| Summary of life, annuity and health insurance benefits liabilities |
A summary of our long-duration life, annuity and health insurance benefits liabilities disaggregated by our principal product categories follows (in millions).
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March 31, |
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2026 |
|
|
2025 |
|
Periodic payment annuity (“Annuities”) |
$ |
10,121 |
|
|
$ |
10,376 |
|
Life and health |
|
4,492 |
|
|
|
4,485 |
|
Other |
|
2,866 |
|
|
|
2,873 |
|
|
$ |
17,479 |
|
|
$ |
17,734 |
|
|
| Summary of changes in discounted present values of expected future policy benefits and expected future net premiums |
Net premiums represent the portion of expected gross premiums that are required to provide for future policy benefits and variable expenses.
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Annuities |
|
|
Life and health |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Expected future policy benefits: |
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|
|
|
|
|
|
|
|
|
Balance at the beginning of the year |
$ |
10,441 |
|
|
$ |
10,276 |
|
|
$ |
48,124 |
|
|
$ |
43,784 |
|
Balance at the beginning of the year - original discount rates |
|
11,930 |
|
|
|
11,757 |
|
|
|
61,247 |
|
|
|
55,170 |
|
Effects of cash flow assumption changes |
|
— |
|
|
|
— |
|
|
|
(153 |
) |
|
|
(75 |
) |
Effects of actual versus expected experience |
|
— |
|
|
|
2 |
|
|
|
(196 |
) |
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|
218 |
|
Change in benefits, net |
|
(125 |
) |
|
|
(120 |
) |
|
|
(394 |
) |
|
|
(562 |
) |
Interest accrual |
|
140 |
|
|
|
138 |
|
|
|
354 |
|
|
|
318 |
|
Foreign currency effect |
|
(16 |
) |
|
|
49 |
|
|
|
155 |
|
|
|
263 |
|
Balance at March 31 - original discount rates |
|
11,929 |
|
|
|
11,826 |
|
|
|
61,013 |
|
|
|
55,332 |
|
Effects of changes in discount rate assumptions |
|
(1,808 |
) |
|
|
(1,450 |
) |
|
|
(13,922 |
) |
|
|
(12,086 |
) |
Balance at March 31 |
$ |
10,121 |
|
|
$ |
10,376 |
|
|
$ |
47,091 |
|
|
$ |
43,246 |
|
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|
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|
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|
|
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|
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|
Expected future net premiums: |
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|
|
|
|
|
|
|
|
|
|
Balance at the beginning of the year |
|
|
|
|
|
|
$ |
43,584 |
|
|
$ |
39,294 |
|
Balance at the beginning of the year - original discount rates |
|
|
|
|
|
|
|
55,359 |
|
|
|
49,500 |
|
Effects of cash flow assumption changes |
|
|
|
|
|
|
|
(87 |
) |
|
|
(66 |
) |
Effects of actual versus expected experience |
|
|
|
|
|
|
|
(187 |
) |
|
|
195 |
|
Change in premiums, net |
|
|
|
|
|
|
|
(386 |
) |
|
|
(544 |
) |
Interest accrual |
|
|
|
|
|
|
|
321 |
|
|
|
285 |
|
Foreign currency effect |
|
|
|
|
|
|
|
121 |
|
|
|
234 |
|
Balance at March 31 - original discount rates |
|
|
|
|
|
|
|
55,141 |
|
|
|
49,604 |
|
Effects of changes in discount rate assumptions |
|
|
|
|
|
|
|
(12,542 |
) |
|
|
(10,843 |
) |
Balance at March 31 |
|
|
|
|
|
|
$ |
42,599 |
|
|
$ |
38,761 |
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Liabilities for future policy benefits: |
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|
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|
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Balance at March 31 |
$ |
10,121 |
|
|
$ |
10,376 |
|
|
$ |
4,492 |
|
|
$ |
4,485 |
|
Reinsurance recoverables |
|
— |
|
|
|
— |
|
|
|
(49 |
) |
|
|
(47 |
) |
Balance at March 31, net of reinsurance recoverables |
$ |
10,121 |
|
|
$ |
10,376 |
|
|
$ |
4,443 |
|
|
$ |
4,438 |
|
|
| Summary of Other Information Relating to Long-Duration Insurance Liabilities |
Other information relating to our long-duration insurance liabilities follows (dollars in millions).
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Annuities |
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|
Life and health |
|
|
March 31 |
|
|
March 31 |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Undiscounted expected future gross premiums |
$ |
— |
|
|
$ |
— |
|
|
$ |
113,151 |
|
|
$ |
100,956 |
|
Discounted expected future gross premiums |
|
— |
|
|
|
— |
|
|
|
68,481 |
|
|
|
59,104 |
|
Undiscounted expected future benefits |
|
32,395 |
|
|
|
30,603 |
|
|
|
101,046 |
|
|
|
92,018 |
|
|
|
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|
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|
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|
Weighted average discount rate |
|
6.0 |
% |
|
|
5.7 |
% |
|
|
5.2 |
% |
|
|
5.2 |
% |
Weighted average accretion rate |
|
4.8 |
% |
|
|
4.8 |
% |
|
|
2.6 |
% |
|
|
2.7 |
% |
Weighted average duration |
15 years |
|
|
16 years |
|
|
14 years |
|
|
14 years |
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|