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Market Risk Benefits
 6 Months Ended
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.