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Future Policy Benefits (Tables)
 12 Months Ended
Dec. 31, 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
December 31, 2024December 31, 2023
Expected net premiums(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 accrual17 19 
     Net premiums collected(107)(118)
Ending Balance at original discount rate780 874 
     Effect of changes in discount rate assumptions(149)(152)
Balance, end of year$631 $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 experience44 (24)
Balance adjusted for variances from expectation2,536 2,641 
     Interest accrual54 56 
     Benefits payments(222)(205)
Ending Balance at original discount rate2,368 2,492 
     Effect of changes in discount rate assumptions(435)(421)
Balance, end of year$1,933 $2,071 
Net liability for future policy benefits$1,302 $1,349 
Less: Reinsurance recoverable513 413 
Net liability for future policy benefits, after reinsurance recoverable$789 $936 
Weighted-average duration of liability for future policyholder benefits (years)6.287.36
The following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts:
PRT
December 31, 2024December 31, 2023
(In millions)
Balance, beginning of year$4,189 $2,165 
Beginning balance at original discount rate4,351 2,475 
     Effect of changes in cash flow assumptions(3)(9)
     Effect of actual variances from expected experience(11)(7)
Balance adjusted for variances from expectation4,337 2,459 
     Issuances2,324 2,041 
     Interest accrual240 109 
     Benefits payments(484)(258)
Ending Balance at original discount rate6,417 4,351 
     Effect of changes in discount rate assumptions(363)(162)
Balance, end of year$6,054 $4,189 
Net liability for future policy benefits, after reinsurance recoverable$6,054 $4,189 
Weighted-average duration of liability for future policyholder benefits (years)7.788.23

Immediate annuities
December 31, 2024December 31, 2023
(In millions)
Balance, beginning of year$1,415 $1,429 
Beginning balance at original discount rate1,788 1,858 
     Effect of changes in cash flow assumptions— — 
     Effect of actual variances from expected experience(27)(15)
Balance adjusted for variances from expectation1,761 1,843 
     Issuances30 22 
     Interest accrual59 51 
     Benefits payments(118)(128)
Ending Balance at original discount rate1,732 1,788 
     Effect of changes in discount rate assumptions(435)(373)
Balance, end of year$1,297 $1,415 
Net liability for future policy benefits$1,297 $1,415 
Less: Reinsurance recoverable109 116 
Net liability for future policy benefits, after reinsurance recoverable$1,188 $1,299 
Weighted-average duration of liability for future policyholder benefits (years)12.6312.47
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, 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 experience8 — 16 5 
Balance adjusted for variances from expectation95 2 89 10 
     Issuances3 1 3 — 
     Interest accrual1 4 2 1 
     Amortization(9)(1)(7)(1)
Balance, end of year$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 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,
20242023
(In millions)
Traditional life$1,302 $1,349 
Immediate annuities 1,297 1,415 
PRT6,054 4,189 
Immediate annuities DPL90 87 
PRT DPL6 10 
Total$8,749 $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
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Traditional life(In millions)
Expected future benefit payments$2,705 $2,935 $1,948 $2,075 
Expected future gross premiums914 1,082 681 789 
Immediate annuities
Expected future benefit payments$3,189 $3,291 $1,297 $1,413 
Expected future gross premiums— — — — 
PRT
Expected future benefit payments$10,038 $6,709 $6,054 $4,350 
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,December 31,
202420232022202420232022
(In millions)
Traditional life$111 $123 $137 $37 $37 $39 
Immediate annuities18 24 23 59 51 60 
PRT2,217 1,964 1,362 240 109 50 
Total$2,346 $2,111 $1,522 $336 $197 $149 
(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,
202420232022
Traditional life
Interest accretion rate2.34 %2.33 %2.32 %
Current discount rate5.44 %5.03 %5.37 %
Immediate annuities
Interest accretion rate3.17 %3.14 %3.07 %
Current discount rate5.45 %4.98 %5.21 %
PRT
Interest accretion rate4.72 %4.61 %3.20 %
Current discount rate5.54 %5.03 %5.40 %
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, 2024
Traditional lifeImmediate annuities PRT
Mortality
Actual experience1.4 %2.7 %2.7 %
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 %— %— %
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 %— %— %
Liability For Future Policy Benefits, Additional Information
The following table provides additional information for periods in which a cohort has a net premium ratio (“NPR”) greater than 100% (and therefore capped at 100%) (dollars in millions):
December 31, 2024
Cohort XDescription
NPR before capping108 %Term with return of premium Non-NY Cohort
Reserves before NPR capping$1,147 Term with return of premium Non-NY Cohort
Reserves after NPR capping1,174 Term with return of premium Non-NY Cohort
Loss Expense27 Term with return of premium Non-NY Cohort