v3.26.1
Market Risk Benefits
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Market Risk Benefits
14. Market Risk Benefits
MRBs are defined as contracts or contract features that both provide protection to the policyholder and expose the insurance entity to other-than-nominal capital market risk. The MRB represents an amount that a policyholder receives in addition to the account balance upon the occurrence of a specific event or circumstance, such as death, annuitization, or periodic withdrawal that involves protection from other-than-nominal capital market risk. Certain contract features, such as GMWBs, GMDBs and guaranteed minimum income benefits (“GMIBs”) commonly found in variable annuities, fixed index annuities and fixed annuities, are MRBs. MRBs are assessed at contract inception using a non-option method involving attributed fees that results in an initial fair value of zero or an option method that results in a fair value greater than zero.
MRBs are recorded at fair value, and Corebridge applies a non-option attributed fee valuation method for variable annuity products, and an option-based valuation method (host offset) for fixed index and fixed products.
Changes in the fair value of Market Risk Benefits, net represents changes in the fair value of market risk benefit liabilities and assets (with the exception of our own credit risk changes), and includes attributed rider fees and benefits, net of changes in the fair value of derivative instruments and fixed maturity securities that are used to economically hedge market risk from the variable annuity GMWB riders.
The following table presents the balances of and changes in MRBs:
Individual
Retirement		Group
Retirement		Corporate and OtherTotal
(in millions, except for attained age of contract holders)
Three Months Ended March 31, 2026
Balance, beginning of year$5,118 $346 $349 $5,813 
Effect of changes in our own credit risk(556)(105)(729)(1,390)
Balance, beginning of year, before effect of changes in our own credit risk$4,562 $241 $(380)$4,423 
Issuances220 11 5 236 
Interest accrual60 4 (6)58 
Attributed fees— 14 177 191 
Expected claims— — (16)(16)
Effect of changes in interest rates55 7 7 69 
Effect of changes in interest rate volatility(4)1 21 18 
Effect of changes in equity markets11 21 136 168 
Effect of changes in equity index volatility(1)3 (42)(40)
Actual outcome different from model expected outcome16 (2)46 60 
Effect of changes in future expected policyholder behavior— — — — 
Effect of changes in other future expected assumptions— — (10)(10)
Other, including foreign exchange— — — — 
Balance, end of period before effect of changes in our own credit risk4,919 300 (62)5,157 
Effect of changes in our own credit risk217 67 531 815 
Balance, end of period5,136 367 469 5,972 
Less: Reinsured MRB, end of period— — (1,267)(1,267)
Net Liability Balance after reinsurance recoverable$5,136 $367 $(798)$4,705 
Net amount at risk
GMDB only$4 $102 $610 $716 
GMWB only$625 $62 $— $687 
Combined*
$51 $13 $471 $535 
Weighted average attained age of contract holders686472
Three Months Ended March 31, 2025
Balance, beginning of year$3,757 $278 $309 $4,344 
Effect of changes in our own credit risk(224)(69)(587)(880)
Balance, beginning of year, before effect of changes in our own credit risk$3,533 $209 $(278)$3,464 
Issuances160 8 5 173 
Interest accrual45 3 (5)43 
Attributed fees— 15 180 195 
Expected claims— — (16)(16)
Effect of changes in interest rates114 18 141 273 
Effect of changes in interest rate volatility7 (1)(25)(19)
Effect of changes in equity markets4 25 148 177 
Effect of changes in equity index volatility— — (41)(41)
Actual outcome different from model expected outcome47 (20)20 47 
Effect of changes in future expected policyholder behavior— 1 — 1 
Effect of changes in other future expected assumptions2 — — 2 
Other, including foreign exchange— 2 — 2 
Balance, end of period before effect of changes in our own credit risk3,912 260 129 4,301 
Effect of changes in our own credit risk240 72 628 940 
Balance, end of period4,152 332 757 5,241 
Less: Reinsured MRB, end of period— — (53)(53)
Net liability balance after reinsurance recoverable$4,152 $332 $704 $5,188 
Net amount at risk
GMDB only$2 $127 $679 $808 
GMWB only$306 $25 $— $331 
Combined*$57 $15 $560 $632 
Weighted average attained age of contract holders686472
    
*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 Condensed Consolidated Balance Sheets:
March 31, 2026March 31, 2025
(in millions)Asset*Liability*NetAsset*Liability*Net
Individual Retirement$— $5,136 $5,136 $— $4,152 $4,152 
Group Retirement216 583 367 192 524 332 
Corporate and Other2,412 1,614 (798)959 1,663 704 
Total$2,628 $7,333 $4,705 $1,151 $6,339 $5,188 
*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.
For additional information related to fair value measurements of MRBs, see Note 4.