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Market Risk Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Insurance [Abstract]  
Market Risk Benefit, Activity
The following table presents the transition rollforward of MRBs:
Individual
Retirement		Group
Retirement		Total
(in millions)
Pre-adoption December 31, 2020 carrying amount for features now classified as MRBs$— $— $— 
Adjustment for the reclassification of the embedded derivative liability from policyholder contract deposits, net of the host adjustment(s)(a)
5,671 576 6,247 
Adjustment for the reclassification of additional liabilities from Future policy benefits(b)
1,388 221 1,609 
Adjustments for the cumulative effect of the changes to our own credit risk between the original contract issuance date and the Transition Date(c)
2,140 187 2,327 
Adjustment for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses)(d)
(516)(89)(605)
Adjustment for the remaining difference (exclusive of our own credit risk change and host contract adjustments) between previous carrying amount and fair value measurement for the MRB(e)
(1,084)(93)(1,177)
Post-adoption January 1, 2021 carrying amount for features now classified as MRBs$7,599 $802 $8,401 
(a)Adjustments for the reclassification from Policyholder contract deposits represents certain contract guarantees (e.g., GMWBs) that were previously classified as embedded derivatives, but have been reclassified as MRBs as of January 1, 2021, and the related host impact. The impact on Retained earnings or AOCI resulting from the simultaneous remeasurement of the guarantee as a market risk benefit is reflected in the lines below.
(b)Adjustments for the reclassification from Future policy benefits represents contract guarantees (e.g., GMDBs) that were previously classified as insurance liabilities within Future policy benefits, but have been reclassified as MRBs as of January 1, 2021. The impact on Retained earnings or AOCI resulting from the simultaneous remeasurement of the guarantee as a market risk benefit is reflected in the lines below.
(c)Adjustments for the cumulative effect of the changes to our own credit risk between the original contract issuance date and the Transition Date are recognized in AOCI.
(d)Adjustment for the removal of related balances in AOCI originating from unrealized gains (losses) with an offset to AOCI relate to the additional liabilities reclassified from Future policy benefits in the line above.
(e)Adjustment for the remaining difference represents the measurement of MRBs at fair value, excluding the impact of our own credit risk with an offset to Retained earnings.
The following is a reconciliation of MRBs by amounts in an asset position and in liability position to the MRB amounts in the Consolidated Balance Sheets at transition:
Individual
Retirement		Group
Retirement		Total
(in millions)
Market risk benefit in an asset position$176 $— $176 
Reinsured market risk benefit162 — 162 
Market risk benefit assets, at fair value338 — 338 
Market risk benefit liabilities, at fair value7,937 802 8,739 
Market risk benefit, net, January 1, 2021$7,599 $802 $8,401 
The following table presents the balances of and changes in MRBs:
Years Ended December 31,202320222021
Individual
Retirement		Group
Retirement		TotalIndividual
Retirement		Group
Retirement		TotalIndividual
Retirement		Group
Retirement		Total
(in millions, except for attained age of contract holders)
Balance, beginning of year$3,738 $296 $4,034 $6,452 $582 $7,034 $7,761 $802 $8,563 
Effect of changes in our own credit risk(441)(24)(465)(1,934)(167)(2,101)(2,140)(187)(2,327)
Balance, beginning of year, before effect of changes in our own credit risk$3,297 $272 $3,569 4,518 415 4,933 5,621 615 6,236 
Issuances681 37 718 263 25 288 247 28 275 
Interest accrual156 15 171 172 21 193 142 21 163 
Attributed fees803 63 866 864 70 934 805 74 879 
Expected claims(91)(3)(94)(83)(2)(85)(54)(2)(56)
Effect of changes in interest rates(139)(13)(152)(4,087)(371)(4,458)(1,098)(107)(1,205)
Effect of changes in interest rate volatility(69)(3)(72)263 18 281 74 4 78 
Effect of changes in equity markets(1,236)(109)(1,345)1,382 122 1,504 (1,414)(203)(1,617)
Effect of changes in equity index volatility(14)(5)(19)(75)1 (74)33 20 53 
Actual outcome different from model expected outcome188 7 195 164 (3)161 106 8 114 
Effect of changes in future expected policyholder behavior(1)1 — (2)(18)(20)53 (36)17 
Effect of changes in other future expected assumptions(85)(39)(124)(85)— (85)— — — 
Other, including foreign exchange— (3)(3)3 (6)(3)3 (7)(4)
Balance, end of year, before effect of changes in our own credit risk3,490 220 3,710 3,297 272 3,569 4,518 415 4,933 
Effect of changes in our own credit risk1,072 88 1,160 441 24 465 1,934 167 2,101 
Balance, end of year4,562 308 4,870 3,738 296 4,034 6,452 582 7,034 
Less: Reinsured MRB, end of year(77)— (77)(94)— (94)(145)— (145)
Net Liability Balance after reinsurance recoverable$4,485 $308 $4,793 $3,644 $296 $3,940 $6,307 $582 $6,889 
Net amount at risk
GMDB only$758 $160 $918 $1,615 $371 $1,986 $684 $159 $843 
GMWB only$152 $13 $165 $27 $1 $28 $831 $118 $949 
Combined*$1,011 $18 $1,029 $2,084 $39 $2,123 $567 $14 $581 
Weighted average attained age of contract holders706470647063
*Certain contracts contain both guaranteed GMDB and GMWB features and are modeled together for the purposes of calculating the MRB.
The following is a reconciliation of MRBs by amounts in an asset position and in a liability position to the MRBs amount in the Consolidated Balance Sheets:
December 31, 2023December 31, 2022
(in millions)Asset*Liability*NetAsset*Liability*Net
Individual Retirement$740 $5,225 $4,485 $661 $4,305 $3,644 
Group Retirement172 480 308 135 431 296 
Total$912 $5,705 $4,793 $796 $4,736 $3,940 
*Cash flows and attributed fees for MRBs are determined on a policy level basis and are reported based on their asset or liability position at the balance sheet date.