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Market Risk Benefits (Tables)
 9 Months Ended
Sep. 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:
Nine Months Ended September 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 (1)— 2,420 
Issuances(4)3 
Interest accrual110 61 
Attributed fees collected191 91 
Effect of changes in interest rates73 413 
Effect of changes in equity markets104 (39)
Effect of changes in equity index volatility(53)(95)
Effect of changes in future expected policyholder behavior62 (13)
Effect of changes in other future expected assumptions210 44 
Balance, end of period, before effect of changes in the instrument-specific credit3,242 2,886 
Effect of changes in the ending instrument-specific credit risk153 81 
Balance, end of period3,395 2,967 
Less: Reinsured MRB, end of period(595)(746)
Balance, end of period, net of reinsurance$2,800 $2,221 
Net amount at risk (2)$12,717 $12,078 
Weighted average attained age of contract holders (years)71 years71 years
(1)Excludes the measurement period adjustment to market risk benefits liability recorded in the third quarter of 2024. See Note 16 - Acquisitions for the details.
(2)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 Condensed Consolidated Statements of Financial Position follows.
September 30, 2025
AssetLiabilityNet Liability
(Dollars in millions)
Market risk benefits$1,110 $4,505 $3,395 
December 31, 2024
AssetLiabilityNet Liability
(Dollars in millions)
Market risk benefits$856 $3,655 $2,799