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v3.23.1

MARKET RISK BENEFITS | 3 Months Ended
--- | ---
Mar. 31, 2023
Market Risk Benefit [Abstract] |
MARKET RISK BENEFITS | MARKET RISK BENEFITSThe following table presents the balances and changes to the balances for the market risk benefits for the GMxB benefits on deferred variable annuities for the three months ended and as of March 31, 2023 and 2022.
| March 31, 2023 |  | March 31, 2022 |
| Individual Retirement |  | Legacy |  | Individual Retirement |  | Legacy |
| GMxB Core |  | GMxB Legacy |  | Purchased MRB (3) |  | Net Legacy |  | GMxB Core |  | GMxB Legacy |  | Purchased MRB (3) |  | Net Legacy |  |  |  |  |
| (in millions)
Balance, beginning of the period (“BOP”) | $ | 530 |  |  | $ | 14,699 |  |  | $ | (10,415) |  |  | $ | 4,284 |  |  | $ | 1,061 |  |  | $ | 20,236 |  |  | $ | (14,059) |  |  | $ | 6,177 |  |  |  |  |  |
Balance BOP before changes in the instrument specific credit risk | 529 |  |  | 15,314 |  |  | (10,358) |  |  | 4,956 |  |  | 666 |  |  | 19,719 |  |  | (14,051) |  |  | 5,668 |  |  |  |  |  |
Model changes and effect of changes in cash flow assumptions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (87) |  |  | 29 |  |  | (58) |  |  |  |  |  |
Actual market movement effect | (211) |  |  | (744) |  |  | 387 |  |  | (357) |  |  | 328 |  |  | 1,098 |  |  | (399) |  |  | 699 |  |  |  |  |  |
Interest accrual | 18 |  |  | 197 |  |  | (153) |  |  | 44 |  |  | 5 |  |  | 104 |  |  | (61) |  |  | 43 |  |  |  |  |  |
Attributed fees accrued (1) | 95 |  |  | 209 |  |  | (83) |  |  | 126 |  |  | 92 |  |  | 219 |  |  | (86) |  |  | 133 |  |  |  |  |  |
Benefit payments | (12) |  |  | (342) |  |  | 185 |  |  | (157) |  |  | (5) |  |  | (251) |  |  | 136 |  |  | (115) |  |  |  |  |  |
Actual policyholder behavior different from expected behavior | 7 |  |  | 21 |  |  | (18) |  |  | 3 |  |  | 1 |  |  | 33 |  |  | (15) |  |  | 18 |  |  |  |  |  |
Changes in future economic assumptions | 125 |  |  | 944 |  |  | (530) |  |  | 414 |  |  | (542) |  |  | (2,934) |  |  | 2,006 |  |  | (928) |  |  |  |  |  |
Issuances | (1) |  |  | — |  |  | — |  |  | — |  |  | (5) |  |  | — |  |  | — |  |  | — |  |  |  |  |  |
Balance EOP before changes in the instrument-specific credit risk | $ | 550 |  |  | $ | 15,599 |  |  | $ | (10,570) |  |  | $ | 5,029 |  |  | $ | 540 |  |  | $ | 17,901 |  |  | $ | (12,441) |  |  | $ | 5,460 |  |  |  |  |  |
Changes in the instrument-specific credit risk (2) | (233) |  |  | (1,517) |  |  | (99) |  |  | (1,616) |  |  | (42) |  |  | (970) |  |  | (66) |  |  | (1,036) |  |  |  |  |  |
Balance, end of the period (“EOP”) | $ | 317 |  |  | $ | 14,082 |  |  | $ | (10,669) |  |  | $ | 3,413 |  |  | $ | 498 |  |  | $ | 16,931 |  |  | $ | (12,507) |  |  | $ | 4,424 |  |  |  |  |  |
Weighted-average age of policyholders (years) | 63.7 |  | 72.8 |  | 67.7 |  | N/A |  | 62.8 |  | 72.2 |  | 67.1 |  | N/A |  |  |  |  |
Net amount at risk | $ | 3,287 |  |  | $ | 21,472 |  |  | $ | 10,045 |  |  | N/A |  | $ | 1,787 |  |  | $ | 17,987 |  |  | $ | 7,657 |  |  | N/A |  |  |  |  |
_____________ (1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims. (2)Changes are recorded in OCI. (3)Purchased MRB is the impact of non-affiliated reinsurance. The following table reconciles market risk benefits by the amounts in an asset position and amounts in a liability position to the market risk amounts in the consolidated balance sheet as of March 31, 2023 and December 31, 2022.
| March 31, 2023 |  | December 31, 2022
| Direct Asset |  | Direct Liability |  | Net Direct MRB |  | Purchased MRB |  | Total |  | Direct Asset |  | Direct Liability |  | Net Direct MRB |  | Purchased MRB |  | Total |
| (in millions) |
Legacy Segment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GMxB Legacy | $ | (74) |  |  | $ | 14,156 |  |  | $ | 14,082 |  |  | $ | (10,669) |  |  | $ | 3,413 |  |  | $ | (51) |  |  | $ | 14,749 |  |  | $ | 14,699 |  |  | $ | (10,412) |  |  | $ | 4,287 |  |
Individual Retirement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GMxB Core | (498) |  |  | 815 |  |  | 317 |  |  | — |  |  | 317 |  |  | (387) |  |  | 917 |  |  | 530 |  |  | — |  |  | 530 |  |
Other (1) | (57) |  |  | 90 |  |  | 33 |  |  | (7) |  |  | 26 |  |  | (52) |  |  | 100 |  |  | 47 |  |  | (11) |  |  | 36 |  |
Total | $ | (629) |  |  | $ | 15,061 |  |  | $ | 14,432 |  |  | $ | (10,676) |  |  | $ | 3,756 |  |  | $ | (490) |  |  | $ | 15,766 |  |  | $ | 15,276 |  |  | $ | (10,423) |  |  | $ | 4,853 |  |
______________ (1)Other primarily includes Individual EQUI-VEST MRB.

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- Definition The entire disclosure for cost related directly to successful acquisition of new and renewal of insurance contract. Includes, but is not limited to, deferred policy acquisition cost, deferred sale inducement cost, and present value of future profit of insurance contract acquired in business combination. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=4737841 + Details
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- References No definition available. + Details
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