The following table presents the balances of and changes in MRBs associated with indexed annuities and fixed rate annuities for the three months ended March 31, 2026 and the year ended December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | | | Indexed
annuities | | Fixed rate annuities | | Indexed
annuities | | Fixed rate annuities | | | | | | (In millions) | | Balance, beginning of period, net liability | $ | 812 | | | $ | 1 | | | $ | 420 | | | $ | 1 | | | | | | | | | | | | | | | | | | | Balance, beginning of period, before effect of changes in the instrument-specific credit risk | $ | 684 | | | $ | 1 | | | $ | 322 | | | $ | 1 | | | | | | | Issuances and benefit payments | 45 | | | — | | | 147 | | | — | | | | | | | Attributed fees collected and interest accrual | 44 | | | — | | | 156 | | | — | | | | | | | Actual policyholder behavior different from expected | 53 | | | — | | | 45 | | | — | | | | | | | Changes in assumptions and other | (10) | | | — | | | 8 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Effects of market related movements | (12) | | | — | | | 6 | | | — | | | | | | | Balance, end of period, before effect of changes in the instrument-specific credit risk | 804 | | | 1 | | | 684 | | | 1 | | | | | | | Effect of changes in the instrument-specific credit risk | 80 | | | — | | | 128 | | | — | | | | | | | Balance, end of period, net liability | 884 | | | 1 | | | 812 | | | 1 | | | | | | | Less: reinsured market risk benefits | 225 | | | — | | | 195 | | | — | | | | | | | Balance, end of period, net of reinsurance | $ | 659 | | | $ | 1 | | | $ | 617 | | | $ | 1 | | | | | | | | | | | | | | | | | | | Weighted-average attained age of policyholders weighted by total AV (years) | 67.82 | | 84.74 | | 67.84 | | 84.69 | | | | | | Net amount at risk | $ | 2,082 | | | $ | 2 | | | $ | 1,900 | | | $ | 2 | | | | | |
|