MARKET RISK BENEFITS (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Market Risk Benefit, Activity

The following table presents the balances and changes to the balances for MRBs for the GMxB benefits on deferred variable annuities:


	Three Months Ended September 30,
	2025								2024
	Retirement		Corporate and Other						Retirement		Corporate and Other
	GMxB Core		GMxB Legacy		Legacy Purchased MRB		Net Legacy		GMxB Core		GMxB Legacy		Legacy Purchased MRB		Net Legacy
	(in millions)
Balance, beginning of period	$	653	$	8,812	$	(5,541)	$	3,271	$	412	$	11,432	$	(7,998)	$	3,434
Balance BOP before changes in the instrument specific credit risk	385		8,486		(5,531)		2,955		118		10,886		(7,976)		2,910
Model changes and effect of changes in cash flow assumptions	45		59		(57)		2		88		(58)		(19)		(77)
Actual market movement effect	(200)		(528)		235		(293)		(195)		(596)		301		(295)
Interest accrual	14		84		(52)		32		13		142		(104)		38
Attributed fees accrued (1)	101		161		(43)		118		99		201		(63)		138
Benefit payments	(10)		(255)		120		(135)		(9)		(301)		174		(127)
Actual policyholder behavior different from expected behavior	3		8		(6)		2		10		(9)		(2)		(11)
Changes in future economic assumptions	9		138		(82)		56		164		1,098		(771)		327
Issuances	—		—		—		—		—		—		—		—
Balance EOP before changes in the instrument-specific credit risk	347		8,153		(5,416)		2,737		288		11,363		(8,460)		2,903
Changes in the instrument-specific credit risk (2)	401		678		3		681		279		541		(28)		513
Balance, end of period	$	748	$	8,831	$	(5,413)	$	3,418	$	567	$	11,904	$	(8,488)	$	3,416

Weighted-average age of policyholders (years)	66.1		74.1		73.6		N/A		65.1		73.5		73.0		N/A
Net amount at risk	$	2,806	$	15,028	$	6,756	N/A		$	2,606	$	18,977	$	10,159	N/A

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(1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.

(2)Changes are recorded in OCI except for reinsurer credit which is reflected in the consolidated income statement.


	Nine Months Ended September 30,
	2025								2024
	Retirement		Corporate and Other						Retirement		Corporate and Other
	GMxB Core		GMxB Legacy		Legacy Purchased MRB (3)		Net Legacy		GMxB Core		GMxB Legacy		Legacy Purchased MRB (3)		Net Legacy
	(in millions)
Balance, beginning of period	$	496	$	10,508	$	(7,372)	$	3,136	$	597	$	13,425	$	(9,448)	$	3,977
Balance BOP before changes in the instrument specific credit risk	163		9,735		(7,368)		2,367		319		13,023		(9,409)		3,614
Model changes and effect of changes in cash flow assumptions (4)	38		(1,277)		1,803		526		88		(58)		150		92
Actual market movement effect	(302)		(799)		383		(416)		(358)		(1,343)		698		(645)
Interest accrual	39		286		(174)		112		44		455		(328)		127
Attributed fees accrued (1)	304		487		(142)		345		305		599		(199)		400
Benefit payments	(33)		(820)		377		(443)		(31)		(933)		505		(428)
Actual policyholder behavior different from expected behavior	23		50		(20)		30		24		(32)		(3)		(35)
Changes in future economic assumptions	114		491		(275)		216		(101)		(348)		126		(222)
Issuances	1		—		—		—		(2)		—		—		—
Balance EOP before changes in the instrument-specific credit risk	347		8,153		(5,416)		2,737		288		11,363		(8,460)		2,903
Changes in the instrument-specific credit risk (2)	401		678		3		681		279		541		(28)		513
Balance, end of period	$	748	$	8,831	$	(5,413)	$	3,418	$	567	$	11,904	$	(8,488)	$	3,416

Weighted-average age of policyholders (years)	66.1		74.1		73.6		N/A		65.1		73.5		73.0		N/A
Net amount at risk	$	2,806	$	15,028	$	6,756	N/A		$	2,606	$	18,977	$	10,159	N/A

_____________

(1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.

(2)Changes are recorded in OCI except for reinsurer credit which is reflected in the consolidated income statement.

(3)Purchased MRB is the impact of non-affiliated reinsurance.

(4)Includes the net income impact of the novation, as described in Note 1, in the first quarter of 2025 and the impact primarily of a non-affiliated recapture of reinsurance completed in the first quarter of 2024.

The following table reconciles MRBs by the amounts in an asset position and amounts in a liability position to the MRB amounts in the consolidated balance sheets:


	September 30, 2025										December 31, 2024
	Direct Asset		Direct Liability		Net Direct MRB		Purchased MRB		Total		Direct Asset		Direct Liability		Net Direct MRB		Purchased MRB		Total
	(in millions)
Retirement
GMxB Core	$	(448)	$	1,196	$	748	$	—	$	748	$	(514)	$	1,010	$	496	$	—	$	496
Corporate and Other
GMxB Legacy	(190)		9,021		8,831		(5,413)		3,418		(230)		10,738		10,508		(7,372)		3,136
Other (1)	(124)		84		(40)		(2)		(42)		(119)		62		(57)		(4)		(61)
Total	$	(762)	$	10,301	$	9,539	$	(5,415)	$	4,124	$	(863)	$	11,810	$	10,947	$	(7,376)	$	3,571

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(1)Other primarily includes SCS.

Equitable Holdings, Inc. 10-Q