Market Risk Benefits (Tables)

6 Months Ended

Jun. 30, 2023

The following tables show a rollforward of MRB balances for variable annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:


	Six Months Ended June 30, 2023
	Variable Annuities		Less: Reinsured Market Risk Benefits		Total, Net of Reinsurance
	(in thousands)
Balance, beginning of period	$	4,550,625	$	(422,261)	$	4,128,364
Effect of cumulative changes in non-performance risk	1,727,910		0		1,727,910
Balance, beginning of period, before effect of changes in non-performance risk	6,278,535		(422,261)		5,856,274
Attributed fees collected	587,663		(107,425)		480,238
Claims paid	(43,782)		3,681		(40,101)
Interest accrual	160,106		(20,505)		139,601
Actual in force different from expected	36,193		(6,069)		30,124
Effect of changes in interest rates	(671,989)		169,229		(502,760)
Effect of changes in equity markets	(1,314,461)		127,157		(1,187,304)
Effect of assumption update	330,769		(54,067)		276,702
Issuances	11,403		9,025		20,428
Other adjustments(1)	(17,436)		(638,198)		(655,634)
Effect of changes in current period counterparty non-performance risk	0		(7,445)		(7,445)

Balance, end of period, before effect of changes in non-performance risk	5,357,001		(946,878)		4,410,123
Effect of cumulative changes in non-performance risk	(1,660,587)		0		(1,660,587)


Balance, end of period	$	3,696,414	$	(946,878)	$	2,749,536


	Six Months Ended June 30, 2022
	Variable Annuities		Less: Reinsured Market Risk Benefits		Total, Net of Reinsurance
	(in thousands)
Balance, beginning of period	$	8,884,362	$	(906,484)	$	7,977,878
Effect of cumulative changes in non-performance risk	287,605		0		287,605
Balance, beginning of period, before effect of changes in non-performance risk	9,171,967		(906,484)		8,265,483
Attributed fees collected	659,743		(77,427)		582,316
Claims paid	(16,431)		318		(16,113)
Interest accrual	26,589		(2,564)		24,025
Actual in force different from expected	44,344		(4,746)		39,598
Effect of changes in interest rates	(5,067,986)		527,662		(4,540,324)
Effect of changes in equity markets	3,238,166		(339,149)		2,899,017
Effect of assumption update	(160,596)		23,170		(137,426)

Effect of changes in current period counterparty non-performance risk	0		223,753		223,753
Balance, end of period, before effect of changes in non-performance risk	7,895,796		(555,467)		7,340,329
Effect of cumulative changes in non-performance risk	(2,077,191)		0		(2,077,191)


Balance, end of period	$	5,818,605	$	(555,467)	$	5,263,138

(1) Other adjustments for June 30, 2023 primarily includes $638 million related to the reinsurance transaction with Ohio National. See Note 11 for additional information.

The following table presents accompanying information to the rollforward table above.


	June 30, 2023		June 30, 2022
	Variable Annuities
	($ in thousands)
Net amount at risk(1)	$	10,067,522	$	10,510,747
Weighted-average attained age of contractholders	69		68

(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.

The table below reconciles MRB asset and liability positions as of the following dates:


	June 30, 2023		June 30, 2022
	Variable Annuities
	(in thousands)
Market risk benefit assets	$	2,340,230	$	1,422,757
Market risk benefit liabilities	5,089,766		6,685,895
Net liability	$	2,749,536	$	5,263,138