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Market Risk Benefits (Tables)
 6 Months Ended
Jun. 30, 2025
Insurance [Abstract]  
Schedule of 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