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Future Contract Benefits (Tables)
 6 Months Ended
Jun. 30, 2024
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Summary of Reconciliation of Future Contract Benefits
The following table reconciles future contract benefits (in millions) to the Consolidated Balance Sheets:

As of
 June 30, 		As of
December 31,
20242023
Payout Annuities (1)
$2,002 $2,085 
Traditional Life (1)
3,783 3,841 
Group Protection (2)
5,570 5,689 
UL and Other (3)
14,501 15,000 
Other Operations (4)
9,393 9,879 
Other (5)
3,311 3,371 
Total future contract benefits$38,560 $39,864 

(1) See liability for future policy benefits (“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 ($5.4 billion and $5.6 billion as of June 30, 2024, and December 31, 2023, respectively) and Swiss Re ($2.1 billion and $2.2 billion as of June 30, 2024, and December 31, 2023, respectively) that are excluded from the following tables.
(5) Represents other miscellaneous reserves that are not representative of long-duration contracts and are excluded from the following tables.
Liability for Future Policy Benefit, Activity
The following table summarizes the balances of and changes in the present values of expected net premiums and LFPB (in millions, except years):

As of or For the Six
Months Ended
June 30, 2024		As of or For the Six
Months Ended
June 30, 2023
Payout AnnuitiesTraditional LifePayout AnnuitiesTraditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year$– $6,200 $– $6,063 
Less: Effect of cumulative changes in discount
rate assumptions– (148)– (582)
Beginning balance at original discount rate– 6,348 – 6,645 
Effect of actual variances from expected experience– (40)– (276)
Adjusted balance as of beginning-of-year– 6,308 – 6,369 
Issuances– 206 – 330 
Interest accrual– 125 – 120 
Net premiums collected– (403)– (406)
Flooring impact of LFPB– 2 – 1 
Ending balance at original discount rate– 6,238 – 6,414 
Effect of cumulative changes in discount
rate assumptions– (321)– (327)
Balance as of end-of-period$– $5,917 $– $6,087 
Present Value of Expected LFPB
Balance as of beginning-of-year$2,085 $10,041 $2,004 $9,572 
Less: Effect of cumulative changes in discount
rate assumptions(187)(189)(263)(785)
Beginning balance at original discount rate (1)
2,272 10,230 2,267 10,357 
Effect of actual variances from expected experience3 (45)(2)(300)
Adjusted balance as of beginning-of-year2,275 10,185 2,265 10,057 
Issuances39 206 69 330 
Interest accrual43 199 43 191 
Benefit payments(98)(384)(93)(343)
Ending balance at original discount rate (1)
2,259 10,206 2,284 10,235 
Effect of cumulative changes in discount
rate assumptions(257)(506)(236)(472)
Balance as of end-of-period$2,002 $9,700 $2,048 $9,763 
Net balance as of end-of-period$2,002 $3,783 $2,048 $3,676 
Less: reinsurance recoverables1,516 403 3 498 
Net balance as of end-of-period, net of reinsurance$486 $3,380 $2,045 $3,178 
Weighted-average duration of future policyholder
benefit liability (years)99910

(1) Includes deferred profit liability within Payout Annuities of $61 million and $53 million as of June 30, 2024 and 2023, respectively.
The following table summarizes the balances of and changes in liability for future claims (in millions, except years):

Group Protection
As of or For the Six
Months Ended
June 30,
20242023
Balance as of beginning-of-year$5,689 $5,462 
Less: Effect of cumulative changes in discount
rate assumptions(490)(597)
Beginning balance at original discount rate6,179 6,059 
Effect of actual variances from expected experience(191)(220)
Adjusted beginning-of-year balance5,988 5,839 
New incidence838 882 
Interest93 83 
Benefit payments(757)(734)
Ending balance at original discount rate6,162 6,070 
Effect of cumulative changes in discount
 rate assumptions(592)(577)
Balance as of end-of-period5,570 5,493 
Less: reinsurance recoverables118 121 
Balance as of end-of-period, net of reinsurance$5,452 $5,372 
Weighted-average duration of liability for future
claims (years)54
The following table summarizes the balances of and changes in additional liabilities for other insurance benefits (in millions, except years):

UL and Other
As of or For the Six
Months Ended
June 30,
20242023
Balance as of beginning-of-year$15,000 $14,818 
Less: Effect of cumulative changes in shadow
balance in AOCI(2,222)(905)
Balance as of beginning-of-year, excluding
shadow balance in AOCI17,222 15,723 
Effect of actual variances from expected experience136 6 
Adjusted beginning-of-year balance17,358 15,729 
Interest accrual421 376 
Net assessments collected575 609 
Benefit payments(521)(360)
Balance as of end-of-period, excluding shadow
balance in AOCI17,833 16,354 
Effect of cumulative changes in shadow
balance in AOCI(3,332)(829)
Balance as of end-of-period14,501 15,525 
Less: reinsurance recoverables (1)
4,880 870 
Balance as of end-of-period, net of reinsurance$9,621 $14,655 
Weighted-average duration of additional liabilities
for other insurance benefits (years)1618

(1) Increase in reinsurance recoverables driven by the reinsurance agreement with Fortitude Re effective October 1, 2023, for certain blocks of in-force ULSG. See Note 7 for more information on the transaction.
Summary of Discounted and Undiscounted Expected Future Gross premiums and Expected Future Benefit Payments
The following table summarizes the discounted and undiscounted expected future gross premiums and expected future benefit payments (in millions):

As of June 30, 2024As of June 30, 2023
UndiscountedDiscountedUndiscountedDiscounted
Payout Annuities
Expected future gross premiums$– $– $– $– 
Expected future benefit payments3,437 2,002 3,501 2,048 
Traditional Life
Expected future gross premiums13,762 9,360 14,009 9,583 
Expected future benefit payments14,526 9,700 14,548 9,763 
The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

As of June 30, 2024As of June 30, 2023
UndiscountedDiscountedUndiscountedDiscounted
Group Protection
Expected future benefit payments$7,290 $5,570 $7,111 $5,493 
Summary of Gross Premiums and Interest Accretion
The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

For the Three
Months Ended
June 30, 		For the Six
Months Ended
June 30,
2024202320242023
Payout Annuities
Gross premiums$24 $44 $45 $72 
Interest accretion22 22 43 43 
Traditional Life
Gross premiums316 314 631 627 
Interest accretion37 36 74 71 
The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

For the Three
Months Ended
June 30, 		For the Six
Months Ended
June 30,
2024202320242023
Group Protection
Gross premiums$893 $885 $1,789 $1,770 
Interest accretion45 41 93 83 
The following table summarizes the gross assessments and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

For the Three
Months Ended
June 30, 		For the Six
Months Ended
June 30,
2024202320242023
UL and Other
Gross assessments$678 $542 $1,444 $1,457 
Interest accretion212 190421 376 
Summary of Weighted-Average Interest Rates
The following table summarizes the weighted-average interest rates:

For the Six Months Ended
June 30,
20242023
Payout Annuities
Interest accretion rate4.0 %3.9 %
Current discount rate5.4 %5.2 %
Traditional Life
Interest accretion rate5.0 %5.1 %
Current discount rate5.2 %5.1 %
The following table summarizes the weighted-average interest rates:

For the Six Months Ended
June 30,
20242023
Group Protection
Interest accretion rate3.2 %2.9 %
Current discount rate5.2 %5.1 %
The following table summarizes the weighted-average interest rates:

For the Six
Months Ended
June 30,
20242023
UL and Other
Interest accretion rate5.4 %4.9 %