Market Risk Benefits

6 Months Ended

Jun. 30, 2025

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,
	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	(62)		(67)
Effect of actual different from expected experience	(28)		88
Effect of changes in interest rates	222		(1,547)
Effect of changes in fund returns	(799)		(648)
Issuances	(2)		—
Effect of changes in risk margin	(11)		(53)
Aging of the block and other	656		663
Balance, end of period, before effect of changes in nonperformance risk	5,212		5,784
Effect of changes in nonperformance risk	1,763		2,049
Balance, end of period	6,975		7,833
Less: Reinsurance recoverable, end of period	14		22
Balance, end of period, net of reinsurance (1)	$	6,961	$	7,811
Weighted-average attained age of contract holder	74.2 years		73.4 years

_______________

(1)Amounts represent the sum of MRB assets and MRB liabilities presented on the consolidated balance sheets at June 30, 2025 and 2024, with the exception of $22 million and $0, respectively, of index-linked annuities not included in this table.