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Future Policy Benefits (Tables) | 9 Months Ended
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Sep. 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.
|  | September 30, 2024 |  | December 31, 2023
|  | (Dollars in millions)
Future policy benefits: |  |  |  |
Annuity |  | $ | 3,829 |  |  | $ | 2,213 |
Life |  | 1,567 |  |  | 1,895 |
Deferred profit liability: |  |  |  |
Annuity |  | 92 |  |  | 64 |
Life |  | 73 |  |  | 66 |
Other contracts and VOBA liability |  | 1,618 |  |  | 1,870 |
Total future policy benefits |  | $ | 7,179 |  |  | $ | 6,108 |
The balances and changes in the liability for future policy benefits are as follows:
| Nine Months Ended September 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 (1) | — |  |  | 195 |  |  | 195 |  |  | — |  |  | (353) |  |  | (353) |
Effect of actual variances from expected experience | 11 |  |  | (325) |  |  | (314) |  |  | 2 |  |  | (59) |  |  | (57) |
Adjusted beginning of period balance | 11 |  |  | 3,124 |  |  | 3,135 |  |  | 2 |  |  | 3,414 |  |  | 3,416 |
Acquisition from business combination | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Issuances | 1,287 |  |  | 38 |  |  | 1,325 |  |  | 984 |  |  | 90 |  |  | 1,074 |
Interest accrual | 10 |  |  | 87 |  |  | 97 |  |  | 8 |  |  | 121 |  |  | 129 |
Net premiums collected | (1,306) |  |  | (244) |  |  | (1,550) |  |  | (995) |  |  | (373) |  |  | (1,368) |
Derecognitions (lapses and withdrawals) | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 3 |
Ending balance at original discount rate | 2 |  |  | 3,006 |  |  | 3,008 |  |  | — |  |  | 3,254 |  |  | 3,254 |
Effect of changes in discount rate assumptions | — |  |  | (39) |  |  | (39) |  |  | — |  |  | (109) |  |  | (109) |
Balance, end of period | $ | 2 |  |  | $ | 2,967 |  |  | $ | 2,969 |  |  | $ | — |  |  | $ | 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 | — |  |  | (185) |  |  | (185) |  |  | (1) |  |  | (362) |  |  | (363) |
Effect of actual variances from expected experience | 11 |  |  | (357) |  |  | (346) |  |  | (25) |  |  | (59) |  |  | (84) |
Adjusted beginning of period balance | 2,228 |  |  | 4,735 |  |  | 6,963 |  |  | 1,342 |  |  | 5,454 |  |  | 6,796 |
Acquisition of business combination | 311 |  |  | — |  |  | 311 |  |  | — |  |  | — |  |  | — |
Issuances | 1,300 |  |  | 44 |  |  | 1,344 |  |  | 988 |  |  | 89 |  |  | 1,077 |
Interest accrual | 105 |  |  | 145 |  |  | 250 |  |  | 73 |  |  | 188 |  |  | 261 |
Benefit payments | (199) |  |  | (223) |  |  | (422) |  |  | (189) |  |  | (456) |  |  | (645) |
Derecognitions (lapses and withdrawals) | 3 |  |  | 1 |  |  | 4 |  |  | 3 |  |  | 2 |  |  | 5 |
Ending balance at original discount rate | 3,748 |  |  | 4,702 |  |  | 8,450 |  |  | 2,217 |  |  | 5,277 |  |  | 7,494 |
Effect of changes in discount rate assumptions | 83 |  |  | (168) |  |  | (85) |  |  | (4) |  |  | (237) |  |  | (241) |
Balance, end of period | $ | 3,831 |  |  | $ | 4,534 |  |  | $ | 8,365 |  |  | $ | 2,213 |  |  | $ | 5,040 |  |  | $ | 7,253 |
Liability for future policy benefits | $ | 3,829 |  |  | $ | 1,567 |  |  | $ | 5,396 |  |  | $ | 2,213 |  |  | $ | 1,895 |  |  | $ | 4,108 |
Less: Reinsurance recoverables | (3) |  |  | (1,288) |  |  | (1,291) |  |  | — |  |  | (45) |  |  | (45) |
Net liability for future policy benefits, after reinsurance recoverable | $ | 3,826 |  |  | $ | 279 |  |  | $ | 4,105 |  |  | $ | 2,213 |  |  | $ | 1,850 |  |  | $ | 4,063 |
Weighted-average liability duration of future policy benefits (years) | 8 |  | 15 |  |  |  | 8 |  | 16 |  |
Weighted average interest accretion rate | 5.12 | % |  | 4.63 | % |  |  |  | 4.94 | % |  | 4.60 | % |  |
Weighted average current discount rate | 4.85 | % |  | 5.05 | % |  |  |  | 4.88 | % |  | 5.03 | % |  |
The amounts of undiscounted and discounted expected gross premiums and future benefit payments follow:
|  | September 30, 2024 |  | December 31, 2023
|  | Undiscounted |  | Discounted |  | Undiscounted |  | Discounted
|  | (Dollars in millions)
Annuity |  |  |  |  |  |  |  |
Expected future benefit payments |  | $ | 6,011 |  |  | $ | 3,831 |  |  | $ | 3,466 |  |  | $ | 2,213 |
Expected future gross premiums |  | — |  |  | — |  |  | — |  |  | — |
Life |  |  |  |  |  |  |  |
Expected future benefit payments |  | 9,051 |  |  | 4,534 |  |  | 10,353 |  |  | 5,040 |
Expected future gross premiums |  | 5,858 |  |  | 3,681 |  |  | 7,541 |  |  | 4,328 |
Total |  |  |  |  |  |  |  |
Expected future benefit payments |  | 15,062 |  |  | 8,365 |  |  | 13,819 |  |  | 7,253 |
Expected future gross premiums |  | 5,858 |  |  | 3,681 |  |  | 7,541 |  |  | 4,328 |
The amount of revenue and interest recognized in the Consolidated Statements of Operations follows:
|  | Nine Months Ended September 30, 2024 |  | Year Ended December 31, 2023
|  | Gross Premiums or Assessments |  | Interest Expense |  | Gross Premiums or Assessments |  | Interest Expense
|  | (Dollars in millions)
Annuity |  | $ | 2,903 |  |  | $ | 176 |  |  | $ | 1,027 |  |  | $ | 83 |
Life |  | 721 |  |  | 130 |  |  | 452 |  |  | 95 |

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