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Market Risk Benefits (Tables)
 9 Months Ended
Sep. 30, 2024
Market Risk Benefit [Abstract]  
Summary of Market Risk Benefit
The following table sets forth our market risk benefits by asset and liability position as of the dates indicated:
 
    
September 30, 2024
     
December 31, 2023
  
(Amounts in millions)
   
Asset
     
Liability
     
Net liability
     
Asset
     
Liability
     
Net liability
  
Fixed indexed annuities
    $ —       $ 52      $ 52      $ —       $ 55      $ 55  
Variable annuities
      52        480        428        43        570        527  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total market risk benefits
    $ 52      $ 532      $ 480      $ 43      $ 625      $ 582  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Summary of Balances of and Changes in Market Risk Benefits
The following tables present the balances of and changes in market risk benefits as of and for the periods indicated:
 
 
  
September 30, 2024
 
(Dollar amounts in millions)
  
Fixed indexed
annuities
 
 
Variable
annuities
 
 
Reinsurance
recoverable 
(1)
 
Beginning balance as of January 1
    $ 55     $ 527     $ 140  
Beginning balance before effect of changes in instrument-specific credit risk
    $ 52     $ 520     $ 140  
Issuances
      —        —        —   
Interest accretion
      2       20       6  
Attributed fees collected
      4       27       6  
Benefit payments
      —        (21 )      (10 ) 
Effect of changes in interest rates
      (2 )      (12 )      (4 ) 
Effect of changes in equity markets
      (1 )      (115 )      (18 ) 
Actual policyholder behavior different from expected behavior
      (3 )      4       3  
Effect of changes in future expected policyholder behavior
      —        —        —   
Effect of changes in other future expected assumptions
      —        —        —   
Other
      (3 )      —        —   
  
 
 
    
 
 
    
 
 
  
Ending balance before effect of changes in instrument-specific credit risk
      49       423       123  
Effect of changes in instrument-specific credit risk
      3       5       —   
  
 
 
    
 
 
    
 
 
  
Ending balance as of September 30
      52       428     $ 123  
      
 
 
  
Less: reinsurance recoverable
      —        123    
  
 
 
    
 
 
    
Market risk benefits, net of reinsurance recoverable
    $ 52     $ 305    
  
 
 
    
 
 
    
Weighted-average attained age of contractholders
      73       76    
Net amount at risk
(2)
       
 
(1)
Represents the net reinsured asset related to our variable annuity MRBs.
(2)
See note 9 for additional information on the net amount at risk.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2023
 
(Dollar amounts in millions)
 
Fixed indexed
annuities
 
 
Variable
annuities
 
 
Reinsurance
recoverable 
(1)
 
Beginning balance as of January 1
 
$
52
 
 
$
670
 
 
$
158
 
Beginning balance before effect of changes in instrument-specific credit risk
 
$
50
 
 
$
660
 
 
$
158
 
Issuances
 
 
— 
 
 
 
— 
 
 
 
— 
 
Interest accretion
 
 
3
 
 
 
34
 
 
 
9
 
Attributed fees collected
 
 
5
 
 
 
37
 
 
 
8
 
Benefit payments
 
 
— 
 
 
 
(35
) 
 
 
(15
) 
Effect of changes in interest rates
 
 
(2
) 
 
 
(33
) 
 
 
(5
) 
Effect of changes in equity markets
 
 
(2
) 
 
 
(157
) 
 
 
(31
) 
Actual policyholder behavior different from expected behavior
 
 
(2
) 
 
 
8
 
 
 
5
 
Effect of changes in future expected policyholder behavior
 
 
— 
 
 
 
11
 
 
 
11
 
Effect of changes in other future expected assumptions
 
 
— 
 
 
 
— 
 
 
 
— 
 
Other
 
 
— 
 
 
 
(5
) 
 
 
— 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending balance before effect of changes in instrument-specific credit risk
 
 
52
 
 
 
520
 
 
 
140
 
Effect of changes in instrument-specific credit risk
 
 
3
 
 
 
7
 
 
 
— 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending balance as of December 31
 
 
55
 
 
 
527
 
 
$
140
 
 
 
      
 
      
 
 
 
 
Less: reinsurance recoverable
 
 
— 
 
 
 
140
 
 
      
 
 
 
 
 
 
 
 
 
 
      
Market risk benefits, net of reinsurance recoverable
 
$
55
 
 
$
387
 
 
      
 
 
 
 
 
 
 
 
 
 
      
Weighted-average attained age of contractholders
 
 
73
 
 
 
76
 
 
      
Net amount at risk
(2)
 
      
 
      
 
      
 
(1)
Represents the net reinsured asset related to our variable annuity MRBs.
(2)
See note 9 for additional information on the net amount at risk.