Market Risk Benefits

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Market Risk Benefits

4. Market Risk Benefits

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

	Three Months Ended March 31,
	2024		2023
	(Dollars in millions)
Balance, beginning of period	$	9,722	$	9,997
Balance, beginning of period, before effect of changes in nonperformance risk	7,348		8,253
Decrements	(30)		(27)
Effect of actual different from expected experience	—		122
Effect of changes in interest rates	(989)		880
Effect of changes in fund returns	(630)		(1,001)
Issuances	—		(3)
Effect of changes in risk margin	(39)		9
Aging of the block and other	348		324
Balance, end of period, before effect of changes in nonperformance risk	6,008		8,557
Effect of changes in nonperformance risk	2,157		1,751
Balance, end of period	8,165		10,308
Less: Reinsurance recoverable, end of period	27		70
Balance, end of period, net of reinsurance (1)	$	8,138	$	10,238
Weighted-average attained age of contract holder	73.2 years		72.2 years

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(1)Amounts represent the sum of MRB assets and MRB liabilities presented on the consolidated balance sheets at March 31, 2024 and 2023, with the exception of $8 million and $3 million, respectively, of index-linked annuities not included in this table