Market Risk Benefits (Tables)

12 Months Ended

Dec. 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:


	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.

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.