v3.25.2
Liability for Future Policy Benefit (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Net liability for future policy benefits:          
Net life policy reserves $ 2,959   $ 2,959   $ 2,960
Life policy reserves:          
Net liability for future policy benefits:          
Net life policy reserves 1,575   1,575   1,554
Term Life Insurance | Life policy reserves:          
Present value of expected net premiums:          
Balance, beginning of period 1,659 $ 1,660 1,638 $ 1,700  
Beginning balance at original discount rate 1,719 1,710 1,719 1,712  
Effect of changes in cash flow assumptions (4) (12) (4) (12)  
Effect of actual variances from expected experience 5 (10) (3) (19)  
Adjusted beginning of period balance 1,720 1,688 1,712 1,681  
Issuances 41 41 76 76  
Interest accrual 19 18 38 36  
Net premiums collected (49) (46) (95) (92)  
Ending balance at original discount rate 1,731 1,701 1,731 1,701  
Effect of changes in discount rate assumptions (53) (81) (53) (81)  
Balance, end of period 1,678 1,620 1,678 1,620  
Present value of expected future policy benefits:          
Balance, beginning of period 2,703 2,698 2,668 2,751  
Beginning balance at original discount rate 2,812 2,780 2,812 2,765  
Effect of changes in cash flow assumptions (12) (29) (12) (29)  
Effect of actual variances from expected experience 8 (14) (6) (28)  
Adjusted beginning of period balance 2,808 2,737 2,794 2,708  
Issuances 40 41 76 76  
Interest accrual 32 31 64 62  
Benefits paid (59) (37) (113) (74)  
Ending balance at original discount rate 2,821 2,772 2,821 2,772  
Effect of changes in discount rate assumptions (101) (138) (101) (138)  
Balance, end of period 2,720 2,634 2,720 2,634  
Net liability for future policy benefits:          
Present value of expected future policy benefits less expected net premiums 1,042 1,014 1,042 1,014  
Impact of flooring at cohort level 19 21 19 21  
Net life policy reserves 1,061 1,035 1,061 1,035 1,051
Less reinsurance recoverable at original discount rate (68) (95) (68) (95)  
Less effect of discount rate assumption changes on reinsurance recoverable (7) (7) (7) (7)  
Net life policy reserves, after reinsurance recoverable $ 986 $ 933 $ 986 $ 933  
Weighted-average duration of the net life policy reserves in years 11 years 11 years 11 years 11 years  
Whole Life Insurance | Life policy reserves:          
Present value of expected net premiums:          
Balance, beginning of period $ 220 $ 219 $ 218 $ 223  
Beginning balance at original discount rate 227 225 228 225  
Effect of changes in cash flow assumptions 0 1 0 1  
Effect of actual variances from expected experience (1) (3) (1) (3)  
Adjusted beginning of period balance 226 223 227 223  
Issuances 4 6 7 11  
Interest accrual 2 3 5 5  
Net premiums collected (6) (7) (13) (14)  
Ending balance at original discount rate 226 225 226 225  
Effect of changes in discount rate assumptions (6) (10) (6) (10)  
Balance, end of period 220 215 220 215  
Present value of expected future policy benefits:          
Balance, beginning of period 631 637 623 657  
Beginning balance at original discount rate 648 633 646 628  
Effect of changes in cash flow assumptions 0 2 0 2  
Effect of actual variances from expected experience (1) (4) (1) (4)  
Adjusted beginning of period balance 647 631 645 626  
Issuances 4 7 7 12  
Interest accrual 8 8 17 16  
Benefits paid (8) (10) (18) (18)  
Ending balance at original discount rate 651 636 651 636  
Effect of changes in discount rate assumptions (17) (17) (17) (17)  
Balance, end of period 634 619 634 619  
Net liability for future policy benefits:          
Present value of expected future policy benefits less expected net premiums 414 404 414 404  
Impact of flooring at cohort level 0 0 0 0  
Net life policy reserves 414 404 414 404 $ 405
Less reinsurance recoverable at original discount rate (25) (24) (25) (24)  
Less effect of discount rate assumption changes on reinsurance recoverable (3) (4) (3) (4)  
Net life policy reserves, after reinsurance recoverable $ 386 $ 376 $ 386 $ 376  
Weighted-average duration of the net life policy reserves in years 15 years 15 years 15 years 15 years