Market Risk Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Market Risk Benefits In Asset and Liability Positions


	January 1, 2021
	Market Risk Benefits(1)
	Retirement Strategies		Other Businesses		Total
	Individual Variable
	(in millions)
Liability for guaranteed benefits recorded at fair value, prior to transition	$	18,731	$	148	$	18,879
AIR to be reclassified to MRBs, prior to transition, excluding amounts related to unrealized investment gains and losses	824		140		964
Total liability prior to transition	19,555		288		19,843
Change in reserve basis to MRB framework	122		98		220
MRBs after transition, at current NPR value	19,677		386		20,063
Less: Reinsured MRBs	204		7		211
MRBs after transition, net of reinsurance	19,473		379		19,852

MRBs after transition, at contract inception NPR value	21,259		392		21,651
Cumulative change in NPR	1,582		6		1,588
MRBs after transition, at current NPR value	$	19,677	$	386	$	20,063

__________

(1)For additional information regarding market risk benefits, see Note 14.

The following table shows a rollforward of MRB balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:


	Year Ended December 31,
	2023		2022		2021
	(in millions)
Balance, BOP	$	4,987	$	13,392	$	19,677
Effect of cumulative changes in NPR	1,828		898		1,582
Balance, BOP, before effect of changes in NPR	6,815		14,290		21,259
Attributed fees collected	1,186		1,339		1,637
Claims paid	(114)		(99)		(78)
Interest accrual	317		157		35
Actual in force different from expected	80		126		22
Effect of changes in interest rates	(1,480)		(8,374)		(4,439)
Effect of changes in equity markets	(1,952)		3,522		(3,816)
Effect of assumption update	342		(152)		(330)
Issuances	23		0		0


Other adjustments(1)	(42)		(3,994)		0


Balance, EOP, before effect of changes in NPR	5,175		6,815		14,290
Effect of cumulative changes in NPR	(1,137)		(1,828)		(898)
Balance, EOP	4,038		4,987		13,392
Less: Reinsured MRBs	616		24		109
Balance, EOP, net of reinsurance	3,422		4,963		13,283
Other businesses	64		101		288
Reclassified to “Assets and Liabilities held-for-sale”(2)	0		0		(4,340)
Total net MRB balance	$	3,486	$	5,064	$	9,231

__________

(1)2022 includes $(4,061) million related to the sale of PALAC. See Note 1 for additional information.

(2)2021 includes “Assets held-for-sale” of $(102) million and “Liabilities held-for-sale” of $(4,324) million related to the sale of PALAC and “Liabilities held-for-sale” of $(118) million related to the sale of Full Service (in Other businesses).

The following table presents accompanying information to the rollforward table above.


	December 31, 2023		December 31, 2022		December 31, 2021
	($ in millions)
Net amount at risk(1)	$	9,753	$	13,180	$	5,160
Weighted-average attained age of contractholders	70		69		67

___________

(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.

The tables below reconcile MRB asset and liability positions as of the following dates:


	December 31, 2023
	Retirement Strategies
	Individual Variable		Other Businesses		Total
	(in millions)
MRB Assets	$	1,967	$	14	$	1,981
MRB Liabilities	5,389		78		5,467
Net Liability	$	3,422	$	64	$	3,486


	December 31, 2022
	Retirement Strategies
	Individual Variable		Other Businesses		Total
	(in millions)
MRB Assets	$	787	$	13	$	800
MRB Liabilities	5,750		114		5,864
Net Liability	$	4,963	$	101	$	5,064


	December 31, 2021
	Retirement Strategies
	Individual Variable		Other Businesses		Total
	(in millions)
MRB Assets(1)	$	927	$	17	$	944
MRB Liabilities(2)	9,988		187		10,175
Net Liability	$	9,061	$	170	$	9,231

__________

(1)Excludes “Assets held-for-sale” of $(102) million, as described above.

(2)Excludes “Liabilities held-for-sale” of $(4,442) million, as described above.