Reserve for Future Policy Benefits (Tables)

12 Months Ended

Dec. 31, 2023


Rollforward of Reserve for Future Policy Benefits
	For the year ended December 31,
	2023						2022						2021
	Payout Annuities		Life Conversions		Paid-up Life		Payout Annuities		Life Conversions		Paid-up Life		Payout Annuities		Life Conversions		Paid-up Life
Present Value of Expected Net Premiums
Balance, beginning of the period			$	47					$	58					$	52
Balance, ending of the period			$	49					$	47					$	58

Present Value of Expected Future Policy Benefits
Beginning balance at single-A rate	$	140	$	112	$	192	$	188	$	152	$	262	$	206	$	167	$	293
Beginning adjustment for changes in single-A rate	4		(14)		(39)		47		19		14		59		26		29
Beginning balance at original discount rate	136		126		231		141		133		248		147		141		264
Effect of changes in cash flow assumptions	(2)		—		—		—		—		—		—		—		—
Effect of actual variances from expected experience	1		7		(1)		—		5		—		—		11		(1)
Adjusted beginning balance	135		133		230		141		138		248		147		152		263
Interest accrual and other	7		20		8		8		17		7		7		19		7
Benefit Payments	(12)		(29)		(21)		(13)		(29)		(24)		(13)		(38)		(22)
Ending balance at original discount rate	130		124		217		136		126		231		141		133		248
Ending adjustment for changes in single-A rate	7		(11)		(32)		4		(14)		(39)		47		19		14
Ending balance at single-A rate	$	137	$	113	$	185	$	140	$	112	$	192	$	188	$	152	$	262

Net reserve for future policy benefits	$	137	$	64	$	185	$	140	$	65	$	192	$	188	$	94	$	262
Weighted-average duration of the reserve for future policy benefits (years)	9.0		12.2		6.4		9.2		11.4		6.4		9.2		15.5		8.2


Net Reserve for Future Policy Benefits
	As of December 31,
	2023		2022		2021
Payout Annuities	$	137	$	140	$	188
Life Conversions	64		65		94
Paid-up Life	185		192		262
Deferred Profit Liability	20		19		20
Other	78		86		82
Total	$	484	$	502	$	646


Undiscounted Expected Future Gross Premiums and Benefit Payments
	As of December 31,
	2023		2022		2021
Payout Annuities [1]
Expected future benefit payments	$	257	$	272	$	283
Life Conversions
Expected future gross premiums	$	114	$	120	$	131
Expected future benefit payments	$	204	$	212	$	225
Paid-up Life [1]
Expected future benefit payments	$	281	$	300	$	324

[1]Payout Annuities and Paid-up Life have no expected future gross premiums.


Weighted-Average Interest Rates
	For the year ended December 31,
	2023		2022		2021
Payout Annuities
Interest accretion rate	5.6	%	5.6	%	5.6	%
Current discount rate	5.0	%	5.3	%	2.8	%
Life Conversions
Interest accretion rate	4.2	%	4.1	%	4.1	%
Current discount rate	5.1	%	5.3	%	2.9	%
Paid-up Life
Interest accretion rate	2.9	%	2.9	%	2.9	%
Current discount rate	5.0	%	5.2	%	2.1	%