Long-duration insurance contracts (Tables)

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Summary of life, annuity and health insurance benefits liabilities

A summary of our long-duration life, annuity and health insurance benefits liabilities as of March 31, 2024 and 2023, disaggregated for our two primary product categories, periodic payment annuities and life and health insurance, follows. Other liabilities include incurred-but-not reported claims and claims in the course of settlement. Amounts are in millions.

	March 31,
	2024		2023
Periodic payment annuity	$	10,749	$	11,174
Life and health		4,259		5,633
Other		2,979		3,130
	$	17,987	$	19,937

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 annuity						Life and health
	2024			2023			2024			2023
Expected future policy benefits:
Balance at the beginning of the year	$	11,212		$	10,640		$	52,665		$	52,008
Balance at the beginning of the year - original discount rates		11,681			11,549			65,871			63,584
Effect of cash flow assumption changes		—			—			(34	)		(1	)
Effect of actual versus expected experience		2			1			(12,870	)		(519	)
Change in benefits, net		(115	)		(116	)		(449	)		(747	)
Interest accrual		136			133			284			425
Foreign currency effect		2			19			(389	)		47
Balance at March 31 - original discount rates		11,706			11,586			52,413			62,789
Effect of changes in discount rate assumptions		(957	)		(412	)		(11,627	)		(12,169	)
Balance at March 31	$	10,749		$	11,174		$	40,786		$	50,620
Expected future net premiums:
Balance at the beginning of the year							$	46,916		$	46,129
Balance at the beginning of the year - original discount rates								58,731			56,535
Effect of cash flow assumption changes								(25	)		2
Effect of actual versus expected experience								(11,278	)		(413	)
Change in premiums, net								(407	)		(660	)
Interest accrual								251			371
Foreign currency effect								(358	)		47
Balance at March 31 - original discount rates								46,914			55,882
Effect of changes in discount rate assumptions								(10,387	)		(10,895	)
Balance at March 31							$	36,527		$	44,987
Liabilities for future policy benefits:
Balance at March 31	$	10,749		$	11,174		$	4,259		$	5,633
Reinsurance recoverables		—			—			(50	)		(1,565	)
Balance at March 31, net of reinsurance recoverables	$	10,749		$	11,174		$	4,209		$	4,068

Summary of Other Information Relating to Long-Duration Insurance Liabilities

Other information relating to our long-duration insurance liabilities as of March 31, 2024 and 2023 follows (dollars in millions).

	Periodic payment annuity						Life and health
	2024			2023			2024			2023
Undiscounted expected future gross premiums	$	—		$	—		$	95,514		$	107,831
Discounted expected future gross premiums		—			—			56,585			64,421
Undiscounted expected future benefits		30,953			31,244			86,800			102,881
Weighted average discount rate		5.4	%		5.0	%		4.9	%		4.9	%
Weighted average accretion rate		4.8	%		4.8	%		2.7	%		3.2	%
Weighted average duration	17 years			18 years			13 years			14 years

Summary of gross premiums earned and net interest expense

Gross premiums earned and interest expense before reinsurance ceded for the first quarter of 2024 and 2023 were as follows (in millions).

	Gross premiums				Interest expense
	2024		2023		2024		2023
Periodic payment annuity	$	—	$	—	$	136	$	133
Life and health		944		1,004		33		54