Market Risk Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Balances and Changes in Market Risk Benefit

The following table presents the balances of and changes in MRBs associated with FIAs and fixed rate annuities for the years ended December 31, 2023, December 31, 2022, and December 31, 2021:


	December 31, 2023				December 31, 2022				December 31, 2021
	FIA		Fixed rate annuities		FIA		Fixed rate annuities		FIA		Fixed rate annuities
	(Dollars in millions)
Balance, beginning of period, net liability	$	164	$	1	$	426	$	2	$	478	$	1

Balance, beginning of period, before effect of changes in the instrument-specific credit risk	$	102	$	1	$	280	$	1	$	320	$	1
Issuances and benefit payments	(10)		—		(21)		—		(9)		—
Attributed fees collected and interest accrual	131		—		107		1		99		1
Actual policyholder behavior different from expected	27		—		43		—		(22)		—
Changes in assumptions and other	29		—		(76)		—		—		—


Effects of market related movements	(70)		—		(231)		(1)		(108)		(1)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	209	$	1	$	102	$	1	$	280	$	1
Effect of changes in the instrument-specific credit risk	105		—		62		—		146		1
Balance, end of period, net liability	$	314	$	1	$	164	$	1	$	426	$	2



Weighted-average attained age of policyholders weighted by total AV (years)	68.28		72.59		68.59		72.88		68.95		73.10
Net amount at risk	$	1,059	$	2	$	952	$	3	$	1,304	$	4

The following table reconciles MRBs by amounts in an asset position and amounts in a liability position to the MRBs amounts in the Consolidated Balance Sheets:


	December 31, 2023						December 31, 2022						December 31, 2021
	Asset		Liability		Net		Asset		Liability		Net		Asset		Liability		Net
	(In millions)
FIA	88		402		314		117		281		164		41		467		426
Fixed rate annuities	—		1		1		—		1		1		—		2		2
Total	$	88	$	403	$	315	$	117	$	282	$	165	$	41	$	469	$	428