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Future Policy Benefits (Tables)
 12 Months Ended
Dec. 31, 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:
December 31, 2023December 31, 2022December 31, 2021
Expected net premiums(Dollars in millions)
Balance, beginning of year$797 $1,020 $1,152 
Beginning balance at original discount rate974 1,045 1,131 
     Effect of actual variances from expected experience(1)33 25 
Balance adjusted for variances from expectation$973 $1,078 $1,156 
     Interest accrual19 20 22 
     Net premiums collected(118)(124)(133)
Ending Balance at original discount rate$874 $974 $1,045 
     Effect of changes in discount rate assumptions(152)(177)(25)
Balance, end of year$722 $797 $1,020 
Expected FPB
Balance, beginning of year$2,151 $2,772 $3,105 
Beginning balance at original discount rate2,665 2,806 2,995 
     Effect of actual variances from expected experience(24)13 (14)
Balance adjusted for variances from expectation$2,641 $2,819 $2,981 
     Interest accrual56 59 62 
     Benefits payments(205)(213)(237)
Ending Balance at original discount rate$2,492 $2,665 $2,806 
     Effect of changes in discount rate assumptions(421)(514)(34)
Balance, end of year$2,071 $2,151 $2,772 
Net liability for future policy benefits$1,349 $1,354 $1,752 
Less: Reinsurance recoverable413 612 749 
Net liability for future policy benefits, after reinsurance recoverable$936 $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:
December 31, 2023December 31, 2022December 31, 2021
PRT
Balance, beginning of year$2,165 $1,148 $— 
Beginning balance at original discount rate2,475 1,151 — 
     Effect of changes in cash flow assumptions(9)(20)— 
     Effect of actual variances from expected experience(7)2 — 
Balance adjusted for variances from expectation$2,459 $1,133 $— 
     Issuances2,041 1,418 1,155 
     Interest accrual109 50 2 
     Benefits payments(258)(126)(6)
Ending Balance at original discount rate$4,351 $2,475 $1,151 
     Effect of changes in discount rate assumptions(162)(310)(3)
Balance, end of year$4,189 $2,165 $1,148 
Net liability for future policy benefits$4,189 $2,165 $1,148 
Less: Reinsurance recoverable— — — 
Net liability for future policy benefits, after reinsurance recoverable$4,189 $2,165 $1,148 
Weighted-average duration of liability for future policyholder benefits (years)8.238.098.75

December 31, 2023December 31, 2022December 31, 2021
Immediate annuities
Balance, beginning of year$1,429 $1,954 $2,153 
Beginning balance at original discount rate1,858 1,935 2,040 
     Effect of changes in cash flow assumptions— — — 
     Effect of actual variances from expected experience(15)(26)(47)
Balance adjusted for variances from expectation$1,843 $1,909 $1,993 
     Issuances22 26 18 
     Interest accrual51 60 60 
     Benefits payments(128)(137)(136)
Ending Balance at original discount rate$1,788 $1,858 $1,935 
     Effect of changes in discount rate assumptions(373)(429)19 
Balance, end of year$1,415 $1,429 $1,954 
Net liability for future policy benefits$1,415 $1,429 $1,954 
Less: Reinsurance recoverable116 118 145 
Net liability for future policy benefits, after reinsurance recoverable$1,299 $1,311 $1,809 
Weighted-average duration of liability for future policyholder benefits (years)12.4711.7613.61
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:
December 31, 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— 1 — (2)— — 
Effect of actual variances from expected experience16 5 16 — 39 — 
Balance adjusted for variances from expectation89 10 73 5 61 — 
     Issuances3 — 1 — — 7 
     Interest accrual2 1 2 — 2 — 
     Amortization(7)(1)(7)(1)(6)— 
Balance, end of year$87 $10 $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 Consolidated Balance Sheets. The DPL for Immediate Annuities and PRT is presented together with the FPB in the Consolidated Balance Sheets and has been included as a reconciling item in the table below:
December 31, 2023December 31, 2022December 31, 2021
(In millions)
Traditional Life$1,349 $1,354 $1,752 
Immediate annuities 1,415 1,429 1,954 
PRT4,189 2,165 1,148 
Immediate annuities DPL87 69 57 
PRT DPL10 4 7 
Total$7,050 $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
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Traditional Life(In millions)
Expected future benefit payments$2,935 $3,132 $2,075 $2,640 
Expected future gross premiums1,082 1,209 789 1,043 
Immediate annuities
Expected future benefit payments$3,291 $3,434 $1,413 $1,858 
Expected future gross premiums— — — — 
PRT
Expected future benefit payments$6,709 $3,569 $4,350 $2,472 
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 Consolidated Statements of Earnings:

Gross Premiums (a)Interest Expense (b)
December 31, 2023December 31, 2022December 31, 2021December 31, 2023December 31, 2022December 31, 2021
(In millions)
Traditional Life$123 $137 $152 $37 $39 $40 
Immediate annuities24 23 16 51 60 60 
PRT1,964 1,362 1,146 109 50 2 
Total$2,111 $1,522 $1,314 $197 $149 $102 
(a) Included in Life insurance premiums and other fees on the Consolidated Statements of Earnings.
(b) Included in Benefits and other changes in policy reserves (remeasurement gains (losses) (a)) on the Consolidated Statements of Earnings.
Schedule Of Liability For Future Policy Benefit, Weighted Average Discount Rates
The following table presents the weighted-average interest rate:
December 31, 2023December 31, 2022December 31, 2021
Traditional Life
Interest accretion rate2.33 %2.32 %2.29 %
Current discount rate5.03 %5.37 %2.41 %
Immediate annuities
Interest accretion rate3.14 %3.07 %3.04 %
Current discount rate4.98 %5.21 %3.07 %
PRT
Interest accretion rate4.61 %3.20 %1.20 %
Current discount rate5.03 %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:
December 31, 2023
Traditional LifeImmediate annuities PRT
Mortality
Actual experience1.7 %3.2 %3.2 %
Expected experience1.4 %1.8 %2.3 %
Lapses
Actual experience— %— %— %
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):
December 31, 2022
Cohort XDescription (a)
Net Premium Ratio before capping100 %Term with ROP Non-NY Cohort
Reserves before NP Ratio capping$1,172 Term with ROP Non-NY Cohort
Reserves after NP Ratio capping$1,173 Term with ROP Non-NY Cohort
Loss Expense— Term with ROP Non-NY Cohort
(a) Return of Premium (“ROP”)