
	Three Months Ended March 31,
	2026		2025
	(Dollars in millions)
Balance, beginning of period	$	7,017	$	7,250
Balance, beginning of period, before effect of changes in nonperformance risk	5,429		5,236
Decrements	(26)		(24)

Effect of actual different from expected experience	115		(19)
Effect of changes in interest rates	51		677
Effect of changes in fund returns	242		87
Effect of changes in equity index volatility	122		(21)
Issuances	1		1
Effect of changes in risk margin	7		13
Aging of the block and other	240		269
Balance, end of period, before effect of changes in nonperformance risk	6,181		6,219
Effect of changes in nonperformance risk	1,489		2,049
Balance, end of period	7,670		8,268
Less: Reinsurance recoverable, end of period	21		30
Balance, end of period, net of reinsurance (1)	$	7,649	$	8,238
Weighted-average attained age of contract holder	74.8 years		74.0 years

(1)Amounts represent the sum of MRB assets and MRB liabilities presented on the consolidated balance sheets at March 31, 2026 and 2025, with the exception of $80 million and $30 million, respectively, of index-linked annuity MRBs not included in this table.