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Future Policy Benefits (Tables)
 6 Months Ended
Jun. 30, 2023
Insurance [Abstract]  
Summary Balances and Changes in the Present Value of Expected Net Premiums and Present Value
The following table summarizes balances and changes in the present value of expected net premiums and the present value of the expected FPB for nonparticipating traditional contracts:
June 30, 2023December 31, 2022December 31, 2021
Expected net premiums(Dollars in millions)
Balance, beginning of year$797 $1,020 $1,152 
Beginning balance of original discount rate974 1,045 1,131 
     Effect of actual variances from expected experience7 33 25 
Balance adjusted for variances from expectation981 1,078 1,156 
     Interest accrual9 20 22 
     Net premiums collected(60)(124)(133)
Ending Balance at original discount rate930 974 1,045 
     Effect of changes in discount rate assumptions(167)(177)(25)
Balance, end of year$763 $797 $1,020 
Expected FPB
Balance, beginning of year$2,151 $2,772 $3,105 
Beginning balance of original discount rate2,665 2,806 2,995 
     Effect of actual variances from expected experience(9)13 (14)
Balance adjusted for variances from expectation$2,656 $2,819 $2,981 
     Interest accrual28 59 62 
     Benefits payments(99)(213)(237)
Ending Balance at original discount rate$2,585 $2,665 $2,806 
     Effect of changes in discount rate assumptions(474)(514)(34)
Balance, end of year$2,111 $2,151 $2,772 
Net liability for future policy benefits$1,348 $1,354 $1,752 
Less: Reinsurance recoverable587 612 749 
Net liability for future policy benefits, after reinsurance recoverable$761 $742 $1,003 
Weighted-average duration of liability for future policyholder benefits (years)7.367.588.54
The following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts:
June 30, 2023
Immediate annuitiesPRT
(Dollars in millions)
Balance, beginning of year$1,429 $2,165 
Beginning balance of original discount rate1,858 2,475 
     Effect of changes in cash flow assumptions— (5)
     Effect of actual variances from expected experience(17)— 
Balance adjusted for variances from expectation1,841 2,470 
     Issuances10 755 
     Interest accrual33 50 
     Benefits payments(65)(115)
Ending Balance at original discount rate1,819 3,160 
     Effect of changes in discount rate assumptions(408)(290)
Balance, end of year$1,411 $2,870 
Net liability for future policy benefits$1,411 $2,870 
Less: Reinsurance recoverable116 — 
Net liability for future policy benefits, after reinsurance recoverable$1,295 $2,870 
Weighted-average duration of liability for future policyholder benefits (years)12.478.23

December 31, 2022
Immediate annuitiesPRT
(Dollars in millions)
Balance, beginning of year$1,954 $1,148 
Beginning balance of original discount rate1,935 1,151 
     Effect of changes in cash flow assumptions— (20)
     Effect of actual variances from expected experience(26)2 
Balance adjusted for variances from expectation$1,909 $1,133 
     Issuances26 1,418 
     Interest accrual60 50 
     Benefits payments(137)(126)
Ending Balance at original discount rate$1,858 $2,475 
     Effect of changes in discount rate assumptions(429)(310)
Balance, end of year$1,429 $2,165 
Net liability for future policy benefits$1,429 $2,165 
Less: Reinsurance recoverable118 — 
Net liability for future policy benefits, after reinsurance recoverable$1,311 $2,165 
Weighted-average duration of liability for future policyholder benefits (years)11.768.09
December 31, 2021
Immediate annuitiesPRT
(Dollars in millions)
Balance, beginning of year$2,153 $— 
Beginning balance of original discount rate2,040 — 
     Effect of actual variances from expected experience(47)— 
Balance adjusted for variances from expectation$1,993 $— 
     Issuances18 1,155 
     Interest accrual60 2 
     Benefits payments(136)(6)
Ending Balance at original discount rate$1,935 $1,151 
     Effect of changes in discount rate assumptions19 (3)
Balance, end of year$1,954 $1,148 
Net liability for future policy benefits$1,954 $1,148 
Less: Reinsurance recoverable145 — 
Net liability for future policy benefits, after reinsurance recoverable$1,809 $1,148 
Weighted-average duration of liability for future policyholder benefits (years)13.618.75
Summary of Changes in Liability for Deferred Profit Liability
The following tables summarize balances and changes in the liability for DPL for limited-payment contracts:
June 30, 2023December 31, 2022December 31, 2021
Immediate annuitiesPRTImmediate annuitiesPRTImmediate annuitiesPRT
(In millions)
Balance, beginning of year$69 $4 $57 $7 $22 $— 
Effect of modeling changes4 — — — — — 
Effect of changes in cash flow assumptions— — — (2)— — 
Effect of actual variances from expected experience10 2 16 — 39 — 
Balance adjusted for variances from expectation83 6 73 5 61 — 
     Issuances1 — 1 — $— $7 
     Interest accrual1 (1)2 — 2 — 
     Amortization(3)(1)(7)(1)(6)— 
Balance, end of year$82 $4 $69 $4 $57 $7 
Schedule Of Reconciliation Of Future Policy Benefits To Statement Of Financial Position
The following table reconciles the net FPB to the FPB in the unaudited Condensed Consolidated Balance Sheets. The DPL for Immediate Annuities and PRT is presented together with the FPB in the unaudited Condensed Consolidated Balance Sheets and has been included as a reconciling item in the table below:
June 30, 2023December 31, 2022December 31, 2021
(In millions)
Traditional Life$1,348 $1,354 $1,752 
Immediate annuities 1,411 1,429 1,954 
PRT2,870 2,165 1,148 
Immediate annuities DPL82 69 57 
PRT DPL4 4 7 
Total$5,715 $5,021 $4,918 
Schedule Of Liability For Future Policy Benefit Expected Future Policy Benefit Undiscounted Before Reinsurance
The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for nonparticipating traditional and limited-payment contracts:
UndiscountedDiscounted
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Traditional Life(In millions)
Expected future benefit payments$3,027 $3,201 $2,089 $2,686 
Expected future gross premiums1,114 1,245 803 1,091 
Immediate annuities
Expected future benefit payments$3,361 $3,516 $1,411 $1,907 
Expected future gross premiums— — — — 
PRT
Expected future benefit payments$4,724 $2,265 $3,161 $1,652 
Expected future gross premiums— — — — 
Revenue from External Customers by Products and Services
The following table summarizes the amount of revenue and interest related to nonparticipating traditional and limited-payment contracts recognized in the unaudited Condensed Consolidated Statements of Earnings:
Gross Premiums (a)Interest Expense (b)
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
(In millions)
Traditional Life$63 $70 $19 $20 
Immediate annuities11 16 33 30 
PRT737 520 50 19 
Total$811 $606 $102 $69 
(a) Included in Life insurance premiums and other fees on the Condensed Consolidated Statements of Earnings.
(b) Included in Benefits and other changes in policy reserves (remeasurement gains (losses) (a)) on the Condensed Consolidated Statements of Earnings.
Schedule Of Liability For Future Policy Benefit, Weighted Average Discount Rates
The following table presents the weighted-average interest rate:
June 30, 2023December 31, 2022December 31, 2021
Traditional Life
Interest accretion rate2.33 %2.32 %2.29 %
Current discount rate4.63 %5.37 %2.41 %
Immediate annuities
Interest accretion rate3.12 %3.07 %3.04 %
Current discount rate5.10 %5.21 %3.07 %
PRT
Interest accretion rate4.04 %3.20 %1.20 %
Current discount rate5.28 %5.40 %2.79 %
Schedule Of Liability for Future Policy Benefit, Mortality And Lapse, Actual And Expected Experience
The following tables summarize the actual experience and expected experience for mortality and lapses of the FPB:
June 30, 2023
Traditional LifeImmediate annuities PRT
Mortality
Actual experience1.4 %3.2 %2.3 %
Expected experience1.4 %1.6 %2.1 %
Lapses
Actual experience0.1 %— %— %
Expected experience0.3 %— %— %
December 31, 2022
Traditional LifeImmediate annuities PRT
Mortality
Actual experience1.5 %3.0 %1.9 %
Expected experience1.3 %1.9 %2.5 %
Lapses
Actual experience— %— %— %
Expected experience0.3 %— %— %
December 31, 2021
Traditional LifeImmediate annuities PRT
Mortality
Actual experience1.7 %4.2 %— %
Expected experience1.3 %2.0 %— %
Lapses
Actual experience0.1 %— %— %
Expected experience0.3 %— %— %
Liability For Future Policy Benefits, Additional Information
The following table provides additional information for periods in which a cohort has an NPR > 100% (and; therefore, capped at 100%) (dollars in millions):
June 30, 2023December 31, 2022
Cohort XDescriptionCohort XDescription
Net Premium Ratio before capping100 %Term with ROP Non-NY Cohort100 %Term with ROP Non-NY Cohort
Reserves before NP Ratio capping$1,184 Term with ROP Non-NY Cohort$1,172 Term with ROP Non-NY Cohort
Reserves after NP Ratio capping$1,185 Term with ROP Non-NY Cohort$1,173 Term with ROP Non-NY Cohort
Loss Expense$1 Term with ROP Non-NY Cohort$— Term with ROP Non-NY Cohort