Market Risk Benefits (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025
	Variable Annuities		Less: Reinsured Market Risk Benefits		Total, Net of Reinsurance
	(in thousands)
Balance, beginning of period	$	2,488,463	$	(844,582)	$	1,643,881
Effect of cumulative changes in non-performance risk	626,845		0		626,845
Balance, beginning of period, before effect of changes in non-performance risk	3,115,308		(844,582)		2,270,726
Attributed fees collected	259,010		(60,167)		198,843
Claims paid	(14,280)		1,634		(12,646)
Interest accrual	37,780		(11,107)		26,673
Actual in force different from expected	18,542		(5,273)		13,269
Effect of changes in interest rates	414,243		(105,463)		308,780
Effect of changes in equity markets	227,938		(24,533)		203,405

Issuances	23,528		(2,177)		21,351
Other adjustments	(294)		40		(254)
Effect of changes in current period counterparty non-performance risk	0		52,228		52,228
Balance, end of period, before effect of changes in non-performance risk	4,081,775		(999,400)		3,082,375
Effect of cumulative changes in non-performance risk	(788,058)		0		(788,058)
Balance, end of period	$	3,293,717	$	(999,400)	$	2,294,317


	Three Months Ended March 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	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(1)	612		(603)		9
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

(1) Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.

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


	March 31, 2025		March 31, 2024
	Variable Annuities
	($ in thousands)
Net amount at risk(1)	$	9,113,461	$	8,350,431
Weighted-average attained age of contractholders	71		70

(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, 2025		March 31, 2024
	Variable Annuities
	(in thousands)
Direct and assumed	$	1,255,404	$	1,472,957
Ceded	1,253,563		1,063,886
Total market risk benefit assets	$	2,508,967	$	2,536,843

Direct and assumed	$	4,549,121	$	4,088,679
Ceded	254,163		299,638
Total market risk benefit liabilities	$	4,803,284	$	4,388,317

Net liability	$	2,294,317	$	1,851,474