XML 29 R17.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

MARKET RISK BENEFITS | 3 Months Ended
--- | ---
Mar. 31, 2024
Market Risk Benefit [Abstract] |
MARKET RISK BENEFITS | MARKET RISK BENEFITS The following table presents the balances and changes to the balances for MRBs for the GMxB benefits on deferred variable annuities:
| Three Months Ended March 31, |  |  |  |  |
| 2024 |  | 2023 |
| Individual Retirement |  | Legacy |  | Individual Retirement |  | Legacy |
| GMxB Core |  | GMxB Legacy |  | Purchased MRB |  | Net Legacy |  | GMxB Core |  | GMxB Legacy |  | Purchased MRB |  | Net Legacy |  |  |  |  |
| (in millions)
Balance, beginning of period | $ | 590 |  |  | $ | 13,418 |  |  | $ | (9,420) |  |  | $ | 3,998 |  |  | $ | 530 |  |  | $ | 14,699 |  |  | $ | (10,415) |  |  | $ | 4,284 |  |  |  |  |  |
Balance BOP before changes in the instrument specific credit risk | 322 |  |  | 13,028 |  |  | (9,387) |  |  | 3,641 |  |  | 529 |  |  | 15,314 |  |  | (10,358) |  |  | 4,956 |  |  |  |  |  |
Model changes and effect of changes in cash flow assumptions (3) | (2) |  |  | (8) |  |  | 150 |  |  | 142 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |
Actual market movement effect | (160) |  |  | (788) |  |  | 393 |  |  | (395) |  |  | (211) |  |  | (744) |  |  | 387 |  |  | (357) |  |  |  |  |  |
Interest accrual | 16 |  |  | 161 |  |  | (113) |  |  | 48 |  |  | 18 |  |  | 197 |  |  | (153) |  |  | 44 |  |  |  |  |  |
Attributed fees accrued (1) | 95 |  |  | 200 |  |  | (80) |  |  | 120 |  |  | 95 |  |  | 209 |  |  | (83) |  |  | 126 |  |  |  |  |  |
Benefit payments | (10) |  |  | (321) |  |  | 169 |  |  | (152) |  |  | (12) |  |  | (342) |  |  | 185 |  |  | (157) |  |  |  |  |  |
Actual policyholder behavior different from expected behavior | 5 |  |  | (23) |  |  | 9 |  |  | (14) |  |  | 7 |  |  | 21 |  |  | (18) |  |  | 3 |  |  |  |  |  |
Changes in future economic assumptions | (194) |  |  | (923) |  |  | 553 |  |  | (370) |  |  | 125 |  |  | 944 |  |  | (530) |  |  | 414 |  |  |  |  |  |
Issuances | (2) |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  |  |  |  |
Balance EOP before changes in the instrument-specific credit risk | 70 |  |  | 11,326 |  |  | (8,306) |  |  | 3,020 |  |  | 550 |  |  | 15,599 |  |  | (10,570) |  |  | 5,029 |  |  |  |  |  |
Changes in the instrument-specific credit risk (2) | 245 |  |  | 375 |  |  | (27) |  |  | 348 |  |  | (233) |  |  | (1,517) |  |  | (99) |  |  | (1,616) |  |  |  |  |  |
Balance, end of period | $ | 315 |  |  | $ | 11,701 |  |  | $ | (8,333) |  |  | $ | 3,368 |  |  | $ | 317 |  |  | $ | 14,082 |  |  | $ | (10,669) |  |  | $ | 3,413 |  |  |  |  |  |
Weighted-average age of policyholders (years) | 64.6 |  | 73.2 |  | 72.8 |  | N/A |  | 63.7 |  | 72.8 |  | 72.2 |  | N/A |  |  |  |  |
Net amount at risk | $ | 2,764 |  |  | $ | 19,673 |  |  | $ | 10,407 |  |  | N/A |  | $ | 3,287 |  |  | $ | 21,472 |  |  | $ | 10,045 |  |  | 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)Includes the impact primarily of a non-affiliated recapture of reinsurance completed in the first quarter of 2024. The following table reconciles MRBs by the amounts in an asset position and amounts in a liability position to the MRB amounts in the consolidated balance sheets:
| March 31, 2024 |  | December 31, 2023
| 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 | $ | (558) |  |  | $ | 873 |  |  | $ | 315 |  |  | $ | — |  |  | $ | 315 |  |  | $ | (418) |  |  | $ | 1,008 |  |  | $ | 590 |  |  | $ | — |  |  | $ | 590 |  |
Legacy Segment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GMxB Legacy | (170) |  |  | 11,871 |  |  | 11,701 |  |  | (8,333) |  |  | 3,368 |  |  | (102) |  |  | 13,520 |  |  | 13,418 |  |  | (9,420) |  |  | 3,998 |  |
Other (1) | (90) |  |  | 70 |  |  | (20) |  |  | (4) |  |  | (24) |  |  | (71) |  |  | 84 |  |  | 13 |  |  | (7) |  |  | 6 |  |
Total | $ | (818) |  |  | $ | 12,814 |  |  | $ | 11,996 |  |  | $ | (8,337) |  |  | $ | 3,659 |  |  | $ | (591) |  |  | $ | 14,612 |  |  | $ | 14,021 |  |  | $ | (9,427) |  |  | $ | 4,594 |  |
______________ (1)Other primarily includes SCS.

X
- Definition The entire disclosure for cost related directly to successful acquisition of new and renewal of insurance contract. Includes, but is not limited to, deferred policy acquisition cost, deferred sale inducement cost, and present value of future profit of insurance contract acquired in business combination. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479735/944-20-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479432/944-30-50-2A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//944-30/tableOfContent + Details
Name: | us-gaap_InsuranceContractAcquisitionCostTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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