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DAC AND OTHER DEFERRED ASSETS/LIABILITIES | 12 Months Ended
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Dec. 31, 2024
Contract Holder Bonus Interest Credits [Abstract] |
DAC AND OTHER DEFERRED ASSETS/LIABILITIES | DAC AND OTHER DEFERRED ASSETS/LIABILITIES The following table presents a reconciliation of DAC to the consolidated balance sheets:
| December 31 |  |
| 2024 |  | 2023 |  |
| (in millions)
Protection Solutions |  |  |  |  |
Term | $ | 314 |  |  | $ | 337 |  |  |
Universal Life | 170 |  |  | 174 |  |  |
Variable Universal Life | 1,083 |  |  | 987 |  |  |
Indexed Universal Life | 186 |  |  | 188 |  |  |
Individual Retirement |  |  |  |  |
GMxB Core | 1,605 |  |  | 1,602 |  |  |
EQUI-VEST Individual | 154 |  |  | 155 |  |  |
Investment Edge | 225 |  |  | 172 |  |  |
SCS | 1,938 |  |  | 1,571 |  |  |
Legacy Segment |  |  |  |  |
GMxB Legacy | 517 |  |  | 555 |  |  |
| December 31 |  |
| 2024 |  | 2023 |  |
| (in millions)
Group Retirement |  |  |  |  |
EQUI-VEST Group | 768 |  |  | 742 |  |  |
Momentum | 83 |  |  | 82 |  |  |
Corporate and Other | 107 |  |  | 116 |  |  |
Other | 20 |  |  | 24 |  |  |
Total | $ | 7,170 |  |  | $ | 6,705 |  |  |
Annually, or as circumstances warrant, the Company reviews the associated decrements assumptions (i.e., mortality and lapse) based on our multi-year average of companies experience with actuarial judgements to reflect other observable industry trends. In addition to DAC, the unearned revenue liability and sales inducement asset (“SIA”) use similar techniques and quarterly update processes for balance amortization. During the third quarter of 2024, 2023 and 2022, the Company completed its annual assumption update and the impact to the current period amortization of DAC and DAC like balances due to the new assumptions is immaterial. There were no other material changes to the inputs, judgements or calculation processes used in the DAC calculation this period or year. Changes in the DAC asset were as follows:
| Year Ended December 31, 2024
| Protection Solutions |  | Individual Retirement |  | Legacy |  | Group Retirement |  | Corporate and Other |  | Total
| Term |  | UL |  | VUL |  | IUL |  | GMxB Core |  | EI |  | IE |  | SCS |  | GMxB Legacy |  | EG |  | Momentum |  | CB (1) |
| (in millions)
Balance, beginning of period | $ | 337 |  |  | $ | 174 |  |  | $ | 987 |  |  | $ | 188 |  |  | $ | 1,602 |  |  | $ | 155 |  |  | $ | 172 |  |  | $ | 1,571 |  |  | $ | 555 |  |  | $ | 742 |  |  | $ | 82 |  |  | $ | 116 |  |  | $ | 6,681 |
Capitalization | 14 |  |  | 8 |  |  | 159 |  |  | 10 |  |  | 153 |  |  | 11 |  |  | 70 |  |  | 645 |  |  | 24 |  |  | 70 |  |  | 11 |  |  | — |  |  | 1,175 |
Amortization (2) | (37) |  |  | (12) |  |  | (63) |  |  | (12) |  |  | (150) |  |  | (12) |  |  | (17) |  |  | (278) |  |  | (62) |  |  | (44) |  |  | (10) |  |  | (9) |  |  | (706) |
Balance, end of period | $ | 314 |  |  | $ | 170 |  |  | $ | 1,083 |  |  | $ | 186 |  |  | $ | 1,605 |  |  | $ | 154 |  |  | $ | 225 |  |  | $ | 1,938 |  |  | $ | 517 |  |  | $ | 768 |  |  | $ | 83 |  |  | $ | 107 |  |  | $ | 7,150 |
______________ (1)“CB” defined as Closed Block. (2)DAC amortization of $5 million related to Other not reflected in table above.
| Year Ended December 31, 2023
| Protection Solutions |  | Individual Retirement |  | Legacy |  | Group Retirement |  | Corporate and Other |  | Total
| Term |  | UL |  | VUL |  | IUL |  | GMxB Core |  | EI |  | IE |  | SCS |  | GMxB Legacy |  | EG |  | Momentum |  | CB |
| (in millions)
Balance, beginning of period | $ | 362 |  |  | $ | 179 |  |  | $ | 889 |  |  | $ | 185 |  |  | $ | 1,625 |  |  | $ | 156 |  |  | $ | 148 |  |  | $ | 1,279 |  |  | $ | 593 |  |  | $ | 710 |  |  | $ | 89 |  |  | $ | 127 |  |  | $ | 6,342 |
Capitalization | 14 |  |  | 7 |  |  | 155 |  |  | 14 |  |  | 121 |  |  | 11 |  |  | 38 |  |  | 507 |  |  | 26 |  |  | 73 |  |  | 10 |  |  | — |  |  | 976 |
Amortization (1) | (39) |  |  | (12) |  |  | (57) |  |  | (11) |  |  | (144) |  |  | (12) |  |  | (14) |  |  | (215) |  |  | (64) |  |  | (41) |  |  | (17) |  |  | (11) |  |  | (637) |
Balance, end of period | $ | 337 |  |  | $ | 174 |  |  | $ | 987 |  |  | $ | 188 |  |  | $ | 1,602 |  |  | $ | 155 |  |  | $ | 172 |  |  | $ | 1,571 |  |  | $ | 555 |  |  | $ | 742 |  |  | $ | 82 |  |  | $ | 116 |  |  | $ | 6,681 |
______________ (1) DAC amortization of $4 million related to Other not reflected in table above.
| Year Ended December 31, 2022
| Protection Solutions |  |  |  |  | Individual Retirement |  |  | Legacy |  | Group Retirement |  | Corporate and Other | Total
| Term | UL | VUL | IUL |  |  | GMxB Core | EI | IE | SCS |  |  | GMxB Legacy |  | EG | Momentum |  | CB
| (in millions)
Balance, beginning of period | $ | 385 |  | $ | 180 |  | $ | 799 |  | $ | 180 |  |  |  | $ | 1,653 |  | $ | 156 |  | $ | 121 |  | $ | 1,070 |  |  |  | $ | 631 |  |  | $ | 677 |  | $ | 94 |  |  | $ | 138 |  | $ | 6,084 |
Capitalization | 18 |  | 11 |  | 142 |  | 16 |  |  |  | 109 |  | 12 |  | 40 |  | 378 |  |  |  | 27 |  |  | 74 |  | 14 |  |  | — |  | 841 |
Amortization (2) | (41) |  | (12) |  | (52) |  | (11) |  |  |  | (137) |  | (12) |  | (13) |  | (169) |  |  |  | (65) |  |  | (41) |  | (19) |  |  | (11) |  | (583) |
Balance, end of period | $ | 362 |  | $ | 179 |  | $ | 889 |  | $ | 185 |  |  |  | $ | 1,625 |  | $ | 156 |  | $ | 148 |  | $ | 1,279 |  |  |  | $ | 593 |  |  | $ | 710 |  | $ | 89 |  |  | $ | 127 |  | $ | 6,342 |
______________ (1) DAC amortization of $3 million related to Other not reflected in table above. Changes in the Individual Retirement sales inducement assets were as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| GMxB Core |  | GMxB Legacy |  | GMxB Core |  | GMxB Legacy |  | GMxB Core |  | GMxB Legacy
| (in millions)
Balance, beginning of period | $ | 127 |  |  | $ | 179 |  |  | $ | 137 |  |  | $ | 200 |  |  | $ | 147 |  |  | $ | 222 |
Capitalization | 2 |  |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  | — |
Amortization | (12) |  |  | (19) |  |  | (12) |  |  | (21) |  |  | (12) |  |  | (22) |
Balance, end of period | $ | 117 |  |  | $ | 160 |  |  | $ | 127 |  |  | $ | 179 |  |  | $ | 137 |  |  | $ | 200 |
Changes in the Protection Solutions unearned revenue liability were as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| UL |  | VUL |  | IUL |  | UL |  | VUL |  | IUL |  | UL |  | VUL |  | IUL
| (in millions)
Balance, beginning of period | $ | 107 |  |  | $ | 754 |  |  | $ | 210 |  |  | $ | 95 |  |  | $ | 684 |  |  | $ | 157 |  |  | $ | 80 |  |  | $ | 619 |  |  | $ | 94 |
Capitalization | 15 |  |  | 135 |  |  | 55 |  |  | 19 |  |  | 115 |  |  | 64 |  |  | 21 |  |  | 105 |  |  | 71 |
Amortization | (8) |  |  | (49) |  |  | (15) |  |  | (7) |  |  | (45) |  |  | (11) |  |  | (6) |  |  | (40) |  |  | (8) |
Balance, end of period | $ | 114 |  |  | $ | 840 |  |  | $ | 250 |  |  | $ | 107 |  |  | $ | 754 |  |  | $ | 210 |  |  | $ | 95 |  |  | $ | 684 |  |  | $ | 157 |
LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS The following table reconciles the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the consolidated balance sheets:
| December 31,
| 2024 |  | 2023
| (in millions)
Reconciliation |  |  |
Term | $ | 1,285 |  |  | $ | 1,348 |
Payout | 5,050 |  |  | 4,464 |
Group Pension - Benefit Reserve & DPL | 460 |  |  | 490 |
Health | 1,362 |  |  | 1,505 |
UL | 1,246 |  |  | 1,193 |
Subtotal | 9,403 |  |  | 9,000 |
Whole Life Closed Block and Open Block products | 5,204 |  |  | 5,444 |
Other (1) | 901 |  |  | 970 |
Future policyholder benefits total | 15,508 |  |  | 15,414 |
Other policyholder funds and dividends payable | 2,105 |  |  | 1,949 |
Total | $ | 17,613 |  |  | $ | 17,363 |
_____________ (1)Primarily consists of future policy benefits related to Protective Life and Annuity, Assumed Life and Disability, Group Life Run off, Variable Interest Sensitive Life rider and EB. The following table summarizes balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts:
| Year Ended December 31, |  |  |  |  |  |  |  |  |
| 2024 |  | 2023 |  |  |  |  |  |  |  |  |
| Protection Solutions |  | Individual Retirement |  | Corporate & Other |  | Protection Solutions |  | Individual Retirement |  | Corporate & Other |  |  |  |  |  |  |
| Term |  | Payout |  | Group Pension |  | Health |  | Term |  | Payout |  | Group Pension |  | Health |  |  |  |  |  |  |  |  |
| (in millions) |
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 2,133 |  |  | $ | — |  |  | $ | — |  |  | $ | (21) |  |  | $ | 2,100 |  |  | $ | — |  |  | $ | — |  |  | $ | (5) |  |  |  |  |  |  |  |  |  |
Beginning balance at original discount rate | 2,058 |  |  | — |  |  | — |  |  | (22) |  |  | 2,078 |  |  | — |  |  | — |  |  | (5) |  |  |  |  |  |  |  |  |  |
Effect of changes in cash flow assumptions | 21 |  |  | — |  |  | — |  |  | (3) |  |  | 47 |  |  | — |  |  | — |  |  | (6) |  |  |  |  |  |  |  |  |  |
Effect of actual variances from expected experience | (82) |  |  | — |  |  | — |  |  | (5) |  |  | (37) |  |  | — |  |  | — |  |  | (12) |  |  |  |  |  |  |  |  |  |
Adjusted beginning of period balance | 1,997 |  |  | — |  |  | — |  |  | (30) |  |  | 2,088 |  |  | — |  |  | — |  |  | (23) |  |  |  |  |  |  |  |  |  |
Issuances | 52 |  |  | — |  |  | — |  |  | — |  |  | 65 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Interest accrual | 97 |  |  | — |  |  | — |  |  | (1) |  |  | 100 |  |  | — |  |  | — |  |  | (1) |  |  |  |  |  |  |  |  |  |
Net premiums collected | (187) |  |  | — |  |  | — |  |  | 5 |  |  | (195) |  |  | — |  |  | — |  |  | 2 |  |  |  |  |  |  |  |  |  |
Ending Balance at original discount rate | 1,959 |  |  | — |  |  | — |  |  | (26) |  |  | 2,058 |  |  | — |  |  | — |  |  | (22) |  |  |  |  |  |  |  |  |  |
Effect of changes in discount rate assumptions | (27) |  |  | — |  |  | — |  |  | 1 |  |  | 75 |  |  | — |  |  | — |  |  | 1 |  |  |  |  |  |  |  |  |  |
Balance, end of period | $ | 1,932 |  |  | $ | — |  |  | $ | — |  |  | $ | (25) |  |  | $ | 2,133 |  |  | $ | — |  |  | $ | — |  |  | $ | (21) |  |  |  |  |  |  |  |  |  |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 3,480 |  |  | $ | 4,464 |  |  | $ | 490 |  |  | $ | 1,484 |  |  | $ | 3,465 |  |  | $ | 3,517 |  |  | $ | 523 |  |  | $ | 1,553 |  |  |  |  |  |  |  |  |  |
Beginning balance of original discount rate | 3,330 |  |  | 4,680 |  |  | 536 |  |  | 1,672 |  |  | 3,391 |  |  | 3,869 |  |  | 583 |  |  | 1,795 |  |  |  |  |  |  |  |  |  |
Effect of changes in cash flow assumptions | 39 |  |  | — |  |  | — |  |  | — |  |  | 59 |  |  | — |  |  | — |  |  | (6) |  |  |  |  |  |  |  |  |  |
Effect of actual variances from expected experience | (103) |  |  | (2) |  |  | 2 |  |  | (11) |  |  | (45) |  |  | (4) |  |  | — |  |  | (22) |  |  |  |  |  |  |  |  |  |
Adjusted beginning of period balance | 3,266 |  |  | 4,678 |  |  | 538 |  |  | 1,661 |  |  | 3,405 |  |  | 3,865 |  |  | 583 |  |  | 1,767 |  |  |  |  |  |  |  |  |  |
Issuances | 56 |  |  | 994 |  |  | 20 |  |  | — |  |  | 70 |  |  | 1,044 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Interest accrual | 163 |  |  | 174 |  |  | 18 |  |  | 54 |  |  | 167 |  |  | 127 |  |  | 20 |  |  | 57 |  |  |  |  |  |  |  |  |  |
Benefits payments | (270) |  |  | (456) |  |  | (62) |  |  | (160) |  |  | (312) |  |  | (356) |  |  | (67) |  |  | (152) |  |  |  |  |  |  |  |  |  |
Ending Balance at original discount rate | 3,215 |  |  | 5,390 |  |  | 514 |  |  | 1,555 |  |  | 3,330 |  |  | 4,680 |  |  | 536 |  |  | 1,672 |  |  |  |  |  |  |  |  |  |
Effect of changes in discount rate assumptions | 1 |  |  | (340) |  |  | (54) |  |  | (218) |  |  | 150 |  |  | (216) |  |  | (46) |  |  | (188) |  |  |  |  |  |  |  |  |  |
Balance, end of period | $ | 3,216 |  |  | $ | 5,050 |  |  | $ | 460 |  |  | $ | 1,337 |  |  | $ | 3,480 |  |  | $ | 4,464 |  |  | $ | 490 |  |  | $ | 1,484 |  |  |  |  |  |  |  |  |  |
Impact of flooring LFPB at zero | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Net liability for future policy benefits | 1,285 |  |  | 5,050 |  |  | 460 |  |  | 1,362 |  |  | 1,348 |  |  | 4,464 |  |  | 490 |  |  | 1,505 |  |  |  |  |  |  |  |  |  |
Less: Reinsurance recoverable | 8 |  |  | (1,347) |  |  | — |  |  | (1,070) |  |  | 25 |  |  | (969) |  |  | — |  |  | (1,191) |  |  |  |  |  |  |  |  |  |
Net liability for future policy benefits, after reinsurance recoverable | $ | 1,293 |  |  | $ | 3,703 |  |  | $ | 460 |  |  | $ | 292 |  |  | $ | 1,373 |  |  | $ | 3,495 |  |  | $ | 490 |  |  | $ | 314 |  |  |  |  |  |  |  |  |  |
Weighted-average duration of liability for future policyholder benefits (years) | 6.7 |  | 7.7 |  | 6.9 |  | 8.4 |  | 7.0 |  | 8.0 |  | 7.1 |  | 8.7 |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2022
| Protection Solutions |  | Individual Retirement |  | Corporate & Other
| Term |  | Payout |  | Group Pension |  | Health
| ( in millions)
Present Value of Expected Net Premiums |  |  |  |  |  |  |
Balance, beginning of period | $ | 2,485 |  |  | $ | — |  |  | $ | — |  |  | $ | 22 |
Beginning balance at original discount rate | 1,864 |  |  | — |  |  | — |  |  | 19 |
Effect of changes in cash flow assumptions | 204 |  |  | — |  |  | — |  |  | (10) |
Effect of actual variances from expected experience | 31 |  |  | — |  |  | — |  |  | (15) |
Adjusted beginning of period balance | 2,099 |  |  | — |  |  | — |  |  | (6) |
Issuances | 76 |  |  | — |  |  | — |  |  | — |
Interest accrual | 97 |  |  | — |  |  | — |  |  | — |
Net premiums collected | (194) |  |  | — |  |  | — |  |  | 1 |
Ending Balance at original discount rate | 2,078 |  |  | — |  |  | — |  |  | (5) |
Effect of changes in discount rate assumptions | 22 |  |  | — |  |  | — |  |  | — |
Balance, end of period | $ | 2,100 |  |  | $ | — |  |  | $ | — |  |  | $ | (5) |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |
Balance, beginning of period | $ | 4,294 |  |  | $ | 3,661 |  |  | $ | 683 |  |  | $ | 2,092 |
Beginning balance of original discount rate | 3,241 |  |  | 3,283 |  |  | 632 |  |  | 1,915 |
Effect of changes in cash flow assumptions | 222 |  |  | (3) |  |  | — |  |  | (5) |
Effect of actual variances from expected experience | 31 |  |  | (5) |  |  | 1 |  |  | (13) |
Adjusted beginning of period balance | 3,494 |  |  | 3,275 |  |  | $ | 633 |  |  | 1,897 |
Issuances | 82 |  |  | 781 |  |  | — |  |  | — |
Interest accrual | 168 |  |  | 103 |  |  | 21 |  |  | 61 |
Benefits payments | (353) |  |  | (290) |  |  | (71) |  |  | (163) |
Ending Balance at original discount rate | 3,391 |  |  | 3,869 |  |  | 583 |  |  | 1,795 |
Effect of changes in discount rate assumptions | 74 |  |  | (352) |  |  | (60) |  |  | (242) |
Balance, end of period | $ | 3,465 |  |  | $ | 3,517 |  |  | $ | 523 |  |  | $ | 1,553 |
Impact of flooring LFPB at zero | — |  |  | — |  |  | — |  |  | — |
Net liability for future policy benefits | 1,365 |  |  | 3,517 |  |  | 523 |  |  | 1,558 |
Less: Reinsurance recoverable | 21 |  |  | (466) |  |  | — |  |  | (1,242) |
Net liability for future policy benefits, after reinsurance recoverable | $ | 1,386 |  |  | $ | 3,051 |  |  | $ | 523 |  |  | $ | 316 |
Weighted-average duration of liability for future policyholder benefits (years) | 7.0 |  | 8.5 |  | 7.2 |  | 8.7
The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses related to nonparticipating traditional and limited payment contracts:
| December 31, |  |
| 2024 |  | 2023 |  |
| (in millions) |  |
Term |  |  |  |  |
Expected future benefit payments and expenses (undiscounted) | $ | 5,613 |  |  | $ | 5,878 |  |  |
Expected future gross premiums (undiscounted) | 6,597 |  |  | 6,979 |  |  |
Expected future benefit payments and expenses (discounted; AOCI basis) | 3,216 |  |  | 3,480 |  |  |
| December 31, |  |
| 2024 |  | 2023 |  |
Expected future gross premiums (discounted; AOCI basis) | 3,507 |  |  | 3,879 |  |  |
Payout |  |  |  |  |
Expected future benefit payments and expenses (undiscounted) | 7,686 |  |  | 6,630 |  |  |
Expected future gross premiums (undiscounted) | — |  |  | — |  |  |
Expected future benefit payments and expenses (discounted; AOCI basis) | 4,938 |  |  | 4,350 |  |  |
Expected future gross premiums (discounted; AOCI basis) | — |  |  | — |  |  |
Group Pension |  |  |  |  |
Expected future benefit payments and expenses (undiscounted) | 630 |  |  | 668 |  |  |
Expected future gross premiums (undiscounted) | — |  |  | — |  |  |
Expected future benefit payments and expenses (discounted; AOCI basis) | 436 |  |  | 471 |  |  |
Expected future gross premiums (discounted; AOCI basis) | — |  |  | — |  |  |
Health |  |  |  |  |
Expected future benefit payments and expenses (undiscounted) | 2,139 |  |  | 2,318 |  |  |
Expected future gross premiums (undiscounted) | 70 |  |  | 85 |  |  |
Expected future benefit payments and expenses (discounted; AOCI basis) | 1,323 |  |  | 1,468 |  |  |
Expected future gross premiums (discounted; AOCI basis) | $ | 55 |  |  | $ | 68 |  |  |
The table below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
| Gross Premium |  | Interest Accretion
| (in millions)
Revenue and Interest Accretion |  |  |  |  |  |  |  |  |  |  |
Term | $ | 336 |  |  | $ | 352 |  |  | $ | 275 |  |  | $ | 66 |  |  | $ | 67 |  |  | $ | 70 |
Payout | 271 |  |  | 266 |  |  | 123 |  |  | 207 |  |  | 149 |  |  | 103 |
Group Pension | — |  |  | — |  |  | — |  |  | 18 |  |  | 19 |  |  | 21 |
Health | 12 |  |  | 15 |  |  | 9 |  |  | 54 |  |  | 58 |  |  | 61 |
Total | $ | 619 |  |  | $ | 633 |  |  | $ | 407 |  |  | $ | 345 |  |  | $ | 293 |  |  | $ | 255 |
The following table provides the weighted average interest rates for the liability for future policy benefits:
|  |  | December 31,
|  |  | 2024 |  | 2023
Weighted Average Interest Rate |  |  |  |  |
Term |  |  |  |  |
Interest accretion rate |  |  | 5.6 | % |  | 5.6 | %
Current discount rate |  |  | 5.2 | % |  | 4.8 | %
Payout |  |  |  |  |
Interest accretion rate |  |  | 4.4 | % |  | 4.2 | %
Current discount rate |  |  | 5.3 | % |  | 4.9 | %
Group Pension |  |  |  |  |
Interest accretion rate |  |  | 3.4 | % |  | 3.3 | %
Current discount rate |  |  | 5.2 | % |  | 4.8 | %
Health |  |  |  |  |
Interest accretion rate |  |  | 3.4 | % |  | 3.4 | %
Current discount rate |  |  | 5.4 | % |  | 4.9 | %
The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities:
|  |  | Year Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
|  |  |  |  | Protection Solutions
|  |  |  |  | UL
|  |  |  |  | (in millions)
Balance, beginning of period |  |  |  |  | $ | 1,193 |  |  | $ | 1,109 |  |  | $ | 1,087 |
Beginning balance before AOCI adjustments |  |  |  |  | 1,230 |  |  | 1,135 |  |  | 1,076 |
Effect of changes in interest rate & cash flow assumptions and model changes |  |  |  |  | 17 |  |  | 21 |  |  | 8 |
Effect of actual variances from expected experience |  |  |  |  | 2 |  |  | 10 |  |  | 25 |
Adjusted beginning of period balance |  |  |  |  | 1,249 |  |  | 1,166 |  |  | 1,109 |
Interest accrual |  |  |  |  | 56 |  |  | 52 |  |  | 49 |
Net assessments collected |  |  |  |  | 70 |  |  | 69 |  |  | 68 |
Benefit payments |  |  |  |  | (73) |  |  | (57) |  |  | (91) |
Ending balance before shadow reserve adjustments |  |  |  |  | 1,302 |  |  | 1,230 |  |  | 1,135 |
Effect of reserve adjustment recorded in AOCI |  |  |  |  | (56) |  |  | (37) |  |  | (26) |
Balance, end of period |  |  |  |  | $ | 1,246 |  |  | $ | 1,193 |  |  | $ | 1,109 |
Net liability for additional liability |  |  |  |  | $ | 1,246 |  |  | $ | 1,193 |  |  | $ | 1,109 |
Less: Reinsurance recoverable |  |  |  |  | — |  |  | — |  |  | — |
Net liability for additional liability, after reinsurance recoverable |  |  |  |  | $ | 1,246 |  |  | $ | 1,193 |  |  | $ | 1,109 |
Weighted-average duration of additional liability - death benefit (years) |  |  |  |  | 19.4 |  | 19.9 |  | 22.0
The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
| Assessments |  | Interest Accretion
| (in millions)
Revenue and Interest Accretion |  |  |  |  |  |  |  |  |  |  |
UL | $ | 663 |  |  | $ | 670 |  |  | $ | 666 |  |  | $ | 56 |  |  | $ | 51 |  |  | $ | 49 |
Total | $ | 663 |  |  | $ | 670 |  |  | $ | 666 |  |  | $ | 56 |  |  | $ | 51 |  |  | $ | 49 |
|  |  |  |  | Year Ended December 31,
|  |  |  |  |  |  | 2024 |  | 2023 |  | 2022
Weighted Average Interest Rate |  |  |  |  |  |  |  |  |  |  |
UL |  |  |  |  |  |  | 4.5 | % |  | 4.5 | % |  | 4.5 | %
Interest accretion rate |  |  |  |  |  |  | 4.5 | % |  | 4.5 | % |  | 4.5 | %
The discount rate used for additional insurance liabilities reserve is based on the crediting rate at issue.

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