XML 52 R41.htm IDEA: XBRL DOCUMENT
v3.23.2

MARKET RISK BENEFITS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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 and six months ended June 30, 2023 and 2022.
| Three Months Ended June 30, |  |  |  |  |
| 2023 |  | 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 period | $ | 317 |  |  | $ | 14,082 |  |  | $ | (10,669) |  |  | $ | 3,413 |  |  | $ | 498 |  |  | $ | 16,931 |  |  | $ | (12,507) |  |  | $ | 4,424 |  |  |  |  |  |
Balance BOP before changes in the instrument specific credit risk | 550 |  |  | 15,599 |  |  | (10,570) |  |  | 5,029 |  |  | 540 |  |  | 17,901 |  |  | (12,441) |  |  | 5,460 |  |  |  |  |  |
Model changes and effect of changes in cash flow assumptions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |
Actual market movement effect | (119) |  |  | (636) |  |  | 315 |  |  | (321) |  |  | 674 |  |  | 2,562 |  |  | (1,015) |  |  | 1,547 |  |  |  |  |  |
Interest accrual | 20 |  |  | 194 |  |  | (134) |  |  | 60 |  |  | 12 |  |  | 179 |  |  | (103) |  |  | 76 |  |  |  |  |  |
Attributed fees accrued (1) | 111 |  |  | 209 |  |  | (58) |  |  | 151 |  |  | 109 |  |  | 219 |  |  | (61) |  |  | 158 |  |  |  |  |  |
Benefit payments | (12) |  |  | (344) |  |  | 185 |  |  | (159) |  |  | (8) |  |  | (282) |  |  | 152 |  |  | (130) |  |  |  |  |  |
Actual policyholder behavior different from expected behavior | 5 |  |  | (7) |  |  | (8) |  |  | (15) |  |  | 4 |  |  | 26 |  |  | (25) |  |  | 1 |  |  |  |  |  |
Changes in future economic assumptions | (202) |  |  | (873) |  |  | 443 |  |  | (430) |  |  | (553) |  |  | (2,870) |  |  | 1,870 |  |  | (1,000) |  |  |  |  |  |
Issuances | (2) |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |
Balance EOP before changes in the instrument-specific credit risk | 351 |  |  | 14,142 |  |  | (9,827) |  |  | 4,315 |  |  | 779 |  |  | 17,735 |  |  | (11,623) |  |  | 6,112 |  |  |  |  |  |
Changes in the instrument-specific credit risk (2) | (220) |  |  | (1,422) |  |  | (96) |  |  | (1,518) |  |  | (365) |  |  | (2,027) |  |  | (102) |  |  | (2,129) |  |  |  |  |  |
Balance, end of period | $ | 131 |  |  | $ | 12,720 |  |  | $ | (9,923) |  |  | $ | 2,797 |  |  | $ | 414 |  |  | $ | 15,708 |  |  | $ | (11,725) |  |  | $ | 3,983 |  |  |  |  |  |
Weighted-average age of policyholders (years) | 64.0 |  | 72.8 |  | 72.3 |  | N/A |  | 63.0 |  | 72.2 |  | 71.8 |  | N/A |  |  |  |  |
Net amount at risk | $ | 3,165 |  |  | $ | 22,195 |  |  | $ | 11,821 |  |  | N/A |  | $ | 3,181 |  |  | $ | 22,421 |  |  | $ | 11,946 |  |  | N/A |  |  |  |  |
| Six Months Ended June 30, |  |  |  |  |
| 2023 |  | 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 period | $ | 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 | (330) |  |  | (1,380) |  |  | 702 |  |  | (678) |  |  | 1,002 |  |  | 3,660 |  |  | (1,414) |  |  | 2,246 |  |  |  |  |  |
Interest accrual | 38 |  |  | 391 |  |  | (287) |  |  | 104 |  |  | 17 |  |  | 283 |  |  | (164) |  |  | 119 |  |  |  |  |  |
Attributed fees accrued (1) | 206 |  |  | 418 |  |  | (141) |  |  | 277 |  |  | 201 |  |  | 438 |  |  | (147) |  |  | 291 |  |  |  |  |  |
Benefit payments | (24) |  |  | (686) |  |  | 370 |  |  | (316) |  |  | (13) |  |  | (533) |  |  | 288 |  |  | (245) |  |  |  |  |  |
Actual policyholder behavior different from expected behavior | 12 |  |  | 14 |  |  | (26) |  |  | (12) |  |  | 5 |  |  | 59 |  |  | (40) |  |  | 19 |  |  |  |  |  |
Changes in future economic assumptions | (77) |  |  | 71 |  |  | (87) |  |  | (16) |  |  | (1,095) |  |  | (5,804) |  |  | 3,876 |  |  | (1,928) |  |  |  |  |  |
Issuances | (3) |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  |  |  |  |
Balance EOP before changes in the instrument-specific credit risk | 351 |  |  | 14,142 |  |  | (9,827) |  |  | 4,315 |  |  | 779 |  |  | 17,735 |  |  | (11,623) |  |  | 6,112 |  |  |  |  |  |
Changes in the instrument-specific credit risk (2) | (220) |  |  | (1,422) |  |  | (96) |  |  | (1,518) |  |  | (365) |  |  | (2,027) |  |  | (102) |  |  | (2,129) |  |  |  |  |  |
Balance, end of period | $ | 131 |  |  | $ | 12,720 |  |  | $ | (9,923) |  |  | $ | 2,797 |  |  | $ | 414 |  |  | $ | 15,708 |  |  | $ | (11,725) |  |  | $ | 3,983 |  |  |  |  |  |
Weighted-average age of policyholders (years) | 64.0 |  | 72.8 |  | 72.3 |  | N/A |  | 63.0 |  | 72.2 |  | 71.8 |  | N/A |  |  |  |  |
Net amount at risk | $ | 3,165 |  |  | $ | 22,195 |  |  | $ | 11,821 |  |  | N/A |  | $ | 3,181 |  |  | $ | 22,421 |  |  | $ | 11,946 |  |  | N/A |  |  |  |  |
_____________ (1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims. (2)Changes are recorded in OCI except for reinsurer credit which is reflected in the income statement. (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 June 30, 2023 and December 31, 2022.
| June 30, 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) |
Individual Retirement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GMxB Core | $ | (599) |  |  | $ | 729 |  |  | $ | 131 |  |  | $ | — |  |  | $ | 131 |  |  | $ | (387) |  |  | $ | 917 |  |  | $ | 530 |  |  | $ | — |  |  | $ | 530 |  |
Legacy Segment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GMxB Legacy | (120) |  |  | 12,840 |  |  | 12,720 |  |  | (9,923) |  |  | 2,797 |  |  | (51) |  |  | 14,749 |  |  | 14,699 |  |  | (10,412) |  |  | 4,287 |  |
Other (1) | (58) |  |  | 73 |  |  | 14 |  |  | (8) |  |  | 6 |  |  | (52) |  |  | 100 |  |  | 47 |  |  | (11) |  |  | 36 |  |
Total | $ | (777) |  |  | $ | 13,642 |  |  | $ | 12,865 |  |  | $ | (9,931) |  |  | $ | 2,934 |  |  | $ | (490) |  |  | $ | 15,766 |  |  | $ | 15,276 |  |  | $ | (10,423) |  |  | $ | 4,853 |  |
______________ (1)Other primarily includes Individual EQUI-VEST MRB.

X
- References No definition available. + Details
Name: | us-gaap_MarketRiskBenefitAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 55 -Paragraph 29G -Publisher FASB -URI https://asc.fasb.org//1943274/2147480046/944-40-55-29G Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 7B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-7B + Details
Name: | us-gaap_MarketRiskBenefitActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration