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 | |
__________ (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 | | | | | | | |
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