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Future Policy Benefit Reserves (Tables)
 6 Months Ended
Jun. 30, 2023
Insurance [Abstract]  
Liability for Future Policy Benefit, Activity
The following table summarizes balances and changes in the LFPB.
(In millions)
20232022
Present value of future net premiums
Balance, January 1$3,993 $4,735 
     Effect of changes in discount rate(74)(880)
Balance, January 1, at original locked in discount rate3,919 3,855 
     Effect of changes in cash flow assumptions (1)
— — 
     Effect of actual variances from expected experience (1)
(85)(37)
Adjusted balance, January 13,834 3,818 
Interest accrual103 105 
     Net premiums: earned during period(225)(225)
Balance, end of period at original locked in discount rate3,712 3,698 
     Effect of changes in discount rate78 246 
Balance, June 30$3,790 $3,944 
Present value of future benefits & expenses
Balance, January 1$17,472 $22,745 
     Effect of changes in discount rate(125)(5,942)
Balance, January 1, at original locked in discount rate17,347 16,803 
     Effect of changes in cash flow assumptions (1)
— — 
     Effect of actual variances from expected experience (1)
(51)(43)
Adjusted balance, January 117,296 16,760 
Interest accrual482 482 
     Benefit & expense payments(629)(470)
Balance, end of period at original locked in discount rate17,149 16,772 
     Effect of changes in discount rate307 1,329 
Balance, June 30$17,456 $18,101 
Net LFPB$13,666 $14,157 
(1) As of June 30, 2023 and 2022, the re-measurement gain (loss) of $(34) million and $6 million presented parenthetically on the Condensed Consolidated Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.
The following table presents earned premiums and interest expense associated with the Company’s long term care business recognized on the Condensed Consolidated Statement of Operations.
Periods ended June 30Three MonthsSix Months
(In millions)
2023202220232022
Earned premiums$113 $118 $228 $238 
Interest expense189 189 379 377 
The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.
As of June 30
(In millions)
20232022
  Expected future benefit and expense payments$33,287 $33,429 
  Expected future gross premiums5,536 5,848 
The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.
As of June 30As of December 31
202320222022
   Original locked in discount rate5.25 %5.29 %5.27 %
Upper-medium grade fixed income instrument discount rate5.10 4.64 5.23