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Market Risk Benefits (Tables)

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Market Risk Benefit, Activity

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

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- References

No definition available.

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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

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