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Future Policy Benefit Reserves (Tables)
 3 Months Ended
Mar. 31, 2024
Insurance [Abstract]  
Liability for Future Policy Benefit, Activity
The following table summarizes balances and changes in the LFPB.
(In millions)
20242023
Present value of future net premiums
Balance, January 1$3,710 $3,993 
     Effect of changes in discount rate(125)(74)
Balance, January 1, at original locked in discount rate3,585 3,919 
     Effect of changes in cash flow assumptions (1)
— — 
     Effect of actual variances from expected experience (1)
(28)(49)
Adjusted balance, January 13,557 3,870 
Interest accrual47 52 
     Net premiums: earned during period(107)(111)
Balance, end of period at original locked in discount rate3,497 3,811 
     Effect of changes in discount rate56 154 
Balance, March 31$3,553 $3,965 
Present value of future benefits & expenses
Balance, January 1$17,669 $17,472 
     Effect of changes in discount rate(578)(125)
Balance, January 1, at original locked in discount rate17,091 17,347 
     Effect of changes in cash flow assumptions (1)
— — 
     Effect of actual variances from expected experience (1)
(13)(50)
Adjusted balance, January 117,078 17,297 
Interest accrual231 242 
     Benefit & expense payments(321)(302)
Balance, end of period at original locked in discount rate16,988 17,237 
     Effect of changes in discount rate78 704 
Balance, March 31$17,066 $17,941 
Net LFPB$13,513 $13,976 
(1) As of March 31, 2024 and 2023 the re-measurement gain (loss) of $(15) million and $1 million presented parenthetically on the Condensed 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 Condensed Consolidated Statement of Operations.
Periods ended March 31Three Months
(In millions)
20242023
Earned premiums$110 $115 
Interest expense184 190 
The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.
As of March 31
(In millions)
20242023
  Expected future benefit and expense payments$32,474 $33,759 
  Expected future gross premiums5,270 5,729 
The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.
As of March 31As of December 31
202420232023
   Original locked in discount rate5.22 %5.26 %5.22 %
Upper-medium grade fixed income instrument discount rate5.20 4.92 4.94