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Future Policy Benefits (Tables)
 6 Months Ended
Jun. 30, 2025
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
June 30, 2025December 31, 2024
Expected net premiums(Dollars in millions)
Balance, beginning of year$631 $722 
Beginning balance at original discount rate780 874 
     Effect of actual variances from expected experience1 (4)
Balance adjusted for variances from expectation781 870 
     Interest accrual8 17 
     Net premiums collected(49)(107)
Ending balance at original discount rate740 780 
     Effect of changes in discount rate assumptions(129)(149)
Balance, end of period$611 $631 
Expected FPB
Balance, beginning of year$1,933 $2,071 
Beginning balance at original discount rate2,368 2,492 
     Effect of actual variances from expected experience— 44 
Balance adjusted for variances from expectation2,368 2,536 
     Interest accrual26 54 
     Benefits payments(115)(222)
Ending balance at original discount rate2,279 2,368 
     Effect of changes in discount rate assumptions(365)(435)
Balance, end of period$1,914 $1,933 
Net liability for future policy benefits$1,303 $1,302 
Less: Reinsurance recoverable509 513 
Net liability for future policy benefits, after reinsurance recoverable$794 $789 
Weighted-average duration of liability for future policyholder benefits (years)6.196.28
The following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts:
PRT
June 30, 2025December 31, 2024
(Dollars in millions)
Balance, beginning of year$6,054 $4,189 
Beginning balance at original discount rate6,417 4,351 
     Effect of changes in cash flow assumptions(25)(3)
     Effect of actual variances from expected experience(8)(11)
Balance adjusted for variances from expectation6,384 4,337 
     Issuances797 2,324 
     Interest accrual154 240 
     Benefits payments(316)(484)
Ending balance at original discount rate7,019 6,417 
     Effect of changes in discount rate assumptions(247)(363)
Balance, end of period$6,772 $6,054 
Net liability for future policy benefits, after reinsurance recoverable$6,772 $6,054 
Weighted-average duration of liability for future policyholder benefits (years)7.767.78

Immediate annuities
June 30, 2025December 31, 2024
(Dollars in millions)
Balance, beginning of year$1,297 $1,415 
Beginning balance at original discount rate1,732 1,788 
     Effect of changes in cash flow assumptions— — 
     Effect of actual variances from expected experience(9)(27)
Balance adjusted for variances from expectation1,723 1,761 
     Issuances13 30 
     Interest accrual27 59 
     Benefits payments(57)(118)
Ending balance at original discount rate1,706 1,732 
     Effect of changes in discount rate assumptions(417)(435)
Balance, end of period$1,289 $1,297 
Net liability for future policy benefits$1,289 $1,297 
Less: Reinsurance recoverable109 109 
Net liability for future policy benefits, after reinsurance recoverable$1,180 $1,188 
Weighted-average duration of liability for future policyholder benefits (years)12.4312.63
Schedule of Changes in Liability for Deferred Profit Liability
The following tables summarize balances and changes in the liability for Deferred Profit Liability ("DPL") for limited-payment contracts:
June 30, 2025December 31, 2024
Immediate annuitiesPRTImmediate annuitiesPRT
(In millions)
Balance, beginning of year$90 $6 $87 $10 
     Effect of modeling changes— — — — 
     Effect of changes in cash flow assumptions— — — (8)
     Effect of actual variances from expected experience1 1 8 — 
Balance adjusted for variances from expectation91 7 95 2 
     Issuances4 — 3 1 
     Interest accrual1 — 1 4 
     Amortization(4)— (9)(1)
Balance, end of period$92 $7 $90 $6 
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, 2025December 31, 2024
(In millions)
Traditional life$1,303 $1,302 
Immediate annuities1,289 1,297 
PRT6,772 6,054 
Immediate annuities DPL92 90 
PRT DPL7 6 
Total$9,463 $8,749 
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,June 30,
2025202420252024
Traditional life(In millions)
Expected future benefit payments$2,657 $2,907 $1,920 $2,021 
Expected future gross premiums896 1,012 658 723 
Immediate annuities
Expected future benefit payments$3,147 $3,233 $1,289 $1,321 
Expected future gross premiums— — — — 
PRT
Expected future benefit payments$11,059 $9,100 $6,772 $5,181 
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)
June 30,June 30,
2025202420252024
(In millions)
Traditional life$50 $57 $18 $18 
Immediate annuities12 12 27 30 
PRT743 908 154 109 
Total$805 $977 $199 $157 
(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 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, 2025December 31, 2024
Traditional life
Interest accretion rate2.35 %2.34 %
Current discount rate5.02 %5.44 %
Immediate annuities
Interest accretion rate3.20 %3.17 %
Current discount rate5.36 %5.45 %
PRT
Interest accretion rate4.83 %4.72 %
Current discount rate5.31 %5.54 %
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, 2025
Traditional lifeImmediate annuities PRT
Mortality
Actual experience2.0 %3.0 %3.1 %
Expected experience1.6 %1.7 %2.5 %
Lapses
Actual experience— %— %— %
Expected experience0.6 %— %— %
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 %— %— %
Schedule of 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):
June 30, 2025
Cohort XDescription
NPR before capping107 %Term with return of premium Non-NY Cohort
Reserves before NPR capping$1,154 Term with return of premium Non-NY Cohort
Reserves after NPR capping1,174 Term with return of premium Non-NY Cohort
Loss Expense20 Term with return of premium Non-NY Cohort