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MARKET RISK BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2024
Market Risk Benefit [Abstract]  
Schedule of Market Risk Benefit, Activity
Year Ended December 31, 2024
GMxB CorePurchased MRB CoreNet GMxB CoreGMxB LegacyPurchased MRB Legacy (4)Net GMxB Legacy
(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 assumptions93 (72)21 (70)21 (49)
Actual market movement effect(254)238 (16)(1,202)1,200 (2)
Interest accrual59 (17)42 586 (616)(30)
Attributed fees accrued (1)386 (345)41 802 (585)217 
Benefit payments(41)41 — (1,218)1,190 (28)
Actual policyholder behavior different from expected behavior21 3 24 (36)28 (8)
Changes in future economic assumptions(365)371 6 (2,147)2,138 (9)
Issuances (2)— 1 1 — — — 
Ending balance before changes in the instrument-specific credit risk223 (1,046)(823)9,735 (12,167)(2,432)
Changes in the instrument-specific credit risk (3)312 102 414 773 74 847 
Balance, end of period$535 $(944)$(409)$10,508 $(12,093)$(1,585)
Weighted-average age of policyholders (years)65.565.9N/A73.774.0N/A
Net amount at risk$2,865 $2,843 N/A$19,041 $18,738 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.
Year Ended December 31, 2023
GMxB CorePurchased MRB CoreNet GMxB CoreGMxB LegacyPurchased MRB Legacy (3)Net GMxB Legacy
(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 assumptions5 (42)(37)(19)(16)(35)
Actual market movement effect(466)229 (237)(1,847)1,463 (384)
Interest accrual72 (25)47 770 (761)9 
Attributed fees accrued (1)397 (273)124 843 (538)305 
Benefit payments(47)34 (13)(1,354)1,175 (179)
Actual policyholder behavior different from expected behavior16 (13)3 (14)(12)(26)
Changes in future economic assumptions(191)118 (73)(673)426 (247)
Issuances— (1,294)(1,294)— (6,842)(6,842)
Ending balance before changes in the instrument-specific credit risk324 (1,266)(942)13,020 (15,543)(2,523)
Changes in the instrument-specific credit risk (2)254 86 340 390 24 414 
Balance, end of period$578 $(1,180)$(602)$13,410 $(15,519)$(2,109)
Weighted-average age of policyholders (years)64.564.9N/A73.073.3N/A
Net amount at risk (4)
$2,991 $2,933 N/A$21,136 $20,737 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.
Year Ended December 31, 2022
GMxB CoreGMxB LegacyPurchased MRB Legacy (3)Net Legacy
(in millions)
Balance, beginning of period$1,061 $20,236 $(14,293)$5,943 
Beginning balance before changes in the instrument specific credit risk666 19,719 (14,287)5,432 
Model changes and effect of changes in cash flow assumptions(5)317 (137)180 
Actual market movement effect1,060 3,402 (1,278)2,124 
Interest accrual37 731 (493)238 
Attributed fees accrued (1)395 882 (298)584 
Benefit payments(36)(1,179)669 (510)
Actual policyholder behavior different from expected behavior19 142 (103)39 
Changes in future economic assumptions(1,596)(8,700)5,489 (3,211)
Issuances(2)— — — 
Ending balance before changes in the instrument-specific credit risk538 15,314 (10,438)4,876 
Changes in the instrument-specific credit risk (2)1 (615)(54)(669)
Balance, end of period$539 $14,699 $(10,492)$4,207 
Weighted-average age of policyholders (years)63.672.672.1N/A
Net amount at risk (4)
$3,517 $22,631 $11,755 N/A
_______________
(1)    Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.
(2)    Changes are recorded in OCI.
(3)    Purchased MRB is the impact of non-affiliated reinsurance.
(4)     GMxB legacy and Purchased MRB prior period amounts have been revised for errors deemed immaterial to previously issued financial statements.
The following table reconciles market risk benefits by the amounts in an asset position and amounts in a liability position to the market risk benefit amounts in the consolidated balance sheets:
December 31, 2024December 31, 2023
MRB AssetMRB LiabilityNet MRBPurchased MRBTotalMRB AssetMRB LiabilityNet MRBPurchased MRBTotal
(in millions)
GMxB Core$(467)$1,002 $535 $(944)$(409)$(410)$988 $578 $(1,180)$(602)
GMxB Legacy(230)10,738 10,508 (12,093)(1,585)(103)13,513 13,410 (15,519)(2,109)
Other
(84)51 (33)4 (29)(61)69 8 (30)(22)
Total$(781)$11,791 $11,010 $(13,033)$(2,023)$(574)$14,570 $13,996 $(16,729)$(2,733)