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.