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MARKET RISK BENEFITS (Tables)
 12 Months Ended
Dec. 31, 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:
Year Ended December 31,
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)
86 (78)125 47 20 (11)(33)(44)
Actual market movement effect(269)(1,201)655 (546)(481)(1,847)986 (861)
Interest accrual61 586 (418)168 73 770 (555)215 
Attributed fees accrued (1)403 802 (272)530 407 843 (284)559 
Benefit payments(41)(1,218)671 (547)(47)(1,354)768 (586)
Actual policyholder behavior different from expected behavior32 (37)1 (36)23 (14)(41)(55)
Changes in future economic assumptions(428)(2,147)1,257 (890)(203)(673)130 (543)
Issuances(3)— — — 1 — — — 
Balance EOP before changes in the instrument-specific credit risk163 9,735 (7,368)2,367 322 13,028 (9,387)3,641 
Changes in the instrument-specific credit risk (2)333 773 (4)769 268 390 (33)357 
Balance, end of period$496 $10,508 $(7,372)$3,136 $590 $13,418 $(9,420)$3,998 
Weighted-average age of policyholders (years)65.473.673.2N/A64.473.072.6N/A
Net amount at risk
$2,868 $19,041 $10,142 N/A$2,995 $21,136 $11,343 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.
Year Ended December 31, 2022
Individual RetirementLegacy
GMxB CoreGMxB LegacyPurchased MRB (3)Net Legacy
(in millions)
Balance, beginning of the period (“BOP”)$1,061 $20,236 $(14,059)$6,177 
Balance BOP before changes in the instrument specific credit risk$666 19,719 (14,051)5,668 
Model changes and effect of changes in cash flow assumptions
(5)317 (143)174 
Actual market movement effect1,074 3,402 (1,226)2,176 
Interest accrual37 731 (489)242 
Attributed fees accrued (1)399 882 (295)587 
Benefit payments(37)(1,179)669 (510)
Actual policyholder behavior different from expected behavior24 142 (102)40 
Changes in future economic assumptions(1,626)(8,700)5,279 (3,421)
Issuances(3)— — — 
Balance EOP before changes in the instrument-specific credit risk$529 15,314 (10,358)4,956 
Changes in the instrument-specific credit risk (2)1 (615)(57)(672)
Balance, end of the period (“EOP”)$530 $14,699 $(10,415)$4,284 
Weighted-average age of policyholders (years)63.572.572.1N/A
Net amount at risk
$3,530 $22,631 $11,755 N/A
______________
(1)    Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.
(2)    Changes are recorded in OCI.
(3)    Purchased MRB is the impact of non-affiliated reinsurance.
The following table reconciles MRBs by the amounts in an asset position and amounts in a liability position to the MRB amounts in the consolidated balance sheets:
December 31, 2024December 31, 2023
Direct AssetDirect LiabilityNet Direct MRBPurchased MRBTotalDirect AssetDirect LiabilityNet Direct MRBPurchased MRBTotal
(in millions)
Individual Retirement
GMxB Core$(514)$1,010 $496 $— $496 $(418)$1,008 $590 $— $590 
Legacy Segment
GMxB Legacy(230)10,738 10,508 (7,372)3,136 (102)13,520 13,418 (9,420)3,998 
Other (1)(119)62 (57)(4)(61)(71)84 13 (7)6 
Total$(863)$11,810 $10,947 $(7,376)$3,571 $(591)$14,612 $14,021 $(9,427)$4,594 
______________
(1)Other primarily includes SCS.