Market Risk Benefits (Tables)

6 Months Ended

Jun. 30, 2023

Market Risk Benefits In Asset and Liability Positions


	January 1, 2021
	Market Risk Benefits(1)
	Retirement Strategies		Other Businesses		Total
	Individual Variable
	(in millions)
Liability for guaranteed benefits recorded at fair value, prior to transition	$	18,731	$	148	$	18,879
AIR to be reclassified to MRB, prior to transition, excluding amounts related to unrealized investment gains and losses	824		140		964
Total liability prior to transition	19,555		288		19,843
Change in reserve basis to MRB framework	122		98		220
MRB after transition, at current NPR value	19,677		386		20,063
Less: Reinsured MRB	204		7		211
MRB after transition, net of reinsurance	19,473		379		19,852

MRB after transition, at contract inception NPR value	21,259		392		21,651
Cumulative change in NPR	1,582		6		1,588
MRB after transition, at current NPR value	$	19,677	$	386	$	20,063

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(1)For additional information regarding market risk benefits, see Note 11.

The following table shows a rollforward of MRB balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:


	Six Months Ended June 30,
	2023		2022
	(in millions)
Balance, BOP	$	4,987	$	13,392
Effect of cumulative changes in NPR	1,828		898
Balance, BOP, before effect of changes in NPR	6,815		14,290
Attributed fees collected	601		734
Claims paid	(59)		(33)
Interest accrual	173		31
Actual in force different from expected	36		61
Effect of changes in interest rates	(696)		(6,078)
Effect of changes in equity markets	(1,389)		3,669
Effect of assumption update	342		(152)
Issuances	5		0


Other adjustments(1)	(22)		(3,993)
Balance, EOP, before effect of changes in NPR	5,806		8,529
Effect of cumulative changes in NPR	(1,751)		(2,197)
Balance, EOP	4,055		6,332
Less: Reinsured MRB	637		41
Balance, EOP, net of reinsurance	3,418		6,291
Other businesses	93		133
Total net MRB balance	$	3,511	$	6,424

_________

(1)2022 includes $4,061 million related to the sale of PALAC. See Note 1 for additional information.

The following table presents accompanying information to the rollforward table above.


	June 30, 2023		June 30, 2022
	($ in millions)
Net amount at risk(1)	$	10,885	$	11,538
Weighted-average attained age of contractholders	69		68

___________

(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.

The tables below reconcile MRB asset and liability positions as of the following dates:


	June 30, 2023
	Retirement Strategies
	Individual Variable		Other Businesses		Total
	(in millions)
MRB Assets	$	1,937	$	14	$	1,951
MRB Liabilities	5,355		107		5,462
Net Liability	$	3,418	$	93	$	3,511


	June 30, 2022
	Retirement Strategies
	Individual Variable		Other Businesses		Total
	(in millions)
MRB Assets	$	856	$	13	$	869
MRB Liabilities	7,147		146		7,293
Net Liability	$	6,291	$	133	$	6,424