v3.26.1
Market Risk Benefits (Tables)
 6 Months Ended
Jun. 30, 2026
Market Risk Benefits  
Summary of disaggregated MRB amounts in an asset and liability position (Table)

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June 30, 2026

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December 31, 2025

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Net asset

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Net asset

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Asset

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Liability

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(liability)

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Asset

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Liability

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(liability)

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(in millions)

Retirement and Income Solutions:

 

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Individual variable annuities

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$

202.8

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$

65.9

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$

136.9

 

$

197.1

 

$

66.9

 

$

130.2

Total MRB per consolidated statements of financial position

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$

202.8

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$

65.9

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$

136.9

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$

197.1

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$

66.9

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$

130.2
Summary of quantitative information about the significant unobservable inputs used for fair value measurements of MRBs (Table)

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June 30, 2026

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December 31, 2025

 

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Weighted-

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Weighted-

 

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Range of inputs

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Average

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Range of inputs

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Average

 

Retirement and Income Solutions:

 

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Individual variable annuities

 

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Long-term interest rate (1)

 

4.91

-

4.93

%  

4.92

%  

4.80

-

4.84

%  

4.82

%

Long-term equity market volatility

 

17.80

-

40.49

%  

22.73

%  

17.80

-

38.80

%  

21.94

%

Nonperformance risk

 

0.52

-

1.09

%  

0.93

%  

0.49

-

1.12

%  

0.95

%

Lapse rate

 

0.90

-

55.00

%  

6.84

%  

0.90

-

55.00

%  

6.51

%

(1)Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. The rate curves are derived from an interpolation between various observable swap rates.
Retirement and Income Solutions  
Market Risk Benefits  
Summary of significant changes to inputs and assumptions that impacted the change in the MRB fair value measurement (Table)

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For the six months ended

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For the year ended

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June 30, 2026

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December 31, 2025

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Change in net

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Change in net

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Change in input

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MRB asset (liability)

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Change in input

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MRB asset (liability)

Long-term interest rate

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Increased

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Favorable

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Increased

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Favorable

Equity markets

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Increased

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Favorable

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Increased

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Favorable

Equity market volatilities

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Increased

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Unfavorable

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Increased

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Unfavorable

Own nonperformance risk

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Decreased

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Favorable

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Increased

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Favorable

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Retirement and Income Solutions | Individual variable annuities  
Market Risk Benefits  
Summary of net asset (liability) balances and the changes in the valuation of the MRBs (Table)

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For the six months ended

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For the year ended

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June 30, 2026

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December 31, 2025

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($ in millions)

Balance at beginning of period

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$

130.2

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$

137.4

Effect of changes in nonperformance risk at beginning of period

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17.0

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19.0

Adjusted balance at beginning of period

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147.2

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156.4

Effect of:

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Interest accrual and expected policyholder behavior

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(38.5)

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(62.8)

Benefit payments

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0.3

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—

Changes in interest rates

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15.2

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13.0

Changes in equity markets

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39.0

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53.1

Changes in equity index volatility

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(11.6)

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(8.3)

Actual policyholder behavior different from expected behavior

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1.5

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(3.9)

Changes in other future expected assumptions

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—

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(0.3)

Adjusted balance at end of period

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153.1

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147.2

Effect of changes in nonperformance risk at end of period

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(16.2)

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(17.0)

Balance at end of period

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$

136.9

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$

130.2

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Weighted-average attained age of policyholders (years) (1)

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66.9

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67.0

Net amount at risk (2)

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$

21.2

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$

29.3

(1)The weighted-average attained age is calculated at the contract level using the total contributions since inception and the age of the contractholders.
(2)The net amount at risk for our GMDB riders is defined as the current GMDB amount in excess of the current account balance. The net amount at risk for our GMWB riders is defined as the greater of the present value of the GMWB payments less the current account balance or zero. For contracts with both GMDB and GMWB riders, the net amount at risk is the greater of the GMDB or GMWB net amount at risk. We had a decrease in the net amount at risk in 2026 primarily as a result of increases in the equity markets.