The following table reconciles MRBs (in millions) to MRB assets and MRB liabilities on the Consolidated Balance Sheets:


	As of December 31, 2024						As of December 31, 2023
	Assets		Liabilities		Net (Assets) Liabilities		Assets		Liabilities		Net (Assets) Liabilities


Variable Annuities	$	4,737	$	933	$	(3,804)	$	3,763	$	1,583	$	(2,180)
Fixed Annuities	78		110		32		96		128		32
Retirement Plan Services	45		3		(42)		35		5		(30)
Total MRBs	$	4,860	$	1,046	$	(3,814)	$	3,894	$	1,716	$	(2,178)

The following table summarizes the balances of and changes in net MRB (assets) liabilities (in millions):


	As of or For the Year Ended December 31, 2024						As of or For the Year Ended December 31, 2023
	Variable Annuities		Fixed Annuities		Retirement Plan Services		Variable Annuities		Fixed Annuities		Retirement Plan Services


Balance as of beginning-of-year	$	(2,180)	$	32	$	(30)	$	(662)	$	(45)	$	(22)
Less: Effect of cumulative changes in
non-performance risk	(1,299)		(58)		(4)		(2,173)		(40)		(2)
Balance as of beginning-of-year, before the effect
of changes in non-performance risk	(881)		90		(26)		1,511		(5)		(20)
Issuances	6		–		–		8		–		–
Attributed fees collected	1,520		31		8		1,497		32		6
Benefit payments	(34)		–		–		(64)		–		–
Effect of changes in interest rates	(1,918)		(70)		(18)		(110)		(24)		5
Effect of changes in equity markets	(2,277)		(16)		(8)		(3,167)		(12)		(13)
Effect of changes in equity index volatility	(88)		(5)		–		(593)		9		(3)
In-force updates and other changes in MRBs (1)	213		6		8		136		5		1
Effect of assumption review:
Effect of changes in future expected
policyholder behavior	7		11		–		(33)		70		–
Effect of changes in other future expected
assumptions (2)	(199)		18		(6)		(66)		15		(2)
Balance as of end-of-year, before the effect of
changes in non-performance risk	(3,651)		65		(42)		(881)		90		(26)
Effect of cumulative changes in
non-performance risk	(153)		(33)		–		(1,299)		(58)		(4)
Balance as of end-of-year	(3,804)		32		(42)		(2,180)		32		(30)
Less: ceded MRB assets (liabilities)	(379)		–		–		(238)		–		–
Balance as of end-of-year, net of reinsurance	$	(3,425)	$	32	$	(42)	$	(1,942)	$	32	$	(30)

Weighted-average age of policyholders (years)	73		70		63		72		68		63
Net amount at risk (3)	$	1,962	$	240	$	3	$	3,031	$	203	$	4

(1) Consists primarily of changes in MRB assets and liabilities related to differences between separate account fund performance and modeled indices and other changes such as actual to expected policyholder behavior.

(2) Consists primarily of the update of fund mapping, volatility and other capital market assumptions.

(3) Net amount at risk (“NAR”) is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For GLBs, the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit feature exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation.

Effect of Assumption Review

For the year ended December 31, 2024, Variable Annuities had a favorable impact to net income (loss) attributable to the annual assumption review driven by model enhancements and updates to capital market assumptions. For the year ended December 31, 2024, Fixed Annuities had an unfavorable impact to net income (loss) attributable to the annual assumption review driven by model enhancements and updates to policyholder GLB utilization assumptions. Retirement Plan Services did not have any significant assumption updates.

For the year ended December 31, 2023, Variable Annuities had a favorable impact to net income (loss) attributable to the annual assumption review from updates to volatility and policyholder GLB utilization behavior assumptions, partially offset by unfavorable impacts from updates to mortality and policyholder lapse behavior assumptions. For the year ended December 31, 2023, Fixed Annuities

had an unfavorable impact to net income (loss) attributable to the annual assumption review from updates to mortality and policyholder GLB utilization and lapse behavior assumptions. Retirement Plan Services did not have any significant assumption updates.

See “MRBs” in Note 1 and Note 14 for details related to our fair value judgments, assumptions, inputs and valuation methodology.