| Reconciliation of Market Risk Benefits |
The following table presents the balances of and changes in MRBs: | | | | | | | | | | | | | | | | | | | | | | | Individual
Retirement | | Group
Retirement | | Total | | (in millions, except for attained age of contract holders) | | | | | | | | | | | | Six Months Ended June 30, 2024 | | | | | | | | 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 | | 303 | | | 24 | | | 327 | | | Interest accrual | | 78 | | | 6 | | | 84 | | | Attributed fees | | 338 | | | 30 | | | 368 | | | Expected claims | | (34) | | | (1) | | | (35) | | | Effect of changes in interest rates | | (605) | | | (48) | | | (653) | | | Effect of changes in interest rate volatility | | 22 | | | 3 | | | 25 | | | Effect of changes in equity markets | | (670) | | | (62) | | | (732) | | | Effect of changes in equity index volatility | | (37) | | | (2) | | | (39) | | | Actual outcome different from model expected outcome | | (43) | | | 2 | | | (41) | | | | | | | | | | Effect of changes in other future expected assumptions | | (5) | | | — | | | (5) | | | Other, including foreign exchange | | — | | | (2) | | | (2) | | | Balance, end of period before effect of changes in our own credit risk | | 2,837 | | | 170 | | | 3,007 | | | Effect of changes in our own credit risk | | 914 | | | 73 | | | 987 | | | | | | | | | | Balance, end of period | | 3,751 | | | 243 | | | 3,994 | | | Less: Reinsured MRB, end of period | | (57) | | | — | | | (57) | | | Net Liability Balance after reinsurance recoverable | | $ | 3,694 | | | $ | 243 | | | $ | 3,937 | | | Net amount at risk | | | | | | | | GMDB only | | $ | 609 | | | $ | 130 | | | $ | 739 | | | GMWB only | | $ | 130 | | | $ | 11 | | | $ | 141 | | Combined* | | $ | 533 | | | $ | 13 | | | $ | 546 | | | Weighted average attained age of contract holders | | 71 | | 64 | | | | | | | | | | | Six Months Ended June 30, 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 | | 379 | | | 19 | | | 398 | | | Interest accrual | | 78 | | | 8 | | | 86 | | | Attributed fees | | 442 | | | 33 | | | 475 | | | Expected claims | | (48) | | | (1) | | | (49) | | | Effect of changes in interest rates | | 34 | | | 3 | | | 37 | | | Effect of changes in interest rate volatility | | (84) | | | (4) | | | (88) | | | Effect of changes in equity markets | | (843) | | | (78) | | | (921) | | | Effect of changes in equity index volatility | | 8 | | | (4) | | | 4 | | | Actual outcome different from model expected outcome | | 93 | | | 12 | | | 105 | | | | | | | | | | Effect of changes in other future expected assumptions | | (94) | | | (29) | | | (123) | | | Other, including foreign exchange | | — | | | (2) | | | (2) | | | Balance, end of period before effect of changes in our own credit risk | | 3,262 | | | 229 | | | 3,491 | | | Effect of changes in our own credit risk | | 564 | | | 47 | | | 611 | | | | | | | | | | Balance, end of period | | 3,826 | | | 276 | | | 4,102 | | | Less: Reinsured MRB, end of period | | (79) | | | — | | | (79) | | | Net liability balance after reinsurance recoverable | | $ | 3,747 | | | $ | 276 | | | $ | 4,023 | | | Net amount at risk | | | | | | | | GMDB only | | $ | 1,068 | | | $ | 212 | | | $ | 1,280 | | | GMWB only | | $ | 56 | | | $ | 4 | | | $ | 60 | | | Combined* | | $ | 1,435 | | | $ | 23 | | | $ | 1,458 | | | Weighted average attained age of contract holders | | 70 | | 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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | June 30, 2023 | | (in millions) | | Asset* | | Liability* | | Net | | Asset* | | Liability* | | Net | | Individual Retirement | | $ | 984 | | | $ | 4,678 | | | $ | 3,694 | | | $ | 787 | | | $ | 4,534 | | | $ | 3,747 | | | Group Retirement | | 203 | | | 446 | | | 243 | | | 167 | | | 443 | | | 276 | | | Total | | $ | 1,187 | | | $ | 5,124 | | | $ | 3,937 | | | $ | 954 | | | $ | 4,977 | | | $ | 4,023 | |
*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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