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MARKET RISK BENEFITS (Tables) | 3 Months Ended
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Mar. 31, 2023
Market Risk Benefit [Abstract] |
Schedule of Market Risk Benefit, Activity | The following table summarizes the balance of and changes in the net liability position of market risk benefits on January 1, 2021 resulting from the adoption of ASU 2018-12:
| Individual Retirement |  | Legacy |  | Total
| GMxB Core |  | GMxB Legacy |  | Purchased MRB |
|  |  | (in millions)
Balance, December 31, 2020 | $ | 2,206 |  |  | $ | 19,891 |  |  | $ | (2,572) |  |  | $ | 19,525 |
Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income | (4) |  |  | (70) |  |  | — |  |  | (74) |
Adjustments for the cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date (1) | 505 |  |  | 461 |  |  | 2 |  |  | 968 |
Adjustments for the remaining difference (exclusive of the instrument specific credit risk change and host contract adjustments) between previous carrying amount and fair value measurement for the MRB (1) | (563) |  |  | 4,122 |  |  | (194) |  |  | 3,365 |
Balance, January 1, 2021 | $ | 2,144 |  |  | $ | 24,404 |  |  | $ | (2,764) |  |  | $ | 23,784 |
_____________ (1)MRB transition table not inclusive of the following transition adjustments to retained earnings and AOCI including Individual Retirement EQUI-VEST of $43 million, SCS of $21 million, Protection Solutions of $(2) million and Group Retirement EQUI-VEST of $(20) million. The 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 Tabular disclosure of beginning balance to ending balance for contract or contract feature in long-duration contract issued by insurance entity that both protects contract holder from other-than-nominal capital market risk and exposes insurance entity to other-than-nominal capital market risk. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 55 -Paragraph 29G -URI https://asc.fasb.org/extlink&oid=126561865&loc=SL117819547-158441 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 7B -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=124506351&loc=SL117782768-158439 + Details
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