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Market Risk Benefits | 3 Months Ended
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Mar. 31, 2025
Insurance [Abstract] |
Market Risk Benefits | MARKET RISK BENEFITS The following table provides the balances of and changes in the Company’s market risk benefits for the three months ended March 31, 2025 and 2024 (dollars in millions):
|  | U.S. and Latin America – Financial Solutions
|  | Three months ended March 31,
|  | 2025 |  | 2024
Balance, beginning of year |  | $ | 206 |  |  | $ | 249 |
Balance, beginning of year, before effect of changes in the instrument-specific credit risk |  | 209 |  |  | 253 |
Interest accrual |  | 2 |  |  | 3 |
Attributed fees collected |  | 6 |  |  | 6 |
Benefit payments |  | — |  |  | — |
Effect of changes in interest rates |  | 11 |  |  | (25) |
Effect of changes in equity markets |  | 6 |  |  | (21) |
Effect of changes in volatility |  | 1 |  |  | — |
Other market impacts |  | (2) |  |  | (4) |
Actual policyholder behavior different from expected behavior |  | 5 |  |  | 6 |
Balance, end of period, before effect of changes in the instrument-specific credit risk |  | 238 |  |  | 218 |
Effect of changes in the instrument-specific credit risk |  | (8) |  |  | (4) |
Balance, end of period |  | 230 |  |  | 214 |
Less: reinsurance recoverable |  | — |  |  | — |
Balance, end of period, after reinsurance |  | $ | 230 |  |  | $ | 214 |
Net amount at risk |  | $ | 1,264 |  |  | $ | 1,329 |
Weighted average attained age of contract holders (in years) |  | 72 |  | 71
The reconciliation of the rollforward for market risk benefits to the condensed consolidated balance sheets as of March 31, 2025 and 2024 is as follows (dollars in millions):
|  | March 31, |  | March 31,
|  | 2025 |  | 2024
|  | Asset (1) |  | Liability |  | Net |  | Asset (1) |  | Liability |  | Net
U.S. and Latin America – Financial Solutions |  | $ | 13 |  |  | $ | 243 |  |  | $ | (230) |  |  | $ | 14 |  |  | $ | 228 |  |  | $ | (214) |
Total market risk benefits |  | $ | 13 |  |  | $ | 243 |  |  | $ | (230) |  |  | $ | 14 |  |  | $ | 228 |  |  | $ | (214) |
(1)Included in Other assets Fair Value Measurement See Note 12 – “Fair Value of Assets and Liabilities” for information about fair value measurement of assets and liabilities, except for market risk benefits. Market risk benefits are classified within Level 3 on the fair value hierarchy. The fair value of market risk benefits is monitored through the use of attribution reports to quantify the effect of underlying sources of fair value change, including capital market inputs based on policyholder account values, interest rates and short-term and long-term implied volatility from period to period. D uring the three months ended March 31, 2025 and 2024, there were no material changes made to the inputs in the market risk benefits calculations, and nonfinancial assumptions were unchanged.

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