Future Policy Benefits Reserves (Tables)

3 Months Ended

Mar. 31, 2023

Insurance [Abstract]

Schedule of Liability for Future Policy Benefit

The following table summarizes balances and changes in the LFPB.

	2023		2022
(In millions)
Present value of future net premiums
Balance, January 1	$	3,993	$	4,735
Effect of changes in discount rate	(74)		(880)
Balance, January 1, at original locked in discount rate	3,919		3,855
Effect of changes in cash flow assumptions (a)
Effect of actual variances from expected experience (a)	(49)		(18)
Adjusted balance, January 1	3,870		3,837
Interest accrual	52		53
Net premiums: earned during period	(111)		(112)
Balance, end of period at original locked in discount rate	3,811		3,778
Effect of changes in discount rate	154		525
Balance, March 31	$	3,965	$	4,303
Present value of future benefits & expenses
Balance, January 1	$	17,472	$	22,745
Effect of changes in discount rate	(125)		(5,942)
Balance, January 1, at original locked in discount rate	17,347		16,803
Effect of changes in cash flow assumptions (a)
Effect of actual variances from expected experience (a)	(50)		(23)
Adjusted balance, January 1	17,297		16,780
Interest accrual	242		241
Benefit & expense payments	(302)		(233)
Balance, end of period at original locked in discount rate	17,237		16,788
Effect of changes in discount rate	704		3,517
Balance, March 31	$	17,941	$	20,305
Net LFPB	$	13,976	$	16,002

(a) As of March 31, 2023 and 2022, the re-measurement gain of $1 million and $5 million presented parenthetically on the Consolidated Condensed 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 undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums.

Three Months Ended March 31	2023		2022
(In millions)
Expected future benefit and expense payments	$	33,759	$	33,674
Expected future gross premiums	5,729		5,969

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

	March 31,				December 31,
	2023		2022		2022
Original locked in discount rate	5.26	%	5.31	%	5.27	%
Upper-medium grade fixed income instrument discount rate	4.92		3.67		5.23