Market Risk Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Information regarding MRB assets and liabilities associated with variable annuities was as follows:


	Years Ended December 31,
	2023		2022		2021
	(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 assumptions	260		212		41
Effect of actual different from expected experience	186		(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 other	1,496		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 year	9,722		9,997		15,726
Less: Reinsurance recoverable, end of year	43		71		118
Balance, end of year, net of reinsurance (1)	$	9,679	$	9,926	$	15,608
Weighted-average attained age of contract holder	73.0 years		71.8 years		71.1 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.