v3.26.3
Market Risk Benefits
 9 Months Ended
Sep. 30, 2026
Insurance [Abstract]  
Market Risk Benefits MARKET RISK BENEFITS
The following table presents the balances of and changes in the Company’s market risk benefits for the nine months ended September 30, 2026 and 2025 (dollars in millions):
U.S. and Latin America – Financial Solutions
Nine months ended September 30,
20262025
Balance, beginning of year$215 $206 
Balance, beginning of year, before effect of changes in the instrument-specific credit risk217 209 
Interest accrual4 6 
Attributed fees collected17 18 
Effect of changes in future assumptions(3)— 
Effect of changes in interest rates(48)9 
Effect of changes in equity markets(16)(32)
Effect of changes in volatility2 1 
Other market impacts8 (7)
Actual policyholder behavior different from expected behavior5 16 
Balance, end of period, before effect of changes in the instrument-specific credit risk186 220 
Effect of changes in the instrument-specific credit risk(3)(1)
Balance, end of period183 219 
Less: reinsurance recoverable— — 
Balance, end of period, after reinsurance$183 $219 
Net amount at risk$1,136 $1,218 
Weighted average attained age of contract holders (in years)7372
The following table presents the reconciliation of the rollforward for market risk benefits to the condensed consolidated balance sheets as of September 30, 2026 and 2025 (dollars in millions):
September 30, 2026September 30, 2025
Asset (1)
LiabilityNet
Asset (1)
LiabilityNet
U.S. and Latin America – Financial Solutions$21 $204 $(183)$19 $238 $(219)
Total market risk benefits$21 $204 $(183)$19 $238 $(219)
(1)Included in Other assets.
Fair Value Measurement
See Note 12 – “Fair Value of Assets and Liabilities” for information about fair value measurement of assets and liabilities, except for market risk benefits.
Market risk benefits are classified within Level 3 on the fair value hierarchy. The fair value of market risk benefits is monitored through the use of attribution reports to quantify the effect of underlying sources of fair value change, including capital market inputs based on policyholder account values, interest rates and short-term and long-term implied volatility from period to period.
During the nine months ended September 30, 2026 and 2025, there were no material changes made to the inputs in the market risk benefits calculations, and nonfinancial assumptions were unchanged.