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Future Policy Benefits Reserves (Tables)
 6 Months Ended
Jun. 30, 2024
Insurance [Abstract]  
Liability for Future Policy Benefit, Activity
The following table summarizes balances and changes in the LFPB.
(In millions)
20242023
Present value of future net premiums
Balance, January 1$3,710 $3,993 
     Effect of changes in discount rate(125)(74)
Balance, January 1, at original locked in discount rate3,585 3,919 
     Effect of changes in cash flow assumptions (1)
— — 
     Effect of actual variances from expected experience (1)
(29)(85)
Adjusted balance, January 13,556 3,834 
Interest accrual92 103 
     Net premiums: earned during period(212)(225)
Balance, end of period at original locked in discount rate3,436 3,712 
     Effect of changes in discount rate11 78 
Balance, June 30$3,447 $3,790 
Present value of future benefits & expenses
Balance, January 1$17,669 $17,472 
     Effect of changes in discount rate(578)(125)
Balance, January 1, at original locked in discount rate17,091 17,347 
     Effect of changes in cash flow assumptions (1)
— — 
     Effect of actual variances from expected experience (1)
11 (51)
Adjusted balance, January 117,102 17,296 
Interest accrual461 482 
     Benefit & expense payments(592)(629)
Balance, end of period at original locked in discount rate16,971 17,149 
     Effect of changes in discount rate(313)307 
Balance, June 30$16,658 $17,456 
Net LFPB$13,211 $13,666 
(1) As of June 30, 2024 and 2023 the re-measurement gain (loss) of $(40) million and $(34) 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)
2024202320242023
Earned premiums$109 $113 $219 $228 
Interest expense185 189 369 379 
The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.
As of June 30
(In millions)
20242023
  Expected future benefit and expense payments$32,212 $33,287 
  Expected future gross premiums5,149 5,536 
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
202420232023
   Original locked in discount rate5.21 %5.25 %5.22 %
Upper-medium grade fixed income instrument discount rate5.43 5.10 4.94