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Other Insurance Liabilities and Separate Accounts
 6 Months Ended
Jun. 30, 2023
Insurance [Abstract]  
Other Insurance Liabilities and Separate Accounts Other Insurance Liabilities and Separate Accounts
Future Policy Benefits

The following tables show the components of the change in the liability for future policy benefits, which is included in other insurance liabilities and other long-term insurance liabilities on the unaudited condensed consolidated balance sheets, during the six months ended June 30, 2023 and 2022:
Six Months Ended
June 30, 2023
In millionsLarge Case
Pensions		Long-Term
Care
Present value of expected net premiums (1)
Liability for future policy benefits, beginning of period - current discount rate$300 
Beginning liability for future policy benefits at original (locked-in) discount rate$302 
Effect of changes in cash flow assumptions— 
Effect of actual variances from expected experience5 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate307 
Interest accrual (using locked-in discount rate)8 
Net premiums (actual)(20)
Ending liability for future policy benefits at original (locked-in) discount rate295 
Effect of changes in discount rate assumptions(1)
Liability for future policy benefits, end of period - current discount rate$294 
Present value of expected future policy benefits
Liability for future policy benefits, beginning of period - current discount rate$2,253 $1,566 
Beginning liability for future policy benefits at original (locked-in) discount rate$2,425 $1,613 
Effect of changes in cash flow assumptions— — 
Effect of actual variances from expected experience— — 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate2,425 1,613 
Issuances7 — 
Interest accrual (using locked-in discount rate)50 40 
Benefit payments (actual)(143)(35)
Ending liability for future policy benefits at original (locked-in) discount rate2,339 1,618 
Effect of changes in discount rate assumptions(154)(22)
Liability for future policy benefits, end of period - current discount rate$2,185 $1,596 
Net liability for future policy benefits$2,185 $1,302 
Less: Reinsurance recoverable— — 
Net liability for future policy benefits, net of reinsurance recoverable$2,185 $1,302 
_____________________________________________
(1)The present value of expected net premiums is equivalent to the present value of expected gross premiums for the long-term care insurance contracts as net premiums are set equal to gross premiums.
Six Months Ended
June 30, 2022
In millionsLarge Case
Pensions		Long-Term
Care
Present value of expected net premiums (1)
Liability for future policy benefits, beginning of the period - current discount rate$389 
Beginning liability for future policy benefits at original (locked-in) discount rate$323 
Effect of changes in cash flow assumptions(14)
Effect of actual variances from expected experience10 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate319 
Interest accrual (using locked-in discount rate)8 
Net premiums (actual)(20)
Ending liability for future policy benefits at original (locked-in) discount rate307 
Effect of changes in discount rate assumptions13 
Liability for future policy benefits, end of the period - current discount rate$320 
Present value of expected future policy benefits
Liability for future policy benefits, beginning of the period - current discount rate$3,034 $1,991 
Beginning liability for future policy benefits at original (locked-in) discount rate$2,650 $1,480 
Effect of changes in cash flow assumptions— 98 
Effect of actual variances from expected experience(10)13 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate2,640 1,591 
Issuances4 — 
Interest accrual (using locked-in discount rate)54 40 
Benefit payments (actual)(148)(32)
Ending liability for future policy benefits at original (locked-in) discount rate2,550 1,599 
Effect of changes in discount rate assumptions(54)82 
Liability for future policy benefits, end of the period - current discount rate$2,496 $1,681 
Net liability for future policy benefits$2,496 $1,361 
Less: Reinsurance recoverable— — 
Net liability for future policy benefits, net of reinsurance recoverable$2,496 $1,361 
_____________________________________________
(1)The present value of expected net premiums is equivalent to the present value of expected gross premiums for the long-term care insurance contracts as net premiums are set equal to gross premiums.

The Company did not have any material differences between the actual experience and expected experience for the significant assumptions used in the computation of the liability for future policy benefits.
The amount of undiscounted expected gross premiums and expected future benefit payments for long-duration insurance liabilities as of June 30, 2023 and 2022 were as follows:
In millionsJune 30,
2023		June 30,
2022
Large case pensions
Expected future benefit payments$3,398$3,732
Expected gross premiums——
Long-term care
Expected future benefit payments$3,238$3,278
Expected gross premiums425445

The weighted-average interest rate used in the measurement of the long-duration insurance liabilities as of June 30, 2023 and 2022 were as follows:
June 30,
2023		June 30,
2022
Large case pensions
Interest accretion rate4.20%4.20%
Current discount rate5.17%4.50%
Long-term care
Interest accretion rate5.11%5.11%
Current discount rate5.24%4.70%

The weighted-average durations (in years) of the long-duration insurance liabilities as of June 30, 2023 and 2022 were as follows:
June 30,
2023		June 30,
2022
Large case pensions7.47.5
Long-term care12.412.9
Policyholders’ Funds

The following table shows the components of the change in policyholders’ funds related to long-duration insurance contracts, which are included in policyholders’ funds and other long-term liabilities on the unaudited condensed consolidated balance sheets, during the six months ended June 30, 2023 and 2022:
Six Months Ended
June 30,
In millions, except weighted average crediting rate20232022
Policyholders’ funds, beginning of the period$345$522
Deposits received(1)8
Policy charges(1)(1)
Surrenders and withdrawals(20)(19)
Interest credited57
Change in net unrealized gains (losses)16(126)
Other(14)(14)
Policyholders’ funds, end of the period$330$377
Weighted average crediting rate4.55%4.85%
Net amount at risk$— $— 
Cash surrender value$323 $339 

Separate Accounts

The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of June 30, 2023 and December 31, 2022:
In millionsJune 30,
2023		December 31,
2022
Cash and cash equivalents$154 $156 
Debt securities:
U.S. government securities712 717 
States, municipalities and political subdivisions28 27 
U.S. corporate securities1,664 1,667 
Foreign securities203 201 
Residential mortgage-backed securities36 41 
Commercial mortgage-backed securities6 6
Other asset-backed securities18 18 
Total debt securities2,667 2,677 
Common/collective trusts420 480 
Total (1)
$3,241 $3,313 
_____________________________________________
(1)Excludes $26 million of other receivables and $85 million of other payables at June 30, 2023 and December 31, 2022, respectively.
The following table shows the components of the change in Separate Accounts liabilities during the six months ended June 30, 2023 and 2022:
Six Months Ended
June 30,
In millions20232022
Separate Accounts liability, beginning of the period$3,228 $5,087 
Premiums and deposits457 426 
Surrenders and withdrawals(6)(4)
Benefit payments(495)(464)
Investment earnings88 (910)
Net transfers from general account2 8 
Other(7)(3)
Separate Accounts liability, end of the period$3,267 $4,140 
Cash surrender value, end of the period$2,152 $2,827 
The Company did not recognize any gains or losses on assets transferred to Separate Accounts during the six months ended June 30, 2023 and 2022.