Market Risk Benefits (Tables)

6 Months Ended

Jun. 30, 2024

Market Risk Benefits In Asset and Liability Positions

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,
	2024		2023
	(in millions)
Balance, BOP	$	4,038	$	4,987
Effect of cumulative changes in NPR	1,137		1,828
Balance, BOP, before effect of changes in NPR	5,175		6,815
Attributed fees collected	569		601
Claims paid	(42)		(59)
Interest accrual	130		173
Actual in force different from expected	(6)		36
Effect of changes in interest rates	(909)		(696)
Effect of changes in equity markets	(1,165)		(1,389)
Effect of assumption update	93		342
Issuances	29		5


Other adjustments	15		(22)
Balance, EOP, before effect of changes in NPR	3,889		5,806
Effect of cumulative changes in NPR	(942)		(1,751)
Balance, EOP	2,947		4,055
Less: Reinsured MRBs	635		637
Balance, EOP, net of reinsurance	2,312		3,418
Other businesses	47		93
Total net MRB balance	$	2,359	$	3,511

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


	June 30, 2024		June 30, 2023
	($ in millions)
Net amount at risk(1)	$	9,358	$	10,885
Weighted-average attained age of contractholders	71		69

__________

(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, 2024
	Retirement Strategies
	Individual Variable		Other Businesses		Total
	(in millions)
Direct and assumed	$	1,441	$	11	$	1,452
Ceded	780		1		781
Total MRB assets	$	2,221	$	12	$	2,233

Direct and assumed	$	4,388	$	59	$	4,447
Ceded	145		0		145
Total MRB liabilities	$	4,533	$	59	$	4,592

Net liability	$	2,312	$	47	$	2,359


	June 30, 2023
	Retirement Strategies
	Individual Variable		Other Businesses		Total
	(in millions)
Direct and assumed	$	1,185	$	11	$	1,196
Ceded	752		3		755
Total MRB assets	$	1,937	$	14	$	1,951

Direct and assumed	$	5,240	$	106	$	5,346
Ceded	115		1		116
Total MRB liabilities	$	5,355	$	107	$	5,462

Net liability	$	3,418	$	93	$	3,511