In 2024, the Company recognized an impact to net income attributable to our annual reviews and update of assumptions and other refinements. Overall impact is immaterial for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.

In 2023, the Company recognized an impact to net income attributable to the annual reviews and update of assumptions and other refinements. Overall impact is immaterial for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to unfavorable model refinements, partially offset by updates to economic assumptions, including expected future rates of returns on universal life policies with secondary guarantees.

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.


	Nine Months Ended September 30, 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 assumption update	21,466		0		21,466
Effect of actual variances from expected experience and other activity	(198,894)		201		(198,693)
Adjusted balance, beginning of period	10,976,116		201		10,976,317
Issuances	608,144		25,850		633,994
Net premiums / considerations collected	(992,948)		(26,051)		(1,018,999)
Interest accrual	383,336		0		383,336
Other adjustments	7,091		0		7,091
Balance at original discount rate, end of period	10,981,739		0		10,981,739
Effect of cumulative changes in discount rate assumptions, end of period	(111,296)		0		(111,296)
Balance, end of period	$	10,870,443	$	0	$	10,870,443


	Nine Months Ended September 30, 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 assumption update	21,480		(3,643)		17,837
Effect of actual variances from expected experience and other activity	(245,193)		391		(244,802)
Adjusted balance, beginning of period	18,534,065		245,057		18,779,122
Issuances	608,144		25,850		633,994
Interest accrual	668,751		6,752		675,503
Benefit payments	(1,062,328)		(23,877)		(1,086,205)
Other adjustments	10,421		(149)		10,272
Balance at original discount rate, end of period	18,759,053		253,633		19,012,686
Effect of cumulative changes in discount rate assumptions, end of period	(159,410)		(14,751)		(174,161)
Balance, end of period	$	18,599,643	$	238,882	$	18,838,525
Other, end of period					1,610
Total balance, end of period					$	18,840,135


	Nine Months Ended September 30, 2024
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	7,729,200	$	238,882	$	7,968,082
Flooring impact, end of period	44		0		44
Balance, end of period, post-flooring	7,729,244		238,882		7,968,126
Less: Reinsurance recoverables	6,910,121		20,461		6,930,582
Balance after reinsurance recoverables, end of period, post-flooring	$	819,123	$	218,421	$	1,037,544


	Nine Months Ended September 30, 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 assumption update	(790)		0		(790)
Effect of actual variances from expected experience and other activity	(144,504)		(1,257)		(145,761)
Adjusted balance, beginning of period	11,321,396		(1,257)		11,320,139
Issuances	512,379		28,889		541,268
Net premiums / considerations collected	(1,008,159)		(27,632)		(1,035,791)
Interest accrual	391,662		0		391,662

Balance at original discount rate, end of period	11,217,278		0		11,217,278
Effect of cumulative changes in discount rate assumptions, end of period	(939,494)		0		(939,494)
Balance, end of period	$	10,277,784	$	0	$	10,277,784


	Nine Months Ended September 30, 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 assumption update	(1,044)		0		(1,044)
Effect of actual variances from expected experience and other activity	(191,864)		6,793		(185,071)
Adjusted balance, beginning of period	18,604,377		236,396		18,840,773
Issuances	512,379		28,889		541,268
Interest accrual	670,905		6,300		677,205
Benefit payments	(1,019,151)		(25,504)		(1,044,655)
Other adjustments	2,845		(84)		2,761
Balance at original discount rate, end of period	18,771,355		245,997		19,017,352
Effect of cumulative changes in discount rate assumptions, end of period	(1,767,981)		(34,327)		(1,802,308)
Balance, end of period	$	17,003,374	$	211,670	$	17,215,044
Other, end of period					1,838
Total balance, end of period					$	17,216,882


	Nine Months Ended September 30, 2023
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	6,725,590	$	211,670	$	6,937,260
Flooring impact, end of period	1,773		0		1,773
Balance, end of period, post-flooring	6,727,363		211,670		6,939,033
Less: Reinsurance recoverables	6,241,505		17,097		6,258,602
Balance after reinsurance recoverables, end of period, post-flooring	$	485,858	$	194,573	$	680,431


	Nine Months Ended September 30, 2024
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	21,790,252		$	0
Discounted expected future gross premiums (at original discount rate)	$	14,899,016		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,780,675		$	0
Undiscounted expected future benefits and expenses	$	29,134,537		$	341,000


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)	9			6
Weighted-average interest rate (at original discount rate)	5.13		%	3.90		%
Weighted-average interest rate (at current discount rate)	4.91		%	4.82		%


	Nine Months Ended September 30, 2023
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	21,914,391		$	0
Discounted expected future gross premiums (at original discount rate)	$	15,083,578		$	0
Discounted expected future gross premiums (at current discount rate)	$	13,840,343		$	0
Undiscounted expected future benefits and expenses	$	29,147,479		$	328,212


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)	9			6
Weighted-average interest rate (at original discount rate)	5.18		%	3.62		%
Weighted-average interest rate (at current discount rate)	6.02		%	5.95		%

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 nine months of 2024, there was a $29 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $28 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

In the first nine months of 2023, there was a $35 million gain in net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, which was offset by a $34 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.


	Nine Months Ended September 30,
	2024		2023
	Fixed Annuities
	(in thousands)
Balance, beginning of period, post-flooring	$	14,818	$	18,193

Effect of assumption update	2,110		0
Effect of actual variances from expected experience and other activity	465		(6,924)
Adjusted balance, beginning of period	17,393		11,269
Profits deferred	3,786		4,834
Interest accrual	505		423
Amortization	(1,689)		(1,647)
Other adjustments	(16)		(11)
Balance, end of period, post-flooring	19,979		14,868


Less: Reinsurance recoverables	1,504		1,435
Balance after reinsurance recoverables, end of period	$	18,475	$	13,433

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 for certain long-duration life contracts.


	Nine Months Ended September 30,
	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 assumption update	154,058		22,910
Effect of actual variances from expected experience and other activity	326,790		(12,611)
Adjusted balance, beginning of period	15,593,224		13,943,981
Assessments collected(1)	843,853		828,657
Interest accrual	397,904		360,309
Benefits paid	(258,579)		(219,784)

Balance, excluding amounts in AOCI, end of period, pre-flooring	16,576,402		14,913,163





Flooring impact and amounts in AOCI	(343,625)		(1,714,686)
Balance, including amounts in AOCI, end of period, post-flooring	16,232,777		13,198,477
Less: Reinsurance recoverables	16,005,948		12,979,687
Balance after reinsurance recoverables, including amounts in AOCI, end of period	$	226,829	$	218,790

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:


	Nine Months Ended September 30,
	2024		2023
	(in thousands)
Benefit reserves, end of period, post-flooring	$	7,968,126	$	6,939,033
Deferred profit liability, end of period, post-flooring	19,979		14,868
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring	16,232,777		13,198,477
Subtotal of amounts disclosed above	24,220,882		20,152,378


Other Future policy benefits reserves(1)	1,032,177		1,104,756
Total Future policy benefits	$	25,253,059	$	21,257,134

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:


	Nine Months Ended September 30, 2024
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	1,352,988	$	0	$	30,007	$	1,382,995
Deferred profit liability	0		0		(5,161)		(5,161)
Additional insurance reserves	0		1,349,352		0		1,349,352
Total	$	1,352,988	$	1,349,352	$	24,846	$	2,727,186



	Nine Months Ended September 30, 2023
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	1,351,460	$	0	$	32,677	$	1,384,137
Deferred profit liability	0		0		3,325		3,325
Additional insurance reserves	0		1,168,206		0		1,168,206
Total	$	1,351,460	$	1,168,206	$	36,002	$	2,555,668


	Nine Months Ended September 30, 2024
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	285,415	$	0	$	6,752	$	292,167
Deferred profit liability	0		0		505		505
Additional insurance reserves	0		397,904		0		397,904
Total	$	285,415	$	397,904	$	7,257	$	690,576


	Nine Months Ended September 30, 2023
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	279,242	$	0	$	6,300	$	285,542
Deferred profit liability	0		0		423		423
Additional insurance reserves	0		360,309		0		360,309
Total	$	279,242	$	360,309	$	6,723	$	646,274


	Nine Months Ended September 30, 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	4,149,820			5,900,477			1,592,896			11,643,193
Interest credited	150,642			332,007			426,382			909,031

Policy charges	(4,168)			(21,369)			(1,369,727)			(1,395,264)
Surrenders and withdrawals	(409,573)			(558,335)			(595,740)			(1,563,648)
Benefit payments	(42,344)			(21,840)			(50,251)			(114,435)
Net transfers (to) from separate account	0			48,394			275,312			323,706
Change in market value and other adjustments(1)	218,164			1,974,887			139,231			2,332,282

Balance, end of period	10,226,854			30,490,986			20,585,816			61,303,656
Unearned revenue reserve										4,248,795
Other										106,109
Total Policyholders' account balance										$	65,658,560

Weighted-average crediting rate	2.45		%	1.66		%	2.79		%	2.19		%
Net amount at risk(2)	$	16		$	0		$	336,737,789		$	336,737,805
Cash surrender value(3)	$	9,070,551		$	29,028,016		$	19,188,896		$	57,287,463


	Nine Months Ended September 30, 2023

	Fixed Annuities			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	1,801,985			3,439,562			1,543,230			6,784,777
Interest credited	73,763			194,853			415,843			684,459

Policy charges	(5,683)			(16,564)			(1,357,363)			(1,379,610)
Surrenders and withdrawals	(161,929)			(351,475)			(579,913)			(1,093,317)
Benefit payments	(37,459)			(22,285)			(62,055)			(121,799)
Net transfers (to) from separate account (4)	0			4,467			1,115,178			1,119,645
Change in market value and other adjustments(1)	81,544			1,095,144			76,107			1,252,795

Balance, end of period	5,328,045			20,775,734			19,887,392			45,991,171


Unearned revenue reserve										3,568,084
Other										102,815
Total Policyholders' account balance										$	49,662,070

Weighted-average crediting rate	2.21		%	1.40		%	2.87		%	2.15		%
Net amount at risk(2)	$	12		$	0		$	318,075,705		$	318,075,717
Cash surrender value(3)	$	4,491,679		$	17,981,713		$	18,517,769		$	40,991,161

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.


	September 30, 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%	$	282	$	2,972	$	10,290	$	967,347	$	980,891
1.00% - 1.99%	441,774		59,029		191,790		74,650		767,243
2.00% - 2.99%	303,925		460,949		559,932		16,511		1,341,317
3.00% - 4.00%	1,375,404		5,996		10,086		3,299		1,394,785
Greater than 4.00%	0		0		0		0		0
Total	$	2,121,385	$	528,946	$	772,098	$	1,061,807	$	4,484,236
Variable Annuities
Less than 1.00%	$	323,585	$	622,340	$	447,015	$	180	$	1,393,120
1.00% - 1.99%	153,336		211,058		2,505		0		366,899
2.00% - 2.99%	17,807		3,907		4,181		0		25,895
3.00% - 4.00%	839,084		4,128		1		0		843,213
Greater than 4.00%	2,038		0		0		0		2,038
Total	$	1,335,850	$	841,433	$	453,702	$	180	$	2,631,165
Variable Life / Universal Life
Less than 1.00%	$	0	$	0	$	0	$	162,543	$	162,543
1.00% - 1.99%	261,986		0		1,692,401		1,615,106		3,569,493
2.00% - 2.99%	29,281		1,504,536		2,695,744		377,103		4,606,664
3.00% - 4.00%	3,788,853		2,139,715		1,107,161		0		7,035,729
Greater than 4.00%	2,105,249		0		0		0		2,105,249
Total	$	6,185,369	$	3,644,251	$	5,495,306	$	2,154,752	$	17,479,678


	September 30, 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
Less than 1.00%	$	85	$	188	$	430	$	20,481	$	21,184
1.00% - 1.99%	497,237		74,579		237,130		82,040		890,986
2.00% - 2.99%	280,760		469,123		319,721		12,466		1,082,070
3.00% - 4.00%	31,048		0		0		0		31,048
Greater than 4.00%	0		0		0		0		0
Total	$	809,130	$	543,890	$	557,281	$	114,987	$	2,025,288
Variable Annuities
Less than 1.00%	$	944,205	$	821,295	$	18,262	$	2	$	1,783,764
1.00% - 1.99%	221,831		2,113		1,086		0		225,030
2.00% - 2.99%	26,319		4,332		2,979		0		33,630
3.00% - 4.00%	956,761		3,416		0		0		960,177
Greater than 4.00%	2,027		0		0		0		2,027
Total	$	2,151,143	$	831,156	$	22,327	$	2	$	3,004,628
Variable Life / Universal Life
Less than 1.00%	$	0	$	0	$	0	$	217,003	$	217,003
1.00% - 1.99%	185,341		0		2,528,250		572,113		3,285,704
2.00% - 2.99%	27,536		1,418,150		2,778,586		268,998		4,493,270
3.00% - 4.00%	4,008,791		2,241,159		1,114,429		0		7,364,379
Greater than 4.00%	2,147,756		0		0		0		2,147,756
Total	$	6,369,424	$	3,659,309	$	6,421,265	$	1,058,114	$	17,508,112


	Nine Months Ended September 30,
	2024		2023

	Variable Life / Universal Life
	(in thousands)


Balance, beginning of period	$	3,741,426	$	3,067,336
Unearned revenue	644,001		612,196
Amortization expense	(136,630)		(111,353)
Other adjustments	(2)		(95)

Balance, end of period	$	4,248,795	$	3,568,084
Less: Reinsurance recoverables	1,822,597		1,656,299
Balance after reinsurance recoverables, end of period	$	2,426,198	$	1,911,785


	Nine Months Ended September 30, 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	830,031		(195,952)		634,079
Claims paid	(45,249)		4,781		(40,468)
Interest accrual	171,713		(42,483)		129,230
Actual in force different from expected	18,607		(14,423)		4,184
Effect of changes in interest rates	44,706		51,322		96,028
Effect of changes in equity markets	(1,633,684)		171,342		(1,462,342)
Effect of assumption update	85,619		3,984		89,603
Issuances	51,540		(3,158)		48,382
Other adjustments	14,958		27		14,985
Effect of changes in current period counterparty non-performance risk	0		(8,520)		(8,520)
Balance, end of period, before effect of changes in non-performance risk	4,301,226		(950,872)		3,350,354
Effect of cumulative changes in non-performance risk	(934,425)		0		(934,425)
Balance, end of period	$	3,366,801	$	(950,872)	$	2,415,929


	Nine Months Ended September 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	878,381		(179,211)		699,170
Claims paid	(62,128)		5,903		(56,225)
Interest accrual	235,979		(38,016)		197,963
Actual in force different from expected	52,753		(6,588)		46,165
Effect of changes in interest rates	(2,869,989)		484,168		(2,385,821)
Effect of changes in equity markets	(940,654)		90,742		(849,912)
Effect of assumption update	330,769		(54,067)		276,702
Issuances	21,271		8,206		29,477
Other adjustments(1)	(17,436)		(638,198)		(655,634)
Effect of changes in current period counterparty non-performance risk	0		(75,594)		(75,594)
Balance, end of period, before effect of changes in non-performance risk	3,907,481		(824,916)		3,082,565
Effect of cumulative changes in non-performance risk	(1,230,621)		0		(1,230,621)
Balance, end of period	$	2,676,860	$	(824,916)	$	1,851,944

In both 2024 and 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions on certain variable annuities.

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.


	September 30, 2024		September 30, 2023
	Variable Annuities
	(in thousands)
Direct and assumed	$	1,286,720	$	1,410,637
Ceded	1,212,514		1,108,597
Total market risk benefit assets	$	2,499,234	$	2,519,234

Direct and assumed	$	4,653,521	$	4,087,498
Ceded	261,642		283,680
Total market risk benefit liabilities	$	4,915,163	$	4,371,178

Net liability	$	2,415,929	$	1,851,944