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Additional Insurance Liabilities | 6 Months Ended
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Jun. 30, 2024
Discloure of Additional Insurance Liabilities [Abstract] |
Additional Insurance Liabilities | (10) Additional Insurance Liabilities The following table presents the balances of and changes in additional liabilities related to death or other insurance benefits that are included within policyholder account balances related to universal and term universal life insurance products as of and for the periods indicated:
(Dollar amounts in millions) |  | June 30, 2024 |  |  | December 31, 2023 |
Beginning balance as of January 1 |  | $ | 2,887 |  |  | $ | 2,566 |
Beginning balance before shadow accounting adjustments |  | $ | 2,939 |  |  | $ | 2,634 |
Effect of changes in cash flow assumptions |  |  | — |  |  |  | 200 |
Effect of actual variances from expected experience |  |  | (1 | ) |  |  | (3 | )
Adjusted beginning balance |  |  | 2,938 |  |  |  | 2,831 |
Issuances |  |  | — |  |  |  | — |
Interest accretion |  |  | 50 |  |  |  | 90 |
Assessments collected |  |  | 125 |  |  |  | 240 |
Benefit payments |  |  | (120 | ) |  |  | (222 | )
Derecognition (lapses and withdrawals) |  |  | — |  |  |  | — |
Ending balance before shadow accounting adjustments |  |  | 2,993 |  |  |  | 2,939 |
Effect of shadow accounting adjustments |  |  | (79 | ) |  |  | (52 | )
Ending balance |  |  | 2,914 |  |  |  | 2,887 |
Less: reinsurance recoverable |  |  | — |  |  |  | — |
Additional insurance liabilities, net of reinsurance recoverable |  | $ | 2,914 |  |  | $ | 2,887 |
Weighted-average liability duration (years) |  |  | 18.4 |  |  |  | 18.9 |
In the fourth quarter of 2023, as part of our annual review of assumptions, we increased our additional insurance liabilities primarily to reflect unfavorable updates to our persistency and mortality assumptions to better reflect emerging experience. Our mortality assumption updates included more modest mortality improvement and reflected an expectation that mortality will continue at elevated levels in the near term post-COVID-19. The following table provides the weighted-average interest rates for our additional insurance liabilities as of the dates indicated:
|  | June 30, 2024 |  |  | December 31, 2023 |
Interest accretion rate (1) |  |  | 3.4 | % |  |  | 3.2 | %
Projected crediting rate (2) |  |  | 3.9 | % |  |  | 3.8 | %
(1) | The interest accretion rate is determined by using the weighted-average policyholder crediting rates for the underlying policies over the period in-force, and based on the adjusted beginning balance, is used to measure the amount of interest accretion.
(2) | The projected crediting rate is determined by using a future crediting rate curve that utilizes a portfolio approach reflecting anticipated reinvestment activity and runoff of existing assets over the projection period. The projected crediting rate is used to discount future assessments and excess benefits.
The following table sets forth the amount of revenue and interest accretion (expense) recognized in net income related to additional insurance liabilities for the periods indicated:
|  | Three months ended |  |  | Six months ended |  |  | Year ended December 31, |
|  | June 30, |  |  | June 30, |
(Amounts in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2023 |
Gross assessments |  | $ | 132 |  |  | $ | 136 |  |  | $ | 265 |  |  | $ | 272 |  |  | $ | 539 |
Interest accretion (1) |  | $ | 25 |  |  | $ | 22 |  |  | $ | 50 |  |  | $ | 44 |  |  | $ | 90 |
(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 The entire disclosure for additional liabilities related to death or other insurance benefits that are included within policyholder account balances. + References No definition available. + Details
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- Definition Discloure of additional insurance liabilities. + References No definition available. + Details
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