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Market Risk Benefits
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Market Risk Benefits . Market Risk Benefits
Information regarding MRB assets and liabilities associated with variable annuities was as follows:
Years Ended December 31,
202420232022
(Dollars in millions)
Balance, beginning of year$9,722 $9,997 $15,726 
Balance, beginning of year, before effect of changes in nonperformance risk
7,348 8,253 11,639 
Decrements(180)(176)16 
Effect of changes in future expected assumptions(53)260 212 
Effect of actual different from expected experience140 186 (48)
Effect of changes in interest rates(1,940)(427)(8,397)
Effect of changes in fund returns
(973)(2,203)3,806 
Issuances(4)(7)(47)
Effect of changes in risk margin(72)(34)(152)
Aging of the block and other970 1,496 1,224 
Balance, end of year, before effect of changes in nonperformance risk
5,236 7,348 8,253 
Effect of changes in nonperformance risk
2,014 2,374 1,744 
Balance, end of year7,250 9,722 9,997 
Less: Reinsurance recoverable, end of year17 43 71 
Balance, end of year, net of reinsurance (1)
$7,233 $9,679 $9,926 
Weighted-average attained age of contract holder73.9 years73.0 years71.8 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, 2024, 2023 and 2022, with the exception of $21 million, $9 million and $2 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 2024 AAR, the Company updated assumptions regarding policyholder behavior, mortality and separate account fund allocations. As part of the 2023 AAR, the Company updated assumptions regarding policyholder behavior, mortality, separate account fund allocations and volatility. The impact from changes in assumptions is presented in effect of changes in future expected assumptions in the table above.