Future Policy Benefits - Balances of changes in liability for future policy benefits (Details) - USD ($) $ in Millions |
9 Months Ended |
|
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Present value of expected net premiums |
|
|
|
|
Balance, beginning of year |
$ 9,352
|
$ 12,645
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
1,526
|
1,938
|
|
|
Reclassified to Liabilities held-for-sale |
|
(3,784)
|
$ (4,287)
|
|
Beginning balance at original discount rate |
15,165
|
14,583
|
|
|
Effect of changes in cash flow assumptions |
|
|
(68)
|
$ 55
|
Effect of actual variances from expected experience |
|
|
(3)
|
52
|
Adjusted beginning of year balance |
15,094
|
14,690
|
|
|
Issuances |
733
|
986
|
|
|
Interest accrual |
320
|
359
|
|
|
Net premium collected |
(974)
|
(1,183)
|
|
|
Foreign exchange impact |
(46)
|
44
|
|
|
Other |
0
|
8
|
|
|
Dispositions |
(5,108)
|
|
|
|
Ending balance at original discount rate |
10,019
|
14,904
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
(491)
|
(2,294)
|
|
|
Balance, end of period |
9,528
|
8,826
|
|
|
Present value of expected future policy benefits |
|
|
|
|
Balance, beginning of year |
58,237
|
55,506
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
5,217
|
7,310
|
|
|
Reclassified to Liabilities held-for-sale |
|
4,352
|
5,119
|
|
Beginning balance at original discount rate |
68,573
|
62,816
|
|
|
Effect of changes in cash flow assumptions |
|
|
(104)
|
138
|
Effect of actual variances from expected experience |
|
|
(41)
|
94
|
Adjusted beginning of year balance |
68,428
|
63,048
|
|
|
Issuances |
2,933
|
4,642
|
|
|
Interest accrual |
2,112
|
1,973
|
|
|
Benefit payments |
(3,333)
|
(3,507)
|
|
|
Foreign exchange impact |
442
|
102
|
|
|
Other |
(10)
|
(10)
|
|
|
Dispositions |
(6,796)
|
|
|
|
Ending balance at original discount rate |
63,776
|
66,248
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
(3,512)
|
(10,349)
|
|
|
Balance, end of period |
60,264
|
51,547
|
|
|
Net liability for future policy benefits, end of period |
50,736
|
42,721
|
|
|
Liability for future policy benefits for certain participating contracts |
1,282
|
1,321
|
|
|
Liability for universal life policies |
4,225
|
3,278
|
|
|
Deferred profit liability |
2,597
|
2,400
|
|
|
Other reconciling items |
576
|
635
|
|
|
Future policy benefits for life and accident and health insurance contracts |
59,416
|
50,355
|
57,108
|
|
Less: Reinsurance recoverable: |
22,418
|
21,121
|
|
|
Net liability for future policy benefits after reinsurance recoverable |
36,998
|
29,234
|
|
|
Individual Retirement |
|
|
|
|
Present value of expected net premiums |
|
|
|
|
Balance, beginning of year |
0
|
0
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
0
|
0
|
|
|
Reclassified to Liabilities held-for-sale |
|
|
0
|
|
Beginning balance at original discount rate |
0
|
0
|
|
|
Effect of changes in cash flow assumptions |
|
|
0
|
0
|
Effect of actual variances from expected experience |
|
|
0
|
0
|
Adjusted beginning of year balance |
0
|
0
|
|
|
Issuances |
0
|
0
|
|
|
Interest accrual |
0
|
0
|
|
|
Net premium collected |
0
|
0
|
|
|
Foreign exchange impact |
0
|
0
|
|
|
Other |
0
|
0
|
|
|
Dispositions |
0
|
|
|
|
Ending balance at original discount rate |
0
|
0
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
0
|
0
|
|
|
Balance, end of period |
0
|
0
|
|
|
Present value of expected future policy benefits |
|
|
|
|
Balance, beginning of year |
1,353
|
1,223
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
132
|
167
|
|
|
Reclassified to Liabilities held-for-sale |
|
0
|
0
|
|
Beginning balance at original discount rate |
1,485
|
1,390
|
|
|
Effect of changes in cash flow assumptions |
|
|
0
|
0
|
Effect of actual variances from expected experience |
|
|
(27)
|
(1)
|
Adjusted beginning of year balance |
1,458
|
1,389
|
|
|
Issuances |
92
|
141
|
|
|
Interest accrual |
50
|
38
|
|
|
Benefit payments |
(105)
|
(95)
|
|
|
Foreign exchange impact |
0
|
0
|
|
|
Other |
0
|
0
|
|
|
Dispositions |
0
|
|
|
|
Ending balance at original discount rate |
1,495
|
1,473
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
(108)
|
(217)
|
|
|
Balance, end of period |
1,387
|
1,256
|
|
|
Net liability for future policy benefits, end of period |
1,387
|
1,256
|
|
|
Liability for future policy benefits for certain participating contracts |
0
|
0
|
|
|
Liability for universal life policies |
0
|
0
|
|
|
Deferred profit liability |
59
|
80
|
|
|
Other reconciling items |
34
|
34
|
|
|
Future policy benefits for life and accident and health insurance contracts |
1,480
|
1,370
|
|
|
Less: Reinsurance recoverable: |
5
|
4
|
|
|
Net liability for future policy benefits after reinsurance recoverable |
$ 1,475
|
$ 1,366
|
|
|
Weighted average liability duration of the liability for future policy benefits (in years) |
7 years 8 months 12 days
|
7 years 4 months 24 days
|
|
|
Group Retirement |
|
|
|
|
Present value of expected net premiums |
|
|
|
|
Balance, beginning of year |
$ 0
|
$ 0
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
0
|
0
|
|
|
Reclassified to Liabilities held-for-sale |
|
|
0
|
|
Beginning balance at original discount rate |
0
|
0
|
|
|
Effect of changes in cash flow assumptions |
|
|
0
|
0
|
Effect of actual variances from expected experience |
|
|
0
|
0
|
Adjusted beginning of year balance |
0
|
0
|
|
|
Issuances |
0
|
0
|
|
|
Interest accrual |
0
|
0
|
|
|
Net premium collected |
0
|
0
|
|
|
Foreign exchange impact |
0
|
0
|
|
|
Other |
0
|
0
|
|
|
Dispositions |
0
|
|
|
|
Ending balance at original discount rate |
0
|
0
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
0
|
0
|
|
|
Balance, end of period |
0
|
0
|
|
|
Present value of expected future policy benefits |
|
|
|
|
Balance, beginning of year |
217
|
211
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
(3)
|
2
|
|
|
Reclassified to Liabilities held-for-sale |
|
0
|
0
|
|
Beginning balance at original discount rate |
214
|
213
|
|
|
Effect of changes in cash flow assumptions |
|
|
0
|
0
|
Effect of actual variances from expected experience |
|
|
(2)
|
(1)
|
Adjusted beginning of year balance |
212
|
212
|
|
|
Issuances |
10
|
16
|
|
|
Interest accrual |
9
|
8
|
|
|
Benefit payments |
(18)
|
(20)
|
|
|
Foreign exchange impact |
0
|
0
|
|
|
Other |
(5)
|
0
|
|
|
Dispositions |
0
|
|
|
|
Ending balance at original discount rate |
208
|
216
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
5
|
(9)
|
|
|
Balance, end of period |
213
|
207
|
|
|
Net liability for future policy benefits, end of period |
213
|
207
|
|
|
Liability for future policy benefits for certain participating contracts |
0
|
0
|
|
|
Liability for universal life policies |
0
|
0
|
|
|
Deferred profit liability |
11
|
9
|
|
|
Other reconciling items |
0
|
0
|
|
|
Future policy benefits for life and accident and health insurance contracts |
224
|
216
|
|
|
Less: Reinsurance recoverable: |
0
|
0
|
|
|
Net liability for future policy benefits after reinsurance recoverable |
$ 224
|
$ 216
|
|
|
Weighted average liability duration of the liability for future policy benefits (in years) |
6 years 8 months 12 days
|
6 years 7 months 6 days
|
|
|
Life Insurance |
|
|
|
|
Present value of expected net premiums |
|
|
|
|
Balance, beginning of year |
$ 8,379
|
$ 11,654
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
1,482
|
1,872
|
|
|
Reclassified to Liabilities held-for-sale |
|
(3,784)
|
(4,287)
|
|
Beginning balance at original discount rate |
14,148
|
13,526
|
|
|
Effect of changes in cash flow assumptions |
|
|
(57)
|
34
|
Effect of actual variances from expected experience |
|
|
4
|
36
|
Adjusted beginning of year balance |
14,095
|
13,596
|
|
|
Issuances |
733
|
986
|
|
|
Interest accrual |
288
|
325
|
|
|
Net premium collected |
(888)
|
(1,093)
|
|
|
Foreign exchange impact |
(46)
|
44
|
|
|
Other |
0
|
11
|
|
|
Dispositions |
(5,108)
|
|
|
|
Ending balance at original discount rate |
9,074
|
13,869
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
(463)
|
(2,199)
|
|
|
Balance, end of period |
8,611
|
7,886
|
|
|
Present value of expected future policy benefits |
|
|
|
|
Balance, beginning of year |
17,531
|
21,179
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
2,745
|
3,424
|
|
|
Reclassified to Liabilities held-for-sale |
|
4,352
|
5,119
|
|
Beginning balance at original discount rate |
25,395
|
24,603
|
|
|
Effect of changes in cash flow assumptions |
|
|
(24)
|
62
|
Effect of actual variances from expected experience |
|
|
15
|
85
|
Adjusted beginning of year balance |
25,386
|
24,750
|
|
|
Issuances |
721
|
978
|
|
|
Interest accrual |
635
|
679
|
|
|
Benefit payments |
(1,204)
|
(1,461)
|
|
|
Foreign exchange impact |
(61)
|
54
|
|
|
Other |
2
|
8
|
|
|
Dispositions |
(6,796)
|
|
|
|
Ending balance at original discount rate |
18,683
|
25,008
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
(825)
|
(4,397)
|
|
|
Balance, end of period |
17,858
|
16,259
|
|
|
Net liability for future policy benefits, end of period |
9,247
|
8,373
|
|
|
Liability for future policy benefits for certain participating contracts |
12
|
13
|
|
|
Liability for universal life policies |
4,170
|
3,223
|
|
|
Deferred profit liability |
22
|
18
|
|
|
Other reconciling items |
449
|
508
|
|
|
Future policy benefits for life and accident and health insurance contracts |
13,900
|
12,135
|
|
|
Less: Reinsurance recoverable: |
678
|
700
|
|
|
Net liability for future policy benefits after reinsurance recoverable |
$ 13,222
|
$ 11,435
|
|
|
Weighted average liability duration of the liability for future policy benefits (in years) |
11 years 1 month 6 days
|
11 years 10 months 24 days
|
|
|
Institutional Markets |
|
|
|
|
Present value of expected net premiums |
|
|
|
|
Balance, beginning of year |
$ 0
|
$ 0
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
0
|
0
|
|
|
Reclassified to Liabilities held-for-sale |
|
|
0
|
|
Beginning balance at original discount rate |
0
|
0
|
|
|
Effect of changes in cash flow assumptions |
|
|
0
|
0
|
Effect of actual variances from expected experience |
|
|
0
|
0
|
Adjusted beginning of year balance |
0
|
0
|
|
|
Issuances |
0
|
0
|
|
|
Interest accrual |
0
|
0
|
|
|
Net premium collected |
0
|
0
|
|
|
Foreign exchange impact |
0
|
0
|
|
|
Other |
0
|
0
|
|
|
Dispositions |
0
|
|
|
|
Ending balance at original discount rate |
0
|
0
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
0
|
0
|
|
|
Balance, end of period |
0
|
0
|
|
|
Present value of expected future policy benefits |
|
|
|
|
Balance, beginning of year |
18,482
|
12,464
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
1,906
|
2,634
|
|
|
Reclassified to Liabilities held-for-sale |
|
0
|
0
|
|
Beginning balance at original discount rate |
20,388
|
15,098
|
|
|
Effect of changes in cash flow assumptions |
|
|
(41)
|
0
|
Effect of actual variances from expected experience |
|
|
(8)
|
21
|
Adjusted beginning of year balance |
20,339
|
15,119
|
|
|
Issuances |
2,105
|
3,503
|
|
|
Interest accrual |
665
|
478
|
|
|
Benefit payments |
(907)
|
(810)
|
|
|
Foreign exchange impact |
503
|
48
|
|
|
Other |
0
|
0
|
|
|
Dispositions |
0
|
|
|
|
Ending balance at original discount rate |
22,705
|
18,338
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
(2,260)
|
(3,512)
|
|
|
Balance, end of period |
20,445
|
14,826
|
|
|
Net liability for future policy benefits, end of period |
20,445
|
14,826
|
|
|
Liability for future policy benefits for certain participating contracts |
0
|
0
|
|
|
Liability for universal life policies |
0
|
0
|
|
|
Deferred profit liability |
1,673
|
1,428
|
|
|
Other reconciling items |
0
|
0
|
|
|
Future policy benefits for life and accident and health insurance contracts |
22,118
|
16,254
|
|
|
Less: Reinsurance recoverable: |
41
|
37
|
|
|
Net liability for future policy benefits after reinsurance recoverable |
$ 22,077
|
$ 16,217
|
|
|
Weighted average liability duration of the liability for future policy benefits (in years) |
11 years 10 months 24 days
|
10 years 10 months 24 days
|
|
|
Corporate and Other |
|
|
|
|
Present value of expected net premiums |
|
|
|
|
Balance, beginning of year |
$ 973
|
$ 991
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
44
|
66
|
|
|
Reclassified to Liabilities held-for-sale |
|
|
0
|
|
Beginning balance at original discount rate |
1,017
|
1,057
|
|
|
Effect of changes in cash flow assumptions |
|
|
(11)
|
21
|
Effect of actual variances from expected experience |
|
|
(7)
|
16
|
Adjusted beginning of year balance |
999
|
1,094
|
|
|
Issuances |
0
|
0
|
|
|
Interest accrual |
32
|
34
|
|
|
Net premium collected |
(86)
|
(90)
|
|
|
Foreign exchange impact |
0
|
0
|
|
|
Other |
0
|
(3)
|
|
|
Dispositions |
0
|
|
|
|
Ending balance at original discount rate |
945
|
1,035
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
(28)
|
(95)
|
|
|
Balance, end of period |
917
|
940
|
|
|
Present value of expected future policy benefits |
|
|
|
|
Balance, beginning of year |
20,654
|
20,429
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
437
|
1,083
|
|
|
Reclassified to Liabilities held-for-sale |
|
0
|
0
|
|
Beginning balance at original discount rate |
21,091
|
21,512
|
|
|
Effect of changes in cash flow assumptions |
|
|
(39)
|
76
|
Effect of actual variances from expected experience |
|
|
$ (19)
|
$ (10)
|
Adjusted beginning of year balance |
21,033
|
21,578
|
|
|
Issuances |
5
|
4
|
|
|
Interest accrual |
753
|
770
|
|
|
Benefit payments |
(1,099)
|
(1,121)
|
|
|
Foreign exchange impact |
0
|
0
|
|
|
Other |
(7)
|
(18)
|
|
|
Dispositions |
0
|
|
|
|
Ending balance at original discount rate |
20,685
|
21,213
|
|
|
Effect of changes in discount rate assumptions (AOCI) |
(324)
|
(2,214)
|
|
|
Balance, end of period |
20,361
|
18,999
|
|
|
Net liability for future policy benefits, end of period |
19,444
|
18,059
|
|
|
Liability for future policy benefits for certain participating contracts |
1,270
|
1,308
|
|
|
Liability for universal life policies |
55
|
55
|
|
|
Deferred profit liability |
832
|
865
|
|
|
Other reconciling items |
93
|
93
|
|
|
Future policy benefits for life and accident and health insurance contracts |
21,694
|
20,380
|
|
|
Less: Reinsurance recoverable: |
21,694
|
20,380
|
|
|
Net liability for future policy benefits after reinsurance recoverable |
$ 0
|
$ 0
|
|
|
Weighted average liability duration of the liability for future policy benefits (in years) |
11 years 2 months 12 days
|
10 years 9 months 18 days
|
|
|