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Future Policy Benefits (Tables) | 9 Months Ended
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Sep. 30, 2024
Insurance [Abstract] |
Liability for Future Policy Benefit, Activity | 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. It is the Company’s policy to complete its annual assumption review during the third quarter of each year. However, updates may occur in other quarters if information becomes available during the quarter that indicates an assumption update is necessary. 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 2024 and 2023, the Company completed its annual assumption review resulting in a $39 million and $85 million increase in the Company’s liability for future policy benefits for its Traditional business during 2024 and 2023, respectively. The increase in the liability in 2024 and 2023 was primarily the result of updating the mortality and lapse 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 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, 2024 and 2023 (dollars in millions):
For the nine months ended September 30, 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 |  | 67 |  |  | (592) |  |  | 187 |  |  | 975 |
Effect of actual variances from expected experience |  | (510) |  |  | 183 |  |  | 421 |  |  | 210 |
Adjusted balance, beginning of year |  | 76,500 |  |  | 22,280 |  |  | 15,936 |  |  | 43,926 |
Issuances (1) |  | 4,980 |  |  | 385 |  |  | 861 |  |  | 2,825 |
Interest accrual (2) |  | 2,617 |  |  | 560 |  |  | 394 |  |  | 843 |
Net premiums collected (3) |  | (4,390) |  |  | (737) |  |  | (1,119) |  |  | (1,653) |
Derecognition (4) |  | (1,000) |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | (6) |  |  | (480) |  |  | 751 |  |  | (139) |
Ending balance at original discount rate |  | 78,701 |  |  | 22,008 |  |  | 16,823 |  |  | 45,802 |
Effect of changes in discount rate assumptions |  | (4,225) |  |  | (4,388) |  |  | (2,803) |  |  | (12,360) |
Balance, end of period |  | $ | 74,476 |  |  | $ | 17,620 |  |  | $ | 14,020 |  |  | $ | 33,442 |
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 |  | 36 |  |  | (620) |  |  | 212 |  |  | 1,048 |
Effect of actual variances from expected experience |  | (623) |  |  | 177 |  |  | 417 |  |  | 121 |
Adjusted balance, beginning of year |  | 88,449 |  |  | 25,832 |  |  | 17,385 |  |  | 48,539 |
Issuances (1) |  | 4,980 |  |  | 385 |  |  | 861 |  |  | 2,825 |
Interest accrual (2) |  | 3,049 |  |  | 721 |  |  | 425 |  |  | 964 |
Benefit payments (5) |  | (4,292) |  |  | (799) |  |  | (1,115) |  |  | (1,476) |
Derecognition (4) |  | (1,008) |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | (5) |  |  | (563) |  |  | 794 |  |  | (138) |
Ending balance at original discount rate |  | 91,173 |  |  | 25,576 |  |  | 18,350 |  |  | 50,714 |
Effect of changes in discount rate assumptions |  | (5,364) |  |  | (3,651) |  |  | (3,131) |  |  | (14,496) |
Balance, end of period |  | $ | 85,809 |  |  | $ | 21,925 |  |  | $ | 15,219 |  |  | $ | 36,218 |
Liability for future policy benefits |  | $ | 11,333 |  |  | $ | 4,305 |  |  | $ | 1,199 |  |  | $ | 2,776 |
Less: reinsurance recoverable |  | (726) |  |  | (272) |  |  | (24) |  |  | (85) |
Net liability for future policy benefits |  | $ | 10,607 |  |  | $ | 4,033 |  |  | $ | 1,175 |  |  | $ | 2,691 |
Weighted average duration of the liability (in years) |  | 12 |  | 14 |  | 8 |  | 15
Weighted average interest accretion rate |  | 4.6 | % |  | 3.6 | % |  | 3.3 | % |  | 2.6 | %
Weighted average current discount rate |  | 5.1 | % |  | 4.8 | % |  | 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 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. The Company’s Traditional business actual-to-expected variances and the effects of changes in cash flow and discount rate assumptions for the nine months ended September 30, 2024 and 2023 are summarized in the tables below:
For the nine months ended September 30, 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 |  | $12.5 billion |  | $(31) million |  | $(113) million |  | $7 million |
Canada – Traditional |  | $3.6 billion |  | $(28) million |  | $(6) million |  | $(134) million |
Europe, Middle East and Africa – Traditional |  | $1.5 billion |  | $25 million |  | $(4) million |  | $(109) million |
Asia Pacific – Traditional |  | $4.9 billion |  | $73 million |  | $(89) million |  | $(171) million |
For the nine months ended September 30, 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 – Traditional |  | $12.0 billion |  | $17 million |  | $5 million |  | $(1) million |
Canada – Traditional |  | $3.4 billion |  | $12 million |  | $5 million |  | $(267) million |
Europe, Middle East and Africa – Traditional |  | $1.3 billion |  | $47 million |  | $9 million |  | $(88) million |
Asia Pacific – Traditional |  | $4.5 billion |  | $9 million |  | $(49) million |  | $(233) million |
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. 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 2024 and 2023, the Company completed its annual assumption review resulting in a $20 million increase and $78 million decrease in the Company’s liability for future policy benefits for its Financial Solutions business during 2024 and 2023, respectively. The increase and decrease in the liability in 2024 and 2023 were primarily the result of updating the lapse and 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 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, 2024 and 2023 (dollars in millions):
For the nine months ended September 30, 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 |  | 12 |  |  | — |  |  | (93) |  |  | 1 |
Effect of actual variances from expected experience |  | (3) |  |  | (7) |  |  | 1,025 |  |  | (7) |
Adjusted balance, beginning of year |  | 1,464 |  |  | 3,177 |  |  | 55,764 |  |  | 2,051 |
Issuances (1) |  | 2,755 |  |  | 4,983 |  |  | 9,881 |  |  | 6,443 |
Interest accrual (2) |  | 33 |  |  | 96 |  |  | 1,364 |  |  | 22 |
Net premiums collected (3) |  | (2,867) |  |  | (4,284) |  |  | (4,046) |  |  | (6,823) |
Derecognition (4) |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | — |  |  | (56) |  |  | 2,596 |  |  | (52) |
Ending balance at original discount rate |  | 1,385 |  |  | 3,916 |  |  | 65,559 |  |  | 1,641 |
Effect of changes in discount rate assumptions |  | (179) |  |  | (204) |  |  | (8,677) |  |  | (232) |
Balance, end of period |  | $ | 1,206 |  |  | $ | 3,712 |  |  | $ | 56,882 |  |  | $ | 1,409 |
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 |  | 20 |  |  | — |  |  | (90) |  |  | 10 |
Effect of actual variances from expected experience |  | — |  |  | (7) |  |  | 1,026 |  |  | (8) |
Adjusted balance, beginning of year |  | 6,863 |  |  | 3,203 |  |  | 61,874 |  |  | 8,021 |
Issuances (1) |  | 2,882 |  |  | 4,983 |  |  | 9,881 |  |  | 6,443 |
Interest accrual (2) |  | 276 |  |  | 189 |  |  | 1,530 |  |  | 129 |
Benefit payments (5) |  | (538) |  |  | (310) |  |  | (3,676) |  |  | (326) |
Derecognition (4) |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | — |  |  | (3) |  |  | 2,918 |  |  | 108 |
Ending balance at original discount rate |  | 9,483 |  |  | 8,062 |  |  | 72,527 |  |  | 14,375 |
Effect of changes in discount rate assumptions |  | (215) |  |  | (33) |  |  | (9,571) |  |  | (1,544) |
Balance, end of period |  | $ | 9,268 |  |  | $ | 8,029 |  |  | $ | 62,956 |  |  | $ | 12,831 |
Cumulative amount of fair value hedging adjustments |  | $ | 32 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Liability for future policy benefits |  | $ | 8,094 |  |  | $ | 4,317 |  |  | $ | 6,074 |  |  | $ | 11,422 |
Less: reinsurance recoverable |  | (1,241) |  |  | — |  |  | — |  |  | — |
Net liability for future policy benefits |  | $ | 6,853 |  |  | $ | 4,317 |  |  | $ | 6,074 |  |  | $ | 11,422 |
Weighted average duration of the liability (in years) |  | 8 |  | 13 |  | 10 |  | 15
Weighted average interest accretion rate |  | 3.9 | % |  | 4.1 | % |  | 3.1 | % |  | 1.6 | %
Weighted average current discount rate |  | 4.9 | % |  | 4.7 | % |  | 5.0 | % |  | 2.8 | %
(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 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. 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 nine months ended September 30, 2024 and 2023 are summarized in the tables below:
For the nine months ended September 30, 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 |  | $8.1 billion |  | $8 million |  | $3 million |  | $124 million |
Canada – Financial Solutions |  | $4.1 billion |  | None |  | None |  | $168 million |
Europe, Middle East and Africa – Financial Solutions |  | $7.0 billion |  | $3 million |  | $1 million |  | $(241) million |
Asia Pacific – Financial Solutions |  | $12.7 billion |  | $9 million |  | $(1) million |  | $(540) million |
For the nine months ended September 30, 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 |  | $4.9 billion |  | $(22) million |  | $(8) million |  | $(119) million |
Canada – Financial Solutions |  | $26 million |  | $(22) million |  | $(8) million |  | $1 million |
Europe, Middle East and Africa – Financial Solutions |  | $5.9 billion |  | $(34) million |  | $(13) million |  | $(67) million |
Asia Pacific – Financial Solutions |  | $5.7 billion |  | None |  | $(2) million |  | $(359) million |
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, 2024 and 2023 is as follows (dollars in millions):
|  | September 30,
|  | 2024 |  | 2023
Liability for future policy benefits included in the rollforwards: |  |  |  |
Traditional: |  |  |  |
U.S. and Latin America |  | $ | 11,333 |  | $ | 9,257
Canada |  | 4,305 |  | 3,801
Europe, Middle East and Africa |  | 1,199 |  | 1,072
Asia Pacific |  | 2,776 |  | 2,352
Financial Solutions: |  |  |  |
U.S. and Latin America |  | 8,094 |  |  | 4,456 |
Canada |  | 4,317 |  |  | 28 |
Europe, Middle East and Africa |  | 6,074 |  |  | 4,968 |
Asia Pacific |  | 11,422 |  |  | 4,853 |
Other long-duration contracts |  | 117 |  |  | 126 |
Claims liability and incurred but not reported claims |  | 5,406 |  |  | 5,062 |
Unearned revenue liability |  | 890 |  |  | 499 |
Total liability for future policy benefits |  | $ | 55,933 |  |  | $ | 36,474 |
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, 2024 and 2023 is as follows (dollars in millions):
|  | September 30,
|  | 2024 |  | 2023
|  | Undiscounted |  | Discounted |  | Undiscounted |  | Discounted
Expected future gross premiums |  |  |  |  |  |  |  |
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 182,731 |  |  | $ | 87,831 |  |  | $ | 177,307 |  |  | $ | 77,008 |
Canada |  | 54,520 |  |  | 21,928 |  |  | 54,378 |  |  | 19,902 |
Europe, Middle East and Africa |  | 28,668 |  |  | 15,609 |  |  | 24,778 |  |  | 13,131 |
Asia Pacific |  | 103,658 |  |  | 42,453 |  |  | 90,652 |  |  | 35,372 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 2,816 |  |  | 1,828 |  |  | 3,012 |  |  | 1,794 |
Canada |  | 6,306 |  |  | 4,101 |  |  | 4,545 |  |  | 2,856 |
Europe, Middle East and Africa |  | 111,948 |  |  | 57,940 |  |  | 68,410 |  |  | 36,603 |
Asia Pacific |  | 4,089 |  |  | 2,988 |  |  | 3,797 |  |  | 2,828 |
Expected future benefit payments |  |  |  |  |  |  |  |
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 191,246 |  |  | $ | 85,809 |  |  | $ | 188,177 |  |  | $ | 75,158 |
Canada |  | 56,312 |  |  | 21,925 |  |  | 56,423 |  |  | 19,933 |
Europe, Middle East and Africa |  | 28,796 |  |  | 15,219 |  |  | 24,509 |  |  | 12,558 |
Asia Pacific |  | 99,908 |  |  | 36,218 |  |  | 87,120 |  |  | 30,132 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 15,257 |  |  | 9,268 |  |  | 10,233 |  |  | 5,600 |
Canada |  | 17,933 |  |  | 8,029 |  |  | 4,285 |  |  | 2,706 |
Europe, Middle East and Africa |  | 120,917 |  |  | 62,956 |  |  | 71,027 |  |  | 37,931 |
Asia Pacific |  | 22,330 |  |  | 12,831 |  |  | 10,522 |  |  | 6,611 |
Gross Premiums And Interest Expense Liability Future Policy Benefits | 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 nine months ended September 30, 2024 and 2023 is as follows (dollars in millions):
|  | Gross Premiums |  | Interest Expense
|  | September 30, |  | September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 4,658 |  |  | $ | 4,435 |  |  | $ | 432 |  |  | $ | 404 |
Canada |  | 825 |  |  | 808 |  |  | 161 |  |  | 158 |
Europe, Middle East and Africa |  | 1,101 |  |  | 1,058 |  |  | 31 |  |  | 29 |
Asia Pacific |  | 2,095 |  |  | 1,959 |  |  | 121 |  |  | 113 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 2,816 |  |  | 979 |  |  | 243 |  |  | 136 |
Canada |  | 120 |  |  | 68 |  |  | 93 |  |  | 1 |
Europe, Middle East and Africa |  | 669 |  |  | 515 |  |  | 166 |  |  | 129 |
Asia Pacific |  | 158 |  |  | 171 |  |  | 107 |  |  | 46 |
Total |  | $ | 12,442 |  |  | $ | 9,993 |  |  | $ | 1,354 |  |  | $ | 1,016 |
During the nine months ended September 30, 2024 and 2023, no material charges were incurred resulting from net premiums exceeding gross premiums.

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