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Reserves for Future Policy Benefits and Claims Payable (Tables)
 3 Months Ended
Mar. 31, 2024
Insurance [Abstract]  
Schedule of Reserves for Future Policy Benefits and Claims Payable Balances
The following table summarizes the Company’s reserves for future policy benefits and claims payable balances (in millions):

March 31,December 31,
20242023
Reserves for future policy benefits
Payout Annuities$1,092 $1,090 
Closed Block Life3,843 3,994 
Closed Block Annuity4,092 4,215 
Reserves for future policy benefits9,027 9,299 
Additional liabilities
Closed Block Life1,125 1,153 
Other future policy benefits and claims payable1,433 1,446 
Reserves for future policy benefits and claims payable$11,585 $11,898 
Balances of and changes in liability for future policy benefits, and Revenue and interest recognized
The following tables present the roll-forward of components of reserves for future policy benefits (in millions):

Present Value of Expected Net Premiums
Three Months Ended March 31,Year Ended December 31,
20242023
PayoutClosed BlockClosed BlockPayoutClosed BlockClosed Block
AnnuitiesLifeAnnuityAnnuitiesLifeAnnuity
Balance, beginning of period$— $1,140 $— $— $1,287 $— 
Beginning of period cumulative effect of changes in discount rate assumptions— 113 — — 161 — 
Beginning balance at original discount rate— 1,253 — — 1,448 — 
Effect of changes in cash flow assumptions— — — — 22 — 
Effect of actual variances from expected experience— — — — (95)— 
Balance adjusted for variances from expectation— 1,253 — — 1,375 — 
Issuances— 1 — — 6 — 
Interest accrual— 11 — — 38 — 
Net premiums collected— (34)— — (166)— 
Ending balance at original discount rate— 1,231 — — 1,253 — 
End of period cumulative effect of changes in discount rate assumptions— (125)— — (113)— 
Balance, end of period$— $1,106 $— $— $1,140 $— 
Present Value of Expected Future Policy Benefits
Three Months Ended March 31,Year Ended December 31,
20242023
PayoutClosed BlockClosed BlockPayoutClosed BlockClosed Block
AnnuitiesLifeAnnuityAnnuitiesLifeAnnuity
Balance, beginning of period$1,090 $5,134 $4,215 $1,042 $5,448 $4,434 
Beginning of period cumulative effect of changes in discount rate assumptions99 767 185 132 958 275 
Beginning balance at original discount rate (including DPL of $42, $0 and $626 in March 31, 2024, and $40, $0 and $671 in December 31, 2023 for payout annuities, closed block life and closed block annuity, respectively)
1,189 5,901 4,400 1,174 6,406 4,709 
Effect of changes in cash flow assumptions— — — — 65 (3)
Effect of actual variances from expected experience— 1 — (16)(95)(8)
Balance adjusted for variances from expectation1,189 5,902 4,400 1,158 6,376 4,698 
Issuances38 3 — 117 15 1 
Interest accrual11 43 47 43 195 194 
Benefits payments(34)(177)(121)(129)(685)(493)
Ending balance of original discount rate (including DPL of $42, $0 and $614 in March 31, 2024, and $42, $0 and $626 in December 31, 2023 for payout annuities, closed block life and closed block annuity, respectively)
1,204 5,771 4,326 1,189 5,901 4,400 
End of period cumulative effect of changes in discount rate assumptions(112)(822)(234)(99)(767)(185)
Balance, end of period$1,092 $4,949 $4,092 $1,090 $5,134 $4,215 
Reserves for future policy benefits1,092 3,843 4,092 1,090 3,994 4,215 
Less: Reinsurance recoverable98 2,132 4 94 2,200 4 
Reserves for future policy benefits, after reinsurance recoverable$994 $1,711 $4,088 $996 $1,794 $4,211 

The following table presents the weighted average duration of the reserves for future policy benefits. The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount:

PayoutClosed BlockClosed Block
AnnuitiesLifeAnnuity
March 31, 2024
Weighted average duration (years)6.97.16.9
December 31, 2023
Weighted average duration (years)7.07.27.0
The discounted premiums are calculated using the current discount rate, while the undiscounted cash flows represent the gross cash flows before any discounting is applied:
March 31, 2024December 31, 2023
UndiscountedDiscountedUndiscountedDiscounted
Payout Annuities
Expected future benefit payments$1,609 $1,045 $1,579 $1,043 
Expected future gross premiums— — — — 
Closed Block Life
Expected future benefit payments7,553 5,065 7,729 5,251 
Expected future gross premiums4,931 2,995 5,056 3,119 
Closed Block Annuity
Expected future benefit payments5,323 3,455 5,421 3,565 
Expected future gross premiums$— $— $— $— 

The following table presents the amount of revenue and interest related to non-participating traditional and limited-pay insurance contracts recognized in the Condensed Consolidated Income Statements (in millions):

Gross PremiumsInterest Expense
Three Months Ended March 31, 2024Year Ended December 31, 2023Three Months Ended March 31, 2024Year Ended December 31, 2023
Payout Annuities$10 $22 $11 $43 
Closed Block Life79 340 32 157 
Closed Block Annuity— 1 47 194 
Total$89 $363 $90 $394 

The following table presents the weighted average interest rate for the reserves for future policy benefits at the cohort's level for the locked-in discount rate (interest accretion rate), and current discount rate, weighted by the cohort's benefit reserve amount:

March 31, 2024December 31, 2023
Payout Annuities
Interest accretion rate3.90 %3.86 %
Current discount rate5.34 %5.12 %
Closed Block Life
Interest accretion rate3.06 %3.07 %
Current discount rate5.32 %5.06 %
Closed Block Annuity
Interest accretion rate4.40 %4.40 %
Current discount rate5.35 %5.12 %
Schedule of Market Risk Benefit, Activity
Components of the Company’s reinsurance recoverable on market risk benefits were as follows (in millions):

March 31,December 31,
20242023
Variable annuity$72 $90 
Other product lines54 59 
Total$126 $149 
The following table presents a roll-forward of Closed Block Life additional liabilities for annuitization, death and other insurance benefits (in millions):

Three Months Ended March 31, 2024Year Ended December 31, 2023
Balance, beginning of period$1,153 $1,131 
Beginning of period cumulative effect of changes in shadow adjustments17 41 
Beginning balance excluding shadow1,170 1,172 
Effect of changes in cash flow assumptions— 44 
Effect of actual variances from expected experience10 46 
Interest accrual14 56 
Net assessments collected(47)(148)
Ending balance excluding shadow1,147 1,170 
End of period cumulative effect of changes in shadow adjustments(22)(17)
Balance, end of period$1,125 $1,153 

The following table presents the weighted average duration of Closed Block Life additional liabilities for annuitization, death and other insurance benefits. The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount:

March 31, 2024December 31, 2023
Weighted average duration (years)9.59.7

The following table presents assessments and interest expense of Closed Block Life additional liabilities for annuitization, death and other insurance benefits recognized in the Condensed Consolidated Income Statements (in millions):

AssessmentsInterest Expense
Three Months Ended March 31, 2024Year Ended December 31, 2023Three Months Ended March 31, 2024Year Ended December 31, 2023
Additional liability for annuitization, death and other insurance benefits$(47)$(148)$14 $56 

The following table presents the weighted average current discount rate of Closed Block Life additional liabilities for annuitization, death and other insurance benefits, applied at the cohort level weighted by reserve benefit amount:

March 31, 2024December 31, 2023
Weighted average current discount rate4.97 %4.97 %
The following table presents the reconciliation of the market risk benefits balance in the Condensed Consolidated Balance Sheets (in millions):

March 31, 2024December 31, 2023
VariableOtherVariableOther
AnnuitiesProduct LinesTotalAnnuitiesProduct LinesTotal
Market risk benefit - (assets)$(8,020)$(5)$(8,025)$(6,732)$(5)$(6,737)
Market risk benefit - liabilities3,794 49 3,843 4,732 53 4,785 
Market risk benefit - net (asset) liability$(4,226)$44 $(4,182)$(2,000)$48 $(1,952)