Market Risk Benefits (Tables)

The following table presents the balances of and changes in MRBs:


	Individual Retirement		Group Retirement		Corporate and Other		Total
(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
Issuances	220		11		5		236
Interest accrual	60		4		(6)		58
Attributed fees	—		14		177		191
Expected claims	—		—		(16)		(16)
Effect of changes in interest rates	55		7		7		69
Effect of changes in interest rate volatility	(4)		1		21		18
Effect of changes in equity markets	11		21		136		168
Effect of changes in equity index volatility	(1)		3		(42)		(40)
Actual outcome different from model expected outcome	16		(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 risk	4,919		300		(62)		5,157
Effect of changes in our own credit risk	217		67		531		815

Balance, end of period	5,136		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 holders	68		64		72

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
Issuances	160		8		5		173
Interest accrual	45		3		(5)		43
Attributed fees	—		15		180		195
Expected claims	—		—		(16)		(16)
Effect of changes in interest rates	114		18		141		273
Effect of changes in interest rate volatility	7		(1)		(25)		(19)
Effect of changes in equity markets	4		25		148		177
Effect of changes in equity index volatility	—		—		(41)		(41)
Actual outcome different from model expected outcome	47		(20)		20		47
Effect of changes in future expected policyholder behavior	—		1		—		1
Effect of changes in other future expected assumptions	2		—		—		2
Other, including foreign exchange	—		2		—		2
Balance, end of period before effect of changes in our own credit risk	3,912		260		129		4,301
Effect of changes in our own credit risk	240		72		628		940

Balance, end of period	4,152		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 holders	68		64		72

*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, 2026						March 31, 2025
(in millions)	Asset*		Liability*		Net		Asset*		Liability*		Net
Individual Retirement	$	—	$	5,136	$	5,136	$	—	$	4,152	$	4,152
Group Retirement	216		583		367		192		524		332
Corporate and Other	2,412		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.