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Future Policy Benefits (Tables) | 6 Months Ended
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Jun. 30, 2024
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:
|  | Traditional Life |  |
|  | June 30, 2024 |  | December 31, 2023 |  |
Expected net premiums |  | (Dollars in millions)
Balance, beginning of year |  | $ | 722 |  |  | $ | 797 |  |  |
Beginning balance at original discount rate |  | 874 |  |  | 974 |  |  |
Effect of actual variances from expected experience |  | (2) |  |  | (1) |  |  |
Balance adjusted for variances from expectation |  | 872 |  |  | 973 |  |  |
Interest accrual |  | 9 |  |  | 19 |  |  |
Net premiums collected |  | (55) |  |  | (118) |  |  |
Ending Balance at original discount rate |  | 826 |  |  | 874 |  |  |
Effect of changes in discount rate assumptions |  | (160) |  |  | (152) |  |  |
Balance, end of year |  | $ | 666 |  |  | $ | 722 |  |  |
Expected FPB |  |  |  |  |  |
Balance, beginning of year |  | $ | 2,071 |  |  | $ | 2,151 |  |  |
Beginning balance at original discount rate |  | 2,492 |  |  | 2,665 |  |  |
Effect of actual variances from expected experience |  | 58 |  |  | (24) |  |  |
Balance adjusted for variances from expectation |  | 2,550 |  |  | 2,641 |  |  |
Interest accrual |  | 27 |  |  | 56 |  |  |
Benefits payments |  | (108) |  |  | (205) |  |  |
Ending Balance at original discount rate |  | 2,469 |  |  | 2,492 |  |  |
Effect of changes in discount rate assumptions |  | (460) |  |  | (421) |  |  |
Balance, end of year |  | $ | 2,009 |  |  | $ | 2,071 |  |  |
Net liability for future policy benefits |  | $ | 1,343 |  |  | $ | 1,349 |  |  |
Less: Reinsurance recoverable |  | 524 |  |  | 413 |  |  |
Net liability for future policy benefits, after reinsurance recoverable |  | $ | 819 |  |  | $ | 936 |  |  |
Weighted-average duration of liability for future policyholder benefits (years) |  | 6.88 |  | 7.36 |  |
The following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts:
|  | June 30, 2024
|  | Immediate annuities |  | PRT
|  | (Dollars in millions)
Balance, beginning of year |  | $ | 1,415 |  |  | $ | 4,189 |
Beginning balance at original discount rate |  | 1,788 |  |  | 4,351 |
Effect of changes in cash flow assumptions |  | — |  |  | 5 |
Effect of actual variances from expected experience |  | (21) |  |  | (15) |
Balance adjusted for variances from expectation |  | 1,767 |  |  | 4,341 |
Issuances |  | 18 |  |  | 952 |
Interest accrual |  | 30 |  |  | 109 |
Benefits payments |  | (59) |  |  | (223) |
Ending Balance at original discount rate |  | 1,756 |  |  | 5,179 |
Effect of changes in discount rate assumptions |  | (431) |  |  | (310) |
Balance, end of year |  | $ | 1,325 |  |  | $ | 4,869 |
Net liability for future policy benefits |  | $ | 1,325 |  |  | $ | 4,869 |
Less: Reinsurance recoverable |  | 111 |  |  | — |
Net liability for future policy benefits, after reinsurance recoverable |  | $ | 1,214 |  |  | $ | 4,869 |
Weighted-average duration of liability for future policyholder benefits (years) |  | 11.79 |  | 7.77
|  | December 31, 2023
|  | Immediate annuities |  | PRT
|  | (Dollars in millions)
Balance, beginning of year |  | $ | 1,429 |  |  | $ | 2,165 |
Beginning balance at original discount rate |  | 1,858 |  |  | 2,475 |
Effect of changes in cash flow assumptions |  | — |  |  | (9) |
Effect of actual variances from expected experience |  | (15) |  |  | (7) |
Balance adjusted for variances from expectation |  | $ | 1,843 |  |  | $ | 2,459 |
Issuances |  | 22 |  |  | 2,041 |
Interest accrual |  | 51 |  |  | 109 |
Benefits payments |  | (128) |  |  | (258) |
Ending Balance at original discount rate |  | $ | 1,788 |  |  | $ | 4,351 |
Effect of changes in discount rate assumptions |  | (373) |  |  | (162) |
Balance, end of year |  | $ | 1,415 |  |  | $ | 4,189 |
Net liability for future policy benefits |  | $ | 1,415 |  |  | $ | 4,189 |
Less: Reinsurance recoverable |  | 116 |  |  | — |
Net liability for future policy benefits, after reinsurance recoverable |  | $ | 1,299 |  |  | $ | 4,189 |
Weighted-average duration of liability for future policyholder benefits (years) |  | 12.47 |  | 8.23
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, 2024 |  | December 31, 2023 |  |
|  | Immediate annuities |  | PRT |  | Immediate annuities |  | PRT |  |  |  |
|  | (In millions) |  |
Balance, beginning of year |  | $ | 87 |  |  | $ | 10 |  |  | $ | 69 |  |  | $ | 4 |  |  |  |  |
Effect of modeling changes |  | — |  |  | — |  |  | 4 |  |  | — |  |  |  |  |
Effect of changes in cash flow assumptions |  | — |  |  | (8) |  |  | — |  |  | 1 |  |  |  |  |
Effect of actual variances from expected experience |  | 7 |  |  | — |  |  | 16 |  |  | 5 |  |  |  |  |
Balance adjusted for variances from expectation |  | 94 |  |  | 2 |  |  | 89 |  |  | 10 |  |  |  |  |
Issuances |  | 2 |  |  | — |  |  | 3 |  |  | — |  |  |  |  |
Interest accrual |  | 1 |  |  | 4 |  |  | 2 |  |  | 1 |  |  |  |  |
Amortization |  | (4) |  |  | — |  |  | (7) |  |  | (1) |  |  |  |  |
Balance, end of year |  | $ | 93 |  |  | $ | 6 |  |  | $ | 87 |  |  | $ | 10 |  |  |  |  |
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, 2024 |  | December 31, 2023 |  |
|  | (In millions)
Traditional Life |  | $ | 1,343 |  |  | $ | 1,349 |  |  |
Immediate annuities |  | 1,325 |  |  | 1,415 |  |  |
PRT |  | 4,869 |  |  | 4,189 |  |  |
Immediate annuities DPL |  | 93 |  |  | 87 |  |  |
PRT DPL |  | 6 |  |  | 10 |  |  |
Total |  | $ | 7,636 |  |  | $ | 7,050 |  |  |
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:
|  | Undiscounted |  | Discounted
|  | June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Traditional Life |  | (In millions)
Expected future benefit payments |  | $ | 2,907 |  |  | $ | 3,027 |  |  | $ | 2,021 |  |  | $ | 2,089 |
Expected future gross premiums |  | 1,012 |  |  | 1,114 |  |  | 723 |  |  | 803 |
Immediate annuities |  |  |  |  |  |  |  |
Expected future benefit payments |  | $ | 3,233 |  |  | $ | 3,361 |  |  | $ | 1,321 |  |  | $ | 1,411 |
Expected future gross premiums |  | — |  |  | — |  |  | — |  |  | — |
PRT |  |  |  |  |  |  |  |
Expected future benefit payments |  | $ | 9,100 |  |  | $ | 4,724 |  |  | $ | 5,181 |  |  | $ | 3,161 |
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, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
|  | (In millions)
Traditional Life |  | $ | 57 |  |  | $ | 63 |  |  | $ | 18 |  |  | $ | 19 |
Immediate annuities |  | 12 |  |  | 11 |  |  | 30 |  |  | 33 |
PRT |  | 908 |  |  | 737 |  |  | 109 |  |  | 50 |
Total |  | $ | 977 |  |  | $ | 811 |  |  | $ | 157 |  |  | $ | 102 |
(a) Included in Life insurance premiums and other fees on the unaudited Condensed Consolidated Statements of Earnings. (b) Included in Benefits and other changes in policy reserves (remeasurement gains (losses) (a)) on the unaudited 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, 2024 |  | December 31, 2023 |  |
Traditional Life |  |  |  |  |  |
Interest accretion rate |  | 2.04 | % |  | 2.33 | % |  |
Current discount rate |  | 5.41 | % |  | 5.03 | % |  |
Immediate annuities |  |  |  |  |  |
Interest accretion rate |  | 3.16 | % |  | 3.14 | % |  |
Current discount rate |  | 5.39 | % |  | 4.98 | % |  |
PRT |  |  |  |  |  |
Interest accretion rate |  | 4.70 | % |  | 4.61 | % |  |
Current discount rate |  | 5.45 | % |  | 5.03 | % |  |
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, 2024
|  | Traditional Life |  | Immediate annuities |  | PRT
Mortality |  |  |  |  |  |
Actual experience |  | 1.4 | % |  | 3.5 | % |  | 2.9 | %
Expected experience |  | 1.4 | % |  | 2.1 | % |  | 2.5 | %
Lapses |  |  |  |  |  |
Actual experience |  | 0.1 | % |  | — | % |  | — | %
Expected experience |  | 0.4 | % |  | — | % |  | — | %
|  | December 31, 2023
|  | Traditional Life |  | Immediate annuities |  | PRT
Mortality |  |  |  |  |  |
Actual experience |  | 1.7 | % |  | 3.2 | % |  | 3.2 | %
Expected experience |  | 1.4 | % |  | 1.8 | % |  | 2.3 | %
Lapses |  |  |  |  |  |
Actual experience |  | — | % |  | — | % |  | — | %
Expected experience |  | 0.3 | % |  | — | % |  | — | %
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, 2024 |  |
| Cohort X |  | Description |  |  |  |
Net Premium Ratio before capping | 110 | % |  | Term with ROP Non-NY Cohort |  |  |  |
Reserves before NP Ratio capping | $ | 1,170 |  |  | Term with ROP Non-NY Cohort |  |  |  |
Reserves after NP Ratio capping | $ | 1,204 |  |  | Term with ROP Non-NY Cohort |  |  |  |
Loss Expense | $ | 34 |  |  | Term with ROP Non-NY Cohort |  |  |  |

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