MARKET RISK BENEFITS

3 Months Ended

Mar. 31, 2024

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

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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 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

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(1)Other primarily includes SCS.