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Future Contract Benefits (Tables) | 12 Months Ended
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Dec. 31, 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 December 31,
| 2024 |  | 2023
Payout Annuities (1) | $ | 2,009 |  |  | $ | 2,085 |
Traditional Life (1) | 3,774 |  |  | 3,841 |
Group Protection (2) | 5,628 |  |  | 5,689 |
UL and Other (3) | 16,062 |  |  | 15,000 |
Other Operations (4) | 9,070 |  |  | 9,879 |
Other (5) | 3,264 |  |  | 3,371 |
Total future contract benefits | $ | 39,807 |  |  | $ | 39,864 |
(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 ($5.4 billion and $5.6 billion as of December 31, 2024 and 2023, respectively) and Swiss Re ($1.8 billion a nd $2.2 billion as of December 31, 2024 and 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 Year Ended December 31, 2024 |  | As of or For the Year Ended December 31, 2023
| Payout Annuities |  | Traditional Life |  | Payout Annuities |  | Traditional 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 changes in cash flow assumptions | – |  |  | 28 |  |  | – |  |  | (12) |
Effect of actual variances from expected experience | – |  |  | (53) |  |  | – |  |  | (303) |
Adjusted balance as of beginning-of-year | – |  |  | 6,323 |  |  | – |  |  | 6,330 |
Issuances | – |  |  | 360 |  |  | – |  |  | 579 |
Interest accrual | – |  |  | 251 |  |  | – |  |  | 244 |
Net premiums collected | – |  |  | (785) |  |  | – |  |  | (804) |
Flooring impact of LFPB | – |  |  | (1) |  |  | – |  |  | (1) |
Ending balance at original discount rate | – |  |  | 6,148 |  |  | – |  |  | 6,348 |
Effect of cumulative changes in discount rate assumptions | – |  |  | (275) |  |  | – |  |  | (148) |
Balance as of end-of-year | $ | – |  |  | $ | 5,873 |  |  | $ | – |  |  | $ | 6,200 |
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 changes in cash flow assumptions | – |  |  | (68) |  |  | – |  |  | (29) |
Effect of actual variances from expected experience | 2 |  |  | (70) |  |  | 1 |  |  | (333) |
Adjusted balance as of beginning-of-year | 2,274 |  |  | 10,092 |  |  | 2,268 |  |  | 9,995 |
Issuances | 102 |  |  | 361 |  |  | 109 |  |  | 580 |
Interest accrual | 87 |  |  | 399 |  |  | 86 |  |  | 387 |
Benefit payments | (203) |  |  | (767) |  |  | (191) |  |  | (732) |
Ending balance at original discount rate (1) | 2,260 |  |  | 10,085 |  |  | 2,272 |  |  | 10,230 |
Effect of cumulative changes in discount rate assumptions | (251) |  |  | (438) |  |  | (187) |  |  | (189) |
Balance as of end-of-year | $ | 2,009 |  |  | $ | 9,647 |  |  | $ | 2,085 |  |  | $ | 10,041 |
Net balance as of end-of-year | $ | 2,009 |  |  | $ | 3,774 |  |  | $ | 2,085 |  |  | $ | 3,841 |
Less: reinsurance recoverables | 1,477 |  |  | 385 |  |  | 1,617 |  |  | 445 |
Net balance as of end-of-year, net of reinsurance | $ | 532 |  |  | $ | 3,389 |  |  | $ | 468 |  |  | $ | 3,396 |
Weighted-average duration of future policyholder |  |  |  |  |  |  |
benefit liability (years) | 9 |  | 9 |  | 9 |  | 9
(1) Includes deferred profit liability within Payout Annuities of $62 million, $56 million and $38 million as of December 31, 2024, December 31, 2023 and December 31, 2022, 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 Years Ended December 31,
| 2024 |  | 2023
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 rate | 6,179 |  |  | 6,059 |
Effect of changes in cash flow assumptions | (2) |  |  | (27) |
Effect of actual variances from expected experience | (345) |  |  | (261) |
Adjusted beginning-of-year balance | 5,832 |  |  | 5,771 |
New incidence | 1,641 |  |  | 1,702 |
Interest | 181 |  |  | 159 |
Benefit payments | (1,476) |  |  | (1,453) |
Ending balance at original discount rate | 6,178 |  |  | 6,179 |
Effect of cumulative changes in discount |  |  |
rate assumptions | (550) |  |  | (490) |
Balance as of end-of-year | 5,628 |  |  | 5,689 |
Less: reinsurance recoverables | 118 |  |  | 123 |
Balance as of end-of-year, net of reinsurance | $ | 5,510 |  |  | $ | 5,566 |
Weighted-average duration of liability for future |  |  |
claims (years) | 5 |  | 5
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 Years Ended December 31,
| 2024 |  | 2023
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 AOCI | 17,222 |  |  | 15,723 |
Effect of changes in cash flow assumptions | 244 |  |  | 173 |
Effect of actual variances from expected experience | 289 |  |  | (71) |
Adjusted beginning-of-year balance | 17,755 |  |  | 15,825 |
Interest accrual | 863 |  |  | 775 |
Net assessments collected | 1,168 |  |  | 1,210 |
Benefit payments | (1,051) |  |  | (588) |
Balance as of end-of-year, excluding |  |  |
shadow balance in AOCI | 18,735 |  |  | 17,222 |
Effect of cumulative changes in shadow |  |  |
balance in AOCI | (2,673) |  |  | (2,222) |
Balance as of end-of-year | 16,062 |  |  | 15,000 |
Less: reinsurance recoverables | 5,211 |  |  | 4,708 |
Balance as of end-of-year, net of reinsurance | $ | 10,851 |  |  | $ | 10,292 |
Weighted-average duration of additional liabilities |  |  |
for other insurance benefits (years) | 16 |  | 17
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 December 31, 2024 |  | As of December 31, 2023
| Undiscounted |  | Discounted |  | Undiscounted |  | Discounted
Payout Annuities |  |  |  |  |  |  |
Expected future gross premiums | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |
Expected future benefit payments | 3,428 |  |  | 2,009 |  |  | 3,483 |  |  | 2,085 |
Traditional Life |  |  |  |  |  |  |
Expected future gross premiums | 14,025 |  |  | 9,471 |  |  | 14,015 |  |  | 9,815 |
Expected future benefit payments (1) | 14,319 |  |  | 9,647 |  |  | 13,894 |  |  | 10,041 |
(1) We refined the process for calculating undiscounted expected future benefit payments during 2024, which, if applied to 2023, would increase the prior year reported number by $681 million. The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):
| As of December 31, 2024 |  | As of December 31, 2023
| Undiscounted |  | Discounted |  | Undiscounted |  | Discounted
Group Protection |  |  |  |  |  |  |
Expected future benefit payments | $ | 7,368 |  |  | $ | 5,628 |  |  | $ | 7,250 |  |  | $ | 5,689 |
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 Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Payout Annuities |  |  |  |  |
Gross premiums | $ | 108 |  |  | $ | 116 |  |  | $ | 133 |
Interest accretion | 87 |  |  | 86 |  |  | 84 |
Traditional Life |  |  |  |  |
Gross premiums | 1,251 |  |  | 1,252 |  |  | 1,211 |
Interest accretion | 148 |  |  | 143 |  |  | 134 |
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 Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Group Protection |  |  |  |  |
Gross premiums | $ | 3,563 |  |  | $ | 3,549 |  |  | $ | 3,393 |
Interest accretion | 181 |  |  | 159 |  |  | 141 |
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 Years Ended December 31,
| 2024 |  | 2023 |  | 2022
UL and Other |  |  |  |  |
Gross assessments | $ | 2,937 |  |  | $ | 3,219 |  |  | $ | 2,818 |
Interest accretion | 863 |  |  | 775 |  |  | 626 |
Summary of Weighted-Average Interest Rates | The following table summarizes the weighted-average interest rates:
| For the Years Ended December 31,
| 2024 |  | 2023
Payout Annuities |  |  |
Interest accretion rate | 4.0 | % |  | 3.9 | %
Current discount rate | 5.4 | % |  | 4.9 | %
Traditional Life |  |  |
Interest accretion rate | 5.0 | % |  | 5.0 | %
Current discount rate | 5.1 | % |  | 4.6 | %
The following table summarizes the weighted-average interest rates:
| For the Years Ended December 31,
| 2024 |  | 2023
Group Protection |  |  |
Interest accretion rate | 3.3 | % |  | 3.0 | %
Current discount rate | 5.1 | % |  | 4.7 | %
The following table summarizes the weighted-average interest rates:
| For the Years Ended December 31,
| 2024 |  | 2023
UL and Other |  |  |
Interest accretion rate | 5.4 | % |  | 5.3 | %

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