Emotional reactivity and the ability to modulate an emotional state, which are important factors for psychological well-being, are often dysregulated in psychiatric disorders. Neural correlates of emotional states have mostly been studied at the group level, thereby neglecting individual differences in the intensity of emotional experience. This study investigates the relationship between brain activity and interindividual variation in subjective affect ratings. A standardized mood induction (MI) procedure, using positive facial expression and autobiographical memories, was applied to 54 healthy participants (28 female), who rated their subjective affective state before and after the MI. We performed a regression analysis with brain activation during MI and changes in subjective affect ratings. An increase in positive affective ratings correlated with activity in the amygdala, hippocampus and the fusiform gyrus (FFG), whereas reduced positive affect correlated with activity of the subgenual anterior cingulate cortex. Activations in the amygdala, hippocampus and FFG are possibly linked to strategies adopted by the participants to achieve mood changes. Subgenual cingulate cortex activation has been previously shown to relate to rumination. This finding is in line with previous observations of the subgenual cingulate's role in emotion regulation and its clinical relevance to therapy and prognosis of mood disorders.