v3.25.1
Future Policy Benefits Reserves - 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 (7) (125)    
Balance, January 1, at original locked in discount rate     $ 3,418 $ 3,585
Effect of changes in cash flow assumptions    
Expect of actual variances from expected experience     5 (28)
Adjusted balance, January 1 3,366 3,497 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    
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 changes in cash flow assumptions    
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    
Balance, March 31 16,708 17,066    
Net LFPB 13,304 13,513 $ 13,158  
Re-measurement gain (loss) of insurance claims and policyholders’ benefits $ 8 $ 15