Jackson Financial (JXN) 10-Q 8 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 03, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-40274
Entity Registrant Name	Jackson Financial Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0486152
Entity Address, Address Line One	1 Corporate Way
Entity Address, City or Town	Lansing
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48951
City Area Code	517
Local Phone Number	381-5500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		79,500,065
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001822993
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, Par Value $0.01 Per Share
Trading Symbol	JXN
Security Exchange Name	NYSE
Depositary Shares
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series A
Trading Symbol	JXN PRA
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	[1]
Investments:
Debt Securities, available-for-sale, net of allowance for credit losses of $26 and $23 at September 30, 2023 and December 31, 2022, respectively (amortized cost: 2023 $46,203; 2022 $48,798)	$ 39,078	$ 42,489
Debt Securities, at fair value under fair value option	2,244	2,173
Debt Securities, trading, at fair value	66	100
Equity securities, at fair value	277	393
Mortgage loans, net of allowance for credit losses of $200 and $95 at September 30, 2023 and December 31, 2022, respectively	10,136	10,967
Mortgage loans, at fair value under fair value option	476	582
Policy loans (including $3,432 and $3,419 at fair value under the fair value option at September 30, 2023 and December 31, 2022, respectively)	4,368	4,377
Freestanding derivative instruments	925	1,270
Other invested assets	3,553	3,595
Total investments	61,123	65,946
Cash and cash equivalents	2,760	4,298
Accrued investment income	505	514
Deferred acquisition costs	12,447	12,923
Reinsurance recoverable, net of allowance for credit losses of $33 and $15 at September 30, 2023 and December 31, 2022, respectively	26,212	29,046
Reinsurance recoverable on market risk benefits, at fair value	167	221
Market risk benefit assets, at fair value	6,815	4,865
Deferred income taxes, net	632	320
Other assets	970	944
Separate account assets	202,903	195,906
Total assets	314,534	314,983
Liabilities
Reserves for future policy benefits and claims payable	11,418	12,318
Other contract holder funds	55,766	58,190
Market risk benefit liabilities, at fair value	3,917	5,662
Funds withheld payable under reinsurance treaties (including $3,599 and $3,582 at fair value under the fair value option at September 30, 2023 and December 31, 2022, respectively)	19,973	22,957
Long-term debt	2,635	2,635
Repurchase agreements and securities lending payable	28	1,048
Collateral payable for derivative instruments	450	689
Freestanding derivative instruments	2,548	2,065
Separate account liabilities	202,903	195,906
Total liabilities	304,281	305,605
Commitments, Contingencies and Guarantees
Equity
Series A non-cumulative preferred stock and additional paid in capital, $1.00 par value per share: 24,000 shares authorized; shares issued: 2023 - 22,000; liquidation preference $25,000 per share (See Note 20)	533	0
Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 80,051,900 and 82,690,098 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively (See Note 20)	1	1
Additional paid-in capital	6,007	6,063
Treasury stock, at cost; 14,429,106 and 11,784,813 shares at September 30, 2023 and December 31, 2022, respectively	(537)	(443)
Accumulated other comprehensive income (loss), net of tax expense (benefit) of $(354) and $(66) at September 30, 2023 and December 31, 2022, respectively	(5,187)	(3,378)
Retained earnings	8,661	6,403
Total shareholders' equity	9,478	8,646
Noncontrolling interests	775	732
Total equity	10,253	9,378
Total liabilities and equity	314,534	314,983
Related Party
Liabilities
Other liabilities	2,011	1,732
Nonrelated Party
Liabilities
Other liabilities	$ 2,632	$ 2,403
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Debt securities, available for sale, allowance for credit losses	$ 26	$ 23
Debt securities, available for sale, amortized cost	46,203	48,798
Mortgage loans, allowance for credit loss	200	95
Policy loans, fair value under fair value option	3,432	3,419
Reinsurance recoverable, allowance for credit losses	33	15
Funds withheld payable under reinsurance treaties, fair value under fair value option	$ 3,599	$ 3,582
Preferred stock, par value (in usd per share)	$ 1
Preferred stock, shares authorized (in shares)	24,000
Preferred stock, shares issued (in shares)	22,000
Preferred stock, liquidation preference (in usd per share)	$ 25,000
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	80,051,900	82,690,098
Common stock, outstanding (in shares)	80,051,900	82,690,098
Treasury stock (in shares)	14,429,106	11,784,813
Accumulated other comprehensive income, tax expense (benefit)	$ (354)	$ (66)

Condensed Consolidated Income S

Condensed Consolidated Income Statements - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Revenues
Fee income	$ 1,950	$ 1,908	[1]	$ 5,751	$ 5,854	[1]
Premiums	32	36	[1]	109	105	[1]
Net investment income:
Net investment income excluding funds withheld assets	479	327	[1]	1,314	1,085	[1]
Net investment income on funds withheld assets	303	313	[1]	862	937	[1]
Total net investment income	782	640	[1]	2,176	2,022	[1]
Net gains (losses) on derivatives and investments:
Net gains (losses) on derivatives and investments	(335)	(196)	[1]	(5,173)	1,176	[1]
Net gains (losses) on funds withheld reinsurance treaties	159	555	[1]	(648)	2,660	[1]
Total net gains (losses) on derivatives and investments	(176)	359	[1]	(5,821)	3,836	[1]
Other income	18	19	[1]	52	60	[1]
Total revenues	2,606	2,962	[1]	2,267	11,877	[1]
Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	232	237	[1]	701	811	[1]
(Gain) loss from updating future policy benefits cash flow assumptions, net	(1)	(37)	[1]	23	(8)	[1]
Market risk benefits (gains) losses, net	(2,376)	(913)	[1]	(5,120)	(1,636)	[2]
Interest credited on other contract holder funds, net of deferrals and amortization	284	224	[1]	864	630	[1]
Interest expense	49	29	[1]	150	73	[1]
Operating costs and other expenses, net of deferrals	626	592	[1]	1,862	1,801	[1]
Amortization of deferred acquisition costs	290	305	[1]	874	929	[1]
Total benefits and expenses	(896)	437	[1]	(646)	2,600	[1]
Pretax income (loss)	3,502	2,525	[1]	2,913	9,277	[1]
Income tax expense (benefit)	712	657	[1]	399	1,890	[1]
Net income (loss)	2,790	1,868	[3]	2,514	7,387	[2]
Less: Net income (loss) attributable to noncontrolling interests	17	(11)	[1]	21	51	[1]
Net income (loss) attributable to Jackson Financial Inc.	2,773	1,879	[1]	2,493	7,336	[1]
Less: Dividends on preferred stock	11	0	[1]	24	0	[1]
Net income (loss) attributable to Jackson Financial Inc. common shareholders, basic	2,762	1,879	[1]	2,469	7,336	[1]
Net income (loss) attributable to Jackson Financial Inc. common shareholders, diluted	$ 2,762	$ 1,879	[1]	$ 2,469	$ 7,336	[1]
Earnings per share
Basic (in usd per share)	$ 33.66	$ 22.08	[1]	$ 29.95	$ 85.18	[1]
Diluted (in usd per share)	$ 33.35	$ 21.38	[1]	$ 29.20	$ 82.13	[1]
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	[1]	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 2,790	$ 1,868		$ 2,514	$ 7,387	[2]
Other comprehensive income (loss), net of tax:
Change in unrealized gains (losses) on securities with no credit impairment net of tax expense (benefit) of: $(62) and $(347), for the three months ended September 30, 2023 and 2022, respectively, and $(4) and $(1,514) for the nine months ended September 30, 2023 and 2022, respectively.	(1,223)	(2,069)		(787)	(7,783)	[1]
Change in unrealized gains (losses) on securities with credit impairment, net of tax expense (benefit) of: $(4) and $(5) million for the three months ended September 30, 2023 and 2022, respectively, and $(7) and $1 for the nine months ended September 30, 2023 and 2022, respectively.	(15)	(18)		(24)	4	[1]
Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit) of $55 and $99 for the three months ended September 30, 2023 and 2022, respectively, and $44 and $393 for the nine months ended September 30, 2023 and 2022, respectively.	199	361		160	1,423	[1]
Change in non-performance risk on market risk benefits, net of tax expense (benefit) of $(216) and $120 for the three months ended September 30, 2023 and 2022, respectively, and $(321) and $542 for the nine months ended September 30, 2023 and 2022, respectively.	(783)	432		(1,158)	1,963	[1]
Total other comprehensive income (loss)	(1,822)	(1,294)		(1,809)	(4,393)	[1]
Comprehensive income (loss)	968	574		705	2,994	[1]
Less: Comprehensive income (loss) attributable to noncontrolling interests	17	(11)		21	51	[1]
Comprehensive income (loss) attributable to Jackson Financial Inc.	$ 951	$ 585		$ 684	$ 2,943	[1]
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Change in net unrealized gains (losses) on securities not impaired, tax expense (benefit)	$ (62)	$ (347)	$ (4)	$ (1,514)
Change in unrealized gains (losses) on securities for which an allowance for credit losses has been recorded, tax expense (benefit)	(4)	(5)	(7)	1
Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit)	55	99	44	393
Change in non-performance risk on market risk benefits, net of tax expense (benefit)	$ (216)	$ 120	$ (321)	$ 542

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Millions		Total		Total Shareholders' Equity		Preferred Stock		Common Stock		Additional Paid-In Capital		Treasury stock at cost		Accumulated Other Comprehensive Income		Retained Earnings		Non-Controlling Interests
Balance beginning of period at Dec. 31, 2021	[1]	$ 8,321		$ 7,641		$ 0		$ 1		$ 6,051		$ (211)		$ 1,360		$ 440		$ 680
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		7,387	[2]	7,336												7,336		51
Other comprehensive income (loss)	[3]	(4,393)
Change in equity of noncontrolling interests		(2)																(2)
Dividends on preferred stock		0
Dividends on common stock		(151)		(151)												(151)
Purchase of treasury stock		(279)		(279)								(279)
Share based compensation		65		65						(15)		80
Balance end of period at Sep. 30, 2022	[1]	10,948		10,219		0		1		6,036		(410)		(3,033)		7,625		729
Balance beginning of period at Dec. 31, 2021	[1]	8,321		7,641		0		1		6,051		(211)		1,360		440		680
Balance end of period at Dec. 31, 2022		9,378	[4]	8,646	[1]	0	[1]	1	[1]	6,063	[1]	(443)	[1]	(3,378)	[1]	6,403	[1]	732	[1]
Balance beginning of period at Jun. 30, 2022	[1]	10,453		9,706		0		1		6,020		(371)		(1,739)		5,795		747
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		1,868	[3]	1,879												1,879		(11)
Other comprehensive income (loss)		(1,294)	[3]	(1,294)										(1,294)
Change in equity of noncontrolling interests		(7)																(7)
Dividends on preferred stock		0
Dividends on common stock		(49)		(49)												(49)
Purchase of treasury stock		(39)		(39)								(39)
Share based compensation		16		16						16
Balance end of period at Sep. 30, 2022	[1]	10,948		10,219		0		1		6,036		(410)		(3,033)		7,625		729
Balance end of period at Dec. 31, 2022		9,378	[4]	8,646	[1]	0	[1]	1	[1]	6,063	[1]	(443)	[1]	(3,378)	[1]	6,403	[1]	732	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		2,514		2,493												2,493		21
Other comprehensive income (loss)		(1,809)		(1,809)										(1,809)
Change in equity of noncontrolling interests		22																22
Dividends on preferred stock		(24)		(24)												(24)
Dividends on common stock		(159)		(159)												(159)
Purchase of treasury stock		(236)		(236)								(236)
Issuance of preferred stock		533		533		533
Share based compensation		34		34						(56)		142				(52)
Balance end of period at Sep. 30, 2023		10,253		9,478		533		1		6,007		(537)		(5,187)		8,661		775
Balance beginning of period at Jun. 30, 2023		9,423		8,652		533		1		5,997		(466)		(3,365)		5,952		771
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		2,790		2,773												2,773		17
Other comprehensive income (loss)		(1,822)		(1,822)										(1,822)
Change in equity of noncontrolling interests		(13)																(13)
Dividends on preferred stock		(11)		(11)												(11)
Dividends on common stock		(52)		(52)												(52)
Purchase of treasury stock		(72)		(72)								(72)
Share based compensation		10		10						10		1				(1)
Balance end of period at Sep. 30, 2023		$ 10,253		$ 9,478		$ 533		$ 1		$ 6,007		$ (537)		$ (5,187)		$ 8,661		$ 775
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 2,514	$ 7,387	[1]
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized losses (gains) on investments	235	131	[1]
Net losses (gains) on derivatives	4,938	(1,307)	[1]
Net losses (gains) on funds withheld reinsurance treaties	648	(2,660)	[1]
Net (gain) loss on market risk benefits	(5,120)	(1,636)	[1]
(Gain) loss from updating future policy benefits cash flow assumptions, net	23	(8)	[2]
Interest credited on other contract holder funds, gross	864	630	[1]
Mortality, expense and surrender charges	(396)	(400)	[1]
Amortization of discount and premium on investments	(23)	19	[1]
Deferred income tax expense (benefit)	(24)	1,908	[1]
Share-based compensation	74	96	[1]
Change in:
Accrued investment income	9	(6)	[1]
Deferred acquisition costs	477	435	[1]
Funds withheld, net of reinsurance	81	208	[1]
Other assets and liabilities, net	(624)	(1,856)	[1]
Net cash provided by (used in) operating activities	3,676	2,941	[1]
Sales, maturities and repayments of:
Debt securities	8,149	8,959	[1]
Equity securities	237	54	[1]
Mortgage loans	1,871	1,046	[1]
Purchases of:
Debt securities	(5,930)	(8,861)	[1]
Equity securities	(21)	(27)	[1]
Mortgage loans	(1,026)	(1,378)	[1]
Settlements related to derivatives and collateral on investments	(4,255)	3,109	[1]
Other investing activities	290	(433)	[1]
Net cash provided by (used in) investing activities	(685)	2,469	[1]
Policyholders' account balances:
Deposits	10,850	14,235	[1]
Withdrawals	(21,397)	(18,716)	[1]
Net transfers from (to) separate accounts	6,785	3,805	[1]
Proceeds from (payments on) repurchase agreements and securities lending	(1,020)	(1,563)	[1]
Net proceeds from (payments on) Federal Home Loan Bank notes	180	0	[1]
Net proceeds from (payments on) debt	(46)	(784)	[1]
Net proceeds from issuance of Senior Notes	0	750	[1]
Debt issuance costs	0	(7)	[1]
Dividends on common stock	(152)	(151)	[1]
Dividends on preferred stock	(24)	0	[1]
Purchase of treasury stock	(236)	(279)	[1]
Issuance of preferred stock	533	0	[1]
Other financing activities	0	10	[1]
Net cash provided by (used in) financing activities	(4,527)	(2,700)	[1]
Net increase (decrease) in cash, cash equivalents, and restricted cash	(1,536)	2,710	[1]
Cash, cash equivalents, and restricted cash at beginning of period	4,301	2,631	[1]
Total cash, cash equivalents, and restricted cash at end of period	2,765	5,341	[1]
Supplemental cash flow information
Income taxes paid (received)	(19)	(2)	[1]
Interest paid	126	48	[1]
Non-cash investing activities
Debt securities acquired from exchanges, payments-in-kind, and similar transactions	76	436	[1]
Other invested assets acquired from stock splits and stock distributions	211	42	[1]
Non-cash financing activities
Non-cash dividend equivalents on stock-based awards	(7)	0	[1]
Reconciliation to Statement of Financial Position
Cash and cash equivalents	2,760	5,331	[1]
Restricted cash (included in Other assets)	5	10	[1]
Total cash, cash equivalents, and restricted cash	$ 2,765	$ 5,341	[1]
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Business and Basis of Presentat

Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation Jackson Financial Inc. ("JFI" or “Jackson Financial”) together with its subsidiaries, (the “Company,” which also may be referred to as “we,” “our” or “us”), is a financial services company focused on helping Americans grow and protect their retirement savings and income to enable them to pursue financial freedom for life. Jackson Financial, domiciled in the state of Delaware in the United States (“U.S.”), was a majority-owned subsidiary of Prudential plc (“Prudential”), London, England, and was the holding company for Prudential’s U.S. operations. The Company's demerger from Prudential was completed on September 13, 2021 ("Demerger"), and the Company is a stand-alone U.S. public company. As of June 30, 2023, Prudential has no remaining equity interest in the Company. Jackson Financial’s primary life insurance subsidiary, Jackson National Life Insurance Company and its insurance subsidiaries (collectively, “Jackson”), is licensed to sell group and individual annuity products (including immediate, registered index-linked, deferred fixed, fixed index and variable annuities), and individual life insurance products, including variable universal life, in all 50 states and the District of Columbia. Jackson also participates in the institutional products market through the issuance of guaranteed investment contracts (“GICs”), funding agreements and medium-term note funding agreements. In addition to Jackson, Jackson Financial’s other operating subsidiaries are as follows: • PPM America, Inc. (“PPM”), is the Company’s investment management operation that manages the life insurance companies’ general account investment funds. PPM also provides investment services to other former affiliated and unaffiliated institutional clients. • Brooke Life Insurance Company (“Brooke Life”), Jackson’s direct parent, is a life insurance company licensed to sell life insurance and annuity products in the state of Michigan. Other wholly-owned subsidiaries of Jackson are as follows: • Life insurers: Jackson National Life Insurance Company of New York (“Jackson NY” or “JNY”); Squire Reassurance Company LLC (“Squire Re”); Squire Reassurance Company II, Inc. (“Squire Re II”); and VFL International Life Company SPC, LTD; • Registered broker-dealer: Jackson National Life Distributors LLC (“JNLD”); • Registered investment adviser: Jackson National Asset Management LLC (“JNAM”), which manages the life insurance companies' separate account funds underlying our variable annuities products, which funds are sub-advised. JNAM manages and oversees those sub-advisers; and • Other insignificant wholly-owned subsidiaries. The Company's Condensed Consolidated Financial Statements also include other insignificant partnerships, limited liability companies (“LLCs”) and other variable interest entities (“VIEs”) in which the Company is deemed the primary beneficiary. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, certain financial information that is normally included in annual financial statements prepared in accordance with U.S. GAAP, but not required for interim reporting purposes, has been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 1, 2023, (the "2022 Annual Report"), as recast in our Current Report on 8-K filed May 10, 2023, to reflect the adoption of the accounting standard discussed in the next paragraph. The condensed consolidated financial information as of December 31, 2022, included herein, has been derived from the audited Consolidated Financial Statements, as so recast. The Company adopted Accounting Standards Update (“ASU”) 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” (“LDTI”), effective January 1, 2023, with a transition date of January 1, 2021. See Note 2 of the Notes to Condensed Consolidated Financial Statements for further description of our adoption of LDTI. Certain accounting policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized in the Notes to Consolidated Financial Statements in the Company’s 2022 Annual Report, as recast in our Current Report on Form 8-K filed May 10, 2023. New accounting policies adopted for LDTI are included in Notes 7, 8, 9, 10, 11, and 12 to the Condensed Consolidated Financial Statements in this Form 10-Q. In the opinion of management, these Condensed Consolidated Financial Statements include all normal recurring adjustments necessary for a fair presentation of the Company’s results. Operating results for the three and nine months ended September 30, 2023, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2023. All material intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of these Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires the use of estimates and assumptions about future events that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Significant estimates or assumptions, as further discussed in these notes, include: • Valuation of investments and derivative instruments, including fair values of securities deemed to be in an illiquid market and the determination of when an impairment is necessary; • Assessments as to whether certain entities are VIEs, the existence of reconsideration events and the determination of which party, if any, should consolidate the entity; • Assumptions used in calculating policy reserves and liabilities including policyholder behavior, mortality rates, expenses, investment returns and policy crediting rates; • Assumptions as to future earnings levels being sufficient to realize deferred tax benefits; • Estimates related to expectations of credit losses on certain financial assets and off-balance sheet exposures; • Assumptions and estimates associated with the Company’s tax positions, including an estimate of the dividends received deduction, which impact the amount of recognized tax benefits recorded by the Company; • Assumptions used in calculating market risk benefits including policyholder behavior, mortality rates, and capital market assumptions; and • Assumptions impacting the expected term used amortizing deferred acquisition costs, including policyholder behavior and mortality rates. These estimates and assumptions are based on management’s best estimates and judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other appropriate factors. As facts and circumstances dictate, these estimates and assumptions may be adjusted. Since future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates, including those resulting from continuing changes in the economic environment, will be reflected in the Consolidated Financial Statements in the periods the estimates are changed.

New Accounting Standards

New Accounting Standards	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
New Accounting Standards	New Accounting Standards Changes in Accounting Principles – Adopted in Current Year In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The new guidance provides optional expedients for applying U.S. GAAP to contracts and other transactions affected by reference rate reform and is effective for contract modifications made between March 12, 2020 and December 31, 2022. If certain criteria are met, an entity will not be required to remeasure or reassess contracts impacted by reference rate reform. The practical expedient allowed by this standard was elected and is being applied prospectively by the Company as reference rate reform unfolds. The contracts modified to date met the criteria for the practical expedient and therefore had no material impact on the Company’s Condensed Consolidated Financial Statements. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848” which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The amendments are effective for all entities as of December 21, 2022. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and other transactions through December 31, 2024. In August 2018, the FASB issued ASU 2018-12, “Targeted Improvements to the Accounting for Long Duration Contracts,” ("LDTI"), which included changes to the existing recognition, measurement, presentation and disclosure requirements for long-duration contracts issued by an insurance entity. The Company adopted LDTI effective January 1, 2023, with a transition date of January 1, 2021, using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs associated therewith, and on a retrospective basis, in relation to market risk benefits ("MRBs"). Under the modified retrospective approach, the Company applied the guidance to contracts in force on the transition date on the basis of their existing carrying value, using updated future cash flow assumptions, and eliminated certain related amounts in accumulated other comprehensive income (loss) (“AOCI”). Under the full retrospective transition approach, the Company applied the guidance as of the transition date, using actual historical assumption information as of contract inception, as if the accounting principle had always been applied. Amounts reported as of September 30, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and 2022 within these Condensed Consolidated Financial Statements are accounted for and presented in accordance with U.S. GAAP reflecting the adoption of LDTI. LDTI contains four significant changes: 1. Market risk benefits: market risk benefits (“MRBs”), a new term for certain contract features that provide for potential benefits in addition to the account balance that expose the Company to other-than-nominal market risk (for example, guaranteed benefits on annuity contracts, including guaranteed minimum withdrawal benefits and guaranteed minimum death benefits on variable annuities), are measured at fair value. Changes in fair value are recorded and presented separately within the income statement, with the exception of changes in fair value due to non-performance risk, which are recognized in other comprehensive income (loss) (“OCI”); 2. Deferred acquisition costs: deferred acquisition costs (“DAC”) are amortized on a constant-level basis, independent of profitability of the underlying business; 3. Liability for future policy benefits: annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited-payment insurance contracts is required. These liabilities are discounted using an upper-medium grade fixed income instrument yield which is updated quarterly, with related changes in the liability recognized in OCI; and 4. Enhanced disclosures: enhanced disclosures, including disaggregated roll-forwards of certain balance sheet accounts that provide information about actual and expected cash flows, as well as information about significant inputs, judgments, assumptions and methods used in measurement, are required. The enhanced disclosures are intended to improve the ability of users of the financial statements to evaluate the timing, amount, and uncertainty of cash flows arising from long-duration contracts. The adoption of LDTI resulted in a decrease in total equity of $3.0 billion as of the transition date of January 1, 2021, comprised of a reduction in AOCI of $0.4 billion and a reduction in retained earnings of $2.6 billion. The primary drivers for this impact to total equity included: 1. the classification of certain benefits as market risk benefits, which were remeasured at fair value as of the transition date. The resulting change in the value of these benefits at the transition date, net of the related deferred tax effect, is recognized in retained earnings, with the exception of the cumulative effect of changes in non-performance risk, net of the related deferred tax effect, which is recognized in AOCI; 2. changes to the discount rate used to measure liabilities for future policyholder benefits which, under LDTI, are remeasured each reporting period using current upper-medium grade fixed-income instrument yields, which are generally considered to be those on single-A rated public corporate debt. The cumulative effect of the remeasurement of these liabilities using the transition date discount rate, net of the related deferred tax effect, is recognized in AOCI; and 3. the removal of certain shadow adjustments previously recorded in AOCI related to the impact of unrealized gains (losses) on investments that were included in the estimated gross profit amortization calculation for deferred acquisition costs, which are no longer recognized upon the adoption of LDTI. The following table presents the effect of transition adjustments on shareholders' equity due to the adoption of LDTI (in millions): January 1, 2021 Accumulated other Retained earnings comprehensive income Deferred acquisition costs $ — $ 106 Reinsurance recoverable on market risk benefits — (34) Reserves for future policy benefits and claims payable 97 141 Market risk benefits (2,700) (598) Total $ (2,603) $ (385) The following table presents amounts previously reported as of December 31, 2020, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts as of January 1, 2021 (in millions): As Previously Effect of As of Reported Changes 1/1/2021 Assets Deferred acquisition costs $ 13,897 $ 146 $ 14,043 Reinsurance recoverable, net of allowance for credit losses 35,270 (154) 35,116 Reinsurance recoverable on market risk benefits, at fair value — 471 471 Market risk benefit assets, at fair value — 690 690 Deferred income taxes, net 1,058 824 1,882 Other assets 1,179 2 1,181 Total assets $ 353,532 $ 1,979 $ 355,511 Liabilities and Equity Liabilities Reserves for future policy benefits and claims payable $ 22,512 $ (5,716) $ 16,796 Other contract holder funds 63,592 (7) 63,585 Market risk benefit liabilities, at fair value — 10,690 10,690 Total liabilities 343,609 4,967 348,576 Equity Accumulated other comprehensive income, net of tax expense 3,821 (385) 3,436 Retained earnings (324) (2,603) (2,927) Total equity 9,923 (2,988) 6,935 Total liabilities and equity $ 353,532 $ 1,979 $ 355,511 Liability for future policy benefits For the liability for future policy benefits, the net transition adjustment is related to the difference in the discount rate used pre-transition and the discount rate at January 1, 2021. The discount rate used to measure the liability at transition was generally lower than the rates used to measure the liability prior to the adoption of LDTI. Additionally, at transition, where net premiums exceeded gross premiums at the cohort level, the Company set net premiums equal to gross premiums and recognized the resulting increase in the liability for future policy benefits as an adjustment to opening retained earnings. The following table presents the impact of the adoption of LDTI, as of the transition date, on reserves for future policy benefits and claims payable (in millions): Payout Closed Closed Annuities Block Life Block Annuity Total Reserves for future policy benefits at December 31, 2020 $ 1,148 $ 5,809 $ 5,328 $ 12,285 Adjustment for loss contracts under the modified retrospective approach 4 15 18 37 Effect of remeasurement of liability at current discount rate 143 560 997 1,700 Reserves for future policy benefits at January 1, 2021 $ 1,295 $ 6,384 $ 6,343 $ 14,022 Other future policy benefits and claims payable 2,774 Reserves for future policy benefits and claims payable at January 1, 2021 $ 16,796 The following table presents the transition date reclassifications and adjustments to reserves for future policy benefits by category resulting from the adoption of LDTI (in millions): Reserve for future policy benefits Other (1) Total Reserve for future policy benefits and claims payable at December 31, 2020 $ 12,285 $ 10,227 $ 22,512 Adjustments for LDTI transition 1,737 (7,453) (5,716) Reserve for future policy benefits and claims payable at January 1, 2021 $ 14,022 $ 2,774 $ 16,796 (1) Includes variable annuity embedded derivatives that were reclassed to market risk benefits. The following table presents the impact of the adoption of LDTI, as of the transition date, on Closed Block Life additional liabilities for universal life-type contracts (in millions): Closed Block Life Balance, December 31, 2020 $ 1,157 Adjustment for reversal of AOCI adjustments 28 Adjustment for cumulative effect of adoption of LDTI — Balance, January 1, 2021 $ 1,185 Market risk benefits For MRBs, the net transition adjustment relates to the measurement of certain guaranteed benefit features at fair value that were previously measured using an insurance accrual model. The measurement of these features at fair value includes use of generally lower discount rates and lower assumed future fund performance relative to their previous measurement, as well as inclusion of risk margins, all of which lead to a generally higher fair value balance relative to the carrying value prior to transition to LDTI. The transition adjustment to AOCI for MRBs relates to the effect of changes in the non-performance risk between the contract issuance date and the transition date. The remaining difference between the carrying value of these contract features under the insurance accrual model prior to transition to LDTI and the fair value measured at transition was recorded as an adjustment to retained earnings as of the transition date. The following table presents the impact of the adoption of LDTI, as of the transition date, on MRBs, net (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 7,306 $ 74 $ 7,380 Adjustment for reversal of AOCI adjustments (27) (48) (75) Cumulative effect of the changes in non-performance risk between the original contract issuance date and the transition date (743) (6) (749) Remaining cumulative difference (exclusive of non-performance risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs 3,372 72 3,444 Balance, January 1, 2021 - Market risk benefits, net, at fair value $ 9,908 $ 92 $ 10,000 Deferred acquisition costs For DAC, at transition to LDTI, the Company removed shadow adjustments previously recorded in AOCI for the impact of unrealized gains and losses that were included in the estimated gross profit amortization calculation prior to the adoption of LDTI. The following table presents the impact of the adoption of LDTI, as of the transition date, on DAC (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Deferred acquisition costs $ 13,725 $ 172 $ 13,897 Adjustment for reversal of AOCI adjustments 151 (5) 146 Balance, January 1, 2021 - Deferred acquisition costs $ 13,876 $ 167 $ 14,043 Reinsurance recoverable The following table presents the impact of the adoption of LDTI, as of the transition date, on reinsurance recoverable (in millions) : Total Balance, December 31, 2020 $ 35,270 Reclass of carrying amount of MRBs under prior guidance (407) Adjustment for loss contracts under the modified retrospective approach — Effect of remeasurement of liability at current discount rate 253 Balance, January 1, 2021 $ 35,116 The following table presents the impact of the adoption of LDTI, as of the transition date, on reinsurance recoverable on market risk benefits at fair value (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 340 $ 67 $ 407 Adjustment for reversal of AOCI adjustments — (47) (47) Cumulative difference between 12/31/2020 carrying amount and fair value measurement for the MRBs 28 83 111 Balance, January 1, 2021 - Reinsurance recoverable on market risk benefits at fair value $ 368 $ 103 $ 471 The adoption of LDTI resulted in an increase in net income attributable to Jackson Financial of $400 million and $929 million for the three and nine months ended September 30, 2022, respectively, and also resulted in an increase in total equity of $223 million for the year ended December 31, 2022. The following table presents amounts previously reported in the Consolidated Balance Sheets as of December 31, 2022, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts as of December 31, 2022 (in millions): As Previously As Adjusted Reported Effect of As of December 31, 2022 Changes December 31, 2022 Assets Deferred acquisition costs $ 13,422 $ (499) $ 12,923 Reinsurance recoverable, net of allowance for credit losses 29,641 (595) 29,046 Reinsurance recoverable on market risk benefits, at fair value — 221 221 Market risk benefit assets, at fair value — 4,865 4,865 Deferred income taxes, net 385 (65) 320 Other assets 946 (2) 944 Total assets $ 311,058 $ 3,925 $ 314,983 Liabilities and Equity Liabilities Reserves for future policy benefits and claims payable $ 14,273 $ (1,955) $ 12,318 Other contract holder funds 58,195 (5) 58,190 Market risk benefit liabilities, at fair value — 5,662 5,662 Total liabilities 301,903 3,702 305,605 Equity Accumulated other comprehensive income, net of tax expense (5,481) 2,103 (3,378) Retained earnings 8,283 (1,880) 6,403 Total equity 9,155 223 9,378 Total liabilities and equity $ 311,058 $ 3,925 $ 314,983 The following table presents amounts previously reported in Condensed Consolidated Income Statements for the three and nine months ended September 30, 2022, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts (in millions, except per share amounts): As Previously Reported As Adjusted Three Months Ended Effect of Three Months Ended September 30, 2022 Changes September 30, 2022 Revenues Total net gains (losses) on derivatives and investments $ 1,419 $ (1,060) $ 359 Total revenues 4,022 (1,060) 2,962 Benefits and Expenses Death, other policy benefits and change in policy reserves, net of deferrals 586 (349) 237 (Gain) loss from updating future policy benefits cash flow assumptions, net — (37) (37) Market risk benefits (gains) losses, net — (913) (913) Interest credited on other contract holder funds, net of deferrals and amortization 224 — 224 Amortization of deferred acquisition costs 564 (259) 305 Total benefits and expenses 1,995 (1,558) 437 Pretax income (loss) 2,027 498 2,525 Income tax expense (benefit) 559 98 657 Net income (loss) 1,468 400 1,868 Net income (loss) attributable to Jackson Financial Inc. $ 1,479 $ 400 $ 1,879 Earnings per share Basic $ 17.38 $ 4.70 $ 22.08 Diluted $ 16.83 $ 4.55 $ 21.38 As Previously Reported As Adjusted Nine Months Ended Effect of Nine Months Ended September 30, 2022 Changes September 30, 2022 Revenues Total net gains (losses) on derivatives and investments $ 6,891 $ (3,055) $ 3,836 Total revenues 14,932 (3,055) 11,877 Benefits and Expenses Death, other policy benefits and change in policy reserves, net of deferrals 2,090 (1,279) 811 (Gain) loss from updating future policy benefits cash flow assumptions, net — (8) (8) Market risk benefits (gains) losses, net — (1,636) (1,636) Interest credited on other contract holder funds, net of deferrals and amortization 628 2 630 Amortization of deferred acquisition costs 2,276 (1,347) 929 Total benefits and expenses 6,868 (4,268) 2,600 Pretax income (loss) 8,064 1,213 9,277 Income tax expense (benefit) 1,606 284 1,890 Net income (loss) 6,458 929 7,387 Net income (loss) attributable to Jackson Financial Inc. $ 6,407 $ 929 $ 7,336 Earnings per share Basic $ 74.39 $ 10.79 $ 85.18 Diluted $ 71.73 $ 10.40 $ 82.13 The following table presents amounts previously reported in Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2022, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts (in millions): As Previously Reported As Adjusted Three Months Ended Effect of Three Months Ended September 30, 2022 Changes September 30, 2022 Net income (loss) $ 1,468 $ 400 $ 1,868 Other comprehensive income (loss), net of tax: Change in unrealized gains (losses) on securities with no credit impairment, net of tax expense (benefit) (1,978) (91) (2,069) Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit) — 361 361 Change in non-performance risk on market risk benefits, net of tax expense (benefit) — 432 432 Total other comprehensive income (loss) (1,996) 702 (1,294) Comprehensive income (loss) attributable to Jackson Financial Inc. $ (517) $ 1,102 $ 585 As Previously Reported As adjusted Nine Months Ended Effect of Nine Months Ended September 30, 2022 Changes September 30, 2022 Net income (loss) $ 6,458 $ 929 $ 7,387 Other comprehensive income (loss), net of tax: Change in unrealized gains (losses) on securities with no credit impairment, net of tax expense (benefit) (7,466) (317) (7,783) Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit) — 1,423 1,423 Change in non-performance risk on market risk benefits, net of tax expense (benefit) — 1,963 1,963 Total other comprehensive income (loss) (7,462) 3,069 (4,393) Comprehensive income (loss) attributable to Jackson Financial Inc. $ (1,055) $ 3,998 $ 2,943 The adoption of LDTI did not affect the previously reported totals for net cash flows provided by (used in) operating, investing, or financing activities, but did affect the following components of net cash flows provided by (used in) operating activities: As Previously Reported As Adjusted Nine Months Ended Effect of Nine Months Ended September 30, 2022 Changes September 30, 2022 Cash flows from operating activities: Net income (loss) $ 6,458 $ 929 $ 7,387 Adjustments to reconcile net income to net cash provided by operating activities: Net losses (gains) on derivatives (4,362) 3,055 (1,307) Net (gain) loss on market risk benefits — (1,636) (1,636) (Gain) loss from updating future policy benefits cash flow assumptions, net — (8) (8) Interest credited on other contract holder funds, gross 628 2 630 Deferred income tax expense (benefit) 1,625 283 1,908 Change in deferred acquisition costs 1,783 (1,348) 435 Change in funds withheld, net of reinsurance (204) 412 208 Change in other assets and liabilities, net (167) (1,689) (1,856) Total adjustments (697) (929) (1,626) Net cash provided by (used in) operating activities $ 2,941 $ — $ 2,941 In addition, information regarding periods ended on or before December 31, 2022 presented in the following Notes to the Condensed Consolidated Financial Statements has been recast to reflect the adoption of LDTI: Notes 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 15, 19, 20, and 21.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has three reportable segments: Retail Annuities, Institutional Products, and Closed Life and Annuity Block. The Company reports certain activities and items that are not included in these reportable segments, including the results of PPM Holdings, Inc., the holding company of PPM, which manages the majority of the Company’s general account investment portfolio, in Corporate and Other. The reportable segments reflect how the Company’s chief operating decision maker views and manages the business. The following is a brief description of the Company’s reportable segments, plus its Corporate and Other segment. Retail Annuities The Company’s Retail Annuities segment offers a variety of retirement income and savings products through its diverse suite of products, consisting primarily of variable annuities, fixed index annuities, fixed annuities, payout annuities, and registered index-linked annuities ("RILA"). These products are distributed through various wirehouses, insurance brokers and independent broker-dealers, as well as through banks and financial institutions, primarily to high-net worth investors and the mass and affluent markets. The Company’s variable annuities represent an attractive option for retirees and soon-to-be retirees, providing access to equity market appreciation and add-on benefits, including guaranteed lifetime income. A fixed index annuity is designed for investors who desire principal protection with the opportunity to participate in capped upside investment returns linked to a reference market index. The Company also provides access to guaranteed lifetime income as an add-on benefit. A fixed annuity is a guaranteed product designed to build wealth without market exposure, through a crediting rate that is likely to be superior to interest rates offered from banks or money market funds. A RILA offers customers exposure to market returns through market index-linked investment options, subject to a cap, and offers a variety of guarantees designed to modify or limit losses. The financial results of the variable annuity business within the Company’s Retail Annuities segment are largely dependent on the performance of the contract holder account value, which impacts both the level of fees collected and the benefits paid to the contract holder. The financial results of the Company’s fixed annuities, including the fixed option on variable annuities, RILA and fixed index annuities, are largely dependent on the Company’s ability to earn a spread between earned investment rates on general account assets and the interest credited to contract holders. Institutional Products The Company’s Institutional Products segment consists of traditional Guaranteed Investment Contracts ("GICs"), funding agreements (including agreements issued in conjunction with the Company’s participation in the U.S. Federal Home Loan Bank ("FHLB") program) and medium-term note funding agreements. The Company’s GIC products are marketed to defined contribution pension and profit-sharing retirement plans. Funding agreements are marketed to institutional investors, including corporate cash accounts and securities lending funds, as well as money market funds, and are issued to the FHLB in connection with its program. The financial results of the Company’s institutional products business are primarily dependent on the Company’s ability to earn a spread between earned investment rates on general account assets and the interest credited on GICs and funding agreements. Closed Life and Annuity Blocks The Company's Closed Life and Annuity Blocks segment is primarily composed of blocks of business that have been acquired since 2004. This segment includes various protection products, primarily whole life, universal life, variable universal life, and term life insurance products, as well as fixed, fixed index, and payout annuities. The Closed Life and Annuity Blocks segment also includes a block of group payout annuities that we assumed from John Hancock Life Insurance Company (USA) and John Hancock Life Insurance Company of New York through reinsurance transactions in 2018 and 2019, respectively. The Company historically offered traditional and interest-sensitive life insurance products but discontinued new sales of life insurance products in 2012, as we believe opportunistically acquiring mature blocks of life insurance policies was a more efficient means of diversifying our in-force business than selling new life insurance products. The profitability of the Company’s Closed Life and Annuity Blocks segment is largely driven by its historical ability to appropriately price its products and purchase appropriately priced blocks of business, as realized through underwriting, expense and net gains (losses) on derivatives and investments, and the ability to earn an assumed rate of return on the assets supporting that business. Corporate and Other The Company’s Corporate and Other segment primarily consists of the operations of its investment management subsidiary, PPM, VIE’s, and unallocated corporate income and expenses. The Corporate and Other segment also includes certain eliminations and consolidation adjustments. Segment Performance Measurement Segment operating revenues and pretax adjusted operating earnings are non-GAAP financial measures that management believes are critical to the evaluation of the financial performance of the Company’s segments. The Company uses the same accounting policies and procedures to measure segment pretax adjusted operating earnings as used in its reporting of consolidated net income. Its primary measure is pretax adjusted operating earnings, which is defined as net income recorded in accordance with U.S. GAAP, excluding certain items that may be highly variable from period to period due to accounting treatment under U.S. GAAP, or that are non-recurring in nature, as well as certain other revenues and expenses that are not considered to drive underlying performance. Operating revenues and pretax adjusted operating earnings should not be used as a substitute for revenues and net income as calculated in accordance with U.S. GAAP. Pretax adjusted operating earnings equals net income adjusted to eliminate the impact of the items described in the following numbered paragraphs. These items are excluded from pretax adjusted operating earnings as they may vary significantly from period to period due to near-term market conditions and therefore are not directly comparable or reflective of the underlying performance of our business. We believe these exclusions provide investors a better picture of the drivers of our underlying performance. 1. Net Hedging Results: Comprised of: (i) fees attributed to guaranteed benefits; (ii) changes in the fair value of freestanding derivatives used to manage the risk associated with market risk benefits and other guaranteed benefit features; (iii) the movements in reserves, market risk benefits, guaranteed benefit features accounted for as embedded derivative instruments, and related claims and benefit payments; (iv) amortization of the balance of unamortized deferred acquisition costs at the date of transition to current LDTI accounting guidance on January 1, 2021 associated with items excluded from pretax adjusted operating earnings prior to transition; and (v) the impact on the valuation of Guaranteed Benefits and Net Hedging Results arising from changes in underlying actuarial assumptions. We believe excluding these items removes the impact to both revenue and related expenses associated with Guaranteed Benefits and Net Hedging Results. 2. Net Realized Investment Gains and Losses: Comprised of: (i) realized investment gains and losses associated with the periodic sales or disposals of securities, excluding those held within our trading portfolio; and (ii) impairments of securities, after adjustment for the non-credit component of the impairment charges. 3. Change in Value of Funds Withheld Embedded Derivative and Net Investment Income on Funds Withheld Assets: Comprised of: (i) the change in fair value of funds withheld embedded derivatives; and (ii) net investment income on funds withheld assets related to funds withheld reinsurance transactions. 4. Other items: Comprised of: (i) the impact of investments that are consolidated in our financial statements due to U.S. GAAP accounting requirements, such as our investments in collateralized loan obligations ("CLOs"), but for which the consolidation effects are not consistent with our economic interest or exposure to those entities, and (ii) one-time or other non-recurring items. 5. Income taxes. Set forth in the tables below is certain information with respect to the Company’s segments, as described above (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended September 30, 2023 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 1,038 $ — $ 112 $ 11 $ 1,161 Premiums 6 — 30 — 36 Net investment income 135 130 172 16 453 Income (loss) on operating derivatives (12) (13) (11) (2) (38) Other income 9 — 8 1 18 Total Operating Revenues 1,176 117 311 26 1,630 Operating Benefits and Expenses Death, other policy benefits and change in policy 24 — 150 — 174 (Gain) loss from updating future policy benefits cash flow assumptions, net (4) — 4 — — Interest credited on other contract holder funds, net of deferrals and amortization 90 87 107 — 284 Interest expense 19 8 — 22 49 Operating costs and other expenses, net of deferrals 554 1 41 30 626 Amortization of deferred acquisition costs 139 — 3 — 142 Total Operating Benefits and Expenses 822 96 305 52 1,275 Pretax Adjusted Operating Earnings $ 354 $ 21 $ 6 $ (26) $ 355 Three Months Ended September 30, 2022 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 1,002 $ — $ 118 $ 13 $ 1,133 Premiums 3 — 36 — 39 Net investment income 72 80 166 22 340 Income (loss) on operating derivatives 2 (8) 7 2 3 Other income 11 — 8 — 19 Total Operating Revenues 1,090 72 335 37 1,534 Operating Benefits and Expenses Death, other policy benefits and change in policy 2 — 168 — 170 (Gain) loss from updating future policy benefits cash flow assumptions, net (1) — (36) — (37) Interest credited on other contract holder funds, net 72 51 101 — 224 Interest expense 8 — — 21 29 Operating costs and other expenses, net of deferrals 540 1 23 28 592 Amortization of deferred acquisition costs 139 — 3 — 142 Total Operating Benefits and Expenses 760 52 259 49 1,120 Pretax Adjusted Operating Earnings $ 330 $ 20 $ 76 $ (12) $ 414 Nine Months Ended September 30, 2023 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 3,015 $ — $ 345 $ 37 $ 3,397 Premiums 16 — 102 — 118 Net investment income 401 351 524 49 1,325 Income (loss) on operating derivatives (34) (38) (35) (10) (117) Other income 28 — 18 6 52 Total Operating Revenues 3,426 313 954 82 4,775 Operating Benefits and Expenses Death, other policy benefits and change in policy 21 — 467 — 488 (Gain) loss from updating future policy benefits cash flow assumptions, net (6) — 31 — 25 Interest credited on other contract holder funds, net of deferrals and amortization 284 247 333 — 864 Interest expense 68 16 — 66 150 Operating costs and other expenses, net of deferrals 1,605 3 122 132 1,862 Amortization of deferred acquisition costs 416 — 8 — 424 Total Operating Benefits and Expenses 2,388 266 961 198 3,813 Pretax Adjusted Operating Earnings $ 1,038 $ 47 $ (7) $ (116) $ 962 Nine Months Ended September 30, 2022 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 3,144 $ — $ 358 $ 43 $ 3,545 Premiums 6 — 108 — 114 Net investment income 299 216 522 65 1,102 Income (loss) on operating derivatives 20 (13) 35 20 62 Other income 33 — 25 2 60 Total Operating Revenues 3,502 203 1,048 130 4,883 Operating Benefits and Expenses Death, other policy benefits and change in policy 50 — 587 — 637 (Gain) loss from updating future policy benefits cash flow assumptions, net (3) — (4) — (7) Interest credited on other contract holder funds, net 190 137 303 — 630 Interest expense 19 — — 54 73 Operating costs and other expenses, net of deferrals 1,647 4 74 74 1,799 Amortization of deferred acquisition costs 419 — 9 — 428 Total Operating Benefits and Expenses 2,322 141 969 128 3,560 Pretax Adjusted Operating Earnings $ 1,180 $ 62 $ 79 $ 2 $ 1,323 Intersegment eliminations in the above tables are included in the Corporate and Other segment. These include the elimination of investment income, between Retail Annuities and the Corporate and Other segments, as well as the elimination from fee income and investment income of investment fees paid by Jackson Financial and its subsidiaries to its affiliate PPM, which were $20 million and $18 million for the three months ended September 30, 2023 and 2022, respectively, and $57 million and $52 million for the nine months ended September 30, 2023 and 2022, respectively . The following table summarizes the reconciling items from the non-GAAP measure of total operating revenues to the U.S. GAAP measure of total revenues attributable to the Company (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total operating revenues $ 1,630 $ 1,534 $ 4,775 $ 4,883 Fees attributed to guarantee benefit reserves 784 771 2,345 2,300 Net gains (losses) on derivatives and investments (137) 356 (5,704) 3,774 Net investment income (loss) related to noncontrolling interests 17 (11) 21 51 Consolidated investments 9 (1) (32) (68) Net investment income on funds withheld assets 303 313 862 937 Total revenues (1) $ 2,606 $ 2,962 $ 2,267 $ 11,877 (1) Substantially all the Company's revenues originated in the United States. There were no individual customers that exceeded 10% of total revenues. The following table summarizes the reconciling items from the non-GAAP measure of total operating benefits and expenses to the U.S. GAAP measure of total benefits and expenses attributable to the Company (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total operating benefits and expenses $ 1,275 $ 1,120 $ 3,813 $ 3,560 Net (gain) loss on market risk benefits (2,376) (913) (5,120) (1,636) Benefits attributed to guaranteed benefit features 57 68 211 173 Amortization of DAC related to non-operating revenues and expenses 148 162 450 501 Other items — — — 2 Total benefits and expenses $ (896) $ 437 $ (646) $ 2,600 The following table summarizes the reconciling items, from the non-GAAP measure of pretax adjusted operating earnings to the U.S. GAAP measure of net income attributable to the Company (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Pretax adjusted operating earnings $ 355 $ 414 $ 962 $ 1,323 Non-operating adjustments income (loss): Fees attributable to guarantee benefit reserves 784 771 2,345 2,300 Net movement in freestanding derivatives (271) (253) (4,694) 1,118 Market risk benefits gains (losses), net 2,376 913 5,120 1,636 Net reserve and embedded derivative movements 45 (7) (338) (47) Amortization of DAC associated with non-operating items at date of transition to LDTI (148) (162) (450) (501) Total guaranteed benefits and net hedging results 2,786 1,262 1,983 4,506 Net realized investment gains (losses) (127) (6) (235) (131) Net realized investment gains (losses) on funds withheld assets 159 555 (648) 2,660 Net investment income on funds withheld assets 303 313 862 937 Other items 9 (2) (32) (69) Pretax income (loss) attributable to Jackson Financial Inc. 3,485 2,536 2,892 9,226 Income tax expense (benefit) 712 657 399 1,890 Net income (loss) attributable to Jackson Financial Inc. 2,773 1,879 2,493 7,336 Less: Dividends on preferred stock 11 — 24 — Net income (loss) attributable to Jackson Financial Inc. common shareholders $ 2,762 $ 1,879 $ 2,469 $ 7,336

Investments

Investments	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Investments consist primarily of fixed-income securities and loans, principally publicly-traded corporate and government bonds, asset-backed securities and mortgage loans. Asset-backed securities include mortgage-backed and other structured securities. The Company generates the majority of its general account deposits from interest-sensitive individual annuity contracts, life insurance products and institutional products on which it has committed to pay a declared rate of interest. The Company's strategy of investing in fixed-income securities and loans seeks the matching of the asset yield with the amounts credited to the interest-sensitive liabilities and to earn a stable return on its investments. Debt Securities The following table sets forth the composition of the fair value of debt securities at September 30, 2023 and December 31, 2022, classified by rating categories as assigned by a nationally recognized statistical rating organization (a “rating agency”), the National Association of Insurance Commissioners (“NAIC”), or if not rated by such organizations, the Company’s investment advisors. The Company uses the second lowest rating by a rating agency when rating agencies ratings are not equivalent and, for purposes of the table, if not otherwise rated by a rating agency, the NAIC rating of a security is converted to an equivalent rating agency rating. At September 30, 2023 and December 31, 2022, the carrying value of investments rated by the Company’s consolidated investment advisor totaled $422 million and $32 million, respectively. Percent of Total Debt September 30, 2023 December 31, 2022 Investment Rating U.S. government securities 8.9% 11.6% AAA 6.6% 6.4% AA 9.1% 8.2% A 31.4% 29.8% BBB 36.5% 36.4% Investment grade 92.5% 92.4% BB 3.8% 3.9% B and below 3.7% 3.7% Below investment grade 7.5% 7.6% Total debt securities 100.0% 100.0% At September 30, 2023 and December 31, 2022, the total carrying value of debt securities in an unrealized loss position consisted of: September 30, 2023 December 31, 2022 Investment grade securities 79% 78% Below investment grade securities 2% 2% Not rated securities 19% 20% Unrealized losses on debt securities that were below investment grade or not rated were approximately 20% and 21% of the aggregate gross unrealized losses on available-for-sale debt securities at September 30, 2023 and December 31, 2022, respectively. Corporate securities in an unrealized loss position were diversified across industries. As of September 30, 2023, the industries accounting for the largest percentage of unrealized losses included utility (18% of corporate gross unrealized losses) and healthcare (10%). The largest unrealized loss related to a single corporate obligor was $63 million at September 30, 2023. As of December 31, 2022, the industries accounting for the largest percentage of unrealized losses included utility (16% of corporate gross unrealized losses) and healthcare (10%). The largest unrealized loss related to a single corporate obligor was $57 million at December 31, 2022. At September 30, 2023 and December 31, 2022, the amortized cost, allowance for credit loss ("ACL"), gross unrealized gains and losses, and fair value of debt securities, including trading securities and securities carried at fair value under the fair value option, were as follows (in millions): Allowance Gross Gross Amortized for Unrealized Unrealized Fair September 30, 2023 Cost (1) Credit Loss Gains Losses Value U.S. government securities $ 4,877 $ — $ — $ 1,203 $ 3,674 Other government securities 1,684 3 — 303 1,378 Public utilities 5,936 — 13 881 5,068 Corporate securities 28,728 17 32 4,061 24,682 Residential mortgage-backed 441 6 10 69 376 Commercial mortgage-backed 1,639 — — 197 1,442 Other asset-backed securities 5,208 — 2 442 4,768 Total debt securities $ 48,513 $ 26 $ 57 $ 7,156 $ 41,388 Allowance Gross Gross Amortized for Unrealized Unrealized Fair December 31, 2022 Cost (1) Credit Loss Gains Losses Value U.S. government securities $ 6,192 $ — $ 1 $ 1,008 $ 5,185 Other government securities 1,719 2 1 251 1,467 Public utilities 5,893 — 27 695 5,225 Corporate securities 28,803 15 59 3,701 25,146 Residential mortgage-backed 510 6 19 59 464 Commercial mortgage-backed 1,821 — — 183 1,638 Other asset-backed securities 6,133 — 8 504 5,637 Total debt securities $ 51,071 $ 23 $ 115 $ 6,401 $ 44,762 (1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities. The amortized cost, ACL, gross unrealized gains and losses, and fair value of debt securities at September 30, 2023, by contractual maturity, are shown below (in millions). Actual maturities may differ from contractual maturities where securities can be called or prepaid with or without early redemption penalties. Allowance Gross Gross Amortized for Unrealized Unrealized Fair Cost (1) Credit Loss Gains Losses Value Due in 1 year or less $ 2,092 $ 2 $ — $ 24 $ 2,066 Due after 1 year through 5 years 9,975 10 4 495 9,474 Due after 5 years through 10 years 12,762 5 14 1,633 11,138 Due after 10 years through 20 years 8,981 3 26 1,984 7,020 Due after 20 years 7,415 — 1 2,312 5,104 Residential mortgage-backed 441 6 10 69 376 Commercial mortgage-backed 1,639 — — 197 1,442 Other asset-backed securities 5,208 — 2 442 4,768 Total $ 48,513 $ 26 $ 57 $ 7,156 $ 41,388 (1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities. As required by law in various states in which business is conducted, securities with a carrying value of $99 million and $90 million at September 30, 2023 and December 31, 2022, respectively, were on deposit with regulatory authorities. Residential mortgage-backed securities (“RMBS”) include certain RMBS that are collateralized by residential mortgage loans and are neither expressly nor implicitly guaranteed by U.S. government agencies (“non-agency RMBS”). The Company’s non-agency RMBS include investments in securities backed by prime, Alt-A, and subprime loans, as follows (in millions): Allowance Gross Gross Amortized for Unrealized Unrealized Fair September 30, 2023 Cost (1) Credit Loss Gains Losses Value Prime $ 190 $ 3 $ 1 $ 31 $ 157 Alt-A 66 3 5 16 52 Subprime 14 — 4 — 18 Total non-agency RMBS $ 270 $ 6 $ 10 $ 47 $ 227 Allowance Gross Gross Amortized for Unrealized Unrealized Fair December 31, 2022 Cost (1) Credit Loss Gains Losses Value Prime $ 206 $ 4 $ 2 $ 30 $ 174 Alt-A 84 2 7 10 79 Subprime 27 — 10 1 36 Total non-agency RMBS $ 317 $ 6 $ 19 $ 41 $ 289 (1) Amortized cost, apart from carrying value for securities carried at fair value under the fair value option and trading securities. The Company defines its exposure to non-agency residential mortgage loans as follows: • Prime loan-backed securities are collateralized by mortgage loans made to the highest rated borrowers. • Alt-A loan-backed securities are collateralized by mortgage loans made to borrowers who lack credit documentation or necessary requirements to obtain prime borrower rates. • Subprime loan-backed securities are collateralized by mortgage loans made to borrowers that have a FICO score of 660 or lower. The following table summarizes the number of securities, fair value and the gross unrealized losses of debt securities, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position (dollars in millions): September 30, 2023 December 31, 2022 Less than 12 months Less than 12 months Gross Fair Gross Fair Unrealized # of Unrealized # of Losses securities Losses securities U.S. government securities $ 71 $ 386 17 $ 339 $ 2,815 40 Other government securities 4 76 12 174 1,258 143 Public utilities 57 743 98 508 4,279 490 Corporate securities 234 4,119 690 2,087 17,068 2,323 Residential mortgage-backed 4 70 76 43 279 196 Commercial mortgage-backed 3 52 10 138 1,421 177 Other asset-backed securities 47 806 70 282 3,485 417 Total temporarily impaired securities $ 420 $ 6,252 973 $ 3,571 $ 30,605 3,786 12 months or longer 12 months or longer Gross Fair Gross Fair Unrealized # of Unrealized # of Losses securities Losses securities U.S. government securities $ 1,132 $ 2,752 25 $ 669 $ 1,386 6 Other government securities 299 1,282 158 77 177 23 Public utilities 824 4,075 518 187 520 87 Corporate securities 3,827 17,630 2,365 1,614 4,601 644 Residential mortgage-backed 65 261 233 16 81 94 Commercial mortgage-backed 194 1,333 183 45 192 31 Other asset-backed securities 395 3,488 464 222 1,551 171 Total temporarily impaired securities $ 6,736 $ 30,821 3,946 $ 2,830 $ 8,508 1,056 Total Total Gross Gross Unrealized Fair # of Unrealized Fair # of Losses Value securities (1) Losses Value securities (1) U.S. government securities $ 1,203 $ 3,138 38 $ 1,008 $ 4,201 42 Other government securities 303 1,358 167 251 1,435 162 Public utilities 881 4,818 592 695 4,799 562 Corporate securities 4,061 21,749 2,889 3,701 21,669 2,806 Residential mortgage-backed 69 331 308 59 360 290 Commercial mortgage-backed 197 1,385 191 183 1,613 206 Other asset-backed securities 442 4,294 514 504 5,036 577 Total temporarily impaired securities $ 7,156 $ 37,073 4,699 $ 6,401 $ 39,113 4,645 (1) Certain securities contain multiple lots and fit the criteria of both aging groups. Debt securities in an unrealized loss position as of September 30, 2023 did not require an impairment recognized in earnings as (i) the Company did not intend to sell these debt securities, (ii) it is not more likely than not that the Company will be required to sell these securities before recovery of their amortized cost basis, and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation, the Company believes it has the ability to generate adequate amounts of cash from normal operations to meet cash requirements with a reasonable margin of safety without requiring the sale of impaired securities. As of September 30, 2023, unrealized losses associated with debt securities are primarily due to widening credit spreads or rising risk-free rates since purchase. As described below, the Company performed analyses of the financial performance of the underlying issues in an unrealized loss position and determined that recovery of the entire amortized cost of each impaired security is expected. Evaluation of Available-for-Sale Debt Securities for Credit Loss For debt securities in an unrealized loss position, management first assesses whether the Company has the intent to sell, or whether it is more likely than not it will be required to sell the security before the amortized cost basis is fully recovered. If either criterion is met, the amortized cost is written down to fair value through net gains (losses) on derivatives and investments as an impairment. If neither criterion is met, the securities are further evaluated to determine if the cause of the decline in fair value resulted from credit losses or other factors, such as estimates about issuer operations and future earnings potential. The credit loss evaluation for a security may consider the following: the extent to which the fair value is below amortized cost; changes in ratings; whether a significant covenant has been breached; assessments of the issuer’s ability to make scheduled debt payments based upon judgments related to its current and projected financial position, including whether it has filed or indicated a possibility of filing for bankruptcy, has missed or announced it intends to miss a scheduled debt service payment, or has experienced a specific material adverse change that may impair its creditworthiness; the existence of, and realizable value of, any collateral backing the obligations; and the macro-economic and micro-economic outlooks for the issuer and its industry. In addition to the above, the credit loss review of asset-backed securities includes an assessment of future estimated cash flows under expected and stress case scenarios, to identify potential shortfalls in contractual payments. These estimated cash flows are developed using available performance indicators from the underlying assets, such as current and projected default or delinquency rates, levels of credit enhancement, current subordination levels, vintage, expected loss severity and other relevant characteristics. For mortgage-backed securities, credit losses are assessed using a cash flow model that estimates the cash flows on the underlying mortgages, using the security-specific collateral characteristics and transaction structure. The model estimates cash flows from the underlying mortgage loans and distributes those cash flows to various tranches of securities based on the transaction structure and any existing subordination and credit enhancements. The cash flow model incorporates actual cash flows on the mortgage-backed securities through the current period and then projects the remaining cash flows using a number of assumptions, including prepayment timing, default rates and loss severity. Specifically, for prime and Alt-A RMBS, the assumed default percentage is dependent on the severity of delinquency status, with foreclosures and real estate owned receiving higher rates, but also includes the currently performing loans. These estimates reflect a combination of data derived by third parties and internally developed assumptions. Where possible, this data is benchmarked against other third-party sources. In addition, these estimates are extrapolated along a default timing curve to estimate the total lifetime pool default rate. When a credit loss is determined to exist and the present value of cash flows expected to be collected is less than the amortized cost of the security, an allowance for credit loss is recorded along with a charge to net gains (losses) on derivatives and investments, limited by the amount that the fair value is less than amortized cost. Any remaining unrealized loss after recording the allowance for credit loss is the non-credit amount and is recorded to other comprehensive income. There are inherent uncertainties in assessing the fair values assigned to the Company’s investments. The Company’s reviews of net present value and fair value involve several criteria including economic conditions, credit loss experience, other issuer-specific developments and estimated future cash flows. These assessments are based on the best available information at the time. Factors such as market liquidity, the widening of bid/ask spreads and a change in the cash flow assumptions can contribute to future price volatility. If actual experience differs negatively from the assumptions and other considerations used in the Consolidated Financial Statements, unrealized losses currently reported in accumulated other comprehensive income (loss) may be recognized in the Consolidated Income Statements in future periods. The Company currently has no intent to sell securities with unrealized losses considered to be temporary until they mature or recover in value and believes that it has the ability to do so. However, if the specific facts and circumstances surrounding an individual security, or the outlook for its industry sector change, the Company may sell the security prior to its maturity or recovery and realize a loss. The allowance for credit loss for specific debt securities may be increased or reversed in subsequent periods due to changes in the assessment of the present value of cash flows that are expected to be collected. Any changes to the allowance for credit loss is recorded as a provision for (or reversal of) credit loss expense in net gains (losses) on derivatives and investments. When all, or a portion, of a security is deemed uncollectible, the uncollectible portion is written-off with an adjustment to amortized cost and a corresponding reduction to the allowance for credit losses. Accrued interest receivables are presented separate from the amortized cost basis of debt securities. Accrued interest receivables that are determined to be uncollectible are written off with a corresponding reduction to net investment income. Accrued interest written off was $1 million and nil during the three and nine months ended September 30, 2023 and three and nine months ended September 30, 2022, respectively. The roll-forward of the allowance for credit loss for available-for-sale securities by sector is as follows (in millions): Three Months Ended September 30, 2023 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at July 1, 2023 $ — $ 3 $ — $ 7 $ 6 $ — $ — $ 16 Additions for which credit loss was not previously recorded — 2 — 15 — 9 — 26 Changes for securities with previously recorded credit loss — — — 2 — — — 2 Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — — — — — Reductions for securities disposed — — — (1) — — — (1) Securities intended/required to be sold before recovery of amortized cost basis — (2) — (6) — (9) — (17) Balance at September 30, 2023 (2) $ — $ 3 $ — $ 17 $ 6 $ — $ — $ 26 Three Months Ended September 30, 2022 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at July 1, 2022 $ — $ 6 $ 1 $ 30 $ 6 $ — $ — $ 43 Additions for which credit loss was not previously recorded — — — 12 1 — — 13 Changes for securities with previously recorded credit loss — — (1) (8) (2) — — (11) Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — — — — — Reductions for securities disposed — (3) — — — — — (3) Securities intended/required to be sold before recovery of amortized cost basis — — — (11) — — — (11) Balance at September 30, 2022 (2) $ — $ 3 $ — $ 23 $ 5 $ — $ — $ 31 Nine Months Ended September 30, 2023 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at January 1, 2023 $ — $ 2 $ — $ 15 $ 6 $ — $ — $ 23 Additions for which credit loss was not previously recorded — 2 — 48 — 9 — 59 Changes for securities with previously recorded credit loss — 1 — 1 2 — — 4 Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — — — — — Reductions for securities disposed — — — (24) (2) — — (26) Securities intended/required to be sold before recovery of amortized cost basis — (2) — (23) — (9) — (34) Balance at September 30, 2023 (2) $ — $ 3 $ — $ 17 $ 6 $ — $ — $ 26 Nine Months Ended September 30, 2022 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at January 1, 2022 $ — $ — $ — $ — $ 2 $ — $ 7 $ 9 Additions for which credit loss was not previously recorded — 6 1 42 3 — — 52 Changes for securities with previously recorded credit loss — — (1) (3) 1 — (7) (10) Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — — — — — Reductions for securities disposed — (3) — — (1) — — (4) Securities intended/required to be sold before recovery of amortized cost basis — — — (16) — — — (16) Balance at September 30, 2022 (2) $ — $ 3 $ — $ 23 $ 5 $ — $ — $ 31 (1) Represents purchased credit-deteriorated ("PCD") fixed maturity available-for-sale securities. (2) Accrued interest receivable on debt securities totaled $416 million and $414 million as of September 30, 2023 and 2022, respectively, and was excluded from the determination of credit losses for the three and nine months ended September 30, 2023 and 2022. Net Investment Income The sources of net investment income were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Debt securities (1) $ 432 $ 306 $ 1,152 $ 792 Equity securities (4) (25) (5) (18) Mortgage loans 81 70 235 211 Policy loans 17 18 50 52 Limited partnerships 20 (7) 19 151 Other investment income 24 14 74 25 Total investment income excluding funds withheld assets 570 376 1,525 1,213 Investment expenses (91) (49) (211) (128) Net investment income excluding funds withheld assets 479 327 1,314 1,085 Net investment income on funds withheld assets (see Note 8) 303 313 862 937 Net investment income $ 782 $ 640 $ 2,176 $ 2,022 (1) Includes unrealized gains (losses) on trading securities and includes $51 million and $43 million for the three and nine months ended September 30, 2023, respectively, and $(8) million and $(103) million for the three and nine months ended September 30, 2022, respectively, related to the change in fair value for securities carried under the fair value option. Unrealized gains (losses) included in investment income that were recognized on equity securities held were $(16) million and $(17) million, for the three months ended September 30, 2023 and 2022, respectively, and $(38) million and $(48) million, for the nine months ended September 30, 2023 and 2022, respectively. Net Gains (Losses) on Derivatives and Investments The following table summarizes net gains (losses) on derivatives and investments (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Available-for-sale securities Realized gains on sale $ 11 $ 3 $ 17 $ 32 Realized losses on sale (102) (57) (145) (298) Credit loss income (expense) (18) (6) (29) (5) Credit loss income (expense) on mortgage loans (28) (5) (88) (2) Other (1) 10 59 10 142 Net gains (losses) excluding derivatives and funds withheld assets (127) (6) (235) (131) Net gains (losses) on derivative instruments (see Note 5) (208) (190) (4,938) 1,307 Net gains (losses) on derivatives and investments (335) (196) (5,173) 1,176 Net gains (losses) on funds withheld reinsurance treaties (see Note 8) 159 555 (648) 2,660 Total net gains (losses) on derivatives and investments $ (176) $ 359 $ (5,821) $ 3,836 (1) Includes the foreign currency gain or loss related to foreign denominated trust instruments supporting funding agreements. Net gains (losses) on funds withheld reinsurance treaties represents income (loss) from the sale of investments held in segregated funds withheld accounts in support of reinsurance agreements for which Jackson retains legal ownership of the underlying investments. These gains (losses) are increased or decreased by changes in the embedded derivative liability related to the Athene funds withheld coinsurance agreement and also include (i) changes in the related funds withheld payable, as all economic performance of the investments held in the segregated accounts inure to the benefit of the reinsurers under the respective reinsurance agreements with each reinsurer, and (ii) amortization of the difference between book value and fair value of the investments as of the effective date of the reinsurance agreements with each reinsurer. The aggregate fair value of securities sold at a loss for the three and nine months ended September 30, 2023 was $756 million and $2,909 million, which was approximately 88% and 94% of book value, respectively. The aggregate fair value of securities sold at a loss for the three and nine months ended September 30, 2022 was $1,068 million and $3,966 million, which was approximately 94% and 93% of book value, respectively. Proceeds from sales of available-for-sale debt securities were $0.9 billion and $4.2 billion during the three and nine months ended September 30, 2023, respectively, and $1.4 billion and $6.3 billion during the three and nine months ended September 30, 2022, respectively. Consolidated Variable Interest Entities ("VIEs") The Company concluded that the following entities are VIEs and that the Company is the primary beneficiary as it has both the power to direct the most significant activities of the VIE as well as the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. In each case, the Company’s exposure to loss is limited to the capital invested plus, in the cases of the limited liability companies and the Private Equity Funds, unfunded capital commitments. • The Company funds affiliated limited liability companies to facilitate the issuance of collateralized loan obligations ("CLOs"). In April 2022, the Company reinvested in CLO issuances resulting in an increase of consolidated assets and liabilities. In December 2022, a consolidated VIE issued $276 million par, net of the Company’s holding of CLOs. The Company’s policy is to record the consolidation of VIEs on a one-month lag due to the timing of when information is available from the VIE. Therefore, the VIE's issuance of this CLO is not reflected in the Company’s Consolidated Balance Sheet as of December 31, 2022 but its inclusion would not materially impact the financial position of the Company as a result of the offsetting changes to assets and liabilities. • Private Equity Funds III – VIII are limited partnership structures that invest the ownership capital in portfolios of various other limited partnership structures. The Company intends to divest its investment in certain private equity funds. The Company estimated a loss of approximately $93 million which it recognized in Net Investment Income for the nine months ended September 30, 2023, and which approximates the ultimate loss incurred upon the sale in October 2023. • PPM has created and managed institutional share class mutual funds, where Jackson seeds new funds, or new share classes within a fund, when deemed necessary to develop the requisite track record prior to allowing investment by external parties. Jackson may sell its interest in a fund once opened to investment by external parties. Asset and liability information for the consolidated VIEs included on the Condensed Consolidated Balance Sheets are as follows (in millions): September 30, 2023 December 31, 2022 Assets Debt securities, at fair value under fair value option $ 2,101 $ 2,014 Debt securities, trading 66 100 Equity securities 92 127 Other invested assets 1,536 1,507 Cash and cash equivalents 78 75 Other assets 26 19 Total assets $ 3,899 $ 3,842 Liabilities Notes issued by consolidated VIEs, at fair value under fair value option $ 2,011 $ 1,732 Other liabilities 110 343 Total other liabilities 2,121 2,075 Securities lending payable 2 4 Total liabilities $ 2,123 $ 2,079 Equity Noncontrolling interests $ 775 $ 732 Unconsolidated VIEs The Company has concluded the following entities are VIEs but does not consolidate them. Based on analysis of the limited partnerships, limited liability companies and the mutual funds, the Company is not the primary beneficiary of the VIE because the Company lacks the power to direct the activities of the VIE that most significantly impact the VIE's performance or lacks the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entities, or both. • The Company invests in certain limited partnerships ("LPs") and limited liability companies ("LLCs"). The carrying amounts of the Company’s investments in these LPs and LLCs are recognized in other invested assets on the Condensed Consolidated Balance Sheets. Unfunded capital commitments for these investments are detailed in Note 16 of the Notes to Condensed Consolidated Financial Statements. The Company’s exposure to loss is limited to the capital invested and unfunded capital commitments related to the LPs/LLCs, which was $2,908 million and $3,285 million as of September 30, 2023 and December 31, 2022, respectively. The capital invested in an LP or LLC equals the original capital contributed, increased for additional capital contributed after the initial investment, and reduced for any returns of capital from the LP or LLC. LPs and LLCs are carried at fair value. • The Company invests in certain mutual funds. Mutual funds are recognized in equity securities on the Condensed Consolidated Balance Sheets and were $19 million and $28 million as of September 30, 2023 and December 31, 2022, respectively. The Company’s maximum exposure to loss on these mutual funds is limited to the amortized cost for these investments. The Company makes investments in structured debt securities issued by VIEs for which it is not the manager. These structured debt securities include RMBS, Commercial Mortgage-Backed Securities ("CMBS"), and asset-backed securities ("ABS"). The Company does not consolidate the securitization trusts utilized in these transactions because it does not have the power to direct the activities that most significantly impact the economic performance of these securitization trusts. The Company does not consider its continuing involvement with these VIEs to be significant because it either invests in securities issued by the VIE and was not involved in the design of the VIE or no transfers have occurred between the Company and the VIE. The Company’s maximum exposure to loss on these structured debt securities is limited to the amortized cost of these investments. The Company does not have any further contractual obligations to the VIE. The Company recognizes the variable interest in these VIEs at fair value on the Condensed Consolidated Balance Sheets. Commercial and Residential Mortgage Loans The following table shows commercial mortgage loans, residential mortgage loans, and the respective accrued interest thereon at September 30, 2023 and December 31, 2022 (in millions): September 30, 2023 December 31, 2022 Commercial mortgage loans (1) $ 9,594 $ 10,241 Accrued interest receivable on commercial mortgage loans 38 39 Residential mortgage loans (2) 1,018 1,308 Accrued interest receivable on residential mortgage loans 7 9 (1) Net of an allowance for credit losses of $195 million and $91 million at each date, respectively. (2) Net of an allowance for credit losses of $5 million and $4 million at each date, respectively. At September 30, 2023, commercial mortgage loans were collateralized by properties located in 37 states, the District of Columbia, and Europe, while residential mortgage loans were collateralized by properties located in 50 states, the District of Columbia, Mexico, and Europe. Mortgage Loan Concessions In response to the generally adverse economic impact of the COVID-19 pandemic, the Company granted concessions to certain of its commercial mortgage loan borrowers, including payment deferrals and other loan modifications. The Company has elected the option under the Coronavirus Aid, Relief, and Economic Security Act, the Consolidated Appropriations Act of 2021, and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised) not to account for or report qualifying concessions as troubled debt restructurings and does not classify such loans as past due during the payment deferral period. Additionally, in accordance with the FASB’s published response to a COVID-19 Pandemic technical inquiry, the Company continues to accrue interest income on such loans that have deferred payment. For some commercial mortgage loan borrowers (principally in the hotel and retail sectors), the Company granted concessions that were primarily interest and/or principal payment deferrals generally ranging from 6 to 14 months and, to a much lesser extent, maturity date extensions. Repayment periods are generally within one year but may extend until maturity date. Deferred commercial mortgage loan interest and principal payments were $9 million at September 30, 2023. The concessions granted had no impact on the Company’s results of operations or financial position as the Company has not granted concessions that would have been disclosed and accounted for as troubled debt restructurings. Evaluation for Credit Losses on Mortgage Loans The Company reviews mortgage loans that are not carried at fair value under the fair value option on a quarterly basis to estimate the ACL with changes in the ACL recorded in net gains (losses) on derivatives and investments. Apart from an ACL recorded on individual mortgage loans where the borrower is experiencing financial difficulties, the Company records an ACL on the pool of mortgage loans based on lifetime expected credit losses. The Company utilizes a third-party forecasting model to estimate lifetime expected credit losses at a loan level for mortgage loans. The model forecasts net operating income and property values for the economic scenario selected. The debt service coverage ratios

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company’s business model includes the acceptance, monitoring and mitigation of risk. Specifically, the Company considers, among other factors, exposures to interest rate and equity market movements, foreign exchange rates and other asset or liability prices. The Company uses derivative instruments to mitigate or reduce these risks in accordance with established policies and goals. The Company’s derivative holdings, while effective in managing defined risks, are not structured to meet accounting requirements to be designated as hedging instruments. As a result, freestanding derivatives are carried at fair value with changes recorded in net gains (losses) on derivatives and investments. A summary of the aggregate contractual or notional amounts and fair values of the Company’s freestanding and embedded derivative instruments are as follows (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 Contractual/ Assets Liabilities Net Notional Fair Fair Fair Value Amount (1) Value Value Asset (Liability) Freestanding derivatives Cross-currency swaps $ 1,868 $ 103 $ 144 $ (41) Equity index call options 8,000 62 — 62 Equity index futures (2) 23,218 — — — Equity index put options 43,500 644 — 644 Interest rate swaps 7,728 5 351 (346) Put-swaptions 16,500 — 2,032 (2,032) Interest rate futures (2) 36,533 — — — Total return swaps 1,484 33 — 33 Total freestanding derivatives 138,831 847 2,527 (1,680) Embedded derivatives Fixed index annuity embedded derivatives (3) N/A — 956 (956) Registered index linked annuity embedded derivatives (3) N/A — 676 (676) Total embedded derivatives N/A — 1,632 (1,632) Derivatives related to funds withheld under reinsurance treaties Cross-currency swaps 158 19 1 18 Cross-currency forwards 1,309 59 20 39 Funds withheld embedded derivative (4) N/A 3,352 — 3,352 Total derivatives related to funds withheld under reinsurance treaties 1,467 3,430 21 3,409 Total $ 140,298 $ 4,277 $ 4,180 $ 97 (1) The notional amount for swaps and swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions. (2) Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades. (3) Included within other contract holder funds on the Condensed Consolidated Balance Sheets. The non-performance risk adjustment is included in the balance above. (4) Included within funds withheld payable under reinsurance treaties on the Condensed Consolidated Balance Sheets. December 31, 2022 Contractual/ Assets Liabilities Net Notional Fair Fair Fair Value Amount (1) Value Value Asset (Liability) Freestanding derivatives Cross-currency swaps $ 1,825 $ 73 $ 104 $ (31) Equity index call options 17,500 106 — 106 Equity index futures (2) 19,760 — — — Equity index put options 30,500 958 — 958 Interest rate swaps 7,728 5 231 (226) Interest rate swaps - cleared (2) 1,500 — — — Put-swaptions 25,000 — 1,711 (1,711) Interest rate futures (2) 105,261 — — — Total return swaps 739 31 — 31 Total freestanding derivatives 209,813 1,173 2,046 (873) Embedded derivatives Fixed index annuity embedded derivatives (3) N/A — 931 (931) Registered index linked annuity embedded derivatives (3) N/A — 205 (205) Total embedded derivatives N/A — 1,136 (1,136) Derivatives related to funds withheld under reinsurance treaties Cross-currency swaps 158 23 1 22 Cross-currency forwards 1,490 74 18 56 Funds withheld embedded derivative (4) N/A 3,158 — 3,158 Total derivatives related to funds withheld under reinsurance treaties 1,648 3,255 19 3,236 Total $ 211,461 $ 4,428 $ 3,201 $ 1,227 (1) The notional amount for swaps and swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions. (2) Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades. (3) Included within other contract holder funds on the Condensed Consolidated Balance Sheets. The non-performance risk adjustment is included in the balance above. (4) Included within funds withheld payable under reinsurance treaties on the Condensed Consolidated Balance Sheets. The following table reflects the results of the Company’s derivatives, including gains (losses) and change in fair value of freestanding derivative instruments and embedded derivatives (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Derivatives excluding funds withheld under reinsurance treaties Cross-currency swaps $ (16) $ (19) $ (42) $ (101) Equity index call options (192) (275) (100) (1,506) Equity index futures (5) 1,038 (2,712) 5,279 Equity index put options 45 168 (1,362) 675 Interest rate swaps (137) (202) (189) (613) Interest rate swaps - cleared — (67) (10) (204) Put-swaptions (1,013) (751) (840) (1,905) Interest rate futures 938 (179) 537 (491) Total return swaps 70 39 (93) 47 Fixed index annuity embedded derivatives — — (4) 5 Registered index linked annuity embedded derivatives 102 58 (123) 121 Total net gains (losses) on derivative instruments excluding derivative instruments related to funds withheld under reinsurance treaties (208) (190) (4,938) 1,307 Derivatives related to funds withheld under reinsurance treaties Cross-currency swaps 60 9 58 24 Cross-currency forwards (36) 67 (57) 136 Funds withheld embedded derivative 451 824 194 3,452 Total net gains (losses) on derivative instruments related to funds withheld under reinsurance treaties 475 900 195 3,612 Total net gains (losses) on derivative instruments including derivative instruments related to funds withheld under reinsurance treaties $ 267 $ 710 $ (4,743) $ 4,919 All the Company’s trade agreements for freestanding, over-the-counter derivatives, contain credit downgrade provisions that allow a party to assign or terminate derivative transactions if the counterparty’s credit rating declines below an established limit. At September 30, 2023 and December 31, 2022, the fair value of the Company’s net non-cleared, over-the-counter derivative assets by counterparty were $554 million and $885 million, respectively, and held collateral was $502 million and $858 million, respectively, related to these agreements. At September 30, 2023 and December 31, 2022, the fair value of the Company’s net non-cleared, over-the-counter derivative liabilities by counterparty were $2,177 million and $1,680 million, respectively, and provided collateral was $2,399 million and $1,650 million, respectively, related to these agreements. If all the downgrade provisions had been triggered at September 30, 2023 and December 31, 2022, in aggregate, the Company would have had to disburse nil and $30 million, respectively, and would have been allowed to claim $274 million and $27 million, respectively. Offsetting Assets and Liabilities The Company’s derivative instruments, repurchase agreements and securities lending agreements are subject to master netting arrangements and collateral arrangements. A master netting arrangement with a counterparty creates a right of offset for amounts due to and due from that same counterparty that is enforceable in the event of a default or bankruptcy. The Company recognizes amounts subject to master netting arrangements on a gross basis within the Condensed Consolidated Balance Sheets. The following tables present the gross and net information about the Company’s financial instruments subject to master netting arrangements (in millions): September 30, 2023 Gross Gross Net Amounts Gross Amounts Not Offset Financial Instruments (1) Cash Securities Collateral (2) Net Financial Assets: Freestanding derivative assets $ 925 $ — $ 925 $ 372 $ 449 $ 51 $ 53 Financial Liabilities: Freestanding derivative liabilities $ 2,548 $ — $ 2,548 $ 372 $ — $ 2,153 $ 23 Securities loaned 28 — 28 — 28 — — Repurchase agreements — — — — — — — Total financial liabilities $ 2,576 $ — $ 2,576 $ 372 $ 28 $ 2,153 $ 23 (1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets. (2) Excludes initial margin amounts for exchange-traded derivatives. December 31, 2022 Gross Gross Net Amounts Gross Amounts Not Offset Financial Instruments (1) Cash Securities Collateral (2) Net Financial Assets: Freestanding derivative assets $ 1,270 $ — $ 1,270 $ 385 $ 683 $ 157 $ 45 Financial Liabilities: Freestanding derivative liabilities $ 2,065 $ — $ 2,065 $ 385 $ — $ 1,638 $ 42 Securities loaned 36 — 36 — 36 — — Repurchase agreements 1,012 — 1,012 — — 1,012 — Total financial liabilities $ 3,113 $ — $ 3,113 $ 385 $ 36 $ 2,650 $ 42 (1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets. (2) Excludes initial margin amounts for exchange-traded derivatives.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table summarizes the fair value and carrying value of the Company’s financial instruments (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets Debt securities (1) $ 41,388 $ 41,388 $ 44,762 $ 44,762 Equity securities 277 277 393 393 Mortgage loans (1) 10,612 9,815 11,549 10,841 Limited partnerships 3,221 3,221 3,212 3,212 Policy loans (1) 4,368 4,368 4,377 4,377 Freestanding derivative instruments 925 925 1,270 1,270 FHLBI capital stock 108 108 146 146 Cash and cash equivalents 2,760 2,760 4,298 4,298 Reinsurance recoverable on market risk benefits 167 167 221 221 Market risk benefit assets 6,815 6,815 4,865 4,865 Separate account assets 202,903 202,903 195,906 195,906 Liabilities Annuity reserves (2) 35,362 29,861 37,357 32,377 Market risk benefit liabilities 3,917 3,917 5,662 5,662 Reserves for guaranteed investment contracts (3) 863 820 1,128 1,099 Trust instruments supported by funding agreements (3) 5,900 5,592 5,887 5,760 FHLB funding agreements (3) 1,949 1,699 2,004 2,104 Funds withheld payable under reinsurance treaties (1) 19,973 19,973 22,957 22,957 Long-term debt 2,635 2,322 2,635 2,344 Securities lending payable 28 28 36 36 Freestanding derivative instruments 2,548 2,548 2,065 2,065 Notes issued by consolidated VIEs 2,011 2,011 1,732 1,732 Repurchase agreements — — 1,012 1,012 FHLB advances 180 180 — — Separate account liabilities 202,903 202,903 195,906 195,906 (1) Includes items carried at fair value under the fair value option and trading securities included as a component of debt securities. (2) Annuity reserves represent only the components of other contract holder funds and reserves for future policy benefits and claims payable that are considered to be financial instruments. (3) Included as a component of other contract holder funds on the Condensed Consolidated Balance Sheets. The following is a discussion of the methodologies used to determine fair values of the financial instruments measured on a recurring basis reported in the following tables. Debt and Equity Securities The fair values for debt and equity securities are determined using information available from independent pricing services, broker-dealer quotes, or internally derived estimates. Priority is given to publicly available prices from independent sources, when available. Securities for which the independent pricing service does not provide a quotation are either submitted to independent broker-dealers for prices or priced internally. Typical inputs used by these three pricing methods include reported trades, benchmark yields, credit spreads, liquidity premiums and/or estimated cash flows based on default and prepayment assumptions. As a result of typical trading volumes and the lack of specific quoted market prices for most debt securities, independent pricing services will normally derive the security prices through recently reported trades for identical or similar securities, making adjustments through the reporting date based upon available market observable information as outlined above. If there are no recently reported trades, the independent pricing services and broker-dealers may use matrix or pricing model processes to develop a security price where future cash flow expectations are developed based upon collateral performance and discounted at relevant market rates. Certain securities are priced using broker-dealer quotes, which may utilize proprietary inputs and models. Additionally, the majority of these quotes are non-binding. Included in the pricing of asset-backed securities are estimates of the rate of future prepayments of principal over the remaining life of the securities. Such estimates are derived based on the characteristics of the underlying structure and prepayment assumptions believed to be relevant for the underlying collateral. Actual prepayment experience may vary from these estimates. Internally derived estimates may be used to develop a fair value for securities for which the Company is unable to obtain either a reliable price from an independent pricing service or a suitable broker-dealer quote. These fair value estimates may incorporate Level 2 and Level 3 inputs, as defined below, and are generally derived using expected future cash flows, discounted at market interest rates available from market sources based on the credit quality and duration of the instrument. For securities that may not be reliably priced using these internally developed pricing models, a fair value may be estimated using indicative market prices. These prices are indicative of an exit price, but the assumptions used to establish the fair value may not be observable or corroborated by market observable information and, therefore, represent Level 3 inputs. The Company performs an analysis on the prices and credit spreads received from third parties to ensure that the prices represent a reasonable estimate of the fair value. This process involves quantitative and qualitative analysis and is overseen by investment and accounting professionals. Examples of procedures performed include initial and ongoing review of third-party pricing service methodologies, review of pricing statistics and trends, back testing recent trades and monitoring of trading volumes. In addition, the Company considers whether prices received from independent broker-dealers represent a reasonable estimate of fair value using internal and external cash flow models, which are developed based on spreads and, when available, market indices. As a result of this analysis, if the Company determines there is a more appropriate fair value based upon the available market data, the price received from the third party may be adjusted accordingly. For those securities that were internally valued at September 30, 2023 and December 31, 2022, the pricing model used by the Company utilizes current spread levels of similarly rated securities to determine the market discount rate for the security. Furthermore, appropriate risk premiums for illiquidity and non-performance are incorporated in the discount rate. Cash flows, as estimated by the Company using issuer-specific default statistics and prepayment assumptions, are discounted to determine an estimated fair value. On an ongoing basis, the Company reviews the independent pricing services’ valuation methodologies and related inputs and evaluates the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy distribution based upon trading activity and the observability of market inputs. Based on the results of this evaluation, each price is classified into Level 1, 2, or 3. Most prices provided by independent pricing services, including broker-dealer quotes, are classified into Level 2 due to their use of market observable inputs. Limited Partnerships Fair values for limited partnership interests, which are included in other invested assets, are generally determined using the proportion of the Company’s investment in the value of the net assets of each fund (“NAV equivalent”) as a practical expedient for fair value, and generally, are recorded on a three-month lag. No adjustments to these amounts were deemed necessary at September 30, 2023 and December 31, 2022. As a result of using the net asset value per share practical expedient, limited partnership interests are not classified in the fair value hierarchy. The Company’s limited partnership interests are not redeemable, and distributions received are generally the result of liquidation of the underlying assets of the partnerships. The Company generally has the ability under the partnership agreements to sell its interest to another limited partner with the prior written consent of the general partner. In cases when the Company expects to sell the limited partnership interest, the estimated sales price is used to determine the fair value rather than the practical expedient. Limited partnership interests expected to be sold are classified as Level 2 in the fair value hierarchy. In cases when a limited partnership’s financial statements are unavailable and a NAV equivalent is not available or practical, the fair value may be based on an internally developed model or provided by the general partner as determined using private transactions, information obtained from the primary co-investor or underlying company, or financial metrics provided by the lead sponsor. These investments are classified as Level 3 in the fair value hierarchy. Policy Loans Policy loans are funds provided to policyholders in return for a claim on the policies values and function like demand deposits, which are redeemable upon repayment, death or surrender, and there is only one market price at which the transaction could be settled – the then current carrying value. The funds provided are limited to the cash surrender value of the underlying policy. The nature of policy loans is to have a negligible default risk as the loans are fully collateralized by the value of the policy. Policy loans do not have a stated maturity and the balances and accrued interest are repaid either by the policyholder or with proceeds from the policy. Due to the collateralized nature of policy loans and unpredictable timing of payments, the Company believes the carrying value of policy loans approximates fair value. The reinsurance related component of policy loans at fair value under the fair value option have been classified as Level 3 within the fair value hierarchy. Freestanding Derivative Instruments Freestanding derivative instruments are reported at fair value, which reflects the estimated amounts, net of payment accruals, that the Company would receive or pay upon sale or termination of the contracts at the reporting date. Changes in fair value are included in net gains (losses) on derivatives and investments. Freestanding derivatives priced using third-party pricing services incorporate inputs that are predominantly observable in the market. Inputs used to value derivatives include interest rate swap curves, credit spreads, interest rates, counterparty credit risk, equity volatility and equity index levels. Freestanding derivative instruments classified as: • Level 1 include futures, which are traded on active exchanges. • Level 2 include interest rate swaps, cross currency swaps, cross-currency forwards, credit default swaps, total return swaps, put-swaptions and certain equity index call and put options. These derivative valuations are determined by third-party pricing services using pricing models with inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. • Level 3 include interest rate contingent options that are valued by third-party pricing services utilizing significant unobservable inputs. Cash and Cash Equivalents Cash and cash equivalents primarily include money market instruments and bank deposits. Cash equivalents also includes all highly liquid securities and other investments purchased with an original or remaining maturity of three months or less at the date of purchase. Certain money market instruments are valued using unadjusted quoted prices in active markets and are classified as Level 1. Funds Withheld Payable Under Reinsurance Treaties The funds withheld payable under reinsurance treaties includes both the funds withheld payable that are held at fair value under the fair value option and the funds withheld embedded derivative and are both considered Level 3 in the fair value hierarchy. • The fair value of the funds withheld payable that are held at fair value under the fair value option is equal to the fair value of the assets held as collateral, which primarily consists of policy loans using industry standard valuation techniques. • The funds withheld embedded derivative is determined based upon a total return swap technique referencing the fair value of the investments held under the reinsurance contract and requires certain significant unobservable inputs. Separate Account Assets Separate account assets are comprised of investments in mutual funds that transact regularly, but do not trade in active markets as they are not publicly available, and are categorized as Level 2 assets. Market Risk Benefits Variable Annuities Variable annuity contracts issued by the Company may include various guaranteed minimum death, withdrawal, income and accumulation benefits, which are classified as MRBs and measured at fair value. Our MRB assets and MRB liabilities are reported separately on our Condensed Consolidated Balance Sheets. Increases to an asset or decreases to a liability are described as favorable changes to fair value. Changes in fair value are reported in Market risk benefits (gains) losses, net on the Condensed Consolidated Income Statements. However, the change in fair value related to our own non-performance risk is recognized as a component of other comprehensive income ("OCI") and is reported in Change in non-performance on market risk benefits, net of tax expense (benefit) on the Condensed Consolidated Statements of Comprehensive Income (Loss). Variable annuity guaranteed benefit features classified as MRBs, which have explicit fees, are measured using the attributed fee method. Under the attributed fee method, fair value is measured as the difference between the present value of projected future liabilities and the present value of projected attributed fees. At the inception of the contract, the Company attributes to the MRB a portion of total fees expected to be assessed against the contract holder's account value to offset the projected claims over the lifetime of the contract. The attributed fee is expressed as a percentage of total projected future fees at inception of the contract. This percentage of total projected fees is considered a fixed term of the MRB feature and is held static over the life of the contract. This percentage may not exceed 100% of the total projected contract fees as of contract inception. As the Company may issue contracts that have projected future liabilities greater than the projected future guaranteed benefit fees at issue, the Company may also attribute mortality and expense charges when performing this calculation. The percentage of guaranteed benefit fees and the percentage of mortality and expense charges may not exceed 100% of the total projected fees as of contract inception. In subsequent valuations, both the present value of future projected liabilities and the present value of projected attributed fees are remeasured based on current market conditions and policyholder behavior assumptions. The Company has ceded the guaranteed minimum income benefit (“GMIB”) features elected on certain annuity contracts to an unrelated party. The GMIBs ceded under this reinsurance treaty are classified as a MRB in their entirety. The reinsurance contract is measured at fair value and reported in Reinsurance recoverable on market risk benefits. Changes in fair value are recorded in Market risk benefits (gains) losses, net. Due to the inability to economically reinsure or hedge new issues of the GMIB, the Company discontinued offering the benefit in 2009. Fair values for MRBs related to variable annuities, including the contract reinsuring GMIB features, are calculated using internally developed models because active, observable markets do not exist for those guaranteed benefits. The fair value calculation is based on the present value of future cash flows comprised of future expected benefit payments, less future attributed rider fees, over the lives of the contracts. Estimating these cash flows requires numerous estimates and subjective judgments related to capital market inputs, as well as actuarially determined assumptions related to expectations concerning policyholder behavior. Capital market inputs include expected market rates of return, market volatility, correlations of market index returns to fund returns, and discount rates, which includes an adjustment for non-performance risk. The more significant actuarial assumptions include benefit utilization by policyholders, lapse, mortality, and withdrawal rates. Best estimate assumptions plus risk margins are used as applicable. At each valuation date, the fair value calculation reflects expected returns based on constant maturity treasury rates as of that date to determine the value of expected future cash flows produced in a stochastic process. Volatility assumptions are based on a weighting of available market data for implied market volatility for durations up to 10 years, grading to a historical volatility level by year 15, where such long-term historical volatility levels contain an explicit risk margin. Non-performance risk is incorporated into the calculation through the adjustment of the risk-free rate curve based on credit spreads for debt and debt-like instruments issued by the Company or its insurance operating subsidiaries, adjusted, as necessary, to reflect the financial strength ratings of the issuing insurance subsidiaries. Risk margins are also incorporated into the model assumptions, particularly for policyholder behavior. Estimates of future policyholder behavior are subjective and are based primarily on the Company’s experience. As markets change, mature and evolve and actual policyholder behavior emerges, management continually evaluates the appropriateness of its assumptions for the fair value model. The use of the models and assumptions described above requires a significant amount of judgment. Management believes this results in an amount that the Company would be required to transfer for a liability, or receive for an asset, to or from a willing buyer or seller, if one existed, for those market participants to assume the risks associated with the guaranteed benefits and the related reinsurance. However, the ultimate settlement amount of the asset or liability, which is currently unknown, could likely be significantly different than this fair value. Fixed Index Annuities The longevity riders issued on fixed index annuities are classified as MRBs and measured at fair value. Similar to the variable annuity guaranteed benefit features, these contracts have explicit fees and are measured using the attributed fee method. The Company attributes a percentage of total projected future fees expected to be assessed against the policyholder to offset the projected future claims over the lifetime of the contract. If the fees attributed are insufficient to offset the claims at issue, the shortfall is borrowed from the host contract rather than recognizing a loss at inception. RILA RILA guaranteed benefit features are classified as MRBs and measured at fair value. Unlike variable or fixed index annuities, RILA products do not have explicit fees and are measured using an option-based method. The fair value measurement represents the present value of future claims payable by the MRB feature. At inception, the value of the MRB is deducted from the value of the contract resulting in no gain or loss. See Note 12 of the Notes to Condensed Consolidated Financial Statements for more information regarding MRBs. Fixed Index Annuities The fair value of the index-linked crediting derivative feature embedded in fixed index annuities, included in Annuity Reserves in the above tables, is calculated using the closed form Black-Scholes Option Pricing model or Monte Carlo simulations, as appropriate for the type of option, incorporating such factors as the volatility of returns, the level of interest rates and the time remaining until the option expires. Additionally, assumed withdrawal rates are used to estimate the expected volume of embedded options that will be realized by policyholders. RILA The fair value of the index-linked crediting derivative feature embedded in RILAs, included in Annuity Reserves in the above table, is calculated using the closed form Black-Scholes Option Pricing model, incorporating such factors as the volatility of returns, the level of interest rates and the time remaining until the option expires. Additionally, assumed withdrawal rates are used to estimate the expected volume of embedded options that will be realized by policyholders. Notes Issued by Consolidated VIEs These notes are issued by CLOs and are carried at fair value under the fair value option based on the fair values of corresponding fixed maturity collateral. The CLO liabilities are also reduced by the fair value of the beneficial interest the Company retains in the CLO and the carrying value of any beneficial interests that represent compensation for services. As the notes are valued based on the reference collateral, they are classified as Level 2. Fair Value Option The Company elected the fair value option for debt securities related to certain consolidated investments totaling $2,101 million and $2,014 million at September 30, 2023 and December 31, 2022, respectively. These debt securities are reflected on the Company’s Condensed Consolidated Balance Sheets as debt securities, at fair value under the fair value option. The Company has elected the fair value option for certain funds withheld assets, which are held as collateral for reinsurance, totaling $4,052 million and $4,160 million at September 30, 2023 and December 31, 2022, respectively, as discussed above, and includes mortgage loans as discussed below. The Company elected the fair value option for certain mortgage loans held under the funds withheld reinsurance agreement with Athene. The fair value option was elected for these mortgage loans, purchased or funded after December 31, 2021, to mitigate inconsistency in earnings that would otherwise result between these mortgage loan assets and the funds withheld liability, including the associated embedded derivative, and are valued using third-party pricing services. Changes in fair value are reflected in net investment income on the Condensed Consolidated Income Statements. The fair value and aggregate contractual principal for mortgage loans where the fair value option was elected after December 31, 2021, were as follows (in millions): September 30, December 31, 2023 2022 Fair value $ 476 $ 582 Aggregate contractual principal 490 591 As of September 30, 2023, no loans in good standing for which the fair value option was elected were in non-accrual status, and no loans were more than 90 days past due and still accruing interest. The Company elected the fair value option for notes issued by consolidated VIEs totaling $2,011 million and $1,732 million at September 30, 2023 and December 31, 2022, respectively. Income and changes in unrealized gains and losses on other assets for which the Company has elected the fair value option are immaterial to the Company’s Condensed Consolidated Financial Statements. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables summarize the Company’s assets and liabilities that are carried at fair value by hierarchy levels (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 Total Level 1 Level 2 Level 3 Assets Debt securities U.S. government securities $ 3,674 $ 3,674 $ — $ — Other government securities 1,378 — 1,378 — Public utilities 5,068 — 5,068 — Corporate securities 24,682 — 24,638 44 Residential mortgage-backed 376 — 376 — Commercial mortgage-backed 1,442 — 1,442 — Other asset-backed securities 4,768 — 4,768 — Equity securities 277 7 186 84 Mortgage loans 476 — — 476 Limited partnerships (1) 564 — 140 424 Policy loans 3,432 — — 3,432 Freestanding derivative instruments 925 — 925 — Cash and cash equivalents 2,760 2,760 — — Reinsurance recoverable on market risk benefits 167 — — 167 Market risk benefit assets 6,815 — — 6,815 Separate account assets 202,903 — 202,903 — Total $ 259,707 $ 6,441 $ 241,824 $ 11,442 Liabilities Embedded derivative liabilities (2) $ 1,631 $ — $ 1,631 $ — Funds withheld payable under reinsurance treaties (3) 247 — — 247 Freestanding derivative instruments 2,548 — 2,548 — Notes issued by consolidated VIEs 2,011 — 2,011 — Market risk benefit liabilities 3,917 — — 3,917 Total $ 10,354 $ — $ 6,190 $ 4,164 (1) Excludes $2,657 million of limited partnership investments measured at NAV. (2) Includes the embedded derivative liabilities of $676 million related to RILA and $956 million liability of fixed index annuities, both included in other contract holder funds on the Condensed Consolidated Balance Sheets. (3) Includes the Athene embedded derivative asset of $3,352 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. December 31, 2022 Total Level 1 Level 2 Level 3 Assets Debt securities U.S. government securities $ 5,185 $ 5,184 $ 1 $ — Other government securities 1,467 — 1,467 — Public utilities 5,225 — 5,225 — Corporate securities 25,146 — 25,090 56 Residential mortgage-backed 464 — 464 — Commercial mortgage-backed 1,638 — 1,638 — Other asset-backed securities 5,637 — 5,637 — Equity securities 393 165 106 122 Mortgage loans 582 — — 582 Limited partnerships (1) 440 — — 440 Policy loans 3,419 — — 3,419 Freestanding derivative instruments 1,270 — 1,270 — Cash and cash equivalents 4,298 4,298 — — Reinsurance recoverable on market risk benefits 221 — — 221 Market risk benefit assets 4,865 — — 4,865 Separate account assets 195,906 — 195,906 — Total $ 256,156 $ 9,647 $ 236,804 $ 9,705 Liabilities Embedded derivative liabilities (2) $ 1,135 $ — $ 1,135 $ — Funds withheld payable under reinsurance treaties (3) 424 — — 424 Freestanding derivative instruments 2,065 — 2,065 — Notes issued by consolidated VIEs 1,732 — 1,732 — Market risk benefit liabilities 5,662 — — 5,662 Total $ 11,018 $ — $ 4,932 $ 6,086 (1) Excludes $2,772 million of limited partnership investments measured at NAV. (2) Includes the embedded derivative liabilities of $205 million related to RILA and $931 million of fixed index annuities, both included in other contract holder funds on the Condensed Consolidated Balance Sheets. (3) Includes the Athene embedded derivative asset of $3,158 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) Level 3 Assets and Liabilities by Price Source The table below presents the balances of Level 3 assets and liabilities measured at fair value with their corresponding pricing sources (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 Assets Total Internal External Debt securities: Corporate $ 44 $ — $ 44 Equity securities 84 1 83 Mortgage loans 476 — 476 Limited partnerships 424 1 423 Policy loans 3,432 3,432 — Reinsurance recoverable on market risk benefits 167 167 — Market risk benefit assets 6,815 6,815 — Total $ 11,442 $ 10,416 $ 1,026 Liabilities Funds withheld payable under reinsurance treaties (1) 247 247 — Market risk benefit liabilities 3,917 3,917 — Total $ 4,164 $ 4,164 $ — (1) Includes the Athene embedded derivative asset of $3,352 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. December 31, 2022 Assets Total Internal External Debt securities: Corporate $ 56 $ — $ 56 Equity securities 122 1 121 Mortgage loans 582 — 582 Limited partnerships 440 8 432 Policy loans 3,419 3,419 — Reinsurance recoverable on market risk benefits 221 221 — Market risk benefit assets 4,865 4,865 — Total $ 9,705 $ 8,514 $ 1,191 Liabilities Funds withheld payable under reinsurance treaties (1) 424 424 — Market risk benefit liabilities 5,662 5,662 — Total $ 6,086 $ 6,086 $ — (1) Includes the Athene embedded derivative asset of $3,158 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. External pricing sources for securities represent unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities The table below presents quantitative information on internally-priced Level 3 assets and liabilities that use significant unobservable inputs (in millions, 2022 information recast for the adoption of LDTI): As of September 30, 2023 Fair Valuation Technique(s) Significant Unobservable Input(s) Assumption or Input Range Impact of Increase in Input on Fair Value Assets Reinsurance recoverable on market risk benefits $ 167 Discounted cash Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 2.97% - 8.10% Decrease Utilization (3) 0.00% - 20.00% Increase Withdrawal (4) 47.50% - 52.50% Increase Non-performance risk (5) 0.40% - 1.63% Decrease Long-term Equity Volatility (6) 18.50% Increase Market risk benefit assets $ 6,815 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 0.05% - 41.28% Decrease Utilization (3) 0.00% - 100.00% Increase Withdrawal (4) 11.25% - 100.00% Increase Non-performance risk (5) 1.61% - 2.19% Decrease Long-term Equity Volatility (6) 18.50% Increase Liabilities Market risk benefit liabilities $ 3,917 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 0.05% - 41.28% Decrease Utilization (3) 0.00% - 100.00% Increase Withdrawal (4) 11.25% - 100.00% Increase Non-performance risk (5) 1.61% - 2.19% Decrease Long-term Equity Volatility (6) 18.50% Increase (1) Mortality rates vary by attained age, tax qualification status, guaranteed benefit election, and duration. The range displayed reflects ages from the minimum issue age for the benefit through age 95, which corresponds to the typical maturity age. A mortality improvement assumption is also applied. (2) Base lapse rates vary by contract-level factors, such as product type, surrender charge schedule and optional benefits election. Lapse rates are further adjusted based on the degree to which a guaranteed benefit is in-the-money, with lower lapse applying when benefits are more in-the-money. Lapse rates are also adjusted to reflect lower lapse expectations when guaranteed benefits are utilized. (3) The utilization rate represents the expected percentage of contracts that will utilize the benefit through annuitization (GMIB) or commencement of withdrawals (GMWB). Utilization may vary by benefit type, attained age, duration, tax qualification status, benefit provision, and degree to which the guaranteed benefit is in-the-money. (4) The withdrawal rate represents the percentage of annual withdrawal assumed relative to the maximum allowable withdrawal amount under the free partial withdrawal provision or the GMWB, as applicable. Free partial withdrawal rates vary based on the product type and duration. Withdrawal rates on contracts with a GMWB vary based on attained age, tax qualification status, GMWB type and GMWB benefit provisions. (5) Non-performance risk adjustment is applied as a spread over the risk-free rate to determine the rate used to discount the related cash flows and varies by projection year. (6) Long-term equity volatility represents the equity volatility beyond the period for which observable equity volatilities are available. As of December 31, 2022 Fair Valuation Technique(s) Significant Unobservable Input(s) Assumption or Input Range Impact of Increase in Input on Fair Value Assets Reinsurance recoverable on market risk benefits $ 221 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 2.97% - 8.10% Decrease Utilization (3) 0.00% - 20.00% Increase Withdrawal (4) 47.50% - 52.50% Increase Non-performance risk (5) 0.64% - 2.27% Decrease Long-term Equity Volatility (6) 18.50% - 23.68% Increase Market risk benefit assets $ 4,865 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 0.05% - 41.28% Decrease Utilization (3) 0.00% - 100.00% Increase Withdrawal (4) 11.25% - 100.00% Increase Non-performance risk (5) 0.64% - 2.27% Decrease Long-term Equity Volatility (6) 18.50% - 23.68% Increase Liabilities Market risk benefit liabilities $ 5,662 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 0.05% - 41.28% Decrease Utilization (3) 0.00% - 100.00% Increase Withdrawal (4) 11.25% - 100.00% Increase Non-performance risk (5) 0.64% - 2.27% Decrease Long-term Equity Volatility (6) 18.50% - 23.68% Increase (1) Mortality rates vary by attained age, tax qualification status, guaranteed benefit election, and duration. The range displayed reflects ages from the minimum issue age for the benefit through age 95, which corresponds to the typical maturity age. A mortality improvement assumption

Deferred Acquisition Costs

Deferred Acquisition Costs	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Deferred Acquisition Costs	Deferred Acquisition Costs This note contains the new accounting policy for the adoption of LDTI Certain costs that are directly related to the successful acquisition of new or renewal insurance business are capitalized as DAC in the period they are incurred. These costs primarily pertain to commissions and certain costs associated with policy issuance and underwriting. All other acquisition costs are expensed as incurred. Contracts are grouped into cohorts by contract type and issue year. For traditional and limited-payment insurance contracts, contracts are grouped consistent with the groupings used in estimating the associated liability. DAC are amortized into expense on a constant level basis over the expected term of the grouped contracts. For traditional and limited-payment insurance contracts, amortization is determined based on projected in force amounts. For non-traditional contracts, amortization is determined based on projected policy counts . The expected term used to amortize DAC is determined using best estimate assumptions, including mortality and persistency, consistent with the best estimate assumptions used to determine the reserve for future policy benefits, MRBs, and additional liabilities for applicable contracts. For amortization of DAC related to contracts without these balances, assumptions used to determine expected term are developed in a similar manner. The amortization rate is determined using all information available as of the end of the reporting period, including actual experience and any assumption updates. Annually, or as circumstances warrant, a comprehensive review of assumptions is conducted and assumptions are revised as appropriate. If assumptions are revised, the amortization rate is calculated using revised assumptions such that the effect of revised assumptions is recognized prospectively as of the beginning of that reporting period. Unamortized DAC are written off when a contract is internally replaced and substantially changed. Substantially unchanged contracts are treated as a continuation of the replaced contract, with no change to the unamortized DAC at the time of the replacement. The following table presents the roll-forward of the DAC (in millions, 2022 information recast for the adoption of LDTI). The current period amortization is based on the end of the period estimates of mortality and persistency. The amortization pattern is revised on a prospective basis at the beginning of the period based on the period’s actual experience. Nine Months Ended September 30, Year Ended December 31, 2023 2022 Variable Annuities Balance, beginning of period $ 12,699 $ 13,364 Deferrals of acquisition costs 306 544 Amortization (855) (1,209) Variable Annuities balance, end of period $ 12,150 $ 12,699 Reconciliation of total DAC Variable Annuities balance, end of period $ 12,150 $ 12,699 Other product lines, end of period 297 224 Total balance, end of period $ 12,447 $ 12,923

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Reinsurance	Reinsurance This note contains the new accounting policy for the adoption of LDTI. The Company, through its subsidiary insurance companies, assumes and cedes reinsurance from and to other insurance companies to limit losses from large exposures. However, if the reinsurer is unable to meet its obligations, the originating issuer of the coverage retains the liability. The Company reinsures certain of its risks to other reinsurers on a coinsurance, coinsurance with funds withheld, modified coinsurance, or yearly renewable term basis. The Company regularly monitors the financial strength ratings of its reinsurers. Athene Reinsurance The Company entered into a funds withheld coinsurance agreement with Athene effective June 1, 2020, to reinsure on a 100% quota share basis, a block of Jackson’s in-force fixed and fixed-index annuity product liabilities in exchange for a $1.2 billion ceding commission. The coinsurance with funds withheld agreement ("the coinsurance agreement") required Jackson to establish a segregated account in which the investments supporting the ceded obligations are maintained. While the economic benefits of the investments flow to Athene, Jackson retains physical possession and legal ownership of the investments supporting the reserve. Further, the investments in the segregated account are not available to settle any policyholder obligations other than those specifically covered by the coinsurance agreement and are not available to settle obligations to general creditors of Jackson. The profit and loss with respect to obligations ceded to Athene are included in periodic net settlements pursuant to the coinsurance agreement. To further support its obligations under the coinsurance agreement, Athene procured $1.2 billion in letters of credit for Jackson’s benefit and established a trust account for Jackson’s benefit, which had a book value of approximately $181 million at September 30, 2023. Swiss Re Reinsurance Jackson has three retrocession reinsurance agreements (“retro treaties”) with Swiss Reinsurance Company Ltd. (“SRZ”). Pursuant to these retro treaties, Jackson ceded certain blocks of business to SRZ on a 100% coinsurance with funds withheld basis, subject to pre-existing reinsurance with other parties. As a result of the reinsurance agreements with SRZ, Jackson withholds certain assets, primarily in the form of policy loans and debt securities, as collateral for the reinsurance recoverable. The Company has also acquired certain blocks of business that are closed to new business and wholly ceded to non-affiliates. These include both direct and assumed accident and health businesses, direct and assumed life insurance business, and certain institutional annuities. GMIB Reinsurance The Company’s guaranteed minimum income benefits (“GMIBs”) are reinsured with an unrelated party. GMIB reinsured benefits are subject to aggregate annual claim limits. Deductibles also apply on reinsurance of GMIB business issued since March 1, 2005. The Company discontinued offering the GMIB in 2009. Reinsurance Recoverables and Reinsured Market Risk Benefits Ceded reinsurance agreements are reported on a gross basis on the Company’s Condensed Consolidated Balance Sheets as an asset for amounts recoverable from reinsurers or as a component of other assets or liabilities for amounts, such as premiums, owed to or due from reinsurers. Reinsurance recoverables relating to reinsurance of traditional and limited-payment contracts are required to be recognized and measured in a manner consistent with liabilities relating to the underlying reinsured contracts, including using consistent assumptions. Reinsurance contracts may be executed subsequent to the direct contract issue dates, and market interest rates may have changed between the date that the underlying insurance contracts were issued and the date the reinsurance contract is recognized in the financial statements, resulting in the underlying discount rate differing between the direct and reinsured business. The Company regularly monitors the financial strength ratings of its reinsurers. At September 30, 2023 and December 31, 2022, the Company had an allowance for credit losses (“ACL”) of $33 million and $15 million, respectively, on its reinsurance recoverables, which are reported net of ACL on the Condensed Consolidated Balance Sheets. The ACL considers the credit quality of the reinsurer and is generally determined based on probability of default and loss given default assumptions, after considering any applicable collateral arrangements. During the second quarter, the Company increased its ACL related to a specific reinsurer which was recently ordered into liquidation. The recognized ACL represents our current best estimate of our remaining loss exposure associated with this reinsurer. For reinsurance recoverables that are collateralized, and the amount of collateral is expected to be adjusted as necessary as a result of fair value changes in the collateral, the Company determines that the expectation of nonpayment of the carrying value of the reinsurance recoverable is zero. If the fair value of the collateral at the reporting date is less than the carrying value of the reinsurance recoverable, the Company recognizes an ACL on the difference between the fair value of the collateral at the reporting date and the carrying value of the reinsurance recoverable. Additions to or releases of the ACL are reported in Death, other policyholder benefits, and changes in reserves, net of deferrals in the Condensed Consolidated Income Statements. Reinsurance recoverable on market risk benefits is recognized at fair value with changes being recognized in current period earnings within market risk benefit (gains) losses, net. Non-performance risk of the reinsurer is incorporated into the calculation through the adjustment of the risk-free rate curve based on credit spreads observed on instruments issued by similarly-rated life insurance companies. The Company’s reinsurance contract that cedes only the GMIB elected on certain variable annuity products is classified as a reinsurance recoverable on market risk benefits. These reinsured MRBs may have direct MRB balances recorded as either assets or liabilities; however, because the unit of account for the reinsured MRB is the reinsurance contract, the ceded MRB is presented in total within reinsurance recoverable on market risk benefits. The fees used to determine the fair value of the reinsurance recoverable on market risk benefits are those defined in the reinsurance contract. Guaranteed benefits related to the optional lifetime income rider offered on certain fixed index annuities are MRBs that are reinsured with Athene. The reinsured MRBs are measured using a non-option valuation approach which uses cash flow assumptions and an attributed fee ratio consistent with those used to measure the MRBs on the direct contract and a discount rate that considered the reinsurer’s credit risk. The attributed fee is locked-in at inception of the contract. Components of the Company’s reinsurance recoverable excluding MRBs were as follows (in millions, 2022 information recast for the adoption of LDTI): September 30, December 31, 2023 2022 Reserves: Life $ 5,316 $ 5,307 Accident and health 404 482 Annuity benefits (1) 19,801 22,470 Claims liability and other 691 787 Total $ 26,212 $ 29,046 (1) Other annuity benefits primarily attributable to fixed and fixed index annuities reinsured with Athene. Components of the Company’s reinsurance recoverable on market risk benefits were as follows (in millions, 2022 information recast for the adoption of LDTI): September 30, December 31, 2023 2022 Variable annuity $ 134 $ 183 Other product lines 33 38 Total $ 167 $ 221 Reinsurance and Funds Withheld Payable Under Reinsurance Treaties Under the reinsurance agreement with Athene and the retro treaties with SRZ, the Company maintains ownership of the underlying investments instead of transferring them to the reinsurer and, as a result, records a funds withheld liability payable to the reinsurer. Investment returns earned on withheld assets are paid by the Company to the reinsurer, pursuant to the terms of the agreements. Investment income and net gains (losses) on derivatives and investments are reported net of gains or losses on the funds withheld payable under reinsurance treaties. The amounts credited to reinsurers on the funds withheld payable is based on the return earned on those assets. The return earned on the assets is subject to the credit risk of the original issuer of the instrument rather than Jackson’s own creditworthiness, which results in an embedded derivative (total return swap). Funds withheld under reinsurance agreement with Athene The Company recognizes a liability for the embedded derivative related to the funds withheld under the reinsurance agreement with Athene within funds withheld payable under reinsurance treaties in the Condensed Consolidated Balance Sheets. The embedded derivative is measured at fair value with changes in fair value reported in net gains (losses) on derivatives and investments in the Condensed Consolidated Income Statements. At inception of the reinsurance agreement with Athene, the fair value of the withheld investments differed from their book value and, accordingly, while the investments are held, the amortization of this difference is reported in net gains (losses) on derivatives and investments in the Condensed Consolidated Income Statements. Funds withheld under reinsurance agreements with SRZ At execution of the retro treaties with SRZ, the Company elected the fair value option for the withheld assets, as well as the related funds withheld payable. Accordingly, the embedded derivative is not bifurcated or separately measured. The funds withheld payable is measured at fair value with changes in fair value reported in net gains (losses) on derivatives and investments. The fair value of the funds withheld payable is equal to the fair value of the assets held as collateral. The following assets and liabilities were held in support of reserves associated with the Company’s funds withheld reinsurance agreements and were reported in the respective financial statement line items in the Condensed Consolidated Balance Sheets (in millions): September 30, December 31, 2023 2022 Assets Debt securities, available-for-sale $ 11,511 $ 13,622 Debt securities, at fair value under the fair value option 143 159 Equity securities 137 77 Mortgage loans 3,106 4,127 Mortgage loans, at fair value under the fair value option 476 582 Policy loans 3,447 3,435 Freestanding derivative instruments, net 57 78 Other invested assets 677 793 Cash and cash equivalents 616 260 Accrued investment income 148 166 Other assets and liabilities, net (60) (73) Total assets (1) $ 20,258 $ 23,226 Liabilities Funds held under reinsurance treaties (2) $ 19,973 $ 22,957 Total liabilities $ 19,973 $ 22,957 (1) Certain assets are reported at amortized cost while the fair value of those assets is reported in the embedded derivative in the funds withheld liability. (2) Includes funds withheld embedded derivative asset (liability) of $3,352 million and $3,158 million at September 30, 2023 and December 31, 2022, respectively. The sources of income related to funds withheld under reinsurance treaties reported in net investment income in the Condensed Consolidated Income Statements were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Debt securities (1) $ 162 $ 178 $ 494 $ 508 Equity securities 2 (3) (36) (28) Mortgage loans (2) 48 59 174 160 Policy loans 80 77 238 236 Limited partnerships 17 23 32 125 Other investment income 13 — 16 1 Total investment income on funds withheld assets 322 334 918 1,002 Other investment expenses on funds withheld assets (3) (19) (21) (56) (65) Total net investment income on funds withheld reinsurance treaties $ 303 $ 313 $ 862 $ 937 (1) Includes $1 million and $3 million for the three and nine months ended September 30, 2023, respectively, and $(3) million and $(11) million for the three and nine months ended September 30, 2022, respectively, related to the change in fair value for securities carried under the fair value option. (2) Includes $(5) million and $(7) million for the three and nine months ended September 30, 2023, respectively, and $(7) million and $(10) million for the three and nine months ended September 30, 2022, respectively, related to the change in fair value for mortgage loans carried under the fair value option. (3) Includes management fees. The gains and losses on funds withheld reinsurance treaties as a component of net gains (losses) on derivatives and investments in the Condensed Consolidated Income Statements were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Available-for-sale securities Realized gains on sale $ 8 $ 1 $ 24 $ 41 Realized losses on sale (13) (8) (61) (39) Credit loss expense (10) 7 (8) (33) Credit loss expense on mortgage loans (10) 6 (17) 17 Other (16) (43) (4) (102) Net gains (losses) on non-derivative investments (41) (37) (66) (116) Net gains (losses) on derivative instruments 24 76 1 160 Net gains (losses) on funds withheld payable under reinsurance treaties (1) 176 516 (583) 2,616 Total net gains (losses) on derivatives and investments $ 159 $ 555 $ (648) $ 2,660 (1) Includes the Athene embedded derivative gain (loss) of $451 million and $194 million for the three and nine months ended September 30, 2023, respectively, and $824 million and $3,452 million for the three and nine months ended September 30, 2022, respectively.

Reserves for Future Policy Bene

Reserves for Future Policy Benefits and Claims Payable	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Reserves for Future Policy Benefits and Claims Payable	Reserves for Future Policy Benefits and Claims Payable This note contains the new accounting policy for the adoption of LDTI. Reserves for Future Policy Benefits For non-participating traditional and limited-payment insurance contracts, the reserve for future policy benefits represents the present value of estimated future policy benefits to be paid to or on behalf of policyholders in future periods and certain related expenses less the present value of estimated future net premiums. Reserves for future policy benefits for non-participating traditional and limited-payment insurance contracts are measured using the net premium ratio ("NPR") measurement model. The NPR measurement model accrues for future policy benefits in proportion to the premium revenue recognized. The reserve for future policy benefits is derived from the Company's best estimate of future net premium and future benefits and expenses, which is based on best estimate assumptions including mortality, persistency, claims expense, and discount rate. On an annual basis, or as circumstances warrant, we conduct a comprehensive review of our current best estimate assumptions based on our experience, industry benchmarking, and other factors, as applicable. Expense assumptions are updated based on estimates of expected non-level costs, such as termination or settlement costs, and costs after the premium-paying period and exclude acquisition costs or any costs that are required to be charged to expenses as incurred. Updates to assumptions are applied on a retrospective basis, and the change in the reserve for future policy benefits resulting from updates to assumptions is reported separately on the Condensed Consolidated Income Statements within the (Gain) loss from updating future policy benefits cash flow assumptions, net. Each reporting period the reserve for future policy benefits is updated to reflect actual experience to date. The Company establishes cohorts, which are groupings used to measure reserves for future policy benefits. In determining cohorts, the Company considered both qualitative and quantitative factors, including the issue year, type of product, product features, and legal entity. The discount rate used to estimate reserves for future policy benefits is consistent with an upper-medium grade (low-credit risk) fixed-income corporate instrument yield, which has been interpreted to represent a single-A corporate instrument yield. This discount rate curve is determined by fitting a parametric function to yields to maturity and related times to maturity of market observable single-A rated corporate instruments. The discount rate used to recognize interest accretion on the reserves for future policy benefits is locked at the initial measurement of the cohort. Each reporting period, the reserve for future policy benefits is remeasured using the current discount rate. The difference between the reserve calculated using the current discount rate and the reserve calculated using the locked-in discount rate is recorded in OCI. For limited-payment insurance contracts, premiums are paid over a period shorter than the period over which benefits are provided. Gross premiums received in excess of the net premium are deferred and recognized as a deferred profit liability ("DPL"). The DPL is included within the reserve for future policy benefits and profits are recognized in income as a component of benefit expenses on a constant relationship with the amount of expected future benefit payments. Interest is accreted on the balance of the DPL using the discount rate locked in at the initial measurement of the cohort. Measurement of the DPL uses best estimate assumptions for mortality. These assumptions are similarly subject to the annual review process discussed above. Additional Liabilities – Universal Life-type For universal life-type insurance contracts, a liability is recognized for the policyholder’s account value as discussed further in Note 10 of the Notes to Condensed Consolidated Financial Statements. Where these contracts provide additional benefits beyond the account balance or base insurance coverage that are not market risk benefits or embedded derivatives, liabilities in addition to the policyholder’s account value are recognized. These additional liabilities for annuitization, death and other insurance benefits are reported within reserves for future policy benefits and claims payable. The methodology uses a benefit ratio defined as a constant percentage of the assessment base. This ratio is multiplied by current period assessments to determine the reserve accrual for the period. The assumptions used in the measurement of the additional liabilities for annuitization, death and other insurance benefits are based on best estimate assumptions including mortality, persistency, investment returns, and discount rates. These assumptions are similarly subject to the annual review process discussed above. As available-for-sale debt securities are carried at fair value, an adjustment is made to these additional liabilities equal to the change in liability that would have occurred if such securities had been sold at their stated fair value and the proceeds reinvested at current yields. This adjustment, along with the change in net unrealized gains (losses) on available-for-sale debt securities, net of applicable tax, is credited or charged directly to equity as a component of OCI. See Note 10 of the Notes to Condensed Consolidated Financial Statements for more information regarding other contract holder funds. Other Future Policy Benefits and Claims Payable In conjunction with a prior acquisition, the Company recorded a fair value adjustment at acquisition related to certain annuity and interest-sensitive liability blocks of business to reflect the cost of the interest guarantees within the in-force liabilities, based on the difference between the guaranteed interest rate and an assumed new money guaranteed interest rate at acquisition. This adjustment is included in other future policy benefits and claims payable as disclosed in the table below. This liability is remeasured at the end of each period, taking into account changes in the in-force block. Any resulting change in the liability is recorded as a Gain (loss) from updating future policy benefits cash flow assumptions, net through the Condensed Consolidated Income Statements. In addition, annuity and life claims liabilities in course of settlement are included in other future policy benefits and claims payable as disclosed in the table below. The following table summarizes the Company’s reserves for future policy benefits and claims payable balances (in millions, 2022 information recast for the adoption of LDTI): September 30, December 31, 2023 2022 Reserves for future policy benefits Payout Annuities $ 1,014 $ 1,042 Closed Block Life 3,813 4,161 Closed Block Annuity 4,077 4,434 Reserves for future policy benefits 8,904 9,637 Additional liabilities Closed Block Life 1,086 1,131 Other future policy benefits and claims payable 1,428 1,550 Reserves for future policy benefits and claims payable $ 11,418 $ 12,318 The following tables present the roll-forward of components of reserves for future policy benefits (in millions, 2022 information recast for the adoption of LDTI): Present Value of Expected Net Premiums Nine Months Ended September 30, Year Ended December 31, 2023 2022 Payout Closed Block Closed Block Payout Closed Block Closed Block Annuities Life Annuity Annuities Life Annuity Balance, beginning of period $ — $ 1,287 $ — $ — $ 1,464 $ — Beginning of period cumulative effect of changes in discount rate assumptions — 161 — — (157) — Beginning balance at original discount rate — 1,448 — — 1,307 — Effect of changes in cash flow assumptions — — — — 242 — Effect of actual variances from expected experience — (95) — — 1 — Balance adjusted for variances from expectation — 1,353 — — 1,550 — Issuances — 5 — — 6 — Interest accrual — 27 — — 39 — Net premiums collected — (131) — — (147) — Ending balance at original discount rate — 1,254 — — 1,448 — End of period cumulative effect of changes in discount rate assumptions — (173) — — (161) — Balance, end of period $ — $ 1,081 $ — $ — $ 1,287 $ — Present Value of Expected Future Policy Benefits Nine Months Ended September 30, Year Ended December 31, 2023 2022 Payout Closed Block Closed Block Payout Closed Block Closed Block Annuities Life Annuity Annuities Life Annuity Balance, beginning of period $ 1,042 $ 5,448 $ 4,434 $ 1,249 $ 6,913 $ 5,739 Beginning of period cumulative effect of changes in discount rate assumptions 132 958 275 (84) (349) (689) Beginning balance at original discount rate (including DPL of $40, $0 and $671 in September 30, 2023, and $38, $0 and $459 in December 31, 2022 for payout annuities, closed block life and closed block annuity, respectively) 1,174 6,406 4,709 1,165 6,564 5,050 Effect of changes in cash flow assumptions — — — 4 331 (15) Effect of actual variances from expected experience (17) (74) (12) (37) 38 (34) Balance adjusted for variances from expectation 1,157 6,332 4,697 1,132 6,933 5,001 Issuances 84 13 — 126 14 4 Interest accrual 32 151 147 40 209 210 Benefits payments (97) (522) (368) (124) (750) (506) Ending balance of original discount rate (including DPL of $40, $0 and $637 in September 30, 2023, and $40, $0 and $671 in December 31, 2022 for payout annuities, closed block life and closed block annuity, respectively) 1,176 5,974 4,476 1,174 6,406 4,709 End of period cumulative effect of changes in discount rate assumptions (162) (1,080) (399) (132) (958) (275) Balance, end of period $ 1,014 $ 4,894 $ 4,077 $ 1,042 $ 5,448 $ 4,434 Reserves for future policy benefits 1,014 3,813 4,077 1,042 4,161 4,434 Less: Reinsurance recoverable 83 2,107 2 71 2,263 2 Reserves for future policy benefits, after reinsurance recoverable $ 931 $ 1,706 $ 4,075 $ 971 $ 1,898 $ 4,432 The following table presents the weighted average duration of the reserves for future policy benefits (2022 information recast for the adoption of LDTI). The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount: Payout Closed Block Closed Block Annuities Life Annuity September 30, 2023 Weighted average duration (years) 6.7 7.5 6.7 December 31, 2022 Weighted average duration (years) 6.9 7.8 7.0 The discount rate assumption was updated based on current market data. Discount rates increased in the third quarter of 2023 compared to the fourth quarter of 2022. Discount rates increased substantially throughout 2023 primarily due to increases in single-A yields, which resulted in a decrease in the liability for future policy benefits . Refer to the roll-forward above for further details. The following table presents the amount of undiscounted and discounted expected future gross premiums and expected future benefit payments for future policy benefits for non-participating traditional and limited-payment insurance contracts (in millions, 2022 information recast for the adoption of LDTI). The discounted premiums are calculated using the current discount rate, while the undiscounted cash flows represent the gross cash flows before any discounting is applied: September 30, 2023 December 31, 2022 Undiscounted Discounted Undiscounted Discounted Payout Annuities Expected future benefit payments $ 1,560 $ 973 $ 1,542 $ 999 Expected future gross premiums — — — — Closed Block Life Expected future benefit payments 8,212 5,016 8,751 5,578 Expected future gross premiums 5,462 2,990 5,976 3,489 Closed Block Annuity Expected future benefit payments 5,524 3,418 5,834 3,729 Expected future gross premiums $ — $ — $ — $ — The following table presents the amount of revenue and interest related to non-participating traditional and limited-pay insurance contracts recognized in the Condensed Consolidated Income Statements (in millions, 2022 information recast for the adoption of LDTI): Gross Premiums Interest Expense Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Payout Annuities $ 16 $ 10 $ 32 $ 40 Closed Block Life 250 390 124 170 Closed Block Annuity 1 — 147 210 Total $ 267 $ 400 $ 303 $ 420 The following table presents the weighted average interest rate for the reserves for future policy benefits at the cohort's level for the locked-in discount rate (interest accretion rate), and current discount rate, weighted by the cohort's benefit reserve amount (2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Payout Annuities Interest accretion rate 3.81 % 3.71 % Current discount rate 6.02 % 5.40 % Closed Block Life Interest accretion rate 2.99 % 3.01 % Current discount rate 5.95 % 5.34 % Closed Block Annuity Interest accretion rate 4.40 % 4.40 % Current discount rate 6.02 % 5.41 % The following table presents a roll-forward of Closed Block Life additional liabilities for annuitization, death and other insurance benefits (in millions, 2022 information recast for the adoption of LDTI): Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Balance, beginning of period $ 1,131 $ 1,173 Beginning of period cumulative effect of changes in shadow adjustments 41 (14) Beginning balance excluding shadow 1,172 1,159 Effect of changes in cash flow assumptions — 6 Effect of actual variances from expected experience 25 58 Interest accrual 42 56 Net assessments collected (123) (107) Ending balance excluding shadow 1,116 1,172 End of period cumulative effect of changes in shadow adjustments (30) (41) Balance, end of period $ 1,086 $ 1,131 The following table presents the weighted average duration of Closed Block Life additional liabilities for annuitization, death and other insurance benefits. The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount (2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Weighted average duration (years) 7.9 8.1 The following table presents assessments and interest expense of Closed Block Life additional liabilities for annuitization, death and other insurance benefits recognized in the Condensed Consolidated Income Statements (in millions, 2022 information recast for the adoption of LDTI): Assessments Interest Expense Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Additional liability for annuitization, death and other insurance benefits $ (123) $ (107) $ 42 $ 56 The following table presents the weighted average current discount rate of Closed Block Life additional liabilities for annuitization, death and other insurance benefits, applied at the cohort level weighted by reserve benefit amount (2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Weighted average current discount rate 4.97 % 4.96 %

Other Contract Holder Funds

Other Contract Holder Funds	9 Months Ended
	Sep. 30, 2023
ASU 2018-12 Transition [Abstract]
Other Contract Holder Funds	Other Contract Holder Funds This note contains the new accounting policy for the adoption of LDTI. Other contract holder funds represent the policyholder account balance on our universal life-type products, investment contracts, and the fair value of the embedded derivatives associated with the indexed crediting features on our fixed index annuities and registered index-linked annuities. Universal life type contracts have, as a principal component, an account balance in which interest is credited to policyholders and assessments are deducted for mortality risk and contract administration. The account balance is recognized as a liability within other contract holder funds, and the liability is updated each period for fee and assessment deductions and increased for interest or returns credited to the account balance. Certain of our universal life type contracts contain features that are not classified as market risk benefits or embedded derivatives but provide additional benefits beyond the account balance or base insurance coverage for which a liability in addition to the account balance is necessary. These additional liabilities for death or other insurance benefits are reported as a component of reserves for future policy benefits and claims payable in the Condensed Consolidated Balance Sheets. See Note 9 of the Notes to the Condensed Consolidated Financial Statements for more information regarding these additional liabilities. Certain contracts without significant mortality or morbidity risk and certain annuities that lack insurance risk are treated as investment contracts. For investment contracts, payments received are reported as liabilities and accounted for in a manner consistent with the accounting for interest-bearing or other financial instruments, within other contract holder funds. The Company issues a variety of annuity products including fixed annuities, fixed index annuities, registered index linked annuities, variable annuities and payout annuities. For annuity contracts that are classified as investment contracts, the liability is the account balance as of the reporting date, reported within the other contract holder funds. For the variable annuity products, only the allocations to fixed fund options are reported in other contract holder funds. For our fixed index annuities and registered index linked annuities, the equity-linked option issued by the Company is accounted for as an embedded derivative measured at fair value and reported as a component of other contract holder funds on the Condensed Consolidated Balance Sheets with changes in fair value recorded in net income within net gains (losses) on derivatives and investments. The fair value is determined using an option-budget method with capital market inputs of market index returns and discount rates as well as actuarial assumptions including lapse, mortality and withdrawal rates. Favorable equity market movements cause increases in future contract holder benefits, resulting in an increase in the fair value of the embedded derivative liability (and vice versa). The Company also establishes a host contract reserve to support the underlying guaranteed account value growth. This host contract liability is included as a component of other contract holder funds on the Condensed Consolidated Balance Sheets. Interest is accreted to the host contract liability using an effective yield method. Our annuity products may contain certain features or guarantees that are classified as MRBs. These market risk benefits are a component of the market risk benefits line items in the Condensed Consolidated Balance Sheet. See Note 12 of the Notes to Condensed Consolidated Financial Statements for more information regarding market risk benefits. The Company’s institutional products business is comprised of the guaranteed investment contracts, medium-term funding agreement-backed notes and funding agreements (including agreements issued in conjunction with the Company’s participation in the U.S. Federal Home Loan Bank ("FHLB") program) described below. The Company has established a $27 billion aggregate Global Medium-Term Note ("MTN") program. Jackson National Life Global Funding was formed as a statutory business trust, solely for the purpose of issuing Medium-Term Note instruments to institutional investors, the proceeds of which are deposited with the Company and secured by the issuance of funding agreements. The carrying values at both September 30, 2023 and December 31, 2022 totaled $5.9 billion, respectively. Those Medium-Term Note instruments issued in a foreign currency have been hedged for changes in exchange rates using cross-currency swaps. The unrealized foreign currency gains and losses on those Medium-Term Note instruments are included in the carrying value of the trust instruments supported by funding agreements. Trust instrument liabilities are adjusted to reflect the effects of foreign currency translation gains and losses using exchange rates as of the reporting date. Foreign currency translation gains and losses are included in net gains (losses) on derivatives and investments. Jackson is a member of the FHLBI primarily for the purpose of participating in the bank’s mortgage-collateralized loan advance program with long-term funding facilities. Advances are in the form of funding agreements, short-term and long-term borrowings issued to FHLBI. At September 30, 2023 and December 31, 2022, the Company held $108 million and $146 million of FHLBI capital stock, respectively, supporting $2.2 billion and $2.1 billion in funding agreements and short-term and long-term borrowings at September 30, 2023 and December 31, 2022, respectively. The following table presents the liabilities for other contract holder funds (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Payout Annuity $ 852 $ 837 Variable Annuity 8,921 10,259 Fixed Annuity 10,202 11,696 Fixed Indexed Annuities 10,715 11,787 RILA 3,841 1,875 Closed Block Life 11,084 11,215 Closed Block Annuity 1,267 1,319 Institutional Products 8,712 9,019 Other Product Lines 172 183 Total other contract holder funds $ 55,766 $ 58,190 The following table presents a roll-forward of other contract holder funds, gross of reinsurance (in millions, 2022 information recast for the adoption of LDTI): Fixed Closed Closed Payout Variable Fixed Indexed Block Block Annuity Annuity Annuity Annuities RILA Life Annuity Total Balance as of January 1, 2023 $ 837 $ 10,259 $ 11,696 $ 11,787 $ 1,875 $ 11,215 $ 1,319 $ 48,988 Deposits 155 793 183 179 1,881 238 3 3,432 Surrenders, withdrawals and benefits (181) (1,315) (1,838) (1,471) (47) (588) (88) (5,528) Net transfers from (to) separate accounts — (959) — — — — — (959) Investment performance / change in value of equity option — — — 115 123 — — 238 Interest credited 18 210 261 161 9 566 32 1,257 Policy charges and other 23 (67) (100) (56) — (347) 1 (546) Balance as of September 30, 2023 $ 852 $ 8,921 $ 10,202 $ 10,715 $ 3,841 $ 11,084 $ 1,267 $ 46,882 Fixed Closed Closed Payout Variable Fixed Indexed Block Block Annuity Annuity Annuity Annuities RILA Life Annuity Total Balance as of December 31, 2021 $ 831 $ 9,456 $ 13,185 $ 13,161 $ 110 $ 11,570 $ 1,394 $ 49,707 Deposits 213 1,350 276 126 1,811 320 9 4,105 Surrenders, withdrawals and benefits (230) (1,492) (2,017) (1,414) (8) (766) (118) (6,045) Net transfers from (to) separate accounts — 870 — — — — — 870 Investment performance / change in value of equity option — — — (302) (37) — — (339) Interest credited 20 168 389 238 2 659 48 1,524 Policy charges and other 3 (93) (137) (22) (3) (568) (14) (834) Balance as of December 31, 2022 $ 837 $ 10,259 $ 11,696 $ 11,787 $ 1,875 $ 11,215 $ 1,319 $ 48,988 The following table presents weighted average crediting rate, net amount at risk, and cash surrender value of contract holder account balances (dollars in millions, 2022 information recast for the adoption of LDTI): Fixed Closed Closed Payout Variable Fixed Indexed Block Block Annuity Annuity Annuity Annuities RILA Life Annuity September 30, 2023 Weighted-average crediting rate (1) 2.82 % 3.14 % 3.41 % 2.00 % 0.31 % 6.81 % 3.37 % Net amount at risk (2) $ — $ — $ — $ — $ — $ 16,601 $ — Cash surrender value (3) $ — $ 8,816 $ 10,110 $ 10,351 $ 3,609 $ 11,005 $ 1,267 December 31, 2022 Weighted-average crediting rate (1) 2.39 % 1.64 % 3.33 % 2.02 % 0.11 % 5.88 % 3.64 % Net amount at risk (2) $ — $ — $ — $ — $ — $ 17,427 $ — Cash surrender value (3) $ — $ 10,101 $ 11,573 $ 11,409 $ 1,728 $ 7,096 $ 1,319 (1) Weighted average crediting rate is the average crediting rate weighted by contract holder account balances invested in fixed account funds. (2) Net amount at risk represents the standard excess benefit base for guaranteed death benefits on universal life type products. The net amount at risk associated with market risk benefits are presented within Note 12 of the Notes to Consolidated Financial Statements, as recast in our Current Report on Form 8-K filed May 10, 2023. (3) Cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less the applicable surrender charges. At September 30, 2023 and December 31, 2022, excluding reinsurance business, approximately 93% and 92% of the Company’s annuity account values correspond to crediting rates that are at the minimum guaranteed interest rates, respectively. At September 30, 2023 and December 31, 2022, excluding reinsurance business, approximately 64% and 65% of the Company’s closed block life account values correspond to crediting rates that are at the minimum guaranteed interest rates, respectively. The following table presents contract holder account balances invested in fixed account funds by range of guaranteed minimum crediting rates and the related range of the difference between rates being credited to other contract holder funds and the respective guaranteed minimums (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 At Guaranteed 1 Basis Point-50 51 Basis Points-150 Greater Than 150 Range of Guaranteed Minimum Crediting Rate Minimum Basis Points Above Basis Points Above Basis Points Above Total Variable Annuities 0.00%-1.50% $ — $ 13 $ 1 $ — $ 14 1.51%-2.50% 185 — — — 185 Greater than 2.50% 8,692 — — 30 8,722 Total $ 8,877 $ 13 $ 1 $ 30 $ 8,921 Fixed Annuities 0.00%-1.50% $ 18 $ 59 $ 75 $ 1 $ 153 1.51%-2.50% 30 1 1 — 32 Greater than 2.50% 692 53 — 284 1,029 Total $ 740 $ 113 $ 76 $ 285 $ 1,214 Fixed Indexed Annuities 0.00%-1.50% $ 5 $ 10 $ 3 $ 43 $ 61 1.51%-2.50% — — — — — Greater than 2.50% 21 — 60 — 81 Total $ 26 $ 10 $ 63 $ 43 $ 142 RILA 0.00%-1.50% $ 7 $ — $ 4 $ 1 $ 12 1.51%-2.50% — — — — — Greater than 2.50% 36 — — — 36 Total $ 43 $ — $ 4 $ 1 $ 48 Closed Block Life 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — — — — Greater than 2.50% 4,471 1,842 608 15 6,936 Total $ 4,471 $ 1,842 $ 608 $ 15 $ 6,936 Closed Block Annuity 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — 1 12 13 Greater than 2.50% 957 120 23 — 1,100 Total $ 957 $ 120 $ 24 $ 12 $ 1,113 December 31, 2022 At Guaranteed 1 Basis Point-50 51 Basis Points-150 Greater Than 150 Range of Guaranteed Minimum Crediting Rate Minimum Basis Points Above Basis Points Above Basis Points Above Total Variable Annuities 0.00%-1.50% $ 6,679 $ 32 $ 2 $ 75 $ 6,788 1.51%-2.50% 200 — — — 200 Greater than 2.50% 3,271 — — — 3,271 Total $ 10,150 $ 32 $ 2 $ 75 $ 10,259 Fixed Annuities 0.00%-1.50% $ 19 $ 76 $ 95 $ — $ 190 1.51%-2.50% 35 2 1 — 38 Greater than 2.50% 576 64 351 — 991 Total $ 630 $ 142 $ 447 $ — $ 1,219 Fixed Indexed Annuities 0.00%-1.50% $ 6 $ 17 $ 5 $ 40 $ 68 1.51%-2.50% — — — — — Greater than 2.50% 24 — — — 24 Total $ 30 $ 17 $ 5 $ 40 $ 92 RILA 0.00%-1.50% $ 10 $ — $ 7 $ — $ 17 1.51%-2.50% — — — — — Greater than 2.50% — — — — — Total $ 10 $ — $ 7 $ — $ 17 Closed Block Life 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — — — — Greater than 2.50% 4,566 1,868 619 14 7,067 Total $ 4,566 $ 1,868 $ 619 $ 14 $ 7,067 Closed Block Annuity 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — 1 10 11 Greater than 2.50% 980 159 21 — 1,160 Total $ 980 $ 159 $ 22 $ 10 $ 1,171 This note contains the new accounting policy for the adoption of LDTI. Contracts or contract features that provide protection to the contract holder from capital market risk and expose the Company to other-than-nominal capital market risk are classified as MRBs. All long-duration insurance contracts and certain investment contracts are subject to MRB evaluation. MRBs are measured at fair value at the contract level and can be in either an asset or liability position. For contracts that contain multiple MRB features, the MRBs are valued together as a single compound MRB. Market risk benefit assets and Market risk benefit liabilities are reported separately on the Condensed Consolidated Balance Sheets. Changes in fair value are reported in Net (gains) losses on market risk benefits on the Condensed Consolidated Income Statements. However, the change in fair value related to our own non-performance risk is reported as a component of other comprehensive income in Change in non-performance risk on market risk benefits on the Condensed Consolidated Statements of Comprehensive Income (Loss). A description of the items effecting the change in fair value by category is as follows: • Changes in interest rates — movement in risk free rates (impacts both assumed future separate account returns and discounting of cash flows) • Fund performance — separate account returns gross of fees • Change in equity index volatility — movement in implied volatility • Expected policyholder behavior — policyholder behavior as assumed in reserving • Actual policyholder behavior different than expected — difference between actual behavior during the period versus assumed behavior • Time — effect of passage of time including reduction to separate account balances from fees, the change in proximity of future cash flows, and impacts to policy features such as bonus credits • Change in assumptions — changes in assumptions resulting from our periodic review • Change in non-performance risk — changes in Jackson’s non-performance risk See Note 6 of the Notes to Condensed Consolidated Financial Statements for more information regarding fair value measurements. Additionally, when an annuitization occurs (for annuitization benefits) or upon extinguishment of the account balance (for withdrawal benefits), the balance related to the MRB is derecognized and the amount deducted (after derecognition of any related amount included in accumulated other comprehensive income) is used in the calculation of the liability for future policy benefits for the resulting payout annuity. Variable Annuities Variable annuity contracts issued by the Company offer various guaranteed minimum death, withdrawal, income and accumulation benefits. These guaranteed benefit features, as well as the reinsurance recoverable on the Company’s guaranteed minimum income benefits (“GMIB”), are classified as MRBs and measured at fair value. The Company discontinued offering the GMIB in 2009 and the guaranteed minimum accumulation benefits (“GMAB”) in 2011. Variable annuity guaranteed benefit features classified as MRBs, which have explicit fees, are measured using the attributed fee method. Under the attributed fee method, fair value is measured as the difference between the present value of projected future liabilities and the present value of projected attributed fees. At the inception of the contract, the Company attributes to the MRB a portion of total fees expected to be assessed against the contract holder to offset the projected claims over the lifetime of the contract. The attributed fee is expressed as a percentage of total projected future fees at inception of the contract. This percentage of total projected fees is considered a fixed term of the MRB feature and is held static over the life of the contract. This percentage may not exceed 100% of the total projected contract fees as of contract inception. As the Company may issue contracts that have projected future liabilities greater than the projected future guaranteed benefit fees at issue, the Company may also attribute mortality and expense charges when performing this calculation. In subsequent valuations, both the present value of future projected liabilities and the present value of projected attributed fees are remeasured based on current market conditions and policyholder behavior assumptions. Fixed Index Annuities The longevity riders issued on fixed index annuities are classified as MRBs and measured at fair value. Similar to the variable annuity guaranteed benefits features, these contracts have explicit fees and are measured using the attributed fee method. The Company attributes a percentage of total projected future fees expected to be assessed against the policyholder to offset the projected future claims over the lifetime of the contract. If the fees attributed are insufficient to offset the claims at issue, the shortfall is borrowed from the host contract rather than recognizing a loss at inception. RILA RILA guaranteed benefit features are classified as MRBs and measured at fair value. Unlike variable or fixed index annuities, RILA products do not have explicit fees and are measured using an option-based method. The fair value measurement represents the present value of future claims payable by the MRB feature. At inception, the value of the MRB is deducted from the value of the contract resulting in no gain or loss. The following table presents the reconciliation of the market risk benefits balance in the Condensed Consolidated Balance Sheets (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Variable Other Variable Other Annuities Product Lines Total Annuities Product Lines Total Market risk benefit - (assets) $ (6,807) $ (8) $ (6,815) $ (4,856) $ (9) $ (4,865) Market risk benefit - liabilities 3,880 37 3,917 5,623 39 5,662 Market risk benefit - net (asset) liability $ (2,927) $ 29 $ (2,898) $ 767 $ 30 $ 797 The following table presents the roll-forward of the net MRB (assets) liabilities for variable annuities (dollars in millions, 2022 information recast for the adoption of LDTI): Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Net MRB balance, beginning of period $ 767 $ 6,281 Beginning of period cumulative effect of changes in non-performance risk 2,185 326 Net MRB balance, beginning of period, before effect of changes in non-performance risk 2,952 6,607 Effect of changes in interest rates (3,895) (14,137) Effect of fund performance (2,587) 6,432 Effect of changes in equity index volatility (838) 1,576 Effect of expected policyholder behavior 406 532 Effect of actual policyholder behavior different from expected 360 (230) Effect of time 1,397 1,707 Effect of changes in assumptions (9) 465 Net MRB balance, end of period, before effect of changes in non-performance risk (2,214) 2,952 End of period cumulative effect of changes in non-performance risk (713) (2,185) Net MRB balance, end of period, gross (2,927) 767 Reinsurance recoverable on market risk benefits at fair value, end of period (134) (183) Net MRB balance, end of period, net of reinsurance (3,061) 584 Weighted average attained age (years) (1) 69 69 Net amount at risk (2) $ 12,977 $ 15,592 (1) Weighted-average attained age is defined as the average age of policyholders weighted by account value. (2) Net amount at risk (NAR) is defined as of the valuation date for each contract as the greater of Death Benefit NAR (DBNAR) and Living Benefit NAR (LBNAR), as applicable, where DBNAR is the GMDB benefit base in excess of the account value, and the LBNAR is the actuarial present value of guaranteed living benefits in excess of the account value. At each reporting date, the Company regularly evaluates the inputs and assumptions to be used to measure the fair value of the MRB assets and MRB liabilities. In prior periods, the non-performance risk adjustment was determined based on credit spreads indicated by a blend of yields on similarly rated peer debt and yields on Company debt. Starting June 30, 2023, non-performance risk is incorporated into the calculation through the adjustment of the risk-free rate curve based only on credit spreads for debt and debt-like instruments issued by the Company or its insurance operating subsidiaries, adjusted, as necessary, to reflect the financial strength ratings of the issuing insurance subsidiaries. The change was made as a result of management’s determination that the reliability of credit spreads on debt and debt-like instruments issued by the Company as a measure of company-specific credit risk has increased due to sustained levels of market trading volume of these instruments.

Separate Account Assets and Lia

Separate Account Assets and Liabilities	9 Months Ended
	Sep. 30, 2023
ASU 2018-12 Transition [Abstract]
Separate Account Assets and Liabilities	Separate Account Assets and Liabilities This note contains the new accounting policy for the adoption of LDTI. The Company issues variable contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder (traditional variable annuities). The Company also issues variable annuity and life contracts through separate accounts where the Company contractually guarantees to the contract holder (variable contracts with guarantees) either a) return of no less than total deposits made to the account adjusted for any partial withdrawals, b) total deposits made to the account adjusted for any partial withdrawals plus a minimum return, or c) the highest account value on a specified anniversary date adjusted for any withdrawals following the contract anniversary. These guarantees include benefits that are payable in the event of death (guaranteed minimum death benefits, or "GMDB"), at annuitization ("GMIB"), upon the depletion of funds ("GMWB") or at the end of a specified period ("GMAB"). These guarantees are classified as market risk benefits. See Note 12 of the Notes to Condensed Consolidated Financial Statements for more information regarding market risk benefits. The separate account assets supporting the variable portion of both traditional variable annuities and variable contracts with guarantees are carried at fair value and reported as summary total separate account assets with an equivalent summary total reported for separate account liabilities. At September 30, 2023 and December 31, 2022, the assets and liabilities associated with variable life and annuity contracts were $203 billion and $196 billion, respectively. Investment risks associated with market value changes are borne by the contract holders, except to the extent of minimum guarantees made by the Company. Separate account net investment income, net investment realized and unrealized gains and losses, and the related liability changes are offset within the same line item in the Condensed Consolidated Income Statements. Amounts assessed against the contract holders for mortality, variable annuity benefit guarantees, administrative, and other services are reported in revenue as fee income. Included in the separate account assets and liabilities described above is a Jackson issued group variable annuity contract designed for use in connection with and issued to the Company’s Defined Contribution Retirement Plan. These deposits are allocated to the Jackson National Separate Account - II, which had balances of $180 million and $285 million at September 30, 2023 and December 31, 2022, respectively. The Company receives administrative fees for managing the funds. These fees are recorded as earned and included in fee income in the Condensed Consolidated Income Statements. The following table presents the roll-forward of the separate account balance for variable annuities (in millions, 2022 information recast for the adoption of LDTI): Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Balance as of beginning of period $ 195,550 $ 248,469 Deposits 6,558 12,288 Surrenders, withdrawals and benefits (12,169) (14,554) Net transfer from (to) general account 959 (870) Investment performance 13,813 (47,150) Policy charges and other (2,060) (2,633) Balance as of end of period, gross $ 202,651 $ 195,550 Cash surrender value (1) $ 197,645 $ 190,243 (1) Cash surrender value represents the amount of the contract holder’s account balances distributable at the balance sheet date less applicable surrender charges. The following table presents the reconciliation of the separate account balance in the Condensed Consolidated Balance Sheets (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Variable Annuities $ 202,651 $ 195,550 Other 252 356 Total $ 202,903 $ 195,906 The following table presents aggregate fair value of assets, by major investment asset category, supporting separate accounts (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Variable Annuities By Fund Type Equity $ 140,677 $ 132,547 Bond 18,916 19,155 Balanced 40,220 40,797 Money Market 2,838 3,051 Total Variable Annuities 202,651 195,550 Other Product Lines 252 356 Total Separate Accounts $ 202,903 $ 195,906

Market Risk Benefits

Market Risk Benefits	9 Months Ended
	Sep. 30, 2023
ASU 2018-12 Transition [Abstract]
Market Risk Benefits	Other Contract Holder Funds This note contains the new accounting policy for the adoption of LDTI. Other contract holder funds represent the policyholder account balance on our universal life-type products, investment contracts, and the fair value of the embedded derivatives associated with the indexed crediting features on our fixed index annuities and registered index-linked annuities. Universal life type contracts have, as a principal component, an account balance in which interest is credited to policyholders and assessments are deducted for mortality risk and contract administration. The account balance is recognized as a liability within other contract holder funds, and the liability is updated each period for fee and assessment deductions and increased for interest or returns credited to the account balance. Certain of our universal life type contracts contain features that are not classified as market risk benefits or embedded derivatives but provide additional benefits beyond the account balance or base insurance coverage for which a liability in addition to the account balance is necessary. These additional liabilities for death or other insurance benefits are reported as a component of reserves for future policy benefits and claims payable in the Condensed Consolidated Balance Sheets. See Note 9 of the Notes to the Condensed Consolidated Financial Statements for more information regarding these additional liabilities. Certain contracts without significant mortality or morbidity risk and certain annuities that lack insurance risk are treated as investment contracts. For investment contracts, payments received are reported as liabilities and accounted for in a manner consistent with the accounting for interest-bearing or other financial instruments, within other contract holder funds. The Company issues a variety of annuity products including fixed annuities, fixed index annuities, registered index linked annuities, variable annuities and payout annuities. For annuity contracts that are classified as investment contracts, the liability is the account balance as of the reporting date, reported within the other contract holder funds. For the variable annuity products, only the allocations to fixed fund options are reported in other contract holder funds. For our fixed index annuities and registered index linked annuities, the equity-linked option issued by the Company is accounted for as an embedded derivative measured at fair value and reported as a component of other contract holder funds on the Condensed Consolidated Balance Sheets with changes in fair value recorded in net income within net gains (losses) on derivatives and investments. The fair value is determined using an option-budget method with capital market inputs of market index returns and discount rates as well as actuarial assumptions including lapse, mortality and withdrawal rates. Favorable equity market movements cause increases in future contract holder benefits, resulting in an increase in the fair value of the embedded derivative liability (and vice versa). The Company also establishes a host contract reserve to support the underlying guaranteed account value growth. This host contract liability is included as a component of other contract holder funds on the Condensed Consolidated Balance Sheets. Interest is accreted to the host contract liability using an effective yield method. Our annuity products may contain certain features or guarantees that are classified as MRBs. These market risk benefits are a component of the market risk benefits line items in the Condensed Consolidated Balance Sheet. See Note 12 of the Notes to Condensed Consolidated Financial Statements for more information regarding market risk benefits. The Company’s institutional products business is comprised of the guaranteed investment contracts, medium-term funding agreement-backed notes and funding agreements (including agreements issued in conjunction with the Company’s participation in the U.S. Federal Home Loan Bank ("FHLB") program) described below. The Company has established a $27 billion aggregate Global Medium-Term Note ("MTN") program. Jackson National Life Global Funding was formed as a statutory business trust, solely for the purpose of issuing Medium-Term Note instruments to institutional investors, the proceeds of which are deposited with the Company and secured by the issuance of funding agreements. The carrying values at both September 30, 2023 and December 31, 2022 totaled $5.9 billion, respectively. Those Medium-Term Note instruments issued in a foreign currency have been hedged for changes in exchange rates using cross-currency swaps. The unrealized foreign currency gains and losses on those Medium-Term Note instruments are included in the carrying value of the trust instruments supported by funding agreements. Trust instrument liabilities are adjusted to reflect the effects of foreign currency translation gains and losses using exchange rates as of the reporting date. Foreign currency translation gains and losses are included in net gains (losses) on derivatives and investments. Jackson is a member of the FHLBI primarily for the purpose of participating in the bank’s mortgage-collateralized loan advance program with long-term funding facilities. Advances are in the form of funding agreements, short-term and long-term borrowings issued to FHLBI. At September 30, 2023 and December 31, 2022, the Company held $108 million and $146 million of FHLBI capital stock, respectively, supporting $2.2 billion and $2.1 billion in funding agreements and short-term and long-term borrowings at September 30, 2023 and December 31, 2022, respectively. The following table presents the liabilities for other contract holder funds (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Payout Annuity $ 852 $ 837 Variable Annuity 8,921 10,259 Fixed Annuity 10,202 11,696 Fixed Indexed Annuities 10,715 11,787 RILA 3,841 1,875 Closed Block Life 11,084 11,215 Closed Block Annuity 1,267 1,319 Institutional Products 8,712 9,019 Other Product Lines 172 183 Total other contract holder funds $ 55,766 $ 58,190 The following table presents a roll-forward of other contract holder funds, gross of reinsurance (in millions, 2022 information recast for the adoption of LDTI): Fixed Closed Closed Payout Variable Fixed Indexed Block Block Annuity Annuity Annuity Annuities RILA Life Annuity Total Balance as of January 1, 2023 $ 837 $ 10,259 $ 11,696 $ 11,787 $ 1,875 $ 11,215 $ 1,319 $ 48,988 Deposits 155 793 183 179 1,881 238 3 3,432 Surrenders, withdrawals and benefits (181) (1,315) (1,838) (1,471) (47) (588) (88) (5,528) Net transfers from (to) separate accounts — (959) — — — — — (959) Investment performance / change in value of equity option — — — 115 123 — — 238 Interest credited 18 210 261 161 9 566 32 1,257 Policy charges and other 23 (67) (100) (56) — (347) 1 (546) Balance as of September 30, 2023 $ 852 $ 8,921 $ 10,202 $ 10,715 $ 3,841 $ 11,084 $ 1,267 $ 46,882 Fixed Closed Closed Payout Variable Fixed Indexed Block Block Annuity Annuity Annuity Annuities RILA Life Annuity Total Balance as of December 31, 2021 $ 831 $ 9,456 $ 13,185 $ 13,161 $ 110 $ 11,570 $ 1,394 $ 49,707 Deposits 213 1,350 276 126 1,811 320 9 4,105 Surrenders, withdrawals and benefits (230) (1,492) (2,017) (1,414) (8) (766) (118) (6,045) Net transfers from (to) separate accounts — 870 — — — — — 870 Investment performance / change in value of equity option — — — (302) (37) — — (339) Interest credited 20 168 389 238 2 659 48 1,524 Policy charges and other 3 (93) (137) (22) (3) (568) (14) (834) Balance as of December 31, 2022 $ 837 $ 10,259 $ 11,696 $ 11,787 $ 1,875 $ 11,215 $ 1,319 $ 48,988 The following table presents weighted average crediting rate, net amount at risk, and cash surrender value of contract holder account balances (dollars in millions, 2022 information recast for the adoption of LDTI): Fixed Closed Closed Payout Variable Fixed Indexed Block Block Annuity Annuity Annuity Annuities RILA Life Annuity September 30, 2023 Weighted-average crediting rate (1) 2.82 % 3.14 % 3.41 % 2.00 % 0.31 % 6.81 % 3.37 % Net amount at risk (2) $ — $ — $ — $ — $ — $ 16,601 $ — Cash surrender value (3) $ — $ 8,816 $ 10,110 $ 10,351 $ 3,609 $ 11,005 $ 1,267 December 31, 2022 Weighted-average crediting rate (1) 2.39 % 1.64 % 3.33 % 2.02 % 0.11 % 5.88 % 3.64 % Net amount at risk (2) $ — $ — $ — $ — $ — $ 17,427 $ — Cash surrender value (3) $ — $ 10,101 $ 11,573 $ 11,409 $ 1,728 $ 7,096 $ 1,319 (1) Weighted average crediting rate is the average crediting rate weighted by contract holder account balances invested in fixed account funds. (2) Net amount at risk represents the standard excess benefit base for guaranteed death benefits on universal life type products. The net amount at risk associated with market risk benefits are presented within Note 12 of the Notes to Consolidated Financial Statements, as recast in our Current Report on Form 8-K filed May 10, 2023. (3) Cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less the applicable surrender charges. At September 30, 2023 and December 31, 2022, excluding reinsurance business, approximately 93% and 92% of the Company’s annuity account values correspond to crediting rates that are at the minimum guaranteed interest rates, respectively. At September 30, 2023 and December 31, 2022, excluding reinsurance business, approximately 64% and 65% of the Company’s closed block life account values correspond to crediting rates that are at the minimum guaranteed interest rates, respectively. The following table presents contract holder account balances invested in fixed account funds by range of guaranteed minimum crediting rates and the related range of the difference between rates being credited to other contract holder funds and the respective guaranteed minimums (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 At Guaranteed 1 Basis Point-50 51 Basis Points-150 Greater Than 150 Range of Guaranteed Minimum Crediting Rate Minimum Basis Points Above Basis Points Above Basis Points Above Total Variable Annuities 0.00%-1.50% $ — $ 13 $ 1 $ — $ 14 1.51%-2.50% 185 — — — 185 Greater than 2.50% 8,692 — — 30 8,722 Total $ 8,877 $ 13 $ 1 $ 30 $ 8,921 Fixed Annuities 0.00%-1.50% $ 18 $ 59 $ 75 $ 1 $ 153 1.51%-2.50% 30 1 1 — 32 Greater than 2.50% 692 53 — 284 1,029 Total $ 740 $ 113 $ 76 $ 285 $ 1,214 Fixed Indexed Annuities 0.00%-1.50% $ 5 $ 10 $ 3 $ 43 $ 61 1.51%-2.50% — — — — — Greater than 2.50% 21 — 60 — 81 Total $ 26 $ 10 $ 63 $ 43 $ 142 RILA 0.00%-1.50% $ 7 $ — $ 4 $ 1 $ 12 1.51%-2.50% — — — — — Greater than 2.50% 36 — — — 36 Total $ 43 $ — $ 4 $ 1 $ 48 Closed Block Life 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — — — — Greater than 2.50% 4,471 1,842 608 15 6,936 Total $ 4,471 $ 1,842 $ 608 $ 15 $ 6,936 Closed Block Annuity 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — 1 12 13 Greater than 2.50% 957 120 23 — 1,100 Total $ 957 $ 120 $ 24 $ 12 $ 1,113 December 31, 2022 At Guaranteed 1 Basis Point-50 51 Basis Points-150 Greater Than 150 Range of Guaranteed Minimum Crediting Rate Minimum Basis Points Above Basis Points Above Basis Points Above Total Variable Annuities 0.00%-1.50% $ 6,679 $ 32 $ 2 $ 75 $ 6,788 1.51%-2.50% 200 — — — 200 Greater than 2.50% 3,271 — — — 3,271 Total $ 10,150 $ 32 $ 2 $ 75 $ 10,259 Fixed Annuities 0.00%-1.50% $ 19 $ 76 $ 95 $ — $ 190 1.51%-2.50% 35 2 1 — 38 Greater than 2.50% 576 64 351 — 991 Total $ 630 $ 142 $ 447 $ — $ 1,219 Fixed Indexed Annuities 0.00%-1.50% $ 6 $ 17 $ 5 $ 40 $ 68 1.51%-2.50% — — — — — Greater than 2.50% 24 — — — 24 Total $ 30 $ 17 $ 5 $ 40 $ 92 RILA 0.00%-1.50% $ 10 $ — $ 7 $ — $ 17 1.51%-2.50% — — — — — Greater than 2.50% — — — — — Total $ 10 $ — $ 7 $ — $ 17 Closed Block Life 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — — — — Greater than 2.50% 4,566 1,868 619 14 7,067 Total $ 4,566 $ 1,868 $ 619 $ 14 $ 7,067 Closed Block Annuity 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — 1 10 11 Greater than 2.50% 980 159 21 — 1,160 Total $ 980 $ 159 $ 22 $ 10 $ 1,171 This note contains the new accounting policy for the adoption of LDTI. Contracts or contract features that provide protection to the contract holder from capital market risk and expose the Company to other-than-nominal capital market risk are classified as MRBs. All long-duration insurance contracts and certain investment contracts are subject to MRB evaluation. MRBs are measured at fair value at the contract level and can be in either an asset or liability position. For contracts that contain multiple MRB features, the MRBs are valued together as a single compound MRB. Market risk benefit assets and Market risk benefit liabilities are reported separately on the Condensed Consolidated Balance Sheets. Changes in fair value are reported in Net (gains) losses on market risk benefits on the Condensed Consolidated Income Statements. However, the change in fair value related to our own non-performance risk is reported as a component of other comprehensive income in Change in non-performance risk on market risk benefits on the Condensed Consolidated Statements of Comprehensive Income (Loss). A description of the items effecting the change in fair value by category is as follows: • Changes in interest rates — movement in risk free rates (impacts both assumed future separate account returns and discounting of cash flows) • Fund performance — separate account returns gross of fees • Change in equity index volatility — movement in implied volatility • Expected policyholder behavior — policyholder behavior as assumed in reserving • Actual policyholder behavior different than expected — difference between actual behavior during the period versus assumed behavior • Time — effect of passage of time including reduction to separate account balances from fees, the change in proximity of future cash flows, and impacts to policy features such as bonus credits • Change in assumptions — changes in assumptions resulting from our periodic review • Change in non-performance risk — changes in Jackson’s non-performance risk See Note 6 of the Notes to Condensed Consolidated Financial Statements for more information regarding fair value measurements. Additionally, when an annuitization occurs (for annuitization benefits) or upon extinguishment of the account balance (for withdrawal benefits), the balance related to the MRB is derecognized and the amount deducted (after derecognition of any related amount included in accumulated other comprehensive income) is used in the calculation of the liability for future policy benefits for the resulting payout annuity. Variable Annuities Variable annuity contracts issued by the Company offer various guaranteed minimum death, withdrawal, income and accumulation benefits. These guaranteed benefit features, as well as the reinsurance recoverable on the Company’s guaranteed minimum income benefits (“GMIB”), are classified as MRBs and measured at fair value. The Company discontinued offering the GMIB in 2009 and the guaranteed minimum accumulation benefits (“GMAB”) in 2011. Variable annuity guaranteed benefit features classified as MRBs, which have explicit fees, are measured using the attributed fee method. Under the attributed fee method, fair value is measured as the difference between the present value of projected future liabilities and the present value of projected attributed fees. At the inception of the contract, the Company attributes to the MRB a portion of total fees expected to be assessed against the contract holder to offset the projected claims over the lifetime of the contract. The attributed fee is expressed as a percentage of total projected future fees at inception of the contract. This percentage of total projected fees is considered a fixed term of the MRB feature and is held static over the life of the contract. This percentage may not exceed 100% of the total projected contract fees as of contract inception. As the Company may issue contracts that have projected future liabilities greater than the projected future guaranteed benefit fees at issue, the Company may also attribute mortality and expense charges when performing this calculation. In subsequent valuations, both the present value of future projected liabilities and the present value of projected attributed fees are remeasured based on current market conditions and policyholder behavior assumptions. Fixed Index Annuities The longevity riders issued on fixed index annuities are classified as MRBs and measured at fair value. Similar to the variable annuity guaranteed benefits features, these contracts have explicit fees and are measured using the attributed fee method. The Company attributes a percentage of total projected future fees expected to be assessed against the policyholder to offset the projected future claims over the lifetime of the contract. If the fees attributed are insufficient to offset the claims at issue, the shortfall is borrowed from the host contract rather than recognizing a loss at inception. RILA RILA guaranteed benefit features are classified as MRBs and measured at fair value. Unlike variable or fixed index annuities, RILA products do not have explicit fees and are measured using an option-based method. The fair value measurement represents the present value of future claims payable by the MRB feature. At inception, the value of the MRB is deducted from the value of the contract resulting in no gain or loss. The following table presents the reconciliation of the market risk benefits balance in the Condensed Consolidated Balance Sheets (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Variable Other Variable Other Annuities Product Lines Total Annuities Product Lines Total Market risk benefit - (assets) $ (6,807) $ (8) $ (6,815) $ (4,856) $ (9) $ (4,865) Market risk benefit - liabilities 3,880 37 3,917 5,623 39 5,662 Market risk benefit - net (asset) liability $ (2,927) $ 29 $ (2,898) $ 767 $ 30 $ 797 The following table presents the roll-forward of the net MRB (assets) liabilities for variable annuities (dollars in millions, 2022 information recast for the adoption of LDTI): Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Net MRB balance, beginning of period $ 767 $ 6,281 Beginning of period cumulative effect of changes in non-performance risk 2,185 326 Net MRB balance, beginning of period, before effect of changes in non-performance risk 2,952 6,607 Effect of changes in interest rates (3,895) (14,137) Effect of fund performance (2,587) 6,432 Effect of changes in equity index volatility (838) 1,576 Effect of expected policyholder behavior 406 532 Effect of actual policyholder behavior different from expected 360 (230) Effect of time 1,397 1,707 Effect of changes in assumptions (9) 465 Net MRB balance, end of period, before effect of changes in non-performance risk (2,214) 2,952 End of period cumulative effect of changes in non-performance risk (713) (2,185) Net MRB balance, end of period, gross (2,927) 767 Reinsurance recoverable on market risk benefits at fair value, end of period (134) (183) Net MRB balance, end of period, net of reinsurance (3,061) 584 Weighted average attained age (years) (1) 69 69 Net amount at risk (2) $ 12,977 $ 15,592 (1) Weighted-average attained age is defined as the average age of policyholders weighted by account value. (2) Net amount at risk (NAR) is defined as of the valuation date for each contract as the greater of Death Benefit NAR (DBNAR) and Living Benefit NAR (LBNAR), as applicable, where DBNAR is the GMDB benefit base in excess of the account value, and the LBNAR is the actuarial present value of guaranteed living benefits in excess of the account value. At each reporting date, the Company regularly evaluates the inputs and assumptions to be used to measure the fair value of the MRB assets and MRB liabilities. In prior periods, the non-performance risk adjustment was determined based on credit spreads indicated by a blend of yields on similarly rated peer debt and yields on Company debt. Starting June 30, 2023, non-performance risk is incorporated into the calculation through the adjustment of the risk-free rate curve based only on credit spreads for debt and debt-like instruments issued by the Company or its insurance operating subsidiaries, adjusted, as necessary, to reflect the financial strength ratings of the issuing insurance subsidiaries. The change was made as a result of management’s determination that the reliability of credit spreads on debt and debt-like instruments issued by the Company as a measure of company-specific credit risk has increased due to sustained levels of market trading volume of these instruments.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Liabilities for the Company’s debt are primarily carried at an amount equal to the principal balance net of any unamortized original issuance discount or premium. Original issuance discount or premium and any debt issue costs, if applicable, are recognized as a component of interest expense over the period the debt is expected to be outstanding. The aggregate carrying value of long-term debt was as follows (in millions): September 30, December 31, 2023 2022 Long-Term Debt Senior Notes due 2023 $ 600 $ 598 Senior Notes due 2027 397 397 Senior Notes due 2031 494 493 Senior Notes due 2032 347 347 Senior Notes due 2051 489 488 Surplus notes 250 250 FHLBI bank loans 58 62 Total long-term debt $ 2,635 $ 2,635 The following table presents the contractual maturities of the Company's long-term debt as of September 30, 2023 (in millions): Calendar Year 2023 2024 2025 2026 2027 and thereafter Total Long-term debt $ 600 $ — $ — $ — $ 2,035 $ 2,635 Senior Notes On June 8, 2022, the Company issued $750 million aggregate principal amount of senior unsecured notes, consisting of $400 million aggregate principal amount of 5.170% Senior Notes due June 8, 2027 and $350 million aggregate principal amount of 5.670% Senior Notes due June 8, 2032. The net proceeds of these notes were used, together with cash on hand, to repay the Company’s $750 million aggregate principal amount senior unsecured term loan due February 2023. Revolving Credit Facility On February 24, 2023, the Company replaced the 2021 Revolving Credit Facility that was due to expire in February 2024 and entered into a revolving credit facility (the "2023 Revolving Credit Facility") with a syndicate of banks and Bank of America, N.A., as Administrative Agent. The 2023 Revolving Credit Facility provides for borrowings for working capital and other general corporate purposes under aggregate commitments of $1.0 billion, with a sub-limit of $500 million available for letters of credit. The 2023 Revolving Credit Facility further provides for the ability to request, subject to customary terms and conditions, an increase in commitments thereunder by up to an additional $500 million. The credit agreement for the 2023 Revolving Credit Facility contains financial maintenance covenants, including a minimum adjusted consolidated net worth test of no less than 70% of our adjusted consolidated net worth as of September 30, 2022 (plus (to the extent positive) or minus (to the extent negative) 70% of the impact on such adjusted consolidated net worth resulting from the application of a one-time transition adjustment for the LDTI accounting change for insurance contracts, and plus 50% of the aggregate amount of any increase in adjusted consolidated net worth resulting from equity issuances by the Company and its consolidated subsidiaries after September 30, 2022), and a maximum consolidated indebtedness to total capitalization ratio test not to exceed 35%. Commitments under the 2023 Revolving Credit Facility terminate on February 24, 2028. Line of Credit Agreement Jackson is a party to an Uncommitted Money Market Line Credit Agreement dated April 6, 2023 among Jackson, Jackson Financial, and Société Générale. This agreement is an uncommitted short-term cash advance facility that provides an additional form of liquidity to Jackson and to Jackson Financial. The aggregate borrowing capacity under the agreement is $500 million and each cash advance request must be at least $100 thousand. The interest rate is set by the lender at the time of the borrowing and is fixed for the duration of the advance. Jackson and Jackson Financial are jointly and severally liable to repay any advance under the agreement, which must be repaid prior to the last day of the quarter in which the advance was drawn.

Federal Home Loan Bank Advances

Federal Home Loan Bank Advances	9 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Federal Home Loan Bank Advances	Federal Home Loan Bank AdvancesThe Company, through its subsidiary, Jackson, entered into an advance program with the FHLBI in which interest rates were either fixed or variable based on the FHLBI cost of funds or market rates. Advances of $180 million and nil were outstanding at September 30, 2023 and December 31, 2022, respectively, and were recorded in other liabilities. Interest expense on such advances was nil and nil for the three months ended September 30, 2023 and 2022, respectively, and $6 million and nil for the nine months ended September 30, 2023 and 2022, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (“IRA”) into law. The IRA includes a new Federal corporate alternative minimum tax (“CAMT”), effective in 2023, that is based on 15% of an applicable corporation’s adjusted financial statement income (“AFSI”). A corporation is subject to the CAMT if its average pre-tax AFSI over three prior years (starting with 2020-2022) is greater than $1 billion (an “applicable corporation”). Upon becoming an applicable corporation, an entity will remain so for all future years, except under limited circumstances. The corporation’s CAMT liability is payable to the extent the CAMT liability exceeds regular corporate income tax. However, any CAMT paid would be indefinitely available as a credit carryover that could reduce future regular corporate income tax in excess of CAMT. The Company is an applicable corporation starting in 2023. That determination is based on interpretations and assumptions we have made regarding the CAMT provisions of the IRA, which may change once further regulatory guidance is issued. As of September 30, 2023, the Company has recorded an estimate of $450 million for the provision of CAMT based on the Company’s interpretation of available guidance with an offsetting increase to the deferred tax asset for the credit carryover resulting in no impact to total tax expense. The U.S. Department of the Treasury is expected to issue additional regulatory guidance in 2023 that may materially change the estimated provision of the CAMT. The Company uses the estimated annual effective tax rate (“ETR”) method in computing the interim tax provision. Certain items, including those deemed unusual, infrequent, or that cannot be reliably estimated, are treated as discrete items and excluded from the estimated annual ETR. In these cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual ETR, primarily certain changes in the realizability of deferred tax assets and uncertain tax positions and are recorded in the period in which the change occurs. The estimated annual ETR is revised, as necessary, at the end of successive interim reporting periods. The Company’s effective income tax rate was 20.5% and 13.8% for the three and nine months ended September 30, 2023, compared with 25.9% and 20.5% for the same period in 2022. The ETR differs from the statutory rate of 21% primarily due to the dividends received deduction and utilization of foreign tax credits. The change in the ETR for the three and nine months ended September 30, 2023 compared to the three and nine months ended September 30, 2022 was due to the relationship of taxable income to consolidated pre-tax income and the impact of tax adjustments related to prior year returns recorded in the current quarter compared to the impact from tax adjustments related to prior year returns recorded in the third quarter of 2022. The ETR differs for the nine months ended September 30, 2023 from the full year-ended December 31, 2022 ETR of 19.6% due to the relationship of taxable income to consolidated pre-tax income and the tax benefit from tax adjustments related to prior year returns recorded in the current quarter. The Company is required to evaluate the recoverability of its deferred tax assets and establish a valuation allowance, if necessary, to reduce its deferred tax asset to an amount that is more likely than not to be realizable. Considerable judgment and the use of estimates are required when determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. When evaluating the need for a valuation allowance, the Company considers many factors, including: the nature and character of the deferred tax assets and liabilities; taxable income in prior carryback years; future reversals of temporary differences; the length of time carryovers can be utilized; and any tax planning strategies the Company would employ to avoid a tax benefit from expiring unused. The Company has adopted an accounting policy to analyze the ability to recover the CAMT credit carryover deferred tax asset separately from the deferred tax assets generated under the regular tax system. For the nine months ended September 30, 2023, changes in market conditions and interest rates impacted the unrealized tax gains and losses in the available for sale securities portfolio resulting in deferred tax assets related to net unrealized tax capital losses. The deferred tax asset relates to the unrealized losses for which the carryforward period has not yet begun, and as such, when assessing its recoverability, we consider our ability and intent to hold the underlying securities to recovery. As of September 30, 2023, based on all available evidence, we concluded that a valuation allowance should be established on a portion of the deferred tax asset related to unrealized losses that are not more-likely-than-not to be realized. For the three and nine months ended September 30, 2023, the Company recorded an increase of $225 million and an increase of $183 million to the valuation allowance associated with the unrealized tax losses in the Company’s available for sale securities portfolio and both realized and unrealized losses on capital assets of the Non-life Companies. The $225 million increase for the three months ended September 30, 2023 to the valuation allowance consists of $217 million tax expense recorded to other comprehensive income and $8 million tax expense recorded in the income tax expense. The $183 million increase for the nine months ended September 30, 2023 to the valuation allowance consists of $165 million tax expense recorded to other comprehensive income and $18 million tax expense recorded in the income tax expense. At September 30, 2023 and December 31, 2022, the Company has recorded a total valuation allowance for $1,086 million and $906 million, respectively, associated with the unrealized tax losses in the Company's available for sale securities portfolio. At September 30, 2023 and December 31, 2022, the Company has recorded a total valuation allowance for $7 million and $4 million, respectively, against the deferred tax assets associated with both realized and unrealized losses on capital assets in the Non-life Companies where it is not more-likely-than-not that the full tax benefit of the losses will be realized.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe Company and its subsidiaries are involved in litigation arising in the ordinary course of business. It is the opinion of management that the ultimate disposition of such litigation will not have a material adverse effect on the Company's financial condition. Jackson has been named in civil litigation proceedings, which appear to be substantially similar to other class action litigation brought against many life insurers including allegations of misconduct in the sale of insurance products. The Company accrues for legal contingencies once the contingency is deemed to be probable and reasonably estimable.At September 30, 2023, the Company had unfunded commitments related to its investments in limited partnerships and limited liability companies totaling $932 million. At September 30, 2023, unfunded commitments related to fixed-rate mortgage loans and other debt securities totaled $915 million.

Other Related Party Transaction

Other Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Other Related Party Transactions	Other Related Party TransactionsThe Company's investment management operation, PPM, provides investment services to entities affiliated with the Company's former parent. As of June 30, 2023, the former parent had no remaining equity interest in the Company and therefore its affiliated entities are no longer designated as related parties. The Company recognized nil million and $7 million of revenue during the three months ended September 30, 2023, and 2022, and $18 million and $25 million of revenue during the nine months ended September 30, 2023 and 2022, associated with these investment services. This revenue was included in fee income in the accompanying Condensed Consolidated Income Statements.

Operating Costs and Other Expen

Operating Costs and Other Expenses	9 Months Ended
	Sep. 30, 2023
Operating Costs And Other Expenses [Abstract]
Operating Costs and Other Expenses	Operating Costs and Other Expenses The following table is a summary of the Company’s operating costs and other expenses (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Asset-based commission expenses $ 259 $ 242 $ 764 $ 767 Other commission expenses 190 195 541 664 Sub-advisor expenses 80 80 234 252 General and administrative expenses 232 220 706 614 Deferral of acquisition costs (135) (145) (383) (496) Total operating costs and other expenses $ 626 $ 592 $ 1,862 $ 1,801

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following table represents changes in the balance of AOCI, net of income tax, related to unrealized investment gains (losses) (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance, beginning of period (1) $ (3,365) $ (1,739) $ (3,378) $ 1,360 Change in unrealized gains (losses) of investments (1,405) (2,383) (958) (9,254) Change in current discount rate - reserve for future policy benefits (2) 254 460 204 1,816 Change in non-performance risk on market risk benefits (999) 552 (1,479) 2,505 Change in unrealized gains (losses) - other 3 16 (8) 42 Change in deferred tax asset 247 117 318 561 Other comprehensive income (loss) before reclassifications (1,900) (1,238) (1,923) (4,330) Reclassifications from AOCI, net of tax 78 (56) 114 (63) Other comprehensive income (loss) (1,822) (1,294) (1,809) (4,393) Balance, end of period (1) $ (5,187) $ (3,033) $ (5,187) $ (3,033) (1) Includes $(2,261) million and $(2,106) million related to the investments held within the funds withheld account related to the Athene Reinsurance Transaction as of September 30, 2023 and December 31, 2022, respectively. (2) Represents the impact of changes in the discount rate used in the remeasurement of our direct reserves for future policy benefits and claims payable, net of the remeasurement of ceded reserves for future policy benefits and claims payable. The following table represents amounts reclassified out of AOCI (in millions, 2022 information recast for the adoption of LDTI): AOCI Components Amounts Affected Line Item in the Condensed Three Months Ended September 30, 2023 2022 Net unrealized investment gain (loss): Net realized gain (loss) on investments $ 112 $ (47) Net gains (losses) on derivatives and investments Other impaired securities (14) (25) Net gains (losses) on derivatives and investments Net unrealized gain (loss), before income taxes 98 (72) Income tax expense (benefit) 20 (16) Reclassifications, net of income taxes $ 78 $ (56) AOCI Components Amounts Affected Line Item in the Condensed Nine Months Ended September 30, 2023 2022 Net unrealized investment gain (loss): Net realized gain (loss) on investments $ 188 $ (85) Net gains (losses) on derivatives and investments Other impaired securities (44) 5 Net gains (losses) on derivatives and investments Net unrealized gain (loss), before income taxes 144 (80) Income tax expense (benefit) 30 (17) Reclassifications, net of income taxes $ 114 $ (63)

Equity

Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Equity	Equity Preferred Stock On March 13, 2023, the Company issued and sold 22,000,000 depositary shares (the “Depositary Shares”), each representing a 1/1,000th fractional interest in a share of the Company’s Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series A, $25,000 liquidation preference per share (equivalent to $25 per Depositary Share), with a 5-year dividend rate reset period and noncumulative dividends (the “Series A Preferred Stock”). After underwriting discounts and expenses, we received net proceeds of approximately $533 million. The Series A Preferred Stock carries i) an initial dividend rate of 8.000% per annum to but excluding, March 30, 2028; and ii) from, and including, March 30, 2028, during each reset period, at a rate per annum equal to the Five-year U.S. Treasury Rate as of the applicable reset dividend determination date plus 3.728%. The dividend is payable quarterly in arrears on March 30, June 30, September 30 and December 30, and commenced on June 30, 2023. Dividends on the Series A Preferred Stock are not cumulative. Under the terms of the Series A Preferred Stock, if the Company has not declared and paid, or declared and set aside a sum sufficient for the payment of, dividends on the Series A Preferred Stock for the immediately preceding dividend period (for the avoidance of doubt, there is no preceding dividend period for the initial dividend period), then the Company’s ability to pay dividends or make distributions with respect to its common stock, or to repurchase or otherwise acquire its common stock, is subject to certain restrictions. Similar restrictions would apply in respect of any preferred stock ranking on parity with, or junior to, the Series A Preferred Stock, if any such preferred stock were to be issued by the Company. We may, at our option, redeem the shares of Series A Preferred Stock (a) in whole but not in part at any time prior to March 30, 2028, (i) within 90 days after the occurrence of a “rating agency event” at a redemption price equal to $25,500 per share (equivalent to $25.50 per Depositary Share), plus an amount equal to any accrued but unpaid dividends to, but excluding, the redemption date, or (ii) within 90 days after the occurrence of a “regulatory capital event,” at a redemption price equal to $25,000 per share (equivalent to $25 per Depositary Share), plus an amount equal to any accrued but unpaid dividends to, but excluding, the redemption date, or (b) in whole or in part, from time to time, on or after March 30, 2028, at a redemption price equal to $25,000 per share (equivalent to $25 per Depositary Share), plus an amount equal to any accrued but unpaid dividends to, but excluding, the redemption date. If we redeem any shares of Series A Preferred Stock, a proportionate number of Depositary Shares will be redeemed. Holders of Depositary Shares have no right to require the redemption or repurchase of the Series A Preferred Stock or the Depositary Shares. The net proceeds from the sale are being used for general corporate purposes, including future repayments of debt. The following table presents declaration date, record date, payment date and dividends paid per preferred share and per depositary share of JFI’s Series A preferred stock: Dividends Paid Declaration Date Record Date Payment Date Per Preferred Share Per Depositary Share Quarter Ended 06/30/2023 May 8, 2023 June 1, 2023 June 30, 2023 $594.44 $0.59444 09/30/2023 August 7, 2023 August 31, 2023 October 2, 2023 $500.00 $0.50000 Common Stock At the time of the Demerger, the Company had two classes of common stock: Class A Common Stock and Class B Common Stock. Both classes had a par value of $0.01 per share. Each share of Class A Common Stock was entitled to one vote per share. Each share of Class B Common Stock was entitled to one-tenth of one vote per share. Except for voting rights, the Company’s Class A Common Stock and Class B Common Stock had the same dividend rights, were equal in all other respects, and were otherwise treated as if they were one class of shares. On June 9, 2022, our shareholders approved the Third Amended and Restated Certificate of Incorporation, which amended and restated the Second Amended and Restated Certificate of Incorporation to eliminate the Class B Common Stock. At September 30, 2023 and December 31, 2022, the Company was authorized to issue up to 1 billion shares of common stock (formerly known as the Class A Common Stock at December 31, 2021). Share Repurchase Program On February 27, 2023, our Board of Directors authorized an increase of $450 million in our existing authorization to repurchase shares of our outstanding common stock as part of the Company's share repurchase program. As of November 3, 2023, the Company had remaining authorization to purchase $342 million of its common shares. The Company expects to repurchase shares from time to time in the open market or in privately negotiated transactions. The timing, form and amount of the share repurchases under the program are at the discretion of management and will depend on a variety of factors, including funds available at the parent company, other potential uses for such funds, market conditions, the Company's capital position, legal requirements and other factors. The repurchase program may be modified, extended or terminated by the Board at any time. It does not have an expiration date. There can be no assurance that we will continue share repurchases or approve any increase to, or approve any new, stock repurchase program, or as to the amount of any repurchases made pursuant to such programs. The Inflation Reduction Act of 2022 creates a 1% excise tax on net stock buybacks of publicly-traded U.S. corporations. Starting in 2023, such excise tax generally applies if a company repurchases in excess of $1 million of its stock in any given calendar year. The impact of this provision depends on the extent to which net share repurchases are made. Any excise tax incurred on corporate stock repurchases will generally be recognized as part of the cost basis of the treasury stock acquired and not reported as income tax expense. Through September 30, 2023, we have not incurred any excise tax as stock issuances (including preferred stock) were greater than stock repurchases. The following table represents share repurchase activities as part of this share repurchase program: Period Number of Shares Repurchased Total Payments Average Price Paid Per Share 2022 (January 1- March 31) 3,433,610 $ 140 $ 40.84 2022 (April 1- June 30) 1,870,854 66 35.15 2022 (July 1- September 30) 1,200,000 39 32.75 2022 (October 1 - December 31) 1,142,105 38 33.33 Total 2022 7,646,569 $ 283 $ 37.05 2023 (January 1- March 31) 1,721,737 70 40.42 2023 (April 1- June 30) 1,394,797 47 33.87 2023 (July 1- September 30) 1,873,727 71 38.13 2023 (October 1- November 3) 670,000 26 38.41 Total 2023 5,660,261 $ 214 $ 37.81 The following table represents changes in the balance of common stock outstanding: Common Stock Issued Treasury Stock Total Common Stock Outstanding Shares at December 31, 2022 94,474,911 (11,784,813) 82,690,098 Share-based compensation programs 6,095 2,345,968 (1) 2,352,063 Shares repurchased under repurchase program — (4,990,261) (4,990,261) Shares at September 30, 2023 94,481,006 (14,429,106) 80,051,900 (1) Represents net shares issued from treasury stock pursuant to the Company’s share-based compensation programs. Dividends to Shareholders Any declaration of cash dividends on common stock will be at the discretion of JFI’s Board of Directors and will depend on our financial condition, earnings, liquidity and capital requirements, regulatory constraints, level of indebtedness, preferred stock, and contractual restrictions with respect to paying cash dividends, restrictions imposed by Delaware law, general business conditions and any other factors that JFI’s Board of Directors deems relevant in making any such determination. Therefore, there can be no assurance that we will pay any cash dividends to holders of our stock or as to the amount of any such cash dividend. The following table presents declaration date, record date, payment date and dividends paid per share of JFI’s common stock: Declaration Date Record Date Payment Date Dividends Paid Per Share Quarter Ended 03/31/2023 February 27, 2023 March 14, 2023 March 23, 2023 $0.62 06/30/2023 May 8, 2023 June 1, 2023 June 15, 2023 $0.62 09/30/2023 August 7, 2023 August 31, 2023 September 14, 2023 $0.62 Quarter Ended 03/31/2022 February 28, 2022 March 14, 2022 March 23, 2022 $0.55 06/30/2022 May 9, 2022 June 2, 2022 June 16, 2022 $0.55 09/30/2022 August 8, 2022 September 1, 2022 September 15, 2022 $0.55

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated by dividing net income (loss) attributable to Jackson Financial common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing the net income (loss) attributable to Jackson Financial common shareholders, by the weighted-average number of shares of common stock outstanding for the period, plus shares representing the dilutive effect of share-based awards. Beginning in 2021, the Company granted its first share-based awards subject to vesting provisions of the 2021 Omnibus Incentive Plan, which have a dilutive effect. See Note 18 of the Notes to Consolidated Financial Statements in the Company’s 2022 Annual Report, as recast in our Current Report on Form 8-K filed May 10, 2023, for further description of share-based awards. The following table sets forth the calculation of earnings per common share (2022 information recast for the adoption of LDTI): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions, except share and per share data) Net income (loss) attributable to Jackson Financial Inc. $ 2,773 $ 1,879 $ 2,493 $ 7,336 Less: Preferred stock dividends 11 — 24 — Net income (loss) attributable to Jackson Financial Inc. common shareholders $ 2,762 $ 1,879 $ 2,469 $ 7,336 Weighted average shares of common stock outstanding - basic 82,061,813 85,098,192 82,432,264 86,126,710 Dilutive common shares 760,005 2,797,727 2,108,923 3,198,774 Weighted average shares of common stock outstanding - diluted 82,821,818 87,895,919 84,541,187 89,325,484 Earnings per share—common stock Basic $ 33.66 $ 22.08 $ 29.95 $ 85.18 Diluted $ 33.35 $ 21.38 $ 29.20 $ 82.13

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the date these Condensed Consolidated Financial Statements were issued. Dividends Declared to Shareholders On November 6, 2023, our Board of Directors approved a fourth quarter cash dividend on JFI's common stock, $0.62 per share, payable on December 14, 2023, to shareholders of record on November 30, 2023. The Company also declared a cash dividend of $0.50 per depositary share (the "Depositary Shares"), each representing a 1/1,000th interest in a share of Fixed-Rate Reset Noncumulative Perpetual Preferred Stock, Series A. The dividend will be payable on January 2, 2024, to Depositary Shares shareholders of record at the close of business on November 30, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to Jackson Financial Inc.	$ 2,773	$ 1,879	[1]	$ 2,493	$ 7,336	[1]
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

New Accounting Standards (Polic

New Accounting Standards (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, certain financial information that is normally included in annual financial statements prepared in accordance with U.S. GAAP, but not required for interim reporting purposes, has been condensed or omitted. These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 1, 2023, (the "2022 Annual Report"), as recast in our Current Report on 8-K filed May 10, 2023, to reflect the adoption of the accounting standard discussed in the next paragraph. The condensed consolidated financial information as of December 31, 2022, included herein, has been derived from the audited Consolidated Financial Statements, as so recast. The Company adopted Accounting Standards Update (“ASU”) 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” (“LDTI”), effective January 1, 2023, with a transition date of January 1, 2021. See Note 2 of the Notes to Condensed Consolidated Financial Statements for further description of our adoption of LDTI. Certain accounting policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized in the Notes to Consolidated Financial Statements in the Company’s 2022 Annual Report, as recast in our Current Report on Form 8-K filed May 10, 2023. New accounting policies adopted for LDTI are included in Notes 7, 8, 9, 10, 11, and 12 to the Condensed Consolidated Financial Statements in this Form 10-Q.
Consolidation	All material intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	The preparation of these Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires the use of estimates and assumptions about future events that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Significant estimates or assumptions, as further discussed in these notes, include: • Valuation of investments and derivative instruments, including fair values of securities deemed to be in an illiquid market and the determination of when an impairment is necessary; • Assessments as to whether certain entities are VIEs, the existence of reconsideration events and the determination of which party, if any, should consolidate the entity; • Assumptions used in calculating policy reserves and liabilities including policyholder behavior, mortality rates, expenses, investment returns and policy crediting rates; • Assumptions as to future earnings levels being sufficient to realize deferred tax benefits; • Estimates related to expectations of credit losses on certain financial assets and off-balance sheet exposures; • Assumptions and estimates associated with the Company’s tax positions, including an estimate of the dividends received deduction, which impact the amount of recognized tax benefits recorded by the Company; • Assumptions used in calculating market risk benefits including policyholder behavior, mortality rates, and capital market assumptions; and • Assumptions impacting the expected term used amortizing deferred acquisition costs, including policyholder behavior and mortality rates. These estimates and assumptions are based on management’s best estimates and judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other appropriate factors. As facts and circumstances dictate, these estimates and assumptions may be adjusted. Since future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates, including those resulting from continuing changes in the economic environment, will be reflected in the Consolidated Financial Statements in the periods the estimates are changed.
Changes in Accounting Principles – Adopted in Current Year	Changes in Accounting Principles – Adopted in Current Year In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The new guidance provides optional expedients for applying U.S. GAAP to contracts and other transactions affected by reference rate reform and is effective for contract modifications made between March 12, 2020 and December 31, 2022. If certain criteria are met, an entity will not be required to remeasure or reassess contracts impacted by reference rate reform. The practical expedient allowed by this standard was elected and is being applied prospectively by the Company as reference rate reform unfolds. The contracts modified to date met the criteria for the practical expedient and therefore had no material impact on the Company’s Condensed Consolidated Financial Statements. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848” which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The amendments are effective for all entities as of December 21, 2022. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and other transactions through December 31, 2024. In August 2018, the FASB issued ASU 2018-12, “Targeted Improvements to the Accounting for Long Duration Contracts,” ("LDTI"), which included changes to the existing recognition, measurement, presentation and disclosure requirements for long-duration contracts issued by an insurance entity. The Company adopted LDTI effective January 1, 2023, with a transition date of January 1, 2021, using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs associated therewith, and on a retrospective basis, in relation to market risk benefits ("MRBs"). Under the modified retrospective approach, the Company applied the guidance to contracts in force on the transition date on the basis of their existing carrying value, using updated future cash flow assumptions, and eliminated certain related amounts in accumulated other comprehensive income (loss) (“AOCI”). Under the full retrospective transition approach, the Company applied the guidance as of the transition date, using actual historical assumption information as of contract inception, as if the accounting principle had always been applied. Amounts reported as of September 30, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and 2022 within these Condensed Consolidated Financial Statements are accounted for and presented in accordance with U.S. GAAP reflecting the adoption of LDTI. LDTI contains four significant changes: 1. Market risk benefits: market risk benefits (“MRBs”), a new term for certain contract features that provide for potential benefits in addition to the account balance that expose the Company to other-than-nominal market risk (for example, guaranteed benefits on annuity contracts, including guaranteed minimum withdrawal benefits and guaranteed minimum death benefits on variable annuities), are measured at fair value. Changes in fair value are recorded and presented separately within the income statement, with the exception of changes in fair value due to non-performance risk, which are recognized in other comprehensive income (loss) (“OCI”); 2. Deferred acquisition costs: deferred acquisition costs (“DAC”) are amortized on a constant-level basis, independent of profitability of the underlying business; 3. Liability for future policy benefits: annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited-payment insurance contracts is required. These liabilities are discounted using an upper-medium grade fixed income instrument yield which is updated quarterly, with related changes in the liability recognized in OCI; and 4. Enhanced disclosures: enhanced disclosures, including disaggregated roll-forwards of certain balance sheet accounts that provide information about actual and expected cash flows, as well as information about significant inputs, judgments, assumptions and methods used in measurement, are required. The enhanced disclosures are intended to improve the ability of users of the financial statements to evaluate the timing, amount, and uncertainty of cash flows arising from long-duration contracts. The adoption of LDTI resulted in a decrease in total equity of $3.0 billion as of the transition date of January 1, 2021, comprised of a reduction in AOCI of $0.4 billion and a reduction in retained earnings of $2.6 billion. The primary drivers for this impact to total equity included: 1. the classification of certain benefits as market risk benefits, which were remeasured at fair value as of the transition date. The resulting change in the value of these benefits at the transition date, net of the related deferred tax effect, is recognized in retained earnings, with the exception of the cumulative effect of changes in non-performance risk, net of the related deferred tax effect, which is recognized in AOCI;

New Accounting Standards (Table

New Accounting Standards (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Accounting Standards Update and Change in Accounting Principle, Effect Of Transition On Equity	The following table presents the effect of transition adjustments on shareholders' equity due to the adoption of LDTI (in millions): January 1, 2021 Accumulated other Retained earnings comprehensive income Deferred acquisition costs $ — $ 106 Reinsurance recoverable on market risk benefits — (34) Reserves for future policy benefits and claims payable 97 141 Market risk benefits (2,700) (598) Total $ (2,603) $ (385)
Schedule of Error Corrections and Prior Period Adjustments	The following table presents amounts previously reported as of December 31, 2020, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts as of January 1, 2021 (in millions): As Previously Effect of As of Reported Changes 1/1/2021 Assets Deferred acquisition costs $ 13,897 $ 146 $ 14,043 Reinsurance recoverable, net of allowance for credit losses 35,270 (154) 35,116 Reinsurance recoverable on market risk benefits, at fair value — 471 471 Market risk benefit assets, at fair value — 690 690 Deferred income taxes, net 1,058 824 1,882 Other assets 1,179 2 1,181 Total assets $ 353,532 $ 1,979 $ 355,511 Liabilities and Equity Liabilities Reserves for future policy benefits and claims payable $ 22,512 $ (5,716) $ 16,796 Other contract holder funds 63,592 (7) 63,585 Market risk benefit liabilities, at fair value — 10,690 10,690 Total liabilities 343,609 4,967 348,576 Equity Accumulated other comprehensive income, net of tax expense 3,821 (385) 3,436 Retained earnings (324) (2,603) (2,927) Total equity 9,923 (2,988) 6,935 Total liabilities and equity $ 353,532 $ 1,979 $ 355,511 The following table presents amounts previously reported in the Consolidated Balance Sheets as of December 31, 2022, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts as of December 31, 2022 (in millions): As Previously As Adjusted Reported Effect of As of December 31, 2022 Changes December 31, 2022 Assets Deferred acquisition costs $ 13,422 $ (499) $ 12,923 Reinsurance recoverable, net of allowance for credit losses 29,641 (595) 29,046 Reinsurance recoverable on market risk benefits, at fair value — 221 221 Market risk benefit assets, at fair value — 4,865 4,865 Deferred income taxes, net 385 (65) 320 Other assets 946 (2) 944 Total assets $ 311,058 $ 3,925 $ 314,983 Liabilities and Equity Liabilities Reserves for future policy benefits and claims payable $ 14,273 $ (1,955) $ 12,318 Other contract holder funds 58,195 (5) 58,190 Market risk benefit liabilities, at fair value — 5,662 5,662 Total liabilities 301,903 3,702 305,605 Equity Accumulated other comprehensive income, net of tax expense (5,481) 2,103 (3,378) Retained earnings 8,283 (1,880) 6,403 Total equity 9,155 223 9,378 Total liabilities and equity $ 311,058 $ 3,925 $ 314,983 The following table presents amounts previously reported in Condensed Consolidated Income Statements for the three and nine months ended September 30, 2022, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts (in millions, except per share amounts): As Previously Reported As Adjusted Three Months Ended Effect of Three Months Ended September 30, 2022 Changes September 30, 2022 Revenues Total net gains (losses) on derivatives and investments $ 1,419 $ (1,060) $ 359 Total revenues 4,022 (1,060) 2,962 Benefits and Expenses Death, other policy benefits and change in policy reserves, net of deferrals 586 (349) 237 (Gain) loss from updating future policy benefits cash flow assumptions, net — (37) (37) Market risk benefits (gains) losses, net — (913) (913) Interest credited on other contract holder funds, net of deferrals and amortization 224 — 224 Amortization of deferred acquisition costs 564 (259) 305 Total benefits and expenses 1,995 (1,558) 437 Pretax income (loss) 2,027 498 2,525 Income tax expense (benefit) 559 98 657 Net income (loss) 1,468 400 1,868 Net income (loss) attributable to Jackson Financial Inc. $ 1,479 $ 400 $ 1,879 Earnings per share Basic $ 17.38 $ 4.70 $ 22.08 Diluted $ 16.83 $ 4.55 $ 21.38 As Previously Reported As Adjusted Nine Months Ended Effect of Nine Months Ended September 30, 2022 Changes September 30, 2022 Revenues Total net gains (losses) on derivatives and investments $ 6,891 $ (3,055) $ 3,836 Total revenues 14,932 (3,055) 11,877 Benefits and Expenses Death, other policy benefits and change in policy reserves, net of deferrals 2,090 (1,279) 811 (Gain) loss from updating future policy benefits cash flow assumptions, net — (8) (8) Market risk benefits (gains) losses, net — (1,636) (1,636) Interest credited on other contract holder funds, net of deferrals and amortization 628 2 630 Amortization of deferred acquisition costs 2,276 (1,347) 929 Total benefits and expenses 6,868 (4,268) 2,600 Pretax income (loss) 8,064 1,213 9,277 Income tax expense (benefit) 1,606 284 1,890 Net income (loss) 6,458 929 7,387 Net income (loss) attributable to Jackson Financial Inc. $ 6,407 $ 929 $ 7,336 Earnings per share Basic $ 74.39 $ 10.79 $ 85.18 Diluted $ 71.73 $ 10.40 $ 82.13 The following table presents amounts previously reported in Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2022, to reflect the effect of the change due to the adoption of LDTI, and the adjusted amounts (in millions): As Previously Reported As Adjusted Three Months Ended Effect of Three Months Ended September 30, 2022 Changes September 30, 2022 Net income (loss) $ 1,468 $ 400 $ 1,868 Other comprehensive income (loss), net of tax: Change in unrealized gains (losses) on securities with no credit impairment, net of tax expense (benefit) (1,978) (91) (2,069) Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit) — 361 361 Change in non-performance risk on market risk benefits, net of tax expense (benefit) — 432 432 Total other comprehensive income (loss) (1,996) 702 (1,294) Comprehensive income (loss) attributable to Jackson Financial Inc. $ (517) $ 1,102 $ 585 As Previously Reported As adjusted Nine Months Ended Effect of Nine Months Ended September 30, 2022 Changes September 30, 2022 Net income (loss) $ 6,458 $ 929 $ 7,387 Other comprehensive income (loss), net of tax: Change in unrealized gains (losses) on securities with no credit impairment, net of tax expense (benefit) (7,466) (317) (7,783) Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit) — 1,423 1,423 Change in non-performance risk on market risk benefits, net of tax expense (benefit) — 1,963 1,963 Total other comprehensive income (loss) (7,462) 3,069 (4,393) Comprehensive income (loss) attributable to Jackson Financial Inc. $ (1,055) $ 3,998 $ 2,943 The adoption of LDTI did not affect the previously reported totals for net cash flows provided by (used in) operating, investing, or financing activities, but did affect the following components of net cash flows provided by (used in) operating activities: As Previously Reported As Adjusted Nine Months Ended Effect of Nine Months Ended September 30, 2022 Changes September 30, 2022 Cash flows from operating activities: Net income (loss) $ 6,458 $ 929 $ 7,387 Adjustments to reconcile net income to net cash provided by operating activities: Net losses (gains) on derivatives (4,362) 3,055 (1,307) Net (gain) loss on market risk benefits — (1,636) (1,636) (Gain) loss from updating future policy benefits cash flow assumptions, net — (8) (8) Interest credited on other contract holder funds, gross 628 2 630 Deferred income tax expense (benefit) 1,625 283 1,908 Change in deferred acquisition costs 1,783 (1,348) 435 Change in funds withheld, net of reinsurance (204) 412 208 Change in other assets and liabilities, net (167) (1,689) (1,856) Total adjustments (697) (929) (1,626) Net cash provided by (used in) operating activities $ 2,941 $ — $ 2,941
Balances of and changes in liability for future policy benefits, and Revenue and interest recognized	The following table presents the impact of the adoption of LDTI, as of the transition date, on reserves for future policy benefits and claims payable (in millions): Payout Closed Closed Annuities Block Life Block Annuity Total Reserves for future policy benefits at December 31, 2020 $ 1,148 $ 5,809 $ 5,328 $ 12,285 Adjustment for loss contracts under the modified retrospective approach 4 15 18 37 Effect of remeasurement of liability at current discount rate 143 560 997 1,700 Reserves for future policy benefits at January 1, 2021 $ 1,295 $ 6,384 $ 6,343 $ 14,022 Other future policy benefits and claims payable 2,774 Reserves for future policy benefits and claims payable at January 1, 2021 $ 16,796 The following table presents the transition date reclassifications and adjustments to reserves for future policy benefits by category resulting from the adoption of LDTI (in millions): Reserve for future policy benefits Other (1) Total Reserve for future policy benefits and claims payable at December 31, 2020 $ 12,285 $ 10,227 $ 22,512 Adjustments for LDTI transition 1,737 (7,453) (5,716) Reserve for future policy benefits and claims payable at January 1, 2021 $ 14,022 $ 2,774 $ 16,796 (1) Includes variable annuity embedded derivatives that were reclassed to market risk benefits. The following tables present the roll-forward of components of reserves for future policy benefits (in millions, 2022 information recast for the adoption of LDTI): Present Value of Expected Net Premiums Nine Months Ended September 30, Year Ended December 31, 2023 2022 Payout Closed Block Closed Block Payout Closed Block Closed Block Annuities Life Annuity Annuities Life Annuity Balance, beginning of period $ — $ 1,287 $ — $ — $ 1,464 $ — Beginning of period cumulative effect of changes in discount rate assumptions — 161 — — (157) — Beginning balance at original discount rate — 1,448 — — 1,307 — Effect of changes in cash flow assumptions — — — — 242 — Effect of actual variances from expected experience — (95) — — 1 — Balance adjusted for variances from expectation — 1,353 — — 1,550 — Issuances — 5 — — 6 — Interest accrual — 27 — — 39 — Net premiums collected — (131) — — (147) — Ending balance at original discount rate — 1,254 — — 1,448 — End of period cumulative effect of changes in discount rate assumptions — (173) — — (161) — Balance, end of period $ — $ 1,081 $ — $ — $ 1,287 $ — Present Value of Expected Future Policy Benefits Nine Months Ended September 30, Year Ended December 31, 2023 2022 Payout Closed Block Closed Block Payout Closed Block Closed Block Annuities Life Annuity Annuities Life Annuity Balance, beginning of period $ 1,042 $ 5,448 $ 4,434 $ 1,249 $ 6,913 $ 5,739 Beginning of period cumulative effect of changes in discount rate assumptions 132 958 275 (84) (349) (689) Beginning balance at original discount rate (including DPL of $40, $0 and $671 in September 30, 2023, and $38, $0 and $459 in December 31, 2022 for payout annuities, closed block life and closed block annuity, respectively) 1,174 6,406 4,709 1,165 6,564 5,050 Effect of changes in cash flow assumptions — — — 4 331 (15) Effect of actual variances from expected experience (17) (74) (12) (37) 38 (34) Balance adjusted for variances from expectation 1,157 6,332 4,697 1,132 6,933 5,001 Issuances 84 13 — 126 14 4 Interest accrual 32 151 147 40 209 210 Benefits payments (97) (522) (368) (124) (750) (506) Ending balance of original discount rate (including DPL of $40, $0 and $637 in September 30, 2023, and $40, $0 and $671 in December 31, 2022 for payout annuities, closed block life and closed block annuity, respectively) 1,176 5,974 4,476 1,174 6,406 4,709 End of period cumulative effect of changes in discount rate assumptions (162) (1,080) (399) (132) (958) (275) Balance, end of period $ 1,014 $ 4,894 $ 4,077 $ 1,042 $ 5,448 $ 4,434 Reserves for future policy benefits 1,014 3,813 4,077 1,042 4,161 4,434 Less: Reinsurance recoverable 83 2,107 2 71 2,263 2 Reserves for future policy benefits, after reinsurance recoverable $ 931 $ 1,706 $ 4,075 $ 971 $ 1,898 $ 4,432 The following table presents the weighted average duration of the reserves for future policy benefits (2022 information recast for the adoption of LDTI). The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount: Payout Closed Block Closed Block Annuities Life Annuity September 30, 2023 Weighted average duration (years) 6.7 7.5 6.7 December 31, 2022 Weighted average duration (years) 6.9 7.8 7.0 September 30, 2023 December 31, 2022 Undiscounted Discounted Undiscounted Discounted Payout Annuities Expected future benefit payments $ 1,560 $ 973 $ 1,542 $ 999 Expected future gross premiums — — — — Closed Block Life Expected future benefit payments 8,212 5,016 8,751 5,578 Expected future gross premiums 5,462 2,990 5,976 3,489 Closed Block Annuity Expected future benefit payments 5,524 3,418 5,834 3,729 Expected future gross premiums $ — $ — $ — $ — The following table presents the amount of revenue and interest related to non-participating traditional and limited-pay insurance contracts recognized in the Condensed Consolidated Income Statements (in millions, 2022 information recast for the adoption of LDTI): Gross Premiums Interest Expense Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Payout Annuities $ 16 $ 10 $ 32 $ 40 Closed Block Life 250 390 124 170 Closed Block Annuity 1 — 147 210 Total $ 267 $ 400 $ 303 $ 420 The following table presents the weighted average interest rate for the reserves for future policy benefits at the cohort's level for the locked-in discount rate (interest accretion rate), and current discount rate, weighted by the cohort's benefit reserve amount (2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Payout Annuities Interest accretion rate 3.81 % 3.71 % Current discount rate 6.02 % 5.40 % Closed Block Life Interest accretion rate 2.99 % 3.01 % Current discount rate 5.95 % 5.34 % Closed Block Annuity Interest accretion rate 4.40 % 4.40 % Current discount rate 6.02 % 5.41 %
Additional Liability, Long-Duration Insurance	The following table presents the impact of the adoption of LDTI, as of the transition date, on Closed Block Life additional liabilities for universal life-type contracts (in millions): Closed Block Life Balance, December 31, 2020 $ 1,157 Adjustment for reversal of AOCI adjustments 28 Adjustment for cumulative effect of adoption of LDTI — Balance, January 1, 2021 $ 1,185
Schedule of Market Risk Benefit, Activity	The following table presents the impact of the adoption of LDTI, as of the transition date, on MRBs, net (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 7,306 $ 74 $ 7,380 Adjustment for reversal of AOCI adjustments (27) (48) (75) Cumulative effect of the changes in non-performance risk between the original contract issuance date and the transition date (743) (6) (749) Remaining cumulative difference (exclusive of non-performance risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs 3,372 72 3,444 Balance, January 1, 2021 - Market risk benefits, net, at fair value $ 9,908 $ 92 $ 10,000 The following table presents the impact of the adoption of LDTI, as of the transition date, on reinsurance recoverable on market risk benefits at fair value (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 340 $ 67 $ 407 Adjustment for reversal of AOCI adjustments — (47) (47) Cumulative difference between 12/31/2020 carrying amount and fair value measurement for the MRBs 28 83 111 Balance, January 1, 2021 - Reinsurance recoverable on market risk benefits at fair value $ 368 $ 103 $ 471 Components of the Company’s reinsurance recoverable on market risk benefits were as follows (in millions, 2022 information recast for the adoption of LDTI): September 30, December 31, 2023 2022 Variable annuity $ 134 $ 183 Other product lines 33 38 Total $ 167 $ 221 The following table presents a roll-forward of Closed Block Life additional liabilities for annuitization, death and other insurance benefits (in millions, 2022 information recast for the adoption of LDTI): Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Balance, beginning of period $ 1,131 $ 1,173 Beginning of period cumulative effect of changes in shadow adjustments 41 (14) Beginning balance excluding shadow 1,172 1,159 Effect of changes in cash flow assumptions — 6 Effect of actual variances from expected experience 25 58 Interest accrual 42 56 Net assessments collected (123) (107) Ending balance excluding shadow 1,116 1,172 End of period cumulative effect of changes in shadow adjustments (30) (41) Balance, end of period $ 1,086 $ 1,131 The following table presents the weighted average duration of Closed Block Life additional liabilities for annuitization, death and other insurance benefits. The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount (2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Weighted average duration (years) 7.9 8.1 The following table presents assessments and interest expense of Closed Block Life additional liabilities for annuitization, death and other insurance benefits recognized in the Condensed Consolidated Income Statements (in millions, 2022 information recast for the adoption of LDTI): Assessments Interest Expense Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Additional liability for annuitization, death and other insurance benefits $ (123) $ (107) $ 42 $ 56 The following table presents the weighted average current discount rate of Closed Block Life additional liabilities for annuitization, death and other insurance benefits, applied at the cohort level weighted by reserve benefit amount (2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Weighted average current discount rate 4.97 % 4.96 % The following table presents the reconciliation of the market risk benefits balance in the Condensed Consolidated Balance Sheets (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Variable Other Variable Other Annuities Product Lines Total Annuities Product Lines Total Market risk benefit - (assets) $ (6,807) $ (8) $ (6,815) $ (4,856) $ (9) $ (4,865) Market risk benefit - liabilities 3,880 37 3,917 5,623 39 5,662 Market risk benefit - net (asset) liability $ (2,927) $ 29 $ (2,898) $ 767 $ 30 $ 797
Deferred Acquisition Costs	The following table presents the impact of the adoption of LDTI, as of the transition date, on DAC (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Deferred acquisition costs $ 13,725 $ 172 $ 13,897 Adjustment for reversal of AOCI adjustments 151 (5) 146 Balance, January 1, 2021 - Deferred acquisition costs $ 13,876 $ 167 $ 14,043 Nine Months Ended September 30, Year Ended December 31, 2023 2022 Variable Annuities Balance, beginning of period $ 12,699 $ 13,364 Deferrals of acquisition costs 306 544 Amortization (855) (1,209) Variable Annuities balance, end of period $ 12,150 $ 12,699 Reconciliation of total DAC Variable Annuities balance, end of period $ 12,150 $ 12,699 Other product lines, end of period 297 224 Total balance, end of period $ 12,447 $ 12,923
Reinsurance Recoverable, Activity	The following table presents the impact of the adoption of LDTI, as of the transition date, on reinsurance recoverable (in millions) : Total Balance, December 31, 2020 $ 35,270 Reclass of carrying amount of MRBs under prior guidance (407) Adjustment for loss contracts under the modified retrospective approach — Effect of remeasurement of liability at current discount rate 253 Balance, January 1, 2021 $ 35,116

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Certain Information with Respect to Segments	Set forth in the tables below is certain information with respect to the Company’s segments, as described above (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended September 30, 2023 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 1,038 $ — $ 112 $ 11 $ 1,161 Premiums 6 — 30 — 36 Net investment income 135 130 172 16 453 Income (loss) on operating derivatives (12) (13) (11) (2) (38) Other income 9 — 8 1 18 Total Operating Revenues 1,176 117 311 26 1,630 Operating Benefits and Expenses Death, other policy benefits and change in policy 24 — 150 — 174 (Gain) loss from updating future policy benefits cash flow assumptions, net (4) — 4 — — Interest credited on other contract holder funds, net of deferrals and amortization 90 87 107 — 284 Interest expense 19 8 — 22 49 Operating costs and other expenses, net of deferrals 554 1 41 30 626 Amortization of deferred acquisition costs 139 — 3 — 142 Total Operating Benefits and Expenses 822 96 305 52 1,275 Pretax Adjusted Operating Earnings $ 354 $ 21 $ 6 $ (26) $ 355 Three Months Ended September 30, 2022 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 1,002 $ — $ 118 $ 13 $ 1,133 Premiums 3 — 36 — 39 Net investment income 72 80 166 22 340 Income (loss) on operating derivatives 2 (8) 7 2 3 Other income 11 — 8 — 19 Total Operating Revenues 1,090 72 335 37 1,534 Operating Benefits and Expenses Death, other policy benefits and change in policy 2 — 168 — 170 (Gain) loss from updating future policy benefits cash flow assumptions, net (1) — (36) — (37) Interest credited on other contract holder funds, net 72 51 101 — 224 Interest expense 8 — — 21 29 Operating costs and other expenses, net of deferrals 540 1 23 28 592 Amortization of deferred acquisition costs 139 — 3 — 142 Total Operating Benefits and Expenses 760 52 259 49 1,120 Pretax Adjusted Operating Earnings $ 330 $ 20 $ 76 $ (12) $ 414 Nine Months Ended September 30, 2023 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 3,015 $ — $ 345 $ 37 $ 3,397 Premiums 16 — 102 — 118 Net investment income 401 351 524 49 1,325 Income (loss) on operating derivatives (34) (38) (35) (10) (117) Other income 28 — 18 6 52 Total Operating Revenues 3,426 313 954 82 4,775 Operating Benefits and Expenses Death, other policy benefits and change in policy 21 — 467 — 488 (Gain) loss from updating future policy benefits cash flow assumptions, net (6) — 31 — 25 Interest credited on other contract holder funds, net of deferrals and amortization 284 247 333 — 864 Interest expense 68 16 — 66 150 Operating costs and other expenses, net of deferrals 1,605 3 122 132 1,862 Amortization of deferred acquisition costs 416 — 8 — 424 Total Operating Benefits and Expenses 2,388 266 961 198 3,813 Pretax Adjusted Operating Earnings $ 1,038 $ 47 $ (7) $ (116) $ 962 Nine Months Ended September 30, 2022 Retail Annuities Institutional Closed Life Corporate and Total Operating Revenues Fee income $ 3,144 $ — $ 358 $ 43 $ 3,545 Premiums 6 — 108 — 114 Net investment income 299 216 522 65 1,102 Income (loss) on operating derivatives 20 (13) 35 20 62 Other income 33 — 25 2 60 Total Operating Revenues 3,502 203 1,048 130 4,883 Operating Benefits and Expenses Death, other policy benefits and change in policy 50 — 587 — 637 (Gain) loss from updating future policy benefits cash flow assumptions, net (3) — (4) — (7) Interest credited on other contract holder funds, net 190 137 303 — 630 Interest expense 19 — — 54 73 Operating costs and other expenses, net of deferrals 1,647 4 74 74 1,799 Amortization of deferred acquisition costs 419 — 9 — 428 Total Operating Benefits and Expenses 2,322 141 969 128 3,560 Pretax Adjusted Operating Earnings $ 1,180 $ 62 $ 79 $ 2 $ 1,323
Reconciliation of Segment Operating Revenues to Total Revenues	The following table summarizes the reconciling items from the non-GAAP measure of total operating revenues to the U.S. GAAP measure of total revenues attributable to the Company (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total operating revenues $ 1,630 $ 1,534 $ 4,775 $ 4,883 Fees attributed to guarantee benefit reserves 784 771 2,345 2,300 Net gains (losses) on derivatives and investments (137) 356 (5,704) 3,774 Net investment income (loss) related to noncontrolling interests 17 (11) 21 51 Consolidated investments 9 (1) (32) (68) Net investment income on funds withheld assets 303 313 862 937 Total revenues (1) $ 2,606 $ 2,962 $ 2,267 $ 11,877 (1) Substantially all the Company's revenues originated in the United States. There were no individual customers that exceeded 10% of total revenues.
Reconciliation of Segment Operating Benefits and Expenses to Total Benefits and Expenses	The following table summarizes the reconciling items from the non-GAAP measure of total operating benefits and expenses to the U.S. GAAP measure of total benefits and expenses attributable to the Company (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total operating benefits and expenses $ 1,275 $ 1,120 $ 3,813 $ 3,560 Net (gain) loss on market risk benefits (2,376) (913) (5,120) (1,636) Benefits attributed to guaranteed benefit features 57 68 211 173 Amortization of DAC related to non-operating revenues and expenses 148 162 450 501 Other items — — — 2 Total benefits and expenses $ (896) $ 437 $ (646) $ 2,600
Reconciliation of Segment Pretax Adjusted Operating Earnings to Net Income	The following table summarizes the reconciling items, from the non-GAAP measure of pretax adjusted operating earnings to the U.S. GAAP measure of net income attributable to the Company (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Pretax adjusted operating earnings $ 355 $ 414 $ 962 $ 1,323 Non-operating adjustments income (loss): Fees attributable to guarantee benefit reserves 784 771 2,345 2,300 Net movement in freestanding derivatives (271) (253) (4,694) 1,118 Market risk benefits gains (losses), net 2,376 913 5,120 1,636 Net reserve and embedded derivative movements 45 (7) (338) (47) Amortization of DAC associated with non-operating items at date of transition to LDTI (148) (162) (450) (501) Total guaranteed benefits and net hedging results 2,786 1,262 1,983 4,506 Net realized investment gains (losses) (127) (6) (235) (131) Net realized investment gains (losses) on funds withheld assets 159 555 (648) 2,660 Net investment income on funds withheld assets 303 313 862 937 Other items 9 (2) (32) (69) Pretax income (loss) attributable to Jackson Financial Inc. 3,485 2,536 2,892 9,226 Income tax expense (benefit) 712 657 399 1,890 Net income (loss) attributable to Jackson Financial Inc. 2,773 1,879 2,493 7,336 Less: Dividends on preferred stock 11 — 24 — Net income (loss) attributable to Jackson Financial Inc. common shareholders $ 2,762 $ 1,879 $ 2,469 $ 7,336

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Composition of Fair Value of Debt Securities Classified by Rating	At September 30, 2023 and December 31, 2022, the carrying value of investments rated by the Company’s consolidated investment advisor totaled $422 million and $32 million, respectively. Percent of Total Debt September 30, 2023 December 31, 2022 Investment Rating U.S. government securities 8.9% 11.6% AAA 6.6% 6.4% AA 9.1% 8.2% A 31.4% 29.8% BBB 36.5% 36.4% Investment grade 92.5% 92.4% BB 3.8% 3.9% B and below 3.7% 3.7% Below investment grade 7.5% 7.6% Total debt securities 100.0% 100.0%
Schedule of Total Carrying Value Debt Securities in Unrealized Loss Position	At September 30, 2023 and December 31, 2022, the total carrying value of debt securities in an unrealized loss position consisted of: September 30, 2023 December 31, 2022 Investment grade securities 79% 78% Below investment grade securities 2% 2% Not rated securities 19% 20%
Debt Securities - Amortized Cost, Gross Unrealized Gains and Losses, Fair Value and Allowance for Credit Loss and Maturities	At September 30, 2023 and December 31, 2022, the amortized cost, allowance for credit loss ("ACL"), gross unrealized gains and losses, and fair value of debt securities, including trading securities and securities carried at fair value under the fair value option, were as follows (in millions): Allowance Gross Gross Amortized for Unrealized Unrealized Fair September 30, 2023 Cost (1) Credit Loss Gains Losses Value U.S. government securities $ 4,877 $ — $ — $ 1,203 $ 3,674 Other government securities 1,684 3 — 303 1,378 Public utilities 5,936 — 13 881 5,068 Corporate securities 28,728 17 32 4,061 24,682 Residential mortgage-backed 441 6 10 69 376 Commercial mortgage-backed 1,639 — — 197 1,442 Other asset-backed securities 5,208 — 2 442 4,768 Total debt securities $ 48,513 $ 26 $ 57 $ 7,156 $ 41,388 Allowance Gross Gross Amortized for Unrealized Unrealized Fair December 31, 2022 Cost (1) Credit Loss Gains Losses Value U.S. government securities $ 6,192 $ — $ 1 $ 1,008 $ 5,185 Other government securities 1,719 2 1 251 1,467 Public utilities 5,893 — 27 695 5,225 Corporate securities 28,803 15 59 3,701 25,146 Residential mortgage-backed 510 6 19 59 464 Commercial mortgage-backed 1,821 — — 183 1,638 Other asset-backed securities 6,133 — 8 504 5,637 Total debt securities $ 51,071 $ 23 $ 115 $ 6,401 $ 44,762 (1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities. The amortized cost, ACL, gross unrealized gains and losses, and fair value of debt securities at September 30, 2023, by contractual maturity, are shown below (in millions). Actual maturities may differ from contractual maturities where securities can be called or prepaid with or without early redemption penalties. Allowance Gross Gross Amortized for Unrealized Unrealized Fair Cost (1) Credit Loss Gains Losses Value Due in 1 year or less $ 2,092 $ 2 $ — $ 24 $ 2,066 Due after 1 year through 5 years 9,975 10 4 495 9,474 Due after 5 years through 10 years 12,762 5 14 1,633 11,138 Due after 10 years through 20 years 8,981 3 26 1,984 7,020 Due after 20 years 7,415 — 1 2,312 5,104 Residential mortgage-backed 441 6 10 69 376 Commercial mortgage-backed 1,639 — — 197 1,442 Other asset-backed securities 5,208 — 2 442 4,768 Total $ 48,513 $ 26 $ 57 $ 7,156 $ 41,388 (1) Amortized cost, apart from the carrying value for securities carried at fair value under the fair value option and trading securities.
Residential Mortgage-Backed Securities	The Company’s non-agency RMBS include investments in securities backed by prime, Alt-A, and subprime loans, as follows (in millions): Allowance Gross Gross Amortized for Unrealized Unrealized Fair September 30, 2023 Cost (1) Credit Loss Gains Losses Value Prime $ 190 $ 3 $ 1 $ 31 $ 157 Alt-A 66 3 5 16 52 Subprime 14 — 4 — 18 Total non-agency RMBS $ 270 $ 6 $ 10 $ 47 $ 227 Allowance Gross Gross Amortized for Unrealized Unrealized Fair December 31, 2022 Cost (1) Credit Loss Gains Losses Value Prime $ 206 $ 4 $ 2 $ 30 $ 174 Alt-A 84 2 7 10 79 Subprime 27 — 10 1 36 Total non-agency RMBS $ 317 $ 6 $ 19 $ 41 $ 289 (1) Amortized cost, apart from carrying value for securities carried at fair value under the fair value option and trading securities.
Debt Securities in Continuous Unrealized Loss Position	The following table summarizes the number of securities, fair value and the gross unrealized losses of debt securities, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position (dollars in millions): September 30, 2023 December 31, 2022 Less than 12 months Less than 12 months Gross Fair Gross Fair Unrealized # of Unrealized # of Losses securities Losses securities U.S. government securities $ 71 $ 386 17 $ 339 $ 2,815 40 Other government securities 4 76 12 174 1,258 143 Public utilities 57 743 98 508 4,279 490 Corporate securities 234 4,119 690 2,087 17,068 2,323 Residential mortgage-backed 4 70 76 43 279 196 Commercial mortgage-backed 3 52 10 138 1,421 177 Other asset-backed securities 47 806 70 282 3,485 417 Total temporarily impaired securities $ 420 $ 6,252 973 $ 3,571 $ 30,605 3,786 12 months or longer 12 months or longer Gross Fair Gross Fair Unrealized # of Unrealized # of Losses securities Losses securities U.S. government securities $ 1,132 $ 2,752 25 $ 669 $ 1,386 6 Other government securities 299 1,282 158 77 177 23 Public utilities 824 4,075 518 187 520 87 Corporate securities 3,827 17,630 2,365 1,614 4,601 644 Residential mortgage-backed 65 261 233 16 81 94 Commercial mortgage-backed 194 1,333 183 45 192 31 Other asset-backed securities 395 3,488 464 222 1,551 171 Total temporarily impaired securities $ 6,736 $ 30,821 3,946 $ 2,830 $ 8,508 1,056 Total Total Gross Gross Unrealized Fair # of Unrealized Fair # of Losses Value securities (1) Losses Value securities (1) U.S. government securities $ 1,203 $ 3,138 38 $ 1,008 $ 4,201 42 Other government securities 303 1,358 167 251 1,435 162 Public utilities 881 4,818 592 695 4,799 562 Corporate securities 4,061 21,749 2,889 3,701 21,669 2,806 Residential mortgage-backed 69 331 308 59 360 290 Commercial mortgage-backed 197 1,385 191 183 1,613 206 Other asset-backed securities 442 4,294 514 504 5,036 577 Total temporarily impaired securities $ 7,156 $ 37,073 4,699 $ 6,401 $ 39,113 4,645 (1) Certain securities contain multiple lots and fit the criteria of both aging groups.
Rollforward of Debt Securities Allowance for Credit Loss	The roll-forward of the allowance for credit loss for available-for-sale securities by sector is as follows (in millions): Three Months Ended September 30, 2023 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at July 1, 2023 $ — $ 3 $ — $ 7 $ 6 $ — $ — $ 16 Additions for which credit loss was not previously recorded — 2 — 15 — 9 — 26 Changes for securities with previously recorded credit loss — — — 2 — — — 2 Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — — — — — Reductions for securities disposed — — — (1) — — — (1) Securities intended/required to be sold before recovery of amortized cost basis — (2) — (6) — (9) — (17) Balance at September 30, 2023 (2) $ — $ 3 $ — $ 17 $ 6 $ — $ — $ 26 Three Months Ended September 30, 2022 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at July 1, 2022 $ — $ 6 $ 1 $ 30 $ 6 $ — $ — $ 43 Additions for which credit loss was not previously recorded — — — 12 1 — — 13 Changes for securities with previously recorded credit loss — — (1) (8) (2) — — (11) Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — — — — — Reductions for securities disposed — (3) — — — — — (3) Securities intended/required to be sold before recovery of amortized cost basis — — — (11) — — — (11) Balance at September 30, 2022 (2) $ — $ 3 $ — $ 23 $ 5 $ — $ — $ 31 Nine Months Ended September 30, 2023 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at January 1, 2023 $ — $ 2 $ — $ 15 $ 6 $ — $ — $ 23 Additions for which credit loss was not previously recorded — 2 — 48 — 9 — 59 Changes for securities with previously recorded credit loss — 1 — 1 2 — — 4 Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — — — — — Reductions for securities disposed — — — (24) (2) — — (26) Securities intended/required to be sold before recovery of amortized cost basis — (2) — (23) — (9) — (34) Balance at September 30, 2023 (2) $ — $ 3 $ — $ 17 $ 6 $ — $ — $ 26 Nine Months Ended September 30, 2022 US Other government securities Public Corporate securities Residential mortgage-backed Commercial mortgage-backed Other Total Balance at January 1, 2022 $ — $ — $ — $ — $ 2 $ — $ 7 $ 9 Additions for which credit loss was not previously recorded — 6 1 42 3 — — 52 Changes for securities with previously recorded credit loss — — (1) (3) 1 — (7) (10) Additions for purchases of PCD debt securities (1) — — — — — — — — Reductions from charge-offs — — — — — — — — Reductions for securities disposed — (3) — — (1) — — (4) Securities intended/required to be sold before recovery of amortized cost basis — — — (16) — — — (16) Balance at September 30, 2022 (2) $ — $ 3 $ — $ 23 $ 5 $ — $ — $ 31 (1) Represents purchased credit-deteriorated ("PCD") fixed maturity available-for-sale securities. (2) Accrued interest receivable on debt securities totaled $416 million and $414 million as of September 30, 2023 and 2022, respectively, and was excluded from the determination of credit losses for the three and nine months ended September 30, 2023 and 2022.
Sources of Net Investment Income	The sources of net investment income were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Debt securities (1) $ 432 $ 306 $ 1,152 $ 792 Equity securities (4) (25) (5) (18) Mortgage loans 81 70 235 211 Policy loans 17 18 50 52 Limited partnerships 20 (7) 19 151 Other investment income 24 14 74 25 Total investment income excluding funds withheld assets 570 376 1,525 1,213 Investment expenses (91) (49) (211) (128) Net investment income excluding funds withheld assets 479 327 1,314 1,085 Net investment income on funds withheld assets (see Note 8) 303 313 862 937 Net investment income $ 782 $ 640 $ 2,176 $ 2,022 (1) Includes unrealized gains (losses) on trading securities and includes $51 million and $43 million for the three and nine months ended September 30, 2023, respectively, and $(8) million and $(103) million for the three and nine months ended September 30, 2022, respectively, related to the change in fair value for securities carried under the fair value option. The sources of income related to funds withheld under reinsurance treaties reported in net investment income in the Condensed Consolidated Income Statements were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Debt securities (1) $ 162 $ 178 $ 494 $ 508 Equity securities 2 (3) (36) (28) Mortgage loans (2) 48 59 174 160 Policy loans 80 77 238 236 Limited partnerships 17 23 32 125 Other investment income 13 — 16 1 Total investment income on funds withheld assets 322 334 918 1,002 Other investment expenses on funds withheld assets (3) (19) (21) (56) (65) Total net investment income on funds withheld reinsurance treaties $ 303 $ 313 $ 862 $ 937 (1) Includes $1 million and $3 million for the three and nine months ended September 30, 2023, respectively, and $(3) million and $(11) million for the three and nine months ended September 30, 2022, respectively, related to the change in fair value for securities carried under the fair value option. (2) Includes $(5) million and $(7) million for the three and nine months ended September 30, 2023, respectively, and $(7) million and $(10) million for the three and nine months ended September 30, 2022, respectively, related to the change in fair value for mortgage loans carried under the fair value option. (3) Includes management fees.
Net Gains (Losses) on Derivatives and Investments	The following table summarizes net gains (losses) on derivatives and investments (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Available-for-sale securities Realized gains on sale $ 11 $ 3 $ 17 $ 32 Realized losses on sale (102) (57) (145) (298) Credit loss income (expense) (18) (6) (29) (5) Credit loss income (expense) on mortgage loans (28) (5) (88) (2) Other (1) 10 59 10 142 Net gains (losses) excluding derivatives and funds withheld assets (127) (6) (235) (131) Net gains (losses) on derivative instruments (see Note 5) (208) (190) (4,938) 1,307 Net gains (losses) on derivatives and investments (335) (196) (5,173) 1,176 Net gains (losses) on funds withheld reinsurance treaties (see Note 8) 159 555 (648) 2,660 Total net gains (losses) on derivatives and investments $ (176) $ 359 $ (5,821) $ 3,836 (1) Includes the foreign currency gain or loss related to foreign denominated trust instruments supporting funding agreements.
Asset and Liability Information for Consolidated VIEs	Asset and liability information for the consolidated VIEs included on the Condensed Consolidated Balance Sheets are as follows (in millions): September 30, 2023 December 31, 2022 Assets Debt securities, at fair value under fair value option $ 2,101 $ 2,014 Debt securities, trading 66 100 Equity securities 92 127 Other invested assets 1,536 1,507 Cash and cash equivalents 78 75 Other assets 26 19 Total assets $ 3,899 $ 3,842 Liabilities Notes issued by consolidated VIEs, at fair value under fair value option $ 2,011 $ 1,732 Other liabilities 110 343 Total other liabilities 2,121 2,075 Securities lending payable 2 4 Total liabilities $ 2,123 $ 2,079 Equity Noncontrolling interests $ 775 $ 732
Schedule of Mortgage Loans Identified to Borrowers Experiencing Financial Difficulty	The following table provides information about the mortgage loans modified to borrowers experiencing financial difficulty (in millions, except for percentage information): Term Extension Amortized Cost Basis Percent of Commercial mortgage loans $ 17 0.18 % The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty: Term Extension Financial Effect Commercial mortgage loans Granted extension of term for three The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the last 12 months (in millions): Payment Status (Amortized Cost Basis) Current 30-89 Days Past Due 90+ Days Past Due Commercial mortgage loans $ 17 $ — $ —
Schedule of Commercial Mortgage Loans and Residential Mortgage Loans	The following table shows commercial mortgage loans, residential mortgage loans, and the respective accrued interest thereon at September 30, 2023 and December 31, 2022 (in millions): September 30, 2023 December 31, 2022 Commercial mortgage loans (1) $ 9,594 $ 10,241 Accrued interest receivable on commercial mortgage loans 38 39 Residential mortgage loans (2) 1,018 1,308 Accrued interest receivable on residential mortgage loans 7 9 (1) Net of an allowance for credit losses of $195 million and $91 million at each date, respectively.
Rollforward of Mortgagees Allowance for Credit Loss	The following table provides the change in the allowance for credit losses in the Company’s mortgage loan portfolios (in millions): Three Months Ended September 30, 2023 Apartment Hotel Office Retail Warehouse Residential Mortgage Total Balance at July 1, 2023 $ 18 $ 7 $ 91 $ 26 $ 12 $ 8 $ 162 Charge offs, net of recoveries — — — — — — — Provision (release) 9 (1) 30 — 3 (3) 38 Balance at September 30, 2023 (1) $ 27 $ 6 $ 121 $ 26 $ 15 $ 5 $ 200 Three Months Ended September 30, 2022 Apartment Hotel Office Retail Warehouse Residential Mortgage Total Balance at July 1, 2022 $ 21 $ 18 $ 16 $ 13 $ 9 $ 3 $ 80 Charge offs, net of recoveries — — — — — — — Provision (release) (5) (1) (3) 8 — — (1) Balance at September 30, 2022 (1) $ 16 $ 17 $ 13 $ 21 $ 9 $ 3 $ 79 Nine Months Ended September 30, 2023 Apartment Hotel Office Retail Warehouse Residential Mortgage Total Balance at January 1, 2023 $ 18 $ 20 $ 15 $ 22 $ 16 $ 4 $ 95 Charge offs, net of recoveries — — — — — — — Provision (release) 9 (14) 106 4 (1) 1 105 Balance at September 30, 2023 (1) $ 27 $ 6 $ 121 $ 26 $ 15 $ 5 $ 200 Nine Months Ended September 30, 2022 Apartment Hotel Office Retail Warehouse Residential Mortgage Total Balance at January 1, 2022 $ 19 $ 9 $ 28 $ 17 $ 12 $ 9 $ 94 Charge offs, net of recoveries — — — — — — — Provision (release) (3) 8 (15) 4 (3) (6) (15) Balance at September 30, 2022 (1) $ 16 $ 17 $ 13 $ 21 $ 9 $ 3 $ 79 (1) Accrued interest receivable totaled $45 million and $46 million as of September 30, 2023 and 2022, respectively, and was excluded from the determination of credit losses.
Information About Credit Quality and Vintage Year of Commercial Mortgage Loans	The following tables provide information about the credit quality with vintage year and category of mortgage loans (in millions): September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Total % of Commercial mortgage loans Loan to value ratios: Less than 70% $ 566 $ 794 $ 931 $ 696 $ 1,259 $ 4,445 $ 4 $ 8,695 91 % 70% - 80% — 138 191 83 62 33 — 507 5 % 80% - 100% — 25 151 36 42 105 — 359 4 % Greater than 100% — — — — 22 11 — 33 — % Total commercial mortgage loans 566 957 1,273 815 1,385 4,594 4 9,594 100 % Debt service coverage ratios: Greater than 1.20x 481 612 934 672 1,310 4,334 4 8,347 87 % 1.00x - 1.20x 85 271 339 143 31 202 — 1,071 11 % Less than 1.00x — 74 — — 44 58 — 176 2 % Total commercial mortgage loans 566 957 1,273 815 1,385 4,594 4 9,594 100 % Residential mortgage loans Performing 145 190 167 37 30 370 — 939 92 % Nonperforming — 26 14 7 4 28 — 79 8 % Total residential mortgage loans 145 216 181 44 34 398 — 1,018 100 % Total mortgage loans $ 711 $ 1,173 $ 1,454 $ 859 $ 1,419 $ 4,992 $ 4 $ 10,612 100 % December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Total % of Commercial mortgage loans Loan to value ratios: Less than 70% $ 771 $ 1,266 $ 1,171 $ 1,473 $ 1,480 $ 3,421 $ 4 $ 9,586 94 % 70% - 80% 125 190 32 13 5 59 — 424 4 % 80% - 100% — 152 — — 5 40 — 197 2 % Greater than 100% — — — 25 — 9 — 34 — % Total commercial mortgage loans 896 1,608 1,203 1,511 1,490 3,529 4 10,241 100 % Debt service coverage ratios: Greater than 1.20x 694 1,092 955 1,387 1,324 3,211 4 8,667 85 % 1.00x - 1.20x 202 372 106 83 34 172 — 969 9 % Less than 1.00x — 144 142 41 132 146 — 605 6 % Total commercial mortgage loans 896 1,608 1,203 1,511 1,490 3,529 4 10,241 100 % Residential mortgage loans Performing 413 308 49 37 14 409 — 1,230 94 % Nonperforming 6 11 8 6 7 40 — 78 6 % Total residential mortgage loans 419 319 57 43 21 449 — 1,308 100 % Total mortgage loans $ 1,315 $ 1,927 $ 1,260 $ 1,554 $ 1,511 $ 3,978 $ 4 $ 11,549 100 % September 30, 2023 In Good Standing (1) Restructured Greater than 90 Days Delinquent In the Process of Foreclosure Total Carrying Value Apartment $ 3,230 $ — $ — $ — $ 3,230 Hotel 882 — — — 882 Office 1,459 — — — 1,459 Retail 2,011 — — — 2,011 Warehouse 2,012 — — — 2,012 Total commercial 9,594 — — — 9,594 Residential (2) 939 — 56 23 1,018 Total $ 10,533 $ — $ 56 $ 23 $ 10,612 December 31, 2022 In Good Standing (1) Restructured Greater than 90 Days Delinquent In the Process of Foreclosure Total Carrying Value Apartment $ 3,558 $ — $ — $ — $ 3,558 Hotel 1,015 — — — 1,015 Office 1,795 — — — 1,795 Retail 2,085 — — — 2,085 Warehouse 1,788 — — — 1,788 Total commercial 10,241 — — — 10,241 Residential (2) 1,230 — 63 15 1,308 Total $ 11,471 $ — $ 63 $ 15 $ 11,549 (1) At September 30, 2023 and December 31, 2022, includes mezzanine and bridge loans of $389 million and $410 million in the Apartment category, $21 million and $41 million in the Hotel category, $166 million and $236 million in the Office category, $31 million and $43 million in the Retail category, and $295 million and $140 million in the Warehouse category, respectively. (2) At September 30, 2023 and December 31, 2022, includes $26 million and $41 million of loans purchased when the loans were greater than 90 days delinquent and $7 million and $12 million of loans in process of foreclosure, and are supported with insurance or other guarantees provided by various governmental programs, respectively.
Schedule of Repurchase Agreements Transactions	The following table present information regard these transactions for the nine months ended September 30, 2023 and 2022 (in millions, except percentage data): Nine Months Ended September 30, 2023 2022 Highest level of short-term borrowings at any month end $ 1,660 $ 584 Average short-term borrowing 1,172 186 Weighted average interest rate 4.66 % 0.24 %

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Aggregate Contractual Notional Amounts and Fair Values of Derivatives	A summary of the aggregate contractual or notional amounts and fair values of the Company’s freestanding and embedded derivative instruments are as follows (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 Contractual/ Assets Liabilities Net Notional Fair Fair Fair Value Amount (1) Value Value Asset (Liability) Freestanding derivatives Cross-currency swaps $ 1,868 $ 103 $ 144 $ (41) Equity index call options 8,000 62 — 62 Equity index futures (2) 23,218 — — — Equity index put options 43,500 644 — 644 Interest rate swaps 7,728 5 351 (346) Put-swaptions 16,500 — 2,032 (2,032) Interest rate futures (2) 36,533 — — — Total return swaps 1,484 33 — 33 Total freestanding derivatives 138,831 847 2,527 (1,680) Embedded derivatives Fixed index annuity embedded derivatives (3) N/A — 956 (956) Registered index linked annuity embedded derivatives (3) N/A — 676 (676) Total embedded derivatives N/A — 1,632 (1,632) Derivatives related to funds withheld under reinsurance treaties Cross-currency swaps 158 19 1 18 Cross-currency forwards 1,309 59 20 39 Funds withheld embedded derivative (4) N/A 3,352 — 3,352 Total derivatives related to funds withheld under reinsurance treaties 1,467 3,430 21 3,409 Total $ 140,298 $ 4,277 $ 4,180 $ 97 (1) The notional amount for swaps and swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions. (2) Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades. (3) Included within other contract holder funds on the Condensed Consolidated Balance Sheets. The non-performance risk adjustment is included in the balance above. (4) Included within funds withheld payable under reinsurance treaties on the Condensed Consolidated Balance Sheets. December 31, 2022 Contractual/ Assets Liabilities Net Notional Fair Fair Fair Value Amount (1) Value Value Asset (Liability) Freestanding derivatives Cross-currency swaps $ 1,825 $ 73 $ 104 $ (31) Equity index call options 17,500 106 — 106 Equity index futures (2) 19,760 — — — Equity index put options 30,500 958 — 958 Interest rate swaps 7,728 5 231 (226) Interest rate swaps - cleared (2) 1,500 — — — Put-swaptions 25,000 — 1,711 (1,711) Interest rate futures (2) 105,261 — — — Total return swaps 739 31 — 31 Total freestanding derivatives 209,813 1,173 2,046 (873) Embedded derivatives Fixed index annuity embedded derivatives (3) N/A — 931 (931) Registered index linked annuity embedded derivatives (3) N/A — 205 (205) Total embedded derivatives N/A — 1,136 (1,136) Derivatives related to funds withheld under reinsurance treaties Cross-currency swaps 158 23 1 22 Cross-currency forwards 1,490 74 18 56 Funds withheld embedded derivative (4) N/A 3,158 — 3,158 Total derivatives related to funds withheld under reinsurance treaties 1,648 3,255 19 3,236 Total $ 211,461 $ 4,428 $ 3,201 $ 1,227 (1) The notional amount for swaps and swaptions represents the stated principal balance used as a basis for calculating payments. The contractual amount for futures and options represents the market exposure of open positions. (2) Variation margin is considered settlement resulting in the netting of cash received/paid for variation margin against the fair value of the trades. (3) Included within other contract holder funds on the Condensed Consolidated Balance Sheets. The non-performance risk adjustment is included in the balance above. (4) Included within funds withheld payable under reinsurance treaties on the Condensed Consolidated Balance Sheets.
Gains and Losses, and Change in Fair Value of Derivatives	The following table reflects the results of the Company’s derivatives, including gains (losses) and change in fair value of freestanding derivative instruments and embedded derivatives (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Derivatives excluding funds withheld under reinsurance treaties Cross-currency swaps $ (16) $ (19) $ (42) $ (101) Equity index call options (192) (275) (100) (1,506) Equity index futures (5) 1,038 (2,712) 5,279 Equity index put options 45 168 (1,362) 675 Interest rate swaps (137) (202) (189) (613) Interest rate swaps - cleared — (67) (10) (204) Put-swaptions (1,013) (751) (840) (1,905) Interest rate futures 938 (179) 537 (491) Total return swaps 70 39 (93) 47 Fixed index annuity embedded derivatives — — (4) 5 Registered index linked annuity embedded derivatives 102 58 (123) 121 Total net gains (losses) on derivative instruments excluding derivative instruments related to funds withheld under reinsurance treaties (208) (190) (4,938) 1,307 Derivatives related to funds withheld under reinsurance treaties Cross-currency swaps 60 9 58 24 Cross-currency forwards (36) 67 (57) 136 Funds withheld embedded derivative 451 824 194 3,452 Total net gains (losses) on derivative instruments related to funds withheld under reinsurance treaties 475 900 195 3,612 Total net gains (losses) on derivative instruments including derivative instruments related to funds withheld under reinsurance treaties $ 267 $ 710 $ (4,743) $ 4,919
Gross and Net Information About Financial Instruments Subject to Master Netting Arrangements - Assets	The following tables present the gross and net information about the Company’s financial instruments subject to master netting arrangements (in millions): September 30, 2023 Gross Gross Net Amounts Gross Amounts Not Offset Financial Instruments (1) Cash Securities Collateral (2) Net Financial Assets: Freestanding derivative assets $ 925 $ — $ 925 $ 372 $ 449 $ 51 $ 53 Financial Liabilities: Freestanding derivative liabilities $ 2,548 $ — $ 2,548 $ 372 $ — $ 2,153 $ 23 Securities loaned 28 — 28 — 28 — — Repurchase agreements — — — — — — — Total financial liabilities $ 2,576 $ — $ 2,576 $ 372 $ 28 $ 2,153 $ 23 (1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets. (2) Excludes initial margin amounts for exchange-traded derivatives. December 31, 2022 Gross Gross Net Amounts Gross Amounts Not Offset Financial Instruments (1) Cash Securities Collateral (2) Net Financial Assets: Freestanding derivative assets $ 1,270 $ — $ 1,270 $ 385 $ 683 $ 157 $ 45 Financial Liabilities: Freestanding derivative liabilities $ 2,065 $ — $ 2,065 $ 385 $ — $ 1,638 $ 42 Securities loaned 36 — 36 — 36 — — Repurchase agreements 1,012 — 1,012 — — 1,012 — Total financial liabilities $ 3,113 $ — $ 3,113 $ 385 $ 36 $ 2,650 $ 42 (1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets. (2) Excludes initial margin amounts for exchange-traded derivatives.
Gross and Net Information About Financial Instruments Subject to Master Netting Arrangements - Liabilities	The following tables present the gross and net information about the Company’s financial instruments subject to master netting arrangements (in millions): September 30, 2023 Gross Gross Net Amounts Gross Amounts Not Offset Financial Instruments (1) Cash Securities Collateral (2) Net Financial Assets: Freestanding derivative assets $ 925 $ — $ 925 $ 372 $ 449 $ 51 $ 53 Financial Liabilities: Freestanding derivative liabilities $ 2,548 $ — $ 2,548 $ 372 $ — $ 2,153 $ 23 Securities loaned 28 — 28 — 28 — — Repurchase agreements — — — — — — — Total financial liabilities $ 2,576 $ — $ 2,576 $ 372 $ 28 $ 2,153 $ 23 (1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets. (2) Excludes initial margin amounts for exchange-traded derivatives. December 31, 2022 Gross Gross Net Amounts Gross Amounts Not Offset Financial Instruments (1) Cash Securities Collateral (2) Net Financial Assets: Freestanding derivative assets $ 1,270 $ — $ 1,270 $ 385 $ 683 $ 157 $ 45 Financial Liabilities: Freestanding derivative liabilities $ 2,065 $ — $ 2,065 $ 385 $ — $ 1,638 $ 42 Securities loaned 36 — 36 — 36 — — Repurchase agreements 1,012 — 1,012 — — 1,012 — Total financial liabilities $ 3,113 $ — $ 3,113 $ 385 $ 36 $ 2,650 $ 42 (1) Represents the amount that could be offset under master netting or similar arrangements that management elects not to offset on the Condensed Consolidated Balance Sheets. (2) Excludes initial margin amounts for exchange-traded derivatives.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value and Carrying Value of Financial Instruments	The following table summarizes the fair value and carrying value of the Company’s financial instruments (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets Debt securities (1) $ 41,388 $ 41,388 $ 44,762 $ 44,762 Equity securities 277 277 393 393 Mortgage loans (1) 10,612 9,815 11,549 10,841 Limited partnerships 3,221 3,221 3,212 3,212 Policy loans (1) 4,368 4,368 4,377 4,377 Freestanding derivative instruments 925 925 1,270 1,270 FHLBI capital stock 108 108 146 146 Cash and cash equivalents 2,760 2,760 4,298 4,298 Reinsurance recoverable on market risk benefits 167 167 221 221 Market risk benefit assets 6,815 6,815 4,865 4,865 Separate account assets 202,903 202,903 195,906 195,906 Liabilities Annuity reserves (2) 35,362 29,861 37,357 32,377 Market risk benefit liabilities 3,917 3,917 5,662 5,662 Reserves for guaranteed investment contracts (3) 863 820 1,128 1,099 Trust instruments supported by funding agreements (3) 5,900 5,592 5,887 5,760 FHLB funding agreements (3) 1,949 1,699 2,004 2,104 Funds withheld payable under reinsurance treaties (1) 19,973 19,973 22,957 22,957 Long-term debt 2,635 2,322 2,635 2,344 Securities lending payable 28 28 36 36 Freestanding derivative instruments 2,548 2,548 2,065 2,065 Notes issued by consolidated VIEs 2,011 2,011 1,732 1,732 Repurchase agreements — — 1,012 1,012 FHLB advances 180 180 — — Separate account liabilities 202,903 202,903 195,906 195,906 (1) Includes items carried at fair value under the fair value option and trading securities included as a component of debt securities. (2) Annuity reserves represent only the components of other contract holder funds and reserves for future policy benefits and claims payable that are considered to be financial instruments. (3) Included as a component of other contract holder funds on the Condensed Consolidated Balance Sheets.
Fair Value Option	The fair value and aggregate contractual principal for mortgage loans where the fair value option was elected after December 31, 2021, were as follows (in millions): September 30, December 31, 2023 2022 Fair value $ 476 $ 582 Aggregate contractual principal 490 591
Assets and Liabilities Carried at Fair Value by Hierarchy Levels	The following tables summarize the Company’s assets and liabilities that are carried at fair value by hierarchy levels (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 Total Level 1 Level 2 Level 3 Assets Debt securities U.S. government securities $ 3,674 $ 3,674 $ — $ — Other government securities 1,378 — 1,378 — Public utilities 5,068 — 5,068 — Corporate securities 24,682 — 24,638 44 Residential mortgage-backed 376 — 376 — Commercial mortgage-backed 1,442 — 1,442 — Other asset-backed securities 4,768 — 4,768 — Equity securities 277 7 186 84 Mortgage loans 476 — — 476 Limited partnerships (1) 564 — 140 424 Policy loans 3,432 — — 3,432 Freestanding derivative instruments 925 — 925 — Cash and cash equivalents 2,760 2,760 — — Reinsurance recoverable on market risk benefits 167 — — 167 Market risk benefit assets 6,815 — — 6,815 Separate account assets 202,903 — 202,903 — Total $ 259,707 $ 6,441 $ 241,824 $ 11,442 Liabilities Embedded derivative liabilities (2) $ 1,631 $ — $ 1,631 $ — Funds withheld payable under reinsurance treaties (3) 247 — — 247 Freestanding derivative instruments 2,548 — 2,548 — Notes issued by consolidated VIEs 2,011 — 2,011 — Market risk benefit liabilities 3,917 — — 3,917 Total $ 10,354 $ — $ 6,190 $ 4,164 (1) Excludes $2,657 million of limited partnership investments measured at NAV. (2) Includes the embedded derivative liabilities of $676 million related to RILA and $956 million liability of fixed index annuities, both included in other contract holder funds on the Condensed Consolidated Balance Sheets. (3) Includes the Athene embedded derivative asset of $3,352 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. December 31, 2022 Total Level 1 Level 2 Level 3 Assets Debt securities U.S. government securities $ 5,185 $ 5,184 $ 1 $ — Other government securities 1,467 — 1,467 — Public utilities 5,225 — 5,225 — Corporate securities 25,146 — 25,090 56 Residential mortgage-backed 464 — 464 — Commercial mortgage-backed 1,638 — 1,638 — Other asset-backed securities 5,637 — 5,637 — Equity securities 393 165 106 122 Mortgage loans 582 — — 582 Limited partnerships (1) 440 — — 440 Policy loans 3,419 — — 3,419 Freestanding derivative instruments 1,270 — 1,270 — Cash and cash equivalents 4,298 4,298 — — Reinsurance recoverable on market risk benefits 221 — — 221 Market risk benefit assets 4,865 — — 4,865 Separate account assets 195,906 — 195,906 — Total $ 256,156 $ 9,647 $ 236,804 $ 9,705 Liabilities Embedded derivative liabilities (2) $ 1,135 $ — $ 1,135 $ — Funds withheld payable under reinsurance treaties (3) 424 — — 424 Freestanding derivative instruments 2,065 — 2,065 — Notes issued by consolidated VIEs 1,732 — 1,732 — Market risk benefit liabilities 5,662 — — 5,662 Total $ 11,018 $ — $ 4,932 $ 6,086 (1) Excludes $2,772 million of limited partnership investments measured at NAV. (2) Includes the embedded derivative liabilities of $205 million related to RILA and $931 million of fixed index annuities, both included in other contract holder funds on the Condensed Consolidated Balance Sheets. (3) Includes the Athene embedded derivative asset of $3,158 million and funds withheld payable under reinsurance treaties at fair value under the fair value option.
Balances of Level 3 Assets and Liabilities Measured at Fair Value with Corresponding Pricing Sources	The table below presents the balances of Level 3 assets and liabilities measured at fair value with their corresponding pricing sources (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 Assets Total Internal External Debt securities: Corporate $ 44 $ — $ 44 Equity securities 84 1 83 Mortgage loans 476 — 476 Limited partnerships 424 1 423 Policy loans 3,432 3,432 — Reinsurance recoverable on market risk benefits 167 167 — Market risk benefit assets 6,815 6,815 — Total $ 11,442 $ 10,416 $ 1,026 Liabilities Funds withheld payable under reinsurance treaties (1) 247 247 — Market risk benefit liabilities 3,917 3,917 — Total $ 4,164 $ 4,164 $ — (1) Includes the Athene embedded derivative asset of $3,352 million and funds withheld payable under reinsurance treaties at fair value under the fair value option. December 31, 2022 Assets Total Internal External Debt securities: Corporate $ 56 $ — $ 56 Equity securities 122 1 121 Mortgage loans 582 — 582 Limited partnerships 440 8 432 Policy loans 3,419 3,419 — Reinsurance recoverable on market risk benefits 221 221 — Market risk benefit assets 4,865 4,865 — Total $ 9,705 $ 8,514 $ 1,191 Liabilities Funds withheld payable under reinsurance treaties (1) 424 424 — Market risk benefit liabilities 5,662 5,662 — Total $ 6,086 $ 6,086 $ — (1) Includes the Athene embedded derivative asset of $3,158 million and funds withheld payable under reinsurance treaties at fair value under the fair value option.
Quantitative Information on Significant Internally-Priced Level 3 Assets and Liabilities	The table below presents quantitative information on internally-priced Level 3 assets and liabilities that use significant unobservable inputs (in millions, 2022 information recast for the adoption of LDTI): As of September 30, 2023 Fair Valuation Technique(s) Significant Unobservable Input(s) Assumption or Input Range Impact of Increase in Input on Fair Value Assets Reinsurance recoverable on market risk benefits $ 167 Discounted cash Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 2.97% - 8.10% Decrease Utilization (3) 0.00% - 20.00% Increase Withdrawal (4) 47.50% - 52.50% Increase Non-performance risk (5) 0.40% - 1.63% Decrease Long-term Equity Volatility (6) 18.50% Increase Market risk benefit assets $ 6,815 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 0.05% - 41.28% Decrease Utilization (3) 0.00% - 100.00% Increase Withdrawal (4) 11.25% - 100.00% Increase Non-performance risk (5) 1.61% - 2.19% Decrease Long-term Equity Volatility (6) 18.50% Increase Liabilities Market risk benefit liabilities $ 3,917 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 0.05% - 41.28% Decrease Utilization (3) 0.00% - 100.00% Increase Withdrawal (4) 11.25% - 100.00% Increase Non-performance risk (5) 1.61% - 2.19% Decrease Long-term Equity Volatility (6) 18.50% Increase (1) Mortality rates vary by attained age, tax qualification status, guaranteed benefit election, and duration. The range displayed reflects ages from the minimum issue age for the benefit through age 95, which corresponds to the typical maturity age. A mortality improvement assumption is also applied. (2) Base lapse rates vary by contract-level factors, such as product type, surrender charge schedule and optional benefits election. Lapse rates are further adjusted based on the degree to which a guaranteed benefit is in-the-money, with lower lapse applying when benefits are more in-the-money. Lapse rates are also adjusted to reflect lower lapse expectations when guaranteed benefits are utilized. (3) The utilization rate represents the expected percentage of contracts that will utilize the benefit through annuitization (GMIB) or commencement of withdrawals (GMWB). Utilization may vary by benefit type, attained age, duration, tax qualification status, benefit provision, and degree to which the guaranteed benefit is in-the-money. (4) The withdrawal rate represents the percentage of annual withdrawal assumed relative to the maximum allowable withdrawal amount under the free partial withdrawal provision or the GMWB, as applicable. Free partial withdrawal rates vary based on the product type and duration. Withdrawal rates on contracts with a GMWB vary based on attained age, tax qualification status, GMWB type and GMWB benefit provisions. (5) Non-performance risk adjustment is applied as a spread over the risk-free rate to determine the rate used to discount the related cash flows and varies by projection year. (6) Long-term equity volatility represents the equity volatility beyond the period for which observable equity volatilities are available. As of December 31, 2022 Fair Valuation Technique(s) Significant Unobservable Input(s) Assumption or Input Range Impact of Increase in Input on Fair Value Assets Reinsurance recoverable on market risk benefits $ 221 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 2.97% - 8.10% Decrease Utilization (3) 0.00% - 20.00% Increase Withdrawal (4) 47.50% - 52.50% Increase Non-performance risk (5) 0.64% - 2.27% Decrease Long-term Equity Volatility (6) 18.50% - 23.68% Increase Market risk benefit assets $ 4,865 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 0.05% - 41.28% Decrease Utilization (3) 0.00% - 100.00% Increase Withdrawal (4) 11.25% - 100.00% Increase Non-performance risk (5) 0.64% - 2.27% Decrease Long-term Equity Volatility (6) 18.50% - 23.68% Increase Liabilities Market risk benefit liabilities $ 5,662 Discounted cash flow Mortality (1) 0.01% - 23.33% Decrease Lapse (2) 0.05% - 41.28% Decrease Utilization (3) 0.00% - 100.00% Increase Withdrawal (4) 11.25% - 100.00% Increase Non-performance risk (5) 0.64% - 2.27% Decrease Long-term Equity Volatility (6) 18.50% - 23.68% Increase (1) Mortality rates vary by attained age, tax qualification status, guaranteed benefit election, and duration. The range displayed reflects ages from the minimum issue age for the benefit through age 95, which corresponds to the typical maturity age. A mortality improvement assumption is also applied. (2) Base lapse rates vary by contract-level factors, such as product type, surrender charge schedule and optional benefits election. Lapse rates are further adjusted based on the degree to which a guaranteed benefit is in-the-money, with lower lapse applying when benefits are more in-the-money. Lapse rates are also adjusted to reflect lower lapse expectations when guaranteed benefits are utilized. (3) The utilization rate represents the expected percentage of contracts that will utilize the benefit through annuitization (GMIB) or commencement of withdrawals (GMWB). Utilization may vary by benefit type, attained age, duration, tax qualification status, benefit provision, and degree to which the guaranteed benefit is in-the-money. (4) The withdrawal rate represents the percentage of annual withdrawal assumed relative to the maximum allowable withdrawal amount under the free partial withdrawal provision or the GMWB, as applicable. Free partial withdrawal rates vary based on the product type and duration. Withdrawal rates on contracts with a GMWB vary based on attained age, tax qualification status, GMWB type and GMWB benefit provisions. (5) Non-performance risk adjustment is applied as a spread over the risk-free rate to determine the rate used to discount the related cash flows and varies by projection year.
Rollforwards of Financial Instruments for Which Significant Unobservable Inputs (Level 3) are Used - Assets	The tables below, 2022 information recast for the adoption of LDTI, provide roll-forwards for the three and nine months ended September 30, 2023 and 2022 of the financial instruments for which significant unobservable inputs (Level 3) are used in the fair value measurement. Gains and losses in the tables below include changes in fair value due partly to observable and unobservable factors. The Company utilizes derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instruments hedging the related risks may not be classified within the same fair value hierarchy level as the associated assets and liabilities. Therefore, the impact of the derivative instruments reported in Level 3 may vary significantly from the total income effect of the hedged instruments. Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Net Other Issuances in and/or as of July 1, Income Comprehensive and (out of) September 30, Three Months Ended September 30, 2023 2023 (Loss) Income (Loss) Settlements Level 3 2023 Assets Debt securities Corporate securities $ 21 $ (2) $ — $ 22 $ 3 $ 44 Equity securities 86 (2) — — — 84 Mortgage loans 509 (5) — (28) — 476 Limited partnerships 422 (17) — (10) 29 424 Reinsurance recoverable on market risk benefits 194 (27) — — — 167 Market risk benefit assets 5,957 858 — — — 6,815 Policy loans 3,438 (32) — 26 — 3,432 Liabilities Funds withheld payable under reinsurance treaties (701) 481 — (27) — (247) Market risk benefit liabilities (4,463) 1,545 (999) — — (3,917) Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Net Other Issuances in and/or as of July 1, Income Comprehensive and (out of) September 30, Three Months Ended September 30, 2022 2022 (Loss) Income (Loss) Settlements Level 3 2022 Assets Debt securities Corporate securities $ 47 $ (5) $ (1) $ 10 $ 26 $ 77 Equity securities 124 (6) — (11) — 107 Mortgage loans 357 (7) — 158 — 508 Limited partnerships 396 — — — — 396 Reinsurance recoverable on market risk benefits 306 (45) — — — 261 Market risk benefit assets 2,329 703 — — — 3,032 Policy loans 3,485 (27) — 29 — 3,487 Liabilities Funds withheld payable under reinsurance treaties (1,141) 857 — (30) — (314) Market risk benefit liabilities (5,945) 255 552 — — (5,138) Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Net Other Issuances in and/or as of January 1, Income Comprehensive and (out of) September 30, Nine Months Ended September 30, 2023 2023 (Loss) Income (Loss) Settlements Level 3 2023 Assets Debt securities Corporate securities $ 56 $ (11) $ — $ 18 $ (19) $ 44 Equity securities 122 (37) — — (1) 84 Mortgage loans 582 (7) — (99) — 476 Limited partnerships 440 (39) — 1 22 424 Reinsurance recoverable on market risk benefits 221 (54) — — — 167 Market risk benefit assets 4,865 1,950 — — — 6,815 Policy loans 3,419 75 — (62) — 3,432 Liabilities Funds withheld payable under reinsurance treaties (424) 119 — 58 — (247) Market risk benefit liabilities (5,662) 3,224 (1,479) — — (3,917) Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Net Other Issuances in and/or as of January 1, Income Comprehensive and (out of) September 30, Nine Months Ended September 30, 2022 2022 (Loss) Income (Loss) Settlements Level 3 2022 Assets Debt securities Corporate securities $ 9 $ — $ (1) $ 13 $ 56 $ 77 Equity securities 112 10 — (15) — 107 Mortgage loans — (10) — 518 — 508 Limited partnerships 396 — — — — 396 Reinsurance recoverable on market risk benefits 383 (122) — — — 261 Market risk benefit assets 1,664 1,368 — — — 3,032 Policy loans 3,467 109 — (89) — 3,487 Liabilities Funds withheld payable under reinsurance treaties (3,759) 3,349 — 96 — (314) Market risk benefit liabilities (8,033) 390 2,505 — — (5,138)
Rollforwards of Financial Instruments for Which Significant Unobservable Inputs (Level 3) are Used - Liabilities	The tables below, 2022 information recast for the adoption of LDTI, provide roll-forwards for the three and nine months ended September 30, 2023 and 2022 of the financial instruments for which significant unobservable inputs (Level 3) are used in the fair value measurement. Gains and losses in the tables below include changes in fair value due partly to observable and unobservable factors. The Company utilizes derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instruments hedging the related risks may not be classified within the same fair value hierarchy level as the associated assets and liabilities. Therefore, the impact of the derivative instruments reported in Level 3 may vary significantly from the total income effect of the hedged instruments. Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Net Other Issuances in and/or as of July 1, Income Comprehensive and (out of) September 30, Three Months Ended September 30, 2023 2023 (Loss) Income (Loss) Settlements Level 3 2023 Assets Debt securities Corporate securities $ 21 $ (2) $ — $ 22 $ 3 $ 44 Equity securities 86 (2) — — — 84 Mortgage loans 509 (5) — (28) — 476 Limited partnerships 422 (17) — (10) 29 424 Reinsurance recoverable on market risk benefits 194 (27) — — — 167 Market risk benefit assets 5,957 858 — — — 6,815 Policy loans 3,438 (32) — 26 — 3,432 Liabilities Funds withheld payable under reinsurance treaties (701) 481 — (27) — (247) Market risk benefit liabilities (4,463) 1,545 (999) — — (3,917) Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Net Other Issuances in and/or as of July 1, Income Comprehensive and (out of) September 30, Three Months Ended September 30, 2022 2022 (Loss) Income (Loss) Settlements Level 3 2022 Assets Debt securities Corporate securities $ 47 $ (5) $ (1) $ 10 $ 26 $ 77 Equity securities 124 (6) — (11) — 107 Mortgage loans 357 (7) — 158 — 508 Limited partnerships 396 — — — — 396 Reinsurance recoverable on market risk benefits 306 (45) — — — 261 Market risk benefit assets 2,329 703 — — — 3,032 Policy loans 3,485 (27) — 29 — 3,487 Liabilities Funds withheld payable under reinsurance treaties (1,141) 857 — (30) — (314) Market risk benefit liabilities (5,945) 255 552 — — (5,138) Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Net Other Issuances in and/or as of January 1, Income Comprehensive and (out of) September 30, Nine Months Ended September 30, 2023 2023 (Loss) Income (Loss) Settlements Level 3 2023 Assets Debt securities Corporate securities $ 56 $ (11) $ — $ 18 $ (19) $ 44 Equity securities 122 (37) — — (1) 84 Mortgage loans 582 (7) — (99) — 476 Limited partnerships 440 (39) — 1 22 424 Reinsurance recoverable on market risk benefits 221 (54) — — — 167 Market risk benefit assets 4,865 1,950 — — — 6,815 Policy loans 3,419 75 — (62) — 3,432 Liabilities Funds withheld payable under reinsurance treaties (424) 119 — 58 — (247) Market risk benefit liabilities (5,662) 3,224 (1,479) — — (3,917) Total Realized/Unrealized Gains (Losses) Included in Purchases, Fair Value Sales, Transfers Fair Value as of Net Other Issuances in and/or as of January 1, Income Comprehensive and (out of) September 30, Nine Months Ended September 30, 2022 2022 (Loss) Income (Loss) Settlements Level 3 2022 Assets Debt securities Corporate securities $ 9 $ — $ (1) $ 13 $ 56 $ 77 Equity securities 112 10 — (15) — 107 Mortgage loans — (10) — 518 — 508 Limited partnerships 396 — — — — 396 Reinsurance recoverable on market risk benefits 383 (122) — — — 261 Market risk benefit assets 1,664 1,368 — — — 3,032 Policy loans 3,467 109 — (89) — 3,487 Liabilities Funds withheld payable under reinsurance treaties (3,759) 3,349 — 96 — (314) Market risk benefit liabilities (8,033) 390 2,505 — — (5,138)
Components of Amounts Included in Purchases, Sales, Issuances and Settlements	The components of the amounts included in purchases, sales, issuances and settlements for the three and nine months ended September 30, 2023 and 2022 shown above are as follows (in millions): Three Months Ended September 30, 2023 Purchases Sales Issuances Settlements Total Assets Debt securities Corporate securities $ 27 $ (5) $ — $ — $ 22 Equity securities — — — — — Mortgage loans 45 (73) — — (28) Limited partnerships 1 (11) — — (10) Policy loans — — 76 (50) 26 Total $ 73 $ (89) $ 76 $ (50) $ 10 Liabilities Funds withheld payable under reinsurance treaties $ — $ — $ (96) $ 69 $ (27) Three Months Ended September 30, 2022 Purchases Sales Issuances Settlements Total Assets Debt securities Corporate securities $ 12 $ (2) $ — $ — $ 10 Equity securities 1 (12) — — (11) Mortgage loans 159 (1) — — 158 Policy loans — — 74 (45) 29 Total $ 172 $ (15) $ 74 $ (45) $ 186 Liabilities Funds withheld payable under reinsurance treaties $ — $ — $ (79) $ 49 $ (30) Nine Months Ended September 30, 2023 Purchases Sales Issuances Settlements Total Assets Debt securities Corporate securities $ 27 $ (9) $ — $ — $ 18 Equity securities — — — — — Mortgage loans 180 (279) — — (99) Limited partnerships 19 (18) — — 1 Policy loans — — 111 (173) (62) Total $ 226 $ (306) $ 111 $ (173) $ (142) Liabilities Funds withheld payable under reinsurance treaties $ — $ — $ (132) $ 190 $ 58 Nine Months Ended September 30, 2022 Purchases Sales Issuances Settlements Total Assets Debt securities Corporate securities $ 15 $ (2) $ — $ — $ 13 Equity securities 1 (16) — — (15) Mortgage loans 519 (1) — — 518 Policy loans — — 105 (194) (89) Total $ 535 $ (19) $ 105 $ (194) $ 427 Liabilities Funds withheld payable under reinsurance treaties $ — $ — $ (111) $ 207 $ 96
Portion of Gains (Losses) Included in Net Income or Other Comprehensive Income	The portion of gains (losses) included in net income (loss) or OCI attributable to the change in unrealized gains and losses on Level 3 financial instruments still held was as follows (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended September 30, 2023 2022 Included in Included in OCI Included in Included in OCI Assets Debt securities Corporate securities $ 2 $ — $ (5) $ (1) Equity securities (2) — (6) — Mortgage loans (5) — (7) — Limited partnerships (17) — — — Reinsurance recoverable on market risk benefits (27) — (45) — Market risk benefit assets 858 — 703 — Policy loans (32) — (27) — Liabilities Funds withheld payable under reinsurance treaties 481 — 857 — Market risk benefit liabilities 1,545 (999) 255 552 Nine Months Ended September 30, 2023 2022 Included in Included in OCI Included in Included in OCI Assets Debt securities Corporate securities $ (7) $ — $ — $ (1) Equity securities (37) — 10 — Mortgage loans (7) — (10) — Limited partnerships (39) — — — Reinsurance recoverable on market risk benefits (54) — (122) — Market risk benefit assets 1,950 — 1,368 — Policy loans 75 — 109 — Liabilities Funds withheld payable under reinsurance treaties 119 — 3,349 — Market risk benefit liabilities 3,224 (1,479) 390 2,505
Carrying Amount and Fair Value by Hierarchy of Certain Financial Instruments Not Reported at Fair Value	The table below presents the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value (in millions): September 30, 2023 Fair Value Carrying Total Level 1 Level 2 Level 3 Assets Mortgage loans $ 10,136 $ 9,339 $ — $ — $ 9,339 Policy loans 936 936 — — 936 FHLBI capital stock 108 108 108 — — Liabilities Annuity reserves (1) $ 33,731 $ 28,230 $ — $ — $ 28,230 Reserves for guaranteed investment contracts (2) 863 820 — — 820 Trust instruments supported by funding agreements (2) 5,900 5,592 — — 5,592 FHLB funding agreements (2) 1,949 1,699 — — 1,699 Funds withheld payable under reinsurance treaties 19,726 19,726 — — 19,726 Debt 2,635 2,322 — 2,322 — Securities lending payable 28 28 — 28 — FHLB advances 180 180 — 180 — Repurchase agreements — — — — — Separate account liabilities (3) 202,903 202,903 — 202,903 — December 31, 2022 Fair Value Carrying Total Level 1 Level 2 Level 3 Assets Mortgage loans $ 10,967 $ 10,259 $ — $ — $ 10,259 Policy loans 958 958 — — 958 FHLBI capital stock 146 146 146 — — Liabilities Annuity reserves (1) $ 36,222 $ 31,242 $ — $ — $ 31,242 Reserves for guaranteed investment contracts (2) 1,128 1,099 — — 1,099 Trust instruments supported by funding agreements (2) 5,887 5,760 — — 5,760 FHLB funding agreements (2) 2,004 2,104 — — 2,104 Funds withheld payable under reinsurance treaties 22,533 22,533 — — 22,533 Debt 2,635 2,344 — 2,344 — Securities lending payable 36 36 — 36 — Repurchase agreements 1,012 1,012 — 1,012 — Separate account liabilities (3) 195,906 195,906 — 195,906 — (1) Annuity reserves represent only the components of other contract holder funds that are considered to be financial instruments. (2) Included as a component of other contract holder funds on the Condensed Consolidated Balance Sheets. (3) The values of separate account liabilities are set equal to the values of separate account assets. The following is a discussion of the methodologies used to determine fair values of the financial instruments measured on a nonrecurring basis reported in the table above. Mortgage Loans Fair values are generally determined by discounting expected future cash flows at current market interest rates, inclusive of a credit spread, for similar quality loans. For loans whose value is dependent on the underlying property, fair value is the estimated value of the collateral. Certain characteristics considered significant in determining the spread or collateral value may be based on internally developed estimates. As a result, these investments have been classified as Level 3 within the fair value hierarchy. Mortgage loans held under the funds withheld reinsurance agreement are valued using third-party pricing services, which may use economic inputs, geographical information, and property specific assumptions in deriving the fair value price. The Company reviews the valuations from these pricing providers to ensure they are reasonable. Due to lack of observable inputs, these investments have been classified as Level 3 within the fair value hierarchy. Policy Loans Policy loans are funds provided to policyholders in return for a claim on the policies values and function like demand deposits which are redeemable upon repayment, death or surrender, and there is only one market price at which the transaction could be settled – the then current carrying value. The funds provided are limited to the cash surrender value of the underlying policy. The nature of policy loans is to have a negligible default risk as the loans are fully collateralized by the value of the policy. Policy loans do not have a stated maturity and the balances and accrued interest are repaid either by the policyholder or with proceeds from the policy. Due to the collateralized nature of policy loans and unpredictable timing of payments, the Company believes the carrying value of policy loans approximates fair value. The non-reinsurance related component of policy loans has been classified as Level 3 within the fair value hierarchy. FHLBI Capital Stock FHLBI capital stock, which is included in other invested assets, can only be sold to FHLBI at a constant price of $100 per share. Due to the lack of valuation uncertainty, the investment has been classified as Level 1. Other Contract Holder Funds Fair values for immediate annuities without mortality features are derived by discounting the future estimated cash flows using current market interest rates for similar maturities. Fair values for deferred annuities, including the fixed option on variable annuities, fixed annuities, fixed index annuities and RILAs, are determined using projected future cash flows discounted at current market interest rates. Fair values for guaranteed investment contracts, trust instruments supported by funding agreements and FHLB funding agreements are based on the present value of future cash flows discounted at current market interest rates. Funds Withheld Payable Under Reinsurance Treaties The fair value of the funds withheld payable is equal to the fair value of the assets held as collateral, which primarily consists of bonds, mortgages, limited partnerships, and cash and cash equivalents. The fair value of the assets generally uses industry standard valuation techniques as described above and the funds withheld payable components are valued consistent with the assets in the fair value hierarchy. Debt Fair values for the Company’s surplus notes and long-term debt are generally determined by prices obtained from independent broker dealers or discounted cash flow models. Such prices are derived from market observable inputs and are classified as Level 2. Securities Lending Payable The Company’s securities lending payable is set equal to the cash collateral received. Due to the short-term nature of the loans, carrying value is a reasonable estimate of fair value and is classified as Level 2. FHLB Advances Carrying value of the Company’s FHLB advances, which are included in other liabilities, is considered a reasonable estimate of fair value due to their short-term maturities and are classified as Level 2. Repurchase Agreements Carrying value of the Company’s repurchase agreements is considered a reasonable estimate of fair value due to their short-term maturities and are classified as Level 2. Separate Account Liabilities The values of separate account liabilities are set equal to the values of separate account assets, which are comprised of investments in mutual funds that transact regularly, but do not trade in active markets as they are not publicly available, and, are categorized as Level 2.

Deferred Acquisition Costs (Tab

Deferred Acquisition Costs (Tables)	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Deferred Acquisition Costs	The following table presents the impact of the adoption of LDTI, as of the transition date, on DAC (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Deferred acquisition costs $ 13,725 $ 172 $ 13,897 Adjustment for reversal of AOCI adjustments 151 (5) 146 Balance, January 1, 2021 - Deferred acquisition costs $ 13,876 $ 167 $ 14,043 Nine Months Ended September 30, Year Ended December 31, 2023 2022 Variable Annuities Balance, beginning of period $ 12,699 $ 13,364 Deferrals of acquisition costs 306 544 Amortization (855) (1,209) Variable Annuities balance, end of period $ 12,150 $ 12,699 Reconciliation of total DAC Variable Annuities balance, end of period $ 12,150 $ 12,699 Other product lines, end of period 297 224 Total balance, end of period $ 12,447 $ 12,923

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Components of Reinsurance Recoverable, and Premiums and Benefits	Components of the Company’s reinsurance recoverable excluding MRBs were as follows (in millions, 2022 information recast for the adoption of LDTI): September 30, December 31, 2023 2022 Reserves: Life $ 5,316 $ 5,307 Accident and health 404 482 Annuity benefits (1) 19,801 22,470 Claims liability and other 691 787 Total $ 26,212 $ 29,046
Schedule of Market Risk Benefit, Activity	The following table presents the impact of the adoption of LDTI, as of the transition date, on MRBs, net (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 7,306 $ 74 $ 7,380 Adjustment for reversal of AOCI adjustments (27) (48) (75) Cumulative effect of the changes in non-performance risk between the original contract issuance date and the transition date (743) (6) (749) Remaining cumulative difference (exclusive of non-performance risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs 3,372 72 3,444 Balance, January 1, 2021 - Market risk benefits, net, at fair value $ 9,908 $ 92 $ 10,000 The following table presents the impact of the adoption of LDTI, as of the transition date, on reinsurance recoverable on market risk benefits at fair value (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 340 $ 67 $ 407 Adjustment for reversal of AOCI adjustments — (47) (47) Cumulative difference between 12/31/2020 carrying amount and fair value measurement for the MRBs 28 83 111 Balance, January 1, 2021 - Reinsurance recoverable on market risk benefits at fair value $ 368 $ 103 $ 471 Components of the Company’s reinsurance recoverable on market risk benefits were as follows (in millions, 2022 information recast for the adoption of LDTI): September 30, December 31, 2023 2022 Variable annuity $ 134 $ 183 Other product lines 33 38 Total $ 167 $ 221 The following table presents a roll-forward of Closed Block Life additional liabilities for annuitization, death and other insurance benefits (in millions, 2022 information recast for the adoption of LDTI): Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Balance, beginning of period $ 1,131 $ 1,173 Beginning of period cumulative effect of changes in shadow adjustments 41 (14) Beginning balance excluding shadow 1,172 1,159 Effect of changes in cash flow assumptions — 6 Effect of actual variances from expected experience 25 58 Interest accrual 42 56 Net assessments collected (123) (107) Ending balance excluding shadow 1,116 1,172 End of period cumulative effect of changes in shadow adjustments (30) (41) Balance, end of period $ 1,086 $ 1,131 The following table presents the weighted average duration of Closed Block Life additional liabilities for annuitization, death and other insurance benefits. The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount (2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Weighted average duration (years) 7.9 8.1 The following table presents assessments and interest expense of Closed Block Life additional liabilities for annuitization, death and other insurance benefits recognized in the Condensed Consolidated Income Statements (in millions, 2022 information recast for the adoption of LDTI): Assessments Interest Expense Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Additional liability for annuitization, death and other insurance benefits $ (123) $ (107) $ 42 $ 56 The following table presents the weighted average current discount rate of Closed Block Life additional liabilities for annuitization, death and other insurance benefits, applied at the cohort level weighted by reserve benefit amount (2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Weighted average current discount rate 4.97 % 4.96 % The following table presents the reconciliation of the market risk benefits balance in the Condensed Consolidated Balance Sheets (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Variable Other Variable Other Annuities Product Lines Total Annuities Product Lines Total Market risk benefit - (assets) $ (6,807) $ (8) $ (6,815) $ (4,856) $ (9) $ (4,865) Market risk benefit - liabilities 3,880 37 3,917 5,623 39 5,662 Market risk benefit - net (asset) liability $ (2,927) $ 29 $ (2,898) $ 767 $ 30 $ 797
Assets and Liabilities Held in Support of Reserves Associated with Funds Withheld Reinsurance Agreements	The following assets and liabilities were held in support of reserves associated with the Company’s funds withheld reinsurance agreements and were reported in the respective financial statement line items in the Condensed Consolidated Balance Sheets (in millions): September 30, December 31, 2023 2022 Assets Debt securities, available-for-sale $ 11,511 $ 13,622 Debt securities, at fair value under the fair value option 143 159 Equity securities 137 77 Mortgage loans 3,106 4,127 Mortgage loans, at fair value under the fair value option 476 582 Policy loans 3,447 3,435 Freestanding derivative instruments, net 57 78 Other invested assets 677 793 Cash and cash equivalents 616 260 Accrued investment income 148 166 Other assets and liabilities, net (60) (73) Total assets (1) $ 20,258 $ 23,226 Liabilities Funds held under reinsurance treaties (2) $ 19,973 $ 22,957 Total liabilities $ 19,973 $ 22,957 (1) Certain assets are reported at amortized cost while the fair value of those assets is reported in the embedded derivative in the funds withheld liability. (2) Includes funds withheld embedded derivative asset (liability) of $3,352 million and $3,158 million at September 30, 2023 and December 31, 2022, respectively.
Sources of Income Related to Funds Withheld Under Reinsurance Treaties	The sources of net investment income were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Debt securities (1) $ 432 $ 306 $ 1,152 $ 792 Equity securities (4) (25) (5) (18) Mortgage loans 81 70 235 211 Policy loans 17 18 50 52 Limited partnerships 20 (7) 19 151 Other investment income 24 14 74 25 Total investment income excluding funds withheld assets 570 376 1,525 1,213 Investment expenses (91) (49) (211) (128) Net investment income excluding funds withheld assets 479 327 1,314 1,085 Net investment income on funds withheld assets (see Note 8) 303 313 862 937 Net investment income $ 782 $ 640 $ 2,176 $ 2,022 (1) Includes unrealized gains (losses) on trading securities and includes $51 million and $43 million for the three and nine months ended September 30, 2023, respectively, and $(8) million and $(103) million for the three and nine months ended September 30, 2022, respectively, related to the change in fair value for securities carried under the fair value option. The sources of income related to funds withheld under reinsurance treaties reported in net investment income in the Condensed Consolidated Income Statements were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Debt securities (1) $ 162 $ 178 $ 494 $ 508 Equity securities 2 (3) (36) (28) Mortgage loans (2) 48 59 174 160 Policy loans 80 77 238 236 Limited partnerships 17 23 32 125 Other investment income 13 — 16 1 Total investment income on funds withheld assets 322 334 918 1,002 Other investment expenses on funds withheld assets (3) (19) (21) (56) (65) Total net investment income on funds withheld reinsurance treaties $ 303 $ 313 $ 862 $ 937 (1) Includes $1 million and $3 million for the three and nine months ended September 30, 2023, respectively, and $(3) million and $(11) million for the three and nine months ended September 30, 2022, respectively, related to the change in fair value for securities carried under the fair value option. (2) Includes $(5) million and $(7) million for the three and nine months ended September 30, 2023, respectively, and $(7) million and $(10) million for the three and nine months ended September 30, 2022, respectively, related to the change in fair value for mortgage loans carried under the fair value option. (3) Includes management fees.
Gains And Losses On Funds Withheld Reinsurance Treaties	The gains and losses on funds withheld reinsurance treaties as a component of net gains (losses) on derivatives and investments in the Condensed Consolidated Income Statements were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Available-for-sale securities Realized gains on sale $ 8 $ 1 $ 24 $ 41 Realized losses on sale (13) (8) (61) (39) Credit loss expense (10) 7 (8) (33) Credit loss expense on mortgage loans (10) 6 (17) 17 Other (16) (43) (4) (102) Net gains (losses) on non-derivative investments (41) (37) (66) (116) Net gains (losses) on derivative instruments 24 76 1 160 Net gains (losses) on funds withheld payable under reinsurance treaties (1) 176 516 (583) 2,616 Total net gains (losses) on derivatives and investments $ 159 $ 555 $ (648) $ 2,660 (1) Includes the Athene embedded derivative gain (loss) of $451 million and $194 million for the three and nine months ended September 30, 2023, respectively, and $824 million and $3,452 million for the three and nine months ended September 30, 2022, respectively.

Reserves for Future Policy Be_2

Reserves for Future Policy Benefits and Claims Payable (Tables)	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Schedule of Reserves for Future Policy Benefits and Claims Payable Balances	The following table summarizes the Company’s reserves for future policy benefits and claims payable balances (in millions, 2022 information recast for the adoption of LDTI): September 30, December 31, 2023 2022 Reserves for future policy benefits Payout Annuities $ 1,014 $ 1,042 Closed Block Life 3,813 4,161 Closed Block Annuity 4,077 4,434 Reserves for future policy benefits 8,904 9,637 Additional liabilities Closed Block Life 1,086 1,131 Other future policy benefits and claims payable 1,428 1,550 Reserves for future policy benefits and claims payable $ 11,418 $ 12,318
Balances of and changes in liability for future policy benefits, and Revenue and interest recognized	The following table presents the impact of the adoption of LDTI, as of the transition date, on reserves for future policy benefits and claims payable (in millions): Payout Closed Closed Annuities Block Life Block Annuity Total Reserves for future policy benefits at December 31, 2020 $ 1,148 $ 5,809 $ 5,328 $ 12,285 Adjustment for loss contracts under the modified retrospective approach 4 15 18 37 Effect of remeasurement of liability at current discount rate 143 560 997 1,700 Reserves for future policy benefits at January 1, 2021 $ 1,295 $ 6,384 $ 6,343 $ 14,022 Other future policy benefits and claims payable 2,774 Reserves for future policy benefits and claims payable at January 1, 2021 $ 16,796 The following table presents the transition date reclassifications and adjustments to reserves for future policy benefits by category resulting from the adoption of LDTI (in millions): Reserve for future policy benefits Other (1) Total Reserve for future policy benefits and claims payable at December 31, 2020 $ 12,285 $ 10,227 $ 22,512 Adjustments for LDTI transition 1,737 (7,453) (5,716) Reserve for future policy benefits and claims payable at January 1, 2021 $ 14,022 $ 2,774 $ 16,796 (1) Includes variable annuity embedded derivatives that were reclassed to market risk benefits. The following tables present the roll-forward of components of reserves for future policy benefits (in millions, 2022 information recast for the adoption of LDTI): Present Value of Expected Net Premiums Nine Months Ended September 30, Year Ended December 31, 2023 2022 Payout Closed Block Closed Block Payout Closed Block Closed Block Annuities Life Annuity Annuities Life Annuity Balance, beginning of period $ — $ 1,287 $ — $ — $ 1,464 $ — Beginning of period cumulative effect of changes in discount rate assumptions — 161 — — (157) — Beginning balance at original discount rate — 1,448 — — 1,307 — Effect of changes in cash flow assumptions — — — — 242 — Effect of actual variances from expected experience — (95) — — 1 — Balance adjusted for variances from expectation — 1,353 — — 1,550 — Issuances — 5 — — 6 — Interest accrual — 27 — — 39 — Net premiums collected — (131) — — (147) — Ending balance at original discount rate — 1,254 — — 1,448 — End of period cumulative effect of changes in discount rate assumptions — (173) — — (161) — Balance, end of period $ — $ 1,081 $ — $ — $ 1,287 $ — Present Value of Expected Future Policy Benefits Nine Months Ended September 30, Year Ended December 31, 2023 2022 Payout Closed Block Closed Block Payout Closed Block Closed Block Annuities Life Annuity Annuities Life Annuity Balance, beginning of period $ 1,042 $ 5,448 $ 4,434 $ 1,249 $ 6,913 $ 5,739 Beginning of period cumulative effect of changes in discount rate assumptions 132 958 275 (84) (349) (689) Beginning balance at original discount rate (including DPL of $40, $0 and $671 in September 30, 2023, and $38, $0 and $459 in December 31, 2022 for payout annuities, closed block life and closed block annuity, respectively) 1,174 6,406 4,709 1,165 6,564 5,050 Effect of changes in cash flow assumptions — — — 4 331 (15) Effect of actual variances from expected experience (17) (74) (12) (37) 38 (34) Balance adjusted for variances from expectation 1,157 6,332 4,697 1,132 6,933 5,001 Issuances 84 13 — 126 14 4 Interest accrual 32 151 147 40 209 210 Benefits payments (97) (522) (368) (124) (750) (506) Ending balance of original discount rate (including DPL of $40, $0 and $637 in September 30, 2023, and $40, $0 and $671 in December 31, 2022 for payout annuities, closed block life and closed block annuity, respectively) 1,176 5,974 4,476 1,174 6,406 4,709 End of period cumulative effect of changes in discount rate assumptions (162) (1,080) (399) (132) (958) (275) Balance, end of period $ 1,014 $ 4,894 $ 4,077 $ 1,042 $ 5,448 $ 4,434 Reserves for future policy benefits 1,014 3,813 4,077 1,042 4,161 4,434 Less: Reinsurance recoverable 83 2,107 2 71 2,263 2 Reserves for future policy benefits, after reinsurance recoverable $ 931 $ 1,706 $ 4,075 $ 971 $ 1,898 $ 4,432 The following table presents the weighted average duration of the reserves for future policy benefits (2022 information recast for the adoption of LDTI). The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount: Payout Closed Block Closed Block Annuities Life Annuity September 30, 2023 Weighted average duration (years) 6.7 7.5 6.7 December 31, 2022 Weighted average duration (years) 6.9 7.8 7.0 September 30, 2023 December 31, 2022 Undiscounted Discounted Undiscounted Discounted Payout Annuities Expected future benefit payments $ 1,560 $ 973 $ 1,542 $ 999 Expected future gross premiums — — — — Closed Block Life Expected future benefit payments 8,212 5,016 8,751 5,578 Expected future gross premiums 5,462 2,990 5,976 3,489 Closed Block Annuity Expected future benefit payments 5,524 3,418 5,834 3,729 Expected future gross premiums $ — $ — $ — $ — The following table presents the amount of revenue and interest related to non-participating traditional and limited-pay insurance contracts recognized in the Condensed Consolidated Income Statements (in millions, 2022 information recast for the adoption of LDTI): Gross Premiums Interest Expense Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Payout Annuities $ 16 $ 10 $ 32 $ 40 Closed Block Life 250 390 124 170 Closed Block Annuity 1 — 147 210 Total $ 267 $ 400 $ 303 $ 420 The following table presents the weighted average interest rate for the reserves for future policy benefits at the cohort's level for the locked-in discount rate (interest accretion rate), and current discount rate, weighted by the cohort's benefit reserve amount (2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Payout Annuities Interest accretion rate 3.81 % 3.71 % Current discount rate 6.02 % 5.40 % Closed Block Life Interest accretion rate 2.99 % 3.01 % Current discount rate 5.95 % 5.34 % Closed Block Annuity Interest accretion rate 4.40 % 4.40 % Current discount rate 6.02 % 5.41 %
Schedule of Market Risk Benefit, Activity	The following table presents the impact of the adoption of LDTI, as of the transition date, on MRBs, net (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 7,306 $ 74 $ 7,380 Adjustment for reversal of AOCI adjustments (27) (48) (75) Cumulative effect of the changes in non-performance risk between the original contract issuance date and the transition date (743) (6) (749) Remaining cumulative difference (exclusive of non-performance risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs 3,372 72 3,444 Balance, January 1, 2021 - Market risk benefits, net, at fair value $ 9,908 $ 92 $ 10,000 The following table presents the impact of the adoption of LDTI, as of the transition date, on reinsurance recoverable on market risk benefits at fair value (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 340 $ 67 $ 407 Adjustment for reversal of AOCI adjustments — (47) (47) Cumulative difference between 12/31/2020 carrying amount and fair value measurement for the MRBs 28 83 111 Balance, January 1, 2021 - Reinsurance recoverable on market risk benefits at fair value $ 368 $ 103 $ 471 Components of the Company’s reinsurance recoverable on market risk benefits were as follows (in millions, 2022 information recast for the adoption of LDTI): September 30, December 31, 2023 2022 Variable annuity $ 134 $ 183 Other product lines 33 38 Total $ 167 $ 221 The following table presents a roll-forward of Closed Block Life additional liabilities for annuitization, death and other insurance benefits (in millions, 2022 information recast for the adoption of LDTI): Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Balance, beginning of period $ 1,131 $ 1,173 Beginning of period cumulative effect of changes in shadow adjustments 41 (14) Beginning balance excluding shadow 1,172 1,159 Effect of changes in cash flow assumptions — 6 Effect of actual variances from expected experience 25 58 Interest accrual 42 56 Net assessments collected (123) (107) Ending balance excluding shadow 1,116 1,172 End of period cumulative effect of changes in shadow adjustments (30) (41) Balance, end of period $ 1,086 $ 1,131 The following table presents the weighted average duration of Closed Block Life additional liabilities for annuitization, death and other insurance benefits. The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount (2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Weighted average duration (years) 7.9 8.1 The following table presents assessments and interest expense of Closed Block Life additional liabilities for annuitization, death and other insurance benefits recognized in the Condensed Consolidated Income Statements (in millions, 2022 information recast for the adoption of LDTI): Assessments Interest Expense Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Additional liability for annuitization, death and other insurance benefits $ (123) $ (107) $ 42 $ 56 The following table presents the weighted average current discount rate of Closed Block Life additional liabilities for annuitization, death and other insurance benefits, applied at the cohort level weighted by reserve benefit amount (2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Weighted average current discount rate 4.97 % 4.96 % The following table presents the reconciliation of the market risk benefits balance in the Condensed Consolidated Balance Sheets (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Variable Other Variable Other Annuities Product Lines Total Annuities Product Lines Total Market risk benefit - (assets) $ (6,807) $ (8) $ (6,815) $ (4,856) $ (9) $ (4,865) Market risk benefit - liabilities 3,880 37 3,917 5,623 39 5,662 Market risk benefit - net (asset) liability $ (2,927) $ 29 $ (2,898) $ 767 $ 30 $ 797

Other Contract Holder Funds (Ta

Other Contract Holder Funds (Tables)	9 Months Ended
	Sep. 30, 2023
ASU 2018-12 Transition [Abstract]
Policyholder Account Balance And Liability For Unpaid Claims And Claims Adjustment Expense	The following table presents the liabilities for other contract holder funds (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Payout Annuity $ 852 $ 837 Variable Annuity 8,921 10,259 Fixed Annuity 10,202 11,696 Fixed Indexed Annuities 10,715 11,787 RILA 3,841 1,875 Closed Block Life 11,084 11,215 Closed Block Annuity 1,267 1,319 Institutional Products 8,712 9,019 Other Product Lines 172 183 Total other contract holder funds $ 55,766 $ 58,190
Policyholder Account Balance	The following table presents a roll-forward of other contract holder funds, gross of reinsurance (in millions, 2022 information recast for the adoption of LDTI): Fixed Closed Closed Payout Variable Fixed Indexed Block Block Annuity Annuity Annuity Annuities RILA Life Annuity Total Balance as of January 1, 2023 $ 837 $ 10,259 $ 11,696 $ 11,787 $ 1,875 $ 11,215 $ 1,319 $ 48,988 Deposits 155 793 183 179 1,881 238 3 3,432 Surrenders, withdrawals and benefits (181) (1,315) (1,838) (1,471) (47) (588) (88) (5,528) Net transfers from (to) separate accounts — (959) — — — — — (959) Investment performance / change in value of equity option — — — 115 123 — — 238 Interest credited 18 210 261 161 9 566 32 1,257 Policy charges and other 23 (67) (100) (56) — (347) 1 (546) Balance as of September 30, 2023 $ 852 $ 8,921 $ 10,202 $ 10,715 $ 3,841 $ 11,084 $ 1,267 $ 46,882 Fixed Closed Closed Payout Variable Fixed Indexed Block Block Annuity Annuity Annuity Annuities RILA Life Annuity Total Balance as of December 31, 2021 $ 831 $ 9,456 $ 13,185 $ 13,161 $ 110 $ 11,570 $ 1,394 $ 49,707 Deposits 213 1,350 276 126 1,811 320 9 4,105 Surrenders, withdrawals and benefits (230) (1,492) (2,017) (1,414) (8) (766) (118) (6,045) Net transfers from (to) separate accounts — 870 — — — — — 870 Investment performance / change in value of equity option — — — (302) (37) — — (339) Interest credited 20 168 389 238 2 659 48 1,524 Policy charges and other 3 (93) (137) (22) (3) (568) (14) (834) Balance as of December 31, 2022 $ 837 $ 10,259 $ 11,696 $ 11,787 $ 1,875 $ 11,215 $ 1,319 $ 48,988 The following table presents weighted average crediting rate, net amount at risk, and cash surrender value of contract holder account balances (dollars in millions, 2022 information recast for the adoption of LDTI): Fixed Closed Closed Payout Variable Fixed Indexed Block Block Annuity Annuity Annuity Annuities RILA Life Annuity September 30, 2023 Weighted-average crediting rate (1) 2.82 % 3.14 % 3.41 % 2.00 % 0.31 % 6.81 % 3.37 % Net amount at risk (2) $ — $ — $ — $ — $ — $ 16,601 $ — Cash surrender value (3) $ — $ 8,816 $ 10,110 $ 10,351 $ 3,609 $ 11,005 $ 1,267 December 31, 2022 Weighted-average crediting rate (1) 2.39 % 1.64 % 3.33 % 2.02 % 0.11 % 5.88 % 3.64 % Net amount at risk (2) $ — $ — $ — $ — $ — $ 17,427 $ — Cash surrender value (3) $ — $ 10,101 $ 11,573 $ 11,409 $ 1,728 $ 7,096 $ 1,319 (1) Weighted average crediting rate is the average crediting rate weighted by contract holder account balances invested in fixed account funds. (2) Net amount at risk represents the standard excess benefit base for guaranteed death benefits on universal life type products. The net amount at risk associated with market risk benefits are presented within Note 12 of the Notes to Consolidated Financial Statements, as recast in our Current Report on Form 8-K filed May 10, 2023.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	The following table presents contract holder account balances invested in fixed account funds by range of guaranteed minimum crediting rates and the related range of the difference between rates being credited to other contract holder funds and the respective guaranteed minimums (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 At Guaranteed 1 Basis Point-50 51 Basis Points-150 Greater Than 150 Range of Guaranteed Minimum Crediting Rate Minimum Basis Points Above Basis Points Above Basis Points Above Total Variable Annuities 0.00%-1.50% $ — $ 13 $ 1 $ — $ 14 1.51%-2.50% 185 — — — 185 Greater than 2.50% 8,692 — — 30 8,722 Total $ 8,877 $ 13 $ 1 $ 30 $ 8,921 Fixed Annuities 0.00%-1.50% $ 18 $ 59 $ 75 $ 1 $ 153 1.51%-2.50% 30 1 1 — 32 Greater than 2.50% 692 53 — 284 1,029 Total $ 740 $ 113 $ 76 $ 285 $ 1,214 Fixed Indexed Annuities 0.00%-1.50% $ 5 $ 10 $ 3 $ 43 $ 61 1.51%-2.50% — — — — — Greater than 2.50% 21 — 60 — 81 Total $ 26 $ 10 $ 63 $ 43 $ 142 RILA 0.00%-1.50% $ 7 $ — $ 4 $ 1 $ 12 1.51%-2.50% — — — — — Greater than 2.50% 36 — — — 36 Total $ 43 $ — $ 4 $ 1 $ 48 Closed Block Life 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — — — — Greater than 2.50% 4,471 1,842 608 15 6,936 Total $ 4,471 $ 1,842 $ 608 $ 15 $ 6,936 Closed Block Annuity 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — 1 12 13 Greater than 2.50% 957 120 23 — 1,100 Total $ 957 $ 120 $ 24 $ 12 $ 1,113 December 31, 2022 At Guaranteed 1 Basis Point-50 51 Basis Points-150 Greater Than 150 Range of Guaranteed Minimum Crediting Rate Minimum Basis Points Above Basis Points Above Basis Points Above Total Variable Annuities 0.00%-1.50% $ 6,679 $ 32 $ 2 $ 75 $ 6,788 1.51%-2.50% 200 — — — 200 Greater than 2.50% 3,271 — — — 3,271 Total $ 10,150 $ 32 $ 2 $ 75 $ 10,259 Fixed Annuities 0.00%-1.50% $ 19 $ 76 $ 95 $ — $ 190 1.51%-2.50% 35 2 1 — 38 Greater than 2.50% 576 64 351 — 991 Total $ 630 $ 142 $ 447 $ — $ 1,219 Fixed Indexed Annuities 0.00%-1.50% $ 6 $ 17 $ 5 $ 40 $ 68 1.51%-2.50% — — — — — Greater than 2.50% 24 — — — 24 Total $ 30 $ 17 $ 5 $ 40 $ 92 RILA 0.00%-1.50% $ 10 $ — $ 7 $ — $ 17 1.51%-2.50% — — — — — Greater than 2.50% — — — — — Total $ 10 $ — $ 7 $ — $ 17 Closed Block Life 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — — — — Greater than 2.50% 4,566 1,868 619 14 7,067 Total $ 4,566 $ 1,868 $ 619 $ 14 $ 7,067 Closed Block Annuity 0.00%-1.50% $ — $ — $ — $ — $ — 1.51%-2.50% — — 1 10 11 Greater than 2.50% 980 159 21 — 1,160 Total $ 980 $ 159 $ 22 $ 10 $ 1,171

Separate Account Assets and L_2

Separate Account Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
ASU 2018-12 Transition [Abstract]
Roll forward of the Separate Account Balance	The following table presents the roll-forward of the separate account balance for variable annuities (in millions, 2022 information recast for the adoption of LDTI): Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Balance as of beginning of period $ 195,550 $ 248,469 Deposits 6,558 12,288 Surrenders, withdrawals and benefits (12,169) (14,554) Net transfer from (to) general account 959 (870) Investment performance 13,813 (47,150) Policy charges and other (2,060) (2,633) Balance as of end of period, gross $ 202,651 $ 195,550 Cash surrender value (1) $ 197,645 $ 190,243 (1) Cash surrender value represents the amount of the contract holder’s account balances distributable at the balance sheet date less applicable surrender charges. The following table presents the roll-forward of the net MRB (assets) liabilities for variable annuities (dollars in millions, 2022 information recast for the adoption of LDTI): Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Net MRB balance, beginning of period $ 767 $ 6,281 Beginning of period cumulative effect of changes in non-performance risk 2,185 326 Net MRB balance, beginning of period, before effect of changes in non-performance risk 2,952 6,607 Effect of changes in interest rates (3,895) (14,137) Effect of fund performance (2,587) 6,432 Effect of changes in equity index volatility (838) 1,576 Effect of expected policyholder behavior 406 532 Effect of actual policyholder behavior different from expected 360 (230) Effect of time 1,397 1,707 Effect of changes in assumptions (9) 465 Net MRB balance, end of period, before effect of changes in non-performance risk (2,214) 2,952 End of period cumulative effect of changes in non-performance risk (713) (2,185) Net MRB balance, end of period, gross (2,927) 767 Reinsurance recoverable on market risk benefits at fair value, end of period (134) (183) Net MRB balance, end of period, net of reinsurance (3,061) 584 Weighted average attained age (years) (1) 69 69 Net amount at risk (2) $ 12,977 $ 15,592 (1) Weighted-average attained age is defined as the average age of policyholders weighted by account value. (2) Net amount at risk (NAR) is defined as of the valuation date for each contract as the greater of Death Benefit NAR (DBNAR) and Living Benefit NAR (LBNAR), as applicable, where DBNAR is the GMDB benefit base in excess of the account value, and the LBNAR is the actuarial present value of guaranteed living benefits in excess of the account value.
Roll forward of the Separate Account Balance in the Consolidated Balance Sheet	The following table presents the reconciliation of the separate account balance in the Condensed Consolidated Balance Sheets (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Variable Annuities $ 202,651 $ 195,550 Other 252 356 Total $ 202,903 $ 195,906
Schedule of Separate Account Balances	The following table presents aggregate fair value of assets, by major investment asset category, supporting separate accounts (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Variable Annuities By Fund Type Equity $ 140,677 $ 132,547 Bond 18,916 19,155 Balanced 40,220 40,797 Money Market 2,838 3,051 Total Variable Annuities 202,651 195,550 Other Product Lines 252 356 Total Separate Accounts $ 202,903 $ 195,906

Market Risk Benefits (Tables)

Market Risk Benefits (Tables)	9 Months Ended
	Sep. 30, 2023
ASU 2018-12 Transition [Abstract]
Schedule of Market Risk Benefit, Activity	The following table presents the impact of the adoption of LDTI, as of the transition date, on MRBs, net (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 7,306 $ 74 $ 7,380 Adjustment for reversal of AOCI adjustments (27) (48) (75) Cumulative effect of the changes in non-performance risk between the original contract issuance date and the transition date (743) (6) (749) Remaining cumulative difference (exclusive of non-performance risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs 3,372 72 3,444 Balance, January 1, 2021 - Market risk benefits, net, at fair value $ 9,908 $ 92 $ 10,000 The following table presents the impact of the adoption of LDTI, as of the transition date, on reinsurance recoverable on market risk benefits at fair value (in millions): Variable Other Annuities Product Lines Total Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance $ 340 $ 67 $ 407 Adjustment for reversal of AOCI adjustments — (47) (47) Cumulative difference between 12/31/2020 carrying amount and fair value measurement for the MRBs 28 83 111 Balance, January 1, 2021 - Reinsurance recoverable on market risk benefits at fair value $ 368 $ 103 $ 471 Components of the Company’s reinsurance recoverable on market risk benefits were as follows (in millions, 2022 information recast for the adoption of LDTI): September 30, December 31, 2023 2022 Variable annuity $ 134 $ 183 Other product lines 33 38 Total $ 167 $ 221 The following table presents a roll-forward of Closed Block Life additional liabilities for annuitization, death and other insurance benefits (in millions, 2022 information recast for the adoption of LDTI): Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Balance, beginning of period $ 1,131 $ 1,173 Beginning of period cumulative effect of changes in shadow adjustments 41 (14) Beginning balance excluding shadow 1,172 1,159 Effect of changes in cash flow assumptions — 6 Effect of actual variances from expected experience 25 58 Interest accrual 42 56 Net assessments collected (123) (107) Ending balance excluding shadow 1,116 1,172 End of period cumulative effect of changes in shadow adjustments (30) (41) Balance, end of period $ 1,086 $ 1,131 The following table presents the weighted average duration of Closed Block Life additional liabilities for annuitization, death and other insurance benefits. The weighted average duration represents average cohort-level duration weighted by the benefit reserves amount (2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Weighted average duration (years) 7.9 8.1 The following table presents assessments and interest expense of Closed Block Life additional liabilities for annuitization, death and other insurance benefits recognized in the Condensed Consolidated Income Statements (in millions, 2022 information recast for the adoption of LDTI): Assessments Interest Expense Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Additional liability for annuitization, death and other insurance benefits $ (123) $ (107) $ 42 $ 56 The following table presents the weighted average current discount rate of Closed Block Life additional liabilities for annuitization, death and other insurance benefits, applied at the cohort level weighted by reserve benefit amount (2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Weighted average current discount rate 4.97 % 4.96 % The following table presents the reconciliation of the market risk benefits balance in the Condensed Consolidated Balance Sheets (in millions, 2022 information recast for the adoption of LDTI): September 30, 2023 December 31, 2022 Variable Other Variable Other Annuities Product Lines Total Annuities Product Lines Total Market risk benefit - (assets) $ (6,807) $ (8) $ (6,815) $ (4,856) $ (9) $ (4,865) Market risk benefit - liabilities 3,880 37 3,917 5,623 39 5,662 Market risk benefit - net (asset) liability $ (2,927) $ 29 $ (2,898) $ 767 $ 30 $ 797
Roll forward of the Separate Account Balance	The following table presents the roll-forward of the separate account balance for variable annuities (in millions, 2022 information recast for the adoption of LDTI): Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Balance as of beginning of period $ 195,550 $ 248,469 Deposits 6,558 12,288 Surrenders, withdrawals and benefits (12,169) (14,554) Net transfer from (to) general account 959 (870) Investment performance 13,813 (47,150) Policy charges and other (2,060) (2,633) Balance as of end of period, gross $ 202,651 $ 195,550 Cash surrender value (1) $ 197,645 $ 190,243 (1) Cash surrender value represents the amount of the contract holder’s account balances distributable at the balance sheet date less applicable surrender charges. The following table presents the roll-forward of the net MRB (assets) liabilities for variable annuities (dollars in millions, 2022 information recast for the adoption of LDTI): Nine Months Ended September 30, 2023 Year Ended December 31, 2022 Net MRB balance, beginning of period $ 767 $ 6,281 Beginning of period cumulative effect of changes in non-performance risk 2,185 326 Net MRB balance, beginning of period, before effect of changes in non-performance risk 2,952 6,607 Effect of changes in interest rates (3,895) (14,137) Effect of fund performance (2,587) 6,432 Effect of changes in equity index volatility (838) 1,576 Effect of expected policyholder behavior 406 532 Effect of actual policyholder behavior different from expected 360 (230) Effect of time 1,397 1,707 Effect of changes in assumptions (9) 465 Net MRB balance, end of period, before effect of changes in non-performance risk (2,214) 2,952 End of period cumulative effect of changes in non-performance risk (713) (2,185) Net MRB balance, end of period, gross (2,927) 767 Reinsurance recoverable on market risk benefits at fair value, end of period (134) (183) Net MRB balance, end of period, net of reinsurance (3,061) 584 Weighted average attained age (years) (1) 69 69 Net amount at risk (2) $ 12,977 $ 15,592 (1) Weighted-average attained age is defined as the average age of policyholders weighted by account value. (2) Net amount at risk (NAR) is defined as of the valuation date for each contract as the greater of Death Benefit NAR (DBNAR) and Living Benefit NAR (LBNAR), as applicable, where DBNAR is the GMDB benefit base in excess of the account value, and the LBNAR is the actuarial present value of guaranteed living benefits in excess of the account value.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Aggregate Carrying Value of Long-Term Debt	The aggregate carrying value of long-term debt was as follows (in millions): September 30, December 31, 2023 2022 Long-Term Debt Senior Notes due 2023 $ 600 $ 598 Senior Notes due 2027 397 397 Senior Notes due 2031 494 493 Senior Notes due 2032 347 347 Senior Notes due 2051 489 488 Surplus notes 250 250 FHLBI bank loans 58 62 Total long-term debt $ 2,635 $ 2,635
Contractual Maturities of Long-term Debt	The following table presents the contractual maturities of the Company's long-term debt as of September 30, 2023 (in millions): Calendar Year 2023 2024 2025 2026 2027 and thereafter Total Long-term debt $ 600 $ — $ — $ — $ 2,035 $ 2,635

Operating Costs and Other Exp_2

Operating Costs and Other Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Operating Costs And Other Expenses [Abstract]
Summary of Operating Costs and Other Expenses	The following table is a summary of the Company’s operating costs and other expenses (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Asset-based commission expenses $ 259 $ 242 $ 764 $ 767 Other commission expenses 190 195 541 664 Sub-advisor expenses 80 80 234 252 General and administrative expenses 232 220 706 614 Deferral of acquisition costs (135) (145) (383) (496) Total operating costs and other expenses $ 626 $ 592 $ 1,862 $ 1,801

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income	The following table represents changes in the balance of AOCI, net of income tax, related to unrealized investment gains (losses) (in millions, 2022 information recast for the adoption of LDTI): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance, beginning of period (1) $ (3,365) $ (1,739) $ (3,378) $ 1,360 Change in unrealized gains (losses) of investments (1,405) (2,383) (958) (9,254) Change in current discount rate - reserve for future policy benefits (2) 254 460 204 1,816 Change in non-performance risk on market risk benefits (999) 552 (1,479) 2,505 Change in unrealized gains (losses) - other 3 16 (8) 42 Change in deferred tax asset 247 117 318 561 Other comprehensive income (loss) before reclassifications (1,900) (1,238) (1,923) (4,330) Reclassifications from AOCI, net of tax 78 (56) 114 (63) Other comprehensive income (loss) (1,822) (1,294) (1,809) (4,393) Balance, end of period (1) $ (5,187) $ (3,033) $ (5,187) $ (3,033) (1) Includes $(2,261) million and $(2,106) million related to the investments held within the funds withheld account related to the Athene Reinsurance Transaction as of September 30, 2023 and December 31, 2022, respectively. (2) Represents the impact of changes in the discount rate used in the remeasurement of our direct reserves for future policy benefits and claims payable, net of the remeasurement of ceded reserves for future policy benefits and claims payable.
Schedule of Amounts Reclassified Out of AOCI	The following table represents amounts reclassified out of AOCI (in millions, 2022 information recast for the adoption of LDTI): AOCI Components Amounts Affected Line Item in the Condensed Three Months Ended September 30, 2023 2022 Net unrealized investment gain (loss): Net realized gain (loss) on investments $ 112 $ (47) Net gains (losses) on derivatives and investments Other impaired securities (14) (25) Net gains (losses) on derivatives and investments Net unrealized gain (loss), before income taxes 98 (72) Income tax expense (benefit) 20 (16) Reclassifications, net of income taxes $ 78 $ (56) AOCI Components Amounts Affected Line Item in the Condensed Nine Months Ended September 30, 2023 2022 Net unrealized investment gain (loss): Net realized gain (loss) on investments $ 188 $ (85) Net gains (losses) on derivatives and investments Other impaired securities (44) 5 Net gains (losses) on derivatives and investments Net unrealized gain (loss), before income taxes 144 (80) Income tax expense (benefit) 30 (17) Reclassifications, net of income taxes $ 114 $ (63)

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Dividends Paid	The following table presents declaration date, record date, payment date and dividends paid per preferred share and per depositary share of JFI’s Series A preferred stock: Dividends Paid Declaration Date Record Date Payment Date Per Preferred Share Per Depositary Share Quarter Ended 06/30/2023 May 8, 2023 June 1, 2023 June 30, 2023 $594.44 $0.59444 09/30/2023 August 7, 2023 August 31, 2023 October 2, 2023 $500.00 $0.50000 The following table presents declaration date, record date, payment date and dividends paid per share of JFI’s common stock: Declaration Date Record Date Payment Date Dividends Paid Per Share Quarter Ended 03/31/2023 February 27, 2023 March 14, 2023 March 23, 2023 $0.62 06/30/2023 May 8, 2023 June 1, 2023 June 15, 2023 $0.62 09/30/2023 August 7, 2023 August 31, 2023 September 14, 2023 $0.62 Quarter Ended 03/31/2022 February 28, 2022 March 14, 2022 March 23, 2022 $0.55 06/30/2022 May 9, 2022 June 2, 2022 June 16, 2022 $0.55 09/30/2022 August 8, 2022 September 1, 2022 September 15, 2022 $0.55
Schedule of Share Repurchase Activities	The following table represents share repurchase activities as part of this share repurchase program: Period Number of Shares Repurchased Total Payments Average Price Paid Per Share 2022 (January 1- March 31) 3,433,610 $ 140 $ 40.84 2022 (April 1- June 30) 1,870,854 66 35.15 2022 (July 1- September 30) 1,200,000 39 32.75 2022 (October 1 - December 31) 1,142,105 38 33.33 Total 2022 7,646,569 $ 283 $ 37.05 2023 (January 1- March 31) 1,721,737 70 40.42 2023 (April 1- June 30) 1,394,797 47 33.87 2023 (July 1- September 30) 1,873,727 71 38.13 2023 (October 1- November 3) 670,000 26 38.41 Total 2023 5,660,261 $ 214 $ 37.81
Schedule of Changes in the Balance of Common Shares Outstanding	The following table represents changes in the balance of common stock outstanding: Common Stock Issued Treasury Stock Total Common Stock Outstanding Shares at December 31, 2022 94,474,911 (11,784,813) 82,690,098 Share-based compensation programs 6,095 2,345,968 (1) 2,352,063 Shares repurchased under repurchase program — (4,990,261) (4,990,261) Shares at September 30, 2023 94,481,006 (14,429,106) 80,051,900 (1) Represents net shares issued from treasury stock pursuant to the Company’s share-based compensation programs.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the calculation of earnings per common share (2022 information recast for the adoption of LDTI): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions, except share and per share data) Net income (loss) attributable to Jackson Financial Inc. $ 2,773 $ 1,879 $ 2,493 $ 7,336 Less: Preferred stock dividends 11 — 24 — Net income (loss) attributable to Jackson Financial Inc. common shareholders $ 2,762 $ 1,879 $ 2,469 $ 7,336 Weighted average shares of common stock outstanding - basic 82,061,813 85,098,192 82,432,264 86,126,710 Dilutive common shares 760,005 2,797,727 2,108,923 3,198,774 Weighted average shares of common stock outstanding - diluted 82,821,818 87,895,919 84,541,187 89,325,484 Earnings per share—common stock Basic $ 33.66 $ 22.08 $ 29.95 $ 85.18 Diluted $ 33.35 $ 21.38 $ 29.20 $ 82.13

Business and Basis of Present_2

Business and Basis of Presentation (Details)	Jun. 30, 2023
Prudential | Jackson Financial
Class of Stock [Line Items]
Ownership interest	0%

New Accounting Standards - Addi

New Accounting Standards - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022		Jun. 30, 2023	Jan. 01, 2023	Dec. 31, 2022	[1]	Jun. 30, 2022	[3]	Dec. 31, 2021	[3]	Jan. 01, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity standard to result in a decrease	$ 9,478			$ 9,478					$ 8,646
Accumulated other comprehensive income, net of tax expense	(5,187)			(5,187)				$ (3,378)	(3,378)						$ 3,436
Retained earnings	8,661			8,661				6,403	6,403						(2,927)
Net income (loss) attributable to Jackson Financial Inc.	2,773	$ 1,879	[2]	2,493	$ 7,336	[2]
Equity	$ 10,253	$ 10,948	[3]	$ 10,253	$ 10,948	[3]	$ 9,423	$ 9,378	$ 9,378		$ 10,453		$ 8,321		6,935
As Revised
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity standard to result in a decrease															3,000
Accumulated other comprehensive income, net of tax expense															400
Retained earnings															$ 2,600
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

New Accounting Standards - Effe

New Accounting Standards - Effect of Transition of Shareholders' Equity (Details) - USD ($) $ in Millions

Sep. 30, 2023

Jun. 30, 2023

Jan. 01, 2023

Dec. 31, 2022

Sep. 30, 2022

[2]

Jun. 30, 2022

[2]

Dec. 31, 2021

[2]

Jan. 01, 2021

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Total equity

$ 10,253

$ 9,423

$ 9,378

$ 9,378

[1]

$ 10,948

$ 10,453

$ 8,321

$ 6,935

Retained Earnings

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Total equity

8,661

5,952

6,403

[2]

7,625

5,795

440

Accumulated Other Comprehensive Income

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Total equity

$ (5,187)

$ (3,365)

$ (3,378)

[2]

$ (3,033)

$ (1,739)

$ 1,360

Deferred acquisition costs | Retained Earnings

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Total equity

0

Deferred acquisition costs | Accumulated Other Comprehensive Income

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Total equity

106

Reinsurance recoverable on market risk benefits | Retained Earnings

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Total equity

0

Reinsurance recoverable on market risk benefits | Accumulated Other Comprehensive Income

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Total equity

(34)

Reserves for future policy benefits and claims payable | Retained Earnings

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Total equity

97

Reserves for future policy benefits and claims payable | Accumulated Other Comprehensive Income

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Total equity

141

Market risk benefits | Retained Earnings

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Total equity

(2,700)

Market risk benefits | Accumulated Other Comprehensive Income

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Total equity

(598)

As Previously Reported

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Total equity

$ 9,155

9,923

As Previously Reported | Retained Earnings

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Total equity

(2,603)

As Previously Reported | Accumulated Other Comprehensive Income

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Total equity

$ (385)

[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

New Accounting Standards - Ef_2

New Accounting Standards - Effect of Adoption, Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Jan. 01, 2023	Dec. 31, 2022	[1]	Sep. 30, 2022	[2]	Jun. 30, 2022	[2]	Dec. 31, 2021	[2]	Jan. 01, 2021	Dec. 31, 2020
Assets
Deferred acquisition costs	$ 12,447		$ 12,923	$ 12,923								$ 14,043
Reinsurance recoverable, net of allowance for credit losses	26,212		29,046	29,046								35,116
Reinsurance recoverable on market risk benefits, at fair value	167		221	221								471
Market risk benefit assets, at fair value	6,815		4,865	4,865								690
Deferred income taxes, net	632		320	320								1,882
Other assets	970		944	944								1,181
Total assets	314,534		314,983	314,983								355,511
Liabilities
Reserves for future policy benefits and claims payable	11,418		12,318	12,318								16,796
Other contract holder funds	55,766		58,190	58,190								63,585
Market risk benefit liabilities, at fair value	3,917		5,662	5,662								10,690
Total liabilities	304,281		305,605	305,605								348,576
Equity
Accumulated other comprehensive income, net of tax expense	(5,187)		(3,378)	(3,378)								3,436
Retained earnings	8,661		6,403	6,403								(2,927)
Total equity	10,253	$ 9,423	9,378	9,378		$ 10,948		$ 10,453		$ 8,321		6,935
Total liabilities and equity	$ 314,534		314,983	$ 314,983								355,511
As Previously Reported
Assets
Deferred acquisition costs			13,422									13,897
Reinsurance recoverable, net of allowance for credit losses			29,641									35,270
Reinsurance recoverable on market risk benefits, at fair value			0									0	$ 407
Market risk benefit assets, at fair value			0									0
Deferred income taxes, net			385									1,058
Other assets			946									1,179
Total assets			311,058									353,532
Liabilities
Reserves for future policy benefits and claims payable			14,273									22,512
Other contract holder funds			58,195									63,592
Market risk benefit liabilities, at fair value			0									0
Total liabilities			301,903									343,609
Equity
Accumulated other comprehensive income, net of tax expense			(5,481)									3,821
Retained earnings			8,283									(324)
Total equity			9,155									9,923
Total liabilities and equity			311,058									353,532
Effect of Changes
Assets
Deferred acquisition costs			(499)									146
Reinsurance recoverable, net of allowance for credit losses			(595)									(154)
Reinsurance recoverable on market risk benefits, at fair value			221									471
Market risk benefit assets, at fair value			4,865									690
Deferred income taxes, net			(65)									824
Other assets			(2)									2
Total assets			3,925									1,979
Liabilities
Reserves for future policy benefits and claims payable			(1,955)									(5,716)
Other contract holder funds			(5)									(7)
Market risk benefit liabilities, at fair value			5,662									10,690
Total liabilities			3,702									4,967
Equity
Accumulated other comprehensive income, net of tax expense			2,103									(385)
Retained earnings			(1,880)									(2,603)
Total equity			223									(2,988)
Total liabilities and equity			$ 3,925									$ 1,979
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

New Accounting Standards - Ef_3

New Accounting Standards - Effect of Adoption, Reserves For Future Policy Benefits and Claims Payable (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits				$ 14,022
Other future policy benefits and claims payable				2,774
Reserves for future policy benefits, after reinsurance recoverable				16,796
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits				12,285
Reserves for future policy benefits, after reinsurance recoverable				22,512
Adjustment for loss contracts under the modified retrospective approach
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effect of changes in cash flow assumptions				37
Effect of remeasurement of liability at current discount rates
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effect of changes in cash flow assumptions				1,700
Impact for the Adoption of LDTI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits, after reinsurance recoverable				(5,716)
Payout Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits				1,295
Effect of changes in cash flow assumptions		$ 0	$ 4
Reserves for future policy benefits, after reinsurance recoverable	$ 931	971
Payout Annuities | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits				1,148
Payout Annuities | Adjustment for loss contracts under the modified retrospective approach
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effect of changes in cash flow assumptions				4
Payout Annuities | Effect of remeasurement of liability at current discount rates
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effect of changes in cash flow assumptions				143
Closed Block Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits				6,384
Effect of changes in cash flow assumptions		0	331
Reserves for future policy benefits, after reinsurance recoverable	1,706	1,898
Closed Block Life | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits				5,809
Closed Block Life | Adjustment for loss contracts under the modified retrospective approach
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effect of changes in cash flow assumptions				15
Closed Block Life | Effect of remeasurement of liability at current discount rates
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effect of changes in cash flow assumptions				560
Closed Block Annuity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits				6,343
Effect of changes in cash flow assumptions		0	$ (15)
Reserves for future policy benefits, after reinsurance recoverable	$ 4,075	$ 4,432
Closed Block Annuity | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits				5,328
Closed Block Annuity | Adjustment for loss contracts under the modified retrospective approach
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effect of changes in cash flow assumptions				18
Closed Block Annuity | Effect of remeasurement of liability at current discount rates
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Effect of changes in cash flow assumptions				997
Reserve for future policy benefits
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits, after reinsurance recoverable				14,022
Reserve for future policy benefits | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits, after reinsurance recoverable				12,285
Reserve for future policy benefits | Impact for the Adoption of LDTI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits, after reinsurance recoverable				1,737
Other Product Lines
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits, after reinsurance recoverable				2,774
Other Product Lines | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits, after reinsurance recoverable				10,227
Other Product Lines | Impact for the Adoption of LDTI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reserves for future policy benefits, after reinsurance recoverable				$ (7,453)

New Accounting Standards - Ef_4

New Accounting Standards - Effect of Adoption, Closed Block Life Additional Liabilities (Details) - Closed Block Life - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional liabilities, Closed Block Life	$ 1,116	$ 1,172	$ 1,159	$ 1,185
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional liabilities, Closed Block Life	$ 1,086	$ 1,131	$ 1,173	1,157
As Revised
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional liabilities, Closed Block Life				28
Revision of Prior Period, Change in Accounting Principle, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Additional liabilities, Closed Block Life				$ 0

New Accounting Standards - Ef_5

New Accounting Standards - Effect of Adoption, Market Risk Benefits (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities	$ (2,898)	$ 797		$ 10,000
Variable annuity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities	(2,927)	767	$ 6,281	9,908
Other Product Lines
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities	$ 29	$ 30		92
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				7,380
As Previously Reported | Variable annuity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				7,306
As Previously Reported | Other Product Lines
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				74
Adjustment for reversal of AOCI adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				(75)
Adjustment for reversal of AOCI adjustments | Variable annuity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				(27)
Adjustment for reversal of AOCI adjustments | Other Product Lines
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				(48)
Cumulative effect of the changes in non-performance risk between the original contract issuance date and the transition date
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				(749)
Cumulative effect of the changes in non-performance risk between the original contract issuance date and the transition date | Variable annuity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				(743)
Cumulative effect of the changes in non-performance risk between the original contract issuance date and the transition date | Other Product Lines
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				(6)
Remaining cumulative difference (exclusive of non-performance risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				3,444
Remaining cumulative difference (exclusive of non-performance risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs | Variable annuity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				3,372
Remaining cumulative difference (exclusive of non-performance risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs | Other Product Lines
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefit - net liabilities				$ 72

New Accounting Standards - Ef_6

New Accounting Standards - Effect of Adoption, Deferred Policy Acquisition Costs (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jan. 01, 2023	Dec. 31, 2022		Dec. 31, 2021	Jan. 01, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred acquisition costs	$ 12,447	$ 12,923	$ 12,923	[1]		$ 14,043
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred acquisition costs		13,422				13,897
Impact for the Adoption of LDTI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred acquisition costs		$ (499)				146
Variable annuity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred acquisition costs	$ 12,150		$ 12,699		$ 13,364	13,876
Variable annuity | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred acquisition costs						13,725
Variable annuity | Impact for the Adoption of LDTI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred acquisition costs						151
Other Product Lines
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred acquisition costs						167
Other Product Lines | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred acquisition costs						172
Other Product Lines | Impact for the Adoption of LDTI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred acquisition costs						$ (5)
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

New Accounting Standards - Ef_7

New Accounting Standards - Effect of Adoption, Reinsurance Recoverable (Details) $ in Millions	Jan. 01, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Less: Reinsurance recoverable	$ 35,116
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Less: Reinsurance recoverable	35,270
Reclass of carrying amount of MRBs under prior guidance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Less: Reinsurance recoverable	(407)
Adjustment for loss contracts under the modified retrospective approach
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Less: Reinsurance recoverable	0
Effect of remeasurement of liability at current discount rate
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Less: Reinsurance recoverable	$ 253

New Accounting Standards - Ef_8

New Accounting Standards - Effect of Adoption, Reinsurance Recoverable on Market Risk Benefits (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jan. 01, 2023	Dec. 31, 2022		Jan. 01, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value	$ 167	$ 221	$ 221	[1]	$ 471
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value		$ 0			0	$ 407
Adjustment for reversal of AOCI adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value					(47)
Remaining cumulative difference (exclusive of non-performance risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value					111
Variable annuity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value	134		183		368
Variable annuity | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value						340
Variable annuity | Adjustment for reversal of AOCI adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value					0
Variable annuity | Remaining cumulative difference (exclusive of non-performance risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value					28
Other Product Lines
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value	$ 33		$ 38		103
Other Product Lines | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value						$ 67
Other Product Lines | Adjustment for reversal of AOCI adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value					(47)
Other Product Lines | Remaining cumulative difference (exclusive of non-performance risk change) between 12/31/20 carrying amount and fair value measurement for the MRBs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on market risk benefits, at fair value					$ 83
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

New Accounting Standards - Ef_9

New Accounting Standards - Effect of Adoption, Income Statements (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total net gains (losses) on derivatives and investments	$ (176)	$ 359	[1]	$ (5,821)	$ 3,836	[1]
Total revenues	2,606	2,962	[1]	2,267	11,877	[1]
Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals	232	237	[1]	701	811	[1]
(Gain) loss from updating future policy benefits cash flow assumptions, net	(1)	(37)	[1]	23	(8)	[1]
Market risk benefits (gains) losses, net	(2,376)	(913)	[1]	(5,120)	(1,636)	[2]
Interest credited on other contract holder funds, net of deferrals and amortization	284	224	[1]	864	630	[1]
Amortization of deferred acquisition costs		305			929
Total benefits and expenses	(896)	437	[1]	(646)	2,600	[1]
Pretax income (loss)	3,502	2,525	[1]	2,913	9,277	[1]
Income tax expense (benefit)	712	657	[1]	399	1,890	[1]
Net income (loss)	2,790	1,868	[3]	2,514	7,387	[2]
Net income (loss) attributable to Jackson Financial Inc.	$ 2,773	$ 1,879	[1]	$ 2,493	$ 7,336	[1]
Earnings per share—common stock
Basic (in usd per share)	$ 33.66	$ 22.08	[1]	$ 29.95	$ 85.18	[1]
Diluted (in usd per share)	$ 33.35	$ 21.38	[1]	$ 29.20	$ 82.13	[1]
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total net gains (losses) on derivatives and investments		$ 1,419			$ 6,891
Total revenues		4,022			14,932
Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals		586			2,090
(Gain) loss from updating future policy benefits cash flow assumptions, net		0			0
Market risk benefits (gains) losses, net		0			0
Interest credited on other contract holder funds, net of deferrals and amortization		224			628
Amortization of deferred acquisition costs		564			2,276
Total benefits and expenses		1,995			6,868
Pretax income (loss)		2,027			8,064
Income tax expense (benefit)		559			1,606
Net income (loss)		1,468			6,458
Net income (loss) attributable to Jackson Financial Inc.		$ 1,479			$ 6,407
Earnings per share—common stock
Basic (in usd per share)		$ 17.38			$ 74.39
Diluted (in usd per share)		$ 16.83			$ 71.73
Effect of Changes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total net gains (losses) on derivatives and investments		$ (1,060)			$ (3,055)
Total revenues		(1,060)			(3,055)
Benefits and Expenses
Death, other policy benefits and change in policy reserves, net of deferrals		(349)			(1,279)
(Gain) loss from updating future policy benefits cash flow assumptions, net		(37)			(8)
Market risk benefits (gains) losses, net		(913)			(1,636)
Interest credited on other contract holder funds, net of deferrals and amortization		0			2
Amortization of deferred acquisition costs		(259)			(1,347)
Total benefits and expenses		(1,558)			(4,268)
Pretax income (loss)		498			1,213
Income tax expense (benefit)		98			284
Net income (loss)		400			929
Net income (loss) attributable to Jackson Financial Inc.		$ 400			$ 929
Earnings per share—common stock
Basic (in usd per share)		$ 4.70			$ 10.79
Diluted (in usd per share)		$ 4.55			$ 10.40
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

New Accounting Standards - E_10

New Accounting Standards - Effect of Adoption, Other Comprehensive Income (Loss) Statement (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)	$ 2,790	$ 1,868	[1]	$ 2,514	$ 7,387	[2]
Other comprehensive income (loss), net of tax:
Change in unrealized gains (losses) on securities with no credit impairment, net of tax expense (benefit)	(1,223)	(2,069)	[1]	(787)	(7,783)	[1]
Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit)	199	361	[1]	160	1,423	[1]
Change in non-performance risk on market risk benefits, net of tax expense (benefit)		432			1,963
Total other comprehensive income (loss)	(1,822)	(1,294)	[1]	(1,809)	(4,393)	[1]
Comprehensive income (loss) attributable to Jackson Financial Inc.	$ 951	585	[1]	$ 684	2,943	[1]
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)		1,468			6,458
Other comprehensive income (loss), net of tax:
Change in unrealized gains (losses) on securities with no credit impairment, net of tax expense (benefit)		(1,978)			(7,466)
Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit)		0			0
Change in non-performance risk on market risk benefits, net of tax expense (benefit)		0			0
Total other comprehensive income (loss)		(1,996)			(7,462)
Comprehensive income (loss) attributable to Jackson Financial Inc.		(517)			(1,055)
Effect of Changes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)		400			929
Other comprehensive income (loss), net of tax:
Change in unrealized gains (losses) on securities with no credit impairment, net of tax expense (benefit)		(91)			(317)
Change in current discount rate related to reserve for future policy benefits, net of tax expense (benefit)		361			1,423
Change in non-performance risk on market risk benefits, net of tax expense (benefit)		432			1,963
Total other comprehensive income (loss)		702			3,069
Comprehensive income (loss) attributable to Jackson Financial Inc.		$ 1,102			$ 3,998
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

New Accounting Standards - E_11

New Accounting Standards - Effect of Adoption, Cash Flow Statement (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)	$ 2,790	$ 1,868	[1]	$ 2,514	$ 7,387	[2]
Net losses (gains) on derivatives				4,938	(1,307)	[2]
Market risk benefits (gains) losses, net	(2,376)	(913)	[3]	(5,120)	(1,636)	[2]
(Gain) loss from updating future policy benefits cash flow assumptions, net	$ (1)	(37)	[3]	23	(8)	[3]
Interest credited on other contract holder funds, gross				864	630	[2]
Deferred income tax expense (benefit)				(24)	1,908	[2]
Change in deferred acquisition costs				477	435	[2]
Change in funds withheld, net of reinsurance				81	208	[2]
Change in other assets and liabilities, net				(624)	(1,856)	[2]
Total adjustments					(1,626)
Net cash provided by (used in) operating activities				$ 3,676	2,941	[2]
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)		1,468			6,458
Net losses (gains) on derivatives					(4,362)
Market risk benefits (gains) losses, net					0
(Gain) loss from updating future policy benefits cash flow assumptions, net					0
Interest credited on other contract holder funds, gross					628
Deferred income tax expense (benefit)					1,625
Change in deferred acquisition costs					1,783
Change in funds withheld, net of reinsurance					(204)
Change in other assets and liabilities, net					(167)
Total adjustments					(697)
Net cash provided by (used in) operating activities					2,941
Effect of Changes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss)		400			929
Net losses (gains) on derivatives					3,055
Market risk benefits (gains) losses, net		(913)			(1,636)
(Gain) loss from updating future policy benefits cash flow assumptions, net		$ (37)			(8)
Interest credited on other contract holder funds, gross					2
Deferred income tax expense (benefit)					283
Change in deferred acquisition costs					(1,348)
Change in funds withheld, net of reinsurance					412
Change in other assets and liabilities, net					(1,689)
Total adjustments					(929)
Net cash provided by (used in) operating activities					$ 0
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Segment Information - Segment R

Segment Information - Segment Results (Details) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)		Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment				3
Segment Reporting Information [Line Items]
Fee income	$ 1,950	$ 1,908	[1]	$ 5,751	$ 5,854	[1]
Premiums	32	36	[1]	109	105	[1]
Net investment income	782	640	[1]	2,176	2,022	[1]
Net gains (losses) on derivatives and investments	(335)	(196)	[1]	(5,173)	1,176	[1]
Other income	18	19	[1]	52	60	[1]
Total revenues	2,606	2,962	[1]	2,267	11,877	[1]
Death, other policy benefits and change in policy reserves, net of deferrals	232	237	[1]	701	811	[1]
(Gain) loss from updating future policy benefits cash flow assumptions, net	1	37	[1]	(23)	8	[1]
Interest credited on other contract holder funds, net of deferrals and amortization	284	224	[1]	864	630	[1]
Interest expense	49	29	[1]	150	73	[1]
Operating costs and other expenses, net of deferrals	626	592	[1]	1,862	1,801	[1]
Amortization of DAC	290	305	[1]	874	929	[1]
Total operating benefits and expenses	1,275	1,120		3,813	3,560
Pretax income (loss)	3,502	2,525	[1]	2,913	9,277	[1]
Corporate And Reconciling Items
Segment Reporting Information [Line Items]
Fee income	1,161	1,133		3,397	3,545
Premiums	36	39		118	114
Net investment income	453	340		1,325	1,102
Net gains (losses) on derivatives and investments	(38)	3		(117)	62
Other income	18	19		52	60
Total revenues	1,630	1,534		4,775	4,883
Death, other policy benefits and change in policy reserves, net of deferrals	174	170		488	637
(Gain) loss from updating future policy benefits cash flow assumptions, net	0	37		(25)	7
Interest credited on other contract holder funds, net of deferrals and amortization	284	224		864	630
Interest expense	49	29		150	73
Operating costs and other expenses, net of deferrals	626	592		1,862	1,799
Amortization of DAC	142	142		424	428
Pretax income (loss)	355	414		962	1,323
Operating Segments | Retail Annuities
Segment Reporting Information [Line Items]
Fee income	1,038	1,002		3,015	3,144
Premiums	6	3		16	6
Net investment income	135	72		401	299
Net gains (losses) on derivatives and investments	(12)	2		(34)	20
Other income	9	11		28	33
Total revenues	1,176	1,090		3,426	3,502
Death, other policy benefits and change in policy reserves, net of deferrals	24	2		21	50
(Gain) loss from updating future policy benefits cash flow assumptions, net	4	1		6	3
Interest credited on other contract holder funds, net of deferrals and amortization	90	72		284	190
Interest expense	19	8		68	19
Operating costs and other expenses, net of deferrals	554	540		1,605	1,647
Amortization of DAC	139	139		416	419
Total operating benefits and expenses	822	760		2,388	2,322
Pretax income (loss)	354	330		1,038	1,180
Operating Segments | Institutional Products
Segment Reporting Information [Line Items]
Fee income	0	0		0	0
Premiums	0	0		0	0
Net investment income	130	80		351	216
Net gains (losses) on derivatives and investments	(13)	(8)		(38)	(13)
Other income	0	0		0	0
Total revenues	117	72		313	203
Death, other policy benefits and change in policy reserves, net of deferrals	0	0		0	0
(Gain) loss from updating future policy benefits cash flow assumptions, net	0	0		0	0
Interest credited on other contract holder funds, net of deferrals and amortization	87	51		247	137
Interest expense	8	0		16	0
Operating costs and other expenses, net of deferrals	1	1		3	4
Amortization of DAC	0	0		0	0
Total operating benefits and expenses	96	52		266	141
Pretax income (loss)	21	20		47	62
Operating Segments | Closed Life and Annuity Blocks
Segment Reporting Information [Line Items]
Fee income	112	118		345	358
Premiums	30	36		102	108
Net investment income	172	166		524	522
Net gains (losses) on derivatives and investments	(11)	7		(35)	35
Other income	8	8		18	25
Total revenues	311	335		954	1,048
Death, other policy benefits and change in policy reserves, net of deferrals	150	168		467	587
(Gain) loss from updating future policy benefits cash flow assumptions, net	(4)	36		(31)	4
Interest credited on other contract holder funds, net of deferrals and amortization	107	101		333	303
Interest expense	0	0		0	0
Operating costs and other expenses, net of deferrals	41	23		122	74
Amortization of DAC	3	3		8	9
Total operating benefits and expenses	305	259		961	969
Pretax income (loss)	6	76		(7)	79
Corporate and Other
Segment Reporting Information [Line Items]
Fee income	(11)	(13)		(37)	(43)
Premiums	0	0		0	0
Net investment income	(16)	(22)		(49)	(65)
Net gains (losses) on derivatives and investments	2	(2)		10	(20)
Other income	(1)	0		(6)	(2)
Total revenues	(26)	(37)		(82)	(130)
Death, other policy benefits and change in policy reserves, net of deferrals	0	0		0	0
(Gain) loss from updating future policy benefits cash flow assumptions, net	0	0		0	0
Interest credited on other contract holder funds, net of deferrals and amortization	0	0		0	0
Interest expense	(22)	(21)		(66)	(54)
Operating costs and other expenses, net of deferrals	(30)	(28)		(132)	(74)
Amortization of DAC	0	0		0	0
Total operating benefits and expenses	(52)	(49)		(198)	(128)
Pretax income (loss)	26	12		116	(2)
Intersegment eliminations
Segment Reporting Information [Line Items]
Total revenues	$ (20)	$ 18		$ 57	$ 52
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Segment Information - Reconcili

Segment Information - Reconciliation of Revenues (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total revenues	$ (2,606)	$ (2,962)	[1]	$ (2,267)	$ (11,877)	[1]
Net gains (losses) on derivatives and investments	335	196	[1]	5,173	(1,176)	[1]
Net investment income on funds withheld assets	303	313	[1]	862	937	[1]
Corporate And Reconciling Items
Segment Reporting Information [Line Items]
Total revenues	(1,630)	(1,534)		(4,775)	(4,883)
Net gains (losses) on derivatives and investments	38	(3)		117	(62)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Fees attributed to guarantee benefit reserves	784	771		2,345	2,300
Net gains (losses) on derivatives and investments	137	(356)		5,704	(3,774)
Net investment income (loss) related to noncontrolling interests	17	(11)		21	51
Consolidated investments	9	(1)		(32)	(68)
Net investment income on funds withheld assets	303	313		862	937
Operating Segments | Retail Annuities
Segment Reporting Information [Line Items]
Total revenues	(1,176)	(1,090)		(3,426)	(3,502)
Net gains (losses) on derivatives and investments	12	(2)		34	(20)
Operating Segments | Institutional Products
Segment Reporting Information [Line Items]
Total revenues	(117)	(72)		(313)	(203)
Net gains (losses) on derivatives and investments	13	8		38	13
Operating Segments | Closed Life and Annuity Blocks
Segment Reporting Information [Line Items]
Total revenues	(311)	(335)		(954)	(1,048)
Net gains (losses) on derivatives and investments	11	(7)		35	(35)
Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	26	37		82	130
Net gains (losses) on derivatives and investments	$ (2)	$ 2		$ (10)	$ 20
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Segment Information - Reconci_2

Segment Information - Reconciliation of Benefits and Expenses (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total operating benefits and expenses	$ 1,275	$ 1,120		$ 3,813	$ 3,560
Total benefits and expenses	(896)	437	[1]	(646)	2,600	[1]
Segment Reconciling Items
Segment Reporting Information [Line Items]
Net gain (loss) on market risk benefits	(2,376)	(913)		(5,120)	(1,636)
Net (gain) loss on market risk benefits	57	68		211	173
Amortization of DAC related to non-operating revenues and expenses	148	162		450	501
Other items	$ 0	$ 0		$ 0	$ 2
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Segment Information - Reconci_3

Segment Information - Reconciliation of Net Income (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Pretax adjusted operating earnings	$ 3,502	$ 2,525	[1]	$ 2,913	$ 9,277	[1]
Guaranteed Benefits And Hedging Results [Abstract]
Net movement in freestanding derivatives				(4,938)	1,307	[2]
Market risk benefits gains (losses), net	2,376	913	[1]	5,120	1,636	[2]
Net realized investment gains (losses)				(235)	(131)	[2]
Net investment income on funds withheld assets	303	313	[1]	862	937	[1]
Pretax income (loss) attributable to Jackson Financial Inc.	3,485	2,536		2,892	9,226
Income tax expense (benefit)	712	657	[1]	399	1,890	[1]
Net income (loss) attributable to Jackson Financial Inc.	2,773	1,879	[1]	2,493	7,336	[1]
Less: Dividends on preferred stock	11	0		24	0
Net income (loss) attributable to Jackson Financial Inc. common shareholders, basic	2,762	1,879	[1]	2,469	7,336	[1]
Corporate And Reconciling Items
Segment Reporting Information [Line Items]
Pretax adjusted operating earnings	355	414		962	1,323
Segment Reconciling Items
Guaranteed Benefits And Hedging Results [Abstract]
Fees attributed to guarantee benefit reserves	784	771		2,345	2,300
Net movement in freestanding derivatives	(271)	(253)		(4,694)	1,118
Market risk benefits gains (losses), net	2,376	913		5,120	1,636
Net reserve and embedded derivative movements	45	(7)		(338)	(47)
Amortization of DAC associated with non-operating items at date of transition to LDTI	(148)	(162)		(450)	(501)
Total guaranteed benefits and net hedging results	2,786	1,262		1,983	4,506
Net realized investment gains (losses)	(127)	(6)		(235)	(131)
Net realized investment gains (losses) on funds withheld assets	159	555		(648)	2,660
Net investment income on funds withheld assets	303	313		862	937
Other items	$ 9	$ (2)		$ (32)	$ (69)
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Investments - Narrative (Detail

Investments - Narrative (Details)	3 Months Ended			9 Months Ended			12 Months Ended
	Sep. 30, 2023 USD ($) state	Sep. 30, 2022 USD ($)		Sep. 30, 2023 USD ($) state	Sep. 30, 2022 USD ($)		Dec. 31, 2022 USD ($)		Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Summary of Investment Holdings [Line Items]
Debt securities, rated by investment advisor	$ 422,000,000			$ 422,000,000			$ 32,000,000
Securities on deposit with regulatory authorities	99,000,000			99,000,000			90,000,000
Accrued interest written off	1,000,000	$ 0		$ 1,000,000	$ 0
Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss Statement Of Financial Position Extensible List Not Disclosed Flag				Accrued interest receivables
Aggregate fair value of securities sold at a loss	$ 756,000,000	$ 1,068,000,000		$ 2,909,000,000	$ 3,966,000,000
Aggregate fair value of securities sold at a loss, percentage of book value	88%	94%		94%	93%
Proceeds from sales of available-for-sale debt securities	$ 900,000,000	$ 1,400,000,000		$ 4,200,000,000	$ 6,300,000,000
Collateralized loan obligation							276,000,000
Estimated loss from divestiture				(93,000,000)
Unconsolidated VIEs, exposure to loss	2,908,000,000			2,908,000,000			3,285,000,000
Equity securities	277,000,000			277,000,000			393,000,000	[1]
Mortgage loans, allowance for credit loss	200,000,000	79,000,000		200,000,000	79,000,000		95,000,000		$ 162,000,000	$ 80,000,000	$ 94,000,000
Financing receivables, accrued interest receivable	45,000,000	46,000,000		$ 45,000,000	46,000,000
Deferral of interest and principal payments, repayment period, COVID-19				1 year
Deferred interest and principal payments, COVID-19	9,000,000			$ 9,000,000
Accrued interest written off	2,000,000	0		2,000,000	0
Recorded investment	23,000,000			23,000,000			15,000,000
Unpaid principal balance, no related allowance	26,000,000			26,000,000			16,000,000
Average recorded investment				17,000,000			18,000,000
Investment income				0			0
Stressed loans	16,000,000			16,000,000			3,000,000
Policy loans, fair value under fair value option	3,432,000,000			3,432,000,000			3,419,000,000
Policy loans not held as collateral for reinsurance		900,000,000			900,000,000		1,000,000,000
Other invested assets	3,553,000,000			3,553,000,000			3,595,000,000	[1]
Securities loaned	$ 27,000,000			$ 27,000,000			35,000,000
Securities loaned, minimum percent of fair value required as collateral	102%			102%
Securities loaned, cash collateral	$ 28,000,000			$ 28,000,000			36,000,000
Repurchase agreement balance	0			0			1,012,000,000
Interest expense	49,000,000	29,000,000	[2]	$ 150,000,000	73,000,000	[2]
Minimum
Summary of Investment Holdings [Line Items]
Deferral of interest and principal payments, period, COVID-19				6 months
Maximum
Summary of Investment Holdings [Line Items]
Deferral of interest and principal payments, period, COVID-19				14 months
Commercial mortgage loans
Summary of Investment Holdings [Line Items]
Mortgage loans, allowance for credit loss	$ 195,000,000			$ 195,000,000			91,000,000
Financing receivables, collateralized by properties, number of states | state	37			37
Residential mortgage loans
Summary of Investment Holdings [Line Items]
Mortgage loans, allowance for credit loss	$ 5,000,000			$ 5,000,000			4,000,000
Financing receivables, collateralized by properties, number of states | state	50			50
Unconsolidated VIEs
Summary of Investment Holdings [Line Items]
Equity securities	$ 19,000,000			$ 19,000,000			28,000,000
Corporate securities | Single corporate obligor
Summary of Investment Holdings [Line Items]
Debt securities, unrealized loss	$ 63,000,000			$ 63,000,000			$ 57,000,000
Corporate securities, utilities
Summary of Investment Holdings [Line Items]
Debt securities, unrealized losses, percentage	18%			18%
Corporate securities, healthcare
Summary of Investment Holdings [Line Items]
Debt securities, unrealized losses, percentage	10%			10%
Corporate securities, financial services
Summary of Investment Holdings [Line Items]
Debt securities, unrealized losses, percentage							16%
Corporate securities, consumer goods
Summary of Investment Holdings [Line Items]
Debt securities, unrealized losses, percentage							10%
Equity securities
Summary of Investment Holdings [Line Items]
Unrealized gains (losses)	$ (16,000,000)	(17,000,000)		$ (38,000,000)	(48,000,000)
Federal Home Loan Bank capital stock
Summary of Investment Holdings [Line Items]
Other invested assets	108,000,000			108,000,000			$ 146,000,000
Real estate
Summary of Investment Holdings [Line Items]
Other invested assets	224,000,000			224,000,000			237,000,000
Real estate, foreclosed properties
Summary of Investment Holdings [Line Items]
Other invested assets	2,000,000			2,000,000			0
Limited partnerships
Summary of Investment Holdings [Line Items]
Other invested assets	3,221,000,000			3,221,000,000			$ 3,212,000,000
Repurchase agreements
Summary of Investment Holdings [Line Items]
Interest expense	$ 16,000,000	$ 0		$ 41,000,000	$ 0
Below investment grade or not rated
Summary of Investment Holdings [Line Items]
Debt securities, unrealized losses, percentage	20%			20%			21%
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Investments - Composition of Fa

Investments - Composition of Fair Value of Debt Securities Classified by Rating (Details)	Sep. 30, 2023	Dec. 31, 2022
Summary of Investment Holdings [Line Items]
Percent of total debt securities carrying value	100%	100%
Investment grade
Summary of Investment Holdings [Line Items]
Percent of total debt securities carrying value	92.50%	92.40%
Investment grade | U.S. government securities
Summary of Investment Holdings [Line Items]
Percent of total debt securities carrying value	8.90%	11.60%
Investment grade | AAA
Summary of Investment Holdings [Line Items]
Percent of total debt securities carrying value	6.60%	6.40%
Investment grade | AA
Summary of Investment Holdings [Line Items]
Percent of total debt securities carrying value	9.10%	8.20%
Investment grade | A
Summary of Investment Holdings [Line Items]
Percent of total debt securities carrying value	31.40%	29.80%
Investment grade | BBB
Summary of Investment Holdings [Line Items]
Percent of total debt securities carrying value	36.50%	36.40%
Below investment grade
Summary of Investment Holdings [Line Items]
Percent of total debt securities carrying value	7.50%	7.60%
Below investment grade | BB
Summary of Investment Holdings [Line Items]
Percent of total debt securities carrying value	3.80%	3.90%
Below investment grade | B and below
Summary of Investment Holdings [Line Items]
Percent of total debt securities carrying value	3.70%	3.70%

Investments - Total Carrying Va

Investments - Total Carrying Value Debt Securities in Unrealized Loss Position (Details)	Sep. 30, 2023	Dec. 31, 2022
Investment grade securities
Percent of total debt securities carrying value
Debt securities in an unrealized loss position, percentage	79%	78%
Below investment grade securities
Percent of total debt securities carrying value
Debt securities in an unrealized loss position, percentage	2%	2%
Not rated securities
Percent of total debt securities carrying value
Debt securities in an unrealized loss position, percentage	19%	20%

Investments - Debt Securities -

Investments - Debt Securities - Amortized Cost, Gross Unrealized Gains and Losses, Fair Value and Allowance For Credit Loss (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Summary of Investment Holdings [Line Items]
Amortized Cost	$ 48,513	$ 51,071
Allowance for Credit Loss	26	23
Gross Unrealized Gains	57	115
Gross Unrealized Losses	7,156	6,401
Fair Value	41,388	44,762
U.S. government securities
Summary of Investment Holdings [Line Items]
Amortized Cost	4,877	6,192
Allowance for Credit Loss	0	0
Gross Unrealized Gains	0	1
Gross Unrealized Losses	1,203	1,008
Fair Value	3,674	5,185
Other government securities
Summary of Investment Holdings [Line Items]
Amortized Cost	1,684	1,719
Allowance for Credit Loss	3	2
Gross Unrealized Gains	0	1
Gross Unrealized Losses	303	251
Fair Value	1,378	1,467
Public utilities
Summary of Investment Holdings [Line Items]
Amortized Cost	5,936	5,893
Allowance for Credit Loss	0	0
Gross Unrealized Gains	13	27
Gross Unrealized Losses	881	695
Fair Value	5,068	5,225
Corporate securities
Summary of Investment Holdings [Line Items]
Amortized Cost	28,728	28,803
Allowance for Credit Loss	17	15
Gross Unrealized Gains	32	59
Gross Unrealized Losses	4,061	3,701
Fair Value	24,682	25,146
Residential mortgage-backed
Summary of Investment Holdings [Line Items]
Amortized Cost	441	510
Allowance for Credit Loss	6	6
Gross Unrealized Gains	10	19
Gross Unrealized Losses	69	59
Fair Value	376	464
Commercial mortgage-backed
Summary of Investment Holdings [Line Items]
Amortized Cost	1,639	1,821
Allowance for Credit Loss	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	197	183
Fair Value	1,442	1,638
Other asset-backed securities
Summary of Investment Holdings [Line Items]
Amortized Cost	5,208	6,133
Allowance for Credit Loss	0	0
Gross Unrealized Gains	2	8
Gross Unrealized Losses	442	504
Fair Value	$ 4,768	$ 5,637

Investments - Debt Securities M

Investments - Debt Securities Maturities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Amortized Cost
Due in 1 year or less	$ 2,092
Due after 1 year through 5 years	9,975
Due after 5 years through 10 years	12,762
Due after 10 years through 20 years	8,981
Due after 20 years	7,415
Total	48,513	$ 51,071
Allowance for Credit Loss
Due in 1 year or less	2
Due after 1 year through 5 years	10
Due after 5 years through 10 years	5
Due after 10 years through 20 years	3
Due after 20 years	0
Total	26	23
Gross Unrealized Gains
Due in 1 year or less	0
Due after 1 year through 5 years	4
Due after 5 years through 10 years	14
Due after 10 years through 20 years	26
Due after 20 years	1
Total	57	115
Gross Unrealized Losses
Due in 1 year or less	24
Due after 1 year through 5 years	495
Due after 5 years through 10 years	1,633
Due after 10 years through 20 years	1,984
Due after 20 years	2,312
Total	7,156	6,401
Fair Value
Due in 1 year or less	2,066
Due after 1 year through 5 years	9,474
Due after 5 years through 10 years	11,138
Due after 10 years through 20 years	7,020
Due after 20 years	5,104
Debt securities	41,388	44,762
Residential mortgage-backed
Amortized Cost
Without single maturity	441
Total	441	510
Allowance for Credit Loss
Without single maturity	6
Total	6	6
Gross Unrealized Gains
Without single maturity	10
Total	10	19
Gross Unrealized Losses
Without single maturity	69
Total	69	59
Fair Value
Without single maturity	376
Debt securities	376	464
Commercial mortgage-backed
Amortized Cost
Without single maturity	1,639
Total	1,639	1,821
Allowance for Credit Loss
Without single maturity	0
Total	0	0
Gross Unrealized Gains
Without single maturity	0
Total	0	0
Gross Unrealized Losses
Without single maturity	197
Total	197	183
Fair Value
Without single maturity	1,442
Debt securities	1,442	1,638
Other asset-backed securities
Amortized Cost
Without single maturity	5,208
Total	5,208	6,133
Allowance for Credit Loss
Without single maturity	0
Total	0	0
Gross Unrealized Gains
Without single maturity	2
Total	2	8
Gross Unrealized Losses
Without single maturity	442
Total	442	504
Fair Value
Without single maturity	4,768
Debt securities	$ 4,768	$ 5,637

Investments - Residential Mortg

Investments - Residential Mortgage-Backed Securities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Summary of Investment Holdings [Line Items]
Amortized Cost	$ 48,513	$ 51,071
Allowance for Credit Loss	26	23
Gross Unrealized Gains	57	115
Gross Unrealized Losses	7,156	6,401
Fair Value	41,388	44,762
Non-agency RMBS
Summary of Investment Holdings [Line Items]
Amortized Cost	270	317
Allowance for Credit Loss	6	6
Gross Unrealized Gains	10	19
Gross Unrealized Losses	47	41
Fair Value	227	289
Non-agency RMBS | Prime
Summary of Investment Holdings [Line Items]
Amortized Cost	190	206
Allowance for Credit Loss	3	4
Gross Unrealized Gains	1	2
Gross Unrealized Losses	31	30
Fair Value	157	174
Non-agency RMBS | Alt-A
Summary of Investment Holdings [Line Items]
Amortized Cost	66	84
Allowance for Credit Loss	3	2
Gross Unrealized Gains	5	7
Gross Unrealized Losses	16	10
Fair Value	52	79
Non-agency RMBS | Subprime
Summary of Investment Holdings [Line Items]
Amortized Cost	14	27
Allowance for Credit Loss	0	0
Gross Unrealized Gains	4	10
Gross Unrealized Losses	0	1
Fair Value	$ 18	$ 36

Investments - Debt Securities i

Investments - Debt Securities in Continuous Unrealized Loss Position (Details) $ in Millions	Sep. 30, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 420	$ 3,571
Less than 12 months, fair value	$ 6,252	$ 30,605
Less than 12 months, # of securities | security	973	3,786
12 months or longer, gross unrealized losses	$ 6,736	$ 2,830
12 months or longer, fair value	$ 30,821	$ 8,508
12 months or longer, # of securities | security	3,946	1,056
Total, gross unrealized losses	$ 7,156	$ 6,401
Total, fair value	$ 37,073	$ 39,113
Total, # of securities | security	4,699	4,645
U.S. government securities
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 71	$ 339
Less than 12 months, fair value	$ 386	$ 2,815
Less than 12 months, # of securities | security	17	40
12 months or longer, gross unrealized losses	$ 1,132	$ 669
12 months or longer, fair value	$ 2,752	$ 1,386
12 months or longer, # of securities | security	25	6
Total, gross unrealized losses	$ 1,203	$ 1,008
Total, fair value	$ 3,138	$ 4,201
Total, # of securities | security	38	42
Other government securities
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 4	$ 174
Less than 12 months, fair value	$ 76	$ 1,258
Less than 12 months, # of securities | security	12	143
12 months or longer, gross unrealized losses	$ 299	$ 77
12 months or longer, fair value	$ 1,282	$ 177
12 months or longer, # of securities | security	158	23
Total, gross unrealized losses	$ 303	$ 251
Total, fair value	$ 1,358	$ 1,435
Total, # of securities | security	167	162
Public utilities
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 57	$ 508
Less than 12 months, fair value	$ 743	$ 4,279
Less than 12 months, # of securities | security	98	490
12 months or longer, gross unrealized losses	$ 824	$ 187
12 months or longer, fair value	$ 4,075	$ 520
12 months or longer, # of securities | security	518	87
Total, gross unrealized losses	$ 881	$ 695
Total, fair value	$ 4,818	$ 4,799
Total, # of securities | security	592	562
Corporate securities
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 234	$ 2,087
Less than 12 months, fair value	$ 4,119	$ 17,068
Less than 12 months, # of securities | security	690	2,323
12 months or longer, gross unrealized losses	$ 3,827	$ 1,614
12 months or longer, fair value	$ 17,630	$ 4,601
12 months or longer, # of securities | security	2,365	644
Total, gross unrealized losses	$ 4,061	$ 3,701
Total, fair value	$ 21,749	$ 21,669
Total, # of securities | security	2,889	2,806
Residential mortgage-backed
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 4	$ 43
Less than 12 months, fair value	$ 70	$ 279
Less than 12 months, # of securities | security	76	196
12 months or longer, gross unrealized losses	$ 65	$ 16
12 months or longer, fair value	$ 261	$ 81
12 months or longer, # of securities | security	233	94
Total, gross unrealized losses	$ 69	$ 59
Total, fair value	$ 331	$ 360
Total, # of securities | security	308	290
Commercial mortgage-backed
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 3	$ 138
Less than 12 months, fair value	$ 52	$ 1,421
Less than 12 months, # of securities | security	10	177
12 months or longer, gross unrealized losses	$ 194	$ 45
12 months or longer, fair value	$ 1,333	$ 192
12 months or longer, # of securities | security	183	31
Total, gross unrealized losses	$ 197	$ 183
Total, fair value	$ 1,385	$ 1,613
Total, # of securities | security	191	206
Other asset-backed securities
Summary of Investment Holdings [Line Items]
Less than 12 months, gross unrealized losses	$ 47	$ 282
Less than 12 months, fair value	$ 806	$ 3,485
Less than 12 months, # of securities | security	70	417
12 months or longer, gross unrealized losses	$ 395	$ 222
12 months or longer, fair value	$ 3,488	$ 1,551
12 months or longer, # of securities | security	464	171
Total, gross unrealized losses	$ 442	$ 504
Total, fair value	$ 4,294	$ 5,036
Total, # of securities | security	514	577

Investments - Rollforward of Al

Investments - Rollforward of Allowance for Debt Securities Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	$ 16	$ 43	$ 23	$ 9
Additions for which credit loss was not previously recorded	26	13	59	52
Changes for securities with previously recorded credit loss	2	(11)	4	(10)
Additions for purchases of PCD debt securities	0	0	0	0
Reductions from charge-offs	0	0	0	0
Reductions for securities disposed	(1)	(3)	(26)	(4)
Securities intended/required to be sold before recovery of amortized cost basis	(17)	(11)	(34)	(16)
Balance	26	31	26	31
Accrued interest receivable on debt securities	416	414	416	414
U.S. government securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	0	0	0	0
Additions for which credit loss was not previously recorded	0	0	0	0
Changes for securities with previously recorded credit loss	0	0	0	0
Additions for purchases of PCD debt securities	0	0	0	0
Reductions from charge-offs	0	0	0	0
Reductions for securities disposed	0	0	0	0
Securities intended/required to be sold before recovery of amortized cost basis	0	0	0	0
Balance	0	0	0	0
Other government securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	3	6	2	0
Additions for which credit loss was not previously recorded	2	0	2	6
Changes for securities with previously recorded credit loss	0	0	1	0
Additions for purchases of PCD debt securities	0	0	0	0
Reductions from charge-offs	0	0	0	0
Reductions for securities disposed	0	(3)	0	(3)
Securities intended/required to be sold before recovery of amortized cost basis	(2)	0	(2)	0
Balance	3	3	3	3
Public utilities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	0	1	0	0
Additions for which credit loss was not previously recorded	0	0	0	1
Changes for securities with previously recorded credit loss	0	(1)	0	(1)
Additions for purchases of PCD debt securities	0	0	0	0
Reductions from charge-offs	0	0	0	0
Reductions for securities disposed	0	0	0	0
Securities intended/required to be sold before recovery of amortized cost basis	0	0	0	0
Balance	0	0	0	0
Corporate securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	7	30	15	0
Additions for which credit loss was not previously recorded	15	12	48	42
Changes for securities with previously recorded credit loss	2	(8)	1	(3)
Additions for purchases of PCD debt securities	0	0	0	0
Reductions from charge-offs	0	0	0	0
Reductions for securities disposed	(1)	0	(24)	0
Securities intended/required to be sold before recovery of amortized cost basis	(6)	(11)	(23)	(16)
Balance	17	23	17	23
Residential mortgage-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	6	6	6	2
Additions for which credit loss was not previously recorded	0	1	0	3
Changes for securities with previously recorded credit loss	0	(2)	2	1
Additions for purchases of PCD debt securities	0	0	0	0
Reductions from charge-offs	0	0	0	0
Reductions for securities disposed	0	0	(2)	(1)
Securities intended/required to be sold before recovery of amortized cost basis	0	0	0	0
Balance	6	5	6	5
Commercial mortgage-backed
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	0	0	0	0
Additions for which credit loss was not previously recorded	9	0	9	0
Changes for securities with previously recorded credit loss	0	0	0	0
Additions for purchases of PCD debt securities	0	0	0	0
Reductions from charge-offs	0	0	0	0
Reductions for securities disposed	0	0	0	0
Securities intended/required to be sold before recovery of amortized cost basis	(9)	0	(9)	0
Balance	0	0	0	0
Other asset-backed securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance	0	0	0	7
Additions for which credit loss was not previously recorded	0	0	0	0
Changes for securities with previously recorded credit loss	0	0	0	(7)
Additions for purchases of PCD debt securities	0	0	0	0
Reductions from charge-offs	0	0	0	0
Reductions for securities disposed	0	0	0	0
Securities intended/required to be sold before recovery of amortized cost basis	0	0	0	0
Balance	$ 0	$ 0	$ 0	$ 0

Investments - Sources of Net In

Investments - Sources of Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Net Investment Income [Line Items]
Investment expenses	$ (91)	$ (49)		$ (211)	$ (128)
Net investment income excluding funds withheld assets	479	327	[1]	1,314	1,085	[1]
Net investment income	782	640	[1]	2,176	2,022	[1]
Debt securities
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	432	306		1,152	792
Equity securities
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	(4)	(25)		(5)	(18)
Mortgage loans
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	81	70		235	211
Policy loans
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	17	18		50	52
Limited partnerships
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	20	(7)		19	151
Other investment income
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	24	14		74	25
Total investment income excluding funds withheld assets
Net Investment Income [Line Items]
Total investment income excluding funds withheld assets	570	376		1,525	1,213
Funds withheld assets
Net Investment Income [Line Items]
Investment expenses	(19)	(21)		(56)	(65)
Net investment income	303	313		862	937
Debt securities, at fair value under the fair value option
Net Investment Income [Line Items]
Net investment income	$ 51	$ (8)		$ 43	$ (103)
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Investments - Net Gains (Losses

Investments - Net Gains (Losses) on Derivatives and Investments (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Available-for-sale securities
Realized gains on sale	$ 11	$ 3		$ 17	$ 32
Realized losses on sale	(102)	(57)		(145)	(298)
Credit loss income (expense)	(18)	(6)		(29)	(5)
Credit loss income (expense) on mortgage loans	(28)	(5)		(88)	(2)
Other	10	59		10	142
Net gains (losses) excluding derivatives and funds withheld assets	(127)	(6)		(235)	(131)
Net gains (losses) on derivative instruments	267	710		(4,743)	4,919
Net gains (losses) on derivatives and investments	(335)	(196)	[1]	(5,173)	1,176	[1]
Net gains (losses) on funds withheld reinsurance treaties	159	555	[1]	(648)	2,660	[1]
Total net gains (losses) on derivatives and investments	(176)	359	[1]	(5,821)	3,836	[1]
Derivatives excluding funds withheld under reinsurance treaties
Available-for-sale securities
Net gains (losses) on derivative instruments	(208)	(190)		(4,938)	1,307
Derivatives related to funds withheld under reinsurance treaties
Available-for-sale securities
Net gains (losses) on derivative instruments	475	900		195	3,612
Net gains (losses) on funds withheld reinsurance treaties	$ 159	$ 555		$ (648)	$ 2,660
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Investments - Asset and Liabili

Investments - Asset and Liability Information for Consolidated VIEs (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Jan. 01, 2023	Dec. 31, 2022		Sep. 30, 2022	[2]	Jun. 30, 2022	[2]	Dec. 31, 2021	[2]	Jan. 01, 2021
Summary of Investment Holdings [Line Items]
Debt securities, trading	$ 66			$ 100	[1]
Equity securities	277			393	[1]
Other invested assets	3,553			3,595	[1]
Other assets	970		$ 944	944	[1]							$ 1,181
Total assets	314,534		314,983	314,983	[1]							355,511
Securities lending payable	28			36
Total liabilities	304,281		305,605	305,605	[1]							348,576
Equity	10,253	$ 9,423	$ 9,378	9,378	[1]	$ 10,948		$ 10,453		$ 8,321		$ 6,935
Related Party
Summary of Investment Holdings [Line Items]
Notes issued by consolidated VIEs, at fair value under fair value option	2,011			1,732	[1]
Nonrelated Party
Summary of Investment Holdings [Line Items]
Notes issued by consolidated VIEs, at fair value under fair value option	2,632			2,403	[1]
Variable Interest Entity, Primary Beneficiary
Summary of Investment Holdings [Line Items]
Debt securities, at fair value under fair value option	2,101			2,014
Debt securities, trading	66			100
Equity securities	92			127
Other invested assets	1,536			1,507
Cash and cash equivalents	78			75
Other assets	26			19
Total assets	3,899			3,842
Other liabilities	110			343
Securities lending payable	2			4
Total liabilities	2,123			2,079
Equity	775			732
Variable Interest Entity, Primary Beneficiary | Related Party
Summary of Investment Holdings [Line Items]
Notes issued by consolidated VIEs, at fair value under fair value option	2,011			1,732
Variable Interest Entity, Primary Beneficiary | Nonrelated Party
Summary of Investment Holdings [Line Items]
Notes issued by consolidated VIEs, at fair value under fair value option	$ 2,121			$ 2,075
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Investments - Commercial and Re

Investments - Commercial and Residential Loans (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022		Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans, net of allowance for credit losses of $200 and $95 at September 30, 2023 and December 31, 2022, respectively	$ 10,136		$ 10,967	[1]
Financing receivables, accrued interest receivable	45				$ 46
Mortgage loans, allowance for credit loss	200	$ 162	95		$ 79	$ 80	$ 94
Commercial mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans, allowance for credit loss	195		91
Residential mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans, allowance for credit loss	5		4
Commercial mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans, net of allowance for credit losses of $200 and $95 at September 30, 2023 and December 31, 2022, respectively	9,594		10,241
Financing receivables, accrued interest receivable	38		39
Residential mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Mortgage loans, net of allowance for credit losses of $200 and $95 at September 30, 2023 and December 31, 2022, respectively	1,018		1,308
Financing receivables, accrued interest receivable	$ 7		$ 9
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Investments - Rollforward of Mo

Investments - Rollforward of Mortgages Allowance for Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	$ 162	$ 80	$ 95	$ 94
Charge offs, net of recoveries	0	0	0	0
Provision (release)	38	(1)	105	(15)
Balance	200	79	200	79
Financing receivables, accrued interest receivable	45	46	45	46
Apartment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	18	21	18	19
Charge offs, net of recoveries	0	0	0	0
Provision (release)	9	(5)	9	(3)
Balance	27	16	27	16
Hotel
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	7	18	20	9
Charge offs, net of recoveries	0	0	0	0
Provision (release)	(1)	(1)	(14)	8
Balance	6	17	6	17
Office
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	91	16	15	28
Charge offs, net of recoveries	0	0	0	0
Provision (release)	30	(3)	106	(15)
Balance	121	13	121	13
Retail
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	26	13	22	17
Charge offs, net of recoveries	0	0	0	0
Provision (release)	0	8	4	4
Balance	26	21	26	21
Warehouse
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	12	9	16	12
Charge offs, net of recoveries	0	0	0	0
Provision (release)	3	0	(1)	(3)
Balance	15	9	15	9
Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance	8	3	4	9
Charge offs, net of recoveries	0	0	0	0
Provision (release)	(3)	0	1	(6)
Balance	$ 5	$ 3	$ 5	$ 3

Investments - Information About

Investments - Information About Credit Quality and Vintage Year of Commercial Mortgage Loans (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 711	$ 1,315
Year two	1,173	1,927
Year three	1,454	1,260
Year four	859	1,554
Year five	1,419	1,511
Prior	4,992	3,978
Revolving Loans	4	4
Total	$ 10,612	$ 11,549
% of Total	100%	100%
Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 566	$ 896
Year two	957	1,608
Year three	1,273	1,203
Year four	815	1,511
Year five	1,385	1,490
Prior	4,594	3,529
Revolving Loans	4	4
Total	$ 9,594	$ 10,241
% of Total	100%	100%
Residential mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 145	$ 419
Year two	216	319
Year three	181	57
Year four	44	43
Year five	34	21
Prior	398	449
Revolving Loans	0	0
Total	$ 1,018	$ 1,308
% of Total	100%	100%
Residential mortgage loans | Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 145	$ 413
Year two	190	308
Year three	167	49
Year four	37	37
Year five	30	14
Prior	370	409
Revolving Loans	0	0
Total	$ 939	$ 1,230
% of Total	92%	94%
Residential mortgage loans | Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 0	$ 6
Year two	26	11
Year three	14	8
Year four	7	6
Year five	4	7
Prior	28	40
Revolving Loans	0	0
Total	$ 79	$ 78
% of Total	8%	6%
Greater than 1.20x | Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 481	$ 694
Year two	612	1,092
Year three	934	955
Year four	672	1,387
Year five	1,310	1,324
Prior	4,334	3,211
Revolving Loans	4	4
Total	$ 8,347	$ 8,667
% of Total	87%	85%
1.00x - 1.20x | Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 85	$ 202
Year two	271	372
Year three	339	106
Year four	143	83
Year five	31	34
Prior	202	172
Revolving Loans	0	0
Total	$ 1,071	$ 969
% of Total	11%	9%
Less than 1.00x | Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 0	$ 0
Year two	74	144
Year three	0	142
Year four	0	41
Year five	44	132
Prior	58	146
Revolving Loans	0	0
Total	$ 176	$ 605
% of Total	2%	6%
Less than 70% | Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 566	$ 771
Year two	794	1,266
Year three	931	1,171
Year four	696	1,473
Year five	1,259	1,480
Prior	4,445	3,421
Revolving Loans	4	4
Total	$ 8,695	$ 9,586
% of Total	91%	94%
70% - 80% | Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 0	$ 125
Year two	138	190
Year three	191	32
Year four	83	13
Year five	62	5
Prior	33	59
Revolving Loans	0	0
Total	$ 507	$ 424
% of Total	5%	4%
80% - 100% | Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 0	$ 0
Year two	25	152
Year three	151	0
Year four	36	0
Year five	42	5
Prior	105	40
Revolving Loans	0	0
Total	$ 359	$ 197
% of Total	4%	2%
Greater than 100% | Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Year one	$ 0	$ 0
Year two	0	0
Year three	0	0
Year four	0	25
Year five	22	0
Prior	11	9
Revolving Loans	0	0
Total	$ 33	$ 34
% of Total	0%	0%

Investments - Mortgages by Stan

Investments - Mortgages by Standing (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	$ 10,612	$ 11,549
Restructured	0	0
In the Process of Foreclosure	23	15
In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	10,533	11,471
Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	56	63
Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	9,594	10,241
Restructured	0	0
In the Process of Foreclosure	0	0
Commercial mortgage loans | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	9,594	10,241
Commercial mortgage loans | Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	0	0
Commercial mortgage loans | Apartment
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	3,230	3,558
Restructured	0	0
In the Process of Foreclosure	0	0
Commercial mortgage loans | Apartment | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	3,230	3,558
Commercial mortgage loans | Apartment | Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	0	0
Commercial mortgage loans | Hotel
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	882	1,015
Restructured	0	0
In the Process of Foreclosure	0	0
Commercial mortgage loans | Hotel | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	882	1,015
Commercial mortgage loans | Hotel | Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	0	0
Commercial mortgage loans | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,459	1,795
Restructured	0	0
In the Process of Foreclosure	0	0
Commercial mortgage loans | Office | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,459	1,795
Commercial mortgage loans | Office | Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	0	0
Commercial mortgage loans | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	2,011	2,085
Restructured	0	0
In the Process of Foreclosure	0	0
Commercial mortgage loans | Retail | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	2,011	2,085
Commercial mortgage loans | Retail | Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	0	0
Commercial mortgage loans | Warehouse
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	2,012	1,788
Restructured	0	0
In the Process of Foreclosure	0	0
Commercial mortgage loans | Warehouse | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	2,012	1,788
Commercial mortgage loans | Warehouse | Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	0	0
Residential mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,018	1,308
Residential mortgage loans | Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,018	1,308
Restructured	0	0
In the Process of Foreclosure	23	15
Residential mortgage loans | Residential | Financial Asset Acquired with Credit Deterioration
Financing Receivable, Credit Quality Indicator [Line Items]
In the Process of Foreclosure	7	12
Residential mortgage loans | Residential | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	939	1,230
Residential mortgage loans | Residential | Greater than 90 Days Delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	56	63
Residential mortgage loans | Residential | Greater than 90 Days Delinquent | Financial Asset Acquired with Credit Deterioration
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	26	41
Mezzanine loans | Apartment | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	389	410
Mezzanine loans | Hotel | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	21	41
Mezzanine loans | Office | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	166	236
Mezzanine loans | Retail | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	31	43
Mezzanine loans | Warehouse | In Good Standing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	$ 295	$ 140

Investments - Loans Modified to

Investments - Loans Modified to Borrowers Experiencing Financial Difficulty (Details) - Commercial mortgage loans $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized cost basis	$ 17
Extension of term	3 years
Percent of Total Class	0.18%
30-89 Days Past Due
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized cost basis	$ 0
Greater than 90 Days Delinquent
Financing Receivable, Allowance for Credit Loss [Line Items]
Amortized cost basis	$ 0

Investments - Repurchase Agreem

Investments - Repurchase Agreements Transactions (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Highest level of short-term borrowings at any month end	$ 1,660	$ 584
Average short-term borrowing	$ 1,172	$ 186
Weighted average interest rate	4.66%	0.24%

Derivative Instruments - Aggreg

Derivative Instruments - Aggregate Contractual Notional Amounts and Fair Values of Derivatives (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets
Fair Value	$ 925	$ 1,270	[1]
Liabilities
Fair Value	2,548	2,065	[1]
Freestanding derivatives
Derivative [Line Items]
Contractual/Notional Amount	138,831	209,813
Assets
Fair Value	847	1,173
Liabilities
Fair Value	2,527	2,046
Net Fair Value, Asset (Liability)	(1,680)	(873)
Freestanding derivatives | Cross-currency swaps
Derivative [Line Items]
Contractual/Notional Amount	1,868	1,825
Assets
Fair Value	103	73
Liabilities
Fair Value	144	104
Net Fair Value, Asset (Liability)	(41)	(31)
Freestanding derivatives | Equity index call options
Derivative [Line Items]
Contractual/Notional Amount	8,000	17,500
Assets
Fair Value	62	106
Liabilities
Fair Value	0	0
Net Fair Value, Asset (Liability)	62	106
Freestanding derivatives | Equity index futures
Derivative [Line Items]
Contractual/Notional Amount	23,218	19,760
Assets
Fair Value	0	0
Liabilities
Fair Value	0	0
Net Fair Value, Asset (Liability)	0	0
Freestanding derivatives | Equity index put options
Derivative [Line Items]
Contractual/Notional Amount	43,500	30,500
Assets
Fair Value	644	958
Liabilities
Fair Value	0	0
Net Fair Value, Asset (Liability)	644	958
Freestanding derivatives | Interest rate swaps
Derivative [Line Items]
Contractual/Notional Amount	7,728	7,728
Assets
Fair Value	5	5
Liabilities
Fair Value	351	231
Net Fair Value, Asset (Liability)	(346)	(226)
Freestanding derivatives | Interest rate swaps - cleared
Derivative [Line Items]
Contractual/Notional Amount		1,500
Assets
Fair Value		0
Liabilities
Fair Value		0
Net Fair Value, Asset (Liability)		0
Freestanding derivatives | Put-swaptions
Derivative [Line Items]
Contractual/Notional Amount	16,500	25,000
Assets
Fair Value	0	0
Liabilities
Fair Value	2,032	1,711
Net Fair Value, Asset (Liability)	(2,032)	(1,711)
Freestanding derivatives | Interest rate futures
Derivative [Line Items]
Contractual/Notional Amount	36,533	105,261
Assets
Fair Value	0	0
Liabilities
Fair Value	0	0
Net Fair Value, Asset (Liability)	0	0
Freestanding derivatives | Total return swaps
Derivative [Line Items]
Contractual/Notional Amount	1,484	739
Assets
Fair Value	33	31
Liabilities
Fair Value	0	0
Net Fair Value, Asset (Liability)	33	31
Embedded derivatives
Assets
Fair Value	0	0
Liabilities
Fair Value	1,632	1,136
Net Fair Value, Asset (Liability)	(1,632)	(1,136)
Embedded derivatives | Fixed index annuity embedded derivatives
Assets
Fair Value	0	0
Liabilities
Fair Value	956	931
Net Fair Value, Asset (Liability)	(956)	(931)
Embedded derivatives | Registered index linked annuity embedded derivatives
Assets
Fair Value	0	0
Liabilities
Fair Value	676	205
Net Fair Value, Asset (Liability)	(676)	(205)
Derivatives related to funds withheld under reinsurance treaties
Derivative [Line Items]
Contractual/Notional Amount	1,467	1,648
Assets
Fair Value	3,430	3,255
Liabilities
Fair Value	21	19
Net Fair Value, Asset (Liability)	3,409	3,236
Derivatives related to funds withheld under reinsurance treaties | Cross-currency swaps
Derivative [Line Items]
Contractual/Notional Amount	158	158
Assets
Fair Value	19	23
Liabilities
Fair Value	1	1
Net Fair Value, Asset (Liability)	18	22
Derivatives related to funds withheld under reinsurance treaties | Cross-currency forwards
Derivative [Line Items]
Contractual/Notional Amount	1,309	1,490
Assets
Fair Value	59	74
Liabilities
Fair Value	20	18
Net Fair Value, Asset (Liability)	39	56
Derivatives related to funds withheld under reinsurance treaties | Funds withheld embedded derivative
Assets
Fair Value	3,352	3,158
Liabilities
Fair Value	0	0
Net Fair Value, Asset (Liability)	3,352	3,158
Derivative assets
Derivative [Line Items]
Contractual/Notional Amount	140,298	211,461
Assets
Fair Value	4,277	4,428
Derivative liabilities
Liabilities
Fair Value	4,180	3,201
Derivative
Liabilities
Net Fair Value, Asset (Liability)	$ 97	$ 1,227
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Derivative Instruments - Gains

Derivative Instruments - Gains and Losses, and Change in Fair Value of Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	$ 267	$ 710	$ (4,743)	$ 4,919
Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(208)	(190)	(4,938)	1,307
Derivatives related to funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	475	900	195	3,612
Cross-currency swaps | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(16)	(19)	(42)	(101)
Cross-currency swaps | Derivatives related to funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	60	9	58	24
Equity index call options | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(192)	(275)	(100)	(1,506)
Equity index futures | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(5)	1,038	(2,712)	5,279
Equity index put options | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	45	168	(1,362)	675
Interest rate swaps | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(137)	(202)	(189)	(613)
Interest rate swaps - cleared | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	0	(67)	(10)	(204)
Put-swaptions | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(1,013)	(751)	(840)	(1,905)
Interest rate futures | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	938	(179)	537	(491)
Total return swaps | Freestanding derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	70	39	(93)	47
Fixed index annuity embedded derivatives | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	0	0	(4)	5
Registered index linked annuity embedded derivatives | Derivatives excluding funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	102	58	(123)	121
Cross-currency forwards | Derivatives related to funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	(36)	67	(57)	136
Funds withheld embedded derivative | Derivatives related to funds withheld under reinsurance treaties
Derivative Instruments, Gain (Loss) [Line Items]
Net gains (losses) on derivative instruments	$ 451	$ 824	$ 194	$ 3,452

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative assets by counterparty	$ 554	$ 885
Derivative assets, held collateral	502	858
Derivative liabilities by counterparty	2,177	1,680
Derivative liabilities, held collateral	2,399	1,650
Derivative disbursement obligation	0	30
Derivative claim	274	27
Embedded derivatives
Derivative [Line Items]
Net fair value, derivative asset (liability)	(1,632)	(1,136)
Derivatives related to funds withheld under reinsurance treaties
Derivative [Line Items]
Net fair value, derivative asset (liability)	3,409	3,236
Funds withheld embedded derivative | Derivatives related to funds withheld under reinsurance treaties
Derivative [Line Items]
Net fair value, derivative asset (liability)	$ 3,352	$ 3,158

Derivative Instruments - Gross

Derivative Instruments - Gross and Net Information About Financial Instruments Subject to Master Netting Arrangements (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Freestanding derivative assets
Gross Amounts Recognized	$ 925	$ 1,270
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	0	0
Net Amounts Presented in the Condensed Consolidated Balance Sheets	925	1,270	[1]
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments	372	385
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Cash Collateral	449	683
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Securities Collateral	51	157
Net Amount	53	45
Freestanding derivative liabilities
Gross Amounts Recognized	2,548	2,065
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	0	0
Net Amounts Presented in the Condensed Consolidated Balance Sheets	2,548	2,065	[1]
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments	372	385
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Cash Collateral	0	0
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Securities Collateral	2,153	1,638
Net Amount	23	42
Securities loaned
Gross Amounts Recognized	28	36
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	0	0
Net Amounts Presented in the Condensed Consolidated Balance Sheets	28	36
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments	0	0
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Cash Collateral	28	36
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Securities Collateral	0	0
Net Amount	0	0
Repurchase agreements
Gross Amounts Recognized	0	1,012
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	0	0
Net Amounts Presented in the Condensed Consolidated Balance Sheets	0	1,012
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments	0	0
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Cash Collateral	0	0
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Securities Collateral	0	1,012
Net Amount	0	0
Total financial liabilities
Gross Amounts Recognized	2,576	3,113
Gross Amounts Offset in the Condensed Consolidated Balance Sheets	0	0
Net Amounts Presented in the Condensed Consolidated Balance Sheets	2,576	3,113
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments	372	385
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Cash Collateral	28	36
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Securities Collateral	2,153	2,650
Net Amount	$ 23	$ 42
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value and Carrying Value of Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jan. 01, 2023	Dec. 31, 2022		Jan. 01, 2021
Assets
Debt securities	$ 41,388		$ 44,762
Equity securities	277		393	[1]
Mortgage loans	10,136		10,967
Policy loans	4,368		4,377	[1]
Freestanding derivative instruments	925		1,270	[1]
FHLBI capital stock	108		146
Cash and cash equivalents	2,760		4,298
Reinsurance recoverable, net of allowance for credit losses of $33 and $15 at September 30, 2023 and December 31, 2022, respectively	26,212	$ 29,046	29,046	[1]	$ 35,116
Market risk benefit assets, at fair value	6,815	4,865	4,865	[1]	690
Separate account assets	202,903		195,906	[1]
Liabilities
Market risk benefit liabilities, at fair value	3,917	$ 5,662	5,662	[1]	$ 10,690
Reserves for guaranteed investment contracts	863		1,128
Trust instruments supported by funding agreements	5,900		5,887
FHLB funding agreements	1,949		2,004
Funds withheld payable under reinsurance treaties	19,973		22,957	[1]
Long-term debt	2,635		2,635
Securities lending payable	28		36
Freestanding derivative instruments	2,548		2,065	[1]
Repurchase agreements	0		1,012
FHLB advances	180
Separate account liabilities	202,903		195,906	[1]
Variable Interest Entity, Primary Beneficiary
Assets
Equity securities	92		127
Liabilities
Securities lending payable	2		4
Carrying Value
Assets
Debt securities	41,388		44,762
Equity securities	277		393
Mortgage loans	10,612		11,549
Limited partnerships	3,221		3,212
Policy loans	4,368		4,377
Freestanding derivative instruments	925		1,270
FHLBI capital stock	108		146
Cash and cash equivalents	2,760		4,298
Reinsurance recoverable, net of allowance for credit losses of $33 and $15 at September 30, 2023 and December 31, 2022, respectively	167		221
Market risk benefit assets, at fair value	6,815		4,865
Separate account assets	202,903		195,906
Liabilities
Annuity reserves	35,362		37,357
Market risk benefit liabilities, at fair value	3,917		5,662
Reserves for guaranteed investment contracts	863		1,128
Trust instruments supported by funding agreements	5,900		5,887
FHLB funding agreements	1,949		2,004
Funds withheld payable under reinsurance treaties	19,973		22,957
Long-term debt	2,635		2,635
Securities lending payable	28		36
Freestanding derivative instruments	2,548		2,065
Notes issued by consolidated VIEs	2,011		1,732
Repurchase agreements	0		1,012
FHLB advances	180		0
Separate account liabilities	202,903		195,906
Fair Value
Assets
Debt securities	41,388		44,762
Equity securities	277		393
Mortgage loans	9,815		10,841
Limited partnerships	3,221		3,212
Policy loans	4,368		4,377
Freestanding derivative instruments	925		1,270
FHLBI capital stock	108		146
Cash and cash equivalents	2,760		4,298
Reinsurance recoverable, net of allowance for credit losses of $33 and $15 at September 30, 2023 and December 31, 2022, respectively	167		221
Market risk benefit assets, at fair value	6,815		4,865
Separate account assets	202,903		195,906
Liabilities
Annuity reserves	29,861		32,377
Market risk benefit liabilities, at fair value	3,917		5,662
Reserves for guaranteed investment contracts	820		1,099
Trust instruments supported by funding agreements	5,592		5,760
FHLB funding agreements	1,699		2,104
Funds withheld payable under reinsurance treaties	19,973		22,957
Long-term debt	2,322		2,344
Securities lending payable	28		36
Freestanding derivative instruments	2,548		2,065
Notes issued by consolidated VIEs	2,011		1,732
Repurchase agreements	0		1,012
FHLB advances	180		0
Separate account liabilities	$ 202,903		$ 195,906
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option, debt securities	$ 2,244		$ 2,244		$ 2,173	[1]
Debt securities	41,388		41,388		44,762
Transfers in and/or (out of ) Level 3	(29)		(22)
Transfers from Level 3 to Level 2	(12)	$ 4	19	$ 9
Transfers from Level 2 to Level 3	$ (9)	$ 30	$ (1)	$ 65
FHLBI capital stock, stock price (in usd per share)	$ 100		$ 100
Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Notes issued by consolidated VIEs, at fair value under fair value option	$ 2,011		$ 2,011		1,732
Debt securities	41,388		41,388		44,762
Variable Interest Entity, Primary Beneficiary
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option, debt securities	2,101		2,101		2,014
Funds withheld assets
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value option, assets carrying amount	4,052		4,052		4,160
Unobservable Inputs | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	$ 2		$ 2		$ 9
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Option (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value	$ 476	$ 582	[1]
Aggregate contractual principal	10,136	10,967	[1]
Mortgage loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Aggregate contractual principal	$ 490	$ 591
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Carried at Fair Value by Hierarchy (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jan. 01, 2023	Dec. 31, 2022		Jan. 01, 2021
Assets
Debt securities	$ 41,388		$ 44,762
Equity securities	277		393	[1]
Mortgage loans	476		582	[1]
Limited partnerships	564		440
Policy loans	3,432		3,419
Freestanding derivative instruments	925		1,270	[1]
Cash and cash equivalents	2,760		4,298
Reinsurance recoverable on market risk benefits	167		221
Market risk benefit assets, at fair value	6,815	$ 4,865	4,865	[1]	$ 690
Separate account assets	202,903		195,906	[1]
Total	259,707		256,156
Liabilities
Market risk benefit liabilities	1,631		1,135
Funds withheld payable under reinsurance treaties	247		424
Freestanding derivative instruments	2,548		2,065	[1]
Market risk benefit liabilities, at fair value	3,917	$ 5,662	5,662	[1]	$ 10,690
Total	10,354		11,018
Limited partnership investments measured at NAV	2,657		2,772
Carrying Value
Assets
Debt securities	41,388		44,762
Equity securities	277		393
Freestanding derivative instruments	925		1,270
Cash and cash equivalents	2,760		4,298
Market risk benefit assets, at fair value	6,815		4,865
Separate account assets	202,903		195,906
Liabilities
Freestanding derivative instruments	2,548		2,065
Notes issued by consolidated VIEs, at fair value under fair value option	2,011		1,732
Market risk benefit liabilities, at fair value	3,917		5,662
Fair Value
Assets
Debt securities	41,388		44,762
Equity securities	277		393
Freestanding derivative instruments	925		1,270
Cash and cash equivalents	2,760		4,298
Market risk benefit assets, at fair value	6,815		4,865
Separate account assets	202,903		195,906
Liabilities
Freestanding derivative instruments	2,548		2,065
Notes issued by consolidated VIEs, at fair value under fair value option	2,011		1,732
Market risk benefit liabilities, at fair value	3,917		5,662
Related Party
Liabilities
Notes issued by consolidated VIEs, at fair value under fair value option	2,011		1,732	[1]
U.S. government securities
Assets
Debt securities	3,674		5,185
Other government securities
Assets
Debt securities	1,378		1,467
Public utilities
Assets
Debt securities	5,068		5,225
Corporate securities
Assets
Debt securities	24,682		25,146
Residential mortgage-backed
Assets
Debt securities	376		464
Commercial mortgage-backed
Assets
Debt securities	1,442		1,638
Other asset-backed securities
Assets
Debt securities	4,768		5,637
Derivatives related to funds withheld under reinsurance treaties
Assets
Freestanding derivative instruments	3,430		3,255
Liabilities
Freestanding derivative instruments	21		19
Funds withheld embedded derivative | Derivatives related to funds withheld under reinsurance treaties
Assets
Freestanding derivative instruments	3,352		3,158
Liabilities
Freestanding derivative instruments	0		0
Level 1
Assets
Equity securities	7		165
Mortgage loans	0		0
Limited partnerships	0		0
Policy loans	0		0
Freestanding derivative instruments	0		0
Cash and cash equivalents	2,760		4,298
Reinsurance recoverable on market risk benefits	0		0
Market risk benefit assets, at fair value	0		0
Separate account assets	0		0
Total	6,441		9,647
Liabilities
Market risk benefit liabilities	0		0
Funds withheld payable under reinsurance treaties	0		0
Freestanding derivative instruments	0		0
Market risk benefit liabilities, at fair value	0		0
Total	0		0
Level 1 | Related Party
Liabilities
Notes issued by consolidated VIEs, at fair value under fair value option	0		0
Level 1 | U.S. government securities
Assets
Debt securities	3,674		5,184
Level 1 | Other government securities
Assets
Debt securities	0		0
Level 1 | Public utilities
Assets
Debt securities	0		0
Level 1 | Corporate securities
Assets
Debt securities	0		0
Level 1 | Residential mortgage-backed
Assets
Debt securities	0		0
Level 1 | Commercial mortgage-backed
Assets
Debt securities	0		0
Level 1 | Other asset-backed securities
Assets
Debt securities	0		0
Level 2
Assets
Equity securities	186		106
Mortgage loans	0		0
Limited partnerships	140		0
Policy loans	0		0
Freestanding derivative instruments	925		1,270
Cash and cash equivalents	0		0
Reinsurance recoverable on market risk benefits	0		0
Market risk benefit assets, at fair value	0		0
Separate account assets	202,903		195,906
Total	241,824		236,804
Liabilities
Market risk benefit liabilities	1,631		1,135
Funds withheld payable under reinsurance treaties	0		0
Freestanding derivative instruments	2,548		2,065
Market risk benefit liabilities, at fair value	0		0
Total	6,190		4,932
Level 2 | Related Party
Liabilities
Notes issued by consolidated VIEs, at fair value under fair value option	2,011		1,732
Level 2 | U.S. government securities
Assets
Debt securities	0		1
Level 2 | Other government securities
Assets
Debt securities	1,378		1,467
Level 2 | Public utilities
Assets
Debt securities	5,068		5,225
Level 2 | Corporate securities
Assets
Debt securities	24,638		25,090
Level 2 | Residential mortgage-backed
Assets
Debt securities	376		464
Level 2 | Commercial mortgage-backed
Assets
Debt securities	1,442		1,638
Level 2 | Other asset-backed securities
Assets
Debt securities	4,768		5,637
Level 3
Assets
Equity securities	84		122
Mortgage loans	476		582
Limited partnerships	424		440
Policy loans	3,432		3,419
Freestanding derivative instruments	0		0
Cash and cash equivalents	0		0
Reinsurance recoverable on market risk benefits	167		221
Market risk benefit assets, at fair value	6,815		4,865
Separate account assets	0		0
Total	11,442		9,705
Liabilities
Market risk benefit liabilities	0		0
Funds withheld payable under reinsurance treaties	247		424
Freestanding derivative instruments	0		0
Market risk benefit liabilities, at fair value	3,917		5,662
Total	4,164		6,086
Level 3 | Related Party
Liabilities
Notes issued by consolidated VIEs, at fair value under fair value option	0		0
Level 3 | U.S. government securities
Assets
Debt securities	0		0
Level 3 | Other government securities
Assets
Debt securities	0		0
Level 3 | Public utilities
Assets
Debt securities	0		0
Level 3 | Corporate securities
Assets
Debt securities	44		56
Level 3 | Residential mortgage-backed
Assets
Debt securities	0		0
Level 3 | Commercial mortgage-backed
Assets
Debt securities	0		0
Level 3 | Other asset-backed securities
Assets
Debt securities	0		0
Level 3 | RILA embedded derivatives
Liabilities
Market risk benefit liabilities	676		205
Level 3 | Fixed index annuity embedded derivatives
Liabilities
Market risk benefit liabilities	$ 956		$ 931
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Fair Value Measurements - Balan

Fair Value Measurements - Balances of Level 3 Assets and Liabilities Measured at Fair Value with Corresponding Price Sources (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jan. 01, 2023	Dec. 31, 2022		Jan. 01, 2021
Assets
Debt securities	$ 41,388		$ 44,762
Equity securities	277		393	[1]
Mortgage loans	476		582	[1]
Limited partnerships	564		440
Policy loans	4,368		4,377	[1]
Reinsurance recoverable on market risk benefits	26,212	$ 29,046	29,046	[1]	$ 35,116
Market risk benefit assets, at fair value	6,815	4,865	4,865	[1]	690
Total	259,707		256,156
Liabilities
Funds withheld payable under reinsurance treaties	19,973		22,957	[1]
Market risk benefit liabilities, at fair value	3,917	$ 5,662	5,662	[1]	$ 10,690
Total	10,354		11,018
Freestanding derivative instruments	925		1,270	[1]
Corporate securities
Assets
Debt securities	24,682		25,146
Derivatives related to funds withheld under reinsurance treaties
Liabilities
Freestanding derivative instruments	3,430		3,255
Derivatives related to funds withheld under reinsurance treaties | Funds withheld embedded derivative
Liabilities
Freestanding derivative instruments	3,352		3,158
Level 3
Assets
Equity securities	84		122
Mortgage loans	476		582
Limited partnerships	424		440
Policy loans	3,432		3,419
Reinsurance recoverable on market risk benefits	167		221
Market risk benefit assets, at fair value	6,815		4,865
Total	11,442		9,705
Liabilities
Funds withheld payable under reinsurance treaties	247		424
Market risk benefit liabilities, at fair value	3,917		5,662
Total	4,164		6,086
Freestanding derivative instruments	0		0
Level 3 | Corporate securities
Assets
Debt securities	44		56
Level 3 | Internal
Assets
Equity securities	1		1
Mortgage loans	0		0
Limited partnerships	1		8
Policy loans	3,432		3,419
Reinsurance recoverable on market risk benefits	167		221
Market risk benefit assets, at fair value	6,815		4,865
Total	10,416		8,514
Liabilities
Funds withheld payable under reinsurance treaties	247		424
Market risk benefit liabilities, at fair value	3,917		5,662
Total	4,164		6,086
Level 3 | Internal | Corporate securities
Assets
Debt securities	0		0
Level 3 | External
Assets
Equity securities	83		121
Mortgage loans	476		582
Limited partnerships	423		432
Policy loans	0		0
Reinsurance recoverable on market risk benefits	0		0
Market risk benefit assets, at fair value	0		0
Total	1,026		1,191
Liabilities
Funds withheld payable under reinsurance treaties	0		0
Market risk benefit liabilities, at fair value	0		0
Total	0		0
Level 3 | External | Corporate securities
Assets
Debt securities	$ 44		$ 56
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information on Significant Internally-Priced Level 3 Assets and Liabilities (Details) $ in Millions	Sep. 30, 2023 USD ($)	Jan. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)		Jan. 01, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Reinsurance recoverable on market risk benefits	$ 26,212	$ 29,046	$ 29,046	[1]	$ 35,116
Market risk benefit assets, at fair value	6,815	4,865	4,865	[1]	690
Market risk benefit liabilities, at fair value	3,917	$ 5,662	5,662	[1]	$ 10,690
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Reinsurance recoverable on market risk benefits	167		221
Market risk benefit assets, at fair value	6,815		4,865
Market risk benefit liabilities, at fair value	3,917		5,662
Level 3 | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Reinsurance recoverable on market risk benefits	167		221
Market risk benefit assets, at fair value	6,815		4,865
Market risk benefit liabilities, at fair value	$ 3,917		$ 5,662
Level 3 | Discounted cash flow | Long-term Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.1850
Market risk benefit, assets, measurement input	0.1850
Market risk benefit, liabilities, measurement input	0.1850
Level 3 | Minimum | Discounted cash flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.0001		0.0001
Market risk benefit, assets, measurement input	0.0001		0.0001
Market risk benefit, liabilities, measurement input	0.0001		0.0001
Level 3 | Minimum | Discounted cash flow | Lapse
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.0297		0.0297
Market risk benefit, assets, measurement input	0.0005		0.0005
Market risk benefit, liabilities, measurement input	0.0005		0.0005
Level 3 | Minimum | Discounted cash flow | Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0		0
Market risk benefit, assets, measurement input	0		0
Market risk benefit, liabilities, measurement input	0		0
Level 3 | Minimum | Discounted cash flow | Withdrawal
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.4750		0.4750
Market risk benefit, assets, measurement input	0.1125		0.1125
Market risk benefit, liabilities, measurement input	0.1125		0.1125
Level 3 | Minimum | Discounted cash flow | Nonperformance risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.0040		0.0064
Market risk benefit, assets, measurement input	0.0161		0.0064
Market risk benefit, liabilities, measurement input	0.0161		0.0064
Level 3 | Minimum | Discounted cash flow | Long-term Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input			0.1850
Market risk benefit, assets, measurement input			0.1850
Market risk benefit, liabilities, measurement input			0.1850
Level 3 | Maximum | Discounted cash flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.2333		0.2333
Market risk benefit, assets, measurement input	0.2333		0.2333
Market risk benefit, liabilities, measurement input	0.2333		0.2333
Level 3 | Maximum | Discounted cash flow | Lapse
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.0810		0.0810
Market risk benefit, assets, measurement input	0.4128		0.4128
Market risk benefit, liabilities, measurement input	0.4128		0.4128
Level 3 | Maximum | Discounted cash flow | Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.2000		0.2000
Market risk benefit, assets, measurement input	1		1
Market risk benefit, liabilities, measurement input	1		1
Level 3 | Maximum | Discounted cash flow | Withdrawal
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.5250		0.5250
Market risk benefit, assets, measurement input	1		1
Market risk benefit, liabilities, measurement input	1		1
Level 3 | Maximum | Discounted cash flow | Nonperformance risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input	0.0163		0.0227
Market risk benefit, assets, measurement input	0.0219		0.0227
Market risk benefit, liabilities, measurement input	0.0219		0.0227
Level 3 | Maximum | Discounted cash flow | Long-term Equity Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
GMB reinsurance recoverable, measurement input			0.2368
Market risk benefit, assets, measurement input			0.2368
Market risk benefit, liabilities, measurement input			0.2368
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Rollforwards (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Purchases, sales, issuances and settlements	$ 10	$ 186	$ (142)	$ 427
Transfers in and/or (out of ) Level 3	(29)		(22)
Funds withheld payable under reinsurance treaties
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	(701)	(1,141)	(424)	(3,759)
Total Realized/Unrealized Gains (Losses) Included in Net Income	481	857	119	3,349
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income	0	0	0	0
Purchases, sales, issuances and settlements	(27)	(30)	58	96
Transfers in and/or (out of ) Level 3	0	0	0	0
Fair Value	(247)	(314)	(247)	(314)
Market risk benefit liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	(4,463)	(5,945)	(5,662)	(8,033)
Total Realized/Unrealized Gains (Losses) Included in Net Income	1,545	255	3,224	390
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income	(999)	552	(1,479)	2,505
Purchases, sales, issuances and settlements	0	0	0	0
Transfers in and/or (out of ) Level 3	0	0	0	0
Fair Value	(3,917)	(5,138)	(3,917)	(5,138)
Debt securities | Corporate securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	21	47	56	9
Total Realized/Unrealized Gains (Losses) Included in Net Income (Loss)	(2)	(5)	(11)	0
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss)	0	(1)	0	(1)
Purchases, sales, issuances and settlements	22	10	18	13
Transfers in and/or (out of ) Level 3	3	26	(19)	56
Fair Value	44	77	44	77
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	86	124	122	112
Total Realized/Unrealized Gains (Losses) Included in Net Income (Loss)	(2)	(6)	(37)	10
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases, sales, issuances and settlements	0	(11)	0	(15)
Transfers in and/or (out of ) Level 3	0	0	(1)	0
Fair Value	84	107	84	107
Mortgage loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	509	357	582	0
Total Realized/Unrealized Gains (Losses) Included in Net Income (Loss)	(5)	(7)	(7)	(10)
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases, sales, issuances and settlements	(28)	158	(99)	518
Transfers in and/or (out of ) Level 3	0	0	0	0
Fair Value	476	508	476	508
Limited partnerships
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	422	396	440	396
Total Realized/Unrealized Gains (Losses) Included in Net Income (Loss)	(17)	0	(39)	0
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases, sales, issuances and settlements	(10)	0	1	0
Transfers in and/or (out of ) Level 3	29	0	22	0
Fair Value	424	396	424	396
Reinsurance recoverable on market risk benefits
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	194	306	221	383
Total Realized/Unrealized Gains (Losses) Included in Net Income (Loss)	(27)	(45)	(54)	(122)
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases, sales, issuances and settlements	0	0	0	0
Transfers in and/or (out of ) Level 3	0	0	0	0
Fair Value	167	261	167	261
Market risk benefit assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	5,957	2,329	4,865	1,664
Total Realized/Unrealized Gains (Losses) Included in Net Income (Loss)	858	703	1,950	1,368
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases, sales, issuances and settlements	0	0	0	0
Transfers in and/or (out of ) Level 3	0	0	0	0
Fair Value	6,815	3,032	6,815	3,032
Policy loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value	3,438	3,485	3,419	3,467
Total Realized/Unrealized Gains (Losses) Included in Net Income (Loss)	(32)	(27)	75	109
Total Realized/Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss)	0	0	0	0
Purchases, sales, issuances and settlements	26	29	(62)	(89)
Transfers in and/or (out of ) Level 3	0	0	0	0
Fair Value	$ 3,432	$ 3,487	$ 3,432	$ 3,487

Fair Value Measurements - Purch

Fair Value Measurements - Purchases, Sales, Issuances and Settlements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	$ 73	$ 172	$ 226	$ 535
Sales	(89)	(15)	(306)	(19)
Issuances	76	74	111	105
Settlements	(50)	(45)	(173)	(194)
Total	10	186	(142)	427
Funds withheld payable under reinsurance treaties
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances	(96)	(79)	(132)	(111)
Settlements	69	49	190	207
Total	(27)	(30)	58	96
Debt securities | Corporate securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	27	12	27	15
Sales	(5)	(2)	(9)	(2)
Issuances	0	0	0	0
Settlements	0	0	0	0
Total	22	10	18	13
Equity securities
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	1	0	1
Sales	0	(12)	0	(16)
Issuances	0	0	0	0
Settlements	0	0	0	0
Total	0	(11)	0	(15)
Mortgage loans
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	45	159	180	519
Sales	(73)	(1)	(279)	(1)
Issuances	0	0	0	0
Settlements	0	0	0	0
Total	(28)	158	(99)	518
Limited partnerships
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	1		19
Sales	(11)		(18)
Issuances	0		0
Settlements	0		0
Total	(10)	0	1	0
Policy loans
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances	76	74	111	105
Settlements	(50)	(45)	(173)	(194)
Total	$ 26	$ 29	$ (62)	$ (89)

Fair Value Measurements - Gains

Fair Value Measurements - Gains (Losses) by Location (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Funds withheld payable under reinsurance treaties
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	$ 481	$ 857	$ 119	$ 3,349
Included in OCI	0	0	0	0
Market risk benefit liabilities
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	1,545	255	3,224	390
Included in OCI	(999)	552	(1,479)	2,505
Debt securities | Corporate securities
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	2	(5)	(7)	0
Included in OCI	0	(1)	0	(1)
Equity securities
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	(2)	(6)	(37)	10
Included in OCI	0	0	0	0
Mortgage loans
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	(5)	(7)	(7)	(10)
Included in OCI	0	0	0	0
Limited partnerships
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	(17)	0	(39)	0
Included in OCI	0	0	0	0
Reinsurance recoverable on market risk benefits
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	(27)	(45)	(54)	(122)
Included in OCI	0	0	0	0
Market risk benefit assets
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	858	703	1,950	1,368
Included in OCI	0	0	0	0
Policy loans
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Included in Net Income	(32)	(27)	75	109
Included in OCI	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Not Reported at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets
Mortgage loans	$ 10,136	$ 10,967
Policy loans	936	958
FHLBI capital stock	108	146
Liabilities
Annuity reserves	33,731	36,222
Reserves for guaranteed investment contracts	863	1,128
Trust instruments supported by funding agreements	5,900	5,887
FHLB funding agreements	1,949	2,004
Funds withheld payable under reinsurance treaties	19,726	22,533
Debt	2,635	2,635
Securities lending payable	28	36
FHLB advances	180
Repurchase agreements	0	1,012
Separate account liabilities	202,903	195,906	[1]
Fair Value
Assets
Mortgage loans	9,339	10,259
Policy loans	936	958
FHLBI capital stock	108	146
Liabilities
Annuity reserves	28,230	31,242
Reserves for guaranteed investment contracts	820	1,099
Trust instruments supported by funding agreements	5,592	5,760
FHLB funding agreements	1,699	2,104
Funds withheld payable under reinsurance treaties	19,726	22,533
Debt	2,322	2,344
Securities lending payable	28	36
FHLB advances	180
Repurchase agreements	0	1,012
Separate account liabilities	202,903	195,906
Fair Value | Level 1
Assets
Mortgage loans	0	0
Policy loans	0	0
FHLBI capital stock	108	146
Liabilities
Annuity reserves	0	0
Reserves for guaranteed investment contracts	0	0
Trust instruments supported by funding agreements	0	0
FHLB funding agreements	0	0
Funds withheld payable under reinsurance treaties	0	0
Debt	0	0
Securities lending payable	0	0
FHLB advances	0
Repurchase agreements	0	0
Separate account liabilities	0	0
Fair Value | Level 2
Assets
Mortgage loans	0	0
Policy loans	0	0
FHLBI capital stock	0	0
Liabilities
Annuity reserves	0	0
Reserves for guaranteed investment contracts	0	0
Trust instruments supported by funding agreements	0	0
FHLB funding agreements	0	0
Funds withheld payable under reinsurance treaties	0	0
Debt	2,322	2,344
Securities lending payable	28	36
FHLB advances	180
Repurchase agreements	0	1,012
Separate account liabilities	202,903	195,906
Fair Value | Level 3
Assets
Mortgage loans	9,339	10,259
Policy loans	936	958
FHLBI capital stock	0	0
Liabilities
Annuity reserves	28,230	31,242
Reserves for guaranteed investment contracts	820	1,099
Trust instruments supported by funding agreements	5,592	5,760
FHLB funding agreements	1,699	2,104
Funds withheld payable under reinsurance treaties	19,726	22,533
Debt	0	0
Securities lending payable	0	0
FHLB advances	0
Repurchase agreements	0	0
Separate account liabilities	$ 0	$ 0
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Deferred Acquisition Costs - Ro

Deferred Acquisition Costs - Rollforward of Deferred Acquisition Costs (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended		12 Months Ended
		Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period	[1]		$ 12,923
Amortization		$ (305)		$ (929)
Balance, end of period			12,447		$ 12,923	[1]
Other product lines, end of period			297		224
Total balance, end of period			12,447		12,923
Variable annuity
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of period			12,699	$ 13,364	13,364
Deferrals of acquisition costs			306		544
Amortization			(855)		(1,209)
Balance, end of period			$ 12,150		$ 12,699
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details) $ in Millions		9 Months Ended
	Jun. 18, 2020 USD ($)	Sep. 30, 2023 USD ($) treaty	Dec. 31, 2022 USD ($)	Jun. 01, 2020 USD ($)
Effects of Reinsurance [Line Items]
Reinsurance recoverable, allowance for credit losses		$ 33	$ 15
Athene | Letter of credit
Effects of Reinsurance [Line Items]
Maximum borrowing capacity				$ 1,200
Trust account assets		$ 181
Athene
Effects of Reinsurance [Line Items]
Reinsurance quota share basis	100%
Reinsurance agreement, ceding commission	$ 1,200
SRZ
Effects of Reinsurance [Line Items]
Number of retro treaties | treaty		3
Coinsurance percentage		100%

Reinsurance - Components of Rei

Reinsurance - Components of Reinsurance Recoverable (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jan. 01, 2023	Dec. 31, 2022		Jan. 01, 2021
Reserves:
Claims liability and other	$ 691		$ 787
Total	26,212	$ 29,046	29,046	[1]	$ 35,116
Annuity benefits
Reserves:
Reserves	19,801		22,470
Life
Reserves:
Reserves	5,316		5,307
Accident and health
Reserves:
Reserves	$ 404		$ 482
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Reinsurance - Components of Com

Reinsurance - Components of Company's Reinsurance Recoverable on Market Risk Benefits (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jan. 01, 2023	Dec. 31, 2022		Jan. 01, 2021
Effects of Reinsurance [Line Items]
Reinsurance recoverable on market risk benefits, at fair value	$ 167	$ 221	$ 221	[1]	$ 471
Variable annuity
Effects of Reinsurance [Line Items]
Reinsurance recoverable on market risk benefits, at fair value	134		183		368
Other product lines
Effects of Reinsurance [Line Items]
Reinsurance recoverable on market risk benefits, at fair value	$ 33		$ 38		$ 103
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Reinsurance - Assets and Liabil

Reinsurance - Assets and Liabilities Held in Support of Reserves (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets
Total assets	$ 20,258	$ 23,226
Liabilities
Total liabilities	19,973	22,957	[1]
Derivatives related to funds withheld under reinsurance treaties
Liabilities
Net fair value, derivative asset (liability)	3,409	3,236
Funds withheld embedded derivative | Derivatives related to funds withheld under reinsurance treaties
Liabilities
Net fair value, derivative asset (liability)	3,352	3,158
Debt securities, available-for-sale
Assets
Total assets	11,511	13,622
Debt securities, at fair value under the fair value option
Assets
Total assets	143	159
Equity securities
Assets
Total assets	137	77
Mortgage loans
Assets
Total assets	3,106	4,127
Mortgage loans, at fair value under the fair value option
Assets
Total assets	476	582
Policy loans
Assets
Total assets	3,447	3,435
Freestanding derivative instruments, net
Assets
Total assets	57	78
Other invested assets
Assets
Total assets	677	793
Cash and cash equivalents
Assets
Total assets	616	260
Accrued investment income
Assets
Total assets	148	166
Other assets and liabilities, net
Assets
Total assets	(60)	(73)
Funds held under reinsurance treaties
Liabilities
Total liabilities	$ 19,973	$ 22,957
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Reinsurance - Sources of Income

Reinsurance - Sources of Income Related to Funds Withheld Under Reinsurance Treaties (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Effects of Reinsurance [Line Items]
Other investment expenses on funds withheld assets	$ (91)	$ (49)		$ (211)	$ (128)
Total net investment income	782	640	[1]	2,176	2,022	[1]
Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	322	334		918	1,002
Other investment expenses on funds withheld assets	(19)	(21)		(56)	(65)
Total net investment income	303	313		862	937
Debt securities | Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	162	178		494	508
Debt securities, at fair value under the fair value option | Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	1	(3)		3	(11)
Equity securities | Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	2	(3)		(36)	(28)
Mortgage loans | Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	48	59		174	160
Mortgage loans, at fair value under the fair value option | Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	(5)	(7)		(7)	(10)
Policy loans | Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	80	77		238	236
Limited partnerships | Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	17	23		32	125
Other investment income | Funds withheld assets
Effects of Reinsurance [Line Items]
Total investment income on funds withheld assets	$ 13	$ 0		$ 16	$ 1
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Reinsurance - Gains and Losses

Reinsurance - Gains and Losses on Funds Withheld Reinsurance Treaties (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Available-for-sale securities
Realized gains on sale	$ 11	$ 3	$ 17	$ 32
Realized losses on sale	(102)	(57)	(145)	(298)
Net gains (losses) on derivative instruments			(4,938)	1,307	[1]
Net gains (losses) on funds withheld payable under reinsurance treaties			(648)	2,660	[1]
Embedded derivative gain (loss)	267	710	(4,743)	4,919
Funds withheld assets
Available-for-sale securities
Realized gains on sale	8	1	24	41
Realized losses on sale	(13)	(8)	(61)	(39)
Credit loss expense	(10)	7	(8)	(33)
Credit loss expense on mortgage loans	(10)	6	(17)	17
Other	(16)	(43)	(4)	(102)
Net gains (losses) on non-derivative investments	(41)	(37)	(66)	(116)
Net gains (losses) on derivative instruments	24	76	1	160
Net gains (losses) on funds withheld payable under reinsurance treaties	176	516	(583)	2,616
Total net gains (losses) on derivatives and investments	159	555	(648)	2,660
Derivatives related to funds withheld under reinsurance treaties
Available-for-sale securities
Embedded derivative gain (loss)	475	900	195	3,612
Derivatives related to funds withheld under reinsurance treaties | Funds withheld embedded derivative
Available-for-sale securities
Embedded derivative gain (loss)	$ 451	$ 824	$ 194	$ 3,452
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Reserves for Future Policy Be_3

Reserves for Future Policy Benefits and Claims Payable - Reserve for Future Policy Benefits and Claims Payable Balances (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Reserves for future policy benefits	$ 8,904	$ 9,637
Additional liabilities	1,086	1,131
Other future policy benefits and claims payable	1,428	1,550
Reserves for future policy benefits and claims payable	11,418	12,318
Payout Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Reserves for future policy benefits	1,014	1,042
Closed Block Life
Liability for Future Policy Benefit, Activity [Line Items]
Reserves for future policy benefits	3,813	4,161
Closed Block Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Reserves for future policy benefits	$ 4,077	$ 4,434

Reserves for Future Policy Be_4

Reserves for Future Policy Benefits and Claims Payable - Balances of and Changes in Liability for Future Policy Benefits (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Less: Reinsurance recoverable				$ 35,116
Reserves for future policy benefits, after reinsurance recoverable				$ 16,796
Payout Annuities
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Balance, beginning of period	$ 0	$ 0
Beginning of period cumulative effect of changes in discount rate assumptions	0
Beginning balance at original discount rate	0	0
Effect of changes in cash flow assumptions		0	$ 0
Effect of actual variances from expected experience		0	0
Balance adjusted for variances from expectation		0	0
Issuances	0	0
Interest accrual	0	0
Net premiums collected	0	0
Ending balance at original discount rate	0	0
End of period cumulative effect of changes in discount rate assumptions	0	0
Balance, end of period	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period	1,042	1,249
Beginning of period cumulative effect of changes in discount rate assumptions	(132)	84
Beginning balance, including deferred profit liability	40	38
Beginning balance at original discount rate (including DPL of $40, $0 and $671 in September 30, 2023, and $38, $0 and $459 in December 31, 2022 for payout annuities, closed block life and closed block annuity, respectively)	1,174	1,165
Effect of changes in cash flow assumptions		0	4
Effect of actual variances from expected experience		(17)	(37)
Balance adjusted for variances from expectation		1,157	1,132
Issuances	84	126
Interest accrual	32	40
Benefits payments	(97)	(124)
Ending balance, including deferred profit liability	40	40
Ending balance of original discount rate (including DPL of $40, $0 and $637 in September 30, 2023, and $40, $0 and $671 in December 31, 2022 for payout annuities, closed block life and closed block annuity, respectively)	1,176	1,174
End of period cumulative effect of changes in discount rate assumptions	(162)	(132)
Balance, end of period	1,014	1,042
Reserves for future policy benefits	1,014	1,042
Less: Reinsurance recoverable	83	71
Reserves for future policy benefits, after reinsurance recoverable	931	971
Closed Block Life
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Balance, beginning of period	1,287	1,464
Beginning of period cumulative effect of changes in discount rate assumptions	161	(157)
Beginning balance at original discount rate	1,448	1,307
Effect of changes in cash flow assumptions		0	242
Effect of actual variances from expected experience		(95)	1
Balance adjusted for variances from expectation		1,353	1,550
Issuances	5	6
Interest accrual	27	39
Net premiums collected	(131)	(147)
Ending balance at original discount rate	1,254	1,448
End of period cumulative effect of changes in discount rate assumptions	(173)	(161)
Balance, end of period	1,081	1,287
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period	5,448	6,913
Beginning of period cumulative effect of changes in discount rate assumptions	(958)	349
Beginning balance, including deferred profit liability	0	0
Beginning balance at original discount rate (including DPL of $40, $0 and $671 in September 30, 2023, and $38, $0 and $459 in December 31, 2022 for payout annuities, closed block life and closed block annuity, respectively)	6,406	6,564
Effect of changes in cash flow assumptions		0	331
Effect of actual variances from expected experience		(74)	38
Balance adjusted for variances from expectation		6,332	6,933
Issuances	13	14
Interest accrual	151	209
Benefits payments	(522)	(750)
Ending balance, including deferred profit liability	0	0
Ending balance of original discount rate (including DPL of $40, $0 and $637 in September 30, 2023, and $40, $0 and $671 in December 31, 2022 for payout annuities, closed block life and closed block annuity, respectively)	5,974	6,406
End of period cumulative effect of changes in discount rate assumptions	(1,080)	(958)
Balance, end of period	4,894	5,448
Reserves for future policy benefits	3,813	4,161
Less: Reinsurance recoverable	2,107	2,263
Reserves for future policy benefits, after reinsurance recoverable	1,706	1,898
Closed Block Annuity
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Balance, beginning of period	0	0
Beginning of period cumulative effect of changes in discount rate assumptions	0
Beginning balance at original discount rate	0	0
Effect of changes in cash flow assumptions		0	0
Effect of actual variances from expected experience		0	0
Balance adjusted for variances from expectation		0	0
Issuances	0	0
Interest accrual	0	0
Net premiums collected	0	0
Ending balance at original discount rate	0	0
End of period cumulative effect of changes in discount rate assumptions	0	0
Balance, end of period	0	0
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of period	4,434	5,739
Beginning of period cumulative effect of changes in discount rate assumptions	(275)	689
Beginning balance, including deferred profit liability	671	459
Beginning balance at original discount rate (including DPL of $40, $0 and $671 in September 30, 2023, and $38, $0 and $459 in December 31, 2022 for payout annuities, closed block life and closed block annuity, respectively)	4,709	5,050
Effect of changes in cash flow assumptions		0	(15)
Effect of actual variances from expected experience		(12)	(34)
Balance adjusted for variances from expectation		4,697	$ 5,001
Issuances	0	4
Interest accrual	147	210
Benefits payments	(368)	(506)
Ending balance, including deferred profit liability	637	671
Ending balance of original discount rate (including DPL of $40, $0 and $637 in September 30, 2023, and $40, $0 and $671 in December 31, 2022 for payout annuities, closed block life and closed block annuity, respectively)	4,476	4,709
End of period cumulative effect of changes in discount rate assumptions	(399)	(275)
Balance, end of period	4,077	4,434
Reserves for future policy benefits	4,077	4,434
Less: Reinsurance recoverable	2	2
Reserves for future policy benefits, after reinsurance recoverable	$ 4,075	$ 4,432

Reserves for Future Policy Be_5

Reserves for Future Policy Benefits and Claims Payable - Weighted Average Duration (Details)	Sep. 30, 2023	Dec. 31, 2022
Payout Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Weighted average duration (years)	6 years 8 months 12 days	6 years 10 months 24 days
Closed Block Life
Liability for Future Policy Benefit, Activity [Line Items]
Weighted average duration (years)	7 years 6 months	7 years 9 months 18 days
Closed Block Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Weighted average duration (years)	6 years 8 months 12 days	7 years

Reserves for Future Policy Be_6

Reserves for Future Policy Benefits and Claims Payable - Undiscounted and Discounted Expected Future Gross Premiums (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Payout Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments, undiscounted	$ 1,560	$ 1,542
Expected future benefit payments, discounted	973	999
Expected future gross premiums, undiscounted	0	0
Expected future gross premiums, discounted	0	0
Closed Block Life
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments, undiscounted	8,212	8,751
Expected future benefit payments, discounted	5,016	5,578
Expected future gross premiums, undiscounted	5,462	5,976
Expected future gross premiums, discounted	2,990	3,489
Closed Block Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Expected future benefit payments, undiscounted	5,524	5,834
Expected future benefit payments, discounted	3,418	3,729
Expected future gross premiums, undiscounted	0	0
Expected future gross premiums, discounted	$ 0	$ 0

Reserves for Future Policy Be_7

Reserves for Future Policy Benefits and Claims Payable - Revenue and Interest Related to Non-Participating Contracts (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	$ 267	$ 400
Interest Expense	303	420
Payout Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	16	10
Interest Expense	32	40
Closed Block Life
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	250	390
Interest Expense	124	170
Closed Block Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums	1	0
Interest Expense	$ 147	$ 210

Reserves for Future Policy Be_8

Reserves for Future Policy Benefits and Claims Payable - Weighted Average Interest Rates for Future Policy Benefits (Details)	Sep. 30, 2023	Dec. 31, 2022
Payout Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	3.81%	3.71%
Current discount rate	6.02%	5.40%
Closed Block Life
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	2.99%	3.01%
Current discount rate	5.95%	5.34%
Closed Block Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	4.40%	4.40%
Current discount rate	6.02%	5.41%

Reserves for Future Policy Be_9

Reserves for Future Policy Benefits and Claims Payable - Rollforward of Additional Liabilities, Closed Block Life (Details) - Closed Block Life - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Additional Liability, Long-Duration Insurance [Roll Forward]
Balance, beginning of period	$ 1,172	$ 1,159
Effect of changes in cash flow assumptions	0	6
Effect of actual variances from expected experience	25	58
Interest accrual	42	56
Net assessments collected	(123)	(107)
Balance, end of period	1,116	1,172
As Previously Reported
Additional Liability, Long-Duration Insurance [Roll Forward]
Balance, beginning of period	1,131	1,173
Balance, end of period	1,086	1,131
Cumulative effect of changes in shadow adjustments
Additional Liability, Long-Duration Insurance [Roll Forward]
Balance, beginning of period	(41)	14
Balance, end of period	$ (30)	$ (41)

Reserves for Future Policy B_10

Reserves for Future Policy Benefits and Claims Payable - Weighted Average Duration, Closed Block Life (Details)	Sep. 30, 2023	Dec. 31, 2022
Closed Block Life
Liability for Future Policy Benefit, Activity [Line Items]
Weighted average duration (years)	7 years 10 months 24 days	8 years 1 month 6 days

Reserves for Future Policy B_11

Reserves for Future Policy Benefits and Claims Payable - Assessments and Interest Expense, Closed Block Life (Details) - Closed Block Life - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Assessments	$ (123)	$ (107)
Interest Expense	$ 42	$ 56

Reserves for Future Policy B_12

Reserves for Future Policy Benefits and Claims Payable - Weighted Average Current Discount Rate, Closed Block Life (Details)	Sep. 30, 2023	Dec. 31, 2022
Closed Block Life
Liability for Future Policy Benefit, Activity [Line Items]
Weighted average current discount rate	4.97%	4.96%

Other Contract Holder Funds - A

Other Contract Holder Funds - Additional Information (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Policyholder Account Balance [Line Items]
Debt carrying value	$ 2,635,000,000	$ 2,635,000,000	[1]
FHLBI capital stock	108,000,000	146,000,000
Funding agreements	$ 2,200,000,000	$ 2,100,000,000
All Annuity Accounts | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Account values, percentage	93%	92%
Closed Block Life | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Account values, percentage	64%	65%
Fair Value
Policyholder Account Balance [Line Items]
FHLBI capital stock	$ 108,000,000	$ 146,000,000
Global Medium Term Note | Medium term notes
Policyholder Account Balance [Line Items]
Debt face amount	27,000,000,000
Debt carrying value	$ 5,900,000,000	$ 5,900,000,000
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Other Contract Holder Funds - L

Other Contract Holder Funds - Liabilities for Other Contract Holder Funds (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jan. 01, 2023	Dec. 31, 2022		Jan. 01, 2021
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	$ 55,766	$ 58,190	$ 58,190	[1]	$ 63,585
Payout Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	852		837
Variable annuity
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	8,921		10,259
Fixed Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	10,202		11,696
Fixed Indexed Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	10,715		11,787
RILA
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	3,841		1,875
Closed Block Life
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	11,084		11,215
Closed Block Annuity
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	1,267		1,319
Institutional Products
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	8,712		9,019
Other Product Lines
Liability for Future Policy Benefit, Activity [Line Items]
Total other contract holder funds	$ 172		$ 183
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Other Contract Holder Funds - R

Other Contract Holder Funds - Rollforward of Other Contract Holder Funds (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Payout Annuities
Policyholder Account Balance [Roll Forward]
Balance as of beginning of year	$ 837	$ 831
Deposits	155	213
Surrenders, withdrawals and benefits	(181)	(230)
Net transfers from (to) separate accounts	0	0
Investment performance / change in value of equity option	0	0
Interest credited	18	20
Policy charges and other	23	3
Balance as of ending of year	852	837
Variable annuity
Policyholder Account Balance [Roll Forward]
Balance as of beginning of year	10,259	9,456
Deposits	793	1,350
Surrenders, withdrawals and benefits	(1,315)	(1,492)
Net transfers from (to) separate accounts	(959)	870
Investment performance / change in value of equity option	0	0
Interest credited	210	168
Policy charges and other	(67)	(93)
Balance as of ending of year	8,921	10,259
Fixed Annuity
Policyholder Account Balance [Roll Forward]
Balance as of beginning of year	11,696	13,185
Deposits	183	276
Surrenders, withdrawals and benefits	(1,838)	(2,017)
Net transfers from (to) separate accounts	0	0
Investment performance / change in value of equity option	0	0
Interest credited	261	389
Policy charges and other	(100)	(137)
Balance as of ending of year	10,202	11,696
Fixed Indexed Annuities
Policyholder Account Balance [Roll Forward]
Balance as of beginning of year	11,787	13,161
Deposits	179	126
Surrenders, withdrawals and benefits	(1,471)	(1,414)
Net transfers from (to) separate accounts	0	0
Investment performance / change in value of equity option	115	(302)
Interest credited	161	238
Policy charges and other	(56)	(22)
Balance as of ending of year	10,715	11,787
RILA
Policyholder Account Balance [Roll Forward]
Balance as of beginning of year	1,875	110
Deposits	1,881	1,811
Surrenders, withdrawals and benefits	(47)	(8)
Net transfers from (to) separate accounts	0	0
Investment performance / change in value of equity option	123	(37)
Interest credited	9	2
Policy charges and other	0	(3)
Balance as of ending of year	3,841	1,875
Closed Block Life
Policyholder Account Balance [Roll Forward]
Balance as of beginning of year	11,215	11,570
Deposits	238	320
Surrenders, withdrawals and benefits	(588)	(766)
Net transfers from (to) separate accounts	0	0
Investment performance / change in value of equity option	0	0
Interest credited	566	659
Policy charges and other	(347)	(568)
Balance as of ending of year	11,084	11,215
Closed Block Annuity
Policyholder Account Balance [Roll Forward]
Balance as of beginning of year	1,319	1,394
Deposits	3	9
Surrenders, withdrawals and benefits	(88)	(118)
Net transfers from (to) separate accounts	0	0
Investment performance / change in value of equity option	0	0
Interest credited	32	48
Policy charges and other	1	(14)
Balance as of ending of year	1,267	1,319
Total
Policyholder Account Balance [Roll Forward]
Balance as of beginning of year	48,988	49,707
Deposits	3,432	4,105
Surrenders, withdrawals and benefits	(5,528)	(6,045)
Net transfers from (to) separate accounts	(959)	870
Investment performance / change in value of equity option	238	(339)
Interest credited	1,257	1,524
Policy charges and other	(546)	(834)
Balance as of ending of year	$ 46,882	$ 48,988

Other Contract Holder Funds - W

Other Contract Holder Funds - Weighted Average Crediting Rate, Net Amount at Risk and Cash Surrender Value (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Payout Annuities
Policyholder Account Balance [Line Items]
Weighted-average crediting rate	2.82%	2.39%
Net amount at risk	$ 0	$ 0
Cash surrender value	$ 0	$ 0
Variable annuity
Policyholder Account Balance [Line Items]
Weighted-average crediting rate	3.14%	1.64%
Net amount at risk	$ 0	$ 0
Cash surrender value	$ 8,816	$ 10,101
Fixed Annuity
Policyholder Account Balance [Line Items]
Weighted-average crediting rate	3.41%	3.33%
Net amount at risk	$ 0	$ 0
Cash surrender value	$ 10,110	$ 11,573
Fixed Indexed Annuities
Policyholder Account Balance [Line Items]
Weighted-average crediting rate	2%	2.02%
Net amount at risk	$ 0	$ 0
Cash surrender value	$ 10,351	$ 11,409
RILA
Policyholder Account Balance [Line Items]
Weighted-average crediting rate	0.31%	0.11%
Net amount at risk	$ 0	$ 0
Cash surrender value	$ 3,609	$ 1,728
Closed Block Life
Policyholder Account Balance [Line Items]
Weighted-average crediting rate	6.81%	5.88%
Net amount at risk	$ 16,601	$ 17,427
Cash surrender value	$ 11,005	$ 7,096
Closed Block Annuity
Policyholder Account Balance [Line Items]
Weighted-average crediting rate	3.37%	3.64%
Net amount at risk	$ 0	$ 0
Cash surrender value	$ 1,267	$ 1,319

Other Contract Holder Funds -_2

Other Contract Holder Funds - Account Balances by Guaranteed Minimum Interest Rates (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Variable annuity
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 8,921	$ 10,259
Variable annuity | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 14	$ 6,788
Variable annuity | 0.00%-1.50% | Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	0%	0%
Variable annuity | 0.00%-1.50% | Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.50%	1.50%
Variable annuity | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 185	$ 200
Variable annuity | 1.51%-2.50% | Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.51%	1.51%
Variable annuity | 1.51%-2.50% | Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Variable annuity | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 8,722	$ 3,271
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Variable annuity | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 8,877	$ 10,150
Variable annuity | At Guaranteed Minimum | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	6,679
Variable annuity | At Guaranteed Minimum | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	185	200
Variable annuity | At Guaranteed Minimum | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	8,692	3,271
Variable annuity | 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	13	32
Variable annuity | 1 Basis Point-50 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	13	32
Variable annuity | 1 Basis Point-50 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Variable annuity | 1 Basis Point-50 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Variable annuity | 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	1	2
Variable annuity | 51 Basis Points-150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	1	2
Variable annuity | 51 Basis Points-150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Variable annuity | 51 Basis Points-150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Variable annuity | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	30	75
Variable annuity | Greater Than 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	75
Variable annuity | Greater Than 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Variable annuity | Greater Than 150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	30	0
Fixed Annuity
Policyholder Account Balance [Line Items]
Account values with crediting rates	1,214	1,219
Fixed Annuity | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 153	$ 190
Fixed Annuity | 0.00%-1.50% | Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	0%	0%
Fixed Annuity | 0.00%-1.50% | Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.50%	1.50%
Fixed Annuity | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 32	$ 38
Fixed Annuity | 1.51%-2.50% | Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.51%	1.51%
Fixed Annuity | 1.51%-2.50% | Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Fixed Annuity | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 1,029	$ 991
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Fixed Annuity | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 740	$ 630
Fixed Annuity | At Guaranteed Minimum | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	18	19
Fixed Annuity | At Guaranteed Minimum | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	30	35
Fixed Annuity | At Guaranteed Minimum | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	692	576
Fixed Annuity | 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	113	142
Fixed Annuity | 1 Basis Point-50 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	59	76
Fixed Annuity | 1 Basis Point-50 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	1	2
Fixed Annuity | 1 Basis Point-50 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	53	64
Fixed Annuity | 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	76	447
Fixed Annuity | 51 Basis Points-150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	75	95
Fixed Annuity | 51 Basis Points-150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	1	1
Fixed Annuity | 51 Basis Points-150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	351
Fixed Annuity | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	285	0
Fixed Annuity | Greater Than 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	1	0
Fixed Annuity | Greater Than 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Fixed Annuity | Greater Than 150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	284	0
Fixed Indexed Annuities
Policyholder Account Balance [Line Items]
Account values with crediting rates	142	92
Fixed Indexed Annuities | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 61	$ 68
Fixed Indexed Annuities | 0.00%-1.50% | Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	0%	0%
Fixed Indexed Annuities | 0.00%-1.50% | Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.50%	1.50%
Fixed Indexed Annuities | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 0	$ 0
Fixed Indexed Annuities | 1.51%-2.50% | Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.51%	1.51%
Fixed Indexed Annuities | 1.51%-2.50% | Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Fixed Indexed Annuities | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 81	$ 24
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Fixed Indexed Annuities | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 26	$ 30
Fixed Indexed Annuities | At Guaranteed Minimum | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	5	6
Fixed Indexed Annuities | At Guaranteed Minimum | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Fixed Indexed Annuities | At Guaranteed Minimum | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	21	24
Fixed Indexed Annuities | 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	10	17
Fixed Indexed Annuities | 1 Basis Point-50 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	10	17
Fixed Indexed Annuities | 1 Basis Point-50 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Fixed Indexed Annuities | 1 Basis Point-50 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Fixed Indexed Annuities | 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	63	5
Fixed Indexed Annuities | 51 Basis Points-150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	3	5
Fixed Indexed Annuities | 51 Basis Points-150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Fixed Indexed Annuities | 51 Basis Points-150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	60	0
Fixed Indexed Annuities | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	43	40
Fixed Indexed Annuities | Greater Than 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	43	40
Fixed Indexed Annuities | Greater Than 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Fixed Indexed Annuities | Greater Than 150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
RILA
Policyholder Account Balance [Line Items]
Account values with crediting rates	48	17
RILA | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 12	$ 17
RILA | 0.00%-1.50% | Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	0%	0%
RILA | 0.00%-1.50% | Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.50%	1.50%
RILA | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 0	$ 0
RILA | 1.51%-2.50% | Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.51%	1.51%
RILA | 1.51%-2.50% | Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
RILA | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 36	$ 0
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
RILA | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 43	$ 10
RILA | At Guaranteed Minimum | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	7	10
RILA | At Guaranteed Minimum | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
RILA | At Guaranteed Minimum | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	36	0
RILA | 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
RILA | 1 Basis Point-50 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
RILA | 1 Basis Point-50 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
RILA | 1 Basis Point-50 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
RILA | 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	4	7
RILA | 51 Basis Points-150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	4	7
RILA | 51 Basis Points-150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
RILA | 51 Basis Points-150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
RILA | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	1	0
RILA | Greater Than 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	1	0
RILA | Greater Than 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
RILA | Greater Than 150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Life
Policyholder Account Balance [Line Items]
Account values with crediting rates	6,936	7,067
Closed Block Life | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 0	$ 0
Closed Block Life | 0.00%-1.50% | Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	0%	0%
Closed Block Life | 0.00%-1.50% | Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.50%	1.50%
Closed Block Life | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 0	$ 0
Closed Block Life | 1.51%-2.50% | Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.51%	1.51%
Closed Block Life | 1.51%-2.50% | Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Closed Block Life | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 6,936	$ 7,067
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Closed Block Life | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 4,471	$ 4,566
Closed Block Life | At Guaranteed Minimum | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Life | At Guaranteed Minimum | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Life | At Guaranteed Minimum | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	4,471	4,566
Closed Block Life | 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	1,842	1,868
Closed Block Life | 1 Basis Point-50 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Life | 1 Basis Point-50 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Life | 1 Basis Point-50 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	1,842	1,868
Closed Block Life | 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	608	619
Closed Block Life | 51 Basis Points-150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Life | 51 Basis Points-150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Life | 51 Basis Points-150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	608	619
Closed Block Life | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	15	14
Closed Block Life | Greater Than 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Life | Greater Than 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Life | Greater Than 150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	15	14
Closed Block Annuity
Policyholder Account Balance [Line Items]
Account values with crediting rates	1,113	1,171
Closed Block Annuity | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 0	$ 0
Closed Block Annuity | 0.00%-1.50% | Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	0%	0%
Closed Block Annuity | 0.00%-1.50% | Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.50%	1.50%
Closed Block Annuity | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 13	$ 11
Closed Block Annuity | 1.51%-2.50% | Minimum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	1.51%	1.51%
Closed Block Annuity | 1.51%-2.50% | Maximum
Policyholder Account Balance [Line Items]
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Closed Block Annuity | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 1,100	$ 1,160
Range of Guaranteed Minimum Crediting Rate	2.50%	2.50%
Closed Block Annuity | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 957	$ 980
Closed Block Annuity | At Guaranteed Minimum | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Annuity | At Guaranteed Minimum | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Annuity | At Guaranteed Minimum | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	957	980
Closed Block Annuity | 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	120	159
Closed Block Annuity | 1 Basis Point-50 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Annuity | 1 Basis Point-50 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Annuity | 1 Basis Point-50 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	120	159
Closed Block Annuity | 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	24	22
Closed Block Annuity | 51 Basis Points-150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Annuity | 51 Basis Points-150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	1	1
Closed Block Annuity | 51 Basis Points-150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	23	21
Closed Block Annuity | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Account values with crediting rates	12	10
Closed Block Annuity | Greater Than 150 Basis Points Above | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	0	0
Closed Block Annuity | Greater Than 150 Basis Points Above | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	12	10
Closed Block Annuity | Greater Than 150 Basis Points Above | Greater than 2.50%
Policyholder Account Balance [Line Items]
Account values with crediting rates	$ 0	$ 0

Separate Account Assets and L_3

Separate Account Assets and Liabilities - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Separate Account, Liability [Line Items]
Separate account assets	$ 202,903	$ 195,906	[1]
Jackson National Separate Account II
Separate Account, Liability [Line Items]
Separate account assets	$ 180	$ 285
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Separate Account Assets and L_4

Separate Account Assets and Liabilities - Rollforward of the Separate Account Balance for Variable Annuities (Details) - USD ($) $ in Millions		9 Months Ended	12 Months Ended
		Sep. 30, 2023	Dec. 31, 2022
Separate Account, Liability [Roll Forward]
Balance as of beginning of period	[1]	$ 195,906
Balance as of end of period, gross		202,903	$ 195,906	[1]
Total Variable Annuities
Separate Account, Liability [Roll Forward]
Balance as of beginning of period		195,550	248,469
Deposits		6,558	12,288
Surrenders, withdrawals and benefits		(12,169)	(14,554)
Net transfer from (to) general account		959	(870)
Investment performance		13,813	(47,150)
Policy charges and other		(2,060)	(2,633)
Balance as of end of period, gross		202,651	195,550
Cash surrender value		$ 197,645	$ 190,243
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Separate Account Assets and L_5

Separate Account Assets and Liabilities - Reconciliation of the Separate Account Balance in the Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Separate Account, Liability [Line Items]
Separate account assets	$ 202,903	$ 195,906	[1]
Variable Annuities
Separate Account, Liability [Line Items]
Separate account assets	202,651	195,550
Other
Separate Account, Liability [Line Items]
Separate account assets	$ 252	$ 356
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Separate Account Assets and L_6

Separate Account Assets and Liabilities - Aggregate Fair Value of Assets, by Major Investment Asset Category (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Separate Account Investment [Line Items]
Separate account assets	$ 202,903	$ 195,906	[1]
Equity
Fair Value, Separate Account Investment [Line Items]
Separate account assets	140,677	132,547
Bond
Fair Value, Separate Account Investment [Line Items]
Separate account assets	18,916	19,155
Balanced
Fair Value, Separate Account Investment [Line Items]
Separate account assets	40,220	40,797
Money Market
Fair Value, Separate Account Investment [Line Items]
Separate account assets	2,838	3,051
Total Variable Annuities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	202,651	195,550
Other Product Lines
Fair Value, Separate Account Investment [Line Items]
Separate account assets	$ 252	$ 356
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Market Risk Benefits - Reconcil

Market Risk Benefits - Reconciliation of the Market Risk Benefits Balance (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jan. 01, 2023	Dec. 31, 2022		Dec. 31, 2021	Jan. 01, 2021
Market Risk Benefit [Line Items]
Market risk benefit assets, at fair value	$ 6,815	$ 4,865	$ 4,865	[1]		$ 690
Market risk benefit liabilities, at fair value	3,917	$ 5,662	5,662	[1]		10,690
Market risk benefit - net (asset) liability	(2,898)		797			10,000
Variable annuity
Market Risk Benefit [Line Items]
Market risk benefit assets, at fair value	6,807		4,856
Market risk benefit liabilities, at fair value	3,880		5,623
Market risk benefit - net (asset) liability	(2,927)		767		$ 6,281	9,908
Other Product Lines
Market Risk Benefit [Line Items]
Market risk benefit assets, at fair value	8		9
Market risk benefit liabilities, at fair value	37		39
Market risk benefit - net (asset) liability	$ 29		$ 30			$ 92
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Market Risk Benefits - Rollforw

Market Risk Benefits - Rollforward of the Net MRB (Assets) Liabilities for Variable Annuities (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022		Jan. 01, 2023	Jan. 01, 2021
Market Risk Benefit [Roll Forward]
Net MRB balance, beginning of period	$ 797
Net MRB balance, end of period, gross	(2,898)	$ 797
Reinsurance recoverable on market risk benefits at fair value, end of period	(167)	(221)	[1]	$ (221)	$ (471)
Variable annuity
Market Risk Benefit [Roll Forward]
Net MRB balance, beginning of period	767	6,281
Beginning of period cumulative effect of changes in non-performance risk	(2,185)	(326)
Net MRB balance, beginning of period, before effect of changes in non-performance risk	2,952	6,607
Effect of changes in interest rates	(3,895)	(14,137)
Effect of fund performance	(2,587)	6,432
Effect of changes in equity index volatility	(838)	1,576
Effect of expected policyholder behavior	406	532
Effect of actual policyholder behavior different from expected	360	(230)
Effect of time	1,397	1,707
Effect of changes in assumptions	(9)	465
Net MRB balance, end of period, before effect of changes in non-performance risk	(2,214)	2,952
End of period cumulative effect of changes in non-performance risk	(713)	(2,185)
Net MRB balance, end of period, gross	(2,927)	767
Reinsurance recoverable on market risk benefits at fair value, end of period	(134)	(183)			$ (368)
Net MRB balance, end of period, net of reinsurance	$ (3,061)	$ 584
Weighted average attained age (years)	69 years	69 years
Net amount at risk	$ 12,977	$ 15,592
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Long-Term Debt - Carrying Value

Long-Term Debt - Carrying Values (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	$ 2,635	$ 2,635	[1]
Senior Notes | Senior Notes due 2023
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	600	598
Senior Notes | Senior Notes due 2027
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	397	397
Senior Notes | Senior Notes due 2031
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	494	493
Senior Notes | Senior Notes due 2032
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	347	347
Senior Notes | Senior Notes due 2051
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	489	488
Surplus notes
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	250	250
FHLBI bank loans
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Total long-term debt	$ 58	$ 62
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Long-Term Debt - Maturity (Deta

Long-Term Debt - Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	[1]
Debt Disclosure [Abstract]
2023	$ 600
2024	0
2025	0
2026	0
2027 and thereafter	2,035
Total	$ 2,635	$ 2,635
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	Jun. 08, 2022	Apr. 06, 2023	Feb. 24, 2023	Sep. 30, 2022
Term loan due 2023 | Term loan
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Repayment of debt	$ 750,000,000
Senior Notes
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Debt face amount	750,000,000
Senior Notes | Senior Notes due 2027
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Debt face amount	$ 400,000,000
Stated interest rate	5.17%
Senior Notes | Senior Notes due 2032
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Debt face amount	$ 350,000,000
Stated interest rate	5.67%
Line of Credit | Revolving credit facility
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Maximum borrowing capacity			$ 1,000,000,000
Accordion feature, higher borrowing capacity option			$ 500,000,000
Consolidated net worth percentage			70%	70%
Net worth percentage, increase adjustment from equity issuances			50%
Ratio of indebtedness to net capital			0.35
Line of Credit | Letter of credit
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Maximum borrowing capacity			$ 500,000,000
Line of Credit | Uncommitted Money Market Line Credit Agreement
Schedule of Long Term and Short Term Debt Instruments [Line Items]
Maximum borrowing capacity		$ 500,000,000
Minimum cash advance request		$ 100,000

Federal Home Loan Bank Advanc_2

Federal Home Loan Bank Advances (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Federal Home Loan Bank advances	$ 180,000,000		$ 180,000,000		$ 0
Interest expense on advances	$ 0	$ 0	$ 6,000,000	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended			12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022		Dec. 31, 2022
Income Tax Contingency [Line Items]
Deferred tax asset for credit carryover resulting in no impact to total tax expense	$ 450			$ 450
Effective income tax rate	20.50%	25.90%		13.80%	0.00205%		19.60%
Income tax expense (benefit)	$ 712	$ 657	[1]	$ 399	$ 1,890	[1]
Deferred tax assets valuation allowance	7			7			$ 4
Unrealized Tax Losses, Available-For-Sale Securities
Income Tax Contingency [Line Items]
Deferred tax assets, increase (decrease) to valuation allowance	225			(183)
Other comprehensive income (loss), tax expense (benefit)	217			165
Income tax expense (benefit)	8			18
Deferred tax assets valuation allowance	$ 1,086			$ 1,086			$ 906
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2023 USD ($)
Unfunded partnership investment commitment
Other Commitments [Line Items]
Unfunded commitments	$ 932
Unfunded loan and debt securities commitments
Other Commitments [Line Items]
Unfunded commitments	$ 915

Other Related Party Transacti_2

Other Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Related party, revenue	$ 2,606	$ 2,962	[1]	$ 2,267	$ 11,877	[1]
Related Party
Related Party Transaction [Line Items]
Related party, revenue	$ 0	$ 7		$ 18	$ 25
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Operating Costs and Other Exp_3

Operating Costs and Other Expenses (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Operating Costs And Other Expenses [Abstract]
Asset-based commission expenses	$ 259	$ 242		$ 764	$ 767
Other commission expenses	190	195		541	664
Sub-advisor expenses	80	80		234	252
General and administrative expenses	232	220		706	614
Deferral of acquisition costs	(135)	(145)		(383)	(496)
Total operating costs and other expenses	$ 626	$ 592	[1]	$ 1,862	$ 1,801	[1]
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes in Balance (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023		Sep. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance beginning of period	$ 9,423	$ 10,453	[1]	$ 9,378	[2]	$ 8,321	[1]
Change in unrealized gains (losses) of investments	(1,405)	(2,383)		(958)		(9,254)
Change in current discount rate - reserve for future policy benefits	254	460		204		1,816
Change in non-performance risk on market risk benefits	(999)	552		(1,479)		2,505
Change in unrealized gains (losses) - other	3	16		(8)		42
Change in deferred tax asset	247	117		318		561
Other comprehensive income (loss) before reclassifications	(1,900)	(1,238)		(1,923)		(4,330)
Reclassifications from AOCI, net of tax	78	(56)		114		(63)
Total other comprehensive income (loss)	(1,822)	(1,294)	[3]	(1,809)		(4,393)	[3]
Balance end of period	10,253	10,948	[1]	10,253		10,948	[1]
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance beginning of period	(3,365)	(1,739)		(3,378)		1,360
Balance end of period	(5,187)	$ (3,033)		(5,187)		$ (3,033)
Funds withheld assets | AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance beginning of period				(2,106)
Balance end of period	$ (2,261)			$ (2,261)
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized gain (loss), before income taxes	$ (335)	$ (196)	[1]	$ (5,173)	$ 1,176	[1]
Income tax expense (benefit)	712	657	[1]	399	1,890	[1]
Reclassifications, net of income taxes	2,790	1,868	[2]	2,514	7,387	[3]
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense (benefit)	20	(16)		30	(17)
Reclassifications, net of income taxes	78	(56)		114	(63)
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gain (loss), before income taxes
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized gain (loss), before income taxes	98	(72)		144	(80)
Reclassification out of Accumulated Other Comprehensive Income | Net realized gain (loss) on investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized gain (loss), before income taxes	112	(47)		188	(85)
Reclassification out of Accumulated Other Comprehensive Income | Other impaired securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net unrealized gain (loss), before income taxes	$ (14)	$ (25)		$ (44)	$ 5
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements . (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Equity - Dividends Paid (Detail

Equity - Dividends Paid (Details) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Class of Stock [Line Items]
Preferred stock dividends paid per share (in usd per share)	$ 500	$ 594.44
Common stock dividends paid per share (in usd per share)	0.62	0.62	$ 0.62	$ 0.55	$ 0.55	$ 0.55
Depositary Shares
Class of Stock [Line Items]
Preferred stock dividends paid per share (in usd per share)	$ 0.50000	$ 0.59444

Equity - Preferred Stock (Detai

Equity - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
	Mar. 13, 2023	Sep. 30, 2023	Sep. 30, 2022	[1]
Class of Stock [Line Items]
Preferred stock, liquidation preference (in usd per share)		$ 25,000
Net proceeds received		$ 533	$ 0
Noncumulative Preferred Stock
Class of Stock [Line Items]
Initial dividend rate	8%
Noncumulative Preferred Stock | US Treasury (UST) Interest Rate
Class of Stock [Line Items]
Variable dividend rate	3.728%
Depositary Shares
Class of Stock [Line Items]
Shares issued and sold (in shares)	22,000,000
Preferred stock, liquidation preference (in usd per share)	$ 25
Net proceeds received	$ 533
Depositary Shares | Any time prior to March 30, 2028
Class of Stock [Line Items]
Preferred stock, liquidation preference (in usd per share)	$ 25.50
Depositary Shares | Within 90 days after the occurrence of a regulatory capital event
Class of Stock [Line Items]
Preferred stock, liquidation preference (in usd per share)	25
Depositary Shares | On or after March 30, 2028
Class of Stock [Line Items]
Preferred stock, liquidation preference (in usd per share)	$ 25
Depositary Shares | Noncumulative Preferred Stock
Class of Stock [Line Items]
Fractional interest	0.10%
Preferred stock, liquidation preference (in usd per share)	$ 25,000
Call/dividend rate reset period	5 years
Depositary Shares | Noncumulative Preferred Stock | Any time prior to March 30, 2028
Class of Stock [Line Items]
Preferred stock, liquidation preference (in usd per share)	$ 25,500
Depositary Shares | Noncumulative Preferred Stock | Within 90 days after the occurrence of a regulatory capital event
Class of Stock [Line Items]
Preferred stock, liquidation preference (in usd per share)	25,000
Depositary Shares | Noncumulative Preferred Stock | On or after March 30, 2028
Class of Stock [Line Items]
Preferred stock, liquidation preference (in usd per share)	$ 25,000
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Equity - Common Stock (Details)

Equity - Common Stock (Details) $ / shares in Units, $ in Millions	Nov. 03, 2023 USD ($)	Sep. 30, 2023 vote class $ / shares shares	Feb. 27, 2023 USD ($)	Dec. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Number of classes of common stock | class		2
Common stock, par value (in usd per share)		$ 0.01		$ 0.01
Common stock, authorized (in shares) | shares		1,000,000,000		1,000,000,000
Share repurchase authorized | $			$ 450
Class A common stock
Class of Stock [Line Items]
Common stock, par value (in usd per share)		$ 0.01
Number of votes per share | vote		1
Common stock, authorized (in shares) | shares		1,000,000,000		1,000,000,000
Class B common stock
Class of Stock [Line Items]
Common stock, par value (in usd per share)		$ 0.01
Number of votes per share | vote		0.10
Subsequent Event
Class of Stock [Line Items]
Share repurchase remaining | $	$ 342

Equity - Share Repurchase Activ

Equity - Share Repurchase Activities (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended							9 Months Ended		10 Months Ended	12 Months Ended
	Nov. 03, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Nov. 03, 2023	Dec. 31, 2022
Equity, Class of Treasury Stock [Line Items]
Total Payments		$ 72				$ 39			$ 236	$ 279
Share repurchase program
Equity, Class of Treasury Stock [Line Items]
Number of Shares Repurchased (in shares)		1,873,727	1,394,797	1,721,737	1,142,105	1,200,000	1,870,854	3,433,610				7,646,569
Total Payments		$ 71	$ 47	$ 70	$ 38	$ 39	$ 66	$ 140				$ 283
Average Price Paid Per Share (in usd per share)		$ 38.13	$ 33.87	$ 40.42	$ 33.33	$ 32.75	$ 35.15	$ 40.84				$ 37.05
Share repurchase program | Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Number of Shares Repurchased (in shares)	670,000										5,660,261
Total Payments	$ 26										$ 214
Average Price Paid Per Share (in usd per share)	$ 38.41										$ 37.81

Equity - Changes in Common Shar

Equity - Changes in Common Shares (Details)	9 Months Ended
	Sep. 30, 2023 shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, outstanding (in shares)	82,690,098
Share-based compensation programs (in shares)	2,352,063
Shares repurchased under repurchase program (in shares)	(4,990,261)
Ending balance, outstanding (in shares)	80,051,900
Common Stock Issued
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, outstanding (in shares)	94,474,911
Share-based compensation programs (in shares)	6,095
Shares repurchased under repurchase program (in shares)	0
Ending balance, outstanding (in shares)	94,481,006
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, outstanding (in shares)	(11,784,813)
Share-based compensation programs (in shares)	2,345,968
Shares repurchased under repurchase program (in shares)	(4,990,261)
Ending balance, outstanding (in shares)	(14,429,106)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income (loss) attributable to Jackson Financial Inc.	$ 2,773	$ 1,879	[1]	$ 2,493	$ 7,336	[1]
Less: Preferred stock dividends	11	0	[1]	24	0	[1]
Net income (loss) attributable to Jackson Financial Inc. common shareholders	$ 2,762	$ 1,879	[1]	$ 2,469	$ 7,336	[1]
Weighted average shares of common stock outstanding - basic (in shares)	82,061,813	85,098,192		82,432,264	86,126,710
Dilutive common shares (in shares)	760,005	2,797,727		2,108,923	3,198,774
Weighted average shares of common stock outstanding - diluted (in shares)	82,821,818	87,895,919		84,541,187	89,325,484
Earnings per share—common stock
Basic (in usd per share)	$ 33.66	$ 22.08	[1]	$ 29.95	$ 85.18	[1]
Diluted (in usd per share)	$ 33.35	$ 21.38	[1]	$ 29.20	$ 82.13	[1]
[1] (1) Recast for the adoption of ASU 2018-12. See Notes 1 and 2 to the Condensed Consolidated Financial Statements .

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event	Nov. 06, 2023 $ / shares
Subsequent Event [Line Items]
Common stock dividend declared (in usd per share)	$ 0.62
Depositary Shares
Subsequent Event [Line Items]
Common stock dividend declared (in usd per share)	$ 0.50
Noncumulative Preferred Stock
Subsequent Event [Line Items]
Fractional interest	0.10%