Long-duration insurance contracts (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Summary of life, annuity and health insurance benefits liabilities

A summary of our life, annuity and health insurance benefits liabilities disaggregated by our two primary product categories, periodic payment annuities and life and health insurance, and other liabilities, which primarily consist of incurred-but-not-reported claims and claims in the course of settlement, follows (in millions).

	December 31,
	2023		2022		2021
Periodic payment annuities	$	11,212	$	10,640	$	16,153
Life and health		5,749		5,879		7,688
Other liabilities		3,252		3,234		3,454
	$	20,213	$	19,753	$	27,295

Summary of changes in discounted present values of expected future policy benefits and expected future net premiums

Net premiums represent the portion of expected gross premiums that are required to provide for future policy benefits and variable expenses.

	Periodic payment annuities								Life and health
	2023			2022			2021		2023			2022			2021
Expected future policy benefits:
Balance at the beginning of the year	$	10,640		$	16,153		$	17,122	$	52,008		$	63,648		$	66,528
Balance at the beginning of the year - original discount rates		11,549			11,261			10,569		63,584			60,133			58,247
Effect of cash flow assumption changes		—			—			—		(829	)		2,261			(354	)
Effect of actual from expected experience		5			121			8		(352	)		927			1,011
Change in benefits, net		(470	)		(297	)		138		1,616			671			394
Interest accrual		537			535			528		1,787			1,644			1,670
Foreign currency effect		60			(71	)		18		65			(2,052	)		(835	)
Balance at December 31 - original discount rates		11,681			11,549			11,261		65,871			63,584			60,133
Effect of changes in discount rate assumptions		(469	)		(909	)		4,892		(13,206	)		(11,576	)		3,515
Balance at December 31	$	11,212		$	10,640		$	16,153	$	52,665		$	52,008		$	63,648
Expected future net premiums:
Balance at the beginning of the year									$	46,129		$	55,960		$	58,198
Balance at the beginning of the year - original discount rates										56,535			53,277			51,370
Effect of cash flow assumption changes										(880	)		2,163			(270	)
Effect of actual from expected experience										(181	)		676			572
Change in premiums, net										1,645			928			908
Interest accrual										1,566			1,434			1,444
Foreign currency effect										46			(1,943	)		(747	)
Balance at December 31 - original discount rates										58,731			56,535			53,277
Effect of changes in discount rate assumptions										(11,815	)		(10,406	)		2,683
Balance at December 31									$	46,916		$	46,129		$	55,960
Liability for future policy benefits:
Balance at December 31	$	11,212		$	10,640		$	16,153	$	5,749		$	5,879		$	7,688
Reinsurance recoverables		—			—			—		(1,571	)		(1,559	)		(2,152	)
Balance at December 31,   net of reinsurance recoverables	$	11,212		$	10,640		$	16,153	$	4,178		$	4,320		$	5,536

Summary of undiscounted and discounted expected future gross premiums to be collected and undiscounted expected future benefits for periodic payment annuities and life and health insurance

The undiscounted and discounted expected future gross premiums to be collected and undiscounted expected future benefits for periodic payment annuities and life and health insurance as of December 31, 2023, 2022 and 2021 are summarized below (in millions).

	Undiscounted expected future gross premiums						Discounted expected future gross premiums						Undiscounted expected future benefits
	2023		2022		2021		2023		2022		2021		2023		2022		2021
Periodic payment annuities	$	—	$	—	$	—	$	—	$	—	$	—	$	31,066	$	31,156	$	30,260
Life and health		117,078		109,321		102,768		66,692		66,460		64,378		111,630		104,544		98,224

Summary of gross premiums earned and net interest expense

Gross premiums earned on long-duration contracts are included in insurance premiums earned, and interest expense on long-duration insurance contracts is included as a component of life, annuity and health benefits in our Consolidated Statements of Earnings. Gross premiums earned and interest expense before the impact of reinsurance ceded for each of the three years ended December 31, 2023 follow (in millions).

	Gross Premiums						Interest Expense
	2023		2022		2021		2023		2022		2021
Periodic payment annuities	$	—	$	582	$	655	$	537	$	535	$	528
Life and health		3,627		3,760		3,906		221		210		226

Summary of weighted average discount rates, interest accretion rates and average contract durations

The weighted average discount rates, interest accretion rates and the average contract durations as of December 31, 2023, 2022 and 2021 for periodic payment annuities and life and health insurance are summarized below.

	2023			2022			2021
Periodic payment annuities
Weighted average discount rate		5.1	%		5.3	%		2.7	%
Weighted average accretion rate		4.8	%		4.8	%		4.9	%
Weighted average duration	18 years			17 years			22 years
Life and health
Weighted average discount rate		5.1	%		4.7	%		2.4	%
Weighted average accretion rate		3.3	%		3.4	%		3.4	%
Weighted average duration	13 years			14 years			15 years