v3.23.1
Market Risk Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Insurance [Abstract]  
Market Risk Benefit, Activity
The following table presents the transition rollforward of MRBs:
Individual
Retirement		Group
Retirement		Total
(in millions)
Pre-adoption December 31, 2020 carrying amount for features now classified as MRBs$— $— $— 
Adjustment for the reclassification of the embedded derivative liability from policyholder contract deposits, net of the host adjustment(s)(a)
5,894 577 6,471 
Adjustment for the reclassification of additional liabilities from Future policy benefits(b)
1,356 219 1,575 
Adjustments for the cumulative effect of the changes in our own credit risk between the original contract issuance date and the transition date(c)
2,140 187 2,327 
Adjustment for the removal of related balances in Accumulated other comprehensive income originating from unrealized gains (losses)(d)
(516)(89)(605)
Adjustment for the remaining difference (exclusive of our own credit risk change and host contract adjustments) between previous carrying amount and fair value measurement for the MRB(e)
(1,275)(92)(1,367)
Post-adoption January 1, 2021 carrying amount for features now classified as MRBs
$7,599 $802 $8,401 
(a) Adjustments for the reclassification from Policyholder contract deposits represents certain contract guarantees (e.g., GMWBs) that were previously classified as embedded derivatives, but have been reclassified as MRBs as of January 1, 2021, and the related host impact. The impact on Retained earnings or AOCI resulting from the simultaneous remeasurement of the guarantee as a market risk benefit is reflected in the lines below.
(b) Adjustments for the reclassification from Future policy benefits represents contract guarantees (e.g., GMDBs) that were previously classified as insurance liabilities within Future policy benefits, but have been reclassified as MRBs as of January 1, 2021. The impact on Retained earnings or AOCI resulting from the simultaneous remeasurement of the guarantee as a market risk benefit is reflected in the lines below.
(c) Adjustments for the cumulative effect of the changes in our own credit risk between the original contract issuance date and the transition date are recognized in AOCI.
(d) Adjustment for the removal of related balances in AOCI originating from unrealized gains (losses) with an offset to AOCI relate to the additional liabilities reclassified from Future policy benefits in the line above.
(e) Adjustment for the remaining difference represents the measurement of MRBs at fair value, excluding the impact of our own credit risk with an offset to Retained earnings.
The following is a reconciliation of MRBs by amounts in an asset position and in liability position to the MRB amounts in the Consolidated Balance Sheets at transition:
Individual
Retirement		Group
Retirement		Total
(in millions)
Market risk benefit in an asset position$176 $— $176 
Reinsured market risk benefit162 — 162 
Market Risk Benefit assets, at fair value$338 — $338 
Market Risk Benefit liabilities, at fair value7,937 802 8,739 
Market risk benefit, net, January 1, 2021
$7,599 $802 $8,401 
The following table presents the balances of and changes in market risk benefits:
Year Ended December 31, 2022Individual
Retirement		Group
Retirement		Total
(in millions, except for attained age of contract holders)
Balance, beginning of year$6,452 $582 $7,034 
Balance, beginning of year, before effect of changes in our own credit risk4,518 415 4,933 
Issuances263 25 288 
Interest accrual172 21 193 
Attributed fees864 70 934 
Expected claims(83)(2)(85)
Effect of changes in interest rates(4,087)(371)(4,458)
Effect of changes in interest rate volatility263 18 281 
Effect of changes in equity markets1,382 122 1,504 
Effect of changes in equity index volatility(75)1 (74)
Actual outcome different from model expected outcome164 (3)161 
Effect of changes in future expected policyholder behavior(2)(18)(20)
Effect of changes in other future expected assumptions(85)— (85)
Other, including foreign exchange3 (6)(3)
Balance, end of year before effect of changes in our own credit risk3,297 272 3,569 
Effect of changes in our own credit risk441 24 465 
Balance, end of year3,738 296 4,034 
Less: Reinsured MRB, end of year(94)— (94)
Net Liability Balance after reinsurance recoverable$3,644 $296 $3,940 
Net amount at risk
GMDB only$1,615 $371 $1,986 
GMWB only$27 $1 $28 
Combined*
$2,084 $39 $2,123 
Weighted average attained age of contract holders7064
Year Ended December 31, 2021Individual
Retirement		Group
Retirement		Total
(in millions, except for attained age of contract holders)
Balance, beginning of year$7,761 $802 $8,563 
Balance, beginning of year, before effect of changes in our own credit risk5,621 615 6,236 
Issuances247 28 275 
Interest accrual142 21 163 
Attributed fees805 74 879 
Expected claims(54)(2)(56)
Effect of changes in interest rates(1,098)(107)(1,205)
Effect of changes in interest rate volatility74 4 78 
Effect of changes in equity markets(1,414)(203)(1,617)
Effect of changes in equity index volatility33 20 53 
Actual outcome different from model expected outcome106 8 114 
Effect of changes in future expected policyholder behavior53 (36)17 
Other, including foreign exchange3 (7)(4)
Balance, end of year before effect of changes in our own credit risk4,518 415 4,933 
Effect of changes in our own credit risk1,934 167 2,101 
Balance, end of year6,452 582 7,034 
Less: Reinsured MRB, end of year(145)— (145)
Net Liability Balance after reinsurance recoverable$6,307 $582 $6,889 
Net amount at risk
GMDB only$684 $159 $843 
GMWB only$831 $118 $949 
Combined*
$567 $14 $581 
Weighted average attained age of contract holders7063
* Certain contracts contain both guaranteed GMDB and GMWB features and are modeled together for the purposes of calculating the MRB.
The following is a reconciliation of MRBs by amounts in an asset position and in a liability position to the MRBs amount in the Consolidated Balance Sheets:
Years Ended December 31,20222021
(in millions)Asset*Liability*NetAsset*Liability*Net
Individual Retirement$661 $4,305 $3,644 $472 $6,779 $6,307 
Group Retirement135 431 296 138 720 582 
Total$796 $4,736 $3,940 $610 $7,499 $6,889 
* Cash flows and attributed fees for MRBs are determined on a policy level basis and are reported based on their asset or liability position at the balance sheet date.