Market Risk Benefits (Tables)

3 Months Ended

Mar. 31, 2024

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 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