XML 47 R34.htm IDEA: XBRL DOCUMENT
v3.23.1

Future Policy Benefits (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Insurance [Abstract] |
Liability for Future Policy Benefit, Activity | Liability for Future Policy Benefits – Traditional Business The following tables provide the balances of and changes in the Company’s liability for future policy benefits for long-duration reinsurance contracts for its Traditional business, which primarily consists of individual life, group life and critical illness reinsurance for the three months ended March 31, 2023 and 2022 (dollars in millions):
Three months ended March 31, 2023: |  | U.S. and Latin America – Traditional |  | Canada – Traditional |  | Europe, Middle East and Africa – Traditional |  | Asia Pacific – Traditional
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 74,207 |  |  | $ | 21,330 |  |  | $ | 14,244 |  |  | $ | 40,506 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | (8) |
Effect of actual variances from expected experience |  | (103) |  |  | 97 |  |  | (256) |  |  | 128 |
Adjusted balance, beginning of year |  | 74,104 |  |  | 21,427 |  |  | 13,988 |  |  | 40,626 |
Issuances (1) |  | 1,016 |  |  | 110 |  |  | 382 |  |  | 619 |
Interest accrual (2) |  | 851 |  |  | 182 |  |  | 119 |  |  | 256 |
Net premiums collected (3) |  | (1,229) |  |  | (231) |  |  | (344) |  |  | (490) |
Derecognition (4) |  | (35) |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | — |  |  | 46 |  |  | 184 |  |  | (113) |
Ending balance at original discount rate |  | 74,707 |  |  | 21,534 |  |  | 14,329 |  |  | 40,898 |
Effect of changes in discount rate assumptions |  | (4,074) |  |  | (4,376) |  |  | (2,515) |  |  | (11,029) |
Balance, end of period |  | $ | 70,633 |  |  | $ | 17,158 |  |  | $ | 11,814 |  |  | $ | 29,869 |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 85,285 |  |  | $ | 24,655 |  |  | $ | 15,454 |  |  | $ | 44,785 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | (8) |
Effect of actual variances from expected experience |  | (79) |  |  | 98 |  |  | (258) |  |  | 121 |
Adjusted balance, beginning of year |  | 85,206 |  |  | 24,753 |  |  | 15,196 |  |  | 44,898 |
Issuances (1) |  | 1,018 |  |  | 110 |  |  | 382 |  |  | 619 |
Interest accrual (2) |  | 981 |  |  | 233 |  |  | 127 |  |  | 293 |
Benefit payments (5) |  | (1,486) |  |  | (256) |  |  | (331) |  |  | (458) |
Derecognition (4) |  | (54) |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | 1 |  |  | 56 |  |  | 201 |  |  | (125) |
Ending balance at original discount rate |  | 85,666 |  |  | 24,896 |  |  | 15,575 |  |  | 45,227 |
Effect of changes in discount rate assumptions |  | (5,188) |  |  | (3,607) |  |  | (2,686) |  |  | (12,914) |
Balance, end of period |  | $ | 80,478 |  |  | $ | 21,289 |  |  | $ | 12,889 |  |  | $ | 32,313 |
Liability for future policy benefits |  | $ | 9,845 |  |  | $ | 4,131 |  |  | $ | 1,075 |  |  | $ | 2,444 |
Less: reinsurance recoverable |  | (417) |  |  | (277) |  |  | (37) |  |  | (99) |
Net liability for future policy benefits |  | $ | 9,428 |  |  | $ | 3,854 |  |  | $ | 1,038 |  |  | $ | 2,345 |
Weighted-average duration of the liability (in years) |  | 12 |  | 15 |  | 8 |  | 16
Weighted-average interest accretion rate |  | 4.7 | % |  | 3.6 | % |  | 3.4 | % |  | 2.6 | %
Weighted-average current discount rate |  | 4.9 | % |  | 4.7 | % |  | 5.4 | % |  | 4.3 | %
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions.
Three months ended March 31, 2022: |  | U.S. and Latin America – Traditional |  | Canada – Traditional |  | Europe, Middle East and Africa – Traditional |  | Asia Pacific – Traditional
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 73,447 |  | $ | 21,989 |  | $ | 14,440 |  | $ | 37,943
Effect of changes in cash flow assumptions |  | — |  | — |  | — |  | —
Effect of actual variances from expected experience |  | (33) |  | 166 |  | 90 |  | (1,504)
Adjusted balance, beginning of year |  | 73,414 |  | 22,155 |  | 14,530 |  | 36,439
Issuances (1) |  | 832 |  | 206 |  | 297 |  | 2,217
Interest accrual (2) |  | 845 |  | 194 |  | 127 |  | 239
Net premiums collected (3) |  | (1,207) |  | (248) |  | (337) |  | (502)
Derecognition (4) |  | — |  | — |  | — |  | —
Foreign currency translation |  | 3 |  | 235 |  | (234) |  | (549)
Ending balance at original discount rate |  | 73,887 |  | 22,542 |  | 14,383 |  | 37,844
Effect of changes in discount rate assumptions |  | 6,120 |  | (2,933) |  | (234) |  | (7,976)
Balance, end of period |  | $ | 80,007 |  | $ | 19,609 |  | $ | 14,149 |  | $ | 29,868
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 84,075 |  | $ | 25,440 |  | $ | 15,664 |  | $ | 41,971
Effect of changes in cash flow assumptions |  | — |  | — |  | — |  | —
Effect of actual variances from expected experience |  | 72 |  | 174 |  | 88 |  | (1,501)
Adjusted balance, beginning of year |  | 84,147 |  | 25,614 |  | 15,752 |  | 40,470
Issuances (1) |  | 833 |  | 206 |  | 297 |  | 2,162
Interest accrual (2) |  | 970 |  | 250 |  | 135 |  | 272
Benefit payments (5) |  | (1,628) |  | (299) |  | (346) |  | (506)
Derecognition (4) |  | — |  | — |  | — |  | —
Foreign currency translation |  | 4 |  | 271 |  | (264) |  | (563)
Ending balance at original discount rate |  | 84,326 |  | 26,042 |  | 15,574 |  | 41,835
Effect of changes in discount rate assumptions |  | 7,446 |  | (1,621) |  | (197) |  | (9,362)
Balance, end of period |  | $ | 91,772 |  | $ | 24,421 |  | $ | 15,377 |  | $ | 32,473
Liability for future policy benefits |  | $ | 11,765 |  | $ | 4,812 |  | $ | 1,228 |  | $ | 2,605
Less: reinsurance recoverable |  | (572) |  | (322) |  | (36) |  | (115)
Net liability for future policy benefits |  | $ | 11,193 |  | $ | 4,490 |  | $ | 1,192 |  | $ | 2,490
Weighted-average duration of the liability (in years) |  | 13 |  | 16 |  | 10 |  | 16
Weighted-average interest accretion rate |  | 4.7 | % |  | 3.7 | % |  | 3.5 | % |  | 2.6 | %
Weighted-average current discount rate |  | 3.9 | % |  | 4.1 | % |  | 3.7 | % |  | 3.9 | %
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions. Significant assumptions used to compute the liability for future policy benefits for the Traditional business include mortality, morbidity, lapse rates and discount rates (both accretion and current). The Company updated the underlying market data used to determine the current discount rate resulting in changes to the discount rate assumption used to measure the net liability for future policy benefits each period. The Company’s Traditional business actual-to-expected variances and the effects of changes in discount rate assumption for the three months ending March 31, 2023 and 2022 are summarized in the tables below:
Three months ended March 31, 2023:
Segment |  | Net liability for future policy benefits at original discount rate |  | Actual-to-expected variance |  | Impact of updating discount rate recognized in OCI |  | Commentary
U.S. and Latin America – Traditional |  | $11.0 billion |  | $24 million |  | $490 million |  | During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions.
| 1.1% decrease |  | 0.2% increase |  | 4.4% increase |
Canada – Traditional |  | $3.4 billion |  | $1 million |  | $143 million |  | During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions.
| 1.1% increase |  | 0.0% increase |  | 4.3% increase |
Europe, Middle East and Africa – Traditional |  | $1.2 billion |  | $(2) million |  | $(2) million |  | During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any material changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions.
| 3.0% increase |  | 0.2% decrease |  | 0.2% decrease |
Asia Pacific – Traditional |  | $4.3 billion |  | $(7) million |  | $46 million |  | During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any material changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions.
| 1.2% increase |  | 0.2% decrease |  | 1.1% increase |
Three months ended March 31, 2022:
Segment |  | Net liability for future policy benefits at original discount rate |  | Actual-to-expected variance |  | Impact of updating discount rate recognized in OCI |  | Commentary
U.S. and Latin America – Traditional |  | $10.4 billion |  | $105 million |  | $(2,088) million |  | During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions. The actual-to-expected variance was predominately related to COVID-19.
| 1.8% decrease |  | 1.0% increase |  | 19.6% decrease |
Canada – Traditional |  | $3.5 billion |  | $8 million |  | $(792) million |  | During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions.
| 1.4% increase |  | 0.2% increase |  | 22.9% decrease |
Europe, Middle East and Africa – Traditional |  | $1.2 billion |  | $(2) million |  | $(128) million |  | During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions.
| 2.7% decrease |  | 0.2% decrease |  | 10.5% decrease |
Asia Pacific – Traditional |  | $4.0 billion |  | $3 million |  | $(369) million |  | During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions.
| 0.9% decrease |  | 0.1% increase |  | 9.2% decrease |
Liability for Future Policy Benefits – Financial Solutions Business The deferred profit liability related to the longevity business is presented together with the liability for future policy benefits. The following tables provide the balances of and changes in the Company’s liability for future policy benefits for its Financial Solutions business, which primarily consists of longevity reinsurance, asset-intensive products, primarily annuities and financial reinsurance for the three months ending March 31, 2023 and 2022 (dollars in millions):
Three months ended March 31, 2023: |  | U.S. and Latin America – Financial Solutions |  | Canada – Financial Solutions |  | Europe, Middle East and Africa – Financial Solutions |  | Asia Pacific – Financial Solutions
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 1,671 |  |  | $ | 3,394 |  |  | $ | 38,782 |  |  | $ | 1,605 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | (7) |  |  | (2) |  |  | 42 |  |  | — |
Adjusted balance, beginning of year |  | 1,664 |  |  | 3,392 |  |  | 38,824 |  |  | 1,605 |
Issuances (1) |  | 146 |  |  | — |  |  | 3,681 |  |  | 1,244 |
Interest accrual (2) |  | 13 |  |  | 27 |  |  | 185 |  |  | 6 |
Net premiums collected (3) |  | (186) |  |  | (84) |  |  | (764) |  |  | (1,260) |
Derecognition (4) |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | — |  |  | 9 |  |  | 742 |  |  | (21) |
Ending balance at original discount rate |  | 1,637 |  |  | 3,344 |  |  | 42,668 |  |  | 1,574 |
Effect of changes in discount rate assumptions |  | (223) |  |  | (336) |  |  | (8,323) |  |  | 74 |
Balance, end of period |  | $ | 1,414 |  |  | $ | 3,008 |  |  | $ | 34,345 |  |  | $ | 1,648 |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 5,823 |  |  | $ | 3,447 |  |  | $ | 44,330 |  |  | $ | 6,561 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | (11) |  |  | (6) |  |  | 31 |  |  | (1) |
Adjusted balance, beginning of year |  | 5,812 |  |  | 3,441 |  |  | 44,361 |  |  | 6,560 |
Issuances (1) |  | 154 |  |  | — |  |  | 3,681 |  |  | 1,289 |
Interest accrual (2) |  | 56 |  |  | 28 |  |  | 225 |  |  | 18 |
Benefit payments (5) |  | (138) |  |  | (83) |  |  | (858) |  |  | (68) |
Derecognition (4) |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | (16) |  |  | 8 |  |  | 852 |  |  | (77) |
Ending balance at original discount rate |  | 5,868 |  |  | 3,394 |  |  | 48,261 |  |  | 7,722 |
Effect of changes in discount rate assumptions |  | (460) |  |  | (332) |  |  | (9,191) |  |  | (250) |
Balance, end of period |  | $ | 5,408 |  |  | $ | 3,062 |  |  | $ | 39,070 |  |  | $ | 7,472 |
Liability for future policy benefits |  | $ | 3,994 |  |  | $ | 54 |  |  | $ | 4,725 |  |  | $ | 5,824 |
Less: reinsurance recoverable |  | — |  |  | — |  |  | — |  |  | — |
Net liability for future policy benefits |  | $ | 3,994 |  |  | $ | 54 |  |  | $ | 4,725 |  |  | $ | 5,824 |
Weighted-average duration of the liability (in years) |  | 8 |  | 7 |  | 9 |  | 15
Weighted-average interest accretion rate |  | 3.5 | % |  | 3.3 | % |  | 1.9 | % |  | 1.3 | %
Weighted-average current discount rate |  | 5.0 | % |  | 4.7 | % |  | 4.7 | % |  | 1.5 | %
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions.
Three months ended March 31, 2022: |  | U.S. and Latin America – Financial Solutions |  | Canada – Financial Solutions |  | Europe, Middle East and Africa – Financial Solutions |  | Asia Pacific – Financial Solutions
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 228 |  |  | $ | 3,329 |  |  | $ | 31,973 |  |  | $ | 1,051 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | (3) |  |  | (7) |  |  | 111 |  |  | 47 |
Adjusted balance, beginning of year |  | 225 |  |  | 3,322 |  |  | 32,084 |  |  | 1,098 |
Issuances (1) |  | — |  |  | 581 |  |  | 10,932 |  |  | 1,325 |
Interest accrual (2) |  | 1 |  |  | 26 |  |  | 185 |  |  | 6 |
Net premiums collected (3) |  | (7) |  |  | (88) |  |  | (799) |  |  | (613) |
Derecognition (4) |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | — |  |  | 41 |  |  | (1,175) |  |  | (77) |
Ending balance at original discount rate |  | 219 |  |  | 3,882 |  |  | 41,227 |  |  | 1,739 |
Effect of changes in discount rate assumptions |  | (36) |  |  | (193) |  |  | (3,365) |  |  | 187 |
Balance, end of period |  | $ | 183 |  |  | $ | 3,689 |  |  | $ | 37,862 |  |  | $ | 1,926 |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 4,628 |  |  | $ | 3,393 |  |  | $ | 38,196 |  |  | $ | 6,062 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | (23) |  |  | (12) |  |  | 103 |  |  | 48 |
Adjusted balance, beginning of year |  | 4,605 |  |  | 3,381 |  |  | 38,299 |  |  | 6,110 |
Issuances (1) |  | — |  |  | 581 |  |  | 10,932 |  |  | 1,325 |
Interest accrual (2) |  | 47 |  |  | 27 |  |  | 228 |  |  | 17 |
Benefit payments (5) |  | (111) |  |  | (87) |  |  | (895) |  |  | (50) |
Derecognition (4) |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | — |  |  | 42 |  |  | (1,354) |  |  | (346) |
Ending balance at original discount rate |  | 4,541 |  |  | 3,944 |  |  | 47,210 |  |  | 7,056 |
Effect of changes in discount rate assumptions |  | 107 |  |  | (184) |  |  | (3,472) |  |  | 51 |
Balance, end of period |  | $ | 4,648 |  |  | $ | 3,760 |  |  | $ | 43,738 |  |  | $ | 7,107 |
Liability for future policy benefits |  | $ | 4,465 |  |  | $ | 71 |  |  | $ | 5,876 |  |  | $ | 5,181 |
Less: reinsurance recoverable |  | — |  |  | — |  |  | — |  |  | — |
Net liability for future policy benefits |  | $ | 4,465 |  |  | $ | 71 |  |  | $ | 5,876 |  |  | $ | 5,181 |
Weighted-average duration of the liability (in years) |  | 10 |  | 8 |  | 10 |  | 16
Weighted-average interest accretion rate |  | 3.0 | % |  | 2.9 | % |  | 2.1 | % |  | 1.4 | %
Weighted-average current discount rate |  | 3.9 | % |  | 3.9 | % |  | 2.8 | % |  | 1.3 | %
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts. (2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate. (3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments. (4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model. (5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions. Significant assumptions used to compute the liability for future policy benefits for the Financial Solutions business include mortality, morbidity, lapse rates and discount rates (both accretion and current). The Company updated the underlying market data used to determine the current discount rate resulting in changes to the discount rate assumption used to measure the net liability for future policy benefits. The Company’s Financial Solutions business actual-to-expected variances and the effects of changes in discount rate assumption for the three months ending March 31, 2023 and 2022 are summarized in the tables below:
Three months ended March 31, 2023:
Segment |  | Net liability for future policy benefits at original discount rate |  | Actual-to-expected variance |  | Impact of updating discount rate recognized in OCI |  | Commentary
U.S. and Latin America – Financial Solutions |  | $4.2 billion |  | $(4) million |  | $96 million |  | During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions.
| 1.9% increase |  | 0.1% decrease |  | 2.3% increase |
Canada – Financial Solutions |  | $0.1 billion |  | $(4) million |  | $3 million |  | During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions.
| 5.7% decrease |  | 7.5% decrease |  | 5.7% increase |
Europe, Middle East and Africa – Financial Solutions |  | $5.6 billion |  | $(11) million |  | $46 million |  | During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions.
| 0.8% increase |  | 0.2% decrease |  | 0.8% increase |
Asia Pacific – Financial Solutions |  | $6.1 billion |  | $(1) million |  | $136 million |  | During the first quarter of 2023, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions.
| 24.1% increase |  | 0.0% decrease |  | 2.7% increase |
For the three months ended March 31, 2022:
Segment |  | Net liability for future policy benefits at original discount rate |  | Actual-to-expected variance |  | Impact of updating discount rate recognized in OCI |  | Commentary
U.S. and Latin America – Financial Solutions |  | $4.3 billion |  | $(20) million |  | $(404) million |  | During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions.
| 1.8% decrease |  | 0.5% decrease |  | 9.2% decrease |
Canada – Financial Solutions |  | $0.1 billion |  | $(5) million |  | $(8) million |  | During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions.
| 3.1% decrease |  | 7.8% decrease |  | 12.5% decrease |
Europe, Middle East and Africa – Financial Solutions |  | $6.0 billion |  | $(8) million |  | $(613) million |  | During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions.
| 3.9% decrease |  | 0.1% decrease |  | 9.9% decrease |
Asia Pacific – Financial Solutions |  | $5.3 billion |  | $1 million |  | $(139) million |  | During the first quarter of 2022, the Company reviewed the significant assumptions used to measure the liability for future policy benefits and did not make any changes to the segment’s mortality, morbidity, and lapse assumptions as actual experience was consistent with the underlying assumptions.
| 6.1% increase |  | 0.0% increase |  | 2.8% decrease |
Future Policy Benefits Reconciliation To Balance Sheet | Reconciliation and Other Disclosures The reconciliation of the rollforward of the liability for future policy benefits to the condensed consolidated balance sheets as of March 31, 2023 and 2022 is as follows (dollars in millions):
|  | March 31,
|  | 2023 |  | 2022
Liability for future policy benefits included in the rollforwards: |  |  |  |
Traditional: |  |  |  |
U.S. and Latin America |  | $ | 9,845 |  | $ | 11,765
Canada |  | 4,131 |  | 4,812
Europe, Middle East and Africa |  | 1,075 |  | 1,228
Asia Pacific |  | 2,444 |  | 2,605
Financial Solutions: |  |  |  |
U.S. and Latin America |  | 3,994 |  |  | 4,465 |
Canada |  | 54 |  |  | 71 |
Europe, Middle East and Africa |  | 4,725 |  |  | 5,876 |
Asia Pacific |  | 5,824 |  |  | 5,181 |
Other long-duration contracts |  | 181 |  |  | 177 |
Claims liability and incurred but not reported claims |  | 5,417 |  |  | 5,659 |
Unearned revenue liability |  | 532 |  |  | 567 |
Total liability for future policy benefits |  | $ | 38,222 |  |  | $ | 42,406 |
Undiscounted and Discounted Future Gross Premiums and Expected Future Benefits | The amount of undiscounted and discounted expected future gross premiums and expected future benefit payments for the liability for future policy benefits included in the rollforwards as of March 31, 2023 and 2022 is as follows (dollars in millions):
|  | March 31,
|  | 2023 |  | 2022
|  | Undiscounted |  | Discounted |  | Undiscounted |  | Discounted
Expected future gross premiums |  |  |  |  |  |  |  |
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 172,081 |  |  | $ | 82,288 |  |  | $ | 172,097 |  |  | $ | 93,268 |
Canada |  | 53,244 |  |  | 21,317 |  |  | 56,648 |  |  | 24,355 |
Europe, Middle East and Africa |  | 24,591 |  |  | 13,611 |  |  | 25,517 |  |  | 16,254 |
Asia Pacific |  | 92,305 |  |  | 37,986 |  |  | 84,355 |  |  | 38,094 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 3,112 |  |  | 1,975 |  |  | 972 |  |  | 686 |
Canada |  | 4,738 |  |  | 3,149 |  |  | 5,506 |  |  | 3,843 |
Europe, Middle East and Africa |  | 64,424 |  |  | 37,636 |  |  | 56,874 |  |  | 41,655 |
Asia Pacific |  | 2,977 |  |  | 2,478 |  |  | 3,280 |  |  | 2,840 |
Expected future benefit payments |  |  |  |  |  |  |  |
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 181,123 |  |  | $ | 80,478 |  |  | $ | 181,789 |  |  | $ | 91,772 |
Canada |  | 56,223 |  |  | 21,289 |  |  | 60,162 |  |  | 24,421 |
Europe, Middle East and Africa |  | 24,150 |  |  | 12,889 |  |  | 24,939 |  |  | 15,377 |
Asia Pacific |  | 88,496 |  |  | 32,313 |  |  | 82,052 |  |  | 32,473 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 9,214 |  |  | 5,408 |  |  | 7,360 |  |  | 4,648 |
Canada |  | 4,602 |  |  | 3,062 |  |  | 5,387 |  |  | 3,760 |
Europe, Middle East and Africa |  | 66,775 |  |  | 39,070 |  |  | 59,907 |  |  | 43,738 |
Asia Pacific |  | 10,144 |  |  | 7,472 |  |  | 9,175 |  |  | 7,107 |
Gross Premiums And Interest Expense Liability Future Policy Benefits | The amount of gross premiums and interest expense recognized in the consolidated statements of income for the liability for future policy benefits included in the rollforwards for the three months ended March 31, 2023 and 2022 is as follows (dollars in millions):
|  | Gross Premiums |  | Interest Expense
|  | March 31, |  | March 31,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 1,422 |  |  | $ | 1,397 |  |  | $ | 130 |  |  | $ | 125 |
Canada |  | 262 |  |  | 272 |  |  | 51 |  |  | 56 |
Europe, Middle East and Africa |  | 355 |  |  | 361 |  |  | 8 |  |  | 8 |
Asia Pacific |  | 620 |  |  | 629 |  |  | 37 |  |  | 33 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 156 |  |  | 8 |  |  | 43 |  |  | 46 |
Canada |  | 23 |  |  | 23 |  |  | 1 |  |  | 1 |
Europe, Middle East and Africa |  | 161 |  |  | 163 |  |  | 40 |  |  | 43 |
Asia Pacific |  | 63 |  |  | 43 |  |  | 12 |  |  | 11 |
Total |  | $ | 3,062 |  |  | $ | 2,896 |  |  | $ | 322 |  |  | $ | 323 |
There were no material charges incurred for the three months ended March 31, 2023 and 2022, resulting from net premiums exceeding gross premiums.

X
- Definition Future Policy Benefits Reconciliation To Balance Sheet + References No definition available. + Details
Name: | rga_FuturePolicyBenefitsReconciliationToBalanceSheetTableTextBlock
Namespace Prefix: | rga_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Gross Premiums And Interest Expense Liability Future Policy Benefits + References No definition available. + Details
Name: | rga_GrossPremiumsAndInterestExpenseLiabilityFuturePolicyBenefitsTableTextBlock
Namespace Prefix: | rga_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Undiscounted and Discounted Future Gross Premiums and Expected Future Benefits + References No definition available. + Details
Name: | rga_UndiscountedAndDiscountedFutureGrossPremiumsAndExpectedFutureBenefitsTableTextBlock
Namespace Prefix: | rga_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InsuranceAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of beginning balance to ending balance for liability for future policy benefit, with separate presentation of expected future net premium and expected future benefit. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 55 -Paragraph 29E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480046/944-40-55-29E Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-6 + Details
Name: | us-gaap_LiabilityForFuturePolicyBenefitActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration