Company: GE
Filing Date: 2025-07-21
Form Type: 10-Q
Source: 0000040545-25-000111
Chunk: 68

Company: GENERAL ELECTRIC CO
Filing Date: 2025-07-21
Form: 10-Q
Item: Item 4
Chunk 68
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,323 Expected future benefit payments, undiscounted61,410 18,249 10,442 62,387 18,937 10,730 Expected future benefit payments, discounted(a)29,192 8,382 5,386 29,105 8,700 5,424 (a) Determined using the current discount rate as of June 30, 2025 and 2024.As of June 30, 2025 and 2024, policyholders account balances totaled $1,499 million and $1,654 million, respectively. As our insurance operations are in run-off, changes in policyholder account balances for the six months ended June 30, 2025 and 2024 are primarily attributed to surrenders, withdrawals, and benefit payments of $211 million and $215 million, partially offset by net additions from separate accounts and interest credited of $134 million and $142 million, respectively. Interest on policyholder account balances is generally credited at minimum guaranteed rates, primarily between 3.0% and 6.0% at both June 30, 2025 and 2024.In the third quarter, we will complete our annual review of future policy benefit reserves cash flow assumptions, except related claim expenses which remain locked-in. If the review concludes that the assumptions need to be updated, future policy benefit reserves will be adjusted retroactively to the ASU 2018-12 transition date based on the revised net premium ratio using actual historical experience, updated cash flow assumptions, and the locked-in discount rate with the effect of those changes recognized in current period earnings.On February 3, 2025, we closed the Canadian life and health insurance portfolio reinsurance transaction that was announced in 2024. We received a ceding commission of $128 million and the gain was deferred and will be recognized over the remaining life of the policies or earlier if the underlying treaties are novated.See Notes 3 and 9 for further information related to our run-off insurance operations.

26 2025 2Q FORM 10-Q 

NOTE 13. POSTRETIREMENT BENEFIT PLANS. We sponsor a number of pension and retiree health and life insurance benefit plans that we present in three categories; principal pension plans, other pension plans and principal retiree benefit plans. Please refer to Note 13 to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2024 for further information.