v3.26.1
MARKET RISK BENEFITS (Tables)
 3 Months Ended
Mar. 31, 2026
Market Risk Benefit [Abstract]  
Schedule of Market Risk Benefit, Activity
The following table presents the balances and changes to the balances for MRBs for the GMxB benefits on deferred variable annuities:
Three Months Ended March 31,
20262025
Retirement
Corporate and Other
Retirement
Corporate and Other
GMxB CoreGMxB LegacyLegacy Purchased MRB Net LegacyGMxB CoreGMxB Legacy
Legacy Purchased MRB
Net Legacy
(in millions)
Balance, beginning of period
$
804 
$
8,633 
$
(5,258)
$
3,375 
$
496 
$
10,508 
$
(7,372)
$
3,136 
Balance BOP before changes in the instrument specific credit risk
394 
7,925 
(5,263)
2,662 
163 
9,735 
(7,368)
2,367 
Model changes and effect of changes in cash flow assumptions
— 
(37)
55 
18 
— 
(1,344)
1,855 
511 
Actual market movement effect
96 
303 
(140)
163 
71 
349 
(116)
233 
Interest accrual
16 
75 
(46)
29 
15 
106 
(64)
42 
Attributed fees accrued (1)
97 
149 
(52)
97 
94 
165 
(60)
105 
Benefit payments
(12)
(264)
122 
(142)
(11)
(280)
129 
(151)
Actual policyholder behavior different from expected behavior
5 
24 
(15)
9 
13 
20 
— 
20 
Changes in future economic assumptions
(22)
(114)
83 
(31)
147 
585 
(333)
252 
Issuances
2 
— 
— 
— 
3 
— 
— 
— 
Balance EOP before changes in the instrument-specific credit risk
576 
8,061 
(5,256)
2,805 
495 
9,336 
(5,957)
3,379 
Changes in the instrument-specific credit risk (2)
230 
274 
(9)
265 
222 
169 
(16)
153 
Balance, end of period
$
806 
$
8,335 
$
(5,265)
$
3,070 
$
717 
$
9,505 
$
(5,973)
$
3,532 
Weighted-average age of policyholders (years)66.574.473.9N/A65.673.873.3N/A
Net amount at risk
$
3,096 
$
15,393 
$
6,897 
N/A
$
3,112 
$
16,915 
$
7,541 
N/A
______________
(1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.
(2)Changes are recorded in OCI except for reinsurer credit which is reflected in the consolidated income statement.
The following table reconciles MRBs by the amounts in an asset position and amounts in a liability position to the MRB amounts in the consolidated balance sheets:
March 31, 2026December 31, 2025
Direct AssetDirect LiabilityNet Direct MRBPurchased MRBTotalDirect AssetDirect LiabilityNet Direct MRBPurchased MRBTotal
(in millions)
Retirement
GMxB Core$(413)$1,219 $806 $— 
$
806 
$(436)$1,240 $804 $— $804 
Corporate and Other
GMxB Legacy(158)8,493 8,335 (5,265)
3,070 
(190)8,823 8,633 (5,258)3,375 
Other (1)(104)113 9 (1)
8 
(126)90 (36)(2)(38)
Total$(675)$9,825 $9,150 $(5,266)$3,884 $(752)$10,153 $9,401 $(5,260)$4,141 
______________
(1)Other primarily includes SCS.