2020 |  |  |  |  |  |  |  |  |  |  |  | 466 |  |  | 458 |  |  | 456 |  |  | 455 |  |  | 456 |  |  | 1 |  |  | 151,310 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | 598 |  |  | 600 |  |  | 597 |  |  | 599 |  |  | 4 |  |  | 173,394 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 652 |  |  | 643 |  |  | 645 |  |  | 9 |  |  | 202,198 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 823 |  |  | 813 |  |  | 19 |  |  | 216,489 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 926 |  |  | 81 |  |  | 165,589 |
Total |  | 4,825 |  |  |  |  |
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | (4,641) |  |  |  |  |
All outstanding liabilities for incurral years prior to 2015, net of reinsurance |  | 3 |  |  |  |  |
Total unpaid claims and claim adjustment expenses, net of reinsurance |  | $ | 187 |  |  |  |  |
|  | Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
|  | Years Ended December 31,
|  | (Unaudited)
Incurral Year |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024
|  | (In millions)
2015 |  | $ | 190 |  |  | $ | 216 |  |  | $ | 215 |  |  | $ | 215 |  |  | $ | 216 |  |  | $ | 216 |  |  | $ | 216 |  |  | $ | 217 |  |  | $ | 217 |  |  | $ | 217 |
2016 |  |  |  | 234 |  |  | 280 |  |  | 283 |  |  | 283 |  |  | 284 |  |  | 284 |  |  | 284 |  |  | 285 |  |  | 285 |
2017 |  |  |  |  |  | 294 |  |  | 332 |  |  | 333 |  |  | 334 |  |  | 335 |  |  | 336 |  |  | 336 |  |  | 337 |
2018 |  |  |  |  |  |  |  | 330 |  |  | 376 |  |  | 379 |  |  | 380 |  |  | 381 |  |  | 382 |  |  | 382 |
2019 |  |  |  |  |  |  |  |  |  | 108 |  |  | 152 |  |  | 156 |  |  | 158 |  |  | 160 |  |  | 161 |
2020 |  |  |  |  |  |  |  |  |  |  |  | 394 |  |  | 445 |  |  | 449 |  |  | 452 |  |  | 454 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  | 528 |  |  | 585 |  |  | 589 |  |  | 593 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 552 |  |  | 628 |  |  | 636 |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 699 |  |  | 791 |
2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 785 |
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance |  | $ | 4,641 |
Average Annual Percentage Payout The following is supplementary information about average historical claims duration at December 31, 2024:
|  | 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 |  | 84.0% |  | 13.6% |  | 0.9% |  | 0.4% |  | 0.5% |  | 0.2% |  | —% |  | 0.4% |  | —% |  | —%
Significant Methodologies and Assumptions The Latin America segment establishes liabilities for unpaid losses, which are equal to the accumulation of unpaid reported claims, plus an estimate for claims IBNR. In general terms, for both the Protection Life and Protection Health products, the methodology for IBNR is the Bornhuetter-Ferguson Method, with factors derived by examining the experience of historical claims. In the more recent incurral months, the credibility is higher on expected loss ratios and lower on claims calculated using the experience-derived factors. The credibility grows for the factors as incurral months become older. For Protection Health products, claim duration can be very long due to the multiple incidences that may occur over time for a single claim. Depending on the characteristics of the product, the number of claims reported per year may or may not be based on the original claim occurrence date for each individual claim. For Protection Life products, claims are based upon individual death claims. The assumptions used in calculating the unpaid claims and claim adjustment expenses for Protection Life and Protection Health are updated annually to reflect emerging trends in claim experience. Certain of the Protection Life customers have experience-rated contracts, whereby the group sponsor participates in the favorable and/or adverse claim experience, including favorable and/or adverse prior year development. Claim experience adjustments on these contracts are not reflected in the foregoing incurred and paid claim development tables, but are instead reflected as an increase (adverse experience) or decrease (favorable experience) to premiums on the consolidated statements of operations. Liabilities for unpaid claims and claim adjustment expenses were not discounted. For Protection Life and Protection Health products, claim counts initially include claims that do not ultimately result in a liability. These claims are omitted from the claim counts once it is determined that there is no liability. Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Liability for Unpaid Claims and Claim Adjustment Expenses The reconciliation of the net incurred and paid claims development tables to the liability for unpaid claims and claims adjustment expenses on the consolidated balance sheet was as follows at:
|  | December 31, 2024
|  | (In millions)
Short-Duration: |  |  |
Unpaid claims and allocated claims adjustment expenses, net of reinsurance: |  |  |
Group Benefits: |  |  |
Group Life - Term |  | $ | 3,159 |  |
Group Long-term Disability |  | 8,049 |  |
Total |  |  | $ | 11,208 |
Asia - Group Disability & Group Life |  |  | 938 |
Latin America: |  |  |
Protection Life |  | 386 |  |
Protection Health |  | 187 |  |
Total |  |  | 573 |
Other insurance lines - all segments combined |  |  | 1,697 |
Total unpaid claims and allocated claims adjustment expenses, net of reinsurance |  |  | 14,416 |
Reinsurance recoverables on unpaid claims: |  |  |
Group Benefits: |  |  |
Group Life - Term |  | 10 |  |
Group Long-term Disability |  | 297 |  |
Total |  |  | 307 |
Asia - Group Disability & Group Life |  |  | 428 |
Latin America: |  |  |
Protection Life |  | 11 |  |
Protection Health |  | 17 |  |
Total |  |  | 28 |
Other insurance lines - all segments combined |  |  | 276 |
Total reinsurance recoverable on unpaid claims |  |  | 1,039 |
Total unpaid claims and allocated claims adjustment expense |  |  | 15,455 |
Unallocated claims adjustment expenses |  |  | — |
Discounting |  |  | (1,672) |
Liability for unpaid claims and claim adjustment liabilities - short-duration |  |  | 13,783 |
Liability for unpaid claims and claim adjustment liabilities - all long-duration lines |  |  | 2,335 |
Total liability for unpaid claims and claim adjustment expense (includes $7.9 billion of FPBs and $8.2 billion of other policy-related balances) |  |  | $ | 16,118 |
Rollforward of Claims and Claim Adjustment Expenses Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (In millions)
Balance at January 1, |  | $ | 16,468 |  |  | $ | 16,098 |  |  | $ | 15,598 |
Less: Reinsurance recoverables |  | 2,592 |  |  | 2,452 |  |  | 2,629 |
Net balance at January 1, |  | 13,876 |  |  | 13,646 |  |  | 12,969 |
Incurred related to: |  |  |  |  |  |
Current year |  | 26,626 |  |  | 27,080 |  |  | 26,505 |
Prior years (1) |  | 57 |  |  | 374 |  |  | 668 |
Total incurred |  | 26,683 |  |  | 27,454 |  |  | 27,173 |
Paid related to: |  |  |  |  |  |
Current year |  | (20,607) |  |  | (20,220) |  |  | (19,917) |
Prior years |  | (6,624) |  |  | (7,004) |  |  | (6,579) |
Total paid |  | (27,231) |  |  | (27,224) |  |  | (26,496) |
Net balance at December 31, |  | 13,328 |  |  | 13,876 |  |  | 13,646 |
Add: Reinsurance recoverables |  | 2,790 |  |  | 2,592 |  |  | 2,452 |
Balance at December 31, |  | $ | 16,118 |  |  | $ | 16,468 |  |  | $ | 16,098 |
__________________ (1)For the years ended December 31, 2024 and 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 year ended December 31, 2022, incurred claims and claim adjustment expenses include expenses associated with prior years but reported in 2022 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.

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