v3.26.3
MARKET RISK BENEFITS (Tables)
 9 Months Ended
Sep. 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 September 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$603 $7,356 $(4,710)$2,646 $653 $8,812 $(5,541)$3,271 
Balance BOP before changes in the instrument specific credit risk322 6,935 (4,705)2,230 385 8,486 (5,531)2,955 
Model changes and effect of changes in cash flow assumptions
(63)93 (63)30 45 59 (57)2 
Actual market movement effect95 192 (67)125 (200)(528)235 (293)
Interest accrual15 72 (48)24 14 84 (52)32 
Attributed fees accrued (1)
101 151 (41)110 101 161 (43)118 
Benefit payments(12)(235)114 (121)(10)(255)120 (135)
Actual policyholder behavior different from expected behavior6 11 (11)— 3 8 (6)2 
Changes in future economic assumptions(328)(1,112)643 (469)9 138 (82)56 
Issuances(2)— — — — — — — 
Balance EOP before changes in the instrument specific credit risk134 6,107 (4,178)1,929 347 8,153 (5,416)2,737 
Changes in the instrument-specific credit risk (2)
181 223 (11)212 401 678 3 681 
Balance, end of period$315 $6,330 $(4,189)$2,141 $748 $8,831 $(5,413)$3,418 
Weighted-average age of policyholders (years)67.074.774.1N/A66.174.173.6N/A
Net amount at risk$3,046 $13,825 $6,202 N/A$2,806 $15,028 $6,756 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.
Nine Months Ended September 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)
(47)56 (8)48 38 (1,277)1,803 526 
Actual market movement effect(148)(523)238 (285)(302)(799)383 (416)
Interest accrual45 213 (137)76 39 286 (174)112 
Attributed fees accrued (1)308 450 (130)320 304 487 (142)345 
Benefit payments(36)(762)352 (410)(33)(820)377 (443)
Actual policyholder behavior different from expected behavior17 52 (32)20 23 50 (20)30 
Changes in future economic assumptions(399)(1,304)802 (502)114 491 (275)216 
Issuances— — — — 1 — — — 
Balance EOP before changes in the instrument specific credit risk134 6,107 (4,178)1,929 347 8,153 (5,416)2,737 
Changes in the instrument-specific credit risk (2)181 223 (11)212 401 678 3 681 
Balance, end of period$315 $6,330 $(4,189)$2,141 $748 $8,831 $(5,413)$3,418 
Weighted-average age of policyholders (years)67.074.774.1N/A66.174.173.6N/A
Net amount at risk
$3,046 $13,825 $6,202 N/A$2,806 $15,028 $6,756 N/A
_____________
(1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.
(2)Changes are recorded in OCI except for reinsurer credit which is reflected in the consolidated income statement.
(3)Purchased MRB is the impact of non-affiliated reinsurance.
(4)Includes the net income impact of the novation, as described in Note 1 of the Notes to these Consolidated Financial Statements, in the first quarter of 2025.
The following table reconciles MRBs by the amounts in an asset position and amounts in a liability position to the MRB amounts in the consolidated balance sheets:
September 30, 2026December 31, 2025
Direct AssetDirect LiabilityNet Direct MRBPurchased MRBTotalDirect AssetDirect LiabilityNet Direct MRBPurchased MRBTotal
(in millions)
Retirement
GMxB Core$(687)$1,002 $315 $— $315 $(436)$1,240 $804 $— $804 
Corporate and Other
GMxB Legacy(315)6,645 6,330 (4,189)2,141 (190)8,823 8,633 (5,258)3,375 
Other (1)(301)58 (243)(1)(244)(126)90 (36)(2)(38)
Total$(1,303)$7,705 $6,402 $(4,190)$2,212 $(752)$10,153 $9,401 $(5,260)$4,141 
______________
(1)Other primarily includes SCS.