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MRBs | 3 Months Ended
--- | ---
Mar. 31, 2023
MRBs [Abstract] |
MRBs | 8. MRBs The following table reconciles MRBs (in millions) to MRB assets and MRB liabilities on the Consolidated Balance Sheets:
| As of March 31, 2023 |  | As of December 31, 2022 |
|  |  |  |  |  |  | Net |  |  |  |  |  |  |  | Net |
|  |  |  |  |  |  | (Assets) |  |  |  |  |  |  |  | (Assets) |
| Assets |  | Liabilities |  | Liabilities |  | Assets |  | Liabilities |  | Liabilities |
Variable Annuities | $ | 3,305 |  | $ | 1,893 |  | $ | (1,412 | ) | $ | 2,666 |  | $ | 2,004 |  | $ | (662 | )
Fixed Annuities |  | 114 |  |  | 83 |  |  | (31 | ) |  | 117 |  |  | 72 |  |  | (45 | )
Retirement Plan Services |  | 26 |  |  | - |  |  | (26 | ) |  | 24 |  |  | 2 |  |  | (22 | )
Total MRBs | $ | 3,445 |  | $ | 1,976 |  | $ | (1,469 | ) | $ | 2,807 |  | $ | 2,078 |  | $ | (729 | )
The following table summarizes the balances of and changes in net MRB (assets) liabilities (in millions):
| As of or For the Three Months Ended |  | As of or For the Year Ended |
| March 31, 2023 |  | December 31, 2022 |
|  |  |  |  | Retirement |  |  |  |  |  | Retirement |
| Variable |  | Fixed |  | Plan |  | Variable |  | Fixed |  | Plan |
| Annuities |  | Annuities |  | Services |  | Annuities |  | Annuities |  | Services |
Balance as of beginning-of-year | $ | (662 | ) | $ | (45 | ) | $ | (22 | ) | $ | 2,398 |  | $ | 114 |  | $ | (1 | )
Balance as of beginning-of-year, before the effect |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of changes in non-performance risk |  | 1,511 |  |  | (5 | ) |  | (20 | ) |  | 4,823 |  |  | 158 |  |  | 12 |
Issuances |  | 1 |  |  | - |  |  | - |  |  | 12 |  |  | - |  |  | (3 | )
Attributed fees collected |  | 379 |  |  | 9 |  |  | 2 |  |  | 1,571 |  |  | 32 |  |  | 6 |
Benefit payments |  | (19 | ) |  | - |  |  | - |  |  | (63 | ) |  | - |  |  | - |
Effect of changes in interest rates |  | 1,406 |  |  | 31 |  |  | 5 |  |  | (9,346 | ) |  | (232 | ) |  | (55 | )
Effect of changes in equity markets |  | (1,029 | ) |  | (2 | ) |  | (6 | ) |  | 4,293 |  |  | 12 |  |  | 18 |
Effect of changes in equity index volatility |  | (286 | ) |  | - |  |  | (2 | ) |  | (225 | ) |  | 14 |  |  | (1 | )
In-force updates and other changes in MRBs (1) |  | 76 |  |  | 1 |  |  | - |  |  | 661 |  |  | 10 |  |  | 3 |
Effect of changes in future expected |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
policyholder behavior |  | - |  |  | - |  |  | - |  |  | (158 | ) |  | 1 |  |  | - |
Effect of changes in other future expected |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
assumptions (2) |  | - |  |  | - |  |  | - |  |  | (57 | ) |  | - |  |  | - |
Balance as of end-of-period, before the effect of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
changes in non-performance risk |  | 2,039 |  |  | 34 |  |  | (21 | ) |  | 1,511 |  |  | (5 | ) |  | (20 | )
Effect of cumulative changes in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
non-performance risk |  | (3,451 | ) |  | (65 | ) |  | (5 | ) |  | (2,173 | ) |  | (40 | ) |  | (2 | )
Balance as of end-of-period |  | (1,412 | ) |  | (31 | ) |  | (26 | ) |  | (662 | ) |  | (45 | ) |  | (22 | )
Less: ceded MRB assets (liabilities) |  | (246 | ) |  | - |  |  | - |  |  | (193 | ) |  | - |  |  | - |
Balance as of end-of-period, net of reinsurance | $ | (1,166 | ) | $ | (31 | ) | $ | (26 | ) | $ | (469 | ) | $ | (45 | ) | $ | (22 | )
Weighted-average age of policyholders (years) |  | 71 |  |  | 68 |  |  | 63 |  |  | 71 |  |  | 68 |  |  | 63 |
Net amount at risk (3) |  | 6,268 |  |  | 192 |  |  | 9 |  |  | 7,974 |  |  | 171 |  |  | 15 |
(1)Consists primarily of changes in MRB assets and liabilities related to differences between separate account fund performance and modeled indices and other changes such as actual to expected policyholder behavior. (2)Consists primarily of the update of fund mapping, volatility and other capital market assumptions. (3)Net amount at risk (“NAR”) is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For GLBs, the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit feature exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation. For the year ended December 31, 2022, Variable Annuities had a favorable impact from updates to policyholder benefit utilization behavior and fund mapping and volatility assumptions. Fixed Annuities and Retirement Plan Services did not have any significant assumption updates. See “MRBs” in Note 1 and Note 12 for details related to our fair value judgments, assumptions, inputs and valuation methodology.

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