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Future Policy Benefits (Tables) | 9 Months Ended
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Sep. 30, 2023
Insurance [Abstract] |
Liability for Future Policy Benefit, Activity | Liability for Future Policy Benefits The Company reviews actual and anticipated experience compared to the assumptions used to establish policy benefits on a quarterly basis and will update those assumptions if evidence suggests that they should be revised. It is the Company’s policy to complete its annual assumption review during the third quarter of each year. Updates may occur in other quarters if information becomes available during the quarter that indicates an assumption update is necessary. During the third quarter of 2023, the Company completed its annual assumption review resulting in a decrease in its total liability for future policy benefits. The decrease was primarily the result of updated mortality assumptions, which had a favorable impact on the liability for future policy benefits for the Company’s Financial Solutions business and an unfavorable impact on the Company’s Traditional business. During the third quarter of 2022, the Company completed its annual assumption review resulting in an increase in its total liability for future policy benefits. The increase was primarily the result of updated mortality assumptions, which had an unfavorable impact on the liability for future policy benefits for the Company’s Traditional business. There were no significant changes in the assumptions used to measure the liability for future policy benefits for the Company’s Financial Solutions business. 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 nine months ended September 30, 2023 and 2022 (dollars in millions):
Nine months ended September 30, 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 |  | 905 |  |  | 96 |  |  | 199 |  |  | (180) |
Effect of actual variances from expected experience |  | 68 |  |  | 408 |  |  | 75 |  |  | 9 |
Adjusted balance, beginning of year |  | 75,180 |  |  | 21,834 |  |  | 14,518 |  |  | 40,335 |
Issuances (1) |  | 3,186 |  |  | 369 |  |  | 884 |  |  | 2,839 |
Interest accrual (2) |  | 2,619 |  |  | 562 |  |  | 373 |  |  | 794 |
Net premiums collected (3) |  | (4,491) |  |  | (700) |  |  | (1,067) |  |  | (1,493) |
Derecognition (4) |  | (35) |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | 5 |  |  | (54) |  |  | (77) |  |  | (1,517) |
Ending balance at original discount rate |  | 76,464 |  |  | 22,011 |  |  | 14,631 |  |  | 40,958 |
Effect of changes in discount rate assumptions |  | (10,563) |  |  | (5,879) |  |  | (3,145) |  |  | (13,178) |
Balance, end of period |  | $ | 65,901 |  |  | $ | 16,132 |  |  | $ | 11,486 |  |  | $ | 27,780 |
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 |  | 922 |  |  | 108 |  |  | 246 |  |  | (171) |
Effect of actual variances from expected experience |  | 73 |  |  | 413 |  |  | 84 |  |  | (40) |
Adjusted balance, beginning of year |  | 86,280 |  |  | 25,176 |  |  | 15,784 |  |  | 44,574 |
Issuances (1) |  | 3,186 |  |  | 369 |  |  | 884 |  |  | 2,839 |
Interest accrual (2) |  | 3,023 |  |  | 720 |  |  | 402 |  |  | 907 |
Benefit payments (5) |  | (4,097) |  |  | (752) |  |  | (1,033) |  |  | (1,287) |
Derecognition (4) |  | (54) |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | 5 |  |  | (60) |  |  | (77) |  |  | (1,559) |
Ending balance at original discount rate |  | 88,343 |  |  | 25,453 |  |  | 15,960 |  |  | 45,474 |
Effect of changes in discount rate assumptions |  | (13,185) |  |  | (5,520) |  |  | (3,402) |  |  | (15,342) |
Balance, end of period |  | $ | 75,158 |  |  | $ | 19,933 |  |  | $ | 12,558 |  |  | $ | 30,132 |
Liability for future policy benefits |  | $ | 9,257 |  |  | $ | 3,801 |  |  | $ | 1,072 |  |  | $ | 2,352 |
Less: reinsurance recoverable |  | (658) |  |  | (259) |  |  | (33) |  |  | (115) |
Net liability for future policy benefits |  | $ | 8,599 |  |  | $ | 3,542 |  |  | $ | 1,039 |  |  | $ | 2,237 |
Weighted-average duration of the liability (in years) |  | 11 |  | 14 |  | 8 |  | 15
Weighted-average interest accretion rate |  | 4.7 | % |  | 3.7 | % |  | 3.5 | % |  | 2.7 | %
Weighted-average current discount rate |  | 5.9 | % |  | 5.4 | % |  | 6.0 | % |  | 4.9 | %
(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.
Nine months ended September 30, 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 |  | (805) |  | 115 |  | 128 |  | 1,595
Effect of actual variances from expected experience |  | 43 |  | (21) |  | 423 |  | (52)
Adjusted balance, beginning of year |  | 72,685 |  | 22,083 |  | 14,991 |  | 39,486
Issuances (1) |  | 2,419 |  | 546 |  | 786 |  | 2,383
Interest accrual (2) |  | 2,541 |  | 571 |  | 370 |  | 740
Net premiums collected (3) |  | (3,770) |  | (715) |  | (1,005) |  | (1,459)
Derecognition (4) |  | — |  | — |  | — |  | —
Foreign currency translation |  | (1) |  | (1,914) |  | (2,412) |  | (3,495)
Ending balance at original discount rate |  | 73,874 |  | 20,571 |  | 12,730 |  | 37,655
Effect of changes in discount rate assumptions |  | (7,148) |  | (4,729) |  | (3,006) |  | (11,212)
Balance, end of period |  | $ | 66,726 |  | $ | 15,842 |  | $ | 9,724 |  | $ | 26,443
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 |  | (675) |  | 121 |  | 141 |  | 1,715
Effect of actual variances from expected experience |  | 135 |  | 6 |  | 412 |  | (79)
Adjusted balance, beginning of year |  | 83,535 |  | 25,567 |  | 16,217 |  | 43,607
Issuances (1) |  | 2,423 |  | 546 |  | 786 |  | 2,393
Interest accrual (2) |  | 2,924 |  | 735 |  | 393 |  | 843
Benefit payments (5) |  | (4,026) |  | (826) |  | (969) |  | (1,322)
Derecognition (4) |  | — |  | — |  | — |  | —
Foreign currency translation |  | — |  | (2,215) |  | (2,598) |  | (3,763)
Ending balance at original discount rate |  | 84,856 |  | 23,807 |  | 13,829 |  | 41,758
Effect of changes in discount rate assumptions |  | (8,940) |  | (4,139) |  | (3,186) |  | (13,132)
Balance, end of period |  | $ | 75,916 |  | $ | 19,668 |  | $ | 10,643 |  | $ | 28,626
Liability for future policy benefits |  | $ | 9,190 |  | $ | 3,826 |  | $ | 919 |  | $ | 2,183
Less: reinsurance recoverable |  | (413) |  | (256) |  | (26) |  | (96)
Net liability for future policy benefits |  | $ | 8,777 |  | $ | 3,570 |  | $ | 893 |  | $ | 2,087
Weighted-average duration of the liability (in years) |  | 12 |  | 15 |  | 8 |  | 16
Weighted-average interest accretion rate |  | 4.7 | % |  | 3.8 | % |  | 3.6 | % |  | 2.7 | %
Weighted-average current discount rate |  | 5.3 | % |  | 4.9 | % |  | 6.3 | % |  | 4.6 | %
(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). During the third quarter of 2023 and 2022, the Company completed its annual assumption review resulting in a $85 million and $269 million increase, excluding the effects of reinsurance, in the Company’s liability for future policy benefits for its Traditional business during 2023 and 2022, respectively. Including the effects of reinsurance, a future policy benefits remeasurement gain (loss) of $(75) million was recognized during the three and nine months ending September 30, 2023, and a future policy benefits remeasurement gain (loss) of $(329) million and $(306) million was recognized during the three and nine months ending September 30, 2022, as a result of changes in cash flow assumptions. The increase in the liability in 2023 and 2022 was primarily the result of updating the mortality assumptions used to measure the liability for future policy benefits. The Company also 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 Traditional business actual-to-expected variances, the effects of changes in cash flow assumptions and the effects of changes in discount rate assumption for the nine months ended September 30, 2023 and 2022, are summarized in the tables below:
Nine months ended September 30, 2023:
Segment |  | Net liability for future policy benefits at original discount rate |  | Changes in cash flow assumptions |  | Actual-to-expected variance |  | Impact of updating discount rate recognized in OCI |
U.S. and Latin America – Traditional |  | $12 billion |  | $17 million |  | $5 million |  | $(1) billion |
| 7.2% increase |  | 0.2% increase |  | —% |  | 9.2% decrease
Canada – Traditional |  | $3.4 billion |  | $12 million |  | $5 million |  | $(267) million |
| 3.5% increase |  | 0.4% increase |  | 0.2% increase |  | 8.0% decrease
Europe, Middle East and Africa – Traditional |  | $1.3 billion |  | $47 million |  | $9 million |  | $(88) million |
| 9.8% increase |  | 3.9% increase |  | 0.7% increase |  | 7.3% decrease
Asia Pacific – Traditional |  | $4.5 billion |  | $9 million |  | $(49) million |  | $(233) million |
| 5.5% increase |  | 0.2% increase |  | 1.1% decrease |  | 5.4% decrease
Nine months ended September 30, 2022:
Segment |  | Net liability for future policy benefits at original discount rate |  | Changes in cash flow assumptions |  | Actual-to-expected variance |  | Impact of updating discount rate recognized in OCI |
U.S. and Latin America – Traditional |  | $11 billion |  | $130 million |  | $92 million |  | $(5.2) billion |
| 3.3% increase |  | 1.2% increase |  | 0.9% increase |  | 49 % decrease
Canada – Traditional |  | $3.2 billion |  | $6 million |  | $27 million |  | $(1.5) billion |
| 6.2% decrease |  | 0.2% increase |  | 0.8% increase |  | 43.9% decrease
Europe, Middle East and Africa – Traditional |  | $1.1 billion |  | $13 million |  | $(11) million |  | $(345) million |
| 10.2% decrease |  | 1.1% increase |  | 0.9% decrease |  | 28.2% decrease
Asia Pacific – Traditional |  | $4.1 billion |  | $120 million |  | $(27) million |  | $(903) million |
| 1.9% increase |  | 3% increase |  | 0.7% decrease |  | 22.4% decrease
Financial Solutions Business The following tables provide the balances of and changes in the Company’s liability for future policy benefits, including the deferred profit liability related to the longevity business, for its Financial Solutions business, which primarily consists of longevity reinsurance, asset-intensive products, primarily annuities and financial reinsurance for the nine months ended September 30, 2023 and 2022 (dollars in millions):
Nine months ended September 30, 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 |  | (69) |  |  | (54) |  |  | (561) |  |  | — |
Effect of actual variances from expected experience |  | (20) |  |  | (5) |  |  | 387 |  |  | (10) |
Adjusted balance, beginning of year |  | 1,582 |  |  | 3,335 |  |  | 38,608 |  |  | 1,595 |
Issuances (1) |  | 923 |  |  | — |  |  | 6,278 |  |  | 2,131 |
Interest accrual (2) |  | 37 |  |  | 80 |  |  | 678 |  |  | 19 |
Net premiums collected (3) |  | (1,064) |  |  | (249) |  |  | (3,045) |  |  | (1,573) |
Derecognition (4) |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | 2 |  |  | (6) |  |  | 15 |  |  | (236) |
Ending balance at original discount rate |  | 1,480 |  |  | 3,160 |  |  | 42,534 |  |  | 1,936 |
Effect of changes in discount rate assumptions |  | (336) |  |  | (482) |  |  | (9,571) |  |  | (178) |
Balance, end of period |  | $ | 1,144 |  |  | $ | 2,678 |  |  | $ | 32,963 |  |  | $ | 1,758 |
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 |  | (91) |  |  | (76) |  |  | (595) |  |  | — |
Effect of actual variances from expected experience |  | (28) |  |  | (13) |  |  | 374 |  |  | (12) |
Adjusted balance, beginning of year |  | 5,704 |  |  | 3,358 |  |  | 44,109 |  |  | 6,549 |
Issuances (1) |  | 931 |  |  | — |  |  | 6,278 |  |  | 2,141 |
Interest accrual (2) |  | 173 |  |  | 81 |  |  | 807 |  |  | 65 |
Benefit payments (5) |  | (405) |  |  | (248) |  |  | (2,748) |  |  | (199) |
Derecognition (4) |  | (16) |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | 1 |  |  | (5) |  |  | 37 |  |  | (948) |
Ending balance at original discount rate |  | 6,388 |  |  | 3,186 |  |  | 48,483 |  |  | 7,608 |
Effect of changes in discount rate assumptions |  | (788) |  |  | (480) |  |  | (10,552) |  |  | (997) |
Balance, end of period |  | $ | 5,600 |  |  | $ | 2,706 |  |  | $ | 37,931 |  |  | $ | 6,611 |
Liability for future policy benefits |  | $ | 4,456 |  |  | $ | 28 |  |  | $ | 4,968 |  |  | $ | 4,853 |
Less: reinsurance recoverable |  | — |  |  | — |  |  | — |  |  | — |
Net liability for future policy benefits |  | $ | 4,456 |  |  | $ | 28 |  |  | $ | 4,968 |  |  | $ | 4,853 |
Weighted-average duration of the liability (in years) |  | 8 |  | 7 |  | 9 |  | 15
Weighted-average interest accretion rate |  | 3.5 | % |  | 3.3 | % |  | 2.3 | % |  | 1.3 | %
Weighted-average current discount rate |  | 5.9 | % |  | 5.5 | % |  | 5.3 | % |  | 2.4 | %
(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.
Nine months ended September 30, 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 |  | (31) |  |  | — |  |  | (74) |  |  | — |
Effect of actual variances from expected experience |  | (17) |  |  | (7) |  |  | 401 |  |  | 125 |
Adjusted balance, beginning of year |  | 180 |  |  | 3,322 |  |  | 32,300 |  |  | 1,176 |
Issuances (1) |  | — |  |  | 581 |  |  | 11,256 |  |  | 1,325 |
Interest accrual (2) |  | 1 |  |  | 85 |  |  | 513 |  |  | 20 |
Net premiums collected (3) |  | (18) |  |  | (269) |  |  | (2,228) |  |  | (729) |
Derecognition (4) |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | — |  |  | (323) |  |  | (6,761) |  |  | (359) |
Ending balance at original discount rate |  | 163 |  |  | 3,396 |  |  | 35,080 |  |  | 1,433 |
Effect of changes in discount rate assumptions |  | (117) |  |  | (418) |  |  | (9,639) |  |  | 69 |
Balance, end of period |  | $ | 46 |  |  | $ | 2,978 |  |  | $ | 25,441 |  |  | $ | 1,502 |
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 |  | (34) |  |  | — |  |  | (74) |  |  | — |
Effect of actual variances from expected experience |  | (40) |  |  | (16) |  |  | 392 |  |  | 125 |
Adjusted balance, beginning of year |  | 4,554 |  |  | 3,377 |  |  | 38,514 |  |  | 6,187 |
Issuances (1) |  | — |  |  | 581 |  |  | 11,256 |  |  | 1,325 |
Interest accrual (2) |  | 136 |  |  | 87 |  |  | 632 |  |  | 53 |
Benefit payments (5) |  | (319) |  |  | (267) |  |  | (2,503) |  |  | (192) |
Derecognition (4) |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | — |  |  | (329) |  |  | (7,817) |  |  | (1,446) |
Ending balance at original discount rate |  | 4,371 |  |  | 3,449 |  |  | 40,082 |  |  | 5,927 |
Effect of changes in discount rate assumptions |  | (498) |  |  | (416) |  |  | (10,736) |  |  | (239) |
Balance, end of period |  | $ | 3,873 |  |  | $ | 3,033 |  |  | $ | 29,346 |  |  | $ | 5,688 |
Liability for future policy benefits |  | $ | 3,827 |  |  | $ | 55 |  |  | $ | 3,905 |  |  | $ | 4,186 |
Less: reinsurance recoverable |  | — |  |  | — |  |  | — |  |  | — |
Net liability for future policy benefits |  | $ | 3,827 |  |  | $ | 55 |  |  | $ | 3,905 |  |  | $ | 4,186 |
Weighted-average duration of the liability (in years) |  | 8 |  | 7 |  | 8 |  | 15
Weighted-average interest accretion rate |  | 2.4 | % |  | 3.4 | % |  | 2.1 | % |  | 1.7 | %
Weighted-average current discount rate |  | 5.5 | % |  | 5.0 | % |  | 5.4 | % |  | 1.6 | %
(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). During the third quarter of 2023 and 2022, the Company completed its annual assumption review resulting in a $78 million and $3 million decrease, excluding the effects of reinsurance, in the Company’s liability for future policy benefits for its Financial Solutions business during 2023 and 2022, respectively. Including the effects of reinsurance, a future policy benefits remeasurement gain (loss) of $78 million was recognized during the three and nine months ending September 30, 2023, and a future policy benefits remeasurement gain (loss) of $3 million was recognized during the three and nine months ending September 30, 2022, as a result of changes in cash flow assumptions. The decrease in the liability in 2023 and 2022 was primarily the result of updating the mortality assumptions used to measure the liability for future policy benefits. The Company also 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, the effects of changes in cash flow assumptions and the effects of changes in discount rate assumptions for the nine months ended September 30, 2023 and 2022, are summarized in the tables below:
Nine months ended September 30, 2023:
Segment |  | Net liability for future policy benefits at original discount rate |  | Changes in cash flow assumptions |  | Actual-to-expected variance |  | Impact of updating discount rate recognized in OCI |
U.S. and Latin America – Financial Solutions |  | $4.9 billion |  | $(22) million |  | $(8) million |  | $(119) million |
| 18.2% increase |  | 0.5% decrease |  | 0.2% decrease |  | 2.9% decrease
Canada – Financial Solutions |  | $26 million |  | $(22) million |  | $(8) million |  | $1 million |
| 50.9% decrease |  | 41.5% decrease |  | 15.1% decrease |  | 1.9% increase
Europe, Middle East and Africa – Financial Solutions |  | $5.9 billion |  | $(34) million |  | $(13) million |  | $(67) million |
| 7.2% increase |  | 0.6% decrease |  | 0.2% decrease |  | 1.2% decrease
Asia Pacific – Financial Solutions |  | $5.7 billion |  | None |  | $(2) million |  | $(359) million |
| 14.4% increase |  | —% |  | —% |  | 7.2% decrease
Nine months ended September 30, 2022:
Segment |  | Net liability for future policy benefits at original discount rate |  | Changes in cash flow assumptions |  | Actual-to-expected variance |  | Impact of updating discount rate recognized in OCI |
U.S. and Latin America – Financial Solutions |  | $4.2 billion |  | $(3) million |  | $(23) million |  | $(928) million |
| 4.4% decrease |  | 0.1% decrease |  | 0.5% decrease |  | 21.1% decrease
Canada – Financial Solutions |  | $53 million |  | None |  | $(9) million |  | $(15) million |
| 17.2% decrease |  | —% |  | 14.1% decrease |  | 23.4% decrease
Europe, Middle East and Africa – Financial Solutions |  | $5 billion |  | None |  | $(9) million |  | $(1.6) billion |
| 19.6% decrease |  | —% |  | 0.1% decrease |  | 29.2% decrease
Asia Pacific – Financial Solutions |  | $4.5 billion |  | None |  | $1 million |  | $(311) million |
| 10.4% decrease |  | —% |  | —% |  | 6.5% 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 September 30, 2023 and 2022 is as follows (dollars in millions):
|  | September 30,
|  | 2023 |  | 2022
Liability for future policy benefits included in the rollforwards: |  |  |  |
Traditional: |  |  |  |
U.S. and Latin America |  | $ | 9,257 |  | $ | 9,190
Canada |  | 3,801 |  | 3,826
Europe, Middle East and Africa |  | 1,072 |  | 919
Asia Pacific |  | 2,352 |  | 2,183
Financial Solutions: |  |  |  |
U.S. and Latin America |  | 4,456 |  |  | 3,827 |
Canada |  | 28 |  |  | 55 |
Europe, Middle East and Africa |  | 4,968 |  |  | 3,905 |
Asia Pacific |  | 4,853 |  |  | 4,186 |
Other long-duration contracts |  | 126 |  |  | 185 |
Claims liability and incurred but not reported claims |  | 5,062 |  |  | 4,899 |
Unearned revenue liability |  | 499 |  |  | 549 |
Total liability for future policy benefits |  | $ | 36,474 |  |  | $ | 33,724 |
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 September 30, 2023 and 2022 is as follows (dollars in millions):
|  | September 30,
|  | 2023 |  | 2022
|  | Undiscounted |  | Discounted |  | Undiscounted |  | Discounted
Expected future gross premiums |  |  |  |  |  |  |  |
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 177,307 |  |  | $ | 77,008 |  |  | $ | 169,526 |  |  | $ | 77,507 |
Canada |  | 54,378 |  |  | 19,902 |  |  | 50,727 |  |  | 19,543 |
Europe, Middle East and Africa |  | 24,778 |  |  | 13,131 |  |  | 22,139 |  |  | 11,267 |
Asia Pacific |  | 90,652 |  |  | 35,372 |  |  | 85,465 |  |  | 33,712 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 3,012 |  |  | 1,794 |  |  | 940 |  |  | 581 |
Canada |  | 4,545 |  |  | 2,856 |  |  | 4,803 |  |  | 3,102 |
Europe, Middle East and Africa |  | 68,410 |  |  | 36,603 |  |  | 48,987 |  |  | 28,141 |
Asia Pacific |  | 3,797 |  |  | 2,828 |  |  | 2,718 |  |  | 2,278 |
Expected future benefit payments |  |  |  |  |  |  |  |
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 188,177 |  |  | $ | 75,158 |  |  | $ | 179,693 |  |  | $ | 75,916 |
Canada |  | 56,423 |  |  | 19,933 |  |  | 54,039 |  |  | 19,668 |
Europe, Middle East and Africa |  | 24,509 |  |  | 12,558 |  |  | 21,758 |  |  | 10,643 |
Asia Pacific |  | 87,120 |  |  | 30,132 |  |  | 82,458 |  |  | 28,626 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 10,233 |  |  | 5,600 |  |  | 7,041 |  |  | 3,873 |
Canada |  | 4,285 |  |  | 2,706 |  |  | 4,697 |  |  | 3,033 |
Europe, Middle East and Africa |  | 71,027 |  |  | 37,931 |  |  | 51,232 |  |  | 29,346 |
Asia Pacific |  | 10,522 |  |  | 6,611 |  |  | 7,765 |  |  | 5,688 |
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 nine months ended September 30, 2023 and 2022 is as follows (dollars in millions):
|  | Gross Premiums |  | Interest Expense
|  | September 30, |  | September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 4,435 |  |  | $ | 4,363 |  |  | $ | 404 |  |  | $ | 383 |
Canada |  | 808 |  |  | 817 |  |  | 158 |  |  | 164 |
Europe, Middle East and Africa |  | 1,058 |  |  | 1,033 |  |  | 29 |  |  | 23 |
Asia Pacific |  | 1,959 |  |  | 1,880 |  |  | 113 |  |  | 103 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 979 |  |  | 21 |  |  | 136 |  |  | 135 |
Canada |  | 68 |  |  | 72 |  |  | 1 |  |  | 2 |
Europe, Middle East and Africa |  | 515 |  |  | 468 |  |  | 129 |  |  | 119 |
Asia Pacific |  | 171 |  |  | 172 |  |  | 46 |  |  | 33 |
Total |  | $ | 9,993 |  |  | $ | 8,826 |  |  | $ | 1,016 |  |  | $ | 962 |
During the nine months ended September 30, 2023 and 2022, no material charges were incurred resulting from net premiums exceeding gross premiums.

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