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Market Risk Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Balances and Changes in Market Risk Benefit
The following table presents the balances of and changes in MRBs associated with indexed annuities and fixed rate annuities for the years ended December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Indexed AnnuitiesFixed rate annuitiesIndexed AnnuitiesFixed rate annuities
(Dollars in millions)
Balance, beginning of period, net liability$314 $1 $164 $1 
Balance, beginning of period, before effect of changes in the instrument-specific credit risk$209 $1 $102 $1 
Issuances and benefit payments109 — (10)— 
Attributed fees collected and interest accrual147 — 131 — 
Actual policyholder behavior different from expected (5)— 27 — 
Changes in assumptions and other24 — 29 — 
Effects of market related movements(162)— (70)— 
Balance, end of period, before effect of changes in the instrument-specific credit risk$322 $1 $209 $1 
Effect of changes in the instrument-specific credit risk98 — 105 — 
Balance, end of period, net liability$420 $1 $314 $1 
Less: reinsured market risk benefits
61 — — — 
Balance, end of period, net of reinsurance$359 $1 $314 $1 
Weighted-average attained age of policyholders weighted by total AV (years)67.9872.5868.2872.59
Net amount at risk$1,327 $2 $1,059 $2 
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, 2024December 31, 2023
DirectReinsuredNetDirectReinsuredNet
(In millions)
MRB Asset
Indexed annuities$128 $61 $189 $88 $— $88 
Fixed rate annuities— — — — — — 
Total MRB Asset$128 $61 $189 $88 $— $88 
MRB Liability
Indexed annuities$548 $— $548 $402 $— $402 
Fixed rate annuities1 — 1 1 — 1 
Total MRB liability$549 $— $549 $403 $— $403