XML 95 R80.htm IDEA: XBRL DOCUMENT v3.23.3
Policyholder Account Balances, Future Policy Benefits and Claims - Balances of and Changes in Liability for Future Policy Benefits (Details) - USD ($)
$ in Millions
9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Liability for Future Policy Benefit, Activity [Line Items]        
Balance $ 8,634 $ 8,920   $ 10,386
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Beginning balance 2,027 2,512 $ 2,771  
Beginning balance at original discount rate 2,065 2,111 2,217  
Effect of changes in cash flow assumptions   (19) 54 (6)
Effect of actual variances from expected experience   (27) (23) (40)
Adjusted beginning of year balance   2,019 2,142 2,171
Issuances 171 111 134  
Interest accrual 76 106 111  
Net premiums collected (299) (294) (305)  
Derecognition (lapses) 0 0 0  
Ending balance at original discount rate 1,967 2,065 2,111  
Effect of changes in discount rate assumptions (111) (38) 401  
Ending balance 1,856 2,027 2,512  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Beginning balance 9,519 12,232 13,157  
Beginning balance at original discount rate 9,706 9,769 9,920  
Effect of changes in cash flow assumptions   (34) 35 (8)
Effect of actual variances from expected experience   (34) (25) (120)
Adjusted beginning of year balance   9,638 9,779 9,792
Issuances 171 111 135  
Interest accrual 366 496 509  
Benefit payments (540) (680) (667)  
Derecognition (lapses) 0 0 0  
Ending balance at original discount rate 9,635 9,706 9,769  
Effect of changes in discount rate assumptions (642) (187) 2,463  
Ending balance 8,993 9,519 12,232  
Adjustment due to reserve flooring 5 3 1  
Reserve for future policy benefits 7,142 7,495 9,721  
Less: reinsurance recoverable 3,795 4,060 5,291 4,248
Net liability for future policy benefits, after reinsurance recoverable 3,347 3,435 4,430 6,138
Discounted expected future gross premiums 3,806 4,162 4,786  
Expected future gross premiums 6,083 6,422 6,115  
Expected future benefit payments 15,874 16,227 16,651  
Previously Reported        
Liability for Future Policy Benefit, Activity [Line Items]        
Balance       8,448
Effect of shadow reserve adjustments        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       (741)
Adjustments for loss contracts (with premiums in excess of gross premiums) under the modified retrospective approach        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       39
Effect of change in deferred profit liability        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       (43)
Effect of remeasurement of the liability at the current single A discount rate        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       2,683
Life Contingent Payout Annuities        
Liability for Future Policy Benefit, Activity [Line Items]        
Balance       1,537
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Beginning balance 0 0 0  
Beginning balance at original discount rate 0 0 0  
Effect of changes in cash flow assumptions   0 0 0
Effect of actual variances from expected experience   0 0 0
Adjusted beginning of year balance   0 0 0
Issuances 120 42 38  
Interest accrual 1 0 0  
Net premiums collected (121) (42) (38)  
Derecognition (lapses) 0 0 0  
Ending balance at original discount rate 0 0 0  
Effect of changes in discount rate assumptions 0 0 0  
Ending balance 0 0 0  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Beginning balance 1,065 1,370 1,537  
Beginning balance at original discount rate 1,155 1,231 1,321  
Effect of changes in cash flow assumptions   0 0 0
Effect of actual variances from expected experience   (9) (13) (14)
Adjusted beginning of year balance   1,146 1,218 1,307
Issuances 120 42 39  
Interest accrual 37 49 53  
Benefit payments (112) (154) (168)  
Derecognition (lapses) 0 0 0  
Ending balance at original discount rate 1,191 1,155 1,231  
Effect of changes in discount rate assumptions (127) (90) 139  
Ending balance 1,064 1,065 1,370  
Adjustment due to reserve flooring 0 0 0  
Reserve for future policy benefits 1,064 1,065 1,370  
Less: reinsurance recoverable 847 949 1,265 0
Net liability for future policy benefits, after reinsurance recoverable 217 116 105 1,537
Discounted expected future gross premiums 0 0 0  
Expected future gross premiums 0 0 0  
Expected future benefit payments $ 1,670 $ 1,595 $ 1,707  
Weighted average interest accretion rate 4.20% 4.10% 4.20%  
Weighted average discount rate 5.90% 5.20% 2.60%  
Weighted average duration of liability (in years) 6 years 6 years 7 years  
Life Contingent Payout Annuities | Previously Reported        
Liability for Future Policy Benefit, Activity [Line Items]        
Balance       1,536
Life Contingent Payout Annuities | Effect of shadow reserve adjustments        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       (175)
Life Contingent Payout Annuities | Adjustments for loss contracts (with premiums in excess of gross premiums) under the modified retrospective approach        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       4
Life Contingent Payout Annuities | Effect of change in deferred profit liability        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       (43)
Life Contingent Payout Annuities | Effect of remeasurement of the liability at the current single A discount rate        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       215
Term and Whole Life Insurance        
Liability for Future Policy Benefit, Activity [Line Items]        
Balance       898
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Beginning balance $ 686 $ 777 $ 702  
Beginning balance at original discount rate 708 636 536  
Effect of changes in cash flow assumptions   (19) 1 0
Effect of actual variances from expected experience   (5) 47 56
Adjusted beginning of year balance   684 684 592
Issuances 42 57 78  
Interest accrual 27 34 29  
Net premiums collected (52) (67) (63)  
Derecognition (lapses) 0 0 0  
Ending balance at original discount rate 701 708 636  
Effect of changes in discount rate assumptions (53) (22) 141  
Ending balance 648 686 777  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Beginning balance 1,319 1,598 1,600  
Beginning balance at original discount rate 1,313 1,255 1,169  
Effect of changes in cash flow assumptions   (18) (8) 0
Effect of actual variances from expected experience   (5) 52 58
Adjusted beginning of year balance   1,290 1,299 1,227
Issuances 42 57 78  
Interest accrual 54 73 70  
Benefit payments (96) (116) (120)  
Derecognition (lapses) 0 0 0  
Ending balance at original discount rate 1,290 1,313 1,255  
Effect of changes in discount rate assumptions (58) 6 343  
Ending balance 1,232 1,319 1,598  
Adjustment due to reserve flooring 5 3 1  
Reserve for future policy benefits 589 636 822  
Less: reinsurance recoverable 415 443 558 601
Net liability for future policy benefits, after reinsurance recoverable 174 193 264 297
Discounted expected future gross premiums 1,654 1,855 2,005  
Expected future gross premiums 2,966 3,183 2,815  
Expected future benefit payments $ 2,166 $ 2,234 $ 2,159  
Weighted average interest accretion rate 6.20% 6.40% 6.50%  
Weighted average discount rate 6.10% 5.50% 2.80%  
Weighted average duration of liability (in years) 7 years 7 years 8 years  
Term and Whole Life Insurance | Previously Reported        
Liability for Future Policy Benefit, Activity [Line Items]        
Balance       633
Term and Whole Life Insurance | Effect of shadow reserve adjustments        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       0
Term and Whole Life Insurance | Adjustments for loss contracts (with premiums in excess of gross premiums) under the modified retrospective approach        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       0
Term and Whole Life Insurance | Effect of change in deferred profit liability        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       0
Term and Whole Life Insurance | Effect of remeasurement of the liability at the current single A discount rate        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       265
Disability Insurance        
Liability for Future Policy Benefit, Activity [Line Items]        
Balance       768
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Beginning balance $ 134 $ 188 $ 238  
Beginning balance at original discount rate 137 155 183  
Effect of changes in cash flow assumptions   (19) 1 0
Effect of actual variances from expected experience   (17) (22) (35)
Adjusted beginning of year balance   101 134 148
Issuances 9 12 18  
Interest accrual 4 7 9  
Net premiums collected (9) (16) (20)  
Derecognition (lapses) 0 0 0  
Ending balance at original discount rate 105 137 155  
Effect of changes in discount rate assumptions (8) (3) 33  
Ending balance 97 134 188  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Beginning balance 696 914 1,006  
Beginning balance at original discount rate 669 688 714  
Effect of changes in cash flow assumptions   (25) 1 0
Effect of actual variances from expected experience   (25) (28) (40)
Adjusted beginning of year balance   619 661 674
Issuances 9 12 18  
Interest accrual 28 38 39  
Benefit payments (32) (42) (43)  
Derecognition (lapses) 0 0 0  
Ending balance at original discount rate 624 669 688  
Effect of changes in discount rate assumptions (8) 27 226  
Ending balance 616 696 914  
Adjustment due to reserve flooring 0 0 0  
Reserve for future policy benefits 519 562 726  
Less: reinsurance recoverable 19 19 25 24
Net liability for future policy benefits, after reinsurance recoverable 500 543 701 744
Discounted expected future gross premiums 865 926 1,158  
Expected future gross premiums 1,284 1,331 1,395  
Expected future benefit payments $ 1,077 $ 1,169 $ 1,217  
Weighted average interest accretion rate 6.10% 6.10% 5.90%  
Weighted average discount rate 6.10% 5.40% 2.80%  
Weighted average duration of liability (in years) 8 years 8 years 9 years  
Disability Insurance | Previously Reported        
Liability for Future Policy Benefit, Activity [Line Items]        
Balance       530
Disability Insurance | Effect of shadow reserve adjustments        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       0
Disability Insurance | Adjustments for loss contracts (with premiums in excess of gross premiums) under the modified retrospective approach        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       0
Disability Insurance | Effect of change in deferred profit liability        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       0
Disability Insurance | Effect of remeasurement of the liability at the current single A discount rate        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       238
Long Term Care Insurance        
Liability for Future Policy Benefit, Activity [Line Items]        
Balance       7,183
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Beginning balance $ 1,207 $ 1,547 $ 1,831  
Beginning balance at original discount rate 1,220 1,320 1,498  
Effect of changes in cash flow assumptions   19 52 (6)
Effect of actual variances from expected experience   (5) (48) (61)
Adjusted beginning of year balance   1,234 1,324 1,431
Issuances 0 0 0  
Interest accrual 44 65 73  
Net premiums collected (117) (169) (184)  
Derecognition (lapses) 0 0 0  
Ending balance at original discount rate 1,161 1,220 1,320  
Effect of changes in discount rate assumptions (50) (13) 227  
Ending balance 1,111 1,207 1,547  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Beginning balance 6,439 8,350 9,014  
Beginning balance at original discount rate 6,569 6,595 6,716  
Effect of changes in cash flow assumptions   9 42 (8)
Effect of actual variances from expected experience   5 (36) (124)
Adjusted beginning of year balance   6,583 6,601 6,584
Issuances 0 0 0  
Interest accrual 247 336 347  
Benefit payments (300) (368) (336)  
Derecognition (lapses) 0 0 0  
Ending balance at original discount rate 6,530 6,569 6,595  
Effect of changes in discount rate assumptions (449) (130) 1,755  
Ending balance 6,081 6,439 8,350  
Adjustment due to reserve flooring 0 0 0  
Reserve for future policy benefits 4,970 5,232 6,803  
Less: reinsurance recoverable 2,514 2,649 3,443 3,623
Net liability for future policy benefits, after reinsurance recoverable 2,456 2,583 3,360 3,560
Discounted expected future gross premiums 1,287 1,381 1,623  
Expected future gross premiums 1,833 1,908 1,905  
Expected future benefit payments $ 10,961 $ 11,229 $ 11,568  
Weighted average interest accretion rate 5.10% 5.20% 5.30%  
Weighted average discount rate 6.10% 5.40% 2.90%  
Weighted average duration of liability (in years) 8 years 9 years 10 years  
Long Term Care Insurance | Previously Reported        
Liability for Future Policy Benefit, Activity [Line Items]        
Balance       5,749
Long Term Care Insurance | Effect of shadow reserve adjustments        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       (566)
Long Term Care Insurance | Adjustments for loss contracts (with premiums in excess of gross premiums) under the modified retrospective approach        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       35
Long Term Care Insurance | Effect of change in deferred profit liability        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       0
Long Term Care Insurance | Effect of remeasurement of the liability at the current single A discount rate        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Effect of changes in cash flow assumptions       $ 1,965