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Market Risk Benefits (Tables) | 9 Months Ended
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Sep. 30, 2024
Insurance [Abstract] |
Schedule of Market Risk Benefits | The balances of and changes in the net market risk benefit (MRB) assets and liabilities for the nine months ended September 30, 2024 and year ended December 31, 2023 is as follows:
| Nine Months Ended September 30, 2024 |  |  |  | Year Ended December 31, 2023 |  |
| Annuity |  |  |  | Annuity |  |
| (Dollars in millions) |  |
Balance, beginning of period | $ | — |  |  |  |  | $ | 44 |  |  |
Balance, beginning of period, before effect of changes in the instrument-specific credit risk | 1 |  |  |  |  | 70 |  |  |
Acquisition from business combination (a) | 2,420 |  |  |  |  | — |  |  |
Issuances | 3 |  |  |  |  | 1 |  |  |
Interest accrual | 61 |  |  |  |  | 3 |  |  |
Attributed fees collected | 91 |  |  |  |  | 13 |  |  |
Benefits payments | — |  |  |  |  | — |  |  |
Effect of changes in interest rates | 413 |  |  |  |  | (117) |  |  |
Effect of changes in equity markets | (39) |  |  |  |  | 171 |  |  |
Effect of changes in equity index volatility | (95) |  |  |  |  | (46) |  |  |
Actual policyholder behavior different from expected behavior | — |  |  |  |  | (7) |  |  |
Effect of changes in future expected policyholder behavior | (13) |  |  |  |  | — |  |  |
Effect of changes in other future expected assumptions | 44 |  |  |  |  | (87) |  |  |
Balance, end of period, before effect of changes in the instrument-specific credit | 2,886 |  |  |  |  | 1 |  |  |
Effect of changes in the ending instrument-specific credit risk | 81 |  |  |  |  | (1) |  |  |
Balance, end of period | 2,967 |  |  |  |  | — |  |  |
Less: Reinsured MRB, end of period | (746) |  |  |  |  | — |  |  |
Balance, end of period, net of reinsurance | $ | 2,221 |  |  |  |  | $ | — |  |  |
Net amount at risk (b) | $ | 12,078 |  |  |  |  | $ | — |  |  |
Weighted average attained age of contract holders (years) | 71 |  |  |  | 65 |  |
(a)Includes a measurement period adjustment to market risk benefits liability which was assumed through the acquisition of AEL in May 2024. See Note 16 - Acquisition for further details. (b)Net amount at risk is defined as the current guarantee amount in excess of the current account balance. The following is a reconciliation of market risk benefits by amounts in an asset position and in a liability position to “Market risk benefits” amount in the Consolidated Statements of Financial Position:
| September 30, 2024
| Asset |  | Liability |  | Net Liability
| (Dollars in millions)
Annuity | $ | 758 |  |  | $ | 3,725 |  |  | $ | 2,967 |
Total | $ | 758 |  |  | $ | 3,725 |  |  | $ | 2,967 |
| December 31, 2023
| Asset |  | Liability |  | Net Liability
| (Dollars in millions)
Annuity | $ | 34 |  |  | $ | 34 |  |  | $ | — |
Total | $ | 34 |  |  | $ | 34 |  |  | $ | — |

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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 + Details
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