Market Risk Benefits (Tables)

3 Months Ended

Mar. 31, 2024

Balances and Changes in Market Risk Benefit

The following table presents the balances of and changes in MRBs associated with indexed annuities and fixed rate annuities for the three months ended March 31, 2024 and the year ended December 31, 2023:


	March 31, 2024				December 31, 2023
	Indexed annuities		Fixed rate annuities		Indexed annuities		Fixed rate annuities
	(In millions)
Balance, beginning of period, net liability	$	314	$	1	$	164	$	1

Balance, beginning of period, before effect of changes in the instrument-specific credit risk	$	209	$	1	$	102	$	1
Issuances and benefit payments	12		—		(10)		—
Attributed fees collected and interest accrual	36		—		131		—
Actual policyholder behavior different from expected	8		—		27		—
Changes in assumptions and other	(2)		—		29		—


Effects of market related movements	(37)		—		(70)		—
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	226	$	1	$	209	$	1
Effect of changes in the instrument-specific credit risk	103		—		105		—
Balance, end of period, net liability	$	329	$	1	$	314	$	1



Weighted-average attained age of policyholders weighted by total AV (years)	68.20		72.55		68.28		72.59
Net amount at risk	$	1,091	$	2	$	1,059	$	2

The following table reconciles MRBs by amounts in an asset position and amounts in a liability position to the MRBs amounts in the accompanying unaudited Condensed Consolidated Balance Sheets:


	March 31, 2024						December 31, 2023
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
Fixed rate annuities	$	—	$	1	$	1	$	—	$	1	$	1
Indexed annuities	95		424		329		88		402		314
Total	$	95	$	425	$	330	$	88	$	403	$	315