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MRBs | 3 Months Ended
--- | ---
Mar. 31, 2024
Insurance [Abstract] |
MRBs | MRBs The following table reconciles market risk benefits (“MRBs”) (in millions) to MRB assets and MRB liabilities on the Consolidated Balance Sheets:
| As of March 31, 2024 |  | As of December 31, 2023
| Assets |  | Liabilities |  | Net (Assets) Liabilities |  | Assets |  | Liabilities |  | Net (Assets) Liabilities
Variable Annuities | $ | 4,743 |  |  | $ | 1,139 |  |  | $ | (3,604) |  |  | $ | 3,763 |  |  | $ | 1,583 |  |  | $ | (2,180) |
Fixed Annuities | 96 |  |  | 123 |  |  | 27 |  |  | 96 |  |  | 128 |  |  | 32 |
Retirement Plan Services | 39 |  |  | 4 |  |  | (35) |  |  | 35 |  |  | 5 |  |  | (30) |
Total MRBs | $ | 4,878 |  |  | $ | 1,266 |  |  | $ | (3,612) |  |  | $ | 3,894 |  |  | $ | 1,716 |  |  | $ | (2,178) |
The following table summarizes the balances of and changes in net MRB (assets) liabilities (in millions):
| As of or For the Three Months Ended March 31, 2024 |  | As of or For the Three Months Ended March 31, 2023
| Variable Annuities |  | Fixed Annuities |  | Retirement Plan Services |  | Variable Annuities |  | Fixed Annuities |  | Retirement Plan Services
Balance as of beginning-of-year | $ | (2,180) |  |  | $ | 32 |  |  | $ | (30) |  |  | $ | (662) |  |  | $ | (45) |  |  | $ | (22) |
Less: Effect of cumulative changes in |  |  |  |  |  |  |  |  |  |  |
non-performance risk | (1,299) |  |  | (58) |  |  | (4) |  |  | (2,173) |  |  | (40) |  |  | (2) |
Balance as of beginning-of-year, before the effect |  |  |  |  |  |  |  |  |  |  |
of changes in non-performance risk | (881) |  |  | 90 |  |  | (26) |  |  | 1,511 |  |  | (5) |  |  | (20) |
Issuances | 3 |  |  | – |  |  | – |  |  | 1 |  |  | – |  |  | – |
Attributed fees collected | 380 |  |  | 9 |  |  | 2 |  |  | 379 |  |  | 9 |  |  | 2 |
Benefit payments | (11) |  |  | – |  |  | – |  |  | (19) |  |  | – |  |  | – |
Effect of changes in interest rates | (1,081) |  |  | (17) |  |  | (6) |  |  | 1,406 |  |  | 31 |  |  | 5 |
Effect of changes in equity markets | (1,343) |  |  | (11) |  |  | (4) |  |  | (1,029) |  |  | (2) |  |  | (6) |
Effect of changes in equity index volatility | 4 |  |  | (2) |  |  | – |  |  | (286) |  |  | – |  |  | (2) |
In-force updates and other changes in MRBs (1) | 51 |  |  | 1 |  |  | 1 |  |  | 76 |  |  | 1 |  |  | – |
Balance as of end-of-period, before the effect of |  |  |  |  |  |  |  |  |  |  |
changes in non-performance risk | (2,878) |  |  | 70 |  |  | (33) |  |  | 2,039 |  |  | 34 |  |  | (21) |
Effect of cumulative changes in |  |  |  |  |  |  |  |  |  |  |
non-performance risk | (726) |  |  | (43) |  |  | (2) |  |  | (3,451) |  |  | (65) |  |  | (5) |
Balance as of end-of-period | (3,604) |  |  | 27 |  |  | (35) |  |  | (1,412) |  |  | (31) |  |  | (26) |
Less: ceded MRB assets (liabilities) | (358) |  |  | – |  |  | – |  |  | (246) |  |  | – |  |  | – |
Balance as of end-of-period, net of reinsurance | $ | (3,246) |  |  | $ | 27 |  |  | $ | (35) |  |  | $ | (1,166) |  |  | $ | (31) |  |  | $ | (26) |
Weighted-average age of policyholders (years) | 72 |  | 69 |  | 63 |  | 71 |  | 68 |  | 63
Net amount at risk (2) | $ | 2,056 |  |  | $ | 210 |  |  | $ | 3 |  |  | $ | 6,268 |  |  | $ | 192 |  |  | $ | 9 |
(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) 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 guaranteed living benefits (“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. See “MRBs” in Note 13 for details related to our fair value judgments, assumptions, inputs and valuation methodology.

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