Market Risk Benefits (Tables)

12 Months Ended

Dec. 31, 2025

The following table provides the balances of and changes in the Company’s market risk benefits for the years ended December 31, 2025 and 2024 (dollars in millions):


	U.S. and Latin America – Financial Solutions
	For the year ended December 31,
	2025		2024
Balance, beginning of year	$	206	$	249
Balance, beginning of year, before effect of changes in the instrument-specific credit risk	209		253
Interest accrual	9		11
Attributed fees collected	24		25
Benefit payments	—		(1)
Effect of changes in future assumptions	—		3
Effect of changes in interest rates	(3)		(48)
Effect of changes in equity markets	(39)		(38)
Effect of changes in volatility	2		—
Other market impacts	(5)		(13)
Actual policyholder behavior different from expected behavior	20		17
Balance, end of period, before effect of changes in the instrument-specific credit risk	217		209
Effect of changes in the instrument-specific credit risk	(2)		(3)
Balance, end of period	215		206
Less: reinsurance recoverable	—		—
Balance, end of period, after reinsurance	$	215	$	206

Net amount at risk	$	1,191	$	1,250
Weighted average attained age of contract holders (in years)	72		71

The reconciliation of the rollforward for market risk benefits to the consolidated balance sheets as of December 31, 2025 and 2024 is as follows (dollars in millions):


	December 31,						December 31,
	2025						2024
	Asset (1)		Liability		Net		Asset (1)		Liability		Net
U.S. and Latin America – Financial Solutions	$	19	$	234	$	(215)	$	17	$	223	$	(206)
Total market risk benefits	$	19	$	234	$	(215)	$	17	$	223	$	(206)

(1)Included in Other assets.

REINSURANCE GROUP OF AMERICA INC 10-K