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Market Risk Benefits | 6 Months Ended
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Jun. 30, 2024
Market Risk Benefit [Abstract] |
Market Risk Benefits | (11) Market Risk Benefits The following table sets forth our market risk benefits by asset and liability position as of the dates indicated:
|  | June 30, 2024 |  |  | December 31, 2023 |
(Amounts in millions) |  | Asset |  |  | Liability |  |  | Net liability |  |  | Asset |  |  | Liability |  |  | Net liability |
Fixed indexed annuities |  | $ | — |  |  | $ | 43 |  |  | $ | 43 |  |  | $ | — |  |  | $ | 55 |  |  | $ | 55 |
Variable annuities |  |  | 54 |  |  |  | 457 |  |  |  | 403 |  |  |  | 43 |  |  |  | 570 |  |  |  | 527 |
Total market risk benefits |  | $ | 54 |  |  | $ | 500 |  |  | $ | 446 |  |  | $ | 43 |  |  | $ | 625 |  |  | $ | 582 |
The following tables present the balances of and changes in market risk benefits as of and for the periods indicated:
|  | June 30, 2024 |
(Dollar amounts in millions) |  | Fixed indexed annuities |  |  | Variable annuities |  |  | Reinsurance recoverable (1) |
Beginning balance as of January 1 |  | $ | 55 |  |  | $ | 527 |  |  | $ | 140 |
Beginning balance before effect of changes in instrument-specific credit risk |  | $ | 52 |  |  | $ | 520 |  |  | $ | 140 |
Issuances |  |  | — |  |  |  | — |  |  |  | — |
Interest accretion |  |  | 1 |  |  |  | 14 |  |  |  | 4 |
Attributed fees collected |  |  | 3 |  |  |  | 19 |  |  |  | 4 |
Benefit payments |  |  | — |  |  |  | (15 | ) |  |  | (7 | )
Effect of changes in interest rates |  |  | (10 | ) |  |  | (78 | ) |  |  | (14 | )
Effect of changes in equity markets |  |  | (1 | ) |  |  | (64 | ) |  |  | (13 | )
Actual policyholder behavior different from expected behavior |  |  | (2 | ) |  |  | 2 |  |  |  | 3 |
Effect of changes in future expected policyholder behavior |  |  | — |  |  |  | — |  |  |  | — |
Effect of changes in other future expected assumptions |  |  | — |  |  |  | — |  |  |  | — |
Other |  |  | (2 | ) |  |  | — |  |  |  | — |
Ending balance before effect of changes in instrument-specific credit risk |  |  | 41 |  |  |  | 398 |  |  |  | 117 |
Effect of changes in instrument-specific credit risk |  |  | 2 |  |  |  | 5 |  |  |  | — |
Ending balance as of June 30 |  |  | 43 |  |  |  | 403 |  |  | $ | 117 |
Less: reinsurance recoverable |  |  | — |  |  |  | 117 |  |  |  |  |
Market risk benefits, net of reinsurance recoverable |  | $ | 43 |  |  | $ | 286 |  |  |  |  |
Weighted-average attained age of contractholders |  |  | 73 |  |  |  | 76 |  |  |  |  |
Net amount at risk (2) |  |  |  |  |  |  |  |  |  |  |  |
(1) | Represents the net reinsured asset related to our variable annuity MRBs.
(2) | See note 9 for additional information on the net amount at risk.
|  | December 31, 2023 |
(Dollar amounts in millions) |  | Fixed indexed annuities |  |  | Variable annuities |  |  | Reinsurance recoverable (1) |
Beginning balance as of January 1 |  | $ | 52 |  |  | $ | 670 |  |  | $ | 158 |
Beginning balance before effect of changes in instrument-specific credit risk |  | $ | 50 |  |  | $ | 660 |  |  | $ | 158 |
Issuances |  |  | — |  |  |  | — |  |  |  | — |
Interest accretion |  |  | 3 |  |  |  | 34 |  |  |  | 9 |
Attributed fees collected |  |  | 5 |  |  |  | 37 |  |  |  | 8 |
Benefit payments |  |  | — |  |  |  | (35 | ) |  |  | (15 | )
Effect of changes in interest rates |  |  | (2 | ) |  |  | (33 | ) |  |  | (5 | )
Effect of changes in equity markets |  |  | (2 | ) |  |  | (157 | ) |  |  | (31 | )
Actual policyholder behavior different from expected behavior |  |  | (2 | ) |  |  | 8 |  |  |  | 5 |
Effect of changes in future expected policyholder behavior |  |  | — |  |  |  | 11 |  |  |  | 11 |
Effect of changes in other future expected assumptions |  |  | — |  |  |  | — |  |  |  | — |
Other |  |  | — |  |  |  | (5 | ) |  |  | — |
Ending balance before effect of changes in instrument-specific credit risk |  |  | 52 |  |  |  | 520 |  |  |  | 140 |
Effect of changes in instrument-specific credit risk |  |  | 3 |  |  |  | 7 |  |  |  | — |
Ending balance as of December 31 |  |  | 55 |  |  |  | 527 |  |  | $ | 140 |
Less: reinsurance recoverable |  |  | — |  |  |  | 140 |  |  |  |  |
Market risk benefits, net of reinsurance recoverable |  | $ | 55 |  |  | $ | 387 |  |  |  |  |
Weighted-average attained age of contractholders |  |  | 73 |  |  |  | 76 |  |  |  |  |
Net amount at risk (2) |  |  |  |  |  |  |  |  |  |  |  |
(1) | Represents the net reinsured asset related to our variable annuity MRBs.
(2) | See note 9 for additional information on the net amount at risk.

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- References No definition available. + Details
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