Our two principal franchises include Equitable and AllianceBernstein. Thus, the benefit base cannot be totaled. For a detailed discussion of GMxB riders, see "—Overview of GMxB Features." In addition, our products offer features designed to serve different market conditions. Our variable annuity products generally include penalties for early withdrawals. From time to time, we reevaluate the type and level of GMxB and other features we offer. These fees reduce the returns policyholders earn from these funds. We use captive reinsurance as part of our capital management strategy. This option provides the same advantages as a buyout. 8226;RMD Wealthguard Death Benefit. 8226;Annual Ratchet (also referred to as Highest Anniversary Value). GMIB is our largest block of living benefit guarantees based on in-force AV. 14This benefit can be purchased on a single life or joint life basis. Annual withdrawal amounts are not cumulative year over year. We ceased offering GMWB riders in 2008. &# For the GMAB, the NAR would not be available until the GMAB maturity date. To a lesser extent, we also market to government entities that sponsor 457(b) plans. HedgingWe hedge crediting rates to mitigate certain risks associated with the SIO. AB Holding is a master limited partnership publicly listed on the NYSE. All open treaties were closed to new business by December 31, 2004. The NAIC has established statutory accounting principles set forth in its Manual. These amendments now have to be adopted by state legislatures to become effective. The CARES Act was signed into law on March 27, 2020. We are assessing the impact of this change. Our operational failures or those of service providers on which we rely. The occurrence of a catastrophe, including natural or man-made disasters. Misconduct by our employees or financial professionals. In addition, we regularly review the estimates and assumptions underlying DAC. AB's seed capital investments are subject to market risk. These models are developed by senior quantitative professionals. Any such changes may harm our business, results of operations or financial condition.
