MRBs

6 Months Ended

Jun. 30, 2025

The following table reconciles market risk benefits (“MRBs”) (in millions) to MRB assets and MRB liabilities on the Consolidated Balance Sheets:


	As of June 30, 2025						As of December 31, 2024
	Assets		Liabilities		Net (Assets) Liabilities		Assets		Liabilities		Net (Assets) Liabilities


Variable Annuities	$	4,467	$	1,047	$	(3,420)	$	4,737	$	933	$	(3,804)
Fixed Annuities	64		154		90		78		110		32
Retirement Plan Services	46		4		(42)		45		3		(42)
Total MRBs	$	4,577	$	1,205	$	(3,372)	$	4,860	$	1,046	$	(3,814)

The following table summarizes the balances of and changes in net MRB (assets) liabilities (in millions):


	As of or For the Six Months Ended June 30, 2025						As of or For the Six Months Ended June 30, 2024
	Variable Annuities		Fixed Annuities		Retirement Plan Services		Variable Annuities		Fixed Annuities		Retirement Plan Services


Balance as of beginning-of-year	$	(3,804)	$	32	$	(42)	$	(2,180)	$	32	$	(30)
Less: Effect of cumulative changes in
non-performance risk	(153)		(33)		–		(1,299)		(58)		(4)
Balance as of beginning-of-year, before the effect
of changes in non-performance risk	(3,651)		65		(42)		(881)		90		(26)
Issuances	10		–		–		5		–		–
Attributed fees collected	734		16		3		760		16		3
Benefit payments	(14)		–		–		(21)		–		–
Effect of changes in interest rates	175		35		(2)		(1,470)		(27)		(8)
Effect of changes in equity markets	(792)		–		(3)		(1,469)		(15)		(5)
Effect of changes in equity index volatility	35		3		–		(63)		(4)		–
In-force updates and other changes in MRBs (1)	185		13		2		153		2		1





Balance as of end-of-period, before the effect of
changes in non-performance risk	(3,318)		132		(42)		(2,986)		62		(35)
Effect of cumulative changes in
non-performance risk	(102)		(42)		–		(482)		(38)		–
Balance as of end-of-period	(3,420)		90		(42)		(3,468)		24		(35)
Less: Ceded MRB assets (liabilities)	(339)		–		–		(342)		–		–
Balance as of end-of-period, net of reinsurance	$	(3,081)	$	90	$	(42)	$	(3,126)	$	24	$	(35)

Weighted-average age of policyholders (years)	73		70		63		72		69		63
Net amount at risk (2)	$	1,689	$	272	$	2	$	2,135	$	221	$	3

(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.