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MARKET RISK BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2022
Market Risk Benefit [Abstract]  
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 RetirementLegacyTotal
GMxB CoreGMxB LegacyPurchased 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 date505 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 twelve months ended and as of December 31, 2022 and 2021.
December 31, 2022December 31, 2021
Individual RetirementLegacyIndividual RetirementLegacy
 GMxB CoreGMxB LegacyPurchased MRB (3)Net LegacyGMxB CoreGMxB LegacyPurchased 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 effect1,074 3,402 (1,226)2,176 (665)(3,026)799 (2,227)
Interest accrual37 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 behavior24 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)63.572.667.5N/A62.672.066.9N/A
Net amount at risk$3,530 $22,631 $10,766 N/A$1,115 $15,901 $6,341 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 December 31, 2022 and 2021.
December 31, 2022December 31, 2021
Direct AssetDirect LiabilityNet Direct MRBPurchased MRBTotalDirect AssetDirect LiabilityNet Direct MRBPurchased MRBTotal
(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.