MARKET RISK BENEFITS (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31,
	2025								2024
	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	$	496	$	10,508	$	(7,372)	$	3,136	$	597	$	13,425	$	(9,448)	$	3,977
Balance BOP before changes in the instrument specific credit risk	163		9,735		(7,368)		2,367		319		13,023		(9,409)		3,614
Model changes and effect of changes in cash flow assumptions (1)	—		(1,344)		1,855		511		—		—		169		169
Actual market movement effect	71		349		(116)		233		(159)		(792)		392		(400)
Interest accrual	15		106		(64)		42		16		161		(113)		48
Attributed fees accrued (2)	94		165		(60)		105		95		200		(80)		120
Benefit payments	(11)		(280)		129		(151)		(10)		(322)		169		(152)
Actual policyholder behavior different from expected behavior	13		20		—		20		5		(23)		9		(14)
Changes in future economic assumptions	147		585		(333)		252		(193)		(928)		551		(377)
Issuances	3		—		—		—		(2)		—		—		—
Balance EOP before changes in the instrument-specific credit risk	495		9,336		(5,957)		3,379		71		11,319		(8,312)		3,007
Changes in the instrument-specific credit risk (1) (3)	222		169		(16)		153		252		396		(31)		365
Balance, end of period	$	717	$	9,505	$	(5,973)	$	3,532	$	323	$	11,715	$	(8,343)	$	3,372

Weighted-average age of policyholders (years)	65.6		73.8		73.3		N/A		64.6		73.2		72.8		N/A
Net amount at risk	$	3,112	$	16,915	$	7,541	N/A		$	2,764	$	19,673	$	10,407	N/A

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(1)Primarily includes the net income impact of the novation, as described in Note 1, in the first quarter 2025. Primarily includes the impact of non-affiliated recapture of reinsurance completed in the first quarter 2024.

(2)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.

(3)Changes are recorded in OCI except for reinsurer credit which is reflected in the consolidated income statement.

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, 2025										December 31, 2024
	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	$	(412)	$	1,129	$	717	$	—	$	717	$	(514)	$	1,010	$	496	$	—	$	496
Legacy Segment
GMxB Legacy	(145)		9,650		9,505		(5,973)		3,532		(230)		10,738		10,508		(7,372)		3,136
Other (1)	(87)		85		(2)		(3)		(5)		(119)		62		(57)		(4)		(61)
Total	$	(644)	$	10,864	$	10,220	$	(5,976)	$	4,244	$	(863)	$	11,810	$	10,947	$	(7,376)	$	3,571

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(1)Other primarily includes SCS.