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MARKET RISK BENEFITS (Tables)

12 Months Ended

Dec. 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 market risk benefits for the GMxB benefits on deferred variable annuities:

			Year Ended December 31,
			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 year			$	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			20						(11)						(33)						(44)						(5)						317						(143)						174
Actual market movement effect			(481)						(1,847)						986						(861)						1,074						3,402						(1,226)						2,176
Interest accrual			73						770						(555)						215						37						731						(489)						242
Attributed fees accrued (1)			407						843						(284)						559						399						882						(295)						587
Benefit payments			(47)						(1,354)						768						(586)						(37)						(1,179)						669						(510)
Actual policyholder behavior different from expected behavior			23						(14)						(41)						(55)						24						142						(102)						40
Changes in future economic assumptions			(203)						(673)						130						(543)						(1,626)						(8,700)						5,279						(3,421)
Issuances			1						—						—						—						(3)						—						—						—
Balance EOP before changes in the instrument-specific credit risk			322						13,028						(9,387)						3,641						529						15,314						(10,358)						4,956
Changes in the instrument-specific credit risk (2)			268						390						(33)						357						1						(615)						(57)						(672)
Balance, end of year			$	590					$	13,418					$	(9,420)					$	3,998					$	530					$	14,699					$	(10,415)					$	4,284
Weighted-average age of policyholders (years)			64.4						73.0						72.6						N/A						63.5						72.5						72.1						N/A
Net amount at risk (4)			$	2,995					$	21,136					$	11,343					N/A						$	3,530					$	22,631					$	11,755					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 consolidated income statement.

(3)Purchased MRB is the impact of non-affiliated reinsurance.

(4)GMxB legacy and Purchased MRB prior period amounts have been revised for errors deemed immaterial to previously issued financial statements.

			December 31, 2021
			Individual Retirement						Legacy
			GMxB Core						GMxB Legacy						Purchased MRB (3)						Net Legacy
Balance, beginning of the period (“BOP”)			$	2,143					$	24,405					$	(2,763)					$	21,642
Balance BOP before changes in the instrument specific credit risk			$	1,639					23,944						(2,766)						21,178
Model changes and effect of changes in cash flow assumptions			(280)						(196)						36						(160)
Actual market movement effect			(665)						(3,026)						799						(2,227)
Interest accrual			7						197						(122)						75
Attributed fees accrued (1)			386						918						(194)						724
Benefit payments			(14)						(902)						350						(552)
Actual policyholder behavior different from expected behavior			(9)						135						(56)						79
Changes in future economic assumptions			(397)						(1,351)						(950)						(2,301)
Issuances			(1)						—						(11,148)						(11,148)
Balance EOP before changes in the instrument-specific credit risk			$	666					19,719						(14,051)						5,668
Changes in the instrument-specific credit risk (2)			395						517						(8)						509
Balance, end of the period (“EOP”)			$	1,061					$	20,236					$	(14,059)					$	6,177
Weighted-average age of policyholders (years)			62.6						71.9						71.5						N/A
Net amount at risk (4)			$	1,115					$	15,901					$	9,055					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.

(4) GMxB legacy and Purchased MRB prior period amounts have been revised for errors deemed immaterial to previously issued financial statements.

The following table reconciles market risk benefits by the amounts in an asset position and amounts in a liability position to the market risk benefit amounts in the consolidated balance sheets:

			Year Ended December 31,
			2023																														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			$	(418)					$	1,008					$	590					$	—					$	590					$	(387)					$	917					$	530					$	—					$	530
Legacy Segment
GMxB Legacy			(102)						13,520						13,418						(9,420)						3,998						(51)						14,749						14,699						(10,412)						4,287
Other (1)			(71)						84						13						(7)						6						(52)						100						47						(11)						36
Total			$	(591)					$	14,612					$	14,021					$	(9,427)					$	4,594					$	(490)					$	15,766					$	15,276					$	(10,423)					$	4,853

______________

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

X

- References

No definition available.

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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
-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

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