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Future Policy Benefits (Tables)
 9 Months Ended
Sep. 30, 2024
Insurance [Abstract]  
Schedule of 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
September 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(4)(1)
Balance adjusted for variances from expectation870 973 
     Interest accrual13 19 
     Net premiums collected(82)(118)
Ending Balance at original discount rate801 874 
     Effect of changes in discount rate assumptions(128)(152)
Balance, end of period$673 $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 experience48 (24)
Balance adjusted for variances from expectation2,540 2,641 
     Interest accrual41 56 
     Benefits payments(165)(205)
Ending Balance at original discount rate2,416 2,492 
     Effect of changes in discount rate assumptions(358)(421)
Balance, end of period$2,058 $2,071 
Net liability for future policy benefits$1,385 $1,349 
Less: Reinsurance recoverable525 413 
Net liability for future policy benefits, after reinsurance recoverable$860 $936 
Weighted-average duration of liability for future policyholder benefits (years)6.877.36
The following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts:
September 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— 4 
     Effect of actual variances from expected experience(26)(20)
Balance adjusted for variances from expectation1,762 4,335 
     Issuances27 1,300 
     Interest accrual46 168 
     Benefits payments(88)(346)
Ending Balance at original discount rate1,747 5,457 
     Effect of changes in discount rate assumptions(354)(63)
Balance, end of period$1,393 $5,394 
Net liability for future policy benefits$1,393 $5,394 
Less: Reinsurance recoverable115 — 
Net liability for future policy benefits, after reinsurance recoverable$1,278 $5,394 
Weighted-average duration of liability for future policyholder benefits (years)12.898.03

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 period$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
Schedule of Changes in Liability for Deferred Profit Liability
The following tables summarize balances and changes in the liability for DPL for limited-payment contracts:
September 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— (7)— 1 
Effect of actual variances from expected experience6 — 16 5 
Balance adjusted for variances from expectation93 3 89 10 
     Issuances2 — 3 — 
     Interest accrual1 4 2 1 
     Amortization(6)(1)(7)(1)
Balance, end of period$90 $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:
September 30, 2024December 31, 2023
(In millions)
Traditional Life$1,385 $1,349 
Immediate annuities 1,393 1,415 
PRT5,394 4,189 
Immediate annuities DPL90 87 
PRT DPL6 10 
Total$8,268 $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
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Traditional Life(In millions)
Expected future benefit payments$2,843 $2,996 $2,073 $1,984 
Expected future gross premiums978 1,116 728 772 
Immediate annuities
Expected future benefit payments$3,212 $3,227 $1,392 $1,313 
Expected future gross premiums— — — — 
PRT
Expected future benefit payments$8,449 $5,445 $5,470 $3,605 
Expected future gross premiums— — — — 
Schedule of 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)
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(In millions)
Traditional Life$84 $94 $28 $28 
Immediate annuities16 18 46 42 
PRT1,240 1,207 168 79 
Total$1,340 $1,319 $242 $149 
(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:
September 30, 2024December 31, 2023
Traditional Life
Interest accretion rate2.34 %2.33 %
Current discount rate4.95 5.03 
Immediate annuities
Interest accretion rate3.17 %3.14 %
Current discount rate4.90 4.98 
PRT
Interest accretion rate4.70 %4.61 %
Current discount rate4.85 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:
September 30, 2024
Traditional LifeImmediate annuities PRT
Mortality
Actual experience1.4 %2.7 %3.0 %
Expected experience1.5 1.9 2.5 
Lapses
Actual experience0.1 %— %— %
Expected experience0.5 — — 
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 — — 
Schedule of Liability for Future Policy Benefits, Additional Information
The following table provides additional information for periods in which a cohort has an net premium ratio ("NPR") greater than 100% (and therefore capped at 100%) (dollars in millions):
September 30, 2024
Cohort XDescription
NPR before capping109 %Term with return of premium Non-NY Cohort
Reserves before NPR capping$1,219 Term with return of premium Non-NY Cohort
Reserves after NPR capping1,250 Term with return of premium Non-NY Cohort
Loss Expense31 Term with return of premium Non-NY Cohort