XML 113 R98.htm IDEA: XBRL DOCUMENT v3.23.1
Insurance Liabilities - Balances of changes in liability for future policy benefits (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Jan. 01, 2021
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]          
Balance, beginning of year $ 14,574 $ 15,643      
Effect of changes in discount rate assumptions (AOCI) 2,200 (856)      
Beginning balance at original discount rate 16,774 14,787      
Effect of changes in cash flow assumptions     $ 0 $ 0  
Effect of actual variances from expected experience     6 31  
Adjusted beginning of year balance 16,780 14,818      
Issuances 364 379      
Interest accrual 129 113      
Net premium collected (446) (389)      
Foreign exchange impact 88 (140)      
Other 3 0      
Ending balance at original discount rate 16,918 14,781      
Effect of changes in discount rate assumptions (AOCI) (2,049) (284)      
Balance, end of period 14,869 14,497      
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]          
Beginning balance 57,886 70,643      
Effect of changes in discount rate assumptions (AOCI) 7,672 (9,401)      
Beginning balance at original discount rate 65,558 61,242      
Adjustments     0 0  
Effect of actual variances from expected experience     15 22  
Adjusted beginning of year balance 65,573 61,264      
Issuances 1,879 655      
Interest accrual 648 601      
Benefit payments (1,182) (1,139)      
Foreign exchange impact 392 (271)      
Other (2) 0      
Ending balance at original discount rate 67,308 61,110      
Effect of changes in discount rate assumptions (AOCI) (6,470) 2,325      
Ending balance 60,838 63,435      
Net liability for future policy benefits, end of period 45,969 48,938      
Liability for future policy benefits for certain participating contracts 1,340 1,386      
Liability for universal life policies with secondary guarantees and similar features 3,512 4,223      
Deferred profit liability 2,396 2,232      
Other reconciling items 1,629 2,528      
Future policy benefits for life and accident and health insurance contracts 54,846 59,307 51,914   $ 67,364
Less: Reinsurance recoverable: (24,266) (29,342)      
Net liability for future policy benefits after reinsurance recoverable 30,580 29,965      
Individual Retirement          
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]          
Balance, beginning of year 0 0      
Effect of changes in discount rate assumptions (AOCI) 0 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     1 0  
Adjusted beginning of year balance 1 0      
Issuances 6 4      
Interest accrual 0 0      
Net premium collected (7) (4)      
Foreign exchange impact 0 0      
Other 0 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      
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]          
Beginning balance 1,223 1,373      
Effect of changes in discount rate assumptions (AOCI) 167 (95)      
Beginning balance at original discount rate 1,390 1,278      
Adjustments     0 0  
Effect of actual variances from expected experience     (3) 1  
Adjusted beginning of year balance 1,387 1,279      
Issuances 70 50      
Interest accrual 12 10      
Benefit payments (32) (28)      
Foreign exchange impact 0 0      
Other 0 0      
Ending balance at original discount rate 1,437 1,311      
Effect of changes in discount rate assumptions (AOCI) (141) (24)      
Ending balance 1,296 1,287      
Net liability for future policy benefits, end of period $ 1,296 $ 1,287      
Weighted average liability duration of the liability for future policy benefits (in years) 7 years 8 months 12 days 8 years 1 month 6 days      
Group Retirement          
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]          
Balance, beginning of year $ 0 $ 0      
Effect of changes in discount rate assumptions (AOCI) 0 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      
Ending balance at original discount rate 0 0      
Effect of changes in discount rate assumptions (AOCI) 0 0      
Balance, end of period 0 0      
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]          
Beginning balance 211 264      
Effect of changes in discount rate assumptions (AOCI) 2 (46)      
Beginning balance at original discount rate 213 218      
Adjustments     0 0  
Effect of actual variances from expected experience     (1) (2)  
Adjusted beginning of year balance 212 216      
Issuances 2 5      
Interest accrual 3 3      
Benefit payments (7) (8)      
Foreign exchange impact 0 0      
Other 0 0      
Ending balance at original discount rate 210 216      
Effect of changes in discount rate assumptions (AOCI) 3 25      
Ending balance 213 241      
Net liability for future policy benefits, end of period $ 213 $ 241      
Weighted average liability duration of the liability for future policy benefits (in years) 7 years 1 month 6 days 7 years 4 months 24 days      
Life Insurance          
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]          
Balance, beginning of year $ 11,654 $ 14,369      
Effect of changes in discount rate assumptions (AOCI) 1,872 (706)      
Beginning balance at original discount rate 13,526 13,663      
Effect of changes in cash flow assumptions     0 0  
Effect of actual variances from expected experience     12 29  
Adjusted beginning of year balance 13,538 13,692      
Issuances 322 375      
Interest accrual 106 100      
Net premium collected (352) (355)      
Foreign exchange impact 96 (140)      
Other 3 0      
Ending balance at original discount rate 13,713 13,672      
Effect of changes in discount rate assumptions (AOCI) (1,648) (339)      
Balance, end of period 12,065 13,333      
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]          
Beginning balance 21,179 27,442      
Effect of changes in discount rate assumptions (AOCI) 3,424 (2,717)      
Beginning balance at original discount rate 24,603 24,725      
Adjustments     0 0  
Effect of actual variances from expected experience     26 38  
Adjusted beginning of year balance 24,629 24,763      
Issuances 318 374      
Interest accrual 224 221      
Benefit payments (476) (523)      
Foreign exchange impact 277 (178)      
Other 1 (1)      
Ending balance at original discount rate 24,973 24,656      
Effect of changes in discount rate assumptions (AOCI) (3,081) 170      
Ending balance 21,892 24,826      
Net liability for future policy benefits, end of period $ 9,827 $ 11,493      
Weighted average liability duration of the liability for future policy benefits (in years) 12 years 4 months 24 days 13 years 7 months 6 days      
Institutional Markets          
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]          
Balance, beginning of year $ 0 $ 0      
Effect of changes in discount rate assumptions (AOCI) 0 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      
Ending balance at original discount rate 0 0      
Effect of changes in discount rate assumptions (AOCI) 0 0      
Balance, end of period 0 0      
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]          
Beginning balance 12,464 13,890      
Effect of changes in discount rate assumptions (AOCI) 2,634 (870)      
Beginning balance at original discount rate 15,098 13,020      
Adjustments     0 0  
Effect of actual variances from expected experience     (5) (5)  
Adjusted beginning of year balance 15,093 13,015      
Issuances 1,450 223      
Interest accrual 139 105      
Benefit payments (228) (198)      
Foreign exchange impact 125 (93)      
Other 0 1      
Ending balance at original discount rate 16,579 13,053      
Effect of changes in discount rate assumptions (AOCI) (2,302) (551)      
Ending balance 14,277 12,502      
Net liability for future policy benefits, end of period $ 14,277 $ 12,502      
Weighted average liability duration of the liability for future policy benefits (in years) 11 years 6 months 12 years 1 month 6 days      
Other Operations before consolidation and eliminations          
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]          
Balance, beginning of year $ 991 $ 1,274      
Effect of changes in discount rate assumptions (AOCI) 66 (150)      
Beginning balance at original discount rate 1,057 1,124      
Effect of changes in cash flow assumptions     0 0  
Effect of actual variances from expected experience     3 2  
Adjusted beginning of year balance 1,060 1,126      
Issuances 0 0      
Interest accrual 12 13      
Net premium collected (30) (30)      
Foreign exchange impact 0 0      
Other 0 0      
Ending balance at original discount rate 1,042 1,109      
Effect of changes in discount rate assumptions (AOCI) (48) 55      
Balance, end of period 994 1,164      
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]          
Beginning balance 20,429 27,674      
Effect of changes in discount rate assumptions (AOCI) 1,083 (5,673)      
Beginning balance at original discount rate 21,512 22,001      
Adjustments     0 0  
Effect of actual variances from expected experience     0 $ (10)  
Adjusted beginning of year balance 21,512 21,991      
Issuances 3 3      
Interest accrual 257 262      
Benefit payments (379) (382)      
Foreign exchange impact 0 0      
Other (3) 0      
Ending balance at original discount rate 21,390 21,874      
Effect of changes in discount rate assumptions (AOCI) (492) 2,705      
Ending balance 20,898 24,579      
Net liability for future policy benefits, end of period $ 19,904 $ 23,415      
Weighted average liability duration of the liability for future policy benefits (in years) 11 years 7 months 6 days 12 years 9 months 18 days      
General Insurance          
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]          
Balance, beginning of year $ 1,929        
Effect of changes in discount rate assumptions (AOCI) 262        
Beginning balance at original discount rate 2,191        
Effect of changes in cash flow assumptions     0    
Effect of actual variances from expected experience     (10)    
Adjusted beginning of year balance 2,181        
Issuances 36        
Interest accrual 11        
Net premium collected (57)        
Foreign exchange impact (8)        
Other 0        
Ending balance at original discount rate 2,163        
Effect of changes in discount rate assumptions (AOCI) (353)        
Balance, end of period 1,810        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]          
Beginning balance 2,380        
Effect of changes in discount rate assumptions (AOCI) 362        
Beginning balance at original discount rate 2,742        
Adjustments     0    
Effect of actual variances from expected experience     $ (2)    
Adjusted beginning of year balance 2,740        
Issuances 36        
Interest accrual 13        
Benefit payments (60)        
Foreign exchange impact (10)        
Other 0        
Ending balance at original discount rate 2,719        
Effect of changes in discount rate assumptions (AOCI) (457)        
Ending balance 2,262        
Net liability for future policy benefits, end of period $ 452        
Weighted average liability duration of the liability for future policy benefits (in years) 10 years