Market Risk Benefits

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Market Risk Benefits

LIABILITY FOR FUTURE POLICY BENEFITS

Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below.

•Benefit Reserves;

•Deferred Profit Liability ("DPL"); and

•Additional Insurance Reserves ("AIR")

Benefit Reserves

The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

	Three Months Ended March 31, 2024
	Present Value of Expected Net Premiums
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	10,927,833	$	0	$	10,927,833
Effect of cumulative changes in discount rate assumptions, beginning of period	225,711		0		225,711
Balance at original discount rate, beginning of period	11,153,544		0		11,153,544
Effect of actual variances from expected experience and other activity	(54,196)		(290)		(54,486)
Adjusted balance, beginning of period	11,099,348		(290)		11,099,058
Issuances	192,492		8,595		201,087
Net premiums / considerations collected	(329,743)		(8,305)		(338,048)
Interest accrual	129,053		0		129,053
Other adjustments	(78)		0		(78)
Balance at original discount rate, end of period	11,091,072		0		11,091,072
Effect of cumulative changes in discount rate assumptions, end of period	(434,791)		0		(434,791)
Balance, end of period	$	10,656,281	$	0	$	10,656,281

	Three Months Ended March 31, 2024
	Present Value of Expected Future Policy Benefits
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	18,426,207	$	228,788	$	18,654,995
Effect of cumulative changes in discount rate assumptions, beginning of period	331,571		19,521		351,092
Balance at original discount rate, beginning of period	18,757,778		248,309		19,006,087
Effect of actual variances from expected experience and other activity	(65,431)		(369)		(65,800)
Adjusted balance, beginning of period	18,692,347		247,940		18,940,287
Issuances	192,492		8,595		201,087
Interest accrual	223,989		2,204		226,193
Benefit payments	(368,247)		(7,544)		(375,791)
Other adjustments	(23)		(34)		(57)
Balance at original discount rate, end of period	18,740,558		251,161		18,991,719
Effect of cumulative changes in discount rate assumptions, end of period	(742,789)		(23,464)		(766,253)
Balance, end of period	$	17,997,769	$	227,697	$	18,225,466
Other, end of period					1,675
Total balance, end of period					$	18,227,141

	Three Months Ended March 31, 2024
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	7,341,488	$	227,697	$	7,569,185
Flooring impact, end of period	44		0		44
Balance, end of period, post-flooring	7,341,532		227,697		7,569,229
Less: Reinsurance recoverables	6,650,332		18,428		6,668,760
Balance after reinsurance recoverables, end of period, post-flooring	$	691,200	$	209,269	$	900,469

	Three Months Ended March 31, 2023
	Present Value of Expected Net Premiums
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	10,911,794	$	0	$	10,911,794
Effect of cumulative changes in discount rate assumptions, beginning of period	554,896		0		554,896
Balance at original discount rate, beginning of period	11,466,690		0		11,466,690
Effect of actual variances from expected experience and other activity	(4,111)		(599)		(4,710)
Adjusted balance, beginning of period	11,462,579		(599)		11,461,980
Issuances	132,627		9,560		142,187
Net premiums / considerations collected	(338,534)		(8,961)		(347,495)
Interest accrual	131,333		0		131,333
Balance at original discount rate, end of period	11,388,005		0		11,388,005
Effect of cumulative changes in discount rate assumptions, end of period	(312,681)		0		(312,681)
Balance, end of period	$	11,075,324	$	0	$	11,075,324

	Three Months Ended March 31, 2023
	Present Value of Expected Future Policy Benefits
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	17,835,251	$	204,727	$	18,039,978
Effect of cumulative changes in discount rate assumptions, beginning of period	962,034		24,876		986,910
Balance at original discount rate, beginning of period	18,797,285		229,603		19,026,888
Effect of actual variances from expected experience and other activity	(13,802)		1,427		(12,375)
Adjusted balance, beginning of period	18,783,483		231,030		19,014,513
Issuances	132,627		9,560		142,187
Interest accrual	223,841		2,137		225,978
Benefit payments	(378,918)		(7,418)		(386,336)
Other adjustments	1,278		(41)		1,237
Balance at original discount rate, end of period	18,762,311		235,268		18,997,579
Effect of cumulative changes in discount rate assumptions, end of period	(474,265)		(19,786)		(494,051)
Balance, end of period	$	18,288,046	$	215,482	$	18,503,528
Other, end of period					2,055
Total balance, end of period					$	18,505,583

	Three Months Ended March 31, 2023
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	7,212,722	$	215,482	$	7,428,204
Flooring impact, end of period	0		0		0
Balance, end of period, post-flooring	$	7,212,722	$	215,482	$	7,428,204
Less: Reinsurance recoverables	6,719,094		17,336		6,736,430
Balance after reinsurance recoverables, end of period, post-flooring	$	493,628	$	198,146	$	691,774

The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:

	Three Months Ended March 31, 2024
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	21,812,112		$	0
Discounted expected future gross premiums (at original discount rate)	$	14,968,218		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,408,614		$	0
Undiscounted expected future benefits and expenses	$	29,069,972		$	336,830
Interest accrual	$	94,935		$	2,204
Gross premiums	$	446,853		$	8,572
Weighted-average duration of the liability in years (at original discount rate)	10			7
Weighted-average duration of the liability in years (at current discount rate)	10			6
Weighted-average interest rate (at original discount rate)	5.16		%	3.76		%
Weighted-average interest rate (at current discount rate)	5.29		%	5.26		%

	Three Months Ended March 31, 2023
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	22,077,087		$	0
Discounted expected future gross premiums (at original discount rate)	$	15,222,212		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,816,791		$	0
Undiscounted expected future benefits and expenses	$	29,198,512		$	316,153
Interest accrual	$	92,508		$	2,137
Gross premiums	$	449,968		$	10,891
Weighted-average duration of the liability in years (at original discount rate)	10			7
Weighted-average duration of the liability in years (at current discount rate)	10			6
Weighted-average interest rate (at original discount rate)	5.21		%	3.69		%
Weighted-average interest rate (at current discount rate)	5.05		%	5.01		%

For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2 to the Company's Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss, respectively.

In the first three months of 2024, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.

In the first three months of 2023, there was a $24 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, mostly offset by a $23 million loss, reflecting the impact of ceded reinsurance on the affected cohorts. The favorable impact in the first three months of 2023 is primarily due to favorable mortality experience related to individual term life products.

Deferred Profit Liability

The balances of and changes in DPL as of and for the periods indicated are as follows:

	Three Months Ended March 31,
	2024		2023
	Fixed Annuities
	(in thousands)
Balance, beginning of period, post-flooring	$	14,818	$	18,193
Effect of actual variances from expected experience and other activity	330		(951)
Adjusted balance, beginning of period	15,148		17,242
Profits deferred	216		1,856
Interest accrual	133		182
Amortization	(456)		(541)
Other adjustments	(3)		(8)
Balance, end of period, post-flooring	15,038		18,731
Less: Reinsurance recoverables	1,576		1,545
Balance after reinsurance recoverables, end of period	$	13,462	$	17,186

The following table provides supplemental information related to the balances of and changes in DPL, included in the disaggregated table above, on a gross (direct and assumed) basis, as of and for the period indicated:

	Three Months Ended March 31,
	2024		2023
	Fixed Annuities
	(in thousands)
Revenue(1)	$	(221)	$	(539)
Interest accrual	133		182

(1) Represents the gross premiums collected in changes in DPL.

Additional Insurance Reserves

AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits ("GMDB") and guaranteed minimum income benefits ("GMIB") contract features, that are above and beyond the contractholder's account balance.

The following table shows a rollforward of AIR balances for variable and universal life products for the periods indicated:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring	$	14,280,793	$	12,664,445
Flooring impact and amounts in AOCI	831,583		1,269,237
Balance, excluding amounts in AOCI, beginning of period, pre-flooring	15,112,376		13,933,682
Effect of actual variances from expected experience and other activity	141,303		(32,188)
Adjusted balance, beginning of period	15,253,679		13,901,494
Assessments collected(1)	297,419		267,869
Interest accrual	128,241		117,307
Benefits paid	(68,233)		(71,551)
Balance, excluding amounts in AOCI, end of period, pre-flooring	15,611,106		14,215,119
Flooring impact and amounts in AOCI	(1,014,852)		(962,417)
Balance, including amounts in AOCI, end of period, post-flooring	14,596,254		13,252,702
Less: Reinsurance recoverables	14,416,881		13,029,847
Balance after reinsurance recoverables, including amounts in AOCI, end of period	$	179,373	$	222,855

(1) Represents the portion of gross assessments required to fund the future policy benefits.

	Three Months Ended March 31,
	2024			2023
	($ in thousands)
Interest accrual	$	128,241		$	117,307
Gross assessments	$	419,396		$	427,489
Weighted-average duration of the liability in years (at original discount rate)	22			22
Weighted-average interest rate (at original discount rate)	3.39		%	3.38		%

Future Policy Benefits Reconciliation

The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for Future Policy Benefits as reported on the Company's Unaudited Interim Consolidated Statements of Financial Position as of the periods indicated:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Benefit reserves, end of period, post-flooring	$	7,569,229	$	7,428,204
Deferred profit liability, end of period, post-flooring	15,038		18,731
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring	14,596,254		13,252,702
Subtotal of amounts disclosed above	22,180,521		20,699,637
Other Future policy benefits reserves(1)	1,181,797		1,059,906
Total Future policy benefits	$	23,362,318	$	21,759,543

(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.

Revenue and Interest Expense

The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Consolidated Statement of Operations for the periods indicated:

	Three Months Ended March 31, 2024
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	446,853	$	0	$	8,572	$	455,425
Deferred profit liability	0		0		(221)		(221)
Additional insurance reserves	0		419,396		0		419,396
Total	$	446,853	$	419,396	$	8,351	$	874,600

	Three Months Ended March 31, 2023
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	449,968	$	0	$	10,891	$	460,859
Deferred profit liability	0		0		(539)		(539)
Additional insurance reserves	0		427,489		0		427,489
Total	$	449,968	$	427,489	$	10,352	$	887,809

(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.

	Three Months Ended March 31, 2024
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	94,935	$	0	$	2,204	$	97,139
Deferred profit liability	0		0		133		133
Additional insurance reserves	0		128,241		0		128,241
Total	$	94,935	$	128,241	$	2,337	$	225,513

	Three Months Ended March 31, 2023
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	92,508	$	0	$	2,137	$	94,645
Deferred profit liability	0		0		182		182
Additional insurance reserves	0		117,307		0		117,307
Total	$	92,508	$	117,307	$	2,319	$	212,134

POLICYHOLDERS' ACCOUNT BALANCES

Policyholders' Account Balances

The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:

	Three Months Ended March 31, 2024
	Fixed Annuities			Variable Annuities			Variable Life / Universal Life			Total
	($ in thousands)
Balance, beginning of period	$	6,164,313		$	22,836,765		$	20,167,713		$	49,168,791
Deposits	1,553,852			1,624,956			529,212			3,708,020
Interest credited	43,517			97,851			138,059			279,427
Policy charges	2,208			(3,702)			(455,538)			(457,032)
Surrenders and withdrawals	(103,696)			(179,988)			(199,907)			(483,591)
Benefit payments	(12,879)			(4,926)			(17,856)			(35,661)
Net transfers (to) from separate account	0			(6,723)			84,803			78,080
Change in market value and other adjustments(1)	88,291			1,281,938			37,169			1,407,398
Balance, end of period	7,735,606			25,646,171			20,283,655			53,665,432
Unearned revenue reserve										3,908,497
Other										103,851
Total Policyholders' account balance										$	57,677,780
Weighted-average crediting rate	2.50		%	1.61		%	2.73		%	2.17		%
Net amount at risk(2)	$	18		$	0		$	327,231,561		$	327,231,579
Cash surrender value(3)	$	6,674,346		$	23,282,269		$	18,899,950		$	48,856,565

	Three Months Ended March 31, 2023
	Fixed Annuities(4)			Variable Annuities			Variable Life / Universal Life			Total
	($ in thousands)
Balance, beginning of period	$	3,575,824		$	16,432,032		$	18,736,365		$	38,744,221
Deposits	564,236			948,987			530,381			2,043,604
Interest credited	11,996			78,629			141,753			232,378
Policy charges	(118)			(5,729)			(451,990)			(457,837)
Surrenders and withdrawals	(43,158)			(113,424)			(216,334)			(372,916)
Benefit payments	(10,215)			(10,624)			(24,771)			(45,610)
Net transfers (to) from separate account	0			10,253			24,911			35,164
Change in market value and other adjustments(1)	9,343			191,448			84,425			285,216
Balance, end of period	4,107,908			17,531,572			18,824,740			40,464,220
Unearned revenue reserve										3,234,755
Other(4)										100,146
Total Policyholders' account balance										$	43,799,121
Weighted-average crediting rate	1.25		%	1.85		%	3.02		%	2.35		%
Net amount at risk(2)	$	7		$	0		$	308,975,503		$	308,975,510
Cash surrender value(3)	$	3,459,140		$	15,338,366		$	17,242,003		$	36,039,509

(1)     Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.

(2)     The net amount at risk calculation includes both general and separate account balances.

(3)    Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.

(4)     Prior period amounts have been updated to conform to current period presentation.

The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid.

The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns.

The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 10 for additional information, including the net amount at risk associated with these guarantees.

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums are as follows:

	March 31, 2024
Range of Guaranteed Minimum Crediting Rate (1)	At guaranteed minimum		1 -50 bps above guaranteed minimum		51 -150 bps above guaranteed minimum		Greater than 150 bps above guaranteed minimum		Total
	(in thousands)
Fixed Annuities
Less than 1.00%	$	285	$	1,923	$	6,312	$	621,391	$	629,911
1.00% - 1.99%	473,330		72,870		217,461		80,120		843,781
2.00% - 2.99%	300,163		465,693		564,226		15,919		1,346,001
3.00% - 4.00%	324,553		1,941		2,156		241		328,891
Greater than 4.00%	0		0		0		0		0
Total	$	1,098,331	$	542,427	$	790,155	$	717,671	$	3,148,584
Variable Annuities
Less than 1.00%	$	865,767	$	727,194	$	69,871	$	195	$	1,663,027
1.00% - 1.99%	216,457		23,819		924		0		241,200
2.00% - 2.99%	20,916		4,192		4,174		0		29,282
3.00% - 4.00%	878,815		6,926		0		0		885,741
Greater than 4.00%	2,066		0		0		0		2,066
Total	$	1,984,021	$	762,131	$	74,969	$	195	$	2,821,316
Variable Life / Universal Life
Less than 1.00%	$	0	$	0	$	0	$	184,308	$	184,308
1.00% - 1.99%	226,470		0		1,661,933		1,514,100		3,402,503
2.00% - 2.99%	29,823		1,462,438		2,854,281		201,794		4,548,336
3.00% - 4.00%	3,904,574		2,376,925		918,116		0		7,199,615
Greater than 4.00%	2,127,526		0		0		0		2,127,526
Total	$	6,288,393	$	3,839,363	$	5,434,330	$	1,900,202	$	17,462,288

	March 31, 2023
Range of Guaranteed Minimum Crediting Rate (1)	At guaranteed minimum		1 - 50 bps above guaranteed minimum		51 -150 bps above guaranteed minimum		Greater than 150 bps above guaranteed minimum		Total
	(in thousands)
Fixed Annuities(2)
Less than 1.00%	$	0	$	23	$	27	$	0	$	50
1.00% - 1.99%	515,521		74,533		251,361		84,016		925,431
2.00% - 2.99%	235,746		210,897		26,904		10,805		484,352
3.00% - 4.00%	36,010		0		0		0		36,010
Greater than 4.00%	0		0		0		0		0
Total	$	787,277	$	285,453	$	278,292	$	94,821	$	1,445,843
Variable Annuities
Less than 1.00%	$	1,004,577	$	848,029	$	18,595	$	2	$	1,871,203
1.00% - 1.99%	236,212		2,204		1,287		0		239,703
2.00% - 2.99%	25,642		1,916		0		0		27,558
3.00% - 4.00%	1,030,028		2,225		0		0		1,032,253
Greater than 4.00%	2,160		0		0		0		2,160
Total	$	2,298,619	$	854,374	$	19,882	$	2	$	3,172,877
Variable Life / Universal Life
Less than 1.00%	$	0	$	0	$	0	$	10,513	$	10,513
1.00% - 1.99%	149,551		0		1,071,226		1,948,636		3,169,413
2.00% - 2.99%	32,394		122,790		4,003,885		260,445		4,419,514
3.00% - 4.00%	4,643,346		1,840,308		358,423		0		6,842,077
Greater than 4.00%	2,134,411		0		0		0		2,134,411
Total	$	6,959,702	$	1,963,098	$	5,433,534	$	2,219,594	$	16,575,928

(1)     Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.

(2)     Prior period amounts have been updated to conform to current period presentation.

Unearned Revenue Reserve ("URR")

The balances of and changes in URR as of and for the periods ended are as follows:

	Three Months Ended March 31,
	2024		2023
	Variable Life / Universal Life
	(in thousands)
Balance, beginning of period	$	3,741,426	$	3,067,335
Unearned revenue	211,542		200,262
Amortization expense	(44,470)		(32,752)
Other adjustments	(1)		(90)
Balance, end of period	$	3,908,497	$	3,234,755
Less: Reinsurance recoverables	1,762,417		1,583,054
Balance after reinsurance recoverables, end of period	$	2,146,080	$	1,651,701

MARKET RISK BENEFITS

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:

	Three Months Ended March 31, 2024
	Variable Annuities		Less: Reinsured Market Risk Benefits		Total, Net of Reinsurance
	(in thousands)
Balance, beginning of period	$	3,694,950	$	(917,792)	$	2,777,158
Effect of cumulative changes in non-performance risk	1,068,035		0		1,068,035
Balance, beginning of period, before effect of changes in non-performance risk	4,762,985		(917,792)		3,845,193
Attributed fees collected	281,171		(66,967)		214,204
Claims paid	(16,417)		1,511		(14,906)
Interest accrual	68,360		(15,642)		52,718
Actual in force different from expected	2,495		(4,539)		(2,044)
Effect of changes in interest rates	(832,834)		180,022		(652,812)
Effect of changes in equity markets	(846,759)		87,042		(759,717)
Issuances	12,766		(619)		12,147
Other adjustments	13,017		(603)		12,414
Effect of changes in current period counterparty non-performance risk	0		(26,662)		(26,662)
Balance, end of period, before effect of changes in non-performance risk	3,444,784		(764,249)		2,680,535
Effect of cumulative changes in non-performance risk	(829,061)		0		(829,061)
Balance, end of period	$	2,615,723	$	(764,249)	$	1,851,474

	Three Months Ended March 31, 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	293,206		(34,490)		258,716
Claims paid	(23,881)		1,653		(22,228)
Interest accrual	78,947		(2,290)		76,657
Actual in force different from expected	19,425		(2,389)		17,036
Effect of changes in interest rates	438,057		(49,031)		389,026
Effect of changes in equity markets	(635,535)		66,494		(569,041)
Other adjustments	77,790		0		77,790
Effect of changes in current period counterparty non-performance risk	0		18,297		18,297
Balance, end of period, before effect of changes in non-performance risk	6,526,544		(424,017)		6,102,527
Effect of cumulative changes in non-performance risk	(1,908,334)		0		(1,908,334)
Balance, end of period	$	4,618,210	$	(424,017)	$	4,194,193

The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods.

The Company also issues indexed variable annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death. In certain of these indexed variable annuity contracts, the Company also contractually guarantees to the contractholder withdrawal benefits payable during specific periods.

For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance.

For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior.

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

	March 31, 2024		March 31, 2023
	Variable Annuities
	($ in thousands)
Net amount at risk(1)	$	8,350,431	$	10,414,717
Weighted-average attained age of contractholders	70		69

(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:

	March 31, 2024		March 31, 2023
	Variable Annuities
	(in thousands)
Direct and assumed	$	1,472,957	$	880,131
Ceded	1,063,886		547,357
Total market risk benefit assets	$	2,536,843	$	1,427,488
Direct and assumed	$	4,088,679	$	5,498,342
Ceded	299,638		123,339
Total market risk benefit liabilities	$	4,388,317	$	5,621,681
Net liability	$	1,851,474	$	4,194,193