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Future Policy Benefits (Tables) | 6 Months Ended
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Jun. 30, 2024
Liability for Future Policy Benefit, after Reinsurance [Abstract] |
Summary of Components of Liability for Future Policy Benefits | The following table sets forth our liability for future policy benefits as of the dates indicated:
(Amounts in millions) |  | June 30, 2024 |  |  | December 31, 2023 |
Long-term care insurance |  | $ | 41,024 |  |  | $ | 43,929 |
Life insurance |  |  | 1,585 |  |  |  | 1,698 |
Fixed annuities |  |  | 10,972 |  |  |  | 11,829 |
Total long-duration insurance contracts |  |  | 53,581 |  |  |  | 57,456 |
Deferred profit liability |  |  | 132 |  |  |  | 128 |
Cost of reinsurance |  |  | 61 |  |  |  | 71 |
Total future policy benefits |  | $ | 53,774 |  |  | $ | 57,655 |
Summary of Liability for Future Policy Benefit Activity | The following tables present the balances of and changes in the liability for future policy benefits as of and for the periods indicated:
|  | June 30, 2024 |
(Dollar amounts in millions) |  | Long-term care insurance |  |  | Life insurance |  |  | Fixed annuities |
Present value of expected net premiums: |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance as of January 1 |  | $ | 18,650 |  |  | $ | 4,180 |  |  | $ | — |
Beginning balance, at original discount rate |  | $ | 18,346 |  |  | $ | 3,918 |  |  | $ | — |
Effect of changes in cash flow assumptions |  |  | 31 |  |  |  | — |  |  |  | — |
Effect of actual variances from expected experience |  |  | (251 | ) |  |  | (15 | ) |  |  | — |
Adjusted beginning balance |  |  | 18,126 |  |  |  | 3,903 |  |  |  | — |
Issuances |  |  | — |  |  |  | — |  |  |  | 20 |
Interest accretion |  |  | 463 |  |  |  | 108 |  |  |  | — |
Net premiums collected (1) |  |  | (916 | ) |  |  | (226 | ) |  |  | (20 | )
Derecognition (lapses and withdrawals) |  |  | — |  |  |  | — |  |  |  | — |
Other |  |  | — |  |  |  | 1 |  |  |  | — |
Ending balance, at original discount rate |  |  | 17,673 |  |  |  | 3,786 |  |  |  | — |
Effect of changes in discount rate assumptions |  |  | (280 | ) |  |  | 74 |  |  |  | — |
Ending balance as of June 30 |  | $ | 17,393 |  |  | $ | 3,860 |  |  | $ | — |
Present value of expected future policy benefits: |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance as of January 1 |  | $ | 62,579 |  |  | $ | 5,412 |  |  | $ | 11,829 |
Beginning balance, at original discount rate |  | $ | 60,513 |  |  | $ | 5,146 |  |  | $ | 9,920 |
Effect of changes in cash flow assumptions |  |  | (55 | ) |  |  | — |  |  |  | — |
Effect of actual variances from expected experience |  |  | (203 | ) |  |  | (3 | ) |  |  | (42 | )
Adjusted beginning balance |  |  | 60,255 |  |  |  | 5,143 |  |  |  | 9,878 |
Issuances |  |  | — |  |  |  | — |  |  |  | 16 |
Interest accretion |  |  | 1,641 |  |  |  | 137 |  |  |  | 322 |
Benefit payments |  |  | (1,984 | ) |  |  | (409 | ) |  |  | (490 | )
Derecognition (lapses and withdrawals) |  |  | — |  |  |  | — |  |  |  | — |
Other |  |  | — |  |  |  | — |  |  |  | 5 |
Ending balance, at original discount rate |  |  | 59,912 |  |  |  | 4,871 |  |  |  | 9,731 |
Effect of changes in discount rate assumptions |  |  | (1,495 | ) |  |  | 104 |  |  |  | 1,241 |
Ending balance as of June 30 |  | $ | 58,417 |  |  | $ | 4,975 |  |  | $ | 10,972 |
Net liability for future policy benefits, before flooring adjustments |  | $ | 41,024 |  |  | $ | 1,115 |  |  | $ | 10,972 |
Flooring adjustments (2) |  |  | — |  |  |  | 470 |  |  |  | — |
Net liability for future policy benefits |  |  | 41,024 |  |  |  | 1,585 |  |  |  | 10,972 |
Less: reinsurance recoverable |  |  | 6,994 |  |  |  | 818 |  |  |  | 8,365 |
Net liability for future policy benefits, net of reinsurance recoverable |  | $ | 34,030 |  |  | $ | 767 |  |  | $ | 2,607 |
Weighted-average liability duration (years) |  |  | 13.0 |  |  |  | 5.7 |  |  |  | 10.3 |
(1) | Represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.
(2) | Flooring adjustments are necessary when a cohort’s present value of future net premiums exceeds the present value of future benefits. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero. This adjustment is most prevalent in our term life insurance products due to their product design of a level premium period followed by annual premium rate increases.
|  | December 31, 2023 |
(Dollar amounts in millions) |  | Long-term care insurance |  |  | Life insurance |  |  | Fixed annuities |
Present value of expected net premiums: |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance as of January 1 |  | $ | 19,895 |  |  | $ | 4,083 |  |  | $ | — |
Beginning balance, at original discount rate |  | $ | 19,959 |  |  | $ | 3,922 |  |  | $ | — |
Effect of changes in cash flow assumptions |  |  | (276 | ) |  |  | 180 |  |  |  | — |
Effect of actual variances from expected experience |  |  | (365 | ) |  |  | 38 |  |  |  | — |
Adjusted beginning balance |  |  | 19,318 |  |  |  | 4,140 |  |  |  | — |
Issuances |  |  | 2 |  |  |  | — |  |  |  | 42 |
Interest accretion |  |  | 994 |  |  |  | 217 |  |  |  | — |
Net premiums collected (1) |  |  | (1,968 | ) |  |  | (439 | ) |  |  | (42 | )
Derecognition (lapses and withdrawals) |  |  | — |  |  |  | — |  |  |  | — |
Other |  |  | — |  |  |  | — |  |  |  | — |
Ending balance, at original discount rate |  |  | 18,346 |  |  |  | 3,918 |  |  |  | — |
Effect of changes in discount rate assumptions |  |  | 304 |  |  |  | 262 |  |  |  | — |
Ending balance as of December 31 |  | $ | 18,650 |  |  | $ | 4,180 |  |  | $ | — |
Present value of expected future policy benefits: |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance as of January 1 |  | $ | 61,352 |  |  | $ | 5,556 |  |  | $ | 11,923 |
Beginning balance, at original discount rate |  | $ | 61,148 |  |  | $ | 5,374 |  |  | $ | 10,300 |
Effect of changes in cash flow assumptions |  |  | (292 | ) |  |  | 261 |  |  |  | (33 | )
Effect of actual variances from expected experience |  |  | (50 | ) |  |  | 61 |  |  |  | (30 | )
Adjusted beginning balance |  |  | 60,806 |  |  |  | 5,696 |  |  |  | 10,237 |
Issuances |  |  | 2 |  |  |  | — |  |  |  | 35 |
Interest accretion |  |  | 3,327 |  |  |  | 281 |  |  |  | 663 |
Benefit payments |  |  | (3,621 | ) |  |  | (823 | ) |  |  | (1,016 | )
Derecognition (lapses and withdrawals) |  |  | — |  |  |  | — |  |  |  | — |
Other |  |  | (1 | ) |  |  | (8 | ) |  |  | 1 |
Ending balance, at original discount rate |  |  | 60,513 |  |  |  | 5,146 |  |  |  | 9,920 |
Effect of changes in discount rate assumptions |  |  | 2,066 |  |  |  | 266 |  |  |  | 1,909 |
Ending balance as of December 31 |  | $ | 62,579 |  |  | $ | 5,412 |  |  | $ | 11,829 |
Net liability for future policy benefits, before flooring adjustments |  | $ | 43,929 |  |  | $ | 1,232 |  |  | $ | 11,829 |
Flooring adjustments (2) |  |  | — |  |  |  | 466 |  |  |  | — |
Net liability for future policy benefits |  |  | 43,929 |  |  |  | 1,698 |  |  |  | 11,829 |
Less: reinsurance recoverable |  |  | 7,572 |  |  |  | 852 |  |  |  | 9,008 |
Net liability for future policy benefits, net of reinsurance recoverable |  | $ | 36,357 |  |  | $ | 846 |  |  | $ | 2,821 |
Weighted-average liability duration (years) |  |  | 13.7 |  |  |  | 5.9 |  |  |  | 11.1 |
(1) | Represents the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.
(2) | Flooring adjustments are necessary when a cohort’s present value of future net premiums exceeds the present value of future benefits. The flooring adjustment ensures that the liability for future policy benefits for each cohort is not less than zero. This adjustment is most prevalent in our term life insurance products due to their product design of a level premium period followed by annual premium rate increases.
Summary of Weighted Average Interest and Discount Rates | The following table provides the weighted-average interest rates for the liability for future policy benefits as of the dates indicated:
|  | June 30, 2024 |  |  | December 31, 2023 |
Long-term care insurance |  |  |  |  |  |  |  |
Interest accretion (locked-in) rate |  |  | 5.7 | % |  |  | 5.8 | %
Current discount rate |  |  | 5.6 | % |  |  | 5.1 | %
Life insurance |  |  |  |  |  |  |  |
Interest accretion (locked-in) rate |  |  | 5.8 | % |  |  | 5.8 | %
Current discount rate |  |  | 5.3 | % |  |  | 4.8 | %
Fixed annuities |  |  |  |  |  |  |  |
Interest accretion (locked-in) rate |  |  | 6.8 | % |  |  | 6.7 | %
Current discount rate |  |  | 5.6 | % |  |  | 5.0 | %
Summary of Undiscounted and Discounted Expected Future Gross Premiums and Expected Future Benefit Payments | The following table sets forth the amount of undiscounted and discounted expected future gross premiums and expected future benefit payments as of the dates indicated:
|  | June 30, 2024 |  |  | December 31, 2023 |
(Amounts in millions) |  | Undiscounted |  |  | Discounted |  |  | Undiscounted |  |  | Discounted |
Long-term care insurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expected future gross premiums |  | $ | 36,523 |  |  | $ | 24,512 |  |  | $ | 38,279 |  |  | $ | 26,341 |
Expected future benefit payments |  | $ | 122,000 |  |  | $ | 58,417 |  |  | $ | 124,594 |  |  | $ | 62,579 |
Life insurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expected future gross premiums |  | $ | 10,292 |  |  | $ | 5,788 |  |  | $ | 10,693 |  |  | $ | 6,278 |
Expected future benefit payments |  | $ | 7,107 |  |  | $ | 4,975 |  |  | $ | 7,524 |  |  | $ | 5,412 |
Fixed annuities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expected future gross premiums |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Expected future benefit payments |  | $ | 23,385 |  |  | $ | 10,972 |  |  | $ | 23,903 |  |  | $ | 11,829 |
Summary of Revenue and Interest Expense in Respect of Future Policy Benefits | The following table sets forth the amount of revenue and interest accretion (expense) recognized in net income related to our liability for future policy benefits for the periods indicated:
|  | Three months ended June 30, |  |  | Six months ended June 30, |  |  | Year ended |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | December 31, 2023 |
(Amounts in millions |  | Gross premiums |  |  | Interest accretion (1) |  |  | Gross premiums |  |  | Interest accretion (1) |  |  | Gross premiums |  |  | Interest accretion (1) |  |  | Gross premiums |  |  | Interest accretion (1) |  |  | Gross premiums |  |  | Interest accretion (1) |
Long-term care insurance |  | $ | 613 |  |  | $ | 589 |  |  | $ | 671 |  |  | $ | 582 |  |  | $ | 1,243 |  |  | $ | 1,178 |  |  | $ | 1,346 |  |  | $ | 1,160 |  |  | $ | 2,713 |  |  | $ | 2,333 |
Life insurance |  |  | 165 |  |  |  | 14 |  |  |  | 174 |  |  |  | 16 |  |  |  | 334 |  |  |  | 29 |  |  |  | 353 |  |  |  | 33 |  |  |  | 688 |  |  |  | 64 |
Fixed annuities |  |  | — |  |  |  | 160 |  |  |  | — |  |  |  | 166 |  |  |  | — |  |  |  | 322 |  |  |  | — |  |  |  | 334 |  |  |  | — |  |  |  | 663 |
Total |  | $ | 778 |  |  | $ | 763 |  |  | $ | 845 |  |  | $ | 764 |  |  | $ | 1,577 |  |  | $ | 1,529 |  |  | $ | 1,699 |  |  | $ | 1,527 |  |  | $ | 3,401 |  |  | $ | 3,060 |
(1) | Amounts for interest accretion are included in benefits and other changes in policy reserves in the condensed consolidated statements of income.

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- Definition Disclosure In Tabular Form Of Undiscounted And Discounted Expected Future Gross Premiums And Expected Future Benefit Payments. + References No definition available. + Details
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- Definition Disclosure in tabular form of weighted average interest and discount rates for the liability for future policy benefits. + References No definition available. + Details
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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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- Definition The entire disclosure for the present values of future benefits to be paid to or on behalf of policyholders and related expenses less the present value of future net premiums using assumptions such as estimates of expected investment yields, mortality, morbidity, terminations and expenses, applicable at the time the insurance contracts are made and unpaid claim costs relating to insurance contracts including estimates of costs relating to incurred but not reported claims based on the estimated ultimate cost of settling the claims (including effects of inflation and other societal and economic factors), using past experience adjusted for current trends and any other factors that would modify past experience by element such as business segment, country and interest rate range. + References No definition available. + Details
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