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Future Policy Benefits | 3 Months Ended
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Mar. 31, 2024
Insurance [Abstract] |
Liability for Future Policy Benefits and Unpaid Claims Disclosure | FUTURE POLICY BENEFITS Liability for Future Policy Benefits – Traditional Business 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. The Company expects to complete its annual review and any necessary updates of cash flow assumptions used to calculate the liability for future policy benefits 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. 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, 2024 and 2023 (dollars in millions):
For the three months ended March 31, 2024: |  | 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 |  | $ | 76,943 |  |  | $ | 22,689 |  |  | $ | 15,328 |  |  | $ | 42,741 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | (347) |  |  | 52 |  |  | 81 |  |  | (103) |
Adjusted balance, beginning of year |  | 76,596 |  |  | 22,741 |  |  | 15,409 |  |  | 42,638 |
Issuances (1) |  | 884 |  |  | 124 |  |  | 294 |  |  | 1,131 |
Interest accrual (2) |  | 872 |  |  | 188 |  |  | 127 |  |  | 272 |
Net premiums collected (3) |  | (1,271) |  |  | (246) |  |  | (354) |  |  | (533) |
Derecognition (4) |  | (67) |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | — |  |  | (496) |  |  | (183) |  |  | (1,123) |
Ending balance at original discount rate |  | 77,014 |  |  | 22,311 |  |  | 15,293 |  |  | 42,385 |
Effect of changes in discount rate assumptions |  | (6,474) |  |  | (4,815) |  |  | (2,668) |  |  | (12,184) |
Balance, end of period |  | $ | 70,540 |  |  | $ | 17,496 |  |  | $ | 12,625 |  |  | $ | 30,201 |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 89,036 |  | $ | 26,275 |  |  | $ | 16,756 |  |  | $ | 47,370 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | (378) |  |  | 49 |  |  | 79 |  |  | (104) |
Adjusted balance, beginning of year |  | 88,658 |  |  | 26,324 |  |  | 16,835 |  |  | 47,266 |
Issuances (1) |  | 884 |  |  | 124 |  |  | 296 |  |  | 1,131 |
Interest accrual (2) |  | 1,016 |  |  | 242 |  |  | 137 |  |  | 312 |
Benefit payments (5) |  | (1,348) |  |  | (263) |  |  | (372) |  |  | (485) |
Derecognition (4) |  | (74) |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | (1) |  |  | (574) |  |  | (202) |  |  | (1,194) |
Ending balance at original discount rate |  | 89,135 |  |  | 25,853 |  |  | 16,694 |  |  | 47,030 |
Effect of changes in discount rate assumptions |  | (8,048) |  |  | (4,183) |  |  | (2,920) |  |  | (14,206) |
Balance, end of period |  | $ | 81,087 |  |  | $ | 21,670 |  |  | $ | 13,774 |  |  | $ | 32,824 |
Liability for future policy benefits |  | $ | 10,547 |  |  | $ | 4,174 |  |  | $ | 1,149 |  |  | $ | 2,623 |
Less: reinsurance recoverable |  | (753) |  |  | (283) |  |  | (32) |  |  | (111) |
Net liability for future policy benefits |  | $ | 9,794 |  |  | $ | 3,891 |  |  | $ | 1,117 |  |  | $ | 2,512 |
Weighted average duration of the liability (in years) |  | 12 |  | 15 |  | 8 |  | 15
Weighted average interest accretion rate |  | 4.6 | % |  | 3.6 | % |  | 3.3 | % |  | 2.6 | %
Weighted average current discount rate |  | 5.3 | % |  | 5.0 | % |  | 5.5 | % |  | 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.
For the 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) |  |  | (227) |  |  | (37) |  |  | (99) |
Net liability for future policy benefits |  | $ | 9,428 |  |  | $ | 3,904 |  |  | $ | 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 | % |  | 3.4 | % |  | 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. 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 updates the underlying market data used to determine the current discount rate resulting in changes to the discount rate assumptions used to measure the liability for future policy benefits each period. The Company’s Traditional business actual-to-expected variances and the effects of changes in cash flow and discount rate assumptions for the three months ended March 31, 2024 and 2023 are summarized in the tables below:
For the three months ended March 31, 2024:
Segment |  | 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 |  | $12.1 billion |  | None |  | $(31) million |  | $(428) million
|  |  | 0.3% decrease |  | 3.5% decrease
Canada – Traditional |  | $3.5 billion |  | None |  | $(3) million |  | $(239) million
|  |  | 0.1% decrease |  | 6.7% decrease
Europe, Middle East and Africa – Traditional |  | $1.4 billion |  | None |  | $(2) million |  | $(33) million
|  |  | 0.1% decrease |  | 2.3% decrease
Asia Pacific – Traditional |  | $4.7 billion |  | None |  | $(1) million |  | $(57) million
|  |  | None |  | 1.2% decrease
For the three months ended March 31, 2023:
Segment |  | Liability for future policy benefits at original discount rate |  | Change in cash flow assumptions |  | Actual-to-expected variance |  | Impact of updating discount rate recognized in OCI
U.S. and Latin America – Traditional |  | $11 billion |  | None |  | $24 million |  | $490 million
|  |  | 0.2% increase |  | 4.4% increase
Canada – Traditional |  | $3.4 billion |  | None |  | $1 million |  | $143 million
|  |  | None |  | 4.3% increase
Europe, Middle East and Africa – Traditional |  | $1.2 billion |  | None |  | $(2) million |  | $(2) million
|  |  | 0.2% decrease |  | 0.2% decrease
Asia Pacific – Traditional |  | $4.3 billion |  | None |  | $(7) million |  | $46 million
|  |  | 0.2% decrease |  | 1.1% increase
Liability for Future Policy Benefits – Financial Solutions Business 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. The Company expects to complete its annual review and any necessary updates of cash flow assumptions used to calculate the liability for future policy benefits 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. 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 three months ended March 31, 2024 and 2023 (dollars in millions):
For the three months ended March 31, 2024: |  | 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 |  | $ | 1,455 |  |  | $ | 3,184 |  |  | $ | 54,832 |  |  | $ | 2,057 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | — |  |  | (7) |  |  | 338 |  |  | 1 |
Adjusted balance, beginning of year |  | 1,455 |  |  | 3,177 |  |  | 55,170 |  |  | 2,058 |
Issuances (1) |  | 1,893 |  |  | — |  |  | 4,963 |  |  | 4,760 |
Interest accrual (2) |  | 11 |  |  | 25 |  |  | 418 |  |  | 7 |
Net premiums collected (3) |  | (1,928) |  |  | (79) |  |  | (1,388) |  |  | (4,912) |
Derecognition (4) |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | — |  |  | (69) |  |  | (702) |  |  | (143) |
Ending balance at original discount rate |  | 1,431 |  |  | 3,054 |  |  | 58,461 |  |  | 1,770 |
Effect of changes in discount rate assumptions |  | (240) |  |  | (342) |  |  | (7,802) |  |  | (121) |
Balance, end of period |  | $ | 1,191 |  |  | $ | 2,712 |  |  | $ | 50,659 |  |  | $ | 1,649 |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 6,843 |  |  | $ | 3,210 |  |  | $ | 60,938 |  |  | $ | 8,019 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | 2 |  |  | (7) |  |  | 340 |  |  | 1 |
Adjusted balance, beginning of year |  | 6,845 |  |  | 3,203 |  |  | 61,278 |  |  | 8,020 |
Issuances (1) |  | 2,021 |  |  | — |  |  | 4,963 |  |  | 4,909 |
Interest accrual (2) |  | 79 |  |  | 25 |  |  | 471 |  |  | 24 |
Benefit payments (5) |  | (165) |  |  | (80) |  |  | (1,125) |  |  | (77) |
Derecognition (4) |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | — |  |  | (69) |  |  | (764) |  |  | (581) |
Ending balance at original discount rate |  | 8,780 |  |  | 3,079 |  |  | 64,823 |  |  | 12,295 |
Effect of changes in discount rate assumptions |  | (484) |  |  | (341) |  |  | (8,609) |  |  | (796) |
Balance, end of period |  | $ | 8,296 |  |  | $ | 2,738 |  |  | $ | 56,214 |  |  | $ | 11,499 |
Liability for future policy benefits |  | $ | 7,105 |  |  | $ | 26 |  |  | $ | 5,555 |  |  | $ | 9,850 |
Less: reinsurance recoverable |  | (878) |  |  | — |  |  | — |  |  | — |
Net liability for future policy benefits |  | $ | 6,227 |  |  | $ | 26 |  |  | $ | 5,555 |  |  | $ | 9,850 |
Weighted average duration of the liability (in years) |  | 8 |  | 7 |  | 9 |  | 15
Weighted average interest accretion rate |  | 3.6 | % |  | 3.2 | % |  | 3.0 | % |  | 1.2 | %
Weighted average current discount rate |  | 5.3 | % |  | 4.9 | % |  | 4.9 | % |  | 2.2 | %
(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.
For the 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. 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 updates the underlying market data used to determine the current discount rate resulting in changes to the discount rate assumptions used to measure the liability for future policy benefits. The Company’s Financial Solutions business actual-to-expected variances (including the effects of model updates) and the effects of changes in cash flow and discount rate assumptions for the three months ended March 31, 2024 and 2023 are summarized in the tables below:
For the three months ended March 31, 2024:
Segment |  | 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 |  | $7.4 billion |  | None |  | $2 million |  | $(84) million
|  |  | None |  | 1.6% decrease
Canada – Financial Solutions |  | $25 million |  | None |  | $— |  | $(2) million
|  |  | None |  | 7.7% decrease
Europe, Middle East and Africa – Financial Solutions |  | $6.3 billion |  | None |  | $2 million |  | $(154) million
|  |  | None |  | 2.5% decrease
Asia Pacific – Financial Solutions |  | $10.5 billion |  | None |  | $— |  | $97 million
|  |  | None |  | 1.6% increase
For the three months ended March 31, 2023:
Segment |  | 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 |  | None |  | $(4) million |  | $96 million
|  |  | 0.1% decrease |  | 2.3% increase
Canada – Financial Solutions |  | $50 million |  | None |  | $(4) million |  | $3 million
|  |  | 7.5% decrease |  | 5.7% increase
Europe, Middle East and Africa – Financial Solutions |  | $5.6 billion |  | None |  | $(11) million |  | $46 million
|  |  | 0.2% decrease |  | 0.8% increase
Asia Pacific – Financial Solutions |  | $6.1 billion |  | None |  | $(1) million |  | $136 million
|  |  | None |  | 2.7% increase
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, 2024 and 2023 is as follows (dollars in millions):
|  | March 31,
|  | 2024 |  | 2023
Liability for future policy benefits included in the rollforwards: |  |  |  |
Traditional: |  |  |  |
U.S. and Latin America |  | $ | 10,547 |  | $ | 9,845
Canada |  | 4,174 |  | 4,131
Europe, Middle East and Africa |  | 1,149 |  | 1,075
Asia Pacific |  | 2,623 |  | 2,444
Financial Solutions: |  |  |  |
U.S. and Latin America |  | 7,105 |  |  | 3,994 |
Canada |  | 26 |  |  | 54 |
Europe, Middle East and Africa |  | 5,555 |  |  | 4,725 |
Asia Pacific |  | 9,850 |  |  | 5,824 |
Other long-duration contracts |  | 117 |  |  | 181 |
Claims liability and incurred but not reported claims |  | 5,439 |  |  | 5,417 |
Unearned revenue liability |  | 482 |  |  | 532 |
Total liability for future policy benefits |  | $ | 47,067 |  |  | $ | 38,222 |
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, 2024 and 2023 is as follows (dollars in millions):
|  | March 31,
|  | 2024 |  | 2023
|  | Undiscounted |  | Discounted |  | Undiscounted |  | Discounted
Expected future gross premiums |  |  |  |  |  |  |  |
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 179,131 |  |  | $ | 82,691 |  |  | $ | 172,081 |  |  | $ | 82,288 |
Canada |  | 55,118 |  |  | 21,591 |  |  | 53,244 |  |  | 21,317 |
Europe, Middle East and Africa |  | 25,928 |  |  | 14,388 |  |  | 24,591 |  |  | 13,611 |
Asia Pacific |  | 94,316 |  |  | 38,412 |  |  | 92,305 |  |  | 37,986 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 2,914 |  |  | 1,829 |  |  | 3,112 |  |  | 1,975 |
Canada |  | 4,390 |  |  | 2,900 |  |  | 4,738 |  |  | 3,149 |
Europe, Middle East and Africa |  | 98,292 |  |  | 55,187 |  |  | 64,424 |  |  | 37,636 |
Asia Pacific |  | 3,743 |  |  | 2,840 |  |  | 2,977 |  |  | 2,478 |
Expected future benefit payments |  |  |  |  |  |  |  |
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 189,341 |  |  | $ | 81,087 |  |  | $ | 181,123 |  |  | $ | 80,478 |
Canada |  | 56,998 |  |  | 21,670 |  |  | 56,223 |  |  | 21,289 |
Europe, Middle East and Africa |  | 25,709 |  |  | 13,774 |  |  | 24,150 |  |  | 12,889 |
Asia Pacific |  | 90,670 |  |  | 32,824 |  |  | 88,496 |  |  | 32,313 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 14,071 |  |  | 8,296 |  |  | 9,214 |  |  | 5,408 |
Canada |  | 4,128 |  |  | 2,738 |  |  | 4,602 |  |  | 3,062 |
Europe, Middle East and Africa |  | 100,423 |  |  | 56,214 |  |  | 66,775 |  |  | 39,070 |
Asia Pacific |  | 17,399 |  |  | 11,499 |  |  | 10,144 |  |  | 7,472 |
The amount of gross premiums and interest expense recognized in the condensed consolidated statements of income for the liability for future policy benefits included in the rollforwards for the three months ended March 31, 2024 and 2023 is as follows (dollars in millions):
|  | Gross Premiums |  | Interest Expense
|  | March 31, |  | March 31,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 1,473 |  |  | $ | 1,422 |  |  | $ | 144 |  |  | $ | 130 |
Canada |  | 271 |  |  | 262 |  |  | 54 |  |  | 51 |
Europe, Middle East and Africa |  | 371 |  |  | 355 |  |  | 10 |  |  | 8 |
Asia Pacific |  | 688 |  |  | 620 |  |  | 40 |  |  | 37 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 1,912 |  |  | 156 |  |  | 68 |  |  | 43 |
Canada |  | 23 |  |  | 23 |  |  | — |  |  | 1 |
Europe, Middle East and Africa |  | 207 |  |  | 161 |  |  | 53 |  |  | 40 |
Asia Pacific |  | 46 |  |  | 63 |  |  | 17 |  |  | 12 |
Total |  | $ | 4,991 |  |  | $ | 3,062 |  |  | $ | 386 |  |  | $ | 322 |
During the three months ended March 31, 2024 and 2023, no material charges were incurred resulting from net premiums exceeding gross premiums.

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-40/tableOfContent + Details
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