Market Risk Benefits (Tables)

3 Months Ended

Mar. 31, 2023

Insurance [Abstract]

Market Risk Benefit, Activity

The following table provides the balances of and changes in the Company’s market risk benefits for the three months ended March 31, 2023 and 2022 (dollars in millions):

	U.S. and Latin America – Financial Solutions
	Three months ended March 31,
	2023		2022
Balance, beginning of year	$	247	$	262
Balance, beginning of year, before effect of changes in the instrument-specific credit risk	263		254
Interest accrual	4		—
Attributed fees collected	6		7
Benefit payments	—		(5)
Effect of changes in interest rates	21		(61)
Effect of changes in equity markets	(17)		13
Effect of changes in volatility	(5)		3
Other market impacts	—		2
Actual policyholder behavior different from expected behavior	5		6
Balance, end of period, before effect of changes in the instrument-specific credit risk	277		219
Effect of changes in the instrument-specific credit risk	(18)		14
Balance, end of period	259		233
Less: reinsurance recoverable	—		—
Balance, end of period, after reinsurance	$	259	$	233
Net amount at risk	$	1,428	$	1,220
Weighted-average attained age of contract holders (in years)	71		68

The reconciliation of the rollforward for market risk benefits to the condensed consolidated balance sheets as of March 31, 2023 and 2022 is as follows (dollars in millions):

	March 31,						March 31,
	2023						2022
	Asset (1)		Liability		Net		Asset (1)		Liability		Net
U.S. and Latin America – Financial Solutions	$	2	$	261	$	(259)	$	—	$	233	$	(233)
Total market risk benefits	$	2	$	261	$	(259)	$	—	$	233	$	(233)

(1)Included in Other assets