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MARKET RISK BENEFITS
 6 Months Ended
Jun. 30, 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 June 30,
20242023
Individual RetirementLegacyIndividual RetirementLegacy
GMxB CoreGMxB Legacy
Purchased MRB
Net LegacyGMxB CoreGMxB 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 risk70 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 accrual15 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 behavior9 — (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 risk119 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)64.973.372.9N/A64.072.872.3N/A
Net amount at risk$2,867 $19,710 $10,443 N/A$3,165 $22,195 $11,821 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.
Six Months Ended June 30,
20242023
Individual RetirementLegacyIndividual RetirementLegacy
GMxB CoreGMxB LegacyPurchased MRB (3)Net LegacyGMxB CoreGMxB LegacyPurchased 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 risk322 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 accrual31 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 behavior14 (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 risk119 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)64.973.372.9N/A64.072.872.3N/A
Net amount at risk
$2,867 $19,710 $10,443 N/A$3,165 $22,195 $11,821 N/A
_____________
(1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.
(2)Changes are recorded in OCI except for reinsurer credit which is reflected in the consolidated income statement.
(3)Purchased MRB is the impact of non-affiliated reinsurance.
(4)Includes the impact primarily of a non-affiliated recapture of reinsurance completed in the first quarter of 2024.
The following table reconciles MRBs by the amounts in an asset position and amounts in a liability position to the MRB amounts in the consolidated balance sheets:
June 30, 2024December 31, 2023
Direct AssetDirect LiabilityNet Direct MRBPurchased MRBTotalDirect AssetDirect LiabilityNet Direct MRBPurchased MRBTotal
(in millions)
Individual Retirement
GMxB Core$(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.