Market Risk Benefits (Tables)

12 Months Ended

Dec. 31, 2025

Insurance [Abstract]

Market Risk Benefit, Activity

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

	Years Ended December 31,
	2025		2024		2023
	(Dollars in millions)
Balance, beginning of year	$	7,250	$	9,722	$	9,997
Balance, beginning of year, before effect of changes in nonperformance risk	5,236		7,348		8,253
Decrements	(198)		(180)		(176)
Effect of changes in future expected assumptions	613		(53)		260
Effect of actual different from expected experience	153		140		186
Effect of changes in interest rates	194		(1,940)		(427)
Effect of changes in fund returns	(1,736)		(973)		(2,203)
Effect of changes in equity index volatility	38		75		(106)
Issuances	(4)		(4)		(7)
Effect of changes in risk margin	(69)		(72)		(34)
Aging of the block and other	1,202		895		1,602
Balance, end of year, before effect of changes in nonperformance risk	5,429		5,236		7,348
Effect of changes in nonperformance risk	1,588		2,014		2,374
Balance, end of year	7,017		7,250		9,722
Less: Reinsurance recoverable, end of year	8		17		43
Balance, end of year, net of reinsurance (1)	$	7,009	$	7,233	$	9,679
Weighted-average attained age of contract holder	74.6 years		73.9 years		73.0 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, 2025, 2024 and 2023, with the exception of $10 million, $21 million and $9 million, respectively, of index-linked annuity MRBs not included in this table.