| (11) Market Risk Benefits The following table sets forth our market risk benefits by asset and liability position as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | (Amounts in millions) | Asset | | Liability | | Net liability | | Asset | | Liability | | Net liability | | Fixed indexed annuities | $ | — | | | $ | 53 | | | $ | 53 | | | $ | — | | | $ | 52 | | | $ | 52 | | | Variable annuities | 55 | | | 370 | | | 315 | | | 64 | | | 361 | | | 297 | | | Total market risk benefits | $ | 55 | | | $ | 423 | | | $ | 368 | | | $ | 64 | | | $ | 413 | | | $ | 349 | |
The following tables present the balances of and changes in market risk benefits as of and for the periods indicated: | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | (Dollar amounts in millions) | Fixed indexed
annuities | | Variable
annuities | | Reinsurance recoverable (1) | | Beginning balance as of January 1 | $ | 52 | | | $ | 297 | | | $ | 98 | | | Beginning balance before effect of changes in instrument-specific credit risk | $ | 50 | | | $ | 294 | | | $ | 98 | | | Issuances | — | | | — | | | — | | | Interest accretion | — | | | 3 | | | 1 | | | Attributed fees collected | 1 | | | 9 | | | 2 | | | Benefit payments | — | | | (4) | | | (2) | | | Effect of changes in interest rates | (1) | | | (3) | | | — | | | Effect of changes in equity markets | 2 | | | 17 | | | 2 | | | Actual policyholder behavior different from expected behavior | (1) | | | (4) | | | — | | | Effect of changes in future expected policyholder behavior | — | | | — | | | — | | | Effect of changes in other future expected assumptions | — | | | — | | | — | | | Other | — | | | — | | | — | | | Ending balance before effect of changes in instrument-specific credit risk | 51 | | | 312 | | | 101 | | | Effect of changes in instrument-specific credit risk | 2 | | | 3 | | | — | | | Ending balance as of March 31 | 53 | | | 315 | | | $ | 101 | | | Less: reinsurance recoverable | — | | | 101 | | | | | Market risk benefits, net of reinsurance recoverable | $ | 53 | | | $ | 214 | | | | | Weighted-average attained age of contractholders | 75 | | 77 | | | Net amount at risk (2) | | | | | |
______________ (1)Represents the net reinsured asset related to our variable annuity MRBs. (2)See note 9 for additional information on the net amount at risk. | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (Dollar amounts in millions) | Fixed indexed
annuities | | Variable
annuities | | Reinsurance recoverable (1) | | Beginning balance as of January 1 | $ | 48 | | | $ | 360 | | | $ | 107 | | | Beginning balance before effect of changes in instrument-specific credit risk | $ | 45 | | | $ | 356 | | | $ | 107 | | | Issuances | — | | | — | | | — | | | Interest accretion | 2 | | | 16 | | | 5 | | | Attributed fees collected | 4 | | | 35 | | | 8 | | | Benefit payments | — | | | (24) | | | (12) | | | Effect of changes in interest rates | 5 | | | 35 | | | 4 | | | Effect of changes in equity markets | (2) | | | (116) | | | (13) | | | Actual policyholder behavior different from expected behavior | (3) | | | (8) | | | (1) | | | Effect of changes in future expected policyholder behavior | — | | | — | | | — | | | Effect of changes in other future expected assumptions | (3) | | | — | | | — | | | Other | 2 | | | — | | | — | | | Ending balance before effect of changes in instrument-specific credit risk | 50 | | | 294 | | | 98 | | | Effect of changes in instrument-specific credit risk | 2 | | | 3 | | | — | | | Ending balance as of December 31 | 52 | | | 297 | | | $ | 98 | | | Less: reinsurance recoverable | — | | | 98 | | | | | Market risk benefits, net of reinsurance recoverable | $ | 52 | | | $ | 199 | | | | | Weighted-average attained age of contractholders | 75 | | 77 | | | Net amount at risk (2) | | | | | |
______________ (1)Represents the net reinsured asset related to our variable annuity MRBs. (2)See note 9 for additional information on the net amount at risk.
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