v3.26.1
Market Risk Benefits (Tables)
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Market Risk Benefit
The Company’s MRB assets and MRB liabilities on the interim condensed consolidated balance sheets were as follows at:
March 31, 2026December 31, 2025
AssetLiability
Net Liability (Asset)
AssetLiability
Net Liability (Asset)
(In millions)
Annuities
$171 $2,152 $1,981 $216 $2,043 $1,827 
Other
36 169 133 41 158 117 
Total
$207 $2,321 $2,114 $257 $2,201 $1,944 
Market Risk Benefit, Activity Information regarding the Company’s variable annuity products was as follows:
Three Months
Ended
March 31,
20262025
(In millions)
Balance, beginning of period (1)
$1,827 $2,069 
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$1,742 $2,026 
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)— (191)
Attributed fees collected61 66 
Benefit payments(24)(23)
Effect of changes in interest rates(5)122 
Effect of changes in capital markets63 60 
Effect of changes in equity index volatility59 11 
Actual policyholder behavior different from expected behavior57 57 
Effect of foreign currency translation and other, net
(17)3 
Effect of changes in risk margin2 13 
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk1,938 2,144 
Cumulative effect of changes in the instrument-specific credit risk43 41 
Balance, end of period1,981 2,185 
Less: Reinsurance recoverable373 — 
Balance, end of period, net of reinsurance$1,608 $2,185 
At period end:
Net amount at risk, excluding offsets from hedging and reinsurance (2):
In the event of death$2,425 $2,577 
At annuitization or exercise of other living benefits$814 $738 
Weighted-average attained age of contractholders:
In the event of death73 years72 years
At annuitization or exercise of other living benefits72 years71 years
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(1)    A product previously reported within Annuities has been moved to Other. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. The transfer amount related to the balance at January 1, 2025 was ($165) million. See Note 1.
(2)    Includes amounts for certain variable annuity guarantees recorded as MRBs on contracts also recorded as PABs, which are disclosed in “Fixed and Variable Annuities” in Note 4.
Information regarding these product liabilities (assets) was as follows:
Three Months
Ended
March 31,
20262025
(In millions)
Balance, beginning of period (1)
$117 $24 
Balance, beginning of period, before effect of cumulative changes in the instrument-specific credit risk$138 $29 
Transfer, beginning of period, before effect of cumulative changes in the instrument-specific credit risk (1)— 191 
Attributed fees collected4 4 
Effect of changes in interest rates6 12 
Effect of changes in capital markets6 5 
Effect of changes in equity index volatility14 3 
Actual policyholder behavior different from expected behavior1 (2)
Effect of foreign currency translation and other, net (11)1 
Effect of changes in risk margin1 2 
Balance, end of period, before the cumulative effect of changes in the instrument-specific credit risk159 245 
Cumulative effect of changes in the instrument-specific credit risk(26)(36)
Balance, end of period$133 $209 
__________________
(1)A product previously reported within Annuities has been moved to Other. Accordingly, the reported balances for the three months ended March 31, 2025 have been updated to reflect this change. The transfer amount related to the balance at January 1, 2025 was $165 million. See Note 1.