XML 112 R101.htm IDEA: XBRL DOCUMENT v3.25.2
Future Policy Benefits - Changes in Liability for Future Policy Benefits (Details) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Present Value of Expected Net Premiums:        
Balance, beginning of period $ 2,353 $ 3,145    
Beginning balance at original discount rate 2,507 3,254    
Effect of changes in cash flow assumptions     $ 65 $ (63)
Effect of actual variances from expected experience     (56) (28)
Adjusted beginning of period balance     2,516 3,163
Acquisition from business combination 0 0    
Issuances 671 1,023    
Interest accrual 53 68    
Net premiums collected (821) (1,166)    
Derecognitions (lapses and withdrawals) 3 1    
Ending balance at original discount rate 2,422 3,089    
Effect of changes in discount rate assumptions (114) (235)    
Balance, end of period 2,308 2,854    
Present Value of Expected Future Policy Benefits:        
Balance, beginning of period 9,701 7,253    
Beginning balance at original discount rate 10,269 7,494    
Effect of changes in cash flow assumptions     83 75
Effect of actual variances from expected experience     (90) (27)
Adjusted beginning of period balance     10,262 7,542
Acquisition of business combination 0 311    
Issuances 674 1,035    
Interest accrual 227 172    
Benefit payments (418) (363)    
Derecognitions (lapses and withdrawals) 28 2    
Foreign currency translation 107 0    
Ending balance at original discount rate 10,880 8,699    
Effect of changes in discount rate assumptions (405) (596)    
Balance, end of period 10,475 8,103    
Liability for future policy benefits 8,167 5,249    
Less: Reinsurance recoverables (1,312) (49)    
Net liability for future policy benefits, after reinsurance recoverable 6,855 5,200    
Liability remeasurement gains 31 60    
Annuities        
Present Value of Expected Net Premiums:        
Balance, beginning of period 0 0    
Beginning balance at original discount rate 0 0    
Effect of changes in cash flow assumptions     0 0
Effect of actual variances from expected experience     (1) 6
Adjusted beginning of period balance     (1) 6
Acquisition from business combination 0 0    
Issuances 666 991    
Interest accrual 5 6    
Net premiums collected (673) (1,004)    
Derecognitions (lapses and withdrawals) 3 0    
Ending balance at original discount rate 0 (1)    
Effect of changes in discount rate assumptions 0 0    
Balance, end of period 0 (1)    
Present Value of Expected Future Policy Benefits:        
Balance, beginning of period 5,532 2,213    
Beginning balance at original discount rate 5,668 2,217    
Effect of changes in cash flow assumptions     6 1
Effect of actual variances from expected experience     (34) 6
Adjusted beginning of period balance     5,640 2,224
Acquisition of business combination 0 311    
Issuances 669 1,003    
Interest accrual 138 71    
Benefit payments (265) (135)    
Derecognitions (lapses and withdrawals) 28 1    
Foreign currency translation 107 0    
Ending balance at original discount rate 6,317 3,475    
Effect of changes in discount rate assumptions (45) (91)    
Balance, end of period 6,272 3,384    
Liability for future policy benefits 6,272 3,385 5,532  
Less: Reinsurance recoverables (1) (3)    
Net liability for future policy benefits, after reinsurance recoverable $ 6,271 $ 3,382    
Weighted-average liability duration of future policy benefits (years) 6 years 8 years    
Weighted average interest accretion rate 5.28% 5.09%    
Weighted average current discount rate 5.36% 5.47%    
Life Insurance        
Present Value of Expected Net Premiums:        
Balance, beginning of period $ 2,353 $ 3,145    
Beginning balance at original discount rate 2,507 3,254    
Effect of changes in cash flow assumptions     65 (63)
Effect of actual variances from expected experience     (55) (34)
Adjusted beginning of period balance     2,517 3,157
Acquisition from business combination 0 0    
Issuances 5 32    
Interest accrual 48 62    
Net premiums collected (148) (162)    
Derecognitions (lapses and withdrawals) 0 1    
Ending balance at original discount rate 2,422 3,090    
Effect of changes in discount rate assumptions (114) (235)    
Balance, end of period 2,308 2,855    
Present Value of Expected Future Policy Benefits:        
Balance, beginning of period 4,169 5,040    
Beginning balance at original discount rate 4,601 5,277    
Effect of changes in cash flow assumptions     77 74
Effect of actual variances from expected experience     (56) (33)
Adjusted beginning of period balance     4,622 $ 5,318
Acquisition of business combination 0 0    
Issuances 5 32    
Interest accrual 89 101    
Benefit payments (153) (228)    
Derecognitions (lapses and withdrawals) 0 1    
Foreign currency translation 0 0    
Ending balance at original discount rate 4,563 5,224    
Effect of changes in discount rate assumptions (360) (505)    
Balance, end of period 4,203 4,719    
Liability for future policy benefits 1,895 1,864 $ 1,816  
Less: Reinsurance recoverables (1,311) (46)    
Net liability for future policy benefits, after reinsurance recoverable $ 584 $ 1,818    
Weighted-average liability duration of future policy benefits (years) 14 years 16 years    
Weighted average interest accretion rate 4.77% 4.61%    
Weighted average current discount rate 5.69% 5.58%