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MARKET RISK BENEFITS (Tables)

9 Months Ended

Sep. 30, 2025

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,
			2025																								2024
			Retirement						Corporate and Other																		Retirement						Corporate and Other
			GMxB Core						GMxB Legacy						Legacy Purchased MRB						Net Legacy						GMxB Core						GMxB Legacy						Legacy Purchased MRB						Net Legacy
			(in millions)
Balance, beginning of period			$	653					$	8,812					$	(5,541)					$	3,271					$	412					$	11,432					$	(7,998)					$	3,434
Balance BOP before changes in the instrument specific credit risk			385						8,486						(5,531)						2,955						118						10,886						(7,976)						2,910
Model changes and effect of changes in cash flow assumptions			45						59						(57)						2						88						(58)						(19)						(77)
Actual market movement effect			(200)						(528)						235						(293)						(195)						(596)						301						(295)
Interest accrual			14						84						(52)						32						13						142						(104)						38
Attributed fees accrued (1)			101						161						(43)						118						99						201						(63)						138
Benefit payments			(10)						(255)						120						(135)						(9)						(301)						174						(127)
Actual policyholder behavior different from expected behavior			3						8						(6)						2						10						(9)						(2)						(11)
Changes in future economic assumptions			9						138						(82)						56						164						1,098						(771)						327
Issuances			—						—						—						—						—						—						—						—
Balance EOP before changes in the instrument-specific credit risk			347						8,153						(5,416)						2,737						288						11,363						(8,460)						2,903
Changes in the instrument-specific credit risk (2)			401						678						3						681						279						541						(28)						513
Balance, end of period			$	748					$	8,831					$	(5,413)					$	3,418					$	567					$	11,904					$	(8,488)					$	3,416
Weighted-average age of policyholders (years)			66.1						74.1						73.6						N/A						65.1						73.5						73.0						N/A
Net amount at risk			$	2,806					$	15,028					$	6,756					N/A						$	2,606					$	18,977					$	10,159					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,
			2025																								2024
			Retirement						Corporate and Other																		Retirement						Corporate and Other
			GMxB Core						GMxB Legacy						Legacy Purchased MRB (3)						Net Legacy						GMxB Core						GMxB Legacy						Legacy Purchased MRB (3)						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 (4)			38						(1,277)						1,803						526						88						(58)						150						92
Actual market movement effect			(302)						(799)						383						(416)						(358)						(1,343)						698						(645)
Interest accrual			39						286						(174)						112						44						455						(328)						127
Attributed fees accrued (1)			304						487						(142)						345						305						599						(199)						400
Benefit payments			(33)						(820)						377						(443)						(31)						(933)						505						(428)
Actual policyholder behavior different from expected behavior			23						50						(20)						30						24						(32)						(3)						(35)
Changes in future economic assumptions			114						491						(275)						216						(101)						(348)						126						(222)
Issuances			1						—						—						—						(2)						—						—						—
Balance EOP before changes in the instrument-specific credit risk			347						8,153						(5,416)						2,737						288						11,363						(8,460)						2,903
Changes in the instrument-specific credit risk (2)			401						678						3						681						279						541						(28)						513
Balance, end of period			$	748					$	8,831					$	(5,413)					$	3,418					$	567					$	11,904					$	(8,488)					$	3,416
Weighted-average age of policyholders (years)			66.1						74.1						73.6						N/A						65.1						73.5						73.0						N/A
Net amount at risk			$	2,806					$	15,028					$	6,756					N/A						$	2,606					$	18,977					$	10,159					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 net income impact of the novation, as described in Note 1, in the first quarter of 2025 and 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, 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)
Retirement
GMxB Core			$	(448)					$	1,196					$	748					$	—					$	748					$	(514)					$	1,010					$	496					$	—					$	496
Corporate and Other
GMxB Legacy			(190)						9,021						8,831						(5,413)						3,418						(230)						10,738						10,508						(7,372)						3,136
Other (1)			(124)						84						(40)						(2)						(42)						(119)						62						(57)						(4)						(61)
Total			$	(762)					$	10,301					$	9,539					$	(5,415)					$	4,124					$	(863)					$	11,810					$	10,947					$	(7,376)					$	3,571

______________

(1)Other primarily includes SCS.

X

- References

No definition available.

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X

- 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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