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Future Policy Benefit Reserves (Tables) | 12 Months Ended
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Dec. 31, 2024
Insurance [Abstract] |
Liability for Future Policy Benefit, Activity | The following table summarizes balances and changes in the LFPB.
| (In millions) | 2024 |  | 2023 |  | 2022
| Present value of future net premiums |  |  |  |  |
| Balance, January 1 | $ | 3,710 |  |  | $ | 3,991 |  |  | $ | 4,735 |
Effect of changes in discount rate | (125) |  |  | (74) |  |  | (880) |
Balance, January 1, at original locked in discount rate | 3,585 |  |  | 3,917 |  |  | 3,855 |
Effect of changes in cash flow assumptions (1) | 111 |  |  | 28 |  |  | 352 |
Effect of actual variances from expected experience (1) | (41) |  |  | (126) |  |  | (49) |
Adjusted balance, January 1 | 3,655 |  |  | 3,819 |  |  | 4,158 |
Interest accrual | 183 |  |  | 202 |  |  | 216 |
Net premiums: earned during period | (420) |  |  | (436) |  |  | (457) |
Balance, end of period at original locked in discount rate | 3,418 |  |  | 3,585 |  |  | 3,917 |
Effect of changes in discount rate | 7 |  |  | 125 |  |  | 74 |
Balance, December 31 | $ | 3,425 |  |  | $ | 3,710 |  |  | $ | 3,991 |
| Present value of future benefits & expenses |  |  |  |  |
| Balance, January 1 | $ | 17,669 |  |  | $ | 17,471 |  |  | $ | 22,745 |
Effect of changes in discount rate | (578) |  |  | (125) |  |  | (5,942) |
Balance, January 1, at original locked in discount rate | 17,091 |  |  | 17,346 |  |  | 16,803 |
Effect of changes in cash flow assumptions (1) | 126 |  |  | 36 |  |  | 538 |
Effect of actual variances from expected experience (1) | 69 |  |  | (46) |  |  | (21) |
Adjusted balance, January 1 | 17,286 |  |  | 17,336 |  |  | 17,320 |
Interest accrual | 924 |  |  | 962 |  |  | 979 |
Benefit & expense payments | (1,187) |  |  | (1,207) |  |  | (953) |
Balance, end of period at original locked in discount rate | 17,023 |  |  | 17,091 |  |  | 17,346 |
Effect of changes in discount rate | (440) |  |  | 578 |  |  | 125 |
Balance, December 31 | $ | 16,583 |  |  | $ | 17,669 |  |  | $ | 17,471 |
| Net LFPB | $ | 13,158 |  |  | $ | 13,959 |  |  | $ | 13,480 |
(1) As of December 31, 2024, 2023 and 2022 the re-measurement gain (loss) of $(125) million, $(88) million and $(214) million presented parenthetically on the 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 Consolidated Statement of Operations.
Years ended December 31 |  |  |
(In millions) |  |  |  |  | 2024 |  | 2023 |  | 2022
Earned premiums |  |  |  |  | $ | 437 |  |  | $ | 451 |  |  | $ | 473 |
Interest expense |  |  |  |  | 741 |  |  | 760 |  |  | 763 |
The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.
| As of December 31
(In millions) | 2024 |  | 2023
Expected future benefit and expense payments | $ | 31,712 |  |  | $ | 32,851 |
Expected future gross premiums | 5,183 |  |  | 5,414 |
The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.
| As of December 31
| 2024 |  |  |  | 2023
Original locked in discount rate | 5.20 | % |  |  |  | 5.22 | %
Upper-medium grade fixed income instrument discount rate | 5.51 |  |  |  |  | 4.94 |

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- 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
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