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Future Policy Benefits (Tables)
 9 Months Ended
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, 2024December 31, 2023
(Dollars in millions)
Future policy benefits:
Annuity$3,829 $2,213 
Life1,567 1,895 
Deferred profit liability:
Annuity92 64 
Life73 66 
Other contracts and VOBA liability1,618 1,870 
Total future policy benefits$7,179 $6,108 
The balances and changes in the liability for future policy benefits are as follows:
Nine Months Ended
September 30, 2024		Year Ended
December 31, 2023
AnnuityLifeTotalAnnuityLifeTotal
(Dollars in millions)
Present Value of Expected Net Premiums:
Balance, beginning of period$— $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 experience11 (325)(314)2 (59)(57)
Adjusted beginning of period balance11 3,124 3,135 2 3,414 3,416 
Acquisition from business combination— — — — — — 
Issuances1,287 38 1,325 984 90 1,074 
Interest accrual10 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 rate2 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 rate2,217 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 experience11 (357)(346)(25)(59)(84)
Adjusted beginning of period balance2,228 4,735 6,963 1,342 5,454 6,796 
Acquisition of business combination311 — 311 — — — 
Issuances1,300 44 1,344 988 89 1,077 
Interest accrual105 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 rate3,748 4,702 8,450 2,217 5,277 7,494 
Effect of changes in discount rate assumptions83 (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)815816
Weighted average interest accretion rate5.12 %4.63 %4.94 %4.60 %
Weighted average current discount rate4.85 %5.05 %4.88 %5.03 %
The amounts of undiscounted and discounted expected gross premiums and future benefit payments follow:
September 30, 2024December 31, 2023
UndiscountedDiscountedUndiscountedDiscounted
(Dollars in millions)
Annuity
Expected future benefit payments$6,011 $3,831 $3,466 $2,213 
Expected future gross premiums— — — — 
Life
Expected future benefit payments9,051 4,534 10,353 5,040 
Expected future gross premiums5,858 3,681 7,541 4,328 
Total
Expected future benefit payments15,062 8,365 13,819 7,253 
Expected future gross premiums5,858 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 
Life721 130 452 95