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MARKET RISK BENEFITS
 6 Months Ended
Jun. 30, 2024
Market Risk Benefit [Abstract]  
MARKET RISK BENEFITS MARKET RISK BENEFITS
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 June 30, 2024
GMxB Core
Purchased MRB Core
Net GMxB CoreGMxB Legacy
Purchased MRB Legacy
Net GMxB Legacy
(Dollars in millions)
Balance, beginning of period$328 $(900)$(572)$11,701 $(13,783)$(2,082)
Beginning balance before changes in the instrument specific credit risk97 (992)(895)11,326 (13,819)(2,493)
Model changes and effect of changes in cash flow assumptions
— — — — — — 
Actual market movement effect(3)(2)(5)45 (10)35 
Interest accrual15 (5)10 153 (163)(10)
Attributed fees accrued (1)107 (95)12 198 (146)52 
Benefit payments(11)11 — (311)304 (7)
Actual policyholder behavior different from expected behavior6 (1)5 — (5)(5)
Changes in future economic assumptions(60)53 (7)(514)537 23 
Issuances— 1 1 — — — 
Ending balance before changes in the instrument-specific credit risk151 (1,030)(879)10,897 (13,302)(2,405)
Changes in the instrument-specific credit risk (2)268 98 366 520 48 568 
Balance, end of period$419 $(932)$(513)$11,417 $(13,254)$(1,837)
Weighted-average age of policyholders (years)65.065.4N/A73.373.7N/A
Net amount at risk$2,866 $2,834 N/A$19,710 $19,397 N/A
_______________
(1)    Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.
(2)    Changes are recorded in OCI.
Three Months Ended June 30, 2023
GMxB Core
Purchased MRB Core
Net GMxB CoreGMxB Legacy
Purchased MRB Legacy
Net GMxB Legacy
(Dollars in millions)
Balance, beginning of period$333 $— $333 $14,082 $(10,746)$3,336 
Beginning balance before changes in the instrument specific credit risk560 — 560 15,599 (10,648)4,952 
Model changes and effect of changes in cash flow assumptions— — — — — — 
Actual market movement effect(116)105 (11)(637)585 (52)
Interest accrual19 (9)10 195 (202)(7)
Attributed fees accrued (1)110 (99)11 208 (155)53 
Benefit payments(12)12 — (345)338 (7)
Actual policyholder behavior different from expected behavior3 (4)(1)(6)(3)(9)
Changes in future economic assumptions(193)217 24 (872)822 (50)
Issuances(1)(1,294)(1,295)— (6,865)(6,866)
Ending balance before changes in the instrument-specific credit risk370 (1,072)(702)14,142 (16,128)(1,986)
Changes in the instrument-specific credit risk (2)(215)1 (214)(1,422)(95)(1,517)
Balance, end of period$155 $(1,071)$(916)$12,720 $(16,223)$(3,503)
Weighted-average age of policyholders (years)64.064.4N/A72.873.0N/A
Net amount at risk$3,159 $3,072 N/A$22,195 $21,728 N/A
_______________
(1)    Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.
(2)    Changes are recorded in OCI.
Six Months Ended June 30, 2024
GMxB CorePurchased MRB CoreNet GMxB CoreGMxB LegacyPurchased MRB Legacy (4)Net GMxB Legacy
(Dollars in millions)
Balance, beginning of period$578 $(1,180)$(602)$13,410 $(15,519)$(2,109)
Beginning balance before changes in the instrument specific credit risk324 (1,266)(942)13,020 (15,543)(2,523)
Model changes and effect of changes in cash flow assumptions— — — — 1 1 
Actual market movement effect(154)145 (9)(743)736 (7)
Interest accrual30 (9)21 314 (331)(17)
Attributed fees accrued (1)199 (178)21 398 (300)98 
Benefit payments(21)21 — (632)618 (14)
Actual policyholder behavior different from expected behavior9 — 9 (23)8 (15)
Changes in future economic assumptions(236)256 20 (1,437)1,509 72 
Issuances (2)— 1 1 — — — 
Ending balance before changes in the instrument-specific credit risk151 (1,030)(879)10,897 (13,302)(2,405)
Changes in the instrument-specific credit risk (3)268 98 366 520 48 568 
Balance, end of period$419 $(932)$(513)$11,417 $(13,254)$(1,837)
Weighted-average age of policyholders (years)65.065.4N/A73.373.7N/A
Net amount at risk$2,866 $2,834 N/A$19,710 $19,397 N/A
_______________
(1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.
(2)Issuances are from a non-affiliated recapture of reinsurance..
(3)Changes are recorded in OCI.
(4)Purchased MRB is the impact of non-affiliated reinsurance and affiliated reinsurance with Equitable America.
Six Months Ended June 30, 2023
GMxB CorePurchased MRB CoreNet GMxB CoreGMxB LegacyPurchased MRB Legacy (3)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 assumptions— — — — — — 
Actual market movement effect(322)105 (217)(1,381)978 (403)
Interest accrual37 (9)28 392 (358)34 
Attributed fees accrued (1)204 (99)105 418 (238)180 
Benefit payments(24)12 (12)(687)523 (164)
Actual policyholder behavior different from expected behavior8 (4)4 15 (20)(5)
Changes in future economic assumptions(70)217 147 71 290 361 
Issuances(1)(1,294)(1,295)— (6,865)(6,865)
Ending balance before changes in the instrument-specific credit risk370 (1,072)(702)14,142 (16,128)(1,986)
Changes in the instrument-specific credit risk (2)(215)1 (214)(1,422)(95)(1,517)
Balance, end of period$155 $(1,071)$(916)$12,720 $(16,223)$(3,503)
Weighted-average age of policyholders (years)64.064.4N/A72.873.0N/A
Net amount at risk (4)
$3,159 $3,072 N/A$22,195 $21,728 N/A
_______________
(1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.
(2)Changes are recorded in OCI.
(3)Purchased MRB is the impact of non-affiliated reinsurance.
(4)GMxB legacy and Purchased MRB prior period amounts have been revised for errors deemed immaterial to previously issued financial statements.
The following table reconciles market risk benefits by the amounts in an asset position and amounts in a liability position to the market risk benefit amounts in the consolidated balance sheets:
June 30, 2024December 31, 2023
MRB AssetMRB LiabilityNet MRBPurchased MRBTotalMRB AssetMRB LiabilityNet MRBPurchased MRBTotal
(in millions)
GMxB Core$(497)$916 $419 $(932)$(513)$(410)$988 $578 $(1,180)$(602)
GMxB Legacy(180)11,597 11,417 (13,254)(1,837)(103)13,513 13,410 (15,519)(2,109)
Other
(86)55 (31)1 (30)(61)69 8 (30)(22)
Total$(763)$12,568 $11,805 $(14,185)$(2,380)$(574)$14,570 $13,996 $(16,729)$(2,733)