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Market Risk Benefits (Tables)
 6 Months Ended
Jun. 30, 2024
Market Risk Benefit [Abstract]  
Summary of Market Risk Benefit
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  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Summary of Balances of and Changes in Market Risk Benefits
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.