MARKET RISK BENEFITS

3 Months Ended

Mar. 31, 2024

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


	Three Months Ended March 31,
	2024				2023
	GMxB Core		GMxB Legacy		GMxB Core		GMxB Legacy
	(Dollars in millions)
Balance, beginning of period	$	1,191	$	6,082	$	(6)	$	—
Balance BOP before changes in the instrument specific credit risk	934		5,695		(5)		—
Model changes and effect of changes in cash flow assumptions	—		—		—		—
Actual market movement effect	(150)		(333)		(5)		—
Interest accrual	9		58		—		—
Attributed fees accrued (1)	85		73		1		—
Benefit payments	(10)		(145)		—		—
Actual policyholder behavior different from expected behavior	2		(3)		2		—
Changes in future economic assumptions	(213)		(408)		3		—
Issuances (2)	(2)		163		—		—
Balance EOP before changes in the instrument-specific credit risk	655		5,100		(4)		—
Changes in the instrument-specific credit risk (3)	232		350		(7)		—
Balance, end of period	$	887	$	5,450	$	(11)	$	—

Weighted-average age of policyholders (years)	64.9		73.9		61.3		—
Net amount at risk	$	2,731	$	9,405	$	9	$	—

_______________

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

(2)GMxB Legacy issuances are related to the Reinsurance Treaty with Equitable Financial. Equitable Financial completed in Q1 2024 a non-affiliated recapture of reinsurance. The Company assumed in MRBs related to the policies recaptured.

(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:


	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	$	(25)	$	912	$	887	$	—	$	887	$	(14)	$	1,205	$	1,191	$	—	$	1,191
GMxB Legacy	—		5,450		5,450		—		5,450		—		6,082		6,082		—		6,082
Other	(9)		21		12		(7)		5		(10)		46		36		(9)		27
Total	$	(34)	$	6,383	$	6,349	$	(7)	$	6,342	$	(24)	$	7,333	$	7,309	$	(9)	$	7,300