v3.25.2
Liability For Future Policy Benefits (Tables)
 6 Months Ended
Jun. 30, 2025
Insurance [Abstract]  
Liability for Future Policy Benefit, Activity
The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

Six Months Ended June 30, 2025
Present Value of Expected Net Premiums
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$72,526 $10,724 $45,851 $2,854 $131,955 
Effect of cumulative changes in discount rate assumptions, BOP14,545 578 2,599 132 17,854 
Balance at original discount rate, BOP87,071 11,302 48,450 2,986 149,809 
Effect of assumption update169 (241)(1,072)8 (1,136)
Effect of actual variances from expected experience and other activity(79)(100)(467)41 (605)
Adjusted balance, BOP87,161 10,961 46,911 3,035 148,068 
Issuances8,991 406 1,477 0 10,874 
Net premiums / considerations collected(3,445)(692)(3,455)(155)(7,747)
Interest accrual1,745 264 730 71 2,810 
Foreign currency adjustment8,819 0 2,193 0 11,012 
Other adjustments0 3 73 0 76 
Balance at original discount rate, EOP103,271 10,942 47,929 2,951 165,093 
Effect of cumulative changes in discount rate assumptions, EOP(15,153)(384)(2,984)(86)(18,607)
Balance, EOP$88,118 $10,558 $44,945 $2,865 $146,486 
Other businesses, EOP109 
Total balance, EOP$146,595 
Six Months Ended June 30, 2025
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$151,484 $18,996 $135,485 $11,178 $317,143 
Effect of cumulative changes in discount rate assumptions, BOP20,182 1,134 17,834 1,548 40,698 
Balance at original discount rate, BOP171,666 20,130 153,319 12,726 357,841 
Effect of assumption update322 (392)(1,013)14 (1,069)
Effect of actual variances from expected experience and other activity(120)(137)(563)18 (802)
Adjusted balance, BOP171,868 19,601 151,743 12,758 355,970 
Issuances8,991 406 1,477 0 10,874 
Interest accrual3,541 470 2,365 306 6,682 
Benefit payments(7,426)(784)(4,208)(176)(12,594)
Foreign currency adjustment8,902 0 7,245 0 16,147 
Other adjustments30 (1)171 0 200 
Balance at original discount rate, EOP185,906 19,692 158,793 12,888 377,279 
Effect of cumulative changes in discount rate assumptions, EOP(19,578)(797)(23,521)(1,572)(45,468)
Balance, EOP$166,328 $18,895 $135,272 $11,316 $331,811 
Other businesses, EOP1,704 
Total balance, EOP$333,515 

Six Months Ended June 30, 2025
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring$78,210 $8,337 $90,326 $8,450 $185,323 
Flooring impact, EOP106 0 80 0 186 
Balance, EOP, post-flooring78,316 8,337 90,406 8,450 185,509 
Less: Reinsurance recoverables
5,039 576 341 0 5,956 
Balance after reinsurance recoverables, EOP, post-flooring
$73,277 $7,761 $90,065 $8,450 $179,553 
Other businesses, EOP(1)1,538 
Total balance after reinsurance recoverables, EOP
$181,091 
Six Months Ended June 30, 2024
Present Value of Expected Net Premiums
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP$71,407 $11,274 $55,431 $3,286 $141,398 
Effect of cumulative changes in discount rate assumptions, BOP11,869 228 1,218 16 13,331 
Balance at original discount rate, BOP83,276 11,502 56,649 3,302 154,729 
Effect of assumption update41 21 (863)(276)(1,077)
Effect of actual variances from expected experience and other activity429 (131)(1,347)95 (954)
Adjusted balance, BOP83,746 11,392 54,439 3,121 152,698 
Issuances11,192 418 1,788 0 13,398 
Net premiums / considerations collected(12,908)(692)(3,622)(157)(17,379)
Interest accrual1,384 264 782 76 2,506 
Foreign currency adjustment(898)0 (3,494)0 (4,392)
Other adjustments0 (3)82 0 79 
Balance at original discount rate, EOP82,516 11,379 49,975 3,040 146,910 
Effect of cumulative changes in discount rate assumptions, EOP(15,077)(590)(2,579)(128)(18,374)
Balance, EOP$67,439 $10,789 $47,396 $2,912 $128,536 
Other businesses, EOP89 
Total balance, EOP$128,625 

Six Months Ended June 30, 2024
Present Value of Expected Future Policy Benefits
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, BOP $141,135 $19,852 $158,858 $12,139 $331,984 
Effect of cumulative changes in discount rate assumptions, BOP 14,751 334 7,918 603 23,606 
Balance at original discount rate, BOP 155,886 20,186 166,776 12,742 355,590 
Effect of assumption update(481)21 (513)(394)(1,367)
Effect of actual variances from expected experience and other activity483 (149)(1,362)95 (933)
Adjusted balance, BOP 155,888 20,058 164,901 12,443 353,290 
Issuances 11,192 418 1,789 0 13,399 
Interest accrual 3,003 470 2,371 303 6,147 
Benefit payments (6,317)(795)(5,069)(155)(12,336)
Foreign currency adjustment (908)0 (11,173)0 (12,081)
Other adjustments (63)(10)162 0 89 
Balance at original discount rate, EOP 162,795 20,141 152,981 12,591 348,508 
Effect of cumulative changes in discount rate assumptions, EOP (20,163)(1,108)(16,763)(1,445)(39,479)
Balance, EOP $142,632 $19,033 $136,218 $11,146 $309,029 
Other businesses, EOP 1,656 
Total balance, EOP $310,685 
Six Months Ended June 30, 2024
Net Liability for Future Policy Benefits - Benefit Reserves
Retirement StrategiesIndividual Life
International Businesses(2)
Corporate and Other
InstitutionalTerm LifeLong-Term CareTotal
(in millions)
Balance, EOP, pre-flooring $75,194 $8,243 $88,821 $8,233 $180,491 
Flooring impact, EOP 46 0 44 0 90 
Balance, EOP, post-flooring 75,240 8,243 88,865 8,233 180,581 
Less: Reinsurance recoverables
5,098 671 345 0 6,114 
Balance after reinsurance recoverables, EOP, post-flooring
$70,142 $7,572 $88,520 $8,233 $174,467 
Other businesses, EOP(1) 1,506 
Total balance after reinsurance recoverables, EOP
$175,973 
__________
(1)Reflects balance after reinsurance recoverables of $58 million and $63 million at June 30, 2025 and 2024, respectively.
(2)Prior period amounts have been updated to conform to current period presentation.

The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the period indicated:

Six Months Ended June 30, 2025
Retirement StrategiesIndividual LifeInternational BusinessesCorporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$178,217 $22,958 $107,923 $6,588 
Discounted expected future gross premiums (at original discount rate) $111,292 $15,586 $84,598 $4,427 
Discounted expected future gross premiums (at current discount rate) $94,675 $15,086 $79,680 $4,308 
Undiscounted expected future benefits and expenses $302,365 $30,430 $260,920 $29,531 
Weighted-average duration of the liability in years (at original discount rate) 8101716
Weighted-average duration of the liability in years (at current discount rate) 891415
Weighted-average interest rate (at original discount rate) 4.76 %5.12 %2.99 %4.91 %
Weighted-average interest rate (at current discount rate) 5.45 %5.37 %4.05 %5.87 %

Six Months Ended June 30, 2024
Retirement StrategiesIndividual Life
International Businesses(1)
Corporate and Other
InstitutionalTerm LifeLong-Term Care
($ in millions)
Undiscounted expected future gross premiums$133,585 $22,965 $110,571 $6,823 
Discounted expected future gross premiums (at original discount rate) $89,770 $15,208 $87,022 $4,521 
Discounted expected future gross premiums (at current discount rate) $71,759 $14,451 $83,062 $4,339 
Undiscounted expected future benefits and expenses $255,559 $31,103 $254,271 $29,860 
Weighted-average duration of the liability in years (at original discount rate) 9101817
Weighted-average duration of the liability in years (at current discount rate) 891616
Weighted-average interest rate (at original discount rate) 4.72 %5.15 %3.02 %4.91 %
Weighted-average interest rate (at current discount rate) 5.56 %5.53 %3.61 %5.77 %
__________
(1)Prior period amounts have been updated to conform to current period presentation.
The balances of and changes in DPL as of and for the period indicated are as follows:

Six Months Ended June 30, 2025
Deferred Profit Liability
Retirement StrategiesInternational Businesses
InstitutionalTotal
(in millions)
Balance, BOP, post-flooring
$5,670 $9,354 $15,024 
Less: Flooring impact, BOP
0 2 2 
Balance, BOP, pre-flooring 5,670 9,352 15,022 
Effect of assumption update(73)(58)(131)
Effect of actual variances from expected experience and other activity 30 2 32 
Adjusted balance, BOP 5,627 9,296 14,923 
Profits deferred 85 1,265 1,350 
Interest accrual 116 172 288 
Amortization (288)(1,055)(1,343)
Foreign currency adjustment 26 353 379 
Other adjustments 0 25 25 
Balance, EOP, pre-flooring 5,566 10,056 15,622 
Flooring impact, EOP 0 3 3 
Balance, EOP, post-flooring
5,566 10,059 15,625 
Less: Reinsurance recoverables
376 45 421 
Balance after reinsurance recoverables, EOP, post-flooring
$5,190 $10,014 15,204 
Other businesses
165 
Total balance after reinsurance recoverables, EOP
$15,369 

Six Months Ended June 30, 2024
Deferred Profit Liability
Retirement Strategies
International Businesses(1)
InstitutionalTotal
(in millions)
Balance, BOP, post-flooring
$5,615 $9,259 $14,874 
Less: Flooring impact, BOP
0 2 2 
Balance, BOP, pre-flooring 5,615 9,257 14,872 
Effect of assumption update370 (288)82 
Effect of actual variances from expected experience and other activity (30)(46)(76)
Adjusted balance, BOP 5,955 8,923 14,878 
Profits deferred 89 1,346 1,435 
Interest accrual 118 157 275 
Amortization (292)(1,062)(1,354)
Foreign currency adjustment (2)(492)(494)
Other adjustments 0 17 17 
Balance, EOP, pre-flooring 5,868 8,889 14,757 
Flooring impact, EOP 0 2 2 
Balance, EOP, post-flooring
5,868 8,891 14,759 
Less: Reinsurance recoverables
401 39 440 
Balance after reinsurance recoverables, EOP, post-flooring
$5,467 $8,852 14,319 
Other businesses
154 
Total balance after reinsurance recoverables, EOP
$14,473 
_________
(1)Prior period amounts have been updated to conform to current period presentation.
The following table shows a rollforward of AIR balances for variable and universal life products within Individual Life, which is the only line of business that contains a material AIR balance, for the period indicated, along with a reconciliation to the Company’s total AIR balance:

Six Months Ended June 30,
2025
2024
(in millions)
Balance, including amounts in AOCI, BOP, post-flooring$16,376 $14,308 
Flooring impact and amounts in AOCI632 843 
Balance, excluding amounts in AOCI, BOP, pre-flooring17,008 15,151 
Effect of assumption update(39)153 
Effect of actual variances from expected experience and other activity74 150 
Adjusted balance, BOP17,043 15,454 
Assessments collected(1)517 591 
Interest accrual291 262 
Benefits paid(210)(168)
Other adjustments37 13 
Balance, excluding amounts in AOCI, EOP, pre-flooring17,678 16,152 
Flooring impact and amounts in AOCI(514)(1,659)
Balance, including amounts in AOCI, EOP, post-flooring17,164 14,493 
Less: Reinsurance recoverables
10,097 7,026 
Balance after reinsurance recoverables, including amounts in AOCI, EOP
7,067 7,467 
Other businesses118 63 
Total balance after reinsurance recoverables
$7,185 $7,530 
__________
(1)Represents the portion of gross assessments required to fund the future policy benefits.
Six Months Ended June 30,
2025
2024
Weighted-average duration of the liability in years (at original discount rate) 2122
Weighted-average interest rate (at original discount rate) 3.41 %3.40 %
The following table presents the reconciliation of the ending balances from above rollforwards, Benefit Reserves, DPL, and AIR including other liabilities, gross of related reinsurance recoverable, to the total liability for Future Policy Benefits on the Company's Consolidated Statement of Financial Position as of the periods indicated:

Six Months Ended June 30,
2025
2024
(in millions)
Benefit reserves, EOP, post-flooring$187,106 $182,150 
Deferred Profit Liability EOP, post-flooring15,790 14,913 
Additional insurance reserves, including amounts in AOCI, EOP, post-flooring17,282 14,556 
Subtotal of amounts disclosed above220,178 211,619 
Other Future Policy Benefits reserves(1)49,955 50,711 
Total Future Policy Benefits$270,133 $262,330 
__________
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including Closed Block liabilities, unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.
The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR in the Company's Consolidated Statement of Operations as of the periods indicated:

Six Months Ended June 30, 2025
Revenues(1)
Retirement StrategiesIndividual LifeInternational Businesses
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$3,725 $964 $0 $5,441 $276 $10,406 
Deferred profit liability132 0 0 (352)(3)(223)
Additional insurance reserves0 0 1,321 0 35 1,356 
Total$3,857 $964 $1,321 $5,089 $308 $11,539 

Six Months Ended June 30, 2024
Revenues(1)
Retirement StrategiesIndividual Life
International Businesses(2)
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$13,223 $922 $0 $5,727 $273 $20,145 
Deferred profit liability(254)0 0 (124)(7)(385)
Additional insurance reserves0 0 1,622 0 0 1,622 
Total$12,969 $922 $1,622 $5,603 $266 $21,382 

Six Months Ended June 30, 2025
Interest Expense
Retirement StrategiesIndividual LifeInternational Businesses
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$1,796 $205 $0 $1,635 $259 $3,895 
Deferred profit liability116 0 0 172 2 290 
Additional insurance reserves0 0 291 1 0 292 
Total$1,912 $205 $291 $1,808 $261 $4,477 

Six Months Ended June 30, 2024
Interest Expense
Retirement StrategiesIndividual Life
International Businesses(2)
Other Businesses
Total
InstitutionalTerm LifeVariable/Universal Life
(in millions)
Benefit reserves$1,619 $206 $0 $1,589 $253 $3,667 
Deferred profit liability118 0 0 157 2 277 
Additional insurance reserves0 0 262 1 0 263 
Total$1,737 $206 $262 $1,747 $255 $4,207 
__________
(1)Represents gross premiums for benefit reserves, gross premiums, excluding impact of foreign currency adjustments for DPL and gross assessments for AIR.
(2)Prior period amounts have been updated to conform to current period presentation.