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Market Risk Benefits (Tables) | 9 Months Ended
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Sep. 30, 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 nine months ended September 30, 2023 and 2022 (dollars in millions):
|  | U.S. and Latin America – Financial Solutions
|  | Nine months ended September 30,
|  | 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 |  | 9 |  |  | 21 |
Attributed fees collected |  | 19 |  |  | 7 |
Benefit payments |  | 1 |  |  | 1 |
Effect of changes in future assumptions |  | 16 |  |  | 19 |
Effect of changes in interest rates |  | (54) |  |  | (40) |
Effect of changes in equity markets |  | (25) |  |  | 17 |
Effect of changes in volatility |  | (5) |  |  | 4 |
Other market impacts |  | (11) |  |  | 1 |
Actual policyholder behavior different from expected behavior |  | 12 |  |  | (1) |
Balance, end of period, before effect of changes in the instrument-specific credit risk |  | 225 |  |  | 283 |
Effect of changes in the instrument-specific credit risk |  | (9) |  |  | (24) |
Balance, end of period |  | 216 |  |  | 259 |
Less: reinsurance recoverable |  | — |  |  | — |
Balance, end of period, after reinsurance |  | $ | 216 |  |  | $ | 259 |
Net amount at risk |  | $ | 1,375 |  |  | $ | 1,540 |
Weighted-average attained age of contract holders (in years) |  | 71 |  | 66
The reconciliation of the rollforward for market risk benefits to the condensed consolidated balance sheets as of September 30, 2023 and 2022 is as follows (dollars in millions):
|  | September 30, |  | September 30,
|  | 2023 |  | 2022
|  | Asset (1) |  | Liability |  | Net |  | Asset (1) |  | Liability |  | Net
U.S. and Latin America – Financial Solutions |  | $ | 8 |  |  | $ | 224 |  |  | $ | (216) |  |  | $ | — |  |  | $ | 259 |  |  | $ | (259) |
Total market risk benefits |  | $ | 8 |  |  | $ | 224 |  |  | $ | (216) |  |  | $ | — |  |  | $ | 259 |  |  | $ | (259) |
(1)Included in Other assets

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- Definition Tabular disclosure of beginning balance to ending balance for contract or contract feature in long-duration contract issued by insurance entity that both protects contract holder from other-than-nominal capital market risk and exposes insurance entity to other-than-nominal capital market risk. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 55 -Paragraph 29G -Publisher FASB -URI https://asc.fasb.org//1943274/2147480046/944-40-55-29G Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 7B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-7B + Details
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