Market Risk Benefits (Tables)

6 Months Ended

Jun. 30, 2023

Balances of and Changes In Market Risk Benefits

The following tables present the balances of and changes in market risk benefits associated with guaranteed minimum withdrawal benefits, guaranteed annuitization benefits, and guaranteed minimum death benefits.


	Six Months Ended June 30, 2023
	Guaranteed Minimum Withdrawal Benefits		Guaranteed Annuitization Benefits	Guaranteed Minimum Death Benefits

	(In thousands)

Balance, beginning of period	$	97,552	69,466	—
Balance, beginning of period, before effect of changes in instrument-specific credit risk	97,552		69,466	—
Issuances	87		—	—
Interest accrual	—		—	—
Attributed fees collected	20,641		—	—
Benefit payments	—		—	—
Effect of changes in interest rates	22,661		(533)	—
Effect of changes in equity markets	—		—	—
Effect of changes in equity index volatility	—		—	—
Actual policyholder behavior different from expected behavior	(1,071)		—	—
Effect of changes in future expected policyholder behavior	—		—	—
Effect of changes in other future expected assumptions	—		—	—

Balance, end of period, before effect of changes in instrument-specific credit risk	139,870		68,933	—
Effect of changes in the instrument-specific credit risk	—		—	—

Balance, end of period	139,870		68,933	—
Less reinsurance recoverable, end of period	(5,032)		(69,314)	—

Balance, end of period, net of reinsurance	$	134,838	(381)	—

Net amount at risk	$	1,056,494	126,234	—
Weighted-average attained age of contract holders	69.4		67.6	0.0


	Six Months Ended June 30, 2022
	Guaranteed Minimum Withdrawal Benefits		Guaranteed Annuitization Benefits	Guaranteed Minimum Death Benefits

	(In thousands)

Balance, beginning of period	$	231,859	67,974	—
Balance, beginning of period, before effect of changes in instrument-specific credit risk	231,859		67,974	—
Issuances	412		—	—
Interest accrual	—		—	—
Attributed fees collected	21,099		—	—
Benefit payments	—		—	—
Effect of changes in interest rates	(135,140)		(6,537)	—
Effect of changes in equity markets	—		—	—
Effect of changes in equity index volatility	—		—	—
Actual policyholder behavior different from expected behavior	(2,909)		—	—
Effect of changes in future expected policyholder behavior	—		—	—
Effect of changes in other future expected assumptions	—		—	—

Balance, end of period, before effect of changes in instrument-specific credit risk	115,321		61,437	—
Effect of changes in the instrument-specific credit risk	—		—	—

Balance, end of period	115,321		61,437	—
Less reinsurance recoverable, end of period	(1)		(61,659)	—

Balance, end of period, net of reinsurance	$	115,320	(222)	—

Net amount at risk	$	950,843	128,535	—
Weighted-average attained age of contract holders	68.8		66.8	0.0

The following table summarizes Market risk benefits liability balances separately by amounts in an asset position and amounts in a liability position to the Market risk benefits liability amounts as of the end of the following periods.


	June 30, 2023				June 30, 2022
	Asset		Liability	Net liability	Asset	Liability	Net liability

	(In thousands)

Guaranteed minimum withdrawal benefit	$	40,073	179,943	139,870	42,358	157,679	115,321
Guaranteed annuitization benefits	—		68,933	68,933	—	61,437	61,437

Balance, end of period	$	40,073	248,876	208,803	42,358	219,116	176,758