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Market Risk Benefits
 12 Months Ended
Dec. 31, 2023
Insurance [Abstract]  
Market Risk Benefits
5. Market Risk Benefits
Information regarding MRB assets and liabilities associated with variable annuities was as follows:
Years Ended December 31,
202320222021
(Dollars in millions)
Balance, beginning of year$9,997 $15,726 $18,421 
Balance, beginning of year, before effect of changes in nonperformance risk
8,253 11,639 14,969 
Decrements(176)16 (70)
Effect of changes in future expected assumptions260 212 41 
Effect of actual different from expected experience186 (48)(86)
Effect of changes in interest rates(427)(8,397)(1,831)
Effect of changes in fund returns
(2,203)3,806 (2,578)
Issuances(7)(47)(96)
Effect of changes in risk margin(34)(152)(128)
Aging of the block and other1,496 1,224 1,418 
Balance, end of year, before effect of changes in nonperformance risk
7,348 8,253 11,639 
Effect of changes in nonperformance risk
2,374 1,744 4,087 
Balance, end of year9,722 9,997 15,726 
Less: Reinsurance recoverable, end of year43 71 118 
Balance, end of year, net of reinsurance (1)
$9,679 $9,926 $15,608 
Weighted-average attained age of contract holder73.0 years71.8 years71.1 years
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(1)Amounts represent the sum of MRB assets and MRB liabilities presented on the consolidated balance sheets at December 31, 2023, 2022 and 2021, with the exception of $9 million, $2 million and $5 million, respectively, of index-linked annuities not included in this table.
Market conditions, including, but not limited to, changes in interest rates, equity indices, market volatility and variations in actuarial assumptions, including policyholder behavior, mortality and risk margins related to non-capital markets inputs, as well as changes in nonperformance risk, may result in significant fluctuations in the estimated fair value of the guarantees. As part of the AAR in 2023 and 2022, the Company updated assumptions regarding policyholder behavior, mortality, separate account fund allocations and volatility, which are reflected in the table above.