Market Risk Benefits (Tables)

12 Months Ended

Dec. 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 years ended December 31, 2023 and 2022 (dollars in millions):

	U.S. and Latin America – Financial Solutions
	For the year ended December 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	14		54
Attributed fees collected	25		28
Benefit payments	(1)		(9)
Effect of changes in future assumptions	16		18
Effect of changes in interest rates	(5)		(175)
Effect of changes in equity markets	(52)		48
Effect of changes in volatility	(6)		19
Other market impacts	(15)		7
Actual policyholder behavior different from expected behavior	14		19
Balance, end of period, before effect of changes in the instrument-specific credit risk	253		263
Effect of changes in the instrument-specific credit risk	(4)		(16)
Balance, end of period	249		247
Less: reinsurance recoverable	—		—
Balance, end of period, after reinsurance	$	249	$	247
Net amount at risk	$	1,401	$	1,630
Weighted-average attained age of contract holders (in years)	71		66

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

	December 31,						December 31,
	2023						2022
	Asset (1)		Liability		Net		Asset (1)		Liability		Net
U.S. and Latin America – Financial Solutions	$	9	$	258	$	(249)	$	—	$	247	$	(247)
Total market risk benefits	$	9	$	258	$	(249)	$	—	$	247	$	(247)

(1)Included in Other assets.