v3.26.1
Market Risk Benefits (Tables)
 6 Months Ended
Jun. 30, 2026
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,
20262025
(Dollars in millions)
Balance, beginning of period$3,362 $2,799 
Balance, beginning of period, before effect of changes in the instrument-specific credit risk3,349 2,549 
Issuances(5)(6)
Interest accrual79 70 
Attributed fees collected153 121 
Effect of changes in interest rates(111)49 
Effect of changes in equity markets120 98 
Effect of changes in equity index volatility2 (43)
Effect of changes in future expected policyholder behavior7 68 
Effect of changes in other future expected assumptions2 7 
Balance, end of period, before effect of changes in the instrument-specific credit3,596 2,913 
Effect of changes in the ending instrument-specific credit risk(12)279 
Balance, end of period3,584 3,192 
Less: Reinsured MRB, end of period(600)(576)
Balance, end of period, net of reinsurance$2,984 $2,616 
Net amount at risk (1)$13,341 $12,460 
Weighted average attained age of contract holders (years)71 years71 years
(1)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.
June 30, 2026
AssetLiabilityNet Liability
(Dollars in millions)
Market risk benefits$1,167 $4,751 $3,584 
December 31, 2025
AssetLiabilityNet Liability
(Dollars in millions)
Market risk benefits$1,174 $4,536 $3,362