Market Risk Benefits (Tables)

6 Months Ended

Jun. 30, 2025

The following tables show a rollforward of MRB balances for variable and fixed annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:


	Six Months Ended June 30, 2025
	Variable Annuities		Fixed Annuities		Less: Reinsured Market Risk Benefits		Total, Net of Reinsurance
	(in thousands)
Balance, beginning of period	$	2,488,463	$	0	$	(844,582)	$	1,643,881
Effect of cumulative changes in non-performance risk	626,845		0		0		626,845
Balance, beginning of period, before effect of changes in non-performance risk	3,115,308		0		(844,582)		2,270,726
Attributed fees collected	512,592		5,706		(118,440)		399,858
Claims paid	(29,170)		0		3,094		(26,076)
Interest accrual	86,362		0		(24,541)		61,821
Actual in force different from expected	39,371		2,019		(10,759)		30,631
Effect of changes in interest rates	370,996		(6,749)		(113,288)		250,959
Effect of changes in equity markets	(469,011)		(2,404)		48,676		(422,739)
Effect of assumption update and other refinements	120,191		151,000		(23,026)		248,165
Issuances	34,790		16,891		(3,422)		48,259
Other adjustments	(1,957)		2,692		83		818
Effect of changes in current period counterparty non-performance risk	0		0		66,897		66,897
Balance, end of period, before effect of changes in non-performance risk	3,779,472		169,155		(1,019,308)		2,929,319
Effect of cumulative changes in non-performance risk	(788,567)		(6,600)		0		(795,167)
Balance, end of period	$	2,990,905	$	162,555	$	(1,019,308)	$	2,134,152


	Six Months Ended June 30, 2024
	Variable Annuities		Fixed Annuities		Less: Reinsured Market Risk Benefits		Total, Net of Reinsurance
	(in thousands)
Balance, beginning of period	$	3,707,407	$	0	$	(917,792)	$	2,789,615
Effect of cumulative changes in non-performance risk	1,067,983		0		0		1,067,983
Balance, beginning of period, before effect of changes in non-performance risk	4,775,390		0		(917,792)		3,857,598
Attributed fees collected	556,055		0		(131,047)		425,008
Claims paid	(31,466)		0		3,110		(28,356)
Interest accrual	119,334		0		(28,372)		90,962
Actual in force different from expected	(2,637)		0		(10,203)		(12,840)
Effect of changes in interest rates	(870,637)		0		126,966		(743,671)
Effect of changes in equity markets	(1,112,214)		0		115,601		(996,613)
Effect of assumption update and other refinements(2)	82,619		0		3,984		86,603
Issuances	28,190		0		(1,654)		26,536
Other adjustments(1)(2)	5,379		0		398		5,777
Effect of changes in current period counterparty non-performance risk	0		0		(6,098)		(6,098)
Balance, end of period, before effect of changes in non-performance risk	3,550,013		0		(845,107)		2,704,906
Effect of cumulative changes in non-performance risk	(884,110)		0		0		(884,110)
Balance, end of period	$	2,665,903	$	0	$	(845,107)	$	1,820,796

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

(2) Prior period amounts have been updated to conform to current presentation.

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


	June 30, 2025
	Variable Annuities		Fixed Annuities
	($ in thousands)
Net amount at risk(1)	$	8,238,438	$	400,810
Weighted-average attained age of contractholders	72		67


	June 30, 2024
	Variable Annuities		Fixed Annuities
	($ in thousands)
Net amount at risk(1)	$	8,732,024	N/A
Weighted-average attained age of contractholders	71		N/A

(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:


	June 30, 2025
	Variable Annuities		Fixed Annuities		Total
	(in thousands)
Direct and assumed	$	1,268,242	$	1,291	$	1,269,533
Ceded	1,264,807		0		1,264,807
Total market risk benefit assets	$	2,533,049	$	1,291	$	2,534,340

Direct and assumed	$	4,259,146	$	163,846	$	4,422,992
Ceded	245,500		0		245,500
Total market risk benefit liabilities	$	4,504,646	$	163,846	$	4,668,492

Net liability	$	1,971,597	$	162,555	$	2,134,152


	June 30, 2024
	Variable Annuities		Fixed Annuities		Total
	(in thousands)
Direct and assumed	$	1,419,114	$	0	$	1,419,114
Ceded	1,131,050		0		1,131,050
Total market risk benefit assets	$	2,550,164	$	0	$	2,550,164

Direct and assumed	$	4,085,018	$	0	$	4,085,018
Ceded	285,942		0		285,942
Total market risk benefit liabilities	$	4,370,960	$	0	$	4,370,960

Net liability	$	1,820,796	$	0	$	1,820,796