Market Risk Benefits (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 and 2023 (dollars in millions):

	U.S. and Latin America – Financial Solutions
	Nine months ended September 30,
	2024		2023
Balance, beginning of year	$	249	$	247
Balance, beginning of year, before effect of changes in the instrument-specific credit risk	253		263
Interest accrual	8		9
Attributed fees collected	19		19
Benefit payments	—		1
Effect of changes in future assumptions	3		16
Effect of changes in interest rates	(3)		(54)
Effect of changes in equity markets	(39)		(25)
Effect of changes in volatility	—		(5)
Other market impacts	(13)		(11)
Actual policyholder behavior different from expected behavior	13		12
Balance, end of period, before effect of changes in the instrument-specific credit risk	241		225
Effect of changes in the instrument-specific credit risk	(8)		(9)
Balance, end of period	233		216
Less: reinsurance recoverable	—		—
Balance, end of period, after reinsurance	$	233	$	216
Net amount at risk	$	1,285	$	1,375
Weighted average attained age of contract holders (in years)	71		71

The reconciliation of the rollforward for market risk benefits to the condensed consolidated balance sheets as of September 30, 2024 and 2023 is as follows (dollars in millions):

	September 30,						September 30,
	2024						2023
	Asset (1)		Liability		Net		Asset (1)		Liability		Net
U.S. and Latin America – Financial Solutions	$	14	$	247	$	(233)	$	8	$	224	$	(216)
Total market risk benefits	$	14	$	247	$	(233)	$	8	$	224	$	(216)

(1)Included in Other assets.