MARKET RISK BENEFITS

12 Months Ended

Dec. 31, 2022

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 twelve months ended and as of December 31, 2022 and 2021.


	December 31, 2022								December 31, 2021
	Individual Retirement		Legacy						Individual Retirement		Legacy
	GMxB Core		GMxB Legacy		Purchased MRB (3)		Net Legacy		GMxB Core		GMxB Legacy		Purchased MRB (3)		Net Legacy
	(Dollars in millions)
Balance, beginning of the period (“BOP”)	$	1,061	$	20,236	$	(14,059)	$	6,177	$	2,143	$	24,405	$	(2,763)	$	21,642
Balance BOP before changes in the instrument specific credit risk	$	666	19,719		(14,051)		5,668		$	1,639	23,944		(2,766)		21,178
Model changes and effect of changes in cash flow assumptions	(5)		317		(143)		174		(280)		(196)		36		(160)
Actual market movement effect	1,074		3,402		(1,226)		2,176		(665)		(3,026)		799		(2,227)
Interest accrual	37		731		(489)		242		7		197		(122)		75
Attributed fees accrued (1)	399		882		(295)		587		386		918		(194)		724
Benefit payments	(37)		(1,179)		669		(510)		(14)		(902)		350		(552)
Actual policyholder behavior different from expected behavior	24		142		(102)		40		(9)		135		(56)		79
Changes in future economic assumptions	(1,626)		(8,700)		5,279		(3,421)		(397)		(1,351)		(950)		(2,301)
Issuances	(3)		—		—		—		(1)		—		(11,148)		(11,148)
Balance EOP before changes in the instrument-specific credit risk	$	529	15,314		(10,358)		4,956		$	666	19,719		(14,051)		5,668
Changes in the instrument-specific credit risk (2)	1		(615)		(57)		(672)		395		517		(8)		509
Balance, end of the period (“EOP”)	$	530	$	14,699	$	(10,415)	$	4,284	$	1,061	$	20,236	$	(14,059)	$	6,177

Weighted-average age of policyholders (years)	63.5		72.6		67.5		N/A		62.6		72.0		66.9		N/A
Net amount at risk	$	3,530	$	22,631	$	10,766	N/A		$	1,115	$	15,901	$	6,341	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 December 31, 2022 and 2021.


	December 31, 2022										December 31, 2021
	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	$	(51)	$	14,749	$	14,699	$	(10,412)	$	4,287	$	(47)	$	20,282	$	20,235	$	(14,058)	$	6,177
Individual Retirement
GMxB Core	(387)		917		530		—		530		(237)		1,298		$	1,061	—		1,061
Other (1)	(52)		100		47		(11)		36		(34)		107		$	73	(16)		57
Total	$	(490)	$	15,766	$	15,276	$	(10,423)	$	4,853	$	(318)	$	21,687	$	21,369	$	(14,074)	$	7,295

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