Market Risk Benefits

3 Months Ended

Mar. 31, 2025

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,
	2025		2024
	(Dollars in millions)
Balance, beginning of period	$	7,250	$	9,722
Balance, beginning of period, before effect of changes in nonperformance risk	5,236		7,348
Decrements	(24)		(30)
Effect of actual different from expected experience	(19)		—
Effect of changes in interest rates	677		(989)
Effect of changes in fund returns	87		(630)
Issuances	1		—
Effect of changes in risk margin	13		(39)
Aging of the block and other	248		348
Balance, end of period, before effect of changes in nonperformance risk	6,219		6,008
Effect of changes in nonperformance risk	2,049		2,157
Balance, end of period	8,268		8,165
Less: Reinsurance recoverable, end of period	30		27
Balance, end of period, net of reinsurance (1)	$	8,238	$	8,138
Weighted-average attained age of contract holder	74.0 years		73.2 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, 2025 and 2024, with the exception of $30 million and $8 million, respectively, of index-linked annuities not included in this table.