Schedule of Insurance and Investment Contract Liabilities |
A summary of our insurance liabilities and annuity benefits is presented below: | | | | | | | | | | | | | | | | | | March 31, 2024 | Long-term care | Structured settlement annuities | Life | Other contracts | Total | Future policy benefit reserves | $ | 25,722 | | $ | 8,909 | | $ | 1,054 | | $ | 375 | | $ | 36,059 | | Investment contracts | — | | 776 | | — | | 710 | | 1,486 | | Other | — | | — | | 112 | 277 | | 389 | | | | | | | | | | | | | | Total | $ | 25,722 | | $ | 9,685 | | $ | 1,166 | | $ | 1,361 | | $ | 37,934 | |
| | | | | | | | | | | | | | | | | | December 31, 2023 | | | | | | Future policy benefit reserves | $ | 26,832 | | $ | 9,357 | | $ | 1,117 | | $ | 382 | | $ | 37,689 | | Investment contracts | — | | 793 | | — | | 742 | | 1,535 | | Other | — | | — | | 116 | | 285 | | 400 | | | | | | | | | | | | | | Total | $ | 26,832 | | $ | 10,150 | | $ | 1,233 | | $ | 1,409 | | $ | 39,624 | |
|
Summary of Future Policy Benefits |
The following tables summarize balances of and changes in future policy benefits reserves.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | March 31, 2023 | Present value of expected net premiums | Long-term care | Structured settlement annuities | Life | | | | Long-term care | Structured settlement annuities | Life | | | Balance, beginning of year | $ | 4,063 | | $ | — | | $ | 4,803 | | | | | $ | 4,059 | | $ | — | | $ | 4,828 | | | | Beginning balance at locked-in discount rate | 3,745 | | — | | 4,773 | | | | | 3,958 | | — | | 5,210 | | | | Effect of changes in cash flow assumptions | 17 | | — | | — | | | | | — | | — | | — | | | | Effect of actual variances from expected experience | 6 | | — | | (2) | | | | | 29 | | — | | (35) | | | | Adjusted beginning of year balance | 3,769 | | — | | 4,771 | | | | | 3,987 | | — | | 5,175 | | | | Interest accrual | 51 | | — | | 45 | | | | | 53 | | — | | 50 | | | | Net premiums collected | (98) | | — | | (70) | | | | | (103) | | — | | (73) | | | | Effect of foreign currency | — | | — | | (69) | | | | | — | | — | | (23) | | | | Ending balance at locked-in discount rate | 3,721 | | — | | 4,678 | | | | | 3,936 | | — | | 5,129 | | | | Effect of changes in discount rate assumptions | 211 | | — | | (151) | | | | | 281 | | — | | (149) | | | | Balance, end of period | $ | 3,932 | | $ | — | | $ | 4,527 | | | | | $ | 4,217 | | $ | — | | $ | 4,979 | | | | | | | | | | | | | | | | Present value of expected future policy benefits | | | | | | | | | | | | Balance, beginning of year | $ | 30,895 | | $ | 9,357 | | $ | 5,921 | | | | | $ | 28,316 | | $ | 8,860 | | $ | 5,868 | | | | Beginning balance at locked-in discount rate | 27,144 | | 8,561 | | 5,847 | | | | | 27,026 | | 8,790 | | 6,247 | | | | Effect of changes in cash flow assumptions | (7) | | — | | — | | | | | (11) | | — | | — | | | | Effect of actual variances from expected experience | 43 | | (29) | | (13) | | | | | 30 | | (1) | | 2 | | | | Adjusted beginning of year balance | 27,180 | | 8,532 | | 5,833 | | | | | 27,046 | | 8,789 | | 6,250 | | | | Interest accrual | 368 | | 111 | | 55 | | | | | 363 | | 115 | | 60 | | | | Benefit payments | (359) | | (159) | | (109) | | | | | (309) | | (174) | | (138) | | | | Effect of foreign currency | — | | — | | (73) | | | | | — | | — | | (24) | | | | Ending balance at locked-in discount rate | 27,190 | | 8,484 | | 5,707 | | | | | 27,100 | | 8,730 | | 6,148 | | | | Effect of changes in discount rate assumptions | 2,465 | | 425 | | (126) | | | | | 3,171 | | 619 | | (123) | | | | Balance, end of period | $ | 29,654 | | $ | 8,909 | | $ | 5,581 | | | | | $ | 30,271 | | $ | 9,349 | | $ | 6,025 | | | | Net future policy benefit reserves | $ | 25,722 | | $ | 8,909 | | $ | 1,054 | | | | | $ | 26,054 | | $ | 9,349 | | $ | 1,045 | | | | Less: Reinsurance recoverables, net of allowance for credit losses | (165) | | — | | (29) | | | | | (204) | | — | | (57) | | | | Net future policy benefit reserves, after reinsurance recoverables | $ | 25,557 | | $ | 8,909 | | $ | 1,025 | | | | | $ | 25,850 | | $ | 9,349 | | $ | 988 | | | |
The following table provides the amount of undiscounted and discounted expected future gross premiums and expected future benefits and expenses for nonparticipating traditional contracts.
| | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | March 31, 2023 | | | | | Undiscounted | Discounted(a) | | Undiscounted | Discounted(a) | | | | | | | | | | | | | | | | Long-term care: | Gross premiums | $ | 7,376 | | $ | 4,794 | | | $ | 7,924 | | $ | 5,105 | | | | | | | Benefit payments | 62,774 | | 29,654 | | | 64,944 | | 30,271 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Structured settlement annuities: | Benefit payments | 19,092 | | 8,909 | | | 19,745 | | 9,349 | | | | | | | | | | | | | | | | | Life: | Gross premiums | 12,082 | | 5,446 | | | 13,537 | | 6,104 | | | | | | | Benefit payments | 10,935 | | 5,581 | | | 11,800 | | 6,025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) Determined using the current discount rate as of March 31, 2024 and 2023, respectively. The following table provides the weighted-average durations of and weighted-average interest rates for the liability for future policy benefits. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | March 31, 2023 | | | | Long-term care | Structured settlement annuities | Life | | Long-term care | Structured settlement annuities | Life | | | | | | | Duration (years)(a) | 12.4 | 10.8 | 5.3 | | 13.2 | 11.2 | 5.3 | | | | | | | Interest accretion rate | 5.6% | 5.4% | 5.2% | | 5.5% | 5.4% | 5.1% | | | | | | | Current discount rate | 5.2% | 5.2% | 5.0% | | 5.0% | 5.0% | 4.8% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) Determined using the current discount rate as of March 31, 2024 and 2023.
|