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Market Risk Benefits (Tables) | 6 Months Ended
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Jun. 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 six months ended June 30, 2024 and 2023 (dollars in millions):
|  | U.S. and Latin America – Financial Solutions
|  | Six months ended June 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 |  | 6 |  |  | 6 |
Attributed fees collected |  | 13 |  |  | 13 |
Benefit payments |  | — |  |  | (1) |
Effect of changes in interest rates |  | (34) |  |  | (2) |
Effect of changes in equity markets |  | (26) |  |  | (34) |
Effect of changes in volatility |  | — |  |  | (7) |
Other market impacts |  | (9) |  |  | (2) |
Actual policyholder behavior different from expected behavior |  | 7 |  |  | 9 |
Balance, end of period, before effect of changes in the instrument-specific credit risk |  | 210 |  |  | 245 |
Effect of changes in the instrument-specific credit risk |  | (8) |  |  | (16) |
Balance, end of period |  | 202 |  |  | 229 |
Less: reinsurance recoverable |  | — |  |  | — |
Balance, end of period, after reinsurance |  | $ | 202 |  |  | $ | 229 |
Net amount at risk |  | $ | 1,302 |  |  | $ | 1,411 |
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 June 30, 2024 and 2023 is as follows (dollars in millions):
|  | June 30, |  | June 30,
|  | 2024 |  | 2023
|  | Asset (1) |  | Liability |  | Net |  | Asset (1) |  | Liability |  | Net
U.S. and Latin America – Financial Solutions |  | $ | 15 |  |  | $ | 217 |  |  | $ | (202) |  |  | $ | 6 |  |  | $ | 235 |  |  | $ | (229) |
Total market risk benefits |  | $ | 15 |  |  | $ | 217 |  |  | $ | (202) |  |  | $ | 6 |  |  | $ | 235 |  |  | $ | (229) |
(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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