MARKET RISK BENEFITS

12 Months Ended

Dec. 31, 2023

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


	Year Ended December 31,
	2023				2022				2021
	GMxB Core		GMxB Legacy		GMxB Core		GMxB Legacy		GMxB Core		GMxB Legacy
	(Dollars in millions)
Balance, beginning of period	$	(6)	$	—	$	—	$	—	$	—	$	—
Balance BOP before changes in the instrument specific credit risk	(5)		—		1		—		—		—
Model changes and effect of changes in cash flow assumptions	54		(44)		—		—		—		—
Actual market movement effect	(231)		(467)		13		—		(1)		—
Interest accrual	31		213		—		—		—		—
Attributed fees accrued (1)	282		252		4		—		—		—
Benefit payments	(35)		(407)		—		—		—		—
Actual policyholder behavior different from expected behavior	20		(26)		5		—		1		—
Changes in future economic assumptions	(491)		(737)		(28)		—		—		—
Issuances (2)	1,309		6,911		—		—		1		—
Balance EOP before changes in the instrument-specific credit risk	934		5,695		(5)		—		1		—
Changes in the instrument-specific credit risk (3)	257		387		(1)		—		(1)		—
Balance, end of period	$	1,191	$	6,082	$	(6)	$	—	$	—	$	—

Weighted-average age of policyholders (years)	64.7		73.8		61.0		—		59.4		—
Net amount at risk	$	2,937	$	9,899	$	13	$	—	$	—	$	—

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

(2)Issuances are related to the Reinsurance Treaty with Equitable Financial. See Note 1 of the Notes to these Consolidated Financial Statements.

(3)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:


	Year Ended December 31,
	2023										2022
	MRB Asset		MRB Liability		Net MRB		Purchased MRB		Total		MRB Asset		MRB Liability		Net MRB		Purchased MRB		Total
	(in millions)

GMxB Core	$	(14)	$	1,205	$	1,191	$	—	$	1,191	$	(11)	$	5	$	(6)	$	—	$	(6)
GMxB Legacy	—		6,082		6,082		—		6,082		—		—		—		—		—
Other (1)	(10)		46		36		(9)		27		—		11		11		(13)		(2)
Total	$	(24)	$	7,333	$	7,309	$	(9)	$	7,300	$	(11)	$	16	$	5	$	(13)	$	(8)

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(1)Other, for December 31, 2023, primarily reflects EQUI-VEST Individual. Other, for December 31, 2022, primarily reflects Protective Life Reinsured business.