v3.25.1
Future Policy Benefit Reserves - Summary of Balances and Changes (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Present value of future net premiums        
Balance, January 1 $ 3,425 $ 3,710    
Effect of changes in discount rate (38) (56) $ (7) $ (125)
Balance, January 1, at original locked in discount rate 3,418 3,585    
Effect of changes in cash flow assumptions     0 0
Expect of actual variances from expected experience     5 (28)
Adjusted balance, January 1     3,423 3,557
Interest accrual 44 47    
Net premiums: earned during period (101) (107)    
Balance, end of period at original locked in discount rate 3,366 3,497    
Effect of changes in discount rate 38 56 7 125
Balance, March 31 3,404 3,553    
Present value of future benefits & expenses        
Balance, January 1 16,583 17,669    
Effect of changes in discount rate 264 (78) 440 (578)
Balance, January 1, at original locked in discount rate 17,023 17,091    
Effect of change in cash flow assumptions     0 0
Effect of actual variances from expected experience     13 (13)
Adjusted balance, January 1     17,036 17,078
Interest accrual 229 231    
Benefit & expense payments (293) (321)    
Balance, end of period at original locked in discount rate 16,972 16,988    
Effect of changes in discount rate (264) 78 (440) $ 578
Balance, March 31 16,708 17,066    
Net LFPB 13,304 13,513 $ 13,158  
Insurance claims and policyholders benefits, including policyholders' dividends, remeasurement impact $ (8) $ (15)