This session will provide a comprehensive overview of key aspects related to the GAAP/VM-21 valuation for RILA. We will discuss how VM-21 can reward companies for making conservative decisions and examine the key factors that drive different levels of VM-21 reserves and capital. We will also cover how ALM management for RILA differs from other annuities. The attendees will gain insights into practical considerations, challenges, and solutions in implementing RILA valuation.