v3.25.2
Market Risk Benefits (Tables)
 6 Months Ended
Jun. 30, 2025
Insurance [Abstract]  
Market Risk Benefits In Asset and Liability Positions
The following table shows a rollforward of MRB balances for annuity products within Individual Retirement Strategies, which is the only line of business that contains a material MRB balance, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
 
Six Months Ended June 30, 2025
Retirement Strategies
Individual Variable
Individual Fixed
Total
(in millions)
Balance, BOP$2,740 $0 $2,740 
Effect of cumulative changes in NPR672 0 672 
Balance, BOP, before effect of changes in NPR3,412 0 3,412 
Attributed fees collected525 6 531 
Claims paid(41)0 (41)
Interest accrual94 0 94 
Actual in force different from expected40 2 42 
Effect of changes in interest rates389 (7)382 
Effect of changes in equity markets(494)(2)(496)
Effect of assumption update and other refinements
112 151 263 
Issuances35 17 52 
Other adjustments12 3 15 
Balance, EOP, before effect of changes in NPR4,084 170 4,254 
Effect of cumulative changes in NPR(838)(7)(845)
Balance, EOP3,246 163 3,409 
Less: Reinsured MRBs
777 0 777 
Balance, EOP, net of reinsurance$2,469 $163 2,632 
Other businesses39 
Total net MRB balance$2,671 
Six Months Ended June 30, 2024
Retirement Strategies
Individual Variable
Individual Fixed
Total
(in millions)
Balance, BOP$4,038 $0 $4,038 
Effect of cumulative changes in NPR1,137 0 1,137 
Balance, BOP, before effect of changes in NPR5,175 0 5,175 
Attributed fees collected569 0 569 
Claims paid(42)0 (42)
Interest accrual130 0 130 
Actual in force different from expected(6)0 (6)
Effect of changes in interest rates(909)0 (909)
Effect of changes in equity markets(1,165)0 (1,165)
Effect of assumption update and other refinements(1)
88 0 88 
Issuances29 0 29 
Other adjustments(1)
20 0 20 
Balance, EOP, before effect of changes in NPR3,889 0 3,889 
Effect of cumulative changes in NPR(942)0 (942)
Balance, EOP2,947 0 2,947 
Less: Reinsured MRBs
635 0 635 
Balance, EOP, net of reinsurance$2,312 $0 2,312 
Other businesses47 
Total net MRB balance$2,359 
_________
(1)Prior period amounts have been updated to conform to current presentation.
The following tables present accompanying information to the rollforward tables above.

June 30, 2025
Retirement Strategies
Individual Variable
Individual Fixed
($ in millions)
Net amount at risk(1)$8,736 $401 
Weighted-average attained age of contractholders7267

June 30, 2024
Retirement Strategies
Individual Variable
Individual Fixed
($ in millions)
Net amount at risk(1)$9,358 N/A
Weighted-average attained age of contractholders71N/A
__________
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.

The tables below reconcile MRB asset and liability positions as of the following dates:

June 30, 2025
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,291 $1 $1 $1,293 
Ceded
894 0 1 895 
Total MRB assets
$2,185 $1 $2 $2,188 
Direct and assumed
$4,537 $164 $41 $4,742 
Ceded
117 0 0 117 
Total MRB liabilities
$4,654 $164 $41 $4,859 
Net liability
$2,469 $163 $39 $2,671 
June 30, 2024
 Retirement Strategies
Individual Variable
Individual Fixed
Other BusinessesTotal
(in millions)
Direct and assumed
$1,441 $0 $11 $1,452 
Ceded
780 0 1 781 
Total MRB assets
$2,221 $0 $12 $2,233 
Direct and assumed
$4,388 $0 $59 $4,447 
Ceded
145 0 0 145 
Total MRB liabilities
$4,533 $0 $59 $4,592 
Net liability
$2,312 $0 $47 $2,359