MRBs (Tables)

9 Months Ended

Sep. 30, 2023

Summary of Balances of Changes in Net MRB (Assets) Liabilities



	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	)

Reconciles of MRBs Assets and Liabilities



	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.