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Market Risk Benefits (Tables)

3 Months Ended

Mar. 31, 2025

Summary of disaggregated MRB amounts in an asset and liability position (Table)


	March 31, 2025						December 31, 2024
					Net asset						Net asset
	Asset		Liability		(liability)		Asset		Liability		(liability)

	(in millions)
Retirement and Income Solutions:
Individual variable annuities	$	158.7	$	80.4	$	78.3	$	199.5	$	62.1	$	137.4
Total MRB per consolidated statements of financial position	$	158.7	$	80.4	$	78.3	$	199.5	$	62.1	$	137.4

Summary of quantitative information about the significant unobservable inputs used for fair value measurements of MRBs (Table)


	March 31, 2025						December 31, 2024
					Weighted-						Weighted-
	Range of inputs				Average		Range of inputs				Average
Retirement and Income Solutions:
Individual variable annuities
Long-term interest rate (1)	4.59	-	4.62	%	4.60	%	4.78	-	4.85	%	4.81	%
Long-term equity market volatility	18.10	-	35.43	%	21.70	%	18.10	-	35.53	%	21.76	%
Nonperformance risk	0.49	-	1.23	%	1.02	%	0.40	-	1.10	%	0.89	%
Lapse rate	0.90	-	55.00	%	6.07	%	0.90	-	55.00	%	5.79	%

(1)	Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. The rate curves are derived from an interpolation between various observable swap rates.

Retirement and Income Solutions

Market Risk Benefits

Summary of significant changes to inputs and assumptions that impacted the change in the MRB fair value measurement (Table)

	For the three months ended		For the year ended
	March 31, 2025		December 31, 2024
		Change in net		Change in net
	Change in input	MRB asset (liability)	Change in input	MRB asset (liability)
Long-term interest rate	Decreased	Unfavorable	Increased	Favorable
Equity markets	Decreased	Unfavorable	Increased	Favorable
Equity market volatilities	Decreased	Unfavorable (1)	Decreased	Favorable
Own nonperformance risk	Increased	Favorable	Decreased	Unfavorable

(1)

The weighted - average equity market volatility input is calculated using market - implied volatilities and the difference between account values and the present value of future benefits. An equity market decline during first quarter 2025 shifted this calculation, moving the block along the volatility curve. As a result, the weighted - average market volatility input decreased despite rising equity market volatility, which results in unfavorable impacts to the net MRB asset (liability).

Retirement and Income Solutions | Individual variable annuities

Market Risk Benefits

Summary of net asset (liability) balances and the changes in the valuation of the MRBs (Table)

The net asset (liability) balances and the changes in the valuation of the MRBs for Individual variable annuities were as follows:


	For the three months ended		For the year ended
	March 31, 2025		December 31, 2024

	($ in millions)
Balance at beginning of period	$	137.4	$	41.5
Effect of changes in nonperformance risk at beginning of period		19.0		7.7
Adjusted balance at beginning of period		156.4		49.2
Effect of:
Interest accrual and expected policyholder behavior		(14.8)		(66.8)
Benefit payments		—		0.6
Changes in interest rates		(21.5)		100.4
Changes in equity markets		(17.8)		92.4
Changes in equity index volatility		(5.9)		12.0
Actual policyholder behavior different from expected behavior		(1.8)		(12.7)
Changes in future expected policyholder behavior		—		(20.2)
Changes in other future expected assumptions		—		1.5
Adjusted balance at end of period		94.6		156.4
Effect of changes in nonperformance risk at end of period		(16.3)		(19.0)
Balance at end of period	$	78.3	$	137.4

Weighted-average attained age of policyholders (years) (1)		67.3		67.4
Net amount at risk (2)	$	132.4	$	46.8

(1)	The weighted-average attained age is calculated at the contract level using the total contributions since inception and the age of the contractholders.

(2)

The net amount at risk for our GMDB riders is defined as the current GMDB amount in excess of the current account balance. The net amount at risk for our GMWB riders is defined as the greater of the present value of the GMWB payments less the current account balance or zero. For contracts with both GMDB and GMWB riders, the net amount at risk is the greater of the GMDB or GMWB net amount at risk. We had an increase in the net amount at risk in 2025 primarily as a result of decreases in the equity markets.