v3.24.2
INSURANCE LIABILITIES AND ANNUITY BENEFITS (Tables)
 6 Months Ended
Jun. 30, 2024
Insurance [Abstract]  
Schedule of Insurance and Investment Contract Liabilities A summary of our insurance liabilities and annuity benefits is presented below.
June 30, 2024
Long-term careStructured settlement annuitiesLifeOther contractsTotal
Future policy benefit reserves
$25,301 $8,700 $1,010 $365 $35,376 
Investment contracts
— 762 — 689 1,451 
Other
— — 118 270 388 
Total
$25,301 $9,463 $1,127 $1,324 $37,215 
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.

June 30, 2024June 30, 2023
Present value of expected net premiumsLong-term careStructured settlement annuitiesLifeLong-term careStructured settlement annuitiesLife
Balance, beginning of year$4,063 $— $4,803 $4,059 $— $4,828 
Beginning balance at locked-in discount rate3,745 — 4,773 3,958 — 5,210 
Effect of changes in cash flow assumptions16 — — 1 — — 
Effect of actual variances from expected experience(26)— (34)31 — (87)
Adjusted beginning of year balance3,735 — 4,739 3,991 — 5,122 
Interest accrual 101 — 90 105 — 100 
Net premiums collected(196)— (140)(201)— (150)
Effect of foreign currency— — (91)— — 86 
Ending balance at locked-in discount rate3,640 — 4,597 3,895 — 5,159 
Effect of changes in discount rate assumptions164 — (183)239 — (162)
Balance, end of year$3,803 $— $4,415 $4,134 $— $4,997 
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 rate27,144 8,561 5,847 27,026 8,790 6,247 
Effect of changes in cash flow assumptions(10)— — (14)— — 
Effect of actual variances from expected experience7 (25)(51)26 10 (44)
Adjusted beginning of year balance27,141 8,536 5,796 27,038 8,800 6,203 
Interest accrual738 222 110 727 229 119 
Benefit payments(693)(328)(219)(630)(338)(287)
Effect of foreign currency— — (96)— — 91 
Ending balance at locked-in discount rate27,185 8,429 5,591 27,135 8,691 6,126 
Effect of changes in discount rate assumptions1,920 271 (166)2,887 533 (144)
Balance, end of year$29,105 $8,700 $5,424 $30,022 $9,224 $5,983 
Net future policy benefit reserves$25,301 $8,700 $1,010 $25,888 $9,224 $985 
Less: Reinsurance recoverables, net of allowance for credit losses(155)— (31)(186)— (34)
Net future policy benefit reserves, after reinsurance recoverables$25,146 $8,700 $979 $25,702 $9,224 $952 
The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for nonparticipating traditional contracts.
June 30, 2024June 30, 2023
Undiscounted
Discounted(a)
Undiscounted
Discounted(a)
Long-term Care:Gross premiums$7,244 $4,665 $7,807 $4,995 
Benefit payments62,387 29,105 64,585 30,022 
Structured Settlement Annuities:Benefit payments18,937 8,700 19,608 9,224 
Life:Gross premiums11,886 5,323 13,620 6,125 
Benefit payments10,730 5,424 11,850 5,983 
(a) Duration determined using the current discount rate as of June 30, 2024 and 2023.
The following table provides the weighted-average durations of and weighted-average interest rates for the liability for future policy benefits.
June 30, 2024June 30, 2023
Long-term careStructured settlement annuitiesLifeLong-term careStructured settlement annuitiesLife
Duration (years)(a)
12.110.75.413.111.15.3
Interest Accretion Rate5.6%5.4%5.2%5.5%5.4%5.1%
Current Discount Rate5.4%5.4%5.1%5.1%5.1%5.0%
(a) Duration determined using the current discount rate as of June 30, 2024 and 2023.