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v3.25.2

MARKET RISK BENEFITS - Changes in the Market Risk Benefits for Deferred Variable Annuities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2025 | Jun. 30, 2024 | Jun. 30, 2025 | Jun. 30, 2024
Individual Retirement | GMxB Core |  |  |  |
Market Risk Benefit [Roll Forward] |  |  |  |
Balance, beginning of period | $ 717 | $ 323 | $ 496 | $ 597
Balance BOP before changes in the instrument specific credit risk | 495 | 71 | 163 | 319
Model changes and effect of changes in cash flow assumptions | (7) | 0 | (7) | 0
Actual market movement effect | (173) | (4) | (102) | (163)
Interest accrual | 10 | 15 | 25 | 31
Attributed fees accrued | 109 | 111 | 203 | 206
Benefit payments | (12) | (12) | (23) | (22)
Actual policyholder behavior different from expected behavior | 7 | 9 | 20 | 14
Changes in future economic assumptions | (42) | (72) | 105 | (265)
Issuances | (2) | 0 | 1 | (2)
Balance EOP before changes in the instrument-specific credit risk | 385 | 118 | 385 | 118
Changes in the instrument-specific credit risk | 268 | 294 | 268 | 294
Balance, end of period | $ 653 | $ 412 | $ 653 | $ 412
Weighted-average age of policyholders (years) | 65 years 10 months 24 days | 64 years 10 months 24 days | 65 years 10 months 24 days | 64 years 10 months 24 days
Net amount at risk | $ 2,953 | $ 2,867 | $ 2,953 | $ 2,867
Legacy | GMxB Legacy |  |  |  |
Market Risk Benefit [Roll Forward] |  |  |  |
Balance, beginning of period | 9,505 | 11,715 | 10,508 | 13,425
Balance BOP before changes in the instrument specific credit risk | 9,336 | 11,319 | 9,735 | 13,023
Model changes and effect of changes in cash flow assumptions | 8 | 0 | (1,336) | 0
Actual market movement effect | (620) | 45 | (271) | (747)
Interest accrual | 96 | 152 | 202 | 313
Attributed fees accrued | 161 | 198 | 326 | 398
Benefit payments | (285) | (310) | (565) | (632)
Actual policyholder behavior different from expected behavior | 22 | 0 | 42 | (23)
Changes in future economic assumptions | (232) | (518) | 353 | (1,446)
Issuances | 0 | 0 | 0 | 0
Balance EOP before changes in the instrument-specific credit risk | 8,486 | 10,886 | 8,486 | 10,886
Changes in the instrument-specific credit risk | 326 | 546 | 326 | 546
Balance, end of period | $ 8,812 | $ 11,432 | $ 8,812 | $ 11,432
Weighted-average age of policyholders (years) | 74 years | 73 years 3 months 18 days | 74 years | 73 years 3 months 18 days
Net amount at risk | $ 15,835 | $ 19,710 | $ 15,835 | $ 19,710
Legacy | Purchased MRB |  |  |  |
Market Risk Benefit [Roll Forward] |  |  |  |
Balance, beginning of period | (5,973) | (8,343) | (7,372) | (9,448)
Balance BOP before changes in the instrument specific credit risk | (5,957) | (8,312) | (7,368) | (9,409)
Model changes and effect of changes in cash flow assumptions | 5 | 0 | 1,860 | 169
Actual market movement effect | 264 | 5 | 148 | 397
Interest accrual | (58) | (111) | (122) | (224)
Attributed fees accrued | (39) | (56) | (99) | (136)
Benefit payments | 128 | 162 | 257 | 331
Actual policyholder behavior different from expected behavior | (14) | (10) | (14) | (1)
Changes in future economic assumptions | 140 | 346 | (193) | 897
Issuances | 0 | 0 | 0 | 0
Balance EOP before changes in the instrument-specific credit risk | (5,531) | (7,976) | (5,531) | (7,976)
Changes in the instrument-specific credit risk | (10) | (22) | (10) | (22)
Balance, end of period | $ (5,541) | $ (7,998) | $ (5,541) | $ (7,998)
Weighted-average age of policyholders (years) | 73 years 4 months 24 days | 72 years 10 months 24 days | 73 years 4 months 24 days | 72 years 10 months 24 days
Net amount at risk | $ 7,099 | $ 10,443 | $ 7,099 | $ 10,443
Legacy | Net Legacy |  |  |  |
Market Risk Benefit [Roll Forward] |  |  |  |
Balance, beginning of period | 3,532 | 3,372 | 3,136 | 3,977
Balance BOP before changes in the instrument specific credit risk | 3,379 | 3,007 | 2,367 | 3,614
Model changes and effect of changes in cash flow assumptions | 13 | 0 | 524 | 169
Actual market movement effect | (356) | 50 | (123) | (350)
Interest accrual | 38 | 41 | 80 | 89
Attributed fees accrued | 122 | 142 | 227 | 262
Benefit payments | (157) | (148) | (308) | (301)
Actual policyholder behavior different from expected behavior | 8 | (10) | 28 | (24)
Changes in future economic assumptions | (92) | (172) | 160 | (549)
Issuances | 0 | 0 | 0 | 0
Balance EOP before changes in the instrument-specific credit risk | 2,955 | 2,910 | 2,955 | 2,910
Changes in the instrument-specific credit risk | 316 | 524 | 316 | 524
Balance, end of period | $ 3,271 | $ 3,434 | $ 3,271 | $ 3,434

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- Definition Amount, before effect of reinsurance and after accumulated increase (decrease) in instrument-specific credit risk, of 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/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480016/944-40-65-2 Reference 2: 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 3: 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 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480112/944-40-45-3 + Details
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