v3.26.3
Market Risk Benefits (Tables)
9 Months Ended
Sep. 30, 2026
Insurance [Abstract]  
Schedule of Balances and Changes in Market Risk Benefit
The following table presents the balances of and changes in MRBs associated with indexed annuities and fixed rate annuities for the nine months ended September 30, 2026 and the year ended December 31, 2025 (in millions):
September 30, 2026December 31, 2025
Indexed
annuities
Fixed rate
annuities
Indexed
annuities
Fixed rate
annuities
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 payments136 — 147 — 
Attributed fees collected and interest accrual142 — 156 — 
Actual policyholder behavior different from expected 53 — 45 — 
Changes in assumptions and other(62)— 8 — 
Effects of market related movements(251)— 6 — 
Balance, end of period, before effect of changes in the instrument-specific credit risk702 1 684 1 
Effect of changes in the instrument-specific credit risk95 — 128 — 
Balance, end of period, net liability797 1 812 1 
Less: reinsured market risk benefits235 — 195 — 
Balance, end of period, net of reinsurance$562 $1 $617 $1 
Weighted-average attained age of policyholders weighted by total AV (years)67.7885.2367.8484.69
Net amount at risk$2,000 $2 $1,900 $2 
Schedule of Market Risk Benefit, Asset And Liability
The following table reconciles MRBs by amounts in an asset position and amounts in a liability position to the MRBs amounts in the unaudited Condensed Consolidated Balance Sheets (in millions):
September 30, 2026December 31, 2025
DirectReinsuredTotal DirectReinsuredTotal
MRB asset
Indexed annuities$99 $244 $343 $88 $197 $285 
Fixed rate annuities— — — — — — 
Total MRB asset$99 $244 $343 $88 $197 $285 
MRB liability
Indexed annuities$896 $9 $905 $900 $2 $902 
Fixed rate annuities1 — 1 1 — 1 
Total MRB liability$897 $9 $906 $901 $2 $903