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MARKET RISK BENEFITS (Tables)

9 Months Ended

Sep. 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 September 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			$	404					$	11,418					$	(7,989)					$	3,429					$	131					$	12,720					$	(9,923)					$	2,797
Balance BOP before changes in the instrument specific credit risk			119						10,898						(7,970)						2,928						351						14,142						(9,827)						4,315
Model changes and effect of changes in cash flow assumptions			88						(70)						(25)						(95)						20						(11)						(33)						(44)
Actual market movement effect			(195)						(596)						302						(294)						202						718						(300)						418
Interest accrual			13						141						(105)						36						22						213						(150)						63
Attributed fees accrued (1)			99						201						(63)						138						100						212						(66)						146
Benefit payments			(10)						(301)						174						(127)						(11)						(322)						190						(132)
Actual policyholder behavior different from expected behavior			10						(8)						(2)						(10)						7						(13)						(2)						(15)
Changes in future economic assumptions			164						1,098						(771)						327						(411)						(2,609)						1,511						(1,098)
Issuances			—						—						—						—						—						—						—						—
Balance EOP before changes in the instrument-specific credit risk			288						11,363						(8,460)						2,903						280						12,330						(8,677)						3,653
Changes in the instrument-specific credit risk (2)			279						541						(28)						513						38						(349)						(61)						(410)
Balance, end of period			$	567					$	11,904					$	(8,488)					$	3,416					$	318					$	11,981					$	(8,738)					$	3,243
Weighted-average age of policyholders (years)			65.1						73.5						73.0						N/A						64.2						72.9						72.5						N/A
Net amount at risk			$	2,606					$	18,977					$	10,159					N/A						$	3,598					$	23,123					$	12,188					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.

			Nine Months Ended September 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)			86						(78)						125						47						20						(11)						(33)						(44)
Actual market movement effect			(359)						(1,339)						700						(639)						(128)						(662)						402						(260)
Interest accrual			44						455						(328)						127						60						604						(437)						167
Attributed fees accrued (1)			305						599						(199)						400						306						630						(207)						423
Benefit payments			(31)						(933)						505						(428)						(35)						(1,008)						560						(448)
Actual policyholder behavior different from expected behavior			24						(31)						(3)						(34)						19						1						(28)						(27)
Changes in future economic assumptions			(101)						(338)						127						(211)						(488)						(2,538)						1,424						(1,114)
Issuances			(2)						—						—						—						(3)						—						—						—
Balance EOP before changes in the instrument-specific credit risk			288						11,363						(8,460)						2,903						280						12,330						(8,677)						3,653
Changes in the instrument-specific credit risk (2)			279						541						(28)						513						38						(349)						(61)						(410)
Balance, end of period			$	567					$	11,904					$	(8,488)					$	3,416					$	318					$	11,981					$	(8,738)					$	3,243
Weighted-average age of policyholders (years)			65.1						73.5						73.0						N/A						64.2						72.9						72.5						N/A
Net amount at risk			$	2,606					$	18,977					$	10,159					N/A						$	3,598					$	23,123					$	12,188					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:

			September 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			$	(476)					$	1,043					$	567					$	—					$	567					$	(418)					$	1,008					$	590					$	—					$	590
Legacy Segment
GMxB Legacy			(170)						12,074						11,904						(8,488)						3,416						(102)						13,520						13,418						(9,420)						3,998
Other (1)			(94)						80						(14)						(4)						(18)						(71)						84						13						(7)						6
Total			$	(740)					$	13,197					$	12,457					$	(8,492)					$	3,965					$	(591)					$	14,612					$	14,021					$	(9,427)					$	4,594

______________

(1)Other primarily includes SCS.

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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