Products & Liabilities
As of December 31, 2024 (FY2024 10-K)· Source: curated SEC 10-K filing analysis· 10 of 59 tables shown
Confidence:HighMediumLow
| Liability Category | Dec 31, 2024 | Dec 31, 2023 | Change |
|---|---|---|---|
| Future Policy Benefits (FPBs) | $193,646 | $196,406 | ($2,760) |
| Policyholder Account Balances (PABs) | $221,445 | $219,269 | $2,176 |
| Market Risk Benefits (MRBs, net) | $2,209 | $2,893 | ($684) |
| Separate Account Liabilities | $139,504 | $144,634 | ($5,130) |
| Total | $556,804 | $563,202 | ($6,398) |
| # | Product | Liability Type | Dec 31, 2024 Balance | Risk Type | Status | Confidence |
|---|---|---|---|---|---|---|
| 1 | Group Term Life | FPB (short-duration claims) | $3,159 (net unpaid claims) | Mortality | Active | High |
| 2 | Group Long-Term Disability | FPB (short-duration, discounted) | $8,049 (net unpaid claims) | Morbidity (long-tail) | Active | High |
| 3 | Group Life -- PAB (retained asset accounts, UL, variable life fixed acct) | PAB | $7,632 | Crediting / mortality | Active | High |
| 4 | Group Dental | FPB (short-duration claims) | Included in $1,697 "other" | Morbidity (short-tail) | Active | Medium |
| 5 | Group Short-Term Disability | FPB (short-duration claims) | Included in $1,697 "other" | Morbidity (short-tail) | Active | Medium |
| 6 | Group Vision | FPB (short-duration claims) | Included in $1,697 "other" | Morbidity (short-tail) | Active | Medium |
| 7 | Group AD&D | FPB (short-duration claims) | Included in $1,697 "other" | Accident | Active | Medium |
| 8 | Group Accident & Health | FPB (short-duration claims) | Included in $1,697 "other" | Morbidity | Active | Medium |
| 9 | Paid Family & Medical Leave | FPB (short-duration claims) | Included in "other" | Morbidity | Active | Low |
| 10 | Prepaid Legal Plans | Other policy-related | Not separately disclosed | Service | Active | Low |
| 11 | Pet Insurance | Other policy-related | Not separately disclosed | Morbidity | Active | Low |
| Line Item | Amount |
|---|---|
| DAC & VOBA | $250 |
| FPBs + other policy-related balances | $18,219 |
| PABs | $7,632 |
| Separate account assets (Group Benefits) | $1,319 |
| Unearned premiums | $593 |
| # | Product | Liability Type | Dec 31, 2024 Balance | Risk Type | Status | Confidence |
|---|---|---|---|---|---|---|
| 12 | Pension Risk Transfer (PRT) -- General Account | FPB (traditional) | $66,262 (RIS Annuities FPB) | Longevity + investment | Active | High |
| 13 | Structured Settlements | FPB (traditional) | Included in $66,262 | Longevity + investment | Active | High |
| 14 | Institutional Income Annuities | FPB (traditional) | Included in $66,262 | Longevity + investment | Active | High |
| 15 | Deferred Profit Liability -- RIS Annuities | FPB (DPL) | $3,780 | N/A (deferred gain) | Active | High |
| 16 | PRT -- Separate Account (participating & non-participating) | Sep Acct | $11,001 (RIS Annuities SA) | Investment (guaranteed) | Active | High |
| 17 | Stable Value GICs -- General Account | PAB | $63,715 (capital markets / GICs) | Investment + crediting | Active | High |
| 18 | Stable Value GICs -- Separate Account | Sep Acct | $40,319 (RIS Stable Value SA) | Investment (guaranteed) | Active | High |
| 19 | Synthetic GICs (wraps) | Derivative (off-B/S) | $49,599 notional | Book value guarantee (0% floor) | Active | High |
| 20 | Funding Agreement-Backed Notes (FABN) | PAB | Included in $63,715 | Investment + crediting | Active | Medium |
| 21 | Funding Agreement-Backed Commercial Paper (FABCP) | PAB | Included in $63,715 | Investment + crediting | Active | Medium |
| 22 | FHLBNY Funding Agreements | PAB | $14,200 (within $63,715) | Investment + crediting | Active | High |
| 23 | Farmer Mac Funding Agreements | PAB | $2,100 (within $63,715) | Investment + crediting | Active | High |
| 24 | Benefit Funding Solutions (COLI/BOLI) | PAB | Included in $20,699 (Annuities & Risk Solutions) | Investment + crediting | Active | Medium |
| 25 | Longevity Reinsurance (U.K.) | FPB (assumed) | Included in assumed liabilities | Longevity | Active | Medium |
| 26 | Funded Reinsurance (U.K.) | FPB (assumed) | Included in assumed liabilities | Longevity + investment | Active | Medium |
| Line Item | Amount |
|---|---|
| DAC & VOBA | $565 |
| FPBs + other policy-related balances | $73,356 |
| PABs | $84,923 |
| MRB (net) | $2 |
| Separate account assets (RIS total) | $51,420 |
| UREV | $27 |
| # | Product | Liability Type | Dec 31, 2024 Balance | Risk Type | Status | Confidence |
|---|---|---|---|---|---|---|
| 27 | Whole Life & Endowments (Japan, Korea) | FPB (traditional) | $11,167 | Mortality + interest rate | Active | High |
| 28 | Term Life (Japan, Korea) | FPB (traditional) | Included in $11,167 | Mortality | Active | High |
| 29 | DPL -- Whole/Term Life | FPB (DPL) | $759 | N/A (deferred gain) | Active | High |
| 30 | Accident & Health (Japan, Korea) -- hospitalization, cancer, critical illness, disability, income protection, personal accident | FPB (traditional) | $9,406 | Morbidity + interest rate | Active | High |
| 31 | DPL -- A&H | FPB (DPL) | $849 | N/A (deferred gain) | Active | High |
| 32 | Variable Life (Japan) -- secondary guarantee | FPB (additional insurance liability) | $1,108 | Market + mortality + guarantee | Active | High |
| 33 | Universal & Variable Universal Life (Japan) -- secondary guarantee | FPB (additional insurance liability) | $355 | Market + mortality + FX + guarantee | Active | High |
| 34 | Interest-Sensitive Whole Life (Japan) -- UL/VUL PAB | PAB | $50,801 | Investment + crediting | Active | High |
| 35 | Fixed Annuities (Japan) | PAB | $38,421 | Investment + crediting | Active | High |
| 36 | Group Disability & Group Life (Asia) | FPB (short-duration, discounted) | $938 (net unpaid claims) | Morbidity / mortality | Active | High |
| 37 | Retirement Assurance (Japan) -- MRB | MRB | $178 (net liability) | Market + guaranteed return | Active | High |
| 38 | Other long-duration (Asia portion) | FPB | Included in $10,712 multi-segment | Various | Active | Medium |
| Line Item | Amount |
|---|---|
| DAC & VOBA | $11,720 |
| FPBs + other policy-related balances | $32,294 |
| PABs | $94,903 |
| MRB (net) | $215 |
| Separate account assets | $8,231 |
| Unearned premiums | $1,175 |
| UREV | $3,076 |
| # | Product | Liability Type | Dec 31, 2024 Balance | Risk Type | Status | Confidence |
|---|---|---|---|---|---|---|
| 39 | Fixed Annuities (Chile, Mexico) | FPB (traditional) | $9,600 | Longevity + investment + inflation (UF) | Active | High |
| 40 | DPL -- Fixed Annuities | FPB (DPL) | $498 | N/A (deferred gain) | Active | High |
| 41 | Protection Life (group and individual) | FPB (short-duration claims) | $386 (net unpaid claims) | Mortality | Active | High |
| 42 | Protection Health | FPB (short-duration claims) | $187 (net unpaid claims) | Morbidity | Active | High |
| 43 | Savings-Oriented Pension (Chile mandatory) | Sep Acct | $38,765 (LatAm Pensions SA) | Investment (pass-through) | Active | High |
| 44 | Credit Insurance | FPB (short-duration) | Included in "other" | Mortality / default | Active | Medium |
| 45 | Group Medical | FPB (short-duration) | Included in "other" | Morbidity | Active | Medium |
| 46 | Other LatAm life, A&H, retirement | PAB / FPB | $5,514 PAB; $14,094 FPB total | Various | Active | Medium |
| Line Item | Amount |
|---|---|
| DAC & VOBA | $2,229 |
| FPBs + other policy-related balances | $14,094 |
| PABs | $5,514 |
| Separate account assets | $38,765 |
| UREV | $841 |
| # | Product | Liability Type | Dec 31, 2024 Balance | Risk Type | Status | Confidence |
|---|---|---|---|---|---|---|
| 47 | Variable Annuities (U.K.) -- unit-linked | PAB | $2,337 | Market (pass-through to PH) | Run-off | High |
| 48 | Life Insurance (traditional, non-traditional) | FPB | Included in $3,419 | Mortality | Active | Medium |
| 49 | Retirement & Savings / Pensions | PAB / Sep Acct | $7,214 PAB; $4,875 SA | Investment | Active | Medium |
| 50 | A&H (individual and group) | FPB (short-duration) | Included in $3,419 | Morbidity | Active | Medium |
| 51 | Credit Insurance | FPB (short-duration) | Included in $3,419 | Mortality / default | Active | Medium |
| 52 | Other MRBs (EMEA portion) | MRB | Included in ($81) net MRB asset | Market guarantees | Run-off | Medium |