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Future Policy Benefits (Tables)
 6 Months Ended
Jun. 30, 2024
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 Consolidated Statements of Financial Position is as follows.
June 30, 2024December 31, 2023
(Dollars in millions)
Future policy benefits:
Annuity$3,385 $2,213 
Life1,864 1,895 
Deferred profit liability:
Annuity72 64 
Life83 66 
Other contracts and VOBA liability1,823 1,870 
Total future policy benefits$7,227 $6,108 
The balances and changes in the liability for future policy benefits are as follows:
Six Months Ended
June 30, 2024		Year Ended
December 31, 2023
AnnuityLifeTotalAnnuityLifeTotal
(Dollars in millions)
Present Value of Expected Net Premiums:
Balance, beginning of period$— $3,145 $3,145 $— $3,520 $3,520 
Beginning balance at original discount rate— 3,254 3,254 — 3,826 3,826 
Effect of changes in cash flow assumptions— (63)(63)— (353)(353)
Effect of actual variances from expected experience6 (34)(28)2 (59)(57)
Adjusted beginning of period balance6 3,157 3,163 2 3,414 3,416 
Acquisition from business combination— — — — — — 
Issuances991 32 1,023 984 90 1,074 
Interest accrual6 62 68 8 121 129 
Net premiums collected(1,004)(162)(1,166)(995)(373)(1,368)
Derecognitions (lapses and withdrawals)— 1 1 1 2 3 
Foreign currency translation— — — — — — 
Ending balance at original discount rate(1)3,090 3,089 — 3,254 3,254 
Effect of changes in discount rate assumptions— (235)(235)— (109)(109)
Balance, end of period$(1)$2,855 $2,854 $— $3,145 $3,145 
Present Value of Expected Future Policy Benefits:
Balance, beginning of period$2,213 $5,040 $7,253 $1,288 $5,330 $6,618 
Beginning balance at original discount rate2,217 5,277 7,494 1,368 5,875 7,243 
Effect of changes in cash flow assumptions1 74 75 (1)(362)(363)
Effect of actual variances from expected experience6 (33)(27)(25)(59)(84)
Adjusted beginning of period balance2,224 5,318 7,542 1,342 5,454 6,796 
Acquisition of business combination311 — 311 — — — 
Issuances1,003 32 1,035 988 89 1,077 
Interest accrual71 101 172 73 188 261 
Benefit payments(135)(228)(363)(189)(456)(645)
Derecognitions (lapses and withdrawals)1 1 2 3 2 5 
Foreign currency translation— — — — — — 
Ending balance at original discount rate3,475 5,224 8,699 2,217 5,277 7,494 
Effect of changes in discount rate assumptions(91)(505)(596)(4)(237)(241)
Effect of foreign currency translation on the effect of changes in discount rate assumptions— — — — — — 
Balance, end of period$3,384 $4,719 $8,103 $2,213 $5,040 $7,253 
Net liability for future policy benefits$3,385 $1,864 $5,249 $2,213 $1,895 $4,108 
Less: Reinsurance recoverables(3)(46)(49)— (45)(45)
Net liability for future policy benefits, after reinsurance recoverable$3,382 $1,818 $5,200 $2,213 $1,850 $4,063 
Weighted-average liability duration of future policy benefits (years)816816
Weighted average interest accretion rate5.09 %4.61 %4.94 %4.60 %
Weighted average current discount rate5.47 %5.58 %4.88 %5.03 %
The amounts of undiscounted and discounted expected gross premiums and future benefit payments follow:
June 30, 2024December 31, 2023
UndiscountedDiscountedUndiscountedDiscounted
(Dollars in millions)
Annuity
Expected future benefit payments$5,531 $3,384 $3,466 $2,213 
Expected future gross premiums— — — — 
Life
Expected future benefit payments10,375 4,719 10,353 5,040 
Expected future gross premiums14,649 8,507 7,541 4,328 
Total
Expected future benefit payments15,906 8,103 13,819 7,253 
Expected future gross premiums14,649 8,507 7,541 4,328 
The amount of revenue and interest recognized in the Consolidated Statements of Operations follows:
Six Months Ended
June 30, 2024		Year Ended
December 31, 2023
Gross Premiums
or Assessments
Interest
Expense
Gross Premiums
or Assessments
Interest
Expense
(Dollars in millions)
Annuity$1,555 $81 $1,027 $83 
Life391 72 452 95