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Future Policy Benefits (Tables)
 6 Months Ended
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, 2024December 31, 2023
Expected net premiums(Dollars in millions)
Balance, beginning of year$722 $797 
Beginning balance at original discount rate874 974 
     Effect of actual variances from expected experience(2)(1)
Balance adjusted for variances from expectation872 973 
     Interest accrual9 19 
     Net premiums collected(55)(118)
Ending Balance at original discount rate826 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 rate2,492 2,665 
     Effect of actual variances from expected experience58 (24)
Balance adjusted for variances from expectation2,550 2,641 
     Interest accrual27 56 
     Benefits payments(108)(205)
Ending Balance at original discount rate2,469 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 recoverable524 413 
Net liability for future policy benefits, after reinsurance recoverable$819 $936 
Weighted-average duration of liability for future policyholder benefits (years)6.887.36
The following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts:
June 30, 2024
Immediate annuitiesPRT
(Dollars in millions)
Balance, beginning of year$1,415 $4,189 
Beginning balance at original discount rate1,788 4,351 
     Effect of changes in cash flow assumptions— 5 
     Effect of actual variances from expected experience(21)(15)
Balance adjusted for variances from expectation1,767 4,341 
     Issuances18 952 
     Interest accrual30 109 
     Benefits payments(59)(223)
Ending Balance at original discount rate1,756 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 recoverable111 — 
Net liability for future policy benefits, after reinsurance recoverable$1,214 $4,869 
Weighted-average duration of liability for future policyholder benefits (years)11.797.77

December 31, 2023
Immediate annuitiesPRT
(Dollars in millions)
Balance, beginning of year$1,429 $2,165 
Beginning balance at original discount rate1,858 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 
     Issuances22 2,041 
     Interest accrual51 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 recoverable116 — 
Net liability for future policy benefits, after reinsurance recoverable$1,299 $4,189 
Weighted-average duration of liability for future policyholder benefits (years)12.478.23
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, 2024December 31, 2023
Immediate annuitiesPRTImmediate annuitiesPRT
(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 experience7 — 16 5 
Balance adjusted for variances from expectation94 2 89 10 
     Issuances2 — 3 — 
     Interest accrual1 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, 2024December 31, 2023
(In millions)
Traditional Life$1,343 $1,349 
Immediate annuities 1,325 1,415 
PRT4,869 4,189 
Immediate annuities DPL93 87 
PRT DPL6 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:
UndiscountedDiscounted
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Traditional Life(In millions)
Expected future benefit payments$2,907 $3,027 $2,021 $2,089 
Expected future gross premiums1,012 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, 2024June 30, 2023June 30, 2024June 30, 2023
(In millions)
Traditional Life$57 $63 $18 $19 
Immediate annuities12 11 30 33 
PRT908 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, 2024December 31, 2023
Traditional Life
Interest accretion rate2.04 %2.33 %
Current discount rate5.41 %5.03 %
Immediate annuities
Interest accretion rate3.16 %3.14 %
Current discount rate5.39 %4.98 %
PRT
Interest accretion rate4.70 %4.61 %
Current discount rate5.45 %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 LifeImmediate annuities PRT
Mortality
Actual experience1.4 %3.5 %2.9 %
Expected experience1.4 %2.1 %2.5 %
Lapses
Actual experience0.1 %— %— %
Expected experience0.4 %— %— %
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 %— %— %
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 XDescription
Net Premium Ratio before capping110 %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