The following table reconciles MRBs (in millions) to MRB assets and MRB liabilities on the Consolidated Balance Sheets:



	As of September 30, 2023							As of December 31, 2022
					Net							Net
					(Assets)							(Assets)
	Assets		Liabilities		Liabilities			Assets		Liabilities		Liabilities
Variable Annuities	$	3,966	$	1,293	$	(2,673	)	$	2,666	$	2,004	$	(662	)
Fixed Annuities		105		88		(17	)		117		72		(45	)
Retirement Plan Services		37		4		(33	)		24		2		(22	)
Total MRBs	$	4,108	$	1,385	$	(2,723	)	$	2,807	$	2,078	$	(729	)

The following table summarizes the balances of and changes in net MRB (assets) liabilities (in millions):



	As of or For the Nine Months Ended									As of or For the Year Ended
	September 30, 2023									December 31, 2022
							Retirement									Retirement
	Variable			Fixed			Plan			Variable			Fixed			Plan
	Annuities			Annuities			Services			Annuities			Annuities			Services
Balance as of beginning-of-year	$	(662	)	$	(45	)	$	(22	)	$	2,398		$	114		$	(1	)
Less: Effect of cumulative changes in
non-performance risk		(2,173	)		(40	)		(2	)		(2,425	)		(44	)		(13	)
Balance as of beginning-of-year, before the effect
of changes in non-performance risk		1,511			(5	)		(20	)		4,823			158			12
Issuances		3			-			-			12			-			(3	)
Attributed fees collected		1,127			23			4			1,571			32			6
Benefit payments		(49	)		-			-			(63	)		-			-
Effect of changes in interest rates		(2,347	)		(66	)		(7	)		(9,346	)		(232	)		(55	)
Effect of changes in equity markets		(1,430	)		(5	)		(6	)		4,293			12			18
Effect of changes in equity index volatility		(358	)		6			(3	)		(225	)		14			(1	)
In-force updates and other changes in MRBs ⁽¹⁾		182			4			-			661			10			3
Effect of assumption review:
Effect of changes in future expected
policyholder behavior		(33	)		70			-			(158	)		1			-
Effect of changes in other future expected
assumptions ⁽²⁾		(66	)		15			(2	)		(57	)		-			-
Balance as of end-of-period, before the effect of
changes in non-performance risk		(1,460	)		42			(34	)		1,511			(5	)		(20	)
Effect of cumulative changes in
non-performance risk		(1,213	)		(59	)		1			(2,173	)		(40	)		(2	)
Balance as of end-of-period		(2,673	)		(17	)		(33	)		(662	)		(45	)		(22	)
Less: ceded MRB assets (liabilities)		(303	)		-			-			(193	)		-			-
Balance as of end-of-period, net of reinsurance	$	(2,370	)	$	(17	)	$	(33	)	$	(469	)	$	(45	)	$	(22	)

Weighted-average age of policyholders (years)		72			68			63			71			68			63
Net amount at risk ⁽³⁾		6,235			188			9			7,974			171			15

⁽¹⁾Consists primarily of changes in MRB assets and liabilities related to differences between separate account fund performance and modeled indices and other changes such as actual to expected policyholder behavior.

⁽²⁾Consists primarily of the update of fund mapping, volatility and other capital market assumptions.

⁽³⁾Net amount at risk (“NAR”) is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For GLBs, the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit feature exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation.

For the nine months ended September 30, 2023, Variable Annuities had a favorable impact to net income (loss) attributable to the annual assumption review from updates to volatility and policyholder GLB utilization behavior assumptions, partially offset by unfavorable impacts from updates to mortality and policyholder lapse behavior assumptions. For the nine months ended September 30, 2023, Fixed Annuities had an unfavorable impact to net income (loss) attributable to the annual assumption review from updates to mortality and policyholder GLB utilization and lapse behavior assumptions. Retirement Plan Services did not have any significant assumption updates.

For the year ended December 31, 2022, Variable Annuities had a favorable impact to net income (loss) attributable to the annual assumption review from updates to policyholder benefit utilization behavior and fund mapping and volatility assumptions. Fixed Annuities and Retirement Plan Services did not have any significant assumption updates.