Market Risk Benefits (Tables)

9 Months Ended

Sep. 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:


	Nine Months Ended September 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	762,702		12,404		(175,886)		599,220
Claims paid	(42,124)		0		4,320		(37,804)
Interest accrual	131,569		2,594		(38,264)		95,899
Actual in force different from expected	51,530		(1,583)		(15,437)		34,510
Effect of changes in interest rates	143,160		(17,412)		18,860		144,608
Effect of changes in equity markets	(987,954)		(12,340)		106,175		(894,119)
Effect of assumption update and other refinements	120,191		151,000		(23,026)		248,165
Issuances	47,991		50,897		(4,815)		94,073
Other adjustments	21,757		11,615		(18,070)		15,302
Effect of changes in current period counterparty non-performance risk	0		0		5,248		5,248
Balance, end of period, before effect of changes in non-performance risk	3,364,130		197,175		(985,477)		2,575,828
Effect of cumulative changes in non-performance risk	(548,805)		6,600		0		(542,205)
Balance, end of period	$	2,815,325	$	203,775	$	(985,477)	$	2,033,623


	Nine Months Ended September 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	830,031		0		(195,952)		634,079
Claims paid	(45,249)		0		4,781		(40,468)
Interest accrual	171,713		0		(42,483)		129,230
Actual in force different from expected	18,607		0		(14,423)		4,184
Effect of changes in interest rates	44,706		0		51,322		96,028
Effect of changes in equity markets	(1,633,684)		0		171,342		(1,462,342)
Effect of assumption update and other refinements(2)	82,619		0		3,984		86,603
Issuances	51,540		0		(3,158)		48,382
Other adjustments(1)(2)	5,553		0		27		5,580
Effect of changes in current period counterparty non-performance risk	0		0		(8,520)		(8,520)
Balance, end of period, before effect of changes in non-performance risk	4,301,226		0		(950,872)		3,350,354
Effect of cumulative changes in non-performance risk	(934,425)		0		0		(934,425)
Balance, end of period	$	3,366,801	$	0	$	(950,872)	$	2,415,929

(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.


	September 30, 2025
	Variable Annuities		Fixed Annuities
	($ in thousands)
Net amount at risk(1)	$	7,533,650	$	486,180
Weighted-average attained age of contractholders	72		66


	September 30, 2024
	Variable Annuities		Fixed Annuities
	($ in thousands)
Net amount at risk(1)	$	7,321,371	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:


	September 30, 2025
	Variable Annuities		Fixed Annuities		Total
	(in thousands)
Direct and assumed	$	1,333,060	$	4,708	$	1,337,768
Ceded	1,246,942		0		1,246,942
Total market risk benefit assets	$	2,580,002	$	4,708	$	2,584,710

Direct and assumed	$	4,148,385	$	208,483	$	4,356,868
Ceded	261,465		0		261,465
Total market risk benefit liabilities	$	4,409,850	$	208,483	$	4,618,333

Net liability	$	1,829,848	$	203,775	$	2,033,623


	September 30, 2024
	Variable Annuities		Fixed Annuities		Total
	(in thousands)
Direct and assumed	$	1,286,720	$	0	$	1,286,720
Ceded	1,212,514		0		1,212,514
Total market risk benefit assets	$	2,499,234	$	0	$	2,499,234

Direct and assumed	$	4,653,521	$	0	$	4,653,521
Ceded	261,642		0		261,642
Total market risk benefit liabilities	$	4,915,163	$	0	$	4,915,163

Net liability	$	2,415,929	$	0	$	2,415,929