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MRBs (Tables) | 9 Months Ended
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Sep. 30, 2024
Insurance [Abstract] |
Reconciles of MRBs Assets and Liabilities | The following table reconciles market risk benefits (“MRBs”) (in millions) to MRB assets and MRB liabilities on the Consolidated Balance Sheets:
| As of September 30, 2024 |  | As of December 31, 2023
| Assets |  | Liabilities |  | Net (Assets) Liabilities |  | Assets |  | Liabilities |  | Net (Assets) Liabilities
Variable Annuities | $ | 4,448 |  |  | $ | 1,121 |  |  | $ | (3,327) |  |  | $ | 3,763 |  |  | $ | 1,583 |  |  | $ | (2,180) |
Fixed Annuities | 73 |  |  | 147 |  |  | 74 |  |  | 96 |  |  | 128 |  |  | 32 |
Retirement Plan Services | 44 |  |  | 4 |  |  | (40) |  |  | 35 |  |  | 5 |  |  | (30) |
Total MRBs | $ | 4,565 |  |  | $ | 1,272 |  |  | $ | (3,293) |  |  | $ | 3,894 |  |  | $ | 1,716 |  |  | $ | (2,178) |
Summary of Balances of Changes in Net MRB (Assets) Liabilities | The following table summarizes the balances of and changes in net MRB (assets) liabilities (in millions):
| As of or For the Nine Months Ended September 30, 2024 |  | As of or For the Nine Months Ended September 30, 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 | 6 |  |  | – |  |  | – |  |  | 3 |  |  | – |  |  | – |
Attributed fees collected | 1,143 |  |  | 24 |  |  | 4 |  |  | 1,127 |  |  | 23 |  |  | 4 |
Benefit payments | (29) |  |  | – |  |  | – |  |  | (49) |  |  | – |  |  | – |
Effect of changes in interest rates | (101) |  |  | 8 |  |  | (6) |  |  | (2,347) |  |  | (66) |  |  | (7) |
Effect of changes in equity markets | (2,347) |  |  | (16) |  |  | (8) |  |  | (1,430) |  |  | (5) |  |  | (6) |
Effect of changes in equity index volatility | (65) |  |  | (4) |  |  | – |  |  | (358) |  |  | 6 |  |  | (3) |
In-force updates and other changes in MRBs (1) | 69 |  |  | 3 |  |  | 6 |  |  | 182 |  |  | 4 |  |  | – |
Effect of assumption review: |  |  |  |  |  |  |  |  |  |  |
Effect of changes in future expected |  |  |  |  |  |  |  |  |  |  |
policyholder behavior | 7 |  |  | 11 |  |  | – |  |  | (33) |  |  | 70 |  |  | – |
Effect of changes in other future expected |  |  |  |  |  |  |  |  |  |  |
assumptions (2) | (199) |  |  | 18 |  |  | (6) |  |  | (66) |  |  | 15 |  |  | (2) |
Balance as of end-of-period, before the effect of |  |  |  |  |  |  |  |  |  |  |
changes in non-performance risk | (2,397) |  |  | 134 |  |  | (36) |  |  | (1,460) |  |  | 42 |  |  | (34) |
Effect of cumulative changes in |  |  |  |  |  |  |  |  |  |  |
non-performance risk | (930) |  |  | (60) |  |  | (4) |  |  | (1,213) |  |  | (59) |  |  | 1 |
Balance as of end-of-period | (3,327) |  |  | 74 |  |  | (40) |  |  | (2,673) |  |  | (17) |  |  | (33) |
Less: ceded MRB assets (liabilities) | (340) |  |  | – |  |  | – |  |  | (303) |  |  | – |  |  | – |
Balance as of end-of-period, net of reinsurance | $ | (2,987) |  |  | $ | 74 |  |  | $ | (40) |  |  | $ | (2,370) |  |  | $ | (17) |  |  | $ | (33) |
Weighted-average age of policyholders (years) | 72 |  | 69 |  | 63 |  | 72 |  | 68 |  | 63
Net amount at risk (3) | $ | 1,544 |  |  | $ | 231 |  |  | $ | 3 |  |  | $ | 6,235 |  |  | $ | 188 |  |  | $ | 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) 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 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. Effect of Assumption Review For the nine months ended September 30, 2024, Variable Annuities had a favorable impact to net income (loss) attributable to the annual assumption review driven by model enhancements and updates to capital market assumptions. For the nine months ended September 30, 2024, Fixed Annuities had an unfavorable impact to net income (loss) attributable to the annual assumption review driven by model enhancements and updates to policyholder GLB utilization assumptions. Retirement Plan Services did not have any significant assumption updates. For the nine months ended September 30, 2023, Variable Annuities had a favorable impact to net income (loss) attributable to the annual assumption review from updates to volatility and policyholder GLB utilization behavior assumptions, partially offset by unfavorable impacts from updates to mortality and policyholder lapse behavior assumptions. For the nine months ended September 30, 2023, Fixed Annuities had an unfavorable impact to net income (loss) attributable to the annual assumption review from updates to mortality and policyholder GLB utilization and lapse behavior assumptions. Retirement Plan Services did not have any significant assumption updates.

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