MARKET RISK BENEFITS

3 Months Ended

Mar. 31, 2024

The following table presents the balances and changes to the balances for market risk benefits for the GMxB benefits on deferred variable annuities:


	Three Months Ended March 31, 2024
	GMxB Core		Purchased MRB Core		Net GMxB Core		GMxB Legacy		Purchased MRB Legacy		Net GMxB Legacy
	(Dollars in millions)
Balance, beginning of period	$	578	$	(1,180)	$	(602)	$	13,410	$	(15,519)	$	(2,109)
Beginning balance before changes in the instrument specific credit risk	324		(1,266)		(942)		13,020		(15,543)		(2,523)
Model changes and effect of changes in cash flow assumptions	—		—		—		—		1		1
Actual market movement effect	(151)		147		(4)		(788)		746		(42)
Interest accrual	15		(4)		11		161		(168)		(7)
Attributed fees accrued (1)	92		(83)		9		200		(154)		46
Benefit payments	(10)		10		—		(321)		314		(7)
Actual policyholder behavior different from expected behavior	3		1		4		(23)		13		(10)
Changes in future economic assumptions	(176)		203		27		(923)		972		49
Issuances	—		—		—		—		—		—
Ending balance before changes in the instrument-specific credit risk	97		(992)		(895)		11,326		(13,819)		(2,493)
Changes in the instrument-specific credit risk (2)	231		92		323		375		36		411
Balance, end of period	$	328	$	(900)	$	(572)	$	11,701	$	(13,783)	$	(2,082)

Weighted-average age of policyholders (years)	64.8		65.1		N/A		73.2		73.5		N/A
Net amount at risk	$	2,762	$	2,729	N/A		$	19,673	$	19,360	N/A

_______________

(1) Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.

(2) Changes are recorded in OCI.


	Three Months Ended March 31, 2023
	GMxB Core		GMxB Legacy		Purchased MRB Legacy		Net GMxB Legacy
	(Dollars in millions)
Balance, beginning of period	$	539	$	14,699	$	(10,493)	$	4,206
Beginning balance before changes in the instrument specific credit risk	538		15,314		(10,439)		4,875
Model changes and effect of changes in cash flow assumptions	—		—		—		—
Actual market movement effect	(206)		(744)		393		(351)
Interest accrual	18		197		(155)		42
Attributed fees accrued (1)	94		210		(83)		126
Benefit payments	(12)		(342)		185		(157)
Actual policyholder behavior different from expected behavior	5		21		(17)		4
Changes in future economic assumptions	123		943		(532)		412
Issuances	—		—		—		—
Ending balance before changes in the instrument-specific credit risk	560		15,599		(10,648)		4,952
Changes in the instrument-specific credit risk (2)	(227)		(1,517)		(98)		(1,616)


	Three Months Ended March 31, 2023
	GMxB Core		GMxB Legacy		Purchased MRB Legacy		Net GMxB Legacy
	(Dollars in millions)
Balance, end of period	$	333	$	14,082	$	(10,746)	$	3,336

Weighted-average age of policyholders (years)	63.8		72.8		67.7		N/A
Net amount at risk	$	3,278	$	21,472	$	10,036	N/A

_______________

(1) Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.

(2) Changes are recorded in OCI.

The following table reconciles market risk benefits by the amounts in an asset position and amounts in a liability position to the market risk benefit amounts in the consolidated balance sheets:


	March 31, 2024										December 31, 2023
	MRB Asset		MRB Liability		Net MRB		Purchased MRB		Total		MRB Asset		MRB Liability		Net MRB		Purchased MRB		Total
	(in millions)
GMxB Core	$	(533)	$	861	$	328	$	(900)	$	(572)	$	(410)	$	988	$	578	$	(1,180)	$	(602)
GMxB Legacy	(171)		11,872		11,701		(13,783)		(2,082)		(103)		13,513		13,410		(15,519)		(2,109)
Other	(80)		58		(22)		(6)		(28)		(61)		69		8		(30)		(22)
Total	$	(784)	$	12,791	$	12,007	$	(14,689)	$	(2,682)	$	(574)	$	14,570	$	13,996	$	(16,729)	$	(2,733)