v3.26.1
MARKET RISK BENEFITS (Tables)
 6 Months Ended
Jun. 30, 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 June 30,
20262025
RetirementCorporate and OtherRetirementCorporate and Other
GMxB CoreGMxB LegacyLegacy Purchased MRB Net LegacyGMxB CoreGMxB LegacyLegacy Purchased MRB Net Legacy
(in millions)
Balance, beginning of period$806 $8,335 $(5,265)$3,070 $717 $9,505 $(5,973)$3,532 
Balance BOP before changes in the instrument specific credit risk576 8,061 (5,256)2,805 495 9,336 (5,957)3,379 
Model changes and effect of changes in cash flow assumptions
16 — — — (7)8 5 13 
Actual market movement effect(339)(1,018)445 (573)(173)(620)264 (356)
Interest accrual14 66 (43)23 10 96 (58)38 
Attributed fees accrued (1)
110 150 (37)113 109 161 (39)122 
Benefit payments(12)(263)116 (147)(12)(285)128 (157)
Actual policyholder behavior different from expected behavior6 17 (6)11 7 22 (14)8 
Changes in future economic assumptions(49)(78)76 (2)(42)(232)140 (92)
Issuances— — — — (2)— — — 
Balance EOP before changes in the instrument-specific credit risk322 6,935 (4,705)2,230 385 8,486 (5,531)2,955 
Changes in the instrument-specific credit risk (2)
281 421 (5)416 268 326 (10)316 
Balance, end of period$603 $7,356 $(4,710)$2,646 $653 $8,812 $(5,541)$3,271 
Weighted-average age of policyholders (years)66.874.674.0N/A65.974.073.4N/A
Net amount at risk$2,799 $13,628 $6,145 N/A$2,953 $15,835 $7,099 N/A
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(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.
Six Months Ended June 30,
20262025
Retirement
Corporate and Other
Retirement
Corporate and Other
GMxB CoreGMxB Legacy
Legacy Purchased MRB (3)
Net LegacyGMxB CoreGMxB Legacy
Legacy Purchased MRB (3)
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 risk394 7,925 (5,263)2,662 163 9,735 (7,368)2,367 
Model changes and effect of changes in cash flow assumptions (4)
16 (37)55 18 (7)(1,336)1,860 524 
Actual market movement effect(243)(715)305 (410)(102)(271)148 (123)
Interest accrual30 141 (89)52 25 202 (122)80 
Attributed fees accrued (1)207 299 (89)210 203 326 (99)227 
Benefit payments(24)(527)238 (289)(23)(565)257 (308)
Actual policyholder behavior different from expected behavior11 41 (21)20 20 42 (14)28 
Changes in future economic assumptions(71)(192)159 (33)105 353 (193)160 
Issuances2 — — — 1 — — — 
Balance EOP before changes in the instrument-specific credit risk322 6,935 (4,705)2,230 385 8,486 (5,531)2,955 
Changes in the instrument-specific credit risk (2)281 421 (5)416 268 326 (10)316 
Balance, end of period$603 $7,356 $(4,710)$2,646 $653 $8,812 $(5,541)$3,271 
Weighted-average age of policyholders (years)66.874.674.0N/A65.974.073.4N/A
Net amount at risk
$2,799 $13,628 $6,145 N/A$2,953 $15,835 $7,099 N/A
_____________
(1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.
(2)Changes are recorded in OCI except for reinsurer credit which is reflected in the consolidated income statement.
(3)Purchased MRB is the impact of non-affiliated reinsurance.
(4)Includes the net income impact of the novation, as described in Note 1 of the Notes to these Consolidated Financial Statements, in the first quarter of 2025 and the impact primarily of a non-affiliated recapture of reinsurance completed in the first quarter of 2024.
The following table reconciles MRBs by the amounts in an asset position and amounts in a liability position to the MRB amounts in the consolidated balance sheets:
June 30, 2026December 31, 2025
Direct AssetDirect LiabilityNet Direct MRBPurchased MRBTotalDirect AssetDirect LiabilityNet Direct MRBPurchased MRBTotal
(in millions)
Retirement
GMxB Core$(518)$1,121 $603 $— $603 $(436)$1,240 $804 $— $804 
Corporate and Other
GMxB Legacy(251)7,607 7,356 (4,710)2,646 (190)8,823 8,633 (5,258)3,375 
Other (1)(171)88 (83)— (83)(126)90 (36)(2)(38)
Total$(940)$8,816 $7,876 $(4,710)$3,166 $(752)$10,153 $9,401 $(5,260)$4,141 
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(1)Other primarily includes SCS.