Liability for Future Policy Benefits

12 Months Ended

Dec. 31, 2024

Insurance [Abstract]

Liability for Future Policy 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; and

•Additional Insurance Reserves

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.

In 2022, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed benefit reserves, primarily due to updates to mortality assumptions on individual term life insurance. Additionally, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update and other refinements for direct and assumed additional insurance reserves, primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.

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.

	Year Ended December 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 assumption update	21,466		0		21,466
Effect of actual variances from expected experience and other activity	(219,878)		58		(219,820)
Adjusted balance, beginning of period	10,955,132		58		10,955,190
Issuances	827,606		35,717		863,323
Net premiums / considerations collected	(1,319,501)		(35,775)		(1,355,276)
Interest accrual	511,817		0		511,817
Other adjustments	7,092		0		7,092
Balance at original discount rate, end of period	10,982,146		0		10,982,146
Effect of cumulative changes in discount rate assumptions, end of period	(567,443)		0		(567,443)
Balance, end of period	$	10,414,703	$	0	$	10,414,703

	Year Ended December 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 assumption update	21,480		(3,643)		17,837
Effect of actual variances from expected experience and other activity	(259,137)		502		(258,635)
Adjusted balance, beginning of period	18,520,121		245,168		18,765,289
Issuances	827,606		35,717		863,323
Interest accrual	893,983		9,119		903,102
Benefit payments	(1,471,863)		(32,225)		(1,504,088)
Other adjustments	11,225		(251)		10,974
Balance at original discount rate, end of period	18,781,072		257,528		19,038,600
Effect of cumulative changes in discount rate assumptions, end of period	(1,091,673)		(19,442)		(1,111,115)
Balance, end of period	$	17,689,399	$	238,086	$	17,927,485
Other, end of period					1,474
Total balance, end of period					$	17,928,959

	Year Ended December 31, 2024
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	7,274,696	$	238,086	$	7,512,782
Flooring impact, end of period	44		0		44
Balance, end of period, post-flooring	7,274,740		238,086		7,512,826
Less: Reinsurance recoverables	6,753,842		20,516		6,774,358
Balance after reinsurance recoverables, end of period, post-flooring	$	520,898	$	217,570	$	738,468

	Year Ended December 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 assumption update	(790)		0		(790)
Effect of actual variances from expected experience and other activity	(200,513)		(989)		(201,502)
Adjusted balance, beginning of period	11,265,387		(989)		11,264,398
Issuances	712,495		36,646		749,141
Net premiums / considerations collected	(1,345,514)		(35,657)		(1,381,171)
Interest accrual	521,176		0		521,176
Balance at original discount rate, end of period	11,153,544		0		11,153,544
Effect of cumulative changes in discount rate assumptions, end of period	(225,711)		0		(225,711)
Balance, end of period	$	10,927,833	$	0	$	10,927,833

	Year Ended December 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	962,035		24,876		986,911
Balance at original discount rate, beginning of period	18,797,286		229,603		19,026,889
Effect of assumption update	(1,044)		0		(1,044)
Effect of actual variances from expected experience and other activity	(263,243)		6,991		(256,252)
Adjusted balance, beginning of period	18,532,999		236,594		18,769,593
Issuances	712,495		36,646		749,141
Interest accrual	895,023		8,440		903,463
Benefit payments	(1,386,583)		(33,287)		(1,419,870)
Other adjustments	3,844		(84)		3,760
Balance at original discount rate, end of period	18,757,778		248,309		19,006,087
Effect of cumulative changes in discount rate assumptions, end of period	(331,571)		(19,521)		(351,092)
Balance, end of period	$	18,426,207	$	228,788	$	18,654,995
Other, end of period					1,765
Total balance, end of period					$	18,656,760

	Year Ended December 31, 2023
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	7,498,374	$	228,788	$	7,727,162
Flooring impact, end of period	44		0		44
Balance, end of period, post-flooring	7,498,418		228,788		7,727,206
Less: Reinsurance recoverables	6,817,488		18,489		6,835,977
Balance after reinsurance recoverables, end of period, post-flooring	$	680,930	$	210,299	$	891,229

	Year Ended December 31, 2022
	Present Value of Expected Net Premiums
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	12,485,056	$	0	$	12,485,056
Effect of cumulative changes in discount rate assumptions, beginning of period	(1,826,120)		0		(1,826,120)
Balance at original discount rate, beginning of period	10,658,936		0		10,658,936
Effect of assumption update	1,295,294		0		1,295,294
Effect of actual variances from expected experience and other activity	(112,661)		(1,143)		(113,804)
Adjusted balance, beginning of period	11,841,569		(1,143)		11,840,426
Issuances	439,874		30,469		470,343
Net premiums / considerations collected	(1,339,902)		(29,326)		(1,369,228)
Interest accrual	525,149		0		525,149
Balance at original discount rate, end of period	11,466,690		0		11,466,690
Effect of cumulative changes in discount rate assumptions, end of period	(554,896)		0		(554,896)
Balance, end of period	$	10,911,794	$	0	$	10,911,794

	Year Ended December 31, 2022
	Present Value of Expected Future Policy Benefits
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, beginning of period	$	20,937,097	$	237,065	$	21,174,162
Effect of cumulative changes in discount rate assumptions, beginning of period	(3,607,275)		(16,704)		(3,623,979)
Balance at original discount rate, beginning of period	17,329,822		220,361		17,550,183
Effect of assumption update	1,756,995		0		1,756,995
Effect of actual variances from expected experience and other activity	(206,175)		(1,639)		(207,814)
Adjusted balance, beginning of period	18,880,642		218,722		19,099,364
Issuances	439,874		30,469		470,343
Interest accrual	888,525		7,836		896,361
Benefit payments	(1,416,823)		(27,138)		(1,443,961)
Other adjustments	5,068		(286)		4,782
Balance at original discount rate, end of period	18,797,286		229,603		19,026,889
Effect of cumulative changes in discount rate assumptions, end of period	(962,035)		(24,876)		(986,911)
Balance, end of period	$	17,835,251	$	204,727	$	18,039,978
Other, end of period					2,127
Total balance, end of period					$	18,042,105

	Year Ended December 31, 2022
	Net Liability for Future Policy Benefits (Benefit Reserves)
	Term Life		Fixed Annuities		Total
	(in thousands)
Balance, end of period, pre-flooring	$	6,923,457	$	204,727	$	7,128,184
Flooring impact, end of period	0		0		0
Balance, end of period, post-flooring	6,923,457		204,727		7,128,184
Less: Reinsurance recoverables	6,497,257		16,460		6,513,717
Balance after reinsurance recoverables, end of period, post-flooring	$	426,200	$	188,267	$	614,467

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:

	Year Ended December 31, 2024
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	21,815,010		$	0
Discounted expected future gross premiums (at original discount rate)	$	14,889,078		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,154,658		$	0
Undiscounted expected future benefits and expenses	$	29,163,241		$	346,892
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		%	3.94		%
Weighted-average interest rate (at current discount rate)	5.59		%	5.49		%

	Year Ended December 31, 2023
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	21,871,767		$	0
Discounted expected future gross premiums (at original discount rate)	$	15,027,611		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,748,999		$	0
Undiscounted expected future benefits and expenses	$	29,118,532		$	332,902
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)	5.17		%	3.70		%
Weighted-average interest rate (at current discount rate)	4.99		%	4.95		%

	Year Ended December 31, 2022
	Term Life			Fixed Annuities
	($ in thousands)
Undiscounted expected future gross premiums	$	22,223,836		$	0
Discounted expected future gross premiums (at original discount rate)	$	15,322,180		$	0
Discounted expected future gross premiums (at current discount rate)	$	14,587,657		$	0
Undiscounted expected future benefits and expenses	$	29,330,574		$	306,286
Weighted-average duration of the liability in years (at original discount rate)	11			7
Weighted-average duration of the liability in years (at current discount rate)	10			6
Weighted-average interest rate (at original discount rate)	5.23		%	3.60		%
Weighted-average interest rate (at current discount rate)	5.39		%	5.33		%

For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2.

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.

In 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 2023, there was a $31 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 $30 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

In 2022, there was an $83 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, mostly offset by an $82 million gain, reflecting the impact of ceded reinsurance on the affected cohorts.

The balances of and changes in DPL for the years ended December 31, are as follows:

	2024		2023		2022
	Fixed Annuities
	(in thousands)
Balance, beginning of period, post-flooring	$	14,818	$	18,193	$	15,765
Effect of assumption update	2,110		0		0
Effect of actual variances from expected experience and other activity	580		(6,978)		1,250
Adjusted balance, beginning of period	17,508		11,215		17,015
Profits deferred	7,070		5,191		2,511
Interest accrual	729		552		616
Amortization	(2,345)		(2,129)		(1,909)
Other adjustments	(23)		(11)		(40)
Balance, end of period, post-flooring	22,939		14,818		18,193
Less: Reinsurance recoverables	1,513		1,365		1,684
Balance after reinsurance recoverables, end of period	$	21,426	$	13,453	$	16,509

    

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 for certain long-duration life contracts.

The following table shows a rollforward of AIR balances for variable and universal life products, for the years ended December 31,:

	2024		2023		2022
	(in thousands)
Balance, including amounts in AOCI, beginning of period, post-flooring	$	14,280,792	$	12,664,445	$	11,660,527
Flooring impact and amounts in AOCI	831,583		1,269,236		(896,931)
Balance, excluding amounts in AOCI, beginning of period, pre-flooring	15,112,375		13,933,681		10,763,596
Effect of assumption update	154,058		22,910		2,197,592
Effect of actual variances from expected experience and other activity	265,684		34,021		(223,185)
Adjusted balance, beginning of period	15,532,117		13,990,612		12,738,003
Assessments collected(1)	1,242,684		929,709		961,924
Interest accrual	536,678		486,253		433,631
Benefits paid	(343,241)		(294,199)		(199,877)
Balance, excluding amounts in AOCI, end of period, pre-flooring	16,968,238		15,112,375		13,933,681
Flooring impact and amounts in AOCI	(617,186)		(831,583)		(1,269,236)
Balance, including amounts in AOCI, end of period, post-flooring	16,351,052		14,280,792		12,664,445
Less: Reinsurance recoverables	16,129,846		14,054,600		12,458,184
Balance after reinsurance recoverables, including amounts in AOCI, end of period	$	221,206	$	226,192	$	206,261

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

	2024		2023		2022
	($ in thousands)
Weighted-average duration of the liability in years (at original discount rate)	22		22		23
Weighted-average interest rate (at original discount rate)	3.33	%	3.39	%	3.37	%

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 Consolidated Statements of Financial Position for the years ended December 31,:

	2024		2023		2022
	(in thousands)
Benefit reserves, end of period, post-flooring	$	7,512,826	$	7,727,206	$	7,128,184
Deferred profit liability, end of period, post-flooring	22,939		14,818		18,193
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring	16,351,052		14,280,792		12,664,445
Subtotal of amounts disclosed above	23,886,817		22,022,816		19,810,822
Other Future policy benefits reserves(1)	1,226,950		1,182,389		1,018,211
Total Future policy benefits	$	25,113,767	$	23,205,205	$	20,829,033

(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:

	Year Ended December 31, 2024
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	1,833,017	$	0	$	43,092	$	1,876,109
Deferred profit liability	0		0		(8,121)		(8,121)
Additional insurance reserves	0		2,050,441		0		2,050,441
Total	$	1,833,017	$	2,050,441	$	34,971	$	3,918,429

	Year Ended December 31, 2023
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	1,804,955	$	0	$	41,111	$	1,846,066
Deferred profit liability	0		0		3,375		3,375
Additional insurance reserves	0		1,405,696		0		1,405,696
Total	$	1,804,955	$	1,405,696	$	44,486	$	3,255,137

	Year Ended December 31, 2022
	Revenues(1)
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	1,831,360	$	0	$	32,105	$	1,863,465
Deferred profit liability	0		0		(2,428)		(2,428)
Additional insurance reserves	0		1,367,796		0		1,367,796
Total	$	1,831,360	$	1,367,796	$	29,677	$	3,228,833

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

	Year Ended December 31, 2024
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	382,165	$	0	$	9,119	$	391,284
Deferred profit liability	0		0		729		729
Additional insurance reserves	0		536,678		0		536,678
Total	$	382,165	$	536,678	$	9,848	$	928,691

	Year Ended December 31, 2023
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	373,845	$	0	$	8,440	$	382,285
Deferred profit liability	0		0		552		552
Additional insurance reserves	0		486,253		0		486,253
Total	$	373,845	$	486,253	$	8,992	$	869,090

	Year Ended December 31, 2022
	Interest Expense
	Term Life		Variable/ Universal Life		Fixed Annuities		Total
	(in thousands)
Benefit reserves	$	363,375	$	0	$	7,836	$	371,211
Deferred profit liability	0		0		616		616
Additional insurance reserves	0		433,631		0		433,631
Total	$	363,375	$	433,631	$	8,452	$	805,458

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:

	Year Ended December 31, 2024
	Variable Annuities		Less: Reinsured Market Risk Benefits		Total, Net of Reinsurance
	(in thousands)
Balance, beginning of period	$	3,707,407	$	(917,792)	$	2,789,615
Effect of cumulative changes in non-performance risk	1,067,983		0		1,067,983
Balance, beginning of period, before effect of changes in non-performance risk	4,775,390		(917,792)		3,857,598
Attributed fees collected	1,095,139		(259,099)		836,040
Claims paid	(57,083)		5,669		(51,414)
Interest accrual	226,734		(56,043)		170,691
Actual in force different from expected	49,864		(21,062)		28,802
Effect of changes in interest rates	(1,436,230)		277,354		(1,158,876)
Effect of changes in equity markets	(1,660,907)		177,329		(1,483,578)
Effect of assumption update	85,619		3,984		89,603
Issuances	70,965		(5,019)		65,946
Other adjustments	(34,183)		11,566		(22,617)
Effect of changes in current period counterparty non-performance risk	0		(61,469)		(61,469)
Balance, end of period, before effect of changes in non-performance risk	3,115,308		(844,582)		2,270,726
Effect of cumulative changes in non-performance risk	(626,845)		0		(626,845)
Balance, end of period	$	2,488,463	$	(844,582)	$	1,643,881

	Year Ended December 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	1,158,879		(246,747)		912,132
Claims paid	(85,898)		9,952		(75,946)
Interest accrual	293,205		(53,016)		240,189
Actual in force different from expected	79,030		(13,338)		65,692
Effect of changes in interest rates	(1,438,873)		455,062		(983,811)
Effect of changes in equity markets	(1,845,207)		180,953		(1,664,254)
Effect of assumption update	330,769		(54,067)		276,702
Issuances	29,433		7,680		37,113
Other adjustments(1)(2)	(24,483)		(635,011)		(659,494)
Effect of changes in current period counterparty non-performance risk	0		(146,999)		(146,999)
Balance, end of period, before effect of changes in non-performance risk	4,775,390		(917,792)		3,857,598
Effect of cumulative changes in non-performance risk(2)	(1,067,983)		0		(1,067,983)
Balance, end of period	$	3,707,407	$	(917,792)	$	2,789,615

	Year Ended December 31, 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	1,249,956		(147,727)		1,102,229
Claims paid	(64,406)		3,456		(60,950)
Interest accrual	143,483		(13,438)		130,045
Actual in force different from expected	105,996		(9,968)		96,028
Effect of changes in interest rates	(7,271,427)		767,394		(6,504,033)
Effect of changes in equity markets	3,103,563		(326,575)		2,776,988
Effect of assumption update	(160,597)		23,171		(137,426)
Effect of changes in current period counterparty non-performance risk	0		187,910		187,910
Balance, end of period, before effect of changes in non-performance risk	6,278,535		(422,261)		5,856,274
Effect of cumulative changes in non-performance risk	(1,727,910)		0		(1,727,910)
Balance, end of period	$	4,550,625	$	(422,261)	$	4,128,364

(1)     Other adjustments for December 31, 2023 primarily includes $638 million related to the reinsurance transaction with AuguStar. See Note 11 for additional information.

(2) Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.

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.

In 2022, the Company recognized a favorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to mortality and 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.

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

	December 31, 2024		December 31, 2023		December 31, 2022
	Variable Annuities
	($ in thousands)
Net amount at risk(1)	$	8,722,499	$	9,041,651	$	12,141,947
Weighted-average attained age of contractholders	71		70		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:

	December 31, 2024		December 31, 2023		December 31, 2022
	Variable Annuities
	(in thousands)
Direct and assumed	$	1,492,186	$	1,201,945	$	850,060
Ceded	1,145,177		1,165,298		543,177
Total market risk benefit assets	$	2,637,363	$	2,367,243	$	1,393,237
Direct and assumed(1)	$	3,980,650	$	4,909,352	$	5,400,685
Ceded	300,594		247,506		120,916
Total market risk benefit liabilities	$	4,281,244	$	5,156,858	$	5,521,601
Net liability	$	1,643,881	$	2,789,615	$	4,128,364

(1) Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.