XML 40 R29.htm IDEA: XBRL DOCUMENT v3.24.3
Future Policy Benefits Reserves (Tables)
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Schedule of Liability for Future Policy Benefit
The following table summarizes balances and changes in the LFPB:

20242023
(In millions)
Present value of future net premiums
Balance, January 1$3,710 $3,993 
Effect of changes in discount rate(125)(74)
Balance, January 1, at original locked in discount rate3,585 3,919 
Effect of changes in cash flow assumptions (a)111 28 
Effect of actual variances from expected experience (a)(40)(112)
Adjusted balance, January 13,656 3,835 
Interest accrual139 153 
Net premiums: earned during period(317)(332)
Balance, end of period at original locked in discount rate3,478 3,656 
Effect of changes in discount rate147 (67)
Balance, September 30
$3,625 $3,589 
Present value of future benefits & expenses
Balance, January 1$17,669 $17,472 
Effect of changes in discount rate(578)(125)
Balance, January 1, at original locked in discount rate17,091 17,347 
Effect of changes in cash flow assumptions (a)126 36 
Effect of actual variances from expected experience (a)33 (45)
Adjusted balance, January 117,250 17,338 
Interest accrual693 723 
Benefit & expense payments(883)(945)
Balance, end of period at original locked in discount rate17,060 17,116 
Effect of changes in discount rate612 (873)
Balance, September 30
$17,672 $16,243 
Net LFPB, September 30
$14,047 $12,654 

(a)
As of September 30, 2024 and 2023, the re-measurement gain (loss) of $(88) million and $(75) million presented parenthetically on the Consolidated Condensed Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.
The following table presents earned premiums and interest expense associated with the long-term care business recognized on the Condensed Consolidated Statement of Operations.

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)
   
Earned premiums$110 $112 $329 $340 
Interest expense185 191 554 570 

The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums.

September 30,
20242023
(In millions)
Expected future benefit and expense payments$32,009 $33,217 
Expected future gross premiums5,305 5,557 
The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.

September 30,December 31,
202420232023
Original locked in discount rate5.20 %5.24 %5.22 %
Upper-medium grade fixed income instrument discount rate4.90 5.78 4.94