Market Risk Benefits (Tables)

9 Months Ended

Sep. 30, 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 nine months ended September 30, 2023 and 2022 (dollars in millions):

	U.S. and Latin America – Financial Solutions
	Nine months ended September 30,
	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	9		21
Attributed fees collected	19		7
Benefit payments	1		1
Effect of changes in future assumptions	16		19
Effect of changes in interest rates	(54)		(40)
Effect of changes in equity markets	(25)		17
Effect of changes in volatility	(5)		4
Other market impacts	(11)		1
Actual policyholder behavior different from expected behavior	12		(1)
Balance, end of period, before effect of changes in the instrument-specific credit risk	225		283
Effect of changes in the instrument-specific credit risk	(9)		(24)
Balance, end of period	216		259
Less: reinsurance recoverable	—		—
Balance, end of period, after reinsurance	$	216	$	259
Net amount at risk	$	1,375	$	1,540
Weighted-average attained age of contract holders (in years)	71		66

The reconciliation of the rollforward for market risk benefits to the condensed consolidated balance sheets as of September 30, 2023 and 2022 is as follows (dollars in millions):

	September 30,						September 30,
	2023						2022
	Asset (1)		Liability		Net		Asset (1)		Liability		Net
U.S. and Latin America – Financial Solutions	$	8	$	224	$	(216)	$	—	$	259	$	(259)
Total market risk benefits	$	8	$	224	$	(216)	$	—	$	259	$	(259)

(1)Included in Other assets