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Market Risk Benefits
 6 Months Ended
Jun. 30, 2025
Insurance [Abstract]  
Market Risk Benefits
18. Policyholders' Account Balances
Policyholders’ account balances relate to investment-type contracts and universal life-type policies. Investment-type contracts principally include traditional individual fixed rate annuities and fixed index annuities in the accumulation phase and non-variable group annuity contracts.
The balances and changes in policyholders’ account balances follows:
Six Months Ended June 30,
20252024
AnnuitiesLife
Insurance		AnnuitiesLife
Insurance
(Dollars in millions)
Balance, beginning of period$80,046 $2,107 $14,694 $1,975 
Issuances7,962 26 4,064 36 
Acquisition from business combination (b)— — 61,296 — 
Premiums received62 218 23 213 
Policy charges(287)(189)(122)(187)
Surrenders and withdrawals(5,037)(55)(3,060)(43)
Interest credited1,453 51 707 48 
Benefit payments(538)— (152)— 
Other4 — 3 — 
Balance, end of period$83,665 $2,158 $77,453 $2,042 
Reconciling items:
Supplemental contracts$496 $— $489 $— 
Variable universal life— 39 — 39 
Variable deferred annuity7 — 8 — 
Embedded derivative and other519 50 408 50 
Total PAB balance, end of period$84,687 $2,247 $78,358 $2,131 
Weighted-average crediting rate3.40 %5.17 %2.88 %4.78 %
Net amount at risk (a)$12,907 $38,673 $12,466 $38,365 
Cash surrender value$76,292 $1,919 $71,450 $1,796 
(a)Net amount at risk is defined as the current guarantee amount in excess of the current account balance.
(b)Amount for the six months ended June 30, 2024 excludes $177 million of liabilities relating to supplemental contracts at acquisition date.
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums follow.
June 30, 2025
Range of
Guaranteed Minimum
Crediting Rate		At Guaranteed Minimum
 1 - 50 Basis Points Above
51 - 150 Basis Points Above
> 150 Basis Points Above
Other (1)Total
(Dollars in millions)
Annuities
0% - 1%
$3,715 $2,668 $4,170 $4,868 $— $15,421 
1% - 2%
1,569 307 1,008 1,596 — 4,480 
2% - 3%
1,931 373 217 11,323 — 13,844 
Greater than 3%
270 5 6 11 — 292 
Products with either a fixed rate or no guaranteed minimum crediting rate— — — — 49,628 49,628 
Total$7,485 $3,353 $5,401 $17,798 $49,628 $83,665 
Life Insurance
0% - 1%
$— $— $— $— $— $— 
1% - 2%
38 2 66 791 — 897 
2% to 3%
423 — 221 — — 644 
Greater than 3%
617 — — — — 617 
Products with either a fixed rate or no guaranteed minimum crediting rate— — — — — — 
Total$1,078 $2 $287 $791 $— $2,158 
June 30, 2024
Range of
Guaranteed Minimum
Crediting Rate		At Guaranteed Minimum
1 - 50 Basis Points Above
51 - 150 Basis Points Above
> 150 Basis Points Above
Other (1)Total
(Dollars in millions)
Annuities
0% - 1%
$4,296 $2,670 $3,931 $4,679 $— $15,576 
1% - 2%
1,446 393 1,740 1,844 — 5,423 
2% - 3%
1,942 429 111 6,637 — 9,119 
Greater than 3%
306 7 1 5 — 319 
Products with either a fixed rate or no guaranteed minimum crediting rate— — — — 47,016 47,016 
Total$7,990 $3,499 $5,783 $13,165 $47,016 $77,453 
Life Insurance
0% - 1%
$— $— $— $— $— $— 
1% - 2%
34 2 54 667 — 757 
2% to 3%
421 — 222 — — 643 
Greater than 3%
642 — — — — 642 
Products with either a fixed rate or no guaranteed minimum crediting rate— — — — — — 
Total$1,097 $2 $276 $667 $— $2,042 
(1)Other includes products with either a fixed rate or no guaranteed minimum crediting rate or allocated to index strategies.
19. Market Risk Benefits
The net balance of market risk benefit (MRB) assets and liabilities of, and changes in guaranteed minimum withdrawal benefits associated with, annuity contracts is as follows:
Six Months Ended June 30,
20252024
(Dollars in millions)
Balance, beginning of period$2,799 $— 
Balance, beginning of period, before effect of changes in the instrument-specific credit risk2,549 1 
Acquisition from business combination (a)— 2,376 
Issuances(6)3 
Interest accrual70 21 
Attributed fees collected121 39 
Effect of changes in interest rates49 138 
Effect of changes in equity markets98 (15)
Effect of changes in equity index volatility(43)(2)
Effect of changes in future expected policyholder behavior68 (8)
Effect of changes in other future expected assumptions7 27 
Balance, end of period, before effect of changes in the instrument-specific credit2,913 2,580 
Effect of changes in the ending instrument-specific credit risk279 (8)
Balance, end of period3,192 2,572 
Less: Reinsured MRB, end of period(576)(618)
Balance, end of period, net of reinsurance$2,616 $1,954 
Net amount at risk (b)$12,460 $12,051 
Weighted average attained age of contract holders (years)71 years71 years
(a)Excludes the measurement period adjustment to market risk benefits liability recorded in the third quarter of 2024. See Note 16 - Acquisitions for the details.
(b)Net amount at risk is defined as the current guarantee amount in excess of the current account balance.
The reconciliation of market risk benefits by amounts in an asset position and in a liability position to the “Market risk benefits” amount in the Consolidated Statements of Financial Position follows.
June 30, 2025
AssetLiabilityNet Liability
(Dollars in millions)
Market risk benefits$1,035 $4,227 $3,192 
December 31, 2024
AssetLiabilityNet Liability
(Dollars in millions)
Market risk benefits$856 $3,655 $2,799