v3.25.0.1
Other Insurance Liabilities and Separate Accounts (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Schedule of Changes in Liability for 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 consolidated balance sheets, during the years ended December 31, 2024 and 2023:
2024
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$293 
Beginning liability for future policy benefits at original (locked-in) discount rate$288 
Effect of changes in cash flow assumptions— 
Effect of actual variances from expected experience16 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate304 
Interest accrual (using locked-in discount rate)14 
Net premiums (actual)(38)
Ending liability for future policy benefits at original (locked-in) discount rate280 
Effect of changes in discount rate assumptions(5)
Liability for future policy benefits, end of period - current discount rate$275 
Present value of expected future policy benefits
Liability for future policy benefits, beginning of period - current discount rate$2,139 $1,640 
Beginning liability for future policy benefits at original (locked-in) discount rate$2,251 $1,632 
Effect of changes in cash flow assumptions— — 
Effect of actual variances from expected experience(27)6 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate2,224 1,638 
Issuances30 — 
Interest accrual (using locked-in discount rate)91 83 
Benefit payments (actual)(255)(74)
Ending liability for future policy benefits at original (locked-in) discount rate2,090 1,647 
Effect of changes in discount rate assumptions(173)(95)
Liability for future policy benefits, end of period - current discount rate$1,917 $1,552 
Net liability for future policy benefits$1,917 $1,277 
Less: Reinsurance recoverable— — 
Net liability for future policy benefits, net of reinsurance recoverable$1,917 $1,277 
_____________________________________________
(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.
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 experience10 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate312 
Interest accrual (using locked-in discount rate)15 
Net premiums (actual)(39)
Ending liability for future policy benefits at original (locked-in) discount rate288 
Effect of changes in discount rate assumptions5 
Liability for future policy benefits, end of period - current discount rate$293 
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(3)8 
Adjusted beginning liability for future policy benefits - original (locked-in) discount rate2,422 1,621 
Issuances8 — 
Interest accrual (using locked-in discount rate)97 82 
Benefit payments (actual)(276)(71)
Ending liability for future policy benefits at original (locked-in) discount rate2,251 1,632 
Effect of changes in discount rate assumptions(112)8 
Liability for future policy benefits, end of period - current discount rate$2,139 $1,640 
Net liability for future policy benefits$2,139 $1,347 
Less: Reinsurance recoverable— — 
Net liability for future policy benefits, net of reinsurance recoverable$2,139 $1,347 
_____________________________________________
(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 amount of undiscounted expected gross premiums and expected future benefit payments for long-duration insurance liabilities as of December 31, 2024 and 2023 were as follows:
In millions20242023
Large case pensions
Expected future benefit payments$3,024$3,266
Expected gross premiums——
Long-term care
Expected future benefit payments$3,189$3,224
Expected gross premiums399414

The weighted-average interest rate used in the measurement of the long-duration insurance liabilities as of December 31, 2024 and 2023 were as follows:
20242023
Large case pensions
Interest accretion rate4.20%4.20%
Current discount rate5.46%4.93%
Long-term care
Interest accretion rate5.11%5.11%
Current discount rate5.70%5.08%

The weighted-average durations (in years) of the long-duration insurance liabilities as of December 31, 2024 and 2023 were as follows:
20242023
Large case pensions7.37.3
Long-term care11.712.1
Schedule of Fair Value of Separate Accounts by Major Category of Investment
Separate Accounts financial assets at December 31, 2024 and 2023 were as follows:
December 31, 2024December 31, 2023
In millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$1 $164 $— $165 $2 $166 $— $168 
Debt securities186 669 1 856 558 1,949 — 2,507 
Common/collective trusts— 2,478 — 2,478 — 529 — 529 
Total (1)
$187 $3,311 $1 $3,499 $560 $2,644 $— $3,204 
_____________________________________
(1)Excludes $188 million of other payables and $46 million of other receivables at December 31, 2024 and 2023, respectively.
The following table shows the fair value of assets, by major investment category, supporting Separate Accounts as of December 31, 2024 and 2023:
In millions20242023
Cash and cash equivalents$165 168 
Debt securities:
U.S. government securities186 573 
States, municipalities and political subdivisions14 28 
U.S. corporate securities524 1,632 
Foreign securities51 202 
Residential mortgage-backed securities71 51 
Commercial mortgage-backed securities3 6 
Other asset-backed securities7 15 
Total debt securities856 2,507 
Common/collective trusts2,478 529 
Total (1)
$3,499 $3,204 
_____________________________________________
(1)Excludes $188 million of other payables and $46 million of other receivables at December 31, 2024 and 2023, respectively.
Roll Forward of Separate Accounts
The following table shows the components of the change in Separate Accounts liabilities during the years ended December 31, 2024 and 2023:
In millions20242023
Separate Accounts liability, beginning of the period$3,250 $3,228 
Premiums and deposits964 860 
Surrenders and withdrawals(277)(9)
Benefit payments(978)(938)
Investment earnings348 100 
Net transfers from general account13 7 
Other(9)2 
Separate Accounts liability, end of the period$3,311 $3,250 
Cash surrender value, end of the period$1,987 $2,181