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Life Policy And Investment Contract Reserves (Tables) | 12 Months Ended
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Dec. 31, 2023
Liability for Future Policy Benefit, before Reinsurance [Abstract] |
Reserves for Loss and Loss Adjustment Expenses | The following table summarizes our life policy and investment contract reserves and provides a reconciliation of the balances described in the below tables to those in the consolidated balance sheets:
(Dollars in millions) |  | At December 31,
|  | 2023 |  | 2022
Life policy reserves: |  |  |  |
Term |  | $ | 1,066 |  |  | $ | 961 |
Whole life |  | 434 |  |  | 408 |
Other |  | 97 |  |  | 94 |
Subtotal |  | 1,597 |  |  | 1,463 |
Investment contract reserves: |  |  |  |
Deferred annuities |  | 656 |  |  | 734 |
Universal life |  | 585 |  |  | 578 |
Structured settlements |  | 123 |  |  | 129 |
Other |  | 107 |  |  | 111 |
Subtotal |  | 1,471 |  |  | 1,552 |
Total life policy and investment contract reserves |  | $ | 3,068 |  |  | $ | 3,015 |
Adopted Accounting Updates | The following table illustrates the effect of adopting ASU 2018-12 in the consolidated balance sheets:
(Dollars in millions) | December 31, 2023 |  | December 31, 2022
|  |  | As originally reported | As adjusted | Difference
Reinsurance recoverable | $ | 651 |  |  | $ | 640 |  | $ | 665 |  | $ | 25 |
Prepaid reinsurance premiums | 55 |  |  | 79 |  | 51 |  | (28) |
Deferred policy acquisition costs | 1,093 |  |  | 1,014 |  | 1,013 |  | (1) |
Total assets | 32,769 |  |  | 29,736 |  | 29,732 |  | (4) |
Life policy and investment contract reserves | 3,068 |  |  | 3,059 |  | 3,015 |  | (44) |
Deferred income tax | 1,324 |  |  | 1,045 |  | 1,054 |  | 9 |
Total liabilities | 20,671 |  |  | 19,205 |  | 19,170 |  | (35) |
Retained earnings | 13,084 |  |  | 11,702 |  | 11,711 |  | 9 |
Accumulated other comprehensive income | (435) |  |  | (636) |  | (614) |  | 22 |
Total shareholders' equity | 12,098 |  |  | 10,531 |  | 10,562 |  | 31 |
Total liabilities and shareholders' equity | 32,769 |  |  | 29,736 |  | 29,732 |  | (4) |
The following table illustrates the effect of adopting ASU 2018-12 in the consolidated statements of income and consolidated statements of comprehensive income:
(Dollars in millions, except per share data) | Years ended December 31,
| 2023 |  | 2022 | 2021 |  |
|  |  | As originally reported | As adjusted | Difference | As originally reported | As adjusted | Difference |  |  |  |
Earned premiums | $ | 7,958 |  |  | $ | 7,219 |  | $ | 7,225 |  | $ | 6 |  | $ | 6,482 |  | $ | 6,478 |  | $ | (4) |  |  |  |  |
Insurance losses and contract holders' benefits | 5,274 |  |  | 5,012 |  | 5,019 |  | 7 |  | 3,936 |  | 3,909 |  | (27) |  |  |  |  |
Underwriting, acquisition and insurance expenses | 2,384 |  |  | 2,162 |  | 2,162 |  | — |  | 1,951 |  | 1,946 |  | (5) |  |  |  |  |
Deferred income tax expense | 223 |  |  | (355) |  | (355) |  | — |  | 477 |  | 483 |  | 6 |  |  |  |  |
Net Income (Loss) | 1,843 |  |  | (486) |  | (487) |  | (1) |  | 2,946 |  | 2,968 |  | 22 |  |  |  |  |
Change in life policy reserves, reinsurance recoverable and other, net of tax | (34) |  |  | 1 |  | 374 |  | 373 |  | 9 |  | 92 |  | 83 |  |  |  |  |
Other comprehensive income (loss) | 179 |  |  | (1,284) |  | (911) |  | 373 |  | (121) |  | (38) |  | 83 |  |  |  |  |
Comprehensive Income (Loss) | 2,022 |  |  | (1,770) |  | (1,398) |  | 372 |  | 2,825 |  | 2,930 |  | 105 |  |  |  |  |
Net income (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 11.74 |  |  | $ | (3.06) |  | $ | (3.06) |  | $ | — |  | $ | 18.29 |  | $ | 18.43 |  | $ | 0.14 |  |  |  |  |
Diluted | 11.66 |  |  | (3.06) |  | (3.06) |  | — |  | 18.10 |  | 18.24 |  | 0.14 |  |  |  |  |
The table below shows the ASU 2018-12 adoption impacts to the life policy and investment contract reserves as of January 1, 2021, (transition date), pre-tax:
(Dollars in millions) |  |  |  | Term |  | Whole life |  | Deferred annuity |  | Universal life |  |  |  | Other |  | Total
At January 1, 2021
Balance, pre-adoption at December 31, 2020 |  |  |  | $ | 901 |  |  | $ | 363 |  |  | $ | 761 |  |  | $ | 567 |  |  |  |  | $ | 323 |  |  | $ | 2,915 |
Removal of shadow adjustments |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 13 |  |  | 13 |
Net premiums in excess of gross premiums |  |  |  | 14 |  |  | 1 |  |  | — |  |  | — |  |  |  |  | — |  |  | 15 |
Remeasurement at market value discount rates |  |  |  | 372 |  |  | 245 |  |  | — |  |  | — |  |  |  |  | — |  |  | 617 |
Balance, post-adoption at January 1, 2021 |  |  |  | $ | 1,287 |  |  | $ | 609 |  |  | $ | 761 |  |  | $ | 567 |  |  |  |  | $ | 336 |  |  | $ | 3,560 |
The table below shows the ASU 2018-12 adoption impacts to the life reinsurance recoverable asset as of January 1, 2021, pre-tax:
(Dollars in millions) |  |  |  | Term |  | Whole life |  | Deferred annuity |  | Universal life |  | Other |  | Total
At January 1, 2021 |  |  |  |  |  |  |
Balance, pre-adoption at December 31, 2020 |  |  |  | $ | 113 |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | 78 |  |  | $ | 217 |
Remeasurement at market value discount rates |  |  |  | 29 |  |  | 18 |  |  | — |  |  | — |  |  | — |  |  | 47 |
Other adjustments |  |  |  | 20 |  |  | 1 |  |  | — |  |  | 2 |  |  | — |  |  | 23 |
Balance, post-adoption at January 1, 2021 |  |  |  | $ | 162 |  |  | $ | 45 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 78 |  |  | $ | 287 |
Liability for Future Policy Benefit, Activity | he balances and changes in the term and whole life policy reserves included in life policy and investment contract reserves is as follows:
(Dollars in millions) |  | Years ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | Term |  | Whole life |  | Term |  | Whole life |  | Term |  | Whole life
Present value of expected net premiums: |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 1,643 |  |  | $ | 208 |  |  | $ | 1,801 |  |  | $ | 241 |  |  | $ | 1,935 |  |  | $ | 234 |
Beginning balance at original discount rate |  | 1,708 |  |  | 217 |  |  | 1,503 |  |  | 201 |  |  | 1,503 |  |  | 182 |
Effect of changes in cash flow assumptions |  | (7) |  |  | (7) |  |  | 123 |  |  | (5) |  |  | (177) |  |  | (3) |
Effect of actual variances from expected experience |  | (20) |  |  | 3 |  |  | (1) |  |  | — |  |  | 28 |  |  | 2 |
Adjusted beginning of period balance |  | 1,681 |  |  | 213 |  |  | 1,625 |  |  | 196 |  |  | 1,354 |  |  | 181 |
Issuances |  | 143 |  |  | 31 |  |  | 194 |  |  | 40 |  |  | 248 |  |  | 39 |
Interest accrual |  | 72 |  |  | 9 |  |  | 65 |  |  | 8 |  |  | 62 |  |  | 8 |
Net premiums collected |  | (184) |  |  | (28) |  |  | (176) |  |  | (27) |  |  | (161) |  |  | (27) |
Ending balance at original discount rate |  | 1,712 |  |  | 225 |  |  | 1,708 |  |  | 217 |  |  | 1,503 |  |  | 201 |
Effect of changes in discount rate assumptions |  | (12) |  |  | (2) |  |  | (65) |  |  | (9) |  |  | 298 |  |  | 40 |
Balance, end of period |  | 1,700 |  |  | 223 |  |  | 1,643 |  |  | 208 |  |  | 1,801 |  |  | 241 |
Present value of expected future policy benefits: |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | 2,584 |  |  | 614 |  |  | 2,993 |  |  | 826 |  |  | 3,222 |  |  | 843 |
Beginning balance at original discount rate |  | 2,692 |  |  | 607 |  |  | 2,425 |  |  | 577 |  |  | 2,418 |  |  | 545 |
Effect of changes in cash flow assumptions |  | 2 |  |  | (10) |  |  | 140 |  |  | (7) |  |  | (181) |  |  | (4) |
Effect of actual variances from expected experience |  | (24) |  |  | 3 |  |  | 8 |  |  | (1) |  |  | 31 |  |  | 2 |
Adjusted beginning of period balance |  | 2,670 |  |  | 600 |  |  | 2,573 |  |  | 569 |  |  | 2,268 |  |  | 543 |
Issuances |  | 143 |  |  | 30 |  |  | 194 |  |  | 40 |  |  | 248 |  |  | 39 |
Interest accrual |  | 121 |  |  | 31 |  |  | 112 |  |  | 29 |  |  | 109 |  |  | 29 |
Benefits paid |  | (169) |  |  | (33) |  |  | (187) |  |  | (31) |  |  | (200) |  |  | (34) |
Ending balance at original discount rate |  | 2,765 |  |  | 628 |  |  | 2,692 |  |  | 607 |  |  | 2,425 |  |  | 577 |
Effect of changes in discount rate assumptions |  | (14) |  |  | 29 |  |  | (108) |  |  | 7 |  |  | 568 |  |  | 249 |
Balance, end of period |  | 2,751 |  |  | 657 |  |  | 2,584 |  |  | 614 |  |  | 2,993 |  |  | 826 |
Net liability for future policy benefits: |  |  |  |  |  |  |  |  |  |  |  |
Present value of expected future policy benefits less expected net premiums |  | 1,051 |  |  | 434 |  |  | 941 |  |  | 406 |  |  | 1,192 |  |  | 585 |
Impact of flooring at cohort level |  | 15 |  |  | — |  |  | 20 |  |  | 2 |  |  | 14 |  |  | — |
Net life policy reserves |  | 1,066 |  |  | 434 |  |  | 961 |  |  | 408 |  |  | 1,206 |  |  | 585 |
Less reinsurance recoverable at original discount rate |  | (97) |  |  | (23) |  |  | (99) |  |  | (25) |  |  | (107) |  |  | (27) |
Less effect of discount rate assumption changes on reinsurance recoverable |  | (10) |  |  | (5) |  |  | (9) |  |  | (5) |  |  | (19) |  |  | (15) |
Net life policy reserves, after reinsurance recoverable |  | $ | 959 |  |  | $ | 406 |  |  | $ | 853 |  |  | $ | 378 |  |  | $ | 1,080 |  |  | $ | 543 |
Weighted-average duration of the net life policy reserves |  | 11 |  | 16 |  | 11 |  | 16 |  | 12 |  | 18
The total impact of flooring at cohort level in the above table includes the effect of discount rate assumption changes of $2 million, $9 million and $6 million at December 31, 2023, 2022 and 2021, respectively. The following table shows the amount of undiscounted and discounted expected future benefit payments and expected gross premiums for our term and whole life policies:
(Dollars in millions) |  | At December 31,
|  | 2023 |  | 2022
|  | Undiscounted |  | Discounted |  | Undiscounted |  | Discounted
Term |  |  |  |  |  |  |  |
Expected future benefit payments |  | $ | 4,791 |  |  | $ | 2,751 |  |  | $ | 4,655 |  |  | $ | 2,584 |
Expected future gross premiums |  | 4,374 |  |  | 2,652 |  |  | 4,436 |  |  | 2,582 |
Whole life |  |  |  |  |  |  |  |
Expected future benefit payments |  | $ | 1,648 |  |  | $ | 657 |  |  | $ | 1,562 |  |  | $ | 614 |
Expected future gross premiums |  | 659 |  |  | 409 |  |  | 606 |  |  | 368 |
The following table shows the amount of revenue and interest recognized in the consolidated statements of income related to our term and whole life policies:
(Dollars in millions) |  | Years ended December 31,
|  | 2023 |  | 2022 |  | 2021
Gross premiums |  |  |  |  |  |
Term |  | $ | 289 |  |  | $ | 280 |  |  | $ | 270 |
Whole life |  | 52 |  |  | 47 |  |  | 47 |
Total |  | $ | 341 |  |  | $ | 327 |  |  | $ | 317 |
Interest accretion |  |  |  |  |  |
Term |  | $ | 49 |  |  | $ | 47 |  |  | $ | 47 |
Whole life |  | 22 |  |  | 21 |  |  | 21 |
Total |  | $ | 71 |  |  | $ | 68 |  |  | $ | 68 |
Adverse development that resulted in an immediate charge to income due to net premiums exceeding gross premiums was immaterial for the years ended December 31, 2023, 2022 and 2021, respectively. The following table shows the weighted-average interest rate for our term and whole life products:
|  | At December 31, |  |  |  |
|  | 2023 |  | 2022 |  |  |  |
Term |  |  |  |  |  |  |  |
Interest accretion rate |  | 5.28 | % |  | 5.38 | % |  |  |  |
Current discount rate |  | 4.81 |  |  | 5.24 |  |  |  |  |
Whole life |  |  |  |  |  |  |  |
Interest accretion rate |  | 5.90 | % |  | 5.96 | % |  |  |  |
Current discount rate |  | 5.10 |  |  | 5.35 |  |  |  |  |
The discount rate assumption was developed by calculating forward rates from market yield curves of upper-medium grade fixed-income instruments.
Policyholder Account Balance | The following table shows the balances and changes in policyholders' account balances included in investment contract reserves:
(Dollars in millions) |  | Years ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | Deferred annuity |  | Universal life |  | Deferred annuity |  | Universal life |  | Deferred annuity |  | Universal life
Balance, beginning of period |  | $ | 734 |  |  | $ | 457 |  |  | $ | 763 |  |  | $ | 454 |  |  | $ | 761 |  |  | $ | 451 |
Premiums received |  | 44 |  |  | 39 |  |  | 29 |  |  | 39 |  |  | 44 |  |  | 39 |
Policy charges |  | — |  |  | (39) |  |  | — |  |  | (39) |  |  | — |  |  | (38) |
Surrenders and withdrawals |  | (130) |  |  | (13) |  |  | (62) |  |  | (11) |  |  | (47) |  |  | (10) |
Benefit payments |  | (14) |  |  | (6) |  |  | (18) |  |  | (5) |  |  | (17) |  |  | (7) |
Interest credited |  | 22 |  |  | 19 |  |  | 22 |  |  | 19 |  |  | 22 |  |  | 19 |
Balance, end of period |  | $ | 656 |  |  | $ | 457 |  |  | $ | 734 |  |  | $ | 457 |  |  | $ | 763 |  |  | $ | 454 |
Weighted average crediting rate |  | 3.51 | % |  | 4.30 | % |  | 3.36 | % |  | 4.27 | % |  | 2.88 | % |  | 4.25 | %
Net amount at risk |  | $ | — |  |  | $ | 3,949 |  |  | $ | — |  |  | $ | 4,082 |  |  | $ | — |  |  | $ | 4,198 |
Cash surrender value |  | 651 |  |  | 426 |  |  | 729 |  |  | 424 |  |  | 757 |  |  | 419 |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate | The following table shows the balance of account values by range of guaranteed minimum crediting rates, in basis points, and the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums for our deferred annuity and universal life contracts:
(Dollars in millions) |  | At guaranteed minimum |  | 1 to 50 basis points above |  | 51-150 basis points above |  | Greater than 150 basis points |  | Total
At December 31, 2023 |  |  |  |  |
Deferred annuity |  |  |  |  |  |  |  |  |  |
1.00-3.00% |  | $ | 5 |  |  | $ | 361 |  |  | $ | 16 |  |  | $ | 226 |  |  | $ | 608 |
3.01-4.00% |  | 48 |  |  | — |  |  | — |  |  | — |  |  | 48 |
Total |  | $ | 53 |  |  | $ | 361 |  |  | $ | 16 |  |  | $ | 226 |  |  | $ | 656 |
Universal life |  |  |  |  |  |  |  |  |  |
1.00-3.00% |  | $ | 55 |  |  | $ | 4 |  |  | $ | 57 |  |  | $ | 4 |  |  | $ | 120 |
3.01-4.00% |  | 49 |  |  | 5 |  |  | — |  |  | — |  |  | 54 |
Greater than 4.00% |  | 283 |  |  | — |  |  | — |  |  | — |  |  | 283 |
Total |  | $ | 387 |  |  | $ | 9 |  |  | $ | 57 |  |  | $ | 4 |  |  | $ | 457 |
At December 31, 2022 |  |  |  |  |  |  |  |  |  |
Deferred annuity |  |  |  |  |  |  |  |  |  |
1.00-3.00% |  | $ | 5 |  |  | $ | 446 |  |  | $ | 18 |  |  | $ | 214 |  |  | $ | 683 |
3.01-4.00% |  | 51 |  |  | — |  |  | — |  |  | — |  |  | 51 |
Total |  | $ | 56 |  |  | $ | 446 |  |  | $ | 18 |  |  | $ | 214 |  |  | $ | 734 |
Universal life |  |  |  |  |  |  |  |  |  |
1.00-3.00% |  | $ | 61 |  |  | $ | 46 |  |  | $ | 8 |  |  | $ | 2 |  |  | $ | 117 |
3.01-4.00% |  | 52 |  |  | — |  |  | — |  |  | — |  |  | 52 |
Greater than 4.00% |  | 288 |  |  | — |  |  | — |  |  | — |  |  | 288 |
Total |  | $ | 401 |  |  | $ | 46 |  |  | $ | 8 |  |  | $ | 2 |  |  | $ | 457 |
Additional Liability, Long-Duration Insurance | The following table shows the balances and changes in the other additional liability related to the no-lapse guarantees contained within our universal life contracts:
(Dollars in millions) |  | Years ended December 31,
|  | 2023 |  | 2022 |  | 2021
Balance, beginning of period |  | $ | 121 |  |  | $ | 133 |  |  | $ | 116 |
Balance, beginning of period before shadow reserve adjustments |  | 123 |  |  | 131 |  |  | 113 |
Effect of changes in cash flow assumptions |  | (6) |  |  | (1) |  |  | 4 |
Effect of actual variances from expected experience |  | — |  |  | 6 |  |  | — |
Adjusted beginning of period balance |  | 117 |  |  | 136 |  |  | 117 |
Interest accrual |  | 4 |  |  | 4 |  |  | 4 |
Excess death benefits |  | (6) |  |  | (18) |  |  | (4) |
Attributed assessments |  | 12 |  |  | 12 |  |  | 12 |
Effect of changes in interest rate assumptions |  | 2 |  |  | (11) |  |  | 2 |
Balance, end of period before shadow reserve adjustments |  | 129 |  |  | 123 |  |  | 131 |
Shadow reserve adjustments |  | (1) |  |  | (2) |  |  | 2 |
Balance, end of period |  | 128 |  |  | 121 |  |  | 133 |
Less reinsurance recoverable, end of period |  | 6 |  |  | 5 |  |  | 3 |
Net other additional liability, after reinsurance recoverable |  | $ | 134 |  |  | $ | 126 |  |  | $ | 136 |
Weighted-average duration of the other additional liability |  | 32 |  | 34 |  | 35
Separate Account, Liability | The following table shows balances and changes in separate account balances during the period:
(Dollars in millions) |  | Years ended December 31, |  |
|  | 2023 |  | 2022 |  | 2021 |  |
Balance, beginning of period |  | $ | 892 |  |  | $ | 959 |  |  | $ | 952 |  |  |
Interest credited before policy charges |  | 42 |  |  | 38 |  |  | 37 |  |  |
Change in unrealized gains and losses impacting separate account liabilities |  | — |  |  | (85) |  |  | (22) |  |  |
Benefit payments |  | (10) |  |  | (15) |  |  | (6) |  |  |
Other |  | 1 |  |  | (5) |  |  | (2) |  |  |
Balance, end of period |  | $ | 925 |  |  | $ | 892 |  |  | $ | 959 |  |  |
Cash surrender value |  | $ | 917 |  |  | $ | 890 |  |  | $ | 870 |  |  |

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