Future Policy Benefit Reserves (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Liability for Future Policy Benefit, Activity

The following table summarizes balances and changes in the LFPB.

(In millions)	2023		2022		2021
Present value of future net premiums
Balance, January 1	$	3,991	$	4,735	$	5,086
Effect of changes in discount rate	(74)		(880)		(1,140)
Balance, January 1, at original locked in discount rate	3,917		3,855		3,946
Effect of changes in cash flow assumptions (1)	28		352		173
Effect of actual variances from expected experience (1)	(126)		(49)		(24)
Adjusted balance, January 1	3,819		4,158		4,095
Interest accrual	202		216		219
Net premiums: earned during period	(436)		(457)		(459)
Balance, end of period at original locked in discount rate	3,585		3,917		3,855
Effect of changes in discount rate	125		74		880
Balance, December 31	$	3,710	$	3,991	$	4,735
Present value of future benefits & expenses
Balance, January 1	$	17,471	$	22,745	$	23,955
Effect of changes in discount rate	(125)		(5,942)		(7,395)
Balance, January 1, at original locked in discount rate	17,346		16,803		16,560
Effect of changes in cash flow assumptions (1)	36		538		176
Effect of actual variances from expected experience (1)	(46)		(21)		(19)
Adjusted balance, January 1	17,336		17,320		16,717
Interest accrual	962		979		973
Benefit & expense payments	(1,207)		(953)		(887)
Balance, end of period at original locked in discount rate	17,091		17,346		16,803
Effect of changes in discount rate	578		125		5,942
Balance, December 31	$	17,669	$	17,471	$	22,745
Net LFPB	$	13,959	$	13,480	$	18,010

(1) As of December 31, 2023, 2022 and 2021 the re-measurement gain (loss) of $(88) million, $(214) million and $(8) million presented parenthetically on the Consolidated Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.

The following table presents earned premiums and interest expense associated with the Company’s long-term care business recognized on the Consolidated Statement of Operations.

Years ended December 31
(In millions)	2023		2022		2021
Earned premiums	$	451	$	473	$	491
Interest expense	760		763		754

The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.

	As of December 31
(In millions)	2023		2022
Expected future benefit and expense payments	$	32,851	$	34,261
Expected future gross premiums	5,414		5,910

The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.

	As of December 31
	2023		2022
Original locked in discount rate	5.22	%	5.27	%
Upper-medium grade fixed income instrument discount rate	4.94		5.23