Market Risk Benefits

6 Months Ended

Jun. 30, 2024

Insurance [Abstract]

Market Risk Benefits

4. Market Risk Benefits

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

	Six Months Ended June 30,
	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	(67)		(54)
Effect of actual different from expected experience	88		170
Effect of changes in interest rates	(1,547)		(146)
Effect of changes in fund returns	(648)		(1,529)
Issuances	—		(5)
Effect of changes in risk margin	(53)		(18)
Aging of the block and other	663		712
Balance, end of period, before effect of changes in nonperformance risk	5,784		7,383
Effect of changes in nonperformance risk	2,049		1,867
Balance, end of period	7,833		9,250
Less: Reinsurance recoverable, end of period	22		50
Balance, end of period, net of reinsurance (1)	$	7,811	$	9,200
Weighted-average attained age of contract holder	73.4 years		72.6 years

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(1)Amounts represent the sum of MRB assets and MRB liabilities presented on the consolidated balance sheets at June 30, 2024 and 2023, with the exception of $0 and $4 million, respectively, of index-linked annuities not included in this table.