Market Risk Benefits (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of 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 nine months ended September 30, 2024 and the year ended December 31, 2023:


	September 30, 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	78		—		(10)		—
Attributed fees collected and interest accrual	103		—		131		—
Actual policyholder behavior different from expected	8		—		27		—
Changes in assumptions and other	32		—		29		—


Effects of market related movements	(31)		—		(70)		—
Balance, end of period, before effect of changes in the instrument-specific credit risk	399		1		209		1
Effect of changes in the instrument-specific credit risk	112		—		105		—
Balance, end of period, net liability	511		1		314		1
Less: reinsured market risk benefits	43		—		—		—
Balance, end of period, net of reinsurance	$	468	$	1	$	314	$	1

Weighted-average attained age of policyholders weighted by total AV (years)	68.04		72.47		68.28		72.59
Net amount at risk	$	1,390	$	2	$	1,059	$	2

Schedule of Reconciliation of Asset and Liability

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:


	September 30, 2024						December 31, 2023
	Direct		Reinsured		Net		Direct		Reinsured		Net
	(In millions)
MRB asset
Indexed annuities	$	91	$	43	$	134	$	88	$	—	$	88

Total MRB asset	$	91	$	43	$	134	$	88	$	—	$	88

MRB liability
Indexed annuities	$	602	$	—	$	602	$	402	$	—	$	402
Fixed rate annuities	1		—		1		1		—		1
Total MRB liability	$	603	$	—	$	603	$	403	$	—	$	403