| Market Risk Benefit, Activity |
The following table presents the balances of and changes in MRBs: | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | Individual
Retirement | | Group
Retirement | | Total | | (in millions, except for attained age of contract holders) | | | | | | | | | | | | Balance, beginning of year | | $ | 4,562 | | | $ | 308 | | | $ | 4,870 | | | Effect of changes in our own credit risk | | (1,072) | | | (88) | | | (1,160) | | | Balance, beginning of year, before effect of changes in our own credit risk | | $ | 3,490 | | | $ | 220 | | | $ | 3,710 | | | Issuances | | 123 | | | 10 | | | 133 | | | Interest accrual | | 45 | | | 3 | | | 48 | | | Attributed fees | | 174 | | | 15 | | | 189 | | | Expected claims | | (18) | | | — | | | (18) | | | Effect of changes in interest rates | | (474) | | | (38) | | | (512) | | | Effect of changes in interest rate volatility | | (14) | | | — | | | (14) | | | Effect of changes in equity markets | | (529) | | | (50) | | | (579) | | | Effect of changes in equity index volatility | | (15) | | | — | | | (15) | | | Actual outcome different from model expected outcome | | (63) | | | 3 | | | (60) | | | Effect of changes in future expected policyholder behavior | | — | | | — | | | — | | | Effect of changes in other future expected assumptions | | (5) | | | (1) | | | (6) | | | Other, including foreign exchange | | — | | | (2) | | | (2) | | | Balance, end of period before effect of changes in our own credit risk | | 2,714 | | | 160 | | | 2,874 | | | Effect of changes in our own credit risk | | 1,100 | | | 89 | | | 1,189 | | | | | | | | | | Balance, end of period | | 3,814 | | | 249 | | | 4,063 | | | Less: Reinsured MRB, end of period | | (68) | | | — | | | (68) | | | Net Liability Balance after reinsurance recoverable | | $ | 3,746 | | | $ | 249 | | | $ | 3,995 | | | Net amount at risk | | | | | | | | GMDB only | | $ | 623 | | | $ | 136 | | | $ | 759 | | | GMWB only | | $ | 128 | | | $ | 12 | | | $ | 140 | | Combined* | | $ | 576 | | | $ | 13 | | | $ | 589 | | | Weighted average attained age of contract holders | | 71 | | 64 | | | | | | | | | | | Three Months Ended March 31, 2023 | | | | | | | | Balance, beginning of year | | $ | 3,738 | | | $ | 296 | | | $ | 4,034 | | | Effect of changes in our own credit risk | | (441) | | | (24) | | | (465) | | | Balance, beginning of year, before effect of changes in our own credit risk | | $ | 3,297 | | | $ | 272 | | | $ | 3,569 | | | Issuances | | 191 | | | 9 | | | 200 | | | Interest accrual | | 38 | | | 4 | | | 42 | | | Attributed fees | | 235 | | | 17 | | | 252 | | | Expected claims | | (25) | | | (1) | | | (26) | | | Effect of changes in interest rates | | 478 | | | 46 | | | 524 | | | Effect of changes in interest rate volatility | | (73) | | | (4) | | | (77) | | | Effect of changes in equity markets | | (391) | | | (36) | | | (427) | | | Effect of changes in equity index volatility | | 16 | | | (3) | | | 13 | | | Actual outcome different from model expected outcome | | 72 | | | 1 | | | 73 | | | | | | | | | | Effect of changes in other future expected assumptions | | (94) | | | (18) | | | (112) | | | Other, including foreign exchange | | 1 | | | — | | | 1 | | | Balance, end of period before effect of changes in our own credit risk | | 3,745 | | | 287 | | | 4,032 | | | Effect of changes in our own credit risk | | 339 | | | 32 | | | 371 | | | | | | | | | | Balance, end of period | | 4,084 | | | 319 | | | 4,403 | | | Less: Reinsured MRB, end of period | | (89) | | | — | | | (89) | | | Net liability balance after reinsurance recoverable | | $ | 3,995 | | | $ | 319 | | | $ | 4,314 | | | Net amount at risk | | | | | | | | GMDB only | | $ | 1,307 | | | $ | 266 | | | $ | 1,573 | | | GMWB only | | $ | 63 | | | $ | 5 | | | $ | 68 | | | Combined* | | $ | 1,726 | | | $ | 31 | | | $ | 1,757 | | | Weighted average attained age of contract holders | | 71 | | 64 | | |
* Certain contracts contain both guaranteed GMDB and GMWB features and are modeled together for the purposes of calculating the MRB. The following is a reconciliation of MRBs by amounts in an asset position and in a liability position to the MRBs amount in the Condensed Consolidated Balance Sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | March 31, 2023 | | (in millions) | | Asset* | | Liability* | | Net | | Asset* | | Liability* | | Net | | Individual Retirement | | $ | 968 | | | $ | 4,714 | | | $ | 3,746 | | | $ | 685 | | | $ | 4,680 | | | $ | 3,995 | | | Group Retirement | | 204 | | | 453 | | | 249 | | | 145 | | | 464 | | | 319 | | | Total | | $ | 1,172 | | | $ | 5,167 | | | $ | 3,995 | | | $ | 830 | | | $ | 5,144 | | | $ | 4,314 | |
* Cash flows and attributed fees for MRBs are determined on a policy level basis and are reported based on their asset or liability position at the balance sheet date.
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