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v3.23.2

Future Contract Benefits (Tables) | 6 Months Ended
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Jun. 30, 2023
Summary of Reconciliation of Future Contract Benefits |
| As of |  | As of |
| June 30, |  | December 31, |
| 2023 |  | 2022 |
Traditional Life (1) | $ | 3,676 |  | $ | 3,509 |
Payout Annuities (1) |  | 2,048 |  |  | 2,004 |
Group Protection (2) |  | 5,493 |  |  | 5,462 |
UL and Other (3) |  | 15,525 |  |  | 14,818 |
Other Operations (4) |  | 9,707 |  |  | 9,782 |
Other (5) |  | 3,262 |  |  | 3,251 |
Total future contract benefits | $ | 39,711 |  | $ | 38,826 |
(1)See “LFPB” below for further information. (2)See “Liability for Future Claims” below for further information. (3)See “Additional Liabilities for Other Insurance Benefits” below for further information. (4)Represents future contract benefits reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($5.5 billion and $5.4 billion as of June 30, 2023, and December 31, 2022, respectively) and Swiss Re ($2.2 billion and $2.3 billion as of June 30, 2023, and December 31, 2022, respectively) that are excluded from the following tables. (5)Represents other miscellaneous reserves outside the scope of ASU 2018-12 that are excluded from the following tables.
Summary of Discounted and Undiscounted Expected Future Gross premiums and Expected Future Benefit Payments |
| As of June 30, 2023 |  | As of December 31, 2022 |
| Undiscounted |  | Discounted |  | Undiscounted |  | Discounted |
Traditional Life |  |  |  |  |  |  |  |  |  |  |  |
Expected future gross premiums | $ | 14,009 |  | $ | 9,583 |  | $ | 13,945 |  | $ | 9,475 |
Expected future benefit payments |  | 13,834 |  |  | 9,763 |  |  | 13,640 |  |  | 9,572 |
Payout Annuities |  |  |  |  |  |  |  |  |  |  |  |
Expected future gross premiums |  | - |  |  | - |  |  | - |  |  | - |
Expected future benefit payments |  | 3,501 |  |  | 2,048 |  |  | 3,472 |  |  | 2,004 |
Summary of Gross Premiums and Interest Accretion |
| For the Three |  | For the Six |
| Months Ended |  | Months Ended |
| June 30, |  | June 30, |
| 2023 |  | 2022 |  | 2023 |  | 2022 |
Traditional Life |  |  |  |  |  |  |  |  |  |  |  |
Gross premiums | $ | 314 |  | $ | 301 |  | $ | 627 |  | $ | 594 |
Interest accretion |  | 36 |  |  | 33 |  |  | 71 |  |  | 66 |
Payout Annuities |  |  |  |  |  |  |  |  |  |  |  |
Gross premiums |  | 44 |  |  | 21 |  |  | 72 |  |  | 43 |
Interest accretion |  | 22 |  |  | 21 |  |  | 43 |  |  | 42 |
Summary of Weighted-Average Interest Rates |
| For the Six |  |  |
| Months |  | For the Year |
| Ended |  | Ended |
| June 30, |  | December 31, |
| 2023 |  | 2022 |
Traditional Life |  |  |  |  |  |
Interest accretion rate |  | 5.1% |  |  | 5.1% |
Current discount rate |  | 5.1% |  |  | 5.1% |
Payout Annuities |  |  |  |  |  |
Interest accretion rate |  | 3.9% |  |  | 3.9% |
Current discount rate |  | 5.2% |  |  | 5.3% |
Traditional Life And Payout Annuities [Member] |
Summary of Changes in Present values of Expected Net Premiums and LFPB | :
| As of or For the |  | As of or For the |
| Six Months Ended |  | Year Ended |
| June 30, 2023 |  | December 31, 2022 |
| Traditional |  | Payout |  | Traditional |  | Payout |
| Life |  | Annuities |  | Life |  | Annuities |
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |  |  |  |  |
Balance as of beginning-of-year | $ | 6,063 |  | $ | - |  | $ | 6,858 |  | $ | - |
Less: Effect of cumulative changes in discount |  |  |  |  |  |  |  |  |  |  |  |
rate assumptions |  | (582 | ) |  | - |  |  | 883 |  |  | - |
Beginning balance at original discount rate |  | 6,645 |  |  | - |  |  | 5,975 |  |  | - |
Effect of changes in cash flow assumptions |  | - |  |  | - |  |  | (484 | ) |  | - |
Effect of actual variances from expected |  |  |  |  |  |  |  |  |  |  |  |
experience |  | (276 | ) |  | - |  |  | 50 |  |  | - |
Adjusted balance as of beginning-of-year |  | 6,369 |  |  | - |  |  | 5,541 |  |  | - |
Issuances |  | 330 |  |  | - |  |  | 1,656 |  |  | - |
Interest accrual |  | 120 |  |  | - |  |  | 222 |  |  | - |
Net premiums collected |  | (406 | ) |  | - |  |  | (765 | ) |  | - |
Flooring impact of LFPB |  | 1 |  |  | - |  |  | (9 | ) |  | - |
Ending balance at original discount rate |  | 6,414 |  |  | - |  |  | 6,645 |  |  | - |
Effect of cumulative changes in discount |  |  |  |  |  |  |  |  |  |  |  |
rate assumptions |  | (327 | ) |  | - |  |  | (582 | ) |  | - |
Balance as of end-of-period | $ | 6,087 |  | $ | - |  | $ | 6,063 |  | $ | - |
Present Value of Expected LFPB |  |  |  |  |  |  |  |  |  |  |  |
Balance as of beginning-of-year | $ | 9,572 |  | $ | 2,004 |  | $ | 11,008 |  | $ | 2,512 |
Less: Effect of cumulative changes in discount |  |  |  |  |  |  |  |  |  |  |  |
rate assumptions |  | (785 | ) |  | (263 | ) |  | 1,561 |  |  | 266 |
Beginning balance at original discount rate (1) |  | 10,357 |  |  | 2,267 |  |  | 9,447 |  |  | 2,246 |
Effect of changes in cash flow assumptions |  | - |  |  | - |  |  | (415 | ) |  | - |
Effect of actual variances from expected |  |  |  |  |  |  |  |  |  |  |  |
experience |  | (300 | ) |  | (2 | ) |  | 69 |  |  | 3 |
Adjusted balance as of beginning-of-year |  | 10,057 |  |  | 2,265 |  |  | 9,101 |  |  | 2,249 |
Issuances |  | 330 |  |  | 69 |  |  | 1,655 |  |  | 122 |
Interest accrual |  | 191 |  |  | 43 |  |  | 356 |  |  | 84 |
Benefit payments |  | (343 | ) |  | (93 | ) |  | (755 | ) |  | (188 | )
Ending balance at original discount rate (1) |  | 10,235 |  |  | 2,284 |  |  | 10,357 |  |  | 2,267 |
Effect of cumulative changes in discount |  |  |  |  |  |  |  |  |  |  |  |
rate assumptions |  | (472 | ) |  | (236 | ) |  | (785 | ) |  | (263 | )
Balance as of end-of-period | $ | 9,763 |  | $ | 2,048 |  | $ | 9,572 |  | $ | 2,004 |
Net balance as of end-of-period | $ | 3,676 |  | $ | 2,048 |  | $ | 3,509 |  | $ | 2,004 |
Less: reinsurance recoverables |  | 498 |  |  | 3 |  |  | 532 |  |  | 3 |
Net balance as of end-of-period, net of reinsurance | $ | 3,178 |  | $ | 2,045 |  | $ | 2,977 |  | $ | 2,001 |
Weighted-average duration of future policyholder |  |  |  |  |  |  |  |  |  |  |  |
benefit liability (years) |  | 10 |  |  | 9 |  |  | 10 |  |  | 9 |
(1)Includes DPL within Payout Annuities of $53 million, $38 million and $22 million as of June 30, 2023, December 31, 2022 and December 31, 2021, respectively.
UL and Other [Member] |
Summary of Changes in Present values of Expected Net Premiums and LFPB |
| UL and Other |
| As of or For |  |  |  |
| the Six |  | As of or For |
| Months |  | the Year |
| Ended |  | Ended |
| June 30, |  | December 31, |
| 2023 |  | 2022 |
Balance as of beginning-of-year | $ | 14,818 |  | $ | 12,556 |
Less: Effect of cumulative changes in shadow |  |  |  |  |  |
balance in AOCI |  | (905 | ) |  | 1,113 |
Balance as of beginning-of-year, excluding |  |  |  |  |  |
shadow balance in AOCI |  | 15,723 |  |  | 11,443 |
Effect of changes in cash flow assumptions |  | - |  |  | 3,108 |
Effect of actual variances from expected |  |  |  |  |  |
experience |  | 6 |  |  | 195 |
Adjusted beginning-of-year balance |  | 15,729 |  |  | 14,746 |
Issuances |  | - |  |  | 7 |
Interest accrual |  | 376 |  |  | 626 |
Net assessments collected |  | 609 |  |  | 972 |
Benefit payments |  | (360 | ) |  | (628 | )
Balance as of end-of-period, excluding |  |  |  |  |  |
shadow balance in AOCI |  | 16,354 |  |  | 15,723 |
Effect of cumulative changes in shadow |  |  |  |  |  |
balance in AOCI |  | (829 | ) |  | (905 | )
Balance as of end-of-period |  | 15,525 |  |  | 14,818 |
Less: reinsurance recoverables |  | 870 |  |  | 856 |
Balance as of end-of-period, net of reinsurance | $ | 14,655 |  | $ | 13,962 |
Weighted-average duration of additional liabilities |  |  |  |  |  |
for other insurance benefits (years) |  | 18 |  |  | 17 |
Summary of Gross Premiums and Interest Accretion |
| For the Three |  | For the Six |
| Months Ended |  | Months Ended |
| June 30, |  | June 30, |
| 2023 |  | 2022 |  | 2023 |  | 2022 |
UL and Other |  |  |  |  |  |  |  |  |  |  |  |
Gross assessments | $ | 542 |  | $ | 680 |  | $ | 1,457 |  | $ | 1,407 |
Interest accretion |  | 190 |  |  | 137 |  |  | 376 |  |  | 270 |
Summary of Weighted-Average Interest Rates |
| For the Six |  |  |  |
| Months |  | For the Year |
| Ended |  | Ended |
| June 30, |  | December 31, |
| 2023 |  | 2022 |
UL and Other |  |  |  |  |  |
Interest accretion rate |  | 4.9% |  |  | 5.0% |
Group Protection [Member] |
Summary of Changes in Present values of Expected Net Premiums and LFPB |
| Group Protection |  |  |  |  |  |  |
| As of or For |  |  |  |  |  |  |  |  |  |
| the Six |  | As of or For |  |  |  |  |  |  |
| Months |  | the Year |  |  |  |  |  |  |
| Ended |  | Ended |  |  |  |  |  |  |
| June 30, |  | December 31, |  |  |  |  |  |  |
| 2023 |  | 2022 |  |  |  |  |  |  |
Balance as of beginning-of-year | $ | 5,462 |  | $ | 5,936 |  |  |  |  |  |  |
Less: Effect of cumulative changes in discount |  |  |  |  |  |  |  |  |  |  |  |
rate assumptions |  | (597 | ) |  | 262 |  |  |  |  |  |  |
Beginning balance at original discount rate |  | 6,059 |  |  | 5,674 |  |  |  |  |  |  |
Effect of changes in cash flow assumptions |  | - |  |  | 15 |  |  |  |  |  |  |
Effect of actual variances from expected |  |  |  |  |  |  |  |  |  |  |  |
experience |  | (220 | ) |  | (117 | ) |  |  |  |  |  |
Adjusted beginning-of-year balance |  | 5,839 |  |  | 5,572 |  |  |  |  |  |  |
New incidence |  | 882 |  |  | 1,777 |  |  |  |  |  |  |
Interest |  | 83 |  |  | 141 |  |  |  |  |  |  |
Benefit payments |  | (734 | ) |  | (1,431 | ) |  |  |  |  |  |
Ending balance at original discount rate |  | 6,070 |  |  | 6,059 |  |  |  |  |  |  |
Effect of cumulative changes in discount |  |  |  |  |  |  |  |  |  |  |  |
rate assumptions |  | (577 | ) |  | (597 | ) |  |  |  |  |  |
Balance as of end-of-period |  | 5,493 |  |  | 5,462 |  |  |  |  |  |  |
Less: reinsurance recoverables |  | 121 |  |  | 127 |  |  |  |  |  |  |
Balance as of end-of-period, net of reinsurance | $ | 5,372 |  | $ | 5,335 |  |  |  |  |  |  |
Weighted-average duration of liability for future |  |  |  |  |  |  |  |  |  |  |  |
claims (years) |  | 4 |  |  | 4 |  |  |  |  |  |  |
Summary of Discounted and Undiscounted Expected Future Gross premiums and Expected Future Benefit Payments |
| As of June 30, 2023 |  | As of December 31, 2022 |
| Undiscounted |  | Discounted |  | Undiscounted |  | Discounted |
Group Protection |  |  |  |  |  |  |  |  |  |  |  |
Expected future benefit payments | $ | 7,111 |  | $ | 6,070 |  | $ | 7,063 |  | $ | 6,059 |
Summary of Gross Premiums and Interest Accretion |
| For the Three |  | For the Six |
| Months Ended |  | Months Ended |
| June 30, |  | June 30, |
| 2023 |  | 2022 |  | 2023 |  | 2022 |
Group Protection |  |  |  |  |  |  |  |  |  |  |  |
Gross premiums | $ | 885 |  | $ | 841 |  | $ | 1,770 |  | $ | 1,671 |
Interest accretion |  | 41 |  |  | 36 |  |  | 83 |  |  | 78 |
Summary of Weighted-Average Interest Rates |
| For the Six |  |  |  |  |  |  |  |  |
| Months |  | For the Year |  |  |  |  |  |
| Ended |  | Ended |  |  |  |  |
| June 30, |  | December 31, |  |  |  |  |
| 2023 |  | 2022 |  |  |  |  |
Group Protection |  |  |  |  |  |  |  |  |  |
Interest accretion rate |  | 2.9% |  |  | 2.8% |  |  |  |  |  |  |
Current discount rate |  | 5.1% |  |  | 5.1% |  |  |  |  |  |  |

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