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Future Policy Benefits (Tables)
 9 Months Ended
Sep. 30, 2025
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 Condensed Consolidated Statements of Financial Position is as follows.
September 30, 2025December 31, 2024
(Dollars in millions)
Future policy benefits:
Annuities$6,563 $5,532 
Life Insurance1,947 1,816 
Deferred profit liability:
Annuities64 81 
Life Insurance105 76 
Other contracts and VOBA liability1,666 1,665 
Total future policy benefits$10,345 $9,170 
The balances and changes in the liability for future policy benefits are as follows:
Nine Months Ended September 30,
20252024
AnnuitiesLife
Insurance		TotalAnnuitiesLife
Insurance		Total
(Dollars in millions)
Present Value of Expected Net Premiums:
Balance, beginning of period$— $2,353 $2,353 $— $3,145 $3,145 
Beginning balance at original discount rate— 2,507 2,507 — 3,254 3,254 
Effect of changes in cash flow assumptions (1) — 68 68 — 195 195 
Effect of actual variances from expected experience1 (56)(55)11 (325)(314)
Adjusted beginning of period balance1 2,519 2,520 11 3,124 3,135 
Acquisition from business combination— — — — — — 
Issuances796 7 803 1,287 38 1,325 
Interest accrual7 71 78 10 87 97 
Net premiums collected(807)(219)(1,026)(1,306)(244)(1,550)
Derecognitions (lapses and withdrawals)3 — 3 — 1 1 
Ending balance at original discount rate— 2,378 2,378 2 3,006 3,008 
Effect of changes in discount rate assumptions— (77)(77)— (39)(39)
Balance, end of period$— $2,301 $2,301 $2 $2,967 $2,969 
Present Value of Expected Future Policy Benefits:
Balance, beginning of period$5,532 $4,169 $9,701 $2,213 $5,040 $7,253 
Beginning balance at original discount rate5,668 4,601 10,269 2,217 5,277 7,494 
Effect of changes in cash flow assumptions (1)10 72 82 — (185)(185)
Effect of actual variances from expected experience(1)(50)(51)11 (357)(346)
Adjusted beginning of period balance5,677 4,623 10,300 2,228 4,735 6,963 
Acquisition of business combination— — — 311 — 311 
Issuances983 7 990 1,300 44 1,344 
Interest accrual212 132 344 105 145 250 
Benefit payments(414)(237)(651)(199)(223)(422)
Derecognitions (lapses and withdrawals)35 — 35 3 1 4 
Foreign currency translation78 — 78 — — — 
Ending balance at original discount rate6,571 4,525 11,096 3,748 4,702 8,450 
Effect of changes in discount rate assumptions(8)(277)(285)83 (168)(85)
Balance, end of period$6,563 $4,248 $10,811 $3,831 $4,534 $8,365 
Liability for future policy benefits$6,563 $1,947 $8,510 $3,829 $1,567 $5,396 
Less: Reinsurance recoverables(2)(1,270)(1,272)(3)(1,288)(1,291)
Net liability for future policy benefits, after reinsurance recoverable$6,561 $677 $7,238 $3,826 $279 $4,105 
Weighted-average liability duration of future policy benefits (years)6 years14 years8 years15 years
Weighted average interest accretion rate5.29 %4.70 %5.12 %4.63 %
Weighted average current discount rate5.27 %5.42 %4.85 %5.05 %
(1)For the nine months ended September 30, 2025, the Company recognized liability remeasurement impacts of $53 million from the net effect of the changes in cash flow assumptions, which were included in “Policyholder benefits and claims incurred” in the Condensed Consolidated Statements of Operations.
The amounts of undiscounted and discounted expected gross premiums and future benefit payments follow:
September 30, 2025September 30, 2024
UndiscountedDiscountedUndiscountedDiscounted
(Dollars in millions)
Annuities
Expected future benefit payments$11,444 $6,563 $6,011 $3,831 
Expected future gross premiums— — — — 
Life Insurance
Expected future benefit payments8,585 4,248 9,051 4,534 
Expected future gross premiums5,381 3,248 5,858 3,681 
Total
Expected future benefit payments20,029 10,811 15,062 8,365 
Expected future gross premiums5,381 3,248 5,858 3,681 
The amount of revenue and interest recognized in the Condensed Consolidated Statements of Operations follows:
Nine Months Ended September 30,
2025202420252024
Gross Premiums
or Assessments		Interest
Expense
(Dollars in millions)
Annuity$823 $2,903 $204 $176 
Life Insurance305 721 81 130