MARKET RISK BENEFITS

3 Months Ended

Mar. 31, 2023

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

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(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

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(1)Other primarily includes Individual EQUI-VEST MRB.