A  ³ Blessed be the God and Father of our Lord Jesus Christ, who according to His abundant mercy

B  has begotten us again to a living hope through the resurrection of Jesus Christ from the dead,

B’  ⁴ [has begotten us again] to an inheritance incorruptible and undefiled and that does not fade away, reserved in heaven for you, ⁵ who are kept by the power of God through faith for salvation ready to be revealed in the last time.

A’ ^6aIn this, you greatly rejoice

A: Blessed and Rejoicing.   

B: He has begotten us for Salvation (now) and for Eternal Life (future).