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v3.24.2.u1

MARKET RISK BENEFITS (Tables) | 6 Months Ended
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Jun. 30, 2024
Market Risk Benefit [Abstract] |
Schedule of Market Risk Benefit, Activity | The following table presents the balances and changes to the balances for MRBs for the GMxB benefits on deferred variable annuities:
| Three Months Ended June 30, |  |  |  |  |
| 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 | $ | 315 |  |  | $ | 11,701 |  |  | $ | (8,333) |  |  | $ | 3,368 |  |  | $ | 317 |  |  | $ | 14,082 |  |  | $ | (10,669) |  |  | $ | 3,413 |  |  |  |  |  |
Balance BOP before changes in the instrument specific credit risk | 70 |  |  | 11,326 |  |  | (8,306) |  |  | 3,020 |  |  | 550 |  |  | 15,599 |  |  | (10,570) |  |  | 5,029 |  |  |  |  |  |
Model changes and effect of changes in cash flow assumptions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |
Actual market movement effect | (4) |  |  | 45 |  |  | 5 |  |  | 50 |  |  | (119) |  |  | (636) |  |  | 315 |  |  | (321) |  |  |  |  |  |
Interest accrual | 15 |  |  | 153 |  |  | (110) |  |  | 43 |  |  | 20 |  |  | 194 |  |  | (134) |  |  | 60 |  |  |  |  |  |
Attributed fees accrued (1) | 111 |  |  | 198 |  |  | (56) |  |  | 142 |  |  | 111 |  |  | 209 |  |  | (58) |  |  | 151 |  |  |  |  |  |
Benefit payments | (11) |  |  | (311) |  |  | 162 |  |  | (149) |  |  | (12) |  |  | (344) |  |  | 185 |  |  | (159) |  |  |  |  |  |
Actual policyholder behavior different from expected behavior | 9 |  |  | — |  |  | (10) |  |  | (10) |  |  | 5 |  |  | (7) |  |  | (8) |  |  | (15) |  |  |  |  |  |
Changes in future economic assumptions | (71) |  |  | (513) |  |  | 345 |  |  | (168) |  |  | (202) |  |  | (873) |  |  | 443 |  |  | (430) |  |  |  |  |  |
Issuances | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  |  |  |  |
Balance EOP before changes in the instrument-specific credit risk | 119 |  |  | 10,898 |  |  | (7,970) |  |  | 2,928 |  |  | 351 |  |  | 14,142 |  |  | (9,827) |  |  | 4,315 |  |  |  |  |  |
Changes in the instrument-specific credit risk (2) | 285 |  |  | 520 |  |  | (19) |  |  | 501 |  |  | (220) |  |  | (1,422) |  |  | (96) |  |  | (1,518) |  |  |  |  |  |
Balance, end of period | $ | 404 |  |  | $ | 11,418 |  |  | $ | (7,989) |  |  | $ | 3,429 |  |  | $ | 131 |  |  | $ | 12,720 |  |  | $ | (9,923) |  |  | $ | 2,797 |  |  |  |  |  |
Weighted-average age of policyholders (years) | 64.9 |  | 73.3 |  | 72.9 |  | N/A |  | 64.0 |  | 72.8 |  | 72.3 |  | N/A |  |  |  |  |
Net amount at risk | $ | 2,867 |  |  | $ | 19,710 |  |  | $ | 10,443 |  |  | N/A |  | $ | 3,165 |  |  | $ | 22,195 |  |  | $ | 11,821 |  |  | 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.
| Six Months Ended June 30, |  |  |  |  |
| 2024 |  | 2023 |
| 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 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 (4) | (2) |  |  | (8) |  |  | 150 |  |  | 142 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |
Actual market movement effect | (164) |  |  | (743) |  |  | 398 |  |  | (345) |  |  | (330) |  |  | (1,380) |  |  | 702 |  |  | (678) |  |  |  |  |  |
Interest accrual | 31 |  |  | 314 |  |  | (223) |  |  | 91 |  |  | 38 |  |  | 391 |  |  | (287) |  |  | 104 |  |  |  |  |  |
Attributed fees accrued (1) | 206 |  |  | 398 |  |  | (136) |  |  | 262 |  |  | 206 |  |  | 418 |  |  | (141) |  |  | 277 |  |  |  |  |  |
Benefit payments | (21) |  |  | (632) |  |  | 331 |  |  | (301) |  |  | (24) |  |  | (686) |  |  | 370 |  |  | (316) |  |  |  |  |  |
Actual policyholder behavior different from expected behavior | 14 |  |  | (23) |  |  | (1) |  |  | (24) |  |  | 12 |  |  | 14 |  |  | (26) |  |  | (12) |  |  |  |  |  |
Changes in future economic assumptions | (265) |  |  | (1,436) |  |  | 898 |  |  | (538) |  |  | (77) |  |  | 71 |  |  | (87) |  |  | (16) |  |  |  |  |  |
Issuances | (2) |  |  | — |  |  | — |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  |  |  |  |
Balance EOP before changes in the instrument-specific credit risk | 119 |  |  | 10,898 |  |  | (7,970) |  |  | 2,928 |  |  | 351 |  |  | 14,142 |  |  | (9,827) |  |  | 4,315 |  |  |  |  |  |
Changes in the instrument-specific credit risk (2) | 285 |  |  | 520 |  |  | (19) |  |  | 501 |  |  | (220) |  |  | (1,422) |  |  | (96) |  |  | (1,518) |  |  |  |  |  |
Balance, end of period | $ | 404 |  |  | $ | 11,418 |  |  | $ | (7,989) |  |  | $ | 3,429 |  |  | $ | 131 |  |  | $ | 12,720 |  |  | $ | (9,923) |  |  | $ | 2,797 |  |  |  |  |  |
Weighted-average age of policyholders (years) | 64.9 |  | 73.3 |  | 72.9 |  | N/A |  | 64.0 |  | 72.8 |  | 72.3 |  | N/A |  |  |  |  |
Net amount at risk | $ | 2,867 |  |  | $ | 19,710 |  |  | $ | 10,443 |  |  | N/A |  | $ | 3,165 |  |  | $ | 22,195 |  |  | $ | 11,821 |  |  | 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)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:
| June 30, 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 | $ | (524) |  |  | $ | 928 |  |  | $ | 404 |  |  | $ | — |  |  | $ | 404 |  |  | $ | (418) |  |  | $ | 1,008 |  |  | $ | 590 |  |  | $ | — |  |  | $ | 590 |  |
Legacy Segment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GMxB Legacy | (179) |  |  | 11,597 |  |  | 11,418 |  |  | (7,989) |  |  | 3,429 |  |  | (102) |  |  | 13,520 |  |  | 13,418 |  |  | (9,420) |  |  | 3,998 |  |
Other (1) | (100) |  |  | 68 |  |  | (32) |  |  | (4) |  |  | (36) |  |  | (71) |  |  | 84 |  |  | 13 |  |  | (7) |  |  | 6 |  |
Total | $ | (803) |  |  | $ | 12,593 |  |  | $ | 11,790 |  |  | $ | (7,993) |  |  | $ | 3,797 |  |  | $ | (591) |  |  | $ | 14,612 |  |  | $ | 14,021 |  |  | $ | (9,427) |  |  | $ | 4,594 |  |
______________ (1)Other primarily includes SCS.

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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 + Details
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