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Accounting Changes and Error Corrections (Tables) | 3 Months Ended
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Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract] |
Accounting Standards Update and Change in Accounting Principle | Impact on Shareholders’ Equity The following table provides the after-tax transition impact on January 1, 2021, to the reinsurance ceded receivables, liability for future policy benefits, market risk benefits, deferred policy acquisition costs and deferred tax asset and liability for the Company's adoption of ASU 2018-12 (dollars in millions):
|  | January 1, 2021
|  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss)
Reinsurance ceded receivables and other |  | $ | 254 |  |  | $ | 388 |
Future policy benefits |  | (1,746) |  |  | (8,593) |
Market risk benefits |  | (72) |  |  | 45 |
Deferred policy acquisition costs |  | — |  |  | 114 |
Deferred tax asset (included in other assets) |  | 8 |  |  | — |
Deferred tax liability (included in deferred income taxes) |  | 311 |  |  | 1,778 |
Total |  | $ | (1,245) |  |  | $ | (6,268) |
Impact of Adoption by Segment Traditional Business The following table provides the pre-tax transition impact to the liability for future policy benefits for the Company's adoption of Financial Services – Insurance on January 1, 2021, for its Traditional business (dollars in millions):
|  | U.S. and Latin America – Traditional |  | Canada – Traditional |  | Europe, Middle East and Africa – Traditional |  | Asia Pacific – Traditional
Future policy benefits |  |  |  |  |  |  |  |
Balance, January 1, 2021 pre-adoption |  | $ | 10,444 |  |  | $ | 3,477 |  |  | $ | 1,379 |  |  | $ | 3,568 |
Adjustment to retained earnings (1) |  | 896 |  |  | 33 |  |  | 70 |  |  | 463 |
Effect of changes in discount rate assumptions |  | 4,542 |  |  | 2,651 |  |  | 320 |  |  | (772) |
Reclassification of claims and benefits payable (2) |  | 1,750 |  |  | 203 |  |  | 901 |  |  | 1,160 |
Balance, January 1, 2021 post-adoption |  | $ | 17,632 |  |  | $ | 6,364 |  |  | $ | 2,670 |  |  | $ | 4,419 |
Less: reinsurance recoverable |  | (1,123) |  |  | (386) |  |  | (85) |  |  | (212) |
Balance, January 1, 2021 post-adoption, after reinsurance |  | $ | 16,509 |  |  | $ | 5,978 |  |  | $ | 2,585 |  |  | $ | 4,207 |
(1)Includes adjustments for capping the net premium ratio at 100% and eliminating negative reserves on certain issue year cohorts. (2)Amount includes certain reclassifications to conform with the revised presentation upon adoption of ASU 2018-12, such as reclassifying claims and benefits payable on long-duration contracts to liability for future policy benefits. Financial Solutions Business The following table provides the pre-tax transition impact to the liability for future policy benefits, market risk benefits and deferred policy acquisitions costs for the Company's adoption of Financial Services – Insurance on January 1, 2021, for its Financial Solutions business (dollars in millions):
|  | U.S. and Latin America – Financial Solutions |  | Canada – Financial Solutions |  | Europe, Middle East and Africa – Financial Solutions |  | Asia Pacific – Financial Solutions
Future policy benefits |  |  |  |  |  |  |  |
Balance, January 1, 2021 pre-adoption |  | $ | 5,037 |  |  | $ | 16 |  |  | $ | 5,657 |  |  | $ | 1,874 |
Adjustment to retained earnings (1) |  | — |  |  | 20 |  |  | 256 |  |  | 8 |
Effect of changes in discount rate assumptions |  | 857 |  |  | 9 |  |  | 1,011 |  |  | 3 |
Amounts previously recorded in AOCI (2) |  | (28) |  |  | — |  |  | — |  |  | — |
Reclassification of claims and benefits payable (3) |  | 17 |  |  | 4 |  |  | 67 |  |  | 2 |
Balance, January 1, 2021 post-adoption |  | $ | 5,883 |  |  | $ | 49 |  |  | $ | 6,991 |  |  | $ | 1,887 |
Less: reinsurance recoverable |  | — |  |  | — |  |  | — |  |  | — |
Balance, January 1, 2021 post-adoption, after reinsurance |  | $ | 5,883 |  |  | $ | 49 |  |  | $ | 6,991 |  |  | $ | 1,887 |
Market risk benefits |  |  |  |  |  |  |  |
Balance, January 1, 2021 pre-adoption |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Cumulative effect of change in credit risk in AOCI |  | (45) |  |  | — |  |  | — |  |  | — |
Cumulative effect to retained earnings |  | 72 |  |  | — |  |  | — |  |  | — |
Reclassification from interest-sensitive contract liabilities |  | 239 |  |  | — |  |  | — |  |  | — |
Balance, January 1, 2021 post-adoption |  | $ | 266 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Less: reinsurance recoverable |  | — |  |  | — |  |  | — |  |  | — |
Balance, January 1, 2021 post-adoption, after reinsurance |  | $ | 266 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Deferred policy acquisition costs |  |  |  |  |  |  |  |
Balance, January 1, 2021 pre-adoption |  | $ | 254 |  |  | $ | — |  |  | $ | — |  |  | $ | 41 |
Amounts previously recorded in AOCI (2) |  | 114 |  |  | — |  |  | — |  |  | — |
Balance, January 1, 2021 post-adoption |  | $ | 368 |  |  | $ | — |  |  | $ | — |  |  | $ | 41 |
(1)Includes adjustments for capping the net premium ratio at 100% and eliminating negative reserves on certain issue year cohorts. (2)Adjustment to remove amounts associated with unrealized gains and losses previously recorded in AOCI (i.e., “shadow adjustments”). (3)Amount includes certain reclassifications to conform with the revised presentation upon adoption of ASU 2018-12, such as reclassifying claims and benefits payable on long-duration contracts to liability for future policy benefits. Impact to Previously Reported Amounts The adoption of ASU 2018-12 impacted the Company’s previously reported consolidated balance sheets as of December 31, 2021 and 2022, and related statements of income, comprehensive income and equity for the each of the two years in the period ended December 31, 2022 as follows (dollars in millions). The adoption of ASU 2018-12 did not materially impact the Company’s previously reported consolidated statements of cash flows for the two years in the period ended December 31, 2022.
|  | As Previously Reported |  | Adoption of ASU 2018-12 |  | As Adjusted
Consolidated Balance Sheets |  |  |  |  |  |
December 31, 2022 |  |  |  |  |  |
Assets |  |  |  |  |  |
Fixed maturity securities available-for-sale, at fair value |  | $ | 52,901 |  |  | $ | — |  |  | $ | 52,901 |
Equity securities, at fair value |  | 134 |  |  | — |  |  | 134 |
Mortgage loans |  | 6,590 |  |  | — |  |  | 6,590 |
Policy loans |  | 1,231 |  |  | — |  |  | 1,231 |
Funds withheld at interest |  | 6,003 |  |  | — |  |  | 6,003 |
Limited partnerships and real estate joint ventures |  | 2,327 |  |  | — |  |  | 2,327 |
Short-term investments |  | 154 |  |  | — |  |  | 154 |
Other invested assets |  | 1,140 |  |  | — |  |  | 1,140 |
Total investments |  | 70,480 |  |  | — |  |  | 70,480 |
Cash and cash equivalents |  | 2,927 |  |  | — |  |  | 2,927 |
Accrued investment income |  | 630 |  |  | — |  |  | 630 |
Premiums receivable and other reinsurance balances |  | 3,013 |  |  | — |  |  | 3,013 |
Reinsurance ceded receivables and other |  | 2,462 |  |  | 209 |  |  | 2,671 |
Deferred policy acquisition costs |  | 3,974 |  |  | 154 |  |  | 4,128 |
Other assets |  | 1,220 |  |  | (165) |  |  | 1,055 |
Total assets |  | $ | 84,706 |  |  | $ | 198 |  |  | $ | 84,904 |
Liabilities and equity |  |  |  |  |  |
Future policy benefits |  | 35,220 |  |  | 469 |  |  | 35,689 |
Interest-sensitive contract liabilities |  | 30,572 |  |  | (230) |  |  | 30,342 |
Market risk benefits, at fair value |  | — |  |  | 247 |  |  | 247 |
Other policy claims and benefits |  | 6,571 |  |  | (4,091) |  |  | 2,480 |
Other reinsurance balances |  | 756 |  |  | (31) |  |  | 725 |
Deferred income taxes |  | 736 |  |  | 647 |  |  | 1,383 |
Other liabilities |  | 2,655 |  |  | 251 |  |  | 2,906 |
Long-term debt |  | 3,961 |  |  | — |  |  | 3,961 |
Total liabilities |  | 80,471 |  |  | (2,738) |  |  | 77,733 |
Equity |  |  |  |  |  |
Preferred stock |  | — |  |  | — |  |  | — |
Common stock |  | 1 |  |  | — |  |  | 1 |
Additional paid-in-capital |  | 2,502 |  |  | — |  |  | 2,502 |
Retained earnings |  | 8,967 |  |  | (798) |  |  | 8,169 |
Treasury stock, at cost |  | (1,720) |  |  | — |  |  | (1,720) |
Accumulated other comprehensive income (loss) |  | (5,605) |  |  | 3,734 |  |  | (1,871) |
Total RGA, Inc. stockholders’ equity |  | 4,145 |  |  | 2,936 |  |  | 7,081 |
Noncontrolling interest |  | 90 |  |  | — |  |  | 90 |
Total equity |  | 4,235 |  |  | 2,936 |  |  | 7,171 |
Total liabilities and stockholders’ equity |  | $ | 84,706 |  |  | $ | 198 |  |  | $ | 84,904 |
|  | As Previously Reported |  | Adoption of ASU 2018-12 |  | As Adjusted
December 31, 2021 |  |  |  |  |  |
Assets |  |  |  |  |  |
Fixed maturity securities available-for-sale, at fair value |  | $ | 60,749 |  |  | $ | — |  |  | $ | 60,749 |
Equity securities, at fair value |  | 151 |  |  | — |  |  | 151 |
Mortgage loans |  | 6,283 |  |  | — |  |  | 6,283 |
Policy loans |  | 1,234 |  |  | — |  |  | 1,234 |
Funds withheld at interest |  | 6,954 |  |  | — |  |  | 6,954 |
Limited partnerships and real estate joint ventures |  | 1,996 |  |  | — |  |  | 1,996 |
Short-term investments |  | 87 |  |  | — |  |  | 87 |
Other invested assets |  | 1,074 |  |  | — |  |  | 1,074 |
Total investments |  | 78,528 |  |  | — |  |  | 78,528 |
Cash and cash equivalents |  | 2,948 |  |  | — |  |  | 2,948 |
Accrued investment income |  | 533 |  |  | — |  |  | 533 |
Premiums receivable and other reinsurance balances |  | 2,888 |  |  | — |  |  | 2,888 |
Reinsurance ceded receivables and other |  | 2,580 |  |  | 585 |  |  | 3,165 |
Deferred policy acquisition costs |  | 3,690 |  |  | 170 |  |  | 3,860 |
Other assets |  | 1,008 |  |  | 11 |  |  | 1,019 |
Total assets |  | $ | 92,175 |  |  | $ | 766 |  |  | $ | 92,941 |
Liabilities and equity |  |  |  |  |  |
Future policy benefits |  | 35,782 |  |  | 11,667 |  |  | 47,449 |
Interest-sensitive contract liabilities |  | 26,377 |  |  | (258) |  |  | 26,119 |
Market risk benefits, at fair value |  | — |  |  | 262 |  |  | 262 |
Other policy claims and benefits |  | 6,993 |  |  | (4,883) |  |  | 2,110 |
Other reinsurance balances |  | 613 |  |  | (56) |  |  | 557 |
Deferred income taxes |  | 2,886 |  |  | (1,387) |  |  | 1,499 |
Other liabilities |  | 2,663 |  |  | 255 |  |  | 2,918 |
Long-term debt |  | 3,667 |  |  | — |  |  | 3,667 |
Collateral finance and securitization notes |  | 180 |  |  | — |  |  | 180 |
Total liabilities |  | 79,161 |  |  | 5,600 |  |  | 84,761 |
Equity |  |  |  |  |  |
Preferred stock |  | — |  |  | — |  |  | — |
Common stock |  | 1 |  |  | — |  |  | 1 |
Additional paid-in-capital |  | 2,461 |  |  | — |  |  | 2,461 |
Retained earnings |  | 8,563 |  |  | (692) |  |  | 7,871 |
Treasury stock, at cost |  | (1,653) |  |  | — |  |  | (1,653) |
Accumulated other comprehensive income (loss) |  | 3,642 |  |  | (4,142) |  |  | (500) |
Total RGA, Inc. stockholders’ equity |  | 13,014 |  |  | (4,834) |  |  | 8,180 |
Noncontrolling interest |  | — |  |  | — |  |  | — |
Total equity |  | 13,014 |  |  | (4,834) |  |  | 8,180 |
Total liabilities and stockholders’ equity |  | $ | 92,175 |  |  | $ | 766 |  |  | $ | 92,941 |
|  | As Previously Reported |  | Adoption of ASU 2018-12 |  | As Adjusted
Consolidated Statements of Income |  |  |  |  |  |
Year ended December 31, 2022 |  |  |  |  |  |
Revenues |  |  |  |  |  |
Net premiums |  | $ | 13,078 |  |  | $ | — |  |  | $ | 13,078 |
Net investment income |  | 3,161 |  |  | — |  |  | 3,161 |
Investment related gains (losses), net |  | (506) |  |  | (33) |  |  | (539) |
Other revenues |  | 525 |  |  | 2 |  |  | 527 |
Total revenues |  | 16,258 |  |  | (31) |  |  | 16,227 |
Benefits and expenses |  |  |  |  |  |
Claims and other policy benefits |  | 12,046 |  |  | (64) |  |  | 11,982 |
Future policy benefits remeasurement (gains) losses |  | — |  |  | 291 |  |  | 291 |
Market risk benefits remeasurement (gains) losses |  | — |  |  | 10 |  |  | 10 |
Interest credited |  | 682 |  |  | — |  |  | 682 |
Policy acquisition costs and other insurance expenses |  | 1,499 |  |  | (155) |  |  | 1,344 |
Other operating expenses |  | 1,009 |  |  | — |  |  | 1,009 |
Interest expense |  | 184 |  |  | — |  |  | 184 |
Collateral finance and securitization expense |  | 7 |  |  | — |  |  | 7 |
Total benefits and expenses |  | 15,427 |  |  | 82 |  |  | 15,509 |
Income before income taxes |  | 831 |  |  | (113) |  |  | 718 |
Provision for income taxes |  | 204 |  |  | (7) |  |  | 197 |
Net income |  | $ | 627 |  |  | $ | (106) |  |  | $ | 521 |
Net income attributable to noncontrolling interest |  | 4 |  |  | — |  |  | 4 |
Net income available to RGA, Inc. shareholders |  | $ | 623 |  |  | $ | (106) |  |  | $ | 517 |
|  | As Previously Reported |  | Adoption of ASU 2018-12 |  | As Adjusted
Year ended December 31, 2021 |  |  |  |  |  |
Revenues |  |  |  |  |  |
Net premiums |  | $ | 12,513 |  |  | $ | — |  |  | $ | 12,513 |
Net investment income |  | 3,138 |  |  | — |  |  | 3,138 |
Investment related gains (losses), net |  | 560 |  |  | 7 |  |  | 567 |
Other revenues |  | 447 |  |  | 2 |  |  | 449 |
Total revenues |  | 16,658 |  |  | 9 |  |  | 16,667 |
Benefits and expenses |  |  |  |  |  |
Claims and other policy benefits |  | 12,776 |  |  | (1,103) |  |  | 11,673 |
Future policy benefits remeasurement (gains) losses |  | — |  |  | 567 |  |  | 567 |
Market risk benefits remeasurement (gains) losses |  | — |  |  | (58) |  |  | (58) |
Interest credited |  | 700 |  |  | — |  |  | 700 |
Policy acquisition costs and other insurance expenses |  | 1,416 |  |  | (91) |  |  | 1,325 |
Other operating expenses |  | 936 |  |  | — |  |  | 936 |
Interest expense |  | 127 |  |  | — |  |  | 127 |
Collateral finance and securitization expense |  | 12 |  |  | — |  |  | 12 |
Total benefits and expenses |  | 15,967 |  |  | (685) |  |  | 15,282 |
Income before income taxes |  | 691 |  |  | 694 |  |  | 1,385 |
Provision for income taxes |  | 74 |  |  | 141 |  |  | 215 |
Net income |  | $ | 617 |  |  | $ | 553 |  |  | $ | 1,170 |
Net income attributable to noncontrolling interest |  | — |  |  | — |  |  | — |
Net income available to RGA, Inc. shareholders |  | $ | 617 |  |  | $ | 553 |  |  | $ | 1,170 |
|  | As Previously Reported |  | Adoption of ASU 2018-12 |  | As Adjusted
Consolidated Statements of Comprehensive Income |  |  |  |  |  |
Year ended December 31, 2022 |  |  |  |  |  |
Net income |  | $ | 627 |  |  | $ | (106) |  |  | $ | 521 |
Other comprehensive income (loss), net of tax |  |  |  |  |  |
Foreign currency translation adjustments |  | (162) |  |  | 60 |  |  | (102) |
Net unrealized investment gains (losses) |  | (9,108) |  |  | (168) |  |  | (9,276) |
Effect of updating discount rates on future policy benefits |  | — |  |  | 7,964 |  |  | 7,964 |
Change in instrument-specific credit risk for market risk benefits |  | — |  |  | 20 |  |  | 20 |
Defined benefit pension and postretirement plan adjustments |  | 23 |  |  | — |  |  | 23 |
Total other comprehensive income (loss), net of tax |  | (9,247) |  |  | 7,876 |  |  | (1,371) |
Total comprehensive income (loss) |  | (8,620) |  |  | 7,770 |  |  | (850) |
Comprehensive income (loss) attributable to noncontrolling interest |  | 4 |  |  | — |  |  | 4 |
Total comprehensive income (loss) available to RGA, Inc. |  | $ | (8,624) |  |  | $ | 7,770 |  |  | $ | (854) |
Year ended December 31, 2021 |  |  |  |  |  |
Net income |  | $ | 617 |  |  | $ | 553 |  |  | $ | 1,170 |
Other comprehensive income (loss), net of tax |  |  |  |  |  |
Foreign currency translation adjustments |  | 60 |  |  | (4) |  |  | 56 |
Net unrealized investment gains (losses) |  | (1,799) |  |  | (34) |  |  | (1,833) |
Effect of updating discount rates on future policy benefits |  | — |  |  | 2,207 |  |  | 2,207 |
Change in instrument-specific credit risk for market risk benefits |  | — |  |  | (43) |  |  | (43) |
Defined benefit pension and postretirement plan adjustments |  | 22 |  |  | — |  |  | 22 |
Total other comprehensive income (loss), net of tax |  | (1,717) |  |  | 2,126 |  |  | 409 |
Total comprehensive income (loss) |  | (1,100) |  |  | 2,679 |  |  | 1,579 |
Comprehensive income (loss) attributable to noncontrolling interest |  | — |  |  | — |  |  | — |
Total comprehensive income (loss) available to RGA, Inc. |  | $ | (1,100) |  |  | $ | 2,679 |  |  | $ | 1,579 |
| RGA, Inc. Stockholders’ Equity |  |  |  |
| Common Stock |  |  |  | Additional Paid In Capital |  | Retained Earnings |  | Treasury Stock |  | Accumulated Other Comprehensive Income (Loss) |  | Total RGA, Inc. Stockholders’ Equity |  | Noncontrolling Interest |  | Total Equity
Balance, December 31, 2020 as previously reported | $ | 1 |  |  |  |  | $ | 2,406 |  |  | $ | 8,148 |  |  | $ | (1,562) |  |  | $ | 5,359 |  |  | $ | 14,352 |  |  | $ | — |  |  | $ | 14,352 |
Cumulative effect of modified retrospective adoption of Financial Services – Insurance on long-duration contracts |  |  |  |  |  |  | (1,187) |  |  |  |  | (6,304) |  |  | (7,491) |  |  |  |  | (7,491) |
Cumulative effect of full retrospective adoption of Financial Services – Insurance on market risk benefits |  |  |  |  |  |  | (58) |  |  |  |  | 36 |  |  | (22) |  |  |  |  | (22) |
Adjusted balance, January 1, 2021 | 1 |  |  |  |  | 2,406 |  |  | 6,903 |  |  | (1,562) |  |  | (909) |  |  | 6,839 |  |  | — |  |  | 6,839 |
Net income |  |  |  |  |  |  | 1,170 |  |  |  |  |  |  | 1,170 |  |  |  |  | 1,170 |
Total other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  | 409 |  |  | 409 |  |  |  |  | 409 |
Dividends to stockholders, $2.86 per share |  |  |  |  |  |  | (194) |  |  |  |  |  |  | (194) |  |  |  |  | (194) |
Purchase of treasury stock |  |  |  |  |  |  |  |  | (99) |  |  |  |  | (99) |  |  |  |  | (99) |
Reissuance of treasury stock |  |  |  |  | 55 |  |  | (8) |  |  | 8 |  |  |  |  | 55 |  |  |  |  | 55 |
Balance, December, 31, 2021 | 1 |  |  |  |  | 2,461 |  |  | 7,871 |  |  | (1,653) |  |  | (500) |  |  | 8,180 |  |  | — |  |  | 8,180 |
Issuance of preferred interests by subsidiary |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 90 |  |  | 90 |
Change in equity of noncontrolling interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4) |  |  | (4) |
Net income |  |  |  |  |  |  | 517 |  |  |  |  |  |  | 517 |  |  | 4 |  |  | 521 |
Total other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  | (1,371) |  |  | (1,371) |  |  |  |  | (1,371) |
Dividends to stockholders, $3.06 per share |  |  |  |  |  |  | (205) |  |  |  |  |  |  | (205) |  |  |  |  | (205) |
Purchase of treasury stock |  |  |  |  |  |  |  |  | (81) |  |  |  |  | (81) |  |  |  |  | (81) |
Reissuance of treasury stock |  |  |  |  | 41 |  |  | (14) |  |  | 14 |  |  |  |  | 41 |  |  |  |  | 41 |
Balance, December 31, 2022 | $ | 1 |  |  |  |  | $ | 2,502 |  |  | $ | 8,169 |  |  | $ | (1,720) |  |  | $ | (1,871) |  |  | $ | 7,081 |  |  | $ | 90 |  |  | $ | 7,171 |
Policyholder Account Balances ASU 2018 12 Adoption | Policyholder Account Balances The following tables provide the balances and changes in the Company’s policyholder account balances as of and for the years ending December 31, 2022 and 2021 (dollars in millions):
For the year ended December 31, 2022: |  | U.S. and Latin America – Traditional |  | U.S. and Latin America – Financial Solutions |  | Asia Pacific – Financial Solutions
Balance, beginning of year |  | $ | 1,719 |  |  | $ | 18,758 |  |  | $ | 1,621 |
Deposits |  | 24 |  |  | 1,289 |  |  | 2,521 |
Policy charges |  | (32) |  |  | (33) |  |  | (134) |
Surrenders and withdrawals |  | (17) |  |  | (1,258) |  |  | (639) |
Benefit payments |  | (76) |  |  | (448) |  |  | (46) |
Interest credited |  | 65 |  |  | 598 |  |  | 51 |
Foreign currency translation |  | — |  |  | — |  |  | (23) |
Balance, end of period |  | $ | 1,683 |  |  | $ | 18,906 |  |  | $ | 3,351 |
Less: reinsurance recoverable |  | — |  |  | (1,543) |  |  | — |
Balance, end of period, after reinsurance |  | $ | 1,683 |  |  | $ | 17,363 |  |  | $ | 3,351 |
For the year ended December 31, 2021: |  | U.S. and Latin America – Traditional |  | U.S. and Latin America – Financial Solutions |  | Asia Pacific – Financial Solutions
Balance, beginning of year |  | $ | 1,752 |  |  | $ | 16,273 |  |  | $ | 809 |
Deposits |  | 25 |  |  | 3,290 |  |  | 868 |
Policy charges |  | (32) |  |  | (31) |  |  | (1) |
Surrenders and withdrawals |  | (13) |  |  | (1,015) |  |  | (36) |
Benefit payments |  | (79) |  |  | (404) |  |  | (24) |
Interest credited |  | 66 |  |  | 645 |  |  | 19 |
Foreign currency translation |  | — |  |  | — |  |  | (14) |
Balance, end of period |  | $ | 1,719 |  |  | $ | 18,758 |  |  | $ | 1,621 |
Less: reinsurance recoverable |  | — |  |  | (1,561) |  |  | — |
Balance, end of period, after reinsurance |  | $ | 1,719 |  |  | $ | 17,197 |  |  | $ | 1,621 |
Market Risk Benefit, Activity ASU 2018 12 Adoption | Market Risk Benefits The following tables provide the balances and changes in the Company’s liabilities for market risk benefits as of and for the years ending December 31, 2022 and 2021 (dollars in millions):
For the year ended December 31, 2022: |  | U.S. and Latin America – Financial Solutions
Balance, beginning of year |  | $ | 262 |
Balance, beginning of year, before effect of changes in the instrument-specific credit risk |  | 254 |
Interest accrual |  | 54 |
Attributed fees collected |  | 28 |
Benefit payments |  | (9) |
Effect of changes in future assumptions |  | 18 |
Effect of changes in interest rates |  | (175) |
Effect of changes in equity markets |  | 48 |
Effect of changes in volatility |  | 19 |
Other market impacts |  | 7 |
Actual policyholder behavior different from expected behavior |  | 19 |
Balance, end of period, before effect of changes in the instrument-specific credit risk |  | 263 |
Effect of changes in the instrument-specific credit risk |  | (16) |
Balance, end of period |  | 247 |
Less: reinsurance recoverable |  | — |
Balance, end of period, after reinsurance |  | $ | 247 |
For the year ended December 31, 2021: |  | U.S. and Latin America – Financial Solutions
Balance, beginning of year |  | $ | — |
Effect of adoption of Financial Services – Insurance |  | 266 |
Adjusted balance, beginning of year |  | 266 |
Balance, beginning of year, before effect of changes in the instrument-specific credit risk |  | 311 |
Interest accrual |  | 3 |
Attributed fees collected |  | 12 |
Benefit payments |  | (14) |
Effect of changes in future assumptions |  | 25 |
Effect of changes in interest rates |  | (51) |
Effect of changes in equity markets |  | (49) |
Effect of changes in volatility |  | (2) |
Other market impacts |  | 5 |
Actual policyholder behavior different from expected behavior |  | 14 |
Balance, end of period, before effect of changes in the instrument-specific credit risk |  | 254 |
Effect of changes in the instrument-specific credit risk |  | 8 |
Balance, end of period |  | 262 |
Less: reinsurance recoverable |  | — |
Balance, end of period, after reinsurance |  | $ | 262 |
Deferred Policy Acquisition Costs ASU 2018 12 Adoption | Deferred Policy Acquisition Costs The following tables provide the balances and changes in the Company’s deferred policy acquisition costs as of and for the years ending December 31, 2022 and 2021 (dollars in millions):
For the year ended December 31, 2022: |  | U.S. and Latin America – Traditional |  | Canada – Traditional |  | Europe, Middle East and Africa – Traditional |  | Asia Pacific – Traditional
Balance, beginning of year |  | $ | 1,947 |  |  | $ | 191 |  |  | $ | 270 |  |  | $ | 1,056 |
Capitalization |  | 284 |  |  | 10 |  |  | 83 |  |  | 86 |
Amortization expense |  | (144) |  |  | (17) |  |  | (38) |  |  | (67) |
Foreign currency translation |  | — |  |  | (13) |  |  | (21) |  |  | (32) |
Balance, end of period |  | $ | 2,087 |  |  | $ | 171 |  |  | $ | 294 |  |  | $ | 1,043 |
For the year ended December 31, 2022: |  | U.S. and Latin America – Financial Solutions |  | Canada – Financial Solutions |  | Europe, Middle East and Africa – Financial Solutions |  | Asia Pacific – Financial Solutions
Balance, beginning of year |  | $ | 312 |  |  | $ | — |  |  | $ | — |  |  | $ | 81 |
Capitalization |  | 87 |  |  | — |  |  | — |  |  | 121 |
Amortization expense |  | (58) |  |  | — |  |  | — |  |  | (13) |
Foreign currency translation |  | — |  |  | — |  |  | — |  |  | (1) |
Balance, end of period |  | $ | 341 |  |  | $ | — |  |  | $ | — |  |  | $ | 188 |
For the year ended December 31, 2021: |  | U.S. and Latin America – Traditional |  | Canada – Traditional |  | Europe, Middle East and Africa – Traditional |  | Asia Pacific – Traditional
Balance, beginning of year |  | $ | 1,816 |  |  | $ | 195 |  |  | $ | 264 |  |  | $ | 1,046 |
Effect of adoption of Financial Services – Insurance |  | — |  |  | — |  |  | — |  |  | — |
Adjusted balance, beginning of year |  | 1,816 |  |  | 195 |  |  | 264 |  |  | 1,046 |
Capitalization |  | 254 |  |  | 8 |  |  | 42 |  |  | 83 |
Amortization expense |  | (123) |  |  | (13) |  |  | (24) |  |  | (55) |
Foreign currency translation |  | — |  |  | 1 |  |  | (12) |  |  | (18) |
Balance, end of period |  | $ | 1,947 |  |  | $ | 191 |  |  | $ | 270 |  |  | $ | 1,056 |
For the year ended December 31, 2021: |  | U.S. and Latin America – Financial Solutions |  | Canada – Financial Solutions |  | Europe, Middle East and Africa – Financial Solutions |  | Asia Pacific – Financial Solutions
Balance, beginning of year |  | $ | 254 |  |  | $ | — |  |  | $ | — |  |  | $ | 41 |
Effect of adoption of Financial Services – Insurance |  | 114 |  |  | — |  |  | — |  |  | — |
Adjusted balance, beginning of year |  | 368 |  |  | — |  |  | — |  |  | 41 |
Capitalization |  | 8 |  |  | — |  |  | — |  |  | 49 |
Amortization expense |  | (64) |  |  | — |  |  | — |  |  | (8) |
Foreign currency translation |  | — |  |  | — |  |  | — |  |  | (1) |
Balance, end of period |  | $ | 312 |  |  | $ | — |  |  | $ | — |  |  | $ | 81 |

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