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MARKET RISK BENEFITS (Tables)
 9 Months Ended
Sep. 30, 2023
Market Risk Benefit [Abstract]  
Schedule of Market Risk Benefit, Activity
The following table summarizes the balance of and changes in the net liability position of market risk benefits on January 1, 2021 resulting from the adoption of ASU 2018-12:
GMxB LegacyGMxB CorePurchased MRBTotal
(in millions)
Balance, December 31, 2020$19,891 $2,206 $(2,943)$19,154 
Adjustment for reversal of balances recorded in Accumulated Other Comprehensive Income(70)(4)— (74)
Adjustments for the cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date461 505 5 971 
Adjustments for the remaining difference (exclusive of the instrument specific credit risk change and host contract adjustments) between previous carrying amount and fair value measurement for the MRB4,122 (563)(194)3,365 
Balance, January 1, 2021 (1)$24,404 $2,144 $(3,132)$23,416 
____________
(1)MRB transition table not inclusive of the following transition adjustments to retained earnings and AOCI including EQUI-VEST of $43 million, SCS of $21 million and Group Retirement EQUI-VEST of $(20) million.
The following table presents the balances and changes to the balances for market risk benefits for the GMxB benefits on deferred variable annuities
Three Months Ended September 30, 2023
GMxB CorePurchased MRB Core (3)Net GMxB CoreGMxB LegacyPurchased MRB Legacy(3)Net GMxB Legacy
(Dollars in millions)
Balance, beginning of period$155 $(1,071)$(916)$12,720 $(16,223)$(3,503)
Beginning balance before changes in the instrument specific credit risk370 (1,072)(702)14,142 (16,128)(1,986)
Model changes and effect of changes in cash flow assumptions12 (45)(33)(11)8 (3)
Actual market movement effect193 (197)(4)719 (592)127 
Interest accrual22 (12)10 212 (227)(15)
Attributed fees accrued (1)96 (87)9 212 (153)59 
Benefit payments(11)10 (1)(321)316 (5)
Actual policyholder behavior different from expected behavior5 (5)— (14)3 (11)
Changes in future economic assumptions(385)332 (53)(2,609)2,397 (212)
Issuances— — — — — — 
Ending balance before changes in the instrument-specific credit risk302 (1,076)(774)12,330 (14,376)(2,046)
Changes in the instrument-specific credit risk (2)35 32 67 (349)(38)(387)
Balance, end of period$337 $(1,044)$(707)$11,981 $(14,414)$(2,433)
Weighted-average age of policyholders (years)64.364.6N/A72.973.2N/A
Net amount at risk$3,586 $3,475 N/A$23,123 $22,632 N/A
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(1)    Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.
(2)    Changes are recorded in OCI.
(3)    Purchased MRB is the impact of non-affiliated reinsurance and affiliated reinsurance with Equitable America. Effective April 1, 2023, the Company recorded $8.2 billion of Purchased MRB as result of the Reinsurance Treaty. See Note 1 and Note 17 for additional information.
Three Months Ended September 30, 2022
GMxB Core
Purchased MRB Core
Net GMxB CoreGMxB Legacy
Purchased MRB Legacy
Net GMxB Legacy
(Dollars in millions)
Balance, beginning of period$424 $— $424 $15,708 $(11,845)$3,863 
Beginning balance before changes in the instrument specific credit risk781 — 781 17,735 (11,744)5,991 
Model changes and effect of changes in cash flow assumptions(7)— (7)404 (168)236 
Actual market movement effect276 — 276 755 (268)487 
Interest accrual12 — 12 224 (170)54 
Attributed fees accrued (1)97 — 97 221 (70)151 
Benefit payments(11)— (11)(316)184 (132)
Actual policyholder behavior different from expected behavior10 — 10 42 (32)10 
Changes in future economic assumptions(440)— (440)(2,628)1,551 (1,077)
Issuances— — — — — — 
Three Months Ended September 30, 2022
GMxB Core
Purchased MRB Core
Net GMxB CoreGMxB Legacy
Purchased MRB Legacy
Net GMxB Legacy
(Dollars in millions)
Ending balance before changes in the instrument-specific credit risk718 — 718 16,437 (10,717)5,720 
Changes in the instrument-specific credit risk (2)(307)— (307)(1,838)(95)(1,933)
Balance, end of period$411 $— $411 $14,599 $(10,812)$3,787 
Weighted-average age of policyholders (years)63.3N/AN/A72.367.5N/A
Net amount at risk$3,771 N/AN/A$23,933 $11,589 N/A
_______________
(1)    Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.
(2)    Changes are recorded in OCI.
(3)    Purchased MRB is the impact of non-affiliated reinsurance and affiliated reinsurance.
Nine Months Ended September 30, 2023
GMxB CorePurchased MRB CoreNet GMxB CoreGMxB LegacyPurchased MRB Legacy (4)Net GMxB Legacy
(Dollars in millions)
Balance, beginning of period$539 $— $539 $14,699 $(10,492)$4,207 
Beginning balance before changes in the instrument specific credit risk538 — 538 15,314 (10,438)4,876 
Model changes and effect of changes in cash flow assumptions12 (45)(33)(11)8 (3)
Actual market movement effect(129)(92)(221)(662)386 (276)
Interest accrual59 (21)38 604 (585)19 
Attributed fees accrued (1)300 (186)114 630 (391)239 
Benefit payments(35)22 (13)(1,008)839 (169)
Actual policyholder behavior different from expected behavior13 (9)4 1 (17)(16)
Changes in future economic assumptions(455)549 94 (2,538)2,687 149 
Issuances (2)(1)(1,294)(1,295)— (6,865)(6,865)
Ending balance before changes in the instrument-specific credit risk302 (1,076)(774)12,330 (14,376)(2,046)
Changes in the instrument-specific credit risk (3)35 32 67 (349)(38)(387)
Balance, end of period$337 $(1,044)$(707)$11,981 $(14,414)$(2,433)
Weighted-average age of policyholders (years)64.364.6N/A72.973.2N/A
Net amount at risk$3,586 $3,475 N/A$23,123 $22,632 N/A
_______________
(1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.
(2)Issuances are related to the Reinsurance Treaty with Equitable America. See Note 1 of the Notes to these Consolidated Financial Statements.
(3)Changes are recorded in OCI.
(4)Purchased MRB is the impact of non-affiliated reinsurance and affiliated reinsurance with Equitable America. Effective April 1, 2023, the Company recorded $8.2 billion of Purchased MRB as result of the Reinsurance Treaty. See Note 1 and Note 17 for additional information.
Nine Months Ended September 30, 2022
GMxB CorePurchased MRB CoreNet GMxB CoreGMxB LegacyPurchased MRB Legacy (3)Net GMxB Legacy
(Dollars in millions)
Balance, beginning of period$1,061 $— $1,061 $20,236 $(14,293)$5,943 
Beginning balance before changes in the instrument specific credit risk666 — 666 19,719 (14,287)5,432 
Model changes and effect of changes in cash flow assumptions(7)— (7)317 (139)178 
Actual market movement effect1,264 — 1,264 4,414 (1,732)2,682 
Interest accrual29 — 29 507 (336)171 
Attributed fees accrued (1)296 — 296 659 (218)441 
Benefit payments(24)— (24)(849)472 (377)
Actual policyholder behavior different from expected behavior14 — 14 101 (73)28 
Changes in future economic assumptions(1,517)— (1,517)(8,431)5,596 (2,835)
Issuances(3)— (3)— — — 
Ending balance before changes in the instrument-specific credit risk718 — 718 16,437 (10,717)5,720 
Changes in the instrument-specific credit risk (2)(307)— (307)(1,838)(95)(1,933)
Balance, end of period$411 $— $411 $14,599 $(10,812)$3,787 
Weighted-average age of policyholders (years)63.3N/AN/A72.367.5N/A
Net amount at risk$3,771 N/AN/A$23,933 $11,589 N/A
_______________
(1)    Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.
(2)    Changes are recorded in OCI.
(3)    Purchased MRB is the impact of non-affiliated reinsurance.
The following table reconciles market risk benefits by the amounts in an asset position and amounts in a liability position to the market risk benefit amounts in the consolidated balance sheets:
September 30, 2023December 31, 2022
MRB AssetMRB LiabilityNet MRBPurchased MRBTotalMRB AssetMRB LiabilityNet MRBPurchased MRBTotal
(in millions)
GMxB Core$(492)$829 $337 $(1,044)$(707)$(375)$914 $539 $— $539 
GMxB Legacy(129)12,110 11,981 (14,414)(2,433)(51)14,749 14,698 (10,493)4,205 
Other (1)(56)56 — (32)(32)(52)88 36 3 39 
Total$(677)$12,995 $12,318 $(15,490)$(3,172)$(478)$15,751 $15,273 $(10,490)$4,783 
______________
(1)    Other primarily includes Individual EQUI-VEST MRB.