Company: GE
Filing Date: 2025-02-03
Form Type: 10-K
Source: 0000040545-25-000015
Chunk: 25

Company: GENERAL ELECTRIC CO
Filing Date: 2025-02-03
Form: 10-K
Item: Item 7
Chunk 25
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 options, and joint life policies) that could result in claimants being on claim for longer periods or at higher daily claim costs, or alternatively limiting the premium paying period, compared to contracts with a lower level of benefits. Presented in the table below are reserve balances and key attributes of our long-term care insurance portfolio.

18 2024 FORM 10-K

December 31, 2024ERACUFLICTotalGAAP: Ending balance of reserves at locked-in rate$18,488 $4,970 $23,458 Gross statutory reserves(a)24,208 5,956 30,164 Number of policies in force167,500 44,300 211,800 Number of covered lives in force221,400 44,300 265,700 Average policyholder attained age78 85 79 GAAP: Ending balance of reserves at locked-in rate per policy (in actual dollars)$110,406 $112,078 $110,756 GAAP: Ending balance of reserves at locked-in rate per covered life (in actual dollars)83,496 112,078 88,265 Statutory: Gross reserves per policy (in actual dollars)(a)144,522 134,463 142,418 Statutory: Gross reserves per covered life (in actual dollars)(a)109,338 134,463 113,527 Percentage of policies with:Lifetime benefit period69 %32 %63 %Inflation protection option76 %83 %77 %Joint lives32 %— %26 %Percentage of policies that are premium paying64 %72 %65 %Policies on claim11,200 7,500 18,700 

(a)    Pending completion of our December 31, 2024 statutory reporting process.

Structured settlement annuities. We reinsure approximately 23,400 structured settlement annuities with an average attained age of 57. Approximately 27% of these structured settlement annuities were underwritten on impaired lives (i.e., shorter-than-average life expectancies) at origination and have projected payments extending decades into the future. Our primary risks associated with these contracts include mortality (i.e., life expectancy or longevity), mortality improvement (i.e., assumed rate that mortality is expected to reduce over time), which may extend the duration of payments on life contingent contracts beyond our estimates, and reinvestment risk (i.e., a low