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Future Policy Benefits (Tables) | 6 Months Ended
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Jun. 30, 2024
Insurance [Abstract] |
Schedule of Changes in the Liability for Future Policy Benefits | The reconciliation of the balances described in the table below to the “Future policy benefits” in the Consolidated Statements of Financial Position is as follows.
|  | June 30, 2024 |  | December 31, 2023
|  | (Dollars in millions)
Future policy benefits: |  |  |  |
Annuity |  | $ | 3,385 |  |  | $ | 2,213 |
Life |  | 1,864 |  |  | 1,895 |
Deferred profit liability: |  |  |  |
Annuity |  | 72 |  |  | 64 |
Life |  | 83 |  |  | 66 |
Other contracts and VOBA liability |  | 1,823 |  |  | 1,870 |
Total future policy benefits |  | $ | 7,227 |  |  | $ | 6,108 |
The balances and changes in the liability for future policy benefits are as follows:
| Six Months Ended June 30, 2024 |  | Year Ended December 31, 2023
| Annuity |  | Life |  | Total |  | Annuity |  | Life |  | Total
| (Dollars in millions)
Present Value of Expected Net Premiums: |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | — |  |  | $ | 3,145 |  |  | $ | 3,145 |  |  | $ | — |  |  | $ | 3,520 |  |  | $ | 3,520 |
Beginning balance at original discount rate | — |  |  | 3,254 |  |  | 3,254 |  |  | — |  |  | 3,826 |  |  | 3,826 |
Effect of changes in cash flow assumptions | — |  |  | (63) |  |  | (63) |  |  | — |  |  | (353) |  |  | (353) |
Effect of actual variances from expected experience | 6 |  |  | (34) |  |  | (28) |  |  | 2 |  |  | (59) |  |  | (57) |
Adjusted beginning of period balance | 6 |  |  | 3,157 |  |  | 3,163 |  |  | 2 |  |  | 3,414 |  |  | 3,416 |
Acquisition from business combination | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Issuances | 991 |  |  | 32 |  |  | 1,023 |  |  | 984 |  |  | 90 |  |  | 1,074 |
Interest accrual | 6 |  |  | 62 |  |  | 68 |  |  | 8 |  |  | 121 |  |  | 129 |
Net premiums collected | (1,004) |  |  | (162) |  |  | (1,166) |  |  | (995) |  |  | (373) |  |  | (1,368) |
Derecognitions (lapses and withdrawals) | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 3 |
Foreign currency translation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending balance at original discount rate | (1) |  |  | 3,090 |  |  | 3,089 |  |  | — |  |  | 3,254 |  |  | 3,254 |
Effect of changes in discount rate assumptions | — |  |  | (235) |  |  | (235) |  |  | — |  |  | (109) |  |  | (109) |
Balance, end of period | $ | (1) |  |  | $ | 2,855 |  |  | $ | 2,854 |  |  | $ | — |  |  | $ | 3,145 |  |  | $ | 3,145 |
Present Value of Expected Future Policy Benefits: |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 2,213 |  |  | $ | 5,040 |  |  | $ | 7,253 |  |  | $ | 1,288 |  |  | $ | 5,330 |  |  | $ | 6,618 |
Beginning balance at original discount rate | 2,217 |  |  | 5,277 |  |  | 7,494 |  |  | 1,368 |  |  | 5,875 |  |  | 7,243 |
Effect of changes in cash flow assumptions | 1 |  |  | 74 |  |  | 75 |  |  | (1) |  |  | (362) |  |  | (363) |
Effect of actual variances from expected experience | 6 |  |  | (33) |  |  | (27) |  |  | (25) |  |  | (59) |  |  | (84) |
Adjusted beginning of period balance | 2,224 |  |  | 5,318 |  |  | 7,542 |  |  | 1,342 |  |  | 5,454 |  |  | 6,796 |
Acquisition of business combination | 311 |  |  | — |  |  | 311 |  |  | — |  |  | — |  |  | — |
Issuances | 1,003 |  |  | 32 |  |  | 1,035 |  |  | 988 |  |  | 89 |  |  | 1,077 |
Interest accrual | 71 |  |  | 101 |  |  | 172 |  |  | 73 |  |  | 188 |  |  | 261 |
Benefit payments | (135) |  |  | (228) |  |  | (363) |  |  | (189) |  |  | (456) |  |  | (645) |
Derecognitions (lapses and withdrawals) | 1 |  |  | 1 |  |  | 2 |  |  | 3 |  |  | 2 |  |  | 5 |
Foreign currency translation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending balance at original discount rate | 3,475 |  |  | 5,224 |  |  | 8,699 |  |  | 2,217 |  |  | 5,277 |  |  | 7,494 |
Effect of changes in discount rate assumptions | (91) |  |  | (505) |  |  | (596) |  |  | (4) |  |  | (237) |  |  | (241) |
Effect of foreign currency translation on the effect of changes in discount rate assumptions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, end of period | $ | 3,384 |  |  | $ | 4,719 |  |  | $ | 8,103 |  |  | $ | 2,213 |  |  | $ | 5,040 |  |  | $ | 7,253 |
Net liability for future policy benefits | $ | 3,385 |  |  | $ | 1,864 |  |  | $ | 5,249 |  |  | $ | 2,213 |  |  | $ | 1,895 |  |  | $ | 4,108 |
Less: Reinsurance recoverables | (3) |  |  | (46) |  |  | (49) |  |  | — |  |  | (45) |  |  | (45) |
Net liability for future policy benefits, after reinsurance recoverable | $ | 3,382 |  |  | $ | 1,818 |  |  | $ | 5,200 |  |  | $ | 2,213 |  |  | $ | 1,850 |  |  | $ | 4,063 |
Weighted-average liability duration of future policy benefits (years) | 8 |  | 16 |  |  |  | 8 |  | 16 |  |
Weighted average interest accretion rate | 5.09 | % |  | 4.61 | % |  |  |  | 4.94 | % |  | 4.60 | % |  |
Weighted average current discount rate | 5.47 | % |  | 5.58 | % |  |  |  | 4.88 | % |  | 5.03 | % |  |
The amounts of undiscounted and discounted expected gross premiums and future benefit payments follow:
|  | June 30, 2024 |  | December 31, 2023
|  | Undiscounted |  | Discounted |  | Undiscounted |  | Discounted
|  | (Dollars in millions)
Annuity |  |  |  |  |  |  |  |
Expected future benefit payments |  | $ | 5,531 |  |  | $ | 3,384 |  |  | $ | 3,466 |  |  | $ | 2,213 |
Expected future gross premiums |  | — |  |  | — |  |  | — |  |  | — |
Life |  |  |  |  |  |  |  |
Expected future benefit payments |  | 10,375 |  |  | 4,719 |  |  | 10,353 |  |  | 5,040 |
Expected future gross premiums |  | 14,649 |  |  | 8,507 |  |  | 7,541 |  |  | 4,328 |
Total |  |  |  |  |  |  |  |
Expected future benefit payments |  | 15,906 |  |  | 8,103 |  |  | 13,819 |  |  | 7,253 |
Expected future gross premiums |  | 14,649 |  |  | 8,507 |  |  | 7,541 |  |  | 4,328 |
The amount of revenue and interest recognized in the Consolidated Statements of Operations follows:
|  | Six Months Ended June 30, 2024 |  | Year Ended December 31, 2023
|  | Gross Premiums or Assessments |  | Interest Expense |  | Gross Premiums or Assessments |  | Interest Expense
|  | (Dollars in millions)
Annuity |  | $ | 1,555 |  |  | $ | 81 |  |  | $ | 1,027 |  |  | $ | 83 |
Life |  | 391 |  |  | 72 |  |  | 452 |  |  | 95 |

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