XML 44 R33.htm IDEA: XBRL DOCUMENT
v3.25.3

Future Policy Benefits (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Insurance [Abstract] |
Liability for Future Policy Benefit, Activity | 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 2025 and 2024, the Company completed its annual assumptions review resulting in a $183 million and $39 million increase in the Company’s liability for future policy benefits for its Traditional business, respectively. The increases in the liability in 2025 and 2024 were primarily the result of updating the mortality and lapse assumptions used to measure 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 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, 2025 and 2024 (dollars in millions):
For the nine months ended September 30, 2025: |  | 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 |  | $ | 77,881 |  |  | $ | 20,928 |  |  | $ | 15,911 |  |  | $ | 44,801 |
Effect of changes in cash flow assumptions |  | (352) |  |  | 570 |  |  | 38 |  |  | 150 |
Effect of actual variances from expected experience |  | (467) |  |  | 70 |  |  | 546 |  |  | (668) |
Adjusted balance, beginning of year |  | 77,062 |  |  | 21,568 |  |  | 16,495 |  |  | 44,283 |
Issuances (1) |  | 7,821 |  |  | 404 |  |  | 1,106 |  |  | 3,752 |
Interest accrual (2) |  | 2,688 |  |  | 559 |  |  | 444 |  |  | 952 |
Net premiums collected (3) |  | (5,814) |  |  | (723) |  |  | (1,413) |  |  | (1,854) |
Derecognition (4) |  | (812) |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | 4 |  |  | 694 |  |  | 1,295 |  |  | 1,582 |
Ending balance at original discount rate |  | 80,949 |  |  | 22,502 |  |  | 17,927 |  |  | 48,715 |
Effect of changes in discount rate assumptions |  | (7,000) |  |  | (4,501) |  |  | (3,013) |  |  | (12,252) |
Balance, end of period |  | $ | 73,949 |  |  | $ | 18,001 |  |  | $ | 14,914 |  |  | $ | 36,463 |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 90,711 |  |  | $ | 24,309 |  |  | $ | 17,365 |  |  | $ | 49,712 |
Effect of changes in cash flow assumptions |  | (381) |  |  | 561 |  |  | 261 |  |  | 148 |
Effect of actual variances from expected experience |  | (406) |  |  | 73 |  |  | 536 |  |  | (733) |
Adjusted balance, beginning of year |  | 89,924 |  |  | 24,943 |  |  | 18,162 |  |  | 49,127 |
Issuances (1) |  | 8,521 |  |  | 404 |  |  | 1,106 |  |  | 3,752 |
Interest accrual (2) |  | 3,227 |  |  | 719 |  |  | 479 |  |  | 1,086 |
Benefit payments (5) |  | (4,502) |  |  | (808) |  |  | (1,300) |  |  | (1,553) |
Derecognition (4) |  | (812) |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | 6 |  |  | 808 |  |  | 1,427 |  |  | 1,649 |
Ending balance at original discount rate |  | 96,364 |  |  | 26,066 |  |  | 19,874 |  |  | 54,061 |
Effect of changes in discount rate assumptions |  | (8,917) |  |  | (3,934) |  |  | (3,590) |  |  | (14,609) |
Balance, end of period |  | $ | 87,447 |  |  | $ | 22,132 |  |  | $ | 16,284 |  |  | $ | 39,452 |
Liability for future policy benefits |  | $ | 13,498 |  |  | $ | 4,131 |  |  | $ | 1,370 |  |  | $ | 2,989 |
Less: reinsurance recoverable |  | (834) |  |  | (254) |  |  | (15) |  |  | (78) |
Net liability for future policy benefits |  | $ | 12,664 |  |  | $ | 3,877 |  |  | $ | 1,355 |  |  | $ | 2,911 |
Weighted average duration of the liability (in years) |  | 11 |  | 14 |  | 8 |  | 15
Weighted average interest accretion rate |  | 4.6 | % |  | 3.7 | % |  | 3.5 | % |  | 2.8 | %
Weighted average current discount rate |  | 5.4 | % |  | 4.9 | % |  | 5.7 | % |  | 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, 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. 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, 2025 and 2024 are summarized in the tables below:
For the nine months ended September 30, 2025:
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 |  | $15.4 billion |  | $(29) million |  | $61 million |  | $375 million |
Canada – Traditional |  | $3.6 billion |  | $(9) million |  | $3 million |  | $(152) million |
Europe, Middle East and Africa – Traditional |  | $1.9 billion |  | $223 million |  | $(10) million |  | $(243) million |
Asia Pacific – Traditional |  | $5.3 billion |  | $(2) million |  | $(65) million |  | $(49) million |
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 |
Financial Solutions Business 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 2025 and 2024, the Company completed its annual assumptions review resulting in a $24 million decrease and $20 million increase in the Company’s liability for future policy benefits for its Financial Solutions business, respectively. The decrease and increase in the liability in 2025 and 2024, respectively, were primarily the result of updating the lapse and mortality assumptions used to measure the 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), financial reinsurance and pension risk transfer transactions, for the nine months ended September 30, 2025 and 2024 (dollars in millions):
For the nine months ended September 30, 2025: |  | 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 |  | $ | 1,346 |  |  | $ | 3,614 |  |  | $ | 71,360 |  |  | $ | 2,758 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | (409) |  |  | — |
Effect of actual variances from expected experience |  | (10) |  |  | 6 |  |  | (32) |  |  | (121) |
Adjusted balance, beginning of year |  | 1,336 |  |  | 3,620 |  |  | 70,919 |  |  | 2,637 |
Issuances (1) |  | 2,118 |  |  | — |  |  | 15,195 |  |  | 2,657 |
Interest accrual (2) |  | 30 |  |  | 99 |  |  | 2,078 |  |  | 31 |
Net premiums collected (3) |  | (2,219) |  |  | (278) |  |  | (7,283) |  |  | (3,227) |
Derecognition (4) |  | — |  |  | — |  |  | (257) |  |  | — |
Foreign currency translation |  | — |  |  | 119 |  |  | 6,038 |  |  | 181 |
Ending balance at original discount rate |  | 1,265 |  |  | 3,560 |  |  | 86,690 |  |  | 2,279 |
Effect of changes in discount rate assumptions |  | (194) |  |  | (182) |  |  | (10,484) |  |  | (621) |
Balance, end of period |  | $ | 1,071 |  |  | $ | 3,378 |  |  | $ | 76,206 |  |  | $ | 1,658 |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 9,489 |  |  | $ | 7,934 |  |  | $ | 78,290 |  |  | $ | 14,626 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | (433) |  |  | — |
Effect of actual variances from expected experience |  | (13) |  |  | 6 |  |  | (51) |  |  | (127) |
Adjusted balance, beginning of year |  | 9,476 |  |  | 7,940 |  |  | 77,806 |  |  | 14,499 |
Issuances (1) |  | 2,146 |  |  | — |  |  | 15,194 |  |  | 2,666 |
Interest accrual (2) |  | 396 |  |  | 263 |  |  | 2,298 |  |  | 251 |
Benefit payments (5) |  | (784) |  |  | (347) |  |  | (4,834) |  |  | (499) |
Derecognition (4) |  | — |  |  | — |  |  | (257) |  |  | — |
Foreign currency translation |  | — |  |  | 265 |  |  | 6,539 |  |  | 880 |
Ending balance at original discount rate |  | 11,234 |  |  | 8,121 |  |  | 96,746 |  |  | 17,797 |
Effect of changes in discount rate assumptions |  | (332) |  |  | (125) |  |  | (11,507) |  |  | (3,729) |
Balance, end of period |  | $ | 10,902 |  |  | $ | 7,996 |  |  | $ | 85,239 |  |  | $ | 14,068 |
Cumulative amount of fair value hedging adjustments |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Liability for future policy benefits |  | $ | 9,839 |  |  | $ | 4,618 |  |  | $ | 9,033 |  |  | $ | 12,410 |
Less: reinsurance recoverable |  | (1,749) |  |  | — |  |  | — |  |  | — |
Net liability for future policy benefits |  | $ | 8,090 |  |  | $ | 4,618 |  |  | $ | 9,033 |  |  | $ | 12,410 |
Weighted average duration of the liability (in years) |  | 9 |  | 12 |  | 9 |  | 14
Weighted average interest accretion rate |  | 4.1 | % |  | 4.1 | % |  | 3.5 | % |  | 1.9 | %
Weighted average current discount rate |  | 5.3 | % |  | 4.8 | % |  | 5.4 | % |  | 4.0 | %
(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, 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. 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, 2025 and 2024 are summarized in the tables below:
For the nine months ended September 30, 2025:
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 |  | $10.0 billion |  | None |  | $(3) million |  | $260 million |
Canada – Financial Solutions |  | $4.6 billion |  | None |  | None |  | $(135) million |
Europe, Middle East and Africa – Financial Solutions |  | $10.1 billion |  | $(24) million |  | $(19) million |  | $(128) million |
Asia Pacific – Financial Solutions |  | $15.5 billion |  | None |  | $(6) million |  | $(1.5) billion |
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 |
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, 2025 and 2024 is as follows (dollars in millions):
|  | September 30,
|  | 2025 |  | 2024
Liability for future policy benefits included in the rollforwards: |  |  |  |
Traditional: |  |  |  |
U.S. and Latin America |  | $ | 13,498 |  | $ | 11,333
Canada |  | 4,131 |  | 4,305
Europe, Middle East and Africa |  | 1,370 |  | 1,199
Asia Pacific |  | 2,989 |  | 2,776
Financial Solutions: |  |  |  |
U.S. and Latin America |  | 9,839 |  |  | 8,094 |
Canada |  | 4,618 |  |  | 4,317 |
Europe, Middle East and Africa |  | 9,033 |  |  | 6,074 |
Asia Pacific |  | 12,410 |  |  | 11,422 |
Other long-duration contracts |  | 116 |  |  | 117 |
Claims liability and incurred but not reported claims |  | 5,786 |  |  | 5,406 |
Additional liability |  | 235 |  |  | 36 |
Unearned revenue liability |  | 814 |  |  | 854 |
Cost of reinsurance liability |  | 1,550 |  |  | — |
Total liability for future policy benefits |  | $ | 66,389 |  |  | $ | 55,933 |
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, 2025 and 2024 are as follows (dollars in millions):
|  | September 30,
|  | 2025 |  | 2024
|  | Undiscounted |  | Discounted |  | Undiscounted |  | Discounted
Expected future gross premiums |  |  |  |  |  |  |  |
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 194,959 |  |  | $ | 88,432 |  |  | $ | 182,731 |  |  | $ | 87,831 |
Canada |  | 56,351 |  |  | 22,317 |  |  | 54,520 |  |  | 21,928 |
Europe, Middle East and Africa |  | 30,092 |  |  | 16,513 |  |  | 28,668 |  |  | 15,609 |
Asia Pacific |  | 113,661 |  |  | 46,387 |  |  | 103,658 |  |  | 42,453 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 2,554 |  |  | 1,641 |  |  | 2,816 |  |  | 1,828 |
Canada |  | 5,676 |  |  | 3,733 |  |  | 6,306 |  |  | 4,101 |
Europe, Middle East and Africa |  | 157,690 |  |  | 77,444 |  |  | 111,948 |  |  | 57,940 |
Asia Pacific |  | 5,235 |  |  | 3,471 |  |  | 4,089 |  |  | 2,988 |
Expected future benefit payments |  |  |  |  |  |  |  |
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 203,397 |  |  | $ | 87,447 |  |  | $ | 191,246 |  |  | $ | 85,809 |
Canada |  | 57,445 |  |  | 22,132 |  |  | 56,312 |  |  | 21,925 |
Europe, Middle East and Africa |  | 30,886 |  |  | 16,284 |  |  | 28,796 |  |  | 15,219 |
Asia Pacific |  | 109,528 |  |  | 39,452 |  |  | 99,908 |  |  | 36,218 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 22,213 |  |  | 10,902 |  |  | 15,257 |  |  | 9,268 |
Canada |  | 17,625 |  |  | 7,996 |  |  | 17,933 |  |  | 8,029 |
Europe, Middle East and Africa |  | 170,551 |  |  | 85,239 |  |  | 120,917 |  |  | 62,956 |
Asia Pacific |  | 30,139 |  |  | 14,068 |  |  | 22,330 |  |  | 12,831 |
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, 2025 and 2024 is as follows (dollars in millions):
|  | Gross Premiums |  | Interest Expense
|  | September 30, |  | September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 4,791 |  |  | $ | 4,658 |  |  | $ | 539 |  |  | $ | 432 |
Canada |  | 831 |  |  | 825 |  |  | 160 |  |  | 161 |
Europe, Middle East and Africa |  | 1,341 |  |  | 1,101 |  |  | 35 |  |  | 31 |
Asia Pacific |  | 2,335 |  |  | 2,095 |  |  | 134 |  |  | 121 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 177 |  |  | 2,816 |  |  | 366 |  |  | 243 |
Canada |  | 143 |  |  | 120 |  |  | 164 |  |  | 93 |
Europe, Middle East and Africa |  | 897 |  |  | 669 |  |  | 220 |  |  | 166 |
Asia Pacific |  | 325 |  |  | 158 |  |  | 220 |  |  | 107 |
Total |  | $ | 10,840 |  |  | $ | 12,442 |  |  | $ | 1,838 |  |  | $ | 1,354 |
During the nine months ended September 30, 2025, the only material charge the Company incurred was a charge of $117 million due to net premiums exceeding gross premiums for one cohort in the U.K. (EMEA Traditional segment) as a result of updating the mortality assumptions in that period. No material charge was incurred during the nine months ended September 30, 2024, due to net premiums exceeding gross premiums.
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, 2025 and 2024 is as follows (dollars in millions):
|  | September 30,
|  | 2025 |  | 2024
Liability for future policy benefits included in the rollforwards: |  |  |  |
Traditional: |  |  |  |
U.S. and Latin America |  | $ | 13,498 |  | $ | 11,333
Canada |  | 4,131 |  | 4,305
Europe, Middle East and Africa |  | 1,370 |  | 1,199
Asia Pacific |  | 2,989 |  | 2,776
Financial Solutions: |  |  |  |
U.S. and Latin America |  | 9,839 |  |  | 8,094 |
Canada |  | 4,618 |  |  | 4,317 |
Europe, Middle East and Africa |  | 9,033 |  |  | 6,074 |
Asia Pacific |  | 12,410 |  |  | 11,422 |
Other long-duration contracts |  | 116 |  |  | 117 |
Claims liability and incurred but not reported claims |  | 5,786 |  |  | 5,406 |
Additional liability |  | 235 |  |  | 36 |
Unearned revenue liability |  | 814 |  |  | 854 |
Cost of reinsurance liability |  | 1,550 |  |  | — |
Total liability for future policy benefits |  | $ | 66,389 |  |  | $ | 55,933 |
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, 2025 and 2024 are as follows (dollars in millions):
|  | September 30,
|  | 2025 |  | 2024
|  | Undiscounted |  | Discounted |  | Undiscounted |  | Discounted
Expected future gross premiums |  |  |  |  |  |  |  |
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 194,959 |  |  | $ | 88,432 |  |  | $ | 182,731 |  |  | $ | 87,831 |
Canada |  | 56,351 |  |  | 22,317 |  |  | 54,520 |  |  | 21,928 |
Europe, Middle East and Africa |  | 30,092 |  |  | 16,513 |  |  | 28,668 |  |  | 15,609 |
Asia Pacific |  | 113,661 |  |  | 46,387 |  |  | 103,658 |  |  | 42,453 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 2,554 |  |  | 1,641 |  |  | 2,816 |  |  | 1,828 |
Canada |  | 5,676 |  |  | 3,733 |  |  | 6,306 |  |  | 4,101 |
Europe, Middle East and Africa |  | 157,690 |  |  | 77,444 |  |  | 111,948 |  |  | 57,940 |
Asia Pacific |  | 5,235 |  |  | 3,471 |  |  | 4,089 |  |  | 2,988 |
Expected future benefit payments |  |  |  |  |  |  |  |
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 203,397 |  |  | $ | 87,447 |  |  | $ | 191,246 |  |  | $ | 85,809 |
Canada |  | 57,445 |  |  | 22,132 |  |  | 56,312 |  |  | 21,925 |
Europe, Middle East and Africa |  | 30,886 |  |  | 16,284 |  |  | 28,796 |  |  | 15,219 |
Asia Pacific |  | 109,528 |  |  | 39,452 |  |  | 99,908 |  |  | 36,218 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 22,213 |  |  | 10,902 |  |  | 15,257 |  |  | 9,268 |
Canada |  | 17,625 |  |  | 7,996 |  |  | 17,933 |  |  | 8,029 |
Europe, Middle East and Africa |  | 170,551 |  |  | 85,239 |  |  | 120,917 |  |  | 62,956 |
Asia Pacific |  | 30,139 |  |  | 14,068 |  |  | 22,330 |  |  | 12,831 |
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, 2025 and 2024 is as follows (dollars in millions):

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